Whitehaven Metallurgical Coal Acquisition Presentation

A Daunia - operational & financial overview (cont.) Unit costs forecast to return to historical levels as strip ratio reduces and production returns to historical levels Product mix and price vs benchmark (%) FOB cash costs (A$/t) 1,2 Product Product mix¹ Benchmark Realisation vs Index3 FY24F - FY28F Average FY23A HCC -65-70% PLV HCC Index -90% FY22A PCI -30-35% LV PCI Index -97% FY21A 5-Year Historical Average 98 122 122 155 163 Capex (A$m) 1,2 FY24F - FY28F Average FY23A FY22A 68 FY21A 5-Year Historical Average 54 54 82 88 110 110 ◉ Daunia offers two core products - a low vol, low ash hard coking coal (HCC) and a mid vol PCI coal for export into seaborne met coal markets Historically, hard coking coal has priced at around 90% of Platts PLV HCC Index with PCI coal pricing at around 97% of Platts LV PCI Index Up to 80% of sales have been made under term contracts during the last 5 years, typically with terms of 12 months, involving index-linked pricing mechanisms Expected to decrease to ~A$105-115/t over the next 5 years as strip ratio decreases, and ROM production increases as AH steps up to 6,600 hrs pa/truck Productivity gains due to AH roll out and challenges were overcome FOB cash costs increased between FY20 and FY23 as a result of increasing strip ratio, lower ROM production levels as AH was introduced and developed Source: Company filings, BMA management information and Whitehaven estimates 25 1. 2. 3. Assuming FY24 life of mine plan for forecast period; forecast cash costs and capex in real terms (indexed to Jun-23) 5 year historical average over period from FY16 - FY20; sourced from BMA management information Based on historical weighted average realisation over the period 2019 to 2023 Low levels of sustaining capex requirements over the LOM averaging A$38m p.a. ☐ Pandora Pit growth capex at Daunia is expected to cost ~A$90m largely in FY26 and FY27 WHITEHAVEN

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