With Adani's land being the obvious outlier, the other 4...

With Adani's land being the obvious outlier, the other 4 projects listed above with a resource are on the same order of magnitude with respect to their land.

Adani: 300Mt/1kHa
Hancock: 44Mt/1kHa
Bandanna: 31Mt/1kHa
Waratah: 25Mt/1kHa
Vale: 40Mt/1kHa
Average (excluding Adani): 35Mt/1kHa

EPC1477 is the first Hughenden tenement to be JORCd, with the much awaited announcement due shortly after the final 3 assays are completed. The tenement is roughly 120kHa in size.

On that basis, the potential for EPC1477 is that it could hold around 4Bt of coal in its own right.

Obviously GUF won't have mapped out the entire tenement with boreholes, but its fair to say that a majority will have been covered.

So based on the above, we really should expect no less than 2Bt (and possibly close to 4Bt) in the headline JORC resource in the coming few months. Assuming a fairly conservative peer weighted average of approximately 12c/t, CAP's working interest in this hypothetical JORC (2Bt) would be worth around 50c/share.

Furthermore, we should get a look into an exploration target for the whole prospect soon. That should be well north of 10Bt. With numbers like this, it really does my head in that the story is not promoted better by our directors. You get the feeling that most of the market have severly undermined CAP's coal assets because of the highly discussed poor PR of the company.