Record Quarterly and Annual Production
Attributable saleable coal of 10.4 million tonnes in Q4 was a company record; full year 2025 attributable production was a record 38.6 million tonnes.
Strong ROM and Saleable Volume Growth
Total ROM coal in Q4 was 18.9 million tonnes, up 20% versus Q3; saleable coal was 13.6 million tonnes, up 11% versus Q3.
Improved Realized Prices
Average realized price increased 6% quarter-on-quarter to AUD 148/tonne (thermal AUD 138/tonne, +6%; metallurgical AUD 203/tonne, +4%).
Substantial Cash Generation and Balance Sheet Strength
Cash balance increased by AUD 307 million in the quarter to over AUD 2 billion; company reported no interest-bearing debt, supporting potential dividends and growth options.
Maintained Low Unit Costs and Lower Capex Expectation
Half-year cash operating cost was AUD 93/tonne (within AUD 89–97 guidance midpoint); full-year unit costs expected around guidance midpoint. Capital expenditure now anticipated towards the bottom end of the AUD 750–900 million guidance range.
Safety Performance Improvement
Total recordable injury frequency rate (TRIFR) reduced to 6.14 at year end, below the industry weighted average of 7.45, indicating improving safety trends.
Sales Optimization and Blending
Attributable sales of 10.8 million tonnes remained stable versus Q3 as the company optimized sales volumes, stock positions and blending to maximise realized prices.