Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Q1 FY2025 Earnings Presentation
32 slides from Bathurst Resources's earnings presentation, Nov 5, 2024
Slide 1: Q1FY25 Results Update
7 A = eae para sor aby ae tomes Q1FY25 RESULTS UPDATE (ASX: BRL) BATHURST RESOURCES LIMITED
Slide 2: Disclosure
DISCLOSURE General information This document is authorised for release by the board of directors of Bathurst Resources Limited (“Bathurst”) on the 5 November 2024. Bathurst’s address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand. General disclaimer This presentation contains forward-
Slide 3: About Bathurst
ABOUT BATHURST BATHURST
Slide 4: Sales by region
16% Asia 8% New Zealand 51% Australia Europe 19% Other 6%
Slide 5: New Zealand's Largest Coal Producer
NEW ZEALAND’S LARGEST COAL PRODUCER Bathurst provides energy for the steel industry, agri-business sector, schools, hospitals and many other key players in the a> economy and society. Bathurst is also an exporter of high-quality coal for steel production primarily in Japan, South Korea, India, and C
Slide 6: Our Contribution to New Zealand
OUR CONTRIBUTION TO NEW ZEALAND EMPLOYEES PAID TO TAXES, ROYALTIES PAID TO NZ EMPLOYEES & GOVERNMENT SUPPLIERS FEES Increases in staff 9% increase from Consistent payments Key contributor to at Stockton and FY23 due to to local and central New Zealand Rotowaro mines increased staff government busine
Slide 7: Q1FY25 Results
Q1FY25 RESULTS BATHURST
Slide 8: Q1 FY 2025
Q1 FY 2025 Q1 FY 2025 Q1 FY 2024 Unaudited Forecast Audited Overburden (kbcm) 1,496 1,365 1,227 Production (kt) 204 190 270 Sales (kt) 155 156 197 Revenue ($m) 50.6 50.9 59.1 EBITDA ($m) 12.1 12.0 26.6 • • •
Slide 9: Q1 FY 2025
Q1 FY 2025 Q1 FY 2025 Q1 FY 2024 Unaudited Forecast Audited Overburden (kbcm) 1,920 1,880 786 Production (kt) 89 87 41 Sales (kt) 100 94 82 Revenue ($m) 17.7 16.0 14.8 EBITDA ($m) 3.0 0.4 0.9 • • •
Slide 10: Q1 FY 2025
Q1 FY 2025 Q1 FY 2025 Q1 FY 2024 Unaudited Forecast Audited Overburden (kbcm) 420 677 443 Production (kt) 40 41 56 Sales (kt) 40 41 51 Revenue ($m) 5.6 5.6 6.9 EBITDA ($m) 1.9 2.1 4.4 • • •
Slide 11: Q1 FY 2025
Q1 FY 2025 Q1 FY 2025 Q1 FY 2024 Unaudited Forecast Audited Overburden (kbcm) 215 226 177 Production (kt) 46 35 42 Sales (kt) 42 38 41 Revenue ($m) 4.8 4.3 4.2 EBITDA ($m) 2.8 1.2 2.8 • •
Slide 12: Financial Measures (NZD)
Financial Measures (NZD) Q1 FY 2025 Q1 FY 2025 Q1 FY 2024 Unaudited Forecast Audited Revenue ($m) 53.2 51.4 59.1 EBITDA ($m) 8.6 6.5 17.1
Slide 13: FY25 Consolidated EBITDA Guidance
FY25 CONSOLIDATED EBITDA GUIDANCE "m S55M - S65M 100 (21.3) (1.3) (2.9) 3) FY24 EBITDA Export North Island South Island Telkwa FY25E EBITDA (Unaudited) domestic incl. domestic incl. BT overheads BRL overheads * Export market earnings are forecast to reduce from FY24 levels. * Reduction in export sal
Slide 14: Tawhai Tunnel Update (Kiwi Rail)
TAWHAI TUNNEL UPDATE (Kiwi Rail) Progress ¢ Initial shotcrete and anchors installed * Second coat of shotcrete work underway BATHURST RESOURCES LIMITED
Slide 15: Export Market Outlook
EXPORT MARKET OUTLOOK Monthly USD HCC pricing USD/tonne —Actual Forward curve Guidance 0 oP SP ag os SRY Ss be be be be kk be be be So o PP PP gS gh gS gh gS og * gP gh as poe Wal yeh be le be be or or or or v gor gt gt ee yn eo? we yO GOT HET BS AP ye WP 9 cee Oct” Qo . The HCC price reached a low
Slide 16: Looking Forward
LOOKING FORWARD BATHURST
Slide 17: Fast Track Approvals Bill
FAST TRACK APPROVALS BILL The bill proposes to establish a permanent fast-track approvals regime for projects of national and regional significance. Projects listed on Schedule 2 of Fast Track Approvals Bill ¢ Buller Plateaux Continuation Project — Export * Rotowaro Mine Continuation Project - Domes
Slide 18: Bathurst project overview
Stockton (Export) Takitimu (Sth Is Domestic) Tenas Project (100%) Maramarua (Nth Is Domestic) Buller Plateau (Export) Crown Mountain Project Rotowaro (Nth Is Domestic) (22%) 18
Slide 19: South Island export fast track production
• • • • • • • • • • 1.4 1.2 1.0 0.8 0.6 0.4 0.2 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 South Island Export - Fast Track
Slide 20: Export production profile
• • • • • 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 Export - BT Mining - 100% Export - Bathurst - 100%
Slide 21: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu
Slide 22: British Columbia Projects
BRITISH COLUMBIA PROJECTS Tenas (100%) Pre-tax NPV8 USD $270'm. FOB USD 49,70/t cash cost (ex-port) before interest & tax Crown Mountain (22%) Pre-tax NPV10 USD $469m?. FOB USD 89.41/t cash cost 1.0 Mtpa. Mine life 22 years. 22.0 Mt reserve, 36.5 Mt resource. 2.0 Mtpa. Mine life 15 years. 575 Mt res
Slide 23: Tenas and Crown Mountain permitting status
• Tenas Project is currently in the completion review process with the BC-EAO. • The next step is the Effects Assessment leading to a recommendation • Crown Mountain is entering Crown Mtn the Application Development and review phase Tenas
Slide 24: Production outlook on equity basis
3.5 3.0 2.5 2.0 1.5 1.0 0.5 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 BRL - Domestic BT Mining - Domestic BRL - Export BT Mining - Export Tenas Crown Mountain Equity Basis – 100 Bathurst, 100 , 65% BT Mining, 50% Crown Mountain
Slide 25: Capital Management
CAPITAL MANAGEMENT BATHURST
Slide 26: Capital Management - Year Horizon
CAPITAL MANAGEMENT - 3 YEAR HORIZON BT Mining JV (65%) Bathurst NZ (100%) Bathurst British Columbia Cash held NZD $200+ million Focus on NZ Export assets Fully Funded Extension of life Target 400 kt pa Dividend relies on unanimous JV shareholder approval Use of existing cash reserves Domestic operat
Slide 27: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Strong Balance Sheet Investing in New Zealand Investing in Growth Returns to Shareholders Zero Debt Subject to Fast Track legislation Projects in British Columbia Jurisdiction Dividend policy will align with cash generation from Bathurst 100% owned operations Large cash
Slide 28: Q1FY25 Results Update
‘ BATHURST - : ot” be es RESOURCES ‘LIMITED Q1FY25 RESULTS UPDATE (ASX: BRL) BATHURST |
Slide 29: Appendices
APPENDICIES palates
Slide 30: Bathurst Board of Directors
BATHURST BOARD OF DIRECTORS ah dh ti. ithe Board members 1. Peter Westerhuis Non-Executive Chairman 2. Richard Tacon Executive Director & Chief Executive Officer 3. Russell Middleton Executive Director & Chief Financial Officer 4. Francois Tumahai Non-Executive Director BATHURST RESOURCES LIMITED
Slide 31: New Coal Resources
NEW 1 8. COAL RESOURCES Area Bathurst: 2023: Change 2024 Indicated oO °° Escarpment © 5” 40 u 12 OD 05 O7 02) 56 at] Cascade 170% 05 05 00 06 06 00 03 03 0 % Ww 00 Deep Creek” 10% 00 62 6D 06 31 @5 52 16 36 $8 09 6D Coalbrookdale = 70% 00 00 OO W ww oO a a 00 48 48 00 Whareatea West °°” 100% 127 «+6
Slide 32: New Zealand Coal Reserves
NEW ZEALAND COAL RESERVES Table 5 ~ Coal reserves (ROM) tonnes Proved (Mt) Probable (MD Total (MD ROM coal area Bathurstownership 2024 2023 Change 2024 2023 Change 2024 2023 Change Whareatea West 100% 0.0 0.0 0.0 ‘0.0 47 GD ‘00 47 GN Stockton*8F&0 65% 02 02 0.0 32 34 (2) 34 36 2) Upper Walmangaroa 6