Ann: December 2020 Quarterly Report & Revised FY21 Guidance, page-6

They forward sold their product. You didn't expect them to get the spot price of the day on everything did you? It takes several weeks to move the product from pit to boat and prices need to be agreed on at some point. It's not like they locked in prices at $50 for 12 months on advance. The rapid rise in coal price will take a while to be reflected into the share price. While this might not be what you want to hear, think of it this way: when the coal price eventually turns down, it'll take a quarter or two for the share price to fall and you will have plenty of time to sell out. If history is any guide, we'll have a good two or three years before this happens.

The realised price was 8% lower than the quarterly gC Newc index average due to two main factors; Whitehaven’s realised prices lag the average (up and down) when rapid changes in the monthly index coal price occur, and there were increased volumes of Other thermal coal sold at fixed prices. Other thermal coal sales at 24% reflect the quarter’s product mix which included sales of lower-CV coal contracted at fixed prices before the acceleration occurred in coal prices later in the quarter. The coal was delivered to customers later in the quarter when higher monthly index prices prevailed.