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

2. Great Quest Metals Ltd. TSX.V - GQ 2 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

3. 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 km 2 and population of >14 million 1 ; growing at 2.6% pa  Agricultural sector represents 39% of GDP and 80% of workforce 1  Third largest producer of gold in Africa  60 tonnes of Gold expected in 2011 2  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) 3 1.CIA World Factbook 2.Malian Government., Reuters

4. Great Quest Metals Ltd. TSX.V - GQ 4 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 by sedimentary rocks Moroccan phosphate rock regarded as standard with ~30% P 2 O 5 grade mining 1-3m wide beds

5. Great Quest Metals Ltd. TSX.V - GQ GQ Focus on Tilemsi Valley 5 Chanamaguel Alfatchafa Tagit N’Ouerane Tin Siriden Remote Sensing Map Phosphate Interpretation Tin Hina Two phosphate concessions in Tilemsi Valley (737 km 2 ) 94% interest in Tilemsi-Tin Hina Concession (417 km 2 ) 97% interest in Tarkint Est Concession (320 km 2 ) 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% P 2 O 5 over 1m and 29.1% P2O5 over 0.95m Tagit N’Ouerane: Historical samples of 10.65- 20.99% P 2 O 5 with an average of 16.96% P 2 O 5 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

6. Great Quest Metals Ltd. TSX.V - GQ 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 6  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

7. Great Quest Metals Ltd. TSX.V - GQ   June 2010: Expansion of phosphate assets to 737 km 2   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 7 Tilemsi Phosphate Project Progress Chanamaguel Alfatchafa Tagit N’Ouerane Tin Siriden Remote Sensing Map Phosphate Interpretation Tin Hina

8. Great Quest Metals Ltd. TSX.V - GQ Gold Projects in Western Mali 8 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)

9. Great Quest Metals Ltd. TSX.V - GQ GQ Gold Projects - Timeline 9   Jan 2010: Sale of Djambaye 11 Gold discovery funds Great Quest   April 2010: Acquired Sanoukou gold concession (24 km 2 )   April 2010: Initial exploration program completed on Dabia West (82 km 2 )   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 km 2 )   April 2011-current: Initial 13 hole drill programme at Sanoukou completed and results under analysis

10. Great Quest Metals Ltd. TSX.V - GQ Sanoukou Geology Name Length (m) No. of Samples Gold (ppb) Avg ppb g/t Equiv Sanoukou – Daganiaba2,0861610 - 14,2003,5593.56 Sanoukou - Daganiaba Ouest 9784725 - 25,97510,61410.61 Sanoukou – Daganiani3,5872617 - 15,9621,9321.93 Sanoukou – Dansilato2,4243142 - 13,9372,2482.25 Sanoukou - Findikalato2,0762625 - 25,9751,7261.73 Sampling Results (June 2010) 10

11. Great Quest Metals Ltd. TSX.V - GQ Work Programs - 2011 11 Q3Q4Q2 1 st Phase Drilling in Alfatchafa Phase 1 drilling summary report 1 st Phase Drilling in Sanoukou 2 nd Phase Drilling in Alfatchafa Scoping Study Phosphate Gold Sanoukou Summary Report Fambina Reconnaissance 2012 Gold Exploration planning

12. Great Quest Metals Ltd. TSX.V - GQ 12 Chanamaguel Alfatchafa Tagit N’Ouerane Tin Siriden Remote Sensing Map Phosphate Interpretation Tin Hina Tilemsi Phase 1 - 2011

13. Great Quest Metals Ltd. TSX.V - GQ 13 Tin Hina AC drilling 2011. Red diamonds – executed drill holes Blue diamonds – planned drill holes, not drilled yet. Purple diamonds – GPS readings around phosphate outcrops Red polygons – Remote sensing Phosphate anomalies, Purple polygon –outline of phosphate bed defined by drilling. Proposed Tilemsi Tin Hina Phase 2 - 2011

14. Great Quest Metals Ltd. TSX.V - GQ 14 A total of 275 drill holes for 5049 metres were drilled covering a small portion of the company’s 737 km 2 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% P 2 O 5 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% P 2 O 5 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 km 2 on this target area. Drilling at the Alfatchafa target identified a single seam, samples averaged 22.59% P 2 O 5 from 68 drill holes averaging 0.90m at an average depth of 18.75m. Successful drill holes covered an area of approximately 6.70 km 2 on this target area. Summary of Phase 1 Tilemsi Drill Program

15. Great Quest Metals Ltd. TSX.V - GQ 15 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/ P 2 O 5 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 P2O5P2O5 SiO 2 Al 2 O 3 Fe 2 O 3 CaOMgONa 2 OK2OK2OTiO 2 MnOBaOLOICaO/P 2 O 5 Alfachafa22.6917.444.716.7633.421.150.230.240.360.930.0910.141.47 Tin Hina A23.7316.084.227.1334.650.850.230.240.381.350.209.731.46 Tin Hina B27.609.492.775.6340.560.690.270.170.221.310.149.301.47 Tilemsi Phase 1 - Conclusions

16. Great Quest Metals Ltd. TSX.V - GQ 16 WWW.GREATQUEST.COM Focused on exploration of the Tilemsi Phosphate Project in Eastern Mali  Significant land package – 737 km 2 with plans to further extend land area  First phase drilling complete discovering 13.45 km 2 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

17. Great Quest Metals Ltd. TSX.V - GQ 17 WWW.GREATQUEST.COM Vancouver Office 475 Howe St., Suite 515 Vancouver, BC V6C 2B3 (604) 689-2882 (877) 325-3838 Info@greatquest.com Bamako Office Sise Hamdallaye ACI 2000 Immeuble Mgr Jean Marie CISSE 2 ème Etage Bamako, Mali GQ Summary Shares outstanding 42.6m Fully diluted 45.7m Market Capitalization of $126 m 52 week - high $4.88 -low$1.15 Cash $4.0 m Ticker GQ on TSX-V Focused on exploration of the Tilemsi Phosphate Project in Eastern Mali  Significant land package – 737 km 2 with plans to further extend land area  First phase drilling complete discovering 13.45 km 2 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,

18. Great Quest Metals Ltd. TSX.V - GQ   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 18 Closing comment