QEM LIMITED — AGM Information 2021

Nov 25, 2021

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Advancing the Julia Creek Project

AGM Presentation | November 26, 2021

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Disclaimer

QEM Limited ACN 167 966 770 (QEM or the Company) is the issuer of this presentation. The issue of this presentation is intended only for the person or entity to which it has been transmitted.

Limited Responsibility for Information

This presentation contains forward-looking statements. Those forward-looking statements reflect views held only as at the date of this presentation. Any such statement is subject to inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement, and such deviations are both normal and to be expected. Recipients must make their own assessment about the likelihood of a matter, about which a forward-looking statement is made, occurring. QEM makes no representation about the likelihood of a matter, about which a forward-looking statement is made, occurring. QEM and its directors, employees, agents, advisers and consultants: give no representation or warranty to a recipient of this presentation as to the accuracy or completeness of the statements contained in this presentation or in relation to any other matter; and to the full extent permitted by law, disclaim responsibility for and have no liability to a recipient of this presentation for any error or omission in or for any statement in this presentation.

Reliance on presentation

A recipient of this presentation must make their own assessment of the matters contained herein and rely on their own investigations and judgment in making an investment in QEM. This presentation does not purport to contain all of the information a recipient of this presentation requires to make an informed decision whether to invest in QEM. Specifically, this presentation does not purport to contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of QEM’s assets and liabilities, financial position and performance, profits, losses and prospects. Recipients of this presentation should make investment decisions based on their own investigations and not this presentation.

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No Recommendation

The information in this presentation is not a recommendation to acquire shares in QEM and does not constitute financial advice. Any person who intends to acquire shares must conduct their own investigations, assessment and analysis of QEM and its operations and prospects and must base their investment decision solely on those investigations (including reviewing the Company’s announcements available on www.asx.com.au) and that assessment and analysis. Prospective investors should consult their own legal, accounting and financial advisers about an investment in QEM.

Competent Persons and Qualified Estimator Statements

The information in this announcement that relates to exploration results, mineral resource and contingent resource estimates for the Company’s Julia Creek Project was first reported by the Company in its IPO prospectus dated 20 August 2018 and supplementary prospectus dated 12 September 2018 (together, the “Prospectus”) and the subsequent resource upgrade announcement (“Resource Upgrade”) dated 14 October 2019. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus and Resource Upgrade, and in the case of estimates of Mineral Resources and Contingent Resources, that all material assumptions and technical parameters underpinning the estimates in the Prospectus and Resource Upgrade continue to apply and have not materially changed

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Right Project at The Right Time

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The catalyst to help unleash the inherent potential wealth of the NWMP and beyond

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Vanadium

QEM aims to become a leading supplier of high-quality vanadium pentoxide in Australia

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Julia Creek
Project
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Dual Commodity Deposit

Julia Creek in North Queensland allows production of both Vanadium (a Critical Mineral) and high-quality transportation fuels including Hydrogen

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Transport Fuels + Hydrogen

QEM aims to provide innovative and environmentally friendly solutions that are important to our energy future

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Team & Corporate

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Led by a team of highly successful and invested mining professionals, with proven track record of mine development

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John Foley

Chairman

Extensive experience as current Chairman of Precious Metal Resources Limited (ASX: PMR), Citigold Corporation Limited (ASX: CTO) and Carbon Credit Corporation (C3).

Gavin Loyden

Managing Director

Company Founder, having identified and acquired the significant dual commodity resource at Julia Creek. Responsible for QEM’s early capitalisation, initial exploration program and initial scoping study.

John Henderson

Non-Executive Director

Over 40 years experience in major and mega project development, including executive roles with oil and mining multinationals such as BHP and Rio Tinto, as well as mid-tier and startup energy companies.

Daniel Harris

Non-Executive Director

Mining executive with 40 years resources sector experience. Current independent Director at Australian Vanadium (ASX:AVL), former exec at Atlantic (ASX: ATI) and Atlas Iron (ASX: AGO). Director of US Vanadium LLC.

David Fitch

Non-Executive Director

Experienced in strategic planning, commercial negotiations and operations. Former COO & major shareholder of the Fitch Group and currently a director of BioCentral Laboratories. David is the largest shareholder of QEM.

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ASX Symbol: QEM	ASX Symbol: QEM
Shares on Issue	113.4 million
Market Cap (25 November 2021)	$22.7m
Share Price (25November 2021)	$0.200
Cash (as at 30September 2021)	$2.46m

Major Shareholders	Major Shareholders
David Fitch (Non-Executive Director)	28.1%
Gavin Loyden (Managing Director)	18.2%

Julia Creek Project Location

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100% owned Exploration Tenements Covering 249.6km[2 ] in the Julia Creek Area, North-Western Queensland

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Source: Geoscience Australia - Vanadium https://www.ga.gov.au/scientifictopics/minerals/mineral-resources-and-advice/australian-resourcereviews/vanadium#heading-6

• Tier-1 location within the North-West Minerals Province (NWMP) an area containing over $680b of known resource value.

• Established infrastructure and services, including direct road and rail access to the Port of Townsville (600 km) and Mount Isa to the west (250 km).

• Copper String 2.0 to immediate south (3 kms)

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Julia Creek Project

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Opportunity for a World-Class Vanadium & Oil Shale Project, with associated Hydrogen Production

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Unique dual commodities exposure of oil and vanadium pentoxide (V2O5)

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Vanadium defined as Critical Mineral by Australian, US & EU Governments

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Staged development strategy to de-risk project

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Globally significant JORC (2012) Indicated + Inferred Resource 2,760 Mt @ 0.30% V2O5

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Shallow-Low strip ratio allows for standard open cut mining method

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783 MMBL’s of oil in the 3C category

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Test work to date shows up to 200% yield achievable for oil extraction; 90% extraction rate for V2O5; Bench scale pilot plant under construction

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Renewable power and hydrogen to be directly applied to oil and vanadium production and to meet growing demand by government and industry

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Project Concept Design

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QEM - Julia Creek Project
Renewable Power Ammonia H2
H2
Green Hydrogen
Green Hydrogen
Mobility
Fuel
PV & Thermal
Solar & Wind Ore Transport Fuels Fuel Security
(250MW -1000MW)
V O
2 5
Redox Flow
Copperstring 2.0 Batteries Vanadium Critical Minerals
(Steel & Energy
Storage)
Builduild
Other Renewable Sources Building Materials Construction
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Exploration Update

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Further drilling completed November 2021

Nov 2021 Exploration program:

• Six-hole drilling campaign completed - 438m

Program Goals:

• Increase resource confidence.

• Core sample collection for testing program.

• Targeting area of predicted higher oil values.

JORC Indicated 220Mt

• Core samples sent to Mitra Labs for assaying.

• 4C Core drilling used to maximise recovery of sample material for pilot plant test work.

• Expect to recover 1100kg core for testing.

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Pilot Plant Update

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Bench scale pilot plant under construction

• Bench scale pilot plant to enable QEM to optimise oil and vanadium recovery, conduct petrology evaluation and gain greater understanding of the Company’s internal hydrogen requirements.

• The hazard and operability (HAZOP) study on the bench-scale oil and vanadium pilot plant was successfully completed in July 2021 at the Melbourne headquarters of HRL Technology Group Pty Ltd, where the pilot plant will be installed and operated.

• Final design was completed and approved by ASME-U in India and Germany.

• QEM remains on target to commence operational activity at the bench-scale pilot plant during 1H FY22.

• The pilot plant is being built by specialist manufacturer AMAR and will validate QEM’s proprietary extraction process ahead of a commercial demonstration plant.

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Environmental Update

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EPIC Environmental begins engagement

• EPIC’s engagement will include; development of an Environmental Impact Statement, undertaking extensive technical studies at Julia Creek, coordinating environmental approval applications and establishing a Progressive Rehabilitation and Closure Plan.

• Assistance with Major Project status application (Federal) and Prescribed Project status (State) being sought through the Qld Coordinator Generals Office.

• Baseline enviro studies to commence: 12-month air quality, groundwater and surface water monitoring program and terrestrial ecology studies.

• 12 water bores will be drilled on-site at the conclusion of the wet season March/April 2022, as part of the early works program.

• Cultural heritage survey to begin 2022.

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Renewable Power Update

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“Situated in the best co-located wind and solar resources in Eastern Australia” - AEMO

• Preliminary assessment focuses on mapping and modelling of a 250 MW hybrid solar/wind layout.

• Further desktop preliminary assessments on 500MW and 1GW scenarios underway.

• Met Mast: GHD has been engaged to procure a 12-month on-site wind and solar monitoring station.

• Alternative renewables being examined -Solar Thermal & Geothermal.

• Connection enquiry sent and received to CopperString 2.0 for import/export into NEM.

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Hydrogen Update

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Hydrogen - for oil upgrading and a lower emissions future

• Project Infrastructure: Green Hydrogen could be produced and used on-site to upgrade produced raw oil into usable transport fuels, such as low sulphur diesel.

Julia Creek Project Renewable Energy and Green Hydrogen Strategy

• Excess production could potentially create a hydrogen hub for the North-West Minerals Province (NWMP).

• Potential benefits for regional communities, industry and heavy transport in the region.

• Significant support being shown by Governments to progress hydrogen projects in Queensland.

• Andrew Forrest and the Queensland Government's recently announced $1 billion electrolyser manufacturing plant in Gladstone will be the largest in the world and highlights the significant investment into the hydrogen industry.

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Community Update

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Julia Creek- McKinley Shire Council meeting

• Directors Gavin Loyden and John Henderson, along with Joanne Bergamin, met with most sitting members of the McKinley Shire Council in Julia Creek on 16/11/21 to discuss the project activity and update the Council on progress being made on the project.

• Project detail very well received, and the Council is very supportive of new mineral project development in the region.

• Potential benefits to the wider community discussed, such as regional and local employment potential, future community amenity and regional development.

• Council will be regularly updated as progress milestones are achieved.

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Vanadium Uses

Vanadium - The Versatile Element

Improves Steel Tensile Strength

Most widely used alloy to strengthen steel (HSLA.) in construction, automotive, aerospace, rail, shipping, tools, drilling and more.

Lowers CO2 emissions

In steel-Lowers CO2 emissions by 185 million metric tons annually -Texas A&M University

Supports Fuel Efficiency

High strength-to-weight ratio makes vanadium a critical component in the automotive industries. 85% of vehicles by 2025. Henry Ford first used in Model – T.

Durability & Weather Resistance

Vanadium alloys are naturally durable to extreme temperature and corrosion, making it irreplaceable in the aerospace industry. Suitable for hydrogen storage & pipes (reduces failure due to hydrogen embrittlement).

Chemical & Catalysts

Catalysts, ‘Smart Glass’, sulphuric acid production, ceramics, dyes, cathodes for lithium batteries.

Renewable Energy Storage

Vanadium Redox Flow Batteries (VRFB) are the preferred solution for large scale energy storage globally. Produces 78% less CO2 than Li-B - Cradle-to-gate, with recycling and renewables.

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AUTOMOTIVE
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ENERGY STORAGE
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STEEL MANUFACTURING
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AEROSPACE
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Renewable Energy Storage

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Building a Renewable Future with Vanadium Redox Flow Batteries

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Vanadium Market

Set for growth

• Global Production 2020 ~ 110,409 MTV or approximately 197,000tpa V2O5

• Market is expected to reach $2.36 Billion in 2025 at a CAGR of 10.2%

• Vanadium was added to the ‘US & Australian Strategic Metals List’ in 2018

• Demand for VRFB is expected to equate to ~23% of vanadium market by 2030, currently only <3%

• Australia holds approximately ~ 20% of undeveloped global reserves- no domestic production at present

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Vanadium
Demand
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V2O5 Vanadium Pentoxide Flake 98% Price USD / lb

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Production Graph Source: Vanitec http://vanitec.org/vanadium/production-consumption

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Oil Market

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Looming Energy Crisis

CL:NMX - Crude Oil Price

• Globally, nations are dealing with a severe rise in energy prices. Demand is high and supply is tight.

• In the last 12 months, Australia lost half of its remaining oil refineries, with just two remaining which has left our fuel supply vulnerable to crisis .

• A dramatic rebound in the global economy has seen demand and price for oil skyrocket, with prices above US$80bbl, reaching 7-year highs.

• There are now fears that due to Australia’s energy mix, reliant on mostly oil and gas, prices are starting to increase. Already a $0.27 increase to September 2021.

Australian Energy Mix

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Source: NASDAQ https://www.nasdaq.com/market-activity/commodities/cl:nmx

NG:NMX - Natural Gas Price

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Source: NASDAQ https://www.nasdaq.com/market-activity/commodities/ng%3Anmx

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Fuel Resilience

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COVID-19 demonstrates supply chain risks

• Australia is an island nation that lacks resilience, depending heavily on imported fuel

• Australia’s obligation as a member of the International Energy Agency (IEA):

Required

Actual

• At least 90 days of supply - 30 days of petrol for automobiles

• • Not held since 2012 - 20 days of diesel - - Current stockpile is critically low 20 days of aviation fuel (Australian Petroleum Statistics 2020)

• Dependency on transport fuel imports has grown from ~ 60% in 2000 to over 93% today adding around $30B to Australia’s trade deficit in 2020

• COVID-19 has further exposed Australia’s lack of resilience in this area

• QEM considers this an opportunity!

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Development Strategy

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Carefully planned development strategy implemented to prove commerciality and reduce risk

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Pilot design and cost Bench Scale Pilot plant Pilot trials to begin Q2
modelling under construction. due 2022
complete for delivery Mar 2022 6 months
Continuous IP generation & protection
Laboratory scale testing Stage 1 PFS and environmental
Stage 2 Commercial
for both oil and Power & Hydrogen studies Plant DFS
vanadium extraction studies underway
Expected 2024
complete underway
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Supportive Policy Environment

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Well Aligned with Government Policy and Financing Agencies

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Federal Government Resource Development Corridors Julia Creek located in key corridor

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• Critical Minerals Facilitation Office

• Fed Govt Eastern Resource Corridor

• Queensland Hydrogen Industry Strategy

• Queensland Major Projects Facilitation

• Queensland Dept of State Development

• $1.5 Billion CopperString 2.0 project

Strong Government support for Critical Minerals - Vanadium

• Queensland State and Federal Government, in collaboration with the Townsville City Council is supporting Queensland vanadium producers with $15m in direct funding for a multi-user, commercial demonstration plant to be built in Townsville, beginning 2022.

Greater Fuel Resilience Needed

• Domestic sources of fuel are few, and local stocks are very low

• Julia Creek has the potential to contribute to local fuel supply needs, including Hydrogen, for Transport, Agri, Mining & Defence

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QEM’s Commitment to ESG

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Social

Environmental

• Supports local community – engagement, Indigenous relations, long-term jobs, training, youth programs, sport

• Low carbon footprint

• Utilises renewable energy sources

• Target products such as V2O5 & hydrogen to support emission reduction targets

• Encourages employees to volunteer and fundraise (St Vinnies CEO Sleepout, St Vincent de Paul Society, Endeavour Foundation)

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Governance

• Dedicated to corporate transparency

• Critical minerals- traceability and provenance. Ethically sourced.

• Supports women in top leadership roles, both in QEM and in the resources industry (WIMARQ GC sponsor)

• Management aligned with shareholders

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Contact

Gavin Loyden Managing Director gavin@qldem.com.au +61 7 5646 9553 www.qldem.com.au

Joanne Bergamin Communications Director jbergamin@qldem.com.au +61 7 5646 9553 www.qldem.com.au

Follow us:

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Julia Creek Resource

Julia Creek Resource Overview

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Table 1: Summary of JORC Mineral Resource Estimate

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Note:

1. The estimate uses a minimum cutoff of 0.2% V2O5 for the oil shale units, and minimum cut-off of 0.15% V2O5 for the Coquina units.

2. The total resource tonnage reported is rounded to reflect the relative uncertainty in the estimate categories and component horizons may not sum correctly.

Table 2: Summary of SPE-PRMS Oil Resource

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Note:

1. The total resource tonnage reported is rounded to reflect the relative uncertainty in the estimate and component horizons may not sum correctly.

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Julia Creek Oil Yield

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Cross Section the Julia Creek Oil Deposit

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The estimation methodology used is deterministic. The estimation is based on grids constructed for unit structure, thickness and oil grade parameters

Source: Measured Group

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Government Policy Support

Government Funding Bodies

Government Backing Policy Aims with Funding Support

• In Sept 2021, the Australian Government established the $2B Critical Minerals Facility .

• Northern Australian Infrastructure Facility (NAIF) $2.47B for infrastructure development.

• Resources Technology and Critical Minerals Processing National Manufacturing Priority Roadmap $1.5B in funding for critical minerals processing development.

• ARENA’s Advancing Renewables Program for projects which optimise the transition to renewable electricity, commercialise clean hydrogen & support the transition to low emissions metals

• The Clean Energy Innovation Fund (CEFC) $200m in early-stage clean technology companies.

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• Queensland Hydrogen Industry Strategy $19m in funding for hydrogen projects in the state, particularly in regional areas, with additional $5m announced recently to support feasibility studies.

• Resources Community Infrastructure Fund $100m established by QLD Government.

• Exploring for the Future $10m expansion of the Government’s program-focussed on new

• economy minerals such as vanadium.

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• Queensland’s Strategic Blueprint for North West Minerals Province (NWMP) $39m over 4yrs.

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NAIF Government Backing:

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Julia Creek within Northern Australian Infrastructure Facility coverage

NAIF is a Commonwealth Government agency established to facilitate economic growth by lending to infrastructure projects and businesses in northern Australia and helping to catalyse private sector investment.

NAIF is a $5 billion development financier that provides loans to infrastructure projects in the Northern Territory, Queensland and Western Australia, in the last financial year, NAIF has made 11 Investment Decisions worth more than $1.4billion

A key focus of any financing is to drive public benefit, economic and population growth and Indigenous involvement in northern Australia.

NAIF can lend up to 100% of the debt and has a higher tolerance for the unique risks of investing in northern Australia including but not limited to, distance, remoteness and climate.

Export Finance Australia

In September 2021, the Australian Government established the $2 billion Critical Minerals Facility, which is managed by Export Finance Australia. This facility is for projects that are aligned with the Australian Government’s Critical Minerals Strategy and are otherwise in Australia’s national interest.

Export Finance Australia works alongside other Commonwealth financing bodies where mandates overlap. For critical minerals this can include working with the Clean Energy Finance Corporation and the Northern Australia Infrastructure Facility.

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ARENA Government Backing:

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ARENA fund has laid out Hydrogen project funding guidelines

ARENA Supports R&D in renewable hydrogen production, storage and use for energy, with the aim of delivering longer-term cost reductions and efficiency gains through innovative, disruptive technology developments.

• Feasibility studies for projects involving 100+ MW electrolysers

• Commercial-scale deployments involving 10-40+ MW electrolysers focused on industries and applications with large potential demand for hydrogen (e.g., ammonia production, power to gas, etc.) to drive the commercialisation of key component technologies

• Demonstration-scale projects involving 1-10 MW electrolysers demonstrating new applications such as transport or remote area power systems with onsite hydrogen production and fuel cells/turbines replacing diesel generation, to drive the commercialisation for key component technologies

• Projects or activities that support the implementation of the National Hydrogen Strategy

• Projects that demonstrate or address issues with the use of hydrogen in industrial processes currently using fossil fuels (e.g., hydrogen as a fuel in boilers, kilns or other process heating applications, hydrogen as a reducing agent in steel manufacture)

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• Subject to positive outcomes in financial and regulatory studies, QEM intends to seek financial support from the ARENA fund

• Source ARENA website

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