Bowen Coking Coal (BCB) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of new board members and auditors, confirmation of meeting notice, and outlined voting procedures with polls for each resolution.

• Shareholders could submit questions prior to the meeting, with opportunities for questions throughout.

• AGM held on 28 November 2024, focusing on steady state production and a stronger balance sheet.

Financial performance review

• Achieved record FY2024 production: 2.1 million ROM tonnes mined, 1.9 million tonnes of clean coal sold.

• 2H FY2024 EBITDA of $12.9M marked a turnaround from a $26.3M loss in 1H FY2024, driven by cost reductions and operational improvements.

• Strip ratio reduced from 16.7:1 to 6.7:1, driving significant cost reductions.

• Declining coal prices reduced average realised sales price to US$145/t in the September quarter, impacting EBITDA by ~$5m.

• Cash at 5 November 2024 was A$56.1m, with a market capitalisation of A$70m and enterprise value of A$151m as of 22 Nov 2024.

• Senior debt facility reduced from US$51m to US$33.9m and subordinated facility from $61.6m to $45.2m after repayments and equity commitments.

• Queensland state royalties absorbed all pre-royalty operating cash flow, totaling AUD 60.2 million.

Board and executive committee updates

• Board refreshed with appointments of Michael Chapman, Staffan Ever, and Malte von der Ropp as Non-Executive Directors; Daryl Edwards appointed CEO in January.

• Nicholas Jorss to transition from Executive Chairman to Non-Executive Director by end of Q1 next year.

• Board comprises experienced professionals in mining, finance, and corporate governance.

• Leadership renewal aimed at supporting transition from explorer to steady-state miner.