Yancoal Australia Ltd

Thank you, Travis, and thank you to everyone on the call for joining this briefing on Yancol's third quarter production report for 2025. We have several members of Yancol's executive leadership team to recap the quarter and participate in the question and answer session. On the call, we have Sheriff Burra, our chief executive officer, Kevin Su, chief financial officer, Laura Jung, company secretary, Chief Legal Compliance Corporate Affairs Officer, David Bennett, EGM Operations, Mark Salem, EGM Marketing and Logistics, and Mike Wells, EGM Finance. The commentary provided today is based on the quarterly production report published on the Australian Securities Exchange and the Stock Exchange of Hong Kong announcement platforms yesterday, the 20th of October. There is no presentation pack for this conference call. The Yanko website holds past presentations for any participants who require additional information on the company. I'll hand over to our CEO, Sheriff Burra, to provide third quarter highlights.

Thanks, Brendan. I also welcome everyone joining us on today's conference call. This is my first time engaging with you since my appointment as CEO last month. I'd like to acknowledge and thank Mr. Yue, our chair of the executive committee, who took on the additional responsibilities of acting CEO earlier this year and did an excellent job conducting both roles. I look forward to working closely with the board, Mr. Yue, and the Yankol executive team to maximise our operational performance and drive value generation for our shareholders. Speaking of operational performance, The September quarter extended the momentum of the first and second quarters. After nine months, we're 6% to 7% ahead of last year's production levels on a 100% basis and tracking above the midpoint of our production guidance. For the fall year, we're tracking to be in the upper half of the guidance range and potentially into the upper quartile of the 35 to 39 million tonne guidance range. As with past quarterly reports, we don't include cash operating costs per tonne in the quarterly report. At the half year, our cash operating costs were 93 Australian dollars per tonne, the middle of our 89 to 97 dollar per tonne guidance range. During the September quarter and into the fourth quarter, the sector has encountered external and temporary cost pressures through the Port of Newcastle that will impact our second half cash operating costs. However, we are continuing to maintain our controllable cost discipline and expect to deliver unit costs around the middle of the guidance range for the full year. Many of you are likely aware that international coal prices remained under pressure during the September quarter. Our realised prices were effectively the same as the prior quarter. However, our attributable sales were 31% higher than in the June quarter, as we were able to recover the sales volumes that were delayed in the June quarter due to disruptions at the Port of Newcastle. These increased sales volume and realised prices enabled us to finish the quarter with a cash balance of $1.8 billion. I'll hand over to other members of the executive team to share further details, starting with David Bennett, our Executive General Manager of Operations.

Thanks, Sheriff. Our total recordable injury frequency rate reduced through the quarter and was 5.71 at the end of September. We have achieved a downward trend in this statistic over the last 12 months. And although the rate is below the industry weighted average of 7.93, we aim to further improve our performance through targeted safety intervention activities. During the quarter, we produced 15.8 million tonnes of ROM coal, which was aligned with our forecast. The ROM coal produced translated to 12.3 million tonnes of saleable coal. Our attributable share was 9.3 million tonnes. These figures were also in line with our forecasts. We delivered these operational outcomes despite most of our mines encountering an above average number of days impacted by wet weather. The benefit of past investment in pumping and water storage capacity along with the site team's ability to respond to heavy wet weather events has been clearly demonstrated in our production performance this year. Fortunately, wet weather impacts to rail and port activity in the Hunter region were limited. And as Sheriff mentioned, our mine site and logistic teams were able to deliver most of the delayed second quarter 2025 sales volumes. At Mullarbin, The Longwall resumed operation early in the quarter after a scheduled move. Commissioning was completed on schedule and the Longwall operated the plan for the quarter. Although wet weather delays impacted open cut mining throughout the quarter, the team achieved a site record for monthly saleable coal production in August, assisted by a favourable mix of quality feed material and high yields in the wash plant. saleable coal production was close to planned for the quarter. The two Hunter Valley open cut mines both performed well with saleable coal production the same or better than the prior quarter. At MTW, ROM coal volumes ran ahead of plan due to overburden blasting performing well and being ahead of the schedule at the start of the quarter. This allowed the mine to deliver to plan when impacted by wet weather and other minor operational delays which affected the mine later in that period. At HVO, wrong coal volumes were ahead of plan due to strong truck productivity and a redesigned ramp system amongst other productivity improvements. Despite the wet weather disruptions in August and lower yields in September, the site delivered a 14% increase in attributable saleable coal over the June quarter. In Queensland, Yarrabee delivered operational performance consistent with the June quarter. At Middlemount, the mine was adjusted ahead of rainfall events to prioritise ROM coal over overburden removal, an adaption of the recovery plan developed earlier in the year. As mentioned in the past, Middlemount is equity accounted, so its volumes sit outside the production guidance that we provide. Our attributable coal production volume of 9.3 million tonnes was similar to the June quarter. This figure does not include any tonnes related to the acquisition of an additional 3.75% interest in the Mullarban Joint Venture, which we announced on the 3rd of October. I will now hand over to Mark Salem, our Executive General Manager of Marketing and Logistics, to provide commentary on the coal markets.