Geology, Structure and Development of the Maramarua Open Pit Mine

Chris Dyer

Disclaimer

Not for distribution or release in the United States 2

This presentation has been prepared by and issued by Bathurst Resources Limited (“Bathurst”) to assist it in informing interested parties about the Company and its progress. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

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Contents- Introduction to the Maramarua Mine

- History of Mining

- Geological setting of the Maramarua Coalfield

- Generalized stratigraphy of the Coalfield

- Structure within the Maramarua Mine

- Mining Challenges

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Maramarua Mine- Owned and operated by Bathurst Resources limited

- Located in the north of the Waikato, about 70km south of Auckland City

- Produces ~210kt of coal per year for the local thermal market- Fonterra- New Zealand Steel- Genesis Energy

5

Maramarua Mine

Rotowaro Mine

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History of mining in the Maramarua Coal fieldPrevious mining activities:

The coal deposit was first discovered in 1869

- Small scale underground mining took place between 1871 – 1914

- Glencoal purchased the United Coal Company and began mining of the Kopako open cut mines in 1946

- Coal Corporation and Glencoal joined forces to develop the Kopako 1 and 2 open pits to supply coal to the Meremere power station in 1958.

- Meremere power station was closed in 1991 and the Kopako 1 and 2 pits were allowed to flood

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History of mining in the Maramarua Coal fieldMine Redevelopment:

- Dewatering of the Kopako pits commenced in 2008 by Solid Energy

- Coal was successfully trialed to potential customers in 2011/2012

- Construction of current mine commenced late 2014

- As part of the liquidation of Solid Energy in 2017, the Maramarua mine and its assets were sold to BT Mining Ltd.

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Location of the Maramarua Coalfield

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Geological setting of the Maramarua Coalfield- Maramarua Coalfield is in an area of thick coal measures confined to a valley cut

between the out-cropping basement of the Hunua and Hapuakohe Ranges

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Geological setting of the Maramarua Coalfield- Bound to the west by the Major Maungaroa Fault

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Layout of the Maramarua Coal Mine

K2 Lake

K1 Lake

K1 Stage 1

Stg 2Stg 4

Stg 3

KCQ 1 Stg4

KCQ 1 Stg5

KCQ 2, 3, 4

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Generalised Stratigraphy

Manaia Hill (basement)W

aika

to C

oal M

easu

res

Taupiri Coal Seams

Kupakupa Coal Seam

Renown Coal Seam

Mangakotuku Formation

Whaingaroa Formation

Tauranga Group

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The Kupakupa Coal Seam

- Target seam

- Variable thickness

- Low Ash

- Low Sulphur

- High Moisture content

- Moderate CV

- Sub-bituminous C rank

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Large scale structure

- Bound to the North by the Landing Fault

- Upthrown block

- Split through the middle by the Miranda fault (Splay off Foote Fault)

- Bound to the south by the Foote Fault

- Upthrown block

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Large scale structure – Section A – A’

A

A’C’

CB

B’

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Large scale structure – Miranda Fault

NS Section A – A’

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Large scale structure - Section B – B’

A

A’C’

CB

B’

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Large scale structure – Landing Fault

Section B – B’NW SE

Landing Fault

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Large scale structure - Section C – C’

A

A’C’

CB

B’

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Large scale structure – Foote Fault

Section C – C’

NW SE

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Small Scale structure

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Small Scale structureFoote Fault

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Challenging mining conditions

Geology, Structure and Development of the Maramarua Open Pit Mine����Chris Dyer��DisclaimerContentsMaramarua MineSlide Number 5History of mining in the Maramarua Coal field History of mining in the Maramarua Coal field Location of the Maramarua CoalfieldGeological setting of the Maramarua CoalfieldGeological setting of the Maramarua CoalfieldLayout of the Maramarua Coal MineGeneralised StratigraphyThe Kupakupa Coal SeamLarge scale structureLarge scale structure – Section A – A’Large scale structure – Miranda FaultLarge scale structure - Section B – B’Large scale structure – Landing FaultLarge scale structure - Section C – C’Large scale structure – Foote FaultSmall Scale structureSmall Scale structureChallenging mining conditions