Allegiance Coal Limited (AHQ) - New Elk, fully funded for development
AHQ has raised an additional A$10m to support start-up funding for its New Elk Mine in Colorado USA. New Elk is now fully funded to commence production in Jun. Q’21 without the need for additional project debt which is currently under term sheet with Nebari Natural Resources Credit Fund 1 LP. This will see AHQ generating strong revenue and cash flow in FY22F, with potential to reach 1.5Mt (Petra 1.2Mt) of sales on an annualised basis of High-Vol ‘A’ hard coking coal, which is currently priced at US$152/t vs current FOB costs of US$81.30/t. We maintain our BUY and update our TP to A$0.39/sh (A$0.42/sh previous) following the recent capital raise.
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Allegiance Coal Limited (AHQ) - New Elk, fully funded for...
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