today's the day, page-89

I think a fairly convincing argument could be mounted for a price of around 60c to 70c per resource tonne. This is based on recent coal transaction prices (coking, I believe) of around 65c a tonne. You could mount an argument for discounting that price because we have lower priced anthracite (albeit with it seems very healthy margins), and the political risk of South Africa. Yet you could also argue that a premium is deserved for our expected low capital costs, manageable infrastructure solutions and short timeline to production.

If we went with 60c for argument sake, with a net resource of around 260mt, we should be able to be sold for $150m to $160m, or around 30c a share. If we double our resource, we potentially double the price received.

The more milestones we achieve...starting with positive BFS', the stronger our position to maximize the price we would receive.

Anyhow, it's all theoretical right now.