Agree entirely that this pattern can’t continue — if they had 2...

Agree entirely that this pattern can’t continue — if they had 2 or 3 more quarters like the last one they’d be down the tube, as you say. The big question is whether they can raise production and sales sufficiently, while containing costs, to steadily reduce that debt burden and eliminate it entirely within 18 months, say. A big ask? Yes. An impossible ask? No, provided that coal prices remain at or around current levels. As for the royalties burden, they should reasonably expect some measure of relief when Giggles is booted out in October and (hopefully) a moderately competent government takes power. The royalties will remain, of course — the State budget would be in tatters without them — but the current extortionate levels (the world’s highest) should be moderated at least to some degree and some measure of relief provided to start-up companies such as BCB.