Ann: QEM Limited commences trading on the ASX, page-27

And as I stated IRC controlling stake only goes down to 25% on many milestones being meet over the next 36 or so months currently they still hold 75% 

And QEM is going to go through the roof on what scoping study ? IRC vanadium project is 1 of 12 projects IRC has interest in .. now you might well be right and QEM V project will be worth 100x more than IRC's 25% in 2-3yrs time(its already been valued 2-3x more)  ...but thats if QEM is still afloat li so many micro-caps don't survive the huge funding costs to even get into production..