opening 13c and falling, page-7

Given the market caps of other Bowen Basin coal companies with similar prospects (coking coal, open pit, infrastructure at the door), I'd suggest the offshore buyers will be very happy to get their hands on stock at lower than 13 cents because this represents a market cap, based on 700M of shares on issue, of less than $100 million.

It is not often that you see price and volume activity like today, unless it's a fundamental re-rating or a pump and dump. Given today's announcement is new (not a rehash) and given this company has been very open in its communication with the market, including its recent capital raise, I'd suggest its more likely to be a fundamental re-rate.

If so, a market cap representing something more like $200m, based on peer analysis is more likely, and that is well north of 13 cents.