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 results were in line with forecasts but down year-over-year due to weaker export coal prices and increased costs.

• Revenue for H1 FY26 was $14.8m, down 35% year-over-year, with a net loss after tax of $3.4m compared to a $8.3m profit in H1 FY25.

• Cash reserves increased to NZD $155 million as of H1 FY26, supporting ongoing operations and project development.

• Strategy centers on stable, safe, and profitable operations, with growth through extension and greenfield projects.

Financial highlights

• H1 FY26 consolidated revenue: NZD $115 million (down from NZD $119 million in H1 FY25).

• H1 FY26 consolidated EBITDA: NZD $16 million (down from NZD $27 million in H1 FY25).

• Net loss after tax was $3.4m, down from a $8.3m profit in H1 FY25.

• Cash in the bank increased following a capital raise, with cash reserves at NZD $155 million as of H1 FY26.

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

Outlook and guidance

• Maintains FY26 EBITDA guidance of NZD $35–45 million, 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 Continuation Project Fast Track approval expected in 2026; Tenas Project DFS and reserve confirmation completed.

• Tenas Project in Canada expected to enter production in FY29, producing 750ktpa for 21 years.