4 plus 2 = 6 billion tons , page-3

Let's just clarify two things. Firstly its not 6Bt, yet. The tenement thus far has had 4.2Bt of coal defined on an inferred basis. Yesterday the company announced that a further 2Bt of coal could be defined in the near future, hence it being a target, not a resource.

Secondly, NMR has a working interest in the project of between 65% and 70% depending on where exactly we are talking about, not 100%. Therefore, NMR currently has approximately 2.9Bt of coal to its name, with the potential to define a further 1.4Bt in the next few months.

Having said that, our current resource alone still beats AFR's total tonnage of 2.7Bt; and blows HDG out of the water, a company with plenty going for it, but little more than 300Mt in net tonnage to its name at the present time.

HDG's EV: ~$16M, 310Mt, 5.16c/t [Av. depth ~90m]
AFR's EV: ~$97M, 2700Mt, 3.59c/t [Av. depth ~80m]
HDG's EV: ~$15M, 2900Mt, 0.52c/t [Av. depth ~110m]

Most importantly, our coal is just as good as that of our peers! You really can't argue with the fundamentals that NMR boasts for the price you can grab some for right now.