How We Compare to Other Coal Miners

I have provided the below comparisons to compare how we sit with other coal miners; I believe its fair to say that ResGen is undervalued. Remember ResGen is now a FULLY funded mine!!!

To be fair, I have decreased all production amounts and total resource to allow for the attributed ownership!

What is strikingly obvious is that obvious, is the notion that a SP of anything less than 50c is undervalued.
Once production has begun, it would be fair to say, making industry comparisons as per below, that we could value at $2.70 plus.

Remember this is all in a period of low SP for coal based companies, consider the SP re-rate across the sector on the high point of this sector. Potentially that would provide double the value in what I have predicted above.

	Company	TOTAL RESOURCE	Saleable Coal (Attributed)	SP Today	SP-Other Times	Other	Shares on Offer and Dividends
1	Resource Generation (RES)	2,554Mt Low depth/open cut	4.92Mt plans to ramp to 13.32Mt	13c	Est. listing price 22c approximately 8 years ago	Start-up – fully funded. $420M	581M shares
2	New Hope Corporation (NHC)	1,820Mt based on percentage owned. Owns 40% Bengalla Mine- before tax $182M of the group NPAT -$253M (before irregulars)	8.9Mt -2018 Across three sites; Australia	$2.70 In 2019; Buying 40% of Bengalla off Wesfarmers for $860M & total resource 422Mt. i.e. 186Mt.	2003 -$1.70 @ 3Mt 2009-2012; Around $5 Est. 2003 @ 67c	Rev Total for Group $1.078B Other assets include a coal terminal.	831M 2018 -14c 2017 -10C
3	Terracom (TER)	2,470Mt – much is mod/deep underground 40Mt Coking & 43Mt is in the mining phase The balance is in exploration phase.	1.9Mt Plans to ramp to 4.5Mt Majorly Mongolia and Australia.	50c	Around $10-$11 in 2011, then 10c, currently 50c plus Est. 2010 @ $2	Basically, no profits – last 8 years	378M shares 2018 - 0c 2017 - 0c
4	Whitehaven Coal (WHC)	2,325Mt across eleven sites, percentage owned 903Mt underground, & balance open pit	16.1Mt NSW and QLD –majorly export to Japan	$3.68	As recent as 2018 -$5.60 Est. 2007 $1.70	NPAT-$526M	1,026M shares 2018 – 27c 2017 – 6c