Slide 1: H1 FY25 Results Update
a Gs Se =e ae ae ae ae oe RK BS H1 FY25 RESULTS UPDATE (ASX: BRL) 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 February 2025. 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: Asia New Zealand Australia
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 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 8: H1 FY25 Results
H1 FY25 RESULTS BATHURST
Slide 9: H1 FY2025 Results (Stockton)
H1 FY 2025 H1 FY 2024 FY 2025 Audited Audited Full Year Forecast Overburden (kbcm) 2,773 2,494 6,509 Production (kt) 395 448 964 Sales (kt) 314 494 1,034 Revenue ($m) 102.2 134.8 252.9 EBITDA ($m) 38.5 43.9 52.7 • • •
Slide 10: H1 FY2025 Results (Rotowaro)
H1 FY 2025 H1 FY 2024 FY 2025 Audited Audited Full Year Forecast Overburden (kbcm) 4,132 2,581 11,072 Production (kt) 209 101 407 Sales (kt) 190 144 432 Revenue ($m) 33.0 25.1 73.1 EBITDA ($m) 6.3 0.9 20.5 • • •
Slide 11: H1 FY2025 Results (Maramarua)
H1 FY 2025 H1 FY 2024 FY 2025 Audited Audited Full Year Forecast Overburden (kbcm) 1,229 1,132 2,779 Production (kt) 81 97 159 Sales (kt) 80 89 159 Revenue ($m) 11.0 12.0 21.8 EBITDA ($m) 4.6 6.1 7.1 • • •
Slide 12: H1 FY2025 Results (Takitimu)
H1 FY 2025 H1 FY 2024 FY 2025 Audited Audited Full Year Forecast Overburden (kbcm) 478 406 861 Production (kt) 113 124 225 Sales (kt) 116 119 217 Revenue ($m) 13.2 12.9 25.4 EBITDA ($m) 7.5 7.6 14.8 • • •
Slide 13: Financial Measures (NZD)
Financial Measures (NZD) H1 FY 2025 H1 FY 2024 FY 2025 Audited Audited Full Year Forecast Revenue ($m) 118.9 135.0 259.9 EBITDA ($m) 27.5 28.2 45.0 to 55.0
Slide 14: FY25 Consolidated EBITDA Guidance
FY25 CONSOLIDATED EBITDA GUIDANCE on $45M - $55M 100 90 80 70 60 2.2 Es SS —— 50 (35.9) (1.6) (0.5) 40 30 20 10 0 FY24 EBITDA Export North Island South Island Telkwa FY25E EBITDA (Unaudited) domestic incl. BT domestic incl. BRL overheads overheads * Export market earnings are forecast to reduce due
Slide 15: Tawhai Tunnel Reopened
TAWHAI TUNNEL REOPENED Repairs & Reopening * Shotcrete and anchors installed * Reopened 13 January 2025 BATHURST RESOURCES LIMITED
Slide 16: Export Market Outlook
EXPORT MARKET OUTLOOK 350 _USD/tonne Monthly USD HCC pricing 300 150 100 — Actual ——Forward curve 0 Oo 9 Or Wa” pg be glk gk glk gk glk gk gk ook on a1 of 6 cI? nc cl? nc co nc cl -c® ys oh oor ewe 1 gO gO gO gO gO go? qo? qo? qo qo? qo qo Raa as oe WaT yo pd ce OT Qod gee ya dO na ™ pO AL yoR™ WIN
Slide 17: Looking Forward
LOOKING FORWARD BATHURST
Slide 18: Fast Track Approvals Bill
FAST TRACK APPROVALS BILL Establishment of a permanent fast-track approvals regime for projects of national and regional significance. Fast Track Approvals Bill Legislated in December 2024 Projects listed on Schedule 2 of Fast Track Approvals Bill ¢ Buller Coal Plateaux Continuation Project — Export
Slide 19: Project and mine locations
Stockton (Export) Takitimu (Sth Is Domestic) Tenas Project (100%) Maramarua (Nth Is Domestic) Buller Plateau (Export) Crown Mountain Project Rotowaro (Nth Is Domestic) (22%) 19
Slide 20: 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 * Mine planning and associated studies are resources to extend Stockton Export coal underway operations (Mt Fredrick South) * Land Access an
Slide 21: Bathurst NZ (100%)
BATHURST NZ (100%) Current Operations Future Projects Takitimu (Domestic - South Island) Buller Plateau (Export) ° FY25E EBITDA - $14.8m * Buller coal to be blended with Stockton HCC to * Moving to closure in FY27 enhance value for both entities * Subject to Fast Track application approval * Positiv
Slide 22: 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 23: 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 24: 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 25: Tenas and Crown Mountain approval status
• 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 the Application Development Crown Mtn and review phase Tenas
Slide 26: Capital Management
CAPITAL MANAGEMENT BATHURST
Slide 27: 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 Domestic operation due for closure in FY26 Capital required for development Income available for BRL dividends Capital requirement ci
Slide 28: 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 29: H1 FY25 Results Update
- BATHURST eat ‘RESOURCES = ‘LIMITED a Mae ee H1 FY25 RESULTS UPDATE (ASX: BRL) BATH URST
Slide 30: Appendicies
APPENDICIES palates
Slide 31: Bathurst Board of Directors
BATHURST BOARD OF DIRECTORS ah dh ti. ithe 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 32: New & Coal Resources
NEW 1 8. COAL RESOURCES Area Bathurst: 2023: Change 2024 Indicated oO °° Escarpment © 5” 40 u 12 OD 05 O7 02) 56 at] Cascade 170% 05 05 00 06 06 00 03 03 0 % Ww 00 Deep Creek” 10% 00 62 6D 06 31 @5 52 16 36 $8 09 6D Coalbrookdale = 70% 00 00 OO W ww oO a a 00 48 48 00 Whareatea West °°” 100% 127 «+6
Slide 33: New Zealand Coal Reserves
NEW ZEALAND COAL RESERVES Table 5 ~ Coal reserves (ROM) tonnes Proved (Mt) Probable (MD Total (MD ROM coal area Bathurstownership 2024 2023 Change 2024 2023 Change 2024 2023 Change Whareatea West 100% 0.0 0.0 0.0 ‘0.0 47 GD ‘00 47 GN Stockton*8F&0 65% 02 02 0.0 32 34 (2) 34 36 2) Upper Walmangaroa 6