New Risk • May 18
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: AU$13m Forecast net loss in 2 years: AU$6.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$42m free cash flow). Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$6.3m net loss in 2 years). Market cap is less than US$100m (AU$95.0m market cap, or US$67.9m). Major Estimate Revision • May 18
Consensus EPS estimates upgraded to AU$0.0037 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -AU$0.0044 to -AU$0.0037 per share. Revenue forecast steady at AU$87.0m. Metals and Mining industry in Australia expected to see average net income growth of 32% next year. Consensus price target down from AU$0.10 to AU$0.09. Share price fell 15% to AU$0.023 over the past week. Major Estimate Revision • May 05
Consensus EPS estimates upgraded to AU$0.0044 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from AU$89.1m to AU$87.6m. 2026 losses expected to reduce from -AU$0.0054 to -AU$0.0044 per share. Metals and Mining industry in Australia expected to see average net income growth of 35% next year. Consensus price target of AU$0.10 unchanged from last update. Share price fell 3.6% to AU$0.027 over the past week. Buy Or Sell Opportunity • Apr 22
Now 22% overvalued Over the last 90 days, the stock has fallen 27% to AU$0.03. The fair value is estimated to be AU$0.025, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 64% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Major Estimate Revision • Apr 21
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$91.4m to AU$89.1m. Losses expected to increase from AU$0.0039 per share to AU$0.0054. Metals and Mining industry in Australia expected to see average net income growth of 34% next year. Consensus price target of AU$0.10 unchanged from last update. Share price fell 3.3% to AU$0.029 over the past week. Buy Or Sell Opportunity • Apr 07
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to AU$0.032. The fair value is estimated to be AU$0.026, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 64% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Major Estimate Revision • Mar 20
Consensus EPS estimates upgraded to AU$0.0039 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from AU$93.8m to AU$91.4m. 2026 losses expected to reduce from -AU$0.0049 to -AU$0.0039 per share. Metals and Mining industry in Australia expected to see average net income growth of 34% next year. Consensus price target of AU$0.10 unchanged from last update. Share price fell 13% to AU$0.028 over the past week. Reported Earnings • Mar 14
First half 2026 earnings released: AU$0.002 loss per share (vs AU$0.006 profit in 1H 2025) First half 2026 results: AU$0.002 loss per share (down from AU$0.006 profit in 1H 2025). Revenue: AU$42.0m (down 43% from 1H 2025). Net loss: AU$5.88m (down 138% from profit in 1H 2025). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$42m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$42m free cash flow). Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$5.8m net loss in 2 years). Market cap is less than US$100m (AU$126.7m market cap, or US$88.6m). Price Target Changed • Mar 12
Price target increased by 11% to AU$0.10 Up from AU$0.09, the current price target is an average from 3 analysts. New target price is 211% above last closing price of AU$0.032. Stock is down 33% over the past year. The company is forecast to post a net loss per share of AU$0.0049 compared to earnings per share of AU$0.0032 last year. Price Target Changed • Mar 04
Price target decreased by 18% to AU$0.09 Down from AU$0.11, the current price target is an average from 3 analysts. New target price is 204% above last closing price of AU$0.029. Stock is down 40% over the past year. The company is forecast to post a net loss per share of AU$0.0049 compared to earnings per share of AU$0.0032 last year. Major Estimate Revision • Feb 24
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$108.5m to AU$98.5m. Losses expected to increase from AU$0.0035 per share to AU$0.0049. Metals and Mining industry in Australia expected to see average net income growth of 24% next year. Consensus price target down from AU$0.11 to AU$0.10. Share price fell 5.7% to AU$0.033 over the past week. Price Target Changed • Feb 23
Price target decreased by 8.8% to AU$0.10 Down from AU$0.11, the current price target is an average from 3 analysts. New target price is 204% above last closing price of AU$0.034. Stock is down 44% over the past year. The company is forecast to post a net loss per share of AU$0.0049 compared to earnings per share of AU$0.0032 last year. Major Estimate Revision • Jan 22
Consensus EPS estimates upgraded to AU$0.002 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from AU$114.7m to AU$108.9m. 2026 losses expected to reduce from -AU$0.0026 to -AU$0.002 per share. Metals and Mining industry in Australia expected to see average net income growth of 25% next year. Consensus price target down from AU$0.11 to AU$0.11. Share price was steady at AU$0.041 over the past week. New Risk • Dec 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (39% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks High level of debt (127% net debt to equity). Market cap is less than US$100m (AU$126.7m market cap, or US$84.9m). Price Target Changed • Dec 16
Price target decreased by 8.1% to AU$0.11 Down from AU$0.12, the current price target is an average from 3 analysts. New target price is 224% above last closing price of AU$0.035. Stock is down 35% over the past year. The company is forecast to post a net loss per share of AU$0.0026 compared to earnings per share of AU$0.0032 last year. Announcement • Dec 05
QPM Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 30.33065 million. QPM Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 30.33065 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 747,340,000
Price\Range: AUD 0.035
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 119,250,000
Price\Range: AUD 0.035
Transaction Features: Subsequent Direct Listing Major Estimate Revision • Dec 05
Consensus EPS estimates upgraded to AU$0.0028 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -AU$0.0032 to -AU$0.0028 per share. Revenue forecast steady at AU$114.7m. Metals and Mining industry in Australia expected to see average net income growth of 28% next year. Consensus price target down from AU$0.12 to AU$0.12. Share price fell 13% to AU$0.035 over the past week. Price Target Changed • Dec 04
Price target decreased by 10% to AU$0.12 Down from AU$0.13, the current price target is an average from 3 analysts. New target price is 233% above last closing price of AU$0.035. Stock is down 26% over the past year. The company is forecast to post a net loss per share of AU$0.0027 compared to earnings per share of AU$0.0032 last year. Announcement • Dec 04
QPM Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 30.330575 million. QPM Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 30.330575 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 866,587,853
Price\Range: AUD 0.035
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Dec 03
QPM Energy Limited announced that it expects to receive AUD 40 million in funding QPM Energy Limited announced a private placement to issue Convertible Notes for aggregate gross proceeds of AUD 40,000,000 on December 3, 2025. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 55% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -AU$0.0021 to -AU$0.0032 per share. Revenue forecast unchanged at AU$114.7m. Metals and Mining industry in Australia expected to see average net income growth of 26% next year. Consensus price target of AU$0.12 unchanged from last update. Share price fell 7.7% to AU$0.036 over the past week. New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 28% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Minor Risks High level of debt (127% net debt to equity). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (AU$120.5m market cap, or US$78.4m). Major Estimate Revision • Oct 30
Consensus EPS estimates increase from loss to AU$0.0003 profit, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from AU$121.1m to AU$118.2m. EPS estimate of -AU$0.0013 up from expected loss of AU$0.0003 per share previously. Metals and Mining industry in Australia expected to see average net income growth of 25% next year. Consensus price target of AU$0.13 unchanged from last update. Share price was steady at AU$0.042 over the past week. Major Estimate Revision • Oct 14
Consensus estimates of losses per share improve by 57% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$115.4m to AU$122.9m. EPS estimate increased from -AU$0.0023 per share to -AU$0.001 per share. Metals and Mining industry in Australia expected to see average net income growth of 29% next year. Consensus price target of AU$0.13 unchanged from last update. Share price rose 12% to AU$0.047 over the past week. New Risk • Oct 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Minor Risks High level of debt (127% net debt to equity). Market cap is less than US$100m (AU$103.4m market cap, or US$67.4m). Announcement • Oct 07
QPM Energy Limited, Annual General Meeting, Nov 26, 2025 QPM Energy Limited, Annual General Meeting, Nov 26, 2025. Location: offices of baker mckenzie, level 32, riparian plaza, 71 eagle street, qld 4000, brisbane Australia Major Estimate Revision • Oct 03
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$116.9m to AU$115.4m. Now expected to report a loss of AU$0.002 per share instead of AU$0.0059 per share profit previously forecast. Metals and Mining industry in Australia expected to see average net income growth of 25% next year. Consensus price target of AU$0.13 unchanged from last update. Share price fell 2.4% to AU$0.041 over the past week. Reported Earnings • Sep 24
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: AU$0.003 (up from AU$0.012 loss in FY 2024). Revenue: AU$125.0m (up 17% from FY 2024). Net income: AU$8.19m (up AU$32.5m from FY 2024). Profit margin: 6.6% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. New Risk • Jul 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 22% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks High level of debt (48% net debt to equity). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$110.7m market cap, or US$72.7m). New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 22% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks High level of debt (48% net debt to equity). Market cap is less than US$100m (AU$102.5m market cap, or US$66.9m). Major Estimate Revision • May 04
Consensus revenue estimates decrease by 16%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$127.8m to AU$108.0m. EPS estimate increased from AU$0.0075 to AU$0.008 per share. Net income forecast to grow 41% next year vs 24% growth forecast for Metals and Mining industry in Australia. Consensus price target reaffirmed at AU$0.13. Share price rose 15% to AU$0.045 over the past week. Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$131.2m to AU$127.8m. EPS estimate also fell from AU$0.009 per share to AU$0.007 per share. Net income forecast to grow 29% next year vs 29% growth forecast for Metals and Mining industry in Australia. Consensus price target of AU$0.13 unchanged from last update. Share price rose 2.7% to AU$0.038 over the past week. Reported Earnings • Mar 17
First half 2025 earnings released: EPS: AU$0.006 (vs AU$0.015 loss in 1H 2024) First half 2025 results: EPS: AU$0.006 (up from AU$0.015 loss in 1H 2024). Revenue: AU$73.5m (up 87% from 1H 2024). Net income: AU$15.5m (up AU$43.9m from 1H 2024). Profit margin: 21% (up from net loss in 1H 2024). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. New Risk • Mar 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks High level of debt (49% net debt to equity). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$121.0m market cap, or US$76.1m). Price Target Changed • Feb 10
Price target decreased by 13% to AU$0.13 Down from AU$0.15, the current price target is an average from 3 analysts. New target price is 128% above last closing price of AU$0.057. Stock is up 50% over the past year. The company is forecast to post earnings per share of AU$0.012 next year compared to a net loss per share of AU$0.012 last year. New Risk • Jan 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$27m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$27m free cash flow). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$158.8m market cap, or US$98.8m). New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$27m). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$103.4m market cap, or US$66.8m). Announcement • Nov 06
Queensland Pacific Metals Limited Announces Resignation of Stephen Grocott as Non-Executive Director Queensland Pacific Metals Ltd. announced that Dr. Stephen Grocott has resigned as a Non-Executive Director from the Board. This will allow Dr. Grocott to focus solely on securing a pathway forward for the TECH Project, which he will remain intimately involved with. Dr. Grocott's decision was made despite receiving overwhelmingly strong support from shareholders. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Sharna Glover was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Sep 28
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$27m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$27m). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (AU$93.3m market cap, or US$64.4m). Announcement • Sep 24
Queensland Pacific Metals Limited, Annual General Meeting, Nov 06, 2024 Queensland Pacific Metals Limited, Annual General Meeting, Nov 06, 2024. Location: at offices of baker mckenzie, level 32, riparian plaza, 71 eagle street, brisbane, qld 4000 Australia New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (44% increase in shares outstanding). Market cap is less than US$100m (AU$98.3m market cap, or US$65.2m). Announcement • May 16
Queensland Pacific Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 19.119133 million. Queensland Pacific Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 19.119133 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 503,135,078
Price\Range: AUD 0.038
Discount Per Security: AUD 0.001824
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • Feb 07
Independent Non-Executive Director recently bought AU$57k worth of stock On the 5th of February, Ariel King bought around 2m shares on-market at roughly AU$0.038 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$32k more in shares than they bought in the last 12 months. Announcement • Oct 10
Queensland Pacific Metals Limited, Annual General Meeting, Nov 29, 2023 Queensland Pacific Metals Limited, Annual General Meeting, Nov 29, 2023, at 10:01 E. Australia Standard Time. Location: Offices of Baker McKenzie,Level 32, Riparian Plaza 71 Eagle Street,Brisbane, QLD 4000 BRISBANE Australia Agenda: To consider the election of Directors; and to consider other issues. New Risk • Oct 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$46m free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$127.0m market cap, or US$80.8m). New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$46m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$46m free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$137.0m market cap, or US$88.0m). New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 63% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$123.1m market cap, or US$79.5m). Announcement • Sep 12
Queensland Pacific Metals Limited, Annual General Meeting, Oct 12, 2023 Queensland Pacific Metals Limited, Annual General Meeting, Oct 12, 2023, at 10:00 E. Australia Standard Time. Location: Baker McKenzie, Level 32, Riparian Plaza, 71 Eagle Street, Brisbane, Queensland, 4000 Queensland Australia Agenda: To ratification of previous issue of Placement Shares; to Approval of grant of Placement Options; to Approval of grant of SPP Options; to Approval of grant of SPP Options to Directors; and to consider other matters if any. New Risk • Aug 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$113.5m (US$72.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 63% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (AU$113.5m market cap, or US$72.8m). Recent Insider Transactions • May 13
Independent Non-Executive Director recently sold AU$125k worth of stock On the 5th of May, James Simpson sold around 1m shares on-market at roughly AU$0.12 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$76k more than they bought in the last 12 months. Announcement • Dec 05
Queensland Pacific Metals Ltd Announces the Results of Its Advanced Feasibility Study for Stage 1 of the Tech Project and Scoping Study for Stage 2 Expansion of the Tech Project Queensland Pacific Metals Ltd. announced the results of its Advanced Feasibility Study ("Feasibility Study") for Stage 1 of the TECH Project and a Scoping Study for Stage 2 expansion of the TECH Project. Stage 1 of the TECH Project has been designed at a nameplate capacity to process 1.05m dmt (1.6m wmt) per annum. QPM and its debt advisors KPMG have made significant progress to date on procuring debt funding for the TECH Project: NAIF Strategic Assessment Phase completed; Export Finance Australia conditional commitment received for AUD 250 million; K-Sure formal expression of interest to participate on terms similar to Export Finance Australia; and Other export credit agencies and commercial banks who have provided formal expressions of interest. As part of QPM's ongoing discussions with these debt financiers, the Feasibility Study is sufficiently advanced to commence formal due diligence with an Independent Technical Expert ("ITE"). This body of work will begin imminently in parallel with QPM continuing to undertake engineering work on certain aspects of the plant to improve accuracy. These aspects primarily concern the KBR engineering package, which includes iron hydrolysis, aluminium removal and nitric acid recovery and recycle. QPM, Hatch and KBR are working as an integrated team to optimise the design and minimise technical risk in these areas. In addition, value engineering (cost reduction) initiatives will also be undertaken across the Project. Contingency in the capital estimate has currently been assumed at 10%. Following the KBR engineering package work and value engineering, a detailed contingency estimate will be undertaken using the standard Quantitative Risk Assessment methodology. In preparing the capital estimate, QPM believes it has been undertaken at the peak of global manufacturing pricing. This is based on discussions with key equipment vendors who are seeing significant reductions in international producer price indices. Before reaching financial close for the debt package, QPM will update the capital estimate to ensure it represents current market information and will sign lump sum EP contracts with the key technology vendors. Easing global inflation, particularly continued reductions in equipment manufacturing costs in the near term, will likely reduce the capital cost of constructing the TECH Project. QPM has previously highlighted the strong potential for expanding the TECH Project following successful Stage 1 commercialisation. This is based on availability of limonite ore, gas supply, supporting infrastructure in Lansdown, and other factors. In addition, the execution of the offtake agreement with General Motors for 100% of nickel and cobalt production for the life of project from a Stage 2 expansion further reinforces this potential. In addition, QPM and Hatch have undertaken a Scoping Study on the Stage 2 expansion of the TECH Project using the following key assumptions: For simplicity, Stage 2 is at the same scale as Stage 1, with the same grade of ore being processed; HPA production levels are not increased as part of the expansion, but this is possible if there is strong market demand; No utilisation of existing rail infrastructure for logistics work will be undertaken in the future to assess this opex-saving opportunity; and Co-location of Stage 2 expansion next to Stage 1, within the Lansdown precinct. The Scoping Study identified the following synergies for the TECH Project: AUD 350 million reduction in capital cost compared with Stage 1 capital estimate - as a result of synergies and no expansion of HPA production; Estimated opex reductions of ~7% due to: Economies of scale; Increased purchasing power; and Shared services such as laboratory, administration, maintenance functions, working capital and equipment etc; and Increased plant availability across the entire project by 2.5% as a result of maintenance scheduling advantages, process stream cross-overs and greater capacity to absorb equipment downtime with common plant and equipment being available. Announcement • Nov 28
Queensland Pacific Metals Ltd Announces the Results of Its Advanced Feasibility Study Queensland Pacific Metals Ltd. announced the results of its Advanced Feasibility Study ("Feasibility Study") for Stage 1 of the TECH Project and a Scoping Study for Stage 2 expansion of the TECH Project. As part of QPM's ongoing discussions with these debt financiers, the Feasibility Study is sufficiently advanced to commence formal due diligence with an Independent Technical Expert ("ITE"). This body of work will begin imminently in parallel with QPM continuing to undertake engineering work on certain aspects of the plant to improve accuracy. These aspects primarily concern the KBR engineering package, which includes iron hydrolysis, aluminium removal and nitric acid recovery and recycle. QPM, Hatch and KBR are working as an integrated team to optimise the design and minimise technical risk in these areas. In addition, value engineering (cost reduction) initiatives will also be undertaken across the Project. Contingency in the capital estimate has currently been assumed at 10%. Following the KBR engineering package work and value engineering, a detailed contingency estimate will be undertaken using the standard Quantitative Risk Assessment methodology. In preparing the capital estimate, QPM believes it has been undertaken at the peak of global manufacturing pricing. This is based on discussions with key equipment vendors who are seeing significant reductions in international producer price indices . Before reaching financial close for the debt package, QPM will update the capital estimate to ensure it represents current market information and will sign lump sum EP contracts with the key technology vendors. Easing global inflation, particularly continued reductions in equipment manufacturing costs in the near term, will likely reduce the capital cost of constructing the TECH Project. QPM has previously highlighted the strong potential for expanding the TECH Project following successful Stage 1 commercialisation. This is based on availability of limonite ore, gas supply, supporting infrastructure in Lansdown, and other factors. In addition, the execution of the offtake agreement with General Motors for 100% of nickel and cobalt production for the life of project from a Stage 2 expansion further reinforces this potential. In addition, QPM and Hatch have undertaken a Scoping Study on the Stage 2 expansion of the TECH Project using the following key assumptions: For simplicity, Stage 2 is at the same scale as Stage 1, with the same grade of ore being processed; HPA production levels are not increased as part of the expansion, but this is possible if there is strong market demand; No utilisation of existing rail infrastructure for logistics - work will be undertaken in the future to assess this opex-saving opportunity; and Co-location of Stage 2 expansion next to Stage 1, within the Lansdown precinct. Additional opportunities identified but not quantified and considered in the financial analysis of the Stage 2 expansion include: Utilisation of rail for logistics of ore and products; Gas supply chain savings; On-site production of ammonia for TECH Stage 1 and 2 use; Potential to export any excess power generated to the grid; and Further plant optimisation by increasing the scale of Stage 2 after the operational experience gained from Stage 1. The Scoping Study capital estimate has an accuracy of ±35% and an operating cost accuracy of ±25%. Announcement • Oct 14
Queensland Pacific Metals Limited announced that it expects to receive AUD 108 million in funding from General Motors Company Queensland Pacific Metals Limited announced that it has entered into a binding subscription agreement for private placement of common shares for gross proceeds of AUD 108,000,000 on October 12, 2022. The transaction will include participation from new investor General Motors Company. The investor committed to subscribe for 174,634,791 shares at a price of AUD 0.18 per share for gross proceeds of AUD 31,434,262. The tranche is expected to occur on December 12, 2022. The company will also issue 46,833,661 unquoted options at a price of AUD 0.20 and a term of 3 years as part of the initial binding commitment. Announcement • Oct 10
Queensland Pacific Metals Limited, Annual General Meeting, Nov 25, 2022 Queensland Pacific Metals Limited, Annual General Meeting, Nov 25, 2022, at 11:30 AUS Eastern Standard Time. Location: Jacaranda Room at the Marriott, 515 Queen Street, Brisbane QLD 4000 BRISBANE Australia Recent Insider Transactions Derivative • May 21
Independent Non-Executive Director exercised options to buy AU$1.7m worth of stock. On the 19th of May, Ariel King exercised options to buy 10m shares at a strike price of around AU$0.03, costing a total of AU$300k. This transaction amounted to 419% of their direct individual holding at the time of the trade. Since June 2021, Ariel's direct individual holding has decreased from 3.00m shares to . This was the only transaction from an insider over the last 12 months. Announcement • Jan 18
Queensland Pacific Metals Limited Announces First 4N HPA Made from New Caledonia Ore Queensland Pacific Metals Ltd. announced that lab scale testwork undertaken by Lava Blue has successfully produced 4N High Purity Alumina from aluminium hydroxide feedstock produced by QPM as part of its piloting of the DNi ProcessTM on New Caledonian ore. The purity of the HPA was 99.996%. Testwork: QPM's pilot plant operation produced intermediate aluminium hydroxide from New Caledonian ore. Previous testwork undertaken by QPM was successful in producing high purity aluminium chloride, the final precursor to HPA. Aluminium chloride produced by QPM was sent to Lava Blue for testwork at its Queensland University of Technology ("QUT") laboratory. Lava Blue's work program was to: Confirm that 4N HPA could be successfully produced from QPM's aluminium chloride precursor by assaying impurities; Produce 4N HPA from the aluminium chloride. Lava Blue's testwork confirmed that QPM's aluminium chloride was very pure. From the assay results of QPM's aluminium chloride, Lava Blue projected HPA purity to be in the range of 99.995 - 99.998%, giving it confidence to proceed with the second part of the work program. To produce HPA, the aluminium chloride samples were calcined to 800°C in batches to yield transitional alumina. The samples yielded from this process were then combined and homogenised. The next step was to take the homogenised transitional alumina and convert it to a final HPA product by a second heating stage to above 1,150°C. Assaying this final product in the QUT HPA laboratory resulted in a purity of 99.996%, in line with Lava Blue's projections. The next step for QPM in the HPA work program is to now prepare for further testwork including piloting at Lava Blue's demonstration plant, which is nearing completion, and to commission DFS activities on HPA. QPM will imminently finalise the appointment of Stantec and the HPA DFS workstream will be able to be completed in line with the rest of the TECH Project DFS. Executive Departure • Oct 03
Non Executive Director Cameron McLean has left the company On the 24th of September, Cameron McLean's tenure as Non Executive Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Cameron's name. Cameron is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 29
Non Executive Director Cameron McLean has left the company On the 24th of September, Cameron McLean's tenure as Non Executive Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Cameron's name. Cameron is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.17 years, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Jun 09
Queensland Pacific Metals Limited announced that it expects to receive AUD 19.336822 million in funding from LG Energy Solution, Ltd., POSCO Venture Capital Co., Ltd. Queensland Pacific Metals Limited (ASX:QPM) announced that it has entered into a binding agreement with LG Energy Solution, Ltd. and POSCO GEM No.1 Fund, a fund managed by POSCO Venture Capital Co., Ltd. for 141,765,556 common stock at a price of AUD 0.1364 for gross proceeds of AUD 19,336,821.8384 on June 8, 2021. LG Energy Solution, Ltd. will invest 99,235,889 shares for gross proceeds AUD 13,535,775.2596 of and POSCO GEM 1ST FUND, a fund managed by POSCO Venture Capital Co., Ltd. will invest 42,529,667 shares for gross proceeds of AUD 5,801,046.5788. Post completion of the transaction, the ownership interest of will be 7.5% and 3.2%, respectively. The transaction is conditional upon shareholder approval. A notice of meeting for an extraordinary general meeting will be sent out shortly. Announcement • Mar 23
Queensland Pacific Metals Limited announced that it expects to receive AUD 15 million in funding Queensland Pacific Metals Limited (ASX:QPM) announced a private placement of 187,500,000 fully paid ordinary shares at an issue price of AUD 0.08 per share for gross proceeds of AUD 15 million on March 22, 2021. The transaction included participation from institutional and sophisticated investors. The transaction may over-subscribe. The transaction is expected close on April 23, 2021. Announcement • Mar 15
Queensland Pacific Metals Limited Assays Delivery Excellent Results Queensland Pacific Metals Ltd. announce that it has received positive assay results for the MHP produced from its recent piloting testwork for the TECH Project. As part of QPM's technical team, it engaged leading consultants who are experts in both MHP production and its refining of MHP into nickel and cobalt sulfate. These experts (including specialist David White who has worked with many nickel laterite and MHP producers) have confirmed that the assay results of QPM's MHP are in line with leading MHP products that are currently sold around the world, largely for the purpose of refining into nickel and cobalt sulfate. MHP is currently the preferred nickel feed source for refining to nickel sulfate as the process to do so is commercial, relatively straight forward and has low capital and operating costs. The issue is that there is limited MHP available in the global market, and sulfate producers have had to supplement their feed with nickel metal. Historically, MHP used to sell for around 65-75% of the LME nickel price (for the nickel contained in the MHP). However, with the growth in demand for nickel sulfate, MHP payability has increased significantly. In the most recent quarter, leading nickel analysts Benchmark Minerals reported MHP payability had increased to 84.5% in the recent December 2020 quarter. This percent payability is for good quality MHP products. Inferior MHP sells at a lower percent payability. QPM's intention is for the TECH Project is to sell nickel and cobalt sulfate as a value-add product. However, given that it is a high purity battery chemical, there can sometimes be a period of product acceptance testwork on commercial scale production that must be undertaken with potential offtakers. The ability to sell high quality MHP in parallel with this acceptance period will be a benefit for the TECH Project. Announcement • Mar 09
Queensland Pacific Metals Limited Announces GHG Report Confirms Tech Project's Low Co2 Emissions Queensland Pacific Metals Limited announce the findings of an interim report into greenhouse gas ("GHG") intensity of the TECH Project. QPM commissioned Minviro, an international company specialising in life cycle assessment of mining and mineral processing projects, to prepare an interim report on the GHG emissions for the TECH Project. Minviro's approach to calculation of GHG emissions is a `cradle to gate' approach which
encompassed: Mining of ore in New Caledonia through to processing of ore to final products; Transportation of final products (nominally Asia); and
Transportation relating to reagents required for the TECH Project. The inputs for Minviro's emissions calculation were taken from QPM's Pre-Feasibility Study for the TECH Project, scaled up in accordance with QPM's recently announced expansion plans (1.2-1.5Mtpa) and adjusted for subsequent optimisation work undertaken by QPM. Recent spot level pricing was used to calculate the value of co-products into nickel equivalent units. Announcement • Feb 22
Queensland Pacific Metals Limited Announces Strong Offtake Interest Drives Major Expansion Queensland Pacific Metals Ltd. announced that it has formally committed to increase the scale of the TECH Project by at least two times from what was originally contemplated in the Pre-Feasibility Study (PFS). 1.2+M wet tpa TECH Project: Initial consideration of increasing the scale of the TECH Project from the PFS size (0.6M wet tpa) was driven by discussions with potential offtakers and the respective Memorandums of Understanding signed with LG Chem and Samsung SDI. From these discussions, it was evident to QPM that increasing production of key battery metals nickel and cobalt would increase the appeal of the TECH Project to offtakers. The increase in size will also allow QPM to benefit from large economies of scale, which will improve the capital efficiency and project economics of the TECH Project. When considering the size of the TECH Project, QPM wanted to ensure that the associated capital expenditure was still manageable from a financing perspective. Other key project considerations included: Ore supply; Environmental approvals process; Infrastructure capacity and constraints; and Supply of consumables. The TECH Project will be scaled up to process 1.2 - 1.5M wet tpa ore, with the final sizing to be determined by the Definitive Feasibility Study. Ore supply: QPM currently has an ore supply agreement with Societe des Mines de la Tontouta ("SMT") and Societe Miniere Georges Montagnat S.A.R.L ("SMGM") for 0.6M wet tpa over a 10 year period with a 5 year option on agreement. QPM has been assessing additional ore supply opportunities, including from its own Sewa Bay project. QPM is confident that it can secure the additional ore supply required to feed the larger scale TECH Project. The limonite ore (the "top half" of nickel laterite ore bodies) being targeted by QPM has limited processing options apart from the problematic high pressure acid leach technology. Therefore, resources are generally well in excess of demand. Environmental Approvals: Environmental consultants EMM Consulting commenced approvals work late 2020 on the basis of the 1.2-1.5M wet tpa TECH Project size. Based on EMM's advice and discussions with key regulatory bodies, there was no material difference with respect to timing for obtaining project approvals at this scale. Environmental approvals remain on track for the December 2021 quarter. Infrastructure Capacity and Constraints: QPM assessed key infrastructure required to support the project, with logistics playing an important role. Port capacity for ore importation and product exports has been confirmed with the Port of Townsville Limited ("POTL") and a MOU with POTL was recently executed. Both road and rail remain viable transport options for the TECH Project linking the Port of Townsville to the Lansdown Eco-Industrial Precinct. Consumables: QPM is confident of procuring the higher levels of gas and power required for the larger scale project. The increased level of consumption may improve supply opportunities for QPM as it becomes a bigger baseload customer. Because of process flowsheet improvements, water consumption is likely to reduce compared with the PFS estimate, despite the increased scale. Other opportunities such as on-site co-generation of power and steam, which is a required input for the processing plant, may now be financially attractive and will be explored as part of the DFS. Project Schedule: With the finalisation of the scale of the TECH Project and advancement in project approvals and technical work streams, QPM has prepared an updated project schedule as shown below. First production is targeted for 2023. The plant design remains a single leaching train flowsheet and so construction time is unaffected by the doubling of production capacity. Finalisation of DNi Process™ License with Altilium Group: QPM's license arrangement was previously governed by a Framework Agreement. As part of the Framework Agreement, QPM and Altilium Group ("Altilium") were to execute a definitive agreement for licensing of the DNi Process™. QPM and Altilium have now finalised the definitive agreement. The key terms include: 30 year term; Exclusive rights to utilise the DNi Process™ within a 100km radius of the Port of Townsville; Ongoing fees for the exclusivity rights and use of the DNi Process™ on terms that are commercial in confidence, but are in line with assumptions utilised in the Pre-Feasibility Study. Announcement • Feb 16
Queensland Pacific Metals Ltd Enters into Memorandum of Understanding with Port of Townsville Limited Queensland Pacific Metals Ltd. announced that it has entered into a Memorandum of Understanding with Port of Townsville Limited regarding port access for the TECH Project. Under the MOU, POTL has confirmed that based on expected future port utilisation and having regard to the capacity available within the approved Port Expansion Project footprint, there will be sufficient capacity for QPM to import up to 1.5 million tonnes per annum of ore and to export requisite production associated with this volume of ore. This provides confidence for an expansion of the TECH Project, knowing that there is sufficient port capacity to allow higher levels of ore importation than what was considered in the Pre-Feasibility Study. POTL and QPM have agreed to assess development options at the Port of Townsville to meet QPM's requirements including: Capacity and constraints at existing port infrastructure including berths, rail, roads and land; Development options to increase capacity and efficiencies to handle TECH Project volumes (if required); New infrastructure or equipment required to handle QPM imported ore and products; Site options for the development of storage facilities for QPM at the port. Once the optimum development option is determined, POTL and QPM will negotiate in good faith a
commercial arrangement to govern the development costs and ongoing use of the port. Announcement • Sep 21
Pure Minerals Limited announced that it expects to receive AUD 4.4 million in funding Pure Minerals Limited (ASX:PM1) announced a private placement of 293,333,334 shares at a price of AUD 0.015 per share for gross proceeds of AUD 4,400,000 from institutional and sophisticated investors on September 21, 2020. The transaction will be completed in two tranches. The company will issue 106,248,632 shares in its first tranche and 187,084,702 shares in its second tranche closing. The second tranche is subject to approval from shareholders of the company at a general meeting of shareholders which is expected to be held in October 2020. Announcement • Jul 21
Pure Minerals Limited Announces the Appointment of Stephen Grocott as Chief Executive Officer Pure Minerals Limited announced the appointment of Stephen Grocott as Chief Executive Officer of the company. Dr. Grocott will play a key role with Pure Minerals and will drive the technical and marketing activities of the company, including development of relationships with global automotive, battery and cathode companies that are the prospective customers for the battery chemicals and co-products that are proposed to be produced at the Townsville Energy Chemicals Hub.