Yancoal's (YAL) 3Q25 attributable production/ sales volume -9%/+3% YoY. Thedecline in production was due to rainfall, while the increase in sales volume wasdue to the improvement of previous shipping delays. Blended ASP dropped 18%YoY in 3Q25, largely in-line with market trend. We estimate Yancoal deliveredrevenue of ~A$1.48bn in 3Q25 (-17% YoY; +30% QoQ). Our 2025E/26E/27Eearnings forecasts are revised down by 54%/49%/40%, largely due to lowerassumptions on both thermal and metallurgical coal ASP but sligh ...