Dec 2025 Quarterly Report

• Achieved commendable operating results with low-cost, low strip ratio mining model
• CHPP availability of 94% and utilisation of 87% during the quarter
• Total coal sales of 380Kt, 12% down on prior quarter due to co-shipper delays

Bowen Coking Coal Limited (ASX:BCB) achieved commendable operating results in the December 2025 quarter, continuing with the hybrid owner-operator mining model and low-cost, low strip ratio mine plan. ROM coal production was on par with the prior comparative period at 716Kt, and saleable coal production of 412Kt was achieved at an overall strip ratio of 3:1 (bcm/ROMt). The CHPP continued to perform well, with availability of 94% and utilisation of 87% during the quarter. Total coal sales of 380Kt were 12% down on the prior quarter, attributable to co-shipper delays. Unit costs (FOB) of $161/t (US$105/t) were 25% higher than the prior comparative period, largely due to increased strip ratios, higher costs associated with the administration process, and lower sales. The business's operating activities resulted in a quarterly net cash outflow of $0.6 million, and the company held cash and cash equivalents of $59.6 million (inclusive of $19.3 million of restricted cash) at the end of the quarter. Since the appointment of Voluntary Administrators and Receivers in July 2025, the Burton Complex has continued to operate under the approved low-cost, low strip ratio production plan, with the owner-operator model proving successful.