QEM LIMITED — AGM Information 2024

Nov 19, 2024

Advancing the Julia Creek Vanadium and Energy Project

2024 AGM, November 20, 2024

"We would like to acknowledge the Wunumara people as Traditional Owners and their custodianship of the lands on which QEM operates its Julia Creek Project. We pay our respects to their Ancestors and their descendants, who continue cultural and spiritual connections to Country. We recognise their valuable contributions to Australian and global society."

ASX : QEM

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. By attending an investor presentation or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below.

Summary information and reliance on presentation

This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by QEM with the Australian Securities Exchange (ASX) in connection with its continuous disclosure obligations. 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.

Future performance and forward -looking statements

This presentation contains ' forward -looking' statements , opinions and estimates, which are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties beyond the control of QEM and its officers. Those forward - looking statements reflect views held only as at the date of this presentation. 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 are cautioned against placing undue reliance on forward looking statements and 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.

Disclaimer

To the maximum extent permitted by law, QEM and its directors, employees, agents, advisers and consultants:

• give no representation or warranty, express or implied, 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

• disclaim any obligations or undertaking to release any updates or ; and

• matter
• revisions to the information in this presentation
• no liability to in or for any statement in this presentation.

• to the full extent permitted by law, disclaim responsibility for and have a recipient of this presentation for any error or omission

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.

Not an offer

This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to buy or subscribe, any securities in the Company in any jurisdiction, including the United States. This document and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. In particular, this document is not for release to US newswire services or distribution in the United States. This document is not considered a recommendation by the Company or any of its affiliates, directors or officers that any recipient invest in the Company nor does it constitute investment, accounting, financial, legal or tax advice

Disclaimer

Scoping Study Cautionary Statement

The Scoping Study referred to in this presentation was undertaken for the purpose of initial evaluation of the potential for development of a series of an open pit and processing facilities at the Julia Creek Project. It is a preliminary technical and economic study of the potential viability of the Julia Creek Project.

The Scoping Study is based on low level technical and economic assessments (+/ - 40 % accuracy) that are not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage or to provide certainty that the conclusions of the Scoping Study will be realised. Further exploration and evaluation work and appropriate studies are required before QEM will be able to estimate any Ore Reserves or to provide any assurance of an economic development case.

The Scoping Study is based on the material assumptions outlined in the Scoping Study. These include assumptions about the availability of funding. While QEM considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, funding of in the order of $744 million excluding contingency costs and indirect costs such as owner's costs and EPCM (inclusive of these elements, the pre -production capital expenditure is $ 1 ,095 million) will likely be required. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of QEM's existing shares. qldem.com.au Personal Use Only

Refer to QEM Limited ASX announcement 27 August 2024 for full details of the Julia Creek Project Scoping Study (including all relevant material assumptions) . QEM confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the forecast financial information and production target in the relevant announcement continue to apply and have not materially changed .

Given the scale of the pre -production capital expenditure required, it is likely that QEM will need to access multiple streams of funding opportunities and/or partnering opportunities in order to support the pre -production capital expenditure, which may include a combination of project debt, equity capital, offtake prepayment, farm -in, joint venture and other appropriate initiatives.

It is also possible that QEM could pursue other 'value realisation ' strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce the Company's proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.

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 announcements ("Resource Upgrades") dated 14 October 2018 , 7 April 2022 and February 2024. 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 Upgrades, 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 Upgrades continue to apply and have not materially changed.

2024 - Achievements & Milestones

Excellent progress made throughout 2024

Jan	Renewable energy project sale to Enel Green Power Australia
Feb	First high purity V2O5 produced from industrial waste
Mar	Significant JORC resource upgrade for both commodities
Jul	Critical Minerals Development Zone established at Julia Creek/RichmondQEM Annual ESG & Materiality Report released reflecting on ten consecutive months of reporting
Aug	Scoping Study released showing attractive project economics. NPV (8%) AUD $1,106MApplication made for Coordinated Project Status (State Government)
Sept	EPBC referral submitted (Commonwealth Government)Advanced test work underway with University of Queensland
Oct	Successful rights Issue and capital raise for $2.76mAdvanced beneficiation test work underway with Core Resources.

2024 Update - JORC and SPE-PRMS Resources

One of the world's largest single vanadium resources with significant oil resource.

94 MMbbl's

2C 71MMbbl's (SPE-PRMS)) (recoverable @ 90%)

654 MMbbl's

3C 626 MMbbl's (SPE-PRMS)) (recoverable @ 90%)

Refer to QEM ASX Announcement dated 4 March 2024. QEM confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement, and all material assumptions and technical parameters underpinning the mineral resource estimates in the relevant announcement continue to apply and have not materially changed. 5

2024 Scoping Study Highlights

PaybackPeriod:	Pre-productionCAPEX(ex-contingency,owners' costs & EPCM)
55YearsYears	791MAUD
AnnualProduction:	Total ProjectedRevenue:
10,571tonnesVO25313Mlitresoffuel	$11.5BVO:25$10.1BFuel :

Refer to ASX announcement dated 27 August 2024 and the following slide for further information. QEM confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the forecast financial information and production target in the relevant announcement continue to apply and have not materially changed.

Julia Creek Vanadium and Energy Project

4 EPM's covering 250km2 in Queensland's NWMP. Well located on major infrastructure corridor, including Copperstring access.

Source: QEM Scoping Study ASX Announcement, 27 August 2024

Work Undertaken includes :

• o A 12 -month ground and surface water baseline monitoring assessment has been completed
• o Two ecological flora and fauna field surveys. This data was captured and used as part of the company's Ecological Assessment Report (EAR).
• o Waste Characterisation studies are currently underway.
• o Topographic survey of the entire 250km2 tenement.
• o A flood modelling study has recently been completed which included 5 design AEP events ranging from AEP 10% to 0.1%, along with two historical flood events (1994 & 2019).
• o Initial Advice Statement submitted to the OCG office for assessment.

Environmental Progress

Environmental Studies Underway

Vanadium Global Production

Market set for strong growth driven by LDES of 4-10 hours+ - VFB V

Personal Use Only

Market expected to reach

$2.36 Billion

in 2025 at CAGR of 10.2%

Global Production 2023

125,190 MTV*

85% of supply from China, Russia & South Africa (vanitec 2024)

Vanadium Listed as

Critical Mineral

in Aust, US, EU and Japan

VFB demand expected to equate

~25% of vanadium market

by 2040 currently only ~ 4% (CRU- 17 Nov 2022)

Australia holds

31% of undeveloped

global reserves BUT has no domestic production – YET!

Global Vanadium demand

200% Increase by 2050

5 th highest growth market in critical minerals according to the World Bank- Minerals for Climate Action

IMF predicts 8-fold surge in Vanadium Demand by 2050

Energy

Anadium Flow Batteries (VFB)	QEM
	Lithium
r of Cycles	3,000 - 10,000 + (5 - 7 Years)
harged)	X
ge (LDES 4hr+)	X
	X
on-Toxic.	8
Itaneously	3
$\overline{\text{st}}$ (LCOS)	$\boldsymbol{\Omega}$
Dwer Grid	$\boldsymbol{\Omega}$
	Z
cled	2

VFB Global Installations

Approx. 300 large scale VFB projects worldwide under construction or operational (Vanitec 2024)

Source: Vanitec. QEM Limited: Full Member of Vanitec since 2016

Highlights and achievements H1 2024:

• 10th consecutive quarter that QEM is monitoring and disclosing the Company's ESG progress and initiatives via Socialsuite's ESG Go platform.
• QEM's investment in our Julia Creek community – sponsored Dirt N Dust Festival & Saxby Roundup.
• QEM's water monitoring program in Julia Creek continued.
• QEM became a WISER (Women In Sustainable Energy & Resources) Inc. Bronze Partner & sponsored IWD Event.
• Completed inaugural stakeholder Materiality Assessment with updated ESG focus areas (see diagram opposite).
• Completed first full year of offsetting unavoidable GHG emissions through verified carbon credits.
• Updated ESG website dashboard.

*QEM has adopted the WEF Stakeholder Capitalism Metrics ESG Framework

QEM's ESG UPDATE QEM's ESG Focus Areas*

Strong Government Support

A framework of support across the Value Chain

National Battery Testing Centre

Right Project at Right Time

• Multi Commodity Exposure in high growth markets
• Globally significant Critical Minerals opportunity
• Domestic Fuel Security
• Strong Government Support- State & Federal

Target milestones to 2026

• Complete MET test work
• Enter Pre-feasibility Study
• Complete Technical Studies for EIS

Get in touch:

Gavin Loyden Managing Director gavin@qldem.com.au

Call: + 61 7 5646 9553 Visit: qldem.com.au Follow us: