akm jorc out, page-36

"still very hard to understand why 178mt of prime coking coal can only be worth $93m market cap"

3 reasons

First Coal sector is out of favor at the moment just take a look at any ASX listed Coal Stocks chart and you will see 50%-75% declines over the last 12 months

Second the regulatory or potential regulatory changes in Mongolia have really put a dampener on the Mongolian sector

Third the whole market has taken a hit especially explorers

Combine these three things and you get the current share price which I do think is silly given the resource