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Whitehaven Coal Limited

Whitehaven Coal Limited

WHC | ASX

whitehavencoal.com

$4.5B

USD

Market cap · 2026–11 · week 44

🇦🇺 Australia, Sydney

Country

Energy Metals

Sector

Coal | Mid-Tier | Producer | Australia

Included in: Coal mining stocks Energy metals stocks Australia-based stocks Stocks with projects in Australia

Last updated 31 October 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Whitehaven Coal Limited is a leading Australian metallurgical coal producer and supplier of high-quality, high calorific value thermal coal, headquartered in Sydney, Australia, and operating primarily in the Bowen Basin of Queensland and the Gunnedah Basin of New South Wales. The company's portfolio consists of 11 projects, comprising 6 operating mines, 1 development, 3 exploration, and 1 reclamation project. Key assets include the Blackwater and Daunia open cut metallurgical coal mines in Queensland, the Maules Creek open cut and Narrabri underground mines in New South Wales, and the Winchester South Metallurgical Coal Project adjacent to Daunia. The business model rests on owning and efficiently operating large, cost-efficient mines and selling their output into the seaborne market, with metallurgical coal for steelmaking now forming the majority of revenue and high-CV thermal coal for power generation the balance. Production comes from 5 open cut operations and 1 underground longwall mine, with the Vickery and Tarrawonga pits making up the Gunnedah open cut complex, whose coal is processed at the Gunnedah coal handling and preparation plant before railing to port. Logistics are secured through long-term track agreements with Aurizon Network on the Central Queensland Coal Network and with the ARTC on the Hunter Valley network, renegotiated haulage contracts that lower rail costs and tighten performance criteria from 1 July 2026, and export capacity at the Dalrymple Bay Coal Terminal for Daunia, the RG Tanna Coal Terminal at Gladstone for Blackwater, and the PWCS and NCIG terminals at the Port of Newcastle for the New South Wales mines. Sales are directed predominantly to Asia, with Japan the largest end market at 52% of managed sales, and the group supplied around 6% of global seaborne metallurgical coal and around 6% of global seaborne high-CV thermal coal in FY26 under offtake arrangements and term contracts that reduce exposure to cyclical buying patterns. A balanced exposure to metallurgical and thermal coal across 2 states dampens earnings volatility, supported by a workforce of 6,317 employees and contractors based mainly in regional Queensland and New South Wales. Risks tied to the model include coal-price cycles, wet-weather disruption in the Bowen Basin, diesel-cost volatility linked to conflict in the Middle East, rising carbon-compliance costs under the Safeguard Mechanism, and legal challenges to project approvals from environmental groups.

Strategy: Strategic focus centers on owning and efficiently operating large, cost-efficient mines that produce high-quality coal to meet customer needs and support economic development, anchored by a long-held goal to grow in metallurgical coal and diversify the geographic and product mix. Priorities entering FY27 are operational performance, cost discipline, productivity, margin optimisation and cash generation, together with further capturing the benefits of the larger 2-state portfolio built around the Queensland metallurgical assets. Growth is to come from a pipeline of large-scale development assets led by the Vickery Extension Project, where early mining has progressed since the box cut in FY24 and full-scale development holds all required Government approvals but awaits a Board Final Investment Decision, and the Winchester South Metallurgical Coal Project, for which Queensland's DETSI has approved the Draft Environmental Authority, Commonwealth EPBC approval is progressing, objections were heard in the Queensland Land Court with closing submissions in December 2025, and feasibility studies are examining synergies with the neighbouring Daunia mine. Every acquisition and investment is assessed under the capital allocation framework and requires final Board approval, with surplus cash earmarked for its best use, including mergers and acquisitions and the progression of development projects. Capital allocation is prioritised to maintaining and optimising operations, then retaining cash for balance-sheet strength, flexibility and liquidity through the cycle, and then returning cash to shareholders through dividends and on-market buy-backs, with the buy-back program extended to 31 December 2026. Development projects advance through formal stage gates, including a Definitive Feasibility Study and Final Investment Decision, with timing set against competing opportunities for capital and prevailing market conditions. Group ROM coal production for FY27 is guided at 38.0Mt to 41.0Mt, and the enterprise expects a structural shortfall in seaborne metallurgical coal, driven by depletion of Australian hard coking coal and rising Indian demand, together with underinvestment in new high-CV thermal supply, to underpin its portfolio over the long term.

Management: Executive leadership is headed by Managing Director and CEO Paul Flynn (BComm, FCA), who joined the Board on 3 May 2012 and became Managing Director and CEO on 27 March 2013 after an instrumental role in the merger of Whitehaven Coal and Aston Resources, and who has since led the commissioning of the Narrabri underground mine, the construction and ramp-up of Maules Creek and the acquisition of the Blackwater and Daunia mines after 20 years at Ernst & Young that included serving as Managing Partner of its Sydney office and on its Oceania executive team, and he also chairs the NSW Minerals Council and is a director of the Minerals Council of Australia and Low Emissions Technology Australia. Chairman The Hon. Mark Vaile AO, appointed on 3 May 2012, served as Deputy Prime Minister of Australia and Leader of the National Party from 2005 to 2007 and as Trade Minister from 1999 to 2006, when he concluded Free Trade Agreements with the United States, Singapore and Thailand, and has chaired Aston Resources, CBD Energy Limited, SmartTrans Limited and, since June 2011, Servcorp Limited. Among other notable directors, Nicole Brook brings over 30 years in the resources industry including a leadership role at Glencore Coal Australia, is a former President of the AusIMM and was named Exceptional Woman in NSW Mining in 2018, while Mick McCormack spent 15 years as Managing Director & CEO of APA Group and sits on the boards of Origin Energy and Qube Holdings. Board renewal continued with the appointment of former Australian Ambassador to the OECD and Minerals Council of Australia chief executive Brendan Pearson on 22 August 2025 and the retirement of Raymond Zage on 30 October 2025, leaving an 8-member Board at 30 June 2026 comprising Paul Flynn and 7 non-executive directors. Directors work through 4 committees: the Audit & Risk Management Committee, the Remuneration Committee, the Governance & Nomination Committee, and the Health, Safety, Environment & Community Committee. Fiona Robertson AM, a former CFO of ASX-listed mining and oil and gas companies, chairs the 4-member Audit & Risk Management Committee with Wallis Graham, Tony Mason and Mick McCormack; Wallis Graham chairs the 3-member Remuneration Committee with Mark Vaile and Fiona Robertson; Mark Vaile chairs the 3-member Governance & Nomination Committee with Nicole Brook and Fiona Robertson; and Nicole Brook chairs the 3-member Health, Safety, Environment & Community Committee with Mick McCormack and Brendan Pearson. Within the executive team, CFO Kevin Ball, in the role since October 2013 with over 30 years in the minerals and energy industry, oversees enterprise risk management, while General Counsel and Company Secretary Timothy Burt, with the group since July 2009, leads its legal and secretarial function under the Corporations Act 2001 (Cth).

Sustainability: Sustainability oversight sits with the Health, Safety, Environment & Community Committee of the Board, while the Managing Director and CEO holds ultimate executive responsibility for sustainability matters, including climate-related risks and opportunities, with the CFO integrating climate considerations into strategy and major transactions and the Chief Operating Officer accountable for environmental compliance and decarbonisation technology. A cross-functional Climate Change Working Group chaired by the Executive General Manager, Corporate Affairs coordinates decarbonisation initiatives, emissions monitoring and Safeguard Mechanism compliance, supported by a CFO-chaired subcommittee that tests the financial resilience of the operating portfolio. Safety and environmental performance improved in FY26, with a record TRIFR of 3.3 for the expanded business, down from 4.6 in FY25, and zero environmental enforcement action events, while land rehabilitated across New South Wales and Queensland totals 414 hectares. Blackwater, Daunia, Narrabri and Maules Creek carry Safeguard Mechanism obligations covering 92% of Scope 1 emissions, which the group meets on a least-cost basis largely through Australian Carbon Credit Units, having surrendered 238,977 ACCUs and 60,809 Safeguard Mechanism Credits for FY25 compliance. At the New South Wales operations, 100% of Scope 2 emissions were offset through Climate Active-certified carbon-neutral electricity, with a switch to 100% GreenPower renewable energy from January 2026, while the proposed 26 MW behind-the-meter Narrabri Solar Farm, in environmental impact assessment with the NSW Department of Planning, Housing and Infrastructure, would cut the mine's grid electricity use by more than 1/3. Site decarbonisation levers include premium diesel adopted across most operations for a 1–2% emissions-intensity reduction, electric draglines and shovels, enhanced goaf sealing at Narrabri, investigation of pre-drainage methane flaring and thermal oxidation at Narrabri, pre-mining gas drainage assessment at Blackwater, and a completed renewable diesel trial at Maules Creek whose abatement cost exceeded $1,000 per tonne of CO2-e. Longer-term technology partnerships include approximately $5.6m contributed since 2020 to Low Emissions Technology Australia for fugitive-emission mitigation, carbon capture and storage and cleaner hydrogen and ammonia fuels, and a significant investment in Hydrobe Pty Limited, whose patented process uses bacteria and microbial algae to convert carbon emissions into lipids and proteins. Climate governance follows the mandatory Australian AASB S2 climate standard, with scenario analysis that includes the IEA Net Zero Emissions 2050 pathway, alongside an annual People, Environment & Communities Databook and Modern Slavery Statement.

Structure: The defining transaction was the April 2024 acquisition of the Blackwater and Daunia metallurgical coal mines in Queensland from the BHP Billiton Mitsubishi Alliance (BMA), which transformed the group into a metallurgical coal producer under a 3-year deferred and contingent payment arrangement. On 31 March 2025 the company sold a 30% interest in Blackwater, 20% to Nippon Steel Corporation and 10% to JFE Steel Corporation, bringing 2 Japanese steelmakers into the mine as joint venture partners and leaving Whitehaven as operator with 70% of the Blackwater Joint Venture. Earlier, the 2012 merger with Aston Resources was paired with the acquisition of Boardwalk Resources Limited, which remains a wholly owned subsidiary, while the Winchester South project was acquired from Rio Tinto and Scentre. Beyond Blackwater, the joint operations comprise a 75% interest in the Maules Creek Joint Venture with marketing through the 75%-owned Maules Creek Marketing Pty Ltd, a 77.5% interest in the Narrabri Coal Joint Venture, a 70% interest in the Dingo Joint Venture, a 92.5% interest in the Ferndale Joint Venture, and a 39% interest in the Boggabri-Maules Creek Rail Spur Joint Venture managed through Boggabri-Maules Creek Rail Pty Ltd, with significant management and financial decisions requiring the consent of all partners. AustralianSuper Pty Ltd is the largest substantial shareholder with 11.80% of issued capital as notified on 4 November 2025, ahead of Vanguard Group at 5.09% and Dimensional Entities at 5.02%. Remaining BMA obligations comprise a final US$100m deferred payment due in April 2027, following the second US$500m payment in April 2026, and a final contingent payment in July 2027 equal to 35% of revenue above a Queensland average realised price threshold of US$134/t, capped at US$350m, after contingent payments of US$9m in July 2025 and US$58m in July 2026. Wholly owned operating and sales subsidiaries include Werris Creek Coal Pty Ltd, Werris Creek Coal Sales Pty Ltd, Vickery South Operations Pty Ltd and Boardwalk Dingo Pty Ltd. In April 2026 the capital structure was refinanced through an inaugural US$900m issue of senior secured notes under Rule 144A and Regulation S, split into a US$450m tranche maturing in October 2031 at 6.25% and a US$450m tranche maturing in April 2034 at 6.75%, together with a new 4.5-year US$600m senior secured syndicated facility comprising a US$475m term loan and an undrawn US$125m revolving credit facility, which repaid the US$1,100m acquisition debt facility and carries investment-grade senior secured ratings from S&P and Moody's. These arrangements build on the company's listing on the ASX in 2007.

Hedge: Coal-price exposure is deliberately left open, as sales are predominantly made at prevailing market prices and the group has generally chosen not to hedge against movements in coal prices. Because sales are predominantly denominated in US dollars against an Australian dollar functional currency, the group may use forward exchange contracts to hedge currency risk on contracted sales where both volume and US dollar price are fixed, under a hedging policy approved by the Board of Directors, designating such contracts as cash flow hedges measured at fair value. Interest-rate exposure is managed through a mix of fixed and variable rate borrowings that management analyses on an ongoing basis. At 30 June 2026, the net US dollar exposure on financial instruments not designated in cash flow hedges was a US$1,104m liability position, made up of US$458m of cash and US$244m of receivables against US$35m of payables, US$396m of deferred and contingent consideration and US$1,375m of interest-bearing liabilities, so that a 10% strengthening of the Australian dollar would add A$146m to pre-tax profit and a 10% weakening would reduce it by A$178m. Fixed-rate instruments comprised A$1,305m of senior secured notes and A$299m of lease liabilities, while A$778m of variable-rate financial assets broadly offset A$764m of variable-rate liabilities, leaving a 100 basis point rate change with a negligible effect on profit.

Source: Whitehaven Coal Limited - Annual Report - 2026

Portfolio Aggregate | 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

Whitehaven Coal Portfolio

Portfolio

Australia

Whitehaven Coal Portfolio other mine

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

As at 30 June 2026

Aggregation level: Company portfolio

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Environment: Onshore

Description

As at 30 June 2026

Whitehaven Coal's group portfolio: coal operations in the Bowen Basin in Central Queensland and the Gunnedah Basin in North West New South Wales - two coal mines in Queensland and four in New South Wales (five open cut, one underground), together with the Gunnedah Coal Handling Preparation Plant, plus two development projects (the Vickery Extension Project and the Winchester South Project). Whitehaven describes itself as a leading Australian metallurgical coal producer and a supplier of high quality, high calorific value thermal coal; FY26 revenue split 57% metallurgical and 43% thermal coal sales. Managed ROM coal production was 40.3Mt in FY26 (FY25 39.1Mt), with FY27 Group ROM guidance of 38.0-41.0Mt. Coal is railed under Aurizon and ARTC track and haulage contracts and exported mainly to Asia through Dalrymple Bay and RG Tanna (QLD) and the Port of Newcastle via PWCS and NCIG (NSW). Total Coal Resources fell from 6.80Bt (FY25) to 5.78Bt, mainly on the removal of Oaklands North (-950Mt) and Bonshaw (-11Mt).

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Operating | 9 projects

Blackwater

Asset | Ownership 70%

Australia, Queensland, Bowen Basin

Blackwater met coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, Queensland (Bowen Basin)

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 70

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Open cut mine in the Bowen Basin, Central Queensland, producing metallurgical and thermal coal, held through the Blackwater Joint Venture after Whitehaven sold 20% to Nippon Steel Corporation and 10% to JFE Steel Corporation on 31 March 2025. FY26 ROM coal production was 13.9Mt, down 2% on FY25 (14.2Mt) on wet weather at the start of H2 FY26 and site water management; coal stocks were 1.5Mt at 30 June 2026. Exports go through the RG Tanna Coal Terminal. The Coal Resource also includes an underground area. Whitehaven names Blackwater among the core assets where its Resource inventory is concentrated; life of mine 50+ years.

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Vickery

Asset | Operating

Australia, New South Wales

Vickery thermal coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Open cut thermal and metallurgical coal mine near Gunnedah, New South Wales. Early mining began with the box cut in late FY24 and contributes to the Gunnedah open cut output; the full-scale Vickery Extension Project has all required Government approvals (approved to August 2045) but remains subject to Board approval of FID; full-scale development could unlock annual ROM production of 10Mt (about 8Mt above current early-mining levels) over a 20-year open cut mine life, with high CV coal (>6400 kcal/kg). The Coal Resource also includes an underground area. Whitehaven names Vickery among its core near-development assets; life of mine 20+ years.

Mining metrics

As at 30 June 2026 | inclusive

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Maules Creek

Asset | Ownership 75%

Australia, New South Wales

Maules Creek thermal coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 75

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Open cut thermal and metallurgical coal mine in the Gunnedah Basin, North West New South Wales, held through the Maules Creek Joint Venture. FY26 ROM coal production was 11.7Mt, 2% higher than FY25 (11.5Mt), with strong processing and logistics throughput; coal stocks 1.1Mt at 30 June 2026. Coal is railed via the Boggabri-Maules Creek rail spur (39% JV) and exported through the Port of Newcastle. A Maules Creek Continuation Project is in progress. Whitehaven names Maules Creek among its core assets; life of mine 18+ years.

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Narrabri

Asset | Ownership 77.5%

Australia, New South Wales

Narrabri thermal coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 77.5

Operator: Yes

Extraction: Underground

Environment: Onshore

Description

As at 30 June 2026

Underground longwall thermal coal mine in the Gunnedah Basin, New South Wales, held through the Narrabri Coal Joint Venture, with Narrabri North and Narrabri South underground areas. FY26 ROM coal production was 4.7Mt, up 11% on FY25 (4.3Mt): solid first-half output after an extended FY25 longwall move, then challenging mining conditions in the second half; coal stocks 0.3Mt at 30 June 2026. The Stage 3 Extension Project extends the approved mine life from 2031 to 2044, with annual production capacity expected at 6-7Mtpa; operations under the Stage 3 approval began on 1 August 2025, and Stage 3 capital is expected between FY27 and FY32, subject to market conditions. FY26 capital included the Narrabri 201 mains development. Life of mine 18+ years.

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Daunia

Asset

Australia, Queensland, Bowen Basin

Daunia met coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, Queensland (Bowen Basin)

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Open cut metallurgical and thermal coal mine in the Bowen Basin, Queensland, acquired with Blackwater from BMA (FY24). FY26 ROM coal production was 6.2Mt, up 6% on FY25 (5.8Mt) on favourable mining conditions; coal stocks were 0.6Mt at 30 June 2026. Exports go through the Dalrymple Bay Coal Terminal. Winchester South lies adjacent and is studied for synergies with Daunia. Life of mine 14+ years.

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Tarrawonga

Asset

Australia, New South Wales

Tarrawonga thermal coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Open cut thermal and metallurgical coal mine near Gunnedah, New South Wales, one of the Gunnedah open cut (GOC) mines with Vickery; coal is processed at the Gunnedah CHPP. The Coal Resource also includes an underground area. Life of mine 5+ years.

Mining metrics

As at 30 June 2026 | inclusive

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Whitehaven Coal Gunnedah Open Cuts

District

Australia, New South Wales

Whitehaven Coal Gunnedah Open Cuts thermal coal mine

Mining

Type

Operating

Status

🇦🇺 Australia, New South Wales

Country

Project information

Aggregation level: District / complex

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

The Gunnedah open cut (GOC) mines, comprising Vickery and Tarrawonga near Gunnedah. Combined ROM coal production was 3.7Mt in FY26, 13% higher than FY25 (3.3Mt), with an increased contribution from Vickery; the GOC mines held coal stocks of 0.3Mt at 30 June 2026.

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Whitehaven Coal NSW Operations

Segment

Australia

Whitehaven Coal NSW Operations thermal coal mine

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

Aggregation level: Reporting segment

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Environment: Onshore

Description

Whitehaven's NSW Operations reporting segment in the Gunnedah Basin: Maules Creek, the Narrabri underground mine and the Gunnedah open cuts (Vickery and Tarrawonga), largely thermal coal, with the Gunnedah CHPP. Managed ROM coal production was 20.2Mt in FY26, up 6% on FY25 (19.1Mt); sales of produced coal 16.8Mt; coal stocks 1.8Mt at year end; FY27 ROM guidance is 19.2-20.7Mt. Coal is exported through the Port of Newcastle (PWCS and NCIG).

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Whitehaven Coal QLD Operations

Segment

Australia

Whitehaven Coal QLD Operations met coal mine

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

Aggregation level: Reporting segment

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

Whitehaven's QLD Operations reporting segment: the Daunia and Blackwater open cut mines in the Bowen Basin, largely metallurgical coal. Managed ROM coal production was 20.1Mt in FY26 (FY25 20.0Mt), sales of produced coal 15.9Mt and coal stocks 2.1Mt at year end; FY27 ROM guidance is 18.8-20.3Mt. Coal is exported through the Dalrymple Bay and RG Tanna coal terminals.

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Development | 1 project

Winchester South

Asset | Feasibility

Australia, Queensland, Bowen Basin

Winchester South met coal project

Mining

Type

Development

Status

🇦🇺 Australia, Queensland (Bowen Basin)

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Proposed metallurgical coal mine (Winchester South Metallurgical Coal Project) in Queensland's Bowen Basin, adjacent to the Daunia mine, under MDL 183. Queensland DETSI has approved the Draft Environmental Authority and the Commonwealth EPBC process is progressing; objections to the Draft Environmental Authority and Mining Lease Applications were referred to the Queensland Land Court, which reserved judgement after closing submissions in December 2025. Whitehaven is continuing feasibility studies, including synergies with Daunia; the mine has the potential to produce up to 17Mt of ROM coal a year over about 30 years. FY26 Reserves rose by 24Mt recoverable and 25Mt marketable as Inferred coal within the pit shell was upgraded and the South Pit and Northwest Pit were included. The resource includes an underground area.

Mining metrics

As at 30 June 2026 | inclusive

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Exploration | 3 projects

Ferndale

Asset | Exploration | Ownership 92.5%

Australia, New South Wales

Ferndale thermal coal project

Mining

Type

Exploration

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 92.5

Operator: Yes

Extraction: Open Pit Underground

Environment: Onshore

Description

As at 30 June 2026

Coal resource area in New South Wales (EL7430), held through the Ferndale Joint Venture, with open cut and underground Coal Resources in the FY26 statement and no Coal Reserve.

Mining metrics

As at 30 June 2026 | inclusive

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Gunnedah

Asset | Exploration

Australia, New South Wales

Gunnedah thermal coal project

Mining

Type

Exploration

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Environment: Onshore

Description

As at 30 June 2026

Coal resource area in New South Wales (ML1624, EL5183, CCL701) with open cut and underground Coal Resources in the FY26 statement and no Coal Reserve.

Mining metrics

As at 30 June 2026 | inclusive

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Pearl Creek

Asset | Exploration | Ownership 70%

Australia, Queensland

Pearl Creek met coal project

Mining

Type

Exploration

Status

🇦🇺 Australia, Queensland

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 70

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Coal resource area in Queensland (MDL512, EPC862, EPC863, EPC1063) held through the Dingo Joint Venture, with an open cut Coal Resource. In FY26 a geostatistical review reduced resource confidence (-13Mt) and highlighted the need for additional drilling.

Mining metrics

As at 30 June 2026 | inclusive

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Reclamation | 1 project

Rocglen

Asset | Reclamation

Australia, New South Wales

Rocglen thermal coal project

Mining

Type

Reclamation

Status

🇦🇺 Australia, New South Wales

Country

Project information

As at 30 June 2026

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Environment: Onshore

Description

As at 30 June 2026

Former open cut coal mine in New South Wales (ML1620) where Whitehaven has completed operations; it still carries small open cut and underground Coal Resources in the FY26 statement.

Mining metrics

As at 30 June 2026 | inclusive

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Reserves & resources — reported lines

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Reserves & resources — detail

As at 30 June 2026

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Energy Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Energy metals (uranium)

U₃O₈ vs U metal. Reserves are usually in lb or t U₃O₈; multiply by ~0.848 for U metal. Fuel-cycle contracts may quote kgU as UF₆ (schema: kgu).
% U₃O₈ vs ppm U₃O₈. Athabasca grades can exceed 10%; ISR deposits often 0.05–0.5%. The schema preserves the source unit.
ISR vs conventional. ISR tonnage is often m³ leach solution, not rock mass — cost structure differs from underground/open-pit.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
Cost / other — a passive or fair-value holding, excluded from the group total.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Thermal coal

Score

Production

Resource base

Grade

1 / 5

0–1 Mtpa coal

0–50 Mt coal

0–4 500 kcal/kg

2 / 5

1–3 Mtpa coal

50–200 Mt coal

4 500–5 500 kcal/kg

3 / 5

3–10 Mtpa coal

200–1 000 Mt coal

5 500–6 000 kcal/kg

4 / 5

10–30 Mtpa coal

1 000–3 000 Mt coal

6 000–6 500 kcal/kg

5 / 5

≥ 30 Mtpa coal

≥ 3 000 Mt coal

≥ 6 500 kcal/kg

Met coal

Score

Production

Resource base

Grade

1 / 5

0–0.8 Mtpa coal

0–35 Mt coal

0–4 500 kcal/kg

2 / 5

0.8–2.5 Mtpa coal

35–100 Mt coal

4 500–5 500 kcal/kg

3 / 5

2.5–8 Mtpa coal

100–350 Mt coal

5 500–6 000 kcal/kg

4 / 5

8–22 Mtpa coal

350–1 200 Mt coal

6 000–6 500 kcal/kg

5 / 5

≥ 22 Mtpa coal

≥ 1 200 Mt coal

≥ 6 500 kcal/kg

Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.

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