Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Non-Deal Roadshow (June 2025)
38 slides from Bathurst Resources's roadshow presentation, Jun 16, 2025
Slide 1: Roadshow Update June 2025
BATHURST RESOURCES LIMITED ee Roadshow Update +) ») @ % June 2025 BATHURST RESOURCES LIMITED
Slide 2: General information
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 Presentation has been authorised f
Slide 3: Forward-looking statements and forecasts
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 future operating or financial perf
Slide 4: About Bathurst Resources
rage tteg es, 2 About Bathurst Resources
Slide 5: Bathurst operating mines and development projects
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% economic interest in Crown Mountain, with the option (at BRL sole discretion) to increase this to 50% for an inc
Slide 6: Bathurst has built significant cash reserves within the BT Mining Joint Venture
Bathurst has built significant cash reserves within the BT Mining Joint Venture Net Cash Backing ▪ Bathurst has built significant consolidated cash A$0.72 reserves of NZD $170m1 at 31 May 2025 A$0.64 1 ▪ Bathurst currently has no debt on the balance sheet (other than finance leases of $1.6m) ▪ In FY
Slide 7: Building on our cash generative core while leveraging operational expertise
Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production Maintain safe profitable Use operational expertise to fast-track Return free cash flow to operations at Takitimu, development of 100%-owned Buller shareholders in line with Stockton,
Slide 8: Operations
| OPERATIONS ©
Slide 9: Bathurst is an exporter of high-quality coal primarily for steel production
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 (fully owned) Bathurst Operation Status Mine Life End-
Slide 10: Safety is our number one priority
Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures ✓ Reviewed our risk management standard to update critical control effectiveness definitions leading to revisions of site HSEC broad brush risk assessments ✓ Implemented a company-wide learning m
Slide 11: Low-ash, low-sulphur thermal coal to support New Zealand's domestic industry
Low-ash, low-sulphur thermal coal to support New Zealand’s domestic industry Asset Overview Location Map Location ◆ 65km north of Invercargill, South Island, NZ Ownership ◆ Bathurst (100%) Mining Methods ◆ Typical open pit mine operations equipment including dump trucks, excavators and dozers Coal P
Slide 12: High quality, low-ash metallurgical coal exported for use in steelmaking
High quality, low-ash metallurgical coal exported for use in steelmaking Asset Overview Location Map Location ◆ 35km north of Westport, South Island, NZ Ownership ◆ Bathurst (65%) Permits ◆ CML 37150, CMP 52937 and MP 41515 Mining Methods ◆ Open pit Coal Processing ◆ 2Mtpa CHPP ◆ Reserves (ROM) – 4.
Slide 13: High quality, low-ash metallurgical coal exported for use in steelmaking
High quality, low-ash metallurgical coal exported for use in steelmaking 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 (kt) Ash Sulphur FSI (approx) VC (kCal gar) (appro
Slide 14: Low-ash, low-sulphur thermal coal to support New Zealand's domestic industry
Low-ash, low-sulphur thermal coal to support New Zealand’s domestic industry Asset Overview Location Map Maramua Rotowaro Location ◆ 45km north of Huntly, North Island, NZ ◆ 10km west of Huntly, North Island, NZ Ownership Bathurst (65%) Permits ◆ Fully permitted (MP 41821, EP 52350) ◆ Fully permitte
Slide 15: Increasing focus on supply for steelmaking coal
New Zealand operations continue to increase the focus on supply for steelmaking coal Metallurgical/Steelmaking Coal Sales (Mt) (100% Basis)1 3.0Mt ▪ FY24 production of 1.7Mt comprising 1.5Mt of Actual Forecast metallurgical/steelmaking coal and 0.2Mt of thermal coal 2.5Mt ▪ Since FY19, thermal coal
Slide 16: Assets profitable throughout the cycle and leveraged to met coal prices
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 performing export segment supporte
Slide 17: Strong results delivered during a period of weakened coal pricing
Strong results delivered during a period of weakened coal pricing Q3 YTD 2025 Highlights Total consolidated revenue $197 million Consolidated EBITDA $40 million Consolidated cash (including restricted Consolidated operating profit $11 million short-term deposits) $165 million 17
Slide 18: HCC benchmark pricing forecast to remain stable moving forward
HCC benchmark pricing forecast to remain stable moving forward Monthly USD HCC Pricing Monthly USD HCC Pricing1 ✓ The HCC price has dropped steadily since the start of June as weak Indian steel prices have limited any buying interest, and the Chinese seaborne coal price also remains at low. ✓ The ou
Slide 19: FY25 EBITDA guidance NZ$45 million to NZ$55 million
FY25 EBITDA guidance expected to be between NZ$45 million to NZ$55 million FY25 Consolidated EBITDA Guidance (NZ$) ▪ Export market earnings are forecast to reduce 100 due to the reduction in the HCC benchmark 90 price ▪ Reduction in export sales volumes due to the 80 (1.3) temporary Tawhai tunnel cl
Slide 20: Growth Projects
GROWTH PROJECTS —
Slide 21: Bathurst's 100% owned Buller Project
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 Production Mine Expansion Overview LOM Impact Status Impact • Blending assessments have identified key
Slide 22: Advancing Buller and Tenas, with Crown Mountain providing growth optionality
BRL is advancing the 100% owned Buller and Tenas projects, with Crown Mountain1 providing further growth optionality Buller (100%) Tenas (100%)1 Location South Island, New Zealand – 17km from Stockton Location British Columbia, Canada Ownership 100% BRL Ownership 100% BRL • Environmental application
Slide 23: Logical combination of Buller and Stockton steelmaking coal
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 1.5 Blending coal from Buller enables the Coal load out / Rail 1.3 continuation of St
Slide 24: Targeting a low capex start up as early as 2027
Targeting a low capex start up as early as 2027 Buller Project Timeline to First Production Development 2025 2026 2027 2028 ▪ Consent Applications submission Dec Qtr CY25 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Definitive Feasibility Study due Mar Qtr CY26 FY25 FY26 FY27 FY28 FY
Slide 25: Bathurst owns 100% of the Telkwa Metallurgical Coal Complex
Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) 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 ◆ JORC Resource: Measured – 27.1Mt / Indicate
Slide 26: Targeting start up as early as 2028
Targeting start up as early as 2028 Tenas Project Timeline to First Production Development 2025 2026 2027 2028 ▪ BC EAO Effects Assessment Q4,2025-Q1,2026 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Permit Application Q1,2026 to Q3,2026 ▪ Permits received Q3, 2027 FY25 FY26 FY27 FY2
Slide 27: Buller and Tenas to increase forecast production to ~2.5Mtpa from FY29
Buller and Tenas to increase forecast production to ~2.5Mtpa from FY29, with Crown Mountain1 providing further growth optionality 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 FY34E FY35E FY36E FY37E FY38E FY39E FY40E Export (Stockton
Slide 28: Crown Mountain is a potential low-cost, high-quality metallurgical coal mine
Crown Mountain is a potential low-cost, high-quality, open cut metallurgical coal mine located in British Columbia Yield Optimisation Study Overview2 Location Map ◆ Elk Valley coalfields of the East Kootenays in the South East of British Columbia (where there are currently four Location major operat
Slide 29: Capital Return
| CAPITAL RETURN |
Slide 30: Capital Management - Year Horizon
CAPITAL MANAGEMENT - 3 YEAR HORIZON BT Mining JV (65%, Bathurst NZ (100%: Cash held NZD $200+ million Focus on NZ Export assets Fully Funded Extension of life Target 400 kt pa Bathurst British Columbia Domestic operation due for closure in FY26 Capital required for development Target 800 kt pa Incom
Slide 31: Strong Balance Sheet
Strong Balance Sheet Investing in New Zealand CAPITAL MANAGEMENT FRAMEWORK 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 32: Profitable operations continue at BT Mining JV and Takitimu
✓ Profitable operations continue at BT Mining JV and 100% owned Takitimu ✓ Successful capital raise completed in April – AUD $34m ✓ BT Mining JV (Bathurst at 65%) holds ~ NZ$202m in cash reserves (31 May 2025) ✓ 100%-owned Buller Project Fast Track application to be lodged Q4 2025 (due early March 2
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Slide 35: Litigation Summary
Litigation Summary ▪ On 18 December 2024, BRL received copies of a statement of claim from Talley’s Group Limited (“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 1993 and FMCA, each of thos
Slide 36: Coal Resources Coal Reserves
Coal Resources Coal Reserves 36
Slide 37: Tenas and Crown Mountain resources and reserves
Tenas Crown Mountain 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 South Block 41.0 12.4 - 53.4 1 upper seam 4.5 1.6 - 6.2 So
Slide 38: BRL has contributed more than NZ$300m to the New Zealand economy during FY24
BRL has contributed more than NZ$300m to the New Zealand economy during FY24 >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 to Key contributor to New and Rotowaro mines as part Co