Bathurst Resources Limited

Career chronology

• CEO from March 2015; current in roster dated 26 September 2026: Bathurst Resources Limited — Executive Director; Chief Executive Officer. Our People (Our People, lines 82–87 and 152–157); Annual Report 2025 (directors as at 30 June 2025, p. 72)

• From 2012; appointed Chief Executive Officer in March 2015: Bathurst Resources — Chief Operating Officer. Our People (Our People, lines 82–87 and 152–157)

• Career began in the 1970s; 32 years working in Australia before returning to New Zealand in 2012: Coal mining operations in New Zealand and Australia — Mine operations roles across coal mining. Our People (Our People, lines 82–86); Annual Report 2017 (pp. 19–20, biography)

• Appointed September 2023; FY2025 annual report lists as a current other directorship: New Talisman Gold Mines Limited — Non-Executive Director. Annual Report 2025 (other current directorships, p. 72)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: Coal Association of New Zealand — Chair. Our People (Our People, lines 86–87 and 156–157)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: New Zealand Mines Rescue Trust — Board member. Our People (Our People, lines 86–87 and 156–157)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: Straterra — Board member. Our People (Our People, lines 86–87 and 156–157)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: BT Mining Limited — Director as Bathurst representative. Our People (Our People, lines 86–87 and 156–157)

Education and qualifications

Mining qualifications and rescue experience

Reported in FY2017 · issuer reported · medium materiality

The FY2017 annual report states that Tacon spent 15 years on a mine rescue crew and held first-, second- and third-class coal mining qualifications. No separate education or qualification-register verification was located.

Attribution: Responsibility not applicable. Historical issuer biography documents practical mine-safety background; exact qualification issuing records were not reviewed.

Relevance: Relevant to operational and safety oversight across coal mines.

Annual Report 2017 (pages 19-20, Richard Tacon biography and HSEC committee)

Contributions and company outcomes

FY26 EBITDA at the top of guidance with ongoing domestic production

FY2026 · issuer reported · high materiality

For FY2026 Bathurst reported consolidated EBITDA of NZ$44.7m, at the top of NZ$35–45m guidance, consolidated cash including restricted deposits/bonds of NZ$144.8m, and a NZ$4.6m net loss. Export production rose to 1.036Mt from 0.956Mt; domestic EBITDA fell to NZ$17.3m from NZ$31.8m. Measures mix Bathurst and 65% BT Mining interests as disclosed. Tacon signed the results release as CEO, but these group outcomes are not individually attributable.

Attribution: Role overlaps event; causation unproven. Tacon was CEO and executive director; source does not isolate his personal contribution or control over market price, costs or JV outcomes.

Relevance: Directly relevant to operating delivery, project execution and leadership of a mature/transitioning coal portfolio.

30 June 2026 Results Announcement (pp. 1–3, consolidated results and segment performance)

Business failures and setbacks

FY25 guidance shortfall amid tunnel and market disruption

FY2025 · issuer reported · medium materiality

Bathurst reported FY25 consolidated EBITDA of NZ$44m against lower-end guidance of NZ$45m, a 2% miss. The CEO letter attributed pressure to six months of Stockton rail disruption after a tunnel failure, more costly road freight, lower export volumes and falling coking-coal prices. The company nevertheless completed a NZ$36m equity raise and retained NZ$178m consolidated cash. This is a company result during Tacon’s CEO tenure; no personal causation is established.

Attribution: Role overlaps event; causation unproven. CEO tenure overlapped operational disruption and guidance outcome; evidence does not show whether the rail failure or price conditions were within executive control.

Relevance: Material operating resilience and guidance record relevant to CEO evaluation.

Annual Report 2025 (CEO message and business results, pages 10-11; operating outcomes pages 15-23)

Fast-track continuation application returned as incomplete

September 2026 · documented · medium materiality

Bathurst announced on 24 September 2026 that the EPA found its Buller Plateaux Continuation Project substantive application incomplete because wildlife approval and reserve-manager consent issues required further work. The official Fast-track record says the application was returned on 23 September and a new application could be lodged. This was a project execution setback during Tacon’s CEO tenure; no source assigns the technical omissions to him personally, and resubmission remained possible at cutoff.

Attribution: Role overlaps event; causation unproven. Tacon was CEO, but no individual authorship or personal failure was established.

Relevance: BPCP is a material growth/continuation project; regulatory completeness affects timing and execution risk.

BPCP Fast Track Application Update (p. 1); Buller Plateaux Continuation (lines 90–127)

Industrial safety

FY25 safety metrics and long no-LTI streaks at two sites

FY2025 · issuer reported · medium materiality

Bathurst reported group TRIFR of 8.99 and LTIFR of 4.19 per million hours across Bathurst and 100% of BT Mining operations in FY25, down from 18.12 and 6.3 respectively in FY24. These are issuer-reported portfolio metrics, not an independent safety audit or individually attributable CEO outcomes.

Attribution: Role overlaps event; causation unproven. Tacon’s executive tenure overlapped the group safety outcomes; day-to-day accountability and incident-level responsibility are not assigned by the cited aggregate metrics.

Relevance: Relevant to executive safety oversight across a high-hazard mining business.

Annual Report 2025 (FY25 key statistics, p. 18); Annual Report 2025 (Health and safety, p. 44)

Environmental record

Canterbury sediment-control and mine-closure matters during CEO tenure

2017–2022; Canterbury mine · documented · medium materiality

Environment Canterbury reported that Bathurst Coal Limited received 14 infringement notices and a NZ$10,500 fine in 2017 for unconsented sediment runoff from the Canterbury mine. Bathurst’s FY2020 annual report says a separate January 2018 discharge matter led to a guilty plea to one representative charge and a NZ$18,000 conviction fine in November 2019. Joint councils refused closure and rehabilitation consents in June 2022; the current regulator record says the decision was appealed to the Environment Court. Tacon had been Bathurst CEO since 2015, but the reviewed records do not connect him personally to the incidents or establish his operational decisions.

Attribution: Role overlaps event; causation unproven. CEO tenure overlaps the company and subsidiary events; no personal act, direction, or causal responsibility was established.

Relevance: Environmental compliance and closure execution are material to a coal producer and to the CEO’s oversight remit.

Coal mine fined for consent breaches (lines 71–88); Annual Report 2020 (p. 35, lines 1624–1635); Bathurst Coal Limited — notified decision (lines 69–79); Bathurst Coal Limited — current consent status (lines 5–18)

Litigation and enforcement

Talley’s claims and counterclaims; derivative-action leave refused

December 2024–June 2026; substantive trial pending at cutoff · disputed · high materiality

Talley’s Group began proceedings in December 2024 naming Bathurst, its directors and another party, including alleged shareholder-prejudice and misleading-representation claims; Bathurst and its directors filed a defence and counterclaim. The High Court dismissed Talley’s application for leave to bring a derivative action in June 2026. As at the FY26 results announcement, substantive proceedings remained pending under non-publication/suppression orders and trial was listed for May 2028. These are contested company/director allegations, not a finding of misconduct by Tacon.

Attribution: Role overlaps event; causation unproven. Tacon was CEO/director and the issuer release authorised by him reports company litigation. The available sources do not establish his personal conduct or liability; substantive claims remain unresolved.

Relevance: Material governance and legal exposure during his leadership; the adverse claims and court outcome must be kept distinct.

Equity Raise Presentation – Joint Venture Litigation Update (p. 46, litigation summary); BRL update on Talley’s litigation (p. 1, June 2026 decision update); 30 June 2026 Results Announcement (p. 7, litigation status and trial date)

Suitability for the current role

Extensive coal-operating experience is relevant to CEO role

Roster as of 2026-09-26 · analyst inference · medium materiality

Bathurst’s current biography describes coal-mine work beginning in the 1970s, 32 years in Australia, COO service from 2012 and CEO appointment in March 2015. The mix of mine operations and long CEO tenure is relevant to a coal producer and developer. Prior employer-by-employer dates and independent verification remain limited.

Attribution: Responsibility not applicable. The analyst infers role relevance from Bathurst’s reported career history; exact prior-employer chronology and independent credential verification remain incomplete.

Relevance: Reported mine operations and executive experience are relevant preparation for the CEO remit, while outcome attribution and independent verification remain limited.

Our People (Our People, lines 82–87 and 152–157)

Evidence gaps

• Earlier mine employers, exact role dates and independent confirmation of mining qualifications were not verified.

• FY25/FY26 results are group/joint-venture outcomes; commodity, logistics and asset factors limit individual attribution.

• Talley’s substantive litigation remained unresolved under suppression orders at cutoff, although the derivative-leave application was dismissed; trial was scheduled for May 2028.

• Open-web and selected regulator/court records were reviewed, but no comprehensive criminal, sanctions, court, Companies Office, ASIC, WorkSafe, environment or professional-disciplinary check was completed.

Career chronology

• Effective 19 December 2025; current as at cutoff: Bathurst Resources Limited — Executive Director – North America. Leadership Appointments (p. 1); Our People (Our People, lines 88–92)

• Director since 2015; CFO/finance leadership before appointment to North America remit in December 2025: Bathurst Resources — Non-Executive Director; Executive Director; CFO; interim CFO. Annual Report 2017 (directors’ report and leadership biography, pp. 17, 19–20); Annual Report 2025 (director disclosures, p. 72); Leadership Appointments (p. 1)

• Earlier career; current profile cites BHP and Anglo American; older issuer materials also refer to Shell; employer-specific dates and role allocation are unresolved: BHP; Anglo American; Shell (as variously reported) — Commercial, planning and mine development/operations roles. Our People (Our People, lines 88–92); Annual Report 2017 (leadership biography, pp. 19–20)

• More than 35 years of sector experience reported in current issuer biography: Mining and construction sector — Mine project evaluation and new-mine construction; executive roles. Our People (Our People, lines 88–92)

• Most recent role before Bathurst board appointment in April 2015; exact start date not published: Hillgrove Resources Limited — Chief Financial Officer; director and company secretary of subsidiary companies. Annual Report 2015 (leadership biography, p. 18, lines 1051–1058)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: BT Mining Limited — Director as Bathurst representative. Our People (Our People, lines 88–92 and 158–162)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: Telkwa Mining Limited — Director as Bathurst representative. Our People (Our People, lines 88–92 and 158–162)

• Current in Bathurst’s official profile accessed 10 October 2026; start date not published: NWP Coal Limited — Director as Bathurst representative. Our People (Our People, lines 88–92 and 158–162)

Education and qualifications

MBA and Bachelor of Business reported

Reported in FY2017 · issuer reported · low materiality

Bathurst annual reports identify Russell Middleton as MBA, BBus. The 2015 report states his public-accounting start, CFO role at Hillgrove and subsequent BHP and Shell mining roles. Awarding institutions and dates were not specified, and the credentials were not independently verified.

Attribution: Responsibility not applicable. Relevant business education for finance and executive-director roles; independent qualification check not completed.

Relevance: Supports financial and commercial role fit, subject to verification.

Annual Report 2015 (leadership biography, p. 18, lines 1048–1065); Annual Report 2017 (director biography and qualifications, pp. 19–20)

Contributions and company outcomes

Executive oversight during FY26 operating recovery and domestic earnings decline

FY2026 · issuer reported · medium materiality

Bathurst reported FY26 EBITDA of NZ$44.7m at the top of guidance, export production recovery to 1.036Mt from 0.956Mt, domestic EBITDA decline to NZ$17.3m from NZ$31.8m, and group net loss of NZ$4.6m. Middleton remained an executive director and moved to the North America remit in December 2025; outcomes span periods and operating areas and are not individually attributed.

Attribution: Role overlaps event; causation unproven. Board/committee oversight and tenure overlap are documented; no personal causal contribution or fault is established.

Relevance: Relevant to current North America growth, board oversight and finance-to-strategy transition.

30 June 2026 Results Announcement (pp. 1–3, group and segment results); Leadership Appointments (p. 1, role transition)

Industrial safety

FY25 group safety indicators during board tenure

FY2025 · issuer reported · low materiality

Bathurst reported group TRIFR 8.99 and LTIFR 4.19 per million hours across BRL and 100% BT Mining operations in FY25, alongside long no-LTI intervals at Maramarua and Takitimu. Middleton was an executive director and served on Audit and Risk, not the HSEC committee per FY2025 governance disclosure. Metrics are issuer-reported and do not establish individual safety responsibility.

Attribution: Role overlaps event; causation unproven. Board and risk-committee tenure overlaps aggregate performance, but operational accountability is not assigned to him by these data.

Relevance: Relevant to governance and risk oversight but not a direct operational safety assessment.

Annual Report 2025 (key statistics, page 16; governance/committee descriptions, pages 66-73)

Litigation and enforcement

Director named in Talley’s claims; company application dismissed and core case pending

December 2024–June 2026; core proceeding pending at cutoff · disputed · high materiality

Talley’s Group proceedings filed in December 2024 named Bathurst, its directors and another party, and included alleged shareholder-prejudice and misleading-representation claims. Bathurst and all directors filed a defence/counterclaim. In June 2026 the High Court dismissed Talley’s application for leave to bring a derivative action, but the substantive proceedings remained pending under suppression orders; the FY26 results announcement listed trial for May 2028. The allegations remain contested, and no personal wrongdoing finding against Middleton was established.

Attribution: Role overlaps event; causation unproven. Middleton was a director during the claims period and served on Audit and Risk; evidence does not establish his personal conduct or liability.

Relevance: Material to board oversight and governance assessment while preserving the distinction between allegations and findings.

Equity Raise Presentation – Joint Venture Litigation Update (p. 46, litigation summary); BRL update on Talley’s litigation (p. 1); 30 June 2026 Results Announcement (p. 7, litigation status)

Suitability for the current role

Mining project and commercial experience fits North America remit

Roster as of 2026-09-26 · analyst inference · medium materiality

The current issuer biography reports more than 35 years in mining and construction, project evaluation/construction and senior commercial/planning roles at BHP and Anglo American; the 2015 issuer report adds Hillgrove CFO, BHP and Shell experience. He is a director of Bathurst’s BT Mining, Telkwa and NWP joint ventures. This experience is relevant to a North America project remit. Exact employer chronology and individual project outcomes remain unresolved.

Attribution: Responsibility not applicable. The analyst infers role relevance from issuer-reported project and commercial experience; exact chronology and individual project outcomes remain unresolved.

Relevance: Project evaluation, construction, commercial planning and joint-venture oversight experience are relevant to the North America remit; individual outcomes remain unresolved.

Our People (Our People, lines 88–92); Annual Report 2015 (leadership biography, p. 18, lines 1051–1065)

Evidence gaps

• Exact start/end dates, scope and outcomes at BHP, Anglo American and Shell, and earlier accounting career, remain unresolved; profile sources differ on which prior employers to name.

• MBA and BBus are issuer-reported without awarding institutions or independent credential verification.

• Group financial and governance matters overlap director service but do not identify individual decisions or responsibility; the substantive Talley’s case remains pending under suppression orders, with trial scheduled May 2028.

• No exhaustive criminal, court, regulator, sanctions, safety/environment or professional-disciplinary record review was completed.

Career chronology

• Appointed effective 19 December 2025; current at cutoff: Bathurst Resources Limited — Chief Financial Officer. Leadership Appointments (p. 1); Our People (Our People, lines 93–99)

• Appointed 18 June 2026; current profile calls this an interim secretary role: Bathurst Resources Limited — Acting Company Secretary. Company Secretary Appointment/Resignation (p. 1); Our People (Our People, lines 93–99)

• Joined Bathurst in 2023 and served as Head of Finance before CFO appointment; exact month/day unknown: Bathurst Resources — Head of Finance. Our People (Our People, lines 93–99); Leadership Appointments (p. 1)

• More than a decade of senior financial-management experience before CFO appointment; prior employers not named: Public and private sector organisations in New Zealand — Senior financial management. Our People (Our People, lines 93–99)

Education and qualifications

Chartered Accountant (CAANZ)

As reported by Bathurst in 2026 · issuer reported · medium materiality

Bathurst reports McColl is a Chartered Accountant and has more than a decade in senior financial management roles in New Zealand. No independent CAANZ or degree verification was performed.

Attribution: Responsibility not applicable. Accounting qualification is relevant to CFO and interim company-secretary responsibilities.

Relevance: Supports fit for financial control and reporting responsibilities subject to issuer-only credential evidence.

Our People (Our People, lines 93-99)

Contributions and company outcomes

FY26 group earnings and loss context during current CFO tenure

FY2026 · issuer reported · medium materiality

FY26 consolidated results report EBITDA of NZ$44.7m, statutory net loss of NZ$4.594m including NZ$1.5m impairment, and cash including restricted deposits/bonds of NZ$144.8m across Bathurst and its 65% share of BT Mining. McColl was CFO for part of the year only. The result includes substantial group/JV, market and operational drivers and is not individually attributable.

Attribution: Role overlaps event; causation unproven. He served as CFO by the FY2026 reporting date; no personal causation for impairment, statutory loss or cash movement is established.

Relevance: Relevant to CFO performance evaluation and reporting, with attribution limitation.

30 June 2026 Results Announcement (pp. 1–3, consolidated results)

Suitability for the current role

Chartered finance leader progressed internally into CFO role

Roster as of 2026-09-26 · analyst inference · medium materiality

McColl is a CAANZ Chartered Accountant with over a decade in senior financial management roles in New Zealand. He joined Bathurst in 2023 as Head of Finance before appointment as CFO on 19 December 2025, and became acting company secretary in June 2026. This is relevant finance/control experience; previous employers, degree details and quantified results remain undisclosed.

Attribution: Responsibility not applicable. The analyst infers role relevance from issuer-reported finance experience and internal progression; previous employers, degree details and quantified outcomes remain undisclosed.

Relevance: Chartered-accountancy training and senior finance experience are relevant to the CFO remit; career detail and quantified outcomes remain limited.

Our People (Our People, lines 93–99); Leadership Appointments (p. 1); Company Secretary Appointment/Resignation (p. 1)

Internal finance succession into CFO and interim company secretary

2023–2026 · analyst inference · medium materiality

Bathurst reports McColl joined in 2023 as Head of Finance before his CFO appointment effective 19 December 2025. On 18 June 2026 he was appointed acting company secretary following the death of Larissa Brown. The current issuer profile calls the secretary remit “interim”; the selected roster uses “acting.” These are issuer descriptions of an interim appointment, not evidence of a permanent secretary appointment.

Attribution: Responsibility not applicable. Issuer profile supports internal succession and experience duration; it does not identify specific delivered financial results or prior employer responsibilities.

Relevance: Relevant to finance, reporting and governance roles during ongoing litigation and multi-project development.

Our People (Our People, lines 93–99); Leadership Appointments (p. 1); Company Secretary Appointment/Resignation (p. 1)

Evidence gaps

• Previous employers, financial responsibilities, degree details beyond CAANZ and individually attributable results are not established in available sources.

• CFO tenure began on 19 December 2025, part-way through FY2026; results are group/JV and market outcomes that cannot be attributed to him individually.

• No comprehensive court, ASIC, New Zealand regulator, criminal, sanctions, safety/environment or professional-disciplinary searches were completed.

Career chronology

• Joined Bathurst in 2012 to manage its HSEC portfolio; current role in 2025 annual report and current issuer page: Bathurst Resources Limited — General Manager, Health, Safety, Environment & Community. Our People (Our People, lines 101–106); Annual Report 2025 (Senior leadership, p. 22, lines 381–383)

• Earlier career before or alongside Bathurst; specific employers and dates not stated: Government, industry groups and mining companies — Management roles in environmental/resource science and HSEC. Our People (Our People, lines 101–106)

Business failures and setbacks

BPCP application returned over approval/consent completeness

September 2026 · documented · medium materiality

In September 2026 Bathurst disclosed that EPA had returned the BPCP substantive application as incomplete because further work was needed on wildlife approval and reserve-manager consent. The Fast-track record confirms return on 23 September and the ability to lodge a new application. The issue overlaps Fiona’s HSEC remit, but source material does not identify who owned the application components or assign individual responsibility; resubmission remained possible at cutoff.

Attribution: Role overlaps event; causation unproven. HSEC remit creates role overlap only; the records do not connect Fiona personally to the omissions.

Relevance: Environmental approvals are relevant to HSEC oversight and the company’s growth-project execution.

BPCP Fast Track Application Update (p. 1); Buller Plateaux Continuation (lines 90–127)

Industrial safety

FY25 group injury-frequency measures improved

FY2025 · issuer reported · medium materiality

Bathurst reported FY25 group TRIFR of 8.99 and LTIFR of 4.19 per million hours, down from 18.12 and 6.3 respectively in FY24, across Bathurst and 100% of BT Mining operations. Fiona’s HSEC remit overlaps this portfolio, but the report does not attribute the result to her individually and it is not an independent safety audit.

Attribution: Role overlaps event; causation unproven. HSEC portfolio overlap is documented; individual causation or contribution is not.

Relevance: Safety performance is central to Fiona’s current HSEC remit and mining risk oversight.

Annual Report 2025 (key statistics, p. 18); Annual Report 2025 (Health and safety, p. 44, lines 1232–1255)

Environmental record

Canterbury sediment-control and closure cases during HSEC remit

2017–2022; Canterbury mine · documented · medium materiality

Environment Canterbury reported 14 infringement notices and a NZ$10,500 fine against Bathurst Coal in 2017 for unconsented sediment runoff. Bathurst’s FY2020 annual report reports a separate 2018 discharge case ending in a guilty plea, conviction and NZ$18,000 fine in November 2019. Joint councils refused closure and rehabilitation consents in 2022; the current regulator record says the decision was appealed. Fiona joined in 2012 to manage HSEC, but no personal role in the incidents or causal responsibility is shown.

Attribution: Role overlaps event; causation unproven. Her HSEC leadership period overlaps the company/site events; records do not identify her as an actor or establish individual fault.

Relevance: Environmental controls and mine closure are directly relevant to her HSEC remit.

Coal mine fined for consent breaches (lines 71–88); Annual Report 2020 (p. 35, lines 1624–1635); Bathurst Coal Limited — notified decision (lines 69–79); Bathurst Coal Limited — current consent status (lines 5–18)

Suitability for the current role

General Manager, Health, Safety, Environment & Community is supported by relevant functional experience

Current role as at 10 October 2026 · analyst inference · medium materiality

An environmental and resource scientist with more than 20 years in management roles across government, industry groups and mining companies; she has managed Bathurst’s HSEC portfolio since joining in 2012. This background is relevant to the remit. The reviewed bios do not identify a specific degree, professional registration or individual incident outcome.

Attribution: Responsibility not applicable. This is an analyst assessment of role fit, based on issuer-reported career facts; it is not an independent performance evaluation.

Relevance: Role fit is relevant to the executive team’s ability to run operating mines, manage growth or deliver company functions.

Our People (Our People, lines 101–106); Annual Report 2025 (Senior leadership, p. 22, lines 381–383)

Evidence gaps

• Earlier employers, specific education/registration, exact career dates and independent evidence of her individual HSEC outcomes are not fully documented in the reviewed public sources.

• The environmental and permitting outcomes are company/project matters; no individual responsibility for the 2017–2022 Canterbury events or 2026 BPCP application omissions was established.

• No exhaustive WorkSafe, court, criminal, sanctions or professional-disciplinary search was completed; the targeted public-source search is not a clearance.

Career chronology

• Senior leadership disclosure in 2020 and 2025 annual reports; current official profile confirms export marketing/logistics remit; start date not published: Bathurst Resources Limited — General Manager, Marketing and Logistics; current title General Manager, Export Marketing & Logistics. Our People (Our People, lines 108–113); Annual Report 2025 (Senior leadership, p. 22, lines 386–387)

• Earlier or concurrent sector experience; prior employers and dates not stated: New Zealand coal sector — Domestic/international coal marketing and customer-contract management. Our People (Our People, lines 108–113)

Education and qualifications

Postgraduate Master of Science in Geography

Current issuer biography reviewed 10 Oct 2026 · issuer reported · low materiality

Bathurst reports that Johnstone holds a postgraduate Master of Science majoring in Geography. Institution and award date are not specified in the reviewed biography.

Attribution: Responsibility not applicable. The education and professional-status information is reported by the issuer; independent credential verification was not performed.

Relevance: Credentials and professional training provide evidence of subject-matter preparation for the executive’s current function.

Our People (Our People, lines 108–113)

Contributions and company outcomes

FY26 coal sales recovered in export segment

FY2026 · issuer reported · medium materiality

Bathurst reported FY26 export sales of 1.145Mt, with export production of 1.036Mt, versus 0.956Mt production in FY25. Johnstone’s remit includes export and domestic marketing/logistics and customer contracts, but the company does not isolate his actions or share of the result.

Attribution: Role overlaps event; causation unproven. Issuer disclosure establishes role alignment, not an individual contribution or sole cause.

Relevance: Export volume, contracts and logistics are directly relevant to his current remit.

30 June 2026 Results Announcement (p. 2, export production, sales and financial results); Our People (Our People, lines 108–113)

Business failures and setbacks

Rail-tunnel disruption reduced FY25 export sales capacity

FY2025 · issuer reported · medium materiality

Bathurst’s FY2025 CEO report says a Stockton rail-tunnel failure closed the export route for six months; road freight enabled continued exports but raised costs and constrained coal volumes. This overlapped Johnstone’s marketing/logistics remit, but the infrastructure failure was not attributed to him.

Attribution: Role overlaps event; causation unproven. Role overlap only; the company attributed the disruption to tunnel failure and did not identify an individual decision or failure.

Relevance: Export logistics and customer commitments fall within his current functional remit.

Annual Report 2025 (CEO report, p. 9–10, lines 127–134); Our People (Our People, lines 108–113)

Suitability for the current role

General Manager, Export Marketing & Logistics is supported by relevant functional experience

Current role as at 10 October 2026 · analyst inference · medium materiality

The current issuer profile says Johnstone manages domestic/export customer contracts and has marketing experience with New Zealand coal; the FY2025 report lists the Marketing and Logistics role. This is directly relevant to customer/offtake and export logistics. The current title adds “Export,” a wording refinement not a documented role change.

Attribution: Responsibility not applicable. This is an analyst assessment of role fit, based on issuer-reported career facts; it is not an independent performance evaluation.

Relevance: Role fit is relevant to the executive team’s ability to run operating mines, manage growth or deliver company functions.

Our People (Our People, lines 108–113); Annual Report 2025 (Senior leadership, p. 22, lines 386–387)

Evidence gaps

• Prior employers, exact tenure, institution/award date for the MSc and individual marketing/logistics outcomes are not documented in the reviewed sources.

• FY25 and FY26 sales/logistics metrics are company or segment outcomes; the sources do not isolate Johnstone’s contribution from infrastructure, price or broader operating factors.

• No exhaustive court, regulator, criminal, sanctions, safety/environment or professional-disciplinary search was completed.

Career chronology

• Rejoined Bathurst in 2025; annual report lists role as Acting, current official page omits “Acting”: Bathurst Resources Limited — General Manager, Resource Development. Our People (Our People, lines 115–120); Annual Report 2025 (Senior leadership, p. 22, lines 393–394)

• Before rejoining Bathurst in 2025; exact dates not stated: Golder Associates New Zealand Limited — Director; Principal Engineer. Our People (Our People, lines 115–120)

• Earlier career; employers and dates not stated: Open-pit mines in British Columbia — Senior mining positions. Our People (Our People, lines 115–120)

Education and qualifications

Mining-engineering degree and professional registrations

Qualifications disclosed in FY2025 annual report · issuer reported · medium materiality

The FY2025 competent-person statement identifies a BSc Engineering (Mining) (Hons) from Queen’s University, Chartered Professional status and membership of AusIMM, plus membership/registration with Engineers and Geoscientists British Columbia. The issuer biography also confirms these professional designations.

Attribution: Responsibility not applicable. The education and professional-status information is reported by the issuer; independent credential verification was not performed.

Relevance: Credentials and professional training provide evidence of subject-matter preparation for the executive’s current function.

Annual Report 2025 (Competent Person statements, p. 136, lines 4934–4941); Our People (Our People, lines 115–120)

Contributions and company outcomes

Tenas passed an information gate into effects assessment

August 2026 · issuer reported · medium materiality

Bathurst reported in August 2026 that Tenas entered the effects-assessment phase. This is a permitting-process milestone, not an approval, construction start or production result. Sue rejoined Bathurst’s resource-development team in 2025; the milestone overlapped her current function, but no individual contribution is established.

Attribution: Role overlaps event; causation unproven. The role and project overlap are documented, but no personal contribution is attributed.

Relevance: Progressing development projects is central to the resource-development remit.

30 June 2026 Results Announcement (p. 1, project updates); Our People (Our People, lines 115–120)

Business failures and setbacks

BPCP substantive application returned as incomplete

September 2026 · documented · medium materiality

In September 2026 EPA returned Bathurst’s BPCP application because the wildlife approval and reserve-manager consent components needed more work. Bathurst said it would resolve the matters and resubmit; the regulator confirms a new application may be lodged. Sue was the GM Resource Development at the time, but records do not establish personal authorship or fault.

Attribution: Role overlaps event; causation unproven. Role overlap only; no source identifies Sue as responsible for the specific missing approvals.

Relevance: The issue is relevant to development-project completeness and permitting execution.

BPCP Fast Track Application Update (p. 1); Buller Plateaux Continuation (lines 90–127); Our People (Our People, lines 115–120)

Governance and interests

Competent-person work and Bathurst resource-development role disclosed together

FY2025 annual report · issuer reported · medium materiality

The FY2025 annual report states that Sue Bonham-Carter, a full-time employee of BCP Associates, supervised or prepared reserve information and was General Manager for Bathurst Resources Resource Development. Bathurst’s current profile also presents her as GM Resource Development. This is a disclosed professional-role overlap; no source reviewed finds a conflict or lack of technical independence, and the materials do not explain the operating arrangement.

Attribution: Individual involvement documented. The issuer directly disclosed both affiliations and roles; no misconduct or conflict finding is reported.

Relevance: Technical reserve sign-off and the responsible growth-project function are related to the quality and governance of project disclosure.

Annual Report 2025 (Competent Person statements, p. 136, lines 4934–4941); Our People (Our People, lines 115–120)

Suitability for the current role

General Manager, Resource Development is supported by relevant functional experience

Current role as at 10 October 2026 · analyst inference · medium materiality

A mining engineer with more than 35 years in mining engineering and management, senior open-pit roles in British Columbia, feasibility/due-diligence experience and professional registrations is well aligned to resource development. The FY2025 annual report identifies her as Acting GM; the current issuer page lists the unqualified GM title, with no exact change date disclosed.

Attribution: Responsibility not applicable. This is an analyst assessment of role fit, based on issuer-reported career facts; it is not an independent performance evaluation.

Relevance: Role fit is relevant to the executive team’s ability to run operating mines, manage growth or deliver company functions.

Our People (Our People, lines 115–120); Annual Report 2025 (Senior leadership, p. 22, lines 393–394)

Evidence gaps

• Employer-by-employer career dates and the exact date the FY2025 “Acting” title changed are not disclosed; the current source labels her General Manager. Her employer relationship with BCP Associates and Bathurst is disclosed but not explained beyond the competent-person statement.

• The environmental and permitting outcomes are company/project matters; no individual responsibility for the 2017–2022 Canterbury events or 2026 BPCP application omissions was established.

• No exhaustive WorkSafe, court, criminal, sanctions or professional-disciplinary search was completed; the targeted public-source search is not a clearance.

Career chronology

• Senior leadership role listed in FY2020 and FY2025 annual reports; current issuer page confirms title; dates not stated: Bathurst Resources Limited — General Manager, Export Operations. Our People (Our People, lines 121–127); Annual Report 2025 (Senior leadership, p. 22, lines 390–391)

• More than 30 years’ industry experience; employer-by-employer dates not published: Metallurgical coal and mining sector — Senior operations/management; market planning, resource optimisation, mine planning and design. Our People (Our People, lines 121–127); Annual Report 2020 (senior leadership, p. 34, lines 1540–1546)

Contributions and company outcomes

FY26 export output and sales recovered

FY2026 · issuer reported · medium materiality

Bathurst reported FY26 export production of 1.036Mt versus 0.956Mt in FY25 and sales of 1.145Mt. Harvey’s export-operations role fits the segment, but the reports do not isolate his contribution from rail restoration, market prices, joint-venture assets or other teams.

Attribution: Role overlaps event; causation unproven. Role overlap is documented, not individual causation.

Relevance: Export production and shipment are directly relevant to current operations remit.

30 June 2026 Results Announcement (p. 2, export operations results); Our People (Our People, lines 121–127)

Business failures and setbacks

FY25 exports constrained by rail-tunnel outage

FY2025 · issuer reported · medium materiality

Bathurst reported a Stockton rail-tunnel failure closed the export route for six months during FY25; alternate road freight allowed exports to continue but at higher cost and lower volume. This overlapped Harvey’s export-operations remit, yet the record attributes the cause to infrastructure failure and does not establish a personal operational lapse.

Attribution: Role overlaps event; causation unproven. No individual act or negligence is documented; the company described an external rail tunnel closure and mitigation via road freight.

Relevance: Export-route resilience and logistics are relevant to export-operations leadership.

Annual Report 2025 (CEO report, p. 9–10, lines 127–134); Our People (Our People, lines 121–127)

Suitability for the current role

General Manager, Export Operations is supported by relevant functional experience

Current role as at 10 October 2026 · analyst inference · medium materiality

Bathurst identifies Harvey as a mining engineer with more than 30 years’ industry experience, senior operations/management experience, and specialties in metallurgical-coal market planning, resource optimisation, mine planning and design. Those skills fit an export-operations remit; individual delivery attribution remains limited.

Attribution: Responsibility not applicable. This is an analyst assessment of role fit, based on issuer-reported career facts; it is not an independent performance evaluation.

Relevance: Role fit is relevant to the executive team’s ability to run operating mines, manage growth or deliver company functions.

Our People (Our People, lines 121–127); Annual Report 2025 (Senior leadership, p. 22, lines 390–391)

Evidence gaps

• Prior employers, exact start dates, degree details and project-by-project operating outcomes are not documented in the reviewed sources.

• Export volumes and the FY25 rail-tunnel disruption are company/segment results; the sources do not establish Harvey’s individual contribution or fault.

• No exhaustive court, regulator, criminal, sanctions, safety/environment or professional-disciplinary search was completed.

Career chronology

• Joined Bathurst in 2013; after a brief departure, returned in 2019 to manage domestic operations; current title in 2025 report and current profile: Bathurst Resources Limited — GM Operations; GM Marketing and Sales; current General Manager, Domestic Operations. Our People (Our People, lines 129–134); Annual Report 2025 (Senior leadership, p. 22, lines 388–389)

• Joined in 2013; briefly left before returning in 2019; exact dates for each title and departure not published: Bathurst Resources — GM Operations; GM Marketing and Sales. Our People (Our People, lines 129–134); Annual Report 2020 (senior leadership, p. 34, lines 1554–1561)

• Before or alongside Bathurst service; business name and dates not disclosed: Coal supply business — Owner. Our People (Our People, lines 129–134)

• Listed as director in FY2020 annual report; whether role continued by cutoff not verified: BT Mining Limited — Director. Annual Report 2020 (senior leadership, p. 34, lines 1554–1561)

Business failures and setbacks

Domestic-segment EBITDA fell in FY26

FY2026 · issuer reported · medium materiality

Bathurst reported domestic EBITDA of NZ$17.3m in FY26 versus NZ$31.8m in FY25, while group EBITDA remained at NZ$44.7m. The decline is a segment-level result during Pilcher’s domestic-operations remit; the available results identify market and production factors but do not attribute the outcome to his decisions.

Attribution: Role overlaps event; causation unproven. Domestic remit overlaps the result; no individual causal finding or performance evaluation is available.

Relevance: Domestic operational earnings are a direct performance indicator for his remit.

30 June 2026 Results Announcement (pp. 1 and 3, domestic segment results); Our People (Our People, lines 129–134)

Suitability for the current role

General Manager, Domestic Operations is supported by relevant functional experience

Current role as at 10 October 2026 · analyst inference · medium materiality

Bathurst reports over 30 years’ experience, an engineering background and ownership of a coal supply business; he worked as GM Operations and GM Marketing/Sales before returning in 2019 to manage domestic operations. The profile is relevant to domestic operational leadership, although exact tenures and independent technical credentials are not published.

Attribution: Responsibility not applicable. This is an analyst assessment of role fit, based on issuer-reported career facts; it is not an independent performance evaluation.

Relevance: Role fit is relevant to the executive team’s ability to run operating mines, manage growth or deliver company functions.

Our People (Our People, lines 129–134); Annual Report 2025 (Senior leadership, p. 22, lines 388–389)

Evidence gaps

• Prior employers, exact start/end dates and engineering qualifications are not specified in the reviewed public biography.

• FY26 domestic EBITDA is a segment-level result and the cited Canterbury enforcement/closure events do not establish Pilcher’s site remit or personal responsibility.

• No exhaustive court, regulator, criminal, sanctions, safety/environment or professional-disciplinary search was completed.

Career chronology

• Joined Bathurst in 2017 to manage HR; current title in FY2025 report and current issuer page: Bathurst Resources Limited — General Manager, People and Culture; previously Group Manager, Human Resources. Our People (Our People, lines 136–141); Annual Report 2025 (Senior leadership, p. 22, lines 384–385)

• More than 16 years of experience as stated in current issuer profile; prior employers and dates not fully specified: Public and private-sector organisations — Human resources roles across HR functions. Our People (Our People, lines 136–141)

Education and qualifications

Bachelor of Social Sciences; HRINZ member

Current issuer biography reviewed 10 Oct 2026 · issuer reported · medium materiality

Bathurst’s current issuer biography reports a Bachelor of Social Sciences and membership of the Human Resources Institute of New Zealand. Award date, institution and current membership status were not independently checked.

Attribution: Responsibility not applicable. The education and professional-status information is reported by the issuer; independent credential verification was not performed.

Relevance: Credentials and professional training provide evidence of subject-matter preparation for the executive’s current function.

Our People (Our People, lines 136–141)

Contributions and company outcomes

Recruitment contributed to workforce growth, without individual metrics

FY2025 · issuer reported · low materiality

The FY2025 Chair report cites successful recruitment from local communities and overseas as the workforce grew with mine expansion. Carmen’s people-and-culture remit aligns with recruitment, but the report gives no role-specific hiring metrics or personal attribution.

Attribution: Role overlaps event; causation unproven. People-and-culture role overlap is plausible; no individual contribution is stated.

Relevance: Recruitment is relevant to workforce planning for expanding operations.

Annual Report 2025 (Chair’s report, p. 8, lines 91–97); Our People (Our People, lines 136–141)

Suitability for the current role

General Manager, People and Culture is supported by relevant functional experience

Current role as at 10 October 2026 · analyst inference · medium materiality

The issuer reports more than 16 years in public/private-sector HR, experience across all HR areas, a Bachelor of Social Sciences and HRINZ membership. Bathurst joined in 2017 to manage the HR function; those credentials and remit are relevant to people-and-culture leadership. No quantified workforce outcomes are disclosed.

Attribution: Responsibility not applicable. This is an analyst assessment of role fit, based on issuer-reported career facts; it is not an independent performance evaluation.

Relevance: Role fit is relevant to the executive team’s ability to run operating mines, manage growth or deliver company functions.

Our People (Our People, lines 136–141); Annual Report 2025 (Senior leadership, p. 22, lines 384–385)

Evidence gaps

• Prior employers, degree institution/date, current HRINZ standing and quantified people outcomes are not established by the issuer biography.

• The FY25 recruitment statement describes a company-wide result and does not isolate Dunick’s contribution.

• No exhaustive court, regulator, criminal, sanctions, safety/environment or professional-disciplinary search was completed.