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2026-11-06
◂ Monitor BRL ASX

Bathurst Resources Limited

Producer · Others · New Zealand · Canada Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.338
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$81M
EV
A$367.1K
Cash
NZD 102.2M
Debt
NZD 2.2M
4 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

BT Mining operations (Stockton, Rotowaro and Maramarua)

New Zealand

Producer65% ownedOthers

BT Mining is a 65% Bathurst/35% Talley’s joint venture. Maramarua M2 extension consent was granted in August 2026; Stockton standalone life is about three years absent BPCP integration, so later-life cash flows remain conditional.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Milestones1
  1. Deliver FY2027 operating plan and sales targets

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Existing operating consentsNew ZealandGranted—No
Maramarua M2 extension consentsNew ZealandGranted—No

Material

Takitimu Mine

New Zealand

Producer100% ownedOthers

Producing South Island domestic coal mine approaching resource exhaustion; management forecasts materially lower FY2027 sales and increased rehabilitation activity.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Milestones1
  1. Progress end-of-life rehabilitation and closure transition

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Existing operating consentsNew ZealandGranted—No

Core asset

Buller Plateaux Continuation Project

New Zealand

PFS DeveloperOthers

Mixed Bathurst-owned and BT Mining (65% Bathurst) project footprint; PFS is 100% project basis, not an attributable BRL NAV. Substantive fast-track filing was lodged in August 2026, but EPA found it incomplete on 24 September for wildlife approval and reserve-manager consent; resubmission and approval remain critical.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVNZD 323MPublished value
IRR30%Published return
Initial capexNZD 104.6MPublished capital estimate
Operating cost272NZD per tonne FOB

Issuer-reported PFS project metrics on a 100% project basis; tax and discount-rate details were not extracted into this compact ledger.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Ore ReserveProject coal reserve11.8M tonnesCoking-quality coal; no single grade metric stated in extracted summaryOthers2025-10-31
Milestones2
  1. Resubmit a complete fast-track application after technical issues

    At Risk · High materiality

  2. Complete definitive feasibility study

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Fast Track Approvals Act approvalNew ZealandPending—Yes
Economic studies1
StudyStageStatusDateSummary
2025 BPCP Prefeasibility StudyPFSCurrent2025-10-31PFS reports NZD 323 million project NPV, 30% IRR and NZD 104.6 million startup capital before valuation risk adjustment.

Core asset

Tenas Project

Canada

DFS Unfunded Developer100% ownedOthers

Wholly owned BC steelmaking-coal developer. Effects Assessment and Recommendation phase began in August 2026; certificate, permits, USD 139m startup capital and schedule remain open.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$269M8% discount
IRR27%Published return
Initial capexUS$139MPublished capital estimate
Operating cost80.48USD per tonne FOB

Issuer-reported post-tax NPV8 and current updated-feasibility inputs on a 100% basis.

Milestones2
  1. Enter environmental final-assessment phase

    Achieved · High materiality

  2. Target first production

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Environmental Assessment CertificateBritish Columbia, CanadaPending—Yes
Economic studies1
StudyStageStatusDateSummary
2025 Tenas Updated Feasibility StudyUpdated FeasibilityCurrent2025-11-12Updated study reports USD 269 million post-tax NPV8, 27% IRR, USD 139 million startup capital and USD 80.48 per tonne FOB operating cost.

Material

Crown Mountain Project

Canada

DFS Unfunded Developer21.8% ownedOthers

Current audited 21.8% NWP equity interest, with a conditional pathway toward 50% requiring substantial CAD construction funding. Only current interest is valued; environmental certificate and partner financing remain pending.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$942M10% discount
Initial capexUS$394MPublished capital estimate
Operating cost102.79USD per tonne FOB Vancouver

Issuer-reported pre-tax NPV10 and updated pre-production capital on a 100% project basis; BRL owns 22.8% currently.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred90.2M tonnesMetallurgical coal; category breakdown disclosed separately by issuerOthers2025-05-09
Ore ReserveProven and probable57.5M tonnesMetallurgical coal; product qualities disclosed in the feasibility studyOthers2025-05-09
Milestones1
  1. Submit final revised environmental application

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Environmental Assessment CertificateBritish Columbia, CanadaPending—Yes
Economic studies1
StudyStageStatusDateSummary
2025 Crown Mountain BFS UpdateBfsCurrent2025-05-09BFS update reports USD 942 million pre-tax NPV10 on a 100% project basis and USD 394 million pre-production capital.