Hi Pete .... All valid points, especially debt levels. FMG...

Hi Pete .... All valid points, especially debt levels. FMG dropped from $13 to Just above $1 from memory during GFC.

I have calculated the undiluted Enterprise Value of TRH to be $6.97 million. DYOR

Assumptions
* Zero Debt
* $3.7M in bank DEC 10 plus $2M capital raising
* Radar shares at $0.24
* 60,381,000 shares post coal acquisition

Is the EV cheap if 500MT of thermal coal can be proved? What if 2Bt can be proven in Colombian Concessions?