• $30.3m placement completed at $0.035 per share
• $40m non-binding convertible note facility term sheet signed
• Clear funding pathway established for 112MW Isaac Power Station

Queensland Pacific Metals Ltd (QPM) has announced that it has completed a successful $30.3 million placement to institutional and sophisticated investors at $0.035 per share. The funds raised will be used for capital expenditure associated with the Isaac Power Station (IPS) project, including the purchase of long-lead items and other pre-construction activities, as well as providing liquidity runway to finalise all funding sources for the IPS. In parallel, QPM has entered into a non-binding term sheet with an Australian investment company for a $40 million convertible note investment. The key terms of the convertible note are consistent with market precedent transactions, and the investment will be subject to various conditions precedent. QPM has granted the potential note investor an 8-week exclusivity period to finalise the transaction. The potential note investor has also subscribed for $2 million of shares in the placement. With these two transactions, QPM has established a clear pathway to funding the development of the 112MW IPS, including a $180 million joint project finance facility, the $40 million convertible note, and the proceeds from the placement.

QPM is targeting a Project Finance of $180 million through Macquarie Bank Ltd and NAIF. The company is also progressing towards finalising transaction documentation relating to the $40 million convertible note facility.

QPM is targeting contractual close for the Project Finance facility by the end of the March 2026 quarter. The company is also making strong progress on obtaining the relevant development approvals and a Connection and Access Agreement with Powerlink Queensland, which are key conditions precedent for the drawdown of the Project Finance and convertible note facilities.