The Board of directors of Yancoal Australia Ltd. announced a change in the position of Chairman of the Board. Mr. Baocai Zhang will step down from the Board and the role of Chairman on 15 September 2023, as he intends to devote more time to his other business engagements and positions that he holds. Non-Executive Director, Mr. Gang Ru, will assume the role of Chairman from 15 September 2023.

Mr. Baocai Zhang has been involved with Yancoal's development journey since its incorporation in 2004. He first joined the Board prior to the Australian Stock Exchange listing in 2012, was Co-Vice Chairman, Chair of Executive Committee from 2013 to 2018, and Chairman since 2018. During his tenure, Mr. Zhang's vision, ability and determination has helped transform Yancoal.

He has maintained a commitment to Yancoal's corporate governance framework and has been instrumental in driving multiple corporate initiatives during the challenging industry cycles, notably securing and expanding the Moolarben complex acquiring Coal & Allied, the dual listing on the Hong Kong Stock Exchange, retirement of all external interest-bearing loans and distribution of substantial dividends to shareholders. Mr. Gang Ru has nearly 30 years of financial and capital management, corporate organisational management, investment, and financing experience. Though his roles with Shandong Energy Group Co.

Ltd, Mr. Ru has worked closely with Yancoal since 2015 and knows the business very well. He has been fully involved at a Group level in corporate transactions, capital management and acquisition activities driving the Company's expansion and strategic growth. Mr. Zhang will also step down from his roles as a member of the Nomination and Remuneration Committee and the chairman of the Strategy and Development Committee.