Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Shareholder Meeting (November 2023)
36 slides from Bathurst Resources's shareholder meeting presentation, Nov 30, 2023
Slide 1: Bathurst Resources Limited
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 30 November 2023. 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 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 Man
Slide 5: Financial Health Snapshot
FINANCIAL HEALTH SNAPSHOT Cash Strong positive! forecast $163m NZD 0 earnings cash incl. restricted short term $95m - $105m EBITDA FY24 deposits 1 Consolidated 100% Bathurst and 65% BT Mining, as at 14 November 2023 2 — Consolidated 100% Bathurst and 65% BT Mining, as at 30 June 2023 RESOURCES LIMIT
Slide 6: Safety Journey
SAFETY JOURNEY ¢ Awarded 2022 New Zealand Minerals Sector Health and Safety Award for our Occupational Hygiene Knowledge Capacity Building program. * Developed revised physical task demands to identify and reduce injury risk to workers. * Safety Leadership Development Program commenced for our senio
Slide 7: Community Engagement
COMMUNITY ENGAGEMENT Takitimu open day held in April 2023. * 1,500 visitors * BBQ fundraiser — fire brigade/rugby club * Mine tours focusing on rehabilitation * Childrens activities and competitions * Information and education stands ¢ Support from local suppliers BATHURST RESOURCES LIMITED
Slide 8: Maramarua Canterbury Takitimu
Maramarua • • ≈ Canterbury Takitimu • ≈ • ≈
Slide 9: 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. BATH U RST RESOURCES LIMITED
Slide 10: 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 16% increase from Increase from FY22 of Key contributor to at Stockton and FY22 due to 79% driven by increase New Zealand Rotowaro mines increased staff in income ta
Slide 11: FY24E Sales Revenue By Product Use
FY24E sales revenue by product use (100% basis) Steelmaking Process heat
Slide 12: Export (Stockton Mine)
EXPORT (STOCKTON MINE) Coking coal sales for the steelmaking export market. Mt Export coal sales" 1s Our steelmaking export markets 12 12 12 . > 2 FY18 FY19 FY20 FY21 FY22 FY23. -FY24E 5 BATH URST . Ww RESOURCES LIMITED Equity share export EBITDA NZD $ NZD APRS 180 400 160 350, 140 300 120 250 100 8
Slide 13: The HCC Price Has Increased Rapidly
• The HCC price has increased rapidly since the start of September, rising US$100/t to reach a high of US$376/t (11th October) as supply out of Australia remained tight and some Indian users required urgent cargos post monsoon season. The HCC price has since dropped back to US$315/t (8 November 2023
Slide 14: Domestic Mines (North & South Island)
DOMESTIC MINES (North & South Island) Consistent EBITDA based on contracted revenue and fixed costs. Mt Domestic coal sales! 15 10 0.0 FY18 FY19 FY20 FY21 FY22 FY23. -FY24E a NZD $m Equity share EBITDA 45 40 21 - 40 FY18 FY19. ~FY20_— ~FY21 FY22 FY23 FY24E 35 30 ™ Domestic incl corporate overheads 2
Slide 15: FY24 EBITDA Guidance $95M - $105M
FY24 EBITDA GUIDANCE $95M - $105M 180 160 140 120 100 2.6 1.0 80 FY23 EBITDA Export North Island South Island FY24E EBITDA domestic incl. BT domestic incl. BRL overheads overheads ¢ Export market earnings are tied to the HCC benchmark price - which has seen price reductions from record prices experi
Slide 16: Increasing Focus On Steelmaking Coal
INCREASING FOCUS ON STEELMAKING COAL Demand for steel is projected to increase by 20 percent by 2050. Buildings and Infrastructures 52% Automotive 12% Metal products 10% Mechanical equipment 16% Other transport 5% Electrical equipment 3% Domestic appliances 2% 2050 steel-use is-projected to ingrease
Slide 17: Indicative Production Tonnes (Mt)
Indicative production tonnes (Mt) (100% basis) 4 Crown Mountain 3 2 Tenas Project North Island – Current North Island - Extension 1 Export - Current Export - Extension South Island 0 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
Slide 18: Growth Projects
Growth projects Production Expected Life of Status start date1 Mine4 • • • • •
Slide 19: Potential For The Roto North Pit Extension
Potential for the Roto North pit extension to supply New Zealand Steel for at least a further 12 years with a production rate @ 400 kt pa Status: • Exploration Programme - Drilling underway in LINZ area • Initial baseline studies initiated - wetlands, water monitoring instrumentation • Land Access a
Slide 20: Future Coal Supply To New Zealand Steel
Future coal supply to New Zealand Steel (blend with Roto), extension of M1 pit FY26+ Status: • Review and update 2021 assessments (e.g., noise, water, air, ecology, landscape etc) from M1 as required. • Submit revised AEE for M2 - May 24
Slide 21: Blending Assessments Have Identified 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 22: Southern Extension Of The Stockton Mine
Southern extension of the Stockton mine: - Low ash, high rank coking coal - Access from the existing haul road network
Slide 23: Overall Objective
Overall objective: - Renew existing consents and assess potential to improve economics by widening the available area. - Permitted, consented and access agreement in place. - Escarpment coal blended with Stockton HCC
Slide 24: Canada Strategy
CANADA STRATEGY An interest in two exciting Canadian steelmaking coal projects in British Columbia, representing an opportunity to accelerate Bathurst's growth strategy: e Acquisition of the Tenas Coking Coal Project (2023), comprising the Telkwa Metallurgical Coal Complex. e Investment in the Crown
Slide 25: Tenas Coal Project / Crown Mtn Project
Tenas Coal Project Crown Mtn Project
Slide 26: Tenas Project
TENAS PROJECT A low strip ratio coking coal exploration project, due to enter production 2026, and produce 1Mt per year. Expected to be one of the lowest cost producers of metallurgical coal. ma_ECONOMICS. e Pre-tax NPV8 AUD $407m. ¢ FOB USD 49.70/t — cash cost (ex-port) before interest & tax Me_RES
Slide 27: Tenas Project Layout
TENAS PROJECT LAYOUT wasos Proposed Rail Infrastructure ~Tpeoy wouins! 114145 7 14220 DF-Kerr rel dar oad era trad 4 Z \ N G3 was!28—-@ Tyhee Lake) ) Swe Ls | y, Yn y 31 ; . é R sy ee) a yy; | =. Zor © Sampling Location 1) Water Quality Site [BI Hydrology site Aquatics Site wasoz fenestra I Fish and
Slide 28: Crown Mountain Project
CROWN MOUNTAIN PROJECT A premium low volatile hard coking coal exploration project, due to enter production 2027, and produce 2Mt per year. Pre-tax NPV10 USD $469mI, ¢ FOB Vancouver USD 89.41/t. ° 196Mtpa. Mine life 15 years. ¢ 575Mt reserve, 90.2Mt resource. ma OTATUS e Environmental application ex
Slide 29: Tenas Project Is Currently In Completion Review
• Tenas Project is currently in the completion review process with the BC-EAO. • The next step is the Effects Assessment leading to a recommendation • Crown Mountain is entering Crown Mtn the Application Development and review phase Tenas
Slide 30: Canterbury - Mine Site In 2020
CANTERBURY - Mine site in 2020 BATHURST RESOURCES LIMITED
Slide 31: Canterbury - Mine Site In 2021
CANTERBURY - Mine site in 2021 BATHURST RESOURCES LIMITED
Slide 32: Canterbury - Mine Site In 2023
CANTERBURY - Mine site in 2023 BATHURST RESOURCES LIMITED
Slide 33: Questions?
QUESTIONS? Thank you for attending the AGM. BATHURST
Slide 34: Appendices
APPENDICES BATHURST &
Slide 35: L&M Litigation
L&M LITIGATION 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 that first
Slide 36: Marketable Coal Reserves
MARKETABLE COAL RESERVES Product coal area Proven (Mt) Probable (Mt Total (Mt 3.0 3.0 Whareatea West 100% 0.0 Stockton 65% 02 28 3.0 Upper Waimangaroa (Met) 65% 04 14 18 Takitimu 100% 0.0 07 07 Rotowaro 65% 04 06 1.0 Maramarua 65% W 01 12 Total 2.14 8.64 10.74 For more information, please refer to t
Bathurst Resources — Shareholder Meeting (November 2023) on 6ix