Highlights

  • QEM Limited has notified ASX of the cessation of 300,000 QEMAG performance rights, effective 26 August 2026.
  • The performance rights ceased due to expiry of the convertible security without exercise or conversion.
  • No consideration was paid by the Company for the cessation.
  • Following the cessation, QEM retains 2,250,000 QEMAG performance rights and several other unquoted option classes on issue.

QEM Limited (ASX:QEM) has notified ASX of the cessation of 300,000 unquoted QEMAG performance rights, via an Appendix 3H – Notification of cessation of securities lodged on 26 August 2026. The performance rights ceased due to the expiry of the convertible security without exercise or conversion, with no consideration paid by the Company for the cessation.

Performance Rights Lapse Without Exercise

The notification records that 300,000 QEMAG performance rights ceased on 26 August 2026, with the reason for cessation given as expiry of the option or other convertible security without exercise or conversion. QEM confirmed it is not paying any consideration in connection with the cessation and provided no further information about the lapse.

Impact on QEM's Performance Rights Pool

The cessation reduces the number of QEMAG performance rights on issue from 2,550,000 to 2,250,000. As the rights lapsed rather than converted, no new QEM ordinary shares were issued as a result of this notification, and the Company's quoted share count is unaffected.

Updated Securities on Issue

Following the cessation, QEM's quoted securities comprise 362,350,356 ordinary fully paid shares (QEM) and 20,769,014 Options expiring 30 September 2026 (QEMO). The Company's unquoted securities comprise 2,250,000 QEMAG performance rights, alongside five option classes: QEMAM (5,000,000 options expiring 26 November 2028, exercise price $0.045), QEMAO (36,059,995 options expiring 10 April 2029, exercise price $0.045), QEMAL (21,659,493 options expiring 31 July 2028, exercise price $0.065), QEMAP (5,000,000 options expiring 21 August 2029, exercise price $0.045) and QEMAN (1,500,000 options expiring 27 March 2029, exercise price $0.05).

Conclusion

The Appendix 3H notification is a routine capital-structure update, recording the automatic lapse of 300,000 QEMAG performance rights that were not exercised or converted before their expiry. It does not affect QEM's quoted securities and leaves the Company's remaining unquoted option and performance rights classes unchanged.