I agree, the likely conversion of the bonds at 49c will be...

I agree, the likely conversion of the bonds at 49c will be painful to see, however it will result in BRL having zero debt (other than finance leases for its mining fleet).

BRL is not alone in being potentially undervalued - there is an interesting article on Small Caps - Are Australian coal mining companies oversold? It contends that a number of coal companies are likely to be cash cows over the next few years as it becomes harder to get new mines approved, creating a short term supply shortfall. Although Bathurst and a number of other coal companies had a relatively disappointing Q1 due to Q1 FY22 revenues till being based on Q4 FY21 prices, good times are ahead. Forecast FY22 EBITDA of $95m and FY22 free cash flow of $50m compared to a share market value of $118m represents an incredible return.