I think the issue for GOS is they don’t have the rights to other minerals on that Julia Creek license. If they had the opportunity to jointly develop the vanadium and then also oil it would then be a much better looking PFS and DFS for them and the project economics would completely change. That’s the problem when licenses have split ownerships. Same
deal goes for IRC with their 25% ownership. Not being the operator means they just sit back and watch and have no control over timelines.
IPO - QEM Limited, page-54
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