current shareprice, page-18

Agree with both posts above... and that's exactly the point, it's priced at these levels because these elements are yet to be in place, that's all part of investing in junior resource companies... if they are, it would already have run off... you are essentially putting faith in how the company is positioned and the ability of management to be able to execute and realise the potential of the resource, the feasibility studies will/should also take these factors into account in evaluating the project - say at this stage, whether it's feasible just to sell the coal locally and whether there is actually a local market for that, etc... if it's feasible just on this basis, then they can proceed and in the meantime work on expanding the upside of the project, etc.

Yes, there is a lot of risk at this stage, but the potential returns are also great - pre-IPO investments at similar stage of developments as AFR regularly realise over 10x, of course on sucessful projects, but IMHO, this one is worth putting a bet on.