Agree, resource and permitting.
The other upside which has been clearly detailed is the long term pricing forecast for coking coal. This coal would sell at a discount (small discount) to Bowen Basin premium products, however most Australian miners are forecasting long term pricing of ~USD$160/t for the premium products. Current price has been hovering around at USD$120/t after falling as low as USD$105/t during covid...
I believe ATU have been a bit conservative on this front (well at least compared to peers), but happy with this conservatism as mining in the Canadian terrain is significantly harder than within the bowen basin.
I rode ATU up late 2018 and have since sold my entire holding, but will be watching this one closely as the hurdles in front of the company are slowly being overcome.
Ann: Investor Presentation, page-11
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