QEM to acquire 2 US critical minerals projects

• QEM completed conditions to acquire Freshwater Metals and its two Idaho-based exploration projects.
• Following the market update, QEM shares traded lower during the Aug. 3 trading session.
• The business stated the projects are intended to address domestic supply vulnerabilities for critical minerals.

QEM (ASX:QEM) will proceed with the acquisition of Freshwater Metals and its two United States critical minerals exploration projects.

This transaction follows the completion of detailed due diligence conditions announced in April.

Oakley Capital Partners originally introduced the target projects to the business prior to this final agreement.

The acquired assets include the Big It Project, which the company stated has documented tungsten shipments.

Following the announcement, the QEM share price was down at A$0.015.

The company noted the acquisition aligns with a US$12 billion government policy initiative regarding domestic supply.

The business also retains full ownership of its Julia Creek vanadium asset in north-west Queensland.