"can't see the share price appreciating much from these levels...

"can't see the share price appreciating much from these levels until the coal market picks up again and investors attribute value to their underlying resource base and undeveloped project pipeline"

That is the million $ question will the coal market pick up or sentiment towards the coal industry pick up to a level that pushes up demand for coal companies.

A few years ago I thought the world could never do away with coal so I brought into UNV and a couple of other coalers, today I don't think many of the planned coal fired power stations will go ahead. In a few years short years solar is going to be the cheapest form of electricity and storage is coming like a freight train with no brakes.
The company I work for is a Electricity distribution company in Australia, management are looking at taking smaller communities off grid and onto solar and storage because it is cheaper than maintaining the distribution lines that supply the towns.

Although I don't hold I still think there will be one last opportunity with UNV for holders to make good coin with a possible takeover, but I don't see much growth in the coal sector overall ever again.