Ann: 2023 Annual General Meeting Address and Presentation, page-2

Given the negativity of thermal coal futures overnight, one might expect the SP to againfall today.

This statement to be made at the AGM seems key to continuing to hold YAL (though as always, do your own research as my views are not Gospel):

Thermal coal indices may have fallen from the record levels seen in 2022, but the structural issues
influencing the price remain. It is worth observing the coal indices referred to in this slide are still
trading at twice the levels they were just two years ago, and Yancoal’s contract structures deliver a
lagged price realisation relative to these indices. Global energy markets seem far from settled, and
seasonal cycles have the potential to lift prices during 2023.