Announcement PDF C ANGALLO - PORPHYRY COPPER GOLD DISCOVERY PERU A USQ UEST M D L I M I T E D P RESENTATION S E P T E M B E R 2 0 2 5 DISCLAIMERS Forward-Looking Statements This presentation contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of AusQuest Limited’s ongoing development and feasibility studies. Accordingly, AusQuest Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed. Competent Person’s Statement The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears. JORC – Exploration Targets It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource. Currency All dollar amounts shown in this presentation are in Australian dollars unless otherwise stated. 2 WHY INVESTORS SHOULD PAY ATTENTION TO CANGALLO DISCOVERY! • Scale Potential: The growing Cu and Au footprint suggests potential for large-scale deposit • Grade Profile: Presence of higher Cu grades at shallow depth enhances economic potential • Location: Cangallo occurs at low altitude, close to power, water and infra-structure • Ownership: AusQuest has 100% ownership, maximising potential upside for shareholders • Multiple Catalysts: Diamond drilling and Stage 3 RC drilling planned in coming months – provides steady news flow as Company continues to define the discovery 3 C ANGALLO LOCATION – LOCATION - LOCATION • Low altitude ~1,200m asl means lower cost structures than at high altitude • ~8km from the coast – lower cost structures for process water • Transmission lines cross the prospect – potential cost savings • 30km from Chala - ~10K people with strong ties to fishing & mining – potential work force • Potential port site close to the prospect 4 P ERU – ELEPHANT COPPER COUNTRY • Large landholding along Peruvian coastal porphyry copper belt • Projects 100%-owned by AusQuest • Established mining jurisdiction with multiple new mine developments approved &/or in progress • Access to significant infrastructure along coastal belt • Multiple porphyry Cu & IOCG targets identified within AQD projects • Significant new porphyry copper discovery at Cangallo • Drill permits expected shortly for maiden drilling at Lantana & Playa Kali 5 C ANGALLO DRILLING – WHAT WE HAVE FOUND * Drilling results released to ASX on 23rd January, 6th February, 5th March, 21st July and 28th August 2025 • Multiple broad intercepts of copper & gold mineralisation with significant intercepts, including: • 324m @ 0.30% Cu, 0.07 ppm Au (CANRC012), including: 160m @ 0.45% Cu & 0.09ppm Au • 330m @ 0.30% Cu, 0.06 ppm Au (CANRC014), including: 178m @ 0.40% Cu &0.08ppm Au • 234m @ 0.30% Cu, 0.06ppm Au (CANRC013), including: 142m @0.39% Cu & 0.06ppm Au • 154m @ 0.37% Cu, 0.06ppm Au (CANRC003), including: 44m @ 0.47% Cu & 0.08ppm Au • 304m @ 0.30% Cu, 0.06ppm Au (CANRC008), including: 56m @ 0.40% Cu & 0.06ppm Au • 188m @ 0.28% Cu, 0.07ppm Au (CANRC002), including 38m @0.40% Cu & 0.09ppm Au • 348m @ 0.26% Cu, 0,06ppm Au (CANRC001), including: 34m @ 0.39% Cu & 0.08ppm Au • Preliminary Leach tests encouraging 6 C ANGALLO X-SECTIONS – COPPER OPEN IN MULTIPLE DIRECTIONS • Broad intersections of Cu (0.1% to 1.0% Cu) persist down-hole; mineralisation open in multiple directions; Cu occurs dominantly in veined and fractured volcanics • Higher Cu grades occur in the oxide zone (potential for heap leaching) & in thin porphyry intrusions suggesting higher Cu grades may occur within source porphyry • Preliminary metallurgical test-work reported generally good oxide leach performance but tests ongoing * Drilling results released to ASX on 23rd January, 6th February, 5th March, 21st July and 28th August 2025. Some drill hole traces are projected onto the sections 7 C ANGALLO PORPHYRY COPPER DISCOVERY – THE BIG PICTURE • Stages 1 & 2 RC drilling (~8,000m) only tested a small fraction of the target area • Cu (+Au) in 19 of 21 holes drilled – mainly in volcanics Southern Target • Cu occurs from near surface to EOH in most drill-holes • Significant potential to define shallow Cu-oxide resource & deep sulphide mineralization • Mapping & sampling extends porphyry target >1000m south – high Cu, Mo (+ Au) values • Large caldera-like structure defines greater target area * Drilling and sampling results released to ASX on 23 rd January, 6th February, 5th March, 21st July and 28th August 2025 8 C ANGALLO – PLANNED DRILLING PROGRAMS (2025) • RC drilling used to test top 300m of section in search for open-cut Cu oxide resources • Stage 3 RC drilling (~5,000m) to extend potential Cu oxide resources to the south based on anomalous surface results. • Deep diamond drilling (2 x ~800m) planned to test depth extent of Cu sulphides & provide geological control in search for source porphyry • Diamond drilling planned for late September with Stage 3 RC to start late October, pending permits * Drilling and sampling results released to ASX on 23 rd January, 6th February, 5th March, 21st July and 28th August 2025 9 S IGNIFICANT SIZE POTENTIAL – UNDER COVER! ~3km Pacific Ocean RC Drill Rig Small rounded hills Anomalous Cu & Mo CANRC010 CANRC001 & 5 RC Drill Rig 10 A USQUEST DISTRICT SCALE COPPER POTENTIAL AusQuest Ltd Parcoy Antofogasta Rio Tinto Grupo Mexico • Large tenement holding 60km strike along prospective E-W structures • Porphyry Cu and IOCG targets located close to the coast & infrastructure • Cangallo success upgrades prospect of further Cu deposits in AQD tenements Cerro de Fierro • Lantana & Playa Kali both priority targets - permits to drill expected shortly Playa Kali Lantana Cangallo Porphyry Cu Prospect 60km IOCG Prospect Lithocaps 11 P ERU – FORWARD PROGRAM TIMELINES Work Plan 6 MONTH PROGRAM Aug Cangallo Porphyry Cu-Au Stage 2 Assays Diamond Drilling (~1600m) Assays Stage 3 RC Drill Permits Stage 3 RC Drilling (~5000m) Assays Early Stage Leach Tests Lantana & Playa Kali Cu-Au Drill permitting & Planning Possible RC Drilling Sept Oct Nov Dec Jan Feb • Stage 1 & 2 drill programs at Cangallo tested small fraction of target area – Cu still open in many directions • Stage 3 RC drilling to extend Cu-Au mineralisation to the south & test for source porphyry where higher grades expected. • Deep diamond drilling to test depth extent of Cu sulphides & provide geological controls for location of porphyry • Early stage tests for leachability of Cu to continue 12 AUSQUEST CORPORATE OVERVIEW Board of Directors Capital Structure Options on Issue (listed) 1,392.4 million Nil Options on Issue (unlisted)1 153.2 million Market Cap. (at 3.7 cents) $51.5 million Cash (as at 30 June 2025) ~$7.2M Enterprise Value ~$44.3 million Significant Shareholders Directors Top 20 (approx) 21.7% 49.5% Greg Hancock Graeme Drew Christopher Ellis Non-Executive Chairman Managing Director Non-Executive Director Share Price 160,000,000 $0.070 140,000,000 $0.060 120,000,000 $0.050 100,000,000 $0.040 80,000,000 $0.030 60,000,000 40,000,000 $0.020 20,000,000 $0.010 0 $0.000 Note: (1) Includes 114.2 million options expiring at 11-NOV-27 ex $0.012 & 39.0 million options expiring at 30-NOV-26 ex $0.03 AQD Share Price Shares on Issue AQD Volume (shares traded per day) ASX Code 13 C O N TA C T A USQ UEST L I M I T E D Graeme Drew Managing Director Register here for AusQuest’s InvestorHub 8 Kearns Cres, Ardross, WA, 6153 Tel: +61 (8) 9364 3866 Email: graeme@ausquest.com.au www.ausquest.com.au AUSQUEST_LTD AUSQUEST_LIMITED 14