Based on the comment in the report, the board clearly wants to...

Based on the comment in the report, the board clearly wants to pay a dividend. However due to the past aggressive high dividends and lack of long term conservative vision, they have buried themselves in ATO debt. If they paid a dividend while having ATO debt, i would imagine it would be illegal (Corporations Act - you can't pay dividends that would materially prejudice the company's ability to pay its creditors). Last thing TER need is another legal stoush with the government.

As to when a next dividend, personally i don't see a dividend in the next 12 months if everything stays the same. They seem to be running out of cash, Dec-23 they had $16.7 million in the bank, now only $7.3 million. If the spot price for thermal coal goes north dramatically = equals more cash, we may see a dividend. If they sell off the RSA operations we may see a dividend. If they manage to get the production back to nameplate capacity (~2.2mt / year), than we may see a dividend.