Slide 1: FY25 Results Update
BATHURST RESOURCES LIMITED FY25ResultsUpdate) © 29 August 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: Bathurst operating mines and development projects
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 increase this to 50% for an inc
Slide 6: Capital Structure and Board of Directors
Capital Structure Board of Directors 6
Slide 7: 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 Takitimu, development of 100%-owned Buller shareholders in line with Stockton, Mara
Slide 8: Bathurst is an exporter of high-quality coal primarily for steel production
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 9: Operations update
4 : eat and operations update
Slide 10: Strong results delivered during a period of weakened coal pricing
Strong results delivered during a period of weakened coal pricing and operational obstacles 2025 Highlights Total consolidated revenue Consolidated EBITDA FY25 $268 million FY25 $44 million FY24 $315 million FY24 $91 million Consolidated cash (including restricted Consolidated operating profit short
Slide 11: Export Segment – 65% BRL Ownership
Export Segment – 65% BRL Ownership Export - 100% Basis ▪ Reduction in revenue vs FY24 driven by a lower HCC benchmark price 2025 2024 Operational metrics (100% basis) Unit Audited Audited ▪ Reduction in production and sales versus Production kt 956 963 FY24 due to the Tawhai Tunnel closure period Sa
Slide 12: Rotowaro Mine – 65% BRL Ownership
Rotowaro Mine – 65% BRL Ownership Rotowaro - 100% Basis ▪ Increase in revenue and EBITDA versus FY24 2025 2024 Operational metrics (100% basis) Unit driven by increases sales volumes Audited Audited Production kt 409 328 Sales kt 440 372 ▪ Increased production versus FY24 as Overburden bcm 000 9,473
Slide 13: Maramarua Mine – 65% BRL Ownership
Maramarua Mine – 65% BRL Ownership Maramarua - 100% Basis ▪ A planned step down in sales volumes versus 2025 2024 Operational metrics (100% basis) Unit FY24 which has meant lower production, Audited Audited revenue and EBITDA Production kt 163 182 Sales kt 158 176 Overburden bcm 000 2,886 2,358 ▪ In
Slide 14: Takitimu Mine – 100% BRL Ownership
Takitimu Mine – 100% BRL Ownership Takitimu - 100% Basis ▪ Planned step down in sales from FY24 has 2025 2024 Operational metrics (100% basis) Unit resulted in a reduction in production Audited Audited Production kt 207 235 Sales kt 216 226 ▪ Overburden removal is higher than FY24 to Overburden bcm
Slide 15: BRL has contributed more than NZ$350m to the New Zealand economy
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 and Rotowaro mines as part Cons
Slide 16: Safety is our number one priority
Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures Frequency Rates FY25 20 18.04 18 16 4.5 14 LTIFR1 12 10 9.11 8 5.55 6 4.56 4 9.0 2 TRIFR1 0 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 LTIFR TRIFR 1 Lag I
Slide 17: The year ahead
The year ahead
Slide 18: FY26 EBITDA guidance between NZ$35 million and NZ$45 million
FY26 EBITDA guidance expected to be between NZ$35 million to NZ$45 million FY26 Consolidated EBITDA Guidance (NZ$) ▪ Export market earnings are forecast to reduce due to the reduction in the HCC benchmark price ▪ Price reduction is partially offset by an increase in export sales volumes as FY25 was
Slide 19: Assets are profitable throughout the cycle and leveraged to met coal recovery
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 20: HCC benchmark pricing forecast to improve through FY26
HCC benchmark pricing forecast to improve through FY26 Monthly USD HCC Pricing Monthly USD HCC Pricing1 ✓ The HCC price climbed above US$180/t in July - helped by improving demand from China along with tighter Chinese domestic supply due to recent mine inspections. ✓ Russian coal producers continue
Slide 21: Looking forward
Looking forward
Slide 22: Advancing the 100% owned Buller and Tenas projects, with Crown Mountain optionality
BRL is advancing the 100% owned Buller and Tenas projects, with Crown Mountain1 providing further growth optionality Buller Project (100%) Tenas (100%)1 Location South Island, New Zealand – 17km from Stockton Location British Columbia, Canada Ownership 100% BRL Ownership 100% BRL • Environmental app
Slide 23: Buller and Stockton combination expected to generate strong cash flow
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 24: Targeting a low capex start up as early as 2027
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 25: Streamlined approvals process removes historical consenting delays
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 26: 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 27: Targeting start up as early as 2028
Targeting start up as early as 2028 Tenas Project Timeline to First Production Development 2025 2026 2027 2028 ▪ BC EAO Effects Assessment Q4,2025-Q1,2026 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Permit Application Q1,2026 to Q3,2026 ▪ Permits received Q3, 2027 FY25 FY26 FY27 FY2
Slide 28: 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 29: Significant cash reserves within the BT Mining Joint Venture
Bathurst has built significant cash reserves within the BT Mining Joint Venture Net Cash Backing A$0.80 1 A$0.66 Share Price Cash Backing - Consolidated Basis Consolidated cash is 100% Bathurst and 65% BT Mining, as at 31 July 2025. This presentation does not reflect reporting under NZ GAAP or NZ IF
Slide 30: Key takeaways
✓ Profitable operations continue at BT Mining JV and 100%-owned Takitimu ✓ Successful capital raise completed in April 2025 – AUD $34m ✓ BT Mining JV (Bathurst at 65%) holds ~ NZ$209m in cash reserves (31 July 2025) ✓ 100%-owned Buller Project Fast Track application to be lodged in 2025 (due first h
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Slide 33: Crown Mountain potential low-cost open cut metallurgical coal mine
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 34: Litigation Summary
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 been brought under the Companies A
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Slide 36: High quality, low-ash metallurgical coal exported for use in steelmaking
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 37: FY25 Sales and Coal Quality
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) (approx) Premium Hard Cokin
Slide 38: 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 39: 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 40: Resources and Reserves
sserves oy
Slide 41: Coal Resources and Coal Reserves
Coal Resources Coal Reserves 41
Slide 42: 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