QEM LIMITED — Share Issue/Capital Change 2026

May 27, 2026

Appendix 3B - Proposed issue of securities

Update Summary

Entity name
QEM LIMITED

Announcement Type
Update to previous announcement

Date of this announcement
28/5/2026

Reason for update to a previous announcement
Per the ASX announcement lodged on 28 May 2026, regarding the proposed acquisition of US projects - extending the Date for Determination to 30 June 2026 (from 31 May 2026) and the Proposed Issue Date to 1 July 2026 (from 1 June 2026) following an extension of time to satisfy conditions precedent set out in the Term Sheet announced on 15 April 2026.

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

QEM LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

167966770

1.3 ASX issuer code

QEM

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Per the ASX announcement lodged on 28 May 2026, regarding the proposed acquisition of US projects - extending the Date for Determination to 30 June 2026 (from 31 May 2026) and the Proposed Issue Date to 1 July 2026 (from 1 June 2026) following an extension of time to satisfy conditions precedent set out in the Term Sheet announced on 15 April 2026.

1.4b Date of previous announcement to this update

15/4/2026

1.5 Date of this announcement

28/5/2026

1.6 The Proposed issue is:

A placement or other type of issue

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?
Yes

7A.1a Conditions

Approval/Condition	Date for determination	Is the date estimated or actual?	** Approval received/condition met?
Other (please specify in comment section)	30/6/2026	Estimated	No

Comments
Acquisition of projects subject to due diligence and other standard conditions precedent.

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?
Existing class

Will the proposed issue of this +security include an offer of attaching +securities?
No

Details of +securities proposed to be issued

ASX +security code and description
QEM : ORDINARY FULLY PAID

Number of +securities proposed to be issued
7,333,334

Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
No

Please describe the consideration being provided for the +securities
Project acquisition consideration (6,666,667 Shares) and Project Introduction Fee (666,667 Shares).

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
0.045000

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?
Yes

Part 7C - Timetable

7C.1 Proposed +issue date
1/7/2026

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?
No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?
Yes

7D.1b (i) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?
7,333,334 Shares

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)?
No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?
No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules?
No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow?
Yes

7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow
2,222,222 Shares escrowed for 3 months after issue date, 2,222,222 Shares escrowed for 6 months after issue date,
2,222,223 Shares escrowed for 9 months after issue date.

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue?
No

7E.2 Is the proposed issue to be underwritten?
No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue
Project Introduction Fee (of 666,667 Shares) to be paid to Oakley Capital Partners Pty Ltd, these shares are included in this ASX App 3B.

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Project acquisition consideration (6,666,667 Shares) and Project Introduction Fee (666,667 Shares).

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:

The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities
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