QPM Chart, page-1956

Wouldn’t disagree with any of that, constant box ticking is leading to sustained share price increases, but I feel it’s also strongly supported by a rising nickel price too.
I think the very fact of de-risking more and more will make the stock price correlate more and more closely with the underlying commodity prices, as actual production becomes more realistic. It would probably be reasonable to say that to those less familiar with the scope of products that will be produced (ie traders), QPM is largely considered a nickel play, so getting exposure to the rising nickel prices is one reason to invest or trade here.
I didn’t include further back because I don’t think 6 months ago the commodity price was as relevant, QPM was far more speculative. Now it feels more like the real deal and reaching production is far more certain so commodity prices feel somewhat more relevant now. Just my own opinions though, maybe I am seeing some trends that aren’t there too, but some do seem very clear to me at least.