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BATHURST RESOURCES LIMITED Level 12 , 1 Willeston Street , Wellington 6011 , New Zealand PO Box 5963 Lambton Quay , Wellington 6145 , New Zealand P. +64 4 499 6830 F. +64 4 974 5218 E. wellington@bathurst.co.nz RESULTS ANNOUNCEMENT 26 February 2021 : Bathurst Resources Limited 31 December 2020 half year result H1 PROFIT ACHIEVED DESPITE TIGHTENING MARGINS ON EXPORT SALES Bathurst Resources Limited ( " BRL " or " Company " ) ( ASX : BRL ) is pleased to announce its half year results for the six months ended 31 December 2020. The financial results for the first six months of FY21 reflect consistent earnings from the domestic segment , and reduced earnings from the export segment . Financial measures ( NZD ) Revenue¹ EBITDA² Net profit after tax H1 FY21 $ m H1 FY20 $ m 97.8 129.3 26.8 41.9 3.7 14.5 21.7 33.4 Cash Whilst all mines achieved a strong operational performance and demand has remained stable , the export business has continued to face significant challenges . CEO Richard Tacon said that “ The COVID - 19 pandemic and more recently China's ban on Australian coking coal imports have sustained the downward pressure on export pricing , which dropped to an average hard coking coal benchmark of USD $ 113 / tonne ( " t " ) during the first six months of FY21 , compared to USD $ 159 / t in the previous period . We had allowed for a further decrease in export pricing . However as noted in the recent quarterly activities update , we have had to revise our full year EBITDA guidance from $ 62.1m to $ 55.4m as the expected pricing recovery is only now starting to be realised . With the pricing benchmark reaching a high of USD $ 161 / tonne in recent weeks , we are optimistic that the expected earnings increase in the second half will eventuate . " The Company still expects to receive a judgment in the next few months from the Supreme Court on its appeal of the High Court's ruling on the case brought against BRL by L & M Coal Holdings Ltd. " We remain fully focused on courses of action in the event of an unfavourable outcome , and look forward to the business being able to move forward with this matter settled " , Mr Tacon said . Events after the reporting period included the directors ' decision to close the Canterbury Coal mine , where the timeframes and cost of regulatory processes outweighed the commercial returns of continuing to operate the mine , with sales to cease in June 2021. The mine is BRL's smallest operation , producing ~ 100kt of low sulphur coal primarily for the local dairy industry , and expected to contribute FY21 EBITDA of $ 2m . Includes realised FX and coal pricing hedges on export sales . Unrealised movements in coal pricing and FX hedging go through other comprehensive income . 2Earnings before net finance costs ( including interest ) , tax , depreciation , amortisation , impairment , non - cash movements on deferred consideration and rehabilitation provisions . Financial figures in this release are 100 % Bathurst and 65 % BT Mining and in NZD unless otherwise disclosed www.bathurst.co.nz