29 April 2025

March 2025 Quarter Production Report

Group highlights – A solid quarter of production and sales with expected seasonality

Q3 FY25 total recordable injury frequency rate (TRIFR) of 4.9 for employees & contractors
Managed ROM production of 9.2Mt for the March quarter, down 5% on the December quarter
Total equity sales of produced coal of 6.3Mt for the quarter, down 20% on the December quarter
Revenue mix for the quarter reflected ~61% metallurgical and ~39% thermal coal sales
31 March net cash of A$0.3 billion (versus A$1.0 billion net debt at 31 December) following receipt of proceeds from Blackwater JV formation
First deferred payment to BMA of US$500 million made on 2 April 2025.

QLD – strong production volumes with weather-affected shipments

Managed ROM production of 4.5Mt from QLD operations, down 3% on December quarter
QLD sales of produced coal of 3.4Mt, down 26% on December quarter
Average coal price of A$221/t achieved, with a FY25 YTD realisation for metallurgical coal at 79% of the PLV HCC Index
On track to deliver an annualised run rate of $100 million of cost savings by end of FY25.

NSW – improved volumes from open cuts, while Narrabri volumes were lower

Managed ROM production of 4.7Mt from NSW operations, down 7% on December quarter
NSW equity sales of produced coal of 2.9Mt, down 10% on December quarter
Average coal price of A$182/t achieved from NSW operations, with a March quarter realisation for thermal coal at 108% of gC NEWC
Solid ROM production from open cuts with slow progress in Narrabri’s panel 203.

Comments from MD and CEO Paul Flynn

“Whitehaven reported continued solid production and sales in the March quarter, including 4.5Mt of ROM production from our Queensland mines and 4.7Mt from our New South Wales mines, despite seasonal weather impacts on Queensland sales and slower than planned progress at Narrabri.

“Both Queensland and New South Wales production and sales volumes continue to track well on a year-to-date basis. We remain on course to deliver in the upper half of FY25 production and sales guidance, and at the low end of full year cost guidance range.

“Whitehaven is well placed to manage through the current uncertain pricing environment. Our focus is on cost and margin management, and prudent allocation of capital to maintain Whitehaven’s strong balance sheet.

“At the end of the quarter we received the US$1.08 billion of proceeds from the 30% sell down of Blackwater, and on 2 April 2025 we paid the first deferred US$500 million payment to BMA.”

Read the full March 2025 Quarter Production Report here.

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