Ann: Successful Residue Testwork Reinforces QPMs ESG credentials, page-69

The macro environment has shifted. Debt funding is going to be incredibly difficult to get hold of and rates significantly higher unless vendors have strong evidence of future cashflows. Maybe government will play a bigger role maybe not. Hopefully a strong DFS and pilot operation provides more evidence for smart money to accumulate large positions.

Nickel as a demand side factor will always be there and growing but may temporary fall as the broader market falters. Who knows what happens in the French election and how New Caledonia will react to everything.