NAIF credit approval

• NAIF approves $72m loan facility for the 112MW Isaac Power Station
• Loan to be provided through the State of Queensland, subject to approval
• Loan to be part of a larger project finance facility with Macquarie Bank

Queensland Pacific Metals Ltd (QPM) has received credit approval for a loan facility of up to $72 million from the Australian Government's Northern Australia Infrastructure Facility (NAIF) to be used to fund the construction of the 112MW Isaac Power Station (IPS). The NAIF loan will be provided through the State of Queensland and is subject to Queensland Government approval, along with execution of documentation and financing conditions being met. The overall IPS Project Finance Facility will be provided by NAIF and Macquarie Bank Limited, with Macquarie's existing $113.7 million Master Lease Agreement to be restructured into a project loan upon completion. The IPS is on track to be the first major gas-fired power station built in Queensland for over 15 years, with a target commercial operation date in the second half of 2027. The IPS will provide critical support to the Queensland grid throughout the energy transition, providing reliable, long-duration generation for over 30 years, underpinned by QPM's independently certified 1,016PJ 2P Reserves and 2C Resources.

The 2025 Queensland Government Energy Roadmap states that the need for new gas capacity is universal across all market outlooks to de-risk the energy system as it transitions over time, and calls for an increase in gas-fired generation from 3.5GW to 6.1 - 8.3GW by 2035. As an emerging, vertically integrated utility company, QPM is well positioned to meet the needs of Queensland's energy system.