Bathurst Resources (BRL) H1 2026 earnings summary

Executive summary

• Operates four mines in New Zealand and has development projects in British Columbia, Canada, focusing on steelmaking coal for export and domestic markets.

• H1 FY26 EBITDA was $16.2m, ahead of forecast but down $11m year-over-year due to lower export pricing and increased mining costs, with a net loss after tax of $3.4m compared to a $8.3m profit in H1 FY25.

• Cash reserves increased to $155.6m as of 31 December 2025, reflecting strong liquidity after a capital raise.

• Significant progress made on key development projects in New Zealand (Buller Plateaux) and Canada (Tenas and Crown Mountain), both key to long-term growth.

• Ongoing focus on stable, safe, and profitable operations, with growth through extension and greenfield projects and capital returns to shareholders.

Financial highlights

• H1 FY26 consolidated revenue was $114.6m, down from $118.9m in H1 FY25, mainly due to lower prices despite higher volumes.

• EBITDA declined to $16.2m from $27.5m year-over-year, with an operating loss of $3.4m.

• Cash balance rose to $155.6m from $140.7m at the end of H1 FY25.

• No interim dividends were declared or paid for the period.

• Net asset per share at period end was NZD $1.48.

Outlook and guidance

• Full-year consolidated EBITDA guidance maintained at $35m–$45m, expecting a strong finish as coal prices recover.

• HCC benchmark price rebounded from USD $170/t to above $250/t by January 2026, expected to normalize to $220/t by year-end.

• Buller Plateaux project expected to extend mining operations by 15 years; Tenas Project in Canada targeting production in FY29.

• Export market earnings expected to decline due to lower HCC benchmark prices, partially offset by higher export sales volumes.

• Fast Track approval for Buller Plateaux expected in 2026; Tenas Project DFS and reserve confirmation completed.