Bathurst Resources (BRL) H2 2025 earnings summary

Executive summary

• Operates four coal mines in New Zealand with a mix of 100% owned and joint venture assets, plus development projects in Canada and New Zealand.

• FY25 consolidated revenue was NZ$268 million, down from NZ$315 million in FY24, reflecting weaker coal prices and operational challenges.

• Consolidated EBITDA for FY25 was NZ$44 million, a significant decrease from NZ$91 million in FY24.

• Cash reserves increased to NZ$178 million, up from NZ$141 million in FY24, with no debt (excluding finance leases) and a successful capital raise of AUD$34 million in April 2025.

• Strategy focuses on safe, profitable operations, expanding export capacity, and reliable capital returns to shareholders.

Financial highlights

• FY ending June: revenue of $270 million, consolidated EBITDA of $44 million, and net profit of $4.4 million, all down from the previous year.

• Export segment revenue fell to NZ$250.6 million in FY25 from NZ$328.0 million in FY24, mainly due to lower HCC benchmark prices and a temporary tunnel closure.

• Rotowaro Mine saw increased revenue (NZ$75.8 million vs NZ$64.6 million) and EBITDA (NZ$18.7 million vs NZ$12.7 million) due to higher sales volumes.

• Direct costs of $15 million incurred due to a six-month rail disruption, partially offset by insurance.

• Maramarua and Takitimu mines experienced planned reductions in sales and production, resulting in lower EBITDA.

Outlook and guidance

• FY26 consolidated EBITDA guidance is NZ$35–45 million, with export market earnings expected to decline due to lower HCC prices, partially offset by higher export volumes.

• Export HCC benchmark pricing is forecast to improve through FY26, with prices rebounding to just below US$190/t in August 2025.

• Cash generation from North Island operations is expected to increase over the next few years.

• Projected coal prices to rise above $200/ton in coming years, supporting future profitability.

• Fast Track application for the Buller Project to be lodged in 2025, with approval expected in the first half of 2026.