Coronado Global Resources 10K 2021 Annual report | CODQL Filing

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

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

as of December

31, 2021

Central Appalachian Coal Basin

West 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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Statement of Use and Preparation

This Technical

Report Summary (

TRS

) was prepared by

Marshall Miller & Associates, Inc.

(

MM&A

)

for the sole

use of

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

a statement

of coal resources

and coal reserves

for Coronado, as

defined

under

the

Australasian Code

for

Reporting of

Exploration

Results, Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

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

based

information

provided

Coronado

and

reviewed

John

Eckman, 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 in circumstances

where MM&A was

engaged for the

specific purpose of

preparing

those estimates

and the

Resource estimates

were prepared

by John

Eckman 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

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

of Mining Engineers (

SME

)

, Golden, Colorado, USA.

John Eckman is

a Registered Member

the

American

Institute

Professional

Geologists

(

AIPG

)

SME

and

AIPG

are

Recognized Professional Organizations (

RPOs

)

Both are full-time employees of Marshall

Miller & Associates, Inc. and recognized as a

Qualified Persons

(

QPs

The

information

this

TRS

coal

resources

and

reserves

based

on,

and

fairly

represents,

information

compiled

the

QPs.

the

time

reporting,

MM&A’s

QPs

have

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

sufficient

experience

relevant

the

style

mineralization

and

type

deposit

under

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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

This report was prepared by:

ARSHALL

ILLER

SSOCIATES

/s/ John W. Eckman

February 18, 2022

John W. Eckman, CPG

Senior Geologist

Direct Line: +1 304 809 0664

Email:

john.eckman@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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

of Contents

1.1

1.2

1.3

1.4

1.5

Operations and Development

1.6

1.7

1.8

1.9

1.10

1.10.1

Discounted Cash Flow Analysis

1.10.2

Sensitivity Analysis

1.11

Permitting

1.12

Conclusion and Recommendations

Introduction

2.1

Registrant and Terms

of Reference

2.2

2.3

3.1

3.2

Titles, Claims or Leases

3.3

Mineral Rights

3.4

Encumbrances

3.5

Other Risks

Accessibility, Climate, Local Resources, Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

4.2

Access and Transport

4.3

Proximity to Population Centers

4.4

Climate and Length of Operating Season

4.5

Infrastructure

History

5.1

Previous Operation

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

5.2

PREVIOUS EXPLORATION

GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT

6.1

REGIONAL, LOCAL AND PROPERTY GEOLOGY

6.2

MINERALIZATION

6.3

DEPOSITS

EXPLORATION

7.1

NATURE AND EXTENT OF EXPLORATION

7.2

NON-DRILLING PROCEDURES AND PARAMETERS

7.3

7.4

7.5

ANALYSES

AND SECURITY

8.1

PRIOR TO SENDING TO THE LAB

8.2

LAB PROCEDURES

DATA

VERIFICATION

9.1

PROCEDURES OF QUALIFIED PERSON

9.2

LIMITATIONS

9.3

OPINION OF QUALIFIED PERSON

MINERAL PROCESSING AND METALLURGICAL TESTING

10.1

TESTING PROCEDURES

10.2

RELATIONSHIP OF TESTS TO

THE WHOLE

10.3

LAB INFORMATION

10.4

RELEVANT

RESULTS

MINERAL RESOURCE ESTIMATES

11.1

ASSUMPTIONS, PARAMETERS AND METHODOLOGY

11.1.1

GEOSTATISTICAL

ANALYSIS

11.2

QUALIFIED PERSON’S ESTIMATES

11.3

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mining Methods

13.1

Geotech and Hydrology

13.2

Production Rates

13.3

Mining Related Requirements

13.3.1

Underground

13.3.2

Surface Mine

13.3.3

HWM

13.4

Required Equipment and Personnel

13.4.1

Underground Mines

13.4.2

Surface Mines and Highwall Miners

Processing and Recovery Methods

14.1

Description or Flowsheet

14.2

Requirements for Energy, Water,

Material and Personnel

16.1

16.2

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 Logan Property Location Map

CAPEX

OPEX

Sensitivity of NPV

Logan Stratigraphic Column

Figure 7-1:

Logan Cross-Section

Figure 11-1:

Histogram of the Total

Seam Thickness for the No. 2 Gas Seam Present in

the Logan Complex

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the No. 2 Gas Seam Present

in the Logan Complex

Figure 11-3: Variogram

of the Total

Seam Thickness for the No. 2 Gas Seam

Present in

the Logan Complex

Figure 11-4: Result of DHSA for the No. 2 Gas Seam Present in the Logan Complex

Figure 11-5:

Results of Initial Economic Assessment

Figure 15-1:

Logan 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 (Mt)

Table

1-2:

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

1-3:

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

2021 (Mt)

Table

1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

Table

1-5:

Project Cash Flow Summary ($000)

Table

11-1:

General Reserve & 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 (Mt)

Table

11-4:

Results of Initial Economic Assessment

Table

12-1:

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

(Mt)

Table

12-2:

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

2021 (Mt)

Table

13-1:

Underground Summary of Production by Year

(000)

464

Table

13-2:

Surface Summary of Production by Year

(000)

Table

13-3:

Highwall Summary of Production by Year

(000)

Table

16-1:

Quality Specifications by Product

Table

17-1:

Logan Mining Permits

Table

18-1:

Estimated Coal Production Taxes

and Sales Costs

Table

18-2:

Logan Operating Costs

Table

19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

Table

19-2:

Summary of Logan 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

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:

Highwall Failure (Risk 10)

Table

22-13:

Availability of Supplies and Equipment (Risk 11)

Table

22-14:

Labor – Work Stoppage (Risk 12)

Table

22-15:

Labor – Retirement (Risk 13)

Table

25-1:

Information from Registrant Relied Upon by MM&A

Appendices

Biographies

Maps

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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado Global

Resources Inc.

(

Coronado

)

authorized Marshall

Miller &

Associates,

Inc. (

MM&A

)

to prepare this

Technical Report Summary (TRS) of its

controlled coal resources

and reserves located at

the

Logan County Complex

(

Logan

)

in Boone, Logan and

Wyoming

Counties, West Virginia (the

Property

The report provides

a statement of

coal resources

and

coal

reserves

for

Coronado,

defined

under

the

Australasian

Code

for

Reporting

Exploration Results,

Mineral Resources and

Ore Reserves

(

JORC Code

) as well

as under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities and

Exchange Commission

(

SEC

)

This report

was also

prepared in

accordance

with

the

Australasian

Code

for

Public

Reporting

Technical

Assessments

and

Valuations of Mineral Assets

(

VALMIN Code

Coal resources and coal reserves are herein

reported in metric units of measurement and

are

rounded to millions of metric tonnes (

Surface facilities for

the operations are

located along Buffalo

Creek and a

CSX Corporation

(

CSX

)

rail

line

about

kilometers

north-northeast

Man,

West

Virginia

(see

Figure

1-1

The Property

is composed

of 13,138

total hectares,

13,069 of

which are

leased from

private

landholders

under

approximately

individual

leases,

and

hectares

are

owned

Coronado.

Subject

Coronado

exercising

its

renewal

rights

thereunder,

majority

the

leases, covering a majority

of the Logan reserves, expire

upon exhaustion of the

relevant coal

reserves, which is expected to

occur in 2053.

One lease expires in

2032; however, Coronado

is projected to have previously exhausted the reserves covered thereby.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Coronado Logan Property Location Map

1.2

Ownership

The Logan

properties started

mining in

1945 by

Lorado Mining

Company

The properties

were

sold

Buffalo

Mining

Company

1964

and

then

Pittston

Coal

Company

(

Pittston

)

1971.

Pittston

operated

the

properties

until

the

early

1990’s

when

idled

the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

mine complex and then sold them to

Addington Resources

in 2004.

Production resumed in

2005.

Imagin

Natural

Resources

acquired

the

properties

2007

and

sold

Cleveland-

Cliffs Inc. (

Cliffs

)

in 2011, which in turn sold the properties to Coronado in 2014.

1.3

Geology

Operations at the Logan Mine Complex extract multiple coal seams by both underground and

surface

mining

methods.

The

coal-bearing

formation

interest

Logan

primarily

the

Kanawha Formation, which

comprises a major

portion of the

exposed ridges.

The Kanawha

Formation is a coal

bearing sequence of sandstones,

siltstones, shales, and mudstones

with

minor occurrences of siderite, limestone and flint clay.

Coronado

mines several horizons

within the Kanawha

formation.

The horizons are

as follows:

Buffalo Creek, Upper Clarion Rider, Clarion, Lower Clarion,

Upper Stockton, Lower Stockton,

Upper Coalburg, Lower Coalburg, Lower Dorothy, Upper Winifrede, Lower Winifrede,

Chilton-

Chilton,

Upper

Cedar

Grove,

Middle

Cedar

Grove,

Lower

Cedar

Grove,

Gas,

Upper

Powellton, Lower Powellton, Eagle, and Lower War Eagle.

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.

The

majority of

the data

was acquired

or generated

by previous

owners of

the Property.

These

sources

comprise

the

primary

data

used

the

evaluation

the

coal

resources

and

coal

reserves

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 Logan

Complex.

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

1.5

Operations and Development

As of December 31, 2021, underground

mine operations were active at the Lower

War Eagle,

Eagle

No.

and

Muddy

Bridge

Mines

with

three,

three

two

active

mining

sections,

respectively using the room-and-pillar

method.

In addition, Coronado operates

a single active

underground

room-and-pillar

section

the

Powellton

No.

Mine.

Annual

deep

mine

production peaks at approximately 2.5

Mt in 2027.

One active surface mine, Toney Fork, was

also

operating.

Surface

production

projected

peak

1.4

2034.

Highwall

miner

production

also

projected

resume

2023

with

peak

2033

0.74

Mt.

Overall

production will continue until 2053 with peak production occurring in 2033 at 4.2 Mt.

The Logan County Complex

includes the Saunders

Preparation Plant in addition

to the mines.

The

plant

site

includes raw

coal

storage,

clean

coal

storage,

railroad

loadout,

and

refuse

disposal area.

The plant has a feed rate capacity of 1,088 raw tonnes per hour.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.6

Mineral Resource

Mineral

resources,

representing

in-situ

coal

which

portion

reserves

are

derived,

are

presented

below.

coal

resource

estimate,

summarized

Table

1-1

was

prepared

December 31, 2021, for property controlled by Coronado.

Table 1-1:

Coal Resources Summary as of December 31, 2021

(Mt)

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

129.6

47.7

0.0

177.3

1.0

Exclusive of Reserves

45.8

37.0

3.4

86.2

Total 12/31/2021

175.4

84.7

3.4

263.5

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 has 82.8 Mt of dry, in-place measured and indicated resource

tonnes exclusive of reserves as of December

31, 2021.

1.7

Mineral Reserve

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource

tons

presented

Table

1-1

and

not

addition

coal

resources.

Proven

and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure,

economic

(including

estimates

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,

a Life-of Mine

(

LOM

) Mine

Plan and practical

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

coal

resource

coal

reserve,

which

include

the

following:

inferred

resource

classification;

absence

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 of

the resource

area which

exhibit

the aforementioned geological

and operational encumbrances.

Coal reserves are presented

on a run-of-mine (

ROM

) basis in

Table

1-2.

Table 1-2:

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

31, 2021 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Logan Mine

Complex

94.9

42.0

136.9

38.5

98.4

0.0

136.9

0.9

Proven

and

probable

coal

reserve

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of

December 31, 2021 (Mt)

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

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Logan County

Complex

53.4

20.1

73.4

33.4

40.1

0.0

73.4

0.9

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 73.4 Mt (moist basis) of marketable coal

reserves at

Logan

December 31,

2021.

that

total,

percent

are

proven,

and

percent

are

probable.

All 73.4

Mt are leased

coal reserves and

are assigned.

Approximately 68.7

Mt of

reserves are considered suitable for the metallurgical coal market and 4.8 Mt are projected to

be sold into the thermal coal market.

1.8

Capital Summary

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Logan.

MM&A’s

capital

schedules

assume

that

major

equipment

rebuilds

occur

over

the

course

each machine’s

remaining assumed

operating life.

Replacement equipment

was scheduled

based

MM&A’s

experience

and

knowledge

mining

equipment

and

industry

standards

with respect to

the useful life of

such equipment.

A summary of

the estimated capital for

the

Property is provided in

Figure 1-2

below.

Figure 1-2:

CAPEX

1.9

Operating Costs

Coronado provided

historical and

preliminary 5-year

projections of

operating costs

for its

active

mines

for

MM&A’s

review.

MM&A

used

the

historical

and/or

budget

cost

information

reference and developed personnel schedules for each mine.

Hourly labor rates and salaries

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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.

For the

underground operations,

cost factor

for

mine

supplies was

developed

that relates

expenditures

mine

advance

rates

for

roof

control

costs

and

other

mine

supply

costs

underground mines.

Other factors were developed for maintenance and repair

costs, rentals,

mine power, outside services and other direct mining costs.

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.

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

Figure 1-3:

OPEX

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.10

Economic Evaluation

The pre-feasibility financial model

prepared for this TRS was

developed to test the economic

viability

the

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

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

the

estimated

coal

reserves.

Cash

flows

are

simulated

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

is based

on an effective

date of January 1, 2022.

un-levered

basis,

the

net

present

value

(

NPV

)

the

project

cash

flow

after

taxes

represents the Enterprise Value of the project.

The project cash flow, excluding debt service,

is calculated

by 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 Logan.

Table 1-4:

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

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Deep Mines

Camp Br Chilton

1,607

$32,285

$20.08

$54,357

$33.82

Eagle No. 1 (Toney Fork)

12,504

$91,928

$7.35

$205,032

$16.40

Elk Lick Chilton

3,809

$116,111

$30.48

$150,035

$39.39

Lower Powellton

5,095

$102,826

$20.18

$164,666

$32.32

Lower War Eagle

7,105

$207,728

$29.24

$308,368

$43.40

Powellton No. 1

3,677

$97,593

$26.54

$151,180

$41.12

Muddy Br No.2 Gas

4,188

$270,115

$64.50

$313,447

$74.85

Upper Winifrede

1,794

$57,593

$32.11

$78,591

$43.82

Winifrede (Chilton Rider)

278

$1,052

$3.79

$5,158

$18.58

Consolidated Deep Mines

40,057

$977,232

$24.40

$1,430,834

$35.72

Surface Mines

Toney Fork Surf

6,698

$30,295

$4.52

$142,924

$21.34

Buffalo Cr South Area

8,728

$97,428

$11.16

$221,170

$25.34

Sugar Camp Area 1

5,221

$32,688

$6.26

$148,325

$28.41

Surface Mines Consolidated

20,646

$160,411

$7.77

$512,419

$24.82

Highwall Miner (HWM)

Operations

Toney Fork HWM

4,705

$254,021

$53.99

$256,385

$54.49

Buffalo Cr South HWM

6,532

$439,179

$67.23

$440,183

$67.39

Sugar Camp HWM

1,501

$98,208

$65.43

$98,208

$65.43

HWM Consolidated

12,738

$791,408

$62.13

$794,775

$62.39

Grand Total

73,441

$1,929,050

$26.27

$2,738,028

$37.28

* The Financial model includes 0.03 million tonnes of inferred coal production.

Inferred coal

represents 0.04% of the total production, and none of this coal was included in the estimate of

reserves.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

As shown in

Table

1-4,

the Logan operations

show positive EBITDA

over the LOM.

Overall,

the

Coronado

consolidated

operations

show

positive

LOM

P&L

and

LOM

EBITDA

$1.9

billion and $2.7 billion, respectively.

Coronado’s consolidated

Logan cash

flow summary

in nominal

dollars assuming

a 2%

inflation

rate, excluding debt service, is shown in

Table

1-5

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-5:

Project Cash Flow Summary ($000)

YE12/31

Total

2022

2023

2024

2025

2026

Production & Sales tonnes

73,441

2,250

2,919

2,903

3,213

3,067

Total

Revenue

$9,980,224

$420,654

$344,156

$337,534

$394,845

$389,424

EBITDA

$2,738,028

$200,726

$78,732

$78,233

$110,802

$107,624

Net Income

$1,610,525

$120,459

$34,650

$29,605

$61,436

$59,748

Net Cash Provided by Operating Activities

$2,372,457

$125,587

$89,779

$70,664

$90,037

$94,643

Purchases of Property, Plant, and

Equipment

$(709,361)

$(54,793)

$(27,441)

$(27,989)

$(17,357)

$(13,652)

Net Cash Flow

$1,663,096

$70,794

$62,338

$42,674

$72,680

$80,991

YE12/31

2027

2028

2029

2030

2031

2032

Production & Sales tonnes

3,396

3,661

3,579

3,326

2,950

3,438

Total

Revenue

$431,154

$451,609

$445,987

$420,670

$376,614

$440,781

EBITDA

$117,770

$119,515

$116,897

$111,475

$78,018

$87,218

Net Income

$65,436

$69,828

$70,242

$65,713

$34,306

$33,521

Net Cash Provided by Operating Activities

$100,542

$104,726

$104,191

$100,196

$77,188

$77,404

Purchases of Property, Plant, and

Equipment

$(59,598)

$(28,735)

$(27,081)

$(31,232)

$(48,753)

$(71,927)

Net Cash Flow

$40,944

$75,991

$77,110

$68,964

$28,435

$5,477

YE12/31

2033

2034

2035

2036

2037

2038

Production & Sales tonnes

4,156

4,105

3,468

3,753

2,854

3,015

Total

Revenue

$537,477

$534,901

$465,163

$514,566

$405,973

$421,828

EBITDA

$142,816

$161,080

$119,812

$148,790

$92,000

$117,900

Net Income

$89,651

$103,843

$69,446

$91,589

$53,041

$76,624

Net Cash Provided by Operating Activities

$113,575

$136,352

$113,896

$123,326

$92,161

$99,895

Purchases of Property, Plant, and

Equipment

$(23,808)

$(29,414)

$(13,377)

$(19,641)

$(50,095)

$(29,180)

Net Cash Flow

$89,767

$106,938

$100,519

$103,685

$42,066

$70,715

YE12/31

2039

2040

2041

2042

2043

2044

Production & Sales tonnes

2,436

2,201

1,845

1,459

1,180

1,112

Total

Revenue

$355,369

$338,176

$268,754

$214,586

$172,885

$150,118

EBITDA

$87,011

$83,646

$68,092

$62,920

$44,089

$34,328

Net Income

$55,313

$54,058

$44,925

$45,801

$29,936

$22,534

Net Cash Provided by Operating Activities

$83,815

$71,639

$61,735

$55,327

$42,764

$32,618

Purchases of Property, Plant, and

Equipment

$(15,349)

$(9,482)

$(14,390)

$(5,290)

$(14,378)

$(3,690)

Net Cash Flow

$68,466

$62,157

$47,345

$50,037

$28,386

$28,928

YE12/31

2045

2046

2047

2048

2049

2050

Production & Sales tonnes

1,047

1,570

1,449

1,206

435

546

Total

Revenue

$152,705

$241,778

$219,387

$188,710

$76,217

$101,030

EBITDA

$31,080

$76,832

$69,847

$62,067

$19,753

$38,469

Net Income

$16,163

$53,074

$44,398

$39,304

$4,857

$21,379

Net Cash Provided by Operating Activities

$28,550

$56,069

$60,773

$54,739

$27,203

$29,794

Purchases of Property, Plant, and

Equipment

$(33,303)

$(3,327)

$(23,807)

$(5,664)

$(5,458)

$(1,150)

Net Cash Flow

$(4,752)

$52,742

$36,967

$49,075

$21,745

$28,645

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2051

2052

2053

2054

2055

2056

Production & Sales tonnes

564

318

Total

Revenue

$102,990

$60,217

$3,964

EBITDA

$42,382

$26,401

$1,703

Net Income

$24,434

$24,120

$1,383

$(164)

$(84)

$(43)

Net Cash Provided by Operating Activities

$35,071

$18,199

$3,510

$(1,729)

$(882)

$(899)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$35,071

$18,199

$3,510

$(1,729)

$(882)

$(899)

* The Financial model includes 0.03 million tonnes of inferred coal production.

Inferred coal represents 0.04% of the total

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

Consolidated

cash

flows

are

driven

annual

sales

tonnage,

which

steady-state

level

ranges

from

peak

4.2

million

tonnes

2033

low

1.0

million

tonnes

2045.

Projected consolidated revenue

ranges from $150.1

million to $537.5

million at steady

state.

Revenue totals $10.0 billion for the project’s life.

Consolidated cash flow from operations is positive throughout the projected operating period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated cash flow from operations peaks at $136.5 million

in 2034 and totals $2.4 billion

over the project’s

life.

Capital expenditures total

$141.2 million from

2022 through 2026

and

$709.4 million over the project’s life.

1.10.1

Discounted Cash Flow Analysis

Cash

flow

after

tax,

but

before

debt

service,

generated

over

the

life

the

project

was

discounted

NPV

10.0%

discount

rate,

which

represents

Coronado’s

estimate

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 of

the project

cash flows represents

the Enterprise Value

of the project

and amounts

to $611.3

million.

The

pre-feasibility

financial

model

prepared

for

the

TRS

was

developed

test

the

economic viability of

each coal resource area.

The NPV estimate was

made for purposes

confirming

the economics

for

classification of

coal reserves

and not

for purposes

valuing

Coronado

its

Logan

assets.

Mine

plans

were

not

optimized,

and

actual

results

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

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-4:

Sensitivity of NPV

As shown, NPV

is quite sensitive

to change in

sales price and

operating cost estimates,

and

slightly sensitive to changes in capital cost estimates.

1.11

Permitting

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

active

mines

and

processing, loadout or related support

facilities.

MM&A is unaware of any obvious

or current

Coronado

permitting

issues

that

are

expected

prevent

the

issuance

future

permits.

Logan, 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

has

been

obtained

through

various

exploration

and

sampling

programs

and

mining operations to

support the geological

interpretations of seam

structure and thickness

for

coal horizons situated on the

Logan Property.

The data is 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

support

the

classification

coal

reserves provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

concludes

that

the

73.4

marketable

coal

reserves

identified

the

Property

are

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

economically mineable under reasonable

expectations of market prices

for metallurgical coal

products, estimated operation costs, and capital expenditures.

Introduction

2.1

Registrant and Terms of Reference

This report was prepared

for the sole use

Coronado Global Resources

Inc. (

Coronado

)

and its affiliated and

subsidiary companies and advisors.

The report provides a statement of

coal resources and coal reserves for Coronado, as defined under the

Australasian Code for

Reporting 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

The report provides a

statement of coal resources

and coal reserves for

Coronado at Logan.

Exploration results

and Resource

calculations were

used as

the basis

for the

mine planning

and

the

preliminary

feasibility

study

completed

determine

��

the

extent

and

viability

the

reserve.

Coal resources and coal reserves are herein

reported in metric units of measurement and

are

rounded to millions of metric tonnes (

2.2

Information Sources

This TRS

is based

on information

provided by

Coronado and

reviewed by

John Eckman,

CPG;

and Justin S. Douthat, PE, MBA.

Coronado engaged MM&A

to conduct a

coal resource

and reserve

evaluation of

the Coronado

coal properties as

of September 30,

2021.

Additions and depletion

have been used

to bring

the Resource and Reserve estimates forward

to December 31, 2021, the

effective date of this

TRS for Logan.

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 of coal resources and reserves into

geological models;

Develop life-of-reserve mine (

LOM

) plans and financial models;

Hold discussions with Coronado company management; and

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

would include:

A description of the mines and facilities.

A description of the evaluation process.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

An estimation of coal resources and reserves with compliance

elements as stated under the JORC Code

and the SEC Regulation S-K 1300.

2.3

Personal Inspections

MM&A is

very familiar

with Logan,

having provided

a variety

of services

in recent

years and

one of the QP’s involved in this TRS has conducted multiple site visits.

Property Description

3.1

Location

The Logan County

Complex is located

in Logan, Boone,

and Wyoming

Counties in southern

West

Virginia.

The Property

encompasses the

towns of

Lorado and

Pardee in

the northern

portion and Lacoma

and Cyclone in the

southern portion (approximately

6 kilometers between

the northern

and southern

towns).

The nearest

major population

centers are

Huntington, West

Virginia

(145

kilometers

northwest)

and

Charleston,

West

Virginia

(129

kilometers

north-

northeast).

The Logan property is composed of 13,138 total leased and

owned hectares and is located in

Logan,

Boone,

and

Wyoming

Counties.

The

Property

located

the

following

United

States Geological

Survey

(

USGS

) Quadrangles:

Lorado, Mallory, Amherstdale,

and Oceana.

Current mining projections fall within portions of all four quadrangles.

The coordinate system

and datum used for the model of the Logan County Complex and the subsequent maps were

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

3.2

Titles, Claims or Leases

The Property

is composed

of 13,138

total hectares,

13,069 of

which are

leased from

private

landholders

under

approximately

individual

leases,

and

hectares

are

owned

Coronado.

Subject

Coronado

exercising

its

renewal

rights

thereunder,

majority

the

leases, covering a majority

of the Logan reserves, expire

upon exhaustion of the

relevant coal

reserves, which is expected to

occur in 2053.

One lease expires in

2032; however, Coronado

projected

have

previously

exhausted

the

reserves

covered

thereby.

MM&A

has

not

carried

out

separate

title

verification

for

the

coal

properties

and

has

not

verified

leases,

deeds,

surveys

other

property

control

instruments

pertinent

the

subject

resources.

Tenure

was separately reviewed by

Coronado’s legal advisors.

Coronado has represented to

MM&A that

it controls

the mining

rights to

the reserves

as shown

on its

property maps,

and

MM&A

has

accepted

these

being

true

and

accurate

depiction

the

mineral

rights

controlled by Coronado.

The TRS assumes

the properties are

developed under responsible

and experienced management.

3.3

Mineral Rights

Coronado

supplied

property

control

maps

MM&A

properties

for

which

mineral

and/or

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

representations

being

true

and

accurate,

MM&A

has

knowledge

past

property

boundary

disputes

other

concerns,

through

past

knowledge

the

Property,

that

would

signal concern over future mining operations or development potential.

Property control

in Appalachia can

be intricate.

Coal mining properties

are typically

composed

of numerous property

tracts which

are owned

and/or leased from

both land holding

companies

and

private

individuals

companies.

common

encounter

severed

ownership,

with

different entities or 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

relatively small amount

of area where

the coal is

partially-owned and/or

partially leased on

limited number of individual tracts.

Control of the surface property is necessary to

conduct surface mining but is not necessary

conduct underground mining.

Upon

acquisition

mineral

control

for

desired

coal

seams

surface-mineable

economic

interest,

typical

practice

the

region

for

operators

delay

the

acquisition

surface

control

for

purposes

surface

mining

and

other

surface

development

until

plans

are

established for

near-future development.

Therefore, it

is common

for an

operator to

control

mineral

for

proposed

areas

mining

for

which

they

have

not

established

the

legal

right

surface mine due to the lack of surface

control.

Acquisition of these rights is typically delayed

order to

limit cost

and

royalty payments

for areas

not under

consideration

for near-future

development.

Coronado’s

executive

management

team

has

history

surface

mining

Central

Appalachia

and

has

conveyed

MM&A

that

has

been

successful

acquiring

surface rights where needed for past operations.

3.4

Encumbrances

No Title

Encumbrances are known.

By assignment, MM&A did

not complete a query related

to Title Encumbrances.

3.5

Other Risks

There is

always risk

involved in

property control.

As is

common practice,

Coronado, and

its

predecessors,

have

had

their

legal

teams

examine

the

deeds

and

title

control

order

minimize

the

risk.

Historically,

property

control

has

not

posed

any

significant

challenges

related to Logan’s operations.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

Topography

the

area

surrounding

the

Logan

County

Complex

typical

the

Central

Appalachian

Plateau,

being

rugged

and

deeply

dissected

v-shaped

river

valleys,

and

generally

flanked

steeply

sided

upland

regions,

with

occasional

gentle

slopes

select

areas.

The

drainage

system

the

region

tends

mostly

dendritic

nature.

Surface

elevations

near the

mine

complex range

from approximately

823 meters

above sea

level in

upland regions to

roughly 338 meters

at stream level.

The Property is moderately

to heavily

vegetated, with oak-hickory forests as the dominant forest type and northern hardwood forest

being

less

prominent.

The

Property

not

situated

near

any

major

urban

centers,

and

the

surrounding area is rural.

4.2

Access and Transport

Access

the

Logan Mine

property

consists of

primary,

secondary,

and

unimproved

roads,

forming a well-developed transportation

network.

Highway 119

is the primary highway in

the

area

running

southwest

northeast

from

the

Kentucky-West

Virginia

line

through

Mingo,

Logan, and Boone

Counties.

Secondary roads

Route 16

and Route

10 provide

the most

direct

access

through

the

Property

running

east-west

across

the

leased

area.

Numerous

other

secondary

and

unimproved

roads

provide

direct

access

the

mine

property,

some

being

state-

and

county-maintained.

These

roads

typically

stay

open

throughout

the

year.

Additionally, private access roads

to existing

mines provide

transport corridors,

and more

such

roads

may

developed

needed.

The

Coronado-owned

Saunders

Preparation

Plant

services the mines.

The ROM coal is

delivered from the Powellton

No. 1, Eagle No.

1, Muddy

Bridge and Lower

War Eagle

Mines via overland

conveyor, all

remaining production is or

will

be delivered to the plant site by truck.

4.3

Proximity to Population Centers

The

Logan

property

lies

near

the

town

Lorado

Logan

County,

West

Virginia,

approximately

145

kilometers

southeast

Huntington,

West

Virginia

and

129

kilometers

south-southwest of

Charleston, West

Virginia.

As of

the 2020

census, Logan

County had

population

32,567

residents,

Boone

County

had

21,809

residents,

and

Wyoming

County

had 21,382 residents.

4.4

Climate and Length of Operating Season

The

region’s

climate

classified

humid,

sub-tropical

with

four

distinct

seasons:

warm

summers, cold

winters, and

moderate fall

and spring

seasons.

Precipitation in

the region

consistent

throughout

the

year

with

the

most

rain

falling

spring

and

the

early

months

summer.

Average yearly rainfall is 67.69 centimeters.

Summer months typically begin in late

May and

end

in early

September

and range

average temperature

from 53

to 84

degrees

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Fahrenheit (or 11.6 to 28.9 degrees Celsius).

Winters typically begin in mid to late November

and

run

until

mid

late

March

with

average

temperatures

ranging

from

degrees

Fahrenheit (or -3.3 to 13.9 degrees Celsius).

Precipitation in the winter typically comes in the

form of

snowfall or

as a

wintery mix

(sleet and

snow) with

severe snowfall

events occurring

occasionally.

Seasonal variations

in climate

typically do

not affect

underground mining

in West

Virginia.

However, weather events could potentially incumber surface

mining and preparation

plant operations on a very limited basis, typically lasting less than a few days.

4.5

Infrastructure

The

Logan

Mine

Complex

has

sources

water,

power,

personnel,

and

supplies

readily

available for

use.

Personnel have

historically been

sourced from

the surrounding

communities

in Logan, Boone, Wyoming, and

Mingo counties, and have

proven to be adequate

in numbers

operate

past

and

current

mines.

mining

common

the

surrounding

areas,

the

workforce is

generally familiar

with mining practices

and is

comprised of

a strong

talent pool

of experienced

miners.

Water is sourced locally

from Buffalo Creek

Public Service

District and

electricity is 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

Saunders

Preparation

plant

services

the

mines

and

operates at a

rate of 952

tph.

The Coronado-owned Elk

Lick Loadout serves

as the primary

means

shipment

and

connected

CSX

rail

line,

which

either

serves

the

domestic

market directly, or transports the coal to the Pier 6

and Dominion terminals at Norfolk, Virginia

for overseas shipment.

History

5.1

Previous Operation

The Logan

County properties

were started

in 1945

Lorado Mining

Company

, were

sold

Buffalo Mining Company

in 1964 and

then to

Pittston Coal Company

(

Pittston

)

in 1971.

Pittston

operated

the

properties

until

the

early

1990’s.

After

being

idle

for

period,

the

properties

were

then

sold

Addington

Resources

2004.

Imagin

Natural

Resources

acquired the properties in 2007, and sold to Cliffs in 2011,

which in turn sold the properties to

Coronado in 2014.

Coronado produced

approximately 1.8

Mt in

2016, 2.6

Mt in

2017, 2.6

Mt in

2018, 2.7

Mt in

2019, 1.6 Mt in 2020 and 1.9 Mt in 2021.

5.2

Previous Exploration

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

numerous entities, most of which were completed prior to acquisition by Coronado.

Drill records indicate that independent contract drilling

operators have typically been engaged

to carry out drilling

on the Properties.

Geophysical logging was typically

performed by outside

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

logging

firms.

MM&A,

via

its

Geophysical

Logging

Systems

subsidiary,

has

logged

significant number of the past exploration holes

and gas wells, and currently logs most of

the

recently drilled holes.

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

USA

are

the

oldest

and

most

extensively

developed

coal

deposits in the country.

The coal deposits on the Properties

are Carboniferous in age, being

the

Pennsylvanian

system.

Overall,

these

Carboniferous

coals

contain

two-fifths

the

USA’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

than

402

kilometers

wide

and,

some

portions,

contains

over

coal

seams

varying economic significance.

Seams

economic

significance

typically

range

between

0.3

meters

and

1.8

meters

thickness,

with

relatively

little

structural

deformation.

Regional

structure

typically

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

The coal-bearing

formation of

interest at

Logan is

the lower

section of

the Allegheny

Formation

and

the

Kanawha

Formation,

which

comprise

major

portion

the

exposed

ridges.

The

Formation are a

coal bearing sequence

of sandstones, siltstones,

shales, and mudstones

with

minor occurrences of siderite, limestone and flint clay.

Coronado

mines several horizons

within the Kanawha

formation.

The horizons are

as follows:

Buffalo Creek, Upper Clarion Rider, Clarion, Lower Clarion,

Upper Stockton, Lower Stockton,

Lower Coalburg, Lower Dorothy, Upper Winifrede, Lower Winifrede, Chilton-A, Chilton,

Upper

Cedar Grove, Middle

Cedar Grove, Lower

Cedar Grove, No. 2

Gas, Upper Powellton, Lower

Powellton, Eagle, and Lower

War Eagle seams demonstrate mining

potential on this property.

Logan currently has four active underground mines and one

active surface mine.

The Toney

Fork mine is a

surface mine, while the

Powellton No. 1, Eagle

No. 1, Muddy Bridge

and Lower

War Eagle are

underground mines.

The active

Toney Fork surface mine

has historically

mined

multiple seams

including the

Upper Winifrede,

Lower Winifrede,

Upper Clarion

Rider,

Upper

Clarion,

Lower Clarion,

Lower

Coalburg, Upper

Coalburg,

Upper Stockton,

Lower

Stockton,

Chilton-A,

and

Lower Dorothy

Seams.

Future surface

mine

reserve

production at

Logan

anticipated to focus on those seams having the best opportunity

for sale into the metallurgical

coal

markets,

namely

the

Lower

Coalburg

seam

and

below.

The

Powellton

No.

Mine

projected to

extract the

Lower and

Upper Powellton

jointly in

some areas,

while other

areas

are projected to extract only the Lower Powellton due to seam splitting.

The Eagle No. 1 and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Muddy Bridge Mines

are projected to

extract the No.

2 Gas seam.

The Lower War Eagle

mine

is projected to extract the Lower War Eagle seam.

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.

Figure 6-1:

Logan Stratigraphic Column

(not to scale)

6.3

Deposits

The

coal

produced

Logan

Mine

complex

typically

high-volatile

(typically

percent

greater volatile

matter content)

bituminous coal.

Quality varies

with distance

from the

cropline,

so some seams will be shipped into both the thermal

and metallurgical markets depending on

mining method and

ultimate quality.

Saleable product from

the surface

operations is projected

to be

sold primarily

into the

metallurgical coal

market; however,

some production

is planned

be sold

into the

thermal coal

market

due

to quality

limitations.

Underground

coal is

sold

almost exclusively into the metallurgical markets.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Exploration

7.1

Nature and Extent of Exploration

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

numerous entities, most of which were completed prior to acquisition by Coronado.

Diamond core,

rotary,

and gas

well drilling

are the

three primary

types of

exploration on

the

Property.

Data for

correlation and

mining conditions

are derived

from core

descriptions and

geophysical logging

(e-logging).

Coal quality

analyses

were also

employed during

the core

exploration process.

A total

of 1,127

core and

rotary holes

have been

drilled for

exploration

purposes on and around the leased property.

Drill records indicate that independent contract drilling

operators have typically been engaged

to carry out

drilling on the

Property.

Geophysical logging was

typically performed by

outside

logging

firms.

MM&A,

via

its

Geophysical

Logging

Systems

subsidiary,

has

logged

significant number of the past exploration holes

and gas wells, and currently logs most of

the

recently drilled holes.

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

Appendix B

The concentration

of exploration

varies slightly across

the Property.

Drilling on

the Property

typically

sufficient

for

delineation

potential

surface,

highwall miner,

and

deep

mineable

benches.

Core logging is carried out by professional geologists in cases where roof and floor

strata are of

particular interest and

in 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, by

contrast, document

specific details

useful for

geologic interpretation

and mining

conditions.

Given the

variability of

data-gathering methods,

definitive

mapping of

future mining

conditions

may

not

possible,

but

projections

and

assumptions

can

made

within

reasonable

degree of

certainty.

A significant

effort

was put

into verifying

the integrity

of 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 7-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-1:

Logan Cross-Section

Due

the

long

history

exploration

various

parties

the

Property,

wide

variety

survey

techniques

exist

for

documentation

data

point

locations.

Many

the

older

exploration

drill holes

appear

to have

been located

survey and

recently-completed

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

drill

holes

are

often

located

high-resolution

Global

Positioning

System

(

GPS

)

units.

However,

some

holes appear

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 to

be 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

the

underground

and

surface

mined

areas

has

been

performed

the

mine

operators and/or

their consulting

surveyors.

By assignment,

MM&A did

not verify

the accuracy

or completeness

supplied

mine

maps

but accepted

this

information

being

the work

responsible engineers and surveyors, as required by both State and Federal Law.

MM&A compiled

comprehensive topographic

map files

by selecting

the best

available aerial

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

7.2

Non-Drilling Procedures and Parameters

Some analyses, specifically ultimate

ash and sulfur types

are not as

prevalent as others in

the

testing

done

samples

recovered

drilling.

supplement

the

information

database,

samples have been collected

from mine stockpiles

and either truck or

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 is

representative of

the full

seam) and

of 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

most

the Properties.

Data

for

the

rotary

drilled

holes is

mainly

derived

from

downhole

geophysical

logs,

which

are

used

interpret

coal

and

rock

thickness and depth since logging of the drill cuttings is not reliable.

A wide variety of core-logging

techniques exist for the properties.

For many of the core

holes,

the

primary

data

source

generalized

lithology

description

the

driller,

typically

supplemented by a more detailed core log completed

by a geologist.

These drilling logs were

provided

MM&A

geological

database.

MM&A

geologists

were

not

involved

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

Hydrologic testing and forecasting are necessary parts of the permitting process and as such

are routinely considered in the mine planning process.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Logan

has

lengthy

history

operation

and

five

currently

active

mines

with

significant

hydrologic concerns or

material issues experienced

in its history.

Future mining is

projected

to occur

in areas

exhibiting similar

hydrogeological conditions

as past

mining, including

stream

undermining and undermining of

aquifers.

Based upon the successful

history of the operation

with

regards

hydrogeological

features,

MM&A

assumes

that

the

operation

will

not

hindered by such issues in the future.

7.5

Geotechnical Data

Mining plans for

potential underground mines

were developed by

Coronado and modified

MM&A

fit

current

property

constraints.

Pillar

stability

was

tested

MM&A

using

the

Analysis of Coal Pillar

Stability (ACPS)

program that was developed

by the

National Institute

for Occupational Safety

and Health (

NIOSH

)

MM&A reviewed the

results from the

ACPS

analysis and considered it in the development of

the LOM plan.

Coal and rock strengths from

core testing are used to verify the empirical assumptions integral to ACPS.

Sample Preparation,

Analyses and Security

8.1

Prior to Sending to the Lab

Most

the

coal

samples

have

been

obtained

from

the

Property

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 USA

core

drilling

sampling

technique

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

the

length

the

sample

that

the

core

can

delivered

laboratory

relatively intact

condition and

with original

moisture content.

The core

identification number

and the depth

are scribed on

the sample box

lid to identify

the sample.

This process has

been

the norm for both historical and ongoing exploration activities at Logan.

This

work

typically

performed

the

supervising

driller,

geologist

company

personnel.

Samples are most often delivered to the company by the driller after each shift or acquired by

company

personnel

representatives.

Most

the

coal

core

samples

were

obtained

current

operators

the

Property.

MM&A

did

not

participate

the

collection,

sampling and

analysis of

the core

samples.

However,

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.

8.2

Lab Procedures

Coal quality testing

has been performed

over a large

number of years

by operating companies

using different

laboratories and

testing regimens.

Some of

the samples

have raw

analyses

and

washabilities

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

and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

highwall mining.

Other samples have coal and rock analyzed separately, the results of which

can be manipulated to forecast either surface or

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.

Standard procedure upon receipt of core samples by the testing laboratory is to log the depth

and

thickness

the

sample,

then

perform

testing

specified

representative

the

operating

company.

Each

sample

then

analyzed

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).

Data Verification

9.1

Procedures of Qualified Person

MM&A reviewed the digital geologic database supplied by Coronado.

The database consists

of data records, which include

drill hole information for holes

that lie within and adjacent

to the

Property and records for numerous supplemental coal seam thickness measurements.

Upon

completion

the

database

verification,

copies

each

entry

were

printed,

and

cross

referenced to 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

assist

confirming

the

seam

correlation

and

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

with

any

exploration

program,

localized

anomalies

cannot

always

discovered.

The

greater the density of the

samples taken, the less

the risk.

Once an area is

identified as 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

allow

for

localized

anomalies

that

are

typically

classed

nuisance

than

hinderance.

9.3

Opinion of Qualified Person

Sufficient

data

has

been

obtained

through

various

exploration

and

sampling

programs

and

mining operations to

support the geological

interpretations of seam

structure and thickness

for

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

coal

horizons

situated

the

Property.

The

data

sufficient

quantity

and

reliability

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

Mineral Processing and Metallurgical Testing

10.1

Testing Procedures

Separate tabulations have been compiled for basic chemical analyses (both raw and washed

quality),

petrographic

data,

rheological

data

and

chlorine,

ash,

ultimate

and

sulfur

analysis.

Some

the

data

categories

form

the

analyses

are

not

prevalent

and

have

been

supplemented

samples collected

from mine

stockpiles and

either truck

or train

shipment

samples.

Available coal quality data

was tabulated by resource area

in a Microsoft® EXCEL workbook

and

the

details

that

work

are

maintained

file

the

offices

Coronado

and

MM&A.

These

tables

also

provide

basic

statistical

analyses

the

coal

quality

data

sets,

including

average

value;

maximum

and

minimum

values;

and

the

number

samples

available

represent

each

quality parameter

the seam.

Coal samples

that were

deemed by

MM&A

geologists

unrepresentative

were

not

used

for

statistical

analysis

coal

quality,

documented

the

tabulations.

representative

group

drill

hole

samples

from

the

Properties

were

then

checked

against

the

original

drill

laboratory

reports

verify

accuracy

and correctness.

The

amount

and

areal

extent

coal

sampling

for

geological

data

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

the

full

extent

the

resource

area; and for others there are

more limited data to represent the

resource area.

For example,

in the

active operations with

considerable previous

mining, there may

be limited

quality data

within some of the remaining resource

areas; however, in those cases the core sampling

data

can

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

Logan

were

reviewed

verify

that

the

coal

quality

and

characteristics

were

expected.

The

Logan

properties

have

long

history

saleable

production,

under

various

owners, in the high-volatile metallurgical and thermal markets, confirming exploration results.

10.3

Lab Information

Each

sample

analyzed

area

Laboratories

that

operate

accordance

with

procedures

defined under

ASTM standards

including, but

not limited

to; washability (ASTM

D4371); ash

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

(ASTM D3174); sulfur (ASTM D4239); Btu/lb.

(ASTM D5865); volatile matter (ASTM D3175);

Free Swell Index (

FSI

) (ASTM D720).

10.4

Relevant Results

No critical

factors have

been found

that would

adversely affect

the recovery

of the

Reserve.

Any quality issues that occur,

either localized or generally are

accounted for in the Marketing

Study done for this TRS.

Mineral Resource Estimates

MM&A independently created

a geologic model

to define the

coal resources at

Logan.

Coal

resources were estimated as of December 31, 2021.

11.1

Assumptions, Parameters and Methodology

Geological

data

was

imported

into

Carlson

Mining

(formerly

SurvCADD

)

geological

modelling software

in the form

of Microsoft

Excel files

incorporating, drill hole

collars, seam

and thickness

picks, bottom

seam elevations

and raw

and washed

coal quality.

These data

files were validated prior

to importing into the

software.

Once imported, a geologic

model was

created,

reviewed,

and

verified

with

key

element

being

gridded

model

coal

seam

thickness.

Resource tonnes were estimated by using the seam thickness

grid based on each

valid

point

observation

and

defining

resource

confidence

arcs

around

the

points

observation.

Points of 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

described

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

economic

interest

were

used

generate

geologic

model.

Due

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

their

thickness

and

elevation.

Both

coal

thickness

and

quality

data

are

deemed by

MM&A to be

reasonably sufficient

within the resource

areas.

Therefore, there is

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

MM&A

based

its

experience

with

the

Coronado

properties

and

are

typical

mining

operations

the

Central

Appalachian

coal

basin.

This

experience

includes

technical

and

economic

evaluations of

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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11

-1:

General Reserve & Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Reserve Criteria

Reserve Classification

Reserve and Resource

Coal resources as reported are inclusive of coal reserves.

Reliability Categories

Reserve (Proven and Probable)

Resource (Measured, Indicated & 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 and non-material

resource additions based on 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 and non-material

reserve additions based on 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

0.76 meters (thermal coal); 0.68 meters

(metallurgical coal)

Minimum Mining Thickness

1.4 to 1.8 meters

Minimum Total Coal

Thickness

0.76 meters (thermal coal); 0.68 meters

(metallurgical coal)

Minimum In-Seam Wash Recovery

50 percent; 40 percent where coal is belted directly

to preparation plant

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

•

Underground-Mineable Criteria

Out-of-Seam Dilution Thickness for

Run-of-Mine Tonnes

Applied to Coal

Reserves

0.05 meters minimum

2243 kg/m³ density used for dilution tonnage estimate

Mine Barrier

60.96-meter distance from abandoned mines and

sealed or pillared areas; 100-foot distance from

planned highwall miner panels

Minimum Reserve Tonnage

226,796 recoverable tonnes for individual area

(logical mining unit)

Minimum Overburden Depth

30.48 meters

Minimum Interval to Rider Coal

Considered on a case-by-case basis, depending on

interval lithology, etc.

<1.5 meters are resource

Minimum Interval to Overlying or

Underlying Reserves

Considered on a case-by-case basis, depending on

interval lithology, extent and

type of extraction, etc.

Typically,

12.19 meters

Minimum Interval to Overlying or

Underlying Mined Areas

Considered on a case-by-case basis, depending on

interval lithology, extent and

type of extraction, etc.

Adjustments Applied to Coal Reserves

6 percent moisture increase; 5 percent preparation

plant inefficiency

Surface Mineable Criteria

Topographic Map Source

Reserves estimated based on aerial topography,

where available, and best available aerial

topography for other areas.

Pre-law highwalls also

based on aerial topography, where

available

Map Thickness

Total mineable seam

thickness (excluding removal

partings)

Mine Recovery Applied to Coal

Reserves

90 percent; 25 percent for previously underground

mined areas.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Item

Parameters

Technical Notes & Exceptions*

Wash Recovery

Not Applicable for most reserves estimated on a

direct-ship basis.

Where surface mineable coal is

projected to be washed, 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

Minimum Thickness

0.3 meter for principal seam (principle seam is any

that is >0.76 meters from another mineable coal

bench)

0.15 meters for a split of a principal seam (split is

within 0.76 meters of another mineable coal bench)

Minimum thickness of recoverable coal

within single seam CTR/Area/HWM

areas

0.6 meters

Removable Rock Parting Thickness

0.07 meters

Maximum Cumulative Area Mining Strip

Ratio

30:1 – Area

15:1 - CTR

Exceptions considered for metallurgical grade coal products

if deemed economical

Design Bench Width for Contour/HWM

Areas

38.1 meters (Contour reserves estimated in

conjunction with potential HWM reserves)

Adjustments Applied to Marketable

Coal Reserves

4.5 percent moisture increase

Out-of-Seam Dilution Thickness

Applied to Coal Reserves

2% adjustment (addition) made to product coal quality

ash to

account for dilution

Surface Property Control

Reserves considered where surface is controlled;

tonnage not estimated or classified as resource

where surface is uncontrolled.

Highwall Miner Reserves

Penetration Depth

91.4 – 243.8 meters

Seam Density & Wash Recovery

Similar to underground-mineable reserves

Mine Recovery Applied to Coal

Reserves

40 percent

Minimum Coal Thickness

0.6 meter

Minimum Mining Height

0.9 meter

Adjustments Applied to Marketable

Coal Reserves

6 percent moisture increase and 5 percent

preparation plant inefficiency

Out-of-Seam Dilution Thickness

Applied to Coal Reserves

0.9 meter less seam height

2242 to 2402 kg/m

density used for dilution tonnage

estimate

Note:

Exceptions for application of

these criteria to

resource and reserve

estimation are made

as warranted and

demonstrated by either

actual

mining experience or

detailed data that

allows for empirical

evaluation of mining

conditions.

Final classification of

coal reserve is

made based

on the pre-feasibility evaluation.

11.1.1

Geostatistical Analysis

MM&A

completed

geostatistical

analysis

drill

holes

within

the

reserve

boundaries

determine

the applicability

of the

common United

States classification

system for

measured

and indicated

and inferred

coal resources.

Historically,

the United

States has

assumed that

coal within

0.4-kilometer of

a point

of observation

represents a

measured resource

whereas

coal

between

0.4

kilometer

and

1.2

kilometer

from

point

observation

classified

indicated.

Inferred resources

are commonly

assumed to

be located

between 1.2

kilometers

and

4.8

kilometers

from

point

observation.

Per

SEC

regulations,

only

measured

and

indicated resources may be

considered for reserve classification,

respectively as proven and

probable reserves.

MM&A

performed

geostatistical

analysis

test

the

Logan

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.

perform DHSA the

data set was

processed to remove

any erroneous data

points, clustered

data points, as

well as directional

trends.

This was achieved

through the use

of histograms,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

seen

Figure

11-1

color

coded

scatter

plots

showing

the

geospatial

positioning

the

borings,

Figure 11-2

, and trend analysis.

Figure 11-1:

Histogram of the Total Seam

Thickness for the No. 2 Gas Seam Present

in the Logan Complex

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the No. 2 Gas Seam

Present in the Logan 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

by a uniform

lag distance

(e.g., for

a lag

distance of

152 meters the

bins would

be 0

– 152

meters, 153

–

305

meters,

etc.).

Each

pair

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 is reported

in the second

bin.

The numerical average

for differences reported

for each

bin is

then plotted

on the

variogram.

Care was

taken to

define

the lag

distance in

such a

way as

to not

overestimate any

nugget effect

present in

the data

set.

Lastly,

modeled equations,

often spherical, gaussian,

or exponential,

are applied

to the

variogram in order to represent the data set across a continuous spectrum.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3: Variogram

of the Total Seam Thickness for the No. 2 Gas Seam

Present in the Logan Complex

The estimation

variance is then

calculated using information

from the

modeled variogram as

well as charts published by Journel and Huijbregts (1978).

This value estimates the variance

from applying

a single

central measurement

to increasingly

larger square

blocks.

Care was

taken to

ensure any

nugget effect

present was

added back

into the

data.

This process

was

repeated for each test block size.

The

final step

of the

process is

to calculate

the global

estimation

variance.

In this

step the

number

square

blocks

that

would

fit

inside

the

selected

study

area

determined

for

each

block size that was investigated in the previous step.

The estimation variance is then divided

by the number of blocks

that would fit inside

the study area for

each test block size.

Following

this determination, the data

is then transformed back

to represent the relative

error in the 95

percentile range.

Figure

11-4

shows the

results

the DHSA

performed

on the

No. 2

Gas

seam

data for

the

Logan

Complex

DHSA

provides

hole

spacing

values,

these

distances

need

converted

radius

from

central

point

order

compare

the

historical

standards.

summary of

the radius

data is

shown in

Table

11-3

DHSA prescribes measured,

indicated,

and inferred drill

hole spacings be

determined at the

10-percent, 20-percent, and

50-percent

levels of relative error, respectively.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-4: Result of DHSA for the No. 2 Gas Seam Present in the Logan 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:

0.99

1.66

3.94

Spherical:

0.87

1.53

3.53

Exponential:

0.87

1.53

3.53

Comparing the results of

the DHSA to

the historical standards, it

is evident that the

historical

standards are more conservative than even the most conservative DHSA model with regards

determining

measured

resources.

The

Exponential

and

Spherical

models

recommend

using a radius

of 0.87 kilometers for

measured resources compared to

the historical value of

0.4

kilometers.

With

respect

indicated

resources

the

Spherical

and

Exponential

models

recommend using a radius

1.53 kilometers.

The historical radius

of 1.2 kilometers

is therefore

also more

conservative than

the DHSA

results for

indicated

resources.

These results

have

led the QP’s 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

which

portion

reserves

are

derived,

are

presented

below.

Based

the

work

described

and

detailed

modelling

the

areas

considering all the

parameters defined, a

coal resource estimate, summarized

Table

11-3

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11

-3:

Coal Resources Summary as of December 31, 2021

(Mt)

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

129.6

47.7

0.0

177.3

1.0

Exclusive of Reserves

45.8

37.0

3.4

86.2

Total 12/31/2021

175.4

84.7

3.4

263.5

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 has 82.8 Mt of dry, in-place measured and indicated resource

tonnes exclusive of reserves as of December

31, 2021.

11.3

Resources Exclusive of Reserves

The

Property

contains

multiple

resource

blocks

which

were

not

deemed

exhibit

reserve

potential at the time of the study.

These underground-mineable resources, formally identified

as resources exclusive of reserves, are located in

the No. 2 Gas, Lower Powellton, Peerless,

Lower

Winifrede,

Middle

Cedar

Grove

and

Beckley

coal

seams.

There

are

also

surface

mineable

resources exclusive

reserves

various

seams.

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.

11.3.1

Initial Economic Assessment

MM&A completed

an initial

economic assessment

to determine

the potential

economic viability

resources

exclusive

reserves.

Unlike

the

economic

analysis

presented

Chapter

developed to

test reserves,

the initial

economic assessment

below is

presented on

a real

basis

in 2022

dollars.

MM&A applied relevant

technical factors

to estimate

potential saleable tonnes

without the resource

blocks, should the

resources be extracted

via deep, continuous

mining

methods

surface

area

methods.

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-bank cubic

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 of equipment

and

depletion) and

cash costs

were compared

to an

assumed

sale price

of $130

per tonne

(FOB loadout) for underground-mineable

resources, representing the

long-term average price

forecast for HVB

provided by Coronado.

Surface resources were

assessed at

a sales price

of $52 per

tonne (FOB loadout)

based on estimated

historical pricing for

Coronado’s surface

operations.

Results of

the analysis are

shown below and

demonstrate potential profitability

a fully loaded cost basis.

Detailed summaries are shown in

Appendix D

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11

-4:

Results of Initial Economic Assessment

Mine

Resource

Block

Direct

Cash

Transportation,

Washing,

Enviro, G&A

Indirect

Non-

Cash

Total

Cost

Fully

Loaded

P&L

Toney

Fork #2

N2G

$60.58

$15.01

$16.90

$13.82

$106.30

$23.77

Pardee

N2G

$66.63

$18.11

$16.90

$9.90

$111.54

$18.53

Sugar Camp

N2G

$83.54

$21.67

$16.90

$7.93

$130.03

$0.04

Lower Powellton

LPOW

$64.37

$15.53

$16.90

$6.61

$103.42

$26.66

N2G Peerless

LPOW

$67.34

$16.15

$16.90

$15.97

$116.35

$13.72

N2G Peerless

Peer

$86.35

$12.15

$16.90

$13.54

$128.94

$1.13

Beckley

Bec

$58.62

$14.06

$16.90

$13.87

$103.45

$26.63

Middle Cedar Grove

MCG

$62.16

$15.62

$16.90

$29.20

$123.88

$6.20

Ramaco

N2G

$56.27

$18.98

$16.90

$25.07

$117.22

$12.85

Lower Winifrede

LWIN

$51.37

$17.72

$16.90

$10.77

$96.76

$33.32

Thermal Area Mines

(S)

$29.45

$6.34

$8.41

$6.61

$50.81

$1.00

Figure 11-5:

Results of Initial Economic Assessment

11.4

Qualified Person’s Opinion

While there is

some level of

stratigraphically controlled seam-thickness

variability due to

seam

splitting,

sand

channels,

etc.,

the

coal

seams

the

mine

property

Logan

County

demonstrate

reasonable

thickness

consistency

according

the

classification

system

measured

–

0.4

kilometer),

indicated

(0.4

1.2

kilometers),

and

inferred

(1.2

4.8

kilometers).

MM&A geologists

and engineers

modeled the

deposit and

delineated mineable

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

regions to reflect the

nature of each seam

and the practicality

of mining constraints.

Based on

MM&A’s

geostatistical analysis,

it would

be possible

to extend

the measured,

indicated and

inferred

arcs

slightly

beyond

historically

accepted

practices

due

consistent

geological

settings

The

QP’s

have

again

elected

not

extend

arc

distances,

introducing

level

conservatism in measured and indicated coal classification.

Based on the data

review, the attendant work done to

verify the data integrity

and the creation

of an independent geologic model, the

QPs believe

this is a fair and accurate

representation

of the Logan coal resources.

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal Reserves are

classified as

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 Logan.

The footprint of each reserve area is shown on the maps in

Appendix B

The

Mine

plan

was

generated

based

the

forecast

mine

plan

and

permit

plan

provided

Coronado with modifications

by MM&A where

necessary due to

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 Logan.

The mine plan

was

sequenced

based

productivity

schedules

provided

Coronado.

MM&A

judged

the

productivity estimates and

plans to be

reasonable based on

experience and

current industry

practice.

Raw,

ROM

production

data

outputs

from

LOM

plan

sequencing

were

processed

into

Microsoft

EXCEL spreadsheets and summarized on

an annual basis for processing

into the

economic

model.

Average

seam

densities

were

estimated

determine

raw

coal

tonnes

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

produced from

the LOM

plan.

Average mine recovery

and wash

recovery factors

were applied

to determine coal reserve tonnes.

Coal reserve

tonnes in

this evaluation

are reported

at a

4.5 percent

to 6.0

percent moisture

and represent the saleable product from the Property.

Pricing data as provided

by Coronado is described

Section 16.2

The pricing data

assumes

respective HVA, HVB, specialty markets

and thermal FOB-mine

prices of approximately

$224,

$123,

and

$51

per

metric

tonne

for

calendar

year

2022.

HVA,

HVB,

and

thermal

prices

respectively decrease

approximately $145,

$115,

and

$51

per metric

tonne

through year

2026,

and

then

increase to

$227,

$189,

and

$51

per

metric

tonne through

year 2050

(after

which sales prices were held constant).

The

coal resource

mapping and

estimation process,

described

in this

report was

used as

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

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, gas wells,

and mine measurements

which

have been fully vetted and processed into a geologic model.

The geologic model is based on

seam depositional modeling,

the interrelationship of overlying

and underlying strata

on seam

mineability,

seam

thickness

trends,

the

impact

seam

structure

(i.e.,

faulting),

intra-seam

characteristics, etc.

Once the geologic model

was completed, a statistical

analysis, described

Section 11.1.1

was conducted and a

0.4-kilometer radius from

a valid point

of observation

was selected to define Measured Resources.

Likewise,

the

distance

between

0.4

and

1.2

kilometer

radius

was

selected

define

Indicated Resources.

Indicated Resources may convert to Probable Reserves.

Inferred Resources (greater

than a 1.2-kilometer

radius from a

valid point

of observation) have

been excluded from Reserve consideration.

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

in addition to

coal resources.

Proven and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure,

economic

(including

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socio-economic

and

regulatory

factors.

The

coal

reserves, as

shown in

Table

12-2

, are

based on

a technical

evaluation of

the geology

and a

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

coal

reserves

may

materially

affected

mining,

metallurgical,

infrastructure

and

other

relevant

factors

has

also

been

considered.

Coal

reserves

are

presented on a ROM basis in

Table

12-1.

Table 12-1:

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

31, 2021 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Logan Mine

Complex

94.9

42.0

136.9

38.5

98.4

0.0

136.9

0.9

In the

financial analysis

some of

the projected

mines were

not economically

viable.

The tonnes

projected to be mined from these locations have not been included in the Reserve Base.

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of

December 31, 2021 (Mt)

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

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Logan County

Complex

53.4

20.1

73.4

33.4

40.1

0.0

73.4

0.9

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 73.4 Mt of

proven and probable marketable

coal

reserves.

Of that total,

73 percent are

proven, and 27

percent are probable.

All 73.4 Mt

are

leased

coal reserves

and

are assigned.

Approximately 68.7

Mt of

reserves

are

considered

suitable for the metallurgical coal

market and 4.8 Mt are

projected to be sold

into the thermal

coal market.

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

Logan

was

prepared

the

level

preliminary

feasibility.

Mine

projections

were

prepared,

and

timing

scheduled

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

materially

affected

the

risk

factors

described in

Section 22.2

Based

the

Preliminary

Feasibility

Study

and

the

attendant

Economic

Review,

the

QPs

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mining Methods

Nine

underground

and

three

surface

mining

areas

were

modeled

and

tested

economically.

Once

the

Resources

were

calculated,

mine

plans

were

created

project

operating

each

resource

area

depletion,

with

crews

and

equipment

scheduled

move

subsequent

mining

areas

depletion

occurs.

Underground

mine

operations

are

projected

exhausted in 2042, surface mines deplete in 2051 and the highwall miners finish in 2053.

13.1

Geotech and Hydrology

Mining plans for

potential underground mines

were developed by

Coronado and MM&A.

Pillar

stability was tested

by MM&A using the

Analysis of Coal

Pillar Stability (ACPS)

program that

was

developed

the

National

Institute

for

Occupational

Safety

and

Health

(

NIOSH

)

MM&A reviewed

the results

from the

ACPS and

ALPS analysis

and considered

them in

the

development of the LOM plan.

For the HWM operation,

Mining cuts are approximately

2.9 meters wide, and

cuts are typically

laid out

on approximately

5.03-meter centers.

A 2.1-meter

to 2.4-meter

solid coal

fender is

left

place

between

cuts.

The

mining

plan

provides

that

larger

barrier

pillars

provided

periodically,

depending

overburden

depth

and

characteristics

and

the

immediate

roof

composition, typically after

15 to 20

cuts.

Although this plan,

with minor variations,

is common

throughout Appalachia, specific rock

and coal strength

information is used to

verify whether or

not this plan provided a sufficient factor of safety.

Hydrology has not been an issue of concern at Logan.

Based on numerous site visits to both

the surface and underground portions

of the Property by

the QPs, it has

been determined that

this is not a significant concern.

Mining of future reserves is projected

to occur in areas which

exhibit similar hydrogeological characteristics as those formerly mined areas.

13.2

Production Rates

Operations at Logan by Coronado

and its predecessors have been

on-going for many years.

The

mine

plan

and

productivity

expectations reflect

historical

performance

and

efforts

have

been made

to adjust

the plan

to reflect

future conditions.

MM&A is

confident

that the

mine

plan

is reasonably

representative

to provide

accurate

estimation of

coal

reserves.

Mine

development and operation have not been optimized within the TRS.

Carlson

Mining

software was

used

MM&A to

generate

mine

plans

for

the mineable

coal

seams.

Mine plans were sequenced based on productivity schedules provided by Coronado,

which were based

on historically achieved

productivity levels.

All production forecasting

ties

assumed production rates to

geological models as

constructed by MM&A’s team of geologists

and mining engineers.

The projected underground

mines are set

up similarly to

the four currently

active operations.

Each

mine

scheduled

operate

one

three

production

sections.

All

sections

are

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

configured as

full supersections

with two continuous

miners per

section.

In all cases,

mines

are forecasted

to produce

coal two

or three

shifts each

day.

In most

cases the

third shift

reserved

for

maintenance

and

belt

and

power

moves.

Production

scheduled

Monday

through Friday each week, and every other Saturday.

Three surface resource

areas were modeled.

Mining operations are projected

to utilize area

mining

well

contour

mining

(

CTR

)

methods.

The

projected

operations

will

employ

equipment capable of a combined production rate

of approximately 11,100 bcm/shift between

two spreads

of equipment

in 2026.

In 2027,

additional equipment

is added

in order

to increase

production levels to 19,100 bcm/shift.

Further equipment is projected for 2032 and beyond in

order to

increase production

levels for

the remaining

LOM production

to 27,100

bcm/shift.

The

production model assumes that the

mines continue at this

production rate until 2047

when the

equipment

suites

are

selectively

phased

out

production

due

reduction

available

working areas.

Final surface production

ceases in

2051 as the

last permitted

area is depleted,

whereas the

HWM production

finishes in

2053.

The models

assume that

the operations

will

work two, 10-hour

production shifts, 5

days per week

plus every other

Saturday, with sufficient

staffing to

float vacation

during the

year.

A total

of 115 employees

are assumed

for the

surface

mines at full production.

Coals from

the surface

operations are

hauled to

the loadout

for direct

ship or

to the

preparation

plant for washing ultimately

to be blended

to shipment’s specifications.

Saleable product from

the surface

operations is

projected to

be sold

primary into

the thermal

coal market

on a

raw

basis; however, some production is planned to be washed for the metallurgical coal market.

The

three

areas

planned

for

highwall

mining

are

assumed

mined

contractor;

therefore,

the contractor

costs

included in

the financial

model

assume that

the contractor

responsible for staffing those operations along with providing necessary equipment capital.

Spoil for

final highwall

reclamation is

expected to

come from

strategic placement

of spoil

pre-existing

benches

haul

trucks

such

that

they

are

within

the

push

distance

the

reclamation dozer.

13.3

Mining Related Requirements

13.3.1

Underground

A mine plan

with sequenced mining

projections was prepared

for each logical

mining unit.

For

each mine plan, the appropriate number of production units is selected for the resource area,

and a productivity level assigned, expressed in

meters of advance per unit-shift of production.

The

productivity

is based

on the

equipment and

personnel

configuration, mining

height

and

expected physical conditions.

13.3.2

Surface Mine

A mine

plan with

sequenced mining

projections was

prepared for

each logical

mining unit.

The

mobile

equipment

spreads

selected

are

representative

Coronado’s

equipment

fleets

and

deemed to be appropriate for the local mining conditions.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.3.3

HWM

Contract HWM units are available

for assignment to contour surface mining

pits in the Logan

County

Division.

HWM substantially

increases

coal

recovery

from

contour

mining

benches

and is ideally suited for coal resource areas characterized by thin coal seams and irregular or

narrow boundaries that

are not well-suited

for underground

mining.

The contour

mining bench

will extend

into the

highwall to

the maximum

overburden stripping

ratio that

is economically

feasible or the minimum bench requirement for operation of the HWM unit.

13.4

Required Equipment and Personnel

13.4.1

Underground Mines

13.4.1.1

Powellton No. 1

The Powellton No. 1 Mine is active

with one continuous mining section.

The Upper Powellton

seam is accessed

via a shallow

slope and crop.

This mine produces

metallurgical coal from

leased mineral.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday through

Friday and every

other Saturday.

On each day,

two production sections

are scheduled

to produce

coal on

two shifts;

the third

shift is

reserved for

maintenance and

mine

conveyor belt

and

power moves.

The production

section

is configured

as a

full super

section with two continuous miners.

Productivity is planned at the rate of 48.8 meters to 76.6

meters

advance

(55.5

meters

87.2

meters

retreat).

total

employees

are

assigned to the mine.

Principal production equipment

includes two continuous

miners, two roof bolters,

four shuttle

cars, and

two scoops.

Coal is

extracted from

the production

face with

the continuous

miner

and hauled to the mine conveyor

in shuttle cars.

At the conveyor belt, the

coal is discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry the coal to

the outside, where it is

transported via overland conveyor to

the preparation

plant and load-out.

The Powellton No. 1 Mine

is an operating facility; all

necessary infrastructure and utilities are

in place.

All necessary permits have been obtained.

Estimated expenditures for site closure

and reclamation are included in

the financial model for this

site.

Expected annual production

averages

approximately

204,000

marketable

tonnes.

The

mine

scheduled

terminate

during 2042.

13.4.1.2

Lower War Eagle

The Lower

War

Eagle Mine

is active

with three

production sections.

The Lower

War

Eagle

seam is

accessed via

an existing

slope.

This mine

is a

metallurgical coal

operation with

all

remaining production on leased mineral property.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday through Friday

and every other Saturday.

On each day, three production sections

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

are scheduled

to produce

coal on

two shifts;

the third

shift is

reserved for

maintenance and

mine conveyor belt and power

moves.

The sections are configured

as one single section

with

one

continuous

miner

and

two

super

sections

with

two

continuous

miners

available

for

production.

Productivity is planned at the rate

of 34.8 meters to 78.8 meters

of advance (40.3

meters to 90.9 meters

of retreat) per shift

of operation.

A total of

176 employees are assigned

to the mine.

Principal production equipment

includes two continuous

miners, two roof bolters,

four shuttle

cars, and

two scoops.

Coal is

extracted from

the production

face with

the continuous

miner

and hauled to the mine conveyor

in shuttle cars.

At the conveyor belt, the

coal is discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry the coal

to the outside, where

it is transported

to the preparation

plant and load-out

via

overland conveyor.

The Lower War Eagle Mine

is an operating

facility; all necessary

infrastructure and utilities

are

in place.

All necessary permits have been obtained.

Estimated expenditures for site closure

and reclamation are included in

the financial model for this

site.

Expected annual production

averages

approximately

684,000

marketable

tonnes.

The

mine

scheduled

terminate

during 2033.

13.4.1.3

Eagle No. 1/Toney Fork #1

The Eagle No.

1 (Toney Fork #1) Mine is

an active mine

in the

Eagle (No. 2

Gas Lower) seam.

This mine is

a metallurgical coal

operation on

leased mineral property

and is accessed

via drift

entries from the outcrop.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday through Friday

and every other Saturday.

On each day, three production sections

are scheduled

to produce

coal on

two shifts;

the third

shift is

reserved for

maintenance and

mine

conveyor

belt

and

power

moves.

All

three

sections

are

full

super

sections

with

two

continuous

miners

per

section.

Productivity

planned

the

rate

37.2

meters

52.2

meters of advance

per shift (44.2

meters to 62.2

meters of retreat)

for the super

sections.

total of 177 employees are assigned to the mine.

Principal production equipment

per section includes

two continuous miners,

two roof bolters,

four

shuttle

cars,

and

two

scoops.

Coal

extracted

from

the

production

face

with

the

continuous miner

and hauled to

the mine conveyor

in shuttle cars.

At the

conveyor belt, the

coal is discharged onto a feeder breaker for transfer onto the conveyor.

The conveyors carry

the

coal

the

outside,

where

stacked

the

ground

await

truck

transport

the

preparation plant and load-out.

The Eagle

No. 1

Mine is

an operating

facility; all

necessary infrastructure

and utilities

are in

place.

All necessary permits

have been obtained;

the underground footprint

area expansion

is pending

final approval.

Estimated expenditures

for mine

closure and

site reclamation

are

included in the financial model.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Expected annual production averages approximately 697,000 marketable tonnes.

The mine is scheduled to terminate during 2041.

13.4.1.4

Muddy Bridge

The Muddy Bridge Mine is an active mine in the Eagle (No. 2 Gas

Lower) seam.

This mine is

a metallurgical coal

operation on leased

mineral property and

is accessed via

drift entries from

the outcrop.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday through Friday plus

every other Saturday.

On each day,

two production sections

are scheduled

to produce

coal on

two shifts;

the third

shift is

reserved for

maintenance and

mine conveyor belt and power

moves.

The sections are configured

as full super sections

with

two continuous miners available

for production on each

section.

Productivity is planned at

the

rate of 43.3 meters to

62.5 meters of advance and

retreat per shift of operation.

A total of 114

employees are assigned to the mine.

Principal production equipment

includes two continuous

miners, two roof bolters,

four shuttle

cars, and

two scoops.

Coal is

extracted from

the production

face with

the continuous

miner

and hauled to the mine conveyor

via shuttle cars.

At the conveyor belt, the coal

is discharged

from the

haulage units onto

a feeder breaker

for transfer

onto the

conveyor.

The conveyors

carry the coal to

the outside, where it

is stacked on the

ground to await truck

transport to the

Lower War

Eagle mine

for placement

onto the

overland conveyor

leading to

the preparation

plant and load-out.

The Muddy Bridge Mine is an operating facility; all necessary infrastructure and utilities are in

place.

All necessary

permits have been

obtained.

Coal mining

permits are routinely

obtained.

Estimated

expenditures

for

mine

closure

and

site

reclamation

are

included

the

financial

model.

Expected

annual

production

averages

approximately

712,000

marketable

tonnes

steady

state production levels.

The mine is scheduled to terminate during 2027.

13.4.1.5

Elklick Chilton

The proposed

Elklick Chilton

Mine is

scheduled to

begin production

in 2027.

The Chilton

seam

accessed

via

drift

entry.

The

seam

above

drainage.

This

mine

projected

metallurgical coal operation on leased mineral property.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday

through Friday

plus every

other Saturday.

On each day,

one production

section

is scheduled to

produce coal on

two shifts;

the third

shift is reserved

for maintenance

and mine

conveyor belt and power

moves.

The sections are configured as

full super sections with

two

continuous miners available

for production on

each section.

Productivity is

planned at the

rate

Coronado

Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

73.2

meters

advance

(109.8

meters

retreat)

per

shift

operation.

total

employees are assigned to the mine.

Principal production equipment

includes two continuous

miners, two roof bolters,

four shuttle

cars, and

two scoops.

Coal is

extracted from

the production

face with

the continuous

miner

and hauled to the mine conveyor

via shuttle cars.

At the conveyor belt, the coal

is discharged

from the

haulage units onto

a feeder breaker

for transfer

onto the

conveyor.

The conveyors

carry the coal to

the outside, where it

is stacked on the

ground to await truck

transport to the

preparation plant and load-out.

The Elklick

Chilton mine

is a

permitted mine

with surface

infrastructure in

place.

The proposed

mine

located

area

with

long

history

coal

mining,

with

numerous

permitted

operations in

close proximity.

Estimated expenditures

for mine

closure and

site reclamation

are included in the financial model.

Expected

annual

production

averages

approximately

290,000

marketable

tonnes

steady

state production levels.

The mine is scheduled to begin production in 2027 and terminate during 2040.

13.4.1.6

Camp Branch Chilton

The Camp Branch

Chilton Mine is

proposed mine in

the Chilton seam

which is accessed

via

drift

entry

from

the

outcrop

and

scheduled

begin

production

2027.

This

mine

metallurgical coal operation on leased mineral property.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday

through Friday

plus every

other Saturday.

On each day,

one production

section

is scheduled to

produce coal on

two shifts;

the third

shift is reserved

for maintenance and

mine

conveyor belt and power

moves.

The sections are configured as

full super sections with two

continuous miners available

for production on

each section.

Productivity is

planned at the

rate

73.2

meters

advance

(109.8

meters

retreat)

per

shift

operation.

total

employees are assigned to the mine.

Principal production equipment

includes two continuous

miners, two roof bolters,

four shuttle

cars, and

two scoops.

Coal is

extracted from

the production

face with

the continuous

miner

and hauled to the mine conveyor

via shuttle cars.

At the conveyor belt, the coal

is discharged

from the

haulage units onto

a feeder breaker

for transfer

onto the

conveyor.

The conveyors

carry the coal to

the outside, where it

is stacked on the

ground to await truck

transport to the

preparation plant and load-out.

Due

to the

projected starting

date

for the

Camp Branch

Chilton Mine,

no detailed

design of

infrastructure or surface facilities has been completed to date.

The proposed mine is located

in the Appalachian Basin, which has an extensive

history (>100 years) of coal mining.

There

is a sufficient population base

within commuting distance of

the proposed operation; no

Camp

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance

with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

or Town

construction will be required.

Estimated mine access and utility capital expenditures

are included in the financial model for the mine.

The proposed Camp Branch Chilton Mine has an existing permit.

Estimated expenditures for

mine closure and site reclamation are included in the financial model.

Expected

annual

production

averages

approximately

335,000

marketable

tonnes

steady

state production levels.

The mine is scheduled to begin production in 2027 and terminate during 2032.

13.4.1.7

Winifrede

The

proposed

Winifrede

(North

Fork)

Mine

scheduled

begin

production

2023.

The

Upper

Winifrede

seam

accessed

via

drift

along

the

outcrop.

This

mine

permitted

and

projected to be a metallurgical coal operation on leased mineral property.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday

through Friday

plus every

other Saturday.

On each day,

one production

section

is scheduled to

produce coal on

two shifts;

the third

shift is reserved

for maintenance

and mine

conveyor

belt

and

power

moves.

The

section

configured

super

section

with

two

continuous

miners

per

section

available

for

production.

Productivity

planned

the

38.1

meters to 45.1 meters

of advance (53.4 meters

to 63.1 meters of

retreat) per shift.

A total of

38 employees are assigned to the mine.

Principal production equipment

per section includes

two continuous miners,

two roof bolters,

four

shuttle

cars,

and

one

scoop.

Coal

extracted

from

the

production

face

with

the

continuous miner

and hauled to

the mine conveyor

in shuttle cars.

At the

conveyor belt, the

coal is discharged from

the shuttle cars onto a

feeder breaker for transfer onto

the conveyor.

The conveyors carry

the coal to

the outside, where

it is stacked

on the ground

to await truck

transport to the preparation plant and load-out.

There is an existing mine faceup

constructed for seam access.

The proposed mine is located

in the Appalachian Basin, which has an extensive

history (>100 years) of coal mining.

There

is a sufficient population base

within commuting distance of

the proposed operation; no

Camp

or Town

construction will be required.

The

proposed

Winifrede

Mine

North

Fork

permitted.

Estimated

expenditures

for

mine

closure and site reclamation are included in the financial model.

Expected

annual

production

averages

approximately

215,000

marketable

tonnes

steady

state levels.

The mine is scheduled to begin production in 2023 and terminate during 2024.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.4.1.8

Lower Powellton

The

proposed Lower

Powellton

Mine

is scheduled

to begin

production in

2031.

The Lower

Powellton seam is accessed via a proposed drift along the outcrop.

This mine is projected to

be a metallurgical coal operation on leased mineral property.

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday through Friday plus

every other Saturday.

On each day,

two production sections

are scheduled

to produce

coal on

two shifts;

the third

shift is

reserved for

maintenance and

mine conveyor belt

and power moves.

Both sections are

configured as a

super section with

two continuous miners

per section available

for production.

Productivity is planned

at the 73.2

meters of

advance per

shift (85.4

meters of

retreat per

shift).

A total

of 114

employees are

assigned to the mine during steady state production.

Principal production equipment

per section includes

two continuous miners,

two roof bolters,

four

shuttle

cars,

and

one

scoop.

Coal

extracted

from

the

production

face

with

the

continuous miner

and hauled to

the mine conveyor

in shuttle cars.

At the

conveyor belt, the

coal is discharged from

the shuttle cars onto a

feeder breaker for transfer onto

the conveyor.

The conveyors carry

the coal to

the outside, where

it is stacked

on the ground

to await truck

transport to

the preparation plant

and load-out.

The truck haul

cost is estimated

to be $1.98

per tonne.

Due

the

projected

starting

date

for

the

Lower

Powellton

Mine,

detailed

design

infrastructure or surface facilities has been completed to date.

The proposed mine is located

in the Appalachian Basin, which has an extensive

history (>100 years) of coal mining.

There

is a sufficient population base

within commuting distance of

the proposed operation; no

Camp

or Town

construction will be required.

Estimated mine access and utility capital expenditures

are included in the financial model for the mine.

Due

the

projected

start-up

date

the

Lower

Powellton

Mine,

permit

work

has

been

completed to date.

The proposed mine

is located in

an area with

a long history

of coal mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained.

Estimated expenditures

for mine

closure and

site reclamation

are included

in the

financial model for each mine or plant site.

Expected

annual

production

averages

approximately

521,000

marketable

tonnes

steady

state levels.

The mine is scheduled to begin production in 2031 and terminate during 2041.

13.4.1.9

Upper Winifrede

The

proposed

Upper Winifrede

Mine

scheduled

begin

production

2032.

The

Upper

Winifrede seam is accessed via a proposed drift

along the outcrop.

This mine is projected to

be a metallurgical coal operation on leased mineral property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Production is

scheduled for

approximately 265 days

each year,

which represents production

on Monday

through Friday

plus every

other Saturday.

On each day,

one production

section

is scheduled to

produce coal on

two shifts;

the third

shift is reserved

for maintenance

and mine

conveyor belt and power

moves.

The sections are configured as

full super sections with two

continuous miners available

for production on

each section.

Productivity is

planned at the

rate

of 73.2 meters of advance per shift of operation.

A total of 50 employees are assigned to the

mine.

Principal production equipment

includes two continuous

miners, two roof bolters,

four shuttle

cars, and

two scoops.

Coal is

extracted from

the production

face with

the continuous

miner

and hauled to the mine conveyor

in shuttle cars.

At the conveyor belt, the

coal is discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry the coal to

the outside, where it

is stacked on the

ground to await truck

transport to the

preparation plant and load-out.

The truck haul cost is estimated to be $4.03 per tonne.

Due

the

projected

starting

date

for

the

Upper

Winifrede

Mine,

detailed

design

infrastructure or surface facilities has been completed to date.

The proposed mine is located

in the Appalachian Basin, which has an extensive

history (>100 years) of coal mining.

There

is a sufficient population base

within commuting distance of

the proposed operation; no

Camp

or Town

construction will be required.

Estimated mine access and utility capital expenditures

are included in the financial model for the mine.

Due

the

projected

start-up

date

the

Upper

Winifrede

Mine,

permit

work

has

been

completed to date.

The proposed mine

is located in

an area with

a long history

of coal mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained.

Estimated expenditures

for mine

closure and

site reclamation

are included

in the

financial model for each mine or plant site.

Expected

annual

production

averages

approximately

417,000

marketable

tonnes

steady

state levels.

The mine is scheduled to begin production in 2032 and terminate during 2036.

At the underground mines, ventilation fans are installed to provide a

sufficient volume of air to

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 be

installed along

mine conveyor

belts and

that electronic

two-way

tracking and

communications

systems be

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.4.2

Surface Mines and Highwall Miners

Mining

operations

are

projected

utilize

area

mining

well

contour

mining

(

CTR

)

methods.

The projected operations will employ equipment capable of a combined production

rate of

approximately 6,500

bcm/shift in

2022 between

two spreads

of equipment

in 2022

16,700 bcm/shift between three spreads

of equipment in 2026.

In 2027, additional equipment

added

order

increase

production

levels

19,100

bcm/shift.

Further

equipment

projected for

2032 and

beyond in

order to

increase production

levels for

the remaining

LOM

production

27,100

bcm/shift.

The

production

model

assumes

that

the

mines

continue

this

production

rate

until

2048

when

the

equipment

suites

are

selectively

phased

out

production due to a reduction in available working areas.

All surface and/or HWM production

finishes in

2053.

The models

assume that

the operations

will work

two, 10-hour

production

shifts,

days

per

week

plus

every

other

Saturday,

with

sufficient

staffing

float

vacation

during the year.

A total of 115 employees are assumed for the surface mines.

It is assumed that most of

the spoil movement goes through a

shovel or loader bucket and is

eventually returned to

the pit for

final reclamation.

The dozer’s

primary responsibility is

cutting

the initial benches for the drill and shaping the reclaimed contour highwall.

All

highwall

mining

are

assumed

performed

contractor.

The

contractor

responsible for staffing those operations along with providing necessary equipment capital.

Spoil for

final highwall

reclamation is

expected to

come from

strategic placement

of spoil

pre-existing

benches

haul

trucks

such

that

they

are

within

the

push

distance

the

reclamation dozer.

13.4.2.1

Toney Fork

Toney

Fork

surface

mining

operations

are

projected

mined

from

2022

2039,

with

emphasis

placed

preparing

space

for

HWM

operations.

Expected

production

for

the

operations average approximately 372,000 marketable tonnes.

The Toney

Fork HWM operates in 2023 to 2043 and mines an additional 252,000 marketable

tonnes at steady state levels.

13.4.2.2

Buffalo Creek South

The

Buffalo

Creek

South

surface

and/or

HWM

mining

operations

are

projected

operate

between

2027

and

2053,

with

emphasis

placed

preparing

space

for

HWM

operations.

Expected

surface

production

for

the

operations

totals

approximately

383,000

marketable

tonnes

steady

state

levels.

The

Buffalo

Creek

HWM

mines

additional

287,000

marketable tonnes at steady state levels.

13.4.2.3

Sugar Camp

Sugar

Camp

surface

mining

operations

are

projected

mined

from

2032

2051.

Expected production for the operations average approximately 267,000 marketable tonnes.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

Sugar

Camp

HWM

operates

from

2040

2047

and

mines

additional

265,000

marketable tonnes.

As shown

Tables 13-1 through

13-3

, the

areas planned

for underground

production continue

until 2042, whereas surface and

auger/HWM production is projected to

finish in 2053.

Clean

coal production varies directly

with coal thickness in

the case of the underground

mines, and

overburden removal for the surface mines.

Table 13-1:

Underground Summary of Production by Year (000)

Mine Name

2022

2023

2024

2025

2026

2027

2028

2029

Camp Br Chilton

125

371

344

Eagle No. 1 (Toney

Fork)

786

805

778

769

744

767

764

749

Elk Lick Chilton

250

255

Lower Powellton

Lower War Eagle

615

652

639

664

706

756

841

790

Powellton No. 1

205

206

203

205

Muddy Br No.2 Gas

683

660

689

804

786

565

Upper Winifrede

Winifrede (Chilton

Rider)

215

Total

2,123

2,332

2,202

2,442

2,441

2,475

2,429

2,342

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mine Name

2030

2031

2032

2033

2034

2035

2036

2037

Camp Br Chilton

338

288

142

Eagle No. 1 (Toney

Fork)

701

650

625

640

662

687

728

580

Elk Lick Chilton

271

283

303

252

272

308

371

327

Lower Powellton

166

495

510

490

503

508

517

Lower War Eagle

721

452

179

Powellton No. 1

212

209

213

215

201

196

199

Muddy Br No.2 Gas

Upper Winifrede

230

564

378

309

314

Winifrede (Chilton

Rider)

Total

2,243

2,049

2,183

2,267

2,016

2,008

2,117

1,623

Mine Name

2038

2039

2040

2041

2042

2043

2044

2045

Camp Br Chilton

Eagle No. 1 (Toney

Fork)

417

197

169

287

Elk Lick Chilton

320

323

217

Lower Powellton

510

502

658

236

Lower War Eagle

Powellton No. 1

197

198

189

188

156

Muddy Br No.2 Gas

Upper Winifrede

Winifrede (Chilton

Rider)

Total

1,444

1,220

1,234

711

156

Table 13-2:

Surface Summary of Production by Year (000)

Mine Name

2022

2023

2024

2025

2026

2027

2028

2029

Toney

Fork Surf

126

380

530

563

525

243

196

291

Buffalo Cr South

Area

287

522

555

Sugar Camp Area 1

Total

126

380

530

563

525

530

718

846

Mine Name

2030

2031

2032

2033

2034

2035

2036

2037

Toney

Fork Surf

411

291

266

322

452

431

476

318

Buffalo Cr South

Area

476

463

407

481

434

248

241

174

Sugar Camp Area 1

141

346

466

387

363

Total

887

754

815

1,149

1,352

1,066

1,079

543

Mine Name

2038

2039

2040

2041

2042

2043

2044

2045

Toney

Fork Surf

627

248

Buffalo Cr South

Area

257

351

310

379

441

227

562

372

Sugar Camp Area 1

135

165

149

510

283

398

Total

1,020

633

387

544

590

737

845

770

Mine Name

2046

2047

2048

2049

2050

2051

2052

2053

Toney

Fork Surf

Buffalo Cr South

Area

459

582

460

Sugar Camp Area 1

421

374

378

117

160

265

Total

880

955

838

158

160

265

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 13-3:

Highwall Summary of Production by Year (000)

Mine Name

2022

2023

2024

2025

2026

2027

2028

2029

Toney

Fork HWM

207

171

207

101

227

253

182

Buffalo Cr South

HWM

164

261

208

Sugar Camp HWM

Total

207

171

207

101

391

514

390

Mine Name

2030

2031

2032

2033

2034

2035

2036

2037

Toney

Fork HWM

195

421

401

200

281

332

Buffalo Cr South

HWM

196

148

246

319

337

194

276

357

Sugar Camp HWM

Total

196

148

441

740

738

394

556

688

Mine Name

2038

2039

2040

2041

2042

2043

2044

2045

Toney

Fork HWM

298

264

214

289

291

171

Buffalo Cr South

HWM

254

319

286

220

406

Sugar Camp HWM

272

267

243

Total

552

582

580

590

713

443

267

277

Mine Name

2046

2047

2048

2049

2050

2051

2052

2053

Toney

Fork HWM

Buffalo Cr South

HWM

302

338

368

277

386

299

318

Sugar Camp HWM

388

156

Total

690

494

368

277

386

299

318

Processing and Recovery Methods

14.1

Description or Flowsheet

The Logan County Division includes the Saunders Preparation Plant in addition to the mines.

The

plant

site

includes raw

coal

storage,

clean

coal

storage,

railroad

loadout,

and

refuse

disposal

area.

The

plant

has

feed

rate

capacity

1,088

raw

tonnes

per

hour.

Primary

separation

equipment

includes

heavy

media

vessel,

heavy

media

cyclones,

classifying

cyclones,

spirals,

flotation

cells,

and

column

flotation,

supported

the

requisite

screens,

centrifuges, vacuum filters, sumps, pumps,

and distribution systems.

Coarse and fine refuse

are disposed separately in an adjacent refuse area which incorporates slurry cells.

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 Logan, Boone,

Wyoming, and

Mingo counties, and

have proven

to be adequate

in numbers to

operate past

and current mines.

As mining is common in the surrounding

areas, the workforce is generally

familiar with mining practices and is comprised of a strong talent pool of experienced miners.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Water is sourced locally from Buffalo Creek

Public Service District and/or

locally from streams

via water withdrawal permits, and electricity is sourced from AEP.

The service industry in the

areas surrounding the

mine complex has

historically provided supplies,

equipment repairs

and

fabrication, etc.

Infrastructure

The

Coronado-owned

Saunders

Preparation

Plant

services

the

mines.

The

ROM

coal

delivered from the

Powellton No. 1,

Eagle No. 1,

Muddy Bridge and

Lower War

Eagle Mines

via overland conveyor, all remaining

production is or

will be delivered

to the plant site

by truck.

The CSX rail line serves as the main means of transport from the mine complex/loadout.

As an active operation, the necessary support infrastructure for Logan is in place.

new

areas

are

developed,

the

infrastructure

requirements

will

change.

These

changes

have been considered in the LOM plans and financial model.

Most of the seams lie

below drainage; however, several metallurgical coal seams are

situated

above drainage.

The underground mining resource

areas which are located

above-drainage

require

access

road

and

mine

access

development

along

the

outcrop,

whereas

below-

drainage mines are

accessed based on

other proposed surface

infrastructure locations and/or

surface property

control.

In some

cases, the access

and face-up may

be developed

as part

surface mining

activities.

mine

transformer and

water

tank are

located

the face-up,

along with the mine fan, stacker conveyor, supply facilities, shop, office, and bath house.

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

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.

The HWM equipment

advances along with

the contour mining

pits.

The rate of

advance of the

contour

mining

somewhat

constrained

the

advancement

rate

the

HWM.

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.

A map of the existing facilities in

Figure 15-1

shows the layout of the required infrastructure.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 15-1:

Logan 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 as the basis for determining the

various markets into which the

saleable coal will likely

be placed.

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

Table 16-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 16-1:

Quality Specifications by Product

HVA

HVB

Thermal

(A/R)

Moisture (%)

7.50

8.00

7.50

Ash (%)

7.50

8.00

12.50

Sulfur (%)

0.90

0.95

1.00

Volatile Matter (%)

32.5

37.0

36.0

Btu/lb.

N/A

12,300

Fluidity (ddpm)

30,000

25,000

N/A

MMR (%)

1.04

0.93

N/A

CSR

N/A

FSI

8.00

N/A

Note:

All Specs are dry basis except Moisture and

Thermal

The mine production serves the both the high-volatile metallurgical and the thermal markets.

16.2

Price Forecasts

Coronado provided

MM&A with

price forecasts

for its

active operations.

Customer coal

pricing

derived

from

market

observed

forward

estimates

based

global

economic

supply

and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented with Coronado’s

in-house knowledge of applicable

rail transportation charges,

ocean

freight

charges

and

port

charges.

MM&A

utilized

this

data

for

price

forecasting

financial

modeling.

Concurrent

with

aforementioned-quality

parameters

the

preceding

section,

production

from

the

proposed

operations

assumed

primarily

sold

metallurgical markets with limited thermal sales.

Pricing was provided through calendar year

2050 (after which sales prices were held constant).

Coal

price

forecasts

for

the

Logan

products

were

provided

Coronado

for

various

coal

markets in terms of US nominal dollars per metric tonne.

16.3

Contract Requirements

Some

contracts

are

necessary

for

successful

marketing

the

coal.

For

Logan,

since

all

mining, preparation and marketing is done in-house, the remaining contracts required are:

Transportation

– The Mine contracts with the CSX Railroad to transport the coal to either

the domestic customers or to the Pier 6 and Dominion terminals at Norfolk, Virginia for

overseas shipment.

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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Environmental Studies, Permitting and Plans,

Negotiations or

Agreements with Local

Individuals

17.1

Results of Studies

MM&A

completed

Limited

Phase

Environmental

Site

Assessment

(

ESA

)

the

Logan

Property in May 2017 on behalf of

Coronado.

Coronado reports not having conducted such

study

since

the

MM&A

studies.

The

ESA

completed

MM&A

included

site

inspection,

review of

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

the time of these ESAs.

Based on

these former

ESAs completed

by MM&A,

it is

the QPs’

opinion that

Logan has

generally typical coal industry record of compliance with applicable mining, water quality, and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

monitoring

during site reclamation, are included in the financial models.

17.2

Requirements and Plans for Waste Disposal

The

original

design

for

the

North

Fork

Refuse

Area

(

North

Fork

)

the

Logan

Property

projected a

crest to

elevation 686 meters.

The present

elevation of

the deck

is ±685meters.

2018

MSHA approved

expansion plan

raise

the

cross-valley crest

elevation

802

meters, and

from there

converting to

a sidehill

fill.

This will

allow for

a total

volume of

50 million

which

would

sufficient

capacity

for

all

the

refuse

generated

the

LOM

plan

that

underpins the

current Logan County

Division reserves.

Further plans

for the

North Fork

site

call for

conversion of the

fill to a

total cross-valley configuration,

predicated on completion

surface mining

on the

ridge between

North Fork

and

Middle Fork.

This has

the potential

providing an additional 10 million CM of capacity.

17.3

Permit Requirements and Status

All mining operations are subject to federal

and state laws and must obtain permits

to operate

mines,

coal

preparation

and

facilities,

haul

roads,

and

other

incidental

surface

disturbances necessary for mining to 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

meet

the

obligations

the

permits

including

cessation

mining

operations, which can lead to potential forfeiture

of the bond.

Any company, and its directors,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 of new mining areas

on the properties, such as

amendments to existing permits and

new

permits

for

mining

reserve

areas.

Exploration

permits

also

are

required.

Property

under lease

includes provisions

for exploration

among the

terms of

the lease.

New or

modified

mining permits

are subject

to a

public advertisement

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

properties, but

future permits are

required to maintain

and

expand

production.

Portions

the

properties

are

located

near

local

communities.

Regulations

prohibit

mining

activities

within

91.4

meters

residential

dwelling,

school,

church,

similar

structure

unless

written

consent

first

obtained

from

the

owner

the

structure.

Where

required,

such

consents

have

been

obtained

where

mining

proposed

beyond the regulatory limits.

Coronado has obtained all mining

and discharge permits to operate

its mines and 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.

Logan, along with all coal

producers,

subject

level

uncertainty

regarding

future

clean

water

permits

due

United States Environmental Protection Agency

(

EPA

)

involvement with state programs.

The Mining permits currently held by Logan are shown in

Table 17-1.

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 17-1:

Logan Mining Permits

Type

Permit ID

Permit Name

$ Bond

Current Status

Issued

Date

Expiration Date

Hectares

NPDES No.

Other

O001984

North Fork Refuse

$1,033,200

Renewed

4/11/1984

4/11/2024

116.03

WV0095699

Other - Loadout Only

O009283

Elk Lick Dock

$33,000

Renewed

6/10/1983

6/10/2023

13.31

WV1023071

Other

O009883

Saunders Prep Plant

$223,200

Renewed

6/24/1983

6/24/2023

36.04

WV0095699

Other - Refuse

Disposal

O012383

Middle Fork Refuse

$364,800

Renewed

9/27/1983

9/27/2023

46.13

WV0096156

Other - Loadout Only

O500513

Toney Fork Loadout

$32,000

Renewed

9/11/2014

9/11/2024

12.67

WV1028081

Other - Refuse

Disposal

O501108

Elklick Branch Haulroad/Refuse

$281,600

Renewed

11/13/2008

11/13/2023

5.83

WV1029843

Coal Surface Mine

S500417

North Fork Winifrede Contour Mine

$390,000

Not Started

2/13/2018

2/13/2023

50.59

WV1028430

Coal Surface Mine

S500709

Toney Fork Surface Mine No. 3

$2,625,000

Renewed

11/20/2013

11/20/2023

340.83

WV1019902

Coal Surface Mine

S501210

Toney Fork West Surface Mine

$1,670,000

Inactive

2/29/2012

2/28/2022

134.30

WV1024990

Coal Surface Mine

S501410

Elklick Surface Mine

$2,760,800

Inactive

8/16/2013

8/16/2023

327.47

WV1025015

Coal Surface Mine

S503395

TONEY FORK SURFACE #2

$5,605,000

Renewed

5/28/1998

5/28/2023

453.61

WV1016750

Coal Underground

U004485

Dingess Br. No. 1

Completely

Released

6/12/1985

PHII Released

4.05

WV1008340

Coal Underground

U400299

Paynter Branch Mine No. 1

$81,000

Renewed

4/5/2002

4/5/2022

10.01

WV1018728

Coal Underground

U500109

Chilton Deep Mine No. 1

$30,800

Inactive

1/31/2011

1/31/2026

5.53

WV1019821

Coal Underground

U500789

WA #1 Mine

Completely

Released

7/31/1990

PHII Released

WV0096385

Coal Underground

U500919

North Fork Winifrede Deep Mine

$12,240

New

03/03/2020

3/3/2025

2.21

Coal Underground

U501311

Eagle No. 1 Mine

$91,080

Not Started

5/20/2013

5/20/2023

14.71

WV1025139

Coal Underground

U502008

Dingess Br-Chilton Mine No. 2

$42,920

Phase 1 Released

10/10/2008

PHI Released

11.62

WV1029908

Coal Underground

U505392

ALMA NO. 1 MINE

$283,480

Renewed

3/3/1995

3/3/2025

39.25

WV1013408

Coal Underground

U506686

Camp Branch Deep Mine

$96,200

Renewed

1/26/1987

1/26/1997

26.24

WV0093122

Coal Surface Mine

S500615

Toney Fork A-Ridge Surface Mine

$80,000

Phase 1 Released

2/24/2016

2/24/2026

15.80

WV1028278

Coal Underground

U501015

CB Chilton #1 Mine

$10,600

Not Started

12/28/2016

12/28/2021

1.68

WV1028316

Coal Underground

U503496

Muddy Bridge Branch #1

$35,280

Renewed

08/04/1997

08/04/2022

5.46

WV1016954

Coal Underground

U503596

Muddy Bridge Branch #2

$65,520

Renewed

08/04/1997

08/04/2022

10.35

WV1016954

River Dock

810-8037

Big Sandy Dock

$210,700

In-Active

7/10/1986

7/10/2021

2.99

KYG040724

Notes:

Permits containing refuse placement.

Does not include prospect permits.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

properly

closed,

and

reclamation

commenced

immediately upon abandonment.

In general, site reclamation includes

removal of structures,

backfilling, regrading, and revegetation of disturbed areas.

For surface mines, the majority of

the expense

for backfilling and

regrading is completed

as part of

ongoing mining operations,

with only

reclamation of

final pits

and HWM

benches required

at end-of-mine

life.

Sediment

control is required

during the

establishment of

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 of underground mines includes closure and sealing of mine

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

Estimated costs

for mine

closure, including

water quality

monitoring during

site reclamation,

are included in the financial models.

As with all mining companies, an

accretion calculation is

performed annually so the necessary

Asset Retirement Obligations (

ARO

) can be shown as

Liability on the Balance Sheet.

17.6

Qualified Person’s Opinion

The Logan complex is an

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 a property must consider the proximity of 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

level

suitable

for

Preliminary

Feasibility

Study

and

included in the Capital Forecast.

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Logan.

MM&A’s

capital

schedules

assume

that

major

equipment

rebuilds

occur

over

the

course

each machine’s

remaining assumed

operating life.

Replacement equipment

was scheduled

based

MM&A’s

experience

and

knowledge

mining

equipment

and

industry

standards

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

with respect

to the useful

life of such

equipment.

As one mine

is depleted, the

equipment is

moved to its replacement.

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

Figure 18-1

below.

Figure 18-1:

CAPEX

18.2

Operating Cost Estimate

Coronado

provided

historical

and

preliminary

5-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

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 at 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

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West 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 Black Lung Excise Tax - Surface

Per Tonne

$0.61

Federal Black Lung Excise Tax - Highwall

Miner

Per Tonne

$0.61

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Federal Reclamation Fees – Surface

Per Tonne

$0.31

Federal Reclamation Fees - Highwall Miner

Per Tonne

$0.31

West Virginia Reclamation Tax

Underground

Per Tonne

$0.308

West Virginia Reclamation Tax

- Surface

Per Tonne

$0.308

West Virginia Reclamation Tax

- Highwall

Miner

Per Tonne

$0.308

West Virginia Severance Tax

Percentage of Revenue

1 to 5%

Royalties – Underground

Percentage of Revenue

5 to 8%

Royalties – Surface

Percentage of Revenue

Royalties - Highwall Miner

Percentage of Revenue

Notes: 1. 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:

Logan Operating Costs

12/31

Remainin

LOM

Average

Total

2022

2023

2024

2025

2026

2027

2028

2029

ROM Production Tonnes

146.4

5.8

7.2

8.2

7.8

8.0

7.8

3.5

Yield

50.16%

39.12

40.50

40.20

39.27

39.32

42.21

47.16

45.81

55.94%

Saleable Production

Tonnes

73.4

2.2

2.9

3.2

3.1

3.4

3.7

3.6

1.9

Thermal Tonnes

4.30

0.04

0.11

0.16

0.17

0.16

0.13

0.16

0.20

0.13

Domestic Met Tonnes

69.14

2.21

2.81

2.74

3.04

2.91

3.26

3.50

3.38

1.81

Export Met Tonnes

Total Saleable Tonnes

73.44

2.25

2.92

2.90

3.21

3.07

3.40

3.66

3.58

1.94

Cash Costs per Tonne:

Mining Costs

$65.37

$61.54

$59.28

$61.82

$60.25

$63.24

$62.37

$60.89

$61.61

$67.44

Processing and Transport

$15.93

$17.85

$17.36

$14.27

$14.04

$14.48

$14.42

$13.96

$14.43

$16.44

Sales Related Costs

$15.22

$15.64

$12.12

$11.13

$12.16

$12.11

$13.44

$13.79

$13.85

$16.37

G&A

$2.08

$2.73

$2.16

$2.11

$1.96

$2.06

Total Cash Costs

$98.61

$97.76

$90.92

$89.32

$88.41

$91.89

$92.29

$90.70

$91.95

$102.31

* The Financial model includes 0.03 million tonnes of inferred coal production.

Inferred coal represents 0.04% of the total

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

Economic

Analysis

19.1

Assumptions, Parameters and Methods

A pre-feasibility LOM

plan was prepared

by MM&A for

the Logan 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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

areas, which is projected

for the year 2053.

All costs and

prices are based on

2021 nominal

United States dollars.

The

Mine

plan,

productivity

expectations

and

cost

estimates

generally

reflect

historical

performance

Coronado

and

efforts

have

been

made

adjust

plans

and

costs

reflect

future conditions.

MM&A is confident

that the mine

plan and

financial model are

reasonably

representative to provide an accurate estimation of coal reserves.

Capital

schedules

were

developed

MM&A for

mine

development,

infrastructure,

and

on-

going capital

requirements for

the life

of the

mine.

Staffing levels

were prepared,

and operating

costs estimated by

MM&A.

MM&A utilized historical

cost data provided by

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

of the coal

reserve 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, but are

intended to

prove the economic

viability of the

estimated coal reserves.

All

costs

and

prices are

based on

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 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

delivery

rail

barge

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

engineering

estimates

for

each

mine

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 Logan are estimated to be 5 to 9%

of the sales revenue.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

projection

model

also

includes

consolidated

income

tax

calculations

the

Coronado

level,

incorporating

statutory

depletion

calculations,

well

state

income

taxes,

and

federal

tax

rate

21%.

the

extent

the

mine

generates

net

operating

losses

for

tax

purposes, the losses are carried over to offset future taxable income.

The terms “cash flows”

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

Consolidated

cash

flows

are

driven

annual

sales

tonnage,

which

steady-state

level

ranges

from

peak

4.2

million

tonnes

2033

low

1.0

million

tonnes

2045.

Projected consolidated revenue

ranges from $150.1

million to $537.5

million at steady

state.

Revenue totals $10.0 billion for the project’s life.

Consolidated cash flow from operations is positive throughout the projected operating period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated cash flow from operations peaks at $136.5 million

in 2034 and totals $2.4 billion

over the project’s

life.

Capital expenditures total

$141.2 million from

2022 through 2026

and

$709.4 million over the project’s life.

Coal price forecasts

for coal

products were prepared

by Coronado

for its proposed

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

each

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

bankable

feasibility

study,

may

required

for

financing

any

current

future

mining

operations

contemplated

but

are

intended

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

of cash

costs per

ton.

Table 19-1

shows LOM

tonnage,

P&L, and EBITDA for Logan.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-1:

Cash Costs per Tonne

As shown

above, the

Logan’s average cash

cost ranges

between approximately

$89 and

$116

per tonne for most of the operating period.

Table 19-1:

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

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Deep Mines

Camp Br Chilton

1,607

$32,285

$20.08

$54,357

$33.82

Eagle No. 1 (Toney Fork)

12,504

$91,928

$7.35

$205,032

$16.40

Elk Lick Chilton

3,809

$116,111

$30.48

$150,035

$39.39

Lower Powellton

5,095

$102,826

$20.18

$164,666

$32.32

Lower War Eagle

7,105

$207,728

$29.24

$308,368

$43.40

Powellton No. 1

3,677

$97,593

$26.54

$151,180

$41.12

Muddy Br No.2 Gas

4,188

$270,115

$64.50

$313,447

$74.85

Upper Winifrede

1,794

$57,593

$32.11

$78,591

$43.82

Winifrede (Chilton Rider)

278

$1,052

$3.79

$5,158

$18.58

Consolidated Deep Mines

40,057

$977,232

$24.40

$1,430,834

$35.72

Surface Mines

Toney Fork Surf

6,698

$30,295

$4.52

$142,924

$21.34

Buffalo Cr South Area

8,728

$97,428

$11.16

$221,170

$25.34

Sugar Camp Area 1

5,221

$32,688

$6.26

$148,325

$28.41

Surface Mines Consolidated

20,646

$160,411

$7.77

$512,419

$24.82

Highwall Miner (HWM)

Operations

Toney Fork HWM

4,705

$254,021

$53.99

$256,385

$54.49

Buffalo Cr South HWM

6,532

$439,179

$67.23

$440,183

$67.39

Sugar Camp HWM

1,501

$98,208

$65.43

$98,208

$65.43

HWM Consolidated

12,738

$791,408

$62.13

$794,775

$62.39

Grand Total

73,441

$1,929,050

$26.27

$2,738,028

$37.28

* The Financial model includes 0.03 million tonnes of inferred coal production.

Inferred coal

represents 0.04% of the total production, and none of this coal was included in the estimate of

reserves.

As shown in

Table

19-1,

the Logan Complex shows positive EBITDA over the LOM.

Overall,

Coronado’s consolidated operations show positive LOM P&L

and LOM EBITDA of $1.9

billion

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

and $2.7 billion, respectively.

A summary of the

key financial performance metrics

projected

through 2029 is provided below in

Table 19-2

Table 19-2:

Summary of Logan Key Financial Performance

Metrics (2022-2029)

12/31

Remainin

LOM

Average

Total

2022

2023

2024

2025

2026

2027

2028

2029

ROM Production Tonnes

146.4

5.8

7.2

8.2

7.8

8.0

7.8

3.5

Yield

50.16%

39.12

40.50

40.20

39.27

39.32

42.21

47.16

45.81

55.94%

Saleable Production

Tonnes

73.4

2.2

2.9

3.2

3.1

3.4

3.7

3.6

1.9

Thermal Tonnes

4.30

0.04

0.11

0.16

0.17

0.16

0.13

0.16

0.20

0.13

Domestic Met Tonnes

69.14

2.21

2.81

2.74

3.04

2.91

3.26

3.50

3.38

1.81

Export Met Tonnes

Total Saleable Tonnes

73.44

2.25

2.92

2.90

3.21

3.07

3.40

3.66

3.58

1.94

Cash Costs per Tonne:

Mining Costs

$65.37

$61.54

$59.28

$61.82

$60.25

$63.24

$62.37

$60.89

$61.61

$67.44

Processing and Transport

$15.93

$17.85

$17.36

$14.27

$14.04

$14.48

$14.42

$13.96

$14.43

$16.44

Sales Related Costs

$15.22

$15.64

$12.12

$11.13

$12.16

$12.11

$13.44

$13.79

$13.85

$16.37

G&A

$2.08

$2.73

$2.16

$2.11

$1.96

$2.06

Total Cash Costs

$98.61

$97.76

$90.92

$89.32

$88.41

$91.89

$92.29

$90.70

$91.95

$102.31

EBITDA per Tonne

$37.28

$89.22

$26.97

$26.95

$34.49

$35.09

$34.68

$32.64

$32.66

$37.31

Expansion CapEx ($M)

Maintenance CapEx ($M)

$709.4

$54.8

$27.4

$28.0

$17.4

$13.7

$59.6

$28.7

$27.1

$18.1

Total CapEx

$709.4

$54.8

$27.4

$28.0

$17.4

$13.7

$59.6

$28.7

$27.1

$18.1

* The Financial model includes 0.03 million tonnes of inferred coal production.

Inferred coal represents 0.04% of the total

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

After

Tax

Cash Flows

were

developed

order to

calculate

the NPV

for

this

Property.

The

NPV is estimated

to be $611.3

million at a

discount rate of

10.0%.

A summary of

the Logan

after-tax cash flow is shown in

Table

19-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-3:

Project Cash Flow Summary ($000)

YE12/31

Total

2022

2023

2024

2025

2026

Production & Sales tonnes

73,441

2,250

2,919

2,903

3,213

3,067

Total

Revenue

$9,980,224

$420,654

$344,156

$337,534

$394,845

$389,424

EBITDA

$2,738,028

$200,726

$78,732

$78,233

$110,802

$107,624

Net Income

$1,610,525

$120,459

$34,650

$29,605

$61,436

$59,748

Net Cash Provided by Operating Activities

$2,372,457

$125,587

$89,779

$70,664

$90,037

$94,643

Purchases of Property, Plant, and

Equipment

$(709,361)

$(54,793)

$(27,441)

$(27,989)

$(17,357)

$(13,652)

Net Cash Flow

$1,663,096

$70,794

$62,338

$42,674

$72,680

$80,991

YE12/31

2027

2028

2029

2030

2031

2032

Production & Sales tonnes

3,396

3,661

3,579

3,326

2,950

3,438

Total

Revenue

$431,154

$451,609

$445,987

$420,670

$376,614

$440,781

EBITDA

$117,770

$119,515

$116,897

$111,475

$78,018

$87,218

Net Income

$65,436

$69,828

$70,242

$65,713

$34,306

$33,521

Net Cash Provided by Operating Activities

$100,542

$104,726

$104,191

$100,196

$77,188

$77,404

Purchases of Property, Plant, and

Equipment

$(59,598)

$(28,735)

$(27,081)

$(31,232)

$(48,753)

$(71,927)

Net Cash Flow

$40,944

$75,991

$77,110

$68,964

$28,435

$5,477

YE12/31

2033

2034

2035

2036

2037

2038

Production & Sales tonnes

4,156

4,105

3,468

3,753

2,854

3,015

Total

Revenue

$537,477

$534,901

$465,163

$514,566

$405,973

$421,828

EBITDA

$142,816

$161,080

$119,812

$148,790

$92,000

$117,900

Net Income

$89,651

$103,843

$69,446

$91,589

$53,041

$76,624

Net Cash Provided by Operating Activities

$113,575

$136,352

$113,896

$123,326

$92,161

$99,895

Purchases of Property, Plant, and

Equipment

$(23,808)

$(29,414)

$(13,377)

$(19,641)

$(50,095)

$(29,180)

Net Cash Flow

$89,767

$106,938

$100,519

$103,685

$42,066

$70,715

YE12/31

2039

2040

2041

2042

2043

2044

Production & Sales tonnes

2,436

2,201

1,845

1,459

1,180

1,112

Total

Revenue

$355,369

$338,176

$268,754

$214,586

$172,885

$150,118

EBITDA

$87,011

$83,646

$68,092

$62,920

$44,089

$34,328

Net Income

$55,313

$54,058

$44,925

$45,801

$29,936

$22,534

Net Cash Provided by Operating Activities

$83,815

$71,639

$61,735

$55,327

$42,764

$32,618

Purchases of Property, Plant, and

Equipment

$(15,349)

$(9,482)

$(14,390)

$(5,290)

$(14,378)

$(3,690)

Net Cash Flow

$68,466

$62,157

$47,345

$50,037

$28,386

$28,928

YE12/31

2045

2046

2047

2048

2049

2050

Production & Sales tonnes

1,047

1,570

1,449

1,206

435

546

Total

Revenue

$152,705

$241,778

$219,387

$188,710

$76,217

$101,030

EBITDA

$31,080

$76,832

$69,847

$62,067

$19,753

$38,469

Net Income

$16,163

$53,074

$44,398

$39,304

$4,857

$21,379

Net Cash Provided by Operating Activities

$28,550

$56,069

$60,773

$54,739

$27,203

$29,794

Purchases of Property, Plant, and

Equipment

$(33,303)

$(3,327)

$(23,807)

$(5,664)

$(5,458)

$(1,150)

Net Cash Flow

$(4,752)

$52,742

$36,967

$49,075

$21,745

$28,645

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2051

2052

2053

2054

2055

2056

Production & Sales tonnes

564

318

Total

Revenue

$102,990

$60,217

$3,964

EBITDA

$42,382

$26,401

$1,703

Net Income

$24,434

$24,120

$1,383

$(164)

$(84)

$(43)

Net Cash Provided by Operating Activities

$35,071

$18,199

$3,510

$(1,729)

$(882)

$(899)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$35,071

$18,199

$3,510

$(1,729)

$(882)

$(899)

* The Financial model includes 0.03 million tonnes of inferred coal production.

Inferred coal represents 0.04% of the total

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

19.3

Sensitivity

Sensitivity of

the NPV

results to

changes in

the key

drivers is

presented in

the chart

below.

The sensitivity study

shows the NPV

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.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Adjacent Properties

20.1

Information Used

No Proprietary information associated with neighboring properties was used as part of this

study.

Other Relevant Data and Information

MM&A performed

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

) on

the Property

in 2017

on behalf

of Coronado.

MM&A

conducted

Joint

Ore

Reserve

Committee

(

JORC

)

compliant

resource

and

reserve

assessment of the

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 Logan’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

has

been

obtained

through

various

exploration

and

sampling

programs

and

mining operations to

support the geological

interpretations of seam

structure and thickness

for

coal

horizons

situated

the

Property.

The

data

sufficient

quantity

and

reliability

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

The geological

data and

preliminary feasibility

study,

which consider

mining plans,

revenue,

and

operating

and

capital

cost

estimates

are

sufficient

support

the

classification

coal

reserves provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

sufficient to

conclude that

the 73.4 Mt

of marketable

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

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

risk assessment

process are

modelled to

that presented

in the

Australian and

New Zealand

Standard on Risk Management (AS/NZS 4360).

The

purpose

the

characterization

the

project

risk

components

inform

the

project

stakeholders of key aspects of

the Coronado projects that can

be impacted by events whose

consequences can affect the success of the venture.

The significance of an impacted aspect

of the operation is directly related to both the probability of occurrence and the severity of the

consequences.

The

initial

risk

for

risk

factor

herein

defined

the

risk

level

after

the

potential impact

of the

risk factor

is addressed

by competent

and prudent

management utilizing

control measures readily available.

Residual risk for a risk factor is herein defined as the risk

level following application

of special mitigation

measures if management

determines that the

initial

risk

level

unacceptable.

Initial

risk

and

residual

risk

can

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

practiced mine engineers and managers.

Both are assigned values from 1 to 5 for

which the

value 1 represents the

lowest probability and least

consequence, and the value

5 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 13.

No residual

risks are

rated Very

High.

One (1)

residual risk

is rated

High.

Eight (8)

of the

risk aspects

could be

associated

with

Moderate

residual risk.

Four

(4) of

the

risk aspects

were

attributed

Low or

Very Low residual risks.

22.2.1

Governing Assumptions

The listing of

the aspects is

not presumed to

be exhaustive.

Instead that listing

is presented

based on the experiences of the contributors to the TRS.

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

that this subjectivity reasonably reflects the condition of the active and projected mine

operations.

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

exhaustive.

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

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

this

report

subject

the

limitations

the

information

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

22.2.3

Methodology

The numerical

quantities (i.e.,

risk levels)

attributable

to either

“initial” or

“residual” risks

are

derived by the

product of values

assigned to probability

and consequence ranging

from very

low risk to very high risk.

R = P x C

Where:

R = Risk Level

P = Probability of Occurrence

C = Consequence of Occurrence

The

Probability

(P)

and

Consequence

(C)

parameters

recited

the

formula

are

subjective

numerical

estimates

made

practiced

mine

engineers

and

managers.

Both

and

are

assigned

integer

values

ranging

from

for

which

the

value

represents

the

lowest

probability

and

least

consequence,

and

the

value

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 be determined.

The residual risk provides a basis for

the management team

to determine if the residual risk

level is acceptable or tolerable.

If the risk level is determined

unacceptable,

further

actions

should

considered

reduce

the

residual

risk

acceptable or

tolerable levels

to provide

justification for

continuation of

the proposed

operation.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation

S-K 1300 as

of December 31, 2021

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

22.2.4

Development of the Risk Matrix

Risks

have

been

identified

for

the

technical,

operational,

and

administrative

subjects

addressed

the

TRS.

The

risk

matrix

and

risk

assessment

process

modelled

that

presented in the Australian

and New Zealand

Standard on Risk Management

(AS/NZS 4360).

22.2.4.1

Probability Level Table

Table 22-1:

Probability Level Table

Category

Information Provided by Coronado

Report

Section

Legal

Mineral control and surface control rights as shown on maps

3.2, 3.3

Geological

Geologic data including digital databases and original source

data

including geologist logs, driller’s logs, geophysical logs

9.1

Coal Quality

Database of coal quality information supplemented with

original source

laboratory sheets where available

10.1

Mining

Historical productivities and manpower from operating and future

Coronado mines

13.2, 13.4

Coal Preparation

Flow sheet and other information representing current

and future methods

of coal processing

14.1

Marketing

Long-term price forecast and market placement by seam

or mine used in

financial projections

16.2

Waste Disposal

Engineering data and estimates representing remaining

capacities for

coarse and fine coal waste disposal

17.2

Environmental

Permit and bonding information

17.3

Costs

Historical and budgetary operating cost information used to

derive cost

drivers for reserve financial modeling

18.2

Economic

WACC and inflation rate used in discounted

cash flow analysis

19.1, 19.2,

19.3

APPENDIX

BIOGRAPHIES

APPENDIX

MAPS

APPENDIX

GLOSSARY OF TERMS

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

LJ Hughes

LJ Hughes & Sons, Inc. - drilling Company

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

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

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

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

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 Boone, Logan, and Wyoming

Counties, West 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

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.

SME

Society for Mining Engineers

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

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.

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

quality and does not represent a statistically rigorous

approach to coal quality

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

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.

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.

Proved and probable coal reserve were derived

from the defined in-situ coal

resource considering relevant processing, economic (including

independent

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

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Criteria

JORC Code explanation

Commentary

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.

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

)

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

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Criteria

JORC Code explanation

Commentary

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.

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.

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

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SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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

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

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SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

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.

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

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SSOCIATES

Criteria

JORC Code explanation

Commentary

applicable, the status of approvals for process residue

storage and waste

dumps should be reported.

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

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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.

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.

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

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SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

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

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.

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.

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 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

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.

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

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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