Associated News, page-2387

TPS has turned over ~$3.3m since start of the year with $1.5m coming from yesterday. Looking further at the data, can see that only enough gas to power roughly ~150mw/h during operation when the capacity can be up to 225mw/h (total is 242 but at operation under combined cycle is 225). Plenty of room to further improve how many mw/h the TPS is generating once more gas comes online. This is on top of more volatility events in QLD in the future (as announced by the AEMO) with electricity prices set to continue increasing. TPS doesn't seem like a phenomenal asset right now - however if electricity prices average out at $150, at full operation (6.9PJ/annum) TPS will be generating ~$110m in revenue. At $200 per year (very possible by the time TPS is at full capacity) this goes to revenue of almost $150m per year. That is without ANY gas sales to Dyno Nobel ontop of that, who QPM don't have to repay until 2026 when the new gas sales agreement begins and the money is paid via gas.

I guess it all comes down to the OPEX really. TECH has been delayed to line up with QPME for a good reason and impatience has definitely taken a toll on the stock price. Complete different investment than what QPM was originally years back, but I believe they definitely can get to $50m annualised earnings if OPEX is on point.