Sorry but you made very low quality correlation between WHC SP and coal price. The yellow area I highlighted below is when WHC was earning money with every tonne of coal produced (not "when coal price peaks" as you said). Please compare those with the recent yellow area I highlighted (start slightly higher as cost is higher than before). It's basically 10 times more. I wouldn't be surprised if SP hit $25 in two years at elevated prices + dividends as a gift.
