Ok some simple mafs. Riversdale Resources was acquired by...

Ok some simple mafs.

Riversdale Resources was acquired by Hancock Prospecting for A$2.70 per share in 2019, valuing Riversdale's 195Mt at A$744m. Therefore, the Hancock acquisition values the resource at A$3.82/t.

After today's upgrade, this values Atrum Coal’s 450Mt + resource at A$1.7 billion. ~10 X current market cap.

Notwithstanding, the fact Riversdale was 1 yr to 18 mths more advanced, the upside over the coming year as the project is derisked, without any further upgrades, is compelling. Although 2020 ongoing fieldwork is expected to get this above 500Mt. Crazy entry into this however you look at it.

Cheers,