Yancoal Australia Ltd. · ASX:YAL
Yancoal Australia — Merger or Acquisition (April 2026)
31 slides from Yancoal Australia's merger presentation, Apr 14, 2026
Slide 1: Overseas Regulatory Announcement
Australian Securities Exchange, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss ho
Slide 2: Yancoal to acquire 80% of Kestrel Coal Mine
Yancoal to acquire 80% of Kestrel Coal Mine A high-quality, long-life metallurgical coal mine 14 April 2026 Kestrel Coal Mine, Run-of-Mine Stockpile
Slide 3: Important notice and disclaimer
Important notice and disclaimer Acceptance - This presentation is issued by Yancoal Australia Limited ABN 82 111 859 119 (“Yancoal”). By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this Important Notice and Disclaimer. Summary of information
Slide 4: Important Notice and Disclaimer
Important Notice and Disclaimer Reserves and Resources Reporting - In this presentation, references to mineral resources (“Resources”) and ore reserves (“Reserves”) for Yancoal are reported in accordance with with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Slide 5: Transaction Overview
Transaction Overview Kestrel Coal Mine, Coal Stacker-Reclaimer
Slide 6: Transaction summary
Transaction summary Kestrel delivers scale, quality, diversification and long-term value for Yancoal o Yancoal to acquire 80% of the Kestrel Coal Mine (“Kestrel”) from EMR Capital Advisors Pty Ltd, Kestrel Coal (EMR) Limited, EMR Capital Management Limited and Adaro Overview Capital Limited o Acquis
Slide 7: Kestrel is a large, long-life, high-quality metallurgical coal mine
Kestrel is a large, long-life, high-quality metallurgical coal mine Kestrel is located in the Bowen Basin, close to Yancoal’s other Queensland operations Bowen Basin Cities, Towns Mines Rail Line Key attractions of Kestrel Coal Mine Large-scale operation 1 Produces ~6Mtpa(2) of saleable coal; predom
Slide 8: Yancoal has a track record of value creation from acquisitions
Yancoal has a track record of value creation from acquisitions Acquisition of Kestrel continues Yancoal’s strong track record of shareholder value creation Key milestones in Yancoal’s growth 2026 Announced acquisition of 80% interest in Kestrel Coal Mine 2025 Delivered record production. Acquired ad
Slide 9: Strategic Rationale
Strategic Rationale Kestrel Coal Mine, Longwall Shearer
Slide 10: A highly attractive and cash flow generative acquisition
A highly attractive and cash flow generative acquisition 1 Delivers increased scale and diversification 2 Large, long-life, efficient operation with high margin products 3 Well positioned to capitalise on outlook for the metallurgical coal market 4 Positive cash flow contribution and attractive acqu
Slide 11: Delivers increased scale and diversification
Delivers increased scale and diversification Enhances Yancoal’s position as a leading coal miner with diversification across products and geography Extends position as largest ASX-listed Australian coal pureplay Meaningfully increases Yancoal’s Reserves 45 Attributable Saleable Production (2025, Mt)
Slide 12: Large, long-life, efficient operation
Large, long-life, efficient operation Kestrel is the largest producing underground coal mine in Australia with sector-leading productivity Kestrel is the largest producing underground coal mine in Australia Top 10 underground coal mines by saleable production(1) Met. coal 2025 basis, Mt Thermal coal
Slide 13: High-quality products delivering strong margins
High-quality products delivering strong margins Kestrel produces a premium metallurgical product which has strong demand from steelmakers Kestrel’s high-quality coal products underpin its position in the top 35% of the seaborne metallurgical margin curve(1) Type Benchmark Vol. contr.(2) Description
Slide 14: Positioned to capitalise on metallurgical coal market outlook
Positioned to capitalise on metallurgical coal market outlook Kestrel is particularly well positioned to benefit from growing Asian demand Strong metallurgical coal demand growth outlook underpinned by Asian markets Metallurgical coal import demand – Asia (Mt)(1) o Near-term pricing influenced by el
Slide 15: Positive cash flow contribution and attractive acquisition multiple
Positive cash flow contribution and attractive acquisition multiple Positively enhances Yancoal’s production profile, product mix and operating cash flow Strong margins and robust earnings through the cycle Attractive acquisition multiple relative to peers(1),(2) KCG EBITDA (80% of Kestrel) Enterpri
Slide 16: Committed funding structure
Committed funding structure Fully secured funding supporting a strong post-transaction position Indicative sources and uses of funds Summary Sources US$m o The upfront payment will be funded through existing cash reserves and a committed US$1.2bn acquisition facility, providing certainty of funds at
Slide 17: Kestrel Overview
Kestrel Overview Kestrel Coal Mine, CHPP
Slide 18: Overview of Kestrel Coal Mine
Overview of Kestrel Coal Mine Kestrel is a large-scale operation with a 25-year mine life underpinned by substantial Reserves(1) o Kestrel has the second largest Reserves of any producing underground metallurgical 1 Large-scale operation producing ~6.0Mtpa(3) of saleable coal coal mine in Australia
Slide 19: Resilient operations with potential upside
Resilient operations with potential upside Track record of consistent performance and margin capture in all coal price environments Kestrel has delivered strong performance with production underpinned by new longwall o Saleable coal production was 5.9Mt in 2025, with a yield of 75%; potential Saleab
Slide 20: World-class infrastructure supports operational performance
World-class infrastructure supports operational performance Well capitalised, low-risk infrastructure with all key contracts in place to support operations Mine site infrastructure layout Key highlights o ~A$1.4bn of capex(1) from 2018 – 2025 focused on upgrades to CHPP, 2 3 equipment replacement an
Slide 21: Contracted logistics supports mine plan and enables blending
Contracted logistics supports mine plan and enables blending Located on Blackwater rail system with contracted rail capacity and port capacity at RGTCT Contracted rail logistics capacity supports operational delivery Contracted port capacity enables potential blending upside o Kestrel has a train lo
Slide 22: Yancoal Operations Summary
Yancoal Operations Summary Yancoal has interests in 7 producing coal mines and operates 2 mines on management contracts 100% basis, unless noted NSW Operations Queensland Operations Mine Moolarben MTW HVO Ashton Yarrabee Middlemount Kestrel Operator Yancoal Yancoal Joint Venture Yancoal Yancoal Join
Slide 23: Disciplined capital management
Disciplined capital management Enhanced capacity to balance distributions to shareholders, financial position and growth initiatives Regular dividend payments(1) Building on the last strategic acquisition 118% o Yancoal last made a strategic acquisition in 2017 when it 924 purchased the MTW and HVO
Slide 24: Looking to 2026 and beyond
Looking to 2026 and beyond Experienced Executive Yancoal’s annual production record, and world record Committee and performances by R9800 Excavators at Moolarben and MTW workforce demonstrate technical and operational capabilities Large-scale, low-cost Our scale and competitive cash costs drive perf
Slide 25: Appendices
Appendices Kestrel Coal Mine, Coal Stacker-Reclaimer
Slide 26: JORC Coal Reserves and Coal Resources – Kestrel Coal Mine
JORC Coal Reserves and Coal Resources – Kestrel Coal Mine Reserves Resources Proven Probable Total Measured Indicated Inferred Total In-Situ (Mt) n.a. n.a. n.a. 105 281 20 406 Recoverable (Mt) 76 140 216 n.a. n.a. n.a. n.a. Marketable (Mt) 58 106 164 n.a. n.a. n.a. n.a. Source: Based on JORC Coal Re
Slide 27: Peer 2025 Attributable Saleable Production benchmarking
Peer 2025 Attributable Saleable Production benchmarking Saleable Production (Mt) Company Source Attributable basis unless otherwise specified Kestrel (80%) 4.7 • KCG 2025 Management Accounts (1) Yancoal 39.9 • Yancoal Australia 2025 Financial Results Presentation (2) Yancoal pro forma 44.6 Whitehave
Slide 28: Peer Marketable Reserves and Reserve life benchmarking
Peer Marketable Reserves and Reserve life benchmarking Marketable Reserves (Mt) Production (Mt) (2) Underground Mine Owner (1) Implied Reserve life (Yrs) Source Proven & Probable Steady-state Eagle Downs Stanmore (100%) 188 • Stanmore 2025 Reserves & Resources Statement (3) Centurion Peabody (100%)
Slide 29: Peer 2025 saleable production & productivity benchmarking
Peer 2025 saleable production & productivity benchmarking (1) Saleable Production Workforce Productivity Mine Owner Source (Mt) (# employees) (kt / FTE) Moolarben Yancoal (98.75%), 5.6 328 17.1 • Yancoal internal data (Underground) Others (1.25%) Whitehaven (77.5%), • Whitehaven Dec-25 Production Re
Slide 30: Peer EV / 2025 EBITDA benchmarking
Peer EV / 2025 EBITDA benchmarking (1) (2) Enterprise Value 2025 EBITDA EV / EBITDA (3) Company Location / Type Source (US$bn) (US$m) (x) Kestrel Australia 1.85 217 8.5x • Kestrel (Yancoal attributable) (Yancoal attributable) Metallurgical USA Alpha Met 2.39 122 19.6x • Alpha Met 2025 10-K Annual Re
Slide 31: Investor Relations Contact
Investor Relations Contact: Brendan Fitzpatrick GM Investor Relations - Brendan.Fitzpatrick@yancoal.com.au Media Relations Contact: Matthew Gerber GM Corporate Affairs - Matthew.Gerber@yancoal.com.au Additional information - www.yancoal.com.au Yancoal Australia Ltd Level 18, Tower 2, 201 Sussex Stre
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