QEM LIMITED — Director's Dealing 2023

May 25, 2023

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	QEM Limited
ABN	13 167 966 770

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	David Fitch
Date of last notice	20 April 2023

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	DL FITCH NOMINEES PTY LTD <DAVIDFITCH FAMILY TRUST>Director and Shareholder
Date of change	23 May 2023

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	DL FITCH NOMINEES PTY LTD <DAVIDFITCH FAMILY TRUST>Director and Shareholder20,168,667 fully paid ordinary sharesDLFCMS NOMINEES PTY LTD <DLFCMSPROPERTY TRUST>Director and Shareholder2,415,229 fully paid ordinary sharesDAVRACINVESTMENTSPTYLTDDirector and Shareholder4,610,351 fully paid ordinary sharesCL FITCH PTY LTD <CAELAN FITCHFAMILY TRUST>Director and Shareholder1,918,174 fully paid ordinary shares1,000,000 Unquoted options exercisable at $0.345expiring 12 August 2025ER FITCH PTY LTD <ELOISE FITCHFAMILY TRUST>Director and Shareholder9,800,366 fully paid ordinary sharesTOTAL: 38,912,787 fully paid ordinary sharesand 1,000,000 unquoted options
Class	Fully Paid Ordinary Shares
Number acquired	DL FITCH NOMINEES PTY LTD <DAVIDFITCH FAMILY TRUST>27,168 fully paid ordinary shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide detailsand estimated valuation	DL FITCH NOMINEES PTY LTD <DAVIDFITCH FAMILY TRUST>$5,398

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

DL FITCH NOMINEES PTY LTD <DAVIDFITCH FAMILY TRUST>Director and Shareholder20,195,835 fully paid ordinary sharesDLFCMS NOMINEES PTY LTD <DLFCMSPROPERTY TRUST>Director and Shareholder2,415,229 fully paid ordinary sharesDAVRACINVESTMENTSPTYLTDDirector and Shareholder4,610,351 fully paid ordinary sharesCL FITCH PTY LTD <CAELAN FITCHFAMILY TRUST>Director and Shareholder1,918,174 fully paid ordinary shares1,000,000 Unquoted options exercisable at $0.345expiring 12 August 2025ER FITCH PTY LTD <ELOISE FITCHFAMILY TRUST>Director and Shareholder9,800,366 fully paid ordinary sharesTOTAL: 38,939,955 fully paid ordinary sharesand 1,000,000 unquoted options

Nature of changeExample: on-market trade, off-market trade,exercise of options, issue of securities underdividend reinvestment plan, participation in buy-back

On-market trade

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above No traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade to N/A proceed during this period? If prior written clearance was provided, on what date was this N/A provided?

• See chapter 19 for defined terms. Appendix 3Y Page 4

11/3/2002