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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.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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