Receipt of R&D Tax Refund

Queensland Pacific Metals Ltd (ASX:QPM) (“QPM” or “the Company”) is pleased to announce that it has received a tax refund of $10.2m, relating to the R&D Tax Incentive for the 30 June 2022 financial year. QPM’s current cash balance is now $45.2m.

Highlights

• $10.2m R&D Tax Incentive refund received for 30 June 2022 financial year.
• Current cash balance of $45.2m leaves QPM well positioned to advance the TECH Project in parallel with debt funding process.

In parallel with the Company’s debt financing initiatives, QPM will continue to advance the TECH Project with work streams relating to:

• Detailed engineering and equipment testwork;
  
• Gas supply chain; and
• Lansdown site works.

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