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AJ - agreed, and I do, but on fundamentals and potential I believe there's a lot more to come.

I think the market is missing what a phenomenal money making operation BEN is becoming .

What a brilliant interview. All systems go. Next few weeks are gonna be amazing. GLA investors.

Bbb - we know there was a delay in April - train provider hadn't got cars sorted out. Indications from roast visit that resolved. We take your word for it you know what 30k tons of coal looks like. We have been told that daily production now 1 hwm, 1 shift) at least sufficient for Integrity offtake contract. I think aw said 1st hwm IS starting 2nd shifts this month ie before 2nd hwm operational. There was info about original contract with Integrity and from memory discount small, price based on average of previous 20 days. You're right, we don't know latest, but given demand for product and aw negotiating strength I would say it'll be good for BEN. Met coal price now so much higher than at IPO that profit / margin will be huge.

not an issue at all - was made clear in the interviews etc last week that everything is in place (incl loadout) and they were expecting to starting transporting via rail in the coming days i.e. any time now. Agree it'll be GREAT to have 1st shipment confirmed + some vid.

where do these nutcases come from?

wow! after the fall over last few days BEN must be the best bargain on AIM now. The cash is going to be piling up in its $millions in the bank from this month. Resolute seller has created a huge opportunity for people to buy cheap. GLA

Dartron - did you see the interview the Roast guys did with Larkin, the Site General Manager? In it he states 'We're ready to start shipping in the next few days with rail deliveries'. There is a 20-30k ton stockpile of clean met coal ready and waiting to be loaded. They're adding to that at more than 1000 tons per day already, and with 2nd shift they double that. I expect them to shift the whole stockpile and everything else they add to it during may.

Deep breaths fellow investors! Hold your nerve.
The met coal is still there. Price still firm at $450/ton.
The market is still there - knocking on Adam's door.
The infrastructure is in place and now fully operational.
The expert and experienced workforce is all there, in place, committed to BEN.
With 2nd shift on hwm1 will be increasing production this month to around 40k tons / month.
Rail deliveries (at ~10k tons per train) starting imminently.
That's about $8m cash profit in the bank each month.
That's before further ramp-up (going underground - imminent; 2nd hwm - within weeks) towards 70k tons / month from jul/aug
Hold your nerve (and your shares!) and you will be handsomely rewarded from here, year on year, IMHO.
GLA.

BEN's not thermal coal ... but I guess there will be similar constraints on met coal.

bbb - I think we did hear that the railway line is operational. Slight delay in rail company supplying the cars (100+) - indications that that is now fixed and first deliveries by rail imminently.

"I think that by the end of July / beginning of August we'll be at full production" (i.e. 2 high wall miners running double shifts + underground mining). Q: Who said that?! A: Our CEO.

(Note - single hwm running double shifts can deliver up to 40k tons per month which was the intention in the IPO. Full production now will be the higher 70k tons per month. That is going to deliver a lot of cash and profit!)

Slightly surprised the SR boys didn't latch on to Adam's description of the impending resource upgrade (covering BEN1 and the 2 new contiguous resources added since IPO). He is clearly expecting a substantial upgrade, and seems optimistic that there is likely to be sufficient resource to keep producing for longer that 1 person's lifetime! Looking forward to that update in the near future. Substantial dividends for years and years.

Really good week for BEN last week I thought. Great bits of vid of the processing plant in full flow and feedback from the guys who visited the site that is that it's a truly impressive setup. Excellent interviews with Adam and Larkin - the latter being someone who we haven't met before but who fills you with confidence that the day to day operations are in safe, experienced hands, and who is just as positive about BEN's progress to date and future as is Adam. Confirmation that rail link now fully signed off - 1st 10k+ ton delivery could go any day now - there's a 22k+ ton stockpile waiting to be shifted, being added to daily. Confirmation also that 2nd shift on hwm1 is starting which potentially doubles production from this month, and license imminent for 2nd hwm. And I think good news that the company is already strong enough to start reducing the influence of MBU Capital (without whose assistance BEN couldn't have got so far so fast) - sounds like another excellent deal agreed by Adam to secure the rail land assets for BEN from them, and I think right that CFO should move away from wearing 2 hats. All-in-all continuing tremendous progress, and although not reflected in the sp last week it's only a matter of time for it to be so. Very much looking forward to the coming days and weeks here. Good luck all investors.

I reckon we could be getting RNS about 1st rail delivery very very soon - both Adam and Larkin careful not to give it away in the various interviews etc over last few days. Now THAT will be a VERY exciting update.

thanks Bladey and HK. Further strengthens the view that this is the real deal that we've all stumbled on. Super-professional, experienced teams in place and loads of important progress coming v soon, building on the great work to date. Still the odd (in every sense!) seller creating unexpected buying opportunity just now. GLA

AW intends to be producing about 70k tons met coal / mth from August
Met coal price still stable at $450/ton; BEN profit conservatively $200/ton
Monthly clear cash profit will be $14m = $168m per annum
At p/e of 6 (half of sector average) that implies a market cap of $1.176bn = £882m
With about 350m shares in issue that implies sp of £2.52
Arguably p/e should be at least at sector ave (sp = £5.04) and probably higher given strength of the entire BEN setup and market for its product
Add commitment to pay substantial dividend, potentially this calendar year

This is REAL! You can either wait for the market to catch up or get in now and reap the rewards over coming months and years.

(And for those concerned about possible stock market corrections, moving to holding cash etc. - I understand that may be wise with non-producing companies of any kind, but IMO that will make REAL producers like BEN, esp the very few generating such substantial returns, paying dividends etc. even more attractive and sought after.)

All obviously IMVHO! GLA BEN investors!

this is a better link https://vimeo.com/user171196820

A few initial bits of vid from the site visit (apols if already seen elsewhere) - rom to washed; casey jones; what does 22k tons of coal ready to be delivered look like! https://vimeo.com/706416490

Must admit I'm surprised by the sp action today and amazed that there are sellers just as BEN is approaching achievement of its potential, with numerous positive updates likely in the pipeline, and with CEO as positive and excited about it all as ever. But not concerned in the slightest. This is 1 share where you can look forward to an sp re-rate - sooner or later, doesn't matter, it will come, the economics of what is being done speak for themselves. And then there is the mouthwatering prospect of substantial dividends. Very, very happy to be a BEN investor and looking forward to a great few years ahead. GLA

Superb Zoom call with the CEO yesterday eve. Open, honest, and super-excited about progress. Thanks for the brief notes below Rob (to avoid any confusion, the ?s are bullet points not questions!).

Slight delay (out of BEN's control) in securing cars for first rail deliveries - there are 100 or more in each shipment - as Rob indicates 1st rail deliveries will happen in May. Excellent news is that at least 22k of met coal was extracted in April, sitting in stockpile ready to deliver = sufficient for Integrity min offtake. That's from 1 high wall miner running 1 shift, so production and processing demonstrably optimised. Increasing that to 2 shifts in May. Further ramp up with 2nd hwm operational (once permit through) running 1, then 2 shifts, plus start of underground mining (will produce higher quality High Vol A material). Hence AW's confidence about getting to 70k tons (I think that's his more conservative target Rob), probably by August.

With met coal firm at $450/ton profit must be at least $200/ton; at 70k tons per month production that's $14million PER MONTH clear cash profit in the bank, every month .... Let that sink in! Phenomenal! GLA ...