RobmillionWith respect I wish to point out that you overlook 1...

Robmillion
With respect I wish to point out that you overlook 1 very important issue re: your $9.30 valuation and that is NPV.
You simply can't value a stock as you have done - as $60m today is not the same as $60m next year, or in 5 years or in 10 years or 124 years - the Net Present Value of those future profits is lower than the $60m headline figure.
If everything proceeds well from here and the mine can be funded then Citi's valuation of $1.60sh is on the mark for stage 1 only. Stage 2 doesnt add tremendous value by way of a several fold underlying share value increase (based on the static coal price assumptions) because the stage 2 value is discounted significantly due to the NPV discount rate but is does provide longevity and continued operations and a "call option" of future coal price increases.
David
You spooked me - anticipating your dump this morning I sold a part holding of 100k shares with the intention of buying them back from you cheaper - did you reconsider because I dont see any selling - did you buy my shares????.
Disclosure : I have a HOLD sentiment but I have sold several hundred thousand in the past 2 weeks to add and maintain short positions on the XJO. Holding a balance and have faith in RES.