QEM Limited (QEM) AI Stock Analysis

• Market Cap: AU$3.55M
• Dividend Yield: N/A
• Average Volume (3M): 135.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: N/A
• EPS Growth: -36.92%
• Country: AU
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 236,400,360
• 10 Day Avg. Volume: 66,739
• 30 Day Avg. Volume: 135,124
• PEG Ratio: -0.07
• Price to Book (P/B): 2.44
• Price to Sales (P/S): 26.21
• P/FCF Ratio: -2.36
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: AU$0.01 ▼(-30.00% Downside)

The score is held down primarily by persistent losses and recurring negative free cash flow, indicating a business not yet generating sustainable earnings or cash. Technicals add further pressure with the stock trading below major moving averages and weak momentum. Low debt is a relative positive but not enough to offset the operating and cash-burn risks.

Positive Factors

Low financial leverage

Consistently low debt provides financial flexibility for a development-stage miner, reducing near-term default risk and preserving capacity to fund exploration or capital programs. This structural buffer makes external financing less urgent and limits fixed charge pressure over months.

Strategic focus on vanadium (critical mineral)

Concentration on vanadium aligns the company with multi-year structural demand drivers for steel strengthening and energy storage alloys. This product-market fit supports long-term project economics if development succeeds, creating potential enduring market access vs. non-critical mineral peers.

Progression of project development activities

Ongoing metallurgical testing and process development are durable value drivers: they reduce technical and commercial risk, refine recoveries and costs, and increase project bankability. Advancing studies improves the odds of transitioning from exploration to development over months.

Negative Factors

Persistent negative cash flow

Chronic operating and free-cash-flow deficits force reliance on external funding or balance-sheet drains; over a multi-month horizon this raises execution risk for studies and tests, increases dilution risk, and can delay critical development milestones if capital access tightens.

Sustained operating losses and negative margins

Repeated operating losses and negative margins indicate the business has not demonstrated a scalable, profitable model. Structurally weak profitability depresses returns on equity and limits internally generated funds for capex or project buildout absent external capital over the coming months.

Volatile and intermittent revenue

Sharp revenue swings and a prior zero-revenue year reflect a development-stage profile with uncertain cash inflows. This variability hinders multi-month planning, increases forecast risk, and complicates lender or partner assessments when seeking project financing or off-take agreements.

QEM Limited Business Overview & Revenue Model

Company Description

QEM Limited engages in the exploration and development of vanadium and oil shale project in Australia. Its flagship project is the Julia Creek oil shale and vanadium project covering an area of 249.6 square kilometers located in the Julia Creek area of North Western Queensland, Australia. The company was formerly known as Queensland Energy & Minerals Pty Ltd and changed its name to QEM Limited in August 2018. QEM Limited was incorporated in 2014 and is headquartered in Surfers Paradise, Australia.

How the Company Makes Money

QEM Limited makes money through the exploration and potential extraction of vanadium and oil shale from its Julia Creek project. The company aims to generate revenue by developing these resources into commercially viable products that can be sold to industries requiring vanadium for steel and battery production, and oil shale for energy purposes. Key revenue streams include the sale of extracted resources and potential partnerships or joint ventures with other companies in the energy and resources sector to optimize the development and commercialization of its projects. The company's earnings are significantly influenced by the global demand for vanadium and oil shale, market prices, and the successful advancement of its exploration and extraction operations.

QEM Limited Financial Statement Overview

Summary

Overall fundamentals are weak: profitability is consistently poor with sizable operating losses and deeply negative margins, and cash flow remains negative with ongoing free-cash-flow burn. The main offset is low leverage, which reduces near-term balance-sheet risk but does not resolve the lack of sustainable earnings and cash generation.

Income Statement

Revenue is volatile (including a zero-revenue year in FY2024 followed by a sharp rebound in FY2025), but profitability remains very weak. The company has posted sizable operating losses every year, with net margins deeply negative (roughly -10% to -12% in recent years), indicating the business has not yet demonstrated a scalable earnings model.

Balance Sheet

Leverage is low, with debt consistently modest relative to equity (debt-to-equity in the low single digits to low teens), which reduces financial risk and preserves flexibility. However, returns on equity are materially negative across all periods due to persistent losses, and the balance sheet is effectively being asked to fund ongoing operating deficits.

Cash Flow

Cash generation is a clear weakness: operating cash flow and free cash flow are negative every year, and free cash flow trends have been uneven (including a decline in FY2025). Cash burn broadly tracks accounting losses (free cash flow roughly in line with net loss), suggesting limited non-cash offsets and continued reliance on external funding or balance-sheet resources.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.54K	263.17K	0.00	453.40K	256.77K	339.33K
Gross Profit	-189.95K	263.17K	-237.99K	211.49K	174.77K	272.51K
EBITDA	-3.07M	-2.93M	-4.28M	-4.76M	-2.75M	-1.32M
Net Income	-3.23M	-3.23M	-2.04M	-4.56M	-2.83M	-1.39M
Balance Sheet
Total Assets	3.40M	3.40M	2.32M	3.39M	2.64M	1.42M
Cash, Cash Equivalents and Short-Term Investments	2.85M	2.84M	1.65M	1.97M	1.43M	1.33M
Total Debt	37.17K	37.17K	36.48K	140.68K	235.33K	24.17K
Total Liabilities	566.92K	566.92K	751.70K	639.91K	818.02K	280.30K
Stockholders Equity	2.83M	2.83M	1.56M	2.75M	1.82M	1.14M
Cash Flow
Free Cash Flow	-2.92M	-2.92M	-4.00M	-4.13M	-3.35M	-1.24M
Operating Cash Flow	-2.91M	-2.91M	-3.96M	-3.52M	-2.67M	-1.24M
Investing Cash Flow	-13.48K	-13.48K	2.96M	-608.68K	-684.50K	0.00
Financing Cash Flow	4.11M	4.11M	673.01K	4.65M	3.45M	-69.03K

QEM Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:QEM, the sentiment is Negative. The current price of 0.02 is below the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 9.02 is Positive, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:QEM.

QEM Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BAS	56 Neutral	AU$15.33M	-34.29	-3.11%	―	7.09%	-275.00%
ATS	54 Neutral	AU$29.10M	-2.88	-13.12%	―	-13.55%	-8.96%
GAS	43 Neutral	AU$10.61M	-2.81	-7.92%	―	―	16.52%
PV1	42 Neutral	AU$10.77M	-3.24	-2835.53%	―	―	65.74%
QEM	41 Neutral	AU$3.55M	-0.84	-147.07%	―	―	-36.92%
VEN	39 Underperform	AU$10.43M	―	-15.46%	―	-9.56%	87.68%

QEM Limited Corporate Events

QEM Advances Julia Creek EIS While Strategic Review Nears Completion

QEM Limited, an Australian resource company, is advancing its flagship Julia Creek Vanadium and Energy Project in northwest Queensland, which contains a large JORC-compliant vanadium resource and significant contingent in-situ oil resources within the same ore body. During the December 2025 quarter, the company progressed key activities for the project’s Environmental Impact Statement and continued environmental baseline and community engagement work, while simultaneously conducting a strategic review of the project and broader corporate opportunities to preserve capital and potentially enhance shareholder value, with the review expected to conclude in the first quarter of 2026.

The most recent analyst rating on (AU:QEM) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on QEM Limited stock, see the AU:QEM Stock Forecast page.

QEM Limited Announces Director’s Acquisition of Incentive Options

QEM Limited announced a change in the director’s interest, with Robert Cooper acquiring 5,000,000 unquoted options as part of an incentive plan approved by shareholders. This move reflects the company’s strategy to align its leadership with shareholder interests and potentially enhance its operational focus and market positioning.

QEM Limited Issues 5 Million Unquoted Options

QEM Limited has announced the issuance of 5,000,000 unquoted options, exercisable at $0.045 and expiring on November 26, 2028. These securities are part of previously announced transactions and are not intended to be quoted on the ASX, indicating a strategic move to potentially raise capital or incentivize stakeholders.

QEM Limited Passes All Resolutions at 2025 AGM

QEM Limited successfully passed all resolutions at its Annual General Meeting held on 26 November 2025. The approval of key resolutions, including the re-election of Timothy Wall as a Director and the issuance of options to Managing Director Robert Cooper, highlights the company’s stable leadership and strategic direction. These developments are expected to strengthen QEM’s operational capabilities and support its growth ambitions in the vanadium and energy sectors.

QEM Limited’s 2025 AGM: Progress, Challenges, and Strategic Shifts

QEM Limited’s 2025 Annual General Meeting highlighted significant progress and challenges in the development of the Julia Creek Vanadium and Energy Project. Despite setbacks in test work for key separation steps, the project achieved milestones such as securing environmental approvals and advancing cultural heritage agreements. A strategic review is underway, expected to conclude in early 2026, to reassess project activities. Additionally, the company underwent a management transition with Robert Cooper taking over as CEO, bringing extensive industry experience. The vanadium sector’s growth is supported by government initiatives, and QEM continues to support renewable energy efforts in the region.

QEM Limited Advances Julia Creek Project Amid Quarterly Report Update

QEM Limited has re-lodged its quarterly report for the period ending 30 September 2025, addressing a query from the ASX by adding a disclosure and correcting inconsistencies. The company has made significant progress in its Julia Creek project, including finalizing a Cultural Heritage Management Plan, completing drilling and groundwater monitoring, and receiving metallurgical test results. These advancements support the progression of the Environmental Impact Statement and strategic review of the project, focusing on capital preservation and exploring opportunities.