capex yet to go: $80m (outflow) rain impacted production, so likely similar unit costs to March qtr, if not slightly worse. 2025 wont look good, no matter which way you slice it.
HOWEVER what the next qtrly won't show is: - unit costs in FY26 to fall under $100/t.
Even at current $183/t, realising ~77% = $140/t revenue, less $100/t costs = $40/t. Take say $20 away for stanwell......thats $20/t free cashflow even in this low met price enviro......~$300-360 million in free ca$hflow in FY26, scaling north (+120-220m USD) in FY27 and beyond when royalty etc disappear, pending changes made by the $150m prepayment being negotiated for Stanwell right now....
interesting times....
CRN Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
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