Ann: Pause in trading, page-35

Just throwing this out there but with conditional debt funding of approximately A$1+ billion more or less in place, and assuming the debt/equity ratio will be 60/40, suggests a potential capex of around A$1.7 billion for Phase 1. This may seem alarming to some investors but the key is how it impacts project economics (IRR) and most importantly whether adequate financing can be secured. In regard to the former, the DFS shall reveal the answer but it would be folly for the company to release a DFS without robust economics in this market. In regard to the latter, it is a question of whether QPM can raise A$600-700 million of equity from the market and/or possibly from strategic investors.

The quarterly report makes mention of securing additional ore supply to service the GM offtake commitments and I think this could see the New Cal suppliers become strategic equity investors in QPM in a similar vein to the GM partnership (albeit with an upstream counterparty as opposed to downstream). This has been alluded to in past announcements regarding ore supply so it would not surprise me.

The above is just me trying to put the remaining pieces of the puzzle together. All IMO and GLTAH.