• Managed ROM production of 19.4Mt, including 9.9Mt from Queensland and 9.4Mt from New South Wales
• Total equity sales of produced coal of 7.8Mt, up 22% on the previous quarter
• Unit production costs tracking at the lower end of FY25 guidance range

Whitehaven Coal has reported another solid quarter of production and sales across its operations, closing the first half of FY25 with strong ROM production of 19.4Mt. This included 9.9Mt from the company's Queensland mines and 9.4Mt from its New South Wales mines. Total equity sales of produced coal were 7.8Mt for the quarter, up 22% on the previous quarter. The company's Queensland operations delivered a solid quarter, with 4.6Mt of ROM production, while its New South Wales operations produced 5.1Mt of managed ROM coal, up 17% quarter-on-quarter. Whitehaven's unit production costs continued to track at the lower end of its FY25 guidance range. The company is on track to deliver firmly in the upper half of its FY25 production and sales guidance, and at the low end of its full year cost guidance range. Whitehaven also expects to receive US$1.08 billion of proceeds from the 30% sell down of Blackwater in Q3 FY25, further strengthening its balance sheet and providing an opportunity to review the company's capital allocation at the end of FY25.

FY25 guidance remains unchanged, with managed ROM coal production and coal sales on track to be firmly in the upper half of the FY25 guidance range of 35.0-39.5Mt and 28.0-31.5Mt respectively. Unit cost of coal is currently tracking at the low end of the FY25 cost guidance range of A$140-$155/t.

Over the longer term, the expected structural shortfall in global metallurgical coal production, particularly the long-term depletion of HCC from Australian producers combined with increased seaborne demand from India, is anticipated to drive higher metallurgical coal prices. Whitehaven's metallurgical coal portfolio is expected to benefit from these supply constrained market dynamics. Demand for Whitehaven's Queensland metallurgical coal remained strong during the December quarter, while market conditions for steel production were soft and metallurgical coal prices were flat. The rebound in Indian demand for metallurgical coal has been slower than expected, but Whitehaven remains confident in India's underlying growth. Expected continued demand for seaborne high CV thermal coal together with a structural supply shortfall due to underinvestment in new mines and depletion of existing supply, is expected to be supportive of longer-term prices for high CV thermal coal.