This is really crude and so many variables yet to be knownbut it...

This is really crude and so many variables yet to be known
but it has been playing in my head for a few years.
I am also not an accountant so someone with a little more business nous may want to have a crack.

Shares on offer 195 million
Options 12 million
Resource to date 4 billion tns.
Current market cap is 1.9billion at $9.5 per share (with options converted)

If RIV can achieve a profit on each ton of $2 (Achievable I think lol...)
Market cap on the current resource should be
$38per share.

I did say it is rough and the variables which are yet to be accounted for include, but are not limited to;

<> Transport option barge vs rail
<> Price of coal in future
<> T/O activity
<> Final resource (RIV havent even drilled 10% of their land holding to get the 4 billion tns)

Do I think $20 dollars is achievable... Too right I do. I also believe that the real value will only be achieved if the barging option is sorted. Thats when the money will really flow in.
Lastly it is too big a prospect to not let barging go ahead IMO.