Paul Flynn
MD, CEO & Director

Morning, everybody. Thanks very much for dialing in to our March 2026 quarterly production report. I’m joined here today, as usual with Kevin Ball, our CFO, and Ian Humphris, our COO. I’ll go through the highlights as usual, and try and get to the Q&A section, which I’m sure will be the more interesting part of the discussion today. Broadly, look, we’ve had a pretty solid third quarter, which we’re pleased with to be able to round that out in a way which sets us up well for the fourth quarter. Solid, and I’ll go through the New South Wales and Queensland dimensions of that through the highlights section in particular. Look, our safety record continues to be very good. We’re tracking well.

Our TRIFRA at 3.2 certainly is a continuation of the momentum we’ve shown to improving our safety, period on period, so very positive. Managed ROM at 9.5% reflects the seasonal nature of Q3. I’m sure everyone’s come to expect that a little bit now with us, but now being a couple of years into our ownership in Queensland in particular. Export coal sales have been pretty good at 6.8 million tonnes for the second quarter. Met coal prices have improved across both fronts, and we’ll get to that in a little bit more detail, for

WASHINGTON — President Donald Trump escalated his push for sweeping election reforms Monday night, declaring U.S. elections “rigged, stolen, and a laughingstock all over the world” in a Truth Social post that urged Republicans to pass the SAVE America Act.

The April 27 message, posted at 6:16 p.m. EDT, reiterated Trump’s longstanding demands for mandatory voter identification, proof of citizenship to vote and strict limits on mail-in ballots. It comes as the legislation remains stalled in the Senate despite House passage and intense White House pressure ahead of the 2026 midterms.

“America’s Elections are Rigged, Stolen, and a Laughingstock all over the World. We are either going to fix them, or we won’t have a Country any longer,” Trump wrote. “I am asking all Republicans to fight for the following: SAVE AMERICA ACT!” He listed three key requirements: (1) All voters must show voter I.D.; (2) All voters must show proof of citizenship in order to vote; and (3) No mail-in ballots except for illness, disability, military or travel.

The Safeguard American Voter Eligibility (SAVE) America Act would require documentary proof of U.S. citizenship — such as a passport or certified birth certificate — for federal voter registration, replacing the current system based largely on an attestation under penalty of perjury. It also calls for photo identification at the polls and aligns with Trump’s goal of sharply restricting mail voting.

Trump has made the bill a top priority of his second term, threatening not to sign other legislation until it passes in strong form and warning he will withhold endorsements from Republicans who oppose it. The House has approved versions of the measure multiple times, including in February 2026, but it has faced repeated roadblocks in the Senate.

White House officials and supporters describe the reforms as common-sense measures to ensure only American citizens vote and to restore public confidence. Polls have long shown overwhelming bipartisan support for voter ID requirements, often topping 80%. The administration has also pursued executive actions, including a March 31 order directing agencies to enhance citizenship verification using existing databases.

Opponents, including Democrats and voting rights groups, argue the bill would impose unnecessary hurdles for millions of eligible voters. Research from organizations like the Brennan Center for Justice estimates that more than 21 million U.S. citizens lack ready access to passports or birth certificates, with disproportionate impacts on low-income, elderly, minority and rural populations.

Senate Democrats have uniformly opposed the measure, and even some Republicans have expressed reservations about overriding the filibuster or implementing changes so close to the midterms. Recent attempts to advance the bill or attach its provisions to other legislation have failed, leaving its prospects uncertain despite Trump’s repeated interventions.

The debate revives long-running tensions over election administration. Trump has consistently highlighted concerns about noncitizen voting and mail-in processes, tying them to broader issues of border security and national integrity. While isolated cases of fraud occur and are prosecuted, extensive audits, recounts and court reviews have not found evidence of widespread irregularities capable of changing major election outcomes.

Election administrators warn that new federal mandates could create logistical challenges and added costs for states, potentially disrupting registration systems and same-day processes used in many jurisdictions. Supporters counter that the changes would modernize and secure the system without significantly affecting turnout, pointing to states that have implemented stricter ID rules.

Public reaction to Trump’s latest post mirrored deep partisan divides. Conservative supporters hailed it as a necessary defense of democracy, while critics accused the president of undermining trust in elections for political advantage. The message quickly generated thousands of interactions across platforms.

Some Republican-led states have advanced their own versions of citizenship-proof and voter ID requirements, creating a patchwork ahead of November. These efforts proceed even as the federal bill remains in limbo, reflecting Trump’s influence on the party’s election integrity agenda.

As midterms approach, control of Congress remains at stake with Republicans holding narrow majorities. Trump has framed passage of the SAVE America Act as essential not only for fair elections but for the future of the country, keeping the issue at the forefront of his communications.

Senate leaders have shifted focus to other priorities like funding measures, but Trump shows no sign of relenting. His Monday night Truth Social broadside ensures the battle over voting rules will continue dominating headlines and campaign strategies in the coming months.

Election officials emphasize that current systems already include multiple safeguards against fraud. Many advocate directing resources toward cybersecurity, poll worker recruitment and voter education rather than major overhauls on a compressed timeline. Still, the president’s persistent calls keep the national conversation sharply focused on how ballots are cast and counted.

Trump’s post underscores a central theme of his administration: restoring what he views as fundamental election security. Whether it breaks the Senate deadlock or intensifies midterm fights, the SAVE America Act debate is poised to shape political discourse through the rest of 2026 and beyond.

SEOUL — HYBE Co. Ltd., the entertainment powerhouse behind global superstars BTS, faces heightened uncertainty in 2026 as founder and Chairman Bang Si-hyuk battles serious legal allegations that have already pressured the company’s share price and investor confidence.

South Korean police sought an arrest warrant for Bang in April over alleged violations of the Capital Markets Act tied to the company’s 2019-2020 pre-IPO maneuvers. Prosecutors rejected the initial request, but the investigation continues, raising questions about leadership stability at a critical time when BTS returns drive expectations for a major earnings rebound.

HYBE shares traded around 250,000 won in late April, down sharply from peaks above 400,000 won earlier in the year amid BTS comeback hype. The stock has underperformed the broader market, reflecting “owner risk” concerns that analysts say could linger through earnings season and beyond.

Bang, who stepped down as CEO but remains chairman, is accused of misleading early investors in 2019 by claiming no IPO plans were in place. Authorities allege this prompted shareholders to sell stakes to a private equity fund linked to his associates at undervalued prices. Bang reportedly realized gains of about 190 billion won ($136 million), with some estimates reaching higher. He denies wrongdoing, and his legal team maintains no deception occurred.

If convicted of fraudulent unfair trading with illicit profits exceeding 5 billion won, Bang could face five years to life in prison plus massive fines. The case has drawn intense media scrutiny and could damage HYBE’s reputation in global markets where the company has aggressively expanded.

Despite the drama, Wall Street-style analysts covering HYBE remain overwhelmingly bullish. Consensus among roughly two dozen brokerages rates the stock a Strong Buy, with average 12-month price targets near 416,000 won — implying more than 65% upside from current levels. High targets reach 520,000 won.

The optimism hinges on BTS’s full-group activities. After military service, the septet launched a 2026 comeback with new music and a massive world tour expected to generate hundreds of millions in revenue. Forecasts project HYBE’s 2026 operating profit could surge nearly tenfold from 2025’s weak results, potentially exceeding 500 billion won on consolidated revenue topping 4 trillion won.

Other acts including ENHYPEN, LE SSERAFIM, TXT, ILLIT and new debuts should contribute, alongside growing platform businesses and global merchandising. HYBE’s diversification beyond K-pop remains a long-term strength.

Yet near-term headwinds are evident. Q1 2026 earnings, due April 29, are expected to miss consensus due to upfront costs for BTS promotions and tours. Brokerages have trimmed targets in recent weeks, citing elevated cost ratios and legal overhang. Shares fell more than 2% on news of the arrest warrant request.

“Owner risk is now front and center,” one Seoul-based analyst noted. “Even if Bang avoids indictment, prolonged uncertainty could distract management and weigh on partnerships, especially in the U.S. and Europe where HYBE seeks deeper penetration.”

The investigation echoes past K-pop governance issues but stands out for its scale given HYBE’s market value exceeding 10 trillion won. Some observers compare it to earlier corporate disputes in tech and entertainment, where founder credibility proved pivotal for investor sentiment.

Supporters argue the allegations involve complex pre-IPO dealings common in fast-growing firms and that Bang’s visionary leadership built HYBE from a small agency into a global player. BTS alone has generated billions in economic impact for South Korea.

Critics, including some minority shareholders, question governance standards at a company now listed on the exchange. The probe has fueled calls for greater transparency and independent oversight.

For investors weighing buy or sell decisions in 2026, the calculus depends on risk tolerance and time horizon. Short-term traders face volatility from legal updates, quarterly results and BTS tour execution. Any indictment or trial could trigger further sell-offs.

Longer-term believers point to HYBE’s IP portfolio, fan base loyalty and expansion into content, games and Western markets. Successful BTS touring and new artist breakthroughs could outweigh legal noise, especially if prosecutors ultimately clear Bang or reach a resolution without conviction.

Technical indicators show mixed signals. The stock sits well below its 52-week high but has found some support near recent lows. Volume remains moderate, suggesting investors are waiting for clarity.

Broader K-pop sector dynamics add context. While HYBE leads, rivals like SM, JYP and YG also navigate idol cycles, regulatory scrutiny and shifting global tastes. HYBE’s scale and diversification provide a buffer, but dependency on BTS remains significant despite efforts to reduce it.

Financially, HYBE reported record revenue last year but thin profits due to BTS’s hiatus. The 2026 rebound narrative is compelling on paper, yet execution risks — from concert attendance shortfalls seen in early comeback shows to geopolitical factors affecting tours — cannot be ignored.

Institutional investors appear divided. Some have trimmed positions amid the scandal, while others view the current valuation as an entry point given growth potential. Foreign ownership, a key driver for Korean stocks, could prove sensitive to negative headlines.

Analysts advising caution recommend monitoring developments in the coming weeks: the outcome of any supplementary police-prosecutor moves, Q1 earnings details, and BTS-related momentum. A favorable resolution on the legal front could catalyze a sharp recovery.

HYBE has not commented extensively beyond denying the allegations. The company continues normal operations, with executives emphasizing focus on artist activities and shareholder value.

In summary, Bang Si-hyuk’s legal risks introduce meaningful near-term downside for HYBE stock, but the company’s fundamental outlook tied to BTS dominance and portfolio strength supports bullish longer-term views among most analysts. Investors must balance high reward potential against governance and execution uncertainties in a volatile entertainment sector.

Those comfortable with K-pop cyclicality and Korean market risks may see buying opportunities on weakness. More conservative portfolios might wait for greater legal clarity or post-earnings confirmation of the rebound trajectory. Either way, 2026 promises to be a pivotal and eventful year for HYBE and its stakeholders.