Ann: Investor Update Presentation - July 2011 , page-11

I would say extremely HIGH.

Using Alphman's previous valuation approach as a baseline

Resource = 3000Mt
EV (@$0.15 per tonne) = 3000 x 0.15 = $450m
Market cap = EV + cash = 450 + 13 = $463m
Valuation per share = 463m/176,683,663 = $2.61

This based on a conservative valuation metric of $0.15 per tonne of resource. So depending how much coal they JORC and how much the market values their coal it could be north of $2.50 by the end of this year if all the ducks line up.