Atrum Coal Ltd. advised of completion of an Updated Scoping Study on its 100%-owned Elan Hard Coking Coal (HCC) Project (Elan Project) in southern Alberta, Canada. The Updated Scoping Study incorporates the recent Isolation South resource upgrade1 into an enlarged and enhanced mine schedule, which also displaces all Elan South mining to drive project simplification, permitting efficiency and development fast-tracking. It also incorporates refined capital cost estimates from the current Pre-Feasibility Study (PFS) (which remains on track for completion by mid-2021). All other key input parameters from the Scoping Study (April 2020)2 remain unchanged (including throughput, yield and HCC price assumptions) and were applied to the Updated Scoping Study. The Updated Scoping Study delivers a 62% increase to post-tax NPV9% (now USD 1.4 billion), driven by a 28% reduction in ROM strip ratio (44% decrease in the first 10 years) and a 6-year mine life extension. This substantial value uplift is inclusive of a 13% increase in estimated pre-production capital cost and the displacement of all mined tonnes at Elan South from the mine schedule. Updated Scoping Study parameters: Leading coal technical consultant, Palaris Australia Pty Limited, was the external Study Manager for the Updated Scoping Study. The Updated Scoping Study has seen three key revisions to the Scoping Study (April 2020). These changes involve: A revised mine schedule incorporating the recently upgraded Isolation South resource estimate; Sole sourcing of mined tonnes from Isolation South (i.e. displacement of all Elan South mined tonnes from the revised mine schedule); and Adoption of further refined pre-production capital cost estimates. All other key input parameters from the Scoping Study (April 2020) remain materially unchanged and were applied to the Updated Scoping Study. This release contains requisite information with respect to the select modifying factors and outcomes that have changed as part of the Updated Scoping Study. Relevant information pertaining to all other unchanged parameters from the Scoping Study (April 2020) can be found in Atrum ASX release dated 16 April 2020, Elan Project Scoping Study. Atrum confirms that, other than the revisions to the mine schedule and capital cost estimates reflected in this Updated Scoping Study, it is not aware of any new information or data that materially affects the information included in that release. All other material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed. New mine schedule incorporating upgraded Isolation South resource: The Updated Scoping Study incorporates the recent interim Isolation South resource update into a revised mine and process schedule. The resource update followed the 2020 drilling program at the Elan Project, which focused solely on Isolation South. This program comprised 125 rotary air blast (RAB) holes, 32 large diameter core (LDC) holes and 6 HQ geotechnical and hydrogeological holes. The updated estimate saw total Isolation South resources increase 32 Mt to 262 Mt (+14%). Critically, and in-line with the core objective of the program, Measured + Indicated (M+I) resources at Isolation South increased 93 Mt to 175 Mt (+113%). Total Elan Project resources now stand at 486 Mt (7 Mt Measured, 228 Mt Indicated and 252 Mt Inferred). Following the substantial classification upgrade to the Isolation South resource, higher confidence M+I resources now comprise almost 50% of the total Elan Project resource base (including approximately two thirds of the Isolation South resource). Sole sourcing from Isolation South: Following the recent resource upgrade, the flagship, low-strip Isolation South resource can now independently support an initial +20-year mine life operation at the world-class scale of 10 Mtpa ROM (6 Mtpa HCC). As a result of this dynamic, Atrum has elected to defer the potential development of Elan South. Concurrently, the decision was taken to remove any mining activity at Elan South from the Updated Scoping Study mine schedule. The key driver of this decision was the considerable simplification of the overall Elan Project scope and footprint that it delivers. This simplification is directly targeted at maximising efficiency in the permitting process and fast-tracking the development of the Elan Project. It has also reduced the average strip ratio (and expected operating cost) for the Elan Project further. This a function of the fact that the Elan South mined tonnages included in the Scoping Study (April 2020) (47 Mt), while relatively low-strip by global standards, possess a higher strip ratio than the Isolation South in- pit resources. It is important to note that Elan South remains a readily viable proposition for future mining activity. As such, clear potential exists for Elan South to be permitted and mined in the future as a Phase 2 expansion development and/or mine life extension for the Elan Project. Further refined capital cost estimates: The Updated Scoping Study is also informed by further refined pre-production capital cost estimates derived from the current Elan Project PFS workstream. Updated capital expenditure estimates were provided for two major items - the covered overland conveyor systems (+$56 million) and utilities supply to site (+$34 million). The updated capex estimates for these items were based on updated budget quotes for the conveyor system and increased allowances for the power transmission connection.