draig completes teeg drill program, page-26

IMO Do your own research.

3.5klm length x 250 metres width x 30 metres intersection x 1.45 SG (of bright coal from surface) = 40mt (just a rough guess and my apologies to Runge - they do it much better) - without taking into account the potential for the coal to continue.

What depth have the current holes stopped at? (~200 odd metres and have we talked about drilling to basement yet - No .

For those from WA - Coal is a sedminentary deposit. It is deposited in intervals above basement - it tends not to come and go like gold.

What depth is basement ?

30 metres of intersection with an SG of 1.45 above basement for 3.5klm strike length = an awful lot of coal (do the arithmetic).

How about a few people take a positive view rather than expect 300mt of premium coking coal to suddenly and magically appear in the next announcement.

Geophysics needs to be tested by the drill bit and ground truthed. That's what's happening. The "bright shiny coal" lab results will prove interesting as will the 'splits' of the current intersections.

On the matter of government ownership - government equity / ownership is attractive to many "new" governments but is vastly overrated - the government has to either raise capital to invest or make payback before participating in project cash flows. Why is it that PSC's exist in the O&G industry? Why is that Australian govt's used to own the railways and still impose royalties ? same result less capital with flexibility to change your "participating interest" by changing the royalty or transportation regime as circumstances change.

In my view to 'bootstrap' this business we need coal from surface with coking qualities - semi soft is ok. That coal will provde the free cash to fund the equity component of a wash plant. A wash plant built and then shipping a soft or semi soft coking product at the rate of 3 - 5 mtpa - which will then fund the next go round for investigating the other licences without seriously diluting existing investors.

In the current market, raising the equity to explore and produce from a large deposit at a budget cost of ~$100m per annualised million tonnes of production will be highly dilutive to existing investors. And as a long term holder that's not what I want.

Bootstrapping your way into the coal business off the back of a small equity value (<$20M) may be winning ugly but at least its winning.

You might care to view the project as if you owned it - your perspective and timelines change with that perspective.