The report is a mix of results YTD & results for Sept Qtr so it...

The report is a mix of results YTD & results for Sept Qtr so it will take some analysis to seperate one from the other and to have a fair idea as to how the 2018 year will pan out.

Items to note:

-forecast reduced to 400K-430K ton due to weather impeded loading in Sept.

-most coal sold to date is thermal grade with most of stockpile SSCC

-FOB costs still a low $37-$39 USD

-coal loaded to Sept 30th: 331.6 ton

-coal committed: 80K ton

-(total 411.6K ton)

Commentary: 

While loading delays due to choppy Sept weather is disappointing , there is still hope that TIG can get two shipments more than the forecast

400K-430K ton. This is based on last years shipping window which extended to late November but TIG did not have port stockpiles then to

exploit that extended shipping season.

The financials should be released in the next, so we should have details of the announced positive cashflow which, IMO , won't reflect the years

average sales price because September Qtr sales are mostly the lower valued thermal while subsequent sales will be mostly SSCC, IMO.

IMO, the 400K-430K ton sales forecast for the year is conservative because 411'6 ton has already been sold or committed . All we need is an 

extra 2 shipments in November and the year's volume could be up to 491K ton, IMO.

Given that TIG is cashflow positive by over $5 mil at the end of Sept, any further sales for the remainder of the year will mostly go to the bottom line, IMO, because the port stockpile costs are already accounted for.

What do others think?