Bowen Coking Coal (ASX:BCB) appoints new CFO, page-16

Extract from report
The 33Mt Broadmeadow East Coking Coal Project, acquired in Sep 2020, is just
one of a pipeline of quality Projects being developed by BCB. Expedition of
commercialisation via third party infrastructure agreements presents a material
near term catalyst. Further to which, we see a clear discrepancy with the market
attributing little value to the low capex, early production option at Isaac River
or the large “Company Maker” Resource of 177Mt at Cooroorah. Growth to the
Hillalong Coking Coal Project - in JV with Sumitomo – looks to have momentum.
The Farm-in Agreement agreed in Nov 2019 provides for Sumitomo to earn a
further 20% by funding a second phase of exploration. This effectively provides
a look-through Valuation for Hillalong of between $25m and $50m vs BCB EV
of ~$50m. We expect growing market awareness of BCB will ultimately see the
Company trade towards our $0.18/sh Price Target.