Creating a leading independent Australian coal company. December 2011

Transcription

1 Creating a leading independent Australian coal company December 2011

2 SUBJECT altaylo Error! Too many picture switches defined. 1/27 Disclaimer and important notice This disclaimer and important notice applies to this presentation and any information provided in relation to or in connection with the information contained in it. This presentation provides information in summary form and should be read in conjunction with the announcement in relation to the proposed merger of Whitehaven Coal Limited (Whitehaven) and Aston Resources Limited (Aston) and the proposed acquisition by Whitehaven of Boardwalk Resources Limited (Boardwalk) (the Transaction) that was released by Whitehaven and Aston today. Some of the information in this presentation is based on publicly available sources or internal estimates by Whitehaven, Aston or Boardwalk, has not been independently verified and may not be complete. In particular, this presentation does not purport to contain all the information investors may require in order to make a decision in relation to the Transaction further information will be contained in additional documents to be released by Aston and/or Whitehaven. This presentation contains forward-looking statements which involve a number of risks and uncertainties. Forward looking statements should or can generally be identified by the use of forward looking words such as anticipate, believe, expect, forecast, estimate, will, could, may, target, plan and other similar expressions within the meaning of securities laws of applicable jurisdictions, and include expected production estimates. These statements reflect current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions based on currently available information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, beliefs, hopes, intentions and strategies described in this presentation and you are cautioned not to place undue reliance on any forward-looking statement. No representation or warranty is made as to the accuracy, completeness, reliability, fairness or correctness of the information, conclusions and opinions (including any forward looking statements) contained in this presentation. To the maximum extent permitted by law, no person, including Whitehaven, Aston, Boardwalk and their respective related bodies corporate, officers, employees and representatives (including agents and advisors), accepts any liability or responsibility (including, without limitation, any liability arising out of fault or negligence) for loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement of any forecasts, prospects or returns contained in this presentation. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. In this regard, this presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. The statements in this presentation are made only as at the date of this presentation unless otherwise stated and remain subject to change without notice. No person, including Whitehaven, Aston, Boardwalk and their respective related bodies corporate, officers, employees and representatives (including agents and advisors) accepts any obligation to correct or update this presentation. You should seek your own independent professional advice in relation to the technical, financial, taxation, legal and commercial matters relating to the information and rely on your own due diligence and analysis accordingly. This presentation does not constitute an offer to issue or sell, or to arrange to sell, securities or other financial products. In particular, this presentation and the information contained in it does not constitute a solicitation, offer or invitation to buy, subscribe for or sell any security in the United States or to or for the account or benefit of any U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933 (the US Securities Act)). The Whitehaven shares to be issued in the Transaction have not been, and will not be, registered under the US Securities Act. Securities may not be offered or sold in the United States unless they have been registered under the US Securities Act or an exemption from registration is available. Cautionary note regarding ore reserves and mineral resources: You should be aware that as Australian companies with securities listed on the ASX, each of Whitehaven and Aston is subject to Australian disclosure requirements and standards, including the continuous disclosure requirements of the Australian Corporations Act and the ASX. Australian disclosure requirements and standards are different from those of the other jurisdictions. In addition, you should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply with the JORC Code 2004 Edition, whereas mining companies in other countries may be required to report their mineral reserves and/or resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). You should note that while Whitehaven's and Aston's reserve and resource estimates comply with the JORC Code 2004 Edition, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7, which governs disclosures of mineral reserves in registration statements and certain reports filed with the U.S. Securities and Exchange Commission. In particular, SEC Industry Guide 7 does not recognize classifications other than proven and probable reserves, and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC registration statements. You should not assume that quantities reported as resources will be converted to reserves under the JORC Code or any other reporting regime or that the merged entity will be able to legally and economically extract them. All references to future exploration, production, exploration targets and production targets made in relation to Boardwalk in this investor presentation are subject to completion of all necessary feasibility studies, delivery of all necessary approvals, construction and financing arrangements, as well as certain other risks. Any reference to exploration targets refers to in-situ coal deposits in respect of which there is insufficient data from historical and current exploration activities to identify a Resource in compliance with the JORC Code, and is purely conceptual in nature. It is uncertain if further exploration will result in determination of a Mineral Resource. The release, publication or distribution of this presentation in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This presentation may not be copied by you, or distributed to any other person. 1

3 SUBJECT altaylo Error! Too many picture switches defined. 2/27 Presenters The Hon. Mark Vaile Mr John Conde AO Mr Tony Haggarty Mr Peter Kane Proposed Chairman Deputy Chairman, Aston Proposed Deputy Chairman Chairman, Whitehaven Proposed Managing Director Managing Director, Whitehaven Proposed Senior Management CEO, Aston 2

4 SUBJECT altaylo Error! Too many picture switches defined. 3/27 Transaction overview Whitehaven / Aston merger All-scrip merger of equals between Whitehaven and Aston Aston shareholders to receive 1.89 Whitehaven shares per Aston share Fully-franked special dividend of A$0.50 per Whitehaven share to existing Whitehaven shareholders (conditional on Scheme proceeding) Transaction to be implemented via Aston Scheme of Arrangement meeting expected to be held in March 2012 Aston's largest shareholder, Tinkler Group, holding 31.6% of shares, has indicated its intention to vote in favour of the transaction, in the absence of a superior proposal The Independent Directors of Aston have considered the merger and have unanimously recommended that Aston shareholders vote in favour of the transaction in the absence of a superior proposal and subject to an Independent Expert concluding that the merger is in the best interests of Aston shareholders 1 Whitehaven acquisition of Boardwalk Resources Acquisition of Boardwalk in exchange for 85.88m Whitehaven shares (not eligible for Whitehaven special dividend) 34.02m additional shares to be issued as consideration in the event of certain milestones being reached Boardwalk Resources shareholders to contribute A$150m in cash to Boardwalk Resources which will be used for the ongoing development of its assets. Boardwalk Resources also has US$50m debt outstanding Majority vote by Whitehaven shareholders to approve the issuance of shares to Boardwalk shareholders Acquisition is unanimously recommended by the Whitehaven Board. Whitehaven shareholders (including the directors) representing 42.9% of total Whitehaven shares on issue have indicated they intend to vote in favour of the resolution at the general meeting Acquisition of Boardwalk is conditional on Aston Scheme approval (not vice versa) The merger of Whitehaven and Aston has the unanimous support of the Whitehaven and Aston Boards. The acquisition of Boardwalk Resources has the unanimous support of the Whitehaven Board 1 The Non-Independent Directors of Aston have made the same recommendation although noting their interest in the Boardwalk transaction and that they had therefore not participated in the Independent Directors decision to recommend the merger. 3

5 SUBJECT altaylo Error! Too many picture switches defined. 4/27 Transaction rationale Large scale, diversified coal producer Leading ASX listed coal company with substantial reserve and resource base Solid production and profit base from five high quality, low cost producing mines Substantial growth pipeline Substantial growth pipeline including ramp up of Narrabri, development of Maules Creek and Vickery and a suite of exploration assets Major supplier of semi-soft coking and PCI coals Creates a major supplier of semi-soft coking and PCI coals Metallurgical coal production rising to up to 60% of saleable production by FY2016 Strategic infrastructure position Strategic port and rail infrastructure position which supports the Merged Entity s production growth plans Significant synergies Significant synergies resulting from the consolidation of Gunnedah Basin mining operations Experienced Board and management Highly regarded Board and management team with extensive experience and a track record of success in developing coal mines and infrastructure and enhancing shareholder value 4

6 SUBJECT altaylo Error! Too many picture switches defined. 5/27 Overview of combined portfolio Narrabri (70%) Status: Producing Resources: 855Mt Reserves: 220Mt GUNNEDAH BASIN TENEMENT HOLDINGS To Narrabri (20km) Kamillaroi Narrabri Mine Maules Creek Sienna (100%) Status: Exploration Maules Creek (75%) 1 Status: Approvals Resources: 679Mt Reserves: 362Mt Narrabri South exploration area Baan Baa Boggabri Bluevale Vickery South Boggabri Mine Goonbri Tarrawonga Mine Manilla Rd Vickery Rocglen Mine Gunnedah Basin Dingo (70%) 3 Status: Exploration Monto (100%) Status: Exploration Tarrawonga (70% / 100%) 2 Status: Producing Resources: 113Mt Reserves: 48Mt Sunnyside Mine Oxley Highway Former Gunnedah Colliery Rosmar Highway BLOCK 7 Whitehaven CHPP and train loading facility Gunnedah Oxley Highway To Tamworth (45km) Ferndale (50%) 4 Status: Exploration / Pre-Feasibility Former Preston Colliery Curlewis Rocglen (100%) Status: Producing Resources: 23Mt Reserves: 13Mt Sunnyside (100%) Status: Producing Resources: 90Mt Reserves: 28Mt To Coonabarabran (60km) GUNNEDAH REGION TENEMENT HOLDINGS N W E COMPANY INDEX Whitehaven Idemitsu S BHP Biliton Aston Kilometres Big Ben Holdings Shenhua Scale 1: Coalworks Watermark Caroona Kamillaroi Quirindi To Newcastle (270km) Werris Creek Werris Creek Mine Vickery (100%) Status: Feasibility Resources: 460Mt Reserves: 139Mt Werris Creek (100%) Status: Producing Resources: 34Mt Reserves: 29Mt Aston Whitehaven Boardwalk Note: Reserves and resources stated on a pro forma 100% ownership basis. Reserves presented on a recoverable basis. 1 Currently 85%, will reduce to 75% post completion of the selldown of 10% to J-Power. 2 Whitehaven have a 70% interest in Tarrawonga open cut and a 100% interest in Tarrawonga underground. 3 Currently 51%, earning in to 70% through funding of exploration spend. 4 Boardwalk is currently earning in to 50% of Ferndale. 5

7 SUBJECT altaylo Error! Too many picture switches defined. 6/27 Creates a leading independent Australian coal company 12 Market capitalisation (A$m) Resources equity basis (Mt) Reserves equity basis (Mt) Merged Entity¹ 5,146 New Hope 2,021 New Hope 736 New Hope 4,824 Merged Entity 2,003 Merged Entity 672 Whitehaven 2,879 Gloucester 1,802 Whitehaven 401 Aston² 2,058 Bandanna 1,534 Gloucester 275 Gloucester 1,623 Whitehaven 1,493 Aston 272 Cockatoo 406 Cockatoo 1,383 Bandanna 147 Guildford 327 Guildford 1,235 Stanmore 118 Bandanna 285 Aston 509 Cockatoo³ 47 Carabella 161 NuCoal 505 Carabella NuCoal 146 Stanmore 467 Guildford Stanmore 111 Carabella 146 NuCoal Leading ASX-listed coal company Over 2Bt of resources Substantial reserve base Source: Company filings; IRESS. Note: Market capitalisation based on undiluted shares on issue and closing prices as at 9-Dec Reserves presented on a recoverable basis. Aston Resources and Reserves shown on a post J- Power basis (i.e. effective 75% interest in Maules Creek). Resources do not include JORC Resources for Boardwalk assets. Numbers may not add due to rounding. 1 Market capitalisation including value attributed to Boardwalk Resources. 2 Market capitalisation based on the Whitehaven offer value. 3 Based on marketable reserves given recoverable reserves are not disclosed. 6

8 . SUBJECT altaylo Error! Too many picture switches defined. 7/27 Large scale, diversified coal producer Comments Substantial production growth driven by: Narrabri expected to commence longwall production in Apr-2012 Maules Creek ramping up from mid-2013 to ~11Mtpa by 2016 Vickery ramping up to > 4Mtpa, commencing FY2014 Saleable production (Mt, 100% basis) High productivity and yields, resulting in low cost mines that are competitively placed on the cost curve 11 6 FY2012E FY2013E FY2014E FY2015E FY2016E Tarrawonga Other WHC Werris Creek Narrabri Maules Creek Vickery Data shown for year ending 30-Jun. Note: These estimates relate to planned future events and expectations and as such involves known and unknown risks and uncertainties. Please refer to the disclaimer. 1 Includes only Whitehaven and Aston assets; excludes Boardwalk assets. 7

9 SUBJECT altaylo Error! Too many picture switches defined. 8/27 Substantial growth pipeline Merged Entity is very well positioned to deliver its growth plans Stable, low risk cashflows from existing open cut operations Substantial growth in future cashflows from the ramp up of Narrabri and development of Maules Creek and Vickery Pipeline of assets across all stages of the development curve Exploration Pre-Feasibility Study Feasibility Study Approvals Construction Producing Assets Merton Maules Creek Narrabri Ferndale Vickery Werris Creek Dingo Tarrawonga Sienna Rocglen Monto Sunnyside Bonshaw Whitehaven Aston Boardwalk 8

10 SUBJECT altaylo Error! Too many picture switches defined. 9/27 Major global supplier of semi-soft coking and PCI coals Comments Resource and reserve mix (Mt, 100% basis) 1 Metallurgical coal expected to grow to up to 60% of saleable production by FY2016 Narrabri up to 40% PCI coal Vickery up to 55% SSCC / PCI Maules Creek up to 80% SSCC Aston 679Mt Whitehaven 1,772Mt Aston 362Mt Whitehaven 480Mt High quality thermal coal Combined resources: 2,451Mt Combined recoverable reserves: 842Mt Existing Whitehaven open cut operations, Narrabri and the Vickery development project Maules Creek expected to produce premium low-ash, high energy, thermal coal Thermal coal 78% Saleable production mix (Mt, 100% basis) Metallurgical coal 22% Thermal coal 40% Metallurgical coal 60% FY2012: 6Mt FY2016: 25Mt Data shown for year ending 30-Jun. Note: These estimates relate to planned future events and expectations and as such involves known and unknown risks and uncertainties. Please refer to the disclaimer. 1 Includes only Whitehaven and Aston assets; excludes Boardwalk assets. 9

11 SUBJECT altaylo Error! Too many picture switches defined. 10/27 Strategic port and rail infrastructure position Comments Port capacity and export coal sales (Mt, 100% basis) 1 Port capacity to meet future production with extensive agreements in place 11% shareholding in Newcastle Coal Infrastructure Group is strategically significant PWCS (existing) NCIG Additional 3rd-party tonnage PWCS (T4) Export coal sales Longer term capacity gaps to be secured by accessing surplus capacity from other producers and additional PWCS T4 allocations Access to full PWCS T4 allocation by FY Rail infrastructure expected to be available to support production plans Whitehaven has long term track access agreements with ARTC and long term haulage agreements with Pacific National Aston has already secured 5Mtpa of rail capacity from Track upgrades identified by ARTC to increase rail capacity to ~60Mtpa from Gunnedah Basin 5 FY2012E FY2013E FY2014E FY2015E FY2016E FY2017E Data shown for year ending 30-Jun. Note: These estimates relate to planned future events and expectations and as such involves known and unknown risks and uncertainties. Please refer to the disclaimer. 1 Includes only Whitehaven and Aston assets; excludes Boardwalk assets. 10

12 SUBJECT altaylo Error! Too many picture switches defined. 11/27 Significant synergies to be unlocked from merger Port and rail infrastructure sharing Coal blending and marketing Operational synergies Group savings and benefits Ability to optimise production by leveraging larger infrastructure base Prioritise output of higher margin coals, particularly during periods of port and / or rail constraints Stronger negotiating position with infrastructure and other service providers Potential to reduce any take or pay charges Potential to create value through access to a broader range of coals Greater coal blending opportunities within the portfolio Ability to shift volume between metallurgical coal and thermal coal in response to market conditions Enhanced marketing opportunities through access to a broader range of customers Lower operating costs driven by economies of scale Sharing of technical and operating expertise across mines and projects Procurement / development benefits associated with a larger entity Enhanced access to debt financing at lower cost Savings in corporate costs (listing costs, administrative costs and services) 11

13 SUBJECT altaylo Error! Too many picture switches defined. 12/27 Highly regarded Board and management with an established record of enhancing shareholder value Board The Hon. Mark Vaile Mr John Conde AO Mr Tony Haggarty Mr Rick Gazzard Mr Philip Christensen Independent Chairman Independent Deputy Chairman Managing Director Independent Non- Executive Director Non-Executive Director One Independent Non-Executive Director to be nominated Mr Hans Mende Non-Executive Director Mr Paul Flynn Non-Executive Director Mr Allan Davies Executive Director Management Senior management roles will be determined on a best fit basis following a strategic review Mr Tony Haggarty Managing Director Mr Allan Davies Executive Director Mr Peter Kane Senior Management 12

14 SUBJECT altaylo Error! Too many picture switches defined. 13/27 Path to delivering growth and value 1 Realise synergies from merger 2 Deliver on near term development pipeline: Maules Creek and Vickery 3 Achieve 25Mtpa by FY Maximise value from Boardwalk exploration portfolio 5 Platform for further consolidation in the Australian coal industry 13

15 Additional information

16 SUBJECT altaylo Error! Too many picture switches defined. 15/27 Indicative transaction timetable Announcement of merger and Boardwalk acquisition 12 December 2011 Scheme booklet despatched to Aston shareholders Late February 2012 Notice of Meeting despatched to Whitehaven shareholders Late February 2012 Aston Scheme meeting Late March 2012 Whitehaven shareholder meeting to approve issuance of shares >15% to Boardwalk shareholders Late March 2012 Payment of Whitehaven special dividend Early April 2012 Completion of the Boardwalk acquisition Early April 2012 Implementation of Aston Scheme Early April 2012 Note: Indicative only and subject to change. 15

17 SUBJECT altaylo Error! Too many picture switches defined. 16/27 Transaction conditions Aston Scheme: Customary regulatory and court approvals, including FIRB approval Aston shareholder approval of Scheme (75% of votes cast; 50% of shareholders voting) Aston's largest shareholder, Tinkler Group, holding 31.6% of shares, has indicated its intention to vote in favour of the transaction, in the absence of a superior proposal No material adverse change in Aston or Whitehaven Acquisition of Boardwalk is conditional on Aston Scheme approval (not vice versa) Other conditions as set out in the Scheme Implementation Agreement (appended to transaction announcement) Boardwalk acquisition: Conditional on the Aston Scheme proceeding Whitehaven shareholder approval for issuance of shares >15% of issued capital to acquire Boardwalk (50% approval threshold) Whitehaven shareholders (including the directors) representing 42.9% of total Whitehaven shares on issue have indicated they intend to vote in favour of the resolution at the general meeting FIRB approval Milestone payments to be issued to Boardwalk shareholders by way of additional 17.01m Whitehaven shares each upon receipt of mining and environmental approvals at any two of Dingo, Ferndale, Sienna, Monto and Oaklands North (i.e. total of 34.02m shares) 16

18 SUBJECT altaylo Error! Too many picture switches defined. 17/27 Pro forma Merged Entity shareholding structure Current Aston shareholder register Expected Merged Entity register post completion 37.8% 5.5% 6.6% 9.1% 31.6% 9.5% Tinkler Group Farallon Funds JCP Investment Burlingham International Kuok Group Other AZT shareholders 50.6% Free float: ~57% 6.2% 19.6% 7.5% 5.0% 4.9% 6.3% Tinkler Group FRC AMCI Farallon Funds Board & senior management JCP Investment Other shareholders Current Whitehaven shareholder register Expected Merged Entity ownership post completion 14.7% FRC 8.9% 9.7% AMCI Plummer 51.1% WHC shareholders AZT shareholders 57.1% 6.8% 6.8% 5.0% Haggarty JCP Investment 40.0% Boardwalk shareholders Other WHC shareholders Note: Charts separately identify shareholders with over 5% shareholding. Total number of shares is presented on an undiluted basis. Shareholdings exclude any vesting of Whitehaven shares as a result of Boardwalk milestones being achieved. Board and senior management includes shareholdings of The Hon. Mark Vaile, John Conde AO, Tony Haggarty, Allan Davies, Hans Mende and Philip Christensen. Major investors in Boardwalk include Tinkler Group and Farallon Funds. Note 2: Shareholdings as at 25-Nov-2011, unless notice lodged after this time. 17

19 SUBJECT altaylo Error! Too many picture switches defined. 18/27 Summary of Whitehaven assets 1 Asset Narrabri Vickery Tarrawonga Werris Creek Rocglen Sunnyside Ownership 70% 100% 70% / 100%¹ 100% 100% 100% Basin Gunnedah Coal type PCI, TC SS, TC SS, PCI, TC PCI, TC TC TC Mine type UG OC OC OC OC OC JORC Resource (100%, Mt) JORC Reserve (100%, Mt) FY2012 production (100%, Mt) FY2016 production (100%, Mt) Rail infrastructure Port infrastructure NA Gunnedah rail system Newcastle (PWCS / NCIG) Key: PCI = Pulverised Coal Injection, TC = Thermal Coal, HC = Hard Coking Coal, SS = Semi-Soft Coking Coal, OC = Open Cut, UG = Underground Note: Reserves presented on a recoverable basis. 1 Whitehaven have a 70% interest in Tarrawonga open cut and a 100% interest in Tarrawonga underground. 18

20 SUBJECT altaylo Error! Too many picture switches defined. 19/27 Summary of Aston's asset Location & ownership Status Coal types Production Reserves & resources Infrastructure Key project details Location: Gunnedah Basin, New South Wales; 16km from the main railway line and 380km from Newcastle port Ownership: Aston (75% 1 ); ITOCHU (15%); J-Power (10% - pending completion of sale) Maules Creek is a development stage, open cut mine located east of Whitehaven s Narrabri mine, and immediately north of the Boggabri and Tarrawonga mines Environmental approvals are expected in Q1 2012, enabling mobilisation of contractors in Q and first coal production by mid CY13 Definitive Feasibility Study completed in July 2011 confirmed compelling project economics, with low operating costs and strong expected margins Following the sale of a 15% stake in Maules Creek to ITOCHU in December 2010, Aston agreed terms with J-Power for the sale of an additional 10% stake in the project for A$370m in October The transaction remains subject to certain conditions including consent by ITOCHU to the terms of the long term coal sales agreement Drilling program and detailed coal quality testing and analysis have confirmed Maules Creek will produce a combination of high quality, low ash, low sulphur semi-soft coking coal, and premium low ash, high energy thermal coal Expected to produce up to 80% metallurgical coal Targeted average annual production of 10.8Mt saleable coal over a mine life in excess of 30 years Attributable resources: 509Mt (pro forma for sale of 10% to J-Power 1 ) Attributable recoverable reserves: 272Mt (pro-forma as above) Aston has secured rail capacity via ARTC, and sufficient port capacity at NCIG and PWCS to support the majority of port capacity required by Aston LEGEND Main road Minor road Railway Maules Creek Other mines and projects KILOMETRES Asset location Source: Company filings. 1 Aston interest is 85% reducing to 75% post completion of the sale of a 10% stake in the Maules Creek Joint Venture as announced in October

21 SUBJECT altaylo Error! Too many picture switches defined. 20/27 Summary of Boardwalk assets 123 Asset Sienna Dingo Monto Ferndale Coalworks³ Ownership 100% 70%¹ 100% 60%² 19.9% Basin Bowen, QLD Bowen, QLD Mulgildie, QLD Sydney, NSW Coal type HC, PCI, TC PCI, TC TC SS, PCI Mine type OC/UG OC OC OC / UG Exploration target (gross) Mt Mt 0-1,832Mt Mt See Coalworks disclosure Rail infrastructure 18km by rail line Intersected by rail line 8km by rail line Immediately adjacent to rail line Port infrastructure Abbot Point (285km away) WICET (225km away) WICET (160km away) Newcastle (125km away) Key: PCI = Pulverised Coal Injection, TC = Thermal Coal, HC = Hard Coking Coal, SS = Semi-Soft Coking Coal, OC = Open Cut, UG = Underground Note: Boardwalk 3.2% minority interest in Orpheus Energy Limited not including in above summary. 1 Boardwalk currently owns a 51% interest in the Dingo Project and has a right to acquire up to a 70% interest upon completion of its farm in arrangements. 2 Currently earning in to 50% of Ferndale. 3 Coalworks has a 100% interest in Oaklands, a 46.25% interest in Ferndale (post Boardwalk s earn-in to 50%) and a 51% interest in Vickery South (post ITOCHU s earn-in to 49%). 20

22 SUBJECT altaylo Error! Too many picture switches defined. 21/27 Resources and reserves summary Figures in Mt % basis Equity basis Asset Ownership Resources Reserves Resources Reserves Narrabri 70% Vickery 100% Tarrawonga 70% / 100%¹ Sunnyside 100% Werris Creek 100% Rocglen 100% Other WHC 100% Total Whitehaven 1, , Maules Creek 75% Total Aston Sienna 100% Not included Other (via CWK interest)² Total Boardwalk Not included Not included Total Merged Entity² 2, , Note: Reserves presented on a recoverable basis. Note 2: These estimates relate to planned future events and expectations and as such involves known and unknown risks and uncertainties. Please refer to the disclaimer. 1 Whitehaven have a 70% interest in Tarrawonga open cut and a 100% interest in Tarrawonga underground. 2 This figure does not include JORC Resources for Boardwalk Resources assets. 21

23 SUBJECT altaylo Error! Too many picture switches defined. 22/27 Whitehaven Statement of Resources Figures in Mt WHITEHAVEN COAL LIMITED - COAL RESOURCES Tenement Measured Indicated Inferred Total Competent Report Resource Resource Resource Resources Person Date Bluevale Opencut EL4699/CL Sep-09 Vickery Opencut CL Jul-11 Vickery Underground CL Jul-11 Merton Opencut ML1471/EL Feb-11 Canyon Extended CL316/EL4699 ML Feb-11 Rocglen Opencut ML Mar-11 Rocglen Underground ML Mar-11 Tarrawonga Opencut * EL5967/ML Jun 2010 & Tarrawonga Underground EL5967/ML Mar 2011 Sunnyside Opencut ML1624/EL Mar-11 EL5183 Underground EL May-09 BLOCK 7 Opencut CCL Jan-09 BLOCK 7 Underground CCL Jan-09 Other Gunnedah Resources CCL Mar-10 TOTAL GUNNEDAH OPERATIONS TOTAL WERRIS CREEK *** ML1563/EL5993/ EL Mar-11 Narrabri North Underground ML Aug-10 Narrabri South Underground EL Aug-10 TOTAL NARRABRI Brunt Deposit Opencut EL Sep-09 Arthurs Seat Opencut EL Nov-09 TOTAL ASHFORD TOTAL COAL RESOURCES Colin Coxhead, 2. Greg Jones, 3. Tom Bradbury, 4. Chris Turvey. * Tarrawonga Joint Venture - Whitehaven owns 70% share of ML1579. Combined Resource for Tarrawonga Mining Lease and Exploration Licence. ** Narrabri Joint Venture - Whitehaven owns 70% share. *** Combined Resource for Werris Creek Mining Lease and Exploration Licences. # The Coal Resources for active mining areas are current to the pit surface as at the report date. 22

24 SUBJECT altaylo Error! Too many picture switches defined. 23/27 Whitehaven Statement of Reserves Figures in Mt WHITEHAVEN COAL LIMITED - COAL RESERVES Tenement Recoverable Reserves Marketable Reserves Competent Report Proved Probable Total Proved Probable Total Person Date Bluevale Opencut EL4699/CL Jun-10 Vickery Opencut CL Aug-11 Rocglen Opencut ML Mar-11 Tarrawonga Opencut * EL5967/ML Mar-11 Tarrawonga Underground EL5967/ML May-09 Sunnyside Opencut ML1624/EL Mar-11 BLOCK 7 Underground CCL May-09 TOTAL GUNNEDAH OPERATIONS TOTAL WERRIS CREEK ** ML1564/EL5993/ EL Mar-11 Narrabri North Underground ML Jan-10 Narrabri South Underground EL Jan-10 TOTAL NARRABRI *** Brunt Deposit Opencut EL Arthurs Seat Opencut EL TOTAL ASHFORD TOTAL COAL RESERVES Doug Sillar, 2. William Dean, 3. Graeme Rigg. * Tarrawonga Joint Venture - Whitehaven owns 70% share of ML1579. Combined Reserve for Tarrawonga Mining Lease and Exploration Licence. ** Combined Reserve for Werris Creek Mining Lease and Exploration Licences. *** Narrabri Joint Venture - Whitehaven owns 70% share. # The Coal Reserves for active mining areas are current as at report date. ## Coal Reserves are quoted as a subset of Coal Resources. ### Marketable Reserves are based on geological modeling of the anticipated yield from Recoverable Reserves. 23

25 SUBJECT altaylo Error! Too many picture switches defined. 24/27 Aston Statement of Resources and Reserves Figures in Mt Tenement Measured Indicated Inferred Total Competent Report Resource Resource Resource Resources Person Date Maules Creek Mar-11 TOTAL COAL RESOURCES Phillip Sides, 2. Doug Sillar. ASTON - COAL RESOURCES Tenement Recoverable Reserves Marketable Reserves Competent Report Proved Probable Total Proved Probable Total Person Date Maules Creek Apr-11 TOTAL COAL RESERVES Phillip Sides, 2. Doug Sillar. ASTON - COAL RESERVES 24

26 SUBJECT altaylo Error! Too many picture switches defined. 25/27 Competent Persons Statements - Whitehaven The information in this release that relates to Coal Resources and Reserves is based on and accurately reflects reports prepared by the Competent Person named beside the respective information. All these persons are consultants for Whitehaven Coal Limited. Mr Colin Coxhead is a private consultant. Mr Greg Jones is a principal consultant with JB Mining Services. Mr Tom Bradbury is a full time employee of Geos Mining. Mr Chris Turvey is a private consultant. Mr Graeme Rigg is a full time employee of Runge Limited. Mr Doug Sillar is a full time employee of Runge Limited. Mr William Dean is a full time employee of UGM Australia. Named Competent Persons consent to the inclusion of material in the form and context in which it appears. The Coal Resources and Reserves tables were compiled by Mr Mark Dawson, Group Geologist, Whitehaven Coal Limited. All Competent Persons named are Members of the Australian Institute of Mining and Metallurgy and/or The Australian Institute of Geoscientists and have the relevant experience in relation to the mineralisation being reported on by them to qualify as Competent Persons as defined in the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2004 Edition). 25

27 SUBJECT altaylo Error! Too many picture switches defined. 26/27 Competent Persons Statements - Aston The information in this report that relates to Coal Reserves is based on reserve estimates compiled by Mr Doug Sillar, BE (Mining, Hons) MAusIMM. Mr Siller is a fulltime employee of Runge Limited and has sufficient experience which is relevant to the style and type of deposit under consideration and to the activity undertaken to qualify him as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2004 Edition). The information in this report that relates to Coal Resources is based on information compiled by Phillip Sides, a Senior Geologist and employee of JB Mining Services Pty Ltd, based on geological data provided electronically by Rio Tinto Coal Australia and more recently Aston Resources Limited. Phillip Sides is a qualified geologist with over 20 years experience in coal geology and over 15 years experience in resource evaluation. Phillip Sides is a member of The Australian Institute of Geoscientists and has the relevant experience in relation to the mineralisation being reported to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2004 Edition). 26