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Bathurst Resources (BRL) investor relations material

Bathurst Resources AGM 2025 Presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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AGM 2025 Presentation summary2 Dec, 2025

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.

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Q2 202624 Feb, 2026
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Frequently asked questions

Bathurst Resources Limited is a New Zealand-based company involved in the exploration, development, and production of coal. The company focuses on the extraction and supply of thermal and metallurgical coal, primarily for industrial and energy production applications. Bathurst Resources serves customers in sectors such as steel manufacturing, cement production, and energy generation, supporting industrial processes that require high-grade coal. With mining operations primarily located in New Zealand, the company works to provide reliable coal resources for domestic and export markets. Bathurst Resources Limited is headquartered in Wellington, New Zealand, and its shares are listed on the ASX.

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