1st coal shipment gone = *** income ***, page-2

I hate to appear to be ramping, and I hate to be seen to be supporting someone because they are obviously a most excellent New Zealander, but I'm inclined to agree.

I think the first step in a re-rate is dependent upon the offtake agreement going through (which I understand will be soon). That might get us into the band that you're looking at.

The remainder of the re-rate is going to be dependent on getting the monthly production figures up - that'll be definitely happening once the rainy season ends, and will be assisted with completion of the docks/crusher area.

From there, its going to be interesting to see whether CES invests in further exploring the Abadi tenement, or start drilling the iron plots. I think I'd like to see the coal expanded, although I don;t know whether the drilling of the existing seams indicates continuance into the remainder of the prospect. Has anyone seen anything about that.

But in short, quite happy to see that we now have started cash inflows. Groovy!