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New Hope and Malabar to combine A leading ASX listed producer of low-cost, high-quality coal ASX:NHC 19 October 2026
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New Hope Group Malabar Resources Important Notice and Disclaimer 2 This presentation and the accompanying announcement and discussion (together the presentation) have been prepared by New Hope Corporation Limited ABN 38 010 653 844 (ASX:NHC) ( New Hope) and Malabar Resources Limited ABN 29 151 691 468 ( Malabar) in relation to the proposed transaction between New Hope and Malabar. By reviewing or retaining these materials, or by attending or participating in this presentation, you acknowledge and represent that you have read, understood and accepted the terms of th is Important Notice and Disclaimer. This presentation should be read in conjunction with New Hope’s and Malabar's periodic and continuous disclosure announcement s that have been lodged by New Hope with the Australian Securities Exchange ( ASX) (copies of which are available at www.asx.com.au) and by Malabar on its website (at www.malabarresources.com.au). Forward looking statements This presentation may contain forward looking statements about New Hope and Malabar and the merged group, including projected revenue, costs, earnings, growth, outlook, plans and strategies, the completion of the transaction, the impact of the transaction and the future strategies and results of the combined New Hope and Malabar groups and the opportunities available to it, the integration pro cess and the timing and amount of synergies, as well as guidance regarding future financial results for the Combined Group’s business or o ther matters (Projections). These statements relate to expectations, beliefs, intentions or strategies regarding the future. Any such Projections are based on assumptions that may differ materially from the actual circumstances which may arise. Actua l results may differ from Projections and such variations may be material. Projections involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of New Hope, Malabar and their directors and management, and may involve significant ele ments of subjective judgement and assumptions as to future events that may or may not be correct. To the maximum extent permitted by l aw, no representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of an y Projections in relation to future matters contained in this presentation. You should not place undue reliance on any Projections, which are based only on information currently available to New Hope and Malabar. Except as required by applicable laws or regulations, neither New Ho pe nor Malabar undertakes any obligation to update any Projections for events or circumstances that occur subsequent to the date of this presentation or to keep current any of the information provided. Past performance is no guarantee of future performance. Not investment advice Recipients of this presentation are advised that the information contained in this presentation is not legal, tax, accounting , investment or financial product advice and should not be used as the basis for making investment decisions or other decisions in relation t o New Hope or Malabar. No offer of securities This presentation is not a disclosure document and should not be considered as investment advice. The information contained i n this presentation is for information purposes only and nothing in this presentation should be read or understood as an offer, invi tation, solicitation, inducement or recommendation to buy or sell New Hope or Malabar securities, or be treated or relied upon as advice by New Hope or Malabar. Neither New Hope nor Malabar will necessarily tell recipients if it becomes aware of any inaccuracy in or omission f rom the information in this presentation. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. You should consult your own advisors as to legal, tax, financial and related matters and conduct your own investigations, enq uiries and analysis concerning any transaction or investment or underwriting or other decision in relation to New Hope or Malabar. The release, publication or distribution of this presentation (including an electronic copy) outside Australia may be restricted by law. If you come into possession of this presentation, you should observe such restrictions and should seek your own advice on suc h restrictions. Any non-compliance with these restrictions may contravene applicable securities laws. Not for release or distribution in the United States This presentation may not be released to US wire services or distributed in the United States. This presentation does not con stitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The securities referred to in this presentation have not been, and will not be, registered under the US Securities Act of 1933 (the “US Securities Act”) and may not be offered or sold in the United States except in transactions exempt from, or not subject t o, the registration requirements of the US Securities Act and applicable US state securities laws. Reliance on third party information This presentation, including opinions set out in it, is based on information compiled or prepared by New Hope and Malabar fro m sources believed to be reliable, although such information has not been independently verified in all instances. No representation or warranty, express or implied, is made by New Hope or Malabar as to the fairness, accuracy, completeness or correctness of the informati on, opinions or conclusions contained in this presentation. The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for its use of this data and information except as specified in a written agreement you may have entered into with Wood Mackenzie for the provision of such data and information. Information about Malabar and New Hope Certain information in this presentation has been sourced from Malabar and other information in this presentation has been so urced from New Hope. Each undertook a due diligence process in respect of the other, which relied in part on the review of financial and certain other information provided by the directors and management of the other. This does not include information on reserves and resource s, as to which see Reserves and Resources below. Despite making reasonable efforts, neither party has been able to verify the accuracy, reliability or completeness of all the information which was provided to it against independent data. While steps have been taken to review that information, no representation or war ranty, expressed or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. Similarly, the parties have prepared (and made assumptions in the preparation of) the financial information relating to each other included in this presentation from financial and other information provided by the other. Neither party is able to verify the accuracy or completeness of such information in relation to the other. Disclaimer To the maximum extent permitted by law, none of New Hope, Malabar, their respective directors, employees, advisors or agents, nor any other person, accepts any liability, including without limitation any liability arising out of fault or negligence, for any l oss arising from the use of the information contained in this presentation or its contents or otherwise arising in connection with it or the proposed transaction. In particular, no representation or warranty, express or implied, is given by New Hope or Malabar as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, Projections or prospects referred to in this presentation. To the maximum extent permitted by law, New Hope, Malabar and their respective advisers, affiliates, related bodies corporate , directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy , reliability or completeness of information in this presentation. Non-IFRS Financial Information This presentation may use non-IFRS financial information, including measures stated on an underlying or proforma basis. These me asures are used to measure both group and operational performance of New Hope and Malabar. Non-IFRS measures have not been subject to audit or audit review. Certain of these measures may not be comparable to similarly titled measures of other companies and should not be construed as an alternative to other financial measures determined in accordance with Australian accounting standards. Although New Hop e and Malabar believe these non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of the business of New Hope, Malabar and the Combined Group, investors are cautioned not to place undue reliance on any non- IFRS financial information included in this presentation. Currency, rounding and other matters Except as otherwise stated, $ refers to Australian Dollars. A number of figures, amounts, percentages estimates, calculations of value and other fractions used in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Statements made in this presentation are made only as at the date of this presentation. The information in this presentation remains subject to change without notice. Further information and detail will be contained in the scheme booklet relating to the proposed tra nsaction. Reserves and Resources References to New Hope’s reserves and resources in this presentation have been provided solely by New Hope (and not verified by Malabar) and should be read in conjunction with New Hope’s coal resources and reserves statement released to the ASX on 18 September 2 026 (in relation to coal reserves and resources). New Hope confirms that, as at the date of this presentation, it is not aware of any new information or data that materially affects the information included in the relevant resources and reserves statement and, in the case of es timates, that all material assumptions and technical parameters underpinning the estimates in the relevant resources and reserves statement con tinue to apply and have not materially changed. References to Malabar’s Coal Resources in this presentation have been provided solely by Malabar (and not verified by New Hop e) and should be read in conjunction with the Coal Resources statement and Competent Person’s Statement contained in Malabar’s Annua l Financial Report for the year ended 30 June 2026, released on 24 September 2026 and available at www.malabarresources.com.au. Malabar confirms that, as at the date of this presentation, it is not aware of any new information or data that materially affects th e information included in that statement and, in the case of estimates, that all material assumptions and technical parameters underpinning the esti mates in that statement continue to apply and have not materially changed.
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New Hope Group Malabar Resources 3 Transaction Overview
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New Hope Group Malabar Resources Transaction Summary 4 (1) Subject to adjustments for New Hope dividends, with specifics outlined in the Scheme Implementation Deed (SID) and to be explained in the Scheme Booklet; (2) Note that the value of the Scheme Consideration will change with fluctuations in New Hope’s share price; (3) Pro forma ownership calculated based on: New Hope ordinary shares outstanding of 844,185,577, Malabar fully diluted share s outstanding of 612,056,913 (comprising 602,251,614 ordinary shares and 9,805,299 performance rights), and New Hope’s existing holding of 156,420,478 ordinary shares in Malabar; (4) Calculated as the New Hope shares attributable to 100% of Malabar's fully diluted shares (including New Hope's existing interest of approximately 25.97%) at the 0.500 exchange ratio, as a proportion of the Com bined Group's pro forma shares on issue. Malabar shareholders other than New Hope will hold approximately 21.3% of the Combined Group's shares on issue following implementation; (5) In the absence of a Superior Proposal (as defined in the SID) emerging and subject to an Independent Expert concluding (and continuing to conclude) in the Independent Expert’s Report that the Scheme is in the best interests of Malaba r shareholders (other than New Hope); (6) Rob Bishop is a New Hope nominee and has not participated in Malabar Board deliberations on the Scheme. Combination of New Hope and Malabar creates a leading ASX listed producer of low-cost, high-quality coal Overview • New Hope Group (“New Hope”) and Malabar Resources Limited (“Malabar”) to combine through a court-approved scheme of arrangement (the “Transaction” or “Scheme”) • Malabar nominees, Wayne Seabrook and Tony Haggarty, to join the board of the Combined Group upon completion Scheme Consideration • Malabar shareholders will receive 0.500 New Hope shares per Malabar share1, currently valued at $2.92 per Malabar share (the “ Scheme Consideration”)2 • Total fully diluted transaction equity value for Malabar (100% basis) of $1.8 billion • Existing New Hope shareholders to own approximately 79% of the Combined Group and Malabar shareholders (other than New Hope) will own approximately 21%3 • On a 100% basis, Malabar will represent approximately 29% of the Combined Group 4 Board Recommendation and Shareholder Support • Unanimously supported by the Boards of both New Hope and Malabar, with the Malabar Board recommending that Malabar shareholde rs vote in favour of the Scheme5 • The Malabar directors (other than Rob Bishop6) who collectively hold approximately ~13% of shares, intend to vote in favour of the Scheme5 Scheme Details • The Scheme is subject to limited customary closing conditions, including: ‒ Malabar shareholder approval at the Scheme Meeting and Court approval ‒ The Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Malabar shareholde rs (other than New Hope) ‒ Receipt of requisite court approvals, other customary regulatory approvals and Japan Fair Trade Commission approval • The SID contains customary exclusivity obligations on Malabar, including “no shop”, “no talk” and “no due diligence” restrict ions (subject to customary exceptions to enable the Malabar Board to comply with its fiduciary and statutory duties), notification obligations and a matching right re gime • Reciprocal break fee, payable in certain circumstances, of approximately A$17 million • New Hope’s existing Malabar shares will not be voted at the Scheme meeting. • Targeting Scheme implementation by February / March 2027 Advisers • Jarden and Pitt Capital Partners acted as financial advisers and Johnson Winter Slattery acted as legal adviser to New Hope • BofA Securities acted as financial adviser and Allens acted as legal adviser to Malabar
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New Hope Group Malabar Resources Maxwell: A High-Quality Underground Coal Mine in the Upper Hunter Valley 5 Large-Scale, Long-Life • Targeting ramp up to ~5.5Mtpa saleable production via bord & pillar and longwall operations, with a fully approved 20+ year life Low-Cost, High-Margin • Expected to be a first quartile cost producer of premium high-quality thermal coal, with the ability to produce a semi-soft coking coal product1 Strategically Located • Situated in the world class Upper Hunter precinct, in close proximity to Bengalla Substantial Infrastructure • Overland conveyor connecting to CHPP, product stockpiles, train-load out and rail spur; equity stakes in the PWCS and NCIG coal terminals at the Port of Newcastle Multiple Growth Pathways • Significant resource base of 2,320Mt provides multiple growth pathways, including additional longwalls at Maxwell and the Maxwell North development (1) Wood Mackenzie, Q2 2026 Seaborne Thermal Cost Curve (Quality -Adjusted).
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New Hope Group Malabar Resources Pro Forma Portfolio Snapshot 6 Operating coal mines 100% basis, unless noted Maxwell Location Muswellbrook, NSW Oakey, QLD Muswellbrook, NSW Combined Group Interest (%) 80% JV 100% 100% Mine Type Open-cut Open-cut Underground Coal Type Thermal Thermal Thermal & SSCC Expected Life (Years)1 13+ 14+ 20+ Resources (Mt) 584 636 2,3202 FY26 Saleable Production (Mt) 8.2 (80%) 3.3 0.6 Long-term Saleable Production Target (Mtpa)3 8.4 (80%) 5.0 5.5 25.97 → 100% Coal Exploration Tenements Bengalla EL9431 & EL9863 West Muswellbrook AL19 Maxwell Maxwell West EL9497, EL9498 & EL7429 Maxwell North EL 9827 Pastoral Operations & Energy Precinct Bengalla Agricultural Company Acland Pastoral Company Malabar Agricultural 350MW Edderton Solar Farm & BESS 100MW Maxwell Solar Farm Mayfield Energy Precinct BESS and Data-Centre Port Facilities Queensland Bulk Handling (100%) Port Waratah Coal Services (7.4%) NCIG (5.5%) EL9497 EL9498 EL7429 EL9827 (~25,000Ha Land) (~12,600Ha Land) (1) Based on existing approved life at each asset; (2) Includes the Maxwell North & West projects; (3) Refers to the targeted steady-state production profile beyond the next 5 years .
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New Hope Group Malabar Resources Indicative Timetable 7 Note: All dates are indicative only and subject to change, necessary approvals and court availability. New Hope and Malabar w ill keep the market informed of any material developments relating to the Scheme in accordance with their respective continuous disclosure obligations. Transaction completion targeted in February / March 2027 Event Indicative Timing First Court Hearing December 2026 / January 2027 Scheme Booklet dispatched to Malabar shareholders December 2026 / January 2027 Malabar Scheme Meeting January / February 2027 Second Court Hearing February / March 2027 Effective Date February / March 2027 Record Date February / March 2027 Implementation Date February / March 2027
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New Hope Group Strategic Rationale 8
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New Hope Group Malabar Resources Strategic Rationale 9 A combination creating a stronger, more valuable business… …with immediate and compelling benefits for Malabar shareholders 1 Creates a leading Australian coal producer 2 Unlocks operational and regional synergies 3 Greater exposure to global seaborne coal market 4 Strengthens capacity to fund growth while maintaining shareholder returns 1 Recognises the value created at Malabar, with greater portfolio diversification 2 Listed liquidity through ASX quoted New Hope shares 3 Retained exposure to Maxwell Mine and Maxwell extension projects 4 Exposure to Bengalla and New Acland, and New Hope’s significant financial capacity
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New Hope Group Malabar Resources 25 50 75 100 125 150 175 200 7.2 9.1 10.7 11.7 14.5 17.0 18.9 FY23 FY24 FY25 FY26 FY27 FY28 LT Bengalla New Acland Maxwell Creates a larger, low-cost ASX coal leader with production growth (1) 25.97% of Maxwell is shown for historical periods and 100% Maxwell on a forward basis from FY27 (inclusive). Bengalla pro duction shown at 80% throughout; Group LT production at a 100% basis for Bengalla would illustratively represent ~21Mt of managed saleable coal production; (2) FY23-FY26 reflect NHC actuals, while FY27, FY28 and LT are indicative only and based on current life of mine schedules and are not a forecast; (3) Refers to the targeted steady - state production profile beyond the next 5 years; (4) Wood Mackenzie, Q2 2026 Seaborne Thermal Cost Curve (Quality -Adjusted for realised price). Cost figures reflect indicative life of mine target averages for Bengalla, New Acland (excluding any intercompany costs), and Maxwell. Remaining data is based on Wood Mackenzie, Q2 2026 data set. Combined Group weightings are based on targeted long -term annual saleable coal production contribution from each asset, on an attributable basis. (5) gC NEWC 6000 week to date price as at 13 October 2026. Significant production growth, with assets positioned in the first quartile of the cost curve Q1 Q2 Q3 Q4 Standalone NHC to Combined Group4 1 10 gC NEWC 6000 Spot: ~US$150/t5 Combined Group Saleable Production Profile (Mt, Attributable)1,2 Indicative Target (FY27, FY28, LT) Cost Curve Positioning (US$/t TCC)4 Seaborne Thermal, Quality-Adjusted +2.6x Total Cash Cost, Quality Adjusted (US$/t) 3
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New Hope Group Malabar Resources Adds premium coal quality and significant resource depth 11 Premium quality Australian coal, combined with an ~82% increase in attributable resources to ~5.2Bt 17% 22% 61% 9% 12% 10% 35% 34% New Hope Standalone Combined Group 2,843Mt 5,163Mt +82% +2,320Mt New AclandBengalla Other exploration assets Maxwell (1) Australian estimate based on Commodity Insights. New Hope Standalone and Combined Group forecasts are indicative only based on current life of mine schedules and are not a forecast . Energy calculation is based on the weighted average for each asset over their respective lives. Group consolidated weightings are based on total life of min e saleable coal production contribution from each asset, on an attributable basis; (2) Attributes 80 per cent of Bengalla resources to New Hope and the Combined Group; (3) Refer to the Important Notice and Disclaimer for refer ences to Malabar’s Coal Resources. 1 Weighted Average Energy Export (kcal/kg NAR)1 5,708 ~5,730 ~5,970 Australia New Hope Standalone Combined Group Maxwell North & West projects Material Resource Uplift2,3
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New Hope Group Malabar Resources Combined Group interests Other coal mines Mangoola Mt Pleasant Dartbrook Mt Arthur Bengalla West Muswellbrook Maxwell Underground Maxwell West Extension Maxwell North Extension Unlocks operational synergies and significant regional growth options 12(1) MinView NSW Mapping Database. Distance is approximate only. Complementary assets with opportunities to improve operating efficiency and accelerate regional growth Opportunities for value creation Strategic Upper Hunter Valley Precinct1 Marketing: Optimise product blending and leverage on customer relationships Logistics: Capture efficiencies across rail, port and infrastructure People: Share operational capability and expertise Shared Services: Leverage New Hope's established corporate platform Capital: Support Maxwell Mine ramp-up through the Combined Group’s financial platform and access to competitive sources of capital Tax: Potential tax efficiencies Bengalla Continuation project ~8,100ha land package under development studies Potential additional longwall (Arrowfield seam) Combined Group operating mine Potential Maxwell North longwall 2 5km
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New Hope Group Malabar Resources - 50 100 150 200 250 2024 2027 2030 2033 2036 2039 2042 2045 2048 Australian Production Shortfall Base Case Demand - 10,000 20,000 30,000 40,000 50,000 2025 2026 2030 2035 2040 2045 2050 Domestic Coal Imported Coal Non Coal Gas Nuclear Hydro Renewables Other ~123Mt Shortfall Production growth aligned with a supportive long term market outlook 13 Maxwell and New Acland ramp-ups well positioned to meet strong demand and declining supply in seaborne export coal (1) Commodity Insights, July 2026. Data reflects calendar years. Combined Group at steady state production 3 Global power generation by fuel source (TWh)1 Australian thermal coal supply and demand (Mt)1
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New Hope Group Malabar Resources Preserving financial strength and capacity for shareholder returns 14 Financial strength and cash generation of the Combined Group provide capacity to fund growth while maintaining dividends A consistent record of shareholder returns Financial strength and flexibility maintained 14cps 17cps 6cps 11cps 86cps 70cps 39cps 34cps 40cps - 50 100 150 200 250 300 - 20 40 60 80 100 120 140 160 180 200 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 gC NEWC6000 (US$/t) cents per share Ordinary Interim Dividend Ordinary Final Dividend Special Dividend gC NEWC6000 $0.8bn Pro Forma Cash1 ~3% Pro Forma Gearing2 ~$1.3bn Incremental Free Float Market Cap (FFMC)3 4 (1) New Hope cash balance as of 31 July 2026. Malabar cash balance as of 30 June 2026. Cash is inclusive of short -term investments (other financial assets). (2) Net gearing = Net debt / (Net debt + book value of equity), based on the respective book values held at financial year end. (3) Estimate based on New Hope last close and pro forma share s issued to Malabar shareholders.
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New Hope Group Malabar Resources 15 (1) New Hope cash and debt balances as of 31 July 2026. Malabar cash and debt balances as of 30 June 2026. Cash is inclusive of short-term investments (other financial assets). Debt comprises borrowings and unearned revenue and excludes lease liabilities. (2) Net gearing = Net debt / (Net debt + book value of equity), based on the respecti ve book values held at financial year end. (3) Net leverage = Net debt / FY26 Underlying EBITDA, based on New Hope FY26 Underlying EBITDA of $514m and does not include Malabar. (4) Pro forma Equity Value comprises New Hope ’s existing market capitalisation plus approximately A$1.3bn of New Hope shares to be issued to Malabar shareholders other than New Hope. The Combined Group is conservatively geared with substantial liquidity and capacity to fund growth and shareholder returns A$bn, unless indicated 100% Basis Pro Forma4 Equity Value 4.9 1.8 6.3 Cash (Last Disclosed)1 0.8 0.1 0.8 Debt (Last Disclosed)1 0.2 0.7 0.9 Enterprise Value 4.4 2.4 6.4 Net Gearing (%)2 ~3% Net Leverage (x)3 ~0.2x • All-scrip combination • Strong cash & liquidity of ~$840 million1 • Conservative pro forma balance sheet, with net gearing of ~3% • Strong capital markets platform to benefit from improved diversification, credit quality, trading liquidity & free float • Post completion, the Combined Group will consider pathways to optimise the capital structure, including refinancing Malabar’s existing debt facilities utilising the Combined Group’s superior cost of capital • Well funded to execute on growth initiatives and continue delivering shareholder returns Pro Forma Capitalisation and Capital Management4
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New Hope Group 16 Appendix A Maxwell Overview
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New Hope Group Malabar Resources • Maxwell Underground comprises the bord and pillar (B&P) mine in the Whynot seam, and the high-capacity longwall mine • Approved to extract up to 8Mtpa of ROM coal per year across the Whynot, Woodlands Hill, Arrowfield and Bowfield seams • CHPP, dedicated product stockpile area, 9.5km overland conveyor, train load-out facility and rail loop connecting to the Hunter rail network and Port of Newcastle Overview of the Maxwell Mine 17 Maxwell is a longwall and bord & pillar mine, expected to produce high-quality coal that can be sold into the high quality thermal and steelmaking coal markets Mine Summary Bord & Pillar Longwall Seam(s) Whynot Woodlands Hill, Arrowfield, Bowfield Status Operational Operational Ramping-up Products High energy thermal Semi-soft coking & high energy thermal First coal March 2023 April 2026 Saleable Production Potential ~0.5Mtpa ~5.0Mtpa Life (years) ~10 20+ (1) Malabar Resources, Company Presentation, February 2024. Extraction of coal from the Warkworth seam is subject to further regulatory approval. Maxwell Overview by Seam1 Longwall Semi-soft coking & high energy thermal Bord & Pillar High energy thermal
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New Hope Group Malabar Resources • Longwall ROM production increased from ~40kt in Apr-26 to ~195kt in Jun-26 over a successful commissioning phase • The longwall is undergoing a staged ramp-up: – 145m: 145m wide longwall has commenced on panels 1 and 2 – 250m interim width for panels 3 and 4 – 300m: from panel 5 onward, with targeted saleable production of ~5.0Mtpa Woodlands Hill Longwall Operations 18 Longwall ramping-up to Stage 1 target of ~3Mtpa saleable production following a successful commissioning phase First Longwall Seam: Woodlands Hill Goaf Development roadways Longwall panels Main headings Longwall progression Longwall entry Bord & Pillar entry
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New Hope Group Malabar Resources Significant Milestones Achieved on the Transition to Targeted Production 19(1) Run-rate based on annualised monthly performance; (2) Refers to the targeted steady-state production profile beyond the next 5 years. Maxwell’s longwall production commenced in April 2026 and is now ramping up towards a Stage 1 target of ~3Mtpa Longwall Operational Performance (Mt)1 Saleable Production Milestones achieved in the last 12 months Oct ‘25 Maxwell North tenements acquired Nov '25 Senior debt refinance, coal prepay funded and bank guarantee extended Dec '25 Refinancing and upsizing of US$330m senior debt facility Mar '26 Decision to expand longwall to 250m for Panel 3 onwards; key equipment supply agreements executed Sufficient underground drivage completed to establish 1 st longwall panel Apr '26 Longwall production commenced Jun '26 Achieved 1,000,000 tonnes railed Aug '26 Acquisition of NCIG 5.5% interest and associated capacity 0.2 0.7 1.4 5.0 Stage 1 Target Apr-26 May-26 Jun-26 LT Annualised run rate Targeted run rate Long Term Target 2
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New Hope Group Malabar Resources Infrastructure • Existing CHPP (850tph), ~300kt product stockpiles, rail loop and load-out support ramp-up + future expansion • 10km access road, permanent power, ventilation shaft, water systems and dams are installed • A 9.5km overland conveyor links the underground mine to the CHPP and rail facilities Port • Long-term capacity secured across two coal terminal operators at the Port of Newcastle: – 7.4% indirect interest in Port Waratah Coal Services – 5.5% direct interest in Newcastle Coal Infrastructure Group Rail • Malabar owns the Antiene Rail Spur into the Hunter Valley network • Zone 1 location lowers rail access costs, with long term rail haulage contracted Maxwell Mine Infrastructure Established Infrastructure Network 20 Existing mine-to-rail infrastructure with key operational facilities already in place Key Highlights
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New Hope Group Malabar Resources Future Growth 21(1) Refer to the Important Notice and Disclaimer for references to Malabar’s Coal Resources; (2) Rounded estimate of combined tenure based on all leases held, comprising both coal leases and supporting infrastructure l eases. Brownfield growth pipeline built on existing Maxwell infrastructure offers the potential to replicate Maxwell 2nd Longwall (Arrowfield seam) Coal Resource of ~78Mt1 • Additional longwall development within existing Maxwell Underground Mine footprint • Leverages existing CHPP and rail infrastructure • Requires a modification (MOD) to the existing development consent, being a regulatory (planning) approval, to increase approved ROM production from 8Mtpa to 16Mtpa Warkworth seam Coal Resource of ~146Mt1 • Longer-dated underground expansion opportunity within the Maxwell lease area • Extends mine life beneath the existing approved Bowfield seam • Extraction of the Warkworth seam is subject to further regulatory approval Maxwell North Coal Resource of ~1,121Mt1 • Potential replication of existing Maxwell operation with common infrastructure • Adjacent tenement position with potential for future underground development • Two development options under evaluation (new box cut or access via Maxwell Underground) • EIS and technical studies underway; indicative regulatory determination in 2029 Broader Regional Precinct Potential Combined Tenure1,2 ~150km2 • Potential to optimise use of existing infrastructure across the wider Maxwell precinct and evaluate regional consolidation opportunities • Positions Bengalla and Maxwell as a scalable infrastructure hub • Provides optionality for third-party opportunities Near TermLong Term
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New Hope Group Malabar Resources 22 Appendix B Reserves & Resources
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New Hope Group Malabar Resources New Hope JORC Reserves and Resources 23 (1) Refer to New Hope’s coal resources and reserves statement released to the ASX on 18 September 2026 (in relation to coal reserves and resources). (2) 283Mt of Recoverable Reserves require additional approvals beyond New Acland Stage 3. (3) Reserves figures represent 100 per cent of total Reserves. New Hope Group share is 80 per cent. (4) Resources figures represent 100 per cent of total Resources. New Hope Group interest is 80 per cent. The Resource number includes 100Mt of Underground Resource. As at 31 May 20261 Coal Reserves (Mt) Recoverable Reserves Marketable Reserves Deposit Status Probable Proved Total Probable Proved Total New Acland2 Mine 134 265 399 70 142 212 Bengalla3 Mine 7 119 126 5 97 102 Elimatta Exploration 26 86 112 16 56 72 Taroom Exploration 207 – 207 130 – 130 Total 374 470 844 221 295 516 Coal Resources (Mt) Deposit Status Measured Indicated Inferred Total New Acland Mine 283 230 123 636 Bengalla4 Mine 155 162 267 584 West Muswellbrook Exploration 49 270 337 656 Elimatta Exploration 110 86 43 239 Collingwood Exploration 43 139 94 276 Taroom Exploration – 338 122 460 Woori Exploration – 67 42 109 Total 640 1,292 1,028 2,960
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New Hope Group Malabar Resources Malabar Resources 24 (1) Refer to the Important Notice and Disclaimer for references to Malabar’s Coal Resources. Note: Totals may not add due to rounding. Depth (m) Measured Indicated Inferred Total 0 – 100 154 109 73 335 100 – 200 142 355 124 620 200 – 300 112 195 147 454 300 – 400 143 194 188 526 400 – 500 51 144 191 386 Total 602 996 722 2,320 Coal Resources (Mt)1 Maxwell Underground, Maxwell West and Maxwell North, as at 28 February 2026
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New Hope Level 18/175 Eagle Street Brisbane City QLD 4000 (07) 3418 0500 newhopegroup.com.au Malabar Resources Level 26, 259 George St Sydney NSW 2000 (02) 8248 1272 malabarresources.com.au