Fair value, page-69

Meanwhile.. a quick recap of the most recent announcement;

"...geochemical data from the maiden RC drilling program at its 100%-owned Cangallo Project in Peru suggests that the main porphyry
system(s)has not been intersectedby the drilling to date, with the centre of the system likely
to occur beneath the shallow cover within the caldera-like structure.

Stage 2 Reverse Circulation (RC) drilling has been designed to extend the original copper gold intersections by redirecting drill holes from the original drill padsas well as stepping out to the west, south and northto help locate the centre of the porphyry system(s), which is
considered to be the source of the widespread copper-gold mineralisation encountered to
date (see Figure 2).
The main porphyry system is believed to have excellent potential to contain higher copper
grades based on the grades (up to 1.1% Cu) intersected within the thin tonalite (porphyry)
dykes that are thought to emanate from the buried porphyry system(s).

Supergene enrichment is also evident in several drill-holes, highlighting the possibility of an
enriched supergene blanket, with high copper grades, occurring beneath the shallow cover

Commenting on progress being made at Cangallo, AusQuest’s Managing Director, Graeme
Drew, said:
“The Company is very excited about re-commencing drilling operations at Cangallo next
month with geochemical analysis reinforcing Cangallo as a new large-scale porphyry copper gold discovery.

Stage 2 drilling has been designed to help locate the centre of the porphyry system and the
possible presence of a supergene blanket, both of which hold excellent potential to contain
high copper grades.

Success will create significant value for our shareholders and mark a transformative period
for the Company. We look forward to keeping the market updated on the commencement of
drilling.”