16 November 2022 Not financial advice, for entertainment and research purposes only Thesis in a nutshell Yancoal is Australia’s largest pure play coal producer (and the 3rd largest producer overall behind BHP and Glencore). It has an interest in 7 producing coal mines and attributable production capacity of ~40m tonnes of saleable coal. ~80% of this production is high calorific value thermal coal, with the balance being metallurgical.