Key Highlights

  • QEM completed the purchase of Freshwater Metals, which holds the Big It historical tungsten project and the Garden Valley rare-metal pegmatite project in Idaho.
  • Cash of about $3.98 million at 30 September is estimated to cover 14.2 quarters at the current rate of spending.
  • Historical records show Big It produced tungsten concentrates grading 67–75% tungsten trioxide for US wartime programmes.
  • Julia Creek retains a JORC Mineral Resource of about 2,870 million tonnes at 0.31% vanadium pentoxide, mostly Inferred.

QEM (ASX:QEM) has spent most of its listed life defined by the Julia Creek Vanadium and Energy Project in north Queensland. Its September quarter report, released on 14 October 2026, describes a deliberate change of direction. The company has completed the purchase of two exploration projects in Idaho, United States, and has said it will keep Julia Creek on a low-cost footing rather than commit substantial spending in what it calls an unfavourable economic environment.

The new focus is Big It, a historical tungsten producer, and Garden Valley, a rare-metal pegmatite project. It is funding this from an encouraging cash position for its size: about $3.98 million at 30 September, which the company estimates covers 14.2 quarters at the current rate of spending.

From Julia Creek to Idaho

QEM announced on 3 August 2026 that it would proceed with buying Freshwater Metals Pty Ltd, on terms first announced in April, after completing due diligence. Completion was announced on 19 August. Freshwater holds Big It, near Pinehurst in Idaho's Pine Creek district, and the Columbite project. The latter is now referred to as Garden Valley and includes the historical Vaught-Peck prospect. Shareholders approved all resolutions at a general meeting on 23 September 2026.

Julia Creek still hosts a JORC (2012) Mineral Resource of about 2,870 million tonnes grading 0.31% vanadium pentoxide, mostly in the Inferred category. According to the quarterly, QEM completed a third environmental water-monitoring campaign there during the period. It is otherwise preserving the project after a strategic review completed in March 2026.

What the Idaho projects offer

According to an announcement on 26 August 2026, historical records show that Big It produced tungsten concentrates grading 67–75% tungsten trioxide for US wartime programmes. Separate historical samples returned up to 19.5% antimony and 11.15g/t gold. The company points to about 380 metres of old underground development, with structures largely untested at depth. At Garden Valley, a 10 September review highlighted several historical pegmatite occurrences prospective for niobium, tantalum and rare earths. It also noted reported historical production of roughly 500 pounds of columbite at Vaught-Peck.

These are historical records and rock-chip results, not current Mineral Resources. Neither Idaho project has been drilled under QEM. On 6 October the company outlined a three-phase Big It programme. It begins with an October 2026 site visit to confirm access and the old workings, followed by mapping, sampling and surveys, with drilling only if results justify it.

Cash and spending

QEM's Appendix 5B shows net operating outflows of $279,000 for the September quarter. Gross payments included $118,000 on exploration, $196,000 on staff and $241,000 on administration and corporate costs. These were largely offset by $254,000 in government grants and tax incentives, plus $19,000 of interest. No Equity was raised in the quarter and the company has no finance facilities. If the grant receipt does not recur, underlying spending is higher than the net figure suggests, and the runway would shorten as Idaho fieldwork increases.

Risks and what comes next

Tungsten and antimony have drawn attention because of US efforts to reduce reliance on imported critical minerals. However, sector interest does not guarantee exploration success, and historical data may not be reproducible with modern sampling. QEM also carries the costs of an offshore portfolio while keeping a large, undeveloped Queensland resource. The Annual General Meeting is scheduled for 10:00am (AEST) on 25 November 2026 in Brisbane. Resolutions include renewal of the employee incentive plan and a 10% Placement facility, which would give the board capacity to issue more shares. Results from the first Big It field phase are the next technical milestone.