Ann: Quarterly Activities Report , page-18

This is what I am here for .069 target!
It must be just DJC and us who want to see it get there.


We have produced a discounted cash flow model to derive a valuation for KRL, using as a
base, KRL s stated production objectives, modified to take into account recent events and the
progress of negotiations and development activities at the Company s Mamahak and GPK
coal projects. Our DCF derived valuation implies a total value for KRL shares of A$0.69
per share and a Speculative Buy recommendation on the stock.