Bathurst Resources (BRL) Investor Presentation summary

Financial highlights and capital position

• Consolidated cash reserves of NZD $170m as of 31 May 2025, with no significant debt except $1.6m in finance leases.

• FY24 consolidated EBITDA reached $91m; FY25E forecast EBITDA is NZD $45–55m.

• Q3 YTD 2025 consolidated revenue was $197m, EBITDA $40m, and operating profit $11m.

• Market capitalization stood at A$166m as of 31 May 2025, with an enterprise value of A$9m.

• Successful capital raise in April 2025 brought in AUD $34m.

Operational performance and assets

• Operates Takitimu (100%), Stockton (65%), Rotowaro (65%), and Maramarua (65%) mines, with Buller and Tenas as key growth projects.

• FY24 production totaled 1.7Mt, with 1.5Mt metallurgical/steelmaking coal and 0.2Mt thermal coal.

• Stockton produced 963kt in FY24, with 1,106kt sales, and generated NZ$79.9m EBITDA (65% share).

• Takitimu produced 235kt in FY24, generating NZ$16.1m EBITDA.

• Maramarua and Rotowaro produced 509kt in FY24, with NZ$30.3m EBITDA (65% share).

Growth projects and development pipeline

• Advancing Buller (NZ) and Tenas (Canada) projects, targeting ~2.5Mtpa group production from FY29.

• Buller project aims for 850ktpa over 13+ years, leveraging existing infrastructure; first coal expected FY28.

• Tenas project targets 750ktpa over 20+ years, with first coal expected October 2028.

• Crown Mountain (22.5% interest, option to 50%) offers further growth, targeting 1.96Mtpa sales.

• Expansion studies underway at Stockton, Rotowaro, and Maramarua to extend mine life and output.