Ann: Acquisition Presentation, page-29

Webinar was good for anyone who just jumped on.

Ticking some boxes these guys.

Very exciting to see a clear vision for 6-7M output each year if you factor Bluff in - and that's without the sleeping giant in Hillalong plus the others.

Interesting to note the Burton/Lenton convo's with New Hope first started 2 years ago.

A few key points I took away;

- BME up and producing within 6 Months.
- Burton/Lenton within 12 Months-18 Months but spoke as if it would be closer to 12 Months.
- If BME is online in time then they will use funds to help with working capital for Burton/Lenton. I sense BME and possibly Bluff if they get it, will help fund the restart of Burton/Lenton so no time is wasted.
- Nick sounded very enthused by Bluff. Very. Low capital to get it up and running very quickly.
- The overall plan to have essentially a hub/spoke business is superb planning from my side. These guys have been working very hard to piece this all together.

If we can grab Bluff for a small amount of dilution, possibly take on a little bit of debt - then get BME and Bluff generating some cash asap then look-out.

As with many things, especially coal, sentiment can be weak even if return is looking strong, but at some stage if they can deliver the market eventually takes notice. And as referenced already here, the dividends are the big one here. I think the tighter this one remains to be held (good to see Flannery taking a large chunk of this CR), it can only bode well for positive appreciation, regardless of total market sentiment.