OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor WHC ASX

WHITEHAVEN COAL LIMITED

Producer · Others · Australia Rating locked: sign in to view v8 · whc-20261024t182122-full
Last 2026-11-06
A$7.04
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$5.8B
EV
A$7.1B
Cash
A$778M
Debt
A$2.1B
11 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$778M Self Funding
Debt A$2.1B Net cash A$-1.3B
Basic shares 820.5M 2026-10-02
Runway Self Funding Positive FY26 operating cash flow857m against physical capex349m; no finite burn-runway ratio.

Liquidity

Financial position

Reported 30 June cash A$778m and undrawn facility A$181m. Valuation-date cash is separately estimated at A$722.562m after A$90m net interim generation, A$84m July vendor payment, A$47m September dividend and A$14.438m buybacks; held fixed under forward shocks.

Inventory composition1

Operating inventories support mine cash flows and are not added again as surplus equity value. Managed coal stocks3.859Mt differ from equity stocks3.047Mt.

Coal and stores inventories
A$499M carrying

Capital structure

Ownership and dilution

Ordinary shares
820.5M
Fully diluted
831.2M

30June822,323,769 less1,782,283 purchases/cancellations =820,541,486. Add8,903,868performance and1,749,657appreciation rights conservatively. Existing trust-share transfers are not issuance;34.02m restricted milestone ordinary shares already included and not added twice.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary shares, includes restricted milestone sharesOrdinary Share820.5M——
Performance share rights conservatively added one for onePerformance Right8.9M——
Share appreciation rights conservatively added one for oneOther1.7M——

KPI history

Operating metrics · Blackwater

Blackwater saleable coal production shown
0885,3601,770,7202,656,0803,541,4402025-03: 2,775,000 t saleable coal2025-032025-06: 3,162,000 t saleable coal2025-062025-09: 2,681,000 t saleable coal2025-092025-12: 2,772,000 t saleable coal2025-122026-03: 2,698,000 t saleable coal2026-032026-06: 3,006,000 t saleable coal2026-06
MetricUnitTrend2025-032025-062025-092025-122026-032026-06
Blackwater saleable coal productiont saleable coal2025-03: 2,775,000 t saleable coal2025-06: 3,162,000 t saleable coal2025-09: 2,681,000 t saleable coal2025-12: 2,772,000 t saleable coal2026-03: 2,698,000 t saleable coal2026-06: 3,006,000 t saleable coal2,775,0003,162,0002,681,0002,772,0002,698,0003,006,000

KPI history

Operating metrics · Daunia

Daunia saleable coal production shown
0360,640721,2801,081,9201,442,5602025-03: 974,000 t saleable coal2025-032025-06: 1,165,000 t saleable coal2025-062025-09: 973,000 t saleable coal2025-092025-12: 1,171,000 t saleable coal2025-122026-03: 1,239,000 t saleable coal2026-032026-06: 1,288,000 t saleable coal2026-06
MetricUnitTrend2025-032025-062025-092025-122026-032026-06
Daunia saleable coal productiont saleable coal2025-03: 974,000 t saleable coal2025-06: 1,165,000 t saleable coal2025-09: 973,000 t saleable coal2025-12: 1,171,000 t saleable coal2026-03: 1,239,000 t saleable coal2026-06: 1,288,000 t saleable coal974,0001,165,000973,0001,171,0001,239,0001,288,000

KPI history

Operating metrics · Maules Creek

Maules Creek saleable coal production shown
0743,4001,486,8002,230,2002,973,6002025-03: 2,115,000 t saleable coal2025-032025-06: 2,407,000 t saleable coal2025-062025-09: 2,208,000 t saleable coal2025-092025-12: 1,761,000 t saleable coal2025-122026-03: 2,632,000 t saleable coal2026-032026-06: 2,655,000 t saleable coal2026-06
MetricUnitTrend2025-032025-062025-092025-122026-032026-06
Maules Creek saleable coal productiont saleable coal2025-03: 2,115,000 t saleable coal2025-06: 2,407,000 t saleable coal2025-09: 2,208,000 t saleable coal2025-12: 1,761,000 t saleable coal2026-03: 2,632,000 t saleable coal2026-06: 2,655,000 t saleable coal2,115,0002,407,0002,208,0001,761,0002,632,0002,655,000

KPI history

Operating metrics · Narrabri

Narrabri saleable coal production shown
0611,2401,222,4801,833,7202,444,9602025-03: 885,000 t saleable coal2025-032025-06: 363,000 t saleable coal2025-062025-09: 814,000 t saleable coal2025-092025-12: 2,183,000 t saleable coal2025-122026-03: 1,039,000 t saleable coal2026-032026-06: 481,000 t saleable coal2026-06
MetricUnitTrend2025-032025-062025-092025-122026-032026-06
Narrabri saleable coal productiont saleable coal2025-03: 885,000 t saleable coal2025-06: 363,000 t saleable coal2025-09: 814,000 t saleable coal2025-12: 2,183,000 t saleable coal2026-03: 1,039,000 t saleable coal2026-06: 481,000 t saleable coal885,000363,000814,0002,183,0001,039,000481,000

KPI history

Operating metrics · Company

Goc saleable coal production shown
0222,600445,200667,800890,4002025-03: 643,000 t saleable coal2025-032025-06: 658,000 t saleable coal2025-062025-09: 657,000 t saleable coal2025-092025-12: 795,000 t saleable coal2025-122026-03: 774,000 t saleable coal2026-032026-06: 630,000 t saleable coal2026-06
MetricUnitTrend2025-032025-062025-092025-122026-032026-06
Goc saleable coal productiont saleable coal2025-03: 643,000 t saleable coal2025-06: 658,000 t saleable coal2025-09: 657,000 t saleable coal2025-12: 795,000 t saleable coal2026-03: 774,000 t saleable coal2026-06: 630,000 t saleable coal643,000658,000657,000795,000774,000630,000
Operating metric source table35
MetricProjectPeriodPeriod typeValueStatus
Blackwater saleable coal productionProject Whc Blackwater2025-03Quarter2,775,000 t saleable coalReported
Blackwater saleable coal productionProject Whc Blackwater2025-06Quarter3,162,000 t saleable coalReported
Blackwater saleable coal productionProject Whc Blackwater2025-09Quarter2,681,000 t saleable coalReported
Blackwater saleable coal productionProject Whc Blackwater2025-12Quarter2,772,000 t saleable coalReported
Blackwater saleable coal productionProject Whc Blackwater2026-03Quarter2,698,000 t saleable coalReported
Blackwater saleable coal productionProject Whc Blackwater2026-06Quarter3,006,000 t saleable coalReported
Daunia saleable coal productionProject Whc Daunia2025-03Quarter974,000 t saleable coalReported
Daunia saleable coal productionProject Whc Daunia2025-06Quarter1,165,000 t saleable coalReported
Daunia saleable coal productionProject Whc Daunia2025-09Quarter973,000 t saleable coalReported
Daunia saleable coal productionProject Whc Daunia2025-12Quarter1,171,000 t saleable coalReported
Daunia saleable coal productionProject Whc Daunia2026-03Quarter1,239,000 t saleable coalReported
Daunia saleable coal productionProject Whc Daunia2026-06Quarter1,288,000 t saleable coalReported
Maules Creek saleable coal productionProject Whc Maules Creek2025-03Quarter2,115,000 t saleable coalReported
Maules Creek saleable coal productionProject Whc Maules Creek2025-06Quarter2,407,000 t saleable coalReported
Maules Creek saleable coal productionProject Whc Maules Creek2025-09Quarter2,208,000 t saleable coalReported
Maules Creek saleable coal productionProject Whc Maules Creek2025-12Quarter1,761,000 t saleable coalReported
Maules Creek saleable coal productionProject Whc Maules Creek2026-03Quarter2,632,000 t saleable coalReported
Maules Creek saleable coal productionProject Whc Maules Creek2026-06Quarter2,655,000 t saleable coalReported
Narrabri saleable coal productionProject Whc Narrabri2025-03Quarter885,000 t saleable coalReported
Narrabri saleable coal productionProject Whc Narrabri2025-06Quarter363,000 t saleable coalReported
Narrabri saleable coal productionProject Whc Narrabri2025-09Quarter814,000 t saleable coalReported
Narrabri saleable coal productionProject Whc Narrabri2025-12Quarter2,183,000 t saleable coalReported
Narrabri saleable coal productionProject Whc Narrabri2026-03Quarter1,039,000 t saleable coalReported
Narrabri saleable coal productionProject Whc Narrabri2026-06Quarter481,000 t saleable coalReported
Goc saleable coal productionCompany2025-03Quarter643,000 t saleable coalReported
Goc saleable coal productionCompany2025-06Quarter658,000 t saleable coalReported
Goc saleable coal productionCompany2025-09Quarter657,000 t saleable coalReported
Goc saleable coal productionCompany2025-12Quarter795,000 t saleable coalReported
Goc saleable coal productionCompany2026-03Quarter774,000 t saleable coalReported
Goc saleable coal productionCompany2026-06Quarter630,000 t saleable coalReported
FY26 equity saleable coal productionCompanyFY26Year25,781,000 t saleable coalReported
FY26 equity own coal salesCompanyFY26Year25,982,000 t saleable coalReported
FY26 reported revenueCompanyFY26Year5,401,000,000 AUDReported
FY26 underlying EBITDACompanyFY26Year1,250,000,000 AUDReported
FY26 cost of coal excluding royaltiesCompanyFY26Year132 AUD/t saleable coalReported
Company guidance4
MetricProjectPeriodLowHighStatus
Managed Rom Coal ProductionCompanyFY2738,000,00041,000,000 t ROM coalCurrent
Equity Own Coal SalesCompanyFY2723,900,00026,000,000 t saleable coalCurrent
Cost Of Coal Excluding RoyaltiesCompanyFY27132147 AUD/t saleable coalCurrent
Physical Capital Expenditure Excluding M&A And Other InvestmentsCompanyFY27390,000,000490,000,000 AUDCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-15Ann. 2026-08-19DividendA$47M——Completed—
2026-09-30Ann. 2026-08-19BuybackA$14.4M——Ongoing—
2026-04-22Ann. 2026-04-16DebtUS$900M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual joint operations, debt and acquisition notes, presentation and earnings Q&A reviewed. Confidential offtake, port-swap and some infrastructure terms are not separately disclosed, and are not invented.

Reported legal joint operation. WHC economic percentage is applied once to gross mine cash flows; Australian wholly owned holder is distinguished from external JV participants.

Joint Venture · Active
Counterparties
Contract counterparties as disclosed in issuer filing
Applies to
Blackwater · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Whitehaven participating interest: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported legal joint operation. WHC economic percentage is applied once to gross mine cash flows; Australian wholly owned holder is distinguished from external JV participants.

Joint Venture · Active
Counterparties
Contract counterparties as disclosed in issuer filing
Applies to
Narrabri · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Whitehaven participating interest: 77.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported legal joint operation. WHC economic percentage is applied once to gross mine cash flows; Australian wholly owned holder is distinguished from external JV participants.

Joint Venture · Active
Counterparties
Contract counterparties as disclosed in issuer filing
Applies to
Maules Creek · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Whitehaven participating interest: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported legal joint operation. WHC economic percentage is applied once to gross mine cash flows; Australian wholly owned holder is distinguished from external JV participants.

Joint Venture · Active
Counterparties
Contract counterparties as disclosed in issuer filing
Applies to
Ferndale · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Whitehaven participating interest: 92.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported legal joint operation. WHC economic percentage is applied once to gross mine cash flows; Australian wholly owned holder is distinguished from external JV participants.

Joint Venture · Active
Counterparties
Contract counterparties as disclosed in issuer filing
Applies to
Pearl Creek / Dingo · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Whitehaven participating interest: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Remaining BMA fixed and final price-linked acquisition obligations are corporate burdens borne by WHC, not reduced by the 70% Blackwater mine ownership. The July2026 settlement updates cash separately.

Other · Active
Counterparties
BHP Mitsubishi Alliance
Applies to
Blackwater · Daunia · Others
Economic direction
Burden
Period
Through 2027-07-02; start date not stated
Key terms
Final fixed deferred consideration: 100,000,000 USD
Revenue share above threshold: 35 %
Threshold: 134 USD/t
Annual maximum: 350,000,000 USD
Year2 already paid: 84,000,000 AUD
June total deferred and contingent carrying balance: 574,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Price-dependent QLD marginal royalty schedule and NSW opencut/underground rates are included once in mine cash flows, with assessable-value deductions not reconstructed.

Royalty · Active
Counterparties
State governments and royalty counterparties
Applies to
Blackwater · Daunia · Maules Creek · Narrabri · Vickery early mining · Tarrawonga · Others
Economic direction
Burden
Period
Dates not stated
Key terms
QLD realised FY26 royalty cost: 27 AUD/t
NSW realised FY26 royalty cost: 18 AUD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Rail, port and captive processing commitments support product dispatch and are included in delivered mine operating costs. No separate extra DCF value for owned infrastructure or future savings is added.

Tolling Or Processing · Active
Counterparties
Aurizon · ARTC · PWCS · NCIG
Applies to
Blackwater · Daunia · Maules Creek · Narrabri · Vickery early mining · Tarrawonga · Others
Economic direction
Burden
Period
From 2026-07-01; no end date stated
Key terms
QLD rail saving from FY27: 2 AUD/t
NSW rail saving from FY27: 3 AUD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Debt principal is deducted once in the corporate bridge. Unlevered mine DCF excludes financing interest; refinancing benefits liquidity and execution score, not a second interest-saving NAV addition.

Other · Active
Counterparties
Senior secured noteholders · Syndicated lenders
Applies to
Company-wide · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Senior secured notes: 900,000,000 USD
Drawn term loan: 475,000,000 USD
Undrawn revolver: 125,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Term customer sales and lagged pricing do not establish a guaranteed floor. Product mix and quality discounts are reflected in state realised-price assumptions; individual confidential contract volumes and floors are not disclosed.

Offtake · Active
Counterparties
Steel and power customers in Japan, India and other Asia
Applies to
Blackwater · Daunia · Maules Creek · Narrabri · Vickery early mining · Tarrawonga · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
FY26 revenue from Asia: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.

All A$97m noncurrent other payables are deducted once as an upper bound for the partly disclosed port swap; ordinary logistics in operating costs remain separate.

Other · Active
Counterparties
Port capacity counterparties
Applies to
Company-wide · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Other payables carrying balance: 97,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.