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Coronado Global Resources Inc.

05/06/2024 | Press release | Distributed by Public on 05/06/2024 13:12

Quarterly Report for Quarter Ending March 31, 2024 (Form 10-Q)

Form10q2024q1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM

10-Q

___________________________________________________

(Mark One)

☒

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

ACT OF 1934

For the quarterly period ended

March 31, 2024

☐

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

ACT OF 1934

For the transition period fromto

Commission File Number:

1-16247

___________________________________________________

Coronado Global Resources Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware

83-1780608

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Level 33, Central Plaza One

345 Queen Street

Brisbane, Queensland

Australia

4000

(Address of principal executive offices)

(Zip Code)

(

)

3031 7777

(Registrant's telephone number, including area code)

N/A

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

___________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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

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

Yes

☒

☐

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

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

was required to submit such files).

Yes

☒

☐

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

company,oranemerginggrowthcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler,""smallerreporting

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

☐

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

☐

☒

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

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

of the registrant's common stock, par value $0.01 per share, outstanding on April 30, 2024, includingshares of common stock underlying

CDIs, was

167,645,373

Steel starts

here.

Quarterly Report on Form 10-Q for the quarterly periodended March 31, 2024.

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31,

2023

Unaudited Condensed Consolidated Statements of Operations and Comprehensive

Income for the three months ended March 31, 2024 and 2023

Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three

months ended March 31, 2024 and 2023

Unaudited Condensed Consolidated Statements of Cash Flows for the three months

ended March 31, 2024 and 2023

Notes to Unaudited Condensed Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Item 2. Management's Discussion and Analysis of Financial Condition and Results of

Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Mine Safety Disclosures

Item 5. Other Information

Item 6. Exhibits

SIGNATURES

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 20244

PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

Assets

Note

(Unaudited)

March 31, 2024

December 31,

2023

Current assets:

Cash and cash equivalents

224,944

339,295

Trade receivables, net

301,475

263,951

Income tax receivable

35,947

44,906

Inventories

149,836

192,279

Other current assets

89,821

103,609

Totalcurrent assets

802,023

944,040

Non-current assets:

Property, plant and equipment,net

1,502,439

1,506,437

Right of use asset - operating leases, net

85,333

80,899

Goodwill

28,008

Intangible assets, net

3,058

3,108

Restricted deposits

68,884

68,660

Deferred income tax assets

40,637

27,230

Other non-current assets

21,439

19,656

Totalassets

2,551,821

2,678,038

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

86,737

113,273

Accrued expenses and other current liabilities

267,826

312,705

Dividends payable

8,334

Asset retirement obligations

14,897

15,321

Contract obligations

38,926

40,722

Lease liabilities

23,783

22,879

Other current financial liabilities

2,751

2,825

Totalcurrent liabilities

443,254

507,725

Non-current liabilities:

Asset retirement obligations

147,374

148,608

Contract obligations

51,780

61,192

Deferred consideration liability

273,146

277,442

Interest bearing liabilities

235,987

235,343

Other financial liabilities

4,354

5,307

Lease liabilities

64,143

61,692

Deferred income tax liabilities

110,640

100,145

Other non-current liabilities

36,938

34,549

Totalliabilities

1,367,616

1,432,003

Common stock $

0.01

par value;

1,000,000,000

authorized,

167,645,373

shares issued and outstanding as of March 31,

2024 and December 31, 2023

1,677

Series A Preferred stock $

0.01

par value;

100,000,000

authorized,

Share issued and outstanding as of March 31, 2024 and

December 31, 2023

Additional paid-in capital

1,093,272

1,094,431

Accumulated other comprehensive losses

(113,215)

(89,927)

Retained earnings

202,471

239,854

Totalstockholders' equity

1,184,205

1,246,035

Totalliabilities and stockholders' equity

2,551,821

2,678,038

See accompanying notes to unaudited condensedconsolidated financial statements.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 20245

Unaudited Condensed Consolidated Statements ofOperations and Comprehensive Income

(In US$ thousands, except share data)

Three months ended

March 31,

Note

2024

2023

Revenues:

Coal revenues

632,993

738,345

Other revenues

35,156

27,369

Totalrevenues

668,149

765,714

Costs and expenses:

Cost of coal revenues (exclusive of items shown separatelybelow)

472,521

380,474

Depreciation, depletion and amortization

45,349

39,423

Freight expenses

56,822

63,353

Stanwell rebate

31,451

39,208

Other royalties

85,160

85,957

Selling, general, and administrative expenses

8,815

7,774

Totalcosts and expenses

700,118

616,189

Other (expense) income:

Interest expense, net

(13,329)

(14,665)

Decrease in provision for discounting and credit losses

173

3,988

Other, net

12,012

3,042

Totalother expense, net

(1,144)

(7,635)

(Loss) income before tax

(33,113)

141,890

Income tax benefit (expense)

4,112

(34,030)

Net (loss) income attributable to Coronado Global ResourcesInc.

(29,001)

107,860

Other comprehensive loss, net of income taxes:

Foreign currency translation adjustments

(23,288)

(4,503)

Totalother comprehensive loss

(23,288)

(4,503)

Totalcomprehensive (loss) income attributable to Coronado Global

Resources Inc.

(52,289)

103,357

(Loss) earnings per share of common stock

Basic

(0.17)

0.64

Diluted

(0.17)

0.64

See accompanying notes to unaudited condensedconsolidated financial statements.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 20246

Unaudited Condensed Consolidated Statements ofStockholders' Equity

(In US$ thousands, except share data)

Common stock

Preferred stock

Additional

Accumulated other

Total

paid in

comprehensive

Retained

stockholders

Amount

Series A

Amount

capital

losses

earnings

equity

Balance December 31, 2023

167,645,373

1,677

1,094,431

(89,927)

239,854

1,246,035

Net loss

(29,001)

Other comprehensive loss

(23,288)

Totalcomprehensive loss

(23,288)

(29,001)

(52,289)

Share-based compensation for equity

classified awards

(1,159)

Dividends

(8,382)

Balance March 31, 2024

167,645,373

1,677

1,093,272

(113,215)

202,471

1,184,205

Common stock

Preferred stock

Additional

Accumulated other

Total

paid in

comprehensive

Retained

stockholders

Amount

Series A

Amount

capital

losses

earnings

equity

Balance December 31, 2022

167,645,373

1,677

1,092,282

(91,423)

100,554

1,103,090

Net income

107,860

Other comprehensive loss

(4,503)

Totalcomprehensive (loss) income

(4,503)

107,860

103,357

Share-based compensation for equity

classified awards

(308)

Dividends

(8,382)

Balance March 31, 2023

167,645,373

1,677

1,091,974

(95,926)

200,032

1,197,757

See accompanying notes to unaudited condensedconsolidated financial statements.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 20247

Unaudited Condensed Consolidated Statements ofCash Flows

(In US$ thousands)

Three months ended

March 31,

2024

2023

Cash flows from operating activities:

Net (loss) income

(29,001)

107,860

Adjustments to reconcile net income to cash and restricted cashprovided by

operating activities:

Depreciation, depletion and amortization

45,349

39,423

Amortization of right of use asset - operating leases

5,988

1,083

Amortization of deferred financing costs

257

483

Non-cash interest expense

8,906

8,086

Amortization of contract obligations

(7,597)

(7,201)

Loss on disposal of property,plant and equipment

130

121

Equity-based compensation expense

(1,159)

(308)

Deferred income taxes

(671)

8,141

Reclamation of asset retirement obligations

(992)

(737)

Decrease in provision for discounting and credit losses

(173)

(3,988)

Other non-cash adjustments

(10,064)

Changes in operating assets and liabilities:

Accounts receivable

(46,184)

105,270

Inventories

36,517

(28,039)

Other assets

6,670

5,362

Accounts payable

(23,969)

7,601

Accrued expenses and other current liabilities

(44,686)

(11,883)

Operating lease liabilities

(6,108)

(2,080)

Income tax payable

10,524

(8,510)

Change in other liabilities

2,487

2,942

Net cash (used in) provided by operating activities

(53,776)

223,626

Cash flows from investing activities:

Capital expenditures

(54,931)

(54,839)

Purchase of restricted and other deposits

(381)

(2,403)

Redemption of restricted and other deposits

3,095

Net cash used in investing activities

(55,312)

(54,147)

Cash flows from financing activities:

Principal payments on interest bearing liabilities and other financialliabilities

(822)

(920)

Principal payments on finance lease obligations

(35)

(31)

Net cash used in financing activities

(857)

(951)

Net (decrease) increase in cash and cash equivalents

(109,945)

168,528

Effect of exchange rate changes on cash and cashequivalents

(4,406)

(4,857)

Cash and cash equivalents at beginning of period

339,295

334,629

Cash and cash equivalents at end of period

224,944

498,300

Supplemental disclosure of cash flow information:

Cash payments for interest

722

575

Cash (refund) paid for taxes

(12,407)

34,000

Restricted cash

251

See accompanying notes to unaudited condensedconsolidated financial statements.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 20248

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS

1.Description of Business, Basis of Presentation

(a)

Description of the Business

CoronadoGlobalResourcesInc.isaglobalproducer,marketer,andexporterofafullrangeofmetallurgical

coals,anessentialelementintheproductionofsteel.TheCompanyhasaportfolioofoperatingminesand

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

the United States, or U.S.

(b)

Basis of Presentation

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

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

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

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

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

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

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

TheinterimunauditedcondensedconsolidatedfinancialstatementsarepresentedinU.S.dollars,unless

otherwisestated.TheyincludetheaccountsofCoronadoGlobalResourcesInc.anditswholly-owned

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

referencestoAustraliandollars,thelawfulcurrencyoftheCommonwealthofAustralia.The"Company"and

"Coronado"areusedinterchangeablytorefertoCoronadoGlobalResourcesInc.anditssubsidiaries,

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

transactions have been eliminated upon consolidation.

Intheopinionofmanagement,theseinterimfinancialstatementsreflectallnormal,recurringadjustments

necessaryforthefairpresentationoftheCompany'sfinancialposition,resultsofoperations,comprehensive

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

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

The Company's resultsof operations forthe three monthsended March 31,2024 are notnecessarily indicative

of the results that may be expected for the year endingDecember 31, 2024.

2.Summary of Significant Accounting Policies

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

statements for the year ended December 31, 2023 included in Coronado Global Resources Inc.'s Annual Report

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

(a) Newly Adopted Accounting Standards

Duringtheperiod,therehasbeennonewAccountingStandardsUpdateissuedbytheFinancialAccounting

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

3.Segment Information

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

statesofPennsylvania,VirginiaandWestVirginiaintheU.S.TheoperationsinAustralia,orAustralian

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

or U.S. Operations,comprise

two

100%-owned producingmine complexes (Buchananand Logan),

one

100%-

owned idled mine complex (Greenbrier) and

two

development properties (Mon Valleyand Russell County).

TheCompanyoperatesitsbusinessalong

two

reportablesegments:AustraliaandtheUnitedStates.The

organizationofthe

two

reportablesegmentsreflectshowtheCompany'schiefoperatingdecisionmaker,or

CODM, manages and allocates resources to the variouscomponents of the Company's business.

The CODMuses AdjustedEBITDA asthe primarymetric tomeasure eachsegment'soperating performance.

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

aware thatthe Company'spresentation ofAdjusted EBITDAmay notbe comparableto similarlytitled financial

measures used by other companies.

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 20249

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

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

in analyzing eachof theCompany's segments' operating performance."Other and corporate"relates to additional

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

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

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

Reportable segment results asof and forthe three months endedMarch 31, 2024and 2023 arepresented below:

(in US$ thousands)

Australia

United

States

Other and

Corporate

Total

Three months ended March 31, 2024

Totalrevenues

436,106

232,043

668,149

Adjusted EBITDA

(26,227)

49,228

(8,380)

14,621

Totalassets

1,220,053

1,027,228

304,540

2,551,821

Capital expenditures

19,501

52,792

72,298

Three months ended March 31, 2023

Totalrevenues

398,661

367,053

765,714

Adjusted EBITDA

13,233

185,042

(7,526)

190,749

Totalassets

1,146,508

951,237

539,722

2,637,467

Capital expenditures

7,235

34,163

41,453

The reconciliationsof AdjustedEBITDA tonet incomeattributable to theCompany forthe three monthsended

March 31, 2024 and 2023 are as follows:

Three months ended

March 31,

(in US$ thousands)

2024

2023

Net (loss) income

(29,001)

107,860

Depreciation, depletion and amortization

45,349

39,423

Interest expense (net of interest income)

(1)

13,329

14,665

Income tax (benefit) expense

(4,112)

34,030

Other foreign exchange gains

(2)

(11,263)

(2,992)

Losses on idled assets

(3)

492

1,751

Decrease in provision for discounting and credit losses

(173)

(3,988)

Consolidated Adjusted EBITDA

14,621

190,749

(1)

Includes interest income of $

3.0

million, and $

1.0

million for the three months ended March 31,2024 and 2023, respectively.

(2)

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

certain entities within the group thatare denominated in currencies other thantheir respective functional currencies. These gainsand losses

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

(3)

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

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202410

ThereconciliationsofcapitalexpenditurespertheCompany'ssegmentinformationtocapitalexpenditures

disclosedontheunauditedCondensedConsolidatedStatementsofCashFlowsforthethreemonthsended

March 31, 2024 and 2023 are as follows:

Three months ended March 31,

(in US$ thousands)

2024

2023

Capital expenditures per unaudited Condensed ConsolidatedStatements of

Cash Flows

54,931

54,839

Accruals for capital expenditures

22,150

4,098

Payment for capital acquired in prior periods

(10,790)

(11,242)

Net movement in deposits to acquire long lead capital

6,007

(6,242)

Capital expenditures per segment detail

72,298

41,453

Disaggregation of Revenue

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

Company'sreportablesegments,astheCompanybelievesitbestdepictsthenature,amount,timingand

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

Three months ended March 31, 2024

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

408,303

193,531

601,834

Thermal coal

19,294

11,865

31,159

Totalcoal revenue

427,597

205,396

632,993

Other

(1)(2)

8,509

26,647

35,156

Total

436,106

232,043

668,149

Three months ended March 31, 2023

(in US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

372,519

283,023

655,542

Thermal coal

18,285

64,518

82,803

Totalcoal revenue

390,804

347,541

738,345

Other

(1)(2)

7,857

19,512

27,369

Total

398,661

367,053

765,714

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

(2) Other revenue for the U.S. segment includes $

25.0

million and $

17.5

million for the three months ended March 31, 2024 and March 31,

2023, respectively, relating to termination fee revenue from a coal sales contractscancelled at our U.S. operations.

4.Inventories

(in US$ thousands)

March 31,

2024

December 31,

2023

Raw coal

45,899

55,998

Saleable coal

50,150

81,314

Totalcoal inventories

96,049

137,312

Supplies and other inventory

53,787

54,967

Totalinventories

149,836

192,279

Coal inventories measured at its netrealizable value were $

3.1

million and $

2.4

million as at March 31, 2024and

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

market coal supply agreement.

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202411

5.Property, Plant andEquipment

(in US$ thousands)

March 31,

2024

December 31,

2023

Land

28,471

28,282

Buildings and improvements

103,275

102,642

Plant, machinery, miningequipment and transportation vehicles

1,199,513

1,189,088

Mineral rights and reserves

389,868

Office and computer equipment

10,156

9,771

Mine development

560,488

579,717

Asset retirement obligation asset

85,288

88,384

Construction in process

158,314

143,041

Totalcost of property,plant and equipment

2,535,373

2,530,793

Less accumulated depreciation, depletion and amortization

1,032,934

1,024,356

Property, plant andequipment, net

1,502,439

1,506,437

6. Other Assets

(in US$ thousands)

March 31,

2024

December 31,

2023

Other current assets

Prepayments

27,643

34,175

Long service leave receivable

7,889

8,438

Taxcredits receivable

3,265

Deposits to acquire capital items

10,841

18,935

Short term deposits

21,674

21,906

Other

18,509

16,890

Totalother current assets

89,821

103,609

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

receivable,equipmentdeposits,shorttermdepositsandcoalfieldemploymentenhancementtaxcredit

receivable.

Short term depositsare term depositsheld with financialinstitutions withmaturity greaterthan ninetydays and

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

7.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of thefollowing:

(in US$ thousands)

March 31,

2024

December 31,

2023

Wages and employee benefits

43,926

42,348

Taxesother than income taxes

7,764

6,728

Accrued royalties

58,701

45,770

Accrued freight costs

35,875

47,549

Accrued mining fees

101,955

89,622

Acquisition related accruals

53,700

Other liabilities

19,605

26,988

Totalaccrued expenses and other current liabilities

267,826

312,705

Acquisition related accrualsof $

53.7

million (A$

79.0

million) as at December31, 2023, related tothe remaining

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

assessedstampdutyandtaxinteresttotheQueenslandRevenueOffice,orQRO.RefertoNote16

"Contingencies" for further details.

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202412

8. Dividends payable

OnFebruary19,2024,theCompany'sBoardofDirectorsdeclaredabi-annualfullyfrankedfixedordinary

dividend of $

8.4

million, or

0.5

cents per CDI. On April 4, 2024,the Company paid $

8.3

million, net of $

0.1

million

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

9.Leases

During thethree monthsended March31, 2024,theCompany enteredinto anumber ofagreements tolease

miningequipment.BasedontheCompany'sassessmentoftermswithintheseagreements,theCompany

classified theseleases asoperating leases.On mobilizationof theseleasedminingequipment,the Company

recognized right-of-use assets and operating lease liabilitiesof $

13.3

million.

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

Three months ended

(in US$ thousands)

March 31, 2024

March 31, 2023

Operating lease costs

7,568

1,083

Cash paid for operating lease liabilities

6,108

2,080

Finance lease costs:

Amortization of right of use assets

Interest on lease liabilities

Totalfinance lease costs

(in US$ thousands)

March 31,

2024

December 31,

2023

Operating leases:

Operating lease right-of-use assets

85,333

80,899

Finance leases:

Property and equipment

371

Accumulated depreciation

(342)

(309)

Property and equipment, net

Current operating lease obligations

23,750

22,811

Operating lease liabilities, less current portion

64,143

61,692

Totaloperating lease liabilities

87,893

84,503

Current finance lease obligations

Finance lease liabilities, less current portion

TotalFinance lease liabilities

Current lease obligation

23,783

22,879

Non-current lease obligation

64,143

61,692

TotalLease liability

87,926

84,571

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202413

March 31,

2024

December 31,

2023

Weighted Average RemainingLease Term (Years)

Weighted average remaining lease term - financeleases

0.3

0.5

Weighted average remaining lease term - operatingleases

3.8

3.7

Weighted Average DiscountRate

Weighted discount rate - finance lease

7.6%

Weighted discount rate - operating lease

8.8%

9.0%

The Company's operating leases have remaining leaseterms of

year to

years, some of which includeoptions

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

of lease liabilities as at March 31, 2024, are as follows:

(in US$ thousands)

Operating

Lease

Finance

Lease

Year endingDecember 31,

2024

22,860

2025

30,505

2026

23,054

2027

14,852

2028

11,304

Thereafter

779

Totallease payments

103,354

Less imputed interest

(15,461)

Totallease liability

87,893

10.Interest Bearing Liabilities

The following is a summary of interest-bearing liabilitiesat March 31, 2024:

(in US$ thousands)

March 31, 2024

December 31, 2023

Weighted Average

Interest Rate at

March 31, 2024

Final

Maturity

10.75

% Senior Secured Notes

242,326

12.14

(2)

2026

ABL Facility

2026

Discount and debt issuance costs

(1)

(6,339)

(6,983)

Totalinterest bearing liabilities

235,987

235,343

(1)

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

unaudited Condensed Consolidated Balance Sheet.

(2)

Represents the effective interest rate.

Senior Secured Notes

As ofMarch 31,2024, theCompany'saggregate principalamount ofthe

10.750

% SeniorSecured Notesdue

2026, or the Notes, outstanding was $

242.3

million. The Notes mature on

May 15, 2026

and are senior secured

obligations of the Company.

ThetermsoftheNotesaregovernedbyanindenture,datedasofMay12,2021,ortheIndenture,among

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

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

customarycovenantsforhighyieldbonds,including,butnotlimitedto,limitationsoninvestments,liens,

indebtedness, assetsales, transactionswith affiliatesand restrictedpayments, includingpayment ofdividends

on capital stock. As of March 31, 2024, the Company was in compliancewith all applicable covenants under the

Indenture.

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202414

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

issuerisrequiredtomakeanoffer,oraChangeofControlOffer,torepurchasetheNotesat

101

%ofthe

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

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

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

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

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

Period

Redemption price

2024

104.03%

2025 and thereafter

100.00%

Asset Based Revolving Credit Facility

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

aggregate amount of $

150.0

million, or the ABL Facility.

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

150.0

million in borrowings, including a $

100.0

millionsublimitfortheissuanceoflettersofcreditand$

70.0

millionsublimitasarevolvingcreditfacility.

AvailabilityundertheABLFacilityislimitedtoaneligibleborrowingbase,determinedbyapplyingcustomary

advance rates to eligible accounts receivable and inventory.

Borrowings underthe ABLFacility bearinterest ata rateper annumequal toan applicablerate of

2.80

% plus

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

As atMarch 31, 2024,the letter ofcredit sublimit hadbeen partially usedto issue $

21.7

million of bankguarantees

on behalf of the Company and

amounts were drawn under the revolving credit sublimitof ABL Facility.

TheABLFacilitycontainscustomaryrepresentationsandwarrantiesandaffirmativeandnegativecovenants

including, amongothers, acovenant regardingthe maintenanceof leverageratio tobe lessthan

3.00

times, a

covenant regarding maintenance of interest coverage ratio to be more than

3.00

times, covenants relating to the

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

Subsidiaries,covenantsrelatingtofinancialreporting,covenantsrelatingtotheincurrenceofliensor

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

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

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

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

As at March 31, 2024, the Company was in compliance with allapplicable covenants under the ABL Facility.

UnderthetermsofABLFacility,aReviewEvent(asdefinedintheABLFacility)istriggeredif,amongother

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

Following theoccurrence ofa ReviewEvent, theBorrowers mustpromptly meetand consultin goodfaith with

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

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

period of

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

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

Lenders maydeclare allamountsowing underthe ABLFacilityimmediately dueand payable,terminate such

Lenders'commitmentstomakeloansundertheABLFacility,requiretheBorrowerstocashcollateralizeany

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

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

default.

11.Income Taxes

For the three months ended March 31, 2024and 2023, the Company estimated itsannual effective tax rate and

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

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

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

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202415

The Company's 2024 estimatedannual effective taxrate is

12.0

%, which has been favorablyimpacted by mine

depletion deductionsin theUnited States.The Companyhad anincome taxbenefit of$

4.1

million basedon a

loss before tax of $

33.1

million for the three monthsended March 31, 2024, whichincludes a discrete benefit of

0.1

million relating to the prior year for the United States.

Income taxexpense of$

34.0

million forthe threemonths endedMarch 31,2023 wascalculated basedon an

estimated annual effective tax rate of

24.0

% for the period.

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

For the three months endedMarch 31, 2024, the Companyhad

new unrecognized tax benefits included intax

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

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

20.8

million consistent

with December 31, 2023.

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

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

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

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

assessment.

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

strategies and the reversal of temporary tax differences.

12.Earnings per Share

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

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

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

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

securities.

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

Three months ended March 31,

(in US$ thousands, except per share data)

2024

2023

Numerator:

Net (loss) income attributable to Company stockholders

(29,001)

107,860

Denominator (in thousands):

Weighted-average shares of common stock outstanding

167,645

Effects of dilutive shares

307

Weighted average diluted shares of common stockoutstanding

167,645

167,952

(Loss) Earnings Per Share (US$):

Basic

(0.17)

0.64

Dilutive

(0.17)

0.64

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

holders into shares of the Company's common stockon a

-for-1 basis.

13.Fair Value Measurement

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

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

instruments involve uncertainty and cannot be determined withprecision.

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

unobservableinputstotheextentpossible.TheCompanydeterminesfairvaluebasedonassumptionsthat

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

assumptions in fairvalue measurements, thefollowing fair valuehierarchy distinguishes between observableand

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

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202416

Level1 Inputs:Unadjustedquotedpricesinactivemarketsfor identicalassetsor liabilitiesaccessibletothe

reporting entity at the measurement date.

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

for substantially the full term of the asset or liability.

Level3Inputs:Unobservableinputsfortheassetorliabilityusedtomeasurefairvaluetotheextentthat

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

for the asset or liability at measurement date.

Financial Instruments Measured on a Recurring Basis

As of March31, 2024, therewere

financial instrumentsrequired to bemeasured at fairvalue on arecurring

basis.

Other Financial Instruments

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

March 31, 2024 and December 31, 2023:

●

Cashandcashequivalents,accountsreceivable,short-termdeposits,accountspayable,accrued

expenses,leaseliabilitiesandothercurrentfinancialliabilities:Thecarryingamountsreportedinthe

unaudited Condensed ConsolidatedBalance Sheets approximatefair value due tothe short maturity of

these instruments.

●

Restricteddeposits,leaseliabilities,interestbearingliabilitiesandotherfinancialliabilities:Thefair

valuesapproximatethecarryingvaluesreportedintheunauditedCondensedConsolidatedBalance

Sheets.

●

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

cost. As of March 31, 2024, there were

amounts drawn under the revolving credit sublimit of the ABL

Facility.The estimatedfair valueof theNotes asof March31, 2024was approximately$

250.5

million

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

14.Accumulated Other Comprehensive Losses

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

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

Accumulated other comprehensive losses consisted ofthe following at March 31, 2024:

(in US$ thousands)

Foreign

currency

translation

adjustments

Balance at December 31, 2023

(89,927)

Net current-period other comprehensive loss:

Loss in other comprehensive income before reclassifications

(5,265)

Loss on long-term intra-entity foreign currency transactions

(18,023)

Totalnet current-period other comprehensive loss

(23,288)

Balance at March 31, 2024

(113,215)

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202417

15.Commitments

(a)Mineral Leases

TheCompanyleasesmineralinterestsandsurfacerightsfromlandownersundervarioustermsandroyalty

rates. The future minimum royalties under these leasesas of March 31, 2024 are as follows:

(in US$ thousands)

Amount

Year endingDecember 31,

2024

4,228

2025

5,474

2026

5,338

2027

5,300

2028

5,243

Thereafter

25,397

Total

50,980

Mineral leasesare notin scopeof AccountingStandards Codification, orASC, 842and continueto beaccounted

for under the guidance in ASC 932, Extractive Activities- Mining.

(b)Other commitments

As ofMarch 31, 2024,purchase commitments forcapital expenditures were$

68.6

million, all ofwhich is obligated

within the next twelve months.

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

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

13 years

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

31,2024,theseAustralianandU.S.commitmentsundertake-or-payarrangementstotaled$

723.0

million,of

which approximately $

90.0

million is obligated within the next twelve months.

16.Contingencies

Surety bond, letters of credit and bank guarantees

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

off-balance sheetrisk, suchas lettersof creditand performanceor suretybonds.

liabilities relatedto these

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

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

FortheU.S.Operationsinordertoprovidetherequiredfinancialassuranceforpostminingreclamation,the

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

certain other obligations including contractual obligations under workers' compensation insurances.As of March

31, 2024, the Company had outstanding surety bonds of$

46.7

million and letters of credit of $

16.8

million issued

from our available bank guarantees under the ABL Facility.

For theAustralian Operationsas atMarch 31,2024, theCompany hadbank guaranteesoutstanding of$

24.2

million,including$

4.9

millionissuedfromtheABLFacility,primarilyinrespectofcertainrailandport

arrangements of the Company.

As atMarch 31, 2024,the Company inaggregate had totaloutstanding bank guaranteesprovided of $

41.0

million

to secure its obligations and commitments, including $

21.7

million issued from the ABL Facility.

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

additional collateral requirements.

Restricted deposits - cash collateral

As requiredby certainagreements, theCompany hadcash collateralin theform ofdeposits inthe amountof

68.9

million and $

68.7

million as ofMarch 31, 2024and December 31,2023, respectively,to provide back-to-

back supportfor bankguarantees,financialpayments,other performanceobligations, variousotheroperating

agreements andcontractual obligationsunder workerscompensation insurance.These depositsare restricted

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

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202418

In accordancewith theterms ofthe ABLFacility,the Companymay berequiredto cashcollateralizethe ABL

Facility to the extent of outstanding letters of creditafter the expiration or termination date of suchletter of credit

aftertheexpirationorterminationdateofsuchletterofcredit.AsofMarch31,2024,

letterofcreditwas

outstanding after the expiration or termination date and

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 objection to theassessed stamp duty was disallowed by the QRO.

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

of QRO'sdecision ifit haspaid thetotal assessedstamp dutyof $

56.2

million (A$

82.2

million) plusunpaid tax

interest of $

14.5

million (A$

21.2

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

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

QRO.

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

with the Supreme Court of Queensland.

From time to time, theCompany becomes aparty to other legalproceedings in theordinary course of business

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

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

adverseeffectonitsfinancialcondition,resultsofoperationsorcashflows.Inmanagement'sopinion,the

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

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

17. Related

Party Transactions

SGI Transaction

On September 25, 2023, Energy &Minerals Group, the Company's controlling stockholder through its ownership

of Coronado GroupLLC, including throughcertain of itsaffiliates and managedfunds (the Sellers),advised the

Companythatithadenteredintoamembershipinterestpurchaseagreement,orMIPA,withSev.enGlobal

Investmentsa.s.,orSGI.AcopyoftheMIPAhasnotbeenmadeavailabletotheCompanyortheSpecial

CommitteereferredtobelowasofthedateofthisQuarterlyReportonForm10-Q.However,theCompany

understands that, pursuantto the terms ofthe MIPA,the Sellers agreed tosell all of theirinterestsin Coronado

Group LLC toa wholly-ownedsubsidiary ofSGI. Werefer to theproposed transactionas the SGITransaction.

TheCompanyalsounderstandsthat,undertheMIPA,theSGITransactionissubjecttocustomaryclosing

conditions including regulatory approvals in the U.S. and Australia.

The Board ofDirectors has appointeda special committeeof independentdirectors, or theSpecial Committee,

to, among other things, assessthe impact and consequences of theSGI Transaction on theCompany and take

such actions as the Special Committee deems appropriatein connection with the SGI Transaction.

The Energy andMinerals Grouphas reported thatfollowing theclosing ofthe SGI Transaction,SGI willbe the

direct or indirect owner ofCoronado Group LLC. As of thedate of this Quarterly Report onForm 10-Q, Coronado

Group LLCis currentlythe directowner of

845,061,399

CDIs (representinga beneficialinterest in

84,506,140

sharesof commonstock,or

50.4

% ofthe Company'soutstandingtotal commonstock)and the

one

SeriesA

Share.

Based on information that the Company is currently aware of,on completion of the SGI Transaction,a change of

controlasdefinedunderthetermsofNotesandABLFacilitymayoccur.RefertoNote10."InterestBearing

Liabilities" for further information.

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS(Continued)

Coronado Global Resources Inc.

Form 10-Q March 31, 202419

Under theCompany's2018EquityIncentivePlan,thechangeof controlprovisionsmayalsobetriggeredon

completionoftheSGITransaction,howevertheCompensationandNominatingCommitteeoftheBoardof

Directors, at itssole discretion, will determinehow the outstanding awardsunder the planwill be dealtwith, which

may include acceleration of the vesting conditions.

Inaddition,certaincontractcounterparties,includingStanwell,customers,suppliersandthird-partyproviders

may assertcontractual rights, suchas consent ortermination rights thatmay be triggeredby thechange of control

resulting from the consummation of the SGI Transaction.

For a number ofcustomers and supplier agreements, includingcontractor agreements, the completion ofthe SGI

Transactionmaytriggerafinancialorsuitabilityassessmentbythecounterparty,whichmayentitlethe

counterpartytoterminatetheagreement,requestfurthersecurityorseekamendmentstothetermsofthe

agreement.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202420

REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

To the Stockholdersand Board of Directors of Coronado Global ResourcesInc.

Results of Review of Interim Financial Statements

Wehavereviewedtheaccompanyingcondensedconsolidatedbalance sheetofCoronadoGlobalResources

Inc.(theCompany)asofMarch31,2024,therelatedcondensedconsolidatedstatementsofoperationsand

comprehensiveincome,stockholders'equity andcashflows forthethreemonthsended March31,2024and

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

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

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

principles.

Wehavepreviouslyaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversight

Board (United States) (PCAOB), theconsolidated balance sheet of the Companyas of December 31, 2023, the

related consolidated statementsof operationsand comprehensiveincome, stockholders'equity and cashflows

for the year then ended, andthe related notes (not presented herein), andin our report dated February 20, 2024,

weexpressedanunqualifiedauditopiniononthoseconsolidatedfinancialstatements.Inouropinion,the

information setforth inthe accompanyingcondensed consolidatedbalance sheetas of December31, 2023,is

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

Basis for Review Results

These financialstatementsare theresponsibilityof theCompany'smanagement.Weare apublic accounting

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

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

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

consists principallyof applyinganalytical proceduresand makinginquiries ofpersonsresponsible forfinancial

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

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

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

/s/ Ernst & Young

Brisbane, Australia

May 6, 2024.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202421

ITEM 2.MANAGEMENT'S DISCUSSIONAND ANALYSISOF FINANCIALCONDITION ANDRESULTSOF

OPERATIONS

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

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

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

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

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

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

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

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

"Coronado" referto CoronadoGlobal ResourcesInc. andits consolidatedsubsidiaries andassociates, unless

the context indicates otherwise.

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

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

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

alldollaramountscontainedhereinareexpressedinUnitedStatesdollars,orUS$,exceptwhereotherwise

stated.Referencesto"A$"arereferencestoAustraliandollars,thelawfulcurrencyoftheCommonwealthof

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

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

that precede them.

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

andotherindustries,as wellasourplans,objectivesandexpectationsforourbusiness,operations,financial

performanceandcondition.Forward-lookingstatementsmaybeidentifiedbywordssuchas"may,""could,"

"believes,""estimates,""expects,""intends,""plans,""anticipate,""forecast,""outlook,""target,""likely,"

"considers" and other similar words.

Anyforward-lookingstatementsinvolveknownandunknownrisks,uncertainties,assumptionsandother

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

results,performance,eventsoroutcomesexpressedoranticipatedinthesestatements,manyofwhichare

beyondourcontrol.Suchforward-lookingstatementsarebasedonanassessmentofpresenteconomicand

operatingconditionsonanumberofbestestimateassumptionsregardingfutureeventsandactions.These

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

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

●

the prices we receive for our coal;

●

uncertaintyinglobaleconomicconditions,includingtheextent,durationandimpactofongoingcivil

unrest and wars,as well asrisks related togovernment actions withrespect to tradeagreements, treaties

or policies;

●

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

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

●

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

developments.Forexample,theamendmentstothecoal royaltyregimeimplementedin2022by the

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

our Australian Operations;

●

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

relatingtominingactivities,includingpossibleimpactson globalclimateissues,whichcouldresultin

increasedregulationofcoalcombustionandrequirementstoreduceGHGemissionsinmany

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

costs associated withcoal productionand consumption, suchas costs foradditional controls toreduce

carbondioxideemissionsorcoststopurchaseemissionsreductioncreditstocomplywithfuture

emissionstradingprograms,whichcouldsignificantlyimpactourfinancialconditionandresultsof

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

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202422

●

the impactof theSGI Transaction(as definedin Item1. FinancialStatements), includingthe impactof

the SGI Transaction on change of controland related provisions in material agreements;

●

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

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

whichamongotheradverseeffects,couldleadtoreduceddemandforourcoal,increaseddifficulty

collecting receivablesand customersand/or suppliersasserting forcemajeure orother reasonsfor not

performing their contractual obligations to us;

●

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

●

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

governing such indebtedness;

●

ourabilitytocollectpaymentsfromourcustomersdependingontheircreditworthiness,contractual

performance or otherwise;

●

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

●

risks inherent tomining operations couldimpact the amountof coal produced,cause delay orsuspend

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

●

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

●

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

●

unfavorable economic and financial market conditions;

●

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

●

uncertainties in estimating our economically recoverable coalreserves;

●

transportation for our coal becoming unavailable or uneconomicfor our customers;

●

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

arrangements with rail and port operators;

●

our ability to retain key personnel and attract qualifiedpersonnel;

●

any failure to maintain satisfactory labor relations;

●

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

●

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

anyexposuretohazardoussubstancescausedbyouroperations,aswellasanyenvironmental

contamination our properties may have or our operationsmay cause;

●

extensive regulation of our mining operations and futureregulations and developments;

●

ourabilitytoprovideappropriatefinancialassurancesforourobligationsunderapplicablelawsand

regulations;

●

assumptions underlying our asset retirement obligationsfor reclamation and mine closures;

●

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

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

●

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

require us to recognize impairment charges related to those assets;

●

risks related to divestitures and acquisitions;

●

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

impact our reported financial results; and

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Coronado Global Resources Inc.

Form 10-Q March 31, 202423

●

otherrisksanduncertaintiesdetailedherein,including,butnotlimitedto,thosediscussedin"Risk

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

Wemakemanyofourforward-lookingstatementsbasedonouroperatingbudgetsandforecasts,whichare

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

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

affect our actual results.

See Part I, Item1A. "Risk Factors"of our Annual Reporton Form 10-K forthe year ended December31, 2023,

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

mentioned aboveand fordiscussion ofother risksand uncertaintieswe facethat couldcause actualresults to

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

Allforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretybythesecautionary

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

theSECandpubliccommunications.Youshouldevaluateallforward-lookingstatementsmadebyusinthe

context of these risks and uncertainties.

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

you.Youshouldnotinterpretthedisclosureofanyrisktoimplythattheriskhasnotalreadymaterialized.

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

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

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

Results of Operations

How We Evaluate Our Operations

Weevaluateouroperationsbasedonthevolumeofcoalwecansafelyproduceandsellincompliancewith

regulatorystandards,andthepriceswereceiveforourcoal.Oursalesvolumeandsalespricesarelargely

dependent uponthe termsof ourcoal salescontracts, forwhich pricesgenerally areset basedon dailyindex

averages, on a quarterly basis or annual fixed pricecontracts.

Our managementuses avariety offinancial andoperating metricsto analyzeour performance.These metrics

are significant factorsin assessingour operating resultsand profitability.These financialand operating metrics

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

priceperMtsold,whichwedefineastotalcoalrevenuesdividedbytotalsalesvolume;(iv) Metcoalsales

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

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

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

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

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

principal amount of the Notes.

Coalrevenuesareshownonourstatementofoperationsandcomprehensiveincomeexclusiveofother

revenues.Generally,exportsale contractsfor ourAustralianOperationsrequireus tobear thecostof freight

from our mines tothe applicable outboundshipping port, while freightcosts from the portto the end destination

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

when titleto the coalpasses tothe customerat themine loadout similarto adomestic sale.For ourdomestic

sales, customers typicallybear the costof freight. Assuch, freight expensesare excluded fromthe cost of coal

revenues to allow for consistency and comparabilityin 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

used by investors to measure our operating performance.

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

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

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

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

amortizationandotherforeignexchangelosses.AdjustedEBITDAisalsoadjustedforcertaindiscretenon-

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

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202424

not intendedto serveas analternative toU.S. GAAP measuresof performanceincluding totalrevenues, total

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

Adjusted EBITDA maytherefore not becomparable tosimilarly titled measurespresented by othercompanies.

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

SegmentAdjustedEBITDAisdefinedasAdjustedEBITDAbyoperatingandreportingsegment,adjustedfor

certaintransactions,eliminationsoradjustmentsthatourCODMdoesnotconsiderformakingdecisionsto

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

a supplementalfinancial measureby managementand byexternal usersof ourfinancial statements,suchas

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

Mining costs, anon-GAAP measure, isbased onreported cost ofcoal revenues, whichis shownon ourstatement

ofoperationsandcomprehensiveincomeexclusiveoffreightexpense,Stanwellrebate,otherroyalties,

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

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

components asour CODMdoes notview thesecosts asdirectly attributableto theproduction ofcoal. Mining

costsisusedasasupplementalfinancialmeasurebymanagement,providinganaccurateviewofthecosts

directlyattributabletotheproductionofcoalatourminingsegments,andbyexternalusersofourfinancial

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

in comparison to the mine operating performance of othercompanies in the coal industry.

Overview

Weareaglobalproducer,marketerandexporterofafullrangeofMetcoalproducts.Weownaportfolioof

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

and Pennsylvania in the United States.

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

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

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

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

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

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

extracted in the process of mining Met coal.

During the threemonths ended March31, 2024, Coronadofaced some unforeseenoperational challenges that

were beyond our control.

OurU.S.Operationssufferedfrommechanicalissues,resultinginincreaseddowntimeandunplanned

maintenance,as well as geological issues adversely impacting production yield. Our Australian Operations were

onceagaincompelledtoadjustproductionscheduleandimplementcontingencyplanstomitigateinclement

weather that impacted miningoperations in the BowenBasin. Our Australian Operationsdemonstrated resilience

andadaptability,andwereabletoamaintainasteadylevelofoverburdenremovalthroughoutthequarter,

surpassing historical first quarter performance in the operationshistory.

Overall, forthe threemonths endedMarch 31,2024, saleableproduction of3.4 MMtwas 0.3MMt lowerwhile

sales volume of 3.7 MMt remained consistent compared to the threemonths ended March 31, 2023.

Coking coal indexprices declined inthe first quarterof 2024 comparedto the fourthquarter of December2023

due toa combinationof weak steeldemand outof China, economicslowdown inIndia dueto itsupcoming general

elections and increased overall supply of coking coal globally.

The Australian Premium Low Volatile Hard Coking Coal, or AUSPLV HCC, index price averaged $308.38 per Mt

for the three monthsended March 31, 2024, $25.5per Mt lower, compared to the three monthsended December

31, 2023, and $35.5 per Mt lower,compared to the three months ended March 31,2023.

Coal revenues of$633.0 million for thethree months ended March31, 2024, weredown $105.4 millioncompared

to the sameperiod in2023, drivenby loweraverage realizedprice of$204.3 perMt sold,compared to$239.7

per Mt sold for the three months ended March 31, 2023.

MiningcostsforthethreemonthsendedMarch31,2024,were$101.3million,or$24.0perMtsold,higher

compared to the correspondingperiod in 2023, largelydriven by unplanned maintenancecosts, inflation impact

on labor and supply costs, significant inventory drawdown due to sales exceeding production in the 2024 period.

Our AustralianOperationsdemobilized severalmining equipmenttowards theend ofthe firstquarter of2024,

which is expected to reduce mining costs for the remainderof 2024.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202425

Liquidity

Coronado hadavailable liquidity of $374.7 million as of March 31, 2024, consisting of cash and cash equivalents

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

under our ABLfacility.As of March31, 2024, ournet debt positionwas $17.6million comprising$242.3 million

aggregate principalamount ofNotes outstandingless cash andcash equivalents(excluding restrictedcash) of

$224.7 million.

Safety

ForourAustralianOperations,thetwelve-monthrollingaverageTotalReportableInjuryFrequencyRate,or

TRIFR, at March31, 2024was 1.63,

compared toa rateof 1.83 atthe end ofDecember 31,2023. At ourU.S.

Operations, thetwelve-month rollingaverage TotalReportable IncidentRate, orTRIR, atMarch 31,2024 was

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

Operations are below the relevant industry benchmarks.

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

initiatives to improve our safety rates every quarter.

Segment Reporting

In accordance 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.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202426

Three Months Ended March 31, 2024 Compared toThree Months Ended March 31, 2023

Summary

The financial and operational highlights for the three monthsended March 31, 2024 include:

●

Net loss for the three months ended March 31, 2024, of $29.0 million compared to net income of $107.9

million for the three months endedMarch 31, 2023. This result was drivenby lower average realized Met

coal price per Mt sold, highermining and operating costs, partiallyoffset by tax benefitof $4.1 million in

the first quarter of2024 compared to anincome tax expense of$34.0 million for thesame period in2023.

●

Average realized Met price per Mt sold of$204.3 for the three months ended March31, 2024,was $35.4

perMtlowercomparedtoaveragerealizedpriceof$239.7perMtsoldforthesameperiodin2023.

Coking coal index pricesdeclined due to weaksteel demand in Chinaand economic slowdownin India

and increasingcoal supplyfrom Australiaas weatherconditions andlogistical constraintsimproved in

the quarter.

●

Sales volume of 3.7 MMtfor the three monthsended March 31, 2024were largely in linewith the sales

volumeofcomparativeperiodin2023,despitesaleableproductionbeing0.3MMtlower,asour

operations drew down on coal inventory built in the fourthquarter of 2023.

●

AdjustedEBITDAforthethreemonthsendedMarch31,2024,of$14.6million,was$176.1

million

lower, compared to $190.7 million for the threemonths ended March 31, 2023,largely due to lower coal

sales revenues and higher mining and operating costs.

●

As of March31, 2024,the Companyhad totalavailable liquidityof $374.7million, consistingof $224.7

millioncashandcashequivalents(excludingrestrictedcash),$21.7millionofunrestrictedshort-term

deposits and $128.3 million of availability under the ABLFacility.

Three months ended March 31,

2024

2023

Change

(in US$ thousands)

Revenues:

Coal revenues

632,993

738,345

(105,352)

(14.3%)

Other revenues

35,156

27,369

7,787

28.5%

Totalrevenues

668,149

765,714

(97,565)

(12.7%)

Costs and expenses:

Cost of coal revenues (exclusive of items

shown separately below)

472,521

380,474

92,047

24.2%

Depreciation, depletion and amortization

45,349

39,423

5,926

15.0%

Freight expenses

56,822

63,353

(6,531)

(10.3%)

Stanwell rebate

31,451

39,208

(7,757)

(19.8%)

Other royalties

85,160

85,957

(797)

(0.9%)

Selling, general, and administrative expenses

8,815

7,774

1,041

13.4%

Totalcosts and expenses

700,118

616,189

83,929

13.6%

Other income (expenses):

Interest expense, net

(13,329)

(14,665)

1,336

(9.1%)

Decrease in provision for discounting and

credit losses

173

3,988

(3,815)

(95.7%)

Other, net

12,012

3,042

8,970

294.9%

Totalother (expenses) income, net

(1,144)

(7,635)

6,491

(85.0%)

Net (loss) income before tax

(33,113)

141,890

(175,003)

(123.3%)

Income tax benefit (expense)

4,112

(34,030)

38,142

(112.1%)

Net (loss) income attributable to Coronado Global

Resources, Inc.

(29,001)

107,860

(136,861)

(126.9%)

Coal Revenues

Coal revenues were $633.0 million for thethree months ended March 31, 2024, $105.4million lower, compared

to $738.3 million for the three monthsended March 31, 2023, mainly dueto lower average realized price perMt

sold. Lower Metcoal price indices, dueto unfavorable marketconditions, saw the averagerealized Met coalprice

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Coronado Global Resources Inc.

Form 10-Q March 31, 202427

for the threemonths endedMarch 31, 2024,to be $35.4lower per Mtsold comparedto $239.7 perMt sold for

the same period in 2023.

Other revenues

Other revenueswere $35.2million thethree monthsended March31, 2024,an increaseof $7.8million, compared

to $27.4 million forthe same period in 2023.This increase was primarily drivenby higher termination feerevenue

from coal sales contractscancelled at our U.S.Operations compared to the threemonths ended March 31,2023.

Cost of Coal Revenues (Exclusive of Items ShownSeparately Below)

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

carryingvaluesofcoalinventory.Costofcoalrevenuesincludeitemssuchasdirectoperatingcosts,which

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

and production taxes.

Totalcostof coalrevenueswas$472.5millionfor thethreemonthsendedMarch31,2024, $92.0million,or

24.2% higher, compared to$380.5 million for the three months ended March 31,2023.

Our Australian Operationscontributed to $82.6million of theincrease in costof coal revenues,primarily driven

by higherdraw downof coalinventory resultingfrom salesvolume exceedingsaleable productionin thethree

months endedMarch 31,2024,impact ofinflation onlabor andsupply costs,higher overburdenremovaland

unplanned equipment maintenance.Increase incosts werepartially offset byfavorable average foreignexchange

rate ontranslationof theAustralianOperationsfor thethreemonthsended March31, 2024,ofA$/US$:0.66

compared to 0.68 for the same period in 2023.

CostofcoalrevenuesforourU.S.OperationsforthethreemonthsendedMarch31,2024,was$9.4million

highercomparedtothethreemonthsMarch31,2023,largelyduetolowersalesvolumesandincreased

unplanned maintenance as a result of mechanical andgeological issues which impacted production.

Depreciation, Depletion and Amortization

Depreciation,depletionandamortizationwas$45.3millionforthethreemonthsendedMarch31,2024,an

increase of$5.9 million,compared to$39.4 millionfor thethree monthsended March31, 2023.The increase

was dueto additionalequipment broughtinto serviceduring thetwelve monthssince March31, 2023partially

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

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Coronado Global Resources Inc.

Form 10-Q March 31, 202428

Freight Expenses

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

ourAustralianOperations,anddemurragecosts.Freightexpensestotaled$56.8millionfor thethreemonths

ended March 31, 2024, a decrease of $6.5 million, comparedto $63.4 million for the three months ended March

31,2023,primarilydrivenbylowercoalsalesunderFreeonBoard,orFOB,termsatourU.S.Operations,

compared to the three months ended March 31, 2023.

Stanwell Rebate

The Stanwell rebatewas $31.4million for thethree monthsended March31, 2024,a decreaseof $7.8 million,

compared to $39.2 million forthe three months ended March31, 2023. The decrease was largelydriven by lower

realizedreferencecoalpricingfor thepriortwelve-monthperiodapplicabletothreemonthsendedMarch31,

2024, usedto calculatethe rebatecompared tothe sameperiod in2023, andfavorable foreignexchange rate

on translation of our Australian Operations.

Interest Expense, net

Interest expense,net was$13.3 millionin thethree monthsended March31, 2024,a decreaseof $1.3million

compared to $14.7 million for the three months ended March 31,2023. The decrease was due to higher interest

income on term deposits, classified as cash equivalents,that did not exist in the same period in 2023.

Decrease in provision for discounting and credit losses

Decrease in provision for discounting and credit losses of$0.2 million in the three months ended March31, 2024

was lowercompared tothe $4.0million forthe threemonths March31, 2023,primarilydriven bycollectionof

certain overdue trade receivables at December 31, 2022 duringthe three months ended March 31, 2023.

Other, net

Other, netwas $12.0 millionfor the threemonths ended March31, 2024, anincrease of $9.0million compared

to $3.0 million for the three months ended March 31,2023. The increase was largely driven by higher exchange

losses on translation of short-term inter-entity balances in certainentities within the group thatare denominated

in currencies other than their respective functional currencies.

Income Tax Benefit (Expense)

Incometaxbenefitof$4.1millionforthethreemonthsendedMarch31,2024,adifferenceof$38.1million,

compared to the income tax expenseof $34.0 million for the three monthsended March 31, 2023, driven by net

loss before tax forthe three months ended March 31,2024, compared to a profitbefore tax for the corresponding

period in 2023.

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Coronado Global Resources Inc.

Form 10-Q March 31, 202429

Supplemental Segment Financial Data

Three months ended March 31, 2024 compared to three monthsended March 31, 2023

Australia

Three months ended March 31,

2024

2023

Change

(in US$ thousands)

Sales volume (MMt)

2.5

2.2

0.3

15.3%

Totalrevenues ($)

436,106

398,661

37,445

9.4%

Coal revenues ($)

427,597

390,804

36,793

9.4%

Average realized price per Mt sold ($/Mt)

169.8

178.9

(9.1)

(5.1)%

Met sales volume (MMt)

1.8

1.5

0.3

17.7%

Met coal revenues ($)

408,303

372,519

35,784

9.6%

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

225.2

241.9

(16.7)

(6.9)%

Mining costs ($)

317,864

236,056

81,808

34.7%

Mining cost per Mt sold ($/Mt)

126.9

108.5

18.4

17.0%

Operating costs ($)

462,733

385,226

77,507

20.1%

Operating costs per Mt sold ($/Mt)

183.7

176.4

7.3

4.1%

Segment Adjusted EBITDA ($)

(26,227)

13,233

(39,460)

(298.2)%

Coal revenues forour Australian Operations,for the threemonths ended March31, 2024, were$427.6 million,

an increaseof $36.8 million,or 9.4%, comparedto $390.8million forthe threemonths endedMarch 31,2023.

This increase was driven by higher sales volumepartially offset by lower averagerealized Met coal price per Mt

sold compared to the three months ended March 31,2023. Higher sales volumes were achieved by drawing port

inventories built atthe end of2023 due to portconstraints. The lower averagerealized Met coal priceswas driven

byweakeningdemandfromChinaandeconomicslowdownfromIndiacombinedwithimprovedsupplyfrom

Australia and U.S.

Operating costswere $462.7million, anincrease of$77.5 millionor 20.1%,for thethree monthsended March

31,2024,comparedto$385.2millionforthethreemonthsendedMarch31,2023.Theincreasewaslargely

driven byhigher miningcostsand partiallyoffsetby lowerStanwell rebates.Higherminingcosts weredue to

higherlaborandsupplycostsasresultofinflationimpacts,anddrawdownofcoalinventoriesduetosales

exceeding production in the first quarter of 2024.This was partially offset by favorable average foreign exchange

rates on translation of theAustralian Operations. Mining costper Mt sold for thethree months ended March31,

2024, increased by $18.4 per Mt sold to $126.9 per Mtsold, compared to the same period in 2023.

Segment Adjusted EBITDA decreased by $39.5million, or 298.2%, to aSegment Adjusted EBITDA loss of$26.2

million for the three months ended March 31, 2024,compared to $13.2 million for the three months ended March

31, 2023, largely driven by higher mining and operatingcosts.

United States

Three months ended March 31,

2024

2023

Change

(in US$ thousands)

Sales volume (MMt)

1.2

1.5

(0.3)

(17.2)%

Totalrevenues ($)

232,043

367,053

(135,010)

(36.8)%

Coal revenues ($)

205,396

347,541

(142,145)

(40.9)%

Average realized price per Mt sold ($/Mt)

167.8

235.1

(67.3)

(28.6)%

Met sales volume (MMt)

1.1

1.2

(0.1)

(5.2)%

Met coal revenues ($)

193,531

283,023

(89,492)

(31.6)%

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

170.9

236.9

(66.0)

(27.9)%

Mining costs ($)

147,584

128,120

19,464

15.2%

Mining cost per Mt sold ($/Mt)

122.9

90.8

32.1

35.4%

Operating costs ($)

183,221

183,766

(545)

(0.3)%

Operating costs per Mt sold ($/Mt)

149.7

124.3

25.4

20.4%

Segment Adjusted EBITDA ($)

49,228

185,042

(135,814)

(73.4)%

Coal revenuesdecreased by$142.1 million,or 40.9%,to $205.4 millionfor thethree monthsended March31,

2024, compared to$347.5 million forthe three monthsended March 31,2023. This decreasewas driven bylower

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Coronado Global Resources Inc.

Form 10-Q March 31, 202430

average realized Met price per Mt sold for the three monthsended March 31, 2024, $66.0 per Mt sold lower than

2023 period,combined lowersales volumeof 0.3MMt. Lowersales volumewere aresult oflower production

causedbygeologicalissuesimpactingproductionyieldatourBuchananmineandmechanicalissuesatour

Logan mine resulting in production downtime.

Operating costs remained consistent for the three months ended March 31, 2024,compared to the three months

ended March31, 2023,while miningcosts increasedby $19.5million, or15.2%. Theincrease inmining costs

was primarily driven by higher costs due to lower inventory built during the three months ended March 31,2024,

comparedtothecorrespondingperiodin2023,combinedwithhigherunplannedmaintenancecostsdueto

mechanicalissues. Thehighermining costswaspartiallyoffsetby lowerfreightexpensefrom lowersaleson

FOB terms and lower royalties due to lower sales volumes.

Segment AdjustedEBITDA of$49.2 millionfor thethree monthsended March31, 2024,decreased by$135.8

million comparedto $185.0million forthe threemonths endedMarch 31,2023, primarilydriven bylower coal

revenues and higher mining costs.

Corporate and Other Adjusted EBITDA

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

Three months ended March 31,

2024

2023

Change

(in US$ thousands)

Selling, general, and administrative expenses

8,815

7,774

1,041

13.4%

Other, net

(435)

(248)

(187)

n/m

TotalCorporate and Other Adjusted EBITDA

8,380

7,526

854

11.3%

n/m - Not meaningful for comparison.

Corporate andother costs of$8.8 millionfor the threemonths ended March31, 2024, were$1.0 million higher

compared to $7.8 million for the three months endedMarch 31, 2023, due to timing of certain corporate costs.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202431

Mining andoperating costsfor thethree monthsended March31, 2024compared tothree months

ended March 31, 2023

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

below:

Three months ended March 31, 2024

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

483,672

207,346

9,100

700,118

Less: Selling, general and administrative

expense

(11)

(8,804)

(8,815)

Less: Depreciation, depletion and amortization

(20,928)

(24,125)

(296)

(45,349)

Total operating costs

462,733

183,221

645,954

Less: Other royalties

(75,987)

(9,173)

(85,160)

Less: Stanwell rebate

(31,451)

Less: Freight expenses

(33,461)

(23,361)

(56,822)

Less: Other non-mining costs

(3,970)

(3,103)

(7,073)

Total mining costs

317,864

147,584

465,448

Sales Volume excluding non-producedcoal

(MMt)

2.5

1.2

3.7

Mining cost per Mt sold ($/Mt)

126.9

122.9

125.6

Three months ended March 31, 2023

(in US$ thousands)

Australia

United

States

Other /

Corporate

Total

Consolidated

Total costs andexpenses

403,868

204,263

8,058

616,189

Less: Selling, general and administrative

expense

(7,774)

Less: Depreciation, depletion and amortization

(18,642)

(20,497)

(284)

(39,423)

Total operating costs

385,226

183,766

568,992

Less: Other royalties

(72,993)

(12,964)

(85,957)

Less: Stanwell rebate

(39,208)

Less: Freight expenses

(33,819)

(29,534)

(63,353)

Less: Other non-mining costs

(3,150)

(13,148)

(16,298)

Total mining costs

236,056

128,120

364,176

Sales Volume excluding non-producedcoal

(MMt)

2.2

1.4

3.6

Mining cost per Mt sold ($/Mt)

108.5

90.8

101.6

Average realized Met price per Mt sold for the three months ended March 31,2024 compared to three

months ended March 31, 2023

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

Three months ended March 31,

2024

2023

Change

(in US$ thousands)

Met sales volume (MMt)

2.9

2.7

0.2

7.7%

Met coal revenues ($)

601,834

655,542

(53,708)

(8.2)%

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

204.3

239.7

(35.4)

(14.8)%

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202432

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

Three months ended March 31,

(in US$ thousands)

2024

2023

Reconciliation to Adjusted EBITDA:

Net (loss) income

(29,001)

107,860

Add: Depreciation, depletion and amortization

45,349

39,423

Add: Interest expense (net of interest income)

13,329

14,665

Add: Other foreign exchange gains

(11,263)

(2,992)

Add: Income tax (benefit) expense

(4,112)

34,030

Add: Losses on idled assets

492

1,751

Add: Decrease in provision for discounting and credit losses

(173)

(3,988)

Adjusted EBITDA

14,621

190,749

Liquidity and Capital Resources

Overview

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

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

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

cash flow from operations and availability under our debtfacilities.

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

working capital,capitalexpenditure,debtserviceobligations,businessor assetsacquisitionsandpaymentof

dividends. Basedon ouroutlook forthe nexttwelve months,which issubject tocompletion ofthe SGITransaction,

continued changingdemand fromour customers,volatility incoal prices,current andfuture tradebarriers and

theuncertaintyofimpactsfromongoingcivilunrestandwars,webelieveexpectedcashgeneratedfrom

operations together with available borrowing facilitiesand other strategic and financialinitiatives, will be sufficient

to meetthe needsof ourexisting operations,capital expenditure,service ourdebt obligationsand, ifdeclared,

payment of dividends.

UndertheSeniorSecuredNotesIndenture,uponachangeofcontrol,wearerequiredtomakeanofferto

purchase the Notes from the holders at aprice of 101% of the principal amount thereof,plus accrued and unpaid

interest.

UndertheABLFacility,achangeofcontrolconstitutesaReviewEventpursuanttowhichtheLendersmay

request to meetand consult withus to agreea strategy toaddress the relevantReview Event includingbut not

limited toa restructureof theterms ofthe ABLFacility to thesatisfaction of theLenders. Refer toNote 10."Interest

Bearing Liabilities" for further information.

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

factorsbeyondourcontrol,includinggeneraleconomic,financialandcompetitiveconditionsandotherrisks

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

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

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

(in US$ thousands)

March 31,

2024

December 31,

2023

Cash and cash equivalents, excluding restricted cash

224,693

339,043

Short term deposits

21,674

21,906

Availability under the ABL Facility

(1)

128,326

128,094

Total

374,693

489,043

(1)

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

letters of credit, ofwhich $21.7 million hasbeen issued asof March 31,2024, and a $70.0million sublimit as arevolving credit

facility.TheletterofcreditsublimitcontributestoourliquidityastheCompanyhastheabilitytoreplacecashcollateral,

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

cash equivalents.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202433

Our total indebtedness as of March 31, 2024 and December 31,2023 consisted of the following:

(in US$ thousands)

March 31,

2024

December 31,

2023

Current installments of interest bearing liabilities

242,326

Current installments of other financial liabilities and financelease obligations

2,784

2,893

Other financial liabilities and finance lease obligations, excludingcurrent

installments

4,354

5,307

Total

249,464

250,526

Liquidity

As of March 31, 2024,available liquidity was $374.7 million, comprised of cashand cash equivalents (excluding

restricted cash) of $224.7 million,unrestricted short-term deposits of $21.7 million and$128.3 million of available

borrowings under our ABL Facility.

AsofDecember31,2023,availableliquiditywas$489.0million,comprisedofcashandcashequivalents

(excludingrestrictedcash)of$339.0millionandunrestrictedshort-termdepositsof$21.9millionand$128.1

million of available borrowings under our ABL Facility.

Cash and cash equivalents

Cashandcashequivalentsareheldinmulticurrencyinterestbearingbankaccountsavailabletobeusedto

servicetheworkingcapitalneedsoftheCompany.Cashbalancessurplustoimmediateworkingcapital

requirementsareinvestedinshort-terminterest-bearingdepositaccountsorusedtorepayinterestbearing

liabilities.

Senior Secured Notes

As of March 31, 2024, the outstanding principal amount of our Notes was $242.3 million.Interest on the Notes is

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

and are senior secured obligations of the Company.

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

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

substantially all of the Company's assets and the assets of the other guarantors (other thanaccounts receivable

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

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

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

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

the ABL Facility.

The termsof theNotes aregovernedby theIndenture.The Indenturecontainscustomarycovenantsfor high

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

with affiliates and restricted payments, includingpayment of dividends on capital stock.

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

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

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

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

liquidity requirements, contractual restrictions and otherfactors.

Based on information thatwe are currently awareof, on completion ofthe SGI Transaction, a "Changeof Control"

as defined underthe terms ofthe Notes mayoccur. Refer to PartI, ItemI. Financial Statements,Note 10. "Interest

Bearing Liabilities" for further information.

As of March 31, 2024, we were in compliance with allapplicable covenants under the Indenture.

ABL Facility

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

millionsublimitfortheissuanceoflettersofcreditand$70.0millionsublimitasarevolvingcreditfacility.

AvailabilityundertheABLFacilityislimitedtoaneligibleborrowingbase,determinedbyapplyingcustomary

advance rates to eligible accounts receivable and inventory.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202434

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

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

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

default.

Based on informationthat we arecurrently aware of,on completion ofthe SGI Transaction,a "Change ofControl"

as defined under the terms of the ABLFacility may occur.Refer to Part I, Item I. Financial Statements,Note 10.

"Interest Bearing Liabilities" for further information.

As at March 31,2024, letter ofcredit sublimit hadbeen partially used toissue $21.7million of bankguarantees

onbehalfoftheCompanyandnoamountsweredrawnandnolettersofcreditwereoutstandingunderthe

revolving credit sublimitof ABL Facility. Asat March 31,2024, the Companywas in compliancewith all applicable

covenants under the ABL Facility.

Surety Bonds, letters of credit and bank guarantees

Wearerequiredtoprovidefinancialassurancesandsecuritiestosatisfycontractualandotherrequirements

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

government agencies' statutes and regulations.

FortheU.S.Operationsinordertoprovidetherequiredfinancialassuranceforpostminingreclamation,we

generallyusesuretybonds.Weusesuretybondsandbanklettersofcredittocollateralizecertainother

obligations including contractual obligations under workers' compensation insurances. As of March 31, 2024, we

had outstanding surety bonds of $46.7 million andletters of credit of $16.8 million issued fromour available bank

guarantees under the ABL Facility.

FortheAustralianOperationsasatMarch31,2024,wehavebankguaranteesoutstandingof$24.2million,

including $4.9million issuedfrom theABL Facility,primarily inrespect ofcertain railand portarrangements of

the Company.

As at March 31, 2024, we havein aggregate had total outstandingbank guarantees provided of $41.0million to

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

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

additional collateral requirements.

Restricted deposits - cash collateral

As required by certain agreements, we have cash collateral in theform of deposits in the amount of $68.9 million

asofMarch31,2024toprovideback-to-backsupportforbankguarantees,financialpayments,other

performanceobligations,variousotheroperatingagreementsandcontractualobligationsunderworkers

compensationinsurance.Thesedepositsarerestrictedandclassifiedaslong-termassetsintheunaudited

Condensed Consolidated Balance Sheets.

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

extentofoutstandinglettersofcreditaftertheexpirationorterminationdateofsuchletterofcreditafterthe

expiration ortermination dateof suchletter ofcredit. Asof March31, 2024,no letterof creditwas outstanding

after the expiration or termination date and no cash collateralwas required.

Dividend

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

million, or 0.5cents per CDI.On April4, 2024, theCompany paid $8.3million, net of$0.1 million foreignexchange

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

Capital Requirements

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

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

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

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

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202435

Historical Cash Flows

The following tablesummarizes our cashflows for thethree months endedMarch 31, 2024and 2023, asreported

in the accompanying consolidated financial statements:

Cash Flow

Three months ended March 31,

(in US$ thousands)

2024

2023

Net cash (used in) provided by operating activities

(53,776)

223,626

Net cash used in investing activities

(55,312)

(54,147)

Net cash used in financing activities

(857)

(951)

Net change in cash and cash equivalents

(109,945)

168,528

Effect of exchange rate changes on cash and restrictedcash

(4,406)

(4,857)

Cash and cash equivalents at beginning of period

339,295

334,629

Cash and cash equivalents at end of period

224,944

498,300

Operating activities

Net cash used in operating activities was $53.8 million for the three months ended March 31, 2024, compared to

netcashprovidedbyoperatingactivitiesof$223.6millionforthethreemonthsendedMarch31,2023.The

decrease in cash from operating activities was driven by the lower coal revenues, higher operating costs andthe

additional payment of $51.5 million, including tax interest,in relation to the stamp duty on Curragh'sacquisition.

Investing activities

Net cash used in investing activities was $55.3 million

for the three months ended March 31, 2024, compared to

$54.1 millionfor thethree months endedMarch 31,2023. Cashspent oncapital expenditures forthe threemonths

ended March31, 2024was $54.9million, ofwhich $10.1million wasrelatedto theAustralian Operationsand

$44.9 million was related to the U.S. Operations.

Financing activities

Net cash usedin financing activitieswas $0.8 million

for the threemonths ended March31, 2024, comparedto

cash used infinancing activitiesof $1.0 millionfor the threemonths ended March31, 2023. Thenet cash used

in financing activities forthe three months endedMarch 31, 2024 largelyrelated to repayment ofother financial

liabilities.

Contractual Obligations

There were nomaterial changesto our contractualobligations fromthe informationpreviously providedin Item

7."Management'sDiscussionandAnalysisofFinancialConditionsandResultsofOperations"ofourAnnual

Report on Form 10-K for the year ended December 31, 2023, filed with the SEC andASX on February 20, 2024.

Critical Accounting Policies and Estimates

The preparationofourfinancialstatementsinconformitywithU.S. GAAPrequiresus tomakeestimatesand

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

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

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

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

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

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

been discussed with the Audit Committee of our Boardof Directors.

Ourcriticalaccountingpoliciesare discussedinItem7. "Management'sDiscussionandAnalysisof Financial

Condition and Results ofOperations" of our AnnualReport on Form 10-K forthe year ended December31, 2023,

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

Newly Adopted Accounting Standards and AccountingStandards Not Yet Implemented

SeeNote2.(a)"NewlyAdoptedAccountingStandards"toourunauditedcondensedconsolidatedfinancial

statementsforadiscussionofnewlyadoptedaccountingstandards.AsofMarch31,2024,therewereno

accounting standards not yet implemented.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202436

ITEM 3.QUANTITATIVEAND QUALITATIVEDISCLOSURES ABOUT MARKET RISK

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

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

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

We managefinancial riskthrough policiesand proceduresapproved byour Boardof Directors.These specify

the responsibilityof theBoardof Directorsandmanagementwith regardto themanagementof financialrisk.

Financial risks aremanaged centrally byour financeteam under thedirection of theGroup Chief FinancialOfficer.

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

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

andtheBoardofDirectorsonaregularbasis.Policiesarereviewedatleastannuallyandamendedwhere

appropriate.

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

andforeignexchangeratecontractstohedgecertainriskexposures.Derivativesforspeculativepurposesis

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

methodstomeasuretheextenttowhichweareexposedtovariousfinancialrisks.Thesemethodsinclude

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

credit risk.

Commodity Price Risk

Coal Price Risk

Weareexposedtodomesticandglobalcoalprices.Ourprincipalphilosophyisthatourinvestorswouldnot

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

of coalpricesthroughlong-termfixed pricecontractsis subjectto theapprovalof ourBoardof Directorsand

would only be adopted in exceptional circumstances.

Theexpectationoffuturepricesforcoaldependsuponmanyfactorsbeyondourcontrol.Metcoalhasbeen

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

totime.Therearenoassurancesthatoversupplywillnotoccur,thatdemandwillnotdecreaseorthat

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

effect on our financial condition and resultsof operations.

Access tointernational marketsmay besubject toongoing interruptionsand tradebarriers dueto policiesand

tariffsofindividualcountries.Wemayormaynotbeabletoaccessalternatemarketsofourcoalshould

interruptionsortradebarriersoccurinthefuture.Aninabilityformetallurgicalcoalsupplierstoaccess

international markets would likely resultin an oversupply of Met coal andmay result in a decrease in pricesand

or the curtailment of production.

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

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

Item1A."RiskFactors-RisksrelatedtotheSupplyDeedwithStanwellmayadverselyaffectourfinancial

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

20, 2024.

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

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

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

sales price is determined within 7 to 90 days after delivery to the customer.As of March 31, 2024, we had $25.6

millionofoutstandingprovisionallypriced receivablessubjectto changesintherelevantpriceindex.Ifprices

decreased10%,theseprovisionallypricedreceivableswoulddecreaseby$2.6million.SeeItem1A."Risk

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

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

with the SEC and ASX on February 20, 2024.

Diesel Fuel

We maybe exposedto pricerisk inrelation toother commoditiesfrom timeto timearising fromraw materials

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

factorsbeyondourcontrol.ThecurrentIsrael-Palestineconflictcouldcreatesignificantuncertaintyregarding

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

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

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

The fuelrequiredforour operationsforthe remainderof fiscalyear2024willbepurchasedunderfixed-price

contracts or on a spot basis.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202437

Interest Rate Risk

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

onourfinancialperformance,investmentdecisionsandstockholderreturn.Ourobjectivesinmanagingour

exposuretointerestratesincludeminimizinginterestcostsinthelongterm,providingareliableestimateof

interest costs for theannual work programand budget and ensuringthat changes in interestrates will not have

a material impact on our financial performance.

As of March 31, 2024, we had $249.5 million of fixed rate borrowings and Notes 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 in exchangerates of currencies that are not in US$.

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

A$ denominated costs. Greater than 70% of expenses incurred at our Australian Operations are denominated in

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

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

charges, demurrage,purchased coaland someinsurance premiums).Appreciation ofthe A$against US$will

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

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

US$ exchange ratewould increase reportedtotal costs andexpenses by approximately$33.7 million forthe three

months ended March 31, 2024, respectively.

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

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

capitalexpenditure,acquisitions,disposalsandotherfinancialtransactions,wherewemaydeemforeign

exchange hedgingas appropriateandwhere aUS$ contractcannotbe negotiateddirectly withsuppliersand

other third parties.

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

all non-monetaryassets andliabilities athistoricalratesand revenueand expensesat theaverage exchange

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

Consolidated Financial Statements within componentsof net income.

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

Credit Risk

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

a financial instrument or customer contract.

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

or bank guaranteesin place withfinancial institutions.

mitigate against credit riskfrom financial counterparties,

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

Wearealsoexposedtocounterpartycreditriskarisingfromouroperatingactivities,primarilyfromtrade

receivables. Customers who wish to tradeon credit terms are subject to creditverification procedures, including

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

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

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

Creditriskismonitoredregularly,andperformancereportsareprovidedtoourmanagementandBoardof

Directors.

As of March 31, 2024, we had financial assets of $617.7 million, comprisingof cash and cash equivalents, trade

receivables, short-termdeposits andrestricteddeposits,which areexposed tocounterpartycredit risk.These

financial assets have been assessed under ASC 326,

Financial Instruments - Credit Losses

, and a provision for

discounting and credit losses of $0.7 million was recordedas of March 31, 2024.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202438

ITEM 4.CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Wemaintaindisclosurecontrolsandproceduresthataredesignedtoensurethatinformationrequiredtobe

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

specifiedintheSEC'srulesandforms,andthatsuchinformationisaccumulatedandcommunicatedtoour

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

timelydecisionsregardingrequireddisclosurebasedsolelyonthedefinitionof"disclosurecontrolsand

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

controlsandprocedures,managementrecognizedthatanycontrolsandprocedures,nomatterhowwell

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

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

controls and procedures.

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

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

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

Based onthe foregoing,theChief ExecutiveOfficerand theGroup ChiefFinancialOfficerconcludedthat our

disclosure controls and procedures were effective.

Changes to Internal Control over Financial Reporting

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

internalcontroloverfinancialreporting,assuchtermisdefinedinRule13a-15(f)oftheExchangeAct,that

materiallyaffected,orarereasonablylikelytomateriallyaffect,theCompany'sinternalcontroloverfinancial

reporting.

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202439

PART II - OTHERINFORMATION

ITEM 1.LEGAL PROCEEDINGS

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

refertoNote 16. "Contingencies" totheunauditedcondensedconsolidatedfinancialstatementsincludedin

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

by reference herein.

ITEM 1A.RISK FACTORS

There were no material changesto the risk factors previouslydisclosed in Part I, Item1A, "Risk Factors", of our

Annual Reporton Form 10-Kfor the yearended December31, 2023, filedwith the SECand ASX onFebruary

20, 2024.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIESAND USE OF PROCEEDS

None.

ITEM 3.DEFAULTSUPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

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

Global Resources Inc.

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

Mine Safetyand HealthAdministration, orMSHA, andstate regulatoryagencies. Underregulations mandated

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

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

In accordancewithSection 1503(a) oftheDodd-FrankWallStreetReformandConsumerProtectionActand

Item104ofRegulationS-K(17CFR229.104),eachoperatorofacoalorothermine intheUnitedStatesis

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

InformationpertainingtominesafetymattersisincludedinExhibit 95.1attachedtothisQuarterlyReporton

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

to our mines operated outside the United States.

ITEM 5.OTHER INFORMATION

During the quarterended March 31,2024, no directoror officer (asdefined in Rule 16a-1(f)promulgated under

the ExchangeAct)of theCompany

adopted

terminated

a "Rule10b5-1trading arrangement"or "

non-Rule

10b5-1

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

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202440

ITEM 6.EXHIBITS

The following documents are filed as exhibits hereto:

Exhibit No.

Description of Document

3.1

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

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

herein by reference)

3.2

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

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

15.1

Acknowledgement of Independent Registered Public Accounting Firm

31.1

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

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

31.2

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

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

32.1

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

Sarbanes-Oxley Act of 2002

95.1

Mine Safety Disclosures

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL TaxonomyExtension Schema Document

101.CAL

Inline XBRL TaxonomyExtension Calculation Linkbase Document

101.DEF

Inline XBRL TaxonomyExtension Definition Linkbase Document

101.LAB

Inline XBRL TaxonomyExtension Label Linkbase Document

101.PRE

Inline XBRL TaxonomyExtension Presentation Linkbase Document

104

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

Table of Contents

Coronado Global Resources Inc.

Form 10-Q March 31, 202441

SIGNATURES

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

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

Coronado Global Resources Inc.

By:

/s/ Gerhard Ziems

Gerhard Ziems

Group Chief Financial Officer (as duly authorized officer

and as principal financial officer of the registrant)

Date: May 6, 2024

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Coronado Global Resources Inc.

Quarterly Report for Quarter Ending March 31, 2024 (Form 10-Q)

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