At Beer & Co, I have initiated research on New Age Exploration

At Beer & Co, I have initiated research on New Age Exploration. We are attracted by an Enterprise Value of only just over $10m for 112Mt of JORC Resources of coking coal is a CSN 7.0 to 7.5. I estimate that it will take about 3 years to get into production and that the project cap.ex will be around US$ 235m. I also estimate on-site C1 costs of US$ 50/t. Adding transport, royalties and sustaining capital costs, including replacing the 3 continuous mining units each 10 years, increases the All In Sustaining Capital Costs to USD 84/t of product coal. The current low share price is probably due to low coking coal prices as well as perceived risks, such as geotechnical conditions, and financing, which are progressively being resolved.


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