19 October 2022

Sept 2022 Quarter Production Report – record coal prices, strong production from Narrabri but weather affected open cut operations and volumes

Highlights

Whitehaven achieved a record average coal price of A$581/t for the quarter,¹ compared with A$514/t in the June quarter (A$189/t in prior corresponding period).
September quarter managed run-of-mine (ROM) production of 4.0Mt, down 37% on the June quarter (down 22% on pcp).
September quarter total equity sales of produced coal of 2.9Mt, down 32% on the June quarter (down 14% on pcp); managed sales of produced coal of 3.7Mt, down 31% on the June quarter (down 12% on pcp).
Whitehaven holds a net cash position of $1.93 billion as at 30 September 2022, with $1.55 billion of cash generated in the September quarter.
As at 30 September, 102.9 million shares bought back for $584.5 million; 318k shares remaining to be purchased in order to complete the initial 10% buy-back of issued share capital.

Comments from Whitehaven Coal Managing Director and CEO Paul Flynn:

“With demand for high quality coal continuing to outstrip global supply, coal prices set another record in the September quarter and continue to be well supported.

“We delivered strong operational performance in the September quarter at our Narrabri underground mine but our open cut operations were impacted by wet weather and flood related road closures in September.

“With La Niña forecast to be a feature through the Spring season, we have been working constructively with councils and developing measures to minimise the impacts of weather delays and flood related road closures as much as possible.

“Whitehaven generated $1.55 billion of cash in the September quarter and we have a net cash position of $1.93 billion at 30 September.

“The Company is performing well for the benefit of all of our stakeholders, and Whitehaven is extremely well placed to continue to support energy security for our customers and to deliver strong returns for our shareholders.”