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Bathurst Resources (BRL) investor relations material

Bathurst Resources Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary3 Nov, 2025

Executive summary

  • Four operating mines in New Zealand and two development projects in British Columbia, Canada, focusing on coking coal for export and domestic supply.

  • Strategy centers on safe, efficient operations, organic growth, and expanding export capabilities, especially in coking coal.

  • Q1 FY26 consolidated EBITDA was $5.2m, in line with forecast, with full-year guidance maintained at $35m–$45m.

  • Consolidated cash position increased to $155m at 30 September 2025, up $16m year-over-year.

  • Significant progress made on Buller Plateaux Continuation Project (NZ) and Tenas Project (Canada), both advancing toward key permitting milestones.

Financial highlights

  • Q1 FY26 EBITDA of $5.2m, down $3.4m from Q1 FY25, mainly due to lower export segment earnings and reduced South Island domestic sales.

  • EBITDA for FY2026 is anticipated to be around AUD 45 million.

  • Cash in the bank totals AUD 155 million at the consolidated level, with AUD 34 million in Bathurst accounts.

  • Export segment revenue increased on higher sales volumes, but average price per tonne fell from NZD $326 to $217 year-over-year.

  • No significant debt, except for minor lease finance at Takitimu.

Outlook and guidance

  • FY26 consolidated EBITDA guidance reaffirmed at $35m–$45m, based on an average HCC benchmark price of USD $195/t and NZ:USD exchange rate of $0.58.

  • Export sales expected at 1,200kt, with segment EBITDA guidance of $30.1m–$45.5m.

  • Coking coal prices are expected to gradually rise to around $200/ton, supporting future revenue.

  • Anticipate Fast Track application for Buller in Q3 FY2026, with process completion by end of 2026.

  • Tenas project aims for mining permit approval in 2027, following environmental assessment completion.

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Q2 202624 Feb, 2026
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Frequently asked questions

Bathurst Resources Limited is a New Zealand-based company involved in the exploration, development, and production of coal. The company focuses on the extraction and supply of thermal and metallurgical coal, primarily for industrial and energy production applications. Bathurst Resources serves customers in sectors such as steel manufacturing, cement production, and energy generation, supporting industrial processes that require high-grade coal. With mining operations primarily located in New Zealand, the company works to provide reliable coal resources for domestic and export markets. Bathurst Resources Limited is headquartered in Wellington, New Zealand, and its shares are listed on the ASX.

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