Cokal (CKA) H2 2026 earnings summary

Executive summary

• Faced regulatory delays and operational challenges, notably due to changes in Indonesian mining approvals, impacting production timelines and volumes.

• Coal prices recovered significantly, improving project economics and supporting a multi-mine production strategy.

• Major shareholder support provided non-dilutive funding, enabling continued development and infrastructure investment.

• Infrastructure upgrades, including haul roads and jetty enhancements, progressed to support future production growth.

Financial highlights

• Revenue for FY2026 was US$3.74 million, up from US$3.38 million in FY2025.

• Net loss after tax increased to US$11.32 million (FY2025 restated: US$9.80 million).

• Basic and diluted loss per share was (1.05) US cents (FY2025: (0.91) US cents).

• Cash and cash equivalents at year-end were US$194,016, down from US$630,926.

• Net liabilities increased to US$29.58 million from US$18.27 million.

Outlook and guidance

• Focus on expanding BBM production and advancing BBM Underground project with infrastructure development set to commence.

• TBAR and West Bank projects to complete drilling and progress production approvals.

• Targeting further domestic and export coal shipments in late 2026, contingent on river conditions and regulatory approvals.