Bathurst Resources : Ord Minnett East Coast Mining Conference

BATHURST RESOURCES LIMITED

MARCH 2022 EAST COAST MINING FORUM ASX: BRL

DISCLOSURE

General information

This document is authorised for release by the board of directors of Bathurst Resources Limited ("Bathurst") on the 30 March 2022. Bathurst's address is Level 12, 1 Willeston Street, Wellington 6011, New Zealand.

General disclaimer

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 FY22/FY22E which are forecasted financial year June 2022 results. The forward-looking statements are based on management's and directors' current expectations and assumptions regarding Bathurst's businesses and performance, the economy and other future conditions, circumstances and results.

As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Bathurst's actual results may vary materially from those expressed or implied in its forward-looking statements. Bathurst, its directors, employees and/or shareholders shall have no liability whatsoever to any person for any loss arising from this presentation or any information supplied in connection with it. Bathurst is under no obligation to update this presentation or the information contained in it after it has been released. Nothing in this presentation constitutes financial, legal, tax or other advice.

Resources and reserves

All references to reserve and resource estimates should be read in conjunction with Bathurst's ASX announcement - "2021 Resources and Reserves" reported on the 29 October 2021, and all disclosures made in this document with reference to resources and reserves are quoted as per this announcement. A marketable coal reserve table has been included as an appendix to this document.

Bathurst confirms that it is not aware of any new information or data that may materially effect the information included in this market announcement. In the case of estimates of coal resources or reserves for material mining projects, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed since the 29 October 2021 announcement, noting that production activity for operating mining projects has occurred between the date of the initial report and this presentation.

Consolidated financial presentation

Consolidated in this document where used refers to consolidated 100 percent Bathurst and 65 percent equity share of BT Mining Limited. Financial figures noted in this document are consolidated unless otherwise noted.

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DOMESTIC UTILITY, GLOBAL UPSIDE

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AN ESSENTIAL ENERGY SUPPLIER IN NZ

Maramarua

Stockton

Canterbury

Joint venture assets in BT Mining are 65% equity owned by Bathurst.

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WHAT MAKES US UNIQUE?

We sell into two distinctly different markets that have their own risks, opportunities, and market dynamics

Risks, opportunities & market dynamics

• • Exposed to market price fluctuations.

• • Opportunity to significantly increase profit when pricing is high, but flipside is exposure to lower pricing when markets slump.

• • Demand profile for this coal is considered to be longer term due to the nature of the demand for steel.

Strategy

• • Sell to blue chip customers a product with unique properties that forms an essential part of our customer's bespoke coke blend.

• • Our value in use focus means we have long standing relationships with our customers - up to 47 years.

• • Utilise hedging to help smooth revenue, focus on cost control.

Risks, opportunities and market dynamics

• • New Zealand is moving towards a net zero carbon economy, with increasing pressure on fossil fuels coming from legislators and the general public. This means demand in the longer term is unlikely.

• • Pricing and demand in the near term is stable.

Strategy

• • Sell under long-term, fixed priced contracts.

• • Life of mine plans are matched against committed sales; new areas are only explored if thereare strategic partnerships in place.

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