Ann: Extension of Ore Supply Agreement, page-2

Entree served before Main Course , taking a little longer than predicted , nothing unusual , pleased they have the decency to inform Investors of this . This explains the lack of volume , if you think its a level playing field your living in the Twilight Zone .

EXTENSION OF ORE SUPPLY AGREEMENT
• Term of agreement for supply of high grade Ni-Co lateritic ore from New Caledonia extended from five years to 10 years
• Additional five years of supply available by agreement
• Greater certainty around long-term ore supply improves prospects of securing TECH Project funding
• Current strength in nickel price and potential of Indonesian nickel ore export ban being brought forward also positive for TECH Project

Most importantly, the increase in the term of the ore supply agreement improves the financing prospects of the TECH Project. The longer tenure will provide potential financiers with greater confidence that feed is secured for the life of the plant.
PM1 Managing Director John Downie commented, “The extension of the ore supply agreement demonstrates the clear support of our ore supply partners SMT and SMGM for the TECH Project. Since the acquisition of QPM, the TECH project has been advancing well and our partners have recognised this. The value of this ore supply agreement should not be underestimated in light of the potential Indonesian bans. The high nickel and cobalt grades associated with the New Caledonian ore provides the TECH project with a strong competitive advantage against other projects contemplating the processing of significantly lower grade ore.
We look forward to delivering the Pre-Feasibility Study and continuing to advance in keeping with our project schedule.
” Pre-Feasibility Study (“PFS”) Update QPM continues to advance through its PFS for the TECH Project with lead engineering consultant Lycopodium. As part of the PFS, QPM and Lycopodium have requested quotes from suppliers for various equipment required to construct the plant. The majority of quotes have now been received, however this process has taken longer than originally forecast. As such, QPM wishes to advise that there will be a slight delay with respect to the completion of the PFS. QPM’s expectation is that the PFS will be complete well within the current quarter.