• Firm commitments received for A$34.4 million institutional placement
• Funds to advance Buller and Tenas metallurgical coal projects
• Cornerstone bidding from new South East Asian strategic investors

Bathurst Resources Ltd (ASX: BRL) has announced the successful completion of an A$34.4 million institutional placement. The placement was underpinned by cornerstone bidding from new South East Asian strategic investors, who provided approximately 75% of the commitments and will account for 15% of Bathurst's shares on issue following the placement. The funds raised will be primarily used to advance Bathurst's 100% owned metallurgical coal portfolio, including the Buller Project in New Zealand and the Tenas Project in Canada. For the Buller Project, the funds will be used to submit the Fast Track Application and progress the Environmental Assessment Application and Baseline Studies. The company also plans to complete the Pre-Feasibility Study (expected in Q2 CY25) and the Definitive Feasibility Study (expected in Q1 CY26) for Buller, as well as commence early works. For the Tenas Project in Canada, the funds will be used to progress the Definitive Feasibility Study, which is expected to be completed in Q1 CY26. In addition to the placement, Bathurst will also offer eligible existing shareholders the opportunity to participate in a Share Purchase Plan to raise up to A$3 million at the same price as the placement.

Bathurst is targeting production levels of over 2.5Mtpa of metallurgical coal from its projects.

Bathurst is well-capitalised with a pro forma cash position of ~A$36.3 million, in addition to its 65% interest in the BT Mining Joint Venture of ~NZ$192 million / ~A$174 million (equivalent net to Bathurst of ~NZ$125 million ~A$113 million). The company is well-placed to deliver its critical development projects and achieve its targeted production levels.