Hi there Please find below Fox Davies comment on the back of Atlantic Coals announcement that the Board of RAC has approved the lease option agreement over the fully permitted 410 Pott&Bannon anthracite mining property, which the Board of Atlantic believes could contain up to 6Mt saleable anthracite, potentially tripling the Companys reserves. Fox Davies retains its BUY rating and target price of �0.01/share. Kindest regards Lizzie [cid:image001.jpg@01CCCF73.7ADF1250] ________________________________
Atlantic Coal (ATC LN)
BUY Current Price: 0.46p Target Price: �0.01
Market Cap (M): �17.8 EV (M): �27.78
Board of Reading Anthracite approves lease option agreement
Event Following the press release dated 3rd January, Atlantic Coal has announced that the Board of the Reading Anthracite Company ("RAC") has approved the lease option agreement over the fully permitted 410 acre Pott&Bannon anthracite mining property in new Castle Township, Schuylkill County, Pennsylvania.

As a result, the US$250,000 payment made to RAC in order to secure its entry into the Lease Option has been released unconditionally.
Comment
Additionally, Atlantic Coal announced that as part of the due diligence process, it has appointed John T, Boyd & Company, a qualified person within the meaning of the AIM Rues for Companies, to confirm the resource information provided to the Company.

Atlantic Coal intends to submit the permit transfer application shortly and further updates regarding the lease Option will be made at the appropriate time.
Recommendation
We retain the Buy recommendation with an unchanged target price of �0.01/share.

The model has not been updated for the agreement and will not be until formal ratification occurs.
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