Queensland Pacific Metals has been awarded an $8 million grant from the Federal Government under the International Partnerships in Critical Minerals program.

Receipt of the grant was subject to matched funding and an agreed project scope, the company told the ASX.

‘The company has been working with government and key stakeholders to secure independent funding to advance the TECH Project. This grant represents a significant step toward achieving this outcome.

‘QPM has made significant strides in de-risking the TECH Project. 

‘The final commercial validation stage involves test work, piloting and engineering to produce a high-quality Bankable Feasibility Study (BFS).

‘Funds received under this grant will be applied towards completion of this project validation work.’

Main image: Townsville Energy Chemcials Hub (TECH) project graphic

The matching funding required to support this grant would be independently sourced, the company said.

‘Discussions with commercial partners and the Queensland Government to secure these funds are ongoing.

‘It is QPM’s continuing intention that expenditure on the TECH Project will be sourced from independent, external parties and will not impact the Company’s Gas and Energy Business. 

‘This could take the form of joint venture, a separate entity owning the TECH Project or other commercial structure.’

QPM was grateful for the support, non-executive director Dr Stephen Grocott said.

“This grant is a testament to the attractiveness of the TECH Project for high quality, excellent ESG battery materials production,” Mr Grocott said.