Bathurst Resources (BRL) investor relations material

Executive summary

• Operations span four mines in New Zealand, with a 65% stake in a joint venture for three and 100% ownership of Takitimu; strategic focus is on stable operations, advancing growth projects (Buller, Tenas, Crown Mountain), and returning capital to shareholders.

• Profitable every year since recapitalization in FY 2017/18, with a strong export business and established customer base, though Q3 FY26 results showed year-over-year declines due to reduced domestic segment earnings.

• Year-to-date consolidated FY26 EBITDA reached $30m, down $10m from the same period last year, mainly due to reduced domestic segment earnings.

• Strong consolidated cash position of $141m as of 31 March 2026, including restricted short-term deposits, with no significant debt.

• Significant progress made on metallurgical coal development projects in New Zealand and British Columbia.

Financial highlights

• Q3 FY26 consolidated revenue was NZD $182 million, down from NZD $197 million in Q3 FY25; consolidated EBITDA for Q3 FY26 was NZD $30 million, compared to NZD $40 million in Q3 FY25.

• Export segment sales volumes increased by 96kt year-over-year, partially offsetting domestic declines; export segment average price received per tonne was NZD $229, down from NZD $263 in the prior year.

• Market cap at end of March: NZD 142 million; enterprise value: NZD 25 million; net asset per share: NZD $1.48 as of 31 March 2026.

• Consolidated cash (including restricted deposits) stood at NZD $141 million as of Q3 FY26, down from NZD $156 million a year earlier.

• Q3 FY26 consolidated operating loss was NZD $2 million, compared to a profit of NZD $11 million in Q3 FY25.

Outlook and guidance

• FY26 consolidated EBITDA guidance maintained at NZD $35–45 million, with export market earnings expected to rise due to increased sales volumes, partially offset by lower HCC benchmark prices.

• HCC benchmark price forecasted to remain stable around USD $230/t for the remainder of FY26 and into FY27.

• Buller Plateaux Continuation Project Fast Track approval expected in 2026; Tenas Project DFS and reserve confirmation completed.

• Near-term and long-term projects expected to extend production and cash flow for 20+ years.

• Ongoing global uncertainty due to the US-Iran conflict expected to keep fuel and freight costs elevated, pressuring margins.