Slides
Page 1
BATHURST RESOURCES LIMITED FY26 Results and Project Updates 2 September 2026 ASX: BRL
Page 2
2 Important notices and disclaimers General information You are advised to read the following carefully before making any use of the information contained in this document . This presentation has been prepared by Bathurst Resources Limited NZCN 4382538 (“Bathurst ”, “BRL” or “Company ”) (ASX: BRL). This Presentation has been authorised for release by the board of directors of Bathurst . Bathurst’s address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand . Summary information The material contained in this Presentation is a summary and for information purposes only. The information in this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in Bathurst, nor does it contain all the information which would be required in a product disclosure statement, prospectus, or other disclosure document prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (“Corporations Act”) or the Financial Markets Conduct Act 2013 (NZ) (“FMCA”). It has been prepared by Bathurst with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by Bathurst or any other party involved in its preparation . Reliance should not be placed on information or opinions contained in this Presentation and, Bathurst does not have any obligation to finalise, correct or update the content of this Presentation . Certain data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications . To the maximum extent permitted by law, Bathurst is not responsible for updating, nor does Bathurst undertake to update, this Presentation. It should be read in conjunction with Bathurst’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au or at https://bathurst.co.nz/investors-news/asx-announcements/. Not an offer This Presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in Bathurst and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment . This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law, New Zealand law or any other law and will not be lodged with the Australian Securities and Investments Commission or Financial Markets Authority . This Presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States . This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful . Not advice This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax accounting or other advice, or a recommendation to acquire shares (or any other securities) of Bathurst . It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual . Any references to, or explanations of legislation, regulatory issues, benefits or any other legal commentary (if any) are indicative only, do not summarise all relevant issues and are not intended to be a full explanation of a particular matter . You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information in this presentation . Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions) . Bathurst is not licensed to provide financial advice or financial product advice in respect of an investment in shares . Past performance Past performance metrics and figures (including past share price performance of Bathurst), as well as any historic or pro forma financial information, that is included in this Presentation are provided for illustrative purposes only and should not be relied upon as (and is not) an indication of Bathurst’s views, or that of any other party involved in its preparation, on Bathurst’s future financial performance or condition or prospects. Investors should note that past performance of Bathurst, including in relation to the historical trading price of Bathurst’s shares, production, coal resources and reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future performance. The historical information included in this presentation is, or is based on, information that has previously been released to the market. Currency, figures and financial reports All dollar values are in New Zealand dollars (NZD$ or NZD) unless otherwise stated. A number of figures, amounts, percentages, estimates, calculations and of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figure set out in this presentation. Bathurst’s financial year is 1 July to 30 June. Consolidated financial presentation Consolidated in this document, where used, refers to consolidated 100 percent Bathurst and 65 percent equity share of BT Mining Limited (“BT Mining JV” or “BT Mining”). Financial figures noted in this document are consolidated unless stated otherwise.
Page 3
3 Important notices and disclaimers Forward -looking statements and forecasts This presentation contains forward-looking statements. Forward-looking statements often include words such as “anticipate”, “expect”, “intend”, “plan”, “believe”, “guidance” or similar words in connection with discussions of future operating or financial performance. They also include all figures noted as FY26/FY26E which are a combination of actual and forecasted financial year June 2026 results. These forward-looking statements are based on the directors’ current expectations and assumptions regarding Bathurst’s businesses and performance, the economy and other future conditions, circumstances and results. Such information is not a guarantee of future performance and involves unknown risks and uncertainties, as well as other factors, many of which are beyond the control of Bathurst. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances, many of which are out of the control of Bathurst and its directors. Forward-looking statements involves subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies and other factors, including the risks described in this Presentation. Such risks may be outside the control of, and are unknown to, Bathurst and its directors, employees, agents and advisers. Bathurst’s actual results may vary materially from those expressed or implied in its forward-looking statements. No representation or warranty, expressed or implied, is made or given by or on behalf of Bathurst, any of Bathurst’s directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation. Investors are cautioned not to place undue reliance on such statements . The forward-looking statements in this Presentation speak only as at the date of this Presentation. Subject to any continuing obligations under applicable law or any relevant ASX Listing Rules, Bathurst disclaims any obligation or undertaking to provide any updates or revisions to any forward -looking statements in this Presentation . Accordingly, neither Bathurst nor any of the its directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admission in, or any document supplied with, this presentation or by any future communications in connection with such documents and any such liabilities are expressly disclaimed. Bathurst confirms all material assumptions underpinning forecast financial information derived from production targets continue to apply and have not materially changed. JORC Code It is a requirement of the ASX Listing Rules that mining entities when reporting of mining activities comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while reserves and resource estimates of the Company in this document comply with the JORC Code, they may not comply with the relevant guidelines in other countries . Information contained in this document describing coal deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of other nations’ securities laws. Resources and Reserves Unless otherwise stated, all references to resource and reserve estimates should be read in conjunction with Bathurst’s ASX announcement – “2025 Resources and Reserves” reported on the 31 October 2025 (and for Crown Mountain, see Jameson Resources Limited’s (JAL) ASX announcement dated 9 May 2025: “Crown Mountain Feasibility Update and Confirmation of Project Reserve”). These announcements are available at www.asx.com.au. All disclosures made in this Presentation with reference to resource and reserve estimates are quoted as per those announcements. Bathurst confirms that it is not aware of any new information or data that will or may materially affect the information included in those announcements. In the case of resource and reserve estimates for material mining projects, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed since those announcements, noting that production activity for operating mining projects has occurred between the date of the initial report and this presentation. Bathurst confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements. A marketable coal reserve table has been included as Appendix 1 at pages 42-43 of this Presentation. Production Targets Unless otherwise stated, all references to production target estimates should be read in conjunction with Bathurst’s ASX announcements – “Group Production Target Statement” reported on 4 March 2025 & “Material Changes- 2025 PFS and confirmation of BPCP Reserves” reported on 31 October 2025 (and for Crown Mountain, see Jameson Resources Limited (JAL) ASX announcement dated 9 May 2025: “Crown Mountain Feasibility Update and Confirmation of Project Reserve”). These announcements are available at www.asx.com.au. All disclosures made in this Presentation with reference to production target estimates are quoted as per those announcements. Bathurst confirms that it is not aware of any new information or data that will or may materially affect the information included in those announcements. In the case of production target estimates for material mining projects, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed since the ASX announcements, noting that production activity for operating mining projects has occurred between the date of the initial report and this presentation. Bathurst confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements. No liability This Presentation has been prepared by Bathurst in good faith, based on information available to it, including information from third parties, and has not been independently verified . No representation or warranty is made as to the accuracy, completeness or reliability of the information . To the maximum extent permitted by law, each of Bathurst and its related bodies corporate, and their respective its directors, employees and agents: 1. expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom, whether by way of negligence or otherwise; 2. expressly excludes and disclaims all liabilities in respect of, makes no representations regarding, any part of this Presentation and make no representation or warranty as to the currency, accuracy, adequacy, reliability or completeness or fairness of any statements, estimates, options, conclusions or other information contained in this Presentation; and 3. expressly excludes and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. Statements made and information presented in this Presentation are made and presented only as at the date of this Presentation and is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation remains subject to change without notice.
Page 4
4 About Bathurst Resources
Page 5
5 BRL current operations and development projects Existing production backs defined growth BATHURST Operating Mines Takitimu NZ (100%) Stockton NZ (65%) Maramarua NZ (65%) Rotowaro NZ (65%) Development Projects Buller NZ (100%) Tenas BC, Canada (100%) Crown Mountain BC, Canada (22%*) *BRL option (sole discretion) to increase to 50% for an incremental investment of CAD$106m
Page 6
6 BRL corporate snapshot Board of DirectorsCapital Structure – FY26 Audited Results Consolidated cash is 100% Bathurst and 65% BT Mining. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of th e t wo businesses for information purposes only. Assumes AUD:NZD FX rate of 0.8347 Share Price AUD $0.50 As at 30 June 2026 Consolidated Cash AUD $119 million As at 30 June 2026 Market Capitalisation AUD $120m As at 30 June 2026 Net Assets Per Share AUD $1.21 As at 30 June 2026
Page 7
7 Our strategy drives performance Building on our cash generative core while leveraging operational expertise to bring Buller and Tenas into production STABLE OPERATIONS Maintain safe & profitable operations at Takitimu, Stockton, Maramarua & Rotowaro GROWTH PROJECTS Use operational expertise to fast-track development of 100%-owned Buller and Tenas projects, generating incremental free cash for Bathurst CAPITAL RETURN Return free cash flow to shareholders in line with the Directors' focus on growth and the cash generation from Bathurst 100% owned operations
Page 8
8 Capital Management Strict capital discipline whilst positioning for long-term value creation through long life metallurgical coal projects ✓ Dividends and share buy backs have been used; however, the current Board strategy is to direct earnings and proceeds from the recent fundraise to the advancement of new projects. ✓ Capital allocation is focused on sustaining operations that are profitable and funding new growth opportunities where there is strong demand, whilst maintaining a strong balance sheet. ✓ Growth Capex allocated to near-term and potential long life metallurgical coal projects, not to the expansion of marginal growth projects. ✓ Balance sheet strengthened by no debt and robust measures to manage commodity price volatility, including hedging strategies to protect downside cash flows and to lock in any pricing gains. ✓ Proactive and efficient management of suppliers, stockpiles and shipment schedules to reduce cash flow volatility.
Page 9
9 New Zealand’s proven metallurgical coal producer Bathurst is an exporter of high-quality coal primarily for steel production in Japan, South Korea, China and India Operation Bathurst Ownership Status Mine Life End-market Expansion Opportunities Rotowaro 65% BT Mining JV Producing 2+ years Domestic Potential for 8 years at 400ktpa Maramarua 65% BT Mining JV Producing 2+ years Domestic M2 extension consented - 3 years at 180ktpa Stockton 65% BT Mining JV Producing 3+ years Export Requires blending with Buller Project to achieve 15 years at an average 300ktpa at Stockton Buller1 100% Development Takitimu 100% Producing 2 years Domestic Domestic mines (JV) Export mines (JV) Domestic mine and distribution facility (fully owned) Bathurst also provides energy for the steel industry, agri-business sector, schools, hospitals and many other key sectors in the New Zealand economy and society Bathurst’s New Zealand Assets (100% Basis) Maramarua Rotowaro Stockton Timaru Takitimu Buller Corporate offices Wellington Christchurch 1The Buller Project is located only 17km from Stockton and will leverage existing CHPP / logistics infrastructure at Stockton an d is expected to add 750ktpa with a LOM of 15 years
Page 10
10 Financial and operations update
Page 11
11 2026 consolidated summary financial results EBITDA result at the top end of the FY26 guidance of $35m-$45m Total consolidated revenue FY26 $261 million FY25 $268 million Consolidated EBITDA FY26 $45 million FY25 $44 million Consolidated operating profit/loss FY26 -$5 million FY25 $4 million Consolidated cash (including restricted short-term deposits) FY26 $145 million FY25 $178 million Consolidated is 100% Bathurst and 65% BT Mining. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of th e t wo businesses for information purposes only. 2026 Highlights (Audited)
Page 12
12 Our commitment to safety Safety is our number one priority and Bathurst remains committed to maintaining strong safety procedures ▪ A number of low level incidents that have lead to minor injuries during the year were very disappointing. A full review of the Field Leadership program has even completed. The key takeaways were to reward quality rather than quantity and drive the need for everyone to participate. ▪ The Extensive review of the Training system has completed Phase 1 – all records are now in a single database. The next phase is roll out of eLearning to increase the efficiency of training hours. ▪ The Critical Risk programme rollout is ongoing. This has been a good program and has focused the operational teams and risk owners on the control of fatal risks
Page 13
13 The year ahead
Page 14
14 ▪ Export market earnings are forecast to decrease due to the product mix of the sales plan ▪ The reduction in earnings from a lower product mix are partially offset by an increase in the HCC benchmark price in FY27 ▪ Decrease in South Island Domestic including overheads is offset by increase in North Island Domestic including overheads ▪ Full year of operating costs incurred during the Environment Assessment application for the Tenas Project in Telkwa, Canada slightly increases FY27 consolidated EBITDA FY27 EBITDA guidance maintained between NZ$30 million to NZ$40 million FY27 Consolidated EBITDA Guidance (NZ$) Consolidated 100% Bathurst and 65% BT Mining. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of th e t wo businesses for information purposes only. 45 40 (10) 11 (6) 0 5 10 15 20 25 30 35 40 45 50 FY26 Audited Result Export NID incl corporate SID incl corporate Telkwa FY27 Guidance $'m (1)
Page 15
15 Consistently profitable operations Our assets are profitable throughout the cycle and are leveraged to a recovery in Met Coal prices ▪ Consistent earnings since the formation of the BT Mining joint venture in 2017 ▪ High performing export segment supported by a New Zealand domestic segment ▪ Forward coal hedging policy reduces risk in market pricing volatility whilst also locking in income ▪ Sales of Bathurst’s metallurgical coal have generally received ~70% to 80% of the Peak Downs Hard Coking Coal (HCC) Benchmark Price ▪ Consolidated EBITDA is 100% Bathurst and 65% BT Mining. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of the two businesses for information purposes only Consolidated EBITDA (NZ$m)1 1Consolidated EBITDA is 100% Bathurst and 65% BT Mining. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of the two businesses for information purposes only. 67 43 19 83 154 80 33 40 35 39 34 40 21 12 11 11 5 5 0 50 100 150 200 250 300 350 400 0 20 40 60 80 100 120 140 160 180 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27E Export (LHS) Domestic including corporate overheads (LHS) Avg. HCC Benchmark (RHS) Consolidated EBITDA (NZ$) HCC Benchmark Price (US$)
Page 16
16 Export HCC market outlook HCC benchmark pricing forecast to remain stable through the remainder of FY27 Monthly USD/t HCC Pricing1 ✓ The HCC price strengthened over the June quarter, rising from US$236/t to US$243/t by June quarter end. ✓ In July and through to early August, the price dropped back to US$213/t before recovering sharply in the 2nd half of August to currently sit at US$260.60/t (26 August 2026). ✓ The recent higher prices are supported largely by improving demand for seaborne cargos out of China after ongoing domestic supply disruptions due to increased safety inspections given recent mine accidents. ✓ The underlying demand for coal still remains relatively weak in India, with India still in the monsoon season. This demand is expected to lift in Q4 as India emerges from the wet season with mills looking to restock inventories. ✓ Pricing may remain elevated for the short term on China’s domestic supply issues and India’s increased demand post monsoon. ✓ Coal demand over the long term is still forecast to remain strong especially out of India as new steel mills and coke plants are brought online, however with the ongoing global uncertainties continuing, volatility will remain in the short to medium term. Monthly USD HCC Pricing 1USD monthly actual export pricing based on a monthly average of the S&P Global Platts Premium Low Vol daily spot pricing. For ward curve based on 26 August 2026 S&P Global Platts derivatives assessments. 200 210 220 230 240 250 260 270 Actual Forward curve
Page 17
17 Looking forward
Page 18
18 Strategy drives continued performance Profitable current operations lead to extension opportunities and new developments EXISTING OPERATIONS • Positive & consistent EBITDA • Cash generating • Experienced operators • Stable operations EXTENSION PROJECTS • Continue positive EBITDA • Extend BRL cash generation • M2 – Maramarua • BPCP – Buller & Stockton GROWTH PROJECTS • Increase EBITDA • Increase cash generation • BC, Canada – stable jurisdiction • Tenas Project • Crown Mountain Project
Page 19
19 Capital efficient growth pathway to ~2.5Mtpa BRL is advancing the BPCP and Tenas projects, with Crown Mountain1 providing further growth optionality Buller Plateaux Continuation Project (BPCP) 2 Location South Island, New Zealand – 17km from Stockton Status Subject to Fast Track approval (expected outcome in 2026) Coal Types Metallurgical, steelmaking coal PFS/DFS Status PFS completed and released 31 October – DFS being worked on Total Production BPCP total production of 19.2Mt Production Expected average annual production of 1.2Mt LOM 13+ years Startup Capex NZD $104.6m Cash costs (FOB) NZD $272/t Benchmark Price USD $228/t to USD $300/t - Prime Low Volatile Hard Coking Coal (PLV HCC) NPV (8) (post tax) NZD $323m IRR 30% Logistics Leverage existing rail, port and CHPP infrastructure at the Stockton mine 1BRL currently has a 22% economic interest in Crown Mountain, with the option (at BRL sole discretion) to increase this to 50% for an incremental investment of CAD$106m 2Per the ASX announcement released by Bathurst Resources Limited on the 31 October 2025 – Material Changes- 2025 PFS and confirmation of BPCP Reserves .
Page 20
20 Buller to support 1.2Mtpa for 10+ years at Stockton Logical combination of Buller (BRL) and Stockton (BTM) steelmaking coal to generate strong future cash flow generation Proximity to existing haul road Buller Resource Stockton Resource CHPP Coal load out / Rail Infrastructure in place to start production at Buller Utilise capacity at Stockton CHPP Access to coal load out and rail Access to existing logistics path to market Indicative production profile (Mt)1 1100% basis of BT Mining & Bathurst - Per the ASX announcement released by Bathurst Resources Limited on the 31 October 2025 – Material Changes- 2025 PFS and confirmation of BPCP Reserves ✓ ✓ ✓ ✓ Haul Road Public Road 0 200 400 600 800 1,000 1,200 1,400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Coal Product tonnes '000s Mt Fred South Escarpment Stockton
Page 21
21 BPCP Fast Track Application Submitted The BPCP Fast Track Application was successfully submitted on 21 August 2026 Application Submitted • Application submitted on 21 August • EPA confirmed receipt of application on 24 August Application Completeness • Application completeness is currently being assessed • 15 working day timeframe Application Assessment • Expert panel is convened • Application assessed • Panel issued decision
Page 22
22 Buller Project – low - risk pathway to first production Targeting a low capex start up as early as 2028 ▪ FTA Application Submitted in August 2026 ▪ FTA application processing and decision FY28 Q1 (September) ▪ PFS Update FY27 Q2 ▪ Definitive Feasibility Study FY27 Q4 ▪ Early works commence FY27 Q3 • Geotech • Detail design for haul road • Detail design WTPs • Site access upgrade design ▪ Project Start FY28 Q2 • Mine establishment • Haul road construction ▪ Project Milestones • Buller Infrastructure commissioned from FY28 • Haul road commissioned FY29 Q2 • Buller First Coal FY29 Q1 with potential to access bypass coal (coal that does not require treatment at CHPP) Timeline to First ProductionBuller Project Development workstream FY26 FY27 FY28 FY29 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FAST TRACK APPROVAL Application Submitted Approvals granted PFS DFS MINE DEVELOPMENT Early Works Civils Mining First Coal COAL TRANSPORT Haul Road Construction
Page 23
23 Tenas Project overview Bathurst owns 100% of the Telkwa Metallurgical Coal Complex (Tenas Project) Location ◆ Located in Northwest British Columbia, Canada Reserves / Resources ◆ JORC Reserves: Proven – 17.1Mt / Probable – 4.9Mt / Total – 22.0Mt ◆ JORC Resource: Measured – 27.1Mt / Indicated - 9.4Mt / Total – 36.5Mt Study Stage / Permitting ◆ DFS updated in October 2025 ◆ Project is currently in the BC regulatory process for an Environmental Assessment Certificate and regulatory permits Mining Methods ◆ One single-open pit mine ◆ Typical open pit mine operations equipment including 91t dump trucks, excavators and dozers Coal Processing ◆ Conventional two-stage processing circuit consisting of heavy media cyclones and froth floatation. Filter press tailings produced for permanent co disposal with rock in the management ponds Production capacity ◆ Targeting annual sales of 750kt Coal Quality ◆ 72.5% yield / 9.5% ash (adb) semi soft coking coal product Transportation ◆ Close proximity to Canadian Pacific’s common user rail that links the coalfields of Northeast British Columbia to the deep-water ports of Western British Columbia ◆ 375km by both rail and road to the well-established deep water port of Prince Rupert and the Trigon Pacific Terminals (formerly Ridley Terminal) October 2025 DFS Update1 1Per the ASX announcement released by Bathurst Resources Limited on the 6 October 2025 – Tenas Project 2025 Updated Feasibility Study and Confirmation of Project Reserves
Page 24
24 Capital efficient growth pathway to ~2.5Mtpa Updated Feasibility Study reinforces the Tenas projects attractiveness Tenas Project1 Location Telkwa, British Columbia, Canada Status BC EAO Effects Assessment Coal Types Metallurgical, steelmaking coal FS Status DFS updated and confirmation of reserves completed October 2025 Total Production Tenas Project total production of 22Mt Production Expected average annual saleable production of 750kt LOM 22+ years Startup Capex USD $139m Cash costs (FOB) USD $80.48/t Benchmark Price USD $228/t to USD $300/t - Prime Low Volatile Hard Coking Coal (PLV HCC) NPV (8) (post tax) USD $269m IRR (post tax) 27.5% Logistics Rail loop to existing rail line to Prince Rupert and Tigon Pacific Terminals 1Per the ASX announcement released by Bathurst Resources Limited on the 6 October 2025 – Tenas Project 2025 Updated Feasibility Study and Confirmation of Project Reserves
Page 25
25 Tenas Project enters Effects Assessment & Recommendation phase British Columbia Environmental Assessment Office confirmed information requirements on 18 August 2026 Information Requests • Environmental Assessment Office information requests for Environmental Certificate submitted and accepted Effects Assessment Phase • Project has entered the Effects and Recommendation phase • Legislated 150-day timeframe • 30-day decision timeline Environmental Certificate • Decision on Environmental Certificate released • If successful, the next step is permitting
Page 26
26 Tenas Project pathway to annual sales of 750kt Targeting start up as early as 2029 ▪ BC EAO Effects Assessment Q1 FY27 to Q2 FY27 ▪ Permit Application Q3 FY27 to Q1 FY28 ▪ Permits received Q1 FY29 ▪ Definitive Feasibility Study Q3 FY27 to Q4 FY27 ▪ Early works FY28 ▪ Goathorn Creek Bridge ▪ Award and Detail design for CPP ▪ Award and Detail design Maintenance Shop ▪ Award Logging/Access Road/Rail Loadout ▪ Project Start FY28 ▪ Mine establishment ▪ Project Milestones ▪ Access Road Commissioned October 2029 ▪ Powerline Commissioned July 2029 ▪ Rail Access Commissioned October 2029 ▪ Mining commences July 2029 ▪ First Coal December 2029 Timeline to First ProductionTenas Project Development workstream FY2026 FY2027 FY2028 FY2029 FY2030 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 APPROVAL IR submissions Effects Assessment Permit Doc Permit Approvals Reserve Update & DFS SITE ACCESS Access Road TENAS Civils Mining First Coal COAL TRANSPORT Rail Coal Haul Fleet
Page 27
27 Strong net cash backing supports attractive valuation Bathurst has built significant cash reserves within the BT Mining Joint Venture Net Cash Backing A$0.45 A$0.53 A$1.23 Share Price Cash Backing - Consolidated Basis Net Asset Per Share 1 1 Consolidated cash is 100% Bathurst and 65% BT Mining, as at 31 July 2026. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of th e two businesses for information purposes only 1 Assumes AUD:NZD FX rate of 0.8352 and BRL shares on issue of 240,052,980 at 31 July 2026 1 Cash positive $152m NZD consolidated cash incl. restricted short term deposits (31 July 2026) Healthy balance sheet $0 debt (excl. finance leases) Strong forecast earnings $30m - $40m EBITDA FY27 Net assets per share NZD $1.48 (31 July 2026)
Page 28
28 Outlook ✓ Profitable operations continue at existing mines ✓ Buller Plateaux Continuation Project (BPCP) • Metallurgical Coal on the NZ Critical Minerals List & Fast Track approval expected in 2027 • Preparing DFS • Producing in 2028 ✓ Tenas Project • DFS and confirmation of reserves completed in October for 100%- owned Tenas Project • Producing in 2029 ✓ Holding ~NZD $150m in consolidated cash reserves (31 July 2026) ✓ Assess additional opportunities for growth Consolidated cash is 100% Bathurst and 65% BT Mining, as at 31 July 2026. This presentation does not reflect reporting under NZ GAAP or NZ IFRS but is intended to show a combined operating view of th e two businesses for information purposes only
Page 29
29 Why invest in Bathurst Resources? ✓ Increased weighting in sales of steelmaking coal (approx. 90%) and improved portfolio balance with the recent investments in BC, Canada in addition to existing NZ assets. ✓ Global recognition of the critical importance of metallurgical coal, with supply side pressures only set to grow ✓ Consistently profitable operations continue with the company again maintaining guidance ✓ No debt and limited fundraising underline a strong capital management discipline ✓ Strong consolidated cash position with NZ$152m in cash reserves (31 July 2026) ✓ Near-term upside of potentially long life metallurgical coal projects in NZ and BC, Canada with relatively low levels of Capex required Exposure to a well managed but under valued small cap in a commodity of strategic significance
Page 30
30 Bathurst Resources Limited Thank you
Page 31
31 Appendices
Page 32
32 High quality products Highly sought after products used both internationally and domestically STEEL – EXPORT Coking coal used internationally for steel manufacture ELECTRICITY Coal used for domestic electricity generation PROCESS HEAT Coal used for food and dairy manufacturing STEEL – DOMESTIC Coal used for New Zealand steel production
Page 33
33 Our contribution to New Zealand BRL has contributed more than NZ$350m to the New Zealand economy during FY25 ~700~ NZ$89m NZ$11m NZ$256m EMPLOYEES PAID TO EMPLOYEES TAXES, ROYALTIES & GOVERNMENT FEES PAID TO NZ SUPPLIERS Increases in staff at Stockton and Rotowaro mines as part of expansion plans and Buller development Increase from FY24 due to increased staff levels and pay rates Consistent payments to local and central government Key contributor to New Zealand businesses and local economies Financial figures noted are 100% Bathurst and BT Mining for FY25
Page 34
34 Crown Mountain Project overview (BRL at 22% 1 ) Crown Mountain is a potential low-cost, high-quality, open cut metallurgical coal mine located in British Columbia Location ◆ Elk Valley coalfields of the East Kootenays in the South East of British Columbia (where there are currently four major operating metallurgical coal mines producing approx. 25mtpa that are operated by Glencore via subsidiary Elk Valley Resources) Reserves / Resources ◆ JORC Reserves: Proven – 43.6Mt / Probable – 13.9Mt / Total – 57.5Mt ◆ JORC Resource: Measured – 51.1Mt / Indicated + Inferred – 39.1Mt / Total – 90.2Mt ◆ BFS update completed in May 2025 Permits ◆ Project is currently in the BC regulatory process for an Environmental Assessment Certificate and the Federal Environmental Impact Study Mining Methods ◆ Given the shallow geology of the resource, all mining is open pit ◆ Mining equipment includes excavators, front end loaders, and haul trucks, supported by dozers, backhoes, and blasthole drills (typical for Elk Valley) Coal Processing ◆ Wash plant / CHPP – primary processing method is heavy media cyclone and reflux classifier, supplemented by column cell flotation for fines recovery Production capacity ◆ ~3.8Mtpa / targeting annual sales of 1.96Mt Coal Quality ◆ 10.5% ash coking product from the North and East pits and an 11% ash coking product from the South pit Transportation ◆ Close proximity to Canadian Pacific’s common user rail that links the coalfields of the Elk Valley to the deep- water ports of Western British Columbia ◆ Three potential deep-water ports that allow access to the seaborne metallurgical coal market (Westshore, Neptune and Trigon Pacific Terminals (formerly Ridley Terminal) Updated Feasibility Study Overview2 Location Map 1BRL currently has a 22% economic interest in Crown Mountain, with the option (at BRL sole discretion) to increase this to 50% for an incremental investment of CAD$106m 2Per the Jameson Resources Limited (JAL) ASX Announcement dated 9 May 2025: Crown Mountain Feasibility Update and Confirmation of Project Reserve
Page 35
35 Streamlined approvals to fast track delivery of Buller Project Streamlined approvals process enacted which will remove historical consenting delays ✓ Metallurgical Coal added to New Zealand Critical Minerals List ✓ Fast Track Approvals Act legislated December 2024 ✓ Allows projects that gain fast-track listing to be processed in shorter statutory timeframes than under the existing planning regime ✓ Additionally, projects can apply for multiple approvals at the same time in one streamlined application ✓ Project identified as a priority and of regional significance which will provide economic benefits ✓ Fast Track Approval expected to be receivedin 2026 New Zealand Working Days Description - • Lodge application (expected 1st June 2025) 15 • EPA confirms whether application is complete and within scope 10 • EPA provides report to the Panel and requests relevant agency to prepare report - • Panel Convener sets up panel to assess the Application 10 • Panel Convener directs EPA to obtain advice reports from administering agencies 10 • Panel directs EPA to invite written comments on the Application 20 • Comments provided to the EPA / Panel 5 • BRL responds to comments 10 • Opportunity for Panel to request further information - • Opportunity for Panel to request hearing - • If Panel proposes to decline approval, BRL provided with draft decision and given opportunity to propose conditions modify proposal 5 • Panel seeks comments on draft conditions 10 • Panel invites comments from Minister of Māori Crown Relations and Minister for Māori Development 30 • Panel issues decision 20 • Judicial review and appeals (if necessary) Fast Track Process
Page 36
36 Joint Venture Litigation Update ASX releases made on 24 February 2025, 3 February 2025, 19 December 2024 and 11 June 2026 Litigation Summary ▪ On 18 December 2024, Bathurst received copies of a statement of claim from Talley’s Group Limited (“TGL”) (a Bathurst shareholder), that set out the basis of TGL claims against Bathurst, its directors and another party, and is purported to have been brought under the Companies Act 1993 (New Zealand) and the Financial Markets Act 2013 (New Zealand). It was accompanied by a further separate application by TGL, seeking leave to bring a derivative action in the name of and on behalf of Bathurst. The two proceedings have now been consolidated into one by the High Court. ▪ In response, Bathurst and all its directors filed a statement of defence and counterclaim in response to the allegations made by TGL. The counterclaims brought by Bathurst are against Mr Andrew Talijancich (aka Andrew Talley), TGL and Talley’s Energy Limited (“TEL”). ▪ TGL’s principal proceeding asserts an alleged prejudiced shareholders claim and that there have allegedly been misleading representations made. Unspecified damages have been claimed as against Bathurst. TGL seeks non-monetary orders and declarations relating to the conduct of the parties and the governance of Bathurst. ▪ The TGL proceedings make extensive reference to confidential material that, under the laws of New Zealand, is subject to strict statutory and contractual prohibitions on disclosure. Bathurst has filed a counterclaim that objects to TGL’s breach of confidence and misuse of that confidential material. Those counterclaims are broadly for breach of confidence and improper use of confidential information and seeks various declarations as well as damages. Bathurst has also, by way of its counterclaim, initiated a prejudiced shareholder claim against TEL in respect of BT Mining Limited. ▪ An amended application by TGL, seeking leave to bring a derivative action in the name of and on behalf of Bathurst against the directors for purported breaches of the Companies Act 1993 was also filed and the defendants filed a notice of opposition in response. ▪ Both parties made various interlocutory applications to the High Court in respect of the first proceeding, all of which have been dismissed. ▪ The Talley’s Group’s application for leave to bring a derivative action was heard by the High Court on 24 November 2025 and the parties await the judgment of the Court. The substantive trial is still likely to be held in 2027. ▪ The New Zealand High Court has imposed non-publication and suppression orders in this case.
Page 37
37 Resources and reserves
Page 38
38 Bathurst Resources and Reserves Source: Information per BRL 2025 resource and reserves released on 31 October 2025 Resource tonnes (rounded to the nearest million tonnes) Coal Resources Coal Reserves
Page 39
39 Crown Mountain Resources and Reserves Coal Resources Coal Reserves Mineral Resources Measured (Mt) Indicated (Mt) Inferred (Mt) Total (Mt) North Block 10.1 3.0 - 13.1 South Block 41.0 12.4 - 53.4 Southern Extension - - 23.7 23.7 Total (Mt) 51.1 15.4 23.7 90.2 Ore Reserves Proven (Mt) Probable (Mt) Total (Mt) North Pit 10.0 5.0 15.0 East Pit 2.4 0.5 2.9 South Pit 31.2 8.3 39.5 Total (Mt) 43.6 13.9 57.5 Source: Refer Jameson Resources Limited (JAL) ASX Announcement dated 9 July 2020: Crown Mountain Bankable Feasibility Study. Source: Refer Jameson Resources Limited (JAL) ASX Announcement dated 9 May 2025: Crown Mountain Feasibility Update and Confir mat ion of Project Reserve We are not aware of any new information or data that materially affects the information included in the above announcements a nd confirm that all material assumptions and technical parameters underpinning the estimates continue to apply and have not mate ria lly changed.