Quarterly Activities/Appendix 5B Cash Flow Report

• Continued progress towards development of the 112MW Isaac Power Station
• Gas supply remained stable quarter on quarter with managed production growth
• Electricity pricing was weak due to seasonal conditions and new grid scale projects

QPM Energy Ltd (ASX:QPM) reported on its activities during the December 2025 quarter. Key highlights include continued progress towards development of the 112MW Isaac Power Station (IPS), with a Full Notice to Proceed issued to GE Vernova for the supply of gas turbines, a $113.7m Master Lease Agreement executed with Macquarie Bank to fund the turbine purchase, and progress on NAIF project financing. The company also completed a $30.3m placement to fund IPS development and signed a $40m non-binding convertible note facility with a strategic investor. Finalisation of grid connection terms with Powerlink was another major milestone, and the company lodged a Material Change of Use Development Approval application, on track for approval in Q1 2026. Gas supply remained stable quarter-on-quarter, with managed production growth offsetting a reduction in third-party supply. However, electricity pricing was weak during the quarter due to seasonal spring weather conditions, high coal-fired generation availability, and the commissioning of new grid-scale battery and wind projects. The company elected to divert gas to storage to enable increased generation in Q1 2026 in anticipation of stronger prices. The company ended the quarter with $31.7m in cash and cash equivalents.