ASX-listed Yancoal Australia has delivered a record production performance in 2025, reporting attributable saleable coal output of 38.6-million tonnes and closing the year with a cash balance of $2.13-billion.

In its quarterly report for the three months ended December 31, 2025, the company reported run-of-mine (ROM) coal production of 18.9-million tonnes on a 100% basis, while saleable coal production reached 13.6-million tonnes.

Attributable saleable coal production amounted to 10.4-million tonnes for the quarter, with attributable coal sales of 10.8-million tonnes.

The miner achieved an average realised coal price of A$148/t during the quarter, reflecting a 6% improvement in thermal coal prices and a 4% increase in metallurgical coal prices compared with the September quarter.

Yancoal said the December quarter performance contributed to a record full-year production outcome, with output increasing at all operations compared with the previous quarter, apart from a marginal decline at Moolarben.

CEO Sharif Burra said the company had delivered near the top of its yearly guidance range.

“We delivered near the top of our annual production guidance range for 2025 with 38.6-million tonnes of attributable saleable coal – this was a company record. The fourth-quarter production of 10.4-million tonnes was also a company record. This was a tremendous effort and I congratulate all our people for their role in this achievement.”

Burra said operating costs and capital expenditure were expected to remain within guidance.

“When we report annual cash operating costs and capital expenditure next month at the release of the 2025 financial results, costs should be around the middle of the guidance range provided and capital expenditure should be toward the bottom of the range. A demonstration of our continued cost discipline.”

Despite challenging market conditions during the quarter, realised prices improved.

“During the fourth quarter of 2025, international coal indices faced strong supply and subdued demand in both the thermal and metallurgical coal markets, yet our average realised prices improved from the prior quarter by 6% to A$148/t.”

Attributable coal sales exceeded production as the company optimised its stockpile and sales profile.

“Our attributable coal sales of 10.8-million tonnes exceeded production as we optimised our sales profile and year-end stockpile positions. Combined with the higher realised coal price, we ended the year with a cash balance of $2.13-billion after all operational costs, capital expenditure, tax payments and corporate overheads.”

The cash balance represented an increase of $307-million from the end of September.

Burra said the stronger balance sheet positioned the company to consider capital returns and growth.

“Our strengthening financial position enables us to consider dividends and contemplate value adding growth opportunities. We look forward to providing further capital management commentary when we release our 2025 financial results.”

Yancoal's 2025 operational guidance targeted attributable saleable production of 35-million to 39-million tonnes, cash operating costs of A$89/t to A$97/t, and attributable capital expenditure of between $750-million and $900-million.

The company said it would provide its 2026 guidance alongside its full-year financial results.

“We also look forward to carrying our operational momentum into 2026 and providing our 2026 production, cash operating cost and capital expenditure guidance in our 2025 financial results.”