Key Highlights

  • Mastermyne won a Tahmoor Mining services contract worth about A$80 million over two years, rising to A$240 million if all Options are exercised, covering the restart of the Tahmoor metallurgical coal mine.
  • FY26 Revenue rose 13% to A$237.7 million, with underlying EBITDA up 47% to A$20.3 million and underlying NPAT of A$11.0 million, all exceeding guidance.
  • The order book reached A$432 million at 30 June 2026, up from A$314 million, with a pipeline of approximately A$1.5 billion including A$823 million of near-term opportunities.
  • Anglo American named Mastermyne preferred tenderer for a new three-year contract with a two-year option at Moranbah North mine in Queensland on 15 October 2026.

Mastermyne Group (ASX:MYE) has become a bigger underground coal services Business because it has won a run of contracts across New South Wales and Queensland, led by a Tahmoor mining services award announced on 9 October 2026 worth up to about A$240 million over six years if all options are taken up. The wins build on a year in which revenue and underlying Earnings rose, but they also deepen the company's links to its largest shareholder.

What Mastermyne does

Mastermyne provides underground mining services to the Australian coal industry. Its work spans strata consolidation, development, longwall and outbye support, technical services and products, under the Mastermyne and Wilson Mining brands. The ASX classifies it in the Materials sector.

Its customers include Anglo American, Glencore and Yancoal. Its largest shareholder, M Group, holds 54 per cent.

The FY26 numbers

For the year ended 30 June 2026, revenue rose 13 per cent to A$237.7 million from A$210.2 million. Underlying EBITDA climbed 47 per cent to A$20.3 million, lifting the Margin to 8.5 per cent from 6.6 per cent. Both figures were above the upper end of guidance the company had issued, of A$230 million and A$18.0 million.

Underlying net profit after tax was A$11.0 million, against A$3.9 million a year earlier. The results announcement reviewed gave no statutory profit figure, so these underlying measures are management's own adjusted view.

Operating cash flow was A$20.3 million, and net cash rose to A$46.5 million from A$29.1 million. A A$30 million Scottish Pacific Facility was undrawn at year end and was extended in July 2026 for at least two years.

The contract run

The order book stood at A$432 million at 30 June 2026, up from A$314 million, with a pipeline of about A$1.5 billion. About A$823 million of that is near-term opportunities expected to be awarded within 12 months. The company gave no numerical guidance for FY27.

Smaller wins in FY26 included a Glencore Ulan contract of three years plus a two-year option, estimated at A$10 million to A$15 million, and a Yancoal agreement for Ashton and Moolarben worth an estimated A$15 million to A$20 million. Anglo American contracts at three Queensland operations were extended to April 2027, at an estimated A$50 million. An exclusive distribution agreement with Jennmar Holdings was also extended to 2047.

In August 2026 Mastermyne announced a Dendrobium contract with GM3 for an initial two years plus two two-year options, worth about A$85 million initially and A$255 million in total. It started in September 2026 and creates more than 140 jobs.

The Tahmoor contract is with GMT Mining, covering the restart and operation of the Tahmoor metallurgical coal mine. It is worth about A$80 million over the first two years, with two optional two-year extensions, and brings more than 160 new roles. Mastermyne expects its workforce to exceed 1,000 after mobilisation.

On 15 October 2026 Anglo American issued a letter of intent naming Mastermyne preferred tenderer for a new three-year contract, with a two-year option, at its Moranbah North mine in Queensland. The value was not disclosed and the contract has not yet been executed.

Risks to watch

Both the Dendrobium and Tahmoor mines are linked to GM3, a venture between Golden Energy and Resources and M Group, which is also Mastermyne's controlling shareholder. That concentration is a related-party consideration for independent shareholders,.

Contract values are estimates of gross revenue rather than profit, and the extension options sit with customers. Reliance on a few large customers adds further exposure. Demand for coal, mine restarts, safety performance and legal proceedings relating to earlier incidents, which the company has updated the market on, could all affect results.