Bathurst Resources (BRL) Q1 2026 earnings summary

Executive summary

• Four operating mines in New Zealand and two development projects in British Columbia, Canada, focusing on coking coal for export and domestic supply.

• Strategy centers on safe, efficient operations, organic growth, and expanding export capabilities, especially in coking coal.

• Q1 FY26 consolidated EBITDA was $5.2m, in line with forecast, with full-year guidance maintained at $35m–$45m.

• Consolidated cash position increased to $155m at 30 September 2025, up $16m year-over-year.

• Significant progress made on Buller Plateaux Continuation Project (NZ) and Tenas Project (Canada), both advancing toward key permitting milestones.

Financial highlights

• Q1 FY26 EBITDA of $5.2m, down $3.4m from Q1 FY25, mainly due to lower export segment earnings and reduced South Island domestic sales.

• EBITDA for FY2026 is anticipated to be around AUD 45 million.

• Cash in the bank totals AUD 155 million at the consolidated level, with AUD 34 million in Bathurst accounts.

• Export segment revenue increased on higher sales volumes, but average price per tonne fell from NZD $326 to $217 year-over-year.

• No significant debt, except for minor lease finance at Takitimu.

Outlook and guidance

• FY26 consolidated EBITDA guidance reaffirmed at $35m–$45m, based on an average HCC benchmark price of USD $195/t and NZ:USD exchange rate of $0.58.

• Export sales expected at 1,200kt, with segment EBITDA guidance of $30.1m–$45.5m.

• Coking coal prices are expected to gradually rise to around $200/ton, supporting future revenue.

• Anticipate Fast Track application for Buller in Q3 FY2026, with process completion by end of 2026.

• Tenas project aims for mining permit approval in 2027, following environmental assessment completion.