Everything open to interpretation BB. As a long term investor...

Everything open to interpretation BB. As a long term investor not a short term one then long term profitability is NB to me. Cash is very NB shorter term.
Agree TER are
currently making use of BNU depreciation but Sep Qtr had EBITDA is only $14m. So depreciation hasn't even been considered in that metric and its still only $14m. Loan interest hasn't been included in that figure either.y may have some $66m cash but , , hypothetically they could also ,$80m of trade creditors.

In 2019 FY Report C. Assets was ~ $90m but C. Liabilities was ~ $110+ if memory serves. So if called to immediate account TER wouldn't be able to pay all there current liabilities even with their good cashflow. (OK it won't happen but it makes theinvestment comparatively riskier.)

They have a $200m loan outstanding. Longer term this has to be paid back (equiv $40m pa over 5 yrs.) Or of course rolled over. But to do that they have to show the asset to the lenders to back the loan. Currently I understand TER resource is nominally 10 yrs at the rate they are mining. Yes of course they may/should be able to expand that, but coming up with an extra yr or 2 as they did recently doesn't inspire confidence. And without the extra resource/debt rollover how will they pay for their existing debt.

A deal breaker no but again higher risk.

Same with the dividend. UNV paying theirs out of a profitably operating (and quite high cas flow) business. TER are reducing their capital tp pay the dividend. So yes they can keep dipping into shareholders with capital raising and paying some of it back in dividends but longer term it won't work.