Ann: Funding Update - 3 Transactions being pursued by the Board, page-87

Any anything positive to add ?

No one has suggested they will receive $200/t for their product

However, a coal spot price of $200/t is much more bullish and opens up many funding opportunities compared to the previous <$100/t

Even allowing for a discount, there is still huge margins at present which make Cokal very undervalued

Also keep in mind the market cap. We are talking a measly $28M. The payback period for anyone considering a takeover would be <2 years once up and running, likely less

It's trading at <7-8% of NPV. It is hardly overvalued by any stretch

Even at 10c and a $50-60M market cap, I'd consider that fair and reasonable whilst we await further finance or bid news