Ann: Response to ASX Price Query, page-3

Just remember a stock that doubles from being down 99% is still down 98%, so a very very long way to go.

As mentioned numerous times, the major issue with BRL is that it currently makes no cashflow and has virtually no cash.

So the chances are high that BRL needs to be significantly recapitalised soon.

Then when you add in the corporate governance, capital allocation and operational issues, you're not looking good.

According to management Buller is worth nothing with HCC at $170+. It is currently around $110 and hasn't rallied much.

That said, once it has been recapitalised and a new management team, then it is likely a good way to play a bounce in HCC. Plus, I seriously doubt that with a stronger management team that the HCC price needs to go back anywhere near $170 for Buller to make money.

This would be a neat little project for someone like X2 Resources. Bet they could make it work with the coal price at these levels.