worth a punt

Was lucky enough to jag a few of these in the recent placement, but had to pick up the rest on market

In terms of junior speccy coal stocks, can't look past this one IMO

Only 46M shares on issue - at 5c it is capped at a paltry $2.3M

Has over $1M cash

Expecting a farm-in partner for their coking coal project this side of xmas

Directors options all priced at 20c

Top 20 hold 50%+

Have a look at who is on the register or soon to be

Sedgman who made a $1M strategic investment last quarter - took $500k of stock at 10c and then unsecured loan for $500k convertible at 18c

Resource Capital Fund (RCF) who have provided loans convertible at 18c - these guys dont mess about

Basically all their debt is convertible at 18c

Recent PFS findings:-
Low capex $7-14M
Initial production 250Ktpa
Opex US$44/t FCA mine gate
US$84 FOB - means big fat margins for them
All open cut

Then there is the greenfields exploration upside in the 5,000Ha of prospective land they picked up in Colombia

Nearly all the register is priced in at above 10c which is a bag from here alone

RCF aren't providing funding at 18c in the hope of getting their cash back - they are wanting it to bag several fold from there

Blue sky for these guys is at 24c, just a few cents higher than where RCF locked their loans in - at 18c they are still only capped at $7M

Why the placement at 4.5c then ? IMO they didn't need the cash but could do with the liquidity as big blocks of shares aren't moving from the register like Sedgman and RCF

One very positive PFS asset and a greenfields exploration asset for market cap of $2.3M with $1M cash - only a matter of time IMO

Farm out partner should see them free carried on the coking coal project

This could 10 bag and still be capped at less than $25M

One that I'm happy to average up on