AusQuest Limited advised that it has embarked on an intensive period of exploration activity under its Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited, with multiple large-scale exploration targets in Western Australia to be drill tested over the next six months. With a reconnaissance Reverse Circulation (RC) drilling program (comprising three holes for approx. 750m) set to commence at the Moora Copper-Nickel Project north of Perth in the coming days, the Company anticipates back-to-back drilling programs being undertaken in the coming months with a further two projects to be drill tested in WA.

At the Balladonia Base Metal Project, a major diamond drilling program comprising 13 drill-holes for approx. 4,800m is scheduled to commence in late March to test a variety of magnetic and gravity anomalies considered to be priority targets for Broken Hill Type and/or Cannington-style mineralisation following encouraging results received from earlier drilling at the Tea Tree prospect. Further diamond drilling (approx.

1,200m) is scheduled to commence around mid-2023 to provide an initial test of a large electromagnetic (EM) target at the Company's Jubilee Lake Ni-Cu-PGE Prospect, where geological similarities with the world-class Noril'sk Ni-Cu-PGE deposits in Russia have been invoked by the Company's consultants.