realistic valuation in 12 months

Project your minds forward 12 months and consider this...

We have one of the more sizeable coal deposits amongst our ASX peers and still only a small number of shares on issue (although funding will change that in due course). It is also worth remembering that further drilling will prove up a larger resource, not to mention Tasmania.

After our 50/50 debt to equity cap raising we will have about the same amt of shares on issue as CZA (480M) who have a resource of about 1.4Bt - mostly SCC & PCI and are currently trading at $2.50.

Now, we have 600Mt saleable resource of domestic and export thermal coal. Assuming we have offtake secured and a favourable coal price can we realistically expect a SP somewhere in the vicinity of $4 - $5 or is that a pipe dream?