Bullish Reversal Chart, page-1834

By the end of this 2024, the cash position should be a bit over 217 M AUD (33 M last Dec + 12 months of Jan24-Dec24 = 120 M USD =184 M AUD). This is upper limit of cash with all deposit by Quantum and in reality if it is even 100-150 M AUD at the end of of the year, still a great amount of dilution free cash. If you add up pilot plant progress and upgraded gold deposit/Drill results/Upgraded MRE around 4 M Oz +, I think your figure is not hard to reach.
IMO, market will mostly value the pilot plant progress and continuity of Quantum genuineness with the deal.
GLTAH.