161m debt and 69m cash as per the last 5B. That's net debt of 92m and makes EV closer to 210m, which provides a different perspective to the 120m market cap approach, debt needs to be counted. While the multiples still don't look bad compared to peers, they contain the execution risk... that is... these mines are restarts, have unproven operations and unlike nearly every other coal miner, this one is net debt. They are not going concerns like the BMC mines or Blackwater/Daunia mines.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-38
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