Update shared on 21 Dec 2025
Analysts have inched up their price target for Bathurst Resources by a modest amount, citing slightly lower perceived risk, marginally improving long term revenue and profit expectations, and a small compression in projected future valuation multiples that together support a higher fair value in absolute dollar terms.
What's in the News
- Total marketable reserves increased sharply to 33.9 Mt as at 30 June 2025, up from 6.7 Mt, supporting a longer mine life and greater production visibility (company update).
- Buller Plateau Continuation Project pre-feasibility work resulted in new declared reserves at Denniston and Mount Frederick South, including 9.9 Mt at Mount Frederick South BRL and 1.9 Mt at Mount Frederick South BT (company update).
- The Tenas project added 16.5 Mt of marketable reserves following the release of an updated Definitive Feasibility Study, strengthening Bathurst Resources’ long-term project pipeline (company update).
- Total resources including Tenas edged down to 152.7 Mt from 159.1 Mt, reflecting revised economic extraction assessments and updated models at Denniston, Mount Frederick South, Cypress and other areas (company update).
- Resource reductions at Stockton, Rotowaro, Maramarua and Takitimu were primarily due to mining depletion, partially offset by a 2.2 Mt increase at Upper Waimangaroa Other from a new inferred area at Iron Bridge (company update).
Valuation Changes
- Fair Value remained unchanged at 0.8, indicating no material shift in the analyst assessed intrinsic value.
- Discount Rate edged down slightly from 7.71 percent to 7.71 percent, reflecting a marginal reduction in perceived risk.
- Revenue Growth improved modestly from negative 4.59 percent to negative 4.58 percent, implying a slightly less pronounced long term decline.
- Net Profit Margin rose slightly from 18.98 percent to 19.25 percent, pointing to a small uplift in expected profitability.
- Future P/E eased slightly from 49.10x to 48.35x, suggesting a minor compression in the valuation multiple applied to future earnings.
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