Post Acquisition Review of Big It Tungsten Project Identifies Significant Expansion Opportunities

This follows the acquisition of all shares in Freshwater Metals Pty Ltd ("Freshwater")2, the owner of two critical minerals exploration projects: Big It and Columbite projects. Big It is a past producer of tungsten, and is also prospective for antimony and gold, while the Columbite Project hosts the Vaught-Peck prospect which is prospective for fluorspar and niobium, and other rare earth elements (REE).

Commenting on the Big It project, Managing Director Robert Cooper said,

“The compilation of the data for Big It demonstrates the clear exploration potential for the project, and provides a platform from which QEM can plan and undertake exploration activities. The combination of historically verified tungsten production at Big It, together with previous significant sampling results for antimony and gold, highlights this potential. The underexplored nature of the project provides an excellent opportunity for the application of a systematic, staged application of modern exploration techniques that will hopefully lead to QEM identifying further mineralisation, and ultimately becoming a domestic producer of tungsten and other critical minerals in the United States to feed a growing market for these critical minerals."

Review Highlights

• Confirmed past-producing U.S. tungsten project with demonstrated W-Sb-Au mineralisation

Big It produced high-grade tungsten concentrates grading 67–75% WO₃, with available historical underground sampling returning individual values of up to 2,980 ppm W, 19.5% Sb, and 11.15 g/t Au3.

• Extensive historical underground development providing early access and reduced cost

Provides direct access to the mineralised system and a platform for exploration, with U.S. Government records documenting approximately 380 m of lateral development, together with raises, winzes and historical stoping.

• Compelling untested depth and strike potential

The steeply dipping mineralised vein system has not been systematically drill tested beneath the historical underground workings, while potential extensions along strike and within parallel or related structures also remain largely unexplored.

• Historical U.S. Government exploration confirmed multiple high-grade tungsten oreshoots

A 1952–1953 U.S. Defence Minerals Exploration Administration ("DMEA") programme identified additional oreshoots, with historical records reporting average grades of 4.45% WO₃ over an average vein width of 6.8" (17.2 cm) and 7.45% WO₃ over 4.3" (10.9 cm), locally supporting the high-grade tungsten tenor of the historically mined vein system.

• Demonstrated W-Sb-Au polymetallic system

Underground rock/grab sampling in 20163 returned individual maximum values of 19.50% Sb and 11.15 g/t Au, demonstrating an important antimony and gold component in addition to tungsten mineralisation.

• Highly prospective Pritchard Formation and structural setting

Hosted within the regionally extensive Pritchard Formation immediately southwest of the prolific Coeur d'Alene mining district, providing a broader geological and structural framework for exploration beyond the mine footprint.

• Clear, cost-effective pathway to test and expand the historical mineralised system

Existing underground development provides direct access for geological mapping and systematic sampling of the known vein system, complemented by surface geochemistry, structural mapping and targeted drilling to test continuity, width and grade at depth and along strike.

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