peer company comparison as at 18 december 2011

Below is a comparison of ASX listed coal explorers in Queensland all with different timelines. By no means
am I comparing apples with apples. Some companies listed below produce thermal, coking and PCI coal or
a combination of all. Coal will be produced by either underground or open cast or a combination of both.

Should MTE be priced on an EV/t of only 25% or less of other ASX listed coal exploration companies in Queensland?
Why the MTE share price is trading below 50 cents is really amazing. All because their biggest shareholder
MLM decided to off-load 6.7 million shares at 50 cents (off-market) at a discount because they needed the funds?
It was I guess inevitable that MLM would sell MTE shares rather than going to their shareholders for more funds.



All the peer companies listed above have risks and challenges associated with their coal development and producing
plans. Some more, some less. All are speculative buys. MTE offers the biggest upside than all above in my opinion.

Disclaimer: The information above is from my own research. I take no responsibility for any errors. Please do not rely
on the information above without doing your own research as well as consulting professional advice.

Information on Tenement to Terminal (3TL)