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QEM Limited (QEM) AI Stock Analysis

AU:QEM

QEM Limited

(ASX:QEM)

Select Model
Rating:39Underperform
Price Target:AUD 0.01â–²(0.00% Upside)
Action:downgraded
Date:10/03/26

The overall score is driven primarily by very weak financial performance and heavy cash burn despite a low‑debt balance sheet, combined with a bearish price trend and high volatility and an unattractive valuation profile with negative earnings and no dividend, resulting in a speculative, high‑risk investment case.

Positive Factors
Very low leverageZero reported total debt and historically minimal leverage reduce fixed financing obligations and financial risk. This gives QEM more flexibility to pursue exploration and technical work without the immediate burden of substantial interest costs or debt refinancing requirements.
Negative Factors
Persistent losses and zero revenuePersistent operating and net losses, combined with zero revenue in the latest annual period, show that QEM currently lacks an established revenue-generating operation. This weak earnings base limits internal funding capacity and leaves future progress dependent on successful project advancement.

QEM Limited (QEM) vs. iShares MSCI Australia ETF (EWA)

-50%0%50%100%150%200%250%AU:QEM-25.00%EWA+15.36%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
AUD 4.38M
Dividend Yield
―
Average Volume (3M)
2.05M
Price to Earnings (P/E)
-1.3
Beta (1Y)
3.20
Revenue Growth
―
EPS Growth
48.31%
Country
Australia
Employees
0
Sector
Energy
Sector Strength
65
Industry
Oil & Gas Exploration & Production

QEM Limited Business Overview & Revenue Model

Company Description

Operating in Australia, QEM Limited specializes in the exploration and development of vanadium and oil shale resources. Its principal undertaking is the Julia Creek oil shale and vanadium project, an extensive site encompassing 249.6 square kilometer...

QEM Limited Financial Statement Overview

Summary

Financial performance is very weak, with no stable revenue, persistent operating and net losses, and consistently negative operating and free cash flow, partly offset by a low‑debt balance sheet with rising assets and equity.

Income Statement

20Very Negative

Balance Sheet

60Neutral

Cash Flow

25Negative
Financial statement breakdown
BreakdownTTMJun 2026Jun 2025Jun 2024Jun 2023Jun 2022
Income Statement
Total Revenue00263.17K0453.40K256.77K
Gross Profit-153.37K-153.37K263.17K-237.99K211.49K174.77K
EBITDA-2.25M-2.25M-2.86M-4.28M-4.76M-2.75M
Net Income-2.42M-2.42M-3.23M-2.04M-4.56M-2.83M
Balance Sheet
Total Assets4.57M4.57M3.40M2.32M3.39M2.64M
Cash, Cash Equivalents and Short-Term Investments4.26M4.26M2.84M1.65M1.97M1.43M
Total Debt0037.17K36.48K140.68K235.33K
Total Liabilities289.13K289.13K566.92K751.70K639.91K818.02K
Stockholders Equity4.28M4.28M2.83M1.56M2.75M1.82M
Cash Flow
Free Cash Flow-2.33M-2.33M-2.92M-4.00M-4.13M-3.35M
Operating Cash Flow-2.32M-2.32M-2.91M-3.96M-3.52M-2.67M
Investing Cash Flow-3,023-3,023-13.48K2.96M-608.68K-684.50K
Financing Cash Flow3.75M3.75M4.11M673.01K4.65M3.45M

QEM Limited Technical Analysis

Technical Analysis SentimentNegative
Last Price0.01

Price Trends

50DMA0.02Negative
100DMA0.02Negative
200DMA0.03Negative

Market Momentum

MACD-0.00Negative
RSI39.53Neutral
STOCH-100.00Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:QEM, the sentiment is Negative. The current price of 0.01 is above the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 39.53 is Neutral, neither overbought nor oversold. The STOCH value of -100.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:QEM.

QEM Limited Peers Comparison

Overall Rating

UnderperformOutperform
Sector (65)

Financial Indicators

AU:QEM against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *65Neutral$15.17B7.614.09%5.20%3.87%-62.32%
AU:SHEAU:SHE47NeutralAUD 9.58M6.099.31%―50.52%―
AU:HE8AU:HE845NeutralAUD 3.88M-0.16-68.12%―-92.63%-8.33%
AU:PGYAU:PGY43NeutralAUD 6.75M-0.55-55.47%―――
AU:XSTAU:XST42NeutralAUD 4.32M-0.99-24.29%―-100.00%75.20%
AU:QEMAU:QEM39UnderperformAUD 4.38M-1.29-85.63%――48.31%
AU:PV1AU:PV137UnderperformAUD 5.70M-0.91-481.65%――-18.92%

* Energy Sector Average

Performance Comparison

0%100%200%AU:QEMAU:PV1AU:XSTAU:SHEAU:PGYAU:HE8Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
AU:QEM and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
AU:QEMQEM Limited0.01-0.01-29.41%
AU:PV1Provaris Energy Ltd0.01-0.00-33.33%
AU:XSTXstate Resources Limited0.01-0.01-52.38%
AU:SHEStonehorse Energy Ltd0.010.0040.00%
AU:PGYPilot Energy Limited0.05-0.04-44.33%
AU:HE8Helios Energy Ltd0.010.000.00%

QEM Limited Corporate Events

QEM Moves AGM Online-First, Urges Proxy Voting and Digital Engagement

Oct 22, 2026

QEM Limited has scheduled its Annual General Meeting for 25 November 2026 at a Brisbane venue, inviting shareholders to attend or participate via proxy voting. The company has opted against mailing hard copies of the meeting notice, instead providing...

QEM pivots from Julia Creek focus with Idaho acquisitions and diversified exploration push

Oct 14, 2026

QEM Limited used the September quarter to accelerate a strategic pivot from reliance on its Julia Creek vanadium and energy project toward a broader, more diversified minerals portfolio. Management emphasised that sheer resource scale at Julia Creek...

QEM launches staged exploration at historic Big It tungsten project in Idaho

Oct 5, 2026

QEM Limited has outlined a three-phase exploration programme for its historic Big It Tungsten Project in Idaho, a past producer of high-grade tungsten concentrates grading 67–75% WO₃ for former U.S. wartime supply. The project, located ne...

QEM Sets Date and Nomination Deadline for 2026 AGM

Oct 2, 2026

QEM Limited has scheduled its 2026 Annual General Meeting for 10:00am AEST on 25 November 2026 in Brisbane, in line with its constitution and ASX listing requirements. The meeting will provide shareholders an opportunity to engage with the board and...

QEM Files Updated Corporate Governance Statement and Appendix 4G

Sep 28, 2026

QEM Limited has lodged its updated corporate governance statement for the year ended 30 June 2026, confirming that the document is current as of 28 September 2026 and approved by the board. The company has provided the governance statement via its we...

QEM Outlines Streamlined Governance Framework in 2026 Corporate Governance Statement

Sep 28, 2026

QEM Limited has released its corporate governance statement for the year ending 30 June 2026, outlining how it applies the ASX Corporate Governance Council’s fourth-edition principles and recommendations. The board confirms that it has adopted...

QEM boosts director equity with new share-based remuneration

Sep 23, 2026

QEM Limited has disclosed a change in director Robert Cooper’s holdings, noting that he has been issued additional ordinary shares as part of his remuneration package. The issuance follows shareholder approval and is structured as equity-based...

QEM Issues 2.3 Million New Shares Under Section 708A Exemption

Sep 23, 2026

QEM Limited has issued 2,297,500 new ordinary shares, as disclosed in a notice to the ASX under section 708A(5)(e) of the Corporations Act 2001. The shares were issued without a prospectus under the Act’s disclosure exemptions, indicating the c...

QEM Issues 34.6 Million Unquoted Options to Adjust Capital Structure

Sep 23, 2026

QEM Limited has notified the market of the issuance of 34,599,999 unquoted options, each exercisable at $0.08 and expiring on 23 September 2029. The options, which form part of a previously announced transaction, will not be quoted on the ASX and are...

QEM Seeks ASX Quotation for Director Remuneration Shares

Sep 23, 2026

QEM Limited has applied to the ASX for quotation of 1,000,000 new ordinary fully paid shares, to be issued on 23 September 2026. The shares are being issued to a company director as part of his remuneration package, following prior approval from shar...

QEM Seeks ASX Quotation for 1.3 Million New Shares

Sep 23, 2026

QEM Limited has applied to the Australian Securities Exchange for quotation of 1,297,500 new ordinary fully paid shares, with an issue date of 23 September 2026. The application, lodged as a new announcement under Appendix 2A of the ASX Listing Rules...

QEM Shareholders Approve Capital Resolutions at General Meeting

Sep 23, 2026

QEM Limited shareholders have backed a slate of capital-related resolutions at the company’s 23 September general meeting, with all items passed by poll. Investors ratified prior placements of shares and consideration stock and approved new iss...

QEM Clarifies Historical Data and Reaffirms Critical Minerals Expansion Plans

Sep 23, 2026

QEM Limited has outlined historical information and exploration context for its Big It Tungsten and Garden Valley Rare Metals Projects, drawing primarily on legacy U.S. and Idaho geological and mining records. The company emphasizes that these histor...

QEM Limited Performance Rights Lapse Clarifies Capital Structure

Aug 26, 2026

QEM Limited has announced the cessation of 300,000 QEMAG performance rights after they expired unexercised on 26 August 2026. The lapse of these rights slightly reduces the company’s potential future share dilution and clarifies its capital str...

QEM flags expansion potential at historic Big It tungsten project in Idaho

Aug 25, 2026

QEM Limited has completed a detailed review of historical geological, mining and exploration data for its newly acquired Big It Tungsten Project in northern Idaho, confirming that the site is a past producer of high‑grade tungsten concentrates...

QEM Limited Calls September General Meeting, Streamlines Shareholder Access

Aug 25, 2026

QEM Limited has convened a General Meeting of shareholders to be held in Brisbane on 23 September 2026 at 11:00am AEST, with the business of the meeting expected to affect shareholders’ interests and voting rights. The company has set 7:00pm AE...

QEM Limited Options Set to Expire Out of the Money

Aug 24, 2026

QEM Limited has announced that 20,769,014 quoted options with an exercise price of $0.14, issued in 2024 as part of an entitlement offer, are scheduled to expire on 30 September 2026. The company notes these options are currently well out of the mone...

QEM Issues 5 Million Unquoted Options Under Employee Incentive Scheme

Aug 21, 2026

QEM Limited has issued 5,000,000 unquoted options under an employee incentive scheme, each exercisable at $0.045 and expiring on 21 August 2029. The options, which will not be quoted on the ASX, are designed to support staff retention and alignment w...

QEM Director Daniel Harris Exercises Performance Rights, Boosting Shareholding

Aug 20, 2026

QEM Limited has disclosed a change in director Daniel Harris’s interests, following the exercise of vested performance rights. Harris converted 300,000 performance rights into ordinary shares at no cash consideration, reflecting an adjustment w...

QEM Limited Seeks ASX Quotation for 300,000 New Shares

Aug 20, 2026

QEM Limited has lodged an application with the ASX for the quotation of additional ordinary fully paid shares. The filing confirms that 300,000 new QEM shares will be quoted, effective 20 August 2026, under the company’s existing issuer code.Th...

QEM Issues New Shares Under Section 708A, Confirms Regulatory Compliance

Aug 19, 2026

QEM Limited has issued 7,333,334 new ordinary shares, notifying the market under section 708A(5)(e) of the Corporations Act that the securities were issued without a disclosure document. The company confirmed its ongoing compliance with key financial...

QEM Limited Seeks ASX Quotation for 7.3 Million New Shares

Aug 19, 2026

QEM Limited has lodged a new application with the ASX for quotation of additional ordinary fully paid shares, signaling an expansion of its listed equity capital. The filing, made under the ASX Appendix 2A framework, confirms the company’s inte...

QEM completes strategic acquisition of U.S. tungsten and niobium projects

Aug 19, 2026

QEM Limited has completed the acquisition of Freshwater Metals Pty Ltd, securing ownership of the Big It and Columbite critical minerals exploration projects in Idaho, U.S. The Big It Tungsten Project is a historically verified past tungsten producer...

QEM director Robert Cooper lifts shareholding through on‑market trades

Aug 10, 2026

QEM Limited has disclosed a change in director Robert Cooper’s interests in the company’s securities, in line with ASX listing rule 3.19A.2. The notice details updates to his holdings and confirms compliance with relevant corporate govern...

QEM director boosts shareholding via exercise of performance rights

Aug 4, 2026

QEM Limited has reported a change in the shareholding of director Timothy Wall, following the exercise of vested performance rights. The transaction, dated 4 August 2026, resulted in Wall acquiring 550,000 ordinary shares at nil consideration and adj...

QEM Limited Seeks ASX Quotation for Additional 550,000 Shares

Aug 4, 2026

QEM Limited has applied for quotation of 550,000 ordinary fully paid shares on the Australian Securities Exchange, with an issue date of 4 August 2026. The new securities arise from the exercise or conversion of existing options or other convertible...

QEM Moves Into U.S. Critical Minerals With Idaho Acquisition

Aug 3, 2026

QEM Limited will proceed with the acquisition of Freshwater Metals, giving it ownership of the Big It and Vaught-Peck Columbite critical minerals projects in Idaho, U.S. The Big It project, a historically verified tungsten producer, and the Vaught-Pe...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 02, 2026