Ann: Suspension Update, page-6

Yes, completely agree. Royalties haven't helped obviously, but the key issue has always been their production costs and poor operational performance. They opened Bluff (clearly a boom-time asset only but they kept blaming the weather for months) then took far too long to pull the pin and are now stuck with C&M costs. Broadmeadow East mine planning was stymied by a powerline and then also put into C&M. Meanwhile FOB costs excluding royalties spent most of 2024 above A$180/t and were as high as A$218/t.

To your point @BenXinvest:

• For the 12 months in FY24 they did revenue of $467.6M and paid state royalties of $46.4M (9.9%).
• For the 9 months YTD in FY25 they've done revenue of $255.6M and paid STATE royalties of $26.3M (10.3%)

I think that management claiming BCB needs to remain suspended to avoid the market "not being reasonably informed" is a joke - meanwhile Jorss' Coal Australia has been posting on LinkedIn how 500 jobs are at stake and he was interviewed in the Australian saying the same thing. Wants everyone to know how bad the situation is, except ASX investors who are supposed to hold out hope? The government ain't going to roll back royalties sitting at 10% of revenue just because one small high-cost producer can't survive the cycle. Gotta blame everyone else though...