#1Transforming Whitehaven Coal A compelling, materially earnings accretive acquisition Investor Presentation 18 October 2023 Authorised for release by the Board of Whitehaven Coal Limited Investor contact Kylie FitzGerald +61 2 8222 1155, +61 401 895 894 [email protected] Whitehaven Coal Limited ABN 68 124 425 396 Level 28, 259 George Street, Sydney NSW 2000 P +61 2 8222 1100 | F +61 2 8222 1101 PO Box R1113, Royal Exchange NSW 1225 whitehavencoal.com.au Media contact Michael van Maanen +61 2 8222 1171, +61 412 500 351 [email protected] WHITEHAVEN#2Disclaimer This presentation contains information in a summary form and does not purport to be complete. It is qualified by any other information that Whitehaven discloses to the ASX. FORWARD LOOKING STATEMENTS Statements contained in this material, particularly those regarding the possible or assumed future performance, costs, dividends, returns, production levels or rates, prices, reserves, potential growth of Whitehaven Coal Limited, industry growth or other trend projects and any estimated company earnings are or may be forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. Actual results, actions and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. The presentation of certain financial information may not be compliant with financial captions in the primary financial statements prepared under IFRS. However, the company considers that the presentation of such information is appropriate to investors and not misleading as it is able to be reconciled to the financial accounts which are compliant with IFRS requirements. All dollars in the presentation are Australian dollars unless otherwise noted. Capitalised terms used but not defined in this presentation have the meaning given in Whitehaven's ASX Announcement dated 18 October 2023 in relation to the acquisition. COMPETENT PERSONS STATEMENT IN RELATION TO WHITEHAVEN COAL Information in this report that relates to Coal Resources and Coal Reserves is based on and accurately reflects reports prepared by the Competent Person named beside the respective information. Daryl Stevenson is a Geologist with Whitehaven Coal. Jorham Contreras is a Geologist with Whitehaven Coal. Benjamin Thompson is a Geologist with Whitehaven Coal. Troy Turner is a full time employee of Xenith Consulting Pty Ltd. Doug Sillar is a full time employee of RPM Advisory Services Pty Ltd. John Pala is a full time employee of Palaris Australia Pty Ltd. Named Competent Persons consent to the inclusion of material in the form and context in which it appears. All Competent Persons named are members of the Australian Institute of Mining and Metallurgy and/or The Australian Institute of Geoscientists and have the relevant experience in relation to the mineralisation being reported on by them to qualify as Competent Persons as defined in the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). RELIANCE ON THIRD PARTY INFORMATION This Investor Presentation references or uses as a basis, certain information made available to Whitehaven by third parties through a process as part of which Whitehaven was provided or given access to information about the assets. No representation or warranty is made as to the accuracy, completeness or reliability of the information. WHITEHAVEN#3Contents 1. Transaction overview 2. Strategic rationale 3. Asset overview 4. Capital allocation and strategy WHITEHAVEN#41. Transaction overview WHITEHAVEN#5Transaction summary A highly attractive acquisition that transforms Whitehaven into the leading ASX-listed metallurgical coal producer Overview Rationale ■ Whitehaven to acquire 100% of the Blackwater and Daunia metallurgical coal mines from BMA for an aggregate cash consideration of US$3.2 billion comprising: – US$2.1 billion upfront consideration payable on completion US$500 million, US$500 million and US$100 million in separate tranches of deferred consideration payable on the first, second and third anniversary of the completion date² ■ Additionally, contingent payments of up to US$900 million; comprised of three annual payments (payable on the date which is three months after the relevant anniversary of completion) dependent on realised pricing exceeding agreed thresholds³. Annual contingent payments are capped at US$350 million Highly attractive and earnings accretive acquisition Provides significant value upside including strategic growth options Transforms Whitehaven into a metallurgical coal producer, in line with strategy Delivers diversification and scale benefits Strengthens and expands Whitehaven's position in attractive growth segments of the market 5 123 1. 2. 3. Funding Timing Funded via a combination of available cash, a US$900 million bridge facility and cash flows of the enlarged business over FY25, FY26 and FY27. Opportunity being considered for a sell down to global steel producers as strategic joint venture partners Completion expected in June 2024 quarter Subject to customary completion adjustments The profile of deferred payments may change based on adjustments to be calculated at the time of completion Contingent payments paid from 35% revenue share, capped at a total of US$900m over three years post completion. Subject to average realised prices achieved by the Assets exceeding respective thresholds of US$159/t in the 12-month period 12 months post-completion, US$134/t in the 12-month period 24 months post-completion and US$134/t in the 12-month period 36 months post completion. Annual payments are capped at maximum of US$350m WHITEHAVEN#6Overview of acquired assets Established metallurgical coal mining operations with combined ROM production of ~20 Mtpa sold via export markets Abbot Point Bowen Collinsville Daunia Queensland, Australia Product type and mix¹ ~80% HCC / -20% PCI Open cut/truck & shovel ~6.0 Mt DBCT Mackay BMA Hay Point Goonyella Broadmeadow Riverside Moranbah Daunia Winchester South Peak Downs Coal Terminal Mine type and method ROM production² Saleable production² JORC Reserves³ JORC Resources³ Expected mine life First production Logistics path ~4.9 Mt 81 Mt 115 Mt ~17 years 2013 Rail to Dalrymple Bay Terminal Blackwater ~65-70% HCC/-25-30% SSCC Open cut/draglines x 7 and truck & shovel ~14.8 Mt ~12.4 Mt 212 Mt 1,837 Mt >50 years4 1967 Rail to RG Tanna Coal Terminal Saraji Dysart Rockhampton\ WICET Emerald Blackwater RG Tanna Blackwater Gladstone BMA Asset WHC Asset BMA Port Port - - Rail FY24F EBITDA contribution 5 66% Blackwater + Daunia Whitehaven Standalone 34% FY24F Revenue contribution by type 5 Pro-forma Reserves (Mt, % equity basis)6 ~70% Metallurgical Thermal -30% Bowen Basin 673 (Qld) Gunnedah Basin 631 (NSW) 1. 2. Based on FY22 - FY24F revenue by product; Blackwater HCC includes BWC and BWSHCC products Based on FY24-FY28 expected production averages. Refer to the ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines and dated 18 October 2023. Whitehaven confirms that the material assumptions underpinning the forecast production in the ASX Release continue to apply and have not materially changed. 3. Resources comprise Measured, Indicated and Inferred Resources and inclusive of Reserves; Reserves comprise Proven and Probable Recoverable Reserves (see JORC information in 18 October 2023 ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines) 456 Conceptual mine planning suggests Blackwater mine life could extend beyond 50 years with mine life dependent on prevailing local and macroeconomic conditions Based on management estimates and assuming current spot prices Includes Reserves for Maules Creek, Narrabri, Vickery, Tarrawonga, Werris Creek in Gunnedah Basin and Daunia, Blackwater and Winchester South in Bowen Basin CO 6 4. 5. 6.#7Another transformational acquisition Whitehaven has delivered exceptional growth organically and via M&A Managed ROM production (Mt) MAULES CREEK production commences ROCGLEN and SUNNYSIDE mine closures NARRABRI first coal from longwall MAULES CREEK ramp up Production impacted by a combination of COVID, labour supply, Narrabri mine conditions and weather disruptions NARRABRI ramp up 23.1 22.9 23.2 20.5 20.7 20.6 20.0 18.2 15.8 OPEN CUTS ramp up 11.5 9.1 3.5 4.2 5.2 5.3 1.7 2.3 -40 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Pro-forma1 WHC NARRABRI lists on approved & ASX JV formed VICKERY acquired from Rio Tinto Whitehaven Coal & Aston Resources merge WINCHESTER SOUTH acquired from Rio Tinto & Scentre VICKERY VICKERY approval EPBC NSW IPC approval Narrabri S3 approval NSW IPC DAUNIA & BLACKWATER acquired 7 VICKERY approvals & planning 1. Whitehaven pro-forma is based on the mid-point of Whitehaven's FY24 guidance and FY24 LOM plans for Daunia and Blackwater Early mining WINCHESTER SOUTH approvals & planning NARRABRI STAGE 3 approvals & planning#8Snapshot of expanded pro-forma portfolio Whitehaven will be the leading ASX-listed metallurgical coal producer¹ Port of Abbot Point Bowen Moranbah Daunia QUEENSLAND Mackay Port of Hay Point Dalrymple Bay Terminal Winchester South Project Whitehaven Coal shipped to premium Asian markets Rockhampton Port of Gladstone Gladstone Blackwater RG Tanna Coal Terminal Narrabri Mine Gunnedah CHPP Narrabri NEW SOUTH WALES 8 1. Maules Creek Mine Tarrawonga Mine Vickery Mine Boggabri Gunnedah • Tamworth Werris Creek Mine Gunnedah Coal Basin • Gloucester Muswellbrook Singleton Whitehaven Coal shipped to premium Asian markets Newcastle Sydney. (PWCS and NCIG Coal Terminals) On the basis of metallurgical coal production; excludes diversified mining peers QLD • Moranbah Blackwater AUSTRALIA 50 km 100 NSW Gunnedah • Sydney Key: Projects Current operations +++ Railway Pro-forma structure Development Projects Operating Assets NSW 100% WHITEHAVEN 100% Queensland Maules Creek (75%) Narrabri (77.5%) Tarrawonga (100%) Blackwater (100%) Daunia (100%) Vickery (100%) Winchester South (100%) WHITEHAVEN#9Transaction details Consideration and key conditions Consideration Key documents Transitional arrangements ■ Whitehaven to acquire 100% of the Blackwater and Daunia metallurgical coal mines from BMA for an aggregate cash consideration of US$3.2 billion 1 comprising: ◉ US$2.10 billion consideration payable on completion - US$500 million, US$500 million and US$100m in separate tranches of deferred payments payable on the first, second and third anniversary of the completion date² Additionally, contingent payments of up to US$900 million; comprised of three annual payments (payable on the date which is three months after the relevant anniversary of completion) dependent on realised pricing exceeding agreed thresholds³. Annual contingent payments are capped at US$350 million ■ Asset Sale Agreements for the Daunia and Blackwater mines ■ Share Sale Agreement for the acquisition of South Blackwater Coal Pty Limited ■ Full separation plan for both mines to be implemented between now and completion ☐ BMA will provide transitional services at Whitehaven's option for up to 6 months from completion, if required, to facilitate completion of a smooth integration of the Daunia and Blackwater mines Completion is expected in June 2024 quarter Timetable Key conditions precedent to completion Deposit & break fee 1. 2. 9 3. Subject to customary completion adjustments ◉ Regulatory and merger control approvals ☐ A deposit of US$100 million, rebateable against the upfront consideration, has been paid The profile of deferred payments may change based on adjustments to be calculated at the time of completion Contingent payments paid from 35% revenue share, capped at a total of US$900m over three years post completion. Subject to average realised prices achieved by the Assets exceeding respective thresholds of US$159/t in the 12-month period 12 months post-completion, US$134/t in the 12-month period 24 months post-completion and US$134/t in the 12-month period 36 months post completion. Annual payments are capped at maximum of US$350m WHITEHAVEN#10Sources and uses A prudent, low-risk funding structure that preserves Whitehaven's balance sheet strength and flexibility ― Initial acquisition funded via a combination of available cash and a bridge facility Bridge facility expected to be replaced expeditiously with longer term debt funding, with the intention of maintaining a strong balance sheet through the cycle Allows Whitehaven to optimise long term funding mix Range of debt funding sources being considered Opportunities are being considered for a sell down to global steel producers as strategic joint venture partners Focused on maintaining a strong balance sheet through the cycle, with conservative gearing¹ of ~20% expected following the acquisition; net debt/EBITDA expected to be at the lower end of our leverage target of 0.5x-1.5x including deferred payments Deferred and contingent commitments to be funded from the strong cash generating profile of Whitehaven's enlarged group over FY25, FY26 and FY27 Uses of funds US$m Upfront consideration 2,100 Stamp duty and transaction costs Total uses 276 2,376 Sources of funds US$m - Cash Internal Sources 1,476 Acquisition bridge 900 Total sources 2,376 10 1. Net debt/ (Net debt + Equity) with net debt including the US$900m bridge facility, on a pro-forma March FY24F basis WHITEHAVEN#112. Strategic rationale WHITEHAVEN#12Strategic rationale This is a compelling and transformational acquisition aligned to Whitehaven's strategy 12 1 Highly attractive and earnings accretive acquisition 2 Provides significant value upside including strategic growth options 3 4 5 Transforms Whitehaven into a metallurgical coal producer, in line with strategy Delivers diversification and scale benefits Strengthens and expands Whitehaven's position in attractive growth segments of the market WHITEHAVEN#131 Highly attractive and earnings accretive acquisition Highly attractive acquisition multiple 2.5x EV/EBITDA on a trailing basis 1.8x EV/EBITDA at spot pricing EV/EBITDA multiple of 2.9x on an FY24F basis Metallurgical coal peers trade at a premium Metallurgical coal peers trade at a premium to the implied transaction multiple on both a trailing basis and on an FY24F basis EV FY23 EBITDA 2.7x 2.5x Implied transaction multiple¹ Average peer multiple²,3 EV / FY24F EBITDA 3.6x Consideration implies 1.8x EBITDA multiple at current spot pricing 2.9x Implied transaction multiple1 Average peer multiple2,3 Source: Company filings and FactSet Note: 1. 13 2. Market data as at 17 October 2023 Implied transaction multiples based on upfront and deferred (undiscounted) consideration, converted to an AUD basis at spot pricing for the upfront component, and broker consensus FX for each respective deferred payment. FY23 EBITDA as per BMA management information, reported on an AUD basis. FY24F EBITDA as per Whitehaven estimates, incorporating broker consensus estimates for coal pricing and FX Comprises solely peers with sales >50% attributable to metallurgical coal, namely: Stanmore Resources, Coronado Global Resources, Arch Resources and Warrior Met Coal 3. Enterprise Value calculated as follows: Market Capitalisation + Net Debt (incl. lease liabilities) + Provisions (incl. AROS) + NCIS - JV Interests & Investments in Associates WHITEHAVEN#141 Highly attractive and earnings accretive acquisition (cont.) Materially earnings accretive Expected to be materially earnings accretive in the first year of acquisition¹ ~70% EPS accretive on broker consensus prices ~160% EPS accretive on spot prices Quality of pro-forma earnings enhanced by: Quality of assets acquired FY24F pro-forma EPS accretion¹ ■ Market diversification ■ Operational diversification EPS accretion supports higher, sustainable capital returns for shareholders over time -70% Accretion ~160% Accretion FY24F (Consensus pricing) FY24F (Spot pricing) 14 1. As per management estimates on pro-forma FY2024 earnings after certain acquisition accounting adjustments WHITEHAVEN#152 Provides significant value upside including strategic growth options Blackwater asset improvement Potential additional saleable production above expected average of 12-13Mtpa via: ■ Optimisation of existing dragline sequence and pre-strip to allow access to latent dragline capacity Increasing of dozer push volumes ■ Upgrading of the CHPP to 18Mtpa ROM feed to match mining capacity and facilitate production of 100% metallurgical coal ◉ Integration of Blackwater South into the sequence Daunia improvements and synergies with Winchester South Achieving targeted ~6,600 annualised production hours per truck by FY26 as automated haulage (AH) ramps up represents value upside Daunia is adjacent to Whitehaven's Winchester South development project ■ Unlocking synergies between Daunia and Winchester South in management, product blending, labour sharing, technical expertise in AH and infrastructure ■ Enhanced positioning for further opportunities around this core holding Clermont Winchester South Koumala Ilbibie West Hill Coppabella Carmila Daunia Mine Carmila Beach Flaggy Rock Dysart Capella Mount Stuart Legend 0 Populated Places Rail erald Mining Leases Yamala Blackwater BMA Assets Winchester South 0 10 20 30 40 50 Kilometers Blackwater Mine St Lawren Dingo Dead 15 WHITEHAVEN#163 Transforms Whitehaven into a metallurgical coal producer, in line with strategy TRANSFORMS PORTFOLIO 1 ■ ■ ☐ ☐ Revenue from metallurgical coal sales from <20% to 70% FY24F pro-forma¹ Repositions Whitehaven as Australia's leading ASX seaborne metallurgical coal company² Several portfolio initiatives expected to further re-weight balance towards metallurgical coal ROM production more than doubles³ " ☐ Equity ROM from ~15 Mtpa to ~35 Mtpa Managed ROM from ~20 Mtpa to ~40 Mtpa Saleable production more than doubles4 " Equity saleable production from ~13 Mtpa to >30 Mtpa Managed saleable production from ~17 Mtpa to >32 Revenue by coal type 1,3 ($m) FY24F pro-forma (consensus pricing) Whitehaven 10-year average -17% 63% -83% 37% Metallurgical Thermal FY24F pro-forma (spot pricing) -70% 1. Source: Whitehaven company filings, pro-forma data based as per Whitehaven estimates Shown on an equity % basis and assuming spot pricing 16 2. On the basis of metallurgical coal production; excludes diversified mining peers 3. 4. Excludes coal reservation volumes and purchased coal; 10-year average is FY13-FY23; FY24F pro-forma as per Whitehaven estimates and assuming consensus / spot pricing As per FY24 Whitehaven estimates -30% WHITEHAVEN#173 Transforms Whitehaven into a metallurgical coal producer, in line with strategy (cont.) Total Coal Resources³ (Mt, % equity basis) Recoverable Reserves³ (Mt, % equity basis) LONG-LIFE ASSETS1 +75% ■ Blackwater mine life could extend beyond 50 years 2 4,563 ■ Daunia production expected until FY40 ■ Winchester South scoped for >20 years ☐ Resources increase 75% from 2.6bn to 4.6bn tonnes of Total Coal Resources for operating and development mines 3,052 +29% 2,611 1,100 1,304 Reserves increase 29% from 1.0bn to 1.3bn tonnes 1,011 of Recoverable Reserves for operating and 673 development mines; Recoverable Reserves from 380 operating mines increases 46% to 924Mt 1,511 1,511 631 631 ☐ Exploration planning to focus on converting Standalone Pro-forma Resources to Reserves at Blackwater Standalone Pro-forma Extends and strengthens Whitehaven's future Bowen Basin Gunnedah Basin Source: Company filings and disclosures 1. Shown on an equity % basis 2. 17 Based on conceptual mine planning with mine life dependent on prevailing local and macro economic conditions 3. Total Resources includes Measured, Indicated and Inferred Resources. Reserves and Reserves include Maules Creek, Narrabri, Vickery, Tarrawonga, Werris Creek in Gunnedah Basin and Daunia, Blackwater and Winchester South in Bowen Basin WHITEHAVEN#184 Delivers scale and diversification benefits SCALE BENEFITS ROM production vs Australian metallurgical coal peers (Mt, 100% basis)3 FY24F pro-forma relative to FY23 actual production Doubling of managed ROM production to ~40Mtpa¹ ~40.0 ☐ Becomes Australia's leading ASX listed metallurgical coal producer Expands skill base with enlarged workforce ☐ from 2,750 to ~5,280 people² ☐ Enhances procurement scale / leverage Delivers leading coal mining autonomous (AH) haulage capabilities 1. 2. 18 3. >20 Mt 18.2 17.1 13.0 FY24F Whitehaven pro-forma Whitehaven standalone Coronado Stanmore As per mid-point of Whitehaven's FY24 guidance and FY24 LOM plans for Daunia and Blackwater Includes employees and embedded contractors Data shown on 100% basis for purpose of comparability across peers; data is for FY23 except for Whitehaven pro-forma which is based on the mid-point of Whitehaven's FY24 guidance and FY24 LOM plans for Daunia and Blackwater WHITEHAVEN#194 Delivers scale and diversification benefits (cont.) DIVERSIFICATION ENHANCES OPPORTUNITIES & DE-RISKS Product diversification - expanded product offering via addition of HCC and SHCC, and increased contribution from PCI and SSCC Market diversification - - by geography: increased exposure to growing India and Southeast Asia by end users: increased exposure to strong steel market demand including infrastructure growth in developing countries Diversification of revenue by product type FY24F Whitehaven pro-forma² FY24F Whitehaven standalone¹ 12% 28% 37% - by customer: customer concentration will reduce with addition of new long-term customers Operational diversification 88% From (NSW) Gunnedah Basin - Newcastle into (Qld) Bowen Basin - Gladstone & Mackay - Operating mines increases from four to six - Ports utilised increases from one to three 4% 31% ■Thermal ■ НСС SSCC PCI 1. 19 Whitehaven standalone based on FY24 equity sales guidance released in FY23 report assuming broker consensus pricing 2. Whitehaven pro-forma based on FY24 equity sales guidance released in FY23 report and management expectations for FY24 - FY28 average Blackwater and Daunia saleable production assuming broker consensus pricing WHITEHAVEN#204 Delivers scale and diversification benefits (cont.) DIVERSIFICATION DELIVERS FINANCIAL MARKET BENEFITS ☐ Metallurgical coal companies trade at a premium to thermal coal companies Improved investment proposition appealing to broader investor base - Greater weighting towards metallurgical coal is expected to: improve access to funding A balanced ESG approach through diversification Supporting economic development through metallurgical coal Providing energy security through the energy transition - lower WHC's cost of capital - improve access to insurance 20 20 Supporting customers' decarbonisation plans through high-CV thermal coal fueling USC plants WHITEHAVEN#215 Strengthens and expands Whitehaven's position in attractive growth segments of the market Steel is essential for economic development, and metallurgical coal is a critical component of blast furnace steelmaking Robust global demand growth for metallurgical coal to be driven by urbanisation and growth in developing economies - particularly India and Southeast Asia Structural shortfall in HCC production anticipated due to continued under- investment in metallurgical coal assets (consistent with HCV thermal market) Pro-forma sales volumes by geography Asia seaborne demand for metallurgical coal² (Mt) 300 250 14% 2% 3% 200 150 100 9% FY20-23A 47% 50 ■ Japan ■China ■Taiwan ■South Korea ■Pakistan ■Malaysia ■ Vietnam ■Indonesia India 9% 0 2023 2024 2025 2030 2035 2040 2045 2050 16% Global supply/demand for HCC³ (Mt) 300 250 ■ Japan ■ India 200 ■ Korea ■ Taiwan 150 Daunia and Blackwater expected to play ■ China ■ Malaysia 100 a critical role supplying global metallurgical coal demand ■ Other 50 0 1. 21 2. 3. On a managed basis, excluding coal reservation volumes for WHC, based on sales volumes for WHC, Daunia and Blackwater FY2020-2023. Other includes: Vietnam, Indonesia, New Caledonia, Chile, Thailand, Philippines, Pakistan, New Zealand, Europe, Australia Source: Wood Mackenzie August 2023 seaborne metallurgical coal. Source: Commodity Insights 2023 entire metallurgical coal complex including Hard, Semi Hard, SSCC & PCI global seaborne supply. 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 74Mt Shortfall Supply Demand WHITEHAVEN#223. Asset overview WHITEHAVEN#23A Daunia - at a glance Established mining operation expected to produce ~4.9Mtpa of saleable product for seaborne export Port of Abbot Point Titan North Titan Central Skoll Pit Dalrymple Bay Terminal Port of Hay Point Calypso North Titan West. Calypso Central QUEENSLAND Daunia Winchester South Bowen Basin RG Tanna Coal Terminal at Port of Gladstone Pandora Mined area Future potential mining Titan East Atlas Pit ☐ ☐ ☐ Produces high quality metallurgical coal for seaborne market Low vol hard coking coal (HCC) - - Low vol pulverised injection coal (PCI) Long-life operation - Expected production until FY40 Fully autonomous site with productivity / expansion upside Potential to replicate AH at other sites - Rail & Port Infrastructure contracted for 4.7Mtpa Coal stockpiled then transferred by conveyor to onsite rail loading facility and transported by train to the Dalrymple Bay Terminal Well capitalised operation with excellent infrastructure US$1.4bn of capital spent during construction with first coal produced and delivered in 2013 - Synergistic operations - Located in the Bowen Basin, adjacent to existing development project, Winchester South 23 23 123 2. 3. 4. JORC Resources includes Measured, Indicated and Inferred Resources 1,2 115Mt Avg. ROM production³ 6.0Mtpa Reserves (Recoverable)² 81Mt Avg. saleable production³ 4.9Mtpa N Avg. ROM strip ratio4 7.4x Avg. CHPP yield 80% 0 1 km As reported in BHP 2023 JORC Statement, https://www.bhp.com/investors/annual-reporting/annual-report-2023 pg 232 Based on expected FY24 - FY28 average production. Refer to the ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines and dated 18 October 2023. Whitehaven confirms that the material assumptions underpinning the forecast production in the ASX Release continue to apply and have not materially changed. Prime stripping / ROM product WHITEHAVEN#24A Daunia - operational & financial overview Average ROM production of 6.0Mtpa and saleable production of 4.9Mtpa anticipated over the next 5 years1 ROM production (Mt)1,2,3 ◉ ◉ FY24F - FY28F Average FY23A FY22A 3.7 FY21A 5-Year Historical Average 5.1 4.8 Historical average realised price (A$/t) Saleable production (Mt) 1.2, 3. FY24F - FY28F Average 6.0 4.9 FY23A FY23A FY22A 3.0 FY21A 5.8 5-Year Historical Average 4.0 3.9 FY22A FY21A 147 4.8 374 500 ROM production expected to return to long-term averages supported by lower strip ratios and completion of AH ramp-up to 6,600 hrs pa/truck FY21-22 production impacted by significant wet weather, COVID related labour constraints, ramp up of AH and planned elevated strip ratios Saleable production forecasts remain steady over the next 5 years of the LOM plan at ~4.9Mtpa Total product yields are expected to remain in line with historicals over the medium-term Strong prices were realised in FY22 and FY23, and remain strong in FY24F Coal prices materially impacted in FY21 COVID year Source: Company filings, BMA management information and Whitehaven estimates Based on expected FY24 - FY28 average production. Refer to the ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines and dated 18 October 2023. Whitehaven confirms that the material assumptions underpinning the forecast production in the ASX Release continue to apply and have not materially changed. Assuming FY24 life of mine plan for forecast period 24 1. 2. 3. 5 year historical average over period from FY16 - FY20; sourced from BMA management information WHITEHAVEN#25A 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#26Empty#27A Daunia - rail and port overview Daunia comes with 4.7 Mtpa of contracted rail and port capacity for export via DBT Map of Daunia port and rail arrangements ■ Port capacity with DBT Export coal is loaded onto trains at the Red Mountain train loadout facility (shared with Stanmore) and dispatched from site by rail via the electrified Goonyella Rail System to Dalrymple Bay Terminal (DBT) approximately 160km away ■ Daunia comes with long-term logistics contracts including extension options ■ Daunia's 4.7 Mtpa of contracted capacity includes: - rail track capacity to DBT rail haulage service contract with Aurizon Operations 27 27 Daunia Port of Abbot Point Route to DBT Port of Hay Point Dalrymple Bay Terminal (DBT) Rockhampton Blackwater Legend ◊ Port Terminal Bowen Basin Queensland Rail networks Central Old Coal Network (CQCN) Goonyella rail system Blackwater rail system Port of Gladstone TRG Tanna Coal Terminal (RGTCT) WHITEHAVEN#28B Blackwater - at a glance The second largest open-cut metallurgical coal mine in the Bowen Basin QUEENSLAND Port of Abbot Point CAPRICORN HIGHWAY Sagittarius Pit Airstrip Pit CHPP Deep Creek Pit Stewarton Pit Wilpeena Pit Dalrymple Bay Terminal Port of Hay Point Mined area Future potential mining BLACKWATER Besgrove Pit Tannyfoil Pit Blackdown Pit Produces high quality metallurgical coal for the seaborne export market - - low-ash (8.5-9.5%), low-sulphur (0.40-0.42%), metallurgical coal (HCC, SSCC) export quality thermal coal 8 separate pits within Blackwater's current operation with the largest dragline fleet (7) in the southern hemisphere Long-life operation with surplus capacity - Significant Resource base¹ of 1,837Mt Exploration planning will focus on conversion of Resources to Resources within the current mine plan. 2 active TLO facilities with >16Mtpa capacity Rail and Port Infrastructure at RG Tanna Coal Terminal (RGTCT) Entitled to >1Mt of stockpile capacity at RGTCT 28 2. 12345 Bowen Basin Blackwater RG Tanna Coal Terminal at Port of Gladstone Resources 1,2 1,837Mt Reserves (Recoverable)² 212Mt Avg. ROM strip ratio ³, 4 12.0x Avg. ROM production 4 14.8Mtpa Avg. saleable production 4 12.4Mtpa Avg. CHPP yield 5 86% 0 5km JORC Resources includes Measured, Indicated and Inferred As reported in BHP 2023 JORC Statement, https://www.bhp.com/investors/annual-reporting/annual-report-2023 pg 232 Prime stripping / ROM product Based on FY24 LOM plan Includes bypass coal WHITEHAVEN#29B Blackwater - operational & financial overview ROM production of 14.8Mtpa and average salable production of 12.4Mtpa anticipated over the next 5 years¹ ROM production (Mt)1,2,3 " FY24F - FY28F Average FY23A 12.5 FY22A Saleable production (Mt) 1,2,3 14.8 FY24F FY28F Average 14.3 FY21A 15.2 5-Year Historical Average FY23A 10.1 FY22A Historical average realised price (A$/t) 12.4 FY23A 11.7 FY22A FY21A 12.4 15.2 5-Year Historical Average FY21A 122 13.5 379 423 FY21-22 production impacted by significant wet weather, COVID-19 related labour constraints including reduced stripping impacting FY23 ROM production expected to return to long-term averages I over the near term Planning to open up additional mining areas in the south to provide greater flexibility and improve dragline performance Recent lower yields are the result of increased dilution; yields are expected to return to historical averages through targeted mining practices Production to remain relatively steady over FY24F-FY28F Product splits based on current product specifications, with transition towards a SHCC product over the long-term ■ Coal prices materially impacted in FY21 as a result of supressed demand during pandemic-induced lockdowns Strong prices were realised in FY22 and FY23, and remain strong in FY24F Source: Company filings, BMA management information and Whitehaven estimates Based on expected FY24 - FY28 average production. Refer to the ASX Release titled Acquisition of BMA's Daunia and Blackwater Mines and dated 18 October 2023. Whitehaven confirms that the material assumptions underpinning the forecast production in the ASX Release continue to apply and have not materially changed. Assuming FY24 life of mine plan for forecast period 1. 29 2. 3. 5-year historical average over period from FY16 - FY20; sourced from BMA management information WHITEHAVEN#30B Blackwater - operational & financial overview (cont.) FOB unit costs forecast to return to historic levels, with cost savings opportunities to improve unit economics Product mix & price vs benchmark (%) FOB cash costs (A$/t) 1,2 FY24F - FY28F Average Product Product mix1 Benchmark Realisation vs Index³ FY23A SHCC -65-70% PLV HCC Index -85% SSCC ~25-30% PLV HCC Index -75% 119 FY22A 117 FY21A 110 150 ☐ Blackwater offers two core products, allowing for product mix optimisation to capture value with changing price spreads between products ■ Historically, hard coking coal has priced at around 85% of Platts PLV HCC Index with semi-soft coking coal pricing at around 75% of Platts PLV HCC Index Up to 95% of Blackwater products have been sold under term contracts over past 5 years, with tenures between 12-36 months, involving index linked pricing mechanisms Potential for lower ash HCC product from existing strike and/or SHCC from southern areas 5-Year Historical Average 99 Given the larger scale of Blackwater, costs have been historically stable with less volatility FY23 higher costs reflect lower production volumes Costs are expected to decrease after FY23 as pre- stripping returns to historical performance Source: Company filings, BMA management information and Whitehaven estimates Assuming FY24 life of mine plan for forecast period; forecast cash costs and capex in real terms (indexed to Jun-23) 5 year historical average over period from FY16 - FY20; sourced from BMA management information Based on historical weighted average realisation over the period 2019 to 2023 30 30 1. 2. 3. Capex (A$m) 1,2 " FY24F - FY28F Average 168 FY23A FY22A 133 FY21A 135 5-Year Historical Average 120 199 Spike in FY23 attributable capex spend related to Kress fleet replacement and interim tailing solutions ☐ LT Sustaining capex of ~A$100m - $130m p.a. ■ Development capex total of A$100m - A$150m anticipated in FY28 and FY29 (included in above average) Major component of total capex relates to mining equipment overhauls and replacement incl. dragline shutdowns WHITEHAVEN#31B Blackwater - rail and port overview Blackwater has extensive, well capitalised rail and port infrastructure Blackwater uses the Blackwater Rail System to transport to RG Tanna Coal Terminal (RGTCT) for all exports Export coal loaded onto trains at the onsite train loadout facility and dispatched from site by rail via the electrified Blackwater Rail System to stockpiles at RGTCT within the Port of Gladstone, located ~315km away Blackwater has capacity to pursue expansion options considered in LOM plan ■ All port, above rail and below rail contracted capacity to be transferred to Whitehaven Above rail capacity is currently secured via a contract with Aurizon Operations 31 Blackwater port and rail arrangements Daunia Port of Hay Point Port of Hay Point in Dalrymple Bay Terminal (DBT) Route to RGTCT via the Blackwater Rail System Blackwater Legend ⚫ Port ---- Terminal Bowen Basin Queensland Rail networks Central Old Coal Network (CQCN) Goonyella rail system Blackwater rail system Rockhampton Port of Gladstone TRG Tanna Coal Terminal (RGTCT) WHITEHAVEN#32Blackwater and Daunia – rehabilitation - Whitehaven has a strong reputation of responsible and effective mine rehabilitation Daunia and Blackwater are long-life mines that are well-positioned to meet rehabilitation commitments Blackwater Daunia ■ Current Estimated Rehabilitation Cost (ERC) for Blackwater is A$642.7m ■ Current ERC for Daunia is A$92.5m ☐ Expected mine life ~17 years Expected mine life >50 years¹ Rehabilitation obligations supported by the Queensland Government scheme ■ Whitehaven has obtained an indicative 'moderate' risk category allocation from Qld Treasury for Blackwater Accordingly, confirmation that the initial A$450m of ERC to be via a contribution to the Queensland Financial Provisioning Scheme Fund ■ A$285.2m will be sourced as part of guarantee package 32 1. Conceptual mine planning suggests Blackwater mine life could extend beyond 50 years with mine life dependent on prevailing local and macroeconomic conditions WHITEHAVEN#334. Capital allocation and strategy WHITEHAVEN#34We are delivering our strategy through a disciplined approach to risk management and capital allocation Strategy Evaluation and risk management • Capital allocation Our strategy is to own and sustainably operate large, cost-efficient mines that support economic development and the global energy transition. A core pillar of our strategy has been to increase exposure to metallurgical coal over time. Our strategy informs capital allocation to support Whitehaven transitioning to the optimal portfolio for the future. Our strategy should evolve over time as we continue to use long-term scenarios to test portfolio resilience and identify new opportunities as supply and demand opportunities evolve. • • For organic and inorganic investment decisions both risk and reward are carefully considered including risks of under- investing in the business, and risks of entering new markets Quantitative and qualitative assessments are undertaken including stress testing and sensitivity analysis through the cycle and under a range of market scenarios, external forecasts and regulatory risks Alternate capital structures and funding opportunities are carefully considered Capital allocation framework provides clarity for shareholders and promotes clear capital discipline with all investments tested against additional returns to shareholders Targeted payout ratio of 20% - 50% of NPAT (excluding NPAT from acquired businesses while paying down vendor finance)1 Targeted leverage of 0.5 x debt/EBITDA at the bottom of the cycle and up to 2.0 x debt/EBITDA as a result of acquisitions 34 1. • Optimal cash balance on balance sheet depends on strategic priorities, alternate funding sources, point in cycle The bridge facility which expires on 30 June 2024 includes a restriction on distributions while the bridge is in effect. We expect to replace the bridge expeditiously. WHITEHAVEN#3535 35 Capital allocation framework - current priorities Allocation of capital will be reviewed in light of the acquisition 1 Operating cash flows 2 3 Maintain & optimise operations Includes capital expenditure for early mining of Vickery and Narrabri's 200 series in line with plan Retain cash / maintain balance sheet strength We will maintain liquidity and leverage within our target of 0.5x- 1.5x including deferred payments Return to shareholders Dividends Buy-backs During the deferred payment period, we expect to maintain franked dividends within the targeted payout ratio of 20-50% of NPAT generated from Whitehaven's existing operations (i.e. excluding the acquired Assets). Cashflows from the acquired business will be directed to retiring vendor finance. The bridge facility which expires on 30 June 2024 includes a restriction on distributions while the bridge is in effect. We expect to replace the bridge expeditiously. The share buy-back is similarly expected to remain on hold during this period; the Board will make a decision regarding the resumption of the buy-back at the appropriate time. 4 Use surplus capital for best use Growth investments - M&A Acquisition of Daunia and Blackwater | assets aligned with capital allocation framework Growth investments - Development projects In light of acquisition, timing of development plans and capex to be reviewed reflecting competing opportunities for capital Additional returns to shareholders The acquisition is expected to support strong Total Shareholder Returns including a significant step up in capital returns when deferred payments are made and surplus capital is available WHITEHAVEN#3636 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#37WHITEHAVEN