Bathurst Resources reports significant increase in marketable reserves

Bathurst Resources Limited (ASX:BRL) reported a significant increase in total marketable reserves, rising by 27.2 million tonnes (Mt) from 6.7 Mt to 33.9 Mt as of June 30, 2025. This growth was primarily due to the completion of the Buller Plateau Continuation Project (BPCP) Pre-Feasibility Study (PFS), which declared 9.9 Mt (100% BRL) of marketable reserves for Mount Frederick South and Escarpment Extension, and an additional 1.9 Mt (65% BRL) for Mount Frederick South - BT. The Tenas project also contributed 16.5 Mt of marketable reserves following an updated Definitive Feasibility Study. Conversely, total resources decreased from 159.1 Mt to 152.7 Mt.

The BPCP PFS confirmed positive project economics with a post-tax Net Present Value (NPV) of NZ$323m and an Internal Rate of Return (IRR) of 30%, considering all Proven and Probable reserves. Total pre-production capital expenditure for the BPCP is estimated at NZ$140.3m. The company plans to blend coal from Mount Frederick South and Escarpment Extension developments with existing Stockton mine resources, transporting it via the proposed Upper Waimangaroa Haul Road (UWHR).

Other notable changes include a 3.8 Mt decrease in the Denniston resource due to re-assessment of economic extraction prospects and a 1.1 Mt decrease in Mount Frederick South - BRL resources. The Cypress resource saw a 2.6 Mt reduction, while Upper Waimangaroa Other (Met) coal resources increased by 2.2 Mt with a new inferred resource area at Iron Bridge. Stockton, Rotowaro, Maramarua, and Takitimu resources were reduced due to mining depletion.