Leadership Change and Capital Raise Pose Execution Challenges for QEM

Capital Raise to Propel Project Development

QEM Limited, the Australian miner focused on vanadium and energy minerals, has successfully secured firm commitments to raise A$2.05 million through a placement to sophisticated institutional investors. The capital raise, priced at A$0.045 per share, a discount to recent trading prices, comes as the company prepares to advance its flagship Julia Creek Vanadium and Energy Project (JCVEP) in northwest Queensland into the pre-feasibility study (PFS) phase.

The proceeds will be directed towards critical workstreams including oil shale petrology, kerogen testwork, infill drilling, environmental studies, and early-stage engineering design. These activities are essential to de-risking the project and positioning QEM to unlock the full potential of one of the world’s largest co-located vanadium and oil shale resources.

Leadership Transition Marks New Chapter

In a significant leadership change, founding Managing Director and CEO Gavin Loyden announced his retirement effective at the end of the 2025 financial year, after more than a decade at the helm. Loyden, who founded QEM in 2014 and has been instrumental in shaping its strategic vision, expressed confidence in the company’s strong cash position and readiness for the next phase of development.

Stepping into the CEO role is Robert Cooper, a seasoned global mining executive with 30 years of experience across resources and battery materials sectors. Cooper’s background includes senior leadership roles at companies such as New Century Resources and Oak Valley Resources, as well as board positions in the battery materials space. His appointment signals QEM’s intent to leverage deep technical and commercial expertise to navigate the complexities of advancing the Julia Creek project.

Strategic Positioning in Critical Minerals

The Julia Creek Project is uniquely positioned with its substantial vanadium pentoxide resource and significant oil shale reserves, both critical to emerging energy and steel industries. The project benefits from proximity to infrastructure including the Flinders Highway and Great Northern Railway, facilitating future development and logistics.

QEM’s strategy to become a leading supplier of high-quality vanadium pentoxide aligns with growing global demand driven by steel manufacturing and the nascent energy storage sector. The capital raise and leadership renewal come at a pivotal moment as the company moves from exploration towards commercialisation.

Market and Investor Implications

The placement includes approximately 45.55 million new shares and 22.78 million free-attaching options exercisable at A$0.065, subject to shareholder approval. This structure provides existing and new investors with potential upside while supporting the company’s funding needs without immediate dilution to earnings.

Chair Tim Wall acknowledged Loyden’s visionary leadership and welcomed Cooper’s appointment, underscoring the board’s confidence in the new CEO’s ability to lead QEM’s next growth phase. As the company embarks on its pre-feasibility study, market participants will be watching closely for progress updates and how the leadership transition influences execution.