Bathurst Resources (ASX: BRL), a company focused on the exploration, development, and production of coal, has released its quarterly report for the period ending December 2025. The company is maintaining its full-year consolidated EBITDA guidance of $35 million to $45 million, following a first-half consolidated EBITDA of $16 million, aligning with forecasts. Bathurst also reported a strong consolidated cash position of $156 million, including restricted short-term deposits, as of December 31.
While the half-year financial result met expectations, the consolidated EBITDA represents a reduction of $11 million compared to the same period last year. This decrease was primarily attributed to lower earnings in the export segment. Increased sales volumes in the export segment, totaling 187kt more than the first half of FY25 (which was impacted by rail line closures), were offset by a lower Hard Coking Coal (HCC) benchmark price, a shift in product mix, and increased mining costs.
Bathurst Resources is actively advancing its development projects. In New Zealand, the Buller Plateaux Continuation Project (BPCP) is nearing submission of its Fast Track Approvals (FTA) application, aiming to extend mining operations for another 15 years. Concurrently, in British Columbia, Canada, the Tenas Project continues to progress with regulatory approvals and permit applications, with production anticipated to commence in FY29 at a rate of 750ktpa of saleable coal for approximately 21 years.
The company also noted a resurgence in the HCC benchmark price during FY26, climbing from a low of USD $170/t to over USD $218/t by the end of December 2025, and further to USD $250/t at the time of the report’s publication. This increase is attributed to tightened supply from Queensland and increased demand from India.
