To understand how undervalued JAL has become take a look at ATU. ATU listed 6 years ago on the back of the Groundhog anthracite project in Canada. JAL was offered Groundhog earlier but turned it down cos they knew there was no market for anthracite. After failing to find buyers for their product ATU has now refocused and acquired a coking coal project in Canada which contains 7Mt indicated and 29Mt inferred. ATU does not have a JORC coking coal resource. By contrast JAL has an indicated, inferred and measured resource of 99Mt (JORC’d). ATU is yet to commence the mining permit process. JAL is 4 years into the mining permit process. ATU market cap is $31M. JAL is $27M. Go figure.
