Ann: Second Black Warrior Cargo Sold, page-6

Long mine life means sit back and enjoy the dividends. It won't trade at a premium valuation as it's not sexy enough but the dividend yield will be double digits plus the capital growth will be exceptional.

Here's a range of best fit peers. If we take the median TEV/EBITDA of ~7x, when we hit our first major milestone of $100m EBITDA that will be +3.5x today's share price at that multiple. Add in all the projects and you're looking at +$400m EBITDA, which at 7x would imply an EV of $3.2bn.

Easy buying at these levels even with an odd delay or slightly discounted cargo.