Bathurst Resources (BRL) H2 2025 earnings summary

Executive summary

• Operates four coal mines in New Zealand, with a mix of wholly owned and joint venture assets, and is advancing 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, with net profit after tax dropping to NZ$4.4 million from NZ$38.5 million.

• Raised $36m in equity in 2025 to fund development projects, maintaining a strong net cash position with no debt (excluding finance leases).

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

Financial highlights

• 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.

• Consolidated cash, including restricted deposits, increased to NZ$178 million from NZ$140.7 million.

• Realised hedging gains of $13m in FY25 versus a loss of $8m in FY24.

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

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.

• Major development projects (Buller, Tenas, Crown Mountain) are advancing, targeting first production in 2027–2028.

• Consent and permit applications for key projects expected by June 2026.

• Profitable operations are expected to continue at both BT Mining JV and 100%-owned Takitimu.