Ann: Q1 2025 Quarterly Activities Report, page-4

I think the reason for the sell off is evident. Net debt blew out ( understandable given capex), waivers on conditions for loans, discussions on payment of royalties (I'm inferring deferral of payments sought, imo) negative quarterly operational cashflow at both US and Aus operations, refinancing referred to a couple of times (will they maintain 9.25% or will they need to pay a higher rate in current pricing and global environment?) As well as ceasing operations at Logan open pits (even with current relatively good pricing of the high vol a and hvb produced there)

This is great drama. Will met coal bounce soon enough before a cap raise or alternative restructure/sale or partial sale of assets? Will the buchanan and mammoth expansions, in combination with stanwell unwinding dig them out of the hole in time?

This seems like it is approaching a binary position. If yes to the above, then this is the best value coal company by a mile. If no, then there will undoubtedly be value destruction.

Curraghently on the fence. Will wait for 10q to be releasd in May to think some more.