pirate special

Re-focused on coal exploration in bowen basin and other resource sector projects overseas.

60M shares

A$4M cash

High director ownership and buying on market multiple times this year.

Targeting coking coal with current leases in the bowen basin

Strong prices and high corporate activity in the coking coal sector driving interest.

WAL lease is 5km from existing BHP operation, plus another lease also in the bowen basin.

Close to infrastructure

Drilling first qtr next year

WAL also owns 16.1M shares (~A$6.5M at 40c) in Carabella Resources, new IPO to list this week.

Carabella IPO closed early and oversubscribed

JORC coking coal resource of 92Mt

Target resource of plus 400Mt

Normally use +$1/t for coking coal valuations so expect Carabella to re-rate to 60-80c level short term and much higher when exploration kicks in.

http://carabellaresources.com/Investors/BrokerReports.htm

Cash and Carabella shares are worth 17c (carabella at 40c listing price) giving WAL and EV of $3M.

Looking at NRL and others would expect WAL to trade at minimum $20M ev before drilling, so plus 50c share.
If both WAL projects and Carabella projects are successful potential for multi $1 stock mid late next year.

Further acquisitions may also positively or negatively impact this.

Under 20c is a gimmie.

All imo, DYOR.