Highlights

  • Year-to-date consolidated FY27 EBITDA was $9m, in line with forecast and $4m above the prior corresponding period.
  • Consolidated cash, including restricted short-term deposits, stood at $130m at quarter end.
  • FY27 consolidated EBITDA guidance of $30m to $40m was maintained.
  • The Tenas Project entered the Effects Assessment phase, and the Buller Plateaux Continuation Project was resubmitted under New Zealand's Fast-track Approvals Act.

Bathurst Resources Limited (ASX:BRL) has released its quarterly report for the September 2026 quarter, the first quarter of FY27. The coal producer reported EBITDA in line with forecast, maintained its full-year guidance and progressed approvals for its growth projects in Canada and New Zealand. Unless noted, figures are in New Zealand dollars.

Earnings and Segment Performance

Consolidated EBITDA for the quarter was $9m, up $4m on the prior corresponding period. Growth came from the Export and North Island Domestic (NID) segments, partly offset by lower South Island Domestic (SID) earnings.

The Export segment contributed $8.6m on a 65% share basis, with an average price including hedging of NZ$278/t compared with NZ$207/t a year earlier. Five export shipments were made. The NID segment contributed $3.1m, helped by higher sales volumes and prices at Rotowaro and Maramarua. The SID segment recorded a loss of $2.6m as domestic customers continued to transition to alternative fuels.

Costs were pressured by rising fuel prices, labour and freight. The hard coking coal benchmark price moved between about US$213/t and US$285/t during the quarter, closing at around US$272/t.

Growth Projects Progress

In British Columbia, the 100%-owned Tenas Project completed its information requirements and began the Effects Assessment phase on 17 August 2026. A recommendation from the Environmental Assessment Office is expected by 18 January 2027, with a final ministerial decision due by 18 February 2027. The project is designed to produce 750ktpa of saleable coal for about 21 years.

In New Zealand, the Buller Plateaux Continuation Project (BPCP) was submitted under the Fast-track Approvals Act. After the Environmental Protection Authority identified two technical completeness issues, the company addressed them and resubmitted the application on 29 October. The BPCP targets about 20Mt of coking coal over about 25 years using existing Stockton infrastructure.

At Crown Mountain, in which Bathurst holds a 22% equity share, a Final Revised Environmental Application is expected in the December 2026 quarter.

Cash Position and Corporate Matters

Consolidated cash fell from $144.8m to $130.0m, mainly due to a $12.3m working capital outflow linked to export shipment timing and stockpile changes. Exploration spending was $3.4m and development spending was $5.4m on a consolidated basis.

The company recorded three lost-time injuries during the quarter and revised its critical risk management framework. Litigation with Talley's Group continues in the High Court in Wellington, with a substantive trial scheduled for May 2028. CEO Richard Tacon will present the results online on 9 November 2026.

Key Takeaways

  • Bathurst delivered $9m in EBITDA for the quarter and kept its FY27 guidance unchanged.
  • Higher export pricing supported earnings, while the South Island domestic segment remained under pressure.
  • Tenas and BPCP both moved forward in their approval processes.
  • The company retains a substantial cash balance of $130m to support its project pipeline.