TerraCom (TER) Q1 2026 TU earnings summary

Executive summary

• Achieved total coal sales of 1.8 Mt, up 9% quarter-on-quarter, with equity coal sales of 1.1 Mt, up 4% from the prior quarter.

• Blair Athol mine delivered strong production growth, while South African operations maintained steady output and improved plant efficiency.

• No dividend declared for the quarter due to current thermal coal market conditions.

• Appointment of Jen Williams as CFO and Company Secretary to strengthen financial governance.

Financial highlights

• Closing cash at bank was $4.95 million, with an additional $58.2 million held as restricted cash for rehabilitation bonding.

• Blair Athol achieved an average coal price of A$121.9/t, down 5% from the previous quarter, reflecting market trends.

• Reduction of $7.7 million in rehabilitation bonding requirements, with $3.9 million already returned and $3.8 million expected in the next quarter.

Outlook and guidance

• Entering December 2025 quarter with stable operations, disciplined cost base, and focus on value creation.

• FY26 mine plan prioritizes value over volume, with production strategy underpinned by lean cost base and disciplined controls.

• Blair Athol's Life of Mine extended to 2033, with annual sales forecast of 1.6–1.8 Mt.

• Ongoing evaluation of strategic growth opportunities in Australia and select international jurisdictions.