Court Decision, page-55

Correct.

That is where BRL's "leverage" with L&M lies...assuming L&M wants to negotiate. For L&M, it effectively becomes a $80 million payment once the full 1 million tons is produced...and royalties on top of that. But that requires BRL to produce coal; otherwise L&M gets only $40 million. I don't know how long the lease on Buller extends or how much/how long it will take Buller Coal to build the needed infrastructure. Those are the other factors that will determine what the final deal will be.

There is a lot more to BRL than this knee jerk share price sell off. Market seems to be assuming the worst possible outcome for BRL. Just on Stockton, we are at 25% free cash yield to EV (assuming $40 million as debt). Add in Buller and/or Jameson, and the future looks far better.