YANCOAL AUS (03668) released its fourth-quarter report for the period ending December 31, 2025. In the fourth quarter of 2025, on a 100% basis, raw coal production was 18.9 million tonnes, representing a 20% increase from the previous quarter and a 9% rise compared to the same period last year. Saleable coal production reached 13.6 million tonnes, up 11% quarter-on-quarter and 5% year-on-year. Equity saleable coal production stood at 10.4 million tonnes, increasing by 12% from the prior quarter and 7% from the corresponding period a year earlier. Equity coal sales volume was 10.8 million tonnes, a 4% increase year-on-year. The overall average coal sales price for the fourth quarter of 2025 was AUD 148 per tonne, with thermal coal prices rising 6% from the third quarter of 2025 and metallurgical coal prices increasing 4% quarter-on-quarter. This performance reflects the trends of the four major coal indices typically referenced in contracts. The 2025 operational guidance (unchanged) is as follows: Equity saleable coal production is targeted between 35 and 39 million tonnes—the company achieved 38.6 million tonnes. Cash operating costs are forecast at AUD 89 to 97 per tonne—with H1 2025 at AUD 93 per tonne, full-year costs are expected to be around the mid-point of the range. Equity capital expenditure is projected to be AUD 750 to 900 million—with expenditure anticipated to be at the lower end of this range.