New to HotCopper here but a long time ‘value investor’ and...

New to HotCopper here but a long time ‘value investor’ and lurker! After seeing the Noosa presentation I got doing some research. Despite the varying opinions on this company I was surprised on two things..1. Asset value ($500M vs much lower market cap) and 2. my personal view that coking coal demand is here to stay. It is cyclical but over the last 25 years cyclical but trending up.

It seems that the quarterly cash is retrospective only so I can’t really find any info about two company liabilities that interest me before diving in at such a low price (unless I’ve missed something). 1. What quantum of QLD royalty grab is owed by BCB since I’m assuming BME and Bluff mine have been footing the bill. Has royalty for Ellensfield even been estimated because it is a different mine, maybe different payment dates could it be building up $$ in the background for the last 12 months or whenever the boxcut finished. 2. The big lender Taurus needs to be paid off but the other debt seems less clear. I read about interest warrants as confusion but no indication who gets paid first Taurus Fund or New Hope(?) or the same time? The payment date for this loan seems abit unclear since reading back to late last year.

There must be some value to be had but the liabilities that may be unknown until whenever the financial year report comes out is what interests me. Could be worth a punt for me with the price now so low as a bargain!