Ann: Redmoor 2017 Phase 1 Drilling Update, page-27

Just the fact that Coal is "on the nose" I believe has negatively impacted NAE (and others associated with Coal). When I discuss coal with people they rarely know the difference between Thermal and Coking or Metallurgical Coal. This naivety will no doubt change at some point as even if Coal is replaced as our major power source, renewables will not replace Coal in the manufacture of steel. Coking Coal price has remained strong above the $160 mark with futures currently looking to begin another move up.

Discussions are still (apparently) progressing with partners to progress the Lochinvar Project. If management either find a way to move forward with Lochinvar or sell it to fund progression of Redmoor, I will be happy.