Coking coal shoots to 20 month high !, page-11

In my view far too much upside gets covered and far too little of all material facts disclosed transparently. Also far too little of the risks and potential downsides.

We see these untried and untested solutions to a manageable but problematic river transport being relied on but precious little detail. This is a river you can walk across during the dry season. As far down river as Maura Teweh a speedboat grounds on sand and rock bars. Have they put wheels on the barges?

Coal quality and hence market price is held up,as being on par with some of the best on the planet. This is a rare coal indeed. What information has been disclosed to support this? If a DFS has been completed as represented one must assume some sort of pilot scale coke test work has been com-legend and some sort of marketing of the coal to establish its place in the vast realized price range of coking coals has happened. Has it ? If so then what is the result? If not then what is the risk of the realized price being much lower than used in the announced financial metrics? Is there a reasonable basis for the forward price projections that is consistent with declaring DFS level engineering?

If upside is limited to a bit of barely explored real estate then what about the downside?

These are all just some of the questions that the data disclosed to date does not answer. Perhaps there are perfectly good answers. Perhaps.