#1Full Year Results FY23 24 August 2023 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 +61 2 8222 1100 | F +61 2 8222 1101 PO Box R1113, Royal Exchange NSW 1225 whitehavencoal.com.au Media contact Michael van Maanen +61 2 8222 1171, +61 412 500 351 [email protected] WHITEHAVEN#2Contents Disclosure 1. Whitehaven Coal's markets and products 2. FY23 results - overview and operations 3. FY23 results - financials 4. FY24 market outlook and guidance 5. Appendices 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. Michael Barker 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). WHITEHAVEN#3FY23 highlights 13% improvement in TRIFR1 to 4.7 and ZERO environmental enforcement actions Strong underlying demand for high-CV coal underpinning record realised coal price of A$445/t 18.2Mt ROM production impacted by flooding events, labour shortages and constraints at Maules Creek Record $4.0b EBITDA and $2.7b NPAT Strong balance sheet with net cash of $2.65b at 30 June 2023 42 cents fully franked final dividend plus $948.9m in share buy-back in FY232 52% Total Shareholder Returns³ for year ended 30 June 2023 (#9 in ASX100) 3 $1.65b of taxes and royalties paid or payable for FY234 1. Total recordable injury frequency rate for FY23 versus FY22 for employees and contractors. 2. In FY23, 119.7 million shares were bought back for $948.9m. However, excluding the proportion attributable to the initial 10% share buy-back which was part of the FY22 payout ratio, 92.8m shares (~9% of issued share capital) were bought back in FY23 for an investment of $723.6 million, which is attributable to the FY23 payout ratio - refer to slide 36. 3. On a Net TSR basis, which excludes franking benefits. 4. Includes royalty payments by Whitehaven and its joint venture partners.#4Whitehaven Coal's markets and products WHITEHAVEN#5Premium products delivered into premium markets Europe 2 16.3M tonnes managed sales volumes in FY231 Malaysia Indonesia 1 Other² Europe 1% 5% Malaysia 7% 1 12 Japan 1 4 Korea Korea 9% 1 1 Metallurgical Coal Customers Thermal Coal Customers 2 Taiwan Vietnam 1 1 New Caledonia 5 1. Managed sales including third party purchases and excluding coal reservation sales. 2. Other coal sales destinations include Indonesia, New Caledonia, Vietnam and Chile. Newcastle (PWCS & NCIG Coal Terminals) Taiwan 15% Japan 63% Japan, Taiwan & South Korea remain our key markets at 87% of total sales in FY23.#6Whitehaven Australia Russia United States 6 1. Managed sales including third party purchases and excluding coal reservation sales. 2. NAR equals energy on a Net As Received basis. Colombia Source: McCloskey Global Thermal Coal Imports & Exports & Whitehaven Coal production data for FY2023. South Africa Indonesia Producing the highest quality seaborne thermal coal Whitehaven's average delivered NCV of ~61001 kcal & 10% Ash for total thermal coal exports in FY23 Percentage of thermal coal exports by quality - FY23 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 15M 199M 138M 45M 64M 73M 543M Total tonnes exported kcal/kg NAR² >6200 5600-6200 FY23 quality outcomes1 In FY23, 80% of Whitehaven's total exports were high-CV (HCV) (>5850 kcal) and 14% were mid-CV (MCV) (5600 5850 kcal) thermal coal This is a result of our ability to wash hard and switch SSCC products into the thermal market when price realisations are more compelling The remaining 6% of FY23 sales were metallurgical coal sales#7• Our coal is efficient when combusted Relative to other coals, less Whitehaven coal is required to produce the same amount of energy The required feed rate for all reference coals to deliver the same power output is higher than that of Whitehaven coal Higher feed rates are required for other coals because of their lower calorific value as well as higher moisture contents (in the case of Indo sub-bituminous coals) resulting in reduced boiler efficiencies The low impurities in Whitehaven coal reduces parasitic loads on air quality systems at power stations Comparative coal feed rates (%) 1 163% 139% 125% 100% 104% 105% 105% 106% 108% WHC (Maules) Australia (HV) Australia Russia Sth Africa Colombia (Surat) Australia Indo (Sub Bit) Indo (LRC) (Galilee) 7 1. Coal feed rates compare typical specifications from multiple origins with Whitehaven's Maules Creek thermal coal. Source: Commodity Insights.#8Our coal is lower in emissions Demand for high quality, high-CV, low ash coal is increasing in efforts to reduce CO2-e emissions 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 Coal-fired power plants - GHG emissions per MWh sent out¹ 1.29 0.89 42% Key Power plant 11% 22% 27% Sub-C type / specs Subcritical 16-18 Mpa, <540°C SC 1.02 1.02 0.91 0.90 0.87 USC 0.80 0.75 Typical Aus. Sub-C Plants 2 Indonesia (LRC) Sub-C Russia Sub-C WHC SC Indonesia (LRC) SC Russia SC USC WHC WHC 1. Sources: Typical Aus plants based on company data. All others sourced from Commodity Insights. 8 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). Supercritical >22 Mpa, 538-566°C Ultra- supercritical 25-30 Mpa, 593-610 °C#9Providing energy security for our customers Our coal produces lower emissions and provides energy security for our customer countries Contribution to baseload electricity from Whitehaven managed coal supplied into Japan, South Korea & Taiwan (JKT) Japan South Korea Taiwan Whitehaven's coal produces 29.5 TWh of Japan's baseload, representing 2.9% of Japan's power generation, equivalent to 41.3 minutes of power / day Whitehaven's coal produces 3.8 TWh of Korea's baseload, representing 0.6% of Korea's power generation, equivalent to 9.1 minutes of power/day Whitehaven's coal produces 4.3 TWh of Taiwan's baseload, representing 1.1% of Taiwan's power generation, equivalent to 15.8 minutes of power/day 9 Source: Based on latest available power generation data from Wood Mackenzie for 12 months ending Dec-22. Overall sent-out efficiency of power stations assumed to be 40% in Japan and 38% in Korea and Taiwan.#10Million tonnes 10 With reliable energy required for transition, strong demand is forecast Forecast demand curves for seaborne thermal coal to 2040 1400 1200 1000 800 600 400 200 0 2023 2025 2030 2035 2040 I Commodity Insights ■AME Wood Mackenzie CRU Sources: Commodity Insights June 2023 | AME July 2023 | Wood Mackenzie August 2023 | CRU August 2023. • • • We consider several external demand forecasts Commodity Insights forecast seaborne thermal coal demand to grow to ~1200Mt by 2040 with thermal coal being integral to the global energy transition AME is forecasting demand for seaborne thermal coal in 2040 of >900Mt, compared with Wood Mackenzie's forecast of ~625Mt CRU's forecasts are optimistic around achieving Net Zero 2050#1111 Million tonnes A significant supply gap is forecast for HCV 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 2033 2034 2035 139Mt 2036 2037 2038 2039 2040 Commodity Insights studied HCV supply and demand taking into account limited expansion projects in the pipeline 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 more green energy Supply Demand Source: Commodity Insights 2023 base case assumption global seaborne supply including planned / end of mine closures.#1212 0 Million tonnes 50 50 100 150 200 250 A substantial supply gap is also expected for HCC Global supply/demand for HCC will impact economic development and the energy transition 300 2023 2024 2025 2026 2027 2028 2029 Supply Demand Source: Commodity Insights 2023 entire HCC complex including Hard, Semi Hard, SSCC & PCI global seaborne supply. 2033 2034 2035 2036 2037 2038 2039 2040 74Mt • Metallurgical coal is essential for the global energy transition plan as well as developing countries' infrastructure growth The structural shortfall in HCC production is a result of continued underinvestment in assets Winchester South and Vickery are needed to supply future met coal demand#13FY23 external factors impacting Whitehaven 13 Supply & demand factors • HCV coal in high demand for baseload supply through energy transition HCV trade flow changes reflect impact of Russian coal sanctions Increasing diversification of WHC markets for HCV thermal coal Metallurgical market volatility supported switching of our SSCC products to thermal sales Record gC NEWC prices • • • WHC's achieved thermal coal price of US$305/t (+1% to gC NEWC average of US$302/t) WHC's overall average achieved coal prices of A$445/t for FY23 Strong price support due to supply/demand imbalance and weather- related supply disruptions Maximised thermal coal sales in FY23 to optimise price realisation Weather events Severe weather / flooding impacted our assets in H1 with lingering affects in H2 Access cut off to WHC's open cut operations with site access cut off for 24 days at Maules Creek, 17 days at Tarrawonga and 36 days for coal haulage to CHPP Weather impacts were industry wide, with total Port of Newcastle exports down 15% in FY23 to 132Mt Labour constraints and cost inflation • • • Ongoing labour constraints in a competitive environment and absenteeism is an industry pain point Strategic measures, including incentives, to attract and retain staff are delivering improvements Higher unit costs due to inflationary impacts across the business as well as lower volumes#14FY23 Results - overview and operations WHITEHAVEN#15ROM coal production (Mt) and TRIFR 5 10 15 20 20 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 25 25 Excellent safety and environmental performance Whitehaven recorded a TRIFR for employees and contractors of 4.7 for FY23, a 13% improvement on FY22 Whitehaven received ZERO environmental enforceable actions in FY23, a significant improvement on recent years 15 ROM coal production (Mt) -Total Recordable Injury Frequency Rate (TRIFR) FY19 FY20 FY21 FY22 FY23 4.7 FY19 18.2 Environmental enforceable actions FY20 FY21 CO 6 2 FY22 FY23 0 4 12#16Highly engaged people and communities Approx. 75% of 2,750-strong workforce based in local communities around our operations 10.5% of workforce identify as Aboriginal and/or Torres Strait Islander 17.3% female employee participation in our workforce up from 15.3% in FY22 and 12.4% in FY21 5% increase in workforce engagement scores to 6.6 out of 10 16 8$ 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 $1.65 billion of taxes and royalties paid or payable for FY23#17FY23 financial highlights Sought-after coal products and record lill prices underpin record earnings Achieved coal price 1 A$445/tonne Revenue $6.1 billion NPAT $2.7 billion Cash generated by operations $4.2 billion Returning capital to shareholders Final franked dividend² 42 cents to be paid 15 September 2023 Total returns to shareholders3 $1.6 billion 17 EBITDA $4.0 billion Unit cost $103 / tonne Total Shareholder Returns4 52% TSR for 12 months to 30 Jun-23 1. Thermal and metallurgical own coal sales excluding coal reservation sales and before applicable royalties. 2. Final dividend of 42 cents plus interim dividend of 32 cents per share represents a payout ratio for FY23 of 23%; combined with share buy-back returns attributable to FY23, the payout ratio for FY23 is 50% of NPAT. 3. Includes final FY22 dividend of 40 cents per share, interim FY23 dividend of 32 cents per share and $948.9 million of shares bought back through Whitehaven's share buy-back programs. 4. On a Net TSR basis, which excludes franking benefits.#18ROM waterfall M tonne 18 20.0 (0.2) (0.6) 1.7 (1.0) (1.2) (0.4) Primarily localised flooding cutting off access to Maules Creek plus ongoing labour shortages Strong performance from Narrabri Impacted by localised flooding that cut off access to Tarrawonga AHS and congestion related constraints exacerbated by labour shortages Largest longwall move since Narrabri commenced from 100 to 200 series Geotechnical slip at Werris Creek contributed 18.2 FY22 H1 Maules Creek H1 Narrabri H1 GOC H2 Maules Creek H2 Narrabri H2 GOC FY23#19Maules Creek Impacted by H1 flooding / weather, labour shortages and AHS constraints 19 FY23 ROM production of 9.6Mt, 15% below FY22 due to: - localised flooding cutting off mine access for 24 days in H1 labour shortages congestion arising from limited dumping locations while keeping manned and unmanned AHS fleets separate A solid H2 with improved mine sequencing AHS development will continue for a further 12 months in FY24; weather and labour improvements delivering gains Managed ROM coal production (Mt) Guidance range 10.1 11.2Mt 9.6 5.6 12.7 H2 11.7 11.2 11.0 10.7 9.7 7.8 3.9 H1 91 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24e#20Narrabri Solid H1 production with successful rehand of longwall into 200 series · • ROM production 5.3Mt, up 9% on FY22 Consistent ROM production delivered strong H1 results Largest longwall move including rehanding of equipment successfully completed in June Slower than expected ramp up affected by third party delays on equipment overhauls impacted Q4 production 20 20 Managed ROM coal production (Mt) 69 7.3 6.9 6.3 6.4 6.1 4.8 4.1 5.3 1.7 H2 3H 3.6 H1 I FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24e Less than 250m depth of cover Guidance range 6.0-6.7Mt Greater than 250m depth of cover Back to less than 250m depth of cover#21Narrabri – life of mine plan - 200 series of panels expected to provide improved geological stability • Move to shallow ground . expected to provide improved mining conditions for LW203 Ramping up in Q1 to deliver expected solid production in FY24 No longwall move required in FY24 • Cut & flit supplementing longwall production volumes 21 301 MAINS LW307 LW306 LW305 LW304 LW303 LW302 201 MAINS LW209 LW208 LW207 LW206 LW205 LW204 LW203 LW301 300 MAINS 200 MAINS LW308 100 MAINS LW111 LW110B LW110A LW109 LW108 LW107 LW106 LW103 LW102 LW101 LW105 LW104 Longwall (LW) Cut & Flit (CF) FY23 FY24 FY23 FY24 North -350m depth of cover -170m depth of cover#22Gunnedah open cuts Wet weather and geotechnical slip impacted production Managed ROM coal production (Mt) FY23 ROM production 3.4Mt, 15% below FY22 but in line with guidance Tarrawonga coal being washed hard to optimise coal quality and portfolio blending Werris Creek production consistent throughout FY23 with exception of a geotechnical slip in H2 • Werris Creek high ash coal satisfying Whitehaven's domestic reservation supply obligations 22 22 4.5 4.5 4.3 3.9 3.8 3.8 4.0 40 3.4 2.1 H2 } Guidance range 2.6-2.8Mt Werris Creek reaches end of mine life during H2 1.3 H1 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24e ■Rocglen & Sunnyside - Rehabilitation at Rocglen & Sunnyside is on schedule#23Operational performance Key initiatives underway to improve operational performance LIFT Business Improvement program - Leadership, Improvement, Fundamentals, Teamwork LIFT Team in place Focus on Developing Leaders; Continuous Improvement; Basics & Operational Discipline; Teamwork for Transformation Volume-based targets (BCM) for operations. teams with contributions across: 。 maintenance o productive time 。 payload 。 fleet optimisation 。 people blasting quantity /quality Labour initiatives - delivering results through: Broadened recruitment reach – national advertising, school & TAFE leavers, graduate program, female participation Retention incentives FIFO from Queensland Housing, education, medical, family support initiatives International recruitment Maules Creek AHS Enhancements underway to improve efficiencies especially focused on manned / unmanned interactions Software upgrades scheduled for FY24 • FY24 plans to run 2 EX8000 fleets with integrated manned coal and waste 28 (300 tonne) trucks equipped with AHS (~60% of trucks) 23#24Early mining at Vickery - low risk, low capital Utilising surplus processing and supply chain capacity to deliver HCV thermal A low capex ($150m) project • Project announced April 2023 Works commenced in June 2023 quarter SCALE 250 500 1000 METRES 2000 • First coal expected around mid CY2024 A compelling opportunity with significant benefits · Low capital, low risk investment · 24 Brings replacement volumes from Gunnedah open cuts to market (~0.9-1.0 Mtpa of sales) Utilises surplus Gunnedah CHPP processing and road haulage capacity; and unallocated take-or-pay port and rail paths Brings revenue forward by bringing sought after <10% ash, 6400 kcal HCV thermal coal to market from FY2025 Early blending benefits with more significant portfolio benefits from full scale mining Opportunity to spread overhead costs across greater volumes (post Werris Creek) Opportunity to retain / re-deploy people following closure of Werris Creek Value accretive for shareholders VEP Early Mining Box Cut Pit Shell VEP Early Mining MIA VEP Main Project MIA Yellow area is a 20 year mine life VEP Main Project Pit Shell#25FY23 Results - financials WHITEHAVEN#26Financial history Record earnings and cash generation Revenue ($m) EBITDA ($m) NPAT (before significant items) ($m) FY23 6,064.7 FY23 3,985.6 FY23 FY22 4,920.1 FY22 3,060.1 FY22 2,668.1 1,952.0 FY21 1,557.0 FY21 204.5 FY21 (87.3) FY20 1,721.6 FY20 306.0 FY20 30.0 FY19 2,487.9 FY19 1,001.2 FY19 564.9 26 26 Cash generated from operations ($m) FY23 4,211.6 FY22 2,582.0 FY21 169.5 FY20 189.9 FY19 964.1 Net (debt) / cash ($m) FY23 2,652.2 FY22 1,037.8 (808.5) FY21 (787.5) FY20 (161.6) FY19#27EBITDA margin Record pricing and a quality focused strategy delivered exceptional results FY23 FY22 Coal sales (equity basis, excluding purchased coal Mt 12.7 14.2 and coal reservation sales) Average revenue (excluding purchased coal, A$/t 413 300 coal reservation sales & after applicable royalties) Average cost of sales A$/t 103 84 EBITDA margin on own coal sales EBITDA margin on own coal sales 27 A$/t 310 216 % 75 72#28FY23 EBITDA vs FY22 $m 28 431 (315) (238) 46 1,002 FX FY23 AUD:USD 0.67 FY22 0.73 Achieved Prices FY23 FY22 Thermal (US$/t) 305 239 Metallurgical (US$/t) 261 232 3,060 Overall (A$/t) 445 325 3,986 FY22 Price (net of royalty) FX Sales Volume Costs Other FY23#29Realised pricing at record levels in FY23 WHC's realised thermal coal price (US$/t) WHC's thermal coal price premium / discount to gC NEWC (%) WHC's overall realised coal price (A$/t) FY23 FY22 FY21 88 68 FY20 66 FY19 29 29 100 239 US$305 -14% FY20, FY21 and H1FY22 outcomes reflect: COVID impacts • Narrabri fault-affected quality issues FY23 1% FY23 -4% FY22 FY22 FY21 FY21 95 95 2% FY20 FY20 104 FY19 1% FY19 145 325 A$445#3030 30 FY23 Unit costs $A/t vs FY22 $/t 84 7 5 4 3 103 FY22 Impact of flooding NCIG accelerated debt amortisation Maules Creek operational constraints Other (incl. diesel & labour) FY23 Cyclical/seasonal Inflationary cost pressures#31$241m of capital expenditure in FY23 FY23 Capital Expenditure ($m) 31 Includes Open cuts - fleet overhauls, sustaining capex ($58m) Narrabri sustaining capex ($37m) • Operations 154 • Narrabri 200 Series mains development ($39m) • Narrabri 200 Series precinct / CHPP upgrade ($20m) • Full scale Vickery Extension project ($34m) • Development / Growth 60 60 Other Total capex (excluding acquisitions) 27 . Winchester South ($21m) Narrabri Stage 3 – 300 series precinct ($5m) - Capex for early mining of Vickery and Narrabri Stage 3 expected in FY24 Land / employee housing initiative ($10m) Environmental & regulatory ($17m) 241 Acquisitions Total investing capital • • 66 307 Deferred payments for acquisition of EDF's interest in Narrabri Narrabri private royalty Gunnedah Basin Haulage business • Other investing activities#32Healthy cash generation with $2.65b net cash at year end $m (307) 1,038 3,584 (1,586) • Includes: Buy-back $948.9m1 (incl completion of initial 10% buy-back) • $366.5m for FY22 final dividend and $272.3m for FY23 interim dividend (77) 2,652 30-Jun-22 Net cash from operating activities Investing Returns to shareholders' Repayments & Other 30-Jun-23 1. Includes a share trade entered into on 30 June 2022 for $3,588,000 that was settled and paid on 4 July 2022. Excludes share trade entered into on 30 June 2023 for $5,663,000 that was settled and paid on 32 4 July 2023, bringing total share buy-backs for the year to $948.9 million.#33Utilisation of $2.65 billion net cash Net cash retained for income tax, dividends, buy-backs and growth $m 2,652 (889) (337) 1,426 Net cash at 30 June 2023 FY23 income tax payable in FY24 FY23 final dividend Net cash after income tax and capital returns 33#34Net cash and liquidity $m 30 Jun 2023 30 Jun 2022 Cash on hand 2,775.5 1,215.5 ECA1 (38.7) (48.2) Finance leases (87.3) (135.5) Capitalised upfront borrowing fees 2.7 6.0 Net cash 2,652.2 1,037.8 excluding IFRS 16 lease liabilities Equity Liquidity² 5,260.5 4,211.6 2,775.5 2,215.5 1. ECA facility - Export Credit Agency finance for equipment at Narrabri and Tarrawonga. 34 2. Liquidity represents cash on hand only at 30 June 2023. $1 billion undrawn syndicated facility was closed 30 June 2023. Disciplined capital allocation framework in place Continued strong cash generation expected, underpinned by demand for high quality coal and tight supply Contingent credit support facilities in place for environmental bonding, rehabilitation and financial guarantees Will retain cash on balance sheet for working capital, liquidity and optionality#35Capital allocation framework Capital used to build balance sheet strength and provide returns to shareholders Operating cash flows 1 • 2 Maintain & optimise operations Sustaining capex Lease repayments Extend existing operations Investments in HSE, innovation and new technologies Retain cash / maintain balance sheet strength Retain cash on balance sheet for flexibility and optionality, and adequate liquidity through cycle Maintain funding diversity Target BB+ grade credit rating 4 Use surplus capital for best use 3 Return to shareholders Dividends Buy-backs Ordinary dividends - maximise franking • On-market and off-market share buy-backs, if value creating Currently targeting ~20%-50% NPAT payout ratio for distributions dividends and buy-backs combined 35 35 Growth investments - M&A Consider increasing equity positions or other M&A opportunities eg. grow met coal, if compelling opportunities arise Growth investments - Development projects Progress development projects to 'shovel ready' and invest if returns are compelling Additional returns to shareholders Use surplus capital to buy back additional shares if returns are more attractive than growth investments NPAT payout ratio for distributions may exceed 50% if additional distributions are best use of surplus#36We aim to return 20% to 50% of NPAT to share- holders through dividends and buy-backs Capital returned to shareholders ($m) Capital allocated to shareholders ($m) Payout ratio (% of NPAT 1) 2 FY23 FY22 442.4 FY21 0.0 FY20 312.2 1,587.7 FY233 609.4 723.6 1,333.0 50% FY22 446.3 587.9 1,034.2 FY21 0.0 FY20 14.9 FY19 464.9 FY19 277.0 217.7 494.7 ■Dividend ■Buy-back ■Special dividend 53% 49% . The share buy-back has reduced issued share capital entitled to a dividend from 998.62m to 802.58m shares Thus, $337m paid out as a final dividend (23% payout of FY23 NPAT) means dps has increased from 94% 34c to 42c per share 1. NPAT after significant items. 2. 36 36 3. Consists of 119.7 million shares bought back for an investment of $948.9 million (including completion of the initial 10% buy-back and continuation of the share buy-back) together with $366.5 million for the FY22 final dividend and $272.3 million for the FY23 interim dividend. Includes $723.6 million in relation to the share buy-back (92.8 million shares), $272.3 million in relation to the FY23 interim dividend and $337.1m in relation to the FY23 final dividend. The initial 10% buy-back was attributed to the FY22 payout ratio.#37FY24 market outlook and guidance WHITEHAVEN#3838 FY24 market outlook The outlook is positive with strong market dynamics Customers' focus on energy security and longer supply contract terms expected to continue Forward price curves for gC NEWC and PLV HCC US$/t¹ $400 Resilience of gC NEWC through $350 seasonally lower demand period is $300 positive; upward pressure expected as restocking needs grow ahead of the Northern Hemisphere winter $250 $200 Current metallurgical coal prices are strong & longer term drivers from India, emerging Asia and China are positive Underlying demand for thermal and met coal remains strong as supply gaps materialise $150 $100 $50 $0 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 1. Average monthly price. Forecast prices based on globalCOAL forward curve 18 August and Platts Prem. LV HCC forward curve 18 August. gC NEWC Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 PLV HCC#39FY24 guidance Key elements FY23 actual FY24 Guidance Comments Managed ROM Coal Production Mt 18.2 18.7 - 20.7 Maules Creek Mt 9.6 10.1-11.2 AHS development to continue in FY24 Narrabri Mt 5.3 6.0-6.7 Gunnedah Open Cuts Mt 3.4 2.6-2.8 Managed Coal Sales Mt 16.0 16.0-17.5 Werris Creek reaches end of mine life during H2 Excl. purchased coal & incl. coal reservation sales Equity Coal Sales Mt 13.0 12.7 - 13.9 Cost of Coal A$/t 103 103-113 Excl. purchased coal & incl. coal reservation sales Before applicable royalties Total Capex (excluding deferred settlements) $m 241 460 - 570 Refer to slide 40 for details 39#40FY24 capital expenditure guidance Capex uplift reflects investments in Narrabri 200 Series and early mining of Vickery FY24 Expected Capital Expenditure ($m) Includes 40 Operations • 185-250 • ● • Development / Growth 220-255 Other Total capex (excluding deferred settlements) 1. Refer to next slide for more information. Open cuts fleet overhauls, sustaining capex (~$70m - $85m) Narrabri sustaining capex (~$45m - $65m) Narrabri 200 Series mains development (~$45m - $50m)1 Narrabri 200 Series precinct (~$25m - $50m)1 Early mining of Vickery (~$150m) Full scale Vickery Extension project (~$30m - $50m) Winchester South (~$15m - $30m) Narrabri Stage 3 – 300 Series precinct (~$25m)1 • Employee housing initiative (~$15m $20m) - 55-65 • Emissions abatement (~$10m) • Biodiversity offsets (~$30m- $35m) 460 - 570#41Narrabri - investment in 200 & 300 series panels Developing the 200 series and Stage 3 requires a multi-year capex spend 200 series panels • . 200 series expected to provide improved geological stability Annual production of ~7-8Mt expected for 5 year period ramping up in FY24 Capex spend $250-300 million¹, including ~$145m for mains - $34m spent in FY22 and $77m spent in FY23 (including $51m on mains) ~$110m in FY24 (including ~$60m on mains) majority expected FY24-26 More methane intensive geology • Quality slightly lower in LW203-LW204 relative to 100 series associated with geological conditions Stage 3 Extension Project – 300 series panels . · Extends approved LOM from 2031 to 2044 Approvals progressing - IPC approval received; EPBC approval and secondary approvals being finalised; Fed Court hearing in Sep-23 re ECCQ action against Fed Env Minister Project spend $800-850 million, including second longwall (LW) for ~$300-350m, and -$230m for 300 mains: = $6m spent in FY23 -$75m in FY24 (including ~$45m on biodiversity offsets) majority expected FY25-29, decision to procure LW required end of FY24 Narrabri LOM average sustaining capex ~$7-$8 per tonne in addition to investment in 200 & 300 series Note that current capital estimates relative to past estimates reflect increases in input costs (steel, copper, labour), progression of detailed design works and costs associated with biodiversity offsets. 41 Note that all above capital expenditure numbers are on a managed basis (i.e. not Whitehaven's equity share) and capital estimates presented in real 2023 dollars. 1. Excludes other sustaining capex, environmental, regulatory and safety capex including biodiversity offsets.#42- Narrabri – it is sensible to bring forward the longwall replacement to deliver early benefits Two longwalls operating sequentially maintains production during longwall moves 42 301 MAINS LW307 LW306 LW305 LW304 201 MAINS LW209 LW208 LW207 LW206 LW303 LW205 LW302 LW204 LW301 LW203 300 MAINS 200 MAINS LW308 Longwall (LW) FY23 100 MAINS North LW111 LW110B LW110A -350m depth of cover LW109 LW108 LW107 LW106 LW105 LW104 LW103 LW102 LW101 -170m Cut & Flit (CF) FY24 FY23 FY24 depth of cover#43Whitehaven's FY24 focus areas Operational reliability and cost management are key priority areas • Safety and environmental management • Deliver FY24 guidance • Operational reliability and consistency • • . Cost management while optimising quality Responding and adapting to government policy changes including Safeguard Mechanism Progress development projects including early mining of Vickery Prudent and responsible capital allocation including returning capital to shareholders and assessing strategic growth opportunities Share buy-back temporarily paused while considering application of capital allocation framework in light of growth opportunities 43#44Thank you WHITEHAVEN#45Appendices WHITEHAVEN#46Gunnedah Basin and expanding to Bowen Basin Whitehaven is the largest independent producer of high-CV coal in Australia Port of Abbot Point Bowen QUEENSLAND Moranbah Mackay. Port of Hay Point. Winchester South Project QLD • Moranbah Rockhampton Blackwater AUSTRALIA Port of Gladstone Gladstone NSW Gunnedah • Sydney Indicative product quality, kcal/kg¹ Ash range, % Strip ratio Early Vickery >6400 6-10% ~9:1 Maules Creek Mine Maules Creek ~6300-6400 6-10% ~6:1 Narrabri Mine Narrabri Gunnedah CHPP Boggabri Gunnedah Tarrawonga Mine Vickery Mine N 50 100 Tarrawonga ~6300-6400 6-11% ~11:1 • Tamworth Werris Creek Mine Gunnedah Narrabri ~5800-5900 12-16% Underground Coal Basin ⚫ Gloucester Key: Muswellbrook NEW SOUTH WALES Singleton Whitehaven Coal shipped to premium Asian markets Projects Werris Creek -5600 15% Closing FY24 Current operations Sydney. Newcastle (PWCS and NCIG Coal Terminals) +++ Railway 1. Other than Vickery, data is based on past 12 months of production 46#47Thermal 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 $400 Indonesian export ban $300 China officially bans Australian $200 $100 coal imports Russia invades Ukraine Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Stock building, Russian sanctions, restructuring of trade flows China reverses ban on Australian coal Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 • • Prices have retreated from record high levels in mid-2022 Resilience of gC NEWC in seasonal lower demand period is positive Previous correlation of gC NEWC and API5 less relevant as API5 tied more to China A focus on energy security and changes in procurement are resulting in a greater proportion of HCV coal being contracted under term contracts 47 gC NEWC (US$/t) gC NEWC (Forecast) (US$/t) API-5 (US$/t) API-5 (Forecast) (US$/t) 1. Average monthly gC NEWC index. Forecast prices based on global COAL forward curve 18 August and weekly Argus/McCloskey Coal Price Index Report 18 August.#4848 $600 $500 $400 $300 $200 $100 $0 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 PLV HCC (US$/t) PLV HCC Forecast (US$/t) 1. Average monthly price. Forecast prices based on Platts Prem. LV HCC forward curve 18 August. May-22 Jul-22 Sep-22 Nov-22 Jan-23 $700 Mar-23 May-23 Metallurgical coal prices (US$/t)1 China's reopening to Australian coal continues to support prices Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 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#4949 Asia demand for met coal forecast to grow by 33% over the next 3 decades due to Indian industrialisation Asia seaborne demand for metallurgical coal Asia seaborne demand by metallurgical coal type Million Tonnes 350 300 250 200 150 100 50 50 ■ Pakistan Malaysia ■ Taiwan Million Tonnes 240 200 160 158 ■ Vietnam ■Indonesia 120 ■South Korea ■Japan ■China ■India 40 40 80 47 HCC ⚫PCI SSCC 191 60 44 32 0 0 2023 2024 2025 2030 2035 2040 2045 2050 2023 2024 2025 2030 2035 2040 2045 2050 Source: Wood Mackenzie August 2023 seaborne metallurgical coal. Source: Wood Mackenzie August 2023 seaborne imports.#5050 50 FY23 ROM coal production and sales Whitehaven managed ROM coal production (Mt) Whitehaven managed sales of coal produced (Mt) 23.2 20.7 20.6 20.0 18.2 20.0 17.8 17.8 17.6 16.0 11.7 10.7 12.7 11.2 9.6 9.3 7.9 9.6 9.6 7.3 5.7 6.4 6.2 6.1 4.8 4.5 5.3 4.1 5.3 4.6 5.0 5.1 3.9 3.8 4.0 3.7 3.6 3.4 3.3 3.4 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Open Cuts ■Narrabri ■Maules Creek ■Open Cuts ■Narrabri Maules Creek#51Our portfolio of assets provides growth options Long-life existing assets coupled with growth projects of highly sought after products Production1 & LOM 2023 2024 2025 2026 2027 2028 2029 2030 2040 Werris Creek Current production Werris Creek mining ~1.5 Mtpa to conclude in H2 FY24 51 Tarrawonga Maules Creek Narrabri Vickery Winchester South Current production ~2.5 Mtpa Approved production 13 Mtpa >30 years Approved production 11 Mtpa Stage 3 extends from 2031 to 2044 Primarily thermal coal - 20 years Primarily met coal > 20 years Tarrawonga mining to complete in 2032 SSD application (incl. EIS Assessment) to extend mining from 2034 to 2043, includes expansion to 14 Mtpa for more flexibility SSD approval 2026-27 Stage 3 extension works 2024-27 First coal from early mining from mid- CY24 | Board FID for full scale mining -Dec-23 to allow full tender / costings Finalise state approvals and federal approvals FY23 and FY24 Construction periods of ~2 years expected for full scale Vickery and Winchester South developments. Only one development project at a time would be undertaken. 1 Approved ROM production for operating mines is fully underpinned by the JORC Reserves for those mines. Current production data is broadly aligned with Managed ROM production. Whitehaven's JORC information is available at: https://whitehavencoal.com.au/investors/jorc/#52Profit and Loss $m Revenue Other income Operating expenses Coal purchases FY23 FY22 6,064.7 4,920.1 7.6 7.1 (911.1) (764.3) (317.9) (308.0) Rail, port, marketing and royalties (807.2) (746.2) Admin and other expenses (including net FX gain) (50.5) (48.6) EBITDA 3,985.6 3,060.1 Depreciation & amortisation (226.0) (238.9) Net finance income/(expense) 41.9 (55.3) Income tax expense (1,133.4) (813.9) Net profit after tax 2,668.1 1,952.0 EBITDA margin on sales of own coal (A$ per tonne) Earnings per share1 (cents per share - basic) 310 216 307.7 197.6 52 1. EPS is calculated using the weighted average ordinary shares for the year. Not included in the EPS calculation are 34,020,000 shares subject to a restriction deed including having no entitlement to dividends.#53Costs 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, 27% FY23 Costs Labour, 26% FY23 FY22 FY21 $'000 $/t Operating expenses¹ 910,581 $70 $'000 764,331 $/t $'000 $/t $54 700,433 $49 Selling & distribution 369,753 $29 377,395 $27 330,924 $23 expenses Other Operating, 12% Administrative expenses (net of sundry revenues) 2 55,155 $4 44,772 $3 32,134 $2 Share-based payment 10,897 9,234 6,995 Equipment Hire, 5% Diesel, 10% expenses Drill & Blast, 5% Total cost of coal 1,346,385 $103 Sales of own coal kt 13,005 1,195,732 14,166 $84 1,070,486 $74 14,425 Repairs & Maintenance, 15% 1. Included within operating expenses are sundry coal trading expenses excluded from the unit cost calculation. 53 2. Administrative expenses are presented net of sundry revenues of $2,306k (FY22: $2,114k, FY21: $2,094k) which appear in the 'Other income' line of the P&L, and excluding costs in relation to non-recurring transaction activities of $4,397k that are excluded from the unit cost calculation.#54D&A and net finance income/(expense) Depreciation & amortisation FY23 $226.0m FY22 Drivers $238.9m Reflects decrease in ROM production at open cuts vs pcp D&A per tonne (sales of own coal) Net finance income/(expense) $17/t $17/t $41.9m ($55.3m) Interest earned on cash balance partly offset by commitment fees for undrawn facility Average balance of drawn senior secured bank debt facility during the period $nil $290m 54#55Focused on Scope 1 and 2 emissions, TCFD reporting and ISSB Standards Greenhouse gas emissions¹ k tonnes CO₂e Use of NGER default: Use of site-specific fugitive emissions factor I I 1,621 106 1,593 I 106 emissions for Maules Creek 1,266 93 921 1,012 102 105 1,515 1,487 1,172 910 816 FY19 FY20 FY21 FY22 FY23 ■Scope 1 ■Scope 2 (location-based) FY23 Scope 1 emissions increased 29% due to increased fugitive emissions at Narrabri 1. FY23 data is subject to external assurance review. Final FY23 greenhouse gas emission data will be available in Whitehaven's 55 2023 Sustainability Report to be published in 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#5656 99 k tonnes CO₂e Scope 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 520 787 266 258 ■FY22 ■FY23 67 73 47 43 10 11 Narrabri Maules Creek Tarrawonga Werris Creek Other 0.4% Other 33% 67% Diesel consumption Fugitive emissions 1. FY23 data is subject to external assurance review. Final FY23 greenhouse gas emission data will be available in Whitehaven's 2023 Sustainability Report to be published in September 2023.#57• Safeguard Mechanism Reform commenced 1 July-23 • • Scope 1 emissions from Whitehaven's Narrabri underground mine and Maules Creek open cut mine are covered by the Safeguard Mechanism Production variables for the coal sector based on a single production variable of ROM coal and industry average emissions intensity - it does not acknowledge distinct differences between open cut and underground coal mine emissions profiles Existing facilities baselines calculated based on hybrid model, with emissions intensities initially weighted toward site-specific emissions intensity (El) and transitioning to industry average El Coal sector: 。 will transition to 50% industry average El by FY30 rather than 100% as required for other industries o industry average El will be based on a single production variable of 0.0653 CO2-e tonne / ROM coal tonne 。 proportion of industry average to site specific El post FY30 will be determined as part of Government's scheduled 2026-27 review of the reformed scheme design Annual decline rate of 4.9% pa on El in FY24-FY30, subject to concessional decline rate where cost impact of scheme > 3% revenue for EITE facilities • • Financial impact of scheme on Whitehaven will be a function of: - - - Existence and adoption of available abatement technologies Cost of carbon offsets Any scheme design changes arising from Government's scheduled 2026/27 review Emissions intensity profiles of Maules Creek and Narrabri (ie. Geology) Where viable technologies are not able to achieve our carbon reduction obligations, carbon offsets will be required Early modelling of potential FY24 costs indicate an impact in the order of $1/tonne of coal 57#58Local community sentiment towards Whitehaven has improved to its highest level yet Overall positivity has increased significantly. Among those aware of Whitehaven, slightly over half are positive (51%), up from 44% in 2022. Only 18% have a negative opinion, compared to 21% last year. 60 NET % 50 40 40 58 30 20 20 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).#59WHITEHAVEN