is this your second chance at a 20c guf???, page-2

To give you some idea why I'm quietly confident about this stock being a goodun for the next two years, they have their exploration supposedly fully funded over the next 24 months, which should carry them all the way to a JORC. The key here is 'fully funded', so you wouldn't have to worry about dilution bogging your holding down.

In the prospectus they seem to have planned to JORC 60% of EPC2078, and 40% of EPC2075 within the next two years. That would constitute about 100kHa of land being assayed, surveyed, audited and defined.

How much coal could there be over 100kHa, I hear you ask?

Well here is the ratio of resource to surface area of some of the majors working in the Galilee Basin presently...

Adani: 300Mt/1kHa
Hancock: 44Mt/1kHa
Bandanna: 31Mt/1kHa
Waratah: 25Mt/1kHa
Vale: 40Mt/1kHa
Average (excluding Adani): 35Mt/1kHa

35Mt*100kHa would give you a very rough target of around 3.5Bt just from the covered areas of these two tenements alone.

Now if you want to get REALLY dreamy about this stuff (as if I wasn't already), the market normally prices a company at about 10c per tonne of coal resource.

Do the maths on where BAC would trade with 50M shares on issue and a resource north of 3Bt. It is floating at 20cents!! I haven't completed my full due diligence on the directors yet, so I'll let you know if I see anything dodgy about them.

Because a JORC could come as late as 2013, patience will be required, but GUF has shown that the market is willing to pay up over time provided that progress is being made.

Anyways, enough ramping from me, I'll leave you to it.