This, combined with continued cost efficiencies, had placed it in a strong financial position as it developed Buller's Escarpment Mine.
However, the annual report warns of cuts if Bathurst's plans don't pan out.
It said the financial statements had been prepared on a going concern basis, because of cash on hand, funding facilities available and budgeted trading activity.
The 2016 budget assumed:
• Domestic sales only;
• no improvement in the global export coal price;
• no significant operations at Escarpment Mine until prices made the project economically viable;
• current working capital facilities remained available (but undrawn) under normal commercial arrangements;
• all contracted obligations were met;
• overheads and administration costs were within budget;
• all existing lines of financing remained.
The budget did not incorporate austerity measures that could be implemented, if needed, to reduce cash spending, the report said.
"This includes further reduction in head office staffing, complete halt to exploration activity and a deferral of future consenting costs."
The directors said the main risks for the 2016 budget were geotechnical issues at a mine, lower domestic sales than budgeted, and events out of management's control - such as the cost of health and safety regulations.
The company had reduced the geotechnical risk by continued reviews and best practice mine planning. It had achieved further mitigation by operating Escarpment simultaneously with Cascade Mine.
It had mitigated the risk of lower sales by including only contracted customers and not assuming any growth.
It had allowed for health and safety costs in the 2016 budget.
"The directors believe that, based on the information available -- there is a reasonable basis for continuing to adopt the going concern assumption."
However, if some budget assumptions weren't met there would be uncertainty over Bathurst's ability to continue as a going concern.
"In this event the entity may be unable to realise its assets and discharge its liabilities in the normal course of business."
The report said Bathurst had planned for the expiry of a major domestic sales contract in 2016.
The contract is believed to be with Holcim Cement. Holcim buys coal from Cascade Mine for its Westport works which will close about May next year.
Bathurst's total revenue for the year fell from $55.6m to $51.5m. Its coal sales were down from $42.1m to $36.6m.
The cost of sales also fell, from $56.7m to $43.9m, mainly because spending on raw materials, mining costs and consumables fell from $28.2m to $15.6m.
Other expenses rose from $11.1m to $12.3m.
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