Bathurst Resources (BRL) AGM 2025 Presentation summary

Corporate structure and assets

• Operates multiple producing mines in New Zealand, including Takitimu (100%), Stockton (65%), Rotowaro (65%), and Maramarua (65%), plus development projects Buller (100%), Tenas (100%, Canada), and Crown Mountain (22%, Canada) with an option to increase to 50%.

• Export-focused, supplying high-quality metallurgical coal to Japan, South Korea, China, and India, with domestic supply supporting key New Zealand sectors.

Financial performance and position

• FY25 consolidated revenue was NZD $268 million, with EBITDA of NZD $44 million and operating profit of NZD $4.4 million, reflecting lower coal prices and operational challenges.

• Consolidated cash reserves reached NZD $178 million by FY25, with no debt (excluding finance leases) and strong net cash backing per share.

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

Strategic initiatives and growth projects

• Strategy focuses on maintaining profitable operations at core mines while fast-tracking Buller and Tenas projects to generate incremental free cash.

• Buller Plateaux Continuation Project (BPCP) in New Zealand targets 1.2Mtpa for 15+ years, with PFS completed, DFS underway, and fast-track approval expected in 2026.

• Tenas Project in Canada aims for 750ktpa over 15+ years, with updated DFS and regulatory approvals in progress, targeting first coal by late 2028.

• Crown Mountain Project (22% interest) offers further growth, with 2.0Mtpa over 15+ years and an option to increase ownership.