IPO - QEM Limited, page-8

They are well advanced.

Large jorc already established. Inferred resource of 1,700Mt @ 0.34% vanadium. They also have a large shale resource.

KRC have a large inferred resource of 3.335 Mt at 0.29% V2O5 and got to a market cap well in excess of 150 million and still sit with a market cap well over 100 million so it makes QEM appear cheap. They are listing with a 15 million enterprise value if they do list at 20 cents.

The question will be what’s the cost to extract the vanadium + oil together. Speculative investment and definitely could have a lot of interest when it lists.