Earnings release
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Quarterly Report For the Quarter ending 30 September 2026 Issued 20 October 2026 Production Sales • 16.6Mt ROM coal production (100% basis) • 9.0Mt Attributable coal sales • 12.4Mt Saleable coal production (100% basis) • A$170/t average realised coal price • 9.4Mt Attributable saleable coal production • $340 million increase in cash balance September Quarter Performance (3Q 2026) Operations Year-to-date attributable saleable production is 4% ahead of the prior corresponding period, and tracking toward the upper half of 2026 production guidance. Quarterly production was lower than 2Q 2026 largely due to a planned longwall relocation at Moolarben; the operation returned to regular production in September. Coal Markets Seaborne thermal coal benchmark indices strengthened during the quarter by 14-17% - while quarterly average prices were modestly higher than 2Q 2026 levels. Financials1 Realised coal price increased during the quarter, with thermal coal prices up 7% and metallurgical coal prices up 5%. Recent movements in benchmark prices are expected to support realised pricing in subsequent quarters. The average realised coal price was $170/t and the cash balance increased by $340 million during the quarter.2 Higher diesel prices have returned as a cost headwind, and once again are expected to place operating costs toward the upper end of the 2026 guidance range. Safety Safety is one of our Yancoal Core Values. Whilst our Total Recordable Injury Frequency Rate increased to 7.14 at quarter end, compared with 7.00 at 30 June 2026, our commitment to improving our safety performance is unwavering. All of our sites ensure the safety of our people is an operational priority. CEO Comment On 1 October, we completed our acquisition of an 80% interest in the Kestrel Coal Mine. Kestrel is a high-quality, long-life metallurgical coal asset that strengthens Yancoal's portfolio and increases exposure to premium steelmaking coal markets. We look forward to working with our joint venture partner Mitsui, the Kestrel workforce, local community and stakeholders. Hunter Valley Operations secured NSW State Government approval for its continued operation on 30 September 2026. Federal approval is expected in Q4 2026. This final step in a six-year process will enable operations over the next 19 years to the benefit of our workforce, local business partners, regional community, shareholders, customers and the NSW economy. Our operations performed in line with expectations during the quarter. Replicating the 3Q output in 4Q would match our record annual production of 2025. However, we are targeting an increase in production to deliver a new annual production record in 2026. Coal prices strengthened during the quarter and recent benchmark price increases are not yet fully reflected in our realised pricing. Despite this timing lag, our cash position increased by $340 million during the quarter, before payment of the Interim Dividend and funding of the Kestrel acquisition. With favourable coal market conditions, operational momentum across our portfolio, and the commencement of Kestrel earnings, Yancoal is well placed going into the final quarter of 2026. 2026 Operational Guidance 3 Metric Guidance Commentary Attributable saleable coal production 36.5-40.5Mt Projected production expected to be in the upper half of the range Cash operating costs $90-98/t Diesel prices expected to lift costs to the upper end of the range Attributable capital expenditure $600-750 million Spend skewed to 4Q with less than $400mn spent to the end of September 1 1 All financial references in this report are in Australian Dollars, unless otherwise designated 2 This is before the $92.4 million Interim dividend distribution and cash utilisation for Kestrel transaction 3 Excludes any impact from the Kestrel Coal Mine acquisition
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PRODUCTION AND SALES DATA 3Q 2026 2Q 2026 PP Change 3Q 2025 PCP change 9mth YtD 2026 9mth YtD 2025 Change ROM coal production, Mt Mine type Economic interest Moolarben OC / UG 98.75% 5.4 5.8 (8)% 5.0 7% 16.1 16.3 (1)% Mount Thorley Warkworth OC 83.6% 4.6 4.4 5% 4.2 11% 12.3 12.1 2% Hunter Valley Operations OC 51% 4.5 4.7 (5)% 4.4 2% 13.7 13.4 2% Yarrabee OC 100% 0.9 0.9 3% 1.0 (7)% 2.3 2.5 (6)% Middlemount OC 49.9997% 1.0 0.9 17% 1.2 (12)% 2.8 3.0 (5)% Ashton UG 100% 0.1 0.8 (82)% 0.1 73% 1.9 0.9 111% Total – 100% Basis 16.6 17.5 (5)% 15.8 5% 49.1 48.1 2% Total – Attributable 12.5 13.5 (7)% 11.6 8% 37.3 35.7 5% Saleable coal production, Mt Coal type Attributable Contribution Moolarben Thermal 98.75% 4.4 5.4 (19)% 4.7 (6)% 14.2 14.4 (2)% Mount Thorley Warkworth Met. & Thermal 83.6% 3.1 3.1 —% 2.7 12% 8.4 8.3 2% Hunter Valley Operations Met. & Thermal 51% 3.7 3.7 —% 3.5 3% 11.0 10.2 8% Yarrabee Met. & Thermal 100% 0.6 0.7 (14)% 0.7 (9)% 1.7 1.9 (11)% Middlemount Met. & Thermal (equity accounted) 0.7 0.6 4% 0.6 7% 2.0 1.9 2% Ashton Met. 100% 0.1 0.4 (83)% 0.0 18% 0.9 0.4 114% Total – 100% Basis 12.4 13.8 (10)% 12.3 1% 38.2 37.1 3% Total – Attributable 9.4 10.8 (13)% 9.3 2% 29.2 28.2 4% Sales volume, Mt Thermal coal 7.6 9.8 (23)% 9.0 (16)% 24.4 22.9 6% Metallurgical coal 1.4 1.8 (23)% 1.6 (16)% 4.4 4.4 1% Total – Attributable 9.0 11.6 (23)% 10.7 (16)% 28.8 27.3 6% Avg. realised price, A$/tonne Thermal coal 160 149 7% 130 23% 148 135 10% Metallurgical coal 229 219 5% 195 17% 220 203 8% Overall avg. realised price 170 160 6% 140 21% 159 146 9% Notes: ◦ ROM = Run of Mine; the volume extracted and available to be processed. ◦ The economic interest in, and attributable contribution from, Moolarben are 98.75% from 3 October 2025 onwards. For periods prior to this date shown in this report both are 95%. ◦ Attributable figures exclude production from Middlemount (incorporated joint venture and equity-accounted). ◦ 'Sales volumes by coal type' excludes the sale of purchased coal. ◦ Realised prices are provided on an ex-mine basis, excluding purchased coal and corporate contract volumes. 1Q = March quarter period Mt = million tonnes PP = Prior quarter period 2Q = June quarter period YtD = Year to Date PCP = Prior year corresponding period 3Q = September quarter period Met. = Metallurgical coal UG = Underground 4Q = December quarter period OC = Open-cut 2
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SAFETY Yancoal 12mth rolling TRIFR Yancoal TRIFR Industry weighted average Jan- 25 Mar- 25 May- 25 Jul- 25 Sep- 25 Nov- 25 Jan- 26 Mar- 26 May- 26 Jul- 26 Sep- 26 4.0 5.0 6.0 7.0 8.0 9.0 10.0 The safety of everyone attending a Yancoal site remains a key focus. The 12-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 7.14 at the end of 3Q 2026; a deterioration against 7.00 at the end of 2Q 2026. 4 Yancoal has a proven track record of operating safely and delivering improved metrics. Our leaders will continue to focus on getting the basics right coupled with initiatives to improve the recent TRIFR trend. Although still below the comparable industry weighted average of 8.875, there is an opportunity to widen the difference once again. ASSET PERFORMANCE Managed operations produced 16.6 million tonnes of ROM coal and 12.4 million tonnes of saleable coal during the September quarter, compared with 17.5 million tonnes and 13.8 million tonnes, respectively, in the June quarter. The lower production outcome was principally driven by the planned longwall relocation at Moolarben, together with challenging geological conditions encountered at Ashton. These impacts were partially offset by strong performances across the open cut portfolio, with Mount Thorley Warkworth and Middlemount delivering improved production. The recommencement of longwall production at Moolarben in September is expected to improve production performance for the December quarter. Saleable coal production, Mt 12.5 12.3 12.3 13.6 11.9 13.8 12.4 Ashton Middlemount Yarrabee Hunter Valley Operations Mount Thorley Warkworth Moolarben 1Q-25 2Q-25 3Q-25 4Q-25 1Q-26 2Q-26 3Q-26 2Q to 3Q Saleable coal output factors, Mt ^ 13.8 (1.0) 0.0 0.0 (0.1) 0.1 (0.3) 12.4 2Q 2026 Moolarben - Longwall move MTW HVO Yarrabee Middlemount Ashton - Geological conditions 3Q 2026 3 4 Prior periods may be revised for reclassification of past events 5 The Industry Weighted Average combines proportional components from the relevant New South Wales and Queensland Industry references. The sources for the industry statistics are published periodically, as revised data is released the industry weighted average calculation is updated. ^ Figures rounded to one decimal place
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Moolarben - Longwall transition completed; production uplift expected in 4Q Moolarben completed the transition from Longwall 408 to Longwall 409 while maintaining strong open cut and Coal Handling and Preparation Plant (CHPP) performance. Quarterly production totalled 5.4 million tonnes of ROM coal and 4.4 million tonnes of saleable coal, reflecting the planned longwall relocation and commissioning activities completed during the period. The commencement of Longwall 409 in September has provided a foundation for increased production in the December quarter. Open cut operations continued to perform strongly, highlighted by a world-record monthly production result from the Liebherr 9800 excavator of 1.8 million bank cubic metres of overburden in July and CHPP performance exceeding target throughout the quarter. Progress also continued on strategic growth initiatives, including advancement of the OC3 approval process. Mount Thorley Warkworth (MTW) - Higher ROM production supported by strong equipment performance MTW increased ROM production during the quarter, supported by strong mining fleet performance and dragline productivity. Site produced 4.6 million tonnes of ROM coal and 3.1 million tonnes of saleable coal; with high truck availability and continued progress through key North and West Pit mining sequences contributing to the performance. Dragline productivity provided additional operational flexibility. Hunter Valley Operations (HVO) - Consistent production supported by mining productivity HVO maintained strong operational momentum during the quarter, producing 4.5 million tonnes of ROM coal and 3.7 million tonnes of saleable coal. ROM coal production exceeded forecast in each month and benefited from high truck availability, improved productivity and continued advancement of key mining sequences across the operation. Operational performance was further supported by the successful commissioning of EX332 and strong fleet reliability. CHPP performance remained robust, with favourable yield outcomes and strong processing rates supporting consistent saleable coal production. Operational focus remained on maintaining mining productivity, equipment availability and operational flexibility across the complex. Kestrel - Contribution from 4Q onwards after longwall relocation Completion of the Kestrel transaction occurred on 1 October 2026. Kestrel is a large-scale, long-life metallurgical coal asset located in Queensland’s Bowen Basin and integration activities are progressing well. In the nine months to the end of September 2026, the mine produced 6.3 million tonnes of ROM coal and 4.8 million tonnes of saleable coal on a 100% basis. The operation continues to perform well, and a longwall relocation has been brought forward. The move is scheduled for 4Q 2026, so while Yancoal will capture its 80% interest in Kestrel from 1 October 2026 onwards, the fourth quarter will have reduced production. Yarrabee - Progress made to support future productivity Yarrabee delivered a steady September quarter, producing 0.9 million tonnes of ROM coal and 0.6 million tonnes of saleable coal. ROM production remained consistent with the June quarter, supported by a continued focus on coal exposure and mining optimisation activities across the operation. CHPP performance remained stable, despite occasional lower yields from higher-ash feed sources. Operational focus remained on production optimisation, cost reduction initiatives and maintaining sustainable coal production outcomes. Middlemount - Improved production supported by strong mining performance Middlemount delivered a stronger September quarter, producing 1.0 million tonnes of ROM coal and 0.7 million tonnes of saleable coal, both above the June quarter. Mining performance remained solid, supported by strong overburden removal and coal production throughout the period. CHPP performance was supported by favourable yield outcomes and strong feed rates, contributing to increased saleable coal production despite isolated maintenance and power supply interruptions during the quarter. Operational focus remained on maintaining coal quality, optimising plant performance and supporting reliable product delivery to customers. Ashton - Working through challenging geological conditions Ashton produced 0.1 million tonnes of ROM coal and 0.1 million tonnes of saleable coal during the September quarter, reflecting challenging geological conditions encountered in Longwall 403. Significant strata-related impacts affected mining productivity and coal quality, resulting in reduced longwall performance and lower CHPP feed. Operational focus remains on safely managing geological conditions, maintaining development progress and supporting future production continuity. 4
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COAL SALES AND COAL MARKET OUTLOOK During 3Q 2026, attributable sales were 9.0Mt; a decrease from the prior quarter reflecting both the lower saleable production and the timing of shipments relative to the reporting period. Yancoal sells the majority of its thermal coal at prices associated with the GlobalCOAL NEWC 6,000kCal NAR (GCNewc) index and the All-Published Index 5 5,500kCal (API5) index. Each contract has price adjustments for energy content and other coal characteristics. Typically, thermal coal produced in the Hunter Valley tends to have GCNewc index characteristics. In contrast, coal produced west of the Hunter Valley tends to have API5 index characteristics or sits between the indices. Multiple coal seams are mined at each mine, so the coal quality varies depending on where it was sourced, and how it was blended, in any given period. Yancoal’s metallurgical coal is typically sold at prices associated with the Platts Low Vol PCI FOB Australia and Platts Semi-Soft FOB Australia Indices. Units 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 API5, 5,500kCal US$/t 88 76 68 69 77 81 96 99 GCNewc, 6,000kCal US$/t 138 105 100 109 108 119 135 136 Low Vol PCI, FOB Aust. US$/t 157 140 138 144 141 161 161 180 Semi-Soft, FOB Aust. US$/t 137 117 104 117 128 146 143 149 AUD:USD 0.65 0.63 0.64 0.66 0.66 0.69 0.71 0.71 API5, 5,500kCal A$/t 132 121 107 105 117 116 136 141 GCNewc, 6,000kCal A$/t 211 167 157 165 164 171 191 193 Low Vol PCI, FOB Aust. A$/t 241 224 216 219 214 232 228 255 Semi-Soft, FOB Aust. A$/t 210 186 162 177 194 210 203 211 Realised Thermal price A$/t 163 145 130 130 138 134 149 160 Realised Metallurgical price A$/t 242 218 197 195 203 213 219 229 Overall realised price A$/t 176 157 142 140 148 146 160 170 Source: GlobalCOAL, Platts, Argus/McCloskey, Reserve Bank of Australia.6 Note: A$/t prices are a simple conversion using the US$/t price and relevant AUD-USD exchange rates for the period. During 3Q 2026, the API5 index averaged US$99/t, up 3% from 2Q 2026, and the GCNewc index averaged US$136/t, almost unchanged from 2Q 2026. The Platts Low Vol PCI index averaged US$180/t, up 12% from 2Q 2026, and the Platts Semi-Soft index averaged US$149/t, up 4%. Yancoal's realised prices in any given period tend to reflect relevant coal price indices from prior periods due to various sales contract structures and timing. Factors influencing the realised price can include: premiums (or discounts) to reflect market conditions; the capacity to wash coal and improve the product specifications; delays to coal shipments; and the availability of coal for purchase and blending. After converting to Australian dollars, in 3Q 2026 Yancoal recorded an average realised thermal coal price of A$160/t and an average realised metallurgical coal price of A$229/t. Yancoal's overall average realised sales price in 3Q 2026 was A$170/t, compared to A$160/t in the prior quarter and A$140/t in 3Q 2025. 5 6 The data and information provided by GlobalCOAL, Platts and Argus/McCloskey may not be copied or used except as expressly permitted in writing by the data provider.
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Thermal coal indices - past 2 years Argus / McCloskey API5 5,500kCal, US$/t GlobalCOAL NEWC 6,000kCal, US$/t Oct 24 Dec 24 Feb 25 May 25 Jul 25 Sep 25 Dec 25 Feb 26 Apr 26 Jul 26 Sep 26 40 80 120 160 Met. coal indices - past 2 years Platts Low Vol PCI FOB Aust., US$/t Platts Semi-Soft FOB Aust., US$/t Oct 24 Dec 24 Feb 25 May 25 Jul 25 Sep 25 Dec 25 Feb 26 Apr 26 Jul 26 Sep 26 50 100 150 200 Thermal coal indices - past 2 quarters Argus / McCloskey API5 5,500kCal, US$/t GlobalCOAL NEWC 6,000kCal, US$/t Apr 26 May 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 40 80 120 160 200 Met. coal indices - past 2 quarters Platts Low Vol PCI FOB Aust., US$/t Platts Semi-Soft FOB Aust., US$/t Apr 26 May 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 50 100 150 200 Source: GlobalCOAL, Platts, Argus/McCloskey Thermal Coal Market - Prices strengthened as supply constraints outweighed stable demand conditions Thermal coal markets strengthened during the September quarter, influenced by ongoing geopolitical uncertainty and supply constraints across key exporting regions. These included: the conflict in the Middle East impacting LNG supply and pricing; disruptions to Black Sea trade flows; delays to mining approvals in Indonesia; and El Niño weather pattern related conditions affecting coal supply, particularly in Indonesia. Demand for thermal coal remained resilient across Asia and Europe. Coal-fired generation continued to benefit from its relative competitiveness against natural gas, particularly in Japan, South Korea and Europe. Demand growth in Vietnam also remained strong amid ongoing concerns regarding LNG availability. In China, domestic production was affected by safety inspections, although import demand was moderated by milder summer temperatures associated with coastal typhoon activity. In India, coal-fired generation continued to increase, with power stations drawing down inventories to meet demand. 6
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On the supply side, export volumes from Indonesia, South Africa and Russia remained below prior-year levels due to a combination of regulatory delays, infrastructure constraints and rising operating costs. These reductions were partially offset by strong Australian production and export performance, with Australian mines benefiting from generally favourable operating conditions during the quarter. Against this backdrop, lower energy thermal coal products outperformed higher calorific value products, as uncertainty surrounding Indonesian supply increased demand for Australian coal and supported pricing across the 5,500 kcal/kg NAR market. Metallurgical Coal Market - prices strengthened on improving Chinese import demand and constrained supply Metallurgical coal markets strengthened during the quarter as Chinese steel producers increased imports ahead of the seasonally stronger steel consumption period. Market sentiment was further supported by supply constraints in several exporting regions, and reduced domestic coal availability in China arising from safety inspections and compliance requirements. Demand conditions were mixed across major steel-producing regions. Chinese import demand strengthened, while steel production remained resilient in Japan and Taiwan. Demand across Southeast Asia also improved, supported by new steelmaking capacity in Vietnam. In contrast, Indian steelmakers remained relatively cautious during the monsoon season, drawing down inventories amid elevated coal prices, while South Korean steel production continued to face pressure from weaker domestic demand and increased Chinese steel exports. Supply conditions remained broadly supportive of prices. Australian exports were largely unchanged from the prior year, while production and export challenges in Canada, Russia and Indonesia constrained seaborne supply. Ongoing disruptions affecting Russian exports and operational challenges at Canadian metallurgical coal mines continued to limit availability, contributing to stronger market conditions through the quarter. DEVELOPMENT PROJECTS AND EXPLORATION The MTW underground mine project is subject to further feasibility assessment. Should the development proceed, this project could significantly extend the mine’s future production profile (without change to annual production limits). At HVO, the Joint Venture has been working through the approvals process for a material extension to the mine life within the existing mining leases. The NSW Department of Planning, Housing & Infrastructure (DPHI) has completed its assessment, and the Independent Planning Commission (IPC) approved the HVO Continuation Project on 30 September 2026. The remaining Federal approval is expected in November 2026, and we look forward to HVO continuing to operate over the next 19 years to the benefit of our workforce, local business partners, regional community, shareholders, customers and the NSW economy. Moolarben’s OC3 Extension Project was amended and resubmitted to DPHI on 10 April 2026. This project, if approved, would add approximately 30 million tonnes of life-of-mine ROM production and further extend the value of one of Yancoal's core assets. The Stratford Renewable Energy Project has NSW Government planning approval and is progressing its Federal application under the Environment Protection & Biodiversity Conservation Act. It is still subject to ongoing commercial viability evaluation; assessment of funding and operating models for the project; and both internal and external approval processes. Yancoal incurred $0.96 million in exploration capital expenditure at HVO, Moolarben and MTW. This exploration comprised 3 core and 21 non-core boreholes, for a total of 3,340 metres drilled. Exploration was focused on gaining environmental and regulatory approvals for drilling, as well as drilling to define structure, the base of weathering, and obtaining samples for analysis and testing of coal quality.7 7 7 Reported expense is Yancoal’s attributable share. Hole count and drill metres are on a 100% basis.
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CORPORATE ACTIVITY On 1 October 2026, Yancoal completed the Kestrel acquisition. The upfront cash consideration paid on completion was US$1.85 billion subject to customary completion adjustments.8 The consideration was funded through a combination of available cash and an initial utilisation of the five-year syndicated US$1.2 billion acquisition loan facility.9 A US$200 million, five year committed working capital facility to support Yancoal’s liquidity requirements remains undrawn at this time. Yancoal will recognise its interest in the attributable Kestrel production, revenue and earnings from 1 October 2026. On 18 September 2026, Yancoal distributed $92.4 million, A$0.0700/share, as a fully-franked interim dividend. CONFERENCE CALL FOR ANALYSTS AND INVESTORS The Company will host an audio conference call for analysts and investors. We will provide comments on the quarterly performance and conduct a ‘Question and Answer’ session. Date: Wednesday, 21 October 2026 Time: 12:00pm Sydney, 9:00am Hong Kong Webcast: https://edge.media-server.com/mmc/p/smyfdcnj Authorised for lodgement by the Yancoal Disclosure Committee. This report was compiled from verified material. The Yancoal Disclosure Committee evaluates and reviews the process and content to confirm the integrity of the report. CEO - Registered Office Shareholder Enquiries Sharif Burra Yancoal Australia Ltd Computershare Investor Services CFO - Level 18, Tower 2, 201 Sussex Street, Level 4, 44 Martin Place, Kevin Su Sydney NSW 2000 Sydney, NSW, 2000 Company Secretary - Phone: (02) 8583 5300 Phone: 1300 850 505 Laura Zhang www.yancoal.com.au www.computershare.com.au Investor Relations Contact: Brendan Fitzpatrick Brendan.Fitzpatrick@yancoal.com.au Media Relations Contact: Matthew Gerber Matthew.Gerber@yancoal.com.au 8 8 Adjusted to deduct the US$40 million deposit paid on signing and other provisional adjustments for net debt and working capital at completion. 9 A portion of the US$1.2 billion facility is expected to be utilised post completion to retire existing debt within the KCG Group.