Queensland Pacific Metals Secures A$8M Critical Minerals Grant

Queensland Pacific Metals Ltd (ASX:QPM) has been awarded an A$8 million grant from the Australian Federal Government under the International Partnerships in Critical Minerals program.

Receipt of the grant is subject to matched funding and an agreed project scope.

Background

The company has been working with the government and key stakeholders to secure independent funding to advance the TECH (Townsville Energy Chemicals Hub) Project.

This A$8 million grant represents a significant step toward achieving this outcome.

The TECH Project will be a modern and sustainable battery materials refinery, processing imported, high-grade laterite ore from New Caledonia to produce nickel sulphate and cobalt sulphate, as well as other valuable co-products.

The project will boast global-leading sustainability credentials for mineral processing, with negative carbon emissions, no tailings dam and no process liquids discharge.

QPM has already secured offtake agreements for 100% of nickel and cobalt sales for the life of the project.

Project validation work

QPM has made significant strides in de-risking the TECH Project.

The final commercial validation stage involves test work, piloting and engineering to produce a high-quality Bankable Feasibility Study (BFS).

Funds received under this grant will be applied towards completion of this project validation work.

QPM Non-Executive Director Dr Stephen Grocott said: “We are grateful to the Australian Federal Government for their support through the International Partnerships in Critical Minerals program.

“This grant is a testament to the attractiveness of the TECH Project for high quality, excellent ESG battery materials production.”

Ongoing funding discussions

In line with QPM’s strategic focus on growing its’ energy business, the matching funding required to support this grant will be independently sourced.

Discussions with commercial partners and the Queensland Government to secure these funds are ongoing.

It is QPM’s continuing intention that expenditure on the TECH Project will be sourced from independent, external parties and will not impact the company’s gas and energy business.

This could take the form of joint venture, a separate entity owning the TECH Project or other commercial structure.

 

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