Thanks for the detailed post — really helpful summary. I already...

Thanks for the detailed post — really helpful summary. I already have positions in NHC and WHC, so I’ve been looking for additional exposure to coal, and TER caught my attention recently. Like you said, on raw numbers it seems like a steal — Blackwater’s production profile, cost base, and the market cap suggest this could easily rerate if coal prices firm up again.

That said, management is my main hesitation. Some of the issues you mentioned — the accounting error with the tax liability, the ASIC whistleblower case, and the aggressive dividend policy — definitely raise red flags. I’m still getting across the history here, but even on a quick Google search, it’s easy to find a list of controversies.

I noticed in the 2024 annual report that there was a remuneration strike — if there's another one, it triggers a spill. That actually gives me some hope: if shareholders push hard enough, we might see real board-level changes. I've been trying to confirm the timing of the next AGM — based on previous years, I’m assuming around October or November, but haven’t seen a date locked in yet. It’ll be an important one to watch.

What helped sway me recently was the insider buying — I saw Lochtenberg picking up more at 6c, and that gave me a bit of confidence that there’s belief internally that this turns around. Always better when directors put real money on the table.

As for coal prices, I think we’ll see Newcastle in the $120–150 range within 6–12 months. That lines up with when Moorlands should be in production, which could significantly boost cash flow if all goes to plan. If they can also hold onto the South African assets a while longer, the pressure to divest might ease.

I’ve taken a position for now, will wait for a positive announcement or volume uptick before scaling in further. The assets are solid, and the macro tailwinds are there — it's just a question of whether management can convert those into long-term shareholder returns without another misstep.

Appreciate your post — it helped frame the bigger picture for me. Here’s hoping we’re not crazy… or at least crazy and early.