why is this so cheap to afr, page-7

DDzx, always good to hear your thoughts on these things.

My position in the stock aside, I personally see it this way. Of course NMR is going to be discounted against the likes of AFR and HDG on a tonnage basis, purely because those two are in the feasibility stage, and NMR have simply put a few holes in the ground. Furthermore, the average CV of HDG's and AFR's coal is around 19MJ/kg, while NMR's is at 17.5MJ/kg.

But do these two matters really make NMR worth only 10% of AFR and HDG on a tonnage basis? That is a matter of personal opinion. You have put forward a good argument suggesting so, as has Denial, just reading his posts in another thread.

I rebut those points of yours by suggesting that if by chance the management of this company do make something of it, and perhaps manage to JV the project with a major down the track, then it will be worth a fair bit more than 0.5/t. And that upside is the very reason why some here have been quite excited by today's news. If NMR can catch up to AFR and HDG, then it will be valued similarly to those two companies, which is a lot higher than 6c/s.

As I said in my post earlier today, I'm just here for a ST hold for the moment, but I will track how the company goes and perhaps return for a LT purchase later on - similar to the strategy you probably know I have with HDG.