I picked up some options in CES a few months ago, long expiry and 20c excercise price.
SP has come off majorly in the last few months, though from a fundamental point of view, they have a significant amount of cash (nearly $2m), are about to receive upto $5m worth of shares in a new coal asx float, have coal and iron ore projects in indonesia.
All this and a mc of $753,000 (undiluted).
CES released more results today from its abadi project, consistent seam definition of upto 7m thickness. Good calorific content (though I'm not an expert).
Maiden JORC being worked on by Ravensworth consultants, expected May 08.
Seems very very undervalued fundamentally. Coal projects are advancing nicely, iron ore projects very early days - recently announced acquiring 4 indo companies who own approx 20,000 hectares of concenssions containing haematite outcrops. No other work performed since, though you would expect some rock chips at the minimum in the near term.
It just seems strange that the m/c is less than a million dollars, yet has assets way outstripping this value. Low liquidity stock (26m shares on issue).
Would appreciate some thoughts from fundamentalists re the potential of CES, as a coaler (which is where the value probably lies) and of the unexplored iron ore (a nice to have?). Management looking to make further acquisitions.