Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

Yes warmer West Europe temps over Xmas have occurred giving lower coal prices. Mild snow is currently blanketing most of Germany and further east is forecast to mid Feb. Spain, France and Italy are forecast to miss this snow.

So API2 thermal coal prices may be holding lower. That said China is opening up and Met coal prices may be much higher in 2023. They reach US$600/t in early 2022.

AHQ need to produce more coal sales - so therefore they need to mine more coal. Prices are one thing but stops n' starts will continue to hold them back. On this front if new equipment jumps coal production that helps heaps.

Please note that New Elk's refurbished CM was MIA last qtr with entangled electrics (who?). The next CM, due before April, should have no problems.
Real interesting is 'purchases' of $29m in qtr. That used up all cash from the CR! Hence, immediate sales become very important.

Also, new GM New Elk is required to make a clean and safe mine site. Cannot muck this up!

All in I'm disappointed chiefly with production and cash. It would be worth going back to production targets of late 2021 to see how behind we are. Only solid production can turn this around.