Bathurst Resources (BRL) Q1 2027 earnings summary

Executive summary

• Q1 FY27 revenue was NZ$64m, up 10% YoY; EBITDA was NZ$8.7m, reported as NZ$9m, versus NZ$5.2m in Q1 FY26.

• Consolidated cash, including restricted short-term deposits, was NZ$130m at 30 September; FY27 EBITDA guidance remained NZ$30m–NZ$40m.

• Buller and Tenas advanced through approval and assessment processes, with first production targeted for 2028 and 2029, respectively.

Financial highlights

• Q1 revenue rose to NZ$64m from NZ$58m, while EBITDA increased to NZ$8.7m from NZ$5.2m; higher export pricing drove the uplift.

• Export average realised price including hedging rose to NZ$278/t from NZ$207/t, partly offset by sales volumes down 18kt YoY.

• FY26 consolidated EBITDA was NZ$45m, at the top of the NZ$35m–NZ$45m guidance range.

• Cash declined from NZ$144.8m opening to NZ$130m closing; working capital used NZ$12.3m, with investment in property, plant, equipment and mine assets.

Outlook and guidance

• FY27 consolidated EBITDA guidance remained NZ$30m–NZ$40m; lower export mix was partly offset by higher HCC benchmark pricing and a stronger North Island contribution.

• Buller first production is targeted for 2028; Tenas production is targeted for 2029, with expected output of 750ktpa for ~21 years.

• Tenas’s environmental assessment recommendation is expected by 18 January 2027, followed by a ministerial decision by 18 February 2027.

• Buller is targeting ~20Mt of coking coal over a ~25-year mine life; consent is anticipated in FY28 and its DFS is planned for Q4 FY27.

• HCC pricing was expected to ease through December and remain near US$250/t.