New Hope Corporation Limited · ASX:NHC
New Hope — Merger or Acquisition (October 2026)
25 slides from New Hope's merger presentation, Oct 19, 2026
Slide 1: New Hope and Malabar to combine
rsonal use only New Hope and Malabar to combine A leading ASX listed producer of low-cost, high-quality coal ASX:NHC 19 October 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation and the accompanying announcement and discussion (together the presentation) have been prepared by New Hope Information about Malabar and New Hope Corporation Limited ABN 38 010 653 844 (ASX:NHC) (New Hope) and Malabar Resources Limited ABN 29 151 69
Slide 3: Transaction Overview
Transaction Overview rsonal use only New Hope Group 3 Malabar Resources
Slide 4: Transaction Summary
Transaction Summary Combination of New Hope and Malabar creates a leading ASX listed producer of low-cost, high-quality coal • New Hope Group (“New Hope”) and Malabar Resources Limited (“Malabar”) to combine through a court-approved scheme of arrangement (the “Transaction” or Overview “Scheme”) rson
Slide 5: Maxwell: A High-Quality Underground Coal Mine in the Upper Hunter Valley
Maxwell: A High-Quality Underground Coal Mine in the Upper Hunter Valley rsonal use only • Targeting ramp up to ~5.5Mtpa saleable production via bord & pillar and longwall Large-Scale, Long-Life operations, with a fully approved 20+ year life • Expected to be a first quartile cost producer of premiu
Slide 6: Pro Forma Portfolio Snapshot
Pro Forma Portfolio Snapshot Operating coal mines 100% basis, unless noted Maxwell Muswellbrook, Oakey, Muswellbrook, Location rsonal use only NSW QLD NSW Combined Group Interest (%) 80% JV 100% 100% Mine Type Open-cut Open-cut Underground Coal Type Thermal Thermal Thermal & SSCC Expected Life (Year
Slide 7: Indicative Timetable
Indicative Timetable Transaction completion targeted in February / March 2027 rsonal use only Event Indicative Timing First Court Hearing December 2026 / January 2027 Scheme Booklet dispatched to Malabar shareholders December 2026 / January 2027 Malabar Scheme Meeting January / February 2027 Second
Slide 8: Strategic Rationale
Strategic Rationale rsonal use only New Hope Group 8
Slide 9: Strategic Rationale
Strategic Rationale A combination creating a stronger, more valuable business… 1 Creates a leading Australian coal producer rsonal use only 2 Unlocks operational and regional synergies 3 Greater exposure to global seaborne coal market 4 Strengthens capacity to fund growth while maintaining sharehold
Slide 10: Creates a larger, low-cost ASX coal leader with production growth
1 Creates a larger, low-cost ASX coal leader with production growth Significant production growth, with assets positioned in the first quartile of the cost curve Combined Group Saleable Production Profile (Mt, Attributable)1,2 Cost Curve Positioning (US$/t TCC)4 Indicative Target (FY27, FY28, LT) Se
Slide 11: Adds premium coal quality and significant resource depth
1 Adds premium coal quality and significant resource depth Premium quality Australian coal, combined with an ~82% increase in attributable resources to ~5.2Bt Weighted Average Energy Export (kcal/kg NAR)1 Material Resource Uplift2,3 rsonal use only New Hope Standalone Combined Group ~5,970 17% +82%
Slide 12: Unlocks operational synergies and significant regional growth options
2 Unlocks operational synergies and significant regional growth options Complementary assets with opportunities to improve operating efficiency and accelerate regional growth Opportunities for value creation Strategic Upper Hunter Valley Precinct1 rsonal use only Combined Group interests Marketing:
Slide 13: Production growth aligned with a supportive long term market outlook
3 Production growth aligned with a supportive long term market outlook Maxwell and New Acland ramp-ups well positioned to meet strong demand and declining supply in seaborne export coal Global power generation by fuel source (TWh)1 Australian thermal coal supply and demand (Mt)1 rsonal use only 50,0
Slide 14: Preserving financial strength and capacity for shareholder returns
4 Preserving financial strength and capacity for shareholder returns Financial strength and cash generation of the Combined Group provide capacity to fund growth while maintaining dividends A consistent record of shareholder returns Financial strength and flexibility maintained rsonal use only 200 3
Slide 15: Pro Forma Capitalisation and Capital Management
4 Pro Forma Capitalisation and Capital Management The Combined Group is conservatively geared with substantial liquidity and capacity to fund growth and shareholder returns rsonal use only A$bn, unless indicated 100% Basis Pro Forma4 • All-scrip combination Equity Value 4.9 1.8 6.3 • Strong cash & l
Slide 16: Appendix A: Maxwell Overview
Appendix A rsonal use only Maxwell Overview New Hope Group 16
Slide 17: Overview of the Maxwell Mine
Overview of the Maxwell Mine Maxwell is a longwall and bord & pillar mine, expected to produce high-quality coal that can be sold into the high quality thermal and steelmaking coal markets rsonal use only • Maxwell Underground comprises the bord and pillar (B&P) mine in the Whynot Mine Summary Bord
Slide 18: Woodlands Hill Longwall Operations
Woodlands Hill Longwall Operations Longwall ramping-up to Stage 1 target of ~3Mtpa saleable production following a successful commissioning phase First Longwall Seam: Woodlands Hill rsonal use only • Longwall ROM production increased from ~40kt in Apr-26 to ~195kt in Jun-26 Main Development headings
Slide 19: Significant Milestones Achieved on the Transition to Targeted Production
Significant Milestones Achieved on the Transition to Targeted Production Maxwell’s longwall production commenced in April 2026 and is now ramping up towards a Stage 1 target of ~3Mtpa rsonal use only Longwall Operational Performance (Mt)1 Milestones achieved in the last 12 months Saleable Production
Slide 20: Established Infrastructure Network
Established Infrastructure Network Existing mine-to-rail infrastructure with key operational facilities already in place rsonal use only Maxwell Mine Infrastructure Key Highlights • Existing CHPP (850tph), ~300kt product stockpiles, rail loop and load-out support ramp-up + future expansion • 10km ac
Slide 21: Future Growth
Future Growth Brownfield growth pipeline built on existing Maxwell infrastructure offers the potential to replicate Maxwell • Additional longwall development within existing Maxwell Underground Mine footprint rsonal use only Near Term 2nd Longwall Coal Resource of • Leverages existing CHPP and rail
Slide 22: Appendix B: Reserves & Resources
Appendix B rsonal use only Reserves & Resources New Hope Group 22 Malabar Resources
Slide 23: New Hope JORC Reserves and Resources
New Hope JORC Reserves and Resources As at 31 May 20261 Coal Reserves (Mt) Recoverable Reserves Marketable Reserves rsonal use only Deposit Status Probable Proved Total Probable Proved Total New Acland2 Mine 134 265 399 70 142 212 Bengalla3 Mine 7 119 126 5 97 102 Elimatta Exploration 26 86 112 16 5
Slide 24: Malabar Resources Coal Resources
Malabar Resources Coal Resources (Mt)1 Maxwell Underground, Maxwell West and Maxwell North, as at 28 February 2026 rsonal use only Depth (m) Measured Indicated Inferred Total 0 – 100 154 109 73 335 100 – 200 142 355 124 620 200 – 300 112 195 147 454 300 – 400 143 194 188 526 400 – 500 51 144 191 386
Slide 25: Contact details
rsonal use only New Hope Level 18/175 Eagle Street Brisbane City QLD 4000 (07) 3418 0500 newhopegroup.com.au Malabar Resources Level 26, 259 George St Sydney NSW 2000 (02) 8248 1272 malabarresources.com.au