Earnings release
Page 1
Visit Investor Hub for a video update June 2026 Quarterly Activities Report HIGHLIGHTS Peru – Cangallo Copper-Gold Project ❑ Stage 3 Reverse Circulation (RC) drilling was successfully completed, defining a continuous mineralised corridor exceeding 1 ,500m in length with broad intercepts of copper-gold mineralisation confirming the large-scale nature of the porphyry system. ❑ Significant broad intercepts reported during the Quarter include: • 269m @ 0.29% Cu and 0.05g/t Au from 160m (CANRC045) (EOH) • 214m @ 0.28% Cu and 0.11g/t Au from 124m (CANRC044) • 184m @ 0.25% Cu and 0.05g/t Au from 208m (CANRC046) • 92m @ 0.32% Cu and 0.03g/t Au from 102m (CANRC048) • 176m @ 0.38% Cu and 0.07g/t Au from 40m (CANRC052) • 342m @ 0.27% Cu and 0.05g/t Au from 30m (CANRC053) • 236m @ 0.30% Cu and 0.08g/t Au from 2m (CANRC054) ❑ Higher copper (+gold) grades were prevalent in the south, with multiple +0.5% Cu intervals highlighting strong potential for a porphyry centre in this area. Significant high- grade results include: • 12m @ 1.09% Cu and 0.01g/t Au from 112m (CANRC048) • 12m @ 0.77% Cu and 0.08g/t Au from 102m (CANRC047) • 6m @ 0.87% Cu and 0.17g/t Au from 4m (CANRC045) • 10m @ 0.61% Cu and 0.09g/t Au from 276m (CANRC045) • 6m @ 0.67% Cu and 0.09g/t Au from 378m (CANRC045) • 14m @ 0.56% Cu and 0.15g/t Au from 332m (CANRC046) • 12m @ 0.50% Cu and 0.43g/t Au from 138m (CANRC044) ❑ Stage 3 diamond drilling (~6 holes for +5 ,000m) commenced late in the Quarter , with the first drill-hole (CANDD003) confirming the substantial vertical extent of the mineralised porphyry system in the southern area – assays are pending. ❑ Diamond drilling is expected to continue for several months with assay results expected ~4 weeks after completion of each drill-hole. ❑ Permitting of the Stage 4 drill pads has progressed with final approval expected within the next Quarter to enable drilling of the southern and eastern extensions to commence.
Page 2
❑ The potential for this exciting new copper discovery continues to grow, with each new drilling program increasing the extent of the mineralisation as well as the potential for higher-grade hypogene mineralisation beneath the depth of RC drilling. Peru – Copper-Gold Projects ❑ Reconnaissance RC drilling ( 12 holes for 3,733m) at Playa Kali highlighted the potential for widespread iron-oxide copper-gold (IOCG) systems under cover. ❑ Significant assay results included 12m @ 0.2% Cu and 0.05g/t Au (BOH) in PKRC007; 10m @ 0.37% Cu in PKRC009; 28m @ 218ppm Mo (including 4m @ 617ppm Mo ) in PKRC004; and anomalous Cu (350ppm to 0.21% Cu) in PKRC001. Australia – Copper, Zinc, Nickel, Gold, Iron ❑ At Coober Pedy (SA), diamond drilling (~3 ,000m) is scheduled to commence in early August to test geophysical targets for iron-oxide copper-gold (IOCG) mineralisation. ❑ At Balladonia (WA), permitting for a planned RC drill program (~8,000m) has progressed with drilling now anticipated to commence in Q4 CY2026. ❑ At Mt Davis (WA) , heritage surveys will commence in late July to allow g round geophysical surveys to be completed in Q3 CY2026 to identify further targets for drilling. Corporate ❑ Quarter-end cash position of ~$6.4 million, which includes funds provided by South32 to complete drilling programs at Balladonia and Coober Pedy. Figure 1: Project Locations – Australia and Peru.
Page 3
OVERVIEW During the June Quarter, AusQuest continued its drilling campaign at the exciting Cangallo porphyry copper -gold discovery in Peru and undertook maiden drilling programs at the nearby Playa Kali and Lantana Prospects in order to advance the Company’s evaluation of the Cangallo District’s potential to host significant copper-gold resources. In Australia, drilling at the Balladonia Project is now scheduled for Q4 CY2026 despite the Company’s efforts to fast-track the approvals process, whilst at Coober Pedy diamond drilling is now planned to test the key targets after the initial drilling campaign was suspended during the quarter due to poor RC drilling conditions. Elsewhere, heritage surveys for geophysical work programs were planned and evaluation of the Company’s Morrisey Magnetite Project continued. All current projects in Australia are funded under the Strategic Alliance Agreement (SAA) with a wholly -owned subsidiary of South32 Limited (South32). PERU COPPER-GOLD PROJECTS AusQuest has assembled a strong portfolio of copper-gold prospects along the southern coastal belt of Peru in South America, with numerous targets identified for drilling as possible porphyry copper and/or replacement style (manto) IOCG targets with size potential being of significance to AusQuest (Figure 2). Peru is one of the world’s most prominent destinations for copper exploration and is considered a prime location for world -class exploration opportunities. Figure 2: Project Locations – Southern Peru. Cangallo Copper -Gold Project (100% AQD) The Cangallo P orphyry Copper -Gold Discovery is located approximately 30km west of the town of Chala in southern Peru, along the same E -W structures that appear to control the emplacement of potential porphyry copper systems in the region. The tenements, which cover an area of ~ 60km², are very well located, being ~8km from the coast, close to infrastructure , and at an elevation between 500 and 1,200 metres . Geological mapping and rock -chip sampling originally identified a partially exposed
Page 4
copper (+/ - gold) porphyry system within a large-scale (minimum 3km x 2km) caldera - like structure containing extensive colluvial and younger sediments. During the Quarter, the Stage 3 RC drilling program was completed for a total of 54 RC drill-holes and ~21,600m of drilling. All assay results have been received and continue to demonstrate the large scale and continuity of the copper (gold) mineralisation, as well as the emerging potential for higher-grade mineralisation both in the south and north of the prospect (JORC tables for the RC drilling program have been included in ASX release s dated 28/08/2025, 04/03/2026, and 05/05/2026). All significant intersections returned from the Stage 3 RC and diamond drilling program s are provided in Appendix 1 and Appendix 2 respectively, with drill -hole locations shown in Figure 3 Figure 3: Cangallo Prospect showing the location of the Stage 3 RC drill -holes with copper profiles plus completed and planned diamond drill sites (surface rock -chip assays first reported in ASX releases – 30 March and 09 November 2023).
Page 5
Assay results reported during the Quarter highlight further broad copper intersections (+200m, +0.25% Cu) within stockwork veined volcanic host rocks in the south of the prospect, plus higher copper grades (>0.5% Cu) within mineralised intrusive dykes which appear to be more prevalent in th is area (Figure 4). Figure 4: Cangallo South Prospect showing increased grade and thickness towards the south -east and the location of diamond drill-hole CANDD003 (assays first released 4th March and 29th May 2026). Multiple RC drill holes throughout the prospect area ended in mineralisation, suggesting that the boundar ies of the mineralised porphyry system are still wide open – and will be further tested as part of the Stage 4 drilling program. Multiple drill intercepts of +0.5% Cu over greater than 10 metres in thickness have been reported from the Stage 3 drilling program, providing a high degree of optimism that higher grade zones will be defined within the porphyry system as drilling progresses (see Table 1 below). These intersections occur within the broader mineralised envelope (>0.1% Cu), demonstrating the capability of the system to produce higher -grade copper either through supergene enrichment processes or as hypogene mineralisation within dykes and stockwork veins occurring with the greater porphyry system. Most of the higher -grade intercepts occur within the oxide zone and are associated with copper oxides (malachite, chrysocolla, atacamite) and/or secondary copper sulphides (chalcocite, bornite and rare covellite) that occur within the top ~300 metres of section and may be recoverable using heap leaching techniques.
Page 6
Table 1: Significant +0.5% Cu intersections greater than 10 metres down-hole thickness Hole ID From (m) To (m) Int (m) Cu% Hole ID From (m) To (m) Int (m) Cu% CANRC001 252 264 12 0.53 CANRC044 222 232 10 0.51 CANRC001 324 334 10 0.51 CANRC045 276 286 10 0.61 CANRC002 224 234 10 0.51 CANRC046 332 346 14 0.56 CANRC002 362 372 10 0.57 CANRC047 102 114 12 0.77 CANRC003 146 160 14 0.56 CANRC048 112 124 12 1.09 CANRC003 164 182 18 0.55 CANDD052 46 56 10 0.50 CANRC003 260 270 10 0.5 CANDD052 112 128 16 0.50 CANRC007 352 362 10 0.51 CANDD052 138 156 18 0.53 CANRC008 36 46 10 0.72 CANDD052 168 178 10 0.50 CANRC008 50 64 14 0.52 CANDD052 192 210 18 0.55 CANRC012 36 104 68 0.52 CANDD053 214 224 10 0.50 CANRC014 96 120 24 0.50 CANDD053 244 254 10 0.60 CANRC014 134 152 18 0.62 CANDD054 174 184 10 0.50 CANRC014 186 200 14 0.52 CANDD002 120 130 10 0.50 CANRC032 10 20 10 0.65 CANDD002 354 374 20 0.56 CANRC032 156 186 30 0.60 CANDD002 416 426 10 0.51 CANRC034 388 398 10 0.51 CANDD002 470 480 10 0.53 CANRC044 138 150 12 0.5 CANDD002 546 556 10 0.50 Recent i ntersections of 12 metres @ 1.09% Cu (CANRC048) and 12 metres @ 0.77% Cu (CANRC047) within porphyritic quartz diorite dykes highlight the potential of the system to also host higher copper grades within the source (parent) porphyry stock (the true thickness and orientation of these dykes is not known at this stage given the broad - spacing and nature of the RC drilling completed to date). Gold values associated with the copper intersections appear to be increasing to the south, particularly in drill -hole CANRC044, which contains several intercepts (>10m) reporting average gold grades ranging from 0.15g/t Au to 0.43g/t Au ( see Appendix 1). This gold trend is supported by earlier surface sampling results which suggest increased potential for gold in the southern area. Diamond drilling designed to test for deeper hypogene copper mineralisation below the current depth limit (~350 metres) of RC drilling commenced late in the Quarter , with the first drill -hole (CANDD003) , located within the southern mineralised corridor , completed at a depth of ~880m. Importantly, this program will provide critical geological information that will help to vector towards higher -grade copper mineralisation that extends to depth. Logging of drill -core from CANDD003 shows c opper occur ring in stockwork veins from near surface to approximately 550m depth, within a package of andesite and dacite volcanics intruded by quartz diorite and tonalite dykes. Below 550m depth, the mineralised vein density appears to decrease, but remains present at the end of hole, confirming the large vertical exten t of the stockwork vein complex – assay results for this hole are pending. Copper oxides were logged to depths exceeding 250m with chalcocite observed from approximately 250m to 280m , suggesting the presence of a supergene zone that may be developed above a potential sulphide system. Below ~280 metres, primary copper sulphides (chalcopyrite ± pyrite and
Page 7
rare bornite +/-molybdenite) occur in stockwork veins and disseminations within the volcanics. The primary copper mineralisation is associated with extensive quartz - sericite/muscovite-chlorite veining with several hydrothermal breccia zones also evident in the core, suggesting multiple intrusive and mineralising events which is typical of a large mineralised porphyry system (Figures 5 and 6 – Refer ASX release 22 July 2026). Figure 5: Core photos from CANDD003 showing chalcopyrite -filled veins at 308m (LHS) – disseminated chalcopyrite in porphyritic andesite host rock at 383m (centre); Muscovite-chlorite veins with K feldspar selvages and chalcopyrite either disseminated or forming centrelines in the veins at 504m (RHS). Figure 6: Core photos from CANDD003 showing breccias within the oxide zone with disseminated chalcocite (black) at 134m (LHS) – Breccia with in the sulphide zone showing potassic alteration, chlorite muscovite veins with disseminated chalcopyrite at 382m (RHS). “Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.” Further diamond drilling in th e southern area will be undertaken once assay results have been received and assessed. Diamond drilling has now commenced in the north of the prospect where multiple drill-holes finished in mineralisation and hypogene copper sulphides are known to occur to depths of at least 700m. The diamond drilling program is expected to continue for several months with assays available approximately four weeks after the completion of each drill-hole.
Page 8
Permitting for the Stage 4 drilling program (an additional 20 drill pads) has progressed with MINEM (Mines Department) approval expected in Q3 CY2026 and final approval for surface access shortly thereafter. This will allow the southern and eastern extensions of the porphyry system to be fu rther tested by drilling. Playa Kali IOCG Project (100% AQD) The Playa Kali Project is located ~10km east of the coastal town of Chala and ~120km south-east of the Mina Justa copper deposit (~475Mt @ 0.68% Cu ). It consists of six mineral claims covering an area of ~33km² and was acquired after manto -style mineralisation (including massive magnetite layers with up to 1m thick bands of sulphides containing anomalous copper and gold values up to 1.9% Cu and 1g/t Au), was located within a sequence of sediments similar to those found in the vicinity of the Marcona and Mina Justa deposits to the north. Geological mapping, rock -chip sampling and ground magnetic surveys have been completed over the tenements, defining target areas for drilling, targeting manto -style copper -gold deposits. During the Quarter, reconnaissance RC drilling (12 holes for a total of 3,733m) was completed to provide a first-pass test of a range of geophysical, geological (structural) and geochemical features at the eastern end of the Project that were interpreted to reflect a new manto (iron oxide) target area for copper and gold mineralisation , similar to that found at the Mina Justa deposit ~100km to the north (Figure 7). Drilling intersected a mixed package of volcanics (andesites and dacites) and sediments (sandstones and siltstones) containing variable amounts of disseminated magnetite (+ pyrite), with highly anomalous copper values (>1,000ppm Cu) intersected in many of the drill -holes, highlighting the potential for copper (+/ - gold) in the surrounding areas. F igure 7: Playa Kali Project showing drill-hole locations relative to mapped geology and the magnetic complexes plus anomalous copper values from the RC drilling program – Refer ASX release 8 July 2026.
Page 9
Significant assay results from this reconnaissance program included: 12m @ 0.2% Cu and 0.05g/t Au (BOH) in PKRC007; 10m @ 0.37% Cu in PKRC009; 28m @ 218ppm Mo (including 4m @ 617ppm Mo) in PKRC004; and anomalous Cu (350ppm to 0.21% Cu) in PKRC001. Drill-holes PKRC001 and PKRC004 are located close to regional east -west structures which ha ve strongly developed alteration (jarosite, goethite and hematite) , and are thought to be one of the controlling features for IOCG copper mineralisation in the area. A review of all the multi -element geochemical data from both the drilling and surface sampling programs, as well as magnetic modelling is currently in progress to define and prioritise target areas for future drill testing and/or geophysical surveys. Lantana Porphyry Copper Prospect (100% AQD) The Lantana Prospect is located ~ 30km east of the Company’s Cangallo Prospect in an area where s urface indicators of porphyry copper mineralisation have been identified . The prospect occurs at the eastern end of the Cerro de Fierro /Pirata Project, and occurs within a major E-W structural corridor that is considered to be a priority target zone for porphyry copper deposits within the coastal belt of southern Peru. The reconnaissance RC drilling program (nine holes for a total of 2 ,794m) was completed around the end of the Quarter with samples subsequently sent to the laboratory for a ssay. Results of the analyses will be reported to market once they have all been received and assessed. The drill program was designed to test for porphyry copper mineralisation in areas with widespread occurrence s of highly anomalous copper, molybdenum and bismuth values that were obtained from rock-chip sampling. Parcoy IOCG Project (100% AQD) The Parcoy Project is located near the southern end of a recognised IOCG metallogenic belt in southern Peru. It lies within ~100km of the Mina Justa deposit (~475Mt @ 0.68% Cu), and ~50km north - west of the Company’s Cerro de Fierro Project. Geological mapping and rock -chip sampling has identified significant concentrations of copper (+/ - gold) at surface, reflecting potential manto -style mineralisation within the volcanic stratigraphy. No work was completed during the Quarter while efforts were focused on the nearby Cangallo Project. The Company believes that there are copper targets at Parcoy that were not tested by the initial wide -spaced drilling programs and is considering its options for the project. AUSTRALIA – BASE METAL PROJECTS (Copper, Zinc, Nickel & REE) Balladonia Zinc-Copper (+/- Nickel and REE) Project (100% AQD, subject to SAA) The Balladonia Project is located ~50km south of the Nova –Bollinger nickel -copper deposit in Western Australia. It consists of 11 Exploration Licence s (six granted and five applications) covering an area of ~1,350km² and is located within a structurally complex region of the Fraser Range Terrane. Exploration at Balladonia has indicated potential for multiple mineralisation styles with many p riority targets identified. This includes the potential for nickel and copper mineralisation similar to the Nova deposit , as well as iron-oxide copper -gold ( IOCG) and Broken Hill Type ( BHT) deposits similar to those found in the Eastern Succession (NW Queensland) and in NSW. More recently, the potential for rare earth elements (REE) associated with carbonatite intrusions has also been recognised. Many of the tenements lie within the Dundas Reserve. Exploration work at Balladonia is funded under the SAA. During the Quarter, a Flora and Fauna survey was completed over all the proposed drill targets as part of the approvals process to allow the planned drilling program to commence. No obvious impediments to the program were reported.
Page 10
Figure 8: Balladonia Project showing target locations and planned drill-holes in relation to Magnetic Image. The Company has been advised that its Reserve Activity Management Plan (RAMP) to approve the planned exploration drilling inside the Dundas Nature Reserve (DNR) is progressing through the Government system. The Company anticipates that approval in full or otherwise could be provided within Q3 CY2026, allowing drilling to start in Q4 CY2026. The planned RC drilling program (~65 holes for a total of ~8 ,000m) will test a range of targets for lead -zinc and copper -gold mineralisation under the SAA (Figure 8).
Page 11
The drilling program will initially focus on targets within the DNR with priority given to structural sites within and adjacent to the main Tea Tree sequence as well as distinct magnetic/gravity targets offset from the Tea Tree Trend. Coober Pedy Copper -Gold Project (100% AQD, subject to SAA) The Coober Pedy Project is located ~ 15km SW of the town of Coober Pedy, South Australia, on the north -eastern margin of the Gawler Craton, approximately 100km NW of the Prominent Hill Copper-Gold Deposit. The Project, which consists of one Exploration Licence covering an area of ~170km², was acquired to explore for iron -oxide copper - gold (IOCG) deposits. Regional magnetic and gravity data, together with analytical results from historical drilling (five holes) , highlighted the prospectivity of the area. Exploration work at Coober Pedy is funded under the SAA. During the Quarter, the Company’s maiden RC drilling program (~13 holes for ~4,500m) commenced, to test a combination of geophysical targets for IOCG mineralisation located close to the interpreted position of the Elizabeth Creek Fault Zone. Figure 9: Coober Pedy Project showing planned and completed RC drilling in relation to magnetic image and residual gravity contours and IP anomalies (refer ASX release 17 July 2025). Three (3) holes successfully reached the targeted basement rocks before operations had to be suspended due to the failure to penetrate an extensive, unconsolidated dry quartz sand unit (~30m thick) located immediately above basement (Figure 9) Two of the successful drill-holes were located at the Bulldog prospect, ~400m from a historical Vale drill -hole (GAWRC001), and intersected mafic to intermediate gneissic rocks with variable chlorite alteration and up to 5% sulphides (mainly pyrite). Assay results for these drill-holes are pending. The Company plans to complete the original drilling program using mud rotary drilling techniques to penetrate the cover sequence and diamond tails to test the targeted basement rocks. Diamond drilling (~10 holes for ~3,500m), is expected to re -commence in early August to test the priority target areas defined by magnetic, gravity and Induced Polarisation surveys.
Page 12
Morrisey Magnetite, Nickel -Copper-PGE Project (100% AQD, subject to SAA) The Morrisey Project is located ~500km north of Perth in Western Australia within the Midwest mining district. The project occurs within the high-grade metamorphic Narryer Terrane, which forms the north -western margin of the Yilgarn Craton . It consists of three granted Exploration Licence s and two applications covering an area of ~ 1,300km² and is located ~120km north of the town of Mullewa, where there is rail access to the Port of Geraldton 80km away. Reconnaissance drilling to test magnetic targets intersected coarse grained magnetite which could be upgraded via magnetic separation methods to a premium iron product (>70% Fe) potentially suitable for green iron smelting. Exploration work at Morrisey is funded under the SAA. Figure 10: Morrisey Magnetite Project showing the location of the new Dann Bore prospect in relation to the location of the Waterfall Prospect and magnetics. During the Quarter, the Company completed a review of existing geophysical and drilling data at Morrisey to help provide guidance for the next phase of work given the possibility of cumulative magnetite occurrences in the area.
Page 13
This resulted in a new Exploration Licence application being submitted to secure additional magnetic targets close to the Waterfall Prospect with the potential to add significantly to the Project’s magnetite inventory (Figure 10). Coarse grained m agnetite at the Waterfall Prospect, which can be upgraded to +70% Fe using a coarse grind size (75um), occurs in a high-grade metamorphic iron formation (IF) which the Company believes is the preferred host rock for the better magnetite deposits in the area. Further evaluation of the Morrisey Magnetite Project is being planned under the SAA. Mt Davis Lead-Zinc-Copper Project (100% AQD, subject to SAA) The Mt Davis Project is located ~180km NNE of Wiluna, Western Australia , along the northern margin of the Earaheedy Basin. It consists of three Exploration Licenc es ( two granted and one application) covering an area of ~1,275km². The project was acquired following the discovery of extensive zinc and copper mineralisation by Rumble Resources at its Chinook Prospect , located on the southern side of the Basin, where mineralisation is stratigraphically controlled and located below the Frere Iron Formation . The Mt Davis tenements are believed to contain similar stratigraphy but in an area of greater structural complexity which has been reported as an important factor in the localisation of higher grades at Chinook. Exploration work at Mt Davis is funded under the SAA. During the Quarter, planning for ground geophysical surveys continued, with Heritage Clearance surveys to be completed in late July. Ground electromagnetic (EM) surveys have been designed to test target areas where a combination of VTEM and magnetic data highlights the possibility for sediment -hosted base metal deposits to be found, stratigraphically below the Frere Iron Formation and close to major structures along the northern margin of the Earaheedy Basin. Assay results from e arlier RC drilling provided sufficient encouragement to undertake further exploration in the region to identify additional targets for drilling (ASX release 23rd December 2025). Hamilton Copper-Gold Project (100% AQD) The Hamilton Project is located in north -west Queensland, ~120km south of the world -class Cannington mine and ~70km south of the Osborne copper mine. It consists of two Exploration Licences covering an area of ~260km². Exploration is targeting iron oxide, copper, gold (IOCG) and Broken Hill Type (BHT) mineralisation beneath the extensive cover in the region. Limited drilling completed to date to test magnetic and gravity targets provided evidence for “near-miss” situations which are the focus of the Company’s ongoing exploration. Further work at this prospect is under consideration in view of other higher Company priorities. New Opportunities (Australia): New opportunities within Australia continue to be assessed by the Company’s consultants. CORPORATE At the end of the June Quarter, the Company had approximately $6.4 million in cash after investing ~$4.5 million in exploration. These funds include contributions from South32 to cover work programs in Australia that have been agreed under the SAA. The Company’s Cashflow Report (Appendix 5B) for the Quarter ended 30 June 2026 is appended to this report. Payments to related parties as shown in Section 6 of this report include director salary and superannuation payments of $111,000.
Page 14
KEY ACTIVITIES – SEPTEMBER 2026 QUARTER • Peru (Cu -Au) – Complete Stage 3 diamond drilling (+5,000m) at Cangallo. • Peru (Cu-Au) – Facilitate Stage 4 drill permit approvals at Cangallo (20 drill pads; +50,000m RC/diamond drilling). • Peru (Cu-Au) – Continue geological / resource assessment at Cangallo. • Peru (Cu-Au) – Advance metallurgical understanding at Cangallo. • Peru (Cu-Au) – Assess RC drill results at Playa Kali and Lantana. • Balladonia (Cu -Zn-Au) – Complete access preparation for RC drill ing (subject to Government approvals) and commence drill program. • Morrisey (Magnetite) – Finalise ongoing evaluation program under the SAA. • Coober Pedy (Cu -Au) – commence diamond drilling program to test IOCG targets. • Mt Davis (Cu-Pb-Zn) – Complete Heritage clearance and ground EM surveys. Authorised for release on behalf of the Company by: Graeme Drew Managing Director 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 Dece mber 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. NO NEW INFORMATION To the extent that this announcement contains references to prior exploration results which have been cross referenced to pre vious market announcements made by the Company, unless explicitly stated, the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements. FORWARD LOOKING STATEMENT This report 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 estimate s should change or to reflect other future developments.
Page 15
Announcements to ASX for the Cangallo Project 29/05/2026 Cangallo diamond drilling to commence 05/05/2026 Cangallo Porphyry Copper Continues Growing 25/03/2026 Major new drilling program commences at the Cangallo Copper-Gold Discovery, Peru 04/03/2026 Highly encouraging drill results continue to grow the Porphyry Cangallo Copper-Gold Project 11/02/2026 Cangallo delivers significant Cu extensions extending the porphyry discovery to over 1500m 06/01/2026 Diamond and RC drilling substantially expands scale of copper mineralization at Cangallo 02/12/2025 Stage 3 Drilling commences at the Cangallo Copper-Gold Discovery in Peru 13/11/2025 RC Drilling set to commence at Cangallo 12/11/2025 Diamond Drilling more than doubles depth extent of copper mineralisation at Cangallo 30/09/2025 Diamond Drilling Commences at Cangallo 28/08/2025 Cangallo Porphyry Copper Discovery continues to grow 21/07/2025 Cangallo Drilling Progress Report 12/06/2025 Drilling Commences at Cangallo 24/04/2025 Drilling set to commence at Cangallo 05/03/2025 Drilling to extend Cangallo Cu-Au discovery 06/02/2025 Cangallo Discovery Confirmed 23/01/2025 Significant Porphyry Copper Discovery at Cangallo 17/12/2024 Drilling commences at Cangallo in Peru Appendix 1: Significant Intersections from RC Drilling at Cangallo Hole Number From (m) To (m) Interval (m) Cu % Au ppm Mo ppm Ag ppm CANRC001 6 354 EOH 348 0.26 0.06 12 0.31 Including 10 26 16 0.43 0.08 6 0.09 Including 58 84 26 0.36 0.07 6 0.57 Including 252 264 12 0.53 0.27 32 1.09 Including 316 350 34 0.39 0.08 31 0.44 CANRC002 18 134 116 0.19 0.04 28 0.08 138 148 10 0.48 0.07 72 0.03 180 208 28 0.18 0.04 59 0.58 214 402 EOH 188 0.28 0.07 39 0.38 Including 222 234 12 0.5 0.07 72 0.67 Including 312 322 10 0.43 0.09 16 0.41 Including 342 380 38 0.40 0.09 33 0.46 CANRC003 36 190 154 0.37 0.06 18 0.19 Including 40 76 36 0.37 0.05 15 0.07 Including 86 110 24 0.42 0.06 12 0.12 Including 128 138 10 0.42 0.06 15 0.39 Including 146 190 44 0.47 0.08 33 0.25 230 366 EOH 136 0.24 0.06 36 0.28 Including 258 288 30 0.37 0.07 34 0.41 CANRC004 228 238 10 0.17 0.07 30 0.18 272 276 EOH 4 0.33 0.02 26 0.87 CANRC005 4 230 226 0.22 0.07 9 0.22 Including 20 32 12 0.33 0.04 4 0.07 Including 54 82 28 0.33 0.11 10 0.09 CANRC006 4 20 16 0.15 0.05 5 0.07 36 92 56 0.12 0.03 4 0.05 110 122 12 0.12 0.02 21 0.08
Page 16
164 192 28 0.12 0.02 10 0.21 206 262 56 0.13 0.03 14 0.26 270 408 EOH 138 0.17 0.03 31 0.26 CANRC007 22.00 158.00 136.00 0.25 0.06 62.00 0.15 Including 138.00 150.00 12.00 0.43 0.07 111.00 0.51 256.00 377 EOH 121.00 0.26 0.04 43.00 0.32 Including 264.00 298.00 34.00 0.36 0.03 37.00 0.32 Including 352.00 364.00 12.00 0.48 0.08 68.00 0.44 CANRC008 34.00 338.00 304.00 0.30 0.06 18.00 0.05 Including 36.00 64.00 28.00 0.56 0.03 11.00 0.06 Including 120.00 176.00 56.00 0.40 0.06 12.00 0.34 Including 186.00 206.00 20.00 0.33 0.08 25.00 0.29 Including 216.00 234.00 18.00 0.35 0.08 20.00 0.40 350.00 414 EOH 64.00 0.23 0.05 20.00 0.20 Including 380.00 394.00 14.00 0.37 0.10 23.00 0.31 CANRC009 18 148 130 0.23 0.06 38 0.13 166 408 (EOH) 242 0.16 0.03 43 0.21 Including 130 148 18 0.31 0.04 61 0.42 CANRC010 36 310 274 0.19 0.03 32 0.24 Including 96 134 38 0.36 0.06 34 0.26 CANRC011 18 142 124 0.16 0.04 26 0.16 226 352 126 0.23 0.03 30 0.22 378 400 (EOH) 22 0.16 0.03 19 0.18 Including 62 80 18 0.31 0.04 32 0.06 266 298 32 0.37 0.04 32 0.36 CANRC012 36 360 324 0.3 0.07 14 0.27 388 432 (EOH) 44 0.18 0.05 15 0.12 Including 36 196 160 0.45 0.09 13 0.30 CANRC013 32 90 58 0.33 0.05 28 0.07 110 344 234 0.3 0.06 30 0.57 Including 36 88 52 0.35 0.05 28 0.05 110 252 142 0.39 0.06 20 0.76 CANRC014 32 362 (EOH) 330 0.30 0.06 15 0.37 Including 34 212 178 0.40 0.08 15 0.44 CANRC016 278 292 14 0.14 0.02 38 0.09 CANRC017 10 50 40 0.14 0.08 12 0.06 74 112 38 0.18 0.08 48 0.31 122 144 22 0.23 0.12 45 0.23 174 254 80 0.27 0.01 43 0.60 276 426 (EOH) 150 0.21 0.05 36 0.33 Including 174 196 22 0.37 0.08 39 0.95 218 234 16 0.37 0.06 18 0.62 312 324 12 0.33 0.07 37 0.33 CANRC018 14 56 42 0.2 0.02 18 0.07 CANRC019 12 96 84 0.16 0.05 28 0.38
Page 17
106 420 (EOH) 314 0.20 0.04 27 0.33 Including 154 170 16 0.35 0.06 17 0.22 196 230 34 0.30 0.04 19 0.05 CANRC021 2 158 156 0.16 0.05 10 0.14 192 384 192 0.17 0.07 21 0.26 Including 76 92 16 0.43 0.11 33 0.43 268 284 16 0.41 0.17 43 0.41 CANRC022 42 112 70 0.25 0.06 11 0.05 124 214 90 0.17 0.03 13 0.48 260 302 42 0.19 0.03 14 0.38 316 415 (EOH) 99 0.14 0.05 15 0.30 Including 96 108 12 0.34 0.04 11 0.03 184 206 22 0.30 0.03 14 0.45 CANRC023 20 46 26 0.17 0.01 12 0.04 54 130 76 0.29 0.04 13 0.10 238 280 42 0.13 0.02 17 0.14 including 82 108 26 0.3 0.03 10 0.08 110 126 16 0.6 0.05 12 0.12 CANRC024 42 78 36 0.14 0.03 14 0.05 204 236 32 0.20 0.04 57 0.40 264 420 (EOH) 156 0.17 0.04 20 0.24 CANRC026 66 138 72 0.26 0.01 17 0.09 180 222 42 0.23 0.04 20 0.64 230 254 24 0.18 0.04 13 0.40 294 340 46 0.22 0.04 14 0.46 CANRC027 208 216 8 0.29 0.01 6 0.70 226 435 (EOH) 209 0.22 0.04 24 0.46 including 228 258 30 0.38 0.05 14 0.52 268 284 16 0.3 0.05 12 1.04 416 435 (EOH) 19 0.34 0.08 32 0.70 CANRC032 10 20 10 0.65 0.07 5 0.04 74 90 16 0.12 0.01 12 0.04 116 132 16 0.18 0.07 13 1.08 154 326 172 0.33 0.07 13 0.67 334 444 (EOH) 110 0.27 0.07 18 0.46 including 156 192 36 0.54 0.06 10 0.40 280 326 46 0.38 0.08 11 0.67 368 398 30 0.33 0.07 26 0.62 420 444 24 0.29 0.07 9 0.39 CANRC033 46 74 28 0.13 0.05 6 0.08 110 128 18 0.15 0.25 6 0.17 140 254 114 0.15 0.06 15 0.34 342 408 (EOH) 66 0.14 0.06 8 0.24 CANRC034 40 284 244 0.23 0.07 10 0.35 304 468 (EOH) 164 0.33 0.07 20 0.65 including 124 144 20 0.35 0.06 10 0.52
Page 18
246 256 10 0.42 0.08 21 1.10 260 278 18 0.41 0.09 12 0.88 306 360 54 0.42 0.07 22 0.91 380 406 26 0.42 0.09 25 0.76 416 442 26 0.34 0.08 14 0.60 CANRC035 42 86 44 0.22 0.05 11 0.05 152 174 22 0.18 0.1 10 0.40 CANRC037 14 120 106 0.13 0.05 16 0.07 130 170 40 0.12 0.04 17 0.30 CANRC038 14 160 146 0.13 0.04 31 0.12 CANRC039 58 98 40 0.12 0.03 17 0.05 126 140 14 0.13 0.14 95 0.09 CANRC042 34 96 62 0.27 0.09 12 0.09 252 308 56 0.23 0.02 22 0.35 340 392 52 0.17 0.04 14 0.25 CANRC043 48 92 44 0.2 0.07 14 0.06 100 124 24 0.25 0.03 12 0.09 including 110 124 14 0.35 0.20 13 0.10 252 302 50 0.12 0.02 20 0.12 310 354 44 0.12 0.01 17 0.14 CANRC044 16 84 68 0.17 0.06 10 0.07 102 112 10 0.35 0.04 12 0.20 124 338 214 0.28 0.11 28 0.68 including 124 134 10 0.46 0.15 7 0.54 including 138 150 12 0.50 0.43 11 0.55 including 220 250 30 0.42 0.18 28 0.90 including 260 286 26 0.37 0.06 38 0.84 CANRC045 56 92 36 0.12 0.04 15 0.06 102 126 24 0.14 0.01 13 0.03 132 144 12 0.19 0.03 13 0.48 160 429 EOH 269 0.29 0.05 13 0.55 including 178 216 38 0.34 0.03 11 0.33 including 274 306 32 0.44 0.07 16 0.88 including 276 286 10 0.61 0.09 13 1.08 including 328 338 10 0.33 0.07 28 1.07 including 346 392 46 0.38 0.06 14 0.58 CANRC046 56 92 36 0.17 0.03 19 0.10 126 152 26 0.13 0.02 17 0.30 160 178 18 0.27 0.04 18 0.77 208 392 184 0.25 0.05 17 0.46 including 328 358 30 0.44 0.10 18 0.64 including 332 346 14 0.56 0.15 20 0.81 CANRC047 68 82 14 0.13 0.06 11 0.05 102 114 12 0.77 0.08 9 0.06 178 226 48 0.27 0.03 25 0.29 including 204 216 12 0.46 0.04 22 0.30
Page 19
270 398 128 0.21 0.04 17 0.39 including 360 370 10 0.35 0.19 30 0.58 406 444 EOH 38 0.21 0.04 17 0.39 CANRC048 40 94 54 0.20 0.01 12 0.09 102 194 92 0.32 0.03 23 0.46 including 112 124 12 1.10 0.01 7 0.24 CANRC050 38 72 34 0.25 0.09 7 0.09 including 44 56 12 0.38 0.15 10 0.13 110 202 92 0.21 0.03 9 0.35 including 112 122 10 0.42 0.01 8 0.17 226 452 226 0.21 0.05 12 0.36 including 390 408 18 0.43 0.08 8 0.80 CANRC051 162 178 16 0.32 0.06 20 0.49 216 232 16 0.21 0.04 27 1.33 CANRC052 40 216 176 0.38 0.07 27 0.44 including 46 66 20 0.44 0.10 19 0.06 including 112 156 44 0.48 0.07 24 0.14 including 168 188 20 0.46 0.09 23 0.69 including 192 210 18 0.55 0.1 67 0.47 272 370 98 0.16 0.03 45 0.19 388 456 EOH 68 0.14 0.03 42 0.15 CANRC053 30 372 342 0.27 0.05 27 0.34 including 32 42 10 0.44 0.04 11 0.06 including 60 70 10 0.36 0.03 28 0.10 including 84 96 12 0.32 0.03 18 0.16 including 112 132 20 0.38 0.04 28 0.19 including 196 232 36 0.38 0.06 21 0.34 including 212 232 20 0.42 0.06 19 0.30 including 242 274 32 0.43 0.09 34 0.93 382 462 EOH 80 0.13 0.04 41 0.30 CANRC054 2 238 236 0.30 0.08 10 0.18 including 12 22 10 0.4 0.05 4 0.06 including 50 66 16 0.40 0.08 9 0.07 including 88 98 10 0.47 0.41 7 0.14 including 110 130 20 0.37 0.04 12 0.09 including 174 184 10 0.5 0.04 13 0.41 254 268 14 0.16 0.04 13 0.19 282 304 22 0.15 0.03 15 0.22 320 354 34 0.12 0.05 15 0.30 382 440 EOH 58 0.17 0.05 7 0.22 Broad copper intervals determined using a 0.1% Cu cut-off and an internal waste of 6 metres. Gold, molybdenum and silver values were averaged for same intervals as the copper intersections Higher grade intervals(including) were determined using 0.3% Cu cut-off and 6 metre waste intervals and a minimum 10m interval
Page 20
Appendix 2: Significant intersections from diamond drilling at Cangallo. Hole ID From (m) To (m) Interv (m) Cu % Au ppm Mo ppm Ag ppm CANDD001 212 220 8 0.11 0.02 53 0.08 284 294 10 0.12 0.02 43 0.41 430 442 12 0.12 0.03 55 0.20 458 478 20 0.14 0.03 55 0.20 546 624 78 0.17 0.04 27 0.33 662 676 14 0.12 0.02 51 0.20 686 830 EOH 144 0.15 0.04 30 0.29 CANDD002 5 560 555 0.26 0.06 16 0.36 including 32 68 36 0.38 0.11 5 0.06 including 120 130 10 0.50 0.08 22 0.40 including 350 380 30 0.50 0.08 19 0.63 including 406 426 20 0.42 0.08 16 0.57 including 456 480 24 0.40 0.08 27 0.37 including 500 522 22 0.41 0.11 26 0.82 including 542 556 14 0.44 0.11 21 1.02 580 610 30 0.19 0.07 45 0.34 622 664 42 0.17 0.04 16 0.30 Broad copper intervals determined using a 0.1% Cu cut-off and an internal waste of 6 metres. Gold, molybdenum and silver values were averaged for same intervals as the copper intersections Higher grade intervals(including) were determined using 0.3% Cu cut-off and 6 metre waste intervals and a minimum 10m interval
Page 21
AusQuest Limited: Tenement Schedule as at 30 June 2026 Tenement Location Interest Held: Start of Quarter Interest Held: End of Quarter Registered Holder Australia E69/3558 WA, Balladonia 100% 100% AusQuest Ltd. E69/3559 WA, Balladonia 100% 100% AusQuest Ltd. E69/3671 WA, Balladonia 100% 100% AusQuest Ltd. E69/3825 WA, Balladonia 100% 100% AusQuest Ltd. E69/3932 WA, Balladonia 100% 100% AusQuest Ltd. E63/2486 WA, Balladonia 100% 100% AusQuest Ltd. E70/5383 WA, Morrisey Well 100% 100% AusQuest Ltd. E09/2397 WA, Morrisey Well 100% 100% AusQuest Ltd. E59/2526 WA, Morrisey Well 100% 100% AusQuest Ltd. E69/3896 WA, Mount Davis 100% 100% AusQuest Ltd. E69/4282 * WA, Mount Davis 100% 100% AusQuest Ltd. EPM 26681 QLD, Hamilton 100% 100% AusQuest Ltd. EPM 26682 QLD, Hamilton 100% 100% AusQuest Ltd. EL 6798 SA, Coober Pedy 100% 100% AusQuest Ltd. Peru Cangallo 1 Arequipa 100% 100% Questdor SAC Cangallo 2 Arequipa 100% 100% Questdor SAC Cangallo 3 Arequipa 100% 100% Questdor SAC Cangallo 4 Arequipa 100% 100% Questdor SAC Cangallo 5 Arequipa 100% 100% Questdor SAC Cangallo 6 Arequipa 100% 100% Questdor SAC Cangallo 7 Arequipa 100% 100% Questdor SAC Cangallo 7A Arequipa 100% 100% Questdor SAC Cangallo 9 Arequipa 100% 100% Questdor SAC Cangallo 10 Arequipa 100% 100% Questdor SAC Cangallo 14 Arequipa 100% 100% Questdor SAC Cangallo 15 Arequipa 100% 100% Questdor SAC Cangallo 16 Arequipa 100% 100% Questdor SAC Cangallo 17 Arequipa 100% 100% Questdor SAC Cerro De Fierro B Arequipa 100% 100% Questdor SAC Cerro De Fierro C Arequipa 100% 100% Questdor SAC Cerro De Fierro E Arequipa 100% 100% Questdor SAC Cerro De Fierro F Arequipa 100% 100% Questdor SAC Cerro De Fierro G Arequipa 100% 100% Questdor SAC Cerro De Fierro H Arequipa 100% 100% Questdor SAC Cerro De Fierro I Arequipa 100% 100% Questdor SAC Cerro De Fierro J Arequipa 100% 100% Questdor SAC Cerro De Fierro L Arequipa 100% 100% Questdor SAC Cerro De Fierro N Arequipa 100% 100% Questdor SAC Cerro De Fierro O Arequipa 100% 100% Questdor SAC Cerro De Fierro P Arequipa 100% 100% Questdor SAC Cerro De Fierro Q Arequipa 100% 100% Questdor SAC Chololo 1 Moquegua 100% 100% Questdor SAC Chololo 2 Moquegua 100% 100% Questdor SAC El Sello 04 Arequipa 100% 100% Questdor SAC
Page 22
AusQuest Limited Tenement Schedule as at 30 June 2026 - cont’d Tenement Location Interest Held: Start of Quarter Interest Held: End of Quarter Registered Holder Peru Cont. Parcoy 01 Arequipa 100% 100% Questdor SAC Parcoy 02 Arequipa 100% 100% Questdor SAC Parcoy 03 Arequipa 100% 100% Questdor SAC Parcoy 04 Arequipa 100% 100% Questdor SAC Parcoy 13 Arequipa 100% 100% Questdor SAC Playa Kali 01 Arequipa 100% 100% Questdor SAC Playa Kali 02 Arequipa 100% 100% Questdor SAC Playa Kali 03 Arequipa 100% 100% Questdor SAC Playa Kali 09 Arequipa 100% 100% Questdor SAC Playa Kali 10 Arequipa 100% 100% Questdor SAC Playa Kali 11 Arequipa 100% 100% Questdor SAC Puerto Viejo 1 Arequipa 100% 100% Questdor SAC Puerto Viejo 2 Arequipa 100% 100% Questdor SAC La Arenosa 1 Arequipa 100% 100% Questdor SAC * Granted during the quarter ** Surrendered / Expired
Page 23
Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity AUSQUEST LIMITED ABN Quarter ended (“current quarter”) 35 091 542 451 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 114 3871.1 Receipts from customers 1.2 Payments for - - - -(a) exploration & evaluation (b) development - - (c) production (154) (405) (d) staff costs (250) (1,355) (e) administration and corporate costs - - 1.3 Dividends received (see note 3) 10 33 1.4 Interest received (5) (18) 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - - 1.9 Net cash from / (used in) operating activities (285) (1,358) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (42) (74) (d) exploration & evaluation (4,544) (13,452) (e) investments - - (f) other non-current assets - -
Page 24
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - -(a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other: - Funding received from South 32 under the Strategic Alliance Agreement 912 4,434 - R&D Refund - - 2.6 Net cash from / (used in) investing activities (3,674) (9,092) 3. Cash flows from financing activities - - 10,000 -3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 172 342 3.3 Proceeds from exercise of options (3) (573) 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other - Lease liability payments (33) (120) 3.10 Net cash from / (used in) financing activities 136 9,649
Page 25
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 10,179 7,204 4.2 Net cash from / (used in) operating activities (item 1.9 above) (285) (1,358) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,674) (9,092) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 136 9,649 4.5 Effect of movement in exchange rates on cash held (4) (51) 4.6 Cash and cash equivalents at end of period 6,352 6,352 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 6,352 10,179 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,352 10,179 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 48 6.2 Aggregate amount of payments to related parties and their associates included in item 2 63 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
Page 26
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (285) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (4,544) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,829) 8.4 Cash and cash equivalents at quarter end (item 4.6) 6,352 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 6,352 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.3 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be includedin item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Operating costs and overheads vary depending on the level of exploration work completed during each Quarter. During the Quarter the Company had significant exploration programs underway resulting in a high expenditure for the Quarter. Net cash flows from operating activities are also influenced by the level and timing of funding provided under the Company’s Strategic Alliance Agreement (SAA) with South32 (S32). 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? At present, the Company has not initiated any new fundraising activities. However, the Company is confident in securing additional working capital through new equity issue or loans should the need arise in the foreseeable future.
Page 27
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? The Company expects to be able to continue its exploration activities as the Australian Projects are largely funded by South32 under the SAA. For exploration activities that the Company chooses to undertake itself, the directors are aware that the Group has the option, if necessary, to defer expenditure or to relinquish certain projects or to reduce administration costs in order to minimise cash outflows. The directors are also confident that the Group will be successful in raising additional funds through the issue of new equity, should the need arise. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 July 2026 Authorised by: By the Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for releaseto the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’sCorporate Governance Principles and Recommendations, the board shouldhave received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.