Mining veteran Robert Cooper at QEM helm
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Special Report: QEM has secured firm commitments for a $2.05m placement to accelerate development of its Julia Creek vanadium and energy project in Queensland.
QEM appoints seasoned global mining executive Robert Copper to replace founding CEO and MD Gavin Loyden
$2.05m raised in placement to accelerate development of the Julia Creek vanadium and energy project
Funds to support vanadium electrolyte plant design, testwork and environmental studies
It has also appointed seasoned global mining executive Robert Cooper as its next chief executive officer and managing director, replacing founder Gavin Loyden who will retire at the end of the 2025 financial year after 11 years at the helm.
The placement and change of guard comes as QEM Limited (ASX:QEM) progresses towards a pre-feasibility study for Julia Creek, one of the world's largest co-located vanadium and oil shale resources.
It has an inferred resource of 2.87Bt of ore at 0.31% vanadium pentoxide and an indicated resource of 461Mt at 0.28% V2O5 as well as a low estimate (1C) contingent oil resource of 6.3 million barrels.
The company is raising $2.05m via the issue of 45.55 million shares at 4.5c each to fund the concept design for the vanadium electrolyte production plant, testwork by the University of Queensland, infill and sample drilling, and environmental studies.
Participants in the placement will also receive one free-attaching option exercisable at 6.5c and to expire three years from issue for every two shares subscribed for.
Leadership transition
Loyden said that with the company in a strong cash position and ready to start a PFS on the Julia Creek project, it was now the right time to retire and hand leadership to a highly experienced global mining executive.
'I am very happy that the company has been able to attract a new CEO with the global credentials that Robert brings to QEM and I'm excited for the future of the company,' he added.
Cooper has more than 30 years of global mining experience, including senior executive leadership and non-executive board roles across the resources and battery materials sectors.
He was most recently managing director of New Century Resources and was chief executive officer of Round Oak Minerals, a wholly owned subsidiary of Washington H. Soul Pattinson (ASX:SOL) prior to that.
Cooper has also held senior roles with Discovery Metals and BHP along with non-executive director roles with Novonix (ASX:NVX), Syndicated Metals and Verdant Minerals.
'I welcome Robert Cooper as QEM's CEO to lead the next phase of our development,' chairman Tim Wall said.
'His deep technical, strategic and commercial background in global metals exploration, project development and operations — along with his experience in the battery materials space — stand him in strong stead to lead QEM through this next chapter.'
This article was developed in collaboration with QEM Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as QEM appoints new CEO, raises $2.05m to advance Julia Creek
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