As we count down the days until March I thought I would post...

As we count down the days until March I thought I would post some more cr@p on 2 key topics

Tight register + low churn = potential upside SP volatility (pre-CR)

Of the 258M shrs on issue almost 90m are held by employees or strategic holders who are unlikely to sell in the ST. if people want in before the CR then it’s a relatively tight register with 66% free float and VERY low historical turnover. On my number RES hasn’t traded more than 6% of its o/s shares per month since start 2011. Total 2012 turnover was only 36% of the register – I consider this VERY LOW. All this is supportive of SP once debt is nailed down and pre-CR.

New Timetable

This is how I see it

1 March 2013 – Debt locked down with CP agreed

Mid/late April 2013 – CR priced, road shows completed and equity issued and equity monies banked. All CP’s ticked off

1 July 2013 – Construction well and truly underway

2.5 yrs construction period

1 Jan 2016 – 1st Coal produced – ramp up commences. Commercial run rate by mid-2016

GLTA – this is about to get interesting!!