Allegiance Coal Limited to present the results of the Tenas Project Definitive Feasibility Study (DFS). The DFS follows two pre-feasibility studies undertaken by Allegiance in 2017, first in relation to the entire Telkwa metallurgical coal complex and second in relation to a standalone Tenas Project. Significantly, the DFS concluded that the Tenas Project is likely to be one of, if not, the lowest cost producers of metallurgical coal on the global seaborne market. The seaborne market comprises around 325 million tonnes of metallurgical coal perannum, with semi-coking coals accounting for around 60 million tonnes of that trade. The vast majority of semi-coking coals on the seaborne market come from the Hunter Valley coal mines in New South Wales from companies such as Glencore, Yancoal, and Whitehaven. Added to this, it is a shorter shipping distance to target markets, in particular the Japanese and South Korean steel mills, than from its main competitor of semi-soft coking coals in Hunter Valley via the port of Newcastle. It is 3,800 nautical miles from Ridley Terminals to Tokyo,where as it is 4,300 nautical miles from Newcastle.