Ann: QEM Limited commences trading on the ASX, page-24

I understand for the first 40yrs of production the planned 10-15Mtpa mining rate(with downstream metal extraction) is to focus on the higher V grade Lilyvale project which will have more infill drilling JORC 2012 Measured Mineral Resource and to bring the grade upwards as first 400m wide spaced drilling gave .51% to .67% V with high grades of Moly.... ni/cu 

From IRC website

-In addition, the deeper fresh zone from 15-40m depth contained significant oil resources together with the above metals. Further test work on this zone will be completed in 2019 to assess optimal processing pathways and commercial viability.

All work to DFS will be funded by AXF some 6mill AUD then going forward 75/25% split towards production if DFS proves economic  

The way I understand it QEM IPO funding will take the project to scoping study stage?