Ann: Company Update, page-52

By the way, found this interesting article

http://www.newshub.co.nz/home/new-z...-stockton-mine-for-bargain-basement-sale.html

"Solid Energy's mines were valued at more than $150 million in 2015. They are being sold for $46 million."
So they were valued at $150m, when things were really, really bad for coal, and BRL doesn't have to pay the clean up bill...

Market cap is 123m, BRL's share of SE's mines is 97.5m (when things were really badly and mines were selling for $1)... now things have turned big time (price has tripled for the coal SE is producing), so lets put a conservative estimate and say BRL's share of SE's mines have tripped in value (even though they would have actually gone from losing say $20 a tonne, to making $70, a much, much larger turn around).
BRL's share now worth 292m + BRL's domestic mines (say, worst case, worth $50m)... BRL should really be a $342m company conservatively speaking.
Market cap 123m odd, Say they issue another 70% more shares, again, worst case scenario (209m cap with current 12.5c share price).
Still a 133m gap... meaning there is still room to move up another 64% from today closing price, worst (realistic) case scenario... Not including any synergies (potentially hundreds of millions) from any Buller project stuff.

BRL really are creaming it... and it is crazy the share price is remotely close to 10 cents.
Next announcement(s), to be released in under 3 weeks should really, confirm the above, and send the share price skyrocketing... good luck at getting in at anything below 20 cents after this.