Investor Presentaiton

48 $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

View entire presentation