Global Coal Consumption Highest Ever, page-5

Approximately 315 million shareholders joined Terracom as part of the Universal Coal takeover. Before the takeover, Terracom had approximately 400 million shares. There are currently 801 million, which is too many for this company to have if it wants to pay decent long-term dividends.

This company should be around 500 million or even less, and they should be focusing on a buyback, like they have mentioned in 2022 & 2023, while the price is so low.

Current:

• Blair Athol
• New Clydesdale Colliery
• North Block Complex

Not happening:

• Springsure
• Clyde Park Coal
• Northern Galilee Project
• Berenice
• Cygnus
• Ubuntu

Unsure at preset what to call this

• Eloff—? As mentioned in previous presentations, it will run at 2.4-3.2 mtpa, for which they will get 49%, so let's say maybe 2 million after tax for the year.
• Possible Australian purchase/mine share - ? (mine share = less profit and more reason for a share buyback)

Side Note: I can't believe this has been managed back to 20.5 cents