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Bathurst Resources (BRL) investor relations material
Bathurst Resources H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operates four mines in New Zealand and has development projects in Canada, focusing on stable, safe, and profitable operations with growth through extensions and new projects.
H1 FY26 results were in line with forecasts but down year-over-year due to weaker export coal prices and increased costs, with consolidated revenue at NZD $115 million, EBITDA at NZD $16 million, and an operating loss of NZD $3.4 million.
Cash reserves increased to NZD $155 million as of H1 FY26, supporting ongoing operations and project development.
Strategy centers on maximizing cash generation and returning value to shareholders, with a shift toward 100% owned assets and a focus on growth projects.
Export steel-making coal is a key revenue driver, with strong demand in Asia and long-term customer relationships.
Financial highlights
H1 FY26 consolidated revenue: NZD $115 million (down from NZD $119 million in H1 FY25); EBITDA: NZD $16 million (down from NZD $27 million); operating loss: NZD $3.4 million (vs. profit of NZD $8.3 million in H1 FY25).
Cash reserves increased to NZD $155 million as of H1 FY26, with no significant debt and strong cash backing per share.
Net asset per share at December end was NZD $1.48, with market capitalization at AUD $166 million and enterprise value at AUD $32 million.
No interim dividends declared or paid for the period.
Approximately NZD 350 million contributed to the NZ economy in FY 2025, with 700 employees.
Outlook and guidance
Full-year consolidated EBITDA guidance maintained at NZD $35–45 million.
Export pricing is lower than previous years, but a strong finish is anticipated with the forward curve improving and HCC benchmark price expected to stabilize around US $200/t in H2 FY26.
Production at Takitimu will continue into FY 2027, with rehabilitation work accelerated.
Buller Plateaux Continuation Project Fast Track approval expected in 2026; Tenas Project DFS and reserve confirmation completed, targeting first coal in 2028.
Tenas Project in Canada expected to produce 750ktpa for 21 years starting FY29.
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