Quarterly Activities/Appendix 5B Cash Flow Report
| Stock | Queensland Pacific Metals Ltd (QPM.ASX) |
|---|---|
| Release Time | 30 Jan 2025, 9:12 a.m. |
| Price Sensitive | Yes |
QPM.ASX Reports Quarterly Activities and Cash Flow
- Quarterly electricity and gas sales of $30.8m, up 21.3% from previous quarter
- Completed acquisition of 12.8MW Moranbah Power Station, reducing operating costs
- Teviot Brook South wells successfully completed and commissioned, dewatering underway
QPM Energy Ltd (ASX:QPM) reported its quarterly activities and cash flow for the December 2024 quarter. The key highlights include:- Quarterly electricity and gas sales of $30.8m, up 21.3% from the previous quarter, driven by strong electricity pricing during November and early December.- Completed the acquisition of the 12.8MW Moranbah Power Station, which will deliver an immediate reduction in field electricity costs of over $500k per month, increased electricity revenue through dispatch of excess generation to the grid, and the ability to use waste coal mine gas as fuel.- The Teviot Brook South wells were successfully completed and commissioned, with dewatering underway. Planning is also underway for further drilling later this year.- Overall gas supply declined by 4%, with an increase in QPM Energy's managed production offset by a decline in third-party gas supply due to the suspension of mining operations at the Grosvenor Mine.- During the quarter, QPM Energy generated total electricity and gas sales revenue of $30.8m, a 21.3% increase from the previous quarter.- The company is carrying out a capital works program to optimize the performance of the gas gathering system by de-bottlenecking flow constraints and reducing overall system pressures.- As of 31 December 2024, QPM Energy's cash and cash equivalents balance was $23.8m, with $10m drawn down from the Dyno Nobel working capital facility during the quarter.
QPM Energy expects total gas production and supply required to meet customer and operational requirements to be around 25TJ/day during the planned 3-month TPS overhaul period from April to June 2025.
QPM Energy is planning another drilling program to take place in 2025, which will be funded under the Dyno Nobel Development Funding Facility, to increase its managed gas production levels and mitigate the recent decline in third-party gas supply.