Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-42

Coal stocks aren't being valued on earnings two/three years from today. Therefore, I can't see how a 10-15c price is achievable in 6-9 months... but... the market can do some funny things. Reading this forum, it looks like a lot of people bought into the hype of Bluff and over estimated the ability of a new player, paid to high a price and now don't want to let it go. I do like this company, but, it's not worth 40c again anytime soon. I'm happy to watch and take my time.

Look again at the numbers in that screen grab I posted above. It uses a PE of 8x... no other coal company trades on such high multiples. Maybe Alpha Metallurgical Resources trades with a five x multiple, but, that's a special case with aggressive buybacks.

@seenitb4 makes a good case with multiples, however, while us$90/t is a reasonable standard to aim for within the industry, its on the low side for BCB. I believe that the company should be able to lower costs, but, there are inherent costs which will make that us$90 cost difficult to achieve, railing, demurrage and port logistics being one of the more difficult challenges. Is that a $34/t railing/port cost? There's no spare capacity on the peak downs rail line and the distal ports are obviously more expensive to use. The challenge of building and retaining a skilled workforce will also be a drag on costs.