IPO - QEM Limited, page-76

Hi sharetrader, thanks for wanting my opinion. The IRC/AXF deposit is very different to the QEM deposit from my read of it. QEM is looking to mine the fresh oil bearing shale, whilst AXF/Intermin are looking to develop the non oil bearing part of the unit. The AXF /Intermin approach makes much more sense as the approvals and permitting process would be entirely different and far simpler as it would just be a standard process (which would still take at least 24-36 months in Queensland). Richmond is approximately 150km's away from Julia Creek. I would imagine all processing would be done on site, otherwise the haulage costs would kill the project. There are now a plethora of ASX companies in this type of unit and the general area (also look at Chalice and Liontown). Mentioned in the QEM Independent Geological Report (IGR) is Multicom Resources (which the QEM IGR States is very advanced). Company looks impressive, but it is private unfortunately. IMHO, Chalice and Liontown are very early stage (but just as advanced as QEM) and could provide the upside which Intermin might miss out on due to their JV structure with AXF. All of the above is just my opinion, please do your own research.