AQC Suspends Trading After Missing Dartbrook Subsidiary Full Year Accounts

Background to the Delay

Australian Pacific Coal Limited (ASX, AQC) has announced it cannot finalise its full year accounts for the year ended 30 June 2025. The root cause lies with its subsidiary, AQC Dartbrook Pty Ltd, which holds the company’s key asset; the Dartbrook mine. The joint venture operator responsible for Dartbrook is currently under receivership, and the appointed receivers and managers have not provided the necessary financial statements required for consolidation.

Implications for Auditors and Investors

This lack of transparency has led both the company’s directors and its auditors, Hall Chadwick, to conclude that the accounts cannot be signed off as presenting a true and fair view. The auditors have indicated that, without the subsidiary’s full accounts, they would likely issue a Disclaimer of Opinion; a serious red flag in financial reporting that signals significant uncertainty or incomplete information.

Trading Suspension and Market Impact

As a consequence of missing the statutory deadline for lodgement on 30 September 2025, AQC’s securities will be suspended from trading starting 1 October 2025. This suspension reflects regulatory caution given the incomplete financial picture and the potential risks to investors. Market participants will be watching closely for updates on when the Dartbrook joint venture accounts might be made available and how this will affect AQC’s consolidated financial position.

Uncertain Road Ahead

The situation underscores the challenges mining companies face when key assets are entangled in joint ventures and external financial distress. The cooperation of the receivers managing the Dartbrook operating entities will be critical in resolving the impasse. Until then, AQC’s financial transparency remains compromised, and investors must weigh the risks associated with this uncertainty.

Looking Forward

Australian Pacific Coal has committed to providing further updates as information becomes available. The market will be keen to see whether the company can secure the necessary accounts to regain compliance and lift the trading suspension, or if this signals deeper operational or financial challenges ahead.