Ann: Trading Halt, page-21

Hi Gresh
The market looks to extremely sceptical that Cokal will ever get this project up. You only need to look at many of the seemingly very positive price sensitive announcements from this company over the last 6 months and how the market has effectively ignored/written them off. Even with a largely new team on board, it is clear the share price is still very much paying for sins of the past.

There is no doubt that funding is the crux of the matter, the make or break, and until a solution is in the bag it's fair to assume that the valuation potential of Cokal will largely be ignored by the market.

However, If in fact they have finally secured the funds to launch this project, the doubts will have to be put to bed. 2m tonnes/year of HCC is certainly a sizeable operation, and correct me if I'm wrong but I believe they have approvals in place to increase that up to a 6mt/ year production limit?
I see the last broker report report in June has a bear case valuation of 8 cents and a bull case valuation of 28 cents using a rather high risk adjusted discount rate, so if funding does in fact land, the share price could well see a 100% plus rerate in quick fashion.