Q: Regarding the Isaac Downs Extension, what is different this time around regarding permitting and approvals, and what are the key risks? A: Marcelo Matos (CEO): On the positive side, interactions with Queensland and federal regulators have been extremely constructive and productive, with responses coming back within or earlier than statutory periods. The adequacy review stage of the EIS was satisfied about two months ahead of schedule. On the negative side, the key risks are potential delays from objections to the Mining Lease and Environmental Authority, which could lead to processes like Land Court hearings. However, we have strong relationships with the Isaac Shire Council, the Barada Barna people, and local landowners, so we are confident regarding directly affected persons. The project is currently in the public consultation period, which runs until the third week of September.

Q: Can you provide an update on the Eagle Downs project, including the stamp duty refund and the timeline for development? A: Marcelo Matos (CEO) & Shane Yang (CFO): We are pleased to report that our formal objection to the $38 million stamp duty assessment was successful, and we expect to receive a refund of approximately $24-25 million US (around $35 million AUD) in the near term. For the project itself, we are ramping up pace to finalize ongoing studies in Q1 of next year. The base case timeline for development and ramp-up remains early next decade, but it could be accelerated if conditions align. We envisage approximately 30 to 36 months from FID to first longwall coal. The first priority upon an investment decision would be completing the access drift (already ~40% complete) and sinking ventilation shafts to reach pit bottom.

Q: Why did the board decide not to declare an interim dividend, and was the stamp duty refund decision a factor? A: Shane Yang (CFO): The stamp duty decision came in very late in the process and was only one factor. The board is being prudent given the higher-than-expected wet weather earlier in the year, which created a second-half weighted production profile, and the added complexity of the Middle East conflict creating uncertainty around fuel and FX costs. This is very similar to last year's situation. We will reapply the dividend policy at year-end when we have certainty on second-half production results and hopefully more clarity on costs. There are no regrets about the final dividend paid earlier this year.

Q: Can you provide a high-level overview of the Lancewood project's potential production outcomes and its key advantages? A: Marcelo Matos (CEO): It's a bit early to give specific production numbers, but the 3D seismic results were very positive, validating historic structures with no fatal flaws. The coal quality is arguably the best in our portfolio. We are looking at a longwall operation targeting the Uniella Middlings seam, with potential production of 4.5 to 6 million tons per annum of premium hard coking coal. A key advantage is cheap and easy access via a large box cut, rather than sinking drifts. However, it still requires a full EIS and state and federal approvals, so it's a few years away, with a maiden reserve statement targeted for H1 2028.

Q: Can you walk us through the wind-down timeline for Isaac Downs and the ramp-up of the Isaac Downs Extension? A: Marcelo Matos (CEO): We are now down to a single fleet and a swing digger at Isaac Downs, having extended the fleet's life to mid-year to catch up on weather. With higher strip ratios, volumes will decline gradually. The plan is to stop mining at Isaac Downs at the end of 2028 and ramp up the extension from early 2029, assuming approvals are received as planned. The early years of the extension look strong, with the dragline uncovering coal quickly and low strip ratios, targeting 4.5 million tonnes ROM plus in the early years.

Q: Is the autonomous haulage trial at South Walker Creek a decided plan or just an option being explored? A: Marcelo Matos (CEO): It is an option we are exploring as part of the broader 'Chase the Blue' strategy. We are considering a controlled proof-of-concept at a ring-fenced pit like Z North, which will become more marginal with trucks and excavators once the draglines move to the Mulgrave area. If autonomous trucks can lower costs and make that pit more attractive margin-wise, it would be a good trial. We are also looking at other options like the Sandy Creek diversion and potential acceleration of Big Creek to fill spare wash plant capacity with competitive ROM.

Q: Are there any external M&A opportunities left that look attractive, or is the focus now entirely internal? A: Marcelo Matos (CEO): We are always active and looking at what can complement the existing portfolio and add value. There are opportunities out there, and we hope to provide news in the near future. However, we have a lot to keep us busy organically, with Isaac Downs Extension, Eagle Downs, and Lancewood all progressing. Regarding specific rumored processes like Gregory Crinum and Pembroke, those are just rumors and not official processes we are actively involved in at the moment.

Q: What surface infrastructure will be installed at Eagle Downs, and will it include washing capacity? A: Marcelo Matos (CEO): The base case concept is to limit surface infrastructure on site to raw material handling only. Run-of-mine coal will be sent to the Poitrel wash plant for processing and then railed to port. We are evaluating options for transporting the coal, including a haul road and an overland conveyor. Given emissions costs and diesel haulage over 20

For the complete transcript of the earnings call, please refer to the full earnings call transcript .