Great Quest Metals Ltd. TSX.V - GQ 1 DISCOVERY AND PHOSPHATE POTENTIAL IN MALI SEPTEMBER 2011 TSX-V GQ

Great Quest Metals Ltd. TSX.V - GQ1

DISCOVERY AND PHOSPHATE POTENTIAL IN MALI

SEPTEMBER 2011

WWW.GREATQUEST.COM

TSX-V GQ


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.

FORWARD LOOKING STATEMENTS

Great Quest Metals Ltd. TSX.V - GQ

Landlocked country in West Africa, with road and rail access to the Atlantic

Constitutional democracy since 1992 – one of the most politically and socially stable countries in Africa

Area of 1.2 million km2 and population of >14 million1; growing at 2.6% pa

Agricultural sector represents 39% of GDP and 80% of workforce1

Third largest producer of gold in Africa 60 tonnes of Gold expected in 20112

Mining friendly environment with numerous active, international exploration and production firms

GQ active for over 15 years

Mali, West Africa

“Mali stands out as a stable democracy in the midst of the troubled West African region. The predominantly Muslim

country began a transition to democracy in 1992 and continued with a peaceful change of power in 2002.”

- USAID, Africa (July 22, 2010)

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1. CIA World Factbook2. Malian Government., Reuters


World Phosphate Supply and Demand

Phosphate is the naturally occurring form of the element, phosphorus. It is one of three key ingredients of agricultural Fertilizers

Phosphate from mineral deposits is the only source of phosphate used in the manufacture of fertilizers

90% of phosphate is used for fertilizer

Phosphate is also used for animal feed supplements, food preservatives, anticorrosion agents, cosmetics, fungicides, ceramics, water treatment and metallurgy

Two sources of phosphate

Sedimentary Rock & Igneous Rock

80-90% of world production provided bysedimentary rocks

Moroccan phosphate rock regarded asstandard with ~30% P2O5 grade mining 1-3m wide beds


GQ Focus on Tilemsi Valley

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ChanamaguelChanamaguel

AlfatchafaAlfatchafa

Tagit N’OueraneTagit N’Ouerane

Tin SiridenTin Siriden

Remote Sensing MapPhosphate Interpretation

Tin HinaTin Hina

Two phosphate concessions in Tilemsi Valley (737 km2)•94% interest in Tilemsi-Tin Hina Concession (417 km2)•97% interest in Tarkint Est Concession (320 km2)

GQ - High grade phosphate discovery

GQ – Summer 2009 - 5.11% to 33.05% P2O5 , initial 16 samples averaged 24.5% at thickness of 0.4m to 1.7m from Alfatchafa Hill

Other key areas of interest

•Chanamaguel: Historical sample of 25.4% P2O5 over 1m and 29.1% P2O5 over 0.95m•Tagit N’Ouerane: Historical samples of 10.65- 20.99% P2O5 with an average of 16.96% P2O5 over 0.1-0.8m thickness•Tin Siriden: Confirmed phosphate bed

Tamaguilet is one of the best studied areas of Malian phosphate rock•Historical grade of 27% (1959)•Average thickness of 0.8m to 2.5m•100,000 tonnes mined from 1970 to 2000


Phosphate and Mali

Agricultural activities occupy 80% of Mali’s labor force and provide 39% of GDP

Products include cotton, pearl millet, maize, rice, tobacco, vegetables

85-90% of arable soils in Mali are iron-rich tropical soils, generally low in phosphorus

Food and Agriculture Organization in Africa is actively promoting the use of ground phosphate rock as a fertilizer

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GQ formed a Phosphate Advisory Board to share International and Malian expertise. Task to improve/optimize the application process and the solubility of Tilemsi phosphate rock as a direct application fertilizer for Mali’s agricultural industry

Contract with the Malian Institute for Rural Economy (IER): GQ’s direct contact with representative farmers who would use the material in sample plots to demonstrate effectiveness.

An draft study of the agricultural application of phosphates in Mali by IER has been completed

Phosphate Advisory Board


June 2010: Expansion of phosphate assets to 737 km2

July 2010: Phosphate advisory committee appointed; Ehud Levy joins the board

January 2011: 30 year Convention d’Etablissement received, allowing Great Quest to move forward with further exploration and drilling

February 2011: Remote sensing identifies phosphate targets

May – July 2011: Phase 1 drilling - 275 holes 5049 meters

October 2011: Phase 2 drilling to commence

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Tilemsi Phosphate Project Progress






Tin HinaTin Hina


Gold Projects in Western Mali

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• Kenieba Inlier (Birimian)

A prolific gold belt in western Mali

• Gold mines in the area

•Sadiola and Yatela (Anglogold/IAMGOLD)•Loulo and Gounkoto (Randgold)•Segala and Tabakoto (Avion Gold Corp.)

• Great Quest holds 100% of two gold projects

•Sanoukou Project (148 km2)• Sanoukou• Fambina• Dabia Ouest

•Bourdala Project (80km2)


GQ Gold Projects - Timeline

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Jan 2010: Sale of Djambaye 11 Gold discovery funds Great Quest

April 2010: Acquired Sanoukou gold concession (24 km2)

April 2010: Initial exploration program completed on Dabia West (82 km2)

June 2010: Sampling program at Sanoukou identifies gold in 8 albitite dykes, over 6 km of strike length

July 2010: Jed Diner report on geology and exploration potential on Sanoukou Claim

August 2010: Great Quest acquires Fambina gold concession (42 km2)

April 2011-current: Initial 13 hole drill programme at Sanoukou completed and results under analysis


Sanoukou Geology

NameLength

(m)No. of

SamplesGold(ppb)

Avg ppb

g/tEquiv

Sanoukou – Daganiaba 2,086 16 10 - 14,200 3,559 3.56

Sanoukou - Daganiaba Ouest

978 4 725 - 25,975 10,614 10.61

Sanoukou – Daganiani 3,587 26 17 - 15,962 1,932 1.93

Sanoukou – Dansilato 2,424 31 42 - 13,937 2,248 2.25

Sanoukou - Findikalato 2,076 26 25 - 25,975 1,726 1.73

Sampling Results (June 2010)

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Work Programs - 2011

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Q3 Q4Q2

1st Phase Drilling in Alfatchafa

Phase 1 drilling summary report

1st Phase Drilling in Sanoukou

2nd Phase Drilling in Alfatchafa

Scoping Study

Ph

osp

hat

eG

old Sanoukou Summary Report

Fambina Reconnaissance

2012 Gold Exploration planning







Tin HinaTin Hina

Tilemsi Phase 1 - 2011


Tin Hina AC drilling 2011.Red diamonds – executed drill holesBlue diamonds – planned drill holes, not drilled yet. Purple diamonds – GPS readings around phosphate outcropsRed polygons – Remote sensing Phosphate anomalies, Purple polygon –outline of phosphate bed defined by drilling.

Proposed Tilemsi Tin Hina Phase 2 - 2011


• A total of 275 drill holes for 5049 metres were drilled covering a small portion of the company’s 737 km2 project.

• The program was executed on 2 of the presently defined 3 target areas – the Tin Hina and Alfatchafa hills. The highly prospective Chanameguille target will be tested in the phase 2 drilling program.

• At Tin Hina drill holes intersected 2 distinct horizons (seams) of phosphate mineralization seam “A” averaged 23.73% P2O5 present in 104 of the drill holes averaging 1.43m thick intercepted at an average depth of 6.62 m, a second seam was identified in 4 of the holes averaging 27.60% P2O5 intercepts average 1.75m thick at an average depth of 8.00m from seam “A”. Successful drill holes cover a surface area of approximately 6.75 km2 on this target area.

• Drilling at the Alfatchafa target identified a single seam, samples averaged 22.59% P2O5 from 68 drill holes averaging 0.90m at an average depth of 18.75m. Successful drill holes covered an area of approximately 6.70 km2 on this target area.

Summary of Phase 1 Tilemsi Drill Program


• Assay results suggest the phosphate rock in both target areas is identical and of very high quality.

• The ore is free of many of the common impurities that plague phosphate ores including cadmium, and uranium.

• The ore has negligible organic carbon and the CaO/ P2O5 ratio points to ore clean of calcite.

• No grain size analysis or concentration tests were completed in this phase of work. Historical work suggests that very inexpensive techniques could be used to achieve attractive concentrate grades, and simply remove alumina- and ferro- oxides.

Area P2O5 SiO2 Al2O3 Fe2O3 CaO MgO Na2O K2O TiO2 MnO BaO LOI CaO/P2O5

Alfachafa 22.69 17.44 4.71 6.76 33.42 1.15 0.23 0.24 0.36 0.93 0.09 10.14 1.47

Tin Hina A 23.73 16.08 4.22 7.13 34.65 0.85 0.23 0.24 0.38 1.35 0.20 9.73 1.46

Tin Hina B 27.60 9.49 2.77 5.63 40.56 0.69 0.27 0.17 0.22 1.31 0.14 9.30 1.47

Tilemsi Phase 1 - Conclusions


WWW.GREATQUEST.COM

Focused on exploration of the Tilemsi Phosphate Project in Eastern Mali

Significant land package – 737 km2 with plans to further extend land area

First phase drilling complete discovering 13.45 km2 of phosphate mineralisation.

Second phase drilling during Q4 2011

Gold opportunities

Four gold concessions located along the productive Birimian Kenieba gold belt in western Mali

GQ Summary


WWW.GREATQUEST.COM

Vancouver Office475 Howe St., Suite 515Vancouver, BC V6C 2B3(604) 689-2882(877) [email protected]

Bamako OfficeSise Hamdallaye ACI 2000Immeuble Mgr Jean Marie CISSE2ème EtageBamako, MaliGQ Summary

Shares outstanding 42.6mFully diluted 45.7mMarket Capitalization of $126 m52 week - high $4.88

-low $1.15Cash $4.0 m

Ticker GQ on TSX-V

Focused on exploration of the Tilemsi Phosphate Project in Eastern Mali

Significant land package – 737 km2 with plans to further extend land area

First phase drilling complete discovering 13.45 km2 of phosphate mineralisation.

Second phase drilling during Q4 2011

Gold opportunities

Four gold concessions located along the productive Birimian Kenieba gold belt in western Mali

12 month share performance,


World population approaching 7 billion

UN forecast growth to 9 billion

“You can’t feed the people without feeding the plants” - Kennedy School researcher

One of our greatest challenges and one of our greatest opportunities

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Closing comment

Documents

Great Quest Metals Ltd. TSX.V - GQ 1 DISCOVERY AND PHOSPHATE POTENTIAL IN MALI SEPTEMBER 2011 TSX-V GQ