62% increase to 2,760Mt with average V2O5 content of 0.30%

· Significant Resource Upgrade has resulted in a 62% increase in size of the Julia Creek Vanadium JORC Resource
· Following the Resource Upgrade, the Project now holds a 2,760Mt Vanadium JORC Resource with an average V2O5 content of 0.30%
· The Julia Creek Vanadium Resource now consists of 220Mt in the Indicated category and 2,540Mt in the Inferred category
· The Project also contains 783MMBBls of Oil in the 3C category
· QEM’s 100% owned Julia Creek Project is now one of the largest vanadium deposits in the world
QEM Limited (“QEM”, the “Company”) (ASX:QEM) is very pleased to announce a significant Resource Upgrade at the Company’s flagship Julia Creek vanadium / oil shale project (“Project”), covering 249.6km2, in the Julia Creek area of North Western Queensland, Australia. Following the Resource Upgrade, the Project now holds a 2,760Mt Vanadium JORC resource, with an average V2O5 content of 0.30%, making it one of the largest vanadium deposits in the world.

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