IPO - QEM Limited, page-61

Why can it not be a stock for a smart investor?

A smart investor knows that the vanadium market should remain strong for the next 12-24 months and potentially much much longer if the growth in the VRFB battery market continues.

Referring to past vanadium price charts means nothing if adoption of the VRFB battery market really comes to fruition. I truely believe VRFB will be the future.

We know that the vanadium market can go through a very similar run to what was seen with the lithium market 3 years ago. What if this vanadium run is only the beginning of a multi year bull run for the commodity? It’s a strong chance this is the case dependant on the adoption of the VRFB battery market.

One thing I do agree with you is shale is always a different kettle of fish. If this was purely oil shale I wouldn’t be interested. I’m keen to see the economics of extracting the oil combined with the vanadium. With the two combined I think the economics of extraction will be extremely favourable.