Quarterly Activities/Appendix 5B Cash Flow Report

• Completed acquisition of Big It and Garden Valley in Idaho
• Identified potential for tungsten, antimony, gold, niobium, tantalum, and rare earth elements
• Established staged exploration strategy for Idaho projects

QEM Ltd has completed the acquisition of the Big It and Garden Valley projects in Idaho, USA, establishing a new exploration platform in an established mining jurisdiction. The acquisitions represent a step in broadening QEM's geographic and commodity exposure. Reviews of historical geological and mining records have provided encouraging foundations for systematic exploration, particularly at Garden Valley, where several prospective rare-metal occurrences have been identified. At Big It, historical tungsten production supports broader polymetallic exploration opportunities. QEM has adopted a progressive, results-driven exploration approach designed to build geological confidence before committing additional expenditure. The program comprises three phases: Phase 1 - Historical verification and geological assessment, Phase 2 - Target definition, and Phase 3 - Potential drilling. QEM will increasingly favour projects in proven mineral provinces, with strong geological potential, exposure to established commodity markets and opportunities to create value through exploration and development.

QEM is focused on building a stronger, more commercially focused resources company through broader opportunities and sharper investment discipline.