Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-28

Opex and Capex costs were stated as a key risk in PFS. I agree that it may be read as a profit warning that will effect overall EBITDA if Opex costs blow out via logistics and labour etc however I would rather QPM management keep us updated on this then Surprise shareholders come DFS.

Steel Rebar prices have dropped nearly 1600 CNY per tonne since the quarterly update due to dampening production and demand towards the end of the month of October. The Chinese government have also been trying to manage the rising prices. Obviously no one has a crystal ball however if this trend continues it will be a big plus for Capex Construction costs.

Added more today on shakeout and will continue to hold into production unless DFS says otherwise but am very confident it will prove to be economically viable.