Whitehaven Metallurgical Coal Acquisition Presentation

B 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

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