Whitehaven's Queensland Q3 Output Resilient Despite Weather Disruptions; Sales Hit by Logistics Delays

Key Insights from Whitehaven's Queensland Operations – March 2025 Quarter

ROM production: Queensland produced 4.5 Mt of ROM coal, down just 3% QoQ, showing solid mine performance despite seasonal weather impacts.

Sales decline: QLD coal sales dropped 26% QoQ to 3.4 Mt, largely due to weather-related rail and port disruptions, particularly in February.

Daunia mine:

ROM production: 1.2 Mt, down 18% QoQ, but in line with plan.

Sales: 0.85 Mt, down 43%, impacted by weather-induced logistics issues.

Blackwater mine:

ROM production: 3.2 Mt, up 4% QoQ, indicating resilience during the wet season.

Sales: 2.6 Mt, down 18%, again due to logistics delays.

Pricing & margins:

QLD coal achieved A$221/t average (US$142/t metallurgical coal), 77% of PLV HCC, reflecting a weaker index and a typical discount on PCI/SSCC products.

FY25 YTD average: 79% of PLV HCC, with HCC/SHCC at 82%, PCI/SSCC at 73%.

Stockpile growth: End-quarter QLD stocks rose 8% to 1.54 Mt, indicating slower shipments vs production.

Cost management: On track to deliver A$100 million annualised cost savings by FY25-end.

Outlook:

Full-year QLD ROM guidance: 17.6–19.7 Mt, on track despite Q3 weather issues.

Near-term focus remains on margin protection and capital discipline amid weak metallurgical prices.