Good to see some CRN players sniffing around!You make valid...

Good to see some CRN players sniffing around!

You make valid points—this is definitely a net asset play at these levels, but yeah, the big elephant in the room is whether they go for a CR. Personally, I'd hate to see one done at 6c. That’s just way too dilutive for existing holders and wouldn’t reflect the true value of the assets.

There are definitely better funding options available than going straight to a cheap equity raise:

Viable Alternatives to a CR:

Secured line of credit or term loan: With TER now in a net cash position and Blackwater still throwing off decent volume, they should be able to secure a facility—especially if it's short-term and tied to near-term production revenue. Even if it's at a higher rate, it avoids trashing the register.

Drawdown loan backed by offtake: If they can lock in Moorlands offtake or extend existing agreements, that could support a limited-recourse facility. This is common in mining finance and less painful than dilution.

Unlock the $61M restricted funds: That reserve has been sitting there as a buffer. If they can meet the compliance hurdles (possibly linked to guarantees or environmental performance), freeing that up could avoid any need for external funds altogether.

Asset-backed financing or equipment leaseback: Not ideal, but less damaging than a CR. Cash flow positive operations can usually support this without heavy covenants.

Convertible note structure (last resort): Could work if structured with a higher conversion price (say 10c+), but it’s only viable if paired with upside news (Moorlands activation, coal price spike, etc.).

Strategic View

If they play this right and bridge the gap without a CR, the rerate potential is solid. Moorlands production will be a key de-risking moment. Management just needs to avoid kneejerk funding moves that damage long-term trust.

If they do go for a CR, they better accompany it with a big announcement or strategic rationale—because at 6c, without context, it’ll look desperate.

Sitting tight for now but definitely engaged. Would love to see them get creative here instead of defaulting to dilution.

GLTA.