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Gents,

Have taken on board everyones comments and toned down the rhetoric.

My goal here is to show you guys how to do some sound fundamental analysis of what to look for in mining companies. Whether you make a short term profit or not is rarely based on the fundamentals.

I still think this one should not have flown on the announcements they have made. Based on the down hole physics and wash data from the nearby results I have seen I can't see this one making money using conventional technology.

My argument has been that this material can't be washed using a traditional wash plant. If new technology became available that could economically wash this type of coal then its a different story. But at that stage NRL would be competing which many Billions of tonnes of similar material that is on competitors tenements.

There are checks in a few of the right boxes. Close to infrastructure, good strip ratio and good tonnage. Company wise as people have noted; management can sell itself, small cap, no debt and holding some real estate we are yet to see whether it has some unseen potential or not. But at the very basic level it all comes down to mining cost and product price.

So no... I haven't softened. I will wait for their drilling results though and see if the penny drops with their management at the challenge this deposit would be to operate at a profit. I'm always keen to see the data that gets released to the market. Generally in my opinion its is very very rarely, enough to make a true estimation of value.

I have learn't alot about charting and other investment tools from people here so happy to share some of my technical knowledge.