• Completed acquisition of Tenas coal project in Canada
• Ongoing legal dispute with L&M Coal Holdings over performance payment
• Auditor's review finds consolidated financial statements prepared in accordance with NZ IFRS

Bathurst Resources Ltd has released its half-year financial statements for the six months ended 31 December 2024. The key highlights include the completion of the acquisition of the Tenas coal project in Canada in December 2023, which is currently undergoing the Environmental Assessment process and is expected to enter production in FY27. The company is also involved in an ongoing legal dispute with L&M Coal Holdings Limited (L&M) over an alleged breach of the contractual obligation to pay the first USD $40m Performance Payment. While the High Court initially ruled in favor of L&M, the Supreme Court later allowed Bathurst's appeal and set aside the previous judgments, holding that Bathurst can defer the payment as long as the relevant royalty payments continue to be made. However, L&M has since filed further proceedings seeking to enforce a guarantee given by Bathurst's subsidiary Buller Coal. The High Court dismissed L&M's claim in March 2023, but L&M has appealed the decision. The Court of Appeal has now upheld the earlier Supreme Court judgment, dismissing L&M's appeal. The independent auditor's review of the consolidated financial statements found that they present fairly the Group's financial position as at 31 December 2024 and comply with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS).