Welcome, everyone, to the Bathurst Resources Half-year Results for FY2025. I'm Richard Tacon, CEO of Bathurst Resources, and we'll take you through the slide pack that's been uploaded through the Exchange. Thanks, everyone, for joining. Standard disclosures. A little about corporate summary we're up to. Not a lot of change, I think, since the last time I addressed you. Market cap about NZD 145 million, share price around NZD 0.75. We've still got about NZD 140 million consolidated cash, so that's 65% of the cash balance of our joint venture. The 100% owned cash within Bathurst, including restricted short-term deposits, leads us to an enterprise value at the end of December, which hasn't changed a lot up till today, of around about NZD 19 million. No real debt. We've got some lease financing.
Just a quick overview, again, of the operations for anyone that's not 100% familiar with Bathurst or wants an update. We've got two mines in the North Island of New Zealand producing a sub-bituminous product, which predominantly goes into steelmaking into New Zealand's only steelmaking company, Glenbrook. That produces about 600,000 tonnes between them. We do supply some coal into process heat, which is value-added to New Zealand prime production, and also into lime production. Those two businesses are owned by BT Mining, which we hold 65% of, and we're the mine operator for that and the Stockton mine. Stockton is the export operation producing hard coking coal for the export market, around 1 million tonnes a year. It is situated on the northern part of the West Coast of the South Island.
We have the Takitimu mine down south, which produces around 200,000 tonnes of coal each year for the process heat market, again, value-added to New Zealand prime production. Dairy, abattoirs, and vegetable processing mainly leading to export products. We have corporate offices and head office in Wellington and in Christchurch. The Buller project is shown there, which is adjacent to Stockton, which we will talk about as we go further forward. We also have two projects in Canada, the Tenas project, which we took over ownership of in late 2023, and the Crown Mountain project in the Elk Valley of British Columbia, which we have been involved with since 2018, and we hold 22% of that project. I think it is worthwhile just looking at our contribution to New Zealand. We employ directly just under 700 people.
Obviously, there's a bunch of other contractors and others that sit on top of that as well. About NZD 85 million in wages going directly into regional areas. I suppose that's one of the key things with Bathurst. We operate in the West Coast and in the central North Island, which are both regional areas where we are quite significant employers, but also quite significant contributors to the local economies. Around NZD 66 million going into direct government fees through royalties and taxes, and then through suppliers, about NZD 240 million. This is all based on numbers at the end of the 2024 financial year. Just some of the results in a bit more detail. The export business, the key thing here is we're highly affected in terms of the sales. Obviously, then we match the production to the sales because of the Otira Tunnel collapse.
Now, that has now been rectified. We've got a slide a little bit later on just showing a couple of pictures, but that was reopened on the 13th of January this year. We've had really good service from our service provider, KRL, since that point in time. Obviously, it led to a lot of additional cost, but also we had to then scale our sales plan to be able to make sure we maximize the shipments to our customers, where if we get out of sync with their blending, then we end up losing that customer for potentially a year or longer until we can get it back into that blend. We did prioritise some shipments. By that, we were then down on sales quite significantly. We did, though, take the opportunity during the time to actually not really lay anyone off.
We did scale back some of the contract operations, but we managed to actually move more dirt by prioritizing some of the coal crews into overburden removal, which has allowed us to actually open up more pit room and give us a larger inventory as we go further forward. With the Rotowaro mine, we've moved into a new phase. We're now heavily into the Waipuna West extension. There has been a significant uplift in the amount of overburden that's been removed. Coal production has matched that as well. We're mining sort of the remaining coal out of the Waipuna West unit, which was started five years ago. Bulk of those sales are going into steelmaking. Obviously, you can see for the revenue, with increased sales, we've had increased revenue and increased output. With Maramarua, it's been a bit of a growth period as well.
We were granted the resource consents to allow us to go into the next extension area, which is called M1. We are doing the sort of the preliminary works for that during this six months. A little bit of uplift in overburden, but unfortunately, a bit of a decrease in sales as we are seeing some of our dairy customers in particular moving away from coal and into wood-based products. Some of that is wood waste, some of it is white pellets. It will consolidate around the numbers that we see there now, around 160,000 tonnes, and the bulk of that is going into steelmaking now with a little bit into lime production. Pretty steady in terms of revenue, but we have had an uplift in cost because of the development into the new areas which we will recruit as we go further forward into that area.
Takitimu, the mine right down the bottom of South Island, then supplying coal into dairy, abattoirs, and others. Pretty steady in terms of production and sales. Revenue is up a little bit, and we did incur a few additional costs during the year, so we're pretty much equal pegging where we were last year. Takitimu is unfortunately now on the last of its reserves. We'll get this financial year and next financial year out of it, and then we'll be into a final rehabilitation and closure phase. Really important part of our, obviously, our corporate structure and our cheapest producer. Also in terms of safety performance, we haven't had a loss of injury there since for now 150 days. A significantly long period of time without injuring someone seriously.
Looking at the results on a consolidated basis, revenue is slightly down on the half year, which is mainly due to the export side of the business. EBITDA is pretty much level pegging where we were for a similar period last year. We are anticipating, though, we are going to be somewhere between $45 million and $55 million EBITDA for the full year. Hopefully, there is some upside to that. Just on a sort of summary basis, around NZD 141 million in consolidated cash between the two businesses. Zero real debt apart from some lease financing. Again, we are going to earn somewhere around about $50 million for the full year.
Given the sort of the headwinds that were there in front of us, particularly with the tunnel, we moved quickly to get that rectified in terms of getting a trucking stream going, which then allowed us to preserve the bulk of our customers. We've seen the export pricing come off compared to the period last year. Quite significantly, we're down to around NZD 200, where we were sitting around NZD 240-NZD 250. Also, we've had the drop-off in tonnage due to the tunnel. We've had an improvement in the North Island, including the overheads, but we've also had a bit of a decrease in the South Island, including overheads, so they will pretty much cancel each other out. Obviously, we're investing more money into Telkwa for the Tenas project as we move forward into the environmental assessment phase.
We're projecting we're going to be somewhere between $45 million and $55 million EBITDA for the full year. Just the tunnel, I mean, it was quite an impact on our business. It's probably worth just exploring a little bit more what happened there. The tunnel is an old tunnel. It was actually constructed in the late 1800s. We first got notified of the closure on the 15th of June, 2024. We put on a trucking program pretty much immediately. We did have access to a rail loading facility not that far away from actually where the tunnel collapse was at Ikamatua. It was around about a NZD 50 impost per tonne in terms of trucking.
We did manage to be able to work with our customers to set up a shipping plan that would maximize the freight capacity that we actually had and make sure that we kept our major customers and kept in their blends, kept them satisfied in their blends. The main thing, they had three localized areas of collapse within the tunnel, but then the whole tunnel actually had to be rehabilitated. It was extensively shotcreted and new anchors. It is basically a 100-year fix is what they have been terming it. Obviously, with the relaying of the rails, the picture demonstrates what the tunnel looks like now. We are seeing good service out of that tunnel. We have gone to seven-day rail from reopening the tunnel, which is 21 trains a week for us. We are seeing very low cancellation rates from our provider.
We're pretty confident we're going to be able to get the tonnes through in this next six-month period. Export market, pretty flat, but flat at levels that are sort of around about $200 US dollars per tonne on a prime low vol basis. Predominantly, we're seeing softness in the Chinese market, which I think has been sort of well reported. Indian market is still pretty strong, but we are also seeing further coals coming out of particularly Canada and the US that is looking to supply that market as well. Really, until the Chinese market improves, we probably are going to see this relatively flat curve. It's still a long way in front of where we were going back seven or eight years ago. Given all of the headwinds that have been sort of facing the market, we're reasonably comfortable with where we are.
We also, as we've talked about before, we hedge around about 35% of our overall production and up to 40% in any one month. We have got a book of hedging going out about a 12-month period, which holds our pricing up around that $200 as well. Let's sort of have a look at some of the developments. I mean, the most exciting one, obviously, for us and for most other businesses in New Zealand that have got either a complex or a larger project is the passing of the Fast-track Approvals Bill into an act in December last year. This is a fairly wide-ranging act, which really allows a single application to then lead to multiple approvals from multiple regulators.
In our case, a single application for the Buller, for instance, or the Buller Plateau Continuation Project will lead to a mining permit, will lead to the access arrangements with publicly listed land. It will lead to land use consents with local and regional councils. It's a one-stop-shop process. At the present time, the timing would indicate we're going to put an application in for Buller in June, and we should be out of that process in January, February, given the timeframes that have been stated within the act. We've also got the Rotowaro mine continuation project, which is a continuation of supply to the major customers up there, which is obviously steelmaking and potentially power generation. Both those projects are listed in Schedule 2 of the act.
What that means is there was a process that was run prior to the enactment, ran by an independent panel. We had to put an application in, which then went through sort of eligibility criteria around the project had to be identified as a priority for central or local government, had to deliver regional or national economic benefits. The project will support those developments without damaging the environment. Obviously, we put two projects up, and both of them were accepted into the bill. They are in Schedule 2. Again, just looking at the structure of our business, we have sort of covered some of this as we have been going through. The BT Mining joint venture, we are at 65% of that joint venture. We are the mine operator of Stockton, Maramarua, and Rotowaro.
Under the 100% Bathurst banner, we've got Takitimu, and we've got the Buller project, which is really continuous with the Stockton export. In British Columbia, we've got the Tenas project, which we own 100% of, and Crown Mountain, which we own 22% of today. Within the BT Joint Venture, there's growth projects in there as well. I'll go through that sort of the combined project a little bit more. We've got a plan to sort of work it through. The main thing here is really extension of the life of the export hub. That is making sure that we've got land use consents for the existing infrastructure and also the existing reserves within the Stockton holding, including Cypress, which sits outside of the Stockton holding, but is within a mining permit that's continuous with it.
That really then preserves that infrastructure and access to the market for the remaining coal within BT, but also the remaining coal within the Bathurst and Buller project. There is a southern extension, which is termed Mount Fred South, which I'll show you the plan in a minute. That is a low-ash, high-reg coal, which is very similar to the Millerton coal, which is where the bulk of our production comes from now, which meets the market. We'll access that through an existing haul road. With the North Island, we've got the Rotowaro extension. Again, it's a similar style of project. We've got coal mining licenses that cover these projects now, which are all-encompassing bundles of rights. They include land use consents, they include access arrangements, and they include mining permits. They expire in early 2027, and that's why we need to renew those.
This will preserve the hub of infrastructure. We have obviously a washery there. We have crushing and loading facilities. We have a rail and loading facility, which has been utilized by the only remaining power station or coal-fired power station in New Zealand. We also have a rail loading facility, which allows us to access particularly the steelmaking market. We will utilize the Fast-track Approvals Act process, as we have already outlined, to take them forward. Maramarua has a further extension of the M1 pit called M2, which gives us about another three to four years of production. We are assessing that at the present time and will most likely go through the standard consenting process because we already have access to the land. We already have mining permits. It is really just a matter of extending the land use consents to cover the changing blocks.
Within 100% Bathurst, obviously, we've got current operations. As I've said, unfortunately, Takitimu, we're getting to the end of the reserve there. Also, we're getting to the end of their customer base with some of our process heat customers moving away from the use of coal and into either electricity or wood-based products. We're looking to have a closure for that in FY2027. The Buller project, which is the exciting part of this, we've done a lot of work there over a lot of years. People will remember this project going right back to 2010. It's the thing that originally brought Bathurst into New Zealand. Now that we've got access to the infrastructure through the joint venture, this project is now infinitely more fundable.
The idea is that we are combining the Buller project with the two projects, the Stockton extension plus the Mount Fred South, into a combined application. That application will be put before the panel during this year. Just looking at the Buller project, the combined area here is within an ecological grouping called the Buller Coal Plateau, so the plateaus. There is the Denniston Plateau to the south, the Deep Creek area in the central, and the Stockton Plateau to the north. At the moment, obviously, the joint venture, we are mining coal in Millerton, Hope, Lions, and Rockies. Also, a little bit of coal coming out of A Drive, and then about a third of the coal we produce comes out of Cypress, which is actually in the Upper Waimangaroa Mining Permit area, which is outside of the Stockton Coal Mining License.
The Stockton Coal Mining License is in the area I'm depicting now. The mining permit area, which we've got access arrangement for out to 2037, is in the central area. We've got the Stockton Plateau area, which is made up really of three main project areas. We've got Escarpment, which was consented back in 2014. We've got Sullivan, which is again a Coal Mining License with an expiry in 2027. We've got the Whareatea West area, which is subject to a mining permit. We've got resource consents for all of the Escarpment. We've got land use consents, which is an access arrangement that was tied up as part of the commonly licensed Sullivan. Really, we've got none of those things for Whareatea West .
The idea is that we combine this plus Mount Fred South, which is an area of pretty much equal distance between the washery and the Denniston Plateau. Mount Fred South, it used to be termed Deep Creek. It's actually half the coal is in Bathurst, which is a halo around the outside of the mining permit area. Then half the coal is within the BT area within the Upper Waimangaroa Mining Permit. By combining all of those assets together, we end up with about a 20 million tonne reserve, which will then take us through, including the coal that's remaining in the Stockton, about a 20-25 year life. The wash plant is probably the integral part to it all, which was built in 2010 in the middle of Stockton here.
There is a road and then an aerial which gets the coal down to the rail loadout, which is at Ngakawau to the north of this plan. We will construct either by rebuilding existing roads or constructing new roads, a haul road which will go from Mount Fred South through to Cypress and then ultimately link up to existing haul roads up to the wash plant. The same with the Denniston. We have an area of existing roadways that need to be rehabilitated and/or upgraded to get coal up onto that Upper Waimangaroa haul road. In essence, this project is about preserving the infrastructure hub that already exists and then progressively bringing additional reserves to maintain somewhere around 1.1 million tonnes of export into the international market. Sorry.
With the British Columbian projects, as I've said, Tenas project is a greenfield site in an area in northern BC or central northern BC. We took over the project in 2012, and it's a coking coal project which will have, I think, a lot of interest, particularly in the Korean-Japanese market where there's been a lot of interest shown already in the build-up to it. We are in the final stages of preparing the environmental assessment for that. We are looking to get that environmental assessment into the regulator in September of this year. Crown Mountain is on a little bit of a slower burn. It's in the Elk Valley, sort of nestled in between some of the major mines of now Glencore in the Elk Valley, well-known producer of hard coking coal into the Asian market in particular. We own 22% at the moment.
Basically, as we move further down the development phase, we've got the option under the joint venture agreement to pay some further money to bring it up to CAD 121 million, which then gives us 30% of the project. Obviously, the remainder of the CAD 121 million, which is about CAD 107 million, goes in as first capital for the build. Just looking at a little bit more detail, as I said, Tenas is a very much greenfield site. The mining area itself is on forestry blocks. It was last clearfelled around 40 years ago. Very slow growing in these areas. The idea is, obviously, at the end of mine life, it'll be returned to forestry blocks.
The coal resource is quite extensive here, but it's been quite deliberately centered in between sort of two major tributaries of the Telkwa River, which flows then into the Bulkley River, which is a major river structure within this part of the Canadian wilderness. The mine will be joined to a rail loadout on private land, which we own. The rail will be right beside the main rail, which will then allow us to rail that coal through to the coal port at Prince Rupert. The haul roads are around about 11 km long. Again, all of the land drills and/or private land, which we own at this end of it, are in place and/or public land. It's got a build cost of about CAD 100 million. All right. Let's get that listing again. Crown Mountain has come out of the sort of process planning phase.
The assessment work that had been done prior to that has been accepted. There is some request for information. They're working their way through. They will look to go into the application development and review phase, which is really where the stables get pulled out of the application. It goes off to all of the individual regulators. They get to come in and come back, and it's a very iterative phase. Tenas has come out of that phase. It is now answering the remainder of some RFIs around water interaction with First Nations, steelhead, trout, and caribou. We have pretty much finished those. The idea now is we'll update the environmental assessment documentation. As I said, looking to submit that in around September this year. That again then gets into a lockdown 150-day process.
Again, getting that in this year, we're looking to get out of that process sort of in the middle to late 2027. There's also a parallel mining permit application process. Once we've actually got the effects assessment lodged, we will then commence work on the mining permit application. Of course, there's consultation with both First Nations, local, and federal agencies all the way through this process as well, with open houses and other sort of regulated processes, but also non-regulated process. Where in particular with First Nations, we've spent a lot of time over the last 12 months since we took over the project in building the trust and building those relationships with the various First Nations groups that either represent the landholders or the landowners and/or other interests within the areas.
In terms of capital management, just briefly, we've got plenty of cash within the joint venture. We're fully funded for the developments that we require within the North Island and South Island, particularly with the export business and the maintenance of particularly that infrastructure and the remaining coal within the Stockton areas. With Bathurst, 100% own assets, obviously, we've got requirement there to fund the initial developments and the phases we're in now. We will be looking for around about NZD 50 million to get to production with the Buller Project. With British Columbia, we're still working through really the full funding requirements. We know it's going to be around a circa CAD 100 million to get to full production at Tenas. We are funded at the present time to get through into the early stages of the submission of the environmental assessment work.
Obviously, with the Crown Mountain, we provide 20% of the funding that goes into the ongoing research work and requests for information with the regulator in terms of taking forward that project. Ultimately, what we're trying to achieve. At the present time, we've got a strong balance sheet. We've got zero debt. We've got large cash balances within the joint venture. We've now got a Fast-track Approvals Act, which gives us an approval path, a consent path. Not only a consent path, it also gives us access arrangement and the other approvals that we require. Once we come out of that, it's then not a matter of a death by a thousand cuts. We have got our approvals, and we can get into it.
Really, it's looking at life extensions of the existing JV assets, but also then the introduction of the 100% own assets into that, utilizing the joint venture infrastructure, which is allowed for by the joint venture agreement. In Canada, it's a matter of just taking forward in the logical sequence, the Tenas project, and then supporting Crown Mountain with Jameson, our joint venture partners, and bringing on the Crown Mountain project as that becomes further down the development pipeline. The end goal is we want to produce basically 100% owned cash flows out of these various businesses, which then we can then return to shareholders and also to continue to develop the company. I think in a nutshell, that's sort of the update at the present time.
Again, I think just to reiterate, very exciting development with that passing of the Fast-track Approvals Act that now gives us a clear pathway. It is up to us now to get that application in front of those panels by the middle of the year and then get out of it by early next year. As usual with these things, if there are any questions, please email them through on the email address that was included with the invitation. We will get back to you as soon as we can. Thanks very much, and look forward to the next six months. Thanks, everyone.