Ann: KBR MOU and DFS Update, page-188

'Key equipment' was always going to come from somewhere PC. That a company like KBR can possibly guarantee their product is what this announcement (and delay) was all about. The good Dr. S.G. says plus minus equals plus - I am gonna take his word for it.

We can see from - "KBR acknowledges that being a major supplier to QPM and the TECH Project is of strategic benefit, given the anticipated growth for nickel and the successful commercialization of the DNi Process being a game changer for successful and sustainable nickel laterite processing." - that there is no need to go glass half-empty and assume our terms and the arrangement with KBR won't be mutually beneficial...

Also, back to financing, and I feel as if I have seen most ASX companies do feasibility studies, then look for off-takes, then try to negotiate financing...

QPM has already signed binding off-takes (actually 12 months ago to the day) with LGES and POSCO when they became shareholders. So we are looking at a different strategy. From the current announcement (pg.1) "QPM's strategy has been to deliver a feasibility study that is bankable..." And there in, is the difference, imo. DFS will come with commitments from a host of these big players (partners?) and it'll be game on.