updated jorc, page-9

Thanks JID I didn't even know AKM existed and have been using south gobi as a benchmark. Here are some numbers to ponder.

AKM has 788m shares on issue and a JORC of 331M tons, MKT cap $544m. Value per ton in the ground $1.64.......

HUN has 212M shares on issue and JORC of 324M tons, MKT cap $286M. value per ton in the ground .88c, half the current AKM valuation.

So now some speculation !!!!!!!!!!!!

The initial JORC Unst Khudag was calculated on 30% of the data of 258 holes 22655M of drilling. So I'll speculate the remaining 60% of the data has the same coal as the first 30%..... that makes 600m ton.

Tsant Uul is due for JORC now, there has been 28029M of drilling, more than Unst so lets be really conservative and say another 400m tons.

That's 1bn tons, say we own 85% or 850m tons, at current value of 88 c per ton in ground HUN is worth $3.52 per share, at AKM's valuation of $1.64 per ton HUN is worth $6.57................

Looking forward to the JORC and a re-rating one day !!!!!!!!

Still conservative at 1bn tons........