Coronado Global Resources (CODQL) 10-K 2024 FY Annual report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM

10-K

___________________________________________________

(Mark One)

☒

ANNUAL REPORTPURSUANT TOSECTION 13 OR15(d) OF THESECURITIES EXCHANGEACT

OF 1934

For the fiscal year ended

December 31, 2024

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the transition period fromto

Commission File Number:

000-56044

___________________________________________________

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)

___________________________________________________

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

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

Title of each class

Name of each exchange on which registered

Common stock, par value $0.01 per share

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes

☒

No

☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section 15(d) of the Act.

Yes

☐

No

☒

Indicate bycheck markwhether theregistrant (1) hasfiled allreports requiredto befiled bySection 13 or15(d) of theSecurities

Exchange Act of1934 during thepreceding 12 months(or for suchshorter period thatthe registrant wasrequired to filesuch reports),

and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No

☐

IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmitted

pursuant to Rule 405of Regulation S-T(§232.405 of thischapter) during the preceding12 months (orfor such shorterperiod that

the registrant was required to submit such files).

Yes

☒

No

☐

Indicate bycheckmark whetherthe registrantis alarge acceleratedfiler,an acceleratedfiler,a non-acceleratedfiler,a smaller

reportingcompany,or anemerging growthcompany.See thedefinitionsof“largeaccelerated filer,”“accelerated filer,”“smaller

reporting 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 anemerging growthcompany,indicate bycheck markif theregistrant has electednot touse theextended transition periodfor

complyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection 13(a) oftheExchangeAct.

☐

Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentofthe

effectiveness of itsinternal control over financial reportingunder Section 404(b) ofthe Sarbanes-Oxley Act (15U.S.C. 7262(b)) by

the registered public accounting firm that prepared or issued its audit report.

☒

Ifsecurities areregistered pursuantto Section12(b) oftheAct, indicateby checkmark whetherthefinancial statementsofthe

registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of thoseerror corrections are restatements that requireda recovery analysis of incentive-based

compensation received by any ofthe registrant’s executive officersduring the relevant recovery periodpursuant to §240.10D-1(b).

☐

Indicate by checkmark whether theregistrant is ashell company (asdefined in Rule12b-2 of the ExchangeAct).Yes

☐

No

☒

The registrant’s common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests,

or CDIs, convertibleat the optionof the holdersinto shares ofthe registrant’scommon stock ona 10-for-1 basis.The aggregate

market value of the registrant’s common stock, par value $0.01per share, in the form of CDIs, held by non-affiliates of the registrant

(without admitting thatany person whose sharesare not includedin such calculationis an affiliate),computed by referenceto the

price at which theCDIs were last soldon June 28,2024, the last businessday of theregistrant’s most recently completedsecond

fiscal quarter, as reported on the Australian Securities Exchange, was $

651,547,217

.

The totalnumber ofshares ofthe registrant’scommon stock,par value$0.01 pershare, outstandingon December31, 2024,including

shares of common stock underlying the issued and outstanding CDIs, was

167,645,373

.

DOCUMENTS INCORPORATED BY REFERENCE

Portionsoftheregistrant’sproxystatementtobefiledwiththeSecuritiesandExchangeCommissioninconnectionwiththe

registrant’s 2025 annualgeneral meeting of stockholdersare incorporated by referenceinto Part III ofthis Annual Report onForm

10-K. Documents incorporated by reference in this report are listed in the Exhibit Index of thisAnnual Report on Form 10-K.

Steel starts

here.

Annual Report on Form 10-K for the year ended December31, 2024.

TABLE OF CONTENTS

Page

Number

PART I

8

38

66

66

68

90

91

PART II

92

93

94

112

115

156

157

159

159

PART III

160

160

160

160

160

PART IV

161

165

166

Coronado Global Resources Inc. Form 10-K December 31,20245

EXPLANATORYNOTE

Unlessotherwisenoted,referencesinthisAnnualReportonForm 10-Kto“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 Annual Report on Form 10-K are expressed in metric tons, or

Mt,millionsofmetrictons,orMMt,ormillionsofmetrictonsperannum,orMMtpa,exceptwhereotherwise

stated. One Mt (1,000 kilograms)is equal to 2,204.62 poundsand is equivalent to 1.10231 shorttons. A net ton

is equivalentto ashort ton,or 2,000pounds. Inaddition, alldollar amountscontained hereinare expressedin

United Statesdollars, orUS$, exceptwhere otherwisestated. Referencesto “A$”are referencesto Australian

dollars, thelawful currencyof theCommonwealth ofAustralia, orthe Commonwealth.Some numericalfigures

included in this Annual Report on Form 10-K have beensubject to rounding adjustments. Accordingly, numerical

figures shown as totals in certain tables may not equalthe sum of the figures that precede them.

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This AnnualReport onForm 10-Kcontains “forward-lookingstatements” withinthe meaningof Section27A of

the Securities Actof 1933, asamended, or theSecurities Act, andSection 21E ofthe Securities ExchangeAct

of1934,asamended,ortheExchangeAct,concerningourbusiness,operations,financialperformanceand

condition, the coal, steel and other industries, as well as our plans,objectives and expectations for our business,

operations, financial performance and condition. Forward-looking statements maybe identified by words suchas

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

“likely,” “considers”and other similar words.

Anyforward-lookingstatementsinvolveknownandunknownrisks,uncertainties,assumptionsandother

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

results,performance,eventsoroutcomesexpressedoranticipatedinthesestatements,manyofwhichare

beyondourcontrol.Suchforward-lookingstatementsarebasedonanassessmentofpresenteconomicand

operatingconditionsonanumberofbestestimateassumptionsregardingfutureeventsandactions.These

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

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

•the prices we receive for our coal;

•uncertainty in global economicconditions, including theextent, duration andimpact of ongoingcivil

unrest andwars, aswell asrisks relatedto governmentactions withrespect totrade agreements,

treaties or policies;

•risksuniquetointernationalminingandtradingoperations,includingtariffsandotherbarriersto

trade;

•adecreaseintheavailabilityorincreaseincostsoflabor,keysupplies,capitalequipmentor

commodities, suchas dieselfuel, steel,explosives andtires, asthe resultof inflationarypressures

or otherwise;

•the extensive formsof taxation thatour mining operationsare subject to,and future taxregulations

and developments;

•concernsabouttheenvironmentalimpactsofcoalcombustionandgreenhousegas,orGHG

emissions, relatingto miningactivities,includingpossibleimpacts onglobalclimate issues,which

could result in increased regulation of coalcombustion and requirements to reduceGHG emissions

in manyjurisdictions,includingfederal andstate governmentinitiativesto controlGHGemissions

could increase costs associatedwith coal production and consumption,such as costs foradditional

controlstoreducecarbondioxideemissionsorcoststopurchaseemissionsreductioncreditsto

complywithfutureemissionstradingprograms,whichcouldsignificantlyimpactourfinancial

conditionandresultsofoperations,affectdemand forour productsor oursecuritiesandreduced

access to capital and insurance;

•severe financial hardship,bankruptcy, temporary or permanent shutdowns or operationalchallenges

ofoneormoreofourmajorcustomers,includingcustomersinthesteelindustry,key

suppliers/contractors,whichamongotheradverseeffects,couldleadtoreduceddemandforour

coal,increaseddifficultycollectingreceivablesandcustomersand/orsuppliersassertingforce

majeure or other reasons for not performing their contractualobligations to us;

Coronado Global Resources Inc. Form 10-K December 31,20246

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

•ourindebtednessandabilitytocomplywiththecovenantsandotherundertakingsunderthe

agreements governing such indebtedness;

•our ability tocollect paymentsfrom our customersdepending ontheir creditworthiness,contractual

performance or otherwise;

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

•risksinherenttominingoperationscouldimpacttheamountofcoalproduced,causedelayor

suspend coal deliveries, or increase the cost of operatingour business;

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

•unfavorable economic and financial market conditions;

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

•uncertainties in estimating our economically recoverablecoal reserves;

•transportation for our coal becoming unavailable or uneconomicfor our customers;

•the risk that we may be required to pay for unused capacity pursuant to the terms of our take-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 orliability under applicable environmentallaws and regulations,including with respect

to any exposureto hazardous substancescaused byour operations, aswell asany environmental

contamination our properties may have or our operationsmay cause;

•extensive regulation of our mining operations and futureregulations and developments;

•our ability to provideappropriate financial assurancesfor our obligations underapplicable laws and

regulations;

•assumptions underlying our asset retirement obligationsfor reclamation and mine closures;

•any cyber-attacks orother security breaches thatdisrupt our operationsor result inthe dissemination

of proprietary or confidential information about us, ourcustomers or other third parties;

•the risk that we may notrecover our investments inour mining, exploration and otherassets, which

may require us to recognize impairment charges relatedto those assets;

•risks related to divestitures and acquisitions;

•the risk that diversity ininterpretation and application ofaccounting principles in themining industry

may impact our reported financial results; and

•other risks and uncertainties described in Item 1A. “RiskFactors.”

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 Item 1A. “Risk Factors” andelsewhere in this Annual Reporton Form 10-K for a morecomplete discussion

of the risksand uncertaintiesmentioned aboveand fordiscussion of otherrisks and uncertaintieswe face that

couldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbytheseforward-looking

statements.

Coronado Global Resources Inc. Form 10-K December 31,20247

Allforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretybythesecautionary

statements, as well as others made in this AnnualReport on Form 10-K and hereafter in our otherfilings with the

SecuritiesandExchangeCommission,orSEC,andpubliccommunications.Youshouldevaluateall

forward-looking statements made by us in the contextof 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. The forward-looking statementsincluded in this Annual Reporton Form 10-K are madeonly as of the date

hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new

information, future events, or otherwise, except as requiredby applicable law.

Forward-looking andother statementsin thisAnnual Reporton Form10-K regardingour GHGreduction plans

andgoalsarenotanindicationthatthesestatementsarenecessarilymaterialtoinvestorsorrequiredtobe

disclosed in our filings with the SEC. In addition, historical, current andforward-looking GHG-related statements

may be based on standards for measuringprogress that are still developing, internal controls andprocesses that

continue to evolve and assumptions that are subject tochange in the future.

Coronado Global Resources Inc. Form 10-K December 31,20248

PART I

ITEM 1.BUSINESS.

Overview

We are a leading producer,global marketer and exporterof high-quality Met coals,with a diversified portfolioof

three high-quality,long-life Met coal assetslocated in Australiaand the United States,or U.S. Our coalsare an

essential ingredientin the productionof steel usingblast furnaces,or BF,used in themanufacture of everyday

steel-basedproducts.Thissteelsupplieslargesegmentsoftheglobaleconomy,suchastheautomotive,

construction, and infrastructure sectors.

Our miningoperations anddevelopment projectsare locatedin Queenslandin Australia,and inVirginia, West

VirginiaandPennsylvaniaintheU.S.OuroperationsintheU.S.,orU.S.Operations,andouroperationsin

Australia, or Australian Operations,are strategically located foraccess to transportationinfrastructure, enabling

us to serve a diversified customer base spanning fivecontinents.

Our AustralianOperationsconsist ofa 100%-ownedCurragh producingmining propertylocated inthe Bowen

Basin of Queensland, Australia. TheCurragh complex is comprisedof two open cut mines, CurraghNorth Mine

and CurraghSouth Mineand oneunderground mine,Mammoth Underground.With approximately22 yearsof

reservelife,theCurraghcomplexisakeysuppliertosteelmakersinAsia,EuropeandSouthAmerica,

contributing 9.7 MMt of saleable production for the yearended December 31, 2024.

Our U.S.Operations consistof twoproducingmining properties(Buchananand Logan)and twodevelopment

mining properties(Mon Valley,and RussellCounty), primarilylocated inthe CentralAppalachian regionof the

U.S.,orCAPP,allofwhichare100%-owned.BuchananandLogan,withapproximately24and30yearsof

reserve life, respectively,contributed a total of 5.7 MMt ofsaleable production for the year ended December31,

2024. On January 14, 2025, the Company successfully completed the sale of its idled Greenbrier property which

formed part of the U.S. Operations.

In addition to Metcoal, our AustralianOperations sell thermalcoal,under a long-termlegacy contract assumed

in theacquisitionofCurragh,toStanwellCorporationLimited,orStanwell,a Queenslandgovernment-owned

entity and theoperator of theStanwell Power Stationlocated near Rockhampton, Queensland,and some thermal

coal in the exportmarket. Our U.S.Operations also produceand sell somethermal coal thatis extracted inthe

process of mining Met coal.

Location of Australian Operations

Location of U.S. Operations

Wehaveageographicallydiversecustomerbaseacrossa rangeofglobalmarkets.Majorconsumersofour

seaborne Met coal in 2024 were located in high-growthAsian markets, Brazil and Europe.

History and Australian Public Offering

We were founded in 2011by our then Chief Executive Officerand current Executive Chair,Mr. Garold Spindler,

our then President and Chief Operating Officer, Mr. James Campbell and a private equity fund affiliated with The

Energy & MineralsGroup, orEMG, withthe intentionof evaluating,acquiring anddevelopingMet coalmining

properties.

Coronado Global Resources Inc. Form 10-K December 31,20249

Prior to our initial public offering,Coronado Global Resources Inc.,was a wholly-owned subsidiaryof Coronado

Group LLC. On October 23, 2018, we completed an initial public offering on the Australian SecuritiesExchange,

or ASX, which we refer to as the Australian IPO.

Coronado Group LLC is currently owned by funds managed by EMG, which we refer to,collectively, as the EMG

Group, and certain members of our management.

AsofDecember31,2024,theEMGGroupandmanagementbeneficiallyowned50.4%oftheissuedand

outstanding shares of our commonstock through their ownership of Coronado Group LLC.The remaining 49.6%

was owned by public investors in the form of CDIs traded onthe ASX.

Organizational Structure

The following chart shows our current organizational structure:

* Coronado Global Resources Inc. holds 100%ownership interest in its subsidiaries, unless otherwisestated.

Segments

In accordance withAccounting Standards Codification, orASC, Topic 280,

Segment Reporting

, we haveadopted

the following reporting segments:

•

Australia; and

•U.S.

Inaddition,while“OtherandCorporate”isnotdeterminedtobeareportingsegmentitisdisclosedforthe

purposes of reconciliation to our Consolidated Financial Statements.

These segments are grouped based on geography and reflect how we currently monitorand report the results of

thebusinesstotheChiefExecutiveOfficer,whoisourchiefoperatingdecisionmaker,orCODM.Factors

affecting and differentiating the financialperformance of each ofthese two reportable segmentsgenerally include

Coronado Global Resources Inc. Form 10-K December 31,202410

coal quality, geology, coal marketing opportunities, mining andtransportation methods and regulatoryissues. We

believethismethodofsegmentreportingreflectsthewayourbusinesssegmentsarecurrentlymanaged,

resources are allocated andthe way the performanceof each segment is evaluated.The two segments consist

of similar operating activities as each segment produces similarproducts.

Industry Overview

Types and properties of Met Coal

Met coal is primarilyused in the manufacture ofcoke, which is usedin the steel-making process, aswell as direct

injectionintoaBFasareplacementforcoke.Metcoalsaredifferentiatedbyvariationsinthephysicaland

chemical properties that govern applicable use, and while all Met coalsare used primarily in steelmaking, not all

Metcoalshaveequalabilitytobecarbonizedintocoke.Cokecarbonizationisaprocessofheatingtohigh

temperatures inthe absenceof oxygen,certain coals(i.e. Metcoals withcaking properties)soften andform a

plastic massthat swellsand re-solidifiesinto ahard butporous solid,or coke.Coke isused primarilyas afuel

and a reducing agent in a BF during the reduction of iron oreinto iron, before it is converted into steel.

Metcoaltypesincludehardcokingcoal,orHCC,semi-hardcokingcoal,orSHCC,semi-softcokingcoal,or

SSCC, and pulverized coal injection,or PCI. All ofthese types of Metcoal are used insteel production processes

and are typically sub-categorized by their volatile content as low volatilecontent, or Low-Vol,mid volatile content

or high volatile content, or High-Vol.

Importance of Met Coal in the Global Economy

Metcoalistradedglobally.Globalseabornemarketsaresub-dividedintotheAtlanticandPacificbasins,

referencingtheprimarylocationofcoalproductionandlocationoftheendcustomer.Majorconsumersof

seaborne Met coal include China, India, Japan and Europe.

Metcoalisusedprimarilyinthemanufacturingprocessforsteel.Steelisusedinavarietyofapplicationsin

everyday lifefrom buildingand infrastructureconstruction towind turbineblades tocars. Assteel hasbeen an

essential part ofthe expandingglobal economy,demand forMet coal hashistorically beenclosely tiedto steel

production in the world’s growing economies, includingChina and India.

Description of the Steelmaking Process

MetcoalisakeyingredientintheproductionofsteelusingBFs,andapproximately0.78tonofMetcoalis

required to produceone ton ofsteel. An alternativesteelmaking processutilizing electric arcfurnaces does not

usecoalasamanufacturinginputandaccountedfor28.6%ofsteelproductionin2023.Steelmarketsare

distributed as follows:

Source: World Steel Association — World Steel in Figures, 2024.

Steel thatis recyclablecan bere-used infinitely.According tothe WordSteel Association,new steelproducts,

on average, contain 30% recycled steel. Thesteel industry uses its resources efficientlyand produces very little

waste.

Coronado Global Resources Inc. Form 10-K December 31,202411

The table below showssteel recovery by sector. Ninety percent ofsteel in each of theMachinery and Automotive

sectors is recovered.

Source: World Steel Association —Steel Facts.

Global Coal Markets

MarketsforMetandthermalcoaloperaterelativelyindependentlyofeachother.However,adegreeof

substitution can occurbetween specific thermalcoals and lowerranked Met coals,as lower rankedMet coal is

less suitable for creating coke butstill contains thermal heating properties. When the supply ofhigher quality Met

coals is constrained, orprices are extremely high,these ‘crossover’ coalscan be soldfor higher value inMet coal

markets but may retreat to thermal coal markets in timesof ample Met coal supply.

InmostcountriesinwhichMetandthermalcoalsareproduced,domesticmarketshaveemergedtotake

advantage ofproximate sourcesof fuelfor powergeneration orfeedstock forcoke makingand industrialuse.

Similarly,transportationlinkageshavebeendevelopedtoaccessexportmarkets,eitherlandborneacross

country borders (such as between the U.S. and Canada) or seaborne. While substantially larger volumes of coal

produced on an annual basis are consumed in the country of origin, export markets — and particularly seaborne

markets — tend to exhibitgreater price and volumetransparency than domesticmarkets. As a result, seaborne

market prices are the most common reference point inthe international Met coal market.

Typically,global seabornemarkets are sub-dividedinto the Atlanticand Pacific basins,referencing theprimary

location of coal production and location of the end-customer.

MajorconsumersofseaborneMetcoalincludedJapan,China,IndiaandEurope.Metcoal,andinparticular

HCC, is arelatively scarce product,as large-scale mineabledeposits are limitedto specific geographicregions

located in the eastern U.S., western Canada, eastern Australia,Russia, China, Mozambique and Mongolia.

Market Demand and Trends

Met Coal

Most of theMet coal thatwe produce issold, directly or indirectly, to steelproducers. The steel industry’s demand

for Metcoal isaffected byseveral factors,including thecyclical natureof thatindustry’s business,geopolitical

stability,generaleconomicconditionsaffectingdemandforsteel,tariffsoncoal,steelandsteelproducts,

technological developments in the steelmaking process and the availability andcost of substitutes for steel, such

as aluminum,composites andplastics. SeaborneMet coalimport demand,which ismost ofour business,can

besignificantlyimpactedbytheavailabilityofindigenouscoalproduction,particularlyintheleadingMetcoal

importcountriesofChinaandIndia,amongothers;andthecompetitivenessofseaborneMetcoalsupply,

including fromtheleadingMet coalexportingcountriesofAustralia,theU.S.,Russia,CanadaandMongolia,

among others.

Thermal Coal

The thermal coalwe produce ispredominantly a byproductof mining Metcoal. The thermalcoal we produceis

sold, directlyor indirectly,to powerstations, predominantlyStanwell, asan energysource inthe generationof

electricity. Demand for our thermal coal is impacted by economic conditions, environmental regulations, demand

forelectricity,includingtheimpactofenergyefficientproducts,andthecostofelectricitygenerationfrom

alternativefuels.Ourthermalcoalprimarilycompeteswithproducersofotherformsofelectricgeneration,

including natural gas, oil, nuclear,hydro, wind, solar and biomass, that provide an alternative tocoal use.

Coronado Global Resources Inc. Form 10-K December 31,202412

94%

6%

FY24 Coal revenue mix -Australian

Operations

Met

Thermal

Overview of Operations

Australian Operations—Curragh

Curragh is located inQueensland’s Bowen Basin, one of theworld’s premier Met coal regions. Curraghhas been

operating since1983, andproduces avariety ofhigh-quality,low-ash Metcoal products.We believeour HCC

productisrecognizedbysteelmakersforitslow-ashcontent,consistencyofqualityandfavorablecoking

attributes. We believe that our semi-coking coals, or SCC,products are similarly valued, in particular for theirlow

wallpressure,whichmakesthemsuitableforstampchargingcokeovens,andourPCIcoalatCurraghis

recognizedbysteelmakersforitslowphosphorusandsulfurcontent.TheseMetcoalproductsareexported

globallytoadiversecustomerbaselocatedprimarilyinAsia.Curraghalsoproducesthermalcoal,whichis

primarily sold domesticallyunder a long-term contractwith Stanwell, with alimited amount of suchthermal coal

being exported.

Revenues from our Australian Operations represented63.6% of our total revenue for the year ended December

31, 2024. See Item 2. “Properties” for more information regardingCurragh.

Coal revenues split by Met and thermal for our Australian Operationsare as follows:

For the year ended December 31, 2024, 70.9% of the totalvolume of coal sold by our Australian Operations was

Met coal and 29.1% of thetotal volume of coal soldby our Australian Operationswas thermal coal, the majority

of whichwas soldto Stanwell.For theyear endedDecember 31,2024, Curraghsold 7.2MMt ofMet coalinto

the seaborne coal markets. Themajority of customers purchase multiplegrades of products and havepurchased

Curragh coal continuously through all stages of the coal/commoditypricing cycle. Curragh’s Met coal is typically

soldonannualcontractsnegotiatedbyourglobalmarketingteam,withpricingagreedtobilaterallyorwith

referencetobenchmarkindicesorspotindices.OurAustralianOperationshavemaintainedahighlevelof

contract coverage against planned production. In 2024, substantially all of Curragh’sMet coal export sales were

made under term contracts.

U.S. Operations—Buchanan and Logan

Our producingminingpropertiesin theU.S.arelocated inthe CAPPregion, specificallyinVirginiaandWest

Virginia, which isa highly-developed andactive coal-producing region. Metcoal produced byour U.S. Operations

isconsumedregionallybyNorthAmericansteelproducersorexportedbyseabornetransportationtosteel

producers (primarily inAsia, Europe andSouth America). The U.S.Operations also producesmall quantities of

thermal coal thatis extracted inthe process ofmining Met coal,which is soldto global exportmarkets. We believe

that many steelmakersregard Met coal fromthe CAPP region (whereour U.S. Operationsare located) tobe of

the highestquality intheworldowing toits generallylow-ashandsulfur content.Our U.S.Operationsoffera

range ofMet coalproducts, withsignificant productionof HCC,comprising coalwith High-Vol,(including High-

Vol A, or HVA,High-Vol B, or HVB, and High-VolA-B, or HVA-B) and coal with Low-Vol.

Sales from our U.S. Operations to exportmarkets are typically priced with referenceto a coal benchmark index.

In circumstances where wesell our seabornecoal through intermediaries Freeon Rail (Incoterms2010), or FOR,

our realized price on FOR sales does notinclude transportation to the seaborne portor costs to transload into a

Coronado Global Resources Inc. Form 10-K December 31,202413

97%

3%

FY24 Coal revenue mix -U.S.

Operations

Met

Thermal

vessel. Consistentwith seaborne sales,sales to NorthAmerican customersare generally soldon a FORbasis

where the customer arranges for and incurs the cost oftransportation to their facility.

A portion of our sales issold to North American steel and coke producers on annual contracts atfixed prices that

donotfluctuatewiththebenchmarkindex.Thefixed-pricenatureoftheseannualcontractsprovidesuswith

visibility on ourfuture revenues,as compared tospot sales orsales pricedwith referenceto a coalbenchmark

index. For 2025, wehave entered intoannual fixed pricecontracts to sellapproximately 2.3MMt of Met coalto

North American steel and coke producers. Duringperiods of stable and rising prices, westrive to take advantage

of the spot market. Spot export contracts are negotiatedthroughout the year.

Revenues from our U.S.Operations, in the aggregate, represented36.4% of our totalrevenue for the yearended

December 31, 2024. Coal revenues split by Met and thermalfor our U.S. Operations are as follows:

For the year ended December 31,2024,94.6% of the total volume ofcoal sold by our U.S. Operationswas Met

coal and5.4% wasthermal coal.We sold64.2% oftotal Metcoal fromour U.S.Operations intothe seaborne

Met coal markets for the year ended December 31, 2024.

See Item 2.“Properties” formore informationregarding Buchanan,Logan andthe othermining propertiesthat

comprise our U.S. Operations.

Competitive Strengths

Large scale and long-life operating assets with substantialresource base

We own andoperate a portfolioof long-lifeassets acrossAustralia and theU.S., with anaverage impliedmine

life for ourproducing minesof approximately 23years based onDecember 31, 2024,marketable reservesand

2024 total saleable production.

Importantly,we have 100%ownership over all ofour operating mines,allowing us full controlover all operating

decisions. This control addsvalue throughout the cycleand allows us toreact swiftly and decisivelyto changes

in global market demands.

Coronado Global Resources Inc. Form 10-K December 31,202414

We had reserves of521 MMt anda substantial resource baseof 499 MMt(exclusive of reserves) asof December

31, 2024.

(1)

(1)

Charts reflect reserves and resources asat December 31, 2024 in MMt. Roundinghas been applied. Coal resources areexclusive of coal

reserves. Australian resourcesare reportedon a 5.3%in-situ moisturebasis. U.S. Operationsresources are reportedon a drybasis. Reserve

lifeiscalculated asmarketable reservesdivided by2024total saleableproductionforCoronado’s operatingassetsforthe yearended

December 31, 2024. Refer to Item 2. “Properties.”

Diversified by geography, producingmines, product and customer base

WebenefitfromageographicallydiverseassetbaseinAustraliaandtheU.S.,withaccesstomultiple

transportation infrastructureoptions, includingkey railand portinfrastructure necessaryfor boththe seaborne

export and domestic markets.We have access to thekey major markets in boththe Atlantic and Pacific basins,

and our wide footprint provides flexibility to respond quicklyto changes in global market demands.

OurMetcoalproductionisdiversifiedacrosshigh-qualityproducts.OurAustralianOperationsproduceHCC,

SCC, and PCI coal.

We have a dedicated globalmarketing team that generates directsales for our coal. Wesell most of our coal to

end users, either directly or through intermediaries, suchas brokers.

Our customerbase spansacross afull spectrumof keyglobal markets.We selldirectly toa numberof large,

high-quality and well-knowncompanies in thesteel industry. Many of ourcore customers havebeen longstanding

customers andsource ourproducts asessential basefeed, whichtranslates intoa longhistory ofcontract renewal

for such customers.We are akey supplier totier one steelmills in Japan,South Korea, Taiwan,India, Europe,

Brazil, North America and China. The majorityof our sales are made undercontracts with terms of typicallyone

year or on a spot basis.

Giventhequalityofourdiversecustomerbase,webelievethedemandforourproductsisfundamentally

insulated acrossall stagesof thecommoditycycle. Thisflexibility providesus theability totake advantageof

favorable market pricing as and where it arises.

We believe our geographic diversity provides a competitive advantage by allowingus to sell multiple products to

ourcustomersinmultiplecountries.Thisallowsthesalesteamtoleverageitsrelationshipstoprovidevalue

added solutions, including blends with third parties.

Coronado Global Resources Inc. Form 10-K December 31,202415

70%

30%

FY2024

Export

Domestic

72%

28%

FY2023

Export

Domestic

66%

34%

FY2022

Export

Domestic

2024 Coronado’s key coal trade flows

The below charts show our export and domesticsales split by volume as of December 31, 2024,2023 and 2022:

Sales volume by export and domestic coal sales

Coronado Global Resources Inc. Form 10-K December 31,202416

51%

9%

41%

Australia

HCC

SCC

PCI

66%

34%

U.S.

Low Vol

High Vol

The below chartsshow Met productranges by volumesold for ourAustralian Operations andour U.S. Operations

for the year ended December 31, 2024.

Sales of Met coal represented 95.2%of our total coal revenues for theyear ended December 31, 2024. Mostof

the Met coal that we produce is sold, directly or indirectly,to steel producers.

Sales of thermal coal represented 4.8% of our total coal revenuesfor the year ended December 31, 2024.

Expiration of Stanwell contract from early 2027 isexpected to increase cash flow generation

Coronado Curragh Pty Ltd,or CCPL, asubsidiary of Coronado, isparty to the AmendedCoal Supply Agreement,

orACSAwithStanwell,whichwasenteredintoinconsiderationforminingrightsatCurraghNorththatwe

inherited upon ouracquisition ofthe complex in2018. Underthe ACSA, CCPLis requiredto deliver approximately

3 MMtpa,of thermalcoal toStanwell atan agreedprice andquantity.The agreedprice ismeaningfullylower

than the price that could be achieved for the same coal if it would be sold on the seaborne market. Furthermore,

Stanwell receivesa tonnagerebate, consistingof 25%of exportrevenues abovean agreedfloor priceon the

first 7 MMtpa we export, and 10%of the revenues above a separatefloor price for exports above 7 MMtpa.The

total Stanwell rebate for the year ended December 31,2024, was $116.9million.

Under the ACSA, Stanwell may vary the quantity of thermal coalpurchased each year, so the total quantity to be

delivered to Stanwell each year cannotbe precisely predicted. Based on the contractually agreed amountsin the

ACSA and patternof prior deliveries,management estimates that 3MMtpa is theapproximate delivery obligation.

TheACSAisexpectedtoexpireinearly2027;anduponexpirationoftheACSA,theNewCoalSupply

Agreement, or NSCA,will govern thesupply of thermalcoal to Stanwellreducing the deliveryrequirement from

approximately 3 MMtpato approximately 2MMtpa, which weexpect will allowadditional volumes tobe processed

and sold in the export market.

In addition,the NSCAdoes notinclude anyobligations topay Stanwella tonnagerebate onvolumes soldinto

the export market. For more details, refer to “Information RegardingMajor Customers” below.

Optimization ofour existingassets andcontinued investmentin accretiveorganic growthprojects are

our key strategic focus areas

WecontinuetoinvestinourorganicgrowthprojectsatbothBuchananandCurragh.InDecember2024,we

commencedoperationsattheMammothUndergroundMine.Theprojectinvolvesabordandpillarmining

approach that leveragesCurragh’s existing infrastructure, resultingin relatively limitedcapital expenditures. Once

fullyoperational,theprojectisdesignedtodeliverupto2.0MMtpaofadditionalsaleableproduction.The

Mammoth UndergroundMine istargeting coalvolumesthat canbe accessedat arelatively lowcost, whichis

expected to deliver cost reductions for the entire Curraghoperation on a per Mt basis.

WecontinuetoinvestinacapitalprojectattheBuchananminetode-bottleneckoperationsandimprove

productivity.This includesconstruction ofa newsurface rawcoal storagearea toincrease themine’sstorage

capacity.The projectis designedto alleviatebottlenecks andallow themine tooperate ata higherproduction

capacity. In2024, excavation and constructionworks continued with the completionof access roads and bridge

extensions, in additionto a stockpilearea coal reclaimtunnel, electrical worksand installations. Buchananalso

progressed the construction of a second set ofskips, which are intended to increase the mine’s hoisting capacity

to the surface and allow the mine to operate at a higher capacity and are setfor commissioning in the first half of

2025.

Coronado Global Resources Inc. Form 10-K December 31,202417

Competition

We operatein a competitiveenvironment. Wecompete with domesticand international coalproducers, traders

and brokers.We competebased oncoal qualityand characteristics,price, customerservice andsupport and

reliability of supply.Demand for Met coal and the pricesthat we will be able to obtain for ourMet coal are highly

competitive and aredetermined predominantly by worldmarkets, which areaffected by numerous factorsbeyond

our control, including but not limited to:

•general global, regional and local economic activity;

•changes in demand for steel and energy;

•tariffs imposed by countries, including the U.S. and Australia, on the import of certain steel products and

any retaliatory tariffs by other countries;

•industrial production levels;

•short-term constraints, including adverse weather conditions;

•changes in the supply of seaborne coal;

•technological changes;

•changes in international freight or other transportation infrastructurerates and costs;

•the costs of other commodities and substitutes for coal;

•market changes in coal quality requirements;

•government regulations which restrict, or increase thecost of, using coal; and

•tax impositions on the resources industry,all of which are outside of our control;

In addition, coal prices are highlydependent on the outlook for coal consumption inlarge Asian economies, such

as China, Japan, South Korea and India,as well as any changes in governmentpolicy regarding coal or energy

in those countries.

In developing ourbusiness plan andoperating budget, wemake certain assumptionsregarding future Metcoal

prices, coal demand andcoal supply. The prices we receive forour Met coal dependon numerous market factors

beyond our control. Accordingly,some underlying coal price assumptions relied on by us may materially change

andactualcoalpricesanddemandmaydiffermateriallyfromthoseexpected.Ourbusiness,operatingand

financialperformance,includingcashflowsandassetvalues,maybemateriallyandadverselyaffectedby

short-term or long-term volatility in the prevailing pricesof our products.

Competition inthe coalindustry is basedon manyfactors, including, amongothers, world supplyprice, production

capacity,coalqualityandcharacteristics,transportationcapabilityandcosts,blendingcapability,brandname

and diversified operations. We are subject to competition from producers in Australia, the U.S., Canada, Russia,

Mongolia andother coalproducing countries. SeeItem 1A. “RiskFactors—We face increasingcompetition, which

could adversely affect profitability.”

Information Regarding Major Customers

We are well-positionedin the keyhigh-growth Asianmarkets (Japan, SouthKorea and India)as sales todirect

endusersintheregionrepresented58.5%

ofourtotalrevenue,includingTataSteelLimitedandTSGlobal

Procurement Company Pte Ltd, collectively TataSteel, which accounted for 20.1%

of total revenue, in 2024.

Coronado Global Resources Inc. Form 10-K December 31,202418

4%

30%

9%

21%

15%

8%

8%

4%

Customer -FY2024direct sales by coal revenue

Other Asia countries

Japan

South Korea

India

North America

South America

Europe

Australia

0%

20%

40%

60%

80%

Tata

Top 5

Top 10

Top

Customers

by coal revenues

FY 24

FY 23

The charts belowshow our directsales by geographic regionin 2024 andour sales bycustomers 2023 and 2024.

TataSteel

Our U.S. Operations and AustralianOperations are parties toLong TermCoal Sale and Purchase Agreements,

or LongTermAgreements,with TataSteel withcontract termsending March31, 2025.We havecommenced

negotiations withTataSteel toextend ourlong-termrelationship afterthe expirationof thecurrent LongTerm

Agreements, andwe expectto continueour long-termrelationship withTataSteel throughpotential newLong

TermAgreements, with terms ending March 31, 2028.

Under the potential new Long TermAgreements,we intend to provide for the sale of a minimumaggregate total

of 2.5 MMtof coal percontract year acrossthe Group, consistingof certain specificquantities of HCCand PCI

Coal. Thecoal isintended tobe soldFree onBoard (Incoterms2020), orFOB, priced withreference tobenchmark

indicesandtheagreementscontainindustrystandardtermsandconditionswithrespecttodelivery,

transportation, inspection, assignment, taxes and performancefailure.

Stanwell

We are partyto contractual arrangementswith Stanwell, includingthe previously mentionedACSA–see Item 1.

“Business - Our Competitive Strengths, and the NewCoal Supply Deed, or the Supply Deed”.

Under theACSA, wedeliverthermal coalfrom Curraghto Stanwellat anagreedprice andquantity.Stanwell

may vary the quantity of thermal coal purchased each year so the total quantityto be delivered to Stanwell each

year cannot be precisely forecast.The coal that wesupply to Stanwell constitutes the majorityof the thermal coal

production from Curragh. Our cost of supplying coal to Stanwell hasbeen greater than the contracted price paid

by Stanwell during the year ended December 31, 2024 andfor prior years.

Under theACSA, wealso sharepart ofthe revenueearned fromexport coalsales (fromparticular Tenements

(as defined below))with Stanwellthrough variousrebates. Themost materialrebate isthe exportprice rebate,

which is linked to the realized export coal price for a definedMet coal product, or Reference coal,as follows:

Coronado Global Resources Inc. Form 10-K December 31,202419

•

For thefirst 7.0 MMtpaof exportcoal sales: whenthe 12-month trailing,weighted-average realized export

coal price of Reference coal exceeds the Tier1 Rebate Coal Floor Price, we paya rebate of 25% of the

difference between the realized export coal price andthe Tier 1 Rebate Coal FloorPrice.

•

For exportcoal salesabove 7.0MMtpa:when the12-month trailing,weighted-average realizedexport

coal price of Reference coal exceeds the Tier2 Rebate Coal Floor Price, we paya rebate of 10% of the

difference between the realized export coal price andthe Tier 2 Rebate Coal FloorPrice.

In addition, the ACSA also provides for:

•

a tonnage rebate to Stanwell per Mt on the first 7.0 MMtpa of exportcoal sales and on export coal sales

above 7.0 MMtpa; and

•

a rebate on run-of-mine, or ROM, coal mined in the Curragh “Pit UEast Area.”

The total Stanwellrebate for theyear endedDecember 31,2024, was $116.9million and hasbeen included in

theConsolidatedStatementsofOperationsandComprehensiveIncomeincludedelsewhereinthisAnnual

Report on Form 10-K.

The SupplyDeed grantsus theright tomine thecoal reservesin theStanwell ReservedArea, orthe SRA.In

exchange, we haveentered intothe NCSA withStanwell, thatwill commenceupon the expirationof the ACSA

(which is expected to occur in early 2027 based on estimated volume remaining to be delivered).The key terms

under the NCSA are described below:

•

Coronado’s supply obligation under the NCSAwill commence on the earliest of:

-

The day after the final delivery date under the ACSA;

-

the date of termination of the ACSA, if it does so prior tofinal delivery date; or

-

January 1, 2029.

•

ThetermoftheNCSAisexpectedtobe10years,andCoronado’sthermalcoalsupplyobligationto

Stanwell will reduce to 2million ‘Tonnes Equivalent’ per annum (based on a nominalgross calorific value

of25.6GJ)atafixedcontractpricethatvariesinaccordancewithagreedformulae,inclusiveofall

statutory charges and royaltiesin respect of coalsold and delivered underthe NCSA. The supplyterm,

the contracttonnageand thecontract priceunder theNCSA aresubject toadjustmentin accordance

with a financial model agreed between Stanwell and us.

•

Coronado isnot requiredunder theNCSA topay toStanwell anyexport rebatespayable under theACSA.

In summary, we have agreed that the total value of the discountreceived by Stanwell on coal supplied toit under

the NCSA should(by the expirationof the NCSA)be equal tothe net presentvalue of$155.2 million(A$210.0

million) as at the date of the Supply Deed, using a contractualpre-tax discount rate of 13% per annum.The net

present value of the deferred consideration was $285.1 million as of December 31, 2024. See Item8. “Financial

Statements and Supplementary Data—Deferred ConsiderationLiability.”

As partof theNCSA, Coronadoand Stanwellentered intoan OptionCoal SupplyAgreement, orthe OCSAin

respect of thesupply of certainadditional coalto Stanwell duringthe term ofthe NCSA. Thermalcoal supplied

to Stanwell under the OCSA will be at the higher of costor market value at the time of sale.

See Item 1A. “RiskFactors—Risks relatedto the SupplyDeed withStanwell mayadversely affectour financial

condition and results of operations.”

Transportation

Coal producedatour miningpropertiesis transportedto customersby acombinationof road,rail,bargeand

ship. See Item 2. “Properties”for descriptions of the transportation infrastructureavailable to each of our mining

properties. Railand portservicesare typicallycontractedon along-term,take-or-pay basisin Australia,while

these contracts aretypically negotiated ona quarterly basisin the U.S.See Item 7. “Management’sDiscussion

and Analysisof Financial Conditionand Resultsof Operations—Liquidityand CapitalResources” foradditional

information on our take-or-pay obligations.

Australian Operations

Our AustralianOperationstypically sellexport coalFOB, withthe customerpaying fortransportationfrom the

outbound shipping port.The majority ofCurragh’s exportMet coal is railedapproximately 300 kilometersto the

Coronado Global Resources Inc. Form 10-K December 31,202420

Port ofGladstone for exportvia two mainport terminals, RGTanna Coal Terminal,or RGTCT, and Wiggins Island

Coal Export Terminal,or WICET.Curragh also has capacity availableto stockpile coal at the Portof Gladstone.

ForsalesofthermalcoaltoStanwell,StanwellisresponsibleforthetransportofcoaltotheStanwellPower

Station.

Rail Services

Curragh is linked to the Blackwaterrail line of the Central Queensland CoalNetwork an integrated coal haulage

rail system owned and operatedby Aurizon Network PtyLtd. Curragh has securedannual rail haulage capacity

ofupto11.5MMtpa(plussurgecapacity)underlong-termrailhaulageagreementswithAurizonOperations

Limited, or Aurizon Operations, and Pacific National HoldingsPty Limited, or Pacific National.

The RGTCT CoalTransport ServicesAgreement with AurizonOperations is for8.5 MMtpa ofhaulage capacity

to RGTCT. Curragh pays a minimum monthly charge (components of which are payable on a take-or-pay basis),

which is calculated with referenceto the below-rail access charges,haulage/freight charges, a minimumannual

tonnagechargeandothercharges.TheRGTCTCoalTransportServicesAgreementterminatesonJune 30,

2030.

The Coal TransportServices Agreementwith PacificNational isfor 1.0MMtpa ofhaulage capacityto RGTCT.

Curragh paysa minimummonthly charge(components ofwhich arepayable ona take-or-paybasis), whichis

calculated with reference to the below-railaccess charges, haulage/freight charges, aminimum annual tonnage

charge and other charges. TheCoal Transport ServicesAgreement with Pacific National terminateson July 31,

2029.

TheWigginsIslandRailProject,orWIRP,TransportServicesAgreementwithAurizonOperationsisfor2.0

MMtpa of capacity toWICET.This contract is effectively100% take-or-pay (for aportion of the rail haulageand

all capacity access charges). The WIRP TransportServices Agreement expires on June 30, 2030.

Port Services

Curragh exports coalthrough two terminalsat the Portof Gladstone, RGTCTand WICET.At RGTCT,Curragh

andGladstonePortCorporationLimited,or GPC,arepartiestoacoalhandlingagreementthatexpireson

June 30, 2030.The agreement maybe renewedat ourrequest and,subject to certainconditions, GPC is required

to agreeto theextensionif thereis capacityat RGTCTto allowthe extension.We currentlyhave therightto

export between 7.7 MMtpa and 8.7 MMtpa at our nominationon a take-or-pay basis.

We havea minorityinterestin WICETHoldingsPty Ltd, whosewholly-ownedsubsidiary,Wiggins IslandCoal

Export TerminalPty Ltd, or WICETPL, owns WICET.Other coal producers who export coal through WICET also

holdsharesinWICETHoldingsPty Ltd.Inaddition,weandtheothercoalproducers(orshippers)have

take-or-pay agreements with WICETPL and paya terminal handling charge toexport coal through WICET, which

iscalculatedbyreferencetoWICET’sannualoperatingcosts,aswellasfinancecostsassociatedwith

WICETPL’sexternaldebtfacilities.Ourtake-or-payagreementwithWICETPL,ortheWICETTake-or-Pay

Agreement,providesCurraghwithexportcapacityof1.5MMtpa.TheWICETTake-or-PayAgreementisan

“evergreen” agreement, with rolling ten-year terms. If we inform WICETPL that wedo not wish to continue to roll

the termof the WICETTake-or-Pay Agreement,the termwould be setat nine yearsand the terminalhandling

charge payable by us wouldbe increased so that ourproportion of WICETPL’s debt is amortized to nil bythe end

of that nine-year term.

UndertheWICETTake-or-PayAgreement,weareobligatedtopayforthatcapacityviaterminalhandling

charges, whether utilized or not. The terminal handling chargepayable by us can be adjusted by WICETPL ifour

share of WICETPL’soperational and financecosts increases, includingbecause of increasedoperational costs

or because another shipper defaults andhas its capacity reduced to nil. The terminalhandling charge is subject

to a financing capset out in theterminal handlingcharge methodology andhas already beenreached and isin

force.Ifanothershipperdefaultsunderitstake-or-payagreement,eachremainingshipperiseffectively

proportionatelyliabletopaythatdefaultingshipper’sshare ofWICETPL’scostsgoingforward,in theformof

increased terminal handling charges.

If we default under theWICET Take-or-Pay Agreement, we wouldbe obligated to pay atermination payment to

WICETPL. The terminationpayment effectivelyrepresents our proportionof WICETPL’stotal debt outstanding,

based on theproportion ofour contractedtonnage tothe total contractedtonnage ofshippers atWICET at the

time the payment is triggered. Shippers can alsobecome liable to pay the terminationpayment where there is a

permanent cessation ofoperations at WICET.Since WICET began shippingexporttonnages in April 2015,five

shareholdersofWICETHoldingsPty Ltdhaveenteredintoadministrationandtheirrelevanttake-or-pay

Coronado Global Resources Inc. Form 10-K December 31,202421

agreements have subsequentlyterminated, resulting inthe aggregate contractedtonnage of shippers decreasing

from 27 MMtpa to 13.9 MMtpa.

Under the WICET Take-or-Pay Agreement, we are requiredto provide security (which isprovided in the form of

a bank guarantee). The amount ofthe security must cover our estimated liabilities asa shipper under the WICET

Take-or-Pay Agreement for the following twelve-month period. Ifwe are in default underthe WICET Take-or-Pay

Agreement and are subjectto a termination payment,WICETPL can draw onthe security and applyit to amounts

owing byus. SeeItem 1A. “RiskFactors—Risksrelated toour investmentin WICETmay adverselyaffect our

financial conditionand resultsof operations”and Item 7.“Management’sDiscussion andAnalysis ofFinancial

ConditionandResultsofOperations—LiquidityandCapitalResources”foradditionalinformationonour

take-or-pay obligations.

U.S. Operations

OurU.S.Operations’domesticcontractsaregenerallypricedFORattheminewithcustomersbearingthe

transportation costs fromthe mine to theapplicable end user.For direct sales toexport customers, we holdthe

transportationcontractandareresponsibleforthecosttotheexportfacility,andtheexportcustomeris

responsibleforthetransportation/freightcostfromtheexportfacilitytothedestination.AportionofourU.S.

Operationsexportsalesaremadethroughintermediaries.Forthesesales,theintermediarytypicallytakes

ownership of the coal asit is loaded into therailcar. The intermediary is responsible for the rail transportation and

port costs.

Rail Services

Our U.S. Operations are served by Norfolk Southern and CSXTransportation railroads.

NorfolkSouthernrailroadservesourBuchananminingpropertyandtransportsBuchanan’scoaltoLamberts

Point CoalTerminalPier 6and toCNX MarineTerminalfor exportcustomers andto ourdomestic customers

either directlyorindirectlyvia inlandriverdockfacilitieswherethe coalis transloadedontobargesandthen

transported to the customer’s facilities.

CSX Transportation railroadserves our Logan mining property.CSX transports coal toPier IX Terminalor CNX

Marine Terminal or DominionTerminal Associates (DTA) for export customersand eitherdirectly tothe customers

or to inland river dock facilities for domestic customers.

Port Services

NorfolkSouthern’sLambertsPointCoalTerminalPier6isthelargestcoalloadingfacilityintheNorthern

Hemisphere with 48 million tonsof annual export capacityand is the main terminalat Lamberts Point locatedin

Norfolk, Virginia. Pier IX isa coal export terminal with an annualexport capacity of 16 million tons locatedin the

Port of Hampton Roads in Newport News, Virginia.

OurU.S.OperationsalsohavealternateportaccessthroughCNXMarineTerminalwhichisatransshipping

terminal at the Port of Baltimore owned by CONSOL Energy.

Suppliers

The principalgoods wepurchasein supportof ourmining activitiesare miningequipment, replacementparts,

diesel fuel, natural gas, ammonium-nitrateand emulsion-based explosives, off-road tires, steel-related products

(including roof control materials),lubricants and electricity.As a general matter, we have many well-established,

strategic relationshipswith ourkey suppliersof goodsand do notbelieve thatwe aredependent onany ofour

individual suppliers.

We also manageand operate severalmajor pieces ofmining equipment andfacilities to produceand transport

coal,including,butnotlimited to,longwallminingsystems,continuousminers,draglines,dozers,excavators,

shovels,haultrucks,conveyors,coalpreparationplants,orCPPs,andrailloadingandblendingfacilities.

Obtaining and repairing thesemajor pieces of equipmentand facilities often involveslong lead times. Westrive

to extend the lives of existing equipment and facilitiesthrough maintenance practices and equipment rebuildsto

defer therequirement forlarger capitalpurchases. Weuse ourglobal leveragewith majorsuppliers tosupport

security ofsupply tomeet therequirementsof ouractive mines.See Item2. “Properties”for moreinformation

about operations at our mining properties.

We partner with contractors and other third parties for exploration, mining, and other services, generally, and the

success of these relationships are importantfor our current operations and theadvancement of our development

Coronado Global Resources Inc. Form 10-K December 31,202422

projects.SeeItem1A.“RiskFactors—Ourprofitabilitycouldbeaffectedadverselybythefailureofsuppliers

and/or outside contractors to perform.”

Environmental Sustainability

Met coal is an essential ingredient in the production ofsteel, which is the most utilized metal in the world andan

essential material underpinning social and economic growth. Steel’s strength and durability make it critical in the

construction ofmajor projects(including renewableenergy infrastructure),transportationtechnology,electrical

equipment, and everyday household goods.

While we acknowledge theemissions-intensive cumulative impacts of mining,transportation and use ofMet coal,

as critical player inthe world’s transition to renewable energyfuture, Coronado has an importantrole in operating

sustainably and responsibly.

Wearefocusedonextractinghigh-qualityMetcoalwithcommitmenttosafeandsustainablepractices.Coal

miningisoneofthemostenvironmentallyregulatedindustriesintheworld,anditisvitalthatwestriveto

consistently meet or exceed relevant regulatory standards.

We are subject to various environmental laws, regulations andpublic policies in Australia and the U.S.Managing

our environment and climatechange risks is akey component of ourcorporate strategy andit is integrated into

our dailyoperations. We seekto minimizeour environmental impactand ensurewe meetor exceedour legislative

and regulatory environmental obligations.

Coronado’s sustainability principles include the following:

●

Support the health and wellbeing of our people by maintaining a safe workplace with the ultimate goal of

employee safety.

●

Respect our environmentby minimizing theimpact of ourbusiness activities andrehabilitating affected

landscapes.

●

Actively contributetothelocal communitiesinwhichwe operateby deliveringeconomicbenefitsand

engaging in an open and transparent manner.

●

Buildteamsofengagedandmotivatedindividualsthatunderstandthepositiveandsocialeconomic

relevance of what they do.

●

Operate fairly and equitably with suppliers and customers

●

Generate profitable and sustainable returns to shareholders.

Climate change

We believe thatclimate change isa complexchallenge that requiresaction at alllevels ofsociety. Climate change

canheightenexistingphysicalandnon-physicalimpactsandrisksandintroducenewonesthatcanaffect

business performance in the near and long-term.

While our operationsare recognized asvital contributors tothe communities andeconomies in whichwe operate,

we acknowledge that our miningactivities create GHG emissions.Climate change is one ofthe most significant

issues forthe steelindustry,and theindustry hasmade significantreductions inGHG emissionsby improving

energy efficiency and using newtechnologies. Where possible, weare continuing to identifyand implement GHG

emissions andenergy reductionopportunities acrossour business,whilst monitoringclimate relatedrisks and

the sustainability of our operations. We arecommitted to working with other industrypartners to support, develop

andintroducenewcoalproductionandenergy-generationtechnologies,thathelpreducetheenvironmental

impact while continuing to meet global energy and steel demands.

Coronado’s operational emissions profile is predominantlyScope 1 emissions. Within these Scope 1 emissions,

the major source is fugitive emissions, which is an inherent gas released as afunction of mining coal source and

diesel consumption.

Our Australian Operations discloseGHG Scope 1and 2 emissions annuallyto the CleanEnergy Regulator under

the National Greenhouse and Energy Reporting Scheme.

OurU.S.Operationsundergodetailedinternalinspectionsaswellasrigorousevaluationsbybothstateand

federal inspectorson aregular basis.Our U.S.Operationsdisclose GHGScope 1and 2emissions, including

fugitive emissions(methane),for thefacilitiesrequiredto reporttheiremissionsannuallyto theUnitedStates

Environmental Protection Agency.

Coronado Global Resources Inc. Form 10-K December 31,202423

Ouroperationsarecurrentlyfocusedonimplementingreportingimprovements,identifyingopportunitiesfor

reducing emissionson a perton of coalproduction basisand benchmarkingourselves againstour peergroup.

Coronado launched its first set of GHG targetsin 2021 and has committed to targeting reductionsin its Scope 1

and 2 emissions by 30% by 2030 from its 2019 emissionsbaseline.

Emissionsreductionestimatesto 2030havebeen evaluatedbasedon improvementsthatcan reasonablybe

expected usingtechnologiescurrently available.Detailedanalysis todetermineeconomicviability ofavailable

technologies has not been considered.

The target reduction of 30% by 2030 is based on the current mine plans for Coronado's Curragh and U.S. mines

andisnotexpectedtobealinearreduction.Asweaddressourmaterialareasofimpactincludingemission

reductions and opportunities, the need for mitigation technologiesare likely to increase.

Senior leaders and subject matterexperts from our Australian andU.S.Operations meet regularly to discuss and

analyzehowclimatechangemightimpactourstrategiesandtoreviewhowweareprogressingtowardsour

emissions reduction targets. Thisis achieved throughreviewing the accuracy ofthe emissions forecast, providing

updates ondecarbonization projectsand discussingidea pipelinesin relationto newtechnologies. Ourcapital

allocation framework integrates climate-related risksand opportunities into its decision-making processes.

We arealso evaluatinga rangeof potentialprojects thatcould havea positiveimpact onour emissionsprofile

includingoptionsforenergygenerationfromsolar,windandgasalongwithon-gridsolutions.In2022,we

commissioned theBuchanan VentilationAir Methane,or VAM,abatement projecton ventshaft 16at ourU.S.

Operations. Theproject utilizes thelatest technologyto convertfugitive methanegas emissionsto carbondioxide.

GiventheprovensuccessoftheoriginalVAMunit,weinstalledasecondunitatventshaft18atourU.S.

Operations in 2024.

The 2VAMunitsareanticipatedtodestroyapproximately300,000tCO2-eannually(dependingonoperating

conditions), a significant contribution to our strategicpath to a 30% reduction target by 2030.

At Curraghwe have continuedto developour understandingof the gasreservoirs andare progressingstudies

for open cutgas drainage inadvance of mining.In 2024, asecond gas trucktrial was runto confirm thegas to

diesel displacement ratio and understand additional operationalimpacts for future options.

Increased public concern may result inadditional regulatory risks as new laws andregulations aimed at reducing

GHG emissions come into effect in the jurisdictions in which we operate. Any legislation that limits or taxes GHG

emissions could adversely impact our growth, increaseour operating costs, or reduce demand for our coal.

Withrespecttophysicalclimaterisks,ouroperationsmaybeimpactedbyadverseweather-relatedevents

potentially resulting in lost production, supply chain disruptions and increased operating costs, which could have

a material adverse impact on our financial conditions and resultsof operations.

Additionally, federal,state and international GHG and climatechange initiatives, associated regulations orother

voluntarycommitmentstoreduceGHGemissions,includingtheSafeguardMechanisminAustralia,could

significantlyincreasethecostofcoalproductionandconsumption,increasecostsasaresultofregulations

requiring theinstallation ofemissions controltechnologies, increaseexpenses associatedwith thepurchase of

emissionsreductioncreditstocomplywithfutureemissionstradingprograms,orsignificantlyreducecoal

consumption throughimplementationof afuture cleanenergy standard.Such initiativesand regulationscould

further reduce demandor prices forour coal inboth domestic andinternational markets,could adversely affect

our abilityto producecoal andto developour reserves,could reducethe valueof ourcoal andcoal reserves,

and may have a material adverse effect on our business,financial condition and results of operations.

Human Capital Disclosures

People

Our ability toattract andretain skilled,motivated andengaged employeesis anessential partof ourbusiness.

Investing in the skill and capabilities of our people will underwriteour long-term growth and sustainability. In both

Australia and theU.S., we operatein regional locationswith highly competitivelabor markets. Ineach location,

wearecreatingahigh-performingworkforcewithatalentpipelineforfutureleaders,includingsuccession

planning for criticalroles. Toachieve this,we continueto create aculture that welcomesand valuesall people

andwhereourcorevaluesofcollaboration,accountability,respectandexcellencearedemonstratedin

everything that we do.

Worldwide we had 1,951 employees as ofDecember 31, 2024. In addition, as ofDecember 31, 2024, there were

1,790 contractors supplementing the permanent workforce, primarilyat Curragh. Since we operate in areas with

Coronado Global Resources Inc. Form 10-K December 31,202424

highly competitive labor markets, it is essential that wehave a continued focus on attracting thebest people, and

ensuring we have programs in place to engage, developand retain them within our business.

We continue to supportinitiatives to enhance ourculture, increase ourability to attract andretain the workforce

we need, andto drive ourdesire to buildsafe, high-performingteams. Thisincludes extensiveefforts togather

feedback fromour employeesand contactingpartners throughsurveys, focusgroups andteam empowerment

sessions. Followinganalysis of thefeedback, prioritiesare identified,and culturalprograms designedto bridge

gaps between current and desired cultural states are developedand implemented.

As ofDecember 31,2024, approximately10.1% ofour totalemployees, allat ourAustralian Operations,were

covered by a single, federally-certified collective Enterprise Agreement, or the EA, for specified groups of mining

and maintenance employees. Our U.S. Operations employa 100% non-union labor force.

Safety

On May 31, 2024, oneof our employees was fatallyinjured while working in ourBuchanan underground mining

complex inVirginia inthe U.S.The Companyceased operationsat itsBuchanan mineuntil June3, 2024,and

worked with the appropriate U.S. federal and state agencies onsite investigating the incident.

Ouremployeesandcontractorsareourmostvaluableassets,andweconsidertheirsafetyournumberone

priority.Safety isessential toall businessfunctions andis neverto becompromised, underany circumstance.

Thehealthandsafetyofourpeopleisreinforcedeverydaythroughourculture,behaviors,training,

communication and procedures.

We manage safety and healththrough continuous improvement effortsand the implementation of practicesand

procedures that address safety risks first and in full compliance with the legal andregulatory frameworks of both

theU.S.andAustralia.Weempowerourpeopletoconsistentlystrivetohaveasafetymindset,andactby

applying,managingandmonitoringeffectivecontrolstopreventadverseoutcomeswithallactivitiesand

operations. Our programs are intendedto reinforce our position thatsafety and health should alwaysbe front of

mind for all employees and contractors.

Safetyperformanceismonitoredthroughphysicalobservationsfrombothinternalandexternalpartiesand

through thereporting ofkey metrics.Safety performanceis assessedmonthly againstinternal goalsand ona

quarterly basis is benchmarked against our peers withinthe mining industry.

We set targetsfor safety interactionswhich is a processwhere employees observea risk behavior andprovide

immediate feedbackif itis deemed,or has thepotential tobe, unsafe.This ismonitored bymanagement daily

through safety meetings,site visits, employeediscussions, and managementobservations. The processallows

for greater empowerment, innovation and employee inputinto the mining process.

The 12-month rollingaverage TotalReportable InjuryFrequency Rate,or TRIFR, asof December31, 2024 for

our Australian Operationswas 2.22

and the Total Reportable IncidentRate, or TRIR,for 12-month rollingaverage

as of December31, 2024for ourU.S. Operationswas 2.22.We striveto ensurethat wecontinue to

provide a

safe operating environment for all employees and contractors.

Workforce composition

Ourvalues(CARE–Collaboration,Accountability,Respect,Excellence)guideourpolicies,processesand

actions as theyrelate toall workforceinteractions andpeople relatedinitiatives. Aspart of thesevalues andto

enable ourpeople toexcel withinthe workplace,we arebuilding aninclusive workforce,where eachperson’s

viewpoint is heard, valued and respected.

Weinvestintraininganddevelopmentprogramsforbothournewandlong-servingemployees.Investingin

graduaterecruitment,traineeshipsandinternshipprogramsthroughpartnershipswithleadingeducation

institutionshasbeencentraltoaccessingtalentandbuildingourbrand.Further,ourinternalleadership

development enhances succession planning and the transferof skills and knowledge across our business.

As of December 31, 2024:

•in the U.S., approximately 5.9% of Senior Managerswere female.

•in Australia,over31% ofemployeesat aGeneralManager,SeniorManagerandSenior Professional

level were female, an increase from 28.4% in 2023.

•6.0% of our global workforce was female.

Coronado Global Resources Inc. Form 10-K December 31,202425

•55.6% of allemployees werebetween theages of30 and50 yearsold, andthe numberof employees

under 30 increased from 13.7% as of December 31, 2023 to16.2% as of December 31, 2024.

Attracting and retaining the right people

Attracting and retaining the bestpeople is crucial to ourgrowth and success. Talentis a valuable resource, and

we actively seekindividuals who arenot only highly skilledbut also alignwith our corevalues and goals.Since

operatingin regionalareaswhere talentavailabilityandthemarketis competitive,we recognizetheneed for

additional effortsto retainour employees.We continueto enhanceour remuneration,cash benefitsand other

non-tangible benefits to ensureteam members are appropriately recognized and rewarded.

In2024,ourtotalrollingturnoverratewas27.7%and17.5%inAustraliaandtheU.S.,respectively,andour

voluntary departure rollingturnover rate was18.1% and 13.2%in Australia andthe U.S., respectively.In 2023,

our totalrollingturnover ratewas 18.1%and 13.4%in Australiaand theU.S.,respectively,andour voluntary

departure rolling turnover rate was 15.5% and 10.9%,in Australia and the U.S., respectively.

Regulatory Matters—Australia

Our Australian Operationsare regulated by thelaws and regulationsof the Commonwealthof Australia, orCth,

the Stateof Queensland,or Qld,and localjurisdictions. Mostenvironmental lawsare promulgatedat thestate

level, but the Australian federal government has arole in approval of actions which have nationalenvironmental

significance.InQueensland,theenvironmentallawsrelevanttocoalminingincludedevelopmentlegislation,

pollution,waste,ecosystemprotection,culturalheritageandnativetitle,landcontaminationandrehabilitation

legislation. In addition, the Australian federal government regulatesforeign investment and export approvals.

Tenements

We control thecoal miningrights at Curraghunder 14 coaland infrastructuremining leases, orMLs, and three

mineral development licenses, or MDLs, granted pursuant to the Mineral Resources Act 1989 (Qld).See Item 2.

“Properties” for more information regarding the Tenements.

Mineral Resources Act 1989 (Qld)

TheMineralResourcesAct1989(Qld),ortheMRA;andtheMineralandEnergyResources(Common

Provisions)Act2014(Qld),together,providefortheassessment,developmentandutilizationofmineral

resourcesinQueenslandtothemaximumextentpracticable,consistentwithsoundeconomicandlanduse

management.TheMRAvestsownershipofminerals,withlimitedexceptions,intheCrown(i.e., thestate

government). Aroyalty ispayable tothe Crownfor theright toextract minerals. TheMRA createsdifferent tenures

for different mining activities, such as prospecting, exploring and mining. A ML is the most important tenure, as it

permitstheextractionofmineralsinconjunctionwithotherrequiredauthorities.TheMRAimposesgeneral

conditions on a ML.

The MRAprovides thatregulations mayprescribe theroyalties payablein respectof minerals minedfrom land

totheCrown.RoyaltyratesareprescribedundertheMineralResourcesRegulation2013(Qld),ortheMR

Regulation. A personwho is the holderof a ML mustkeep the recordsnecessary to enable theroyalty payable

by the personto be ascertained.In relationto coal,the MR Regulationprescribes aprogressive sixtier royalty

ratestructure,withtheapplicableroyaltyratedeterminedbasedontheaveragepriceperMtofcoalsold,

disposed of, or used in the return period.

The tiersapplicable incalculatingthe royaltypayable forour AustralianOperationsthat havebeen applicable

since July 1, 2022 are as set out below:

•

7% for average coal price per Mt sold up to and includingA$100 per Mt;

•12.5% for average coal price per Mt sold from overA$100 up to and including A$150 per Mt;

•15% for average coal price per Mt sold from over A$150up to and including A$175 per Mt;

•20% for average coal price per Mt sold from over A$175up to and including A$225 per Mt;

•30% for average coal price per Mt sold from over A$225up to and including A$300 per Mt; and

•

40% for average coal price per Mt sold above A$300 perMt.

Coronado Global Resources Inc. Form 10-K December 31,202426

The royaltypayableforcoal sold,disposedof orusedina returnperiodis thencalculatedby multiplyingthe

royalty rateby thevalue ofthe coal.Queensland RevenueOfficePublic RulingMRA001.4 containsdetails on

thecoststhatcan(andcannot)bedeductedwhencalculatingtheapplicableroyaltyandthemethodfor

determining the value of the coal. In October2024, the Progressive Coal Royalties Protection (Keep Them in the

Bank) Bill 2024 (Qld)was passed by theQueensland Government, amending the MRAto introduce a coalroyalty

rate floor, by providing that a regulation may not prescribe coal royalty rates that are lower than those prescribed

fromtimetotime,meaningthatroyaltytierscanonlybereducedbytheoperationoflegislation.Current

processes will continueto apply forany increase tocoal royalty rates.See Item 2. “Properties”for a discussion

of the royalties currently applicable to Curragh.

Mining Rehabilitation (Reclamation)

Mine closure and rehabilitation risks and costs are regulatedby Queensland state legislation.

Amongstotherthings,anEnvironmentalAuthorityHolder,orEAHolder,mustprovidetheQueenslandState

Government with financial assurance for the purpose of drawing upon in the event that an EA Holder defaults on

its obligations to rehabilitate the mine site.

The MineralandEnergyResources(FinancialProvisioning)Act2018 (Qld),or theFinancialProvisioningAct

establishesafinancialprovisioningscheme,ortheScheme,fromwhichtheDepartmentoftheEnvironment,

Tourism,ScienceandInnovation,ortheDETSI,sourcesfundstorehabilitateandremediatelandsubjectto

mining.

UndertheFinancialProvisioningAct,allmineoperatorsarerequiredtomakeasubmissiontotheDETSIin

respectofanEstimatedRehabilitationCost,orERC,fortheminesite.TheERCisdeterminedusingthe

DETSI-approvedERCcalculator.Usingthisinformation,theDETSIsetstheERCforthemine.TheDETSI

provides the ERC to the manager of the Scheme, or the Scheme Manager.The Scheme Manager undertakes a

risk assessment of themine, which is basedupon independent advicefrom a Scheme riskadvisor. EAswith at

least $100,000in ERCswill undergoan annualrisk categoryallocation assessmentprocess. Theassessment

process willdetermine whetherthe holderwill berequired toprovide acontributionto theScheme’s Financial

Provisioning Fundand/or toprovide suretyto theScheme Managerfor thatEA. Itincludes detailon themine

operator’s financialsoundness and creditrating, characteristics ofthe mining operation(e.g., life of mine,or LOM,

and off-take agreements),rehabilitation history,environmental compliancehistory and thesubmission made by

the Company.Risk categories includehigh, moderate, lowand very low.If the ERCand risk categoriesare set

at moderate,low orvery lowfor amine, thenthere isa needto payan annualcontributionbased ona small

percentage ofthe ERC tothe Scheme.The prescribedpercentages foreach categoryare: (1)Verylow: 0.5%;

(2)Low:1.0%;and(3)Moderate:2.75%.If thecategoryis high,thentheoperationprovidesasuretyfor the

wholeERCandpossiblyacontributiontotheScheme.Theriskassessmentofthemineand,therefore,the

amount of the contribution to the fund is assessed and paid annually in perpetuity,or until a clearance certificate

is obtained.

Each year, the Scheme Manageris required tomake an AnnualReview Allocation todetermine whether themine

will provide surety or pay a contribution to the Schemedepending on the value of the ERC relating to applicable

environmental authorities, as follows:

1)

ERC < A$100,000 - cash surety or bank guarantees

2)

ERC = A$100,000 – A$450 million - pay a cash contributioninto the Scheme

3)

ERC > A$450 million - pay a cash contribution into theScheme and provide bank guarantees.

Therecanbenoassurancethatourriskcategoryallocationwillnotchangeinfutureyears.Ourfinancial

obligations may increase due to a number of factors, includingbut not limited to:

•any changes that increase ERC amounts or are the resultof disturbances;

•any major Environmental Authority,or EA, amendment;

•compliance with existing EA obligations; and

•major changes to financial soundness of the EA holder.

Curragh has2EAs, whichare coveredby theScheme,namelyEA numberEPML00643713andEA number

EPVX00635313.InNovember2024,theSchemeManagercompletedtheassessmentoftheAnnualReview

Allocation for EA numberEPML00643713 and issued an AnnualReview Allocation of “Moderate”.The moderate

rating resulted in Curragh being obliged to make a financial contribution tothe Scheme of 2.75% of the ERC.In

January 2025, the Scheme Manager completed anassessment of the Annual Review Allocationfor EA Number

Coronado Global Resources Inc. Form 10-K December 31,202427

EPVX00635313 andissued anAnnual ReviewAllocation of“High” inrespect ofMDL162 requiringCurragh to

maintain its historical financial assurance in respect of 100%of the ERC for that EA.

The Financial Provisioning Act also requires for a Progressive Rehabilitation and ClosurePlan, or a PRCP, to be

produced withrespect to minedland. Thisrequirement is integratedinto theexisting EA processesfor new mines,

minimizing theregulatory burdenon governmentand industry.All miningprojects carriedout undera MLthat

make a site-specificEA application willbe required toprovide a PRCP. If approved bythe administering authority,

a stand-alone PRCPschedule will begiven to theapplicant together withthe EA. ThePRCP schedule willcontain

milestones with completion datesfor achieving progressive rehabilitationof the mine site.Curragh’s PRCP was

submitted to the DETSI,the relevant governmentdepartment, on October20, 2022, and Curraghhas complied

with all further requests for information made by the DETSI.The DETSI advised Curragh that the end date of the

decision period in relation to the PRCP has been extendedto September 30, 2025.

Environmental Protection Act 1994 (Qld)

TheprimarylegislationregulatingenvironmentalmanagementofminingactivitiesinQueenslandisthe

EnvironmentalProtectionAct 1994(Qld),ortheEPAct. Itsobjectiveis toprotectQueensland’senvironment

while allowingfor developmentthat improvesthe totalquality oflife, bothnow andin thefuture, ina waythat

maintains ecologically sustainabledevelopment. Under the EPAct, it is an offenseto carry out amining activity

unless the person holds or is acting under an EA for the activity. The EA imposes conditions on a project. It is an

offense to contravene a condition of anEA. In addition to the requirements foundin the conditions of an EA, the

holder mustalso meetits generalenvironmentalduty andduty tonotify ofenvironmentalharm andotherwise

comply with the provisions of theEP Act and the regulations promulgated thereunder. For example, the following

are offenses under the EP Act:

•causing serious or material environmental harm;

•causing environmental nuisance;

•depositing prescribed water contaminants in waters and relatedmatters; and

•placing contaminants where environmental harm or nuisancemay be caused.

The EAholder mustalso bea registeredsuitable operator underthe EPAct. We area registeredsuitable operator

(RSO Number 293585).

WeholdEAEPML00643713,whichauthorizestheopencutandundergroundminingofblackcoal,mineral

processing,chemicalstorage,wastedisposalandsewagetreatmentoverthe14MLsatCurraghoncertain

conditions.Thoseconditionsincluderequirementsinrelationtoairandwaterquality,regulatedstructures

(e.g., dams),noiseandvibration,waste,landuse,rehabilitation,watercoursediversionandGHGemission

reduction programs.

WealsoholdarangeofsubsidiaryEAsforourAustralianOperations.See“—MiningRehabilitation

(Reclamation)” above for more information regarding the FinancialProvisioning Act.

Aboriginal Cultural Heritage Act 2003 (Qld)

The Aboriginal Cultural Heritage Act 2003 (Qld) imposes a duty of care on all persons to take all reasonable and

practicable measures to ensure that any activity conducted does not harmAboriginal cultural heritage. Its object

is to provide effective recognition, protection and conservationof Aboriginal cultural heritage.

We have obligationsrelating to Aboriginal culturalheritage with respectto a number ofcultural heritage objects

and areas located withinthe area of theTenements.We work closelywith the Aboriginal peopleto manage the

cultural heritage objects, areas orevidence of archaeological significance, withinour mining operations. Weare

party to a Cultural Heritage Management Plan (and associated CulturalServices Agreement) with the Gaangalu

Nation People that appliesto all of the Tenements.The plan establishes acoordinating committee and setsout

the steps to be followed to manage activities that may impactAboriginal cultural heritage.

Native Title Act 1993 (Cth)

The Native Title Act1993 (Cth), or NTA,sets out procedures under whichnative title claims may be lodgedand

determined and compensation claimed forthe extinguishment or impairment ofthe native title rights or interests

of Aboriginal peoples. Its object is to provide for the recognition and protection of native title, to establish ways in

which futuredealings affectingnative titlemay proceedand toset standardsfor thosedealings, toestablish a

Coronado Global Resources Inc. Form 10-K December 31,202428

mechanismfor determiningclaims tonativetitleand toprovide for,or permit,thevalidation ofpastacts,and

intermediate period acts, invalidated because of the existenceof native title.

With respect to MLs and MDLsgranted under the Mineral ResourcesAct 1989 (Qld) on state landwhere native

title has notbeen extinguished,a principleknown asthe non-extinguishmentprinciple governs.Broadly,under

this principle, native title rights are suspended while the mining tenure,as renewed from time to time, is in force.

The grant(or renewal)of amining tenurein respectof landwhere nativetitle mayexist mustcomply withthe

NTAto ensurethe validityof the tenure.Registered nativetitle claimantshave certainnotification, consultation

and negotiation rights relatingto mining tenures. Wherenative title is extinguished(i.e., freehold land), the NTA

does not apply.

Regional Planning Interests

The Regional PlanningInterests Act 2014(Qld), orthe RPI Act,manages theimpact of resourceactivities and

otherregulatedactivitiesinareasofthestatethatcontribute,orarelikelytocontribute,toQueensland’s

economic, socialand environmentalprosperity (e.g., competingland useactivities onprime farmingland). The

RPIActidentifiesareasofQueenslandthatareofregionalinterest,includingstrategiccroppingareasand

strategic environmentalareas. Under theRPI Act,conducting a resourceactivity in anarea of regionalinterest

requiresaregionalinterestdevelopmentapproval,unlessoperatingunderanexemption.Importantly,

pre-existing mining activities being undertaken at the date ofthe introduction of the legislation are exempt.

In conjunction withthe grant inJuly 2016 ofML 700006, ML700007 and ML700008 at Curragh,we were granted

aregionalinterestdevelopmentapproval,whichissubjecttoregionalinterestconditions,suchasmitigation.

Certain protection conditionsare also imposedon us with respectto ML 80171,which includes anobligation to

provide mitigation in the event that strategic cropping landis impacted by future operations.

Environmental Protection and Biodiversity ConservationAct 1999 (Cth)

The Environment Protectionand Biodiversity ConservationAct 1999 (Cth),or the EPBC Act,provides a federal

frameworktoprotectandmanagemattersofnationalenvironmentalsignificance,suchaslistedthreatened

speciesandecologicalcommunitiesandwaterresources.Inaddition,theEPBCActconfersjurisdictionover

actionsthathaveasignificantimpactontheenvironmentwheretheactionsaffect,oraretakenon,

Commonwealth land, or are carried out by a Commonwealth agency.

Under theEPBC Act, “controlledactions” that haveor are likelyto have asignificant impact ona matterof national

environmental significance are subjectto a rigorous assessmentand approval process. Aperson must not take

a “controlledaction” unless approvalis grantedunder theEPBC Act.Any personproposing tocarry outan “action”

that may bea “controlled action”must refer thematter to theCommonwealth Ministerfor a determinationas to

whether the proposed action is a controlled action.

OnNovember 2,2016,theCommonwealthMinisterfortheDepartmentoftheEnvironmentandEnergy

administering theEPBC Actapproved theextension ofthe existing Curraghmining area toinclude miningfour

additional Tenements—ML 700006,ML 700007,ML 700008and ML 700009(EPBC Actreferral 2015/7508)—

asa“controlledaction,”oncertainconditions.Theconditionsincluderequirementsinrelationtooffsetsand

groundwater.

Mine Health and Safety

The primary health and safety legislation that appliesto Curragh are the Coal Mining Safety andHealth Act 1999

(Qld) and the relevant CoalMining Safety and Health Regulation2001 (Qld), which we referto, together,as the

Coal Mining Safety Legislation.

Additionallegislativerequirementsapplytooperationsthatarecarriedonoff-siteorwhicharenotprincipally

related tocoal mining(e.g., transport, railoperations, etc.).The CoalMining SafetyLegislation imposessafety

and healthobligations onpersons whooperate coalmines orwho mayaffectthe safetyor healthof othersat

coal mines. Under the Coal Mining Safety Legislation, the operatorof a coal mine must, among other things:

•ensure that the risk to coal mine workers while at theoperator’s mine is at an acceptable level;

•audit and review the effectiveness and implementation of thesafety and health management system to

ensure the risk to persons is at an acceptable level;

•provide adequateresources toensure theeffectivenessand implementationof thesafety andhealth

management system;

Coronado Global Resources Inc. Form 10-K December 31,202429

•ensure the operator’s ownsafety and health andthe safety andhealth of othersis not affectedby the

way the operator conducts coal mining operations;

•not carry out anactivity at the coalmine that createsa risk toa person onan adjacent oroverlapping

petroleum authority if the risk is higher than an acceptablelevel of risk;

•appoint a site senior executive for the mine;

•ensure the site senior executive develops and implementsa safety and health management system for

all people at the mine;

•ensure the site seniorexecutive develops, implementsand maintains a managementstructure for the

mine that helps ensure the safety and health of personsat the mine; and

•not operate the coal mine without a safety and healthmanagement system for the mine.

We recognize that health andsafety are imperative to the ongoingsuccess of our Australian Operations.As the

operator at Curragh, we havein place a comprehensive safetyand health management system,which includes

an emergencyresponseteam,to addressthese legislativerequirements.In accordancewith theCoal Mining

Safety Legislation,we have also established an occupational hygienebaseline for dust exposure at Curragh.

Water Act 2000 (Qld)

In Queensland, all entitlements to the use, control andflow of water are vested in the state and regulated bythe

Water Act2000 (Qld).Allocations underthe WaterAct 2000 (Qld)can be managedby a watersupply scheme

operator,suchasSunWater Ltd,whichisaGovernment-ownedcorporationregulatedbytheQueensland

Competition Authority.We have purchasedthe required waterallocations for Curraghand entered into channel

and pipeline infrastructure agreements and river supply agreements with SunWaterLtd to regulate the supply of

water pursuant to theseallocations. See Item 1A. “Risk Factors—In timesof drought and/or shortage ofavailable

water,ouroperationsandproduction,particularlyatCurragh,couldbenegativelyimpactediftheregulators

impose restrictions on our water offtake licensesthat are required for water used in the CPPs.”

National Greenhouse and Energy Reporting Act 2007(Cth)

The National Greenhouse and Energy Reporting Act 2007 (Cth) imposes requirements for both foreign and local

corporationswhosecarbondioxideproductionGHGand/orenergyconsumptionmeetsacertainthresholdto

register andreport GHGemissions andabatement actions,as wellas energyproduction andconsumptionas

part ofa single,national reportingsystem. TheClean EnergyRegulator administersthe NationalGreenhouse

andEnergy ReportingAct2007 (Cth),andtheDepartmentof ClimateChange,Energy,theEnvironmentand

Water is responsible for related policydevelopments and review.

TheAustralianGovernment’sSafeguardMechanismisalegislativeframeworktoincentivizeemissions

reductions,throughdecliningemissionslimits,calledbaselines,predictablyandgraduallyonatrajectory

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

net zero by2050. The schemeincludes creditsto providean incentiveto companiesto reducetheir emissions

below their baselines.

TheSafeguardMechanismappliestoindustrialfacilitiesemittingmorethan100,000tonsofcarbondioxide

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

facilities.

InaccordancewiththeSafeguardMechanism,Curraghhasestablishedaproduction-adjusted(intensity)

baseline for covered emissions (Scope 1).

CurraghwillberequiredtotakeactiontokeepitsnetScope1emissionsatorbelowthebaselinethrough

emissions reduction,by for example,purchasing SafeguardMechanism Credits,or SMCs, fromanother facility

captured by the Safeguard Mechanism,

purchasing and surrendering Australian Carbon Credit Units, or ACCUs,

or face enforcement measures.

Labor Relations

Minimum employment entitlements, embodied in the National Employment Standards, apply to all private-sector

employeesandemployersin Australiaunderthe federalFair WorkAct 2009(Cth).These standardsregulate

employment conditions and paid leave. Employees who are associated withthe day-to-day operations of a local

mine or mines and who are not located in head office or corporate administration offices are also covered by the

Coronado Global Resources Inc. Form 10-K December 31,202430

Black Coal Mining Industry Award 2010 which regulates conditions including termination arrangements, pay and

hours of work.

Unfair dismissal,enterprise bargaining,bullying claims,industrial actionsand resolutionof workplacedisputes

are also regulatedunder stateand federallegislation. Someof the workersat Curraghare coveredby theEA,

which was approved by theFair Work Commission,or the Commission, Australia’snational workplace relations

tribunal. See “—Human Capital Disclosures” above.

On December 7,2023, the FairWork Legislation Amendment (ClosingLoopholes) Bill 2023,containing the Same

Job, SamePay conceptproposed bythe AustralianGovernment waspassed. Itcame intoeffect inNovember

2024.

The new laws seek to identify whena labor hire worker is completingthe same job as an ordinary employee,and

subsequently, determinewhat is an applicable rate of pay for the labor hire workercompleting this job.

InrespectoftheworkersatCurraghcoveredbytheEA,applicationswillbeallowedtobemadetothe

Commission for anorder that laborhire employees mustbe paidat least whatthey would receiveunder Curragh’s

EA(notingthatthereareexemptionsforregisteredtraineesandapprentices,short-termplacements,small

businesses and genuine service contractors).

TheCommissionwillthenmakeanassessmentthataSameJob,SamePayorderwouldbefairand

reasonable—includingwhetherlaborhire workersare performingthesame workas EAemployees—andcan

make an ordersetting a ‘ProtectedRate of Pay.’Any conditions inCurragh’s EA that arecaptured by themeaning

of “full rate of pay” (e.g., any incentives, loadings, allowances, and penalty rates) will be payable tothe labor hire

worker, so long as those conditionsare enlivened by the “same job” being performed.

Regulatory Matters—U.S.

Federal,stateandlocalauthoritiesregulatetheU.S.coalminingindustrywithrespecttomatters,suchas

employeehealthandsafety,protectionoftheenvironment,permittingandlicensingrequirements,airquality

standards, water pollution, plant and wildlife protection, thereclamation and restoration of mining properties after

mininghasbeencompleted,thedischargeofmaterialsintotheenvironment,surfacesubsidencefrom

underground mining and the effectsof mining on groundwater qualityand availability.In addition, the industry is

affectedby significantrequirementsmandatingcertainbenefitsfor currentandretiredcoal miners.Numerous

federal,stateandlocalgovernmentalpermitsandapprovalsarerequiredforminingoperations.Becauseof

extensive andcomprehensiveregulatoryrequirements,violations duringminingoperationsoccur fromtimeto

time inthe industry.In additionto thenon-exhaustive summaryof materialfederal legislationdescribed below,

our operations aresubject to awide array offederal, state andlocal environmentallaw, including,for example,

the Safe Drinking Water Act, the ToxicSubstances Control Act, the Emergency Planning and Community Right-

to-Know Act, the National Historic Preservation Act of 1966 and the Migratory Bird Treaty Act of 1918, as well as

state regulatory schemes that either mirror federal law or createadditional layers of regulation.

Clean Air Act of 1970

The U.S.Clean AirAct of1970, orthe CAA,regulates airbornepollution thatmay bepotentially detrimentalto

humanhealth,theenvironmentornaturalresources.TheCAAandcomparablestatelawsthatgovernair

emissions affect U.S. coal mining operations bothdirectly and indirectly.

Direct impactson coalmining andprocessing operationsmay occurthrough theCAA permittingrequirements

and/oremissioncontrolrequirementsrelatingtoparticulatematter,orPM,nitrogendioxide,ozoneandsulfur

dioxide,orSO

2

.Forexample,theU.S.EnvironmentalProtectionAgency,ortheEPA,pursuanttotheCAA,

administers rulesthat applyPM limits toemissions fromcoal preparationand processingplants constructedor

modified after April 28, 2008.In addition, in recent years,the EPAhas adopted more stringentnational ambient

air quality standards, or NAAQS for PM, nitrogen oxide,ozone and SO

2

. It is possible that these modifications as

well as future modificationsto NAAQS could directlyor indirectly impact ourmining operations in amanner that

includes,butisnotlimitedto,theEPAdesignatingnewareasofthecountryasbeinginnonattainmentof

applicable NAAQS or expanding existingnonattainment areas, and promptingadditional local control measures

pursuant to stateimplementation plans, orSIPs, required toaddress such revisedNAAQS. SIPs maybe state-

specific or regional in scope.Under the CAA, individualstates have up to12 years from the dateof designation

of attainment/nonattainment areas to secure reductionsfrom emission sources.

The CAAalso indirectly, but significantly, affects theU.S. coalindustry byextensively regulating theSO2, nitrogen

oxides,mercury,PM,GHGs,andothersubstancesemittedbycoal-burningfacilities,suchassteel

manufacturers,cokeovensandcoalfiredelectricpowergeneratingfacilities.Overtime,theEPAhas

promulgated or proposed CAAregulations to impose morestringent air emission standardsfor a numberof these

Coronado Global Resources Inc. Form 10-K December 31,202431

coal-burningindustries,especiallythepowergenerationsector.Collectively,CAAregulationsanduncertainty

aroundfutureCAArequirementscouldreducethedemandforcoaland,dependingontheextentofsuch

reduction, could have a material adverse effecton our business, financial condition and operations.

NAAQS Revisions.

The CAArequires theEPAto periodicallyreview and,if appropriate,revise theNAAQS to

ensure protection ofpublic health.In recent years,the EPAhas reviewed theNAAQS for PM,ozone and SO

2

.

The PM NAAQSwas last revisedand made morestringent in 2012.Individual states have developedSIPs, which

detail the PM emission reductions their sources must meet in order forthe state to maintain or achieve the 2012

PM NAAQS. OnApril 14,2020, the EPA announcedits intentionto retain, withoutchanges, the 2012PM NAAQS.

This actionwas finalized bythe EPA on December18, 2020.On March6, 2024,the EPAfinalized a rulelowering

the level ofthe annual24-hour PM2.5standards forfine PMNAAQS from12.0 ug/m3to 9.0ug/m3. Themore

stringent NAAQS, requires newSIPs to be developedand filed with theEPA, which may trigger additional control

technologyforminingequipmentorcoal-burningfacilities,orresultinadditionalchallengestopermittingand

expansionefforts.TherevisedNAAQshasbeenchallengedbyindustryparticipantsandlitigationremains

ongoing.

Cross State Air Pollution Rule, or CSAPR.

The CAA includes a so-called Good NeighborProvision that requires

upwind states toeliminate their significantcontributions todownwind states’nonattainment of theNAAQS. On

July 6, 2011,the EPAfinalized the CSAPR,which wasmeant to satisfythis Good NeighborProvision. CSAPR

requires theDistrict ofColumbia and27 statesfrom Texaseastward (notincluding theNew Englandstates or

Delaware) to reduce power plant emissions thatcross state lines and significantly contribute to ozone and/orfine

particlepollutionindownwindstates.Followinglitigationin theD.C. CircuitandU.S. SupremeCourt,the first

phase ofthe nitrogenoxide andSO2 emissionsreductions requiredby CSAPRcommenced inJanuary 2015;

further reductions of both pollutants in the second phaseof CSAPR became effective in January 2017.

OnMarch15,2021,theEPAfinalizedaruleupdatethatrequiresadditionalemissionsreductionofnitrogen

oxidesfrompowerplantsintwelvestates.Additionalemissionreductionrequirementsinthesestatescould

adversely affect the demand for coal.

On April 30, 2021, the EPA finalized the Revised CSAPR Update Rule, which fully addressed twenty-one states’

outstanding interstatepollution transportobligations forthe 2008NAAQS forozone.For ninestates, theEPA

found thattheir projected2021 emissionsdo notsignificantly contributeto non-attainmentand/or maintenance

problems in downwind states.The remaining twelve stateswere found tocontribute to the non-attainment and/or

maintenanceproblemsindownwindstates.TheEPAindicatedthatitwouldissueneworamendedFederal

Implementation Plansrequiring additionalemissions reductionsfrom electricitygenerating unitsin those states

beginning in the 2021 ozone season.

Mercury and AirToxicStandards, or MATS.

The EPApublished the finalMATSrule in theFederal Registeron

February 16,2012.TheMATSrulerevisedtheNewSourcePerformanceStandards,orNSPS,fornitrogen

oxides,SO2andPMfornewandmodifiedcoal-fueledelectricitygeneratingplants,andimposedMaximum

Achievable ControlTechnology,or MACT,emission limitson hazardousair pollutants,or HAPs,from newand

existing coal-fueled and oil-fueled electricity generating plants. MACT standards limit emissions of mercury,acid

gas HAPs, non-mercury HAPmetals and organicHAPs. The ruleprovided three yearsfor compliance withMACT

standards anda possiblefourth yearif astate permittingagency determinedthat suchwas necessaryfor the

installationofcontrols.ThoughtheMATSrulehasbeenthesubjectofvariouslegalchallenges,theEPA

reaffirmed thescientific, economic,and legalunderpinningsof theMATSrule inFebruary 2023.In May2024,

the EPA finalized even more stringent non-mercury metal surrogate filterable PM emissionstandards for all coal-

fueled electricitygenerating plantsand newmercury emissionstandardsfor lignite-poweredunits. Thisrule is

currently subject to ongoing litigation. Themore stringent regulations may increase thecost of coal-fired electric

power generation and negatively impact the demand forcoal.

GHG EmissionsStandards and Guidelines.

In 2014, theEPAproposed a sweepingrule, knownas the “Clean

Power Plan,” to cut carbon emissions from existing electricity generating units, including coal-fired powerplants.

Followingaseriesoflegalchallenges,theEPAcommencednewrulemakingproceedingsinOctober2017,

ultimately rescinding the CleanPower Plan and finalizingits replacement, the AffordableClean Energy,or ACE

rule, inJune 2019.The ACErule establishesemission guidelinesfor statesto developplans toaddress GHG

emissionsfromexistingcoal-firedpowerplants.Likeitspredecessor,theACErulewassubjecttosignificant

litigation and was remanded to the EPAfor further action.

On April25, 2024,theEPAfinalizeda rulethat(1)repealstheACE rule,(2)establishedguidelinesfor GHG

emissionsfromexistingfossil-fuelfiredsteamgeneratingEGUs,(3)finalizesrevisionstotheNSPSforGHG

emissionsfromnewandreconstructedfossilfuel-firedstationarycombustionturbineEGUs,and(4)finalizes

revisions tothe NSPSfor GHGemissions fromfossil fuelfired steamgenerating EGUsthat undertakea large

modification.The final rule requires widespread implementation of carbon capture and sequestration and use of

Coronado Global Resources Inc. Form 10-K December 31,202432

greenhydrogen.Thenewrulesmayrequiresignificantcapitalexpendituretodeveloptheinfrastructure

necessary for compliance and could impact our customersand future demand for coal.

There havealso beennumerous challengesto thepermitting ofnew coal-firedpower plantsby environmental

organizations and state regulators forconcerns related to GHG emissions.For instance, various state regulatory

authorities have rejected the construction of new coal-fueled power plants basedon the uncertainty surrounding

the potential costs associated with GHG emissions under future laws.In addition, several permits issued to new

coal-fueled power plants without GHG emissionlimits have been appealed to the EPA'sEnvironmental Appeals

Board.A federal appeals court allowed alawsuit pursuing federal common law claimsto proceed against certain

utilities on the basis that they mayhave created a public nuisance due totheir emissions of carbon dioxide, while

asecondfederalappealscourtdismissedasimilarcaseonproceduralgrounds.TheU.S.SupremeCourt

overturned thatdecision inJune 2011,holding thatfederal commonlaw providesno basisfor publicnuisance

claims against utilities due to their carbon dioxide emissions.The U.S. Supreme Court did not, however, decide

whether similar claimscan be brought understate common law.As a result,tort-type liabilities remain aconcern.

Tothe extentthatthese risksaffectour currentand prospectivecustomers,theymay reducethedemandfor

coal-fired power, and mayaffect long-term demand for coal.

Regional Haze.

The EPApromulgated a regionalhaze program designedto protect andto improve visibilityat

and around Class I Areas, which are generally national parks, national wilderness areas and international parks.

This programmay restrictthe constructionofnewcoal-firedpowerplants,theoperationofwhichmayimpair

visibilityatandaroundtheClassIAreas.Additionally,theprogramrequirescertainexistingcoal-firedpower

plantsto installadditionalcontrol measuresdesignedto limithaze-causingemissions,suchas SO2,nitrogen

oxide and PM. On August 30, 2022, the EPA issued a final action finding that 15 states had failed tosubmit SIPs

by theJuly 31,2021 deadline.Such failuretriggers atwo yeardeadline forthe EPAto promulgatea Federal

ImplementationPlanunlessthestatessubmitandtheEPAapprovesaSIPthatmeetstheapplicable

requirements.If states adopt SIPs with more stringent requirements,demand for coal could be affected.

New SourceReview,or NSR.

Pursuant toNSR regulations,stationary sourcesof airpollution mustobtain an

NSR permit prior to beginningconstruction of a new“major” source of emissionsor a “major” modificationof an

existing major source.If a projectis determined totrigger NSR, Prevention ofSignificant Deterioration regulations

require the project to implement BestAvailable Control Technologyand/or Non-Attainment New Source Review

Lowest Achievable Emission Rate control technology.

Beginning in the late 1990s, the EPA filed lawsuits against owners of manycoal-fired power plants in the eastern

U.S. alleging thatthe owners performednon-routine maintenance, causing increased emissionsthat should have

triggeredtheapplicationofthese NSRstandards.Some oftheselawsuitshavebeen settledwiththeowners

agreeing toinstall additionalemission controldevices intheir coal-firedpower plants.In recentyears, theEPA

proposed and promulgated several revisions to itsNSR regulations and policies concerning NSR permitting.For

example,in2023,theEPAissueda rulethatwouldrequireadditionalsourcestoconsiderfugitiveemissions

when determining ifNSR has beentriggered. Remaining litigation anduncertainty around the NSRprogram rules

could impact demand for coal.

Coke Oven Batteries and Coke Ovens.

Coke Oven Batteries and Coke Ovens: Pushing, Quenching, and Battery

Stacks are two source categoriesregulated by the CAA. OnJuly 5, 2024, the EPAfinalized amendments to the

emissions standards for Coke Ovens which lower the limits for leaks from doors, lids,and offtakes, require fence

line monitoringfor benzeneand imposenew emissionsstandardsfor previouslyunregulatedHAPs withinthe

category such as hydrogenchloride, hydrogen fluoride,and mercury.These standards mayimpact our current

and prospective customers and reduce long-term demand forcoal.

Clean Water Act of 1972

The U.S. Clean Water Act of 1972, or the CWA,and corresponding state law governs the discharge of toxic and

non-toxic pollutants intothe watersof theU.S. CWA requirementsmay directlyor indirectlyaffect U.S. coalmining

operations.

Water Discharge.

The CWA and corresponding state laws affect coal mining operations by imposing restrictions

on discharges ofwastewater into waters ofthe U.S. throughthe National PollutantDischarge Elimination System,

orNPDES,oranequallystringentprogramdelegatedtoastateagency.TheEPAandstatesmaydevelop

standards andlimitations forcertain pollutants,including throughthe technology-basedstandard programand

waterqualitystandardprogram.Theserestrictionsoftenrequireustopre-treatthewastewaterpriorto

discharging it. NPDES permitsrequire regular monitoring, reporting andcompliance with effluent limitations. New

requirementsunder theCWAand correspondingstate lawsmay causeus toincur significantadditionalcosts

that could adversely affect our operating results.

Coronado Global Resources Inc. Form 10-K December 31,202433

Dredge and Fill Permits.

Many mining activities, such as the developmentof refuse impoundments, fresh water

impoundments,refuse fills,and othersimilar structures,may resultin impactsto watersof theU.S., including

wetlands, streams and, in certain instances, man-madeconveyances that have a hydrologic connectionto such

streams or wetlands. Under the CWA, coalcompanies are also required to obtaina Section 404 permit from the

USACE prior toconducting certain miningactivities, such asthe development ofrefuse and slurryimpoundments,

fresh water impoundments,refuse fills andother similar structuresthat may affectwaters of theU.S., including

wetlands,streamsand,incertaininstances,man-madeconveyancesthathaveahydrologicconnectionto

streams orwetlands. TheUSACE isauthorized toissue general“nationwide” permitsfor specificcategories of

activities that are similar in natureand that are determined to haveminimal adverse effects on theenvironment.

Permits issuedpursuant toNationwide Permit21, or NWP21, generallyauthorize the disposalof dredged and

fill material from surface coal mining activities into waters of the U.S., subject to certain restrictions. Since March

2007, permitsunder NWP21 werereissued fora five-yearperiod withnew provisionsintended tostrengthen

environmental protections.There mustbe appropriatemitigation inaccordance withnationwide generalpermit

conditionsratherthanlessrestrictedstate-requiredmitigationrequirements,andpermitholdersmustreceive

explicit authorization from the USACEbefore proceeding with proposedmining activities. The USACE mayalso

issue individual permits for mining activities that do not qualify forNWP 21.

For many years, there has been uncertaintysurrounding the definition of the“waters of the U.S.” scope ofCWA

jurisdiction. OnAugust 29,2023, theEPA and theDepartment ofthe Armyissued afinal rulerevising thedefinition

of “waters of the U.S. ” under the CWA.This rule conforms with the U.S. Supreme Court’sdecision in Sackett v.

Environmental Protection, 598 U.S. 651 (2023). The revised definition and the U.S. Supreme Court’sdecision in

Sackett narrowagencyjurisdictionunderthe CWA.However,dueto ongoinglitigation,implementationofthe

revised definition has been delayed in several states and territories. It is uncertain what impact this may have on

our operations.

Effluent LimitationsGuidelines forthe SteamElectric PowerGenerating Industry.

On September30, 2015,the

EPA published afinal rule setting new or additional requirements forvarious wastewater discharges from steam

electric power plants.The rule setzero dischargerequirements forsome waste streams,as well asnew, more

stringent limits for arsenic, mercury,selenium and nitrogen applicable to certain other waste streams.

On August 31, 2020, the EPA finalized a rule to revise the guidelines and standards for the steam electric power

generating point source category applicable to two categories of wastewater streams regulated bythe 2015 rule:

fluegasdesulfurizationwastewater,orFGD,andbottomashtransportwater,orBA.WithrespecttoFGD,

selenium standards areless stringent thanunder the 2015rule, and certaintypes of facilities,such as facilities

withhighFGDflow,lowutilizationboilersandthosesettoretirecoalcombustionunits,aresubjecttoless

stringenteffluentlimits.ThecompliancedeadlineforFGDtechnology-basedwastewaterlimitswasextended

fromDecember31,2023toDecember31,2025.OnMay9,2024,theEPAfinalizednewrulestorevisethe

technology-basedeffluentlimitationsguidelinesandstandardsforthesteamelectricpowergeneratingpoint

source category applicable to FGDwastewater, BA transport water, and combustion residual leachate at existing

sources. Theserules maysignificantlyincrease costsfor many coal-fired steamelectric powerplants andmay

impact demand for coal.

Surface Mining Control and Reclamation Act of 1977

TheSurfaceMiningControlandReclamationAct of1977,or theSMCRA,whichis administeredby theU.S.

OfficeofSurfaceMiningReclamationandEnforcement,orOSM,establishesoperational,reclamationand

closure standards for all aspects of surface mining andmany aspects of underground mining in the U.S.

Under the SMCRA, astate may submit aqualifying surface miningregulatory scheme to theOSM, and request

to exertexclusive jurisdiction oversurface mining activitieswithin its territory. IfOSM finds thatthe state’s scheme

meetsSMCRA’srequirementsandgivesapproval,thestatebecomestheprimaryregulatoryauthoritywith

oversight fromOSM. Eachof Virginia,West Virginiaand Pennsylvania,where ourBuchanan, Loganand Mon

Valleyoperationsarebased,hasadoptedqualifyingsurfaceminingregulatoryschemesandhasprimary

jurisdiction oversurface mining activitieswithin theirrespective territories. However, evenif astate gainsapproval

for itssurface miningregulatory program,the OSMretains significantfederal oversight,including theabilityto

perform inspections ofall surfacemining sites toensure state programand mineoperator compliance withfederal

minimum standards. The OSM and its state counterpartsalso oversee and evaluate standards of:

•performance (both during operations and during reclamation);

•permitting(applicationsmustdescribethepre-miningenvironmentalconditionsandlanduse,the

intended mining and reclamation standards, and the post-mininguse);

Coronado Global Resources Inc. Form 10-K December 31,202434

•financial assurance (SMCRA requires that mining companies post a bond sufficient tocover the cost of

reclaiming the site, and the bond is not releaseduntil mining is complete, the land has been reclaimed

and the OSM has approved the release);

•inspection andenforcement (including theissuance ofnotices ofviolation andthe placement ofa mining

operation, itsowners andcontrollers ona federaldatabase knownas theApplicant ViolatorSystem,

meaning that such person or entity is blocked from obtainingfuture mining permits); and

•land restrictions (SMCRAprohibits surface miningon certain landsand also allowscitizens to challenge

surface mining operations on the grounds that they will causea negative environmental impact).

Under the SMCRAand its statelaw counterparts, allcoal mining applications mustinclude mandatory “ownership

and control” information,which generally includeslisting the names ofthe operator’s officersand directors, and

its principal stockholders owning 10% ormore of its voting shares,among others. Regulations under the SMCRA

and itsstate analogues providethat amining permit ormodification can,under certaincircumstances, be delayed,

refused or revoked if weor any entity that ownsor controls us or isunder common ownership orcontrol with us

have unabated permitviolations orhave beenthe subject ofpermit orreclamation bond revocationor suspension.

Thepermittingrequiredforcoalminingcontinuestobethesubjectofincreasinglystringentregulatoryand

administrativerequirementsandextensiveactivismandlitigationbyenvironmentalgroups.Afterapermit

application isprepared andsubmitted tothe regulatoryagency,it goesthrough acompleteness andtechnical

review.Regulatory authoritieshave considerablediscretion inthe timingof thepermit issuanceand thepublic

hastherighttocommentonandotherwiseengageinthepermittingprocess,includingpublichearingsand

throughinterventionin thecourts. Beforea SMCRApermitis issued,a mineoperatormust submita bondor

other form of financial security to guarantee the performanceof reclamation bonding requirements.

SMCRAprovidesforthreecategoriesofbonds:suretybonds,collateralbondsandself-bonds.ForourU.S.

Operations,wemeetourreclamationbondingrequirementsbypostingsuretybondsandparticipationinthe

CommonwealthofVirginiabondpool.Ourtotalamountofreclamationsuretybondsoutstandingwas

$24.1 million as ofDecember 31, 2024.The surety bondrequirements for amine representthe calculated cost

to reclaim the current operations if it ceased to operate in the current period. The costcalculation for each surety

bond must be completed according to the regulatory authorityof each state.

The SMCRA Abandoned Mine Land Fund requires a fee on all coal produced inthe U.S. The proceeds are used

to rehabilitatelands minedand left unreclaimedprior toAugust 3, 1977and to payhealth care benefitcosts of

orphan beneficiaries of the Combined Fund created by the Coal Industry Retiree Health Benefit Actof 1992. The

feeamountcanchangeperiodicallybasedonchangesinfederallegislation.SeeItem 2.“Properties”for

information regarding reclamation and other taxes applicableto our U.S. mining properties.

National Environmental Policy Act of 1969

The National Environmental PolicyAct of 1969,or NEPA, applies to miningoperations or permitting requirements

thatrequirefederalapprovals.NEPAdefinestheprocessesforevaluatingandcommunicatingenvironmental

impactof“majorfederalactions”significantlyaffectingthequalityofthehumanenvironment,suchasthe

permitting of new minedevelopment on federallands. NEPArequires federal agencies,such as the EPAor the

OSM,toincorporateenvironmentalconsiderationsintheirplanninganddecision-making.Thefederalagency

carrying out therequirements ofNEPAmust preparea detailed statementassessing theenvironmental impact

ofandalternativestotheparticularactionrequiringagencyapproval.Thesestatementsarereferredtoas

EnvironmentalImpact Statements or Environmental Assessments. As codified in the Fiscal Responsibility Act of

2023, environmental impact statements must include any reasonably foreseeable climate change-related effects

ofaproposedaction,reasonablyforeseeableeffectsthatcannotbeavoided,andareasonablerangeof

alternatives. InterimguidanceissuedinJanuary2023bytheWhiteHouseCouncilonEnvironmentalQuality

instructsfederalagenciestoconsiderclimatechangeimpactsofaproposedaction,includingbothGHG

emissionsandreductions,andrecommendsconsiderationofadditionalcontextforGHGemissions,suchas

social cost ofGHG estimates.It is possiblethat future miningpermitting decisionswill require moresignificant

analysis of potential climate change impacts.

Resource Conservation and Recovery Act of 1976

TheResourceConservationandRecoveryActof1976,orRCRA,affectsU.S.coalminingoperationsby

establishing “cradle to grave” requirements for the generation, transportation, treatment, storage and disposalof

solid andhazardous wastes.RCRA alsoaddresses theenvironmental effectsof certainpast hazardouswaste

treatment, storageand disposalpractices, andmay requirea currentor pastsite owneror operatorto remove

Coronado Global Resources Inc. Form 10-K December 31,202435

improperly disposed hazardous wastes. RCRA also setsforth a framework for managing certain non-hazardous

solid wastes.

Although coal combustion residuals,or CCR, are exemptedfrom regulation as ahazardous waste, CCR disposal

isregulatedunderRCRA.OnDecember19,2014,theEPAfinalizedaCCRrulesettingnationwidewaste

standards for CCR disposal On August24, 2018, the U.S. Court of Appealsfor the D.C. Circuit held that certain

provisions of the EPA’sCCR rule were not sufficiently protective, and it invalidated those provisions. Since then,

theEPAhasfinalizedchangestoitsCCRregulations,whichinclude,inpart,regulatingunlinedpondsbut

extendingcertaincompliancedeadlinesrelatedtotheirclosure,allowingsite-specificalternateliner

determinations. , and modifyingstandards regarding beneficial useand assessment of environmentalharm. On

May 8, 2024, the EPA finalizednew regulatory requirements for inactive CCR surface impoundmentsat inactive

utilities that would require closure of such so-called “legacy”CCR surface impoundments.

The EPAregulations on CCRmanagement and disposalexempt coal ashthat is disposedof at minesites and

reserve any regulation thereof to the OSM.After proposing CCR regulations in 2007, the OSMRE suspended all

rulemaking actions on CCRs, but could re-initiate themin the future.

Comprehensive Environmental Response, Compensation,and Liability Act of 1980

The Comprehensive Environmental Response, Compensationand Liability Act of 1980, or CERCLA, authorizes

the federalgovernment and privateparties torecover costs toaddress threatenedor actualreleases ofhazardous

substances (broadly defined) that mayendanger public health or theenvironment. Current owners and operators

of contaminated sites, past owners and operatorsof contaminated sites at the time hazardoussubstances were

disposed,parties thatarrangedfor thedisposalor transportof thehazardoussubstancesand transportersof

hazardous substancescould bepotentially responsibleparties, orPRPs, underCERCLA. PRPsmay beliable

for costs related to contaminated sites, including, but not limited to, site investigation and cleanup costs incurred

by thegovernment orother parties,damages tonatural resourcesand costsof certainhealth assessmentsor

studies.

WecouldfaceliabilityunderCERCLAandsimilarstatelawsforcontaminationdiscoveredatpropertiesthat

(1) we currently own, lease or operate, (2) we, ourpredecessors, or former subsidiaries have previouslyowned,

leased oroperated, (3)sitesto whichwe, ourpredecessorsor formersubsidiaries,sent wastematerials, and

(4) sites at which hazardous substances from our facilities’operations have otherwise come to be located.

Federal Mine Safety and Health Act of 1977

The Federal Mine Safety and HealthAct of 1977, or the MineAct, which was amended by theMine Improvement

and NewEmergency ResponseAct of2006, orthe MINERAct, governsfederal oversightof minesafety and

authorizes the U.S.Department of Labor’sMine Safety andHealth Administration,or MSHA, toregulate safety

and health conditionsfor employees workingin mines withinthe U.S., andto enforce variousmandatory health

and safety requirements. TheMine Act mandates fourannual inspections of underground coalmines, two annual

inspectionsofallsurfacecoalmines,andpermitsinspectionsinresponsetoemployeecomplaintsofunsafe

workingconditions.Thestatuteanditsregulationsalsomandateminertraining,minerescueteamsforall

underground mines,and involvementof minersand theirrepresentatives inhealth andsafety activities.MSHA

hasalsopromulgatedregulationsgoverningawiderangeofactivities,includingroofsupport,ventilation,

combustiblematerials,electricalequipment,fireprotection,explosivesandblasting,andmineemergencies.

MSHA has thestatutory authority toissue civil penaltiesfor non-compliance,to set theperiod for abatementof

violations,andtoseekinjunctivereliefrequiringacompanytoceaseoperationsuntilcertainconditionsare

corrected.TheMINERActrequiresminespecificemergencyresponseplansinundergroundcoalmines,

implemented newregulations regardingmine rescueteams andsealing ofabandoned areas,requires prompt

notification of mine accidents, and imposes enhanced civil and criminal penalties for violations. MSHA continues

to interpret and implementvarious provisions of the MINERAct, along with introducingnew proposed regulations

andstandards.Forexample,thesecondphaseofMSHA’srespirablecoalminedustrulewentintoeffectin

February 2016 and requires increased sampling frequency and the use of continuous personal dust monitors. In

August 2016, the third and final phase ofthe rule became effective, reducing the overall respirable dust standard

incoalminesfrom2.0to1.5milligramspercubicmeterofair.OnApril18,2024,MSHAissuedafinalrule

concerningrespirablecrystallinesilicathatlowersthepermissibleexposurelimitandrequireothersafety

measures such as exposure sampling and medical surveillance.

Black Lung (Coal Worker’s Pneumoconiosis)

TheMineActamendedtheFederalCoalMineHealthandSafetyActof1969,whichisthelegislationthat

mandates compensationfor minerswho weretotally andpermanentlydisabledby theprogressiverespiratory

disease causedby coalworkers’pneumoconiosis,orblack lung.Undercurrentfederal law,a U.S.coalmine

Coronado Global Resources Inc. Form 10-K December 31,202436

operator mustpay federalblack lungbenefits andmedical expensesto claimantswho arecurrent employees,

andtoclaimantswhoareformeremployeeswholastworkedfortheoperatorafterJuly 1,1973,andwhose

claims for benefits are allowed. Coal mine operators must also make payments to a trust fund for thepayment of

benefits and medical expensesto claimants who lastworked in the coalindustry prior to July 1,1973. The trust

fund is funded byan excise tax on salesof U.S. production, excluding exportsales excluding export sales. Under

the Inflation ReductionAct of 2022,the excise taxrates are 4.4%of gross salesprice, not toexceed $1.10 per

ton of underground coal and $0.55 per ton of surface coal.

In December 2024, the Office of Workers’ Compensation Programs finalized a rule makingcertain reforms to the

self-insurance process for coal mine operators.

Historically, very few ofthe miners whosought federal blacklung benefits wereawarded these benefits;however,

theapprovalratehasincreasedfollowingimplementationofblacklungprovisionscontainedinthePatient

ProtectionandAffordableCareActof2010,ortheAffordableCareAct.TheAffordableCareActintroduced

significant changes tothe federal blacklung program, includingan automatic survivorbenefit paid uponthe death

ofaminerwithanawardedblacklungclaim,andestablishedarebuttablepresumptionwithregardto

pneumoconiosisamong minerswith 15or moreyears ofcoalmine employmentthat aretotally disabledby a

respiratory condition. These changes could havea material impact onour costs expended in associationwith the

federal black lung program. In addition to possibly incurring liability under federal statutes, we may also be liable

understatelawsforblacklungclaims.SeeNote18totheaccompanyingauditedConsolidatedFinancial

Statements for further information on applicable insurancecoverage.

Endangered Species Act of 1973

The Endangered Species Act of 1973 governs the protection of endangered species in the U.S.and requires the

U.S.DepartmentoftheInterior’sFishandWildlifeServiceandtheNationalOceanicandAtmospheric

Administration’sNationalMarineFisheriesServicetoformallyreviewanyfederallyauthorized,fundedor

administeredactionthatcouldnegativelyaffectendangeredorthreatenedspecies.Changesinlistingsof

endangered speciesor requirementsunder theseregulations may impactcosts and ourability tomine atlocations

where endangered species are observed or may be affectedby mining operations.

National Labor Relations Act of 1935

The NationalLabor RelationsAct of1935, orthe NLRA,governs collectivebargaining andprivate sectorlabor

andmanagementrelations.WhilewedonothaveaunionizedworkforceintheU.S.,totheextentthatnon-

supervisory employees decide to seek representation or engagein other protected concerted labor activities, the

NLRAandtherulespromulgatedbytheNationalLaborRelationsBoard,orNLRB,settheparametersfor

employees’ and union activity and ourresponse. The NLRA applies to bothunionized and non-union workforces.

Any employeecomplaints relatedto thepandemic andany relatedlabor actions,if theyare tiedto termsand

conditions of employment thataffect the workforce generally,will be governed bythe NLRA. In addition, NLRB-

promulgated rules regarding jointemployer status under theNLRA clarified the basisupon which contractors and

vendors,aswellastheiremployees(andtheunionsrepresentingthem),couldallegethatwearejointlyand

severally liable for any unfair laborpractices or bargaining obligations of the third-party employer. While the rules

made the jointemployer testgenerally moreemployer-friendly,there isalways thepossibility ofclaims thatwe

are a joint employer with a contractor or vendor.

Regulation of explosives

Our surfacemining operationsare subjectto numerousregulations relatingto blastingactivities,including the

Federal Safe ExplosivesAct, or SEA. SEAapplies to allusers of explosives.Knowing or willful violationsof the

SEA mayresult infines, imprisonment,or both.In addition,violations ofSEA mayresult inrevocation ofuser

permits and seizure or forfeiture of explosive materials. Pursuant to federal regulations, we incur coststo design

and implement blast schedules and to conduct pre-blast surveys and blast monitoring. In addition, the storage of

explosives issubject tostrict regulatoryrequirements establishedby fourdifferent federalregulatory agencies.

For example, pursuant to a rule issued by the Department of Homeland Security in 2007, facilitiesin possession

of chemicalsof interest,including ammonium nitrateat certainthreshold levels, mustcomplete ascreening review

inordertohelpdeterminewhetherthereisahighlevelofsecurityrisksuchthatasecurityvulnerability

assessment and sitesecurity planwill berequired. The Bureauof Alcohol,Tobacco and Firearms and Explosives,

orATF,regulatesthesale,possession,storageandtransportationofexplosivesininterstatecommerce.In

August 2023, ATFproposed an amendmentto its regulationsto require annualreporting of explosivematerials

storagetolocalfireauthorities.InadditiontoATFregulation,theU.S.DepartmentofHomelandSecurity

continues to evaluate a proposed ammonium nitrate securityprogram rule.

Coronado Global Resources Inc. Form 10-K December 31,202437

Available Information

Wefileannual,quarterlyandcurrentreportsandotherdocumentswiththeSEC.Thepubliccanobtainany

documents that we file with the SEC atwww.sec.gov.We also make available free of chargeour Annual Report

on Form10-K, QuarterlyReports onForm 10-Q,Current Reportson Form8-K andany amendmentsto those

reportsfiledorfurnishedpursuanttoSection13(a)or15(d)oftheExchangeActassoonasreasonably

practicable afterfiling suchmaterials with,or furnishingsuch materialsto, theSEC, onor throughour internet

website, https://coronadoglobal.com/.We are not includingthe information contained on,or accessible through,

any website as a part of, or incorporating itby reference into, this Annual Report on Form 10-K, unless expressly

noted.

Coronado Global Resources Inc. Form 10-K December 31,202438

ITEM 1A.RISK FACTORS.

An investmentin oursecuritiesis speculativeand involvesa numberof risks.Webelievethe risksdescribed

below are thematerial risks mostlikely to affectthe Company.However,the risks describedbelow may notbe

the onlyrisksthatweface.Additionalunknownrisksor risksthat wecurrentlyconsiderimmaterial,may also

impair our business operations. You should carefully consider the specific risk factors discussed below,together

with the information contained in this Annual Report on Form 10-K, includingItem 7. “Management’s Discussion

and Analysis of FinancialCondition and Results ofOperations” and our ConsolidatedFinancial Statements and

the related notesto those statements

included elsewhere inthis Annual Reporton Form 10-K.If any ofthe events

or circumstances described below actually occurs,our business, financial condition orresults of operations could

suffer, and the trading priceof our securities could decline significantly in futureperiods.

Some of these principal risk factors include:

•

Concernsabouttheenvironmentalimpactsofcoalcombustion,includingpossibleimpactsonglobal

climateissues,areresultinginincreasedregulationofcoalcombustionandcoalmininginmany

jurisdictions, which could adversely impact our financialcondition or results of operations;

•

We aresubject torisks fromboth theglobal transitionto anet-zero emissionseconomy andthe potential

physical impacts of climate change;

•

Our business may be materiallyand adversely affected by the impacton the global economy dueto, among

other events, significant geopolitical tensions, including ongoingcivil unrest or wars, or pandemics

;

•

Our profitabilitydepends upon theprices wereceive forour coal.Prices forcoal arevolatile andcan fluctuate

widely based upon a number of factors beyond our control

;

•Demand for our Met coal is significantly dependent on the steelindustry;

•

We face increasing competition, which could adverselyaffect profitability;

•Evolving tariffs,regulationsandotherrestrictionsoninternationaltrademayimpactour abilitytoaccess

international markets and impact our ability to plan forfuture investments;

•

Iftransportationforourcoalbecomesunavailableoruneconomicalforourcustomers,ourabilitytosell

coal could suffer;

•

Take-or-payarrangements within the coal industry could unfavorablyaffect our profitability

;

•

Adecreaseintheavailabilityorincreaseincostsofkeysupplies,capitalequipment,commoditiesand

purchased components, such as dieselfuel, steel, explosives andtires could materially andadversely affect

our financial condition and results of operations

;

•

Defectsintitleorlossofanyleaseholdinterestsinourpropertiescouldlimitourabilitytominethese

properties or result in significant unanticipated costs;

•

A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity

;

•

Risksinherenttominingoperationscouldimpacttheamountof coalproduced,causedelayor suspend

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

•

Ourlong-termsuccessdependsuponourabilitytocontinuediscovering,oracquiringanddeveloping

assets containing, coal reserves that are economicallyrecoverable

;

•

Werelyonestimatesofourrecoverableresourcesandreserves,whicharecomplexduetogeological

characteristics of the properties and the number ofassumptions made

;

•

Our profitability could be affected adverselyby the failure ofsuppliers and/or outside contractors to perform;

•

Ourinabilitytoreplaceorrepairdamagedordestroyedequipmentorfacilitiesinatimelymannercould

materially and adversely affect our financial condition and resultsof operations;

•Ourabilitytooperateeffectivelycouldbeimpairedifwelosekeypersonnelorfailtoattractqualified

personnel;

•

We may not have adequate insurance coveragefor some business risks

;

•

Cybersecurityincidents,attacksandothersimilarcrisesordisruptionscouldinterruptordisruptour

information technologysystems,or thoseof ourthird-partybusinesspartners,which could,among other

things, negatively affect our business, financial conditionand results of operations;

Coronado Global Resources Inc. Form 10-K December 31,202439

•

Thelossof,orsignificantreductionin,purchasesbyourlargestcustomerscouldadverselyaffectour

revenues;

•

Our existingand futureindebtednessmay limitcashflow availableto investin theongoingneeds ofour

businesses,which couldpreventus fromfulfillingourobligations underour seniorsecurednotes, senior

secured asset-basedrevolving credit agreementin an initialaggregate principalamount of $150.0million,

or theABL Facility,and otherdebt, andwe maybe forcedto takeother actionsto satisfyour obligations

under our debt, which may not be successful;

•

Weadjustourcapitalstructurefromtimetotimeandmayneedtoincreaseourdebtleverage,which

would make us more sensitive to the effects of economicdownturns;

•

Our businessmay requiresubstantial ongoingcapitalexpenditures,andwe maynot haveaccessto the

capital required to reach full productive capacity at our mines;

•

RisksrelatedtoourinvestmentinWICETmayadverselyaffectourfinancialconditionandresultsof

operations;

•

Risks related tothe SupplyDeed with Stanwellmay adverselyaffect our financialcondition and resultsof

operations;

•

We could be adversely affected if we fail to appropriatelyprovide financial assurances for our obligations;

•

Mine closuresentail substantialcosts. Ifwe prematurelyclose oneor moreof ourmines, ouroperations

and financial performance would likely be adversely affected;

•

Iftheassumptionsunderlyingourprovisionforreclamationandmineclosureobligationsprovetobe

inaccurate, we could be required to expend greater amountsthan anticipated;

•

Wearesubjecttoextensivehealthandsafetylawsandregulationsthatcouldhaveamaterialadverse

effect on our reputation and financial condition and resultsof operations;

•

We could be negatively affected if we fail to maintainsatisfactory labor relations;

•

Ouroperationsmayimpacttheenvironmentorcauseexposuretohazardoussubstances,whichcould

result in material liabilities to us; and

•

We are subject to extensiveforms of taxation, which imposesignificant costs on us,and future regulations

and developments could increase those costs or limitour ability to produce coal competitively.

Sustainability Risks

Concernsabouttheenvironmentalimpactsofcoalcombustion,includingpossibleimpactsonglobal

climateissues,areresultinginincreasedregulationofcoalcombustionandcoalmininginmany

jurisdictions, which could adversely impact our financialcondition or results of operations.

Global concernsabout climatechange continuesto attractconsiderable attention,particularly inrelation tothe

coal industry. Emissions from coalconsumption, both directly andindirectly, and emissions from coalmining itself

are subject to pending and proposed regulation as part of initiatives to address global climate change. A number

ofcountries,includingAustraliaandtheUnitedStates,havealreadyintroduced,orarecontemplatingthe

introduction of, regulatory responses to GHGs, including theextraction and combustion of fossil fuels, toaddress

the impacts of climate change.

There are three primary sources of GHGs associated with the coal industry.First, the end use of our coal by our

customersincoal-firedelectricitygeneration,cokeplants,andsteelmaking.Second,combustionoffuelby

equipment used incoal production andto transport ourcoal toour customers. Third,coal mining itselfcan release

methane, which is considered tobe a more potentGHG than carbon dioxide, directly intothe atmosphere. These

emissionsfromcoalconsumption,transportationandproductionaresubjecttoactive,pendingandproposed

regulation, in the jurisdictions in which we operate aspart of initiatives to address global climate change.

Asaresult,numerousproposalshavebeenmadeandarelikelytocontinuetobemadeattheinternational,

national, regional and state levels of government to monitor,limit and reduce emissions of GHGs.

The Australian Federal Government’s Safeguard Mechanismis a legislative frameworkto incentivize emissions

reductions,throughdecliningemissionslimits,calledbaselines,predictablyandgraduallyonatrajectory

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

net zeroby 2050.The legislativeframework includescredits toprovide anincentive tocompanies togo below

their baselines.

Coronado Global Resources Inc. Form 10-K December 31,202440

TheAustralianFederalGovernment’sSafeguardMechanismappliestoindustrialfacilitiesemittingmorethan

100,000tonsofcarbondioxideequivalentperyear,includinginelectricity,mining,oilandgasproduction,

manufacturing, transport and waste facilities.

InaccordancewiththeSafeguardMechanism,Curraghhasestablishedaproduction-adjusted(intensity)

baselineforcoveredemissions(Scope1).TheCurrahemissionsintensitydetermination,orEID,hasbeen

calculated and approved by the CleanEnergy Regulator as EID = 0.0482 tCO2e-per ROM Mt. The EID adjusts

over timewith 4.9%reductionand changeto anindustryspecific intensityfactor(0.653 tCO2e-per ROMMt)

year on year. The Companyhas submitted an application for a multi-year monitoring period.

CurraghwillberequiredtotakeactiontokeepitsnetScope1emissionsatorbelowthebaselinethrough

emissionsreduction,byforexample,purchasingSMCsfromanotherfacility,capturedbytheSafeguard

Mechanism, purchasing and surrendering ACCUs, or faceenforcement measures.

The absence of regulatory certainty,global policy inconsistencies and direct regulatory impacts(such as carbon

taxes orother charges)each havethe potentialto adverselyaffect ouroperations—either directlyor indirectly,

throughsuppliersand customers.At present,weare principallyfocused onMetcoal production,whichis not

usedinconnectionwiththeproductionofcoal-firedelectricitygeneration.Themarketforourcoalmaybe

adverselyimpactedifcomprehensivelegislationorregulationsfocusingonGHGemissionreductionsare

adopted, particularly if they directly or indirectly impactthe Met coal industry. The potential financial impact on us

of such future legislation or regulations willdepend upon the degree to which any suchlegislation or regulations

force us or our customers todiminish reliance on coal. That, inturn, will depend on a numberof factors, including

the specificrequirements imposedby anysuch legislationor regulationsand thetime periodsover whichsuch

legislationorregulationswouldbephasedin.Collectively,theseinitiativesanddevelopmentscouldresultin

higher electricity costs to usor our customers or lowerthe demand for coal usedin electricity generation, which

could adversely impact our business.

We face risks from both theglobal transition to a net-zero emissions economy andthe potential physical

impacts of climate change.

We face risks from both the global transition toa net-zero emissions economy and the potential physical impacts

of climate change.Such risksmay involve financial,policy,legal, technological,reputational andother impacts

as we meet various mitigation and adaptation requirements.

The transition to a net-zero emissions economy is driven bymany factors, including, but not limited to, legislative

and regulatory rulemaking processes, campaigns undertaken by non-governmental organizations to minimize or

eliminatetheuseofcoal,andthesustainability-relatedpoliciesoffinancialinstitutionsandotherprivate

companies. We have experienced, and may in the future experience, negativeeffects on its results of operations

duetothefollowingspecificrisksasaresultofsuchfactors:electricitygeneratorsswitchingfromcoalto

alternative fuels,when feasible;increased costsassociated withregulatory compliance;unfavorable impactof

regulatory complianceon supply anddemand fundamentals,such as limitationson financing orconstruction of

newminingoperations;unfavorablecostsofcapitalandaccesstofinancialmarketsandproductsduetothe

policies offinancial institutions;disruption tooperationsor marketsdue toanti-coal activismand litigation;and

reputational damage associated with involvement in GHG emissions.

We andour customersmay alsohave toinvest incarbon-capture, usageand storagetechnologies inorder to

burn thermalcoalandcomplywithfutureGHGemissionstandards.Thepotentialdirectandindirectfinancial

impact on us from future laws, regulations, policies andtechnology developments may depend upon the degree

to whichany suchlaws, regulationsand developmentsforce themarket andcustomers toreducereliance on

coal as a fuel source. Such developments could result in adverse impactson our financial condition or results of

operations. See Item 1. “Business—RegulatoryMatters—Australia” and “Business—Regulatory Matters—United

States.”

With respect tothe potentialor actual physicalimpacts of climatechange, wehave experienced,or may inthe

future experience,negative effectson our resultsof operationsdue to thefollowing specificrisks asa result of

such factors: disruptionsto productionand transportation,including asa result ofextreme wet weatherevents;

disruptiontowatersuppliesvitaltominingoperations;anddamagetoour,ourcustomers’oroursuppliers’

equipment, or third-partyinfrastructure, resultingfrom adverse weatherconditions orchanges in environmental

trends and conditions.

Such risks from both the global transition to a net-zero emissions economy and the potential physical impactsof

climate change could result in adverse impacts on ourfinancial condition or results of operations.

Coronado Global Resources Inc. Form 10-K December 31,202441

Intimesofdroughtand/orshortageofavailablewater,ouroperationsandproduction,particularlyat

Curragh, could be negatively impacted ifthe regulators impose restrictions on ourwater offtake licenses

that are required for water used in the CPPs.

In Queensland,all rightsto theuse, control,and flowof waterare vestedin thestate andregulated underthe

WaterAct2000(Qld).Waterallocationsmadeunderthislegislationaremanagedbyoperators,suchas

SunWater Ltd, who administer their supplythrough designated schemes.

For ourCurraghMine, wehavesecuredtherequiredwaterallocationsfrom SunWaterLtd andformalised

deliveryarrangementsthroughinfrastructureagreements,includingchannel,pipeline,andriversupply

agreements.

The amountof waterthat isavailable tobe takenunder awater entitlementwill varyfrom yearto yearand is

determined bywater sharing rulesof therelevant catchment area.These ruleswill, forexample, statea procedure

for water supply scheme holders to calculatethe water available to an allocation holder,based on available and

predicted supply.In situationsof severelyconstrained supply(such as duringa drought),supply contractswith

the scheme operator generally provide for areduced apportionment, with certain uses (e.g., domestic use) being

given higherpriority.It ispossible thatduring timesof droughtour waterofftake entitlementsin Australiacould

be reduced. Ifour water offtakeentitlement is reduced,our operations wouldhave to recyclemore of thewater

collected inon-site damsand formermining pits,from rainfalland dewateringactivities, foruse inthe Curragh

CPP.This mayimpact ourability tomaintain currentproduction levelswithout incurringadditional costs,which

could adversely impact our financial condition and results ofoperations.

Economic, Competitive and Industry Risks

Ourbusinessmaybemateriallyandadverselyaffectedbytheimpactontheglobaleconomydueto,

amongotherevents,significantgeopoliticaltensions,includingongoingcivilunrestorwars,or

pandemics.

Geopolitical tensions, including ongoing civil unrest and wars, and globalpandemics or widespread public health

concerns can havea significant impacton global markets,including influencing boththe supply anddemand of

coal we sell into the export market and the cost or availabilityof supplies we consume in producing our coal.

Forexample,globalmarketsarecontinuingtoexperiencevolatilityanddisruptionwithcurrentgeopolitical

tensions andthe militaryinvasion ofUkraine byRussia. Thismilitary conflicthas ledto ongoingsanctions and

otherpenaltiesbeingleviedbytheUnitedStates,theEuropeanUnionandothercountriesagainstRussia,

including expansive bans on imports and exports of productsto and from Russia.

Inaddition,international,federal,stateandlocalpublichealthandgovernmentalauthorities’mandatesin

response to globalpandemics could requireforced shutdownsof our minesand other facilitiesin Australiaand

theU.S.forextendedperiods,restrictmovementandtheimplementationofsocialdistancingprotocolsand

restrict travellingoverseas oracrossborders (includinginterstate), affectinga numberof ournormal business

practicesandoperations.Theseconflictsorpandemicscouldcausedisruptionstominingoperations,

manufacturingoperationsandsupplychainsaroundtheworld.Theextentanddurationofsuchconflictsor

pandemics could lead to market disruptions,including significant volatility in commodityprices, such as the coal

we sell anddiesel fuel wepurchase, instability inthe financial markets,higher inflation, supplychain interruptions,

political and social instability as well as an increase incyberattacks and espionage.

Ourprofitabilitydependsupontheprices wereceivefor ourcoal.Pricesforcoal arevolatileandcan

fluctuate widely based upon a number of factors beyondour control.

We generaterevenue fromthe saleof coaland ourfinancialresultsare materiallyimpacted bythe priceswe

receive. Prices andquantities under Metcoal sales contractswith North Americancustomers are generallybased

onexpectationsofthenextyear’scoalpricesatthetimethecontractisenteredinto,renewed,extendedor

re-opened. Pricing in the global seaborne market is typicallyset on a rolling quarterly average benchmark price.

Sales by ourU.S. Operations to theexport market aretypically priced with referenceto a benchmarkindex. Sales

by our Australian Operations have typically been contracted on an annual basis and are priced with referenceto

benchmark indices or bilaterallynegotiated term pricesand spot indices. Asa result, a significantportion of our

revenue isexposed tomovements incoal pricesand anyweakening inMet orthermal coalprices wouldhave

an adverse impact on our financial condition and resultsof operations.

The expectation of future prices for coal depends upon many factors beyond ourcontrol, including the following:

•the current market price of coal;

Coronado Global Resources Inc. Form 10-K December 31,202442

•overall domestic and global economic conditions,including inflationary conditions and the supplyof and

demand for domestic and foreign coal, coke and steel;

•the consumption pattern of industrial consumers, electricity generatorsand residential users;

•adverse weather conditions inour markets thataffect our ability toproduce Met coalor affect the demand

for thermal coal;

•competition from other coal suppliers;

•technological advances affecting the steel productionprocess and/or energy consumption;

•the costs, availability and capacity of transportation infrastructure;and

•the impactof domesticand foreigngovernmental policy,laws andregulations, includingthe imposition

of tariffs, environmentaland climate changeregulations andother regulationsaffecting thecoal mining

industry,including regulations and measures introduced in responseto global pandemics.

Met coalcontinues tobe avolatile commodity.The demandand supplyin theMet coalindustry changesfrom

timetotime.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.

In addition, coal prices are highlydependent on the outlook for coal consumption inlarge Asian economies, such

as China, India, South Korea and Japan,as well as any changes in governmentpolicy regarding coal or energy

in thosecountries.SeaborneMet coalimportdemandcan alsobe significantlyimpacted bytheavailabilityof

local coal production, particularly in the leading Met coal import countries of China and India, among others, and

thecompetitivenessofseaborneMetcoalsupply,includingfromtheleadingMetcoalexportingcountriesof

Australia, the United States, Russia, Canada and Mongolia,among others.

Demand for our Met coal is significantly dependent onthe steel industry.

The majority ofthe coal thatwe produceis Met coalthat issold, directlyor indirectly,to steelproducers andis

used in BFs for steel production. Met coal, specificallyhigh-quality HCC and low-volatile PCI, which is produced

atmostofourassets,hasspecificphysicalandchemicalproperties,whicharenecessaryforefficientBF

operation. Therefore, demand for our Metcoal is correlated to demands ofthe steel industry. The steel industry’s

demand for Metcoal is influencedby a numberof factors, including:the cyclical natureof that industry’sbusiness;

general economicand regulatoryconditions anddemand forsteel; andthe availability,cost andpreference for

substitutes for steel,such as aluminum,composites andplastics, all ofwhich mayimpact the demandfor steel

products. Similarly,if newsteelmaking technologiesor practicesare developedthat canbe substitutedfor Met

coal in the integrated steel mill process, then demand forMet coal would be expected to decrease.

Although conventional BF technology has been the most economic large-scale steel production technology for a

number ofyears, therecan beno assurancethat overthe longerterm, competitivetechnologies notreliant on

Met coal would not emerge,which could reduce thedemand and price premiumsfor Met coal. Forexample, an

alternative steelmakingprocessutilizing electricarc furnacesdoes notuse coalas amanufacturing inputand

accountedfor28.6%ofsteelproductionin2023.Inaddition,asignificantreductioninthedemandforsteel

productswouldreducethedemandforMetcoal,whichcouldhavea materialadverseeffectonourfinancial

condition and results of operations.

We face increasing competition, which could adverselyaffect profitability.

Competitioninthecoalindustryisbasedonmanyfactors,including,amongothers,worldsupply,price,

productioncapacity,coalqualityandcharacteristics,transportationcapabilityandcosts,blendingcapability,

brand nameand diversifiedoperations. Weare subjectto competitionfrom Metcoal producersfrom Australia,

the United States, Russia, Canada, Mongolia and other Met coal producing countries.Should those competitors

obtain acompetitive advantage in comparisonto us (whetherby way ofan increase inproduction capacity, higher

realizedprices,loweroperatingcosts,export/importtariffs,beingcomparativelylessimpactedasaresultof

global pandemics or otherwise),such competitive advantagemay have an adverseimpact on our abilityto sell,

or theprices atwhich weare ableto sellcoalproducts.In addition,some ofour competitorsmay havemore

production capacity as well as greater financial, marketing, distribution and other resources than we do and may

be subject to less stringent environmental and other regulationsthan we are.

Coronado Global Resources Inc. Form 10-K December 31,202443

TheongoingconsolidationoftheglobalMetcoalindustryhascontributedtoincreasedcompetition,andour

competitive position may be adversely impacted by further consolidation among market participants or by further

competitors enteringinto andexiting bankruptcyproceedings undera lowercost structure.Similarly,potential

changes to international tradeagreements, trade concessions or otherpolitical and economic arrangements may

benefit coalproducers operatingin countriesother thanthe UnitedStates andAustralia. Othercoal producers

mayalsodeveloporacquirenewprojectstoincreasetheircoalproduction,whichmayadverselyimpactour

competitiveness.Someofourglobalcompetitorshavesignificantlygreaterfinancialresources,suchthat

increases in their coal production may affect domestic and foreign Met coal supply into the seaborne market and

associated prices and impact our ability to retain or attract Met coal customers. In addition, our ability to ship our

Metcoaltonon-U.S.andnon-Australiancustomersdependsonportandtransportationcapacity.Increased

competitionwithintheMetcoalindustryforinternationalsalescouldresultinusnotbeingabletoobtain

throughput capacity at port facilities, as well as transport capacity, and could cause the rates for such services to

increase to a point where it is not economically feasible to exportour Met coal.

Increased competition, or afailure to compete effectively,in the markets inwhich we participatemay result in a

loss of market share and could adversely affect our financialcondition and results of operations.

Evolving tariffs, regulations and otherrestrictions on international trademay impact our abilityto access

international markets and impact our ability to plan for futureinvestments.

The majorityof theMet coalproduced byour AustralianOperations isexported byseaborne transportationto

steel producers(primarily inAsia). Metcoal producedby ourU.S. Operationsis consumedregionally byNorth

American steelproducers orexported byseaborne transportationto steelproducers (primarilyin Asia,Europe

and South America).

Our access to international markets may be subject to ongoing interruptions and trade barriersdue to policies of

individualcountries,andtheactionsofcertaininterestgroupstorestricttheimportorexportofcertain

commodities. Inaddition, theMet coalthat weexport maybe subjectto tariffs.For example,during February

2025 the Chinese government announced tariffs on coal imported from the U.S.There can be no guarantee that

additional tariffs,import quota restrictions,bans or othertrade barriers willnot be imposed(whether as aresult

of geopoliticaltensions orfor otherreasons) forour products.We mayor maynot beable toaccess alternate

markets forour coalshould interruptionsand tradebarriers occurin the future,and wemay beunable topass

the costs of tariffs on to our customers.

An inabilityfor Metcoal suppliersto accessinternational marketsmay alsoresult inan oversupplyof Met coal

and mayresultin adecreasein pricesor thecurtailmentofproduction,whichcouldhave amaterialadverse

effect on our financialcondition and results ofoperations. Additionally,tariffs imposed by theU.S. on the import

of certainsteel productsmay impactforeign steelproducers tothe extenttheir productionis importedinto the

U.S. Future tariffs could also further reduceimports of steel and increase U.S. Met coaldemand from U.S. steel

producers. Thisadditional U.S.Met coaldemand couldbe metby reducingexports ofMet coalfrom ourU.S.

operations and redirecting that volume to domestic consumption.

Restrictions on international trade, including tariffs established by the U.S. and retaliatory tariffs from key trading

partners, may limit international tradeand adversely impact global economic conditions.We cannot ascertain the

impact, ifany,that suchrestrictions andtariffs mayhave ondemand forour Metcoal. Theseconditions could

result incontinuing uncertaintyregarding ourability toaccess internationalmarkets andmay limitour abilityto

plan for future investments, which could adversely affectour financial condition and results of operations.

If transportation for our coal becomes unavailable or uneconomical for our customers,our ability to sell

coal could suffer.

Our mining operations produce coal, which is transported to customers by a combination of road, rail, barge and

ship.

Coronado Global Resources Inc. Form 10-K December 31,202444

Typically,we sell coal at the minegate and/or loaded into vessels atthe port. While ordinarily our coalcustomers

arrangeandpayfortransportationofcoalfromthemineorporttothepointofuse,wehaveenteredinto

arrangementswiththirdpartiestogainaccesstotransportationinfrastructureandserviceswhererequired,

including road transport organizations, rail carriers and port owners. Where coal is exported or sold other than at

the mine gate, the costs associated with these arrangements represent a significant portion of both the total cost

of supplyingcoal tocustomers andof ourproduction costs.As aresult, thecost oftransportation isnot onlya

key factor in our cost base, but also in the purchasing decision of customers. Transportationcosts may increase

andwemaynotbeabletopassonthefullextentofcostincreasestoourcustomers.Forexample,where

transportationcostsareconnectedtomarketdemand,costsmayincreaseifusagebyusandothermarket

participants increases. Significantincreases in transportcosts due to factorssuch as fluctuations inthe price of

diesel fuel, electricity and demurrage or environmental requirements could make our coal less competitivewhen

compared to coal produced from other regions and countries. As the transportation capacity securedby our port

and rail agreements is basedon assumed production volumes, we mayalso have excess transportation capacity

(which, in thecase of take-or-payagreements, we mayhave to payfor even ifunused) if ouractual production

volumes are lowerthan our estimated productionvolumes. Conversely, we may not havesufficient transportation

capacity if our actual production volumesexceed our estimated production volumes, ifwe are unable to transport

thefullcapacityduetocontractuallimitationsorifanydeteriorationinourrelationshipwithbrokersand

intermediaries resultsin areduction inthe proportionof coalpurchased FORfrom ourU.S. Operations(and a

corresponding increase in the proportion of coal purchased FOB).

The deliveryof coalproduced byour miningoperationsis subjectto potentialdisruption andcompetition from

other networkusers, whichmay affectour abilityto delivercoal toour customersand mayhave animpact on

productivity and profitability.Such disruptions to transportation services may include,among others:

•disruptions due to weather-related problems;

•key equipment or infrastructure failures;

•industrial action;

•rail or port capacity congestion or constraints;

•commercial disputes;

•failure toobtain consentsfrom thirdparties foraccess torail orland, oraccess beingremovedor not

granted by regulatory authorities;

•changes in applicable regulations;

•failure or delay in the construction of new rail or port capacity;and

•terrorist attacks, natural disasters, the impact from global pandemicsor other events.

Anysuchdisruptions,oranydeteriorationinthereliabilityofservicesprovidedbyourtransportationservice

providers, couldimpair ourability tosupply coalto ourcustomers, resultin decreasedshipments andrevenue

and adversely affect our results of operations.

Take-or-pay arrangements within thecoal industry could unfavorably affect our profitability.

OurAustralianOperationsgenerallycontractportandrailcapacityvialong-termtake-or-paycontractsfor

transport, currently withAurizon Operations and PacificNational Pty Ltd,to and exportfrom the Portof Gladstone

via twomain port terminals,RGTCT and WICET. We may enterinto other take-or-payarrangements in thefuture.

Where we have entered into take-or-pay contracts, we will generally be required to pay for ourcontracted port or

rail capacity, evenif itis notutilized byus orother shippers. Althoughthe majorityof ourtake-or-pay arrangements

provide security over minimum port andrail infrastructure availability,unused port or rail capacity canarise as a

resultofvaryingunforeseencircumstances,includinginsufficientproductionfromagivenmine,amismatch

between the timing ofrequired port and railcapacity for a mine,or an inability totransfer the used capacitydue

to contractual limitations, such asrequired consent of the provider ofthe port or rail services,or because the coal

must emanate from specifiedsource mines orbe loaded onto trainsat specified loadpoints. Paying forunused

transportcapacitycouldmateriallyandadverselyaffectourcoststructuresandfinancialperformance.See

Item 7. “Management’s Discussion andAnalysis of FinancialCondition and Results ofOperations” for asummary

of our expected future obligations under take-or-pay arrangementsas of December 31, 2024.

Coronado Global Resources Inc. Form 10-K December 31,202445

A decrease inthe availabilityor increasein costs ofkey supplies, capitalequipment, commoditiesand

purchased components,such as dieselfuel, steel,explosives andtires,could materiallyand adversely

affect our financial condition and results of operations.

Our mining operations require a reliablesupply of large quantities of fuel,explosives, tires, steel-related products

(includingroofcontrolmaterials),lubricantsandelectricity.Thepriceswepayforcommoditiesarestrongly

impacted by the globalmarket. In situations wherewe have chosen toconcentrate a large portionof purchases

with one supplier, it has been to takeadvantage of cost savings from larger volumes ofpurchases and to support

security of supply.If the costof any ofthese key suppliesor commodities increasessignificantly,or if asource

for thesesuppliesorminingequipmentis unabletomeetour replacementdemandsourprofitabilitycouldbe

reduced or we could experience a delay or halt in ourproduction.

Prices for equipment, materials, supplies and employee labor contractor services increased during 2024. Similar

to recentyears, long-terminflationary pressuresmay resultin suchprices continuingto increasemore quickly

than expected. Inflation increases costs for materials, labor and services, andwe may be unable to secure these

resources on economically acceptableterms or offset suchcosts with increasedrevenues, operating efficiencies,

orcostsavings,whichmayadverselyimpactourfinancialcondition,resultsofoperations,liquidity,andcash

flows.

Our coal production and production costs can be materially and adversely impacted by unexpected shortages or

increases in the costs of consumables, spare parts,plant and equipment. For example, operationof the thermal

dryer located atthe CPP atBuchanan is dependentupon the deliveryof natural gasand there iscurrently only

onenaturalgassupplierinthearea,anaffiliateofCONSOLEnergy.Althoughwehaveenteredintoagas

purchase agreement with CONSOL Energy,this agreement can be terminated by CONSOLEnergy on 30 days’

notice and any delayor inability to negotiatea replacement agreementwould impact our costsof production as

we would need to change our processing method at Buchanan.

Defects intitle orloss ofany leaseholdinterests inour propertiescould limitour abilityto minethese

properties or result in significant unanticipated costs.

In Queensland,where allof ourAustralian Operationsare carriedout, exploringor miningfor coalis unlawful

without a tenement granted by the Queenslandgovernment. The grant and renewal of tenementsare subject to

a regulatory regime and eachtenement is subject to certainconditions. There is no certaintythat an application

for the grant of anew tenement or renewalof one of theexisting Tenementsat Curragh will begranted at all or

onsatisfactorytermsorwithinexpectedtimeframes.Further,theconditionsattachedtotheTenementsmay

change at the time they are renewed. There isa risk that we may lose title toany of our granted Tenements if we

fail to comply withthe Tenementconditions and otherapplicable legislative requirements(including payment of

Stateroyalties)orifthelandthatissubjecttothetitleisrequiredforpublicpurposes.TheTenementshave

expiration dates ranging fromMay 31, 2023 to July31, 2044 and, where renewalis required, there is arisk that

the Queensland government may change the terms and conditionsof such Tenementupon renewal.

IntheUnitedStates,titletoaleasedpropertyandmineralrightsisgenerallysecuredpriortopermittingand

developing a property. In some cases,we rely on title information or representations and warranties provided by

our lessors, grantorsor other thirdparties. Our rightto mine someof our reservesmay be adverselyaffected if

defects intitle orboundariesexist orif alease expires.Any challengeto ourtitle orleasehold interestscould

delay the exploration and development of the property and could ultimately result in the loss of someor all of our

interest in the property and, accordingly, require us to reduce our estimated coalreserves. In addition, if we mine

on property that we do notown or lease, we could incurcivil damages or liability forsuch mining and be subject

to conversion, negligence,trespass, regulatory sanctionand penalties. Someleases have minimumproduction

requirements or require usto commence mining operations ina specified term toretain the lease. Failureto meet

those requirementscould resultin losses ofprepaid royaltiesand, in somerare cases,could resultin a lossof

the lease itself.

IntheUnitedStates,wepredominantlyaccessourminingpropertiesthroughleaseswitharangeofprivate

landholders.Ifadefaultunderaleaseforpropertiesonwhichwehaveminingoperationsresultedinthe

termination of theapplicable lease,we mayhave to suspendmining or significantlyalter the sequenceof such

mining operations, which may adversely affect ourfuture coal production and future revenues.

ToobtainleasesorminingcontractstoconductourU.S.Operationsonpropertieswheredefectsexistorto

negotiate extensions or amendmentsto existing leases, wemay in the future haveto incur unanticipated costs.

In addition, we maynot be ableto successfully negotiate new leasesor mining contracts forproperties containing

additionalreservesormaintainourleaseholdinterestsinpropertieswherewehavenotcommencedmining

operations during the term of the lease.

Coronado Global Resources Inc. Form 10-K December 31,202446

A defect in our title or the loss of any lease or Tenementupon expiration of its term, upon a default or otherwise,

could adversely affect our ability to mine the associatedreserves or process the coal we mine.

We maybe unableto obtain,renew ormaintain permits necessaryfor ouroperations, whichwould reduce

coal production, cash flows and profitability.

Our performanceandoperationsdependon, amongother things,being abletoobtain ona timelybasis,and

maintain,allnecessaryregulatoryapprovals,includinganyapprovalsarisingunderapplicablemininglaws,

environmental regulations andother laws, for ourcurrent operations, expansionand growth projects. Examples

of regulatoryapprovals thatwe mustobtain andmaintain includemine developmentapprovals, environmental

permits and, inAustralia, tenure and approvalsrelating to nativetitle and indigenous culturalheritage. In addition,

our operations dependon our abilityto obtain andmaintain consents from privateland owners andgood relations

with local communities.

The requirementto obtainand maintainapprovals andaddress potentialand actualissues forformer,existing

and futureminingprojectsis commonto allcompaniesin thecoal sector.However,there isno assuranceor

guarantee that wewill obtain,secure, or beable to maintainany or allof the requiredconsents, approvalsand

rights necessary to maintain our currentproduction profile from our existingoperations or to develop ourgrowth

projectsin amannerwhichwill resultinprofitableminingoperationsand/orachieveour long-termproduction

targets. The permitting rules, andthe interpretations of these rules,are complex, change frequently andare often

subject to the interpretation of the regulators thatenforce them, all of which may make compliance moredifficult

or impractical,and maypossibly precludethe continuanceof ongoingoperations orthe developmentof future

mining operations.Certain laws,such asthe SurfaceMining Controland ReclamationAct, orSMCRA, require

that certain environmental standardsbe metbefore apermit isissued. Thepublic, includingnon-governmental

organizations,anti-miningandotheractivistgroupsandindividuals,havecertainstatutoryrightstocomment

upon andsubmit objectionsto requestedpermits andenvironmental impactstatements. Thesecomments are

preparedinconnectionwithapplicableregulatoryprocesses,andthepublicmayotherwiseengageinthe

permitting process,including bringinglawsuits to challengethe issuanceof permits, thevalidity oradequacy of

environmental impact statementsor performance ofmining activities. Instates where weoperate, applicable laws

and regulations also providethat a mining permitor modification can, undercertain circumstances, bedelayed,

refused or revoked ifwe or any entitythat owns or controlsor is under commonownership or control withus have

unabatedpermitviolationsor havebeen thesubjectofpermitor reclamationbond revocationor suspension.

Thus, pastor ongoingviolations offederal andstate mininglaws byus orsuch entitycould providea basisto

revoke existing permits and todeny the issuance of additionalpermits or modification or amendmentof existing

permits. Thepermitting requiredfor coalmining continuesto bethe subjectof increasinglystringent regulatory

andadministrativerequirementsandextensiveactivismandlitigationbyenvironmentalgroups.Ifthistrend

continues, it couldmaterially and adverselyaffect ourmining operations,development and expansionand cost

structures,the transportofcoal andourcustomers’abilityto usecoalproducedby ourmines, which,inturn,

could have a material adverse effect on our financialcondition and results of operation.

In particular,certain ofour activitiesrequire adredge andfill permitfrom theUSACE underSection 404 ofthe

CWA. Inrecent years, theSection 404 permittingprocess hasbeen subject toincreasingly stringentregulatory

and administrativerequirementsand aseries ofcourt challenges,which haveresulted inincreased costsand

delays in the permitting process. In January 2023, the USACE andEPA issued a ruleamending the definition of

“watersoftheUnitedStates.”AsaresultoftheUnitedStatesSupremeCourtdecisionin

Sackettv.EPA

effectively invalidatingparts of theJanuary 2023 finalrule, the agenciesrevised the rulein August 2023,which

became effectivein September2023. TheSeptember2023 finalrule narrowedthe bodiesof watersubject to

Section 404 permits, providing someclarity on the scope of the CWA.

Additionally, we may rely on nationwide permits underthe CWA Section 404 program for someof our operations.

These nationwide permits are issued everyfive years, and the 2022 nationwide permitprogram was reissued in

January2021andDecember2021.Ifweareunabletousethenationwidepermitsandrequireanindividual

permit for certain work, that could delay operations.

If weare unableto obtainand maintainthe approvals,consents andrights requiredfor ourcurrent andfuture

operations,or ifwe obtainapprovals subjectto conditionsor limitations,theeconomicviability ofthe relevant

projects may beadversely affected,which may inturn result inthe value ofthe relevant assetsbeing impaired,

which could have a material adverse effecton our financial condition and results of operations.

Coronado Global Resources Inc. Form 10-K December 31,202447

Ashortageofskilledlaborintheminingindustrycouldposearisktoachievingimprovedlabor

productivity.

Efficient coal mining using modern techniques and equipment requiresskilled workers, preferably with at least a

year of experience and proficiency in multiplemining tasks. Any reduced availability or futureshortage of skilled

labor in theAustralian and U.S.mining industries couldresult in ushaving insufficientpersonnel to operateour

business, or expandproduction, particularlyin the eventthere is anincrease in thedemand for ourcoal, which

could adversely affect our financial condition and resultsof operations.

Operational and TechnologyRisks

Risks inherent to mining operations could impact the amount of coal produced,cause delay or suspend

coal deliveries, or increase the cost of operating ourbusiness.

Ourminingoperations,includingexploration,development,preparation,producthandlingandaccessing

transport infrastructure,may be affectedby various operationaldifficulties thatcould impact theamount of coal

produced at our coal mines, causedelay or suspend coal deliveries, or increasethe cost of mining for a varying

length of time.Our financial performanceis dependenton our abilityto sustain orincrease coal productionand

maintain or increase operating margins. Our coal production and production costs are, inmany respects, subject

to conditions and events beyond our control, which could disrupt our operationsand have a significant impact on

our financial results. Adverse operating conditions andevents that we may have experienced in the pastor may

experience in the future include:

•a failure to achieve the Met coal qualities or quantitiesanticipated from exploration activities;

•variations inmining andgeologicalconditions fromthose anticipated,such asvariations incoal seam

thickness and quality,and geotechnical conclusions;

•operational and technicaldifficulties encountered in mining,including equipment failure,delays in moving

longwall equipment, drag-lines and other equipment and maintenanceor technical issues;

•adverse weather conditionsor natural orman-made disasters, includinghurricanes, cyclones, tornadoes,

floods, droughts, bushfires, seismic activities,ground failures, rockbursts, structural cave-insor slides

and other catastrophic events (such as global pandemics);

•insufficient or unreliable infrastructure, such as power,water and transport;

•industrial andenvironmental accidents,such asreleases ofmine-affected waterand dieselspills (both

of which have affected our Australian Operationsin the past);

•industrial disputes and labor shortages;

•mine safety accidents, including fatalities, fires and explosionsfrom methane and other sources;

•competitionandconflictswithothernaturalresourceextractionandproductionactivitieswithin

overlapping operating areas, such as natural gas extractionor oil and gas development;

•unexpected shortages, or increases in the costs, of consumables,spare parts, plant and equipment;

•cyberattacks orother cybersecurityincidents thatcould disruptsystems werely onfor ouroperations;

and

•other security breaches or terrorist acts.

If anyof theforegoing conditionsor eventsoccurs andis notmitigated orexcusable asa forcemajeure event

underourcoalsalescontracts,anyresultingfailureonourparttodelivercoaltothepurchaserundersuch

contractscouldresultineconomicpenalties,demurragecosts,suspensionorcancellationofshipmentsor

ultimately terminationof suchcontracts, whichcouldhave amaterial adverseeffecton ourfinancial condition

and results of operations.

Coronado Global Resources Inc. Form 10-K December 31,202448

Our U.S.Operations areconcentrated ina smallnumber ofmines inthe CAPPand ourAustralian Operations

includetwoopencutmines(CurraghNorthandCurraghSouth)andoneundergroundmine(Mammoth

Underground) in the BowenBasin of Australia. Asa result, the effectsof any of theseconditions or eventsmay

beexacerbatedandmayhaveadisproportionateimpactonourresultsofoperationsandassets.Anysuch

operationalconditionsoreventscouldalsoresultindisruptiontokeyinfrastructure(includinginfrastructure

located at or serving our mining activities, as well as the infrastructure thatsupports freight and logistics). These

conditions and events couldalso result in thepartial or complete closureof particular railways, ports orsignificant

inland waterwaysor seapassages, potentiallyresulting inhigher costs,congestion, delaysor cancellationson

sometransportroutes.Anyoftheseconditionsoreventscouldadverselyimpactourbusinessandresultsof

operations.

Our long-termsuccess dependsupon ourability tocontinue discovering,or acquiringand developing

assets containing, coal reserves that are economicallyrecoverable.

Our recoverable reserves declineas we produce coal.Our long-term outlook dependson our ability to maintain

a commercially viable portfolio of coal reserves that are economically recoverable. Failure to acquireor discover

new coal reserves ordevelop new assets couldnegatively affect our financial condition andresults of operations.

Exploration activity may occur adjacent to establishedassets and in new regions. These activitiesmay increase

land tenure,infrastructureand relatedpolitical risks.Failure todiscover oracquire newcoal reserves,replace

coal reserves or develop new assets or operations in sufficient quantities to maintain or grow thecurrent level of

reserves could negatively affect our financial conditionand results of operations.

Potential changes to our portfolio of assets through acquisitions and divestments may have an adverse effect on

future resultsof operationsand financialcondition. Fromtime totime, wemay addassets to,or divestassets

from, our portfolio. There are a number of risks associated with historicaland future acquisitions or divestments,

including, among others:

•adverse marketreaction tosuch acquisitionsand divestmentsor thetiming orterms onwhich acquisitions

and divestments are made;

•imposition of adverse regulatory conditions and obligations;

•geopolitical risks;

•commercial objectives not being achieved as expected;

•unforeseen liabilities arising from changes to the portfolio;

•sales revenues and operational performance not meetingexpectations;

•anticipated synergies or cost savings being delayed or notbeing achieved; and

•inability to retain key staff and transaction-related costsbeing more than anticipated.

These factors could materially and adversely affectour financial condition and results of operations.

We relyon estimatesof ourrecoverable resourcesand reserves,which arecomplex dueto geological

characteristics of the properties and the number ofassumptions made.

We rely on estimates of our recoverable resources and reserves.In this Annual Report on Form 10-K, we report

our estimated resourcesand reserves inaccordance withsubpart 1300of Regulation S-Kunder the Exchange

Act. See Item2. “Properties.”Subpart 1300 ofRegulation S-K requiresus to discloseour mineral resources,in

addition toour mineral reserves.In addition,as anASX-listed company, our ASX disclosuresfollow the Australian

CodeforReportingofExplorationResults,MineralResourcesandOreReserves2012,ortheJORCCode.

Accordingly,our estimatesof resourcesand reservesin thisAnnual Reporton Form10-K andin otherreports

thatwearerequiredtofilewiththeSECmaybedifferentthanourestimatesofresourcesandreservesas

reported in our ASX disclosures.

Coronado Global Resources Inc. Form 10-K December 31,202449

Coaliseconomicallyrecoverablewhenthepriceatwhichitcanbesoldexceedsthecostsandexpensesof

miningandsellingthecoal.Thecostsandexpensesofminingandsellingthecoalaredeterminedona

mine-by-mine basis, and as a result, the price at which our coal is economically recoverable varies based on the

mine. Webase our resourceand reserveinformation on geologicdata, coal ownershipinformation and current

andproposedmineplans,andminingcostassumptionsmaybeaffectedbychangesinmineplanningor

scheduling overtime. Thereare numerousuncertaintiesinherent inestimatingquantitiesand qualitiesof coal

andcoststominerecoverablereserves,includingmanyfactorsbeyondourcontrol.Thereareinherent

uncertainties and risks associated with such estimates, including:

•geologic and mining conditions,which may not befully identified by availableexploration data and may

differ from our experience and assumptions in areaswe currently mine;

•currentandfuturemarketpricesforcoal,contractualarrangements,operatingcostsandcapital

expenditures;

•severance andexcisetaxes,unexpectedgovernmentaltaxes, royalties,stampduty anddevelopment

and reclamation costs;

•future mining technology improvements;

•the effects of regulation by governmental agencies;

•the ability to obtain, maintain and renew all required permits;

•employee health and safety; and

•historical production from the area compared with production fromother producing areas.

Exceptforthatportionofmineralresourcesclassifiedasmineralreserves,mineralresourcesdonothave

demonstrated economic value. Evenif a mineralresource exists, there canbe no assurance thatany part ofsuch

mineral resource will ever be converted to mineral reserves.

In addition, estimates of coal resources and reserves are revised based on actual production experience, and/or

new explorationinformation and thereforethe estimatesof coal resourcesand reservesare subject tochange.

Should weencounter geologicalconditions orqualities differentfrom thosepredicted bypast drilling,sampling

and similar examinations, estimatesof coal resources and reservesmay have to be adjustedand mining plans,

coal processing and infrastructure may have to bealtered in a way that might adversely affect our operations. As

a result, our estimates may not accurately reflect our actual future coalresources and reserves.

Asaresult,thequantityandqualityofthecoalthatwerecovermaybelessthantheresourceandreserve

estimates included inthis Annual Reporton Form 10-K.If our actual coalresources and reservesare less than

current estimates,or therate atwhich theyare recoveredis lessthan estimatedor resultsin higherthan estimated

costs, our financial condition and results of operationsmay be materially and adversely affected.

Ourprofitabilitycouldbeaffectedadverselybythefailureofsuppliersand/oroutsidecontractorsto

perform.

We usecontractors andother thirdparties forexploration, miningand otherservices generally,and arereliant

on severalthird partiesfor thesuccess ofour currentoperations andthe developmentof ourgrowth projects.

Whilethisis normalfortheminingindustry,problemscausedby thirdpartiesmay arise,whichmayhavean

impact on our performance and operations. In particular, the majority of workers at ourAustralian Operations are

employed by contractors, including Thiess Pty Ltd andGolding Contractors Pty Ltd.

Operationsatourminesmaybeinterruptedforanextendedperiodintheeventthatweloseanyofourkey

contractors (because theircontract is terminated orexpires) and are requiredto replace them. Therecan be no

assurance that skilled third partiesor contractors will continueto be available at reasonablerates. As we do not

have thesame controlover contractorsas wedo overemployees, weare alsoexposed torisks relatedto the

quality orcontinuation ofthe servicesof, andthe equipmentand suppliesused by,our contractors,as wellas

risks relatedto thecompliance of ourcontractors with environmentaland health andsafety legislation andinternal

policies, standards andprocesses. Any failureby our keycontractors to complywith their obligationsunder our

operating agreements withthem (whether as aresult of financial, safetyor operational difficultiesor otherwise),

anyterminationorbreachofouroperatingagreementsbyourcontractors,anyprotracteddisputewitha

contractor, any inability to perform due to global pandemics or other health concerns,any material labor dispute

betweenourcontractorsandtheiremployeesoranymajorlaboractionbythoseemployeesagainstour

contractors, could have a material adverse effecton our financial condition and results of operations.

Coronado Global Resources Inc. Form 10-K December 31,202450

Further, inperiods of highcommodity prices, demandfor contractors mayexceed supply resultingin increased

costs or lackof availabilityof key contractors.Disruptions ofoperations orincreased costs alsocan occur asa

result of disputes with contractors or a shortageof contractors with particular capabilities. Tothe extent that any

of the foregoing risks were to materialize, our operatingresults and cash flows could be adversely affected.

Our inability to replace orrepair damaged or destroyedequipment or facilities ina timely manner could

materially and adversely affect our financial conditionand results of operations.

We depend on severalmajor pieces of miningequipment and facilities toproduce and transport coal,including,

butnotlimitedto,longwallminingsystems,continuousminers,draglines,dozers,excavators,shovels,haul

trucks, conveyors,CPPs andrail loadingand blendingfacilities. Obtainingand repairingthese majorpieces of

equipment often involves long leadtimes. If any of thesepieces of equipment and facilities suffers majordamage

or is destroyed by fire,abnormal wear and tear,flooding, incorrect operation orotherwise, we may be unableto

replace or repair them in a timely manner or at a reasonable cost, which would impact our abilityto produce and

transportcoalandcouldmateriallyandadverselyaffectour financialconditionandresultsofoperations.Our

ability to replace orrepair damaged or destroyedequipment or facilitiesmay also be dependenton suppliers or

manufacturers remaining operational and having the relevant equipment, work force or services available for us.

Suppliersandmanufacturersmay beunabletoprovidesuchequipment,workforceor serviceforarangeof

reasons, including but not limited to their business sufferingadverse effects as a result of global pandemics.

Additionally, regulatory agencies sometimes make changes with regard to requirements for pieces ofequipment.

Such changes can impose costs on us and can cause delays if manufacturers and suppliers are unable to make

the required changes in compliance with mandated deadlines.

Ourability tooperate effectivelycouldbe impairedif welose keypersonnelor failtoattract qualified

personnel.

We manage our business with a number of key personnel, theloss of whom could affect our future performance,

absent the completion of an orderlytransition. In addition, we believe thatour future success will depend onour

continuedabilitytoattractandretainhighlyskilledandqualifiedpersonnelintightlabormarkets,particularly

personnelwithminingexperience.Whilewehaveenteredintoemploymentcontractswithanumberofkey

personnel in Australia and the United States,we cannot provide assurance that key personnel will continueto be

employed or that we will beable to attract and retain qualifiedpersonnel in the future. Failureto retain or attract

key personnel could havea material adverse effect onour business, financial condition andresults of operations.

We may not have adequate insurance coveragefor some business risks.

We have insurance coverage for certainoperating risks that provide limitedcoverage for some potential liabilities

associated with ourbusiness. Asa result ofmarket conditions, premiumsand deductibles forcertain insurance

policiescanincreasesubstantially,andinsomeinstances,certaininsurancemaybecomeunavailableor

available only for reduced amounts of coverage. As a result, we may not be ableto renew our existing insurance

policies orprocureotherdesirableinsuranceon commerciallyreasonableterms,if atall. Inaddition,wemay

become subjectto liability(including inrelation topollution, occupationalillnessesor otherhazards),or suffer

loss resulting frombusiness interruption, forwhich we arenot insured (orare not sufficientlyinsured) or cannot

insure, including liabilities in respect of past activities.

Should we suffer amajor uninsured loss, futurefinancial performance could bematerially and adversely affected.

In addition, insurancemay not continueto be availableat economically acceptablepremiums or coveragemay

be reduced. As a result, theinsurance coverage may not coverthe full scope and extent of claimsagainst us or

losses wemay incur.The occurrenceof asignificantadverse eventnot fullyor partiallycovered byinsurance

could have a material adverse effect on our financialcondition and results of operations.

Coronado Global Resources Inc. Form 10-K December 31,202451

Cybersecurityincidents,attacksandothersimilarcrisesordisruptionscouldinterruptordisruptour

information technology systems,or thoseof ourthird-party business partners,which could, amongother

things, negatively affect our business, financialcondition and results of operations.

Our business may be impacted by cybersecurity incidents, cyberattacks, system failures and other cybersecurity

threats to ourinformation networksand systems,as well asthose of ourthird-party businesspartners, andthe

information stored on thosenetworks and systems.Strategic targets, suchas energy-related assets,may be at

greater riskof cybersecurityincidents, attacks,and threatsthan othertargets inthe UnitedStates orAustralia.

Cybersecurity incidents and similar attacks vary intheir form and can includethe deployment of harmful malware

or ransomware, denial-of-services attacks, and other attacks,which may affect business continuity and threaten

theavailability,confidentialityandintegrityofoursystemsandinformation.Cybersecurityincidentscanalso

include fraud, phishingor other socialengineering attempts orother methods tocause confidential information,

payments,accountaccessoraccesscredentials,orotherdatatobetransmittedtoanunintendedrecipient.

Cybersecuritythreatactorsalsomayattempttoexploitvulnerabilitiesthroughsoftwareincludingsoftware

commonlyusedbycompaniesincloud-basedservicesandbundledsoftware.Wehaveexperienced

cybersecuritythreatsandcybersecurityincidentsthathavenotmateriallyaffectedourstrategy,resultsof

operations or financial condition.Although we maintain a cyber insurance policy, there is no guarantee that such

coveragewillbesufficienttoaddresscosts,liabilitiesanddamageswemayincurinconnectionwitha

cybersecurity incidentor thatsuch coveragewill continueto beavailable oncommercially reasonableterms or

at all.It ispossible thatany suchoccurrences couldhave amaterial adverseeffecton ourbusiness, financial

condition and results of operations.

In addition,a disruptionin, orfailure of,ourinformationtechnology,or IT,systemsor thoseofour third-party

business partners, and the information store on thosenetworks and systems could adversely affect our business

operations and financialperformance. Werely on theaccuracy,capacity and securityof our ITsystems forthe

operations of many of ourbusiness processes and tocomply with regulatory,legal and tax requirements.While

wemaintainsomeofourcriticalITsystems,wearealsodependentonthirdpartiestoprovideimportantIT

servicesrelatingto,amongotherthings,humanresources,electroniccommunicationsandcertainfinance

functions. Despite the security measuresthat we have implemented, includingthose related to cybersecurity, our

systems or third-party systems on which we rely could be breached,disrupted or damaged by computer viruses,

natural or manmade incidents,accidents, or failures, ordisasters or unauthorized physicalor electronic access.

Though we havecontrols inplace, we cannotprovide assurancethat cybersecurityincident or similarattack or

failure will not occur.

Furthermore, we mayhave little orno oversight withrespect to securitymeasures employed bythird-party service

providers, which may ultimately prove to beineffective at countering threats.We do not have any indication that

any risks from cybersecurity threats have had, or are reasonably likely to have, a material effect on our business

strategy, resultsof operations or financial condition.

FailuresofourITsystems,whethercausedmaliciouslyorinadvertently,mayresultinthedisruptionofour

business processes, the unauthorized release of sensitive, confidential or otherwise protected information or the

corruption of data, which couldadversely affect our businessoperations and financial performance.We may be

required toincur significantcosts toprotect againstand remediatethe damagecaused bysuch disruptionsor

system failuresin the future.A cybersecurityincident relatingto ourinformation orsystems orthat of ourthird-

party business partners,or any failureby us orour third-partybusiness partners toeffectively address,enforce

and maintain our informationtechnology infrastructure and cybersecurityrequirements may resultin substantial

harmtoourbusinessstrategy,resultsofoperationsandfinancialcondition,includingmajordisruptionsto

business operations,loss ofintellectual property,release ofconfidential information,alteration orcorruption of

data or systems, costs related to remediation or the payment of ransom, and litigation including individual claims

or consumerclassactions, commerciallitigation,administrative,and civilor criminalinvestigationsor actions,

regulatory intervention and sanctions or fines, investigationand remediation costs and negative publicity.

Financial and Strategic Risks

The lossof, orsignificant reductionin, purchasesby ourlargest customerscould adverselyaffect our

revenues.

A significant portion of the sales of our Met coal is tocustomers with whom we have had long-term relationships.

The success of our business depends on ourability to retain our current customers, renew our existing customer

contractsandsolicitnewcustomers.Ourabilitytodosogenerallydependsonavarietyoffactors,including

having our minesoperational, having the typeand quantity ofcoal available, the qualityand price ofour products,

our ability to market these products effectively, our ability to deliver on a timely basis and the level of competition

that we face.

Coronado Global Resources Inc. Form 10-K December 31,202452

In addition, oursales contractsgenerally containprovisions thatallow customersto suspend orterminate ifwe

commit a material breach of the terms of the contract, a change in lawrestricts or prohibits a party from carrying

out itsmaterial obligationsunder thecontract ora materialadverse changeoccurs inour financialstanding or

creditworthiness. If customers suspendor terminate existing contracts,or otherwise refuse to acceptshipments

of our Metcoal for whichthey have anexisting contractualobligation, our revenueswill decrease, andwe may

have to reduce production at our mines until our customers’contractual obligations are honored.

For theyear endedDecember 31,2024, ourtop tencustomers comprised73.7% ofour totalrevenue andour

top five customers comprised54.6% of our total revenue. For the year ended December31, 2024, sales to Tata

Steel andJFE represented20.1% and11.4%,respectively,of ourtotal revenue.The majorityof oursales are

made ona spotbasis orunder contractswith termsof typicallyone year. Thefailure toobtain additionalcustomers

orthelossofalloraportionoftherevenuesattributabletoanycustomerasaresultofcompetition,

creditworthiness,inabilitytonegotiateextensions,replacementofcontractsortheimpactoftheglobal

pandemics, or otherwise, may adversely affect ourbusiness, financial condition and results of operations.

If our abilityto collectpayments fromcustomers isimpaired, ourrevenues andoperating profitscould

suffer.

Ourabilitytoreceivepaymentforcoalsoldanddeliveredwilldependonthecontinuedcreditworthinessand

contractual performance of our customers and counterparties. For certain customers, we require the provision of

a letter of credit assecurity for payment. The inability of key customersto procure letters of credit (dueto general

economic conditions or thespecific circumstances of thecustomer) may restrict ourability to contract with such

customersorresultinfewersalescontractsbeingexecuted,whichcouldmateriallyandadverselyaffectour

financial condition andresults of operations.For certain ofour largecustomers in Australiawho havenot provided

letters of credit orother formsof security,we maintain an insurancepolicy to cover anyfailure in payment. This

insurance coverage, however,may not cover the full scopeand extent of losses wemay incur as the resultof a

payment default or otherwise.

If a customerdoes notpay amountsdue ina timelymanner,we maydecide to sellthe customer’s coalon the

spot market, which may beat prices lower than the contractedprice, or we may be unableto sell the coal at all.

If our customers’ or counterparties’ creditworthiness deteriorates,our business could be adversely affected.

Changes in creditratings issued bynationally recognized statisticalrating organizations couldadversely

affect our cost of financing and the market priceof our securities.

Credit rating agenciescould downgrade our ratingsdue to factors specificto our business,a prolonged cyclical

downturn in themining industry ormacroeconomic trends(such as globalor regional recessions)and trends in

credit andcapital marketsmore generally.Any declinein our creditratings wouldlikely resultin anincrease to

our cost of financing, limit our access to the capital markets, significantly harm our financial condition and results

of operations,hinderour abilityto refinanceexistingindebtednessonacceptabletermsandhave anadverse

effect on the market price of our securities.

Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our

businesses, which couldprevent usfrom fulfilling ourobligations under oursenior secured notes,senior

secured asset-based revolvingcredit agreement inan initialaggregate principal amountof $150.0million,

or the ABL Facility,and other debt, and we may be forced to take other actions to satisfy our obligations

under our debt, which may not be successful.

AsofDecember31,2024,wehad$400.0millionaggregateprincipalamountofourseniorsecurednotes

outstanding due2029. Asof December31, 2024,theletter ofcredit sublimithadbeen partiallyused toissue

$21.4 millionof bankguaranteeson behalfof theCompanyand noamountswere drawnunderthe revolving

credit sublimit of theABL Facility.As of December31, 2024, theavailable borrowing capacityunder this facility

was $128.6 million.

We dedicate aportion of ourcash flow fromoperations to thepayment of debtservice, reducingthe availability

of our cash flowto fund capital expenditures,acquisitions or strategicdevelopment initiatives andother general

corporate purposes. Our ability to make scheduled payments on or to refinance our debt obligations depends on

our ability togenerate cash inthe future and ourfinancial condition and operatingperformance, which are subject

to prevailing economic and competitiveconditions and to certainfinancial, business and other factorsbeyond our

control. There can be no assurance thatwe will maintain a level of cash flowsfrom operating activities sufficient

to permit us to pay the principal, premium, if any,and interest on our debt. In addition, any failure to complywith

covenants in theinstruments governingour debt couldresult in anevent of defaultthat, if notcured orwaived,

would have a material adverse effect on us.

Coronado Global Resources Inc. Form 10-K December 31,202453

Forexample,onDecember30,2024,wecompletedanagreement,ortheWaiverAgreement,withthe

Administrative Agent (as defined below)under the ABL Facility totemporarily waive the Company’scompliance

with the ABLFacility’s interestcoverage ratio covenantbetween December 31,2024 to March30, 2025, orthe

waiver period. Pursuant to the WaiverAgreement, we will be required to maintain an aggregatecash balance of

atleast$100.0millioninoneormoreaccountswiththeLenders(asdefinedbelow),ortheCashBalance

Covenant, until suchtime that wesubmit a covenantcompliance certificateto the Lenderspursuant to theABL

Facilitywhichdemonstratesthatweareincompliancewiththeinterestcoverageratiocovenant.TheCash

Balance Covenant applies from the timewe submit the covenant compliancecertificate for December 31, 2024,

which is anticipated to be on or after February 19, 2025.

At the endof the waiverperiod, unlessfurther waiversare obtained,any breachof covenantswould constitute

an event of default underthe terms of the ABLFacility and the Lenders may declare allamounts owing under the

ABL Facility immediately due and payable,terminate such Lenders’ commitmentsto make loans under the ABL

Facility,requiretheBorrowersto cashcollateralizeanyletter ofcreditobligationsand/or exerciseanyand all

remediesandotherrightsundertheABL Facility.Thereisno assurancethatwewillbeabletonegotiatean

amendment thatwill providefor modifiedcovenant levelsthat wecan satisfy,or thatwe willbe ableto obtain

additional waivers to the ABL Facility if and when required.

Ourlevelofindebtednesscouldhavefurtherconsequences,including,butnotlimitedto,increasingour

vulnerability to adverseeconomic or industryconditions, placing usat a competitivedisadvantage comparedto

other businesses inthe industries inwhich we operatethat arenot as leveragedand that maybe better positioned

to withstandeconomic downturns,limiting ourflexibility toplan for,or reactto, changesin ourbusinesses and

the industries in which we operate, and requiring us to refinance all or a portion of our existing debt. We may not

beabletorefinanceoncommerciallyreasonabletermsoratall,andanyrefinancingofourdebtcouldbeat

higher interest ratesand may requireus to complywith more onerouscovenants, making it moredifficult to obtain

surety bonds, letters of credit orother financial assurances that may bedemanded by our vendors or regulatory

agencies, particularly during periods in which credit marketsare weak.

Ifweareunabletoserviceourdebtobligations,wecouldfacesubstantialliquidityproblemsandwemaybe

forced toreduce or delayinvestments and capitalexpenditures, or tosell assets, seekadditional capital, including

additional secured or unsecured debt, or restructure or refinance our debt, and we may be unable to continue as

a going concern.We may beunable to consummateany proposed assetsales or recoverthe carrying valueof

these assets,andany proceedsmaynotbe adequatetomeetanydebtserviceobligationsthendue.Anyof

theseexamplespotentiallycouldhaveamaterialadverseimpactonourresultsofoperations,profitability,

stockholders’ equity and capital structure.

Weadjustourcapitalstructurefromtimetotimeandmayneedtoincreaseourdebtleverage,which

would make us more sensitive to the effects ofeconomic downturns.

It ispossible that wemay needto raise additionaldebt orequity fundsin thefuture. Our ABLFacility and operating

cash flows may not be adequate to fund our ongoing capital requirements, for any future acquisitions or projects

or torefinance ourdebt. Thereis noguarantee thatwe willbe ableto refinanceour existingdebt, orif wedo,

there is no guarantee that such new funding will be onterms acceptable to us.

Global credit markets have been severely constrained in thepast, such as during a global financial crisis and the

European sovereigndebt crisis,and duringtheCOVID-19pandemic,andthe abilityto obtainnew fundingor

refinance inthe futuremay besignificantly reduced.If weare unableto obtainsufficient funding,either dueto

banking andcapital marketconditions, generally,or dueto factorsspecific toourbusiness, wemay nothave

sufficient cash to meet ourongoing capital requirements, whichin turn could materially andadversely affect our

financialcondition.Failuretoobtainsufficientfinancingcouldcausedelaysorabandonmentofbusiness

development plans and have a material adverse effecton our business, operations and financial condition.

Inrecentyears,certainfinancialinstitutions,investmentmanagersandinsurancecompaniesgloballyhave

responded to pressureto take actionsto limit ordivest investments in,financing made availableto, and insurance

coverageprovidedfor,thedevelopmentofnewcoal-firedpowerplantsandcoalminersthatderiverevenues

from thermal coalsales. For example,some financial institutionshave publicly announcedthat they wouldstop

funding newthermal coalprojects orwould otherwisereduce theiroverall lendingto coalproducers. Theseor

similarpoliciesmayadverselyimpactthecoalindustrygenerally,ourabilitytoaccesscapitalandfinancial

markets in the future, our costs of capital and the futureglobal demand for coal.

Coronado Global Resources Inc. Form 10-K December 31,202454

Our business may require substantial ongoing capitalexpenditures, and we may not have access tothe

capital required to reach full productive capacity at ourmines.

Maintainingandexpandingminesandrelatedinfrastructureiscapitalintensive.Specifically,theexploration,

permittinganddevelopmentofMetcoalreserves,miningcosts,themaintenanceofmachinery,facilitiesand

equipmentandcompliancewithapplicablelawsandregulationsrequireongoingcapitalexpenditures.Any

decision to increaseproduction at our existingmines or todevelop the high-quality Metcoal recoverable reserves

at ourdevelopment properties inthe futurecould also affectour capitalneeds orcause futurecapital expenditures

to be higher than in the past and/or higher than our estimates. We cannot assure that we will be able to maintain

our productionlevels orgenerate sufficient cashflow, or thatwe willhave accessto sufficient financingto continue

ourproduction,exploration,permittinganddevelopmentactivitiesatoraboveourpresentlevelsandonour

current or projectedtimelines, and wemay be requiredto defer allor a portionof our capitalexpenditures. Our

resultsofoperations,businessandfinancialconditionmaybemateriallyandadverselyaffectedifwecannot

make such capital expenditures.

Tofund ourcapital expenditures,we willbe requiredto usecash fromour operations,incur debtor issuenew

equity.Our abilityto obtainbank financingor ourability toaccess thecapital marketsfor futureequity ordebt

offerings, on the other hand, maybe limited by our financialcondition at the time of anysuch financing or offering

and thecovenants inour existingdebt agreements,as wellas bygeneral economicconditions, contingencies

anduncertaintiesthatarebeyondourcontrol.Ifcashflowgeneratedbyouroperationsand/ortheundrawn

capacity under our committeddebt facilities are insufficientto meet our capitalrequirements and we areunable

to accessthe capitalmarkets onacceptable termsor atall, wecould beforced tocurtail theexpansion ofour

existing mines and the development ofour properties which, in turn, couldlead to a decline inour production and

could materially and adversely affect our business,financial condition and results of operations.

RisksrelatedtoourinvestmentinWICETmayadverselyaffectourfinancialconditionandresultsof

operations.

We havea minorityinterest inWICET HoldingsPty Ltd,whose whollyowned subsidiary, WICETPL, ownsWICET.

Other coal producerswho export coal throughWICET also hold sharesin WICET HoldingsPty Ltd. In addition,

we and the other coal producers (or shippers)have evergreen, ten year take-or-payagreements with WICETPL

and pay a terminal handling chargeto export coal through WICET,which is calculated by referenceto WICET’s

annual operating costs, as well as finance costs associated withWICETPL’s external debt facilities.

Under our WICET Take-or-Pay Agreement, Curragh’s export capacityis 1.5 MMtpa and we are obligated to pay

the terminal handlingcharge forthis capacity,whether utilizedor not. Theterminal handlingcharge calculation

is based on total operating and finance costs of WICETPL being charged to contracted shippers in proportionto

each shipper’s contractedcapacity. Under the terms of the WICETTake-or-Pay Agreement the terminal handling

charge payableby uscan beadjusted (increasedor decreased)by WICETPL ifWICETPL’s operating and finance

costs change, or if a contracted shipper defaults on its take-or-pay agreement obligations and has its contracted

capacityreducedtonil.UnderthetermsoftheWICETTake-or-PayAgreementthereisalimitofhowmuch

WICETPLcanchargeusforrecoveryofitsfinancecosts,referredtoasafinancecap.SinceWICETbegan

operating inApril 2015,five WICETHoldings PtyLtd shipper-shareholdershave defaultedon theirobligations

under their respectivetake-or-pay agreementsand subsequentlyhad those agreementsterminated. Theresult

of theseterminations is adecrease inthe aggregate contractedtonnage atWICET from27 MMtpa to13.9 MMtpa.

Given theoperationof thefinance cap(whichhas beenreached,subjectto furtheradjustmentfor Consumer

Price Index,or CPI) thereis alimit to therecovery byWICET of itsfinancing costsfrom shippers. Accordingly,

prior defaults referredto above haveresulted in onlyminor increases tothe terminal handlingcharges payable

by the remainingshipper shareholders (including us).These increases have relatedto higher A$/ton (orUS$/ton)

charge foroperatingcostsresultingfromalowercontractbase.Ifany oftheremainingshippershareholders

becomesinsolventand/ordefaultsunderitstake-or-payagreement,theterminalhandlingchargesforthe

remaining shipper shareholders, including us, may increase proportionately to pay the defaulting shipper’s share

of WICET’soperatingandfinancing costsgoing forward(noting thatthefinance capappliesin respectof the

financing costs component of the terminal handling charges).

In addition, if we default under the WICET Take-or-Pay Agreement and that default is not remedied, then we will

be obligatedto paya terminationpayment. Thetermination paymentis equalto thelesser ofour proportionof

WICETPL’stotal externaldebt (whichis based onthe proportionthat our contractedtonnage bearsto the total

contractedtonnageatWICETwhenthepaymentobligationistriggered)andtenyearsequivalentterminal

handlingchargesattheprevailingrateatthetimethattheterminationpaymentfallsdue.Wehaveprovided

security toWICETPL inthe formof abank guarantee,the amountof whichis requiredto coverour estimated

liabilities as a shipper under the WICET Take-or-Pay Agreement for the following twelve-month period.

Coronado Global Resources Inc. Form 10-K December 31,202455

In the eventof WICETPL defaultingon its externaldebt obligations,external lendersto WICETPLmay enforce

their rights to the security overthe assets of WICET and appointa receiver to take steps torecover outstanding

debt. The externallenders do nothave direct recourseto the shippersto recover outstandingdebt and shipper

take-or-pay agreements would remain on foot and accessto the port would continue to be available to us.

In theevent ofa permanentcessation ofoperationsat WICET,we maybe requiredto procureadditionalport

capacity elsewhere, as well as be liable for a termination paymentunder the WICET Take-or-Pay Agreement.

Risks related tothe Supply Deedwith Stanwell mayadversely affectour financial conditionand results

of operations.

Coronadohas anACSA, asamended fromtime totime, withStanwellto supplythermal coalto theStanwell

PowerStation.TheACSArestrictedCoronadofromminingtheSRAwhichwasreservedforthebenefitof

Stanwell and couldnot be minedwithout Stanwell’sconsent. Under theACSA, in additionto supplying thermal

coal ata pricebelow thecost toCurragh ofmining andprocessing thecoal, Coronadopays certainrebates to

Stanwell on Met coal exported from certain parts of Curragh, which represents the deferred purchase cost of the

right tomine someareas atCurragh. Ourcost ofsupplying coalto Stanwellhas beenand maycontinue tobe

greater than the price paid by Stanwell.

On August 14, 2018, Coronado enteredinto the Supply Deed with Stanwell.The Supply Deed grants Coronado

the rightto minethecoal reservesin theSRA. Inexchange forthese rights,Coronadohas agreedto certain

amendments to theACSA and toenter into theNCSA, which willcommence onor around theexpiration of the

ACSA (currently expected to expire in 2027).On July 12, 2019, Coronado entered into the NCSA with Stanwell.

Coronado agreed that the total value of the discount received by Stanwell on coal supplied to it under the NCSA

should (by the expirationdate of the NCSA)be equal to the netpresent value of A$210million as at the dateof

the Supply Deed.No export rebatesare payable duringthe termof the NCSA.The amortized costof the deferred

consideration was $285.1 million (A$458.5 million)as of December 31, 2024.

We couldbe adverselyaffected if wefail toappropriately provide financialassurances forour obligations.

Australian laws andU.S. federal andstate laws requireus to providefinancial assurances relatedto requirements

to reclaim lands usedfor mining, to payfederal and state workers’compensation, to provide financial assurances

for coallease obligationsand tosatisfy othermiscellaneous obligations.The primarymethods weuse tomeet

those obligations inthe United Statesare to providea third-party suretybond or providea letter of credit.As of

December 31, 2024,we provided $48.9million of third-partysurety bonds inconnection with ourU.S. Operations.

There are no cash collateral requirements to support anyof the outstanding bonds.

Our financialassurance obligationsmay increasedue toa numberof factors,including thesize ofour mining

footprint andnew governmentregulations,andwe mayexperiencedifficultyprocuringor renewingour surety

bonds. In addition, our bond issuers may demand higher fees or additional collateral, including letters ofcredit or

other terms less favorable to us upon those renewals. Because we are required by federal and state law to have

thesebondsorotheracceptablesecurityinplacebeforeminingcancommenceorcontinue,anyfailureto

maintain surety bonds, lettersof credit or other guarantees orsecurity arrangements would adverselyaffect our

ability to mine coal. That failurecould result from a varietyof factors, including lack ofavailability of surety bond

or letters of credit,higher expense orunfavorable market terms,the exercise bythird-party surety bondissuers

of their rightto refuseto renewthe suretyand therequirement toprovide collateralfor futurethird-party surety

bondissuersunderthetermsoffinancingarrangements.Ifwefailtomaintainadequatebonding,ourmining

permits could beinvalidated, which wouldprevent mining operations fromcontinuing, and futureoperating results

could be materially and adversely affected.

InAustralia,theFinancialProvisioningActamendedthefinancialassuranceprovisionsoftheEPAct,and

impacted the way that our Australian Operationsprovide for and manage associated costsof providing financial

assurances related to mine rehabilitationobligations. There can be noassurance that our risk categoryallocation

will not change in future years.

For more information on the Financial Provisioning Act, see Item 1.“Business—Regulatory Matters—Australia—

Environmental Protection Act 1994 (Qld).”

Coronado Global Resources Inc. Form 10-K December 31,202456

Mine closures entail substantial costs. If we prematurely close one or more of our mines, our operations

and financial performance would likely be adverselyaffected.

Federal and stateregulatory agencieshave theauthority followingsignificant healthand safetyincidents, such

asfatalities,toorderminingoperationstobetemporarilysuspendedorafacilitybepermanentlyclosed.For

example, onJanuary 12,2020, operationsat ourCurragh minewere temporarilysuspended aftera contractor

wasfatallyinjuredduringatirechangeactivityinthemainworkshoponsiteandonNovember21,2021,

operations at our Curragh mine were temporarily suspended after an employee was fatally injured while working

in thedraglineoperations.ImmediatelyfollowinganincidentonMay 31,2024whenan employeewasfatally

injured while working in the Company’s Buchananunderground mining complex located in Virginiain the United

States, the Company temporarily ceased operationsat its Buchanan mine to assist in the investigation.

We could also be required to close or discontinueoperations at particular mines before the end of theirmine life

duetoenvironmental,geological,geotechnical,commercial,leasingorotherissues.Suchclosureor

discontinuanceofoperationscouldresultinsignificantclosureandrehabilitationexpenses,employee

redundancycosts,contractordemobilizationcostsandothercostsorlossof revenues.Ifandwhenincurred,

these closure and rehabilitationcosts could exceed ourcurrent estimates. If oneor more of our minesis closed

earlier than anticipated,we would berequired to fundthe reclamation andclosure costson an expeditedbasis

andpotentiallyloserevenuesand,forsomeofouroperations,payfortake-or-payarrangementsthatweno

longer use,whichwouldhaveanadverseimpactonour operatingandfinancialperformance.Manyofthese

costs could alsobe incurredif a minewas unexpectedlyplaced on careand maintenancebefore the endof its

planned mine lifesuch as ourmines in theU.S. Operations, whichwere temporarily idledin 2020 as aresult of

the COVID-19 pandemic.

If theassumptions underlyingour provisionfor reclamationand mineclosure obligationsprove tobe

inaccurate, we could be required to expend greateramounts than anticipated.

The EP Act andthe SMCRA establishoperational, reclamation andclosure standards forall aspects of surface

miningaswellasdeepmining.Weaccrueforthecostsofcurrentminedisturbanceandfinalmineclosure,

includingthecostoftreatingminewaterdischargewherenecessary.Estimatesofourtotalreclamationand

mine-closing liabilities totaled $164.8 million as of December 31, 2024, based upon permit requirements and the

historicalexperienceatouroperations,anddependonanumberofvariablesinvolvingassumptionsand

estimation and therefore may be subject tochange, including the estimated future asset retirement costsand the

timing of suchcosts, estimated provenreserves, assumptions involving third-party contractors, inflationrates and

discount rates. Ifthese accruals are insufficient orour liability in afuture year is greaterthan currently anticipated,

ourfutureoperatingresultsandfinancialpositioncouldbeadverselyaffected.SeeItem 7.“Management’s

DiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesand

Estimates.”

We are subject to foreign exchange risks involvingcertain operations in multiple countries.

Losses sustainedfrom adversemovements incurrencyexchange ratescan impactour financialperformance

and financial position and the level of additional funding required to support our businesses. Our financial results

are reported in US$ andcertain parts of ourliabilities, earnings and cashflows are influencedby movements in

exchange rates, especially movements in A$to US$ exchange rate. Forexample, costs relating to ourAustralian

OperationsaregenerallydenominatedinA$.Inaddition,foreigncurrencyexposuresariseinrelationtocoal

supplycontracts,procurementofplantandequipmentanddebt,whichmaybepricedinA$orotherforeign

currencies other than US$.

The impact of currency exchange rate movements will vary depending on factors such as the nature, magnitude

and durationof the movements,the extentto whichcurrency riskis hedged underforward exchangecontracts

or other hedging instruments and the terms of these contracts. We may enter into forward exchangecontracts to

hedge a portion of ourforeign currency exposure ofour Australian Operations fromtime to time. The unhedged

portion of our non-US$exposures against exchange rate fluctuations willbe at the riskof any adverse movement

in exchange rates, which may affect our operating results,cash flows and financial condition.

Interest rates could change substantially and have an adverseeffect on our profitability.

Weareexposedtointerestrateriskinrelationtovariable-ratebankbalancesandvariable-rateborrowing

facilities, suchas theABL Facility.Our interestrate risk primarilyarises fromfluctuations in theSecured Overnight

FinancingRate,orSOFR,andtheAustralianBankBillSwapYield,orBBSY,inrelationtoU.S.$-andA$-

denominated borrowings, respectively. Our lending rates may increase in the future as a result of factors beyond

our control and may result in an adverse effect onour financial condition and results of operations.

Coronado Global Resources Inc. Form 10-K December 31,202457

In addition,national andinternational regulatorsand lawenforcement agencieshave conductedinvestigations

into a number of rates or indices, whichare deemed to be “reference rates.”Actions by such regulators and law

enforcement agencies may resultin changes to themanner in which certainreference rates are determined,their

discontinuance, or the establishment of alternative reference rates.

We maybe unsuccessfulin integratingthe operationsof acquisitionswith ourexisting operationsand

in realizing all or any part of the anticipated benefits ofany such acquisitions.

From time to time, wemay evaluate and acquire assets and businesses thatwe believe complement our existing

assets and business. Acquisitions mayrequire substantial capital or theincurrence of substantial indebtedness.

Our capitalizationand resultsof operationsmay changesignificantly asa resultof futureacquisitions. Acquisitions

and business expansions involve numerous risks, including thefollowing:

•difficulties in the integration of the assets and operationsof the acquired businesses;

•inefficienciesanddifficultiesthatarisebecauseofunfamiliaritywithnewassetsandthebusinesses

associated with them and new geographic areas;

•the diversion of management’s attention from otheroperations; and

•timing, and whether the acquisitionor business expansion is occurringduring adverse economic, social

and regulatory periods.

Further,unexpectedcostsandchallengesmayarisewheneverbusinesseswithdifferentoperationsor

managementarecombined,andwemayexperienceunanticipateddelaysinrealizingthebenefitsofan

acquisition. Entry into certain lines ofbusiness may subject us to newlaws and regulations with which weare not

familiar and may leadto increased litigation andregulatory risk. Also, followingan acquisition, we maydiscover

previously unknownliabilities associatedwith theacquired businessor assetsfor whichwe haveno recourse

under applicable indemnification provisions. If a new business generates insufficient revenue or if we are unable

to efficiently manage our expanded operations, our resultsof operations may be adversely affected.

CoronadoGlobalResources Inc.isaholdingcompanywithnooperationsofitsownand,assuch,it

dependsonitssubsidiariesforcashtofunditsoperationsandexpenses,includingfuturedividend

payments, if any.

As aholding company,ourprincipalsourceof cashflowisdistributionsfromoursubsidiaries.Therefore,our

ability to fund and conduct our business, service our debt,and pay dividends, if any,in the future will depend on

theabilityofoursubsidiariestogeneratesufficientcashflowtomakeupstreamcashdistributionstous.Our

subsidiaries are separate legalentities, and although theyare wholly-owned and controlledby us, they haveno

obligation to make any funds available to us, whetherin the form of loans, dividends, or otherwise. Theability of

oursubsidiariestodistributecashtouswillalsobesubjectto,amongotherthings,restrictionsthatmaybe

contained in our subsidiary agreements (as entered into from time to time), availabilityof sufficient funds in such

subsidiaries and applicable laws and regulatory restrictions. Claims of any creditors of our subsidiaries generally

will havepriority asto theassets ofsuch subsidiariesover ourclaims andclaims ofour creditorsand stockholders.

Tothe extent the abilityof our subsidiariesto distribute dividends orother payments to usis limited in anyway,

our ability to fund and conduct our business, service ourdebt, and pay dividends, if any,could be harmed.

Coronado Global Resources Inc. Form 10-K December 31,202458

Legal, Compliance and Regulatory Risks

We aresubject toextensive healthand safetylaws andregulations thatcould havea materialadverse

effect on our reputation and financial conditionand results of operations.

We are subject to extensive laws and regulations governing health and safety at coalmines in the United States

and Australia. As aresult of increased stakeholder focus onhealth and safety issues (suchas black lung disease

orcoalworkers’pneumoconiosis),thereisariskoflegislationandregulatorychangethatmayincreaseour

exposure to claims arisingout of current orformer activities or result inincreased compliance costs (e.g., through

requiring improvedmonitoring standardsor contributionto anindustry-pooled fund).Regulatory agenciesalso

have the authority, followingsignificant health and safety incidents, such as fatalities, to order mining operations

to be temporarily suspended orthe facility be permanently closed.For example, on January 12, 2020,operations

at ourCurragh mine weretemporarily suspended aftera contractor wasfatally injured duringa tirechange activity

inthemainworkshoponsiteandonNovember21,2021,operationsatourCurraghmineweretemporarily

suspended after an employee was fatally injured while working in the dragline operations. In relationto the latter

incident,theCompanydisclosedonNovember14, 2024,thattheQueenslandOfficeof theWorkHealthand

SafetyProsecutorhadissuedproceedingsagainsttheCompany’ssubsidiaryCoronadoCurraghPtyLtdas

operator, whereby Coronado Curragh PtyLtd is chargedwith an offencecontrary to Section34 of theCoal Mining

Safety and HealthAct 1999 (Qld).Immediately followingan incident onMay 31,2024, whenan employeewas

fatally injured while workingin the Company’s Buchananunderground mining complexlocated in Virginia inthe

United States,the Companydetermined totemporarily ceaseoperations atits Buchananmine toassist inthe

investigation. If further serious safety incidents occur at any of our mining facilities in the future, itis possible that

a regulator mightimpose a rangeof conditions onre-opening of afacility, including requiring capital expenditures,

which could have a material adverse effecton our reputation, financial condition and results of operations.

Foradditionalinformationaboutthevariousregulationsaffectingus,seeItem 1.“Business—Regulatory

Matters—Australia” and “Business—Regulatory Matters—United States.”

We could be negatively affected ifwe fail to maintain satisfactory labor relations.

Relations withour employeesand, whereapplicable, organizedlabor areimportant toour success.Enterprise

bargaining and other disputes between us and our employees or disputes affecting our contractors may result in

strikes or uncompetitive work practices.

As ofDecember 31,2024, wehad 1,951employees.In addition,as ofDecember 31,2024, therewere 1,790

contractors

supplementingthepermanentworkforce,primarilyatCurragh.AsofDecember31,2024,

approximately10.1%of ourtotal employees,all atourAustralian Operations,were representedby organized

labor unions andcovered by the EA.This EA hasa four-year expiration dateand will remainin place byoperation

of the Fair Work Act 2009 (Cth) untilreplaced or terminated by the FairWork Commission.Our U.S. Operations

employ a 100% non-union labor force.

Future industrialaction byour employeesor miningcontractors’ employees orinvolving trade unionscould disrupt

operations and negatively impact mine productivity,production and profitability.

Our operationsmay impactthe environmentor causeexposure tohazardous substances,which could

result in material liabilities to us.

We aresubject toextensive environmentallaws andregulations,and ouroperations maysubstantiallyimpact

theenvironmentorcauseexposuretohazardousmaterialstoourcontractors,ouremployeesorlocal

communities. We use hazardous materialsand generate hazardous or other regulatedwaste, which we store in

our storage or disposalfacilities. We may become subject tostatutory or common law claims(including damages

claims) asa resultofouruse ofhazardousmaterialsand generationof hazardouswaste.A numberof laws,

including, in the United States,the CERCLA or Superfund,and the RCRA, and inAustralia, the EP Act, impose

liabilityrelatingtocontaminationby hazardoussubstances.Furthermore,theuseofhazardousmaterialsand

generation of hazardous and otherwaste may subject us toinvestigation and require the clean-upof soil, surface

water, groundwater and othermedia.

Coronado Global Resources Inc. Form 10-K December 31,202459

Miningoperationprocess,includingblastingandprocessingorebodies,canalsogenerateenvironmental

impacts. Theseimpacts include,but arenot limitedto, leakagesof pollutingsubstances,explosions,flooding,

fires, accidental mine water discharges,and excessive dust and noise. Suchrisks could result in damage tothe

applicable mine site, personalinjury to our employeesand contractors, environmentaldamage, decreased coal

production andpossible legalliability underenvironmental regulations.Employee orstrict liabilityclaims under

common lawor environmentalregulations inrelation tothese mattersmay arise,for example, outof currentor

former activitiesat sitesthat weown, leaseor operateand atproperties towhich hazardoussubstances have

been sent for treatment,storage, disposal or otherhandling. Our liabilityfor such claims maybe strict, joint and

several with other miners or parties or with ourcontractors, such that we may be heldresponsible for more than

ourshareofthecontaminationorotherdamages,orevenfortheentireamountofdamagesassessed.

Additionally,any violations ofenvironmental laws byus could leadto, among otherthings, the impositionon us

of substantial fines,penalties, other civil andcriminal sanctions, the curtailmentor cessation ofoperations, orders

topaycompensation,orderstoremedytheeffectsofviolationsandtakepreventativestepsagainstpossible

future violations,increased compliance costs,or costsfor environmental remediation,rehabilitation or rectification

works.

We maintain extensive Metcoal refuse areasand slurry impoundments atour mining properties. AtCurragh, coal

slurryisdisposedofbypumpingintoanimpoundmentareawhereparticlesareallowedtosettle.Wehave

proceduresinplacethattheCurraghslurryimpoundmentsremainbelowthesurroundingtopographysothat

there isminimal likelihoodof failureand/or spills.At ourU.S. Operations,refuse areasand impoundmentsare

frequently inspected and subjectto extensive governmental regulation.Slurry impoundments havebeen known

tofail,releasinglargevolumesofcoalslurryintothesurroundingenvironment.Structuralfailureofan

impoundment can result in extensive damage to the environmentand natural resources, such as bodies of water

that the coal slurry reaches, as well as create liability forrelated personal injuries, property damages and injuries

to naturalresources and plantand wildlife.Coronado has fourrefuse areasthroughout ourU.S. miningproperties.

Only one area is a slurry impoundment. One refuse area utilizes a slurry cell system, that is designed to limit the

amount of slurrythat issubject to aproblematic release. Two ofthe refuse areasutilize a combinedrefuse system

and do not impound slurry. The one slurry impoundment overlies mined out areas, which can pose a heightened

risk offailure. Thepresence ofthe minedout worksis incorporatedinto thedesign ofthis impoundment.If our

impoundmentoranyoftheotherrefuseareasweretofail,wecouldbesubjecttosubstantialclaimsforthe

resulting environmental contamination and associated liability,as well as for related fines and penalties.

Changes in andcompliance with government policies,regulationsor legislation mayadversely affect our

financial condition and results of operations.

The coal mining industryis subject to regulationby federal, state andlocal authorities in eachrelevant jurisdiction

with respecttoa rangeof industryspecific andgeneralmatters.Any futurelegislationandregulatorychange

imposing more constraints ormore stringent requirements mayaffect the coal miningindustry and may adversely

affect our financial condition and results of operations. Examples of such changes are, future laws or regulations

that may limitthe emissionof GHGs, attacha cost toGHG emissions,or limit theuse of thermalcoal in power

generation, more stringent workplace health and safety laws, more rigorous environmental laws, and changes to

existing taxation and royalty legislation.

Compliancewithapplicablefederal,stateandlocallawsandregulationsmaybecomemorecostlyand

time-consumingandmaydelaycommencementorinterruptcontinuationofexplorationorproductionatour

operations. We haveincurred, and mayin the futureincur, significant expenditures to complywith such regulation

and legislation. These laws are constantly evolving and may become increasinglystringent. The ultimate impact

of complying with existing lawsand regulations is not alwaysclearly known or determinable duein part to thefact

thatcertainimplementationoftheregulationsfortheselawshavenotyetbeenpromulgatedandincertain

instances are undergoingrevision. In addition,judicial decisions limitingthe authority ofregulatory agencies,or

decisionsimpactingcurrentregulationsandpoliciesimplementedbysuchagencies,couldcreateuncertainty

regarding the regulatory landscape and impact the Company’sability to plan for future investments.

These laws and regulations,particularly new legislative oradministrative proposals (orjudicial interpretations of

existing laws andregulations), could result insubstantially increased capital, operatingand compliance costs and

could havea materialadverse effecton ouroperationsand ourcustomers’ abilityto useour products.Due in

part tothe extensiveand comprehensiveregulatory requirements,along withchanging interpretationsof these

requirements, violations of applicable federal, state and local lawsand regulations occur from time to time in the

coal industryandminor violationshave occurredat ourAustralianOperationsandour U.S.Operationsin the

past.

Coronado Global Resources Inc. Form 10-K December 31,202460

Moreover, changes in the lawmay impose additional standards and a heightened degreeof responsibility for us

and our stockholders, directors and employees; mayrequire unprecedented compliance efforts; coulddivert our

management’sattention;andmayrequiresignificantexpenditures.Forexample,wemayalsobesubjectto

unforeseenenvironmentalliabilitiesresultingfromcoal-relatedactivities,whichmaybecostlytoremedyor

adversely impactour operations.In particular,the acceptablelevel ofpollution andthe potentialabandonment

costs and obligations for which wemay become liable as a resultof our activities may bedifficult to assess under

the current legalframework. To the extent thatrequired expenditures, aswith allcosts, are notultimately reflected

in theprices ofcoal, ouroperating resultsmay bedetrimentally impacted.The costsand operatingrestrictions

necessary for compliancewith safetyand environmental lawsand regulations,which is amajor costconsideration

forourAustralianOperationsandU.S.Operations,mayhaveanadverseeffectonourcompetitiveposition

relative to foreign producers and operators inother countries which may not berequired to incur equivalent costs

in their operations.

We arealso affectedby variousother international,federal, state,local andtribal orindigenous environmental

lawsandregulationsthatimpactourcustomers.Totheextentthatsuchenvironmentallawsandregulations

reduce customer demand for orincrease the price of coal,our operating results maybe detrimentally impacted.

Foradditionalinformationaboutthevariousregulationsaffectingus,seeItem 1.“Business—Regulatory

Matters—Australia” and “Business—Regulatory Matters—United States.”

Wearesubjecttoextensiveformsoftaxation,whichimposessignificantcostsonus,andfuture

regulationsanddevelopmentscouldincreasethosecostsorlimitourabilitytoproducecoal

competitively.

Federal,stateorlocalgovernmentalauthoritiesinnearlyallcountriesacrosstheglobalcoalminingindustry

impose variousforms oftaxationon coalproducers,including productiontaxes,sales-relatedtaxes,royalties,

stamp duty, environmentaltaxes and income taxes.

In 2022, the Queensland State Government in Australia amended theMineral Resources Regulation 2013 (Qld)

introducingadditionalhighertierstothecoalroyaltyrateseffectivefromJuly1,2022,increasingtheroyalty

payable by our Australian Operations.

The tiers currently applicable are as set out below:

•7% for average coal price per Mt sold up to and includingA$ 100 per Mt;

•12.5% for average coal price per Mt sold from A$100 toA$150 per Mt;

•15% for average coal price per Mt sold from A$150 toA$175 per Mt;

•20% for average coal price per Mt sold from A$175 toA$225 per Mt;

•30% for average coal price per Mt sold from A$225 toA$300 per Mt; and

•40% for average coal price per Mt sold above A$300 perMt.

If new legislation orregulations related to various formsof coal taxation orincome or other taxesgenerally, which

increase our costs or limit our ability to competein the areas in which we sell coal, or whichadversely affect our

key customers, are adopted, or ifthe basis upon which suchduties or taxes are assessedor levied, changes or

is different from that provided by us, our business, financial condition or results ofoperations could be adversely

affected.

We may be subjectto litigation, the dispositionof which could negativelyaffect our profitability and cash

flowinaparticularperiod,orhaveamaterialadverseeffectonourbusiness,financialconditionand

results of operations.

Our profitability or cash flow ina particular period could be affected byan adverse ruling in any litigation thatmay

be filed against us in the future. In addition, such litigation could havea material adverse effect on our business,

financial conditionand results of operations. See Item 3. “Legal Proceedings.”

Coronado Global Resources Inc. Form 10-K December 31,202461

We have noregistered trademarks forour Companyname used byus in theUnited States orany other

countries, and failure to obtain those registrationscould adversely affect our business.

Althoughwehavefiledatrademarkapplicationforuseofthestylizedmark“CORONADOSTEELSTARTS

HERE” in the United States and Australia, our applications are still pendingand the corresponding mark has not

been registeredintheUnitedStatesorAustralia.Wehavenotfiledforthisorothertrademarksinanyother

country. During trademark registration proceedings, we may receive rejections. If so, we will have an opportunity

to respond,but wemay beunable toovercome suchrejections. Inaddition, IntellectualProperty Australiaand

the UnitedStates Patentand Trademark Officeand comparable agenciesin manyforeign jurisdictionsmay permit

third parties to oppose pending trademarkapplications and to seek tocancel registered trademarks. If opposition

orcancellationproceedingsarefiledagainstourtrademarkapplication,ourtrademarkmaynotsurvivesuch

proceedings,and/orwemayberequiredtoexpendsignificantadditionalresourcesinanefforttodefend

ourselves in the proceedings or identify a suitable substitutemark for future use.

Failure to comply with applicable anti-corruption and trade laws, regulations and policies could result in

fines and criminalpenalties, causinga material adverseeffect on ourbusiness, operating andfinancial

prospects or performance.

Anyfraud,bribery,misrepresentation,moneylaundering,violationsofapplicabletradesanctions,

anti-competitivebehaviororothermisconductbyouremployees,contractors,customers,serviceproviders,

businesspartnersandotherthird partiescouldresultin violationsof relevantlawsand regulationsby usand

subject us or relevantindividuals to corresponding regulatorysanctions or other claims,and could also resultin

an event of default under our financing arrangements. These unlawful activitiesand other misconduct may have

occurred inthe pastand mayoccur inthe futureand mayresult incivil andcriminal liabilityunder increasingly

stringent laws relatingto fraud, bribery,sanctions, competition andmisconduct or causeserious reputationalor

financialharmtous.Inaddition,failuretocomplywithenvironmental,healthorsafetylawsandregulations,

privacy laws and regulations,U.S. trade sanctions,the U.S. Foreign CorruptPractices Act and otherapplicable

laws or regulations could result in litigation, the assessment of damages, the imposition of penalties, suspension

of productionor distribution,costly changesto equipmentor processesdue torequired correctiveaction, ora

cessation or interruption of operations.

Wehavepoliciesandprocedurestoidentify,manageandmitigatelegalrisksandaddressregulatory

requirementsandothercomplianceobligations.However,therecanbenoassurancethatsuchpolicies,

procedures and established internal controlswill adequately protect us againstfraudulent or corrupt activity and

such activity could have an adverse effect on our reputation,financial condition and results of operations.

Risks Specific to Our Common Stock

Our certificate of incorporation and bylaws includeprovisions that may discourage a change in control.

Provisions contained in our amended and restated certificate of incorporation, or certificate of incorporation, and

amended andrestated bylaws, orbylaws, andDelaware lawcould makeit moredifficult for athird-party to acquire

us, evenifdoingsomightbe beneficialtoour stockholders.Provisionsofour certificateofincorporationand

bylaws imposevariousprocedural andother requirementsthat couldmake itmore difficultfor stockholdersto

effect certain corporate actions.

We have elected not to be governed by Section 203 of the General Corporation Law ofthe State of Delaware,or

the DGCL (or any successor provision thereto),until immediately following the time atwhich the EMG Group no

longer beneficiallyowns inthe aggregateshares ofour commonstock representingat least10% ofour voting

stock, in which case weshall thereafter be governed by Section203 if and forso long as Section 203by its terms

would applyto us.Section 203provides thatan interestedstockholder,along withits affiliatesand associates

(i.e., a stockholder that haspurchased greater than 15%,but less than 85%, ofa company’s outstanding voting

stock (withsome exclusions)),may notengage ina businesscombinationtransactionwith thecompany fora

period of three years after buying more than 15% of a company’s outstanding voting stock unless certain criteria

are met or certain other corporate actions are taken by the company.

These provisions could limit the pricethat certain investors might be willingto pay in the future forshares of our

common stock and may have the effect of delayingor preventing a change in control.

Coronado Global Resources Inc. Form 10-K December 31,202462

Ourcertificateofincorporationlimitsthepersonalliabilityofourdirectorsforcertainbreachesof

fiduciary duty.

Ourcertificateofincorporationandbylawsincludeprovisionslimitingthepersonalliabilityofourdirectorsfor

breachesoffiduciarydutyundertheDGCL.Specifically,ourcertificateofincorporationcontainsprovisions

limitingadirector’spersonalliabilitytousandourstockholderstothefullestextentpermittedbytheDGCL.

Furthermore, ourcertificate ofincorporation providesthat no directorshall beliable tous andour stockholders

formonetarydamagesresultingfromabreachoffiduciarydutyasadirector,excepttotheextentthatsuch

exemption from liability or limitation thereof isnot permitted under the DGCL. The principaleffect of this limitation

on liabilityis thata stockholderwill beunable toprosecute anaction formonetary damagesagainst adirector

unless thestockholder candemonstrate abasis forliability thatcannot beeliminated underthe DGCL.These

provisions, however, should not limit or eliminate our right or any stockholder’s right to seek non-monetary relief,

such as an injunction or rescission,in the event of abreach of a director’s fiduciary duty. These provisions do not

alter a director’s liability underU.S. federal securities laws.The inclusion of theseprovisions in our certificateof

incorporation may discourage or deter stockholders or management from bringinga lawsuit against directors for

a breach oftheir fiduciaryduties, eventhough such anaction, if successful,might otherwise havebenefited us

and our stockholders.

CoronadoGroupLLCandtheEMGGrouphavesubstantialcontroloverusandareabletoinfluence

corporate matters.

Coronado GroupLLC andthe EMGGroup havesignificantinfluence overus, includingcontrol overdecisions

thatrequiretheapprovalofstockholders,whichcouldlimittheabilityofotherstockholderstoinfluencethe

outcome of stockholders votes.

As ofDecember 31,2024, theEMG Groupindirectly held50.4% ofour outstandingshares ofcommon stock.

Therefore, the EMGGroup haseffective controlover the outcomeof votes onall matters requiringapproval by

stockholders. There is a risk that the interests of the EMG Group could conflict with or differ from our interests or

the interests ofother stockholders.In addition, pursuantto the termsof the Stockholder’sAgreement, datedas

of September24, 2018,between usand CoronadoGroup LLC,or theStockholder’s Agreement,so longas it

beneficially owns in the aggregate at least 25% of the outstanding shares of our common stock, the EMG Group

will havethe abilityto exercisesubstantial controlover certainof ourtransactions,including changeof control

transactions,suchasmergersandcapitalanddebtraisingtransactions.See Item5.“MarketforRegistrant’s

Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for a description of the

Stockholder’s Agreement.

Further, pursuant tothe terms of the Series AShare, Coronado Group and theEMG Group or its successorsor

permittedassigns,asthebeneficialowneroftheSeries AShare,atitsoption,willhavetheabilitytoelecta

specified number of directors, or the Series A Directors, based onthe EMG Group’s aggregate level of beneficial

ownership of sharesof our commonstock. For moredetails on theability of CoronadoGroup and theEMG Group

to elect Series A Directors, aswell as the rights ofstockholders to participate in the removal ofany such Series

A

Directors,seeItem 5.“MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuer

Purchases of Equity Securities.”

Moreover, theEMG Group’s beneficialownership of shares ofour common stock mayalso adversely affectthe

price of ourcommon stockto the extentequity investorsperceive disadvantagesin owning commonstock of a

company with a controlling stockholder.In addition, the EMG Groupis in the business of makinginvestments in

companies and may, from time to time, acquire interests in businesses that directly orindirectly compete with us,

as well as businesses of our existing or potential significantcustomers. The EMG Group may acquire or seekto

acquire assets thatwe seek toacquire and, asa result, thoseacquisition opportunitiesmay not beavailable to

us ormay bemore expensivefor usto pursue,and asa result,the interestsof theEMG Groupmay notalign

with the interests of our other stockholders.

The EMG Group has theright, subject to certain conditions, torequire us to cooperate ina sale of shares

of our common stock held by it (including in the formof CDIs) under the Securities Act.

Pursuant to the RegistrationRights and Sell-Down Agreement,dated as of September 24,2018, between us and

CoronadoGroup LLC,ortheRegistrationRightsandSell-DownAgreement,CoronadoGroup LLC(orits

successorsorpermittedassignsortransferees)hastheright,subjecttocertainconditions,torequireusto

cooperate in asell-down ofshares ofour commonstock orCDIs held byit. By virtueof its majorityownership,

exercising its registration rights and selling a large number of shares or CDIs, Coronado Group LLC could cause

undue volatility in theprevailing market price ofour common stock. SeeItem 5. “Market for Registrant’s Common

Equity, Related StockholderMatters and Issuer Purchases of Equity Securities.”

Coronado Global Resources Inc. Form 10-K December 31,202463

Our non-employee directors and their respectiveaffiliates, including the EMG Group, maybe able to take

advantage of a corporate opportunity that would otherwisebe available to us.

The corporate opportunityand relatedparty transactions provisionsin ourcertificate of incorporationcould enable

anyofournon-employeedirectorsortheirrespectiveaffiliates,includingtheEMGGroup,tobenefitfrom

corporate opportunitiesthat mightotherwise beavailable tous. Subjectto thelimitations ofapplicable law,our

certificate of incorporation, among other things, will:

•permitustoenterintotransactionswithentitiesinwhichoneormorenon-employeedirectorsare

financially or otherwise interested;

•permit any non-employee director orhis or her affiliates toconduct a business that competeswith us and

to make investments in any kind of property in which wemay make investments; and

•provide that ifany non-employee directorbecomes aware ofa potential businessopportunity, transaction

orothermatter(otherthanoneexpresslyofferedtothatnon-employeedirectorsolelyinhisorher

capacityasourdirector),thatnon-employeedirectorwillhavenodutytocommunicateorofferthat

opportunity tous, andwill bepermitted tocommunicateor offerthat opportunityto hisor heraffiliates

and pursue or acquire such opportunity for himselfor herself, and that non-executive directorwill not be

deemedtohaveactedinamannerinconsistentwithhisorherfiduciaryorotherdutiestousorour

stockholders regarding the opportunity or acted in bad faith or in a manner inconsistent withour and our

stockholders’ best interests.

These provisions enable acorporate opportunity that wouldotherwise be available tous to be taken byor used

for thebenefit ofthenon-employeedirectorsor theirrespectiveaffiliates,whichinclude theEMG Groupas a

result of the rights granted to it under the Stockholder’s Agreement.

General Risk Factors

Anyfailuretomaintaineffectiveinternalcontroloverfinancialreportingmayadverselyaffectour

financial condition and results of operations.

Ourmanagementisresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancial

reporting.Internalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassurance

regardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsinaccordancewith

generally accepted accounting principles in the UnitedStates, or U.S. GAAP.

During the course of the preparation of our financial statements,we evaluate and correct any deficiencies inour

internal controls overfinancial reporting. Ifwe fail tomaintain an effective systemof disclosure orinternal controls

over financialreporting, includingsatisfaction ofthe requirementsof Section404 ofthe Sarbanes-OxleyAct of

2002, we may not be able to reportaccurately or timely on our financial results or adequately identify and reduce

fraud. Therefore, the financial condition of our business could be adverselyaffected, current and potential future

stockholders could lose confidence in us and/orour reported financial results, which may causea negative effect

on the trading price of ourCDIs, and we could be exposedto litigation or regulatoryproceedings, which may be

costly or divert management attention.

The requirements ofbeing a public companyin the UnitedStates and Australia maystrain our resources,

divertmanagement’sattention,andaffectourabilitytoattractandretainexecutivemanagementand

qualified board members.

Our CDIs arecurrently listed onthe ASX andwe are registeredas a foreigncompany inAustralia. As suchwe

are subject to continuous compliance requirements under relevant Australian laws and regulations, including the

listing rulesof theASX, asamended fromtime totime, orthe ASXListing Rules,and certainprovisions ofthe

Corporations Act 2001 (Cth),or the Corporations Act.

Coronado Global Resources Inc. Form 10-K December 31,202464

As a U.S.public company, we are subjectto the reportingrequirements of theExchange Act, theSarbanes-Oxley

Actof2002,theDodd-FrankWallStreetReformandConsumerProtectionActof2010andotherapplicable

securities laws, rules and regulations. Compliance with theselaws, rules, and regulations may increase our legal

andfinancialcompliancecosts,makesomeactivitiesmoredifficult,time-consuming,orcostly,andincrease

demand onour systemsand resources.The ExchangeAct requires,among otherthings,thatwe fileannual,

quarterly, andcurrent reports with respectto our business andresults of operations. Inthe absence of a waiver

from the ASXListing Rules, theseSEC periodic reportswill be in additionto our periodicfilings required bythe

ASX ListingRules.TheSarbanes-OxleyAct of2002 requires,amongother things,that wemaintaineffective

disclosurecontrolsandproceduresandinternalcontroloverfinancialreporting.Inordertomaintainand,if

required, improve our disclosurecontrols and procedures andinternal control over financialreporting to meet this

standard, significant resources and management oversight will be required. As a result, management’s attention

may be diverted from otherbusiness concerns and ourcosts and expenses willincrease, which could harm our

businessandresultsofoperations.Wemayneedtohiremoreemployeesinthefutureorengageoutside

consultants, which will increase our costs and expenses.

In addition, changing laws,regulations, and standards relating tocorporate governance and public disclosureare

creatinguncertaintyforpubliccompanies,increasinglegalandfinancialcompliancecostsandmakingsome

activities more time consuming.These laws, regulationsand standards are subjectto varying interpretations, in

many cases due to theirlack of specificity and,as a result, theirapplication in practice mayevolve over time as

newguidanceisprovidedbyregulatoryandgoverningbodies.Thiscouldresultincontinuinguncertainty

regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance

practices.Weintendtoinvestresourcestocomplywithevolvinglaws,regulationsandstandards,andthis

investment may result in increasedgeneral and administrative expensesand a diversion of management’stime

andattentionfromsales-generatingactivitiestocomplianceactivities.Ifoureffortstocomplywithnewlaws,

regulations and standards differ from the activities intended byregulatory or governing bodies due to ambiguities

relatedtotheirapplicationandpractice,regulatoryauthoritiesmayinitiatelegal,administrativeorother

proceedings against us and our business may be harmed.

A statecourt located withinthe Stateof Delaware (or, ifno state courtlocated within theState ofDelaware

has jurisdiction, thefederal district courtfor the Districtof Delaware) willbe, to theextent permitted by

law,thesoleandexclusiveforumforsubstantiallyallstatelawbaseddisputesbetweenusand

stockholders.

Our bylaws providethat, unless weconsent in writingto the selectionof an alternativeforum, a stateor federal

court within the State of Delaware will be the sole andexclusive forum for:

•any derivative action or proceeding brought on our behalf;

•any action or proceeding asserting a claim of breach ofa fiduciary duty owed by any director orofficer or

other employee oragent of theCompany to theCompany or theCompany’s stockholders or debtholders;

•anyactionorproceedingassertingaclaimagainsttheCompanyoranydirectororofficerorother

employee oragent ofthe Companyarising pursuantto anyprovision ofthe DGCLor ourcertificate of

incorporation or bylaws; or

•any actionassertinga claimagainsttheCompanyoranydirectororofficerorotheremployeeofthe

Companygovernedbytheinternalaffairsdoctrineorother“internalcorporateclaims”asdefinedin

Section 115 of the DGCL.

The choice offorum provision may limita stockholder’s abilityto bring a claimagainst us or ourdirectors, officers,

employees oragents ina forumthat itfinds favorable,which maydiscourage stockholdersfrom bringingsuch

claimsatall.Alternatively,if acourtweretofindthechoiceof forumprovisioncontainedinourbylawstobe

inapplicable or unenforceablein an action,we may incuradditional costs associatedwith resolving suchaction

inanotherforum,whichcouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsof

operations. However, the choice of forum provision doesnot apply to any actionsarising under the Securities Act

or the Exchange Act.

The issuance of additionalcommon stock or securitiesconvertible into ourcommon stock couldresult

in dilution of the ownership interest in us held by existingstockholders.

We mayissue moreCDIs inthe futurein orderto fundfuture investments, acquisitions,capital raisingtransactions

ortoreduceourdebt.WhilewewillbesubjecttotheconstraintsoftheASXListingRulesregardingthe

percentage of ourcapital that weare able toissue within a12-month period(subject to applicableexceptions),

any such equity raisings may dilute the ownership of existingstockholders for shares of our common stock.

Coronado Global Resources Inc. Form 10-K December 31,202465

We are subject to general marketrisks that are inherent to companieswith publicly traded securities and

the price of our securities may be volatile.

We are subject tothe general market risks thatare inherent in allsecurities traded on asecurities exchange. This

may resultin fluctuationsin thetrading priceof oursecurities that arenot explainedby ourfundamental operations

and activities. There isno guarantee that theprice of our securitieswill increase in thefuture, even if ourearnings

increase.

Our securities may trade at, above or below the price paid by an investor for those securities due to a number of

factors, including, among others:

•general market conditions, including investor sentiment;

•movements in interest and exchange rates;

•fluctuations in the local and global market for listed stocks;

•actual or anticipatedfluctuations inour interim andannual results andthose of otherpublic companies

in our industry;

•industry cycles and trends;

•mergers and strategic alliances in the coal industry;

•new or changes in government laws or regulations;

•potential or actual military conflicts or acts of terrorism;

•new or changes in accounting principles;

•announcements concerning us or our competitors;

•changes in government policy,legislation or regulation;

•inclusion of our securities in or removal from particular marketindices (including S&P and ASX indices);

and

•the nature of the markets in which we operate,including adverse weather conditions.

Other factorsthat maynegatively affectinvestor sentimentand influenceus, specifically,or thestock market,

more generally, include actsof terrorism, an outbreak of international hostilities, fires, floods, earthquakes,labor

strikes, civilwars, naturaldisasters, outbreaksof disease,including aglobal pandemic,or otherman-madeor

natural events.

Stock markets haveexperienced extreme priceand volume fluctuationsin the pastthat areoften disproportionate

orunrelatedtotheoperatingperformanceofcompanies.Therecanbenoguaranteethattradingpricesand

volumes of any securitieswill be sustained. Thesefactors may materially affect themarket price of oursecurities,

regardless of ouroperational performance. Thismay then significantlyimpact our abilityto raise newequity which

may be required to fund our operations if our financialperformance deteriorates due to other factors.

The payment of dividends and repurchases of our common stock are dependent on a number of factors,

and futuredividend paymentsand repurchasescannot beassured andare withinthe discretionof our

Board of Directors.

Thepaymentofdividendsinrespectofourcommonstockisimpactedbyseveralfactors,includingour

profitability,retained earnings,capital requirementsand freecash flow,as wellas applicablecovenants under

the Indenture (as defined below) governing our senior secured notes and covenants under the ABL Facility.Any

futuredividendpaymentswillbedeterminedbyanddeclaredatthediscretionofourBoardofDirectors

considering the factors above,among others. There is no guarantee thatany dividend payments will be paid,or

repurchases will be made, byus in the future,or if paid, paid at previouslevels. From time to time,our Board of

Directors may also cancel previously announced dividendpayments.

Coronado Global Resources Inc. Form 10-K December 31,202466

ITEM 1B. UNRESOLVEDSTAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy:

Coronadohas

implemented

softwaregovernancetoolstoassess,identify,andmanagematerialrisksfrom

cybersecurity threats. Coronado heavily relies on information technology systems throughout its operations, and

acknowledgesthecriticalimportanceofsafeguardingitsdigitalassetsandprotectingsensitiveinformation.

Regular security assessments are conductedto monitor technological implementations againstglobal standards.

Coronadoalsomaintainsasuiteofsecuritymeasurestohelpdefendagainstunauthorizedaccessand

misappropriationoftechnology.Additionally,theCoronadoITdepartmentdistributestrainingandawareness

information to personnel covering emailsecurity,password security,data handling security,enterprise resource

planning systems and cloud security.

Coronado’s cybersecurityrisk managementis integratedinto its Grouprisk managementprocesses, whichare

governedbytheGroupRiskManagementFrameworkandRiskManagementPolicy.TheRiskManagement

Framework and Risk Management Policy outline:

●

Risk management responsibilities;

●

Risk assessment frequency;

●

Risk assessment criteria (likelihood and consequence);

●

The requirement to implement internal controls; and

●

The level within the organization risk assessments areto be performed.

Certain key controls considered through Coronado’sinternal control processes are linked to cybersecurityrisks,

these include controls over access and change management for key financialsystems. Where the management

ofthesekeyfinancialsystemsisoutsourcedtothirdparties,Coronadoobtainsassurancereportsonthe

effectivenessofkeyvendorcontrols.Additionally,Coronadousesthirdpartiestoconductcybersecurity

penetration testing at Coronado's U.S.and Australian operations. In 2023,Coronado created the Digital Advisory

Committee,orCommittee,whichischairedbytheVicePresidentofInformationTechnology.Aspartof

Coronado’s processes to

oversee and identify

cybersecurity threats associated with its use of

third-party

service

providers, the Committee is taskedwith reviewing new software requestsfrom Coronado’s various divisions. The

Committee iscomprised ofbusiness systems,plant andoperational personnelfrom bothCoronado’s U.S.and

Australian operations.

As ofthe filingof thisAnnual Reporton Form10-K, Coronadois notaware ofany cybersecurityincidents that

have occurredsince thebeginning of2024 thathave materiallyaffected,or arereasonably likelyto

materially

affect, Coronado, including Coronado’sbusiness strategy,results of operations or financial condition.Coronado

could be subject to cybersecurity incidents inthe future which may have a material adverseeffect on Coronado’s

business strategy, results of operations or financialcondition. For further information onCoronado’s risks relating

to cybersecurity threats, see “Operation and TechnologyRisks” in “Risk Factors” on page 47

of this Form 10-K.

Governance:

TheBoardofDirectorsisresponsibleforreviewing,ratifying,andmonitoringsystemsofriskmanagement,

internalcontrol,andlegalcompliance.ThisincludesidentifyingthemainrisksassociatedwithCoronado's

businesses,includingcybersecurityrisk,andimplementingappropriatesystemstomanagesuchrisks.

As

outlined in the AuditGovernance and RiskCommittee,or AGRC,charter, theBoard of Directorshas delegated

totheAGRCresponsibilityforoverseeingcorporateandgovernanceriskmanagement,financialrisk

management, and compliancewith applicable laws,regulations, standards, andbest practice guidelines.In 2024,

the AGRCcharter wasamended toconfirm thatthis responsibilityincludes theoversight ofcybersecurity risk.

TheAGRCisinformedofcybersecurityrisksbymanagement,whichincludesanannualcybersecurityrisk

presentation.

As part of theirreview of

reports

from management, the

AGRC reports

cybersecurity risk updates

to the Board of Directors,which enables the Board of Directors to incorporate the insights of such reports into its

overall risk oversight analysis.

Coronado Global Resources Inc. Form 10-K December 31,202467

Supporting this governanceframework, theExecutive LeadershipTeam,or ELT,is responsiblefor maintaining

effectivesystemsofriskmanagementandinternalcontrol.Withinthisframework,theVicePresidentof

InformationTechnologyisresponsibleforthecybersecurityfunction.TheVicePresidentofInformation

Technology has experience in various roles involving managing information systems and cybersecurity functions

anddevelopingcybersecuritystrategies.TheVicePresidentofInformationTechnologyreportstotheGroup

Chief Financial Officer,or Group CFO, who is a member of the ELT.

In order to prevent, detect, mitigate andremediate cybersecurity incidents, Coronado maintains a Cyber Incident

ResponsePlan(Plan).ThePlanoutlinesCoronado'sapproachtoidentifyingandcontainingcybersecurity

incidents, along with recoveryand improvement processes.The Plan includes incidentassessment criteria that

allow forescalation ofpotentially materialcybersecurityincidents. TheGroup CFOreports tothe AGRCin the

eventofapotentiallymaterialcybersecurityincident.Additionally,annualreviewsofCoronado’scurrent

cybersecurity status and strategy are presented to the Boardof Directors and the AGRC by management.

Coronado Global Resources Inc. Form 10-K December 31,202468

ITEM 2.PROPERTIES

Summary Overview of Mining Operations

Coronado owns and controlsa portfolio of operatingmines and development projectsin Queensland, Australia,

andVirginia,WestVirginiaandPennsylvaniaintheUnitedStates.OurAustralianOperationsconsistofthe

100%-owned Curragh minecomplex consisting oftwo open cutmines (Curragh Northand Curragh South)and

an undergroundmine (MammothUnderground,formerly knownas CurraghUnderground). Withrespect toour

U.S. Operations, Coronado owns a 100% interest in two producingmine complexes (Buchanan and Logan) and

twodevelopmentproperties(MonValleyMinerals(formerlycalledPangburn-Shaner-Fallowfield)andRussell

County). OnJanuary 14,2025, Coronadosuccessfully completedthe saleof itsnon-core idleGreenbrier mine

complex.Therefore,reservesandresourcesinformationinthisAnnualReportonForm10-Kdonotinclude

Greenbrier.

Figures 1and 2below show thelocations of ourmining properties inAustralia andthe United States,respectively.

Figure 1: Australian Operations:

Coronado Global Resources Inc. Form 10-K December 31,202469

12.4

13

25.3

12.8

12.6

25.4

12.6

14

26.6

Australia

United States

Group

ROM production (Mt)

FY22

FY23

FY24

9.8

6.2

16.0

10.0

5.8

15.8

9.7

5.7

15.3

Australia

United States

Group

Saleable production (Mt)

FY22

FY23

FY24

Figure 2: U.S. Operations:

ThebelowchartsshowROMproductionandsaleableproductionforourAustralianOperationsandourU.S.

Operations for the years ended December 31, 2024, 2023and 2022.

See the descriptions of our material mining propertiesunder “—Curragh,” “—Buchanan,” “—Logan” and “—Mon

Valley”belowformoreinformation.Table1belowcontainsasummaryofthekeyinformationrelativetothe

variousCoronadoproperties.Tables2and3provideasummaryofourcoalresourcesandreserves,

respectively, as of December31, 2024.

Coronado Global Resources Inc. Form 10-K December 31,202470

Table 1.Summary of Coronado Properties

Property

(Property

Stage)

Mineral Rights

(1)

Permit

Status

(2)

Mine Type(s)

Coal Type

Coal Seams of

Economic

Interest

(Formation)

Processing

Plants/

Facilities

Curragh

(Production)

25,586 hectares

leased; 6,381

hectares owned

Permitted

Surface &

Underground

HCC, SCC,

PCI, Thermal

Various (Rangal

Coal Measures)

CPP1 - 1,100 raw

Mt per hour;

CPP2 - 1,200 raw

Mt per hour; Rail

Loadout

Buchanan

(Production)

25,853 hectares

leased

(3)

; 7,725

hectares owned

1 Permit

Underground

Low-Vol

Pocahontas #3

(Pocahontas

Formation)

CPP - 1,270 raw

Mt per hour; Rail

Loadout

Logan

(Production)

12,666 hectares

leased

(3)

; 69

hectares owned

27 Permits

Surface &

Underground

HVA, HVB,

Thermal

Various

(Kanawha

Formation)

CPP - 1,088 raw

Mt per hour; Rail

Loadout

Mon Valley

(Development)

1,339 hectares

leased

(3)

; 40,276

hectares owned

Not

Permitted

Underground

(4)

High-Vol

Upper Freeport

(Freeport

Formation)

Future

Russell County

(Development)

7,111hectares

leased

(3)

; 378

hectares owned

Not

Permitted

Underground

(4)

High-Vol

Lower Castle

(Norton

Formation);

Upper Horsepen

(Middle Lee

Formation)

Future

(1)

We arenot aware ofany significant encumbrances ordefects in titlewith respect toany of ourmining properties.Certain credit

facilities of the Company are secured by a lien onsubstantially all of the Company’s assets, includingmining properties.

(2)

We believe wehave securedall applicableenvironmental licensesand permitsunder applicablelaw andhave allnecessary permits

and licenses regarding cultural heritage, nativetitle and various other social issues to supportcurrent mining operations.

(3)

Subject to the exercise of our renewal rights thereunder, most of the leases at our U.S. mining properties expire upon exhaustion

of the relevant reserves.

(4)Proposed mine type.

Coronado Global Resources Inc. Form 10-K December 31,202471

Table 2.

Summary Coal Resources Exclusive of Reserves at Endof the Fiscal Year Ended December 31,

2024.

(1)

Coal Resources (In Situ, MMt)

(2)(3)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

+

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

Australia

Open cut

165

83

247

52

23.6%

0.6%

19.9%

Underground

41

62

103

106

18.6%

0.4%

18.1%

TotalAustralia

206

145

350

158

United States

Buchanan

29

5

34

—

16.0%

0.8%

18.0%

Logan

30

41

71

3

17.0%

1.0%

31.0%

Mon Valley

—

—

—

—

—

—

—

Russell County

40

4

44

—

29.0%

0.7%

23.0%

TotalUnited States

99

50

149

3

Total

305

195

499

161

(1)For moreinformation regarding priceassumptions usedin thecalculation ofcoal resourcesas ofDecember 31,2024, seethe

individual property disclosures below.

(2)Australian resources are estimated inclusive of 5.3%in-situ moisture.United States resources are estimated on adry basis.

(3)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

Table3.Summary CoalReserves (MarketableSales Basis)at Endof theFiscal YearEnded December

31, 2024.

(1)

Demonstrated Coal Reserves (Wet

Tons,

Washed or Direct Shipped, MMt)

(2)(4)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

Australia

Open cut

163

15

177

12.9%

0.5%

19.3%

Underground

26

10

36

10.0%

0.3%

16.9%

TotalAustralia

189

25

213

United States

Buchanan

78

6

83

6.0%

0.7%

20.0%

Logan

40

23

62

8.0%

0.9%

35.0%

Mon Valley

78

57

134

8.0%

1.2%

(3)

35.0%

Russell County

24

5

29

8.0%

0.9%

31.0%

TotalUnited States

220

90

310

Total

409

115

523

(1)For moreinformation regardingprice assumptionsused inthe calculationof coalreserves asof December31, 2024,see the

individual property disclosures below.

(2)For more information regarding moisture assumptions used in the calculation of coalreserves as of December 31, 2024, see the

individual property disclosures below.

(3)Life-of-mine,orLOM,sulfurforPangburnisanestimated1.2%;however,overallMonValleycomplexreserveaverageis

1.4%sulfur.

(4)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

Coronado Global Resources Inc. Form 10-K December 31,202472

Curragh

Curragh is aproduction-stage mining property thatconsists of twoactive, open cut,surface mines (CurraghNorth

and Curragh South) and one underground mine (Mammoth Underground).Coal mine production at the Curragh

propertyhasbeenhistoricallyaccomplishedbysurfaceminingmethodssincethemine’sinceptionin

1983.Presently, coal mine production at the Curragh property is accomplishedby both surface mining methods

and a newly developed undergroundmine. Curragh coals are widelyknown for their low ash, lowto mid volatile

matter, lowsulfur and lowphosphorous content.Curragh Met coalproducts arealso known fortheir consistent

delivered quality,which supportsa consistentofftake acrossa diversifiedmarket base.A mapof theCurragh

tenements is shown in Figure 3.

Figure 3.Coronado Curragh Mine Complex Property LocationMap.

Coronado Global Resources Inc. Form 10-K December 31,202473

The Curragh minecomplex islocated within theBowen Basin coalfields,approximately 200kilometers by road

west of Rockhampton, Queensland, Australia, and approximately 14 kilometers North of the town of Blackwater,

Queensland, Australia. Thecoordinates of CPP1,which is locatedwithin Curragh Main,are 688,561 metersEast,

7,400,933 meters Northin the AMG66 gridsystem. Curragh ownsand operates thenecessary CPPs andload-

out systemfor dispatchesvia Blackwaterrail lineto thePort ofGladstone orthe StanwellPower Station.See

Item 1. “Business—Transportation—Australian Operations” foradditional information regardingthe rail and port

services available to Curragh.Curragh also has maintenancefacilities for the fleetof mining equipment, aswell

as officebuildings forthe minestaff andpersonnel.Established sealedroads connectthe mineto thetown of

Emerald, Queensland,Australia,to thewest andthePort ofGladstoneto theeast.Third-partyrail providers

operate the Blackwater rail line and transportCurragh export coal, for sale to international customers, toboth the

RGTCTandtheWICETatthePortofGladstone.Curraghdomesticcoalisloadedontotrainwagonsfor

transportation to the Stanwell Power Station for powergeneration.

Curragh has ready accessto water,electricity and personnelto support its operations.SunWater Ltd.supplies

raw waterto the minecomplex fromthe FairbairnDam viathe BedfordWeir.The mine complexalso recycles

waterfromon-sitedamsandoldopen-cutpit voidsthatcapturerainfallandwaterfromdewateringactivities.

Curragh has a dedicated66-kilovolt, or kV,power supply to supportthe mining operationswith a capacity ofup

to 57-megawatt sourced from themain grid power.The substation is located on thesouthwest corner of ML1878

withboth66kVand22kVdistributionnetworkstosupplythedraglines,shovelandCPPs.Thereisadequate

poweronsiteforestablishingtheundergroundmineandcommencingthefirsttwocontinuousminerunits;

however,upgradestothesite infrastructureare requiredfor fullundergroundproductionwithfourcontinuous

miner units.

TheMRAandtheMERCPA,together,providefortheassessment,developmentandutilizationofmineral

resourcesinQueenslandtothemaximumextentpracticable,consistentwithsoundeconomicandlanduse

management. The MRA vests ownership of minerals, with limited exceptions, in the “Crown,” which in relation to

Curragh,istheQueenslandgovernment.AroyaltyispayabletotheQueenslandgovernmentfortherightto

extractminerals.TheMRAalsocreatesdifferenttenuresfordifferentminingactivities,suchasprospecting,

exploring andmining. A MLis themost important tenure,as it permitsthe extractionof mineralsin conjunction

with other required authorities. The MRA imposes general conditionson a ML.

CoronadocontrolsthecoalminingrightsatCurraghunder14coalandinfrastructureMLsandthreeMDLs

granted pursuantto theMRA. We referto theMLs and MDLsat Curragh, collectively, asthe Tenements. Renewal

of certain Tenementswill be required duringthe mine life ofCurragh and the Queenslandgovernment can vary

the termsand conditionson renewal.There area numberof existingpetroleum tenementswhich overlapwith

theTenements.Thepriority,consentandcoordinationrequirementsundertheMRA,MERCPAandthe

PetroleumandGas(ProductionandSafety)Act2004(Qld)(asrelevant)mayapplywithrespecttothose

overlaps.Extensivestatutoryprotocolsgoverntherelationshipsbetweenco-existingminingandexploration

rights and theseprotocols are largely focusedon encouraging the overlappingtenement holders to negotiate and

formulate arrangementsthat enable theco-existence oftheir respectiveinterests. Todate, we havenegotiated

arrangements in place with all of our overlappingtenement holders and full accessto all of our Tenements.See

Item 1. “Business—Regulatory Matters—Australia” for additionalinformation regarding Curragh’s Tenements.

Property control and mining rights at Curragh are entirely expressed in the MLs and MDLs mentioned above. An

overlappingpetroleumtenureexistsoverthesouthernandeasternextentsoftheTenements.Underthe

MERCPA,thisrequiresannualinformationexchanges,includingtheprovisionandmaintenanceofjoint

information managementplans with theoverlapping tenementholder.Curragh iscompliant with thelegislation

and there are no current restrictions to coal mining.

As conditions to certainof the Tenements, Curragh is subject to royalties payableto the Queensland government

on a regulated tieredstructure introduced July1, 2022. This tieredroyalty payment regimeis dependent on the

received AUD/trevenue receivedfrom thecoal sales,and variesfrom 7%for upto A$100/tsales, upto 40%

payable forsales overA$300/t. Theseroyalties arein additionto theStanwell rebate,as describedin Item1.

“Business—Customers—Stanwell.” Additionally, if MDL 162advances from developmentto production,we would

be required topay under aprivate royalty deeda base royaltyof A$0.50 perMt of coal anda royalty ofA$0.70

for every Mt of SCC produced above 2.5 MMt per year.

A joint venture betweenArco Australia Ltd., Australian Consolidated IndustriesLtd., R.W. Miller & Co.and Mitsui

& Co. (Australia) first began development on certainof the Tenements in 1983.Later, Arco Australia Ltd. bought

out theother jointventurersand, in2000, soldthe Curraghproperty toWesfarmersLtd. In2014, Wesfarmers

acquired MDL 162 from Peabody Budjero PtyLtd.Coronado acquired all the Tenementsfrom Wesfarmers Ltd.

in March 2018.Production history hasbeen approximately 9.8MMt in 2022,10.0 MMt in2023 and 9.6MMt in

2024.

Coronado Global Resources Inc. Form 10-K December 31,202474

Beginningin the1960’s,varioustenementholdersbegan prospectingand exploratorydrillingat Curragh.We

currentlyhaveanactive,ongoingexplorationprogramatCurraghthatallowsustoupdateandrefinethe

geologicalmodelaheadofpitdevelopment.Recently,wehaveincreasinglyfocusedonanunderground

exploration program,which hasincluded seismic2-Dand 3-Dsurveys andcore drillingfor gas,geotech, coal

qualityandspontaneouscombustionevaluation.Additionalexplorationhasincludedpermeabilityand

hydrological assessments.

Open cut coal mine developmentat the Curragh property is presentlyaccomplished by surface mining methods

and has been so historicallysince the mine’s inception.The mine characteristics and outputlevels allow it to be

ranked asa largecoal operationwhen comparedto domesticproducers inAustralia andworldwide.Curragh

operates four large electric draglines, one large electricshovel and additional fleets of hydraulic excavators.

Curragh has two CPPs,CPP1 and CPP2.CPP1 is the oldestof the twoprocessing plants and hasa documented

nameplatecapacityof1,100rawtonsperhour,ortph(asreceived).CPP2hasadocumentednameplate

capacityof1,200tph(asreceived)withacapabilityofupto1350tphwhenprocessingselectedfeedtypes.

Curragh has a loadout facility for loading coal onto railcars,which is connected to the main Blackwater rail link.

Generally, the mining equipment and facilities at Curragh are in good operating condition.We focus on the long-

termpotentialoftheminecomplexandregularlymonitordevelopmentsintheminingindustryfortechnology

improvements andnew equipmentthat couldhelp usincrease efficiencyand lower ourcosts. Curragh’soldest

miningequipment,includingtwodraglines,beganoperationsin1983.PriortoCoronadotakingovermining

operations,WesfarmersLtd.madeimprovementstotheprocessingfacilitiesatCurragh,includingthe

commissioning of the second CPPin 2012 and replacing the rawcoal crushing system at CurraghMain with an

updated circuitin 2016.Wesfarmers Ltd.also starteda corrosionand structuralrepair programover tenyears

ago thathas continuedsince acquisition.This programhelps ensurethat theassets areavailable wellinto the

future. From time to time, we alsoupdate and improve other equipment and facilities to maintain their usefulness

and optimize our competitiveness. As of December 31, 2024, the book value of Curragh and its associated plant

and equipment was $717.5 million.

Underground miningcommenced atthe MammothUnderground Minein late2024 viathe finalhighwall inthe

Curragh North open pit mine. The underground mining method being used at Mammoth is bord and pillar mining

using primary extraction ofpanels with roadway widthsof 6.5 meters, reducingto 6 meters wherethe overburden

thickness ormining conditionsrequire. Thereis aphasedproduction rampup plannedthrough 2025,withfull

production expectedin 2026from theMammoth UndergroundMine. Undergroundmining isplanned initiallyin

the Mammothseam acrossthree miningareas: MammothSouth, Centraland North.From 2034underground

mining will transitionto a lowerseam called theMackenzie seam andmine out theremining reserves fromthis

lower seam to end of mine life which is currently approximately20 years in total.

We arenot aware ofany significantencumbrances ordefects in titlewith respectto the Curraghproperty.We

believewehavesecuredallapplicableenvironmentallicensesandpermitsunderbothQueenslandand

Australian Commonwealthlegislation andhave allpermits andlicenses regardingcultural heritage,native title

and variousother socialissues. SeeItem 1.“Business—Regulatory Matters—Australia”for a discussionof the

permitting conditions applicable to Curragh.

Summaries of Curragh’scoal resourcesand reserves estimates asof December 31, 2024and 2023 are shown

in Tables4 and 5, respectively.

Coronado Global Resources Inc. Form 10-K December 31,202475

Table4.Curragh–SummaryofCoalResourcesExclusiveofReservesattheEndoftheFiscalYear

Ended December 31, 2024 and 2023.

(1)

Coal Resources

(Wet Tons, In Situ, MMt)

(2)(3)(4)(5)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

+

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

December 31, 2024

Open Cut

165

83

247

52

23.6%

0.60%

19.9%

Underground

41

62

103

106

18.6%

0.40%

18.1%

Total

206

145

350

158

December 31, 2023

Open Cut

167

81

247

54

22.9%

0.60%

19.1%

Underground

41

62

103

106

18.6%

0.40%

18.1%

Total

208

143

350

160

(1)Curragh determines the resources exclusive of reserves below a 15:1in-situ strip ratio as being suitable foropen pit mining, and

above 15:1 in-situ strip ratio being suitable for undergroundmining with a minimum seam thickness of 1.8meters.

(2)There are resources suitable for opencut mining outside of the declaredreserves.The initial economic assessmentfor resources

exclusive of reservesas of December31, 2023, and2024 assumed thesame revenue pricingbased on anassumed long-term

average realized salesprice of $133per Mt (FOBfor the opencut resources and$140 per Mt(FOB for theunderground resources.

This is explained further in Section 11.5 of the Curragh TRS.

(3)Table 1-1 of the Curragh TRS provides a summary of Curragh resource tons inclusiveof reserve tons as of December 31, 2023.

(4)Reported on a 5.3% in-situ moisture basis.

(5)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

Table5.Curragh –Summary ofCoal Reserves(MarketableSales Basis)at theEnd ofthe FiscalYear

Ended December 31, 2024 and 2023.

(1)

Demonstrated Coal Reserves (Wet

Tons, Washed

or Direct Shipped, MMt)

(2)(3)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2024

Open Cut

163

15

177

12.9%

0.5%

19.3%

Underground

26

10

36

10.0%

0.3%

16.9%

Total

189

25

213

December 31, 2023

Open Cut

173

16

189

12.2%

0.5%

19.5%

Underground

25

9

34

10.0%

0.3%

16.9%

Total

198

25

223

(1)Based onlong-term revenuepricing assumptiondata outlinedby Coronadodescribed inSection 16of theCurragh TRS.The

pricing data for both December31, 2023 and 2024 assumesan average realized revenue priceof $131 per Mt sold overthe LOM.

(2)The open cut marketable reserves are reported on a9.5% product moisture basis and the underground marketable reserves are

reported on a 10% product moisture basis.

(3)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

From December 31, 2023, to December 31, 2024, measuredand indicated resources exclusive of reserves had

some minorvariances butremained thesame intotal yearon yearat 350MMt. FromDecember 31,2023, to

December 31, 2024, totalmarketable coal reserves decreasedby 10 MMt in linewith production depletion from

the Curragh open cutoperations as wellas some minorvariances to the coalproduct profile overthe LOM due

to product coal flow optimization.

Barry Lay,BSc Geology (Hons);MAusIMM of ResologyPty Ltd, DanielMillers, B. Eng.;MAusIMM(CP), whois

employed full-time as the Superintendent Long TermPlanning of our subsidiary, CCPL, and Claire McGahan, B.

Eng.; MAusIMM(CP); Talisman Technical Pty Ltd, whom werefer to, collectively, as theAustralian QPs, prepared

theestimatesofcoalresourcesandreservessummarizedinTables4and5.A copyoftheAustralianQPs’

technical reportsummary,or TRS,with respectto Curragh,dated February16, 2024,or theCurragh TRS,is

filed as Exhibit 96.1 hereto. Noneof Mr. Barry Lay, Resology Pty Ltd, Claire McGahan or Talisman TechnicalPty

Ltd are affiliated with Coronado.

Coronado Global Resources Inc. Form 10-K December 31,202476

The Australian QPs prepared the estimates of Curraghcoal resources and reserves using drilling data available

from explorationactivities atCurragh conductedby numerousentities overtime.Most ofthis informationwas

obtained prior to ouracquisition of Curragh,using varying drilling andcore-logging techniques, surveymethods

and testing procedures.As aresult, in verifyingthe data,the AustralianQPs madecertain assumptionsabout

the adequacy of theprocesses performed andcomparability of the databased on their professionalexperience

and familiarity with Curragh.

PerSection12.1oftheCurraghTRS,coalreserveestimateswereclassifiedasprovenorprobable,with

consideration given to“modifying factors,”including mining, processing,metallurgical, infrastructure,economic,

marketing, legal,environmental, socialand governmentalfactors. Section22.2 ofthe CurraghTRS includesa

riskassessmentofthekeymodifyingfactorsthatcouldpotentiallyimpacttheoperationsandthereforethe

estimate of coal reserves and resources.

AssummarizedinSection7.1oftheCurraghTRS,theconcentrationofexplorationdrillholesvariesslightly

across the Curraghproperty.The location ofthe drillingis shown onthe mapsincluded in Section7.Points of

observation includeexploration drillholes, degasholes andmine measurements,which havebeen fullyvetted

andprocessedintoageologicalmodel.Thegeologicalmodelisbasedonseamdepositionalmodelling,the

interrelationshipofoverlyingandunderlyingstrataonseammineability,seamthicknesstrends, theimpactof

seam structure (i.e., faulting), intra-seamcharacteristics, etc.Section 11.6of the Curragh TRS summarizesthe

drill hole spacings and accuracy associated with eachresource category.

Coal quality is instrumentalin determining whether thereare reasonable prospectsfor economic extraction ofa

coal resourceandthe economicviabilityof acoalreserve.These qualityattributesaidedin convertingin-situ

resource tons todemonstrated coalreserves (recoverable washedtons). The reserveand resource criteriaare

presented inSections 12.1and 11.3,respectively,of the CurraghTRS, includingassumptions relatedto seam

density, minimumcut-off thickness, and recoveries.Pricing data as providedby Coronado is described inTable

16.2 of the Curragh TRS.These are weighted-average realized values acrossthe LOM schedule.

RegardingproductionratesasdescribedinSection13oftheCurraghTRS,themineplanandproductivity

expectationsconsiderhistoricalperformanceandeffortshave beenmade toadjustthe plantoreflectcurrent

technology and futureconditions. Additional mine-specific factorscan be foundin Section 13of the CurraghTRS.

Buchanan

Buchananisaproduction-stageminingproperty,consistingofoneactiveundergroundmineandsupporting

infrastructure thatproduces Low-VolMet coal usingthe longwallmining method.The mine complexis located

in Buchanan County in southwest Virginia.A map of Buchanan is shown in Figure 4.

Figure 4.Coronado Buchanan Mine Complex Property LocationMap.

Coronado Global Resources Inc. Form 10-K December 31,202477

The Buchananmine complexis locatedapproximately6.4 kilometerssoutheast ofOakwood, Virginia,and 16

kilometerssoutheastofGrundy,Virginia.ThecoordinatesoftheBuchananCPParelatitude37°09'40"and

longitude 81° 59' 13"(Easting 984,100’, Northing 320,100’– in the VAState Plane South NAD83 grid system).

ThenearestmajorpopulationcentersareRoanoke,Virginia,andLexington,Kentucky,whichareabout153

kilometers northeastand 290kilometers northwestof theproperty,respectively.From U.S.Route 460,which

runsthroughOakwood,awell-developednetworkofimprovedandunimprovedroads providesaccesstothe

property.The surface facilitiesat Buchanan arelocated along aNorfolk Southern railline, which servesas the

primary meansof transport forproduced coal.Norfolk Southern transportscoal fromthe Buchanan minecomplex

eithertodomesticcustomersortoLambertsPointCoalTerminalPier6inNorfolk,Virginia,foroverseas

shipment.

Buchananhasreadyaccessto water,electricityandpersonneltosupportits operations.Theminecomplex

sources water from streams thatflow over Company-owned property.The mine also utilizes groundwater from

an old, abandoned mine.Electricity is sourced from American Electric Power.Personnel have historically been

sourcedfromthesurroundingcommunitiesinBuchanan,Tazewell,McDowellandPikeCountiesandhave

proven to be adequate in numbersto operate the mine complex.As mining is common in the surroundingareas,

the workforce is generally familiar with mining practices,and many are experienced miners.

The property mineral rights are composed of approximately 33,578 total hectares, of which 25,853 are leased or

subleased from private landholders under approximately 150 individual coal lease tracts, and7,725 hectares are

owned by Coronado.Subject to Coronado’s exercisingits renewal rights thereunder,all the leases expire upon

exhaustion of the relevant coal reserves, which is expectedto occur in 2043.

Under theterms ofthe relevantleases, weare requiredto payroyalties rangingfrom 3%to 6%of theselling

priceofcoalminedfromthecorrespondingleaseholdand,forthemajority,anannualminimumroyalty,

irrespective ofproduction.Coal producedat Buchanan,however,is notsubjectto “wheelagefees”(i.e., fees

payable on coalmined andremoved from propertiesother thanthe particularleasehold and hauledacross the

leasehold premises).

ThepropertywasformerlycontrolledbyConsolidationCoalCompany,orCONSOL.Minedevelopmentwas

started byCONSOL in1983,and longwallproduction beganin 1987.Coronado acquiredthe BuchananMine

from CONSOL in March 2016.Production history has been approximately 3.9MMt in 2022, 3.6 MMtin 2023 and

3.5 MMt in 2024.

Our rightto commerciallymine andrecover coalreserves atBuchanan overlapswith theright ofan affiliateof

CNX Resources Corporation, which we refer to as the Gas Party,to commercially recover and develop coal gas

interestsfromtheminearea.TheGasPartyandwehaveenteredintocertainagreementstoregulatethe

interaction between, and coordinate, ourrespective operations.In general, the combination ofthese overlapping

interests allowsfor mutualbenefits tothe parties,namely,the degassingof ourcoal miningoperationsinthe

mine, which helps assure the safety of minepersonnel, and the Gas Party’scommercial capture and sale of the

coal gas.In addition, the Gas Party’s drilling activities have contributed to exploration efforts with respect to coal

deposits at Buchanan.As the only natural gas supplier inthe area, we purchase our requirements ofnatural gas

for the operation of our thermal dryer at Buchanan fromthe Gas Party.

BeforeCoronadotookoverminingoperationsatBuchanan,CONSOLEnergyhadconductedextensive

exploration of the property.We have continuedexploration at the propertythrough a program ofcore drilling to

confirm reserves, establish additional resourcesand assess the geotechnical viability of mining.

BuchananproducesprimarilyaLow-VolHCC,butitalsoproducesapremiumLow-VolPCIproduct.The

Buchanan mineextracts coalfrom thePocahontas #3seam ofthe Pennsylvanian-agePocahontas Formation,

which is the principal minable coal seamof that formation.The seam is situated below drainagethroughout the

Property and is accessed by vertical shafts.The seam thickness averages 1.57 meters within the miningarea.

Coronado Global Resources Inc. Form 10-K December 31,202478

TheBuchananminecurrentlyextractscoalusingtwolongwallsystemssupportedbysixcontinuousminer

sections, which develop main entries and gate roads in preparation for the longwall. A seventh continuous miner

section isexpected tobegin in2026.Each continuousminer sectionis equippedwith oneor twocontinuous

miners, two roof boltersand two or threecoal haulage units.After extraction, a seriesof conveyor belts deliver

raw coalto anunderground storagebunker.The Buchananmine complexuses askip hoistsystem tolift raw

coal to the surface.Buchanan has a CPPthat processes rawcoal at a rateof approximately 1,270 rawtph, as

well as the other necessarysupport infrastructure, including loadoutand portal facilities. Coronado’s2023 long-

term production forecastincluded the constructionof a new coalpreparation plant atBuchanan and associated

coal production volumes; however, this hasbeen removed from the2024 production forecast dueto lower pricing

environment and toallow for additionaloption analysis.A new plant remainsunder consideration andas such,

futureproductionvolumeforecastswillbere-evaluatedandupdatedtoreflectanycorrespondingcapacity

increases.

Generally,the miningequipmentand facilitiesat Buchananare ingood operatingcondition.We focuson the

long-term potential ofthe mine complex andregularly monitor developments inthe mining industry fortechnology

improvements andnew equipmentthat couldhelp usincrease efficiencyand lowerour costs.Since acquiring

the Buchananoperations,we haveimplementedimprovementsat theCPP,whichhave resultedin increased

capacity.Fromtimetotime,wealsoupdateandimproveotherequipmentandfacilitiestomaintaintheir

usefulnessandoptimizeourcompetitiveness.Forexample, werebuildour longwallshear,drivesand cycling

shields after every panel. Wehave also entered into lifecycle management agreements for ourcontinuous miner

equipment, installed programmable logic controller,or PLC, controls on the skip hoist system, upgraded our belt

drives for increased horsepower, deployed state-of-the-art Fletcher roofbolters on our continuous minersections

and switchedtoPLCcontrolsystemsand variablefrequencydrive,or VFD,starterson ourbeltdrives.Asof

December 31, 2024, the book value of Buchanan and itsassociated plant and equipment was $533.5 million.

WearenotawareofanysignificantencumbrancesordefectsintitlewithrespecttotheBuchananproperty.

Additionally,we believe wehave obtainedall requisite miningand dischargepermits to conductour operations

at Buchanan and expectto be ableto obtain all requiredpermits in the future.The Buchanan mine complexholds

one state permit, with the associated NPDES permit.

Buchanan issubject toa federalblack lungexcise taxof $1.21per tonfor undergroundmining anda federal

reclamation tax of $0.13 per tonfor underground mining.However, the federal black lung excise tax applies only

with respectto coalsold domestically.Additionally,Buchanan issubject toa Virginiareclamation taxof $0.05

per ton (which amount is contributed to a state-funded bond pool) and a Virginia severance tax of 2% for all coal

sold. SeeItem 1.“Business—RegulatoryMatters—United States”for adiscussion ofthe permittingconditions

applicable to Buchanan.

Summaries of Buchanan’s coal resources and reserves as of December 31,2024 and 2023 are shown in Tables

6 and 7, respectively.

Table6.Buchanan –Summary ofCoal ResourcesExclusive ofReserves atthe Endof theFiscal Year

Ended December 31, 2024 and 2023.

(1)

Coal Resources (Dry Tons, In Situ, MMt)

(2)(3)(4)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

+

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

December 31, 2024

29

5

34

—

16.0%

0.8%

18.0%

December 31, 2023

31

4

35

—

16.0%

0.8%

18.0%

(1)Pricing forresources isdescribed inSection 11.3.1of theBuchanan TRS(as definedbelow).Based onassumed long-term

average price of $143 per Mt (FOBloadout) for Buchanan resources asof December 31, 2023 and$143 per Mt (FOB loadout) for

resources atDecember 31,2024, representing thelong-term average priceforecast forBuchanan based onindependent price

forecasts.

(2)Exclusive of reservetons. Table1-1 of theBuchanan TRS providesa summary ofBuchanan resource tonsinclusive of reserve

tons as of December 31, 2024.

(3)Reported on a dry basis.Surface moisture and inherent moisture are excluded.

(4)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

Coronado Global Resources Inc. Form 10-K December 31,202479

Table7.Buchanan – Summaryof Coal Reserves(Marketable Sales Basis)at the End ofthe Fiscal Year

Ended December 31, 2024 and 2023.

(1)

Demonstrated Coal Reserves (Wet

Tons, Washed

or Direct Shipped, MMt)

(2)(3)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2024

78

6

83

6.0%

0.7%

20.0%

December 31, 2023

87

5

92

6.0%

0.7%

20.0%

(1)Pricing data as provided by Coronado is describedin Section 16.2 of the Buchanan TRS For Buchananreserves as of December

31, 2023, the pricing data assumes a weighted average domestic andinternational FOB-mine price of approximately $172 per Mt

for calendaryear 2024;the weightedaverage pricedecreases toapproximately $138to$145per Mtthrough year2028 and

averages approximately $173 per Mt over the LOM.For Buchanan reserves as of December 31, 2024, the pricing data assumes

a weighted averagedomestic and internationalFOB-mine price ofapproximately $142 perMt for calendaryear 2025; the weighted

average price decreases to approximately $132 to $139 per Mt through year 2029 and averages approximately $157 per Mt over

the LOM.

(2)Reported on a 6.0% moisture basis.

(3)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

FromDecember31,2023,toDecember31,2024,totalreservesdecreasedapproximately10%,from

approximately92.0MMttoapproximately83.0MMt.Thisnetreductionof9.0MMtoftotalreserveswas

attributable toa combinationof updatesto themine planalong withone yearof miningdepletion. ATRS with

respect to Buchanan, updating the TRS with respectto Buchanan filed with Coronado’s AnnualReport on Form

10-K for theyear ended December31, 2024, wasprepared in February2025 due tomaterial differencesin the

key financial modifying factors, including mining plans, coal sales price assumptions, operating costs and capital

costs fromDecember 31, 2023,to December 31,2024. Mining plansare discussed inSection 13 ofthe Buchanan

TRS. Coal sales price assumptions underlying the reserve estimates are discussed in Sections12 and 16 of the

BuchananTRS,whileoperatingcostsandcapitalcostsassumptionsunderlyingthereserveestimatesare

discussed in Sections 18 and 19of the Buchanan TRS.The differences in the key financial modifying factorsdid

not havea materialimpact onthe reserveestimates fromDecember 31,2023, toDecember 31,2024.From

December 31, 2023 to December 31, 2024, measured andindicated resources decreased by approximately 3%,

and is attributable to oneyear of mining depletion along withchanges to the mine plan.Updated financial inputs,

including coalsales price assumptionsand operating andcapital costs usedin estimating theresources exclusive

of reserves, as discussed in Section 11.3 of the Buchanan TRS, did not have a material impact onthe measured

and indicatedresource estimates asof December31, 2024,as comparedto themeasured andindicated resource

estimates as of December 31, 2023.

Marshall Miller& Associates,Inc., athird-partyfirm comprisingminingexperts, whomwe referto asthe U.S.

QPs, prepared the estimatesof coal resources and reservesas of December 31, 2024summarized in Tables6

and 7.A copy of theU.S. QPs’ TRS withrespect to Buchanan, datedas of February 1,2025,

or the Buchanan

TRS, is filed as Exhibit 96.2 hereto. The U.S. QPs arenot affiliated with Coronado.

TheU.S.QPspreparedtheestimatesofcoalresourcesandreservesusingcoredrillingdataavailablefrom

explorationactivitiesatBuchananconductedbynumerousentitiesovertime.Mostofthisinformationwas

obtainedpriortoouracquisitionoftheproperty,usingvaryingdrillingandcore-loggingtechniques,survey

methods and testingprocedures.As a result,in verifying thedata, the U.S.QPs made certainassumptions about

the adequacy of theprocesses performed andcomparability of the databased on their professionalexperience

and familiarity with Buchanan.

PerSection12.1oftheBuchananTRS,coalreserveswereclassifiedasprovenorprobableconsidering

“modifyingfactors,”includingmining,metallurgical,economic,marketing,legal,environmental,socialand

governmental factors.Section 22.2of theBuchanan TRS includesa riskassessment of thekey modifying factors

that could potentially impact the operations and therefore theestimate of coal reserves and resources.

Coronado Global Resources Inc. Form 10-K December 31,202480

As summarized in Section 7.1 in the Buchanan TRS, the U.S. QPs utilizedapproximately 16,000 available core,

rotary,channelsamples,minemeasurementsandcoalbedmethanewellsonandaroundtheBuchanan

property.Points of observationinclude exploration drillholes, degas holes,and mine measurements,which have

beenfullyvettedandprocessedintoageologicmodel.Thegeologicmodelisbasedonseamdepositional

modeling, theinterrelationshipof overlyingand underlyingstrataon seammineability,seamthicknesstrends,

theimpactofseamstructure(i.e.,faulting),intra-seamcharacteristics,etc.TheU.S.QPscompleteda

geostatistical analysison drill holeswithin the reserveboundaries to determinethe applicabilityof the common

United States classification system formeasured and indicated coal resources.As summarized in Section 11.1

of the Buchanan TRS, these resultshave led the U.S. QPs toreport the data following the historicalclassification

standards, rather than use the results of theDHSA.

Coal quality isinstrumental in determiningthe viability ofa coal deposit.Per Section 8.2of the BuchananTRS,

coalqualityconformstotheAmericanSocietyforTestingandMaterials,orASTM,standards.Thesequality

attributes aidedin convertingdry,in-place tonsto demonstratedcoal reserves(recoverable washedtons). The

reserve and resourcecriteria are presentedin Table11-1of the BuchananTRS, including assumptionsrelated

to seam density, minimumcut-off thickness, and recoveries.

Regarding productionrates asdescribed inSection 13.2of the BuchananTRS, themine planand productivity

expectationsreflecthistoricalperformanceandeffortshavebeenmadetoadjusttheplantoreflectfuture

conditions.Mine development and operation have not beenoptimized within the Buchanan TRS.

Logan

Coronado’s Logan property iscurrently in theproduction stage.Logan consists of fouractive underground mines

and supportinginfrastructure thatproduce High-VolMet coalusing the roomand pillar miningmethod andtwo

active surface mines(ToneyFork and Elklick)and supportinginfrastructure thatproduce bothMet and thermal

coal using thecontour andhighwall miningmethods. Undergroundmine operationswere active during2024 at

thePowelltonNo.1,LowerWarEagle,EagleNo.1andMuddyBridgeMineswithone,three,threeandtwo

active miningsections, respectively.The Logancomplex lifeplan includes13 proposedmines, consistingof

ten underground minesand three surfacemines. The propertyis located inBoone, Logan andWyoming Counties

in southern West Virginia.The surface facilities are located in LoganCounty, WestVirginia.A map of Logan is

shown in Figure 5.

Figure 5.Coronado Logan Mine Complex Property LocationMap.

Coronado Global Resources Inc. Form 10-K December 31,202481

The Loganmine complexencompasses thetowns ofLorado andPardee inLogan County,West Virginia,and

Cyclone and Lacoma in Wyoming County,West Virginia. The coordinatesof the Saunders CPP are latitude37°

47' 58" and longitude 81° 40' 01" (Easting 1,806,880’, Northing291,517’ – in the WV State Plane South NAD 27

grid system). The nearestmajor population centers areHuntington, West Virginia, and Charleston,West Virginia,

which are about 145 kilometers northwest and 129 kilometers northeast of the property, respectively.From U.S.

Route119,whichrunsthroughMingo,LoganandBooneCountiestothenorth,awell-developednetworkof

improved andunimproved roadsprovides accessto theproperty,including Route16 andRoute 10,which run

east-west across the property in Logan County and WyomingCounty, respectively.The Logan surface facilities

are located approximately 21 kilometers northeastof Man, West Virginia, alonga CSX Corporation, or CSX, rail

line, which serves asthe primary means oftransport for producedcoal.CSX transports coal fromLogan either

to domestic customers or to the Kinder Morgan Pier IX andDominion Terminalsin Norfolk, Virginia, for overseas

shipment.

Logan hasready accessto water, electricityand personnelto supportits operations.Buffalo Creek PublicService

District supplieswater andAmerican ElectricPower supplieselectricityto themine complex.Mine personnel

generally live in the surrounding communities of Logan,Boone, Wyoming and Mingo Counties in WestVirginia.

Thepropertymineralrightsarecomposedof12,735totalhectares,12,666ofwhichareleasedfromprivate

landholdersunderapproximately14individualleases,and69hectaresareownedbyCoronado.Subjectto

Coronadoexercisingits renewalrightsthereunder,amajorityoftheleases,coveringamajorityoftheLogan

reserves, expire uponexhaustion of therelevant coal reserves,which is expectedto occur in2057.One lease

expires in 2032; however,Coronado is projected to have previously exhausted thereserves covered thereby.

Under the terms of the leases, we are required to pay royalties ranging from 3.0% to 9.0%of revenue from sales

of coalproduced dependingon miningmethod. Certainof theleases alsoprovide for“wheelage fees”ranging

from 0.25% to 1.0%of revenue fromsales of coalmined and removedfrom properties otherthan the particular

leasehold and hauled across the leasehold premises.

The mining ofLogan was commenced in1945 by LoradoMining Company, or Lorado. Lorado wassold to Buffalo

Mining Companyin 1964and thento PittstonCoal Companyin 1971.Pittston operatedthe propertyuntil the

early 1990’s.After being idle fora period, the propertywas then sold toAddington Resources in2004.Imagin

NaturalResourcesacquiredthepropertyin2007andsoldittoCliffsNaturalResources Inc.(nowknownas

Cleveland-Cliffs Inc.) in 2011,which in turn soldthe property to Coronadoin 2014. Production historyhas been

approximately 2.1 MMt in 2022, 2.5 MMt in 2023 and 2.1MMt in 2024.

BeforeCoronadoacquiredLogan,previousownershadconductedextensiveexplorationontheproperty.

Coronadohascontinuedexplorationatthepropertythroughaprogramofcoredrillingtoconfirmreserves,

establish additional resources and assess the geotechnicalviability of mining.

LoganproducesprimarilyHigh-VolMetcoal(HVAHCCandHVBHCC),minedfromvariousseamsofthe

Kanawha Formation. Afew of the seamslie below drainage;however, asubstantial number ofMet coal seams

are situated above drainage. Logan also produces thermal coalfrom upper portions of the Kanawha Formation.

As of December31, 2024, undergroundmine operations wereactive at thePowellton No. 1,Lower WarEagle,

Eagle No. 1 andMuddy Bridge Mineswith one, three,three and two activemining sections, respectively,using

the room and pillar method.

All sections of the active underground mines at Logan are configured asfull super sections, with two continuous

miners persection.Each sectionalso hastwo roofbolters, fourshuttle carsand twoscoops.From thecontinuous

miner at the production face, the shuttle cars haul extracted coal to a feeder breaker, which transfers raw coal to

a conveyorbelt fortransportto asurface stockpileholding area.A sharedoverland conveyorcarries rawcoal

from the Powellton No. 1 and Lower War Eagle mines to a CPP. Truckshaul raw coal from the Eagle No. 1 mine

to the CPP and from the Muddy Bridge mine to the Logan overland conveyor.The CPP has a feed rate capacity

of 1,088 raw tph.The CPP site includes raw coal storage, clean coal storage, a loadout connected to a CSX rail

line and refuse disposal area.

TheToneyForkandElklicksurfaceminesextractMetandthermalcoalusingthecontourandareamining

methods.Theminesusespreadsoffront-endloaders,largetractors/dozersandrocktruckstoremove

overburden and expose the coal. Wewill deploy highwall mining whenoverburden volumes exceed economical

stripping ratios associated with area andcontour mining. Trucks haul raw coal from Toney Fork and Elklick to the

CPP site for cleaning or to the loading site to be shippeddirectly to customers.

Coronado Global Resources Inc. Form 10-K December 31,202482

OurcurrentplansatLogancontemplate13proposedmines,consistingoftenundergroundminesandthree

surface mines,including thesix minescurrently inoperation.The proposedunderground mineswould extract

coal usingthe roomand pillarmining method,and theproposed surfacemines wouldextract coalusing area,

contour or highwall mining methods, or some combination thereof.

Generally,the mining equipmentand facilities at Loganare in good operatingcondition.We focus on thelong-

termpotentialoftheminecomplexandregularlymonitordevelopmentsintheminingindustryfortechnology

improvementsandnewequipmentthatcouldhelpus increaseefficiencyandlowerour costs.Logan’soldest

miningequipmentandfacilities,includingtheCPPandloadoutfacility,beganoperationsin2008,whenthe

PowelltonNo.1minestartedproduction.SinceacquiringtheLoganoperations,wehaveimplemented

improvementsat theCPP,which haveresulted inincreased capacity.From timeto time,we alsoupdate and

improveotherequipmentandfacilitiestomaintaintheirusefulnessandoptimizeourcompetitiveness.Asof

December 31, 2024, the book value of Logan and its associatedplant and equipment was $223.4 million.

We arenot awareof any significantencumbrances ordefects in titlewith respectto the property.Additionally,

we believe we have obtained all requisitemining and discharge permits to conductour operations at Logan and

expect to beable to obtainor renew allrequired permitsin the future.The Loganmine complex holds27 state

permits with associated NPDES permits.

Logan is subject to a federal black lung excise tax of $1.21 per ton for underground mining and $0.61 per ton for

surface and highwall mining; however, thistax applies only with respect to coal sold domestically.Logan is also

subject to afederal reclamationfee of $0.13per tonfor undergroundmining and$0.31 per tonfor surfaceand

highwall mining.Additionally,Logan is subject toa West Virginiareclamation tax of$0.308 per ton anda West

Virginia severancetax of1.0% to5.0% ofrevenues forall coalproduced. SeeItem 1.“Business—Regulatory

Matters—United States” for a discussion of the permittingconditions applicable to Logan.

Summaries of Logan’scoal resources andreserves as ofDecember 31, 2024and 2023 areshown in Tables8

and 9, respectively.

Table 8.Logan – Summary of Coal Resources Exclusiveof Reserves at the End of theFiscal Year Ended

December 31, 2024 and 2023.

(1)

Coal Resources (Dry Tons, In Situ, MMt)

(2)(3)(4)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

+

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

December 31, 2024

30

41

71

3

17.0%

1.0%

31.0%

December 31, 2023

39

36

75

3

17.0%

1.0%

31.0%

(1)Pricing for resources is described in Section11.3.1 of theLogan TRS (as defined below).For Logan resources as of December

31,2023,basedonassumedlong-termaveragepriceof$154perMt(FOBloadout)forunderground-mineableresources,

representing thelong-term average priceforecast forHVB provided byCoronado; surface resourceswere assessedat asales

price of $83 per Mt (FOB loadout) based on estimated historical pricing for Coronado’s surfaceoperations.For Logan resources

as of December31, 2024, based onassumed long-term average priceof $176 perMt (FOB loadout)for underground-mineable

resources, representing the long-term averageprice forecast for HVB provided byCoronado; surface resources were assessedat

a sales price of $99 per Mt (FOB loadout)based on estimated historical pricing for Coronado’s surfaceoperations.

(2)Exclusive of reserve tons. Table 1-1 of the Logan TRS providesa summary of Logan resource tonsinclusive of reserve tons as of

December 31, 2024.

(3)Reported on a dry basis.Surface moisture and inherent moisture are excluded.

(4)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

Coronado Global Resources Inc. Form 10-K December 31,202483

Table 9.Logan – Summaryof Coal Reserves(Marketable Sales Basis)at the Endof theFiscal Year Ended

December 31, 2024 and 2023.

(1)

Demonstrated Coal Reserves (Wet

Tons,

Washed or Direct Shipped, MMt)

(2)(3)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2024

40

23

62

8.0%

0.9%

35.0%

December 31, 2023

55

16

71

8.0%

0.9%

35.0%

(1)Pricing data asprovided by Coronado isdescribed in Section16.2 of theLogan TRS.For Logan reservesas of December31,

2023, the pricing dataassumes respective HVA,HVB and thermal FOB-mine pricesof approximately $162, $144, and$120 per

Mt for calendar year2024.HVA, HVB,and thermal prices respectively decrease toapproximately $161, $143, and $114per Mt

through year 2026, and thenincrease to $308, $273, and $212per Mt through year 2057.For Logan reserves as ofDecember 31,

2024, the pricing data assumes respective HVA, HVB and thermalFOB-mine prices of approximately $171,$151, and $80 per Mt

for calendar year2025.HVA, HVB, and thermalprices respectivelydecrease to approximately$162, $144,and $83 perMt through

year 2027, and then increase to $306, $271, and$150 per Mt through year 2057.

(2)Reported on a 4.5% - 6.0% moisture basis.

(3)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

From December31, 2023to December31, 2024,total reserveshave decreasedby 12%.This changeinthe

number of total reserves was attributable toa combination of updates to the mine plans,including conversion of

selectresourcestoreserves,alongwithoneyearofminingdepletion.Inaddition,onemineralsublease

containing reservesexpired.A TRSwith respectto Logan,updating theTRS withrespectto Loganfiled with

Coronado’s Annual Report onForm 10-K forthe year endedDecember 31, 2024, wasprepared in February 2025

due tomaterial differences inthe key financialmodifying factors includingcoal sales priceassumptions, operating

costs andcapital costs fromDecember 31,2023, toDecember 31,2024. Coalsales price assumptionsunderlying

the reserve estimates arediscussed in Sections 12and 16 of the LoganTRS, while operating costsand capital

costs assumptions underlying the reserveestimates are discussed in Sections18 and 19 ofthe Logan TRS.The

differences in thekey financial modifyingfactors did nothave a materialimpact on the reserveas of December

31,2024,ascomparedtothereserveestimatesasofDecember31,2023.FromDecember31,2023,to

December 31, 2024, measured and indicated resources decreased byapproximately 5%, from approximately 75

MMt to 71 MMt.This net reduction of 4MMt of measured and indicatedmineral resources was attributable toone

year of mining depletion along with changesto the mine plan. Updated financial inputs, includingcoal sales price

assumptions andoperating andcapital costsused inestimating theresources exclusiveof reserves,including

conversion ofresourcesto reserves,as discussedin Section11.3of theLogan TRS,did nothave amaterial

impactonthemeasuredandindicatedresourceestimatesasofDecember31,2024,ascomparedtothe

measured and indicated resource estimates as of December31, 2023.

Marshall Miller& Associates,Inc., athird-partyfirm comprisingminingexperts, whomwe referto asthe U.S.

QPs, prepared the estimatesof coal resources and reservesas of December 31, 2024summarized in Tables8

and 9.A copy of the U.S. QPs’TRS with respect to Logan,dated as of February 1,2025, or the Logan TRS,is

filed as Exhibit 96.3 hereto. The U.S. QPs are not affiliatedwith Coronado.

TheU.S.QPspreparedtheestimatesofcoalresourcesandreservesusingcoredrillingdataavailablefrom

exploration activities at Logan conducted by numerousentities over time.Most of this information was obtained

prior toour acquisitionof the property,using varyingdrilling andcore-logging techniques,survey methodsand

testing procedures.As aresult, inverifying the data,the U.S.QPs madecertain assumptions aboutthe adequacy

of the processes performed and comparabilityof the data based on theirprofessional experience and familiarity

with Logan. Per Section 12.1 of the Logan TRS, coal reserves wereclassified as proven or probable considering

“modifyingfactors,”includingmining,metallurgical,economic,marketing,legal,environmental,socialand

governmental factors.Section 22.2of the LoganTRS includesa riskassessment ofthe keymodifying factors

that could potentially impact the operations and therefore theestimate of coal reserves and resources.

As summarized in Section 7.1 in the Logan TRS, the U.S. QPs utilized 1,160 available core, rotary, and gas well

drilling on and aroundthe Logan property. Mine data from activeunderground mines was supplied tosupplement

the explorationdrillhole records,by seam.Points ofobservationinclude explorationdrill holes,gas wells,and

mine measurements, which have been fully vettedand processed into a geologic model.The geologic model is

basedonseamdepositionalmodeling,theinterrelationshipofoverlyingandunderlyingstrataonseam

mineability,seam thicknesstrends, theimpact ofseam structure(i.e., faulting),intra-seam characteristics,etc.

The U.S.QPs completeda geostatisticalanalysis ondrill holeswithin thereserve boundariesto determinethe

applicabilityofthecommonU.S.classificationsystemformeasuredandindicatedcoalresources.As

summarized in Section11.1of the Logan TRS,these results haveled the U.S. QPsto report the datafollowing

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

Coronado Global Resources Inc. Form 10-K December 31,202484

Coal quality is instrumental in determiningthe viability of a coal deposit. PerSection 8.2 of the Logan TRS, coal

qualityconformstotheASTMstandards.Thesequalityattributesaidedinconvertingdry,in-placetonsto

demonstrated coal reserves (recoverablewashed tons). Thereserve and resourcecriteria are presented inTable

11-1oftheLoganTRS,includingassumptionsrelatedtoseamdensity,minimumcut-offthickness,and

recoveries.Pricing data as provided by Coronado is describedin Section 16.2 of the Logan TRS.

Regarding productionrates asdescribed inSection 13.2of theLogan TRS,the projectedunderground mines

are set up similarly to thefour active underground operations as of December 31,2024.Each mine is scheduled

to operate oneto three productionsections.All sections areconfigured as fullsuper sections withtwo continuous

miners per section.Three surface resource areaswere modeled.Mining operations are projectedto utilize area,

as well as contour,mining methods.The three areasplanned for highwallmining are assumedto be minedby

acontractor;therefore,thecontractorcostsincludedinthefinancialmodelassumethatthecontractoris

responsible for staffingthose operations alongwith providing necessary equipmentcapital. Spoil forfinal highwall

reclamation is expectedto come fromstrategic placementof spoil onpre-existing benchesby haul truckssuch

that theyare withinthe pushdistance ofthe reclamationdozer.Additional informationregarding mine-specific

production factors can be found in Section 13.4 of theLogan TRS.

Mon Valley

The Mon Valley minecomplex comprises threedevelopment-stage mining properties, namely, Pangburn, Shaner

and Fallowfield,each consistingof aproposed undergroundmine thatwould produceHigh-VolMet coalusing

the roomandpillarminingmethod.Thepreliminarydesignforthepropertiesalsoincludesplansforsurface

facilitiesandapreparationplantforeachmine.ThepropertiesresideinAllegheny,Washingtonand

Westmoreland Counties in southwestern Pennsylvania.The proposed facilities includea barge loadingdock and

CSX rail loadouton the MonongahelaRiver in Allegheny County, Pennsylvania, whichwould ship cleancoal from

all three mines to end customers.A map of Mon Valleyis shown in Figure 6.

Figure 6.Coronado Mon ValleyMine Complex Property Location Map.

Mon Valley is locatedapproximately 22.5 kilometerssoutheast ofPittsburgh, Pennsylvania, nearthe communities

of Bentleyville,Lockview,Monongahela, Elizabeth,Sutersville andIrwin, Pennsylvania.The coordinatesof the

proposed infrastructure are latitude 40° 15' 24" and longitude 79° 53' 50" (Easting1,398,821’, Northing 343,480’

– in the PA StatePlane South NAD 27 grid system). From U.S. Interstate 70and Pennsylvania Route 51, which

traversetheFallowfieldandPangburnareas,respectively,awell-developednetworkofimprovedand

unimproved roads allows general access to theproperty.The Monongahela and YoughioghenyRivers also run

through the property.The primary means of transport for produced coal would be by bargeon the Monongahela

River/Ohio River system.Additionally,a CSX rail line locatedalong the banks of theMonongahela River would

provide another option for the shipment of coal.

Coronado Global Resources Inc. Form 10-K December 31,202485

MonValleyhassourcesofwater,power,andsuppliesreadilyavailableforuse.Personnelintheareahave

historicallybeensourcedfromthesurroundingcommunitiesinAllegheny,Washington,andWestmoreland

Counties,andhaveproventobeadequateinnumberstooperatethemines.Asminingiscommoninthe

surrounding areas, theworkforce is generallyfamiliar with miningpractices, and many areexperienced miners.

Water is expected to be sourced locally from a nearby public water sources or rivers.Electricity is anticipated to

besourcedfromWestPennPowerorDuquesneLight.Theserviceindustryintheareassurroundingthe

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

Thepropertymineralrightsarecomposedof41,615totalhectares,ofwhich1,339areleasedfromprivate

landholders under two leases,and 40,276 hectares areowned by Coronado.Subject to Coronado’s exercising

its renewal rightsthereunder,both of theleases expireupon exhaustionof the relevantcoal reserves,which is

expected to occur in 2102.

ApredecessorofCONSOLEnergypreviouslycontrolledtheproperties.Weacquiredthepropertiesfrom

CONSOL Energy in March 2016 in connection with theacquisition of the Buchanan property.

Before we acquired Mon Valley, CONSOL Energy had conducted extensive exploration of Mon Valley.We have

continuedanexplorationprogramfocusedondefiningreservesandassessingthegeotechnicalviabilityof

mining.

MonValleyiscapableofproducingprimarilyaHigh-VolMetcoalfromtheUpperFreeportseamofthe

Pennsylvania-ageAlleghenyFormation.Theseamissituatedbelowdrainagethroughoutthepropertiesand

would beaccessed withslopes andshafts.The seamthickness inthe projectedmining areasaverages 1.95

meters.

Under our currentmine developmentplans, productionwould begin atthe Pangburnmine in 2034,followed by

the Shaner mine in2040 and, finally, the Fallowfield mine in2059.The proposed Mon Valley underground mines

would use the room and pillarmining method with limited pillaringas to cause no subsidence.Each mine would

have threecontinuousminersections,with twocontinuousminers, tworoof bolters,four shuttlecars andtwo

scoops persection.The shuttlecars wouldhaul extractedcoal fromthe productionface toa feederbreaker-

conveyor system, whichwould carry rawcoal to asurface stockpileand CPP.The CPPs andsurface facilities

would have largeraw and cleancoal storage areasto facilitate efficientloading of cleancoal into bargesor rail

cars for transport.We havenot yet completeddetailed designsof the infrastructureor surfacefacilities forthe

proposed Shaner and Fallowfield mines.

As of December 31, 2024, the book value of MonValley was $17.5 million.

We are not aware of any significant encumbrances or defects in title with respect to the properties. However,we

will be required to obtain alternatezoning approval from the local township. Further, we will be requiredto submit

formal permitapplicationsto stateor federalregulatoryagencies.Although wehave commencedthe workto

obtain thenecessarypermits andzoning variances,we areaware thatthe periodof timenecessaryto obtain

final authorizations,for purposesof commencingthe development,construction andultimate productionat the

proposed mine site, may be significant, and there can be no assurance that we can obtain the necessary zoning

andpermits.SeeItem1.“Business—RegulatoryMatters—UnitedStates”foradiscussionofthepermitting

conditions applicable to Mon Valley.

Coal mined from theMon Valleymine complex wouldbe subject to afederal black lungexcise tax of$1.21 per

ton for underground mining and afederal reclamation tax of $0.13 per tonfor underground mining.However, the

federal black lung excise tax will only apply with respectto coal sold domestically.

Mon Valley contains no resources exclusive of reserve tons as ofDecember 31, 2024 and 2023. Table 1-1 of the

Mon ValleyTRS (asdefined below)provides a summaryof Mon Valleyresource tonsinclusive ofreserve tons

as of December 31, 2024.

Coronado Global Resources Inc. Form 10-K December 31,202486

A summary of Mon Valley’scoal reserves as of December 31, 2024 and 2023 is shownin Table10.

Table 10.Mon Valley – Summary of Coal Reserves (Marketable Sales Basis) at theEnd of the Fiscal Year

Ended December 31, 2024 and 2023.

(1)

Demonstrated Coal Reserves (Wet

Tons, Washed

or Direct Shipped, MMt)

(2)(4)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2024

78

57

134

8.0%

1.2%

(3)

35.0%

December 31, 2023

78

57

134

8.0%

1.2%

(3)

35.0%

(1)Pricing data asprovided byCoronado is describedin Section 16.2of theMon Valley TRS. ForMon Valley reserves asof December

31, 2023, the pricing data assumesa blended HVB domestic andexport FOB-mine nominal priceof $181 per Mt for calendaryear

2029; HVB domestic and export prices respectively are increasedby 2% annual inflation thereafter.For Mon Valleyreserves as

of December 31, 2024, the pricing data assumes a blendedHVB domestic and export FOB-mine nominal price of$183 per Mt for

calendar year 2030; HVB domestic and exportprices respectively are increased by 2% annualinflation thereafter.

(2)Reported on a 6.0% moisture basis.

(3)LOM sulfur for Pangburn is an estimated 1.2%; however, overall MonValley Complex reserve average is 1.4% sulfur.

(4)Some numerical figures in theabove table have been subjectto rounding adjustments. Accordingly,numerical figures shown as

totals may not equal the sum of the figures thatprecede them.

TotalreservesdidnotchangefromDecember31,2023,toDecember31,2024.ATRSwithrespecttoMon

Valley,updating the TRSwith respect toMon Valleyfiled with Coronado’sAnnual Report onForm 10-Kfor the

year ended December 31, 2024,was prepared in February2025 due to material differencesin the key financial

modifying factorsincluding coal salesprice assumptions,operating costsand capitalcosts fromDecember 31,

2023, toDecember31,2024.CoalsalespriceassumptionsarediscussedinSections12and16oftheMon

Valley TRS, while operating costs and capital costs are discussed in Sections 18 and 19 of the Mon ValleyTRS.

MarshallMiller&Associates,Inc.,athird-partyfirmcomprisingmining,whomwerefertoastheU.S.QPs,

prepared the estimates of coal reserves summarized in Tables10.A copy of the U.S. QPs’ TRS with respect to

Mon Valley(Pennsylvania UpperFreeportHoldings), datedas ofFebruary 1,2025, orthe MonValleyTRS, is

filed as Exhibit 96.4 hereto. The U.S. QPs are not affiliatedwith Coronado.

TheU.S.QPspreparedtheestimatesofcoalresourcesandreservesusingcoredrillingdataavailablefrom

explorationactivitiesatMonValleyconductedbynumerousentitiesovertime.Mostofthisinformationwas

obtained priorto ouracquisition ofthe MonValleyproperty,using varyingdrilling andcore-logging techniques,

surveymethodsandtestingprocedures.Asaresult,inverifyingthedata,theU.S.QPsmadecertain

assumptionsabouttheadequacyoftheprocessesperformedandcomparabilityofthedatabasedontheir

professional experience and familiarity with Mon Valley.

PerSection12.1oftheMonValleyTRS,coalreserveswereclassifiedasprovenorprobableconsidering

“modifyingfactors,”includingmining,metallurgical,economic,marketing,legal,environmental,socialand

governmentalfactors.Section22.2oftheMonValleyTRSincludesariskassessmentofthekeymodifying

factors that could potentially impact the operations and therefore theestimate of coal reserves and resources.

As summarizedin Section7.1 inthe MonValleyTRS, theU.S. QPsutilized approximately750 availablecore

and rotary holeson and aroundthe Mon Valleyproperties. Points ofobservation include explorationdrill holes,

degas holes, and mine measurements,which have been fully vetted and processedinto a geologic model.The

geologic model is basedon seam depositionalmodeling, the interrelationshipof overlying and underlyingstrata

onseammineability,seamthicknesstrends,theimpactofseamstructure(i.e.faulting),intra-seam

characteristics, etc.The U.S. QPscompleted a geostatisticalanalysis on drillholes within thereserve boundaries

to determine the applicability of thecommon United States classification system for measured andindicated coal

resources.As summarized in Section 11.1 of the Mon Valley TRS, these results have led the U.S. QPs to report

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

Coal quality is instrumental in determining theviability of a coal deposit. Per Section8.2 of the Mon ValleyTRS,

coal qualityconforms tothe ASTMstandards. Thesequality attributesaided inconverting dry,in-place tonsto

demonstrated coal reserves (recoverablewashed tons). Thereserve and resourcecriteria are presented inTable

11-1oftheMonValleyTRS,includingassumptionsrelatedtoseamdensity,minimumcut-offthickness,and

recoveries. Pricing data as provided by Coronado is describedin Section 16.2 of the Mon ValleyTRS.

Coronado Global Resources Inc. Form 10-K December 31,202487

Regarding production ratesas described inSection 13.2 ofthe Mon ValleyTRS, the MonValleymine complex

is not yetactive, with three distinctmines and CPPs planned.The mine plan andproductivity expectations reflect

historical performance from other similar mineswith similar conditions and effortshave been made to adjust the

plan to reflect future conditions. Mine development and operation have not beenoptimized within the Mon Valley

TRS.Additional mine-specific factors can be found in Section 13.4of the Mon Valley TRS.

Russell County (Non-Material Property)

TheRussellCountypropertyisnotconsideredmaterialtoCoronado’sbusinessorfinancialconditions.In

addition, pursuant to the current mine plan, theproperty will only start generating cash flows when itcommences

production plannedfor 2042.Resources exclusiveof reservesare based onassumed long-termaverage price

of $154 per Mt (FOB loadout), representing the Company’s long-term average price forecast for Russell County.

The pricingdata assumesHVAFOB-mine priceswith aweighted LOMaverage ofapproximately $267per Mt.

Marketable reserve tons are reportedon a moist basis,including a combination of surfaceand inherent moisture.

The combination of surface and inherent moisture is modeledat 6.0%.

Internal Controls

Ourstaffofgeologistsandengineersworkedwiththequalifiedpersonsthroughoutthemineralresourceand

reserve estimation process and provided datafrom our own exploration andoperating activities at the properties.

Wehaveinternalcontrolprocedures,includingqualityassurance/qualitycontrolproceduresandinternal

verification of input data and geological modelling, subjectto multi-level review, tohelp ensure the validity of the

data. These procedures include, but are not limited to:

•Oversight and approval of each annual statement by responsiblesenior officers;

•Independent, external review of new and materially changedestimates at regular intervals;

•Annualreconciliationwithinternalplanningbyourstaffofgeologistsandengineerstovalidatecoal

reserve and coal resource estimates for operating mines,including the following procedures:

•Assessmentsofdrilling,samplingandqualityassurance/qualitycontroldata,resource

modelling, resource estimation, classification, and reporting;

•Assessmentandbenchmarkingofproductionassumptions,miningrateandproduction

schedules against historical production data;

•Assessmentsofcapitalandoperatingcostsagainstothercomparableprojectsfor

reasonableness;

•Continual identificationandevaluationof materialtechnicalissueslikely toimpactthe five-

year plan and the future performance of producing properties;

•An examination of historicalinformation and results inrespect of the technicalaspects of the properties

by our staff of geologists and engineers, includinga review of the following key elements:

•Geology mapping, reports and models, including geotechnical andhydrology aspects;

•Coal resource and coal reserve estimates;

•Mining operations and proposed growth options;

•Coal preparation facilities;

•Coal handling and transport;

•Environmental matters and approvals;

•Land management, including leases and other pertinentagreements;

•Veracity of existing informationsupporting five-year plans and business plans;

•Identification of key project drivers; and

•Risks and opportunities.

Coronado Global Resources Inc. Form 10-K December 31,202488

The pricinginformationused forpreliminaryresourcevaluation andto estimateour provenand probablecoal

reserves was based on prices under our existing contracts and price forecasts. Belowis a description of some of

the factorsthat couldaffect priceforecasts forMet andthermal coalproducts ona mine-by-mineand product-

by-product basis. Differences betweenthe assumptions and analysesincluded in theprice forecasts and realized

factors could cause actual pricing to differ fromthe forecasts.

Metallurgical.

Several factorscan influenceMet coalsupply anddemand andpricing. Demandis impactedby

economic conditions and demand forsteel and is also impacted by competingtechnologies used to make steel,

some of which do not use coal as a manufacturing input. Competition from other types of coal is also a key price

considerationandcanbeimpactedbycoalqualityandcharacteristics,deliveredenergycost(including

transportation costs), customer service and support andreliability of supply.

SeaborneMetcoalimportdemandcanbesignificantlyimpactedbytheavailabilityoflocalcoalproduction,

particularlyinleadingMetcoalimportcountriessuchasChinaandIndia,amongothers,aswellascountry-

specific policies restricting or promoting domestic supply. The competitiveness of seaborne Met coal supply from

leading Met coalexporting countries, such asAustralia, the UnitedStates, Russia, Canada andMongolia, among

others, is also an important price consideration.

In addition tothe factors notedabove, the priceswhich may beobtained at eachindividual mine orfuture mine

can be impactedby factors suchas (i) themine’s location,which impacts thetotal delivered energycosts to its

customers, (ii)quality characteristics,particularlyif theyare uniquerelativeto competingmines, (iii)assumed

transportation costs and(iv) other minecosts that arecontractually passed on tocustomers in certaincommercial

relationships.

Thermal.

Several factors can influence thermal coal supplyand demand and pricing. Demand is sensitiveto total

electric power generation volumes, which aredetermined in part by theimpact of weather on heatingand cooling

demand,inter-fuelcompetitionintheelectricpowergenerationmix,changesincapacity(additionsand

retirements),inter-basinorinter-countrycoalcompetition,coalstockpilesandpolicyandregulations.Supply

considerationsimpactingpricingincludereservepositions,miningmethods,stripratios,productioncostsand

capacity and the cost of new supply (new mine developmentsor extensions at existing mines).

ThecostinformationthattheQPsusedforpreliminaryresourcevaluationandtoestimateourprovenand

probable reserveswere generallyinternal projectedfuture costsbased onhistorical costsand expectedfuture

trends. Theestimated costsnormally includemining, processing,transportation, royalty,tax andother mining-

relatedcosts.Ourestimatedminingandprocessingcostsreflectprojectedchangesinpricesofconsumable

commodities (mainly diesel fuel,natural gas, explosives andsteel), labor costs, geologicaland mining conditions,

targetedproductqualitiesandothermining-relatedcosts.Estimatesforothersales-relatedcosts(mainly

transportation, royaltyand tax)are basedon contractualprices orfixed rates.Specific factorsthat mayimpact

the cost at our various operations include:

•

Geological settings.

The geologicalcharacteristics ofeach mineare amongthe mostimportant factors

that determine the mining cost. Our geology department conducts the exploration program and provides

geological models for the LOM process. Coal seam depth, thickness, dipping angle, partings and quality

constrain the available mining methodsand size of operations. Shallowcoal is typically mined bysurface

miningmethodsbywhichtheprimarycostisoverburdenremoval.Deepcoalistypicallyminedby

undergroundminingmethodswheretheprimarycostsincludecoalextraction,conveyanceandroof

control.

•

Scale of operations and the equipmentsizes.

For surface mines, our dragline systemsgenerally have a

lower unit costthan truck-and-shovel systems foroverburden removal. The longwalloperations generally

are more cost effective than bord-and-pillar operationsfor underground mines.

•

Commodity prices.

For surface mines,the costs ofdiesel fuel andexplosives aremajor components of

the total mining cost.For underground mines, thesteel used for roofbolts represents a significantcost.

Commodity priceforecasts areused toproject thosecosts inthe financialmodels weuse toestablish

our reserves.

•

Targetproduct quality.

By targetinga premiumquality,product, ourmining andprocessingprocesses

may experiencemore coallosses. Bylowering productquality,the coallosses canbe minimizedand

therefore a lower cost perMt can be achieved. Inour mine plans, the productqualities are estimated to

correspond to existing contracts and forecasted marketdemands.

Coronado Global Resources Inc. Form 10-K December 31,202489

•

Transportationcosts.

Wehaveenteredintoarrangementswiththirdpartiestogainaccessto

transportation infrastructure and services where required, includingrail carriers and port owners. Where

coalisexportedorsoldotherthanattheminegate,thecostsassociatedwiththesearrangements

represent a significant portion of both the total cost of supplying coal to customers and of our production

costs.Asaresult,thecostoftransportationisnotonlyakeyfactorinourcostbasebutalsointhe

purchasingdecisionofcustomers.Ourtransportationcostsvarybyregion.SeeItem1.“Business—

Transportation” for more information regardingtransportation arrangements for our operations.

•

Royalty costs.

As conditions tocertain of theTenements,Curragh is subjectto royalties payableto the

QueenslandgovernmentasdescribedinItem1.“Business—RegulatoryMatters—Australia—Mineral

Resources Act 1989(Qld)”. These royaltiesare in additionto the Stanwellrebate, as describedin Item

1. “Business—Customers—Stanwell.” Royaltycosts at our U.S. Operationsare based upon contractual

agreements for the coalleased from private ownersand vary fromproperty to propertyand by the type

ofmine(i.e.,surfaceorunderground).TheroyaltyratesunderleasesatourU.S.Operationsrange

between3%-9%ofrevenuesfromcoalsales.Undersomeoftheleases,wearerequiredtopay

minimum royalties,regardlessof production,and/or “wheelagefees” (i.e.,fees payableon coalmined

andremovedfrompropertiesotherthantheparticularleaseholdandhauledacrosstheleasehold

premises).

•

Black lung,severance andreclamation taxes.

Our U.S.Operations aresubject toa federalblack lung

excise tax on coal sold domestically.

•

Exchange rates.

Costs related to our Australian Operations are predominantly denominated in A$, while

the coal that our Australian Operationsexport is sold in US$. Asa result, A$-US$ exchange rates impact

the U.S. dollar cost of our Australian Operations’ production.

For further discussion of comprehensive risk inherent in the estimation, see Item 1A.“Risk Factors—Operational

and TechnologyRisks—Werely onestimatesof ourrecoverable resourcesandreserves,whichare complex

due to geological characteristics of the properties and thenumber of assumptions made.

Coronado Global Resources Inc. Form 10-K December 31,202490

ITEM 3.LEGAL PROCEEDINGS.

We areinvolved invariouslegal proceedingsoccurringin theordinary courseof business.It isthe opinionof

management, after consultationwith legal counsel,that these matterswill not materiallyaffect our consolidated

financial position, results of operations or cash flows.

The Company is subject to a widevariety of laws and regulations within the legal jurisdiction inwhich it operates.

See “Part I, Item 1. Business—Regulatory Matters”for additional information. The Company believes thatit is in

substantial compliance with federal, state and local lawsand regulations.

Coronado Global Resources Inc. Form 10-K December 31,202491

ITEM 4. MINE SAFETY DISCLOSURES

Safety is the cornerstone of the Company’s values and is thenumber one priority for all employees at Coronado.

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

Mine Safetyand HealthAdministration, orMSHA, andstate regulatoryagencies. Underregulations mandated

by the Mine Act, MSHA inspects our U.S. mines on a regular basisand issues various citations and orders when

it believes a violation has occurred under the Mine Act.

In accordancewithSection1503(a) ofthe Dodd-FrankWallStreet ReformandConsumer ProtectionAct and

Item 104 of Regulation S-K (17 CFR 229.104), each operator of a coal or other mine is required to report certain

mine safety results in its periodic reports filed with theSEC under the Exchange Act.

Information pertaining to mine safetymatters is included in Exhibit95.1 attached to this AnnualReport on Form

10-K. The disclosures reflect theUnited States mining operations only, as these requirements donot apply to our

mines operated outside the United States.

Coronado Global Resources Inc. Form 10-K December 31,202492

ITEM5.MARKETFORREGISTRANT’SCOMMONEQUITY,RELATEDSTOCKHOLDERMATTERSAND

ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information

Our CDIs, eachrepresenting one-tenthof one shareof our commonstock, havebeen listed onthe ASX under

thetradingsymbol“CRN”sinceOctober 23,2018.Priortosuchtime,therewasnopublicmarketforour

securities. There is no principal market in the United Statesfor our CDIs or shares of our common stock.

Holders

As of December 31, 2024, we had 167,645,373shares of our common stock issuedand outstanding with 7,486

holders of record.The holders included CHESSDepositary Nominees Pty Limited,which held 90,147,345 shares

of our common stock in the form ofCDIs on behalf of the CDI holders; there were 7,485 registered ownersof our

CDIs on December 31, 2024.

Series A Preferred Share

On September20, 2018,we issuedthe SeriesA PreferredShare toCoronadoGroup LLC,at parvalue.The

offer, sale, and issuance of the Series A Share were deemed to be exempt from registration underthe Securities

Act in reliance on Section4(a)(2) of the Securities Act astransactions by an issuer not involvinga public offering.

The recipient of the Series A Share acquired the Series A Share for investment only and not with a view to or for

sale in connection with any distribution thereof and appropriatelegends were affixed to the Series A Share.

Dividends

ThepaymentofdividendsisatthediscretionoftheBoardofDirectors.Thedecisionastowhetherornota

dividend will bepaid willbe subject toa number ofconsiderations includingthe generalbusiness environment,

operatingresults,cashflows,futurecapitalrequirements,regulatoryandcontractualrestrictions,aswellas

applicable covenantsunder theIndenture governingour Notesand covenantsunder theABL Facilityand any

other factors the Board of Directors may consider relevant.

Our objective in setting our dividend policy is to deliverstockholder returns while maintaining flexibility to pursue

our strategicinitiatives withina prudentcapital structure.Our dividendpolicy isto distributebetween 60%and

100%ofavailablefreecash.Availablefreecashisdefinedasnetcashfromoperatingactivitieslesscapital

expenditure, acquisition expenditure,amounts reserved forcapital expenditure andacquisition expenditure and

amounts required fordebt servicing. Incircumstances where there issurplus available free cash,at the discretion

ofourBoardofDirectorsandinlightofbusinessandmarketconditions,wemayconsiderthepotentialfor

additionalstockholderreturnsthroughspecialdividendsandsharebuy-backsaspartofitsbroadercapital

management strategy.

Summary Description of the Company’sNon-Stockholder Approved Equity CompensationPlans

The Company does not have any non-stockholder approvedequity compensation plans.

Recent Sales of Unregistered Securities

Other than as previouslydisclosed in a QuarterlyReport on Form 10-Qor in a CurrentReport on Form 8-K,we

did not issueany shares ofour common stockin a transactionthat was notregistered underthe Securities Act

during the year ended December 31, 2024.

Purchases of Equity Securities by the Issuer andAffiliated Purchases

We had no repurchases of equity securities for thethree months ended December 31, 2024.

Coronado Global Resources Inc. Form 10-K December 31,202493

ITEM 6.[Reserved.]

Coronado Global Resources Inc. Form 10-K December 31,202494

ITEM 7.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 Consolidated Financial Statements and the related notes to those

statements included elsewhere in this Annual Report on Form10-K.

Overview

For the year ended December 31,2024, we produced 15.3 MMt andsold 15.8 MMt of coal. Metcoal and thermal

coal salesrepresented 79.3%and 20.7%,respectively,of ourtotal volumeof coalsold, and95.2% and4.8%,

respectively, of ourtotal coal revenues.

In2024,Coronadofacedseveraloperationalchallengeswhichimpactedcoalproduction,however,wetook

decisive actionsand implementedstrategic initiativesto overcomethese challengesand focusedon layingthe

foundation for an optimal operational structure beyond2024.

OurAustralianOperationssufferedkeyequipmentandinfrastructurefailuresandsignificantweather-related

disruptions resultingin productiondelays andhigher costs.Despite thesesetbacks,our AustralianOperations

completed the historical pre-strip waste deficit works inthe first quarter and subsequently reducedfive contractor

truckandexcavatorfleetsandidledaCompany-ownedshovelfleetwhichenhancedproductivitythrough

improved draglineand drilland blastperformance. Thecommissioningof theMammoth UndergroundMine in

December2024markedakeymilestone,deliveredontimeandwithinbudget,withthepotentialtorampup

production significantly in 2025.

Our U.S. Operations were adversely impactedby delays in the planned longwallmove, equipment breakdowns,

a safety incident that caused temporary suspension of operations at our Buchanan mine and adverse geological

conditionsatboththeLoganmineandBuchananmine.ForBuchanan,miningthroughmorecomplexseam

structuresearlierintheyear,reducedoverallyieldofsaleablecoal.Subsequentimprovementsinmining

conditions, enhancedconveyor andskip systemperformance,and thesimultaneous operationof twolongwall

panels,intheSouthernandNortherndistricts,resultedinimprovedyieldsandefficiency,particularlyinthe

second half of the year.

Overall,in2024,oursaleableproductionwas0.5MMtlowerwhileoursalesvolumeremainedconsistent

compared to the year ended December 31, 2023.

In 2024,the Metcoal marketsexperienced volatility,driven byweak macroeconomicconditions inkey regions

such asEurope, China,and parts ofAsia, aswell asfluctuating demand dynamicsin India.European steelmakers

grappled with constrained industrial activity and reduced hot metal production, while China’s excessive steel and

coke exports, coupled with limited domestic stimulus,weighed on prices and raw material demand. Indiaplayed

a pivotal role inthe market's mid-year stabilization, with strongpre-monsoon restocking boosting demand for Met

coal. However,the prolongedmonsoon seasonlater inthe yeartemporarily reducedIndian imports,softening

overall demand.

ThebenchmarkPLVHCCFOBAUS averagefortheyearendedDecember31,2024,of$240.4perMtwas

18.9% lower compared to $296.3 per Mt for the yearended December 31, 2023.

Coal revenues of $2,444.9 million for the year ended December 31, 2024, were 13.6% lowercompared to 2023,

driven by lower averagerealized Met priceof $185.3 perMt sold, $30.4per Mt lower thanthe average realized

Met price in 2023.

Mining costs of $1,683.3million for the yearended December 31,2024, were $13.8million higher comparedto

$1,669.5 million for the year ended December31, 2023, due to significant inventorydrawdown at our Australian

Operations due tosales volumes exceeding saleableproduction in 2024, unplannedmaintenance costs following

equipment failures and continuedinflationary impacts onlabor and supply costs,partially offset bycost savings

from demobilizing fleetsat our AustralianOperations. Despitethe increase inmining costs, ourmining cost per

Mtsoldwere$0.2lowercomparedtotheyearendedDecember31,2023,drivenbyhighersalesvolume

excluding non-produced coal.

Dividends

During the yearended December31, 2024, Coronadopaid total dividendsof $16.7 millionto stockholdersand

CDI holders on the ASX.

Coronado Global Resources Inc. Form 10-K December 31,202495

Senior Secured Notes

OnOctober2,2024,wesuccessfullycompletedarefinancinginitiativeandissued$400.0millionaggregate

principalamountof our9.25%SeniorSecuredNotesdue 2029,or the2029 Notes.The transactionprovides

Coronado increasedfinancial flexibilityby extendingour debtmaturity profileand includesimproved termsthat

we believe are more sustainable for our business.

The net proceeds fromthe transaction wereused to redeemall of the Company’soutstanding principal amount

of our10.750% SeniorSecured Notesdue 2026,or the2026 Notes,and topay relatedfees andexpenses in

connection with offering of the 2029 Notesand the redemption of the 2026 Notes.

Refer to Part II, Item 8, Note 14. “Interest Bearing Liabilities”for further information.

Liquidity

Coronadohadcashandcashequivalents(excludingrestrictedcash)of$339.4millionand$128.6millionof

undrawn capacity under our ABL Facility as ofDecember 31, 2024. As of December 31, 2024,we had a net debt

of $85.1 million comprising of $424.5 million aggregate principalamount of interest-bearing liabilities outstanding

less cash and cash equivalents (excluding restricted cash).

OnDecember30,2024,wecompletedtheWaiverAgreementwiththeAdministrativeAgentundertheABL

Facility to temporarily waivethe Company’s compliancewith the ABL Facility’sinterest coverage ratio covenant

betweenDecember31,2024toMarch30,2025.PursuanttotheWaiverAgreement,wewillberequiredto

maintain an aggregate cashbalance of at least$100.0 million in oneor more accountswith the Lenders, orthe

Cash BalanceCovenant, until suchtime thatwe submita covenantcompliance certificate tothe Lenderspursuant

to the ABL Facility which demonstrates that we are in compliancewith the interest coverage ratio covenant. The

CashBalanceCovenantappliesfromthetimetheCompanysubmitsthecovenantcompliancecertificatefor

December 31, 2024, which is anticipated to be on orafter February 19, 2025.

At the endof the waiverperiod, unlessfurther waiversare obtained,any breachof covenantswould constitute

an event of default under theterms of the ABL Facility andthe Lenders may declare all amounts owingunder the

ABL Facility immediately due and payable,terminate such Lenders’ commitmentsto make loans under the ABL

Facility,requiretheBorrowersto cashcollateralizeanyletter ofcreditobligationsand/or exerciseanyand all

remedies and other rights under the ABL Facility.

Safety

ForourAustralianOperations,thetwelve-monthrollingaverageTotalReportableInjuryFrequencyRateat

December31,2024,was2.22,comparedtoarateof1.83attheendofDecember31,2023.AtourU.S.

Operations, thetwelve-month rollingaverage TotalReportable IncidentRate atDecember 31,2024 was2.21,

compared to a rate of 1.44 at the end of December 31,2023.

The safety of our workforce is our number one priority,and we remain focused on the safety and wellbeing of all

employees andcontracting parties. Coronadocontinues to implementsafety initiatives toimprove oursafety rates

every quarter.

Segment Reporting

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

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

segment but is disclosed for the purposes of reconciliationto our Consolidated Financial Statements.

Results of Operations

How We Evaluate Our Operations

Weevaluateouroperationsbasedonthevolumeofcoalwecansafelyproduceandsellincompliancewith

regulatorystandards,andthepriceswereceiveforourcoal.Oursalesvolumeandsalespricesarelargely

dependent uponthe termsof ourcoal salescontracts, forwhich pricesgenerally areset basedon dailyindex

averages, on a quarterly basis or on 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

Coronado Global Resources Inc. Form 10-K December 31,202496

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

sales volume; (v)average segment miningcosts per Mt sold,which we defineas mining costsdivided by sales

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

sold, which we define as segment operating costsdivided by sales volumes for the respective segmentand (vii)

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

principal amount of the Notes and other interest bearingliabilities.

Coal revenues are shown on our Consolidated Statements of Operationsand Comprehensive Income exclusive

of otherrevenues. Generally,export salecontracts forour AustralianOperations requireus tobear thecost of

freightfromourminestotheapplicableoutboundshippingport,whilefreightcostsfromtheporttotheend

destinationare typicallyborneby thecustomer.In circumstanceswherewe sellthroughintermediariesto the

export market from ourU.S. Operations, salesare recognized whenthe title to thecoal passes to thecustomer

at themineload outsimilarto adomesticsale.Forour domesticsales,customerstypicallybearthecostof

freight.Assuch,freightexpensesareexcludedfromthecostofcoalrevenuestoallowforconsistencyand

comparability in evaluating our operating 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

useful to our investors to measure our operating performance.

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

meaning prescribedby U.S.GAAP.These measuresshould notbe consideredin isolationor assubstitute 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 intended toserve as analternative to U.S. GAAPmeasures of performanceand may notbe comparable to

similarly titled measures presentedby other companies. A reconciliationof Adjusted EBITDA to its mostdirectly

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

SegmentAdjustedEBITDAisdefinedasAdjustedEBITDAbyoperatingandreportingsegment,adjustedfor

certaintransactions,eliminationsoradjustmentsthatourCODMdoesnotconsiderformakingdecisionsto

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

asupplementalfinancialmeasurebymanagementandbyexternalusersofourConsolidatedFinancial

Statements suchas investors,industry analystsand lendersto assessthe operatingperformance ofthe business.

Mining costs,a non-GAAPmeasure, arebased onthe reportedcost ofcoal revenues,which isshown onour

statement ofoperations and comprehensiveincome exclusive offreight expense, Stanwellrebate, other royalties,

depreciation,depletionandamortizationandselling,generalandadministrativeexpenses,adjustedforother

items that do not relatedirectly to the costs incurred toproduce coal at the mine.Mining costs exclude these cost

components asour CODMdoes notview thesecosts asdirectly attributableto theproduction ofcoal. Mining

costsisusedasasupplementalfinancialmeasurebymanagement,providinganaccurateviewofthecosts

directly attributable to the productionof coal at our miningsegments, and by externalusers of our Consolidated

Financial Statements,such asinvestors, industryanalysts andratings agencies,to assessour mineoperating

performance in comparison to the mine operating performanceof other companies in the coal industry.

Year Ended December 31,2024 Compared to YearEnded December 31, 2023

Summary

The financial and operational highlights for the year ended December31, 2024 include:

•Net loss of$108.9 million for theyear ended December 31,2024, decreased by $264.9million compared

to thesameperiod in2023.The decreasewasprimarilydrivenby lowercoalrevenues,due tolower

average realized prices, partially offset by lowercost and expenses.

•Average realized Met price per Mt sold of $185.3 for the year ended December 31, 2024, was $30.4 per

Mt sold lower compared 2023.

Coronado Global Resources Inc. Form 10-K December 31,202497

•Sales volume of15.8 MMt forthe year endedDecember 31, 2024,remained consistent to theyear ended

December31,2023,despitesaleableproductionbeing0.5MMtlower,asouroperationsdrewon

significant coal inventory built in December 2023, which resultedfrom shipping delays in Australia.

•Adjusted EBITDA of $115.1million for the year endedDecember 31, 2024, decreaseby $266.6 million,

compared to $381.7 million for the year ended December31, 2023. This decrease was a result oflower

coal revenues, partially offset by lower operatingcosts.

For Year Ended December 31,

(US$ in thousands)

2024

2023

Change

%

Revenues:

Coal revenues

2,444,862

2,830,689

(385,827)

(13.6%)

Other revenues

62,851

59,914

2,937

4.9%

Totalrevenues

2,507,713

2,890,603

(382,890)

(13.2%)

Costs and expenses:

Cost of coal revenues (exclusive of items shown

separately below)

1,714,987

1,731,630

(16,643)

(1.0%)

Depreciation, depletion and amortization

187,400

160,711

26,689

16.6%

Freight expenses

241,377

259,710

(18,333)

(7.1%)

Stanwell rebate

116,870

136,523

(19,653)

(14.4%)

Other royalties

289,678

345,882

(56,204)

(16.2%)

Selling, general, and administrative expenses

36,944

84,177

(47,233)

(56.1%)

Totalcosts and expenses

2,587,256

2,718,633

(131,377)

(4.8%)

Other income (expenses):

Interest expense, net

(58,856)

(56,751)

(2,105)

3.7%

Loss on debt extinguishment

(14,732)

(1,385)

(13,347)

963.7%

Decrease (increase) in provision for discounting and

credit losses

207

4,216

(4,009)

(95.1%)

Other, net

3,734

5,764

(2,030)

(35.2%)

Totalother expense, net

(69,647)

(48,156)

(21,491)

44.6%

(Loss) income before tax

(149,190)

123,814

(273,004)

(220.5%)

Income tax benefit

40,309

32,251

8,058

25.0%

Net (loss) income attributable to Coronado Global

Resources Inc.

(108,881)

156,065

(264,946)

(169.8%)

Coal revenues

Coalrevenueswere$2,444.9 millionfortheyearendedDecember31,2024,adecreaseof$385.8million,

compared to $2,830.7 million forthe year endedDecember 31, 2023.This decrease was drivenby lower average

realized Met price per Mt sold of $185.3 forthe year ended December 31, 2024, compared to $215.7 per Mt sold

in 2023, due tothe continuous declinein coking coal indexprices caused byweakened steel demandfrom key

Met coal markets such as China, Europe and India.

Coronado Global Resources Inc. Form 10-K December 31,202498

Cost of coal revenues (exclusive of Items shownseparately below)

Cost of coal revenues comprised of costs related to produced tons sold, along with changes in both the volumes

and carrying values of coal inventory.Cost of coal revenues include itemssuch as direct operating costs, which

include employee-related costs, materials and supplies, contractor services, coal handling and preparation costs

and production taxes.

Totalcost ofcoal revenueswas $1,715.0million forthe yearended December31, 2024,a decreaseof $16.6

million, compared to $1,731.6 million for the same periodin 2023.

Cost ofcoal revenuesfor ourAustralian Operationsfor theyear endedDecember 31,2024, were$3.6 million

lower comparedto thesameperiodin 2023.Costsavingsfrom demobilizationof contractors’fleetsfromlate

March 2024 following completion of the historical pre-strip waste deficit works, were partially offsetby significant

inventorydrawdownfortheyearendedDecember31,2024,duetolowerproduction,andhigherunplanned

maintenance costs due to key equipment failures.

Cost of coal revenuesfor our U.S. Operationswere $13.0 million lowerfor the year endedDecember 31, 2024,

compared tothe sameperiod in2023, dueto inventorybuilt forthe yearended December31, 2024,as lower

salesvolumesexceededlowerproduction,andlowerthird-partycoalpurchases,partiallyoffsetbyhigher

unplanned maintenance costs during the year endedDecember 31, 2024.

Depreciation, depletion and amortization

Depreciation, depletion and amortizationwere $187.4 million forthe year endedDecember 31, 2024, anincrease

of $26.7 million, comparedto $160.7 millionfor the yearended December 31,2023. The increasewas associated

with full year depreciation of equipment brought into servicepart way through 2023 and during 2024.

Freight expenses

Freightexpensestotaled$241.4millionfortheyearendedDecember31,2024,adecreaseof$18.3million,

compared to $259.7 million for the year ended December 31, 2023. Our Australian Operations contributed $17.0

milliontothedecreaseduelowersalesvolumeshippedthroughWICET,whichattractshigherporthandling

charges. Decrease of $1.3 millionat our U.S. Operations isdriven by lower salesvolumes of 0.2 MMt forthe year

ended December 31, 2024, compared to the same period in2023.

Stanwell rebate

The Stanwell rebate was$116.9million for the yearended December 31, 2024,a decrease of $19.7million, as

comparedto$136.5millionfor theyearendedDecember31,2023.Thedecreasewasduetolowerrealized

Referencecoalpricingforthepriortwelve-monthperiodusedtocalculatetherebatecomparedtothesame

period in 2023.

Other royalties

Otherroyaltieswere$289.7 millionfortheyearendedDecember31,2024,adecreaseof$56.2 million,as

compared to $345.9 million for the year ended December 31, 2023. Our Australian Operations contributed $47.3

million and our U.S. Operations contributed $8.9 million ofthe decrease, a product of lower coal revenues forthe

year ended December 31, 2024, compared to 2023.

Selling, general, and administrative expenses

Selling,general,andadministrativeexpensesdecreasedby$47.2millionto$36.9millionfortheyearended

December 31, 2024, compared to $84.2 million for the year ended December 31, 2023. Higher costs in the 2023

year were in relation to the additional accrual of $41.3 million stamp duty assessed by QRO on ouracquisition of

Curragh. Referto PartII, Item8. FinancialStatementsand SupplementaryData, Note25 “Contingencies”for

further information.

Interest Expense, net

Interestexpense,netwas$58.9millionfortheyearendedDecember31,2024,anincreaseof$2.1million

comparedto$56.8millionfor thesameperiodin2023.Theincreasewasprimarilydrivenby higheraverage

indebtedness duringthe yearended December31, 2024,compared to2023, partiallyoffset byhigher interest

income on cash equivalents and restricted depositsduring the 2024 period.

Coronado Global Resources Inc. Form 10-K December 31,202499

Loss on Debt Extinguishment

DuringtheyearendedDecember31,2024,inconnectionwiththeearlyredemptionofthe2026Notes,we

recognized a loss on debt extinguishment of $14.7 million, including early redemption premium and unamortized

debt issuance costs.

Other, net

Other, netwas $3.7 millionin the year endedDecember 31, 2024,a decrease of $2.0million compared to$5.8

millionfortheyearendedDecember31,2023.DuringtheyearendedDecember31,2024,theCompany

recognizedanimpairmentchargeof$10.6millionagainstproperty,plantandequipmentrelatingtoalong-

standingnon-coreidledassetwithinitsU.S.Operationsrecognizedbasedonpurchaseofferreceivedand

accepted bythe Company.The saleof thislong-standing non-coreidled assetwas completedon January14,

2025.Thiswasmorethanoffsetbylowerexchangelossesontranslationofshort-terminter-entitybalances

between certain entities withinthe group that aredenominated in currencies other thantheir respective functional

currencies.

Income tax benefit

Income tax benefit of $40.3 million for theyear ended December 31, 2024, compared to $32.3 millionincome tax

benefit for the year ended December 31, 2023. The income tax benefit for the 2024 period, is primarily driven by

a loss before tax from our Australian Operations.

The income tax benefit for the year ended December 31,2024 resulted in an annual effective tax rateof 27.0%.

Year Ended December 31,2023 Compared to YearEnded December 31, 2022

The Company’s comparison of 2023 results to2022 results is included in theCompany’s

Annual Report on Form

10-K for the fiscal year ended December 31, 2023

, under Part II Item 7,“Management’s Discussion and Analysis

of Financial Condition and Results of Operations.”

Coronado Global Resources Inc. Form 10-K December 31,2024100

Supplemental Segment Financial Data

Year Ended December 31,2024 Compared to YearEnded December 31, 2023

Australian Operations

For Year Ended December 31,

(US$ in thousands)

2024

2023

Change

%

Sales Volume (MMt)

10.2

9.9

0.3

3.4%

Totalrevenues ($)

1,594,981

1,681,522

(86,541)

(5.1)%

Coal revenues ($)

1,560,275

1,645,752

(85,477)

(5.2)%

Average realized price per Mt sold ($/Mt)

153.1

167.0

(13.9)

(8.3)%

Met sales volume (MMt)

7.2

6.8

0.4

6.7%

Met coal revenues ($)

1,472,477

1,557,471

(84,994)

(5.5)%

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

203.9

230.2

(26.3)

(11.4)%

Mining costs ($)

1,054,066

1,058,598

(4,532)

(0.4)%

Mining costs per Mt sold ($/Mt)

104.6

108.5

(3.9)

(3.6)%

Operating costs ($)

1,592,431

1,679,954

(87,523)

(5.2)%

Operating costs per Mt sold ($/Mt)

156.3

170.5

(14.2)

(8.3)%

Segment Adjusted EBITDA ($)

3,401

2,249

1,152

51.2%

Coal revenuesfor ourAustralian Operationsfor theyear endedDecember31, 2024,were $1,560.3million,a

decrease of$85.5 million,or 5.2%,compared to$1,645.8 millionfor theyear endedDecember 31,2023. The

decrease was driven bylower average realized Metprice per Mtsold of $203.9, $26.3lower, compared to $230.2

per Mtsold during thesame period in2023, partially offsetby 0.3MMt highersales volume, despitelower saleable

production, forthe year endedDecember 31,2024, aswe drew onport inventorybuilt at theend of December

2023.

Operating costs decreasedby $87.5 million,or 5.2%, forthe year endedDecember 31,2024, compared tothe

year ended December 31,2023, driven by lowermining costs, lowerStanwell rebate, lower otherroyalties and,

lower freightexpenses causedby lowersales volumeshipped through WICET, whichattracts higherport handling

charges.

Miningcostswere$4.5millionlowerfortheyearendedDecember31,2024,drivenbycostsavingsfrom

demobilization of miningfleets since March2024, partially offsetby significant inventorydrawdown for theyear

ended December31, 2024,as salesvolume exceededsaleable production,compared toinventory builtin the

same period in 2023 and higher maintenance costs dueto key equipment failures.

Mining and Operatingcosts per Mt soldwere $3.9 and$14.2 lower,respectively,compared to thesame period

in 2023, a combination of lower costs and higher salesvolume.

For the year ended December 31, 2024, Segment Adjusted EBITDA was$3.4 million, an increase of $1.2 million

compared to $2.2 million forthe year ended December 31, 2023,driven by lower operating costspartially offset

by lower coal revenues.

Coronado Global Resources Inc. Form 10-K December 31,2024101

United States

For Year Ended December 31,

(US$ in thousands)

2024

2023

Change

%

Sales Volume (MMt)

5.6

6.0

(0.4)

(5.5)%

Totalrevenues ($)

912,732

1,209,081

(296,349)

(24.5)%

Coal revenues ($)

884,587

1,184,937

(300,350)

(25.3)%

Average realized price per Mt sold ($/Mt)

156.7

198.4

(41.7)

(21.0)%

Met sales volume (MMt)

5.3

5.2

0.1

2.0%

Met coal revenues ($)

854,587

1,031,012

(176,425)

(17.1)%

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

160.1

196.9

(36.8)

(18.7)%

Mining costs ($)

629,242

610,925

18,317

3.0%

Mining costs per Mt sold ($/Mt)

112.6

106.0

6.6

6.2%

Operating costs ($)

770,481

793,791

(23,310)

(2.9)%

Operating costs per Mt sold ($/Mt)

136.5

132.9

3.6

2.7%

Segment Adjusted EBITDA ($)

147,233

421,093

(273,860)

(65.0)%

CoalrevenuesforourU.S.Operationsdecreasedby$300.4million,or25.3%,to$884.6millionfortheyear

endedDecember31,2024,ascomparedto$1,184.9millionfortheyearendedDecember31,2023.This

decrease was driven by alower average realized Metprice per Mt sold forthe year ended December31, 2024,

of$160.1comparedto$196.9perMtsoldforthesameperiodin2023.Thisdecreasewasexacerbatedby

0.4MMt lower salesvolume forthe year endedDecember 31,2024, compared to2023, due tooperational and

geological challenges that led to production downtimeand lower production yield.

Operating costs of $770.5 millionfor the year ended December31, 2024, were $23.3 millionlower compared to

$793.8 million forthe same periodin 2023, drivenby lower third-partycoal purchases andother royalties, partially

offsetby highermining costs.Mining costswere $18.3million, or$6.6per Mtsold, higherfor theyearended

December31, 2024,duetounplannedmaintenancecosts,and impactof inflationon laborandsupplycosts,

partially offset by an inventory builtfor the year ended December31, 2024, as lower salesvolumes exceed lower

production,whencomparedto2023.Operatingcostsincreasedby$3.6perMtsolddespitethedecreasein

operating costs due to lower sales volume for the year.

Segment Adjusted EBITDAof $147.2million forthe year endedDecember 31,2024, decreased by$273.9 million,

or 65.0%, compared to$421.1 million for theyear ended December 31, 2023.This decrease was primarilydriven

by lower coal revenues.

Corporate and Other Adjusted EBITDA

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

For Year Ended December 31,

(US$ in thousands)

2024

2023

Change

%

Corporate and other expenses

36,944

42,856

(5,912)

(13.8)%

Other, net

(1,450)

(1,227)

(223)

18.2%

TotalCorporate and Other Adjusted EBITDA

35,494

41,629

(6,135)

(14.7)%

Corporate and other Adjusted EBITDA decreased$6.1 million to $35.5 million for the yearended December 31,

2024, compared to $41.6 million forthe year ended December 31, 2023, dueto concerted efforts to reduce costs

across the organization and the timing of certain corporatecosts.

Coronado Global Resources Inc. Form 10-K December 31,2024102

Mining and operating costs for the Year Ended December 31, 2024 compared to YearDecember 31, 2023

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

below:

For Year Ended December 31, 2024

(US$ in thousands)

Australia

United States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

1,680,817

867,830

38,609

2,587,256

Less: Selling, general and administrative expense

(57)

—

(36,887)

(36,944)

Less: Depreciation, depletion and amortization

(88,329)

(97,349)

(1,722)

(187,400)

Total operating costs

1,592,431

770,481

—

2,362,912

Less: Other royalties

(247,201)

(42,477)

—

(289,678)

Less: Stanwell rebate

(116,870)

—

—

(116,870)

Less: Freight expenses

(149,987)

(91,390)

—

(241,377)

Less: Other non-mining costs

(24,307)

(7,372)

—

(31,679)

Total mining costs

1,054,066

629,242

—

1,683,308

Sales Volume excluding non-producedcoal (MMt)

10.1

5.6

—

15.7

Mining cost per Mt sold ($/Mt)

104.6

112.6

—

107.4

For Year Ended December 31, 2023

(US$ in thousands)

Australia

United States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

1,756,635

876,753

85,245

2,718,633

Less: Selling, general and administrative expense

(30)

—

(84,147)

(84,177)

Less: Depreciation, depletion and amortization

(76,651)

(82,962)

(1,098)

(160,711)

Total operating costs

1,679,954

793,791

—

2,473,745

Less: Other royalties

(294,467)

(51,415)

—

(345,882)

Less: Stanwell rebate

(136,523)

—

—

(136,523)

Less: Freight expenses

(166,980)

(92,730)

—

(259,710)

Less: Other non-mining costs

(23,386)

(38,721)

—

(62,107)

Total mining costs

1,058,598

610,925

—

1,669,523

Sales Volume excluding non-producedcoal (MMt)

9.8

5.8

—

15.5

Mining cost per Mt sold ($/Mt)

108.5

106.0

—

107.6

Average realized Met price for the YearEnded December 31, 2024 compared to YearDecember 31, 2023

A reconciliation of the Company’s average realizedMet coal revenue is shown below:

For Year Ended December 31,

(US$ in thousands)

2024

2023

Change

%

Met sales volume (MMt)

12.6

12.0

0.6

5.0%

Met coal revenues ($)

2,327,064

2,588,483

(261,419)

(10.1)%

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

185.3

215.7

(30.4)

(14.2)%

Coronado Global Resources Inc. Form 10-K December 31,2024103

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

For year ended December 31,

(US$ in thousands)

2024

2023

2022

Reconciliation to Adjusted EBITDA:

Net (loss) income

(108,881)

156,065

771,703

Add: Depreciation, depletion and amortization

187,400

160,711

167,046

Add: Interest expense, net

58,856

56,751

67,632

Add: Other foreign exchange gains

(12,339)

(2,899)

(32,259)

Add: Income tax (benefit) expense

(40,309)

(32,251)

231,574

Add: Loss on debt extinguishment

14,732

1,385

5,336

Add: Impairment of non-core assets

10,585

—

—

Add: Uncertain stamp duty position

—

41,321

—

Add: Restructuring costs

729

—

—

Add: Losses on idled assets held for sale

4,574

4,846

771

Add: Decrease (increase) in provision for discounting

and credit losses

(207)

(4,216)

3,821

Adjusted EBITDA

115,140

381,713

1,215,624

Liquidity and Capital Resources

Overview

Our objective is to maintain a prudent capital structure and to ensure that sufficient liquid assets and funding are

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 undrawn capacity underour committed debt facilities.

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

working capital,capital expenditure,debt serviceobligations andpayment ofdividends. Ourability togenerate

sufficientcashdependsonourfutureperformancewhichmaybesubjecttoanumberoffactorsbeyondour

control, includinggeneral economic,financial,competitive andweather conditionsand otherrisks describedin

Part I, Item 1A. “Risk Factors” of this Annual Report on Form10-K.

In 2024,Coronado wassignificantly impacted bya decliningcoal marketas wellas severaloperational challenges

that impactedour earningsduring theyear endedDecember 31,2024.

To

mitigate therisk offailing tocomply

with the maintenance ofthe interest coverage ratiocovenant under the ABLFacility, we completed an agreement

with theAdministrativeAgent underthe ABLFacility totemporarilywaive theCompany’scompliance withthe

interest coverage ratio covenant between December31, 2024 to March 30, 2025.

Pursuant to the Waiver Agreement, we will be required to maintain an aggregate cash balance of at least $100.0

million in one ormore accounts with the Lenders untilsuch time that wesubmit a covenant compliance certificate

totheLenderspursuanttotheABLFacilitywhichdemonstratesthatweareincompliancewiththeinterest

coverage ratio covenant. The Cash Balance Covenant applies fromthe time we submit the covenant compliance

certificate for December 31, 2024, which is anticipatedto be on or after February 19, 2025.

At the endof the waiverperiod, unlessfurther waiversare obtained,any breachof covenantswould constitute

an event of default under theterms of the ABL Facility andthe Lenders may declare all amounts owingunder the

ABL Facility immediately due and payable,terminate such Lenders’ commitmentsto make loans under the ABL

Facility,requiretheBorrowersto cashcollateralizeanyletter ofcreditobligationsand/or exerciseanyand all

remedies and other rights under the ABL Facility.

The Company is continuing to pursue a number ofinitiatives to maintain its liquidity and ensure compliancewith

its financial covenants when the waiverperiod expires on March 30,2025. These initiatives include, among other

things,furtheroperatingandcapitalcostcontrolmeasures,potentialotherfundingmeasures,including

refinancing,restructuringoramendingtermsofourexistingdebtfacilities,and,ifrequired,engagementon

extensionstothewaiver,includingwaiverofotherfinancialcovenants.Thesestepsareexpectedtomitigate

liquidity constraints.

Coronado Global Resources Inc. Form 10-K December 31,2024104

Basedonouroutlookforthenexttwelvemonths,whichissubjecttocontinuedchangingdemandfromour

customers, volatility incoal prices, current andfuture trade barriers andtariffs and the uncertainty ofimpacts from

ongoing civil unrestand wars, webelieve our available cashtogether with undrawn capacityunder our committed

debtfacilitiesandotherstrategicandfinancialinitiatives,willbesufficienttomeettheneedsofourexisting

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

Sources of liquidity as of December 31, 2024 and December31, 2023 were as follows:

December 31,

(US$ in thousands)

2024

2023

Cash and cash equivalents, excluding restricted cash

339,374

339,043

Short-term deposits

—

21,906

Undrawn capacity under the ABL Facility

(1)

128,563

128,094

Total

467,937

489,043

(1)

The ABL Facility provides for up to $150.0 million in borrowings, including a $100.0 million sublimit for the issuance of letters of credit, of

which $21.4 millionhas been issued,and $70.0 millionsublimit as arevolving credit facility.The letter ofcredit sublimit contributesto our

liquidity as the Company can replace cash collateral, provided in the form of restricted deposits, with letters of credit allowing the release of

such restricted deposits to cash and cash equivalents.

Our total indebtedness as of December 31, 2024 andDecember 31, 2023 consisted of the following:

(US$ in thousands)

2024

2023

Current installments of interest bearing liabilities

1,477

—

Interest bearing liabilities, excluding current installments

422,995

242,326

Current installments of other financial liabilities

6,163

2,893

Other financial liabilities, excluding current installments

19,694

5,307

Total

450,329

250,526

Cash and cash equivalents

Cashandcashequivalentsareheldinmulticurrencyinterestbearingbankaccountsavailabletobeusedto

servicetheworkingcapitalneedsoftheCompany.Cashbalancessurplustoimmediateworkingcapital

requirementsareinvestedinshort-terminterest-bearingdepositaccountsorusedtorepayinterestbearing

liabilities.

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.

BorrowingcapacityundertheABLFacilityislimitedtoaneligibleborrowingbase,determinedbyapplying

customary advance rates to eligible accounts receivable and inventory.

Borrowings underthe ABLFacility bearinterest ata rateper annumequal toapplicable rateof 2.80%and the

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

AsofDecember31,2024,letterofcreditsublimithadbeenpartiallyusedtoissue$21.4millionofbank

guaranteesonbehalfoftheCompanyandnoamountswere drawnandnolettersof creditwereoutstanding

under the revolving credit sublimit of the ABL Facility.

On December 30,2024, we completedthe WaiverAgreement withGlobal LoanAgency ServicesAustralia Pty

Ltd, theAdministrative Agentunder theABL Facility,to temporarilywaive theCompany’scompliance withthe

ABL Facility’s interest coverage ratio covenantbetween December 31, 2024 to March 30, 2025.Pursuant to the

Waiver Agreement,we willbe required tomaintain an aggregatecash balanceof at least$100.0 million inone

ormoreaccountswiththelendersundertheABLFacility,ortheLenders,untilsuchtimethatwesubmita

covenant compliancecertificate tothe Lenderspursuant tothe ABLFacility whichdemonstrates thatwe arein

compliancewiththeinterestcoverageratiocovenant.TheCashBalanceCovenantappliesfromthetimewe

submit the covenantcompliance certificate for December31, 2024, whichis anticipated tobe on orafter February

19, 2025.

At the endof the waiverperiod, unlessfurther waiversare obtained,any breachof covenantswould constitute

an event of default under theterms of the ABL Facility andthe Lenders may declare all amounts owingunder the

ABL Facility immediately due and payable,terminate such Lenders’ commitmentsto make loans under the ABL

Coronado Global Resources Inc. Form 10-K December 31,2024105

Facility,requiretheBorrowersto cashcollateralizeanyletter ofcreditobligationsand/or exerciseanyand all

remedies and other rights under the ABL Facility.

As of December 31, 2024, except for maintenanceof the interest coverage ratio covenant(for which the Waiver

Agreement was obtained), we were in compliance with all otherapplicable covenants under the ABL Facility.

Refer to Part II, Item 8, Note 14. “Interest Bearing Liabilities”for further information.

9.250% Senior Secured Notes

On October2, 2024,we successfullycompleteda refinancinginitiative andissued $400.0millionof the2029

Notes. The transaction provides the Company increased financialflexibility by extending our debt maturity profile

and introducing terms that we believe are more sustainablefor our business.

The Companyused thenet proceedsfrom thetransaction toredeem allof the2026 Notes,and topay related

fees and expenses in connection with the offeringof the 2029 Notes and the redemption of the 2026Notes.

The 2029Notes areguaranteed ona seniorsecured basisby theCompany andits wholly-ownedsubsidiaries

(other than the Issuer)(subject to certain exceptionsand permitted liens) andsecured by (i) theABL Collateral,

and (ii) a second prioritylien on the ABL PriorityCollateral, which is juniorto a first-priority lienfor the benefit of

the lenders and other creditors under the ABL Facility,in each case, subject to certain exceptions and permitted

liens.

The terms of the2029 Notes aregoverned by theindenture, dated October2, 2024, among CoronadoFinance

Pty Ltd,as issuer, Coronado GlobalResources Inc, asguarantor, the subsidiaries ofCoronado Global Resources

Inc, named therein, as additional guarantors,Wilmington Trust, NationalAssociation, as trustee and prioritylien

collateral trustee, or the Indenture. TheIndenture contains customary covenantsfor high yield bonds, including,

butnotlimitedto,limitationsoninvestments,liens,indebtedness,assetsales,transactionswithaffiliatesand

restricted payments, including payment of dividends oncapital stock.

As of December 31, 2024, the Company was in compliancewith all applicable covenants under the Indenture.

Refer to Part II, Item 8, Note 14. “Interest Bearing Liabilities”for further information.

Wemayredeemsomeorallofthe2029Notesattheredemptionpricesandonthetermsspecifiedinthe

Indenture. Inaddition, wemay,from timeto time,seek toretire orrepurchase outstandingdebt throughopen-

market purchases,privatelynegotiated transactionsor otherwise.Such repurchases,if any,will beupon such

termsandatsuchpriceswemaydetermine,andwilldependonprevailingmarketconditions,liquidity

requirements, contractual restrictions and other factors.

Loan – Curragh Housing Transaction

On May 16, 2024, the Company completed the Curragh Housing Transaction, an agreement for accommodation

services andthe saleand leasebackof housingand accommodationassets witha regionalinfrastructure and

accommodation service provider.

The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606, Revenues from Contracts with

Customers and was deemed a financing arrangement. As a result, theproceeds of $23.0 million (A$34.6 million)

received for the sale and leaseback of property,plant and equipment owned by the Company in connection with

theCurraghHousingTransactionwererecognizedas“OtherFinancialLiabilities”ontheCompany’s

Consolidated Balance Sheet. The term of the financing arrangement isten years with an effective interest rate of

14.14%.Thisliabilitywillbesettledinequalmonthlypaymentsaspartoftheaccommodationservice

arrangement.

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

liquidity. Inaddition, the accommodation services componentof the Curragh Housing Transactionis anticipated

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

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

BearingLiabilities”intheConsolidatedBalanceSheet.Theamountborrowedispayableinequalmonthly

installments over a period of ten years, with an effectiveinterest rate of 14.14%.

Refer to Part II, Item 8, Note 14. “Interest Bearing Liabilities”and Note 15. “Other Financial Liabilities” for further

information.

Coronado Global Resources Inc. Form 10-K December 31,2024106

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.Operations,inordertoprovidetherequiredfinancialassuranceforpostminingreclamation,we

generallyuse suretybonds.Wealsouse suretybondsand banklettersof creditto collateralizecertainother

obligations including contractual obligations underworkers’ compensation insurances. As ofDecember 31, 2024,

we hadoutstanding suretybonds of$48.9 millionand $16.8million ofletters ofcredit issuedfrom ourletter of

credit sublimit available under the ABL Facility.

For the Australian Operations,as at December 31, 2024,we had bank guaranteesoutstanding of $23.9 million,

including $4.7 million issued from the letter of credit sublimit available under the ABLFacility, primarily in respect

of certain rail and port take-or-pay arrangements of the Company.

As at December 31,2024, we have in aggregatehad total outstanding bank guarantees providedof $40.7 million

to secure its obligations and commitments, including $21.4 million issued for the letter of credit sublimit available

under 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$68.5 millionas of

December 31, 2024 toprovide back-to-back support for bankguarantees, financial payments, other performance

obligations,variousotheroperatingagreementsandcontractualobligationsunderworkerscompensation

insurance. These deposits arerestricted and classified asnon-current assets in theConsolidated Balance Sheet.

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

extentofoutstandinglettersofcreditaftertheexpirationorterminationdateofsuchletterofcredit.Asof

December31,2024,noletterofcreditwasoutstandingaftertheexpirationorterminationdateandnocash

collateral was required.

Dividend

During the year ended December 31, 2024, we paid $16.7 million in dividends to stockholders or CDI holders on

the ASX,net of $0.1million foreign exchangegain on paymentof dividends tocertain CDI holdersthat elected

to be paid in Australian dollars.

OnFebruary19,2025,theCompany’sBoardofDirectorsdeclaredabi-annualfullyfrankedfixedordinary

dividend of $8.4 million, or0.5 cents per CDI. Thedividend will have arecord date of March12, 2025, Australia

time, andbe payableon April4, 2025,Australia time.The totalordinary dividendwill befunded fromavailable

cash.

Capital Requirements

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

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

ABL Facility and our other indebtedness, to fund operating activities, working capital, capital expenditures and, if

declared, payment of dividends.

Coronado Global Resources Inc. Form 10-K December 31,2024107

Historical Cash Flows

ThefollowingtablesummarizesourcashflowsfortheyearendedDecember31,2024,2023and2022as

reported in the accompanying Consolidated Financial Statements:

Cash Flow

For Year Ended December 31,

(US$ in thousands)

2024

2023

2022

Net cash provided by operating activities

74,039

268,282

926,643

Net cash used in investing activities

(226,336)

(238,168)

(208,343)

Net cash provided by (used in) financing activities

162,765

(24,679)

(784,251)

Net change in cash and cash equivalents

10,468

5,435

(65,951)

Effect of exchange rate changes on cash and cashequivalents

(10,138)

(769)

(37,351)

Cash and cash equivalents at beginning of period

339,295

334,629

437,931

Cash and cash equivalents at end of period

339,625

339,295

334,629

Operating activities

Net cash provided by operating activities was $74.0 million for the year ended December 31, 2024, compared to

$268.3 millionfortheyearendedDecember31,2023.Thedecreaseincashfromoperatingactivitieswas

primarily drivenby lowercoal revenues,higher operatingcostsand theadditional paymentof $51.5million in

relation to thestamp dutyon Curragh’sacquisition, includingtax interest,partially offsetby income taxrefunds

compared to income tax payments in 2023.

Net cash providedby operating activitieswas $268.3 millionfor the year endedDecember 31, 2023,compared

to $926.6millionfor theyearendedDecember31,2022.Thedecreaseincashfromoperatingactivitieswas

primarily driven by lower coal revenues,higher operating costs and income taxpaid of $147.1 million during the

year.

Investing activities

Net cashused ininvestingactivities was$226.3 millionfor theyearended December31, 2024,comparedto

$238.2 millionfor theyear endedDecember 31,2023. Cashspent oncapital expendituresfor theyear ended

December31,2024,was$248.2million,ofwhich$83.6millionwasrelatedtotheAustralianOperationsand

$164.6 million was related to the U.S. Operations,and $24.3 million redemption of restricted and other deposits.

The increase in capitalexpenditures was largelydue to the investmentin organic growth projectsat both of our

U.S. Operations and Australian Operations.

Net cashused ininvestingactivities was$238.2 millionfor theyearended December31, 2023,comparedto

$208.3 millionfor theyear endedDecember 31,2022. Cashspent oncapital expendituresfor theyear ended

December31,2023,was$237.2million,ofwhich$65.4millionwasrelatedtotheAustralianOperationsand

$171.2 million was related to the U.S. Operations.

Financing activities

Net cash provided by financing activities was $162.8 million for the year ended December 31,2024 compared to

net cashused infinancing activitiesof $24.7million forthe yearended December 31,2023. Thenet cashprovided

by financingactivities for theyear ended December31,2024, largelyrelated to theproceeds from interestbearing

liabilities andother financialliabilities of$449.9 millionpartially offsetby therepayment ofinterest bearingand

other financial liabilities of $246.7 million,call premium paid on early redemption of debt of $9.8 million, payment

of debt issuance and other financing costs of $13.9 million anddividend payment of $16.7 million.

Net cash used in financing activities was $24.7million for the year ended December 31, 2023,compared to cash

usedinfinancingactivitiesof$784.3millionfortheyearendedDecember31,2022.Thenetcashusedin

financing activities for the year ended December 31, 2023, largely related to dividend payments of $16.8 million,

payment of debtissuance costsin connection withthe establishment ofthe ABL Facilityof $3.4 millionand the

remainder related to repayment of other financial liabilities.

Coronado Global Resources Inc. Form 10-K December 31,2024108

Contractual Obligations

The following is a summary of our contractual obligationsat December 31, 2024:

Payments Due By Year

Less than

1

‑

3

3

‑

5

More than

(US$ in thousands)

Total

1 Year

Years

Years

5 Years

Long

‑

term debt obligations

(1)

40,363

9,012

7,450

7,450

16,451

9.250% Senior Secured Notes

(2)

440,954

4,349

8,698

408,698

19,209

Mineral lease commitments

(3)

41,101

4,304

8,246

8,091

20,460

Lease commitments

112,916

26,980

52,643

33,293

—

Unconditional purchase obligations

(4)

111,400

111,400

—

—

—

Take

‑

or

‑

pay contracts

(5)

665,193

90,910

184,400

190,854

199,029

Totalcontractual cash obligations

1,411,927

246,955

261,437

648,386

255,149

_____________________

(1)Representsfinancialobligationrelatingtoamountsoutstandingfromfinancingequipmentpurchases,

insurance premiums and financial liabilities for a sale and leaseback type arrangement.

(2)RepresentsfinancialobligationoutstandingundertheNotes.RefertoNote14.“InterestBearing

Liabilities” in the accompanying audited Consolidated FinancialStatements for additional discussion.

(3)Representsfutureminimumroyaltiesandpaymentsundermineralleases.RefertoNote24.

“Commitments”

intheaccompanyingauditedConsolidatedFinancialStatementsforadditional

discussion.

(4)Represents firm purchase commitments forcapital expenditures (based on order tosuppliers for capital

purchases) for 2024.

(5)Represents various short- and long-termtake-or-pay arrangements inAustralia associated with rail and

port commitments for the delivery of coal.

ThistabledoesnotincludeourestimatedAssetRetirementObligations,orARO.Asdiscussedin“—Critical

AccountingPoliciesandEstimates—CarryingValueofAssetRetirementObligations”below,thecurrentand

non-currentcarryingamountofourAROinvolvesseveralestimates,includingtheamountandtimingofthe

payments required to satisfythese obligations. The timingof payments is based on numerousfactors, including

projectedmineclosuredates.Basedonourassumptions,thecarryingamountofourAROasdeterminedin

accordance with U.S. GAAP was $164.8 million as ofDecember 31, 2024.

Critical Accounting Policies and Estimates

The preparationofour ConsolidatedFinancialStatementsin conformitywithU.S. GAAPrequiresustomake

estimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesatthedateofthe

ConsolidatedFinancialStatementsandthereportedamountsofrevenueandexpensesduringthereporting

period.ListedbelowaretheaccountingestimatesthatwebelievearecriticaltoourConsolidatedFinancial

Statements due to the degree ofuncertainty regarding the estimates or assumptions involved andthe magnitude

of the asset, liability, revenue or expense being reported. All of these accountingestimates and assumptions, as

wellastheresultingimpacttoourConsolidatedFinancialStatements,havebeendiscussedwiththeAudit,

Governance and Risk Committee of our Board of Directors.

See Note 2.“Summary of SignificantAccounting Policies”to the accompanyingaudited Consolidated Financial

Statements for a summary of our significant accounting policies.

Fair Value of Non-Financial Assets

Long-Lived Assets

Wereviewthecarryingvalueoflong-livedassetstobeusedinoperationsannuallyorwhenevereventsor

changesincircumstancesindicatethatthecarryingamountoftheassetsorassetgroupsmightnotbe

recoverable.

Factors that would necessitatean impairment assessmentinclude a significant adversechange in the extentor

manner in which an asset isused, a significant adverse change inlegal factors or the business climatethat could

affectthevalueoftheassetgroupora significantdeclineintheobservablemarketvalueofanassetgroup,

Coronado Global Resources Inc. Form 10-K December 31,2024109

among others. If such factsindicate a potential impairment,the recoverability of the assetgroup is assessed by

determining whether the carrying valueof the asset group exceedsthe sum of the projectedundiscounted cash

flows expected toresult fromthe use andeventual dispositionof the assetgroup over theremaining economic

life of the assetgroup. If the projected undiscounted cashflows are less thanthe carrying amount, an impairment

is recordedfor theexcess ofthe carryingamount overthe estimatedfair value,which isgenerally determined

using discounted future cashflows. Any such writedown is included inimpairment expense in ourconsolidated

statement of operations.

A high degree ofjudgment is requiredto estimate thefair value ofour intangible andlong-lived assets, andthe

conclusions thatwe reachcould varysignificantly basedon thesejudgments.We makevariousassumptions,

including assumptions regardingfuture cash flowsin ourassessments offair value. Theassumptions about future

cashflowsandgrowthratesarebasedonthecurrentandlong-termbusinessplansrelatedtothelong-lived

assets. Discountrate assumptionsare basedon anassessment ofthe riskinherent inthe futurecash flowsof

the long-lived assets.

The Company recognizedan impairment charge of$10.6 million against property,plant and equipment relating

to a long-standingnon-core idled assetwithin the U.S.Operations for theyear ended December31, 2024. The

Company concludedthat noimpairment chargeswere requiredat anyof theCompany’s miningassets forthe

years ended December 31, 2023 and 2022.

Goodwill Impairment

We hada balanceof goodwillof $28.0 millionrecorded atDecember 31,2024, whichwas generatedupon the

acquisition of Buchananin 2016. Weperform our annual assessmentof the recoverability ofour goodwill inthe

fourth quarter of each year. We utilize a qualitative assessment for determining whether the quantitative goodwill

impairment analysis isnecessary.The accounting guidancepermits entities tofirst assess qualitativefactors to

determine whether it is morelikely than not that thefair value of a reportingunit is less than its carryingamount

asabasisfordeterminingwhetheritisnecessarytoperformthequantitativegoodwillimpairmenttest.In

evaluating goodwill ona qualitative basis,we review thebusiness performanceof the Buchananmine complex

(the only reportingunit witha goodwill balance)and evaluateother relevantfactors asidentified in therelevant

accountingguidancetodeterminewhetheritismorelikelythannotthatanindicatorofimpairmentexistsat

Buchanan. We consider whether there are any negative macroeconomic conditions, industry specific conditions,

marketchanges,increasedcompetition,increasedcostsindoingbusiness,managementchallenges,legal

environments and how these factors mightimpact company specific performance in future periods.As part of the

analysis, wealso considerfair valuedeterminations forcertain reportingunits thathave beenmade atvarious

points throughoutthe currentand prioryear forother purposesto ensurethere isno contraryevidence toour

analysis. AtDecember 31,2024, wedid notperform aquantitative impairmentassessment aswe determined,

based on our qualitative assessment, that no impairmentindicators existed.

Carrying Value of Asset Retirement Obligations

The Company is required to maintain a liability(and associated asset) for the expected value of futureretirement

obligations on their mines, in line with ASC 410, AssetRetirement and Environmental Obligations.

Reclamationofareasdisturbedbyminingoperationsmustbeperformedbyusinaccordancewithapproved

reclamation plans and in compliance with state and federal laws in the states of West Virginia and Virginiain the

U.S., and Queensland in Australia. For areas disturbed, a significant amount of the reclamation will take place in

the future, whenoperations cease. Therewere no assetsthat werelegally restricted forpurposes of settlingasset

retirement obligationsas ofDecember 31,2024. Inaddition, stateagencies monitorcompliance withthe mine

plans, including reclamation.

Asset retirementobligations aredetermined foreach mineusing variousestimates andassumptions, including

estimatesofdisturbedareaasdeterminedfromengineeringdata,estimatesoffuturecoststoreclaimthe

disturbedareaandthetimingoftherelatedcashflows,escalatedforinflationanddiscountedusinga credit-

adjusted risk-free rate, with an equivalent amount recorded as a long-lived asset. If the Company’sassumptions

do notmaterialize asexpected, theactual cashandcosts itincurs couldbe materiallydifferentthan currently

estimated.

An accretion costis recorded each periodand the capitalizedcost is depreciated overthe useful lifeof the related

asset. As reclamation work is performed or liabilities are otherwise settled,the recorded amount of the liability is

reduced.

Coronado Global Resources Inc. Form 10-K December 31,2024110

A

review ofrestorationanddecommissioningprovisionsis carriedout annuallyon amine-by-minebasis,and

adjustments are made to reflect any changes in estimates, if necessary. On an interim basis, we may update the

liability based on significant changes to the life of mine or significant increases in disturbances during the period.

Expected Credit Losses

For trade and related partyreceivables carried at amortizedcost, we determine expectedcredit losses, or ECL,

on a forward-looking basis. The amount of ECL is updated at each reporting date to reflect changes in credit risk

since theinitial recognition ofthe respectivefinancial instrument. Werecognize the lifetimeECL. ECLis estimated

based on ourhistoric credit lossexperience, adjusted forfactors that arespecific to thefinancial asset, general

economicconditions,financialassettype,termandanassessmentofboththecurrentaswellasforecast

conditions, includingthe expectedtiming ofcollection, atthe reportingdate, modifiedfor creditenhancements

suchaslettersofcreditobtained.

To

measureECL,tradeandrelatedpartyreceivableshavebeengrouped

based on shared credit risk characteristics and the dayspast due.

We consideran eventof defaulthas occurredwhena financialasset issignificantlypast dueor otherfactors

indicate that the debtoris unlikely to payamounts owed to us.A financial asset iscredit impaired when thereis

evidence that the counterpartyis in significant financialdifficulty or abreach of contract, suchas default or past

due eventhas occurred.We writeoff afinancial assetwhen thereis informationindicating thereis norealistic

prospect of recovery of theasset from the counterparty.The amount of the impairmentloss is recognized in the

consolidated statement of operationsand other comprehensive incomewithin “Decrease (increase) inprovision

for discountingandcreditlosses”.Subsequentrecoveriesofamountspreviouslywrittenoffare creditagainst

“Decrease (increase) provision for discounting andcredit losses” in theconsolidated statement of operations and

other comprehensive income.

Recoverable Coal Reserves

There are numerous uncertainties inherentin estimating quantities and values of economicallyrecoverable coal

reserves,includingmanyfactorsbeyondourcontrol.Asaresult,estimatesofeconomicallyrecoverablecoal

reservesarebytheirnatureuncertain.Informationaboutourreservesconsistsofestimatesbasedon

engineering,economicandgeologicaldataassembledandanalyzedbyourstaffandthird-partyqualified

persons. Ourreserves areperiodically reviewedby anindependent thirdparty consultant.Some ofthe factors

and assumptions which impact economically recoverable reserveestimates include:

•geological settings;

•historical production from the area compared with production fromother producing areas;

•the assumed effects of regulations and taxes by governmentalagencies

;

•assumptions governing future prices; and

•future operating costs.

Each of these factors may in fact vary considerably from theassumptions used in estimating reserves. For these

reasons,estimatesoftheeconomicallyrecoverablequantitiesofcoalattributabletoaparticulargroupof

properties, and classificationsof these reservesbased on therisk of recoveryand estimates offuture net cash

flows,mayvarysubstantially.Actualproduction,revenuesandexpenditureswithrespecttoourreserveswill

likelyvaryfromestimates,andthesevariancesmaybematerial.SeeItem 1A.“RiskFactors—Werelyon

estimates of ourrecoverable reserves,which is complexdue to geologicalcharacteristics of theproperties and

the number of assumptions made”and Item 2. “Properties” for discussionsof the uncertainties in estimatingour

proven and probable coal reserves.

Taxes

We are required toestimate the amount oftax payable orrefundable for thecurrent year and thedeferred income

tax liabilities and assetsfor the future tax consequencesof events that havebeen reflected in ourConsolidated

Financial Statementsor taxreturns foreach taxingjurisdiction inwhich weoperate. Thisprocess requiresthat

deferred tax assetsbe reduced bya valuation allowanceif it is “morelikely than not”that some portionor all of

the deferred tax asset will not be realized. In ourevaluation, we take into account various factors, includingthe

impact of various agreementsand transactions thatwe enter into, taxableincome in carryback years,reversals

of existing taxable temporary differences and the expectedamount of future taxable income. These assumptions

required significantjudgementabout forecastsof futuretaxable incomeand areconsistent withthe plansand

Coronado Global Resources Inc. Form 10-K December 31,2024111

estimates we use to manage our underlying business. Based onthese judgments we may record tax reserves or

adjustmentstovaluationallowancesondeferredtaxassetstoreflecttheexpectedrealizabilityoffuturetax

benefits. Actual incometaxes could varyfrom these estimatesdue tofuture changes inincome taxlaw, significant

changesinthejurisdictionsinwhichweoperate,ourinabilitytogeneratesufficientfuturetaxableincomeor

unpredicted results from the finaldetermination of each year’sliability by taxing authorities. Thesechanges could

have a significant impact on our financial position.

Newly Adopted Accounting Standards and AccountingStandards Not Yet Implemented

See Note 2. “Summaryof Significant AccountingPolicies” to theaccompanying auditedConsolidated Financial

Statementsforadiscussionofnewlyadoptedaccountingstandardsandaccountingstandardsnotyet

implemented.

Coronado Global Resources Inc. Form 10-K December 31,2024112

ITEM 7A.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 those riskswhich are not coal price related.

We managefinancial riskthrough policiesand proceduresapproved byour Boardof Directors.These specify

the responsibilityof theBoardof Directorsandmanagementwith regardto themanagementof financialrisk.

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

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

Directors. The finance team regularly monitors our exposureto these financial risks and reports to 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 analysis inthe case ofinterest rate, foreignexchange and otherprice risks andaging analysis forcredit

risk.

Commodity Price Risk

Coal Price Risk

Weareexposedtodomesticandglobalcoalprices.Ourprincipalphilosophyisthatourinvestorswouldnot

considerhedgingofcoalpricestobeinthelong-terminterestofourstockholders.Therefore,anypotential

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

and would only be adopted in exceptional circumstances.

Theexpectationoffuturepricesforcoaldependsuponmanyfactorsbeyondourcontrol.Metcoalhasbeen

volatile 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 or tradebarriers occur inthe future.An inability forMetcoal suppliers 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

Part I, Item 1A. “Risk Factors—Risks related to the Supply Deed with Stanwell mayadversely affect our financial

condition and results of operations.”

Sales commitments in theMet coal market are typicallynot long-term in nature, andwe 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 priceis determinedwithin 7to 90days afterdelivery tothe customer.As ofDecember 31,2024, we had

$23.5millionofoutstandingprovisionallypricedreceivablessubjecttochangesintherelevantpriceindex.If

prices decreased 10%,these provisionally pricedreceivables would decreaseby $2.3 million.See PartI, Item 1A.

“Risk Factors—Our profitability dependsupon the prices we receive forour coal. Prices for coalare volatile and

can fluctuate widely based upon a number of factorsbeyond our control.”

Coronado Global Resources Inc. Form 10-K December 31,2024113

Diesel Fuel

We maybe exposedto pricerisk inrelation toother commoditiesfrom timeto timearising fromraw materials

used inour operations(such asgas ordiesel). Theexpectation offuture pricesfor dieseldepends uponmany

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 fuel required for our operations in 2025 will be purchasedunder fixed-price contracts or on a spot basis.

Interest Rate Risk

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

onourfinancialperformance,investmentdecisionsandstockholderreturn.Ourobjectivesinmanagingour

exposuretointerestratesincludeminimizinginterestcostsinthelongterm,providingareliableestimateof

interest costs for theannual work programand budget and ensuringthat changes in interestrates will not have

a material impact on our financial performance.

AsofDecember31,2024,wehad$450.3millionoffixed-rateborrowings,includingtheNotes,and

no 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 inexchange rates 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$. Approximately 30% of ourAustralian Operations’ purchases are made withreference to US$, 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$ exchangerate wouldincrease reportedtotal costsand expensesby approximately$118.6million forthe

year ended December 31, 2024.

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

all non-monetaryassets andliabilitiesat historicalratesand revenueand expensesat theaverage exchange

rates in effectduring the periods. Thenet effect ofthese translation adjustmentsis shown in theaccompanying

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.

Coronado Global Resources Inc. Form 10-K December 31,2024114

As of December31, 2024,we had financialassets of$617.9 million, comprisingof cash andcash equivalents,

trade receivables andrestricted deposits,which are exposedto counterpartycredit risk. Thesefinancial assets

have been assessed under ASC 326, Financial Instruments – Credit Losses, anda provision for discounting and

creditlossesof$0.7millionwasrecordedasofDecember31,2024.SeeItem8.“FinancialStatementsand

Supplementary Data—Note 7. Provision for Discounting andCredit Losses.”

Coronado Global Resources Inc. Form 10-K December 31,2024115

ITEM 8. FINANCIAL STATEMENTSAND SUPPLEMENTARYDATA

TABLE OF CONTENTS

Page

Number

116

117

118

119

120

(PCAOBID:

0

1435

)

154

Coronado Global Resources Inc. Form 10-K December 31,2024116

Consolidated Balance Sheets

(In US$ thousands, except share data)

Assets

Note

December 31,

2024

December 31,

2023

Current assets:

Cash and cash equivalents

$

339,625

$

339,295

Trade receivables, net

6

209,110

263,951

Inventories

8

155,743

192,279

Income tax receivable

21

—

44,906

Other current assets

9

110,275

103,609

Totalcurrent assets

814,753

944,040

Non-current assets:

Property, plant andequipment, net

10

1,507,130

1,506,437

Right of use asset – operating leases, net

12

90,143

80,899

Goodwill

28,008

28,008

Intangible assets, net

2,905

3,108

Restricted deposits

25

68,471

68,660

Deferred income tax assets

21

—

27,230

Other non-current assets

9

6,342

19,656

Totalassets

$

2,517,752

$

2,678,038

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

101,743

$

113,273

Accrued expenses and other current liabilities

11

206,798

312,705

Asset retirement obligations

13

15,523

15,321

Contract obligations

16

37,090

40,722

Lease liabilities

12

19,502

22,879

Interest bearing liabilities

14

1,363

—

Income tax payable

21

17,568

—

Other current financial liabilities

15

5,988

2,825

Totalcurrent liabilities

405,575

507,725

Non-current liabilities:

Asset retirement obligations

13

149,275

148,608

Contract obligations

16

27,772

61,192

Deferred consideration liability

17

285,050

277,442

Interest bearing liabilities

14

410,944

235,343

Other financial liabilities

15

18,881

5,307

Lease liabilities

12

74,241

61,692

Deferred income tax liabilities

21

36,737

100,145

Other non-current liabilities

36,392

34,549

Totalliabilities

$

1,444,867

$

1,432,003

Common stock $

0.01

par value;

1,000,000,000

shares authorized,

167,645,373

shares issued and outstanding as of December 31, 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 December 31, 2024 andDecember 31,

2023

—

—

Additional paid-in capital

1,094,560

1,094,431

Accumulated other comprehensive losses

23

(137,560)

(89,927)

Retained earnings

114,208

239,854

Totalstockholders’ equity

1,072,885

1,246,035

Totalliabilities and stockholders’ equity

$

2,517,752

$

2,678,038

See accompanying notes to consolidated financialstatements.

Coronado Global Resources Inc. Form 10-K December 31,2024117

Consolidated Statements of Operations and ComprehensiveIncome

(In US$ thousands, except share data)

Year ended December 31,

Note

2024

2023

2022

Revenues:

Coal revenues

$

2,444,862

$

2,830,689

$

3,527,626

Other revenues

62,851

59,914

43,916

Totalrevenues

3

2,507,713

2,890,603

3,571,542

Costs and expenses:

Cost of coal revenues (exclusive of items shown

separately below)

1,714,987

1,731,630

1,515,585

Depreciation, depletion and amortization

187,400

160,711

167,046

Freight expenses

241,377

259,710

249,081

Stanwell rebate

116,870

136,523

165,995

Other royalties

289,678

345,882

385,065

Selling, general, and administrative expenses

36,944

84,177

42,499

Totalcosts and expenses

2,587,256

2,718,633

2,525,271

Other income (expenses):

Interest expense, net

(58,856)

(56,751)

(67,632)

Loss on debt extinguishment

(14,732)

(1,385)

(5,336)

Decrease (increase) in provision for discounting and

credit losses

207

4,216

(3,821)

Other, net

4

3,734

5,764

33,795

Totalother expense, net

(69,647)

(48,156)

(42,994)

(Loss) income before tax

(149,190)

123,814

1,003,277

Income tax (expense) benefit

21

40,309

32,251

(231,574)

Net (loss) income attributable to Coronado Global

Resources Inc.

$

(108,881)

$

156,065

$

771,703

Other comprehensive loss, net of income taxes:

Foreign currency translation adjustment

(47,633)

1,496

(47,195)

Totalother comprehensive (loss) income

(47,633)

1,496

(47,195)

Totalcomprehensive (loss) income attributable to

Coronado Global Resources Inc.

$

(156,514)

$

157,561

$

724,508

(Loss) earnings per share of common stock

Basic

5 (c)

(0.65)

0.93

4.60

Diluted

5 (c)

(0.65)

0.93

4.60

See accompanying notes to consolidated financialstatements.

Coronado Global Resources Inc. Form 10-K December 31,2024118

Consolidated Statements of Stockholders’ Equity

(In US$ thousands, except share data)

Common stock

Preferred stock

Additional

paid in

capital

Accumulated

other

comprehensive

losses

(Accumulated

losses) Retained

earnings

Total

stockholders'

equity

Shares

Amount

Series A

Amount

Balance December 31, 2021

167,645,373

$

1,677

1

$

—

$

1,089,547

$

(44,228)

$

30,506

$

1,077,502

Net income

—

—

—

—

—

—

771,703

771,703

Other comprehensive loss

—

—

—

—

—

(47,195)

—

(47,195)

Total comprehensive (loss) income

—

—

—

—

—

(47,195)

771,703

724,508

Stock-based compensation for equity

classified awards

—

—

—

—

2,735

—

—

2,735

Dividends

—

—

—

—

—

—

(701,655)

(701,655)

Balance December 31, 2022

167,645,373

$

1,677

1

$

—

$

1,092,282

$

(91,423)

$

100,554

$

1,103,090

Net income

—

—

—

—

—

—

156,065

156,065

Other comprehensive income

—

—

—

—

—

1,496

—

1,496

Total comprehensive income

—

—

—

—

—

1,496

156,065

157,561

Stock-based compensation for equity

classified awards

—

—

—

—

2,149

—

—

2,149

Dividends

—

—

—

—

—

—

(16,765)

(16,765)

Balance December 31, 2023

167,645,373

$

1,677

1

$

—

$

1,094,431

$

(89,927)

$

239,854

$

1,246,035

Net loss

—

—

—

—

—

—

(108,881)

(108,881)

Other comprehensive loss

—

—

—

—

—

(47,633)

—

(47,633)

Total comprehensive loss

—

—

—

—

—

(47,633)

(108,881)

(156,514)

Stock-based compensation for equity

classified awards

—

—

—

—

129

—

—

129

Dividends

—

—

—

—

—

—

(16,765)

(16,765)

Balance December 31, 2024

167,645,373

$

1,677

1

$

—

$

1,094,560

$

(137,560)

$

114,208

$

1,072,885

See accompanying notes to consolidated financialstatements

Coronado Global Resources Inc. Form 10-K December 31,2024119

Consolidated Statements of Cash Flows

(In US$ thousands)

Year Ended December 31,

2024

2023

2022

Cash flows from operating activities:

Net (loss) income

$

(108,881)

$

156,065

$

771,703

Adjustments to reconcile net income to cash andcash equivalents provided

by operating activities:

Depreciation, depletion and amortization

190,923

163,862

165,503

Change in estimate of asset retirement obligation

(3,523)

(3,151)

1,543

Impairment of non-core assets

10,585

—

—

Amortization of right of use asset - operating leases

22,091

12,415

6,704

Amortization of deferred financing costs

3,989

4,300

1,933

Non-cash interest expense

34,912

30,997

31,362

Amortization of contract obligations

(31,443)

(33,026)

(36,519)

Equity-based compensation expense

129

2,149

2,735

Loss on debt extinguishment

14,732

1,385

5,336

Deferred income taxes

(39,526)

(21,338)

40,423

Reclamation of asset retirement obligations

(9,724)

(5,334)

(4,543)

(Decrease) increase in provision for discounting andcredit losses

(207)

(4,216)

3,821

Gain on translation of short-term inter-entity balances

(10,028)

—

—

Other

(694)

516

855

Changes in operating assets and liabilities:

Accounts receivable - including related party receivables,net

35,451

155,056

(156,818)

Inventories

27,644

(32,774)

(41,243)

Other current assets

(2,778)

(477)

(12,365)

Accounts payable

(9,366)

40,159

(27,664)

Accrued expenses and other current liabilities

(97,895)

(25,435)

84,041

Operating lease liabilities

(21,050)

(14,597)

(8,244)

Income tax payable

66,665

(164,834)

96,326

Change in other liabilities

2,033

6,560

1,754

Net cash provided by operating activities

74,039

268,282

926,643

Cash flows from investing activities:

Capital expenditures

(248,142)

(237,205)

(199,716)

Proceeds from the disposal of property, plant, and equipment

—

—

318

Purchase of restricted and other deposits

(2,462)

(27,213)

(9,761)

Redemption of restricted and other deposits

24,268

26,250

816

Net cash used in investing activities

(226,336)

(238,168)

(208,343)

Cash flows from financing activities:

Proceeds from interest bearing liabilities and otherfinancial liabilities

449,860

—

—

Debt issuance costs and other financing costs

(13,912)

(3,436)

—

Principal payments on interest bearing liabilitiesand other financial liabilities

(246,668)

(4,361)

(81,310)

Call premiums paid on early redemption of debt

(9,768)

—

(2,557)

Principal payments on finance lease obligations

(68)

(127)

(140)

Dividends paid

(16,679)

(16,755)

(700,244)

Net cash provided by (used in) financing activities

162,765

(24,679)

(784,251)

Net increase (decrease) in cash and cash equivalents

10,468

5,435

(65,951)

Effect of exchange rate changes on cash and cash equivalents

(10,138)

(769)

(37,351)

Cash and cash equivalents at beginning of period

339,295

334,629

437,931

Cash and cash equivalents at end of period

$

339,625

$

339,295

$

334,629

Supplemental disclosure of cash flow information:

Cash payments for interest

$

29,727

$

28,632

$

36,728

Cash (refund) paid for taxes

$

(67,842)

$

147,106

$

90,888

Restricted cash

$

251

$

251

$

251

See accompanying notes to consolidated financialstatements

Coronado Global Resources Inc. Form 10-K December 31,2024120

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS

1.Description of Business, Basis of Presentation

(a)

Nature of operations

CoronadoGlobalResources Inc.(togetherwithitssubsidiaries,the“Company”or“Coronado”)isaglobal

producer, marketer,and exporter of a full rangeof metallurgical coals, anessential element in the productionof

steel. The Companyhas a portfolioof operating minesand development projectsin Queensland, Australiaand

in thestates of Pennsylvania,Virginia and WestVirginia in theUnited States, orU.S. For detailsof theCompany’s

capital structure, refer to Note 5 “Capital Structure” forfurther information.

(b)

Basis of Presentation

TheConsolidatedFinancialStatementshavebeenpreparedinaccordancewithrequirementsoftheU.S.

Generally AcceptedAccountingPrinciples,or U.S.GAAP andare presentedin U.S.dollars,unless otherwise

stated.

The Consolidated FinancialStatements include theaccounts of theCompany and itssubsidiaries. The Company,

orCoronado,areusedinterchangeablytorefertoCoronadoGlobalResourcesInc.orCoronadoGlobal

Resources Inc.and itssubsidiaries, asappropriate tothe context.All intercompanybalances andtransactions

have been eliminated on consolidation.

(c)

Certain Significant Risks and Uncertainties

Externalfactors,includinggeneraleconomicconditions,internationaleventsandcircumstances,competitor

actions, governmental actionsand regulations are beyondthe Company’s controland can cause fluctuationsin

demandforcoalandvolatilityinthepriceofcommodities.ThisinturnmayadverselyimpacttheCompany’s

future operating results, purchase or investment opportunitiesin the coal mining industry.

Concentration of customers

The Company has a creditpolicy that establishes proceduresto determine creditworthinessand credit limits for

trade customers and counterpartiesin the over-the-counter coalmarket. Generally,credit is extended based on

an evaluationof the customer’sfinancial condition.Collateral isnot generallyrequired, unlesscredit cannotbe

established.

Payments from customers are generally due between

21

to

60

days after invoicing. Invoicing usually occurs after

shipmentordeliveryofgoods.Thetimingbetweentherecognitionofrevenueandreceiptofpaymentisnot

significant.

The Company had certain customerswhose accounts receivable balances individually represented

10

% or more

oftheCompany’stotalaccountsreceivable,orwhoserevenueindividuallyrepresented

10

%ormoreofthe

Company’s total revenue.

Thefollowingtablesummarizesanycustomerwhoserevenueindividuallyrepresented

10

%ormoreofthe

Company’s total coal revenues in the year endedDecember 31, 2024.

Year Ended December 31,

2024

2023

2022

TataSteel

20%

21%

19%

JFE Steel

11%

8%

8%

For the yearended December31, 2024, $

1,330.4

million, or

54.6

%, of totalcoal revenues,were attributableto

five

customers. In comparison,for the yearended December 31,2023, $

1,509.1

million, or

53.3

%, of totalcoal

revenues wereattributableto

five

customersand forthe yearended December31, 2022,$

1,848.8

million,or

52.6

%, of totalcoal revenueswere attributable to

five

customers. As ofDecember 31, 2024,the Company had

four

customers thataccounted for$

119.2

million, or

56.9

%, ofaccounts receivable.As ofDecember 31,2023,

the Company had

three

customers that accounted for $

152.9

million, or

57.9

%, of accounts receivable.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024121

Thefollowingtablepresentsrevenuesasapercentoftotalrevenuefromexternalcustomersbygeographic

region:

Year Ended December 31,

2024

2023

2022

Asia

59%

50%

46%

North America

14%

11%

12%

South America

8%

8%

8%

Europe

7%

6%

11%

Australia

3%

4%

4%

Brokered sales

9%

21%

19%

Total

100%

100%

100%

The Company uses shipping destination as thebasis for attributing revenue to individualcountries. The transfer

of title onbrokered transactionsmay occur ata point thatdoes not reflectthe end usagepoint, thereforethese

sales are reflected as exports and classified as brokerage sales.

Concentration of labor

OutoftheCompany’stotalemployees,

10.1

%asofDecember31,2024,

aresubjecttotheCurraghMine

EnterpriseAgreement2023.Thisagreementcoversworkcarried outby permanent,full-time,temporary,and

casual coal miningemployees engagedby Curraghto fulfillproduction, maintenanceand processingactivities.

Other thanthe CurraghMine EnterpriseAgreement 2023,there areno othercollective bargainingagreements

or union contracts covering employees of the Company.

Transportation

The Company dependsupon port andrail transportationsystems to delivercoal toits customers.Disruption of

thesetransportationservicesduetoweather-relatedproblems,mechanicaldifficulties,strikes,lockouts,

bottlenecks, and otherevents could temporarilyimpair the Company’sability to supplycoal to itscustomers. In

the past, disruptions in these services have resulted indelayed shipments and production interruptions.

2.Summary of Significant Accounting Policies

(a)Newly Adopted Accounting Standards

Accounting StandardsUpdate, orASU, No. 2023-07“Segment Reporting”(Topic280)

: In November2023, the

FASBissuedASU2023-07,whichintendedtoimprovereportablesegmentdisclosurerequirementsthrough

enhanceddisclosuresofsignificantsegmentexpenses.Theguidancewaseffectiveandimplementedinthe

Company’s consolidated financial statements for theyear ended December 31, 2024.

The updated standardimpacted only thefinancial statement disclosures withno impact onthe Company’s results

of operation, cash flows and financial position.

Such new disclosures are included in Note 3 “Segment Information”.

(b)Accounting Standards Not YetImplemented

ASU 2023-09“Income Taxes”(Topic740)

: InDecember2023, theFASBissued 2023-09,which modifiesthe

rules onincome taxdisclosures torequire companiesto disclose:specific categoriesin therate reconciliation,

the incomeor lossfrom continuingoperations before incometax expenseor benefit(separated betweendomestic

andforeign)andincometaxexpenseorbenefitfromcontinuingoperations(separatedbyfederal,state,and

foreign). The updated standard iseffective for annual periods beginning after December15, 2024. The Company

is currently evaluating the impact that the updated standardwill have in its financial statement disclosures.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024122

ASU 2024-03“Income Statement– ReportingComprehensive Income– ExpenseDisaggregation Disclosures”

(Subtopic 220-40)

: Disaggregation of IncomeStatement Expenses. InNovember 2024, theFASBissued 2024-

03, which require disclosure, inthe notes to financial statements, ofspecified information about certain costs and

expenses. The amendments aim to improve financial reporting by requiring that public business entities disclose

additional information aboutspecific expense categoriesin the notesto financial statementsat interimand annual

reporting periods. Theupdated standard iseffective forannual reporting periodsbeginning after December15,

2026,andinterimreportingperiodsbeginningafterDecember15,2027.Earlyadoptionispermitted.The

Companyiscurrentlyevaluatingtheimpactthattheupdatedstandardwillhaveinitsfinancialstatement

disclosures.

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

significance, to the Company’s Consolidated FinancialStatements.

(c) Use of Estimates

The preparationof ConsolidatedFinancialStatementsin conformitywith U.S. GAAPrequiresmanagementto

make certainjudgements, estimatesand assumptionsthat affectthe reportedamounts ofassets andliabilities

and disclosure ofcontingent assets and contingentliabilities at thedate of theConsolidated Financial Statements

andthereportedamountsofrevenuesandexpensesduringthereportingperiods.Actualresultscoulddiffer

materiallyfromthoseestimates.Significantitemssubjecttosuchestimatesandassumptionsincludeasset

retirement obligations; useful lives for depreciation,depletion and amortization; expected creditlosses; deferred

income taxassets andliabilities; valuesof coalproperties;goodwill; workers’compensationliability andother

contingencies.

(d)Foreign Currency

Financial Statements of foreign operations

The reporting currency of the Company is the U.S. Dollar,or US$.

Functionalcurrencyisdeterminedbytheprimaryeconomicenvironmentinwhichanentityoperates.The

functional currency ofthe Companyand its subsidiariesis the US$,with the exceptionof two foreignoperating

subsidiaries, Coronado Curragh Pty Ltd, or Curragh, and its immediateparent, Coronado Australia Holdings Pty

Ltd, or CAH,whose functionalcurrency isthe Australiandollar,or A$, sinceCurragh’s predominantsources of

operating expenses are denominated in that currency.

Assets and liabilitiesare translated atthe year-end exchangerate and itemsin the statementof operations are

translated at average rates with gains and losses fromtranslation recorded in other comprehensive losses.

Foreign Currency Transactions

Monetaryassetsandliabilitiesareremeasuredatyear-endexchangerateswhilenon-monetaryitemsare

remeasured at historical rates.

Gains andlossesfrom foreigncurrencyremeasurementrelatedto Curragh’sUS$ receivablesare includedin

coal revenues.All othergainsand lossesfrom foreigncurrencyremeasurementand foreigncurrencyforward

contractsareincludedin“Other,net”,withexceptionofforeigncurrencygainsorlossesonlong-term

intercompanyloanbalanceswhichare classifiedwithin“Accumulatedothercomprehensivelosses.”Thetotal

aggregate impact of foreign currencytransaction gains or losses on theConsolidated Statements of Operations

and ComprehensiveIncome wasa net gainof $

21.6

million, $

2.5

million and $

47.6

million for theyears ended

December 31,2024,2023 and2022, respectively.The totalimpact offoreign currencytransactions relatedto

US$ coalsales inAustralia (includedin thetotal above)was anet gainof $

8.4

million, netloss of$

1.0

million

and net gain of $

15.0

million for the years ended December 31, 2024, 2023 and2022, respectively.

(e)Cash and Cash Equivalents

Cash and cashequivalents include cashat bank andshort-term highly liquid investmentswith an originalmaturity

dateofthreemonthsorless.TheCompanyhad$

221.4

millionand$

130.0

millionofshort-termhighlyliquid

investments classified as cash equivalents for the yearsended December 31, 2024 and 2023, respectively.

“Cashandcashequivalents”,as disclosedintheaccompanyingConsolidatedBalanceSheets,includes$

0.3

million of restricted cash at December 31, 2024 and2023.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024123

(f)Trade Accounts Receivables

Trade accounts receivables representcustomer obligation thatis derivedfrom revenue recognizedfrom contracts

with customers. The Company extends trade credit to its customers in the ordinary course of business based on

an evaluation of the individual customer’s financialcondition.Trade receivables are initially recorded at fair value

and subsequently at amortized cost, less any ExpectedCredit Losses, or ECL.

The CompanydeterminesECL ona forward-lookingbasisfor theexpectedlifetimelosseson tradeaccounts

receivable.TheamountofECLis updatedat eachreportingdateto reflectchangesin creditrisksince initial

recognition of the respectivefinancial instrument. TheECL is estimated basedon the Company’shistoric credit

loss experience, adjustedfor factors thatare specific tothe financial asset,general economic conditions,financial

asset type, term and an assessment of both the current as well as forecast conditions, including expected timing

ofcollection,atthereportingdate,modifiedforcreditenhancementssuchaslettersofcreditobtained.

To

measure ECL,trade receivableshave beengroupedbased onshared creditrisk characteristicsand thedays

past due.

The amount of creditloss is recognized inthe Consolidated Statementsof Operations and Other Comprehensive

Income within “Provision for discounting and credit losses.” The Company writes off a financial asset when there

is information indicating there is no realistic prospect of recovery of the asset from the counterparty. Subsequent

recoveries of amountspreviously written offare credited against “Provisionfor discounting andcredit losses” in

the Consolidated Statements of Operations and OtherComprehensive Income.

(g)Inventories

Coal is recordedas inventory at thepoint in timethe coal isextracted from themine. Raw coalrepresents coal

stockpiles thatmay besold incurrent conditionor maybe furtherprocessed priorto shipmentto acustomer.

Saleable coal represents coal stockpiles which requireno further processing prior to shipment to a customer.

Coal inventories are statedat the lower of averagecost and net realizablevalue. The cost of coalinventories is

determined basedon anaverage costof production,which includesall costsincurred toextract, transportand

processthe coal.Netrealizablevalueconsiderstheestimatedsalespriceoftheparticularcoalproduct,less

applicable selling costs, and, in the case of raw coal, estimatedremaining processing costs.

Suppliesinventoryiscomprisedofreplacementpartsforoperationalequipmentandothermiscellaneous

materials and suppliesrequired for miningwhich are statedat cost on thedate of purchase.Supplies inventory

is valued atthe lower ofaverage cost ornet realizablevalue, less areserve for obsoleteor surplus items.This

reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. It is not

customary to sell these inventories; the Company plansto use them in mining operations as needed.

(h)Property, Plant andEquipment, Impairment of Long-Lived Assets and Goodwill

Property, Plant, andEquipment

Costs for mine development incurred toexpand capacity of operating mines or todevelop new mines and certain

mining equipment are capitalized and charged to operations on thehours of usage or units of production method

overtheestimatedprovenandprobablereservetonsdirectlybenefitingfromthecapitalexpenditures.Mine

developmentcostsincludecostsincurredforsitepreparationanddevelopmentoftheminesduringthe

development stage.Mineral rightsand reservesacquired aremeasured atcost andare depletedon aunits of

productionmethodovertheestimatedprovenandprobablereservetonsoftherelevantmineralproperty.

Capitalized costs related to internal-use software are amortized ona straight-line basis over the estimated useful

lives of the assets.

Property,plant,andequipmentarerecordedatcostandincludeexpendituresforimprovementswhenthey

substantiallyincreasetheproductivelivesof existingassets.Depreciationis calculatedusingthestraight-line

method overthe estimateduseful livesof thedepreciable assets of

3

to

10

years for machinery, miningequipment

andtransportationvehicles,

5

to

10

yearsforofficeequipment,and

10

to

20

yearsforplant,buildingsand

improvements.

Maintenance andrepair costsare expensed tooperations asincurred. Whenequipment isretired ordisposed,

the related costand accumulateddepreciation areremoved fromthe respectiveaccounts and anygain or loss

on disposal is recognized in operations.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024124

Impairment of long-lived assets

Long-livedassets,suchasproperty,plant,andequipment,andpurchasedintangibleassetssubjectto

amortization,arereviewedforimpairmentwhenevereventsorchangesincircumstancesindicatethatthe

carrying amount of anasset may not berecoverable. If circumstancesrequire a long-lived assetor asset group

betestedforpossibleimpairment,theCompanyfirstcomparesundiscountedcashflowsexpectedtobe

generated bythat assetor assetgroup toits carryingamount. Ifthe carryingamount ofthe long-livedasset or

asset groupis notrecoverable onan undiscountedcash flowbasis, animpairment isrecognized tothe extent

that thecarrying amountexceeds itsfair value.Fair valueis determinedthroughvarious valuationtechniques

includingdiscountedcashflowmodels,quotedmarketvaluesandthird-partyindependentappraisals,as

considered necessary.

In circumstances wherethe Company intendsto sell along-lived or assetgroup, that didnot satisfy thecriteria

to beclassifiedasheld-for-sale,animpairmentchargeis recordedwhenthecarryingamountof thedisposal

group exceeds its estimated fair value, less costs to sell.

The Company recognizedan impairment charge of$

10.6

million against property,plant and equipment relating

to a long-standingnon-core idled assetwithin the U.S.Operations for theyear ended December31, 2024. The

Company concludedthat

no

impairment chargeswere requiredat anyof theCompany’s miningassets forthe

years ended December 31, 2023 and 2022.

Goodwill

Goodwill is an assetrepresenting the future economicbenefits arising from otherassets acquired in abusiness

combinationthatarenotindividuallyidentifiedandseparatelyrecognized.InconnectionwiththeBuchanan

acquisition onMarch 31,2016, theCompany recordedgoodwill inthe amountof $

28.0

million.The Company

performed aqualitative assessmentto determineif impairmentwas requiredat December 31,2024 and2023.

Based upon theCompany’s qualitativeassessment, itis more likelythan not thatthe fair valueof the reporting

unit is greaterthan its carrying amountat December 31, 2024 and2023. As aresult,

no

impairment was required,

and the balanceof goodwill atboth December 31, 2024 and2023 was $

28.0

million. The Company hasnot noted

any indicators of impairment since the acquisition date.

Goodwill is notamortized but is reviewedfor impairment annually orwhen circumstances or otherevents indicate

that impairment may have occurred. The Company follows theguidance in Accounting Standards Update 2017-

04“

Intangibles–GoodwillandOther:SimplifyingtheTestforGoodwillImpairment

”(ASU 2017-04).The

Company makes a qualitative assessment of whether it is morelikely than not that a reporting unit’s fair value is

less than its carryingamount. Circumstances that are considered aspart of the qualitative assessmentand could

trigger a quantitative impairment testinclude but are not limitedto: a significant adverse changein the business

climate; a significantadverse legaljudgment; adversecash flow trends;an adverseaction or assessmentby a

government agency; unanticipated competition; and a significant restructuringcharge within a reporting unit. If a

quantitative assessment is determined to be necessary, the Company compares the fair value of a reporting unit

with its carryingamount, including goodwill.If the carryingamount of areporting unitexceeds its fairvalue, the

Company recognizes animpairment charge forthe amount by whichthe carrying amountexceeds its fairvalue

to the extent of the amount of goodwill allocated to thatreporting unit.

The Company defines reportingunits at the miningasset level. For purposesof testing goodwill forimpairment,

goodwill has been allocated to the reporting units to theextent it relates to each reporting unit.

(i)Asset Retirement Obligations

TheCompany’sassetretirementobligation,orARO,liabilitiesprimarilyconsistofestimatesofsurfaceland

reclamationandsupportfacilitiesatbothsurfaceandundergroundminesinaccordancewithapplicable

reclamation laws and regulations in the U.S. and Australiaas defined by each mining permit.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024125

The Companyestimates its AROliabilities forfinal reclamationand mineclosure based upondetailed engineering

calculations of the amountand timing of the futurecash spending for athird party to performthe required work.

Spendingestimatesareescalatedforinflationandthendiscountedatthecredit-adjusted,risk-freerate.The

Company recordsan ARO assetassociated withthe discountedliability for finalreclamation andmine closure.

The obligationand correspondingasset are recognizedin the periodin which theliability is incurred.The ARO

assetisamortizedontheunits-of-productionmethodoveritsexpectedlifeoftherelatedassetandtheARO

liability is accreted to the projectedspending date. As changesin estimates occur (such asmine plan revisions,

changes inestimated costsor changesin timingof theperformance ofreclamation activities),the revisionsto

theobligationandassetarerecognizedattheappropriatecredit-adjusted,risk-freerate.TheCompanyalso

recognizesanobligationforcontemporaneousreclamationliabilitiesincurredasaresultofsurfacemining.

Contemporaneous reclamation consists primarilyof grading, topsoil replacementand re-vegetation of backfilled

pit areas. Tosettle the liability,the obligation is paid,and to the extentthere is a differencebetween the liability

andtheamountof cashpaid,againorlossuponsettlementisrecorded.TheCompanyannuallyreviewsits

estimated future cash flows for its asset retirement obligations.

(j)Borrowing costs

Borrowing costs arerecognized as anexpense when theyare incurred, exceptfor interest chargesattributable

to major projects with substantial development and construction phases which are capitalizedas part of the cost

of the asset. There was

no

interest capitalized during the years ended December31, 2024 and 2023.

(k)Leases

From time totime, the Companyenters into contractualagreements tolease property,plant and equipment.In

addition, the Company also enters into mining services contracts which may include embedded leases of mining

equipment. Basedupon theCompany’s assessmentof theterms ofa specificlease agreement,the Company

classifies a lease as either finance or operating.

Finance leases

Right of Use, or ROU, assetsrelated to finance leases are presentedin “Property,plant and equipment, net” on

the Consolidated BalanceSheets. Leaseliabilities relatedto finance leasesare presented in“Lease Liabilities”

(current) and “Lease Liabilities” (non-current) on the ConsolidatedBalance Sheets.

Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present

value of thefuture lease paymentsover the leaseterm. Thediscount rate usedto determinethe presentvalue

of theleasepaymentsis therateimplicit inthelease unlessthatrate cannotbe readilydetermined,in which

case, theCompany utilizesits incrementalborrowingrate indetermining thepresent valueof thefuture lease

payments. The incremental borrowingrate is the rateof interest that theCompany would have topay to borrow

onacollateralizedbasisoverasimilartermanamountequaltotheleasepaymentsinasimilareconomic

environment.

Operating leases

ROU assetsrelated tooperating leasesare presentedas “Rightof Useassets –operating leases,net” onthe

ConsolidatedBalanceSheets.LeaseliabilitiesrelatedtooperatingleasesthataresubjecttotheASC842

measurement requirements such as operatingleases with lease termsgreater than twelve months arepresented

in “Lease Liabilities” (current) and “Lease Liabilities” (non-current)on Consolidated Balance Sheets.

Operating leaseROU assets andlease liabilitiesare recognized atthe commencement datebased onthe present

value of thefuture lease paymentsover the leaseterm. Thediscount rate usedto determinethe presentvalue

of theleasepaymentsis therateimplicit inthelease unlessthatrate cannotbe readilydetermined,in which

case, theCompany utilizesits incrementalborrowingrate indetermining thepresent valueof thefuture lease

payments. The incremental borrowingrate is the rateof interest that theCompany would have topay to borrow

onacollateralizedbasisoverasimilartermanamountequaltotheleasepaymentsinasimilareconomic

environment. Operatinglease ROUassets mayalso includeany cumulativeprepaid oraccrued rentwhen the

lease paymentsare uneventhroughout thelease term.The ROUassets andlease liabilitiesmay alsoinclude

options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The ROUasset includesany leasepayments madeand leaseincentives receivedprior tothe commencement

date.TheCompanyhasleasearrangementswithleaseandnon-leasecomponentswhichareaccountedfor

separately.Non-leasecomponentsoftheleasepaymentsareexpensedasincurredandarenotincludedin

determining the present value.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024126

(l)Royalties

Lease rightsto coallands areoften acquiredin exchangefor royaltypayments. Forour AustralianOperations,

royaltiesarepayablemonthlyasapercentageofthegrossrealizationfromthesaleofthecoalminedusing

surface mining methodsand underground methods.At our U.S. Operations,royalties are payablemonthly as a

percentageofthegrossrealizationforcoalproducedusingundergroundminingmethods.Advancemining

royalties are advancepayments made tolessors under termsof mineral leaseagreements thatare recoupable

againstfutureproduction.TheCompanyhadadvanceminingroyaltiesof$

9.8

millionand$

8.9

million

respectively, includedin “Other current assets” as of December 31, 2024and 2023.

(m) Stanwell Rebate

The Stanwell rebate relates toa contractual arrangement entered intoby the Company andStanwell Corporation

Limited, a Stateof Queenslandowned electricitygenerator, whichrequires paymentof a rebatefor export coal

sold from some of Curragh’smining tenements. The rebate obligation isaccounted for as an executorycontract

and the expense is recognized as incurred.

(n)Revenue Recognition

The Company accounts fora contract when ithas approval and commitmentfrom both parties, therights of the

parties are identified,payment termsare identified,the contract hascommercial substanceand collectabilityof

consideration is probable. Once a contractis identified, the Company evaluateswhether the combined or single

contract should be accounted for as more than one performanceobligation.

The Company recognizes revenue whencontrol is transferred to the customer.For the Company’s contracts,in

order to determinethe pointin time whencontrol transfersto customers, theCompany usesstandard shipping

terms todeterminethe timingof transferoflegal titleand thesignificantrisksand rewardsof ownership.The

Company also considers otherindicators including timingof when the Companyhas a present rightto payment

andwhenphysicalpossessionofproductsistransferredtocustomers.Theamountofrevenuerecognized

includes anyadjustments forvariable consideration,which isincluded inthe transactionprice andallocated to

eachperformanceobligationbasedontherelativestandalonesellingprice.Thevariableconsiderationis

estimated through the course of the contract using management’sbest estimates.

The majority ofthe Company’s revenue is derivedfrom short termcontracts where thetime between confirmation

of sales orders and collection of cash is not more thana few months.

Taxesassessedbyagovernmentalauthoritythatarebothimposedonandconcurrentwithaspecific

revenue-producing transaction that are collected by theCompany from a customer are excluded from revenue.

Performance obligations

Aperformanceobligationisapromiseinacontracttotransferadistinctgoodorservicetothecustomer.A

contract’s transaction price is allocatedto each distinct performance obligationand recognized as revenuewhen,

or as, the performance obligation is satisfied.

The Company’s contracts havemultiple performance obligations as thepromise to transfer the individualunit of

coalisseparatelyidentifiablefromotherunitsofcoalpromisedinthecontractsand,therefore,distinct.

Performance obligations, as described above, primarily relate to the Company’spromise to deliver a designated

quantity and type of coal within the quality specificationsstated in the contract.

Forcontractswithmultipleperformanceobligations,weallocatethecontract’stransactionpricetoeach

performance obligation on a relative standalone selling price basis. Thestandalone selling price is determined at

each contract inception usingan adjusted market assessmentapproach. This approach focuseson the amount

that the Company believes the market is willing to payfor a good or service, considering market conditions, such

as benchmark pricing, competitor pricing, market awareness of the product and current market trends that affect

the pricing.

Warranties provided to customers areassurance-type of warranties onthe fitness ofpurpose and merchantability

of the Company’s goods. The Company does notprovide service-type of warranties to customers.

Revenueisrecognizedatapointintimeandthereforetherewere

no

unsatisfiedand/orpartiallysatisfied

performance obligations at December 31, 2024 and 2023.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024127

Shipping and Handling

For Freeon Railsales, theCompany accountsfor shippingand handlingactivities asa separateperformance

obligation afterthe customerobtains controlof thegood. Inthis instance,shipping andhandling costspaid to

thirdpartycarriersandinvoicedtocoalcustomersarerecordedasfreightexpenseandotherrevenues,

respectively.

(o)Commodity Price Risk

The Company has commodity price risk arising from fluctuationsin domestic and global coal prices.

TheCompany’sprincipalphilosophyisnottohedgeagainstmovementsincoalpricesunlessthereare

exceptional circumstances.Any potential hedging of coal prices would be through fixedprice contracts.

TheCompanyisalsoexposedtocommoditypriceriskrelatedtodieselfuelpurchases.TheCompanymay

periodically enter into arrangements that protect againstthe volatility in fuel prices as follows:

•enter into fixed price contracts to purchase fuel for the U.S. Operations.

•enter into derivative financial instruments to hedge exposures to fuelprice fluctuations.

There were

no

derivative contracts outstanding December 31, 2024 and2023.

(p)Income Taxes

The Company uses the assetand liability approach to accountfor income taxes as required byASC 740, Income

Taxes,which requirestherecognitionof deferredincometax assetsandliabilitiesfor theexpectedfuturetax

consequencesattributableto differencesbetweenthefinancialstatementcarryingamountsofexistingassets

and liabilities and their respective tax bases.

Valuation allowances are providedwhen necessary toreduce deferred incometax assets tothe amount expected

to be realized, on a more likely than not basis.

The Company recognizes thebenefit of an uncertaintax position that it hastaken or expectsto take on income

taxreturnsitfilesifsuchtaxpositionismorelikelythannottobesustainedonexaminationbythetaxing

authorities, based on the technicalmerits of the position. These taxbenefits are measured based on thelargest

benefit that has a greater than 50% likelihood of being realizedupon ultimate resolution.

The Company’s foreignstructure consists ofAustralian entities whichare treated ascorporations subject totax

under Australian taxing authorities.The Australian entities aretreated as a branch forU.S. tax purposes andall

income flows through the ultimate parent (the Company).

(q)Fair Value Measurements

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

unobservableinputstotheextentpossible.TheCompanydeterminesfairvaluebasedonassumptionsthat

marketparticipantswoulduseinpricinganassetorliabilityintheprincipalormostrelevantmarket.When

consideringmarketparticipantassumptionsinfairvaluemeasurements,theCompanydistinguishesbetween

observable and unobservable inputs, which are categorizedin one of three levels of inputs.

Refer to Note 22.“Fair ValueMeasurement” for detailed information related to theCompany’s fair value policies

and disclosures.

(r)Stock-based Compensation

The Company hasa stock-based compensation planwhich allows forthe grant ofcertain equity-based incentives

including stock options,performance stock units,or PSU, andrestricted stock units,or RSU, toemployees and

executivedirectors,valuedinwholeorinpartwithreferencetotheCompany’sCDIsorequivalentcommon

shares (on a

10

:1 CDI to common share ratio).

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024128

The grant-datefair valueof stockoptionaward isestimated onthedateof grantusingBlack-Scholes-Merton

option-pricing model. Forcertain options andPSUs, the Company includesa relative TotalStockholder Return,

or TSR, modifier to determine the number of sharesearned at the end of the performance period. Thefair value

of awards that include the TSR modifier is determinedusing a Monte Carlo valuation model.

The expense for these equity-based incentives is based on their fair value at date of grant and is amortized over

the required serviceperiod, generally the vestingperiod. The Company accountsfor forfeitures asand when they

occur.

Refer toNote 20.“Stock-Based Compensation”

for detailedinformation relatedto theCompany’sstock-based

compensation plans.

(

s)(Loss) earnings per Share

Basic earnings per share is computed by dividing net income attributable to stockholders of the Company by the

weighted-average number of shares of common stockoutstanding during the reporting period.

Diluted net incomeper share is computedusing the weighted-averagenumber of sharesof common stockand

dilutivepotentialsharesofcommonstockoutstandingduringtheperiod.Dilutivepotentialsharesofcommon

stock primarily consist of employee stock options andrestricted stock.

(t)Deferred Debt Issuance Costs

The Company capitalizes costsincurred in connection with newborrowings, the establishment orenhancement

of creditfacilitiesand theissuanceof debtsecurities.These costsare amortizedas anadjustment tointerest

expense over thelife of theborrowing or termof the creditfacility using theeffective interestmethod. Deferred

debt issuance costs related to a recognized liabilityare presented in the balance sheet as adirect reduction from

the carrying amount of that liability whereas debt issuance costs related to a credit facility are shownas an asset

and amortizedover thelife ofthe facilityon astraight-line basisand includedin “Interestexpense, net”in the

Company’s Consolidated Statements of Operationsand Comprehensive Income.

Forinformationontheunamortizedbalanceofdeferreddebtissuancecostsrelatedtooutstandingdebt,see

Note 14. “Interest Bearing Liabilities”.

3.Segment Information

The Company hasa portfolio of operatingmines and developmentprojects in Queensland,Australia and in the

states ofPennsylvania,Virginiaand WestVirginiain theU.S. TheAustralian Operationscomprise the100%-

ownedCurraghproducingminecomplex.TheU.S.Operationscomprise

two

100%-ownedproducingmine

complexes (Buchanan and Logan) and

two

development properties (Mon Valleyand Russell County).

TheCompanyoperatesitsbusinessalong

two

reportablesegments:AustraliaandUnitedStates.The

organizationofthe

two

reportablesegmentsreflectshowCoronado’sChiefExecutiveOfficerwhoisthe

Company’schiefoperatingdecisionmaker,orCODM,managesandallocatesresourcestothevarious

components 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 for thecorporate function such as financial reporting and accounting,treasury, legal, human

resources, compliance,and tax.As such, thecorporate functionis not determinedto bea reportable segment

but is discretely disclosed for purposes of reconciliation to theCompany’s Consolidated Financial Statements.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024129

Reportable segment results for the years ended December 31,2024, 2023 and 2022 are presented below:

(US$ thousands)

Australia

United States

Other and

Corporate

Total

Year ended December 31,2024

Totalrevenues

$

1,594,981

$

912,732

$

—

$

2,507,713

Less:

Mining costs

(1)

(1,054,066)

(629,242)

—

(1,683,308)

Other operating costs

(1)

(538,365)

(141,239)

—

(679,604)

Totaloperating costs

(1,592,431)

(770,481)

—

(2,362,912)

Other and unallocated items

(2)

851

4,982

(35,494)

(29,661)

Segment adjusted EBITDA

3,401

147,233

(35,494)

115,140

Totalassets

1,213,903

1,048,117

255,732

2,517,752

Capital expenditures

89,343

156,401

4,127

249,871

Year ended December 31,2023

Totalrevenues

$

1,681,522

$

1,209,081

$

—

$

2,890,603

Less:

Mining costs

(1)

(1,058,598)

(610,925)

—

(1,669,523)

Other operating costs

(1)

(621,356)

(182,866)

—

(804,222)

Totaloperating costs

(1,679,954)

(793,791)

—

(2,473,745)

Other and unallocated items

(2)

680

5,803

(41,629)

(35,146)

Segment adjusted EBITDA

2,249

421,093

(41,629)

381,713

Totalassets

1,322,610

1,010,199

345,229

2,678,038

Capital expenditures

55,412

171,686

660

227,758

Year ended December 31,2022

Totalrevenues

$

2,116,555

$

1,454,987

$

—

$

3,571,542

Less:

Mining costs

(1)

(864,616)

(531,812)

—

(1,396,428)

Other operating costs

(1)

(711,170)

(208,128)

—

(919,298)

Totaloperating costs

(1,575,786)

(739,940)

—

(2,315,726)

Other and unallocated items

(2)

439

1,614

(42,245)

(40,192)

Segment adjusted EBITDA

541,208

716,661

(42,245)

1,215,624

Totalassets

1,353,424

1,013,359

183,144

2,549,927

Capital expenditures

89,001

95,769

587

185,357

(1)

The significant expense category and amount alignswith the segment-level information that is regularlyprovided to the CODM

.

(2)

Other and unallocated items for other and corporate includesselling, general and administrative expenses.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024130

ThereconciliationofnetincomeattributabletotheCompanytotheAdjustedEBITDAfortheyearsended

December 31, 2024, 2023 and 2022 are as follows:

Year Ended December 31,

(US$ thousands)

2024

2023

2022

Consolidated Adjusted EBITDA

$

115,140

$

381,713

$

1,215,624

Depreciation, depletion and amortization

(187,400)

(160,711)

(167,046)

Interest expense, net

(1)

(58,856)

(56,751)

(67,632)

Other foreign exchange gains

(2)

12,339

2,899

32,259

Loss on debt extinguishment

(14,732)

(1,385)

(5,336)

Uncertain stamp duty position

(3)

—

(41,321)

—

Impairment of non-core assets

(4)

(10,585)

—

—

Restructuring costs

(5)

(729)

—

—

Losses on idled assets

(6)

(4,574)

(4,846)

(771)

Decrease (increase) in provision for discounting

and credit losses

207

4,216

(3,821)

Net (loss) income before tax

$

(149,190)

$

123,814

$

1,003,277

Income tax benefit (expense)

40,309

32,251

(231,574)

Net (loss) income

$

(108,881)

$

156,065

$

771,703

(1)

Includes interest income of $

15.4

million, $

7.6

million, and $

1.5

million for the years ended December 31, 2024,2023, 2022, respectively.

(2)

Refer to Note 4. “Other, net” for further discussion.

(3)

Relates to stamp duty on Curragh’s acquisition.Refer to Note 25. “Contingencies” for furtherdiscussion.

(4)

During the year ended December 31, 2024, theCompany recognized an impairment charge of$

10.6

million against property, plant and equipment

relating to a long-standing non-core idled asset within the U.S. Operations.This impairment charge was recognized based on a conditionalpurchase

offer received andaccepted bythe Company andis included in“Other, net” onthe ConsolidatedStatement ofOperations andComprehensive Income.

At December 31, 2024, satisfactionof conditions precedent andcompletion of the sale remaineduncertain and as such thisidled asset was classified

as held and used. On January 14, 2025, allsubstantive conditions were satisfied, andthe sale of this long-standing non-core assetwas completed.

(5)

During the year ended December 31, 2024, a restructuring and cost transformation initiative commenced at the Australian Operations to focus on

repositioning the Company’s efforts to align its coststructures and optimize its operations.

(6)

These losses relate to care and maintenancecosts of an idled non-core asset that wassold on January 14, 2025.

ThereconciliationsofcapitalexpenditurespertheCompany’ssegmentinformationtocapitalexpenditures

disclosed onthe ConsolidatedStatements ofCash Flowsfor theyears endedDecember31, 2024,2023 and

2022 are as follows:

Year ended December 31,

(US$ thousands)

2024

2023

2022

Capital expenditures per Consolidated Statement of

Cash Flows

$

248,142

$

237,205

$

199,716

Net movement in accruals for capital expenditures

12,497

(453)

3,768

Net movement in deposits to acquire long lead capital

(10,768)

(8,994)

(18,127)

Capital expenditures per segment detail

$

249,871

$

227,758

$

185,357

Disaggregation of Revenue

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

Company’ssegments,as theCompanybelievesit bestdepicts thenature,amount,timinganduncertaintyof

revenues and cash flows. All revenue is recognized at a pointin time.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024131

Year ended December 31, 2024

(US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

1,472,477

$

854,587

$

2,327,064

Thermal coal

87,798

30,000

117,798

Totalcoal revenue

1,560,275

884,587

2,444,862

Other

(1)(2)

34,706

28,145

62,851

Total

$

1,594,981

$

912,732

$

2,507,713

Year ended December 31, 2023

(US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

1,557,471

$

1,031,012

$

2,588,483

Thermal coal

88,281

153,925

242,206

Totalcoal revenue

1,645,752

1,184,937

2,830,689

Other

(1)(2)

35,770

24,144

59,914

Total

$

1,681,522

$

1,209,081

$

2,890,603

Year ended December 31, 2022

(US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

$

1,968,173

$

1,394,880

$

3,363,053

Thermal coal

110,345

54,228

164,573

Totalcoal revenue

2,078,518

1,449,108

3,527,626

Other

(1)

38,037

5,879

43,916

Total

$

2,116,555

$

1,454,987

$

3,571,542

(1)

IncludedinOtherrevenueforAustralianOperationistheamortizationofStanwellnon-market coalsupplyagreementliabilityrecognized on

acquisition of Curragh. See further discussionin Note 16 “Contract Obligations”.

(2)

Other revenuefor theU.S. segmentincludes $

25.0

million, $

17.5

million and

nil

for theyears endedDecember 31,2024, 2023and 2022,respectively,

relating to termination fee revenue fromcoal sales contracts cancelled at the U.S. Operations.

Further explanation to tables above:

The following is a description of the principal activitiesby reportable segments.

•The Company primarily offers two types of products to itscustomers: metallurgical coal and thermal coal

ofvaryingqualities.TheCompany’smetallurgicalcoalisclassifiedashardcokingcoal,further

distinguished by its volatility (defined as high, mid, or low),and pulverized coal injection.

•The Australian Operations reportable segmentincludes the Curragh mine. TheAustralian Operations is

a separatereportable segmentdue tohaving separatemanagement, location,assets, andoperations.

Curraghmine,includedintheAustralianOperations,islocatedincentralQueensland,Australiaand

produces a wide variety of metallurgical coal.

•The United Statesreportable segmentincludes the Buchananand Logan coalmine facilities locatedin

Virginia and West Virginiain the United States. It produces high, mid and low volatility hardcoking coal.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024132

4.Other, net

Other, net consists of the following:

Year ended December 31,

(US$ thousands)

2024

2023

2022

Other foreign exchange gains

(1)

$

12,339

$

2,899

$

32,259

Impairment of non-core assets

(10,585)

—

—

Restructuring costs

(729)

—

—

Other income

2,709

2,865

1,536

TotalOther, net

$

3,734

$

5,764

$

33,795

(1)

Other foreign exchange gainsprimarily relates to gains andlosses recognized onthe translation of short-term inter-entitybalances between certain

entities within the Group that are denominatedin currencies other than their respectivefunctional currencies.

5.Capital Structure

(a)

Stockholders’ Equity

Authorized capital stock

The Company’s Certificate of Incorporation, as amended, authorize the Company toissue

1,100,000,000

shares

of $

0.01

par value capital stock consisting of

1,000,000,000

shares of common stock and

100,000,000

shares of

preferred stock.

Common Stock / CDIs

The following table summarizes Common Stock activityduring the periods presented below:

Year Ended December 31,

2024

2023

2022

Shares outstanding at the beginning of the year

167,645,373

167,645,373

167,645,373

Shares issued during the year

-

-

-

Share outstanding at end of the year

167,645,373

167,645,373

167,645,373

A portion of theCompany’s commonstock is publiclytraded on the ASXunder the ticker“CRN,” in theform of

CHESS Depositary Interests,or CDIs. CDIs are units of beneficial ownership in shares of common stock held by

CHESS Depositary Nominees Pty Limited, or CDN,a wholly-owned subsidiary of ASX Limited,the company that

operates the ASX.

As each CDI represents one tenth of a share,holders of CDIs will be entitled to

one

vote for every

10

CDIs they

hold. CDIholdersare toreceiveentitlementswhich attachto underlyingsharessuch asparticipationin rights

issues, bonus issues, capital reductions and liquidation preferences.

The CDIs entitleholders to dividends,if any, and other rightseconomically equivalent toshares of commonstock,

including the rightto attend stockholders’meetings. CDN, asthe stockholder ofrecord, will votethe underlying

shares in accordance with the directions of the CDI holders.

As of December 31,2024,

831,392,331

CDIs (representing beneficialinterest in

83,139,233

shares of common

stock) were owned by investors in the form of CDIs publiclytraded on the ASX.

Coronado Group LLC

AsofDecember31,2024,CoronadoGroupLLC,theCompany’scontrollingstockholder,beneficiallyowns

845,061,399

CDIs (representing a beneficial interestin

84,506,140

shares of common stock) representing

50.4

%

ofthetotal

1,676,453,730

CDIs(representingabeneficialinterestin

167,645,373

sharesofcommonstock)

outstanding.

Refer to Note 20 “Stock-Based Compensation” foroptions to purchase common stock issuedand outstanding as

of December 31, 2024 and 2023.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024133

Preferred Stock

Coronado GroupLLC holdsone shareof preferredstockSeries A.The holderof SeriesA PreferredStockis

permittedtonominateandelectmembersoftheCompany’sBoardofDirectorsinrelationtothelevelofthe

holder’saggregatebeneficialownershipofsharesoftheCompany’scommonstock.TheSeriesAPreferred

Shareisnotentitledtodividendsandisnon-transferable.TheSeriesAPreferredSharehasaliquidation

preference of $

1.00

.

(b)

Dividends

The dividendpolicyandthepaymentof futurecashdividendsare subjecttothediscretionof theCompany’s

Board of Directors.

During the year ended December 31, 2024, the Companydeclared:

•Dividends of $

8.4

million, or $

0.005

per CDI ($

0.05

per share of common stock),on February 19, 2024;

and

•Dividends of $

8.4

million, or $

0.005

per CDI ($

0.05

per share of common stock), on August 5, 2024.

FortheyearendedDecember31,2024,theCompanypaidatotalof$

16.7

milliontostockholdersandCDI

holders on the ASX, net of$

0.1

million foreign exchange gain onpayment to certain CDI holdersthat elected to

be paid in Australian dollars,in relation to the above declared dividends.

During the year ended December 31, 2023, the Companydeclared:

•Dividends of $

8.4

million, or $

0.005

per CDI ($

0.05

per share of common stock),on February 21, 2023;

and

•Dividends of $

8.4

million, or $

0.005

per CDI ($

0.05

per share of common stock), on August 7, 2023.

FortheyearendedDecember31,2023,theCompanypaidatotalof$

16.7

milliontostockholdersandCDI

holders on the ASX, net of$

0.1

million foreign exchange gain onpayment to certain CDI holdersthat elected to

be paid in Australian dollars,in relation to the above declared dividends.

During the year ended December 31, 2022, the Companydeclared:

•Dividends of $

150.9

million, or $

0.09

per CDI ($

0.90

per share of common stock), on February 24, 2022;

•Dividends of $

200.1

million, or $

0.119

per CDI ($

1.19

per share of common stock), on May 9, 2022;

•Dividends of $

125.7

million, or $

0.075

per CDI ($

0.75

per share ofcommon stock),on August 8,2022;

and

•Dividends of $

225.0

million, or $

0.134

per CDI ($

1.34

per share of common stock), onOctober 30, 2022.

Forthe yearended December31, 2022,theCompanypaid atotal of$

700.2

millionto stockholdersand CDI

holders on the ASX, net of$

1.4

million foreign exchange gain onpayment to certain CDI holdersthat elected to

be paid in Australian dollars,in relation to the above declared dividends.

For dividends declared or paid after December 31, 2024,refer to Note 27 “Subsequent Events”.

(c)

(Loss) 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. During periods in which the Company incursa net loss, diluted weighted average shares outstanding

are equal to basic weighted average shares outstandingbecause the effect of all equity awards is anti-dilutive.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024134

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

Year ended December 31,

(US$ thousands, except per share data)

2024

2023

2022

Numerator:

Net (loss) income attributable to Company stockholders

$

(108,881)

$

156,065

$

771,703

Denominator (in thousands):

Weighted-average shares of common stock outstanding

167,645

167,645

167,645

Effects of dilutive shares

—

421

201

Weighted average diluted shares of common stockoutstanding

167,645

168,066

167,846

(Loss) Earnings Per Share (US$):

Basic

(0.65)

0.93

4.60

Dilutive

(0.65)

0.93

4.60

6. Trade Receivables, net

The Companyextends tradecredit toits customersin theordinary courseof business.Tradereceivables are

recorded initially at fair value and subsequently at amortizedcost, less any ECL.

December 31,

(US$ thousands)

2024

2023

Trade receivables

$

209,289

$

264,218

Provision for discounting and credit losses (Note 7)

(179)

(267)

Trade receivables, net

$

209,110

$

263,951

7. Provision for Discounting and Credit Losses

The followingtable providesthe reconciliationof theallowance forcredit lossesthat isdeducted fromfinancial

assets to present the net amount expected to be collected:

(US$ thousands)

Trade

receivables

Other

Assets

Total

As at January 1, 2023

$

4,511

$

566

$

5,077

Change in estimates during the period

(4,244)

28

(4,216)

As of December 31, 2023

267

594

861

Change in estimates during the period

(88)

(119)

(207)

As of December 31, 2024

$

179

$

475

$

654

8. Inventories

December 31,

(US$ thousands)

2024

2023

Raw coal

$

60,874

$

55,998

Saleable coal

32,633

81,314

Totalcoal inventories

93,507

137,312

Supplies inventory

62,236

54,967

Totalinventories

$

155,743

$

192,279

Coal inventories measured at its net realizable value were$

3.3

million and $

2.4

million at December 31, 2024

and 2023, respectively,and primarily relates to coal designated for deliveries underthe Stanwell below market

coal supply agreement, or CSA. See further discussionin Note 16. “Contract Obligations”.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024135

9.Other Assets

December 31,

(US$ thousands)

2024

2023

Other current assets:

Prepayments

$

40,465

$

34,175

Long service leave receivable

7,193

8,438

Taxcredits receivable

4,004

3,265

Deposits to acquire mining equipment

37,888

18,935

Short-term deposits

—

21,906

Other

20,725

16,890

Totalother current assets

$

110,275

$

103,609

Other non-current assets:

Favorable mineral leases

$

3,285

$

3,310

Deferred debt issue costs

1,527

2,672

Long service leave receivable

1,530

1,485

Taxcredits receivable

—

4,004

Deposits to acquire long lead mining equipment

—

8,185

Totalother non-current assets

$

6,342

$

19,656

The Companyhas other assetswhich includes prepayments,favorable mineral leases,deferred debt issuecosts,

long service leave receivable,equipment deposits, shortterm deposits and coalfieldemployment enhancement

tax credit receivable.

Long service leave foreligible coal mine workersat the Company’sAustralian Operations ispaid when leave is

taken, with a subsequentreimbursement received fromthe Coal Mining Industry(Long Service Leave Funding)

CorporationinQueensland,Australia.Thereimbursemententitlementisrecognizedasareceivableandis

measured asthe presentvalue ofexpected futurereimbursements tobe receivedfor thecorresponding leave

liability recognized.

The Companyrecognized taxcredits receivablerelating tothe Virginiacoalfield employmentenhancement tax

credit forcoal salesfrom theCompany’smining propertiesin theState ofWestVirginia inthe U.S.during the

2018to2021incomeyears.WherethecreditsexceedtheCompany’sstatetaxliabilityforthetaxyear,the

excess is redeemable by theTaxCommissioner on behalf ofthe Commonwealth of Virginiafor

85

% of the face

valuewithin90daysafterfilingthereturn.Thetaxcreditsallowedcanbeclaimedinthethirdtaxableyear

following the taxable year in which the credit was earned andallowed.

Deposits to acquire mining equipmentare advance payments made forthe purchase of future miningequipment,

some of which relate to mining equipment expected tobe delivered beyond the next twelve months.

Short-term deposits were term deposits held with financial institutions with maturity greater than ninety days and

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

The favorable mineral leases were recognized on acquisition of certain U.S. assetsthat are amortized based on

thecoaltonnageremovedfromtheleasepropertyrelativetothetotalestimatedacquiredreservesonthat

property.

The deferred debt issue costs as of December 31, 2024 andDecember 31, 2023, are unamortized costs relating

to theestablishment ofthe seniorsecured asset-basedrevolving credit facilities(refer toNote 14“Interest Bearing

Liabilities” for furtherdescription of thesefacilities). The deferreddebt issue costsare amortized overthe life of

thefacilityonastraight-linebasisandincludedin“Interestexpense,net”intheCompany’sConsolidated

Statements of Operations and Comprehensive Income

.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024136

10.Property, Plant andEquipment

The followingtable indicatesthe carryingamount ofeach ofthe majorclasses ofthe Company’sconsolidated

depreciable assets:

December 31,

(US$ thousands)

2024

2023

Land

$

28,130

$

28,282

Buildings and improvements

123,662

102,642

Plant, machinery, miningequipment and transportation vehicles

1,259,620

1,189,088

Mineral rights and reserves

379,065

389,868

Office and computer equipment

9,654

9,771

Mine development

550,110

579,717

Asset retirement obligation asset

90,318

88,384

Construction in progress

190,124

143,041

Totalcost of property,plant and equipment

2,630,683

2,530,793

Less accumulated depreciation, depletion and amortization

1,123,553

1,024,356

Property, plant andequipment, net

$

1,507,130

$

1,506,437

The amount of depreciation and amortization expensefor property, plantand equipment for the years ended

December 31, 2024, 2023 and 2022 was $

175.4

million, $

152.4

million and $

155.8

million, respectively.

11.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of thefollowing:

December 31,

(US$ thousands)

2024

2023

Wages and employee benefits

$

39,457

$

42,348

Taxesother than income taxes

6,062

6,728

Accrued royalties

36,111

45,770

Accrued freight costs

33,071

47,549

Accrued mining fees

84,538

89,622

Acquisition related accruals

—

53,700

Other liabilities

7,559

26,988

Totalaccrued expenses and other current liabilities

$

206,798

$

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.RefertoNote25

“Contingencies” for further details.

12. Leases

During the year ended December 31,2024, the Company entered into anumber of agreements to leasemining

equipment.BasedontheCompany’sassessmentoftermswithintheseagreements,theCompanyclassified

these leases asoperating leases. Onmobilization of these leased miningequipment, the Companyrecognized

ROU assets and operating lease liabilities of $

44.2

million.

On April 1,2024, the Companyextinguished

one

of its miningservices contracts formining and equipmentassets

used to provide miningservices. On extinguishment,ROU assets of $

11.3

million and operatinglease liabilities

of $

12.1

million were derecognized.

On September 1, 2024,the Company modified

one

of its mining equipmentlease contracts toextend the lease

term. Upon modification,the Company recognizedadditional ROU assetsand operating leaseliabilities of $

6.4

million.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024137

As of December31, 2024,there are additionaloperating leasesof miningequipment, which havenot yet been

mobilized, thathavea presentvalueof minimumleasepayments of$

9.9

million.These operatingleasesare

expected to commence within the next

12

months with lease terms of not more than

five years

.

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

Year ended December 31,

(US$ thousands)

2024

2023

Operating lease costs

$

28,619

$

17,013

Cash paid for operating lease liabilities

21,050

14,597

Finance lease costs:

Amortization of right of use assets

73

133

Interest on lease liabilities

2

11

Totalfinance lease costs

$

75

$

144

December 31,

(US$ thousands)

2024

2023

Assets:

Operating leases

Right of use asset – operating leases, net

$

90,143

$

80,899

Finance leases

Property and equipment

—

371

Accumulated depreciation

—

(309)

Property and equipment, net

—

62

Current operating lease obligations

19,502

22,811

Non-current operating lease obligations

74,241

61,692

TotalOperating lease liabilities

93,743

84,503

Liabilities:

Current finance lease obligations

—

68

TotalFinance lease liabilities

—

68

Current lease obligations

19,502

22,879

Non-current lease obligations

74,241

61,692

Totallease obligations

$

93,743

$

84,571

December 31,

2024

2023

Weighted Average RemainingLease Term (Years)

Weighted average remaining lease term – financeleases

-

0.5

Weighted average remaining lease term – operatingleases

4.3

3.7

Weighted Average DiscountRate

Weighted discount rate – finance lease

-

7.6%

Weighted discount rate – operating lease

9.3%

9.0%

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024138

The Company’s leaseshave remaining leaseterms of

one year

to

four years

, some of whichinclude options to

extend the terms wherethe Company deemsit is reasonably certainthe options will beexercised. Maturities of

lease liabilities as at December 31, 2024, are as follows:

(US$ thousands)

Operating

Lease

Year endingDecember 31,

2025

$

26,980

2026

26,801

2027

25,842

2028

23,292

2029

10,001

Totallease payments

112,916

Less imputed interest

(19,173)

Totallease liability

$

93,743

13.Asset Retirement Obligations

Reclamation ofareas disturbedby miningoperationsmust beperformedby theCompany inaccordancewith

approvedreclamationplansandincompliancewithstateandfederallawsinthestatesofWestVirginiaand

VirginiaintheUnitedStatesandQueenslandinAustralia.Forareasdisturbed,reclamationisperformed

progressively,however,asignificantamountofthereclamationwilltakeplaceinthefuturewhenoperations

cease. There were

no

assets that werelegally restricted forpurposes of settling assetretirement obligations as

of December 31,2024 and 2023.In addition, stateagencies monitorcompliance with themine plans, including

reclamation.

The Company records the fair valueof its asset retirement obligations using the presentvalue of projected future

cash flows, withan equivalent amountrecorded in therelated long livedasset or achange to theConsolidated

Statements of Operationsif the relatedpermit is closed.An accretion cost,representing theincrease over time

in the present value ofthe liability, is recorded each period and the capitalized cost isdepreciated over the useful

life of the related asset. As reclamation work is performed or liabilitiesotherwise settled, the recorded amount of

the liability is reduced.

Changes inthe assetretirement obligationsfor theyears endedDecember 31,2024 andDecember 31,2023

were as follows:

(US$ thousands)

December 31,

2024

December 31,

2023

Totalasset retirement obligations at beginning of the year

$

163,929

$

138,490

ARO liability additions - new disturbances

1,997

9,923

Accretion

15,324

11,252

Reclamation performed in the year

(9,724)

(5,334)

Reclass of asset held for sale

—

11,115

Change in estimate recorded to operations

(3,523)

(3,151)

Change in estimate recorded to assets

5,937

682

Foreign currency translation adjustment

(9,142)

952

Totalasset retirement obligations at end of the year

164,798

163,929

Less current portion

(15,523)

(15,321)

Asset retirement obligation, excluding current portion

$

149,275

$

148,608

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024139

14. Interest Bearing Liabilities

The following is a summary of interest-bearing liabilitiesat December 31, 2024:

(US$ thousands)

December 31,

2024

December 31,

2023

Weighted Average

Interest Rate at

December 31, 2024

Final

Maturity

10.75

0% Senior Secured Notes

$

—

$

242,326

12.14

%

(2)

2026

9.25

0% Senior Secured Notes

400,000

—

9.99

%

(2)

2029

ABL Facility

—

—

Loan - Curragh Housing Transaction

24,472

—

14.14

%

(2)

2034

Discount and debt issuance costs

(1)

(12,165)

(6,983)

Totalinterest bearing liabilities

412,307

235,343

Less: current portion

(1,363)

—

Non-current interest-bearing liabilities

$

410,944

$

235,343

(1)

Relates to discount anddebt issuance costs inconnection with the 2029Notes, 2026 Notes andCurragh Housing Transaction (as defined

below). Deferred debtissuance costs incurredin connection withthe establishment ofthe ABL Facilityhave been includedwithin "Other non-

current assets" in the Consolidated Balance Sheets.

(2)

Represent theeffective interestrate. Theeffective interestis higherthan theimplied interestrate asit incorporatesthe effectof debt

issuance costs and discount, where applicable.

10.750% Senior Secured Notes due in 2026

On October 2,2024, the Companycompleted a refinancinginitiative (as explainedbelow) and redeemedin full

alloftheoutstanding

10.750

%SeniorSecuredNotesdue2026,orthe2026Notes,of$

242.3

million.The

redemption price of the 2026 Noteswas $

252.1

million, equivalent to

104.03

% of the aggregate principal amount

thereof,plusaccruedandunpaidinterest,to,butexcludingtherepurchasedate.Inconnectionwiththe

extinguishment of the 2026 Notes, the Company recognized$

14.7

million loss on early extinguishment of debt.

9.250% Senior Secured Notes due in 2029

OnOctober2,2024,theCompany,enteredintoanindenture,amongCoronadoFinancePtyLtd,asissuer,

CoronadoGlobalResourcesInc,asguarantor,thesubsidiariesofCoronadoGlobalResourcesInc,named

therein, asadditionalguarantors,WilmingtonTrust,National Association,as trusteeand prioritylien collateral

trustee, orthe Indenture,relating tothe issuanceby theIssuer of$

400.0

million aggregateprincipal amountof

9.250

% Senior Secured Notes due 2029, or the 2029 Notes.

The 2029 Notes were issued at par and bear interest at a rate of

9.250

% per annum. Interest on the 2029 Notes

is payable semi-annually in arrears onApril 1 and October 1 of each year,commencing April 1, 2025. The 2029

Notes mature on October 1, 2029 and are senior securedobligations of the Issuer.

The2029NotesareguaranteedonaseniorsecuredbasisbytheCompanyandcertainoftheCompany’s

subsidiaries that guarantee oris a borrowerunder the Company’s ABLFacility (as defined below)or certain other

debt and secured by (i) afirst-priority lien on substantiallyall of the assets ofthe Company and eachGuarantor

(otherthanaccountsreceivableandcertainotherrightstopayment,inventory,certaininvestmentproperty,

certain generalintangibles andcommercial tortclaims, depositaccounts, securitiesaccounts and otherrelated

assets, chattel paper,letter of credit rights, certaininsurance proceeds, intercompanyindebtedness and certain

other assets related to theforegoing and proceeds andproducts of each of theforegoing (collectively,the “ABL

Priority Collateral”))and (ii) asecond-priority lienon theABL PriorityCollateral, whichis juniorto afirst-priority

lien for thebenefit of thelenders and othercreditors underthe Company’sasset-based revolvingcredit facility,

dated as of May 8, 2023, in each case, subject to certainexceptions and permitted liens.

The Companyused thenet proceedsfrom the2029 Notesto redeemall ofthe Company’s2026 Notesand to

pay related fees and expenses in connection with the offering of the 2029 Notes and the redemption of the 2026

Notes, and the Company intends to use the remainingnet proceeds for general corporate purposes.

The termsof the2029 Notesare governedby theIndenture. TheIndenture containscustomary covenantsfor

highyieldbonds,including,butnotlimitedto,limitationsoninvestments,liens,indebtedness,assetsales,

transactions with affiliates and restricted payments,including payment of dividends on capital stock.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024140

Upon the occurrence of a “Change of Control Triggering Event”, as defined in the Indenture as the occurrence of

Change of Control or Rating Decline, the Issuer is required to offer to repurchase the 2029 Notes at

101

% of the

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

date. The Issuer also has the rightto redeem the 2029 Notes at

101

% of the aggregate principal amount thereof,

plus accruedand unpaidinterest,if any,to, butexcluding,the repurchasedate,following theoccurrenceof a

Change ofControl Triggering Event, providedthat the Issuerredeems at least

90

% ofthe 2029 Notesoutstanding

prior tosuch Change ofControl Triggering Event.Upon theoccurrence ofcertain changes intax law(as described

in theIndenture), theIssuer may redeemall ofthe 2029 Notesat aredemption price equalto

100

% ofthe principal

amountofthe2029Notestoberedeemedplusaccruedandunpaidinterest,ifany,to,butexcluding,the

redemption date.

The Issuer may redeem any of the 2029 Notes beginning on October 1, 2026. The initial redemption priceof the

2029 Notes is

104.625

% of their principal amount, plus accrued and unpaidinterest, if any,to, but excluding the

redemptiondate.Theredemptionpricewilldeclineeachyearafter October1,2026, andwillbe

100

% ofthe

principal amount of the 2029 Notes, plus accrued and unpaid interest, beginning on October 1, 2028. The Issuer

may also redeemup to

40

% of theaggregate principal amountthe 2029 Noteson one or moreoccasions prior

to October 1, 2026at a priceequal to

109.250

% of theprincipal amount thereofplus a “make-whole”premium,

plus accrued and unpaid interest, if any,to, but excluding, the redemption date.

At any time and fromtime to time onor prior to October1, 2026, the Issuermay redeem in theaggregate up to

40

% of the original aggregateprincipal amount of the2029 Notes (calculated aftergiving effect to anyissuance

ofadditional2029Notes)withthenetcashproceedsofcertainequityofferings,ataredemptionpriceof

109.250

%, plusaccrued andunpaid interest,if any,to, butexcluding, theredemption date,so longas atleast

60

%oftheaggregateprincipalamountofthe2029Notes(calculatedaftergivingeffecttoanyissuanceof

additional 2029Notes)issued underthe Indentureremains outstandingafter eachsuch redemptionand each

such redemption occurs within

120

days after the date of the closing of such equityoffering.

TheIndenturecontainscustomaryeventsofdefault,includingfailuretomakerequiredpayments,failureto

comply with certain agreementsor covenants, failure topay or acceleration ofcertain other indebtedness, certain

events ofbankruptcy andinsolvency, and failure topay certainjudgments. Anevent ofdefault underthe Indenture

will allow either the Trustee or the holdersof at least

25

% in aggregate principal amount of the then-outstanding

2029 Notes toaccelerate, or incertain cases, will automaticallycause the accelerationof, the amounts dueunder

the 2029 Notes.

As of December 31, 2024, theCompany was in compliance withall applicable covenants under the2029 Notes

Indenture.

Thecarryingvalueofdebtissuancecosts,recordedasadirectdeductionfromthefaceamountofthe2029

Notes, were $

11.1

million as at December 31, 2024.

Asset Based Revolving Credit Facility

On May8, 2023,the Company,Coronado CoalCorporation, a Delawarecorporation and whollyowned subsidiary

of the Company,Coronado Finance PtyLtd, an Australianproprietary companyand a whollyowned subsidiary

of the Company,or an AustralianBorrower, CoronadoCurragh Pty Ltd,an Australian proprietarycompany and

whollyownedsubsidiaryoftheCompany,oranAustralianBorrowerand,togetherwiththeotherAustralian

Borrower, the Borrowers,and the other guarantors partythereto, collectively with the Company,the Guarantors

and, togetherwith theBorrowers, theLoan Parties,entered intoa seniorsecured asset-basedrevolving credit

agreement in aninitial aggregate amountof $

150.0

million, or theABL Facility, with Global LoanAgency Services

Australia Pty Ltd, as the Administrative Agent, GlobalLoan Agency Services Australia Nominees Pty Ltd,as the

Collateral Agent, the Hongkong and Shanghai Banking Corporation Limited, Sydney Branch, as the Lender, and

DBS Bank Limited,Australia Branch, asthe Lender and,together with theother Lender,the Lenders. TheABL

Facility became effective on August 3, 2024, whenconditions precedent were satisfied.

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

Bank BillSwap BidRateforloans denominatedin A$,orthe SecuredOvernightFinanceRate,orSOFR,for

loans denominated in US$, at the Borrower’s election.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024141

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.

AsofDecember31,2024,theletterofcreditsublimithadbeenpartiallyusedtoissue$

21.4

millionofbank

guarantees onbehalf ofthe Companyand

no

amounts weredrawn underthe revolvingcredit sublimitof ABL

Facility.

OnDecember30,2024,theCompanycompletedanagreement,ortheWaiverAgreement,withthe

AdministrativeAgentundertheABLFacilitytotemporarilywaivecompliancewiththeABLFacility’sinterest

coverageratiocovenantbetweenDecember31,2024toMarch30,2025,orthewaiverperiod.Pursuantthe

Waiver Agreement, theCompany will berequired to maintainan aggregate cashbalance of atleast $

100.0

million

in oneor moreaccountswith theLenders,or theCashBalanceCovenant,untilsuchtime thattheCompany

submit acovenant compliancecertificateto theLenderspursuant tothe ABLFacilitywhichdemonstratesthe

Company isin compliancewith theinterest coverageratio covenant.The CashBalane Covenantapplies from

the time the Company submitsthe covenant compliance certificatefor December 31, 2024,which is anticipated

to be on or after February 19, 2025.

At the endof the waiverperiod, unlessfurther waiversare obtained,any breachof covenantswould constitute

an eventof defaultunder theterms ofthe ABLFacility andthe Lendersshall declareall amountsowing under

the ABLFacilityimmediatelydue andpayable,terminatesuchLenders’commitmentsundertheABL Facility,

require theBorrowers tocash collateralizeany letterof creditobligations and/orexercise anyand allremedies

and other rights under the ABL Facility.

As of December 31, 2024, except for the interest coverage ratio covenant, the Company was in compliance with

all other applicable covenants.

Under the terms of theABL Facility,a Review Event (as definedin the ABL Facility)is triggered if, among other

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’commitmentsundertheABLFacility,requiretheBorrowerstocashcollateralizeanyletterofcredit

obligations and/or exercise any and all remedies andother rights under the ABL Facility.

The carrying value ofdebt issuance costs,recorded as “Othernon-current assets” inthe Consolidated Balance

Sheet was $

1.5

million and $

2.7

million as of December 31, 2024 and December 31,2023, respectively.

Loan – Curragh Housing Transaction

OnMay16,2024,theCompanycompletedanagreementforaccommodationservicesandthesaleand

leasebackofhousingandaccommodationassetswitharegionalinfrastructureandaccommodationservice

provider, or collectively, the Curragh HousingTransaction. Refer to Note15 “Other FinancialLiabilities” 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

BearingLiabilities”intheConsolidatedBalanceSheet.Theamountborrowedispayableinequalmonthly

installmentsoveraperiodof

ten years

,withaneffectiveinterestrateof

14.14

%.TheCurraghHousing

Transaction loan is not subject to anyfinancial covenants.

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

1.1

million, was $

23.4

million as of December 31, 2024,

$

1.5

million of which is classified as a current liability.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024142

15.Other Financial Liabilities

The following is a summary of other financial liabilities:

(US$ thousands)

December 31,

2024

December 31,

2023

Collateralized financial liabilities payable to third-party financingcompanies

$

4,898

$

8,302

Collateralized financial liabilities - Curragh Housing Transaction

20,959

—

Debt issuance costs

(988)

(170)

TotalOther financial liabilities

24,869

8,132

Less: current portion

5,988

2,825

Other non-current financial liabilities

$

18,881

$

5,307

Collateralized financial liabilities – Curragh Housing Transaction

The CurraghHousing Transactiondid notsatisfy thesale criteriaunder AccountingStandards Codification,or

ASC, 606–

Revenues fromContracts withCustomers

and 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 connectionwith the CurraghHousing Transaction were recognizedas “Other Financial

Liabilities” onthe Company’sConsolidated BalanceSheet. Theterm ofthe financingarrangement is

ten years

with aneffectiveinterest rateof

14.14

%. Thisliability willbe settledin equalmonthly paymentsas partof the

accommodation services arrangement.

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

liquidity. Inaddition, the accommodation services componentof the Curragh Housing Transactionis anticipated

to enhance the level of accommodation servicesfor our employees at our Curragh Mine.

InconnectionwiththeCurraghHousingTransaction,theCompanygrantedthecounterpartymortgagesover

certainleaseholdandfreeholdland.Thecounterparty’srightsaresubjecttoaprioritydeedinfavorofthe

Company’sseniorsecuredpartiesincluding,butnotlimitedto,holdersoftheNotes,lendersundertheABL

Facility and Stanwell.

The carrying valueof this financialliability, net of issuance costsof $

0.9

million, was $

20.0

million as atDecember

31, 2024, $

1.2

million of which is classified as a current liability.

Collateralized financial liabilities payable to third-party financingcompanies

On January 6,2021, the Companyentered intoan agreementwith a third-partyfinancier to selland leaseback

items ofproperty,plant andequipment ownedby CoronadoCurragh PtyLtd, awholly-owned subsidiaryof the

Company.ThetransactiondidnotsatisfythesalecriteriaunderASC606–RevenuesfromContractswith

Customers. As aresult, the transactionwas deemed afinancing arrangement andthe Company hascontinued

to recognizethe underlyingproperty,plant andequipmenton theConsolidatedBalance Sheet.The proceeds

received from thetransaction of $

23.5

million (A$

30.2

million) were recognizedas “Other financialliabilities” on

the ConsolidatedBalance Sheet.The remainingterm ofthe financingarrangement is

one year

with animplied

interest rate of

8.1

% per annum.

16. Contract Obligations

InconnectionwiththeacquisitionoftheLoganassets,theCompanyassumedcertainnon-marketcontracts

related to variouscoal leases.The non-marketcoal leasesrequire royaltypayments based ona percentageof

therealizationfromthesaleoftherespectivecoalunderlease.Onacquisition,theCompanyrecorded

$

27.3

million related to the non-marketportion of the coal leasesand is amortizing it ratablyover the respective

estimated coal reserves as they are mined and sold.

In connection withthe acquisition of Curragh,the Company assumed theStanwell below market CSAwith a fixed

pricingcomponentthatwasbelow themarketpriceatthedateofacquisition.Asa result,onacquisition,the

Company recorded a liability of $

307.0

million (A$

400.0

million) related to the unfavorable pricing of the Stanwell

below market CSAand is amortizingit ratably basedon the tons soldthrough the contract.The amortization of

this liability for the years ended December31, 2024, 2023 and 2022 were $

31.1

million, $

32.8

million and $

36.2

million,respectively,andrecordedas“Otherrevenues”intheConsolidatedStatementsofOperationsand

Comprehensive Income.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024143

The following is a summary of the contract obligationsas of December 31, 2024:

(US$ thousands)

Short-term

Long-term

Total

Coal leases contract liability

$

843

$

19,156

$

19,999

Stanwell below market coal supply agreement

36,247

8,616

44,863

$

37,090

$

27,772

$

64,862

The following is a summary of the contract obligationsas of December 31, 2023:

(US$ thousands)

Short-term

Long-term

Total

Coal leases contract liability

$

843

$

19,476

$

20,319

Stanwell below market coal supply agreement

39,879

41,716

81,595

$

40,722

$

61,192

$

101,914

17.Deferred Consideration Liability

On August 14, 2018, theCompany completed the purchase ofthe Stanwell Reserved Area,or the SRA, adjacent

tothecurrentCurraghminingtenements.Thisareawasacquiredonadeferredconsiderationbasisandon

acquisitiontheCompanyrecognizeda“Mineralrightsandreserves”assetandacorrespondingdeferred

consideration liability of $

155.2

million (A$

210.0

million), calculated using the contractual pre-tax discount rate of

13

% representingfairvalueofthearrangementatthedateofacquisition.Thedeferredconsiderationliability

reflects passage oftime changes byway of an annualaccretion at thecontractual pre-tax discountrate of

13

%

and willbe settledas adiscount tothe priceof thermalcoal suppliedto Stanwellover theterm ofa NewCoal

Supply Agreementwhich isexpected tocommence in2027. Theaccretion ofdeferred considerationliability is

recognizedwithin“Interestexpense,net”intheConsolidatedStatementsofOperationsandComprehensive

Income. The Right-to-mine-asset are amortized over thecoal reserves mined from the SRA.

December 31,

(US$ thousands)

2024

2023

Stanwell Reserved Area deferred consideration

$

285,050

$

277,442

$

285,050

$

277,442

18.Workers’ Compensation and Pneumoconiosis (“BlackLung”) Obligations

IntheUnitedStates,coalmineoperationsmayleadtotraumaticworkerscompensationclaims,aswellas

workers’ compensation occupational disease claimsfor black lung disease. Injured workers generallyfile claims

for traumatic injury underthe governing state workerscompensation legislation. Workersmay file claims dueto

blacklungunderthegoverningstateworkerscompensationlegislationorunderaseriesoffederallawsthat

include the Federal Coal Mine Health and Safety Act of 1969, as amended, the Black Lung Benefits Act of 1973,

andtheBlackLungBenefitsReformActof1977.TheCompanyprovidesforbothtraumaticworkers

compensation claims and occupational disease claimsthrough an insurance policy.

The Company obtained workerscompensation insurance for workrelated injuries, including blacklung, through

a third-partycommercialinsurance company.The insurancepolicy coversclaimsthat exceed$

0.5

millionper

occurrence for all years, or aggregate claims in excessof $

29.1

million and $

22.7

million for policy years ending

May 2024 and May 2023, respectively.Per the contractual agreements, the Company was required to providea

collateralsecurityof$

66.8

millionforpolicyyears2017through2025,endingMay 31,2025,whichis

accomplished through providing a combination of letters of credit andcash collateral in an escrow account. As of

December 31, 2024, the Companyhas provided $

16.8

million of letters of credit,$

29.7

million of cash collateral

and surety bonds of $

20.3

million totaling $

66.8

million.

For theyears endedDecember 31, 2024,2023 and2022, theaudited ConsolidatedStatements ofOperations

andComprehensiveIncomeincludedCompanyincurredclaims,premiumexpensesandadministrativefees

relatedtoworker’scompensationbenefitsof$

8.9

million,$

16.3

millionand$

12.2

million,respectively.Asof

December 31, 2024 and 2023, the estimated workers’ compensation liabilitywas $

39.1

million and $

37.6

million,

respectively, representing claims incurred but not paid based onthe estimate of theoutstanding claims under the

coveragelimitsandtheactuariallydeterminedretainedliabilityundertheaggregateclaimamount.Asof

December31,2024and2023,$

34.4

millionand$

32.6

million,respectively,arerecordedwithin“Othernon-

current liabilities” in the Consolidated Balance Sheets.The current portion of the Company’s estimatedworkers’

compensation liabilities arerecorded within “Accruedexpenses and othercurrent liabilities” in theConsolidated

Balance Sheets.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024144

19.Employee Benefit Plans

TheCompanyhasa401(k)-definedcontributionplaninwhichallU.S.fulltimeemployeesareeligibleto

participateupontheirdateofhire.Employeesgenerallymaycontributeupto

100

%oftheirqualifying

compensationsubjecttostatutorylimitations.TheCompanymatchesupto

100

%uptothefirst

4

%ofthe

participant’s annual compensationfor all employees exceptfor those employed at Buchanan.For employees at

Buchanan,theCompanymatchesupto

100

%ofthefirst

6

%oftheparticipant’sannualcompensation.The

Company’s contributions immediatelyvest. Total Company contributions forthe yearsended December31, 2024,

2023 and 2022 amounted to $

5.9

million, $

5.5

million and $

3.9

million, respectively.

In the United States, the Company is self-insured foremployee health care claims up to the lesser of $

0.2

million

percoveredpersonoranaggregateamountdependingonthevariouscoveragesprovidedtoemployees

throughout the plan yearfor all employees. TheCompany has purchased coverage froma commercial insurance

carrier to provide for any claimsin excess of these amounts. AtDecember 31, 2024 and 2023, the Company had

providedaccrualsof$

2.7

millionand$

2.3

million,respectively,forclaimsincurredbutnotpaidbasedon

management’s estimateof the Company’sself-insured liability.For the yearsended December31, 2024, 2023

and 2022, the Company incurred claims,premium expenses and administrative feesrelated to this plan totaling

$

40.2

million, $

35.0

million and $

29.8

million, respectively.

20.Stock-Based Compensation

Totalstock-basedcompensationexpensewas$

2.1

million,$

2.9

millionand$

2.7

millionfortheyearsended

December 31,2024,2023and2022,respectively,andwasincludedas acomponentofselling,general,and

administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income.

The stock-based compensation expense includescompensation expense recognized in fullat the grant date for

employees that meet certain retirement eligibility criteriaper the 2018 Plan (as defined below).

AsofDecember 31,2024,theCompanyhad$

4.3

millionoftotalunrecognizedcompensationcostrelatedto

nonvested stock-basedcompensation awardsgranted underthe plans.This costis expected tobe recognized

over

2.25

years,withaweighted-averageperiodof

1.32

years,asstock-basedcompensationexpense.This

expected cost does not include the impact of any future stock-basedcompensation awards.

a) 2018 Equity Incentive Plan

InconnectionwiththecompletionoftheCompany’sinitialpublicofferingofcommonstock,theCompany

implementedtheCoronadoGlobalResources Inc.2018EquityIncentivePlan,orthe2018Plan,whichis

designedtoaligncompensationforcertainkeyexecutiveswiththeperformanceoftheCompany.Sinceits

approval, there have been no updates to the 2018 Planor issuance of a new plan.

The 2018Plan providesfor thegrant ofawardsincluding stockoptions, orOptions;stock appreciationrights;

restricted stockunits, orRSUs; andrestricted stock,valued inwhole orin partwith referenceto sharesof the

Company’s CDIs or common stock, as well as performance-based awards, including performance stockunits, or

PSUs, denominated in CDIs or shares ofcommon stock. Each award isentitled to receive one CDI with

ten

CDIs

representing one share of common stock.

The Companymeasures the costof all stock-basedcompensation, includingstock options,at fair valueon the

grant dateand recognizessuch costswithin “Selling,general andadministrative expense”in theConsolidated

Statements ofOperations and ComprehensiveIncome. TheCompany recognizes compensationexpense related

to Options, PSUs and RSUsthat cliff vest usingthe straight-line method duringthe requisite service period.For

stock-basedawardswherevestingisdependentuponachievingcertainoperatingperformancegoals,the

Companyestimatesthelikelihoodofachievingtheperformancegoalsduringtheperformanceperiod.The

Company accountsfor forfeitures as and when they occur.

All awards require the granteeto be employed by theCompany at the vesting date exceptfor grantees who meet

certain retirement criteria under the 2018 Plan.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024145

The following awards were outstanding under the 2018as of December 31, 2024:

Grant year

Vesting date

Performance period

PSUs

RSUs

2024

31/03/2027

01/01/2024 - 31/12/2026

4,813,547

—

2024

01/08/2025

not applicable

—

584,541

2023

31/03/2026

01/01/2023 - 31/12/2025

4,259,508

—

2022

31/03/2026

01/01/2022 - 31/12/2024

5,977,814

—

2021

31/03/2025

01/01/2021 - 31/12/2023

2,736,265

—

The Optionsand PSUs grantedthat willvest aresubject to theachievement of goalsover theperformance period.

These goals are relative total shareholder return, or TSR, and scorecard performance metrics, or the Scorecard.

TSR is determined based on the Company’s percentile ranking of TSR over the performance period relative to a

predefined peer group of similar companies.

Performance metrics applicable to the Options andPSUs granted as summarized below:

Grant year

Relative TSR

Scorecard

TSR

Safety

TSR

Cashflow

2024 and 2023

33.3%

33.3%

-

33.3%

2022 and 2021

33.3%

22.2%

22.2%

22.2%

Awards subject toTSR vest basedon serviceand market conditions.The fairvalue ofrelative TSR wasestimated

on the grant date using a Monte Carlo simulation model.

Awards subject to Scorecard vest based on service and performance conditions. The fair value of the Scorecard

wasestimatedonthegrantdatefairvalueoftheCompany’scommonstockadjustedfordividendsforegone

during the performance period.

Stock Option Awards

The Company’s2018 stockoption awards weregranted on thedate of theIPO with anexercise priceof $

2.84

per CDI (A$

4.00

per CDI) which was equal to the Company’s IPOPrice.

The Company’s Stock Option activity is summarizedbelow:

Stock Option Plan Activity

2024

2023

2022

Opening at the beginning of the year

—

181,687

1,015,006

Forfeited

—

—

(833,319)

Vested

—

(181,687)

—

Outstanding at the end of the year

—

—

181,687

Exercisable at the end of the year

181,687

181,687

—

2024

2023

2022

Weighted-average remaining contractual term (in

years)

—

—

0.25

The weightedaverage grantdate fairvalue ofall OptionAwards grantedwas $

0.27

. Theexercise priceof the

option awards granted under 2018plan is $

2.21

(A$

3.56

).

181,687

stock option awards remains exercisable until

they expire on October 23, 2028.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024146

Performance Stock Unit Awards

Activity of the Company’sPSUs that are ultimatelypayable in the Company’sCDIs or the equivalentnumber of

shares of common stock granted under the 2018 Planis summarized below:

Performance Stock Units Plan Activity

2024

2023

2022

Nonvested at the beginning of the year

17,992,453

14,858,921

8,501,869

Granted

5,498,291

4,872,122

7,471,100

Forfeited

(4,314,219)

(1,451,677)

(1,114,048)

Vested and settled

(1,389,391)

(286,913)

—

Nonvested and outstanding at the end of the year

17,787,134

17,992,453

14,858,921

2024

2023

2022

Weighted-average grant date fair value (per CDI)

$

0.63

$

0.58

$

0.53

Weighted-average remaining term (in years)

1.36

1.82

2.54

The weighted average grant date fair value of all PSUAwards granted in 2024 was $

0.67

(A$

1.02

).

The assumptions used to determine the PSUs fair valueon each grant date were as follow:

2024 Grant

2023 Grant

2022 Grant

2021 Grant

Time to maturity (in years) (i)

2.58

2.98

3.99

3.85

Dividend yield (ii)

1.2%

7.8%

16.3%

3.0%

Expected volatility (iii)

50.0%

60.0%

60.0%

60.0%

Risk-free interest rate (iv)

3.54%

2.98%

2.66%

0.35%

___________________

(i)Time to maturity represents the periodthat the Company’s stock-basedawards will vest. All awards cliff

vest at the end of the requisite service period.

(ii)Dividend yield is the expected average yield of dividendsexpected over the vesting period.

(iii)Thevolatilitywasestimatedusingcomparablepubliccompany’svolatilityandtheCompany’sown

volatility for similar terms.

(iv)Risk-free interestrate is basedon an interpolatedAustralian GovernmentBond Rateat the timeof the

grant for periods corresponding with the expected termof the PSUs.

The aboveinputs wereconsistent todetermine thefair valueof themarket andperformance conditionsof the

PSUs awards.

Restricted Stock Units

RSUs issued to certain employees are only subjectto service conditions and vest at various intervalsduring the

service period.The fairvalue ofthe awardwas determinedusing themarket priceof theCompany’s Common

Stock at the date of grant and compensation expenseis recorded over the requisite service period.

Activity of the Company’sRSUs that are ultimatelypayable in the Company’sCDIs or the equivalentnumber of

shares of common stock granted under the 2018 Planis summarized below:

Restricted Stock Units Plan Activity

2024

2023

2022

Nonvested at the beginning of the year

734,893

1,144,034

—

Granted

584,541

144,506

1,144,034

Forfeited

(18,525)

(46,593)

—

Vested and settled

(716,368)

(507,054)

—

Nonvested and outstanding at end of the year

584,541

734,893

1,144,034

2024

2023

2022

Weighted-average grant date fair value (per CDI)

$

0.87

$

1.26

$

1.22

Weighted-average remaining term (in years)

0.58

0.23

0.7

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024147

21.Income Taxes

(Loss) incomefrom continuingoperations beforeincome taxesfor theyears presentedbelow consistedof the

following:

December 31,

(US$ thousands)

2024

2023

2022

U.S.

$

7,843

$

334,373

$

609,617

Non-U.S.

(157,033)

(210,559)

393,660

Total

$

(149,190)

$

123,814

$

1,003,277

Total

income tax (benefit) expense for the periods presentedbelow consisted of the following:

December 31,

(US$ thousands)

2024

2023

2022

Current:

U.S. federal

$

(867)

$

(6,303)

$

90,933

Non-U.S.

720

(2,715)

75,270

State

(636)

(1,895)

25,347

Totalcurrent

(783)

(10,913)

191,550

Deferred:

U.S. federal

(61,977)

28,943

406

Non-U.S.

23,706

(45,976)

35,425

State

(1,255)

(4,305)

4,193

Totaldeferred

(39,526)

(21,338)

40,024

Totalincome tax (benefit) expense

$

(40,309)

$

(32,251)

$

231,574

The following is a reconciliation of the expected statutory federal income tax (benefit) expense to the Company’s

income tax (benefit) expense for the periods presented below:

December 31,

(US$ thousands)

2024

2023

2022

Current:

Expected income tax expense at U.S. federal statutory rate

$

(31,330)

$

26,001

$

210,690

Percentage depletion

(3,407)

(17,871)

(41,047)

FDII deduction

—

(7,796)

—

Permanent differences

(1,130)

2,176

(2,262)

Prior period tax return adjustments and amendments

(1,347)

(46,060)

596

Uncertain tax positions

(1,007)

21,243

—

U.S. and residual tax on foreign earnings

(32,007)

(11,146)

11,950

Australian branch impact on US taxes

29,924

(3,406)

30,099

State income taxes, net of federal benefit

(5)

4,608

21,548

Totalincome tax (benefit) expense

$

(40,309)

$

(32,251)

$

231,574

Effective tax rate

27.0%

(

26.0

%)

23.1%

The2023priorperiodtaxreturnadjustmentandamendmentsrelatespredominantlytoaForeignDerived

Intangible Income(“FDII”) deductionin theU.S. whichthe Companyhas chosento deductafter undertakinga

study to confirm the Company’s eligibility.

Deferred income taxesreflect the nettax effects oftemporary differences between thecarrying amounts ofassets

and liabilitiesfor financialreporting purposesand theamount usedfor incometax purposesusing theenacted

tax rates and laws currentlyin effect. Significant componentsof the Company’s deferredincome tax assets and

liabilities as of December 31, 2024 and 2023 were as follows:

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024148

December 31,

(US$ thousands)

2024

2023

Deferred income tax assets:

Accruals and provisions

$

40,594

$

44,373

Contract obligations

90,849

108,672

Lease obligations

43,633

35,312

Asset retirement obligation

59,981

55,322

Goodwill

6,047

6,653

Taxlosses

115,695

59,964

Interest limitation carried forward

26,943

1,766

Other

31,228

19,574

Gross deferred income tax assets

414,970

331,636

Valuation allowance

(1)

(114,088)

(33,894)

Totaldeferred income tax assets, net of valuation allowance

300,882

297,742

Deferred income tax liabilities:

Property, plant, equipmentand mine development, principally due to

differences in depreciation, depletion and assetimpairments

(277,424)

(297,915)

Warehouse stock

(12,209)

(12,824)

Right of use asset

(41,947)

(34,021)

U.S. liability on foreign deferred taxes

—

(19,075)

Other

(6,039)

(6,822)

Totaldeferred income tax liabilities

(337,619)

(370,657)

Net deferred income tax liability

$

(36,737)

$

(72,915)

(1)

As of December 31, 2024,the Company recorded a valuation allowanceof $

114.1

million (2023: $

33.9

million)

against deferred taxassets consisting predominantly oftax losses, landand goodwill. Avaluation allowance must

be established for deferredtax assets if it is “more-likely-than-not” that they willnot be realized. The increasein

the valuation allowance of $

80.1

million for the year was predominantly driven by a valuation allowance of $

79.5

million recognized during theyear against tax lossesof the Australian taxconsolidated group. UnderAustralian

tax law,tax lossesmay becarried forwardindefinitely andutilized subjectto meetingthe taxloss recoupment

rules, which broadly look at whether the Company has maintained the samemajority ownership and control, and

failing that, whether the Company has maintained a similar business.

AtDecember31,2024,theAustraliantaxconsolidatedgrouphastaxlossesof$

80.4

millioncarriedforward

(2023: $

48.7

million) (taxeffected).A company,which isnot partof theAustralian taxconsolidated grouphad

tax losses carried forward of $

10.6

million at December 31, 2024 (2023: $

10.9

million) (tax effected) for which an

equal valuation has been recognized.

In August 2022,the U.S. Houseof Representativesapproved a $740billion budget reconciliationpackage that

includes anew minimum taxon certain largecorporations, an excisetax on stockbuybacks, a significantincrease

in funding forthe Internal RevenueService, incentivesto promote climatechange mitigationand clean energy,

andprovisionstopromotehealthcareaffordability.TheInflationReductionActincludesabook-minimumtax

(AMT) similar to that originallyproposed in the House-approvedBuild Back Better legislationthat would impose

a 15% minimum tax on“adjusted financial statement income” of applicable corporationsover the “corporate AMT

foreign tax creditfor the taxableyear.”Under the bill,an applicable corporation’sminimum tax wouldbe equal

to the amount bywhich the tentativeminimum tax exceedsthe sum of thecorporation’s regulartax for the year

and the corporation’s base erosion and anti-abuse tax liability under section 59A.This provision was effective for

taxable years beginning after December 31, 2022 anddid not have any impact to the Company.

BEPS Pillar Two:Australian legislation enacted for global and minimumdomestic taxes

In December 2024, the Australian Government enacted legislation that implemented key aspects of Pillar Two of

the OECD/G20 Two-Pillar Solution which includes a 15% global minimum tax for large multinationalenterprises.

This legislation did not have any impact onthe Company in the current year and willbe monitored going forward.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024149

Unrecognized TaxBenefits

TheCompanyprovidesforuncertaintaxpositions,andtherelatedinterestandpenalties,basedupon

management’s assessment of whether a tax benefit ismore likely than not to be sustained upon examination by

tax authorities.

To the extent that theanticipated tax outcomeof these uncertaintax positions changes,such changes inestimate

will impact the income taxprovision in the period in whichsuch determination is made. The Companyrecognizes

accrued interest and penalties related to uncertain taxpositions as a component of income tax expense.

The effectof the totalamount of unrecognizedtax benefits,if recognized, wouldreduce our futureeffective tax

rate.

December 31,

(US$ Thousands)

2024

2023

At beginning of the year

$

20,784

$

—

Additions based on tax positions related to current year

122

6,388

Additions for tax positions of prior years

2,342

14,396

Reductions for tax positions of prior year (including impactsdue to lapse

in statute)

(4,351)

—

At end of the year

18,897

20,784

Thereturntoprovisionadjustmentsfor2023reflectareductionduetoresultsfromthestudyconductedby

specialists andthe factthat thebenefit waslimited totaxable income.The Companyrecorded interestof $

0.5

million on uncertain tax positions for 2024. There were

no

amounts related to interest and penalties on uncertain

tax positions for 2023.

The Company is subject to taxation inthe United States and Australia. As of December 31, 2024,tax years 2018

to 2023 are open to reviewfrom taxation authorities in the United States. InAustralia, tax years 2020 to 2023 are

open to review and the Australian TaxationOffice is presently conducting a reviewof these years.

22.Fair Value Measurement

Fair Value of Financial Instruments

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 woulduse in pricingan asset orliability in themarket. When consideringmarket participant

assumptions in fairvalue measurements, thefollowing fair valuehierarchy distinguishes between observableand

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

Level1Inputs:Unadjustedquotedpricesinactivemarketsforidenticalassetsorliabilitiesaccessibletothe

reporting entity at the measurement date.

Level 2 Inputs: Other thanquoted prices that are observablefor the asset orliability, eitherdirectly or indirectly,

for substantially the full term of the asset or liability.

Level3Inputs:Unobservableinputsfortheassetorliabilityusedtomeasurefairvaluetotheextentthat

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

for the asset or liability at measurement date.

Financial Instruments Measured on a Recurring Basis

As of December31, 2024and 2023,there wereno financialinstruments requiredto bemeasured atfair value

on a recurring basis.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024150

Other Financial Instruments

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

December 31, 2024 and 2023:

•Cashandcashequivalents,accountsreceivable,short-termdeposits,accountspayable,accrued

expenses,leaseliabilitiesandothercurrentfinancialliabilities:Thecarryingamountsreportedinthe

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

•Restricted deposits,lease liabilities,interest bearingliabilities andother financialliabilities: Thefair values

approximate the carrying amountsreported in the Consolidated Balance Sheets.

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

cost. As of December 31,2024, there were

no

amounts drawn under therevolving credit sublimit ofthe

ABL Facility.Theestimatedfair valueof theNotesasof December31,2024is$

405.2

millionbased

upon quoted marketprices in amarket that isnot consideredactive (Level 2).

The estimatedfair value

of the Curragh Housing loan is $

27.9

million based upon unobservable inputs (Level 3).

23.Accumulated Other Comprehensive Losses

The Company’s AccumulatedOther Comprehensive Lossesconsists of foreign currencytranslation adjustment

from subsidiaries not using the U.S. dollar as their functional currency.

(US$ thousands)

Foreign

currency

translation

adjustments

Balance at December 31, 2022

$

(91,423)

Net current-period other comprehensive income (loss):

Loss in other comprehensive income before reclassifications

(2,367)

Gain on long-term intra-entity foreign currency transactions

3,863

Totalnet current-period other comprehensive loss

1,496

Balance at December 31, 2023

(89,927)

Net current-period other comprehensive income (loss):

Loss in other comprehensive income before reclassifications

(10,524)

Loss on long-term intra-entity foreign currency transactions

(37,109)

Totalnet current-period other comprehensive losses

(47,633)

Balance at December 31, 2024

$

(137,560)

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024151

24. Commitments

(a)Mineral Leases

TheCompanyleasesmineralinterestsandsurfacerightsfromlandownersundervarioustermsandroyalty

rates. The future minimum royalties under these leasesare as follows:

(US$ thousands)

Amount

Year endingDecember 31,

2025

$

4,304

2026

4,141

2027

4,105

2028

4,051

2029

4,040

Thereafter

20,460

Total

$

41,101

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

Extractive Activities – Mining.

(b)

Other commitments

As ofDecember 31,2024, purchasecommitments forcapital expenditureswere $

111.4

million, allof whichis

obligated within the next 12 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

12 years

.

In the U.S., the Company typicallynegotiates its rail and coal terminalon an annual basis.As of December 31,

2024, these Australianand U.S. commitmentsunder take-or-payarrangements totaled$

665.2

million, of which

$

90.9

million is obligatedwithin the nextyear, $

184.4

million within 1-3years, $

190.9

million 3-5 yearsand $

199.0

million thereafter.

25. Contingencies

Surety bond, letters of credit and bank guarantees

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

off-balance sheet risk, such as bankguarantees, letters of credit and performanceor surety bonds.

No

liabilities

related to these arrangements are reflected in the Company’s Consolidated Balance Sheets.Management does

not expect any material losses to result from these guaranteesor off-balance sheet financial instruments.

Forthe U.S.Operations,inorder toprovidethe requiredfinancialassurancefor postminingreclamation,the

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

certainotherobligationsincludingcontractualobligationsunderworkers’compensationinsurances.Asof

December31,2024,theCompanyhadoutstandingsuretybondsof$

48.9

millionand$

16.8

millionlettersof

credit issued from our letter of credit sublimit under theABL Facility.

FortheAustralianOperations,asatDecember31,2024,theCompanyhadbankguaranteesoutstandingof

$

23.9

million, including $

4.7

million issued from the ABL Facility, primarily in respect of certain rail and port take-

or-pay arrangements of the Company.

As at December 31, 2024, the Company, in aggregate, had total outstanding bank guarantees provided of $

40.7

million tosecureobligationsand commitments,including $

21.4

million issuedfromtheletterof creditsublimit

available under the ABL Facility.

Future regulatory changes relating to the above obligations could result inincreased 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 $

68.5

million

and $

68.7

millionas ofDecember31,2024and2023, respectively,toprovideback-to-backsupport forbank

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024152

guarantees not issuedunder the ABLFacility,other performance obligations,various other operatingagreements

and contractual obligations under workers compensation insurance. These deposits are restricted and classified

as “non-current” assets in the Consolidated Balance Sheets.

In accordancewith theterms ofthe ABLFacility,the Companymay berequiredto cashcollateralizethe ABL

Facility to the extent of outstanding lettersof credit after the expiration or terminationdate, including an event of

default, of such letter of credit.As of December 31, 2024,

no

such letter of credit had expiredor was terminated

and as such

no

cash collateral was 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 objectionto the assessed stamp duty was disallowed by theQRO.

As per the TaxationAdministration Act (Queensland)2001, the Companycan only appealor apply for areview

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 assessedof stamp dutyand, on March11,2024, filed itsappeal

with the SupremeCourt of Queensland.The outcome ofthe appeal remainsuncertain and assuch,

no

contingent

asset has been recognized at December 31, 2024.

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.

26. Related

‑

Party Transactions

Coronado Group LLC

UndertheCoronadoGroup LLCagreement(asamended,effectiveOctober 23,2018),

2,900

management

incentive units were designated and authorized for issuanceto certain members of management to motivate and

retain senior management.The plan is designatedto allow key membersof management to sharein the profits

of the Companyafter certainreturns areachieved bythe equityinvestors. Theincentive unitsconstitute “profit

interests” for the benefit of senior management in considerationof services rendered and to be rendered.

Coronado Coal LLC and Coronado IILLC merged to form Coronado GroupLLC in July 2015. Coronado IVLLC

wasmergedintoCoronadoGroup LLC,theCompany’scontrollingstockholder,onJune 30,2016.Underthe

updated formationagreement datedJune 30, 2016,the

2,500

designated and authorizedunits under theinitial

formation ofCoronado Group LLCwere replacedby thesenew units.At December31, 2024and 2023,

2,900

management incentive units were outstanding.

The incentive units are comprised of threetiers, which entitle the holders to receivedistributions from Coronado

Group LLC subordinateto thedistributions tobe receivedby Members.As ofDecember 31, 2024and 2023,a

portion of the authorizedunits have been allocatedto various members of theCompany’s management including

Mr. Garold Spindler,our former CEO and current Executive Chair, who is also member of Coronado Group LLC.

Stockholder’s Agreement and Registration Rightsand Sell-Down Agreement

AsofDecember31,2024,CoronadoGroup LLChasbeneficialownershipintheaggregateof

50.4

%ofthe

Company’sShares.OnSeptember 24,2018,CoronadoGroup LLCandtheCompanyenteredintoa

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc. Form 10-K December 31,2024153

Stockholder’s Agreementand aRegistration Rightsand Sell-DownAgreementwhich governsthe relationship

between Coronado Group LLCand the Companywhile the fundsmanage by TheEnergy & MineralsGroup, or

EMGGroup,beneficiallyownsintheaggregateatleast

50

%ofouroutstandingsharesofcommonstock

(includingsharesofcommonstockunderlyingCDIs),includingcertaingovernancemattersrelatingtothe

Company.UnderthisAgreement,CoronadoGroup LLChastheabilitytorequiretheCompanytoregisterits

shares underthe U.S.Securities ExchangeAct of1934 andto provideassistanceto CoronadoGroup LLCin

selling some or all of its shares (including in the form of CDIs).

The Stockholder’s Agreement provides for the following:

•Consent rights: CoronadoGroup LLC (or itssuccessors or permittedassigns) will havecertain consent

rights, whereby pre-agreed actionsrequire approval by CoronadoGroup LLC prior to theseactions being

undertaken;

•ProvisionofinformationtoCoronadoGroup LLC:Therewillbeongoinginformationsharing

arrangementsrelatingtotheprovisionoffinancialandotherinformationbytheCompanyandits

subsidiaries to Coronado Group LLC group entities and cooperation and assistance between the parties

in connection with any financing (or refinancing) undertakenby the Company;

•Pro rata issuances: While Coronado Group LLC Group entities beneficially own in theaggregate at least

10

% ofthe outstandingShares, unlessCoronadoGroup LLC(orits successorsor permittedassigns)

agreesotherwise,issuancesofequitysecuritiesmusthavebeenofferedtoCoronadoGroup LLCin

respect ofits prorata sharesand anyequity securitiesto beallocated bythe Companyunder ashare

incentive plan will be sourced by purchasing them in the marketrather than by issuing them; and

•Board rights:Certain rightsregarding theboard includingthe right,but notthe obligation,to designate

the Directorsto beincluded in themembership ofany board committee,except to theextent thatsuch

membership would violate applicable securitieslaws or stock exchange or stock market rules.

Relationship Deed

On September 24, 2018, the Company and Coronado Group LLC entered into a Relationship Deed under which

the Company providesa number of indemnitiesin favor of CoronadoGroup LLC, including inrelation to certain

ASX initial publicoffering, orAustralian IPO, -relatedmatters and alsocertain guaranteesthat have inthe past

been provided orarranged by CoronadoGroup LLC andits affiliatesin support ofCompany obligations.Under

theRelationshipDeed,CoronadoGroup LLCalsoagreestoindemnifytheCompanyinrelationtocertain

Australian IPO-related matters and reimburse certain costs.

27.Subsequent Events

Ordinary dividends

OnFebruary19,2025,theCompany’sBoardofDirectorsdeclaredabi-annualfullyfrankedfixedordinary

dividend of $

8.4

million, or

0.5

cents per CDI. Thedividend will have a recorddate of

March 12, 2025

, Australia

time,andbepayableon

April 4, 2025

,Australiatime.CDIswillbequoted“ex”dividendonMarch11,2025,

Australia time. The total ordinary dividend will be fundedfrom available cash.

Coronado Global Resources Inc. Form 10-K December 31,2024154

REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

To

the Shareholders and the Board of Directors of CoronadoGlobal Resources Inc.

Opinion on the Financial Statements

WehaveauditedtheaccompanyingconsolidatedbalancesheetsofCoronadoGlobalResourcesInc.(the

Company)asofDecember31,2024and2023,therelatedconsolidatedstatementsofoperationsand

comprehensiveincome,stockholders’equityandcashflowsforeachofthethreeyearsintheperiodended

December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In

our opinion, the consolidated financialstatements present fairly,in all material respects, thefinancial position of

the Company at December 31, 2024 and2023, and the results of itsoperations and its cash flows foreach of the

threeyearsintheperiodendedDecember31,2024,inconformitywithU.S.generallyacceptedaccounting

principles.

Wealsohaveaudited,inaccordancewiththestandardsof thePublicCompanyAccountingOversightBoard

(United States)(PCAOB), theCompany's internal controlover financialreporting asof December31, 2024,based

oncriteriaestablishedinInternalControl-IntegratedFrameworkissuedbytheCommitteeofSponsoring

Organizations of theTreadway Commission (2013 framework)and ourreport datedFebruary 19,2025 expressed

an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company'smanagement. Our responsibility is to express

an opinionon theCompany’s financial statementsbased onour audits.We are apublic accounting firmregistered

with the PCAOBand arerequired tobe independentwith respect tothe Companyin accordancewith theU.S.

federal securities laws and the applicable rules and regulations of theSecurities and Exchange Commission and

the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan

and perform the audit toobtain reasonable assurance about whether the financialstatements are free of material

misstatement, whetherdue toerror orfraud. Ouraudits includedperforming proceduresto assessthe risksof

material misstatement of the financial statements, whether due to error or fraud, and performing procedures that

respond tothose risks.Such proceduresincluded examining,on atest basis,evidence regardingthe amounts

and disclosuresin thefinancial statements.Our auditsalso includedevaluating theaccounting principlesused

and significantestimates madeby management,as wellas evaluatingthe overallpresentationof thefinancial

statements. We believe that our audits provide a reasonablebasis for our opinion.

Critical Audit Matter

The criticalauditmatter communicatedbelow isa matterarisingfromthe currentperiodauditof thefinancial

statements that was communicatedor required to be communicatedto the audit committee and that:(1) relates

to accountsor disclosures thatare materialto thefinancial statements and(2) involved ourespecially challenging,

subjective, orcomplex judgments.The communicationof the criticalaudit matterdoes not alterin any wayour

opinion on the consolidated financialstatements, taken as a whole,and we are not, bycommunicating the critical

audit matter below,providing a separate opinionon the critical audit matteror on the accounts ordisclosures to

which it relates.

Coronado Global Resources Inc. Form 10-K December 31,2024155

Accounting for income taxes

Descriptionofthe

matter

As disclosed in Note21 to the consolidatedfinancial statements, theCompany recognized

total deferredtax assetsof $415.0million atDecember 31,2024, whichincludes deferred

taxassetsof$115.7millionrelatedtotaxlossescarriedforwardfrompriorperiods.The

Companyrecordedavaluationallowanceof$114.1millionagainstanequalamountof

deferred tax assets at December 31, 2024.

Auditing management’s analysis of the realizability of deferred tax assets and the treatment

of taxlossesintheoverallincometaxcalculation,involvedcomplexauditorjudgment,in

ordertoassessmanagement’sapplicationofcomplextaxlawstotheCompany’stax

structure and the resulting tax calculations.

Howwe

addressedthe

matter in our audit

We obtained an understanding, evaluated thedesign and tested the operatingeffectiveness

of controls overthe Company’sprocess to assessincome and deferredtaxes at yearend,

including the determination of whether valuation allowanceswere required.

Ourauditprocedures,whichinvolvedtaxprofessionalswithknowledgeofrelevant

jurisdictionaltaxlawsandregulations,included,amongotherprocedures,obtainingan

understandingoftheCompany’soveralltaxstructureandevaluatingmanagement’s

applicationoftherelevanttaxlaws,onataxpayer-by-taxpayerbasisandassessingthe

relevance,completenessandaccuracyofthedatautilizedintheincometaxcalculations

andtestingthecalculationsthemselves.Ourproceduresalsoincludedassessingthe

positiveandnegativeevidenceavailabletodeterminetherealizabilityof thedeferredtax

assets,forexample,byreferencetoexpectedamountsoffuturetaxableincomeorthe

reversal of temporary differences.

/s/

Ernst & Young

We have served as the Company’s auditorsince 2020.

Brisbane, Australia

February 19, 2025

Coronado Global Resources Inc. Form 10-K December 31,2024156

ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL

DISCLOSURE.

None.

Coronado Global Resources Inc. Form 10-K December 31,2024157

ITEM 9A.CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We aresubject tothe periodicreporting requirementsof theExchange Act.We havedesigned ourdisclosure

controls and proceduresto provide reasonableassurance that information wedisclose in reportswe file orsubmit

under the ExchangeAct is recorded,processed, summarized,and reported withinthe time periodsspecified in

therulesandformsoftheSEC.Disclosurecontrolsandproceduresarecontrolsandproceduresthatare

designedtoensurethatinformationrequiredtobedisclosedinourreportsfiledundertheExchangeActis

recorded, processed, summarizedand reported, within thetime periods specifiedin the SEC’s rulesand forms.

Disclosure controls and proceduresinclude, without limitation,controls and proceduresdesigned to ensure that

information requiredto bedisclosed byour companyin thereports thatit filesor submitsunder theExchange

Act isaccumulated and communicatedto ourmanagement, including itsprincipal executiveand principalfinancial

officers,orpersonsperformingsimilarfunctions,asappropriatetoallowtimelydecisionsregardingrequired

disclosure.

The Company, under the supervision and with the participation of its management, including the Chief Executive

Officer and the Interim Principal Financial Officer,evaluated the effectiveness of the design and operation ofthe

Company’sdisclosure controlsand procedures(as definedin Rules13a-15(e) underthe ExchangeAct) asof

the end ofthe period coveredby this report,and concludedthat such disclosurecontrols andprocedures were

effective to provide reasonable assurance that thedesired control objectives were achieved.

Changes to Internal Control over Financial Reporting

There have beenno changes inour internal controlover financial reportingor inother factors thatoccurred during

ourlastfiscalquarterthathavemateriallyaffected,orarereasonablylikelytomateriallyaffect,ourinternal

controls over financial reporting.

Management’s Report on Internal ControlOver Financial Reporting

Our managementis responsiblefor establishing andmaintaining adequate internalcontrol overfinancial reporting

asdefinedinRules13a-15(f)undertheExchangeAct.Internalcontroloverfinancialreportingisaprocess

designed toprovide reasonableassurance regardingthe reliabilityof financialreporting andthe preparationof

the Company’sconsolidated financialstatements forexternal purposesin accordancewith generallyaccepted

accounting principles.

Internal control over financial reporting includes thosepolicies and procedures that (i) pertainto the maintenance

of records that,in reasonable detail,accurately and fairlyreflect the transactionsand dispositions ofthe assets

of theCompany;(ii) providereasonableassurancethattransactionsare recordedasnecessaryto permitthe

preparation of theconsolidated financial statements inaccordance with generallyaccepted accounting principles,

andthatreceiptsandexpendituresoftheCompanyarebeingmadeonlyinaccordancewithappropriate

authorizations of managementand directors ofthe Company;and (iii) providereasonable assuranceregarding

prevention or timely detection of unauthorized acquisition, use or disposition of the Company’sassets that could

have a material effect on the consolidated financialstatements.

Becauseofitsinherentlimitations,internalcontroloverfinancialreportingmaynotpreventordetect

misstatements. Also,projections ofany evaluationof effectivenessto futureperiods aresubject tothe riskthat

controls maybecome inadequatebecause ofchanges inconditions, orthat thedegree ofcompliance withthe

policies or procedures may deteriorate.

ManagementconductedanassessmentoftheCompany’sinternalcontroloverfinancialreportingasof

December 31, 2024, using the framework specified in

Internal Control – Integrated Framework (2013)

, published

bytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission(COSO).Basedonthis

assessment, managementconcluded thatthe Company’sinternal controlover financialreporting waseffective

as of December 31, 2024.

OurIndependentRegisteredPublicAccountingFirm,Ernst&Young,hasauditedourinternalcontrolover

financial reporting, as stated in their unqualified opinionreport included herein.

Coronado Global Resources Inc. Form 10-K December 31,2024158

REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

Tothe Shareholders and the Board of Directors of CoronadoGlobal Resources Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Coronado Global ResourcesInc.’s internal control over financialreporting as of December 31,

2024,basedoncriteriaestablishedinInternalControl—IntegratedFrameworkissuedbytheCommitteeof

Sponsoring Organizationsof theTreadwayCommission (2013framework) (theCOSO criteria).In our opinion,

Coronado GlobalResourcesInc. (theCompany)maintained,inall materialrespects,effectiveinternal control

over financial reporting as of December 31, 2024, based on theCOSO criteria.

Wealsohaveaudited,inaccordancewiththestandardsof thePublicCompanyAccountingOversightBoard

(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023,

therelatedconsolidatedstatementsofoperationsandcomprehensiveincome,stockholders’equityandcash

flows for eachof the threeyears in theperiod endedDecember 31, 2024,and the relatednotes and ourreport

dated February 19, 2025 expressed an unqualified opinionthereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and

for its assessmentof the effectivenessof internal controlover financial reportingincluded in theaccompanying

Management’s Report onInternalControl OverFinancial Reporting. Ourresponsibility is toexpress an opinion on

theCompany’sinternalcontroloverfinancialreportingbasedonouraudit.Weareapublicaccountingfirm

registered with the PCAOB and are required to be independent with respectto the Company in accordance with

theU.S.federalsecuritieslawsandtheapplicablerulesandregulationsoftheSecuritiesandExchange

Commission and the PCAOB.

We conducted our auditin accordance with the standardsof the PCAOB. Those standardsrequire that we plan

andperformtheaudittoobtainreasonableassuranceaboutwhethereffectiveinternalcontroloverfinancial

reporting was maintained in all material respects.

Our audit included obtaining an understandingof internal control over financial reporting,assessing the risk that

amaterialweaknessexists,testingandevaluatingthedesignandoperatingeffectivenessofinternalcontrol

basedontheassessedrisk,andperformingsuchotherproceduresasweconsiderednecessaryinthe

circumstances. We believe that our audit provides a reasonablebasis for our opinion.

Definition and Limitations of Internal Control OverFinancial Reporting

Acompany’sinternalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassurance

regarding the reliability of financial reportingand the preparation of financial statementsfor external purposes in

accordance with generallyaccepted accounting principles.A company’s internalcontrol over financialreporting

includes those policiesand procedures that (1)pertain to the maintenanceof records that, inreasonable detail,

accurately andfairly reflectthe transactions anddispositions of theassets ofthe company;(2) provide reasonable

assurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsin

accordance withgenerally acceptedaccounting principles,and thatreceipts andexpenditures ofthe company

are beingmade onlyin accordancewith authorizationsof managementand directorsof thecompany; and(3)

providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,or

disposition of the company’s assets that couldhave a material effect on the financial statements.

Becauseofitsinherentlimitations,internalcontroloverfinancialreportingmaynotpreventordetect

misstatements. Also,projections ofany evaluationof effectivenessto futureperiods aresubject tothe riskthat

controls maybecome inadequatebecause ofchanges inconditions, orthat thedegree ofcompliance withthe

policies or procedures may deteriorate.

/s/ Ernst & Young

Brisbane, Australia

February 19, 2025

Coronado Global Resources Inc. Form 10-K December 31,2024159

ITEM 9B.OTHER INFORMATION

Duringthe quarterendedDecember31, 2024,nodirectoror officer(asdefinedin Rule16a-1(f)promulgated

under the ExchangeAct) of theCompany

adopted

or

terminated

a “Rule10b5-1 trading arrangement”or “

non

-

Rule

10b5-1

trading arrangement” (as each term is defined in Item 408of Regulation S-K).

ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONSTHAT PREVENTINSPECTIONS

None.

Coronado Global Resources Inc. Form 10-K December 31,2024160

PART III

ITEM 10.DIRECTORS, EXECUTIVE OFFICERS ANDCORPORATE GOVERNANCE.

The information required tobe furnished bythis Item will beset forth inour definitive proxy statementfor the 2025

Annual GeneralMeeting ofStockholders, orthe ProxyStatement, underthe headings“Executive Officersand

Corporate Governance.” “DelinquentSection 16(a)Reports”and theCompany’s“Securities DealingPolicy,or

Insider Trading Policy,”and isincorporated herein byreference andmade apart hereoffrom theProxy Statement.

ITEM 11.EXECUTIVE COMPENSATION.

The information requiredto be furnishedby this Itemwill be set forthin the Proxy Statementunder the heading

“ExecutiveCompensation”andisincorporatedhereinbyreferenceandmadeaparthereoffromtheProxy

Statement.

ITEM12.SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENTAND

RELATED STOCKHOLDERMATTERS.

TheinformationrequiredtobefurnishedbythisItemwillbesetforthintheProxyStatementunderthe

heading “SecurityOwnershipofCertainBeneficialOwnersandManagement”andisincorporatedhereinby

reference and made a part hereof from the Proxy Statement.

ITEM 13.CERTAIN RELATIONSHIPS AND RELATEDTRANSACTIONS, AND DIRECTOR INDEPENDENCE.

The information required to be furnished by this Item will be set forth inthe Proxy Statement under the headings

“CertainRelationshipsandRelatedTransactions”and“ExecutiveOfficersandCorporateGovernance”andis

incorporated herein by reference and made a part hereof fromthe Proxy Statement.

ITEM 14. PRINCIPALACCOUNTANT FEES AND SERVICES.

The information requiredto be furnishedby this Itemwill be set forthin the Proxy Statementunder the heading

“Ratification of Appointment ofErnst & Young as the Company’s Independent Registered PublicAccounting Firm

for the Fiscal YearEnding December 31, 2025” and isincorporated herein by reference and made apart hereof

from the Proxy Statement.

Coronado Global Resources Inc. Form 10-K December 31,2024161

ITEM 15.EXHIBITS AND FINANCIAL STATEMENTSCHEDULES

(a)The following documents are filed as part of thisAnnual Report on Form 10-K:

1.

Financial Statements.See index toFinancial Statementsand SupplementaryData on page115of this

Annual Report on Form 10-K.

2.

Financial Statements Schedules. Schedules are omitted becausethey are not required or applicable, or

the required information is included in the Financial Statementsor related notes thereto.

3.

Exhibits. The exhibits filed with or incorporated by reference as part of this Annual Report on Form10-K

are set forth in the Exhibit Index.

(b)The documents listed inthe Exhibit Index ofthis Annual Report onForm 10-K are incorporatedby reference

or are filed with this Annual Report on Form 10-K, ineach case as indicated therein.

The following documents are filed as exhibits hereto:

Exhibit No.

Description of Document

2.1*

Share Sale Agreement-Cork, dated as of December 22, 2017, by and among Coronado

Australia Holdings Pty Ltd, Coronado Group LLC and Wesfarmers Limited (filed as

Exhibit 2.1 to the Company’s Registration Statement on Form 10 (File No. 000-56044)

filed on June 28, 2019 and incorporated herein by reference)

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 Bylaws (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)

4.1

Stockholder’s Agreement, dated as of September 24, 2018, by and between the

Company and Coronado Group

(filedasExhibit4.1totheCompany’sRegistration

StatementonForm10(FileNo.000-56044)filedonApril29,2019andincorporated

herein by reference)

4.2

Registration Rights and Sell-Down Agreement, dated as of September 24, 2018, by and

between the Company and Coronado Group (filed as Exhibit 4.2 to the Company’s

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

incorporated herein by reference)

4.3

Description of the Company’s securities registered under Section 12 of the Securities

Exchange Act of 1934 (filed as Exhibit 4.3 to the Company’s Annual Report on Form 10-

K (File No. 000-56044) filed on February 24, 2020 and incorporated herein by reference)

4.4

Indenture, dated as of October 2, 2024, among Coronado Finance Pty Ltd, as issuer,

Coronado Global Resources Inc., as guarantor, the subsidiaries of Coronado Global

Resources Inc. named therein, as additional guarantors, Wilmington Trust, National

Association, as trustee and priority lien collateral trustee, relating to Coronado Finance

Pty Ltd’s 9.250% Senior Secured Notes due 2029 (filed as Exhibit 4.1 to the Company’s

Current Report on Form 8-K (File No. 000-56044) filed on October 2, 2024 and

incorporated herein by reference)

4.5

Form of 9.250% Senior Secured Notes due 2029 (filed as Exhibit 4.2 to the Company’s

Current Report on Form 8-K (File No. 000-56044) filed on October 2, 2024 and

incorporated herein by reference)

10.1

Relationship Deed, dated as of September 24, 2018, by and among the Company,

Coronado Group, certain EMG Group entities and their affiliates (filed as Exhibit 10.1 to

the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

29, 2019 and incorporated herein by reference)

Coronado Global Resources Inc. Form 10-K December 31,2024162

Exhibit No.

Description of Document

10.2†‡

Syndicated Facility Agreement, dated as of May 8, 2023, among Coronado Global

Resources Inc., as guarantor, Coronado Finance Pty Ltd, as Australian borrower,

Coronado Curragh Pty Ltd, as Australian borrower, the subsidiaries of Coronado Global

Resources Inc. named therein, as additional guarantors, and Global Loan Agency

Services Australia Pty Ltd, as administrative agent, Global Loan Agency Services

Australia Nominees Pty Ltd, as collateral agent, the Hongkong and Shanghai Banking

Corporation Limited, Sydney branch, as a lender and DBS Bank Limited, Australian

branch, as a lender (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K

(File No. 000-56044) filed on May 8, 2023 and incorporated herein by reference)

10.3

Second Amendment to Syndicated Facility Agreement, dated as of July 1, 2023, among

Citibank, N.A., as administrative agent, Coronado Coal Corporation, as U.S. Borrower,

Coronado Finance Pty Ltd, as Australian Borrower, and the other Loan Parties,

Administrative Agent and the lenders named therein (filed as Exhibit 10.1 to the

Company’s Current Report on Form 8-K (File No. 000-56044) filed on July 6, 2023 and

incorporated herein by reference)

10.4†

First Amendment to Syndicated Facility Agreement, dated as of October 2, 2024, among

Global Loan Agency Services Australia Pty Ltd, as administrative agent, Global Loan

Agency Services Australia Nominees Pty Ltd, as collateral agent, Coronado Global

Resources Inc., as holdings, and the guarantors named therein (filed as Exhibit 10.1 to

the Company’s Current Report on Form 8-K (File No. 000-56044) filed on October 2,

2024 and incorporated herein by reference)

10.5‡

Coronado Global Resources Inc. 2019 Short-Term Incentive Plan (filed as Exhibit 10.3

to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

29, 2019 and incorporated herein by reference)

10.6‡

Coronado Global Resources Inc. 2018 Equity Incentive Plan (filed as Exhibit 10.4 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April 29,

2019 and incorporated herein by reference)

10.7

Coronado Global Resources Inc. 2018 Equity Incentive Plan (incorporated by reference

to Appendix A to the Proxy Statement)

10.8

Coronado Global Resources Inc. Employee Stock Purchase Plan (incorporated by

reference to Appendix B to the Proxy Statement)

10.9>‡

Coronado Global Resources Inc. 2018 Non-Executive Director Plan (filed as Exhibit 10.5

to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

29, 2019 and incorporated herein by reference)

10.10>

Employment Agreement, dated as of May 25, 2023, between Coronado Global

Resources Inc. and Garold Spindler (filed as Exhibit 10.1 to the Company’s Current

Report on Form 8-K (File No. 000-56044) filed on May 31, 2023 and incorporated herein

by reference)

10.11>‡

Employment Agreement dated as of July 7, 2020, by and between Curragh Queensland

Mining Pty Ltd and Gerhard Ziems (filed as Exhibit 10.1 to the Company’s Current Report

on Form 8-K/A (File No. 000-56044) filed on July 7, 2020 and incorporated herein by

reference)

10.12>‡

Employment Agreement dated as of August 5, 2021, by and between Coronado Global

Resources Inc. and Jeffrey Bitzer (filed as Exhibit 10.1 to the Company’s Current Report

on Form 8-K (File No. 000-56044) filed on August 9, 2021 and incorporated herein by

reference)

10.13>

Appointment Agreement, dated as of May 25, 2023, between Coronado Global

Resources Inc. and Douglas G. Thompson (filed as Exhibit 10.3 to the Company’s

Current Report on Form 8-K (File No. 000-56044) filed on May 31, 2023 and

incorporated herein by reference)

10.14>‡

Employment Agreement dated as of July 12, 2021, by and between Coronado Global

Resources Inc. and Christopher P. Meyering (filed as Exhibit 10.11 to the Company’s

Annual Report on Form 10-K (File No. 000-56044) filed on February 22, 2022 and

incorporated herein by reference)

Coronado Global Resources Inc. Form 10-K December 31,2024163

Exhibit No.

Description of Document

10.15>‡

Employment Agreement dated as of October 18, 2018, by and between Coronado

Curragh Pty Ltd and Emma Pollard (filed as Exhibit 10.11 to the Company’s Registration

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

herein by reference)

10.16>

Appointment Letter Agreement, dated as of May 25, 2023, between Coronado Global

Resources Inc. and William (Bill) Koeck (filed as Exhibit 10.2 to the Company’s Current

Report on Form 8-K (File No. 000-56044) filed on May 31, 2023 and incorporated herein

by reference)

10.17>

Form of Stock Option Award Agreement (Long Term Incentive Grant) (filed as Exhibit

10.12 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed

on April 29, 2019 and incorporated herein by reference)

10.18>

Form of Performance Stock Unit Award Agreement (Long Term Incentive Grant) (filed

as Exhibit 10.13 to the Company’s Registration Statement on Form 10 (File No. 000-

56044) filed on April 29, 2019 and incorporated herein by reference)

10.19>

Form of Non-Executive Director Restricted Stock Unit Award Agreement (filed as Exhibit

10.14 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed

on April 29, 2019 and incorporated herein by reference)

10.20>

Form of Restricted Stock Unit Award Agreement (Retention Grant) (filed as Exhibit 10.15

to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

29, 2019 and incorporated herein by reference)

10.21>

Form of Restricted Stock Unit Award Agreement (STIP Deferral Grant) (filed as Exhibit

10.16 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed

on April 29, 2019 and incorporated herein by reference)

10.22>

Summary of Non-Executive Director Compensation (filed as Exhibit 10.17 to the

Company’s Annual Report on Form 10-K (File No. 000-56044) filed on February 24,

2020 and incorporated herein by reference)

10.23>

Form of Agreement of Indemnity, Insurance and Access (filed as Exhibit 10.18 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April 29,

2019 and incorporated herein by reference)

10.24‡

Amended Coal Supply Agreement, dated as of November 6, 2009, by and between

Stanwell Corporation Limited and Wesfarmers Curragh Pty Ltd (now known as Coronado

Curragh Pty Ltd) (filed as Exhibit 10.20 to the Company’s Registration Statement on

Form 10 (File No. 000-56044) filed on June 14, 2019 and incorporated herein by

reference)

10.25‡

Deed of Amendment to the Amended Coal Supply Agreement, dated as of November

21, 2016, by and between Stanwell Corporation Limited and Wesfarmers Curragh Pty

Ltd (now known as Coronado Curragh Pty Ltd) (filed as Exhibit 10.21 to the Company’s

Registration Statement on Form 10 (File No. 000-56044) filed on June 14, 2019 and

incorporated herein by reference)

10.26‡

Curragh Mine New Coal Supply Deed, dated August 14, 2018, by and between Stanwell

Corporation Limited and Coronado Curragh Pty Ltd (filed as Exhibit 10.22 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on June 14,

2019 and incorporated herein by reference)

10.28

Deed of Amendment, dated September 20, 2018 and effective September 21, 2018,

among Coronado Curragh Pty Ltd, Stanwell Corporation Limited and Coronado Group

LLC (filed as Exhibit 10.23 to the Company’s Registration Statement on Form 10 (File

No. 000-56044) filed on June 14, 2019 and incorporated herein by reference)

10.29

Deed of Amendment, dated March 5, 2019 and effective May 21, 2019, between

Coronado Curragh Pty Ltd and Stanwell Corporation Limited (filed as Exhibit 10.24 to

the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on June

14, 2019 and incorporated herein by reference)

10.30

Deed of Amendment, dated May 9, 2019 and effective May 21, 2019, between Coronado

Curragh Pty Ltd and Stanwell Corporation Limited (filed as Exhibit 10.25 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on June 14,

2019 and incorporated herein by reference)

Coronado Global Resources Inc. Form 10-K December 31,2024164

Exhibit No.

Description of Document

10.31†‡

New Coal Supply Agreement, dated as of July 12, 2019, by and between Stanwell

Corporation Limited and Coronado Curragh Pty Ltd. (filed as Exhibit 10.2 to the

Company’s Quarterly Report on Form 10-Q (File No. 000-56044) filed on November 7,

2019 and incorporated herein by reference)

19.1

Securities Dealing Policy of Coronado Global Resources Inc.

21.1

List of Subsidiaries

23.1

Consent of Ernst & Young

23.2

Consent of Barry Lay

23.3

Consent of Daniel Miller

23.4

Consent of Claire McGahan

23.5

Consent of Marshall Miller & Associates, Inc.

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 Interim Principal Financial Officer pursuant to SEC Rules 13a-14(a)

or 15d-14(a) adopted pursuant to Section 302 of the Sarbanes -Oxley Act of 2002

32.1

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

Sarbanes-Oxley Act of 2002

95.1

Mine Safety Disclosures

96.1

Technical Report Summary for Curragh

96.2

Technical Report Summary for Buchanan

96.3

Technical Report Summary for Logan

96.4

Technical Report Summary for Mon Valley

101

The following materials from the Company’s Annual Report on Form 10-K for the period

ended December31,2024,formattediniXBRL(InlineExtensibleBusinessReporting

Language): (i) Consolidated BalanceSheets, (ii) ConsolidatedStatements of Operations

and Consolidated Statements ofComprehensive Income, (iii)Consolidated Statements

of Stockholders’ Equity/Members’ Capital, (iv) ConsolidatedStatements of Cash Flows,

(v) related notes to these financial statements and (vi)document and entity information

104

Cover PageInteractive DataFile (the coverpage XBRLtags are embeddedwithin the

Inline XBRL document)

____________________

*Portions of thisexhibit have been omittedpursuant to Item 601(b)(2)(ii)of Regulation S-K,which portions

will be furnished to the Securities and Exchange Commissionupon request.

†Certain schedules and exhibits to thisagreement have been omitted pursuant to Item601(a)(5) and Item

601(a)(6)ofRegulationS-K.Acopyofanyomittedscheduleand/orexhibitwillbefurnishedtothe

Securities and Exchange Commission upon request.

‡PortionsofthisexhibithavebeenomittedpursuanttoItem601(b)(10)(iv)ofRegulationS-K,which

portions will be furnished to the Securities and Exchange Commissionupon request.

>Management contract, compensatory plan or arrangement

Coronado Global Resources Inc. Form 10-K December 31,2024165

ITEM 16.FORM 10-K SUMMARY

None.

Coronado Global Resources Inc. Form 10-K December 31,2024166

SIGNATURES

Pursuant to therequirements ofSection 13or 15(d) ofthe SecuritiesExchange Actof 1934, theregistrant has

duly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

Coronado Global Resources Inc.

(Registrant)

By:

/s/ Douglas Thompson

Douglas Thompson

Managing Director and Chief Executive Officer (asduly

authorized officer and as principal executive officerof

the registrant)

Date: February 19,2025

Pursuant to the requirementsof the Securities ExchangeAct of 1934, thisreport has beensigned below bythe

following persons, on behalf of the registrant and in thecapacities and on the dates indicated.

Name

Title

Date

/s/ Douglas Thompson

ManagingDirectorandChiefExecutive

Officer (Principal Executive Officer)

February 19, 2025

Douglas Thompson

/s/ Sandeep Deoji

VicePresidentGroupFinancialControl

(Interim Principal Financial Officer)

February 19, 2025

Sandeep Deoji

/s/ Garold Spindler

Director

February 19, 2025

Garold Spindler

/s/ William Koeck

Director

February 19, 2025

William Koeck

/s/ Philip Christensen

Director

February 19, 2025

Philip Christensen

/s/ Greg Pritchard

Director

February 19, 2025

Greg Pritchard

/s/ Laura Tyson

Director

February 19, 2025

Laura Tyson

/s/ Aimee R. Allen

Director

February 19, 2025

Aimee R. Allen

/s/ Jan C. Wilson

Director

February 19, 2025

Jan C. Wilson