new and update broker research

I understand via contacts that Canaccord/BGF has initiated cover with a 93c NAV and 90c ST price target.

They are glowing in their assessment of Rockwood's potential but have attributed very little value at this stage. On a peer basis they have assessed EOC as "grossly undervalued".

Indeed, if you look at the make-up of EOC's resource, it's now dominated by metallurgical coal with coal quality suitable for PCI market as opposed to most peers resource mix.

I also noted Austock's updated on 9/12/11 has been placed on website:

http://www.endocoal.com.au/uploads/res/3147a397-3351-4f06-9740-5948df8d3b64_EOC_Austock_CorpAction_CapRaising_9Dec11.pdf