IPO - QEM Limited, page-42

I honestly hadn’t heard of them but thanks for pointing it out. Fully diluted cap of 32 million with an EV of roughly 25 million. They haven’t really performed recently with their gold assets which has caused their valuation retrace trading up to a market cap of roughly 57-60 million around March earlier in the year. Interesting one. Gold assets are okay.

They gave away 75% of their vanadium assets to AXF for a 6 million spend over a 5 year time frame.

http://www.axfresources.com.au/our-business/vanadium/

They locked the JV in December 2016. IMO that was a blue in hindsight looking at the price chart of Vanadium but they were obviously focused on their gold projects. Vanadium price chart below. Have circled the date where they gave away the 75% and lost control of the project.




Still doesn’t change my opinion on QEM. Vanadium hasn’t only really come into the mix over the last 12 months and really gained a lot of traction over the last 6 months so I think their timing is spot on with 100% ownership or their project. I’ll definitely have a much closer read into AXF and the work carried out to date. Cheers for the info.