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- Last 2026-11-06
- A$5.54
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- HKEX - CCT, acquisition financing and Director electionMaterial Corporate Transaction
- Board changesPost Annual Leadership Change
- Quarterly Activities Report - 3Q 2026Latest Four Activities Reports
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 19All sources ▸- HKEX - Monthly Return NoticeCorporate Action
- NSW IPC decision on HVO Continuation ProjectPermitting
- 2026 Interim ReportResults
- Notification of cessation of securities - YALCorporate Action
- Notification regarding unquoted securities - YALCorporate Action
- Update on 2024 LTIP RightsCorporate Action
- HKEX - Renewal of Continuing Connection TransactionsEconomic Arrangement
- HKEX - Continuing Connected Transactions - Coal SalesEconomic Arrangement
- Half Year AccountsResults
- 1H 2026 Financial Results PresentationPresentation
- 1H 2026 Financial Results AnnouncementResults
- Quarterly Activities Report - 2Q 2026Operations
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-13 to 2026-12-31 | HVO federal approval deadline | Permitting | Company Guided | High | State approval does not replace federal permission; continued HVO operations require that decision. |
| 2026-11-01 to 2026-12-31 | Parent sales transitional renewal | Economic Arrangement | Confirmed | High | Framework caps are transaction ceilings, not locked prices or guaranteed revenues. |
| 2026-11-23 | Kestrel accountants competent-person and valuation circular | Transaction | Company Guided | High | Details of Kestrel completion accounts, mine economics and net debt can change the cash-flow and funding assessment. |
| 2027-01-01 to 2027-03-31 | Ashton underground development ceases | Production | Company Guided | High | Development cessation precedes early-2028 longwall cessation and the updated closure assessment. |
Executive roster
As of 2026-10-13Background checks ▸Existing factual executive IDs retained against annual profiles and issuer webcast participants; no management-background refresh undertaken.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Ning Yue | Executive Director · Chair of Executive Committee | Executive Director | — | Annual Report 2025 |
| Sharif Burra | Chief Executive Officer | Chief Executive | 2025-09-08 | Annual Report 2025 |
| Ning (Kevin) Su | Chief Financial Officer | Finance | 2020-06-01 | Annual Report 2025 |
| Laura Ling Zhang | Company Secretary · Chief Legal Compliance and Corporate Affairs Officer | Company Secretary · Senior Management | 2005-09-06 | Annual Report 2025 |
| Frank Fulham | Chief Sustainability Technology Innovation and Development Officer | Technical · Senior Management | — | 2025 financial results webcast notes |
| David Bennett | EGM Operations | Operations | — | 2025 financial results webcast notes |
| Mark Salem | EGM Marketing and Logistics | Commercial | — | 2025 financial results webcast notes |
| Mike Wells | EGM Finance | Finance | — | 2025 financial results webcast notes |
| Mark Jacobs | EGM Environment and External Affairs | Senior Management | — | 2025 financial results webcast notes |
| Sebastian de Koning | EGM Audit and Risk | Senior Management | — | 2025 financial results webcast notes |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Moolarben
Australia
Producer98.75% ownedOthers
Operating
- Production annualised (attributable)
- 21.3m td
- Production (last FY, 100%)
- 19.1m t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 855 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
| Ore Reserve | Marketable coal reserve | 141 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Moolarben OC3 optimization resubmission10April2026 | NSW Australia | Pending | — | No |
Core asset
Mount Thorley Warkworth
Australia
Producer83.6% ownedOthers
Operating
- Production annualised (attributable)
- 10.4m td
- Production (last FY, 100%)
- 11.8m t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 1.3K Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
| Ore Reserve | Marketable coal reserve | 145 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
Core asset
Hunter Valley Operations
Australia
Producer51% ownedOthers
Operating
- Production annualised (attributable)
- 7.5m td
- Production (last FY, 100%)
- 14.1m t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 3.7K Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
| Ore Reserve | Marketable coal reserve | 555 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| HVO continuation state approvals through2045 | NSW Australia | Granted | 2045-12-31 | Yes |
| HVO continuation federal environmental approval | Australian federal | Pending | — | Yes |
Material
Ashton
Australia
Producer100% ownedOthers
Producing; Ashton transitions to closure in early 2028
- Production annualised (attributable)
- 1.6m td
- Production (last FY, 100%)
- 500.0k t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 190 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
| Ore Reserve | Marketable coal reserve | 10 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
Material
Yarrabee
Australia
Producer100% ownedOthers
Operating
- Production annualised (attributable)
- 2.8m td
- Production (last FY, 100%)
- 2.7m t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 275 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
| Ore Reserve | Marketable coal reserve | 52 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
Material
Middlemount
Australia
Producer50% ownedOthers
Operating
- Production annualised (attributable)
- 1.2m td
- Production (last FY, 100%)
- 2.6m t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 144 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
| Ore Reserve | Marketable coal reserve | 60 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-12-31 |
Core asset
Kestrel
Australia
Producer80% ownedOthers
Producing; Kestrel ownership effective 1 October 2026
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- 5.9m t
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total coal resource including reserves | 406 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-09-01 |
| Ore Reserve | Marketable coal reserve | 164 Mt coal on100%mine basis | Coal quality is product specific; no elemental metal grade or contained-metal conversion asserted. | Others | 2025-09-01 |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Ownership
- 100%d
- Description
- Closed mines outsideNSWoperating CGU undertaking closure activities
- Book value
- —
- Royalty type
- FOB trimmed sales royalty
- Rate
- 4%
- Underlying asset and operator
- Middlemount operated mine
- Operator's stage
- producer
- Attrib. royalty units per year
- —
- Royalty receipts (12M)
- —
- Our attributable value
- Locked
- Investee
- Newcastle Coal Infrastructure Group equity
- Holding
- 27%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- Investee
- Port Waratah Coal Services equity
- Holding
- 30%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- Investee
- Wiggins Island Coal Export Terminal equity
- Holding
- 33%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Gross ordinary shares acrossASX andHKEX; one economic class | Ordinary Share | 1.3B | — | — |
| LTIP2024 outstanding performance rights | Performance Right | 859.4K | A$0 | — |
| LTIP2023 outstanding performance rights | Performance Right | 61.9K | A$0 | — |
| LTIP2026 outstanding performance rights | Performance Right | 931.1K | A$0 | — |
| STIP2025 outstanding performance rights | Performance Right | 1M | A$0 | — |
| LTIP2025 outstanding performance rights | Performance Right | 619.4K | A$0 | — |
| STIP2024 outstanding performance rights | Performance Right | 420.5K | A$0 | — |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q32025 | Q42025 | Q12026 | Q22026 |
|---|---|---|---|---|---|---|
| Attributable saleable production excludingMiddlemount and preacquisition Kestrel | Mt saleable coal | 9.3 | 10.4 | 9.0 | 10.8 | |
| Average realized coal price | AUD/t saleable coal | 140 | 148 | 146 | 160 |
Operating metric source table13
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Attributable saleable production excludingMiddlemount and preacquisition Kestrel | Company | Q32025 | Quarter | 9.3 Mt saleable coal | Reported |
| Average realized coal price | Company | Q32025 | Quarter | 140 AUD/t saleable coal | Reported |
| Attributable saleable production excludingMiddlemount and preacquisition Kestrel | Company | Q42025 | Quarter | 10.4 Mt saleable coal | Reported |
| Average realized coal price | Company | Q42025 | Quarter | 148 AUD/t saleable coal | Reported |
| Attributable saleable production excludingMiddlemount and preacquisition Kestrel | Company | Q12026 | Quarter | 9 Mt saleable coal | Reported |
| Average realized coal price | Company | Q12026 | Quarter | 146 AUD/t saleable coal | Reported |
| Attributable saleable production excludingMiddlemount and preacquisition Kestrel | Company | Q22026 | Quarter | 10.8 Mt saleable coal | Reported |
| Average realized coal price | Company | Q22026 | Quarter | 160 AUD/t saleable coal | Reported |
| revenue | Company | H12026 | Half Year | 3,024,000,000 AUD | Reported |
| ebitda | Company | H12026 | Half Year | 767,000,000 AUD | Reported |
| Reported CFO less cash capex; excludes lease and financing normalizations | Company | H12026 | Half Year | 208,000,000 AUD | Source Derived |
| production | Company | H12026 | Half Year | 19.8 Mt saleable coal | Reported |
| unit_cost | Company | H12026 | Half Year | 96 AUD/t saleable coal excl government royalties | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Attributable Saleable Production Excluding Kestrel | Company | 2026 | 36.5 | 40.5 Mt | Current |
| Cash Operating Cost Excluding Government Royalties | Company | 2026 | 90 | 98 AUD/t saleable coal | Current |
| Attributable Capital Expenditure Excluding Kestrel | Company | 2026 | 600,000,000 | 750,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-18Ann. 2026-08-19 | Dividend | A$92.4M | — | — | Completed | — |
| 2026-10-01Ann. 2026-04-14 | Debt | — | — | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This is a partial public-record management screening. Company reports show coal production and a completed acquisition, while a prior fatality and pending corporate charge are material context; individual responsibility is not established.
Decision-relevant facts
Material summary
Ning Yue
Executive Director, Chair of Executive Committee
Company SuccessIssuer Reported · Medium materiality
Reported production and acquisition
Yancoal reported 9.4 million tonnes attributable saleable production in the September 2026 quarter, and completion on 1 October of an 80% Kestrel interest. It said year-to-date attributable production was 4% above the prior corresponding period. Results are company-wide and affected by market and operational factors; individual contributions are not isolated.
Role overlaps event; causation unproven · Issuer reports this person in group leadership during 2026; continued specific role at the cutoff and direct contribution to each result are not established.
Third quarter 2026 activities · Printed p1; figures visually checked in cached filing
2025 financial results webcast, 26 February 2026 · Page 1, leadership list
SafetyAlleged · High materiality
Austar closure fatality and ongoing company prosecution
A worker died in a fall at Austar during mine closure on 17 September 2024, according to a NSW regulator preliminary release. The regulator’s prosecution list records an allegation against Yancoal Mining Services commencing 15 September 2026 and pending. The company entry lists an incident date of 17 December 2024, while entries for two other firms describe the same type of work with a 17 September date; whether the entries describe the same incident and the date discrepancy remain unverified. Charges are not findings of guilt.
Employer context; no individual link established · Company-level events and an ongoing corporate charge; the sources do not establish this person’s involvement, knowledge, fault or precise duties at the event date.
Fatality: worker falls into mine shaft · Pages 1–2, preliminary fatality release
Prosecution summaries · Austar entries for Yancoal Mining Services, Boom Logistics and Solid Engineering
SafetyIssuer Reported · Medium materiality
Reported injury rates and severe injuries
Yancoal reported 10 high-consequence work-related injuries in 2025 versus eight in 2024, while it reported no work-related fatalities in 2025. In its September 2026 quarterly report it said the rolling total-recordable-injury frequency rate increased to 7.14 from 7.00 at June 2026. Reporting periods and metrics are distinct; the FY2025 rate uses a separate reported basis.
Role overlaps event; causation unproven · Company-level safety measures during the documented 2026 roles do not establish individual causation.
2025 sustainability report · Printed p45 and performance tables; 2025 high-consequence injuries
Third quarter 2026 activities · Printed p1; Q3 2026 rolling injury rate, visually checked
Evidence gaps · 4
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
- The NSW regulator’s 2026 prosecution entries have inconsistent incident dates and no final case outcome was found; personal involvement or fault has not been established.
Sharif Burra
Chief Executive Officer
Company SuccessIssuer Reported · Medium materiality
Reported production and acquisition
Yancoal reported 9.4 million tonnes attributable saleable production in the September 2026 quarter, and completion on 1 October of an 80% Kestrel interest. It said year-to-date attributable production was 4% above the prior corresponding period. Results are company-wide and affected by market and operational factors; individual contributions are not isolated.
Role overlaps event; causation unproven · Issuer reports this person in group leadership during 2026; continued specific role at the cutoff and direct contribution to each result are not established.
Third quarter 2026 activities · Printed p1; figures visually checked in cached filing
2025 financial results webcast, 26 February 2026 · Page 1, leadership list
SafetyAlleged · High materiality
Austar closure fatality and ongoing company prosecution
A worker died in a fall at Austar during mine closure on 17 September 2024, according to a NSW regulator preliminary release. The regulator’s prosecution list records an allegation against Yancoal Mining Services commencing 15 September 2026 and pending. The company entry lists an incident date of 17 December 2024, while entries for two other firms describe the same type of work with a 17 September date; whether the entries describe the same incident and the date discrepancy remain unverified. Charges are not findings of guilt.
Employer context; no individual link established · Company-level events and an ongoing corporate charge; the sources do not establish this person’s involvement, knowledge, fault or precise duties at the event date.
Fatality: worker falls into mine shaft · Pages 1–2, preliminary fatality release
Prosecution summaries · Austar entries for Yancoal Mining Services, Boom Logistics and Solid Engineering
SafetyIssuer Reported · Medium materiality
2014 Austar underground fatalities and regulator outcome
Two employees died in an Austar underground incident in April 2014. Yancoal’s 2015 annual report says the regulator advised it in April 2016 that it would not institute prosecution. The issuer says Burra held various Austar managerial positions but the dates and his role at the incident are not established.
Employer context; no individual link established · The exact period and nature of the person’s Austar roles are unknown. Neither his involvement nor individual responsibility is established.
2014 annual report · Printed p13; incident and then investigation
2015 annual report · Safety section and Austar section; no prosecution notice
2025 sustainability report · Printed p18; prior Austar roles without dates
SafetyIssuer Reported · Medium materiality
Reported injury rates and severe injuries
Yancoal reported 10 high-consequence work-related injuries in 2025 versus eight in 2024, while it reported no work-related fatalities in 2025. In its September 2026 quarterly report it said the rolling total-recordable-injury frequency rate increased to 7.14 from 7.00 at June 2026. Reporting periods and metrics are distinct; the FY2025 rate uses a separate reported basis.
Role overlaps event; causation unproven · Company-level safety measures during the documented 2026 roles do not establish individual causation.
2025 sustainability report · Printed p45 and performance tables; 2025 high-consequence injuries
Third quarter 2026 activities · Printed p1; Q3 2026 rolling injury rate, visually checked
Evidence gaps · 5
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
- The NSW regulator’s 2026 prosecution entries have inconsistent incident dates and no final case outcome was found; personal involvement or fault has not been established.
- The dates and duties of his historical Austar management roles and any connection with the 2014 incident remain unestablished.
Ning (Kevin) Su
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
- The company webpage says May 2020 appointment; the 2025 sustainability report says June 2020. The actual commencement date remains unresolved.
Laura Ling Zhang
Company Secretary, Chief Legal Compliance and Corporate Affairs Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
Frank Fulham
Chief Sustainability Technology Innovation and Development Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
David Bennett
EGM Operations
Company SuccessIssuer Reported · Medium materiality
Reported production and acquisition
Yancoal reported 9.4 million tonnes attributable saleable production in the September 2026 quarter, and completion on 1 October of an 80% Kestrel interest. It said year-to-date attributable production was 4% above the prior corresponding period. Results are company-wide and affected by market and operational factors; individual contributions are not isolated.
Role overlaps event; causation unproven · Issuer reports this person in group leadership during 2026; continued specific role at the cutoff and direct contribution to each result are not established.
Third quarter 2026 activities · Printed p1; figures visually checked in cached filing
2025 financial results webcast, 26 February 2026 · Page 1, leadership list
SafetyAlleged · High materiality
Austar closure fatality and ongoing company prosecution
A worker died in a fall at Austar during mine closure on 17 September 2024, according to a NSW regulator preliminary release. The regulator’s prosecution list records an allegation against Yancoal Mining Services commencing 15 September 2026 and pending. The company entry lists an incident date of 17 December 2024, while entries for two other firms describe the same type of work with a 17 September date; whether the entries describe the same incident and the date discrepancy remain unverified. Charges are not findings of guilt.
Employer context; no individual link established · Company-level events and an ongoing corporate charge; the sources do not establish this person’s involvement, knowledge, fault or precise duties at the event date.
Fatality: worker falls into mine shaft · Pages 1–2, preliminary fatality release
Prosecution summaries · Austar entries for Yancoal Mining Services, Boom Logistics and Solid Engineering
SafetyIssuer Reported · Medium materiality
Reported injury rates and severe injuries
Yancoal reported 10 high-consequence work-related injuries in 2025 versus eight in 2024, while it reported no work-related fatalities in 2025. In its September 2026 quarterly report it said the rolling total-recordable-injury frequency rate increased to 7.14 from 7.00 at June 2026. Reporting periods and metrics are distinct; the FY2025 rate uses a separate reported basis.
Role overlaps event; causation unproven · Company-level safety measures during the documented 2026 roles do not establish individual causation.
2025 sustainability report · Printed p45 and performance tables; 2025 high-consequence injuries
Third quarter 2026 activities · Printed p1; Q3 2026 rolling injury rate, visually checked
Evidence gaps · 4
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
- The NSW regulator’s 2026 prosecution entries have inconsistent incident dates and no final case outcome was found; personal involvement or fault has not been established.
Mark Salem
EGM Marketing and Logistics
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
Mike Wells
EGM Finance
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
- Detailed career chronology, qualifications and later role continuity are not established by the webcast.
Mark Jacobs
EGM Environment and External Affairs
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
Sebastian de Koning
EGM Audit and Risk
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- One broad named query was performed and reused across topic entries. Dedicated topic-by-topic investigations, all material former employers, independent court and regulator records, and credential verification remain incomplete.
- The latest dated role evidence is the February 2026 company webcast unless otherwise identified; role continuity to 31 October is not independently established.
- The search is public-record screening, not an exhaustive criminal, litigation, sanctions or credential check; namesakes are not attributed without identity evidence.
- Detailed career chronology, qualifications and later role continuity are not established by the webcast.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-02-03 · 1,320,439,437 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 50.03% | 660,656,188 | |
| 2 | 24.40% | 322,157,715 | |
| 3 | 4.77% | 62,967,040 | |
| 4 | 4.26% | 56,202,289 | |
| 5 | 3.12% | 41,180,818 | |
| 6 | 2.85% | 37,695,839 | |
| 7 | 0.69% | 9,150,112 | |
| 8 | 0.48% | 6,308,735 | |
| 9 | 0.25% | 3,250,000 | |
| 10 | 0.21% | 2,752,740 | |
| 11 | 0.19% | 2,500,000 | |
| 12 | 0.16% | 2,177,912 | |
| 13 | 0.16% | 2,161,861 | |
| 14 | 0.12% | 1,520,062 | |
| 15 | 0.10% | 1,304,429 | |
| 16 | 0.07% | 890,000 | |
| 17 | 0.06% | 841,766 | |
| 18 | 0.06% | 735,414 | |
| 19 | 0.05% | 655,876 | |
| 20 | 0.05% | 602,650 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 62.26%Voting power | 2025-12-31 | |
| 6.99%Voting power | 2026-10-26 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Hong Kong register control and nominee accounts conceal underlying beneficial owners; duplicate HSBC names distinguished by rank.
- Yankuang’s 31 December 2025 beneficial interest and February 2026 registered holding are different views and dates.
- Cinda’s October 2026 notice supersedes its older position in the annual report.
- Later trades below disclosure thresholds can change ownership without new notices.
Sources
- Annual Report 2025
Yancoal Australia via ASX · Published 2026-04-23 · Accessed 2026-10-31
Combined ASX and HKEX registered accounts at 3 February 2026 and beneficial interests at 31 December 2025.
PDF pages 18, 157
- Cinda change in substantial holding
Cinda via ASX · Published 2026-10-27 · Accessed 2026-10-31
92,343,745 ordinary shares and 6.99% voting power at 26 October 2026.
PDF page 2, visually reviewed
Disclosed activity
Insider transactions
Trading activity2 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-06-11 | Ning Yue
Details & evidence for Ning Yue on 2026-06-11Nil-consideration issue of 2025 STIP rights. As disclosed: Nil-consideration issue of 2025 STIP rights.
Appendix 3Y ↗ Appendix 3Y ↗ | Grant2025 STIP rights | 104,250 | —Non Cash | — | — |
| 2026-03-17 | Ning Yue
Details & evidence for Ning Yue on 2026-03-178,271 2023 rights and 31,477 2024 rights settled: 19,875 shares issued and 19,873 rights cash-settled, approximately $158,546 in aggregate. Cash currency not stated; no sale inferred. As disclosed: 8,271 2023 rights and 31,477 2024 rights settled: 19,875 shares issued and 19,873 rights cash-settled, approximately $158,546 in aggregate. Cash currency not stated; no sale inferred.
Appendix 3Y ↗ Appendix 3Y ↗ | Other2023 and 2024 STIP rights | 39,748 | —Non Cash | — | — |
| 2025-05-30 | Ning Yue
Details & evidence for Ning Yue on 2025-05-30The notice states the grant was approved at the 28 May 2025 AGM and issued under the Equity Incentive Plan. As disclosed: 62,955 2024 STIP Rights were issued under the Company's Equity Incentive Plan. Grant approved at the Company's AGM on 28 May 2025.
Appendix 3Y ↗ | Grant2024 deferred STIP rights | 62,955 | —Non Cash | — | 62,955 |
| 2025-03-07 | Ning Yue
Details & evidence for Ning Yue on 2025-03-07The 3Y reports 4,135 shares settled from Ning Yue's vested 2023 STIP rights but says 'Mr Ning Zhang' received them. The 3G names Ning Yue as KMP and registered holder for exactly 4,135 ordinary shares on the same settlement date. Attribution follows the explicit 3G holder entry; the exact 3Y name discrepancy remains recorded. As disclosed: 4,135 Vested 2023 STIP Rights were settled by way of Shares.
Notification regarding unquoted securities - YAL ↗ Appendix 3Y ↗ | Transfer Inordinary shares | 4,135 | —Non Cash | — | 4,135 |
| 2025-03-07 | Ning Yue
Details & evidence for Ning Yue on 2025-03-07The 7 March 2025 3Y says 8,270 rights vested; 4,135 were settled in shares and 4,135 by cash-equivalent payment. Its nature-of-change text says 'Mr Ning Zhang' received the shares, while the 10 March 2025 Appendix 3G identifies KMP Ning Yue and registered holder Ning Yue for 4,135 ordinary shares from the YALAC STIP settlement. The exact source name mismatch is retained; the cross-filing evidence supports attribution to Ning Yue. As disclosed: 8,270 2023 STIP Rights vested on 1 March 2025; 4,135 were settled by way of shares and 4,135 by way of cash equivalent payment calculated using the 7 March 2025 ASX VWAP.
Appendix 3Y ↗ Appendix 3Y ↗ | Vesting2023 STIP rights | 8,270 | —Mixed Unallocated | — | 8,271 |
| 2024-08-22 | Geoffrey William Raby
Details & evidence for Geoffrey William Raby on 2024-08-22The notice states a total AUD amount and per-share average. As disclosed: Total of AUD 134,459.92 (based on average per share price of AUD 5.846083); on-market trade.
Appendix 3Y ↗ Appendix 3Y ↗ | Purchaseordinary shares | 23,000 | AUD 134,459.92 | AUD 5.846083Disclosed price | 23,000 |
| 2024-08-22 | Debra Anne Bakker
Details & evidence for Debra Anne Bakker on 2024-08-22The notice states a total AUD amount and per-share average. As disclosed: Total of AUD 51,930.00 (based on average per share price of AUD 5.770000); on-market trade.
Appendix 3Y ↗ Appendix 3Y ↗ | Purchaseordinary shares | 9,000 | AUD 51,930.00 | AUD 5.77Disclosed price | 9,000 |
| 2024-06-03 | Geoffrey William Raby
Details & evidence for Geoffrey William Raby on 2024-06-03The notice reports a total AUD amount and disclosed average per-share price. As disclosed: Total of AUD 150,379 (based on average per share price of AUD 6.5788); on-market trade.
Appendix 3Y ↗ Appendix 3Y ↗ | Saleordinary shares | 22,858 | AUD 150,379.00 | AUD 6.5788Disclosed price | 0 |
| 2024-05-30 | Ning Yue
Details & evidence for Ning Yue on 2024-05-30Grant approved at the Company's AGM on 30 May 2024 and issued under the Equity Incentive Plan. As disclosed: 16,541 2023 STIP Rights were issued under the Company's Equity Incentive Plan; the grant was approved by shareholders at the AGM on 30 May 2024.
Appendix 3Y ↗ | Grant2023 STIP rights | 16,541 | —Non Cash | — | 16,541 |
| 2023-06-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-06-01Grant approved at the Company's AGM on 31 May 2023 and issued under the Equity Incentive Plan. As disclosed: 65,833 2022 STIP Rights were issued under the Company's Equity Incentive Plan; grant approved at the 31 May 2023 AGM.
Appendix 3Y ↗ | Grant2022 STIP rights | 65,833 | —Non Cash | — | 65,833 |
| 2023-03-10 | Ning Zhang
Details & evidence for Ning Zhang on 2023-03-10The notice reports 55,976 shares acquired, consisting of 22,545 shares from 2020 rights and 33,431 from 2021 rights. The 14 March 2023 3G confirms the class allocations and 10 March 2023 transfer date. The 3Y Part 1 date field says 10 March 2022, but its 10 March 2023 VWAP narrative and the 3G resolve the intended year; the printed discrepancy is retained. As disclosed: 55,976 Shares acquired; 22,545 2020 and 33,431 2021 vested STIP Rights were settled by way of Shares.
Replaces 1 earlier record(s). Appendix 3Y ↗ Notification regarding unquoted securities - YAL ↗ Notification regarding unquoted securities - YAL ↗ Appendix 3Y ↗ | Transfer Inordinary shares | 55,976 | —Non Cash | — | 55,976 |
| 2023-03-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-03-01The notice says 66,861 rights vested on 1 March 2023; 33,431 settled in shares and 33,430 by cash equivalent. Part 1 says date of change 10 March 2022, but the nature section cites the 10 March 2023 VWAP and the contemporaneous 3G confirms 2023 settlement; the printed mismatch is preserved. As disclosed: 66,861 2021 STIP Rights vested on 1 March 2023; 33,431 were settled by way of Shares and 33,430 by way of cash equivalent payment.
Appendix 3Y ↗ Appendix 3Y ↗ | Vesting2021 STIP rights | 66,861 | —Mixed Unallocated | — | 66,862 |
| 2023-03-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-03-01The notice says 45,090 rights vested on 1 March 2023; 22,545 settled in shares and 22,545 by cash equivalent. Part 1 says date of change 10 March 2022, but the nature section cites the 10 March 2023 VWAP and the contemporaneous 3G confirms 2023 settlement; the printed mismatch is preserved. As disclosed: 45,090 2020 STIP Rights vested on 1 March 2023; 22,545 were settled by way of Shares and 22,545 by way of cash equivalent payment.
Appendix 3Y ↗ Appendix 3Y ↗ | Vesting2020 STIP rights | 45,090 | —Mixed Unallocated | — | 0 |
Disclosed holding observations20 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2025-05-30 | Ning Yue
Details & evidence for Ning Yue on 2025-05-30
Appendix 3Y ↗ | Final2023 STIP rights | 8,271 | — |
| 2025-05-30 | Ning Yue
Details & evidence for Ning Yue on 2025-05-30
Appendix 3Y ↗ | Final2024 deferred STIP rights | 62,955 | — |
| 2025-05-30 | Ning Yue
Details & evidence for Ning Yue on 2025-05-30
Appendix 3Y ↗ | Finalordinary shares | 4,135 | — |
| 2025-03-07 | Ning Yue
Details & evidence for Ning Yue on 2025-03-07
Appendix 3Y ↗ | Final2023 STIP rights | 8,271 | — |
| 2025-03-07 | Ning Yue
Details & evidence for Ning Yue on 2025-03-07The 3Y post-change table reports 4,135 shares. Its settlement narrative names 'Mr Ning Zhang', while the 10 March 2025 3G names Ning Yue as the KMP and registered holder of exactly 4,135 shares from the YALAC STIP settlement.
Appendix 3Y ↗ Notification regarding unquoted securities - YAL ↗ | Finalordinary shares | 4,135 | — |
| 2024-12-17 | Geoffrey William Raby
Details & evidence for Geoffrey William Raby on 2024-12-17Final notice at cessation; the reported 23,000 ordinary shares match the separately reviewed August 2024 notice's post-purchase position.
Appendix 3Z ↗ | Finalordinary shares | 23,000 | — |
| 2024-08-22 | Debra Anne Bakker
Details & evidence for Debra Anne Bakker on 2024-08-22
Appendix 3Y ↗ | Finalordinary shares | 9,000 | — |
| 2024-08-22 | Geoffrey William Raby
Details & evidence for Geoffrey William Raby on 2024-08-22
Appendix 3Y ↗ | Finalordinary shares | 23,000 | — |
| 2024-06-03 | Geoffrey William Raby
Details & evidence for Geoffrey William Raby on 2024-06-03Explicit zero post-change balance in the director interest notice.
Appendix 3Y ↗ | Finalordinary shares | 0 | — |
| 2024-05-30 | Ning Yue
Details & evidence for Ning Yue on 2024-05-30
Appendix 3Y ↗ | Final2023 STIP rights | 16,541 | — |
| 2023-09-27 | Ning Zhang
Details & evidence for Ning Zhang on 2023-09-27Final notice at cessation.
Appendix 3Z ↗ Appendix 3Y ↗ | Final2021 STIP rights | 66,862 | — |
| 2023-09-27 | Ning Zhang
Details & evidence for Ning Zhang on 2023-09-27Final notice at cessation.
Appendix 3Z ↗ Appendix 3Y ↗ | Final2022 STIP rights | 65,833 | — |
| 2023-09-27 | Ning Zhang
Details & evidence for Ning Zhang on 2023-09-27Final notice at cessation.
Appendix 3Z ↗ Appendix 3Y ↗ | Finalordinary shares | 55,976 | — |
| 2023-09-15 | Baocai Zhang
Details & evidence for Baocai Zhang on 2023-09-15Final notice at cessation.
Appendix 3Z ↗ | Finalordinary shares | 274,404 | — |
| 2023-06-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-06-01
Appendix 3Y ↗ | Final2021 STIP rights | 66,862 | — |
| 2023-06-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-06-01
Appendix 3Y ↗ | Final2022 STIP rights | 65,833 | — |
| 2023-06-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-06-01
Appendix 3Y ↗ | Finalordinary shares | 55,976 | — |
| 2023-03-10 | Ning Zhang
Details & evidence for Ning Zhang on 2023-03-10Post-change share balance is corroborated by the 1 June 2023 Appendix 3Y. The 14 March 2023 Appendix 3G states that the 55,976 ordinary shares were transferred on 10 March 2023.
Replaces 1 earlier record(s). Appendix 3Y ↗ Notification regarding unquoted securities - YAL ↗ Notification regarding unquoted securities - YAL ↗ Appendix 3Y ↗ | Finalordinary shares | 55,976 | — |
| 2023-03-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-03-01No 2020 STIP Rights are listed after the reported full vesting and settlement.
Appendix 3Y ↗ | Final2020 STIP rights | 0 | — |
| 2023-03-01 | Ning Zhang
Details & evidence for Ning Zhang on 2023-03-01
Appendix 3Y ↗ | Final2021 STIP rights | 66,862 | — |
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Narrative and provenance
Research & Sources
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Sign in or enter a guest codeChronological evidenceSource-document inventory27 documents
YAL.AX closing price through local reference-price collectorMarket Data · HighExtracted
Local miners.reference_price returned 2026-10-13 raw ASX YAL close A$5.94 and volume1,991,892, one ordinary share. This is a cutoff quote, not a live October24 quote.
- Document ID
- doc-yal-market-close
- Published UTC
- 2026-10-12T13:00:00+00:00
- Projects
- —
- Commodities
- others
HKEX - Monthly Return NoticeCorporate Action · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03144929-2a1702061
- Published UTC
- 2026-10-06T03:38:30+00:00
- Projects
- —
- Commodities
- others
Australian Government September 2026 Resources and Energy QuarterlyCommodity Data · HighPartial
Primary independent price and trade outlook; physical pages 47,55,56. Coal product and real/nominal bases retained.
- Document ID
- doc-yal-req-sep2026
- Published UTC
- 2026-10-02T00:00:00+00:00
- Projects
- —
- Commodities
- others
Kestrel completionTransaction · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-kestrel-completion
- Published UTC
- 2026-09-30T22:47:53+00:00
- Projects
- —
- Commodities
- others
NSW IPC decision on HVO Continuation ProjectPermitting · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03142107-2a1700625
- Published UTC
- 2026-09-30T04:09:10+00:00
- Projects
- —
- Commodities
- others
2026 Interim ReportResults · HighPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03139235-2a1698934
- Published UTC
- 2026-09-24T00:08:52+00:00
- Projects
- —
- Commodities
- others
Notification of cessation of securities - YALCorporate Action · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03134565-2a1696707
- Published UTC
- 2026-09-11T04:07:38+00:00
- Projects
- —
- Commodities
- others
Notification regarding unquoted securities - YALCorporate Action · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03133252-2a1696182
- Published UTC
- 2026-09-08T08:34:11+00:00
- Projects
- —
- Commodities
- others
Update on 2024 LTIP RightsCorporate Action · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03130965-2a1694650
- Published UTC
- 2026-09-02T08:26:16+00:00
- Projects
- —
- Commodities
- others
HKEX - Renewal of Continuing Connection TransactionsEconomic Arrangement · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03125872-2a1691969
- Published UTC
- 2026-08-25T08:36:57+00:00
- Projects
- —
- Commodities
- others
HKEX - Continuing Connected Transactions - Coal SalesEconomic Arrangement · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03125163-2a1691544
- Published UTC
- 2026-08-24T08:57:57+00:00
- Projects
- —
- Commodities
- others
Half Year AccountsResults · HighPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03123084-2a1690478
- Published UTC
- 2026-08-19T08:49:30+00:00
- Projects
- —
- Commodities
- others
1H 2026 Financial Results PresentationPresentation · MediumPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03123088-2a1690480
- Published UTC
- 2026-08-19T08:55:15+00:00
- Projects
- —
- Commodities
- others
1H 2026 Financial Results AnnouncementResults · MediumExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03123087-2a1690479
- Published UTC
- 2026-08-19T08:54:25+00:00
- Projects
- —
- Commodities
- others
Quarterly Activities Report - 2Q 2026Operations · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03112528-2a1685178
- Published UTC
- 2026-07-20T08:32:25+00:00
- Projects
- —
- Commodities
- others
Annual Report 2025Results · HighPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03081948-2a1667994
- Published UTC
- 2026-04-23T09:01:15+00:00
- Projects
- —
- Commodities
- others
Quarterly Activities Report - 1Q 2026Operations · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03080579-2a1667397
- Published UTC
- 2026-04-20T08:34:53+00:00
- Projects
- —
- Commodities
- others
Kestrel presentationPresentation · MediumPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-kestrel-presentation
- Published UTC
- 2026-04-14T09:17:55+00:00
- Projects
- —
- Commodities
- others
Kestrel acquisitionTransaction · HighPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-kestrel-acquisition
- Published UTC
- 2026-04-14T09:17:45+00:00
- Projects
- —
- Commodities
- others
2025 financial results webcast notesResults · MediumExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2025-financial-results-webcast-notes
- Published UTC
- 2026-03-18T13:00:00+00:00
- Projects
- —
- Commodities
- others
Full Year Statutory AccountsResults · HighPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03061312-2a1656076
- Published UTC
- 2026-02-25T08:34:33+00:00
- Projects
- —
- Commodities
- others
FY 2025 Financial Results PresentationPresentation · MediumPartial
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03061320-2a1656079
- Published UTC
- 2026-02-25T08:45:13+00:00
- Projects
- —
- Commodities
- others
FY 2025 Financial Results AnnouncementResults · MediumExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03061319-2a1656078
- Published UTC
- 2026-02-25T08:43:53+00:00
- Projects
- —
- Commodities
- others
Quarterly Activities Report - 4Q 2025Operations · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03047305-2a1648840
- Published UTC
- 2026-01-19T08:33:03+00:00
- Projects
- —
- Commodities
- others
Quarterly Activities Report - 3Q 2025Operations · HighExtracted
Source retained in local issuer package; financial, operating, security or contractual facts are cited at physical page locators. Older duplicate statements are context only.
- Document ID
- doc-yal-2924-03010727-2a1630397
- Published UTC
- 2025-10-20T08:26:20+00:00
- Projects
- —
- Commodities
- others
Queensland Mineral Resources (Royalty) Regulation 2025Commodity Data · HighPartial
Official 2025 regulation notified22August2025 verified at physical p72; coal formula independently read at pp62–63 from page cache and visually inspected. No legal advice or tax eligibility assertion.
- Document ID
- doc-yal-qld-royalties
- Published UTC
- 2025-08-22T00:00:00+00:00
- Projects
- —
- Commodities
- others
NSW coal royalty changes from 1 July 2024Commodity Data · HighMetadata Only
Official historical notice states 10.8% open cut, 9.8% underground and 8.8% deep underground royalty rates; model uses blended rates before specific assessable-value deductions.
- Document ID
- doc-yal-nsw-royalties
- Published UTC
- 2024-08-05T00:00:00+00:00
- Projects
- —
- Commodities
- others
Evidence facts12
1320439437 shares
2026-09-301850000000.0 USD
2026-10-012026-12-31 date
2026-09-303901549 shares
2026-09-082094000000.0 AUD
2026-06-308674000000.0 AUD
2026-06-30357000000.0 AUD
2026-06-30165000000.0 AUD
2026-06-300.6869 USD/AUD
2026-06-30600-750 AUD million
2026-08-192010000000.0 AUD
2026-06-305.94 AUD/share
2026-10-13Conflicts requiring judgment2
- June30cash
Select subsequent reviewed half-year financial statements A$2094m; quarterly A$2010m was preliminary. Do not splice them as sequential dates.
- 2026capexguidance
August guidance supersedes750-900m quarterly range; 600-750m reflects deferral into2027, not an assumed permanent sustaining-capex reduction.