Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Ord Minnett Mining Conference 2025
41 slides from Bathurst Resources's conference presentation, Mar 18, 2025
Slide 1: Ord Minnett Mining Conference
BATHURST RESOURCES For personal use only LIMITED Ord Minnett Mining Conference 19 March 2025 ASX: BRL
Slide 2: Important notices and disclaimer
Important notices and disclaimer General information For personal use only This document is authorised for release by the board of directors of Bathurst Resources Limited (“Bathurst”). Bathurst’s address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand. General disclaimer This presentat
Slide 3: Table of contents
Table of contents 01 Executive Summary For personal use only 02 Financial and Operations Update 03 BT Mining JV 04 Bathurst 100% Owned Growth Projects 05 Corporate & Market Update A Appendices A Mineral Reserves and Resources B Joint Venture Litigation Update 3
Slide 4: Executive Summary
For personal use only Executive Summary 4
Slide 5: BRL corporate snapshot
BRL corporate snapshot For personal use only Capital Structure Board of Directors Enterprise value Share price Shares on issue Market cap A$25m A$0.74 193.2m A$143m Market cap at 17 March 2025 less as at 17 March 2025 as at 28 February 2025 as at 17 March 2025 consolidated cash plus drawn debt at 28
Slide 6: Our strategy
Our strategy Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production For personal use only BT MINING JV1 GROWTH PROJECTS CAPITAL RETURN Maintain profitable Use operational expertise to fast-track Return free cash flow to operations at Sto
Slide 7: Investment Overview
Investment Overview Established metallurgical coal producer with significant existing platform for capital efficient growth For personal use only Established Met Coal New Zealand’s largest metallurgical coal operator, producing ~1.8Mt per annum of which ~1.6Mt is steelmaking coal for both domestic
Slide 8: New Zealand's proven metallurgical coal producer
1 New Zealand’s proven metallurgical coal producer Bathurst is an exporter of high-quality coal primarily for steel production in Japan, South Korea, China and India For personal use only Bathurst’s New Zealand Assets (100% Basis) Domestic mines (JV) Export mines (JV) Domestic mine and distribution
Slide 9: Proven operational mining track record
2 Proven operational mining track record New Zealand operations continue to increase the focus on supply for steelmaking coal For personal use only Metallurgical/Steelmaking Coal Sales (Mt) (100% Basis)1 3.0Mt FY24 production of 1.7Mt comprising 1.5Mt of Actual Forecast metallurgical/steelmaking c
Slide 10: Consistently profitable operations
2 Consistently profitable operations Our assets are profitable throughout the cycle and are leveraged to a recovery in Met Coal prices For personal use only Consolidated EBITDA (NZ$m)1 Consistent earnings since the formation of the BT Consolidated EBITDA (NZ$) HCC Benchmark Price (US$) Mining join
Slide 11: Strong track record of cash generation
2 Strong track record of cash generation Since the formation of the BT Mining JV in August 2017, Bathurst’s cash reserves have grown to over NZ$140m 1 For personal use only Consolidated Cash Balance Attributable to BRL (NZ$m)1 +NZ$100m cash build 163.1 Large increases during FY22 & FY23 during rec
Slide 12: Capital efficient growth pathway to ~2.5Mtpa
3 Capital efficient growth pathway to ~2.5Mtpa BRL is advancing the 100% owned Buller and Tenas projects, with Crown Mountain 1 providing further growth optionality For personal use only Buller (100%) Tenas (100%)1 Location South Island, New Zealand – 17km from Stockton Location British Columbia, Ca
Slide 13: Buller to support 1.2Mtpa for 10+ years at Stockton
3 Buller to support 1.2Mtpa for 10+ years at Stockton Logical combination of Buller and Stockton steelmaking coal to generate strong cash flow generation into the future For personal use only Indicative production profile (Mt)1 Infrastructure in place to start production at Buller 1.5 1.3 Blending c
Slide 14: Buller – low-risk pathway to first production
3 Buller – low-risk pathway to first production Targeting a low capex start up as early as 2027 For personal use only 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
Slide 15: Reliable production growth for 10+ years
3 Reliable production growth for 10+ years Buller and Tenas to increase production to ~2.5Mtpa from FY29, with Crown Mountain 1 providing further growth optionality For personal use only 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 F
Slide 16: Strong net cash backing supports attractive valuation
4 Strong net cash backing supports attractive valuation Bathurst trades at a compelling FY25E EV / EBITDA of 0.6x1, with cash backing of A$119m1 For personal use only Net Cash Backing The BT Mining JV (65% BRL / 35% Talley Energy) has A$0.75 built significant cash reserves of A$174m at 28 Market c
Slide 17: Outlook
Outlook For personal use only 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%) controls ~A$174m (NZ$192m) in cash reserves (28 February 2025) 100%-owned Buller Project Fast T
Slide 18: Financial and operations update
For personal use only Financial and operations update 18
Slide 19: HY 2025 consolidated summary financial results
HY 2025 consolidated summary financial results Strong first half results delivered during a period of weakened coal pricing For personal use only 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 pr
Slide 20: FY25 consolidated EBITDA guidance
FY25 consolidated EBITDA guidance FY25 EBITDA guidance expected to be between NZ$45 million to NZ$55 million For personal use only FY25 Consolidated EBITDA Guidance (NZ$) Export market earnings are forecast to reduce 100 due to the reduction in the HCC benchmark 90 price Reduction in export sale
Slide 21: BT Mining JV
For personal use only BT Mining JV 21
Slide 22: Stockton overview
Stockton overview High quality, low-ash metallurgical coal exported for use in steelmaking For personal use only Asset Overview Location Map Location 35km north of Westport, South Island, NZ Ownership BT Mining JV (65% BRL / 35% Talleys Energy) Permits CML 37150, CMP 52937 and CMP 41515 Mining
Slide 23: Stockton overview (cont.)
Stockton overview (cont.) High quality, low-ash metallurgical coal exported for use in steelmaking For personal use only 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 (k
Slide 24: Maramarua & Rotowaro Overview
Maramarua & Rotowaro Overview Low-ash, low-sulphur thermal coal to support New Zealand’s domestic industry For personal use only 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
Slide 25: Growth options for BT Mining JV
Growth options for BT Mining JV 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 For personal use only Production Mine Expansion Overview LOM Impact Sta
Slide 26: Bathurst 100% Owned Growth Projects
For personal use only Bathurst 100% Owned Growth Projects 26
Slide 27: Buller Project overview
Buller Project overview Quality metallurgical coal development project, located only 17km from BT Mining’s Stockton infrastructure For personal use only Asset Overview Location Map Location Approximately 20km northeast of Westport, South Island, NZ Resources Resource: 46.9Mt PFS expected in Q2
Slide 28: 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 For personal use only New Zealand Fast Track Process Working Days Description Metallurgical Coal added to New Zealand Critical Minerals List - • Lodge
Slide 29: Tenas Project overview
Tenas Project overview Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) For personal use only 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
Slide 30: British Columbia Approvals
British Columbia Approvals Project about to enter Effects Assessment phase For personal use only 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
Slide 31: Crown Mountain Project overview (BRL at 22.5%)
Crown Mountain Project overview (BRL at 22.5%1) Crown Mountain is a potential low-cost, high-quality, open cut metallurgical coal mine located in British Columbia For personal use only Yield Optimisation Study Overview2 Location Map Elk Valley coalfields of the East Kootenays in the South East of
Slide 32: Corporate & Market Outlook
For personal use only Corporate & Market Outlook 32
Slide 33: Our contribution to New Zealand
Our contribution to New Zealand BRL has contributed more than NZ$300m to the New Zealand economy during FY24 For personal use only >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 t
Slide 34: Our commitment to safety
Our commitment to safety Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures For personal use only Reviewed our risk management standard to update critical control effectiveness definitions leading to revisions of site HSEC broad brush risk asse
Slide 35: Increasing metallurgical coal demand through 2050
Increasing metallurgical coal demand through 2050 Bathurst is well positioned to capture the increasing focus on steelmaking coal For personal use only 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
Slide 36: Export HCC market outlook
Export HCC market outlook HCC benchmark pricing forecast to remain above US$200/t moving forward For personal use only 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. T
Slide 37: Appendices
For personal use only Appendices 37
Slide 38: New Zealand Resources and Reserves
New Zealand Resources and Reserves Coal Resources Coal Reserves For personal use only Source: Information per BRL 2024 resource and reserves released on 31 October 2024 Resource tonnes (rounded to the nearest million tonnes) 38
Slide 39: Canadian Resources and Reserves
Canadian Resources and Reserves Tenas Crown Mountain For personal use only 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 Sout
Slide 40: Joint Venture Litigation Update
Joint Venture Litigation Update Litigation Summary For personal use only On 18 December 2024, BRL received copies of a statement of claim from 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
Slide 41: Thank you
THANK YOU For personal use only BATHURST RESOURCES LIMITED
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