IPO - QEM Limited, page-32

I have done a bit of research as I am always interested in new IPOs. Comments below are the basis of my own research so please do your own research based on your personal trading strategies/investment horizons.

- Oil Shale moratorium lifted by the Campbell Newman government in 2013. No oil shale project has successfully been permitted any QLD government prior or since the moratorium.
- QLD Labour government in power till 31^st October 2020 pending election result. IMHO, High degree of risk associated with permitting and approvals and unlikely to get approved until 2021 at earliest. IMHO, no cash-flow until 2023.
- IMHO, not that advanced just at inferred status, multiple stages of capital raising, significant dilution ahead for shareholders.
- IMHO, I like the fact that the deposit is sedimentary, so no blasting, no crushing, no grinding (which can all significantly increase OPEX).
- Vanadium price is holding steady at US$18/lb, probably due to the Chinese mandating of rebar standards.
- IMHO, not really impressed by the board/management in terms of their ability to fully construct and deliver a likely high CAPEX mining/renewable project, never mind one that is as contentious as oil shale.

As prefaced above, please do your own research. Sorry if the above offends anyone and I sincerely wish the company good luck and a successful listing. Just giving my honest opinion for the benefit of my HC compatriots. Take on board or discard my opinions as you see fit.