QPM General Discussion Thread, page-604

The forthcoming third offtake (an enormous reveal) is surely geared towards securing finance and perhaps a hint that they are getting closer. Lenders would want the comfort of there being a buyer lined up for all of the TECH Project's output. Recalling that the LG and POSCO offtakes came with equity investments in QPM, I wonder if something similar or maybe a prepayment will feature in this one. Assuming this new offtaker hails from a different country, it will also bring their country's policy banks into the debt financing equation.

There also remains the distinct possibility of the New Cal miners coming in for equity participation in QPM or the TECH Project, as alluded to by both SLN and SMT.

Taken together, there is potential for the size of the eventual equity raise from the market to be smaller than would otherwise be expected.

It is also a pleasant surprise to hear about a PFS for phase 2. The fact that they have even thought about this hints that they are comfortable enough about phase 1 coming to fruition.

Many thanks to @Stanley1987 for this massive find.

All IMO and GLTAH.