Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Shareholder Meeting (December 2025)
33 slides from Bathurst Resources's shareholder meeting presentation, Dec 3, 2025
Slide 1: 2025 Annual General Meeting
BATHURST RESOURCES LIMITED 2025 Annual General Meeting 3 December 2025 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 corporate structure
BRL corporate structure Bathurst Takitimu Stockton Rotowaro Maramarua Buller Tenas Crown Mtn (100%) (65%) (65%) (65%) (100%) (100%) (22%)* BC, Canada BC, Canada Operating Mines Development Projects *BRL currently has a 22% economic interest in Crown Mountain, with the option (at BRL sole discretion)
Slide 6: 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 7: Canadian metallurgical coal projects
Canadian metallurgical coal projects Bathurst has exciting long life development projects in British Columbia, Canada Bathurst’s Canadian (British Columbia) Developments Tenas Project Crown Mountain (JV) Corporate offices Bathurst Expected Production Operation Status Mine Life End-market Ownership 1
Slide 8: BRL corporate snapshot
BRL corporate snapshot Capital Structure Board of Directors Share Price Market Capitalisation AUD $0.63 AUD $151m As at 31 October 2025 As at 31 October 2025 Enterprise Value Shares On Issue AUD $16m 240 million Market cap, less consolidated cash, plus As at 31 October 2025 drawn debt - 31 October 2
Slide 9: 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 A$0.63 A$0.57 1 Cash Healthy positive Strong Net $155m NZD balance forecast assets consolidated sheet earnings per share cash $0 debt incl. restricte
Slide 10: 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 11: Our strategy
Our strategy Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production OPERATING MINES GROWTH PROJECTS CAPITAL RETURN Maintain profitable Use operational expertise to fast-track Return free cash flow to operations at Takitimu, development o
Slide 12: FY25 Financial and operations review
FY25 Financial and operations review 12
Slide 13: 2025 consolidated summary financial results
2025 consolidated summary financial results Strong results delivered during a period of weakened coal pricing and operational obstacles 2025 Highlights Total consolidated revenue Consolidated EBITDA FY25 $268 million FY25 $44 million FY24 $315 million FY24 $91 million Consolidated cash (including re
Slide 14: Our commitment to safety
Our commitment to safety Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures Frequency Rates FY25 20 18.04 18 16 4.6 14 LTIFR1 12 10 9.11 8 5.55 6 4.56 4 9.1 2 TRIFR1 0 Jul-24 Aug-24 Sept-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25
Slide 15: Looking forward
Looking forward 15
Slide 16: 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 17: Export HCC market outlook
Export HCC market outlook HCC benchmark pricing forecast to slightly improve through FY26 and FY27 Monthly USD HCC Pricing Monthly USD/t HCC Pricing1 250 ✓ The HCC price has continued its slow upward trend and 200 reached US$199/t in late November on improving Indian demand and tighter premium HCC s
Slide 18: Development Projects
Development Projects 18
Slide 19: Buller Plateaux Continuation Project – New Zealand
Buller Plateaux Continuation Project– New Zealand BRL is advancing the BPCP via the newly enacted Fast Track Approvals Act Buller Plateaux Continuation Project (BPCP) (100% Basis) 1 Location South Island, New Zealand (Stockton Mine) Status Subject to Fast Track approval (expected outcome in 2026) Co
Slide 20: 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 BPCP production profile (Mt)1 Infrastructure in place to start production at Buller 1,400 Coal load out / Rail 1,200 ✓ P
Slide 21: 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 Development 2025 2026 2027 2028 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ▪ Consent Applications submission FY26 Q3 FY25 FY26 FY27 FY28 F
Slide 22: Tenas Project – British Columbia, Canada
Tenas Project – British Columbia, Canada BRL is developing the 100% owned Tenas project based in Telkwa, British Columbia Tenas Project 1 Location Telkwa, Northwest British Columbia, Canada Status Subject to regulatory approvals Coal types Metallurgical, steelmaking coal DFS status DFS updated and r
Slide 23: Tenas Project pathway to first production
Tenas Project pathway to first production Targeting start up as early as 2028 Tenas Project Timeline to First Production Development 2025 2026 2027 2028 2029 ▪ BC EAO Effects Assessment FY26 Q1 to Q2 workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ▪ Permit Application FY26 Q2 to Q4
Slide 24: Crown Mountain Project – British Columbia, Canada (BRL 22.1%)
Crown Mountain Project1 – British Columbia, Canada (BRL 22.1%) BRL currently has a 22% share of the Crown Mountain Project - providing further growth optionality Crown Mountain Project2 (100% basis) Location Elk Valley, Southeast British Columbia, Canada Access Road Status Subject to regulatory appr
Slide 25: Future coking coal production under management – 100% basis
Future coking coal production under management– 100% basis Extension of current operations and development projects extend production under management by 15+ years 2,500 Production Targets 2,000 ▪ BPCP is per the ASX announcement released by Bathurst Resources Limited on the 31 October 2025 – Materi
Slide 26: Outlook
Outlook ✓ Profitable operations continue at BT Mining JV and 100% BRL owned Takitimu mine ✓ Bathurst holds NZ$155m in consolidated cash reserves (31 October 2025) ✓ Buller Plateaux Continuation Project (BPCP) Fast Track result expected in 2026 ✓ BPCP PFS completed and reserves announced in October 2
Slide 27: Thank you
Thank you Bathurst Resources Limited 27
Slide 28: Appendices
Appendices 28
Slide 29: 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 30: 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 31: Resources and reserves
Resources and reserves 31
Slide 32: 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) 32
Slide 33: 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
Bathurst Resources — Shareholder Meeting (December 2025) on 6ix