WHITEHAVEN COAL LIMITED — Annual Report 2021

Aug 25, 2021

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Full Year Results FY21

26 August 2021

Authorised for release by the Board of Whitehaven Coal Limited

Investor contact Sarah McNally +61 2 8222 1155, +61 477 999 238 smcnally@whitehavencoal.com.au

Media contact Michael van Maanen +61 8222 1171, +61 412 500 351 mvanmaanen@whitehavencoal.com.au

Whitehaven Coal Limited ABN 68 124 425 396 Level 28, 259 George Street, Sydney NSW 2000 | P 02 8222 1100 | F 02 8222 1101 PO Box R1113, Royal Exchange NSW 1225 whitehavencoal.com.au

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Contents

Disclosure

FORWARD LOOKING STATEMENTS

1. Whitehaven’s market

2. FY21 Results

3. Guidance for FY22

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.

1. Appendices

All dollars in the presentation are Australian dollars unless otherwise noted.

COMPETENT PERSONS STATEMENT

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. Michael Barker is a full time employee of Palaris 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).

This document is authorised for release to the market by the Board of Whitehaven Coal Limited.

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Whitehaven’s Market

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Whitehaven’s customer base is in Asia

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2 14 Japan
1 6 Korea
- 2 Taiwan
India 2 -
1 - Vietnam
Malaysia - 1 - 1 Philippines
Indonesia - 1
- 2 New Caledonia
Metallurgical Coal Customers
Thermal Coal Customers
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Whitehaven’s coal products are exported to Asia

Our coal products are used:

1. In high efficiency, low emission (HELE) electricity generation

2. to make steel; and

3. in nickel smelting and other industrial applications

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4

Premium products are sold into premium markets End users increasingly prefer high quality, high-CV thermal coal

Thermal coal sales FY21 Metallurgical coal sales FY21

• We produce and sell high quality coal products into premium Asian markets

• Managed coal sales, including purchased coal, were 19.8Mt (17.2Mt thermal and 2.6Mt metallurgical)

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2% 2%
6%
6%
46%
15%
23%
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Japan Korea Taiwan Malaysia Other Thailand New Caledonia

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India Korea Japan Vietnam Other
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Note: Other thermal coal sales destinations include Indonesia, Philippines, Pakistan and New Zealand

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5

Thermal coal price trend

Both 6000CV and 5500CV coal prices have reached historical highs

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AUD/t
250
200
150
100
50
0
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
API5 gC NEWC
AUD/metric tonne FOB Australia
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6

Global industrial activity Industrial production growth and contribution by region

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8.0%
6.1%
6.0%
4.0%
4.0%
3.0%
2.6% 2.4%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Industrial production year-on-year change (%)
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Source: Wood Mackenzie macroeconomic outlook Q2 2021 IP is the Global Industrial Production year-on-year percentage change

7

Coal-fired power generation outlook for key markets

Countries in Asia have the youngest coal-fired fleet globally

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1200
1000
800
600
400
200
0
2015 2020 2025 2030 2035 2040 2045 2050
Mature Market JKT Developing Market
Japan South Korea Taiwan Vietnam Malaysia Philippines Thailand
Generation (TWh)
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‘Locking-in’ long term coal-fired generation (absent policy changes)
800
700
600
500
400
300
200
100
0
<10 years 10-20 20-30 30-40 40-50 Over 50 years
Asia China Europe India Rest of the World United States
Generation (Gw)
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Source: Wood Mackenzie July 2021

Source: Wood Mackenzie H1 2021

8

Emerging supply gap in thermal seaborne coal Global seaborne supply meets demand only once “Highly Probable and Probable” new mines have been built and “Possible new mines” are brought online

Mt

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Source: Wood Mackenzie July 2021 Note forecasted supply excludes suspended capacity

• Probable under supply

9

Seaborne demand for high-CV thermal coal

Trend towards high-CV thermal coal due to increased environmental regulation

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100%
90%
80%
70%
60%
50%
40%
65% 68% 70% 71% 71% 72% 75%
30%
20%
10%
0%
2021 2025 2030 2035 2040 2045 2050
High-CV thermal coal Sub-bituminous coal Lignite coal
Total forecast seaborne thermal coal demand
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75% of all demand will be for high-CV thermal coal

• Increased environment management regulation

• In the near term, the share of HELE power plants grows significantly in Asia. High-grade coal generally more suited for use in HELE power plants

• Growing cement demand favours high energy coal for use in kilns

• Benefits high-grade coal from Australia, Russia and Colombia

Source: Wood Mackenzie July 2021

10

Whitehaven plays an important role in helping customer countries meet their emission targets

The benefits of using Whitehaven coal products:

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High-CV coal requires less coal to be used to produce energy

Helps customers Decreases the ash to meet strict byproduct of the sulphur and generation process nitrogen emission limits

11

High-quality thermal coal supports emissions reduction

In a world where carbon emissions reduction efforts are a focus for policymakers as well as major energy generators and consumers, high-quality coal, particularly high-CV, low-ash coal, has a clear role to play

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1.6 70%
1.4
60%
1.2
50%
1.0
40%
0.8
30%
0.6
20%
0.4
10%
0.2
0.0 0%
Subcritical Lignite Subcritical Black Super critical Black Ultra Super critical Advanced USC Combined Cycle
(Victoria) Coal coal Black Coal Black Coal Gas
(NSW) (Hitachinaka) (Isogo)
tCO2/MWh % Emissions Improvement above Subcritical Lignite
(Victoria)
% Emissions Improvement above Subcritical Black Coal
(NSW)
(tCO2/MWh)
Emissions reduction
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Source: Company data

12

Asian demand for metallurgical coal imports

Total Asia seaborne demand by country

Asia seaborne demand by metallurgical coal type

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Mt Mt
400 300
Japan
350 Other Asia 243.1
Malaysia 250
Taiwan
300 Indonesia
Vietnam
200
South Korea
250
146.3
China
200 150
150
100
66.2
100 India
42.5
50
50 60.5
39.6
0 0
2015 2020 2025 2030 2035 2040 2045 2050 2015 2020 2025 2030 2035 2040 2045 2050
India China South Korea Vietnam Indonesia Seaborne imports - HCC Seaborne imports - PCI
Taiwan Malaysia Other Asia Japan Seaborne imports - SSCC
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Source: Wood Mackenzie July 2021

13

FY21 Results

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Safety performance Safety is always a key focus for Whitehaven

Whitehaven recorded a TRIFR of 5.86 as at 30 June 2021

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25
20.6
20
15
10
5.86
5
0
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
ROM coal production (Mt) Total Recordable Injury Frequency Rate (TRIFR)
and TRIFR
ROM coal production (Mt)
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15

Sustainability highlights FY21

Approx. 75%

of 2,500-strong workforce based in regional areas

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9%

of workforce identifies as Aboriginal and/or Torres Strait Islander

$344.7

million spent with local suppliers

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267ha

of land rehabilitated

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12.4%

female participation in our workforce

$392,300

in community partnerships and donations

$5.15 million

spent with 14 Aboriginal and Torres Strait Islander businesses

Business resilience tested against TCFD framework since FY19

VIEW THE SUSTAINABILITY REPORT 2021

16

ROM coal production profile FY15 – FY21

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25.0
23.1 23.0 23.2
20.5 20.7 20.6
20.0
9.7
11.0 11.7
15.8 7.8
15.0 10.7
2.6 12.7
10.0 7.3
7.7 6.9
6.3
6.4
6.1
4.1
5.0
5.5 5.8 6.1 5.7 5.1
3.9 3.8
-
FY15 FY16 FY17 FY18 FY19 FY20 FY21
Open Cuts Narrabri Maules Creek Total
Managed ROM coal production (Mt)
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Note: Figures reflect continuing operations and discontinued Sunnyside Mine and Rocglen Mine, both of which have transitioned into rehabilitation

17

Sales volumes profile FY15 – FY21

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25.0
22.1
21.6
20.7
20.1 1.3
1.6 20.2
20.0 0.1 0.4 19.8
2.4 2.0
7.4
8.9 9.6
15.0 9.3
14.0
7.9
1.8 9.6
10.0
7.1 7.5
6.8 5.8 5.7
6.2
4.5
5.0
5.1 5.1 4.6 5.3 5.0
3.7 3.6
-
FY15 FY16 FY17 FY18 FY19 FY20 FY21
Open Cuts Narrabri Maules Creek Sales of Purchased Coal Total
Coal sales (Mt)
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Note: Figures reflect continuing operations and discontinued Sunnyside Mine and Rocglen Mine, both of which have transitioned into rehabilitation

18

Maules Creek

Record annual production

Managed ROM coal production (Mt)

• FY21 managed ROM production of 12.7Mt achieved, an 18% increase in production vs pcp

• During the year mining reached pit bottom, allowing for increased in-pit overburden dumping

• Delivered high-CV and low ash thermal coal to customers and for blending across the Group coal portfolio

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12.7
Guidance
range
12.1-12.5Mt
7.4 H2
11.7
11.0 10.7
9.7
7.8
5.2 H1
2.6
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022e
Actual Guidance
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19

Narrabri

Operationally a challenging year

Managed ROM coal production (Mt)

• FY21 managed ROM production of 4.1Mt, a 34% decrease in production vs pcp. This result reflected the impact of geological challenges in panel 109, first encountered in the December quarter

• Mining through fault affected ground in 109 adversely impacted coal quality and price realisation

• The next longwall move from panel 109 to 110, scheduled for Q2 FY22

• A mid-panel step-around of fault affected ground during Q4 FY22

• Additional geo-sensing drilling of panels 109, 110, 203 and future longwall panels being undertaken

• Q1 CY23 longwall production is from shallower southern panels of the mine (<250 metres)

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Guidance
4.1 range
7.7 7.3 4.3-5.0Mt
6.9 6.3 6.4 6.1 1.4 H2
5.0
2.6 H1
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022e
Less than 250m depth Greater than 250m
of cover depth of cover
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Actual Guidance

20

Gunnedah open cuts

Smoothing annual production

Managed ROM coal production (Mt)

• FY21 managed ROM production of 3.8Mt, inline with pcp

• Both Tarrawonga and Werris Creek producing at consistent levels for continuing operations

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Guidance
3.8
range
3.6-4.0Mt
2.1 H2
4.4 4.5 4.5 4.3
3.9 3.8
1.8 H1
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022e
Continuing Operations Rocglen & Sunnyside Guidance
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Rocglen and Sunnyside mines ceased operations and transitioned into rehabilitation in early FY20. Rehabilitation is on schedule at both sites.

21

Financial headlines

	Profit and Loss($m)	FY21	FY20	Comment
	EBITDA	204.5	306.0	Refer to slide 25
	Net (loss)/profit after tax before significant items	(87.3)	30.0
	Net (loss)/profit after tax	(543.9)	30.0	Reflects impairment of assets – refer to slide 24
	Cash generated from operations	169.5	189.9
	Dividends (cps)	-	1.5	Dividend policy 20%-50% of NPAT
	Unit cost per tonne ($/t)	74	75
	Balance Sheet	30 Jun 2021	30 Jun 2020	Comment
	Net debt ($m)	808.5	787.5
	Gearing (%)	23%	20%	Impacted by impairment of assets

22

Profit and Loss

	Financialperformance – A$ millions	FY21	FY20
	Revenue	1,557.0	1,721.6
	Other income	6.8	3.5
	Operating expenses	(700.4)	(695.6)
	Coal purchases	(173.7)	(220.7)
	Rail, Port, Marketing and Royalties	(439.7)	(463.3)
	Admin and other expenses (including net FX gain/loss)	(45.5)	(39.5)
	EBITDA	204.5	306.0
	Depreciation & amortisation	(260.7)	(224.6)
	Significant item - Impairment losses	(650.0)	-
	Net Finance Expense	(62.0)	(39.1)
	Income tax benefit/(expense)	224.3	(12.3)
	Net (loss)/profit after tax	(543.9)	30.0
	EBITDA Margin on sales of own coal (AUD$ per tonne)	14	21
	Earnings per share (cents per share – basic)	(54.6)	3.0
	23

23

Significant items

Asset impairments at Narrabri and Werris Creek

• The FY21 result was impacted by the recognition of a pre-tax significant non-cash $650 million (FY20: nil) impairment charge allocated to:

• Narrabri ($548.7 million) - reduction in the JORC coal reserves for the current Narrabri mining lease, arising out of an optimisation plan which has been developed to focus on the production of higher quality coal over the balance of mine life

• Werris Creek ($90.2 million) - reflecting revisions to its mine plan

After adoption of conservative price assumptions considering uncertainties in coal markets

• Rail intangible ($11.1 million)

• Relates to rail rights which are no longer expected to be utilised

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24

EBITDA FY21 v FY20

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Realised Prices FY21 FY20
Thermal (USD/t) 68 66
Metallurgical (USD/t) 85 89
$m
350
30
300
(149)
250
152
200 3
150 306
FX FY21 FY20
100 AUD:USD 0.75 0.67 205
50
-
FY20 Price (net of royalty) FX Sales Volume Costs FY21
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25

Unit costs FY21 v FY20 (A$/t)

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A$/t
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26

STRIVE

Embedding a culture of continuous improvement to deliver reliable, executable and repeatable productivity gains

STRIVE Continuous programme improvement

Increased productivity

Profit maximization & costs savings

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Project to date 31/12/20 31/12/20 Project to date 30/6/2130/6/21
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Project to date 31/12/20 31/12/20 Project to date 30/6/2130/6/21
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Initiatives identified, yet to be realised
Initiatives implemented and cost savings being realised
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27 SAFETY TEAMWORK RESPECT INTEGRITY VALUE EXCELLENCE

D&A and net finance expense

	FY21	FY20	Drivers
Depreciation & amortisation D&A per tonne (sales of own coal)	$260.7m $18/t	$224.6m $16/t	• Increased production from Maules Creek and major rebuilds of the Excavator and Haul truck fleets
Net finance expense Average balance of drawn senior bank debt facility during period	$62.0m $652m	$39.1m $455m	• Reflects increased drawn balance of the senior bank debt facility and amortisation of refinancing upfront costs - refer to Note 5.2 of financial statements for a detailed break down

28

Investing - capital expenditure

Sustaining PP&E

Growth projects

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FY21 $63m FY21 $24m
•
• Maules Creek AHS
Fleet Major Overhauls
•
Sustaining capex •
Vickery extension
•
Northern mains development • Winchester South
•
Water security, environmental •
Narrabri Stage 3 Extension
compliance and biodiversity
projects
Operating mine
Growth projects
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29

Net debt and liquidity

		30 Jun 2021	30 Jun 2020
		$m	$m
	Senior secured bank facility (drawn)	688.0	638.0
	ECA1 Finance leases	58.0 173.9	68.1 216.3
	Cash on hand	(95.2)	(106.8)
	Capitalised upfront borrowing fees	(16.2)	(28.1)
	Net debtexcluding IFRS 16 lease liabilities	808.5	787.5
	IFRS 16 leases	89.0	130.3
	Equity	2,705.7	3,249.6
	Gearingexcluding IFRS 16 lease liabilities Liquidity	23% 407.2	20% 468.8

Available liquidity of $407m at 30 Jun 2021

• Undrawn senior debt facility of $312m

• Cash of $95m

Increase of $50m in senior drawn debt driven by

• FY21 coal price environment

• Slippage of June coal sales into July due to NCIG coal loader outage

• Lease principal repayments

• $178m repaid since 30 June 2021

Net debt profile going forward

• Record high thermal coal prices over recent months and strong sales volumes in Q1 FY22 supported by draw down of stocks

• Disciplined approach to capex

1 ECA facility – Export Credit Agency finance for equipment at Narrabri and Tarrawonga

30

Financing

Diversified sources of capital

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Senior debt facility

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Export Credit[2]

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Leased equipment

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Bank guarantees[3]

as at 30 June 2021

$688m drawn

as at 30 June 2021

$58m

as at 30 June 2021 $263m

as at 30 June 2021 $469m drawn

• $1bn syndicated facility

• Facility matures July 2023

• Syndicate comprised of Australian and international banks

• BBSW + Margin grid[1]

• $178m repaid since June 2021

• Average tenor of seven years

• BBSY + Margin

• Secured

• Tenor of four or five years

• Provided by syndicate or OEM related

• Pricing can be either floating or fixed rate

• Secured against asset

• & guaranteed

• IFRS16 ROU leases $89.0m included

• Refinanced at the time of syndicated facility

• • Underpins mining operations and logistics

1 A margin grid is a matrix used to adjust the margin (price) of a loan or revolving credit facility based on financial indebtedness ratio, net-debt to EBITDA 2 ECA facility – Export Credit Agency finance 3 Refer to Note 7.4 of the Financial Report.

31

Debt metrics

Uncertainty calls for a more conservative leverage stance

Key Ratios

• Leverage Through the cycle position to be maintained between Net Cash in the top half of the cycle and 0.5 x EBITDA (½[* ] turn of leverage) at the bottom of the cycle, i.e. Net Debt including leases and ECA facilities to be a maximum of ~$300m at bottom of cycle.

• Average Tenor of debt to be managed such that no material refinance due within 12 months i.e. refinance the revolver ~each 2 years or mid-term or for a bond, it would be expected to be refinanced in the 3[rd] or 4[th] year of its term

• Gearing Net Debt/(Net Debt + Equity) - No change

• Minimum liquidity position of $200m undrawn facilities and $100m of cash on hand

Dividend policy remains unchanged at 20% - 50% of NPAT before significant items

• Leverage metric may be extended to a maximum of 2x leverage (on a through the cycle view) when undertaking strategic acquisitions / developing projects

32

Guidance for FY22

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FY22 production, sales & cost guidance

	Key elements		FY21 actual	FY22 guidance	Comments
	Managed ROM Coal Production	Mt	20.6	20.0 – 21.5
	Maules Creek	Mt	12.7	12.1 - 12.5	Weighted to the second half (H2 55%)
	Narrabri	Mt	4.1	4.3 – 5.0	Longwall change-out Q2 FY22 and mid-panel step- around of fault affected ground Q4 FY22
	Gunnedah Open Cuts	Mt	3.8	3.6 – 4.0	Performance in line with FY21
	Managed Coal Sales	Mt	17.8	18.0 – 18.6	Excluding purchased coal
	Cost of Coal1	A$/t	74	72 – 76

1 excluding royalties

34

FY22 capital expenditure guidance

		Key elements		FY21 actual	FY22 guidance	Comments
		Sustaining Capital	$m	61	95 - 115	$30m - $35m Fleet overhauls
						$35m - $40m sustaining /productivity
						$10m - $15m Water, environmental &
						biodiversity
						$20m - $25m Establishing mining precinct in
						Narrabri southern area
		Narrabri Southern Mains	$m	3	35 - 40	Development of 200 series mains
		Expansion & Growth Capital
		Operating Mine Projects	$m	2	4 – 8	AHS
		Growth Projects	$m	22	20 – 30	Winchester South, Vickery & Narrabri Stage 3
		Total capex	$m	88	154 – 193
		Other
		Acquisition of EDF consideration	$m	16	16	Third of five annual USD11m acquisition instalments

35

FY22 focus

• Debt reduction and capital management/shareholder returns

• Build upon early STRIVE wins

• Optimise Maules Creek fleet productivity

• Optimise Narrabri’s transition to shallower ground in FY23 and Stage 3 extension approvals

• Dynamic blending of coal portfolio to optimise margin

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36

Appendices

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Gunnedah Basin and expanding to Bowen Basin Whitehaven is the largest independent producer of high-CV coal in Australia

Winchester South will increase Whitehaven’s metallurgical coal production

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Unit cost calculation

The unit cost can be calculated off the face of the P&L. It includes operating expenses, selling & distribution expenses, administration expenses (net of sundry revenues) and share based payment expenses. Coal purchases, royalties, depreciation & amortisation, FX and significant items are excluded.

		FY21		FY20		FY19
		$’000	$/t	$’000	$/t	$’000	$/t
Operating expenses		700,433	$49	695,621	$49	734,858	$47
Selling & distribution expenses		330,924	$23	342,084	$24	324,131	$21
Administrative expenses (net of sundry revenues) 1		32,134	$2	28,198	$2	24,072	$2
Share based payment expenses		6,995		6,259		7,684
Less: significant items – operating expenses						(40,456)	($3)
Total cost of coal		1,070,486	$74	1,072,162	$75	1,052,289	$67
Sales of own coal kt2		14,425		14,278		15,600

1 Administrative expenses are presented net of sundry revenues of $2,094k (FY20: $1,612k, FY19: $2,113k) which appear in the ‘Other income’ line of the P&L. 2 FY20 includes Rocglen’s sales of produced coal of 77kt and excludes Sunnyside’s sales of 232kt

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39

Growth opportunities and optionality

Whitehaven has multiple options to grow its business of long-life mines

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Assets Approved Production [1] LOM
• Mine ramping up to 16Mtpa ROM with the roll out of AHS [2] ,
Maules Creek 13Mtpa ROM >30 years
commencement of in-pit dumping and 16Mtpa modification application
Narrabri Stage 3
Extension 11Mtpa ROM >20 years • Extends mine life to 2045
Project
•
Vickery Open pit metallurgical and thermal coal production
Extension 10Mtpa ROM >20 years • On site coal handling preparation plant
Project • Rail from site
Winchester • Whitehaven’s expansion into the Bowen Basin
Seeking ~ 15Mtpa ROM >20 years
•
South Project Open pit metallurgical and thermal coal production
Brownfield
Greenfield
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1 Approved ROM production for operating mines in the table is fully underpinned by the JORC Reserves for those mines. The forecast production from the Vickery project is underpinned by the JORC Reserves released to the ASX on 13 August, 2015 while the forecast production from Winchester South is underpinned by the JORC Resources and Reserves released to the ASX on 16 December, 2020. Whitehaven confirms that the material assumptions underpinning the forecast production in the initial public reports for Vickery and Winchester South continue to apply and have not materially changed. Whitehaven’s JORC information is available at https://whitehavencoal.com.au/investors/jorc/ 2 AHS = Autonomous Haulage System for overburden movement

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