QEM Limited (ASX: QEM), the unique Vanadium and Oil shale explorer, released the Activities update for the June quarter.
During the quarter, QEM effectively managed the COVID-19 environment and progressed on its flagship Julia Creek vanadium and oil shale project.
An extensive oil extraction testing was conducted during the June quarter, the test results announced excellent oil yield recently in July. During the quarter, QEM closely coordinated with the Queensland Resource Council (QRC), to effectively mitigate the impact of the pandemic.
QEM also received an R&D cashback on the expenditures totalling to $205,000 made towards the progress of the Julia Creek project. Any cash backs would be used for working capital purposes.
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