Ann: March 2021 Quarterly Report & Revised FY21 Guidance, page-6

Couple of unpleasant surprises in there. Deserves to be punished by the market and I suspect it will be.

The lag pricing to NEWC isn't really an issue, it will be captured next quarter, but the increased proportion of low CV coal due to geological factors and the continued selling of SSCC as thermal is disappointing. As is, obviously, the further guidance downgrade due to Narrabri. It's pretty clear that Narrabri is a tricky beast that will throw up issues like this from time to time. There isn't much upside possible to guidance, but things like this mean there is downside and WHC are setting a bit of reputation for failing to meet guidance.