Bathurst Resources' Tenas project shows stronger economics in updated feasibility study

Bathurst Resources Limited announced the results of the 2025 updated feasibility study for its Tenas Project, highlighting a post-tax Net Present Value (NPV(8)) increase from $185m in the 2019 study to $269m. This improvement comes despite an estimated rise in pre-production capital from $93m to $139m and an increase in cash operating costs (FOB Prince Rupert) from $52.58/t to $80.48/t saleable coal. The updated study incorporates revised economic inputs including capital and operating cost inflation, and new coal price and foreign exchange forecasts.

The updated coal price forecast adopted a benchmark Prime Low Volatile Hard Coking Coal (PLV HCC) price of $228/t to $298/t over the project life, with an average received price of $175/t for semi-soft coking coal. The long-range currency rate for Canadian Dollar 1.00 was set at $0.70. The Competent Person has reconfirmed the validity of the Proven and Probable Reserves from the 2019 Definitive Feasibility Study, which stand at 22.0 Mt ROM coal and 16.55 Mt saleable coal over a 22-year mine life.