Earnings release
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September 2025 (Q1 FY26) Quarterly Production Report 24 October 2025 Whitehaven Coal Limited ABN 68 124 425 396 Page 1 of 9 Solid start to FY26 production and sales • Q1 FY26 total recordable injury frequency rate (TRIFR) of 3.6 for employees & contractors • September quarter managed ROM production of 9.0Mt, down 15% on the June quarter • September quarter equity sales of produced coal of 5.9Mt down 1% on the June quarter • Cost out program and productivity improvements across all operations progressing well – on track to deliver $60 million to $80 million of annualised savings by 30 June 2026 • First contingent payment made to BMA on 2 July of US$9 million – below the annual cap of US$350 million. Currently tracking to pay no contingent payment for year two. QLD – Daunia and Blackwater tracking well with solid Q1 FY26 operational results and sales • QLD managed ROM production of 4.7Mt for the September quarter, down 17% on a very strong June quarter • QLD equity sales of produced coal of 3.0Mt for the quarter, down 7% on the June quarter • September quarter average price1 of A$200/t for QLD operations with 12-month average metallurgical coal realisations at 75% of the PLV HCC Index. NSW – Tracking well following a week of no production from open cuts due to flooding early in Q1 • NSW managed ROM production of 4.4Mt in the September quarter, down 12% on the June quarter • NSW equity sales of produced coal of 2.8Mt for the quarter, up 6% on the June quarter • September quarter average price1 of A$175/t achieved from NSW operations and 105% of gC NEWC realisation for thermal coal sales. Commenting on Whitehaven’s quarterly production, Paul Flynn, CEO & Managing Director said: “Whitehaven delivered a solid first quarter result. “New South Wales ROM production totalled 4.4Mt for the quarter, after being modestly affected in the quarter by flooding at the open cut mines, but partially offset by improved output from Narrabri following the long wall move in the previous quarter. “Queensland’s ROM production of 4.7Mt reflects solid performance from both Daunia and Blackwater. Both sites are focused on delivering further operational improvements. “Demand for Whitehaven’s products continues to be strong. Equity coal sales were 5.9Mt for the quarter but a soft pricing environment persisted through the period. “Across the business, cost discipline remains a priority and we are tracking to be well within the guidance range of A$130-145/t cost of coal for FY26. “Whitehaven maintains a strong financial position, with net debt of ~$0.8b at 30 September 2025.” For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 2 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange Production, Sales Volumes and Stocks Managed and equity production and sales volumes for Group, QLD and NSW are shown below. Data by mine is provided in the table on page 7. Note: The 30% sell down of Blackwater was completed on 31 March 2025. To show comparisons on a like-for-like basis, the table below has equity data for prior periods adjusted to reflect a proforma 70% ownership of Blackwater. Adjusted numbers are in green italics. Quarter ended Year to date Tonnes (‘000) Sep-25 Jun-25 QoQ Change Sep-24 Sep-25 Sep-24 YoY Change Whitehaven Production, Sales Volumes and Stocks Managed ROM Coal Production 9,048 10,586 (15%) 9,678 9,048 9,678 (7%) Managed Saleable Coal Production 7,333 7,755 (5%) 7,136 7,333 7,136 3% Managed Sales of Produced Coal 7,486 7,441 1% 7,077 7,486 7,077 6% Total Managed Coal Sales 7,758 7,441 4% 7,401 7,758 7,401 5% Managed Coal Stocks at period end 3,983 4,180 (5%) 3,494 3,983 3,494 14% Equity ROM Coal Production 7,237 8,360 (13%) 7,643 7,237 7,643 (5%) Equity Saleable Coal Production 5,793 6,123 (5%) 5,652 5,793 5,652 2% Equity Sales of Produced Coal 5,878 5,955 (1%) 5,642 5,878 5,642 4% Total Equity Coal Sales 6,150 5,955 3% 5,966 6,150 5,966 3% Equity Coal Stocks at period end 3,138 3,215 (2%) 2,713 3,138 2,713 16% QLD Production, Sales Volumes and Stocks Managed ROM Coal Production 4,693 5,643 (17%) 5,328 4,693 5,328 (12%) Managed Saleable Coal Production 3,654 4,327 (16%) 3,885 3,654 3,885 (6%) Managed Sales of Produced Coal 3,938 4,122 (4%) 3,614 3,938 3,614 9% Managed Coal Stocks at period end 1,901 2,039 (7%) 2,319 1,901 2,319 (18%) Equity ROM Coal Production 3,720 4,409 (16%) 4,209 3,720 4,209 (12%) Equity Saleable Coal Production 2,849 3,378 (16%) 3,078 2,849 3,078 (7%) Equity Sales of Produced Coal 3,043 3,271 (7%) 2,860 3,043 2,860 6% Equity Coal Stocks at period end 1,425 1,479 (4%) 1,777 1,425 1,777 (20%) NSW Production, Sales Volumes and Stocks Managed ROM Coal Production 4,356 4,942 (12%) 4,350 4,356 4,350 0% Managed Saleable Coal Production 3,679 3,428 7% 3,250 3,679 3,250 13% Managed Sales of Produced Coal 3,548 3,319 7% 3,463 3,548 3,463 2% Managed Coal Stocks at period end 2,082 2,140 (3%) 1,175 2,082 1,175 77% - Equity ROM Coal Production 3,518 3,950 (11%) 3,434 3,518 3,434 2% Equity Saleable Coal Production 2,944 2,745 7% 2,574 2,944 2,574 14% Equity Sales of Produced Coal 2,835 2,684 6% 2,782 2,835 2,782 2% Equity Coal Stocks at period end 1,713 1,736 (1%) 936 1,713 936 83% For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 3 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange QLD OPERATIONS QLD operations delivered 4.7Mt of managed ROM production in the September quarter, which was 17% lower quarter-on- quarter, reflecting dragline sequencing as well as a strong June quarter. Managed sales of 3.9Mt for the September quarter were down 4% on the June quarter. QLD stocks were 1.9Mt at the end of September, broadly in line with June. During the quarter, we continued to optimise the QLD operating model. • Blackwater’s September quarter ROM production of 3.2Mt was down 21% on the very strong June quarter production and mine sequencing, as well as a continued focus on pre-strip during the quarter to support sustainable ROM production. Sales volumes from Blackwater of 3.0Mt were 5% higher than the June quarter because of healthy opening inventory levels and improved port throughput. • Daunia delivered a consistent 1.5Mt of ROM in the September quarter in line with the June quarter. Sales of 1.0Mt were 26% lower quarter-on-quarter, reflecting timing of shipments and strong sales in the previous quarter. NSW OPERATIONS NSW operations delivered 4.4Mt of managed ROM production in the September quarter, down 12% quarter-on-quarter after being modestly affected by flooding and mine sequencing at Maules Creek, partially offset by improved volumes from Narrabri. NSW ROM production is expected to be second half weighted for FY26. Managed sales of produced coal of 3.5Mt were up 7% quarter-on-quarter as Newcastle vessel queues were reduced. Managed closing stocks of 2.1Mt were in line with the prior period. • Maules Creek’s September quarter ROM production of 2.2Mt was down 39% on the June quarter reflecting mine sequencing and a week of lost access due to flooding, with the ROM recovery plan expected to be second half weighted. Sales of produced coal of 2.3Mt were up 5% quarter-on-quarter. • Narrabri ROM production of 1.2Mt demonstrates strong potential given the prolonged initial ramp up phase in panel 204, with production improving as the quarter progressed. The next longwall move is scheduled for H1 FY27. Narrabri sales of 0.7Mt in the September quarter corresponded to the timing of ROM production and processing. • Gunnedah Open Cuts (GOC) September quarter ROM production of 0.9Mt was consistent with the June quarter. Sales for the quarter were 0.6Mt. Early mining of Vickery delivered 0.6Mt of ROM in the September quarter, compared with 0.4Mt in the June quarter, while Tarrawonga’s September quarter ROM production of 0.3Mt was slightly lower than the June quarter production of 0.5Mt as resources were redeployed to Vickery from Tarrawonga. For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 4 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange Equity Coal Sales and Realised Pricing Coal sales and pricing data is provided on page 8. September quarter equity sales of produced coal of 5.9Mt (3.0Mt from QLD and 2.8Mt from NSW) were slightly down on June quarter sales. The September quarter sales mix by revenue was ~56% from metallurgical coal and ~44% from thermal coal. 2 The lower weighting of metallurgical coal relative to the sales mix in FY25 reflects the 30% sell down of Blackwater together with the rally in thermal coal prices ahead of the recovery in metallurgical coal prices. QLD operations achieved an average price1 of A$200/t for sales of produced coal in the September quarter, down from A$208/t in the June quarter. Platts PLV HCC FOB Australia Index (“PLV HCC”) averaged US$184/t in the quarter in line with the June quarter average. QLD operations realised an average price of US$136/t or 74% of PLV HCC for metallurgical coal sales in the September quarter. The 12-month average realisation is 75% of PLV HCC. September quarter sales mix comprised 53% HCC / SHCC (achieving 77% of PLV HCC), 38% PCI / SSCC (achieving 70% of PLV HCC)3 and 8% thermal coal. NSW operations achieved an average price1 of A$175/t for sales of produced coal for the September quarter, up from A$166/t in the June quarter. September quarter gC NEWC Index was US$109/t (with the monthly index ranging between US$104/t and US$112/t). Whitehaven’s NSW thermal coal sales in the September quarter realised an average price of US$113/t, equivalent to 105% of gC NEWC. Current Market Dynamics and Near-term Outlook The PLV HCC Index remained subdued in the September quarter, reflecting soft seaborne market demand and ongoing uncertainties surrounding US tariffs and related trade dynamics. Indian metallurgical coal demand from Australia continued to be disrupted by discounted Chinese steel exports. However, China’s efforts to curb steel production and tackle oversupply are supporting early signs of a recovery in metallurgical coal prices and improved sentiment. The gC NEWC Index showed improvement in the September quarter due to higher demand in the Northern hemisphere summer coupled with production curtailments and the impact of weather disruptions on supply from New South Wales. In this period of softer pricing, demand for Whitehaven’s coal products continues to be strong. Whitehaven remains focused on margin optimisation, cost management, and prudent allocation of capital. Longer-term Coal Market Dynamics The expected structural shortfall in global metallurgical coal production, particularly the long-term depletion of HCC from Australian producers combined with increased seaborne demand from India, is anticipated to drive higher metallurgical coal prices over the long-term. Whitehaven’s metallurgical coal portfolio is expected to benefit from these supply constrained market dynamics. Long-term demand for seaborne high CV thermal coal, together with a structural supply shortfall from underinvestment in new mines and depletion of existing supply, remains a driver for longer-term price support for high CV thermal coal. For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 5 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange Corporate and Regulatory Production costs In this period of softer pricing, Whitehaven remains focused on cost management, margin optimisation, and prudent allocation of capital. Unit costs for the quarter were in the top half of the FY26 guidance range of $130/t-$145/t and are expected to improve over the remainder of the year, primarily reflecting second half weighted volumes. All operational sites and corporate offices across New South Wales and Queensland are actively implementing initiatives to achieve the targeted annualised cost savings of $60 million to $80 million by year end. An update on the cost savings initiatives and progress will be provided as part of the H1 FY26 results. At a Group level, average royalties for the quarter were ~A$19/t. Balance sheet Whitehaven’s balance sheet remains strong with net debt at 30 September 2025 of ~A$0.8 billion. Net debt increased by ~A$0.2 billion in the quarter reflecting cyclically low cash inflows during a quarter of typically higher cash outflows, including the full year dividend and higher expenditure in Queensland during a seasonally drier quarter. Whitehaven is navigating the cyclical downturn with strength and stability, continuing to deliver positive EBITDA margins in both Queensland and New South Wales in the quarter. Payments to BMA The first contingent payment to BMA of US$9 million was paid on 2 July 2025, three months after the first anniversary of the acquisition. Based on an average realised price of US$131/t for the first two quarters of Year 2 and a threshold price of US$134/t, the expected payment for the year ending 2 April 2026 (Year 2) is currently zero, subject to third party verification. Cash received from the sell-down of Blackwater is held on deposit to meet the second US$500 million deferred payment, payable in April 2026. Share buy-back and capital returns Whitehaven continued its share buy-back during the quarter with 1.9 million shares bought back for a total of $12.6 million. The share buy-back program is an important feature of Whitehaven’s Capital Allocation Framework. There are several contributing factors influencing Whitehaven’s buy-back activity including blackout periods and prevailing market conditions. The pace of buy-back reflects a prudent focus on cash preservation in the current market. Development Projects and Exploration Whitehaven’s development projects are subject to the Company’s strict capital allocation framework, and each project must pass through a series of stage-gates (e.g. Definitive Feasibility Study (DFS) and Final Investment Decision (FID)). The timing of development plans and capital expenditure will reflect competing opportunities for capital and market conditions. During the September quarter, A$10.1 million of development expenditure was incurred on the Winchester South, Narrabri Stage 3 and Vickery development projects. This included activities to support mine planning, infrastructure development, and Ave price realisation Ow n coal sales R evenues US$/t Mt US $m Q4 FY25 132.9$ 4.12 548$ Q1 FY26 129.6$ 3.94 510$ Q2 FY26 Q3 FY26 Year 2 YTD 131.3$ 8.06 1,058$ Average realisation US$/t 131.3$ Threshold price US$/t 134.0$ Increment $/t -$ Proportion paid to BMA 35% Contingent US$/t to BMA -$ Year 2 amount payable to BMA* US $m -$ Year 1 amount paid to BMA US$m 9.0$ * As at 30 Sep-25 For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 6 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange exploration activities. An additional A$4.3 million was spent on exploration activities across both NSW and QLD operations for coal quality and geotechnical analysis. The development and exploration expenditure is being prudently managed during the current low coal price environment. Narrabri Underground Mine Stage 3 Extension Project The Narrabri Stage 3 Project extends the approved life of the mine from 2031 to 2044 and converts Narrabri’s adjacent Exploration Licence into a Mining Lease using the existing portals, CHPP, rail loop and associated infrastructure to extract, process and export high-energy thermal coal products using the longwall mining method. Whitehaven formally commenced operations under the Stage 3 project approval on 1 August 2025 and continues to progress the project in accordance with the mine plan and aligned with the capital expenditure program included in the FY25 full year results announcement on 21 August 2025. In August 2025 Whitehaven also lodged the second mining lease application that covers the remaining western portion of the Stage 3 project area. Further details can be found at https://whitehavencoal.com.au/narrabri-extension/ Winchester South Metallurgical Coal Project The Queensland Department of Environment, Tourism, Science and Innovation (DETSI) has approved the Winchester South Coal Mine Draft Environmental Authority, and the Commonwealth EPBC approval process is progressing. Objections have been received against the Winchester South Draft Environmental Approval and Mining Lease Applications and referred to Queensland Land Court. The initial Land Court proceedings were heard in August and September with closing submissions to be heard in December 2025. Whitehaven is continuing to work on the Feasibility Studies including synergies with the Daunia coal mine. Further project details can be found at https://whitehavencoal.com.au/our-business/our-assets/winchester-south FY26 Guidance FY26 guidance remains unchanged at the end of the quarter. FY26 guidance Managed ROM coal production Mt 37.0 – 41.0 QLD operations 18.3 – 20.1 NSW operations 18.7 – 20.9 Managed coal sales4 Mt 29.5 – 33.0 QLD operations 14.6 – 16.1 NSW operations 14.9 – 16.9 Equity coal sales4 Mt 23.3 – 26.1 QLD operations 11.4 – 12.6 NSW operations 11.9 – 13.4 Unit cost of coal (excl. royalties) $/t 130 – 145 Capital Expenditure5 $m 340 – 440 For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 7 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange Managed production and sales volumes Tonnes (‘000) Quarter ended FY25 Sep-25 Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 QLD Managed Totals ROM Coal Production 4,693 5,643 4,468 4,596 5,328 4,805 20,035 Saleable Coal Production 3,654 4,327 3,748 3,614 3,885 3,986 15,575 Sales of Produced Coal 3,938 4,122 3,425 4,624 3,614 3,206 15,785 Sales of Purchased Coal - - - - - - - Total Coal Sales 3,938 4,122 3,425 4,624 3,614 3,206 15,785 Coal Stocks at period end 1,901 2,039 1,541 1,429 2,319 1,564 2,039 Daunia (Whitehaven 100%) ROM Coal Production 1,450 1,530 1,227 1,492 1,599 1,250 5,848 12-Month Rolling Yield 77% 78% 79% 80% 80% 80% 78% Saleable Coal Production 973 1,165 974 1,226 1,195 1,031 4,560 Sales of Produced Coal 955 1,286 847 1,477 1,103 944 4,713 Blackwater (Whitehaven 70% equity from 1 April 2025, previously 100%) ROM Coal Production 3,243 4,114 3,241 3,104 3,729 3,555 14,187 12-Month Rolling Yield 82% 82% 80% 79% 78% 76% 82% Saleable Coal Production 2,681 3,162 2,775 2,388 2,690 2,955 11,015 Sales of Produced Coal 2,983 2,836 2,578 3,147 2,511 2,261 11,071 NSW Managed Totals6 ROM Coal Production 4,356 4,942 4,720 5,091 4,350 4,939 19,104 Saleable Coal Production 3,679 3,428 3,643 4,220 3,250 4,302 14,541 Sales of Produced Coal 3,548 3,319 3,578 4,050 3,463 4,100 14,411 Coal Reservation Sales - - - - - - - Sales of Purchased Coal 272 - - 295 324 26 619 Total Coal Sales 3,820 3,319 3,578 4,345 3,787 4,126 15,030 Coal Stocks at period end 2,082 2,140 1,381 1,348 1,175 1,111 2,140 Maules Creek (Whitehaven 75% equity) ROM Coal Production 2,238 3,642 2,769 2,878 2,247 2,620 11,537 12-Month Rolling Yield 76% 75% 75% 75% 74% 74% 75% Saleable Coal Production 2,208 2,407 2,115 2,045 1,587 2,117 8,154 Sales of Produced Coal 2,259 2,146 2,255 1,851 1,545 2,225 7,797 Narrabri (Whitehaven 77.5% equity) ROM Coal Production 1,237 362 950 1,382 1,574 1,506 4,268 12-Month Rolling Yield 99% 98% 98% 97% 96% 97% 98% Saleable Coal Production 814 363 885 1,671 1,244 1,468 4,164 Sales of Produced Coal 655 447 704 1,793 1,351 1,065 4,295 Gunnedah Open Cuts6 (Whitehaven 100%) ROM Coal Production 880 939 1,001 831 529 814 3,300 12-Month Rolling Yield 72% 72% 75% 79% 83% 85% 72% Saleable Coal Production 657 658 643 503 419 717 2,224 Sales of Produced Coal 634 726 619 406 567 810 2,318 For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 8 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange Equity coal sales and realised pricing Note that in the table below equity ownership of Blackwater is 70% from 1 April 2025, previously 100% Quarter ended Sep-25 Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 FY25 Whitehaven Equity coal sales, Mt Total Equity coal Sales 6.15 5.96 6.29 8.11 6.72 6.53 27.07 Sales of purchased coal 0.27 - - 0.29 0.32 0.03 0.62 Equity sales of produced coal 5.88 5.96 6.29 7.82 6.40 6.51 26.46 QLD Equity coal sales, Mt Total Equity coal Sales 3.04 3.27 3.42 4.62 3.61 3.21 14.93 Sales of purchased coal - - - - - - - Equity sales of produced coal 3.04 3.27 3.42 4.62 3.61 3.21 14.93 NSW Equity coal sales, Mt Total Equity coal Sales 3.11 2.68 2.86 3.49 3.10 3.33 12.14 Sales of purchased coal 0.27 - - 0.29 0.32 0.03 0.62 Equity sales of produced coal 2.84 2.68 2.86 3.20 2.78 3.30 11.52 Coal sales mix – by revenue2, % Metallurgical coal 56% 66% 61% 63% 64% 59% 64% Thermal coal 44% 34% 39% 37% 36% 41% 36% Coal sales mix – by volume, % QLD Metallurgical – HCC & SHCC 53% 61% 59% 63% 55% 55% 60% Metallurgical – SSCC & PCI 38% 35% 36% 36% 43% 45% 38% Thermal coal 8% 3% 5% 1% 2% 0% 3% NSW Thermal coal 93% 86% 91% 94% 93% 94% 91% Metallurgical coal 7% 14% 9% 6% 7% 6% 9% Pricing7, US$/t Platts PLV HCC Index 184 184 185 203 210 243 196 Platts LV PCI Index 143 138 141 158 174 164 152 Platts SSCC Index 117 103 118 137 137 153 124 gC NEWC Index 109 100 105 138 140 136 121 Price achieved on sales of produced coal8 Whitehaven average coal price, A$/t 188 189 203 226 238 238 215 QLD Average metallurgical price, US$/t 136 136 142 152 176 180 152 % of PLV HCC 74% 74% 77% 75% 84% 74% 78% Whitehaven average coal price QLD, A$/t 200 208 221 237 259 271 232 NSW Average thermal coal price, US$/t 113 105 113 137 139 137 125 % of gC NEWC Index 105% 105% 108% 100% 99% 101% 103% Whitehaven average coal price NSW, A$/t 175 166 182 211 211 207 193 Note: Figures may not add due to rounding. For personal use only
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Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 Page 9 of 9 Level 28, 259 George Street, Sydney NSW 2000 whitehavencoal.com.au PO Box R1113, Royal Exchange This announcement is authorised for release to the market by the Board of Whitehaven Coal Limited. 1 Before royalties in QLD and NSW 2 On an equity sales of produced coal basis, subject to final audit 3 Based on historical weighted average realisation over the period 2019 -2023, HCC and SHCC products from QLD operations have realised ~85% - 90% of PLV HCC, and QLD PCI and SSCC products have realised ~75% of PLV HCC 4 Excludes sales of third party purchased coal 5 Excludes deferred settlement payments for past acquisitions and other investing activities 6 Includes Werris Creek mine production in June 2024 quarter 7 Source: S&P Global Commodity Insights and Global Commodities Holdings Limited 8 Sales of produced coal before applicable royalties INVESTOR AND ANALYST RESULTS BRIEFING TELECONFERENCE Managing Director and Chief Executive Officer Paul Flynn will present an overview of the September 2025 Quarter Production Report, followed by a sell-side analyst Q&A session. Date: Friday, 24 October 2025 Time: 11:00 AEDT (Sydney time) To listen live to the teleconference, participants can pre-register using the following link: https://loghic.eventsair.com/670663/453837/Site/Register INVESTOR CONTACTS Kylie FitzGerald +61 401 895 894 kfitzgerald@whitehavencoal.com.au Keryn Zambrowski +61 455 094 595 kzambrowski@whitehavencoal.com.au MEDIA CONTACTS Michael van Maanen +61 412 500 351 mvanmaanen@whitehavencoal.com.au Sam Deans +61 449 988 209 sdeans@whitehavencoal.com.au REPORTING DATES December 2025 (Q2 FY26) Quarterly Production Report is scheduled to be released on Thursday, 29 January 2026. For personal use only