QEM LIMITED — Board/Management Information 2021

Oct 19, 2021

ASX ANNOUNCEMENT ASX ANNOUNCEMENT

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ASX: QEM

20 October 2021

QEM Bolsters Board with Appointment

QEM Limited (ASX: QEM) (“QEM” or “Company”) is pleased to announce that it has appointed John Henderson to the Company’s Board of Directors as a Non-executive Director.

Mr Henderson, who will commence at QEM from today, has over 35 years’ experience in major project development, which includes executive roles with oil and mining multinationals, as well as mid-tier and start-up energy companies.

His extensive project management experience and expertise across the mining and energy sectors includes senior managerial roles at Rio Tinto and the BHP Billiton Mitsubishi Alliance.

Among his achievements, Mr Henderson developed Rio Tinto’s unconventional energy project portfolio in Mozambique.

Most recently, Mr Henderson has been the Head of Advisory – Energy and Projects at Siecap Pty Ltd (“Siecap”), a specialist project management consultant firm based in Brisbane.

On 20 April 2021, QEM announced it had signed an agreement with Siecap. Under the agreement, Siecap has assumed a project management role at QEM to streamline the Company’s green hydrogen strategy with its Julia Creek vanadium and oil shale project development.

Siecap’s scope of works includes developing an execution strategy for the mining, extraction, processing, and export of vanadium pentoxide, oil shale and green hydrogen from Julia Creek.

The work Siecap is undertaking will continue as scheduled following Mr Henderson’s appointment.

QEM Managing Director Gavin Loyden said Mr Henderson’s appointment comes at an optimal time for the Company.

“QEM is venturing into a new and exciting phase, with the Company positioned to complete the oil and vanadium pilot plant development and subsequently advance to the first stage of the Julia Creek project pre-feasibility study,” Mr Loyden said.

“Having John come on the Board will enhance his ability to help drive the Company’s strategy to the next level to unlock the significant latent value potential the multi-commodity Julia Creek project possesses.”

ENDS

This announcement was authorised for release on the ASX by the Board of QEM Limited.

For further information, please contact:

Gavin Loyden Managing Director P: +61 7 5646 9553 E: gavin@qldem.com.au

Shane Murphy Investor Relations P: +61 420 945 291 E: shane.murphy@fticonsulting.com

QEM Limited John Foley Chairman Level 11, 216 St Georges Terrace Gavin Loyden Managing Director Perth WA 6000 Australia John Henderson Non-Executive Director Daniel Harris Non-Executive Director David Fitch Non-Executive Director

www.qldem.com.au info@qldem.com.au +61(0) 8 9481 0389

ASX ANNOUNCEMENT

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*The information in this announcement that relates to the 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.

ABOUT QEM

QEM Limited (ASX:QEM) is a publicly listed company which is focussed on the exploration and development of its flagship Julia Creek Project, covering 250km² in the Julia Creek area of North Western Queensland.

The Julia Creek vanadium / oil shale project is a unique world class resource with the potential to deliver innovative energy solutions, through the production of energy fuels and vanadium pentoxide. QEM strives to become a leading producer of liquid fuels and in response to a global vanadium deficit, also aims to become a global supplier of high-quality vanadium pentoxide, to both the nascent energy storage sector and the Australian steel industry.

This globally significant JORC (2012) Mineral Resource of 2,760 Mt @ 0.30% V2O5 is one of the single largest ASX listed vanadium resources and represents a significant opportunity for development.

The tenements form part of the vast Toolebuc Formation, which is recognised as one of the largest deposits of vanadium and oil shale in the world and located less than 16km east of the township of Julia Creek. In close proximity to all major infrastructure and services, the project is intersected by the main infrastructure corridor of the Flinders Highway and Great Northern Railway, connecting Mt Isa to Townsville.

+61(0) 8 9481 0389

QEM Limited John Foley Chairman Level 11, 216 St Georges Terrace Gavin Loyden Managing Director Perth WA 6000 Australia John Henderson Non-Executive Director Daniel Harris Non-Executive Director David Fitch Non-Executive Director

www.qldem.com.au info@qldem.com.au