Bathurst Resources Limited (BTURF) Q1 2026 Earnings Call Prepared Remarks Transcript

Richard Tacon
CEO & Executive Director

Hi. I’m Richard Tacon, CEO of Bathurst Resources. Welcome to the quarter 1 FY ’26 results webcast. We’ll move on through this.

So Bathurst is an operating company. All its operations are based in New Zealand, but we’ve also got 2 projects in British Columbia and Canada. So we’ve got 4 operating lines, Takitimu, Stockton, Rotowaro, Maramarua. Again, 2 in the North Island, we’ll show you a map in a minute, one on the West Coast and one on the deep South. The Buller project, which is right next door to Stockton, we’ll talk about more as we go through. Tenas is in Northern BC and Crown Mountain is a joint venture with Jameson, which is in the Eastern BC. Look, I suppose the key thing on this page really is that we’ve got a very low enterprise value. We’ve got cash in the bank, and we’ve got significant earnings generation going on and particularly in the future.

So really just moving on to strategy. We’ve got existing operations that are making money. The key there is to maintain those operations in a safe and efficient way, not doing any damage to the environment and also making money. And out of those then build on the organic growth opportunities within those existing projects or right next to them, utilizing existing infrastructure. And then more importantly, looking at some new areas and in our case, British Columbia to then build and add to our coking coal capability in terms of export tonnage. So that was certainly intention with the Crown Mountain project, which we got into in 2018 as a place to learn, with our partners, Jameson and then on to the 100% owned