Richmond Vanadium Project ownership

[Sparty]

In March 2017, HRZ entered a strategic development Joint Venture (“JV”) with Richmond Vanadium Technology Pty Ltd (“RVT”). The JV covered Horizon’s 100% interest in the Richmond vanadium project comprising 1,550km2 of Cretaceous Toolebuc Formation.

The JV (25% HRZ and 75% RVT) owns 100% of five Mineral Exploration Permits (EPM25163, EPM25164, EPM25258, EPM26425 and EPM26426) covering 481 Blocks near Richmond and 100% of the metal rights to Global Oil Shale Plc’s Julia Creek (Burwood) MDL522.

[Sparty]

QEM Limited’s flagship Julia Creek vanadium / oil shale project is a unique world class resource with the potential to deliver and utilise innovative and sustainable energy solutions.

The Julia Creek Project covers a total of 249.6km2 in the Julia Creek area of North Western Queensland, Australia, and in March 2022, the Company announced a significant Resource Upgrade: the Julia Creek Project now holds a 2,850Mt Vanadium JORC Resource with an average V2O5 content of 0.31%, with 360Mt in the Indicated category and 2,490Mt in the Inferred category, making it one of the single largest Vanadium deposits in the world, with the added benefit of a contingent (SPE-PRMS 2018) in-situ oil resource of 79MMBBls of Oil equivalent in the 2C category, and 696MMBBLs in the 3C category, contained within the same ore body.

QEM’s Julia Creek Project is now one of the single largest Vanadium deposits in the world today.