Ann: Stanwell Transaction, page-123

"800ktpa over 5 years is 4mt in total for a value of $150M USD."

For value-oriented retail holders watching this rubbish - note the incorrect term "value" - maybe "cash" is correct, but this is just a deliberate misdirection. We negotiated $75m to $150m prepayment from a long term client in cash to help us stay in business because they (Stanwell/QLD gov) really want that and our assets are genuinely/long term valuable. And we stuffed up and spent money a little too easily in hindsight we shouldn't have because the Met Coal price was way worse than expected. Okay, the promised Price per Tonne is not market price/amazing but it's okay and actually it's a small part of our business and of note (based on the announcement) completely unrelated to $150m.

As a retail investor, this is a medium risk (but very volatile) potentially high payoff punt - it used to be high risk but now has runaway as of the recent announcements. Medium risk because the market cap implies there is a material chance it is going onto VA and you will lose your money. The coal resource asset value (at cheap prices) minus the net debt vs the EV is priced for nothing good happening from here.

You are not guaranteed to make money here and price is volatile and you could lose money but CRN is not going into VA,

As others have said here, the Stanwell relationship is not the main game once the rebate is gone. Short term we get to see if sleepy and uninvested management are actually able to implement signalled effeciencies. If they can then maybe it can win back insto investors who have been badly burned. Mgmt did well so far this year, I'm willing to bet they were asleep not complete idiots and deck chairs will shuffle from here.

After that we get leverage to Met Coal price from approx cycle lows. Not predicting when it changes at all just better to buy hoping something good happens rather than buyomg high hoping something bad doesn't.

I am biased, I have a significant chunk of my money in here now but happy to be patient. Bear that in mind if I sound like I know something.

GLH.