Why QEM Limited (ASX:QEM) is built around the Julia Creek vanadium and energy project in Queensland

Sonal Goyal

19 October 2026 11:14 PM AEDT

Why QEM Limited (ASX:QEM) is built around the Julia Creek vanadium and energy project in Queensland

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The central point

QEM Limited (ASX:QEM) is a single-project company. Its 100%-owned Julia Creek Vanadium and Energy Project in north-west Queensland carries both a vanadium resource and contingent oil resources, and the company's 2026 verified activity has centred on share issues rather than development milestones.

What the company does

QEM is exploring and developing the Julia Creek project, which covers about 250 square kilometres and is located less than 16 kilometres east of Julia Creek, near the Flinders Highway and Great Northern Railway. The company listed on 19 October 2018 and is headquartered at Surfers Paradise.

Resource figures

A 24 February 2026 ASX notice restated a JORC (2012) mineral resource of 2,870 million tonnes at 0.31% vanadium pentoxide, made up of 461 million tonnes at 0.28% Indicated and 2,406 million tonnes at 0.31% Inferred. Inferred material is the least certain category. The same notice quoted contingent in-situ oil resources under SPE-PRMS 2018 of 6.3 million barrels (1C), 94 million (2C) and 654 million (3C). Contingent resources are not reserves and depend on a commercial project being established.

Latest verified developments

The 24 February 2026 notice was a section 708A cleansing notice for 59,100,000 ordinary shares issued that day, with the issue price and proceeds not stated in the document read. The notice referred to exploration results and metallurgical test work reported on 23 September 2025. In July 2025 shareholders voted on ratifying Placement shares of 26,483,297 and 19,083,368, and approving up to 22,783,335 placement Options and 1,767,672 lead manager options.

Finances and risks

Cash, burn and any strategic review outcome could not be verified, so no runway is stated and no distress is inferred. Recurrent share issues mean dilution is a live consideration. Key risks include the low confidence of inferred resources, vanadium price and demand, processing economics, funding and approvals for any development.

FAQs

Q: What project does QEM Limited (ASX:QEM) own?

A: QEM owns 100% of the Julia Creek Vanadium and Energy Project in north-west Queensland. It covers about 250 square kilometres less than 16 kilometres east of Julia Creek.

Q: How large is the Julia Creek vanadium resource?

A: A 24 February 2026 notice restated a JORC (2012) mineral resource of 2,870 million tonnes at 0.31% vanadium pentoxide. That comprises 461 million tonnes at 0.28% Indicated and 2,406 million tonnes at 0.31% Inferred.

Q: What oil resources does the Julia Creek project carry?

A: The same notice quoted contingent in-situ oil resources under SPE-PRMS 2018 of 6.3 million barrels (1C), 94 million (2C) and 654 million (3C). Contingent resources are not reserves and depend on a commercial project being established.

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