Ann: Quarterly Operations Report , page-5

Hairy,

$1.6M of EBITDA doesn't exactly refill the coffers.

The Ferr extension is good news but neither Ferr nor Vlakvark are high value mines. Even both together are unlikely to equal the cashflow of Pen, much less DeWitt.

Expect the cash bleed to continue for a while yet.

Was hoping against hope for Bots but I don't like that comment about the coal seams being better developed in the deeper area. Carries the implication that the only part of the tracts with good coal is too deep to mine.