Perspective..., page-2

Quick reminder

QPM :

- 255m$ Market cap
- 1.54 bn Shares on issue
- 47m$ Cash on hand

Planned production :

- 16kt Ni contained = 72kt Ni sulfates
- 1.8kt Co contained = 8.8kt Co sulfates
- 700kt Hematite 66% Fe
- 4kt 4nHPA
- 40kt Magnesia

Current commodity prices :

- Ni sulfates = 6550 us$/t
- Co sulfates = 16940 us$/t
- Hematite 66% Fe = 170 us$/t
- 4nHPA = 25000 us$/t
- Magnesia = 200-1200 us$/t depending on MGO purity

Expected annual revenue :

- Ni sulfates = 471.6m us$
- Co sulfates = 149.1m us$
- Hematite = 119m us$
- 4nHPA = 100m us$
- Magnesia = variable (purity and process reuse)

Total revenue of 839.7m us$ = 1.2 bn au$ per annum at current commodity prices.

Expected OPEX :

163m au$ for 565kt (PFS) = 433m au$ for 1500kt
20% safety margin => 519m$ OPEX per annum

Expected steady state NPAT :

~50m au$ sustaining capex
~30m au$ corporate costs
30% tax

=> 421m$ NPAT

I expect ~2.5bn shares on issue by the time steady state is achieved (~2025).

EPS of 16.84c/share.

As the Capex is the biggest hurdle, much of the value being unlocked depends on the financing package IMO.
From there, it will be smooth sailing.