Ann: Acquisition of Sewa Bay Nickel Project, page-16

Updated scoping study includes on page 2

"It must be noted that the capital expenditure quoted in the table above represents the incremental capital expenditure required to build the HPA plant. This capital expenditure is over and above the capital expenditure of US$349M required to construct the TECH Project as outlined in the December 2019 PFS. All financial figures also reflect the HPA plant on a stand alone basis. Because these are Scoping Study level outcomes, it is not possible to simply combine the financial information with the December 2019 PFS results. This will happen when QPM completes PFS level work for the HPA plant."

It's nonsense to use the current market cap and compare to other HPA projects when $500-$600m needs to be raised.

There are a few narrow nickel laterite intercepts at the new project in PNG to fall back on but don't expect the market to get excited.

If I was a holder, I'd be asking Downie if any of his fellow vendors dumped their shares in recent days. If they did, what happened to the 1 year voluntary escrow initially announced?
Lucky for the vendors that the company engaged an independent expert with such optimistic valuations to get their 116m milestone shares over the line beating the hurdle by 0.1%

QPM vendors

John Downie 29,935,033
Robert Pearce 29,935,033 (5.02%) no sub holder notice released
Andrew Matheson 29,935,033 (5.02%) no sub holder notice released
John Khoo 5,831,501
Shriver Nominees 5,994,000