QEM provides update on Julia Creek Project for the quarter ending 31 March 2024

QEM Limited (ASX: $QEM) is pleased to report a 28% increase in the indicated vanadium resource to 461Mt and 2,406Mt in the inferred category for its 100% owned Julia Creek Vanadium and Oil Shale Project (JCP) in Julia Creek, Northwest Queensland. The company also announced a maiden 1C resource of 6.3 million barrels (MMbbl's) of oil equivalent, along with a 32% increase of the 2C oil shale estimate to 94 MMbbl's, and a 3C oil shale resource estimate of 654 million barrels (MMbbl's).

Executive Commentary on Julia Creek Project Update

The March quarter has been a pleasing one for the QEM team and shareholders alike, from a substantial increase in our JORC resource to the finalisation of the sale of the Julia Creek Renewables Project (JCRP) to ENEL Green Power Australia (EGPA). In addition, we are proud to have continued our collaboration with The University of Queensland which began in 2022. This relationship has benefitted QEM significantly, both with UQ's Sustainable Minerals Institute (SMI) identifying improved beneficiation techniques for the flagship Julia Creek Project (JCP) and the School of Chemical Engineering assisting with a waste-based circular economy project. The UQ School of Chemical Engineering, on QEM's behalf, has successfully demonstrated the technical feasibility of upcycling industrial waste to high value, high purity vanadium pentoxide, ideal for usage in long duration battery systems. This is an Australian first.

Summary of Julia Creek Project Update

QEM Limited (ASX: $QEM) has reported a significant increase in the indicated vanadium resource to 461Mt and 2,406Mt in the inferred category for its Julia Creek Vanadium and Oil Shale Project. The company also announced a maiden 1C resource of 6.3 million barrels (MMbbl's) of oil equivalent, along with a 32% increase of the 2C oil shale estimate to 94 MMbbl's, and a 3C oil shale resource estimate of 654 million barrels (MMbbl's). The company's collaboration with The University of Queensland has resulted in the identification of improved beneficiation techniques and the successful demonstration of upcycling industrial waste to high value, high purity vanadium pentoxide. QEM's activities align with the Queensland Government's initiatives to support critical minerals development, and the company aims to become a leading producer of liquid fuels and a global supplier of high-quality vanadium pentoxide.