Facts Only Please

This thread is for facts only. I ask that HC Posters post all relevant factual information relating to QIN / Glaucus on this thread to make it easier for QIN investors. There are currently too many different threads which makes it hard to sift through all the information. I also ask that posts which are opinions only are not posted on this thread.

I will start this discussion with some key relevant facts relating to price, and intend to come back later with some other helpful facts on other topics:

1. The auction prices for wild sourced Indian Sandalwood in India have increased steadily from AU$30,900 per tonne in 2000, to AU$212,409 per tonne in 2015, an annual compound price increase of around 14% and a total increase of around seven times in 15 years. [ Ref: TFS Indian Sandalwood Project 2016 Retail Investment Offer, Product Disclosure Statement, available on the QIN website ]

2. QIN recently acquired 40 tonnes of heartwood at a price of AU$131,000 per tonne (oil equivalent price of approx US$2,690 per kg assuming 3.7% yield). [ My comments: This is not an artificially inflated price, as it allows QIN to make a significant margin on reselling the timber or making and selling oil, except to Lush Cosmetics, see below. ]

3. Glaucus has quoted a weighted average price of imported sandalwood oil at USD 551/kg, from Indian customs import data for 2014-2016. [ My comments: They do not say what type of sandalwood this was. ]

4. QIN has been recently selling its Indian Sandalwood oil to multiple major customers for around US$4,500 per kg, and timber to a customer in India/Middle East for around US$155,000 per tonne (oil equivalent price of around US$4,200 per kg assuming 3.7% oil content). They sell oil to Lush for only US$2,000 per kg based on a legacy 2008 contract. [My comments: These prices are reasonable based on the actual auction prices being achieved in India for Indian Sandalwood. ]

My conclusion on the Glaucus report: By not stating the type of oil on which their stated price of USD 551/kg is based, and by not stating any Indian auction prices or actual prices being currently achieved by QIN for Indian Sandalwood, both of which are readily available, the Glaucus report is misleading to QIN investors. I will leave it to others to determine whether this is intentionally misleading.