Ann: Stanwell Transaction, page-100

Conversely however I don't however I don't see anything in there at all indicating we are only receiving $150m for the 4mt.

The only mention of the US$150m is in the line that states "UP TO US$150 million additional near-term liquidity" . This doesn't tell me that this is the fixed contract price for the 4mt.

It further breaks it down saying "comprising:
▪ a US$75 million prepayment and
▪ a rebate waiver and deferral from April to December 2025, which is expected to provide ~US$75 million at current pricesi.
▪ the additional liquidity bears 13% p.a. interest and will be settled by physical coal delivery starting in 2027 over five years."

None of this says "Stanwell has entered into a fixed price contract to purchase 0.8mtpa over 5years for $150m"

Indeed, it goes on to say "400,000 tpa will be fully exposed to the prevailing market price". Now that clearly says "Prevailing market price". If the coal price goes back to US$300/t, just this 400,000t is worth US$120,000,000. Just this 0.4mtpa segment of the deal @US$300/t would have us repaid within 2years, and thats not accounting for the other 0.4mtpa at the discounted fixed forward curve. Now we are still contracted to offtake the additional 0.8 mtpa to them until 2032... but once the $150m is repaid they will be paying us IAW the CSA.

Thats my understanding... but as always we can agree to disagree until the full terms of the deal get released and then we will know for sure.