Kudos to CRN's Mgmt, page-5

Hi Tim,

Good to have your opinion, can't disagree with your sentiments with regard to capital management and I think the discipline you suggest is one that most resource companies should follow, however many don't. CRN have a new CFO (I think he started in July) and I reckon we can expect improvement in this area.

At least with CRN they took their pills with the capital raise and managed to do it in a cost effective way due to the COVID short form ASX provisions. I know there has been dilution however as the prospects for coking coal have improved this has translated into SP action where if the BS was still in disrepair this may not have happened. I believe we could see a new substantial holder notice in coming days - fingers crossed.

Don't feel too bad about CRN with you would like some consolation, just look at another Australian listed coal miner that has ignored the opportunity to repair their B/S and are now still having questions asked about their balance sheet rather than people focusing on the commodity price improvement. The company I refer to is W_C and their management to me have been in denial in terms of their balance sheet and this poor management will hurt them visa v other companies as we move to the upswing. I'm surprised their CEO has survived!

May the next few months be good to you and you 80cent cost base lead to you enjoying solid returns from here.

Good luck!