Queensland Pacific Metals : Capital raising presentation

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ersonalINVESTOR PRESENTATION

Re-Energising Australia with Critical Battery Metals Production

Investor Presentation

Dr Stephen Grocott | MD & CEO

| Dec 2021 | ASX:QPM | www.qpmetals.com.au

Disclaimer

This presentation has been prepared by Queensland Pacific Metals Limited ( "QPM" or "the Company") in relation to QPM's placement ("Placement") of new fully paid ordinary shares in QPM ("New Shares") to certain institutional and sophisticated investors in accordance with section 708A of the Corporations Act 2001 (Cth). Petra Capital Pty Ltd ("Petra") and Fosters Stockbroking Limited have been appointed as joint lead managers and joint bookrunners to the Offer ("Lead Managers"). This presentation contains summary information only regarding QPM and its activities as at 13 December 2021. The information is of a general nature and does not purport to be complete or comprise all information which a shareholder or potential investor may require in order to determine whether to deal in QPM shares. It should be read in conjunction with QPM's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange ("ASX"), which are available at www.asx.com.au.

Not an offer

onlyThe information in this presentation is not an offer or recommendation to purchase or subscribe for securities in QPM or a recommendation to retain or sell any securities that are currently held in QPM. The distribution of this presentation in jurisdictions outside of Australia and New Zealand may be restricted by law and you should observe any such restrictions. This presentation may not be distributed or released in the United States, or any other jurisdiction which would be illegal. See the 'Foreign selling restrictions' section of this presentation for more information. In particular, this presentation does not constitute any offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any 'US person' as defined in Regulation S under the US Securities Act of 1993, as amended (US Securities Act). QPM shares have not been, and will not be, registered under the US Securities Act or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares to be offered and sold in the Placement may not be offered or sold, directly or indirectly, to any person in the United States or any person that is acting for the account or benefit of a person in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any applicable US state securities laws.

Not financial product advice

This presentation does not provide investment advice or financial product advice. You should obtain professional advice and carry out your own independent investigations and assessment of the information in this presentation (including any assumptions) before acting. Before making an investment decision to acquire shares in the Company, you should consider the appropriateness of available information, including the Company's other periodic and continuous disclosure announcements lodged with ASX, having regard to your own investment objectives, financial position and particular needs, and seek professional advice from your accountant, tax adviser, stockbroker, lawyer, or other professional adviser.

No representation or warranties

The Company makes no representation and gives no warranties (express or implied) in relation to any information, opinions and conclusions contained in this presentation. The truth, accuracy or completeness of any information provided by the Company in this presentation is not assured or warranted and no responsibility or liability is accepted by the Company, its related bodies corporate or its directors, officers and advisors for any reliance placed on such information. To the fullest extent permitted by law, none of the Company and its related bodies corporate, or their respective directors, employees, agents or advisers, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability from fault or negligence on the part of the Company, its related bodies corporate or any of their respective directors, employees, agents or advisers. QPM accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person, nor any obligation to furnish the person with any further information.

Past and future performance

Past performance of the Company, including share price performance, should not be relied upon as an indicator of future performance.

useThis presentation also contains certain statements which may constitute "forward-looking statements." Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", and similar expressions that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance to differ materially from those expressed or implied in this presentation. No representation or warranty, express or implied is made by QPM that any forward-looking statement contained in this presentation will occur, be achieved or prove to be correct. You are cautioned against relying upon any forward-looking statement.

Investment Risk

An investment in shares in QPM (including New Shares) is subject to investment and other known and unknown risks, some of which are beyond the control of QPM. Shareholders and prospective investors should have regard to the risks outlined in this presentation, including the "Risks" section of this presentation, when making their investment decision.

Eligibility

Determination of eligibility of investors for the purposes of the Placement is determined by reference to a number of matters, including legal requirements, logistical and registry constraints and the discretion of QPM and the Lead Managers. QPM, the Lead Managers and their respective related bodies corporate, directors, officers and advisers, disclaim any duty or liability (including for negligence) in respect of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law. For the avoidance of doubt, the Placement is not underwritten.

The Lead Managers may rely on information provided by or on behalf of institutional investors in connection with managing and conducting the Placement without having independently verified that information and the Lead Manager does not assume responsibility for the accuracy or completeness of that information. The Lead Managers may have interests in the securities of the Company, including by providing corporate advisory services to the Company. Further, the Lead Managers may act as market maker or buy or sell those securities or associated derivatives as principal or agent. The Lead Managers may receive fees for acting in it's capacity as lead manager.

Market and industry data

This presentation contains information relating to the industries, segments and markets in which the Company operates ("Industry Data"). Unless otherwise stated, this information has been prepared by the Company using both publicly available data and its own internally generated data. The Company's ersonalinternally generated data is based on estimates and assumptions that the directors and management of the Company believe are reasonable. In addition to the Industry Data, the presentation contains third party market data, estimates and projections. There is no assurance regarding the accuracy of such

information and the third party information, and the Industry Data, has not been independently verified by the Company.

Financial data

All dollar values are in Australian dollars ("$" or "A$" or "AUD") unless stated otherwise.

Acknowledgement and agreement

By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this "Disclaimer" section of this presentation.

RE-ENERGISING NICKEL PRODUCTION

RE-ENERGISINGNICKEL PRODUCTION

Capital Raising - Use of Funds

QPM is undertaking a $30m capital raising via a placement to institutional and sophisticated investors

	Sources of funds	Amount
onlyC mpletion of DFS	$15.1m
	Existing cash (as at 31 Oct)	$25.8m
	Cash raised (gross)	$30.0m
	Total		$55.8m
	Use of Funds	Amount
	T stwork - largely relating to capex/opex saving initiatives	$7.5m
	D tailed engineering / advanced vendor engagement / facilitation of long lead items	$12.0m
	ESG initiatives:
use	De-risking waste gas supply chain	$2.1m
		Residue testwork
	 Renewables / hydrogen supplement assessment
ersonal
	Advancing HPA: Testwork / piloting + Feasibility / engineering	$3.0m
	Sewa Bay exploration program - maiden JORC compliant resource	$1.0m
	Approvals / community / site works	$1.7m
	Owner's team, working capital, admin, fees, contingency	$13.4m
	Total		$55.8m

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DFS - Key Findings to Date

DFS aimed at delivering a project demonstrating strong financial returns and addressing key technical risks

only	Benefits
	Positive Outcomes to Date
	Early engagement with key vendors		Design conforms with existing equipment size already in commercial use
			Detailed engineering aligns with such equipment
	Vendors identified for key areas of the flowsheet		Any issues identified early in relation to technical/scale up risk
	use		Equipment similar to current manufacturing designs and in commercial use
		Peer review allows DFS to incorporate opportunities identified
	DFS incorporates ongoing independent review	
	by renowned industry experts		Assist work required by Independent Technical Expert selected by financiers
			Mitigates perceived technical risk
	Capital and operating cost savings identified		Opportunity to enhance project economics
	ersonal		De-risking a significant co-product revenue stream
	Enhanced understanding of Hematite co-product	
	process stream		Provides baseline for marketing/offtake discussions
	Nitric acid recovery likely higher than expected		Potential to deliver operating cost savings
	Pil t plant residue characterization confirms it is		Confirmation of strong ESG credentials - no tailings dam required!
	within statutory guidelines
			RE-ENERGISING NICKEL PRODUCTION	Page | 4

DFS - Key Findings to Date

Work to date has identified challenges which are being addressed

only	How QPM is addressing these
	Challenges
	I dustry wide capex pressure due to high levels of		Value engineering activities evaluating capital cost savings
	global construction activity		Opportunities to simplify flowsheet
	Industry wide manufacturing queues due to high		Early vendor engagement
	use		Owner's team embedded in suppliers' engineering teams
	l v ls of global construction activity	
			Negotiate with key vendors to pre-order long lead materials
	Shortage of skilled engineering resources due to		Increased size of Owners' team required
	COVID disruptions and buoyant industry activity.		Australia wide recruitment despite COVID inefficiencies
	ersonal		Better understanding of lead times for critical items
	Supply chain optimisation	
			Shortening those supply times by pre-order placement or early detailed design.
	Logistics disruptions due to COVID		Completing logistics and transport study to identify strategies to manage equipment ordering
			and transportation.
			RE-ENERGISING NICKEL PRODUCTION	Page | 5