Saqat tells you, "Say, I might have 200 nice, shiny Pyreals with your name on them! I'll have you know this key was fashioned by the best lockpi... finest craftsman in Uziz!"
Saqat gives you Iron Key.
Saqat tells you, "Straight southwest from here, you'll find an old dry well. Go down into it, and bring me back some well water. And don't you believe those stories about the lower caves being haunted!"
