TER is a trade for degenerates like me as its a classic bottom of the cycle, high cost leverage opportunity.

Brief thesis is:

• Ordinary thermal coal assets that don't really make money at the current coal price
• Drove it to recently recap at close to 1 for 1 for $60m
• Single holder taking just over half the raise via underwriting so free float remains tight and stock churn modest
• Now has some buffer to wait out the cycle for longer thus giving optionality
• Seems to be early potential emerging for cycle to start turning so operating leverage is likely skewed to upside from here

Recap doesn't stop it from going down if coal prices don't make a turn, slows the bleed hence the optionality.

Not for the faint of heart.