31 slides from Bathurst Resources's shareholder meeting presentation, Nov 29, 2022
Slide 1: 2022 AGM
+2022 AGM m= Ss Ne nets, ASX: BRL ss BATHURST
Slide 2: Disclosure
DISCLOSURE General information This document is authorised for release by the board of directors of Bathurst Resources Limited (“Bathurst”) on the 29 November 2022. Bathurst's address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand. General disclaimer This presentation contains forward
Slide 3: Our Board Members
OUR BOARD MEMBERS 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 4: Our Leadership Team
OUR LEADERSHIP TEAM 10. Senior leadership 5. Fiona Bartier General Manager, Health, Safety, Environment and Community 6. Carmen Dunick Group Manager, People and Culture 7. lan Harvey General Manager, Export Operations 8. Sam Johnstone General Manager, Marketing and Logistics 9. Craig Pilcher General
Slide 5: Health and safety update
• The New Zealand Government changed a number of COVID public health settings such as the removal of face masks, however, the requirement of seven days isolation remains in place. Cases are ongoing but with less impact. • Occupational hygiene monitoring data review has been completed. The output of
Slide 6: Our Contribution
OUR CONTRIBUTION 315kt >550 $67m CO, emissions paid to avoided when employees using our export coal | Employees S34m S209m 3 taxes, paid to New finalists in the royalties and Zealand Minerals Sector govt fees suppliers Awards Financial figures noted are 100 percent Bathurst and BT Mining for FY22 ‘i
Slide 7: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu ≈ • ≈ • ≈
Slide 8: An Essential Energy Supplier in NZ
AN ESSENTIAL ENERGY SUPPLIER IN NZ Key Export mine (joint venture) Domestic mines (joint venture) Domestic mine and distribution tsetse facility (fully owned) Corporate offices e Christchurch Joint venture assets in BT Mining are 65% equity owned by Bathurst. B ATH U RST RESOURCES LIMITED
Slide 9: How Our Product Is Used
HOW OUR PRODUCT IS USED _ 4 _ Construction = J in which most buildings or — y structures are made from steel. las —_ : , Electricity generation 11 ~~ when there isn't enough green i} ‘| ' 1 energy supply to meet demand. oo oe as ae n Semi-conductors oH are an essential component inmany =~ — electron
Slide 10: The Ongoing Demand for Steel
THE ONGOING DEMAND FOR STEEL Demand for steel is projected to increase by a third by 2050. Why has demand for steel increased? GLOBAL STEEL PRODUCTION * Steel is integral to modern economies. * It is the world’s second largest commodity value Mt chain and is essential in engineering, construction, 3
Slide 11: We Sell Into Two Markets That Have Their Own Risks and Opportunities
WE SELL INTO TWO MARKETS THAT HAVE THEIR OWN RISKS AND OPPORTUNITIES Export: coal for steelmaking Domestic: coal for processing heat & steelmaking Risks, . opportunities & market dynamics Strategy - Exposed to market price fluctuations. Opportunity to significantly increase profit when pricing is hi
Slide 12: Sustainable Earnings Profile
SUSTAINABLE EARNINGS PROFILE We benefit in times of high export pricing, and generate positive cash flows during lower export pricing due to stable earnings from our domestic segment. NZD $m Consolidated EBITDA" woo apees FY23E sales tonnes by product use 140 350 120 300 100 250 80 200 La 60 150 40
Slide 13: Export (Stockton Mine)
EXPORT (STOCKTON MINE) Coking coal sales for the steelmaking export market. Mt Export coal sales! 15 bb 10 : - i 0.0 FY18 FY19 FY20 FY21 FY22 FY23E Equity share export EBITDA NZD $m qu tys are expo t NZD APR$ 120 350 100 300 80 250 200 60 150 40 100 20 50 Oo Oo FY18 FY19 FY20 FY21 FY22 FY23E Ml Expo
Slide 14: Stockton Bathurst
STOCKTON BATHURST RESOURCES LIMITED
Slide 15: Domestic Mines (North & South Island)
DOMESTIC MINES (North & South Island) Consistent EBITDA based on predictable revenue, unit costs, and overburden removal. Mt Domestic coal sales! 15 1.0 FY23E sales by product use : i 0.0 FYI8 FYI9 FY20 FY21 FY22.-FY23E NZD $m Equity share EBITDA 50 40 30 20 39 40 » 34 10 21 FY18 FY19 FY20 FY21 FY22
Slide 16: Rotowaro Bathurst
ROTOWARO BATHURST RESOURCES LIMITED
Slide 17: Maramarua Bathurst
MARAMARUA BATHURST RESOURCES LIMITED
Slide 18: Bathurst
BATHURST RESOURCES LIMITED
Slide 19: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu
Slide 20: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu
Slide 21: EBITDA Guidance FY23 $120M - $130M
EBITDA GUIDANCE FY23 $120M - $130M $m 140 120 — | | 160 07 a7 100 80 60 40 20 0) FY22 EBITDA Export North Island South Island FY23E EBITDA domestic incl. BT domestic incl. BRL overheads overheads * Guidance range reflects potential volatility in export pricing; assumed annual average benchmark of US
Slide 22: Hard Coking Coal price rallied through October
• The Hard Coking Coal price rallied through October and reached a high of US$320/t in early November as Australian coal production continues to be impacted by the ongoing wet weather. • The wet season is expected to continue out to the end of March which will help support prices partially in the ve
Slide 23: Financial Health Snapshot
FINANCIAL HEALTH SNAPSHOT' Cash positive $100m NZD cash incl. restricted short term deposits Consolidated 100% Bathurst and 65% Potential for upside $146m AUD market cap BT Mining, as at 28 November 2022 Strong forecast earnings $120m - $130m EBITDA FY23 BATHURST RESOURCES LIMITED
Slide 24: Growth projects
Growth projects Production Expected Life of Status start date1 Mine4 • • • •
Slide 25: Positioned for Growth
POSITIONED FOR GROWTH Forecast production tonnes (Mt) (100% basis) 5.0 45 40 Buller Coal project - M&l resources? 35 3.0 25 2.0 15 1.0 05 0.0 Actual... Actual.. Actual... Actual... Actual... = FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 NZ export - steel making. NZ domestic - process heat Stockton and B
Slide 26: Canadian Coking Coal JV Project
CANADIAN COKING COAL JV PROJECT Crown Mountain — a premium low volatile hard coking coal exploration project, due to enter production late 2026, and produce 2Mt per year. ¢ Pre-tax NPV10 USD $469m1. e FOB Vancouver USD 89.41/t. ¢ 196Mtpa. e Mine life 15 years. ¢ 575Mt reserve, 90.2Mt resource. ‘ma O
Slide 27: Future Investments
FUTURE INVESTMENTS Noting the increasing global appetite for other minerals, we are considering leveraging the strong coal mining core of our business and our sector expertise as producers to contemplate and potentially take advantage of other resource opportunities. The following are the key criter
Slide 28: Questions?
QUESTIONS? Thank you for attending the AGM. BATHURST
Slide 29: Appendices
APPENDICES BATHURST &
Slide 30: L&M Litigation
L&M LITIGATION Two litigation claims brought by L&M Coal Holdings Ltd remain current against Bathurst. These arising out of the 2010 purchase of shares in Buller Coal Ltd (the owner of two exploration permits and a mining permit application at that time). The first alleges that Bathurst has breached
Slide 31: Marketable Coal Reserves
MARKETABLE COAL RESERVES Probable (Mt Product coal area Bathurst ownership Whareatea West “ —&) 100% 0.0 3.0 3.0 Stockton ®0.J&b 65% 02 43 45 Upper Waimangaroa (Met) ®@.° & © 65% 05 14 19 Whareatea West “ —&) 100% 0.0 3.0 3.0 Takitimu © &&P 100% 0.0 09 09 Canterbury Coal ©. && 100% 0.0 0.0 0.0 Rotow