Bathurst Resources raises $34.4M to advance Buller and Tenas Coal projects

Bathurst Resources (ASX:BRL) has secured firm commitments for an institutional placement, raising approximately $34.4 million before costs.

The funds will support the development of its 100%-owned Buller Project in New Zealand and the Tenas Project in Canada.

The placement, priced at $0.74 per new fully paid ordinary share, involves issuing approximately 46.5 million new shares.

New strategic investors from Southeast Asia contributed 75% of the commitments and will hold approximately 15% of Bathurst's shares upon completion. Additional participation came from existing and new investors.

Bathurst will also offer a share purchase plan to eligible shareholders, aiming to raise up to $3 million at the same price.

Following the placement, Bathurst’s pro forma cash position will reach approximately $36.3 million, with additional backing through its 65% interest in the BT Mining joint venture, which holds NZ$192 million ($174 million).

The funding will enable Bathurst to leverage New Zealand's fast track approvals process for Buller, targeting a pre-feasibility study completion within the current financial year and a definitive feasibility study by early 2026.

First coal production at Buller is expected in the second quarter of FY28, with potential access to bypass coal as early as FY27.

At the time of reporting, Bathurst Resources' share price was $0.75.