QEM LIMITED — Investor Presentation 2021

Oct 20, 2021

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Advancing the Julia Creek Project

Investor Presentation | October 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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QEM Overview

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

QEM Limited (ASX:QEM) is developing the Julia Creek Vanadium + Shale Project

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

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

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Staged development strategy

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Significant demand by government and industry for domestic hydrogen production

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Power and hydrogen produced to be directly applied to oil and vanadium production and to meet market demand

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783MMBL’s of oil in the 3C category

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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.

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Shareholder
Alignment
~48% director
Shareholding
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Director
Support
Director
participation in
recent $2m
Placement
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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 37+ 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.

ASX Symbol: QEM

Shares on Issue	113.4 million
Market Cap (20 October 2021)	$19.6m
Share Price (20 October 2021)	$0.175
Cash (as at 30 September 2021)	$2.46m

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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.

Major Shareholders

David Fitch (Non-Executive Director)	29.1%
Gavin Loyden (Managing Director)	18.2%

Julia Creek Project

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

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Key Facts

• Shallow oil-bearing shale, mineralised with vanadium

• Low strip ratio allowing for standard open cut mining method

• Test work to date shows up to 200% yield achievable for oil extraction; 90% extraction

• rate for V2O5

• Critical Minerals designation

• Associated Hydrogen production

Significant Resource

• Total JORC Inferred resource - 2,760 Mt

• JORC Indicated area of 220Mt

• Average content V2O5 @ 0.30%

• Oil component- 783MM Barrels (3C)

Staged Development Strategy

• Modular, scalable development strategy to de-risk project and create incremental cash flows

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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.

• Ideal access to all necessary infrastructure and services, including road and rail direct 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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Exploration Update

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Further drilling commencing November 2021

2021 Exploration program:

• Infill drilling in north-eastern EPM27057 area

• Aim of upgrading vanadium resource to Indicated and targeting area of predicted higher oil assays (six holes)

• Two of the holes twinned with historic holes for purpose of confirming historical results

• 4C core drilling to maximise recovery of sample material for pilot plant test work

• Expect to recover 1100kg 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.

• In June 2021, QEM announced that a purchase order for the bench scale pilot plant was signed with specialist manufacturer AMAR Equipment.

• 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.

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

• The pilot plant will validate QEM’s proprietary extraction process ahead of a commercial demonstration plant.

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Renewable Power Update

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

• DNV's recent desktop assessment indicates that both solar and wind could be considered as conceptually suitable sources of power generation at the Julia Creek project (refer to ASX announcement dated 30 July 2021)

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

• The preliminary wind farm layout has a rated capacity of 126MW.

• The complementary solar farm has a rated capacity of 125.8MW.

• 12 month on-site wind and solar monitoring to begin as part of PFS Stage 1

• Connection enquiry sent to CopperString 2.0

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Hydrogen Update

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Hydrogen - for a lower emissions future

• Project Infrastructure: Green Hydrogen can be used to upgrade produced raw oil into usable transport fuels

• 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

Julia Creek Project Renewable Energy and Green Hydrogen Strategy

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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
V O
2 5
Redox Flow
Copperstring 2.0 Batteries Vanadium Critical Minerals
(Steel & Energy
Storage)
Buildild
Other Renewable Sources Building Materials Construction
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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.

Supports Fuel Efficiency

High strength-to-weight ratio makes vanadium a critical component in the automotive industries. 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 LiB 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

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Vanadium Market

Set for growth

• Global Production 2020 ~ 102,000 MTV per year

• Expected to grow by 28.31 thousand tonnes during 2020-2024. (Source: Technavio Global Vanadium Market Report 2020-2024)

• Chinese market tightened due to increased steel production. 1Bt in 2020.

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

• Only 3 primary producers in the world today, outside of China and Russia. 2 in South Africa and 1 in Brazil

• Australia holds approximately 20% of undeveloped global reserves

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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.

• 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 and record highs not seen since 2018 .

• There are now fears that due to Australia’s energy mix, reliant on mostly oil and gas, price for energy and fuel will skyrocket in the coming months.

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

Australian Energy Mix

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Vanadium
Demand
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Source: Australian Energy Statistics https://www.energy.gov.au/publications/australian-energy-update-2021

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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PFS and Environmental Studies

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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 EPIC engaged for
Stage 2 Commercial
for both oil and Power & Hydrogen environmental 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 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 Department of State Development

• $1.5 Billion CopperString 2.0 project

Strong Government support for Critical Minerals - Vanadium

• Vanadium on the ‘Critical Minerals List’ for priority development and investment

• Queensland State and Federal Governments are collaborating with the Townsville City Council to support potential vanadium producers with funding and facilities for a multiuser, commercial demonstration plant to be built in Townsville.

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

• Utilises renewable energy sources

• Processing method aimed at reducing carbon emissions with inclusion of Green Hydrogen.

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

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

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Governance

• Dedicated to corporate transparency

• Women in top leadership roles

• Management aligned with shareholders

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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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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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Vanadium Market

113 VRFB Installs Worldwide

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39,664 kw of power, 209,800 kwh of energy

COUNTRY	VRFBs	kW	kWh
Australia	7	945	4629.90
Barbuda	1	3000	12000.00
Botswana	1	112	560.00
Canada	3	2500	10000.00
China	17	15825	48005.00
Czech Rep.	3	47	209.90
Denmark	3	40	260.00
Germany	15	1530	86190.00
India	4	155	740.15
Indonesia	2	400	500.00
Italy	5	631	2610.00
Japan	5	2330	7481.00
Netherlands	1	10	80.00
Portugal	5	5	60.00
Singapore	1	250	2000.00
Slovenia	1	10	45.00
South Africa	2	745	2950.00
South Korea	5	1250	4900.00
Spain	4	220	800.00
Sweden	1	800	1800.00
Switzerland	2	210	460.00
UK	5	805	5180.00
USA	17	7418	33173.70
Austria	1	14	84.00
Kenya	1	140	84.00
Slovakia	2	107	640.00
UAE	1	10	40.00

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Construction

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Stronger, safer buildings

• Vanadium plays an essential role as an alloy of steel to provide increased tensile strength, durability and weather resistance.

• Announced in February 2018, China revised steel rebar standards to limit the use of inferior strength steels in its ever-growing construction industry.

• Due to these revised standards, global demand for vanadium is set to increase, with this development expected to add between 10,000t to 15,000t of vanadium demand, and signs of an increase in demand is already evident in the market today.

• Global crude steel production reached 1,869.9 million tonnes (Mt) for the year 2019,up by 3.4% compared to 2018. (Source: https://www.worldsteel.org/media-centre/press-releases/2020/Global-crude-steeloutput-increases-by-3.4--in-2019.html

Australian Steel Industry

● ~5.3Mt of steel are produced in Australia annually. Australian Bureau of Statistics 2017-18.

• ~ 100,000 people employed in the Australian steel industry

• Australia exports ~ 800,000 tonnes a year.

• Australian steel industry generates $29 billion in annual revenue and is an essential part of the Australian economy.

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• The Government of India is aiming to scale up steel production in the country to 300 MT by 2025 from about 90 MT in 2015-16.

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Automotive Aerospace &

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Vanadium and the future of transport

• Aerospace - Increased aircraft are required to service larger addressable air-travel market

• Both Boeing & Airbus both forecast annual global air traffic growth between 2016 and 2035 of nearly 5%. A titanium alloy containing 4% vanadium and 6% aluminium (Ti6Al4V) has been used extensively for blades, discs and casings of the compressors in many designs of the aero-engine gas turbine

• The development of new titanium alloys continues with the Vanadium component ranging from 8, 10 to 15%, which results in even higher strengths and the potential to make important contributions to weight reduction

Source: http://www.nextsourcematerials.com/vanadium/about-vanadium/ Mining Journal June 2018

• Automotive – Today, 45% of vanadium goes into cars , and it is estimated that 85% will be used in manufacturing auto vehicles by 2025. This will reduce the weight of cars, thereby increasing their fuel efficiency and be able to meet fuel economy standards. (Source: Vanadium Corp)

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• Engine components such as crankshafts and connecting rods are highly stressed and must withstand many cycles. Vanadium microalloyed forging steels are widely used for these parts, as well as other applications in the chassis, drivetrain, suspension and valve springs. (source: Vanitec.org)

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