$5 WATCH OUT !, page-23

With all due respect, this will likely cycle many times over the next twelve months as the world stock markets are unsure what really is happening.

As a small Australian coal miner, WHC is subject to price movements caused by :

1. Spot price manipulation by international customers where stockpile reserves are placed on market at lower price

2. Euro gas price impacted by pipeline shutdowns which in turn shifts generation emphasis onto coal fired generation

3. Commodity traders such as Glencore hedging against fluctuations by buying futures at lower price

4. International customer stockpiles varying depending upon electricity demand caused by weather

5. Ongoing Ukraine coal supply remaining tight due to war (Donbas region being Ukraine's richest coal production zone)
https://www.washingtonpost.com/world/2022/08/10/ukraine-russia-energy-mineral-wealth/

6. Ability for commodity traders to continue trading with Russia and supplying India and China
https://www.theglobeandmail.com/investing/investment-ideas/article-war-in-ukraine-shows-commodity-markets-are-robust-adaptable/

7. The risk of further world population falling into energy poverty will keep coal as the prime energy fuel source for some time. This isn't going to change soon as the green transition isn't possible without substantially greater volumes of energy being consumed to create this change.
(See video by Mark Mills : The Energy Transition Delusion on YouTube)
https://www.abc.net.au/news/2023-02-17/study-reveals-full-toll-global-energy-crisis-costs-soar/101984886

This makes for a complex formula with only the commodity traders having a true feel for the direction of coal prices and coal stocks.
Worth thinking about this - Glencore (formerly Marc Rich & Co, merged with Xstrata), have fifteen current Australian coal projects. They were once only traders of coal until the early 2000s and whilst planning on closing mines over the next 12 years, are still forecasting 110 million tonnes per year for the next three years (approx 10 times WHC). So, whilst demand & prices are historically still high and profitable, the big miner/trader is still delivering.
Of course, that isn't detracting from Glencore abandoning the Valeria project in Qld last year.

https://www.glencore.com.au/operations-and-projects/coal/current-operations

Trade the fluctuations or if you can't deal with it, get out. The trend is your friend and don't fight it.