Ann: EBITDA Result for the month of November 2021, page-2

Sept Quarter EBITDA = A$47.1M (36.4M BA + 10.7M SA)
October EBITDA = A$23.5M (A$19.5M BA + A$4M SA [Estimate] )
November EBITDA = A$25.8M (A$20.0M BA + A$5.8M SA)

This is a total of A$96.4M of EBITDA in a 5 month period, add in another A$20M in the December month and that's A$116.4M in the half year, which is an absolutely stellar result. I have not going through the ITD expectation, however suffice to say, a debt repayment cash sweep of around A$70M (US$51M) is highly probably. Euroclear bond is A$249.5M - so potentially down to A$179.5M... Getting down to A$100M prior to a refinance would be amazing for the company... Long way to go.

Still interesting to see Thornley increasing stake.

Good to see 143kT of export from SA. European gas prices going bonkers again, could we see US$200/t export thermal coal again??? Would say this is probable...