Evidence Package Disclosures
- Documents in this package are provided for diligence purposes only. No securities offering, investment advice, or guarantee is made.
- The engineering appraisal reports an in-place value, which is not a guaranteed market value, financing value, or recoverable reserve value.
- Lenders and investors must conduct their own independent due diligence.
- Document hashes and IPFS anchoring are pending — this package has not yet been cryptographically sealed.
PATE-COAL-001 — Evidence Package
Documents & Evidence
3 PDF files received — 6 document types covered. 16 additional documents needed.
Uploaded Evidence
1. Update — Pate Prospect 8-1-24
1. Update - Pate prospect 8-1-24.pdf
2024 update letter from appraiser James T. Weiss, PE, MBA, F. NSPE. Conservatively maintains the Pate Prospect valuation at the 2020 level of $8,378,310,000, noting that coal prices may have increased since 2020 but holding the estimate conservative.
- 2024 update — valuation held at $8,378,310,000
- Authored by James T. Weiss, PE, MBA, F. NSPE
- Conservative: does not adjust upward despite potential coal price increases
Document Hash
Pending — SHA-256 seal required
IPFS CID
Pending publication
2. Pate Summary 2-15-20
2. Pate Summary 2-15-20 pgs 1-3.pdf
2020 engineering appraisal summary for the Pate Prospect in Morgan County, Tennessee. Reports approximately 3,790 acres, nine identified coal seams, and combined in-place value of $8,378,310,000. Authored by James T. Weiss, PE, MBA, F. NSPE.
- Location: Morgan County, Tennessee
- Reported acreage: approximately 3,790 acres
- Rex seam: 1,068,000 surface mineable tons
- Underground mineable: 139,282,500 tons
- Combined in-place value: $8,378,310,000
- Appraiser: James T. Weiss, PE, MBA, F. NSPE
Document Hash
Pending — SHA-256 seal required
IPFS CID
Pending publication
3. Pate Appraisal — Full Appendix (pgs 4–37)
3. Pate Appraisal pgs 4 - 37.pdf
34-page appendix packet including: legal description of the prospect; estimated coal reserve tables per seam; coal analysis supporting the appraisal; and general geology appendix covering Morgan County stratigraphy, seam maps, and structural notes.
- Legal description of ~3,790-acre prospect
- Per-seam reserve tables: Rex, Nemo, Morgan Springs, Sewanee, Richland, Wilder, Lower Wilder, Upper White Oak, Lower White Oak
- Coal quality / analysis data
- Geology appendix — Morgan County stratigraphy and structure
Document Hash
Pending — SHA-256 seal required
IPFS CID
Pending publication
Asset Description — From Appraisal
Location
Morgan County, Tennessee
Reported Acreage
approximately 3,790 acres
Rex Seam Surface Mineable
1,068,000 tons
Underground Mineable
139,282,500 tons
Reported In-Place Value
$8,378,310,000
Engineering estimate only — not guaranteed market value
Appraiser
James T. Weiss, PE, MBA, F. NSPE
Appraisal Year / Update
2020 / Updated 2024
Identified Coal Seams — 9 Seams
| Seam | Mining Type | Notes |
|---|---|---|
| Rex | Surface | 1,068,000 surface mineable tons |
| Nemo | Underground | Reserve data in appendix |
| Morgan Springs | Underground | Reserve data in appendix |
| Sewanee | Underground | Reserve data in appendix |
| Richland | Underground | Reserve data in appendix |
| Wilder | Underground | Reserve data in appendix |
| Lower Wilder | Underground | Reserve data in appendix |
| Upper White Oak | Underground | Reserve data in appendix |
| Lower White Oak | Underground | Reserve data in appendix |
Reserve data from the 2020 engineering appraisal. Updated recoverable reserve tonnage requires a new qualified-person / mining engineer report.
Document Request List — 25 Items
Request these from the asset owner. CRITICAL items are required before any lender will engage with a substantive facility review.
Current deed (surface and/or mineral rights)
CRITICALMineral rights deed or severance document
CRITICALChain of title from original grant to current holder
CRITICALTax parcel IDs — Morgan County, Tennessee
HIGHProperty tax status and current tax certificate
HIGHLien / mortgage search report
CRITICALUCC search — Morgan County and Tennessee Secretary of State
HIGHEntity ownership / control documents (who can pledge / sell)
CRITICALAuthority documents — who has right to pledge or convey mineral rights
CRITICALFull 1976 Michael Pitts report referenced in the appraisal
HIGHAll drill-hole data and core logs
HIGHCoal lab reports (proximate/ultimate analysis per seam)
HIGHMine maps in higher resolution
HIGHCurrent permit status — TDEC Division of Water Resources
CRITICALAny historical mining permits or permit applications
MEDIUMEnvironmental reports or environmental assessments
HIGHReclamation / bond estimates for TN mining operations
MEDIUMAccess road / haul road rights and easements
MEDIUMRail / truck logistics plan and freight costs to market
MEDIUMAny coal buyer / offtake LOIs or prior offers
MEDIUMAny mining operator LOIs or discussions
MEDIUMAny prior financing documents, liens, or existing pledges
CRITICALAny lawsuits, disputes, or title claims on the property
CRITICALUpdated independent reserve / resource report from qualified PE
CRITICALAttorney title opinion from TN / mineral-rights attorney
CRITICALValuation Warning
The reported in-place value of $8,378,310,000 was determined by an independent engineer in 2020 and conservatively maintained in a 2024 update letter. This is an estimate of coal in-place value only. Recoverable value, market value, financing value, and liquidation value will all be substantially different and can only be determined through updated technical review, market analysis, permitting review, and arm's-length lender/buyer acceptance.
Do not present this asset as "$8.3B ready to borrow against." Present it as a mineral-rights prospect with engineering appraisal materials requiring further diligence before financing.