to all nqm shareholders 5 reasons to, page-6

Rameez,

You raise good possibilities. Let me play devils advocate.

I can think of a few who've had positive DFS's with difficult ores and failed. Apex is a recent big one, with its refractory ore. This metallurgy here is more difficult imo. I would think any off-take agreement is likely to be a non binding MoA at this stage.

We are talking about possibilities and surprises are always possible. Its all interesting. I prefer to give weighting to the certainties.

The hard logic in my first post cant be skirted. CQT have launched the offer for their own benefit, in the simple hope of picking up cheap assets from NQM holders. There can be no other substantive reason here. Everything else is window dressing or whats known as rationalisation, where selective peripheral facts are emphasized to support an inbuilt view. We are all susceptible to it.

The only certain benefit is that it's raised NQM's profile.

HSK launched the merger proposal in defence.

Good luck with your CQT holding.