QEM provides solid exposure to vanadium through Julia Creek, which could benefit if Vanadium Redox Flow Batteries actually take off for grid storage.

Even more interesting is the US acquisition this week. It’s no longer just a one-project story. Now you’ve got exposure to a bunch of critical minerals (tungsten, fluorspar, rare earths) in the US, which is exactly where governments are throwing money to secure supply chains.

So instead of being stuck waiting on Julia Creek alone, there are now multiple ways this can work.

Still risky and early stage, but if they execute even half decently and the macro tailwinds show up, it’s the kind of setup that can rerate pretty hard.

Held in Strawman and IRL.