10 Bagger

AQC Market cap of just $1m reflects funding arrangement with Lind group not underlying value of assets.

AQC has 125m tonne JORC , PCI/coking coal resource at Cooroorah , wedged between operating Jelinbah mine owned by Wesfarmers to the East and the $70m acquired MDL162 by Wesfarmers adjacent to our MDL to the west. ie they paid $70m for 250m/t we have 125m/t of the same coal at depth.

JV with RIO Tinto on Hillalong, which looks like a good chance to be exercised even if for land banking considering strategic location of tenements that RIO likely to want to keep particularly now that AQC has won a competing application on EPC1645 which has increased the size of tenement package transferred to RIO significantly as per below. ( compare to total size of Hail Creek mining lease shaded in grey)Deal was struck in boom times so option exercise $$$ could be $5,10,20m , who knows but likely to be multiple of current value of entire company.

Dingo - high quality PCI coal as per Bandanna Dingo West project , yet to be determined tonnage

South Clermont - huge EPC adjacent to $2B Clermont mine with potential for discovery of 30m plus seems. Linchpin deal could result in cash injection soon.

So.... being extremely pessimistic, say 1/10 the value of Wesfarmers acquisition adjacent for half the coal of that deal ie $7m( 1/10th of $70m for 125m tonnes) and $5m for option exercise from RIO although could be much more , and just $3m for South Clermont EPC with nothing for Dingo or any other EPC's then that's would be $15m or 7.5c per share

Once  RIO show their hand by further announcement of exploration or exercise of option , this could easily achieve a $10m market cap or better. That would equate to 5c per share......10 Bagger