Highlights

• Managed run-of-mine production reached 11.0Mt in the September quarter, up 3% on June and 22% on a year earlier.

• Port loading outages cut equity sales of produced coal 5% to 6.0Mt and lifted managed coal stocks to 5.3Mt.

• The average achieved price rose 2% on the prior quarter to A$226/t, with unit costs at the low end of guidance.

• Net debt stood at about A$1.4 billion after a US$58m contingent payment to BMA and A$14m of share buy-backs.

Whitehaven Coal Limited (ASX:WHC) produced more coal than it could ship in the September 2026 quarter, and the gap now sits in stockpiles. Shares were trading at A$7.91 on 23 October 2026, up 3.40%, the day the miner released its quarterly production report. Managed run-of-mine output jumped 22% on the same quarter a year earlier, but port disruptions in both Queensland and New South Wales held back sales.

Mine Output and Constrained Ports

Group managed run-of-mine production totalled 11.0Mt, up 3% on the June quarter. Managed saleable production was 8.5Mt. Equity sales of produced coal fell 5% on the previous quarter to 6.0Mt, which the company put down to reduced vessel throughput at the RG Tanna and PWCS terminals.

The result was a build in inventory. Managed coal stocks closed the quarter at 5.3Mt, up 37%, while equity stocks reached 4.1Mt. In Queensland, RG Tanna suffered 12 days of planned and unplanned loading outages, though the port is now operating normally. At PWCS, the unplanned loader outage has been resolved and the planned outage is on track to finish in November 2026. The company expects higher inventories and receivables to unwind in the December quarter.

Prices Firm, Costs Hold

Whitehaven's average achieved price was A$226/t, up 2% on the June quarter and 20% on a year earlier. Metallurgical coal made up 57% of sales by revenue and thermal coal 43%. In Queensland the average price was A$257/t, with metallurgical realisation of US$184/t, equal to 74% of the average PLV HCC Index of US$248/t. In New South Wales the average was A$198/t, with thermal realisation of US$140/t against an average gC NEWC Index of US$135/t.

Unit costs, excluding royalties, landed at the low end of the FY27 guidance range of A$132 to A$147/t, helped by higher Narrabri volumes and cost initiatives. Narrabri produced 1.9Mt after an uninterrupted quarter, compared with 0.6Mt in the June quarter. Maules Creek output eased 22% to 2.7Mt under its planned mine sequence, and Daunia fell 19% to 1.4Mt as the southern domain box-cut began. Royalties averaged about A$27/t.

Cash Calls and Shareholder Returns

Net debt was about A$1.4 billion at 30 September 2026, up about A$0.1 billion over the quarter. Outflows included A$61m in shareholder distributions covering the FY26 final dividend and buy-back, and an A$84m Year 2 contingent payment to BMA. The company bought back 1.8 million shares for A$14m during the quarter.

Further payments to BMA for the Daunia and Blackwater acquisition are still to come. The company estimates the Year 3 contingent payment at about US$109m for the six months to 30 September 2026, subject to third-party verification. A final deferred payment of US$100m falls due in April 2027, followed by a final contingent payment in early July 2027.

Guidance and Milestones Ahead

FY27 guidance is unchanged: managed run-of-mine production of 38.0Mt to 41.0Mt, managed coal sales of 30.4Mt to 33.0Mt, and capital expenditure of A$390m to A$490m. At Narrabri, the next longwall move is expected to start in March 2027 and take about nine weeks.

On projects, early mining continues at Vickery Extension, which holds all required government approvals, with a final investment decision subject to board approval. Winchester South awaits a Queensland Land Court judgment, which is reserved. The annual general meeting is scheduled for 5 November 2026, and the December quarter report for 28 January 2027.