Slide 1: Bathurst Resources Limited Q1 FY26 Results Update
BATHURST RESOURCES LIMITED Q1 FY26 Results Update 3 November 2025 ASX: BRL
Slide 2: Important notices and disclaimers
Important notices and disclaimers General information You are advised to read the following carefully before making any use of the information contained in this document. This presentation has been prepared by Bathurst Resources Limited NZCN 4382538 (“Bathurst”, “BRL” or “Company”) (ASX: BRL). This
Slide 3: Important notices and disclaimers
Important notices and disclaimers Forward-looking statements and forecasts This presentation contains forward-looking statements. Forward-looking statements often include words such as “anticipate”, “expect”, “intend”, “plan”, “believe”, “guidance” or similar words in connection with discussions of
Slide 4: About Bathurst Resources
rage tteg es, 2 About Bathurst Resources
Slide 5: BRL corporate structure
BRL corporate structure Bathurst BC, Canada Takitimu Stockton Rotowaro Maramarua Buller Tenas Crown Mtn (100%) (65%) (65%) (65%) (100%) (100%) (22%)* Operating Mines Development Projects *BRL currently has a 22% economic interest in Crown Mountain, with the option (at BRL sole discretion) to increas
Slide 6: BRL corporate snapshot
BRL corporate snapshot Capital Structure Board of Directors Share Price Market Capitalisation AUD $0.76 AUD $182m As at 30 September 2025 As at 30 September 2025 Enterprise Value Shares On Issue AUD $41m 240 million Market cap, less consolidated cash, plus As at 30 September 2025 drawn debt - 30 Sep
Slide 7: Our strategy
Our strategy Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production BT MINING JV GROWTH PROJECTS CAPITAL RETURN Maintain profitable Use operational expertise to fast-track Return free cash flow to operations at Takitimu, development of 1
Slide 8: New Zealand's proven metallurgical coal producer
New Zealand’s proven metallurgical coal producer Bathurst is an exporter of high-quality coal primarily for steel production in Japan, South Korea, China and India Bathurst’s New Zealand Assets (100% Basis) Domestic mines (JV) Export mines (JV) Domestic mine and distribution Maramarua facility (full
Slide 9: Financial and operations update
Financial and operations update 9
Slide 10: Q1 2026 consolidated summary financial results
Q1 2026 consolidated summary financial results Results in line with forecast, but down on prior year due to weakened export coal pricing Q1 2026 Highlights Total consolidated revenue Consolidated EBITDA Q1 FY26 $58 million Q1 FY26 $5 million Q1 FY25 $56 million Q1 FY25 $9 million Consolidated cash (
Slide 11: Q1 FY26 – Export Results
Q1 FY26 – Export Results Export Segment – 65% BRL Ownership Export - 100% Basis ▪ Increase in revenue vs FY25 driven by increased sales volumes Operational metrics (100% basis) Unit Q1 2026 Q1 2025 Production kt 262 204 Sales kt 268 155 ▪ Increased sales volumes partially offset by a lower HCC bench
Slide 12: Q1 FY26 – Rotowaro Results
Q1 FY26 – Rotowaro Results Rotowaro Mine – 65% BRL Ownership Rotowaro - 100% Basis ▪ Sales volumes and revenue in line with FY25 Operational metrics (100% basis) Unit Q1 2026 Q1 2025 Production kt 105 89 Sales kt 102 100 ▪ Increased production versus FY25 as Overburden bcm 000 2,198 1,920 production
Slide 13: Q1 FY26 – Maramarua Results
Q1 FY26 – Maramarua Results Maramarua Mine – 65% BRL Ownership Maramarua - 100% Basis ▪ Increased sales volumes and revenue versus Operational metrics (100% basis) Unit Q1 2026 Q1 2025 FY25 due to increased demand from a Production kt 47 40 steelmaking customer Sales kt 47 40 Overburden bcm 000 579
Slide 14: Q1 FY26 – Takitimu Results
Q1 FY26 – Takitimu Results Takitimu Mine – 100% BRL Ownership Takitimu - 100% Basis ▪ Planned step down in sales from FY25 has Operational metrics (100% basis) Unit Q1 2026 Q1 2025 resulted in a reduction in production Production kt 34 46 Sales kt 24 42 Overburden bcm 000 161 215 ▪ Reduction in reve
Slide 15: Our contribution to New Zealand
Our contribution to New Zealand BRL has contributed more than NZ$350m to the New Zealand economy during FY25 ~700~ NZ$89m NZ$11m NZ$256m TAXES, ROYALTIES & PAID TO NZ EMPLOYEES PAID TO EMPLOYEES GOVERNMENT FEES SUPPLIERS Increases in staff at Stockton Increase from FY24 due to Key contributor to New
Slide 16: Our commitment to safety
Our commitment to safety Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures 12 Month Frequency Rates 18 16 14 3.8 12 LTIFR1 10 8 6 4 2 9.0 0 TRIFR1 Jan-25 Jun-25 Jul-25 Mar-25 Dec-24 Nov-24 Feb-25 Aug-25 Sep-25 Oct-24 Apr-25 May-25 LTIFR TRIFR 1
Slide 17: The year ahead
The year ahead 17
Slide 18: FY26 consolidated EBITDA guidance maintained
FY26 consolidated EBITDA guidance maintained FY26 EBITDA guidance maintained between NZ$35 million to NZ$45 million FY26 Consolidated EBITDA Guidance (NZ$) 60 ▪ Export market earnings are forecast to reduce due to the reduction in the HCC benchmark price 50 ▪ Price reduction is partially offset by a
Slide 19: Consistently profitable operations
Consistently profitable operations Our assets are profitable throughout the cycle and are leveraged to a recovery in Met Coal prices Consolidated EBITDA (NZ$m)1 ▪ Consistent earnings since the formation of the BT Consolidated EBITDA (NZ$) HCC Benchmark Price (US$) Mining joint venture 180 400 ▪ High
Slide 20: Export HCC market outlook
Export HCC market outlook HCC benchmark pricing forecast to continue to improve through FY26 Monthly USD HCC Pricing Monthly USD/t HCC Pricing1 250 ✓ The HCC price found some support in the second half of 200 the quarter rising from US$170s/t in early July to above US$190/t by late September 150 ✓ T
Slide 21: Looking forward
Looking forward 21
Slide 22: Capital efficient growth pathway to ~2.5Mtpa
Capital efficient growth pathway to ~2.5Mtpa BRL is advancing the BPCP and Tenas projects, with Crown Mountain1 providing further growth optionality Buller Plateaux Continuation Project (BPCP) 2 Location South Island, New Zealand – 17km from Stockton Status • Subject to Fast Track approval (expected
Slide 23: Buller to support 1.2Mtpa for 10+ years at Stockton
Buller to support 1.2Mtpa for 10+ years at Stockton Logical combination of Buller and Stockton steelmaking coal expected to generate strong cash flow generation into the future Indicative production profile (Mt)1 Infrastructure in place to start production at Buller 1,400 Coal load out / Rail 1,200
Slide 24: Buller Project – low-risk pathway to first production
Buller Project – low-risk pathway to first production Targeting a low capex start up as early as 2027 Buller Project Timeline to First Production Development 2025 2026 2027 2028 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Consent Applications submission FY26 Q3 FY25 FY26 FY27 FY28 F
Slide 25: Tenas Project overview
Tenas Project overview Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) October 2025 DFS Update1 Location Map Location ◆ Located in Northwest British Columbia, Canada ◆ JORC Reserves: Proven – 17.1Mt / Probable – 4.9Mt / Total – 22.0Mt Reserves / Resources ◆ JORC Resource:
Slide 26: Tenas Project – Updated Feasibility Study
Tenas Project – Updated Feasibility Study Updated Feasibility Study reinforces the projects attractiveness Outcome Unit 2025 Update Tenas DFS Update Total ROM Coal Mined Mt 22.0 Mine Life Years 22 ▪ Updated Feasibility Study undertaken by leading independent advisors Average ROM Strip Ratio BCM:ROM
Slide 27: Tenas Project pathway to first production
Tenas Project pathway to first production Targeting start up as early as 2028 Tenas Project Timeline to First Production Development FY2025 FY2026 FY2027 FY2028 FY2029 ▪ BC EAO Effects Assessment Q1,2026-Q2,2026 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ▪ Permit Application Q2
Slide 28: Strong net cash backing supports attractive valuation
Strong net cash backing supports attractive valuation Bathurst has built significant cash reserves within the BT Mining Joint Venture Net Cash Backing A$0.76 1 A$0.59 Cash Healthy positive Strong Net $155m NZD balance forecast assets consolidated sheet earnings per share cash $0 debt incl. restricte
Slide 29: Outlook
Outlook ✓ Profitable operations continue at BT Mining JV and 100%-owned Takitimu ✓ Bathurst holds NZ$155m in consolidated cash reserves (30 September 2025) ✓ Buller Plateaux Continuation Project (BPCP) Fast Track result expected in 2026 ✓ BPCP PFS completed in October - DFS being worked on ✓ New Zea
Slide 30: Thank you
Thank you Bathurst Resources Limited 30
Slide 31: Appendices
Appendices 31
Slide 32: Crown Mountain Project overview (BRL at 22.1%)
1) Crown Mountain Project overview (BRL at 22.1% Crown Mountain is a potential low-cost, high-quality, open cut metallurgical coal mine located in British Columbia Updated Feasibility Study Overview2 Location Map ◆ Elk Valley coalfields of the East Kootenays in the South East of British Columbia (wh
Slide 33: Streamlined approvals to fast track delivery of Buller Project
Streamlined approvals tofast track delivery of Buller Project Streamlined approvals process enacted which will remove historical consenting delays New Zealand Fast Track Process Working Days Description ✓ Metallurgical Coal added to New Zealand Critical Minerals List - • Lodge application (expected
Slide 34: Joint Venture Litigation Update
Joint Venture Litigation Update Litigation Summary ▪ On 18 December 2024, Bathurst received copies of a statement of claim from Talley’s Group Limited (“TGL”) (a Bathurst shareholder), that set out the basis of TGL claims against Bathurst, its directors and another party, and is purported to have be
Slide 35: BT Mining JV
BT Mining JV 35
Slide 36: Stockton overview
Stockton overview High quality, low-ash metallurgical coal exported for use in steelmaking Asset Overview Location Map Location ◆ 35km north of Westport, South Island, NZ Ownership ◆ BT Mining JV (65% BRL / 35% Talleys Energy Limited) Permits ◆ CML 37150, CMP 52937 and MP 41515 Mining Methods ◆ Open
Slide 37: Stockton overview (cont.)
Stockton overview (cont.) High quality, low-ash metallurgical coal exported for use in steelmaking FY25 Sales Country Tonnes (kt) Percent Japan 181 17% South Korea 262 25% India 276 27% China 322 31% Total 1,041 Coal Quality Volatiles Product Type Tonnes (kt) Ash Sulphur FSI (approx) VC (kCal gar) (
Slide 38: Maramarua & Rotowaro Overview
Maramarua& RotowaroOverview Low-ash, low-sulphur thermal coal to support New Zealand’s domestic industry Asset Overview Location Map Maramua Rotowaro Location ◆ 45km north of Huntly, North Island, NZ ◆ 10km west of Huntly, North Island, NZ Ownership BT Mining JV (65% BRL / 35% Talleys Energy Limited
Slide 39: Growth options for BT Mining JV
Growth options for BT Mining JV Bathurst’s 100% owned Buller Project (only 17km from Stockton) is expected to be critical to maintaining medium to long term production through the Stockton processing and transport infrastructure Production Mine Expansion Overview LOM Impact Status Impact • Blending
Slide 40: Resources and reserves
Resources and reserves 40
Slide 41: Bathurst Resources and Reserves
Bathurst Resources and Reserves Coal Resources Coal Reserves Source: Information per BRL 2025 resource and reserves released on 31 October 2025 Resource tonnes (rounded to the nearest million tonnes) 41
Slide 42: Crown Mountain Resources and Reserves
Crown MountainResources and Reserves Coal Resources Coal Reserves Mineral Resources Measured (Mt) Indicated (Mt) Inferred (Mt) Total (Mt) Ore Reserves Proven (Mt) Probable (Mt) Total (Mt) North Block 10.1 3.0 - 13.1 North Pit 10.0 5.0 15.0 South Block 41.0 12.4 - 53.4 East Pit 2.4 0.5 2.9 Southern E