Whitehaven Metallurgical Coal Acquisition Presentation

1 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

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