TER, page-246

Yes you could, its really a function of a) the C1 cash cost and b) the royalty paid.

Royalty increases / decreases with export pricing, and therefore this has the highest impact on an operation that is stable for an operational performance perspective. See below which is an industry average total cost prepared by Wood Mackenzie, which shows a dramatic US$35/t decrease in cash cost if coal price reduces from US$400/t to US$200/t....

Assuming this average to TER, would suggest that TER operating cost would reduce from A$142/t to around A$92/t if prices fell, add in some inflation of say 5% on the A$92/t would be A$97/t cash cost for TER at US$154/t coal price (selling at 77% of NEWC price of US$200M)...

So cash cost of A$97/t and coal price of A$220/t (US$154/t) would mean EBITDA margin of A$123/t... Assuming 550kT per quarter, or 2.2Mt of sales per annum this would equate to EBITDA of A$67M per quarter or A$270M per annum.... If they paid out 40% of EBITDA (this is just a high level pluck - you pay dividends on FCF not EBITDA), this would equate to A$27M per quarter or A$108M per annum - which would be 3.5c per quarter or 14c per year...

I should note that this is all some quick maths and not backed by any significant research...

https://terracomresources.listedcompany.com/research_reports.html