#1Half Year Results FY24 15 February 2024 Authorised for release by the Board of Whitehaven Coal Limited Investor contact Kylie FitzGerald +61 2 8222 1155, +61 401 895 894 [email protected] Whitehaven Coal Limited ABN 68 124 425 396 Level 28, 259 George Street, Sydney NSW 2000 P 02 8222 1100 | F 02 8222 1101 PO Box R1113, Royal Exchange NSW 1225 whitehavencoal.com.au Media contact Michael van Maanen +61 8222 1171, +61 412 500 351 [email protected] WHITEHAVEN#2Contents Disclaimer Whitehaven's markets 1. 2. H1 FY24 Results 3. FY24 Guidance 4. Appendices This presentation contains information in a summary form and does not purport to be complete. It is qualified by any other information that Whitehaven discloses to the ASX. FORWARD LOOKING STATEMENTS Statements contained in this material, particularly those regarding the possible or assumed future performance, costs, dividends, returns, production levels or rates, prices, reserves, potential growth of Whitehaven Coal Limited, industry growth or other trend projects and any estimated company earnings are or may be forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. Actual results, actions and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. The presentation of certain financial information may not be compliant with financial captions in the primary financial statements prepared under IFRS. However, the company considers that the presentation of such information is appropriate to investors and not misleading as it is able to be reconciled to the financial accounts which are compliant with IFRS requirements. All dollars in the presentation are Australian dollars unless otherwise noted. COMPETENT PERSONS STATEMENT Information in this report that relates to Coal Resources and Coal Reserves is based on and accurately reflects reports prepared by the Competent Person named beside the respective information. Daryl Stevenson is a Geologist with Whitehaven Coal. Jorham Contreras is a Geologist with Whitehaven Coal. Benjamin Thompson is a Geologist with Whitehaven Coal. Troy Turner is a full time employee of Xenith Consulting Pty Ltd. Doug Sillar is a full time employee of RPM Advisory Services Pty Ltd. John Pala is a full time employee of Palaris Ltd. Named Competent Persons consent to the inclusion of material in the form and context in which it appears. All Competent Persons named are members of the Australian Institute of Mining and Metallurgy and/or The Australian Institute of Geoscientists and have the relevant experience in relation to the mineralisation being reported on by them to qualify as Competent Persons as defined in the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). RELIANCE ON THIRD PARTY INFORMATION This Investor Presentation references or uses as a basis, certain information made available to Whitehaven by third parties through a process as part of which Whitehaven was provided or given access to information about the assets. No representation or warranty is made as to the accuracy, completeness or reliability of the information. WHITEHAVEN#3H1 FY24 highlights Transformational metallurgical coal acquisition announced, with completion expected 2 April 2024 $623m H1 EBITDA before $164m of acquisition related expenses³ Resilient pricing of high-CV thermal underpinning Whitehaven's realised price of A$220/t delivered $1.6b of revenues for H1 $372m H1 NPAT before $115m (post-tax) of acquisition related expenses³ 10.3Mt ROM production up 17% reflecting solid performance from open cut operations; Narrabri production impacted by geological challenges Robust balance sheet with net cash of $1.5b at 31 December 2023 and US$1.1b financing facility for acquisition 16% improvement¹ in employee and contractor total recordable injury frequency rate TRIFR to 3.96 and zero environmental enforcement actions² 7.0 cents fully franked interim dividend to be paid 8 March 2024 and 18.5% Total Shareholder Returns4 for six months ended 31 December 2023 1. For the 6 months ended 31 December 2023 compared with FY23 TRIFR of 4.74 2. Environmental enforcement actions include penalty notices, enforceable undertakings, suspensions, prevention notices and prosecutions 3 3. Acquisition related expenses (before tax) includes $92.4 million of transaction and transition expenses, and an unrealised FX loss of $71.4 million recognised as a result of the re-translation of the US$ denominated cash balances and the US$100 million deposit held for settlement at completion of the acquisition. 4. On a Net TSR basis, includes FY23 final dividend of 42 cents per share paid in September 2023 but excludes franking benefits, (ranking WHC as 18th in the ASX100 for the six month period).#4Acquisition completion is progressing as planned A highly attractive acquisition that transforms Whitehaven into the leading ASX-listed metallurgical coal producer¹ 4 Rationale ■ Highly attractive and earnings accretive acquisition ■ Provides significant value upside including strategic growth options ■ Transforms Whitehaven into a metallurgical coal producer, in line with strategy ■ Delivers diversification and scale benefits ■ Strengthens and expands Whitehaven's position in attractive growth segments of the market 1. 2. 3. Recap of transaction Whitehaven to acquire 100% of the Daunia and Blackwater metallurgical coal mines from BMA for an aggregate cash consideration of US$3.2 billion² comprising: - US$2.1 billion upfront consideration payable on completion (less US$100 million deposit) - US$500 million, US$500 million and US$100 million in separate tranches of deferred consideration payable on the first, second and third anniversary of the completion date³ Contingent payments of up to US$900 million; comprised of three annual payments (payable on the date which is three months after the relevant anniversary of completion) dependent on realised pricing exceeding agreed thresholds. Annual contingent payments are capped at US$350 million On the basis of metallurgical coal production; excludes diversified mining peers Subject to customary completion adjustments The profile of deferred payments may change based on adjustments to be calculated at the time of completion Meeting key milestones Execution and integration project management team in place ✓ Securing personnel and firming structures ~95% of employees have accepted offer to transition to WHC ✓ Regulatory approvals progressing US$1.1b 5-year term facility agreed Opportunity for a ~20% sell down of Blackwater to global steel producers as strategic JV partners being considered Systems roll-out to transition Daunia and Blackwater to WHC progressing Completion expected on 2 April 2024 4. Contingent payments paid from 35% revenue share, capped at a total of US$900m over three years post completion. Subject to average realised prices achieved by the Assets exceeding respective thresholds of US$159/t in the 12-month period 12 months post-completion, US$134/t in the 12-month period 24 months post-completion and US$134/t in the 12-month period 36 months post completion. Annual payments are capped at maximum of US$350m#5Whitehaven Coal's Markets WHITEHAVEN#6Whitehaven has been delivering high quality thermal products into premium markets, and is growing its metallurgical coal business 8.6M tonnes managed sales volumes in H1 FY241 2 Europe Malaysia Indonesia 1 New Caledonia Other 2% 2% Indonesia Europe 5% 1% 1 China Malaysia 11% 2 8 Japan Japan 52% 2 5 Korea Taiwan 13% Korea 14% 1 2 Taiwan H1 FY24 revenue contribution by type 1 Metallurgical Coal Customers Thermal Coal Customers 6 1. Managed sales including third party purchases and excluding coal reservation sales. 2. Other coal sales destinations include China, India and Australia. 1 New Caledonia Newcastle (PWCS & NCIG Coal Terminals) ~90% ~10% Metallurgical Thermal#7100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Whitehaven Australia Russia Producing the highest quality seaborne thermal coal 91% of our thermal coal exports >5600 kcal in CY23 Percentage of thermal coal exports by quality - CY231 United States Colombia South Africa Indonesia Source: McCloskey Global Thermal Coal Imports & Exports & Whitehaven Coal production data for CY2023 1. Managed thermal coal sales including third party purchases and excluding coal reservation sales. NAR equals energy on a Net As Received basis. 7 2. 3. As presented on 21 April 2023 "Breaking Ground at Vickery" Market update presentation kcal/kg NAR2 <4200 4200 - 5000 5000 - 5600 5600 - 6200 >6200 H1 FY24 quality outcomes • Average energy content of WHC's coal in H1 FY24 was ~6100 kcal Early mining of Vickery is expected to produce a >6400 kcal thermal with ~6-10% ash, which will provide blending benefits to the portfolio³ Metallurgical coal sales volumes for the half were ~9% (revenues ~10%)#8Providing energy security for our customers Our coal provides a significant proportion of electricity to our key customer countries totalling ~37 TWh annually Contribution to baseload electricity from WHC managed coal supplied into Japan, South Korea & Taiwan (JKT) and Malaysia¹ 8 Japan WHC coal produces 28.6 TWh of Japan's baseload, representing 2.8% of Japan's power generation, equivalent to 40.7 minutes of power / day Taiwan WHC coal produces 2.9 TWh of Taiwan's baseload, representing 0.9% of Taiwan's power generation, equivalent to 12.9 minutes of power / day South Korea WHC coal produces 2.9 TWh of Korea's baseload, representing 0.5% of Korea's power generation, equivalent to 6.9 minutes of power/day Malaysia WHC coal produces 2.8 TWh of Malaysia's baseload, representing 1.2% of Malaysia's power generation, equivalent to 17.3 minutes of power/day 1. Based on latest available power generation data from Wood Mackenzie for 6 months ended Dec-23. Overall sent-out efficiency of power stations assumed to be 40% in Japan & 38% in Korea, Taiwan & Malaysia.#9Post acquisition, WHC transforms into a metallurgical coal business while continuing to supply high-CV thermal coal to key markets Pro-forma sales volumes by geography1 Europe 9 1. 2. India China Vietnam Indonesia Chile, Thailand, Philippines, Australia Japan Korea Taiwan Malaysia New Caledonia Malaysia 2% China 3% Other¹ 14% Taiwan Japan 47% 9% Korea 9% India 16% FY24F Revenue contribution by type² ~70% Metallurgical Thermal -30% Metallurgical Coal Customers Thermal Coal Customers Exports from 3 ports: Port of Newcastle - PWCS & NCIG (NSW) Port of Hay Point - Dalrymple Bay (Qld) Port of Gladstone - RG Tanna Terminal (Qld) On a managed basis, excluding coal reservation volumes for WHC, based on sales volumes for WHC, Daunia and Blackwater FY2020-2023. Other includes: Vietnam, Indonesia, New Caledonia, Chile, Thailand, Philippines, Europe and Australia. As announced in 18 October acquisition presentation - based on management estimates and spot prices#1010 Million tonnes There is a significant supply gap forecast for high-CV (HCV) thermal coal Commodity Insights forecast seaborne supply & demand for High CV coal (>5850 NCV) 400 350 300 250 200 150 100 50 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 139Mt . Commodity Insights studied HCV supply and demand taking into account limited expansion projects in the pipeline Demand is forecast to grow by ~28% from 2023 to 2040, while supply falls by ~23% With several large mines nearing end of mine-life, volumes needed to meet demand will no longer be available Underinvestment in projects to meet Net Zero targets will lead to a shortfall in supply for energy security as the globe transitions to renewable energy sources Supply -Demand Source: Commodity Insights 2023 base case assumption global seaborne supply including planned / end of mine closures.#11A substantial supply gap is also expected for metallurgical coal Global supply / demand for HCC1 (Mt) 300 250 200 150 100 50 0 74Mt Shortfall Supply Demand Metallurgical coal is essential for the global energy transition as well as developing countries' infrastructure growth The structural shortfall in HCC supply is a result of continued underinvestment in producing assets Commodity Insights forecasts a 74M tonne shortfall in supply by 2040, underpinned by strong demand growth from India; demand for HCC is forecast to grow by ~30% from 2023 to 2040, while supply falls by ~5% Wood Mackenzie forecasts demand for seaborne metallurgical coal into Asia growing by ~29% to 2050, with India's demand to grow ~110% 300 250 200 150 100 Asia seaborne demand for metallurgical coal² (Mt) ■Japan China ■Taiwan ■South Korea ■Pakistan Malaysia Vietnam 50 ■Indonesia 0 ■India 2023 2024 2025 2030 2035 2040 2045 2050 11 1. Source: Commodity Insights 2023 entire HCC complex including Hard, Semi Hard, SSCC & PCI global seaborne supply. 2. Source: Wood Mackenzie January 2024 seaborne metallurgical coal.#12H1 FY24 external market drivers Strong underlying demand continues to underpin good pricing outcomes for HCV thermal and metallurgical coal Supply and demand ⚫ Underlying demand for HCV thermal coal for baseload energy and to support the energy transition remains strong and structural supply shortfall forecast for seaborne HCV coal In H1 FY24 seasonal demand for thermal coal experienced and improved mining conditions (more favourable weather and labour supply) ⚫ Structural supply shortfall also forecast for metallurgical coal, underpinned by India's growth ⚫ HCC demand strengthened in H1 FY24, while spot SSCC market was impacted by Russian volumes flowing into China and India • • Pricing Resilient thermal coal prices with gC NEWC average of US$141/t for H1 FY24 (WHC's average thermal coal price was US$144/t) Strengthened metallurgical coal market dynamics in H1 FY24 which WHC will benefit from post acquisition (PLV HCC Index averaged US$298/t for H1 FY24) WHC's realised coal price of A$220/t for H1 FY24 Costs Inflationary pressures continued to impact • • Labour costs a key driver Electricity cost increases, diesel costs stabilising 12 • Safeguard Mechanism costs increasing#13H1 FY24 Results WHITEHAVEN#1414 Safety performance Safety is as important as ever Whitehaven recorded a 6 month TRIFR for employees and contractors of 3.96 in H1 FY24 ROM coal production (Mt) and TRIFR 0 25 25 20 20 15 10 10 5 FY09 FY10 FY11 ROM coal production (Mt) FY12 FY13 FY14 FY15 FY16 FY17 FY18 3.96 FY19 Total Recordable Injury Frequency Rate (TRIFR) FY20 FY21 FY22 FY23 H1FY24#15H1 FY24 financial results Resilient coal prices and solid production support strong underlying earnings; acquisition related expenses including FX movements impact statutory profits Managed ROM production 10.3M tonne Achieved coal price 1 A$220/tonne Revenue $1.6 billion Unit cost $111 / tonne Underlying EBITDA Acquisition related FX loss Transaction & transition expenses EBITDA Depreciation & amortisation Net finance income Income tax expense Statutory NPAT $623 million - $71 million - $92 million $459 million - $133 million + $41 million - $109 million $258 million Add back acquisition related expenses² + $115 million Underlying NPAT $372 million 15 1. Thermal and metallurgical own coal sales before applicable royalties 2. Includes acquisition-related expenses of $64.7m after tax in relation to transaction and transition expenses, and an unrealised FX loss of $50.0m after tax relating to the re-translation of US$ cash and the US$100m deposit held for settlement at completion of the acquisition Note: Numbers may not add due to rounding#16ROM coal production and sales Strong H1 performance from Maules Creek and Gunnedah Open Cut mines Whitehaven Managed ROM Coal Production (Mt) Whitehaven Managed Coal Sales (Mt) 10.3 9.4 8.8 8.8 2.6 8.4 8.2 0.4 1.7 0.4 0.2 2.5 3.6 2.3 3.0 3.9 5.7 6.0 3.7 4.2 3.6 2.1 2.1 1.7 1.7 1.3 1.3 H1 FY23 H2 FY23 H1 FY24 H1 FY23 H2 FY23 H1 FY24 ■Open Cuts ■Maules Creek ■Narrabri Total ■Open Cuts ■Maules Creek ■Narrabri ■Sales of purchased coal Total 16 Note: Numbers may not add due to rounding#17Maules Creek Benefiting from improved labour supply and drier weather 17 Managed ROM coal production (Mt) H1 FY24 managed ROM production 6.0Mt, 54% above H1 FY23 of 3.9Mt Improved labour supply, and favourable. weather conditions supported improved production Decision to conclude AHS trial & resume fully manned operations by end of Q3 FY24-expect productivity improvements as we move to more in-pit dumping Tracking around top end of FY24 guidance range 7.8 12.7 11.7 11.2 11.0 10.7 9.7 9.6 6.0 H1 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 FY24 Guidance range 10.1-11.2Mt#18Gunnedah Open Cuts Consistent operational performance in H1 FY24 H1 FY24 ROM production 1.7Mt, 31% above H1 FY23 reflecting weather and labour supply improvements coupled with additional contractor and haulage capacity Tarrawonga and Werris Creek are performing well Werris Creek will reach end of mine life around March 2024 and transition to rehab operation as factored into guidance Volumes from early mining of Vickery in FY25 will partially replace tonnages lost from closures of Werris Creek, Sunnyside and Rocglen Managed ROM coal production (Mt) 1.6 1.3 1.4 1.2 0.1 4.5 4.5 4.3 3.9 3.8 3.8 4.0 3.4 FY16 FY17 FY18 FY19 FY20 ■Continuing Operations 1.7 H1 FY21 FY22 FY23 H1 FY24 ■Rocglen & Sunnyside Rocglen and Sunnyside transitioned into rehabilitation in early FY20. Rehabilitation is on schedule at both sites. 18 } Guidance range 2.6-2.8Mt#19Narrabri Operational challenges in LW203 • • H1 FY24 managed ROM production 2.6Mt, 28% below H1 FY23 of 3.6Mt Operational performance in LW203 was impacted by geological intrusions (washouts) and equipment reliability A number of changes implemented to improve longwall productivity Next longwall move to LW204 expected to be in H2 FY25 Managed ROM coal production (Mt) 7.3 6.9 6.3 6.4 6.1 19 5.3 4.8 4.1 2.6 H1 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 FY24 <250m depth of cover >250m depth of cover Back to <250m depth of cover Guidance range 5.1-5.7Mt#20Narrabri Mining of longwall panel LW203 will continue into FY25 301 MAINS The longwall move to LW203 took place in June 2023 quarter with a major rehanding of the longwall Washouts in LW203 were a known feature but have affected production more than planned; washouts expected to dissipate in LW204 Cut & Flit providing incremental volumes 20 20 LW307 LW306 LW209 LW208 LW305 LW304 LW303 LW302 201 MAINS LW207 LW206 LW205 LW204 LW301 LW203 300 MAINS 200 MAINS LW308 North LW111 LW110B LW110A -350m depth of cover LW109 LW108 LW107 LW106 LW105 LW104 LW103 -170m depth of cover LW102 LW101 100 MAINS Longwall (LW) Cut & Flit (CF) FY23 FY24 FY23 FY24#21Financial history Solid H1 financial results following two consecutive record years Revenue ($m) Underlying EBITDA ($m) Underlying NPAT1 ($m) H1 FY24¹ H1 FY23 622.8 6,064.7 FY23 4,920.1 FY22 FY21 204.5 FY20 FY19 306.0 1,041.7 H1 FY24 H1 FY23 1,589.3 3,809.2 FY23 FY22 FY21 1,557.0 FY20 1,721.6 FY19 2,487.9 2,661.4 |3,976.0 3,060.1 Cash generated from operations ($m) Net cash / (debt) ($m) H1 FY24 523.2 H1 FY23² FY23 FY22 FY21 169.5 FY20 189.9 FY19 964.1 H1 FY241 H1 FY23 372.3 FY23 FY22 FY21 (87.3) FY20 | 30.0 FY19 564.9 1,503.6 2,652.2 H1 FY24 2,552.8 FY23 4,189.8 FY22 1,037.8 2,582.0 (808.5) (787.5) FY21 FY20 (161.6) FY19 1,787.6 2,661.4 1,952.0 1. 21 Before acquisition related expenses of $92.4m (pre-tax) and $64.7m (post-tax) in relation to transaction and transition expenses, and an unrealised FX loss of $71.4m (pre-tax) and $50.0m (post-tax) relating to the re-translation of US$ cash and the US$ deposit held for settlement on completion of the acquisition. 2. Restated for the removal of the effect of exchange rate changes on cash and cash equivalents from cash generated from operations.#22EBITDA margin Margins remain attractive with solid pricing and higher costs H1 FY24 H1 FY23 Coal sales Mt 6.6 6.4 (equity basis, excluding purchased coal and coal reservation sales) Average revenue A$/t 204 510 (excluding purchased coal, coal reservation sales & after applicable royalties) Average cost of sales A$/t 111 96 EBITDA margin on own coal sales EBITDA margin on own coal sales 22 22 A$/t 93 414 % 46 81#2323 EBITDA ($m) H1 FY24 vs H1 FY23 (before acquisition related expenses) $m (1,964) 2,661 Achieved Prices H1 FY24 H1 FY23 Thermal (US$/t) 144 381 Metallurgical (US$/t) 167 285 Overall (A$/t) 220 552 FX AUD:USD 35 55 0.65 0.67 (101) (8) 623 H1 FY23 Price (net of royalty) Sales Volume Costs Other H1 FY24#24Unit costs ($A/t) H1 FY24 vs H1 FY23 $/t 24 96 96 1 4 10 111 H1 FY23 Narrabri Open Cut Mines Safeguard Mechanism H1 FY24#25Cash generation to end H1 FY24 at $1.5b net cash $m 25 25 2,652 523 (927)1 (362) (342)² (40) 1,504 30-Jun-23 Cash generated from operations Income tax payments Investing Returns to shareholders Repayments & Other 31-Dec-23 1. Included within income taxes paid is $886.0 million paid in relation to the FY23 income tax year. 2. Includes a share buy-back trade entered into on 30 June 2023 for $5.7 million that was settled and paid on 4 July 2023. There were no share buy-backs entered into for the half year.#26Net cash and liquidity Net cash outlook • Maintaining a strong balance sheet Disciplined capital allocation framework in place Cash balance held in USD together with US$1.1b facility expected to fund completion payment for the acquisition of Daunia and Blackwater mines, expected to close on 2 April 2024. $m 31 Dec 2023 30 Jun 2023 Cash on hand 1,599 2,775 ECA1 (34) (39) • Finance leases (70) (87) Capitalised upfront borrowing fees 8 3 Net cash 1,504 2,652 excluding IFRS 16 lease liabilities Equity Liquidity 26 26 5,211 5,260 1,599 2,775 1 ECA facility - Export Credit Agency finance for equipment at Narrabri and Tarrawonga#27Capital allocation framework Disciplined capital allocation builds resilience and delivers shareholder value Operating cash flows 27 27 1 Return to shareholders Dividends Buy-backs During deferred payment period for Daunia & Blackwater acquisition, we expect: • • • To maintain franked dividends within the targeted payout ratio of 20-50% of NPAT generated from existing operations (i.e. excluding the acquired Assets) Direct cashflows from the acquired business to retiring vendor finance The share buy-back to remain on hold - the Board will make a decision regarding the resumption of the buy-back at the appropriate time. Maintain & optimise operations Sustaining capex, leases, extensions of existing operations, and investments in HSE, new technologies and innovation Includes capex for early mining of Vickery and Narrabri's 200 series 2 3 Retain cash / maintain balance sheet strength • Maintain liquidity & leverage within target of 0.5 - 1.5x Retain cash on balance sheet for flexibility and liquidity • Maintain funding diversity • Target BB+ grade credit rating 4 Use surplus capital for best use Growth investments - M&A I⚫Acquisition of Blackwater and Daunia is aligned with capital allocation framework Growth investments Development projects Timing of development plans and capex will reflect competing opportunities for capital and deferred payments for acquisition Additional returns to shareholders The acquisition is expected to support strong TSR with a significant step up in capital returns after making the deferred payments and when surplus capital emerges#28FY24 Guidance WHITEHAVEN#29FY24 guidance Key elements Managed ROM Coal Mt 10.3 18.7 - 20.7 Production H1 FY24 Actual FY24 Guidance Comments Excludes any contribution from Daunia and Blackwater post acquisition close Tracking within guidance Maules Creek Mt 6.0 10.1-11.2 Tracking around top end of range Narrabri Mt 2.6 5.1-5.7 Reflects Q2 revision Gunnedah Open Cuts Mt 1.7 2.6-2.8 Tracking around top end of range Managed Coal Sales1 Mt 8.4 16.0-17.5 Tracking within guidance Equity Coal Sales1 Mt 6.8 12.7 - 13.9 Tracking within guidance Cost of Coal² A$/t 111 103-113 Tracking towards top end of range Total Capex $m 171 400-450 Reflects Q2 revision 29 1. Excludes sales of third party purchases 29 2. Excluding royalties#3030 30 Whitehaven's FY24 focus areas Acquisition, operational reliability and cost management are priority areas Current operations • Safety and environmental management Deliver FY24 guidance - Operational reliability and consistency Cost management / optimising margins Coal quality and yield Early mining of Vickery Progressing development approvals Acquisition Completing acquisition 1 Talent management/ organisational structure Systems upgrade Integrating new business - Systems integration Safety and environmental management Execution of operational plans, marketing and logistics Potential sell down of ~20% of Blackwater Capital allocation Funding acquisition while maintaining liquidity and prudent gearing Cashflow from acquired business to fund acquisition Targeting to return 20-50% of NPAT from existing business via dividends (buy-back paused)#31Broker analyst Q&A WHITEHAVEN#32Appendices WHITEHAVEN#33Expanded portfolio post acquisition Whitehaven will be the leading ASX-listed metallurgical coal producer¹ Port of Abbot Point Bowen Moranbah Daunia QUEENSLAND Mackay Port of Hay Point Dalrymple Bay Terminal Winchester South Project Whitehaven Coal shipped to premium Asian markets Rockhampton Port of Gladstone Gladstone Blackwater RG Tanna Coal Terminal Narrabri Mine Gunnedah CHPP Narrabri NEW SOUTH WALES 33 1. Maules Creek Mine Tarrawonga Mine Vickery Mine Boggabri Gunnedah • Tamworth Werris Creek Mine Gunnedah Coal Basin • Gloucester Muswellbrook Singleton Whitehaven Coal shipped to premium Asian markets Newcastle Sydney. (PWCS and NCIG Coal Terminals) On the basis of metallurgical coal production; excludes diversified mining peers QLD • Moranbah Blackwater AUSTRALIA 50 km 100 NSW Gunnedah • Sydney Key: Projects Current operations +++ Railway Pro-forma structure Development Projects Operating Assets NSW 100% WHITEHAVEN 100% Queensland Maules Creek (75%) Narrabri (77.5%) Tarrawonga (100%) Blackwater (100%) Daunia (100%) Vickery (100%) Winchester South (100%) WHITEHAVEN#34Overview of acquired assets Established metallurgical coal mining operations with combined ROM production of ~20 Mtpa sold via export markets Abbot Point Bowen Collinsville Queensland, Australia DBCT Mackay BMA Hay Point Coal Terminal Goonyella Broadmeadow Riverside Moranbah Daunia Winchester South Peak Downs Product type and mix¹ Mine type and method ROM production² Saleable production² JORC Reserves³ JORC Resources³ Expected mine life First production Logistics path Daunia ~80% HCC / -20% PCI Open cut / truck & shovel ~6.0 Mt ~4.9 Mt 81 Mt 115 Mt ~17 years 2013 Rail to Dalrymple Bay Terminal Blackwater ~65-70% HCC/-25-30% SSCC Open cut/draglines x 7 and truck & shovel ~14.8 Mt ~12.4 Mt 212 Mt 1,837 Mt >50 years4 1967 Rail to RG Tanna Coal Terminal 1. 2. 3. =4 34 956 4. 5. 6. Saraji Dysart Rockhampton\ WICET Emerald Blackwater RG Tanna Blackwater Gladstone BMA Asset WHC Asset BMA Port Port - - Rail FY24F EBITDA contribution5 FY24F Revenue contribution by type5 Pro-forma Reserves (Mt, % equity basis)6 Whitehaven Standalone 34% Thermal -30% 631 Gunnedah Basin (NSW) 66% Blackwater + Daunia -70% Metallurgical Bowen Basin 673 (Qld) Based on FY22 - FY24F revenue by product; Blackwater HCC includes BWC and BWSHCC products Based on FY24-FY28 expected production averages. Refer to the ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines and dated 18 October 2023. Whitehaven confirms that the material assumptions underpinning the forecast production in the ASX Release continue to apply and have not materially changed. Resources comprise Measured, Indicated and Inferred Resources and inclusive of Reserves; Reserves comprise Proven and Probable Recoverable Reserves (see JORC information in 18 October 2023 ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines) Conceptual mine planning suggests Blackwater mine life could extend beyond 50 years with mine life dependent on prevailing local and macroeconomic conditions Based on management estimates and assuming current spot prices Includes Reserves for Maules Creek, Narrabri, Vickery, Tarrawonga, Werris Creek in Gunnedah Basin and Daunia, Blackwater and Winchester South in Bowen Basin#35Russia invades Ukraine Thermal coal prices (US$/t)1 Stock building and a mild Northern Hemisphere winter has resulted in lower spot demand and price moderation ahead of expected upward price pressure for gC NEWC $500 $450 $400 Indonesian export ban $350 $300 China officially bans Australian coal $250 imports $200 $150 $100 $50 is Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 gC NEWC (US$/t) gC NEWC (Forecast) (US$/t) Jan-23 Mar-23 API-5 (US$/t) Stock building, Russian sanctions, restructuring of trade flows China reverses ban on Australian coal Ulan Basin derailment (~1mt displaced) May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Index (USD) H1 FY24 (average) Dec 24 (mthly index) gC NEWC API 5 141 147 92 93 • • Prices have retreated from record high levels in mid-2022 Resilience of gC NEWC in seasonal lower demand period is positive A focus on energy security and changes in procurement are resulting in a greater proportion of HCV coal being contracted under term contracts 35 1. Average monthly gC NEWC index. Forecast prices based on globalCOAL forward curve 13 February and weekly Argus/McCloskey Coal Price Index Report 9 February. API-5 (Forecast) (US$/t)#3636 36 $200 $100 $- Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 $600 $500 $400 $300 Platts PLV HCC (US$/t) Platts LV PCI (US$/t) Platts PLV HCC Forecast (US$/t) Platts SSCC (US$/t) 1. Average monthly price. Forecast prices based on Platts Prem. LV HCC forward curve 13 February. May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Metallurgical coal prices (US$/t)1 China's reopening to Australian coal continues to support prices $700 Nov-24 H1 FY24 Index (USD) (average) Dec 24 (mthly index) Platts PLV HCC 298 326 Platts LV PCI 177 174 Platts SSCC 164 155 Steel demand and met coal pricing remains dictated by China market conditions However, growing Indian coal demand. will increasingly influence market dynamics India's structural growth will exacerbate supply shortfall for met coal, which will drive pricing over the 2020s and 2030s#37Profit and Loss $m Revenue Other income Operating expenses Coal purchases Royalties Rail, port and marketing Admin and other expenses Underlying EBITDA Acquisition related FX loss Transaction and transition expenses Depreciation & amortisation Net finance income Income tax expense Net profit after tax Add back acquisition related expenses after tax¹ Underlying Net profit after tax Earnings per share² (cents per share - basic) H1 FY24 1,589.3 H1 FY23 3,809.2 4.9 2.4 (514.1) (381.8) (94.9) (257.0) (114.6) (280.7) (203.3) (196.9) (42.0) (36.3) 622.8 2,661.4 (71.4) (92.4) (8.1) (133.4) 40.7 (108.7) (109.7) 4.6 (766.2) 257.6 1,782.0 114.7 5.6 372.3 1,787.6 32.3 198.9 37 1. 2. Includes acquisition related expenses of $64.7m after tax in relation to transaction and transition expenses, and an unrealised FX loss of $50.0m after tax relating to the re-translation of US$ cash and the US$ deposit held for settlement at completion of the acquisition. EPS is calculated using the Net profit after tax (including acquisition related costs) and the weighted average ordinary shares for the half year. Not included in the EPS calculation are 34,020,000 shares subject to a restriction deed including having no entitlement to dividends.#38Costs Unit cost calculation The unit cost can be calculated off the face of the P&L. It includes operating expenses, selling & distribution expenses, administration expenses (net of sundry revenues) and share-based payment expenses. Coal purchases, royalties, depreciation & amortisation, FX and significant items are excluded. Logistics, 21% H1 FY24 H1 FY23 H1 FY22 $'000 $/t $'000 $/t Operating expenses¹ 514,073 $76 381,831 $60 $'000 321,839 $/t $51 Selling & distribution 203,286 $30 196,913 $31 170,514 $27 expenses Administrative expenses Other Operating 23% (net of sundry revenues) 2 26,517 $4 25,454 $4 23,212 $4 Share-based payment 5,028 $1 4,805 $1 3,525 $1 expenses Total cost of coal 748,904 $111 609,003 $96 519,090 $83 Sales of own coal kt 6,793 6,375 6,287 38 1. 2. H1 FY24 Costs Equipment hire 6% Included within operating expenses are sundry coal trading items excluded from the unit cost calculation. Administrative expenses are presented net of sundry revenues of $1,230k (H1 FY23: $1,200k, H1 FY22: $1,036k) which appear in the 'Other income' line of the P&L. Labour 25% Repairs & Maintenance 13% Diesel 8% Drill & Blast 4%#39FY24 capital expenditure guidance Capex guidance as revised in December quarterly production report ($m) Operations Development / Growth Other Total capex (excluding deferred settlements) FY24 H1 FY24 Actual Guidance Includes (revised)1 • 94 +6 175-195 • 69 69 210-230 Open cuts fleet overhauls, sustaining capex Narrabri sustaining capex Narrabri 200 Series mains development • Narrabri 200 Series precinct • Early mining of Vickery Full scale Vickery Extension project Winchester South Narrabri Stage 3 – 300 Series precinct - • Employee housing initiative 8 15-25 . Emissions abatement • Biodiversity offsets 171 400-450 39 1. Revised guidance as announced in December quarterly report dated 19 January 2024#40Focused on Scope 1 and 2 emissions, TCFD reporting and ISSB Standards Greenhouse gas emissions¹ k tonnes CO₂e Use of NGER default emissions : Use of site-specific fugitive factor for Maules Creek | emissions for Maules Creek I I 1,621 106 1,593 106 I 1,266 93 921 1,012 102 105 1,515 1,487 1,172 910 816 FY19 FY20 FY21 ■Scope 1 FY22 Scope 2 (location-based) FY23 FY23 Scope 1 emissions increased 29% due to increased fugitive emissions at Narrabri 40 1. FY23 greenhouse gas emission data also available in Whitehaven's 2023 Sustainability Report, published September 2023. Scope 1 emissions arise primarily from Narrabri fugitive emissions and Maules Creek diesel consumption Improved reporting accuracy for Maules Creek since FY21 through use of site specific fugitive emissions (versus NGER default factor) Multiple fugitive emissions abatement investigative projects underway at Narrabri Supporting novel, emerging carbon capture utilisation technologies through our investment in Hydrobe Pty Ltd ⚫ Scope 2 emissions largely Narrabri Climate Active carbon neutral electricity sourced since Oct-21 (i.e. offsets acquired) Nil Scope 2 (market-based) emissions Solar feasibility study completed ⚫ TCFD scenario analysis work / reporting commenced in FY19 Scenario analysis completed in FY22 Detailed work being undertaken to understand and adopt evolving ISSB aligned Australian standards#41Scope 1 emissions by source Our Scope 1 emissions are predominantly fugitive emissions from Narrabri and diesel from Maules Creek Scope 1 emissions by facility1 FY23 Scope 1 emissions by source¹ k tonnes CO₂e 520 787 266 258 ■FY22 FY23 67 73 47 43 10 11 Narrabri Maules Creek Tarrawonga Werris Creek Other 41 1. Refer also to Whitehaven's 2023 Sustainability Report, published September 2023. 0.4% Other 33% 67% Diesel consumption Fugitive emissions#42Our coal is lower in emissions Demand for high quality, high-CV, low ash coal is increasing in efforts to reduce CO2-e emissions Coal-fired power plants - GHG emissions per MWh sent out¹ Whitehaven's thermal coal is used in high-efficiency, low emissions (HELE) electricity generation including Ultrasupercritical (USC) power plants Whitehaven's coal allows USC power plants in Asia to deliver ~27% lower emissions than typical sub-critical plants in Asia using lower quality coal In customer countries of Japan, Korea, Taiwan and Malaysia, 46% of coal fired power capacity (GW) is from USC plants compared with 20% 20 years ago Japan and Korea are commissioning 7 new USC units (totalling 5,970MW) (2022-24) tCO2/MWh 1.29 0.89 42% Key Power plant 11% 22% 27% Sub-C type / specs Subcritical 16-18 Mpa, <540°C SC Supercritical >22 Mpa, 538-566°C 1.02 1.02 0.91 0.90 0.87 USC Ultra- 0.80 0.75 supercritical 25-30 Mpa, 593-610 °C Typical Aus. Plants 2 Sub-C Indonesia (LRC) Sub-C Russia Sub-C WHC SC Indonesia Russia (LRC) SC SC USC WHC WHC 1. Sources: Typical Aus plants based on company data. All others sourced from Commodity Insights. 42 2. Typical Australian plants include: 1.29 for Sub-C Lignite at Loy Yang (Vic), 0.95 for Sub-C black coal at Bayswater (NSW) and 0.89 for SC black coal at Millmerran (Qld).#43Highly engaged people and communities Approx. 75% of 2,750-strong workforce based in local communities around our operations 10.5% of workforce identify as Aboriginal and/or Torres Strait Islander 17.5% female employee participation in our workforce¹ up from 15.3% in FY22 and 12.4% in FY21 5% increase in workforce engagement scores to 6.6 out of 10 43 8 $ 8 $4.35 million in corporate community partnerships and donations $357 million spent with local regional suppliers $ $14.4 million spent with 16 Aboriginal and Torres Strait Islander businesses, up 65% from FY22 8($) 8 $280 million of taxes and royalties paid or payable in relation to H1 FY24 Unless stated otherwise, the above data relates to FY23 as reported in Whitehaven's 2023 Sustainability Report 1. Female participation was 17.3% in FY23 versus 17.5% in H1 FY24#44Local community sentiment towards Whitehaven has improved to its highest level yet Overall positivity has increased significantly. Among those aware of Whitehaven, slightly over half were positive (51%), up from 44% in 2022. Only 18% have a negative opinion, compared to 21% last year. NET % 44 60 50 40 40 30 30 20 10 10 0 2014 2015 2017 Positive sentiment 2018 2020 2022 2023 Negative sentiment NET sentiment Source: Independent quantitative research conducted by SEC Newgate Research. Base All participants who are aware of Whitehaven Coal: 2023 (n=590), Tamworth (n=142), Gunnedah (n=150), Narrabri (n=151), Liverpool Plains (n=147). 2022 (n=575), 2020 (n=561), 2018 (n=568), 2017 (n=565). 2015 (n=574), 2014 (n=569).#45WHITEHAVEN