AusQuest (ASX:AQD) Secures Peru's First PIN Status for an Advanced Exploration Project

Aditi Sarkar

28 October 2026 02:35 PM AEDT

AusQuest (ASX:AQD) Secures Peru's First PIN Status for an Advanced Exploration Project

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Highlights

The Peruvian Government granted Project of National Interest (PIN) status to the Cangallo porphyry copper-gold discovery.
Cangallo is the first advanced exploration project in Peru to receive this designation.
A Stage 4 program of 20 drill pads has been approved to test mineralisation up to 1 km further south.
Permits for another 20 drill pads are being pursued, potentially allowing drilling in H1 2027.

AusQuest Limited (ASX:AQD) has announced that the Peruvian Government has declared its Cangallo Porphyry Copper-Gold discovery in southern Peru a Project of National Interest. The status was presented by Peru's Vice Minister for Mines at the IMARC Conference in Sydney on 27 October 2026.

What PIN Status Means for Cangallo

Cangallo is the first advanced exploration project in Peru to be granted PIN status. Managing Director Graeme Drew said the designation strengthens protection of surface rights and provides a secure development pathway over the next four years.

He also described the decision as a sign that Peru's new government supports exploration and new mining investment.

Stage 4 Drilling Program

AusQuest recently received government approval for a Stage 4 program of 20 drill pads. The program aims to extend copper mineralisation up to 1 km further south than current drill coverage.

Rock-chip sampling and CSAMT geophysical surveys indicate that copper, with possible gold, extends to the south. If confirmed by drilling, the copper footprint could exceed 1.5 km of strike length.

Further Permitting and Next Steps

The company is also pursuing permits for a further 20 drill pads under a new government initiative. Additional survey work is needed first, but shorter approval times are expected, which could allow this drilling to take place in the first half of 2027.

The exploration information was compiled by Graeme Drew, a Fellow of the AusIMM, under the JORC Code (2012). AusQuest noted that no new information affects its prior market announcements.

Key Takeaways

Cangallo has become the first advanced exploration project in Peru with PIN status.
The designation is expected to protect surface rights and support a four-year development pathway.
Stage 4 drilling will test mineralisation up to 1 km further south.
Additional permits could support further drilling in H1 2027.

FAQs

Q: What status has Cangallo received?

A: The Peruvian Government declared Cangallo a Project of National Interest.

Q: Why is this designation significant?

A: It strengthens protection of surface rights and provides a secure development pathway over four years.

Q: What does the Stage 4 program involve?

A: It covers 20 drill pads aimed at extending copper mineralisation up to 1 km further south.

Q: How large could the copper footprint become?

A: If confirmed, it could exceed 1.5 km of strike length.

Q: When could further drilling occur?

A: Drilling from an additional 20 pads could take place in H1 2027, subject to permits.

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