Queensland Pacific Metals Ltd. announce that it has received positive assay results for the MHP produced from its recent piloting testwork for the TECH Project. As part of QPM's technical team, it engaged leading consultants who are experts in both MHP production and its refining of MHP into nickel and cobalt sulfate. These experts (including specialist David White who has worked with many nickel laterite and MHP producers) have confirmed that the assay results of QPM's MHP are in line with leading MHP products that are currently sold around the world, largely for the purpose of refining into nickel and cobalt sulfate. MHP is currently the preferred nickel feed source for refining to nickel sulfate as the process to do so is commercial, relatively straight forward and has low capital and operating costs. The issue is that there is limited MHP available in the global market, and sulfate producers have had to supplement their feed with nickel metal. Historically, MHP used to sell for around 65-75% of the LME nickel price (for the nickel contained in the MHP). However, with the growth in demand for nickel sulfate, MHP payability has increased significantly. In the most recent quarter, leading nickel analysts Benchmark Minerals reported MHP payability had increased to 84.5% in the recent December 2020 quarter. This percent payability is for good quality MHP products. Inferior MHP sells at a lower percent payability. QPM's intention is for the TECH Project is to sell nickel and cobalt sulfate as a value-add product. However, given that it is a high purity battery chemical, there can sometimes be a period of product acceptance testwork on commercial scale production that must be undertaken with potential offtakers. The ability to sell high quality MHP in parallel with this acceptance period will be a benefit for the TECH Project.