IPO - QEM Limited, page-60

Thank you Chris, you are well informed on the market, I acknowledge this. I do also like the sedimentary story. IMHO, it is a winner, because Largo/AVL/TMT and all of the hard rock miners will increase their OPEX as they go deeper (simple waste to ore ratio equation as they are in sub vertical dykes).

However, IMHO Oil Shale is not a winner. QEM is an oil shale play and this will not get through the permitting and approvals cycle quick enough. Look at the vanadium price charts, its an erratic and small market (just 180,000 tonnes per annum). The price of vanadium will definitely stay high until 2020, but after then supply will come on and QEM will be unable to raise the CAPEX as IMHO it will not be permitted and approved and the CAPEX will be too high. IMHO QEM is a dead man walking. IMHO Great stock for traders, but not for investors.