Bathurst Resources (BRL) H1 2025 earnings summary

Executive summary

• Market capitalization is approximately NZD 145 million (AUD 144.9m), share price NZD 0.75 (AUD 0.75), and consolidated cash of NZD 140–141 million, resulting in an enterprise value of NZD 18.7–19 million with minimal debt.

• Operations include North Island mines (Rotowaro, Maramarua), Stockton export mine, Takitimu mine, and Canadian projects (Tenas, Crown Mountain).

• Direct employment is just under 700, with significant economic contributions to regional New Zealand.

• Domestic segments delivered improved results, partially offsetting export declines due to tunnel closure.

• Fast Track Approvals Bill enacted, expediting major projects including Buller, Rotowaro, and Crown Mountain.

Financial highlights

• H1 FY25 revenue was NZD 118.9m, down from NZD 135.0m in H1 FY24; EBITDA was NZD 27.5m, down from NZD 28.2m.

• Full-year EBITDA is projected at NZD 45–55 million.

• Cash balance as of 31 December 2024 was NZD 140–141 million, with no significant debt apart from lease financing.

• Export coal price declined to around NZD 200/tonne (USD 190–214/t) from NZD 240–250/tonne (USD 284/t) year-over-year.

• Net profit after tax for H1 FY25 was NZD 8.3m, down from NZD 9.1m.

Outlook and guidance

• Full-year EBITDA guidance is NZD 45–55 million, with export market earnings expected to reduce due to lower HCC prices and tunnel-related impacts.

• Export pricing expected to remain subdued in the near term due to weak steel demand and high inventories; medium- to long-term demand growth anticipated from India.

• Approximately 35% of production is hedged, supporting price stability.

• Increased rail schedule and 7-day operations planned post-tunnel reopening.