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BATHURST RESOURCES LIMITED Quarterly Report December 2020 quarter Key items Consolidated EBITDA¹ full year guidance downgrade to $ 55.4m from $ 62.1m announced in the previous quarter , as export pricing has taken longer than expected to recover . • The domestic business ( incl . corporate overheads ) contributed $ 20.9m to EBITDA for H1FY21 , favourable against budget and the prior corresponding period . • The export segment contributed $ 5.8m to EBITDA for the first six months , lower than budget and levels seen in prior periods , as pricing in the first six months was impacted by COVID - 19 and China's ban on Australian coking coal exports . Debt instruments maturing on 1 February have been refinanced , with a new AUD $ 10m convertible bond instrument to be issued on the same date . Consolidated cash at 31 December $ 21.7m . CEO'S COMMENTS Directors are pleased to report an unaudited EBITDA for the first half of FY21 of $ 26.7m . Whilst reflecting a strong operational performance given the challenges of the period , this result was impacted by a lower contribution from our export segment as it continued to operate in a challenging pricing environment . The impacts from the COVID- 19 pandemic and the Australian coal import restrictions into China have continued to put pressure on the export pricing market , which we are successfully navigating our way through as our domestic business continues to be largely unaffected . We have revised our EBITDA guidance to $ 55.4m from $ 62.1m announced in the previous quarterly . This reflects a - $ 5.9m reduction in our export segment EBITDA to $ 18.4m , with Q2 earnings lower as the expected recovery in export pricing is only now starting to be realised , with prices rising approximately 50 percent in January . The new forecast also recognises the impacts of a higher NZD : USD exchange rate . We are also reporting a - $ 0.8m reduction in our domestic segment EBITDA to $ 37.0m , which reflects a small increase in costs . Further information is provided on page 5 . We have been successful in arranging new convertible bonds which will be issued on 1 February to refinance the maturing USD subordinated bonds and NZD convertible notes . The new bonds will mature on 1 August 2022 , at which point we expect the export pricing to have fully recovered , as well as resolution of current legal claims brought against Bathurst by L & M Coal Holdings Ltd. Further detail on the new debt instrument has been provided in a separate release document , available on the ASX and on our website . 1 Earnings before net finance costs ( including interest ) , tax , depreciation , amortisation , impairment , non - cash fair value movements on deferred consideration and rehabilitation provisions . Page 1