15 bagger

ATU has all the elements of a 15 bagger, that is conservative, long term it could be much more.

The $2.50 takeover offer from Hancock prospecting which has the adjacent landholding, hosts Riversdale mine valued at $600 million. There is a 85Mt resource, with a nameplate coking coal production capacity of 4.5Mt/pa.

The adjacent land holding that ATU holds for its Elan tenements has a 300Mt JORC resource stated in the release on 22/01/19 https://hotcopper.com.au/threads/ann-additional-201mt-jorc-resources-defined-for-elan-project.4610231/

There is still significant upside from the exploration program which is highlighted on page 7 of the following investor presentation to the carbon forum. Note the similarities in land holding to the adjacent Teck coking coal land holding to the west as to the potential scale of what can happen here. Teck is producing 25Mt/pa from 5 mines, with an estimated 1billion USD free cash flow per quarter.
 https://hotcopper.com.au/threads/ann-atrum-presentation-to-carbon-forum.4534509/ 

Metallurgy is favourable as stated in the ann on 04/02/19, refer to graphic on page 5. Low sulphur and phosphorous content with a high CSR makes it a tier 1 product. 
https://hotcopper.com.au/threads/ann-coal-quality-results-confirm-premium-hard-coking-coal.4624689/ 

Mining will be open cut which is just simple heavy earth moving. There is ample infrastructure in the way of cheap power and the site is close to rail access. Permitting is merely academic as if you look on google maps or the investor presentations there are oil drill pads and logging operations everywhere meaning that mining shouldn't be a problem.

For a simple value comparison see page 16 of the following investor presentation. Note that the bid for Riversdale has increased by 200mil.
https://hotcopper.com.au/threads/ann-investor-update.4625949/

GLTA