Ann: TECH Project Feasibility Study, page-209

I sold rest of QPM shares at 14.5c this morning. The capex is too high. we were told cost will go up 30% doubling the size, but the cost has increased to 3.1x more in 2 years. I understand inflation and raising cost, but I think it is over $400-500m more than expected. I don't know how will company reduce cost or raise $1b extra from other sources. QPM can reduce the cost half if they have plant in NC or in some developing country like Brazil. Sorry to say Australia is not a place for manufacturing/chemical plant. This CTM scoping study for one of NI project in Brazil and it costs US$350m with IRR is over 54%. IMO, QPM is too expensive and high risk compared to CTM/NIC project. CTM can build 4 of similar projects with QPM capex.