CHPP / saleable yield79.5%Saleable tonnes ÷ ROM feed
Realised coal price$153.41/tModeled pricing point
Site cash cost$91.42/tPer saleable tonne
Cash margin$45.42/tAfter royalties and modeled deductions
Risked NPV$2,787m75% ownership
Investment verdict
Flagship NSW Tier-1 open cut producing some of the world's highest quality, low-ash, high-CV thermal and metallurgical coal
A
A
Grade & continuity
Premium low-ash, high-energy coal (>6,200 kcal/kg NAR) with multi-seam continuity.
A
Metallurgy
Ultra-clean coal requiring minimal preparation for premium Asian export markets (>102% gC NEWC pricing).
A
Mining complexity
Large-scale truck and excavator open-cut operation with low strip ratio and long strike length.
A
Infrastructure & power
Dedicated rail loop connected to the Main Northern Railway to the Port of Newcastle (PWCS & NCIG).
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Permitting status
Approved to 13 Mtpa with Continuation Project planning in progress for long-term strike reorientation.
A
Resource confidence
Proved and probable JORC reserves supporting 20+ years of production.
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Geological upside
Pit continuation and strike extension offering substantial volume and productivity upside.
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Expansion optionality
Continuation project reorienting pit north to south for optimized haulage.
Valuation snapshot
100% NAV retained
Unrisked NPV$2,787m
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$2,787m
Selected project value after risk, before ownership attribution.
Effective discount rate7%
Time-value hurdle used for the project DCF after published adjustments.
NPV at first production$2,186m
Production-value anchor with pre-production timing removed; used by the FSV ladder.
Annual operating profile
Spot · risked · 100% of project
Saleable coal and CHPP yieldannual ROM-to-product conversion
Mt · %
Saleable-tonne economics2026E operating row and life-of-mine cost basis
US$/t
Realised price$153.41/t
Site cash cost$91.42/t
Cash cost incl. sustaining$117.16/t
Cash margin$45.42/t
ROM coal327.6 Mt
Saleable coal260.4 Mt
LOM saleable yield79.5%
Site cost / ROM t$72.68/t
A 100% yield indicates a schedule already expressed in saleable tonnes.
Revenue and cost stackcosts and capital aligned below zero
US$m
Capital recoveryannual and cumulative project cash flow
US$m
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.
Construction
2014–2026
Production
2026–2051
20142019202420292034203920442049
Dashed line marks 2026, the year this valuation is struck from.
Resources and reserves
Effective 30 Jun 2026 · Attributable basis
Ore reserves
Asset
Proven (Mt)
Probable (Mt)
Proven & probable (Mt)
Maules Creek Mine
210
113
323
Mineral resources
Asset
Measured (Mt)
Indicated (Mt)
Measured & indicated (Mt)
Inferred (Mt)
Total (Mt)
Maules Creek Mine
263
158
420
71.3
491
Coal tonnes are on the disclosed source basis; no equivalent conversion is applied.
Valuation framework Fair speculative value ladderProduction →
Two valuation lenses$2,186m production-value OV anchors the speculative
ladder; $2,787m stage-risked DCF is the selected modeled project value.
Speculative value by development stage
Current model stageProduction 100%–100%
certainty
Market-implied project value$4,280m Company market capitalization