Coverage/ Whitehaven Coal Limited/ Daunia

Operating asset

Daunia

WHC.ASX Production Australia open_pit 100% owned

Valuation case2026-10-16

2026E saleable coal4.53 Mtmetallurgical coal · literal product tonnes

ROM / CHPP feed6.2 Mt6× strip ratio

CHPP / saleable yield73%Saleable tonnes ÷ ROM feed

Realised coal price$197.58/tModeled pricing point

Site cash cost$107.43/tPer saleable tonne

Cash margin$60.04/tAfter royalties and modeled deductions

Risked NPV$1,572m100% ownership

Investment verdict

High-efficiency metallurgical coal open cut with full autonomous haulage and adjacent synergies with Winchester South

A
Grade & continuity
High-quality hard coking and PCI coal seams in the Northern Bowen Basin with consistent grade continuity.
A
Metallurgy
Modern CHPP with excellent yield producing premium export metallurgical coal.
A
Mining complexity
Fully autonomous haulage system (AHS) truck fleet with high mechanical availability.
A
Infrastructure & power
Established heavy-haul rail to Hay Point and Dalrymple Bay Coal Terminals (DBCT).
A
Permitting status
All state and federal operating permits in place.
A
Resource confidence
Well-drilled JORC compliant resource and reserve base.
B+
Geological upside
Synergies with adjacent Winchester South development deposit.
B+
Expansion optionality
Transition to Southern Domain pit expanding long-term operational life.

Valuation snapshot

100% NAV retained

Unrisked NPV $1,572m

Project DCF before the published stage and execution-risk charge.

Risk charge −$0m

Value removed by the model's project-stage and execution-risk adjustment.

Risked NPV $1,572m

Selected project value after risk, before ownership attribution.

Effective discount rate 7%

Time-value hurdle used for the project DCF after published adjustments.

NPV at first production $1,426m

Production-value anchor with pre-production timing removed; used by the FSV ladder.

Timeline

Construction

2024–2026

Production

2026–2043

2024202720302033203620392042

Dashed line marks 2026, the year this valuation is struck from.

Resources and reserves

Effective 30 Jun 2026 · 100% basis

Ore reserves

Asset	Proven (Mt)	Probable (Mt)	Proven & probable (Mt)
Daunia Mine	65.0	45.0	110

Mineral resources

Asset	Measured (Mt)	Indicated (Mt)	Measured & indicated (Mt)	Inferred (Mt)	Total (Mt)
Daunia Mine	95.0	70.0	165	35.0	200

Coal tonnes are on the disclosed source basis; no equivalent conversion is applied.

Valuation framework Fair speculative value ladder Production →

Two valuation lenses $1,426m production-value OV anchors the speculative ladder; $1,572m stage-risked DCF is the selected modeled project value.

Speculative value by development stage

Current model stage Production 100%–100% certainty

Market-implied project value $4,280m Company market capitalization

USD OV NPV$1,426mAt production value

Diluted788.3mCompany shares F.D.

Net interest100%Attributable ownership

Exchange rate1.0000USD framework

Project stage Certainty FSV range Attributable FSV USD / share

01 Grassroots

0.5%–1%

$7m – $14m

$0.01 – $0.02

02 Target Drilling

1%–2.5%

$14m – $36m

$0.02 – $0.05

03 Discovery Delineation

2.5%–5%

$36m – $71m

$0.05 – $0.09

04 Infill & Metallurgy

5%–10%

$71m – $143m

$0.09 – $0.18

05 PEA

10%–25%

$143m – $356m

$0.18 – $0.45

06 Prefeasibility

25%–50%

$356m – $713m

$0.45 – $0.9

07 Permitting & Feasibility

50%–75%

$713m – $1,069m

$0.9 – $1.36

08 Construction

75%–100%

$1,069m – $1,426m

$1.36 – $1.81

09 Production Current

100%

$1,426m

$1.81

Annual operating profile

Timeline Built from the stored anchor years: construction start, first production, and closure (or first production plus reserve life where no closure year is published). The marker is the year the current valuation is struck from.

Resources and reserves

Ore reserves

Mineral resources

Timeline