Atu in their prospectus outlined targets of 500-750mt of high...

Atu in their prospectus outlined targets of 500-750mt of high grade anthracite coal targets in BC with Jorc resource included based on previous drilling at Groundhog

They have recently declared a 113% Jorc resource upgrade to circa 340mt at Groundhog alone

They have also annced recovery estimates circa 70% ie 240mt of processed coal at current Jorc resource estimate

They have recently also flagged an additional "substantial" resource upgrade by March

Based on the last substantial upgrade that has taken the market a little by surprise over the past few weeks ago, i wouldnt be surprised if atu could annc double again and/or improve existing Jorc status

At current market cap of circa 80 million the EV of recoverable tonnage stands at...
240,000,000 tons / 80 million = $3/ton (without expected March upgrade)

Atu estimate they can ship FOB out of BC for less than $90/ton after all costs

High grade met/anthracite coal can sell Between $150-300 ton

Assuming a $100 net margin average that equates to 2.4 billion in potential undiscounted NPV (without expected March upgrade)

Atu management still have work to do however the above might offer some guidance as to what the value really is

On this basis, the share price at 52.5c close still appears remarkably cheap and will be even cheaper if they do in fact release their well flagged "substantial" upgrade by March IMO

Also note nearly all of the above relates to Groundhog alone, and discounts askeena, peace river, and bowan