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 YAL ASX

YANCOAL AUSTRALIA LIMITED

Producer · Others · Australia Rating locked: sign in to view v8 · yal-20261024t174648-full
Last 2026-11-06
A$5.54
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$7.3B
EV
A$7.7B
Cash
A$2.1B
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$2.1B Not Meaningful
Debt A$0 Net cash A$2.1B
Basic shares 1.3B 2026-09-30
Runway Not Meaningful Positive operating cash flow makes explorer cash-burn runway unsuitable. Exact cash, debt draw and fees after Kestrel completion remain undisclosed; June cash is a dated observation.

Liquidity

Financial position

June cash A$2,094m and leases60m precede September dividend92.4m and Kestrel completion. Draw and target completion adjustments are undisclosed. Separate analyst cash/debt bridge and nominal funding calendar retain that limitation.

Inventory composition1

June coal inventory A$174m, stores204m, ACCUs34m and fuel7m. Coal and operating NWC support ongoing sales; inventory is not added a second time to DCF value.

Coal inventory
A$174M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.3B

September monthly return confirms 1,320,439,437 shares. September11 Appendix3H six rights classes sum3,901,549, giving1,324,340,986 fully diluted shares. Trustee-held shares are included in gross shares and do not create another class.

Security classes7
ClassTypeQuantityStrikeExpiry
Gross ordinary shares acrossASX andHKEX; one economic classOrdinary Share1.3B——
LTIP2024 outstanding performance rightsPerformance Right859.4KA$0—
LTIP2023 outstanding performance rightsPerformance Right61.9KA$0—
LTIP2026 outstanding performance rightsPerformance Right931.1KA$0—
STIP2025 outstanding performance rightsPerformance Right1MA$0—
LTIP2025 outstanding performance rightsPerformance Right619.4KA$0—
STIP2024 outstanding performance rightsPerformance Right420.5KA$0—

KPI history

Operating metrics · Company

Attributable saleable production excludingMiddlemount and preacquisition Kestrel shown
036912Q32025: 9 Mt saleable coalQ32025Q42025: 10 Mt saleable coalQ42025Q12026: 9 Mt saleable coalQ12026Q22026: 11 Mt saleable coalQ22026
MetricUnitTrendQ32025Q42025Q12026Q22026
Attributable saleable production excludingMiddlemount and preacquisition KestrelMt saleable coalQ32025: 9.30 Mt saleable coalQ42025: 10.40 Mt saleable coalQ12026: 9.00 Mt saleable coalQ22026: 10.80 Mt saleable coal9.310.49.010.8
Average realized coal priceAUD/t saleable coalQ32025: 140 AUD/t saleable coalQ42025: 148 AUD/t saleable coalQ12026: 146 AUD/t saleable coalQ22026: 160 AUD/t saleable coal140148146160
Operating metric source table13
MetricProjectPeriodPeriod typeValueStatus
Attributable saleable production excludingMiddlemount and preacquisition KestrelCompanyQ32025Quarter9.3 Mt saleable coalReported
Average realized coal priceCompanyQ32025Quarter140 AUD/t saleable coalReported
Attributable saleable production excludingMiddlemount and preacquisition KestrelCompanyQ42025Quarter10.4 Mt saleable coalReported
Average realized coal priceCompanyQ42025Quarter148 AUD/t saleable coalReported
Attributable saleable production excludingMiddlemount and preacquisition KestrelCompanyQ12026Quarter9 Mt saleable coalReported
Average realized coal priceCompanyQ12026Quarter146 AUD/t saleable coalReported
Attributable saleable production excludingMiddlemount and preacquisition KestrelCompanyQ22026Quarter10.8 Mt saleable coalReported
Average realized coal priceCompanyQ22026Quarter160 AUD/t saleable coalReported
revenueCompanyH12026Half Year3,024,000,000 AUDReported
ebitdaCompanyH12026Half Year767,000,000 AUDReported
Reported CFO less cash capex; excludes lease and financing normalizationsCompanyH12026Half Year208,000,000 AUDSource Derived
productionCompanyH12026Half Year19.8 Mt saleable coalReported
unit_costCompanyH12026Half Year96 AUD/t saleable coal excl government royaltiesReported
Company guidance3
MetricProjectPeriodLowHighStatus
Attributable Saleable Production Excluding KestrelCompany202636.540.5 MtCurrent
Cash Operating Cost Excluding Government RoyaltiesCompany20269098 AUD/t saleable coalCurrent
Attributable Capital Expenditure Excluding KestrelCompany2026600,000,000750,000,000 AUDCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-18Ann. 2026-08-19DividendA$92.4M——Completed—
2026-10-01Ann. 2026-04-14Debt———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-report arrangements reconciled to August connected transactions and October1 Kestrel completion; terms remain factual and valuation treatment is separately rebuilt.

Existing joint-venture participating interest controls attributable production and value. Ownership is already embedded in reported attributable NAV or the acquired 80% stake price and is applied once.

Joint Venture · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Moolarben · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
YAL economic interest: 98.75 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Existing joint-venture participating interest controls attributable production and value. Ownership is already embedded in reported attributable NAV or the acquired 80% stake price and is applied once.

Joint Venture · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Mount Thorley Warkworth · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
YAL economic interest: 83.6 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Existing joint-venture participating interest controls attributable production and value. Ownership is already embedded in reported attributable NAV or the acquired 80% stake price and is applied once.

Joint Venture · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Hunter Valley Operations · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
YAL economic interest: 51 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Existing joint-venture participating interest controls attributable production and value. Ownership is already embedded in reported attributable NAV or the acquired 80% stake price and is applied once.

Joint Venture · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Middlemount · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
YAL economic interest: 50 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Existing joint-venture participating interest controls attributable production and value. Ownership is already embedded in reported attributable NAV or the acquired 80% stake price and is applied once.

Joint Venture · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Kestrel · Others
Economic direction
Mixed
Period
From 2026-10-01; no end date stated
Key terms
YAL economic interest: 80 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Five-year contingent consideration pays 30% of YAL attributable Kestrel revenue linked to benchmark prices above a nominal US$225/t threshold, with a US$550 million aggregate cap. Realization relativity and annual volumes matter.

Royalty · Active
Counterparties
EMR and Adaro vendors
Applies to
Kestrel · Others
Economic direction
Burden
Period
2026-10-01 to 2031-10-01
Key terms
Maximum aggregate: 550,000,000 USD
Benchmark threshold: 225 USD/t
Revenue participation: 30 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

US$1.2 billion five-year acquisition loan plus US$200 million working-capital facility. Exact draw and target debt refinancing are undisclosed; June net cash does not describe the current balance sheet.

Other · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Kestrel · Others
Economic direction
Burden
Period
2026-10-01 to 2031-10-01
Key terms
Acquisitionloanlimit: 1,200,000,000 USD
Undrawnworkingcapital: 200,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate 4% FOB trimmed-sales royalty on the whole Middlemount mine. The A$174 million June finite-life fair value is distinct from YAL equity ownership.

Royalty · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Middlemount · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
FOB rate: 4 percent
Fairvalue: 174,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Coal & Allied acquisition price-linked royalty to Rio Tinto ends 31 August 2030. June half-year payments were A$20 million. Full threshold and annual volume terms remain incomplete; avoid a second deduction beyond operating cash flows.

Royalty · Active
Counterparties
Rio Tinto
Applies to
Mount Thorley Warkworth · Hunter Valley Operations · Others
Economic direction
Burden
Period
Through 2030-08-31; start date not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Below-market coal supply and transport agreement with BLCP in Thailand. December sales-contract provision A$17 million has a finite life; the operating burden remains in the operating cash flows.

Offtake · Active
Counterparties
BLCP Power
Applies to
Mount Thorley Warkworth · Hunter Valley Operations · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Provision: 17,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Yankuang and YIT sales frameworks extend through the November–December 2026 transitional renewal. API5, coal quality and independent comparable deals determine pricing; caps are ceilings rather than guaranteed revenues.

Offtake · Announced
Counterparties
Yankuang Energy · YIT
Applies to
Company-wide · Others
Economic direction
Mixed
Period
2026-11-01 to 2026-12-31
Key terms
Yankuang renewalcap: 66,600,000 USD
YIT renewalcap: 133,300,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Parent coal-purchase framework through 2026 with US$110 million annual cap. Purchased coal is part of operating trade and is excluded from owned mine production.

Offtake · Active
Counterparties
Yankuang Energy
Applies to
Company-wide · Others
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Annualcap: 110,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Glencore coal-sales framework through 2026. August raised its 2026 cap from US$350 million to US$750 million after US$215 million first-half transactions. Other terms remain unchanged.

Offtake · Active
Counterparties
Glencore
Applies to
Hunter Valley Operations · Others
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Revised2026cap: 750,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Glencore coal-purchase framework through 2026 with US$250 million annual cap; operating inventory and costs already include these purchases.

Offtake · Active
Counterparties
Glencore
Applies to
Company-wide · Others
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Annualcap: 250,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

POSCO sales framework through 2027 with US$510 million annual cap and Mount Thorley 80/20 sales agency. Proceeds pass to owners; no additional mine ownership arises.

Offtake · Active
Counterparties
POSCO
Applies to
Mount Thorley Warkworth · Others
Economic direction
Mixed
Period
Through 2027-12-31; start date not stated
Key terms
Frameworkannualcap: 510,000,000 USD
MTWsalescompany2026cap: 85,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

HVO sales company passes collected proceeds to the 51/49 owners within three business days. Agreement lasts until JV termination; the US$1.3 billion 2026 cap is not additional revenue.

Offtake · Active
Counterparties
Glencore · HVO Coal Sales
Applies to
Hunter Valley Operations · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Remittancetime: 3 businessdays
2026cap: 1,300,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

HVO diesel supply from Glencore through 2026 uses tender or Platts gasoil pricing, with US$245 million cap. Diesel inflation can raise cash costs.

Other · Active
Counterparties
Glencore Australian Oil
Applies to
Hunter Valley Operations · Others
Economic direction
Burden
Period
Through 2026-12-31; start date not stated
Key terms
Annualcap: 245,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Wubo freight services through 2026 have a US$23 million cap and competitive bidding with independent parties. Automatic three-year renewal remains subject to listing rules.

Other · Active
Counterparties
Wubo
Applies to
Company-wide · Others
Economic direction
Burden
Period
2026-01-01 to 2026-12-31
Key terms
2026cap: 23,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Parent and Shandong Energy management services charge cost plus 8.25% through 2027. Managed mines remain parent assets rather than YAL mine ownership.

Other · Active
Counterparties
Yankuang Energy · Shandong Energy
Applies to
Company-wide · Others
Economic direction
Benefit
Period
Through 2027-12-31; start date not stated
Key terms
Costmargin: 8.25 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Guarantees support ports, rail and rehabilitation; June utilization was A$1,099 million. Related-party support and port take-or-pay obligations can cause funding calls, but guarantee utilization is not a drawn cash loan.

Other · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Company-wide · Others
Economic direction
Burden
Period
Through 2030-11-28; start date not stated
Key terms
Juneutilized: 1,099,000,000 AUD
Networthfloor: 6,500,000,000 AUD
Maxgearing: 45 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Bank FX forwards hedge portions of sales and purchases, but current volumes, strikes and maturities are undisclosed. The old debt hedge reserve was fully exhausted after A$188 million recycling in 1H2026.

FX Hedge · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Company-wide · Others
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Middlemount support letter requires proportionate shareholder financing to meet debts as due. It continues while YAL is a shareholder unless notice is provided; future draws are undisclosed.

Other · Active
Counterparties
Contractual counterparties disclosed by issuer
Applies to
Middlemount · Others
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.