Other Potential Offtakey Partners?, page-6

That only works up to a point.
The DFS was 6kt Ni content with 650m $au Capex including contingency.
With 16kt of MOUs, we would already be way past the 1bn$ mark.

There's a limit to the finance small companies like QPM can reasonably expect to be given access to.

If they're able to double from the DFS and go for a 12kt plant, that would already be an amazing result IMO and create plenty of value for shareholders.

There's also the fact that, while the focus is on nickel and cobalt, almost half of the value generated by the project comes from the HPA refinery.
And HPA is a much smaller market that doesn't scale indefinitely without impacting prices.