A New Sunrise - April 2021, page-234

QPM just sold ~ 10% of their company for $15 mil

In 2017 at the PFS stage SRL sold  ~ 16% of their company for $81 million

In order to do this QPM has now signed away 100% of their PFS Ni Co capacity.

In October last year QPM also signed a non binding offtake with LG Chem for 100% of their PFS Ni Co capacity.

At the PFS stage QPM has signed away 200% of their Ni Co capacity, while SRL has only signed away 20%.

Grocott has stated that they plan to double production capacity, but QPM are yet to provide specifics.

What is holding SRL back is the fact that Riggal, Friedland and Stockdale have said that the reason they won't sign an offtake is because they want to keep some supply free for a partner.

A partner can provide SRL with capital to build the mine and they would be able to lock away 80-100% of SRLs Ni Co capacity for 25 years or more. This is not an option with QPM.

IMO Grocott is great at appearing to kick goals, but a company looking for a secure supply of Ni and Co is not going to invest a significant amount in QPM because according to QPMs own numbers they can't really supply anymore Ni and Co.