Coronado Global Resources 10K 2021 Annual report | CODQL Filing

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300

as of December

31, 2021

Central Appalachian Coal Basin

Virginia, 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Statement of Use and Preparation

This

Technical

Report

Summary

(

TRS

)

was

prepared

Marshall

Miller

Associates,

Inc.

(

MM&A

)

for

the

sole

use

Coronado

Global

Resources

Inc.

(

Coronado

)

and

its

affiliated

and

subsidiary

companies

and

advisors.

Copies

references

information

this report may not be used without the written permission of Coronado.

This

report

provides

statement

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 of Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities

and

Exchange

Commission

(

SEC

)

Subject

the

comments

below,

this

report

was

also

prepared

accordance with

the

Australasian Code

for Public

Reporting of

Technical Assessments

and Valuations of Mineral Assets

(

VALMIN Code

The statement is

based on information

provided by Coronado and

reviewed by Michael

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

noted

above,

this

report

“Public

Report”

for

the

purposes

the

VALMIN

Code.

However, in accordance with

paragraph 12.1

of the VALMIN Code,

it is

noted that

this report

not

“Valuation

Mineral

Assets”

and

also

does

not

comply

with

the

following

requirements that apply to “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 on the

reasonableness and quality

of the

Resources

and

Reserves estimates

and

the basis

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

by Michael McClure

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

the

authors

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

Mining

Engineers

(

SME

)

Golden,

Colorado,

USA.

Michael

McClure

Registered

Member of

the

American Institute

of 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

the

style

mineralization

and

type

deposit

under

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

consideration and

to the

activity 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 to the use of 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

This report was prepared by:

ARSHALL

ILLER

SSOCIATES

/s/ Michael G. McClure

February 18, 2022

Michael G. McClure, CPG

Principal Geologist

Direct Line: +1 304 809 1611

Email:

mike.mcclure@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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table of

Contents

Executive Summary

1.1

Property Description

1.2

Ownership

1.3

Geology

1.4

Exploration Status

1.5

Operations and Development

1.6

Mineral Resource

1.7

Mineral Reserve

1.8

Capital Summary

1.9

Operating Costs

1.1

Economic Evaluation

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

Information Sources

2.3

Personal Inspections

Property Description

3.1

Location

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

Infrastructure

History

5.1

Previous Operation

5.2

Previous Exploration

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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 for Classification

11.2

Qualified Person’s Estimates

11.3

Resources Exclusive of Reserves

11.3.1

Initial Economic Assessment

11.4

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

Processing and Recovery Methods

14.1

Description or Flowsheet

14.2

Requirements for Energy,

Water,

Material and Personnel

Infrastructure

Market Studies

16.1

Market Description

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

Results

19.3

Sensitivity

Adjacent Properties

20.1

Information used

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:

Coronado Buchanan Mine Complex Property Location Map

Figure 1-2:

CAPEX

Figure 1-3:

OPEX

Figure 1-4:

Sensitivity of NPV

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-1:

Buchanan Stratigraphic Column

Figure 7-1: Generalized Buchanan Cross-Section

Figure 11-1:

Histogram of the Total

Seam Thickness for the Pocahontas No. 3

Seam Present in the Buchanan Mine Complex

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the Pocahontas No. 3

Seam Present in the Buchanan Mine Complex

Figure 11-3: Variogram

of the Total

Seam Thickness for the Pocahontas No. 3

Seam

Present in the Buchanan Mine Complex

Figure 11-4: Result of DHSA for the Pocahontas No. 3 Seam Present in the

Buchanan Mine Complex

Figure 11-5:

Results of Initial Economic Assessment

Figure 15-1:

Buchanan Surface Facilities

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 ROM (Moist) Summary as of December 31, 2021

Table

1-3:

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

2021

Table

1-4:

Life-of-Mine Tonn

age, P&L before Tax,

and EBITDA

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

11-4:

Results of Initial Economic Assessment

Table

12-1:

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

Table

12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December

31, 2021

Table

13-1:

Summary of Production by Year (Tonnes

x 1,000)

Table

16-1:

Quality Specifications by Product

Table

17-1:

Buchanan Mining Permit

Table

18-1:

Estimated Coal Production Taxes

and Sales Costs

Table

18-2:

Buchanan Mine Operating Costs

Table

19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA

Table

19-2:

Summary of Buchanan Key Financial Performance Metrics (2022-

2029)

Table

19-3:

Project Cash Flow Summary (000)

Table

22-1:

Probability Level Table

Table

22-2:

Consequence Level Table

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

22-3:

Risk Matrix

Table

22-4:

Risk Assessment Matrix

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 (Risk 6)

Table

22-9:

Market and Transportation (Risk 7)

Table

22-10:

Methane Management (Risk 8)

Table

22-11:

Mine Fires (Risk 9)

Table

22-12:

Availability of Supplies and Equipment (Risk 10)

Table

22-13:

Labor – Work Stoppage (Risk 11)

Table

22-14:

Labor – Retirement (Risk 12)

Table

25-1:

Information from Registrant Relied Upon by MM&A

Appendices

Biographies

Map

Glossary of Terms

Initial Economic Assessment for Resources Exclusive of Reserves

JORC Table

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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 located

at the

Buchanan Division

(

Buchanan

)

in Buchanan

and

Tazewell

Counties,

Virginia

(the

Property

This

report

provides

statement

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

)

This

report

was

also

prepared

in accordance

with the

Australasian Code

for Public

Reporting of

Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

Coal resources and coal reserves

are herein reported in imperial

units of measurement and

are rounded to millions of metric tonnes (

The Buchanan

No. 1

Mine Complex

is located

in Buchanan

County in

southwest Virginia.

The

Property

kilometers

northwest

the

town

Richlands,

Virginia

and

65.9

kilometers

southeast

Pikeville,

Kentucky.

The

nearest

major

population

centers

are

Lexington,

Kentucky

(290

kilometers

northwest)

and

Roanoke,

Virginia

(153

kilometers

northeast)

(see

Figure

1-1

The

Property

composed

approximately

34,089

total

hectares,

which

26,243

are

leased

subleased

from

private

landholders

under

approximately 150 individual coal

lease tracts, and

7,846 hectares are

owned by Coronado.

Subject to

Coronado’s exercising

its renewal

rights thereunder,

all the

leases expire

upon

exhaustion of the relevant coal reserves, which is expected to occur in 2047.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Coronado Buchanan Mine Complex Property Location

Map

1.2

Ownership

The Property was formerly controlled by

Consolidation Coal Company (

CONSOL

)

Mine

development

was

started

CONSOL

1983

and

longwall

production

began

1987.

Coronado acquired the Buchanan Mine from CONSOL in March 2016.

1.3

Geology

Operations

the

Buchanan

Mine

Complex

extract

the

Pocahontas

No.

coal

bed

longwall mining

methods.

Strata of

economic interest

for this

TRS are

of the

Pennsylvanian-

age

Pocahontas

Formation

and

the

subject

Pocahontas

No.

seam

the

principal

coal

seam of

that formation.

Due to

the high

value of

this low-volatile

coking coal,

it has

been

extensively

mined

the

region.

The

seam

situated

below

drainage

throughout

the

Property and is accessed by existing mine shafts.

1.4

Exploration Status

The

Property

has

been

extensively

explored,

largely

drilling

using

continuous

coring

methods,

rotary

drilling

but

also

obtaining

coal

measurements

mine

exposures,

ongoing

drilling

associated

with

degas

activities,

and

downhole

geophysical

methods.

The

majority

the

data

was

acquired

generated

owners

the

Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

not

representative, that

data

was

excluded

from the

digital

databases

and

subsequent

processing by MM&A.

Ongoing exploration has been

carried out by

Coronado since acquiring the

Buchanan Mine.

The exploration data acquired by Coronado has been consistent with past drilling activities.

1.5

Operations and Development

Due to its coal reserve and

seam characteristics, the Buchanan No. 1 Mine

operates using

the longwall method.

The model was therefore generated

with longwall-mining constraints

in mind for Buchanan’s underground resources.

The mine produces coal that

is suitable for

the low-volatile metallurgical coal markets.

The Buchanan

No. 1

Mine in

Buchanan

County,

Virginia,

is the

only active

longwall mine

currently being operated by Coronado.

Coronado

currently operates

coal preparation

plant

at Buchanan.

The Buchanan

Plant

operates at

a feed

rate of

approximately 1,270

raw tonnes

per hour

(

tph)

Processes are

typical of those used in the coal industry and are in use at adjacent coal processing plants.

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 Reserves

157.0

19.0

0.0

176.1

0.7

Exclusive of Reserves

10.7

3.6

0.0

14.3

Total 12/31/2021

167.7

22.6

0.0

190.3

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 Property contains 14.3 Mt of dry, in-place measured and

indicated coal resources exclusive of reserves as

December 31, 2021.

1.7

Mineral Reserve

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource

tons presented

Table

1-1

and not

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

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

recovery factors.

Production modeling

was completed

with an

effective start

date of

October

1, 2021.

Additions and depletion have been used to bring the Reserve estimate forward to

December 31, 2021.

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.

Coal

reserves

are

presented

run-of-mine

(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 of 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 1-2:

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

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area /

Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash

Sulfur

Vol

Buchanan

142.3

17.3

159.6

0.0

159.6

25.8

128.8

5.0

0.7

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of

December 31, 2021

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

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan Mine

Complex

87.4

10.6

98.0

0.0

98.0

17.0

77.5

3.4

0.7

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 between 4.5 and 6-percent, depending

upon mining method.

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.

In summary, Coronado controls a total of

98.0 Mt (moist basis)

of marketable coal reserves,

at Buchanan,

as of

December 31,

2021.

Of that

total, 89

percent are

proven, and

11 percent

are probable.

There are

17.0 Mt

of owned

coal reserves

and 77.5

Mt of

leased coal

reserves

and 3.4

Mt of

subleased reserves.

All the

Buchanan reserves

are considered

suitable for

the metallurgical coal market, and all of the Buchanan reserves are assigned.

1.8

Capital Summary

Coronado provided MM&A

with an inventory

of operating equipment

available at Buchanan.

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 1-2

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

1.9

Operating Costs

Coronado

provided

historical

and

preliminary

5-year

projections

operating

costs

for

Buchanan for MM&A’s review.

MM&A used the historical

and/or budget cost information

a 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

at underground

mines.

Other factors

were developed

for maintenance

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

Operating

costs

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 state

severance taxes, the

federal black lung

excise tax, and

federal and state

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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 the

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

and

state

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 Buchanan.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-4:

Life-of-Mine Tonnage, P&L before Tax, and EBITDA

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Buchanan

98,005

$5,181,446

$52.87

$7,073,988

$72.18

As shown in

Table 1-4,

the Buchanan Mine shows positive EBITDA over

the LOM.

Overall,

the Coronado

consolidated operations

show positive

LOM P&L

and LOM

EBITDA of

$5.2

billion and $7.1 billion, respectively.

Coronado’s consolidated

Buchanan cash flow summary

in nominal dollars

assuming a 2%

interest rate, excluding debt service, is shown in

Table

1-5

below.

Table 1-5:

Project Cash Flow Summary (000)

YE12/31

Total

2022

2023

2024

2025

2026

Production & Sales tonnes

98,006

4,336

3,813

3,744

3,695

4,538

Total

Revenue

$14,909,133

$852,553

$453,707

$442,240

$453,787

$571,159

EBITDA

$7,073,988

$551,294

$186,311

$165,773

$172,414

$271,491

Net Income

$4,054,532

$377,442

$93,097

$72,548

$75,185

$145,767

Net Cash Provided by Operating Activities

$5,859,417

$337,923

$226,272

$153,087

$153,971

$213,893

Purchases of Property, Plant, and

Equipment

$(1,472,794)

$(86,124)

$(100,502)

$(83,189)

$(56,642)

$(41,201)

Net Cash Flow

$4,386,623

$251,799

$125,770

$69,897

$97,330

$172,692

YE12/31

2027

2028

2029

2030

2031

2032

Production & Sales tonnes

4,336

4,317

4,563

4,743

3,952

4,271

Total

Revenue

$557,876

$567,848

$613,229

$651,531

$554,839

$612,889

EBITDA

$261,229

$263,595

$298,286

$329,317

$241,336

$290,107

Net Income

$137,877

$136,093

$168,482

$198,902

$134,763

$170,606

Net Cash Provided by Operating Activities

$224,239

$225,319

$245,987

$268,534

$221,190

$234,873

Purchases of Property, Plant, and

Equipment

$(64,303)

$(42,396)

$(43,244)

$(44,109)

$(69,604)

$(70,996)

Net Cash Flow

$159,936

$182,923

$202,743

$224,425

$151,586

$163,877

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2033

2034

2035

2036

2037

2038

Production & Sales tonnes

3,108

3,839

3,939

3,095

3,340

3,854

Total

Revenue

$455,561

$575,148

$603,143

$484,105

$533,867

$629,465

EBITDA

$171,051

$260,914

$280,917

$178,788

$209,249

$308,476

Net Income

$81,103

$150,643

$164,665

$84,421

$111,746

$188,224

Net Cash Provided by Operating Activities

$173,291

$204,491

$231,972

$176,230

$175,626

$239,334

Purchases of Property, Plant, and

Equipment

$(46,809)

$(47,745)

$(48,700)

$(76,848)

$(50,667)

$(51,681)

Net Cash Flow

$126,482

$156,746

$183,272

$99,382

$124,959

$187,653

YE12/31

2039

2040

2041

2042

2043

2044

Production & Sales tonnes

4,722

4,655

3,755

3,575

3,583

3,399

Total

Revenue

$787,800

$793,604

$622,752

$614,673

$623,815

$595,730

EBITDA

$447,013

$443,613

$291,006

$284,502

$313,239

$288,266

Net Income

$294,103

$290,483

$171,552

$167,105

$191,132

$171,155

Net Cash Provided by Operating Activities

$337,444

$359,579

$270,111

$240,394

$255,553

$244,949

Purchases of Property, Plant, and

Equipment

$(52,714)

$(53,768)

$(82,766)

$(52,909)

$(53,968)

$(55,047)

Net Cash Flow

$284,729

$305,811

$187,345

$187,485

$201,586

$189,902

YE12/31

2045

2046

2047

2048

2049

2050

Production & Sales tonnes

3,154

2,845

836

Total

Revenue

$573,015

$527,068

$157,730

EBITDA

$271,208

$272,078

$22,517

Net Income

$157,961

$159,633

$(32,899)

$(4,084)

$(1,660)

$(850)

Net Cash Provided by Operating Activities

$230,687

$227,781

$74,345

$(51,806)

$(17,614)

$(8,983)

Purchases of Property, Plant, and

Equipment

$(56,148)

$(40,714)

Net Cash Flow

$174,539

$187,067

$74,345

$(51,806)

$(17,614)

$(8,983)

YE12/31

2051

2052

2053

2054

2055

2056

Production & Sales tonnes

Total

Revenue

EBITDA

Net Income

$(436)

$(226)

$(0)

Net Cash Provided by Operating Activities

$(4,581)

$(4,673)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$(4,581)

$(4,673)

Consolidated

cash

flows

are

driven

annual

sales

tonnage,

which

steady-state

level

ranges

from

peak

4.7

million

tonnes

2030

low

0.8

million

tonnes

2047.

Projected consolidated

revenue ranges

from $442.2

million to

$852.6 million

at steady

state.

Revenue totals $14.9 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

$337.9

million

2022

and

totals $5.9

billion over

the project’s

life.

Capital expenditures

total $367.7

million through

2026 and $1.5 billion over the project’s life.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

$1.580 billion.

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

valuing

Coronado

or its

Buchanan

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 changes

in sales

price and

operating cost

estimates,

and slightly sensitive to changes in capital cost estimates.

1.11

Permitting

Coronado has

obtained all

mining and

discharge permits

to operate

its mine

and processing,

loadout, or related support facilities.

MM&A is unaware of

any obvious or current Coronado

permitting issues

that are

expected to

prevent the

issuance of

future permits.

Buchanan,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

along with all

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.

1.12

Conclusion and Recommendations

Sufficient data have 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 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

98.0

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.

This 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

This

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado

Buchanan.

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

based

information

provided

Coronado

and

reviewed

Michael

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coronado

engaged

MM&A

conduct

coal

resource

and

reserve

evaluation

the

Coronado coal

properties as

of September

30, 2018.

Additions and

depletion have

been

used

bring

the

Resource

and

Reserve

estimates

forward

December

31,

2021,

the

effective date of this TRS

for Buchanan.

For the evaluation, the following tasks were

to be

completed:

Conduct site visits of the mines and mine infrastructure facilities;

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

statement

of coal

resources and

reserves which

would include:

A description of the mine 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 Buchanan,

having provided a variety of services

in recent years,

and the QPs involved in this TRS have conducted multiple site visits.

Property Description

3.1

Location

The Buchanan Mine Complex is located in Buchanan County in southwestern Virginia (see

Figure 1-1

) approximately

16 kilometers

southeast of

Grundy,

which is

the county

seat of

Buchanan County.

Surface facilities for

the shaft mine are

located along Garden Creek

and

a Norfolk Southern

(NS) rail

line about 6.4

kilometers south-southeast of

Oakwood, Virginia.

The

Property

located

the

following

United

States

Geological

Survey

(

USGS

)

Quadrangles:

Prater,

Vansant,

Keen

Mountain,

and

Jewell

Ridge.

Current

mining

projections

fall

within

the Keen

Mountain and

Jewell

Ridge quadrangles.

The

coordinate

system and

datum used for

the model of

Buchanan No. 1

and the

subsequent maps were

produced in the Virginia State Plane South system, NAD 27.

3.2

Titles, Claims or Leases

The Buchanan coal

reserves are located

in Buchanan and

Tazewell Counties, Virginia.

The

Property is

composed of

approximately 34,089

total hectares,

of which

26,243 are

leased

or subleased from private landholders under approximately 150 individual

coal lease tracts,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

and 7,846 hectares are owned by Coronado.

Subject to Coronado’s exercising its renewal

rights thereunder, all the leases

expire upon exhaustion

of the relevant

coal reserves, which

is expected to occur in 2047.

MM&A has not carried out a

separate title verification for the

coal

property

and

has

not

verified

leases,

deeds,

surveys,

other

property

control

instruments

pertinent

the

subject

resources.

Tenure

was

separately

reviewed

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 Property

is 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.

There is also

a relatively small amount

of area where

the coal is

partially owned and/or partially

leased on

a limited number of individual tracts.

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

to conduct underground

mining.

Given that

the Buchanan Mine

has been

active dating back

to the

1980s, Coronado,

and its

predecessors, have

a successful

history of

obtaining any

necessary rights and the associated permits to mine.

3.4

Encumbrances

No Title

Encumbrances are

known.

By assignment,

MM&A did

not complete

an independent

query related 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.

Historically,

property

control

has

not

posed

any

challenges

Buchanan’s

operations.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance

with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

Topography

of the

area surrounding

the Buchanan

Mine Complex

is typical

of the

Central

Appalachian Plateau being

rugged and deeply

dissected by

v-shaped river valleys

flanked

steep-sided

upland

regions.

Surface

elevations

near

the

mine

complex

range

from

approximately 823

meters above

sea level

in upland

regions to

approximately 579

meters

stream

level.

The

Property

moderately

vegetated,

with

mixture

hardwood

and

conifer forest

in the

temperate broadleaf

category.

The Property

is not

situated near

any

major urban centers, and the surrounding area is considered rural.

4.2

Access and Transport

General

access

the Buchanan

No.

Mine

property

via

well-developed

network

primary,

secondary,

and

unimproved

roads.

Highway

460

the

primary

highway

connecting

Pike

County

Eastern

Kentucky

Buchanan

and

Tazewell

Counties

Southwestern Virginia.

Numerous secondary and unimproved roads provide

direct access

to the

Property,

some being

state-

and town-maintained.

These roads

typically stay

open

throughout the

year.

Norfolk Southern

(

)

rail line

that is

located approximately 6.44

kilometers south-southeast of Oakwood, Virginia, serves as the primary means of transport

for produced coal.

NS transports coal from the Buchanan

Mine Complex either to domestic

customers or

to the

Pier 6

export terminal

at Norfolk,

Virginia for

overseas shipment.

A small

portion of production is transported via

truck haul.

An extensive network of service roads

gob gas and coalbed methane (

CBM

) production wells exist on the subject property.

4.3

Proximity to Population Centers

The

Buchanan

No.

Mine

property

lies

near

the

town

Grundy

Buchanan

County,

Virginia approximately 290 kilometers southeast of

Lexington, Kentucky and 153

kilometers

southwest of Roanoke, Virginia.

As of the 2020 census

Buchanan County had a

population

of 20,355 residents.

4.4

Climate and Length of Operating Season

The climate

of the

region is

classified as

humid sub-tropical

with four

distinct seasons:

warm

summers, cold winters, and moderate fall and spring

seasons.

Precipitation in the region is

consistent throughout

the year

with the

most rain

falling in

spring and

the early

months of

summer.

Average yearly rainfall is 112.62

centimeters.

Summer months typically begin in

late

May

and

end

early

September

and

range

average

temperature

from

degrees

Fahrenheit (or

9.44

to 28.89

degrees

Celsius).

Winters

typically

begin

in mid

late November and

run until mid

to late March

with average temperatures

ranging from 26

degrees

Fahrenheit

(or

-3.33

to 13.33

degrees

Celsius).

Precipitation

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

underground

mining

Virginia.

However,

weather

events

could

potentially

negatively

impact

efficiency

surface

and

preparation

plant

operations

very

limited

basis

and

lasting less than a few days.

4.5

Infrastructure

The Buchanan No.

1 Mine Complex

has sources of

water,

power, personnel,

and supplies

readily

available

for

use.

Personnel

have

historically

been

sourced

from the

surrounding

communities in Buchanan,

Tazewell,

McDowell, and Pike counties,

and have proven

to be

adequate in numbers to operate the mine.

As mining is common in the surrounding areas,

the workforce is generally familiar

with mining practices, and many are

experienced miners.

Water is

sourced locally from streams

that flow over Coronado-owned

property.

The mine

also

utilizes

ground

water

from

old

abandoned

mine.

Electricity

sourced

from

American Electric Power

(

AEP

)

The service industry

in the areas

surrounding the mine

complex

has

historically

provided

supplies,

equipment

repairs

and

fabrication,

etc.

The

Coronado-owned

Buchanan

Preparation

Plant

services

the

mine

via

skip

hoist

and

conveyor

belt system

which

transports extracted

coal from

an underground

bunker to

the

surface facility.

The NS rail line serves as the main means of transport from the mine.

History

5.1

Previous Operation

The Property was formerly controlled by

Consolidation Coal Company (

CONSOL

)

Mine

development

was

started

CONSOL

1983

and

longwall

production

began

1987.

Coronado acquired the Buchanan Mine from CONSOL in March 2016.

The most productive of any 4-year period since 1987 has

occurred since the acquisition by

Coronado.

Production history

has been

approximately 3.5

Mt in

2016 (in

only a

9-month

period), 4.9 Mt in 2017, 4.7 Mt in 2018, 4.5 Mt in 2019, 3.4 Mt in 2020 and 4.4 Mt in 2021.

5.2

Previous Exploration

The

Property

has

been

extensively

explored

subsurface

drilling

efforts

carried

out

numerous

entities,

most

which

were

completed

prior

acquisition

Coronado.

The

majority of

the drilling

was accomplished

using vertical

continuous (diamond)

coring or

air

rotary methods.

Drill

records

indicate

that

independent

contract

drilling

operators

have

typically

been

engaged

carry

out

drilling

the

Property.

Geophysical

logging

those

properties

acquired from CONSOL was often

performed by both CONSOL’s in-house logging services

and

outside

logging

firms.

MM&A,

via

its

Geophysical

Logging

Systems

subsidiary,

has

logged

significant

number

the

past

exploration

holes

and

degas

wells,

and

currently

logs most of the recently drilled holes.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

The

Property

lies

the

Central

Appalachian

Coal

basin

the

Appalachian

Plateau

physiographic province.

The

coal

deposits

the

eastern

are

the oldest

and

most

extensively

developed

coal

deposits in the country.

The coal deposits on the Property are Carboniferous in age, being

of the

Pennsylvanian system.

Overall, these

Carboniferous coals

contain two-fifths

of the

US’s bituminous coal deposits 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

of economic

significance typically

range

between 0.30

meters

and

1.83 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 Pocahontas

Formation have

historically been

mined in

the Buchanan

No. 1

Mine with the Pocahontas No. 3 seam being the principal

seam in the formation.

Coal from

the area has historically sold in primarily metallurgical markets.

6.2

Mineralization

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-1:

Buchanan Stratigraphic Column

(not to scale)

6.3

Deposits

The

coal

produced

Buchanan

No.

typically

low

volatile

(<23%

volatile

matter)

bituminous

coal.

Due to

the

value of

the Pocahontas

No. 3

(

) as

low-volatile

coking

coal, it has

been extensively mined

in the region.

Multiple seams make

up the P3

horizon

in the projections

for the Property.

The P31, P32,

P33, and 345,

all individual splits

of the

P3 horizon,

are present

on the

Property and

the projected

areas.

The mineable

bench in

the P3 horizon consists

of various configurations of

the seams, depending

on thickness and

relative location, as seam splitting does occur in various parts of the Property.

The various

bench configurations are: 1)

full-seam bench (P31, P32,

P33, and 345), also known

as the

bench;

P31,

P32,

P33

bench;

and

P32,

P33,

and

345

benches.

The

full-seam

bench (P3) thickness ranges

from 1.22 to 3.44 meters

with an average of 1.86

meters, the

P31, P32,

P33 bench

thickness

ranges from

1.22 to

2.10 meters

with an

average of

1.43

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

meters,

and the

P32, P33,

345 bench

thickness

ranges from

1.22 to

2.71 meters

with an

average of 1.65 meters.

The seam is situated below drainage throughout the Property and

is accessible

by existing

mine shafts.

Floor and

roof strata

vary throughout

the projected

mine area with floor strata including fireclay, claystone, shale, sandy shale, and sandstone,

but primarily being fireclay and shale.

Roof strata varies throughout as well but primarily is

composed of sandstone, sandy shale, and shale.

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

Coronado.

Diamond

core,

rotary,

and

CBM

drilling

are

the

three

primary

types

exploration

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 4,535 core, rotary, and CBM wells

have been

drilled for

exploration and

CBM purposes.

The location of

the drilling

is shown

on the maps included in

Appendix B

The

concentration

exploration

varies

slightly

across

the

Property,

with

the

proposed

underground

mining

areas

having

the

highest

concentration

drill holes.

Drilling

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

particular

interest

and

cases

where

greater

resolution

and

geologic

detail

are

needed.

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,

contrast,

document

specific

details

useful

for

geologic

interpretation

and

mining

conditions.

Given

the

variability

data-gathering

methods,

definitive

mapping

future mining conditions

may not

be possible,

but projections and

assumptions can be

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-1: Generalized Buchanan 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

7.2

Non-Drilling Procedures and Parameters

Some analyses, specifically ultimate

ash and sulfur types

are not as prevalent

as others in

the testing

done on

samples recovered

by drilling.

To supplement the information database,

samples

have

been

collected

from

mine

stockpiles

and

either

truck

train

shipment

samples.

7.3

Drilling Procedures

Core

drilling

methods

utilize

NX-size

(5.4

centimeters)

similar-sized

core

cylinders

recover core samples, which can be used to

delineate geologic characteristics, and for coal

quality

testing

and

geotechnical

logging.

For

the

core

holes,

the

geophysical

logs

are

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

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 not reliable.

Additionally,

there is an ongoing active surface drilling program

for degassing the mined seam ahead of

mining.

The degas

holes are

typically logged

geophysically,

and the

resulting interpreted

data

are

incorporated

into

the

geological

model.

Exploratory

drilling

generally

requires

drilling to depths of over 305 meters to penetrate the target coal seam at Buchanan.

A wide variety

of core-logging techniques

exist for the

Property.

For many of

the core holes,

the

primary

data

source

generalized

lithology

description

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

are available,

they were

used

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

7.4

Hydrology

Buchanan is an

active mine with

no hydrologic concerns

or material issues

experienced in

its history.

Future mining

is projected

to occur

in areas

exhibiting similar

hydrogeological

conditions

past

mining,

including

stream

undermining,

undermining

aquifers,

and

mining

through

hydraulically

fractured

(frac’d)

coalbed

methane

wells.

Based

upon

the

successful

history

the

operation

with

regards

hydrogeological

features,

MM&A

assumes that the operation will not be hindered by such issues in the future.

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 of Retreat Mining Pillar Stability

(ARMPS

) and

Analysis of Longwall Pillar Stability

(ALPS)

programs that were developed

by the

National Institute for Occupational

Safety

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

and Health (

NIOSH

)

MM&A reviewed the

results from the

ARMPS and ALPS

analysis and

considered them in the development of the LOM plan.

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

underground mining quality.

Care has

been taken

to use only

those

analyses that

are representative

of the

coal quality

parameters for

the appropriate

mining

type for each sample.

Unlike many Appalachian

properties, Buchanan only has

interest in

one deep seam; therefore, the analyses have been done following a consistent protocol.

Standard procedure upon receipt

of core samples

by the testing laboratory

is to: 1) log

the

depth and thickness of the sample; then 2) 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

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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.

Longwall production has been de-rated in thinner coal zones.

9.3

Opinion of Qualified Person

Sufficient data have 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 are of sufficient quantity and

reliability

to 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.

The latter

two data

types are

not as

prevalent and

have been

supplemented by

samples collected from mine stockpiles and either truck- or train-shipment samples.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Available

coal-quality

data

were

tabulated

resource

area

Microsoft®

EXCEL

workbook and the details of that work are maintained on file at

the offices of Coronado and

MM&A.

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 to represent

each quality parameter

of the seam.

Coal samples

that were deemed

MM&A

geologists

unrepresentative

were

not

used

for

statistical

analysis

coal

quality, as documented in the tabulations.

A representative group of

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 the

full extent of the

resource

area;

and

for

others

there

are

limited

data

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, in 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.

Shipped analyses of

the

coal

from

Buchanan

were

reviewed

verify

that

the

coal

quality

and

characteristics

were as

expected.

Buchanan has

a long

history of

saleable production

in the

low-volatile

metallurgical

markets,

confirming

exploration

results.

Degradation

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

Market

Study done for this TRS.

Mineral Resource Estimates

MM&A independently created

a geologic model

to define the

coal resources at

Buchanan.

Coal resources were estimated as of December 31, 2021.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

11.1

Assumptions, Parameters and Methodology

Geological

data

were

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 property and are typical of

mining operations

in the

Central Appalachian

coal basin.

This experience

includes technical

and

economic

evaluations

numerous

properties

the

region

for

the

purposes

determining the economic viability of the subject coal reserves.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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)

Resource (Measured, Indicated and Inferred)

To better reflect geological conditions of the coal

deposits, distance between points of observation is

standard USGS (in meters), respectively, for

measured and indicated and inferred.

Effective Date of Resource

Estimate

December 31, 2021

Coal resources were updated for depletion based

information from Coronado.

Effective date for coal

resources is as of December 31, 2021.

Effective Date of Reserve Estimate

December 31, 2021

Coal reserves were updated for depletion based

information from Coronado.

Effective date for coal

reserves is as of 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

to 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)

Minimum Mining Thickness

1.83 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

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 for Classification

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

of a

point of

observation represents

a measured

resource whereas

coal between

0.4 kilometer

and 1.2

kilometers from

a point

of observation

is classified

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

proven

and probable reserves.

MM&A

performed

geostatistical

analysis

the

Buchanan

data

set

using

the

Drill

Hole

Spacing

Analysis

(

DHSA

)

method.

This

method

attempts

quantify

the

uncertainty

applying

measurement

from

central

location

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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 Pocahontas No. 3 Seam

Present in the Buchanan Mine Complex

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the Pocahontas

No. 3 Seam Present in the Buchanan

Mine 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3: Variogram of the Total

Seam Thickness for the Pocahontas No. 3 Seam

Present in the Buchanan Mine 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 of 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 95th-percentile range.

Figure 11

-4

shows the results of the DHSA performed on the Pocahontas No. 3 seam data

for the Buchanan Mine.

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

is shown

Table

11-2

DHSA

prescribes

that

measured,

indicated, and

inferred drill hole

spacing 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-4: Result of DHSA for the Pocahontas No. 3 Seam Present in the Buchanan Mine

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:

0.71

1.10

2.76

Spherical:

0.71

1.08

2.67

Exponential:

0.67

1.08

3.08

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 to determining measured resources.

The Exponential model recommends using a

radius

0.67

kilometers

for

measured

resources compared

the historical

value

0.4

kilometers.

With

respect

indicated

resources,

the

DHSA

falls

line

closely

with

the

historical standards.

The Exponential

and Spherical

models recommend

using a

radius 1.08

kilometers,

while

the

Gaussian

model

recommends

radius

1.10

kilometers.

These

values line up closely

with the historical radius

of 1.2 kilometers.

These results have

led the

QPs to

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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 Reserves

157.0

19.0

0.0

176.1

0.7

Exclusive of Reserves

10.7

3.6

0.0

14.3

Total 12/31/2021

167.7

22.6

0.0

190.3

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 Property contains 14.3 Mt of dry, in-place measured and

indicated coal resources exclusive of reserves as

December 31, 2021.

11.3

Resources Exclusive of Reserves

The Property

contains multiple

resource blocks

which were

not deemed

to exhibit

reserve

potential

the

time

the

study.

These

resources,

formally

identified

resources

exclusive of reserves, are located in

the Pocahontas No. 3 coal

seam.

Reasons which may

preclude elevation of resources to reserves include, but are not limited to:

Unfavorable economics at the PFS level, yet economics could become attractive in the

future under different market conditions.

Exclusion from LOM planning by mining operator due to remaining resource blocks

which are relatively small, isolated blocks and not currently attractive from an

operational perspective.

Multiple resource blocks in the active Buchanan Mine have

not been considered as reserve due to relatively small size and isolation.

11.3.1

Initial Economic Assessment

MM&A

completed

initial

economic

assessment

determine

the

potential

economic

viability

resources

exclusive

reserves.

Unlike

the

economic

analysis

presented

Chapter 19 developed to test reserves, the initial economic assessment

below is presented

real

basis

2022

dollars.

MM&A

applied

relevant

technical

factors

estimate

potential saleable tonnes

without the

resource blocks,

should the resources

be extracted via

deep,

continuous

mining

methods

given

that

their

irregular

and

isolated

nature

may

preclude

longwall

mining.

MM&A

developed

cash

cost

profiles

for

the

resource

blocks,

including

direct

cash

costs

(labor,

supplies,

roof

control,

maintenance

and

repair,

power,

and

other);

washing,

trucking,

materials

handling,

general

and

administrative,

and

environmental

costs;

and

indirect

cash

costs

(royalties,

production

taxes,

property

tax,

insurance).

Costs

were

developed

based

off

relevant

cost

drivers

(per-meter,

per-raw-

tonne, per-clean-tonne).

Additionally,

MM&A estimated

capital costs

to extract

resources.

Capital

costs

associated

with

mine

development

were

amortized

across

the

resource’s

potential

saleable

tonnages.

Additional

non-cash

items

(depreciation

equipment

and

depletion) and cash costs were compared to an assumed sale price of $94 per tonne (FOB

loadout),

representing

the

long-term

average

price

forecast

for

Buchanan

supplied

Coronado.

Results of the analysis are

shown below and demonstrate potential

profitability

on a fully loaded cost basis.

Detailed summaries are shown in

Appendix E

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11

-4:

Results of Initial Economic Assessment

Seam

Resource

Block

Direct

Cash

Transportation,

Washing,

Enviro, G&A

Indirect

Non-Cash

Total Cost

Fully

Loaded

P&L

N, NE,

$51.09

$11.99

$6.58

$14.61

$84.28

$9.42

Figure 11-5:

Results of Initial Economic Assessment

11.4

Qualified Person’s Opinion

While

there

some

level

stratigraphically

controlled

seam-thickness

variability,

the

Pocahontas No. 3 coal seam at Buchanan demonstrates reasonable thickness consistency

according to the

classification system of

measured

(0 – 0.4

kilometer),

indicated

(0.4 to 1.2

kilometers), and

inferred

(1.2 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 to extend the measured arcs slightly beyond historically accepted practices due to

consistent geological settings.

These results have led the

QPs to report the data

following

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

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 Buchanan coal resources.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

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

Buchanan.

The footprint of

the reserve area

is shown on

the map

Appendix B

The Mine plan was generated based on the forecast

mine plan and permit plan provided by

Coronado

with

modifications

MM&A

where

necessary

due

current

property

control

limits, modifications to geologic mapping, or

other factors determined during the evaluation.

Carlson Mining software was used to generate the LOM plan for Buchanan.

The mine plan

was sequenced based on productivity

schedules provided by Coronado.

MM&A judged the

productivity estimates and

plans to be

reasonable based

on experience

and current industry

practice.

At the Buchanan No. 1 Mine, a minimum mining height of 1.83 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

out-of-seam dilution (

OSD

Mine recovery generally varies between 40 and 60 percent for

continuous mining panels,

and 100 percent for

longwall.

Plant recovery is a

function of in-

seam recovery,

OSD and

plant efficiency

factor,

which is

set at

95 percent.

Typical

entry

width is 5.79 meters to 6.10 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coal

reserve

tonnes

this

evaluation

are

reported

6.0-percent

moisture

basis

and

represent the saleable product from the Property.

Pricing

data

provided

Coronado

described

Section

16.2

The

pricing

data

assumes a weighted

average domestic and international

FOB-mine price of

approximately

$197 per

metric tonne

for calendar

year 2022.

The weighted

average price

decreases to

approximately

$118

$126

per

metric

tonne

through

year

2026

and

averages

approximately $152 per metric tonne over the LOM.

The coal resource

mapping and estimation

process described in this

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.

As is customary in the US, 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.

There are

no Inferred

Resources (greater

than a

1.2-kilometer radius

from a

valid point

observation) at Buchanan.

12.2

Qualified Person’s Estimates

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource

tonnes

presented

Table

11-3

and

not

addition

coal

resources.

Coal

reserves are presented on a ROM basis in

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

of coal reserves

may be materially

affected by mining,

metallurgical, infrastructure and

other

relevant factors has also been considered.

Table 12-1:

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

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area /

Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash

Sulfur

Vol

Buchanan

142.3

17.3

159.6

0.0

159.6

25.8

128.8

5.0

0.7

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of

December 31, 2021

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

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan Mine

Complex

87.4

10.6

98.0

0.0

98.0

17.0

77.5

3.4

0.7

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 between 4.5 and 6-percent, depending

upon mining method.

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.

The results of

this TRS define

an estimated 98.0

Mt of proven

and probable marketable

coal

reserves.

Of that total,

89 percent are

proven, and 11 percent are probable.

There are 17.0

Mt of owned

coal reserves and

77.5 Mt of

leased coal and

3.4 Mt of

subleased reserves.

All

the Buchanan reserves are considered suitable for

the metallurgical coal market, and all of

the Buchanan reserves are assigned.

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 plan

for Buchanan

was prepared

to the

level of

preliminary feasibility.

Mine

projections

were

prepared

with

timing

schedule

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 Buchanan coal reserves.

Mining Methods

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

Retreat

Mining

Pillar

Stability

(ARMPS

) and

Analysis of Longwall Pillar

Stability

(

ALPS

) programs that were

developed by

the

National Institute for

Occupational Safety and

Health (

NIOSH

)

MM&A reviewed the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

results from the ARMPS

and ALPS analysis and

considered them in

the development of the

LOM plan.

Hydrology has

not been an

issue of

concern at Buchanan.

Based on numerous

site visits

both

the

surface

and

underground

portions

the

Property

the

QPs,

has

been

determined that

this is

not a

significant concern.

Mining of

future reserves

is projected

occur in areas which exhibit

similar hydrogeological characteristics as those

formerly mined

areas.

13.2

Production Rates

The Buchanan mine is active

with six continuous mining sections

and one longwall section

currently operating.

Operations at Buchanan by Coronado

and its predecessor have been

ongoing

for

many

years.

The

mine

plan

and

productivity

expectations

reflect

historical

performance

and

efforts

have

been

made

adjust

the

plan

reflect

future

conditions.

MM&A is

confident that

the mine

plan is

reasonably representative

to provide

an accurate

estimation

coal

reserves.

Mine

development

and

operation

have

not

been

optimized

within the TRS.

Longwall

production

scheduled

for

approximately

295

312

days

each

year,

which

represents

production

Monday

through

Saturday

with

allowances

for

holidays

and

longwall moves.

On each

day,

the continuous

mining sections

and longwall

produce coal

on three shifts.

The sections are configured as regular sections with one

continuous miner

available for production on each

section.

Productivity is planned at the

rate of 17.6 meters

to 21.7 meters of advance per

shift of operation for the

continuous miner sections, and 6.28

meters to 7.44 meters per shift of longwall retreat.

Carlson Mining

software was

used by

MM&A to

generate mine

plans for

the underground

mineable

coal

seam.

Coronado

recently

revised

the

Buchanan

mine

plan

with

independent headgate and tailgate for longwall panels in the South and Northeast districts.

Such a change was

made to allow for

an effective panel width of

982 feet, as

opposed to an

effective of width of 688

feet used previously.

The active areas in

the North and East,

along

with the future Northwest

area, are still based

on an effective

panel width of approximately

688 feet.

MM&A incorporated

this mine

plan revision

into the

layout and

subsequent reserve

estimates contained herein.

Mine plans were

sequenced based on

productivity schedules

provided

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 production continue

until 2047.

Clean coal production varies directly with coal thickness.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 13-1:

Summary of Production by Year (Tonnes x 1,000)

Mine

Name

2022

2023

2024

2025

2026

2027

2028

2029

Buchanan

4,336

3,813

3,744

3,695

4,538

4,336

4,317

4,563

Mine

Name

2030

2031

2032

2033

2034

2035

2036

2037

Buchanan

4,743

3,952

4,271

3,108

3,839

3,939

3,095

3,340

Mine

Name

2038

2039

2040

2041

2042

2043

2044

2045

Buchanan

3,854

4,722

4,655

3,755

3,575

3,583

3,399

3,154

Mine

Name

2046

2047

2048

2049

2050

2051

2052

2053

Buchanan

2,845

836

13.3

Mining Related Requirements

Although the

Continuous Miner

Sections are

significantly more

expensive to

operate on

cost-per-tonne basis, they are necessary

to open up areas of the

mine for the longwall.

the time of this study,

Buchanan had 6 operating continuous

miner stations that were used

develop

main

entries

and

gate

roads

preparation

for

the

longwall.

the

mine

develops, this number will be able to be reduced.

An additional

requirement at

Buchanan is

the drilling

of degas

holes prior

to mining.

This

process was initially developed as a

safety measure to extract methane

from the coal seam

prior to exposure to the workforce.

As such, it has been very effective.

More recently,

the methane extracted

has been able

to be processed

and sold.

However,

degasifying of the coal seam will continue as a safety measure regardless.

13.4

Required Equipment and Personnel

The Buchanan Mine is

currently Coronado’s only longwall

operation.

The longwall shearing

machine is used

for extraction of

coal at the

production face.

A chain conveyor

is used to

remove

coal

from

the

longwall

face

for

discharge

onto

the

conveyor

belt

which

then

ultimately

deliver

underground

storage

bunker.

Development

for

the

longwall

conducted by the extraction of coal from the production faces using continuous

miners and

haulage

using

shuttle

cars

feeder-breaker

located

the

tail

the

section

conveyor

belt.

The feeder-breaker

crushes large pieces

of coal and

rock and regulates

coal feed onto

the mine conveyor.

Roof-bolting machines are

used to support

the roof on

the development

sections

the

longwall mines.

Roof-bolting

machines

are

used

install

roof

bolts,

and

battery scoops are

available to clean

the mine entries

and assist in

delivery of mine

supplies

to work areas.

Other supplemental equipment such as personnel carriers, supply vehicles,

etc., are also used daily.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mine conveyors typically range in

width up to 1.83

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 Buchanan

No. 1

Mine utilizes

a skip

hoist in

order to

transport

ROM

coal

from

the

underground

storage

bunker

the

surface

where

the

coal

may

sampled, crushed and 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.

A total of 488 salary and hourly

employees are assigned to the mine.

Processing and Recovery Methods

14.1

Description or Flowsheet

Coronado

currently operates

coal preparation

plant

at Buchanan.

The Buchanan

Plant

operates at a feed rate

of approximately 1,270 raw tonnes

per hour (

tph

Coarse material

washed

heavy

medium

vessel,

the

intermediate-size

material

washed

heavy

medium

cyclones and

fine

material

is washed

using froth

flotation.

These processes

are

supported

the

requisite

screens,

centrifuges,

vacuum

filters,

sumps,

pumps,

and

distribution systems.

Processes and

equipment are

typical of

those used

in the

coal industry

and are in use in nearly all plants in the Central Appalachian Basin.

14.2

Requirements for Energy, Water,

Material and Personnel

Personnel have historically

been sourced from

the surrounding communities

in Buchanan,

Tazewell,

McDowell,

and

Pike

Counties,

and

have

proven

adequate

numbers

operate the

mine.

As mining

is common

in the surrounding

areas, the

workforce is

generally

familiar with mining practices, and many are experienced miners.

The Buchanan No.

1 Mine Complex

has sources of

water,

power, personnel,

and supplies

readily available

for use.

Water is

sourced locally from

a nearby abandoned

underground

mine.

Electricity is

sourced from

AEP.

The service

industry in

the areas

surrounding the

mine complex has historically provided supplies, equipment repairs and fabrication, etc.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Infrastructure

The Coronado-owned

Buchanan Preparation

Plant services

the mine

via a

skip hoist

and

conveyor

belt system

which

transports extracted

coal from

an underground

bunker to

the

surface facility.

The NS rail line serves as the main means of transport from the mine.

an active

operation, the

necessary

support infrastructure

for Buchanan

is in

place.

addition to the plant and loadout, there are also portal facilities, including personnel access

to the mine, ventilation fans and a coal

hoisting skip shaft.

A map of the existing facilities in

Figure 15-1

Figure 15-1:

Buchanan Surface Facilities

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The projected quality specifications for the Buchanan products are as shown in

Table

16-1

Table 16-1:

Quality Specifications by Product

Buchanan

HCC

PCI

Moisture (%)

7.50

Ash (%)

5.50

6.00

Sulfur (%)

0.75

0.85

Volatile Matter (%)

18.00

Btu/lb.

N/A

14,926

Fluidity (ddpm)

130

N/A

MMR (%)

1.69

N/A

CSR

N/A

FSI

8.5

N/A

Note:

All Specs are dry basis except Moisture and

Thermal

All the

mine production

serves the

metallurgical markets.

The metallurgical

coal is

marketed

as a low-volatile (typically less than 23 percent volatile matter content) product.

16.2

Price Forecasts

Coronado provided MM&A with price forecasts for the Buchanan operation.

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.

Concurrent

with

the

active

operation,

Buchanan’s

production is

assumed to

enter domestic

and international

low volatile

coking

coal

markets.

Pricing

provided

Coronado

assumes

applicable

quality

adjustments.

Pricing

was

provided

through

calendar

year

2050

(after

which

sales

prices

were

held

constant).

Coal price forecasts for

the Buchanan products were

provided by 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 Buchanan,

since

all

mining,

preparation

and

marketing

done

in-house,

the

remaining

contracts

required

are:

Transportation

– The Mine contracts with NS to transport the coal to either the

domestic customers or to the Pier 6 export terminal for overseas shipment.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Environmental Studies, Permitting and Plans,

Negotiations or

Agreements with Local

Individuals

17.1

Results of Studies

MM&A completed a Limited Phase I

Environmental Site Assessment (

ESA

) on the Property

in April 2016 on behalf of Coronado.

Coronado reports not having conducted such a study

since the MM&A study.

The ESA

completed by MM&A included

a site inspection, review

historical records, a database search of state and federal regulatory records and interviews

identify

potential

recognized

environmental

conditions

(

RECs

)

that

may

create

environmental liability for the sites.

MM&A concluded that no long-term liabilities existed at

the time of the ESA.

Based

the

former

ESA

completed

MM&A,

the

QPs’

opinion

that

Buchanan

generally

has

record

consistent

with

industry

standards

regarding

compliance

with

applicable mining, water

quality, and environmental laws.

Estimated costs for

mine closure,

including

water

quality

monitoring

during

site

reclamation,

are

included

the

financial

models.

17.2

Requirements and Plans for Waste Disposal

Based on

a study

commissioned by

Coronado in June

2020, the current

Buchanan refuse

disposal site

adjacent to

the preparation

plant has

a capacity

of 29

million cubic

meters (

)

currently

designed;

with

additional

lift

(No.

11),

the

capacity

million

CM.

Projected requirements

within the

MM&A financial

model

are 28.4

million CM.

Permitting

for such an expansion 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.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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.

Necessary

permits

are in

place to

support

current production

on the

Property,

but

future

permits are

required to maintain and expand

production.

Portions of the Property

are located near local

communities.

Regulations

prohibit

mining

activities

within

91.44

meters

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.

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

mines

and

processing,

loadout,

facilities.

MM&A

unaware

any

obvious

current

Coronado

permitting

issues

that

are

expected

prevent

the

issuance

future

permits.

Buchanan, along with all coal producers, is

subject to a level of uncertainty regarding

future

clean

water

permits

due

United

States

Environmental

Protection

Agency

(

EPA

)

involvement with state programs.

The active Mining permit currently held by Buchanan is shown in

Table 17-1.

Table 17-1:

Buchanan Mining Permit

Type

Permit ID

Permit Name

$ Bond

Current

Status

Issued

Date

Expiration

Date

Hectares

NPDES

No.

Coal

Underground

1402152

Buchanan

No. 1 Mine

$2,541,000

Active

03/08/1983

03/08/2023

330.48

VA0082152

_________________________________________________________

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

17.4

Local Plans, Negotiations or Agreements

MM&A found no indication of 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

Buchanan

Mine

operating

facility;

all

necessary

permits

for

current

production

have been

obtained.

The QPs

know

of no

reason that

any permits

revisions that

may be

required cannot be obtained.

Estimated expenditures for site closure and reclamation are included

in the financial model

for this site.

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.

Coronado provided MM&A

with an inventory

of operating equipment

available at Buchanan.

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 18-2

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 18-1:

CAPEX

18.2

Operating Cost Estimate

Coronado

provided

historical

and

preliminary

five-year

projection

operating

costs

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,

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 state

severance taxes, the federal black lung excise tax, and federal and state reclamation fees.

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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

Virginia Reclamation Tax – Underground

Per Tonne

$0.05

Virginia Severance Tax

Royalties – Underground

Percentage of Revenue

3.65%

Notes:

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:

Buchanan Mine Operating Costs

Total

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

LOM

Average

ROM Production

Tonnes

168.5

7.3

9.1

7.4

7.6

7.8

6.0

Yield

58.16

59.40

52.48

51.13

50.55

49.87

58.44

57.17

58.65

60.18%

Saleable Production

Tonnes

98.0

4.3

3.8

3.7

4.5

4.3

4.6

3.6

Thermal Tonnes

Domestic & Non-Asia

Export Met Tonnes

31.6

1.4

1.2

1.5

1.4

1.5

1.2

Export Met Tonnes

66.4

2.9

2.6

2.5

3.1

2.9

3.1

2.4

Total Saleable Tonnes

98.0

4.3

3.8

3.7

4.5

4.3

4.6

3.6

Cash Costs per Tonne:

Mining Costs

$61.03

$49.68

$53.80

$56.63

$58.66

$50.02

$52.22

$53.78

$52.19

$65.08

Processing and

Transport

$8.76

$8.15

$8.00

$8.32

$8.54

$7.72

$7.55

$7.86

$7.81

$9.17

Sales Related Costs

$8.04

$10.09

$6.53

$7.04

$6.67

$6.82

$6.96

$7.10

$8.42

G&A

$2.12

$1.55

$1.79

$1.86

$1.92

$1.62

$1.84

$1.87

$1.91

$2.29

Total Cash Costs

$79.95

$69.47

$70.12

$73.84

$76.16

$66.03

$68.42

$70.48

$69.01

$84.95

Economic

Analysis

19.1

Assumptions, Parameters and Methods

pre-feasibility LOM

plan

was prepared

by MM&A

for

the Buchanan

operations.

MM&A

prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production timing

was

carried out

from 2022

depletion (exhaustion)

the coal reserve areas, which

is projected for the year 2047.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 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.

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

and

state

reclamation taxes,

property taxes,

local

transportation prior

to delivery

at rail

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.

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 Buchanan are estimated to

be 3.0% 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Consolidated

cash

flows

are

driven

annual

sales

tonnage,

which

steady-state

level

ranges

from

peak

4.7

million

tonnes

2030

low

0.8

million

tonnes

2047.

Projected consolidated

revenue ranges

from $442.2

million to

$852.6 million

at steady

state.

Revenue totals $14.9 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

$337.9

million

2022

and

totals $5.9

billion over

the project’s

life.

Capital expenditures

total $367.7

million through

2026 and $1.5 billion over the project’s life.

Coal price forecasts for coal products were prepared by Coronado for its active operations.

Such prices were used

for the revenue input

into the financial model.

Sales variable costs

such as production royalties and severance taxes 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 Buchanan.

Figure 19-1:

Cash Costs per Tonne

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

As shown

above, the

Buchanan Mine’s

average cash

cost ranges

between approximately

$66 and $96 per tonne for most of the operating period.

Table 19-1:

Life-of-Mine Tonnage, P&L before Tax, and EBITDA

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Buchanan

98,005

$5,181,446

$52.87

$7,073,988

$72.18

As shown

Table 19-1,

the Buchanan

Mine shows

positive EBITDA

over the

LOM.

Overall,

Coronado’s consolidated

operations show

positive LOM

P&L and

EBITDA of

$5.2 billion

and

$7.1

billion,

respectively.

summary

the

key

financial

performance

metrics

projected

through 2029 is provided below in

Table 19-2

Table 19-2:

Summary of Buchanan Key Financial Performance Metrics

(2022-2029)

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

168.5

7.3

9.1

7.4

7.6

7.8

6.0

Yield

58.16%

59.40%

52.48%

51.13%

50.55%

49.87%

58.44%

57.17%

58.65%

60.18%

Saleable Production Tonnes

98.0

4.3

3.8

3.7

4.5

4.3

4.6

3.6

Thermal Tonnes

Domestic & Non-Asia Export Met

Tonnes

31.6

1.4

1.2

1.5

1.4

1.5

1.2

Export Met Tonnes

66.4

2.9

2.6

2.5

3.1

2.9

3.1

2.4

Total Saleable Tonnes

98.0

4.3

3.8

3.7

4.5

4.3

4.6

3.6

Cash Costs per Tonne:

Mining Costs

$61.03

$49.68

$53.80

$56.63

$58.66

$50.02

$52.22

$53.78

$52.19

$65.08

Processing and Transport

$8.76

$8.15

$8.00

$8.32

$8.54

$7.72

$7.55

$7.86

$7.81

$9.17

Sales Related Costs

$8.04

$10.09

$6.53

$7.04

$6.67

$6.82

$6.96

$7.10

$8.42

G&A

$2.12

$1.55

$1.79

$1.86

$1.92

$1.62

$1.84

$1.87

$1.91

$2.29

Total Cash Costs

$79.95

$69.47

$70.12

$73.84

$76.16

$66.03

$68.42

$70.48

$69.01

$84.95

EBITDA per Tonne

$72.18

$127.13

$48.86

$44.28

$46.67

$59.82

$60.25

$61.06

$65.36

$75.83

Expansion CapEx ($M)

Maintenance CapEx ($M)

$1,472.8

$86.1

$100.5

$83.2

$56.6

$41.2

$64.3

$42.4

$43.2

$41.5

Total CapEx

$1,472.8

$86.1

$100.5

$83.2

$56.6

$41.2

$64.3

$42.4

$43.2

$41.5

After Tax

Cash Flows were developed in

order to calculate the NPV

for this Property.

The

NPV

estimated

$1.580

billion

discount

rate

10.0%.

summary

the

Buchanan after-tax cash flow is shown in

Table 19-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-3:

Project Cash Flow Summary (000)

YE12/31

Total

2022

2023

2024

2025

2026

Production & Sales tonnes

98,006

4,336

3,813

3,744

3,695

4,538

Total

Revenue

$14,909,133

$852,553

$453,707

$442,240

$453,787

$571,159

EBITDA

$7,073,988

$551,294

$186,311

$165,773

$172,414

$271,491

Net Income

$4,054,532

$377,442

$93,097

$72,548

$75,185

$145,767

Net Cash Provided by Operating Activities

$5,859,417

$337,923

$226,272

$153,087

$153,971

$213,893

Purchases of Property, Plant, and

Equipment

$(1,472,794)

$(86,124)

$(100,502)

$(83,189)

$(56,642)

$(41,201)

Net Cash Flow

$4,386,623

$251,799

$125,770

$69,897

$97,330

$172,692

YE12/31

2027

2028

2029

2030

2031

2032

Production & Sales tonnes

4,336

4,317

4,563

4,743

3,952

4,271

Total

Revenue

$557,876

$567,848

$613,229

$651,531

$554,839

$612,889

EBITDA

$261,229

$263,595

$298,286

$329,317

$241,336

$290,107

Net Income

$137,877

$136,093

$168,482

$198,902

$134,763

$170,606

Net Cash Provided by Operating Activities

$224,239

$225,319

$245,987

$268,534

$221,190

$234,873

Purchases of Property, Plant, and

Equipment

$(64,303)

$(42,396)

$(43,244)

$(44,109)

$(69,604)

$(70,996)

Net Cash Flow

$159,936

$182,923

$202,743

$224,425

$151,586

$163,877

YE12/31

2033

2034

2035

2036

2037

2038

Production & Sales tonnes

3,108

3,839

3,939

3,095

3,340

3,854

Total

Revenue

$455,561

$575,148

$603,143

$484,105

$533,867

$629,465

EBITDA

$171,051

$260,914

$280,917

$178,788

$209,249

$308,476

Net Income

$81,103

$150,643

$164,665

$84,421

$111,746

$188,224

Net Cash Provided by Operating Activities

$173,291

$204,491

$231,972

$176,230

$175,626

$239,334

Purchases of Property, Plant, and

Equipment

$(46,809)

$(47,745)

$(48,700)

$(76,848)

$(50,667)

$(51,681)

Net Cash Flow

$126,482

$156,746

$183,272

$99,382

$124,959

$187,653

YE12/31

2039

2040

2041

2042

2043

2044

Production & Sales tonnes

4,722

4,655

3,755

3,575

3,583

3,399

Total

Revenue

$787,800

$793,604

$622,752

$614,673

$623,815

$595,730

EBITDA

$447,013

$443,613

$291,006

$284,502

$313,239

$288,266

Net Income

$294,103

$290,483

$171,552

$167,105

$191,132

$171,155

Net Cash Provided by Operating Activities

$337,444

$359,579

$270,111

$240,394

$255,553

$244,949

Purchases of Property, Plant, and

Equipment

$(52,714)

$(53,768)

$(82,766)

$(52,909)

$(53,968)

$(55,047)

Net Cash Flow

$284,729

$305,811

$187,345

$187,485

$201,586

$189,902

YE12/31

2045

2046

2047

2048

2049

2050

Production & Sales tonnes

3,154

2,845

836

Total

Revenue

$573,015

$527,068

$157,730

EBITDA

$271,208

$272,078

$22,517

Net Income

$157,961

$159,633

$(32,899)

$(4,084)

$(1,660)

$(850)

Net Cash Provided by Operating Activities

$230,687

$227,781

$74,345

$(51,806)

$(17,614)

$(8,983)

Purchases of Property, Plant, and

Equipment

$(56,148)

$(40,714)

Net Cash Flow

$174,539

$187,067

$74,345

$(51,806)

$(17,614)

$(8,983)

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2051

2052

2053

2054

2055

2056

Production & Sales tonnes

Total

Revenue

EBITDA

Net Income

$(436)

$(226)

$(0)

Net Cash Provided by Operating Activities

$(4,581)

$(4,673)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$(4,581)

$(4,673)

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.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Other Relevant Data and Information

MM&A performed a previous audit of all the properties in year 2017

for Coronado based on

SEC

Industry

Guide

standards.

addition,

MM&A

completed

Limited

Phase

Environmental

Site

Assessment

(

ESA

)

the

Property

2016

behalf

Coronado.

MM&A conducted a Joint Ore Reserve Committee (

JORC

) compliant resource and reserve

assessment of the Buchanan

assets effective January 1,

2018.

By assignment, the JORC

assessment

included

preliminary

feasibility

level

study

the

subject

coal

reserves,

encompassing

detailed

mine

planning and

cost analysis

through

depletion of

Buchanan’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 SEC.

Interpretation and Conclusions

22.1

Conclusion

Sufficient data have 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 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

sufficient

to conclude

that the

98.0 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

modelled according

to 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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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)

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 12.

No residual risks are

rated Very High.

One (1) residual risk is rated High.

Seven (7) of the risk aspects could be

associated with Moderate residual risk.

Four (4) of the risk

aspects were attributed Low

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 this report.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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.

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

modelled according

to the Australian and New Zealand Standard on Risk Management (AS/NZS 4360).

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31,

2021

Central Appalachian Coal Basin

Virginia, 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

MAP

APPENDIX

GLOSSARY OF TERMS

Appendix C

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 of Exploration Results, Mineral

Resources and Ore Reserves

lb. SO

/ mm Btu

Pounds per sulfur dioxide per million British thermal units

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

LJ Hughes

LJ Hughes & Sons, Inc. - drilling Company

LOM

Life-of-mine

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

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

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

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 Buchanan and Tazewell

Counties,

Virginia.

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

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

VALMIN Code

Australasian Code for Public Reporting of Technical

Assessments and

Valuations of Mineral Assets

Vulcan™

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

the global mining industry.

APPENDIX

INITIAL ECONOMIC ASSESSMENT FOR

RESOURCES EXCLUSIVE OF RESERVES

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 E:

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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).

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

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 E:

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 E:

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 E:

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 E:

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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

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.

Points of observation for Measured and Indicated

confidence arcs were defined for

all drill holes that intersected the seam.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

should be reported with an explanation of the

basis of the mining assumptions

made.

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

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 a 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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

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 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

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

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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.

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

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

qualitative discussion of the factors which could affect the relative

accuracy

and confidence of the estimate.

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.

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.

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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

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 E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

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