IPO - QEM Limited, page-77

I agree with what you have stated yuk. Was waiting to see your response before I also responded. Your correct that AXF/Intermin are looking at the non oil bearing section to mine. I don’t believe their shale is as charged/oil bearing in the Richmond deposits when compared to Julia Creek but that’s just an opinion from what I have read and researched. I’m not an oil shale expert. Also I do agree that the permit process would differ for Intermin/AXF. For me I still feel the best and most viable approach is to mine the oil shale + vanadium. Although a harder task I think it’s the only path to take to aid in life of mine profitability and viability.

Still waiting for this to list but these delays won’t hurt us. Sentiment is really looking solid for the vanadium sector at this stage with vanadium spot breaching $21usd a pound.