QEM Limited announced that GSA Environmental (GSAe) has completed the first round of vanadium extraction testing which involved the roasting of samples provided, post shale oil extraction, followed by acid and alkaline leaching test work. GSAe was engaged to conduct comprehensive testing into multiple processes for extracting vanadium from solids generated during shale oil recovery. Samples of Julia Creek oil shale (post-oil extraction from QEM's pilot plant at HRL Melbourne) were subjected to leaching tests to extract vanadium using a variety of reagents and methods.

Vanadium extraction rates achieved by both acid and alkaline leaching methods exceeded previous acid extraction results, whilst reagent consumption was improved significantly over previous test work with further optimisation work still progressing. Optimisation Studies are now Underway: The results obtained from GSAe's interim report provide important insights into the extraction of vanadium from QEM's Julia Creek Project (JCP). Further studies are now underway to optimise the extraction process and determine the most effective method for the recovery of vanadium and other metals.

Final conclusions should be available in April 2023 and this information will inform its flow sheet development for the wider project.