Issuu

2025/2026

SUSTAINABILITY REPORT

Acknowledgement and Recognition of Country Kestrel Coal Resources acknowledges and pays respect to the Western Kangoulu people, the registered native title claimants for the land on which we operate. We pay our respects to Elders past, present and emerging. We proudly work in collaboration with the Western Kangoulu people under a voluntary Cultural Heritage Investigations and Management Agreement to achieve effective management that actively maintains, protects, and preserves heritage. Working together, our shared goal is to create meaningful, sustainable opportunities for Indigenous peoples through employment and business development.

Table of Contents ACKNOWLEDGEMENT AND RECOGNITION OF COUNTRY......................................................... 02 WHO WE ARE.................................................................................. 04 Responsible operations. Measurable performance. Lasting value..............................................05 A message from our CEO...........................................................................06 2025 Performance Overview....................................................................07 Who is Kestrel................................................................................................08 Our Sustainability Approach....................................................................09 Governance, Ethics and Risk Management.......................................... 10 Kestrel through the years.......................................................................... 12 THE LEGACY WE CREATE.................................................................14 More than 30 years of creating value close to home....................... 15 SPOTLIGHT - NEXTGEN.............................................................................. 16 Attracting, Developing and Retaining our People............................ 17 Workplace Health, Safety and Wellbeing............................................. 18 SPOTLIGHT - Roadside Readiness........................................................... 19 Strong Communities, Lasting Partnerships.........................................20 SPOTLIGHT - Kestrel Power Station........................................................ 21 Balancing Sustainable Performance Through Responsible Development.......................................................22 Water Stewardship.......................................................................................23 Waste and Recycling...................................................................................24 Land Use and Biodiversity.........................................................................25 LOOKING AHEAD............................................................................ 26 Building resilience, embracing change and preparing for the future.............................................................................27 Climate Change.............................................................................................28 SPOTLIGHT - Supporting ACCU Scheme Education in the Region.............................................................................29 Innovation and Technology......................................................................30 SPOTLIGHT - Innovation in Action.......................................................... 31 Kestrel West...................................................................................................32

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 2025 – 31 December 2025. 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.

K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

Who we are 01

ETHICAL BUSINESS

DECISION MAKING

RISK MANAGEMENT

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH |

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Responsible operations. Measurable performance. Lasting value. Kestrel is a long-established part of the Central Highlands, with more than 30 years of mining experience and a strong connection to the region in which we operate. As a producer of high-quality metallurgical coal, we play an important role in the steelmaking supply chain and contribute to regional, national and global economies. Our purpose is underpinned by responsible production, strong performance and a commitment to creating lasting value for our people, our communities and our stakeholders. Over more than three decades, Kestrel has continued to evolve. From the development of our operation and our workforce, to advances in technology, safety, environmental management and community investment, our progress reflects an ongoing focus on improving how we operate, the value we deliver and the positive legacy we create for the future.

Our Kestrel People and Culture Experience Model K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

A message from our CEO to initiatives designed to inspire the next generation of mining professionals through our inaugural NEXTGEN: Immersion Program, we are focused on creating meaningful opportunities for people at every stage of their journey.

As we reflect on 2025, I am proud of the progress Kestrel has continued to make, not only in what we have achieved, but in how we are evolving as a business. For more than 30 years, Kestrel has played an important role in the Central Highlands, supporting local employment, regional businesses and communities, while supplying high-quality metallurgical coal to steelmakers around the world. Today, our focus remains firmly on the future: continuing to create value responsibly, strengthening the resilience of our business and ensuring the legacy we leave extends well beyond our operations. This Sustainability Report provides an overview of our progress across the environmental, social and governance priorities that matter most to Kestrel and our stakeholders. It reflects our commitment to transparency and accountability, while recognising that sustainability is not a destination. It requires ongoing focus, continuous improvement and a willingness to adapt as the expectations of our industry and the world around us continue to evolve. Throughout 2025, we continued to invest in building a capable, connected and future-ready workforce. From the launch of our Aspire Development Program

We also continued to strengthen our approach to health, safety and wellbeing. During the year, significant work progressed on our new companywide Safety Strategy, alongside the introduction of our Be SHORE Safety Standards and further improvements to our critical control verification processes. These initiatives have been shaped through collaboration with our workforce and reflect our belief that a strong safety culture is built not simply through systems, but through shared ownership, practical behaviours and a genuine commitment to looking after one another. Supporting our people also means recognising the importance of wellbeing, connection and personal growth. Across the business, we continued to invest in initiatives that support both physical and psychological wellbeing and help create an environment where people feel valued, supported and able to perform at their best. Innovation has also remained an important part of our progress. In 2025, practical solutions developed within our operation delivered meaningful improvements in productivity, flexibility and reliability. Our Development Conveyor Bunkering Automation was later recognised with the Hastings Deering Innovation Award at the 2026 Queensland Mining Awards, a strong example of what can be achieved when our people are empowered to challenge the status quo and find better ways forward. Our commitment to responsible environmental stewardship continues to guide how we plan and operate. Throughout the year, we continued to strengthen our approach to water, waste, land and biodiversity management, while progressing practical action on climate

change. We also continued to advance our understanding of climate-related risks and opportunities, embedding these considerations into business planning and long-term decision-making. Importantly, our progress is closely connected to the communities in which we operate. Our relationships with the Western Kangoulu people, local businesses, schools, community organisations and regional stakeholders remain fundamental to Kestrel. We are proud of the role we play in creating local opportunities and remain committed to building relationships based on trust, respect and shared value. Looking ahead, we know there is more work to do. The future will continue to bring change across markets, technology, environmental expectations and the broader steelmaking industry. Our responsibility is to remain adaptable, disciplined and focused on the long term. At Kestrel, our purpose is Unleashing Opportunity. It guides the way we invest in our people, contribute to our communities, embrace innovation and plan for the future. As we continue to evolve, we remain committed to building a legacy worth leaving, one defined by responsible operations, strong relationships and opportunities that endure beyond today. Thank you to our people, our partners and our communities for the contribution you continue to make to Kestrel's progress. I am proud of what we have achieved together and look forward to the opportunities that lie ahead for Kestrel.

Phil Nobes

Chief Executive Officer Kestrel Coal Resources

WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

2025 Performance Overview

Number of local & regional suppliers

Spend with local & regional suppliers

Spend with Indigenous businesses

TRIFR (1,000,000 working hours)

Direct community support

$272,378

Cultural heritage investment

$1.83m

Local workforce full time workers

Gender diversity

Raw water usage per tonne of coal product

Completed rehabilitated land

Rehabilitated land certified

Saleable production

543

140.4l

$340M

2,641ha

$20.5M

71%

570ha

19.83

6.4Mt

K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Who is Kestrel? Kestrel Coal is a leading producer of premium metallurgical coal, operating in Queensland’s Bowen Basin, approximately 40 kilometres north of Emerald. Strategically positioned near key infrastructure, Kestrel benefits from a stable regional workforce, with most employees residing in Emerald and surrounding communities. Our Brisbane-based corporate team supports finance, marketing, planning, leadership, procurement and IT functions. Kestrel’s operations are located within the Bowen Basin – one of the world’s most significant sources of high-quality metallurgical coal. Renowned for its low impurity levels and superior coking characteristics, Bowen Basin coal is highly sought after by steel producers around the world. At Kestrel, metallurgical coal is extracted from the German Creek coal seam using underground longwall mining methods. Run-of-Mine (ROM) coal is transported via an 8-kilometre overland conveyor to our onsite Coal Handling and Preparation Plant (CHPP) for processing. Once washed and prepared, the product is loaded at our dedicated train loadout facility and transported by rail to the Port of Gladstone for export to customers across international markets.

Europe

China

Japan Korea Taiwan India Malaysia Indonesia

Where our customers are based around the world

Kestrel

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Our Sustainability Approach Sustainably Supplying Steelmakers Responsible Resources. Long-Term Value.

decision-making across the business.

Kestrel produces high-quality metallurgical coal used in steelmaking around the world. Steel remains essential to modern economies and to the infrastructure, technologies and systems supporting the transition to a lower-carbon future. Our focus is on producing this resource responsibly - managing our impacts, using resources efficiently and creating longterm value for our people, communities, business partners and other stakeholders.

Valuing Our People

Sustainability Embedded in How We Operate Sustainability is integrated into how Kestrel plans, operates and makes decisions. Our approach is informed by the issues that matter most to our business and stakeholders, and is structured around four core themes. These themes provide a practical framework for managing material risks and opportunities, strengthening performance and supporting responsible

Ethical Business Practice Connected Communities Responsible Environmental Stewardship

Measuring What Matters This report provides a transparent account of Kestrel's sustainability performance during 2025 and reflects our ongoing alignment with the International Council on Mining and Metals (ICMM) Mining Principles. Our material sustainability topics help focus attention on the areas where Kestrel can have the greatest impact. They guide how we set priorities, monitor performance and assess where further action or improvement is required.

Responsible, Resilient Operations Kestrel's approach recognises both the legacy of more than 30 years of

operations and the responsibility to manage our impacts today while preparing for the future. As an underground mining operation, we continue to focus on reducing surface disturbance, managing environmental and operational risks, improving resource efficiency and strengthening the resilience of our business. Our sustainability priorities include: building a safe, capable and inclusive workforce reducing emissions and progressing practical decarbonisation initiatives protecting cultural heritage and strengthening Traditional Owner partnerships managing land, biodiversity and rehabilitation outcomes protecting and responsibly managing water resources Together, these priorities support our ambition to operate responsibly, improve continuously and leave a positive and enduring legacy.

Our Material Topics 1. HEALTH, SAFETY AND WELLBEING

2. CLIMATE CHANGE & DECARBONISATION

Ethical Business Practice

Valuing Our People

Conduct business with honesty and integrity supported by the highest standards of governance

Ensure our people can fulfil their potential in a safe, healthy and rewarding environment

Material Topic #8, #9

Material Topic #1, #3

3. OUR PEOPLE & WORKFORCE 4. CULTURAL HERITAGE & INDIGENOUS PARTNERSHIPS 5. COMMUNITIES & REGIONAL DEVELOPMENT

A LEGACY WORTH LEAVING

Connected Communities Collaborate with our stakeholders to build enduring relationships and long-term successful outcomes

Material Topic #4, #5

6. WATER STEWARDSHIP

Responsible Environment Stewardship Continuously find ways to improve production efficiency, sustainably manage our natural resources and take strong action on climate change

Material Topic #2, #6, #7

7. L AND, BIODIVERSITY & REHABILITATION 8. WASTE & RESOURCE MANAGEMENT

9. I NNOVATION AND TECHNOLOGY

10. G OVERNANCE & ETHICAL BUSINESS

Kestrel’s ESG Strategy Framework and Material Topics K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Governance, Ethics and Risk Management

Ethical business practices and sound systems of corporate governance are key to maintaining our social licence to operate. Our Approach to Governance, Ethics and Risk Management Kestrel’s governance and risk management processes are designed to support accountable decision-making and effective management of the risks and opportunities associated with our operations. Responsibility for governance, risk and sustainability is embedded across the business. The Board provides oversight of strategy, business performance, material risks and sustainability matters, while management is responsible for implementing Kestrel’s strategy, policies and management systems. The Operating Sub-Committee (OpCo) supports the Board through oversight of business performance, material risks, ESG priorities and key operational matters. Management provides regular reporting through these established governance channels, enabling material risks and emerging issues to be escalated and considered as part of business decision-making. 10

During 2025, Kestrel continued to strengthen the integration of sustainability and climate-related considerations into existing governance and risk management processes.

Corporate Governance Framework Kestrel’s governance arrangements are designed to ensure that material business, sustainability and climaterelated matters are considered at the appropriate level of the organisation. The Board oversees Kestrel’s overall risk profile, strategic direction and performance, including material sustainability and climate-related risks and opportunities. The OpCo provides additional oversight of operational performance, material risks and ESG priorities. The Chief Executive Officer is responsible for implementing Kestrel’s strategy and overseeing the management systems that support our operations, including Safety, Health and Wellness, Risk

and Opportunity, Sustainability and Climate Change, and Environment and Land Management. Kestrel also maintains dedicated technical capability to support climaterelated decision-making. The Principal Carbon Transition provides specialist oversight of carbon transition initiatives, climate risk management and climaterelated disclosures.

Business Ethics and Conduct Kestrel expects employees, contractors and business partners to conduct themselves ethically and in accordance with our Code of Conduct. The Code establishes expectations for behaviour across our operations and addresses key areas including: Anti-bribery and anti-corruption Human rights and modern slavery Data privacy and responsible information management Fraud, theft and conflicts of interest Discrimination, bullying and harassment

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Respectful and appropriate workplace behaviour Kestrel encourages employees and other stakeholders to speak up when they identify potential misconduct or behaviour that does not align with our values. Our independent Your Voice Matters whistleblower hotline provides a confidential and anonymous channel for raising concerns. During 2025, Kestrel continued to maintain and promote these reporting mechanisms and the processes used to assess, escalate and respond to reported concerns. We remain committed to respecting human rights in accordance with the United Nations Guiding Principles on Business and Human Rights and complying with Australia’s Modern Slavery Act 2018. We also expect suppliers and business partners to uphold equivalent standards.

Risk and Climate Governance Kestrel is governed by a Board of Directors who are responsible for the Company’s strategic direction and management. Our approach has been a full integration of the climate related risks and opportunities into the wellestablished management practices, including risk management and strategies of the Company. Under the Delegation of Authority (POL-FIN-001), the Board requires certain authorities from the JV Operating Committee and delegates certain authorities to the CEO. The membership of the JV Operating Committee

supporting the board includes a subset of members of the Board and the Executive Leadership Team comprising the CEO, CFO and the General Managers. In 2023 Kestrel recruited a Principal Carbon Transition reporting to the GM Planning and Strategy. To ensure that all members of the Board have an understanding of, and training in the climate related risks and opportunities relating to the Kestrel Mine, special purpose briefings on these topics have been held with the Principal Carbon Transition. This ensures both that Kestrel have appropriate internal resources for the assessment of climate risk and opportunity and through these briefing that all Board members have the appropriate skills and competencies to approve the Decarbonisation Strategies.

Climate Related Strategies The Board approved the Decarbonisation Strategies for Kestrel and the annual climate related strategic objectives. Climate related matters including the management of the Safeguard Mechanism obligations and the development and delivery of the Decarbonisation Strategies are delegated through the CEO to the General Manager Planning and Strategy. Progress on the delivery of the Decarbonisation Strategies is reported routinely through the Board Monthly Report. The Board is briefed on emerging issues as required.

Climate Related Risk Management The identification and assessment of risks and opportunities at Kestrel is guided by

Kestrel’s Risk and Opportunity Policy (PY-SH-0008) approved by the CEO, which states that Kestrel will assess all risks in accordance with AS ISO 31000:2018. The supporting procedure, PR-SH-0230 Risk and Opportunity sets out the framework for risk and opportunity management at Kestrel.

Short Term Incentive Program Kestrel’s remuneration structure for executives includes a Short Term Incentive (STIP). The STIP offers financial rewards based on performance, with 75% tied to annual corporate objectives and 25% to individual goals measured through a balanced scorecard. In 2025, progression of the Decarbonisation Strategy was included in the balanced scorecards for certain executives. The Board evaluated performance against both the corporate objectives and individual performance goals for 2025, and STIP payments were approved for those eligible in February 2026. Details of total STIP payments to key management for 2025 can be found in [Note 25c] of the Financial Report.

How we progressed in 2025 In 2025, Kestrel focused on further embedding governance, ethics, risk and climate considerations into existing business processes. Progress during the year included continued Board and OpCo oversight of material sustainability and climaterelated risks, further integration of climate considerations into risk assessments, and continued use of climate scenario analysis to inform longer-term planning. Kestrel also maintained its Code of Conduct and independent whistleblower arrangements, continued to address human rights and modern slavery risks, and maintained processes for identifying and managing material business risks. Together, these activities strengthen the way Kestrel identifies, assesses and responds to risks and opportunities while supporting accountable decisionmaking, responsible operations and long-term business resilience.

K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Progress is never achieved by one person alone. It is shaped by the people who bring their ideas, energy and commitment to work each day. Finding better ways forward, supporting one another and contributing to something bigger.

WHO WE ARE

THE LEGACY WE CREATE

FROM THE CEO | 2025 PERFORMANCE OVERVIEW | WHO IS KESTREL

LOOKING AHEAD

| OUR SUSTAINABILITY APPROACH

GOVERNANCE, ETHICS AND RISK MANAGEMENT | KESTREL THROUGH THE YEARS

Our purpose – Unleashing Opportunity – continues to guide us.

From the way we invest in our people and communities, to the way we innovate, improve and plan for the future, we are focused on creating opportunities that extend beyond today. While we are proud of the progress behind us, we know there is more to do. The journey ahead brings new opportunities to learn, evolve and make a meaningful difference.

K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

The Legacy We Create

ETHICAL BUSINESS

DECISION MAKING

RISK MANAGEMENT

WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

ATTRACTING, DEVELOPING AND RETAINING OUR PEOPLE | WORKPLACE HEALTH, SAFETY AND WELLBEING | STRONG COMMUNITIES, LASTING PARTNERSHIPS DEVELOPMENT OF LOCAL AND REGIONAL COMMUNITIES | BALANCING SUSTAINABLE PERFORMANCE THROUGH RESPONSIBLE DEVELOPMENT WATER STEWARDSHIP | WASTE AND RECYCLING | LAND USE AND BIODIVERSITY

More than 30 years of creating value close to home While our coal is exported around the world to support steel production, our greatest impact is often much closer to home. For more than 30 years, Kestrel has contributed to the Central Highlands through local employment, regional business partnerships, collaboration with Traditional Owners and investment in environmental stewardship. Our legacy is built on more than production alone. It is built through the people who work here, the relationships we have established and the trust we have earned within the communities where we operate. Today, Kestrel is one of Queensland’s leading underground metallurgical coal operations, continuing to make an important contribution to the regional economy and the global steelmaking supply chain. As we look to the future, the principles that have shaped Kestrel over more than three decades remain central to how we operate. Creating opportunity, building strong relationships and delivering long-term value for our people and communities, while caring for the environment.

Our Kestrel People and Culture Experience Model K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

SPOTLIGHT

NEXTGEN

Inspiring the Next Generation of Mining Professionals

In 2025, Kestrel launched its inaugural NEXTGEN: Immersion Program, a three-day initiative designed to connect local students with the diverse career opportunities available within the mining industry. Developed in partnership with Marist College Emerald, Emerald State High School and Capella State High School, the program targeted Grade 10 students ahead of senior subject selections and Grade 12 students preparing for post-school pathways. The initiative provided valuable exposure to the resources sector at a critical stage in participants' education and career planning. The program attracted strong interest from across the region, reflecting the enthusiasm of local young people to learn more about career opportunities available close to home. Through site tours and interactive sessions, students gained firsthand insight into the breadth of careers that support modern mining operations. Participants visited key areas of the Kestrel operation, including Underground Operations, Gas Fields, the Coal Handling and Preparation Plant (CHPP), and the Warehouse, while hearing directly from employees about their career journeys and experiences within the industry.

Students were introduced to a diverse range of professions spanning technical, operational and corporate disciplines, including engineering, health and safety, training, human resources, commercial, environmental and sustainability functions. By showcasing opportunities across both operational and office-based roles, the program challenged traditional perceptions of mining and highlighted the industry's evolving career pathways. It also helped students understand how their interests, skills and aspirations could translate into future careers within the resources sector. Participant feedback highlighted the positive impact of the program, with many students reporting increased confidence in their future career decisions and a greater understanding of the opportunities available within mining. Following the success of the inaugural program, Kestrel intends to continue NEXTGEN in future years, supporting the development of regional talent and strengthening awareness of career opportunities within the resources industry.

WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

Attracting, Developing and Retaining our People

Our achievements are supported by the recruitment, development and retention of team members whose skills, experience, behaviours and values align with Kestrel’s culture and long-term business objectives. Our Approach Kestrel’s continued success is powered by our people: their capability, commitment and wellbeing. In 2025, we remained focused on building a high-performing, future-ready workforce by investing in leadership, culture and personal development at every level of the organisation. Our People, Culture and Safety Strategy continues to strengthen Kestrel’s position as a place where people can build meaningful careers, supported by a sustainable workforce plan, a strong safety culture, and leadership that champions development, inclusion and performance.

How we progressed in 2025 During 2025, we continued to strengthen workforce capability and engagement, with key achievements including: Aspire Development Program Launch The Aspire Program is designed to help our people reach their full potential by supporting both personal and professional growth.

As a self-directed development initiative, Aspire enables participants to progress at their own pace using a Kestrel-developed framework. The program focuses on building capability through giving and receiving feedback, online LinkedIn Learning sessions, and quarterly performance conversations. Structured across three levels, from Bronze to Gold, Aspire provides a clear pathway for continued development, with further opportunities available as participants advance. Aspire encourages participants to build consistent habits that support ongoing growth and development. Progress and participation are reviewed each quarter, helping individuals maintain momentum and stay focused on their development goals. Participants are supported to challenge themselves, build confidence, and continue progressing on their development journey. At its launch, 58 team members completed the onboarding requirements to commence Bronze Level.

NEXTGEN: Immersion Program Launch This immersive program is designed to introduce Year 10 and Year 12 students to a range of tertiary pathways that can lead to rewarding careers in the mining industry. Whether their interests lie in engineering, environmental science, technology or business, the program provides a firsthand insight into the industry, its people and the career opportunities it offers. Three days on site at Kestrel Mine Daily operational tours, including the underground mine and processing plant Dedicated time with site leaders

Performance and Goals In 2025, completion rates for quarterly performance conversations and goal setting increased. This reflects our people’s commitment to ongoing development and our leaders’ ability to support constructive conversations that drive individual growth, goal clarity and business performance.

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WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

Workplace Health, Safety and Wellbeing

We will only reach our highest potential by instilling and supporting a safety mindset in everything we do and within all our people. Our Approach to Workplace Health, Safety and Wellbeing At Kestrel, health, safety and wellbeing remain fundamental to how we operate. We are committed to creating an environment where every person returns home safe and well, every day. By fostering a strong safety culture, investing in our people, and continually improving our systems, we are building a workplace where safe behaviours are instinctive, risks are proactively managed, and wellbeing is valued alongside operational performance. We believe safety is more than compliance with systems and procedures, it is a shared mindset that influences every decision, interaction and task. Our approach recognises that physical, mental and emotional wellbeing are equally important in creating a resilient, engaged and high-performing workforce. Throughout 2025, we strengthened our safety foundations by focusing on leadership, critical risk management, workforce collaboration and continuous improvement. These efforts have helped position Kestrel for the future while ensuring our people remain at the centre of every decision we make.

How we progressed in 2025 A major focus during the year was the development of Kestrel's new company-wide Safety Strategy. Built through extensive collaboration across the business, the strategy reflects the collective knowledge and experience of

Another significant milestone was the introduction of our new Be SHORE Safety Standards. Developed in partnership with employees across a broad cross-section of the operation, the standards define the critical behaviours and controls that underpin safe work at Kestrel. This collaborative approach ensured the standards were practical, meaningful and representative of the risks our people manage every day. More than a set of expectations, Be SHORE reinforces our commitment to creating a consistent and proactive safety culture across the business.

comprehensive refresh of the Kestrel site induction, modernising content and significantly increasing digital and online learning opportunities. The refreshed induction, scheduled for rollout in 2026, will provide a more engaging, consistent and accessible learning experience while ensuring new starters are equipped with the knowledge required to work safely from day one. Mental health and wellbeing remained an integral part of our approach to workforce health. We continued to invest in initiatives that encourage healthy lifestyles, strengthen social connection and promote positive wellbeing outcomes across our workforce. By maintaining a balanced focus on both physical and psychological wellbeing, we continue to foster a workplace where people feel supported to perform at their best.

Critical risk management also remained a key priority throughout the year. We undertook a comprehensive review, refinement and implementation of our Critical Control Verification (CCV) MOBILE EQUIPMENT process, strengthening our ability to verify that critical controls are consistently in place and effective. This work has further enhanced our assurance processes and supports informed decisionENTERING RESTRICTED making around our highestAREAS risk activities. Supporting the capability of our workforce continued to be an important area of focus. Throughout 2025, our Training team progressed a

SOURCES OF ENERGY

FALL FROM HEIGHT

FALLING OBJECTS

Injury Stats

2025

2024

2023

2022

2021

Total Injuries

152

157

142

115

Total TRIs Total Recordable Injuries

Total LDI Lost Day Injury

Frequency Rates

2025

2024

2023

2022

2021

19.83 (Target: 19.25)

15.13 (Target: 19.25)

27.51 (Target: 14.08)

17.6 (Target: 12.75)

13.70 (Target: 12.75)

TRIFR Total Recordable Injury Frequency Rates

our workforce and establishes a clear direction for continually improving our safety performance. The strategy will guide our approach into the future and was prepared for presentation to the Kestrel Board in early 2026.

WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

SPOTLIGHT

Roadside Readiness Building Confidence beyond the workplace Empowering our people extends beyond the workplace. In 2025, Kestrel's Health and Safety team delivered a series of practical Car Safety Workshops designed specifically for women across our workforce. Led by our Mechanical Engineering Manager (MEM), Chris, the hands-on sessions equipped participants with the knowledge and confidence to perform essential vehicle safety checks and respond to common roadside situations.

and replacing wiper blades. The workshops received an overwhelmingly positive response, with strong attendance across multiple sessions and enthusiastic feedback from participants. Many expressed that the skills gained would increase their confidence when travelling independently

and suggested the workshops be extended to family members and women in the broader community. The initiative highlighted the value of sharing practical knowledge that not only supports personal safety but also strengthens confidence and resilience beyond the workplace.

Participants learned practical skills including checking tyre pressure and tyre wear, changing a tyre, jump-starting a vehicle, checking fluid levels, refilling windscreen washer bottles,

K E S T R EL COA L R E S O U RCE S – SU S TA I N A B I L I T Y R EP O RT 20 2 5

WHO WE ARE

THE LEGACY WE CREATE

LOOKING AHEAD

ATTRACTING, DEVELOPING AND RETAINING OUR PEOPLE | WORKPLACE HEALTH, SAFETY AND WELLBEING | STRONG COMMUNITIES, LASTING PARTNERSHIPS INVESTING IN OUR REGION | BALANCING SUSTAINABLE PERFORMANCE THROUGH RESPONSIBLE DEVELOPMENT WATER STEWARDSHIP | WASTE AND RECYCLING | LAND USE AND BIODIVERSITY

Strong Communities, Lasting Partnerships

The Western Kangoulu people have a deep and enduring connection to Country that spans thousands of years. Kestrel are committed to working in partnership with the representatives of the Western Kangoulu people to protect cultural heritage and create sustainable economic opportunities that deliver long-term benefits. Our Approach The Western Kangoulu people are the registered native title claimants for land in and around Kestrel’s operations. Kestrel works with Western Kangoulu representatives through established engagement arrangements to identify, protect and manage cultural heritage values. Kestrel and the Western Kangoulu remain parties to a Cultural Heritage Investigation and Management Agreement (CHIMA), formally recognised as a Cultural Heritage Management Plan. The agreement provides the framework for cultural heritage investigations, management and protection across our operations and establishes processes for consultation and decision-making where cultural heritage may be affected. Protecting cultural heritage is a shared responsibility across our workforce. Cultural awareness is incorporated into Kestrel’s induction program, including a Welcome to Country video presented by Western Kangoulu Elders. This provides employees and contractors with an 20

understanding of the cultural significance of Country and their responsibilities when working within the operational area.

Indigenous Participation Kestrel also seeks to increase Indigenous participation in the economic opportunities associated with our operations. This includes employment, training, procurement and opportunities for Indigenous businesses to participate in our supply chain. We work with Western Kangoulu representatives and Indigenous businesses to identify opportunities that align with operational requirements and community priorities. Our procurement approach considers opportunities to increase Indigenous business participation and build supplier capability where practical. Indigenous employment and workforce development are supported through access to employment and training opportunities, with a focus on developing skills that can provide longer-term employment pathways.

2025 Progress During 2025, Kestrel continued to work with the Western Kangoulu people to manage cultural heritage and maintain established engagement arrangements. Key activities included: Continuing to implement the CHIMA/ Cultural Heritage Management Plan across Kestrel’s operations Maintaining cultural awareness as part of the workforce induction program Continuing engagement with Western Kangoulu representatives on cultural heritage matters Identifying opportunities for Indigenous employment, training and business participation Seeking opportunities to increase Indigenous procurement and supplier participation Kestrel will continue to work with the Western Kangoulu people to protect cultural heritage and improve Indigenous participation in the opportunities associated with our operations.

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SPOTLIGHT

Kestrel Power Station

Investing in our region Kestrel's contribution to the Bowen Basin extends beyond our operations. Through employment, local procurement, partnerships and investment, we support economic activity and opportunities across the region. In 2025, the Kestrel Power Station project was a key example of this long-term investment.

Kestrel is progressing a 30MW power station that will capture coal mine waste gas and convert it into electricity. Once operational, the facility is expected to supply power to Kestrel's operations and export electricity to the Queensland grid. The project is expected to be operational in 2027 and will provide an opportunity to reduce emissions associated with mine waste gas while making productive use of an existing energy resource. The project is supported by the Queensland Government's Low

Emissions Investment Partnerships (LEIP) program. During the year, Kestrel continued to work with the Queensland Government and LEIP as the project progressed through planning and development. Engagement and collaboration are important to progressing projects that can contribute to the region’s future. Kestrel welcomed representatives from the LEIP program to site to discuss the power station project and its progress. The project reflects the value of collaboration between industry and government in supporting investment, emissions reduction and Queensland’s energy future Kestrel seeks to maximise opportunities for local and regional businesses and workers to participate in our operations and projects. This includes local procurement,

employment, training and business opportunities, as well as partnerships that support community priorities. As the Power Station project progresses, Kestrel will continue to work with government, suppliers and regional partners to identify opportunities for local participation and broader regional benefits. 2025 at a glance � 30MW power station project progressing towards expected 2027 operation � Supported by Queensland Government’s LEIP Program � Continued engagement with government and regional partners

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Balancing Sustainable Performance Through Responsible Development Responsible resource development requires balancing operational performance with environmental stewardship and long-term sustainability outcomes. At Kestrel, we recognise the importance of protecting the natural systems that support our operations and surrounding communities, including land, water, air quality and biodiversity. Our vision of a Legacy Worth Leaving continues to guide decision-making across the business, helping to integrate day-to-day mining activities with long-term environmental, social and economic outcomes. For Kestrel, creating a positive legacy means delivering enduring value that supports resilient landscapes, thriving communities and sustainable operations beyond the life of mine. To achieve this balance, we remain focused on: Improving operational efficiency to reduce waste and minimise our environmental footprint Protecting water resources through responsible use, monitoring and stewardship Progressively rehabilitating disturbed land to support long-term landscape stability and habitat connectivity Supporting climate resilience through practical initiatives that reduce emissions and improve resource efficiency Through this approach, we aim to responsibly supply the critical resources required by global markets while creating long-term value for our stakeholders, communities and the environment.

Water As a scarce and often variable resource, we must provide for strong and transparent water governance as well as effective and efficient management of water at our operations.

Land Stewardship As responsible land managers, Kestrel is committed to managing land today to support its future use, productivity and long-term value.

Waste We must design, construct, operate and decommission facilities using riskbased management practices to ensure no unacceptable impacts to the environment.

Climate Recognising the challenge of climate change, Kestrel is committed to reducing our greenhouse gas emissions through innovation and continuous improvement.

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Water Stewardship

Kestrel recognises the importance of responsible water stewardship in the Central Highlands and remains focused on the efficient use, management and protection of water resources across our operations. Our Approach to Water Stewardship Kestrel operates within the Fitzroy River Basin, in the mid-reaches of the Crinum Creek catchment, which drains into the Nogoa River near Emerald. Like much of Queensland’s Central Highlands, waterways in the region – including Crinum, Junction and Woolshed Creeks – are ephemeral, flowing primarily following significant rainfall events and retaining water in isolated pools during extended dry periods. Protecting local waterways and the broader catchment is central to Kestrel’s approach to water stewardship. Our focus is on proactively managing water across the operation, maintaining water quality, reducing demand for raw water and maximising opportunities for the responsible reuse of water within our operations. We continue to invest in water management infrastructure, monitoring and planning tools that help us anticipate and respond to changing conditions. This includes maintaining appropriate water storage capacity, monitoring water quality and catchment conditions,

and using site water efficiently to support both operational resilience and environmental protection.

How we progressed in 2025 Water management requires ongoing planning and oversight, particularly in the variable climatic conditions experienced across Queensland’s Central Highlands. Throughout 2025, our site-wide water balance model continued to support proactive decision-making by helping us understand current and forecast water inventories and plan for both high-rainfall events and extended dry periods. We continued to strengthen our focus on water reuse and operational efficiency, supported by investment in infrastructure and management practices designed to reduce reliance on raw water sources. Water quality monitoring across the site and surrounding environment also remained an important component of our approach, providing information to identify emerging risks and inform operational decisions. Where water is managed beyond Kestrel’s operational water system, this is undertaken in accordance with

the conditions and water quality requirements of our Environmental Authority and informed by prevailing catchment and environmental conditions. Together, these measures support a proactive and adaptive approach to water management that prioritises catchment protection, responsible resource use and operational resilience. 2025 Key Water Performance Metrics Raw water consumed: 779 ML Raw water consumed per tonne of product: 140.4L/tonne Raw water intensity: reduced by 4.7% compared with 2024, supported by ongoing water efficiency and reuse initiatives Water quality compliance: 100% compliance with applicable Environmental Authority water quality requirements These outcomes reflect Kestrel’s continued focus on protecting water resources, improving water efficiency and proactively managing water-related risks across the operation.

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Waste and Recycling

Our operations generate a range of waste streams and residual materials, making effective waste management an important component of environmental stewardship and operational performance. Our Approach to Waste

activities. These include:

Responsible waste management remains an important focus for Kestrel as we work to minimise our environmental footprint, improve resource efficiency and support circular economy principles.

Regulated waste, such as oils, solvents, used batteries, sewage, tyres and other chemical wastes.

Our approach is guided by the Queensland Government’s waste hierarchy, which prioritises actions in the following order: avoid, reduce, reuse, recycle, recover (including energy), treat and, as a last resort, dispose. Kestrel generates both mineral and non-mineral waste streams through its mining and coal processing activities. We continue to monitor and report these waste streams while identifying opportunities to reduce waste generation, extend the useful life of materials and improve resource recovery across the operation.

Non-Mineral Waste Kestrel’s operations generate a range of non-mineral waste streams associated with both underground and surface

Non-regulated waste, including office and crib room waste, construction materials, packaging, scrap steel and operational consumables. Where practical, we apply the waste hierarchy to reduce waste generation and maximise the useful life of materials and resources. Avoid & Reduce: Bulk diesel storage infrastructure continues to reduce reliance on disposable containers, lower transportation requirements and minimise the potential for spills across site. Reuse & Recycle: A range of materials are recovered and reused across the operation. Equipment such as mine hoses and timber supports are refurbished for ongoing use, while steel, waste oil, paper and cardboard are collected and sent for

recycling. The site's reuse cage also continues to support the recovery and redistribution of tooling, equipment and consumables for secondary use. Treatment: Mine-affected water continues to be treated and reused where appropriate, contributing to improved water efficiency and supporting broader water stewardship objectives. Waste management activities across the operation are supported by licensed contractors responsible for the safe collection, storage, transport, tracking and disposal of regulated waste streams.

Mineral Waste The largest waste stream generated by Kestrel is associated with coal processing activities. Following extraction, Run-ofMine coal is transported to the CHPP, where non-coal material and other impurities are removed. The resulting coarse and fine reject materials are classified as mineral waste. These materials are managed within the purpose-built Co-disposal Storage Facility (CDSF), which is operated in accordance with a comprehensive Operational Management Plan. Key elements of this management approach include: Independent oversight by an Engineer of Record, who verifies compliance with safety, operational and design requirements. Routine inspections, monitoring and performance reviews to ensure the facility continues to operate in accordance with approved environmental and regulatory requirements. Through these measures, Kestrel continues to manage waste responsibly, reduce environmental risk and identify opportunities to improve resource efficiency across the operation.

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Land Use and Biodiversity

Kestrel proactively manages land across its operations to support biodiversity conservation, maintain productive land use, and contribute to positive environmental outcomes for future generations. Our Approach Maintaining healthy ecosystems and productive landscapes is an important part of Kestrel’s approach to responsible land stewardship. We consider biodiversity and land values throughout the mining life cycle – from exploration and development through to operations, rehabilitation, closure and post-mining land use. As custodians of approximately 19,000 hectares in Queensland’s Central Highlands, we balance ecological values, agricultural productivity and operational requirements. Much of our land remains undisturbed and is leased for commercial grazing and cropping, supporting continued productive land use alongside our operations. Our approach is to avoid and minimise disturbance where practicable and progressively rehabilitate land as it becomes available. Rehabilitation aims to establish safe, stable and sustainable landforms suitable for agreed postmining uses. We also protect biodiversity through management of riparian areas, native vegetation and ecological communities, supported by targeted weed and pest animal control and ongoing environmental monitoring.

Weed and pest management – targeted programs to protect native vegetation and productive agricultural land. Rehabilitation management – fencing, monitoring and maintenance to support successful vegetation establishment. Native vegetation management – ongoing protection of native bluegrass communities and other identified ecological values. Our land management approach supports productive agricultural use alongside mining while progressively transitioning disturbed areas towards sustainable post-mining land uses.

2025 Land Snapshot: Total landholdings: 18,955.6ha Land supporting agricultural use: 17,708.6ha Land currently associated with mining activities: 8768.9ha Surface disturbance for mining activities: 295.5ha Rehabilitation completed: 3,210.3ha

SPOTLIGHT

Innovation in Action Using Technology to Manage Feral Cats.

In 2025, Kestrel introduced the three Felixer Machines as part of our approach to managing feral cat populations and protecting native wildlife across our landholdings. Felixers use artificial intelligence and advanced sensors to distinguish feral cats from non-target animals, providing a highly targeted approach to feral animal management. The technology also captures images of animals detected by the units, providing valuable information to support ongoing monitoring and adaptive land management. The introduction of the Felixers complements Kestrel's broader pest animal management program and demonstrates how new technology can support practical biodiversity outcomes.

Managing Land for the Long Term Throughout 2025, Kestrel continued programs to protect biodiversity, maintain productive land and support progressive rehabilitation. Key activities included: Biodiversity monitoring – terrestrial and aquatic ecology surveys to monitor environmental conditions and inform future planning.

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Looking Ahead 01

ETHICAL BUSINESS

DECISION MAKING

RISK MANAGEMENT

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CLIMATE CHANGE | INNOVATION AND TECHNOLOGY | KESTREL WEST

Building resilience, embracing change and preparing for the future. Kestrel is well-positioned to continue creating value for our people, regional communities, customers and stakeholders into the future. The next chapter in our business will be shaped by our ability to adapt, innovate and plan for the long-term. This includes investing in technology and operational improvements, progressing our decarbonisation priorities, strengthening environmental stewardship and continuing to build resilient relationships with the communities in which we operate. Looking ahead, our focus is clear: to build on our foundations, respond to emerging opportunities and challenges, and continue delivering lasting value for the future.

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CLIMATE CHANGE | INNOVATION AND TECHNOLOGY | KESTREL WEST

Climate Change

Recognising the challenge of climate change, Kestrel is committed to reducing our greenhouse gas emissions. Our Approach to Emissions Reduction In 2025, Kestrel prepared its first mandatory climate-related sustainability disclosures in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards Board (AASB) S2 Climate-related Disclosures. This reporting provides a more detailed assessment of Kestrel’s climate-related risks and opportunities, greenhouse gas emissions, governance, strategy and climate-related metrics and targets. Kestrel measures Scope 1 and Scope 2 greenhouse gas emissions in accordance with the National Greenhouse and Energy Reporting Act 2007 (NGER Act) and associated reporting requirements. For this Sustainability Report, emissions are presented for the period 1 January to 31 December 2025, using the same underlying systems, methodologies and data processes that support Kestrel’s NGER reporting. Scope 3 emissions have been defined and assessed consistent with the requirements of AASB S2. Consistent with previous reporting periods, ventilation air emissions, principally Ventilation Air Methane (VAM), remain Kestrel’s largest source of greenhouse gas emissions. This is followed by emissions associated with pre- and post-mining Coal Mine Waste Gas (CMWG) drainage activities. Understanding and managing these material emissions sources remains central to Kestrel’s approach to emissions management and longer-term decarbonisation planning.

Post Mining Emissions

Electricity

11%

Ventilation Air Emissions

49%

Scope 2 Emissions

12%

Pre and Post Gas Drainage Emissions

Scope 1 Emissions

88%

30%

Kestrel's FY24/25 Scope 1 and 2 Emissions by source

Downstream Transport

19%

Fuel and energyrelated activities (not included in scope 1 or scope 2)

Use of sold products

19%

Understanding our emissions profile and the factors that influence it remains an important part of Kestrel’s approach to managing climate-related risks and identifying opportunities to improve emissions performance over time. Our 2025 climate-related performance, risks, opportunities, metrics and targets are addressed in greater detail through Kestrel’s mandatory sustainability reporting. This reporting complements our broader Sustainability Report and reflects the continued evolution of our approach to climate-related governance, risk management and disclosure.

Diesel Emissions

Processing of sold products

61%

Kestrel's FY24/25 Scope 3 Emissions by source

2026 Targets Kestrel has published both a 2025 Decarbonisation Strategy and the Kestrel West Extension Decarbonisation Strategy which embeds our planned climate change mitigation and adaptation into the full life of mine planning process. In 2026 we will continue to deliver on the ambition set out in the 2025 Decarbonisation Strategy.

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SPOTLIGHT

Supporting ACCU Scheme Education in the Region In 2025 Kestrel sponsored the CarbonEDGE workshop held in Emerald. CarbonEDGE is a training program for the red meat industry to understand the opportunities for emissions reduction and carbon storage in the livestock business.

"The workshop was able to breakdown the information for producers to understand" "We came out with the confidence to calculate our emissions and make changes to our business"

The workshop offered a practical approach to calculating the emissions of landholders, and the potential emissions reduction opportunities under the ACCU scheme methods. As a significant participant in the ACCU market, Kestrel were proud to sponsor this workshop to further develop the ACCU market within the Central Highlands Region.

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Innovation and Technology

To remain an industry leader and build a resilient, future-focused business, Kestrel continues to embrace innovation, technology and continuous improvement across our operations. Our Approach to Innovation and Technology Innovation and technology continue to play a critical role in supporting Kestrel’s long-term success and operational performance. We are committed to identifying and implementing practical solutions that enhance safety, improve productivity, and strengthen our ESG performance. By embracing emerging technologies and evolving industry practices, Kestrel continues to position itself at the forefront of the mining sector. This approach enables us to respond to changing business needs, unlock new opportunities, and effectively manage operational and strategic risks.

How we Progressed in 2025 A significant milestone during 2025 was the completion of the Life of Mine communications tower project. Following engineering and procurement activities undertaken in 2024, construction was successfully completed, delivering a whole-of-site communications hub that

supports digital radio, gas drainage systems, point-to-point radio links, and private LTE connectivity across the operation. A key component of the project was the successful implementation of a site-wide surface digital radio system. Supported by a dedicated working group, the system was integrated into the new communications tower and now provides reliable digital radio coverage across the Kestrel Mine, including the Kestrel West Project area. Underground network capabilities continued to improve during 2025 following the upgrade of Wi-Fi access points and the installation of next-generation access units. These enhancements have strengthened connectivity throughout underground operations, supporting greater utilisation of automation technologies, smart devices, and real-time communication systems. Kestrel also progressed its digital transformation strategy through the implementation of mobile devices and

electronic data capture tools designed to improve operational efficiency and workforce productivity. During 2025, digital forms were further developed, tested and refined through user feedback, with workforce training completed and deployment expanded across operational areas. These tools support more informed decision-making, improved data accuracy, and safer, more efficient task execution. The remote operation of the longwall shearer continued to advance throughout 2025, with surface-based control utilised when operating conditions permitted. Kestrel also progressed the automation of longwall roof supports, further reducing workforce exposure to underground hazards and enhancing the safety and efficiency of mining operations. Through these initiatives, Kestrel continued to leverage technology and innovation to strengthen operational performance, improve workforce safety, and support the long-term sustainability of the business.

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SPOTLIGHT

Innovation in Action Development Conveyor Bunkering Automation In underground mining, keeping development moving depends on more than the performance of the development equipment itself. Access to the outbye trunk conveyor system can create constraints that affect production, maintenance and scheduling. Kestrel has challenged this traditional operating model through the design and implementation of an automated Development Conveyor Bunkering system. The innovation enables development maingate conveyors to operate more independently, allowing coal to be temporarily “bunkered” at the bootend and the conveyor to pause between shuttle car cycles.

This creates greater flexibility in the development cycle and reduces the dependency between development production and outbye conveyor availability. Development can continue more efficiently while maintenance is undertaken on the trunk conveyor system, helping to improve productivity, scheduling flexibility and equipment reliability. Since installation commenced in 2024, the system has delivered significant results. In 2025, it enabled 2,561 cycles and an additional 1,280 metres of development roadway drivage.

The innovation was recognised at the 2026 Queensland Mining Awards, where Kestrel was awarded the Hastings Deering Innovation Award (Miner) for Development Conveyor Bunkering Automation. By identifying a longstanding constraint and developing a practical solution in-house, Kestrel is demonstrating how innovation can deliver measurable improvements in underground mining, supporting safer, more reliable and more productive operations.

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Kestrel West PLANNING FOR THE FUTURE Kestrel West represents the next chapter in the long-term future of the Kestrel Mine. The proposed underground extension would enable Kestrel to access resources to the west of the existing operation, supporting the continuation of mining to approximately 2050.

40km north-east of Emerald

2050 Potential mine life

Creating Long-Term Regional Value Kestrel has been part of the Central Highlands for more than three decades. Kestrel West provides an opportunity to extend this contribution and support continued economic activity, employment and investment in the region out to 2050.The Project has the potential to support the continuation of Kestrel’s existing workforce while creating further opportunities through Project development, construction and ongoing operations. Maintaining a skilled regional workforce also supports broader economic activity through local spending, services and participation in the community. Kestrel West provides opportunities for local and regional businesses 32

Existing Infrastructure utilised where practicable

High-quality steelmaking coal

to global markets

through the continued procurement of goods and services required to support mining operations. Building on Kestrel’s established local procurement approach, Project development provides an opportunity to strengthen existing supplier relationships and support regional capability. The continuation of operations also provides a longer-term platform for employment pathways, apprenticeships, graduate opportunities and workforce development, helping build skills and capability within Kestrel and the broader resources sector. Importantly, a longer operating horizon provides greater certainty from which to plan and invest. This creates opportunities to continue working with local communities, Traditional Owners,

Local jobs and regional investment for the long term

landholders and other stakeholders on initiatives that respond to regional priorities and contribute to positive longterm outcomes.

Responsible Development Environmental and social considerations are being integrated into Kestrel West planning from the early stages of Project development. The Environmental Impact Statement (EIS) considers the potential environmental, social and economic impacts and opportunities associated with the Project and the measures proposed to avoid, minimise and manage potential impacts. Assessment areas include biodiversity, groundwater and surface water, air quality,

Progres Rehabilit

planned thro the mine

ssive tation

oughout e life

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greenhouse gas emissions, noise, rehabilitation, cultural heritage, land use and social and economic matters. Where practicable, Project planning seeks to avoid and minimise new disturbance and maximise the use of existing Kestrel infrastructure and previously disturbed areas. Long-term rehabilitation and closure considerations are also being incorporated into Project planning, recognising that decisions made during development can influence environmental and social outcomes well beyond the operational life of the mine. Existing infrastructure, including the Coal Handling and Preparation Plant, rail and train load-out facilities and established mine infrastructure. This approach provides an opportunity to build on Kestrel’s existing operations while minimising the need for significant new surface infrastructure and associated disturbance.

Working with Our Stakeholders Engagement with landholders, Traditional Owners, government agencies, local communities and other stakeholders continues to inform the development of Kestrel West. Our approach is to engage early, understand the matters that are important to our stakeholders and consider these perspectives as Project planning progresses. This engagement is important not only in understanding and managing potential impacts, but also in identifying opportunities for the Project to contribute positively to the region.

Progress During 2025 Throughout 2025, Kestrel continued to progress the technical studies, environmental assessments, stakeholder engagement and approvals required to support Kestrel West. A significant milestone was the submission of the Project’s draft Environmental Impact Statement to the Queensland Government. This represented the culmination of an extensive program of technical assessment, Project design, environmental studies and stakeholder engagement. As Kestrel West progresses through assessment and Project development, we will continue to integrate environmental, social and economic considerations into decision-making and work with our stakeholders to identify opportunities to create enduring value for the Central Highlands region.

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Contact Phone: +61 (0) 7 3557 3000 | Email: info@kestrelcoal.com Kestrel Coal Resources Address: Level 22, 10 Eagle Street, Brisbane QLD 4000 Postal address: GPO Box 628 Brisbane QLD 4001