Higher Annual Saleable Production
Full-year saleable production of 16.0 million tonnes, a 4% increase year-on-year, with exit run rates that outperformed guidance and the highest quarterly and half-year sales volumes since 2021.
Material Cost Reductions and Improved Unit Costs
Group average mining cost improved to approximately $97.6 per tonne in FY2025 (down from ~$107/t in FY2024), reflecting roughly a 9–10% year-on-year reduction; ROM production cost averaged $56/t (a ~15% improvement over the past two years). The business achieved roughly USD 300 million in operating cost reductions versus the prior year.
Expansion Projects Delivering Incremental Volume and Capacity
Buchanan expansion and Mammoth Underground reached expected run rates in H2, contributing approximately 1 million tonnes of incremental saleable production across the group for the year. System capacity is ~16% above pre-investment levels, and Curragh ran consistently above 1 million tonnes per month in H2.
Strong Buchanan Monthly Performance
In December Buchanan generated ~400,000 tonnes of saleable production, produced ~$20 million of EBITDA and achieved a $67/tonne unit rate for the month, demonstrating the expansion’s immediate benefits.
Improved Asset-Level Cost Position
Curragh and Buchanan averaged around $86/t over the last three quarters, placing those assets in the midpoint of the industry cost curve and indicating a structural shift to a lower-cost operating base.
Completed Major Investment Phase and Lower CapEx
Capital spend for FY2025 was $245 million (at the bottom end of guidance) with Q4 CapEx of $38 million, signaling completion of the major investment phase and expected lower capital expenditure in FY2026.
Strengthened Liquidity and Capital Structure Support
Closed December with $173 million cash on hand; secured a 5-year, $265 million covenant-light ABL facility at 9% (fully drawn in December) which enabled repayment of the Oaktree facility; high-yield notes mature in 2029, giving no near-term maturities.
Material Near-Term Cash Flow Support from Stanwell
Stanwell liquidity mechanisms (including rebate forgiveness and prepayments) provided $150 million mid-2025 and are expected to deliver an additional $200–$250 million of cash flow uplift in FY2026 depending on prices and nominated tonnages, improving near-term liquidity protection.
Favorable Price Momentum
PLV hard coking coal Australian index averaged ~$200/t in Q4 and peaked at ~$219/t late in the quarter; management noted PLV indices have risen roughly 30% over the prior three months, supporting margin upside in FY2026.