Queensland Pacific Metals Ltd (QPM) is pleased to announce that it has been awarded an $8 million grant from the Australian Federal Government under the International Partnerships in Critical Minerals program.

Receipt of the grant is subject to matched funding and an agreed project scope. As previously announced (Refer ASX Announcement of 22 April 2024), the Company has been working with Government and key stakeholders to secure independent funding to advance the TECH Project.

This grant represents a significant step toward achieving this outcome. QPM has made significant strides in de-risking the TECH Project. The final commercial validation stage involves test work, piloting and engineering to produce a high-quality Bankable Feasibility Study (BFS). Funds received under this grant will be applied towards completion of this project validation work. In line with Company's strategic focus on growing its' energy business, the matching funding required to support this grant will be indendently sourced. Discussions with commercial partners and the Queensland Government to secure these funds are ongoing. It is QPM's continuing intention that expenditure on the TECH Project will be sourced from independent, external parties and will not impact the Company's Gas and Energy Business. This could take the form of joint venture, a separate entity owning the TECH Project or other commercial structure.

QPM Non-Executive Director Dr Stephen Grocott commented, 'We are grateful to the Australian Federal Government for their support through the International Partnerships in Critical Minerals program. This grant is a testament to the attractiveness of the TECH Project for high quality, excellent ESG battery materials production.'

FORWARD LOOKING STATEMENT Statements & material contained in this ASX Release, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of QPM, industry growth or other trend projections are, or may be, forward looking statements. Such statementsrelate to future events & expectations and, assuch, involve known and unknown risks & uncertainties. Although reasonable care has been taken to ensure facts stated in this Release are accurate and/or that the opinions expressed are fair & reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results & developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this Release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Contact:

Tel: +61 7 3517 5900

Email: info@qpmetals.com.au

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