Ann: Investor Presentation, page-12

I think the move in the SP is more relating to the coking coal price - up to $120/t from $108/t last week. Agree on the conservatism especially vs peers studies. Some really superior qualities to this resource vs peers, low strip, thick high quality seams. Only a couple of percent off benchmark vs something like MR1 which is tier2 13% discount.

Adjust the cost for coal quality and look at the difference in breakevens..