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2026-11-06
◂ Monitor NHC ASX

NEW HOPE CORPORATION LIMITED

Producer · Others · AU Rating locked: sign in to view v8 · nhc-20261024t191613-full
Last 2026-11-06
A$5.27
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$4.4B
EV
A$4.2B
Cash
A$484.8M
Debt
A$242.7M
5 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-07-31
Cash A$484.8M Self Funding
Debt A$242.7M Net cash A$242.1M
Basic shares 843.8M 2026-10-13
Runway Self Funding Profitable current operations, but model includes full nominal closure/convertible calendars and failure or conditional funding in adverse surfaces.

Liquidity

Financial position

Reported July31 cash484.783m plus managed funds293.715m; October13 interim FCFF estimate60m is separate in valuation. Cash portion of declared ex-entitlement dividend250.752m is a dated October15 claim. Guaranteed credit lines are not assumed cash borrowing facilities.

Inventory composition2

564kt product stocks source-native. A$127.137m total inventory includes coal and consumables; not all is finished product and no separate value is added to NAV.

Operating coal product stocks
— carrying · 564,000 t saleable coal
Total operating inventory including coal and consumables
A$127.1M carrying

Capital structure

Ownership and dilution

Ordinary shares
843.8M
Fully diluted
850.4M

843773054 current ordinary +6232097 rights +412523 committed future DRP =850417674 initial diluted basis. October15 issued ordinary844185577. Cash dividend excludes DRP reinvestment. Convertible principal306.7m is either repaid or exchanged for case shares at actual dated intrinsic decision economics, never both; no cash exercise proceeds.

Security classes4
ClassTypeQuantityStrikeExpiry
Current ordinary shares; future DRP issue excluded until 15 OctoberOrdinary Share843.8M——
Unquoted performance rights; assume all vestPerformance Right6.2MA$0—
Committed future 15 October DRP issueOther412.5KA$5.77—
A$306.7m face convertible notes; theoretical additional shares 43.60m at adjusted prices; issuer can cash settleConvertible1.5K—2032-04-22

KPI history

Operating metrics · Bengalla

Bengalla production shown
0636,1601,272,3201,908,4802,544,6402025-10-31: 1,958,000 t saleable coal2025-10-312026-01-31: 1,853,000 t saleable coal2026-01-312026-04-30: 2,103,000 t saleable coal2026-04-302026-07-31: 2,272,000 t saleable coal2026-07-31
MetricUnitTrend2025-10-312026-01-312026-04-302026-07-31
Bengalla productiont saleable coal2025-10-31: 1,958,000 t saleable coal2026-01-31: 1,853,000 t saleable coal2026-04-30: 2,103,000 t saleable coal2026-07-31: 2,272,000 t saleable coal1,958,0001,853,0002,103,0002,272,000

KPI history

Operating metrics · New Acland

New Acland production shown
0255,640511,280766,9201,022,5602025-10-31: 733,000 t saleable coal2025-10-312026-01-31: 913,000 t saleable coal2026-01-312026-04-30: 902,000 t saleable coal2026-04-302026-07-31: 783,000 t saleable coal2026-07-31
MetricUnitTrend2025-10-312026-01-312026-04-302026-07-31
New Acland productiont saleable coal2025-10-31: 733,000 t saleable coal2026-01-31: 913,000 t saleable coal2026-04-30: 902,000 t saleable coal2026-07-31: 783,000 t saleable coal733,000913,000902,000783,000
Operating metric source table13
MetricProjectPeriodPeriod typeValueStatus
Bengalla productionBengalla2025-10-31 quarterQuarter1,958,000 t saleable coalReported
New Acland productionNew Acland2025-10-31 quarterQuarter733,000 t saleable coalReported
Bengalla productionBengalla2026-01-31 quarterQuarter1,853,000 t saleable coalReported
New Acland productionNew Acland2026-01-31 quarterQuarter913,000 t saleable coalReported
Bengalla productionBengalla2026-04-30 quarterQuarter2,103,000 t saleable coalReported
New Acland productionNew Acland2026-04-30 quarterQuarter902,000 t saleable coalReported
Bengalla productionBengalla2026-07-31 quarterQuarter2,272,000 t saleable coalReported
New Acland productionNew Acland2026-07-31 quarterQuarter783,000 t saleable coalReported
Bengalla productionBengallaFY2026Year8,186,000 t saleable coalReported
New Acland productionNew AclandFY2026Year3,332,000 t saleable coalReported
Group revenueCompanyFY2026Year1,766,530,000 AUDReported
Group ebitdaCompanyFY2026Year514,277,000 AUDReported
Group free_cash_flowCompanyFY2026Year370,587,000 AUDSource Derived
Company guidance2
MetricProjectPeriodLowHighStatus
Saleable ProductionbengallaFY20267,400,0008,100,000 t saleable coalAchieved
Saleable Productionnew-aclandFY20262,800,0003,400,000 t saleable coalAchieved

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-15Ann. 2026-09-15DividendA$253.1M412.5K—Announced—
2026-04-22DebtA$300M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Annual financial notes, operations and latest conversion notices; material contingent support and retained royalty preserved, unavailable detailed offtake/FX option terms disclosed.

80% Bengalla joint venture; group receives and funds its attributable economic share.

Joint Venture · Active
Applies to
Bengalla · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
New Hope interest: 80 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-controlling Malabar interest; returns require future dividends, not consolidation of Maxwell cash flow.

Other · Active
Counterparties
Malabar Resources Limited
Applies to
Malabar Resources minority investment · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Equity interest: 25.97 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported July31 maturity buckets; only unelapsed first bucket, full second bucket and assigned second-year tail included in realized revenue once.

Commodity Hedge · Active
Applies to
Bengalla · New Acland · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
0-6 month notional: 82,190,000 USD
0-6 month average price: 128.02 USD/t
6-12 month notional: 82,180,000 USD
6-12 month average price: 132.12 USD/t
over 12 month notional: 57,763,000 USD
over 12 month average price: 135.91 USD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Outstanding currency option portfolio; individual payoff terms unavailable, reported asset realized as a finite revenue credit over the first two forecast periods, with cash tax determined by eligible income; no duplicate bridge asset.

FX Hedge · Active
Applies to
Bengalla · New Acland · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Notional USD: 1,490,000,000 USD
Carrying asset: 80,738,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

NSW open-cut10.8%; zero transport deduction centrally because current guidance excludes transport.13.25/26.5groupcost proxies are counterfactual bounds, not legal allowances; qualifying3.85nominal beneficiation upper alternative separately retained.

Royalty · Active
Counterparties
New South Wales government
Applies to
Bengalla · Others
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

QRO nominal progressive tiers with effective state exposure0.0601281066, calibrated from FY26group residual. Not a disclosed coal-rights percentage or flat legal rate;0/full exposure and constant5percent alternative retained.

Royalty · Active
Counterparties
Queensland government
Applies to
New Acland · Others
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Rail, loading and export costs included in mine FOB operating costs; Queensland Bulk Handling benefits are integrated, no duplicate standalone value.

Tolling Or Processing · Active
Counterparties
Aurizon · Queensland Rail · Queensland Bulk Handling
Applies to
Bengalla · New Acland · Others
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Face306.7m and dividend-adjusted strikes7.0627/5.975; scenario-dependent exchange at July2029 maturity/April2030 put, otherwise dated cash repayment and coupons.

Other · Active
Counterparties
Holders of2032and2029convertible notes
Applies to
Company-wide · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Economic face principal: 306,700,000 AUD
New notes conversion: 7.06 AUD/share
Old notes conversion: 5.98 AUD/share
How it affects our valuation

No valuation treatment is available for this arrangement.

Partial200m notional, expiry intrinsic cash only at April2032; no carrying-value floor; proportional strike adjustment remains estimated.

Other · Active
Applies to
Company-wide · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Coverage principal: 200,000,000 AUD
July strike: 7.41 AUD/share
July upper exercise: 9.55 AUD/share
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained cash-flow and new-production royalty; public rates/payouts not disclosed, no central receivable value; bounded incremental10m upside.

Royalty · Active
Counterparties
Bridgeport Energy purchaser
Applies to
Company-wide · Others
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Financial guarantee liability2.603m; bond facility17m and working-capital facility5m expire12September2027; maximum contingent support alternative tested.

Other · Active
Counterparties
Bridgeport Energy purchaser
Applies to
Company-wide · Others
Economic direction
Burden
Period
Through 2027-09-12; start date not stated
Key terms
Provision: 2,603,000 AUD
Bond facility: 17,000,000 AUD
Working capital facility: 5,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Wholly-owned closed group guarantees member debts on winding up; external debt already consolidated, so no second obligation is added.

Other · Active
Counterparties
New Hope Corporation Limited and wholly-owned closed-group subsidiaries
Applies to
Company-wide · Others
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.