Ann: 2021 AGM presentation, page-2

Listened to AGM. My takeaways.

• Talked about the low cost base and diversified nature of the business and how that had enabled the business to remain profitable last year when most coal companies were making significant losses.
• FY22 forecast reconfirmed despite recent fall in coal prices, due to 'judicious use of hedging'. Due to the 3 month lag in market prices being reflected in revenue, Q3 will be where we really see the historic high pricing come into play.
• Hoping to resolve LMCH dispute this year. Noted that from the start the door is always open for more amicable and productive negotiation rather than battling it out in the courts. i.e. Bathurst management open to negotiating a way forward which unlocks the Buller resource to the benefit of both parties.
• Focus going forward is on conversion of exciting pipeline of opportunities (domestic, export and Crown Mountain) as well as exploring close to market opportunities in stable jurisdiction for coal and other minerals.
• Non-comital on New Bonds converting - thanked the bond holders for their long term support and reminded shareholders that the bond renewal took place prior to winning the LMCH court case. i.e. when share price was around 40c and solvency far from certain. Did mention that there are currently 178m of shares on issue not including convertible bonds 'if/should they convert'.