The tech side depends on the Government.
If the Australian government backs it, it will get finaced. If not, QPME will be the company and the tech project will die.
Private equity is notoriously difficult in the resource space. It is why most raw materials will be undersupplied in the back half of the 2020s
I worked in this space at the end of the last super cycle into the 2008 crash until 2020. Basically, funding collapsed, the industry knows that there will be a massive deficit, but wont finance until government back ends these types of projects.
The refining capacity is in a terrible space in Austrlaia, Europe and the USA. Until governments back it, we will see QPM type projects languish.
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