speculatively speaking, page-29

The initial GCL deal $60M is not earnings - it is in effect a capital raise valuing the stock at $4.50 per share!

From the Linc website

QUOTE

GCL has agreed to subscribe to a first tranche AUD60 million placement on execution of the joint venture contract suite for 2.5% of Linc Energy's issued stock at an issue price of approximately AUD4.50 per share. GCL will subscribe for a further tranche AUD60 million placement upon the successful completion and commissioning of UCG operations at the first site in China. The subscription price per share for the second placement will be the higher of the subscription price per share of the first placement or 130% of the 30 day VWAP immediately preceding the second placement

ENDQUOTE