profit more than market cap, no brainer, page-191

Most producers should be able to make money at $53 API4 prices. Their problem is that while its not bad from a mining point of view, its a high sulphur, low volatile coal saleable into India but the discounts off API4 for quality just kill it. This was never explained properly (no fault of David's) originally.

Interesting how close they are (almost adjacent) to a TSX listed junior Buffalo Coal which is extremely troubled - terrible quality coal no-one will buy. RCF and some local bank have done their dough on it. Makes you wonder how Euroz gave IKW a $36m valuation and raised $36m. Grade and quality are fundamental to coal.

Coal prices will trend higher in the next year or 2 and Dave has done a good job cutting overheads. perhaps offloading Ranaldo Anthony - one of the original group who never disclosed the quality issues and as a geologist clearly not capable of reading this properly.

Maybe worth encouraging Dave to do another deal?