Ann: Appendix 4E and 2019 Annual Financial Statements, page-48

I think you will be waiting for either of the following before an announcement/declaration of a maiden dividend:
- 2020 results. They have previously stated they have approval to pay up to 30% of Net Profit After Tax (NPAT). Generally speaking they only really know what the NPAT is after the numbers have been audited. If they have a great 6 months to Dec 19, they might consider a dividend at that time.
- sale of BNU and/or Mongolia exploration assets (or status of BNU). This could have an impact on the financial result of TER, good or bad or nothing. When you consider management couldn't make money out of this project, why would anybody buy it for the book value that TER have it for (2019 report has segment assets for Mongolia of AU$162m - which would include lots of things of course)? It may take them sometime to offload it as well. If they don't sell it in 2020 FY, they should make a NPAT, unless the auditors ask them to impair BNU.

Considering they have 'approval to pay up to 30% of NPAT' it would take a pretty ballsy move to declare a dividend on quarterly results, particularly the first quarter of a FY.