trinity exercises option, page-49

I already know the answer to the questions.

I haven't asked the company but you just need to think rationally about why they wouldn't release certain information. As yourself these questions- If they have positive results would they announce them if they weren't obliged to (yes)? If they had negative results, would they announce them if they weren't obliged to (No).

So with this in mind, I feel the reason they haven't released things like assay results, geophysics etc is because they are probably suboptimal. There would be no other reason for them not to release them. If the geophysics come back with kilometers and kilometers of coal, as a director, I think you would want that to be released.

The same can be said for the drill plan. Two coal hits 7km apart from the initial due diligence sounded great...until you see a hole in between (I think BTE003) that returned zilch. No wonder they waited till the last minute to release it. It wasn't even in the prospectus!

As far as Jade and Andrew go. Well you need three directors for compliance. I think ME mentioned he didn't need any other coal support at board level. I would disagree. Probably doesn't want anyone looking over his shoulder or second guessing him.

Over the next few months, I see the company continuing to drill. They have nothing else to do. If they stop drilling the directors are out of a job. So as long as they keep on digging, they get paid regardless of what they find and what the SP does. I see the SP recovering just over 50c for the JORC. Sad I know but unless they add some thickness, its going to struggle to add value. I once thought $1.50-2.00 as in range...now it just looks like a fantasy.