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JORC INDICATED IN LESS THAN 2.5 WEEKS!

Recent reports by Stonebridge has an average EV/t for QLD coal explorers with:

Indicated resource: $0.60/t
Inferred resource: $0.30/t

This would equate to $4.32 per share based on 1.2Bt ($720m, disregarding cash).

If we apply a (significant) discounted EV/t of $0.30/t, considering Eromanga Basin is under-developed and coal is sub-bitumous, we still get $2.15 per share!

I believe EER will upgrade significant tonnage to the indicated category, and even increase the overall tonnage at Carlow. There's also the potential for Allambi to bring the total resource at Blackall to over 2Bt in the near future. Also bear in mind that ALL the resource is <100m from surface.

At $0.57/share, EV/t is less than $0.08/t.

So lets face it, despite the great runs we've had over the past week and a half, there's still plenty of upside to go!