Slide 1: Q3FY25 Results Update
BATHURST RESOURCES LIMITED Q3FY25 Results Update © * 2 May 2025 BATHURST RESOURCES LIMITED
Slide 2: General information
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 Presentation has been authorised f
Slide 3: Forward-looking statements and forecasts
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 future operating or financial perf
Slide 4: About Bathurst Resources
ee nee hee | About Bathurst Resources
Slide 5: Capital Structure and Board of Directors
Capital Structure Board of Directors 5
Slide 6: Building on our cash generative core while bringing Buller and Tenas into production
Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production Maintain profitable Use operational expertise to fast-track Return free cash flow to operations at Stockton, development of 100%-owned Buller shareholders in line with Maramarua & Ro
Slide 7: Bathurst’s New Zealand Assets (100% Basis)
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 (fully owned) Bathurst Operation Status Mine Life End-
Slide 8: Metallurgical/Steelmaking Coal Sales (Mt) (100% Basis)
New Zealand operations continue to increase the focus on supply for steelmaking coal Metallurgical/Steelmaking Coal Sales (Mt) (100% Basis)1 3.0Mt ▪ FY24 production of 1.7Mt comprising 1.5Mt of Actual Forecast metallurgical/steelmaking coal and 0.2Mt of thermal coal 2.5Mt ▪ Since FY19, thermal coal
Slide 9: Consolidated EBITDA (NZ$m)
Our assets are profitable throughout the cycle and are leveraged to a recovery in Met Coal prices Consolidated EBITDA (NZ$m)1 ▪ Consistent earnings since the formation of the BT Consolidated EBITDA (NZ$) HCC Benchmark Price (US$) Mining joint venture 180 400 ▪ High performing export segment supporte
Slide 10: BRL has contributed more than NZ$300m to the New Zealand economy during FY24
BRL has contributed more than NZ$300m to the New Zealand economy during FY24 >675 NZ$85m NZ$66m NZ$239m TAXES, ROYALTIES & PAID TO NZ EMPLOYEES PAID TO EMPLOYEES GOVERNMENT FEES SUPPLIERS Increases in staff at Stockton 9% increase from FY23 due to Key contributor to New and Rotowaro mines as part Co
Slide 11: Safety and operations update
4 : eat and operations update
Slide 12: Safety is our number one priority
Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures ✓ Reviewed our risk management standard to update critical control effectiveness definitions leading to revisions of site HSEC broad brush risk assessments ✓ Implemented a company-wide learning m
Slide 13: YTD 2025 Highlights
Strong results delivered during a period of weakened coal pricing YTD 2025 Highlights Total consolidated revenue $197 million Consolidated EBITDA $40 million Consolidated cash (including restricted Consolidated operating profit $11 million short-term deposits) $165 million 13
Slide 14: Monthly USD HCC Pricing
HCC benchmark pricing forecast to remain stable moving forward Monthly USD HCC Pricing Monthly USD HCC Pricing1 ✓ The HCC price continued its fall through the March quarter, dropping from US$200/t at the start of January to below US$170/t at the end of March. ✓ The reduction was driven by excess vol
Slide 15: FY25 Consolidated EBITDA Guidance (NZ$)
FY25 EBITDA guidance expected to be between NZ$45 million to NZ$55 million FY25 Consolidated EBITDA Guidance (NZ$) ▪ Export market earnings are forecast to reduce 100 due to the reduction in the HCC benchmark 90 price ▪ Reduction in export sales volumes due to the 80 (1.3) temporary Tawhai tunnel cl
Slide 16: Looking forward
Looking forward
Slide 17: BRL is advancing the 100% owned Buller and Tenas projects
BRL is advancing the 100% owned Buller and Tenas projects, with Crown Mountain1 providing further growth optionality Buller (100%) Tenas (100%)1 Location South Island, New Zealand – 17km from Stockton Location British Columbia, Canada Ownership 100% BRL Ownership 100% BRL • Environmental application
Slide 18: Indicative production profile (Mt)
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 1.5 Blending coal from Buller enables the Coal load out / Rail 1.3 continuation of St
Slide 19: Buller Project Timeline to First Production
Targeting a low capex start up as early as 2027 Buller Project Timeline to First Production Development 2025 2026 2027 2028 ▪ Consent Applications submission Sep Qtr CY25 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Definitive Feasibility Study due Mar Qtr CY26 FY25 FY26 FY27 FY28 FY
Slide 20: New Zealand Fast Track Process
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 1st June 2025) 15 • EPA confirms whether application is comple
Slide 21: Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project)
Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) 2019 DFS Overview1 Location Map Location ◆ Located in Northwest British Columbia, Canada ◆ JORC Reserves: Proven – 17.1Mt / Probable – 4.9Mt / Total – 22.0Mt Reserves / Resources ◆ JORC Resource: Measured – 27.1Mt / Indicate
Slide 22: British Columbia, Canada
Project about to enter Effects Assessment phase British Columbia, Canada ✓ The Tenas Project is currently providing answers to questions that were provided by regulators at the end of the Application Development & Review Process ✓ The next step is the Effects Assessment which leads to a recommendati
Slide 23: Buller and Tenas to increase forecast production to ~2.5Mtpa from FY29
Buller and Tenas to increase forecast production to ~2.5Mtpa from FY29, with Crown Mountain1 providing further growth optionality Group Production Target (Mt)2 3.0 2.5 2.0 1.5 1.0 0.5 0.0 FY25E FY26E FY27E FY28E FY29E FY30E FY31E FY32E FY33E FY34E FY35E FY36E FY37E FY38E FY39E FY40E Export (Stockton
Slide 24: Net Cash Backing
Bathurst has built significant cash reserves within the BT Mining Joint Venture Net Cash Backing ▪ The BT Mining JV (65% BRL / 35% Talley Energy) has A$0.72 built significant cash reserves of NZD $189m1 at 31 March 2025 A$0.64 1 ▪ On a consolidated basis (100% BRL and 65% BT Mining) Bathurst recogni
Slide 25: Profitable operations continue at BT Mining JV and Takitimu
✓ Profitable operations continue at BT Mining JV and 100%-owned Takitimu ✓ Successful capital raise completed in April – AUD $34m ✓ BT Mining JV (Bathurst at 65%) holds ~ NZ$189m in cash reserves (31 March 2025) ✓ 100%-owned Buller Project Fast Track application to be lodged Q2 2025 (due early Janua
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Slide 28: Export Segment – 65% BRL Ownership
Export Segment – 65% BRL Ownership Export - 100% Basis ▪ Reduction in revenue vs FY24 and forecast driven by a lower HCC benchmark price YTD YTD YTD Operational metrics (100% basis) Unit Q3 2025 Q3 2025 Q3 2024 ▪ Reduction in production and sales versus Unaudited Forecast Audited FY24 due to the Taw
Slide 29: Rotowaro Mine – 65% BRL Ownership
Rotowaro Mine – 65% BRL Ownership Rotowaro - 100% Basis ▪ Increase in revenue and EBITDA versus FY24 YTD YTD YTD driven by increases sales volumes Operational metrics (100% basis) Unit Q3 2025 Q3 2025 Q3 2024 Unaudited Forecast Audited Production kt 319 293 213 ▪ Increased production versus FY24 and
Slide 30: Maramarua Mine – 65% BRL Ownership
Maramarua Mine – 65% BRL Ownership Maramarua - 100% Basis ▪ A planned step down in sales volumes versus YTD YTD YTD FY24 which has meant lower production, Operational metrics (100% basis) Unit Q3 2025 Q3 2025 Q3 2024 revenue and EBITDA Unaudited Forecast Audited Production kt 134 121 141 ▪ Sales vol
Slide 31: Takitimu Mine – 100% BRL Ownership
Takitimu Mine – 100% BRL Ownership Takitimu - 100% Basis ▪ Planned step down in sales from FY24 has YTD YTD YTD resulted in a reduction in production Operational metrics (100% basis) Unit Q3 2025 Q3 2025 Q3 2024 Unaudited Forecast Audited Production kt 167 184 184 ▪ Overburden removal is higher than
Slide 32: Crown Mountain open cut metallurgical coal mine in British Columbia
Crown Mountain is a potential low-cost, high-quality, open cut metallurgical coal mine located in British Columbia Yield Optimisation Study Overview2 Location Map ◆ Elk Valley coalfields of the East Kootenays in the South East of British Columbia (where there are currently four Location major operat
Slide 33: Litigation Summary
Litigation Summary ▪ On 18 December 2024, BRL received copies of a statement of claim from Talley’s Group Limited (“TGL”), that set out the basis of TGL claims against Bathurst, its directors and another party, and is purported to have been brought under the Companies Act 1993 and FMCA, each of thos
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Slide 35: Asset 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 pit Coal Processi
Slide 36: FY24 Sales Coal Quality
High quality, low-ash metallurgical coal exported for use in steelmaking FY24 Sales Product Type Tonnes (kt) Percent Japan 267 24% South Korea 262 24% India 177 16% China 367 33% Australia 32 3% Total 1,106 Coal Quality Volatiles Product Type Tonnes (kt) Ash Sulphur FSI (approx) VC (kCal gar) (appro
Slide 37: Low-ash, low-sulphur thermal coal for New Zealand’s domestic industry
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) Permits ◆ Fully permitted
Slide 38: Buller Project critical to maintaining medium to long term production
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 assessments have identified key
Slide 39: Resources
sserves oy
Slide 40: Coal Resources Coal Reserves
Coal Resources Coal Reserves 40
Slide 41: Tenas and Crown Mountain Resources and Reserves
Tenas Crown Mountain Mineral Resources Measured (Mt) Indicated (Mt) Inferred (Mt) Total (Mt) Mineral Resources Measured (Mt) Indicated (Mt) Inferred (Mt) Total (Mt) c Seam 4.5 1.4 - 5.9 North Block 10.1 3.0 - 13.1 1 lower seam 8.1 2.7 - 10.9 South Block 41.0 12.4 - 53.4 1 upper seam 4.5 1.6 - 6.2 So