Ann: Exploration Approvals issued for Crown Mount, page-11

re: Ann: Exploration Approvals issued for Cro... A lot of coal companies that have been hammered have thermal coal, which has come off in price a lot and china has a stockpile. Plenty of thermal coal around the world.

Coking coal is a higher value product used in steel making - and demand and price are doing ok.

JAL is targeting coking coal. That's why the coal quality test work is important - JAL want high quality coking coal with low impurities.

Also, things like management, proximity to transport, sovereign risk, tightly held register are factors that have helped to support JAL share price and market cap - all in my opinion.

Cheers

Doyle