UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM 10-Q

___________________________________________________

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, ~~2021~~2022

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-16247

___________________________________________________

Coronado Global Resources Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware

83-1780608

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

~~Level 33, Central Plaza One, 345 Queen Street~~

~~Brisbane, Queensland, Australia 4000~~

~~(Address of principal executive offices) (Zip~~

Level 33, Central Plaza One, 345 Queen Street

Brisbane, Queensland, Australia

4000

(Address of principal executive offices)

(Zip Code)

(61) 7 3031 7777

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

___________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No☒

The registrant’s common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests, or CDIs, convertible at the option of the holders into shares of the registrant’s common stock on a 10-for-1 basis. The total number of shares of the registrant's common stock, par value $0.01 per share, outstanding on July 31, ~~2021,~~2022, including shares of common stock underlying CDIs, was 167,645,373.

TABLE OF CONTENTS

	Page
PART I – FINANCIAL INFORMATION
Item 1. Financial statements
Condensed Consolidated Balance Sheets as of June 30, ~~2021~~2022 and December 31, ~~2020~~2021	2
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, ~~2021~~2022 and ~~2020~~2021	3
Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, ~~2021~~2022 and ~~2020~~2021	4
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, ~~2021~~2022 and ~~2020~~2021	56
Notes to Unaudited Condensed Consolidated Financial Statements	67
Report of Independent Registered Public Accounting Firm	2018
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	2119
Item 3. Quantitative and Qualitative Disclosures About Market Risk	4139
Item 4. Controls and Procedures	4341
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	4442
Item 1A. Risk Factors	4442
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	4442
Item 3. Defaults Upon Senior Securities	4443
Item 4. Mine Safety Disclosures	4443
Item 5. Other Information	4443
Item 6. Exhibits	4543
SIGNATURES	4644

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

Assets		Note	(Unaudited) June 30, 2021		December 31, 2020			Note	(Unaudited) June 30, 2022		December 31, 2021
Current assets:
Cash and restricted cash			$	113,661	$	45,736			$	485,884	$	437,931
Trade receivables		6		209,184		175,206
Related party trade receivables		6		0		81,970
Income tax receivable				19,432		20,325
Trade receivables, net										558,643		271,923
Inventories		8		119,953		110,135		5		107,439		118,922
Other current assets				48,465		44,006				57,643		47,647
Assets held for sale				50,923		52,524				26,709		27,023
Total current assets				561,618		529,902				1,236,318		903,446
Non-current assets:
Property, plant and equipment, net		9		1,463,505		1,521,508		6		1,363,372		1,397,363
Right of use asset – operating leases, net				16,901		19,498				9,070		13,656
Goodwill				28,008		28,008				28,008		28,008
Intangible assets, net				4,115		4,217				3,412		3,514
Restricted deposits and reclamation bonds				72,709		8,425
Restricted deposits								14		86,019		80,981
Deferred income tax assets				0		24,654				0		14,716
Other non-current assets				9,731		12,264				33,292		19,728
Total assets			$	2,156,587	$	2,148,476			$	2,759,491	$	2,461,412
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	100,458	$	74,651			$	83,313	$	97,514
Accrued expenses and other current liabilities		10		229,264		234,526		7		341,801		270,942
Income tax payable										96,566		25,612
Asset retirement obligations				5,896		6,012				9,117		9,414
Contract obligations				39,426		40,295				41,008		39,961
Lease liabilities				8,459		8,414				8,658		8,452
Other current financial liabilities				17,994		7,129				3,918		8,508
Liabilities held for sale				16,092		16,719				11,435		12,113
Total current liabilities				417,589		387,746				595,816		472,516
Non-current liabilities:
Asset retirement obligations				117,825		116,132				109,689		110,863
Contract obligations				165,417		185,823				114,553		141,188
Deferred consideration liability				224,545		216,513				232,507		230,492
Interest bearing liabilities		11		332,134		327,625		8		300,948		300,169
Other financial liabilities				16,403		0				11,133		13,822
Lease liabilities				16,886		20,582				8,296		12,894
Deferred income tax liabilities				33,604		64,366				99,162		75,750
Other non-current liabilities				26,872		22,826				31,008		26,216
Total liabilities				1,351,275		1,341,613			$	1,503,112	$	1,383,910
Common stock $0.01 par value; 1,000,000,000 shares authorized, 167,645,373 shares issued and outstanding as of June 30, 2021 and 138,387,890 shares issued and outstanding as of December 31, 2020				1,677		1,384
Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of June 30, 2021 and December 31, 2020				0		0
Common stock $0.01 par value; 1,000,000,000 shares authorized,167,645,373 shares issued and outstanding as of June 30, 2022 and December 31, 2021										1,677		1,677
Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of June 30, 2022 and December 31, 2021										—		—
Additional paid-in capital				1,089,996		993,052				1,091,362		1,089,547
Accumulated other comprehensive losses		16		(31,387)		(28,806)		12		(78,138)		(44,228)
Accumulated losses				(254,974)		(158,919)
Coronado Global Resources Inc. stockholders’ equity				805,312		806,711
Noncontrolling interest				0		152
Retained earnings										241,478		30,506
Total stockholders’ equity				805,312		806,863				1,256,379		1,077,502
Total liabilities and stockholders’ equity			$	2,156,587	$	2,148,476			$	2,759,491	$	2,461,412

See accompanying notes to unaudited condensed consolidated financial statements.	See accompanying notes to unaudited condensed consolidated financial statements.						See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~20222

Table of Contents

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
(In US$ thousands, except share data)

			Three months ended June 30,				Six months ended June 30,						Three months ended June 30,				Six months ended June 30,
		Note	2021		2020		2021		2020			Note	2022		2021		2022		2021
Revenues:
Coal revenues		3	$	384,470	$	286,206	$	683,631	$	605,699			$	1,020,997	$	384,470	$	1,957,625	$	683,631
Coal revenues from related parties		3, 6		29,294		9,000		97,335		89,118				0		29,294		0		97,335
Other revenues		3		10,492		9,142		19,401		18,849				11,707		10,492		22,204		19,401
Total revenues				424,256		304,348		800,367		713,666		3		1,032,704		424,256		1,979,829		800,367
Costs and expenses:
Cost of coal revenues (exclusive of items shown separately below)				306,155		224,459		580,258		481,345				397,463		306,155		754,963		580,258
Depreciation, depletion and amortization				41,212		41,547		94,293		86,849				51,384		41,212		89,393		94,293
Freight expenses				55,906		40,504		108,047		82,886				67,026		55,906		126,290		108,047
Stanwell rebate				15,076		24,787		30,895		57,415				40,532		15,076		69,585		30,895
Other royalties				23,173		19,157		44,120		43,455				79,348		23,173		162,380		44,120
Selling, general, and administrative expenses				7,431		7,158		13,206		13,353				10,376		7,431		18,252		13,206
Restructuring costs				2,300		0		2,300		0				0		2,300		0		2,300
Total costs and expenses				451,253		357,612		873,119		765,303				646,129		451,253		1,220,863		873,119
Operating loss				(26,997)		(53,264)		(72,752)		(51,637)
Other income (expense):
Other (expense) income:
Interest expense, net				(16,596)		(12,064)		(31,731)		(24,318)				(17,482)		(16,596)		(34,814)		(31,731)
Loss on debt extinguishment				(5,744)		0		(5,744)		0				0		(5,744)		0		(5,744)
Impairment of assets				0		(63,111)		0		(63,111)
Unwind of discounting and credit losses				1,866		0		5,644		0
(Increase) decrease in provision for discounting and credit losses														(156)		1,866		(584)		5,644
Other, net		4		570		(8,537)		(2,358)		(4,485)				25,083		570		22,293		(2,358)
Total other expense, net				(19,904)		(83,712)		(34,189)		(91,914)
Loss before tax				(46,901)		(136,976)		(106,941)		(143,551)
Total other income (expense), net														7,445		(19,904)		(13,105)		(34,189)
Income (loss) before tax														394,020		(46,901)		745,861		(106,941)
Income tax (expense) benefit		13		(8,184)		22,646		10,884		20,355		9		(102,025)		(8,184)		(183,968)		10,884
Net loss				(55,085)		(114,330)		(96,057)		(123,196)
Net income (loss)														291,995		(55,085)		561,893		(96,057)
Less: Net loss attributable to noncontrolling interest				0		(2)		(2)		(4)				0		0		0		(2)
Net loss attributable to Coronado Global Resources Inc.			$	(55,085)	$	(114,328)	$	(96,055)	$	(123,192)
Net income (loss) attributable to Coronado Global Resources Inc.													$	291,995	$	(55,085)	$	561,893	$	(96,055)
Other comprehensive income, net of income taxes:
Foreign currency translation adjustment		16		(4,221)		39,161		(8,830)		(14,406)		12		(50,168)		(4,221)		(33,910)		(8,830)
Net gain (loss) on cash flow hedges, net of tax		16		1,323		19,546		6,249		(14,646)
Total other comprehensive income (loss)				(2,898)		58,707		(2,581)		(29,052)
Total comprehensive loss				(57,983)		(55,623)		(98,638)		(152,248)
Net gain on cash flow hedges, net of tax														0		1,323		0		6,249
Total other comprehensive loss														(50,168)		(2,898)		(33,910)		(2,581)
Total comprehensive income (loss)														241,827		(57,983)		527,983		(98,638)
Less: Net loss attributable to noncontrolling interest				0		(2)		(2)		(4)				0		0		0		(2)
Total comprehensive loss attributable to Coronado Global Resources Inc.			$	(57,983)	$	(55,621)	$	(98,636)	$	(152,244)
Total comprehensive income (loss) attributable to Coronado Global Resources Inc.													$	241,827	$	(57,983)	$	527,983	$	(98,636)

Loss per share of common stock
Earnings (loss) per share of common stock
Basic		14		(0.36)		(1.18)		(0.66)		(1.27)		10		1.74		(0.36)		3.35		(0.66)
Diluted		14		(0.36)		(1.18)		(0.66)		(1.27)		10		1.74		(0.36)		3.35		(0.66)

See accompanying notes to unaudited condensed consolidated financial statements.	See accompanying notes to unaudited condensed consolidated financial statements.										See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~20223

Table of Contents

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(In US$ thousands, except share data)

Common stock

Preferred stock

Additional

Accumulated other

Total

paid in

comprehensive

(Accumulated

Noncontrolling

stockholders

Shares

Amount

Series A

Amount

capital

losses

losses)

interest

equity
Balance December 31, 2020

138,387,890
$
1,384

1
$
—
$
993,052
$
(28,806)
$
(158,919)
$
152
$
806,863
Net loss

—

—

—

—

—

—

(40,970)

(2)

(40,972)
Other comprehensive income (net of $2,111 tax)

—

—

—

—

—

317

—

—

317
Total comprehensive income (loss)

—

—

—

—

—

317

(40,970)

(2)

(40,655)
Share-based compensation for equity classified awards

—

—

—

—

(538)

—

—

—

(538)
Acquisition of noncontrolling interest

—

—

—

—

(703)

—

—

(150)

(853)
Balance March 31, 2021

138,387,890
$
1,384

1
$
—
$
991,811
$
(28,489)
$
(199,889)
$
0
$
764,817
Net loss

—

—

—

—

—

—

(55,085)

—

(55,085)
Other comprehensive loss (net of $24 tax)

—

—

—

—

—

(2,898)

—

—

(2,898)
Total comprehensive loss

—

—

—

—

—

(2,898)

(55,085)

—

(57,983)
Issuance of common stock, net

29,257,483

293

—

—

97,448

—

—

—

97,741
Share-based compensation for equity classified awards

—

—

—

—

737

—

—

—

737
Balance June 30, 2021

167,645,373
$
1,677

1
$
—
$
1,089,996
$
(31,387)
$
(254,974)
$
0
$
805,312

Common stock

Preferred stock

Additional

Accumulated other

(Accumulated losses)

Total

paid in

comprehensive

Retained

Noncontrolling

stockholders

Shares

Amount

Series A

Amount

capital

losses

earnings

interest

equity
Balance December 31, 2019

96,651,692
$
967

1
$
—
$
820,247
$
(45,206)
$
91,712
$
221
$
867,941
Net loss

—

—

—

—

—

—

(8,863)

(2)

(8,865)
Other comprehensive loss (net of $13,781 tax)

—

—

—

—

—

(87,759)

—

—

(87,759)
Total comprehensive loss

—

—

—

—

—

(87,759)

(8,863)

(2)

(96,624)
Share-based compensation for equity classified awards

—

—

—

—

148

—

—

—

148
Dividends paid

—

—

—

—

—

—

(24,163)

—

(24,163)
Balance March 31, 2020

96,651,692
$
967

1
$
—
$
820,395
$
(132,965)
$
58,686
$
219
$
747,302
Net loss

—

—

—

—

—

—

(114,328)

(2)

(114,330)
Other comprehensive income (net of $6,534 tax)

—

—

—

—

—

58,707

—

—

58,707
Total comprehensive income (loss)

—

—

—

—

—

58,707

(114,328)

(2)

(55,623)
Share-based compensation for equity classified awards

—

—

—

—

248

—

—

—

248
Balance June 30, 2020

96,651,692
$
967

1
$
—
$
820,643
$
(74,258)
$
(55,642)
$
217
$
691,927

See accompanying notes to unaudited condensed consolidated financial statements.

		Common stock			Preferred stock				Additional		Accumulated other						Total
									paid in		comprehensive		Retained		Noncontrolling		stockholders
		Shares		Amount	Series A		Amount		capital		losses		earnings		interest		equity
Balance December 31, 2021		167,645,373	$	1,677	1	$	0	$	1,089,547	$	(44,228)	$	30,506	$	0	$	1,077,502
Net income		—		0	—		0		0		0		269,898		0		269,898
Other comprehensive income		—		0	—		0		0		16,258		0		0		16,258
Total comprehensive income		—		0	—		0		0		16,258		269,898		0		286,156
Share-based compensation for equity classified awards		—		0	—		0		84		0		0		0		84
Dividends	4	—		0	—		0		0		0		(150,881)		0		(150,881)
Balance March 31, 2022		167,645,373	$	1,677	1	$	0	$	1,089,631	$	(27,970)	$	149,523	$	0	$	1,212,861
Net income		—		0	—		0		0		0		291,995		0		291,995
Other comprehensive loss		—		0	—		0		0		(50,168)		0		0		(50,168)
Total comprehensive (loss) income		—		0	—		0		0		(50,168)		291,995		0		241,827
Issuance of common stock, net		—		0	—		0		0		0		0		0		0
Share-based compensation for equity classified awards		—		0	—		0		1,731		0		0		0		1,731
Dividends	4	—		0	—		0		0		0		(200,040)		0		(200,040)
Balance June 30, 2022		167,645,373	$	1,677	1	$	0	$	1,091,362	$	(78,138)	$	241,478	$	0	$	1,256,379

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~20224

Table of Contents

	Common stock			Preferred stock				Additional		Accumulated other						Total
								paid in		comprehensive		(Accumulated		Noncontrolling		stockholders
	Shares		Amount	Series A		Amount		capital		losses		losses)		interest		equity
Balance December 31, 2020	138,387,890	$	1,384	1	$	0	$	993,052	$	(28,806)	$	(158,919)	$	152	$	806,863
Net loss	—		0	—		0		0		0		(40,970)		(2)		(40,972)
Other comprehensive income (net of $2,111 tax)	—		0	—		0		0		317		0		0		317
Total comprehensive income (loss)	—		0	—		0		0		317		(40,970)		(2)		(40,655)
Share-based compensation for equity classified awards	—		0	—		0		(538)		0		0		0		(538)
Acquisition of non-controlling interest	—		0	—		0		(703)		0		0		(150)		(853)
Balance March 31, 2021	138,387,890	$	1,384	1	$	0	$	991,811	$	(28,489)	$	(199,889)	$	0	$	764,817
Net loss	—		0	—		0		0		0		(55,085)		0		(55,085)
Other comprehensive loss (net of $24 tax)	—		0	—		0		0		(2,898)		0		0		(2,898)
Total comprehensive loss	—		0	—		0		0		(2,898)		(55,085)		0		(57,983)
Issuance of common stock, net	29,257,483		293	—		0		97,448		0		0		0		97,741
Share-based compensation for equity classified awards	—		0	—		0		737		0		0		0		737
Balance June 30, 2021	167,645,373	$	1,677	1	$	0	$	1,089,996	$	(31,387)	$	(254,974)	$	0	$	805,312

See accompanying notes to unaudited condensed consolidated financial statements.

~~Unaudited Condensed Consolidated Statements of Cash Flows~~
~~(In US$ thousands)~~

Six months ended

June 30,

2021

2020
Cash flows from operating activities:

Net loss

$
(96,057)

$
(123,196)
Adjustments to reconcile net income to cash and restricted cash provided by operating activities:

Depreciation, depletion and amortization

94,293

86,849
Impairment of assets

0

63,111
Amortization of right of use asset - operating leases

4,478

9,387
Amortization of deferred financing costs

2,491

2,751
Loss on debt extinguishment

5,744

—
Non-cash interest expense

13,544

10,266
Amortization of contract obligations

(16,747)

(14,794)
Loss on disposal of property, plant and equipment

529

208
Decrease in contingent royalty consideration

0

(1,543)
Gain on operating lease derecognition

0

(1,180)
Equity-based compensation expense

199

396
Deferred income taxes

(7,031)

(6,302)
Reclamation of asset retirement obligations

(1,562)

(1,574)
Unwind of discounting and credit losses

(5,644)

0
Changes in operating assets and liabilities:

Accounts receivable - including related party receivables

45,205

(6,223)
Inventories

(10,630)

21,133
Other current assets

(3,601)

5,425
Accounts payable

32,979

(27,984)
Accrued expenses and other current liabilities

611

3,938
Operating lease liabilities

(5,509)

(10,374)
Change in other liabilities

3,632

(17,930)
Net cash provided by (used in) operating activities

56,924

(7,636)
Cash flows from investing activities:

Capital expenditures

(58,307)

(61,927)
Purchase of restricted deposits and reclamation bonds

(84,342)

(51)
Redemption of restricted deposits and reclamation bonds

19,726

125
Net cash used in investing activities

(122,923)

(61,853)
Cash flows from financing activities:

Proceeds from interest bearing liabilities and other financial liabilities

411,524

145,000
Debt issuance costs and other financing costs

(15,143)

(2,423)
Principal payments on interest bearing liabilities and other financial liabilities

(365,413)

(39,515)
Principal payments on finance lease obligations

0

(642)
Dividends paid

0

(24,162)
Proceeds from stock issuance, net

97,741

—
Net cash provided by financing activities

128,709

78,258
Net increase in cash and restricted cash

62,710

8,769
Effect of exchange rate changes on cash and restricted cash

5,215

1,002
Cash and restricted cash at beginning of period

45,736

26,553
Cash and restricted cash at end of period

$
113,661

$
36,324
Supplemental disclosure of cash flow information:

Cash payments for interest

$
13,006

$
10,981
Cash (refund) paid for taxes

$
(4,433)

$
2,029
See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~20225

Table of Contents

Unaudited Condensed Consolidated Statements of Cash Flows
(In US$ thousands)

	Six months ended
	June 30,
	2022		2021
Cash flows from operating activities:
Net income (loss)	$	561,893	$	(96,057)
Adjustments to reconcile net income to cash and restricted cash provided by operating activities:
Depreciation, depletion and amortization		89,393		94,293
Amortization of right of use asset - operating leases		4,501		4,478
Amortization of deferred financing costs		968		2,491
Loss on debt extinguishment		0		5,744
Non-cash interest expense		15,622		13,544
Amortization of contract obligations		(21,947)		(16,747)
Loss on disposal of property, plant and equipment		257		529
Equity-based compensation expense		1,815		199
Deferred income taxes		42,061		(7,031)
Reclamation of asset retirement obligations		(3,601)		(1,562)
Increase (decrease) in provision for discounting and credit losses		584		(5,644)
Changes in operating assets and liabilities:
Accounts receivable - including related party receivables		(304,707)		45,205
Inventories		9,700		(10,630)
Other current assets		(18,460)		(3,601)
Accounts payable		(5,160)		32,979
Accrued expenses and other current liabilities		71,595		611
Operating lease liabilities		(4,163)		(5,509)
Income tax payable		73,114		0
Change in other liabilities		4,827		3,632
Net cash provided by operating activities		518,292		56,924
Cash flows from investing activities:
Capital expenditures		(87,875)		(58,307)
Purchase of restricted deposits		(6,251)		(84,342)
Redemption of restricted deposits		606		19,726
Net cash used in investing activities		(93,520)		(122,923)
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financial liabilities		0		411,524
Debt issuance costs and other financing costs		0		(15,143)
Principal payments on interest bearing liabilities and other financial liabilities		(7,085)		(365,413)
Principal payments on finance lease obligations		(61)		0
Premiums paid on early redemption of debt		(22)		0
Dividends paid		(348,423)		0
Proceeds from stock issuance, net		0		97,741
Net cash (used in) provided by financing activities		(355,591)		128,709
Net increase in cash and restricted cash		69,181		62,710
Effect of exchange rate changes on cash and restricted cash		(21,228)		5,215
Cash and restricted cash at beginning of period		437,931		45,736
Cash and restricted cash at end of period	$	485,884	$	113,661
Supplemental disclosure of cash flow information:
Cash payments for interest	$	18,338	$	13,006
Cash paid (refund) for taxes	$	69,388	$	(4,433)
Restricted cash	$	251	$	251
See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, 20226

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Description of Business, Basis of Presentation

(a) Description of the Business

Coronado Global Resources Inc. is a global producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the United States, or U.S.

(b) Basis of Presentation

The interim unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of U.S. generally accepted accounting principles, or U.S. GAAP, and with the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC and the Australian Securities Exchange, or the ASX, on February ~~25, 2021.~~22, 2022.

The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless otherwise stated. They include the accounts of Coronado Global Resources Inc., its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. The “Company” and “Coronado” are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries, collectively, or to Coronado Global Resources Inc., as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests. All intercompany balances and transactions have been eliminated upon consolidation.

In the opinion of management, these interim financial statements reflect all normal, recurring adjustments necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein as of December 31, ~~2020~~2021 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and six months ended June 30, ~~2021~~2022 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, ~~2021.~~2022.

2. Summary of Significant Accounting Policies

Please see Note 2 “Summary of Significant Accounting Policies” contained in the audited consolidated financial statements for the year ended December 31, ~~2020~~2021 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K filed with the SEC and ASX on February ~~25, 2021.~~22, 2022.

(a) Newly Adopted Accounting Standards

~~“Income Taxes - Simplifying~~During the period there has been no new Accounting ~~for Income Taxes”~~ ~~- In December 2019,~~Standards Update issued by the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2019-12, which simplified various aspects related to accounting for income taxes. ASU 2019-12 removed certain exceptions to the general principles in Accounting Standards Codification, or ASC, Topic 740 – Income Taxes, and clarified and amended existing guidance to improve consistent application.

~~The adoption of ASU 2019-12 on January 1, 2021 did not have~~that had a material impact on the Company’s consolidated financial statements.

3.Segment Information

The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the U.S. The operations in Australia, or Australian Operations, comprise the 100%-owned Curragh producing mine complex. The operations in the United States, or U.S. Operations, comprise 2 100%-owned producing mine complexes (Buchanan and Logan), 1 100%-owned idled mine complex (Greenbrier), and 2 development properties ~~(Pangburn-Shaner-Fallowfield~~(Mon Valley and Russell County) ~~and 1 idle property (Amonate)~~.

The Company operates its business along ~~two~~2 reportable segments: Australia and the United States. The organization of the two reportable segments reflects how the Company’s chief operating decision maker, or CODM, manages and allocates resources to the various components of the Company’s business.

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~6

~~Table of Contents~~

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance. Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP. Investors should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled financial measures used by other companies.

Coronado Global Resources Inc. Form 10-Q June 30, 20227

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion and amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete items that management exclude in analyzing each of the Company’s segments’ operating performance. “Other and corporate” relates to additional financial information for the corporate function such as accounting, treasury, legal, human resources, compliance, and tax. As such, the corporate function is not determined to be a reportable segment but is discretely disclosed for purposes of reconciliation to the Company’s condensed consolidated financial statements.

Reportable segment results as of and for the three and six months ended June 30, ~~2021~~2022 and ~~2020~~2021 are presented below:

		Australia		United States		Other and Corporate		Total		Australia		United States		Other and Corporate		Total
										(in US$ thousands)
Three months ended June 30, 2022
Total revenues									$	578,388	$	454,316	$	—	$	1,032,704
Adjusted EBITDA										196,315		252,394		(10,349)		438,360
Net income (loss)										127,905		181,146		(17,056)		291,995
Total assets										1,473,795		1,044,753		240,943		2,759,491
Capital expenditures										30,755		20,673		236		51,664
		(in US$ thousands)
Three months ended June 30, 2021
Total revenues	$	251,432	$	172,824	$	—	$	424,256	$	251,432	$	172,824	$	—	$	424,256
Adjusted EBITDA		(13,880)		39,434		(7,493)		18,061		(13,880)		39,434		(7,493)		18,061
Net (loss) income		(63,507)		18,323		(9,901)		(55,085)		(63,507)		18,323		(9,901)		(55,085)
Total assets		1,115,815		872,345		168,427		2,156,587		1,115,815		872,345		168,427		2,156,587
Capital expenditures		13,180		16,087		435		29,702		13,180		16,087		435		29,702

Three months ended June 30, 2020
Six months ended June 30, 2022
Total revenues	$	228,410	$	75,938	$	—	$	304,348	$	1,183,686	$	796,143	$	0	$	1,979,829
Adjusted EBITDA		(6,804)		3,490		(7,163)		(10,477)		435,284		432,294		(18,231)		849,347
Net loss		(16,933)		(74,006)		(23,391)		(114,330)
Net income (loss)										278,052		304,113		(20,272)		561,893
Total assets		1,043,222		975,045		83,042		2,101,309		1,473,795		1,044,753		240,943		2,759,491
Capital expenditures		13,535		6,396		578		20,509		46,716		44,422		329		91,467

Six months ended June 30, 2021
Total revenues	$	489,726	$	310,641	$	—	$	800,367	$	489,726	$	310,641	$	0	$	800,367
Adjusted EBITDA		(36,937)		75,963		(13,324)		25,702		(36,937)		75,963		(13,324)		25,702
Net (loss) income		(105,838)		28,713		(18,932)		(96,057)		(105,838)		28,713		(18,932)		(96,057)
Total assets		1,115,815		872,345		168,427		2,156,587		1,115,815		872,345		168,427		2,156,587
Capital expenditures		20,214		30,625		1,468		52,307		20,214		30,625		1,468		52,307

Six months ended June 30, 2020
Total revenues	$	473,555	$	240,111	$	—	$	713,666
Adjusted EBITDA		6,260		41,740		(13,056)		34,944
Net loss		(22,900)		(64,877)		(35,419)		(123,196)
Total assets		1,043,222		975,045		83,042		2,101,309
Capital expenditures		18,804		41,917		1,206		61,927

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~202278

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The reconciliations of Adjusted EBITDA to net income attributable to the Company for the three and six months ended June 30, ~~2021~~2022 and ~~2020~~2021 are as follows:

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

(in US$ thousands)

(in US$ thousands)
Net loss

$
(55,085)

$
(114,330)

$
(96,057)

$
(123,196)
Depreciation, depletion and amortization

41,212

41,547

94,293

86,849
Interest expense (net of income)

16,596

12,064

31,731

24,318
Other foreign exchange losses (gains)

140

9,777

1,889

4,217
Loss on extinguishment of debt

5,744

—

5,744

—
Income tax expense (benefit)

8,184

(22,646)

(10,884)

(20,355)
Impairment of assets

—

63,111

—

63,111
Restructuring costs⁽¹⁾

2,300

—

2,300

—
Losses on idled assets held for sale⁽²⁾

836

0

2,330

—
Unwind of discounting and credit losses

(1,866)

0

(5,644)

0
Consolidated Adjusted EBITDA

$
18,061

$
(10,477)

$
25,702

$
34,944

	Three months ended				Six months ended
	June 30,				June 30,
	2022		2021		2022		2021
	(in US$ thousands)				(in US$ thousands)
Net income (loss)	$	291,995	$	(55,085)	$	561,893	$	(96,057)
Depreciation, depletion and amortization		51,384		41,212		89,393		94,293
Interest expense (net of income)		17,482		16,596		34,814		31,731
Other foreign exchange (gains) losses		(25,138)		140		(23,147)		1,889
Loss on extinguishment of debt		0		5,744		0		5,744
Income tax expense (benefit)		102,025		8,184		183,968		(10,884)
Restructuring costs		0		2,300		0		2,300
Losses on idled assets held for sale⁽¹⁾		456		836		1,842		2,330
Increase (decrease) in provision for discounting and credit losses		156		(1,866)		584		(5,644)
Consolidated Adjusted EBITDA	$	438,360	$	18,061	$	849,347	$	25,702

⁽¹⁾ During the three months ended June 30, 2021, a restructuring and cost transformation initiative commenced at the Australian Operations to focus on repositioning the Company’s efforts to align its cost structures and optimize its coal production relative to the prevailing global coal market conditions. Costs associated with this initiative include non-recurring voluntary and involuntary workforce reduction, external consulting services and other related activities.

⁽²⁾ These losses relate to idled non-core assets that the Company has classified as held for sale with the view that these will be sold within the next twelve months.

The reconciliations of capital expenditures per the Company’s segment information to capital expenditures disclosed on the unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, ~~2021~~2022 and ~~2020~~2021 are as follows:

		Six months ended June 30,				Six months ended June 30,
		2021		2020		2022		2021
		(in US$ thousands)				(in US$ thousands)
Capital expenditures per Condensed Consolidated Statements of Cash Flows	$	58,307	$	61,927	$	87,875	$	58,307
Accruals for capital expenditures						11,067		0
Payment for capital acquired in prior periods		(6,000)		0		(7,475)		(6,000)
Capital expenditures per segment detail	$	52,307	$	61,927	$	91,467	$	52,307

Disaggregation of Revenue

The Company disaggregates the revenue from contracts with customers by major product group for each of the Company’s reportable segments, as the Company believes it best depicts the nature, amount, timing and uncertainty of revenues and cash flows. All revenue is recognized at a point in time.

		Three months ended June 30, 2021						Three months ended June 30, 2022
		Australia		United States		Total		Australia		United States		Total
		(in US$ thousands)						(in US$ thousands)
Product Groups:
Metallurgical coal	$	221,659	$	168,472	$	390,131	$	543,345	$	450,858	$	994,203
Thermal coal		21,090		2,543		23,633		25,001		1,793		26,794
Total coal revenue		242,749		171,015		413,764		568,346		452,651		1,020,997
Other⁽¹⁾		8,683		1,809		10,492		10,042		1,665		11,707
Total	$	251,432	$	172,824	$	424,256	$	578,388	$	454,316	$	1,032,704

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~8

~~Table of Contents~~

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

Three months ended June 30, 2020

Australia

United States

Total

(in US$ thousands)
Product Groups:

Metallurgical coal

$
194,909

$
74,839

$
269,748
Thermal coal

25,041

417

25,458
Total coal revenue

219,950

75,256

295,206
Other⁽¹⁾

8,460

682

9,142
Total

$
228,410

$
75,938

$
304,348

Six months ended June 30, 2021

Australia

United States

Total

(in US$ thousands)
Product Groups

Metallurgical coal

$
428,110

$
305,456

$
733,566
Thermal coal

44,089

3,311

47,400
Total coal revenue

472,199

308,767

780,966
Other⁽¹⁾

17,527

1,874

19,401
Total

$
489,726

$
310,641

$
800,367

Six months ended June 30, 2020

Australia

United States

Total

(in US$ thousands)
Product Groups

Metallurgical coal

$
407,831

$
234,198

$
642,029
Thermal coal

50,650

2,138

52,788
Total coal revenue

458,481

236,336

694,817
Other⁽¹⁾

15,074

3,775

18,849
Total

$
473,555

$
240,111

$
713,666

~~(1) Other revenue for the Australian segment includes the amortization of the Stanwell non-market coal supply contract obligation liability.~~

4.~~Expenses~~

~~Other, Net~~

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

(in US$ thousands)

(in US$ thousands)
Other foreign exchange losses

$
(140)

$
(9,777)

$
(1,889)

$
(4,217)
Other income (expense)

710

1,240

(469)

(268)
Total Other, net

$
570

$
(8,537)

$
(2,358)

$
(4,485)

~~5. Capital Structure~~

On May 14, 2021, the Company successfully completed the institutional component of a fully underwritten 1-for-4.73 pro-rata accelerated non-renounceable entitlement offer, or the Entitlement Offer. On completion, a total of 253,108,820 fully paid new CDIs (representing a beneficial interest in 25,310,882 shares of common stock) were issued at a price of A$0.45 per CDI, resulting in gross proceeds of $87.7 million (A$113.9 million).

On June 1, 2021, the Company successfully completed the retail component of the Entitlement Offer. On completion, a total of 39,466,010 fully paid new CDIs (representing a beneficial interest in 3,946,601 shares of common stock) were issued on the ASX at a price of A$0.45 per CDI, resulting in gross proceeds of $13.7 million (A$17.8 million).

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~20229

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

		Three months ended June 30, 2021
		Australia		United States		Total
		(in US$ thousands)
Product Groups:
Metallurgical coal	$	221,659	$	168,472	$	390,131
Thermal coal		21,090		2,543		23,633
Total coal revenue		242,749		171,015		413,764
Other⁽¹⁾		8,683		1,809		10,492
Total	$	251,432	$	172,824	$	424,256

~~Pursuant to~~

		Six months ended June 30, 2022
		Australia		United States		Total
		(in US$ thousands)
Product Groups
Metallurgical coal	$	1,097,353	$	788,579	$	1,885,932
Thermal coal		67,291		4,402		71,693
Total coal revenue		1,164,644		792,981		1,957,625
Other⁽¹⁾		19,042		3,162		22,204
Total	$	1,183,686	$	796,143	$	1,979,829

		Six months ended June 30, 2021
		Australia		United States		Total
		(in US$ thousands)
Product Groups
Metallurgical coal	$	428,110	$	305,456	$	733,566
Thermal coal		44,089		3,311		47,400
Total coal revenue		472,199		308,767		780,966
Other⁽¹⁾		17,527		1,874		19,401
Total	$	489,726	$	310,641	$	800,367

(1) Other revenue for the ~~Entitlement Offer, a total~~Australian segment includes the amortization of ~~29,257,483 shares of common stock, with a par value of $0.01, were issued by~~ the ~~Company.~~

~~Proceeds from the Entitlement Offer, net of share issuance costs, of $97.7 million were included a~~s part of a refinancing transaction, which involved the (i) repayment of all outstanding obligations under the Company’s Multicurrency Revolving Syndicated Facility Agreement, or SFA, and termination of such agreement; (ii) cash collateralization of credit support facilities, which were used to provide back-to-back support for bank guarantees that had been previously issued under the SFA; and (iii) payment of discounts, fees and expenses related to the refinancing transaction. See Note 11 “Interest Bearing Liabilities”.Stanwell non-market coal supply contract obligation liability.

~~Coronado Group LLC~~4. Dividends

~~Coronado Group LLC,~~On February 24, 2022, the Company’s ~~controlling stockholder, exercised its right to participate in the institutional component~~Board of ~~the Entitlement Offer and purchased 71,980,363 CDIs (representing a beneficial interest in 7,198,036 shares~~Directors declared an unfranked ordinary dividend of $150.9 million, or 9.0 cents per CDI ($0.90 per share of common stock) at. The dividend had a ~~price~~record date of ~~A$0.45 per CDI, resulting in gross proceeds of $24.9 million (A$32.4 million).~~March 18, 2022 and was paid on April 8, 2022.

On May 9, 2022, the Company’s Board of Directors declared a special unfranked dividend of $99.5 million, or

~~As of June 30, 2021, Coronado Group LLC beneficially owns 845,061,399 CDIs (representing a beneficial interest in 84,506,140 shares~~5.9 cents per CDI ($0.59 per share of common stock) ~~representing 50.4%~~, reflecting the unaccepted portion of the ~~total 1,676,453,730 CDIs (representing~~offer to purchase the Notes made in connection with the dividend declared on February 24, 2022, and a ~~beneficial interest in 167,645,373 shares~~special unfranked dividend of $100.6 million, or 6.0 cents per CDI ($0.6 per share of common stock) ~~outstanding.~~. The ~~remaining 831,392,331 CDIs (representing~~dividend had a ~~beneficial interest in 83,139,233 shares~~record date of ~~common stock) are owned by investors in the form of CDIs publicly traded~~May 31, 2022 and was paid on ~~the ASX.~~

~~As of December 31, 2020, 1,383,878,900 CDIs (representing a beneficial interest in 138,387,890 shares of common stock) were outstanding.~~

~~6. Trade and related party receivables~~June 21, 2022.

The Company ~~extends trade credit~~paid a total of $348.4 million in relation to ~~its customers~~the above dividends to stockholders and CDI holders on the ASX, net of $2.6 million foreign exchange gain on settlement of dividends that were elected by certain CDI holders to be paid in ~~the ordinary course of business. Trade receivables and related party receivables are recorded initially at fair value and subsequently at amortized cost, less any Expected Credit Losses, or ECL.~~Australian dollars.

~~Xcoal~~

On May 27, 2021, Xcoal Energy and Resources, or Xcoal, ceased to be a related party after Xcoal’s founder, chief executive officer and chief marketing officer, Mr. Ernie Thrasher, retired as a non-executive director of the Company.

During the six months ended June 30, 2021, Xcoal reduced its past due balance by $48.3 million. At June 30, 2021, amounts due from Xcoal in respect of coal sales were $36.9 million, all of which were past due and included within “Trade receivables” on the unaudited Condensed Consolidated Balance Sheet. Subsequent to June 30, 2021, Xcoal has further reduced its past due account receivable by $3.4 million to $33.5 million at July 31, 2021. The Company expects to receive all outstanding trade receivables amounts from Xcoal by September 30, 2021.

“Coal revenues from related parties” of $29.3 million and $97.3 million in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the periods up to May 27, 2021, represent revenues from Xcoal while it was a related party. Revenues from coal sales to Xcoal after May 27, 2021 to June 30, 2021, of $14.4 million are included within “Coal revenues” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

Revenues from Xcoal of $9.0 million and $89.1 million, respectively, are recorded as “Coal revenues from related parties” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2020.

For the three and six month periods ended June 30, 2021, sales to Xcoal were made on prepayment, letter of credit and cash on delivery basis. Subsequent to June 30, 2021, the Company has agreed credit terms with Xcoal. Any sales in excess of the credit amount will be made on prepayment, letter of credit and cash on delivery basis. At December 31, 2020, amounts due from Xcoal in respect of coal sales were $91.0 million, of which $85.2 million was past due and was included in “Related party trade receivables” on the audited Condensed Consolidated Balance Sheet, and $5.8 million was secured by a letter of credit.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~202210

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~To account for the expected timing of collection, a provision for discounting~~5.Inventories

(in US$ thousands)	June 30, 2022		December 31, 2021
Raw coal	$	10,234	$	17,334
Saleable coal		37,971		42,006
Total coal inventories		48,205		59,340
Supplies inventory		59,234		59,582
Total inventories	$	107,439	$	118,922

Coal inventories measured at its net realizable value were $1.9million and ~~credit losses of $9.0~~$2.2 million ~~was recognized~~ at June 30, 2022 and December 31, ~~2020. During~~2021, respectively, and relates to coal designated for deliveries under the three and six months ended June 30, 2021, the provision for discounting and credit losses was unwound to account for passage of time and payments made by Xcoal during the periods, resulting in a benefit of $2.1 million and $5.9 million, respectively, recorded in the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2021. As of June 30, 2021, the carrying value of trade receivables from Xcoal, net of a $3.1 million provision for discounting and credit losses, was $33.8 million. As of December 31, 2020, the carrying value of related party trade receivables from Xcoal, net of a $9.0 million provision for discounting and credit losses, was $82.0 million.Stanwell non-market coal supply agreement.

~~7. Provision for Credit Losses~~

~~The following table provides the reconciliation of the allowance for credit losses that is deducted from financial assets to present the net amount expected to be collected:~~

(in US$ thousands)

Trade and related party trade receivables

Other Assets

Total
As at January 1, 2021

$
9,298

$
0

$
9,298
Change in estimates during the current period

(120)

407

287
Unwind of provision for expected credit losses

(5,931)

0

(5,931)
As of June 30, 2021

$
3,247

$
407

$
3,654

8.~~Inventories~~

(in US$ thousands)

June 30,
2021

December 31,2020
Raw coal

$
16,587

$
19,557
Saleable coal

43,646

26,581
Total coal inventories

60,233

46,138
Supplies inventory

59,720

63,997
Total inventories

$
119,953

$
110,135

9.6.Property, Plant and Equipment

(in US$ thousands)	June 30, 2021		December 31,2020		June 30, 2022		December 31, 2021
Land	$	27,647	$	27,985	$	27,197	$	27,853
Buildings and improvements		89,311		89,726		92,604		88,079
Plant, machinery, mining equipment and transportation vehicles		964,852		939,521		992,728		963,272
Mineral rights and reserves		374,310		374,340		374,326		374,326
Office and computer equipment		8,756		4,316		9,274		8,718
Mine development		574,971		577,631		557,596		566,201
Asset retirement obligation asset		80,079		81,603		70,584		75,215
Construction in process		32,320		38,321		49,257		42,055
		2,152,246		2,133,443		2,173,566		2,145,719
Less accumulated depreciation, depletion and amortization		688,741		611,935		810,194		748,356
Net property, plant and equipment	$	1,463,505	$	1,521,508	$	1,363,372	$	1,397,363

7.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

(in US$ thousands)	June 30, 2022		December 31, 2021
Wages and employee benefits	$	37,392	$	41,187
Taxes other than income taxes		8,384		6,246
Accrued royalties		104,952		70,237
Accrued freight costs		42,104		27,754
Accrued mining fees		104,694		65,835
Acquisition related accruals		29,623		31,201
Other liabilities		14,652		28,482
Total accrued expenses and other current liabilities	$	341,801	$	270,942

Acquisition related accruals is an amount outstanding for stamp duty payable on the Curragh acquisition of $29.6 million (A$43.0 million). This amount was outstanding as at June 30, 2022 and December 31, 2021 pending assessment by the Queensland Revenue Office in Queensland, Australia.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~202211

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~10.Accrued Expenses and Other Current Liabilities~~

~~Accrued expenses and other current liabilities consist of the following:~~

(in US$ thousands)

June 30,
2021

December 31,2020
Wages and employee benefits

$
42,262

$
32,386
Taxes other than income taxes

9,252

7,024
Accrued royalties

30,754

36,149
Accrued freight costs

25,304

29,199
Accrued mining fees

62,828

76,044
Acquisition related accruals

32,327

33,119
Other liabilities

26,537

20,605
Total accrued expenses and other current liabilities

$
229,264

$
234,526

~~Included within acquisition related accruals is an amount outstanding for stamp duty payable on the Curragh acquisition of $32.3~~ ~~million (A$43.0~~ ~~million). This amount was outstanding as at June 30, 2021 and December 31, 2020 pending assessment by the Office of State Revenue in Queensland, Australia.~~

~~11.~~8.Interest Bearing Liabilities

The following is a summary of interest-bearing liabilities at June 30, 2021:
The following is a summary of interest-bearing liabilities at June 30, 2022:								The following is a summary of interest-bearing liabilities at June 30, 2022:

(in US$ thousands)			June 30, 2021		December 31, 2020	Weighted Average Interest Rate at June 30, 2021	Final Maturity			June 30, 2022		December 31, 2021	Weighted Average Interest Rate at June 30, 2022		Final Maturity
10.75% Senior Secured Notes		$	350,000	$	0	12.14% (2)	2026		$	314,453	$	315,000	12.14%	⁽²⁾	2026
ABL Facility			0		0		2024			0		0			2024
Multicurrency Revolving Syndicated Facility			0		327,625		2023
Discount and debt issuance costs⁽¹⁾			(17,866)		0					(13,505)		(14,831)
Total interest bearing liabilities		$	332,134	$	327,625				$	300,948	$	300,169

⁽¹⁾Debt issuance costs incurred on the establishment of the ABL Facility has been included within "Other non-current assets" on the unaudited Condensed Consolidated Balance Sheet.	⁽¹⁾Debt issuance costs incurred on the establishment of the ABL Facility has been included within "Other non-current assets" on the unaudited Condensed Consolidated Balance Sheet.							⁽¹⁾Debt issuance costs incurred on the establishment of the ABL Facility has been included within "Other non-current assets" on the unaudited Condensed Consolidated Balance Sheet.

⁽²⁾ Represents the effective interest rate.

~~Syndicated Facility Agreement~~

On May 14, 2021, the Company repaid all obligations under the SFA, including the outstanding balance of $324.1 million, and terminated such agreement using a portion of the net proceeds from the Entitlement Offer along with a portion of proceeds from the offering of the Notes (as defined below). As a result of the early termination of the SFA, the Company recorded a loss on debt extinguishment of $5.7 million in its unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2021.

Senior Secured Notes

~~On May 12, 2021,~~As of June 30, 2022, the Company, entered into an indenture, or the Indenture among Coronado Finance Pty Ltd, an Australian proprietary company and a wholly-owned subsidiary of the Company, which is referred to as the Issuer or the Australian Borrower, the Company, the other guarantors party thereto, which are referred to, collectively with the Company, as the Guarantors, and Wilmington Trust, National Association, as trustee, or the Trustee, and as priority lien collateral trustee, relating to the issuance by the Issuer of $350.0 millionCompany’s aggregate principal amount of the 10.750% Senior Secured Notes due 2026, or the ~~Notes.~~

~~The~~ Notes, were issued at a price of 98.112% of their principal amount and bear interest at a rate of 10.75% per annum. Interest on the Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2021, to record holders of the Notes on the immediately preceding May 1 and November 1, as applicable.outstanding was $314.5 million. The Notes mature on May 15, 2026 and are senior secured obligations of the ~~Issuer.~~

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~12

~~Table of Contents~~

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

The Notes are guaranteed on a senior secured basis by the Company and its wholly-owned subsidiaries (other than the Issuer) (subject to certain exceptions and permitted liens) and secured by (i) a first-priority lien on substantially all of the Company’s assets and the assets of the other Guarantors (other than accounts receivable and other rights to payment, inventory, intercompany indebtedness, certain general intangibles and commercial tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds and products of each of the foregoing, or, collectively, the ABL Collateral), or the Notes Collateral, and (ii) a second-priority lien on the ABL Collateral, which is junior to a first-priority lien, for the benefit of the lenders under the Company’s senior secured asset-based revolving credit agreement in an initial aggregate principal amount of $100.0 million, or the ABL Facility.Company.

The terms of the Notes are governed by an indenture, dated as of May 12, 2021, or the ~~Indenture.~~Indenture, among Coronado Finance Pty Ltd, an Australian proprietary company, as issuer, Coronado, as parent guarantor, the other guarantors party thereto and Wilmington Trust, National Association, as trustee. The Indenture contains customary covenants for high yield bonds, including, but not limited to, limitations on investments, liens, indebtedness, asset sales, transactions with affiliates and restricted payments, including payment of dividends on capital stock. As of June 30, 2022, the Company was in compliance with all applicable covenants under the Indenture.

~~Upon~~For the ~~occurrence of a “Change of Control,” as defined~~three and six months ended June 30, 2022, in connection with the dividends paid in the ~~Indenture,~~period, the ~~Issuer is required~~Company offered to ~~offer~~purchase up to ~~repurchase the Notes at 101%~~a total of ~~the~~$200.6 million aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Issuer also has the right to redeem the Notes at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date, following the occurrence of a Change of Control, provided that the Issuer redeems at least 90% of the Notes outstanding prior to such Change of Control. Upon the occurrence of certain changes in tax law (as described in the Indenture), the Issuer may redeem any of the Notes at a redemption price equal to 100% of the principal amount of the Notes pursuant to ~~be redeemed plus accrued and unpaid interest, if any, to, but excluding,~~ the ~~redemption date.~~

~~The Issuer may redeem any~~terms of the ~~Notes beginning on May 15, 2023. The initial redemption price of~~Indenture. For the ~~Notes is 108.063% of their~~three and six months ended June 30, 2022, the Company purchased an aggregate principal amount, ~~plus accrued and unpaid interest, if any,~~for accepted offers, of $0.5 million at a price equal to ~~but excluding, the redemption date. The redemption price will decline each year after May 15, 2023, and will be 100%~~104% of the principal amount of the Notes, plus accrued and unpaid interest ~~beginning~~ on ~~May 15, 2025. The Issuer may also redeem some or all of~~ the Notes ~~at any time and from time to time prior to May 15, 2023 at a price equal to 100% of the principal amount thereof plus a “make-whole” premium, plus accrued and unpaid interest, if any,~~ to, but ~~excluding, the redemption date.~~

~~During any twelve-month period ending prior to May 15, 2023, the Issuer may redeem the Notes (including additional Notes, if any) in an aggregate principal amount~~ not to exceed 10% of the aggregate principal amount of the Notes (including additional Notes, if any) originally issued at a redemption price (expressed as a percentage of principal amount) of 103%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

At any time and from time to time on or prior to May 15, 2023, the Issuer may redeem in the aggregate up to 40% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of additional Notes) with the net cash proceeds of certain equity offerings, at a redemption price of 110.75%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 60% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of additional Notes) issued under the Indenture remains outstanding after each such redemption and each such redemption occurs within 120 days afterincluding, the date of ~~the closing of such equity offering.~~redemption.

The Indenture contains customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture will allow either the Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding Notes to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the Notes.

~~Proceeds from the~~Debt issuance ~~of the Notes, net of discounting and issuance~~ costs, ~~of $331.8 million were included as part of a refinancing transaction which involved the (i) repayment of all outstanding obligations under the SFA and the termination of such agreement; (ii)~~ ~~cash collateralization of credit support facilities, which were used to provide back-to-back support for bank guarantees that had been previously issued under the SFA; and (iii) payment of discounts, fees and expenses related to the refinancing transaction.~~

~~In connection with the issuance of the Notes, the Company incurred debt issuance costs of $11.6 million and discount on issuance of $6.6 million,~~ recorded as a direct deduction from the face amount of the ~~Notes.~~Notes, were $13.5

~~The Energy & Mineral Group~~

~~On May 12, 2021, affiliates of The Energy & Minerals Group, or EMG, which is the Company’s controlling stockholder through its ownership of Coronado Group LLC, participated in the Notes Offering~~million and ~~purchased $65.0~~$14.8 million ~~aggregate principal amount of Notes~~ at ~~the closing of the Notes Offering. At~~ June 30, 2022 and December 31, 2021, interest payable to affiliates of EMG on the Notes was $0.9 million and was recorded within “Accrued expenses and other current liabilities” in the unaudited Condensed Consolidated Balance Sheet and a corresponding amount was recorded to “Interest expense, net” in the unaudited

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~13

~~Table of Contents~~

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2021.~~respectively.

ABL Facility

On May 12, 2021, the Company ~~Coronado Coal Corporation, a Delaware corporation and wholly-owned subsidiary of the Company, or the U.S. Borrower, the Australian Borrower and the Guarantors~~ entered into ~~the~~a senior secured asset-based revolving credit agreement providing for a multi-currency asset-based-loan facility, or ABL Facility, ~~agreement with Citibank, N.A., as administrative agent and a lender, and various other financial institutions, with~~in an ~~aggregate multi-currency lender commitment~~initial principal amount of ~~up to~~ $100.0 million, including a $30.0 million sublimit for the issuance of letters of credit and $5.0 million for swingline loans, at any time outstanding, subject to borrowing base availability. The ABL Facility ~~will mature~~matures on May 12, ~~2024 and replaces the SFA.~~

Revolving loan (and letter of credit) availability under the ABL Facility is subject to a borrowing base, which at any time is equal to the sum of certain eligible accounts receivable, certain eligible inventory and certain eligible supplies inventories and, in each case, subject to specified advance rates. The borrowing base is subject to certain reserves, which may be established by the agent in its reasonable credit discretion, that could reasonably be expected to have an adverse effect on the value of the collateral included in the borrowing base.2024.

Borrowings under the ABL Facility bear interest at a rate equal to a BBSY rate plus an applicable margin. In addition to paying interest on the outstanding borrowings under the ABL Facility, the Company is also required to pay a fee in respect of unutilized commitments, on amounts available to be drawn under outstanding letters of credit and certain administrative fees.

The obligations of the borrowers under the ABL Facility are guaranteed by (a) a first priority-lien in the ABL Collateral, (b) a second priority-lien in the Notes Collateral and (c) solely in the case of the obligations of the Australian Borrower, a featherweight floating security interest over certain accounts released from the security by the Australian Borrower in favor of Stanwell Corporation Limited, or Stanwell.

The ABL Facility contains customary covenants for asset-based credit agreement of this type, including, among others: (i) the requirement to deliver financial statements, other reports and notices; (ii) covenants related to the payment of dividends on, or purchase or redemption of, capital stock; (iii) covenants related to the incurrence or prepayment of certain debt; (iv) covenants related to the incurrence of liens or encumbrances; (v) compliance with laws; (vi) restrictions on certain mergers, consolidations and asset dispositions; and (vii) restrictions on certain transactions with affiliates. Subject to customary grace periods and notice requirements, the ABL Facility also contains customary events of default. Additionally, the ABL Facility contains a springing fixed charge coverage ratio of not less than 1.00 to 1.00, which ratio is tested if availability under the ABL Facility is less than a certain amount. As of June 30, 2021, the Company is not subject to this covenant. As at June 30, ~~2021, the Company met its undertakings under the ABL Facility.~~

~~To establish the ABL Facility, the Company incurred debt~~ ~~issuance costs of $5.4 million. The Company has elected an accounting policy to present debt issuance costs incurred before the debt liability is recognized~~ (e.g., before the debt proceeds are received) as an asset which will be amortized ratably over the term of the line-of-credit. The costs will not be subsequently reclassified as a direct deduction of the liability. At June 30, 2021, issuance costs incurred to establish the ABL Facility have been classified in “Other non-current assets” in the unaudited Condensed Consolidated Balance Sheet.

~~As at June 30, 2021,~~2022, 0 amounts were drawn and 0 letters of credit were outstanding under the ABL Facility. At June 30, 2022, the Company was in compliance with all applicable covenants under the ABL Facility.

~~12. Other Financial Liabilities~~

~~On January 6, 2021,~~Debt issuance costs, recorded as “Other non-current assets” in the Company entered into an agreement with a third-party financier to sell and leaseback items of property, plant and equipment owned by Curragh, a wholly-owned subsidiary of the Company. The transaction did not satisfy the sale criteria under ASC 606 – Revenues from Contracts with Customers. As a result, the transaction was deemed a financing arrangement and the Company has continued to recognize the underlying property, plant and equipment on its unaudited ~~Condensed~~ Consolidated Balance ~~Sheet. The proceeds received from the transaction of $23.5~~ Sheets, were $3.4million (A$30.2 million) were recognized as “Other financial liabilities” on the unaudited Condensed Consolidated Balance Sheet. The term of the financing arrangement ranges up to five years with an implied interest rate of up to 7.8% per annum. The carrying value of this financial liability, net of issuance costs, was $20.4and $4.3 million as at June 30, 2022 and December 31, 2021, ~~$4.0 million of which is classified as a current liability.~~respectively.

Coronado Global Resources Inc. Form 10-Q June 30, 202212

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~13.~~9. Income Taxes

For the six months ended June 30, ~~2021~~2022 and ~~2020,~~2021, the Company estimated its annual effective tax rate and applied this effective tax rate to its year-to-date pretax income at the end of the interim reporting period. The tax effects of unusual or

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~14

~~Table of Contents~~

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

infrequently occurring items, including effects of changes in tax laws or rates and changes in judgment about the realizability of deferred tax assets, are reported in the interim period in which they occur. The Company’s ~~2021~~2022 estimated annual effective tax rate ~~including discrete items,~~ is ~~10.19%.~~ 24.7%, which has been favorably impacted by mine depletion deductions in the United States.The Company had an income tax ~~benefit~~expense of ~~$10.9~~$184.0 million based on ~~a loss~~ an incomebefore tax of ~~$106.9~~$745.9 millionfor the six months ended June 30, 2022.

Income tax benefit of $10.9 million for the six months ended June 30, ~~2021.~~

~~Income tax expense of $20.4 million for the six months ended June 30, 2020~~2021 was calculated based on an estimated annual effective tax rate of ~~14.2%~~10.2% for the period.

~~The Company assessed the need for a valuation allowance by evaluating future taxable income, available for tax strategies and the reversal of temporary tax differences.~~

As of June 30, 2021, the Australian Operations were in a cumulative loss position and held a valuation allowance of $19.8 million against the full amount of their deferred tax assets. A cumulative loss position constitutes significant negative evidence regarding future taxable income, and is defined as a cumulative pre-tax loss for the current and two preceding years. The Company’s deferred tax liabilities, related to its U.S. Operations, decreased during the period due to the impact of the valuation allowance recorded in its Australian Operations’ deferred tax assets and the overall tax loss position during the six months ended June 30, 2021.

The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the six months ended June 30, ~~2021 and the year ended December 31, 2020,~~2022, the Company had 0 unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company’s policy to include these as a component of income tax expense.

The Company is subject to taxation in the U.S. and its various states, as well as Australia and its various localities. In the U.S. and Australia, the first tax return was lodged for the year ended December 31, 2018. In the U.S., companies are subject to open tax audits for a period of seven years at the federal level and five years at the state level. In Australia, companies are subject to open tax audits for a period of four years from the date of assessment.

~~On March 27, 2020,~~The Company assessed the ~~United States Congress enacted~~need for valuation allowances by evaluating future taxable income, available for tax strategies and the ~~Coronavirus Aid, Relief~~reversal of temporary tax differences.

At December 31, 2021, the Australian Operations had tax losses carried forward of $27.0 million (tax effected), which are indefinite lived and ~~Economic Security Act, or CARES Act, to provide certain relief as~~included in deferred tax assets. It is anticipated that these tax losses will be fully utilized in 2022 and both the Australian Operations and U.S. Operations would be in tax payable positions. In addition, a ~~result~~company, which is not part of the ~~COVID-19 outbreak. The Company is currently evaluating how provisions in the CARES Act will impact its~~Australian tax consolidated ~~financial statements, but it is not expected to have~~group, had tax losses carried forward of $8.1 million (tax effected) for which a ~~material impact.~~

On April 9, 2021, West Virginia Governor Jim Justice signed into law House Bill 2026, adopting significant changes to the state’s income tax code, including market-based source, single-sales factor apportionment and limitations on temporary or mobile worker withholding. The new law resulted in a tax impact of approximately $0.9 million.full valuation allowance has been recognized.

~~14.~~Coronado Global Resources Inc. Form 10-Q June 30, 202213

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

10. Earnings per Share

Basic earnings per share of common stock is computed by dividing net income attributable to the Company for the period, by the weighted-average number of shares of common stock outstanding during the same period. Diluted earnings per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities.

Basic and diluted earnings per share was calculated as follows (in thousands, except per share data):

Three months ended June 30,

Six months ended June 30,
(in US$ thousands, except per share data)

2021

2020

2021

2020
Numerator:

Net loss

$
(55,085)

$
(114,330)

$
(96,057)

$
(123,196)
Less: Net loss attributable to Non-controlling interest

0

(2)

(2)

(4)
Net loss attributable to Company stockholders

$
(55,085)

$
(114,328)

$
(96,055)

$
(123,192)

Denominator (in thousands):

Weighted-average shares of common stock outstanding

152,877

96,652

145,633

96,652
Weighted average diluted shares of common stock outstanding

152,877

96,652

145,633

96,652
Earnings Per Share (US$):

Basic

(0.36)

(1.18)

(0.66)

(1.27)
Dilutive

(0.36)

(1.18)

(0.66)

(1.27)

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~15

~~Table of Contents~~

~~NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

Basic and diluted earnings per share was calculated as follows (in thousands, except per share data):

	Three months ended June 30,				Six months ended June 30,
(in US$ thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income (loss)	$	291,995	$	(55,085)	$	561,893	$	(96,057)
Less: Net loss attributable to Non-controlling interest		0		0		0		(2)
Net income (loss) attributable to Company stockholders	$	291,995	$	(55,085)	$	561,893	$	(96,055)

Denominator (in thousands):
Weighted-average shares of common stock outstanding		167,645		152,877		167,645		145,633
Effects of dilutive shares		168		0		192		0
Weighted average diluted shares of common stock outstanding		167,813		152,877		167,837		145,633
Earnings (Loss) Per Share (US$):
Basic		1.74		(0.36)		3.35		(0.66)
Dilutive		1.74		(0.36)		3.35		(0.66)

~~15.~~11.~~Derivatives and~~ Fair Value Measurement

~~(a)Derivatives~~

The Company may use derivative financial instruments to manage its financial risks in the normal course of operations, including foreign currency risks, commodity price risk related to purchase of raw materials (such as gas or diesel) and interest rate risk. Derivatives for speculative purposes are strictly prohibited under the Treasury Risk Management Policy approved by the Board of Directors.

The financing counterparties to the derivative contracts potentially expose the Company to credit-related risk. Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of the financial instrument. The Company mitigates such credit risk by entering into derivative contracts with high credit quality counterparties, limiting the amount of exposure to each counterparty and frequently monitoring their financial condition.

~~Forward fuel contracts~~

In 2020, the Company entered into forward derivative contracts to hedge its exposure to diesel fuel that is used, or is expected to be used, at its Australian Operations during 2021. In connection with the repayment and termination of the SFA, the Company closed out all outstanding forward fuel derivative contracts and received proceeds, representing hedge gain on settlement, of $5.8 million. This hedge gain on settlement has been deferred in “Accumulated other comprehensive loss” on the unaudited Condensed Consolidated Balance Sheet until the hedge transaction impacts income, at which point the related hedge gain would be reclassified to the “Cost of coal revenues” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

~~NaN forward fuel derivative contracts were outstanding at June 30, 2021.~~

~~Hedge gains, net of tax, recognized in “Accumulated other comprehensive loss” of $4.2~~million as at June 30, 2021 are expected to be recognized into “Cost of coal revenues” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income within the next six months when the hedged transaction impacts income. Refer to Note 16 “Accumulated Other Comprehensive Losses” for further disclosure.

~~(b)Fair Value of Financial Instruments~~

The fair value of a financial instrument is the amount that will be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of financial instruments involve uncertainty and cannot be determined with precision.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

Level 2 Inputs: Other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Financial Instruments Measured on a Recurring Basis

As of June 30, ~~2021,~~2022, there were 0 financial instruments required to be measured at fair value on a recurring basis.

Other Financial Instruments

The following methods and assumptions are used to estimate the fair value of other financial instruments as of June 30, ~~2021~~2022 and December 31, ~~2020:~~2021:

 Cash and restricted cash, accounts receivable, accounts payable, accrued expenses, lease liabilities and other current financial liabilities: The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets approximate fair value due to the short maturity of these instruments.

 Restricted deposits, ~~and reclamation bonds,~~ lease liabilities, interest bearing liabilities and other financial liabilities: The fair values approximate the carrying values reported in the unaudited Condensed Consolidated Balance Sheets.

 Interest bearing liabilities: The Company’s outstanding interest-bearing liabilities are carried at amortized cost. As of June 30, ~~2021,~~2022, there were 0 borrowings outstanding under the ABL Facility. The estimated fair value of the Notes is approximately ~~$372.8~~$327.0 million based upon observable market data (Level 2).

~~16.~~12. Accumulated Other Comprehensive Losses

Accumulated other comprehensive losses consisted of the following at June 30, ~~2021:~~2022:

Net unrealized gain (loss)

(in US$ thousands)

Foreign currency translation adjustments

Cash flow fuel hedges

Total
Balance at December 31, 2020

$
(26,777)

$
(2,029)

$
(28,806)
Net current-period other comprehensive income (loss):

Gain in other comprehensive income (loss) before reclassifications

1,130

11,446

12,576
Loss on long-term intra-entity foreign currency transactions

(9,960)

0

(9,960)
Gains reclassified from accumulated other comprehensive income (loss)

0

(3,062)

(3,062)
Tax effects

0

(2,135)

(2,135)
Total net current-period other comprehensive gain (loss)

(8,830)

6,249

(2,581)
Balance at June 30, 2021

$
(35,607)

$
4,220

$
(31,387)

(in US$ thousands)		Foreign currency translation adjustments
Balance at December 31, 2021	$	(44,228)
Net current-period other comprehensive income (loss):
Loss in other comprehensive income (loss) before reclassifications		(12,918)
Loss on long-term intra-entity foreign currency transactions		(20,992)
Total net current-period other comprehensive gain		(33,910)
Balance at June 30, 2022	$	(78,138)

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~17.~~13.Commitments

(a) Mineral Leases

The Company leases mineral interests and surface rights from land owners under various terms and royalty rates. The future minimum royalties under these leases are as follows:

(in US$ thousands)			Amount			Amount
Year ending December 31,
2021		$	3,593
2022			5,656		$	4,182
2023			4,978			4,984
2024			5,443			4,891
2025			4,729			4,752
2026						4,684
Thereafter			24,702			23,666
Total		$	49,101		$	47,159

Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining.	Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining.			Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining.

(b) Other commitments

As of June 30, ~~2021,~~2022, purchase commitments for capital expenditures were ~~$20.3~~$27.8 million, all of which is obligated within the next twelve months.

In Australia, the Company has generally secured the ability to transport coal through rail contracts and coal export terminal contracts that are primarily funded through take-or-pay arrangements with terms ranging up to 119 years. In the U.S., the Company typically negotiates its rail and coal terminal access on an annual basis. As of June 30, ~~2021,~~2022, these Australian and U.S. commitments under take-or-pay arrangements totaled ~~$1.3~~$1.1 billion, of which approximately ~~$104.3~~$91.9 million is obligated within the next ~~year.~~twelve months.

~~18.~~14.Contingencies

In the normal course of business, the Company is a party to certain guarantees and financial instruments with off-balance sheet risk, such as letters of credit and performance or surety bonds. No liabilities related to these arrangements are reflected in the Company’s unaudited Condensed Consolidated Balance Sheets. Management does not expect any material losses to result from these guarantees or off-balance sheet financial instruments.

At June 30, ~~2021,~~2022, the Company had outstanding bank guarantees of ~~$46.2~~$45.3 million to secure various obligations and commitments.

Restricted deposits ~~and reclamation bonds~~ represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral. The Company had cash collateral in the form of deposits in the amount of ~~$72.7~~ $86.0 million and ~~$8.4~~$81.0 million as of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively, to provide back-to-back support for bank guarantees, financial payments and other performance obligations and various other operating agreements. These deposits ~~and reclamations bonds~~ are restricted and classified as long-term assets in the unaudited Condensed Consolidated Balance Sheets.

In accordance with the terms of the ABL Facility, the Company may be required to cash collateralize the ABL Facility to the extent of outstanding letters of credit after the expiration or termination date of such letter of credit. As of June 30, ~~2021,~~2022, 0 letter of credit ~~were~~was outstanding and no0 cash collateral was required.

For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation. The Company can also use bank letters of credit to collateralize certain obligations. As of June 30, ~~2021,~~2022, the Company had outstanding surety bonds of ~~$29.7~~$27.8 million and letters of credit of $16.8 million issued from our available bank guarantees, to secure various obligations and commitments. Future regulatory changes relating to these obligations could result in increased obligations, additional costs or additional collateral requirements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

From time to time, the Company becomes a party to other legal proceedings in the ordinary course of business in Australia, the U.S. and other countries where the Company does business. Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its financial

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condition, results of operations or cash flows. In management’s opinion, the Company is not currently involved in any legal proceedings, which individually or in the aggregate could have a material effect on the financial condition, results of operations and/or liquidity of the Company.

15.Subsequent Events

On August 8, 2022, the Company’s Board of Directors declared a total unfranked ordinary dividend of $125.7 million, or 7.5 cents per CDI, comprising $100.6 million of the unaccepted portion of the offer to purchase the Notes made in connection with the special dividends declared on May 9, 2022, plus an additional $25.2 million. CDIs will be quoted as “ex” dividend on August 29, 2022, Australia time. The dividends will have a record date of August 30, 2022, Australia time, and be payable on September 20, 2022, Australia time. The total ordinary dividends of $125.7 million will be funded from available cash.

In connection with the declared ordinary dividends, Coronado Finance Pty Ltd, a wholly-owned subsidiary of the Company, offered to purchase up to $25.2 million aggregate principal amount of the Notes at a purchase price equal to 104% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the settlement date, pursuant to the terms of the Indenture. The payment of the ordinary dividends is not contingent on acceptance of the offer to purchase the Notes by the Note holders.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of Coronado Global Resources Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying condensed consolidated balance sheet of Coronado Global Resources Inc. (the Company) as of June 30, ~~2021,~~2022, the related condensed consolidated statements of ~~operation~~operations and comprehensive income ~~stockholders’ equity~~ for the ~~three-month~~three and six-month periods ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three-month periods ended March 31 and ~~2020,~~June 30, 2022 and 2021, the ~~related~~ condensed consolidated statements of cash flows for the six-month periods ended June 30, ~~2021~~2022 and ~~2020,~~2021, and the related notes (collectively referred to as the “condensed consolidated interim financial statements”). Based on our ~~review,~~reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, ~~2020,~~2021, the related consolidated statements of ~~operation~~operations and comprehensive income, stockholders' equity and cash flows for the year then ended, and the related notes (not presented herein), and in our report dated February ~~25, 2021,~~22, 2022, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, ~~2020,~~2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Ernst & Young

Brisbane, Australia

August ~~9, 2021.~~8, 2022.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of our Financial Condition and Results of Operations, or MD&A, should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the related notes to those statements included elsewhere in this Form 10-Q. In addition, this Form 10-Q report should be read in conjunction with the Consolidated Financial Statements for year ended December 31, ~~2020~~2021 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K for the year ended December 31, ~~2020,~~2021, filed with the U.S. Securities and Exchange Commission, or SEC, and the Australian Securities Exchange, or the ASX, on February ~~25, 2021.~~22, 2022.

Unless otherwise noted, references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “Company,” or “Coronado” refer to Coronado Global Resources Inc. and its consolidated subsidiaries and associates, unless the context indicates otherwise.

All production and sales volumes contained in this Quarterly Report on Form 10-Q are expressed in metric tons, or Mt, millions of metric tons, or MMt, or millions of metric tons per annum, or MMtpa, except where otherwise stated. One Mt (1,000 kilograms) is equal to 2,204.62 pounds and is equivalent to 1.10231 short tons. In addition, all dollar amounts contained herein are expressed in United States dollars, or US$, except where otherwise stated. References to “A$” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. Some numerical figures included in this Quarterly Report on Form 10-Q have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in certain tables may not equal the sum of the figures that precede them.

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, concerning our business, operations, financial performance and condition, the coal, steel and other industries, the impact of the COVID-19 pandemic and related governmental and economic responses thereto, as well as our plans, objectives and expectations for our business, operations, financial performance and condition. Forward-looking statements may be identified by words such as “may,” “could,” “believes,” “estimates,” “expects,” ~~“likely,~~“intends,” ~~“intends,~~“plans,” “anticipate,” “forecast,” “outlook,” “target,” “likely,” “considers” and other similar words.

Any forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause actual results, performance, events or outcomes to differ materially from the results, performance, events or outcomes expressed or anticipated in these statements, many of which are beyond our control. Such forward-looking statements are based on an assessment of present economic and operating conditions on a number of best estimate assumptions regarding future events and actions. These factors are difficult to accurately predict and may be beyond our control. Factors that could affect our results, our announced plans, including our plan to issue dividends and distributions, or an investment in our securities include, but are not limited to:

 uncertainty ~~and weaknesses~~ in global economic conditions, including the extent, duration and impact ~~on prices caused by reduced demand. The COVID-19 pandemic led to reduced market demand~~of the Russia and Ukraine war, as well as risks related to government actions with respect to trade agreements, treaties or policies;

a decrease in the availability or increase in costs of key supplies, capital equipment or commodities, such as diesel fuel, steel, explosives and tires;

the extensive forms of taxation that our mining operations are subject to, and future tax regulations and developments. For example, the recent amendments to the coal royalty regime announced by the Queensland state Government in Australia introducing additional higher tiers to the coal royalty rates applicable to our Australian Operations;

 severe financial hardship, bankruptcy, temporary or permanent shut downs or operational challenges, due to ~~the ongoing COVID-19 pandemic~~future public health crisis (such as COVID-19) or otherwise, of one or more of our major customers, including customers in the steel industry, key suppliers/contractors, which among other adverse effects, could lead to reduced demand for our coal, increased difficulty collecting receivables and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us;

 our ability to generate sufficient cash to service our indebtedness and other obligations;

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 our indebtedness and ability to comply with the covenants and other undertakings under the agreements governing such indebtedness;

 our ability to collect payments from our customers depending on their creditworthiness, contractual performance or otherwise;

 the prices we receive for our coal;

 the demand for steel products, which impacts the demand for our metallurgical, or Met, coals;

 risks inherent to ~~mining;~~mining operations could impact the amount of coal produced, cause delay or suspend coal deliveries, or increase the cost of operating our business;

 the loss of, or significant reduction in, purchases by our largest customers;

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 risks unique to international mining and trading operations, including tariffs and other barriers to trade;

 unfavorable economic and financial market conditions;

 our ability to continue acquiring and developing coal reserves that are economically recoverable;

 uncertainties in estimating our economically recoverable coal reserves;

 transportation for our coal becoming unavailable or uneconomic for our customers;

 the risk that we may be required to pay for unused capacity pursuant to the terms of our take-or-pay arrangements with rail and port operators;

 our ability to retain key personnel and attract qualified personnel;

 any failure to maintain satisfactory labor relations;

 our ability to obtain, renew or maintain permits and consents necessary for our operations;

 potential costs or liability under applicable environmental laws and regulations, including with respect to any exposure to hazardous substances caused by our operations, as well as any environmental contamination our properties may have or our operations may cause;

 extensive regulation of our mining operations and future regulations and developments;

 our ability to provide appropriate financial assurances for our obligations under applicable laws and regulations;

 assumptions underlying our asset retirement obligations for reclamation and mine closures;

 concerns about the environmental impacts of coal combustion, including ~~perceived~~possible impacts on global climate issues, which could result in increased regulation of coal combustion and requirements to reduce greenhouse gas, or GHG, emissions in many jurisdictions , which could significantly affect demand for our products or our securities and ~~divestment efforts affecting the investment community;~~

~~the extensive forms of taxation that our mining operations are subject~~reduced access to capital and ~~future tax regulations and developments;~~insurance;

 any cyber-attacks or other security breaches that disrupt our operations or result in the dissemination of proprietary or confidential information about us, our customers or other third parties;

~~a decrease in the availability or increase in costs of key supplies, capital equipment or commodities, such as diesel fuel, steel, explosives and tires;~~

 the risk that we may not recover our investments in our mining, exploration and other assets, which may require us to recognize impairment charges related to those assets;

 risks related to divestitures and acquisitions;

 the risk that diversity in interpretation and application of accounting principles in the mining industry may impact our reported financial results; and

 other risks and uncertainties detailed ~~in this report,~~herein, including, but not limited to, those discussed in “Risk Factors,” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q.

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We make many of our forward-looking statements based on our operating budgets and forecasts, which are based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.

See Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, ~~2020,~~2021, filed with the SEC and ASX on February ~~25, 2021,~~22, 2022, and Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, ~~2021,~~2022, filed with the SEC and ASX on May ~~10, 2021,~~9, 2022, for a more complete discussion of the risks and uncertainties mentioned above and for discussion of other risks and uncertainties we face that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements, as well as others made in this Quarterly Report on Form 10-Q and hereafter in our other filings with the SEC and public

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communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.

We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to you. You should not interpret the disclosure of any risk to imply that the risk has not already materialized. Furthermore, the forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by applicable law.

Overview

We are a global producer, marketer and exporter of a full range of Met coal products. We own a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia ~~and Pennsylvania~~ in the United States.

Our Australian Operations comprise the 100%-owned Curragh producing mine complex. Our U.S. Operations comprise two 100%-owned producing mine complexes (Buchanan and Logan), one 100%-owned idled mine complex (Greenbrier), and two development properties ~~(Pangburn-Shaner-Fallowfield~~(Mon Valley and Russell County) ~~and one idle property (Amonate)~~. In addition to Met coal, our Australian Operations sell thermal coal domestically, which is used to generate electricity, to Stanwell and some thermal coal in the export market. Our U.S. Operations primarily ~~focuses~~focus on the production of Met coal for the North American domestic and seaborne export markets and also produce and sell some thermal coal that is extracted in the process of mining Met coal.

For the six months ended June 30, ~~2021,~~2022, we produced ~~8.8~~7.5 MMt and sold ~~8.9~~8.3 MMt of coal. Met coal ~~and thermal coal~~ sales represented ~~82.7% and 17.3%, respectively,~~77.8% of our total volume of coal sold and ~~93.9% and 6.1% respectively,~~96.3% of total coal revenues for the six months ended June 30, ~~2021.~~2022.

The ongoing trade constraints for Russian coal and elevated demand for thermal coal resulted in elevated global prices of coal during the three months ended June 30, 2022, which translated to record quarterly revenues and average realized Met price per Mt sold in the history of the Company, $85.6 million and $54.7 per Mt sold higher than the previous records achieved in the March 2022 quarter, respectively.

Coronado has continued to take advantage of its unique geographical diversification as a Met coal supplier of scale to meet the requirements of steel customers across the globe. Our U.S. Operations have taken advantage of current unique market fundamentals created by the trade restrictions on Russian coal by switching coal sales from China to Europe providing higher returns for our products.

Our results for the six months ended June 30, ~~2021, were adversely impacted~~2022 benefited from higher average realized Met price per Mt sold, partially offset by (1) ~~seasonal~~significant wet weather ~~conditions in Australia, which disrupted certain mining and logistics activities,~~events impacting production at our Australian Operations, (2) ~~China’s ban on Australian coal imports, in place since October 2020, which continued to distort the global Met coal market with~~inflationary pressure, including higher cost of fuel and ~~freight, or CFR, China prices drawing in additional spot supply from U.S., Canada, Russia and Mongolia replacing traditional Australian imports,~~labor costs, (3) operational issues at the Australian Operations from a three-week breakdown of certain mining equipment, (4) cost of additional fleets deployed at Curragh to accelerate overburden removal to increase coal availability, (5) a train derailment on the Blackwater system in June 2021, which saw the Australian Operations unable to rail coal to the port for approximately five days, and (6) labor shortages and adverse geological conditions ~~in certain mines of our U.S. Operations.~~

~~Despite these adverse conditions, our results benefited from lower capital expenditure across our business and the continued ramp up of production~~ at our U.S. Operations ~~driven by increased demand from China for U.S. sourced metallurgical coals.~~

As a global supplier of metallurgical coal, our geographic diversification has helped us withstand the negative impact on benchmark pricing stemming from Chinese import restrictions on Australian coal. Our U.S. Operations have successfully taken advantage of the policy shift by increasing sales volumes directly into China during the quarterresulting in lower production and ~~achieved a record for the largest shipment of sub-category A of High-Vol coal from a U.S. East Coast port in a single cargo.~~

~~In addition, market prices for Australian Met coal substantially increased during the second quarter of 2021 with the benchmark index price reaching levels just below $200 per Mt~~higher equipment maintenance costs, (4) additional fleets mobilized at ~~June 30, 2021. The benefits, including strong cash generation, of these price increases are expected to be realized by~~ our Australian Operations ~~in the third~~to improve coal recovery and ~~fourth quarter of 2021 due to a three-month pricing lag between contracting~~(5) higher sales related costs (Stanwell rebate, royalties and ~~delivery.~~freight costs).

~~From our Australian Operations, production and sales volumes were higher~~Coal revenues of $2.0 billion for the six months ended June 30, ~~2021~~2022 increased by 150.7% compared to the same period in ~~2020 as a result of the steel market recovery~~2021, driven by increased average realized Met price per Mt sold from $99.8 to ~~pre-pandemic levels. Coal revenues increased by 3.0% compared to~~$292.8. Sales volumes were lower for the six months ended June 30, ~~2020, largely driven~~2022 compared to the same period in 2021 primarily due to lower production caused by ~~a Met sales volume increase of 0.4 MMt, or 10.3%, partially offset by an average realized Met coal pricing decrease from $104.8 to $99.6 per Mt sold.~~significant wet weather events at our Australian Operations and adverse geological conditions at our U.S. Operations. Operating costs for the six months ended June 30, ~~2021~~2022 were ~~$59.4~~$349.9 million, or ~~12.7%~~45.8%, higher ~~compared to June 30, 2020, which, despite higher coal sales volume, resulted in an unfavorable increase in operating costs of $8.0 per Mt sold.~~

From our U.S. Operations, production and sales volumes were higher for the six months ended June 30, 2021 compared to the same period in 2020. Production increased by 0.5 MMt and sales volume increased by 0.4 MMt for the six months ended June 30, 2021 compared to the same period in 2020, during which, due to impacts of the COVID-19 pandemic, our U.S. Operations were idled for a two-month period. Higher sales volumes and higher average realized Met coal prices per Mt sold during the six months ended June 30, 2021 resulted in Coal revenues increasing by $72.4 million, or 30.6%, compared to the same period in 2020. Operating costs for the six months ended June 30, 2021 were $38.8 million, or 19.5% unfavorable, compared to the corresponding period in ~~2020~~2021 primarily driven by ~~higher mining and freight costs.~~

inflationary pressures, additional contractor fleets deployed at our Australian Operations to accelerate overburden removal to increase

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~~Refinancing transaction~~coal availability, higher maintenance cost and higher sales related costs, such as royalties, freight and demurrage costs.

~~During the quarter ended~~Dividends

On April 8, 2022, and June 21, 2022, Coronado settled its previously declared dividends totaling $348.4 million which were paid to stockholders from available cash.

Liquidity

As of June 30, ~~2021, we successfully completed a refinancing initiative which comprised~~2022, the Company’s net cash position was $171.1 million, consisting of ~~an ABL Facility with an~~cash (excluding restricted cash) of $485.6 million and $314.5 million aggregate principal amount of ~~$100.0~~Notes outstanding. Coronado has available liquidity of $585.6 million as of June 30, 2022, comprising cash (excluding restricted cash) and undrawn available borrowings under our ABL facility.

Safety

For our Australian Operations, the twelve-month rolling average Total Reportable Injury Frequency Rate, or TRIFR, at June 30, 2022 was 4.08 compared to a ~~Notes Offering with an aggregate principal amount~~rate of ~~$350.0 million and~~3.07 at the end of December 31, 2021. At out U.S. Operations, the twelve-month rolling average Total Reportable Incident Rate, or TRIR, at June 30, 2022 was 2.01 compared to a ~~fully underwritten equity Entitlement Offer~~rate of ~~$101.4 million, that resulted in gross proceeds to~~2.51 at the ~~Company~~end of $101.4 million. These transactions provide Coronado increased financial flexibility by eliminating the application of the legacy SFA financial covenants and introducing new debt with terms that are more sustainableDecember 31, 2021. Reportable rates for our ~~business. The arrangements also extend our debt maturity profile, provide a diversification of funding sources~~Australian and ~~strengthens our liquidity position. A portion of~~U.S. Operations are below the proceeds from these transactions were used to repay and terminate all outstanding obligations under the SFA, cash collateralize and replace bank guarantees under the SFA, and pay discounts, fees and expenses related to the refinancing transactions. Refer to Note 5 “Capital Structure” and Note 11 “Interest Bearing Liabilities” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

~~COVID-19 response~~relevant industry benchmarks.

The ~~COVID-19 Steering Committee has successfully monitored the effect~~safety of ~~the pandemic across~~ our ~~Australian Operations~~workforce is our number one priority and ~~U.S. Operations and continues to implement proactive preventative measures to ensure~~Coronado remains focused on the safety and ~~well-being~~wellbeing of all employees and contractors. A COVID-19 vaccination roll-out at our U.S. Operations has been completed with all employees who have sought a vaccination having received one. The workforce at our Australian Operations are being vaccinated according to the Australian Federal government’s vaccination program. We are working with the Queensland Resources Council to assist in the roll out of vaccinations to neighboring communities.

~~Xcoal~~

~~On May 27, 2021, Xcoal ceased to be a related party after Xcoal’s founder, chief executive officer and chief marketing officer, Mr. Ernie Thrasher retired as a non-executive director of the Company.~~

~~During the~~ ~~quarter ended June 30, 2020, Xcoal reduced its past due receivables by $20.8 million.~~ At June 30, 2021, amounts due from Xcoal in respect of coal sales were $36.9 million, all of which was past due and included within “Trade receivables” in the unaudited Condensed Consolidated Balance Sheet. ~~Subsequent to June 30, 2021, the Company has collected a further $3.4 million against the past due account receivable reducing the outstanding past due balance to $33.5 million~~ ~~at July 31, 2021.~~

“Coal Revenues from related parties” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the periods up to May 27, 2021 represent revenues from Xcoal while it was a related party. Revenues from Xcoal for the period from May 28, 2021 to June 30, 2021 are included in “Coal Revenues” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

~~The Company expects to receive all outstanding trade receivables amounts from Xcoal by September 30, 2021.~~ To account for the expected timing of collection, a provision for discounting and credit losses of $9.0 million was recognized at December 31, 2020. During the six months ended June 30, 2021, the provision for discount and credit losses was unwound to account for passage of time and payments made by Xcoal during the period, resulting in a benefit of $5.9 million. The carrying value of trade receivables from Xcoal, net of provision for discounting and credit losses, as at June 30, 2021, was $33.8 million. Refer to Note 6 “Trade and related party receivables” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.contracting parties.

Segment Reporting

In accordance with Accounting Standards Codification, or ASC, 280, Segment Reporting, we have adopted the following reporting segments: Australia and the United States. In addition, “Other and Corporate” is not a reporting segment but is disclosed for the purposes of reconciliation to our consolidated financial statements.

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~24

~~Table of Contents~~

Results of Operations

How We Evaluate Our Operations

We evaluate our operations based on the volume of coal we can safely produce and sell in compliance with regulatory standards, and the prices we receive for our coal. Our sales volume and sales prices are largely dependent upon the terms of our coal sales contracts, for which prices generally are set based on daily index averages, on a quarterly basis or annual fixed price contracts.

Our management uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability. These financial and operating metrics include: (i) safety and environmental metrics; (ii) Adjusted EBITDA; (iii) total sales volumes and average realized price per Mt sold, which we define as total coal revenues divided by total sales volume; ~~(iii)~~(iv) Met coal sales volumes and average realized Met ~~coal~~ price per Mt sold, which we define as Met coal revenues divided by Met coal sales volume; ~~(iv)~~(v) average segment mining costs per Mt sold, which we define as mining costs divided by sales volumes (excluding non-produced coal) for the respective segment; and ~~(v)~~(vi) average segment operating costs per Mt sold, which we define as segment operating costs divided by sales volumes for the respective segment.

Coal revenues are shown on our statement of operations and comprehensive income exclusive of other revenues. Generally, export sale contracts for our Australian Operations require us to bear the cost of freight from our mines to the applicable outbound shipping port, while freight costs from the port to the end destination are typically borne by the customer. ~~The majority of~~Sales to the export ~~sales~~market from our U.S. Operations are generally recognized ~~at the mine load out~~ when title to the coal passes to the customer at the mine load out similar to a domestic sale. However, for certain U.S. export sales title passes to the customer when the coal is loaded into the vessel at the port, accordingly we bear the cost of freight from our mines to the applicable outbound shipping port as well as the port costs. For our domestic sales, customers typically bear the cost of ~~freight, therefore there are no~~freight. As such, freight expenses ~~included in the~~are excluded from cost of coal ~~revenues.~~revenues to allow for consistency and comparability in evaluating our operating performance.

Non-GAAP Financial Measures; Other Measures

The following discussion of our results includes references to and analysis of Adjusted EBITDA, Segment Adjusted EBITDA and mining costs, which are financial measures not recognized in accordance with U.S. GAAP. Non-GAAP financial measures, including Adjusted EBITDA, Segment Adjusted EBITDA and mining costs, are used by investors to measure our operating performance.

Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete ~~non-recurring~~non-

Coronado Global Resources Inc. Form 10-Q June 30, 202222

Table of Contents

recurring items that we exclude in analyzing each of our segments’ operating performance. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly titled measures presented by other companies. A reconciliation of Adjusted EBITDA to its most directly comparable measure under U.S. GAAP is included below.

Segment Adjusted EBITDA is defined as Adjusted EBITDA by operating and reporting segment, adjusted for certain transactions, eliminations or adjustments that our CODM does not consider for making decisions to allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts and lenders, to assess the operating performance of the business.

Mining costs, a non-GAAP measure, is based on reported cost of coal revenues, which is shown on our statement of operations and comprehensive income exclusive of freight expense, Stanwell rebate, other royalties, depreciation, depletion and amortization, and selling, general and administrative expenses, adjusted for other items that do not relate directly to the costs incurred to produce coal at a mine. Mining costs excludes these cost components as our CODM does not view these costs as directly attributable to the production of coal. Mining costs is used as a supplemental financial measure by management, providing an accurate view of the costs directly attributable to the production of coal at our mining segments, and by external users of our financial statements, such as investors, industry analysts and ratings agencies, to assess our mine operating performance in comparison to the mine operating performance of other companies in the coal industry.

Three Months Ended June 30, ~~2021~~2022 Compared to Three Months Ended June 30, ~~2020~~2021

Summary

The financial and operational highlights for the three months ended June 30, ~~2021~~2022 include:

 Sales volume totaled 3.9 MMt for the three months ended June 30, 2022, compared to 4.5 MMt for the three months ended June 30, ~~2021, compared to 3.8 MMt~~2021. The lower sales volumes were mainly driven by above-average wet weather events at our Australian Operations and adverse geological conditions at our U.S. Operations.

Net income for the three months ended June 30, ~~2020. The higher sales volumes were mainly contributed~~2022 of $292.0 million increased by ~~our U.S. Operations, which continued to experience increased demand from China for U.S. sourced coal and recovery of mining operations to pre-COVID-19 pandemic levels.~~

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~25

~~Table of Contents~~

~~Net loss decreased by $59.2~~$347.1 million, from ~~$114.3 million for the three months ended June 30, 2020, to~~a net loss of $55.1 million for the three months ended June 30, 2021. ~~The lower net loss~~This increase was ~~primarily due to~~driven by higher revenues partially offset by higher costs and income tax expense.

Although coking coal index prices declined during the three months ended June 30, 2022, it remained above historical averages, which, combined with a large portion of our coal sales ~~revenues and the impact~~priced on a three-month lag basis, resulted in record quarterly average realized Met price per Mt sold of ~~a non-cash impairment charge in respect of our Greenbrier asset~~$321.2 for the three months ended June 30, ~~2020, partially offset by higher operating costs, interest charges and income tax expense.~~

~~Strong demand and higher average prices in the seaborne export markets during the three months ended June 30, 2021 resulted in average realized Met coal pricing of $105.1 per Mt sold, 14.7%~~2022, which was 205.6% higher compared to ~~$91.6~~$105.1 per Mt sold for the ~~three months ended June 30, 2020.~~same period in 2021.

 Adjusted EBITDA for the three months ended June 30, ~~2021~~2022 of ~~$18.1~~ $438.4million, an increase of ~~$28.5~~$420.3 million ~~from an Adjusted EBITDA loss of $10.5~~compared to $18.1 million for the three months ended June 30, ~~2020,~~2021, driven by higher coal sales revenues, partially offset by higher operating costs.

 As of June 30, ~~2021,~~2022, the Company had total available liquidity of ~~$213.4~~$585.6 million, consisting of ~~$113.4~~$485.6 million cash (excluding restricted cash) and $100.0 million of availability under the ABL Facility. The ABL Facility is subject to a springing fixed charge coverage ratio test if availability is less than a certain amount.

Three months ended June 30,

2021

2020

Change

%

(in US$ thousands)
Revenues:

Coal revenues

$
413,764

$
295,206

$
118,558

40.2%
Other revenues

10,492

9,142

1,350

14.8%
Total revenues

424,256

304,348

119,908

39.4%
Costs and expenses:

Cost of coal revenues (exclusive of items shown separately below)

306,155

224,459

81,696

36.4%
Depreciation, depletion and amortization

41,212

41,547

(335)

(0.8%)
Freight expenses

55,906

40,504

15,402

38.0%
Stanwell rebate

15,076

24,787

(9,711)

(39.2%)
Other royalties

23,173

19,157

4,016

21.0%
Selling, general, and administrative expenses

7,431

7,158

273

3.8%
Restructuring costs

2,300

—

2,300

100.0%
Total costs and expenses

451,253

357,612

93,641

26.2%
Operating loss

(26,997)

(53,264)

26,267

(49.3%)
Other income (expenses):

Interest expense, net

(16,596)

(12,064)

(4,532)

37.6%
Loss on debt extinguishment

(5,744)

—

(5,744)

100.0%
Unwind of discounting and credit losses

1,866

—

1,866

100.0%
Impairment of assets

—

(63,111)

63,111

(100.0%)
Other, net

570

(8,537)

9,107

(106.7%)
Total other expense, net

(19,904)

(83,712)

63,808

(76.2%)
Net loss before tax

(46,901)

(136,976)

90,075

(65.8%)
Income tax (expense) benefit

(8,184)

22,646

(30,830)

(136.1%)
Net loss

(55,085)

(114,330)

59,245

(51.8%)
Less: Net loss attributable to noncontrolling interest

—

(2)

2

(100.0%)
Net loss attributable to Coronado Global Resources, Inc.

$
(55,085)

$
(114,328)

$
59,243

(51.8%)

~~Coal Revenues~~

Coal revenues were $413.8 million for the three months ended June 30, 2021, an increase of $118.6 million, compared to $295.2 million for the three months ended June 30, 2020. This increase was largely driven by higher sales volumes and higher average realized Met coal price for the three months ended June 30, 2021, of $105.1 per Mt sold, an increase of $13.5 per Mt sold compared to $91.6 per Mt sold for the same period in 2020. The increase in realized Met coal price was largely driven by strong demand and higher average prices in the seaborne export markets particularly in the Asian market during June 2021 as infrastructure development plans ramp up as the world emerges from the COVID-19 pandemic.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~20222623

Table of Contents

	Three months ended June 30,
		2022		2021		Change	%
	(in US$ thousands)
Revenues:
Coal revenues	$	1,020,997	$	413,764	$	607,233	146.8%
Other revenues		11,707		10,492		1,215	11.6%
Total revenues		1,032,704		424,256		608,448	143.4%
Costs and expenses:
Cost of coal revenues (exclusive of items shown separately below)		397,463		306,155		91,308	29.8%
Depreciation, depletion and amortization		51,384		41,212		10,172	24.7%
Freight expenses		67,026		55,906		11,120	19.9%
Stanwell rebate		40,532		15,076		25,456	168.9%
Other royalties		79,348		23,173		56,175	242.4%
Selling, general, and administrative expenses		10,376		7,431		2,945	39.6%
Restructuring costs		—		2,300		(2,300)	(100.0%)
Total costs and expenses		646,129		451,253		194,876	43.2%
Other income (expenses):
Interest expense, net		(17,482)		(16,596)		(886)	5.3%
Loss on debt extinguishment		—		(5,744)		5,744	(100.0%)
(Increase) decrease in provision for discounting and credit losses		(156)		1,866		(2,022)	(108.4%)
Other, net		25,083		570		24,513	4,300.5%
Total other expense, net		7,445		(19,904)		27,349	(137.4%)
Net income (loss) before tax		394,020		(46,901)		440,921	(940.1%)
Income tax (expense) benefit		(102,025)		(8,184)		(93,841)	1,146.6%
Net income (loss)		291,995		(55,085)		347,080	(630.1%)
Net income (loss) attributable to Coronado Global Resources, Inc.	$	291,995	$	(55,085)	$	347,080	(630.1%)

~~Cost of Coal Revenues (Exclusive of Items Shown Separately Below)~~

Cost of coal revenues comprise of costs related to produced tons sold, along with changes in both the volumes and carrying values of coal inventory. Cost of coal revenues include items such as direct operating costs, which includes employee-related costs, materials and supplies, contractor services, coal handling and preparation costs and production taxes. Total cost of coal revenues was $306.2 million for the three months ended June 30, 2021, an increase of $81.7 million, or 36.4%, compared to $224.5 million for the three months ended June 30, 2020.Coal Revenues

~~The cost of coal~~Coal revenues for our U.S. Operations increased $47.5 million during the three months ended June 30, 2021, as compared to the three months ended June 30, 2020, due to higher sales volumes and production volumes. Cost of coal revenues for our Australian Operations increased by $34.2 million during the three months ended June 30, 2021, as compared to the three months ended June 30, 2020, driven by unfavorable average foreign exchange rate on translation of the Australian Operations for the three months ended June 30, 2021 of A$/US$: 0.77 compared to 0.66 for the three months ended June 30, 2020, higher overburden removal and planned equipment maintenance.

~~Depreciation, Depletion and Amortization~~

~~Depreciation, depletion and amortization for the three months ended June 30, 2021 was $41.2 million, largely consistent with $41.5 million for the three months ended June 30, 2020.~~

~~Freight Expenses~~

Freight expenses relate to costs associated with take-or-pay commitments for rail and port providers and demurrage costs. Freight expenses totaled $55.9 million for the three months ended June 30, 2021, an increase of $15.4 million, as compared to $40.5 million for the three months ended June 30, 2020. Our U.S. Operations’ freight cost contributed $9.3 million to the increase, driven by coal sales under certain contracts for which we arrange and pay for transportation to port that did not exist to the same extent in the three months ended June 30, 2020. The remaining increase related to our Australian Operations, driven by unfavorable average foreign exchange rate on translation of the Australian Operations, partially offset by lower sales volumes, compared to the same period in 2020.

~~Stanwell Rebate~~

~~The Stanwell rebate was $15.1~~were $1,021.0 million for the three months ended June 30, ~~2021, a decrease~~2022, an increase of ~~$9.7~~$607.2 million, as compared to ~~$24.8~~$413.8 million for the three months ended June 30, ~~2020. The decrease was largely driven~~2021. A continued strong price environment, due to supply disruptions caused by ~~lower realized export reference~~trade constraints for Russian coal, ~~pricing for~~has caused coal index prices to remain elevated above the ~~prior twelve-month period, partially offset by unfavorable~~historical average, ~~foreign exchange rate on translation of the Australian Operations.~~

~~Other Royalties~~

~~Other royalties were $23.2 million~~which has resulted in the ~~three months ended June 30, 2021, an increase~~record quarterly average realized Met price per Mt sold of ~~$4.0 million, as compared to $19.2 million in the three months ended June 30, 2020. The increase in other royalties were driven by the higher in coal revenues compared to the same period in 2020.~~

~~Interest Expense, net~~

~~Interest expense, net of $16.6 million~~$321.2 for the three months ended June 30, ~~2021, increased $4.5 million, as compared to $12.1 million for the three months ended June 30, 2020. The increase in interest expense~~2022, which was ~~due to higher average interest rate for the three months ended June 30, 2021, compared to the same period in 2020, partially offset by lower average interest-bearing liabilities period on period.~~

~~Loss on debt extinguishment~~

~~During the three months ended June 30, 2021, the Company recognized a loss on debt extinguishment of $5.7 million relating to the termination of the revolving loan facilities under the SFA.~~

~~Unwind of discounting and credit losses~~

We recognized a provision for discounting and credit losses of $9.3 million as at December 31, 2020, largely in respect of trade receivables from Xcoal. During the three months ended June 30, 2021, the provision for discounting and credit losses was partially unwound to account for passage of time and payments made by Xcoal during the quarter, resulting in a benefit of $1.9 million recorded in the Company’s results of operations.

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~27

~~Table of Contents~~

~~Income tax (expense) benefit~~

Income tax expense of $8.2 million for the three months ended June 30, 2021 increased by $30.8 million, as compared to a tax benefit of $22.6 million for the three months ended June 30, 2020. This increase includes a valuation allowance of $19.8 million recognized during the quarter against deferred tax assets of our Australian Operations.

The income tax expense for the three months ended June 30, 2021 is based on an annual effective tax rate of 11.72% for the six months ended June 30, 2021, a decrease from 31.76% for the quarter ended March 31, 2021.

~~Six months ended June 30, 2021 Compared to Six months ended June 30, 2020~~

~~Summary~~

~~The financial and operational highlights for the six months ended June 30, 2021 include:~~

Sales volume totaled 8.9 MMt for the six months ended June 30, 2021, or 0.6 MMt higher than the six months ended June 30, 2020. The higher sales volumes were primarily driven by our U.S. Operations resulting from increased demand of U.S. sourced coal into China and recovery in demand for Met coal to pre-COVID 19 pandemic levels compared to the same period in 2020 when our U.S. Operation were idled for two months.

Net loss decreased by $27.1 million, from $123.2 million for the six months ended June 30, 2020, to $96.1 million for the six months ended June 30, 2021. The decrease in net loss was primarily due to higher coal sales revenues, partially offset by increase in operating costs, higher interest expenses and the impact of non-cash impairment charge at Greenbrier recognized during the six months ended June 30, 2020.

~~Improved coal market prices during the six months ended June 30, 2021 resulted in average realized Met coal pricing of $99.8 per Mt sold, 2.6%~~205.6% higher compared to ~~the six months ended June 30, 2020.~~

~~Adjusted EBITDA for the six months ended June 30, 2021, was $25.7 million, a decrease of $9.2 million, from Adjusted EBITDA of $34.9 million for the six months ended June 30, 2020.~~

Cash provided by operating activities was $56.9 million for the six months ended June 30, 2021, an increase of $64.6 million compared to cash used of $7.6 million for the six months ended June 30, 2020.

~~As of June 30, 2021, the Company had $113.4 million cash (excluding restricted cash).~~

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~28

~~Table of Contents~~

Six months ended June 30,

2021

2020

Change

%

(in US$ thousands)
Revenues:

Coal revenues

$
780,966

$
694,817

$
86,149

12.4%
Other revenues

19,401

18,849

552

2.9%
Total revenues

800,367

713,666

86,701

12.1%
Costs and expenses:

Cost of coal revenues (exclusive of items shown separately below)

580,258

481,345

98,913

20.5%
Depreciation, depletion and amortization

94,293

86,849

7,444

8.6%
Freight expenses

108,047

82,886

25,161

30.4%
Stanwell rebate

30,895

57,415

(26,520)

(46.2%)
Other royalties

44,120

43,455

665

1.5%
Selling, general, and administrative expenses

13,206

13,353

(147)

(1.1%)
Restructuring costs

2,300

—

2,300

100.0%
Total costs and expenses

873,119

765,303

107,816

14.1%
Operating loss

(72,752)

(51,637)

(21,115)

40.9%
Other income (expenses):

Interest expense, net

(31,731)

(24,318)

(7,413)

30.5%
Loss on debt extinguishment

(5,744)

—

(5,744)

100.0%
Unwind of discounting and credit losses

5,644

—

5,644

100.0%
Impairment of assets

—

(63,111)

63,111

(100.0%)
Other, net

(2,358)

(4,485)

2,127

(47.4%)
Total other expense, net

(34,189)

(91,914)

57,725

(62.8%)
Net loss before tax

(106,941)

(143,551)

36,610

(25.5%)
Income tax benefit

10,884

20,355

(9,471)

(46.5%)
Net loss

(96,057)

(123,196)

27,139

(22.0%)
Less: Net loss attributable to noncontrolling interest

(2)

(4)

2

(50.0%)
Net loss attributable to Coronado Global Resources, Inc.

$
(96,055)

$
(123,192)

$
27,137

(22.0%)

~~Coal Revenues~~

Coal revenues were $781.0 million for the six months ended June 30, 2021, an increase of $86.1 million, compared to $694.8 million for the six months ended June 30, 2020. This increase was driven by higher sales volumes at our U.S. Operations and higher average realized Met coal price for the six months to June 30, 2021 of $99.8 per Mt sold, an increase of $2.5 per Mt sold compared to $97.3$105.1 per Mt sold for the same period in ~~2020,~~2021. This increase was partially offset by lower Met coal sales volume of 3.9 MMt for the three months ended June 30, 2022, compared to 4.5 MMt in 2021, primarily due to ~~favorable market~~significant wet weather events and adverse geological conditions ~~and higher index prices.~~experienced by our mining operations.

Cost of Coal Revenues (Exclusive of Items Shown Separately Below)

Cost of coal revenues ~~is comprised of~~comprise costs related to produced tons sold, along with changes in both the volumes and carrying values of coal inventory. Cost of coal revenues include items such as direct operating costs, which includes employee-related costs, materials and supplies, contractor services, coal handling and preparation costs and production taxes.

Total cost of coal revenues was $397.5million for the three months ended June 30, 2022, an increase of $91.3million, or 29.8%,compared to $306.2 million for the three months ended June 30, 2021.

Our U.S. Operations contributed $50.7million to the increase in total cost of coal revenues, driven by the impact of inflation on labor and supply costs, and adverse geological conditions in certain mines at our U.S. Operations, resulting in unplanned maintenance costs and increased purchased coal transactions to meet sales commitments. Cost of coal revenues for our Australian Operations for the three months ended June 30, 2022, was $40.6 million higher compared to the three months ended June 30, 2021, as a result of additional contractor fleets mobilized to accelerate overburden removal to increase coal availability, inflationary pressure, including higher fuel and labor costs, and higher purchased coal transactions, partially offset by a favorable average foreign exchange rate on translation of the Australian Operations for the three months ended June 30, 2022 of A$/US$: 0.72 compared to 0.77 for the same period in 2021.

Coronado Global Resources Inc. Form 10-Q June 30, 202224

Table of Contents

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization for the three months ended June 30, 2022 was $51.4 million, 24.7% higher compared to $41.2 million for the three months ended June 30, 2021. The higher depreciation was associated with additional equipment brought into service during the twelve months since June 30, 2021, partially offset by a favorable average foreign exchange rate on translation of the Australian Operations.

Freight Expenses

Freight expenses include costs associated with take-or-pay commitments for rail and port providers and demurrage costs. Freight expenses totaled $67.0 millionfor the three months ended June 30, 2022, an increase of $11.1 million, compared to $55.9 million for the three months ended June 30, 2021. Our U.S. Operations’ freight cost contributed $11.3 million to this increase, driven by coal sales under certain contracts for which we arrange and pay for transportation to port that did not exist to the same extent during the three months ended June 30, 2021 and higher demurrage costs.

Stanwell Rebate

The Stanwell rebate was $40.5 million for the three months ended June 30, 2022, an increase of $25.5 million, compared to $15.1 million for the three months ended June 30, 2021. The increase was largely driven by higher realized export reference coal pricing for the prior twelve-month period used to calculate the rebate.

Other Royalties

Other royalties were $79.3 million in the three months ended June 30, 2022, an increase of $56.2 million, as compared to $23.2 million for the three months ended June 30, 2021. Higher royalties were a product of higher coal revenues compared to the same period in 2021.

Loss on Debt Extinguishment

During the three months ended June 30, 2021, the Company recognized a loss on debt extinguishment of $5.7 million relating to the termination of the revolving loan facility under the Company’s former multicurrency revolving syndicated facility agreement. There was no debt extinguishment during the three months ended June 30, 2022.

Other, net

Other, net was $25.1 million in the three months ended June 30, 2022, an increase of $24.1 million compared to $0.6 million for the three months ended June 30, 2021. The increase primarily relates to foreign exchange gains recognized in the translation of short-term intra-entity balances in certain entities within the group that are denominated in currencies other than their respective functional currencies.

Income Tax (Expense) Benefit

Income tax expense of $102.0 million for the three months ended June 30, 2022 increased by $93.8 million, compared to a tax expense of $8.2 million for the three months ended June 30, 2021, driven by higher income before tax in the 2022 period.

The income tax expense for the three months ended June 30, 2022 is based on an annual effective tax rate of 24.7%, which has been favorably impacted by mine depletion in the United States.

Six months ended June 30, 2022 Compared to Six months ended June 30, 2021

Summary

The financial and operational highlights for the six months ended June 30, 2022 include:

Sales volume totaled 8.3 MMt for the six months ended June 30, 2022, or 0.6 MMt lower than the six months ended June 30, 2021. The lower sales volumes were primarily driven by significant wet weather events at our Australian Operations and adverse geological conditions at one of our mine complexes at our U.S. Operations during the second quarter of 2022.

Net income of $561.9 million for the six months ended June 30, 2022 increased by $658.0 million, from a net loss of $96.1 million for the six months ended June 30, 2021. The increase was driven by revenues, partially offset by higher costs and higher income tax expense.

Coronado Global Resources Inc. Form 10-Q June 30, 202225

Table of Contents

The continued impact of the Russian invasion of Ukraine on global supply dynamics caused considerable volatility in coal pricing, which resulted in average realized Met price per Mt sold of $292.8 for the six months ended June 30, 2022, 193.4% higher compared to $99.8 per Mt sold for the six months ended June 30, 2021.

Adjusted EBITDA for the six months ended June 30, 2022 was $849.3 million, an increase of $823.6 million, from Adjusted EBITDA of $25.7 million for the six months ended June 30, 2021. This increase was driven by higher coal revenues, partially offset by higher operating costs.

Cash provided by operating activities was $518.3 million for the six months ended June 30, 2022, an increase of $461.4 million compared to $56.9 million for the same period in 2021.

As of June 30, 2022, the Company had net cash of $171.1 million, consisting of a closing cash balance (excluding restricted cash) of $485.6 million and $314.5 million aggregate principal amount outstanding of the Notes.

	Six months ended June 30,
		2022		2021		Change	%
	(in US$ thousands)
Revenues:
Coal revenues	$	1,957,625	$	780,966	$	1,176,659	150.7%
Other revenues		22,204		19,401		2,803	14.4%
Total revenues		1,979,829		800,367		1,179,462	147.4%
Costs and expenses:
Cost of coal revenues (exclusive of items shown separately below)		754,963		580,258		174,705	30.1%
Depreciation, depletion and amortization		89,393		94,293		(4,900)	(5.2%)
Freight expenses		126,290		108,047		18,243	16.9%
Stanwell rebate		69,585		30,895		38,690	125.2%
Other royalties		162,380		44,120		118,260	268.0%
Selling, general, and administrative expenses		18,252		13,206		5,046	38.2%
Restructuring costs		—		2,300		(2,300)	(100.0%)
Total costs and expenses		1,220,863		873,119		347,744	39.8%
Other income (expenses):
Interest expense, net		(34,814)		(31,731)		(3,083)	9.7%
Loss on debt extinguishment		—		(5,744)		5,744	(100.0%)
(Increase) decrease in provision for discounting and credit losses		(584)		5,644		(6,228)	(110.3%)
Other, net		22,293		(2,358)		24,651	(1,045.4%)
Total other expense, net		(13,105)		(34,189)		21,084	(61.7%)
Net income (loss) before tax		745,861		(106,941)		852,802	(797.5%)
Income tax (expense) benefit		(183,968)		10,884		(194,852)	(1,790.3%)
Net income (loss)		561,893		(96,057)		657,950	(685.0%)
Less: Net loss attributable to noncontrolling interest		—		(2)		2	(100.0%)
Net income (loss) attributable to Coronado Global Resources, Inc.	$	561,893	$	(96,055)	$	657,948	(685.0%)

Coal Revenues

Coal revenues were $1,957.6 million for the six months ended June 30, 2022, an increase of $1,176.7 million, compared to $781.0 million for the six months ended June 30, 2021. This increase was driven by favorable market conditions and higher coal indices, which resulted in a higher average realized Met price per Mt sold for the six months ended June 30, 2022 of $292.8, compared to $99.8 per Mt sold for the same period in 2021.

Cost of Coal Revenues (Exclusive of Items Shown Separately Below)

Total cost of coal revenues was $755.0 million for the six months ended June 30, 2022, an increase of $174.7 million, or 30.1%, compared to $580.3 million for the six months ended June 30, ~~2021, an increase of $98.9 million, or 20.5%, compared to $481.3 million for the six months ended June 30, 2020.~~2021. Cost of coal revenues for our U.S. Operations ~~increased $20.2 million due to higher sales volumes and operations returning to pre-COVID-19 pandemic levels, whereas the U.S. Operations were idled for two months during~~in the six months ended June 30, ~~2020.~~2022 increased by $91.5 million, as compared to the same period in 2021, driven by the impact of inflation on labor and supply costs, and adverse geological conditions in

Coronado Global Resources Inc. Form 10-Q June 30, 202226

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certain mines of our U.S. Operations resulting in unplanned maintenance costs and increased purchased coal transactions to meet sales commitments. Cost of coal revenues for our Australian Operations in the six months ended June 30, 2022 increased by ~~$78.7~~$83.2 million, as compared to the same period in 2021, driven by ~~higher production and sales volume, seasonal wet weather,~~ an ~~equipment breakdown,~~ additional fleet mobilized to accelerate overburden removal, inflationary pressure on fuel pricing and ~~unfavorable~~labor costs and increased purchased coal transactions to meet sales commitments. Higher costs were partially offset by a favorable average foreign exchange rate on translation of the Australian Operations for the six months ended June 30, ~~2021~~2022 of A$/US$: ~~0.77~~0.72 compared to ~~0.66~~0.77 for the same period in ~~2020.~~2021.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization was $89.4 million for the six months ended June 30, 2022, a decrease of $4.9 million, as compared to $94.3 million for the six months ended June 30, ~~2021, an increase~~2021. The decrease was associated with lower production in our Australian Operations impacting assets depreciated under the units of ~~$7.4 million, as compared to $86.8 million for the six months ended June 30, 2020. The increase was largely driven by~~

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~29

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~~depreciation on additional equipment brought into service during twelve months since June 30, 2020~~production method and ~~unfavorable~~a favorable average foreign exchange rate on translation of the Australian ~~Operations.~~Operations, partially offset by additional equipment brought into service during the twelve months since June 30, 2021.

Freight Expenses

Freight expenses totaled $126.2 million for the six months ended June 30, 2022, an increase of $18.2 million, compared to $108.0 million for the six months ended June 30, ~~2021, an increase of $25.1 million, compared to $82.9 million for the six months ended June 30, 2020.~~2021. Our U.S. Operations contributed to ~~$13.3~~$21.8 million of the increase due to ~~higher coal sales under~~ certain contracts for which we arrange and pay for transportation to port that did not exist to the same extent in the six months ended June 30, ~~2020. The remainder relates to our Australian Operations, primarily driven by higher sales volume and unfavorable average foreign exchange rate.~~

~~Stanwell Rebate~~

~~The Stanwell rebate was $30.9 million for the six months ended June 30,~~ 2021, a decrease of $26.5 million, as compared to $57.4 million for the six months ended June 30, 2020. The decrease was largely driven by lower realized export reference coal pricing for the prior twelve-month period, partially offset by ~~unfavorable~~a favorable average foreign exchange rate on translation of the Australian Operations.

~~Other Royalties~~Stanwell Rebate

~~Other royalties were $44.1 million in the six months ended June 30, 2021, which were largely consistent with other royalties of $43.5~~The Stanwell rebate was $69.6 million for the six months ended June 30, ~~2020.~~2022, an increase of $38.7 million, as compared to $30.9 million for the six months ended June 30, 2021. The increase was largely driven by higher realized export reference coal pricing for the prior twelve-month period used to calculate the rebate.

Other Royalties

Other royalties were $162.4 million for the six months ended June 30, 2022, an increase of $118.3 million, as compared to $44.1 million for the six months ended June 30, 2021. Higher royalties were a product of higher average realized export pricing for the six months period ended June 30, 2022 compared to the same period in 2021.

Interest Expense, net

Interest expense, net of $34.8 million for the six months ended June 30, 2022 increased $3.1 million, as compared to $31.7 million for the six months ended June 30, ~~2021 increased $7.4 million, as compared to $24.3 million for the six months ended June 30, 2020.~~2021. The increase in interest expense ~~net~~ was due to a higher average interest rate for the six months ended June 30, ~~2021,~~2022, compared to the same period in ~~2020,~~2021, partially offset by lower average interest-bearing liabilities period-over-period.

~~Income tax benefit (expense)~~Other, net

~~Income tax benefit~~Other, net was $22.3 million in the six months ended June 30, 2022, an increase of ~~$10.9~~$24.7 million compared to a net loss of $2.4 million for the six months ended June 30, ~~2021 decreased by $9.5 million, as compared to $20.4~~2021. The increase is foreign exchange gains recognized in the translation of short-term inter-entity balances in certain entities within the group that are denominated in currencies other than their respective functional currencies.

Income Tax (Expense) Benefit

Income tax expense of $184.0 million for the six months ended June 30, ~~2020. The decrease includes~~2022 decreased by $194.9 million, as compared to a ~~valuation allowance of $19.8~~$10.9 million ~~recognized during the period against deferred tax assets of our Australian Operations.~~

~~The income~~ tax benefit for the six months ended June 30, 2021, primarily driven by higher income before tax in the 2022 period.

The income tax expense for the six months ended June 30, 2022 is based on an annual effective tax rate of ~~11.72% for the six months ended~~24.7%.

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021, a decrease from 14.17% for the six months ended June 30, 2020.~~202227

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Supplemental Segment Financial Data

Three months ended June 30, ~~2021~~2022 compared to three months ended June 30, ~~2020~~2021

Australia

	Three months ended June 30,				Three months ended June 30,
	2021	2020	Change	%	2022	2021	Change	%
	(in US$ thousands)				(in US$ thousands)
Sales volume (MMt)	2.8	3.0	(0.2)	(6.7)%	2.3	2.8	(0.5)	(17.0)%
Total revenues ($)	251,432	228,410	23,022	10.1%	578,388	251,432	326,956	130.0%
Coal revenues ($)	242,749	219,950	22,799	10.4%	568,346	242,749	325,597	134.1%
Average realized price per Mt sold ($/Mt)	86.6	73.2	13.4	18.3%	244.4	86.6	157.8	182.2%
Met sales volume (MMt)	2.1	2.1	—	(0.0)%	1.5	2.1	(0.6)	(27.8)%
Met coal revenues ($)	221,659	194,909	26,750	13.7%	543,345	221,659	321,686	145.1%
Average realized Met price per Mt sold ($/Mt)	105.2	91.9	13.3	14.5%	357.4	105.2	252.2	239.7%
Mining costs ($)	175,760	160,697	15,063	9.4%	205,272	175,760	29,512	16.8%
Mining cost per Mt sold ($/Mt)	66.8	53.6	13.2	24.6%	94.1	66.8	27.3	40.9%
Operating costs ($)	266,199	236,418	29,781	12.6%	381,907	266,199	115,708	43.5%
Operating costs per Mt sold ($/Mt)	95.0	78.6	16.4	20.9%	164.2	95.0	69.2	72.8%
Segment Adjusted EBITDA ($)	(13,880)	(6,804)	(7,076)	104.0%	196,315	(13,880)	210,195	(1,514.4)%

Coal revenues for our Australian Operations for the three months ended June 30, ~~2021~~2022 were ~~$242.8~~$568.3 million, an increase of ~~$22.8~~$325.6 million or ~~10.4%~~134.1%, compared to ~~$220.0~~$242.7 million for the three months ended June 30, ~~2020.~~2021. This increase was largely driven by a higher average realized Met price per Mt sold for the three months ended June 30, 2022 of $357.4 compared to $105.2 per Mt sold for the same period in 2021 benefiting from elevated demand and prices from ongoing trade constraints for Russian coal ~~pricing~~and the impact it has had on supply dynamics. Sales volume of 2.3 MMt decreased by 0.5 MMt, compared to 2.8 MMt for the three months ended June 30, 2021, as ~~seaborne coal export market recovers~~a result of above average wet weather impacting production at the Curragh mine complex.

Operating costs increased by $115.7 million, or 43.5%, for the three months ended June 30, 2022, compared to the three months ended June 30, 2021. The increase was driven by higher mining costs, other royalties and Stanwell rebate (mainly due to ~~strong global steel demand~~higher realized coal pricing). Mining cost per Mt sold of $94.1 for the three months ended June 30, 2022 was 40.9% higher compared to the three months ended June 30, 2021, primarily due to inflationary impacts including higher fuel prices, increase in purchased coal to meet sales commitments and additional contractor fleets mobilized at our Australian Operations.

Segment Adjusted EBITDA of $196.3 million for the three months ended June 30, 2022 increased by $210.2 million compared to Adjusted EBITDA loss of $13.9 million for the three months ended June 30, 2021. This increase was primarily driven by higher coal revenues partially offset by higher operating costs.

United States

	Three months ended June 30,
	2022	2021	Change	%
	(in US$ thousands)
Sales volume (MMt)	1.6	1.7	(0.1)	(5.1)%
Total revenues ($)	454,316	172,824	281,492	162.9%
Coal revenues ($)	452,651	171,015	281,636	164.7%
Average realized price per Mt sold ($/Mt)	283.4	101.6	181.8	178.9%
Met sales volume (MMt)	1.6	1.6	—	(1.8)%
Met coal revenues ($)	450,858	168,472	282,386	167.6%
Average realized Met price per Mt sold ($/Mt)	286.2	105.0	181.2	172.6%
Mining costs ($)	148,922	109,137	39,785	36.5%
Mining cost per Mt sold ($/Mt)	96.9	65.4	31.5	48.2%
Operating costs ($)	202,462	134,111	68,351	51.0%
Operating costs per Mt sold ($/Mt)	126.7	79.7	47.0	59.0%
Segment Adjusted EBITDA ($)	252,394	39,434	212,960	540.0%

Coal revenues increased by $281.6 million, or 164.7%, to $452.7 million for the three months ended June 30, 2022 compared to $171.0 million for the three months ended June 30, 2021. This increase was largely driven by

Coronado Global Resources Inc. Form 10-Q June 30, ~~2021~~20223028

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~~tight supply in the Australian coal market. The~~a higher average realized Met ~~coal~~ price ~~for the quarter ended June 30, 2021 was $105.2 per Mt sold, which is $13.3 per Mt higher compared to the same quarter last year.~~

Operating costs increased by $29.8 million, or 12.6%, for the three months ended June 30, 2021, compared to the three months ended June 30, 2020. The increase was driven by higher mining costs and freight costs, partially offset by lower royalties and Stanwell rebate (mainly due to lower realized coal pricing on a twelve-month look back). Mining cost per ton of $66.8 per Mt sold for the three months ended June 30, ~~2021 was 24.6% higher~~2022 of $286.2, compared to $105.0 per Mt sold for the ~~three~~same period in 2021, due to strong U.S.-sourced coal demand, particularly into China and Europe. Changes in supply dynamics due to the Russia and Ukraine war has benefited our U.S. Operations given their ability to switch coal exports from China to meet supply shortages in Europe at high prices during the six months ended June 30, ~~2020, impacted by low~~2022. Additionally, coal ~~availability~~ from ~~wet weather events, planned equipment maintenance, higher overburden removal and unfavorable average foreign exchange rate~~our U.S. Operations continued to experience strong demand from China as import restrictions on ~~translation of the~~ Australian ~~Operations for the three months ended June 30, 2021 of A$/US$: 0.77 compared to 0.66 for the three months ended June 30, 2020.~~coal remain in place.

~~Adjusted EBITDA decreased~~Operating costs increased by ~~$7.1~~$68.4 million, or 51.0%, to ~~a loss of $13.9~~$202.5 million for the three months ended June 30, ~~2021 as~~2022, compared to ~~loss of $6.8 million for the three months ended June 30, 2020, primarily due to higher~~ operating costs ~~partially offset by increase in coal revenues.~~

~~United States~~

Three months ended June 30,

2021

2020

Change

%

(in US$ thousands)
Sales volume (MMt)

1.7

0.8

0.9

112.5%
Total revenues ($)

172,824

75,938

96,886

127.6%
Coal revenues ($)

171,015

75,256

95,759

127.2%
Average realized price per Mt sold ($/Mt)

101.6

90.2

11.4

12.6%
Met sales volume (MMt)

1.6

0.8

0.8

100.0%
Met coal revenues ($)

168,472

74,839

93,633

125.1%
Average realized Met price per Mt sold ($/Mt)

105.0

90.8

14.2

15.6%
Mining costs ($)

109,137

56,921

52,216

91.7%
Mining cost per Mt sold ($/Mt)

65.4

73.5

(8.1)

(11.0)%
Operating costs ($)

134,111

72,489

61,622

85.0%
Operating costs per Mt sold ($/Mt)

79.7

86.8

(7.1)

(8.2)%
Segment Adjusted EBITDA ($)

39,434

3,490

35,944

1,029.9%

Coal revenues increased by $95.8 million, or 127.2%, to $171.0 million for the three months ended June 30, 2021 as compared to $75.3 million for the three months ended June 30, 2020. This increase was largely driven by higher Met coal sales volumes in the quarter ended June 30, 2021 of 0.8 MMt, driven by strong U.S. sourced coal demand, particularly into China, exceeding pre-COVID-19 pandemic levels, whereas the U.S. Operations were idled for two months during the three months ended June 30, 2020. Moreover, our U.S. Operations saw an increase in average realized Met coal pricing of $14.2 per Mt sold to $105.0 per Mt sold for the three months ended June 30, 2021, compared to $90.8 per Mt sold for the same period in 2020. The increase was a reflection of strong U.S. sourced coal demand into China following Chinese restrictions on imports of Australian-sourced coal.

~~Operating costs increased by $61.6 million, or 85.0%, to~~ $134.1 million for the three months ended June 30, ~~2021, compared to operating costs of $72.5 million for the three months ended June 30, 2020.~~2021. The increase was due to higher mining costs of ~~$52.2~~$39.8 million, as a result of higher sales and production returning to pre-COVID-19 pandemic levels, whereas the U.S. Operations were idled for two months during the quarter ended June 30, 2020, combined with higher freight expenses driven by an increase in ~~sales volume and for certain contracts for which we arrange and pay for transportation~~purchased coal, higher production costs ~~that did not exist~~due to the ~~same extent in~~impact of inflation of supplies and labor costs and adverse geological conditions causing unplanned maintenance activities.

Segment Adjusted EBITDA of $252.4 million for the three months ended June 30, ~~2020.~~

~~Adjusted EBITDA of~~2022 increased by $213.0 million compared to $39.4 million for the three months ended June 30, 2021, ~~increased by $35.9 million compared to $3.5 million for the three months ended June 30, 2020,~~primarily driven by ~~increased sales volume and~~a higher average realized Met ~~coal pricing,~~price per Mt sold, partially offset by higher operating costs.

Corporate and Other Adjusted EBITDA

The following table presents a summary of the components of Corporate and Other Adjusted EBITDA:

~~Coronado Global Resources Inc. Form 10-Q June 30, 2021~~31

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	Three months ended June 30,								Three months ended June 30,
		2021		2020		Change		%		2022		2021		Change	%
	(in US$ thousands)								(in US$ thousands)
Selling, general, and administrative expenses	$	7,431	$	7,158	$	273	$	3.8%	$	10,376	$	7,431	$	2,945	39.6%
Other, net		62		5		57		n/m		(27)		62		(89)	n/m
Total Corporate and Other Adjusted EBITDA	$	7,493	$	7,163	$	330	$	4.6%	$	10,349	$	7,493	$	2,856	38.1%

n/m – Not meaningful for comparison.

Corporate and other costs of $10.3 million for the three months ended June 30, 2022 increased ~~$0.3~~$2.9 million, compared to $7.5 million for the three months ended June 30, ~~2021, as compared to $7.2 million for the three months ended June 30, 2020.~~2021. The increase in selling, general, and administrative expenses was primarily driven by ~~unfavorable average foreign exchange rate on translation~~corporate activities partially resuming to pre-COVID-19 pandemic levels and timing of ~~the Australian Operations for the three months ended~~certain corporate costs.

									Three months ended June 30, 2022
									(in US$ thousands)
										Australia		United States		Other / Corporate		Total Consolidated
Total costs and expenses									$	410,520	$	224,942	$	10,667	$	646,129
Less: Selling, general and administrative expense										—		—		(10,376)		(10,376)
Less: Depreciation, depletion and amortization										(28,613)		(22,480)		(291)		(51,384)
Total operating costs										381,907		202,462		—		584,369
Less: Other royalties										(66,628)		(12,720)		—		(79,348)
Less: Stanwell rebate										(40,532)		—		—		(40,532)
Less: Freight expenses										(38,734)		(28,292)		—		(67,026)
Less: Other non-mining costs										(30,741)		(12,528)		—		(43,269)
Total mining costs										205,272		148,922		—		354,194
Sales Volume excluding non-produced coal (MMt)										2.2		1.5		—		3.7
Mining cost per Mt sold ($/Mt)										94.1		96.9		—		95.3

	Three months ended June 30, 2021								Three months ended June 30, 2021
	(in US$ thousands)								(in US$ thousands)
		Australia		United States		Other / Corporate		Total Consolidated		Australia		United States		Other / Corporate		Total Consolidated
Total costs and expenses	$	290,914	$	152,662	$	7,677	$	451,253	$	290,914	$	152,662	$	7,677	$	451,253
Less: Selling, general and administrative expense		—		—		(7,431)		(7,431)		—		—		(7,431)		(7,431)
Less: Restructuring costs		(2,300)		—		—		(2,300)		(2,300)		—				(2,300)
Less: Depreciation, depletion and amortization		(22,415)		(18,551)		(246)		(41,212)		(22,415)		(18,551)		(246)		(41,212)
Total operating costs		266,199		134,111		—		400,310		266,199		134,111		—		400,310
Less: Other royalties		(16,773)		(6,400)		—		(23,173)		(16,773)		(6,400)		—		(23,173)
Less: Stanwell rebate		(15,076)		—		—		(15,076)		(15,076)		—		—		(15,076)
Less: Freight expenses		(38,955)		(16,951)		—		(55,906)		(38,955)		(16,951)		—		(55,906)
Less: Other non-mining costs		(19,635)		(1,623)		—		(21,258)		(19,635)		(1,623)		—		(21,258)
Total mining costs		175,760		109,137		—		284,897		175,760		109,137		—		284,897
Sales Volume excluding non-produced coal (MMt)		2.6		1.7		—		4.3		2.6		1.7		—		4.3
Mining cost per Mt sold ($/Mt)		66.8		65.4		—		66.2		66.8		65.4		—		66.2

	Three months ended June 30, 2020
	(in US$ thousands)
		Australia		United States		Other / Corporate		Total Consolidated
Total costs and expenses	$	256,730	$	93,528	$	7,354	$	357,612
Less: Selling, general and administrative expense		—		—		(7,158)		(7,158)
Less: Depreciation, depletion and amortization		(20,312)		(21,039)		(196)		(41,547)
Total operating costs		236,418		72,489		—		308,907
Less: Other royalties		(17,547)		(1,610)		—		(19,157)
Less: Stanwell rebate		(24,787)		—		—		(24,787)
Less: Freight expenses		(32,882)		(7,622)		—		(40,504)
Less: Other non-mining costs		(505)		(6,336)		—		(6,841)
Total mining costs		160,697		56,921		—		217,618
Sales Volume excluding non-produced coal (MMt)		3.0		0.8		—		3.8
Mining cost per Mt sold ($/Mt)		53.6		73.5		—		57.7

(in US$ thousands)		Trade and related party trade receivables		Other Assets		Total
As at January 1, 2021	$	9,298	$	0	$	9,298
Change in estimates during the current period		(120)		407		287
Unwind of provision for expected credit losses		(5,931)		0		(5,931)
As of June 30, 2021	$	3,247	$	407	$	3,654


				Net unrealized gain (loss)
(in US$ thousands)		Foreign currency translation adjustments		Cash flow fuel hedges		Total
Balance at December 31, 2020	$	(26,777)	$	(2,029)	$	(28,806)
Net current-period other comprehensive income (loss):
Gain in other comprehensive income (loss) before reclassifications		1,130		11,446		12,576
Loss on long-term intra-entity foreign currency transactions		(9,960)		0		(9,960)
Gains reclassified from accumulated other comprehensive income (loss)		0		(3,062)		(3,062)
Tax effects		0		(2,135)		(2,135)
Total net current-period other comprehensive gain (loss)		(8,830)		6,249		(2,581)
Balance at June 30, 2021	$	(35,607)	$	4,220	$	(31,387)

	Payments Due By Year
		Total		Less than		1 ‑ 3		3 ‑ 5		More than
				1 Year		Years		Years		5 Years
	(in US$ thousands)
Long‑term debt obligations(1)	$	34,397	$	17,994	$	8,999	$	7,404	$	—
Senior secured notes (2)		350,000		—		—		350,000		—
Mineral lease commitments(3)		49,101		6,421		10,528		9,815		22,338
Operating and finance lease commitments		28,381		9,724		16,476		1,757		424
Unconditional purchase obligations(4)		20,327		20,327		—		—		—
Take‑or‑pay contracts(5)		1,349,487		104,269		244,643		247,597		752,978
Total contractual cash obligations	$	1,831,693	$	158,735	$	280,646	$	616,573	$	775,740

Exhibit No.	Description of Document
3.1	Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated herein by reference)
3.2	Amended and Restated By-Laws (filed as Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated herein by reference)
~~4.1~~	Indenture, dated as of May 12, 2021, among Coronado Finance Pty Ltd, as issuer, Coronado Global Resources Inc., as guarantor, the subsidiaries of Coronado Global Resources Inc. named therein, as additional guarantors, and Wilmington Trust, National Association, as trustee and notes collateral agent, relating to Coronado Finance Pty Ltd’s 10.750% Senior Secured Notes due 2026 (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021 and incorporated herein by reference)
~~4.2~~	~~Form of 10.750% Senior Secured Notes due 2026 (included in Exhibit 4.1)~~
10.1*	Syndicated Facility Agreement, dated as of May 12, 2021, among Coronado Global Resources Inc., as guarantor, Coronado Coal Corporation, as U.S. borrower, Coronado Finance Pty Ltd, as Australian borrower, the subsidiaries of Coronado Global Resources Inc. named therein, as additional guarantors, and Citibank, N.A., as administrative agent and a lender, and various other financial institutions as lenders (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021 and incorporated herein by reference)
~~10.2~~	~~Separation Letter Agreement, dated June 24, 2021, between Coronado Global Resources Inc. and Richard Rose~~
15.1	Acknowledgement of Independent Registered Public Accounting Firm
31.1	Certification of the Chief Executive Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a) adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of the Group Chief Financial Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a) adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
95.1	Mine Safety Disclosures
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	Coronado Global Resources Inc.

	By:	/s/ Gerhard Ziems
	Gerhard Ziems
	Group Chief Financial Officer (as duly authorized officer and as principal financial officer of the registrant)