Both coking coal and thermal but more fucused on coking coal...

Both coking coal and thermal but more fucused on coking coal drilling first. AKM and AFR are alot more advanced than NRL, no resources yet but looking in the right places and importantly close to infrastructure. Would expect if NRL defined resources in the Bowen basin plays then the should trade at higher Ev/t ratios than African or mongolian coal plays. There is a limited number of local based coking coal juniors on the asx which should also aid NRL's valuation in time. Both AKM and AFR are still cheap btw.