What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-02-24 compared with 2022-02-18 · 51 added, 72 removed, 490 unchanged (20% of the section changed)

2 unchanged sentences

These requirements differ significantly from the previously applicable disclosure requirements of SEC Industry Guide 7.

Among other differences, subpart 1300 of Regulation S-K requires disclosure of mineral resources, in addition to mineral reserves, as of December 31, 2021, both in the aggregate and for each of our individually material mining properties.

Among other differences, subpart 1300 of Regulation S-K requires disclosure of mineral resources, in addition to mineral reserves, both in the aggregate and for each of the Company’s individually material mining properties.

The Company’s coal reserves and resources are estimated by individuals deemed Qualified Persons (QP) according to the standards set forth in subpart 1300 of Regulation S-K.

9 unchanged sentences

The conversion of reported mineral resources to mineral reserves should not be assumed.

Peabody Energy Corporation 2022 Form 10-K

Coal resources are estimated from geological models constructed from an extensive historical database of drill holes and the Company’s ongoing drilling program.

14 unchanged sentences

The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

Peabody Energy Corporation 2021 Form 10-K

The geological confidence surrounding resource classification is first determined by a drill hole spacing analysis performed by a QP using geostatistical techniques.

20 unchanged sentences

The Company controls coal rights through direct ownership and numerous lease agreements with government or private parties.

The majority of our coal reserves and resources are controlled through lease agreements with the U.S.

The majority of the Company’s coal reserves and resources are controlled through lease agreements with the U.S.

and Australian governments.

2 unchanged sentences

The additional surface rights to meet long-term production requirements are expected to be acquired as needed.

Peabody Energy Corporation 2022 Form 10-K

The Company is party to numerous U.S.

17 unchanged sentences

leases containing undeveloped coal properties may expire or these leases may be renewed periodically.

Peabody Energy Corporation 2021 Form 10-K

Mining and exploration in Australia are generally carried out under leases or licenses granted by state governments.

12 unchanged sentences

Several factors can influence thermal coal supply and demand and pricing.

Demand is sensitive to total electric power generation volumes, which are determined in part by the impact of weather on heating and cooling demand, inter-fuel competition in the electric power generation mix (such as from natural gas and renewable sources), changes in capacity (additions and retirements), competition from other producers, coal stockpiles and policy and regulations.

Demand is sensitive to total electric power generation volumes, which are determined in part by the impact of weather on heating and cooling demand and economic activity, inter-fuel competition in the electric power generation mix (such as from natural gas and renewable sources), changes in capacity (additions and retirements), competition from other producers, coal stockpiles and policy and regulations.

Supply considerations impacting pricing include coal reserve and resource positions, mining methods, strip ratios, production costs and capacity and the cost of new supply (greenfield developments or extensions at existing mines).

2 unchanged sentences

The build out of renewable generation and subsidized power can also be a key driver of power market pricing and hence coal prices.

Peabody Energy Corporation 2022 Form 10-K

Internationally, thermal coal-fueled generation also competes with alternative forms of electricity generation.

81 unchanged sentences

Metropolitan AUS NSW P U C/T 3 13.9 0.4 18.6 7 13.8 0.4 18.7 10 13.8 0.4 18.6 100 %

North Goonyella AUS QLD I U C 46 7.4 0.5 21.4 24 7.5 0.5 21.1 70 7.4 0.5 21.3 100%

Moorvale South AUS QLD D S C/P 4 11.0 0.4 18.4 2 9.7 0.4 17.4 6 10.6 0.4 18.1 73.3%

North Goonyella AUS QLD D U C 46 7.4 0.5 21.4 24 7.5 0.5 21.1 70 7.4 0.5 21.3 100 %

Moorvale South AUS QLD P S C/P 3 11.1 0.4 18.4 2 9.8 0.4 17.4 5 10.6 0.4 18.0 73.3 %

Middlemount (9)

39 unchanged sentences

Wambo Opencut (9)

AUS NSW P S T 105 20.5 0.4 6,150 176 23.6 0.4 5,850 281 22.4 0.4 5,962 276 24.8 0.4 5,800 50%

AUS NSW P S/U T 191 21.6 0.4 5,731 154 21.5 0.4 5,764 345 21.6 0.4 5,746 259 19.9 0.4 5,864 50 %

Wambo South AUS NSW E U T/C 219 21.5 0.3 6,068 83 27.2 0.3 5,571 302 23.1 0.3 5,931 47 36.3 0.3 4,745 100 %

9 unchanged sentences

Moorvale AUS QLD P S P 14 18.5 0.3 16.7 14 17.2 0.3 16.6 28 17.9 0.3 16.7 5 15.9 0.3 16.7 73.3 %

Moorvale South AUS QLD D S C/P 3 18.3 0.4 18.4 7 18.2 0.4 18.3 10 18.2 0.4 18.3 6 16.8 0.4 17.7 73.3%

Moorvale South AUS QLD P S C/P 3 18.3 0.4 18.4 7 18.2 0.4 18.3 10 18.2 0.4 18.3 6 16.8 0.4 17.7 73.3 %

NGC GLB2 AUS QLD E U C — — — — 1 15.3 0.6 20.7 1 15.3 0.6 20.7 8 13.6 0.5 20.7 100 %

18 unchanged sentences

Bear Run USA IN P S T 18 14.6 3.5 10,860 51 16.8 3.5 10,450 69 16.3 3.5 10,550 37 16.3 3.5 10,545 100 %

El Segundo/Lee Ranch USA NM P S T 1 17.1 1.1 9,491 5 16.5 1.0 9,475 6 16.6 1.0 9,478 2 17.4 1.2 9,280 100 %

Wild Boar USA IN P S T — — — — 3 12.9 6.1 10,940 3 12.9 5.4 11,020 1 12.9 5.9 10,960 100 %

4 unchanged sentences

For the five-year period 2023 through 2027, the estimated sales prices for seaborne metallurgical mines are based upon estimated premium hard coking coal benchmark prices ranging from $172 to $227 per tonne.

For seaborne thermal mines, the estimated sales prices for the same period range from approximately $42.00 to $104.00 per tonne, and approximately $9.00 to $45.00 per ton for U.S.

thermal mines.

The estimated sales prices for seaborne thermal mines are based upon estimated Newcastle benchmark prices ranging from $86 to $224 per tonne for the same period.

For US domestic thermal mines, the estimated sales prices for the same period range from approximately $10.42 to $59.69 per ton.

Subsequent to 2027, for all mines, sales price escalation is assumed at 2.0% to 3.0% per annum through the end of each LOM plan.

The moisture condition for Seaborne Thermal Mining segment coal quality is on an air-dry basis.

The moisture condition for Seaborne Thermal Mining segment coal quality is on an air-dry basis, except for Wambo Opencut, which is estimated on an as-shipped basis for reserves, and an in-situ moisture basis for resources.

The moisture condition for the Seaborne Metallurgical Mining segment coal quality is on an air-dry basis, except for Shoal Creek Mine which is on a dry basis.

5 unchanged sentences

thermal resources are calculated on an in situ moisture basis.

Kcal/kg (kilocalories per kilogram) is the net calorific value (net heating value) of coal

Kcal/kg (kilocalories per kilogram) is the net calorific value (net heating value) of coal, except for Wambo Opencut which is estimated as gross calorific value.

VM (volatile matter) represents the proportion of certain organic and mineral components in coal, for example, water, carbon dioxide, or sulfur dioxide.

7 unchanged sentences

Such assessment included the Company’s aggregate mining operations on all of its mining properties, regardless of the stage of production or the type of coal produced.

Quantitative factors included, among others, mining operations’ relative contributions to the Company’s aggregate historical and estimated revenues, cash flows, and Adjusted EBITDA (as defined in Part II, Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”) Qualitative factors may include, as applicable, capital expansion plans, long-term pricing outlook, the regulatory environment and various strategic priorities.

Quantitative factors included, among others, mining operations’ relative contributions to the Company’s aggregate historical and estimated revenue, cash flows, and Adjusted EBITDA (as defined in Part II, Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”) Qualitative factors may include, as applicable, strategic priorities, the regulatory environment, capital expansion plans, and the long-term pricing outlook.

The Company concluded that, as of December 31, 2021, its individually material mines are North Antelope Rochelle Mine (NARM), Shoal Creek Mine, Wilpinjong Mine, and the Coppabella-Moorvale Joint Venture.

The Company also assesses material changes in the material properties mainly on the basis of the amount of reserves and resources over a period of three years.

The Company concluded that, as of December 31, 2022, its material mining operations had no material changes.

The Company will update its assessment of individually material mines on an annual basis.

The reserve and resource tables that follow do not include comparative information for resources as of December 31, 2020 as the Company did not present such data previously under the SEC Industry Guide 7 requirements and such data is not required to be presented in connection with the adoption of the disclosure requirements of subpart 1300 of Regulation S-K.

The information that follows relating to such individually material mines is derived, for the most part, from, and in some instances is an extract from, the technical report summaries (“TRS”) relating to such properties prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

The information that follows relating to such individually material mines is derived, for the most part, from, and in some instances is an extract from, the studies relating to such properties prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein.

Reference should be made to the full text of the TRS, incorporated herein by reference and made a part of this Annual Report on Form 10-K.

The relevant TRS for NARM, Shoal Creek Mine, Wilpinjong Mine, and the Coppabella-Moorvale Joint Venture are included as Exhibits 96.1, 96.2, 96.3 and 96.4, respectively, to this Annual Report on Form 10-K, and specific sections of such TRS are referenced below using the corresponding exhibit number.

The changes from the previous year are not material and no updates for TRS are included in this filing.

Other technical details regarding the individual properties should be referred to the previously disclosed TRS.

Peabody Energy Corporation 2022 Form 10-K

8 unchanged sentences

As of December 31, 2022, all required licenses and permits were in place for the operations of NARM.

For additional information regarding mineral rights and permitting, refer to sections 3 and 17 in Exhibit 96.1.

The mining operation consists of multiple open pits in four main mining areas, which allows for quality blending and other optimization strategies.

4 unchanged sentences

NARM coal is well recognized for domestic thermal power generation.

For additional information regarding mining and processing methods, refer to sections 13 and 14 in Exhibit 96.1.

The key supporting infrastructure for NARM includes rail services provided by the BNSF Railway Company and Union Pacific Corporation, road access via interstate and state highways and roads, electrical power from a dedicated substation with 230kV and 69kV transmission lines, and water supply from a mine dewatering system and deep wells.

The mining industry in the Powder River Basin anchors numerous communities from which the mine attracts qualified personnel.

For additional information regarding the mine’s infrastructure, refer to sections 13 and 15 in Exhibit 96.1.

Peabody Energy Corporation 2021 Form 10-K

The property, plant, equipment and mine development assets of NARM had a net book value of approximately $417 million at December 31, 2022.

1 unchanged sentence

Routine maintenance, overhauls, and necessary capital replacements are generally included in the LOM plan to support future production.

For additional information regarding capital and equipment, refer to sections 13 and 18 in Exhibit 96.1.

Peabody Energy Corporation 2022 Form 10-K

The table below presents NARM coal reserve estimates at December 31, 2022, along with comparative quantities at December 31, 2021.

3 unchanged sentences

In addition to quantity, the table presents selected key quality parameters on an as-shipped basis.

For additional information regarding coal reserve and resource estimates, refer to sections 11 and 12 in Exhibit 96.1.

NARM - SUMMARY OF RESERVES (1)

9 unchanged sentences

Economic recoverability is based upon an estimated average sales price per ton of $14.64 for the five-year period ending December 31, 2027 and assumed escalation of 2.0% per annum during the subsequent period through the end of the LOM plan.

Refer to section 19 of Exhibit 96.1 for detailed price assumptions.

The cut-off grade and metallurgical recovery are not limiting factors for reserve estimates due to consistent coal thickness and established trends of coal quality in the leased area.

4 unchanged sentences

The results of the LOM planning process demonstrate the economic recoverability of the coal reserve estimates.

Refer to section 19 of Exhibit 96.1 for economic analysis.

Mine yield is the ratio of estimated saleable product coal over ROM coal tons, with processing loss considered.

12 unchanged sentences

As of December 31, 2022, all required licenses and permits were in place for the operations of the Shoal Creek Mine.

For additional information regarding mineral rights and permitting, refer to sections 3 and 17 in Exhibit 96.2.

Coal is produced primarily using longwall systems.

2 unchanged sentences

Shoal Creek Mine metallurgical coal has a well-established customer base in Europe, South America, and East Asia for steel making.

For additional information regarding mining and processing methods, refer to sections 13 and 14 in Exhibit 96.2.

The key supporting infrastructure for Shoal Creek Mine includes road access via interstate and state highways and roads, third-party barge services and a barge loadout on the Black Warrior River, the McDuffie Coal Terminal, electrical power provided by 69kV transmission lines, and water supplied from the Black Warrior River and recycled underground water.

The mine’s workforce is drawn primarily from Jasper and Tuscaloosa, Alabama and other adjacent communities.

For additional information regarding the mine’s infrastructure, refer to section 15 in Exhibit 96.2.

Peabody Energy Corporation 2022 Form 10-K

3 unchanged sentences

While the mine was idled for parts of 2020 and 2021, the Company upgraded the mine’s coal handling and preparation plant and made other capital investments to improve its prospective cost structure.

For additional information regarding capital and equipment, refer to sections 13 and 18 in Exhibit 96.2.

The tables below present Shoal Creek Mine’s estimated coal reserves and resources at December 31, 2021, along with comparative quantities for coal reserves at December 31, 2020.

The tables below present Shoal Creek Mine’s estimated coal reserves and resources at December 31, 2022, along with comparative quantities at December 31, 2021.

These reserve and resource estimates were supported by the analyses of 1,178 total drill holes within the coal lease area.

3 unchanged sentences

Coal reserves and resources are reported on selected key quality parameters on a dry basis.

For additional information regarding coal reserve and resource estimates, refer to sections 11 and 12 in Exhibit 96.2.

SHOAL CREEK MINE - SUMMARY OF RESERVES AND RESOURCES (1)

6 unchanged sentences

Year-over-year decrease (6) %

December 31, 2021

December 31, 2022 December 31, 2021

Coal Resources (2)(3)(4)(5)

Tons %Ash %Sulfur VM%

Tons %Ash %Sulfur VM% Tons

Measured 40 9.6 0.7 25.1 40

2 unchanged sentences

Inferred 7 10.2 0.7 24.0 7

The year-over-year decrease in coal reserves reflects 2021 production depletion and the reclassification of certain mine areas to resources until further drilling and studies are completed.

Refer to section 19 of Exhibit 96.2 for additional information.

The year-over-year decrease in coal reserves reflects 2022 production depletion.

Economic recoverability is based upon an estimated average sales price per ton of $159.45 for the five-year period ending December 31, 2027 and assumed escalation of 2.0% per annum during the subsequent period through the end of the LOM plan.

Refer to section 19 of Exhibit 96.2 for detailed price assumptions.

The quality of coal reserves and resources are estimated on a dry basis.

5 unchanged sentences

The results from the LOM planning process demonstrate the economic recoverability of the coal reserve estimate.

Refer to section 19 of Exhibit 96.2 for economic analysis.

Mine yield is the ratio of estimated saleable product coal over ROM coal tons with mainly processing loss considered.

4 unchanged sentences

Excel began the development of Wilpinjong Mine in 2006 and it commenced production under Peabody ownership in 2007.

A third-party contactor managed mining operations until 2013, when the Company converted the mine to owner-operated.

A third-party contractor managed mining operations until 2013, when the Company converted the mine to owner-operated.

The Wilpinjong Mine extracts coal from the Moolarben and Ulan coal seams which have a combined thickness from 6 to 10 meters and a typical depth less than 60 meters in the Illawarra Coal Measures on the northwest margin of the Sydney Basin.

The Company secured two exploration licenses of 1,518 hectares and three mining licenses of 3,723 hectares through the New South Wales Minister of Planning.

The Company has secured three exploration licenses of 3,186 hectares and three mining licenses of 3,723 hectares through the New South Wales Minister of Planning.

The typical royalty rate is 8.2% of the value of coal recovered.

The mining licenses require renewal upon expiration in 2027 for 2,863 hectares and in 2039-2040 for 860 acres.

The renewal application for two exploration licenses is currently pending approval.

The renewal application for two exploration licenses is currently pending approval and the third was granted in May 2022 for an initial term of 6 years.

As of December 31, 2022, all required licenses and permits were in place for the operations of Wilpinjong.

For additional information regarding mineral rights and permitting, refer to sections 3 and 17 in Exhibit 96.3.

Conventional open cut mining methods are used at the Wilpinjong Coal Mine, with multiple pits at a low strip ratio allowing for relatively rapid pit advance.

2 unchanged sentences

Coal is conveyed to a rail loadout and transported by train to either domestic customers or to the Port of Newcastle and seaborne customers for thermal power generation.

For additional information regarding mining and processing methods, refer to sections 13 and 14 in Exhibit 96.3.

The key supporting infrastructure for Wilpinjong Mine includes road access via public roads, port service at two terminals at the Port of Newcastle, above and below rail services, electrical power from a 66kV transmission line, and water supply from captured surface runoff and deep wells.

The mine’s proximity to other large coal producers in the region provides access to a significant pool of experienced mining personnel.

For additional information regarding the mine’s infrastructure, refer to section 15 in Exhibit 96.3.

Peabody Energy Corporation 2022 Form 10-K

2 unchanged sentences

Routine maintenance, overhauls and necessary capital replacements are generally included in the LOM plan to support future production.

During 2018, the Company began an expansion project at Wilpinjong Mine that will extend the mine life from 2026 to 2030 and allow higher annual production rates through access to an additional 55 million tonnes of coal reserves.

During 2018, the Company began an expansion project at Wilpinjong Mine that will extend the mine life from 2026 to 2030 by providing access to an additional 55 million tonnes of coal reserves.

The Company capitalized approximately $62 million related to the project through December 31, 2022 and expects the total cost to reach approximately $76 million.

For additional information regarding capital and equipment, refer to sections 13 and 18 in Exhibit 96.3.

The tables below present Wilpinjong Mine’s estimated coal reserves and resources at December 31, 2021, along with comparative quantities of coal reserves at December 31, 2020.

The tables below present Wilpinjong Mine’s estimated coal reserves and resources at December 31, 2022, along with comparative quantities at December 31, 2021.

These reserve and resource estimates were supported by the analyses of 1,271 total drill holes within the coal lease area.

3 unchanged sentences

Coal reserves and resources are reported on selected key quality parameters on an air-dried basis.

For additional information regarding coal reserve and resource estimates, refer to sections 11 and 12 in Exhibit 96.3.

WILPINJONG MINE - SUMMARY OF RESERVES AND RESOURCES (1)

6 unchanged sentences

Year-over-year decrease (12) %

December 31, 2021

December 31, 2022 December 31, 2021

Coal Resources (2)(3)(4)

Tons %Ash %Sulfur Kcal/kg

Tons %Ash %Sulfur Kcal/kg Tons

Measured 103 23.0 0.5 6,055 103

2 unchanged sentences

Inferred 6 27.3 0.5 5,698 6

Total 134 134

The year-over-year decrease in the quantity of coal reserves was driven by production depletion.

Economic recoverability is based upon product-specific estimated average sales prices per tonne of $39.18 to $47.98 for the five-year period ending December 31, 2026 and assumed escalation of 2.5% to 3.0% per annum during the subsequent period through the end of the LOM plan.

Refer to section 19 of Exhibit 96.3 for detailed price assumptions.

Economic recoverability is based upon product-specific estimated average sales prices per ton of $51.99 for the five-year period ending December 31, 2027 and assumed escalation of 2.0% to 3.0% per annum during the subsequent period through the end of the LOM plan.

The quality of coal resources is on an in situ , air-dry basis.

7 unchanged sentences

The economic results from the LOM planning process demonstrate the economic viability of the coal reserve estimate.

Refer to section 19 of Exhibit 96.3 for economic analysis.

Mine yield is the ratio of estimated saleable product coal over ROM coal tons with mainly processing loss considered.

2 unchanged sentences

The Company’s Coppabella Moorvale Joint Venture (CMJV) mines are located approximately 75 miles southwest of Mackay, near the township of Coppabella, in central Queensland, Australia.

The CMJV includes two production-stage surface coal mines, the Coppabella Mine and the Moorvale Mine, and one surface coal mine under development, Moorvale South.

The CMJV includes two production-stage surface coal mines, the Coppabella Mine and the Moorvale Mine.

During 2022, the Moorvale Mine substantially completed development of, and began production from, its Moorvale South pit.

Peabody owns 73.3% of the joint venture and is responsible for operations management.

3 unchanged sentences

The seam has a thickness from 5 to 10 meters and a typical depth of less than 250 meters.

A portion of the Vermont seam is expected to be economically mineable at Moorvale South, once developed.

The development of the Moorvale South pit made a portion of the Vermont seam economically mineable.

The CMJV mines operate with a total of fourteen mining leases and one mineral development license issued by the Queensland state government, covering 13,459 hectares in total.

Coal production is subject to royalties payable to the Queensland state government ranging from 7% to 15% of realized revenue, depending upon the lease.

Coal production is subject to royalties payable to the Queensland state government ranging from 7% to 40%, depending upon the realized revenue per tonne.

In addition, there are special private royalty agreements established in relation to exploration efforts.

1 unchanged sentence

The Moorvale Mine has two mining leases which expire in 2023, and a third in 2028.

The proposed Moorvale South mine has two mining leases which expire in 2030, and its relevant mineral development license expires in 2024.

The Moorvale South pit has two mining leases which expire in 2030, and its relevant mineral development license expires in 2024.

As of December 31, 2021, all required licenses and permits were in place for the operations of CMJV.

For additional information regarding mineral rights and permitting, refer to sections 3 and 17 in Exhibit 96.4.

Conventional open cut mining methods are used at the CMJV mines.

Coppabella Mine utilizes a dragline and two electric rope shovels to perform the majority of overburden removal, supplemented by diesel hydraulic excavators, which are also used to extract coal.

Moorvale Mine utilizes only diesel hydraulic excavators for overburden removal.

Both mines utilize cast and dozer push operations where applicable.

The Moorvale Mine utilizes only diesel hydraulic excavators for overburden removal.

All CMJV mines utilize cast and dozer push operations where applicable.

Coal is trucked via internal haul roads for direct dumping to the hopper, or rehandled from pads to the dump hopper.

1 unchanged sentence

The CMJV produces a range of products including pulverized coal injection coal, coking coal and thermal coal.

For additional information regarding mining and processing methods, refer to sections 13 and 14 in Exhibit 96.4.

Peabody Energy Corporation 2022 Form 10-K

2 unchanged sentences

The mines draw personnel primarily from nearby Moranbah, Nebo and Mackay, Queensland.

For additional information regarding the mine’s infrastructure, refer to section 15 in Exhibit 96.4.

The property, plant, equipment and mine development assets of CMJV had a net book value of approximately $173 million at December 31, 2021.

1 unchanged sentence

Routine maintenance, overhauls and necessary capital replacements are generally included in the LOM plan to support future production.

For additional information regarding capital and equipment, refer to sections 13 and 18 in Exhibit 96.4.

The tables below present estimates of the CMJV coal reserves and resources as of December 31, 2021, along with comparative quantities of coal reserves at December 31, 2020.

The tables below present estimates of the CMJV coal reserves and resources as of December 31, 2022, along with comparative quantities at December 31, 2021.

These reserve and resource estimates were supported by the analyses of 4,763 total drill holes within the coal lease areas.

3 unchanged sentences

Coal reserves and resources are reported on selected key quality parameters on an air-dry basis.

For additional information regarding coal reserve and resource estimates, refer to sections 11 and 12 in Exhibit 96.4.

CMJV - SUMMARY OF RESERVES AND RESOURCES (1)

6 unchanged sentences

Year-over-year decrease (5) %

December 31, 2021

December 31, 2022 December 31, 2021

Coal Resources (2)(3)(4)

Tons %Ash %Sulfur VM%

Tons %Ash %Sulfur VM% Tons

Measured 30 17.3 0.3 15.3 34

2 unchanged sentences

Inferred 84 15.6 0.3 12.9 84

The decrease in reserves reflects 2021 production depletion and reclassification of certain mine areas to resources until further drilling and studies are completed.

Total 183 187

Year-over-year decrease (2) %

The decrease in reserves reflects 2022 production depletion, partially offset by the reclassification of certain mine areas to reserves;

the decrease in resources reflects this reclassification.

Peabody Energy Corporation 2022 Form 10-K

Economic recoverability is based upon product-specific estimated average sales prices per tonne of $107.61 to $116.49 for the five-year period ending December 31, 2026 and assumed escalation of 2.5% per annum during the subsequent period through the end of the LOM plan.

Refer to section 19 of Exhibit 96.4 for detailed price assumptions.

Economic recoverability is based upon product-specific estimated average sales prices per ton of $122.75 for the five-year period ending December 31, 2027 and assumed escalation of 2% to 3% per annum during the subsequent period through the end of the LOM plan.

The quality of coal resources is estimated on an in situ , air-dry basis.

14 unchanged sentences

The economic results from the LOM planning process demonstrate the economic viability of the coal reserve estimate.

Refer to section 19 of Exhibit 96.4 for economic analysis.

Mine yield is the ratio of estimated saleable product coal over ROM coal tons with mainly processing loss considered.

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties