Hi SJ,Thanks for your reply. I can’t fault your logic. Practical...

Hi SJ,

Thanks for your reply. I can’t fault your logic. Practical observations too.

I would like to ask you (and all members on this forum) whether at any time any of us have ever heard management talk about the likelihood of selling BBM coal as high CV thermal (oxidized or not).

Reason I ask that is because not only have I heard mgmt rule it out, I have heard them say to others when asked directly that they do not want the confusion of selling BBM as anything other that PCI or HCC.

Let’s allow for potential misunderstandings and say ‘well surely management just assumed shareholders understand this would not apply to the first barge loads during ramp up phase’.

If we go in that direction then on this forum should we not say to each other ‘CKA might choose to sell the first few barge loads as high CV thermal during ramp up (and get high prices) but that relates to such a small amount of coal that ‘imagining thermal coal prices’ is a bit of fun but for new readers that will not change the overall CKA investment thesis’?

Dont get me wrong, as a shareholder I would love it if CKA sold BBM as high CV thermal, just like you. The reality is I can’t find enough evidence to back that up.

You may have more information that me (in your direct conversations with management) but other have done same and seemingly been told polar opposite stories. Seems management has reduced us all to gossip mongers begging for snippets of news that other professional companies would release as normal operating procedure. It’s a shame, but all here recognize the long history of certain individuals within the company. Sad face.

Still, wishing all here a very happy and safe new year. Let’s see where the management takes this business in 2023.

AM74