the full report, page-2

All very well Apples BUT
25%country risk is way off mark and reflects a missunderstanding of the country and its policies.S.A is in a go-ahead phase in the development of her resources and is a pro-mining country unlike some others to their east.
P,s report uses a $90 per tonne receivable for coal sales which is also way off the money[should be more like $120 per tonne] $90 would apply if we were mining average quality coal. We are mining Anthracite.
Reduce the 25% risk to 10% and increase $90 to $120 in their model and the figure is more like 50cents per share plus, without any further upgrade of Mbila [OR inclusion of step out] and Kangwane in several directions
All IMHO
Cheers Chooky