ASX-listed coal mining contractor Mastermyne will expand operations at Dendrobium in New South Wales under a new agreement that could be worth A$255 million over six years.
Mastermyne will start a new two-year, circa-$85 million underground mining contract at Dendrobium next month. Two two-year extensions, if exercised, would take its tenure to six years and the contract value to c$255 million. Dendrobium is half-owned by Mastermyne’s major shareholder M Group in a joint venture, GM3, also 50%-owned by Singapore-headquartered Golden Energy and Resources.
Mastermyne currently does strata consolidation and project work at the coking coal mine and says it will add 140 personnel to deliver mining services.
“We are excited to build on our existing partnership with GM3, expanding the range of services that we deliver at Dendrobium mine, which is in addition to our mining services contract encompassing approximately 220 roles at GM3’s nearby Appin mine that commenced mid-2025,” Mastermyne CEO Jeff Whiteman said.
“Looking ahead, we enter FY27 with considerable momentum and confidence. The company’s order book and pipeline of opportunities remains strong, underpinned by sustained demand for specialist underground coal mining services throughout the east coast coal basins.”
Mastermyne last month reported fiscal year 2026 revenue of $237.7m and EBITDA of $20.3 million, both ahead of earlier guidance for $220–$230 million revenue and $17–$18 million EBITDA. Its June 30, 2026, order book total of $432 million compared with $314 million a year earlier.
“The pipeline of targeted opportunities has increased from $1.1 billion [at the end of 2025] to $1.5 billion, of which $823 million is considered near-term,” the company said.
It had net cash of $46.5 million on its balance sheet at the end of June this year.
Mastermyne’s share price has climbed 268% so far in 2026 to 52c, capitalising the company at about $159 million.
