We are launching coverage on Québec Precious Metals (QPM), a strategic player in the emerging district of the Eeyou Istchee James Bay territory in Québec. The company is back stopped by the well-drilled (33,000m) La Pointe deposit which is on the cusp of a maiden resource and is part of a larger 874km2 target-rich portfolio of projects. With a property flush with exploration potential and a strong balance sheet (C$6.5M cash) primed for the occasion, our view is that QPM is positioned for discovery in James Bay and should re-rate in the process.