Ann: Quarterly Activities Report, page-2

The only surprising number is the average $A met coal price of $A360 per tonne (can't understand why this number is so high). Looking to the DecQ, production should increase a little (say 9.3mt in DQ compared with 8.6mt in SQ), met coal price should fall and thermal coal may fall a little. Overall, The DQ result is likely to be similar to the SQ result (increase in cash balance $300m to $400m). My guess is that the final dividend for FY23 (to be paid in late March/ early April 24) could be between 40 and 50 cents per share (making the annual payment 77 to 87 cents per share). r