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shen1r

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25/09/21

00:23

Post #: 56339476
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Originally posted by WestonWW: ↑

Other things mentioned on the zoom call

- When talking about the risk of the project Stephen mentioned he’s confident but said it’s not a risk free prospect. He described it using this analogy “If you have one house, it’s too risky to put that only house on it. If you have two houses and an appetite for risk, you could do that. If you have three houses, you’re crazy not to put one on it”. (I may have got a few of the quoted words there wrong, doing my best from memory, should’ve taken notes!).
- When asked what the greatest risk to the
project is he said (jokingly) aside from China invading Taiwan it would be the technical risk and the time it takes to ramp up (ie. that taking longer than anticipated).
- DFS earliest finish by Feb 22 and if not then would be March or April 22. Emphasized the need to get the detail right to avoid delays or problems down the line.
- Flared/vented gas supply MOU - says they’ve been working closely with all partners and hoping to have agreements finalized early next year. Then hoping to have the infrastructure in place and supply ready to align with the start of the project or early on.
- On the appointments of the board he reiterated strongly how rare it is to have such a quality and skilled group of people to work with. He said he’s worked with great groups of people before across his extensive career but this group is as good as any he’s been involved with.
- Some time away from an offtake for the HPA. Said will make up 10% of revenue and can be quite tricky to get right. Planned for 4000tpa as per PFS and aren’t increasing this number with the expansion of the tech project.
- Recently Appointed an operations manager - he said this is unusual given they’re two years away from operation but emphasized they’re being proactive and wanted the operations manager to have key input into the design.

Hope I’ve got all that right as I could, as I said just going from memory. Was a fantastic presentation and Stephen was great as per his other presentations. Was generous with his time and answered all questions happily and thoroughly. Have been a very happy shareholder since I first bought and only feel more conviction and optimism post this presentation.

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This is the second time recently we've heard that HPA will only account for 10% of project revenues.

The PFS project economics reflected HPA accounting for ~34% ($147m/$423m) of revenues, hence why all of us are keen to see some update on it.

Anyone care to speculate where this variation/discrepancy is occurring? Are Nickel prices driving Nickel sulphate to generate most of the revenue % wise? Are HPA prices lower now? Does HPA output not increase with increase of ore processed? Will this cause the DFS economics to be less earth shattering than most of us are expecting?

QPM Price at posting: 26.5¢ Sentiment: Buy Disclosure: Held
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