MC is a better way of analysing. The scale will be revealed with the DFS and funding.
At the moment, the management are derisking and building the infrastructure of the company to execute construction in 2022. Once construction begins and we understand the scale, we will have first mover advantage.
In terms of the MC, assuming keystones are met, my assumption is that we we be approaching 1 billion MC conservatively.
Post production, it is really anyone guess.
Overall, I consider that QPM is still a speculative buy looking towards the completion of the DFS and finance . However, imagine if QPM is able to pull of this in 2022, this project is only capped by the ambition of the management.
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