Hello, everyone. Welcome to the quarter one, FY 2027 results and project updates, which is probably the most important part, I think, of today. I' ll just move on to the presentation itself. I think anyone that is familiar with these presentations knows our standard disclaimers. If they need any advice around where the numbers are coming from in terms of JORC Code, resource and reserves, the presentation that will be posted or has been posted will include the reference to those as well, and production targets. Anyone who is not familiar with Bathurst, we have got five operating mines, including Canterbury, which is in the final stages of rehabilitation, and four in production. Takitimu is still producing, but is also concurrent with that, doing the final rehabilitation of certain areas. Stockton is our export coking coal mine on the West Coast of the South Island.
Maramarua and Rotowaro are two domestic producers that are in the central part of the North Island. We have also got three development projects, the Buller Project, which is associated with Stockton infrastructure. We will talk about more of that as we go further forward. Tenas in British Columbia, near the town of Telkwa, and the Crown Mountain Project, which is in the Elk Valley of British Columbia. At the end of September, we had a share price of AUD 0.45, which gave us a market cap of around 108. And we have got consolidated cash at that point in time of about 105 million, which is still the case today. In terms of New Zealand dollars, that is NZD 130 million at a consolidated basis, and we have got a net asset per share of NZD 1.18.
The board, including myself, Chairman Peter Westerhuis, Executive Director Russell Middleton, and Francois Tumahai, non-exec director, have been together since 2015, and continue to lead the company. I think anyone, again, that is new to Bathurst, or if you are even following along with Bathurst for a while, we've been a consistent producer and a consistent generator of EBITDA. We generated about 45 million for the FY 2026 financial year, b ut really, that's just a continuation of that sort of consistent cash generation under our management. Really this started back in 2015, as I said. We managed to get a first-year profit in FY 2016, and there are smaller existing mines, which then gave us the benefit of being able to go and actually bid for the Solid Energy assets, which then we bought into the BT Mining joint venture.
Since 2017, and we will see a graph of that growth, and the earnings profile in a couple of slides, yeah, we've been profitable every year. We have got zero debt, and as I said before, we have got NZD 130 million in consolidated cash at Bathurst level. Some of the ways we achieve that is by, we've got a hedging policy where we forward sell about 30% of our overall production. It's mainly a book build type setup where we pick up small tonnages, 5,000 tons, 10,000 tons of future sales, as the price really is going to generate what we would term a super profit. We have got no debt, so we are not trying to protect on the downside. It is more trying to lock in profit as we see it moving forward.
We get between 70% and 80% of the Peak Downs hard coking coal benchmark price across our spread of products. We, at the present time, got a guidance of somewhere between 30 million and 40 million. Again, we'll talk about that as we move further forward. Obviously, things have been pretty tight across the industry over the last 12 months in particular. We've seen a large increase in costs, diesel, parts, and explosives in particular, with a real shortage of those products across the world leading to increased pricing. What we've been concentrating on really is to make sure that we're funding two most important things. One is our existing operating base, making sure that we've got the right people, the right equipment, and the right systems in place to be able to keep that profitable production going.
Just as importantly, making sure we're funding the strategic growth. We've had a number of opportunities to fund growth in New Zealand in our domestic business, but what we're seeing is that business changing significantly and people moving away from the use of coal in their energy mix. We have not prioritized that domestic growth, and we really are looking for where we can get a higher return on that CapEx. As I already said, managing the market volatility through hedging, but also a good focus on costs. This is really just showing where our existing operations are. Maramarua and Rotowaro in the North Island pretty much now only supply steelmaking, with a little bit of coal also going into power generation with the Huntly Power Plant.
We've got the coking coal mine on the West Coast, Stockton, which is then also supplemented with Buller. We've got Takitimu in the deep south, which supplies coal into the process heat market. In terms of longevity, Rotowaro has got only really three years worth of operations left within the existing holding. There is another project that's concurrent with that, but it needs customers. At the present time, we haven't got that surety, so we're not moving on with that project, even though it is a listed project. That listing is still current. If the customer base did want that coal going in past the next three years, then it's available. Maramarua, we've just had the M2 extension consented, which gives us another three years at around 200,000 tons a year, predominantly going again into steelmaking.
Obviously, Stockton, we've got about three years' worth of work within the existing holding, and then we've got a further 12-15 years with the Buller Project adding onto that, which again, we'll talk about as we move into the projects. In terms of our Q1 results for the first quarter of this financial year, revenue's up from last year, mainly around the pricing from the export market. It's actually better than what we thought it was going to be when we first originally put the budget together. EBITDA's up about 80%, so we're NZD 9 million for the quarter versus NZD 5 million for the same quarter in FY 2026. Cash is down, and we've made extensive, though, investments, particularly into the Buller Project, but also Tenas. Just looking across on the mine-by-mine basis, across the export sector, pretty much the same as last year.
I mean, a little bit of change to sales, but that's mainly around the timing of boats. Revenue's up, again, on the back of pricing, but most importantly, EBITDA's up. Again, we've got significant cost pressures coming on. We've had increases in rail, we've had increases in port, and we've had increases in diesel, explosives, and parts. So, a lot of cost pressure, but we've managed to be able to maintain and increase the EBITDA across that business. Rotowaro is now moving into the next phase. We've really broken the back of the major amount of overburden that's required to be moved to get into the last of the coal within the Waipuna West extension. We are now seeing some of our major equipment being dropped off.
By the end of this month, we will have no 400-ton diggers operating, and we'll be back down to a 200-ton fleet, with a small reduction in the overall workforce as well. EBITDA, again, is significantly up from last year, and we'll see that maintained as we move further into our really low strip ratio blocks. Maramarua is really heading the other way a little bit. We're at the moment enjoying some low strip ratio coal from the last of the M1 block, and now we'll be tooling up to, now that we've got the M2 extension, to move the initial overburden into M2. We've completed quite a large project on site, which is the formation of a new wetland, which will replace some of the wetlands that we're removing as part of the M2 development. That was a precursor to the actual overburden removal.
So that's been completed, and now we'll move into that next phase. Takitimu, as I said, we're in the last year of production there. We are still producing, but at a lot lower levels, as you can see in comparison to last year, b ut we are also doing a lot of the closure work, rehabilitation, so that we won't end up with a large cash draw at the end of it. So, even though EBITDA is neutral, we are actually in a good position at Takitimu. We've had a number of, what we'll say, low-level incidents and minor injuries, which is really disappointing during the quarter, and we are really concentrating on our field leadership program.
We've had, again, a major review of that last year, and we're putting a great emphasis on that to try and improve some of the behavioral safety stuff, and also, you know, trying to get people to think about even where they're putting their feet, because we've had a lot of slip trip fall-type incidents in the last quarter. Training system upgrade is now completed, and we're moving into the next exciting phase of that, which is e-learning. That's a lot better way of basically delivering, particularly the initial training. It doesn't take over from operational training, where we have, you know, people on the ground doing the actual on-the-job training with truck drivers, digger operators, and that sort of thing.
A lot of the systems training and some of the ancillary stuff is already transferring over to e-learning, which takes a hell of a burden off our training and health and safety team. Another critical part of our business is identification of critical risk, but probably more importantly, the controls for that fatal risks. There has been a reinforcing of the ownership of those controls, the appointment of risk owners and control owners, and then also the introduction of more robust critical risk control verifications. Looking at the year ahead, as we announced when we did the full year announcement, we are looking at a range of NZD 30 million-NZD 40 million EBITDA for the FY 2027 year. It is down a little bit from last year. Exports is forecast to be down a little bit with where pricing is now.
We may well bring that back to neutral and pick up that extra NZD 10 million. North Island is definitely up. South Island is definitely down because we have now moved into the final phase of Takitimu, and we are still investing in the Tenas project through Telkwa. Again, we have already discussed it, but we have had significant pressure on the EBITDA through pricing, and we did just announce that the rail for our export part of the business is down at the present time. Indications today are that is going to be down until the end of November. A rail wagon was derailed off the back of the train, which then caused quite extensive damage to the rail line and sleepers, and some of that was also in the Otira Tunnel. This is in the middle of the Alps. KiwiRail is onto it.
They've got a plan in place to actually have us going again. The shipment schedule has us, we will be probably delaying one boat in the end of November. We've got no boats in December, and we are going to be moving coal during the Christmas shutdown period. We' re anticipating there will not be an overall effect for the year, but we will keep the market informed as we go further forward. Again, not to labor the point, but to demonstrate, since FY 2018 and into 2019, we have been EBITDA positive. Obviously, the export pricing and export cash generation, EBITDA generation is highly dependent on the international price, which we will never control. As our domestic business falls away, we're seeing less and less EBITDA generation coming from the domestic business.
We are in a good position now, if there's any significant rises, that we will pick them up through the export part of the business. The forward curve is pretty flat. As I said, we monitor this quite closely because we are hedging and picking up small parcels as we can of future sales at prices, particularly if they are above [$250 per ton at the present time]. We are constantly building that book as we move through the cycle. We can only normally lock them at about 12 months out. Pricing is remarkably flat at the present time. Let' s move on to the projects.
Obviously, existing operations, as we've already seen, we've got experienced operators. What we're looking to do with some of these extension projects is to really maintain where we've got existing operations where we can feed into businesses that aren't going to be as vulnerable as, say, the processing to people moving away from coal. Steel-making obviously still requires coal. Power generation in New Zealand, the last thing turned on, the first thing turned off is the coal-fired power station. It does form an essential part of the overall power mix and power generation mix within New Zealand. If there's a particularly dry year, for instance, or if the wind doesn't blow, then they rely on either gas and/or coal to be the top-up. We've got some small contracts into that, and we're looking to increase those going further forward.
That sort of underpins the M2 development at Rotowaro and the existing operation at sorry, M2 development at Maramarua and the existing operation at Rotowaro. Then into the international market, obviously, with the Buller continuation project with Buller and Stockton. The key goal here is to increase EBITDA, basically increase cash generation by bringing on two further projects, which is Tenas and Crown Mountain. Looking at that in terms of a pathway, the Buller project will secure about 1.2 million tons a year, which is what we're doing now, for a further 15-20 years. The Tenas project is scheduled to be around 750,000 tons a year, again, 100% owned by Bathurst. That will be additive to those tonnage, and it's again on 100%. Any cash generated out of that business is on 100% Bathurst basis.
Then Crown Mountain, with our joint venture partners, Jameson, we've got the ability there to go to 50% of equity share. That'll produce about 2 million tons, so 1 million tons flowing into the Bathurst coffers. That's the immediate path to 3 million tons, and we're also always still looking for other opportunities that may eventuate where we can get low-cost and near-to-production projects that we could add to that 3 million tons. With the Buller project, we've got anticipation of around 1.2 million tons for a 15+ year period. There's 19.2 million tons of reserve we're looking to bring on at a capital cost of around NZD 105 million. This then generates a post-tax EBITDA of around NZD 323 million.
The project is going to have a cash cost delivered to the boat of NZD 272, and we're anticipating a benchmark price between $228 and $300 per ton. Obviously, part of that process is then looking at the market mix that we, the mix of product we put to the market, where generally we get about 70% of that prime low-vol benchmark. That's the revenue side of the pre-feasibility study that's been completed so far. The project is listed in the Fast-track Approvals Act 2024. We resubmitted the application on the 29th of October. That is now subject to the EPA going through a completeness check. That's a 15-day timeframe, which should have us out of that by the 19th of November, assuming we don't get any further RFIs. We've had no RFIs so far.
They can come at any time, and there will be, depending on the level of those, a potential stop the clock. The 19th of November would probably be the earliest date, depending on how we go with RFIs. Once that's completed, then we move into the panel convening phase, and then onto the application assessment. We're looking at around 160-day assessment period, which then should have us out of that process with a decision by this time next year. With the Tenas project, again, as was said before, 750,000 tons per annum, 22-year mine life, around 22 million tons of reserve, startup capital of $140 million, and with a post-tax NPV of around $270 million. It's a low strip ratio project, so we're forecasting a US price per ton of 80-odd dollars delivered to the boat, and again, the same sort of benchmark pricing.
This is a semi-soft or semi-hard coking coal product, and there's been a lot of work done on it already, looking to fit that into our existing market base. Particularly, we sell coal at the present time into South Korea, Japan, India, predominantly, a little bit into China. This coal fits nicely into our present customer base. With the Tenas, we're up to with the environmental assessment, sort of the last binary stage, if you like. The Environmental Assessment Office information requests have all been submitted and accepted. The Effects Assessment phase has now been entered into. That's a 150-day timeframe. There's a really small opportunity to stop the clock in this part of it. Once it's then completed the 150-day timeframe, it then goes into a 30-day decision timeframe.
That was submitted on the 18th of August into the final assessment phase, which should have us out of that assessment phase on the 18th of January 2027, and then a month later, have the decision. We are starting to get to really to the end of this, again, binary phase. We then move into permitting, which is a lot less binary. It's more of a process that then looks at all of the normal sort of mining functions, geotech, health and safety of the actual operation, and gets us then through to the final mine permitting. With Crown Mountain, we own 22% of that project at the present time. We've got the option by paying a further 106 million Canadian at our call, and total at our call, to go to 50%.
Where that's up to at the moment, it's moving through the final stages of the Environmental Assessment Office process. Once it's completed all of the request for information from the various regulators, it will then move into the same phase as the Tenas project. Again, even though we actually started and entered into this project with Jameson back in 2018, it's probably one stage behind where the Tenas project's up to now, b ut again, it's 2 million tons a year, obviously at 50%, 1 million tons in Bathurst, around 15 years of production. It's a high startup. It's around $400 million, $394 million startup capital, but it's also a higher NPV. We're looking at around $530 million post-tax NPV. Our 22% ownership we see as a very good option. It's costing us a couple of million dollars a year at the moment to maintain that.
It's New Zealand dollars. We're very pleased the way the project's moving forward. I suppose just to summarize where we're up to with those. We've got the Buller project. We completed the PFS in October of 2025 last year, 12 months ago. We are now in the process of preparing the DFS, and we're expecting the Fast-track Approvals Act 2024 to be finalized in the later part of 2027, leading to production in 2028. With the Tenas project, very similar timing around the DFS update. Obviously, we bought into this project in 2024. We are aiming to have the British Columbia Environmental Assessment Office Effects Assessment phase completed in early 2027, and then moving on to the permit being received early in the 2029 financial year, and then leading to mining in calendar year 2029.
Crown Mountain, again, the bankable feasibility study was completed in May 2025, and we're underway with the necessary British Columbia and federal environmental assessment work. As again, I've already said, we've got a great option with the ability to go to 50% at 106 million Canadian on nearly 2 million tons of coking coal production. Over the next 12 months, some interesting catalysts. We've got the Buller project approval. We've got the Buller project DFS, which we're aiming to have out early next year. We've got the Tenas Effects Assessment phase work that's ongoing. Again, that'll be early next year. The Tenas DFS really finalizing the permit application will follow on in quarter three, quarter four, FY 2027. Obviously, we've got our existing operations where this financial year will generate somewhere between NZD 30 million and NZD 40 million EBITDA.
Just to recap, we've got NZD 130 million cash in the bank at Bathurst level. We've got zero debt. We're going to generate between NZD 30 million and NZD 40 million more in this financial year, again, at Bathurst level, and we've got a net asset backing in New Zealand dollars of NZD 1.46. We're basically completely cash-backed on our existing share price, and probably even more so if you look at our share price today, and we've got a significant asset backing and a significant number of projects that we're bringing forward. We've got existing operations, we've got two exciting projects that are nearing the end of their binary phase, with the environmental assessment work in Tenas and the Fast-track Approvals Act 2024 application now in train with Buller. We've got the really existing balance sheet strength that we can draw on to actually then fund these projects.
I suppose it comes down to the same old question, why invest in Bathurst? We've got steel-making coal, which makes up 90% now of our sales mix, and obviously, steel-making is regarded as a critical material across a number of jurisdictions now, New Zealand, Europe, U.S. There is a definite need for coking coal going in the future, particularly high-quality coking coal. We've got a strategic commodity. We've got existing operations that are profitable, which then gives us the basis to build on. We know how to run mines, we know how to run mines in all varying market conditions. We've been through COVID, we've been through major disruptions with tariffs, both between China and the U.S., and China alone, with the curtailment of importation of Australian coal going back into 2019.
We have shown that with really what is a small amount of money, we have developed these projects to the state now where they are going to be fundable. We have got strong liquidity, and we have got a visible growth pathway with particularly the New Zealand and the two projects in British Columbia. Thanks very much for the opportunity to present this. The presentation has been recorded. It will be on the website very shortly. If you have got any other questions, please send them through to the email addresses that are on the website. Thanks very much. I look forward to updating in the future. Thanks again. Bye.