Slide 1: H1 FY26 Update
BATHURST RESOURCES LIMITED H1 FY26 Update 27 February 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%) (22%)* 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 $0.69 AUD $166m As at 31 December 2025 As at 31 December 2025 Enterprise Value Shares On Issue AUD $32m 240 million Market cap, less consolidated cash, plus As at 31 December 2025 drawn debt - 31 Decemb
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: 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 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: H1 2026 consolidated summary financial results
H1 2026 consolidated summary financial results Results in line with forecast, but down on prior year due to weakened export coal pricing and increased costs H1 2026 Highlights Total consolidated revenue Consolidated EBITDA H1 FY26 $115 million H1 FY26 $16 million H1 FY25 $119 million H1 FY25 $27 mil
Slide 12: H1 FY26 – Export Results
H1 FY26 – Export Results Export Segment – 65% BRL Ownership Export - 100% Basis ▪ Revenue is slightly higher than FY25 – Operational metrics (100% basis) Unit H1 2026 H1 2025 increased sales volumes have been mostly Production kt 514 395 offset by a lower price received per tonne Sales kt 501 314 dr
Slide 13: H1 FY26 – Rotowaro Results
H1 FY26 – Rotowaro Results Rotowaro Mine – 65% BRL Ownership Rotowaro - 100% Basis ▪ Sales volumes and revenue higher than FY25 Operational metrics (100% basis) Unit H1 2026 H1 2025 due to a new sales contract Production kt 211 209 Sales kt 210 190 Overburden bcm 000 4,726 4,132 ▪ Production volumes
Slide 14: H1 FY26 – Maramarua Results
H1 FY26 – Maramarua Results Maramarua Mine – 65% BRL Ownership Maramarua - 100% Basis ▪ Increased sales volumes and revenue versus Operational metrics (100% basis) Unit H1 2026 H1 2025 FY25 due to increased demand from a Production kt 107 81 steelmaking customer and a new supply Sales kt 98 80 contr
Slide 15: H1 FY26 – Takitimu Results
H1 FY26 – Takitimu Results Takitimu Mine – 100% BRL Ownership Takitimu - 100% Basis ▪ Planned step down in sales from FY25 has Operational metrics (100% basis) Unit H1 2026 H1 2025 resulted in a reduction in production Production kt 63 113 Sales kt 61 116 Overburden bcm 000 289 478 ▪ Reduction in re
Slide 16: 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 17: Our commitment to safety
Our commitment to safety Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures ▪ Strengthening of our Field Leadership program to address a number of low level incidents that have lead to minor injuries ▪ Extensive review of Training recordkeeping a
Slide 18: The year ahead
The year ahead 18
Slide 19: 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 reduce due to the reduction in the HCC benchmark price 50 ▪ Price reduction is partially offset by a
Slide 20: 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 21: Export HCC market outlook
Export HCC market outlook HCC benchmark pricing forecast to remain stable through the second half of FY26 Monthly USD HCC Pricing Monthly USD/t HCC Pricing1 ✓ The HCC price lifted late in the December quarter as Indian buyers returned to the market which helped drive the HCC back above US$200/t to s
Slide 22: Looking forward
Looking forward 22
Slide 23: Strategy drives continued performance
Strategy drives continued performance Profitable current operations lead to extension opportunities and new developments EXISTING OPERATIONS GROWTH PROJECTS NEW PROJECTS • Positive & consistent EBITDA • Continue positive EBITDA • Increase EBITDA • Cash generating • Extend cash generation • Increase
Slide 24: 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
Slide 25: 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 26: 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 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FAST TRACK APPROVAL ▪ Consultati
Slide 27: Tenas Project overview
Tenas Project overview Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) October 2025 DFS Update1 Location Map Location ◆ Located in Northwest British Columbia, Canada ◆ JORC Reserves: Proven – 17.1Mt / Probable – 4.9Mt / Total – 22.0Mt Reserves / Resources ◆ JORC Resource:
Slide 28: Tenas Project – Updated Feasibility Study
Tenas Project – Updated Feasibility Study Updated Feasibility Study reinforces the projects attractiveness Outcome Unit 2025 Update Tenas DFS Update Total ROM Coal Mined Mt 22.0 Mine Life Years 22 ▪ Updated Feasibility Study undertaken by leading independent advisors Average ROM Strip Ratio BCM:ROM
Slide 29: 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 Q3 FY26 to Q4 FY26 workstream Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Permit Applic
Slide 30: 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$1.28 Cash Healthy positive Strong Net $156m NZD balance forecast assets A$0.69 1 1 consolidated sheet earnings per share A$0.56 cash $0 debt incl
Slide 31: Outlook
Outlook ✓ Profitable operations continue at BT Mining JV and 100%-owned Takitimu ✓ Bathurst holds NZ$156m in consolidated cash reserves (31 December 2025) ✓ Buller Plateaux Continuation Project (BPCP) Fast Track result expected in 2026 ✓ BPCP PFS completed in October - DFS being worked on ✓ New Zeal
Slide 32: Thank you
Thank you Bathurst Resources Limited 32
Slide 33: Appendices
Appendices 33
Slide 34: 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 35: Streamlined approvals to fast track delivery of Buller Project
Streamlined approvals to fast 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 36: 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 37: Resources and reserves
Resources and reserves 37
Slide 38: 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) 38
Slide 39: 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