On my recent trip to US some fund managers I spoke with actually...

On my recent trip to US some fund managers I spoke with actually said the recession has happened, but it wasn't reflected in the pure sense of economic data (2 consecutive quarters of negative growth).
What they are saying is fear of recession saw people change their spending habits and perhaps that has had the desired effect, avoiding a hard landing. Next 6 months will see how accurate these thoughts are.
On your comment as to why QPM still circa 10c, to me it's a combination of uncertainty. Timeline to FID, dilution, etc., directly related to uncertainty of QPM, plus broader equity market, particularly small cap (growth stocks) are all very uncertain as well.
Having said that, my indicators, plus sentiment of investment managers I speak with, has definitely seen a shift towards the positive into the end of 2023. The media continues to beat the fear drum, but those a little closer to the coal face, that I speak with at least, think the rapid increase in rates, might have cooled the inflationary beast, whether that be for now, or for the time being, time will tell.
I think the QPM SP has traded pretty much as expected (and yes, you have flagged a lot of these obstacles).
I do not buy into the fear mongering by the likes of Mr Druckenmiller, Mr Dent etc,. and I have followed these guys (and others for years), as their commentary was very relevant to the business I was in. I think slower economic growth has been achieved, but it's been a soft landing. Once again, time will tell.
In short, I respect your cautious and somewhat accurate calls, but I think it's been pretty obvious that broader risk off sentiment is the major (but not the only) factor weighing on QPM.
I am not calling for an immediate re-rating, or jump in SP, and when I read posts by others saying it will be higher next week, or after a certain announcement etc., I shake my head. However I have enough information to make me believe the stars are lining up, and whether it be later this year, or early next year, we should find ourselves in a much better situation, both from a company perspective (clarity), and from an macro economic perspective, which will be reflected in a higher SP for QPM. No target, just higher.
DYOR & GLTAH