Bathurst Resources Ltd · ASX:BRL
Bathurst Resources — Q1 FY2027 Earnings Presentation
38 slides from Bathurst Resources's earnings presentation, Nov 9, 2026
Slide 1: Q1 FY27 Results and Project Updates
rsonal use only BATHURST Q1 FY 27 Results and Project Updates RESOURCES 9 November 2026 LIMITED 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. rsonal use only This presentation has been prepared by Bathurst Resources Limited NZCN 4382538 (“Bathurst”, “BRL” or “Company”) (
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
rsonal use only About Bathurst Resources 4
Slide 5: BRL current operations and development projects
BRL current operations and development projects Existing production backs defined growth rsonal use only BATHURST PORTFOLIO Operating mines Development projects CURRENT PRODUCTION DEFINED GROWTH PIPELINE Takitīmu New Zealand 100% Buller New Zealand 100% Stockton New Zealand 65% Tenas BC, Canada 100
Slide 6: BRL corporate snapshot
BRL corporate snapshot rsonal use only Capital Structure Board of Directors Share Price Market Capitalisation AUD $0.45 AUD $108m As at 30 September 2026 As at 30 September 2026 Consolidated Cash Net Assets Per Share AUD $105 million AUD $1.18 As at 30 September 2026 As at 30 September 2026 Consolid
Slide 7: Track record: well managed and consistently profitable
Track record: well managed and consistently profitable Disciplined management has delivered consistent earnings and a strong balance sheet rsonal use only $45m 2017 $0 NZ$130m FY26 consolidated EBITDA Consistent earnings Consolidated cash Debt Top end of the $35m–$45m Since formation of the BT Minin
Slide 8: Capital Management
Capital Management Strict capital discipline supports long-term value creation through high-quality metallurgical coal projects rsonal use only 01 Fund strategic growth 02 Protect the operating base Direct operating cash flow and fundraising proceeds towards advancing priority Sustain profitable ope
Slide 9: 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 rsonal use only Bathurst’s New Zealand Assets (100% Basis) Domestic mines (JV) Export mines (JV) Domestic mine and distribution Maramaru
Slide 10: Financial and operations update
rsonal use only Financial and operations update 10
Slide 11: Q1 2027 consolidated summary financial results
Q1 2027 consolidated summary financial results Increase in revenue and EBITDA $30m–$40m guidance range rsonal use only Q1 FY27 highlights Compared with Q1 FY26 REVENUE ▲ 10% EBITDA ▲ 80% $64m $9m Q1 FY26 $58m Q1 FY26 $5m CASH, INCLUDING RESTRICTED SHORT -TERM DEPOSITS ▼ 16% $130m Q1 FY26 $155m Stron
Slide 12: Q1 FY27 operating results
Q1 FY27 operating results Consolidated operating and financial performance | 100% basis rsonal use only Export segment Rotowaro Maramarua Takitimu 65% BRL ownership 65% BRL ownership 65% BRL ownership 100% BRL ownership Metric Q1 FY27 Q1 FY26 Metric Q1 FY27 Q1 FY26 Metric Q1 FY27 Q1 FY26 Metric Q1 F
Slide 13: Our commitment to safety
Our commitment to safety Strengthening leadership, training and critical-risk controls rsonal use only Field leadership 01 Low-level incidents and minor injuries were disappointing. The Field Leadership programme has been fully reviewed, with greater emphasis on quality and broad participation. Trai
Slide 14: The year ahead
rsonal use only The year ahead 14
Slide 15: FY27 consolidated EBITDA
FY27 consolidated EBITDA FY27 EBITDA guidance maintained at NZ$30 million to NZ$40 million FY27 consolidated EBITDA | NZ$m Key earnings drivers e Export mix 40 Oo (1) Lower earnings reflecting the FY27 sales mix; partly offset by a higher HCC benchmark price. e Domestic portfolio 8 South Island redu
Slide 16: Consistently profitable operations
Consistently profitable operations Profitable through the cycle, with upside exposure to a recovery in metallurgical coal prices rsonal use only Consolidated EBITDA and HCC benchmark NZ$m | benchmark US$/t 400 Investment highlights 160 12 1 Resilient earnings 300 Positive consolidated EBITDA since t
Slide 17: Export HCC market outlook
Export HCC market outlook HCC benchmark pricing forecast to remain stable through the remainder of FY27 rsonal use only Monthly USD HCC Pricing Monthly USD/t HCC Pricing1 USD/tonne ✓ The HCC price strengthened over the September quarter, reaching a high of 300 US$285/t before settling at US$272/t by
Slide 18: Looking forward
rsonal use only Looking forward 18
Slide 19: Strategy drives continued performance
Strategy drives continued performance Profitable current operations lead to extension opportunities and new developments rsonal use only EXISTING OPERATIONS EXTENSION PROJECTS GROWTH PROJECTS • Positive & consistent EBITDA • Continue positive EBITDA • Increase EBITDA • Cash generating • Extend BRL c
Slide 20: Growth build-up to ~3Mtpa
Growth build-up to ~3Mtpa Existing operations plus BPCP, Tenas and Crown Mountain combine in the pathway to ~3Mtpa rsonal use only + Crown Mountain BPCP + Tenas 1.0Mt = Pathway 1.2Mtpa 750kt Expected average annual ~3Mtpa Expected average annual Expected average annual saleable production, Crown Cap
Slide 21: Buller Plateaux Continuation Project overview
Buller Plateaux Continuation Project overview Logical combination of Buller (BRL) and Stockton (BTM) steelmaking coal to generate strong future cash flow generation rsonal use only Annual sales Mine life Total production Startup capex Post-tax NPV₈ Post-tax IRR 1.2Mt 15+ years 19.2Mt NZD$105m NZD$32
Slide 22: BPCP Fast Track Application Submitted
BPCP Fast Track Application Submitted The BPCP Fast Track Application was successfully resubmitted on 29 October 2026 rsonal use only Application Submitted Application Completeness Application Assessment • Application submitted on 29 • Application completeness is currently • Expert panel is convened
Slide 23: Tenas Project overview
Tenas Project overview 100%-owned, advanced-stage Canadian metallurgical coal development project rsonal use only Annual sales Mine life Total production Startup capex Post-tax NPV₈ Post-tax IRR 750kt 22+ years 22Mt US$139m US$269m 27.5% October 2025 DFS update Investment case LOCATION Telkwa, North
Slide 24: Tenas Project in Effects Assessment & Recommendation phase
Tenas Project in Effects Assessment & Recommendation phase British Columbia Environmental Assessment Office confirmed information requirements on 18 August 2026 rsonal use only Information Requests Effects Assessment Phase Environmental Certificate • Environmental Assessment • Project has entered th
Slide 25: Crown Mountain Project overview
Crown Mountain Project overview 22% BRL owned, advanced-stage Canadian metallurgical coal development project (option to increase to 50%) rsonal use only Annual sales Mine life Total production Startup capex Post-tax NPV10 Post-tax IRR 1.96Mt 15 years 28.5Mt US$394m US$527m 37.0% May 2025 BFS update
Slide 26: Project delivery: BPCP in 2028, Tenas in 2029
Project delivery: BPCP in 2028, Tenas in 2029 Existing mines keep generating cash while growth projects advance towards production rsonal use only Buller Plateaux Oct 2025 Now Expected 2027 2028 Continuation PFS completed, DFS being prepared Fast Track approval First production Project (BPCP) reserv
Slide 27: Next months: catalysts and milestones
Next 12 months: catalysts and milestones Key approvals, studies and guidance that move the growth projects towards production rsonal use only Expected 2027 In progress Q1–Q2 FY27 Q3–Q4 FY27 FY27 BPCP Fast Track BPCP DFS Tenas Effects Tenas DFS EBITDA guidance approval Assessment Definitive Feasibili
Slide 28: Strong net cash backing supports attractive valuation
Strong net cash backing supports attractive valuation Significant cash reserves and a debt-free balance sheet provide strong downside support rsonal use only CONSOLIDATED DEBT FY27 EBITDA NET ASSETS / SHARE CASH Valuation support $130m $0 $30–40m NZD $1.46 A$ per share NZD cash¹ excluding finance le
Slide 29: Outlook
Outlook A profitable operating base supports a disciplined pathway to growth rsonal use only Buller Plateaux Continuation ✓ Existing operations OPERATING BASE 28 NZ 2026–29 Profitable operations continue across the existing mine Project Metallurgical coal included on the NZ Critical Minerals List. E
Slide 30: Why invest in Bathurst Resources?
Why invest in Bathurst Resources? Exposure to a well-managed, undervalued small-cap producer in a strategically important commodity rsonal use only 90% Steelmaking coal exposure 01 Strategic commodity 02 Profitable operations Approximately 90% of sales are weighted to Global recognition of metallurg
Slide 31: Thank you
rsonal use only Thank you Bathurst Resources Limited 31
Slide 32: Appendices
rsonal use only Appendices 32
Slide 33: High quality products
High quality products Highly sought after products used both internationally and domestically rsonal use only 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
Slide 34: Our contribution to New Zealand
Our contribution to New Zealand BRL has contributed more than NZ$350m to the New Zealand economy during FY26 rsonal use only ~600~ NZ$90m NZ$9m NZ$257m TAXES, ROYALTIES & PAID TO NZ EMPLOYEES PAID TO EMPLOYEES GOVERNMENT FEES SUPPLIERS Financial figures noted are 100% Bathurst and BT Mining for FY26
Slide 35: 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 rsonal use only New Zealand Fast Track Process Working Days Description ✓ Metallurgical Coal added to New Zealand Critical Minerals List - • Lodge appli
Slide 36: Joint Venture Litigation Update
Joint Venture Litigation Update Litigation Summary rsonal use only ▪ 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 purp
Slide 37: Resources and reserves
rsonal use only Resources and reserves 37
Slide 38: Bathurst Resources and Reserves
Bathurst Resources and Reserves Coal Resources Coal Reserves rsonal use only Source: Information per BRL 2026 resource and reserves released on 30 October2026 Resource tonnes (rounded to the nearest million tonnes) 38