My take is the SP has gone up because of the rise in thermal coal prices: https://ycharts.com/indicators/australia_coal_price. If the coal price stays at these levels the SP could go higher.
Also, it looks like the Acland expansion is in with a fighting chance given it has to go back to the Land Court with a different judge; and the mute button has been depressed on Alan Jones as he is being sued for lying about the Wagners in QLD.
In short, there are reasons for the SP to keep rising as there are for it to fall.
You could try YAL for a riskier exposure to coal that hasn't had a big run.
News: NHC New Hope Corp Updates On New Acland Mine Stage 3 Mining Lease Applications, page-4
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