Ann: June 18 quarter production report, page-38

The bull case is to think about 2.2mtpa run rate x .80 yield at 1.76mtpa from mid next year.

We know from Sept/October we will have estimated $145 fob cost. We've been receiving approx $200 per tonne recently average.

So 1.76mtpa x $50 (for arguments sake) = $88m. Then there's capex etc.

Coking and thermal prices will shift but so will FOB price.

Speculative because I don't know enough about the operation but some thoughts.