Slide 1: Q3 FY26 Update
BATHURST RESOURCES LIMITED Q3 FY26 Update 12 May 2026 ASX: BRL
Slide 2: Important notices and disclaimers
Important notices and disclaimers 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
Slide 3: Important notices and disclaimers
Important notices and disclaimers 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
Slide 4: About Bathurst Resources
About Bathurst Resources 4
Slide 5: BRL current operations and development projects
BRL current operations and development projects Existing production backs defined growth Bathurst BC, Canada Takitimu Stockton Rotowaro Maramarua Buller Tenas Crown Mtn (100%) (65%) (65%) (65%) (100%) (100%) (23%)* Operating Mines Development Projects *BRL currently has a 22.8% economic interest in
Slide 6: BRL corporate snapshot
BRL corporate snapshot Capital Structure Board of Directors Share Price Market Capitalisation AUD $0.59 AUD $142m As at 31 March 2026 As at 31 March 2026 Enterprise Value Consolidated Cash AUD $25m AUD $117 million Market cap, less consolidated cash, plus As at 31 March 2026 drawn debt - 31 March 20
Slide 7: Our strategy drives performance
Our strategy drives performance Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production STABLE OPERATIONS GROWTH PROJECTS CAPITAL RETURN Maintain safe & profitable Use operational expertise to fast-track Return free cash flow to operation
Slide 8: Capital Management
Capital Management Strict capital discipline whilst positioning for long-term value creation through long life metallurgical coal projects ✓ Dividends and share buy backs have been used; however, the current Board strategy is to direct earnings and proceeds from the recent fundraise to the advanceme
Slide 9: New Zealand's proven metallurgical coal producer
New Zealand’s proven metallurgical coal producer 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 (full
Slide 10: Financial and operations update
Financial and operations update 10
Slide 11: Q3 2026 consolidated summary financial results
Q3 2026 consolidated summary financial results Result is in line with forecast, but down on prior year due to reduced domestic segment earnings YTD 2026 Highlights Total consolidated revenue Consolidated EBITDA Q3 FY26 $182 million Q3 FY26 $30 million Q3 FY25 $197 million Q3 FY25 $40 million Consoli
Slide 12: Our commitment to safety
Our commitment to safety Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures ▪ A number of low level incidents that have lead to minor injuries during the quarter were very disappointing. We have reviewed the Field Leadership program to try and ad
Slide 13: The year ahead
The year ahead 13
Slide 14: FY26 consolidated EBITDA guidance maintained
FY26 consolidated EBITDA guidance maintained FY26 EBITDA guidance maintained between NZ$35 million to NZ$45 million FY26 Consolidated EBITDA Guidance (NZ$) 60 ▪ Export market earnings are forecast to increase due to the increased sales volumes; as FY25 was impacted by the temporary 50 Tawhai tunnel
Slide 15: Consistently profitable operations
Consistently profitable operations 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
Slide 16: Export HCC market outlook
Export HCC market outlook HCC benchmark pricing forecast to remain stable through the second half of FY26 and into FY27 Monthly USD HCC Pricing Monthly USD/t HCC Pricing1 ✓ The HCC price lifted sharply in January due to Cyclone Koji impacting supply out of Queensland and reached a high of 300 US$252
Slide 17: Looking forward
Looking forward 17
Slide 18: Strategy drives continued performance
Strategy drives continued performance Profitable current operations lead to extension opportunities and new developments EXISTING OPERATIONS EXTENSION PROJECTS GROWTH PROJECTS • Positive & consistent EBITDA • Continue positive EBITDA • Increase EBITDA • Cash generating • Extend BRL cash generation •
Slide 19: Capital efficient growth pathway to ~2.5Mtpa
Capital efficient growth pathway to ~2.5Mtpa BRL is advancing the BPCP and Tenas projects, with Crown Mountain1 providing further growth optionality Buller Plateaux Continuation Project (BPCP) 2 Location South Island, New Zealand – 17km from Stockton Status Subject to Fast Track approval (expected o
Slide 20: Buller to support 1.2Mtpa for 10+ years at Stockton
Buller to support 1.2Mtpa for 10+ years at Stockton 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 1,400 Coal load out / Rail 1,200
Slide 21: Buller Project – low-risk pathway to first production
Buller Project – low-risk pathway to first production Targeting a low capex start up as early as 2027 Buller Project Timeline to First Production FY25 FY26 FY27 FY28 FY29 Development workstream ▪ FTA Application FY26 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FAST TRACK APPROVAL ▪ Consultati
Slide 22: Tenas Project overview
Tenas Project overview Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) October 2025 DFS Update1 Location ◆ Located in Northwest British Columbia, Canada ◆ JORC Reserves: Proven – 17.1Mt / Probable – 4.9Mt / Total – 22.0Mt Reserves / Resources ◆ JORC Resource: Measured – 2
Slide 23: Capital efficient growth pathway to ~2.5Mtpa
Capital efficient growth pathway to ~2.5Mtpa Updated Feasibility Study reinforces the Tenas projects attractiveness Tenas Project1 Location Telkwa, British Columbia, Canada Status BC EAO Effects Assessment Coal Types Metallurgical, steelmaking coal FS Status DFS updated and confirmation of reserves
Slide 24: Tenas Project pathway to annual sales of 750kt
Tenas Project pathway to annual sales of 750kt Targeting start up as early as 2028 Tenas Project Timeline to First Production Development FY2026 FY2027 FY2028 FY2029 FY2030 ▪ BC EAO Effects Assessment Q4 FY26 to Q1 FY27 workstream Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Permit Applic
Slide 25: Strong net cash backing supports attractive valuation
Strong net cash backing supports attractive valuation Bathurst has built significant cash reserves within the BT Mining Joint Venture Net Cash Backing 1 A$1.24 Cash Healthy positive Strong Net $141m NZD balance forecast assets 1 A$0.59 consolidated sheet earnings per share A$0.49 1 cash $0 debt incl
Slide 26: Outlook
Outlook ✓ Profitable operations continue at BT Mining JV and 100%-owned Takitimu ✓ Bathurst holds NZ$141m in consolidated cash reserves (31 March 2026) ✓ Buller Plateaux Continuation Project (BPCP) Fast Track result expected in 2026 ✓ BPCP PFS completed in October - DFS being worked on ✓ New Zealand
Slide 27: Why invest in Bathurst Resources?
Why invest in Bathurst Resources? Exposure to a well managed but under valued small cap in a commodity of strategic significance ✓ Increased weighting in sales of steelmaking coal (approx. 90%) and improved portfolio balance with the recent investments in BC, Canada in addition to existing NZ assets
Slide 28: Thank you
Thank you Bathurst Resources Limited 28
Slide 29: Appendices
Appendices 29
Slide 30: High quality products
High quality products Highly sought after products used both internationally and domestically STEEL – EXPORT STEEL – DOMESTIC ELECTRICITY PROCESS HEAT Coking coal used Coal used for New Coal used for domestic Coal used for food and internationally for steel Zealand steel electricity generation dairy
Slide 31: Our contribution to New Zealand
Our contribution to New Zealand 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
Slide 32: Crown Mountain Project overview (BRL at 22.8%)
1) Crown Mountain Project overview (BRL at 22.8% Crown Mountain is a potential low-cost, high-quality, open cut metallurgical coal mine located in British Columbia Updated Feasibility Study Overview2 Location Map ◆ Elk Valley coalfields of the East Kootenays in the South East of British Columbia (wh
Slide 33: Streamlined approvals to fast track delivery of Buller Project
Streamlined approvals tofast track delivery of Buller Project 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
Slide 34: Joint Venture Litigation Update
Joint Venture Litigation Update 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 be
Slide 35: Resources and reserves
Resources and reserves 35
Slide 36: Bathurst Resources and Reserves
Bathurst Resources and Reserves Coal Resources Coal Reserves Source: Information per BRL 2025 resource and reserves released on 31 October 2025 Resource tonnes (rounded to the nearest million tonnes) 36
Slide 37: Crown Mountain Resources and Reserves
Crown Mountain Resources and Reserves Coal Resources Coal Reserves Mineral Resources Measured (Mt) Indicated (Mt) Inferred (Mt) Total (Mt) Ore Reserves Proven (Mt) Probable (Mt) Total (Mt) North Block 10.1 3.0 - 13.1 North Pit 10.0 5.0 15.0 South Block 41.0 12.4 - 53.4 East Pit 2.4 0.5 2.9 Southern