Vanadium is one of the resources firecrackers of the moment, making it the perfect time to try to launch a new vanadium IPO — as QEM is doing.

The price of vanadium has rocketed in the past few years, bringing big returns for stocks such as King River Copper (ASX:KRC), Australian Vanadium (ASX:AVL) and Tando Resources (ASX:TNO).

Queensland Energy and Mining, which has taken “QEM” as its new moniker, reckons it’s a vanadium pocket rocket too — with an oil shale project on the side.

QEM is offering 25 million shares to raise $5 million for a $20 million market cap.

>> Scroll down for a list of upcoming ASX IPOs

It has another $480,000 in the bank according to the prospectus.

QEM was founded in 2014 to develop a vanadium and oil shale project in the Julia Creek area of North Western Queensland.

Most of the funds ($2.8 million) will be used to develop the Julia Creek project while $2.2 million is reserved for working capital and $510,000 will go towards the IPO costs.

Vanadium + oil = the most popular kid in town

The Julia Creek project has three wholly owned exploration permits covering 176 sq km and is near the Flinders Highway and the Great Northern Railway line, which connects Mt Isa to the Townsville port.

The project has an inferred mineral resource for vanadium pentoxide of 1,700 Mt at 0.34 per cent, and a contingent 3C petroleum resource estimate of 589 million barrels.

Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.

Contingent petroleum resources are known, potentially recoverable volumes with a development plan that is not yet commercial, and rated as 1C, 2C and 3C according to low, best and high estimates.

A 1C resource is a low estimate and a 3C is high.

After listing, QEM will start a drilling program and undertake engineering, feasibility and geological studies.

“We want to maintain the momentum in the development of Julia Creek and plan to do this by completing pre-feasibility studies and advancing our knowledge of the most advanced process technologies available, to maximise shareholder value,” QEM director David Fitch said in a statement.

“While QEM’s primary focus is on vanadium, developing this project will give us the distinct advantage of potentially extracting two product lines from a single resource base, once we have completed more work to establish this possibility.”

Financials

The IPO prospectus points out that QEM is a very new company and says “the entity’s ability to continue as a going concern is dependent on the success of the Public Offer”.

Revenue consists of interest and grants. A cashflow statement for the six months to December 2017 shows $15,124 cash in the kitty.

It owes $1 million via convertible notes, which will convert into equity at the IPO.

The last note was for $440,000 to the IPO lead manager Vested Equities in May, and will convert into 10 million shares.

And in April the company raised $1 million from convertible notes which will convert into 10 million ordinary shares upon listing.

The offer opens on August 14 and runs to September 10. QEM hopes to be listed by September 20.

>> Here’s a list of upcoming ASX IPOs:

Company ASX code Status Focus Fund raising Issue price
1414 Degrees 14D Offer extended to Aug 13 Silicon batteries $30-50m 35c
Aldoro Resources ARN Was due to list Aug 6 Nickel, cobalt $4.5-5m 20c
Althea - tbc Cannabis tbc tbc
AMD Resources - Listing delayed to end of Aug Gold, silver $22m 50c
Andes Resources - Planning IPO this year; prospectus not yet lodged Gold $3-5m -
archTIS AR9 Offer closes Aug 17; Due to list Aug 27 Data security $8-10m 20c
Awati Resources AWA Postponed indefinitely Gold $4.5m -
Biomics Biopharma BBM Delayed multiple times China-based biotech $13-16m 20c
Calix CXL Listed July 20 Water treatment $8m 53c
Candy Club - In pre-IPO rounds; considering float Subscription confectionary unknown -
Carnaby Resources - Prospectus not yet issued Gold unknown -
China Track CTC Delayed; was due to list Jun 11 Bulldozer parts $32-40m 80c
Coolgardie Minerals CM1 Listing delayed to end of Aug Gold $4.25m 20c
Constellation Resources CR1 Listed Jul 30 Nickel, copper, gold $7m 20c
Corona Resources CNA Cancelled Copper, gold $6m -
Cowan Lithium - Spin-off from Tawana. Offer open Aug 30 to Sep 27; listing Oct 8 Lithium $6m - 8m 20c
EcoMag Postponed to late 2018 CleanTech $3m -
Eden Health ETK Was due to list Jul 11 Kiwi fruit-focused AgTech $15.6 - 20m 20c
Euro Manganese - Offer open Sep 5-18; due to list Oct 1 Manganese $5.2 - 8.8m 26c
Frugl Pre-IPO funding; plans Sep listing Grocery price comparison tba -
GeoCrystal GDC Listing delayed Diamonds $5-7m 20c
Golden State Mining - Offer open Sep 3-28; listing Oct 12 Gold $4.5m - 5.5m 20c
Haixi Pharma HXP Delayed multiple times China-based, pain relief biotech $25 - 30m 50c
Hao Xian Yang - - Beef, mutton and vegetarian meat $1 - 1.5m 20c
Identitii ID8 Offer open Aug 16-31; listing due Sep 19 Blockchain $11m 75c
Kaiyun Holdings - Closing Oct 15; due to list Oct 29 on NSX China-focused copper and gold $3 - 4m 20c
Keytone Dairy KTD Listed Jul 18 NZ dairy powder exporter $12 - 15m 20c
Kingwest Resources KRW Offer closed; Listing delayed to Aug 23 Gold $5m 20c
Kleos Space KSS Offer closed Jun 21; listing delayed Surveillance satellites $11m 20c
METALS 479 - Cancelled Silver $5-7m -
Moho Resources MOH Due to list Sep 29 Gold, nickel, copper $4.5-6m 20c
Montem - Due to list Sep 27 Canada-focused coking coal $15-20m 50c
Neuroscientific Biopharma NSB TBA, was due end of July Alzheimer’s $5-6m 20c
Nicheliving NLH Extended to Sep 14 Residential developer $5-12m 50c
Nickel Mines NIC Listing delayed to Aug 20 Nickel $200m 35c
Norwest Gold - Spin-off from Australian Mines (ASX:AUZ) due to open in Sep Gold and base metals $2.6m -
Ocean Guardian OCG Cancelled Shark deterrent $5m -
OneAtom 12 - Due to list Aug 10 on NSX Water treatment $3m 8c
Power Asia Limited P88 Offer extended Renewable energy $9m 20c
Prospa PGL Postponed small business loans $146m 3.64
QEM QEM Closes Sep 10; due to list Sep 20 Vanadium $5m 20c
Rafaella Resources RFR Listed July 26 Cobalt, copper, gold $5m 20c
Raptor Resources RPL MIA Lithium, copper, iron ore $4-4.5m -
Rong Yu Pharma RY8 Delayed Traditional Chinese Medicine $14-20m 20c
Secure2Go Group S2G Postponed indefinitely Cyber security $4-5m 30c
Spreedbox SBX Delayed, was due to list Jun 20 Cloud computing $4.2-$4.9m 20c
Stirfire SFS Cancelled Video games $5-7m 20c
Sultan Resources SLZ IPO closes Jul 27; was due to list Aug 7 Gold $4.5-5m 20c
Tartana Resources - IPO suspended due to ASIC query Zinc, copper $5-6m -
Tempus Resources TMR Due to list Aug 15 Copper, gold, nickel, zinc $5m 20c
Trigg Mining TMG Postponed indefinitely Potash $4-6m -
Universal Biosecurity UBL Delayed Safe pest control $5 million 20c
Vintage Energy VEN Offer closes Aug 31; Due to list Sep 17 Gas exploration $30 million 0.20
Vitalharvest VTH Listed Aug 6 Fruit farms $10m $1
Zaige Waste Management ZGZ Delayed China-based recycling $14-20m 0.2