IPO - QEM Limited, page-78

Thanks Chris. I guess that we will just have to agree to disagree on the non-oil bearing vs oil bearing argument! Agreed the Vanadium price is going great guns and likely to stay up for some time. On the processing, what I would say is that to extract vanadium from oil shale, you have to dig up all of the oil shale unit, then heat it up to approx 600 Celsius to melt the rock and bring off the oil (which in the process produces lots of noxious gases - I am sure the Julia Creek/Richmond residents will love that!) and then you treat the fly ash to pull out the vanadium as you would in a non-oil bearing unit. This is why approvals and permitting is going to problem for QEM as no doubt Lock the Gate and Greenpeace will be all over it. This is compounded by the fact that the QLD labour government currently relies upon green preference voting. This is why I would rather go for Chalice or Liontown on the ASX. Above is only opinion. Please DYOR.