Hartleys Brief Investment ConclusionLarge scale thermal and...

Hartleys Brief Investment Conclusion
Large scale thermal and coking coal development opportunities in Poland. Quality board and management with a proven track record of successful developments.

Our sum of parts valuation for the PDZ is now $2.00/s (up from $1.53/s) and our 12 month price target is now $2.13/s (up from $1.63/share).

In our view PDZ offers an opportunity to invest in a high quality project which has many advantages over industry peers, with coal quality now an important distinction. We maintain our Speculative Buy recommendation on the Company.

Woo Wee!!

Ian Middlemas and Mark Pearce are playing this game very well. I expect the prairie dogs to have a HUGE 2014. Great to see Hartleys waking up to this story. And the above excludes any value from the Base Metal JV or from the 10 million PIR shares that Welborne tipped in.