NEWC has no reserves of coal, or any other mineral.
The term "Reserves" is a legal term. In order to use it, a company must have completed a full (bankable) feasibility study. NEWC has not even come close to that. They haven't even done basic exploration - they admitted to the SEC their exploration was limited to clearing vegetation and exposing coal outcrops. That is far, far, FAR from the years of work, and millions of dollars paid to independent experts for numerous studies, that a full feasibility study requires.
Claiming reserves when they don't have any is fraudulent. A crime. People do go to prison for that, especially when they are making such a fraudulent claim to sell securities.
