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Val,

I haven't seen any drilling data so I don't know for sure. I am sure there is some available on QDEX but it's tricky to track down old (70s era) drilling reports when the tenement EPC has usually changed a couple of times at least, and to be honest, since I don't hold stock I haven't been bothered.

I am only valuing it on an EV/ton basis, from what is in the contractors' reports released by Linc. Which is basically this:

- 800Mt JORC resource
- 300Mt identified as suitable for longwall mining
- 2.6m average Corvus II seam, subcropping at 130m
- Probably PCI grade coal - other seams are probably thermal but you wouldn't target those
- 20-30 year mine life @ 8Mtpa

If you have any info on coal quality please share.

So I'm basically basing it on three assumptions:

1. The above info is true (unless I see drilling data I have no reason to doubt it)
2. The above deposit is economically mineable by longwall
3. An EV of $1/t is reasonable for that

You are probably right about the seam splits and the majority of seams being thermal grade but that is irrelevant if the Corvus II seam is suitable for longwall and PCI quality. 130m to top coal is definitely reasonable.

RBS valued Teresa at $450M. Sounds a bit high for me but $250-300 seems about right.

If you have any specific info please share and I may change my assessment. Like I said it's not a high priority research target for me, and I have plenty of other issues with Linc that keep my disclosure "No Position." :)