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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash NZD 102.2M Self Funding
Debt NZD 2.2M Net cash NZD 100M
Basic shares 240.1M 2026-07-01
Runway Self Funding Positive FY26 operating cash flow and FY27 EBITDA guidance make burn runway inapplicable, but discretionary growth capex exceeded internally generated cash in FY26.

Liquidity

Financial position

Audited proportionate consolidation at 30 June 2026 held NZD 102.248m unrestricted cash plus NZD 42.600m restricted deposits against NZD 2.233m finance leases. FY26 operating cash inflow NZD 28.950m fell short of NZD 63.879m investing outflow; development funding and deferred consideration remain demands on liquidity.

Inventory composition1

NZD 41.884m consolidated carrying value. The audited summary does not identify a comparable ROM/in-transit/finished split, so inventory is not added to cash or valued again.

Consolidated coal inventories, mixed work-in-progress and finished product; state split not disclosed
NZD 41.9M carrying

Capital structure

Ownership and dilution

Ordinary shares
240.1M
Fully diluted
241.9M

The 10 February 2026 conversion of 77,905 service rights brought ordinary shares to 240,052,980. Ordinary shares were unchanged after the 1 July 2026 lapse of 571,421 performance rights; 1,843,397 performance rights remained and are included in the fully diluted total. The FY26 audited accounts and September presentation show no subsequent ordinary share transaction; no authorization is assumed to change issued shares.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX quoted ordinary fully paid sharesOrdinary Share240.1M——
Unquoted performance rights outstanding after the 1 July 2026 lapsePerformance Right1.8MA$0—

KPI history

Operating metrics

1 periods
Operating metric source table7
MetricProjectPeriodPeriod typeValueStatus
ProductionCompanyFY2026Year1,206,000 tonnes, BRL equity shareReported
SalesCompanyFY2026Year1,256,000 tonnes, BRL equity shareReported
EBITDACompanyFY2026Year44,700,000 NZD consolidated basisReported
RevenueCompanyFY2026Year261,000,000 NZDReported
EBITDACompanyFY2026Year44,700,000 NZDReported
OtherCompanyFY2026Year28,950,000 NZDReported
OtherCompanyFY2026Year63,879,000 NZDReported
Company guidance1
MetricProjectPeriodLowHighStatus
Consolidated EBITDACompanyFY202730,000,00040,000,000 NZDCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-04-01Ann. 2025-03-25RaisingNZD 35.6M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Reconciled annual note 13 and note 15 with FY26 audited balances and project studies. Hedge notionals/expiry and some private royalty rates are not disclosed, so material contracts are registered with explicit limits.

Bathurst receives 65% of BT Mining economics and bears 65% of funding while Talley’s holds 35%; BPCP spans Bathurst and BT-owned interests.

Joint Venture · Active
Counterparties
Talley’s Energy Limited
Applies to
BT Mining operations (Stockton, Rotowaro and Maramarua) · Buller Plateaux Continuation Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Bathurst BT equity interest: 65 percent
Talley’s BT equity interest: 35 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Current audited interest is 21.8%. Further investment is at Bathurst’s discretion; the conditional route to 50% requires substantial CAD construction funding and is excluded from current attributable NAV.

Joint Venture · Active
Counterparties
NWP Coal Canada Limited · Jameson Resources Limited
Applies to
Crown Mountain Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Audited current NWP interest: 21.8 percent
Conditional total interest: 50 percent
Remaining tranche two construction funding: 106 CAD million approximately
How it affects our valuation

No valuation treatment is available for this arrangement.

Coal sold from relevant Buller permits bears an ongoing royalty; contingent USD 40m performance payments and performance shares can be deferred by paying a higher royalty. The audited deferred consideration captures part of this obligation.

Royalty · Active
Counterparties
LMCHB Limited / L&M
Applies to
Buller Plateaux Continuation Project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Contingent performance payments: 80 USD million total
Royalty rate: — percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Vendor consideration of USD 4m on final permits and USD 3m one year thereafter remains a permit-linked obligation and is included in audited deferred consideration.

Other · Active
Counterparties
Tenas project vendor
Applies to
Tenas Project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Final permit payment: 4 USD million
One-year subsequent payment: 3 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Ongoing sales-based royalty on Takitimu output; residual liability is recorded in deferred consideration and depends on remaining mine sales.

Royalty · Active
Counterparties
New Brighton Collieries vendor
Applies to
Takitimu Mine · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Rate: — percent of sales
How it affects our valuation

No valuation treatment is available for this arrangement.

Tenas feasibility economics include a 3% life-of-mine private royalty payable to Altius.

Royalty · Active
Counterparties
Altius Minerals Corporation
Applies to
Tenas Project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate: 3 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

BT Mining has live coal-price and FX hedge fair-value exposure in FY26 audited accounts. Outstanding notional, strike and expiry are not disclosed in the selected evidence; no indefinite hedge payoff is assumed.

Commodity Hedge · Active
Counterparties
Undisclosed bank counterparties
Applies to
BT Mining operations (Stockton, Rotowaro and Maramarua) · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
2026 hedging OCI movement: -3,793,000 NZD
How it affects our valuation

No valuation treatment is available for this arrangement.

BT Mining’s FY26 hedge reserve reflects foreign-exchange as well as coal-price derivatives; FX-specific strike, notional and expiry are not disclosed, so payoff is not extrapolated.

FX Hedge · Active
Counterparties
Undisclosed bank counterparties
Applies to
BT Mining operations (Stockton, Rotowaro and Maramarua) · Others
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.