Coronado Global Resources (CODQL) 10-Q 2023 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM

10-Q

___________________________________________________

(Mark One)

☒

QUARTERLYREPORT PURSUANT TO SECTION 13OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the quarterly period ended

March 31, 2023

OR

☐

TRANSITION REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period fromto

Commission File Number:

1-16247

___________________________________________________

Coronado Global Resources Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware

83-1780608

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Level 33, Central Plaza One

,

345 Queen Street

Brisbane, Queensland

,

Australia

4000

(Address of principal executive offices)

(Zip Code)

(

61

)

7

3031 7777

(Registrant’s telephone number, including area code)

N/A

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

___________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

Indicate by checkmark whether theregistrant (1) has filedall reports requiredto be filedby Section 13 or15(d) of theSecurities Exchange

Act of 1934 duringthe preceding 12 months(or for such shorterperiod that the registrantwas required to filesuch reports), and (2) has

been subject to such filing requirements for the past 90 days.

Yes

☒

No

☐

Indicate by check mark whetherthe registrant has submitted electronicallyevery Interactive Data File required tobe submitted pursuant

to Rule 405of Regulation S-T(§232.405 of thischapter) during thepreceding 12 months(or for suchshorter period thatthe registrant

was required to submit such files).

Yes

☒

No

☐

Indicate by check mark whether the registrantis a large accelerated filer,an accelerated filer, a non-acceleratedfiler, a smaller reporting

company,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreporting

company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerginggrowth company, indicate bycheck mark ifthe registrant haselected not touse the extendedtransition period forcomplying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

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

☐

No

☒

The registrant’scommon stock ispublicly traded onthe Australian SecuritiesExchange in theform of CHESSDepositary Interests, or

CDIs, convertible at the option ofthe holders into shares of theregistrant’s common stock on a 10-for-1 basis.The total number of shares

of the registrant's common stock, par value $0.01 per share, outstanding on April 30, 2023, includingshares of common stock underlying

CDIs, was

167,645,373

.

Steel starts

here.

Quarterly Report on Form 10-Q for the quarterly period endedMarch 31, 2023.

TABLE OF CONTENTS

Page

4

5

6

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38

Coronado Global Resources Inc.

Form 10-Q March 31, 20234

PART I – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

Assets

Note

(Unaudited)

March 31, 2023

December 31,

2022

Current assets:

Cash and restricted cash

$

498,300

$

334,629

Trade receivables, net

311,980

409,979

Inventories

5

185,014

158,018

Other current assets

75,636

60,188

Assets held for sale

4

—

26,214

Totalcurrent assets

1,070,930

989,028

Non-current assets:

Property, plant and equipment,net

6

1,411,284

1,389,548

Right of use asset – operating leases, net

16,292

17,385

Goodwill

28,008

28,008

Intangible assets, net

3,260

3,311

Restricted deposits

15

86,453

89,062

Other non-current assets

21,240

33,585

Totalassets

$

2,637,467

$

2,549,927

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

69,224

$

61,780

Accrued expenses and other current liabilities

7

324,655

343,691

Dividends payable

8

8,311

—

Income tax payable

110,541

119,981

Asset retirement obligations

15,737

10,646

Contract obligations

39,976

40,343

Lease liabilities

7,452

7,720

Other current financial liabilities

4,175

4,458

Liabilities held for sale

4

—

12,241

Totalcurrent liabilities

580,071

600,860

Non-current liabilities:

Asset retirement obligations

135,241

127,844

Contract obligations

86,756

94,525

Deferred consideration liability

248,300

243,191

Interest bearing liabilities

9

233,523

232,953

Other financial liabilities

7,498

8,268

Lease liabilities

13,710

15,573

Deferred income tax liabilities

103,726

95,671

Other non-current liabilities

30,885

27,952

Totalliabilities

$

1,439,710

$

1,446,837

Common stock $

0.01

par value;

1,000,000,000

shares

authorized,

167,645,373

shares issued and outstanding as of March 31,

2023 and December 31, 2022

1,677

1,677

Series A Preferred stock $

0.01

par value;

100,000,000

shares

authorized,

1

Share issued and outstanding as of March 31, 2023 and

December 31, 2022

—

—

Additional paid-in capital

1,091,974

1,092,282

Accumulated other comprehensive losses

13

(95,926)

(91,423)

Retained earnings

200,032

100,554

Totalstockholders’ equity

1,197,757

1,103,090

Totalliabilities and stockholders’ equity

$

2,637,467

$

2,549,927

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q March 31, 20235

Unaudited Condensed Consolidated Statements ofOperations and Comprehensive Income

(In US$ thousands, except share data)

Three months ended

March 31,

Note

2023

2022

Revenues:

Coal revenues

$

738,345

$

936,628

Other revenues

27,369

10,497

Totalrevenues

3

765,714

947,125

Costs and expenses:

Cost of coal revenues (exclusive of items shown separatelybelow)

380,474

357,500

Depreciation, depletion and amortization

39,423

38,009

Freight expenses

63,353

59,264

Stanwell rebate

39,208

29,053

Other royalties

85,957

83,032

Selling, general, and administrative expenses

7,774

7,876

Totalcosts and expenses

616,189

574,734

Other (expense) income:

Interest expense, net

(14,665)

(17,332)

Decrease (increase) in provision for discounting and creditlosses

3,988

(428)

Other, net

3,042

(2,790)

Totalother income, net

(7,635)

(20,550)

Income before tax

141,890

351,841

Income tax expense

10

(34,030)

(81,943)

Net income attributable to Coronado Global ResourcesInc.

$

107,860

$

269,898

Other comprehensive income, net of income taxes:

Foreign currency translation adjustments

13

(4,503)

16,258

Totalother comprehensive (loss) income

(4,503)

16,258

Totalcomprehensive income attributable to CoronadoGlobal

Resources Inc.

$

103,357

$

286,156

Earnings per share of common stock

Basic

11

0.64

1.61

Diluted

11

0.64

1.61

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q March 31, 20236

Unaudited Condensed Consolidated Statements ofStockholders’ Equity

(In US$ thousands, except share data)

Common stock

Preferred stock

Additional

Accumulated other

Total

paid in

comprehensive

Retained

stockholders

Shares

Amount

Series A

Amount

capital

losses

earnings

equity

Balance December 31, 2022

167,645,373

$

1,677

1

$

—

$

1,092,282

$

(91,423)

$

100,554

$

1,103,090

Net income

—

—

—

—

—

—

107,860

107,860

Other comprehensive loss

—

—

—

—

—

(4,503)

—

(4,503)

Totalcomprehensive (loss) income

—

—

—

—

—

(4,503)

107,860

103,357

Share-based compensation for equity

classified awards

—

—

—

—

(308)

—

—

(308)

Dividends

—

—

—

—

—

—

(8,382)

(8,382)

Balance March 31, 2023

167,645,373

$

1,677

1

$

—

$

1,091,974

$

(95,926)

$

200,032

$

1,197,757

Common stock

Preferred stock

Additional

Accumulated other

Total

paid in

comprehensive

Retained

stockholders

Shares

Amount

Series A

Amount

capital

losses

earnings

equity

Balance December 31, 2021

167,645,373

$

1,677

1

$

—

$

1,089,547

$

(44,228)

$

30,506

$

1,077,502

Net income

—

—

—

—

—

—

269,898

269,898

Other comprehensive income

—

—

—

—

—

16,258

—

16,258

Totalcomprehensive income

—

—

—

—

—

16,258

269,898

286,156

Share-based compensation for equity

classified awards

—

—

—

—

84

—

—

84

Dividends

—

—

—

—

—

—

(150,881)

(150,881)

Balance March 31, 2022

167,645,373

$

1,677

1

$

—

$

1,089,631

$

(27,970)

$

149,523

$

1,212,861

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q March 31, 20237

Unaudited Condensed Consolidated Statements ofCash Flows

(In US$ thousands)

Three months ended

March 31,

2023

2022

Cash flows from operating activities:

Net income

$

107,860

$

269,898

Adjustments to reconcile net income to cash and restricted cashprovided by

operating activities:

Depreciation, depletion and amortization

39,423

38,009

Amortization of right of use asset - operating leases

1,083

3,401

Amortization of deferred financing costs

483

484

Non-cash interest expense

8,086

7,689

Amortization of contract obligations

(7,201)

(8,670)

Loss on disposal of property,plant and equipment

121

228

Equity-based compensation expense

(308)

84

Deferred income taxes

8,141

19,027

Reclamation of asset retirement obligations

(737)

(1,156)

(Decrease) increase in provision for discounting and creditlosses

(3,988)

428

Changes in operating assets and liabilities:

Accounts receivable

105,270

(226,983)

Inventories

(28,039)

(10,574)

Other assets

5,362

3,160

Accounts payable

7,601

(34,488)

Accrued expenses and other current liabilities

(11,883)

54,967

Operating lease liabilities

(2,080)

—

Income tax payable

(8,510)

(2,086)

Change in other liabilities

2,942

58,431

Net cash provided by operating activities

223,626

171,849

Cash flows from investing activities:

Capital expenditures

(54,839)

(37,768)

Purchase of restricted deposits

(2,403)

(3,548)

Redemption of restricted deposits

3,095

140

Net cash used in investing activities

(54,147)

(41,176)

Cash flows from financing activities:

Principal payments on interest bearing liabilities and other financialliabilities

(920)

(4,773)

Principal payments on finance lease obligations

(31)

(21)

Premiums paid on early redemption of debt

—

(22)

Net cash used in financing activities

(951)

(4,816)

Net increase in cash and restricted cash

168,528

125,857

Effect of exchange rate changes on cash and restrictedcash

(4,857)

7,679

Cash and restricted cash at beginning of period

334,629

437,931

Cash and restricted cash at end of period

$

498,300

$

571,467

Supplemental disclosure of cash flow information:

Cash payments for interest

$

575

$

677

Cash paid for taxes

$

34,000

$

—

Restricted cash

$

251

$

251

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q March 31, 20238

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS

1.Description of Business, Basis of Presentation

(a)

Description of the Business

CoronadoGlobalResourcesInc.isaglobalproducer,marketer,andexporterofafullrangeofmetallurgical

coals,anessentialelementintheproductionofsteel.TheCompanyhasaportfolioofoperatingminesand

development projects inQueensland, Australia, andin the states ofPennsylvania, Virginia andWest Virginiain

the United States, or U.S.

(b)

Basis of Presentation

The interim unaudited condensed consolidated financial statementshave been prepared in accordance with the

requirements of U.S. generally acceptedaccounting principles, or U.S. GAAP,and with the instructions to Form

10-Q and Article10 of RegulationS-X related tointerim financial reportingissued by theSecurities and Exchange

Commission, or theSEC. Accordingly,they do notinclude all ofthe informationand footnotes requiredby U.S.

GAAP for completefinancial statements and shouldbe read inconjunction with the auditedconsolidated financial

statements and notes thereto included in theCompany’s Annual Report on Form 10-K filed with theSEC and the

Australian Securities Exchange, or the ASX, on February21, 2023.

TheinterimunauditedcondensedconsolidatedfinancialstatementsarepresentedinU.S.dollars,unless

otherwisestated.TheyincludetheaccountsofCoronadoGlobalResourcesInc.anditswholly-owned

subsidiaries.Referencesto“US$”or“USD”arereferencestoU.S.dollars.Referencesto“A$”or“AUD”are

referencestoAustraliandollars,thelawfulcurrencyoftheCommonwealthofAustralia.The“Company”and

“Coronado”areusedinterchangeablytorefertoCoronadoGlobalResourcesInc.anditssubsidiaries,

collectively, or to Coronado Global Resources Inc., asappropriate to the context.All intercompany balances and

transactions have been eliminated upon consolidation.

Intheopinionofmanagement,theseinterimfinancialstatementsreflectallnormal,recurringadjustments

necessaryforthefairpresentationoftheCompany’sfinancialposition,resultsofoperations,comprehensive

income, cash flows and changes inequity for the periods presented. Balance sheet informationpresented herein

as of December 31,2022 has been derived fromthe Company’s audited consolidated balance sheet atthat date.

The Company’s resultsof operations forthe three monthsended March 31,2023 are not necessarilyindicative

of the results that may be expected for the year endingDecember 31, 2023.

2.Summary of Significant Accounting Policies

Please see Note 2 “Summaryof Significant Accounting Policies”contained in the auditedconsolidated financial

statements for the year ended December 31, 2022 included in Coronado Global Resources Inc.’s Annual Report

on Form 10-K filed with the SEC and ASX on February21, 2023.

(a) Newly Adopted Accounting Standards

Duringtheperiod,therehasbeennonewAccountingStandardsUpdateissuedbytheFinancialAccounting

Standards Board that had a material impact on the Company’sconsolidated financial statements.

3.Segment Information

The Company has a portfolio of operatingmines and development projects inQueensland, Australia, and in the

statesofPennsylvania,VirginiaandWestVirginiaintheU.S.TheoperationsinAustralia,orAustralian

Operations, comprisethe 100%-ownedCurragh producingmine complex. Theoperations in theUnited States,

or U.S. Operations,comprise

two

100%-owned producingmine complexes (Buchananand Logan),

one

100%-

owned idled mine complex (Greenbrier) and

two

development properties (Mon Valleyand Russell County).

TheCompanyoperatesitsbusinessalong

two

reportablesegments:AustraliaandtheUnitedStates.The

organizationofthe

two

reportablesegmentsreflectshowtheCompany’schiefoperatingdecisionmaker,or

CODM, managesand allocates resources to the various componentsof the Company’s business.

The CODMuses AdjustedEBITDA asthe primarymetric tomeasure eachsegment’soperating performance.

Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP.Investors should be

aware thatthe Company’spresentation ofAdjusted EBITDAmay notbe comparableto similarlytitled financial

measures used by other companies.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 20239

Adjusted EBITDA isdefined as earningsbefore interest, taxes,depreciation, depletion andamortization and other

foreign exchange losses. Adjusted EBITDA isalso adjusted for certain discrete items thatmanagement exclude

in analyzing eachof theCompany’s segments’ operating performance.“Other and corporate”relates to additional

financial information forthe corporate functionsuch as accounting,treasury, legal, human resources,compliance,

and tax.As such, the corporate function is not determined to bea reportable segment but is discretely disclosed

for purposes of reconciliation to the Company’sunaudited Condensed Consolidated Financial Statements.

Reportable segment results asof and forthe three months endedMarch 31, 2023and 2022 arepresented below:

(in US$ thousands)

Australia

United

States

Other and

Corporate

Total

Three months ended March 31, 2023

Totalrevenues

$

398,661

$

367,053

$

—

$

765,714

Adjusted EBITDA

13,233

185,042

(7,526)

190,749

Totalassets

1,146,508

951,237

539,722

2,637,467

Capital expenditures

7,235

34,163

55

41,453

Three months ended March 31, 2022

Totalrevenues

$

605,298

$

341,827

$

—

$

947,125

Adjusted EBITDA

238,968

179,899

(7,880)

410,987

Totalassets

1,371,294

976,326

504,735

2,852,355

Capital expenditures

15,962

23,749

92

39,803

The reconciliationsof AdjustedEBITDA tonet incomeattributable to theCompany forthe three monthsended

March 31, 2023 and 2022 are as follows:

Three months ended

March 31,

(in US$ thousands)

2023

2022

Net income

$

107,860

$

269,898

Depreciation, depletion and amortization

39,423

38,009

Interest expense (net of income)

14,665

17,332

Income tax expense

34,030

81,943

Other foreign exchange (gains) losses

(1)

(2,992)

1,991

Losses on idled assets held for sale

(2)

1,751

1,386

(Decrease) increase in provision for discounting and creditlosses

(3,988)

428

Consolidated Adjusted EBITDA

$

190,749

$

410,987

(1)

The balanceprimarily relatesto foreignexchange gainsand lossesrecognized inthe translationof short-terminter-entity balancesin

certain entities within the group thatare denominated in currencies other thantheir respective functional currencies. Thesegains and losses

are included in “Other, net” on the unaudited Consolidated Statementof Operations and Comprehensive Income.

(2)

These losses relate to idled non-core assetsthat the Company has an active plan to sell.

ThereconciliationsofcapitalexpenditurespertheCompany’ssegmentinformationtocapitalexpenditures

disclosedontheunauditedCondensedConsolidatedStatementsofCashFlowsforthethreemonthsended

March 31, 2023 and 2022 are as follows:

Three months ended March 31,

(in US$ thousands)

2023

2022

Capital expenditures per unaudited Condensed ConsolidatedStatements of

Cash Flows

$

54,839

$

37,768

Accruals for capital expenditures

4,098

9,510

Payment for capital acquired in prior periods

(11,242)

(7,475)

Advance payment to acquire long lead capital items

(6,242)

—

Capital expenditures per segment detail

$

41,453

$

39,803

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202310

Disaggregation of Revenue

The Company disaggregates the revenuefrom contracts with customers bymajor product group for each ofthe

Company’sreportablesegments,astheCompanybelievesitbestdepictsthenature,amount,timingand

uncertainty of revenues and cash flows.All revenue is recognized at a point in time.

Three months ended March 31, 2023

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

372,519

$

283,023

$

655,542

Thermal coal

18,285

64,518

82,803

Totalcoal revenue

390,804

347,541

738,345

Other

(1)

7,857

19,512

27,369

Total

$

398,661

$

367,053

$

765,714

Three months ended March 31, 2022

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

554,009

$

337,720

$

891,729

Thermal coal

42,289

2,610

44,899

Totalcoal revenue

596,298

340,330

936,628

Other

(1)

9,000

1,497

10,497

Total

$

605,298

$

341,827

$

947,125

(1) Other revenue for the Australian segment includesthe amortization of the Stanwell non-market coalsupply contract obligation liability.

4.Assets Held for Sale

Duringthefourthquarterof2020, theCompanycommittedtoaplantoselltheGreenbrierminingassetand

determined that allof the criteriato classify assetsand liabilities asheld for salewere met. Theasset is partof

our U.S. segment, locatedin the State of Virginiain the United States. TheGreenbrier asset does notform part

of the Company’s core business strategy andhas been idled since April 1, 2020.

The Company remainscommitted to aplan to sellthe Greenbriermining asset, however,the timing ofthe sale

withinthenexttwelvemonthsisuncertain.As such,Greenbrierminingassetnolongermeetsthecriteriafor

classification as held for sale and hasbeen reclassified as held for use asof March 31, 2023, however it remains

idle.

The assets andliabilities of Greenbrier metthe criteria forclassification as held forsale as ofDecember 31, 2022,

therefore the Condensed Consolidated Balance Sheet continues to reflect these assets and liabilities as held for

sale as of that date.

5.Inventories

(in US$ thousands)

March 31,

2023

December 31,

2022

Raw coal

$

65,571

$

50,604

Saleable coal

62,375

45,913

To

tal coal inventories

127,946

96,517

Supplies inventory

57,068

61,501

To

tal inventories

$

185,014

$

158,018

Coal inventories measured at its netrealizable value were $

2.1

million

and $

5.0

million as at March 31, 2023and

December 31,2022, respectively,and relatesto coaldesignated fordeliveries underthe Stanwellnon-market

coal supply agreement.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202311

6.Property, Plant andEquipment

(in US$ thousands)

March 31,

2023

December 31,

2022

Land

$

27,686

$

27,711

Buildings and improvements

90,770

91,336

Plant, machinery, miningequipment and transportation vehicles

1,055,106

1,012,844

Mineral rights and reserves

392,846

373,309

Office and computer equipment

9,493

9,488

Mine development

563,755

565,106

Asset retirement obligation asset

76,017

87,877

Construction in process

99,613

82,713

To

tal cost of property,plant and equipment

2,315,286

2,250,384

Less accumulated depreciation, depletion and amortization

904,002

860,836

Property, plant andequipment, net

$

1,411,284

$

1,389,548

7.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of thefollowing:

(in US$ thousands)

March 31,

2023

December 31,

2022

Wages and employee benefits

$

42,149

$

38,687

Taxesother than income taxes

6,991

5,988

Accrued royalties

102,383

117,131

Accrued freight costs

50,515

44,496

Accrued mining fees

89,520

103,492

Acquisition related accruals

11,612

11,669

Other liabilities

21,485

22,228

Totalaccrued expenses and other current liabilities

$

324,655

$

343,691

AcquisitionrelatedaccrualsisanaccrualfortheestimatedremainingstampdutypayableontheCurragh

acquisition of $

11.6

million (A$

17.0

million). Refer to Note 14. “Contingencies” for further details.

8. Dividends payable

OnFebruary21,2023,theCompany’sBoardofDirectorsdeclaredabi-annualfullyfrankedfixedordinary

dividend of $

8.4

million, or

0.5

cents per CDI. On April 5,2023, the Company paid $

8.3

million, net of $

0.1

million

foreign exchangegain onpayment ofdividends tocertain CDIholders whoelected to bepaid inAustralian dollars.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202312

9.Interest Bearing Liabilities

The following is a summary of interest-bearing liabilitiesat March 31, 2023:

(in US$ thousands)

March 31, 2023

December 31, 2022

Weighted Average

Interest Rate at

March 31, 2023

Final

Maturity

10.75

% Senior Secured Notes

$

242,326

$

242,326

12.14

%

(2)

2026

ABL Facility

—

—

2024

Discount and debt issuance costs

(1)

(8,803)

(9,373)

Totalinterest bearing liabilities

$

233,523

$

232,953

(1)

Debt issuance costs incurred on the establishmentof the ABL Facility has been included within"Other non-current assets" on the

unaudited Condensed Consolidated Balance Sheet.

(2)

Represents the effective interest rate.

Senior Secured Notes

As ofMarch 31,2023, theCompany’saggregate principalamount ofthe

10.750

% SeniorSecured Notesdue

2026, or the Notes, outstanding was $

242.3

million. The Notes mature on

May 15, 2026

and are senior secured

obligations of the Company.

ThetermsoftheNotesaregovernedbyanindenture,datedasofMay12,2021,ortheIndenture,among

Coronado FinancePty Ltd,an Australianproprietarycompany,as issuer,Coronado,as parentguarantor,the

other guarantorsparty theretoand WilmingtonTrust,National Association,as trustee.The Indenturecontains

customarycovenantsforhighyieldbonds,including,butnotlimitedto,limitationsoninvestments,liens,

indebtedness, assetsales, transactionswith affiliatesand restrictedpayments, includingpayment ofdividends

on capital stock. As of March 31, 2023, the Company was in compliancewith all applicable covenants under the

Indenture.

The carryingvalue ofdebt issuancecosts, recordedas adirect deductionfrom theface amountof theNotes,

were $

8.8

million and $

9.4

million at March 31, 2023 and December 31, 2022, respectively.

ABL Facility

On May 12, 2021, the Company entered into a senior secured asset-based revolving credit agreement providing

foramulti-currencyasset-based-loanfacility,orABLFacility,inaninitialprincipalamountof$

100.0

million,

including a $

30.0

million sublimit forthe issuance ofletters of creditand $

5.0

million for swinglineloans, at any

time outstanding, subject to borrowing base availability.The ABL Facility matures on

May 12, 2024

.

Borrowings underthe ABLFacility bearinterest ata rateequal toa BankBill SwapBid, orBBSY,rate plusan

applicablemargin.InadditiontopayinginterestontheoutstandingborrowingsundertheABLFacility,the

Company is alsorequired to paya fee inrespect of unutilizedcommitments, on amountsavailable to bedrawn

under outstanding letters of credit and certain administrativefees.

As at March 31, 2023,

no

amounts were drawn and

no

letters of credit were outstandingunder the ABL Facility.

As at March 31, 2023, the Company was in compliance with allapplicable covenants under the ABL Facility.

The carrying value of debtissuance costs, recorded as “Other non-current assets” inthe unaudited Consolidated

Balance Sheets, were $

2.0

million and $

2.5

million at March 31, 2023 and December 31, 2022,respectively.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202313

10.Income Taxes

For the three months ended March 31, 2023and 2022, the Company estimated itsannual effective tax rate and

applied this effective tax rate to itsyear-to-date pretax income at the endof the interim reporting period. The tax

effects of unusual orinfrequently occurring items,including effects of changesin tax laws or ratesand changes

in judgment about therealizability of deferredtax assets, are reportedin the interimperiod in which theyoccur.

The Company’s 2023 estimatedannual effective tax rateis

24.0

%, which has been favorablyimpacted by mine

depletion deductions inthe United States.

The Company hadan income tax expenseof $

34.0

million based on

an income before tax of $

141.9

million for the three months ended March 31, 2023.

Income taxexpense of$

81.9

million forthe threemonths endedMarch 31,2022 wascalculated basedon an

estimated annual effective tax rate of

23.3

% for the period.

The Company utilizes the“more likely than not”standard in recognizinga tax benefit inits financial statements.

ForthethreemonthsendedMarch31,2023,theCompanyhad

no

unrecognizedtaxbenefits.Ifaccrualfor

interestorpenaltiesisrequired,itistheCompany’spolicytoincludetheseasacomponentofincometax

expense.

The Company issubject to taxationin theU.S. and itsvarious states, aswell as Australiaand itsvarious localities.

In theU.S.andAustralia, thefirst taxreturnwaslodged fortheyearended December31,2018. Inthe U.S.,

companies aresubject toopen taxaudits fora periodof sevenyears atthe federallevel andfive yearsat the

state level.In Australia,companiesare subjectto opentax auditsfor aperiod offour yearsfrom thedate of

assessment.

The Company assessed the need for valuation allowances by evaluating future taxable income, available for tax

strategies and the reversal of temporary tax differences.

11.Earnings per Share

Basic earnings pershare of commonstock is computedby dividing netincome attributableto the Companyfor

the period,by theweighted-averagenumber ofsharesof commonstock outstandingduring thesame period.

Diluted earnings per share of common stock is computedby dividing net income attributable to the Companyby

the weighted-average numberof sharesof commonstock outstanding adjustedto giveeffect to potentiallydilutive

securities.

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

Three months ended March 31,

(in US$ thousands, except per share data)

2023

2022

Numerator:

Net income attributable to Company stockholders

$

107,860

$

269,898

Denominator (in thousands):

Weighted-average shares of common stock outstanding

167,645

167,645

Effects of dilutive shares

307

88

Weighted average diluted shares of common stockoutstanding

167,952

167,733

Earnings Per Share (US$):

Basic

0.64

1.61

Dilutive

0.64

1.61

12.Fair Value Measurement

The fairvalue ofa financialinstrument isthe amountthat willbe receivedto sellan assetor paidto transfera

liability inan orderly transactionbetween market participantsat themeasurement date. Thefair valuesof financial

instruments involve uncertainty and cannot be determined withprecision.

The Company utilizes valuationtechniques that maximizethe use of observable inputsand minimize the use of

unobservableinputstotheextentpossible.TheCompanydeterminesfairvaluebasedonassumptionsthat

market participants would use in pricingan asset or liability in themarket.When considering market participant

assumptions in fairvalue measurements, thefollowing fair valuehierarchy distinguishes between observableand

unobservable inputs, which are categorized in one of the followinglevels:

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202314

Level1 Inputs:Unadjustedquotedpricesinactivemarketsfor identicalassetsor liabilitiesaccessibletothe

reporting entity at the measurement date.

Level 2 Inputs:Other than quoted prices that are observable for theasset or liability,either directly or indirectly,

for substantially the full term of the asset or liability.

Level3Inputs:Unobservableinputsfortheassetorliabilityusedtomeasurefairvaluetotheextentthat

observable inputsare notavailable, therebyallowing forsituations inwhich thereis little, ifany,market activity

for the asset or liability at measurement date.

Financial Instruments Measured on a Recurring Basis

As of March31, 2023, therewere

no

financial instrumentsrequired to bemeasured at fairvalue on arecurring

basis.

Other Financial Instruments

The following methodsand assumptionsare used toestimate the fairvalue of otherfinancial instrumentsas of

March 31, 2023 and December 31, 2022:

●

Cashandrestrictedcash,accountsreceivable,accountspayable,accruedexpenses,leaseliabilities

andothercurrentfinancialliabilities:ThecarryingamountsreportedintheunauditedCondensed

Consolidated Balance Sheets approximate fair value due to theshort maturity of these instruments.

●

Restricteddeposits,leaseliabilities,interestbearingliabilitiesandotherfinancialliabilities:Thefair

valuesapproximatethecarryingvaluesreportedintheunauditedCondensedConsolidatedBalance

Sheets.

●

Interest bearing liabilities: TheCompany’s outstanding interest-bearing liabilities are carried atamortized

cost. As of March 31,2023, there were

no

borrowings outstanding under the ABL Facility. The estimated

fair value ofthe Notes asof March 31,2023 was approximately$

253.3

million based uponquoted market

prices in a market that is not considered active (Level 2).

13.Accumulated Other Comprehensive Losses

Accumulated other comprehensive losses consisted ofthe following at March 31, 2023:

(in US$ thousands)

Foreign

currency

translation

adjustments

Balance at December 31, 2022

$

(91,423)

Net current-period other comprehensive income (loss):

Loss in other comprehensive income before reclassifications

(807)

Loss on long-term intra-entity foreign currency transactions

(3,696)

Totalnet current-period other comprehensive loss

(4,503)

Balance at March 31, 2023

$

(95,926)

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202315

14.Commitments

(a)Mineral Leases

TheCompanyleasesmineralinterestsandsurfacerightsfromlandownersundervarioustermsandroyalty

rates. The future minimum royalties under these leasesas of March 31, 2023 are as follows:

(in US$ thousands)

Amount

Year endingDecember 31,

2023

$

4,043

2024

4,736

2025

4,629

2026

4,500

2027

4,474

Thereafter

23,711

Total

$

46,093

Mineral leases are not in scope of ASC 842 and continue tobe accounted for under the guidance in ASC 932,

Extractive Activities – Mining.

(b)Other commitments

As ofMarch 31, 2023,purchase commitments forcapital expenditures were$

26.6

million, allof which isobligated

within the next twelve months.

In Australia, theCompany has generallysecured the abilityto transport coalthrough rail contractsand coal export

terminal contracts that are primarily fundedthrough take-or-pay arrangements with terms ranging up to

13 years

.

In the U.S., the Companytypically negotiates its railand coal terminal accesson an annual basis.As of March

31, 2023, these Australian and U.S.commitments under take-or-payarrangements totaled $

0.9

billion, of which

approximately $

96.0

million is obligated within the next twelve months.

15.Contingencies

In thenormal courseof business,the Companyis aparty tocertain guaranteesand financialinstruments with

off-balance sheetrisk, suchas lettersof creditand performanceor suretybonds.

No

liabilities relatedto these

arrangements are reflectedin the Company’sunaudited Condensed Consolidated Balance Sheets.Management

does not expect any material losses to result from theseguarantees or off-balance sheet financial instruments.

As requiredby certainagreements, theCompany hadcash collateralin theform ofdeposits inthe amountof

$

86.5

million and $

89.1

million as ofMarch 31, 2023and December 31,2022, respectively,to provide back-to-

back supportfor bankguarantees,financialpayments,other performanceobligations, variousotheroperating

agreements andcontractual obligationsunder workerscompensation insurance.These depositsare restricted

and classified as long-term assets in the unaudited CondensedConsolidated Balance Sheets.

In accordancewith theterms ofthe ABLFacility,the Companymay berequiredto cashcollateralizethe ABL

Facility to the extent of outstanding letters of credit after the expiration or termination date of such letter of credit.

As of March 31, 2023,

no

letter of credit was outstanding and

no

cash collateral was required.

For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety

bondsforpost-miningreclamation.TheCompanycanalsousebanklettersofcredittocollateralizecertain

obligations.As ofMarch31, 2023,theCompanyhadoutstandingsuretybondsof $

37.6

million andlettersof

credit of $

16.8

million issued from our available bank guarantees,to meet contractual obligations under workers

compensation insurance and to secure other obligationsand commitments.

FortheAustralianOperations,theCompanyhadbankguaranteesoutstandingof$

25.5

millionatMarch31,

2023, primarily in respect of certain rail and port arrangementsof the Company.

As at March31, 2023, theCompany had totaloutstanding bank guaranteesprovided of $

42.3

million to secure

obligations andcommitments. Futureregulatory changesrelating tothese obligationscould resultin increased

obligations, additional costs or additional collateral requirements.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202316

Stamp duty on Curragh acquisition

On September 27, 2022, the Company received fromthe Queensland Revenue Office, or QRO,an assessment

of the stamp dutypayable on itsacquisition of the Curraghmine in March2018. The QRO assessedthe stamp

dutyonthisacquisitionatanamountof$

55.2

million(A$

82.2

million)plusunpaidtaxinterestof$

8.1

million

(A$

12.1

million).OnNovember23,2022,theCompanyfiledanobjectiontotheassessmentandiscurrently

awaiting the outcome of this objection. The outcome of thisobjection is uncertain.

The Company continuesto maintain itsposition and theestimated accrual $

28.9

million (A$

43.0

million) stamp

duty payableon theCurragh acquisitionbased onlegal andvaluation adviceobtained. TheCompany madea

partial payment to date of the stamp duty reducing the estimatedaccrual to $

11.6

million (A$

17.3

million), which

is includedwithin“AccruedExpensesand OtherCurrentLiabilities”inits unauditedCondensedConsolidated

Balance sheet,as at March 31, 2023.

From time to time,the Company becomesa party to otherlegal proceedings in theordinary course of business

in Australia, the U.S. and other countries where the Company does business.Based on current information, the

Company believes that such other pendingor threatened proceedings are likely tobe resolved without a material

adverseeffectonitsfinancialcondition,resultsofoperationsorcashflows.Inmanagement’sopinion,the

Company is not currentlyinvolved in any legalproceedings, which individuallyor in the aggregatecould have a

material effect on the financial condition, results ofoperations and/or liquidity of the Company.

16.Subsequent Events

New asset-based revolving credit facility

On May8, 2023,or theSigning Date,the Company,Coronado CoalCorporation, aDelaware corporationand

wholly owned subsidiaryof the Company,Coronado Finance PtyLtd, an Australianproprietary companyand a

wholly ownedsubsidiary ofthe Company,or anAustralian Borrower,Coronado CurraghPty Ltd,an Australian

proprietary company and wholly owned subsidiary of the Company, or an Australian Borrower and, together with

theotherAustralianBorrower,theBorrowers,andtheotherguarantorspartythereto,collectivelywiththe

Company,theGuarantorsand,togetherwiththeBorrowers,theLoanParties,enteredintoaseniorsecured

asset-based revolving credit agreement in an initial aggregate amount of$

150.0

million, or the New ABL Facility,

with Global Loan Agency ServicesAustralia Pty Ltd, as theAdministrative Agent, Global LoanAgency Services

Australia Nominees Pty Ltd, asthe Collateral Agent, theHongkong and Shanghai BankingCorporation Limited,

Sydney Branch,as theLender,and DBSBank Limited,Australia Branch,as theLender and,together withthe

other Lender, the Lenders.

Upon satisfaction of the stipulated conditionsprecedent to closing under the NewABL Facility,which conditions

include,amongotherthings,completionofafieldexaminationbyanindependentthird-partyassessor,and

satisfactory rightof entryarrangements beingentered intoin relationto certainAustralian portsutilized bythe

Company forshipment ofcoal, theNew ABLFacility willreplace thepredecessor ABLFacility.The conditions

precedent underthe NewABL Facilityneed tobe satisfied,or waived,on orbefore thedate thatfalls 60days

after the Signing Date, or such later date as agreed between the Companyand each lender under the New ABL

Facility.

The New ABLFacility willmature

three years

after theSigning Dateand will providefor up to$

150.0

million in

borrowings, including a $

100.0

million sublimit for the issuance of letters of credit and$

70.0

million sublimit as a

revolving credit facility. Availability under theNew ABL Facilityis limited toan eligible borrowingbase, determined

by applying customary advance rates to eligible accountsreceivable and inventory.

The NewABL Facilityis guaranteedby theGuarantors.Amounts outstandingunder theNew ABLFacility are

secured by(i) firstpriority lienin theaccounts receivableand otherrights topayment, inventory,intercompany

indebtedness, certain generalintangibles and commercial tortclaims, commodities accounts,deposit accounts,

securities accountsand otherrelated assetsand proceedsand productsof eachof theforegoing, collectively,

the New ABLCollateral, and(ii) a second-priority lienon substantially allof the Company’s assetsand the assets

of theguarantors, other thanthe New ABLCollateral, and (iii)solely in thecase of theobligations of theAustralian

Borrower, a featherweightfloating security interest over certainassets of the Australian Borrower,in each case,

subject to certain customary exceptions

Borrowings under the NewABL Facility bear interestat a rate perannum equal to applicablerate of

2.80

% and

BBSY,for loans denominated in A$, or SOFR, for loansdenominated in U$, at the Borrower’s election.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202317

The NewABL Facilitycontains customary representationsand warrantiesand affirmative andnegative covenants

including, amongothers, acovenant regardingthe maintenanceof leverageratio tobe lessthan

3.00

times, a

covenant regarding maintenance of interest coverage ratio to be more than

3.00

times, covenants relating to the

payment of dividends, or purchase or redemption of, with respect to any Equity Interests of Holdings orany of its

Subsidiaries,covenantsrelatingtofinancialreporting,covenantsrelatingtotheincurrenceofliensor

encumbrances, covenants relating to the incurrence or prepayment of certain debt, compliance with laws, use of

proceeds, maintenance of properties, maintenance of insurance, payment obligations, financial accommodation,

mergers andsales of allor substantially allof the Borrowersand Guarantors’, collectivelythe Loan Parties,assets

and limitations on changes in the nature of the Loan Parties’business.

TheNewABLFacilityprovidesforcustomaryeventsofdefault,including,amongotherthings,theeventof

nonpaymentofprincipal,interest,fees,orotheramounts,arepresentationorwarrantyprovingtohavebeen

materially incorrect when made, failure to perform or observe certain covenants within a specified period of time,

a cross-default to certain material indebtedness,the bankruptcy or insolvency ofthe Company and certain of its

subsidiaries,monetaryjudgmentdefaultsofaspecifiedamount,invalidityofanyloandocumentation,and

Employee RetirementIncome SecurityAct, orERISA, defaultsresulting inliability ofa materialamount. Inthe

event of adefault by the Borrowers (beyondany applicable grace or cureperiod, if any), theAdministrative Agent

may and, at the directionof the requisite number of Lenders, shalldeclare all amounts owing under theNew ABL

Facility immediately due and payable, terminate suchLenders’ commitments to make loans under the NewABL

Facility,requiretheBorrowersto cashcollateralizeanyletter ofcreditobligationsand/or exerciseanyand all

remedies and otherrights under theNew ABL Facility. For certaindefaults related toinsolvency and receivership,

the commitmentsof the Lenderswill be automaticallyterminated, andall outstandingloans and otheramounts

will becomeimmediately dueand payable.A reviewevent willoccur underthe NewABL Facilityif anyone or

more ofthe followingoccurs: (a)downgrade ofthe creditrating byS&P orMoody’sin respectof aLoan Party

which applies as atthe Closing Date; (b)change of control occurs;or (c) delisting ofany listed LoanParty from

the relevant stockexchange on whichit was listed ora trading halt inrespect of suchLoan Party for morethan

5 business days. Followingthe occurrence of areview event, theBorrowers must promptlymeet and consult in

good faithwith the AdministrativeAgent and theLenders to agreea strategy toaddress the relevantreview event.

If atthe end ofa period of20 business daysafter the occurrenceof the reviewevent, the Lendersare not satisfied

withtheresultoftheirdiscussionormeetingwiththeBorrowersordonotwishtocontinuetoprovidetheir

commitments,theLendersmaydeclareallamountsowingundertheNewABLFacilityimmediatelydueand

payable, terminate such Lenders’commitments to make loansunder the New ABLFacility, require the Borrowers

to cash collateralizeany letter ofcredit obligations and/orexercise any andall remedies andother rights under

the New ABL Facility.

Curragh Housing Transaction

On May 8, 2023,the Company entered into anagreement for accommodation services and tosell and leaseback

housing andaccommodationassets includedin property,plant andequipment. Thetransaction didnot satisfy

thesalecriteriaunderASC606–RevenueswithContractswithCustomersandwasdeemedafinancing

arrangement. As a result, the Company continued to recognizethe underlying property,plant and equipment on

itscondensedconsolidatedbalancesheet.Theproceedsof$

23.2

million(A$

34.6

million)receivedfromthe

transaction willbe recorded as“Other FinancialLiabilities” onthe Company’scondensed consolidatedbalance

sheet. The term of the financing arrangement is

ten years

with an effective interest rate of

12.8

%.

In connection with this transaction, theCompany borrowed an additional amount of $

27.1

million (A$

40.4

million)

which will be recorded in “Interest Bearing Liabilities”. The term of the arrangementis

ten years

with an effective

interest rate of

12.8

%.

In linewith theCompany’scapital managementstrategy,the abovetransactions provideadditional liquidity.In

addition,theaccommodationservicescomponentofthearrangementisanticipatedtoenhancethelevelof

service for our employees at our Curragh mine.

Coronado Global Resources Inc.

Form 10-Q March 31, 202318

REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

To the Stockholdersand Board of Directors of Coronado Global ResourcesInc.

Results of Review of Interim Financial Statements

Wehavereviewedtheaccompanyingcondensedconsolidatedbalance sheetofCoronadoGlobalResources

Inc.(theCompany)asofMarch31,2023,therelatedcondensedconsolidatedstatementsofoperationsand

comprehensiveincomeforthethree-monthperiodsendedMarch31,2023and2022,thecondensed

consolidated statements of stockholders’ equity for the three-month period ended March 31, 2023 and 2022, the

condensed consolidated statementsof cash flowsfor the three-monthperiod ended March31, 2023 and2022,

andtherelatednotes(collectivelyreferredtoasthe“condensedconsolidatedinterimfinancialstatements”).

Based onour reviews,we arenot awareof anymaterial modificationsthat shouldbe madeto thecondensed

consolidated interimfinancial statementsfor themto bein conformitywith U.S.generally acceptedaccounting

principles.

Wehavepreviouslyaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversight

Board (United States) (PCAOB), theconsolidated balance sheet of the Companyas of December 31, 2022, the

related consolidated statementsof operationsand comprehensiveincome, stockholders'equity and cashflows

for the year then ended, andthe related notes (not presented herein), andin our report dated February 21, 2023,

weexpressedanunqualifiedauditopiniononthoseconsolidatedfinancialstatements.Inouropinion,the

information setforth inthe accompanyingcondensed consolidatedbalance sheetas of December31, 2022,is

fairly stated, in all materialrespects, in relation to the consolidated balancesheet from which it has beenderived.

Basis for Review Results

These financialstatementsare theresponsibilityof theCompany'smanagement.Weare apublic accounting

firm registered with the PCAOB and are requiredto be independent with respect to theCompany in accordance

with theU.S. federalsecurities lawsand theapplicable rulesand regulationsof theSEC andthe PCAOB.We

conducted our reviewin accordance withthe standards ofthe PCAOB. Areview of interimfinancial statements

consists principallyof applyinganalytical proceduresand makinginquiries ofpersonsresponsible forfinancial

and accounting matters.It is substantiallyless in scopethan an auditconducted in accordancewith the standards

of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as

a whole. Accordingly,we do not express such an opinion.

/s/ Ernst & Young

Brisbane, Australia

May 8, 2023.

Coronado Global Resources Inc.

Form 10-Q March 31, 202319

ITEM 2.MANAGEMENT’S DISCUSSIONAND ANALYSISOF FINANCIALCONDITION ANDRESULTSOF

OPERATIONS

The followingManagement’s Discussionand Analysisof our FinancialCondition andResults ofOperations, or

MD&A, should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the

related notes tothose statements includedelsewhere in thisForm 10-Q. In addition,this Form 10-Q reportshould

be read in conjunctionwith the ConsolidatedFinancial Statements foryear ended December 31,2022 included

in Coronado Global Resources Inc.’sAnnual Report on Form 10-K forthe year ended December 31, 2022,filed

withtheU.S.SecuritiesandExchangeCommission,orSEC,andtheAustralianSecuritiesExchange,orthe

ASX, on February 21, 2023.

Unless otherwisenoted,referencesin thisQuarterlyReport onForm 10-Qto “we,”“us,”“our,”“Company,”or

“Coronado” referto CoronadoGlobal ResourcesInc. andits consolidatedsubsidiaries andassociates, unless

the context indicates otherwise.

All production and sales volumes contained in this Quarterly Report on Form 10-Qare expressed in metric tons,

or Mt,millions ofmetric tons,or MMt,or millionsof metrictons perannum, orMMtpa, exceptwhere otherwise

stated. One Mt(1,000 kilograms) is equalto 2,204.62 pounds andis equivalent to 1.10231short tons. In addition,

alldollaramountscontainedhereinareexpressedinUnitedStatesdollars,orUS$,exceptwhereotherwise

stated.Referencesto“A$”arereferencestoAustraliandollars,thelawfulcurrencyoftheCommonwealthof

Australia. Some numerical figures included in this Quarterly Reporton Form 10-Q have been subject to rounding

adjustments. Accordingly, numerical figures shown astotals in certaintables may notequal the sumof the figures

that precede them.

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of

the Securities Act of 1933, asamended, and Section 21E of the SecuritiesExchange Act of 1934, as amended,

or the ExchangeAct, concerningour business,operations, financialperformance andcondition, thecoal, steel

andotherindustries,as wellasourplans,objectivesandexpectationsforourbusiness,operations,financial

performanceandcondition.Forward-lookingstatementsmaybeidentifiedbywordssuchas“may,”“could,”

“believes,”“estimates,”“expects,”“intends,”“plans,”“anticipate,”“forecast,”“outlook,”“target,”“likely,”

“considers” and other similar words.

Anyforward-lookingstatementsinvolveknownandunknownrisks,uncertainties,assumptionsandother

important factors thatcould cause actualresults, performance,events or outcomesto differmaterially fromthe

results,performance,eventsoroutcomesexpressedoranticipatedinthesestatements,manyofwhichare

beyondourcontrol.Suchforward-lookingstatementsarebasedonanassessmentofpresenteconomicand

operatingconditionsonanumberofbestestimateassumptionsregardingfutureeventsandactions.These

factors are difficult to accurately predict and may be beyond our control. Factors that could affect our results, our

announced plans, or an investment in our securities include,but are not limited to:

●

the prices we receive for our coal;

●

uncertainty inglobal economicconditions, includingthe extent,duration andimpact ofthe Russiaand

Ukraine war, as well as risks related to government actions with respect to trade agreements, treaties or

policies;

●

a decrease inthe availability or increasein costs ofkey supplies, capital equipmentor commodities, such

as diesel fuel, steel, explosives and tires, as the resultof inflationary pressures or otherwise;

●

the extensive forms of taxationthat our mining operationsare subject to, and futuretax regulations and

developments. For example,the amendments tothe coalroyalty regime implementedby the Queensland

state Government inAustralia in 2022 introducinghigher tiers to thecoal royalty ratesapplicable to our

Australian Operations;

●

severe financialhardship,bankruptcy,temporary orpermanent shutdowns oroperational challenges,

duetofuturepublichealthcrisis(suchastheCOVID-19pandemic),ofoneormoreofourmajor

customers,includingcustomersinthesteelindustry,keysuppliers/contractors,whichamongother

adverse effects,could leadto reduceddemand forour coal,increased difficultycollecting receivables

andcustomersand/orsuppliersassertingforcemajeureorotherreasonsfornotperformingtheir

contractual obligations to us;

●

our ability to generate sufficient cash to serviceour indebtedness and other obligations;

Coronado Global Resources Inc.

Form 10-Q March 31, 202320

●

our indebtedness and ability tocomply with the covenants and otherundertakings under the agreements

governing such indebtedness;

●

ourabilitytocollectpaymentsfromourcustomersdependingontheircreditworthiness,contractual

performance or otherwise;

●

the demand for steel products, which impacts the demand forour metallurgical, or Met, coal;

●

risks inherent tomining operations couldimpact the amountof coal produced,cause delayor suspend

coal deliveries, or increase the cost of operating our business;

●

the loss of, or significant reduction in, purchases by ourlargest customers;

●

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

●

unfavorable economic and financial market conditions;

●

our ability to continue acquiring and developing coal reservesthat are economically recoverable;

●

uncertainties in estimating our economically recoverable coalreserves;

●

transportation for our coal becoming unavailable or uneconomicfor our customers;

●

the riskthat wemaybe requiredto payfor unusedcapacitypursuantto thetermsof ourtake-or-pay

arrangements with rail and port operators;

●

our ability to retain key personnel and attract qualifiedpersonnel;

●

any failure to maintain satisfactory labor relations;

●

our ability to obtain, renew or maintain permits and consentsnecessary for our operations;

●

potential costs or liability under applicable environmentallaws and regulations, including with respectto

anyexposuretohazardoussubstancescausedbyouroperations,aswellasanyenvironmental

contamination our properties may have or our operationsmay cause;

●

extensive regulation of our mining operations and futureregulations and developments;

●

ourabilitytoprovideappropriatefinancialassurancesforourobligationsunderapplicablelawsand

regulations;

●

assumptions underlying our asset retirement obligationsfor reclamation and mine closures;

●

concernsabouttheenvironmentalimpactsofcoalcombustion,includingpossibleimpactsonglobal

climate issues, which could resultin increased regulation ofcoal combustion and requirements toreduce

greenhouse gas,or GHG,emissions inmany jurisdictions,which couldsignificantly affectdemand for

our products or our securities and reduced access to capitaland insurance;

●

any cyber-attacks or other security breaches that disruptour operations or result in the dissemination of

proprietary or confidential information about us, our customersor other third parties;

●

the risk that we may not recover our investments in our mining, exploration and other assets, which may

require us to recognize impairment charges related to those assets;

●

risks related to divestitures and acquisitions;

●

the risk that diversity in interpretation and application of accounting principles in the mining industry may

impact our reported financial results; and

●

otherrisksanduncertaintiesdetailedherein,including,butnotlimitedto,thosediscussedin“Risk

Factors,” set forth in Part II, Item 1A of this Quarterly Reporton Form 10-Q.

Wemakemanyofourforward-lookingstatementsbasedonouroperatingbudgetsandforecasts,whichare

based upondetailed assumptions.While webelieve thatour assumptionsare reasonable,we cautionthat itis

Coronado Global Resources Inc.

Form 10-Q March 31, 202321

very difficult topredict the impactof known factors,and it isimpossible for usto anticipate allfactors that could

affect our actual results.

See Part I, Item1A. “Risk Factors”of our Annual Reporton Form 10-K forthe year ended December31, 2022,

filed with the SEC and ASX on February 21, 2023, for a more completediscussion of the risks and uncertainties

mentioned aboveand fordiscussion ofother risksand uncertaintieswe facethat couldcause actualresults to

differ materially from those expressed or implied bythese forward-looking statements.

Allforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretybythesecautionary

statements, as well as othersmade in this Quarterly Report on Form10-Q and hereafter in our otherfilings with

theSECandpubliccommunications.Youshouldevaluateallforward-lookingstatementsmadebyusinthe

context of these risks and uncertainties.

We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to

you.Youshouldnotinterpretthedisclosureofanyrisktoimplythattheriskhasnotalreadymaterialized.

Furthermore, theforward-looking statementsincluded in thisQuarterly Reporton Form 10-Qare made onlyas

of the datehereof. Weundertake noobligation topublicly updateor reviseany forward-lookingstatement asa

result of new information, future events, or otherwise, exceptas required by applicable law.

Overview

Weareaglobalproducer,marketerandexporterofafullrangeofMetcoalproducts.Weownaportfolioof

operating mines and developmentprojects in Queensland, Australia,and in the states ofVirginia,West Virginia

and Pennsylvania in the United States.

Our AustralianOperationscomprise the100%-ownedCurragh producingmine complex.Our U.S.Operations

comprisetwo100%-ownedproducingminecomplexes(BuchananandLogan),one100%-ownedidledmine

complex (Greenbrier) and two development properties (Mon Valleyand Russell County). In addition to Met coal,

our AustralianOperations sellthermal coaldomestically,which isused togenerate electricity,to Stanwelland

some thermalcoal inthe exportmarket. OurU.S. Operationsprimarily focuson theproduction ofMet coalfor

the North American domestic and seaborne exportmarkets and also produce and sell somethermal coal that is

extracted in the process of mining Met coal.

Coking coalindex priceshave continuedto increasein thefirst quarterof 2023compared tofourth quarterof

2022, primarily driven by supply constraints in key Met coalmarkets caused by wet weather amidst mild demand

recovery fromIndian andSoutheast Asiansteelmakers. TheAustralian PremiumLow VolumeIndex averaged

$335 per Mt during Q1 2023, $60 per Mt above Q4 2022, however,$153 per Mt below Q1 2022.

Coronado hascontinued totake advantageof itsunique geographicaldiversification asa Metcoal supplierof

scale to meet the requirements of steel customers across the globe. Our U.S. Operations have taken advantage

of current unique market fundamentals createdby the trade restrictions on Russian coalby switching coal sales

from China to Europe providing higher returns for ourproducts.

Our results for the three months endedMarch 31, 2023, were adversely impactedby (1) significant wet weather

events impactingproductionat ourAustralian Operations,(2) continuedinflationarypressure (3)reduced coal

availability fromequipment breakdown,(4) atrain derailmenton theBlackwater linewhich impactedour sales

volume, (5) loweraverage realized Metprice per Mt soldcompared to firstquarter of 2022and (6) higher sales

related costs (royalties and freight costs).

For the three months ended March 31, 2023, we produced and sold 3.7 MMt of coal. Met coal sales represented

74.7% of ourtotal volumeof coal soldand 88.8% oftotal coal revenuesfor the threemonths endedMarch 31,

2023.

Coal revenues of $738.3million for the threemonths ended March 31,2023, decreased by 21.2%compared to

the sameperiod in2022, drivenby decreasedaverage realizedMet priceper Mtsold from$266.5 to$239.7.

Sales volumeswere lowerfor thethree monthsended March31, 2023,compared tothe sameperiod in2022

due to lower production primarily driven by higher than anticipated wet weather resulting inlower coal availability

atourAustralianOperationscombinedwithshippingdelaysfromadverseweatheratourU.S.Operations.

Operating costs forthe three monthsended March 31,2023, were $569.0million, or 7.6%,higher compared to

the corresponding period in2022 primarily driven byinflationary pressure on supply,contractors and fuel costs,

additionalfleetsmobilizedsinceMarch31,2022andunplannedequipmentbreakdownatourAustralian

Operations and higher freight costs at our U.S. Operations.

Liquidity

As of March 31, 2023,the Company’s netcash position,comprising of $498.0 millioncash (excluding restricted

cash) less$242.3 millionaggregate principalamount of Notesoutstanding,was $255.7million.Coronado has

Coronado Global Resources Inc.

Form 10-Q March 31, 202322

availableliquidityof$598.0millionasofMarch31,2023,consistingofcash(excludingrestrictedcash)and

$100.0 million availability under our ABL facility,which remains fully undrawn.

Safety

ForourAustralianOperations,thetwelve-monthrollingaverageTotalReportableInjuryFrequencyRate,or

TRIFR, atMarch 31,2023 was3.18

compared toa rateof 3.92at theend ofDecember 31,2022. Atour U.S.

Operations, thetwelve-month rollingaverage TotalReportable IncidentRate, orTRIR, atMarch 31,2023 was

2.43

compared to a rate of 2.42at the end of December31, 2022.Reportable rates for our Australianand U.S.

Operations are below the relevant industry benchmarks.

The safetyof ourworkforce is ournumber one priorityand Coronado remainsfocused on thesafety and wellbeing

of all employees and contracting parties.

Segment Reporting

In accordance withAccounting Standards Codification,or ASC, 280,Segment Reporting, wehave adopted the

following reportingsegments: Australia andthe UnitedStates. Inaddition, “Other andCorporate” isnot areporting

segment but is disclosed for the purposes of reconciliationto our consolidated financial statements.

Results of Operations

How We Evaluate Our Operations

Weevaluateouroperationsbasedonthevolumeofcoalwecansafelyproduceandsellincompliancewith

regulatorystandards,andthepriceswereceiveforourcoal.Oursalesvolumeandsalespricesarelargely

dependent uponthe termsof ourcoal salescontracts, forwhich pricesgenerally areset basedon dailyindex

averages, on a quarterly basis or annual fixed price contracts.

Our managementuses avariety offinancial andoperating metricsto analyzeour performance.These metrics

are significant factorsin assessing ouroperating resultsand profitability.These financialand operating metrics

include: (i) safety and environmental metrics; (ii) Adjusted EBITDA; (iii) total sales volumes and average realized

priceperMtsold,whichwedefineastotalcoalrevenuesdividedbytotalsalesvolume;(iv) Metcoalsales

volumes and average realized Met price perMt sold, which we define as Met coalrevenues divided by Met coal

sales volume; (v) averagesegment mining costsper Mt sold,which we defineas mining costsdivided by sales

volumes (excluding non-produced coal) for the respective segment; (vi) average segment operating costsper Mt

sold, which we define as segment operating costs divided by sales volumes for the respective segment; and (vii)

net cash, which we defineas cash and cash equivalents(excluding restricted cash) lessoutstanding aggregate

principal amount of 10.750% senior secure notes due2026.

Coalrevenuesareshownonourstatementofoperationsandcomprehensiveincomeexclusiveofother

revenues.Generally,exportsale contractsfor ourAustralianOperationsrequireus tobear thecostof freight

from our mines to theapplicable outbound shippingport, while freight costsfrom the port to theend destination

are typicallyborne by thecustomer. Sales to theexport market fromour U.S.Operations are generallyrecognized

when title tothe coal passesto the customerat themine loadout similarto adomestic sale.For ourdomestic

sales,customerstypicallybearthecostoffreight.Assuch,freightexpensesareexcludedfromcostofcoal

revenues to allow for consistency and comparability inevaluating our operating performance.

Non-GAAP Financial Measures; Other Measures

ThefollowingdiscussionofourresultsincludesreferencestoandanalysisofAdjustedEBITDA,Segment

Adjusted EBITDA andmining costs, which arefinancial measures not recognizedin accordance withU.S. GAAP.

Non-GAAP financialmeasures, includingAdjusted EBITDA,Segment AdjustedEBITDA andmining costs,are

used by investors to measure our operating performance.

Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and

amortizationandotherforeignexchangelosses.AdjustedEBITDAisalsoadjustedforcertaindiscretenon-

recurring items that we exclude inanalyzing each of our segments’operating performance. Adjusted EBITDAis

not intended toserve as analternative to U.S. GAAPmeasures of performanceand may notbe comparable to

similarly titled measures presented byother companies. A reconciliationof Adjusted EBITDA to itsmost directly

comparable measure under U.S. GAAP is included below.

Coronado Global Resources Inc.

Form 10-Q March 31, 202323

SegmentAdjustedEBITDAisdefinedasAdjustedEBITDAbyoperatingandreportingsegment,adjustedfor

certaintransactions,eliminationsoradjustmentsthatourCODMdoesnotconsiderformakingdecisionsto

allocate resources among segments or assessing segment performance.Segment Adjusted EBITDA is used as

a supplementalfinancial measureby managementand byexternal usersof ourfinancial statements,suchas

investors, industry analysts and lenders, to assess the operatingperformance of the business.

Mining costs,a non-GAAP measure,is based onreported cost ofcoal revenues, whichis shownon ourstatement

ofoperationsandcomprehensiveincomeexclusiveoffreightexpense,Stanwellrebate,otherroyalties,

depreciation,depletionandamortization,and selling,general andadministrativeexpenses,adjusted forother

items that do not relate directly to the costs incurred to produce coal at a mine. Mining costs excludes these cost

components asour CODMdoes notview thesecosts asdirectly attributableto theproduction ofcoal. Mining

costsisusedasasupplementalfinancialmeasurebymanagement,providinganaccurateviewofthecosts

directlyattributabletotheproductionofcoalatourminingsegments,andbyexternalusersofourfinancial

statements, such asinvestors, industry analysts andratings agencies, to assessour mine operatingperformance

in comparison to the mine operating performance of other companiesin the coal industry.

Three Months Ended March 31, 2023 Compared toThree Months Ended March 31, 2022

Summary

The financial and operational highlights for the three months endedMarch 31, 2023 include:

●

Netincomeof$107.9millionforthethreemonthsendedMarch31,2023,was$162.0millionlower

comparedto$269.9millionforthethreemonthsendedMarch31,2022.Thiswasdrivenbylower

revenues dueto loweraverage realizedMet coalprice perMt sold,lower salesvolume andby higher

operating costs.

●

Sales volume totaled 3.7 MMt for the three months ended March 31, 2023, comparedto 4.4 MMt for the

three months ended March 31,2022. The lower sales volumeswere largely driven by the impactof wet

weatherandequipmentbreakdownonproductionperformanceandcoalavailabilityatourAustralian

Operations, and a train derailment on the Blackwater line resulting in coal not being railed for two weeks

while repairs were undertaken.

●

Average realized Met priceper Mt soldof $239.7 forthe three months endedMarch 31, 2023,was 10.1%

lower compared to $266.5 perMt sold for the sameperiod in 2022 as theMet coal supply has readjusted

following the impact of Russia and Ukraine war on the global coal supply chainand supply constraints in

key Met coal markets during the first half of 2022.

●

Adjusted EBITDA forthe three monthsended March31, 2023, of$190.7 million,a decrease of$220.2

million compared to $411.0million for the threemonths ended March31, 2022, due tolower coal sales

revenues and higher operating costs.

●

As of March31, 2023,the Companyhad totalavailable liquidityof $598.0million, consistingof $498.0

million cash (excluding restricted cash) and $100.0 million of availabilityunder the ABL Facility.

Coronado Global Resources Inc.

Form 10-Q March 31, 202324

Three months ended March 31,

2023

2022

Change

%

(in US$ thousands)

Revenues:

Coal revenues

$

738,345

$

936,628

$

(198,283)

(21.2%)

Other revenues

27,369

10,497

16,872

160.7%

Totalrevenues

765,714

947,125

(181,411)

(19.2%)

Costs and expenses:

Cost of coal revenues (exclusive of items

shown separately below)

380,474

357,500

22,974

6.4%

Depreciation, depletion and amortization

39,423

38,009

1,414

3.7%

Freight expenses

63,353

59,264

4,089

6.9%

Stanwell rebate

39,208

29,053

10,155

35.0%

Other royalties

85,957

83,032

2,925

3.5%

Selling, general, and administrative expenses

7,774

7,876

(102)

(1.3%)

Totalcosts and expenses

616,189

574,734

41,455

7.2%

Other income (expenses):

Interest expense, net

(14,665)

(17,332)

2,667

(15.4%)

Decrease (increase) in provision for

discounting and credit losses

3,988

(428)

4,416

(1,031.8%)

Other, net

3,042

(2,790)

5,832

(209.0%)

Totalother expenses, net

(7,635)

(20,550)

12,915

(62.8%)

Net income before tax

141,890

351,841

(209,951)

(59.7%)

Income tax expense

(34,030)

(81,943)

47,913

(58.5%)

Net income attributable to Coronado Global

Resources, Inc.

$

107,860

$

269,898

$

(162,038)

(60.0%)

Coal Revenues

Coal revenueswere $738.3million forthe threemonths endedMarch 31,2023, adecrease of$198.3 million,

comparedto$936.6millionforthethreemonthsendedMarch31,2022.Thedecreasewasdrivenbylower

average realized Met coal price of$239.7 per Mt sold for the threemonths ended March 31, 2023, comparedto

$266.5 per Mt sold for thesame period in 2022 and lower coalsales volume. Coal sales volume at ourAustralian

Operationsweredownby0.6MMtduetoreducedproductionfromhigherthananticipatedwetweatherand

equipment breakdown,while sales volume for our U.S. Operations were 0.1 MMthigher.

Other revenues

Otherrevenueswere$27.4millionforthethreemonthsendedMarch31,2023,anincreaseof$16.9million

compared to $10.5million for thethree months endedMarch 31, 2022.This increase wasprimarily driven bya

one-off termination fee revenue from a coal sales contractcancelled at our U.S. Operations.

Cost of Coal Revenues (Exclusive of Items ShownSeparately Below)

Cost of coal revenues comprise costs relatedto produced tons sold, along withchanges in both the volumes and

carryingvaluesofcoalinventory.Costofcoalrevenuesincludeitemssuchasdirectoperatingcosts,which

includes employee-related costs,materials andsupplies, contractor services,coal handlingand preparation costs

and production taxes.

Totalcost ofcoal revenueswere $380.5million forthe threemonths endedMarch 31,2023, $23.0million, or

6.4% higher,compared to $357.5 million for the three months endedMarch 31, 2022.

Our Australian Operationscontributed $12.0 millionto the increasein total cost ofcoal revenues, largelydriven

by the impact of continued inflationary pressure on contractors’costs, fuel, and other supply costs and additional

fleetmobilizedinFebruary2022,partiallyoffsetbylowerpurchasedcoalcostandfavorableaverageforeign

exchange rate ontranslation of theAustralian Operations forthe three monthsended March 31,2023, of A$/US$:

0.68 compared to0.72 for thesame period in2022. Costof coal revenuesfor our U.SOperations for thethree

months ended March 31,2023, was $11.0million higher compared tothe three months endedMarch 31, 2022,

largely due to the continued impact of inflation on laborand supply costs.

Coronado Global Resources Inc.

Form 10-Q March 31, 202325

Freight Expenses

Freight expensesrelate tocosts associatedwith railand portproviders,includingtake-or-pay commitmentsat

ourAustralianOperations,anddemurragecosts.Freightexpensestotaled$63.4millionfor thethreemonths

ended March 31, 2023, an increase of $4.1 million, compared to $59.3 million for the three months ended March

31, 2022. Our U.S. Operations’ freightcost contributed $10.0 million tothis increase, driven by coal salesunder

certain contractsfor whichwe arrangeand payfor transportationto portthat didnot existto thesame extent

during thethree monthsended March31, 2022,partially offsetby lowersales volumeand afavorable foreign

exchange rate on translationof our Australian Operations.

Stanwell Rebate

The Stanwell rebate was $39.2 million for the three months ended March31, 2023,an increase of $10.1 million,

compared to $29.1 million forthe three months ended March31, 2022. The increase waslargely driven by higher

realized export reference coal pricing for the prior twelve-month period used to calculate the rebate.

Other Royalties

Other royaltieswere $86.0millionin thethree monthsendedMarch31, 2023,an increaseof $2.9million, as

compared to $83.0 million for the three months ended March 31,2022. Royalties have increased compared to a

significant decline incoal revenues dueto the adverseimpact of thenew Queensland Governmentroyalty regime

effectivefrom July1, 2022to ourAustralian Operations,partially offsetby lowersales volumesand favorable

foreign exchange rate on translationof our Australian Operations. The newroyalty regime has resulted in$29.0

million additional royalty costs for the three months endedMarch 31, 2023.

Decrease (increase) in Provision for Discounting andCredit Losses

Decrease in provision fordiscounting and credit losses of$3.9 million in thethree months ended March 31,2023,

a favorable movement of $4.4 million compared to increase in provision for discounting and credit losses of $0.4

million for the three months ended March 31, 2022. The lower provision wasprimarily driven by timely collection

of trade receivables during the three months ended March31, 2023.

Interest Expense, net

Interest expense,net was$14.7 millionin thethree monthsended March31, 2023,a decreaseof $2.7million

compared to$17.3 millionfor thethree monthsended March31, 2022.The decreasewas dueto lowerNotes

outstanding during the three months ended March 31,2023, following redemptions since March 31, 2023.

Income Tax Expense

Income taxexpense of$34.0million forthe threemonths endedMarch 31,2023, decreasedby $47.9million,

compared to a tax expense of $81.9 million for the three months endedMarch 31, 2022, driven by lower income

before tax in the 2023 period.

The income tax expense for the three months ended March 31, 2023, is based on an annual effective tax rate of

24.0%.

Coronado Global Resources Inc.

Form 10-Q March 31, 202326

Supplemental Segment Financial Data

Three months ended March 31, 2023 compared to three monthsended March 31, 2022

Australia

Three months ended March 31,

2023

2022

Change

%

(in US$ thousands)

Sales volume (MMt)

2.2

2.8

(0.6)

(21.6)%

Totalrevenues ($)

398,661

605,298

(206,637)

(34.1)%

Coal revenues ($)

390,804

596,298

(205,494)

(34.5)%

Average realized price per Mt sold ($/Mt)

178.9

214.1

(35.2)

(16.4)%

Met sales volume (MMt)

1.5

1.8

(0.3)

(15.0)%

Met coal revenues ($)

372,519

554,009

(181,490)

(32.8)%

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

241.9

305.8

(63.9)

(20.9)%

Mining costs ($)

236,056

202,018

34,038

16.8%

Mining cost per Mt sold ($/Mt)

108.5

76.1

32.4

42.6%

Operating costs ($)

385,226

365,707

19,519

5.3%

Operating costs per Mt sold ($/Mt)

176.4

131.3

45.1

34.3%

Segment Adjusted EBITDA ($)

13,233

238,968

(225,735)

(94.5)%

Coal revenues for our Australian Operations,for the three months ended March 31, 2023, were $390.8 million, a

decrease of$205.5 millionor 34.5%,compared to$596.3 millionfor thethree monthsended March31, 2022.

This decreasewas drivenby loweraverage realizedMet coal priceper Mtsold of$241.9 forthe threemonths

ended March31, 2023, $63.9lower than the$305.8 perMt soldfor the sameperiod in2022 as Metcoal price

indexreadjustsfrom recordhighsachievedinthefirsthalf of2022.Thedecreasewasexacerbatedby lower

salesvolumeof0.6MMtduetohigherthanplannedwetweatherandequipmentbreakdownandco-shipper

delays.

Operating costs increasedby $19.5 million,or 5.3%, forthe three monthsended March31, 2023, comparedto

the three months endedMarch 31, 2022. Theincrease was largely drivenby higher mining costs,higher Stanwell

rebate and higher royalties as a result of the newroyalty regime introduced by the Queensland government from

July1,2022.Miningcostswere$34.0million,or 16.8%,higherforthethreemonthsendedMarch31,2023,

compared to the same period in 2022, primarily due to additional fleet mobilized in February 2022 and continued

inflationary pressures on costs including contractor costs and fuel costs. This combined with lower sales volume

resulted toa higherMining andOperating costper Mtsold of$32.4 and$45.1, respectively,compared tothe

same period in 2022.

Segment AdjustedEBITDA of$13.2 millionfor thethree monthsended March31, 2023,decreased by$225.7

million compared to AdjustedEBITDA of $239.0 millionfor the three monthsended March 31, 2022,which was

driven by lower coal revenues and higher operating costs.

Coronado Global Resources Inc.

Form 10-Q March 31, 202327

United States

Three months ended March 31,

2023

2022

Change

%

(in US$ thousands)

Sales volume (MMt)

1.5

1.6

(0.1)

(5.8)%

Totalrevenues ($)

367,053

341,827

25,226

7.4%

Coal revenues ($)

347,541

340,330

7,211

2.1%

Average realized price per Mt sold ($/Mt)

235.1

217.0

18.1

8.3%

Met sales volume (MMt)

1.2

1.5

(0.3)

(22.2)%

Met coal revenues ($)

283,023

337,720

(54,697)

(16.2)%

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

236.9

220.0

16.9

7.7%

Mining costs ($)

128,120

115,263

12,857

11.2%

Mining cost per Mt sold ($/Mt)

90.8

76.7

14.1

18.4%

Operating costs ($)

183,766

163,142

20,624

12.6%

Operating costs per Mt sold ($/Mt)

124.3

104.0

20.3

19.5%

Segment Adjusted EBITDA ($)

185,042

179,899

5,143

2.9%

Coal revenues increased by$7.2 million, or 2.1%, to$347.5 million for the threemonths ended March 31, 2023

compared to$340.3 millionfor thethree monthsended March31, 2022.This increasewas largelydriven bya

higher average realized Metprice per Mt sold forthe three months endedMarch 31, 2023 of $236.9,compared

to $220.0 per Mt sold for the same period in 2022, primarily due tohigher prices achieved from annual domestic

fixed price contracts compared to 2022.

Operating costsincreased by$20.6 million,or 12.6%,to $183.8million forthe threemonths endedMarch 31,

2023, compared tooperating costs of$163.1 million forthe three monthsended March 31,2022. The increase

was due to higher purchased coal to meet sales commitments and higher mining costs of $12.8 million, primarily

due to the continued impact of inflation on suppliesand labor costs.

SegmentAdjustedEBITDAof$185.0millionforthethreemonthsendedMarch31,2023,increasedby$5.1

millioncomparedto$179.9millionforthethreemonthsendedMarch31,2022,primarilydrivenbyahigher

average realized Met price per Mt sold, partially offsetby higher operating costs.

Corporate and Other Adjusted EBITDA

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

Three months ended March 31,

2023

2022

Change

%

(in US$ thousands)

Selling, general, and administrative expenses

$

7,774

$

7,876

$

(102)

(1.3)%

Other, net

(248)

4

(252)

n/m

TotalCorporate and Other Adjusted EBITDA

$

7,526

$

7,880

$

(354)

(4.5)%

n/m – Not meaningful for comparison.

Corporate and other costsof $7.8 million forthe three months endedMarch 31, 2023 remainedlargely consistent

compared to $7.9 million for the three months endedMarch 31, 2022.

Coronado Global Resources Inc.

Form 10-Q March 31, 202328

Mining and operating costs for the threemonths ended March 31, 2023 compared to threemonths ended

March 31, 2022

A

reconciliation of segmentcosts and expenses,segment operating costs,and segment miningcosts is shown

below:

Three months ended March 31, 2023

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

$

403,868

$

204,263

$

8,058

$

616,189

Less: Selling, general and administrative

expense

—

—

(7,774)

(7,774)

Less: Depreciation, depletion and amortization

(18,642)

(20,497)

(284)

(39,423)

Total operating costs

385,226

183,766

—

568,992

Less: Other royalties

(72,993)

(12,964)

—

(85,957)

Less: Stanwell rebate

(39,208)

—

—

(39,208)

Less: Freight expenses

(33,819)

(29,534)

—

(63,353)

Less: Other non-mining costs

(3,150)

(13,148)

—

(16,298)

Total mining costs

236,056

128,120

—

364,176

Sales Volume excluding non-producedcoal

(MMt)

2.2

1.4

—

3.6

Mining cost per Mt sold ($/Mt)

108.5

90.8

—

101.6

Three months ended March 31, 2022

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

$

384,380

$

182,183

$

8,171

$

574,734

Less: Selling, general and administrative

expense

—

—

(7,876)

(7,876)

Less: Depreciation, depletion and amortization

(18,673)

(19,041)

(295)

(38,009)

Total operating costs

365,707

163,142

—

528,849

Less: Other royalties

(69,692)

(13,340)

—

(83,032)

Less: Stanwell rebate

(29,053)

—

—

(29,053)

Less: Freight expenses

(39,767)

(19,497)

—

(59,264)

Less: Other non-mining costs

(25,177)

(15,042)

—

(40,219)

Total mining costs

202,018

115,263

—

317,281

Sales Volume excluding non-producedcoal

(MMt)

2.7

1.5

—

4.2

Mining cost per Mt sold ($/Mt)

76.1

76.7

—

76.3

Averagerealized Metprice perMt soldfor thethree monthsendedMarch31, 2023comparedto three

months ended March 31, 2022

A reconciliation of the Company’s average realizedMet price per Mt sold is shown below:

Three months ended March 31,

2023

2022

Change

%

(in US$ thousands)

Met sales volume (MMt)

2.7

3.3

(0.6)

(18.3)%

Met coal revenues ($)

655,542

891,729

(236,187)

(26.5)%

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

239.7

266.5

(26.8)

(10.1)%

Coronado Global Resources Inc.

Form 10-Q March 31, 202329

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

Three months ended March 31,

(in US$ thousands)

2023

2022

Reconciliation to Adjusted EBITDA:

Net income

$

107,860

$

269,898

Add: Depreciation, depletion and amortization

39,423

38,009

Add: Interest expense (net of income)

14,665

17,332

Add: Other foreign exchange (gains) losses

(2,992)

1,991

Add: Income tax expense

34,030

81,943

Add: Losses on idled assets held for sale

1,751

1,386

Add: (Decrease) increase in provision for discountingand credit losses

(3,988)

428

Adjusted EBITDA

$

190,749

$

410,987

Liquidity and Capital Resources

Overview

Our objective isto maintain aprudent capital structureand to ensurethat sufficientliquid assets andfunding is

available to meet both anticipated andunanticipated financial obligations, including unforeseen events that could

have anadverse impacton revenuesor costs.Our principalsources offunds arecash andcash equivalents,

cash flow from operations and availability under our debt facilities.

Our main uses of cash have historically been, and are expected to continue to be, the funding of our operations,

working capital,capitalexpenditure,debtserviceobligations,businessor assetsacquisitionsandpaymentof

dividends. Based on ouroutlook for the nexttwelve months, which issubject to continued changing demandfrom

ourcustomers,volatilityincoalprices,ongoinginterruptionsanduncertaintiessurroundingChina’simport

restrictions, such as tradebarriers imposed by Chinaon Australian sourced coaland the uncertainty ofimpacts

from theRussia and Ukrainewar onthe globalsupply chain,we believeexpected cash generatedfrom operations

together withavailable borrowingfacilities andother strategicand financialinitiatives, willbe sufficientto meet

the needs of our existingoperations, capital expenditure,service our debt obligationsand, if declared, payment

of dividends.

Our ability to generatesufficient cash dependson our future performancewhich may be subjectto a number of

factorsbeyondourcontrol,includinggeneraleconomic,financialandcompetitiveconditionsandotherrisks

described in this document,and Part I, Item1A. “Risk Factors”of our Annual Reporton Form 10-Kfor the year

ended December 31, 2022, filed with the SEC and ASX onFebruary 21, 2023.

Liquidity as of March 31, 2023 and December 31, 2022was as follows:

(in US$ thousands)

March 31,

2023

December 31,

2022

Cash, excluding restricted cash

$

498,048

$

334,378

Availability under ABL Facility

(1)

100,000

100,000

Total

$

598,048

$

434,378

(1)

The ABLFacility containsa springingfixed chargecoverage ratioof notless than1.00 to1.00, whichratio istested if

availability underthe ABL facilityis less than$17.5 millionfor five consecutivebusiness daysor less than$15.0 million on

any business day.

Our total indebtedness as of March 31, 2023 and December 31,2022 consisted of the following:

(in US$ thousands)

March 31,

2023

December 31,

2022

Current instalments of interest bearing liabilities

$

242,326

$

242,326

Current instalments of other financial liabilities and financelease obligations

4,304

4,585

Other financial liabilities and finance lease obligations, excluding current

instalments

7,532

8,336

Total

$

254,162

$

255,247

Coronado Global Resources Inc.

Form 10-Q March 31, 202330

Liquidity

As of March 31, 2023, available liquidity was $598.0 million, comprising of cash and cash equivalents (excluding

restricted cash) of $498.0 million and $100.0 million ofavailable borrowings under our ABL Facility.

As ofDecember 31,2022, available liquiditywas $434.4 million,comprising cash andcash equivalents(excluding

restricted cash) of $334.4 million and $100.0 million ofavailable borrowings under our ABL Facility.

Cash

Cash is held inmulticurrency interest bearingbank accounts available tobe used to servicethe working capital

needs of the Company. Cashbalances surplus to immediate working capital requirements are investedin short-

term interest-bearing deposit accounts or used to repayinterest bearing liabilities.

Senior Secured Notes

As of March 31, 2023, the outstanding principal amount of our Notes was $242.3 million.Interest on the Notes is

payable semi-annually in arrears on May 15 and November 15 of eachyear. The Notes mature on May 15, 2026

and are senior secured obligations of the Company.

The Notes are guaranteedon a senior securedbasis by the Companyand its wholly-ownedsubsidiaries (other

thantheIssuer)(subjecttocertainexceptionsandpermittedliens)andsecuredby(i)afirst-prioritylienon

substantially all of the Company’s assets and the assets of the other guarantors (other than accountsreceivable

and other rights to payment,inventory,intercompany indebtedness, certaingeneral intangibles and commercial

tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds

andproductsofeachoftheforegoing,or,collectively,theABLCollateral),ortheNotesCollateral,and(ii)a

second-priority lien on the ABL Collateral, which isjunior to a first-priority lien, for thebenefit of the lenders under

the ABL Facility.

The termsof theNotes aregovernedby theIndenture.The Indenturecontainscustomary covenantsfor high

yield bonds, including,but not limitedto, limitations oninvestments, liens, indebtedness,asset sales, transactions

with affiliates and restricted payments, including paymentof dividends on capital stock.

The Company mayredeem some orall of theNotes at theredemption prices andon the termsspecified in the

Indenture. In addition, the Company may,from time to time, seek to retire or purchase outstandingdebt through

open-market purchases,privately negotiatedtransactions orotherwise. Suchrepurchases, ifany,will beupon

such terms and at such prices as the Company may determine, and will depend on prevailing market conditions,

liquidity requirements, contractual restrictions and otherfactors.

As of March 31, 2023, we were in compliance with all applicable covenantsunder the Indenture.

ABL Facility

The ABLFacility,dated May12, 2021,is foran aggregatemulti-currencylender commitmentof upto $100.0

million, including a $30.0 millionsublimit for the issuanceof letters of credit and$5.0 million for swinglineloans,

at anytime outstanding,subject toborrowingbase availability.The ABLFacilitywill matureon May12, 2024.

Borrowings under the ABLFacility bear interest ata rate equal toa BBSY rate plusan applicable margin. Asat

March 31, 2023, no amounts were drawn and no lettersof credit were outstanding under the ABL Facility.

As of March 31, 2023, we were in compliance with all applicable covenantsunder the ABL Facility.

Refinancing update

On April 28, 2023, we enteredinto a Syndicated FacilityAgreement, or SFA,which will provide for upto $150.0

millioninborrowings,including a$100.0millionsublimitfor theissuanceoflettersof creditand$70.0million

sublimit for revolving credit facility.The SFA replacedthe ABL Facility.

AvailabilityundertheSFAislimitedtoaneligibleborrowingbase,determinedbyapplyingadvanceratesto

eligible accounts receivable and inventory.

Bank Guarantees and Surety Bonds

Wearerequiredtoprovidefinancialassurancesandsecuritiestosatisfycontractualandotherrequirements

generated in thenormal course ofbusiness. Some ofthese assurances are providedto comply withstate or other

government agencies’ statutes and regulations.

Coronado Global Resources Inc.

Form 10-Q March 31, 202331

As required by certain agreements,we had cash collateral in the formof deposits in the amount of $86.5million

and $89.1 millionas of March31, 2023, andDecember 31, 2022,respectively,to provide back-to-backsupport

for bank guarantees, financialpayments, other performance obligations, variousother operating agreements and

contractual obligationsunder workerscompensation insurance.These depositsare restrictedand classifiedas

long-term assets in the unaudited Condensed ConsolidatedBalance Sheets.

In accordance with the terms of the ABL Facility, we may be required to cash collateralize the ABL Facility to the

extent of outstanding lettersof credit after the expirationor termination date ofsuch letter of credit.As of March

31, 2023, no letter of credit was outstanding and nocash collateral was required.

For the U.S. Operationsin order to providethe required financialassurance, we generallyuse surety bondsfor

post-mining reclamation.We can alsouse bank lettersof credit tocollateralize certainobligations. As ofMarch

31, 2023, we had outstandingsurety bonds of $37.6 millionand letters of credit of$16.8 million issued from our

available bank guarantees, tomeet contractual obligations underworkers compensation insurance and tosecure

other obligations and commitments.

FortheAustralianOperations,wehadbankguaranteesoutstandingof$25.5millionasatMarch31,2023,

primarily in respect of certain rail and port arrangementsof the Company.

As at March 31, 2023, we hadtotal outstanding bank guarantees providedof $42.3 million to secure obligations

and commitments. Futureregulatory changes relatingto these obligationscould result inincreased obligations,

additional costs or additional collateral requirements.

Dividend

On February 21,2023, our Boardof Directors declareda bi-annual fullyfranked fixed ordinarydividend of $8.4

million, or 0.5cents per CDI.On April5, 2023, theCompany paid $8.3million, net of$0.1 million foreignexchange

gain on payment of dividends to certain CDI holderswho elected to be paid in Australian dollars.

On April 28,2023, we announcedthat the Companywould not declareany dividends tostockholders for thefiscal

quarter ended March31, 2023.Subject to the assessments and outcomes ofpotential in-organic growth options

in the future,and on-going operationalperformance and marketconditions, our Boardof Directors maydeclare

dividends in futurequarters. Coronado’sdividend policyremains unchanged todistribute between 60%- 100%

of Free Cashflow.

Capital Requirements

Our main uses of cash have historically been the fundingof our operations, working capital, capital expenditure,

the payment ofinterest and dividends.We intendto use cashto fund debtservice paymentson our Notes,the

ABL Facility and ourother indebtedness, to fund operatingactivities, working capital, capital expenditures, partial

redemption of the Notes, business or assets acquisitions and,if declared, payment of dividends.

Historical Cash Flows

The following tablesummarizes our cashflows for thethree months endedMarch 31, 2023and 2022, asreported

in the accompanying consolidated financial statements:

Cash Flow

Three months ended March 31,

(in US$ thousands)

2023

2022

Net cash provided by operating activities

$

223,626

$

171,849

Net cash used in investing activities

(54,147)

(41,176)

Net cash used in financing activities

(951)

(4,816)

Net change in cash and cash equivalents

168,528

125,857

Effect of exchange rate changes on cash and restrictedcash

(4,857)

7,679

Cash and restricted cash at beginning of period

334,629

437,931

Cash and restricted cash at end of period

$

498,300

$

571,467

Operating activities

Netcashprovidedbyoperatingactivitieswas$223.6 millionforthethreemonthsendedMarch31,2023,

compared to $171.8 million forthe three months ended March 31,2022. Higher operating cash flows weredriven

bythefavorablemovementinworkingcapitalduetohighercollectionoftradereceivablespartiallyoffsetby

higher operating costs.

Coronado Global Resources Inc.

Form 10-Q March 31, 202332

Investing activities

Net cash used in investing activities was $54.1 million

for the three months ended March 31, 2023, compared to

$41.2 millionfor thethree monthsended March31, 2022.Cash spenton capitalexpenditures forthe threemonths

ended March 31,2023 was $54.8million, of which$14.6 million relatedto the AustralianOperations and $40.2

million relatedto theU.S. Operations. Duringthe three monthsended March31, 2023,a net $0.7million restricted

deposits was redeemed relating to our Australian Operations.

Financing activities

Net cash usedin financing activitieswas $1.0 million

for the threemonths ended March31, 2023, comparedto

cash used infinancing activitiesof $4.8 millionfor the threemonths ended March31, 2022. Thenet cash used

infinancingactivitiesforthethreemonthsendedMarch31,2022andMarch31,2023,largelyrelatedto

repayment of borrowings and other financial liabilities.

Contractual Obligations

There were nomaterial changesto our contractualobligations fromthe informationpreviously providedin Item

7.“Management’sDiscussionandAnalysisofFinancialConditionsandResultsofOperations”ofourAnnual

Report on Form 10-K for the year ended December 31, 2022, filed with the SEC andASX on February 21, 2023.

Critical Accounting Policies and Estimates

The preparationofourfinancialstatementsinconformitywithU.S. GAAPrequiresus tomakeestimatesand

assumptions that affect thereported amounts of assets and liabilitiesat the date of the financial statementsand

the reportedamounts ofrevenue andexpenses duringthe reportingperiod. Onan ongoing basis,we evaluate

our estimates. Our estimates arebased on historical experienceand various other assumptionsthat we believe

are appropriate,the resultsof which formthe basisfor makingjudgements aboutthe carrying valuesof assets

and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. All

of these accounting estimates and assumptions, as well as the resulting impact toour financial statements, have

been discussed with the Audit Committee of our Boardof Directors.

Ourcriticalaccountingpoliciesare discussedinItem7. “Management’sDiscussionandAnalysisof Financial

Condition and Results ofOperations” of our AnnualReport on Form 10-K forthe year ended December31, 2022,

filed with the SEC and ASX on February 21, 2023.

Newly Adopted Accounting Standards and AccountingStandards Not Yet Implemented

SeeNote2.(a)“NewlyAdoptedAccountingStandards”toourunauditedcondensedconsolidatedfinancial

statementsforadiscussionofnewlyadoptedaccountingstandards.AsofMarch31,2023,therewereno

accounting standards not yet implemented.

Coronado Global Resources Inc.

Form 10-Q March 31, 202333

ITEM 3.QUANTITATIVEAND QUALITATIVEDISCLOSURES ABOUT MARKET RISK

Our activitiesexpose ustoa varietyof financialrisks, suchas commodityprice risk,interest raterisk, foreign

currency risk, liquidity risk and creditrisk. The overall risk management objective isto minimize potential adverse

effects on our financial performance from thoserisks which are not coal price related.

We managefinancial riskthrough policiesand proceduresapproved byour Boardof Directors.These specify

the responsibilityof theBoardof Directorsandmanagementwith regardto themanagementof financialrisk.

Financial risks aremanaged centrally byour financeteam under thedirection of theGroup ChiefFinancial Officer.

The finance team manages risk exposures primarily through delegated authority limits approved by the Board of

Directors. The finance team regularly monitors our exposureto these financial risks and reports tomanagement

andtheBoardofDirectorsonaregularbasis.Policiesarereviewedatleastannuallyandamendedwhere

appropriate.

We may usederivative financial instruments suchas forward fixedprice commodity contracts, interestrate swaps

andforeignexchangeratecontractstohedgecertainriskexposures.Derivativesforspeculativepurposesis

strictly prohibited by the Treasury Risk Management Policy approved by our Board ofDirectors. We use different

methodstomeasuretheextenttowhichweareexposedtovariousfinancialrisks.Thesemethodsinclude

sensitivity analysisin thecase ofinterest rates,foreign exchangeand otherprice risksand aginganalysis for

credit risk.

Commodity Price Risk

Coal Price Risk

Weareexposedtodomesticandglobalcoalprices.Ourprincipalphilosophyisthatourinvestorswouldnot

considerhedgingofcoalpricestobeinthelong-terminterestofourstockholders.Therefore,anypotential

hedging of coal prices through long-term fixed price contracts is subject to the approval of our Board of Directors

and would only be adopted in exceptional circumstances.

Theexpectationoffuturepricesforcoaldependsuponmanyfactorsbeyondourcontrol.Metcoalhasbeen

volatile commodityover thepast tenyears. Recently,in thesecond quarterof 2022,seaborne pricesreached

record levels with both the Australian and U.S. Met coal price indices exceeding $600 per Mt, largely as result of

supply concernsin keyMet coalmarkets andcontinued tradeflow disruptionscaused bygeopolitical tensions

following Russianinvasionof Ukraine.The demandand supplyin theMet coalindustry changesfrom timeto

time. There are no assurances that oversupply will not occur, that demand will not decrease or that overcapacity

will notoccur,which couldcause declinesin theprices ofcoal, whichcould havea materialadverse effecton

our financial condition and results of operations.

Access tointernational marketsmay besubject toongoing interruptionsand tradebarriers dueto policiesand

tariffs of individual countries. For example, the imposition oftariffs and import quota restrictions by China on U.S.

and Australian coalimports, respectively,may in the futurehave a negativeimpact on ourprofitability.We may

or may not be able to access alternate markets of our coal should additional interruptionsor trade barriers occur

in the future. Aninability for metallurgical coalsuppliers to accessinternational markets, including China,would

likelyresultinanoversupplyofMetcoalandmayresultinadecreaseinpricesandorthecurtailmentof

production.

We manageour commodityprice riskfor our non-trading,thermal coalsales throughthe useof long-termcoal

supply agreements in ourU.S. Operations. In Australia, thermalcoal is soldto Stanwell on asupply contract. See

Item1A.“RiskFactors—RisksrelatedtotheSupplyDeedwithStanwellmayadverselyaffectourfinancial

condition and results of operations” in our Annual Report on Form 10-K filed with the SEC and ASX on February

21, 2023.

Sales commitments in theMet coal market are typicallynot long-term in nature, andwe are therefore subjectto

fluctuationsinmarketpricing.CertaincoalsalesinourAustralianOperationsareprovisionallypricedinitially.

Provisionally priced salesare those forwhich pricefinalization, referencedto the relevantindex, is outstanding

at the reporting date. The final sales price isdetermined within 7 to 90 days after deliveryto the customer.As of

March 31, 2023,we had $57.8million ofoutstanding provisionallypriced receivablessubject tochanges inthe

relevantpriceindex.Ifpricesdecreased10%,theseprovisionallypricedreceivableswoulddecreaseby$5.8

million. See Item 1A. “Risk Factors—Our profitability depends upon the prices we receive for our coal.Prices for

coalarevolatileandcanfluctuatewidelybaseduponanumberoffactorsbeyondourcontrol”inourAnnual

Report on Form 10-K filed with the SEC and ASX onFebruary 21, 2023.

Coronado Global Resources Inc.

Form 10-Q March 31, 202334

Diesel Fuel

We maybe exposedto pricerisk inrelation toother commoditiesfrom timeto timearising fromraw materials

used in our operations (such as gas ordiesel). These commodities may be hedged through financial instruments

if theexposure isconsidered materialand wherethe exposurecannot bemitigated throughfixed pricesupply

agreements.

The fuelrequiredforour operationsforthe remainderof fiscalyear2023willbepurchasedunderfixed-price

contracts or on a spot basis.

Interest Rate Risk

Interest rate risk is the risk that a change in interest rateson our borrowing facilities will have an adverse impact

onourfinancialperformance,investmentdecisionsandstockholderreturn.Ourobjectivesinmanagingour

exposuretointerestratesincludeminimizinginterestcostsinthelongterm,providingareliableestimateof

interest costs for theannual work programand budget andensuring that changesin interest rates willnot have

a material impact on our financial performance.

As of March 31, 2023, we had $254.4 million of fixed rate borrowings and Notes and novariable-rate borrowings

outstanding.

We currently do not hedge against interest ratefluctuations.

Foreign Exchange Risk

A significant portion of oursales are denominated in US$.Foreign exchange risk isthe risk that our earningsor

cash flows are adversely impacted by movements in exchangerates of currencies that are not in US$.

Our main exposureis to theA$-US$ exchange ratethrough our AustralianOperations, which havepredominantly

A$ denominated costs. Greater than 60% of expenses incurred at our Australian Operations are denominated in

A$. Approximately 40%of our Australian Operations’ purchases aremade with reference to US$,which provides

a natural hedge against foreignexchange movements on thesepurchases (including fuel, severalport handling

charges, demurrage,purchased coaland someinsurancepremiums). Appreciationof theA$ againstUS$ will

increase our AustralianOperations’ US$ reportedcost base andreduce US$ reportednet income. Forthe portion

of US$ required to purchase A$ to settle our Australian Operations’ operating costs, a 10% increase in the A$ to

US$ exchange ratewould increase reportedtotal costs andexpenses by approximately$25.7 million forthe three

months ended March 31, 2023, respectively.

Under normal market conditions, we generally do not consider it necessary to hedge our exposureto this foreign

exchange risk.However,theremay bespecific commercialcircumstances,suchasthe hedgingof significant

capitalexpenditure,acquisitions,disposalsandotherfinancialtransactions,wherewemaydeemforeign

exchange hedgingas appropriateandwhere aUS$ contractcannotbe negotiateddirectly withsuppliersand

other third parties.

For our AustralianOperations, wetranslate allmonetary assetsand liabilitiesat the period-endexchange rate,

allnonmonetaryassetsandliabilitiesathistoricalratesandrevenueandexpensesattheaverageexchange

rates in effect duringthe periods. The neteffect of thesetranslation adjustments isshown in the accompanying

consolidated financial statements within components ofnet income.

We currently do not hedge our non-US$ exposuresagainst exchange rate fluctuations.

Credit Risk

Credit risk is the risk ofsustaining a financial lossas a result of a counterpartynot meeting its obligationsunder

a financial instrument or customer contract.

We are exposedto credit riskwhen we have financialderivatives, cash deposits,lines of credit, lettersof credit

or bank guaranteesin place withfinancial institutions. To mitigate against credit riskfrom financial counterparties,

we have minimum credit rating requirements with financialinstitutions where we transact.

Wearealsoexposedtocounterpartycreditriskarisingfromouroperatingactivities,primarilyfromtrade

receivables. Customers who wish to trade oncredit terms are subject to creditverification procedures, including

an assessment of their independent credit rating, financial position, past experience and industry reputation. We

monitor the financial performanceof counterparties on a routinebasis to ensure creditthresholds are achieved.

Where required, we will request additional creditsupport, such as letters of credit,to mitigate against credit risk.

Creditriskismonitoredregularly,andperformancereportsareprovidedtoourmanagementandBoardof

Directors.

As ofMarch 31,2023, wehad financialassets of$896.7 million,comprising ofcash andrestricted cash,trade

receivables andrestricted deposits,which areexposed tocounterparty creditrisk. Thesefinancial assetshave

been assessed under ASC326, Financial Instruments – CreditLosses, and a provisionfor discounting and credit

losses of $1.1 million was recorded as of March 31, 2023.

Coronado Global Resources Inc.

Form 10-Q March 31, 202335

ITEM 4.CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Wemaintaindisclosurecontrolsandproceduresthataredesignedtoensurethatinformationrequiredtobe

disclosed in our Exchange Act reports is recorded, processed, summarized andreported within the time periods

specifiedintheSEC’srulesandforms,andthatsuchinformationisaccumulatedandcommunicatedtoour

management, including theChief Executive Officerand the GroupChief Financial Officer, as appropriate,to allow

timelydecisionsregardingrequireddisclosurebasedsolelyonthedefinitionof“disclosurecontrolsand

procedures” in Rule 13a-15(e) promulgated under theExchange Act. In designing and evaluating the disclosure

controlsandprocedures,managementrecognizedthatanycontrolsandprocedures,nomatterhowwell

designed and operated, can provide only reasonableassurance of achieving the desired controlobjectives, and

management necessarily wasrequired to applyits judgment inevaluating the cost-benefitrelationship of possible

controls and procedures.

As of the endof the periodcovered by this QuarterlyReport on Form10-Q, we carriedout an evaluationunder

the supervision andwith the participationof ourmanagement, including theChief Executive Officerand theGroup

Chief FinancialOfficer, of the effectiveness ofthe design andoperation ofour disclosure controlsand procedures.

Based onthe foregoing,theChief ExecutiveOfficerand theGroup ChiefFinancialOfficerconcludedthat our

disclosure controls and procedures were effective.

Changes to Internal Control over Financial Reporting

During thefiscal quarter coveredby thisQuarterly Report onForm 10-Q,there wereno changesin theCompany's

internalcontroloverfinancialreporting,assuchtermisdefinedinRule13a-15(f)oftheExchangeAct,that

materially affected,or arereasonablylikely tomateriallyaffect,theCompany’sinternal controlsover financial

reporting.

Coronado Global Resources Inc.

Form 10-Q March 31, 202336

PART II – OTHERINFORMATION

ITEM 1.LEGAL PROCEEDINGS

We are subject to various legaland regulatory proceedings. For a description ofour significant legal proceedings

refertoNote 14. “Contingencies” totheunauditedcondensedconsolidatedfinancialstatementsincludedin

Part I,Item 1. “FinancialStatements”ofthisQuarterlyReport,whichinformationisincorporatedbyreference

herein.

ITEM 1A.RISK FACTORS

Except as set forth below,there were no material changesto the risk factors previouslydisclosed in Part I, Item

1A, “Risk Factors”, ofour Annual Report onForm 10-K for theyear ended December 31,2022, filed with theSEC

and ASX on February 21, 2023:

Concernsabouttheenvironmentalimpactsofcoalcombustion,includingpossibleimpactsonglobal

climateissues,areresultinginincreasedregulationofcoalcombustionandcoalmininginmany

jurisdictions,whichcouldsignificantlyaffectdemandforourproductsoroursecuritiesandreduce

access to capital and insurance.

Global considerationsregarding climatechange continueto attractattention, particularlyin relationto thecoal

industry. Greenhouse Gas, or GHG, emissions from coal consumption, both directly andindirectly, and from coal

miningitselfaresubjecttoexisting,pendingandproposedregulationaspartofinitiativestoaddressglobal

climate change.A numberof countries,including Australiaand theUnited States,have alreadyintroduced, or

arecontemplatingtheintroductionof,regulatoryresponsestoGHGemissions,includingtheextractionand

combustion of fossil fuels, to address the impacts of climatechange.

For example,the AustralianGovernment isreforming theexisting SafeguardMechanism thatwas established

undertheNationalGreenhouseandEnergyReportingAct2007,orNGERAct,toincentivizeemissions

reductions,throughdecliningemissionslimits,calledbaselines,predictablyandgraduallyonatrajectory

consistent withachieving theGovernment’s emissionsreduction targetof 43%below 2005levels by2030 and

netzeroby2050.OnMarch31,2023,theAustralianFederalParliamentpassedtheSafeguardMechanism

(Crediting) AmendmentBill 2023amending theNGER Actand otherlegislation, toestablish theframeworkto

give effect tokey elementsof the reforms,such as introducingcredits to thescheme to providean incentive to

companies to go below their baselines.

TheSafeguardMechanismappliestoindustrialfacilitiesemittingmorethan100,000tonsofcarbondioxide

equivalent peryear,including inelectricity,mining, oiland gasproduction, manufacturing,transport andwaste

facilities.

In accordance withSafeguard Mechanism,under thisreformed legislationand oncethe Federal Government’s

finalises theNational Greenhouseand EnergyReporting (SafeguardMechanism) Amendment(Reforms) Rule

2023, Curragh must establish anew baseline for covered emissions(Scope 1). Curragh must takeaction to keep

its net Scope1 emissions ator below thebaseline through emissions reduction,purchasing emissions reductions

fromanotherfacilitytowhichtheSafeguardMechanismapplies,orpurchasingandsurrenderingAustralian

Carbon Credit Units, or ACCUs, or face enforcementmeasures.

Thepotentialdirectandindirectfinancialimpactonusfromexistinglaws,regulationspolicies,includingthe

Safeguard Mechanism,and future laws,regulations, policies,and technologydevelopments maydepend upon

the degreeto whichany suchlaws, regulationsand developmentsresult inreduced relianceon coalas afuel

source. Such developments could result in adverse impactson our financial condition or results of operations.

For further information see Part I, Item1A, “Risk Factors”, of our Annual Report on Form10-K for the year ended

December 31, 2022, filed with the SEC and ASX on February21, 2023.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIESAND USE OF PROCEEDS

None.

Coronado Global Resources Inc.

Form 10-Q March 31, 202337

ITEM 3.DEFAULTSUPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Safety is the cornerstone of the Company’s values and is the number one priorityfor all employees at Coronado

Global Resources Inc.

Our U.S. Operationsinclude multiple miningcomplexes acrossthree states andare regulated byboth the U.S.

Mine Safetyand HealthAdministration, orMSHA, andstate regulatoryagencies. Underregulations mandated

by the Federal Mine Safety and Health Act of 1977, or the Mine Act, MSHA inspects our U.S. mines on a regular

basis and issues various citations and orders when it believesa violation has occurred under the Mine Act.

In accordancewithSection 1503(a) oftheDodd-FrankWallStreetReformandConsumerProtectionActand

Item104ofRegulationS-K(17CFR229.104),eachoperatorofacoalorothermineintheUnitedStatesis

required to report certain mine safety results in its periodic reportsfiled with the SEC under the Exchange Act.

InformationpertainingtominesafetymattersisincludedinExhibit 95.1attachedtothisQuarterlyReporton

Form 10-Q. The disclosures reflect the UnitedStates mining operations only, as these requirements do notapply

to our mines operated outside the United States.

ITEM 5.OTHER INFORMATION

None.

ITEM 6.EXHIBITS

The following documents are filed as exhibits hereto:

Exhibit No.

Description of Document

3.1

Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company’s

Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and

incorporated herein by reference)

3.2

Amended and Restated By-Laws (filed as Exhibit 3.2 to the Company’s Registration Statement

on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated herein by reference)

15.1

Acknowledgement of Independent Registered Public Accounting Firm

31.1

Certification of the Chief Executive Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a)

adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of the Group Chief Financial Officer pursuant to SEC Rules 13a-14(a) or 15d-

14(a) adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

95.1

Mine Safety Disclosures

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL TaxonomyExtension Schema Document

101.CAL

Inline XBRL TaxonomyExtension Calculation Linkbase Document

101.DEF

Inline XBRL TaxonomyExtension Definition Linkbase Document

101.LAB

Inline XBRL TaxonomyExtension Label Linkbase Document

101.PRE

Inline XBRL TaxonomyExtension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted as InlineXBRL and contained in Exhibit 101)

___________________________

Coronado Global Resources Inc.

Form 10-Q March 31, 202338

SIGNATURES

Pursuant to the requirementsof the Securities ExchangeAct of 1934, the registranthas duly caused thisreport

to be signed on its behalf by the undersigned, thereuntoduly authorized.

Coronado Global Resources Inc.

By:

/s/ Gerhard Ziems

Gerhard Ziems

Group Chief Financial Officer (as duly authorized officer

and as principal financial officer of the registrant)

Date: May 8, 2023