So after spending the summer checking in on Open NEM daily, at...

So after spending the summer checking in on Open NEM daily, at the end of the day the company has answered what many were asking for, a QPME update. Tick.

- Gas production increase of +5-6 TJ/day in 6months. Tick
- Optimisation, workovers & new 3rd party gas supply. Tick
- All licences and approvals for Northern hub and drilling program granted. Tick
- 25 coal mines in the MGP catchment looking to avoid SGM fines and potentially shake hands with Mr Wrench. Tick

Stepping back, some of the off the cuff comments about cash burn just required a quick look at the Dec23 quarterly , thanks @Glish. It was closer to $15M, with the property, plant and equipment line item.

And yes, those expected R&D tax return and CMDP grant funds will cover most of the QPM-related expenditure this Qrter IMO, as remember in the AGM preso, SG stressed the major consultancy workstreams have largely been completed, and cash burn will slow significantly:
Major pre-FID expenditure on the TECH Project is complete – monthly expenditure on TECH Project now significantly reduced as focus has shifted to technical completion activities, optimisation and project funding
Here's where the core QPM management team step in and tie all the pieces together to present to the funding agencies.
I wouldn't expect resignations, quite the contrary. Now's when they are busiest and really earn their keep.

While it can be seen as disappointing that the expenses for Jan-Feb weren't reported along with revenue, remember that QPME are deep in the prep stages of the new drilling program & well workovers and significant effort may be being put into that. The drilling activities are fully funded, coming out of the Dyno Nobel Deferred Funding Facility, unsure about workovers.
Maybe just a case of timesheet hell, with staff having to diligently put the correct job number against their task, whether pure MGP operational or the DN refurb/upgrade project, and it's a case of don't jump the gun with rubbery figures.

In any case, did anyone notice that the drilling program was previously mentioned as 8 wells, kicking off around April, while today's preso has 12 new laterals at Teviot South? The eight were supposed to be from Arrow territory; Teviot is Anglo coal, AFAIK.
May be in addition to, IDK.
Still trying to wrap my head around the gas side, which is I reckon much of the cause of current angst; it's simply outside the wheelhouse of original QPM nickel investors.

Still, remember that New Caledonian mines & smelters number one problem is their high energy costs, compared to Indo.
So to all who disparage the QPME pivot as a red herring, take another look at the tasty fish.
Yes, it's not the main course, but it will stabilise the main's primary non-salary OPEX input over it's lifespan, as well as provide the near-term gravy that financiers may be seeking at present on top of the refinery's meat and potatoes income to sign the FID cheques.

Hoping to see some good news upcoming around Ravenswood Gold and Agripower MOU's being converted to binding supply agreements, which will further solidify revenue/profit. And perhaps a video of this David Wrench preso.

Good to have something new to chat about; let's keep it civil

PS. For those on X, check out QPM's tweet yesterday with a link to The Strategist's article 'South Korea’s demand for critical minerals' which emphasises how our downstream partners are battery powerhouses, but with a potentially rather vulnerable supply chain.
Time will tell whether strategic stability & sustainability overcomes cheap and nasty.