Slide 1: Bathurst Resources Limited Investor Presentation September 2023
BATHURST RESOURCES LIMITED INVESTOR PRESENTATIONS SEPTEMBER 2023 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 6 September 2023. Bathurst's address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand. General disclaimer This presentation contains forward
Slide 3: Financial Health Snapshot
FINANCIAL HEALTH SNAPSHOT" Cash Strong positive forecast $163m NZD ° cash earnings incl. restricted short $95m - $105m term deposits EBITDA FY24 Potential for upside $189m AUD market cap Consolidated 100% Bathurst and 65% BT Mining, as at 30 June 2023 BATH U RST RESOURCES LIMITED
Slide 4: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu ≈ • ≈ • ≈
Slide 5: An Essential Energy Supplier in NZ
AN ESSENTIAL ENERGY SUPPLIER IN NZ oa _& Key Export mine (joint venture) Domestic mines (joint venture) Domestic mine and distribution [stk facility (fully owned) Corporate offices Joint venture assets in BT Mining are 65% equity owned by Bathurst. BATH U RST RESOURCES LIMITED
Slide 6: Our Contribution to NZ
OUR CONTRIBUTION TO NZ 315kt >620 $78m CO, emissions paid to avoided by employees using our export coal | Employees S67m $216m taxes, paid to New royalties and Zealand govt fees suppliers Financial figures noted are 100 percent Bathurst and BT Mining for 12 months ended 30 June 2023 “Independent ver
Slide 7: Sustainable Earnings Profile
NZD $m SUSTAINABLE EARNINGS PROFILE Consolidated EBITDA' NZD APR?$ 180 400 160 350 “40 300 Record EBITDA achieved in FY23 120 250 driven by high HCC benchmark pricing 100 levels 200 80 6 150 Strong export segment supported by fo 100 domestic segment 20 50 ie} ie} FY18 FY19 FY20 FY21 FY22 FY23 FY24E
Slide 8: Stable HCC Pricing Outlook
STABLE HCC PRICING OUTLOOOK 400 Monthly USD HCC pricing! 300 200 100 Fe PMP et We os PE gc oo Pe wh wh yr p99 La ae aa a ath oth oo a ao por yo of ot gee wh sh yywP™ 00 ge oP sR yoo ‘Actual Forward curve ‘Actual Forward curve HCC benchmark pricing forward curve remains stable out to 2025, with reduc
Slide 9: EBITDA Guidance FY24 $95M - $105M
EBITDA GUIDANCE FY24 $95M - $105M sm 180 160 140 72.3 120 100 [| 80 9.9 1.0 FY23 EBITDA Export North Island South Island FY24E EBITDA domestic incl. BT domestic incl. BRL overheads overheads Guidance range reflects reduction in export pricing from record levels in 2022; assumed annual average benchm
Slide 10: Focused on Steelmaking
FOCUSED ON STEELMAKING FY23 sales by product use FY24E sales by product use # e =Steelmaking Electricity = Process heat ™ Steelmaking ™ Process heat "On a 100 percent basis (not consolidated) * BATHURST WW RESOURCES LIMITED
Slide 11: Coal still supplies just over a third of global electricity generation
Coal still supplies just over a third of global electricity generation. While coal is being gradually replaced for electricity generation, it will continue to play a crucial role in iron and steel production.
Slide 12: The Ongoing Demand for Steel
~ oS 4 ~ : 11370 kg otiron Ore, 1 #7 ga) THE ONGOING DEMAND FOR STEEL! Steel Prodictlon- Route 1. ~y Ky ENS 1 ae do produce 1,000 kg of crude-steel, WB the main inputs are roughly: tC] + 780% of coal, 270 kg of limestone, and > ; 1 25 kg of steel scrap. 5 worldsteel.org Global crude steel production
Slide 13: Indicative Production Tonnes (Mt) (100% basis)
Indicative Production Tonnes (Mt) (100% basis) 4.0 3.0 2.0 1.0 - FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 NZ Domestic - SI NZ Domestic - NI NZ Export Crown Mountain Telkwa Mining
Slide 14: Exploration Programme - Drilling underway
Potential for the Roto North pit extension to supply Future coal supply NZ Steel (blend with Roto), NZS for at least a further 12 years production rate @ extension of M1 pit FY26+ 400 ktpa Status: Status - • Exploration Programme - Drilling underway • Review and update 2021 assessments (e.g., in LIN
Slide 15: Blending assessments have identified key resources
Blending assessments have identified the following key resources to extend Stockton Export coal operations: - Escarpment (as a strategic consented resource) - Mt. Fredrick South - Escarpment Extension These will be mined in conjugation with the existing reserves with Stockton and utilise existing in
Slide 16: Escarpment Mine
ESCARPMENT MINE Overall objective: * Renew existing consents & assess potential to improve economics by widening available area * Permitted, consented and access agreement in place * Escarpment blended with Stockton HCC BATHURST | Fummrcer Tranche Key Decision Project Hold Points ESC_1 | Mine Plan;
Slide 17: Escarpment Extension
ESCARPMENT EXTENSION Description Development of an open cut pit on the Denniston Plateau as an extension to Escarpment Mine Key Bathurst HCC resource largely un-mined Resource: 16.7 Mt Coal Quality: Ash - 10% Su-0.6% CSN-9 RoMax - 1.14 Expected Reserve: 4.1Mt Stripping Ratio: 12.0 (Waste/Prodt) Mini
Slide 18: Mt Fredrick South Extension
MT FREDRICK SOUTH EXTENSION Description Developmentof an open cut pit within the BT Mining Upper Waimangaroa Mining hk: Permit. 7 Mt Fredrick a> Blending partner in combination with Escarpmentto maintain coking coal export markets from Stockton. Because of the rank, Ro(Max), itis the key enabler of
Slide 19: Consistent with Bathurst's strategy of increasing exposure to steelmaking coal
An interest in two exciting Canadian steelmaking coal projects in British Columbia, representing an opportunity to accelerate Bathurst's growth strategy: • Acquisition of the Tenas Coking Coal Project, comprising the Telkwa Metallurgical Coal Complex. • Investment in the Crown Mountain Hard Coking C
Slide 20: Tenas Project Location
TENAS PROJECT LOCATION TRIGON PACIFIC TERMINALS BRITISH OLUMBIA Neptune Terminals Westshore Terminals Coal Rank bituminous Sub-bituminous lm Ugnite Exceptional Project Location Simple access to rail * The Project sits adjacent to CN Rail’s main line to Prince Rupert Short rail haul to port The rail
Slide 21: Tenas Project Layout
Tenas-Hyéro B ; J wesee 2 wwe DF-TenasDep _ PROJECT LAYOUT [prow wows. G Sampling Location (DD Water Quaty Ste | MI Hydrology Site ‘Aquates Ste I Fish and Fish Habitat Groundwatr B issesament Ste Groundwater ® sampling Location [Bh Noise Montring Locaton ‘A, Particulate Monitoring Staton AL Dastfl S
Slide 22: Resources and Reserves basis
[1] For further details on the basis of these Resources and Reserves see Allegiance Coal March 2019 DFS Update
Slide 23: 750,000 tonnes per annum of saleable coal
The DFS accounts for just 15% of the entire coal resource of the Telkwa metallurgical coal complex, with highlights including: • 750,000 tonnes per annum of saleable coal. • 22 year mine life extracting just 15% of the entire Telkwa coal resource. • 3.6:1 BCM/ROMt strip ratio. • 75% average yield fo
Slide 24: Upfront payment of USD $2.33 million at closing
Bathurst, through its new subsidiary Bathurst Resources (Telkwa) Ltd (Bathurst (Telkwa)), has entered into an asset purchase agreement to acquire the assets of the Tenas Project (Agreement). The vendor is Telkwa Coal Limited (Vendor). Consideration The consideration payable by Bathurst Telkwa to the
Slide 25: Tenas Project completion review process
• Tenas Project is currently in the completion review process with the BC-EAO. • The next step is the Effects Assessment leading to a recommendation
Slide 26: Crown Mountain Project
CROWN MOUNTAIN PROJECT Crown Mountain - a premium low volatile hard coking coal exploration project, due to enter production 2026, and produce 2Mt per year. « Pre-tax NPV10 USD $469m". * FOB Vancouver USD 89.41/t. ¢ 196Mtpa. Mine life 15 years. « 57.5Mt reserve, 90.2Mt resource. ma ©4S TATUS ¢ Envir
Slide 27: Questions?
QUESTIONS? BATHURST &