Ann: Chair's Address to Annual General Meeting, page-7

I attended the AGM this afternoon, here are some key points to consider:

- Danny is looking closely at other energy related opportunities, also other opportunities outside the energy space. He does have a background with Mineral Resources so will consider all potential opportunities.
- Looking to expand nearby BA mine within a 15km radius, which would reduce current cost per tonne.
- 9yrs of high CV, low ash coal left at BA. Coal quality will be consistent throughout the life of mine.

- BA on track for a 2.2Mt run rate for FY23, despite recent weather conditions.

- South Africa operations is approx $25/t profit margin at present.
- Eloff at SA to commence within the next 3 months. On top of their current SA operations, this will generate approx 200,000/t per month for the SA domestic market.
- $0.075 is the minimum standard dividend to be paid on a quarterly basis. Excess cash obviously warrants special dividends to be paid. $0.025 special dividends fits TER’s current cash flow from operations.If coal price trades lower than US$250/t there likely won’t be any special dividends paid out to shareholders.
- Cash balance of $119 million as at Sept 30th 2022. Out of the $119 million Sept cash balance, $80million paid out the dividend, plus an additional $40 million in tax which accrued franking credits for the Dec dividend.
- Share buy backs are being well debated at board table, although most board members seem to prefer returns to shareholders via fully franked dividends.