Whitehaven Coal Limited

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1 Whitehaven Coal Limited AUSTMINE Presentation by Paul Flynn, Managing Director and CEO SYDNEY, AUSTRALIA 1 OCTOBER 2015

2 Our goal To become Australia s leading independent coal company 2 // AUSTMINE - 1 OCTOBER 2015

3 Where we operate Maules Creek (75%) Tier One Mine Reserves ~ 30 years, Permitted & Planned 13Mtpa SSCC, PCI and high energy thermal Narrabri (70%) Tier One Mine Reserves ~ 25 years, Permitted 8Mtpa, Planned 7Mtpa PCI & low ash thermal Werris Creek (100%) Reserves ~ 8 years, Permitted & Planned 2.5Mtpa PCI and thermal coal Tarrawonga (70%) Reserves >20 years, Permitted 3Mtpa, Planned 2Mtpa SSCC, PCI and thermal coal Rocglen (100%) Reserves ~3 years, Permitted 1.5Mtpa, Planned 1.2Mtpa Thermal coal Gunnedah CHPP (100%) Permitted to 4.1Mtpa product coal Vickery (100%) Reserves ~ 30 years, Permitted to 4.5Mtpa SSCC, PCI and high energy thermal coal 3 // AUSTMINE - 1 OCTOBER 2015

4 Strategic Framework GOAL TO DOUBLE PRODUCTION FROM 2014 TO SALES OF 23MTPA BY FY2018 Our strategy is based on: Becoming the dominant coal miner in the the Gunnedah Basin Producing high quality coal Remaining a low cost producer Optimising revenue into premium markets Growing the company 4 // AUSTMINE - 1 OCTOBER 2015

5 ROM coal production RECORDS CONTINUE TO TUMBLE Equity Basis 000t FY2015 FY2014 Change Maules Creek 1, % Narrabri 5,392 3,961 36% Open Cuts 4,852 5,216 (7%) Whitehaven Total 12,205 9,177 32% Whitehaven Managed ROM Coal Production (000's t) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Gunnedah Tarrawonga Rocglen Werris Creek Narrabri Maules Creek Note: Total managed coal production includes precommercial production from Maules Creek 5 // AUSTMINE - 1 OCTOBER 2015

6 Sales destination COAL SALES TO PREMIUM PAN-ASIAN MARKETS Thermal Coal Sales 9% 3% 3% 5% 3% 39% Japan Korea Taiwan SE Asia Over 82% of thermal coal sold into premium Asian markets Sales mix 84% thermal and 16% metallurgical coal 38% Sth America Other China Overall thermal coal quality improves as production from Maules Creek increases Metallurgical Coal Sales Developing markets in ASEAN countries 26% Japan Korea and India targeted growth markets for metallurgical coal in the future 60% 1% 13% Korea Taiwan India Sales mix improves as higher margin metallurgical coal product rises from about 20% to over 35% of sales as Maules Creek ramps to full production 6 // AUSTMINE - 1 OCTOBER 2015

7 Maules Creek now complete PROJECT DECLARED COMMERCIAL 1 JULY 2015 Construction completed with capex $27 million less than original estimate of $767 million Installed capacity at $62 per annual tonne of product coal, significantly below many recent developments Met coal production commences in the H1 FY // AUSTMINE - 1 OCTOBER 2015

8 Maules Creek production ramping up HIGHER MARGIN MET COAL SALES TO BEGIN IN H1 FY Maules Creek Saleable Coal Production (100%, 000's t) Sep-14 Dec-14 Mar-15 Jun-15 Pre-commercial sales of 1.8Mt in FY2015 and run rate of 6.0Mtpa by end of June Thermal coal sales currently achieving energy premium over GlobalCOAL Newc Index ROM coal production expected to be in the range of 7.1Mt to 7.3Mt in FY2016 Metallurgical coal sales and trial shipments to commence in H1 FY2016 Costs to be about A$62/t in FY // AUSTMINE - 1 OCTOBER 2015

9 Narrabri - #1 LW mine in Australia HIGHLY PRODUCTIVE LOW COST UNDERGROUND MINE 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Narrabri Saleable Coal Production (100%, 000's t) FY2011 FY2012 FY2013 FY2014 FY2015 Record ROM and saleable coal production in FY2015 Record main and gate road development of 19,800 metres ensures longwall continuity Exceptional longwall performance in FY2015 has advanced second longwall changeout to Q4 FY2016 ROM coal production for FY2016 in the range of 6.6Mt to 6.8Mt 400 metre wide panels to commence in LW07 in H2 FY // AUSTMINE - 1 OCTOBER 2015

10 Stable Gunnedah production STABLE PRODUCTION PROFILE AT LOWER COST 6,000 5,000 4,000 3,000 2,000 1,000 Whitehaven Open Cut Saleable Coal Production (100%, 000's t) Three existing open cut mines to produce between 5.1Mt 5.3Mt ROM coal in FY2016 Procurement initiatives, 30 tonne axle loads, operational improvements and roster changes at each mine successfully reduced costs and maintained production - FY2011 FY2012 FY2013 FY2014 FY // AUSTMINE - 1 OCTOBER 2015

11 FY15 Financial highlights SIGNIFICANT IMPROVEMENT IN OPERATIONAL OUTCOME AND CASH FLOW Profit and loss FY2015 FY2014 Comment EBITDA before significant items ($ m) Up 44% from lower unit costs, higher production and no purchased coal Operating cash flow ($ m) Up 96% from improved EBITDA and tax refund Average unit cost per tonne excl. significant items ($ / tonne) Balance Sheet June Down by 12% from increased production and full year effect of porocurement initiatives June 2014 Net debt ($ m) Increase due to Maules Creek Gearing (%) 25% 18% Gearing remains modest 11 // AUSTMINE - 1 OCTOBER 2015

12 Costs & margins COSTS DRIVEN LOWER DURING THE YEAR Coal Sales (equity basis, excl. purchased coal) Average revenue (excl. purchased coal & net of NSW royalties) Average cost of sales (excludes significant items) H2 FY2015 H1 FY2015 Note: Pre-commercial sales from Maules Creek are not included in coal sales for the year FY2015 FY2014 '000t 4,795 4,713 9,508 8,215 $A/t $A/t EBITDA Margin on Coal Sales $A/t EBITDA Margin on Coal Sales % 20% 14% 17% 13% Average revenue declined by 6% YOY however in H2 the weaker AUD offset the USD coal price fall Fully absorbed costs fell by a further 12% to average $61/t for the year EBITDA margins expanded as the year progressed and averaged $15/t in the second half 12 // AUSTMINE - 1 OCTOBER 2015

13 Costs driven into first quartile DELIVERING SUSTAINABLE COST REDUCTIONS AND INCREASING MARGINS $85 $80 $75 $70 $65 $60 $55 $50 ASP, Costs and Margin (A$/t) H1 FY13 H2 FY13 H1 FY14 H2 FY14 H1 FY15 H2 FY15 Unit costs down 24% from H1 FY2013 to A$60/t in H2 FY2015 Whitehaven increased margins in second half of FY2015 to $15/t from $10/t in the first half Costs positioned in lowest quartile of cost curve working with suppliers to ensure long-term value Sales Price ex Royalties Costs ex Royalties Source: Whitehaven. Costs and ASP exclude Royalties levied as a percentage of the sales price and paid to the NSW State Government. 13 // AUSTMINE - 1 OCTOBER 2015

14 Production growth to continue ONGOING GROWTH IN LOW COST HIGH MARGIN COAL Saleable Coal Production by Mine (Mt) Forecast FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Gunnedah OC's Narrabri UG Maules Creek OC Strong production growth to continue as Maules Creek ramps up to full production in FY2019 Saleable coal production for FY2016 likely to be in the range of 18.9Mt to 19.4Mt (100% basis) The approved Vickery project provides another growth option beyond Maules Creek Note: Graph depicts saleable coal on a 100% basis including coal destined for domestic and export sales and pre-commercial coal production from Maules Creek 14 // AUSTMINE - 1 OCTOBER 2015

15 Vickery Whitehaven s next project ANOTHER SIGNIFICANT GROWTH OPTION Approval granted by the NSW Government in September 2014 for a 4.5Mtpa open cut mine Location About 25kms north of Gunnedah Resources and Reserves Open cut Reserves of 200Mt within Resource of 505Mt, Underground Resources of 230Mt Ownership Whitehaven 100%, Seeking to form a JV (may sell up to 30%) Coal Quality Similar to Maules Creek SSCC, PCI and High CV thermal coal (60% met and 40% thermal) Project Development Open cut with long life, commenced process to increase the approved production limit to 8.0Mtpa Startup Can be started at any time but scheduled after Maules Creek is fully ramped 15 // AUSTMINE - 1 OCTOBER 2015

16 Community contribution MAJOR CONTRIBUTOR TO THE LOCAL COMMUNITY Largest single employer in north west NSW - Whitehaven does not support FIFO. 77% of 779 FTE employees live in the local area. More than $120m paid in local wages FY15 spend was $215m with over 600 businesses across the region Whitehaven is actively pursuing greater diversity in its workforce with women making up 10% and Aboriginal employees now 9% across company (15% of the total at Maules Creek) The company supports local community groups with an active programme of donations and sponsorships Value suppliers with local presence in towns of Gunnedah, Narrabri and/or Boggabri 16 // AUSTMINE - 1 OCTOBER 2015

17 Whitehaven FY15 procurement spend by region MAJORITY OF SPEND IS WITH SUPPLIERS FROM NSW 1% 0% 2% 0% 10% 10% 15% 62% NSW QLD SA VIC WA OS TAS ACT 17 // AUSTMINE - 1 OCTOBER 2015

18 Spend $m Purchase spend by region and FY GROWING SPEND IN THE NW NSW REGION $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $- Gunnedah Narrabri Tamworth Liverpool Plains FY13 $82.1 $29.3 $61.4 $1.7 FY14 $103.9 $53.8 $23.7 $1.9 FY15 $105.5 $67.3 $40.9 $ // AUSTMINE - 1 OCTOBER 2015

19 Evaluation of suppliers EXAMPLES OF EVALUATION CRITERIA Supporter of the industry Local presence in towns of Gunnedah, Narrabri and Boggabri where possible Competitive pricing; Experience and success in providing similar goods & services; Ability to meet the specifications, scope of works, service goals and warrant performance; Aligned philosophy on values and support of Aboriginal employment Acceptance of standard terms and conditions; Ability to assist Whitehaven s operational objectives; Safety, environmental and quality management systems; 19 // AUSTMINE - 1 OCTOBER 2015

20 Expression of interest Potential suppliers can register interest in dealing with Whitehaven Coal to Procurement Manager, Anthony Warham at Suppliers should include a company profile stating their capabilities, products, services and strengths. 20 // AUSTMINE - 1 OCTOBER 2015

21 THANK YOU

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