how can a $175m market cap be justified?, page-29

Could it be that they are cash flow negative but don't tell the market why?
Could it be that they're going to have to raise funds again this quarter?
Could it be that they only have a mine with minimal life left and another which is producing coal that needs to be thrown away?
Could it be that they have a management and staff payroll the size of BHP?
Support now clearly at 5 cents.