Great Quest Corporate Presentation

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UNEARTHING

VALUE IN MALI

TSX-V:GQ

Corporate Presentation August 2013

Disclaimer

This presentation contains forward-looking statements or forward-looking information within the meaning of applicable securities legislation (hereinafter collectively referred to as "forward-looking statements") concerning the Company's plans for its properties, projects, operations, subsidiaries and other matters. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management regarding operations of the Company which are subject to a variety of business and market risks, including political and regulatory risks associated with mining and exploration in Mali.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

These forward-looking statements are based on certain assumptions which the Company believes are reasonable, however, forward-looking statements are subject to a variety of business and political risks and uncertainties. Some of the important risks and uncertainties that could affect forward-looking statements are also described in the Company's continuous disclosure filings made with Canadian securities regulatory authorities, which are available at the SEDAR website and on the Company’s website. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, they may adversely affect the Company’s business and prospects and actual results may vary materially from those described in forward-looking statements. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cautioned against placing undue reliance on forward-looking statements. The Company cautions that the PEA is preliminary in nature, as it includes “Inferred Mineral Resources” which are considered too speculative geologically, to have the economic considerations applied to them that would enable them to be categorized as "Mineral Reserves". There is no certainty that the PEA will be realized, as Mineral Resources do not demonstrate economic viability. The technical information in this presentation has been reviewed by Jed Diner, MSc. P.Geol., a qualified person as defined by National Instrument 43-101.

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Stock Information

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As of August 13, 2013

STOCK INFORMATION TSX-V: GQ

SHARES OUTSTANDING 46,817,942

-OPTIONS 4,285,000

-WARRANTS 2,241,480

FULLY DILUTED 53,344,422

52-WEEK LOW/HIGH $0.43/$1.36

3-MONTH AVG. VOL. 21,286

MARKET CAP. $34.4M

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FLAGSHIP PROJECT

PROJECT BACKGROUND

50 million tonnes (Mt) inferred resource on 26 km² drilled surface

High natural grade 24.3% P₂O₅

Significant upside potential, project covers 1,206 km² (3 licenses)

Strategic source of reactive & soluble phosphate for direct application, low cost fertilizer or as a NPK component

Experienced management team with track record in project development and mineral discovery in West Africa

TILEMSI PHOSPHATE

Current Resource - Just the Beginning

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TILEMSI PHOSPHATE

INITIAL INFERRED RESOURCE

50 million tonnes

AVERAGE PHOSPHATE GRADE

24.3% P₂O₅

CONCENTRATE GRADE 25-38% P₂O₅

CONCENTRATE QUALITY Low levels of contaminants

(ie. cadmium)

BENEFICIATION Easy separation and

treatment

DEPOSIT DEPTH Near surface

Strip-minable potential

With a high natural P₂O₅ grade and significant exploration upside, the Tilemsi deposit has the potential

to become a world-class phosphate resource.

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• GQ holds 2 gold concessions located in the productive Birimian Gold Belt in western Mali:

• Sanoukou 24 km²

• Dabia Ouest 100 km²

GQ Gold

• A prolific gold belt with 14 deposits

• >30m Oz of gold discovered to date

• Mali – 3rd largest gold producer in Africa

Birimian Belt

• Producing gold mines in the same area:

• Randgold Loulo + Gounkoto

• Endeavour Segala + Tabakoto

• Anglogold/Iamgold Sadiola + Yatela

Mali Operational Gold Mines

GQ Gold Concessions

12-Month Stock Price / Mali and GQ Events

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Pre-crisis share price $3.61 – TSXV: GQ impacted by the recent Mali geopolitical crisis

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• Accelerating P₂O₅ development by constructing a small scale plant in Segou – Mali’s agricultural center, located in south-central Mali.

• To test and develop market ahead of full operation.

• Expect facility to generate positive cash flow.

Phosphate Semi-Commercial Plant

• Increased orpaillage activity (artisanal gold mining)

• Investigating toll and tailings ore from local hand miners

• Grab samples in excess of 10 g/t

Gold Toll Milling and Tailings Processing

• Investigating opportunities to consolidate fertilizer projects within and outside of Mali

• Leveraging board and management expertise and contacts to take advantage of poor market conditions

Phosphate Mergers & Acquisitions

Near Term Opportunities for Cash Flow

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OUR OPPORTUNITY

PEA Highlights (1/2)

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Project Economics Value

Project Net Present Value US$635 million

Discount Rate 10%

Project Internal Rate of Return 33%

Equity Holder IRR (40% Equity/60% Debt) 42%

Payback Period 3.7 Years

PEA Highlights (2/2)

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Project Parameters Value

Life of Mine based on

the Inferred Mineral Resource estimate 20 years

Maximum Rock Mined (at full capacity) 1 M tonnes/year

Pre-Operational Cost US$13 M

Initial Capital Cost US$ 143 M

OPEX Phosphate Rock @36% P₂O₅

(powder average ex plant) US$ 59 per tonne

OPEX Hyper Phosphate @36% P₂O₅

(granulated avg ex plant) US$ 95 per tonne

Fertilizer Products Supplied at Full Capacity 1.18 M tonnes/year

Sales Mix: NPK / Direct Application 78% / 22%

Assumptions Value

Product Discount Rate against Cost of Moroccan

Phosphate in Bamako, Mali 20%

Average transport cost ratio per tonne per km US$ 0.082

Delivered Price of Diesel for Energy Production US$1.10/litre

Equity to Government on Mining 20%

Royalties on Mine Production 3%

Contingency in Initial Capital Cost (12%) US$ 14 M

Political Risk Insurance Premium (@ 12%) incl. in CAPEX US$ 11 M

Interest Rate per annum (LIBOR + Premium) 7.8%

Phosphate Rock Characterisation

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Test Results Impact

BENEFICIATION Screening at 850 microns to

achieve P2O5 grades of 36.8%

Via simple screening process, the product can easily beneficiated to up to 36.8% P₂O₅

SOLUBILITY

71.1% soluble P2O5 in citric acid

62.5% soluble P2O5 in formic acid

The rock solubility shows that it is able to compete with other chemical fertilizers, as fertilizers’ effectiveness is based on immediate

availability of the nutrients

GRANULATION Successfully produced granules

sized 1-4mm

The product can easily be granulated, allowing the product to withstand transportation and be used as a component of NPK

blended fertilizer

Characterization tests indicate:

Tilemsi natural phosphate (TNP) meets or exceeds market specifications for beneficiation, solubility and granulation.

TNP can be used as either as very low cost phosphate component for blended NPK fertilizer or as a direct application fertilizer.

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Hyper Phosphate & NPK Development Plan

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Map of West Africa showing the Tilemsi deposit and GQ market development objectives

Regional Market Penetration

Exploration Program

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5 km

Phases 1 and 2 of Drilling Program

completed

Map of Tilemsi Phosphate Project showing our concessions on remote sensing and drilling program (completed and planned)

589 sq.km

417 sq.km 200 sq.km

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WHY AFRICA

17 Source: EBG Capital

60% OF THE WORLD’S ARABLE LAND IS IN AFRICA

According to Zürich-based advisory firm, EBG Capital, sub-Saharan Africa offers 590m hectares of available cropland, while the rest of the world offers just 380m hectares.

• Only 23-30% of arable land in W. Africa is currently cultivated

• Low fertilizer usage (9kg/ha vs. 101kg/ha in the rest of the world)

Available Arable Land

18 Source: GRAIN, AGRA Alliance, McKinsey

Agribusiness project sizes – January 2012 (investment underway or completed in ‘000s USD)

“Africa has the potential to create a trillion-dollar food market” (World Bank)

• 62% of all large-scale land acquisitions since 2000 have occurred in Africa.

• Agriculture in Africa will grow from its current $280 billion a year to $500 billion in 2020, and $880 billion by 2030.

• Nigeria’s agricultural sector could grow by a colossal 160% by 2030, rising from $99 billion in 2010 to $256 billion two decades later.

AFRICA IS ATTRACTING LARGE AGRIBUSINESS INVESTMENTS

Agribusiness Opportunities

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GQ target markets: Principal production

and food crop locations Source: Bureau Issala, JL Chaleard and SWAC

Development of cash crops in West Africa (1980-2006)

Source: FARM 2008

AFRICA THE WORLD’S NEXT AGRICULTURAL FRONTIER

Growing Agricultural Sector

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WHY PHOSPHATE

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Essential to life:

• Essential nutrient for plant/animal life

Key nutrient in agriculture:

• 90% is used in fertilizers

• Stimulates root development

• No known substitute

Limited resource:

• A limited, non-renewable resource

• 67% of global production in just 3 countries

• 79% of world reserves located in 7 countries

Phosphate - a Strategic Resource

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• World population projection 10 billion people by 2100

• Africa’s population is expected to double to 2 billion by 2050.

• A more affluent world will consume more food

Grain required to produce 1kg of meat (Sources: Sprott)

World population growth Arable land per capita

• The amount of arable land per capita is shrinking

World population projection

Demand Drivers

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GOLD – OUR HIDDEN VALUE

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Sanoukou - Gold Property

Project Background • June 3, 2010: GQ announced the results of

sampling and mapping on the 24 km² Sanoukou gold concession, south of and adjacent to the Company's previously sold Kenieba gold concession.

• Orpaillage: Because of a lack of outcrop, mapping and sampling were mainly limited to areas of orpaillage, where artisanal hand miners (orpailleurs) had dug pits in the search for gold. Sampling was primarily confined to "reject" material which had been discarded in favour of higher grade material.

• March 2011: GQ completed an initial drill program on wholly-owned Sanoukou gold property and subsequently received encouraging results .

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Gold Prospectivity

• In July 2010, GQ reported results of grab samples taken from orpailleur waste piles, the best of which were :

• These results are considered to be very positive especially considering the fact that the material sampled was reject material, however the results must be confirmed by drilling.

Sample Location Length of Line in metres (m)

No. of Samples

Grams per Tonne Equivalent (g/t)

Daganiaba 2,086m 16 3.56 g/t

Daganiaba Ouest 978m 4 10.61 g/t

Dansilato 2,424m 31 2.25 g/t

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Sanoukou – Artisanal Gold Mining

Our People

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Management

Jed Richardson President, CEO and Director

Former VP Corporate Development at Verde Potash and Institutional Equity Research Analyst at Cormark Securities.

Jayram Hosanee Chief Financial Officer

Former CFO at Mineral Hill and Golden Dawn Minerals. Mr Hosanee holds a CGA.

Mohammed Bouhsane Chief Operating Officer

Former Project Engineer in the Moroccan mining and metallurgy industries working for the ONA Group and OCP.

Candice Font Investor Relations Manager

Former Media Project Manager for Africa Investor, a specialised publication; and IR Consultant at Silver Bull Resources.

Board

John A. Clarke – Chairman Former CEO of Nevsun Resources and

Executive Director of Ashanti Goldfields

Victor Jones – Director 30 years of experience in senior executive and board positions

in public mineral exploration and technology companies

Ehud Levy – Director Phosphate manufacturing industry consultant with

a 30-year career with Bateman Engineering and Rotem

Gordon Peeling – Director President of Mining Association of Canada (MAC) with 30 years

of mining experience in the public and private sectors

Jed Richardson – Director Former VP Corporate Development at Verde Potash and

Institutional Equity Research Analyst at Cormark Securities

David Shaw – Director Worked as Senior Mining Analyst at Yorkton Securities; initiated and developed Resource Research Group at Charlton Securities

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Positive attributes

• Naturally effective fertilizer product with low OPEX and CAPEX expectations • Strip minable – Near surface deposit (<10 meters on average) • Simple production process as per characterization tests

Upside potential

• 3 phosphate concessions with total surface of 1,206km² • To date only 2% of total area has been drilled (26 km²)

Market potential: West Africa

• Fast growing population (>2% pa) drive food demand in West Africa • Large agribusiness investments in West Africa

Logistical advantage • Proximity to key agricultural markets in West Africa (<1,000 km radius) • Ability to offer low farm-gate price thanks to market proximity

Expertise

• Strong combined management and board expertise in mineral exploration in Africa and the global phosphate and fertilizer industry

Investment Highlights

c

Upcoming Catalysts

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Company Catalysts

Selection of Semi-Commercial Plant EPC (Oct. 2013)

Exploration Work in Tilemsi (Oct-Dec 2013)

Agronomical Tests +Demo Plantations (July-Dec 2013)

Sanoukou Gold Plan Announcement (Mill/JV)

Potential Mergers & Acquisitions Mali Political Catalysts

Gradual French Troop Withdrawal (Apr. 13)

12,600 UN Peacekeeping Force Deployment

Return to democratic rule (Aug. 11, 2013)

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APPENDICES

Resource Estimate

The NI 43-101 mineral resource reports provide

an inferred mineral resource estimate of 50 million tonnes

at a grade of 24.3% P2O5 (at a cut-off of 10% P2O5)

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Drilling

CampaignTarget Zone

Cut-Off

Grade (%)

Tonnes

(000's)

Average Grade

(P₂O₅ %)Strip Ratio

Phase I Alfatchafa 10 12,538 22.16 15:01

Phase I Tin Hina 10 20,000 24.24 4.5:1

Phase II Tarkint Est 10 17,436 25.87 5.7:1

Phase I and II TOTAL 10 49,974 24.29 -

Tilemsi Exploration Program

33 * Historical results have not been confirmed

STATUSPermit

Name

Drilling

ProgramTarget Name

# of Holes and Total

Meters Drilled

Resource

Estimate

Average Grade

(P₂O₅)

Holes were drilled along

317 holes, totalling 5,543m 50 Mt 24.30%

55 km²

1.4m @ 24.2%

55 km²

13.2 km²

23.4 km²

n.a

n.a

128 holes totalling 1,920 m


125 holes totalling 1,875m

n.a

n.a

n.a

Historical samples*

1- 1.15m @ 26%

n.a

Tin Hina

Chemanaguel

Tin Siriden

Chemanaguel

Alfatchafa

n.aHistorical samples*

0.60-1.25m @ 28%375 holes totalling 5,625m

0.9m @ 22.0%

5 km² but holes were

drilled along 3.7 km of line

11.3 holes were drilled

along 9.1 km of line

n.a n.a

n.a


n.a


48 holes drilled over

these 3 targets totalling

608m

17.4 Mt

32.6Mt


PLA

NN

ED

Phase I

Phase III

Tilemsi

Tarkint Est

Tilemsi

Ader Foul

Tarkint Est Phase II

Tin Siriden

Phase IV

Ader Foul

Chemanaguel

Tarkint Est

25.87%

CO

MP

LETE

D

TOTAL Phases I and II

Drilled Surface

6.75 km²

6.7 km²

25.62 km²

Tagit

N'Ouarane

12.17 km²

Tin Hina

Tin Siriden

Alfatchafa

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Great Quest Metals Ltd

TSX-V: GQ

Suite 515, 475 Howe Street Vancouver, BC, V6C 2B3

WWW.GREATQUEST.COM

IR Candice Font Tel +1 604.689.2882 Toll Free 1.877.325.3838 Fax +1 604.684.5854 Email [email protected]

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