Ann: September 2023 Quarterly Activities Report, page-2

Great report, strong sales and production, rising prices. Great times to be a SMR investor. Did it beat expectations? I suspect it did. Comparing these results to Morgan's forecast, mine production is running beyond expectations. Furthermore, Morgan's have a price trailing off, which is not the case in reality. Note: their price target is $4.40

There was a bit of discussion about the coal price index I posted a few weeks ago. The index I posted (3rd chart) is close to the Platts Premium Low Vol HCC from the chart in the quarterly (albeit not perfectly correlated). I suspect that it might be timing differences as this is technically a November 23 contract.. In the last quarter, 31% of SMR's sales were the high value HCC. Conclusion - this index is not perfect for SMR, but it is significant and relevant.