Slide 1: Bathurst Resources Limited
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”). Bathurst's address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand. General disclaimer This presentation contains forward-looking statements. For
Slide 3: Sales by market
17% Asia 7% New Zealand 51% Australia Europe 19% Other 6%
Slide 4: New Zealand's Largest Coal Producer
NEW ZEALAND’S LARGEST COAL PRODUCER Bathurst provides energy for the steel industry, agri-business sector and many other key players in the economy and a> society. Bathurst is also an exporter of high-quality coal for steel production primarily in Japan, South Korea, India, and China. = Key £ c= Exp
Slide 5: Project and mine locations
Stockton (Export) Takitimu (Sth Is Domestic) Tenas Project (100%) Maramarua (Nth Is Domestic) Buller Plateau (Export) Crown Mountain Project (22%) Rotowaro (Nth Is Domestic) 5
Slide 6: Our Contribution to New Zealand
OUR CONTRIBUTION TO NEW ZEALAND LOOKING TO REPLICATE OUR VALUE-ADD IN CANADA 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 Rot
Slide 7: Financial Measures (NZD) FY 2024
Financial Measures (NZD) FY 2024 FY 2023 Audited Audited Revenue 315.1m 389.0m EBITDA 90.8m 166.4m Profit after tax 38.5m 90.5m
Slide 8: 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 9: Export Market Outlook
EXPORT MARKET OUTLOOK 380 Monthly USD HCC pricing 300 250 100 — Actual ——Forward curve — Guidance ie) be a ee ot ws PPP OP WP gh be Io or + a NS poe el ys ke be be or or or ps ps os er as por yal yoo yt og yO ge be be be be be or Aol gh oh gh r por oe oe? wo a oe ° HCC prices declined through Q2 and
Slide 10: Looking Forward
LOOKING FORWARD BATHURST
Slide 11: Maramarua, Takitimu, Canterbury
Maramarua • • ≈ Canterbury • ≈ Takitimu • ≈
Slide 12: Increasing Focus on Steelmaking Coal
INCREASING FOCUS ON STEELMAKING COAL Demand for steel is projected to increase by 20% by 2050 Buildings and Infrastructure Automotive Metal products Mechanical equipment Other transport Electrical equipment Domestic appliances 52% 12% 10% 16% 5% 3% 2% 2050 steel-use is-projected to ingrease by aroun
Slide 13: Production and sales profile FY19-FY27E
3.0 2.5 2.0 1.5 1.0 0.5 - FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E Non Steel Domestic Steel Export Steel
Slide 14: Fast Track Approvals Bill
FAST TRACK APPROVALS BILL National + ACT + NZ First coalition Government The bill proposes to establish a permanent fast-track approvals regime for projects of national and regional significance. Status: ¢ Bill introduced to NZ Parliament in March ¢ Public submissions closed in May ° Awaiting Select
Slide 15: BT Mining Operations (65%)
BT MINING OPERATIONS (65%) Domestic Operations Export Operations Stockton (South Island) FY25 Production 940 Kt FY25 Sales 1,081 Kt FY25 EBITDA $73.2m BT Mining is a highly successful joint venture generating substantial revenues. BRL is the operator and 65% shareholder. The joint venture agreement
Slide 16: BT Mining Expansion Projects (65%)
BT MINING EXPANSION PROJECTS (65%) Export Projects Domestic Projects Life Extension of Export Hub Rotowaro Extension * Blending assessments have identified key ¢ Potential for 12 years at 400 kt pa resources to extend Stockton Export coal * Exploration programme drilling underway and operations base
Slide 17: South Island export production profile
• • • • • • • • • • 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 South Island Export - Fast Track
Slide 18: 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 19: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu
Slide 20: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu
Slide 21: British Columbia - Near Term Production
BRITISH COLUMBIA - NEAR TERM PRODUCTION An interest in two steelmaking coal projects in British Columbia, representing an opportunity to accelerate Bathurst's growth strategy: e Tenas Coking Coal Project (2023), comprising the Telkwa Metallurgical Coal Complex. e Crown Mountain Hard Coking Coal Proj
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. 57.5 Mt re
Slide 23: Group production profile
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 24: Capital Management
CAPITAL MANAGEMENT BATHURST
Slide 25: 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 BT JV dividends for approvals expendit
Slide 26: 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 Large and growing cash balance held within joint venture NZ extension of life of NZ joint ventu
Slide 27: Bathurst Board of Directors
BATHURST BOARD OF DIRECTORS Peter Westerhuis Richard Tacon Non-Executive Chairman Executive Director & Chief Executive Officer Russell Middleton Francois Tumahai Executive Director & Chief Financial Officer Non-Executive Director BATHURST RESOURCES LIMITED
Slide 28: Bathurst
BATHURST RESOURCES LIMITED
Slide 29: Coal Resources
Area Escarpment Cascade? Deep Creek Coalbrookdale Whareatea West ® Sullivan ® South Buller totals Stockton 8°°? Upper Waimangaroa (Met) “5°5? Upper Waimangaroa (Thermal) "5 Stockton totals Millerton North® North Buller Totals Blackburn? North Buller totals Buller Coal Project totals Takitimu® 568? N
Slide 30: Coal Reserves
COAL RESERVES Coal reserves (ROM) tonnes Proved (Mt) Probable (Mt) Total (Mt) Bathurst ROM coal area ownership 2023 2022 Change 2023 2022 Change 2023 2022 Change Whareatea West 100% 0.0 C.0 0.0 AT AT 00 AT AT 0.0 Stockton “85 FS) 65% 02 03 can 34 6.0 (26) a6 63 (27) Upper Waimangaroa (Met) “* FSF 65