QPM ENERGY LIMITED — Board/Management Information 2021

Sep 23, 2021

ASX RELEASE 24 September 2021

Board and Management Appointments

Highlights

• QPM announces the appointment of two new Independent Directors; John Abbott and Dr Sharna Glover.
• Current Chairman Eddie King will transition to a Non-Executive Director role and John Abbott will become the Chair of QPM.
• As part of the evolution of QPM's management team, Duane Woodbury has been appointed as Chief Financial Officer and Corinne Bufnoir as General Manager – New Caledonia. They have both joined QPM's Executive Committee.
• These appointments will significantly enhance the experience and skill set available to QPM in successfully developing the TECH Project.

Queensland Pacific Metals Ltd (ASX:QPM) ("QPM" or "the Company") is delighted to announce several key Board and management appointments. These changes represent a continuation of QPM's strategy of adopting market best practice in building the corporate governance, oversight and management skills to advance the TECH Project through feasibility, construction and into the operating phases.

Board Appointments

John Abbott will be appointed as Independent Non-Executive Chair of QPM and Dr Sharna Glover as an Independent Non-Executive Director. These two Queensland based directors bring extensive domestic and international experience in the design, construction and management of large mining, mineral processing and manufacturing projects including process and design improvement to maximise operating efficiencies.

As part of these appointments, outgoing Chair Eddie King will transition to Independent Non-Executive Director and Cameron McLean has notified QPM of his intention to resign from the Board, effective immediately.

John Abbott AM

John combines extensive experience as a Company Director of both Australian and Asian companies with an executive background in operations, engineering, design, and project management of large complex projects. For the last five years, he has been the Chancellor of the Central Queensland University (and Chair of the University Council). The University is a $500 million pa organisation with over 2,500 staff. John is also Deputy Chairman of Regional Development Australia (C&WQ) and a Director of the Central Queensland Hospital and Health Services; both of which highlight his enthusiasm for regional development in Queensland. John was appointed as a Member of the Order of Australia in the 2020.

Prior to these roles, John was on the board of Fluor Australia (Fluor is a global engineering and construction firm) for eight years and was the Asia Pacific Regional Director for Fluor Global Services, and an executive director of six subsidiary companies all working in different industries, with different industrial and operational environments. John holds a double degree with a Bachelor of Engineering and Bachelor Law.

Dr Sharna Glover

Sharna has over 25 years of experience in the Resources sector with her career focussing on Engineering, Technology and People. Her career has spanned over 20 years and ranged from working in the largest global mining and processing house (BHP) to being the co-founder of Imvelo.ai which provides capability in planning and leading innovation and business transformations through best technology partnerships and supporting commercial models. Sharna holds a first-class double degree in Chemical Engineering and Science, as well as a doctorate in Chemical Engineering.

Previously, Sharna was the Program Director with BHP and worked in a variety of roles in her twenty years with BHP. She was a key member within business strategy, mergers and acquisitions, business planning, major capital projects, technology commercialisation and Remote Operating Centres. Sharna was recently awarded the Technology Woman in Resources Awards for Queensland and has held an ambassador role in Opportunity International for 15 years.

Outgoing Chair Eddie King commented,

"After playing a major role in the acquisition of QPM and overseeing the exciting growth trajectory of the Company, I believe the time is right for me to step down as Chair and pass the baton on to John Abbott. QPM is entering its next chapter as it proceeds through project development to become a sustainable producer of critical battery metals and John has the ideal skillset to lead us through this phase.

I would like to also welcome Sharna Glover to the Board and acknowledge the contribution and efforts of Cameron McLean who has also been an important Board member throughout the duration of his appointment. I look forward to remaining actively involved with the company in my capacity as a Non-Executive Director."

Management Appointments

With the technical team largely in place, the Company identified two areas in which additional key staff were required:

Funding

Debt and equity financing initiatives are being undertaken in parallel with the DFS. Duane Woodbury has been appointed as Chief Financial Officer and will be responsible for securing the funding required for the TECH Project.

Duane joins QPM with deep involvement in the Australasian mining and resources sector across a variety of financial, commercial, banking and treasury roles. He has had over 25 years' experience in the listed equity markets both in Australia and overseas with a number of organisations including Macquarie Bank and as Chief Financial Officer to Kingsgate Consolidated Limited. His most recent role has been as Chief Financial Officer with Metro Mining Limited where he successfully procured

all funding required to construct the Bauxite Hills mine and also secured a loan from Northern Australia Infrastructure Facility (NAIF) to fund expansion initiatives. During his career, he has managed large debt and equity raisings for both development and operating companies primarily in the resources sector.

New Caledonia Ore Supply

Long term security of ore supply is critical for QPM and with the restrictions relating to international travel due to COVID, it was important for QPM to establish a presence in New Caledonia. Corinne Buffnoir has been appointed as General Manager – New Caledonia.

Corinne brings a unique blend of strong relationships within New Caledonia and a long operating track record in the nickel sector. Her most recent role has been as Counsellor to the President of the Government of New Caledonia for the mining, metallurgy, energy and geosciences sectors. She has worked extensively in the New Caledonian and international nickel industry for a range of organisations including a number of ore producers, Mine and Energy Department of New Caledonia (DIMENC), Transamine Trading SA, Goro Nickel S.A. and the country/branch manager for Queensland Nickel Pty Ltd.

QPM Managing Director Stephen Grocott commented,

"These appointments reflect QPM's progress towards being a profitable, sustainable battery materials producer. The new Board and Management personnel bring additional skills, experience and networks that will greatly improve our ability to deliver a successful outcome for shareholders. I look forward to working with all the new appointments and warmly welcome John and Sharna to the Board."

This announcement has been authorised for release by the Board.

For more information, please contact:

Dr Stephen Grocott John Downie Managing Director Executive Director info@qpmetals.com.au info@qpmetals.com.au +61 7 3517 5900 +61 7 3517 5900

Luke Forrestal Media Enquiries Luke.forrestal@grapartners.com.au +61 (0) 411 479 144