Bathurst Resources (BRL) Q3 2025 earnings summary

Executive summary

• Completed a successful AUD $34m (NZD $34m) capital raise, the first in nearly a decade, to fund development of Buller and Tenas coking coal projects in New Zealand and Canada, supporting future growth and production targets of ~2.5Mtpa by FY29.

• Delivered strong Q3 FY25 results and maintained profitability and robust cash reserves despite weakened coal pricing and operational challenges.

• Profitable operations through wholly owned and joint venture assets, with a focus on coking coal for export and domestic steelmaking.

• BT Mining JV and 100%-owned Takitimu continue profitable operations.

Financial highlights

• Q3 YTD 2025 consolidated revenue: NZD $197m; consolidated EBITDA: NZD $40m; operating profit: NZD $11m.

• FY24 consolidated EBITDA reached NZD $91m; YTD consolidated EBITDA of $40.4m, ahead of forecast despite lower export prices.

• Consolidated cash position at NZD $165m as of 31 March 2025, including restricted deposits.

• No significant debt on balance sheet, other than $1.7m in finance leases.

• Six export shipments in Q3, sales of 370kt, ahead of forecast by 40kt.

Outlook and guidance

• FY25 consolidated EBITDA guidance maintained at NZD $45m–$55m, supported by strong domestic segment performance and cost controls.

• Export market faces continued pricing pressure; HCC benchmark dropped below USD $170/t at quarter end, with no significant upside expected in the short to medium term.

• Advancing environmental approvals and DFS for Tenas Project (DFS due Q1 2026); Buller Project Fast Track application to be lodged Q2 2025.

• Takitimu mine to close in FY 2027 due to declining domestic demand.

• Export volumes expected to remain at 1.1–1.2 million tonnes annually; domestic steelmaking demand stable at 400,000–500,000 tonnes per year.