pending announcements, page-6

Hi exberliner1,

That is a similar story to CNX who recently floated off their uranium interests. CNX are in the UCG business, trying to extract economic value from very deep black coal deposits. They pump oxygen underground and burn the coal in situ, piping the gas to surface to process creating

MNM plan to extract value from shallow cropping cheap to mine brown coal. They have partnered with Exergen, who have developed a cheap scalable method of de-watering the cheap to mine brown coal. This process turns it into a black coal substitute giving a much greater profit, less environmental challenges, and better overall business case. Especially when you consider the muscled partners, off-take agreement and export plan.

CNX currently have a market cap of around $300 million. When Mantle start to define the resource as planned, Mantle's current MC of $30 million will likely head in that direction. As you say with the floating of other assets, and the JV contribution there may be very little dilution on the way.