Ann: Canaccord Research Note , page-5

This is my view and i am just a logic shareholder
JAL is a 2014 story. be patient everybody. ATU have run hard because they don't tell the truth about things. for example, they say capex of $62m and assume all the plant, infrastructure is off balance sheet, nor do they include cost of haulage road and port upgrade = how can capex be $62m then? they say mine 1.8 mtpa but only have 70k small scale mining permit, I can go on but you get my drift....

JAL will prove to be the winner in the long run. and my reasons are....

Crown mountain will be developed either by using tecks plant, teaming up with surrounding people and building a new plant (sharing cost) or at best teck buying the asset. the coal quality is too good for teck to refuse being part of. JAL will never mention any of this because its not fact, just potential options. How do I know this, its logic. high quality assets are sort after, the proof so far regarding Crown is that it is very high quality asset. with this belief don't for a second think JAL has to come to market and raise $200m + to develop Crown. the market thinks JAL has a huge overhang to develop crown, I think this is very wrong. 2014 we see how this plays out. Secondly Dunlevy is potentially huge. again JAL being very conservative like with Crown saying that was 20m and now currently 90m. Dunlevy is the same expect massive surprise to the upside. its impossible for it to be just 100m 150m (latest presentation) with the number of seams and scale. once they have drilling permits you will see this resource grow very quickly. again 2014.
Hang in there everybody. you have very skillful conservative management. proven winners who don't tell porky pies. expect +ve surprises to come in 2014