How Queensland Pacific Metals Accomplished Its September 2023 Quarterly Report Goals

Queensland Pacific Metals Ltd (ASX:QPM) recently released its September 2023 Quarterly Report. The report identifies key highlights, including the completed acquisition of the Moranbah Project, which de-risked gas supply for the TECH Project and transformed QPM Energy into a standalone revenue-generating business. The operating control successfully transitioned to QPME, and a gas management and electricity dispatch team established. QPME maintained stable operations in September with encouraging early results from production and gas supply improvement initiatives occurring in October.

TECH Project Feasibility Work Progress

To efficiently accomplish debt funding, lead engineers Hatch, key suppliers, and QPM's owner's team need to undertake the necessary technical procedures. The TECH Project will be a significant advanced manufacturing plant that requires extensive engineering, particularly to achieve a targeted precision of +/-15% or better across the plant. To date, the extent of engineering has been significant, and the images in the report highlight the challenges involved.

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Capital Raising Completed

QPM announced the execution of a capital raising program in its September quarterly report, which included an initial investment from ore supplier Société des Mines de la Tontouta (SMT) as part of a Memorandum of Understanding for strategic funding. Also, participation by General Motors stays in line with their pre-existing US$69m equity commitment. Such measures ensure that QPM has sufficient funding to advance the TECH Project to a Final Investment Decision and implement operational initiatives at the Moranbah Project.

Debt Financing on Track

QPM is on track to complete the final credit approval for its debt financing per revised target credit approved term sheets. The company is in discussions with government-backed lenders ($1. 4 billion indicative commitment) regarding loan tenor, interest margins, and coverage ratios. Also, short-form indicative term sheets (non-binding) have been received from seven international and domestic commercial banks. QPM remains on target with due diligence, including finalization of significant reports from Lenders' Independent Consultants, required for final credit approval.

Infrastructure Advancements

Commercial arrangements are continuing for supporting infrastructure to the TECH Project, including water, power, and road transport.

Conclusion

The quarterly report by Queensland Pacific Metals Ltd highlights the company's achievements in the September quarter. These include the acquisition of Moranbah Project, which contributes to the development of the TECH Project. QPM also accomplished its capital raising goals, and debt financing is on track for completion. Overall, QPM is positioning to advance its TECH Project and introduce advanced manufacturing to the industry.

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