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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 is dated 25 March 2025 (“Presentation”) and has been prepared by Bathurst Resources Limited NZCN 4382538 (“Bathurst”, “BRL” or “Company”) (ASX: B
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: Currency, figures and financial reports
Currency, figures and financial reports All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. A number of figures, amounts, percentages, estimates, calculations and of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual c
Slide 5: Executive Summary Equity Raise Overview Financial and Operations Update
01 Executive Summary 02 Equity Raise Overview 03 Financial and Operations Update 04 BT Mining JV 05 Bathurst 100% Owned Growth Projects 06 Corporate & Market Update A Appendices A Mineral Reserves and Resources B Joint Venture Litigation Update C Key Risks D International Offer Jurisdictions 5
Slide 6: Executive Summary
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Slide 7: Capital Structure, Board of Directors, Share Price Performance
Capital Structure Board of Directors Share Price Performance Share Price (A$) Volume (m) 1.8 3.0 1.6 2.5 1.4 1.2 2.0 1.0 1.5 0.8 0.6 1.0 0.4 0.5 0.2 - - Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Source: IRESS as at 24 March 2025, Company Reports 7
Slide 8: Building on our cash generative core while bringing Buller and Tenas into production
Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production Maintain profitable Use operational expertise to fast-track Return free cash flow to operations at Stockton, development of 100%-owned Buller shareholders in line with Maramarua & Ro
Slide 9: Established metallurgical coal producer with platform for capital efficient growth
Established metallurgical coal producer with significant existing platform for capital efficient growth Established Met Coal ▪ New Zealand’s largest metallurgical coal operator, producing ~1.8Mt per annum of which ~1.6Mt is steelmaking coal for both domestic use and export 1 producer in Tier 1 ▪ Cap
Slide 10: Bathurst's New Zealand Assets (100% Basis)
1 Bathurst is an exporter of high-quality coal primarily for steel production in Japan, South Korea, China and India Bathurst’s New Zealand Assets (100% Basis) Domestic mines (JV) Export mines (JV) Domestic mine and distribution Maramarua Bathurst FY25E Expansion Opportunities Operation Status FY25E
Slide 11: Metallurgical/Steelmaking Coal Sales (Mt)
2 New Zealand operations continue to increase the focus on supply for steelmaking coal Metallurgical/Steelmaking Coal Sales (Mt) (100% Basis)1 3.0Mt ▪ FY24 production of 1.7Mt comprising 1.5Mt of Actual Forecast metallurgical/steelmaking coal and 0.2Mt of thermal coal 2.5Mt ▪ Since FY19, thermal coa
Slide 12: Consolidated EBITDA (NZ$m)
2 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 suppor
Slide 13: Bathurst's cash reserves have grown to over NZ$140m
2 Since the formation of the BT Mining JV in August 2017, Bathurst’s cash reserves have grown to over NZ$140m1 Consolidated Cash Balance Attributable to BRL (NZ$m)1 +NZ$100m cash build 163.1 ▪ Large increases during FY22 & FY23 during record high HCC pricing following the Covid-19 pandemic 145.0 140
Slide 14: Advancing the 100% owned Buller and Tenas projects
3 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 applicati
Slide 15: Buller and Stockton steelmaking coal production profile
3 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
Slide 16: Buller Project Timeline to First Production
3 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
Slide 17: Buller and Tenas to increase forecast production to ~2.5Mtpa
3 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 (Stockt
Slide 18: Net Cash Backing
4 Bathurst trades at a compelling FY25E EV / EBITDA of 0.6x1, with cash backing of A$119m1 Net Cash Backing ▪ The BT Mining JV (65% BRL / 35% Talley Energy) has A$0.75 built significant cash reserves of A$174m1 at 28 February 2025 1 A$0.62 ▪ On a consolidated basis (100% BRL and 65% BT Mining) Bathu
Slide 19: Executive summary highlights
✓ Profitable operations continue at BT Mining JV and 100%-owned Takitimu ✓ Pursuing improved working relationship with BT Mining JV partner ✓ BT Mining JV (Bathurst at 65%) holds ~A$174m (NZ$192m) in cash reserves (28 February 2025) ✓ 100%-owned Buller Project Fast Track application to be lodged Q2
Slide 20: Equity Raise Overview
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Slide 21: Placement proceeds to primarily advance Buller and Tenas projects
• Bathurst is conducting an equity raise of approximately A$37.4 million (before costs), comprising: • A placement to raise approximately A$34.4 million via the issue of approximately 46.5 million fully paid ordinary shares (“New Shares”) pursuant to the Company’s existing placement capacity under A
Slide 22: Sources and uses of funds
Placement proceeds to primarily advance 100% owned Buller and Tenas projects Sources of funds1 (A$m) Equity raising proceeds from Placement 34.4 BRL cash (outside the BT Mining JV) 1.9 Total sources of funds 36.3 Uses of funds1 (A$m) Submission of Fast Track Application (aim to be submitted June 202
Slide 23: Indicative Offer timetable
Indicative Offer timetable Event Date Record date for eligibility to participate in SPP 7PM (AEDT) Monday, 24 March Announcement of completion of Placement Tuesday, 25 March Settlement of New Shares under the Placement Monday, 31 March Allotment, quotation and trading of New Shares under the Placeme
Slide 24: Financial and Operations Update
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Slide 25: HY 2025 Highlights
Strong first half year results delivered during a period of weakened coal pricing HY 2025 Highlights1 Realised Price per Tonne of Export Met Total consolidated revenues of A$107 Coal sold A$247/t (compares to average million realised price for FY24 of A$285/t) A$92 million of total revenues from Con
Slide 26: FY25 Consolidated EBITDA Guidance (NZ$)
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 27: BT Mining JV
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Slide 28: Stockton 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 29: FY24 Sales and 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 30: Maramarua and Rotowaro domestic thermal coal
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 31: 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 32: Bathurst 100% Owned Growth Projects
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Slide 33: Buller metallurgical coal development project
Quality metallurgical coal development project, located only 17km from BT Mining’s Stockton infrastructure Asset Overview Location Map Location ◆ Approximately 20km northeast of Westport, South Island, NZ Resources ◆ Resource: 46.9Mt ◆ PFS expected in Q2 2025 and DFS expected in Q1 2026 ◆ Escarpment
Slide 34: 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 35: 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 36: British Columbia, Canada Effects Assessment phase
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 37: Crown Mountain metallurgical coal project
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 38: Corporate & Market Update
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Slide 39: BRL 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 40: 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 41: Why has demand for steel increased?
Bathurst is well positioned to capture the increasing focus on steelmaking coal Why has demand for steel increased? ✓ Steel is integral to modern economies and is linked to economic growth ✓ It is the world’s most commonly used metal and the second largest commodity value chain. It is essential in e
Slide 42: HCC benchmark pricing forecast to remain above US$200/t
HCC benchmark pricing forecast to remain above US$200/t moving forward Monthly USD HCC Pricing Monthly USD HCC Pricing1 ✓ The HCC price hovered just above USD $200/t for much of the December quarter before dropping below US$190/t late in the quarter. The drop was a driven by reduced demand as steel
Slide 43: Appendices
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Slide 44: Mineral Reserves and Resources
Coal Resources Coal Reserves 44
Slide 45: 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
Slide 46: 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
Slide 47: Key Risks
Set out in this section are potential risks associated with Bathurst, the industry in which Bathurst operates and an investment in Bathurst shares, including the New Shares. It is not an exhaustive list of every risk faced by the Company or a holder of Bathurst shares, now or in the future. Global a
Slide 48: Key Risks: ESG and availability of capital
ESG Bathurst may be impacted by environmental, social and governance policy initiatives with respect to its mining operations, including being de-banked, increased regulatory scrutiny, and/or law changes that restrict or prevent mining operations. Availability of capital Bathurst may in the future r
Slide 49: Acquisition & divestment risk
Acquisition & divestment risk From time to time, Bathurst may evaluate opportunities for acquisition and/or divestment of assets and participates in discussions with third parties on a confidential basis. Neither the opportunities nor the negotiations will be disclosed publicly until such time as th
Slide 50: Occupational health & safety
Occupational health & safety Bathurst’s operations are subject to a variety of general and industry specific health and safety laws and regulations which are formulated to improve and to protect the safety and health of its employees. Mining operations are inherently hazardous. While Bathurst seeks
Slide 51: Approvals and the Fast-track Process
Approvals and the Fast-track Process Bathurst is reliant on obtaining environmental and other regulatory approvals to enable it to proceed with the development of its projects. There is no guarantee that any required approval will be granted, the timing of that approval, all of the terms of the appr
Slide 52: International Offer Jurisdictions
This document is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in Bathurst and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment. Placement Any offer of shares pursuant to the Placeme
Slide 53: European Union and United Kingdom offer restrictions
European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the Offer Shares be offered for sale, in the European Union except in circumsta
Slide 54: Bathurst Resources Limited
_LIMITED BATHURST RESOURCES LIMITED