15 bagger, page-64

Unfortunately ATU is a bet on the government changing its regulation, or that Comet Ridge of Gina have success in their legal bids against it.

For ATU, as you have pointed out, capital raising will just dilute anyone to the max. The best possible outcome is an acquisition from a company that can play the long game with coal in the ground - which would have to be from a producer not an explorer, or a reversal of the government decisions.

All that said, the mine had an NPV of US$1,395M with Capex of US$773M, IRR of 29% post-tax. It's a question of how you value coal in the ground in a jurisdiction which is anti-mining....

Personally I am going to take a wait and see approach. Dilution could smack it, and nothing will happen quickly at all.