Coronado Global Resources 10K 2021 Annual report | CODQL Filing

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

February 2022

Prepared for:

Coronado Global Resources Inc.

100 Bill Baker Way

Beckley, West

Virginia 25801

Prepared by:

ARSHALL

ILLER

SSOCIATES

582 Industrial Park Road

Bluefield, Virginia

24605

www.mma1.com

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Statement of Use and Preparation

This Technical

Report Summary (

TRS

) was prepared by

Marshall Miller & Associates, Inc. (

MM&A

)

for

the

sole

use

Coronado

Global

Resources

Inc.

(

Coronado

)

and

its

affiliated

and

subsidiary

companies and advisors.

Copies or

references to information in this

report may not

be used

without

the written permission of Coronado.

This report provides a

statement of coal resources and

coal reserves for Coronado, as

defined under

the

Australasian Code

for Reporting

of Exploration Results,

Mineral Resources

and Ore

Reserves

(

JORC Code

) as well as under Subpart 1300 of Regulation S-K (Regulation S-K 1300) promulgated by

the

United States

Securities and

Exchange Commission

(

SEC

)

Subject to

the comments

below,

this

report

was

also

prepared

accordance

with

the

Australasian

Code

for

Public

Reporting

Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

The statement is based on

information provided by Coronado and

reviewed by Scott Peterson, CPG;

and Justin S. Douthat, PE, MBA.

As noted above, this report is a “Public Report” for the purposes of the VALMIN Code.

However,

accordance with paragraph 12.1 of the VALMIN Code, it is noted that this report is not a “Valuation

Mineral

Assets

”,

and

also

does

not

comply

with

the

following

requirements

that

apply

“Technical Assessments” (as defined in the VALMIN

Code):

This report does not include a determination of the status of tenure (as required

by paragraph

7.2 of the VALMIN Code) on the basis that tenure was separately

reviewed by Coronado’s

legal

advisors.

This

report

does

not

include

separate

commentary

the

reasonableness

and

quality

the

Resources and Reserves estimates

and the basis on which they have been reported (as required

paragraph

7.3

the

VALMIN

Code).

MM&A

did

not

consider

that

this

was

appropriate

circumstances

where

MM&A

was

engaged

for

the

specific

purpose

preparing

those

estimates

and

the

Resource

estimates

were

prepared

Scott

Peterson

and

the

Reserve

estimates

were

prepared by Justin Douthat, both of whom are authors of this report.

However,

MM&A notes that,

in accordance with

its usual

practice, a separate

team of

MM&A employees

undertook a

peer review

of this

report and

confirmed that

both the

process followed

by the

authors of

this report

and the

estimates prepared were reasonable and comply with the requirements

of the JORC Code.

Justin Douthat is a

licensed Professional Engineers and Registered Member of

the

Society of Mining

Engineers (

SME

)

, Golden, Colorado,

USA.

Scott Peterson

is a Registered

Member of the

American

Institute

Professional

Geologists

(

AIPG

)

SME

and

AIPG

are

Recognized

Professional

Organizations

(

RPOs

)

Both

are

full-time

employees

Marshall

Miller

Associates,

Inc.

and

recognized as a

Qualified Persons

(

QPs

The information in this TRS

related to coal resources and reserves is

based on, and fairly represents,

information compiled by the QPs.

At the time of

reporting, MM&A’s QPs have sufficient experience

relevant

to the

style of

mineralization

and type

of deposit

under consideration

and to

the activity

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

they are undertaking to qualify as a

QP as defined by the

SEC and the JORC Code.

Each QP consents

to the inclusion in

this report of the

matters based

on their information

in the form and

context in

which it appears.

Marshall

Miller

Associates,

Inc.

(

MM&A

)

hereby

consents

the

use

the

information

contained in this report

dated December 31, 2021, relating

to estimates of

coal resources and coal

reserves controlled by Coronado.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

This report was prepared by:

ARSHALL

ILLER

SSOCIATES

/s/ Scott Peterson

February 18, 2022

Scott Peterson, CPG

Sr.

Principal Geologist

Direct Line: +1 304 809 0630

Email:

scott.peterson@mma1.com

Date of Signature

/s/ Justin S. Douthat

February 18, 2022

Justin S. Douthat, PE, MBA

Executive Vice President

Direct Line: +1 304 809 0597

Email:

justin.douthat@mma1.com

Date of Signature

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table of

Contents

1.1

1.2

1.3

1.4

1.5

Operations and Development

1.6

1.7

1.8

1.9

1.10

1.10.1

Discounted Cash Flow Analysis

1.10.2

Sensitivity Analysis

1.11

Permitting

1.12

Conclusion and Recommendations

Introduction

2.1

Registrant and Terms

of Reference

2.2

2.3

3.1

3.2

Titles, Claims or Leases

3.3

Mineral Rights

3.4

Encumbrances

3.5

Other Risks

Accessibility, Climate, Local Resources, Infrastructure and Physiography

4.1

Topography,

Elevation and Vegetation

4.2

Access and Transport

4.3

Proximity to Population Centers

4.4

Climate and Length of Operating Season

4.5

5.1

5.2

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

6.2

Mineralization

6.3

Deposits

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Exploration

7.1

Nature and Extent of Exploration

7.2

Non-Drilling Procedures and Parameters

7.3

Drilling Procedures

7.4

Hydrology

7.5

Geotechnical Data

Sample Preparation, Analyses and Security

8.1

Prior to Sending to the Lab

8.2

Lab Procedures

Data Verification

9.1

Procedures of Qualified Person

9.2

Limitations

9.3

Opinion of Qualified Person

Mineral Processing and Metallurgical Testing

10.1

Testing

Procedures

10.2

Relationship of Tests

to the Whole

10.3

Lab Information

10.4

Relevant Results

Mineral Resource Estimates

11.1

Assumptions, Parameters and Methodology

11.1.1

Geostatistical Analysis

11.2

Qualified Person’s Estimates

11.3

Qualified Person’s Opinion

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

12.2

Qualified Person’s Estimates

12.3

Qualified Person’s Opinion

Mining Methods

13.1

Geotech and Hydrology

13.2

Production Rates

13.3

Mining Related Requirements

13.4

Required Equipment and Personnel

13.4.1

Mine:

Pangburn

13.4.2

Mine: Shaner

13.4.3

Mine: Fallowfield

Processing and Recovery Methods

14.1

Description or Flowsheet

14.2

Requirements for Energy, Water,

Material and Personnel

Infrastructure

Market Studies

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport

Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

16.1

Market Description

16.2

Price Forecasts

16.3

Contract Requirements

Environmental Studies, Permitting and Plans, Negotiations or Agreements

with Local Individuals

17.1

Results of Studies

17.2

Requirements and Plans for Waste Disposal

17.3

Permit Requirements and Status

17.4

Local Plans, Negotiations or Agreements

17.5

Mine Closure Plans

17.6

Qualified Person’s Opinion

Capital and Operating Costs

18.1

Capital Cost Estimate

18.2

Operating Cost Estimate

Economic Analysis

19.1

Assumptions, Parameters and Methods

19.2

19.3

20.1

Other Relevant Data and Information

Interpretation and Conclusions

22.1

Conclusion

22.2

Risk Factors

22.2.1

Governing Assumptions

22.2.2

Limitations

22.2.3

Methodology

22.2.4

Development of the Risk Matrix

22.2.5

Categorization of Risk Levels and Color Code Convention

22.2.6

Description of the Coal Property

22.2.7

Summary of Residual Risk Ratings

22.2.8

Risk Factors

Recommendations

References

Reliance on Information Provided by the Registrant

Figures (in Report)

Figure 1-1:

Mon Valley Complex Property Location Map

Figure 1-2:

CAPEX

Figure 1-3:

OPEX

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-4:

Sensitivity of NPV

Figure 6-1:

Stratigraphic Column

Figure 7-1:

Mon Valley Cross-Section

Figure 11-1: Histogram of the Total

Seam Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

Figure 11-2: Scatter plot of the Total

Seam Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

Figure 11-3:

Variogram of the Total

Seam Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

Figure 11-4:

Result of DHSA for the Upper Freeport Seam Present in the Mon

Valley Complex`

Figure 13-1:

Proposed Pangburn Plant and Mine Site Infrastructure

Figure 18-1:

CAPEX

Figure 19-1:

Cash Costs per Tonne

Figure 19-2:

Sensitivity of NPV

Tables

(in Report)

Table

1-1:

Coal Resources Summary as of December 31, 2021

Table

1-2:

Coal Summary (ROM Basis (Moist)) as of December 31, 2021 (Mt)

Table

1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31,

2021 (Mt)

Table

1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

Table

1-5:

Project Cash Flow Summary (000)

Table

11-1:

General Reserve and Resource Criteria

Table

11-2:

DHSA Results Summary for Radius from a Central Point

Table

11-3:

Coal Resources Summary as of December 31, 2021

Table

12-1:

Coal Summary (ROM Basis (Moist)) as of December 31, 2021 (Mt)

Table

12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31,

2021 (Mt)

Table

13-1:

Production Summary by Mine by Year

(000)

Table

16-1:

Quality Specifications by Product

Table

18-1:

Estimated Coal Production Taxes

and Sales Costs

Table

18-2:

Mon Valley Operating Costs

Table

19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

Table

19-2:

Summary of Mon Valley Key Financial Performance Metrics (2021-

2029)

Table

1-5:

Project Cash Flow Summary (000)

Table

22-1:

Probability Level Table

Table

22-2:

Consequence Level Table

Table

22-3:

Risk Matrix

Table

22-4:

Risk Assessment Matrix

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table

22-5:

Geological and Coal Resource Risk Assessment (Risks 1 and 2)

Table

22-6:

Environmental (Risks 3 and 4)

Table

22-7:

Regulatory Requirements (Risk 5)

Table

22-8:

Market and Transportation (Risks 6 and 7)

Table

22-9:

Market and Transportation (Risk 8)

Table

22-10:

Methane Management (Risk 9)

Table

22-11:

Mine Fires (Risk 10)

Table

22-12:

Availability of Supplies and Equipment (Risk 11)

Table

22-13:

Labor – Work Stoppage (Risk 12)

Table

22-14:

Labor – Retirement (Risk 13)

Table

25-1:

Information from Registrant Relied Upon by MM&A

Appendices

Biographies

Maps

Glossary of Te

rms

JORC Table

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado Global Resources Inc. (

Coronado

)

authorized

Marshall Miller & Associates,

Inc.

(

MM&A

)

prepare

this

Technical

Report

Summary

(

TRS

)

its

controlled

coal

resources

and

reserves

for

the

Mon

Valley

Complex

southwestern

Pennsylvania

(Mon

Valley or the

Property

The report

provides a

statement of

coal resources

and coal

reserves

for

Coronado,

defined

under

the

Australasian

Code

for

Reporting

Exploration

Results, Mineral

Resources and Ore

Reserves

(

JORC Code

) as

well as

under Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities

and

Exchange

Commission

(

SEC

)

This

report

was

also

prepared

accordance with

the

Australasian Code

for Public

Reporting of

Technical Assessments

and Valuations of Mineral Assets

(

VALMIN Code

The

Mon

Valley

property

comprised

three

separate

reserve

holdings,

namely,

the

Pangburn,

Shaner

and

Fallowfield

proposed

underground

mines

the

Upper

Freeport

seam.

All three

respective reserve

areas are

greenfield sites

and are

undeveloped.

The

three

mines

have

been

projected

operate

independently,

with

production

initially

beginning at Pangburn.

Shaner is projected

to come online as

replacement production for

Pangburn, and Fallowfield represents expanded

Mon Valley production after Pangburn is in

full production.

In addition

to the

individual mine/plant

sites, a

barge loading

dock on

the

Monongahela River adjacent

to the Pangburn

site is proposed

and will be

used to ship

clean

coal

for

all

three

mines.

Each

mine

site

will

include

coal

preparation

plant

and

all

necessary surface facilities.

Coal resources

and coal reserves

are herein reported

in metric

units of

measurement and

are rounded to millions of metric tonnes (

The

Mon

Valley

properties

are

located

approximately

kilometers

southeast of

Pittsburgh, Pennsylvania

(see

Figure 1-1

The property

is composed

of 41,615

total

hectares,

of which

1,339

are

leased

from private

landholders under

two

leases,

and

40,276

hectares

are

owned

Coronado.

Subject

Coronado’s

exercising

its

renewal

rights thereunder,

both of the

leases expire upon exhaustion

of the relevant

coal reserves,

which is expected to occur in 2099.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Mon Valley Complex Property Location Map

1.2

Ownership

Mineral rights

for the Property

were formerly controlled

Consolidation Coal Company

(

CONSOL

)

Coronado acquired the Mon Valley properties from CONSOL in March 2016.

1.3

Geology

There

are

currently

no active

operations

the

Mon

Valley

complex.

Strata

economic

interest

for

this

TRS

are

the

Pennsylvanian-age

Allegheny

Formation,

and

the

subject

Upper

Freeport

seam

the

principal

coal

seam

interest

for

Coronado.

The

Upper

Freeport

seam

has

been

mined

extensively

the

region.

The

seam

situated

below

drainage

throughout

the

Property

and

will

accessed

constructed

mine

shafts

and

slopes.

1.4

Exploration Status

The

Property

has

been

explored

extensively,

largely

drilling

using

continuous

coring

method, rotary

drilling, and

by downhole

geophysical methods.

The majority

of the

data was

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

acquired

generated

owners

the

Property.

These sources

comprise

the

primary data used

in the

evaluation of the

coal resources and

coal reserves

on the Property.

MM&A

examined

the

data

available

for

the

evaluation

and

incorporated

all

pertinent

information into

this TRS.

Where data

appeared to

be anomalous

or not

representative, that

information was excluded from

the digital databases and

subsequent processing by MM&A.

Ongoing

exploration

has

been

carried

out

Coronado

since

acquiring

the

Mon

Valley

properties.

1.5

Operations and Development

Coronado

currently

has

active

operations

the

Mon

Valley

complex.

The

mines

will

produce coal that is suitable for the high-volatile metallurgical coal markets.

The preliminary design for the Pangburn mine surface facilities was provided by Coronado.

The facilities include offices, warehouses,

shops, a bathhouse for personnel, a preparation

plant

process

run-of-mine

(

ROM

)

coal,

refuse

area

with

designed

capacity

approximately 35 million refuse tonnes, raw coal storage at the plant totaling approximately

100,000

tonnes, clean

coal

storage at

the plant

site of

approximately 54,000

tonnes, and

three clean coal stockpiles

adjacent to the dock

loading facility on the

Monongahela River.

The

three

river

stockpiles

have

designed

capacity

approximately

266,000

tonnes.

Processes are expected to be typical

of those used at operating coal-processing

plants and

the coal

industry in

general.

The river

dock is

anticipated to

also support

production from

the planned

Fallowfield and

Shaner operations.

Room-and-pillar mining

will be

employed

at these properties.

1.6

Mineral Resource

Mineral resources, representing

in-situ coal in

which a portion

of reserves are

derived, are

presented below.

A coal resource estimate,

summarized in

Table

1-1

, was prepared as

December 31, 2021, for property controlled by Coronado.

Table 1-1:

Coal Resources Summary as of December 31, 2021

Coal Resource (Dry Tonnes, In Situ, Mt)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserve

291.0

213.5

9.3

513.8

1.4

Exclusive of Reserve

0.0

Total 12/31/2021

291.0

213.5

9.3

513.8

Note:

Resource tonnes are inclusive of reserve

tonnes since they include the in-situ tonnes from

which recoverable coal reserves

are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Mon Valley properties do not have any resource

tonnes exclusive of reserves as of December

31, 2021.

1.7

Mineral Reserve

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource tonnes presented in

Table

1-1

, and not in addition to coal resources.

Proven and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure, economic

(including

estimates of

capital,

revenue, and

cost),

marketing,

legal,

environmental,

socio-economic

and

regulatory

factors.

The

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Resource estimate has been used as

the basis for this Reserve calculation,

which utilizes a

reasonable

Preliminary

Feasibility

Study,

Life-of

Mine

(

LOM

)

Mine

Plan

and

practical

recovery factors.

Production modeling was completed with an effective start

date of May 1,

2031.

Factors that would

typically preclude conversion

of a coal

resource to coal

reserve include

the following: inferred

resource classification; absence

of coal quality;

poor mine recovery;

lack of

access; geological

encumbrances associated

with overlying

and underlying

strata;

seam thinning;

structural complication;

and insufficient

exploration have

all been

considered.

Reserve

consideration

excludes

those

portions

the

resource

area

which

exhibit

the

aforementioned geological and operational encumbrances.

Table 1-2:

Coal Summary (ROM Basis (Moist)) as of December

31, 2021 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

By Reliability Category

By Mining Type

By Control Type

Quality (Dry)

Area /

Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Mon Valley

113.9

83.2

197.1

0.0

197.1

195.7

1.4

1.2

Coal

reserves

are

presented

ROM

basis

Table

1-2

Proven

and

probable

coal

reserves

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socioeconomic,

and

regulatory

factors.

The

proven

and

probable coal reserves on the Property are summarized below in

Table

1-3

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December

31, 2021 (Mt)

Demonstrated Coal Reserves (Wet Tons, Washed or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Mon Valley

77.8

56.6

134.4

0.0

134.4

133.4

1.0

1.2

Note: Marketable reserve tonnes are reported

on a moist basis, including a combination of

surface and inherent moisture.

The

combination of surface and inherent moisture is

modeled at 6-percent.

Actual product moisture is dependent upon

multiple

geological factors, operational factors, and product

contract specifications and can exceed 8-percent.

As such, the modeled

moisture values provide a level of conservatism

for reserve reporting.

Life-of-mine sulfur for Pangburn is an estimated 1.21%;

however, overall Mon Valley Complex reserve average is 1.36% sulfur.

In summary, Coronado controls

a total

of 134.4 Mt

(moist basis)

of marketable

coal reserves

Mon

Valley,

December

31,

2021.

that

total,

percent

are

proven,

and

percent are probable.

There are 133.4 Mt

of owned coal reserves

and 1.0 Mt of

leased coal

reserves.

All of the

Mon Valley

reserves are considered

suitable for the

metallurgical coal

market.

All of the Mon Valley reserves are unassigned.

1.8

Capital Summary

The

MM&A

financial

model

includes

provisions

for

operating

equipment

the

proposed

Mon Valley

operations.

MM&A’s

capital schedules

assume that

major equipment

rebuilds

occur over

the course of

each machine’s

remaining assumed operating

life.

Replacement

equipment

was

scheduled

based

MM&A’s

experience

and

knowledge

mining

equipment

and

industry

standards

with

respect

the

useful

life

such

equipment.

summary of the estimated capital for the Property is provided in

Figure 1-2

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

1.9

Operating Costs

MM&A

used

the

Coronado

historical

and/or

budget

cost

information

for

comparable

operations

reference

and

developed

personnel

schedules

for

the

mine

and

support

facilities.

Hourly

labor

rates

and

salaries

were

based

upon

information

contained

Coronado’s

financial

summaries.

Fringe

benefit

costs

were

developed

for

vacation

and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation

and pneumoconiosis,

casualty and

life insurance,

healthcare, and

bonuses.

A cost

factor

for mine

supplies was

developed that

relates expenditures

to mine

advance rates

for roof

control

costs

and

other

mine

supply

costs

underground

mines.

Other

factors

were

developed

for

maintenance

and

repair

costs,

rentals,

mine

power,

outside

services

and

other direct mining costs.

Operating-cost factors

were also

developed for

the coal

preparation plant

processing, refuse

handling, coal

loading, property

taxes, and

insurance and

bonding.

Appropriate royalty

rates

were assigned for

production from

leased coal

lands and sales

taxes were calculated

for the

federal black lung excise tax, and federal reclamation fees.

A summary of the projected operating costs for the Property is provided in

Figure 1-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-3:

OPEX

1.10

Economic Evaluation

The pre-feasibility

financial model

prepared for

this TRS

was developed

to test

the economic

viability of each

coal resource area.

The results of this

financial model are

not intended to

represent a bankable feasibility study,

required for financing of any current or future mining

operations

contemplated

for

the

Coronado

properties,

but

are

intended

establish

the

economic viability

of the estimated

coal reserves.

Cash flows

are simulated

on an annual

basis in

nominal dollars

assuming a

2% inflation

rate based

on projected

production from

the

coal

reserves.

The

discounted

cash

flow

analysis

presented

herein

based

effective date of January 1, 2022.

un-levered

basis,

the

net

present

value

(

NPV

)

the

project

cash

flow

after

taxes

represents

the

Enterprise

Value

the

project.

The

project

cash

flow,

excluding

debt

service,

calculated

subtracting

direct

and

indirect

operating

expenses

and

capital

expenditures from

revenue.

Direct costs

include labor, operating

supplies, maintenance

and

repairs, facilities

costs for

materials handling,

coal preparation,

refuse disposal,

coal loading,

reclamation

and

general

and

administrative

costs.

Indirect

costs

include

statutory

and

legally agreed

upon fees

related to

direct extraction

of the

mineral.

The indirect

costs are

the

Federal

black

lung

tax,

Federal

reclamation

taxes,

property

taxes,

coal

production

royalties, and income taxes.

Table

1-4

shows

LOM

tonnage,

profit

loss

(

P&L

and

earnings

before

income

tax,

depreciation & amortization (

EBITDA

)

for each proposed Coronado mine at Mon Valley.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 1-4:

Life-of-Mine Tonnage, P&L before Tax, and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax

P&L

Per Tonne

EBITDA

Per Tonne

Pangburn

14,376

$701,483

$48.80

$1,259,113

$87.59

Fallowfield

72,640

$4,712,144

$64.87

$6,688,054

$92.07

Shaner

48,294

$4,656,184

$96.41

$5,641,238

$116.81

Consolidated PA Deep Mines

135,309

$10,069,811

$74.42

$13,588,405

$100.42

Note:

*Financial model includes 0.9

million tonnes of inferred

coal production.

Inferred coal represents

0.6% of the total production, and none of this coal was included in the estimate of reserves.

shown

Table

1-4,

all

the

mines

analyzed

show

positive

EBITDA

over

the

LOM.

Overall, Coronado’s consolidated operations show

positive LOM P&L and LOM EBITDA

$10.1 billion and $13.6 billion, respectively.

Coronado’s consolidated Mon Valley cash flow summary in nominal dollars assuming a 2%

inflation rate, excluding debt service, is shown in

Table

1-5

below.

Table 1-5:

Project Cash Flow Summary (000)

YE12/31

Total

2026

2027

2028

2029

2030

Production & Sales tonnes

135,311

Total Revenue

$32,678,158

EBITDA

$11,822,150

$(369)

Net Income

$5,925,986

$(369)

Net Cash Provided by Operating Activities

$9,042,337

$(369)

$(312)

Purchases of Property, Plant, and Equipment

$(3,293,945)

$(5,087)

$(29,721)

$(35,261)

$(215,753)

Net Cash Flow

$5,748,391

$(369)

$(5,456)

$(30,090)

$(35,629)

$(216,065)

YE12/31

2031

2032

2033

2034

2035

2036

Production & Sales tonnes

399

1,810

1,875

1,958

2,029

2,030

Total Revenue

$57,415

$266,199

$281,967

$301,091

$319,037

$326,330

EBITDA

$31,974

$163,768

$175,562

$191,169

$204,833

$209,981

Net Income

$(43,182)

$84,520

$86,628

$82,382

$94,260

$106,329

Net Cash Provided by Operating Activities

$25,910

$135,802

$160,145

$157,652

$168,511

$179,238

Purchases of Property, Plant, and Equipment

$(199,931)

$(1,928)

$(21,158)

$(19,527)

$(204,537)

Net Cash Flow

$(174,021)

$133,874

$160,145

$136,494

$148,984

$(25,299)

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2037

2038

2039

2040

2041

2042

Production & Sales tonnes

2,062

1,960

1,762

2,366

1,804

1,724

Total Revenue

$338,825

$329,205

$302,680

$415,404

$307,404

$305,722

EBITDA

$217,762

$206,113

$179,715

$261,905

$167,920

$166,433

Net Income

$94,184

$107,142

$79,588

$136,843

$92,275

$83,239

Net Cash Provided by Operating Activities

$190,294

$179,925

$156,327

$197,122

$130,469

$131,680

Purchases of Property, Plant, and Equipment

$(178,362)

$(11,413)

$(10,070)

$(18,939)

$(6,627)

$(11,701)

Net Cash Flow

$11,932

$168,512

$146,257

$178,183

$123,842

$119,979

YE12/31

2043

2044

2045

2046

2047

2048

Production & Sales tonnes

1,717

1,641

1,719

1,657

1,582

1,704

Total Revenue

$307,825

$296,435

$323,078

$319,329

$311,207

$346,423

EBITDA

$166,345

$155,468

$176,197

$172,276

$164,044

$190,984

Net Income

$97,162

$102,577

$115,995

$111,938

$105,580

$121,920

Net Cash Provided by Operating Activities

$134,459

$126,566

$132,835

$135,759

$130,416

$145,691

Purchases of Property, Plant, and Equipment

$(70,898)

$(32,130)

$(1,608)

$(3,445)

$(20,197)

$(42,226)

Net Cash Flow

$63,561

$94,436

$131,226

$132,313

$110,218

$103,465

YE12/31

2049

2050

2051

2052

2053

2054

Production & Sales tonnes

1,656

1,732

1,702

1,596

1,642

1,750

Total Revenue

$341,272

$366,419

$363,743

$344,653

$358,264

$385,655

EBITDA

$185,001

$203,854

$199,083

$181,885

$190,949

$208,272

Net Income

$117,207

$139,379

$136,063

$119,219

$124,332

$139,625

Net Cash Provided by Operating Activities

$148,383

$156,450

$155,343

$145,611

$148,945

$159,944

Purchases of Property, Plant, and Equipment

$(21,985)

$(2,264)

$(17,661)

$(35,030)

$(22,841)

Net Cash Flow

$126,398

$154,185

$137,682

$110,580

$126,104

$159,944

YE12/31

2055

2056

2057

2058

2059

2060

Production & Sales tonnes

1,751

2,609

3,576

3,732

3,846

3,762

Total Revenue

$389,797

$586,754

$812,425

$856,469

$891,518

$881,012

EBITDA

$209,937

$293,768

$402,164

$424,215

$445,248

$430,456

Net Income

$159,520

$155,760

$230,828

$240,983

$258,267

$235,432

Net Cash Provided by Operating Activities

$177,985

$239,301

$313,658

$343,495

$359,216

$357,509

Purchases of Property, Plant, and Equipment

$(503,004)

$(81,075)

$(26,163)

$(36,932)

$(20,244)

$(124,371)

Net Cash Flow

$(325,019)

$158,226

$287,495

$306,563

$338,972

$233,138

YE12/31

2061

2062

2063

2064

2065

2066

Production & Sales tonnes

3,488

3,390

3,466

3,397

2,961

2,826

Total Revenue

$825,025

$810,082

$836,766

$828,451

$729,294

$703,094

EBITDA

$384,291

$373,425

$383,395

$380,242

$330,841

$317,117

Net Income

$197,731

$249,775

$251,050

$244,672

$199,779

$187,067

Net Cash Provided by Operating Activities

$332,663

$309,606

$303,605

$304,427

$278,545

$263,255

Purchases of Property, Plant, and Equipment

$(48,371)

$(18,997)

$(56,143)

$(55,800)

$(106,035)

$(48,026)

Net Cash Flow

$284,292

$290,609

$247,461

$248,627

$172,510

$215,229

YE12/31

2067

2068

2069

2070

2071

2072

Production & Sales tonnes

2,479

2,318

2,289

1,438

1,988

1,993

Total Revenue

$623,079

$588,566

$587,014

$372,607

$520,312

$526,958

EBITDA

$274,027

$245,996

$243,975

$120,878

$208,565

$209,313

Net Income

$157,110

$137,332

$132,150

$60,913

$125,427

$130,499

Net Cash Provided by Operating Activities

$236,473

$211,681

$204,662

$72,113

$144,108

$165,794

Purchases of Property, Plant, and Equipment

$(105,470)

$(32,972)

$(35,968)

$(21,665)

$(40,884)

$(29,483)

Net Cash Flow

$131,003

$178,708

$168,694

$50,448

$103,224

$136,311

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2073

2074

2075

2076

2077

2078

Production & Sales tonnes

1,822

2,098

2,055

2,107

1,883

2,129

Total Revenue

$486,489

$513,364

$508,098

$526,120

$474,939

$542,425

EBITDA

$180,965

$192,961

$185,766

$199,986

$169,269

$204,346

Net Income

$110,565

$131,576

$121,087

$124,925

$102,184

$132,803

Net Cash Provided by Operating Activities

$151,740

$149,923

$150,163

$155,728

$139,913

$152,938

Purchases of Property, Plant, and Equipment

$(38,951)

$(73,146)

$(11,367)

$(3,092)

Net Cash Flow

$151,740

$149,923

$111,2

$82,582

$128,546

$149,846

YE12/31

2079

2080

2081

2082

2083

2084

Production & Sales tonnes

1,937

1,723

2,242

1,568

2,285

1,637

Total Revenue

$498,511

$448,125

$588,782

$416,070

$612,359

$443,292

EBITDA

$172,232

$139,209

$217,859

$113,527

$222,506

$118,656

Net Income

$108,806

$74,410

$128,734

$54,853

$144,403

$63,019

Net Cash Provided by Operating Activities

$140,295

$115,386

$153,758

$109,676

$151,887

$113,810

Purchases of Property, Plant, and Equipment

$(20,499)

$(63,240)

$(32,548)

$(7,363)

$(18,926)

$(35,128)

Net Cash Flow

$119,796

$52,146

$121,210

$102,313

$132,961

$78,682

YE12/31

2085

2086

2087

2088

2089

2090

Production & Sales tonnes

1,982

1,477

1,857

1,616

1,993

1,305

Total Revenue

$542,129

$408,032

$518,052

$455,417

$567,535

$375,427

EBITDA

$169,637

$89,713

$145,507

$108,922

$166,892

$55,785

Net Income

$96,625

$31,702

$79,264

$51,566

$96,127

$8,392

Net Cash Provided by Operating Activities

$123,443

$88,067

$104,777

$94,796

$120,752

$66,853

Purchases of Property, Plant, and Equipment

$(35,870)

$(53,613)

$(23,904)

$(32,182)

$(31,114)

Net Cash Flow

$87,573

$34,453

$80,873

$62,614

$120,752

$35,738

YE12/31

2091

2092

2093

2094

2095

2096

Production & Sales tonnes

1,637

1,612

1,747

1,355

1,731

1,752

Total Revenue

$475,574

$473,016

$517,712

$405,723

$523,488

$535,336

EBITDA

$103,525

$97,847

$113,758

$40,298

$107,715

$110,329

Net Income

$41,301

$32,537

$52,174

$(4,344)

$49,211

$50,915

Net Cash Provided by Operating Activities

$75,371

$81,436

$89,571

$46,746

$76,088

$90,203

Purchases of Property, Plant, and Equipment

$(71,872)

$(66,089)

$(42,121)

Net Cash Flow

$3,499

$15,347

$89,571

$46,746

$33,967

$90,203

YE12/31

2097

2098

2099

2100

2101

2102

Production & Sales tonnes

1,387

916

393

Total Revenue

$428,077

$285,625

$123,638

EBITDA

$46,344

$27,079

$5,340

Net Income

$2,394

$(3,736)

$(11,836)

Net Cash Provided by Operating Activities

$50,190

$27,994

$(197,622)

Purchases of Property, Plant, and Equipment

Net Cash Flow

$50,190

$27,994

$(197,622)

●

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the

total production, and none of this coal was included in the estimate of reserves.

Consolidated cash flows

are driven by

annual sales tonnage,

which grows from

0.4 million

tonnes in

2031 to

a peak

of 3.8

million tonnes

in 2059.

Between years

2060 and

2089, sales

ranges

from

1.5

million

2.7

million

tonnes

and

between

years

2090-2099,

sales

range

from 0.4

million tonnes

to 1.3

million tonnes.

Projected consolidated

revenue grows

from

$57.4 million in

2031 to

a peak

of $891.5

million in

2059.

Revenue totals

$32.7 billion

for

the project’s life.

Consolidated

cash

flow

from

operations

positive

throughout

the

projected

operating

period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated

cash

flow

from

operations

peaks

$359.2

million

2059

and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

totals $9.0 billion over the project’s life.

Capital expenditures total $485.8 million during the

first five years and $3.3 billion over the project’s life.

1.10.1

Discounted Cash Flow Analysis

Cash

flow

after

tax,

but

before

debt

service,

generated

over

the

life

the

project

was

discounted to NPV

at a 10.0%

discount rate, which

represents Coronado’s

estimate of the

nominal

dollar,

��

risk

adjusted

weighted

average

cost

capital

(

WACC

)

for

likely

market

participants if the subject reserves were offered

for sale.

On an un-levered basis, the NPV

the

project

cash

flows

represents

the

Enterprise

Value

the

project

and

amounts

$287.3 million.

The pre-feasibility financial

model prepared

for the TRS

was developed

test

the

economic

viability

each

coal

resource

area.

The

NPV

estimate

was

made

for

purposes of

confirming the

economics for

classification of

coal reserves

and not

for purposes

of valuing

Coronado or

its Mon

Valley

assets.

Mine plans

were not

optimized, and

actual

results of

the operations

may be

different, but

in all

cases, the

mine production

plan assumes

the properties are under competent management.

1.10.2

Sensitivity Analysis

Sensitivity of the NPV results to changes in

the key drivers is presented in the chart below.

The

sensitivity

study

shows

the

NPV

the

10.0%

discount

rate

when

Base

Case

sales

prices, operating costs, and capital costs are increased

and decreased in increments of 5%

within a +/- 15% range.

Figure 1-4:

Sensitivity of NPV

As shown, NPV

is quite sensitive

to change in

sales price and

operating cost estimates,

and

slightly sensitive to changes in capital cost estimates.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

1.11

Permitting

Due

the

projected

start-up

date

the

Mon

Valley

mines,

initial-stage

permit

work

has

been completed to date;

however, no

permit applications have been

submitted to the state

federal

regulatory

agencies.

The

proposed

mines

are

located

area

with

long

history of coal mining, with

numerous permitted operations in close proximity.

Coal mining

permits

are

routinely

obtained;

3-year

lead

time

recommended.

Estimated

expenditures for

mine closure

and site

reclamation are

included in

the financial

model for

each mine or

plant site.

MM&A is unaware

of any obvious

or current Coronado

permitting

issues that

are expected

to prevent

the issuance

of future permits.

All coal

producers are

subject to a

level of uncertainty

regarding future clean

water permits due

United States

Environmental Protection Agency

(

EPA

)

involvement with state programs.

1.12

Conclusion and Recommendations

Sufficient

data

has

been

obtained

through

various

exploration,

sampling

programs,

and

mining operations to support the geological interpretations of seam structure and thickness

for coal horizons situated on the Property.

The data are of sufficient quantity and

reliability

to reasonably support the coal-resource and coal-reserve estimates in this TRS.

The geological data and

preliminary feasibility study, which consider mining

plans, revenue,

and operating- and

capital-cost estimates are sufficient

to support the

classification of coal

reserves provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

concludes

that

the

134.4

marketable

underground

coal

reserves

identified

the

Property

are

economically

mineable

under

reasonable

expectations

market

prices

for

metallurgical coal products, estimated operation costs, and capital expenditures.

Introduction

2.1

Registrant and Terms of Reference

This report

was prepared

for the

sole use

Coronado Global

Resources Inc.

(

Coronado

)

and its affiliated

and subsidiary companies

and advisors.

The report provides a

statement

of coal resources

and coal reserves

for Coronado, as

defined under

the

Australasian Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC

Code

) as

well as

under Subpart

1300 of

Regulation S-K (Regulation

S-K 1300)

promulgated

by the

United States Securities

and Exchange Commission

(

SEC

)

This report was

also

prepared

in accordance

with the

Australasian Code

for Public

Reporting of

Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

The

Mon

Valley

property

comprised

three

separate

reserve

holdings,

namely,

the

Pangburn,

Shaner

and

Fallowfield

proposed

underground

mines

the

Upper

Freeport

seam.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The report

provides a

statement of

coal resources

and coal

reserves for

Coronado at

the

Property.

Exploration results

and Resource

calculations were

used as

the basis

for the

mine

planning and the

preliminary feasibility study

completed to determine

the extent and

viability

of the reserve.

Coal resources

and coal reserves

are herein reported

in metric

units of

measurement and

are rounded to millions of metric tonnes (

2.2

Information Sources

This TRS

is based

on information

provided by Coronado

and reviewed

by Scott

Peterson,

CPG; and Justin S. Douthat, PE, MBA.

Coronado

engaged

MM&A

conduct

coal

resource

and

reserve

evaluation

the

Coronado coal properties as

of December 31, 2021, the

effective date of

this TRS for Mon

Valley.

For the evaluation, the following tasks were to be completed:

Conduct a site visit to the projected resource/reserve area;

Process

the

information

supporting

the

estimation

coal

resources

and

reserves

into

geological models;

Develop life-of-reserve mine (

LOM

) plans and financial models;

Hold discussions with Coronado company management; and

Prepare and issue a TRS providing a statement of coal resources and reserves which

would include:

A description of the mines and facilities.

A description of the evaluation process.

estimation

coal

resources

and

reserves

with

compliance

elements

stated

under the JORC Code and the SEC Regulation S-K 1300.

2.3

Personal Inspections

MM&A is

very familiar

with the

Mon Valley properties,

having provided

a variety

of geological

and

engineering

evaluations

the

subject

property

and

neighboring

properties

recent

years.

No facilities are constructed on the properties.

Property Description

3.1

Location

The Mon

Valley

Complex will

include the

Pangburn, Shaner,

and Fallowfield

underground

mines

the

Upper

Freeport

coal

seam.

The

properties

are

located

approximately

22.5

kilometers southeast of Pittsburgh.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The

property

located

Allegheny,

Washington,

and

Westmoreland

Counties,

Pennsylvania.

Mining operations here have not yet been initiated.

The Property is located

portions

eight

United

States

Geological

Survey

(

USGS

)

quadrangles:

Irwin;

Glassport;

Monongahela;

Donora;

Smithton;

California;

Ellsworth;

and

Hackett.

The

coordinate system and datum

used for the model

of Mon Valley

and the subsequent maps

were produced in the Pennsylvania State Plane South system, NAD 27.

3.2

Titles, Claims or Leases

The property is composed

of 41,615 total hectares,

of which 1,339 are

leased from private

landholders

under

two

leases,

and

40,276

hectares

are

owned

Coronado.

Subject

Coronado’s

exercising

its

renewal

rights

thereunder,

both

the

leases

expire

upon

exhaustion of

the relevant

coal reserves,

which is

expected to

occur in

2099.

MM&A has

not carried out

a separate title

verification for the

coal properties and

has not verified

leases,

deeds,

surveys,

other

property-control

instruments

pertinent

the

subject

resources.

Tenure

was separately reviewed by Coronado’s legal advisors.

Coronado has represented

to MM&A

that it

controls the

mining rights

to the

reserves as

shown on

its property

maps,

and MM&A has accepted these as being a true and accurate depiction of the mineral rights

controlled by

Coronado.

The TRS

assumes the

properties are

developed under

responsible

and experienced management.

3.3

Mineral Rights

Coronado supplied property

control maps to

MM&A related to

properties for which

mineral

and/or

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

representations

being

true

and

accurate,

MM&A

has

knowledge

past

property

boundary disputes

or other

concerns, through

past knowledge

of the

Property,

that would

signal concern over future mining operations or development potential.

Property

control

Appalachia

can

intricate.

Coal-mining

properties

are

typically

composed

numerous

property

tracts

which

are

owned

and/or

leased

from

both

land-

holding companies

and private

individuals or

companies.

It is

common to

encounter severed

ownership,

with

different

entities

individuals

controlling

the

surface

and

mineral

rights.

Mineral control in

the region is

typically characterized by

leases or ownership

of larger tracts

of land, with surface control generally comprised of smaller tracts, particularly in developed

areas.

Legal mining rights

may reflect a

combination of fee

or mineral ownership

and fee

or mineral

leases of coal lands through various surface and mineral lease agreements.

Control of the surface property is necessary to conduct surface mining but is not necessary

to conduct underground mining.

Given that the vicinity of the Mon Valley properties has an

extensive history of

coal mining, Coronado

and its predecessors

have a successful history

of obtaining any necessary rights and the associated permits to mine.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

3.4

Encumbrances

No Title Encumbrances

are known.

By assignment,

MM&A did

not complete

a query

to Title Encumbrances.

3.5

Other Risks

There is always risk involved in property

control.

Coronado and its predecessor, CONSOL,

have both had their legal

teams examine the deeds and title

control in order to minimize

the

risk.

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation and Vegetation

Topography

the

area

surrounding

the

proposed

Mon

Valley

complex

typical

the

Northern Appalachian

Plateau consisting

of broad

river valleys

and rolling

hills, with

some

upland regions.

Surface elevations near

the Property range

from approximately 396

meters

above sea

level in

upland regions

to approximately

220 meters

at stream

level.

The property

is moderately

vegetated by

primarily oak

hardwood forests,

but the

majority of

the land

developed for

farm and

residential use.

The property

is situated

near the

major urban

center

of Pittsburgh, PA and is considered suburban.

4.2

Access and Transport

There is general

access to the

Mon Valley property via

a well-developed network

of primary,

secondary,

and unimproved

roads.

The Monongahela

and Youghiogheny

Rivers traverse

the

Property

from

south

north.

There

are

numerous

four-lane

limited-access

roads

situated within or

adjacent to the Property

as well as

a network of

improved two-lane state

and county

roads.

U.S. Interstate

70 and

Pennsylvania Route

51 traverse

the Fallowfield

and

Pangburn

properties,

respectively.

Numerous

secondary

and

unimproved

roads

provide direct access to

the mine property, some being state-

and town- maintained.

These

roads typically stay open throughout the

year.

There are numerous transportation/logistical

options for

shipping product.

The primary

means of

transport for

produced coal

would be

by barge

on the

Monongahela River/Ohio

River system.

Additionally, a CSX

rail line

located

along the banks of

the Monongahela River would

provide another option for

the shipment of

coal.

4.3

Proximity to Population Centers

The Mon Valley property lies

near the communities

of Bentleyville, Lockview, Monongahela,

Elizabeth, Sutersville, and

Irwin, Pennsylvania approximately

16 kilometers to

32 kilometers

southeast

Pittsburgh,

and

kilometers

from

Washington

and

McKeesport, Pennsylvania.

As of the 2020 census Pittsburgh had a population of 302,971

residents; McKeesport, 18,825; and Washington, 13,176.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

4.4

Climate and Length of Operating Season

The climate of the region is classified

as warm-summer humid continental with four distinct

seasons:

warm summers,

cold winters,

and moderate

fall and

spring seasons.

Precipitation

the region

is consistent

throughout the

year with

the most

rain falling

in spring

and

the

early

months

summer.

Average

yearly

rainfall

53.1

centimeters.

Summer

months

typically begin

in late

May and

end in

early September

and range

in average

temperature

from 51 to 84 degrees

Fahrenheit (or 10.6 to

28.9 degrees Celsius).

Winters typically begin

in mid to late November and run until mid to late

March with average temperatures ranging

from 22 to

50 degrees Fahrenheit

(or -5.6 to

10 degrees Celsius).

Precipitation in the

winter

typically

comes

the

form

snowfall

wintery

mix

(sleet

and

snow)

with

severe

snowfall events occurring

occasionally.

Seasonal variations

in climate typically

do not

affect

underground mining in

Pennsylvania.

However, weather events could

potentially negatively

impact efficiency

of surface

and preparation

plant operations

on a

very limited

basis, typically

lasting less than a few days.

4.5

Infrastructure

The

Mon

Valley

property

has

sources

water,

power,

personnel,

and

supplies

readily

available

for

use.

Personnel

have

historically

been

sourced

from

the

surrounding

communities in

Allegheny,

Washington,

and Westmoreland

Counties, and

have proven

adequate

numbers to

operate

the mines.

mining

is common

the

surrounding

areas, the workforce is

generally familiar with mining

practices, and many are

experienced

miners.

Water is expected to be sourced locally

from nearby public water sources

or rivers.

Electricity is anticipated to be sourced from

West Penn Power

(

West Penn

)

Duquesne

Light

(

Duquesne Light

)

The service industry in the areas surrounding

the proposed mine

complex has

historically provided

supplies, equipment

repairs and

fabrication, etc.

Barge

transport

the

Monongahela

River/Ohio

River

system

will

serve

the

main

means

product transport

from the

mine, and

currently serve as

a means

of coal

transportation for

neighboring

Pittsburgh seam

operations.

Rail access

is provided

by a

CSX Corporation

(

CSX

)

rail line.

History

5.1

Previous Operation

The

property

was

formerly

controlled

Consolidation

Coal

Company

(

CONSOL

Historic

underground

operations

were

active

the

area

the

early

1900’s

and

contour

surface mining was

performed in the

1950 to 1960

era.

Coronado acquired the

properties

from CONSOL in March 2016.

5.2

Previous Exploration

The properties have

been extensively explored by

subsurface drilling efforts

carried out by

numerous

entities,

most

which

were

completed

prior

acquisition

Coronado.

The

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

majority of the drilling was accomplished using vertical continuous (diamond) coring

and air

rotary methods.

Drill

records

indicate

that

independent

contract

drilling

operators

have

been

engaged

periodically to carry out exploration drilling

on the properties.

Geophysical logging on those

properties

acquired

from

CONSOL

was

often

performed

both

CONSOL’s

in-house

logging services and outside logging firms.

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

The

property

lies

the

Northern

Appalachian

Coal

basin

the

Appalachian

Plateau

physiographic

province.

The

coal

deposits

the

eastern

USA

are

the

oldest

and

most

extensively developed coal deposits in

the country.

The coal deposits on

the properties are

Carboniferous

age,

being

the

Pennsylvanian

system.

Overall,

these

Carboniferous

coals

contain

roughly

two-fifths

the

bituminous

coal

deposits

the

United

States

and

extend over 1,448 kilometers

from northern Alabama to

Pennsylvania and are part of

what

is known

as the

Appalachian Basin

The Appalachian

Basin is

more than

402 kilometers

wide and, in some portions, contains over 60 coal seams of varying economic significance.

Seams

economic

significance

typically

range

between

0.3

meters

1.8

meters

thickness,

with

relatively

little

structural

deformation.

Regional

structure

typically

characterized by gently dipping strata to the northwest at less than one percent.

Seams of the Allegheny Formation have historically been mined in

the Pennsylvania region

with the Upper Freeport seam being one of the principal seams in the formation.

Coal from

the area has historically sold in thermal and metallurgical markets.

Future operations

at the

Mon Valley

properties will

extract the

Upper Freeport

coal seam,

which covers large

areas of Pennsylvania,

Ohio, Maryland, and

West Virginia.

The Upper

Freeport

seam is

situated at

the top

of the

Allegheny Group

the middle

Pennsylvanian

period (307-315 million years ago).

The top of the Upper Freeport seam is commonly used

the

marker

between

the

top

the

Allegheny

Formation

and

the

overlying

Upper

Pennsylvanian

Conemaugh

Group.

The

Allegheny

Formation

made

laminated

cyclothemic sequences of

coal, shale, limestone,

and clay.

The Upper Freeport

seam lies

generally

around

183

meters

below

the

Pittsburgh

seam.

Deposits

associated

with

the

Upper Freeport are often irregular and

dislocated deposits (formed in domed peat swamps

commonly referred to as “peat islands”).

The

primary

structural

controls

the

Upper

Freeport

coal

basin

are

localized

syn-

depositional anticlines and

synclines that directly

influence the accumulation

of peat

bogs.

These structures

create gently

folded and

rolling coal strata.

The axis of

the Waynesburg

and

Port

Royal

(Irwin)

synclines

pass

through

the

center

and

eastern

portions

the

properties

with

trend

and

incline

the

Northeast.

The

Amity,

Murrysville,

and

Belle

Vernon anticlines (listed

from west to east) reside to the center and western portions of the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

properties.

These anticlines

often coincide

with thicker

coal seams

where peat

accumulated

domes

along

the

anticlinal

crest.

understood

that

local

anticlines

represent

the

upthrown side of syn-depositionally active deep faults.

Inversely, fluvial channel sediments

were deposited on the structural downthrown side within synclines.

Within

the

Pangburn,

Shaner,

and

Fallowfield

mine-plan

areas,

the

Upper

Freeport

typically 183

meters to 335

meters below

the ground surface.

Mine access

is therefore to

provided

shaft

and

slope

development.

The

planned

Pangburn

shaft

depth

approximately

195

meters

depth.

The

shaft

depths

the

projected

locations

for

the

Shaner and Fallowfield shafts range from approximately 232 meters to 268 meters.

6.2

Mineralization

The coal to be produced at The Mon

Valley Complex is typically high volatile (>31% volatile

matter) bituminous coal.

The

generalized

stratigraphic

columnar

section

Figure

6-1

demonstrates

the

vertical

relationship of the principal coal seams and rock formations on the Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-1:

Stratigraphic Column

(not to scale)

6.3

Deposits

Historic underground

mining has

occurred in

the overlying

Pittsburgh Seam

on this

property.

Contour

surface

mining

the

Pittsburgh

and

Redstone

outcrop

has

occurred

within

the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

areas projected for the coal refuse disposal area, the slope portal area

and the preparation

plant area.

The three proposed

mines (Pangburn, Shaner, and

Fallowfield) are all

projected

to be deep mines in the Upper Freeport seam.

Mining is projected in areas where the total

seam thickness exceeds 1.2 meters.

Areas of sandstone washout and seam thinning have

been excluded

from projections by

MM&A personnel.

Additional exploration could

identify

additional

geologically

limiting

features,

which

could

alter

the

proposed

mine

plan.

The

Upper Freeport seam in the

projected areas ranges from 0.7

meters to 3.1 meters thick

and

averages 1.95 meters thick.

Exploration

7.1

Nature and Extent of Exploration

Extensive

exploration

the

form

subsurface

drill

efforts

has

been

carried

out

the

Property by numerous entities, most

of which efforts were completed

prior to the acquisition

by Coronado.

Diamond core and rotary

drilling are the primary

types of exploration on

the

Property.

Data for correlation and

mining conditions are derived from

core descriptions and

geophysical logging (e-logging).

Coal quality analyses were also employed during the core

exploration process.

A total

of approximately

750 core

and rotary

holes have

been drilled

for exploration.

The location of the drilling is shown on the maps included in

Appendix B

The concentration of

exploration varies slightly

across the Property.

Drilling on the Property

typically

sufficient

for

delineation

potential

underground

mineable

benches.

Core

logging is carried out

by professional geologists in

cases where roof and

floor strata are of

particular

interest

and

cases

where

greater

resolution

and

geologic

detail

are

needed.

Generally speaking, however,

most drill hole data come from

simplified driller’s logs, which

often

lack specific

details regarding

geotechnical conditions

and specific

geology,

making

correlations

and

floor

and

roof

conditions

difficult

determine.

Geophysical

logging

(e-

logging) techniques, by contrast,

document specific details useful

for geologic interpretation

and mining conditions.

Given the variability

of data-gathering methods,

definitive

mapping

future

mining

conditions may

not be

possible,

but projections

and

assumptions

can

made within a

reasonable

degree of certainty.

significant

effort

was

put

into

verifying

the

integrity

the

database.

Once

this

was

established, stratigraphic columnar sections were generated using cross-sectional analysis

to establish or confirm coal seam correlations.

A typical cross-section is shown in

Figure 7-

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-1:

Mon Valley Cross-Section

Due to

the long

history of

exploration by

various parties

on the

Property,

a wide

variety of

survey

techniques

exist

for

documentation

data

point

locations.

Many

the

older

exploration drill holes appear to have been located by survey and more recently-completed

drill

holes

are

often

located

high-resolution

Global

Positioning

System

(

GPS

)

units.

However, some holes appear to have been approximately located using USGS topography

maps

other

methods

which

are

less

accurate.

Therefore,

discretion

had

used

regarding the accuracy for the location

and ground surface elevation of

some of these older

drill

holes.

instances

where

drill

hole

location

(or

associated

coal

seam

elevations)

appeared

inconsistent

with

the

overall

structural

trend

(or

surface

topography

for

surface-mineable areas),

the data

point was

not honored

for geological

modeling.

Others

with apparently minor variances were adjusted and then used by MM&A.

Surveying

of the

underground and

surface mined

areas has

been performed

by the

mine

operators

and/or

their

consulting

surveyors.

assignment,

MM&A

did

not

verify

the

accuracy or completeness

of supplied

mine maps

but accepted

this information as

being the

work of responsible engineers and surveyors.

MM&A compiled comprehensive

topographic map files

by selecting the

best available aerial

mapping for each area and filling any gaps with digital USGS topographic mapping.

7.2

Non-Drilling Procedures and Parameters

All

pertinent

data

used

characterize

the

coal

resources

and

coal

reserves

have

been

acquired via exploration-based

drilling methods.

The region has

historically produced and

sold

Upper

Freeport-based

coal

into

metallurgical

and

thermal

markets,

enhancing

the

confidence of the marketability and quality of the resource.

7.3

Drilling Procedures

Core

drilling

methods

utilize

NX-size

(~5.4

centimeter)

similar-sized

core

cylinders

recover

core

samples,

which

can

used

delineate

geologic

characteristics,

for

coal-

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

quality

testing,

and

for

geotechnical

logging.

With

core

holes,

geophysical

logs

are

especially useful in verifying the core recovery of both the coal samples (for assurance that

the

sample

representative

the full

seam)

and

the

roof and

floor

rock samples

(for

evaluating ground control

characteristics of deep

mineable coal seams).

In addition to

the

core holes, rotary-drilled holes also

exist on most of the

Property.

Data for the rotary-drilled

holes are mainly derived

from downhole geophysical

logs, which are used

to interpret coal

and rock

thickness and

depth, since

logging of

the drill

cuttings is

unreliable.

Exploratory

drilling generally

requires drilling to

depths of over

152 meters

to penetrate

the target

coal

seam at Mon Valley.

wide

variety

core-logging

techniques

exist

for

the

properties.

For

many

the

core

holes, the

primary data source

is a generalized

lithology description by

the driller,

typically

supplemented

detailed

core

log

completed

geologist.

These

drilling

logs

were provided to

MM&A as a

geological database.

MM&A geologists were not

involved in

the production

of original

core logs

but did perform

a basic

check of

information within

the

provided database.

Where geophysical logs for such holes were available, they were used

by MM&A geologists to verify the coal thickness and core recovery of seams.

7.4

Hydrology

Based on historical successful production of Upper

Freeport, and stratigraphically proximal

seams in the region,

the Mon Valley

Complex is not expected to

have hydrologic concerns

material

issue.

Future

mining

projected

occur

areas

exhibiting

similar

hydrogeological conditions as

past mining, including

stream undermining and undermining

aquifers.

Based

upon

the

successful

history

mining

the

region

with

regards

hydrogeological features, MM&A assumes that

the operations will not be hindered

by such

issues.

The Pittsburgh

seam has

been mined

extensively above

the Upper

Freeport seam

on the

Property.

The interval (approximately 183

meters) between the seams is

anticipated to be

adequate to

minimize inflow

of water

to the

planned operations

from the

overlying Pittsburgh

works.

7.5

Geotechnical Data

Mining plans

for potential

underground mines

were developed

by Coronado

and modified

by MM&A to

fit current property

constraints.

Pillar stability was

tested by MM&A

using the

Analysis

Coal

Pillar

Stability

(ACPS)

program

that

was

developed

the

National

Institute for Occupational Safety and Health (

NIOSH

)

MM&A reviewed the results from

the ACPS analysis and considered them in the development of the LOM plan.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Sample Preparation,

Analyses and Security

8.1

Prior to Sending to the Lab

Most of the

coal samples have been

obtained from the

Property by subsurface exploration

using core

drilling techniques.

The protocol

for preparing

and testing

the samples

has varied

over

time and

is not

well documented

for the

older holes

drilled

on the

Property.

Typical

core-drilling

sampling

methods

for

coal

the

United

States

involves

drilling

through

the

seam, removing the core from the barrel, describing the lithology, wrapping the sample in a

sealed

plastic

sleeve

and

placing

lengthwise

into

covered

core

box,

and

carefully

marking hole ID

and depth intervals

on each box

and lid, allowing

the core to

be delivered

to a

laboratory in

correct stratigraphic

order, and with

original moisture

content.

This process

has been the norm for both historical and ongoing exploration activities at the Property.

This work is typically performed by the

supervising driller, geologist, or company personnel.

Samples are most often delivered

to the company by the

driller after each shift or

acquired

by company personnel or representatives.

Most of the coal core

samples were obtained by

previous or

current operators

on the

Property.

MM&A did

not participate

in the

collection,

sampling and analysis of the

core samples.

However, it is reasonable to assume, given

the

consistency of quality from previous operators,

that these samples were generally collected

and

processed

under

industry

best

practices.

This

assumption

based

MM&A’s

familiarity with the operating companies and the companies used to perform the analyses.

8.2

Lab Procedures

Coal

quality

testing

has

been

performed

over

many

years

operating

companies

using

different laboratories

and testing

regimens.

Some of

the samples

have raw

analyses and

washabilities on the full seam (with coal and rock parting layers co-mingled)

and are mainly

useful for characterizing the coal quality for projected production from underground mining.

Other

samples

have

coal

and

rock

analyzed

separately,

the

results

which

can

manipulated to forecast either surface or

underground mining quality.

Care has been taken

use

only

those

analyses

that

are

representative

the

coal

quality

parameters

for

the

appropriate mining type for each sample.

Unlike many Appalachian properties, Mon Valley

only

has

interest

one

deep

seam;

therefore,

the

analyses

have

likely

been

completed

following a consistent protocol.

Standard procedure

upon receipt

of core

samples by

the testing

laboratory is

to log

the depth

and

thickness of

the sample,

then

perform testing

specified by

representative

the

operating company.

Each sample is then analyzed in accordance with procedures defined

under

American Society

for Testing

and Materials

(

ASTM

)

standards including,

but not

limited

to;

washability

(ASTM

D4371);

ash

(ASTM

D3174);

sulfur

(ASTM

D4239);

Btu/lb.

(ASTM D5865); volatile matter (ASTM D3175); Free Swell Index (

FSI

) (ASTM D720).

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Data Verification

9.1

Procedures of Qualified Person

MM&A

reviewed

the

digital

geologic

database

supplied

Coronado.

The

database

consists

data

records,

which

include

drill

hole

information

for

holes

that

lie

within

and

adjacent

the

Property

and

records

for

numerous

supplemental

coal

seam

thickness

measurements.

Upon completion

the database

verification,

copies of

each

entry were

printed,

and

cross

referenced

the

original

document

for

verification.

Once

the

initial

integrity of

the database

was established,

stratigraphic columnar

sections were

generated

using cross-sectional analysis to establish

or confirm coal-seam correlations.

Geophysical

logs were used wherever available to assist in

confirming the seam correlation and to verify

proper seam thickness measurements and recovery of coal samples.

After

establishing

and/or

verifying

proper

seam

correlation,

seam

data

control

maps

and

geological cross-sections

were generated

and again

used to

verify seam

correlations and

data integrity.

Once the

database was

fully vetted,

seam thickness,

base-of-seam elevation,

roof and floor lithology,

and overburden maps were independently generated

for use in the

mine planning process.

9.2

Limitations

As with

any exploration

program, localized

anomalies cannot

always be

discovered.

The

greater

the density

of the

samples taken,

the less

the risk.

Once an

area

is identified

being of interest for inclusion in the mine

plan, additional samples are taken to help reduce

the risk in

those specific areas.

In general, provision

is made in

the mine planning

portion

of the

study to allow

for localized

anomalies that

are typically classed

more as

a nuisance

than a hinderance.

9.3

Opinion of Qualified Person

Sufficient data has

been obtained through

various exploration and sampling

programs and

mining operations to support the geological interpretations of seam structure and thickness

for coal horizons situated on the Property.

The data is of sufficient quantity and reliability

reasonably support the coal resource and coal reserve estimates in this TRS.

Mineral Processing and Metallurgical Testing

10.1

Testing Procedures

Separate

tabulations

have

been

compiled

for

basic

chemical

analyses

(both

raw

and

washed quality),

petrographic data,

rheological data

and chlorine,

ash, ultimate

and sulfur

analysis.

Available coal

quality data

was tabulated

by resource

area in

a Microsoft®

EXCEL workbook

and the

details of

that work

are maintained

on file

at the

offices

of Coronado

and MM&A.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

These tables

also provide

basic statistical

analyses of

the coal

quality data

sets, including

average

value;

maximum

and

minimum

values;

and

the

number

samples

available

represent each quality parameter of the seam.

Coal samples that were deemed by MM&A

geologists

be unrepresentative

were

not used

for

statistical

analysis of

coal

quality,

documented

the

tabulations.

representative

group

drill

hole

samples

from

the

Property

were

then

checked against

the original

drill laboratory

reports to

verify accuracy

and correctness.

The amount

and areal

extent of

coal sampling

for geological

data is

generally sufficient

represent

the

quality

characteristics

the

coal

horizons

and

allow

for

proper

market

placement of the subject coal seams.

For some of the coal deposits

there are considerable

laboratory data from

core samples

that are representative

of full extent

of the resource

area;

and for others there are

more limited data to represent

the resource area.

For example, in

the active

operations with

considerable previous

mining, there

may be

limited quality

data

within

some of

the remaining

resource areas;

however,

those cases

the core

sampling

data can be

supplemented with operational

data from mining

and shipped quality

samples

representative of the resource area.

10.2

Relationship of Tests to the Whole

The extensive sampling and testing procedures typically followed in the coal industry result

in an excellent

correlation between samples and

marketable product.

The Upper Freeport

seam has a long

history of saleable production in

the high-volatile metallurgical and thermal

markets, consistent with

exploration results.

Degradation of

coking coal

characteristics over

time is not anticipated to be an issue.

10.3

Lab Information

Each sample is

analyzed at area

Laboratories that operate

in accordance with

procedures

defined under ASTM

standards including, but

not limited to; washability

(ASTM D4371); ash

(ASTM

D3174);

sulfur

(ASTM

D4239);

Btu/lb.

(ASTM

D5865);

volatile

matter

(ASTM

D3175); Free Swell Index (

FSI

) (ASTM D720).

10.4

Relevant Results

No critical factors have been found

that would adversely affect the recovery

of the Reserve.

Any quality

issues that

occur, either localized

or generally

are accounted

for in

the Marketing

Study done for this TRS.

Mineral Resource Estimates

MM&A independently created

a geologic model

to define the

coal resources at

the Property.

Coal resources were estimated as of December 31, 2021.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

11.1

Assumptions, Parameters and Methodology

Geological

data

was

imported

into

Carlson

Mining

(formerly

SurvCADD

)

geological

modelling software in

the form of

Microsoft

Excel files incorporating,

drill hole collars,

seam

and thickness picks, bottom seam

elevations and raw and washed

coal quality.

These data

files were

validated prior

to importing

into the

software.

Once imported,

a geologic

model

was created, reviewed, and verified with a

key element being a gridded model

of coal seam

thickness.

Resource

tonnes

were

estimated

using

the

seam

thickness

grid

based

each valid point of observation and by defining resource

confidence arcs around the points

observation.

Points

observation

for

Measured

and

Indicated

confidence

arcs

were

defined for

all valid drill

holes that intersected

the seam

using standards deemed

acceptable

by MM&A based on a detailed geologic evaluation and a statistical analysis of all drill holes

within the

projected reserve

areas as

described in

Section 11.1.1

The geological

evaluation

incorporated an analysis

of seam thickness

related to depositional

environments, adjacent

roof and floor lithologies, and structural influences.

After

validating coal

seam data

and

establishing correlations,

the thickness

and

elevation

for seams of

economic interest were

used to generate

a geologic model.

Due to the

relative

structural simplicity

of the

deposits and

the reasonable

continuity of

the tabular

coal beds,

the principal geological interpretation necessary to define the geometry

of the coal deposits

is the proper

modeling of their

thickness and elevation.

Both coal thickness

and quality data

are

deemed

MM&A

reasonably

sufficient

within

the

resource

areas.

Therefore,

there

reasonable

level

confidence

the

geologic

interpretations

required

for

coal

resource determination based on the available data and the techniques

applied to the data.

Table 11

-1

below provides

the geological

mapping and

coal tonnage

estimation criteria

used

for

the

coal

resource

and

reserve

evaluation.

These

cut-off

parameters

have

been

developed by MM&A based on its experience with

the Coronado properties and are typical

mining

operations

the

Northern

Appalachian

Coal

Basin.

This

experience

includes

technical and

economic evaluations of

numerous properties in

the region

for the

purposes

of determining the economic viability of the subject coal reserves.

Coronado Global Resources Inc.

Statement of Coal Resources

and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 11

-1:

General Reserve and Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Reserve Criteria

Reserve Classification

Reserve and Resource

Reliability Categories

Reserve (Proven and Probable)

To better reflect geological conditions of the coal

deposits, distance between points of observation

are

standard USGS (in meters), respectively, for

measured and indicated and inferred.

Effective Date of Resource

Estimate

December 31, 2021

Effective Date of Reserve

Estimate

December 31, 2021

Seam Density

Variable, dependent upon seam characteristics

(based on available drill hole quality).

In the

absence of laboratory data, estimated by (1)

assuming specific gravity of 1.30 for coal and

2.25 to 2.5 for rock parting, or (2) 1280

kg/m

1324 kg/m

for a "clean" seam)

•

Underground-Mineable Criteria

Map Thickness

Total seam thickness

Minimum Seam Thickness

1.2 meters (locally <1.2 m for limited areas

integral to the mine plan)

Pangburn was mapped at 0.92-meter cutoff in

conjunction with Coronado mine plan.

Minimum Mining Thickness

1.4 meters

Minimum In-Seam Wash

Recovery

40 percent

Wash Recovery Applied to

Coal Reserves

Based on average yield for drill holes within

reserve area, or in the absence of laboratory

washability data, based on estimated visual

recovery using specific gravities noted above and

95 percent yield on "clean" coal

Out-of-Seam Dilution

Thickness for Run-of-Mine

Tonnes Applied to Coal

Reserves

0.05 meters minimum

2243 kg/m³ density used for dilution tonnage

estimate

Mine Barrier

61-meter distance from abandoned mines and

sealed or pillared areas.

Adjustments Applied to Coal

Reserves

6 percent moisture increase; 5 percent

preparation plant inefficiency

Note:

Exceptions for application of these criteria

to resource and reserve estimation are

made as warranted and demonstrated by

either actual

mining experience or detailed data that

allows for empirical evaluation of mining conditions.

Final classification of coal reserve is made

based on the pre-feasibility evaluation.

11.1.1

Geostatistical Analysis

MM&A

completed

geostatistical

analysis

drill

holes

within

the reserve

boundaries

determine the applicability of the common United

States classification system for measured

and indicated and inferred coal

resources.

Historically, the United States has assumed that

coal

within

0.4-kilometers

point

observation

represents

measured

resource

whereas

coal

between

0.4

kilometers

and

1.2

kilometers

from

point

observation

classified as

indicated.

Inferred resources

are commonly assumed

to be

located between

1.2 kilometers

and 4.8

kilometers from

a point

of observation.

Per SEC

regulations, only

measured

and

indicated

resources

may

considered

for

reserve

classification,

respectively as proven and probable reserves.

MM&A

performed

geostatistical

analysis

test

the

Mon

Valley

data

set

using

the

Drill

Hole Spacing

Analysis (

DHSA

) method.

This method

attempts to

quantify the

uncertainty

of applying a measurement from a central location to increasingly larger square blocks and

provides recommendations for determining the distances between drill holes for measured,

indicated, and inferred resources.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

perform

DHSA

the

data

set

was

processed

remove

any

erroneous

data

points,

clustered data

points, as

well as

directional trends.

This was

achieved through

the use of

histograms,

seen

Figure

11-1

color

coded

scatter

plots

showing

the

geospatial

positioning of the borings,

Figure 11-2

, and trend analysis.

Figure 11-1: Histogram of the Total Seam

Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

Figure 11-2: Scatter plot of the Total Seam

Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

Following the

completion of

data processing,

a variogram

of the

data set

was created,

Figure

-3

The

variogram

plots

average

square

difference

against

the

separation

distance

between the data pairs.

The separation distance is broken

up into separate bins defined

uniform

lag

distance

(e.g.,

for

lag

distance

152

meters

the

bins

would

–

152

meters, 153 –

305 meters, etc.).

Each pair of

data points that

are less than

one lag distance

apart are reported

in the first bin.

If the data pair

is further apart

than one lag distance

but

less

than

two

lag

distances

apart,

then

the

variance

reported

the

second

bin.

The

numerical

average

for

differences

reported

for each

bin

then

plotted

the

variogram.

Care was taken to define the lag distance in such a way as to not

overestimate any nugget

effect

present

the

data

set.

Lastly,

modeled

equations,

often

spherical,

gaussian,

exponential,

are

applied

the

variogram

order

represent

the

data

set

across

continuous spectrum.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3:

Variogram of the Total Seam Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

The estimation

variance is

then calculated

using information

from the

modeled

variogram

well

charts

published

Journel

and

Huijbregts

(1978)

This

value

estimates

the

variance from

applying a single

central measurement to

increasingly larger square

blocks.

Care was

taken to

ensure any

nugget effect

present

was added

back into

the data.

This

process was repeated for each test block size.

The final step of

the process is to

calculate the global estimation

variance.

In this step the

number square

blocks that

would fit

inside the

selected study

area is

determined for

each

block size

that was

investigated in

the previous

step.

The estimation

variance is

then divided

the

number

blocks

that

would

fit

inside

the

study

area

for

each

test

block

size.

Following

this

determination,

the

data

then

transformed

back

represent

the

relative

error in the 95

-percentile range.

Figure 11

-4

shows the

results of

the DHSA

performed on

the Upper

Freeport data

for the

Mon Valley Complex.

DHSA provides hole to hole spacing values, these

distances need to

be converted to

radius from a

central point in

order to compare

to the historical

standards.

summary

the

radius

data

shown

Table

11-2

DHSA

prescribes

measured,

indicated, and inferred drill hole spacings be determined at the 10-percent, 20-percent, and

50-percent levels of relative error, respectively.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-4:

Result of DHSA for the Upper Freeport Seam Present

in the Mon Valley

Complex

Table 11

-2:

DHSA Results Summary for Radius from a Central

Point

Model:

Measured Radial Distance

(10% Relative Error)

Indicated Radial

Distance

(20% Relative Error)

Inferred Radial

Distance

(50% Relative Error)

(km)

Gaussian:

0.72

1.42

3.53

Spherical:

0.72

1.42

3.53

Exponential:

0.75

1.43

3.49

Comparing the results

of the DHSA

to the historical

standards, it is

evident that the

historical

standards

are

conservative

than

even

the

most

conservative

DHSA

model

with

regards

determining

measured

resources.

The

Gaussian

and

Spherical

models

recommend

using

radius

0.72

kilometers

for

measured

resources

compared

the

historical value of 0.4 kilometers.

With respect to indicated resources the

DHSA falls in line

closely with the historical standards.

The Exponential model recommends

using a radius of

1.43

kilometers,

while

the

Spherical

and

Gaussian

models

recommend

radius

1.42

kilometers,

respectively.

These

values

line

closely

with

the

historical

radius

1.2

kilometers.

These

results

have

led

the

QPs

report

the

data

following

the

historical

classification standards, rather than use the results of the DHSA.

11.2

Qualified Person’s Estimates

Mineral resources, representing

in-situ coal in

which a portion

of reserves are

derived, are

presented

below.

Based

the

work

described

and

detailed

modelling

the

areas

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

considering all the parameters defined, a

coal resource estimate, summarized in

Table

11-

, was prepared as of December 31, 2021, for property controlled by Coronado.

Table 11

-3:

Coal Resources Summary as of December 31, 2021

Coal Resource (Dry Tonnes, In Situ, Mt)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserve

291.0

213.5

9.3

513.8

1.4

Exclusive of Reserve

0.0

Total 12/31/2021

291.0

213.5

9.3

513.8

Note:

Resource tonnes are inclusive of reserve

tonnes since they include the in-situ tonnes from

which recoverable coal reserves

are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Mon Valley properties do not have any resource

tonnes exclusive of reserves as of December

31, 2021.

11.3

Qualified Person’s Opinion

While

there

some

level

stratigraphically

controlled

seam-thickness

variability

due

sand

channels,

etc.,

the

Upper

Freeport

coal

seam

the

mine

property

Mon

Valley

demonstrate

reasonable

thickness

consistency

according

the

classification

system

measured

(0 kilometers – 0.4 kilometers),

indicated

(0.4 kilometers to 1.2 kilometers),

and

inferred

(1.2 kilometers

to 4.8

kilometers).

MM&A geologists

and engineers

modeled the

deposit

and

delineated

mineable

regions

reflect

the

nature

each

seam

and

the

practicality

mining

constraints.

Based

MM&A’s

geostatistical

analysis,

would

possible

extend

the

measured,

indicated

and

inferred

arcs

slightly

beyond

historically

accepted practices due to

consistent geological settings.

The QPs have again

elected not

to extend arc distances, introducing a level

of conservatism in measured and indicated coal

classification.

Based

the

data

review,

the

attendant

work

done

verify

the

data

integrity

and

the

creation

independent

geologic

model,

the

QPs

believe

this

fair

and

accurate

representation of the Mon Valley

coal resources.

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal Reserves

are classified

proven

probable

considering “modifying

factors” including

mining, metallurgical, economic, marketing, legal, environmental, social, and governmental

factors.

Proven Coal Reserves

are the economically mineable part of a measured coal

resource, adjusted for diluting materials and allowances for losses when the material is

mined.

It is based on appropriate assessment and studies in consideration of and

adjusted for reasonably assumed modifying factors.

These assessments demonstrate

that extraction could be reasonably justified at the time of reporting.

Probable Coal Reserves

are the economically mineable part of an indicated coal

resource, and in some circumstances a measured coal resource, adjusted for diluting

materials and allowances for losses when the material is mined.

It is based on

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

appropriate assessment and studies in consideration of and adjusted for reasonably

assumed modifying factors.

These assessments demonstrate that extraction could be

reasonably justified at the time of reporting.

Upon completion of delineation and calculation of coal resources, MM&A generated a LOM

plan for each of the

projected mines within the Mon

Valley

Complex.

The footprint of each

reserve area is shown on the maps

Appendix B

The mine plans were generated based

the

forecast

mine

plan

and

permit

plan

provided

Coronado

with

modifications

MM&A

where

necessary

due

current

property

control

limits,

modifications

geologic

mapping, or other factors determined during the evaluation.

Carlson Mining software

was used to

generate the LOM

plan for Mon

Valley.

The mine plan

was sequenced

based on

productivity schedules

provided by

Coronado.

MM&A determined

the

productivity

estimates

and

plans

reasonable

based

experience

and

current

industry practice.

At the Mon Valley mines, a minimum mining

height of 1.4 meters was

generally used due to

the continuous mining method being

employed; however, Pangburn was mapped at a

0.92-

meter cutoff

in conjunction with

the Coronado mine

plan.

For coal seams

thinner than the

assigned mining height, the

difference between the

coal seam height and

assigned mining

height consists of

out-of-seam dilution (

OSD

Mine recovery generally

varies between 40

percent

and

percent

for

continuous

mining

panels.

Plant

recovery

function

in-

seam recovery,

OSD and

plant efficiency

factor,

which is

set at

95 percent.

Typical

entry

width is 5.8 meters.

Raw,

ROM

production

data

outputs

from

LOM

plan

sequencing

were

processed

into

Microsoft

EXCEL

spreadsheets and

summarized on

annual basis

for

processing

into

the economic model.

Average seam densities

were estimated to

determine raw

coal tonnes

produced

from

the

LOM

plan.

Average

mine

recovery

and

wash

recovery

factors

were

applied to determine coal reserve tonnes.

Coal reserve tonnes in this evaluation are reported at a 6.0 percent moisture and represent

the saleable product from the Property.

Pricing

data

provided

Coronado

described

Section

16.2

The

pricing

data

assumes HVB domestic

and export FOB-mine

prices of approximately

$137 and $120

per

metric tonne for

calendar year 2027.

HVB domestic and

export prices respectively

increase

to approximately $221

and $193 per

metric tonne through

year 2050, and

then increased by

1% annual inflation thereafter.

The coal resource mapping and estimation process, described in the report, was used as a

basis for the coal

reserve estimate.

Proven and probable coal

reserves were derived from

the

defined

coal

resource

considering

relevant

processing,

economic

(including

technical

estimates of

capital, revenue,

and cost),

marketing, legal,

environmental, socio-economic,

and regulatory factors and are presented on a moist, recoverable basis.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

As is customary

in the

USA, the categories

for proven

and probable

coal reserves

are based

on the distances

from valid points

of measurement as

determined by the

QPs for the

area

under

consideration.

For

this

evaluation,

measured

resource,

which

may

convert

proven reserve, is based on a 0.4-kilometer radius from a valid point of observation.

Points of observation include exploration drill holes,

degas holes, and mine measurements

which have been

fully vetted and

processed into a

geologic model.

The geologic model

based

seam

depositional

modeling,

the

interrelationship

overlying

and

underlying

strata

seam

mineability,

seam

thickness

trends,

the

impact

seam

structure

(i.e.,

faulting),

intra-seam

characteristics,

etc.

Once

the

geologic

model

was

completed,

statistical analysis,

described in

Section 11.1.1

was conducted

and a

0.4-kilometer radius

from a valid point of observation was selected to define Measured Resources.

Likewise,

the

distance

between

0.4

and

1.2

kilometer

radius

was

selected

define

Indicated Resources.

Indicated Resources may convert to Probable Reserves

Inferred

Resources (greater

than a

1.2-kilometer

radius from

valid point

of observation)

are to be excluded from Reserve consideration.

12.2

Qualified Person’s Estimates

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource tons presented in

Table 11

-3

, and not

in addition to coal

resources.

Coal reserves

are

presented

ROM

basis

Table

12-1

Proven

and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure, economic

(including estimates

of capital,

revenue, and

cost), marketing,

legal,

environmental,

socio-economic

and

regulatory

factors.

The

coal

reserves,

shown

Table

12-2

, are based on a technical evaluation of

the geology and a preliminary feasibility

study of

the coal

deposits.

The extent

to which

the coal

reserves may

be affected

by any

known environmental,

permitting, legal,

title, socio-economic,

marketing, political,

or other

relevant issues has

been reviewed rigorously.

Similarly,

the extent to

which the estimates

of coal reserves

may be materially

affected by mining,

metallurgical, infrastructure and

other

relevant factors has also been considered.

Table 12-1:

Coal Summary (ROM Basis (Moist)) as of December 31,

2021 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

By Reliability Category

By Mining Type

By Control Type

Quality (Dry)

Area /

Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Mon Valley

113.9

83.2

197.1

0.0

197.1

195.7

1.4

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of

December 31, 2021 (Mt)

Demonstrated Coal Reserves (Wet Tons, Washed or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Mon Valley

77.8

56.6

134.4

0.0

134.4

133.4

1.0

1.4

Note: Marketable reserve tonnes are reported

on a moist basis, including a combination of

surface and inherent moisture.

The

combination of surface and inherent moisture is

modeled at 6-percent.

Actual product moisture is dependent upon

multiple

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

geological factors, operational factors, and product

contract specifications and can exceed 8-percent.

As such, the modeled

moisture values provide a level of conservatism

for reserve reporting.

The results

of this

TRS define

an estimated

134.4 Mt

of proven

and probable

marketable

coal reserves.

Of that total,

58 percent are

proven, and 42 percent

are probable.

There are

133.4 Mt of owned coal reserves and 1.0 Mt of

leased coal reserves.

All of the Mon Valley

reserves

are

considered

suitable

for

the

metallurgical

coal

market.

All

the

Mon

Valley reserves are unassigned.

12.3

Qualified Person’s Opinion

The

estimate of

coal

reserves was

determined

in accordance

with the

JORC Code

along

with SEC Regulation S-K 1300.

The LOM

mining plans for

Mon Valley

were prepared

to the level

of preliminary

feasibility.

Mine projections were prepared, and timing scheduled

to match production with coal seam

characteristics.

Production timing was carried out from current locations to depletion of the

coal reserve

area.

Coal reserve

estimates could

be materially

affected by

the risk

factors

described in

Section 22.2

Based

on the

Preliminary Feasibility

Study

and

the attendant

Economic Review,

the QPs

believe this is a fair and accurate calculation of the Mon Valley coal reserves.

Mining Methods

Three separate

underground mine

areas were

modeled and

tested economically

for the

Mon

Valley

Complex.

Once the Resources were calculated, mine plans were

created to project

operating each resource area to

depletion, with crews and

equipment scheduled to move to

subsequent mining areas as depletion occurs.

Underground mine operations are projected

to be exhausted in 2099.

13.1

Geotech and Hydrology

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

MM&A.

Pillar

stability

was

tested

MM&A

using

the

Analysis

Coal

Pillar

Stability

(ACPS)

program that

was developed

by the

National Institute

for Occupational

Safety and

Health

(

NIOSH

)

MM&A reviewed the results from the ACPS analysis and considered

them in the

development of the LOM plan.

Hydrology is not

expected to be

an issue of

concern at Mon

Valley.

Extensive mining has

occurred in the Pittsburgh

seam, 183 meters above

the Upper Freeport

horizon.

The Upper

Freeport

coal

has

been

mined

the

region—based

successful

historical

mining

comparable geologic

settings, material

impacts related

to hydrology

are not

anticipated to

be of concern.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

13.2

Production Rates

The Mon Valley

Complex is not yet

active, with three distinct

mines and preparation plants

planned.

The

mine

plan

and

productivity

expectations

reflect

historical

performance

similar operations and efforts have

been made to adjust

the plan to reflect

future conditions.

MM&A is

confident that

the mine

plan is

reasonably representative

to provide

an accurate

estimation of

coal reserves.

Mine development

and operation

has not

been optimized within

the TRS.

Production is

scheduled for

approximately 273

days each

year, which represents production

on Monday through

Friday plus every

other Saturday with

allowances for holidays.

On each

day, the continuous mining sections produce

coal on two shifts;

the third shift is

reserved for

maintenance and mine

conveyor belt and

power moves.

The sections are configured

as full

super sections

with two continuous

miners per section.

Productivity is planned

at the

rate

of 272 meters of advance per shift for the super sections.

Carlson Mining

software was

used by

MM&A to

generate mine

plans for

the underground

mineable coal

seam.

Mine plans

were sequenced

based on

productivity schedules

provided

by Coronado, which were based on

historically achieved productivity levels.

All production

forecasting ties assumed production rates to geological models

as constructed by MM&A’s

team of geologists and mining engineers.

As shown in

Table 13-1

, the areas planned for underground mines produce coal until 2099.

Clean coal production varies directly with coal thickness.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 13-1:

Production Summary by Mine by Year (000)

Mine Name

2030

2031

2032

2033

2034

2035

2036

2037

Pangburn

440

1,995

2,067

2,158

2,237

2,238

1,868

Fallowfield

Shaner

404

Total

440

1,995

2,067

2,158

2,237

2,238

2,273

Mine Name

2038

2039

2040

2041

2042

2043

2044

2045

Pangburn

1,476

702

665

Fallowfield

Shaner

684

1,240

1,944

1,989

1,901

1,892

1,809

1,895

Total

2,160

1,943

2,608

1,989

1,901

1,892

1,809

1,895

Mine Name

2046

2047

2048

2049

2050

2051

2052

2053

Pangburn

Fallowfield

Shaner

1,826

1,744

1,879

1,825

1,909

1,876

1,759

1,810

Total

1,826

1,744

1,879

1,825

1,909

1,876

1,759

1,810

Mine Name

2054

2055

2056

2057

2058

2059

2060

2061

Pangburn

Fallowfield

947

1,962

2,215

2,212

2,191

2,000

Shaner

1,929

1,930

1,929

1,980

1,899

2,028

1,957

1,845

Total

1,929

1,930

2,876

3,942

4,114

4,239

4,147

3,844

Mine Name

2062

2063

2064

2065

2066

2067

2068

2069

Pangburn

Fallowfield

1,827

2,051

2,087

2,060

1,881

2,087

Shaner

1,910

1,770

1,658

1,176

1,055

672

674

436

Total

3,737

3,821

3,745

3,264

3,115

2,732

2,555

2,523

Mine Name

2070

2071

2072

2073

2074

2075

2076

2077

Pangburn

Fallowfield

1,585

2,191

2,197

2,008

2,098

2,055

2,107

1,883

Shaner

Total

1,585

2,191

2,197

2,008

2,098

2,055

2,107

1,883

Mine Name

2078

2079

2080

2081

2082

2083

2084

2085

Pangburn

Fallowfield

2,129

1,937

1,723

2,242

1,568

2,285

1,637

1,982

Shaner

Total

2,129

1,937

1,723

2,242

1,568

2,285

1,637

1,982

Mine Name

2086

2087

2088

2089

2090

2091

2092

2093

Pangburn

Fallowfield

1,477

1,857

1,616

1,993

1,305

1,637

1,612

1,747

Shaner

Total

1,477

1,857

1,616

1,993

1,305

1,637

1,612

1,747

Mine Name

2094

2095

2096

2097

2098

2099

2100

2101

Pangburn

Fallowfield

1,355

1,731

1,752

1,387

916

393

Shaner

Total

1,355

1,731

1,752

1,387

916

393

13.3

Mining Related Requirements

A mine

plan with

sequenced mining

projections was prepared

for each logical

mining unit.

For each mine plan, the appropriate number of production units is

selected for the resource

area,

and

productivity

level

assigned,

expressed

meters

advance

per

unit-shift

production.

The productivity

is based on

the equipment

and personnel

configuration, mining

height and expected physical conditions.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

13.4

Required Equipment and Personnel

Production from the proposed Mon

Valley Complex mines will be conducted using the

room

and pillar

method, utilizing

continuous miners

and haulage

using shuttle

cars to

a feeder-

breaker located

at the

tail of

the section

conveyor belt.

The feeder-breaker

crushes large

pieces

coal

and

rock

and

regulates

coal

feed

onto

the

mine

conveyor.

Roof-bolting

machines are

used for

to support

the roof

on the

continuous miner

sections.

Roof-bolting

machines are used

to install roof

bolts, and battery

scoops are available

to clean the

mine

entries

and

assist

delivery

mine

supplies

work

areas.

Other

supplemental

equipment, such as personnel carriers, supply vehicles, etc., are also used daily.

Mine conveyors typically range in width

up to 1.5 meters.

Multiple belt flights are arranged

series

deliver

raw

coal

the

underground

storage.

Along

the

main

and

sub-main

entries

and

panels,

travel

way

provided

for

personnel

and

materials

rubber-tired

equipment or on rail.

The Mon Valley mines will use conveyors to transport ROM coal from

the

underground

production

sections

the

surface

where

the

coal

may

sampled,

crushed, washed in the preparation plant, and stockpiled to await shipment.

Surface

ventilation

fans

are

installed

needed

provide

sufficient

volume

air

ventilate production sections, coal haulage and transport entries,

battery charging stations,

and

transformers

accordance

with

approved

plans.

High-voltage

cables

deliver

power

throughout

the

mine

where

transformers

reduce

voltage

for

specific

equipment

requirements.

The Mine Improvement and

New Emergency Response

Act of 2006

(

MINER

Act

)

requires

that

carbon

monoxide

detection

systems

installed

along

mine

conveyor

belts

and

that

electronic

two-way

tracking

and

communications

systems

installed

throughout underground mines.

Water is required to

control dust

at production sections

and

along conveyor

belts, and

to cool

electric motors.

Water is

available from

nearby sources

and is distributed within the mine by pipelines as required.

13.4.1

Mine:

Pangburn

The Pangburn mine is

proposed to start in

2031 with three

continuous mining sections.

The

Upper Freeport

seam will

be accessed

via decline

slope and

vertical shaft.

This mine

will

produce metallurgical and steam coal from leased and owned mineral.

Production is

scheduled for

approximately 273

days each

year, which represents production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance and mine conveyor belt

and power moves.

Each section is configured as full

supersection with

two continuous

miners available

for production.

Productivity is

planned

the

rate

272

meters

advance

per

shift

for

the

super

sections.

total

203

employees are assigned to the mine.

Principal production

equipment on

each section

includes two

continuous miners,

two roof

bolters, four shuttle

cars, and two

scoops.

Coal is extracted

from the production

face with

the continuous miner and hauled

to the mine conveyor

in shuttle cars.

At the conveyor belt,

the

coal

discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

conveyor.

The conveyors carry the coal to the outside, where it is transported via overland

conveyor

the

proposed

Pangburn

preparation

plant

and

barge

load-out

the

Monongahela River.

Rail access is provided by a

CSX rail line.

The

proposed

Pangburn

mine

will

located

approximately

1.6

kilometers

south

the

community of

Elizabeth, Pennsylvania.

Main paved

roads exist

both east

and west

of the

site.

The proposed

dock, located

on the

western boundary

of the

proposed Pangburn

permit

area, is currently used for bulk material transshipment.

The area has hosted both industrial

and

residential development

for an

extensive time

period.

extraordinary

measures or

expenses will be required to establish infrastructure or utilities at the Pangburn site.

The preliminary design for the Pangburn mine surface facilities was provided by Coronado.

The

facilities

include

offices,

warehouses,

shops,

and

bathhouse

for

personnel;

preparation

plant

process

ROM

coal;

refuse

area

with

designed

capacity

approximately 35 million refuse tonnes; raw coal storage at the

plant totaling approximated

100,000

tonnes, clean

coal

storage at

the plant

site of

approximately 54,000

tonnes, and

three clean coal stockpiles

adjacent to the dock

loading facility on the

Monongahela River.

The three river stockpiles have a designed capacity of approximately 266,000 tonnes.

study

completed

and

approved

through

the

Pennsylvania

Department

Environmental Protection

on behalf of Coronado has identified

a Preferred Site for refuse

disposal

Pangburn

with

capacity

22.6

million

cubic

meters.

MM&A’s

estimated

requirements

for

Pangburn and

Shaner

combined is

29.7 million

tonnes or

approximately

13.2 million cubic meters.

The preliminary design layout of the Pangburn facilities is shown

Figure 13-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 13-1:

Proposed Pangburn Plant and Mine Site Infrastructure

13.4.2

Mine: Shaner

The Shaner mine is

a proposed mine in

the Upper Freeport seam

and is scheduled to

begin

production in

2037 as

the Pangburn

reserve is

depleted.

This mine

is a

metallurgical and

steam coal operation on leased and owned mineral property.

Production is

scheduled for

approximately 273

days each

year, which represents production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and mine

conveyor belt

and

power moves.

All three

sections

are full

super

sections with two continuous

miners per section.

Productivity is planned at

the rate of 272

meters of advance per

shift for the

super sections.

A total of 203

employees are assigned

to the mine.

Principal production

equipment per

section includes

two continuous

miners, two

roof bolters,

four

shuttle

cars,

and

two

scoops.

Coal

extracted

from

the

production

face

with

the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

continuous miner and hauled to

the mine conveyor in

shuttle cars.

At the conveyor belt, the

coal

discharged

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry the coal to the outside and to the preparation plant and load-out.

The

Shaner

mine

will

located

approximately

1.6

kilometers

north

the

community

Sutersville, Pennsylvania,

between the

Youghiogheny and Monongahela Rivers.

Numerous

improved

roads

traverse

the

Property.

additional

shaft

and

slope

will

required

access

Upper

Freeport

seam

reserves

west

the

Monongahela

River,

accessed

across

the

Street

bridge

and

Douglass

Run

Road.

The

immediate

vicinity

the

proposed

Shaner surface facilities

is well developed;

no extraordinary measures

or expenses will

required to

establish infrastructure

or utilities

at the

Fallowfield site.

Due to

the projected

starting

date

for

the Shaner

mine,

no detailed

design

infrastructure

or surface

facilities

has been

completed to

date.

The proposed

mines

are located

in the

Appalachian Basin,

which has an extensive history (>100 years)

of coal mining.

There is a sufficient population

base within commuting

distance of the

proposed operations; no

Camp or Town construction

will

required.

Mine

opening

capital

expenditures

are

included

the

MM&A

financial

model.

Due to the projected start-up date of the Shaner mine, no permit

work has been completed

to date.

The proposed

mine

is located

in an

area with

a long

history of

coal mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained

this

region;

2-year

3-year

lead

time

recommended.

Estimated

expenditures for

mine closure

and site

reclamation are

included in

the financial

model for

each mine or plant site.

Infrastructure for Shaner will resemble that shown in

Figure 13-1

for Pangburn.

13.4.3

Mine: Fallowfield

The Fallowfield mine is

proposed to start in

2056 with three

production sections.

The Upper

Freeport seam

will be accessed

via a decline

slope and

vertical shaft.

This mine will

be a

metallurgical coal and steam coal operation on leased and owned mineral property.

Production is

scheduled for

approximately 273

days each

year, which represents production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and mine

conveyor

belt

and

power moves.

The

sections

are

configured as

super sections with two continuous miners available for production.

Productivity is planned

at the

rate of 272

meters of

advance per

shift of

operation.

A total of

203 employees

are

assigned to the mine.

Principal production

equipment includes

two continuous

miners, two

roof bolters,

four shuttle

cars, and two scoops.

Coal is extracted from the production face

with the continuous miner

and hauled to

the mine

conveyor in shuttle

cars.

At the conveyor

belt, the coal

is discharged

from the shuttle

cars onto a

feeder breaker for

transfer onto the

conveyor.

The conveyors

carry the coal to the outside, where it is transported to the Fallowfield preparation plant

and

truck load-out via overland conveyor.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The Fallowfield property boundary is traversed

by the four-lane limited-access Mon-Fayette

Expressway in addition

to numerous improved

roads.

Previous mining and

coal preparation

facilities have existed in the immediate vicinity of the proposed

Fallowfield surface facilities.

No extraordinary

measures or

expenses will

be required

to establish

infrastructure or

utilities

at the

Fallowfield site.

Due to

the projected

starting date

for the

Fallowfield mine,

no detailed

design

infrastructure

surface

facilities

has

been

completed

date.

The

proposed

mines are

located in

the Appalachian

Basin, which

has an

extensive history

(greater than

100 years) of coal mining.

There is a sufficient population base within commuting distance

of the proposed operations; no

Camp or Town

construction will be required.

Mine opening

capital expenditures are included in the MM&A financial model.

Due

the

projected

start-up

date

the

Fallowfield

mine,

permit

work

has

been

completed

date.

The

proposed

mine

located

area

with

long

history

coal

mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely obtained; a two-

to three-year lead time

is recommended.

Estimated expenditures

for mine

closure and

site reclamation

are included

in the

financial model

for each

mine or

plant site.

Infrastructure for Fallowfield will resemble that shown in

Figure 13-1

for Pangburn.

Processing and Recovery Methods

14.1

Description or Flowsheet

Due to

the projected

starting date

for the

Mon Valley

Complex, only

preliminary design

preparation plant or associated

material handling facilities has

been initiated to date.

Coal

processing is

a well

understood science—it

is anticipated

that typical

coal sizing,

cleaning

and dewatering

equipment will

be utilized

for processing

of run-of-mine

coal at

Pangburn,

including combinations

of vibratory

screens, classifying

cyclones, heavy

media baths,

heavy

media

cyclones,

spirals,

froth

flotation,

and

drain-and-rinse

screens,

screen-bowl

centrifuges, among

others.

No novel

technologies will

be required

to process

run-of-mine

material.

14.2

Requirements for Energy, Water,

Material and Personnel

The

Mon

Valley

property

has

sources

water,

power,

personnel,

and

supplies

readily

available

for

use.

Personnel

have

historically

been

sourced

from

the

surrounding

communities in

Allegheny,

Washington,

and Westmoreland

Counties, and

have proven

adequate

numbers to

operate

the mines.

mining

is common

the

surrounding

areas, the workforce is

generally familiar with mining

practices, and many are

experienced

miners.

Water is expected to be sourced locally

from nearby public water sources

or rivers.

Electricity

anticipated

sourced

from

West

Penn

Duquesne

Light.

The

service

industry

the

areas

surrounding

the

proposed

mine

complex

has

historically

provided

supplies,

equipment

repairs

and

fabrication,

etc.

Barge

transport

the

Monongahela

River/Ohio River

system will serve

as the

main means

of product

transport from

the mine,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

and

currently

serve

means

coal

transportation

for

neighboring

Pittsburgh

seam

operations.

Infrastructure

Due

the

projected

starting

date

for

the

Mon

Valley

mines,

only

conceptual

design

infrastructure and surface facilities has been completed to date.

The

proposed

Pangburn

mine

will

located

approximately

1.6

kilometers

south

the

community of

Elizabeth, PA.

Main paved

roads exist

both east

and west

of the

site.

The

proposed dock, located on the western boundary of the proposed Pangburn permit area, is

currently

used

for

bulk

material

transhipment.

The

area

has

hosted

both

industrial

and

residential

development

for

extensive

time

period.

extraordinary

measures

expenses will be required to establish infrastructure or utilities at the Pangburn site.

The

Shaner

mine

will

located

approximately

1.6

kilometers

north

the

community

Sutersville, PA, between the Youghiogheny and Monongahela Rivers.

Numerous improved

roads traverse the Property.

An additional shaft and slope will be required

to access Upper

Freeport

seam

reserves

west

the

Monongahela

River,

accessed

across

the

Street

bridge

and

Douglass Run

Road.

The

immediate

vicinity of

the

proposed

Shaner

surface

facilities

well

developed;

extraordinary

measures

expenses

will

required

establish infrastructure or utilities at the Shaner site.

The

Fallowfield

property

boundary

traversed

the

4-lane

limited-access

Mon-Fayette

Expressway in addition

to numerous improved

roads.

Previous mining and

coal preparation

facilities have existed in the immediate vicinity of the proposed

Fallowfield surface facilities.

No extraordinary

measures or

expenses will

be required

to establish

infrastructure or

utilities

at the

Fallowfield site.

Due to

the projected

starting date

for the

Fallowfield mine,

no detailed

design of infrastructure or surface facilities has been completed to date.

A CSX

rail line

and loadout

on the

Monongahela River

as well

as barge

transportation on

the river are expected to serve as the primary means of transport for produced coal.

Market Studies

16.1

Market Description

The

quality

characteristics

for

the

subject

coal

resources

and

coal

reserves

have

been

reviewed in

detail by

MM&A.

The drill

hole data

were utilized

to develop

average coal

quality

characteristics

for

the

mining

site.

These

average

coal

quality

characteristics

were

then

utilized

the

basis

for determining

the

various markets

into

which

the

saleable

coal

will

likely be placed.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The projected quality specifications

for the Mon Valley

products are as shown

Table

16-

Table 16-1:

Quality Specifications by Product

HVB

Moisture (%)

7.50

Ash (%)

7.50

Sulfur (%)

1.2

Volatile Matter (%)

Btu/lb.

N/A

Fluidity (ddpm)

26,000

MMR (%)

0.98

CSR

FSI

7.50

Note:

All Specs are dry basis except Moisture.

Life-

of-mine sulfur for Pangburn is an estimated 1.21%;

however, overall Mon Valley Complex reserve

average is 1.36% sulfur.

All of the mine production is

projected to serve the metallurgical markets.

The metallurgical

coal is marketed as a high-volatile (typically greater

than 31 percent volatile matter content)

product on both the domestic and export markets.

16.2

Price Forecasts

Coronado

provided

MM&A

with

price

forecasts

for

its

active

operations.

Customer

coal

pricing is

derived from

market observed

forward estimates

based on

global economic

supply

and demand

analysis which

is applied

to mine plan

sales volumes

and product

mix and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges, ocean freight

charges and port

charges.

MM&A extrapolated the

provided data for

the greenfield Mon

Valley

operations.

Concurrent with aforementioned

quality parameters

in the preceding section, production from the proposed operations is assumed to be sold in

high volatile

domestic and

export coal

markets with

respective percentages

of 66

percent

and 34

percent.

The pricing

data assumes

HVB domestic

and export

FOB-mine prices of

approximately $137 and $120 per metric tonne for calendar year 2027.

HVB domestic and

export

prices

respectively

increase

approximately

$221

and

$193

per

metric

tonne

through year 2050, and then increased by 1% annual inflation thereafter.

Coal

price

forecasts

for

the

Mon

Valley

products

were

provided

Coronado

for

various

coal markets in terms of US nominal dollars per metric tonne.

16.3

Contract Requirements

Some contracts are necessary for

successful marketing of the coal.

For Mon Valley,

since

all

mining,

preparation

and

marketing

done

in-house,

the

remaining

contracts

required

are:

Transportation

– The Mine contracts with barge transportation companies or with CSX

Railroad to transport the coal to either of the domestic customers ports for overseas

shipments.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Handling

– Contracts for loading vessels for export sales are necessary.

These are

typically handled by annual negotiations based on projected shipments.

Sales

– Sales contracts are a mix of spot and contract sales.

With the volatility of the

market, long-term contracts are not typically written.

Environmental Studies, Permitting and Plans,

Negotiations or

Agreements with Local

Individuals

17.1

Results of Studies

MM&A is not

aware of any

Phase I Environmental

Site Assessment (

ESA

) completed on

the

Mon Valley

property on behalf of

Coronado.

Coronado reports not having

conducted such

a study.

Based on our experience with Coronado, it is the QPs’ opinion that Coronado has

a generally typical coal industry record

of compliance with applicable mining, water quality,

and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

monitoring during site reclamation, are included in the financial models.

17.2

Requirements and Plans for Waste Disposal

A study completed on behalf of Coronado

has identified a Preferred Site for refuse

disposal

Pangburn

with

capacity

22.6

million

cubic

meters.

Estimated

requirements

for

Pangburn and

Shaner combined

is 29.7 million

tonnes or approximately

13.2 million

cubic

meters.

Permitting for such a facility is anticipated to be achievable.

17.3

Permit Requirements and Status

All

mining

operations

are

subject

federal

and

state

laws

and

must

obtain

permits

operate

mines,

coal

preparation

and

facilities,

haul

roads,

and

other

incidental

surface

disturbances

necessary

for

mining

occur.

Permits

generally

require

that

the

permittee post a performance

bond in an amount

established by the regulatory

program to

provide

assurance

that

any

disturbance

liability

created

during

mining

operations

properly

restored

approved

post-mining

land

use

and

that

all

regulations

and

requirements of the

permits are fully

satisfied before the

bond is returned

to the permittee.

Significant penalties exist for

any permittee who fails

to meet the obligations of

the permits

including cessation of mining

operations, which can lead to

potential forfeiture of

the bond.

Any company,

and its

directors, owners,

and officers,

which are

subject to

bond forfeiture

can be denied future permits under the program.

The refuse

disposal area

will receive

combined coarse

refuse from

the proposed

preparation

plant by conveyor

belts.

The fine

material will

be processed by

filter press

technology where

Monitored under the Applicant Violator System (AVS) by the Federal Office of Surface Mining.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

the majority

of the

water is

removed.

The filter

cake material

will be

placed on

the refuse

conveyor for disposal with the coarse portion of the refuse material.

New permits or permit revisions will

occasionally be necessary to facilitate the

expansion or

addition

new

mining

areas

the

properties,

such

amendments

existing

permits

and

new

permits

for

mining

reserve

areas.

Exploration

permits

also

are

required.

Property under lease

includes provisions for

exploration among the

terms of the

lease.

New

modified

mining

permits

are

subject

public

process

and

comment

period, and the public is provided an

opportunity to raise objections to any proposed

mining

operation.

MM&A is not aware of any specific prohibition of mining

on the subject property

and given sufficient

time and planning,

Coronado should be

able to secure

new permits to

maintain its planned mining operations within

the context of current regulations.

Portions of

the

properties

are

located

near

local

communities.

Regulations

prohibit

mining

activities

within 91 meters of a residential dwelling, school, church, or similar structure unless written

consent

is first

obtained

from the

owner of

the structure.

Where required,

such consents

have been obtained where mining is proposed beyond the regulatory limits.

MM&A is unaware of

any obvious or current Coronado

permitting issues that are

expected

to prevent

the issuance

of future

permits.

Coronado, along

with all

coal producers,

is subject

level

uncertainty

regarding

future

clean

water

permits

due

United

States

Environmental Protection Agency

(

EPA

)

involvement with state programs.

17.4

Local Plans, Negotiations or Agreements

MM&A found no indication of requirements for agreements beyond the

scope of Federal or

State Regulations.

17.5

Mine Closure Plans

Applicable regulations require that

mines be properly closed,

and reclamation commenced

immediately

upon

abandonment.

general,

site

reclamation

includes

removal

structures, backfilling, regrading,

and revegetation of

disturbed areas.

Sediment control is

required

during

the

establishment

vegetation,

and

bond

release

generally

requires

minimum

five-year

period

site

maintenance,

water

sampling,

and

sediment

control

following mine completion.

This requirement is reduced to two years for certain operations

involving

re-mining.

Reclamation

underground

mines

includes

closure

and

sealing

mine openings such as portals and shafts in addition to the items listed above.

Estimated costs for mine

closure, including water quality

monitoring during site reclamation,

are included in the

financial model.

As with all mining

companies, an accretion calculation

is performed annually so the necessary Asset Retirement Obligations (

ARO

) can be shown

as a Liability on the Balance Sheet.

17.6

Qualified Person’s Opinion

The QPs know

of no reason that any permits that may be required cannot be obtained.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Estimated expenditures for site closure and reclamation are included

in the financial model

for these sites.

Capital and Operating Costs

18.1

Capital Cost Estimate

The

production

sequence

selected

for

property

must

consider

the

proximity

each

reserve area

to coal

preparation plants,

river docks and

railroad loading

points, along

with

suitability of production equipment to

coal seam conditions.

The in-place infrastructure was

evaluated, and

any future

needs were

planned to

a level

suitable for

a Preliminary

Feasibility

Study and included in the Capital Forecast.

MM&A

developed capital spending estimates for the proposed operations in the Mon Valley

Complex.

MM&A’s capital schedules assume that major equipment rebuilds occur over the

course of each machine’s remaining assumed operating life.

Replacement equipment was

scheduled based on MM&A’s

experience and knowledge of mining equipment and industry

standards with respect to the useful life of such equipment.

A summary of the estimated capital for the Property is provided in

Figure 18-1

below.

Figure 18-1:

CAPEX

18.2

Operating Cost Estimate

Coronado

provided

historical

summary

operating

costs

for

similar

operations

for

MM&A’s

review.

MM&A used

the historical

and/or budget

cost information

as a

reference

and

developed

personnel

schedule

for

the

mine.

Hourly

labor

rates

and

salaries

were

based upon information contained in Coronado’s financial summaries.

Fringe benefit costs

were

developed

for

vacation

and

holidays,

federal

and

state

unemployment

insurance,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

healthcare,

and

bonuses.

cost

factor

for

mine

supplies

was

developed

that

relates

expenditures

mine

advance

rates

for

roof

control

costs

and

other

mine

supply

costs

experienced

underground

mines.

Other

factors

were

developed

for

maintenance

and

repair costs, rentals, mine power, outside services and other direct mining costs.

Other cost

factors were

developed for

coal preparation

plant processing,

refuse handling,

coal

loading,

property

taxes,

and

insurance and

bonding.

Appropriate

royalty

rates

were

assigned for production from leased

coal lands and sales taxes were

calculated for federal

black

lung

excise

tax,

and

federal

reclamation

fees.

There

are

currently

state

coal

severance or reclamation taxes required in Pennsylvania.

Mandated Sales Related Costs such as Black Lung Excise are summarized in

Table

18-1.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 18-1:

Estimated Coal Production Taxes and Sales Costs

Description of Tax or Sales Cost

Basis of Assessment

Cost

Federal Black Lung Excise Tax -

Underground

Per Tonne

$1.21

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Royalties – Underground

Percentage of Revenue

Note:

Federal black lung excise tax is paid only on

coal sold domestically.

MM&A assumed 45% of total coal

sales to be domestic in the economic analysis discussed

below.

A summary of the projected Operating Costs is in

Table

18-2

Table 18-2:

Mon Valley Operating Costs

12/31

2022

12/31

2023

12/31

2024

12/31

2025

12/31

2026

12/31

2027

12/31

2028

12/31

2029

Remaining

Total

LOM

Average

ROM Production Tonnes

198.4

2.8

Yield

68.19%

0.00%

68.19%

Saleable Production

Tonnes

135.3

2.0

Thermal Tonnes

Domestic Met Tonnes

89.3

1.3

Export Met Tonnes

46.0

0.7

Total Saleable Tonnes

135.3

2.0

Cash Costs per Tonne:

Mining Costs

$98.16

Processing and

Transport

$36.04

Sales Related Costs

$1.73

G&A

$5.42

Total Cash Costs

$141.35

$141.33

Financial model includes 0.9 million tonnes of inferred coal

production.

Inferred coal represents 0.6% of the total production,

and none of this coal was

included in the estimate of reserves.

Economic

Analysis

19.1

Assumptions, Parameters and Methods

A pre-feasibility LOM plan was

prepared by MM&A for

the proposed Mon Valley operations.

MM&A

prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production timing

was

carried out

from 2031

depletion (exhaustion)

the coal reserve areas, which

is projected for the year 2099.

All costs and prices are based

on 2021 nominal United States dollars.

The

Mine

plan,

productivity

expectations

and

cost

estimates

generally

reflect

historical

performance by Coronado

and efforts have

been made to

adjust plans and costs

to reflect

future conditions.

MM&A is confident

that the mine

plan and financial

model are reasonably

representative to provide an accurate estimation of coal reserves.

Capital schedules were developed by MM&A for mine development, infrastructure, and on-

going

capital

requirements

for

the

life

the

mine.

Staffing

levels

were

prepared,

and

operating

costs

estimated

MM&A.

MM&A

utilized

historical

cost

data

provided

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Coronado and

its own knowledge

and experience to

estimate direct and

indirect operating

costs.

The preliminary feasibility financial model, prepared for this TRS, was developed to

test the

economic

viability

the

coal

reserve

area.

The

results

this

financial

model

are

not

intended to

represent a

bankable feasibility

study,

required for

financing of

any current

future mining

operations, but

are intended to

prove the

economic viability of

the estimated

coal

reserves.

All

costs

and

prices

are

based

2021

nominal

United

States

dollars

assuming a 2% inflation rate with one noted exception.

An inflation rate of 1% was applied

to the sales price after year 2050.

On an unlevered basis, the NPV of the project cash flows after taxes

was estimated for the

purpose

classifying coal

reserves.

The project

cash flows,

excluding

debt service,

are

calculated

subtracting direct

and

indirect operating

expenses and

capital expenditures

from

revenue.

Direct

costs

include

labor,

drilling

and

blasting,

operating

supplies,

maintenance

and

repairs,

facilities

costs

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

sampling

and

analysis

services,

reclamation

and

general

and

administrative costs.

Indirect costs

include statutory

and legally

agreed upon

fees related

to direct extraction of

the mineral.

The indirect costs

are the Federal

black lung tax, Federal

reclamation

taxes,

property

taxes,

local

transportation

prior

delivery

rail

barge

loading sites, coal

production royalties, sales

and use taxes,

and income taxes.

Coronado’s

historical costs provided a useful reference for MM&A’s cost

estimates.

Sales

revenue

based

the metallurgical

coal

price

information provided

MM&A

Coronado.

Projected debt service is excluded from the P&L and cash flow model in order to determine

Enterprise Value.

The financial model expresses

coal sales prices, operating costs,

and capital expenditures

in current day dollars without

adjustment for inflation.

Capital expenditures and reclamation

costs are

included based on

engineering estimates for

each mine by

year.

The Coronado

division’s existing allocations of administrative costs are continued in the future projections.

Coronado

will

pay

royalties

for

the various

current

and

projected

operations.

The royalty

rates vary

by mining method

and location.

The royalty rates

for Mon

Valley

are estimated

to be 7% of the sales revenue.

The projection

model also

includes consolidated

income tax

calculations at

the Coronado

level,

incorporating

statutory

depletion

calculations,

well

state

income

taxes,

and

federal

tax

rate

21%.

the

extent

the

mine

generates

net

operating

losses

for

tax

purposes, the

losses are

carried over

to offset

future taxable

income.

The terms

“cash flows”

and “project cash flows” used in this report refer to after tax cash flows.

Consolidated cash flows

are driven by

annual sales tonnage,

which grows from 0.4

million

tonnes in

2031 to

a peak

of 3.8

million tonnes

in 2059.

Between years

2060 and

2089, sales

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

ranges

from

1.5

million

2.7

million

tonnes

and

between

years

2090-2099,

sales

range

from 0.4

million tonnes

to 1.3

million tonnes.

Projected consolidated

revenue grows

from

$57.4 million in

2031 to

a peak

of $891.5

million in

2059.

Revenue totals

$32.7 billion

for

the project’s life.

Consolidated

cash

flow

from

operations

positive

throughout

the

projected

operating

period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated

cash

flow

from

operations

peaks

$359.2

million

2059

and

totals $9.0 billion over the project’s life.

Capital expenditures total $485.8 million during the

first five years and $3.3 billion over the project’s life.

Coal price forecasts

for coal products were

prepared by Coronado for

its active operations

and modified appropriately

by MM&A for

its greenfield operations.

Such prices were

used

for

the

revenue

input

into

the

financial

model.

Sales

variable

costs

such

production

royalties were based upon the revenue input.

19.2

Results

The pre-feasibility financial model,

prepared by MM&A for

this TRS, was developed

to test

the economic viability

of each coal

resource area.

The results of

this financial model

are not

intended to

represent a

bankable feasibility

study,

as may be

required for

financing of

any

current or

future mining

operations contemplated

but are

intended to

prove the

economic

viability of

the estimated

coal reserves.

Optimization of

the LOM

plan was

outside the

scope

of the engagement.

Figure

19-1

shows

the

annual

variance

cash

costs

per

ton.

Table

19-1

shows

LOM

tonnage, P&L, and EBITDA for each proposed Coronado mines in Mon Valley

Figure 19-1:

Cash Costs per Tonne

shown

above,

the

mines’

average

cash

cost

ranges

between

approximately

$56

and

$311 per tonne for most of the operating period.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 19-1:

Life-of-Mine Tonnage, P&L before Tax, and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax

P&L

Per Tonne

EBITDA

Per Tonne

Pangburn

14,376

$701,483

$48.80

$1,259,113

$87.59

Fallowfield

72,640

$4,712,144

$64.87

$6,688,054

$92.07

Shaner

48,294

$4,656,184

$96.41

$5,641,238

$116.81

Consolidated PA Deep Mines

135,309

$10,069,811

$74.42

$13,588,405

$100.42

Note:

*Financial model includes 0.9

million tonnes of inferred

coal production.

Inferred coal represents

0.6% of the total production, and none of this coal was included in the estimate of reserves.

shown

Table

19-1,

the

mines

show

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated

operations

show

positive

LOM

P&L

and

LOM

EBITDA

$10.0

billion and $13.6 billion,

respectively.

A summary of the

key financial performance metrics

projected for years is provided below in

Table

19-2

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 19-2:

Summary of Mon Valley Key Financial Performance Metrics (2021-2029)

12/31

2022

12/31

2023

12/31

2024

12/31

2025

12/31

2026

12/31

2027

12/31

2028

12/31

2029

Remaining

Total

LOM

Average

ROM Production Tonnes

198.4

2.8

Yield

68.19%

0.00%

68.19%

Saleable Production

Tonnes

135.3

2.0

Thermal Tonnes

Domestic Met Tonnes

89.3

1.3

Export Met Tonnes

46.0

0.7

Total Saleable Tonnes

135.3

2.0

Cash Costs per Tonne:

Mining Costs

$98.16

$98.13

Processing and

Transport

$36.04

Sales Related Costs

$1.73

G&A

$5.42

Total Cash Costs

$141.35

$141.33

EBITDA per Tonne

$100.15

$100.18

Expansion CapEx ($M)

$35.82

$1.02

$5.09

$29.72

Maintenance CapEx ($M)

$3,258.12

$35.26

$43.58

Total CapEx

$3,293.95

$1.02

$5.09

$29.72

$35.26

$43.58

●

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the

total production, and none of this coal was included in the estimate of reserves.

After-Tax

Cash Flows were developed in

order to calculate the NPV

for this Property.

The

NPV is estimated to

be $287.3 million at

a discount rate of

10.0%.

A summary of

the Mon

Valley after-tax

cash flow is shown in

Table

19-3

Table 19-3:

Project Cash Flow Summary (000)

YE12/31

Total

2026

2027

2028

2029

2030

Production & Sales tonnes

135,311

Total Revenue

$32,678,158

EBITDA

$11,822,150

$(369)

Net Income

$5,925,986

$(369)

Net Cash Provided by Operating Activities

$9,042,337

$(369)

$(312)

Purchases of Property, Plant, and Equipment

$(3,293,945)

$(5,087)

$(29,721)

$(35,261)

$(215,753)

Net Cash Flow

$5,748,391

$(369)

$(5,456)

$(30,090)

$(35,629)

$(216,065)

YE12/31

2031

2032

2033

2034

2035

2036

Production & Sales tonnes

399

1,810

1,875

1,958

2,029

2,030

Total Revenue

$57,415

$266,199

$281,967

$301,091

$319,037

$326,330

EBITDA

$31,974

$163,768

$175,562

$191,169

$204,833

$209,981

Net Income

$(43,182)

$84,520

$86,628

$82,382

$94,260

$106,329

Net Cash Provided by Operating Activities

$25,910

$135,802

$160,145

$157,652

$168,511

$179,238

Purchases of Property, Plant, and Equipment

$(199,931)

$(1,928)

$(21,158)

$(19,527)

$(204,537)

Net Cash Flow

$(174,021)

$133,874

$160,145

$136,494

$148,984

$(25,299)

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2037

2038

2039

2040

2041

2042

Production & Sales tonnes

2,062

1,960

1,762

2,366

1,804

1,724

Total Revenue

$338,825

$329,205

$302,680

$415,404

$307,404

$305,722

EBITDA

$217,762

$206,113

$179,715

$261,905

$167,920

$166,433

Net Income

$94,184

$107,142

$79,588

$136,843

$92,275

$83,239

Net Cash Provided by Operating Activities

$190,294

$179,925

$156,327

$197,122

$130,469

$131,680

Purchases of Property, Plant, and Equipment

$(178,362)

$(11,413)

$(10,070)

$(18,939)

$(6,627)

$(11,701)

Net Cash Flow

$11,932

$168,512

$146,257

$178,183

$123,842

$119,979

YE12/31

2043

2044

2045

2046

2047

2048

Production & Sales tonnes

1,717

1,641

1,719

1,657

1,582

1,704

Total Revenue

$307,825

$296,435

$323,078

$319,329

$311,207

$346,423

EBITDA

$166,345

$155,468

$176,197

$172,276

$164,044

$190,984

Net Income

$97,162

$102,577

$115,995

$111,938

$105,580

$121,920

Net Cash Provided by Operating Activities

$134,459

$126,566

$132,835

$135,759

$130,416

$145,691

Purchases of Property, Plant, and Equipment

$(70,898)

$(32,130)

$(1,608)

$(3,445)

$(20,197)

$(42,226)

Net Cash Flow

$63,561

$94,436

$131,226

$132,313

$110,218

$103,465

YE12/31

2049

2050

2051

2052

2053

2054

Production & Sales tonnes

1,656

1,732

1,702

1,596

1,642

1,750

Total Revenue

$341,272

$366,419

$363,743

$344,653

$358,264

$385,655

EBITDA

$185,001

$203,854

$199,083

$181,885

$190,949

$208,272

Net Income

$117,207

$139,379

$136,063

$119,219

$124,332

$139,625

Net Cash Provided by Operating Activities

$148,383

$156,450

$155,343

$145,611

$148,945

$159,944

Purchases of Property, Plant, and Equipment

$(21,985)

$(2,264)

$(17,661)

$(35,030)

$(22,841)

Net Cash Flow

$126,398

$154,185

$137,682

$110,580

$126,104

$159,944

YE12/31

2055

2056

2057

2058

2059

2060

Production & Sales tonnes

1,751

2,609

3,576

3,732

3,846

3,762

Total Revenue

$389,797

$586,754

$812,425

$856,469

$891,518

$881,012

EBITDA

$209,937

$293,768

$402,164

$424,215

$445,248

$430,456

Net Income

$159,520

$155,760

$230,828

$240,983

$258,267

$235,432

Net Cash Provided by Operating Activities

$177,985

$239,301

$313,658

$343,495

$359,216

$357,509

Purchases of Property, Plant, and Equipment

$(503,004)

$(81,075)

$(26,163)

$(36,932)

$(20,244)

$(124,371)

Net Cash Flow

$(325,019)

$158,226

$287,495

$306,563

$338,972

$233,138

YE12/31

2061

2062

2063

2064

2065

2066

Production & Sales tonnes

3,488

3,390

3,466

3,397

2,961

2,826

Total Revenue

$825,025

$810,082

$836,766

$828,451

$729,294

$703,094

EBITDA

$384,291

$373,425

$383,395

$380,242

$330,841

$317,117

Net Income

$197,731

$249,775

$251,050

$244,672

$199,779

$187,067

Net Cash Provided by Operating Activities

$332,663

$309,606

$303,605

$304,427

$278,545

$263,255

Purchases of Property, Plant, and Equipment

$(48,371)

$(18,997)

$(56,143)

$(55,800)

$(106,035)

$(48,026)

Net Cash Flow

$284,292

$290,609

$247,461

$248,627

$172,510

$215,229

YE12/31

2067

2068

2069

2070

2071

2072

Production & Sales tonnes

2,479

2,318

2,289

1,438

1,988

1,993

Total Revenue

$623,079

$588,566

$587,014

$372,607

$520,312

$526,958

EBITDA

$274,027

$245,996

$243,975

$120,878

$208,565

$209,313

Net Income

$157,110

$137,332

$132,150

$60,913

$125,427

$130,499

Net Cash Provided by Operating Activities

$236,473

$211,681

$204,662

$72,113

$144,108

$165,794

Purchases of Property, Plant, and Equipment

$(105,470)

$(32,972)

$(35,968)

$(21,665)

$(40,884)

$(29,483)

Net Cash Flow

$131,003

$178,708

$168,694

$50,448

$103,224

$136,311

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2073

2074

2075

2076

2077

2078

Production & Sales tonnes

1,822

2,098

2,055

2,107

1,883

2,129

Total Revenue

$486,489

$513,364

$508,098

$526,120

$474,939

$542,425

EBITDA

$180,965

$192,961

$185,766

$199,986

$169,269

$204,346

Net Income

$110,565

$131,576

$121,087

$124,925

$102,184

$132,803

Net Cash Provided by Operating Activities

$151,740

$149,923

$150,163

$155,728

$139,913

$152,938

Purchases of Property, Plant, and Equipment

$(38,951)

$(73,146)

$(11,367)

$(3,092)

Net Cash Flow

$151,740

$149,923

$111,2

$82,582

$128,546

$149,846

YE12/31

2079

2080

2081

2082

2083

2084

Production & Sales tonnes

1,937

1,723

2,242

1,568

2,285

1,637

Total Revenue

$498,511

$448,125

$588,782

$416,070

$612,359

$443,292

EBITDA

$172,232

$139,209

$217,859

$113,527

$222,506

$118,656

Net Income

$108,806

$74,410

$128,734

$54,853

$144,403

$63,019

Net Cash Provided by Operating Activities

$140,295

$115,386

$153,758

$109,676

$151,887

$113,810

Purchases of Property, Plant, and Equipment

$(20,499)

$(63,240)

$(32,548)

$(7,363)

$(18,926)

$(35,128)

Net Cash Flow

$119,796

$52,146

$121,210

$102,313

$132,961

$78,682

YE12/31

2085

2086

2087

2088

2089

2090

Production & Sales tonnes

1,982

1,477

1,857

1,616

1,993

1,305

Total Revenue

$542,129

$408,032

$518,052

$455,417

$567,535

$375,427

EBITDA

$169,637

$89,713

$145,507

$108,922

$166,892

$55,785

Net Income

$96,625

$31,702

$79,264

$51,566

$96,127

$8,392

Net Cash Provided by Operating Activities

$123,443

$88,067

$104,777

$94,796

$120,752

$66,853

Purchases of Property, Plant, and Equipment

$(35,870)

$(53,613)

$(23,904)

$(32,182)

$(31,114)

Net Cash Flow

$87,573

$34,453

$80,873

$62,614

$120,752

$35,738

YE12/31

2091

2092

2093

2094

2095

2096

Production & Sales tonnes

1,637

1,612

1,747

1,355

1,731

1,752

Total Revenue

$475,574

$473,016

$517,712

$405,723

$523,488

$535,336

EBITDA

$103,525

$97,847

$113,758

$40,298

$107,715

$110,329

Net Income

$41,301

$32,537

$52,174

$(4,344)

$49,211

$50,915

Net Cash Provided by Operating Activities

$75,371

$81,436

$89,571

$46,746

$76,088

$90,203

Purchases of Property, Plant, and Equipment

$(71,872)

$(66,089)

$(42,121)

Net Cash Flow

$3,499

$15,347

$89,571

$46,746

$33,967

$90,203

YE12/31

2097

2098

2099

2100

2101

2102

Production & Sales tonnes

1,387

916

393

Total Revenue

$428,077

$285,625

$123,638

EBITDA

$46,344

$27,079

$5,340

Net Income

$2,394

$(3,736)

$(11,836)

Net Cash Provided by Operating Activities

$50,190

$27,994

$(197,622)

Purchases of Property, Plant, and Equipment

Net Cash Flow

$50,190

$27,994

$(197,622)

●

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the

total production, and none of this coal was included in the estimate of reserves.

19.3

Sensitivity

Sensitivity of the NPV results to changes in

the key drivers is presented in the chart below.

The

sensitivity

study

shows

the

NPV

the

10.0%

discount

rate

when

Base

Case

sales

prices, operating costs, and capital costs are increased

and decreased in increments of 5%

within a +/- 15% range.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-2:

Sensitivity of NPV

As shown, NPV

is quite sensitive

to change in

sales price and

operating cost estimates,

and

slightly sensitive to changes in capital cost estimates.

Adjacent Properties

20.1

Information Used

No Proprietary information associated

with neighboring properties

was used as part

of this

study.

Other Relevant Data and Information

MM&A

performed

audit

the

Property

2017

for

Coronado

based

SEC

Industry

Guide

standards.

MM&A

conducted

Joint

Ore

Reserve

Committee

(

JORC

)

compliant resource and

reserve assessment of

the Mon Valley

assets effective

January 1,

2018.

By assignment,

the JORC

assessment included

a preliminary

feasibility level

study

the

subject

coal

reserves,

encompassing

detailed

mine

planning

and

cost

analysis

through depletion

of Mon

Valley’s JORC-compliant coal

reserves.

MM&A utilized

this former

preliminary feasibility study as

the basis of an updated

study which meets those

standards

set forth by the JORC Code and SEC.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Interpretation and Conclusions

22.1

Conclusion

Sufficient data has

been obtained through

various exploration and sampling

programs and

mining operations to support the geological interpretations of seam structure and thickness

for coal horizons situated on the Property.

The data is of sufficient quantity and reliability

reasonably support the coal resource and coal reserve estimates in this TRS.

The geological data and

preliminary feasibility study, which consider mining

plans, revenue,

and operating

and capital

cost estimates

are sufficient

to support

the classification

of coal

reserves provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

sufficient to conclude

that the 134.4 Mt of

marketable underground coal reserves identified

on the Property are economically mineable

under reasonable expectations of market prices

for metallurgical coal products, estimated operation costs, and capital expenditures.

22.2

Risk Factors

Risks have been identified for operational, technical and administrative subjects addressed

in the Pre-Feasibility Study.

A risk matrix

has been constructed to

present the risk levels

for

all the risk factors identified and quantified in the

risk assessment process.

The risk matrix

and

risk

assessment

process

are

modeled

that

presented

the

Australian

and

New

Zealand Standard on Risk Management (AS/NZS 4360).

The purpose

of the

characterization of

the project

risk components is

to inform

the project

stakeholders of

key aspects

of the

Coronado projects

that can

be impacted

by events

whose

consequences

can

affect

the

success

the

venture.

The

significance

impacted

aspect

the

operation

directly

both

the

probability

occurrence

and

the

severity of

the consequences.

The initial

risk for

a risk

factor is

herein defined

as the

risk

level

after

the

potential

impact

the

risk

factor

addressed

competent

and

prudent

management utilizing

control measures

readily available.

Residual risk

for a

risk factor

herein

defined

the

risk

level

following

application

special

mitigation

measures

management determines

that the

initial risk

level is

unacceptable.

Initial risk

and residual

risk can be

quantified numerically,

derived by the

product of values

assigned to probability

and consequence ranging from very low risk to very high risk.

The probability and

consequence parameters are

subjective numerical estimates

made by

practiced mine

engineers and

managers.

Both are

assigned values

from 1

to 5

for which

the

value

represents

the

lowest

probability

and

least

consequence,

and

the

value

represents the

highest probability

and greatest

consequence.

The products,

which define

the Risk Level, are classified from very low to very high.

Risk Level Table

(R = P x C)

Risk Level (R)

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Risk aspects identified and evaluated during this assignment

total 13.

No residual risks are

rated Very High.

Four (4) residual risks are rated High.

Six (6) of the risk aspects could be

associated with Moderate residual risk.

Three (3) of the risk

aspects were attributed Low or

Very Low residual risks.

22.2.1

Governing Assumptions

The listing of

the aspects is

not presumed to

be exhaustive.

Instead that listing

is presented

based on the experiences of the contributors to the TRS.

The probability and consequence ratings are subjectively assigned, and it is

assumed that this subjectivity reasonably reflects the condition of the active and

projected mine operations.

The Control Measures shown in the matrices presented in this chapter are not

exhaustive.

They represent a condensed collection of activities that the author of the

risk assessment section has observed to be effective in coal mining scenarios.

Mitigation Measures listed for each risk factor of the operation are not exhaustive.

The measures listed, however, have been observed by the author to be effective.

The monetary values used in ranking the consequences are generally-accepted

quantities for the coal mining industry.

22.2.2

Limitations

The risk

assessment proposed

in this

report is

subject to

the limitations

of the

information

currently collected, tested, and interpreted at the time of the writing of the report.

22.2.3

Methodology

The numerical quantities (i.e., risk levels) attributable to either “initial” or “residual” risks are

derived by the

product of values

assigned to probability

and consequence ranging

from very

low risk to very high risk.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

R = P x C

Where:

R = Risk Level

P = Probability of Occurrence

C = Consequence of Occurrence

The Probability (P)

and Consequence (C)

parameters recited in

the formula are

subjective

numerical estimates made

by practiced mine

engineers and managers.

Both P and

C are

assigned

integer

values

ranging

from

for

which

the

value

represents

the

lowest

probability and

least consequence,

and the

value 5

represents the

highest probability

and

greatest consequence.

The products (R

= P x

C) which define

the Risk Level,

are thereafter

classified from very low to very high.

Risk Level Table

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Very

high initial risks

are considered to

be unacceptable and

require corrective action

well

in advance of project

development.

In short, measures must

be applied to reduce

very high

initial risks to a tolerable level.

shown

and

discussed

above,

after

taking

into

account

the

operational,

technical,

and

administrative actions that have been applied or are available for action when required, the

residual

risk

can

determined.

The

residual

risk

provides

basis

for

the

management

team

determine

the

residual

risk

level

acceptable

tolerable.

the

risk

level

determined to be unacceptable, further actions should

be considered to reduce the residual

risk to acceptable or tolerable levels to provide justification for continuation of the proposed

operation.

22.2.4

Development of the Risk Matrix

Risks

have

been

identified

for

the

technical,

operational,

and

administrative

subjects

addressed in

the TRS.

The risk

matrix and

risk assessment

process are

modeled to

that

presented

the

Australian

and

New

Zealand

Standard

Risk

Management

(AS/NZS

4360).

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December

31, 2021

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

22.2.4.1

Probability Level Table

Table 22-1:

Probability Level Table

Category

Information Provided by Coronado

Report

Section

Legal

Mineral control and surface control rights as shown on maps

3.2, 3.3

Geological

Geologic data including digital databases and original source

data

including geologist logs, driller’s logs, geophysical logs

9.1

Coal Quality

Database of coal quality information supplemented with

original

source laboratory sheets where available

10.1

Mining

Historical productivities and manpower from operating and future

Coronado mines

13.2, 13.4

Coal Preparation

Flow sheet and other information representing current

and future

methods of coal processing

14.1

Marketing

Long-term price forecast and market placement by seam

or mine

used in financial projections

16.2

Waste Disposal

Engineering data and estimates representing remaining

capacities

for coarse and fine coal waste disposal

17.2

Environmental

Permit and bonding information

17.3

Costs

Historical and budgetary operating cost information used to

derive

cost drivers for reserve financial modeling

18.2

Economic

WACC and inflation rate used in discounted

cash flow analysis

19.1, 19.2,

19.3

APPENDIX

BIOGRAPHIES

APPENDIX

MAPS

APPENDIX

GLOSSARY OF TERMS

ARSHALL

ILLER

SSOCIATES

Glossary of Abbreviations and Definitions

Abbreviation

Definition

AIPG

American Institute of Professional Geologists

ARMPS

Analysis of Retreat Mining Pillar Stability

ASTM

American Society for Testing

and Materials

AVS

Applicant Violator System

bcm

Bank cubic meters

Btu/lb.

British Thermal Unit per pound

CAT

Caterpillar Inc.

C.P.G

Certified Professional Geologist

Carlson

Carlson Mining – formerly SurvCADD

– a prevalent software package

used for modeling in the Appalachian region

CFR

Code of Federal Regulations

Coronado

Coronado Global Resources Inc.

CSR

Codes of State Rules

CSX

CSX Corporation, a rail-based freight transportation company

CTR

Contour mining

Demonstrated

reserves

Demonstrated reserves are the sum of proven and probable reserves.

DEP

Department of Environmental Protection

EBITDA

Earnings before Interest, Taxes,

Depreciation, and Amortization

EOM

End-of-mine reclamation

EPA

United States Environmental Protection Agency

ESA

Limited Phase I Environmental Site Assessment

EVR

Estimated Visual Recovery

Feasibility Study

“…comprehensive technical and economic study of the selected

development option for a mineral project, which includes detailed

assessments of all applicable modifying factors together with any other

relevant operational factors, and detailed financial analysis that are

necessary to demonstrate, at the time of reporting, that extraction is

economically viable.

According to the proposed definition, the results of

the study may serve as the basis for a final decision by a proponent or

financial institution to proceed with, or finance, the development of the

project. Thus, a feasibility study is more comprehensive, with a higher

degree of accuracy, and yielding results with a higher level of

confidence, than a pre-feasibility study.”

Hitachi

Hitachi Construction Machinery Co., Ltd.

HWM

Highwall mining

In situ

Its natural position; said specific of a rock, soil, or fossil when in the

situation in which was originally formed or deposited

Indicated

Resources

Indicated

resources

are

those

lying

between

0.4-kilometer

and

1.2-

kilometer radius

from such

an observation

point and

reported herein

in-situ mineral resources.

Inferred

Resources

Inferred resources lie more than a 1.2-kilometer radius from a valid point

measurement

but

less

than

4.8

kilometers

from

one

and

reported

herein as in-situ mineral resources.

JORC Code

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources and Ore Reserves

lb. SO

/ mm Btu

Pounds per sulfur dioxide per million British thermal units

LJ Hughes

LJ Hughes & Sons, Inc. - drilling Company

LOM

Life-of-mine

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

M&R

Maintenance and repair

M.B.A.

Master of Business Administration

Measured

Resources

Measured resources are those lying within 0.4-kilometer radius from a

valid point of measurement and reported herein as in-situ mineral

resources.

MINER Act

Mine Improvement and New Emergency Response Act of 2006

Mineral Reserve

“…the economically mineable part of a Measured and/or Indicated

Mineral Resource.

It includes dilution materials and allowances for

losses, which occur when the material is mined or extracted and is

defined by studies at Preliminary Feasibility or Feasibility level as

appropriate that include Modifying Factors.

Such studies demonstrate

that, at the time of reporting, extraction of the mineral reserve is

economically viable under reasonable investment and marketing

assumptions.”

Mineral Resource

“…a concentration or occurrence of solid material of economic interest

or on the Earth’s crust in such form, grade or quality that there are

reasonable prospects for eventual economic extraction.

The location,

quantity, grade, continuity and other geological characteristics and

continuity of a Mineral Resource are known, estimated or interpreted

from specific geological evidence and knowledge, including sampling.”

MM&A

Marshall Miller & Associates, Inc.

Modifying Factors

“…considerations used to convert Mineral Resources to Mineral

Reserves. These include, but are not restricted to, mining, processing,

metallurgical, infrastructure, economic, marketing, legal, environmental

compliance, plans, negotiations, or agreements with local individuals or

groups and governmental factors.”

MRMR

Mineral Resources to Mineral Reserves

MSHA

United States Department of Labor Mine Safety and Health

Administration

MSL

Mean sea level

Million metric tonnes

NAIP

National Agricultural Imagery Program

NIOSH

National Institute for Occupational Safety and Health

Norfolk Southern Corporation, a rail-based freight transportation

company

O&M

Operating and maintenance

OSD

Out-of-seam dilution

OSM

U.S. Office of Surface Mining Reclamation and Enforcement

P&L

Profit and loss before tax

P.E.

Professional Engineer

Preliminary

Feasibility Study

“…as a comprehensive study of a range of options for the technical and

economic viability of a mineral project that has advanced to a stage

where a qualified person has determined (in the case of underground

mining) a preferred mining method, or in the case of surface mining) a

pit configuration, and in all cases has determined an effective method of

mineral processing and an effective plan to sell the product. The study’s

financial analysis must have the level of detail necessary to

demonstrate, at the time of reporting, that extraction is economically

viable. In addition, as noted in the proposed definition of a pre-feasibility

study,

while a pre-feasibility study is less comprehensive and results in

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

a lower confidence level than a feasibility study, a pre- feasibility study

is more comprehensive and results in a higher confidence level than an

initial assessment.”

Property(ies)

Bituminous coal deposits located in southwestern Pennsylvania.

The

Pennsylvania properties include the combined Pangburg, Shaner, and

Fallowfield underground mines in the Upper Freeport seam.

Qualified Person

“…a person who is a mineral industry professional with at least five

years of relevant experience in the type of mineralization and type of

deposit under consideration and in the specific type of activity that

person is undertaking on behalf of the registrant. In addition, the

proposed definition requires a qualified person to be an eligible member

or licensee in good standing of a recognized professional organization

at the

time the technical report is prepared.”

Rec.

Recovery

RECs

Recognized Environmental Conditions

Resource

Database

The Resource Database is established by the collection, validation,

recording, storing and processing of data and forms the foundation

necessary for the estimation of Mineral Resource and Mineral Reserve.

A quality assurance and quality control program is essential and must

be established to govern the collection of all data.

In reporting, a

Mineral Resource must meet the minimum requirement of “reasonable

prospects for economic extraction”. This will require the concurrent

collection and storage of preliminary economic, mining, metallurgical,

environmental, legal and social data and other information for use in the

estimation of MRMR.

The Resource Database will include both “primary” (observation and

measurement) and “interpreted” data. It is recommended that data be

stored digitally, using a documented, standard format and a reliable

storage medium that allows for easy and complete retrieval of the data.

ROM

Run-of-mine

RPO

Recognized Professional Organizations

S-K 1300

United States Securities and Exchange Commission Regulation S-K

1300 Modernization of Property Disclosures

SEC

U.S. Securities and Exchange Commission

SME

Society for Mining Engineers

SMCRA

Surface Mining Control and Reclamation Act of 1977 is the primary

federal law that regulates the environmental effects of coal mining in the

United States.

Strip Ratio

Represented by bcm of overburden to recoverable coal tonnes

tph

tonnes per hour

TRS

Technical

Report Summary

USA

United States of America

USGS

United States Geologic Survey

VALMIN Code

Australasian Code for Public Reporting of Technical

Assessments and

Valuations of Mineral Assets

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

Vulcan™

Vulcan™ software is a product of Maptek™, a provider of software for

the global mining industry.

APPENDIX

JORC TABLE 1

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling

techniques

Nature and quality of sampling (e.g. cut channels, random

chips, or specific

specialised industry standard measurement tools appropriate

to the minerals

under investigation, such as downhole gamma

sondes, or handheld XRF

instruments, etc.). These examples should not be

taken as limiting the broad

meaning of sampling.

Include reference to measures taken to ensure sample

representivity and the

appropriate calibration of any measurement tools

or systems used.

Aspects of the determination of mineralisation that are

Material to the Public

Report. In cases where ‘industry standard’ work has

been done this would be

relatively simple (e.g. ‘reverse circulation drilling

was used to obtain 1 m

samples from which 3 kg was pulverised to produce a

30 g charge for fire

assay’). In other cases, more explanation may be

required, such as where

there is coarse gold that has inherent sampling

problems. Unusual

commodities or mineralisation types (e.g. submarine nodules)

may warrant

disclosure of detailed information.

Most of the coal samples have been obtained

from the Properties by subsurface

exploration using core drilling techniques.

The protocol for preparing and testing

the samples has varied over time and is not well

documented for the older holes

drilled on the Properties.

Typical USA core drilling sampling technique is for the coal core sample,

once

recovered from the core barrel, to be described then wrapped

in a sealed plastic

sleeve and placed into a covered core box, which

is the length of the sample so

that the core can be delivered to a laboratory in relatively

intact condition and with

original moisture content.

It is reasonable to assume, given the sophistication

level of the previous operators,

that these samples were generally collected and processed

under industry best-

practices.

This assumption is based on MM&A’s familiarity with the operating

companies and the companies used to perform the

analysis.

Some of the drill holes were air rotary bored and

no coal core samples were

collected.

Seam thickness for rotary-drilled bore holes is

verified by calibrated

downhole gamma-density logs.

Coal samples that were deemed by MM&A geologists

to be unrepresentative were

not used for statistical analysis of coal quality, as documented in the

tabulations. A

representative group of drill hole samples from

the Properties were then checked

against the original drill laboratory reports to

verify accuracy and correctness.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Drilling

techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air

blast,

auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard

tube, depth of diamond tails, face-sampling bit

or other type, whether core is

oriented and if so, by what method, etc.).

The Properties have been extensively explored

by subsurface drilling efforts carried

out by numerous entities, most of which were completed

prior to acquisition by

Coronado.

The majority of the drilling was accomplished using

vertical continuous

(diamond) coring or air rotary methods.

Core drilling methods utilize NX-size (5.4 centimeter)

or similar-sized core cylinders

to recover core samples, which can be used

to delineate geologic characteristics,

and for coal quality testing and geotechnical logging.

Data for the rotary drilled holes is mainly derived

from downhole geophysical logs,

which are used to interpret coal and rock thickness

and depth since logging of the

drill cuttings is not reliable.

Geophysical logging was performed on many of

the holes, either by Geological

Logging Systems (a division of MM&A), other

geophysical logging contractors, and

on those properties acquired from CONSOL geophysical

logging was often

performed by CONSOL’s in-house logging services.

Drill sample

recovery

Method of recording and assessing core and chip

sample recoveries and

results assessed.

Measures taken to maximise sample recovery and

ensure representative

nature of the samples.

Whether a relationship exists between sample

recovery and grade and

whether sample bias may have occurred due to

preferential loss/gain of

fine/coarse material.

Where available, core recovery thickness of coal samples was

reconciled with the

thickness interpreted from geophysical logs.

Core recovery of the older coal samples lacking

geophysical logs is sometimes not

well-documented: however,

when the laboratory results for such holes had

anomalous values, the data was disqualified and not

used.

Logging

Whether core and chip samples have been geologically

and geotechnically

logged to a level of detail to support appropriate

Mineral Resource estimation,

mining studies and metallurgical studies.

Whether logging is qualitative or quantitative

in nature. Core (or costean,

channel, etc.) photography.

The total length and percentage of the relevant

intersections

logged.

A wide variety of core-logging techniques exist for

the properties.

For many of the

core holes, the primary data source is a generalized

lithology description by the

driller, in some cases supplemented by a more detailed core log

completed by a

geologist.

The logging of core thickness and depth is quantitative.

With the exception of the

coal seams, logging of rock strata type is more subjective

and best considered as

qualitative.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Sub-sampling

techniques and

sample

preparation

If core, whether cut or sawn and whether quarter, half or all

core taken.

If non-core, whether riffled, tube sampled, rotary split, etc.

and whether

sampled wet or dry.

For all sample types, the nature, quality and appropriateness

of the sample

preparation technique.

Quality control procedures adopted for all sub-sampling

stages to maximise

representivity of samples.

Measures taken to ensure that the sampling is representative

of the in situ

material collected, including for instance results for

field duplicate/second-half

sampling.

Whether sample sizes are appropriate to the grain

size of the material being

sampled.

Typical US practice in the Appalachian Basin is that core samples

for deep

mineable core samples are not sawn or subsampled (since

seams are not of great

thickness and the entire seam is mined and co-mingled).

Oftentimes, core for surface-mineable coal seams are

bench sampled separately

by the various coal and rock layers (plies).

MM&A has exercised diligence to use only those

analyses that are representative

of the coal quality parameters for the appropriate

mining type for each sample.

Quality of assay

data and

laboratory tests

The nature, quality and appropriateness of the assaying

and laboratory

procedures used and whether the technique is considered

partial or total.

For geophysical tools, spectrometers, handheld XRF

instruments, etc., the

parameters used in determining the analysis including

instrument make and

model, reading times, calibrations factors applied and

their derivation, etc.

Nature of quality control procedures adopted (e.g.

standards, blanks,

duplicates, external laboratory checks) and whether

acceptable levels of

accuracy (i.e. lack of bias) and precision have

been established.

Sample analysis was typically carried out by accredited

US laboratories.

Standard procedure upon receipt of core samples

by the testing laboratory is to log

the depth and thickness of the sample, then perform

testing as specified by a

representative of the operating company.

Each sample is then analyzed in

accordance with procedures defined under

American Society for Testing and

Materials (

ASTM

)

standards including, but not limited to; washability

(ASTM

D4371); ash (ASTM D3174); sulfur (ASTM D4239);

Btu/lb. (ASTM D5865); volatile

matter (ASTM D3175); Free Swell Index (

FSI

) (ASTM D720).

Geophysical tools are calibrated by the logging

company and where possible,

validated using a calibration hole.

Verification of

sampling and

assaying

The verification of significant intersections by either

independent or alternative

company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures,

data verification, data

storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

All coal intersection data used to generate the geologic

model has been cross

referenced with the lithological and geophysical logs

by MM&A.

Laboratory quality was adjusted from dry basis to reflect

the anticipated marketable

product moisture.

Coal quality results were verified by spot-check with

laboratory analysis sheets by

MM&A before inclusion into the geologic model

and use in the resource estimate.

Location of data

points

Accuracy and quality of surveys used to locate drill

holes (collar and down-

hole surveys), trenches, mine workings and other

locations used in Mineral

Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Due to the long history of exploration by various

parties on the Properties, a wide

variety of survey techniques exist for documentation of

data point locations.

Many

of the older exploration drill holes appear to have

been located by ground survey;

more recently completed drill holes are often located

by high-resolution Global

Positioning System (

GPS

) units.

Grid systems used are typically the State Plane Coordinate

System pertinent to

each property.

Topography is based on either the USGS topographic 7.5-minute quadrangle maps

or on recent aerial photogrammetry as necessary

(subject to availability).

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Data spacing and

distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient

to establish the

degree of geological and grade continuity appropriate

for the Mineral

Resource and Ore Reserve estimation procedure(s)

and classifications

applied.

Whether sample compositing has been applied.

Spacing and distribution of data point information

may vary from seam to seam

within each mining area.

The areas estimated for coal resource and

coal reserve

tonnes have been limited so that the data spacing

and distribution is sufficient to

establish the degree of geological continuity appropriate

for the estimation and

classification of the coal tonnes.

All of the coal resource tonnes are in the measured,

indicated, and inferred

categories, and all of the coal reserve tonnes are in

the proved and probable

categories in accordance with the JORC Code and

SEC standards.

Orientation of

data in relation to

geological

structure

Whether the orientation of sampling achieves unbiased

sampling of possible

structures and the extent to which this is

known, considering the deposit type.

If the relationship between the drilling orientation and

the orientation of key

mineralised structures is considered to have introduced

a sampling bias, this

should be assessed and reported if material.

Drill holes have been vertically drilled.

No downhole deviation logs have been

collected and it is therefore not known

if the drill holes have deviated away from

vertical.

Based on the relatively shallow seam depths,

any deviation is expected to

be insignificant and immaterial to the geologic

characterization of the property.

The dip of the coal seams is relatively minor

and not a material issue for

representation of seam thickness or quality.

Sample security

The measures taken to ensure sample security.

Sample handling procedures employed by explorationists

follow typical US protocol

and should be adequate to insure sample security.

Audits or reviews

The results of any audits or reviews of

sampling techniques and data.

MM&A has reviewed all available geological information

for the Properties in

developing the geologic model.

Only that data deemed suitable has been used

for

the purpose of generating the resource and reserve

estimates.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement

and land tenure

status

Type, reference name/number, location and ownership including agreements

or material issues with third parties such as joint

ventures, partnerships,

overriding royalties, native title interests, historical

sites, wilderness or national

park and environmental settings.

The security of the tenure held at the time of

reporting along with any known

impediments to obtaining a licence to operate

in the area.

The Coronado coal resources are located within three

of the United State of

America: Virginia; West Virginia; and Pennsylvania.

Control of these Properties is

governed by many hundreds of agreements.

MM&A has not carried out separate title verification for

the coal properties and has

not verified leases, deeds, surveys or other property

control instruments pertinent

to the subject resources.

Coronado has represented to MM&A that it controls

the mining rights to the coal

deposits as shown on its property maps, and

MM&A has accepted these as being

a true and accurate depiction of the mineral rights

controlled by Coronado.

The

TRS assumes the properties are developed under

responsible and experienced

management.

There are no known legal or environmental encumbrances

that would impede

development of the subject coal reserves.

Exploration done

by other parties

Acknowledgment and appraisal of exploration by other

parties.

The Properties have been extensively explored

by subsurface drilling efforts

carried out by numerous entities, most of which

were completed prior to acquisition

by Coronado.

This exploration work was generally performed to

prevailing US best practice

standards and deemed adequate for the purposes of

this TRS.

Geology

Deposit type, geological setting and style of mineralisation.

The Coronado coal resources are located within

the Northern and Central

Appalachian Coal Basins.

The coal deposits are Carboniferous in age, being

of the Pennsylvanian system.

Seam of economic significance typically range between

0.3 meters and 1.8 meters

in thickness, with relatively little structural deformation.

Regional structure is typically characterized by gently

dipping strata to the

northwest at less than one percent.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Drill hole

Information

A summary of all information material to the understanding

of the exploration

results including a tabulation of the following information

for all Material drill

holes:

●

easting and northing of the drill hole collar

●

elevation or RL (Reduced Level – elevation above

sea level in metres) of

the drill hole collar

●

dip and azimuth of the hole

●

down hole length and interception depth

●

hole length.

If the exclusion of this information is justified on

the basis that the information

is not Material and this exclusion does not detract

from the understanding of

the report, the Competent Person should clearly explain

why this is the case.

MM&A reviewed and entered all pertinent data into

a digital geologic database for

each Coronado property.

The database consists

of thousands of data records,

which include drill hole and supplemental coal

seam thickness measurements from

outcrop and mine exposures.

All drill holes in the database are provided with

a collar elevation and the State

Plane Coordinate System easting and northing coordinate.

After MM&A confirmed proper coal seam thickness and

correlation,

the seam data

was modelled and compiled into coal resource maps.

The maps are provided in the TRS; however, a tabulation of the thousands

individual data records is not practical to include.

Data aggregation

methods

In reporting Exploration Results, weighting averaging

techniques, maximum

and/or minimum grade truncations (e.g. cutting of high

grades) and cut-off

grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths

of high grade results

and longer lengths of low grade results, the

procedure used for such

aggregation should be stated and some typical examples

of such

aggregations should be shown in detail.

The assumptions used for any reporting of

metal equivalent values should be

clearly stated.

Where a coal seam has been bench sampled

(typically for surface mining) the

individual analyses for the coal plies are normally

weight-averaged to represent the

total of recoverable coal.

Coal quality summary results have been documented

in the TRS.

Average coal

quality on a per-seam basis is used to represent

the coal resources within a given

mining area.

Average coal quality for each Coronado complex is provided

in Tables 1-1, 1-2 and

1-3 of this TRS.

No other data aggregations methods are used.

Relationship

between

mineralisation

widths and

intercept lengths

These relationships are particularly important in the

reporting of Exploration

Results.

If the geometry of the mineralisation with respect

to the drill hole angle is

known, its nature should be reported.

If it is not known and only the down hole lengths

are reported, there should be

a clear statement to this effect (e.g. ‘down hole length,

true width not known’).

Coal thickness values from all coal intersections

and down hole geophysical logs

are considered to be vertical thicknesses.

Seam dip of approximately 2.0 to 3.0

degrees has little effect on the vertical thickness of the

seam.

Diagrams

Appropriate maps and sections (with scales) and tabulations

of intercepts

should be included for any significant discovery being

reported These should

include, but not be limited to a plan view of

drill hole collar locations and

appropriate sectional views.

Diagrams and maps showing the coal seam intercepts are

presented in the TRS.

Balanced

reporting

Where comprehensive reporting of all Exploration Results

is not practicable,

representative reporting of both low and high grades

and/or widths should be

practiced to avoid misleading reporting of Exploration

Results.

All of the available,

qualified exploration data has been included

within the

tabulations, maps, and diagrams for this TRS.

Both coal thickness and quality data are deemed

by MM&A to be reasonably

sufficient within the resource areas. Therefore, there is a

reasonable level of

confidence in the geologic interpretations required for

coal resource determination

based on the available data and the techniques applied

to the data.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Other substantive

exploration data

Other exploration data, if meaningful and material,

should be reported

including (but not limited to): geological observations;

geophysical survey

results; geochemical survey results; bulk samples –

size and method of

treatment; metallurgical test results; bulk density, groundwater, geotechnical

and rock characteristics; potential deleterious or

contaminating substances.

Informational material available from the U.S. Geological

Survey and the respective

State Surveys was used to assist in the Resource

estimate.

Further work

The nature and scale of planned further work (e.g.

tests for lateral extensions

or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible

extensions, including the

main geological interpretations and future drilling areas,

provided this

information is not commercially sensitive.

Further work is expected to include additional exploration,

geotechnical testing,

coal quality analyses, and coal property acquisition.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Database

integrity

Measures taken to ensure that data has not been

corrupted by, for

example,

transcription or keying errors, between its initial collection and its use for

Mineral Resource estimation

purposes.

Data validation procedures

used.

MM&A confirmed coal seam thickness and correlations in databases

used for coal

deposit modelling.

Representative records were spot-checked for

data entry

validation.

Geophysical logs were used wherever available

to assist in confirming the seam

correlation and to verify proper seam thickness measurements

and recovery of coal

samples.

Site

visits

Comment on

any site

visits undertaken

by the

Competent Person and the

outcome of those visits.

If no

site visits

have been

undertaken indicate why

this is the case.

MM&A is very familiar with the Properties and

has conducted multiple site visits

throughout the years.

Geological

interpretation

Confidence in (or conversely,

the uncertainty

of) the geological interpretation

the mineral deposit.

Nature of the data used and of

any assumptions made.

The effect,

if any,

of alternative interpretations on

Mineral Resource estimation.

The use of geology in guiding

and controlling Mineral Resource estimation.

The factors affecting continuity both

of grade and geology.

Due to the relative structural simplicity of the deposits

and the reasonable continuity

of the tabular coal beds, the principal geological

interpretation necessary to define the

geometry of the coal deposits is the proper modeling

of their thickness and elevation.

Both coal thickness and quality data are deemed

by MM&A to be reasonable

within

the resource areas.

Therefore, there is a reasonable level of confidence in

the geologic interpretations

required for coal resource determination based on

the available data and the

techniques applied to the data.

Dimensions

The extent and variability of the Mineral Resource expressed as length (along

strike or otherwise), plan width, and depth below surface to the upper and lower

limits of the Mineral Resource.

The subject coal resource areas mostly exist in

discreet, individual deposits of highly

variable dimensions, shapes and depth below the

ground surface.

Such factors are best depicted in the maps contained

in the TRS.

Details of the parameters are cited within the TRS and

included in the table of Cut-off

Parameters listed in Section 11.1 of the TRS.

Estimation

and

modelling

techniques

The nature and appropriateness of the estimation technique(s) applied and key

assumptions, including

treatment of extreme grade values, domaining,

interpolation parameters and maximum distance of extrapolation from data

points. If a computer assisted estimation method was chosen include a

description of computer software and

parameters used.

The availability of check estimates, previous estimates and/or mine production

records and whether the Mineral Resource estimate takes

appropriate account

such data.

The assumptions made regarding

recovery of by-products.

Estimation of deleterious elements or other non-grade variables of economic

significance (e.g. sulphur for acid mine drainage characterisation).

Geological data was imported into Carlson Mining

(formerly SurvCADD

) geological

modelling software in the form of Microsoft

Excel files incorporating, drill hole collars,

seam and thickness picks, bottom seam elevations

and raw and washed coal quality.

These data files were validated prior to importing

into the software.

Once imported, a geologic model was created.

The geological model was verified and reviewed.

Resources were estimated by defining seam thickness

at each point of observation

and by defining resource confidence arcs around

the points of observation.

Points of observation for Measured and Indicated

confidence arcs were defined for all

drill holes that intersected the seam.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

In the case

of block model interpolation, the

block size in relation to the

average sample spacing and the search employed.

Any assumptions behind modelling of

selective mining units.

Any assumptions about

correlation between variables.

Description of how the

geological interpretation was used to control the

resource estimates.

Discussion of basis for using or not

using grade cutting or capping.

The process of validation, the

checking process used, the comparison of model

data to drill hole data, and

use of reconciliation data if available.

As prescribed by the common United States

classification system the following

distances from points of observation were used

to define the corresponding Resource

category arcs:

Inferred Resources – greater than 3,960 feet (1.2

kilometers) but less than 15,840

feet (4.8 kilometers)

Indicated Resources – 3,960 feet (1.2 kilometers)

Measured Resources – 1,320 feet (0.4 kilometers)

The use of the standards commonly used in the

United States are appropriate and

customary for this resource jurisdiction and deposition

type.

MM&A performed a geostatistical analysis test

of the Coronado data sets using the

Drill Hole Spacing Analysis (

DHSA

) method.

Based on MM&A’s analysis, it would be possible to extend the measured,

indicated

and inferred arcs slightly beyond historically accepted

practices due to consistent

geological settings. The QP’s have elected not to extend

arc distances, introducing a

level of conservatism in the coal classification.

Moisture

Whether the tonnages are estimated on a dry basis

or with natural moisture,

and the method of determination of the moisture

content.

Coal resource tonnes are presented on a dry, in-situ basis.

Reserve tonnes are presented on a moist basis at anticipated

product moisture

ranging from 4.0 to 6.0 percent. Moisture content based

on historic analyses of

shipped coal.

Cut-off

Parameters

The basis of the adopted cut-off grade(s) or quality parameters

applied.

The cut-off parameters were tailored for each of the

Coronado properties to be in

accordance with mining/ processing capabilities and

market conditions prevalent at

each operation.

Examples include minimum recoverable coal thickness,

acceptable ash content and

wash recovery, and manageable overburden to coal ratio for surface mineable

coal.

Details of the parameters are cited within the

TRS and included in the table of Cut-off

Parameters listed in Section 11.1 of this TRS.

These cut-off parameters have been developed by MM&A

based on its experience

with the Coronado properties and other mining

operations of the Central Appalachian

coal basin.

This experience includes technical and economic

evaluations of

numerous properties in the region for the purposes

of determining the economic

viability of the subject coal reserves.

Mining factors or

assumptions

Assumptions made regarding possible mining methods,

minimum mining

dimensions and internal (or, if applicable, external) mining dilution.

It is always

necessary as part of the process of determining

reasonable prospects for

eventual economic extraction to consider potential

mining methods, but the

assumptions made regarding mining methods and parameters

when estimating

Mineral Resources may not always be rigorous.

Where this is the case, this

Mining factors such as dilution, mining and washing

recovery are variable and have

been applied at the coal deposits at each operation

based on site-specific

characteristics.

Details of the factors are cited within the TRS.

Factors that would typically preclude conversion of a

coal resource to coal reserve

include the following: inferred resource classification;

absence of coal quality; poor

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

should be reported with an explanation of the

basis of the mining assumptions

made.

mine recovery; lack of access; insufficient exploration; or

uncontrolled surface

property for areas of proposed for surface mining.

While such factors were used to preclude the conversion

of a very limited number of

coal resources to coal reserves in this report,

the extensive history of mining on the

Properties would suggest that there are reasonable prospects

for eventual economic

extractions of all coal resources under favorable

market conditions.

Metallurgical

factors or

assumptions

The basis for assumptions or predictions regarding

metallurgical amenability. It

is always necessary as part of the process of

determining reasonable prospects

for eventual economic extraction to consider potential

metallurgical methods,

but the assumptions regarding metallurgical treatment

processes and

parameters made when reporting Mineral Resources may

not always be

rigorous. Where this is the case, this should be reported

with an explanation of

the basis of the metallurgical assumptions made.

The products mined from coal resources controlled by

Coronado can be sold into

high-, mid-, and low-volatile metallurgical coal markets

because of their inherent

quality characteristics.

Run-of-mine production is washed at the coal preparation

plants as needed for quality

control.

Coronado may blend production from multiple

sources to manage ash and sulfur

content along with the rheological and petrographic

characteristics of the shipped

products.

Environmental

factors or

assumptions

Assumptions made regarding possible waste and

process residue disposal

options. It is always necessary as part of the process

of determining reasonable

prospects for eventual economic extraction to consider

the potential

environmental impacts of the mining and processing

operation.

While at this

stage the determination of potential environmental impacts,

particularly for a

greenfields project, may not always be well advanced,

the status of early

consideration of these potential environmental impacts

should be reported.

Where these aspects have not been considered

this should be reported with an

explanation of the environmental assumptions made.

MM&A completed a Limited Phase I Environmental Site

Assessment (ESA) on the

Buchanan property

in April 2016, and on the Logan County

and Greenbrier Properties

in May 2017 on behalf of Coronado.

Coronado reports not having conducted such

study since the MM&A studies.

The ESAs completed by MM&A included a site inspection,

review of historical

records, a database search of State and Federal

regulatory records and interviews to

identify potential recognized environmental conditions (RECs)

that may create

environmental liability for the sites.

MM&A identified one REC at Greenbrier associated

with stained soil and gravel near

a fueling and maintenance area.

Coronado reported to MM&A that satisfactory clean-

up efforts were completed at Greenbrier.

Based on these former ESAs completed by MM&A,

it is MM&A’s opinion that

Coronado has a generally typical coal industry

record of compliance with applicable

mining, water quality, and environmental laws.

Estimated costs for mine closure,

including water quality monitoring during site reclamation,

are included in the TRS

financial models.

Bulk density

Whether assumed or determined. If assumed, the

basis for the assumptions. If

determined, the method used, whether wet or dry, the frequency of the

measurements, the nature, size and representativeness

of the samples.

The bulk density for bulk material must have been

measured by methods that

adequately account for void spaces (vugs, porosity, etc), moisture and

differences between rock and alteration zones within the deposit.

Discuss assumptions for bulk density estimates

used in the evaluation process

of the different materials.

Laboratory derived seam densities measured in specific

gravity were used where

available.

As needed, these data were supplemented by estimated

seam density

values based on the relative proportion of

coal and non-coal material within the seam

(typically at 1.30 and 2.25 specific gravity, respectively).

Average seam density was determined for each coal deposit

and used to convert coal

volumes into coal tonnage estimates.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Classification

The basis for the classification of the Mineral Resources

into varying confidence

categories.

Whether appropriate account has been taken

of all relevant factors (i.e. relative

confidence in tonnage/grade estimations, reliability

of input data, confidence in

continuity of geology and metal values, quality, quantity and distribution

of the

data).

Whether the result appropriately reflects the

Competent

Person’s view of the deposit.

The Resource has been classified based on suitable

distances from points of

observations prescribed in the common United States

classification system.

The use of the United States standards is appropriate and

customary for this resource

jurisdiction and deposition type.3

MM&A performed a geostatistical analysis test

of the Coronado data sets using the

Drill Hole Spacing Analysis (

DHSA

) method.

Based on MM&A’s analysis, it would be possible to extend the measured,

indicated

and inferred arcs slightly beyond historically accepted

practices due to consistent

geological settings. The QP’s have elected not to extend

arc distances, introducing a

level of conservatism in the coal classification.

All relevant factors have been accounted for and

reflect the Competent Person’s view

of the deposit.

Audits or reviews

The results of any audits or reviews of Mineral

Resource estimates.

MM&A completed prepared a statement of coal resources

and reserves for the

Properties in accordance with the JORC Code

as of December 31, 2017.

MM&A also

subsequently updated the estimate of resources and

reserves for depletion as of

December 31, 2018, December 31, 2019, and

December 31, 2020.

MM&A performed a previous audit of the Properties

in year 2017 for Coronado based

on U.S. Securities and Exchange Commission (SEC)

Industry Guide 7 and USGS

Circular 891 standards.

Earlier audits were performed by various independent

consultants for predecessors-

in-title to Coronado and at various levels of detail

depending on the clients concerns

and the allotted time for completion.

Previous audits and reviews defined the primary

coal resource areas and estimated the recoverable

tonnes for each seam based on

the expected mining methods.

Additionally, MM&A has performed proprietary evaluations for predecessors-in-title

Coronado, which encompass portions of the Properties

included in this TRS.

Discussion of

relative accuracy/

confidence

Where appropriate a statement of the relative accuracy

and confidence level in

the Mineral Resource estimate using an approach

or procedure deemed

appropriate by the Competent Person. For example,

the application of statistical

or geostatistical procedures to quantify the relative

accuracy of the resource

within stated confidence limits, or, if such an approach is not deemed

appropriate, a qualitative discussion of the factors that

could affect the relative

accuracy and confidence of the estimate.

The statement should specify whether it relates

to global or local estimates,

and, if local, state the relevant tonnages, which

should be relevant to technical

and economic evaluation. Documentation should include

assumptions made

and the procedures used.

These statements of relative accuracy and confidence

of the estimate should be

compared with production data, where available.

The relative accuracy of and confidence in the

coal tonnage and quality estimates

provided herein are judged to be in conformance

with current industry best-practices.

The representation of average coal quality characteristics

should be understood to

represent a reasonably representative sampling

that is generally indicative of coal

quality and does not represent a statistically rigorous

approach to coal quality

modeling.

Resource estimation has been completed using standard

coal estimation methods

which are deemed appropriate for this deposit.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral Resource

estimate for

conversion to Ore

Reserves

Description of the Mineral Resource estimate used

as a basis for the

conversion to an Ore Reserve.

The coal resource estimate was prepared

as part of the report Coronado Global

Resources Inc. Statement of Coal Resources and

Reserves in Accordance with

JORC Code and United States SEC Standards

as of December 31, 2021 –

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and

Pennsylvania, USA – February 2022 prepared

by MM&A.

The resource estimation criteria were developed

by MM&A based on the capabilities

of the mining equipment used within the production

model and on industry-accepted

standards to assure that the basic geologic characteristics

of the coal resources are

in reasonable conformity with those to be mined and

marketed by Coronado.

Clear statement as to whether the Mineral Resources

are reported additional

to, or inclusive of, the Ore Reserves.

Coal resources generally are reported inclusive of

the coal reserves.

In some

cases, resources are reported in addition to coal reserves.

Tables 1-1 and 11

-3 of

the TRS clearly identify resources “inclusive of mine

plan” from which coal reserves

were estimated along with those resources “exclusive

of mine plan” from which no

reserves were estimated.

Site visits

Comment on any site visits undertaken by the

Competent Person and the

outcome of those visits.

MM&A is very familiar with the Properties and

has conducted multiple site visits

throughout the years.

Study status

The type and level of study undertaken to

enable Mineral Resources to be

converted to Ore Reserves.

A preliminary feasibility LOM plan was prepared by

MM&A for active and proposed

mines.

The Code requires that a study to at least Pre-Feasibility

Study level has been

undertaken to convert Mineral Resources to Ore

Reserves. Such studies will

have been carried out and will have determined a

mine plan that is technically

achievable and economically viable, and that material

Modifying Factors have

been considered.

This geologic evaluation conducted in accordance

with JORC and SEC standards

and in conjunction with the preliminary feasibility

study is sufficient to conclude that

the surface, highwall miner and underground

coal reserves identified on the

Properties are economically mineable under reasonable

expectations of market

prices for thermal and metallurgical coal products, estimated

operation costs, and

capital expenditures.

The pre-feasibility financial models, prepared by MM&A

for this TRS, was developed

to test the economic viability of each coal resource

area.

Proved and probable coal reserve were derived

from the defined in-situ coal

resource considering relevant processing, economic (including

independent

estimates of capital, revenue and cost, marketing, legal,

environmental,

socioeconomic, and regulatory factors).

Cut-off parameters

The basis of the adopted cut-off grade(s) or quality parameters

applied.

The cut-off parameters were tailored for each of the

Coronado properties to be in

accordance with mining/ processing capabilities and

market conditions prevalent at

each operation.

Examples include minimum recoverable coal thickness,

acceptable ash content and

wash recovery, and manageable overburden to coal ratio for surface mineable

coal.

Details of the parameters are cited within the TRS and

included in the table of Cut-

off Parameters listed in Section 11.1 of this TRS.

These cut-off parameters have been developed by MM&A

based on its experience

with the Coronado properties and are typical of

mining operations in the Central

Appalachian coal basin.

This experience includes technical and economic

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

evaluations of numerous properties in the region

for the purposes of determining the

economic viability of the subject coal reserves.

Mining factors or

assumptions

The method and assumptions used as reported

in the Pre-Feasibility or

Feasibility Study to convert the Mineral Resource to an

Ore Reserve (i.e. either

by application of appropriate factors by optimisation

or by preliminary or

detailed design).

After validating coal seam data and establishing

correlations, the thickness and

elevation for seams of economic interest were

used to generate a geologic model.

A pre-feasibility LOM plan was prepared

by MM&A for active and proposed mines.

MM&A prepared mine projections and production timing

forecasts based on coal

seam characteristics.

Production timing was carried out from 2022

to depletion

(exhaustion) of the coal reserve areas.

The choice, nature and appropriateness of the selected

mining method(s) and

other mining parameters including associated design

issues such as pre-strip,

access, etc.

The room-and-pillar mining method was selected to

model the underground mining

resources, utilizing continuous miners for coal extraction,

shuttle cars for production

section haulage and roof bolters for roof control,

with the exception that the

Buchanan Mine also uses longwall shearers, armored

face conveyors, and

hydraulic self-advancing roof support.

The resource areas located above drainage

are relatively small and often have irregular

boundaries.

The Buchanan Mine in

Buchanan County, Virginia is the only active longwall mine currently being operated

by Coronado.

The Coronado underground mining resource areas

which are located above-

drainage require an access road and mine access

development along the outcrop,

whereas below-drainage mines are accessed via shaft or

slope based on other

proposed surface infrastructure locations and/or

surface property control.

The surface mining method selected utilizes highly productive

hydraulic shovels,

front-end loaders, large tractors and rock trucks

for overburden removal.

The

mobile equipment spreads adapt readily to winding

coal outcrops for contour

surface mining and are effective for point-removal and area

mining applications.

Application of highwall and auger mining units

is an effective method to recover coal

resources not suitable for underground mining and under

excessive cover for

surface mining.

The assumptions made regarding geotechnical parameters (e.g.

pit slopes,

stope sizes, etc.), grade control and pre-production

drilling.

Mining plans for potential underground mines were

developed by MM&A.

Pillar

stability was tested by MM&A using the

Analysis of Coal Pillar Stability (ACPS

)

program that was developed by the

National Institute for Occupational Safety

and Health (

NIOSH

)

Coronado must obtain approved mining plans from

United States Department of

Labor Mine Safety and Health Administration (

MSHA

)

that define safety

parameters for the highwalls developed during

contour and area mining.

MM&A’s

planning model does not require input of specific

highwall design parameters, but

provides for timing of mining within mine plan polygons

that is representative of the

operation performance attained at Central Appalachia

surface mines.

Highwall and auger mining is conducted under highwalls

designed and constructed

to meet MSHA permit requirements.

To better assure highwall stability and safety

during highwall coal extraction, MSHA requires that

coal fenders, or stumps, be left

in place between successive cuts. Periodic barrier pillars

must be left in place as an

additional safeguard.

MM&A has adjusted the expected mining recovery

for

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

highwall and auger mining resources to reflect

highwall stability and safety

requirements.

The major assumptions made and Mineral Resource

model used for pit and

stope optimisation (if appropriate).

Underground Mining Resources:

For metallurgical resources, minimum coal seam

thickness extends down to between 0.6 and 1.2

meters and a minimum overburden

(depth of cover) of 30.5 meters.

A 61-meter horizontal distance is maintained from

abandoned mines and sealed or pillared areas,

and a 30-meter horizontal distance

is maintained from planned highwall miner panels.

Mine recovery is reduced when

a rider coal seam is present within a 1.5- to 3.0-meter

interval above the coal seam.

No mining is projected when the interval between

overlying and underlying reserves

is less than 12 meters.

Surface Mining Resources:

For classification as a surface-mineable resource, a

seam must be at least 0.3 meters in thickness

as a stand-alone (principle) seam

and 0.15 meters in thickness when less than

0.8 meters from a principle seam.

The

maximum cumulative area mining strip ratio is generally

20:1 for thermal coal and

30:1 for metallurgical coal.

Some areas were assessed for their economic viability

at higher ratios, and were included as reserves

if deemed economic.

For contour

surface mining, a minimum of 38-meter bench is

provided to support HWM.

HWM and Auger Mining Resources: HWM cut depth (penetration)

is established at

a maximum of 244 meters.

The minimum mineable coal thickness is limited

at 0.6

meters. For coal seams less than 0.8 meters

thick, roof and/or floor characteristics

must allow OSD cutting to maintain a 0.8-meter

minimum cutting height.

Auger

mining cut depth is established at an average

of 91 meters.

The minimum mineable

coal thickness is limited at 0.5 meters.

The mining dilution factors used.

Underground Mining Reserves:

The planning model assigns minimum mining

heights of 1.4 to 1.8 meters for mains and panel

development.

At the Buchanan

Mine, a minimum mining height of 1.8 meters

was used due to the longwall mining

method being employed.

For coal seams thinner than the assigned mining

height,

the difference between the coal seam height and assigned

mining height consists of

OSD.

In all cases a minimum of 0.05 meters

of OSD was assumed, with the

exception of the Mon Valley mines, where a minimum 0.15 meters of OSD was

assumed due to weaker floor strata.

Surface Mining Reserves:

Area mining is generally limited to a cumulative

overburden ratio of 30:1 and a 15:1 ratio for

contour mining.

Exceptions were

considered for mining of metallurgical grade coal where

deemed economical.

It is

assumed that careful cleaning of exposed coal pits will

result in minimal OSD.

HWM and Auger Mining Reserves:

The mining plan assumes that the HWM cutting

height is a minimum of 76 to 99 centimeters

for clearance purposes.

When the coal

seam is less than 76 to 99 centimeters thick, OSD

assumed and included in the

ROM product.

Because the auger has very limited OSD cutting ability, it is assumed

that an appropriate auger diameter will be

chosen based on the coal seam

thickness and that OSD will be minimal.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

The mining recovery factors used.

Underground Mining Reserves:

Mine recovery generally varies between 40 and

percent for continuous mining panels, and 100

percent for longwall.

Surface Mining Reserves:

Mining recovery is 90 percent for virgin areas.

Mining

recovery is reduced where second mining is

projected in previously underground

and auger mined areas.

HWM and Auger Mining Reserves:

A mine recovery of 40 percent has been applied

for HWM.

A mine recovery of 35 percent has been

applied for auger mining.

Any minimum mining widths used.

Underground Mining Reserves:

Typical entry width is 5.8 to 6.1 meters.

The manner in which Inferred Mineral Resources

are utilised in mining studies

and the sensitivity of the outcome to their inclusion.

Proved and probable coal reserve were derived

from the defined in-situ coal

resource considering relevant processing, economic (including

independent

estimates of capital, revenue and cost, marketing, legal,

environmental,

socioeconomic, and regulatory factors).

Mine plan LOM tonnage includes inferred coal and

those areas that do not meet the

minimum coal thickness requirement for classification as

reserve.

Inferred coal

represents approximately 0.6% of the LOM production

for Mon Valley and 0.04% of

the total LOM production for Logan.

None of this coal was included in the estimate

of reserves

The infrastructure requirements of the selected mining

methods.

Underground Mining Resources:

The continuous mining method provides for the

extraction of coal from the production faces using

continuous miners (and longwall

shearing machine at Buchanan) and haulage using

shuttle cars or battery haulers to

a feeder-breaker located at the tail of the section

conveyor belt.

The feeder-breaker

crushes large pieces of coal and rock and regulates

coal feed onto the mine

conveyor.

A chain conveyor is used to remove coal from

the longwall face at the

Buchanan Mine for placement onto the conveyor belt

which is ultimately delivered to

an underground storage bunker.

Roof-bolting machines are used to install roof

bolts, and battery scoops are available to clean the

mine entries and assist in

delivery of mine supplies to work areas.

Surface ventilation fans are installed as

needed to provide a sufficient volume of air to ventilate production

sections, coal

haulage and transport entries, battery charging stations,

and transformers in

accordance with approved plans.

Coronado currently operates three coal preparation

plants, one each at the

Buchanan, Logan County and Greenbrier Divisions.

The Buchanan Plant operates

at a feed rate of approximately 907 raw tonnes

per hour (

tph

), whereas the

Saunders Plant (Logan County Division) has a nominal

feed rate of 816 tph, and the

Mountaineer Plant (Greenbrier Division) operates

at 544 tph.

MM&A has included

capital estimates for construction of additional

coal preparation plants at the Russell

County and Mon Valley Complex for the purposes of this TRS.

Surface Mining Resources: The surface mining mobile equipment

spreads advance

the contour and area mining pits while systematically

reclaiming the trailing side of

pits where coal has been removed.

The coal haul roads are extended and

maintained as the pits advance.

Support facilities are maintained nearby but

away

from the active mining, and include storage areas

for blasting agents, fuel and

lubricants, and mine supplies along with maintenance

facilities and offices.

Most of

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

the surface mine production is transported to a loading

point for crushing, blending

and direct-shipment to customers.

HWM and Auger Resources: The HWM equipment advances

along with the contour

mining pits.

The rate of advance of the contour mining

is governed by the

advancement rate of the HWM.

A diesel-powered generator trails the highwall

miner and powers the continuous mining unit.

Other support facilities are provided

along with the contour mining support facilities.

HWM production is all transported

by truck to the coal preparation plant for washing.

Metallurgical

factors or

assumptions

The metallurgical process proposed and the appropriateness

of that process to

the style of mineralisation.

Coarse material is washed in a heavy medium

vessel.

Intermediate-size material is

washed in heavy medium cyclones.

Fine material is washed using conventional

froth flotation cells.

Whether the metallurgical process is well-tested technology

or novel in nature.

Processes are typical of those used in the

coal industry and are in use at adjacent

coal processing plants.

The nature, amount and representativeness of metallurgical

test work

undertaken, the nature of the metallurgical domaining applied

and the

corresponding metallurgical recovery factors applied.

The quality characteristics for the subject coal resources and

coal reserves have

been reviewed in detail by MM&A.

The drill hole data were utilized to develop

average coal quality characteristics mining site.

These average coal quality

characteristics were then utilized as the basis for determining

the various markets

into which the saleable coal will likely be placed.

Any assumptions or allowances made for deleterious

elements.

No significant effects on product quality are anticipated

from dilution material; float

product quality was used to model final product

quality.

The existence of any bulk sample or pilot scale

test work and the degree to

which such samples are considered representative of

the orebody as a whole

No bulk sample or pilot scale work has been completed.

For minerals that are defined by a specification,

has the ore reserve estimation

been based on the appropriate mineralogy to meet

specifications?

Notwithstanding the complexity of the coal quality data

set, the seams of the central

and northern Appalachian coalfields have a long history

of providing both high-Btu

thermal coals and high-, mid- and low-volatile coking

coals with favorable

metallurgical properties.

Environmental

The status of studies of potential environmental impacts

of the mining and

processing operation. Details of waste rock characterisation

and the

consideration of potential sites, status of design options

considered and, where

applicable, the status of approvals for process residue

storage and waste

dumps should be reported.

MM&A completed a Limited Phase I Environmental Site

Assessment (

ESA

) on the

Buchanan property

in April 2016, and on the Logan County

and Greenbrier

Properties in May 2017 on behalf of Coronado.

MM&A identified one REC at Greenbrier associated

with stained soil and gravel

near a fueling and maintenance area.

Coronado reported to MM&A that satisfactory

clean-up efforts were completed at Greenbrier.

Based on these former ESAs completed by MM&A,

it is MM&A’s opinion that

Coronado has a generally typical coal industry

record of compliance with applicable

mining, water quality, and environmental laws.

Estimated costs for mine closure,

including water quality monitoring during site reclamation,

are included in the TRS

financial models.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Infrastructure

The

existence

appropriate

infrastructure:

availability

land

for

plant

development, power,

water,

transportation (particularly

for bulk

commodities),

labour,

accommodation;

the

ease

with

which

the

infrastructure

can

provided or accessed.

Coronado currently operates one surface mine (Toney Fork Mine at the Logan Mine

Complex); Coronado also controls the idle Midland

Surface Mine at the Greenbrier

Mine Complex.

Coronado operates five underground mines as follows:

Buchanan Mine at the

Buchanan Mine Complex; Powellton #1, Eagle No. 1,

Muddy Bridge and Lower War

Eagle Mines in the Logan Mine Complex; the Mountaineer

#1 Mine at the

Greenbrier Mine Complex is currently idle.

All ROM production is currently planned for either

truck transportation from the

mines to the processing or shipping facilities, or

in some cases there is either a

current or planned mine mouth preparation plant and

barge/rail loading facility.

There is a network of public highways that provide

serviceable coal haul routes and

private, internal roads on the Properties would

be developed as may be needed.

Rail service to the Properties is most readily

provided by NS and CSX

with

connections to both domestic consumers and international

trans-shipment points.

NS track is located across the Monongahela

River from the proposed Pangburn

Hollow load-out facility.

Coal would be shipped to customers via barge

and rail and

sold as both metallurgical and thermal products.

Costs

The derivation of, or assumptions made, regarding

projected capital costs in

the study.

The methodology used to estimate operating costs.

Coronado provided historical and 5-year budget operating

costs for its active mines

for MM&A’s review.

MM&A used the historical and/or budget cost

information as a

reference and developed personnel schedules for

each mine.

Hourly labor rates

and salaries were based upon information contained

in Coronado’s financial

summaries.

Fringe benefit costs were developed for vacation

and holidays, federal

and state unemployment insurance, retirement, workers’

compensation and

pneumoconiosis, casualty and life insurance, healthcare

and bonuses.

A cost factor

for mine supplies was developed that relates expenditures

to mine advance rates for

roof control costs and other mine supply costs at

underground mines.

Other factors

were developed for maintenance and repair costs,

rentals, mine power, outside

services and other direct mining costs

Surface mine direct operating costs were developed

as a function of overburden

ratio for repair and maintenance supplies, diesel

fuel, explosives and blasting, and

miscellaneous supplies and services.

Operating costs for highwall mines are based

on costs per ROM tonne estimates.

Other cost factors were developed for

coal

preparation plant processing, refuse handling,

coal loading, trucking, property taxes,

and insurance and bonding.

Appropriate royalty rates were assigned for production

from leased coal lands and sales taxes were calculated

for state severance taxes,

the federal black lung excise tax, and federal and

state reclamation fees.

Capital schedules were developed by MM&A for mine

development, infrastructure,

and on-going capital requirements for the life of

each projected mine.

Staffing levels were prepared and operating costs estimated

by MM&A for each

projected mine.

MM&A utilized historical cost data provided by Coronado

and its

own knowledge and experience to estimate direct

and indirect operating costs.

Allowances made for the content of deleterious elements.

No allowances have been made for deleterious

elements; no impact to quality from

deleterious elements is anticipated.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

The derivation of assumptions made of metal or commodity

price(s), for the

principal minerals and co- products.

Coronado provided MM&A with price forecasts

for all Properties.

Customer coal

pricing is derived from market observed forward

estimates based on global

economic supply and demand analysis which is applied

to mine plan sales volumes

and product mix and is supplemented with Coronado’s

in-house knowledge of

applicable rail transportation charges, ocean freight

charges and port charges.

Coal

price forecasts for the various products were provided

by Coronado for various coal

markets in terms of US nominal dollars per metric

tonne.

MM&A utilized this data

for price forecasting in financial modeling.

Derivation of transportation charges.

Coronado provided MM&A with price forecasts

for all Properties.

Customer coal

pricing is derived from market observed forward

estimates based on global

economic supply and demand analysis which is applied

to mine plan sales volumes

and product mix and is supplemented with Coronado’s

in-house knowledge of

applicable rail transportation charges, ocean freight

charges and port charges.

Coal

price forecasts for the various products were provided

by Coronado for various coal

markets in terms of US nominal dollars per metric

tonne.

MM&A utilized this data

for price forecasting in financial modeling.

The basis for forecasting or source of treatment and

refining charges, penalties

for failure to meet specification, etc.

MM&A utilized historical cost data provided by

Coronado and its own knowledge

and experience to estimate direct and indirect operating

costs.

All ROM production

is currently planned for either truck transportation from

the mines to the processing

or shipping facilities, or in some cases there is either

a current or planned mine

mouth preparation plant and barge/rail loading facility.

The allowances made for royalties payable, both

Government and private.

Appropriate royalty rates were assigned for production

from leased coal lands and

sales taxes were calculated for state severance taxes,

the federal black lung excise

tax, and federal and state reclamation fees.

Revenue factors

The derivation of, or assumptions made regarding

revenue factors including

head grade, metal or commodity price(s) exchange

rates, transportation and

treatment charges, penalties, net smelter returns, etc.

Coronado provided MM&A with price forecasts

for all Properties.

Customer coal

pricing is derived from market observed forward

estimates based on global

economic supply and demand analysis which is applied

to mine plan sales volumes

and product mix and is supplemented with Coronado’s

in-house knowledge of

applicable rail transportation charges, ocean freight

charges and port charges.

Coal

price forecasts for the various products were provided

by Coronado for various coal

markets in terms of US nominal dollars per metric

tonne.

MM&A utilized this data

for price forecasting in financial modeling.

The derivation of assumptions made of metal or commodity

price(s), for the

principal metals, minerals and co-products.

Coal sales prices as defined above.

All reported reserves are on a marketable

basis.

Market assessment

The demand, supply and stock situation for the particular

commodity,

consumption trends and factors likely to affect supply and

demand into the

future.

Coronado provided MM&A with price forecasts

for all Properties.

Customer coal

pricing is derived from market observed forward

estimates based on global

economic supply and demand analysis which is applied

to mine plan sales volumes

and product mix and is supplemented with Coronado’s

in-house knowledge of

applicable rail transportation charges, ocean freight

charges and port charges.

Coal

price forecasts for the various products were provided

by Coronado for various coal

markets in terms of US nominal dollars per metric

tonne.

MM&A utilized this data

for price forecasting in financial modeling.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

A customer and competitor analysis along with the identification

of likely market

windows for the product.

All of the mine production serves metallurgical and thermal

markets.

The

metallurgical coal is marketed as high-volatile (typically

28 percent or greater volatile

matter content); mid-volatile (typically 23- to 27-percent

volatile matter content) and

low-volatile (typically less than 23 percent volatile

matter content) products.

Raw ROM production that requires washing is

currently processed through

Coronado owned and operated coal preparation

plants.

ROM coal that does not require further processing

is delivered directly to the loading

points for sizing and delivery to customers.

Coronado has access to two rail-loading

points serviced by the

Norfolk Southern Corporation (

)

and two rail-loading

points serviced by

CSX Corporation (

CSX

)

Price and volume forecasts and the basis for these

forecasts.

Carlson Mining 2020

was used by MM&A to generate mine

plans for underground-

and surface-mineable coal seams.

Underground mine plans were sequenced

based on productivity schedules provided by Coronado,

which were based on

historically achieved productivity levels.

Surface mine plans were generated under

productivity assumptions (bank cubic yard per shift) as

provided by Coronado and

reviewed by MM&A, again based heavily on productivity

levels achieved by

Coronado.

All production forecasting ties assumed production

rates to geological

models as constructed independently by MM&A’s team of geologists and mining

engineers.

Coronado provided MM&A with price forecasts

for all Properties.

Customer coal

pricing is derived from market observed forward

estimates based on global

economic supply and demand analysis which is applied

to mine plan sales volumes

and product mix and is supplemented with Coronado’s

in-house knowledge of

applicable rail transportation charges, ocean freight

charges and port charges.

Coal

price forecasts for the various products were provided

by Coronado for various coal

markets in terms of US nominal dollars per metric

tonne.

MM&A utilized this data

for price forecasting in financial modeling.

Economic

The inputs to the economic analysis to produce the

net present value (NPV) in

the study, the source and confidence of these economic inputs including

estimated inflation, discount rate, etc.

On an unlevered basis, the NPV of the project

cash flows after taxes was estimated

for the purpose of classifying coal reserves.

The project cash flows, excluding debt

service, are calculated by subtracting direct and indirect

operating expenses and

capital expenditures from revenue.

Direct costs include labor, drilling and blasting,

operating supplies, maintenance and repairs, facilities

costs for materials handling,

coal preparation, refuse disposal, coal loading, sampling

and analysis services,

reclamation and general and administrative costs.

Indirect costs include statutory

and legally agreed upon fees related to direct

extraction of the mineral.

The indirect

costs are the Federal black lung tax, Federal

and State reclamation taxes, property

taxes, local transportation prior to delivery at

rail or barge loading sites, coal

production royalties, sales and use taxes, income

taxes and State severance taxes.

Coronado’s historical costs provided a useful reference

for MM&A’s cost estimates.

Coronado provided MM&A with price forecasts

for all Properties.

Customer coal

pricing is derived from market observed forward

estimates based on global

economic supply and demand analysis which is applied

to mine plan sales volumes

and product mix and is supplemented with Coronado’s

in-house knowledge of

applicable rail transportation charges, ocean freight

charges and port charges.

Coal

price forecasts for the various products were provided

by Coronado for various coal

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

markets in terms of US nominal dollars per metric

tonne.

MM&A utilized this data

for price forecasting in financial modeling.

All costs and prices are based on 2021 nominal United

States dollars.

A pre-feasibility LOM plan was prepared

by MM&A for active and proposed mines.

MM&A prepared mine projections and production timing

forecasts based on coal

seam characteristics.

Production timing was carried out from 2022

to depletion

(exhaustion) of the coal reserve areas, which is projected

for the year 2099.

The all-mines average cash cost ranges between approximately

$56 and $311 per

tonne for most of the operating period.

NPV ranges and sensitivity to variations in the

significant assumptions and

inputs.

An estimate of NPV at a base discount rate of

10.0% was included in Section 19 of

the TRS.

NPV of the Buchanan, Russell, Mon Valley, Logan and Greenbrier Properties was

estimated to be $1.580 billion, $89.7 million, $287.3

million, $611.3 million and

$66.0 million, respectively.

The sensitivity study shows the NPV at the 10.0%

discount rate when Base Case

sales prices, operating costs, and capital costs are

increased and decreased in

increments of 5% within a +/- 15% range.

Social

The status of agreements with key stakeholders

and matters leading to social

license to operate.

Portions of the properties are located near

local communities.

Regulations prohibit

mining activities within 91 meters of a residential

dwelling, school, church, or similar

structure unless written consent is first obtained from

the owner of the structure.

Where required, such consents have been obtained

where mining is proposed

beyond the regulatory limits.

Other

To the extent relevant, the impact of the following on the project and/or on the

estimation and classification of the Ore Reserves:

Any identified material naturally occurring risks.

No material naturally occurring risks have been

identified.

The status of material legal agreements and

marketing arrangements.

The Coronado coal resources are located in Buchanan,

Russell and Tazewell

Counties, Virginia; Greenbrier, Logan, Boone, Wyoming and Greenbrier Counties,

West Virginia; Allegheny, Washington and Westmoreland Counties, Pennsylvania.

MM&A has not carried out separate title verification for

the coal properties and has

not verified leases, deeds, surveys or other property

control instruments pertinent to

the subject resources.

Coronado has represented to MM&A that it controls

the mining rights to the reserves

as shown on its property maps, and MM&A

has accepted these as being a true and

accurate depiction of the mineral rights controlled

by Coronado.

The TRS assumes

the properties are developed under responsible and

experienced management.

The status of government agreements and approvals

critical to the viability of

the project, such as mineral tenement status and

government and statutory

approvals. There must be reasonable grounds

to expect that all necessary

Government approvals will be received within

the timeframes anticipated in the

Coronado has obtained all mining and discharge permits

to operate 34 underground

mines, 13 surface mines, and 18 processing, loadout

or related facilities.

MM&A is

unaware of any obvious or current Coronado

permitting issues that are expected to

prevent the issuance of future permits.

Coronado, along with all Central and

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any

unresolved matter that is dependent on a third part

on which extraction of the

reserve is contingent.

Northern Appalachian basin coal producers, is

subject to a level of uncertainty

regarding future clean water permits due to

United States Environmental

Protection Agency

(

EPA

)

involvement with state programs.

Classification

The basis for the classification of the Ore Reserves

into varying confidence

categories. Whether the result appropriately reflects

the Competent Person’s

view of the deposit. The proportion of Probable

Ore Reserves that have been

derived from Measured Mineral Resources (if any).

Measured and indicated resources have been

converted to proved and probable

reserves, respectively.

None of the probable coal reserves have been

derived from measured resources.

In a limited number of cases where there was

only very limited data available to

demonstrate the metallurgical suitability of a given

coal deposit, that deposit was

classified as a probable reserve instead of a

proved reserve.

The results of this TRS define an estimated total

initial ROM recoverable ore (coal)

reserve estimate of 556 million tonnes for Coronado

as follows:

Buchanan =

160 Mt

Logan

137 Mt

Greenbrier=

12 Mt

Russell =

50 Mt

Mon Valley =

197 Mt

Coronado controls a total of 342 Mt (moist basis)

of marketable coal reserves for

Coronado as of December 31, 2021.

Of that total, 72 percent are proved, and

percent are probable.

Total reserves by complex are as follows:

Buchanan =

98 Mt

Logan

73 Mt

Greenbrier=

7 Mt

Russell =

30 Mt

Mon Valley =

134 Mt

Audits or reviews

The results of any audits or reviews of Ore

Reserve estimates.

MM&A completed prepared a statement of coal resources

and reserves for the

Properties in accordance with the JORC Code

as of December 31, 2017.

MM&A

also subsequently updated the estimate of resources and

reserves for depletion as

of December 31, 2018, December 31, 2019, and

December 31, 2020.

MM&A performed a previous audit of the Properties

in year 2017 for Coronado

based on

U.S. Securities and Exchange Commission (

SEC

)

Industry Guide 7

standards.

Earlier audits were performed by various

independent consultants for

predecessors-in-title to Coronado and at various

levels of detail depending on the

clients concerns and the allotted time for completion.

Previous audits and reviews

defined the primary coal resource areas and estimated

the recoverable tonnes for

each seam based on the expected mining methods.

Additionally, MM&A has performed proprietary evaluations for predecessors-in-title

to Coronado, which encompass portions of the Properties

included in this TRS.

Discussion of

relative accuracy/

confidence

Where appropriate a statement of the relative accuracy

and confidence level in

the Ore Reserve estimate using an approach

or procedure deemed appropriate

by the Competent Person. For example, the application

of statistical or

geostatistical procedures to quantify the relative accuracy

of the reserve within

stated confidence limits, or, if such an approach is not deemed

appropriate, a

Operations on the Properties by Coronado and

its predecessors have been on-

going for many years.

MM&A is confident that the mine plans and

financial models are reasonably

representative to provide an accurate estimation of

coal reserves.

Mine development and operation have not been optimized

within the TRS.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

qualitative discussion of the factors which could affect the relative

accuracy

and confidence of the estimate.

The statement should specify whether it relates

to global or local estimates,

and, if local, state the relevant tonnages, which

should be relevant to technical

and economic evaluation. Documentation should include

assumptions made

and the procedures used.

Proved and probable coal reserve were derived

from the defined in-situ coal

resource considering relevant processing, economic (including

independent

estimates of capital, revenue and cost), marketing, legal,

environmental,

socioeconomic, and regulatory factors on a global

scale as current local data

reflects the global assumptions.

Accuracy and confidence discussions should extend

to specific discussions of

any applied Modifying Factors that may have

a material impact on Ore Reserve

viability, or for which there are remaining areas of uncertainty at the current

study stage.

The major risk factors for the active Coronado

mines and future resource development

are summarized below:

Mine Accidents

Highwall Failure.

Highwall failures are likely to result in

a temporary mine closure

and should not have a material impact on the

mine sustainability.

The risk is

considered to be probable.

Adverse Geological Conditions.

Adverse geological conditions include such

conditions as faults and sandstone washes.

The risk is considered to be probable.

The impact is expected to be temporary with

little material impact on mine

sustainability.

Environmental Risk.

Numerous federal and state permits are required

to operate

coal mines and mine surface facilities. Permitting rules

are complex and may

change over time, making compliance difficult or impossible.

Water Quality.

Permit requirements to fulfill Clean Water Act obligations are

subject

to modification.

The probability of water quality changes having

a material impact

on mine operations is possible.

As a contemporary example, the selenium

discharge issue that affects western Canadian and Central

Appalachian Basin

operators has only recently emerged as a concern

and its ultimate impact has not

been determined.

New Permits.

Permit protests by environmental groups and

individuals can

contribute to permit delays or denial and increase

the cost of permitting and delay

development.

Surface mining activities, coal refuse disposal and

construction of

access roads in mountainous terrain often require

storage of material in valley fills.

Authority to dispose of fill material into waters of

the United States must be granted

by the

United States Army Corps of Engineers

(

COE

)

COE permits are

increasingly difficult to obtain.

Regulatory Requirements.

Adverse impact from regulatory changes is

considered

to be probable.

The impact will likely affect the broader industry

and is not expected

to result in mine closure.

Market Risk.

Metallurgical and thermal coal markets ultimately depend

upon the

global steel and thermal coal demand and are

considered to be volatile.

Currently,

the US coal market has seen a decline

in demand for thermal coal due to thermal

plant closures, as a result of new air and

water pollution regulations, and

competition from other commodities used for power

generation such as natural gas.

This has resulted in an overall decline in CAPP

coal production.

Continued

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code

as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

regulatory changes and declining demand could result

in material changes in

domestic and global coal markets.

The impact cannot be predicted at this time;

however, while MM&A expects the coal reserve within this TRS to

remain

economically viable throughout the life of the projected

mines, the LOM financial

model is very sensitive to changes in coal sales

price and therefore market risk is

not insignificant.

Labor Risk.

Work stoppage due to organized labor protests

is considered to be

unlikely and not likely to lead to permanent mine

closure.

The mines are likely to

suffer the loss of key supervisors and skilled employees

due to retirement as the

workforce ages.

The problem is industry-wide and the impact

is expected to be

temporary and have no sustained impact on coal production.

Availability of Equipment and Supplies.

Risk of equipment and supply availability is

likely to be temporary and should not have a sustained

adverse impact on the

production of coal.

Transportation Delay.

Interruption of coal transport services by river

or rail is

considered to be probable but unlikely to have a

sustained impact on coal

production.

It is recognised that this may not be possible or appropriate

in all

circumstances. These statements of relative accuracy and

confidence of the

estimate should be compared with production data,

where available.

Mine plans, productivity expectations and cost estimates

generally reflect historical

performance and efforts have been made to adjust plans

and costs to reflect future

conditions.

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Avg

Coronado Global Resources (CODQL) 10-K2021 FY Annual report

Content analysis