bgf research valuation 22cps/ $4.40 post

excerpt from report released late last week " The company is targeting an initial resource of 200mt and Canaccord BGF believe this is a realistic target which we expect to be valued at $150m (in situ of $.75/t ) based on semi soft coking coal /thermal mix. This provides an indicative value of about 22cps ($4.40 on a post consolidation basis) on the current capital structure. It is expected that the company will define its initial JORC resource within six months

the report sees CEO valued at 22c EV/Res per tonne vs peers AKM 90c/ GUF 37c and HUN 68c