With an average phosphate grade of 24.3% and significant exploration upside, the Tilemsi deposit has the potential to become a world-class high-grade phosphate resource

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UNEARTHING
DEEP VALUE
TSX-V:GQ
Corporate Presentation
May 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.
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.
2

3. Stock Information
3
STOCK INFORMATION
TSX-V: GQ
SHARES OUTSTANDING 44.7 m
-OPTIONS 3.8 m
-WARRANTS 0.8m
FULLY DILUTED 49.3 m
52-WEEK LOW/HIGH $0.43/$1.69
3-MONTH AVG. VOL. 36,097
52-WEEK MARKET CAP. $20.36/$75.5m
As of May 7, 2013

4. 4
GQ Flagship Project – 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

5. Current Resource - Just the Beginning
5
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.

6. 6
• 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
Background - 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

7. 12-Month Stock Price / Mali and GQ Events
7
 Pre-crisis share price $3.61 – TSXV: GQ impacted by the Mali geopolitical crisis

8. 8
•Accelerating P₂O₅ development by constructing a
small scale plant in Segou – Mali’s agricultural center,
located in southwestern Mali.
•To test and develop market ahead of full operation.
•Expect facility to generate positive cash flow.
Phosphate Semi-Commercial Plant
•Increased orpailleur activity
•Investigating toll and tailings ore from artisanal 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

9. 9
OUR OPPORTUNITY

10. PEA Highlights (1/2)
10
Project Economics Value
Project Net Present Value US$649 million
Discount Rate 10%
Project Internal Rate of Return 34%
Equity Holder IRR (40% Equity/60% Debt) 42%
Payback Period 3.7 Years

11. PEA Highlights (2/2)
11
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%

12. Phosphate Rock Characterisation
12
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.

13. 13
Hyper Phosphate & NPK Development Plan

14. 14
Map of West Africa showing
the Tilemsi deposit and GQ market development objectives
Regional Market Penetration

15. Exploration Program
15
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

16. 16
WHY AFRICA

17. 17Source: 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. 18Source: GRAIN, AGRA Alliance, McKinsey
Agribusiness project sizes – January 2012
(investment underway or completed in ‘000s USD)
• 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

19. 19
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

20. 20
WHY PHOSPHATE

21. 21
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

22. 22
• 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

23. 23
GOLD – OUR HIDDEN VALUE

24. 24
Sanoukou - Gold Concession
Project Timeline
• On 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.
• Because of a lack of outcrop, mapping and sampling was 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 dug out of the pits but discarded in favour of higher grade material.
• In March 2011 GQ completed an initial drill program on wholly-owned Sanoukou gold property and
subsequently received encouraging results .
Gold Prospectivity
• In July 2010, GQ reported results of grab samples taken from orpailleur waste piles, the best of which
were 16 samples averaging 3.56 grams per tonne equivalent (g/t) over 2,086 metres (m), 4 samples
averaging 10.61 g/t gold over 978 m and 31 samples averaging 2.25 g/t over 2,474 m.
• 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.
• In April 2013, Company CEO visited Sanoukou and noted a dramatic increase in orpailleur activity on the
property. Local hand miners have exposed new structures and developed small open pits going to 10-15
metres deep. This could indicate important gold anomalies.
Company’s Objectives
• Options include toll milling of orpailleurs’ ore and joint venture agreements.
• Develop self-funding exploration strategy

25. 25
Sanoukou – Artisanal Gold Mining

26. Our People
26
Management
Jed Richardson
Interim 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

27. 27
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

28. c
Upcoming Catalysts
28
Company Catalysts
Selection of Semi-Commercial Plant EPC
Restart of Exploration Work in Tilemsi
Product Demonstrations with Ministry of Agriculture
Sanoukou Gold Plan Announcement (Mill/JV)
Potential Mergers & Acquisitions
Mali Political Catalysts
Gradual French Troop Withdrawal
12,600 UN Peacekeeping Force Deployment
Malian General Elections

29. 29
APPENDICES

30. 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)
30
Drilling
Campaign
Target 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 -

31. Tilemsi Exploration Program
31
* Historical results have not been confirmed
STATUS
Permit
Name
Drilling
Program
Target 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
180 holes totalling 2,700 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.a
Historical 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
198 holes totalling 2,970 m
n.a
128 holes totalling 3,218m
48 holes drilled over
these 3 targets totalling
608m
17.4 Mt
32.6Mt
141 holes totalling 1,717m
PLANNED
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%
COMPLETED
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

32. 32
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 info@greatquest.com