Voting Yes at the EGM, page-11

Hi Alpha,

You’re welcome.

One item to consider is that it’s not only coal prices that have to reviewed throughout the next few years. The exchange rate and interest rates will also impact the outcome and the exchange rate, is almost equally as important.

ie. Using the current coal price and assuming a 5% discount for coal quality metrics. We have sufficient value in the coal price to support cashflow. What has really moved in our favour is the exchange rate that has improved 15-20%. That effectively means a 15-20% higher coal price on the 3.6M export volume.

Further, the interest rate drop of over 1%, will also reduce our outgoings.

Going forward, our report card will be based on these three metrics as they all contribute significantly to the outcome.

As it stands, given the coal price combined with the exchange rate, the metrics very much lean in our favour!