Just read the Sept 11th Ann what was so bad about it other than...

Just read the Sept 11th Ann what was so bad about it other than it stated the unfortunate fact that back then the coal price was tanking

"In their most recent release of project economics (ASX Release: 23 November 2011), Rey Resources, the best comparator for the Lightjack Hill Project, indicated operating costs of approximately A$70/t. In their release Rey Resources assumed the sale price of the coal would be US$100/t when the Newcastle Reference Price was US$120/t (2011). However the current selling price of 5500 Newcastle Coal is approximately $US82-85. Applying the same discount of US$20/t, gives a sale price of US$62-US$65/t making the potential selling price of a TPL processed coal product now below the assumed operating cost of TPL’s Lightjack Hill Project. (Assuming the above operating costs would also apply to TPL’s project.)"

So they need a coal price of $100/t or greater

"Based on the analysis of core from the Sisters Bore Prospect it is likely that a TPL processed coal would be similar to the Rey Resources Limited’s (Rey Resources) processed coal."

Same quality coal as REY which is capped at $25m+ vs TPLs $2m

Enough research Sentiment changed to a buy