Im so excited now!
Binding offtake now signed for 10,000t nickel and 1,000t cobalt, for 7 years is now locked in!
Nickel is at USD 17,000/tonne & Cobalt is 42,000 near enough. Might get a bit more, but Im guessing that decent prices for LG has been locked in though.
Still, this one offtake is worth over AUD300M pa in revenue!
It is at the cost of a $15M in equity and a premium to VWAP.
An amazing derisking of this project now.
Initial PFS was for 500k t ore converting to ~27kt nickel. They are looking at tripling that for the DFS, so a total production of 81kt per annum.
This binding offtake is now 12% of production spoken for!
Still not convinced on the need for a tripling of capacity though. But the DFS will no doubt take all of this into consideration.
A great day to be a shareholder in QPM!
Ann: Investment and Offtake Agreement with LGES and POSCO, page-70
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