AusQuest Limited (ASX: AQD) is pleased to advise that it has identified potential for prospective host rocks (ultramafics) for nickel-copper-PGE mineralisation at the Moora Nickel-Copper-PGE Project in WA.

Results from recent soil sampling across the Latham Intrusion have highlighted several areas around the margins of the interpreted layered intrusion where ultramafic rocks are most likely to occur, based on interpretation of trace element geochemistry within the soils, using chrome to titanium and other trace element ratios.

A total of 151 samples were collected at 100 metre intervals along fence-lines and tracks and analysed for 48 elements using low level detection methodologies. Priority target areas for ultramafic rocks occur around the eastern and northwestern contacts of the intrusion. No anomalous nickel or copper values were reported.

These results support the conclusions reached from modelling of the aeromagnetic data and interpretation of earlier Reverse Circulation drilling results which suggested that strongly magnetic ultramafic rocks should occur within the Latham Intrusion, most likely below the ferro-gabbro unit intersected by the initial drilling program (ASX release 24 April 2023, and June 2023 Quarterly Report). The fertile ultramafic host rocks that contain nickel-copper-PGE mineralisation within the Gonneville Intrusion at the Julimar Prospect, north of Perth, are known to be strongly magnetic, suggesting that similar magnetic units at Latham should be high-priority targets for nickel-copper-PGE mineralisation.

AusQuest's Managing Director, Graeme Drew, said the latest soil results have re-affirmed that potential ultramafic host rocks for Ni-Cu-PGE mineralisation are highly likely to be present within the Latham Intrusion. 'Whether they contain Ni-Cu-PGE sulphides or not will be the subject of ongoing exploration, which is currently being considered under the Strategic Alliance Agreement with a whollyowned subsidiary of South32,' he said.

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.

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 estimates should change or to reflect other future developments.

Contact:

Tel: 08 9364 3866

Fax: 08 9364 4892

Email: InvestorRelations@ausquest.com.au

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