QEM Limited (QEM) AI Stock Analysis

• Market Cap: AU$12.12M
• Dividend Yield: N/A
• Average Volume (3M): 135.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.98
• 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: 295,500,370
• 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: 52 Neutral
• Price Target: AU$0.04 ▲(105.00% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by weak financial performance (recurring losses and consistent cash burn), with limited valuation support due to negative earnings. This is partially offset by stronger technicals, as the stock is in an uptrend with positive momentum indicators.

Positive Factors

Low leverage / conservative balance sheet

A low-debt capital structure materially reduces financial stress and preserves optionality for an explorer/developer. Over the next 2–6 months this increases flexibility to fund test work or staged development without immediate solvency risk, aiding partnership or financing talks.

Focus on critical minerals (vanadium)

Targeting vanadium aligns the company with durable structural demand drivers—steel alloying and emerging battery storage use cases. If project economics and scale prove out, persistent end-market demand supports multi-year revenue potential and strategic partner interest.

Active technical de‑risking via test work

Ongoing metallurgical testing and process development are durable value drivers: they reduce technical execution risk, build IP, and provide clearer capex/opex estimates. This materially improves chances of progressing to construction financing or offtake discussions over months.

Negative Factors

Persistent operating losses

Sustained operating losses erode retained capital and indicate the business hasn’t reached a scalable margin profile. Over a multi‑month horizon this undermines reinvestment capacity, weakens ROE, and raises the probability of dilution or reliance on episodic financing rounds.

Consistent negative operating and free cash flow

Persistent negative OCF and FCF means the company cannot self‑fund exploration or development. This structural cash burn creates ongoing funding needs, increasing execution risk, potential dilution and dependency on external capital markets or partners within the next several months.

Volatile and limited revenue history

A stop‑start revenue profile and deeply negative margins show commercial operations aren’t yet proven. Revenue volatility complicates project financing and underwriting, making forecasts and long‑term contracts harder to secure and raising execution risk for development plans.

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

Financials are constrained by persistent operating losses, deeply negative net margins, and negative operating/free cash flow every year, implying ongoing funding needs. This is partially offset by a relatively conservative balance sheet with low leverage, which reduces near-term financial risk.

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

QEM Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:QEM, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.34 is Neutral, neither overbought nor oversold. The STOCH value of 85.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
ATS	56 Neutral	AU$37.41M	-0.51	-13.12%	―	-13.55%	-8.96%
BAS	56 Neutral	AU$25.87M	-8.19	-3.11%	―	7.09%	-275.00%
QEM	52 Neutral	AU$12.12M	-2.13	-147.07%	―	―	-36.92%
GAS	43 Neutral	AU$10.24M	-2.33	-7.92%	―	―	16.52%
PV1	40 Underperform	AU$9.88M	-1.51	-2835.53%	―	―	65.74%
VEN	39 Underperform	AU$8.35M	-1.59	-15.46%	―	-9.56%	87.68%

QEM Limited Corporate Events

QEM Limited Options Lapse, Trimming Potential Share Dilution

QEM Limited has reported the expiry of 250,000 listed options with an exercise price of A$0.20, which lapsed unexercised on 1 March 2026. The cessation of these options marginally reduces the pool of potential future ordinary shares, slightly simplifying the company’s capital structure and removing a small source of prospective equity dilution for existing shareholders.

The notification, lodged as an Appendix 3H with the ASX, confirms that these securities have ceased due solely to expiry rather than conversion into shares. While the change is modest in scale, such expiries can incrementally clarify the company’s issued capital profile and may be relevant for investors tracking potential overhang from derivative securities.

The most recent analyst rating on (AU:QEM) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on QEM Limited stock, see the AU:QEM Stock Forecast page.

QEM Issues 59.1 Million Shares to Support Julia Creek Vanadium and Energy Project

QEM Limited has issued 59.1 million new ordinary shares, notifying the market that the capital raising was conducted without a prospectus under provisions of the Corporations Act. The company confirmed it is up to date with financial reporting and continuous disclosure obligations and stated there is no excluded information that would need to be disclosed to investors.

The additional equity strengthens QEM’s funding base as it advances the Julia Creek Vanadium and Energy Project in Queensland, one of the largest vanadium resources on the ASX with associated oil shale potential. The move underlines QEM’s ambition to position itself as a future supplier of vanadium pentoxide for energy storage and steel, as well as liquid fuels, in response to global demand trends.

The most recent analyst rating on (AU:QEM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on QEM Limited stock, see the AU:QEM Stock Forecast page.

QEM Seeks ASX Quotation for 59.1 Million New Shares

QEM Limited has lodged an application with the ASX for the quotation of 59.1 million ordinary fully paid shares, with an issue date of 24 February 2026. The move formalises the trading status of these securities, signalling a significant expansion of the company’s quoted share base and potentially broadening its market presence and liquidity for existing and new investors.

The application follows earlier disclosures relating to the securities via an Appendix 3B, indicating that the issuance was previously flagged to the market. By progressing to quotation on the ASX, QEM is completing a key step in its capital management plans, which may influence shareholder dilution, trading volumes and the company’s overall visibility within the Australian equity market.

The most recent analyst rating on (AU:QEM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on QEM Limited stock, see the AU:QEM Stock Forecast page.

QEM Defends Disclosure Timing and Confirms Compliance After $1.44m Placement

QEM Limited has responded to an ASX Aware Letter by confirming it considers its recent $1.442 million equity placement to be material information for investors, while deeming the lead manager’s identity and fees immaterial to its share price. The company detailed the timeline of discussions, board approvals and execution of the placement term sheet with Oakley Capital Partners, and noted that the transaction was conducted during an ASX-approved trading halt.

QEM outlined the chronology of firm investor commitments, including managing director Robert Cooper’s decision to participate in the raising, and confirmed that his involvement would be subject to shareholder approval and outside the company’s placement capacity. The board formally resolved to proceed with the capital raising on 16 February 2026, and QEM asserted it complied with its continuous disclosure obligations under Listing Rule 3.1 by announcing the placement once commitments were finalised within the permitted trading halt period.

The most recent analyst rating on (AU:QEM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on QEM Limited stock, see the AU:QEM Stock Forecast page.

QEM Finalises Placement Details and Shelves Plan to List Options

QEM Limited has updated its previously announced capital raising, confirming final placement numbers, including rounding adjustments, for a proposed issue of securities. The company also confirmed it will proceed with the placement without seeking quotation of the associated options on the ASX, indicating a refinement of its capital structure and listing strategy for this raise.

The revised disclosure, lodged as an Appendix 3B update dated 23 February 2026, formally notifies the market of the completed structuring decisions for this placement. By finalising securities counts and opting not to list the options, QEM provides greater clarity to investors on the composition of its new capital and the tradable instruments that will be available on-market following the issue.

The most recent analyst rating on (AU:QEM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on QEM Limited stock, see the AU:QEM Stock Forecast page.

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.