Whitehaven Coal Limited (ASX: WHC) has announced a significant upgrade to its Blackwater Mine’s coal reserves and resources. The Whitehaven Coal Blackwater update shows total recoverable reserves jumping to 365 million tonnes from 191 million tonnes. Coal resources now stand at 1,919 million tonnes, up from 1,817 million tonnes, marking a major milestone in the Company’s Queensland operations.
The December 2025 Whitehaven Coal reserves update reflects enhanced geological confidence gained through extensive drilling programmes. Whitehaven incorporated 4,267 structural drillholes and 211 quality drillholes into its modelling framework. Refined economic assumptions and additional prospective mining areas support the Company’s long-term production outlook at the Queensland operation.
Whitehaven Coal Blackwater Update Delivers 91% Reserve Growth
Paul Flynn, Chief Executive Officer and Managing Director of Whitehaven Coal, highlighted the strategic importance of the Whitehaven Coal reserves update. The Blackwater Mine’s recoverable reserves increased by 91% to reach 365 million tonnes. Total coal resources grew by 6% to 1,919 million tonnes, reinforcing the asset’s position as a long-life mining operation.
The Whitehaven Coal Blackwater update unlocks future mining areas across the Blackwater complex. Flynn noted the progress reflects steady integration of Queensland operations acquired from BMA. High-confidence modelling combined with regulatory progress enabled the substantial reserve expansion, demonstrating strong growth potential and operational optionality at the mine site.
Enhanced Drilling Programme Supports Whitehaven Coal Reserves Update
The Whitehaven Coal ASX announcement detailed how improved geological understanding drove the resource upgrade. Open-cut coal resources increased by 148 million tonnes in the measured category. Underground resources gained 32 million tonnes, bringing total underground coal resources to 254 million tonnes across inferred classifications.
Resource reclassification contributed 25 million tonnes to recoverable reserves. Additional drilling results improved confidence in active mining areas, enabling inferred resources to be upgraded to indicated and measured classifications. The drilling density supported higher classification categories across multiple seam horizons at Blackwater Mine.
Revised Assumptions Expand Mining Footprint
Whitehaven incorporated updated macroeconomic and cost assumptions into the reserve calculation. The revision added 43 million tonnes to recoverable reserves based on the latest cost and pricing forecasts. Economic modelling confirmed positive cash margins across all declared reserves, supporting the viability of expanded mining operations.
The Blackwater North Extension contributed 70 million tonnes to recoverable reserves in the Whitehaven Coal reserves update. Surface areas SA7 and SA10 within Mining Lease 1759 gained inclusion following progress in the Environmental Authority amendment and EPBC referral processes. These areas represent significant additions to the Company’s Queensland coal inventory for future extraction.
New Surface Area Adds 36 Million Tonnes
Mining Lease 1860’s SA2 area brought 36 million tonnes into the longer-term mine plan. The competent person assessed environmental and heritage evaluations, identifying no material barriers to future mining approvals. This incorporation demonstrates Whitehaven’s systematic approach to expanding its operational footprint at Blackwater Mine.
Marketable reserves increased from 169 million tonnes to 298 million tonnes, driven by the recoverable reserve upgrade. The updated marketable reserves estimate considers mine processing data, confirming alignment between modelled predictions and achieved yields. The product suite remains predominantly metallurgical coal with minor secondary thermal coal streams.
Metallurgical Coal Dominates Whitehaven Coal Blackwater Update Portfolio
Blackwater’s marketable coal reserves comprise 283 million tonnes of metallurgical coal and 15 million tonnes of thermal coal, according to the Whitehaven Coal reserves update. The metallurgical coal meets stringent quality specifications with ash content ranging from 8.3% to 9.8% on an air-dried basis. Crucible swelling numbers exceed 3.0, supporting coking coal applications.
Sulphur content remains below 0.47% total sulphur, meeting environmental and processing requirements. Volatile matter ranges from 25.0% to 27.1%, aligning with customer specifications for steel production. The thermal coal product delivers a gross calorific value exceeding 6,533 kilocalories per kilogram, suitable for power generation applications.
Industry Outlook: Seaborne Metallurgical Coal Markets Show Structural Gaps
Global seaborne metallurgical coal demand continues evolving as developing markets offset softening Chinese imports. India is expected to represent approximately 48% of metallurgical coal seaborne demand by 2050. The country’s blast-furnace capacity expansion and ongoing urbanisation drive sustained demand growth for high-quality coking coal products.
Seaborne trade flows are diversifying across Southeast Asian markets, lacking domestic supply sources. Whitehaven’s positioning in the Queensland metallurgical coal sector aligns with projected supply gaps in premium hard coking coal grades. The Company’s quality specifications match evolving customer requirements in growth markets across the Asia-Pacific region, supporting the long-term viability of reserves announced in this Whitehaven Coal ASX announcement.
Three Major Coal Seams Extend 80 Kilometres Along Strike
The Rangal Coal Measures contain three primary economic seams at Blackwater. The Top Seam ranges from 0.5 to 3.5 metres thick across the deposit. Middle Seam thickness varies between 1 and 3 metres, while the Lower Seam extends from 2 to 6 metres thick.
Strata at Blackwater Mine strike north-south and dip eastward at 3 to 5 degrees according to the Whitehaven Coal ASX announcement. Coal resources extend 80 kilometres along strike and up to 6 kilometres east within the tenement boundaries. The resources exist from the base of the Tertiary unconformity to approximately 220 metres depth, supporting decades of future production.
Whitehaven Coal Share Price Performance
Whitehaven Coal shares trade at AUD 7.765 per share. The Company maintains a market capitalisation of AUD 6.40 billion. The 52-week trading range spans from AUD 4.260 to AUD 7.930 per share, reflecting coal price volatility and operational performance throughout the period covered.
Figure 5: Whitehaven Coal share price performance over the past six months on the ASX.
Frequently Asked Questions
Question 1: What is the new total for Blackwater Mine’s recoverable reserves?
Blackwater Mine’s total recoverable reserves increased to 365 million tonnes from 191 million tonnes.
Question 2: How much did Blackwater’s coal resources increase?
Coal resources at Blackwater Mine grew to 1,919 million tonnes from 1,817 million tonnes.
Question 3: Which areas contributed to the reserve expansion?
The Blackwater North Extension added 70 million tonnes, while SA2 in ML 1860 contributed 36 million tonnes.
Question 4: What percentage growth did recoverable reserves achieve?
Recoverable reserves increased by 91% in the December 2025 update.
