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G'day Utah

I think Mark Basso has done a good job. I like the guy. He is good to talk to.

Regarding the share price, I do not know.

My guess is 30M to 35M shares will be issued in the SPP plus 60M to 70M 20 cent options.

There are too many options for my liking but then I cannot complain given I will own 80,000 of them.

The options will stunt the share price.

With 180M to 200M shares & options on issue, at 35 cents a share, the market capitalisation will be around $65M.

In the current market, I am not sure if it can break 35 cents. I think it might settle around 25 cents a share.

Companies like AQA are currently priced at around 50 cents a tonne for high grade coking coal.

After the SPP, each EER shareholder will hold around 6 tonnes of coal per share, therefore it is cheap.

But the EER resource is uneconomical at the moment. No transport. Long term play or a takeover play.