Welcome to Bathurst Resources for the quarter 3 FY26 update. Hope everyone can see that screen.

Standard disclaimers. Look, anyone that doesn't know Bathurst, and I realize I'm probably a lot of you are existing shareholders or know something about the company, but in case you don't, we are an operating company.

All of our operations are in New Zealand. We've got Takitimu in the deep south, which is 100% owned by Bathurst.

We've got Stockton on the west coast of the South Island, and we've got Rotowaro and Maramarua, which are operations in the North Island. Stockton, Rotowaro, and Maramarua are owned through a joint venture.

We own 65% of that with a New Zealand-based family company through an entity called BT Mining. We'll we'll look at the those operations.

We've been in that joint venture since 2017, and we've also got though a number of growth projects that again we'll cover in today's presentation. The Buller Project, which is associated with the Stockton infrastructure and will supplement the Stockton mine going ahead for another 20 years.

The Tenas Project, which is a greenfield project in middle BC on the on the west coast. Crown Mountain, which we own 23% of with Jameson Resources, which is again is in British Columbia.

They're they're our development growth projects, all in in coking coal. Look, no real change to the board structure.

Peter Westerhuis is still our chairman, Russell and myself executive directors, and Francois Tumahai non-executive director. Russell's been spending quite a lot of time in Vancouver and up on the on the project site up at Smithers, which is about 11 hours drive north of Vancouver, as we move further forward into that final stages of the permitting for that project.

Unfortunately, the share price has taken a bit of a hit lately. We're down below 60 cents, which puts our market cap around 142 at the end of March.

We had 117 Aussie million consolidated cash between the joint venture and and in our own box, giving us an enterprise value of 25 million. The the implication there, we've got no debt apart from some yellow good finance of a pretty minor nature with the Takitimu mine.

The company has been built around stable operations. We we generate cash.

We've got a good mix of customers across the New Zealand base. We've got coal going into process heat with major customers.

We've also got coal going into steelmaking and electricity generation. That pretty much that group's been together since 2016-17, and and, we will show in a graph in a minute how we've been profitable through all those years.

Then associated with each of those projects and also with our Canadian assets, we've got some growth projects, which, again, the intention here is to build in a a portfolio of of assets that are generating cash so then we can then start returning cash back to our our shareholders. The direct focus of the present time though is very much on growth, and I will sort of sort of cover that in in the next slide.

We have paid dividend, and we have done share buybacks in the past. As we know with the the joint venture, we haven't got an automatic right of getting cash flowed out of the joint venture.

At the present time, we actually want that cash to be maintained within those various businesses, including Bathurst, to bring forward these growth projects. That's really been our focus over the last two years.

In New Zealand, we've got the Buller Project. We've been investing with BT in the development of that the overall project.

Obviously the key thing there is to bring forward a project that can go into the Fast-track in the near future and then come out of that towards the end of this year, early next year, with a all of the project approvals that are going to be required. The growth CapEx at the present time has been really on that near-term and potential long-term coal projects because we've been investing money as well with our joint venture partners on a on a equity basis into Crown Mountain and then recently, also back to 2022, into the Tenas Project, which again is a a very exciting development for Bathurst in that we get full control of those cash flows, and the same with the Buller Project, we get full control of those cash flows.

We've got a strong balance sheet, as I said, no debt. We actively manage some of our forward sales.

We've got hedging in place really to try and lock in super profits because we haven't got debt, we're not trying to protect on the downside, but we are trying to lock in whenever we see, like the situation now with the forward curve going over $250-odd US in in 12 months out, we're trying to lock in tonnage for our sales out of Stockton. Across New Zealand, I've already said, we've got those four operating mines scattered across the from the length and breadth of New Zealand.

Rotowaro and Maramarua principally supply steelmaking, a little bit of coal going into into the last remaining thermal power station as well. Down the bottom of that, Takitimu, all of that coal goes into process heat, which is value add to New Zealand primary production.

Then Stockton, 100% of that gets exported into customer base in India, Japan, South Korea, and a little bit into China. We've we've got long-established markets.

Some of these customers have been customers of Stockton for 50 years. We've been into the Indian market for well over 20 years, and we've got some business development stuff into South Korea that's only the last couple of years.

We are still maintaining that that that customer base even though we only maintain about 1.2 million tons of export. Then the Buller Project is there to really take that that Stockton infrastructure and then set it up for the next 15 years past the mine life of Stockton.

Over the last quarter, a little bit down on where we were in the subsequent quarter last year, mainly around coal price, but also around some of our movements now in the domestic market. We've seen customers moving out of the process heat market in the South Island, moving to alternative energy supplies and or getting out of the business.

That's been a reasonable impact on our 100% owned Takitimu business, but also on our North Island domestic business as well. EBITDA's down a little bit again.

We did we have had a lower coal price in the in the first part of the year, which is now really bounced back to being a very consistent number. We we're sitting at around about $230 US dollars per ton for our export coal.

We get about 80% of that on a on an average across our full portfolio of sales. We're down a little bit on cash.

Again, we've been investing heavily in the Buller Project and in Tenas, but we still got healthy cash reserves, around NZ$141 at the end of March. We are at the moment sitting at a slight lost position, probably pull back to being even by the end of the year, but in terms of EBITDA, we believe we're well and truly on target.

We've had a number of low-level incidents across the sites over the last quarter, which is really disappointing. It's caused us to go back and review particularly our field leadership program and try and address some of the behavioral safety aspects that have come out of those investigations and those incidents.

We have been working extensively on our training management systems, and we're now moving into the next part of that, which is e-learning. That actually frees up some time for people to actually be more one-to-one on some of the higher risk stuff, which is then rolling into our critical risk program, which has been ongoing, but has also been reviewed in light of some of these recent incidents to make sure that we we are picking up the key critical risks here to make sure we're not going to end up with fatalities or multiple fatalities as well as, the the the risk of these minor injuries.

Looking ahead, obviously, we've only got a a month or so left to go now. We've had, an increase in the export stuff, particularly over the last quarter, where, we've we've seen consistent pricing, and also some of our shipments been in the higher grade.

Our North Island operations are up a little bit, but our South Island operations are down a little bit, including corporate costs. Again, a lot of that's to do with the the shifting of the market and also, we we did have only really this year remaining in our Takitimu mine.

We managed to extend that for another two years while we complete the rehabilitation as well, but it has meant that we're down a little bit this year. We will see next year we weren't going to be having any cash flow at all from that business, but we will still have a couple million bucks flowing into the coffers.

Obviously, Telkwa, we're now moving into the sort of more pointy end of the of the permitting and environmental assessment work, we are expending more money there than what we had anticipated. We are still going to come in, we believe, well and truly on the top end of the guidance.

I think, it's worthwhile reflecting we again we we formed the joint venture and we've basically recapitalized Bathurst back in FY17-18. We took over the assets of the ex-Solid Energy.

We have not been we've made money every year. We're we're very dependent, obviously our export business is a large part of our earnings, and we're very dependent on the international coal price, as you can see from the red line bouncing around, and our EBITDA numbers bouncing around around that.

This is the lowest numbers we're going to have for the domestic business, but we are in a growth phase. We have been we've done the M1 development, which we're now starting to mine coal out of Maramarua Mine.

We've we've done the Waipuna West cutback, which we're now starting to mine coal over the next three to four years out of there to supply into the market. That that's we will see a return on that investment over the last two years over the next couple of years.

International coal price, the forward curve is is reasonably healthy, and and I think the the key thing here is how flat it's been. We haven't seen even though, we've had the impact of the, obviously, the US-Iran war, we've seen, some some high pricing, in particular in terms of diesel costs and things like that, and that's spread into some of the economic development around the world, but we are seeing still strong requests for coal out of India in particular, and that has really kept the market relatively flat.

It is in contango. We're we're seeing projections out 12 months out to $257 at at the present time, and then the forward curve going out further past that is around that $250 mark as well.

We'll be reviewing that obviously solidly now because we we're moving into a a budgeting phase. We'll we'll be setting up for our next year's budget.

After when we come back to for quarter four, we will give you an indication of where we see the guidance being past that point. As I said, a lot of this we've been investing over the last two years in particular is around these extension projects and the growth projects.

We we really haven't had a excess cash to be able to look at going into buybacks even though, with the 60 cents share price at the present time, it would be nice to have that cash into that. I think it's more important at the present time that we invest in these growth projects because as we see from that forward curve, there is still a lot of buoyant and positive attitude around coking coal.

There's there's limited supply, and there is still really no alternative to coking coal and steelmaking. That's where we are concentrating our business at the present time on these growth projects, but also on these extension projects within New Zealand.

The Buller projects will be known to everyone. It's it's basically taking the existing infrastructure that's embedded within Stockton, taking the remaining coal that that is will be mined within the Stockton coal mining license and mining permit areas, then adding to those with the Mount Fred South and then ultimately the Denniston Plateau area.

Each of these areas have got similar coal qualities, they're similar seams, but they've got peculiarities that then allow us to actually maintain the existing blends and the existing market going forward by buying about another 20 years. We've identified about 19 million tons in the Buller Coal Project.

That's a combination of the remaining coal in Stockton, Mount Fred South, and the Escarpment extension or the Denniston part of that. It's it's relatively high-cost coal.

We are going into deeper reserves and reserves that have been partly mined by underground mining. If we look at again look at the forward curve, we are still going to be profitable at today's level, it has got a good, solid NPV, and it's got a relatively low start-up CapEx, around about $105 million.

I suppose the benefit for the Bathurst shareholders is as the Stockton tonnage, which is depicted in orange on this graph, drops down, it's replaced by 100% owned coal coming in from particularly Escarpment and then from Mount Fred South. Mount Fred South is 60/40, it's 60% owned by Bathurst in terms of the of the amount of coal what's in it, and 40% owned by the joint venture.

It'll be a smaller mining area, whereas Denniston Escarpment will be a larger mining area. Obviously one of the key piece of infrastructure here for us is a haul road that joins the Denniston area to the south, which is the Buller resource, up into the infrastructure which is contained within the Stockton.

That's where the the CHPP, the coal processing plant, and then the aerial conveyor going down to the rail load-out, which allows us to get that coal to market. We're looking and we're working very hard at the present time on getting this Fast-track application submitted.

Now, we've had a number of dates on this, I do realize that. What we're seeing with some of the applications that are either sitting with the the panels and/or have been through the panels is that it's all about front-end loading.

The more work we do up front, the more consultation we do, the more agreement we get with various stakeholders—and for us the key stakeholders here are the landholder, which is Department of Conservation; regional council, which controls water and air discharges; district council, who controls land use and and and is really the proxy for a lot of the community concerns. We've been working hard with all of those groups in particular, but also local landholders, our local communities, which are, very dependent on the on the jobs that the Buller mine at the present time, Stockton, provides to that area.

We employ about 350 people directly, and and without the mine, the the town is is going to suffer. That that has been our focus.

Obviously, this is a project that is quite large, particularly on on our scale, but also on New Zealand scale. 20 million tons may not be a lot a lot in the middle of Queensland, but it's, it's 20 years worth of production for us.

It has a large impact on the local area. At the present time, we're injecting somewhere around about $40 million a year just in wages alone into the local area, plus then you've got all the sources and services that come from it.

It's an important part of the local and regional economy, and that's really where the Fast-track comes into it. It allows us to then put that application in.

Again, the more we've got agreed up front, the quicker it will go through that process and the more certainty we will have, and that's what we're working on now. That's why this timeframe has been slipping.

As issues have come up, we've tried to deal with them up front with the people that are actually going to be the decision makers, there's no surprises. We're still aiming for that to be in in this quarter four, and then we'll be out of that process by the end of the quarter four next year.

That really just depends on on how, it's viewed by the panel and also, what the assessment timeframes that we're given. The more we can get agreed and the more we can get negotiated up front, then obviously that'll pull back those timeframes.

With the Tenas Project, really similar sort of timelines, different process. In in British Columbia, there's an office called the Environmental Assessment Office, which basically handles the environmental management part of it.

Then there's a Mines Department, which handles the permitting, which then gives you the final permit to actually go forth and and start doing all the works you need to do and the mining process post that point. We're looking to submit within the same sort of timeframes, into June for the environmental assessment.

That takes about 6 months. Then we'll then start in with the permitting phase, which takes around about 12 months.

Again, this this is a a smaller project on world scale, both in terms of the output, but also in terms of the amount of capital that's going to be required. They it's a relatively compact mine site.

There is other resources within the area, but we're concentrating at the moment on really on the Tenas block. Again, it's it's quite a low strip ratio.

We're looking at around about 4:1 over the whole block. Relatively simple logistics.

We form a haul road across to the a block of land we own, which then gives us access to rail, and that rail is the closest rail to coal port of Ridley, which allows us then market the coal into national market. Again, some of the specs you would already be familiar with, but a similar sort of timeframe.

We're looking at about 22 million tons of production, 20-odd years of of mine life, around $140 million set up on capital. It'll be a low-cost operation because of the strip ratio mainly and, relatively simple mining methods.

Good recoveries through the wash plant. We're looking at, 70% plus recovery through the wash plant as well.

The cost per product ton will be around about $80 US delivered to Prince Rupert, or Ridley Port. Good NPV, $270 million US post-tax, with a good internal rate of return as well.

Again, we're we're we've Permitting is the key here. We've we've got to get the environmental assessment application in, and then while we're doing that, we'll also be submitting the permit docs.

As I said, the permitting takes around about 12 months on average by the time you get the permit docs in in front of the regulator and and then out of that process. We have been we've released the results of the DFS, which is the some of the key results we just had on the last page, but we've also now started to to look at some of the forward works for the for the access road and the civils and and getting into mining.

We are looking to try and bring forward some of the drilling work, particularly around the geotech work going forward into the next phase, which then gives us a bit of a piggyback towards first coal in around FY29. It's looking at Bathurst, how we sit today.

We've got in terms of New Zealand dollars, $141 million consolidated cash, zero debt. We're going to earn somewhere around about $45 million EBITDA for this year.

We've got a net asset backing in New Zealand dollar terms again of $1.50. If we look in Australian terms in terms of where our share price is sitting now, we've got a cash backing of of 49 cents, but we've got an asset backing of $1.24 as we stand at the moment.

As you can see from the last couple slides, we've we've got a a long tail of production sitting there that'll take us through to about 2.5 million tons a year, and that doesn't include the the option that we've got with Crown Mountain, which is still a very good option. We own 20-odd percent of that project.

It's costing us a small amount of money each year at the moment to to maintain that option, but, that's a a billion-dollar project looking at the forward curve pricing of around 250. It it is a great option for us going forward.

It's a little bit further down the in the development timeline than the other two projects. That's why we're not concentrating that in terms of these immediate sort of announcements, but it is still a good option for Bathurst.

Just to try and sort of pull all that together, we've got profitable operations in New Zealand, both across the joint venture and our Takitimu 100% owned. We've got good cash reserves that will be applied to these projects.

We've got the Fast-track application nearly complete to go in, and that'll give us all the approvals that we need to then get going. That's the big difference that the Fast-track brought us back in December of '24 was that ability to put one application in and then get all the approvals that we need rather than death by a thousand cuts through every other regulator in the country.

Again, we've backed that project up with a with a pre-feasibility study, and we're working on the DFS now. We've got good backing from from the New Zealand government, both in terms of the Fast-track Act's been passed under this present government, but also metallurgical coal has gone into the critical minerals list.

That that gives us the basis that we need to to then go out and and seek further assistance from government, particularly around, trying to bring on strategic minerals. The Tenas Project, again, is backed by confirmation of reserves earlier this year of financial year, and, with the DFS results backing the the investment.

Why invest in Bathurst? We've we've increased our weighting of sales into steelmaking, it's well and truly above 90% now.

We've got a a good portfolio of assets with with British Columbia. British Columbia's had a big turnaround in terms of of where their attitude has been towards mining.

They see it like New Zealand and a lot of other countries. Australia has always has always seen this benefit that, you're you're either you either mine it or you grow it.

There's big benefits in in utilizing your resources properly. Nothing that we're talking about with the Fast-track is going to take away from any of our environmental management, any of our people management, for that matter, as well.

The these aren't going to end up with disastrous projects because they've been through a Fast-track process. They're going to end up with a better project because it's had more consultation and it's it's going to come out and and be a a project that's actually more deliverable than if it went through the standard process.

We've got global recognition of of metallurgical coal being a critical mineral, both in terms of Europe, US, and New Zealand. We've we've got a history of of generating profits, as we've seen from that one of those earlier graphs, and also maintaining our guidance.

We we have always been conservative, I suppose, but we've also met our guidance over the years. We've got a good balance sheet, no debt.

We've got a strong cash position, which we we will be applying to these various projects within the joint venture and without the outside of the joint venture. We've got really near-term potential for these longer term, longer life projects, all in metallurgical coal in New Zealand and Canada.

We've we've seen the market reacting positively to even things like the US-Iran war, where, it's just indicative of the fact that there's no further large chunks of supply coming to the market, but there's still a a real use for that coal in steelmaking. We believe that's the that's the thematic that a lot of people are investing in Bathurst and other metallurgical coal companies.

Pretty much our total focus now is steelmaking. Look, thanks for your attendance.

As usual, if there's any questions, there's a link in the presentation that allows you to send them through, and we'll endeavor to get back to you in the next couple of days. Thanks very much for your time.

Look forward to catching up soon. Thanks.