Bluff was a very expensive mistake. However, things have...

Bluff was a very expensive mistake. However, things have improved substantially since Gerhard's exit. The last 2 quarterly updates are proof (level of detail and transparency).

The latest cap raise is a game changer. Hans Mende (AMCI/Fitzroy) is a savvy investor and operator. There are real and obvious synergies with neighbor Fitzroy (people, mining, washing, logistics, marketing). A merger of Fitzroy and BCB would create a leading global met coal pure play with a combined washing capacity of 10mt and a resource base of more than 500mt.

Apparently, module 1 of the wash plant is running better than hoped for (and was only commissioned late May), and the box cut at Ellensfield South is almost complete. At current prices, the Burton complex should be highly cash generative. There is a working capital lag of 3-6mths, I believe.

Crocodile, Flannery, Regal... they all topped up. I love the fact that Nick recently bought $100k at $0.12 in the open market and participated with $200k in the latest CR - that's real money.