I was baseing it on this.ON the MNM thread, brown coal had been...

I was baseing it on this.

ON the MNM thread, brown coal had been valued by a member at $3pt in ground...in B Marsh

I had initially put $4-5 est for Latrobe coal, but was being conservative using $3. It may be worth more.

EL4500 306mt @ $3 = $9.18m
then sale of EL4877 = $2.6m (to come) + 2.5% ORRI

I have since learnt today we will expect a JORC for EL5227 in the next 1/4 - see activities report...so i put a value of just $3.22m on that tenement and the JV with RER in total.

EL5227 may surprise, we'll just have to wait.
I also expect EL4500 tonnage to grow with more work.

these are all bonuses, but estimate minimum $15m based on JORC and sold tenement value.