Bathurst Resources (BRL) H2 2026 earnings summary

Executive summary

• Four operating mines in New Zealand and development projects in New Zealand and British Columbia, Canada, with a focus on metallurgical coal.

• FY26 consolidated EBITDA reached $45 million, at the top end of guidance, despite weak international coal prices.

• Strong cash reserves of $145 million support ongoing and future project development.

• Operations remain profitable, with a focus on stable production and advancing key growth projects.

• Major development milestones achieved for Buller Plateaux Continuation Project (BPCP), Tenas, and Crown Mountain projects.

Financial highlights

• FY26 revenue was $261 million, down from $268 million in FY25.

• EBITDA for FY26 was $45 million, up from $44 million in FY25.

• Net loss after tax of $5 million for FY26, impacted by project investments and asset write-downs.

• Consolidated cash (including restricted deposits) at year-end was $145 million.

• Market capitalization at $120 million and share price at $0.50 as of June 30.

Outlook and guidance

• FY27 EBITDA guidance is set between $30 million and $40 million, with similar levels expected through FY27.

• Export pricing expected to remain flat or gradually increase, with some product mix changes affecting margins.

• Buller and Tenas projects are expected to begin production in 2028 and 2029.