It is very difficult to make a comparison between Western Coal...

It is very difficult to make a comparison between Western Coal and Coalspur. WC is a producer, and will likely triple it's production over the next three years. It's margins are also far higher than CPL's will likely be. While valuation of an early stage coal development play like CPL is more of an art than a science, looking at peers and in the light of increasing demand for coal companies, it could be argued that CPL is worth around $1 per ton, especially when we have the PFS study out and picture is clearer.

I don't have all the figures to hand, but I think CPL's fully diluted EV per resource ton is around 50-60c right now. If the markets are OK we should be looking at a share price of $2+ by the New Year. However, given what is happening in Europe, that is a big "if".