Tigers Realm Coal (TIG) Q4 2025 TU earnings summary

Executive summary

• Entered into a Share Purchase Agreement in April 2024 to sell Russian subsidiaries and mining/port operations.

• All seller-side conditions for the sale have been met; only buyer-side presidential approval remains outstanding.

• Approval process from Russian authorities is significantly delayed and ongoing.

• Uncertainty over transaction completion has led to exploration of alternative options.

Significant events and developments

• Russian operations continue to be classified as assets held for sale.

• Lack of clarity on future ownership and zero parent funding have halted Russian operations.

• Communication with Russian management is limited due to compliance with Australian Sanctions Regime.

Risk factors and uncertainties

• Prolonged delays in Russian state approval process for the sale.

• High domestic borrowing costs and low coal prices in Russia have increased operational risks.

• Uncertainty regarding the timing and terms of transaction completion.

• Inability to secure working capital has heightened risk of non-resumption of Russian operations in 2026.