trading halt, page-10

I think this Cap Raise is significant and provided there is sufficient to get the scoping study and coal quality results to market in the next few months, then this is a game changer for us.

If we look at competitors in the region of the McKenzie assets then they command a 30-50mil market cap based on single asset and a high cost for capital infrastructure.

there are several things that could go our way if the quality and quantity is there -

1) a link energy type deal in selling off the asset and also taking a royalties play per ton, there obvious partners for this are either of the operating mines.

2) look to JV the site with several potentials, either operating mines next to us or OS money, China, Japan or even Hancock Coal given they have expressed an interest to invest still in the area.

3) look to align a deal with contract operators for equity to set up and mine

4) sell the asset outright, and I don't know what that is worth at all but if the quality is there and it seems from other companies indicative valuations it can be worth anything from 5c to 20c undeveloped. We are in a space that will require mining but little other associated infrastructure costs so I would hope better than 20c if it is great quality, but go with 20c anyway, that gives an underground asset value of about 40mil with up side in both increased reserve or low infrastructure.

All in my opinion only but this has to be at least a 40-50 mill proposition either way it lands with massive upside. that is a fair uplift from where we are now and all those proposals to get off the ground only require us to be JORC and quality, with scoping study.

I would hope the next 8 - 12 weeks see a steady rise on the back of this single coal asset.......