Ann: 2022 Financial Result Presentation, page-46

Other things

• The coal reservation is not guaranteed to be handed over to generators. It's a reservation that *could* be handed over if needed. It resets each quarter so if the 310,000 is not taken in a quarter it doesn't accrue over to the next quarter.
• The renewables hub is still going through FID so it's not a guaranteed project. It's an option they are considering as part of rehabilitation.
• YAL is still focused on coal and is unlikely to move into other minerals/metals.
• Increased costs we primarily driven by reduced output, inflation and lack of labor. Increasing Mt output will likely not return costs back to 2021 or earlier levels fully.
• The reason they paid out 45% and not 50% was the board wanting to pay off the remaining debt and reserve cash for the tax bill liability. Further guidance is, as it always was, 50% payout ratio. In saying that they state board has final decision always for variance from 50% payout.
• Increased capex spend for 2023 is for getting the mines back to historic ROM rates. Once mining rates return to normal capex should return to prior year rates.