Whitehaven Coal : Credit Suisse 22nd Asian Investment Conference Presentation

WHITEHAVEN COAL LIMITED

AUSTRALIA'S LEADING HIGH QUALITY COAL COMPANY

Credit Suisse 22nd Asian Investment Conference

25 - 28 MARCH 2019

DISCLOSURE

STATEMENTS CONTAINED IN THIS MATERIAL, PARTICULARLY THOSE REGARDING THE POSSIBLE OR ASSUMED FUTURE PERFORMANCE, COSTS, DIVIDENDS, RETURNS, PRODUCTION LEVELS OR RATES, PRICES, RESERVES, POTENTIAL GROWTH OF WHITEHAVEN COAL LIMITED, INDUSTRY GROWTH OR OTHER TREND PROJECTIONS AND ANY ESTIMATED COMPANY EARNINGS ARE OR MAY BE FORWARD LOOKING STATEMENTS. SUCH STATEMENTS RELATE TO FUTURE EVENTS AND EXPECTATIONS AND AS SUCH INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES. ACTUAL RESULTS, ACTIONS AND DEVELOPMENTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS DEPENDING ON A VARIETY OF FACTORS.

THE PRESENTATION OF CERTAIN FINANCIAL INFORMATION MAY NOT BE COMPLIANT WITH FINANCIAL CAPTIONS IN THE PRIMARY FINANCIAL STATEMENTS PREPARED UNDER IFRS. HOWEVER, THE COMPANY CONSIDERS THAT THE PRESENTATION OF SUCH INFORMATION IS APPROPRIATE TO INVESTORS AND NOT MISLEADING AS IT IS ABLE TO BE RECONCILED TO THE FINANCIAL ACCOUNTS WHICH ARE COMPLIANT WITH IFRS REQUIREMENTS.

ALL DOLLARS IN THE PRESENTATION ARE AUSTRALIAN DOLLARS UNLESS OTHERWISE NOTED.

COMPETENT PERSONS STATEMENT

INFORMATION IN THIS REPORT THAT RELATES TO COAL RESOURCES AND COAL RESERVES IS BASED ON AND ACCURATELY REFLECTS REPORTS PREPARED BY THE COMPETENT PERSON NAMED BESIDE THE RESPECTIVE INFORMATION. GREG JONES IS A PRINCIPAL CONSULTANT WITH JB MINING SERVICES. PHILLIP SIDES IS A SENIOR CONSULTANT WITH JB MINING SERVICES. BENJAMIN THOMPSON IS A GEOLOGIST WITH WHITEHAVEN COAL. MARK BENSON IS A GEOLOGIST WITH WHITEHAVEN COAL. DOUG SILLAR IS A FULL TIME EMPLOYEE OF RPM ADVISORY SERVICES PTY LTD. SHAUN TAMPLIN IS A FULL TIME EMPLOYEE OF TAMPLIN RESOURCES PTY LTD. MICHAEL BARKER IS A FULL TIME EMPLOYEE OF PALARIS LTD. TROY TURNER IS A FULL TIME EMPLOYEE OF XENITH.

NAMED COMPETENT PERSONS CONSENT TO THE INCLUSION OF MATERIAL IN THE FORM AND CONTEXT IN WHICH IT APPEARS. ALL COMPETENT PERSONS NAMED ARE MEMBERS OF THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY AND/OR THE AUSTRALIAN INSTITUTE OF GEOSCIENTISTS AND HAVE THE RELEVANT EXPERIENCE IN RELATION TO THE MINERALISATION BEING REPORTED ON BY THEM TO QUALIFY AS COMPETENT PERSONS AS DEFINED IN THE AUSTRALIAN CODE FOR REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES (THE JORC CODE, 2012 EDITION).

ADDITIONAL INFORMATION

ANY REFERENCES TO RESERVE AND RESOURCE ESTIMATES SHOULD BE READ IN CONJUNCTION WITH THE WHITEHAVEN'S ORE RESERVES AND COAL RESOURCES STATEMENT FOR ITS COAL PROJECTS AT 31 MARCH 2018 AS RELEASED TO THE AUSTRALIAN SECURITIES EXCHANGE ON 9 AUGUST 2018. WHITEHAVEN CONFIRMS IN SUBSEQUENT PUBLIC REPORTS THAT IT IS NOT AWARE OF ANY NEW INFORMATION OR DATA THAT MATERIALLY EFFECTS THE INFORMATION INCLUDED IN THE RELEVANT MARKET ANNOUNCEMENT AND IN THE CASE OF ESTIMATES OF COAL RESOURCES OR ORE RESERVES, THAT ALL MATERIAL ASSUMPTIONS AND TECHNICAL PARAMETERS UNDERPINNING THE ESTIMATES IN THE RELEVANT MARKET ANNOUNCEMENT CONTINUE TO APPLY AND HAVE NOT MATERIALLY CHANGED.

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AGENDA

AGENDA

-Whitehaven Snapshot

-Highlights for H1

-Safety Performance

-Financial Performance

-Operations

-Growth

-Outlook for Coal Use and Demand

-Outlook for Whitehaven

-Appendices

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WHITEHAVEN SNAPSHOT

PRODUCER OF HIGH QUALITY COALS FOR THE PREMIUM ASIAN MARKET

	Key Details
ASX Code and Market Details	WHC, 1,026m shares on issue, Market Cap A$4.5b, trades 120 million shares per month
Operations	Narrabri U/G mine, Maules Creek, Tarrawonga, Werris Creek, Rocglen and Sunnyside open cut
	mines
Saleable Production	20.9Mt in FY2018 growing to ~26Mt by FY2022, metallurgical coal proportion increases
Growth Projects	Vickery open cut to add 8Mt saleable coal followed by Winchester South up to 10Mt saleable over
	the next 5 years to 10 years
Costs	Unit cost A$69/t in H1 FY2019, guided to A$67/t for FY2019
Shareholders	AMCI Group 16.8%, Farallon 14.2%, Australian Institutions 28.6%
	Senior Secured Debt Facility A$1,000m, Drawn to A$225m
	Asset Leases Drawn A$295m
Capital Structure	Cash on hand A$89m
	Net Debt ex Lease Liabilities A$244m

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SHARE AND COAL PRICES

	Price and volume
30		6.2
25
		5.6
20		($)priceShare
Volume(m)
15		5.0
10
		4.5
5
0		3.9
29-Jun-1803-Aug-1807-Sep-18	12-Oct-1816-Nov-1821-Dec-18	25-Jan-1901-Mar-19
Volume	Period average volume	Share Price

Thermal Coal Prices (NewC Index)

180
160
140
120
100
80
60
40
20
0
3/07/2015	3/07/2016	3/07/2017	3/07/2018
	USD/t	AUD/t

-Daily volume has averaged ~6 million shares over the past eighteen months

-Coal prices rebounded strongly after the low in the cycle in early 2016

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