Coronado Global Resources (CODQL) 10-Q 2024 Q2 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

June 30, 2024

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 July 31,2024, including shares of common stock underlying

CDIs, was

167,645,373

.

Steel starts

here.

Quarterly Report on Form 10-Q for the quarterly periodended June 30, 2024.

TABLE OF CONTENTS

Page

4

5

6

7

8

21

22

42

44

45

45

45

45

45

45

46

47

Coronado Global Resources Inc.

Form 10-Q June 30, 20244

PART I – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

Assets

Note

(Unaudited)

June 30, 2024

December 31,

2023

Current assets:

Cash and cash equivalents

$

264,691

$

339,295

Trade receivables, net

281,621

263,951

Income tax receivable

26,812

44,906

Inventories

4

197,304

192,279

Other current assets

6

109,790

103,609

Totalcurrent assets

880,218

944,040

Non-current assets:

Property, plant and equipment,net

5

1,529,828

1,506,437

Right of use asset – operating leases, net

8

69,563

80,899

Goodwill

28,008

28,008

Intangible assets, net

3,007

3,108

Restricted deposits

16

67,973

68,660

Deferred income tax assets

28,190

27,230

Other non-current assets

11,995

19,656

Totalassets

$

2,618,782

$

2,678,038

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

99,991

$

113,273

Accrued expenses and other current liabilities

7

244,337

312,705

Asset retirement obligations

15,024

15,321

Contract obligations

39,463

40,722

Lease liabilities

8

21,048

22,879

Interest bearing liabilities

9

1,360

—

Other current financial liabilities

10

4,011

2,825

Totalcurrent liabilities

425,234

507,725

Non-current liabilities:

Asset retirement obligations

150,369

148,608

Contract obligations

44,747

61,192

Deferred consideration liability

285,563

277,442

Interest bearing liabilities

9

260,882

235,343

Other financial liabilities

10

24,433

5,307

Lease liabilities

8

51,650

61,692

Deferred income tax liabilities

100,511

100,145

Other non-current liabilities

39,384

34,549

Totalliabilities

$

1,382,773

$

1,432,003

Common stock $

0.01

par value;

1,000,000,000

shares authorized,

167,645,373

shares issued and outstanding as of June 30, 2024 and

December 31, 2023

1,677

1,677

Series A Preferred stock $

0.01

par value;

100,000,000

shares

authorized,

1

Share issued and outstanding as of June 30, 2024 and

December 31, 2023

—

—

Additional paid-in capital

1,093,654

1,094,431

Accumulated other comprehensive losses

14

(106,993)

(89,927)

Retained earnings

247,671

239,854

Totalstockholders’ equity

$

1,236,009

$

1,246,035

Totalliabilities and stockholders’ equity

$

2,618,782

$

2,678,038

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q June 30, 20245

Unaudited Condensed Consolidated Statements ofOperations and Comprehensive Income

(In US$ thousands, except share data)

Three months ended

June 30,

Six months ended

June 30,

Note

2024

2023

2024

2023

Revenues:

Coal revenues

$

664,379

$

717,445

$

1,297,372

$

1,455,790

Other revenues

9,449

10,081

44,605

37,450

Totalrevenues

3

673,828

727,526

1,341,977

1,493,240

Costs and expenses:

Cost of coal revenues (exclusive of items

shown separately below)

372,743

380,962

845,263

761,436

Depreciation, depletion and amortization

51,263

38,880

96,612

78,303

Freight expenses

60,704

57,443

117,526

120,796

Stanwell rebate

26,451

29,049

57,902

68,257

Other royalties

87,425

89,949

172,585

175,906

Selling, general, and administrative

expenses

8,646

9,981

17,461

17,755

Totalcosts and expenses

607,232

606,264

1,307,349

1,222,453

Other (expense) income:

Interest expense, net

(13,116)

(14,180)

(26,445)

(28,845)

Decrease (increase) in provision for

discounting and credit losses

27

(269)

200

3,719

Other, net

(906)

6,473

11,106

9,515

Totalother expense, net

(13,995)

(7,976)

(15,139)

(15,611)

Income before tax

52,601

113,286

19,489

255,176

Income tax expense

11

(7,401)

(21,975)

(3,290)

(56,005)

Net income attributable to Coronado

Global Resources Inc.

$

45,200

$

91,311

$

16,199

$

199,171

Other comprehensive loss, net of income

taxes:

Foreign currency translation adjustments

14

6,222

(7,797)

(17,066)

(12,300)

Totalother comprehensive income (loss)

6,222

(7,797)

(17,066)

(12,300)

Totalcomprehensive income attributable

to Coronado Global Resources Inc.

$

51,422

$

83,514

$

(867)

$

186,871

Earnings per share of common stock

Basic

12

0.27

0.54

0.10

1.19

Diluted

12

0.27

0.54

0.10

1.18

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q June 30, 20246

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, 2023

167,645,373

$

1,677

1

$

—

$

1,094,431

$

(89,927)

$

239,854

$

1,246,035

Net loss

—

—

—

—

—

—

(29,001)

(29,001)

Other comprehensive loss

—

—

—

—

—

(23,288)

—

(23,288)

Totalcomprehensive loss

—

—

—

—

—

(23,288)

(29,001)

(52,289)

Share-based compensation for equity

classified awards

—

—

—

—

(1,159)

—

—

(1,159)

Dividends

—

—

—

—

—

—

(8,382)

(8,382)

Balance March 31, 2024

167,645,373

$

1,677

1

$

—

$

1,093,272

$

(113,215)

$

202,471

$

1,184,205

Net income

—

—

—

—

—

—

45,200

45,200

Other comprehensive income

—

—

—

—

—

6,222

—

6,222

Totalcomprehensive income

—

—

—

—

—

6,222

45,200

51,422

Share-based compensation for equity

classified awards

—

—

—

—

382

—

—

382

Balance June 30, 2024

167,645,373

$

1,677

1

$

—

$

1,093,654

$

(106,993)

$

247,671

$

1,236,009

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

Net income

—

—

—

—

—

—

91,311

91,311

Other comprehensive loss

—

—

—

—

—

(7,797)

—

(7,797)

Totalcomprehensive (loss) income

—

—

—

—

—

(7,797)

91,311

83,514

Share-based compensation for equity

classified awards

—

—

—

—

1,289

—

—

1,289

Balance June 30, 2023

167,645,373

$

1,677

1

$

—

$

1,093,263

$

(103,723)

$

291,343

$

1,282,560

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q June 30, 20247

Unaudited Condensed Consolidated Statements ofCash Flows

(In US$ thousands)

Six months ended

June 30,

2024

2023

Cash flows from operating activities:

Net income

$

16,199

$

199,171

Adjustments to reconcile net income to cash and restricted cashprovided by

operating activities:

Depreciation, depletion and amortization

96,612

78,303

Amortization of right of use asset - operating leases

11,447

2,861

Amortization of deferred financing costs

1,982

966

Non-cash interest expense

16,790

16,324

Amortization of contract obligations

(15,064)

(15,594)

Loss on disposal of property,plant and equipment

165

359

Gain on operating lease derecognition

(820)

—

Equity-based compensation expense

(777)

981

Deferred income taxes

(1,083)

19,912

Reclamation of asset retirement obligations

(3,059)

(2,035)

Decrease in provision for discounting and credit losses

(200)

(3,719)

Other non-cash adjustments

(6,960)

—

Changes in operating assets and liabilities:

Accounts receivable

(26,392)

117,875

Inventories

(9,379)

(104,742)

Other assets

2,927

(2,313)

Accounts payable

(13,088)

23,335

Accrued expenses and other current liabilities

(71,247)

(2,393)

Operating lease liabilities

(11,105)

(5,001)

Income tax payable

19,167

(105,575)

Change in other liabilities

4,980

5,159

Net cash provided by operating activities

11,095

223,874

Cash flows from investing activities:

Capital expenditures

(123,477)

(104,853)

Purchase of restricted and other deposits

(1,713)

(5,001)

Redemption of restricted and other deposits

2,361

4,780

Net cash used in investing activities

(122,829)

(105,074)

Cash flows from financing activities:

Proceeds from interest bearing liabilities and other financialliabilities

49,860

—

Debt issuance costs and other financing costs

(2,261)

—

Principal payments on interest bearing liabilities and other financialliabilities

(1,596)

(1,498)

Principal payments on finance lease obligations

(68)

(64)

Dividends paid

(8,334)

(8,371)

Net cash provided by (used in) financing activities

37,601

(9,933)

Net (decrease) increase in cash and cash equivalents

(74,133)

108,867

Effect of exchange rate changes on cash and cashequivalents

(471)

(9,166)

Cash and cash equivalents at beginning of period

339,295

334,629

Cash and cash equivalents at end of period

$

264,691

$

434,330

Supplemental disclosure of cash flow information:

Cash payments for interest

$

15,271

$

14,087

Cash (refund) paid for taxes

$

(16,026)

$

138,525

Restricted cash

$

251

$

251

See accompanying notes to unaudited condensedconsolidated financial statements.

Coronado Global Resources Inc.

Form 10-Q June 30, 20248

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 February20, 2024.

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 inequityfor the periods presented. Balance sheet informationpresented herein

as of December 31,2023 has been derived fromthe Company’s audited consolidated balance sheet atthat date.

TheCompany’sresultsofoperationsforthethreeandsixmonthsendedJune30,2024arenotnecessarily

indicative of the results that may be expected for the yearending December 31, 2024.

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, 2023 included in Coronado Global Resources Inc.’s Annual Report

on Form 10-K filed with the SEC and ASX on February20, 2024.

(a) Newly Adopted Accounting Standards

Duringtheperiod,therehasbeennonewAccountingStandardsUpdate,orASU,issuedbytheFinancial

Accounting Standards Board,or the FASB,that had a materialimpact on the Company’sconsolidated financial

statements.

(b) Accounting Standards Not YetImplemented

ASU No. 2023-07“Segment Reporting” (Topic280)

: In November2023, the FASBissued ASU 2023-07,which

is intended toimprove reportable segmentdisclosure requirements throughenhanced disclosures ofsignificant

segment expenses.The guidanceis effectivefor fiscalyears beginningafter December15, 2023,and interim

periods within fiscalyears beginning afterDecember 31, 2024.Early adoption ispermitted. The updated standard

is to beapplied retrospectively toall prior periodspresented in thefinancial statements. TheCompany is currently

evaluating the impact that the updated standard will havein its financial statement disclosures.

ASUNo.2023-09“IncomeTaxes”(Topic740)

:InDecember2023,theFASBissuedASU2023-09,which

modifiestherulesonincometaxdisclosurestorequirecompaniestodisclosespecificcategoriesintherate

reconciliation, theincome orloss fromcontinuing operationsbefore incometax expenseor benefit(separated

betweendomesticandforeign)andincometaxexpenseorbenefitfromcontinuingoperations(separatedby

federal, state, andforeign). Theupdated standardis effectivefor annualperiods beginningafter December15,

2024.TheCompanyiscurrentlyevaluatingtheimpactthattheupdatedstandardwillhaveinitsfinancial

statement disclosures.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 20249

There have beenno other recentaccounting pronouncements not yeteffective that have significance,or potential

significance, to the Company’s consolidated financialstatements.

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, manages and allocates resources to the variouscomponents of 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.

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 be areportable segment but is discretely disclosed

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

Reportable segment results as of andfor the three and six monthsended June 30, 2024 and2023 are presented

below:

(in US$ thousands)

Australia

United

States

Other and

Corporate

Total

Three months ended June 30, 2024

Totalrevenues

$

458,491

$

215,337

$

—

$

673,828

Adjusted EBITDA

94,582

34,466

(8,259)

120,789

Totalassets

1,279,668

1,062,234

276,880

2,618,782

Capital expenditures

15,969

48,396

113

64,478

Three months ended June 30, 2023

Totalrevenues

$

431,806

$

295,720

$

—

$

727,526

Adjusted EBITDA

54,700

116,487

(9,661)

161,526

Totalassets

1,149,614

1,018,177

519,168

2,686,959

Capital expenditures

16,493

31,044

26

47,563

Six months ended June 30, 2024

Totalrevenues

$

894,596

$

447,381

$

—

$

1,341,977

Adjusted EBITDA

68,354

83,694

(16,642)

135,406

Totalassets

1,279,668

1,062,234

276,880

2,618,782

Capital expenditures

35,470

101,188

119

136,777

Six months ended June 30, 2023

Totalrevenues

$

830,467

$

662,773

$

—

$

1,493,240

Adjusted EBITDA

67,933

301,529

(17,186)

352,276

Totalassets

1,149,614

1,018,177

519,168

2,686,959

Capital expenditures

23,728

65,208

81

89,017

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202410

The reconciliationsof Adjusted EBITDA tonet income attributable tothe Company for thethree and six months

ended June 30, 2024 and 2023 are as follows:

Three months ended

Six months ended

June 30,

June 30,

(in US$ thousands)

2024

2023

2024

2023

Net income

$

45,200

$

91,311

$

16,199

$

199,171

Depreciation, depletion and amortization

51,263

38,880

96,612

78,303

Interest expense (net of interest income)

(1)

13,116

14,180

26,445

28,845

Income tax expense

7,401

21,975

3,290

56,005

Other foreign exchange gains

(2)

2,159

(6,414)

(9,104)

(9,405)

Losses on idled assets

(3)

1,677

1,325

2,164

3,076

Increase (decrease) in provision for

discounting and credit losses

(27)

269

(200)

(3,719)

Consolidated Adjusted EBITDA

$

120,789

$

161,526

$

135,406

$

352,276

(1)

Includes interest incomeof $

4.4

million and $

1.8

million for the threemonths ended June 30,2024 and 2023,respectively, and $

7.5

million

and $

2.8

million for the six months ended June 30, 2024 and2023, respectively.

(2)

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. These gainsand losses

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

(3)

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

ThereconciliationsofcapitalexpenditurespertheCompany’ssegmentinformationtocapitalexpenditures

disclosed on the unauditedCondensed Consolidated Statementsof Cash Flows forthe six months endedJune

30, 2024 and 2023 are as follows:

Six months ended June 30,

(in US$ thousands)

2024

2023

Capital expenditures per unaudited Condensed ConsolidatedStatements of

Cash Flows

$

123,477

$

104,853

Accruals for capital expenditures

24,231

6,755

Payment for capital acquired in prior periods

(10,790)

(11,241)

Net movement in deposits to acquire long lead capital

(141)

(11,350)

Capital expenditures per segment detail

$

136,777

$

89,017

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 June 30, 2024

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

429,506

$

209,855

$

639,361

Thermal coal

19,991

5,027

25,018

Totalcoal revenue

449,497

214,882

664,379

Other

(1)

8,994

455

9,449

Total

$

458,491

$

215,337

$

673,828

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202411

Three months ended June 30, 2023

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

403,861

$

257,292

$

661,153

Thermal coal

19,260

37,032

56,292

Totalcoal revenue

423,121

294,324

717,445

Other

(1)

8,685

1,396

10,081

Total

$

431,806

$

295,720

$

727,526

Six months ended June 30, 2024

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

837,809

$

403,386

$

1,241,195

Thermal coal

39,285

16,892

56,177

Totalcoal revenue

877,094

420,278

1,297,372

Other

(1)(2)

17,502

27,103

44,605

Total

$

894,596

$

447,381

$

1,341,977

Six months ended June 30, 2023

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

776,380

$

540,314

$

1,316,694

Thermal coal

37,545

101,551

139,096

Totalcoal revenue

813,925

641,865

1,455,790

Other

(1)(2)

16,542

20,908

37,450

Total

$

830,467

$

662,773

$

1,493,240

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

(2)OtherrevenuefortheU.S.segmentincludes$

25.0

millionand$

17.5

millionforthesixmonthsendedJune30,2024and2023,

respectively, relating to termination fee revenue from coal sales contracts cancelledat our U.S. operations.

4.Inventories

(in US$ thousands)

June 30,

2024

December 31,

2023

Raw coal

$

76,788

$

55,998

Saleable coal

60,830

81,314

Totalcoal inventories

137,618

137,312

Supplies and other inventory

59,686

54,967

Totalinventories

$

197,304

$

192,279

Coal inventories measured at its net realizable valuewere $

2.6

million and $

2.4

million as at June 30, 2024 and

December 31, 2023, respectively,and primarily relates to coal designated for deliveries under the Stanwellnon-

market coal supply agreement.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202412

5.Property, Plant andEquipment

(in US$ thousands)

June 30,

2024

December 31,

2023

Land

$

28,915

$

28,282

Buildings and improvements

114,173

102,642

Plant, machinery, miningequipment and transportation vehicles

1,241,850

1,189,088

Mineral rights and reserves

389,868

389,868

Office and computer equipment

10,250

9,771

Mine development

573,209

579,717

Asset retirement obligation asset

86,213

88,384

Construction in process

171,217

143,041

Totalcost of property,plant and equipment

2,615,695

2,530,793

Less accumulated depreciation, depletion and amortization

1,085,867

1,024,356

Property, plant andequipment, net

$

1,529,828

$

1,506,437

6. Other Assets

(in US$ thousands)

June 30,

2024

December 31,

2023

Other current assets

Prepayments

$

30,502

$

34,175

Long service leave receivable

7,884

8,438

Taxcredits receivable

3,265

3,265

Deposits to acquire capital items

26,198

18,935

Short-term deposits

21,744

21,906

Other

20,197

16,890

Totalother current assets

$

109,790

$

103,609

The Company hasother current assetswhich includes prepayments,favorable mineral leases,long service leave

receivable,equipmentdeposits,short-termdepositsandcoalfieldemploymentenhancementtaxcredit

receivable.

Short-term depositsare term depositsheld with financialinstitutions withmaturity greaterthan ninety daysand

less than twelve months and do not meet the cash andcash equivalents criteria.

7.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of thefollowing:

(in US$ thousands)

June 30,

2024

December 31,

2023

Wages and employee benefits

$

38,478

$

42,348

Taxesother than income taxes

7,896

6,728

Accrued royalties

50,364

45,770

Accrued freight costs

38,120

47,549

Accrued mining fees

97,499

89,622

Acquisition related accruals

—

53,700

Other liabilities

11,980

26,988

Totalaccrued expenses and other current liabilities

$

244,337

$

312,705

Acquisition related accrualsof $

53.7

million (A$

79.0

million) as at December31, 2023, related tothe remaining

estimated stamp duty payable on the Curragh acquisition.On March 6, 2024, the Company paid the outstanding

assessedstampdutyandtaxinteresttotheQueenslandRevenueOffice,orQRO.RefertoNote16

“Contingencies” for further details.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202413

8.Leases

During the six months ended June 30, 2024, the Company entered into a number of agreements to lease mining

equipment.BasedontheCompany’sassessmentoftermswithintheseagreements,theCompanyclassified

these leases asoperating leases. Onmobilization of theseleased mining equipment,the Company recognized

right-of-use assets and operating lease liabilities of $

13.3

million.

On April 1,2024, the Companyextinguished

one

of its miningservices contracts formining and equipmentassets

usedtoprovideminingservices.Onextinguishment,right-of-useassetsof$

11.3

millionandoperatinglease

liabilities of $

12.1

million were derecognized.

Information related to the Company’s right-of-useassets and related lease liabilities are as follows:

Three months ended

Six months ended

(in US$ thousands)

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Operating lease costs

$

6,918

$

2,972

$

14,486

$

4,055

Cash paid for operating lease

liabilities

4,997

2,921

11,105

5,001

Finance lease costs:

Amortization of right-of-use assets

34

29

67

60

Interest on lease liabilities

1

2

2

6

Totalfinance lease costs

$

35

$

31

$

69

$

66

(in US$ thousands)

June 30,

2024

December 31,

2023

Operating leases:

Operating lease right-of-use assets

$

69,563

$

80,899

Finance leases:

Property and equipment

371

371

Accumulated depreciation

(371)

(309)

Property and equipment, net

—

62

Current operating lease obligations

21,048

22,811

Operating lease liabilities, less current portion

51,650

61,692

Totaloperating lease liabilities

72,698

84,503

Current finance lease obligations

—

68

Finance lease liabilities, less current portion

—

—

TotalFinance lease liabilities

—

68

Current lease obligation

21,048

22,879

Non-current lease obligation

51,650

61,692

TotalLease liability

$

72,698

$

84,571

June 30,

2024

December 31,

2023

Weighted Average RemainingLease Term (Years)

Weighted average remaining lease term – financeleases

-

0.5

Weighted average remaining lease term – operatingleases

3.7

3.7

Weighted Average DiscountRate

Weighted discount rate – finance lease

-

7.6%

Weighted discount rate – operating lease

8.7%

9.0%

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202414

The Company’s operating leases have remaining leaseterms of

1

year to

5

years, some of which includeoptions

to extend the termswhere the Company deemsit is reasonably certainthe options will beexercised. Maturities

of lease liabilities as at June 30, 2024, are as follows:

(in US$ thousands)

Operating

Lease

Year endingDecember 31,

2024

$

13,144

2025

26,310

2026

18,756

2027

13,906

2028

11,463

Thereafter

790

Totallease payments

84,369

Less imputed interest

(11,671)

Totallease liability

$

72,698

9.Interest Bearing Liabilities

The following is a summary of interest-bearing liabilitiesat June 30, 2024:

(in US$ thousands)

June 30, 2024

December 31, 2023

Weighted Average

Interest Rate at

June 30, 2024

Final

Maturity

10.75% Senior Secured Notes

$

242,326

$

242,326

12.14

%

(2)

2026

ABL Facility

—

—

2026

Loan - Curragh Housing Transaction

26,783

—

14.14

%

(2)

2034

Discount and debt issuance costs

(1)

(6,867)

(6,983)

Totalinterest bearing liabilities

262,242

235,343

Less: current portion

1,360

—

Non-current interest-bearing liabilities

$

260,882

$

235,343

(1)

Relates to discount and debt issuance costsin connection with the Notes and Curragh HousingTransaction loan. Deferred debt

issuance costs incurred in connection with the establishmentof the ABL Facility have been included within"Other non-current assets" in

the unaudited Condensed Consolidated Balance Sheet.

(2)

Represents the effective interest rate.

Senior Secured Notes

AsofJune30,2024,theCompany’saggregateprincipalamountofthe

10.750

%SeniorSecuredNotesdue

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 June30, 2024, theCompany was incompliance with allapplicable covenants underthe

Indenture.

Under the terms of theIndenture, upon the occurrence of a “Changeof Control” (as defined in theIndenture), the

issuerisrequiredtomakeanoffer,oraChangeofControlOffer,torepurchasetheNotesat

101

%ofthe

aggregate principalamount thereof,plus accruedand unpaidinterest, ifany,to, butexcluding, therepurchase

date. Alternatively,if theissuer electsto redeemall ofthe Notes,during the12-month periodcommencingon

May 15 ofthe years setforth below atthe redemptionprices (expressedin percentages ofprincipal amount on

the redemption date) set forth below, plus accrued and unpaid interest to,but not including, the redemption date,

the issuer is not required to make a Change of ControlOffer:

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202415

Period

Redemption price

2024

104.03%

2025 and thereafter

100.00%

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

were $

5.7

million and $

7.0

million at June 30, 2024 and December 31, 2023, respectively.

Asset Based Revolving Credit Facility

On May 8, 2023, the Company entered into a senior secured asset-based revolving credit agreement inan initial

aggregate amount of $

150.0

million, or the ABL Facility.

The ABL Facility matures in August 2026 and provides for up to $

150.0

million in borrowings, including a $

100.0

millionsublimitfortheissuanceoflettersofcreditand$

70.0

millionsublimitasarevolvingcreditfacility.

AvailabilityundertheABLFacilityislimitedtoaneligibleborrowingbase,determinedbyapplyingcustomary

advance rates to eligible accounts receivable and inventory.

Borrowings underthe ABLFacility bearinterest ata rateper annumequal toan applicablerate of

2.80

% plus

BBSY,for loans denominated in A$, or SOFR, for loansdenominated in US$, at the Company’selection.

As at June 30,2024, the letter of credit sublimithad been partially used to issue$

21.7

million of bank guarantees

on behalf of the Company and

no

amounts were drawn under the revolving credit sublimitof ABL Facility.

TheABLFacilitycontainscustomaryrepresentationsandwarrantiesandaffirmativeandnegativecovenants

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.

As at June 30, 2024, the Company was in compliancewith all applicable covenants under the ABL Facility.

UnderthetermsofABLFacility,aReviewEvent(asdefinedintheABLFacility)istriggeredif,amongother

matters, a “change of control” (as defined in the ABL Facility)occurs.

Following theoccurrence ofa ReviewEvent, theBorrowers mustpromptly meetand consultin goodfaith with

the Administrative Agent and the Lenders to agree astrategy to address the relevant Review Event including but

not limitedto arestructure ofthe termsof theABL Facilityto thesatisfaction ofthe Lenders.If atthe endof a

period of

20

business days after the occurrence ofthe Review Event, the Lenders arenot satisfied with the result

of theirdiscussion ormeeting withthe Borrowersor donot wishto continueto providetheir commitments,the

Lenders maydeclare allamountsowing underthe ABLFacilityimmediately dueand payable,terminate such

Lenders’commitmentstomakeloansundertheABLFacility,requiretheBorrowerstocashcollateralizeany

letter of credit obligations and/or exercise any and all remediesand other rights under the ABL Facility.

Subject to customary grace periods and notice requirements, the ABL Facility also contains customary events of

default.

Loan – Curragh Housing Transaction

OnMay16,2024,theCompanycompletedanagreementforaccommodationservicesandthesaleand

leasebackofhousingandaccommodationassetswitharegionalinfrastructureandaccommodationservice

provider, or collectively, the CurraghHousing Transaction. Referto Note10. “OtherFinancial Liabilities”for further

information.

In connection with the Curragh Housing Transaction, theCompany borrowed $

26.9

million (A$

40.4

million) from

the sameregionalinfrastructureand accommodationservice provider.This amountwas recordedas “Interest

Bearing Liabilities” inthe unaudited CondensedConsolidated Balance Sheet.The amount borrowedis payable

in equal monthlyinstallments overa period of

ten years

, with aneffective interestrate of

14.14

%. The Curragh

Housing Transaction loan is not subjectto any financial covenants.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202416

The carrying value of the loan, net of issuance costsof $

1.2

million, was $

26.8

million as at June 30, 2024, $

1.4

million of which is classified as a current liability.

10. Other Financial Liabilities

The following is a summary of other financial liabilitiesas at June 30, 2024:

(in US$ thousands)

June 30, 2024

December 31,

2023

Collateralized financial liabilities payable to third-party financingcompanies

$

6,652

$

8,302

Collateralized financial liabilities - Curragh Housing Transaction

22,938

—

Debt issuance costs

(1,146)

(170)

Totalother financial liabilities

28,444

8,132

Less: current portion

4,011

2,825

Non-current other financial liabilities

$

24,433

$

5,307

Collateralized financial liabilities – Curragh Housing Transaction

The CurraghHousing Transactiondid notsatisfy thesale criteriaunder AccountingStandards Codification,or

ASC, 606– Revenuesfrom Contractswith Customersand wasdeemed afinancing arrangement.As aresult,

proceeds of $

23.0

million (A$

34.6

million) received forthe sale and leasebackof property,plant and equipment

owned by theCompany in connection withthe Curragh HousingTransaction were recognized as“Other Financial

Liabilities”ontheCompany’sunauditedCondensedConsolidatedBalanceSheet.Thetermofthefinancing

arrangement is

ten years

with aneffective interestrate of

14.14

%. Thisliability willbe settledin equalmonthly

payments as part of the accommodation services arrangement.

In linewith theCompany’s capitalmanagement strategy,the CurraghHousing Transactionprovides additional

liquidity. Inaddition, the accommodation servicescomponent of the Curragh HousingTransaction is anticipated

to enhance the level of service for our employees at ourCurragh Mine.

InconnectionwiththeCurraghHousingTransaction,theCompanygrantedthecounterpartymortgagesover

certainleaseholdandfreeholdland.Thecounterparty’srightsaresubjecttoaprioritydeedinfavorofthe

Company’sseniorsecuredpartiesincluding,butnotlimitedto,holdersoftheNotes,lendersundertheABL

Facility and Stanwell.

The carrying value of this financial liability, net of issuance costs of $

1.0

million, was $

21.9

million as at June 30,

2024, $

1.2

million of which is classified as a current liability.

11.Income Taxes

Forthe sixmonthsendedJune 30,2024and2023,theCompanyestimateditsannualeffectivetaxrateand

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 ofchanges in tax lawsor rates and changes

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

The Company’s 2024 estimatedannual effective tax rateis

17.6

%, which has been favorablyimpacted by mine

depletion deductions in the United States.The Company had an income taxexpense of $

3.3

million based on a

profit before tax of$

19.5

million for the sixmonths ended June 30,2024, which includes adiscrete benefit of $

0.1

million relating to the prior year for the United States.

Incometaxexpenseof$

56.0

millionforthesixmonthsendedJune30,2023wascalculatedbasedonan

estimated annual effective tax rate of

21.9

% for the period.

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

For thesix monthsended June30, 2024,the Companyhad

no

new unrecognizedtax benefitsincluded intax

expense. If accrualfor interest orpenalties is required,it is theCompany’s policy to includethese as acomponent

of income tax expense. The Company continues to carry an unrecognizedtax benefit of $

20.8

million consistent

with December 31, 2023.

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

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202417

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.

12.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 were calculated asfollows (in thousands, except per share data):

Three months ended June 30,

Six months ended June 30,

(in US$ thousands, except per share data)

2024

2023

2024

2023

Numerator:

Net income attributable to Company stockholders

$

45,200

$

91,311

$

16,199

$

199,171

Denominator (in thousands):

Weighted-average shares of common stock

outstanding

167,645

167,645

167,645

167,645

Effects of dilutive shares

666

524

589

458

Weighted average diluted shares of common stock

outstanding

168,311

168,169

168,234

168,103

Earnings Per Share (US$):

Basic

0.27

0.54

0.10

1.19

Dilutive

0.27

0.54

0.10

1.18

The Company’s common stock is publicly traded on theASX in the form of CDIs, convertible at the option of the

holders into shares of the Company’s common stockon a

10

-for-1 basis.

13.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:

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 ofJune 30,2024, therewere

no

financial instrumentsrequired tobe measuredat fairvalue ona recurring

basis.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202418

Other Financial Instruments

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

June 30, 2024 and December 31, 2023:

●

Cashandcashequivalents,accountsreceivable,short-termdeposits,accountspayable,accrued

expenses,leaseliabilitiesandothercurrentfinancialliabilities:Thecarryingamountsreportedinthe

unaudited Condensed ConsolidatedBalance Sheets approximatefair value due tothe short maturity of

these instruments.

●

Restricteddeposits,leaseliabilities,interestbearingliabilitiesandotherfinancialliabilities:Thefair

valuesapproximatethecarryingvaluesreportedintheunauditedCondensedConsolidatedBalance

Sheets.

●

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

cost. As ofJune 30, 2024,there were

no

amounts drawn underthe revolving creditsublimit of theABL

Facility.TheestimatedfairvalueoftheNotesasofJune30,2024wasapproximately$

250.8

million

based upon quoted market prices in a market that is notconsidered active (Level 2).

14.Accumulated Other Comprehensive Losses

The Company’s Accumulated Other ComprehensiveLosses consists of foreign currency translation adjustment

of subsidiaries for which the functional currency is differentto the Company’s functional currency inU.S. dollar.

Accumulated other comprehensive losses consisted ofthe following at June 30, 2024:

(in US$ thousands)

Foreign

currency

translation

adjustments

Balance at December 31, 2023

$

(89,927)

Net current-period other comprehensive loss:

Loss in other comprehensive income before reclassifications

(4,520)

Loss on long-term intra-entity foreign currency transactions

(12,546)

Totalnet current-period other comprehensive loss

(17,066)

Balance at June 30, 2024

$

(106,993)

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202419

15.Commitments

(a)Mineral Leases

TheCompanyleasesmineralinterestsandsurfacerightsfromlandownersundervarioustermsandroyalty

rates. The futureminimum royaltiesand lease rentalpayments underthese leasesas ofJune 30, 2024are as

follows:

(in US$ thousands)

Amount

Year endingDecember 31,

2024

$

3,711

2025

5,483

2026

5,345

2027

5,306

2028

5,249

Thereafter

25,497

Total

$

50,591

Mineral leases are not inscope of ASC 842 andcontinue to be accountedfor under the guidancein ASC 932,

Extractive Activities – Mining.

(b)Other commitments

As of June30, 2024, purchasecommitments for capitalexpenditures were $

112.3

million, all ofwhich is obligated

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 negotiatesits rail andcoal terminalaccess onan annualbasis.As ofJune

30,2024,theseAustralianandU.S.commitmentsundertake-or-payarrangementstotaled$

699.0

million,of

which approximately $

92.0

million is obligated within the next twelve months.

16.Contingencies

Surety bond, letters of credit and bank guarantees

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.

FortheU.S.Operationsinordertoprovidetherequiredfinancialassuranceforpostminingreclamation,the

Company generally usessurety bonds. TheCompany uses suretybonds and bankletters of creditto collateralize

certain otherobligations includingcontractual obligationsunder workers’compensation insurances.As of June

30, 2024, the Company had outstanding surety bonds of$

48.8

million and letters of credit of $

16.7

million issued

from our letter of credit sublimit available under the ABL Facility.

FortheAustralianOperationsasatJune30,2024,theCompanyhadbankguaranteesoutstandingof$

24.2

million, including $

5.0

million issued from the letter of credit sublimit available under the ABL Facility,primarily in

respect of certain rail and port arrangements of the Company.

As at June 30, 2024, the Company in aggregate hadtotal outstanding bank guarantees provided of $

41.0

million

to secure its obligations and commitments, including $

21.7

million issued from the ABL Facility.

Future regulatory changesrelating to theseobligations could resultin increased obligations,additional costs or

additional collateral requirements.

Restricted deposits – cash collateral

As required by certain agreements, the Company had total cash collateral inthe form of deposits of $

68.0

million

and $

68.7

million as of June 30, 2024 and December 31, 2023, respectively, to provideback-to-back support for

bank guarantees, other performanceobligations, various other operating agreements andcontractual obligations

under workers compensation insurance.These deposits are restricted andclassified as non-current assets inthe

unaudited Condensed Consolidated Balance Sheets.

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q June 30, 202420

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 ofJune 30,2024,

no

letter ofcredit hadexpired or wasterminated andas such

no

cash collateralwas required.

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

duty on this acquisition at an amount of $

56.2

million (A$

82.2

million) plus unpaid tax interest. On November 23,

2022,theCompanyfiledanobjectiontotheassessment.TheCompany’sobjectionwasbasedonlegaland

valuation advice obtained, which supported an estimated stamp dutypayable of $

29.4

million (A$

43.0

million) on

the Curragh acquisition.

On January 9, 2024, the Company’s objection to theassessed stamp duty was disallowed by the QRO.

As per the Taxation Administration Act (Queensland) 2001, the Company could only appeal or apply for a review

of QRO’sdecision ifit haspaid thetotal assessedstamp dutyof $

56.2

million (A$

82.2

million) plusunpaid tax

interest of $

14.5

million (A$

21.2

million). The Company had until March 11,2024, to file an appeal.

On March 6, 2024,the Company made anadditional payment, andpaid in full, the stampduty assessed bythe

QRO.

The Company disputesthe additionalamount of assessedstamp duty and,on March 11,2024, filed itsappeal

with the Supreme Court of Queensland. The outcome of the appealremains uncertain.

From time to time, theCompany becomes aparty to other legalproceedings 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.

17. Related

‑

Party Transactions

Termination of the SGI Transaction

On September 25, 2023, The Energy & Minerals Group, or EMG, the Company’s controlling stockholder through

its ownership of Coronado Group LLC, including through certain of its affiliatesand managed funds, advised the

Companythatithadenteredintoamembershipinterestpurchaseagreement,orMIPA,withSev.enGlobal

Investments a.s., or SGI, tosell all of their interestsin Coronado Group LLC toa wholly-owned subsidiary of SGI.

OnJune24,2024,EMGannounceditterminatedtheMIPAinlightofcertainconditionsnotbeingsatisfied,

including receipt of regulatory approval, by an outside date for completionof June 22, 2024.

18.Subsequent Events

On August 5, 2024, the Company’sBoard of Directors declared a bi-annualfully franked fixed ordinary dividend

of $

8.4

million, or

0.5

cents per CDI.

The dividend will have a record date of August28, 2024, Australia time, and be payable on September 18, 2024,

Australia time. CDIs will bequoted “ex” dividend on August27, 2024, Australia time. The totalordinary dividend

will be funded from available cash.

Coronado Global Resources Inc.

Form 10-Q June 30, 202421

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)asofJune30,2024,therelatedcondensedconsolidatedstatementsofoperationsand

comprehensiveincomeforthethreeandsix-monthperiodsendedJune30,2024and2023,thecondensed

consolidated statementsof stockholders’equity forthe threeand six-monthperiods endedJune 30,2024 and

2023, the condensed consolidated statements of cash flows for the six-monthperiods ended June 30, 2024 and

2023 and therelated notes (collectively referredto as the“condensed consolidated interim financialstatements”).

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, 2023, 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 20, 2024,

weexpressedanunqualifiedauditopiniononthoseconsolidatedfinancialstatements.Inouropinion,the

information setforth inthe accompanyingcondensed consolidatedbalance sheetas of December31, 2023,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 the Companyin 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

August 5, 2024.

Coronado Global Resources Inc.

Form 10-Q June 30, 202422

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

relatednotesto thosestatementsincluded elsewherein thisQuarterlyReporton Form 10-Q.In addition,this

Quarterly Report on Form 10-Q report should be read in conjunction with the Consolidated Financial Statements

for year ended December 31,2023 included in Coronado GlobalResources Inc.’s AnnualReport on Form 10-K

for the yearended December31, 2023, filedwith the U.S.Securities andExchange Commission,or SEC,and

the Australian Securities Exchange, or the ASX, on February20, 2024.

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-Q are expressedin 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;

●

uncertaintyinglobaleconomicconditions,includingtheextent,durationandimpactofongoingcivil

unrest and wars,as well asrisks related togovernment actions withrespect to tradeagreements, 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.Forexample,theamendmentstothecoal royaltyregimeimplementedin2022by the

Queensland State Government in Australia introducing higher tiers to the coal royalty rates applicable to

our Australian Operations;

●

concerns about the environmental impacts of coal combustion and greenhouse gas, or GHG emissions,

relatingtominingactivities,includingpossibleimpactson globalclimateissues,whichcouldresultin

increasedregulationofcoalcombustionandrequirementstoreduceGHGemissionsinmany

jurisdictions, including federal and state government initiatives to control GHG emissions could increase

costs associated withcoal productionand consumption, suchas costs foradditional controlsto reduce

carbondioxideemissionsorcoststopurchaseemissionsreductioncreditstocomplywithfuture

emissionstradingprograms,whichcouldsignificantlyimpactourfinancialconditionandresultsof

operations, affect demandfor our productsor oursecurities and reducedaccess to capitaland insurance;

Coronado Global Resources Inc.

Form 10-Q June 30, 202423

●

severe financial hardship, bankruptcy,temporary or permanent shut downs or operationalchallenges of

one or more of our majorcustomers, including customers in the steel industry, key suppliers/contractors,

whichamongotheradverseeffects,couldleadtoreduceddemandforourcoal,increaseddifficulty

collecting receivablesand customersand/or suppliersasserting forcemajeure orother reasonsfor not

performing their contractual obligations to us;

●

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

●

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 delay orsuspend

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;

●

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.

Coronado Global Resources Inc.

Form 10-Q June 30, 202424

Wemakemanyofourforward-lookingstatementsbasedonouroperatingbudgetsandforecasts,whichare

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

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, 2023,

filed with the SEC and ASXon February 20, 2024 fora more complete discussionof 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.

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 pricecontracts.

Our managementuses avariety offinancial andoperating metricsto analyzeour performance.These metrics

are significant factorsin assessingour operating 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 (or netdebt), which we defineas cash andcash equivalents (excluding restricted cash)less outstanding

aggregate principal amount of the Notes and otherinterest-bearing loans.

Coal revenues areshown in ourstatement of operationsand comprehensive incomeexclusive of otherrevenues.

Generally, export sale contracts for ourAustralian Operations require usto bear thecost of freightfrom our mines

totheapplicableoutboundshippingport,whilefreightcostsfromtheporttotheenddestinationaretypically

borne by the customer. Salesto the export market from our U.S. Operations aregenerally recognized when title

tothecoalpassestothecustomeratthemineloadoutsimilartoadomesticsale.Forourdomesticsales,

customers typically bearthe costof freight. Assuch, freight expensesare excluded fromthe cost ofcoal revenues

to allow for consistency and comparability in evaluating ouroperating performance.

Non-GAAP Financial Measures; Other Measures

ThefollowingdiscussionofourresultsincludesreferencestoandanalysisofAdjustedEBITDA,Segment

Adjusted EBITDA and miningcosts, which are financialmeasures not recognized inaccordance with U.S. GAAP.

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

used by investors to measure our operating performance.

Non-GAAP financial measures are intended to provide additional information only and do not have any standard

meaning prescribed by U.S. GAAP.These measures should not be consideredin isolation or as a substitute for

measures of performance prepared in accordance withU.S. GAAP.

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 intendedto serveas analternative toU.S. GAAP measuresof performanceincluding totalrevenues, total

costs and expenses,net income orcash flows fromoperating activities asthose terms aredefined by U.S.GAAP.

Coronado Global Resources Inc.

Form 10-Q June 30, 202425

Adjusted EBITDA maytherefore not becomparable tosimilarly titled measurespresented by othercompanies.

A reconciliation ofAdjusted EBITDA toits mostdirectly comparable measureunder U.S. GAAP isincluded below.

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, anon-GAAP measure, isbased 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 othercompanies in the coal industry.

About Coronado Global Resources Inc.

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.

Overview

Coronadoperformedstronglyinthesecondquartercomparedtothefirstquarterof2024deliveringhigher

quarter-on-quarter production and sales volume. Our Australian Operations benefited from the completion of the

historicalpre-stripwastedeficitworksresultinginthereductionofcontractorfleetsinlateMarch2024and

improveddraglineutilizationanddrillandblastperformance.Whileacknowledgingits’tragicoutcome,the

incidentresultinginthefatalityofoneofouremployeesandthetemporarysuspensionofoperationsatour

Buchanan mine, our U.S. Operations realizedproduction and cost improvements in the secondquarter of 2024,

as a result of higher production yield and improved mining conditions.

Cokingcoalindexpricescontinuedtodeclineoverthesecondquarterof2024duetoimprovedsupplyfrom

Australia, post wetweather events, andsoft seaborne demanddue to monsoonseason in Indiaand heavy rainfall

in China constraining infrastructure and construction activities.

The Australian Premium Low VolatileHard Coking Coal, or AUS PLVHCC, index price averaged $242.3 perMt

for the three months endedJune 30, 2024, $66.1 per Mtlower, compared tothe three months ended March31,

2024. The AUS PLVHCC index averaged $275.6per Mt for the six monthsended June 30, 2024,$18.2 per Mt

lower, compared to the sixmonths ended June 30, 2023.

For the six months ended June 30, 2024,saleable production of 7.5 MMt was 0.7 MMt lowercompared to the six

months endedJune 30,2023, primarilydriven byoperational andgeological issuesat our U.SOperations and

the impacts of weather events on production at our AustralianOperations in the first quarter of 2024.

Coal revenues of $1,297.4 million for the sixmonths ended June 30, 2024, were down$158.4 million compared

to thesame periodin 2023,driven bylower averagerealized priceof $199.3per Mtsold, comparedto $229.1

per Mt sold for the six months ended June 30, 2023. Lower average realized prices were partially offset by sales

volumes that were 0.2 MMt highercompared to the six months endedJune 30, 2023. Sales volumes werehigher

despitelowerproductionaswedrewoncoalstockbuiltatportattheendofDecember2023duetoport

constraints in Queensland, Australia.

Mining costs for thesix months ended June30, 2024, were $106.1million,or $10.5 per Mtsold, higher compared

to the corresponding periodin 2023, driven byunplanned maintenance costs,continued inflationary impactson

laborandsupplycostsandsignificantinventorydrawdownduetohighersalesvolumesexceedinghigher

Coronado Global Resources Inc.

Form 10-Q June 30, 202426

production inthe 2024period, partiallyoffsetby costsavings fromdemobilizing contractorfleets inlate March

2024 at our Australian Operations.

Dividends

OnApril4,2024,theCompanysettleditspreviouslydeclareddividendsof$8.4million,whichwerepaidto

stockholders from available cash.

Liquidity

Coronado hadavailable liquidity of$414.4 million as ofJune 30, 2024, consistingof cash and cashequivalents

(excludingrestrictedcash),unrestrictedshort-termdepositsof$21.7millionand$128.3millionofavailability

under ourABL Facility.As ofJune 30,2024, ournet debtposition was$4.7 millioncomprising$269.1 million

aggregate principal amountof interest-bearing liabilitiesoutstanding less cashand cash equivalents(excluding

restricted cash) of $264.4 million.

Safety

ForourAustralianOperations,thetwelve-monthrollingaverageTotalReportableInjuryFrequencyRate,or

TRIFR, atJune 30,2024 was1.29,

compared toa rateof 1.83at theend ofDecember 31,2023. AtourU.S.

Operations,thetwelve-monthrollingaverageTotalReportableIncidentRate,orTRIR,atJune30,2024was

2.26, compared to a rate of1.44 at the end of December31, 2023. Reportable rates forour Australian and U.S.

Operations are below the relevant industry benchmarks.

The health andsafety of ourworkforce is ournumber one priorityand Coronado continuesto implement safety

initiatives to improve our safety rates every quarter.

Segment Reporting

In accordance with ASC280, Segment Reporting, wehave adopted the followingreporting segments: Australia

andtheUnitedStates.Inaddition,“OtherandCorporate”isnotareportingsegmentbutisdisclosedforthe

purposes of reconciliation to our consolidated financialstatements.

Coronado Global Resources Inc.

Form 10-Q June 30, 202427

Three Months Ended June 30, 2024 Compared to ThreeMonths Ended June 30, 2023

Summary

The financial and operational highlights for the three monthsended June 30, 2024 include:

●

Net income forthe three monthsended June 30,2024, of $45.2million was $46.1million lower compared

to$91.3millionforthethreemonthsendedJune30,2023,whichwaslargelyduetoloweraverage

realized Met price.

●

Average realized Met priceper Mt sold of $194.7 for thethree months ended June 30, 2024,was $24.8

per Mt soldlower compared toaverage Met realizedprice of $219.5per Mt soldfor the sameperiod in

2023.CokingcoalindexpricesdeclinedduetoimprovedsupplyandweatherconditionsinAustralia

combined with soft seaborne demand from key Metcoal market such as China and India.

●

Sales volumeof 4.1MMt forthe threemonthsendedJune 30,2024 was0.1MMthigher againstthe

comparative period in 2023, despite saleable productionbeing 0.1 MMt lower.

●

Adjusted EBITDA for the three months ended June30, 2024, of $120.8 million, was $40.7

million lower,

compared to$161.5 millionfor thethree monthsended June30, 2023,largely dueto lowercoal sales

revenues partially offset by lower operating costs.

●

As ofJune30, 2024,theCompany hadtotal availableliquidity of$414.4million, consistingof $264.4

millioncashandcashequivalents(excludingrestrictedcash),$21.7millionofunrestrictedshort-term

deposits and $128.3 million of availability under the ABLFacility.

Three months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Revenues:

Coal revenues

$

664,379

$

717,445

$

(53,066)

(7.4%)

Other revenues

9,449

10,081

(632)

(6.3%)

Totalrevenues

673,828

727,526

(53,698)

(7.4%)

Costs and expenses:

Cost of coal revenues (exclusive of items

shown separately below)

372,743

380,962

(8,219)

(2.2%)

Depreciation, depletion and amortization

51,263

38,880

12,383

31.8%

Freight expenses

60,704

57,443

3,261

5.7%

Stanwell rebate

26,451

29,049

(2,598)

(8.9%)

Other royalties

87,425

89,949

(2,524)

(2.8%)

Selling, general, and administrative expenses

8,646

9,981

(1,335)

(13.4%)

Totalcosts and expenses

607,232

606,264

968

0.2%

Other income (expenses):

Interest expense, net

(13,116)

(14,180)

1,064

(7.5%)

Decrease (increase) in provision for

discounting and credit losses

27

(269)

296

(110.0%)

Other, net

(906)

6,473

(7,379)

(114.0%)

Totalother expenses, net

(13,995)

(7,976)

(6,019)

75.5%

Net income before tax

52,601

113,286

(60,685)

(53.6%)

Income tax expense

(7,401)

(21,975)

14,574

(66.3%)

Net income attributable to Coronado Global

Resources, Inc.

$

45,200

$

91,311

$

(46,111)

(50.5%)

Coal Revenues

Coal revenues were $664.4 million forthe three months ended June30, 2024, $53.1 million lower,compared to

$717.4 million forthe three monthsended June 30,2023. The decreasewas a resultof lower averagerealized

price of $164.0per Mt soldfor the threemonths ended June30, 2024, comparedto $180.9 perMt sold forthe

same periodin 2023,partiallyoffsetby highersalesvolume of0.1 MMtfor thethree monthsended June30,

2024.

Coronado Global Resources Inc.

Form 10-Q June 30, 202428

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 of coal revenueswas $372.7 million forthe three months endedJune 30, 2024, $8.2million, or 2.2%

lower, compared to $381.0million for the three months ended June 30, 2023.

Our AustralianOperations contributedto $9.4million ofthe decreasein costof coalrevenues, primarilydriven

by demobilizationof fourfleets inlate March2024 followingcompletionof thehistorical pre-stripwaste deficit

works, andfavorable averageforeign exchangerateson translationof theAustralian Operationsfor thethree

months ended June 30, 2024, of A$/US$: 0.66 comparedto 0.67 for the same period in 2023. This was partially

offset by lower build in raw coal stocks and highermaintenance costs.

Cost of coal revenues forour U.S. Operations for the threemonths ended June 30, 2024, was$1.2 million higher

compared to the three months ended June 30, 2023, largelydue to lower coal purchases partially offset by lower

sales volumes when compared to the three months endedJune 30, 2023.

Depreciation, Depletion and Amortization

Depreciation,depletionandamortizationwas$51.3millionforthethreemonthsendedJune30,2024,an

increase of$12.4 million,comparedto $38.9million forthe threemonths endedJune 30,2023. Theincrease

was dueto additionalequipmentbroughtinto serviceduring thetwelvemonthssince June30, 2023,partially

offset by favorable average foreign exchange rateson translation of the Australian Operations.

Freight Expenses

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

ourAustralianOperations,anddemurragecosts.Freightexpensestotaled$60.7millionfor thethreemonths

ended June30, 2024,an increaseof $3.3million, comparedto $57.4million forthe threemonths endedJune

30, 2023, primarily driven by higher coal sales under Freeon Board, or FOB, terms at our U.S. Operations.

Stanwell Rebate

The Stanwellrebate was$26.5 millionfor thethree monthsended June30, 2024,a decreaseof $2.6million,

compared to $29.0 million for the three months endedJune 30, 2023. The decrease was largely driven by lower

realized reference coal pricingfor the priortwelve-month period applicable to threemonths ended June 30,2024,

usedtocalculatetherebatecomparedtothesameperiodin2023,andfavorableforeignexchangerateon

translation of our Australian Operations.

Other Royalties

Other royalties were $87.4million in the threemonths ended June 30,2024, a decrease of$2.5 million compared

to $89.9 million for the three months ended June 30,2023 due to lower coal revenues.

Other, net

Other, netwas $0.9 millionfor the threemonths ended June30, 2024, adifference of $7.4million compared to

a loss of$6.5 million forthe threemonths ended June30, 2023. Theimprovement waslargely driven bylower

exchangelossesontranslationofshort-terminter-entitybalancesincertainentitieswithinthegroupthatare

denominated in currencies other than their respectivefunctional currencies.

Income Tax Expense

Income taxexpense was$7.4 millionfor thethree monthsended June30, 2024,a decreaseof $14.6million,

compared to $22.0million forthe three monthsended June 30,2023, driven bylower income beforetax in the

2024 period.

The income taxexpense forthe three monthsended June 30,2024 is basedon an annualeffective taxrate of

17.6%, which has been favorably impacted by mine depletionin the United States.

Coronado Global Resources Inc.

Form 10-Q June 30, 202429

Six months ended June 30, 2024 compared to Sixmonths ended June 30, 2023

Summary

The financial and operational highlights for the six monthsended June 30, 2024 include:

●

Netincomeof$16.2millionforthesixmonthsendedJune30,2024,adecreaseof$183.0million,

compared to $199.2 million for the six months ended June 30, 2023. The decrease was a result of lower

revenues and higher operating costs partially offsetby lower income tax expenses.

●

Average realized Met price of $199.3 per Mt sold for the six months ended June 30, 2024 was $29.8 per

Mt sold lowercompared to$229.1 per Mtsold forthe sixmonths ended June30, 2023. TheAUS PLV

HCCindexaveraged$275.61perMtforthesixmonthsendedJune30,2024,$18.14perMtlower

compared to the six months ended June 30, 2023. The downward trend was a result of improved supply

from Australia, low steel demanddue to reduced industrial activities frommajor economies such as India

and redirection of cheaper Russian Met coal to Asian marketssince the second quarter of 2023.

●

Sales volume totaled7.8 MMt forthe six monthsended June 30,2024, or 0.2MMt higher comparedto

7.6 MMtfor thesix monthsended June30, 2023despite saleableproduction being0.7 MMtlower,as

our operationsdrew onsignificant coalinventory builtin December2023 dueto delayscaused byour

port infrastructure provider in Australia.

●

Adjusted EBITDAof $135.4million forthe sixmonths endedJune 30,2024, was$216.9 millionlower

compared to $352.3 million for the six months endedJune 30, 2023. This decrease was a result of lower

coal revenues and higher operating costs.

●

As ofJune30,2024,theCompanyhadnetdebtof$4.7million,consistingofclosingcashandcash

equivalents (excluding restrictedcash) of $264.4million and $269.1million aggregate principalamount

outstanding of interest-bearing liabilities.

Six months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Revenues:

Coal revenues

$

1,297,372

$

1,455,790

$

(158,418)

(10.9%)

Other revenues

44,605

37,450

7,155

19.1%

Totalrevenues

1,341,977

1,493,240

(151,263)

(10.1%)

Costs and expenses:

Cost of coal revenues (exclusive of items

shown separately below)

845,263

761,436

83,827

11.0%

Depreciation, depletion and amortization

96,612

78,303

18,309

23.4%

Freight expenses

117,526

120,796

(3,270)

(2.7%)

Stanwell rebate

57,902

68,257

(10,355)

(15.2%)

Other royalties

172,585

175,906

(3,321)

(1.9%)

Selling, general, and administrative expenses

17,461

17,755

(294)

(1.7%)

Totalcosts and expenses

1,307,349

1,222,453

84,896

6.9%

Other income (expenses):

Interest expense, net

(26,445)

(28,845)

2,400

(8.3%)

Decrease in provision for discounting and credit

losses

200

3,719

(3,519)

(94.6%)

Other, net

11,106

9,515

1,591

16.7%

Totalother expenses, net

(15,139)

(15,611)

472

(3.0%)

Net income before tax

19,489

255,176

(235,687)

(92.4%)

Income tax expense

(3,290)

(56,005)

52,715

(94.1%)

Net income

16,199

199,171

(182,972)

(91.9%)

Net income attributable to Coronado Global

Resources, Inc.

$

16,199

$

199,171

$

(182,972)

(91.9%)

Coronado Global Resources Inc.

Form 10-Q June 30, 202430

Coal Revenues

Coalrevenueswere$1,297.4millionforthesixmonthsendedJune30,2024,adecreaseof$158.4million,

compared to $1,455.8 million for the six months ended June 30, 2023.The decrease was largely driven by lower

average realized price of $166.5 per Mt soldcompared to $190.9 per Mt sold for thesix months ended June 30,

2023, due to unfavorable market conditionscausing decline in coking coal index prices.This was partially offset

by 0.2 MMt higher sales volume compared to the same periodin 2023.

Other Revenues

Other revenues were $44.6 millionfor the six monthsended June 30, 2024, anincrease of $7.2 millioncompared

to $37.5million for the six months ended June30, 2023. This increase was primarily drivenby higher termination

fee revenue from a coal sales contract cancelled at ourU.S. Operations.

Cost of Coal Revenues (Exclusive of Items ShownSeparately Below)

Totalcost ofcoal revenueswas $845.3million forthe sixmonths endedJune 30,2024, anincrease of$83.8

million, compared to $761.4 million for the six monthsended June 30, 2023.

Cost of coal revenuesfor our AustralianOperations in thesix months endedJune 30, 2024,were $73.2 million

higher comparedto thesame periodin 2023,primarilydriven byhigher drawdown ofcoal inventoryresulting

from salesvolume exceedingproduction inthe sixmonths endedJune 30,2024, impactof inflationon supply

costs andhigher maintenancecosts dueto miningequipmentoperating athigher capacity.This increasewas

partially offsetby demobilizationof four fleetsin late March2024 following completionof the historicalpre-strip

waste deficitworks andfavorable foreignexchange rateon translationof ourAustralian Operationsfor thesix

months ended June 30, 2024, of A$/US$: 0.66 comparedto 0.68 for the same period in 2023.

Cost of coal revenues for our U.S. Operations were$10.6 million higher for the six months endedJune 30, 2024,

compared to the same period in2023, largely due to lower buildin inventory as lower production exceeded lower

sales, combined with unplanned maintenance as a result of mechanical and geological issues in the first quarter

of 2024.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization was $96.6 million for the six months ended June 30, 2024, anincrease

of $18.3 million, as compared to $78.3 million for the six months endedJune 30, 2023. The increase was due to

additionalequipmentbroughtintoserviceduringthetwelvemonthssinceJune30,2023,partiallyoffsetby

favorable average foreign exchange rateson translation of the Australian Operations.

Freight Expenses

Freightexpensestotaled$117.5millionforthesixmonthsendedJune30,2024,adecreaseof$3.3million

compared to $120.8 millionfor the sixmonths ended June 30,2023. Our U.S. Operations contributed$3.5 million

to the decrease due to lower coal sales under FOBterms compared to the six months ended June 30, 2023.

Stanwell Rebate

TheStanwellrebatewas$57.9millionforthesixmonthsendedJune30,2024,adecreaseof$10.4million

comparedto$68.3millionfor thesixmonthsendedJune30,2023.Thedecreasewasduetolowerrealized

reference coal pricing for the prior twelve-monthperiod applicable to the six monthsended June 30, 2024, used

to calculate therebate comparedto the sameperiod in 2023and favorable averageforeign exchangerateson

translation of the Australian Operations.

Other Royalties

Otherroyaltieswere$172.6millionforthesixmonthsendedJune30,2024,adecreaseof$3.3million,as

compared to $175.9 million for the six months ended June30, 2023 due to lower coal revenues.

Income Tax Expense

Incometaxexpenseof$3.3millionforthesixmonthsendedJune30,2024,decreasedby$52.7million,

compared to$56.0 milliontax expensefor thesix monthsended June30, 2023,primarily drivenby lowernet

income before tax in the 2024 period.

The incometax expensefor thesixmonthsended June30, 2024is basedonan annualeffectivetax rateof

17.6%.

Coronado Global Resources Inc.

Form 10-Q June 30, 202431

Supplemental Segment Financial Data

Three months ended June 30, 2024 compared to three monthsended June 30, 2023

Australia

Three months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Sales volume (MMt)

2.7

2.5

0.2

9.3%

Totalrevenues ($)

458,491

431,806

26,685

6.2%

Coal revenues ($)

449,497

423,121

26,376

6.2%

Average realized price per Mt sold ($/Mt)

166.7

171.5

(4.8)

(2.8)%

Met coal sales volume (MMt)

2.0

1.7

0.3

16.9%

Met coal revenues ($)

429,506

403,861

25,645

6.3%

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

216.2

237.7

(21.5)

(9.0)%

Mining costs ($)

218,897

225,757

(6,860)

(3.0)%

Mining cost per Mt sold ($/Mt)

81.7

92.6

(10.9)

(11.8)%

Operating costs ($)

364,668

376,380

(11,712)

(3.1)%

Operating costs per Mt sold ($/Mt)

135.3

152.6

(17.3)

(11.3)%

Segment Adjusted EBITDA ($)

94,582

54,700

39,882

72.9%

Coal revenues for our Australian Operations, for the three months ended June 30, 2024, were $449.5 million, an

increase of $26.7million, or 6.2%,compared to $423.1million for thethree monthsended June 30,2023. This

increase was driven by Met coal sales volumeof 2.0 MMt, 0.3 MMt higher comparedto the three months ended

June30,2023.ThisincreasewaspartiallyoffsetbyloweraveragerealizedMetpriceof$21.5perMtsold

compared to the three months ended June 30, 2023.

Operating costs of $364.7 million for the three months ended June 30, 2024, were $11.7million lower compared

to $376.4million forthe threemonths endedJune 30,2023. Thedecrease waslargely drivenby lowermining

costs attributedto demobilizationof fourfleets followingcompletion ofhistorical pre-stripwaste deficitworks in

March 2024 and favorable average foreign exchange rateson translation of the Australian Operations.

Segment AdjustedEBITDAincreased by$39.9 million,or 72.9%,to $94.6million forthe threemonths ended

June 30,2024, comparedto $54.7million forthe threemonths endedJune 30,2023, largelydriven byhigher

coal revenues and lower operating costs.

United States

Three months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Sales volume (MMt)

1.4

1.5

(0.1)

(9.5)%

Totalrevenues ($)

215,337

295,720

(80,383)

(27.2)%

Coal revenues ($)

214,882

294,324

(79,442)

(27.0)%

Average realized price per Mt sold ($/Mt)

158.5

196.4

(37.9)

(19.3)%

Met coal sales volume (MMt)

1.3

1.3

—

(1.2)%

Met coal revenues ($)

209,855

257,292

(47,437)

(18.4)%

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

161.7

196.0

(34.3)

(17.5)%

Mining costs ($)

145,521

133,878

11,643

8.7%

Mining cost per Mt sold ($/Mt)

110.0

93.9

16.1

17.1%

Operating costs ($)

182,655

181,023

1,632

0.9%

Operating costs per Mt sold ($/Mt)

134.7

120.8

13.9

11.5%

Segment Adjusted EBITDA ($)

34,466

116,487

(82,021)

(70.4)%

Coal revenues decreasedby $79.4 million,or 27.0%, to$214.9 million forthe three monthsended June 30,2024,

compared to$294.3 millionfor thethree monthsended June30, 2023.This decreasewas primarilydriven by

lower sales volume, as we mined through lower yielding of the southern panels at Buchanan, and lower average

realized Met price per Mt sold for the three months ended June 30,2024, $34.3 per Mt sold lower than the 2023

period, due to weakened demand from China and India.

Coronado Global Resources Inc.

Form 10-Q June 30, 202432

Mining costs increasedby $11.6million to $145.5million for thethree months endedJune 30, 2024,compared

to thethree monthsended June30, 2023.The increasein miningcosts wasprimarily drivenby lowerbuild in

coal inventory, as lower production exceeded lower sales volume, combined with unplanned maintenance costs.

The increase inmining costswas partiallyoffset bylower purchased coalfor thethree months endedJune 30,

2024 compared to the sameperiod in 2023. Mining andoperating costs per Mt soldfor the three months ended

June 30, 2024,increased by $16.1per Mt soldand $13.9 perMt sold, respectively, compared tothe three months

ended June 30, 2023.

SegmentAdjustedEBITDAof$34.5millionforthethreemonthsendedJune30,2024,decreasedby$82.0

millioncomparedto$116.5millionforthethreemonthsendedJune30,2023,primarilydrivenbylowercoal

revenues and 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 June 30,

2024

2023

Change

%

(in US$ thousands)

Selling, general, and administrative expenses

$

8,646

$

9,981

$

(1,335)

(13.4)%

Other, net

(387)

(320)

(67)

20.9%

TotalCorporate and Other Adjusted EBITDA

$

8,259

$

9,661

$

(1,402)

(14.5)%

Corporateandothercostsof $8.3millionfor thethreemonthsended June30,2024,were $1.4millionlower

compared to $9.7 million for the three months ended June30, 2023, due to timing of certain corporate costs.

Coronado Global Resources Inc.

Form 10-Q June 30, 202433

MiningandoperatingcostsforthethreemonthsendedJune30,2024comparedtothreemonths

ended June 30, 2023

A reconciliation ofsegment costs andexpenses, segment operatingcosts, and segmentmining costs isshown

below:

Three months ended June 30, 2024

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

$

390,576

$

207,737

$

8,919

$

607,232

Less: Selling, general and administrative

expense

(23)

—

(8,623)

(8,646)

Less: Depreciation, depletion and amortization

(25,885)

(25,082)

(296)

(51,263)

Total operating costs

364,668

182,655

—

547,323

Less: Other royalties

(77,462)

(9,963)

—

(87,425)

Less: Stanwell rebate

(26,451)

—

—

(26,451)

Less: Freight expenses

(37,801)

(22,903)

—

(60,704)

Less: Other non-mining costs

(4,057)

(4,268)

—

(8,325)

Total mining costs

218,897

145,521

—

364,418

Sales Volume excluding non-producedcoal

(MMt)

2.7

1.3

—

4.0

Mining cost per Mt sold ($/Mt)

81.7

110.0

—

91.1

Three months ended June 30, 2023

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

$

392,603

$

203,426

$

10,235

$

606,264

Less: Selling, general and administrative

expense

—

—

(9,981)

(9,981)

Less: Depreciation, depletion and amortization

(16,223)

(22,403)

(254)

(38,880)

Total operating costs

376,380

181,023

—

557,403

Less: Other royalties

(77,725)

(12,224)

—

(89,949)

Less: Stanwell rebate

(29,049)

—

—

(29,049)

Less: Freight expenses

(37,216)

(20,227)

—

(57,443)

Less: Other non-mining costs

(6,633)

(14,694)

—

(21,327)

Total mining costs

225,757

133,878

—

359,635

Sales Volume excluding non-producedcoal

(MMt)

2.4

1.4

—

3.8

Mining cost per Mt sold ($/Mt)

92.6

93.9

—

93.1

Average realized Met priceper Mt sold forthe three months endedJune 30, 2024 comparedto three

months ended June 30, 2023

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

Three months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Met coal sales volume (MMt)

3.3

3.0

0.3

9.0%

Met coal revenues ($)

639,361

661,153

(21,792)

(3.3)%

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

194.7

219.5

(24.8)

(11.3)%

Coronado Global Resources Inc.

Form 10-Q June 30, 202434

Six months ended June 30, 2024 compared to Sixmonths ended June 30, 2023

Australia

Six months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Sales volume (MMt)

5.2

4.7

0.5

12.1%

Totalrevenues ($)

894,596

830,467

64,129

7.7%

Coal revenues ($)

877,094

813,925

63,169

7.8%

Average realized price per Mt sold ($/Mt)

168.2

175.0

(6.8)

(3.9)%

Met coal sales volume (MMt)

3.8

3.2

0.6

17.3%

Met coal revenues ($)

837,809

776,380

61,429

7.9%

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

220.5

239.7

(19.2)

(8.0)%

Mining costs ($)

536,762

461,814

74,948

16.2%

Mining cost per Mt sold ($/Mt)

103.5

100.1

3.4

3.4%

Operating costs ($)

827,402

761,607

65,795

8.6%

Operating costs per Mt sold ($/Mt)

158.7

163.7

(5.0)

(3.1)%

Segment Adjusted EBITDA ($)

68,354

67,933

421

0.6%

Coal revenuesfor ourAustralian Operationsfor thesix monthsended June30, 2024,were $877.1million, an

increaseof$63.2million,or7.8%,comparedto$813.9millionforthesixmonthsendedJune30,2023.The

increase was a resultof sales volume thatwas 0.5 MMt morethan the six monthsended June 30, 2023,driven

by the benefitsof drawingof port inventorybuilt at theend ofDecember 2023partially offsetby lower average

realized Met price per Mtsold of $220.5, $19.2per Mt lower comparedto $239.7 per Mt soldfor the six months

ended June 30, 2023.

Operating costsincreased by$65.8 milliondriven byhigher miningcosts andoffset bylower Stanwellrebates

for the sixmonths ended June30, 2024. Miningcosts were $74.9million higher forthe six monthsended June

30, 2024, primarilydriven by higherdraw down ofcoal inventory resultingfrom higher salesvolume and higher

maintenance costs, partiallyoffset by the demobilizationof four fleets followingcompletion of historicalpre-strip

deficit works in late March 2024, and favorable foreign exchange rate on translation of our Australian Operations

for the six months ended June30, 2024 compared to the sameperiod in 2023. Mining cost per Mtsold increased

to $103.5per Mt sold, $3.4 per Mt soldhigher compared to mining cost perMt sold of $100.1 for the sixmonths

ended June 30, 2023.

Adjusted EBITDA for the six months ended June30, 2024, of $68.4 million is aligned withthe six months ended

June 30, 2023, due to increase in sales volume offsetby increase in operating costs.

United States

Six months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Sales volume (MMt)

2.6

3.0

(0.4)

(13.3)%

Totalrevenues ($)

447,381

662,773

(215,392)

(32.5)%

Coal revenues ($)

420,278

641,865

(221,587)

(34.5)%

Average realized price per Mt sold ($/Mt)

162.9

215.6

(52.7)

(24.8)%

Met coal sales volume (MMt)

2.4

2.5

(0.1)

(3.1)%

Met coal revenues ($)

403,386

540,314

(136,928)

(25.3)%

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

166.0

215.5

(49.5)

(23.3)%

Mining costs ($)

293,103

261,997

31,106

11.9%

Mining cost per Mt sold ($/Mt)

116.2

92.4

23.8

25.4%

Operating costs ($)

365,874

364,788

1,086

0.3%

Operating costs per Mt sold ($/Mt)

141.8

122.6

19.2

15.3%

Segment Adjusted EBITDA ($)

83,694

301,529

(217,835)

(72.2)%

Coal revenues decreased by $221.6 million, or 34.5%, to $420.3 million forthe six months ended June 30, 2024,

compared to$641.9 millionfor the sixmonths endedJune 30,2023. Thisdecrease wasprimarily dueto lower

average realizedMet priceper Mt soldfor the sixmonths endedJune 30,2024 of$166.0 comparedto $215.5

per Mt sold forthe same period in 2023combined with lower sales volume asa result of lowerproduction caused

Coronado Global Resources Inc.

Form 10-Q June 30, 202435

by geological issues impacting production yield at our Buchanan mine and mechanical issues at our Logan mine

resulting in production downtime.

Mining costsof $293.1million forthe sixmonths endedJune 30,2024 were$31.1 millionhigher comparedto

$262.0 million for thesix months ended June 30,2023, due to lower build incoal inventory in the firsthalf of 2024

due to geological and mechanicalissues that impacted production,more than sale volumes, whencompared to

the sameperiod in2023. Miningand Operatingcosts perMt soldincreased by$23.8 and$19.2, respectively,

due to lowersales volumeand highercosts inthe six monthsended June 30,2024, ascompared tothe same

period in 2023.

AdjustedEBITDAof$83.7milliondecreasedby $217.8million,or72.2%,for thesixmonthsendedJune30,

2024, comparedto $301.5million for thesix monthsended June30, 2023.This decreasewas primarilydriven

by lower coal revenues.

Corporate and Other Adjusted EBITDA

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

Six months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Selling, general, and administrative expenses

$

17,461

$

17,755

$

(294)

(1.7)%

Other, net

(819)

(569)

(250)

43.9%

TotalCorporate and Other Adjusted EBITDA

$

16,642

$

17,186

$

(544)

(3.2)%

Corporateandothercostsof$16.6millionforthesixmonthsendedJune30,2024,were$0.5millionlower

compared to $17.2 million for the six months ended June30, 2023, due to timing of certain corporate costs.

Coronado Global Resources Inc.

Form 10-Q June 30, 202436

Mining and operating costsfor the Six monthsended June 30, 2024compared to Six monthsended

June 30, 2023

A reconciliation ofsegment costs andexpenses, segment operatingcosts, and segmentmining costs isshown

below:

Six months ended June 30, 2024

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

$

874,248

$

415,083

$

18,018

$

1,307,349

Less: Selling, general and administrative

expense

(34)

—

(17,427)

(17,461)

Less: Depreciation, depletion and amortization

(46,812)

(49,209)

(591)

(96,612)

Total operating costs

827,402

365,874

—

1,193,276

Less: Other royalties

(153,450)

(19,135)

—

(172,585)

Less: Stanwell rebate

(57,902)

—

—

(57,902)

Less: Freight expenses

(71,261)

(46,265)

—

(117,526)

Less: Other non-mining costs

(8,027)

(7,371)

—

(15,398)

Total mining costs

536,762

293,103

—

829,865

Sales Volume excluding non-producedcoal

(MMt)

5.2

2.5

—

7.7

Mining cost per Mt sold ($/Mt)

103.5

116.2

—

107.7

Six months ended June 30, 2023

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

$

796,470

$

407,690

$

18,293

$

1,222,453

Less: Selling, general and administrative

expense

—

—

(17,755)

(17,755)

Less: Depreciation, depletion and amortization

(34,863)

(42,902)

(538)

(78,303)

Total operating costs

761,607

364,788

—

1,126,395

Less: Other royalties

(150,718)

(25,188)

—

(175,906)

Less: Stanwell rebate

(68,257)

—

—

(68,257)

Less: Freight expenses

(71,035)

(49,761)

—

(120,796)

Less: Other non-mining costs

(9,783)

(27,842)

—

(37,625)

Total mining costs

461,814

261,997

—

723,811

Sales Volume excluding non-producedcoal

(MMt)

4.6

2.8

—

7.4

Mining cost per Mt sold ($/Mt)

100.1

92.4

—

97.2

AveragerealizedMetpriceperMtsoldfortheSixmonthsendedJune30,2024comparedtoSix

months ended June 30, 2023

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

Six months ended June 30,

2024

2023

Change

%

(in US$ thousands)

Met coal sales volume (MMt)

6.2

5.7

0.5

8.4%

Met coal revenues ($)

1,241,195

1,316,694

(75,499)

(5.7)%

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

199.3

229.1

(29.8)

(13.0)%

Coronado Global Resources Inc.

Form 10-Q June 30, 202437

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

Three months ended June 30,

Six months ended June 30,

(in US$ thousands)

2024

2023

2024

2023

Reconciliation to Adjusted EBITDA:

Net income

$

45,200

$

91,311

$

16,199

$

199,171

Add: Depreciation, depletion and amortization

51,263

38,880

96,612

78,303

Add: Interest expense (net of interest income)

13,116

14,180

26,445

28,845

Add: Other foreign exchange losses (gains)

2,159

(6,414)

(9,104)

(9,405)

Add: Income tax expense

7,401

21,975

3,290

56,005

Add: Losses on idled assets

1,677

1,325

2,164

3,076

Add: (Decrease) increase in provision for

discounting and credit losses

(27)

269

(200)

(3,719)

Adjusted EBITDA

$

120,789

$

161,526

$

135,406

$

352,276

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 debtfacilities.

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

working capital,capitalexpenditure,debtserviceobligations,businessor assetsacquisitionsandpaymentof

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

ourcustomers,volatilityincoalprices,currentandfuturetradebarriersandtheuncertaintyofimpactsfrom

ongoingcivilunrestandwars,webelieveexpectedcashgeneratedfromoperationstogetherwithavailable

borrowing facilities and other strategic and financial initiatives, will be sufficientto meet the needs of our existing

operations, capital expenditure, service our debt obligationsand, if declared, payment of dividends.

Our ability to generate sufficient cashdepends on our future performance,which may be subject to a numberof

factorsbeyondourcontrol,includinggeneraleconomic,financialandcompetitiveconditionsandotherrisks

described in thisdocument, and PartI, Item 1A. “RiskFactors” of ourAnnual Report onForm 10-K for theyear

ended December 31, 2023, filed with the SEC and ASX onFebruary 20, 2024.

Liquidity as of June 30, 2024 and December 31, 2023was as follows:

(in US$ thousands)

June 30, 2024

December 31,

2023

Cash and cash equivalents, excluding restricted cash

$

264,439

$

339,043

Short-term deposits

21,744

21,906

Availability under the ABL Facility

(1)

128,256

128,094

Total

$

414,439

$

489,043

(1)

The ABLFacility providesfor upto $150.0million inborrowings, includinga $100.0million sublimitfor theissuance of

letters of credit, of which $21.7 million has been issued as ofJune 30, 2024, and a $70.0 million sublimit as a revolvingcredit

facility.TheletterofcreditsublimitcontributestoourliquidityastheCompanyhastheabilitytoreplacecashcollateral,

provided in theform of restricteddeposits, with lettersof credit allowingthe release ofsuch restricted depositsto cash and

cash equivalents.

Coronado Global Resources Inc.

Form 10-Q June 30, 202438

Our total indebtedness as of June 30, 2024 and December31, 2023 consisted of the following:

(in US$ thousands)

June 30, 2024

December 31,

2023

Current installments of interest bearing liabilities

$

1,481

$

—

Interest bearing liabilities, excluding current installments

267,628

242,326

Current installments of other financial liabilities and financelease obligations

4,197

2,893

Other financial liabilities and finance lease obligations, excluding current

installments

25,393

5,307

Total

$

298,699

$

250,526

Liquidity

Cash and cash equivalents

Cashandcashequivalentsareheldinmulticurrencyinterestbearingbankaccountsavailabletobeusedto

servicetheworkingcapitalneedsoftheCompany.Cashbalancessurplustoimmediateworkingcapital

requirementsareinvestedinshort-terminterest-bearingdepositaccountsorusedtorepayinterestbearing

liabilities.

Senior Secured Notes

As of June 30, 2024,the outstanding principalamount of our Noteswas $242.3 million. Intereston the Notes is

payable semi-annually in arrears on May 15 and November 15 of each year. 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 thanaccounts receivable

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 Indenturecontainscustomarycovenantsfor high

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

with affiliates and restricted payments, includingpayment of 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,if any,will beupon

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

liquidityrequirements,contractualrestrictionsandotherfactors.RefertoPartI,ItemI.FinancialStatements,

Note 9. “Interest Bearing Liabilities” for further information.

As of June 30, 2024, we were in compliance with allapplicable covenants under the Indenture.

Loan – Curragh Housing Transaction

OnMay16,2024,theCompanycompletedanagreementforaccommodationservicesandthesaleand

leasebackofhousingandaccommodationassetswitharegionalinfrastructureandaccommodationservice

provider, or collectively,the Curragh Housing Transaction.

The CurraghHousing Transactiondid notsatisfy thesale criteriaunder ASC606 –Revenuesfrom Contracts

with Customersand wasdeemed afinancing arrangement.As aresult, theproceeds of$23.0 million(A$34.6

million)receivedforthesaleandleasebackofproperty,plantandequipmentownedbytheCompanyin

connectionwiththeCurraghHousingTransactionwererecognizedas“OtherFinancialLiabilities”onthe

Company’sunaudited CondensedConsolidatedBalance Sheet.The termof thefinancingarrangementis ten

years with an effectiveinterest rate of14.14%. This liabilitywill be settledin equal monthlypayments as partof

the accommodation service arrangement.

In linewith theCompany’s capitalmanagement strategy,the CurraghHousing Transactionprovides additional

liquidity. Inaddition, the accommodation servicescomponent of the Curragh HousingTransaction is anticipated

to enhance the level of service for our employees at ourCurragh Mine.

Coronado Global Resources Inc.

Form 10-Q June 30, 202439

In connection with the Curragh Housing Transaction,the Company borrowed $26.9 million (A$40.4 million) from

the sameregionalinfrastructureand accommodationservice provider.This amountwas recordedas “Interest

Bearing Liabilities” inthe unaudited CondensedConsolidated Balance Sheet.The amount borrowedis payable

in equal monthly installments over a period of ten years,with an effective interest rate of 14.14%.

Refer to PartI, Item I.Financial Statements,Note 9. “InterestBearing Liabilities”and Note 10.“Other Financial

Liabilities” for further information.

ABL Facility

The ABL Facility matures in August 2026 and provides for up to $150.0 million in borrowings, including a $100.0

millionsublimitfortheissuanceoflettersofcreditand$70.0millionsublimitasarevolvingcreditfacility.

AvailabilityundertheABLFacilityislimitedtoaneligibleborrowingbase,determinedbyapplyingcustomary

advance rates to eligible accounts receivable and inventory.

Borrowings under the ABL Facility bearinterest at a rateper annum equal to applicablerate of 2.80% and BBSY,

for loans denominated in A$, or SOFR, for loans denominatedin US$, at the Borrower’s election.

Subject to customary grace periods and notice requirements, the ABL Facility also contains customary events of

default.

As at June 30, 2024, letter of credit sublimit had been partially used toissue $21.7 million of bank guarantees on

behalf of the Company and noamounts were drawn and no lettersof credit were outstanding under the revolving

credit sublimit ofABL Facility. As at June30, 2024, theCompany was incompliance with allapplicable covenants

under the ABLFacility. Refer to PartI, Item I.Financial Statements, Note9. “Interest BearingLiabilities” for further

information.

Surety bonds, letters of credit and bank guarantees

Wearerequiredtoprovidefinancialassurancesandsecuritiestosatisfycontractualandotherrequirements

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

government agencies’ statutes and regulations.

FortheU.S.Operationsinordertoprovidetherequiredfinancialassuranceforpostminingreclamation,we

generallyusesuretybonds.Weusesuretybondsandbanklettersofcredittocollateralizecertainother

obligations including contractualobligations under workers’compensation insurances.As of June 30,2024, we

had outstanding surety bonds of $48.8 million and letters of credit of $16.7 million issued from our letterof credit

sublimit available under the ABL Facility.

FortheAustralianOperationsasatJune30,2024,wehavebankguaranteesoutstandingof$24.2million,

including $5.0 million issued from the letter of credit sublimit available under the ABL Facility, primarily in respect

of certain rail and port arrangements of the Company.

As at June30, 2024,we havein aggregatehad totaloutstanding bankguarantees providedof $41.0 millionto

secure its obligations and commitments, including $21.7 millionissued for the ABL Facility.

Future regulatory changesrelating to theseobligations could resultin increased obligations,additional costs or

additional collateral requirements.

Restricted deposits – cash collateral

As requiredby certainagreements, wehave totalcash collateralin theform ofdeposits of$68.0 millionas of

June30,2024toprovideback-to-backsupportforbankguarantees,financialpayments,otherperformance

obligations,variousotheroperatingagreementsandcontractualobligationsunderworkerscompensation

insurance.Thesedepositsarerestrictedandclassifiedasnon-currentassetsintheunauditedCondensed

Consolidated Balance Sheets.

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

extentofoutstandinglettersofcreditaftertheexpirationorterminationdateofsuchletterofcreditafterthe

expiration or termination date ofsuch letter of credit. Asof June 30, 2024,no letter of creditwas outstanding after

the expiration or termination date and no cash collateralwas required.

Dividend

On February 19,2024, our Boardof Directors declareda bi-annual fullyfranked fixed ordinarydividend of $8.4

million, or 0.5cents per CDI.On April4, 2024, 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.

Coronado Global Resources Inc.

Form 10-Q June 30, 202440

On August 5, 2024, the Company’sBoard of Directors declared a bi-annualfully franked fixed ordinary dividend

of $8.4 million, or 0.5 cents per CDI.

The dividend will have a record date of August 28,2024, Australia time, and be payable on September 18, 2024,

Australia time. CDIs will bequoted “ex” dividend on August27, 2024, Australia time. The totalordinary dividend

will be funded from available cash.

Capital Requirements

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

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

ABLFacilityandourotherindebtedness,tofundoperatingactivities,workingcapital,capitalexpenditures,

includingorganicgrowthprojects,partialredemptionoftheNotes,businessorassetsacquisitionsand,if

declared, payment of dividends.

Historical Cash Flows

The following table summarizes our cash flows for the six months ended June 30, 2024 and2023, as reported in

the accompanying consolidated financial statements:

Cash Flow

Six months ended June 30,

(in US$ thousands)

2024

2023

Net cash provided by operating activities

$

11,095

$

223,874

Net cash used in investing activities

(122,829)

(105,074)

Net cash provided by (used in) financing activities

37,601

(9,933)

Net change in cash and cash equivalents

(74,133)

108,867

Effect of exchange rate changes on cash and cashequivalents

(471)

(9,166)

Cash and cash equivalents at beginning of period

339,295

334,629

Cash and cash equivalents at end of period

$

264,691

$

434,330

Operating activities

Net cash providedby operating activitieswas $11.1million for thesix months endedJune 30, 2024,compared

to $223.9million forthe sixmonths endedJune 30,2023. Thedecrease incash fromoperating activitieswas

driven by the lower coal revenues, higheroperating costs and the additionalpayment of $51.5 million in relation

to the stampduty onCurragh’s acquisition,including taxinterest, partiallyoffset byincome taxrefund of$16.0

million.

Investing activities

Net cashused ininvesting activitieswas $122.8million

for thesix monthsended June30, 2024,compared to

$105.1 millionfor thesix monthsended June30, 2023.Cash spenton capitalexpenditures forthe sixmonths

ended June30, 2024,was $123.5million, ofwhich $23.9million wasrelated tothe AustralianOperations and

$99.6millionwasrelated tothe U.S.Operations.Theincreaseincapitalexpenditureswaslargelydue tothe

investment in organic growth projects at both our U.S. andAustralian Operations.

Financing activities

Net cash provided by financing activities was $37.6 million

for the six months ended June 30, 2024, compared to

net cash used in financing activities of $9.9 million for the six months ended June 30, 2023. Includedin net cash

provided byfinancing activitiesfor thesix monthsended June30, 2024were netproceeds of$49.9 millionin

relation tothe CurraghHousing Transaction,partially offsetby dividendpayment of$8.3 million,repayment of

interest bearingand otherfinancial liabilitiesof $1.6million andpayment ofdebt issuanceand otherfinancing

costs of $2.3 million.

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, 2023, filed with the SEC andASX on February 20, 2024.

Coronado Global Resources Inc.

Form 10-Q June 30, 202441

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 results ofwhich form the basisfor making judgments about thecarrying values of assets and

liabilitiesthatarenotreadilyapparentfromothersources.Actual resultsmaydifferfromtheseestimates.All

critical accounting estimatesand assumptions, aswell as the resultingimpact to our financialstatements, 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, 2023,

filed with the SEC and ASX on February 20, 2024.

Newly Adopted Accounting Standards and AccountingStandards Not Yet Implemented

SeeNote2.(a)“NewlyAdoptedAccountingStandards”toourunauditedcondensedconsolidatedfinancial

statements for a discussion of newly adopted accountingstandards.

Coronado Global Resources Inc.

Form 10-Q June 30, 202442

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 Chief FinancialOfficer.

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

Directors. The finance team regularly monitorsour exposure to these financial risks and reportsto management

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

consider hedging coal prices to be in the long-term interest ofour stockholders. Therefore, any potential hedging

of coalpricesthroughlong-termfixed pricecontractsis subjectto theapprovalof ourBoardof Directorsand

would only be adopted in exceptional circumstances.

Theexpectationoffuturepricesforcoaldependsuponmanyfactorsbeyondourcontrol.Metcoalhasbeen

volatile commodity over thepast ten years. Thedemand and supply in theMet coal industry changesfrom time

totime.Therearenoassurancesthatoversupplywillnotoccur,thatdemandwillnotdecreaseorthat

overcapacity will not occur, which could causedeclines in the prices ofcoal, which could have amaterial adverse

effect on our financial condition and resultsof operations.

Access tointernational marketsmay besubject toongoing interruptionsand tradebarriers dueto policiesand

tariffsofindividualcountries.Wemayormaynotbeabletoaccessalternatemarketsofourcoalshould

interruptions ortrade barriers occurin thefuture. Aninability forMet coalsuppliers toaccess international markets

would likely resultin an oversupplyof Met coal andmay result ina decrease inprices and orthe curtailment of

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

20, 2024.

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

fluctuations inmarket pricing.Certain coalsales areprovisionally pricedinitially.Provisionally pricedsales are

those for which price finalization,referenced to the relevant index,is outstanding at the reportingdate. The final

sales price is determinedwithin 7 to 90days after deliveryto the customer.As of June 30,2024, we had $14.8

millionofoutstandingprovisionallypriced receivablessubjectto changesintherelevantpriceindex.Ifprices

decreased10%,theseprovisionallypricedreceivableswoulddecreaseby$1.5million.SeeItem1A.“Risk

Factors—Our profitabilitydepends uponthe priceswe receivefor ourcoal. Pricesfor coalare volatileand can

fluctuate widelybased upona numberof factorsbeyond ourcontrol” inour AnnualReport onForm 10-Kfiled

with the SEC and ASX on February 20, 2024.

Diesel Fuel

We maybe exposedto pricerisk inrelation toother commoditiesfrom timeto timearising fromraw materials

used in ouroperations (suchas gasor diesel).The expectationof futureprices fordiesel dependsupon many

factorsbeyondourcontrol.ThecurrentIsrael-Palestineconflictcouldcreatesignificantuncertaintyregarding

interruptions to global oil supply causing significantvolatility in prices of related commodities,including the price

of diesel fuel wepurchase. These commoditiesmay be hedgedthrough financial instrumentsif the exposureis

considered material and where the exposure cannot bemitigated through fixed price supply agreements.

The fuelrequiredforour operationsforthe remainderof fiscalyear2024willbepurchasedunderfixed-price

contracts or on a spot basis.

Coronado Global Resources Inc.

Form 10-Q June 30, 202443

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 and ensuringthat changes in interestrates will not have

a material impact on our financial performance.

As of June 30,2024, we had $298.7million of fixed rateborrowings and Notes andno variable-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 70% of expenses incurred at our Australian Operations are denominated in

A$. Approximately 30%of our Australian Operations’ purchases aremade with reference to US$,which provides

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

charges, demurrage,purchased coaland someinsurance premiums).Appreciation ofthe A$against US$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 rate would increase reportedtotal costs and expenses by approximately$26.4 million and $60.1

million for the three and six months ended June 30, 2024,respectively.

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

exchange risk.However,theremay bespecific commercialcircumstances,suchas thehedgingof significant

capitalexpenditure,acquisitions,disposalsandotherfinancialtransactions,wherewemaydeemforeign

exchange hedgingas appropriateandwhere aUS$ contractcannotbe negotiateddirectly withsuppliersand

other third parties.

For ourAustralian Operations,we translateall monetaryassets andliabilities at theperiod endexchange rate,

all non-monetaryassets andliabilities athistoricalratesand revenueand expensesat theaverage exchange

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

Consolidated Financial Statements within componentsof net 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 tradeon credit 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 of June30, 2024, wehad financial assetsof $636.7 million,comprising of cashand cash equivalents,trade

receivables, short-term deposits and restricted deposits, all of whichare exposed to varied levels of counterparty

credit risk. Thesefinancial assetshave been assessedunder ASC 326,

Financial Instruments– Credit Losses

,

and a provision for discounting and credit losses of $0.7 millionwas recorded as of June 30, 2024.

Coronado Global Resources Inc.

Form 10-Q June 30, 202444

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

materiallyaffected,orarereasonablylikelytomateriallyaffect,theCompany’sinternalcontroloverfinancial

reporting.

Coronado Global Resources Inc.

Form 10-Q June 30, 202445

PART II – OTHERINFORMATION

ITEM 1.LEGAL PROCEEDINGS

We are subject to various legal andregulatory proceedings. For a description of our significant legalproceedings

refertoNote 16. “Contingencies” totheunauditedcondensedconsolidatedfinancialstatementsincludedin

Part I, Item 1. “FinancialStatements” ofthis QuarterlyReport onForm 10-Q,which informationis incorporated

by reference 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 31,2023, filed with theSEC

and ASX on February 20, 2024, or the Form 10-K.

Aspreviouslydisclosed,onJune24,2024,TheEnergy&MineralsGroupannouncedthatitterminatedthe

membership interestpurchase agreementwith Sev.enGlobal Investmentsa.s. inlight of certainconditions not

beingsatisfied,includingreceiptofregulatoryapproval,byanoutsidedateforcompletionofJune22,2024.

Accordingly, the risk factors titled:(i) “

Consummation of the proposed SGI Transaction may constitute a change

ofcontrolunderourSeniorSecuredNotesIndentureandourNewABLFacility,whichcouldmateriallyand

adversely affect our business,financial condition and results ofoperations

;” (ii) “

Uncertainty about the effectsof

theSGI Transactionmay affectour potentialandexistingfinancialarrangementsand customerrelationships,

including contractual rights triggeredupon a change of controlin connection with the SGI Transaction,and may

materially and adversely affect ourbusiness, results of operations andfinancial condition

;” and (iii) “

Following the

consummationoftheSGITransaction,weexpectthatCoronadoGroupLLCandSGIwillhavesignificant

influenceovercorporatematters,includingcontrolovercertaindecisionsthatrequiretheapprovalof

stockholders,

” that were included in the Form 10-K are no longer applicableto the Company.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIESAND USE OF PROCEEDS

None.

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),eachoperatorofacoalorothermine intheUnitedStatesis

required to report certain mine safety resultsin its periodic reports filed with the SEC under theExchange 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

During thequarter endedJune 30,2024, nodirector orofficer (asdefined inRule 16a-1(f)promulgated under

the ExchangeAct)of theCompany

adopted

or

terminated

a “Rule10b5-1trading arrangement”or “

non-Rule

10b5-1

trading arrangement” (as each term is defined in Item408 of Regulation S-K).

Coronado Global Resources Inc.

Form 10-Q June 30, 202446

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

Certifications 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 June 30, 202447

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: August 5, 2024