Whitehaven Metallurgical Coal Acquisition Presentation

36 2. ◉ The acquisition has been made using conservative price assumptions Whitehaven adopted conservative long-term coal price forecasts in its bid valuation The acquisition is attractive at broker consensus prices, which are materially below current spot prices There are a number of independent published long term coal price forecasts that are materially higher than broker consensus (e.g. Commodity Insights) Metallurgical coal prices (US$/t)² $700 $600 $500 $400 $300 $200 $100 9 $0 PHCC whi SSCC US$167.81 US$115.41 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 1. Broker consensus LT price data is based on global bulge bracket investment bank estimates that publish estimates across each of the coal grades Average monthly price. Forecast prices based on TSI Premium Low Vol (PLV) Hard Coking Coal (HCC) forward curve as at 17 October 2023 Platts PLV HCC Forecast (US$/t) May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 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 Platts SSCC (US$/t) Consensus long term price forecasts WHITEHAVEN

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