I think that is right and at the current coking coal price, very...

I think that is right and at the current coking coal price, very conservative.
I think the market is waiting to see cashflow figures from the 1st of July until it reacts.
When the projected numbers are seen to be actually real there could and should be some excitement in the media and the market place.
Not without risk of course- the coal price, exchange rate, dependence on the rail link, dependence on the port of lyttelton, natural disasters etc but I would see most of these only delaying production and profits, not destroying the company.
But huge upside, especially if BRL's own coking coal mine is brought into production, funded by cash flow from BT mining.

Well worth the risk IMO with the possibility of less dilution than originally proposed.

If this is seen to be a solid dividend paying earner, even with a much lower coal price, given 12-18 months the market will acknowledge that and the rewards should be evident.

All IMHO.