QPM secures A$70.3m for Isaac Power Station development

Queensland Pacific Metals (QPM) has completed a Placement, raising A$30.3 million at A$0.035 per share from institutional and sophisticated investors. This capital infusion will be used to order critical long-lead items, such as transformers, and advance project development activities, targeting commissioning in mid-2027 for the Isaac Power Station (IPS). The Placement was oversubscribed, reflecting strong investor confidence.

Concurrently, QPM entered a non-binding term sheet with an Australian investment company for a A$40 million convertible note investment. This investor also participated in the Placement with a A$2 million share subscription. These two transactions establish a clear funding pathway for the IPS, complementing a targeted A$180 million joint project finance facility from Macquarie and NAIF, which will include rolling in the existing A$113.7 million Macquarie Master Lease Agreement facility.

The proposed issue includes 982,809,973 convertible notes and 866,587,853 ordinary shares, with an additional 25,000,000 unquoted options exercisable at A$0.06. These efforts are crucial for QPM to maintain its project schedule and progress towards the final investment decision for the IPS by the end of the March 2026 quarter.