Bathurst Resources (BRL) Q1 2025 earnings summary

Executive summary

• Operations are based in New Zealand with four active mines and two projects in Canada, employing 675 people.

• Q1 FY25 consolidated EBITDA was $8.6m, ahead of forecast but down $8.5m from Q1 FY24 due to reduced export earnings from restricted sales volumes caused by the Tawhai Tunnel closure.

• Currently in a growth phase with increased staff and expansion projects at several mines.

• Strong consolidated cash position of $139m at 30 September 2024, including restricted short-term deposits.

• Significant progress on key projects, with Buller Plateaux and Rotowaro Continuation Projects listed on Schedule 2 of the Fast Track Approvals Bill.

Financial highlights

• Cash in the bank is just under NZD 140 million, with only NZD 1.2 million in lease finance.

• FY24 EBITDA was NZD 91 million, expected to decrease to NZD 55–65 million for FY25.

• Q1 FY25 consolidated EBITDA: $8.6m (Q1 FY24: $17.2m).

• Export coal sales revenue: $50.5m; NID: $23.3m; SID: $8.1m.

• Q1 export sales: 155kt; NID: 141kt; SID: 44kt.

Outlook and guidance

• FY25 consolidated EBITDA guidance maintained at $55m–$65m.

• Guidance assumes annual average HCC benchmark of USD $250/t and NZ:USD exchange rate of $0.62.

• Anticipates catching up on lost tonnage in the next six months as tunnel repairs complete.

• Growth projects in New Zealand and Canada are expected to increase production to 3 million tonnes per year by 2028.

• No significant improvement in coal prices expected in coming months; Indian demand remains weak.