QEM LIMITED — Capital/Financing Update 2021

Oct 26, 2021

ASX ANNOUNCEMENT ASX ANNOUNCEMENT

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ASX: QEM

27 October 2021

QEM Signs Epic to Progress Environmental Approvals for Julia Creek Project

• QEM signs contract with specialist environmental consultant Epic Environmental

• Epic Environmental’s assessments will form a crucial component of the Pre-Feasibility Study for the Julia Creek Project

QEM Limited (ASX: QEM) (“QEM” or “Company”) is pleased to announce that it has signed a contract with specialist environmental consultant Epic Environmental Pty Ltd (“Epic Environmental”) for the provision of an environmental permitting pathway and assistance with related approvals.

Brisbane-based Epic Environmental’s scope of works includes leading the development of an Environmental Impact Statement, undertaking extensive technical studies at Julia Creek, coordinating environmental approval applications, assisting with Government engagement through the Office of the Coordinator General and establishing a Progressive Rehabilitation and Closure Plan.

Epic Environmental Managing Director Mark Breitfuss said, “We are excited to support QEM through the next phase of the project and to apply learnings and local understandings from other recent vanadium and renewables examples.”

QEM Managing Director Gavin Loyden said the contract was another key building block in establishing a successful pathway forward to unlock the significant latent value at the Julia Creek project.

“We are proactively seeking to secure environmental approvals to continue the strong positive momentum we have made in developing the project. Epic’s recent success in the region provides a high degree of confidence to QEM,” Mr Loyden said.

“Crucially, the environmental studies Epic Environmental is set to undertake will form an integral component of the Pre-Feasibility Study phase for global Julia Creek Project.”

QEM is set to commence operational activity at the bench-scale pilot plant during the second half of 2022, to validate the Company’s proprietary extraction process, ahead of a commercial demonstration plant.

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.

ABOUT EPIC ENVIRONMENTAL

Epic Environmental is a specialist environmental consulting company founded in Brisbane and actively working on projects throughout NSW and QLD. Epic provides advice across the transport, infrastructure, resources and energy sectors helping to guide projects through complex statutory processes. We employ skilled practitioners in the science, planning and engineering disciplines and have recently delivered major project approvals in the North West Minerals Province.

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