Download the Prospectus
Pre Money Equity Valuation
$15,000,000
Min Raise
$5,000,000
Max Raise
$5,000,000
Estimated Close
2018-09-10
Issue Type
IPO
Lead Manager
Vested Equities
Type of Securities
Shares
Date First Lodged
06/08/2018
Offer Costs $
$510,000
Market Cap Max
$20,000,000
Key Executives
John Foley (NEC), David Fitch (ED), Daniel Harris (NED), Benjamin Cooper (NED)
Company Address
Level 11, 216 St Georges Terrace PERTH WA 6000
Stockbroker's Snapshot
Junior vanadium & oil-shale explorer
Exchange
ASX
1st Day VWAP
0.2
Chairman's Letter

Dear Investor
On behalf of the board of QEM Limited (QEM or the Company), I am pleased to present this
Prospectus and to invite you to become a shareholder in the Company.
QEM was formed in February 2014 with the principal aim of exploring and developing a worldclass vanadium and oil shale project in the Julia Creek area of North Western Queensland,
Australia.
The Julia Creek Project comprises three 100% held exploration permits (EPM25662, EPM25681
and EPM26429) covering 176km2
and is strategically located, being approximately 16km eastsouth-east of the township of Julia Creek and intersected by the main infrastructure corridor
of the Flinders Highway and the Great Northern Railway line, which connects Mt Isa to the port
of Townsville.
These exploration permits lie within the vast Toolebuc Formation, a sedimentary unit that
covers a large area of Queensland and into South Australia. This formation is recognised as one
of the largest deposits of vanadium and oil shale in the world, with the vanadium and oil shale
hosted by, and co-located within, the Toolebuc Formation. A strong correlation between
vanadium and oil grades has been previously established by historical observations and this has
been confirmed by analysis of recent drilling results.
QEM completed a scoping study in June 2016, based on the results of its initial exploration
program undertaken in 2015. The conclusions of the study were positive and indicated that an
opportunity exists for a significant vanadium and oil shale project.
Whilst the Company’s primary focus at the Julia Creek Project is on the strategic metal,
vanadium, it has an advantageous by-product in the form of oil, as the vanadium is itself hosted
in the same rock. The Company’s distinct advantage is the potential to extract two product
lines from the single resource base.
In March 2018, QEM upgraded the size of its JORC Inferred Resource to its current level of
1,700Mt @ 0.34% V2O5. In addition, within the same 1,700Mt, a Contingent 3C Oil Shale Resource
of 589 MMbbls is estimated. It is important to note that at this stage, the vanadium Mineral
Resource and oil shale Petroleum Resource stand on their own as there has been insufficient
work completed by QEM to confirm that the vanadium Mineral Resource and oil shale Petroleum
Resource can be extracted together. Further information for the Julia Creek Project is set out
in the Independent Geologist’s Report at Section 10 of this Prospectus.
The Company intends to maintain the momentum in the development of the Project through
the completion of pre-feasibility studies and advancing our knowledge of the most advanced
process technologies available, to maximise shareholder value.
The Board believes that the realisation of the Company’s objectives will have global significance
at current vanadium prices and we are enthusiastic about the prospects for the Company and I
commend this Offer to you.
The purpose of this Prospectus is to raise $5,000,000 (before associated costs) by the issue of
25,000,000 Shares at an issue price of $0.20 each. The Lead Manager of the Public Offer is
Vested Equities (see Section 6.1 for further details).
The proceeds of the Public Offer will be utilised to enable the Company to:
a.) conduct a 3,000m drilling program with the objective of converting the existing Inferred Resource to Measured or Indicated Resources under the JORC Code 2012;
b.) advance investigations into vanadium and oil shale processing options and testing;
c.) conduct environmental studies on the Julia Creek Project area;
d.) complete pre-feasibility studies on all aspects of Project development; and
e.) pay for the costs of the Offers.
This Prospectus contains detailed information about the Public Offer and the current and
proposed operations of the Company, as well as the risks pertaining to an investment in the
Company. Potential investors in the Company should carefully consider those risks (detailed in
Section 3).
We look forward to welcoming you as a Shareholder should you decide to take up Shares
pursuant to the Public Offer.
Yours faithfully
John Foley
Non-Executive Chairman