Atrum Coal listed on the ASX in July 2012 with an IPO price of 20¢. It ­finished the 2012-13 financial year at 64¢, representing a healthy 200 per cent-plus gain, but only the thin edge of the wedge in terms of what was to come. By September the company’s shares had hit $2.10, elevating it to a 10 bagger – not bad for a company that had been listed for only 14 months.

Importantly, this upside hasn’t been driven by hype, and, if anything, ­management has been keeping a low profile, focusing on what promises to be a unique and valuable asset in its 1.57 billion tonnes Groundhog anthracite project. But when outstanding resource upgrades filter through and investors get a better feel for the nature of the product, it is hard to keep a lid on the share price.