Ann: Company Update, page-335

I think occasionally the market mis-prices a stock- for various reasons. In this case the perceived injustice of the RCPS's, the uncertainty of the new government, the volatility of the coking coal price, the lack of coverage by brokers, a perception that coal is 'doomed' (and in the long term thermal coal probably is but it still has a long way to run) and just an increasing disinterest in anything 'coal'.
It's not ritzy like lithium but a company like BRL certainly is profitable.
That said, it's not a terrible stock. It is, based on earnings, an inexpensive stock.
That's why, even though I'm holding several million shares I am buying more at 11.5 cents.