QEM Limited

QEM Limited is an exploration company focused on developing the Julia Creek Vanadium and Oil Shale Project in North West Queensland, Australia. QEM's project landholdings contain one of the world's largest single vanadium resources along with potentially substantial shale oil deposits.

The Julia Creek resource comprises 4 exploration tenements covering approximately 250 square kilometers. The project’s vanadium inferred resource stands at 2,490 Mt at an average grade of 0.31%. The project also holds 71 million barrels of 2C contingent shale oil resource, with an additional 626 million barrels in the 3C resource category.

QEM is currently undertaking a pilot plant testing program to optimize the recovery of both vanadium and oil from Julia Creek's unique black shale ores. The company ultimately aims to become a long-life supplier of up to 10,000 tonnes per annum of high-purity vanadium pentoxide along with oil and oil-derived products.

The company plans to further expand and upgrade the Julia Creek resource through additional drilling over 2023-24. QEM is also evaluating renewable power opportunities to supply the project, with strong wind and solar resources available in the region. The company had a market capitalization of approximately AUD$27.1 million as of mid-June 2023.