Bathurst Resources (BRL) Noosa Mining Conference 2026 summary

Industry trends and outlook

• Global coal consumption reached record highs last year and is expected to set another record this year.

• Multiple jurisdictions are expanding their coal industries, with strong government support and metallurgical coal declared a critical mineral in New Zealand.

• Supply constraints in metallurgical coal markets are tightening, indicating robust future demand.

Operational performance and financial position

• Four profitable operating mines in New Zealand underpin growth, with no company debt and significant cash reserves (AUD $119m as of June 2026).

• Consistent profitability and robust EBITDA since the BT Mining JV, with earnings supported by both export and domestic segments.

• Export earnings are closely tied to coking coal prices, while domestic sales provide revenue stability.

• Forward coal hedging policy helps manage price volatility and secure income.

• High-quality coal products serve both international steel markets and domestic industrial sectors.

Project pipeline and development plans

• Buller Plateaux Continuation Project in New Zealand targets 1.2Mtpa production for 13+ years, leveraging existing infrastructure and moderate capital investment (NZD 105 million), with first coal expected in 2027–2028.

• Tenas Project in Canada (100% owned) aims for 750ktpa sales over 22+ years, with moderate capital requirements (NZD 139 million) and first coal targeted for 2029–2030.

• Crown Mountain Project in Canada (22.8% interest, option to 50%) offers further growth, with BFS completed and regulatory processes ongoing.

• Fast-track legislation in New Zealand accelerates project approvals, with Buller expected to benefit.

• Infrastructure and logistics for new projects leverage existing assets to minimize capex and accelerate timelines.