“We are downgrading PRB to Sector Underperform with a one-year target price of

$1.30/share based on a 90/10 weighting of 0.9x our net asset value estimate of

$1.13/share and a blended acquisition valuation of US$120/oz contained Au based

on a recoverable resource of 2.63Moz.”

Perhaps I owe Mike an apology.

Rosehill