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Highlights

  • Bathurst Resources announces A$34.4 million raised through placement of 46.5 million shares
  • The placement includes cornerstone investments from South East Asian strategic investors
  • A Share Purchase Plan (SPP) will also raise up to A$3 million to support growth initiatives

Bathurst Resources Ltd (ASX:BRL) has successfully secured firm commitments for a single tranche placement, raising approximately A$34.4 million (before costs) by issuing about 46.5 million new fully paid ordinary shares. The placement was priced at A$0.74 per share and attracted strong interest, with approximately 75% of the commitments coming from new South East Asian strategic investors. Following the completion of the placement, these investors will hold around 15% of Bathurst’s shares.

The capital raised will be used to fund several key development projects in both New Zealand and Canada. Bathurst Resources plans to deploy the funds to advance its Buller Project in New Zealand and the Tenas Metallurgical Coal Project in British Columbia, Canada. The Buller Project will benefit from New Zealand's Fast Track Approvals process, enabling Bathurst to progress through the Pre-Feasibility Study (PFS) stage by the end of the financial year. Additionally, the company expects to complete the Definitive Feasibility Study (DFS) by early 2026, with first coal production targeted for the second quarter of FY28.

In Canada, the funds will support further development of the Tenas Metallurgical Coal Project, a low-cost asset with access to significant rail and port infrastructure. The company remains optimistic about the regulatory support it is receiving in British Columbia, positioning the Tenas project for future growth.

Bathurst Resources has also launched a Share Purchase Plan (SPP) to raise up to A$3 million, which will be conducted at the same price as the placement. The total gross proceeds from both the placement and the SPP are expected to reach A$37.4 million before costs, providing the company with a decent financial foundation to achieve its development targets.