Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Noosa Mining Investor Conference 2026
28 slides from Bathurst Resources's conference presentation, July 2026
Slide 1: Noosa Mining Investor Conference
BATHURST RESOURCES LIMITED ASX: BRL Noosa Mining Investor Conference July 2026 Peter Westerhuis (C) & Kieran McColl (CFO) 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: Existing Production Backs Defined Growth
Existing Production Backs Defined Growth Current Operations and Development Projects BATHURST Operating Mines Development Projects Takitimu Buller NZ (100%) NZ (100%) Stockton Tenas NZ (65%) BC, Canada (100%) Maramarua Crown Mountain *BRL option (sole discretion) to NZ (65%) BC, Canada (22.8%*) incr
Slide 6: New Zealand's proven metallurgical coal producer
New Zealand’s proven metallurgical coal producer 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) Bathurst Mine End- Domestic mine and Operation Ownership Status Expans
Slide 7: BRL Corporate Snapshot
BRL Corporate Snapshot Capital Structure Board of Directors Share Price Market Capitalisation AUD $0.50 AUD $120m As at 30 June 2026 As at 30 June 2026 Consolidated Cash Debt AUD $119m Nil As at 30 June 2026 Consolidated cash is 100% Bathurst and 65% BT Mining. This presentation does not reflect rep
Slide 8: Consistently Profitable Operations
Consistently Profitable Operations Profitable throughout the cycle and leveraged to a recovery in Met Coal prices Consolidated EBITDA (NZ$m)1 ▪ Consistent earnings since the formation of Consolidated EBITDA (NZ$) HCC Benchmark Price (US$) the BT Mining joint venture 180 400 160 12 ▪ High performing
Slide 9: Development Projects
Development Projects Capital efficient growth pathway to ~2.5Mtpa Advancing the Buller and Tenas projects, with Crown Mountain providing further growth optionality 9
Slide 10: Buller Plateaux Continuation Project (BPCP)
Buller Plateaux Continuation Project (BPCP) 1 Location South Island, New Zealand – 17km from Stockton Inside Fast Track approval process, expected Status outcome in 2027 Coal Types Metallurgical, steelmaking coal (NZ critical mineral) PFS/DFS Status PFS released 31 October 2025 – DFS in progress Pro
Slide 11: Buller to support 1.2Mtpa for 10+ years at Stockton
Buller to support 1.2Mtpa for 10+ years at Stockton 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 ✓ Proxim
Slide 12: Buller Project – low-risk pathway to first production
Buller Project – low-risk pathway to first production Targeting a low capex start up in 2028 Timeline to First Production ▪ FTA Application FY27 FY26 FY27 FY28 FY29 ▪ Consultation finalised FY26 Q4 Development workstream Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ DFS Q1 27 FAST TRACK APPROVAL ▪ Ear
Slide 13: Tenas Project, BC Canada, 100% BRL
Tenas Project, BC Canada, 100% BRL Updated Feasibility Study reinforces the Tenas project attractiveness Location Near Telkwa, British Columbia, Canada Status BC EAO Effects Assessment FS Status DFS & JORC updated 10/25 Coal Types Metallurgical, steelmaking coal 750Ktpa scheduled sales from conventi
Slide 14: Tenas Project, BC Canada, 100% BRL
Tenas Project, BC Canada, 100% BRL Updated Feasibility Study reinforces the Tenas project attractiveness Location Near Telkwa, British Columbia, Canada Status BC EAO Effects Assessment Coal Types Metallurgical, steelmaking coal FS Status DFS & JORC updated 10/25 750Ktpa scheduled sales from conventi
Slide 15: Tenas Project pathway to annual sales of 750kt
Tenas Project pathway to annual sales of 750kt Targeting start in 2029 Tenas Project Timeline to First Production Development FY2026 FY2027 FY2028 FY2029 FY2030 ▪ BC EAO Effects Assessment Q1 FY27 to Q2 FY27 workstream Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Permit Application Q3 FY2
Slide 16: Outlook
Outlook ✓ Profitable operations continue at existing mines ✓ Buller Plateaux Continuation Project (BPCP) • Metallurgical Coal on the NZ Critical Minerals List & Fast Track approval expected in 2027 • Preparing DFS • Producing in 2028 ✓ Tenas Project • DFS and confirmation of reserves completed in Oc
Slide 17: Why invest in Bathurst Resources?
Why invest in Bathurst Resources? Exposure to well managed but under-valued small cap in a commodity of strategic significance ✓ Increased weighting in sales of steelmaking coal (approx. 90%) with the recent investments in BC, Canada in addition to existing NZ assets. ✓ Global recognition of the cri
Slide 18: Thank you
Thank you Bathurst Resources Limited 18
Slide 19: Appendices
Appendices 19
Slide 20: Capital Management
Capital Management Strict capital discipline whilst positioning for long-term value creation through long life metallurgical coal projects ✓ Dividends and share buy backs have been used; however, the current Board strategy is to direct earnings and proceeds from the recent fundraise to the advanceme
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: Resources and reserves
Resources and reserves 26
Slide 27: 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) 27
Slide 28: 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
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