Ann: Quarterly Activities Report, page-5

So current enterprise value, including cash on hand is less than $2 billion. At end of Feb i estimate EV = $1.8 billion, assuming notes converted (i.e. higher share count and keep the $200m cash).

2nd QTR EBITDA $310million.

Price currently about 12% higher, which will add about $60 million EBITDA to quarterly numbers. Already one month locked in, + "very robust forward order book" - i think from this we can safely say 3rd QTR pretty much sold at current elevated prices, and potentially much more.

So lets say $370m EBITDA / qtr current run rate = $1.5 billion pa.*

Therefore current enterprise value is 1.2x EBITDA run rate.

By my calculations they will have something close to $1.50 cash backing in 12 months AFTER TAX ALLOWANCE of 30% AND CAPITAL COSTS!

Also, Acland Stage 3 still sounds like it could happen, so lets call that a free option on the upside.

Very amusing that this is being sold down today.

* The only unknown in earnings is that Acland coal is now fully depleted and sold. My understanding is that there was not much profit generated from Acland sales due to the high cost on books, so it shouldn't impact EBITDA much.