Ann: AGM Addresses and Presentation, page-3

Timeline Estimate: Under favourable market conditions, Whitehaven may meet a 5-6% dividend yield by FY26-27 as cost improvements, revenue stability, and reduced debt obligations free up capital for shareholder returns.

Overall Estimate for 5-6% Yield Target

While Whitehaven may begin increasing dividends incrementally starting in early 2025, reaching a full 5-6% yield will likely depend on sustained cost savings, successful integration of the Queensland assets, and stable global demand. A reasonable target timeframe for a 5-6% dividend yield could be by FY26-FY27, contingent upon Whitehaven meeting its operational and financial milestones.

Projected Timeline for Whitehaven Reaching 5-6% Dividend Yield

Here's the projected timeline chart for Whitehaven's potential pathway to a 5-6% dividend yield:

• FY25: Initial dividend increases could start after the Blackwater sale cash inflow.
• FY26: Cost reduction initiatives and productivity gains in Queensland may further boost dividends.
• FY27: If market and operational conditions align, Whitehaven could reach the targeted 5-6% yield.

This timeline reflects expected milestones based on operational improvements and market demand, moving Whitehaven closer to the desired dividend yield range.

Achieving a 5-6% dividend yield for Whitehaven will depend on several key factors, including the company's ability to increase free cash flows, manage acquisition-related obligations, and benefit from favorable market conditions for coal. Here’s an outlook based on these considerations:

1. Post-Blackwater Sale Influx in Early 2025

• Cash Inflow Impact: The anticipated $1.08 billion cash injection from the Blackwater sell-down, expected in early 2025, will enhance Whitehaven’s balance sheet flexibility, allowing for potential dividend increases.
• Debt and Liquidity Management: Whitehaven has indicated that these proceeds will support financial flexibility, which may include dividend growth, particularly if surplus capital is available after fulfilling deferred acquisition payments.

Timeline Estimate: Early 2025 may be the first opportunity for dividend adjustments, though initial increases may still fall short of a full 5-6% yield target until the business stabilizes post-integration.

2. Operational Efficiency and Cost Reductions by FY26

• Cost Reduction Programs: Whitehaven is implementing a $100 million cost reduction program in Queensland and enhancing productivity in its newly acquired operations. Successful cost-cutting could bolster free cash flow, providing more room for dividends.
• Integration Gains: If Whitehaven successfully realizes expected cost efficiencies by FY26, this could increase funds available for shareholder returns, moving closer to the 5-6% yield goal.

Timeline Estimate: If cost improvements meet expectations, incremental dividend increases could be seen by FY26, particularly if capital expenditure and operational costs stabilize.

3. Projected Market Demand and Pricing Support through FY26-27

• Market Demand and Price Resilience: With global demand for high-quality thermal and metallurgical coal forecasted to remain strong, especially in Asia, Whitehaven’s revenues may benefit from robust pricing.
• Revenue Growth through Production Expansion: Increased production volumes and stable demand could sustain pricing power, supporting revenue and free cash flow over the next 2-3 years, creating conditions conducive to higher dividends.