18 July 2022

June 2022 Quarter Production Report – record coal prices and solid production results underpin a strong quarter and FY22

Highlights

Whitehaven achieved a record average coal price of A$514/t for the quarter and A$325/t for FY22¹
Subject to final audit, Whitehaven expects to report a FY22 EBITDA on 25 August of approximately $3.0 billion (compared with $0.2 billion in FY21)
June quarter managed run-of-mine (ROM) production of 6.4Mt was up 21% on the March quarter and FY22 managed ROM coal production of 20.0Mt was within guidance of 19.0-20.5Mt
June quarter total equity sales of produced coal of 4.4Mt was up 23% on the March quarter and FY22 total equity sales of produced coal of 14.2Mt was down 2% on FY21
FY22 managed sales of produced coal of 17.6Mt was within guidance of 17.2-17.8Mt
WHC holds a net cash position of $1.0 billion as at 30 June 2022, with $1.4 billion of cash generated in the June quarter
After buying back 76.37 million shares (approximately 7% of issued shared capital) for $362.6 million, Whitehaven aims to complete its 10% share buy-back within a revised total cost of $550 million.

Comments from Whitehaven Coal Managing Director and CEO Paul Flynn:

“With demand for high quality coal outstripping global supply, Whitehaven remains well placed to support energy security through transition and to deliver strong returns for shareholders.

“Coal prices set a new record during the June quarter and continue to be well supported.

“Stronger operational performance has enabled us to deliver our FY22 production and sales guidance in spite of a tight labour market and COVID-related absenteeism.

“Improved operational performance combined with record high coal price will underpin our strongest ever full year result. We expect to report a full year EBITDA of approximately $3.0 billion, subject to final audit.

“A net cash position of $1.0 billion at 30 June, with ongoing strong cashflows, gives Whitehaven a continuing strong balance sheet with cash reserves to fund future growth and also return capital to shareholders through franked dividends and share buy-backs.

“We look forward to providing further details on our financial results and capital management plans at our full year results announcement on 25 August.”