What you need to know: • FRG reported premium coal quality results from recently intersected coal seam while driving the decline at the La Estrella Project, Colombia. • Analysis confirmed a calorific value of 13,846 BTU/lb, sulphur of 0.82%, low ash/moisture, and a Free Swelling Index of 4. • The coal was extracted from the 0.5–1.0m seam encountered during underground decline development. • We recently published an interview with CEO PJ Murphy, watch it here. Yesterday, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) reported excellent laboratory results from the recent coal sampling at its fully permitted La Estrella coal project in Santander, Colombia. The coal samples (M001C & M002C) were taken from an exposed coal seam at the face of the decline development and sent for testing at SGS Labs in Columbia, as seen in Figures 1 and 2. Testing confirmed a premium coal product with exceptional calorific value, very low sulphur, and excellent specifications for both the high-BTU thermal coal market and the high volatility coking coal market for blends in the steel industry. We are maintaining our BUY rating and a target price of $1.00/share on FRG. We remind readers that this is the same coal seam FRG announced it had encountered within the primary decline development on July 24th and extracted and stockpiled on the surface (Figure 3). Read our full research flash on this coal seam intersection here. Sample M002C returned the following results: • Calorific value of up to 13,846 BTU/lb • Very low sulphur content as low as 0.82 (% in weight) • Low ash and moisture – maximize combustion efficiency and reduce waste • Free Swelling Index (FSI) of 4 – making it suitable for use in metallurgical coal blends while retaining value in high-energy thermal markets