• IPS development activities on track with FID due by March 2026
• $180M project funding package includes $113.7M debt facility and $40M convertible note
• Equity raise to fund critical pre-construction activities and provide liquidity runway

QPM Energy Ltd is conducting a $30 million equity placement to fund critical pre-construction activities and provide liquidity runway for the development of its Isaac Power Station (IPS) project. The IPS development activities are on track, with FID expected by March 2026. Key workstreams include finalizing the detailed engineering design, securing construction work package contracts, and placing orders for long lead items. The project capital cost remains in line with the feasibility study. On the approvals front, the development application has been lodged and the public notification period is underway, while the Powerlink PWA has been executed and the Connection and Access Agreement is well advanced. The $180 million project funding package includes a $113.7 million debt facility with Macquarie, a $40 million convertible note, and the $30 million equity raise. The convertible note has been agreed to in principle, and the potential note investor has also agreed to subscribe for $2 million of the new shares under the placement. QPM's Chairperson, Eddie King, will also participate in the placement, subject to shareholder approval. The proceeds from the equity raise will be used to order critical long lead items, undertake pre-construction activities, provide liquidity runway to finalize project financing, cover project financing costs, and for general working capital and offer costs.