Table of Contents

Important Notices And Disclaimer

This document has been prepared by Kestrel Coal Resources (ABN 98 624 245 325) (Kestrel) for informational purposes only. Kestrel has prepared this document based on information available to it at the time of preparation. The information contained in this document is general in nature & does not purport to be complete. The document does not contain an offer, solicitation, invitation to apply, recommendation or advice to buy, sell or hold any securities of Kestrel. This report has been prepared in accordance with the International Council on Mining and Metals (ICMM) Mining Principles. Metrics describing health, safety, environment, people and community related performance in a joint venture operation, from 1 January 2022 – 31 December 2022. This document may contain forward looking statements, including statements about plans, strategies and objectives of management; and anticipated productive lives of projects, mines and facilities; and climate change, other environmental and energy transition scenarios (which are potential scenarios and not forecasts). These forward looking statements are not guarantees, or predictions of future performance.

Certain information contained in this document is based on information prepared by third parties. Kestrel has not prepared and is not responsible for this third party material and accordingly Kestrel does not make any representation or warranty that this third party material is accurate, complete or up to date. Kestrel accepts no obligation to correct or update this third party material and all persons relying on this information do so at their own risk.

From the CEO

Shane Hansen CEO Kestrel Coal Resources

I am pleased to present our Sustainability Report for 2022, outlining how we create and sustain long-term value in a rapidly changing world, across the critical areas of Environmental, Social and Governance (ESG). As a business, Kestrel Coal Resources (Kestrel) is committed to keeping ESG best-practice at the core of all we do because we know this is essential for a sustainable future and critical to growing value for all our stakeholders. Our initiatives and approach have focused on establishing and maintaining meaningful, mutually beneficial and sustainable longterm relationships.

In a year where we celebrated the 30-year anniversary of the mine, Kestrel was also the proud recipient of the 2022 Australian Mine of the Year and the Outstanding Mine Performance award at the Australian Mining

Prospect Awards. This outstanding achievement and peer recognition is testament to the dedication of our team, a culture of respect, trust and positive communications throughout the business.

We are proud to have made substantive advances in our sustainability strategy in recent years, which has complimented our strong operating and financial performance. Significant focus has occurred on the key areas of ESG responsibilities including ongoing pursuit of innovative solutions to make our operations more sustainable, environmentally considered and energy efficient.

We recognise sustainability is critical to building and maintaining resilience as we continue to progress on our ESG journey. In 2022, we delivered our first ESG Strategy which was endorsed by our Board, putting ESG at the heart of our business. Our ESG Strategy mirrors our business approach of balancing growth with sustainability and takes into account the impact our decisions have on our stakeholders, community and the environment.

We are dedicated to creating a vision for a better tomorrow and empowering people to do and be their best. When we get this right, we have less injuries, less downtime, a better culture — enabling a high level of production through excellence in safety performance. Ultimately, for us it’s about making the right way, the easy way.

This year also saw the continuation of the highly successful ‘Kestrel Lifestyle Challenge’ to encourage employees and contractors to adopt positive exercise habits and expert advice promoting sustainable and nutritional meal choices. The success of this program was highlighted as the Winner of the Health Program Award at the 2022 Queensland Mining Industry Health and Safety

Conference. The program has brought people together under a common goal - “improving your health, improves your lifestyle”.

We continue to invest heavily in the next generation of Kestrel employees, whether they be apprentices, graduates, trainees or experienced industry veterans. In 2022 we delivered UNLEASHED, Kestrel’s very own leadership program. With 220 employees participating in the program over the year, UNLEASHED adopts the philosophy that leadership is not defined by a job title, it is a privilege. Program participants have benefited from noticeable uplifts across various personal and professional competencies including a 33% uplift in their ability to develop and execute innovative improvement ideas within a team environment, a 24% uplift in confidence to effectively coach others and a 22% uplift in participants ability to put plans in place to improve team engagement and performance. Given the outstanding results so far, UNLEASHED will be rolled out for new people to our business, and the program will continue to evolve.

Respect, understanding and sincerity are at the heart of our ongoing relationship with the Western Kangoulu people, the registered native title claimants for the land on which we operate. In partnership with the Western Kangoulu peoples and their representatives, we developed and delivered the CONNECT program to give all members of our workforce a detailed understanding of our cultural heritage responsibilities. 2022 also marked the deployment of our schools based cultural heritage workshops and installation of display cabinets at site offices to showcase items of significance in a location that’s easily accessible to our workers and visitors.

I trust you will find this latest update of our sustainability journey of interest.

2022 Summary

5.67Mt

Saleable Production

305 Number of local & regional suppliers

$237M

$ spent on local & regional suppliers

$122k Direct community support 67% Local workforce –full time workers

10% Gender Diversity

$650k Cultural Heritage Investment

270ha Area surveyed for cultural heritage

0.24t CO 2-e/t Coal Product

116l Raw water usage per tonne of coal product

571ha

Rehabilitated land certified 17.6 TRIFR (1,000,000 working hours)