Mining

Highlights

  • Bathurst Resources is classified among the session’s declining ASX stocks.
  • FY26 Revenue was NZ$261.0 million, compared with NZ$268.0 million in FY25.
  • The group reported a NZ$4.6 million net loss after tax after a FY25 profit.
  • Year-end cash declined to NZ$144.8 million, including restricted deposits and bonds.
  • Buller Plateaux and Tenas remain important development and permitting priorities.

Bathurst Resources Limited (ASX:BRL) produces coal in New Zealand and is advancing metallurgical coal projects in New Zealand and Canada. The company’s FY26 financial report presents a mixed operating picture: slightly higher EBITDA alongside declining revenue, a move into a statutory net loss and a lower year-end cash balance. No announcement has established the cause of the session’s decline.

Lower Revenue and a Return to Net Loss

For the year ended 30 June 2026, Bathurst Resources (ASX:BRL) reported revenue of NZ$261.0 million, versus NZ$268.0 million in FY25. Consolidated EBITDA increased from NZ$43.8 million to NZ$44.7 million, within the company’s FY26 guidance range of NZ$35 million to NZ$45 million. However, the bottom-line result shifted to a NZ$4.6 million net loss after tax from a NZ$4.5 million profit in the preceding year.

The company’s underlying result was also negative, at a NZ$3.1 million loss after tax, compared with a NZ$3.3 million Underlying Profit in FY25. The financial presentation describes its consolidated operating measures as combining 100% of Bathurst operations and 65% of BT Mining, rather than a set of figures prepared on an identical basis to the statutory accounts.

Cash and Coal Sales Show Diverging Trends

Bathurst Resources (ASX:BRL) reported cash, including restricted deposits and bonds, of NZ$144.8 million at 30 June 2026, down from NZ$178.3 million a year earlier. Export coal sales, stated on the company’s operating presentation basis, rose to 1,145 kilotonnes from 1,041 kilotonnes. Domestic sales fell to 727 kilotonnes from 821 kilotonnes as some South Island customers continued transitioning to other fuels.

The company attributed the modest increase in EBITDA to improved export revenue, which offset weaker domestic earnings. Bathurst did not declare or pay a Dividend for FY26.

Development Progress Remains Subject to Approvals

Bathurst Resources (ASX:BRL) said its Buller Plateaux Continuation Project in New Zealand was progressing through the Fast Track Approvals process, with a project application announced in August and a further application update released on 24 September 2026. Its FY26 materials described a proposed mine life of 15 to 20 years and approximately 20 million tonnes of coking coal, subject to the project proceeding as contemplated.

In Canada, the Tenas project entered the Effects Assessment phase in August 2026. The company’s FY26 disclosures outlined a production objective of approximately 750 kilotonnes annually and a FY29 commencement target. Bathurst also disclosed a 21.8% interest in Crown Mountain, with further environmental permitting work anticipated.

FY27 Guidance and Factors Affecting Performance

In its July 2026 quarterly update, Bathurst Resources (ASX:BRL) provided FY27 consolidated EBITDA guidance of NZ$30 million to NZ$40 million, below the NZ$44.7 million achieved in FY26. Project approvals, construction requirements, operating costs and the decline in domestic coal volumes remain material considerations.

No company disclosure reviewed establishes the cause of the session’s share-price decline.

Key Insights

Bathurst Resources (ASX:BRL) ended FY26 with slightly higher EBITDA but lower revenue, weaker underlying Earnings and a reduced cash balance. Guidance for FY27 indicates a lower EBITDA range than the FY26 result, while the future contribution of Buller Plateaux and Tenas depends on further project milestones and approvals. The reported financial and project developments Warrant separate consideration from any individual day’s share-price movement.