Ann: Successful Completion of Entitlement Offer, page-41

I think once the Bulk Sample Permit is approved, the hurdles to then have a small scale mine approved aren't as high. So a 250ktpa mine should be produce 150ktpa of anthracite which would have cash flow of $10-$12m USD per year. Translate that to $15m AUD per year, and at the very least you should have a $150m company, with plenty of upside potential.

So yeah, I agree that $1/sh is not out of the question once the permit is granted, but over the last few months I've seen plenty of companies make big announcements, and sweet F all happens to their share price. If I had to put a number out there, I'd say we'd be 80c-85c a week or two after announcement when things have settled.

Obviously an equity sell down of GHN would give a much clearer indication of valuation, and I think that would result in a much bigger bump in the valuation than just the Bulk Sample Permit.