One of the key differences between QPM and SRL is timing.A DFS...

One of the key differences between QPM and SRL is timing.

A DFS is a study based on prevailing parameters at a given point in time. Yes, there are a lot of assumptions and forecasts applied with respect to the future, but these are assumptions and forecasts that are deemed appropriate at the time that the study is completed.

SRL's DFS was completed during a time when costs were much lower. QPM's AFS has been completed at a time of peak inflation.

Lenders are cognizant of these factors. They would be aware that SRL's build costs would likely be higher now in 2022. They would also be aware that QPM's capex estimate has captured significant inflationary pressures (+40% over the past 12-18 months according to industry reports) and has the scope to reduce.

All IMO and GLTA.