Slide 1: AusQuest Limited
AUSQUEST LI
Slide 2: AusQuest Structure
AusQuest Structure Issued Shares eo3M Issued Options 36.3 Moo $0,455 Top 20 Shareholders 34.6 % Capex (@ 50c) $346M Cash (Dec’05) $ 2.6M Price (Dollars) Close T i F i T t t v iy Fe Mar Apr May = Jun dul Au Oct Nove Deo Jan os os Os as os as O5 os as 05 OG Volume (millions)
Slide 3: AusQuest Projects
AusQuest Projects Pilbara Fe Projects Nameless Rocklea / a4 To Antrim Ni-Cu-PGE Sylvania SMM MASAMI EATS EEE Drummond Au LLLMMMMMMM MMMM @ Bellary & Beasley Ni-Cu-PGE Plenty River Diamonds |] 1000 Kilometers MEE TEE
Slide 4: AusQuest Iron Ore Portfolio
AusQuest Iron Ore Portfolio Impressive suite of Pilbara iron ore projects Prime target low Phosphorous Channel Iron Deposits (CIDs) in close proximity to infrastructure Identified potential for over 50 km strike of CID’s No prior testing except at Rocklea Strategic LOI with Rio Tinto enhances develo
Slide 5: Goldsworthy Nimingarra
‘Goldsworthy Nimingarra gn ; he Gap 2 Yarrie y MARBLE BAR ol i oe Rio Option Area ; (es ¢ fs . ae / AN Nammuldi Brockman 2 Brockman 4 @ ~ e Mt Nicholas : seta Nn or : ay ene p @ Mindy Rocklea “| | None @ Rhodes Giles 3 : . PP... @ Western R @ & nt Jimblebar Sylvania JJ NEWMAN @E Afgelas Whaleback 7
Slide 6: Nameless Iron — Pisolite Outcrop
T Nameless Iron — Pisolite Outcrop
Slide 7: Nameless Iron Project - Geology
‘Nameless Iron Project - Geology Inferred Channei an Fe% Example of 50 Mt outline assuming 30 m thickness and SG 2.8
Slide 8: Nameless vs mines: mean grade and price
es . MINE! | ___MEAN GRAD _ "MEAN PRICE |MINE/ __ MEAN GRADE pees a | $i0,% Al,0,% | : ($Altonne FOB) Yandicoogina | =3to4 Robe Mesa J _|Nameless | (22 best grab samples) io oo oe a io ee ee ee ea eae 5 a iS : oo : So rr ee : : : - - - - :
Slide 9: Nameless Iron Project - Current Status
hsgee a iG Nameless Iron Project - Current Status Fe Pisolite "
Slide 10: Rocklea Iron Project
Rocklea Iron Project K) | == 2006 Drilling ¢ AQRC holes TT Channel outline | CJ Cover sediments i cip [fo] Bedrock NW SECTION 10800E * AQ75% + Located 40km SW of Tom Price + First pass RC drilling 2005 (18 holes/900m) + Best intersection 16m @ 58% Fe on Section 10800E + Mineralisation on other Secti
Slide 11: Rocklea vs Pilbara Pisolite Iron Mines
Rocklea vs Pilbara Pisolite lron Mines MINE; PROSPECT wears | Si0,% : : Al,0,% P% : | MEAN PRICE. | ($Altonne FOB) Yandicoogina | __ “3104 : “1.6 : : 45 RobeMesaJ | 34] 26 0.04 | § : a Rocklea (Best RC drill section) : 0.04 |
Slide 12: Sylvania Iron Project
“Sylvania Iron Project [2 Western Ridge Fortescue roup Mines _~Maleback Wines Newman — River . Eastern Ridge Group Mines Airport i Ft)
Slide 13: Sylvania Iron Prospect
| Sylvania lron Prospect Proposed drill holies CID Samples Fe% Al203% Si02% ACID float Interpreted CID —! outcrop/subcrop @ silron Ore Mine Hamersley BIF
Slide 14: Sylvania vs mines: grade and price
MINE; TOO ee Si ALO.% ‘MEAN PRICE 2005 ($Altonne FOB) : /Yandicoogina | -3to4 -16 | 0.04 | ~10 6 Robe Mesa J : / | 84 26. | a0 440 0.04
Slide 15: AusQuest Ni-Cu PGE Projects
AusQuest Ni-Cu PGE Projects
Slide 16: i /)
i /)
Slide 17: a si
a si oe cee een ao / _ ] oo . i ge i. aes . ce a a er oe 7 ae 2 oe i Cambrian Proterozoic Co Tenement outline [7] GEOTEM Anomalies [<7] ceotem survey A] Shallow mafic sit ee Mafic dyke Officer Basin ee r Mundadjini Fm imudrock-evaporite (L__] Lower sandstone Collier Basin ‘aed Sandstone Le - - - - -
Slide 18: Table Hill GEOTEM Survey
Table Hill GEOTEM Survey 340000 mE | 300000 mE. | 380000 mE aS ae ' GEOTEM Anomalies 7360000 mN. 8000km survey Dec’2005 16 first pass targets Several display strong conductance rc Ground follow-up and drilling planned in 2006 r-
Slide 19: Plenty River Diamond JV Project
Plenty River Diamond JV Project Vy > > Cr . OG - Oe os) OLE Si eas Lo Le ie & Gy <2 oo nofi oa North J LP Hie _ : _ uy a | 1) a : 7 Tinto O| if i ve y) ae ss a i = 44 = a. yy CS Lg Le CC . Lo Mays Cee Mn Ee oo Le WELD Lo BOG UE Lee LUO Ce | To .... | oo. Pes
Slide 20: Plenty River Diamond JV Project
| Plenty River Diamond JV Project | First pass kimberlite targets
Slide 21: AusQuest 2006 — an exciting year ahead
AusQuest 2006 — an exciting year ahead Finalise Rio Tinto Fe Agreement Drill test Nameless Fe (April) _ Scout drill Rocklea and Sylvania Fe (mid ye Falconbridge to test for Ni sulphides at Tabl and Beasley Advance Bellary Ni Project to drill target stag Test Plenty River diamond targets Advance othe
Slide 22: AusQuest Limited
\' Lr AUS QUEST LiM ?] T € DB pn 7 ABN 35 091 542 451 6 Kearns Crescent, Ardross WA 6153 Telephone: 08 9364 3866 Facsimile: 08 9364 4892 Email: graeme@ausquest.com.au Web: www.ausquest.com.au DISCLAIMER The information contained in this presentation is not financial product advice. The presentation