1. TSX-V: GQ
Click to edit Master title style
Tilemsi Integrated
Phosphate Fertilizer
Project
PEA Overview
Positive PEA Results
Estimated 20-year Mine Life with
NPV US$ 635m (at 10% DR)
and Project IRR 33%
www.greatquest.com February 2013

2. 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.
Great Quest Metals Ltd. 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.
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 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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3. Great Quest - A Unique Value Proposition
 Our Vision:
To unlock West Africa’s fertilizer market
by providing cost effective and adapted
solutions to meet growing agricultural needs
 Our Key Strengths:
Proven Solid Mineral Discovery
Management & Board PEA Results Track Record
Significant Project Stock 52-Week High: Support from
Exploration Upside C$ 3.71 Key Stakeholders
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4. GQ Flagship Tilemsi Phosphate
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
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5. Investment Highlights
Project 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
• Fast growing population (>2% pa) drive food demand in West Africa
• Large agribusiness investments and commercial farming projects 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 5

6. PEA Consulting Team
The independent PEA was written and compiled by Gaya Resources Development Ltd,
a full-spectrum engineering management company, specialising in fertilizer projects.
The PEA includes sections provided by highly respected international consulting firms:
 Coffey Mining (South Africa) for the mining process
 GBM Engineering (UK) for the beneficiation process
 CFI Holding (France/Singapore) for the granulation/NPK study
 Bolloré Africa Logistics (France) for the transportation analysis
 Balu & Associates (USA) for the West Africa fertilizer market study
 Mintek (South Africa) for the metallurgical testing
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7. Tilemsi Phosphate Project Summary
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8. PEA Project Description
Planned Project: A vertically-integrated phosphate mining, beneficiation,
granulation and NPK blending project in West Africa.
 Plants Construction: The project will include a beneficiation and phosphate
granulation plant near the Niger River at Bourem, which is situated 95 km
from the mine.
 Initial Production: To begin in 2016, with staged production ramp-up from
200,000 tonnes to 1 million tonnes, based on conservative expectations for
market uptake.
 Target Markets: Landlocked markets in West Africa for product delivery,
displacing high cost imported fertilizers, and servicing emerging commercial
farming projects in the region.
 Product Development: Two granulated Hyperphosphate products:
 a high grade (>35% P₂O₅) for mixture into standard NPK blends
 a medium grade (>27% P₂O₅) for simple direct application.
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9. Regional Market Penetration Objectives
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10. PEA Highlights ¹
Project Parameters Value
Life of Mine (“LOM”)
20 years
based on the current Inferred Mineral Resource estimate
Maximum Rock Mined (at full capacity) 1 million tonnes per annum
Pre-Operational Cost US$ 13 million
Initial Capital Cost US$ 143 million
OPEX Phosphate Rock (powder average ex plant) @35% P₂O₅ US$ 49 per tonne
OPEX Hyper Phosphate (granulated avg. ex plant) @35% P₂O₅ US$ 91 per tonne
Fertilizer Products Supplied at Full Capacity 1.18 million tonnes per annum
Sales Mix: NPK / Direct Application 78% / 22%
¹ Great Quest 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. 10

11. Summary of the Project Economics
Project Economics Value
Project Net Present Value (“NPV”) US$ 635 million
Discount Rate 10%
Project Internal Rate of Return (“IRR”) 33%
Equity Holder IRR (40% equity /60% debt) 43%
Payback Period 4 years
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12. Financial Model Assumptions
Assumptions Value
Product Discount Rate against
20%
Cost of Moroccan Phosphate in Bamako, Mali
Average Transport Cost Ratio US$ 0.083 per tonne per kilometre
Delivered Price of Diesel for Energy Production US$ 1.10 per litre
Equity to Government on Mining 20%
Royalties on Mine Production 3%
Contingency in Initial Capital Cost (12%) US$ 14 million
Political Risk Insurance Premium (12%) (incl. in CAPEX) US$ 11 million
Interest Rate (LIBOR + Premium) 7.8% per annum
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13. Basic Data – Production Capacity
Intermediary Stage Final Stage
Production (tonnes)
Years (LOM)
* Four NPK plants are planned, each producing 125,000T/y of Blended NPK. In year 3, two plants will be built in Sikasso (south Mali) and in
Cotonou in Benin. In Year 7 , two other plants will be constructed in Tamale in northern Ghana and in Dosso, south of Niamey in Niger. 13

14. NPV Sensitivity Analysis
NPV
DR
(US$ ‘000)
6% 1,085
Internal Rate of Return (%)
8% 828
12% 492
15% 339
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15. Project Financials over 20-Year Run of Mine

16. Tilemsi Geology - Unique Deposit Attributes
With a high average phosphate grade and significant
exploration upside, the Tilemsi deposit has the potential
to become a world-class phosphate resource .
TILEMSI PHOSPHATE ROCK
INITIAL INFERRED
50 million tonnes
RESOURCE
AVERAGE PHOSPHATE
24.3% P₂O₅
GRADE
CONCENTRATE GRADE 25-38% P₂O₅
Low levels of
CONCENTRATE
contaminants
QUALITY
(ie. cadmium)
Easy separation and
BENEFICIATION
treatment
Near surface
DEPOSIT DEPTH
Strip-minable potential
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17. Mining Considerations
 15.8 Mt at an average grade of 28.1% P₂O₅ mineral
inventory have been identified
 Tilemsi phosphate mine is a pitable resource
 Mining will commence on the Tin Hina mining
concession and will operate for 13 years
 Mining will continue on the Tarkint Est concession
until Year 20.
 Mining has been scheduled to comment at approx.
200,000 tpa, increasing by 100,000 tpa to reach
500,000 by year 4.
 Production will plateau in Year 8 at 1 million tpa for
until Year 20.
 Waste stripping (strip ratio) 6.8:1
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18. Exploration Program
589 sq.km
5 km
Phases 1 and 2 of
Drilling Program
completed
417 sq.km 200 sq.km
Map of Tilemsi Phosphate Project showing our concessions
on remote sensing and drilling program (completed and planned) 18

19. Tilemsi Phosphate Rock Characterisation
Tilemsi Natural Phosphate (TNP) meets or
exceeds market specifications for
Characterization beneficiation, solubility and granulation.
tests indicate: TNP can be used as either as very low cost
phosphate component for blended NPK
fertilizer or as a direct application fertilizer.
Test Results Impact
Screening at 850 microns to
Via simple screening process, the product can easily beneficiated to
BENEFICIATION achieve P2O5 grades
up to 36.8% P2O5 % P₂O₅
of 36.8%
71.1% soluble P2O5
The rock solubility shows that it is able to compete with other
in citric acid
SOLUBILITY 62.5% soluble P2O5
chemical fertilizers, as fertilizers’ effectiveness is based on immediate
availability of the nutrients
in formic acid
The product can easily be granulated, allowing the product to
Successfully produced granules
GRANULATION sized 1-4mm
withstand transportation and be used as a component of NPK
blended fertilizer
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20. Planned Beneficiation & Granulation
Plant in Bourem
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21. Beneficiation and Granulation Process
 Beneficiation and granulation plants will be situated near
the Niger River in Bourem, approx. 95 km south of planned
mine
 Proposed beneficiation process includes: Coarse
classification, Hydraulic classification, Attritioning, Milling,
Wet magnetic separation, Filtration, Drying.
 Granulation plant in Bourem consists of 300,000 tpa during
the 1st stage of development
 Additional 2 lines of 300,000 tpa each to be installed in Year
3 and Year 7 to meet increased production requirements
 Production plans:
 High-grade Hyperphosphate (>35% P₂O₅ ) granulated
for NPK blends
 Medium-grade Hyperphosphate (>27% P₂O₅)
granulated for simple direct application
 GQ’s own NPK blending plants to produce in-house
high quality fertilizers
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22. Simplified Beneficiation and Granulation Flow Sheet
Phosphate Rock
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23. Existing Infrastructure
Figure 1:
Map of West Africa showing
the Tilemsi deposit and the main
logistical infrastructure in the
sub-region
Figure 2:
One of the 2 types of truck
considered for ore
transportation (70-tonne truck) 23

24. Milestones and Catalysts
2010 2011 2012 2013 2014 2015 2016
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Prospecting license of Tilemsi phosphate concession granted
Sale of Kenieba gold concession to Avion Gold (now Endeavour)
Phosphate exploration permit granted for Tilemsi & Tarkint Est
Phase I of Exploration Program completed on Tilemsi & Tin Hina
Phase II of Exploration Program completed on Tarkint Est
Tilemsi Phosphate project receives 32.6Mt initial resource estimate
Project area extended to 1,206km² with new concession of Aderfoul
Characterisation tests indicate high grade & reactivity of the rock
Increase of 17Mt of inferred mineral, totalling 50Mt
Complete PEA
Pre-Feasibility Study
Feasibility Study
Project Financing
Construction of Mine Site and Beneficiation Plant
Launch Hyper Phosphate Production
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25. Great Quest Metals Ltd IR Candice Font
TSX-V: GQ Tel +1 604.689.2882
Suite 515, 475 Howe Street Toll Free 1.877.325.3838
Vancouver, BC, V6C 2B3 Fax +1 604.684.5854
WWW.GREATQUEST.COM Email info@greatquest.com
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