Bathurst maintains FY26 EBITDA guidance despite Q1 revenue dip

Bathurst Resources Limited (ASX: BRL) reported Q1 FY26 consolidated revenue of NZ$58 million and consolidated EBITDA of NZ$5 million, down from NZ$56 million and NZ$9 million in Q1 FY25, primarily due to weaker export coal pricing. Consolidated cash, including restricted short-term deposits, stood at NZ$155 million as of September 30, 2025. The company maintained its FY26 consolidated EBITDA guidance between NZ$35 million and NZ$45 million.

The export segment saw production increase to 262kt (Q1 FY25: 204kt) and sales to 268kt (Q1 FY25: 155kt), with revenue reaching NZ$58.4 million (Q1 FY25: NZ$50.6 million). This volume growth was partially offset by lower HCC benchmark prices. Domestic operations saw increased production at Rotowaro and Maramarua, while Takitimu's sales decreased as it moves towards closure.

Bathurst is progressing with its Buller Plateaux Continuation Project (BPCP) and Tenas projects, with a Fast Track result for BPCP expected in 2026. The Tenas project’s updated Feasibility Study reinforces its attractiveness with a post-tax NPV(8) of US$269 million and an IRR (Post Tax) of 27.5%. The company continues to benefit from its strong net cash backing of NZ$155 million and $0 debt (excluding finance leases) as of September 30, 2025.