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BATHURST RESOURCES LIMITED. — Interim / Quarterly Report 2026
Feb 26, 2026
64563_rns_2026-02-26_b2779859-700e-4ecb-9e63-624b1fbfcf1e.pdf
Interim / Quarterly Report
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| H1 FY2 6 |
H1 FY2 5 |
% change | |
|---|---|---|---|
| Financial measures | $ 000 |
$000 | |
| Sales revenue , finance income and other income |
14, 811 |
22, 848 |
( 35 %) |
| Profit /(loss) from ordinary activities after tax |
(3, 3 76 ) |
8,272 | ( 14 1 %) |
| Profit /(loss) after tax |
(3, 3 76 ) |
8,272 | ( 14 1 %) |
| H1 FY2 6 |
H1 FY2 5 |
% change | |
| Per share measures |
Amount per | Amount per | |
| share (cents) |
share(cents) | ||
| Basic earnings / (loss) per share |
(1. 41 ) |
4.28 | ( 13 3 %) |
| Diluted earnings / (loss) per share |
(1. 41 ) |
4.24 | ( 13 3 %) |
| Net tangible assets per share | 14 8.16 |
1 68.96 |
(1 2 % ) |
| H1 FY2 6 |
H1 FY 2 5 |
|
|---|---|---|
| Financial measures | $m | $m |
| Revenue 2 |
114.6 | 1 18.9 |
| EBITDA 3 |
16.2 | 27.5 |
| Net profit / (loss) after tax |
(3. 4 ) |
8 . 3 |
| Cash | 155. 6 |
1 40.7 |
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| Measure Domestic H1 FY2 6 Domestic H1 FY2 5 Production (100% basis) kt 381 403 Sales (100% basis) kt 371 390 Overburden ( 100% basis) Bcm 000 6,279 5,839 Revenue (equity share) $’000 45,768 51,198 EBITDA (equity share) $’000 7,894 13,999 |
Measure Domestic H1 FY2 6 Domestic H1 FY2 5 Production (100% basis) kt 381 403 Sales (100% basis) kt 371 390 Overburden ( 100% basis) Bcm 000 6,279 5,839 Revenue (equity share) $’000 45,768 51,198 EBITDA (equity share) $’000 7,894 13,999 |
|---|---|
| Sales | North Island domestic (“NID”) sales in creased by 38 kt , driven by increased coal production from both the Rotowaro & Maramarua mine s and the new supply contract with Genesis. South Island domestic (“SID”) sales volumes declined by a planned 55 kt as customers continue to transition to alternative fuel sources. |
| Overburden | Waste moved in advance has increased at the Rotowaro and Maramarua mine s as both mines continue progress in stripping of the new pits . |
| Revenue | NID sales experienced an increased average price per tonne due to adjustment clauses in sales contracts that a for changes to producer price index, fuel, and labour . SID saw a de crease in sales revenue due to reduced sales volumes , which was partially offset by an increased average price received. |
| Earnings | NID & SID consolidated EBITDA de creased $ 6.1 m due to increased costs : • Fuel costs have increased due to increased volumes required for the increased stripping at both North Island mines . • Labour costs have increased in line with contractual CPI adjustments , coupled with increased FTE at Rotowaro and Maramarua to facilitate increased stripping in the new pits while also enabling production to meet increased sales volumes. • Repairs and maintenance costs have de creased due to planned component repairs undertaken during FY25. |
| Cash | |||
|---|---|---|---|
| H1 202 6 |
H1 202 5 |
||
| Opening cash 30 June (Bathurst and 65 percent BT Mining) |
178.4 m |
140.7 m |
|
| Operating | EBITDA Working capital Canterbury rehabilitation Corporation tax paid |
16.2 (7. 7 ) (0.1) (1.6) |
27.5 9.4 (0.3) (4.0) |
| Investing | Deferred consideration Crown Mountain (environmental assessment application) PPE net of disposals Mining assets including capitalised stripping |
(0.3) (0.7) (5.7) (24.6) |
(0.5) (0.8) (4.4) (27.0) |
| Financing | Finance leases Financing ( costs )/income |
(2.1) 3.8 |
(3.2) 3.3 |
| Closing cash 31 December (Bathurst and 65 percent BT Mining) |
155. 6 m |
1 40.7 m |
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| As at 31 December 202 5 |
|||
|---|---|---|---|
| Note s |
Unaudited | A udited |
|
| Dec 202 5 |
Jun 202 5 |
||
| $’000 | $’000 | ||
| Cash and cash equivalents | 24, 960 |
35,718 | |
| Restricted deposits & rehabilitation bonds |
4,586 | 4, 587 |
|
| Trade and other receivables | 6,39 7 |
4,105 | |
| Inventories | 1,476 | 1,114 | |
| New Zealand emission units | - | 22 | |
| Crown indemnity | 53 | 53 | |
| Total current assets | 37, 472 |
45,599 | |
| Property, plant and equipment | 9,863 | 10,580 | |
| Mining assets | 4 | 39,065 | 30,691 |
| Interest in joint ventures | 5 | 29 3,784 |
293,234 |
| Crown indemnity | 608 | 604 | |
| Other financial assets | 8 39 |
620 | |
| Total non - current assets |
34 4,159 |
3 35,729 |
|
| **TOTAL ASSETS ** | 3 81,631 |
3 81,328 |
|
| Trade and other payables | 8,204 | 5,993 | |
| Borrowings | 6 ( b ) |
746 | 831 |
| Deferred consideration | 6 ( a ) |
223 | 750 |
| Rehabilitation provisions | 946 | 1,258 | |
| Total current liabilities | 10,119 | 8,832 | |
| Borrowings | 6 ( b ) |
286 | 626 |
| Deferred consideration | 6 ( a ) |
10,516 | 9,862 |
| Rehabilitation provisions | 5,169 | 5,276 | |
| Total non - current liabilities |
15,971 | 15,764 | |
| **TOTAL LIABILITIES ** | 26,090 | 24,596 | |
| **NET ASSETS ** | 35 5,541 |
356,732 | |
| Contributed equity | 353,995 | 3 53,995 |
|
| Reserves | (3 1,041 ) |
( 33,227 ) |
|
| Retained earnings | 32, 587 |
35,964 | |
| EQUITY | 3 55,541 |
356,732 |
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| Contributed equity Share - based payments Hedging Foreign reserve Retained earnings Reorganisation reserve Total equity $’000 $’000 $’000 $’000 $’000 $’000 $’000 1 July 2024 316,970 1,526 2,453 (1,029) 31,519 (32,760) 318,679 Comprehensive income - - (688) ( 276 ) 8,272 - 7,309 Conversion of performance rights 1,445 (1,445) - - - - Share - based payments - 375 - - - - 376 |
|
|---|---|
| 3 1 December 2024 31 8,415 457 1,765 (1,305) 39,791 (32,760) 326,363 |
|
| 1 July 2025 3 53,995 397 (35) (829) 35,964 (32,760) 356,732 Comprehensive income - - 4,110 (2,103) (3,37 7 ) - (1,3 70 ) Share - based payments - 179 - - - - 179 31 Dec ember 2025 353,995 576 4,075 (2,932) 32,587 (32,760) 355,541 |
|
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| Statement of c ash f lows For the six months ended 31 December 202 5 |
|||
|---|---|---|---|
| Notes | Unaudited | Unaudited | |
| Dec 202 5 |
Dec 202 4 |
||
| $’000 | $’000 | ||
| Restated* | |||
| Cash flows from operating activities | |||
| Receipts from customers | 9,5 83 |
17,908 | |
| Payments to suppliers and employees | (12,94 9 ) |
( 17,514 ) |
|
| Net cash inflow from operating activities |
(3,3 66 ) |
394 | |
| Cash flows from investing activities | |||
| Exploration and consenting expenditure | (3,940) | (1,358 ) |
|
| Mining assets (including capitalised waste moved in advance) | (4,546) | ( 2,643 ) |
|
| Property, plant and equipment purchases |
( 251 ) |
(115) | |
| Property, plant and equipment disposals | 116 | 192 | |
| Deferred consideration | (283) | (458) | |
| Interest received | 576 | 10 | |
| Investment in NWP Coal Canada Limited | (712) | ( 820 ) |
|
| Other | 3 | 26 | |
| Net cash inflow outflow from investing activities |
( 9 ,03 7 ) |
( 5,166 ) |
|
| Cash flows from financing activities | |||
| Other finance income / (costs) | 2, 125 |
(48) | |
| Interest on leases |
(50) | ( 74 ) |
|
| Drawdown / (repayment) of leases | (430) | (382) | |
| Net cash inflow / (outflow) from financing activities |
1, 645 |
( 504 ) |
|
| Net increase /(decrease) in cash |
(10, 758 ) |
(5,276) | |
| Cash and cash equivalents at the beginning of the year | 35,718 | 7,789 | |
| Total cash at the end of the year | 2 4, 960 |
2,513 |
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| 3. Net f inance income / ( c osts ) |
|||
|---|---|---|---|
| Notes | Unaudited | Una udited |
|
| Dec 202 5 |
Dec 202 4 |
||
| $’000 | $’000 | ||
| Interest income | 448 | 212 | |
| R ealised foreign exchange gain |
1,983 | - | |
| Total finance income | 2, 431 |
212 | |
| Interest expense on finance leases |
(50) | ( 70 ) |
|
| Realised foreign exchange loss | - | (41) | |
| Unr ealised foreign exchange loss |
(56) | (611) | |
| Rehabilitation provisions unwinding of discount | (106) | ( 147 ) |
|
| Deferred consideration unwinding of discount | 6 ( a ) |
(665) | ( 643 ) |
| Banking and facility fees | (7) | (9) | |
| Total finance costs | (8 83 ) |
( 1,521 ) |
|
| Total net finance (expense)/ income |
1,548 | (1,309) |
| 4. Mining assets |
||
|---|---|---|
| Unaudited | Audited | |
| Dec 202 5 |
Jun 202 5 |
|
| Exploration and evaluation assets | $’000 | $’000 |
| Opening balance | 3,679 | - |
| Expenditure capitalised | 3,940 | 3,679 |
| Total exploration and evaluation assets | 7,619 | 3,679 |
| Mining l i cences/permits , property and other assets |
||
| Opening balance | 27,012 | 25,256 |
| Expenditure capitalised | 4,562 | 5,056 |
| Transfers | (34) | 75 |
| Disposals | - | (934) |
| Amortisation | (1,241) | (3,623) |
| Waste moved in advance capitalised | 19 | - |
| Net exchange differences | 1,128 | 45 |
| Impairment of mining assets – Takitimu |
- | 1,137 |
| Total mining licences/permits and property assets | 31,446 | 27,012 |
| Total mining assets | 39,065 | 30,691 |
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| 5. Interest in joint ventures |
||
|---|---|---|
| Unaudited | Audited | |
| Dec 202 5 |
Jun 202 5 |
|
| $’000 | $’000 | |
| Interest in BT Mining Limited (“BT Mining”) | 270,595 | 274. 606 |
| Interest in NWP Coal Canada Limited (“NWP”) | 23,189 | 18,6 28 |
| Total interest in joint ventures | 29 3,784 |
2 93.234 |
| (a) Balances held in BT Mining | ||
|---|---|---|
| Equity investment | 16,250 | 16,250 |
| Share of retained earnings net of dividends received | 254,345 | 25 8,356 |
| Total interest in BT Mining | 270,595 | 2 74,606 |
| Opening balance | 274,606 | 268,953 |
| Share of BT Mining profit /(loss) |
(1,079) | 6,482 |
| Share of BT Mining FX hedging through OCI | (2,932) | ( 8 29) |
| Closing balance | 270,595 | 2 74,606 |
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| Unaudited | Audited | |
|---|---|---|
| Dec 202 5 |
Jun 202 5 |
|
| BT Mining balance sheet – unaudited (100% basis ) |
$’000 | $’000 |
| Cash | 136,071 | 165,970 |
| Restricted short - term deposits |
57,815 | 46,266 |
| Trade and other receivables | 26,356 | 35,710 |
| Crown indemnity | 5,578 | 4,967 |
| Inventories | 71,768 | 43,962 |
| New Zealand emission units | 1,428 | 457 |
| Income tax | 6,594 | 5,442 |
| Derivative assets | - | 3,486 |
| Current assets | 305,610 | 306,260 |
| Property, plant and equipment | 82,447 | 87,236 |
| Mining assets | 119,062 | 114,898 |
| Crown indemnity | 46,150 | 4 5,578 |
| Other financial assets | 94 | 93 |
| Deferred tax asset | 13,817 | 12,063 |
| Non - current assets |
261,570 | 259,868 |
| TOTAL ASSETS | 567,180 | 56 6,128 |
| Trade and other payables | 41,239 | 3 9,193 |
| Finance leases | 4,201 | 7,127 |
| Derivative liabilities | 2,779 | - |
| Provisions | 7,918 | 6,996 |
| Current liabilities | 56,137 | 53,316 |
| Finance leases | 1,930 | 1,351 |
| Provisions | 92,814 | 88,988 |
| Non - current liabilities |
94,744 | 90,339 |
| TOTAL LIABILITIES | 150,881 | 14 3,655 |
| NET ASSETS | 416,299 | 4 22,473 |
| Share capital | 25,000 | 25,000 |
| Reserves (FX and coal price hedging) |
(2,222) | 2,289 |
| Retained earnings net of dividends paid | 393,521 | 3 95,184 |
| EQUITY | 416,299 | 4 22,473 |
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| (b) NWP |
||
|---|---|---|
| Unaudited | Audited | |
| Dec 202 5 |
Jun 202 5 |
|
| Balances held in NWP |
$’000 | $’000 |
| Opening balance | 1 8 ,6 28 |
1 8 ,672 |
| Conversion of debt |
3,706 | - |
| FX movements through reserves | 894 | 46 |
| Equitable s hare of loss |
(39) | ( 90 ) |
| Total interest in NWP |
23,189 | 1 8 ,6 28 |
| Dec 202 5 |
Jun 202 5 |
|
|---|---|---|
| NWP financials of which Bathurst holds 22.1 percent - unaudited (100% basis ) |
$’000 | $’000 |
| Cash | - | 395 |
| Other current assets | 180 | 71 |
| Exploration and evaluation assets | 63,874 | 55,334 |
| Other non - current assets |
1,399 | 1,338 |
| **TOTAL ASSETS ** | 65,453 | 57,138 |
| Cash | 13 | - |
| Current liabilities | 3,529 | 1,949 |
| Non - current financial liabilities |
2,517 | 1,229 |
| TOTAL LIABILITIES | 6,046 | 3,178 |
| NET ASSETS | 59,407 | 53,960 |
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| 6. Financial l iabilities |
||
|---|---|---|
| Unaudited | Audited | |
| Dec 202 5 |
Jun 202 5 |
|
| ( a ) Deferred consideration |
$’000 | $’000 |
| C urrent |
||
| Acquisition of subsidiary | 223 | 750 |
| Non - current |
||
| Acquisition of subsidiary | 208 | 72 |
| Acquisition of asset |
10,308 | 9, 790 |
| To tal deferred consideration |
1 0,739 |
1 0,612 |
| Movement | ||
| Opening balance | 10,612 | 11,617 |
| Unwinding of discount | 665 | 1,258 |
| Fair value adjustment - New Brighton Colleries |
(99) | ( 1,028 ) |
| Fair value adjustment – Tenas project |
(624) | - |
| Consideration paid during the period net of movement in accruals |
185 | (1,235) |
| Closing balance | 1 0,739 |
1 0,612 |
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| Unaudited | Audited | |
|---|---|---|
| Dec 202 5 |
Jun 202 5 |
|
| ( b ) Borrowings |
$’000 | $’000 |
| Current | ||
| Lease liabilities | 746 | 831 |
| Total current borrowings | 746 | 831 |
| Non - current |
||
| Lease liabilities | 286 | 626 |
| Total non - current borrowings |
286 | 626 |
| Total borrowings | 1,032 | 1, 457 |
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| Consolidated i ncome s tatement |
||
|---|---|---|
| Dec 202 5 |
Dec 202 4 |
|
| $’000 | $’000 | |
| Revenue from contracts with customers | 113,297 | 107,132 |
| Realised FX and coal price hedging | 1,333 | 10,410 |
| Less: cost of sales | (98,675) | ( 85,710 ) |
| Gross profit | 15,955 | 3 1,832 |
| Other income | 1,734 | 1 ,398 |
| Equity share of NWP loss | (39) | (43) |
| Depreciation | (8,999) | ( 8,553 ) |
| Administrative and other expenses | (15,9 74 ) |
(1 4,117 ) |
| Fair value on deferred consideration | 723 | 791 |
| Gain on disposal of property, plant and equipment | 88 | 215 |
| Op erating profit / (loss) before tax |
(6, 512 ) |
1 1,523 |
| Finance cost | (1,649) | ( 2,332 ) |
| Finance income | 4,336 | 3,119 |
| Profit / (loss) before income tax |
(3, 825 ) |
1 2,310 |
| Income tax expense | 449 | (4 ,038 ) |
| Profit / (loss) after tax |
(3, 3 76 ) |
8,272 |
| Consolidated b alance s heet |
||
|---|---|---|
| Dec 202 5 |
June 202 5 |
|
| $’000 | $’000 | |
| Cash and cash equivalents | 113, 406 |
143,599 |
| Restricted short - term deposits |
42,166 | 34,660 |
| Trade and other receivables | 23,5 29 |
27,314 |
| Crown indemnity | 3,679 | 3,282 |
| Inventories | 48,125 | 29,689 |
| New Zealand emission units | 928 | 319 |
| Derivative assets | - | 2,266 |
| Income tax | 4,286 | 3,535 |
| Total current assets | 236, 119 |
244,664 |
| Property, plant and equipment | 63,454 | 67,283 |
| Mining assets | 116,455 | 105,375 |
| Crown indemnity | 30,606 | 30,230 |
| Investment in joint venture | 23,189 | 1 8,628 |
| Deferred tax asset | 8,981 | 7,841 |
| Other financial assets | 9 00 |
680 |
| Total non - current assets |
2 43,585 |
230,037 |
| **TOTAL ASSETS ** | 47 9,704 |
474,701 |
| Trade and other payables | 35,009 | 31,466 |
| Derivative liabilities | 1,806 | - |
| Finance leases | 3,477 | 5,353 |
| Deferred consideration | 223 | 861 |
| Provisions | 6,093 | 5,805 |
| Tota l current liabilities |
46,608 | 43,485 |
| Finance leases | 1,541 | 1,504 |
| Deferred consideration | 10,516 | 9,862 |
| Provisions | 65,498 | 63,118 |
| Total non - current liabilities |
77,555 | 74,484 |
| **TOTAL LIABILITIES ** | 124,163 | 117,969 |
| **NET ASSETS ** | 35 5,541 |
356,732 |
| Contributed equity | 353,995 | 3 53,995 |
| Reserves | (3 1,041 ) |
(33,227 ) |
| Retained earnings net of dividends | 32, 587 |
35,964 |
| EQUITY | 35 5,541 |
356,732 |
| Consolidated c ash f low |
||
|---|---|---|
| Dec 202 5 |
Dec 202 4 |
|
| $’000 | $’000 | |
| Cash flows from operating activities | ||
| Receipts from customers | 122,1 58 |
139,542 |
| Payments to suppliers and employees | (113, 611 ) |
( 103,236 ) |
| Taxes paid | (1,624) | (4,016) |
| Net inflow /(outflow) from operating activities |
6, 9 23 |
32,290 |
| Cash flows from investing activities | ||
| Exploration and evaluation expenditure | (5,510) | ( 3,186 ) |
| Mining assets (incl uding capitalised waste moved in advance ) |
(19,138) | ( 23,780 ) |
| Property, plant and equipment purchases net of disposals |
(5,707) | ( 4,394 ) |
| Payment of deferred consideration | (314) | ( 484 ) |
| Investment in NWP | (712) | ( 820 ) |
| Other | 2 | 25 |
| Net outflow from investing activities | (31,379) | ( 32,639 ) |
| Cash flows from financing activities | ||
| Repayment of inance leases |
(1,956) | ( 2,881 ) |
| Interest received | 1,922 | 3,553 |
| Interest paid on finance leases |
(188) | ( 337 ) |
| Finance income | 1, 9 91 |
( 224 ) |
| Net inflow/( outflow ) from financing activities |
1, 769 |
111 |
| Net increase/(decrease) in cash and cash equivalents |
(22, 687 ) |
(238) |
| Opening cash and cash equivalents including restricted short - term deposits |
178, 259 |
140,890 |
| Closing cash and cash equivalents | 155, 572 |
140,652 |
==> picture [60 x 842] intentionally omitted <==
Independent Auditor’s Review
Report
To the shareholders of Bathurst Resources Limited
Report on the consolidated interim financial statements
Conclusion
We have completed a review of the accompanying consolidated interim financial statements which comprise:
Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial statements on pages 10 to 22 do not:
-
the consolidated statement of financial position as at 31 December 2025;
-
present fairly, in all material respects, the position as at 31 December 2025; Group’s financial position as at 31 December 2025 and its financial ‒ the consolidated income statement and
-
performance and cash flows for the six statement of comprehensive income,
-
month period then ended and comply with changes in equity and cash flows for the six
-
New Zealand Equivalents to International month period then ended; and
-
Financial Reporting Standards ( NZ IFRS ) issued by the New Zealand Accounting Standards Board. ‒ notes, including material accounting policy information.
Basis for conclusion
We conducted our review of the consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity ( NZ SRE 2410 (Revised) ). Our responsibilities are further described in the Auditor's responsibilities for the review of the consolidated financial statements section of our report.
We are independent of Bathurst Resources Limited in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to the royalty agreed upon procedures. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. Our review work has been undertaken so that we might state to the shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the shareholders for our review work, this report, or any of the conclusions we have formed.
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Document classification: KPMG Public
Responsibilities of directors for the consolidated financial
statements
The directors on behalf of the Group are responsible for:
-
the preparation and fair presentation of the consolidated interim financial statements in accordance with NZ IFRS; and
-
For such internal control as directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the consolidated financial
statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim financial statements , taken as a whole, are not prepared, in all material respects, in accordance with NZ IFRS.
A review of the consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated interim financial statements .
The engagement partner on the review resulting in this independent auditor’s review report is Peter Taylor.
For and on behalf of:
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KPMG
KPMG Christchurch 26 February 2026