the target

Good close at 40c with 4.2m shares traded.

Since the 9b target was announced, the SP has been climbing. Target has been valued at 25c per tonne, the value is $2,25b.
Per share is 2.25b /300m = $7.50. REY is, what? 40c.

A target is the company's estimate of what it would mine. It is not a throw of the dice figure, but a professionally assessed figure, hence there is a value.

Don't take my words for it, before you throw away your REY shares for 40c, I suggest you do a bit of research on valuation of coal targets. Perhaps, 25c per tonne may have been paid and is too aggressive, but even at 5c per tonne, REY is worth $1.50 per share plus a JORC resource of 500mt plus copper assets in Chile plus others, an SP of $2.00 by the end of the year is possible.