**WARNING - Long post** lolI noticed HSBC on the top twenty (4th...

**WARNING - Long post** lol

I noticed HSBC on the top twenty (4th largest holder) for the first time this week. Is there a possibility they have been at play here working to loosen weak hands? or possibly just picking up Lind groups shares that are being sold off at a reasonable % profit even at 0.6c(they're not in there despite being sold enough to be top of the heap).

This will be my first go at this but i would like to hear your thoughts about the value of the company so i am going to have a stab at it.

My workings will be solely on the Cooroorah resource as i believe it is the only resource we have real figures on to date (Nov 2013)... Funnily enough the price fell post this announcement.

-69.6Mt inicated, 55.3Mt inferred (124.9Mt) resource
-Mostly PCI coal selling @ $100/tonne (Whitehaven 1st Q projection) = $1.25B worth of coal
-working on a farm out scenario (Wesfarmers?)with AQC earning 25% = $0.43/share (724 Mil Shares)

That's with out including Hillalong (hopefully an update on this very soon?) or Clermont which has neighbors cutting into 30m+ thick seams. JV arrangements with Blackwood (Cuesta) and the Blackwater assets have also been omitted.

IMHO this company has an awesome array assets. It sounds like they're moving to allay the recent share registry dilution, but i think they really need to firm up a JV that will produce near term funds for the price to truly appreciate.

Even with that - wouldn't you think 10% (4.3c/share) would be a more reasonable view of the current situation? Hope it comes true soon (it would be a much better spring board for the possible announcements that Clermont and Black water will hopefully bring later this year).

My plan is to hold long term to see a true evaluation objectively realised on the market.

Everyone's thoughts welcome.