Member Info for Mick007

Everything above $120 goes to BEN - BUT ONLY TO PAY OFF DEBT ! its still goes towards BC bottom line!

What are you guys on about? If prices go up, then yes you are right BC only get $120 - but the balance is still "PROFIT" except it is used to pay off debt. Nothing wrong with that is there?

This was always a commodity play. Met coal pricing have slumped - If they recover, BC will recover. If they don't, neither will BC.

Who is selling at the levels ? Long terms holders accounting for at least 70% are not selling. So where is the pressure coming from > Any ideas?

Avani loans are NOT guaranteed by BCs assets. The loans are unsecured.

Avani can't buy at whatever price they want. Anything they do is a related party transaction and has to be at fair market price. Avani want the coal. To ensure they get a regular steady supply they have supported the business once again. They are more than $45m into this trade.

New management, new off-takes (I expect Integrity off-take will be next), more cash - and a restructuring of the old debt. Not much to dislike ??

HVB up $4 to $256

I cant see any of the trades that have printed today. Anyone else having the same problem?

HOVOL B - up another $5. Now at $255. And yet the share price keeps declining. So much for the share price correlation to met coal !

A 16% bid offer is not helping the trading ! Does that say anything ?

Seems like bad news to be announced on the investor day - let’s see

I would imagine the repayment of the Loans is a key priority for BC. They are being amortised through the current royalty - but these loans need to be paid off before any prospect of a dividend.

PI's loosing confidence i think. Even if we assume BC is selling only 40,000 per month - over the last few sessions, HVOLB is up around ~$20 = almost $10m in extra profit. At current levels BC net margin (after all costs) is around $30 (imo).

At 40k per month = $14.4m net profit.

Zero impact on SP though. Coal has been on a steady rise - dont think anyone cares anymore.

Remember - a large portion of these are issued to ACAM (/JCAM) - 21,082,257 to be precise - at 28p! =£5.9m for the company - "IF" and "When" they are exercised.

The pre-emption rights only allow the company to issue enough shares to fulfil their CURRENT obligations under options ALREADY granted. A large portion of these options are JCAM - who have conversion rights at 28p (which i would really welcome !!). These were awarded as part of their debt restructure. Adam also has conversion right from his original deal (from day 1) - and these have always been declared from the initial day 1 subscription agreement. Nothing in the 12% issuance / pre-emptions rights is new ! And like i said - the JCAM ones have a 28p strike price.

Anyone selling on the back of this - is not getting their facts straight.

So with Met at $230, FV = 39p

If Met increases by 10% ($253), FV = 63p

Met is now $245 - So FV should be around 50p

Market remains unconvinced. Not sure what the overhang is ? The AGM, Bonus queries, Production Doubts, Doubt on sustainability of current Met pricing ? - Prob all of the above.

BEN was at the same price as today when Platts was at $190. A $55 rise in pricing seems to have done nothing. Go figure ?

Platts HiVolB up $5 to $245

AUS futures up another $11-13 /ton.

Platts should be heading up ~$10-20 soon - has been lagging a little lately. "If" we get another $20 hike - AND are able to lock it in - That will clear a lot / most of BC's debt.

Rally looks sustainable at the moment.

October / November / Dec futures (AUS coal) - up $20 / tonne (Now at $350). Same level as March '23 (when Platts was ~$290).

Rest o f the curve (up to March) - up $12