Ann: Quarterly Activities Report, page-11

Steve,

Firstly I build the resource growth into my assumptions.

Secondly, I'm saying that based on the current exploration knowledge you can EASILY (and I do - every day in my job) a pre-Concept finmodel (not DFS - you totally misinterpreted or intentionally misconstrued my comments) using the assumed parameters wrt depth and dip, seam t, yield, SR, industry benchmark productivity, rule of thumbs estimates opex and capex etc to JUSTIFY spending the exploration $. It also assists in options analysis for exploration target definition to support a scale and strike length or area that needs to be defined to achieve an economic project.

There is not "discovery" exploration work to be done in these deposits (Cooroorah, Hillalong) - everyone including BCB know that coal is in these tenements, and the task is resource definition and project conceptualization that BCB management is tasked with. The big question is whether it will ever be economic.