A big limitation for CNX is the small size of the Australian UCG...

A big limitation for CNX is the small size of the Australian UCG industry, which basically comprises only three companies.
This make a comparative assessment of value easy.

Putting subjective arguments about technological superiority and promise aside, CNX has always traded at a fraction of LNC because it (a) is a much less valuable company based on tangible assets; (b) it is genuinely diversified.

All things being equal, CNX will never get back to anything near it's highs unless LNC first achieves significant growth beyond it's current 0.64c SP. LNC was worth more than $5 when CNX was trading in the eighties. I hope it can, and even think it may, but it's got a long, long, long way to go!