Ann: September 2022 Quarterly Report, page-66

Quarterly calculations, approximate shareholder earnings for the last 3 months based on equity sales.

Achieved price - AU$581
Less 8% royalty - $534
Less unit cost - $94/t
Equals EBITDA margin - $440
Times volume (2.9Mt equity coal sales)
EBITDA - $1.28B
Less D&A and finance - $80M
PBT - $1.2B
Less 30% tax - $360M
NPAT - $840M
Shares on Issue (about 924M, after recent buybacks, excluding milestone shares)
EPS on 924M shares - 91 cents

We are currently trading at a PE of 12 based on only 3 months of earnings. Flooding this time of year is nothing new and it is inappropriate to compare it to the previous quarter. We are down 14% on equity sales (which IMO is the most important figure) compared to this time last year which is more than made up for by the coal price.

With almost $2B cash in the bank, WHC has enough to buy back 20% of its stock in an off market buy back at the current share price, making it more than likely that we will complete the proposed 25% off market buyback within 12 months if approved at the AGM. I see their disclosure of cash on hand as an easter egg to holders of what's to come because it is unusual to see that disclosure in a quarterly.

In the September quarter, sales consisted of 92% thermal coal and 8% metallurgical coal with 100% of thermal coal sales
being high CV coal.

It is great to see blending fluidity allowing coking coal to be converted to thermal to achieve significantly higher pricing.

Our flagship mine at Malues Creek had planned cuts to production due to sequencing, however access restrictions due to flooding, heavy fog and noise constraints lowered output further. However, it is good to see that Narrabri production was up and that longwall changeout has been successful, reflecting skilled and competent management of assets.

In a stable pricing environment, and given our high CV coal, Whitehaven expects to achieve a premium to the gC NEWC
index price for the quarter

The large state-owned power utility in Taiwan stopped taking Russian coal in August and Japan will stop taking delivery of Russian coal at the end of March when pre-existing contracts run out in line with the Japanese fiscal year.

I would expect Japan (WHCs largest customer) to require even more high CV coal from Australia leading up to and after March 2023.

Mine sequencing plans allow for opportunities to lift volumes throughout the year, underpinning our expectation of meeting
overall volume targets.

Spring is possibly the best time to do this as expected seasonal flooding constraints would disrupt production anyway.