Mastermyne secures mining deal worth $255M

• Mastermyne signed a new contract for the Dendrobium underground coal mine in New South Wales valued up to $255 million.
• The announcement provides immediate revenue growth, with $85 million expected over the initial two-year term.
• The company aims to expand its operational footprint across East Coast coal basins by leveraging its partnership with GM³.

Mining contractor Mastermyne (ASX:MYE) has executed a new contract worth up to $255 million for the Dendrobium coal mine in New South Wales.

This agreement expands the scope of Mastermyne at the mine beyond its existing strata consolidation and project work.

“We are excited to build on our existing partnership with GM³, expanding the range of services that we deliver at the 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,” said Mastermyne Managing Director & CEO Jeff Whiteman.

The initial two-year term will generate an estimated $85 million in gross revenue and create more than 140 new roles starting September.

Following the announcement, the Mastermyne share price was up at $0.48.

Mine owner GM³ operates as a metallurgical coal joint venture between Golden Energy and Resources and Mastermyne's largest shareholder, M Group.

The agreement strengthens the overall order book for Mastermyne, which recently reported a target project pipeline of $1.3 billion.