Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Shareholder Meeting (November 2024)
39 slides from Bathurst Resources's shareholder meeting presentation, Nov 27, 2024
Slide 1: 2024 AGM Presentation
BATHURST — RESOURCES LIMITED | 2024 AGM PRESENTATION ASX: BRL. 2°; 6 8 oA pee 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 27 November 2024. Bathurst's address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand. General disclaimer This presentation contains forward
Slide 3: About Bathurst
ABOUT BATHURST BATHURST
Slide 4: Sales by region
17% Asia 7% New Zealand 51% Australia Europe 19% Other 6%
Slide 5: New Zealand's Largest Coal Producer
NEW ZEALAND’S LARGEST COAL PRODUCER Bathurst ata glance Bathurst Resources Sites Joint-venture Sites Offices New Zealand Joint venture ts in BT Mining are 65% equity owned by Bathurst. BATH U RST RESOURCES LIMITED
Slide 6: Maramarua, Canterbury, Takitimu
Maramarua Canterbury Takitimu • •
Slide 7: Our Board Members
OUR BOARD MEMBERS Peter Westerhuis Richard Tacon Non-Executive Chairman Executive Director & Chief Executive Officer Russell Middleton Francois Tumahai Executive Director & Chief Financial Officer Non-Executive Director BATHURST RESOURCES LIMITED
Slide 8: Our Leadership Team
OUR LEADERSHIP TEAM ih Fiona Bartier Carmen Dunick General Manager, Health, Safety, Environment and Community General Manager, People and Culture lan Harvey Sam Johnstone General Manager, Export Operations General Manager, Marketing and Logistics Craig Pilcher Terry Moynihan General Manager, Domesti
Slide 9: Our Contribution to New Zealand
OUR CONTRIBUTION TO NEW ZEALAND EMPLOYEES PAID TO TAXES, ROYALTIES PAID TO NZ EMPLOYEES & GOVERNMENT SUPPLIERS FEES Increases in staff 9% increase from Consistent payments Key contributor to at Stockton and FY23 due to to local and central New Zealand Rotowaro mines increased staff government busine
Slide 10: FY24 Review
FY24 REVIEW palates
Slide 11: FY24 Financial Health Snapshot
FY24 FINANCIAL HEALTH SNAPSHOT Cash Strong positive’ EBITDA earnings! $140m NZD cash incl. restricted short term $91m deposits EBITDA FY24 1 Consolidated 100% Bathurst and 65% BT Mining, as at 30 June 2024. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show
Slide 12: Safety Journey
SAFETY JOURNEY Reviewed our risk management standard to update critical control effectiveness definitions leading to revisions of site HSEC broad brush risk assessments Implemented a company-wide learning management system including a compliance and effectiveness audit program of our operator traini
Slide 13: Community
COMMUNITY Te Waharoa gateway to the trades * 10-week programme * Machine operator training * 4 participants * 2achieving full time employment BATHURST RESOURCES LIMITED
Slide 14: Consolidated Financial Measures (NZD) FY 2024
Consolidated Financial Measures (NZD) FY 2024 FY 2023 Audited Audited Revenue 315.1m 389.0m EBITDA 90.8m 166.4m Profit after tax 38.5m 90.5m
Slide 15: 100% Basis FY2023-FY2025
100% Basis FY 2023 FY 2024 FY 2025 Audited Audited Forecast Overburden (kbcm) 4,996 5,418 6,219 Production (kt) 1,042 963 940 Sales (kt) 1,197 1,106 1,081 Revenue ($m) 437.4 328.0 299.6 EBITDA ($m) 237.1 123.0 79.7
Slide 16: 100% Basis Including Corporate Overheads
100% Basis FY 2023 FY 2024 FY 2025 Including Corporate Overheads Audited Audited Forecast Overburden (kbcm) 6,161 9,477 15,565 Production (kt) 793 744 752 Sales (kt) 878 782 786 Revenue ($m) 137.6 133.4 135.5 EBITDA ($m) 18.2 14.3 8.2
Slide 17: Looking Forward
LOOKING FORWARD BATHURST
Slide 18: FY25 Consolidated EBITDA Guidance
FY25 CONSOLIDATED EBITDA GUIDANCE ™" S55M - S65M 100 bt —_—_—_—_—_— (21.3) (1.3) (2.9) (0.3) FY24 EBITDA Export North Island South Island Telkwa FY25E EBITDA (Unaudited) domestic incl. domestic incl. BT overheads BRL overheads * Export market earnings are forecast to reduce from FY24 levels. * Reduc
Slide 19: HCC price and coal market commentary
• The HCC price increased back above US$200/t in September on the back of recent stimulus announcements from China. This price momentum quickly evaporated through October and November as most market participants could not see the stimulus packages providing any significant impact to the economy. The
Slide 20: Stockton, Takitimu, Tenas and other projects
Stockton (Export) Takitimu (South Island) Tenas Project (100%) Maramarua (North Island) Buller Plateau (Export) Crown Mountain Project (22%) Rotowaro (North Island) 20
Slide 21: Production by steel and non-steel, FY19-FY27E
3.0 2.5 2.0 1.5 1.0 0.5 - FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E Non Steel Domestic Steel Export Steel
Slide 22: BT Mining Expansion Projects (65%)
BT MINING EXPANSION PROJECTS (65%) Export Projects Domestic Projects Life Extension of Export Hub Rotowaro Extension * Blending assessments have identified key ¢ Potential for 12 years at 400 kt pa resources to extend Stockton Export coal * Exploration programme drilling underway and operations (Mt
Slide 23: South Island Export production forecast
• • • • • • • • • • 1.4 1.2 1.0 0.8 0.6 0.4 0.2 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 South Island Export - Fast Track
Slide 24: Fast Track Approvals Bill
FAST TRACK APPROVALS BILL The bill proposes to establish a new fast-track approvals regime for projects of national and regional significance. Projects listed on Schedule 2 of Fast Track Approvals Bill ¢ Buller Plateaux Continuation Project — Export * Rotowaro Mine Continuation Project - Domestic El
Slide 25: Buller Plateaux Project
BULLER PLATEAUX PROJECT “[=] CHPP & Wash Plant A Coal Loadout Hopper © Stockton Mine Gate Haul Road — Stockton Mine Haul Road 3 81 Mining Limited Mining Licence/Permit Bathurst Coal Limited Mining Licence/Permit TS Buller Coal Limited Exploration Permit Application Bathurst Coal Limited Coal Resourc
Slide 26: Project metrics on a 100% basis
• • • • • • • • • • Project metrics are on a 100% basis and are based on current models and are subject to change
Slide 27: Export production forecast
• • • • • 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 Export - BT Mining - 100% Export - Bathurst - 100%
Slide 28: Bathurst Assets in BC, Canada
BATHURST ASSETS IN BC, CANADA Project (100%) Investment (22%) Tenas Coking Coal Project, BC Bathurst completed the purchase of the Tenas project in December 2023, making it the second long-life Canadian steelmaking coal project in which Bathurst has an interest. Location Telkwa, British Columbia, Ca
Slide 29: British Columbia Projects
BRITISH COLUMBIA PROJECTS Tenas (100%) Pre-tax NPV8 USD $270'm. FOB USD 49,70/t cash cost (ex-port) before interest & tax Crown Mountain (22%) Pre-tax NPV10 USD $469m?. FOB USD 89.41/t cash cost 1.0 Mtpa. Mine life 22 years. 22.0 Mt reserve, 36.5 Mt resource. 2.0 Mtpa. Mine life 15 years. 575 Mt res
Slide 30: Tenas Project Layout
TENAS PROJECT LAYOUT was 128—-@ ~Tpeoy wouins! Vanderven Creek wasos r Round ] J 106954 Proposed Rail —& | 7 t Telkwa-Hydro ¥; in structure ete 3 ~ wasoe | 5 ~ § Goathor-Hydro 114146 j } 114192 Mae DF-Kerr we he wosit.us” | Explosives Bin” grmcad @ Sampling Location oa proposed dExpoahe ) ‘acilit Ex
Slide 31: Tenas Project Current Stage: Review Process With BC EAO
Tenas Project Current Stage: Review process with BC EAO Next Step: Effects Assessment Crown Mountain Tenas Project Crown Mountain Current Stage: Entering Application Development and Review
Slide 32: Equity basis production forecast
3.5 3.0 2.5 2.0 1.5 1.0 0.5 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 BRL - Domestic BT Mining - Domestic BRL - Export BT Mining - Export Tenas Crown Mountain Equity Basis – 100 Bathurst, 100 , 65% BT Mining, 50% Crown Mountain
Slide 33: Capital Management
CAPITAL MANAGEMENT BATHURST
Slide 34: Capital Management - Year Horizon
CAPITAL MANAGEMENT - 3 YEAR HORIZON BT Mining JV (65%) Bathurst NZ (100%) Bathurst British Columbia Cash held NZD $200+ million Focus on NZ Export assets Fully Funded Extension of life Target 400 kt pa Domestic operation due for closure in FY26 Capital required for development Target 800 kt pa Incom
Slide 35: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Strong Balance Sheet Investing in New Zealand Investing in Growth Returns to Shareholders Zero Debt Subject to Fast Track legislation Projects in British Columbia Jurisdiction Large and growing cash balance held within joint venture NZ extension of life of NZ joint ventu
Slide 36: Questions?
QUESTIONS? Thank you for attending the AGM. BATHURST
Slide 37: Appendices
APPENDICES BATHURST &
Slide 38: L&M Litigation Update
L&M LITIGATION UPDATE Updates on the litigation: * February 2023 - The appointed arbitrator upheld the Supreme Court’s decision and dismissed the Change in Control claim following a review during the later part of 2022. * March 2023 - The High Court dismissed the L&M Deed of Guarantee claim, ruling
Slide 39: NZ Marketable Coal Reserves
NZ MARKETABLE COAL RESERVES Proven (Mt) Probable (Mt Total (Mt 0.0 0.0 Bathurst ownership 2024 Whareatea West 100% 0.0 Stockton 65% o1 28 29 Upper Waimangaroa (Met) 65% 02 10 12 Takitimu 100% 0.0 03 03 Rotowaro 65% O4 08 1.2 Maramarua 65% 09 02 V1 Total 1.64 5.4 6.74 For more information, please ref
Bathurst Resources — Shareholder Meeting (November 2024) on 6ix