TerraCom (TER) Q3 2026 TU earnings summary

Executive summary

• March 2026 quarter impacted by severe weather in Queensland, causing logistics disruptions and lower coal sales volumes, but underlying mining and processing operations remained stable and conditions improved post quarter end.

• April and June 2026 shipments are forecast to recover, supporting the full-year sales guidance of 1.6 Mt.

• Corporate activities included a fully subscribed $60 million entitlement offer, board and executive changes, and a focus on balance sheet strength.

Financial highlights

• Cash at bank as of 31 March 2026 was A$32.9 million, with an additional A$54.4 million in restricted cash for rehabilitation bonding.

• No dividend declared for the period, prioritizing operational stability.

• Average coal price achieved was A$117.54 per tonne, with higher prices expected from April 2026.

Outlook and guidance

• FY26 sales guidance maintained at 1.6 Mt, with 100% of June quarter sales contracted.

• Thermal coal prices strengthened during the quarter, and market conditions are expected to remain supportive in the near term.

• Blair Athol's full-year FOB costs (excluding royalties) expected at the upper end of A$105–115/t guidance due to higher fuel and logistics costs.