UNITEDSTATES
SECURITIESAND EXCHANGECOMMISSION
Washington, D.C.20549
___________________________________________________
FORM
10-Q
___________________________________________________
(Mark One)
☒
QUARTERLYREPORT PURSUANTTO SECTION13 OR 15(d)OF THESECURITIESEXCHANGE
ACT OF 1934
For the quarterlyperiod ended
June 30, 2026
OR
☐
TRANSITIONREPORTPURSUANTTO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE
ACT OF 1934
For the transitionperiodfromto
CommissionFile Number:
1-16247
___________________________________________________
Coronado Global Resources Inc.
(Exactnameof registrantas specifiedin its charter)
___________________________________________________
Delaware
83-1780608
(State orotherjurisdictionof
incorporationor organization)
(I.R.S. Employer
Identification No.)
Level 33, Central Plaza One
,
345 Queen Street
Brisbane, Queensland
,
Australia
4000
(Address of principal executive offices)
(Zip Code)
(
61
)
7
3031 7777
(Registrant’stelephonenumber,includingarea code)
N/A
(Formername,formeraddressandformerfiscalyear,if changedsincelast report)
___________________________________________________
Securitiesregisteredpursuantto Section12(b) ofthe Act:
Title ofeach class
TradingSymbol(s)
Name of each exchange on whichregistered
None
None
None
Indicate by checkmark whether the registrant(1) has filed all reports requiredto be filedby Section 13 or 15(d)of the Securities Exchange
Act of 1934 duringthe preceding 12 months(or for such shorterperiod that the registrantwas required to file suchreports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicateby check markwhether theregistranthas submittedelectronicallyevery InteractiveData Filerequired to besubmittedpursuant
to Rule 405of RegulationS-T (§232.405 of thischapter) duringthe preceding 12months (or forsuch shorter periodthat theregistrant
was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether theregistrant is a large acceleratedfiler, an accelerated filer,a non-accelerated filer,a smaller reporting
company,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreporting
company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act.
Large acceleratedfiler
☐
Accelerated filer
☒
Non-acceleratedfiler
☐
Smaller reporting company
☒
Emerging growth company
☐
If an emerginggrowth company, indicate bycheck mark ifthe registrant has electednot touse the extendedtransition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes
☐
No
☒
The registrant’scommon stock ispublicly traded onthe AustralianSecurities Exchangein the formof CHESS DepositaryInterests, or
CDIs, convertible at the option of theholders into shares of the registrant’s common stock on a10-for-1 basis.The total number of shares
of the registrant's common stock, parvalue $0.01 per share, outstanding onJuly 31, 2026, including shares of common stockunderlying
CDIs, was
167,645,373
.
Steel starts
here.
QuarterlyReporton Form10-Q forthe quarterlyperiodended June 30,2026.
TABLEOF CONTENTS
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Coronado Global ResourcesInc.
Form10-Q June30, 20264
PARTI – FINANCIAL INFORMATION
ITEM1.FINANCIALSTATEMENTS
CondensedConsolidatedBalance Sheets
(In US$ thousands,exceptshare data)
Assets
Note
(Unaudited)
June 30, 2026
December 31,
2025
Current assets:
Cash and cashequivalents
$
97,686
$
173,032
Trade receivables,net
165,071
250,921
Inventories
6
207,744
195,165
Other current assets
7
95,717
87,678
Assetsheld forsale
5
51,875
—
Totalcurrent assets
618,093
706,796
Non-current assets:
Property,plant andequipment,net
8
1,433,382
1,654,455
Right ofuse asset– operatingleases, net
10
94,872
86,481
Restricteddeposits
19
151,705
141,696
Goodwill
28,008
28,008
Intangible assets,net
2,221
2,708
Other non-current assets
5,391
5,411
Totalassets
$
2,333,672
$
2,625,555
Liabilities and Stockholders’ Equity
Current liabilities:
Accountspayable
$
101,890
$
89,178
Accruedexpensesand othercurrent liabilities
9
250,666
276,032
Assetretirement obligations
9,942
10,978
Contract obligations
14,535
22,445
Lease liabilities
10
42,877
34,300
Interest bearing liabilities
11
1,829
1,671
Income taxpayable
21,750
21,024
Stanwell liabilities
12
28,909
—
Other current financialliabilities
13
2,436
1,424
Liabilitiesassociatedwith assetsheld forsale
5
50,705
—
Totalcurrent liabilities
525,539
457,052
Non-current liabilities:
Assetretirement obligations
124,764
143,388
Lease liabilities
10
82,210
83,866
Interest bearing liabilities
11
692,797
684,989
Contract obligations
—
21,173
Stanwell liabilities
12
592,490
501,795
Other financialliabilities
13
18,562
18,888
Deferredincometax liabilities
9,697
23,249
Other non-current liabilities
59,651
41,409
Totalliabilities
$
2,105,710
$
1,975,809
Commonstock$
0.01
par value;
1,000,000,000
shares authorized,
167,645,373
shares issuedand outstandingas ofJune 30, 2026 and
December31, 2025
1,677
1,677
Series A Preferredstock$
0.01
par value;
100,000,000
shares
authorized,
1
Share issuedand outstandingas ofJune 30, 2026 and
December31, 2025
—
—
Additionalpaid-in capital
1,090,892
1,094,743
Accumulatedother comprehensivelosses
17
(120,358)
(120,444)
Accumulatedlosses
(744,249)
(326,230)
Totalstockholders’equity
$
227,962
$
649,746
Totalliabilitiesand stockholders’equity
$
2,333,672
$
2,625,555
See accompanying notes to unauditedcondensed consolidated financialstatements.
Coronado Global ResourcesInc.
Form10-Q June30, 20265
UnauditedCondensedConsolidatedStatementsof Operationsand ComprehensiveIncome
(In US$ thousands,exceptshare data)
Three months ended
June 30,
Six months ended
June 30,
Note
2026
2025
2026
2025
Revenues:
Coal revenues
$
506,371
$
459,337
$
966,862
$
900,788
Other revenues
7,758
8,542
14,459
16,339
Totalrevenues
3
514,129
467,879
981,321
917,127
Costsand expenses:
Costofcoalrevenues (exclusiveofitems
shown separatelybelow)
357,597
339,632
801,499
729,923
Depreciation,depletionand amortization
46,186
45,508
89,523
86,029
Freight expenses
93,801
62,706
179,524
122,894
Stanwell rebate
—
21,931
—
43,784
Other royalties
44,570
38,014
74,918
79,367
Selling,general, and administrativeexpenses
10,479
7,600
15,109
15,933
Restructuringcosts
6,018
—
6,018
—
Totalcostsand expenses
558,651
515,391
1,166,591
1,077,930
Other (expense)income:
Interest expense,net
(35,425)
(20,964)
(69,177)
(38,862)
Losson debtextinguishment
—
(1,050)
—
(1,050)
Impairmentofassets
4
(17,704)
—
(177,459)
—
Decrease(increase)in provisionforcredit
losses
37
(183)
164
(813)
Other,net
(3,197)
1,972
809
(241)
Totalother expense,net
(56,289)
(20,225)
(245,663)
(40,966)
Lossbeforetax
(100,811)
(67,737)
(430,933)
(201,769)
Income taxbenefit(expense)
1,382
(8,466)
12,914
29,368
Net lossattributabletoCoronadoGlobal
Resources Inc.
$
(99,429)
$
(76,203)
$
(418,019)
$
(172,401)
Other comprehensiveincome,net ofincome
taxes:
Foreign currencytranslationadjustments
1,523
7,008
3,434
9,834
Net losson cashflowhedges
(809)
—
(3,348)
—
Totalother comprehensiveincome
714
7,008
86
9,834
Totalcomprehensivelossattributableto
CoronadoGlobalResources Inc.
$
(98,715)
$
(69,195)
$
(417,933)
$
(162,567)
Lossper share ofcommonstock
Basic
15
(0.59)
(0.45)
(2.49)
(1.03)
Diluted
15
(0.59)
(0.45)
(2.49)
(1.03)
See accompanying notes to unauditedcondensed consolidated financialstatements.
Coronado Global ResourcesInc.
Form10-Q June30, 20266
UnauditedCondensedConsolidatedStatementsof Stockholders’Equity
(In US$ thousands,exceptshare data)
Common stock
Preferred stock
Additional
Accumulated other
Total
paid in
comprehensive
Accumulated
stockholders
Shares
Amount
Series A
Amount
capital
losses
losses
equity
Balance December31, 2025
167,645,373
$
1,677
1
$
—
$
1,094,743
$
(120,444)
$
(326,230)
$
649,746
Net loss
—
—
—
—
—
—
(318,590)
(318,590)
Other comprehensiveloss
—
—
—
—
—
(628)
—
(628)
Total comprehensiveloss
—
—
—
—
—
(628)
(318,590)
(319,218)
Share-basedcompensationfor equity
classified awards
—
—
—
—
(4,673)
—
—
(4,673)
Balance March 31, 2026
167,645,373
$
1,677
1
$
—
$
1,090,070
$
(121,072)
$
(644,820)
$
325,855
Net loss
—
—
—
—
—
—
(99,429)
(99,429)
Other comprehensiveincome
—
—
—
—
—
714
—
714
Total comprehensiveincome(loss)
—
—
—
—
—
714
(99,429)
(98,715)
Share-basedcompensationfor equity
classified awards
—
—
—
—
822
—
—
822
Balance June 30, 2026
167,645,373
$
1,677
1
$
—
$
1,090,892
$
(120,358)
$
(744,249)
$
227,962
Common stock
Preferred stock
Additional
Accumulated other
Retained
earnings
Total
paid in
comprehensive
(Accumulated
stockholders
Shares
Amount
Series A
Amount
capital
losses
losses)
equity
Balance December31, 2024
167,645,373
$
1,677
1
$
—
$
1,094,560
$
(137,560)
$
114,208
$
1,072,885
Net loss
—
—
—
—
—
—
(96,198)
(96,198)
Other comprehensiveincome
—
—
—
—
—
2,826
—
2,826
Total comprehensiveincome(loss)
—
—
—
—
—
2,826
(96,198)
(93,372)
Share-basedcompensationfor equity
classified awards
—
—
—
—
(1,188)
—
—
(1,188)
Dividends
—
—
—
—
—
—
(8,382)
(8,382)
Balance March 31, 2025
167,645,373
$
1,677
1
$
—
$
1,093,372
$
(134,734)
$
9,628
$
969,943
Net loss
—
—
—
—
—
—
(76,203)
(76,203)
Other comprehensiveincome
—
—
—
—
—
7,008
—
7,008
Total comprehensiveincome(loss)
—
—
—
—
—
7,008
(76,203)
(69,195)
Share-basedcompensationfor equity
classified awards
—
—
—
—
1,003
—
—
1,003
Balance June 30, 2025
167,645,373
$
1,677
1
$
—
$
1,094,375
$
(127,726)
$
(66,575)
$
901,751
See accompanying notes to unauditedcondensed consolidated financialstatements.
Coronado Global ResourcesInc.
Form10-Q June30, 20267
UnauditedCondensedConsolidatedStatementsof CashFlows
(In US$ thousands)
Six months ended
June 30,
2026
2025
Cash flowsfrom operatingactivities:
Net loss
$
(418,019)
$
(172,401)
Adjustmentstoreconcilenet losstocash andrestrictedcash providedby
operatingactivities:
Depreciation,depletionand amortization
89,523
86,029
Impairmentofassets
177,459
—
Amortizationofright ofuse asset- operatingleases
15,556
12,564
Amortizationofdeferredfinancingcosts
1,272
1,363
Losson debtextinguishment
—
1,050
Non-cashinterest expense
34,988
18,162
Amortizationofcontractobligations
(10,372)
(12,774)
Loss(gain) on disposalofproperty,plant andequipment
1,703
(670)
Losson disposalofidledasset
—
2,239
Equity-basedcompensationexpense
(3,851)
(185)
Deferredincometaxes
(13,621)
(25,339)
Reclamationofasset retirement obligations
(1,075)
(2,742)
(Decrease)increase inprovisionfordiscountingand creditlosses
(164)
813
Other non-cashadjustments
4,767
(105)
Changesin operatingassetsand liabilities:
Accountsreceivable
55,599
66,266
Inventories
(24,402)
(18,423)
Other assets
17,746
(9,050)
Contract obligations
—
96,972
Accountspayable
13,794
(3,766)
Accruedexpensesand othercurrent liabilities
(12,016)
7,678
Operating leaseliabilities
(15,437)
(11,532)
Income taxpayable
725
(839)
Change inother liabilities
18,930
4,778
Net cash (usedin) fromoperatingactivities
(66,895)
40,088
Cash flowsfrom investingactivities:
Capital expenditures
(58,640)
(147,401)
Proceedsfromdisposalofidledand otherassets
901
1,464
Purchaseofrestrictedand otherdeposits
(11,287)
(54,804)
Redemptionofrestrictedand otherdeposits
—
23,741
Net cash usedin investingactivities
(69,026)
(177,000)
Cash flowsfrom financingactivities:
Proceedsfrominterest bearingliabilitiesand otherfinancialliabilities
66,153
75,000
Debtissuance costsand otherfinancingcosts
—
(4,098)
Principalpaymentson interestbearing liabilitiesand otherfinancialliabilities
(1,726)
(2,816)
Principalpaymentson financelease obligations
(3,668)
(872)
Dividendspaid
—
(8,333)
Net cash fromfinancingactivities
60,759
58,881
Net decreasein cash andcash equivalents
(75,162)
(78,031)
Effectofexchange rate changeson cashand cashequivalents
(184)
242
Cash andcash equivalentsat beginningofperiod
173,032
339,625
Cash andcash equivalentsat end of period
$
97,686
$
261,836
Supplementaldisclosureofcash flowinformation:
Cash paymentsforinterest
$
36,602
$
22,890
Cash refundfortaxes
$
(3,834)
$
(1,620)
Restrictedcash
$
—
$
252
See accompanying notes to unauditedcondensed consolidated financialstatements.
Coronado Global ResourcesInc.
Form10-Q June30, 20268
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS
1.Descriptionof Business,Basis ofPresentation
(a)
Descriptionof the Business
CoronadoGlobalResourcesInc.isaglobalproducer,marketer,andexporterofa fullrangeofmetallurgical
coals,an essential elementin the productionofsteel.The Company has a portfolioof operating mines,an idled
asset held for sale and a development project in Queensland, Australia,and in thestates of Pennsylvania,Virginia
and WestVirginia inthe UnitedStates,or U.S.
(b)
Basis of Presentation
The interimunauditedcondensedconsolidatedfinancial statementshave beenpreparedin accordancewith the
requirementsofU.S. generally acceptedaccountingprinciples,or U.S. GAAP,and with theinstructionsto Form
10-QandArticle10ofRegulationS-XrelatedtointerimfinancialreportingissuedbytheU.S.Securitiesand
ExchangeCommission,or the SEC. Accordingly,they do not include all of the informationand footnotesrequired
by U.S. GAAP forcompletefinancial statementsand shouldbe read in conjunctionwith the audited consolidated
financialstatementsandnotestheretoincludedin theCompany’sAnnualReportonForm10-Kfiledwith the
SEC andthe AustralianSecuritiesExchange,or the ASX,onMarch 3, 2026.
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 CoronadoGlobal Resources Inc., as appropriateto the context.All intercompany balancesand
transactionshave beeneliminated uponconsolidation.
Intheopinionofmanagement,theseinterimfinancialstatementsreflectallnormal,recurringadjustments
necessaryforthefairpresentationoftheCompany’sfinancialposition,resultsofoperations,comprehensive
income, cashflowsand changes in equityfor the periodspresented. Balancesheet informationpresentedherein
as of December31, 2025 has been derivedfromthe Company’s auditedconsolidatedbalance sheet at that date.
TheCompany’sresultsofoperationsforthethreeandsixmonthsendedJune30,2026arenotnecessarily
indicativeofthe resultsthat maybe expectedforthe year endingDecember31, 2026.
(c)
Going Concern
TheseCondensedConsolidatedFinancialStatementshavebeenpreparedonagoingconcernbasis,which
contemplatesthe realizationofassetsand dischargeofliabilitiesin the ordinarycourseofbusiness.
For the three andsix months endedJune 30, 2026, the Companyincurred net lossesof$
99.4
millionand $
418.0
million, respectively.The Company’soperating performancemateriallyimprovedduring thethree monthsended
June30,2026,followingsignificantwet-weatherimpactsandtemporarysuspensionoftheMammoth
UndergroundOperationsexperiencedduring thefirstquarter. The Companyreturned topositiveEBITDA for the
three months ended June 30, 2026,as higher productionimproved plant performanceat its Australian Operations
and lowerunit costscontributedtoimprovedoperatingperformance.
As ofJune 30,2026,theCompanyhadcashandcashequivalentsof$
97.7
millionandnet currentassetsof
$
92.6
million.The declinein cashfor thesix monthsendedJune 30,2026was consistentwith theCompany’s
expectationsandprimarilyreflectedthe operationalimpactsexperiencedduring thefirstquarter,the rebuilding
ofcoalinventories,capitalexpenditureand othertimingrelatedimpactssuchascustomershipmentslippages
intothe next period.
On August7, 2026,subsidiariesofthe Company enteredinto
two
concurrentofftakeagreements with Glencore
AG,orGlencore,underwhichGlencoreagreedtoadvanceprepaymentsupto$
75.0
million,providingan
additionalsourceofnear-term liquidity.Refer toNote 20.“SubsequentEvents”forfurther information.
BasedontheCompany’scurrentcashandcashequivalentsandforecastedcashflows,theCompanyhas
concludedthat it will havesufficientliquidityto fund its operationsand satisfyits obligationsfor at least oneyear
fromthe issuanceofthese financialstatements.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 20269
Inresponsetothechallengingoperatingenvironment,managementhasidentifiedandcommenced
implementationofoperationalimprovements, abroaderstructuralresetprogramandcostreductioninitiatives,
primarilyatourAustralianOperations,targetingimprovementsincontractormanagement,procurement
practices,and operationalefficiency.
Coronadocontinuestoundertakeinitiativesto enhanceliquidityandreduceoperatingand capitalcostsacross
theCompany,whileoptimizingthebusinesstodelivergreatervalueoverthelongterm,strengthenfinancial
flexibilityandbuildresilienceagainsteventsoutsideitscontrol.These initiativesinclude,amongotherthings,
prepaymentforfuturecoalsales,accelerationofpaymenttermswithcustomersandnegotiatealternative
paymentsto suppliers.These initiativesare reasonablywithin management’scontroland can be actionedin the
near termifrequired.
The Company’sforecastsdepend on the achievementofproductiontargets and other factorsbeyondits control,
includinggeneraleconomicconditionsandmetallurgicalcoalprices.Shorttomediumtermworkingcapital
requirementsaresimilarlysensitivetothesefactors,andthepreparationofforecastsrequiresapplicationof
management’sjudgement.
2.Summaryof SignificantAccountingPolicies
Pleasesee Note2 “SummaryofSignificantAccountingPolicies” containedin the auditedconsolidatedfinancial
statementsfor the year endedDecember31, 2025 includedin CoronadoGlobalResources Inc.’sAnnual Report
on Form10-K filedwith the SEC andASXon March3, 2026.
(a) Newly AdoptedAccountingStandards
Duringtheperiod,therehasbeennonewAccountingStandardsUpdate,orASU,issuedbytheFinancial
AccountingStandardsBoard,or theFASB,that hada materialimpact onthe Company’sconsolidatedfinancial
statements.
(b) AccountingStandardsNot YetImplemented
ASUNo.2024-03–IncomeStatement–ReportingComprehensiveIncome–ExpenseDisaggregation
Disclosures(Subtopic220-40)
:DisaggregationofIncomeStatementExpenses.InNovember2024,the FASB
issuedASU2024-03,whichrequiresdisclosure,inthe notestofinancialstatements,ofspecifiedinformation
aboutcertaincostsand expenses.Theamendmentsaimtoimprove financialreportingby requiringthatpublic
businessentitiesdiscloseadditionalinformationaboutspecificexpensecategoriesinthenotestofinancial
statements at interim andannual reporting periods.The updated standard is effectivefor annual reporting periods
beginningafterDecember15, 2026,andinterimreportingperiodsbeginningafterDecember15,2027.Early
adoptionis permitted.The Company iscurrently evaluatingthe impactthat the updatedstandard willhave onits
financialstatement disclosures.
ASUNo.2025-11–InterimReporting(Topic270
):
Narrow-ScopeImprovements
.InDecember2025,FASB
issuedASU2025-11toclarifyinterimfinancialreportingguidanceunderTopic270.Theamendmentsaimto
maketheinterimreportingrequirementseasiertonavigateandapply.Theamendmentsdonotchangethe
substanceofexistinginterimreportingrequirementsbutreorganizeandclarifywhenandhowtheguidance
applies.Theamendmentsalsointroducea newdisclosureprinciplerequiringentitiestodiscloseeventsand
changes occurringsince the end ofthe last annual reporting periodthat have a material impact onthe entity.The
updatedstandardwillbe effectivefor annualperiodsbeginningafterDecember15, 2027,and interimreporting
periodswithin thoseannualreportingperiods.The Companyis currentlyevaluating theimpactthat theupdated
standardwill have onitsfinancialstatement disclosures.
ASU No. 2026-02 – Environmental Creditsand Environmental CreditObligations (Topic818
).In May 2026, FASB
issuedASU2026-02whichprovidesrecognition,measurement,presentation,anddisclosurerequirementsfor
environmentalcredits and environmentalcredit obligations.Theupdatedstandard is effectivefor publicbusiness
entitiesforannualreportingperiodsbeginningafterDecember15,2027,andinterimreportingperiodswithin
thoseannualreportingperiods.The Companyis currentlyevaluatingthe impactthat theupdatedstandardwill
have onitsresults anddisclosures.
There have been no other recent accountingpronouncementsnot yet effectivethat have significance, or potential
significance,tothe Company’sconsolidatedfinancialstatements.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202610
3.SegmentInformation
The Companyhasa portfolioof mines and developmentprojectsin Queensland,Australia,and in thestates of
Pennsylvania,VirginiaandWestVirginiaintheU.S.TheAustralianOperationscomprisethe
100
%-owned
Curraghproducingminecomplex.TheU.S.Operationscomprisea
100
%-ownedproducingminecomplex
(Buchanan)and a developmentproperty(Mon Valley).
On July 31,2026, the Companycompletedthe sale ofits idled Loganmining property,which waspreviouslypart
ofthe Company’sU.S. Operations.Refer toNote 5.“AssetsHeld forSale” forfurther information.
The Companyoperatesits businessalong
two
reportablesegments:Australiaand theU.S. Theorganizationof
the
two
reportablesegmentsreflectshowCoronado’sChiefExecutiveOfficer,whoistheCompany’schief
operatingdecisionmaker,orCODM,managesandallocatesresourcestothevariouscomponentsofthe
Company’sbusiness.
TheCODMusesAdjustedEBITDAasthe primarymetricto measureeachsegment’soperatingperformance.
Adjusted EBITDA is nota measure offinancial performancecalculated in accordancewith U.S. GAAP.Investors,
analysts,lendersandratingagenciesshouldbe awarethattheCompany’spresentationofAdjustedEBITDA
may notbe comparabletosimilarlytitledfinancialmeasures usedbyother companies.
Adjusted EBITDA is defined as earnings beforeinterest, taxes, depreciation,depletionand amortization and other
foreignexchange losses.AdjustedEBITDA isalso adjustedforcertain discreteitems thatmanagement exclude
in analyzing each oftheCompany’ssegments’ operating performance.“Other and corporate”relates to additional
financial informationfor thecorporatefunction,such as financial reportingand accounting,treasury, legal, human
resources,compliance,and tax.As such,the corporatefunctionis not determinedtobe a reportablesegment
but isdiscretelydisclosedfor purposesofreconciliationto theCompany’sunauditedCondensedConsolidated
FinancialStatements.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202611
Reportablesegment resultsas of and forthe three and six monthsended June30, 2026 and 2025 are presented
below:
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three monthsended June30, 2026
Totalrevenues
$
326,614
$
187,515
$
—
$
514,129
Less:
Mining cashcosts
(1)
(296,384)
(107,382)
—
(403,766)
Other operatingcosts
(1)
(41,627)
(50,575)
—
(92,202)
Totaloperatingcosts
(338,011)
(157,957)
—
(495,968)
Other andunallocatedcosts
(2)
(398)
(441)
(10,492)
(11,331)
SegmentadjustedEBITDA
(11,795)
29,117
(10,492)
6,830
Totalassets
1,371,099
846,980
115,593
2,333,672
Capital expenditures
16,976
9,544
—
26,520
Three monthsended June30, 2025
Totalrevenues
$
259,845
$
208,034
$
—
$
467,879
Less:
Mining cashcosts
(1)
(214,000)
(150,777)
—
(364,777)
Other operatingcosts
(1)
(57,472)
(40,034)
—
(97,506)
Totaloperatingcosts
(271,472)
(190,811)
—
(462,283)
Other andunallocatedcosts
(2)
1,427
(42)
(7,551)
(6,166)
SegmentadjustedEBITDA
(10,200)
17,181
(7,551)
(570)
Totalassets
1,325,017
1,057,537
195,828
2,578,382
Capital expenditures
46,277
34,972
2,872
84,121
Six monthsended June30, 2026
Totalrevenues
$
585,701
$
395,620
$
—
$
981,321
Less:
Mining cashcosts
(1)
(550,274)
(254,241)
—
(804,515)
Other operatingcosts
(1)
(142,702)
(108,724)
—
(251,426)
Totaloperatingcosts
(692,976)
(362,965)
—
(1,055,941)
Other andunallocatedcosts
(2)
8,907
(1,702)
(15,102)
(7,897)
SegmentadjustedEBITDA
(98,368)
30,953
(15,102)
(82,517)
Totalassets
1,371,099
846,980
115,593
2,333,672
Capital expenditures
27,898
18,565
—
46,463
Six monthsended June30, 2025
Totalrevenues
$
533,122
$
384,005
$
—
$
917,127
Less:
—
—
—
—
Mining cashcosts
(1)
(412,206)
(309,268)
—
(721,474)
Other operatingcosts
(1)
(197,634)
(56,860)
—
(254,494)
Totaloperatingcosts
(609,840)
(366,128)
—
(975,968)
Other andunallocatedcosts
(2)
1,674
(304)
(15,915)
(14,545)
SegmentadjustedEBITDA
(75,044)
17,573
(15,915)
(73,386)
Totalassets
1,325,017
1,057,537
195,828
2,578,382
Capital expenditures
96,013
102,919
5,237
204,169
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202612
(1)
The significantexpensecategoryand amountaligns withthe segment-level informationthat isregularly providedto the CODMand excludesDepreciation,
Depletionand Amortization.
(2)
Other andunallocateditemsfor otherand corporateincludesselling,general and administrativeexpenses.
The reconciliationsofConsolidatedAdjustedEBITDAtonet lossattributableto theCompanyfor thethreeand
sixmonthsendedJune 30, 2026 and2025 are asfollows:
Three months ended
Six months ended
June 30,
June 30,
(in US$ thousands)
2026
2025
2026
2025
ConsolidatedAdjustedEBITDA
$
6,830
$
(570)
$
(82,517)
$
(73,386)
Depreciation,depletionand amortization
(46,186)
(45,508)
(89,523)
(86,029)
Interest expense,net
(1)
(35,425)
(20,964)
(69,177)
(38,862)
Other foreignexchange losses
(2)
(2,345)
551
(6,403)
219
Losson debtextinguishment
—
(1,050)
—
(1,050)
Impairmentofassets
(17,704)
—
(177,459)
—
Restructuringcosts
(3)
(6,018)
—
(6,018)
—
Losseson idledassets
(4)
—
(13)
—
(1,848)
Decrease(increase)in provisionfor creditlosses
37
(183)
164
(813)
Net lossbeforetax
(100,811)
(67,737)
(430,933)
(201,769)
Income taxbenefit(expense)
1,382
(8,466)
12,914
29,368
Net loss
$
(99,429)
$
(76,203)
$
(418,019)
$
(172,401)
(1)
Includes interest income of $
1.8
millionand $
2.0
million for the threemonths ended June 30, 2026 and 2025, respectively,
and $
3.9
millionand $
5.2
millionfor the six monthsended June30, 2026 and2025, respectively.
(2)
The balanceprimarily relates to foreignexchange gains and losses recognized in the translationof short-terminter-entity
balancesincertainentitieswithinthegroupthataredenominatedin currenciesotherthantheirrespectivefunctional
currencies. Thesegainsand lossesare includedin “Other,net” onthe unauditedCondensedConsolidatedStatement of
Operations andComprehensiveIncome.
(3)
During the three months ended June 30, 2026, the Company commenced a restructuring and cost transformation initiative
tooptimizecoal productionand alignitscoststructures.Costs associatedwith thisinitiative includeworkforcereduction,
external consulting services andother related activities.
(4)
Relates to loss on disposal and care and maintenancecostsof a non-core idled asset that was sold on January 14, 2025.
ThereconciliationsofcapitalexpenditurespertheCompany’ssegmentinformationtocapitalexpenditures
disclosedon the unauditedCondensedConsolidatedStatementsofCash Flowsfor thesixmonthsendedJune
30, 2026and 2025 areas follows:
Six months endedJune 30,
(in US$ thousands)
2026
2025
Capital expendituresper unauditedCondensedConsolidatedStatements
ofCash Flows
$
58,640
$
147,401
Net movementin accrualsforcapitalexpenditures
(6,672)
6,990
Capital acquiredthrough financeleases
—
21,065
Net movementin depositstoacquire longlead capital
(5,505)
28,713
Capital expendituresper segmentdetail
$
46,463
$
204,169
Disaggregationof Revenue
The Companydisaggregatesthe revenuefromcontractswith customersby majorproductgroup foreach of the
Company’sreportablesegments,astheCompanybelievesitbestdepictsthenature,amount,timingand
uncertaintyofrevenues and cashflows.All revenue isrecognizedat a pointin time.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202613
Three months endedJune 30, 2026
(in US$ thousands)
Australia
United States
Total
ProductGroups:
Metallurgicalcoal
$
296,354
$
183,274
$
479,628
Thermalcoal
22,554
4,189
26,743
Totalcoalrevenue
318,908
187,463
506,371
Other
(1)
7,706
52
7,758
Total
$
326,614
$
187,515
$
514,129
Three months endedJune 30, 2025
(in US$ thousands)
Australia
United States
Total
ProductGroups:
Metallurgicalcoal
$
230,624
$
196,704
$
427,328
Thermalcoal
20,913
11,096
32,009
Totalcoalrevenue
251,537
207,800
459,337
Other
(1)
8,308
234
8,542
Total
$
259,845
$
208,034
$
467,879
Six months endedJune 30, 2026
(in US$ thousands)
Australia
United States
Total
ProductGroups:
Metallurgicalcoal
$
506,345
$
381,556
$
887,901
Thermalcoal
64,968
13,993
78,961
Totalcoalrevenue
571,313
395,549
966,862
Other
(1)
14,388
71
14,459
Total
$
585,701
$
395,620
$
981,321
Six months endedJune 30, 2025
(in US$ thousands)
Australia
United States
Total
ProductGroups:
Metallurgicalcoal
$
480,690
$
368,141
$
848,831
Thermalcoal
36,871
15,086
51,957
Totalcoalrevenue
517,561
383,227
900,788
Other
(1)
15,561
778
16,339
Total
$
533,122
$
384,005
$
917,127
(1) Other revenue for theAustralian segmentincludesthe amortizationof theStanwell non-marketcoal supplycontract obligationliability.
4. Impairmentof assets
During thefirstquarter of2026,managementidled operationsat the Logan minecomplexwithin the Company’s
U.S.OperationsinresponsetosustainedweaknessintheU.S.domesticMetcoalmarkets.Theidling
representedatriggeringeventunderAccountingStandardsCodification,orASC,360–
Property,Plantand
Equipment
,requiringtheCompanytoassesstherecoverabilityoftherelevantassetgroups.The Company
determinedthat theestimatedundiscountedpre-tax futurecash flowsofthe Loganasset groupdid notexceed
its’carryingvalue.Accordingly,theCompanymeasuredthefairvalueoftheassetgroupandrecordedan
impairmentchargeof$
159.8
millionagainstlong-livedassets,including property,plant andequipment,to write
down thecarrying valueofthe assetgrouptoitsestimatedfair value.
During the three monthsended June30, 2026, the Company committedto a plan to sell the Logan mining assets
and determinedthat all thecriteria to classifyassets and liabilitiesas heldfor sale weremet. Uponclassification
as held forsale, the Companyperformedan impairment assessmentin accordancewith ASC 360-10-35-43and
determinedthat the carrying amount ofLogan,which includes its assetsand associated liabilities,or the Disposal
Group,exceededitsestimatedfair value,lesscoststosell. Accordingly,the Companyrecordedanadditional
impairmentcharge of$
17.7
millionagainstthe carryingvalue ofthe DisposalGroup.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202614
Theseimpairmentchargeswere includedin “Impairmentofassets” inthe accompanyingunauditedCondensed
ConsolidatedStatementsofOperationsandComprehensiveIncomefor thethreeandsixmonthsendedJune
30, 2026.
The estimatedfair valueless coststo sell was determinedusing Level3 inputs basedon the expectedproceeds
from the disposalof the Disposal Group under the executedMembership InterestPurchase Agreement,or MIPA,
betweenthe Companyand PhoenixCoalHoldings,LLC., subjectto anet workingcapitaltrue-up,less coststo
sell. RefertoNote 5.“AssetsHeld forSale” forfurther information.
5.Assets Heldfor Sale
TheCompanyclassifiesassetsandliabilitiesasheldfor sale(disposalgroup)when management,havingthe
authorityto approvethe action, commitsto a plan to sell the DisposalGroup, the sale is probablewithin one year
andthe DisposalGroupis availablefor salein itspresentcondition.The Companyalsoconsiderswhether an
activeprogram tolocatea buyer hasbeen initiated,whether theDisposalGroup is marketedactively forsale at
a pricethatis reasonablein relationtoitscurrentfair value,andwhetherthe actionsrequiredtocompletethe
plan indicatethat it isunlikely thatsignificantchanges to the plan will bemade orthat the planwill bewithdrawn.
An impairmenttestis performedwhen adisposalgroup is classifiedas heldfor saleand animpairmentcharge
is recordedwhen thecarrying amountofthe disposalgroup exceedsitsestimatedfair value,less coststo sell.
Depreciationand amortizationofassetsclassifiedas heldforsale are ceased.
During the three monthsended June30, 2026, the Company committedto a plan to sell the Logan mining assets
and determinedthatall thecriteriatoclassifyassets andliabilities asheld forsale weremet. Theseassetsare
part ofthe Company’sU.S. segment,locatedin the StateofWest Virginia.The Logan mine assethas been idle
since March27, 2026 anddoesnot formpart ofthe Company’score businessstrategy.
Upon classificationas held for sale, the Company performedan impairment assessment in accordancewith ASC
360-10-35-43.Refer toNote 4.“Impairment ofAssets”forfurther information.
The followingtable providesLogan’s major classesofassets andliabilities classifiedas held forsale as ofJune
30, 2026:
(in US$ thousands)
June 30, 2026
Tradereceivables,net
$
9,770
Inventories,net
12,137
Other currentassets
1,239
Property,plant andequipment,net
27,095
Other noncurrentassets
1,634
Totalassetsheld forsale
$
51,875
Accountspayable
$
896
Accruedexpensesand othercurrent liabilities
2,368
Contract obligations
19,602
Assetretirement obligations
27,839
Totalliabilitiesassociatedwith assetsheld forsale
$
50,705
On May21, 2026,the Companyentered intothe MIPAto sellall ofthe membershipinterestsin CoronadoCoal
II LLC, which holdsthe Logan MiningComplexand relatedassets andliabilities,to Phoenix CoalHoldings,LLC,
for nominal consideration.The DisposalGroup was classifiedas held for sale atJune 30, 2026 and measured at
the lowerofits carryingamountand fair valueless coststo sell. Thesale wascompletedon July31, 2026,and
no
gain orlossis expectedtobe recorded.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202615
6.Inventories
(in US$ thousands)
June 30,
2026
December 31,
2025
Raw coal
$
20,793
$
35,006
Saleablecoal
103,298
80,174
Totalcoalinventories
124,091
115,180
Suppliesand otherinventory
83,653
79,985
Totalinventories
$
207,744
$
195,165
Coal inventoriesmeasuredat theirnet realizablevalue were$
39.6
million
and $
41.2
millionas at June30, 2026
and December31, 2025,respectively,and formpart oftotalcoalinventories.
7. Other Assets
(in US$ thousands)
June 30,
2026
December 31,
2025
Other currentassets
Prepayments
$
39,912
$
43,797
Longservice leavereceivable
7,668
7,560
Depositstoacquire capitalitems
16,272
10,781
Derivativeassets(refer toNote 16. Derivativesand Fair ValueMeasurement)
—
2,523
Stanwell receivable
14,196
—
Other
17,669
23,017
Totalother currentassets
$
95,717
$
87,678
8.Property,Plantand Equipment
(in US$ thousands)
June 30,
2026
December 31,
2025
Land
$
24,029
$
29,008
Buildingsand improvements
142,762
138,771
Plant, machinery,mining equipmentand transportationvehicles
1,258,397
1,516,095
Mineral rightsand reserves
245,473
370,393
Officeand computerequipment
20,235
20,063
Mine development
674,390
694,779
Assetretirement obligationasset
66,689
79,094
Constructionin process
92,261
103,011
Totalcostofproperty,plant andequipment
2,524,236
2,951,214
Less: accumulateddepreciation,depletion,amortizationand impairment
1,090,854
1,296,759
Property,plant andequipment,net
$
1,433,382
$
1,654,455
9.AccruedExpensesand OtherCurrentLiabilities
Accruedexpensesand othercurrent liabilitiesconsistofthe following:
(in US$ thousands)
June 30,
2026
December 31,
2025
Wagesand employeebenefits
$
37,758
$
42,652
Taxesother thanincometaxes
7,156
6,440
Accruedroyalties
24,714
37,818
Accruedfreightcosts
35,784
40,964
Accruedmining fees
125,784
132,754
Other liabilities
19,470
15,404
Totalaccruedexpensesand othercurrent liabilities
$
250,666
$
276,032
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202616
10.Leases
During thesix months endedJune 30, 2026,the Companyentered into a numberofagreements to leasemining
equipment.BasedontheCompany’sassessmentoftermswithintheseagreements,theCompanyclassified
theseleases asoperating leases.On mobilizationofthese leasedminingequipment,the Companyrecognized
right-of-useassetsand operatinglease liabilitiesof$
21.8
million.
Informationrelated tothe Company’sright-of-useassetsand relatedlease liabilitiesare as follows:
Three months ended
Six months ended
(in US$ thousands)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Operating leasecosts
$
10,707
$
9,008
$
19,887
$
17,325
Cash paidforoperatinglease liabilities
8,578
5,968
15,437
11,532
Finance leasecosts:
Amortizationofright-of-useassets
1,095
599
2,163
732
Interest onlease liabilities
648
421
1,328
459
Totalfinancelease costs
$
1,743
$
1,020
$
3,491
$
1,191
(in US$ thousands)
June 30,
2026
December 31,
2025
Assets
Operating leases:
Operating leaseright-of-useassets
$
94,872
$
86,481
Finance leases:
Propertyand equipment
37,083
36,133
Accumulateddepreciation
(5,132)
(2,721)
Propertyand equipment,net
31,951
33,412
Liabilities
Current operatinglease obligations
34,558
26,348
Operating leaseliabilities,less current portion
67,171
66,493
TotalOperatinglease liabilities
101,729
92,841
Current financelease obligations
8,319
7,952
Finance leaseliabilities,less current portion
15,039
17,373
TotalFinancelease liabilities
23,358
25,325
Current leaseobligation
42,877
34,300
Non-currentlease obligation
82,210
83,866
TotalLease liability
$
125,087
$
118,166
June 30,
2026
December 31,
2025
WeightedAverageRemainingLeaseTerm(Years)
Weightedaverageremaining leaseterm – financeleases
2.7
3.2
Weightedaverageremaining leaseterm – operatingleases
2.9
3.3
WeightedAverageDiscountRate
Weighteddiscountrate – financelease
10.8%
10.8%
Weighteddiscountrate – operatinglease
10.4%
9.5%
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202617
TheCompany’soperatingandfinanceleaseshaveremainingleasetermsof
one year
to
four years
,someof
which includeoptionsto extend the terms wherethe Companydeems it is reasonablycertainthe optionswill be
exercised.Maturities oflease liabilitiesas at June30, 2026, are as follows:
(in US$ thousands)
Operating
Lease
Finance
Lease
YearendingDecember31,
2026
$
20,811
$
5,680
2027
40,463
9,190
2028
36,920
8,547
2029
19,372
3,488
Totallease payments
117,566
26,905
Less imputedinterest
(15,837)
(3,547)
Totallease liability
$
101,729
$
23,358
11.InterestBearing Liabilities
The followingis a summaryofinterest-bearingliabilitiesas at June30, 2026:
(in US$ thousands)
June 30, 2026
December 31, 2025
Weighted Average
Interest Rate at
June 30, 2026
Final
Maturity
9.250
%Senior SecuredNotes
$
400,000
$
400,000
9.99
%
(2)
2029
ABL Facility
279,270
272,115
9
.00%
2030
Loan -Curragh HousingTransaction
24,489
24,748
14.14
%
(2)
2034
Debtissuance costs
(1)
(9,133)
(10,203)
Totalinterestbearing liabilities
694,626
686,660
Less: currentportion
(1,829)
(1,671)
Non-currentinterest-bearingliabilities
$
692,797
$
684,989
(1)
Relates to debt issuancecosts inconnection withtheNotes and CurraghHousing Transaction(each as definedbelow)loan.Deferred
debt issuance costs incurredin connectionwith the establishmentof theABLFacility (as definedbelow) havebeen includedwithin"Other
non
-currentassets" inthe unauditedCondensedConsolidatedBalance Sheets.
(2)
Represents the effectiveinterest rate.The effective interestis higherthan theimplied interest rate as it incorporatestheeffect of debt
issuancecostsanddiscount,where applicable.
9.250% SeniorSecuredNotes due in2029
As ofJune 30,2026, the aggregateoutstandingprincipal amount ofthe
9.250
% Senior SecuredNotesdue 2029,
or the Notes,was $
400.0
million.
The Noteswere issuedat par andbearinterest at arate of
9.250
% perannum. Intereston the Notesis payable
semi-annuallyin arrearson April1 andOctober1 ofeach year.The Notesmature onOctober1, 2029andare
senior securedobligationsofCoronadoFinance PtyLtd,as issuer,or the Issuer.
The termsofthe Notes are governedby anindenture,or the Indenture,dated asofOctober 2,2024, amongthe
Issuer,CoronadoGlobalResourcesInc.,asguarantor,thesubsidiariesofCoronadoGlobalResourcesInc.
named thereinas additionalguarantors(collectivelywith CoronadoGlobal ResourcesInc., the Guarantors),and
WilmingtonTrust,NationalAssociation,astrusteeandpriorityliencollateraltrustee.TheIndenturecontains
customarycovenantsforhighyieldbonds,including,butnotlimitedto,limitationsoninvestments,liens,
indebtedness,asset sales,transactionswith affiliatesand restrictedpayments,includingpaymentofdividends
on capitalstock.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202618
The Notesare guaranteed on asenior securedbasis bythe Company and certain ofthe Company’s subsidiaries
that guarantee,orare aborrower,underthe Company’sABLFacility orcertainother debtand securedby (i)a
first-priority lien onsubstantiallyall of theassets oftheIssuer and each Guarantor (other than accountsreceivable
andcertainotherrightstopayment,inventory,certaininvestmentproperty,certaingeneralintangiblesand
commercialtortclaims,depositaccounts,securitiesaccountsand otherrelatedassets,chattelpaper,letterof
creditrights,certaininsuranceproceeds,intercompanyindebtednessandcertainotherassetsrelatedtothe
foregoingand proceedsandproductsofeach ofthe foregoing,or collectively,the ABLPriorityCollateral)and
(ii) a second-priority lienon the ABLPriorityCollateral,which isjuniorto afirst-priority lien forthe benefitofthe
lendersandothercreditorsundertheCompany’sasset-basedrevolvingcreditfacility,subjecttocertain
exceptionsand permittedliens.
Upon theoccurrenceofa “ChangeofControlTriggeringEvent”,definedin theIndentureas theoccurrenceof
ChangeofControlandRatingDecline(eachasdefinedintheIndenture),theIssuerisrequiredtoofferto
repurchasetheNotesat
101
%ofthe aggregateprincipalamountthereof,plusaccruedandunpaidinterest,if
any,to, butexcluding,the repurchasedate.TheIssuer alsohasthe rightto redeemthe Notesat
101
%ofthe
aggregateprincipalamount thereof,plusaccruedandunpaidinterest,if any,to, butexcluding,the repurchase
date, followingthe occurrence of a Change ofControl Triggering Event,providedthat the Issuer redeems at least
90
%ofthe Notes outstandingprior to suchChangeofControl TriggeringEvent.Upon theoccurrenceofcertain
changes intax law (as describedin the Indenture),the Issuer mayredeem allofthe Notes at a redemptionprice
equalto
100
% ofthe principal amountofthe Notes to beredeemed plusaccrued andunpaidinterest, ifany,to,
but excluding,the redemptiondate.
TheIndenturecontainscustomaryeventsofdefault,includingfailuretomakerequiredpayments,failureto
comply with certainagreements or covenants,failure to pay or accelerationof certain other indebtedness,certain
events of bankruptcyand insolvency, and failure to paycertain judgments. An event ofdefaultunder theIndenture
will alloweither thetrustee orthe holdersofat least
25
% inaggregateprincipal amountofthe then-outstanding
Notestoaccelerate,orin certaincases,willautomaticallycauseaccelerationof,the amountsdueunderthe
Notes.
As ofJune 30, 2026, the Companywas in compliancewith all applicablecovenantsunder the Indenture.
The carrying value of debt issuance costs,recorded as a deduction ofthe Notes, was $
8.1
million and $
9.2
million
at June 30,2026 and December31, 2025,respectively.
AssetBased RevolvingCredit Facility
OnNovember27,2025,ortheAmendmentDate,theCompany,CoronadoFinancePtyLtd,anAustralian
proprietarycompanyand awholly ownedsubsidiaryofthe Company,CoronadoCurraghPty Ltd,an Australian
proprietary companyand wholly ownedsubsidiaryofthe Company (together with CoronadoFinance PtyLtd, the
Borrowers), andthe other guarantorsparty thereto(collectivelywith the Company,the Guarantors,and, together
withtheCompanyandtheBorrowers,theObligors), enteredintoanasset-basedlendingfacility,ortheABL
Facility,foraninitialaggregateprincipalamountof$
265.0
million(A$
406.6
million)withGlobalLoanAgency
ServicesAustraliaPtyLtd,as theAdministrativeAgent,GlobalLoanAgencyServicesAustraliaNomineesPty
Ltd,as Collateral Agent,and Stanwell Corporation Limited,or Stanwell,as Lender.
The ABL Facility is a revolving creditfacility that maturesin
five years
. Availabilityunder the ABL Facility is limited
to aneligible borrowingbase,determinedbyapplyingcustomaryadvanceratestoeligible accountsreceivable
and inventory.Borrowingsunderthe ABLFacilitybearinterestat arate of
9
%perannum, whichmayincrease
to
12
% perannum dependingon the levelofthe BorrowingBase Ratio.
As ofJune 30,2026, the aggregateprincipal amountoutstandingofthe ABL Facilitywas $
279.3
million(A$
406.6
million), including $
14.3
million of foreign currency loss on translation to U.S. dollars, being the functionalcurrency
ofCoronadoFinance PtyLtd.
Amountsoutstandingunderthe ABLFacilityaresecuredby (i)a first-priority lienin theABLPriorityCollateral,
and (ii) a second-prioritylien on substantially all ofthe Company’s assetsand the assets ofthe other Guarantors,
other thanthe ABL PriorityCollateral.
TheABLFacilitycontainscustomaryrepresentationsandwarrantiesandaffirmativeandnegativecovenants
including,amongothers, a quarterlyBorrowingBase Ratiotest and,fromDecember31, 2027, themaintenance
ofa gearing ratioand interestcoverageratio.
TheABLFacilityprovidesforcustomaryeventsofdefaultthatmaytriggercertainrepaymentobligationsand
review events. A reviewevent will occurunder the ABL Facilityif the Borrowing BaseRatio is below the specified
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202619
minimumthresholdof
80
%. Followingthe occurrenceofa review event, theBorrowers mustpromptlymeet and
consultingoodfaithwith theAdministrativeAgentandthe Lendertodeterminewhetherthe BorrowingBase
Ratioonthe nexttestingdatewillbeabovethe specifiedminimumthreshold.If,atthe endofa periodof
10
business days after the occurrenceof the review event, the Lender is not satisfied with the result of its discussions
withtheBorrowers,theLendermayrequiretheBorrowerstorepayoutstandingborrowingsinanaggregate
amount sufficientto restore theBorrowing BaseRatio tothe specifiedminimum threshold.As ofJune 30, 2026,
the BorrowingBase Ratioexceededthe specifiedminimumthresholdandnoreview eventoccurredunder the
ABL Facility.
In the event ofa default by the Borrowers (beyondany applicablegrace or cure period,if any), the Administrative
Agent may and, at the directionof the Lender shall,declare all amountsowing under the ABL Facilityimmediately
due andpayable, terminatethe Lender’scommitmentto make loansunder theABL Facilityand/orexercise any
and all remediesand otherrightsunder the ABL Facility.
In connectionwith the entry intothe ABL Facility,the Company alsoentered intoamendments toits existingcoal
supplyagreements with Stanwell.Refer toNote 12.“Stanwell Liabilities”forfurther information.
The carryingvalue ofdebt issuancecosts,recorded as“Othernon-currentassets”in theConsolidatedBalance
Sheets, was$
0.9
million and $
1.0
million, as ofJune 30, 2026 and June 30,2025, respectively,and is amortized
ratablyover theterm ofthe ABL Facility.
Loan –Curragh HousingTransaction
OnMay16,2024,theCompanycompletedanagreementforaccommodationservicesandthesaleand
leasebackofhousingandaccommodationassetswitharegionalinfrastructureandaccommodationservice
provider,or collectively,the Curragh Housing Transaction.Refer to Note 13.“Other Financial Liabilities”for further
information.
In connectionwith theCurragh HousingTransaction,the Companyborrowed $
26.9
million(A$
40.4
million) from
the sameregionalinfrastructureandaccommodationserviceprovider.Thisamountwasrecordedas“Interest
BearingLiabilities” in the unauditedCondensed ConsolidatedBalanceSheets. The amountborrowed is payable
in equalmonthlyinstallmentsovera periodof
ten years
fromcommencement,with aneffectiveinterest rateof
14.14
%.The CurraghHousingTransactionloan isnot subjecttoany financialcovenants.
The carryingvalue ofthe loan, net ofissuance costsof$
1.0
million,was $
23.5
millionas ofJune 30, 2026, $
1.8
millionofwhich is classifiedas a current liability.
12.StanwellLiabilities
(in US$ thousands)
June 30, 2026
December 31,
2025
Current
Stanwell ReservedArea deferredconsideration
$
15,805
$
—
Stanwell Prepaidcoalsupplyliability
13,104
—
$
28,909
$
—
Non-current
Stanwell ReservedArea deferredconsideration
$
362,318
$
346,768
Stanwell Prepaidcoalsupplyliability
164,902
155,027
Stanwell Prepaymentand deferredpayment
65,270
—
$
592,490
$
501,795
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202620
Stanwell deferredconsiderationliability
On August14, 2018, theCompany completedthe acquisitionofrights tomine in the Stanwell ReservedArea, or
theSRA,adjacenttothecurrentCurraghminingtenements.Theserightswereacquiredonadeferred
considerationbasis,andonacquisitiontheCompanyrecognizeda“Mineralrightsandreserves”assetanda
correspondingdeferred considerationliability of $
155.2
million (A$
210.0
million),calculated using thecontractual
pre-tax discountrate of
13
%, whichrepresentedthe fair valueofthe arrangement atthe dateofacquisition.The
deferred considerationliabilityreflectsthe passageoftime byway ofan annual accretion atthe contractualpre-
tax discountrate of
13
% andwill be settledas adiscountto theprice ofthermal coalsuppliedtoStanwell over
the termofa NewCoalSupplyAgreementwhich isexpectedto commencein thesecondquarter of2027. The
accretionofthe deferredconsiderationliabilityisrecognizedwithin“Interestexpense,net”intheCondensed
ConsolidatedStatementsofOperationsand ComprehensiveIncome. Theright-to-mine-assetis amortizedover
the coalreserves minedfromthe SRA.
Stanwell –PrepaidCoal SupplyLiability
On June 10, 2025,the Company and Stanwellentered into a deedofamendment, or the First Amendment Deed,
and amended theNew Coal Supply Agreementdated July 12, 2019, or the NCSA,and the Amended Coal Supply
Agreement,ortheACSA,wherebyStanwellprovidednear-termliquiditytotheCompanyin exchangefor the
supplyofadditionaltonnageofthermal coalunder the NCSA.
The FirstAmendmentDeed includeda prepaymentfor thermalcoaland a rebatewaiver anddeferralfromApril
2025 to December2025, bothofwhich will be settledthroughreductionofthe gross proceedsto be received on
the physicaldeliveryofthermalcoalto Stanwell,expectedtocommencein thesecondquarterof2027, orthe
NCSASupplyCommencementDate,ofupto
0.8
MMtperannumover
five years
,oruntilsuchtimethatthe
obligationis fullysettled.This prepaidcoalsupplyliabilitybears interestat
13
% perannum.
As ofJune30,2026,the carryingvalueoftheStanwellprepaidcoalsupplyliability,includingtheprepayment
and the rebatewaiver anddeferralliability,was $
178.0
million(A$
250.7
million).
Forthe threeandsixmonthsendedJune 30,2026,theCompanyrecognizedinterestexpenseof$
5.9
million
(A$
8.4
million) and $
11.1
million (A$
15.8
million), respectively,related to the financingcomponentofthe prepaid
coalsupplyliability.
Prepaymentand DeferredPaymentBalance
On November27, 2025,theCompanyand Stanwellentered intoa seconddeed ofamendment,or theSecond
AmendmentDeed,that, amongother matters,amended theterms ofthe ACSA and theNCSA, byprovidingfor:
●
a waiverofrebateamountsotherwisepayableby theCompanyunder theACSAfromJanuary 1,2026
until the final delivery date, being the day before the NCSASupply CommencementDate (refer to change
ofcontrolprovisionsin relation tothe waiver discussedbelow);
●
a deferralofthe Company’sobligationsto deliver certain valuesofcoal to Stanwellfor prepaidamounts
under theFirst AmendmentDeedand amountsto whichStanwell isotherwiseentitledin relationto the
SRA deferredconsideration,or the DeferredAmounts;
●
prepaymentsbyStanwelltotheCompanyin relationtoitsfutureannualnominatedcontracttonnage
under the ACSA and the NCSA equal to the difference betweenthe current contracted prices under these
arrangementsandan agreed,fixedprice roughlyequivalent tomarketprices atthe timeofthe Second
AmendmentDeed,ortheACSAPrepaymentsandtheNCSAPrepayments.Stanwell’sobligationto
maketheACSAPrepaymentsandNCSAPrepaymentsaresubjecttocertainliquiditytests.More
specifically,Stanwell (i)will advance all of the relevant prepaymentwhen the Company’s monthly liquidity
isbelow$
200.0
million,(ii)willadvanceonlyhalfoftherelevantprepaymentinmonthswhenthe
Company’sliquidityis between$
200.0
million and$
250.0
million, and(iii) willnotbe obligatedto make
prepaymentswhen theCompany’smonthlyliquidityis above$
250.0
million;and
●
an extensionofthe NCSAtermfrom2037to2043andan optionfor Stanwelltomakebroaderannual
nominationsranging from
1.2
MMt to
2.24
MMt peryear under the NCSA.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202621
ThevalueoftheACSAPrepayments,NCSAPrepaymentsandDeferredAmounts,orthePrepaymentand
DeferredPaymentBalance,willbe settledthroughdeliveryofcoaltoStanwell duringthetermoftheNCSAin
monthswhentheCompany’sliquidityexceeds$
300.0
million.Inaddition,the Companymayfromtime totime
makeadditionalpaymentstoreducethePrepaymentandDeferredPaymentBalance,includingwhenthe
Company makespermitted distributionsto shareholders. Wherethe Prepayment andDeferred PaymentBalance
remainsoutstandingafterthefinaldeliverydate pursuanttotheNCSA(December31,2043),theoutstanding
balancewill be settledin cash inmonths whenthe Company’sliquidityexceeds $
300.0
million untilthe balance
is fullyrepaid.
ThePrepaymentandDeferredPaymentBalanceisclassifiedasafinancialliability.Theliabilityisinitially
measuredattheamountofproceedsreceivedfromStanwellandbearsaninterestat
7.5
%perannum.The
contractual interestrate of
7.5
% is deemed consistent witha market rate at inceptionafter consideringthe overall
terms, securityand settlement featuresofthe arrangement and, accordingly,the proceeds receivedapproximate
fair value at inception. Interestaccrues at
7.5
% per annum on theoutstanding balanceusing the effectiveinterest
rate methodand isrecognizedas “interestexpense,net” intheunauditedCondensedConsolidatedStatement
ofOperationsand ComprehensiveIncome.
During thetermofthe NCSA, thetotal PrepaymentandDeferredPayment Balance,includingaccrued interest,
is cappedat
120
%ofthe aggregateoutstandingprincipalbalance. Afterthefinal deliverydateunder theterms
ofthe NCSA, which is scheduled forDecember 31, 2043, interestcontinuesto accrue at
7.5
% perannum without
a capuntil the balanceis fullyrepaid.
The interestcap representsassistanceprovidedby Stanwell, a QueenslandGovernment-ownedcorporation.As
such,the Companyaccountsfor theinterestcap as governmentassistanceunder itsaccountingpolicyelection
based on analogyto otheraccountingstandard frameworksand consistentwith expected futurechanges to U.S.
GAAP.No benefitis recognizedunless anduntil the interestcapis reached.
Attheendofeachreportingperiod,managementassesseswhethertheCompany’sliquidityisexpectedto
exceed$
300.0
millionwithin thenext 12months andclassifiesthe portionofthe balance expectedto besettled
within thatperiodas current liability.
As ofJune 30,2026, the carryingamount,including accruedinterest,ofthe Prepaymentand DeferredPayment
Balance was $
65.3
million and classifiedasnon-current liability.No governmentassistance incomewas recorded
during thethree andsixmonthsended June30,2026, as the interestcapmechanism was nottriggered.
TheSecondAmendmentDeedalsoincludesrestrictionsontheCompany’sabilitytopaydistributionsto
shareholders(e.g.,dividends).These restrictionsrequirethat theCompanymaintainsa minimumcash liquidity
of$
300.0
millionfollowingpaymentofsuchdistribution,therepurchaseofanyNotesinconnectionwiththe
distribution,and thepaymentto Stanwellofan equalor greateramount (upto amaximumofthree times)than
the distributiontoreduce the Prepaymentand DeferredPayment Balance.
TheACSAandtheNCSAaresecuredbymortgagesregisteredovertheCurraghminetenements,orthe
TenementLien, at the QueenslandGovernment level anda third-priority lien on substantiallyall of the Company's
assets.The TenementLien operatesindependentlyof,and is not subordinatedto, the Company'sother secured
debt obligations,and no thirdpartymay acquirethe Curraghmine tenementswithoutsimultaneouslyassuming
the coalsupplyobligationstoStanwell.
The Prepaymentand DeferredPayment Balancemay becomerepayableif there is an unremedieddefaultunder
the ACSAor NCSA.
If a changeofcontrolofthe Companyis proposedwithin
two years
ofNovember27, 2025,theCompanymust
obtainStanwell’sconsentand,beforethechangeofcontroloccurs,payStanwell thewaivedrebateamounts,
together with contractualinterest fromthe dates such amountswould otherwise havebeen payable.Additionally,
ifanentitythatcontrolledtheCompanyasatNovember27,2025ceasestocontroltheCompanybyway of
disposalofan interest in the Company of
20
% or more withoutStanwell’s consentwithin
two years
ofNovember
27, 2025,then theCompanymust immediatelypayStanwell thewaived rebateamounts,togetherwith interest.
As ofJune 30,2026, cumulativerebateamountsof$
48.8
millionwouldhave beenpayableabsentthewaiver.
No liabilitywas recognizedas ofJune 30,2026in respectofthe waivedrebate amountsbecause theCompany
had not been requiredto seek Stanwell’sconsent in connectionwith any proposedchange or cessation ofcontrol
as ofthat date.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202622
13. OtherFinancial Liabilities
The followingis a summaryofother financialliabilitiesas at June30, 2026:
(in US$ thousands)
June 30, 2026
December 31,
2025
Collateralizedfinancialliabilities- Curragh Housing Transaction
$
20,973
$
21,195
Derivativeliability(refer toNote 16. "Derivativesand Fair ValueMeasurement")
869
—
Debtissuance costs
(844)
(883)
Totalother financialliabilities
20,998
20,312
Less: currentportion
(2,436)
(1,424)
Non-currentother financialliabilities
$
18,562
$
18,888
Collateralizedfinancial liabilities– CurraghHousingTransaction
TheCurraghHousingTransactiondid notsatisfythe salecriteriaunderASC606–
RevenuesfromContracts
with Customers
and was deemeda financing arrangement.As a result, proceeds of $
23.0
million (A$
34.6
million)
received forthe sale and leasebackofproperty,plant and equipment ownedby the Companyin connectionwith
the CurraghHousingTransactionwere recognizedas “OtherFinancialLiabilities”on the Company’sunaudited
CondensedConsolidatedBalanceSheets.The termofthe financingarrangementis
ten years
with an effective
interestrateof
14.14
%.Thisliabilitywillbesettledin equalmonthlypaymentsaspartoftheaccommodation
servicesarrangement.
In connection withthe Curragh HousingTransaction,the Company hasgrantedthe counterpartymortgagesover
certainleaseholdandfreeholdland.Thecounterparty’srightsaresubjecttoaprioritydeedinfavorofthe
Company’ssenior securedpartiesincluding,butnotlimitedto,holdersofthe Notes.
The carryingvalue ofthis financial liability,net of issuance costsof$
0.8
million, was $
20.1
millionas at June30,
2026, $
1.6
millionofwhich is classifiedas a current liability.
14.Income Taxes
For thesixmonthsendedJune30,2026, theCompanyestimatedits annualeffectivetax rate andappliedthis
effectivetax rateto itsyear-to-datepretax incomeat theendofthe interimreportingperiod.Thetax effectsof
unusual or infrequentlyoccurring items, includingeffectsof changes in taxlaws or rates and changesin judgment
aboutthe realizabilityofdeferredtax assets,are reportedin the interim periodin which they occur.
The Company’s2026estimated annualeffectivetax rate is
3.2
%. Thisrate is impactedby inclusionofa current
year valuationallowancerelatingto boththe Australiaandthe U.S.operations.Accordingly,the Companyhad
an incometax benefitof$
12.9
million basedon a lossbeforetax of$
430.9
million forthe six months endedJune
30, 2026, whichincludesdiscreteexpense of$
0.7
million.
The Companyhad an incometax benefitof$
29.4
million basedon a lossbeforetax of$
201.8
millionfor thesix
monthsendedJune 30,2025.
The Companyutilizesthe “morelikelythan not”standardin recognizinga tax benefitin itsfinancialstatements.
For the threemonthsendedJune 30,2026, the Companyhad
no
newunrecognizedtax benefitsincluded in tax
expense. If accrual forinterest or penalties is required, it is the Company’s policyto include these as a component
ofincome tax expense. TheCompanycontinues to carryan unrecognizedtaxbenefitof$
19.3
millionas atJune
30,2026and December31, 2025.
The Company is subject to taxation in the U.S. and its various states, as well as Australia and its various localities.
IntheU.S.andAustralia,the firsttaxreturnwaslodgedfor theyearendedDecember31,2018.IntheU.S.,
companiesare subject toopen tax audits fora period ofthree yearsat the federal level and fiveyears at the state
level.InAustralia,companiesaresubjecttoopentaxauditsforaperiodoffouryearsfromthedateof
assessment.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202623
15.Loss per Share
Basic lossper share ofcommonstock is computedby dividing net lossattributable tothe Company stockholders
for theperiod bythe weighted-averagenumber ofshares ofcommonstockoutstandingduring the same period.
Dilutedloss pershareofcommonstockiscomputedbydividingnet lossattributabletothe Companybythe
weighted-averagenumberofsharesofcommonstockoutstandingadjustedto giveeffectto potentiallydilutive
securities.
Basicand dilutedlossper share were calculatedas follows(in thousands,exceptper share data):
Three months ended
June 30,
Six months ended
June 30,
(in US$ thousands,except per share data)
2026
2025
2026
2025
Numerator:
Net lossattributabletoCompany
stockholders
$
(99,429)
$
(76,203)
$
(418,019)
$
(172,401)
Denominator(in thousands):
Weightedaveragesharesofcommonstock
outstanding
167,645
167,645
167,645
167,645
Weightedaveragedilutedshares ofcommon
stockoutstanding
167,645
167,645
167,645
167,645
LossPer Share (US$):
Basic
(0.59)
(0.45)
(2.49)
(1.03)
Diluted
(0.59)
(0.45)
(2.49)
(1.03)
The Company’scommonstockis publiclytradedon the ASXin the formofCDIs, convertibleat the optionof
the holdersintoshares ofthe Company’scommonstockon a
10
-for-1basis.
16.Derivativesand Fair ValueMeasurement
a) Derivatives
TheCompanymayusederivativefinancialinstrumentstomanageitsfinancialrisksinthenormalcourseof
operations,includingforeigncurrency risks,commodityprice riskrelated topurchase ofraw materials (such as
gas or diesel) and interest rate risk. Derivativesfor speculative purposesare strictly prohibitedunder the Treasury
Risk ManagementPolicyapprovedbythe BoardofDirectors.
Thefinancingcounterpartiestothe derivativecontractspotentiallyexposetheCompanytocredit-relatedrisk.
Credit risk is the riskthat a third partymightfail to fulfillits obligationsunder theterms ofthe financial instrument.
TheCompanymitigatescreditriskbyenteringintoderivativecontractswithhighcreditqualitycounterparties,
limitingthe amountofexposuretoeach counterpartyand frequentlymonitoringtheir financialcondition.
Forwardforeign currencycontracts
The Company’sAustralianOperationsutilize thecash generatedfromUS$ denominated coalsales revenuesto
fund operatingcosts,which are predominantlyin A$.During thesixmonthsended June30,2026, the Company
entered intoforward foreigncurrencycontractsto hedgeits foreignexchangeexposureon a portionofthe US$
denominatedcoalsales revenueat itsAustralian Operations,whose functionalcurrency isA$.
The aggregatenotionalamountofthe outstandingforwardforeigncurrencyderivativecontractsdesignatedas
cashflowhedgeswas$
40.0
millionasatJune30,2026,maturinginJuly2026.Giventheforwardforeign
currencycontractswere designatedas cashflow hedges,the unrealizedloss of$
0.9
millionwas recognizedin
“Accumulatedothercomprehensiveloss” atJune 30,2026in theunauditedCondensedConsolidatedBalance
Sheet,andwillbereclassifiedinto“Coalrevenues”in theCondensedConsolidatedStatementsofOperations
andComprehensiveIncomein theperiodin whichthehedgedtransactionimpactsincome,expectedtobein
July 2026.Refer toNote 17.“AccumulatedOther ComprehensiveLosses.”
As ofJune 30,2026,the Companyrecognizedaderivativeliabilityof$
0.9
millioninrespectofforward foreign
currencycontractsunrealizedloss,classifiedwithin “
Other Financial Liabilities
”. AsofDecember31, 2025,the
Company recognizeda derivative asset of $
2.5
million in respect of forward foreigncurrency contracts unrealized
gain, classifiedwithin “
Other assets
”.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202624
The followingtable presentsthe detailsofoutstandingforeigncurrency contracts:
June 30, 2026
December 31, 2025
Notional
amount
(thousands)
Unit of
measure
Varying
maturity
dates
Notional
amount
(thousands)
Unit of
measure
Varying
maturity
dates
Designatedforwardforeign
currencycontracts
40,000
US$
July 2026
80,000
US$
January
2026-
March
2026
b) Fair ValueMeasurement
The fairvalueofa financialinstrumentis theamountthatwillbe receivedto sellan assetorpaid totransfera
liability in an orderly transaction between marketparticipants at the measurementdate. The fair values of financial
instrumentsinvolveuncertainty andcannotbe determinedwith precision.
The Companyutilizesvaluationtechniquesthat maximizethe useofobservableinputs and minimizethe use of
unobservableinputstotheextentpossible.TheCompanydeterminesfairvaluebasedonassumptionsthat
marketparticipantswould usein pricingan assetor liability inthe market.Whenconsideringmarket participant
assumptionsin fair value measurements,the following fair value hierarchydistinguishes betweenobservableand
unobservableinputs,which are categorizedin one ofthe followinglevels:
Level1 Inputs:Unadjustedquotedpricesin activemarketsfor identicalassetsorliabilitiesaccessibletothe
reportingentity atthe measurement date.
Level 2Inputs:Other thanquotedprices thatare observablefor the assetor liability,either directlyor indirectly,
forsubstantiallythe fullterm ofthe assetor liability.
Level3Inputs:Unobservableinputsfortheassetorliabilityusedtomeasurefairvaluetotheextentthat
observableinputs arenot available,therebyallowingfor situationsin whichthereis little,if any,marketactivity
forthe assetor liabilityat measurement date.
FinancialInstrumentsMeasuredon a RecurringBasis
As ofJune 30,2026 and December31, 2025, the Company’sforward foreigncurrency contracts,a net derivative
liabilityof$
0.9
millionandderivativeassetof$
2.5
million,respectively,wererequiredtobemeasuredatfair
value ona recurringbasisbased ona valuationthatis corroboratedbythe useofmarket-basedpricing(Level
2).
FinancialInstrumentsMeasuredon a NonrecurringBasis
Other than the estimatedfair valueofthe assets describedin Note 4. “Impairment ofassets”and Note 5. “Assets
held forsale”,which areLevel 3fair value,therewere
no
otherassetsand liabilitiesthatwere measuredat fair
value ona nonrecurringbasisas ofJune 30, 2026, and December31, 2025.
Other FinancialInstruments
The followingmethodsand assumptionswere used to estimate thefair valueofother financial instrumentsas of
June 30,2026 and December31, 2025:
●
Cash andcash equivalents,accountsreceivable,accountspayable, accruedexpenses,lease liabilities
andothercurrentfinancialliabilities:ThecarryingamountsreportedintheunauditedCondensed
ConsolidatedBalance Sheets approximatedfair valuedue tothe shortmaturity ofthese instruments.
●
Restricteddeposits,leaseliabilitiesandotherfinancialliabilities:Thefairvaluesapproximatedthe
carrying valuesreportedin the unauditedCondensedConsolidatedBalance Sheets.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202625
●
Interest bearing liabilities:The Company’soutstanding interest-bearingliabilities are carriedat amortized
cost.As ofJune 30, 2026, the fairvalue ofthe amountsdrawn under theABL Facilityapproximatedthe
carryingvalue reportedin theconsolidatedbalance sheets.The estimatedfair valueofthe Notesas of
June30, 2026was approximately$
364.8
millionbaseduponquotedmarketpricesin amarketthatis
not consideredactive(Level 2).The estimatedfair valueofthe CurraghHousing loanwas $
25.2
million
baseduponunobservableinputs(Level 3).
17.AccumulatedOtherComprehensiveLosses
The Company’sAccumulatedOther ComprehensiveLosses consistedof foreign currency translation adjustment
for subsidiariesfor which the functionalcurrency is differentthan the Company’s functionalcurrency (U.S. dollar)
andnet unrealizedgains (losses)onforward foreigncurrencycontractsdesignatedas cashflow hedgesas of
June 30,2026, wereas follow:
(in US$ thousands)
Foreign
currency
translation
adjustments
Net unrealized
gain on cash
flow hedge -
forward foreign
currency
contracts
Total
Balanceat December31, 2025
$
(122,923)
2,479
$
(120,444)
Net current-periodother comprehensivelosses:
(Loss) gainin other comprehensiveincomebefore
reclassifications
(6,728)
2,349
(4,379)
Gain onlong-term intra-entityforeigncurrency transactions
10,162
—
10,162
Gain reclassifiedfromaccumulatedother comprehensive
losses
—
(5,697)
(5,697)
Totalnet current-periodother comprehensivelosses
3,434
(3,348)
86
Balanceat June 30,2026
$
(119,489)
(869)
$
(120,358)
18.Commitments
(a)
Mineral Leases
TheCompanyleasesmineralinterestsandsurfacerightsfromlandownersundervarioustermsandroyalty
rates. Thefuture minimumroyalties andlease rentalpayments undertheseleases asofJune 30, 2026 wereas
follows:
(in US$ thousands)
Amount
YearendingDecember31,
2026
$
3,277
2027
4,321
2028
4,288
2029
4,282
2030
7,837
Thereafter
19,863
Total
$
43,868
Mineralleases arenot in scopeofASC 842and continuetobe accountedfor underthe guidancein ASC932,
ExtractiveActivities– Mining.
(b)Other commitments
As ofJune 30, 2026,purchasecommitmentsfor capitalexpenditureswere $
8.1
million,all ofwhich is obligated
within thenext twelvemonths.
In Australia, the Company has generallysecured the ability to transport coal through rail contractsand coal export
terminal contractsthat are primarily fundedthrough take-or-payarrangements withterms rangingup to
12 years
.
In theU.S.,the Companytypicallynegotiatesitsrail andcoalterminal accesson anannualbasis.As ofJune
30,2026,theseAustralianandU.S.commitmentsundertake-or-payarrangementstotaled$
553.0
million,of
which theCompanyis obligedtopayapproximately$
101.9
millionwithin the next twelvemonths.
NOTESTO UNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)
Coronado Global ResourcesInc.
Form10-Q June30, 202626
19.Contingencies
Surety bond,letters ofcreditand bank guarantees
Inthe normalcourseofbusiness,the Companyis apartytocertainguaranteesandfinancialinstrumentswith
off-balancesheet risk, such asbank guarantees,letters ofcredit and performanceor suretybonds.
No
liabilities
relatedtothesearrangementsarereflectedintheCompany’sunauditedCondensedConsolidatedBalance
Sheets. Managementdoes notexpect anymaterial lossesto resultfromthese guaranteesor off-balance sheet
financialinstruments.
Forthe U.S.Operations,in ordertoprovidetherequiredfinancialassurancefor postminingreclamation,the
Company generallyuses surety bonds.The Company uses surety bondsand bank letters of credit to collateralize
certainotherobligationsincludingcontractualobligationsunderworkers’compensationinsurance.As ofJune
30, 2026,theCompanyhadoutstandingsuretybondsandcash-backedbank guaranteesof$
20.0
millionand
$
10.0
million,respectively.FollowingcompletionoftheLogansale,$
16.8
millionofsuretybondsand$
10.0
millionofcash-backedbank guaranteesare expectedtobe released.
For the Australian Operations,as at June 30, 2026, the Companyhad cash-backedbank guaranteesoutstanding
of$
36.6
million,primarily inrespectofcertain rail and porttake-or-payarrangements ofthe Company.
As ofJune 30,2026, the Companyin aggregate had totaloutstandingbank guarantees of$
46.6
million tosecure
itsobligationsand commitments.
Future regulatorychanges relatingto theseobligationsor deterioration ofthe Company’scredit riskrating could
result in increasedobligations,additionalcostsor additionalcollateralrequirements.
Restricteddeposits – cashcollateral
As required by certain agreements,the Company had total cash collateralin the form of deposits
of
$
151.7
million
and$
141.7
millionas ofJune 30,2026and December31, 2025,respectively,toprovideback-to-backsupport
forbankguarantees,otherperformanceobligations,variousotheroperatingagreementsandcontractual
obligationsunder workers compensationinsurance.These depositsare restricted and classifiedas “Non-current
assets”in the unauditedCondensedConsolidatedBalance Sheets.
Futureregulatorychangesinrelationtotheseobligationsor deteriorationofthe Company’screditriskrating
couldresult in increasedobligations,additionalcostsor additionalcollateralrequirements.
Fromtime totime, theCompanyis a partytolegalproceedingsin theordinarycourseofbusiness inAustralia
andthe U.S.Basedon currentinformation,the Companybelievesthatallpendingor threatenedproceedings
are likelyto be resolvedwithout amaterial adverseeffecton its financial condition,results ofoperationsor cash
flows.Inmanagement’sopinion,theCompanyisnotcurrentlyinvolvedinanylegalproceedingswhich,
individually or in the aggregate, could have a material effecton thefinancial condition,results of operations and/or
liquidityofthe Company.
20.SubsequentEvents
GlencorePrepayment Agreements
On August7, 2026, subsidiariesofthe Company enteredinto
two
concurrentofftakeagreements with Glencore,
under whichGlencore agreedtoadvance prepaymentsofup to$
75.0
millionin aggregate.
●
The prepaymentsbear interest at
14
%per annum onthe outstandingbalance.
●
Thetermis
twelve months
, overwhichthe prepaymentsarereimbursedbyapplyingthe valueofcoal
deliveredagainstthe outstandingbalancein accordancewith acontractualschedulethatreducesthe
permittedbalancestonil by theendofthe term. Anyamountoutstandingatfinal maturityis payablein
cash.
●
Failure to meet minimumdelivery quantities or thereimbursementschedulewithin specifiedcure periods
is an event of default, upon whichthe outstanding balance andaccrued interest becomepayable in cash.
●
The agreementscontainundertakingscustomaryfor arrangementsofthis type,including restrictionson
the incurrence ofindebtedness,on disposals of coal and of assets incoal production,and onthe payment
ofdividendswhile an event ofdefaultis continuing.
Coronado Global ResourcesInc.
Form10-Q June30, 202627
REPORT OFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM
Tothe Stockholdersand Boardof Directorsof CoronadoGlobal ResourcesInc.
Resultsof Reviewof Interim FinancialStatements
WehavereviewedtheaccompanyingcondensedconsolidatedbalancesheetofCoronadoGlobalResources
Inc.(theCompany)asofJune30,2026,therelatedcondensedconsolidatedstatementsofoperationsand
comprehensiveincomefor thethreeandsix-monthsperiodsendedJune30,2026and2025,thecondensed
consolidatedstatementsofstockholders’equityfor thethreeandsix-monthperiodsendedJune 30,2026 and
2025, the condensedconsolidatedstatements ofcash flowsfor the six-month periodsended June30, 2026 and
2025,andtherelatednotes(collectivelyreferredtoasthe“condensedconsolidatedinterimfinancial
statements”).Basedon our reviews,we arenot aware ofany materialmodificationsthat should be madeto the
condensedconsolidatedinterimfinancialstatementsfor themto bein conformitywith U.S.generallyaccepted
accountingprinciples.
Wehavepreviouslyaudited,inaccordancewiththestandardsofthe PublicCompanyAccountingOversight
Board (UnitedStates) (PCAOB),the consolidatedbalance sheet ofthe Companyas ofDecember31, 2025, the
relatedconsolidatedstatementsofoperationsand comprehensiveincome,stockholders'equity andcashflows
for theyear then ended,and the relatednotes(not presentedherein), and in our reportdatedMarch 3, 2026, we
expressedan unqualified audit opinion on thoseconsolidatedfinancial statements. In our opinion, the information
set forthin the accompanyingcondensedconsolidatedbalance sheetas ofDecember31, 2025,is fairlystated,
in all materialrespects,in relation tothe consolidatedbalance sheetfromwhich it hasbeen derived.
Basis forReview Results
Thesefinancialstatementsarethe responsibilityoftheCompany'smanagement.Weareapublicaccounting
firm registeredwith thePCAOB andare requiredto beindependentwith respectto the Companyin accordance
with theU.S.federalsecuritieslawsandthe applicablerules andregulationsofthe SECandthe PCAOB.We
conductedour reviewin accordancewith thestandards ofthe PCAOB.A reviewofinterimfinancialstatements
consistsprincipallyofapplyinganalyticalproceduresandmakinginquiriesofpersonsresponsiblefor financial
and accounting matters.It is substantially less in scope than an audit conductedin accordance with the standards
ofthe PCAOB, the objectiveofwhich is the expression ofan opinion regarding the financialstatementstakenas
a whole. Accordingly,we donot expresssuch an opinion.
/s/Ernst &Young
Brisbane,Australia
August10,2026
Coronado Global ResourcesInc.
Form10-Q June30, 202628
ITEM2.MANAGEMENT’SDISCUSSIONAND ANALYSISOFFINANCIALCONDITIONAND RESULTSOF
OPERATIONS
The followingManagement’sDiscussionandAnalysisof FinancialConditionandResultsof Operationsshould
be readin conjunctionwith theunauditedCondensedConsolidatedFinancialStatementsand the relatednotes
to those statementsincludedelsewhere inthis Quarterly Reporton Form 10-Q.In addition, thisQuarterly Report
onForm 10-QshouldbereadinconjunctionwiththeConsolidatedFinancialStatementsfortheyearended
December31,2025includedin CoronadoGlobalResourcesInc.’sAnnualReportonForm 10-Kfortheyear
ended December31, 2025,filedwith the SECand theASXon March 3, 2026.
Unlessotherwisenoted,referencesin thisQuarterlyReportonForm10-Qto“we,”“us,”“our,”“Company,”or
“Coronado”refertoCoronadoGlobalResourcesInc.anditsconsolidatedsubsidiariesandassociates,unless
the contextindicatesotherwise.
All productionand sales volumescontainedin thisQuarterly Report onForm10-Q areexpressedin metric tons,
or Mt,millionsofmetric tons,or MMt,or millionsofmetric tonsperannum, orMMtpa,exceptwhere otherwise
stated. One Mt (1,000kilograms) is equal to 2,204.62pounds andis equivalent to 1.10231 shorttons. In addition,
alldollaramountscontainedhereinareexpressedin UnitedStatesdollars,orUS$,exceptwhere otherwise
stated.Referencesto“A$”arereferencestoAustraliandollars,the lawfulcurrencyoftheCommonwealthof
Australia. Somenumerical figuresincluded in thisQuarterly Report onForm 10-Qhave been subjectto rounding
adjustments.Accordingly,numerical figures shown as totals in certain tables may not equal the sum of the figures
that precedethem.
CAUTIONARYNOTICE REGARDINGFORWARD-LOOKINGSTATEMENTS
This QuarterlyReporton Form 10-Qcontains “forward-lookingstatements” withinthe meaningofSection 27A of
the SecuritiesAct of1933, as amended,and Section21E ofthe Securities ExchangeAct of1934, as amended,
or theExchangeAct, concerningourbusiness,operations,financialperformanceandcondition,the coal,steel
andotherindustries,aswellasourplans,objectivesandexpectationsfor ourbusiness,operations,financial
performanceandcondition.Forward-lookingstatementsmaybeidentifiedbywordssuchas“may,”“could,”
“believes,”“estimates,”“expects,”“intends,”“plans,”“anticipate,”“forecast,”“outlook,”“target,”“likely,”
“considers”and othersimilar words.
Anyforward-lookingstatementsinvolveknownandunknownrisks,uncertainties,assumptionsandother
importantfactorsthat couldcause actualresults,performance,eventsor outcomesto differmaterially fromthe
results,performance,eventsoroutcomesexpressedoranticipatedinthesestatements,manyofwhichare
beyondourcontrol.Suchforward-lookingstatementsare basedonanassessmentofpresenteconomicand
operatingconditionsusinga numberofbest estimateassumptionsregardingfuture eventsandactions.These
factorsaredifficultto accurately predict and may bebeyondour control.Factors that couldaffectour results, our
announcedplans,or an investmentin our securitiesinclude,but are notlimitedto:
●
adecreaseintheavailabilityorincreaseincostsoflabor,keysupplies,capitalequipmentor
commodities,suchasdieselfuel,steel,explosivesandtires,astheresultofinflationarypressures,
geopoliticalconflictsor otherwise;
●
the priceswe receive forour coal;
●
our abilitytogenerate sufficientcash toservice ourindebtednessand otherobligations;
●
ourabilitytoprovideappropriatefinancialassurancesforourobligationsunderapplicablelawsand
regulations,including ourability toprovideapplicablesurety ofCurragh’s EstimatedRehabilitationCost
under theFinancialProvisioningScheme;
●
risks inherentto mining operations,such as adverseweather conditions,which could impactthe amount
ofcoal produced,cause delaysin or suspension ofcoal deliveries,or increasethe costofoperating our
business;
●
risksuniquetointernationalminingandtradingoperations,includinganychangesintariffsortariff
policiesand otherbarriers totrade;
●
uncertaintyinglobaleconomicconditions,includingtheextent,durationandimpactofongoingcivil
unrest and wars, as well as risks related to governmentactions with respect to trade agreements,treaties
or policies;
Coronado Global ResourcesInc.
Form10-Q June30, 202629
●
the extensive formsof taxation to whichour mining operationsare subject, and future tax regulationsand
developments;
●
concernsabout the environmentalimpactsofcoal combustionand greenhouse gas, or GHG,emissions
arisingfrommining activities,includingpossibleimpactson globalclimateissues, whichcould resultin
increasedregulationofcoal combustionand GHGemissionsand increasedcostsassociatedwith coal
productionand consumption,such as costsfor additional controlsto reduce carbon dioxideemissions or
coststo purchaseemissionsreductioncredits tocomplywith futureemissionstradingprograms,which
could significantlyimpact our financial conditionand results of operations,affectdemand for ourproducts
or oursecuritiesand reduceour accesstocapitaland insurance;
●
severefinancialhardship,bankruptcy,temporaryor permanentshutdownsor operationalchallenges of
oneormoreofourmajorcustomers,includingcustomersinthesteelindustry,andkey
suppliers/contractors,which amongotheradverseeffects,could leadtoreduceddemandfor ourcoal,
increaseddifficultycollectingreceivablesandcustomersand/orsuppliersassertingforcemajeureor
other reasonsfornot performingtheir contractualobligationstous;
●
our indebtednessand ability tocomplywith thecovenants andother undertakingsunder the agreements
governingsuch indebtedness;
●
ourabilitytocollectpaymentsfromourcustomersdependingontheircreditworthiness,contractual
performanceor otherwise;
●
the demandforsteel products,which impactsthe demandforour metallurgical,or Met,coal;
●
the lossof,or significantreductionin, purchasesbyour largestcustomers;
●
unfavorableeconomicand financialmarket conditions;
●
our abilitytocontinue acquiringand developingcoalreserves that are economicallyrecoverable;
●
uncertaintiesin estimatingour economicallyrecoverablecoalreserves;
●
transportationforour coalbecomingunavailable oruneconomicforour customers;
●
the riskthatwemayberequiredtopayfor unusedcapacitypursuanttothetermsofourtake-or-pay
arrangementswith rail andportoperators;
●
our abilitytoretain key personneland attractqualifiedpersonnel;
●
any failuretomaintain satisfactorylaborrelations;
●
our abilitytoobtain,renew or maintain permitsand consentsnecessary forour operations;
●
potential costsor liability underapplicableenvironmentallaws andregulations, includingwith respectto
anyexposuretohazardoussubstancescausedbyouroperations,aswellasanyenvironmental
contaminationour propertiesmay have orour operationsmay cause;
●
extensiveregulation ofour miningoperationsand futureregulationsand developments;
●
assumptionsunderlyingour assetretirement obligationsforreclamation andmine closures;
●
any cyber-attacks orother securitybreaches thatdisruptour operationsor resultin the disseminationof
proprietaryor confidentialinformationaboutus, ourcustomersor otherthird parties;
●
the risk that wemay not recoverour investmentsin our mining,explorationand other assets,which may
require ustorecognize orcontinue torecognize impairmentcharges relatedtothoseassets;
●
risksrelated todivestituresand acquisitions;
●
the risk that diversityin interpretationand applicationofaccountingprinciplesin themining industrymay
impactour reportedfinancialresults;and
●
otherrisksanduncertaintiesdetailedherein,including,butnotlimitedto,thosediscussedin“Risk
Factors,”set forthin Part II, Item 1A ofthis Quarterly Reporton Form10-Q.
Coronado Global ResourcesInc.
Form10-Q June30, 202630
Wemakemanyofourforward-lookingstatementsbasedonouroperatingbudgetsandforecasts,whichare
basedupondetailedassumptions.Whilewe believethat ourassumptionsarereasonable,we cautionthat itis
very difficultto predictthe impact ofknown factors,and it isimpossiblefor us toanticipateallfactorsthat could
affectour actual results.
See PartI, Item1A. “RiskFactors”ofour AnnualReporton Form10-K forthe yearended December31, 2025
,
filedwith theSECandASXonMarch 3,2026,andPartII, Item1A. “RiskFactors”ofourQuarterlyReporton
Form 10-Qfor the three months endedMarch 31, 2026,filedwith the SEC and ASX on May11, 2026,for a more
completediscussionoftherisksanduncertaintiesmentionedaboveandfordiscussionofotherrisksand
uncertaintieswe face that couldcause actual resultsto differmaterially from thoseexpressedor implied bythese
forward-lookingstatements.
Allforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretybythesecautionary
statements,as well as othersmade inthis QuarterlyReporton Form10-Qand hereafterin our otherfilingswith
theSECandpubliccommunications. Youshouldevaluateallforward-lookingstatementsmadebyusinthe
contextofthese risksand uncertainties.
We cautionyou that therisks anduncertaintiesidentifiedby us may not be all ofthe factorsthat are importantto
you.Theforward-lookingstatementsincludedin thisQuarterlyReportonForm 10-Qaremadeonlyasofthe
date hereof. Weundertakeno obligationto publiclyupdate or revise any forward-lookingstatement as a result of
new information,future events,or otherwise,exceptas requiredbyapplicablelaw.
Resultsof Operations
How WeEvaluate OurOperations
Weevaluateouroperationsbasedonthevolumeofcoalwecansafelyproduceandsellincompliancewith
regulatorystandards,andthepriceswereceivefor ourcoal.Oursalespricesarelargely dependentuponthe
terms ofour coal sales contracts,for which prices generally are set based on daily indexaverages, on aquarterly
basisor annual fixedprice contracts.
Ourmanagementusesa varietyoffinancialandoperatingmetricstoanalyze ourperformance.These metrics
are significantfactorsin assessingour operatingresults andprofitability.These financial andoperatingmetrics
include: (i)safetyand environmentalmetrics; (ii) AdjustedEBITDA; (iii) totalsales volumesand average realized
priceperMtsold,whichwedefineastotalcoalrevenuesdividedbytotalsalesvolume;(iv) Metcoalsales
volumes andaveragerealizedMet priceper Mt sold,which we defineas Metcoal revenuesdividedby Met coal
sales volume;(v) averagesegmentmining cashcostsper Mtproduced,which wedefine asmining cashcosts
dividedbysaleableproductionforthe respectivesegment;(vi) averagesegmentoperatingcostsperMtsold,
which wedefineas segmentoperatingcostsdividedby sales volumesforthe respectivesegment;and (vii) net
cash(or netdebt), whichwe defineascash andcashequivalents(excludingrestrictedcash)less outstanding
aggregateprincipalamount ofthe Notesand otherinterest-bearing liabilities.
In thecurrent period,managementrevised themetric initem (v) abovefromaveragesegmentminingcostsper
Mt sold(previouslydefinedas mining costsdividedby sales volumes,excludingnon-producedcoal) toaverage
segmentminingcash costsperMt produced (definedas miningcashcostsdividedby saleableproductionfor
therespectivesegment).Thischangeadjuststhecostbasetoexcludenoncashcosts,includinginventory
movements,dividedby saleable production,which we believedirectlyaligns costswith the periodin which they
are incurred.Managementbelieves therevisedmetric providesa more meaningfulandcomparablemeasure of
segmentoperatingefficiencyand isconsistentwith how costsare assessed.
Coal revenues are shown inour statement ofoperations and comprehensiveincome exclusiveof other revenues.
Generally,export salecontractson Free onBoard, orFOB, requireus to bearthecostoffreight fromour mines
totheapplicableoutboundshippingport,whilefreightcostsfromtheporttotheenddestinationaretypically
bornebythecustomer.CertainexportsalesfromourU.S.Operationsarerecognizedwhentitletothecoal
passes to the customer at the mine load out similar to adomesticsale. For ourdomesticsales,customers typically
bearthecostoffreight.Assuch,freightexpensesareexcludedfromthecostofcoalrevenuestoallowfor
consistencyand comparabilityin evaluatingour operatingperformance.
Non-GAAPFinancial Measures;Other Measures
ThefollowingdiscussionofourresultsincludesreferencestoandanalysisofAdjustedEBITDA,Segment
Adjusted EBITDAand mining costs,which are financial measuresnot recognized in accordancewith U.S. GAAP.
Non-GAAPfinancialmeasures,includingAdjustedEBITDA,SegmentAdjustedEBITDAandminingcosts,are
usefultoour investorstomeasure our operatingperformance.
Coronado Global ResourcesInc.
Form10-Q June30, 202631
Non-GAAPfinancial measuresare intendedto provideadditionalinformationonly and do nothave any standard
meaningprescribedby U.S.GAAP.These measuresshould notbe consideredin isolationor as a substitutefor
measuresofperformancepreparedin accordancewith U.S.GAAP.
AdjustedEBITDA, a non-GAAP measure,is definedas earnings beforeinterest, tax, depreciation,depletionand
amortizationandotherforeignexchangelosses.AdjustedEBITDAisalsoadjustedforcertaindiscretenon-
recurring itemsthat weexcludein analyzing eachofour segments’operating performance.AdjustedEBITDA is
not intendedtoserveasan alternativeto U.S.GAAPmeasuresofperformanceincludingtotal revenues,total
costs and expenses, netincome or cash flows fromoperating activities as those terms are definedby U.S. GAAP.
AdjustedEBITDAmaythereforenotbe comparableto similarlytitledmeasurespresentedby othercompanies.
A reconciliation ofAdjusted EBITDA to its most directly comparablemeasure under U.S. GAAP is included below.
SegmentAdjustedEBITDAisdefinedasAdjustedEBITDAbyoperatingandreportingsegment,adjustedfor
certaintransactions,eliminationsoradjustmentsthatourCODMdoesnotconsiderformakingdecisionsto
allocateresourcesamongsegmentsorassessingsegmentperformance.AdjustedEBITDAandSegment
AdjustedEBITDAareusedassupplementalfinancialmeasuresby managementandby externalusersofour
financialstatements,such asinvestors,industryanalystsandlenders,to assesstheoperatingperformanceof
our business.
Miningcashcosts,a non-GAAPmeasure,is basedonreportedcostofcoalrevenues,whichis shownonour
statementof operations and comprehensiveincome exclusive of inventorymovements,freight expense,Stanwell
rebate,otherroyalties,depreciation,depletionandamortization,andselling,generalandadministrative
expenses,adjustedforotheritemsthatdonot relatedirectlytothecostsincurredtoproducecoalata mine.
Mining cash costs exclude thesecost componentsas ourCODM does not view these costsasdirectly attributable
totheproductionofcoal.Miningcashcostsisusedasasupplementalfinancialmeasurebymanagement,
providingan accurate view ofthe costsdirectly attributableto the productionof coal at our mining segments, and
by external users of our financialstatements, such as investors,industry analystsand ratings agencies, to assess
our mine operatingperformancein comparisonto the mine operatingperformanceofother companiesin thecoal
industry.
About CoronadoGlobal ResourcesInc.
We area producer,globalmarketer andexporterofhigh-quality Metcoal products.We own a portfolioof mines
and developmentprojectsin Queensland, Australia, andin the states ofVirginia, West Virginiaand Pennsylvania
in the UnitedStates.
OurAustralianOperationscomprisethe100%-ownedCurraghproducingminecomplex.OurU.S.Operations
comprisea100%-ownedproducingminecomplex(Buchanan)andadevelopmentproperty(MonValley).In
additiontoMetcoal,ourAustralianOperationssellthermalcoal,whichisusedtogenerateelectricity,
domesticallyto Stanwell andin the exportmarket. OurU.S. Operationsprimarilyfocuson the productionofMet
coal forthe North American domesticand seaborne export markets andalso produceand sell some thermal coal
that isextractedin the processofmining Metcoal.
Overview
TheCompany’soperatingperformanceimprovedduringthethreemonthsendedJune30,2026,following
significantwet-weatherimpactsandtemporarysuspensionoftheMammothUndergroundOperationsatour
AustralianOperationsexperiencedin thefirstquarter of2026, deliveringhigher productionfor the three months
ended June30, 2026,comparedtothe threemonthsendedMarch 31,2026,andreturnto positiveEBITDAin
the secondquarter of2026, reflectingthe Company’sfocuson operationalexecutionand assetoptimization.
At our Australian Operations,productionrebounded followingcompletionof the Coal Handling Preparation Plant,
or CHPP,maintenanceshutdown,achievingrecordquarterlyoperatinghoursfor thethreemonthsended June
30,2026,andimprovedoperatingconditionsfollowingthesignificantwet-weathereventsandtemporary
suspensionofMammothUndergroundOperationsexperiencedin the firstquarter of2026. The improvedCHPP
performancesupportedhigherthroughputandproductionofprofitableMetcoals,reflectingourfocuson
optimizingasset performanceand generatinggreater value fromour operations.
Our U.S.Operationscontinuedto benefitfromthe Buchanan expansionprojectand thereturn ofboth longwalls
to production,establishinga higher operating run-rateand achievingrecord run-of-mine,or ROM, productionfor
the three andsixmonthsended June 30, 2026.
TheCompany’sROMproductionof6.4 MMtandsaleableproductionof4.1MMtforthe threemonthsended
June 30,2026, were18.4% and 39.3%higher,respectively,than the three monthsended March31, 2026.
Coronado Global ResourcesInc.
Form10-Q June30, 202632
TheAustralianPremiumLowVolatileHard CokingCoalindex,orAUSPLVHCC,averaged$238.3perMt for
the three monthsended June30, 2026, $54.1per Mthigher comparedto the sameperiod in2025, and$3.6 per
Mt higher comparedtothe three monthsended March31, 2026.
Followingthe recovery in late2025 into early 2026,cokingcoal index pricesremained broadlystable through the
quarter ending June 30, 2026, supportedby balanced seaborne supply and steady demandfrom key steelmaking
regions. Marketconditionsreflect continueddemandoutsideofChina, particularlyfromIndia, and arecoveryin
supplyfollowingwet-weatherrelated disruptionsin Queensland experiencedearlier inthe year.
Metcoal salesrepresented75.9%ofour totalvolumeofcoal soldand91.8%oftotal coalrevenuesfor thesix
monthsendedJune 30,2026comparedto 70.4%and 94.2%,respectively,for thesix monthsendedJune 30,
2025.
Coalrevenueswere$966.9millionforthesixmonthsendedJune30,2026,anincreaseof$66.1million
comparedto the sameperiod in2025. The increasewas primarilydriven by theaveragerealized Metcoal price,
which was$18.2per Mtsoldhigher comparedto thesixmonthsended June30, 2025,partiallyoffsetby sales
volumeswhich were0.1 MMtlower comparedtothe 2025 period.
Mining cash costsfor the six months ended June 30, 2026, were $83.0million higher comparedto the six months
ended June30,2025. Theincrease inmining cashcostswas primarilyattributedto highersubcontractorcosts,
duetohigheroverburdenremoval,higherrepairsandmaintenancecostsresultingfromthedamagetokey
infrastructureexperiencedin the first quarter of2026,higher fuel costsand an unfavorable foreignexchange rate
ofA$/US$ $0.70 comparedto$0.63 during thesixmonthsendedJune 30,2025.
Inresponsetothechallengingoperatingenvironment,managementhasidentifiedandcommenced
implementationofoperational improvements, a broader structural resetand costreduction initiatives,primarily at
ourAustralianOperations,targetingimprovementsincontractormanagement,procurementpractices,and
operationalefficiency.In addition,Coronadocontinuestoundertakeinitiativesto enhanceliquidityandreduce
operating andcapital costsacross theCompany,while optimizingthe businesstodeliver greater valueover the
longterm.
Liquidityand GoingConcern
Coronadohad availableliquidity,in the form ofcash and cash equivalents,of$97.7 millionas ofJune 30, 2026.
AsofJune30,2026,Coronadohad$703.8millionaggregateprincipalamountofinterest-bearingliabilities
outstandingand cashand cashequivalentsof$97.7 millionresulting innet debtof$606.1 million.
WithrespecttotheCompany’sfinancialposition,weconcludedthattheCompany’scurrentcashandcash
equivalentsand forecastedcash flows will be sufficientto fund its operations and satisfy its obligationsfor at least
one yearfromthe issuanceofthis Quarterly Reporton Form10-Q.
On August7, 2026, subsidiariesofthe Company enteredinto two concurrentofftakeagreements with Glencore.
Undertheseagreements,Glencoreagreedtoadvanceprepaymentsofupto$75.0million,providingthe
Companywith an additionalsourceofnear-term liquidity.
Logan minecomplex
During thefirstquarter of2026, we idled operationsat the Logan MiningComplex,within ourU.S. Operations,in
response tosustained weaknessin the U.S. domesticMet coal market.The idling representeda triggeringevent
requiringus toassesstherecoverabilityofthe Loganassetgroup.As thecarryingamountoftheassetgroup
exceeded its estimatedrecoverable amount,we recorded an impairment chargeof $159.8 million during the three
monthsended March31, 2026towrite it downtoestimatedfairvalue.
On May21, 2026,we enteredinto theMIPAtosell the LoganMining Complexand relatedassets andliabilities
to PhoenixCoal Holdings,LLC, for nominalconsiderationsubject tocustomarynet workingcapital adjustments.
The DisposalGroup wasclassifiedas heldfor saleat June30,2026andmeasuredat thelowerofits carrying
amount andfair value less coststo sell, resulting in an additionalimpairment chargeof$17.7 million forthe three
monthsended June30,2026, andbringing thetotal impairmentrecognizedin respectofthe Logan assetgroup
to$177.5 million forthe sixmonthsended June30, 2026.
The salewas completedon July31,2026, and nogain orlossis expectedtobe recorded.
Safety
For our AustralianOperations,the twelve-monthrolling averageTotalReportableInjury FrequencyRate at June
30, 2026,was 4.09,comparedto arateof3.62 attheendofDecember31,2025.At ourU.S. Operations,the
twelve-monthrollingaverageTotalReportableIncidentRate atJune 30,2026,was 2.34,comparedto arate of
Coronado Global ResourcesInc.
Form10-Q June30, 202633
2.30 at the endofDecember 31, 2025. Bothtwelve-monthrollingrates increasedrelative toDecember31, 2025,
and remainan areaofcontinuedfocus.
Thehealthandsafetyofourworkforceisournumberonepriority,andweremainfocusedonthesafetyand
wellbeingofall employeesandcontractingparties.Coronadocontinuesto implementsafetyinitiativeswith the
goalofimprovingour safetyrates every quarter.
SegmentReporting
In accordancewith ASC280, SegmentReporting,we haveadoptedthe followingreporting segments:Australia
andtheUnitedStates.Inaddition,“OtherandCorporate”isnotareportingsegmentbutisdisclosedforthe
purposesofreconciliationtoour consolidatedfinancialstatements.
Three MonthsEndedJune 30,2026 Comparedto Three MonthsEndedJune 30,2025
Summary
The financialand operationalresults forthe three monthsended June30, 2026 included:
●
Net lossbeforetax for the three months endedJune 30, 2026,of$100.8 million was$33.1millionhigher
comparedto a net lossbeforetax of$67.7 million forthe three monthsended June30, 2025, which was
primarilydrivenbyhigheroperatingcosts,a $17.7millionadditionalimpairmentchargefor theLogan
mine andinterest expense,partiallyoffsetbyhigher coalrevenues.
●
Average realizedMet priceper Mt soldof$170.5 for the threemonthsended June30,2026, was$22.1
perMt soldhighercomparedto $148.4perMtsoldfor thesameperiod in2025,reflectingrecoveryin
seabornedemand,particularlyfromIndiaandothersteelmakingregionsoutsideofChina, andtighter
supplyconditions.
●
Sales volumeof3.5MMt forthe threemonthsended June30, 2026,was 0.2MMt lowerthan thethree
monthsended June30,2025,despitesaleableproductionincreasingby0.4MMt inthesameperiod.
Lowersales volumewas drivenbyshipmentslippageintoJuly 2026atboth AustralianOperationsand
U.S. Operations,a result ofport congestionand co-shipperdelays impactingsales for the month ofJune
2026, andresulted ina materialincrease insaleable stocksas ofJune 30, 2026.
●
AdjustedEBITDAof$6.8 millionfor thethreemonthsendedJune 30,2026,increasedby$7.4 million
comparedtoanAdjustedEBITDAlossof$0.6 millionforthesameperiodin 2025.The increase was
driven byhigher revenues,a productofimprovedpricing,partiallyoffsetbyhigher operatingcosts.
●
As ofJune 30, 2026, the Companyhad net debt of$606.1 million, consistingof$703.8 million aggregate
principalamountofinterest-bearingliabilitiesoutstanding,lesscashandcashequivalentsof$97.7
million.
Coronado Global ResourcesInc.
Form10-Q June30, 202634
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
506,371
$
459,337
$
47,034
10.2 %
Other revenues
7,758
8,542
(784)
(9.2)%
Totalrevenues
514,129
467,879
46,250
9.9 %
Costsand expenses:
Costofcoalrevenues (exclusiveofitems
shown separatelybelow)
357,597
339,632
17,965
5.3 %
Depreciation,depletionand amortization
46,186
45,508
678
1.5 %
Freight expenses
93,801
62,706
31,095
49.6 %
Stanwell rebate
—
21,931
(21,931)
(100.0)%
Other royalties
44,570
38,014
6,556
17.2 %
Selling,general, and administrativeexpenses
10,479
7,600
2,879
37.9 %
Restructuringcosts
6,018
—
6,018
100.0 %
Totalcostsand expenses
558,651
515,391
43,260
8.4 %
Other income(expenses):
Interest expense,net
(35,425)
(20,964)
(14,461)
69.0 %
Impairmentofassets
(17,704)
—
(17,704)
100.0 %
Losson debtextinguishment
—
(1,050)
1,050
(100.0)%
Decrease(increase)in provisionfor
creditlosses
37
(183)
220
(120.2)%
Other,net
(3,197)
1,972
(5,169)
(262.1)%
Totalother expenses,net
(56,289)
(20,225)
(36,064)
178.3 %
Net lossbeforetax
(100,811)
(67,737)
(33,074)
48.8 %
Income taxbenefit(expense)
1,382
(8,466)
9,848
(116.3)%
Net lossattributabletoCoronadoGlobal
Resources,Inc.
$
(99,429)
$
(76,203)
$
(23,226)
30.5 %
Coal Revenues
Coalrevenueswere$506.4millionforthethreemonthsendedJune30,2026,anincreaseof$47.0million,
comparedto $459.3millionfor thethreemonthsended June30,2025. Thisincrease wasprimarilyattributable
toaveragerealizedMetcoalprices$22.1perMt soldhigher,partiallyoffsetby salesvolumes0.2MMtlower
comparedtothe three monthsended June30, 2025.
Cost ofCoal Revenues(Exclusiveof ItemsShown SeparatelyBelow)
Costofcoal revenuesconsistsofcostsrelated to producedtons sold,alongwith changesin boththevolumes
and carryingvalues ofcoal inventory.Cost of coalrevenues includesitems suchas direct operatingcosts,which
includesemployee-related costs,materials and supplies, contractor services,coal handling and preparation costs
and productiontaxes.
Totalcostofcoal revenues was $357.6million forthe three monthsended June30, 2026, $18.0 million,or 5.3%
higher,comparedto$339.6 million forthe three monthsended June30, 2025.
Cost ofcoal revenues for our Australian Operationsfor the three monthsended June30, 2026, was $68.9 million
highercomparedtothesameperiodin2025,largelyattributedtohigheroverburdenremoval,asproduction
recoveredfollowingsignificantwet-weathereventsandtemporarysuspensionofMammothUnderground
experiencedin the firstquarter of2026, higher diesel fuel costsand unfavorableaverage foreignexchange rates
on translation of our Australian Operationsfor the three months ended June 30, 2026, ofA$/US$ $0.71 compared
to$0.64forthe sameperiodin2025.Thisincreasewaspartiallyoffsetby higherinventorybuildduetoport
congestionand co-shipperdelaysresultingin salesvolumeslippageintoJuly 2026.
Cost ofcoal revenues for our U.S. Operationsfor the three months endedJune 30, 2026, was $50.9 millionlower
comparedto thethreemonthsended June30,2025,due tothe productioncurtailmentand idlingofthe Logan
mine, partially offsetby higherlabor costs and operation of an additional longwallat the Buchanan mine tosupport
increasedproduction.
Coronado Global ResourcesInc.
Form10-Q June30, 202635
FreightExpenses
Freightexpensesrelateto costsassociatedwithrail andportproviders,includingtake-or-paycommitmentsat
our Australian Operations,and demurrage costs.Freight expenseswere $93.8 million for the three months ended
June30,2026,an increaseof$31.1million,comparedto$62.7millionfor thesameperiodin 2025.OurU.S.
Operationscontributed$21.2 millionofthe increase, primarilydriven byhigher coalsales underCFRterms and
higherrailandoceanfreightchargescomparedtothethreemonthsendedJune30,2025.OurAustralian
Operationscontributedto$9.9millionoftheincreaseduetohighervolumesrailedanddemurragecosts
associatedwith longervesseltimesat port.
StanwellRebate
The Stanwellrebate waswaived fromJanuary 1, 2026 inconnectionwith the SecondAmendmentDeed.
Other Royalties
Other royalties were $44.6 millionin the three months ended June 30, 2026, an increaseof $6.6 million compared
to$38.0millionforthethreemonthsendedJune30,2025,drivenbyhigherexportcoalrevenuesandan
unfavorableaverage foreignexchange rate ontranslationofour Australian Operations.
RestructuringCosts
Restructuringcostsof$6.0millionfor thethreemonthsendedJune30,2026,relatedtocostassociatedwith
workforcereductionand externalconsultingservicesin connectionwith theCompany’stransformationinitiative
tooptimizecoalproductionand alignmentofcoststructure.
InterestExpense, Net
Interest expense,net was$35.4 millionfor thethreemonths endedJune 30,2026, anincreaseof$14.4 million
compared to $21.0 millionfor the three months endedJune 30, 2025. The increasewas driven by higheraverage
indebtednessresulting fromadditionalborrowingsunder the ABL Facility and otherStanwell liabilities,and lower
interestincomeearnedoncashequivalentsandrestricteddepositsduringthethreemonthsendedJune30,
2026, comparedtothe same periodin 2025.
Impairmentof Non-coreAssets
During the three monthsended June30, 2026, the Companycommittedto a plan to sell the Logan mining assets
andclassifiedits assetsandrelatedliabilitiesasheld-for-sale atJune 30,2026, atriggeringeventunder ASC
360, requiringtheCompanytoassessthe recoverabilityofthe relevant assetgroup.
TheCompanydeterminedthattheestimatedfairvalueoftheassetgroupdidnotexceeditscarryingvalue.
Accordingly,the Companyrecordedan additionalimpairmentchargeof$17.7 millionagainstlong-livedassets,
includingproperty,plant and equipment,to writedownthe carryingvalueofthe asset groupto itsestimated fair
value.
Income TaxBenefit
Incometaxbenefitwas$1.4millionforthethreemonthsendedJune30,2026,adecreaseof$9.8million
comparedto anincome taxexpense of$8.4 millionfor the threemonthsended June30, 2025. Thedecreasein
incometaxexpense wastheresultofan effectivetax rateof3.2% forthethreemonthsendedJune 30,2026,
comparedtoan effectivetax rate of14.6% forthe three monthsended June30, 2025.
Coronado Global ResourcesInc.
Form10-Q June30, 202636
Six MonthsEnded June30, 2026Compared toSix MonthsEnded June30, 2025
Summary
The financialand operationalresults forthe sixmonthsended June30, 2026 included:
●
Net lossbeforetax of$430.9 million forthe sixmonthsendedJune 30, 2026,was $229.2 millionhigher
comparedto $201.8millionfor thesixmonthsendedJune30, 2025.Highernet losseswere drivenby
higheroperatingcosts,impairment chargesandhigher interestexpense,partiallyoffsetby higher coal
revenues.
●
Average realizedMet price of$168.0 per Mt sold forthe six months endedJune 30, 2026, was $18.2 per
Mt highercomparedto$149.8perMt soldfor thesameperiodin 2025,primarilydrivenby highercoal
priceindices,whichreflectedproductiondisruptionsandlowerexportavailabilityinAustralia,supply
constraintsin China'sdomesticcokingcoal market,particularlyin thefirstquarter of2026, anda more
balancedsupply-demand environmentduring thesecondquarter of2026, whichoutweighedrelatively
softglobalsteel demand.
●
Sales volumeof7.0 MMt for the six monthsended June30, 2026,was 0.1million lower comparedto the
sixmonthsendedJune30,2025,primarilydrivenbytheidlingoftheLoganmine,partiallyoffsetby
improvedproductionandsalesatourAustralianOperationsfollowingoperationaldisruptions
experiencedin thefirstquarter of2026.
●
AdjustedEBITDAloss of$82.5 millionfor thesix monthsendedJune 30,2026,was$9.1 millionhigher
comparedto $73.4millionfor thesixmonthsendedJune 30,2025.The increasein AdjustedEBITDA
losswas primarilydue tohigher operatingcostsexceedinghigher coalrevenues.
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
966,862
$
900,788
$
66,074
7.3%
Other revenues
14,459
16,339
(1,880)
(11.5%)
Totalrevenues
981,321
917,127
64,194
7.0%
Costsand expenses:
Costofcoalrevenues (exclusiveofitems
shown separatelybelow)
801,499
729,923
71,576
9.8%
Depreciation,depletionand amortization
89,523
86,029
3,494
4.1%
Freight expenses
179,524
122,894
56,630
46.1%
Stanwell rebate
—
43,784
(43,784)
(100.0%)
Other royalties
74,918
79,367
(4,449)
(5.6%)
Selling,general, and administrativeexpenses
15,109
15,933
(824)
(5.2%)
Restructuringcosts
6,018
—
6,018
100.0%
Totalcostsand expenses
1,166,591
1,077,930
88,661
8.2%
Other income(expenses):
Interest expense,net
(69,177)
(38,862)
(30,315)
78.0%
Impairmentofassets
(177,459)
—
(177,459)
100.0%
Losson debtextinguishment
—
(1,050)
1,050
(100.0%)
Decrease(increase)in provisionfor
creditlosses
164
(813)
977
(120.2%)
Other,net
809
(241)
1,050
(435.7%)
Totalother expenses,net
(245,663)
(40,966)
(204,697)
499.7%
Net lossbeforetax
(430,933)
(201,769)
(229,164)
113.6%
Income taxbenefit
12,914
29,368
(16,454)
(56.0%)
Net lossattributabletoCoronadoGlobal
Resources,Inc.
$
(418,019)
$
(172,401)
$
(245,618)
142.5%
Coronado Global ResourcesInc.
Form10-Q June30, 202637
Coal Revenues
Coalrevenueswere$966.9millionforthesixmonthsendedJune30,2026,anincreaseof$66.1million,
comparedto $900.8 millionfor the sixmonthsended June30, 2025.The increase was primarilydriven byhigher
averagerealizedMet coalprices,andwas partiallyoffsetby an unfavorablesales mixweightedtowardslower-
priced thermal coal sales volumescompared to the same period in 2025, particularly at our Australian Operations.
Cost ofCoal Revenues(Exclusiveof ItemsShown SeparatelyBelow)
Totalcostofcoalrevenues was$801.5millionforthesixmonthsendedJune 30,2026,an increaseof$71.6
million,comparedto$729.9 million forthe sixmonthsended June30, 2025.
Cost ofcoal revenuesfor ourAustralian Operationsforthe sixmonthsended June30, 2026,was $114.8 million
highercomparedtothesixmonthsendedJune30,2025.Theincreasewas primarilydrivenbysubcontractor
costs,duetohigheroverburdenremoval,additionalfleetmobilized,higherfuelcosts,increasedrepairsand
maintenanceresulting fromdamage to key infrastructurein the firstquarter of 2026, andan unfavorableaverage
foreignexchangerateontranslationofourAustralianOperationsforthe sixmonthsendedJune 30,2026,of
A$/US$: 0.70comparedto0.63 forthe same periodin 2025.
Cost ofcoal revenuesfor our U.S.Operationsfor thesix monthsended June30, 2026,was $43.2millionlower
comparedto thesameperiodin 2025,drivenby thelowerlaborandotherassociatedcostsin connectionwith
productioncurtailment andsubsequentidlingofour Loganmine.
FreightExpenses
Freightexpensestotaled$179.5millionfor thesixmonthsendedJune30, 2026,anincreaseof$56.6million
comparedto $122.9millionfor thesix monthsended June30, 2025.Freightexpensesfor ourU.S.Operations
contributed$45.7millionofthe increase,primarilydriven byhigher coalsales underCFRterms andhigher rail
and oceanfreightchargescomparedtothe sixmonthsended June30, 2025.The remainingincrease of$10.9
millionwasattributabletoour AustralianOperationsdueto highervolumesrailedandhigherdemurragecosts
associatedwith longervesselwaiting timesat port.
StanwellRebate
The Stanwellrebate waswaived fromJanuary 1, 2026 inconnectionwith the SecondAmendmentDeed.
InterestExpense,Net
Interestexpense,net was$69.2million inthesix monthsended June30, 2026,an increaseof$30.3 millionas
comparedto $38.9million forthesix monthsendedJune 30,2025.The increasewas drivenby higheraverage
indebtednessresulting fromadditionalborrowingsunder the ABLFacilityand otherStanwell liabilitiesand lower
interest incomeearned oncash equivalentsand restricteddepositsduring the sixmonthsended June30, 2026,
comparedtothe same periodin 2025.
Impairmentof Non-Core Assets
DuringthesixmonthsendedJune30,2026,inresponsetosustainedweaknessintheU.S.High-volcoal
markets,the Companycurtailed andsubsequentlyidled operationsat the Logancomplexwithin our Company’s
U.S. Operations.Additionally,the Companycommittedto aplan tosell theLogan miningassetsand classified
itsassetsandrelatedliabilitiesas held-for-sale atJune30,2026,whichrepresenteda triggeringeventunder
ASC 360,requiring theCompanytoassessthe recoverabilityofthe relevant assetgroup.
TheCompanydeterminedthattheestimatedfairvalueoftheassetgroupdidnotexceeditscarryingvalue.
Accordingly,the Company recordedan impairmentchargeof$17.7 million and$177.5 million,for the threeand
six months ended June 30, 2026, respectively,against long-lived assets, including property,plant and equipment,
towrite downthe carryingvalue ofthe assetgrouptoitsestimatedfairvalue.
Income TaxBenefit
Income tax benefit of $12.9 million for the six months endedJune 30,2026,decreased by $16.5 million,compared
to income tax benefitof$29.4 million for the six monthsended June30, 2025, primarilydriven by an effectivetax
rate of3.2%forthe sixmonthsended June30, 2026.
In calculatingthe annualeffectivetax rate forthe Group:
Coronado Global ResourcesInc.
Form10-Q June30, 202638
●
For the Australianoperations,due toa three-year cumulativelosspositionand significantcarried
forwardlosses,a fullvaluationallowance was includedas partofthe annual effectivetax rate
calculation,thereby reducingthe rate tonil.
●
For the U.S.operations,due to a three-year cumulativeloss positionthe recoverability ofcarried forward
deferredtax assetswas assessedandas a resulta partialvaluationallowancewasincludedas part of
the annualeffectivetax rate,thereby reducing the annual effectivetax rate to3.2%.
SupplementalSegmentFinancialData
Three MonthsEndedJune 30,2026 Comparedto Three MonthsEndedJune 30,2025
Australia
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume(MMt)
2.4
2.2
0.2
6.2%
Saleableproduction(MMt)
3.0
2.3
0.7
29.3%
Totalrevenues($)
326,614
259,845
66,769
25.7%
Coal revenues($)
318,908
251,537
67,371
26.8%
Average realizedprice perMt sold($/Mt)
134.9
113.1
21.8
19.3%
Met coalsales volume(MMt)
1.7
1.6
0.1
10.3%
Met coalrevenues ($)
296,354
230,624
65,730
28.5%
Average realizedMet priceper Mtsold($/Mt)
171.8
147.5
24.3
16.5%
Mining cashcosts($)
296,384
214,000
82,384
38.5%
Mining cashcostper Mtproduced($/Mt)
98.9
92.3
6.6
7.2%
Operating costs($)
338,011
271,472
66,539
24.5%
Operating costsper Mtsold($/Mt)
143.0
122.0
21.0
17.2%
SegmentAdjustedEBITDA ($)
(11,795)
(10,200)
(1,595)
15.6%
Coal revenuesfor our AustralianOperationsincreased by$67.4 millionlargely due toaveragerealizedMet coal
prices thatwere $24.3 per Mtsoldhigher and sales volume thatwere 0.2 MMthigher forthe three months ended
June 30,2026.
Operatingcostswere $66.5millionhigherforthethreemonthsendedJune30,2026,comparedtothe same
periodin 2025,primarilydrivenbyhigherminingcashcosts,partiallyoffsetbylowerStanwell rebates,which
were waivedfromJanuary 1,2026.Miningcash costswere $82.4millionhigher comparedto thethree months
ended June30, 2025, drivenby highersubcontractorcostsdue to higher overburden removal,higher fuelcosts,
a productofthe increasein dieselfuelpriceglobally,additionalfleetmobilizedandtheunfavorableimpact of
averageforeignexchange rateson translationofour Australian Operations(A$/US$ $0.71comparedto A$/US$
$0.64in theprioryear period).Mining cashcostperMt producedwas $6.6higherfor thethreemonthsended
June 30,2026, reflectingthe higher grosscostspartiallyoffsetbyhigher saleable production.
SegmentAdjustedEBITDAlossof$11.8millionforthethreemonthsendedJune30,2026,was$1.6million
higher comparedto $10.2million forthethree monthsendedJune 30,2025,largely drivenby higheroperating
costspartiallyoffsetbyhigher coalrevenues.
Coronado Global ResourcesInc.
Form10-Q June30, 202639
United States
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume(MMt)
1.1
1.4
(0.3)
(21.6)%
Saleableproduction(MMt)
1.1
1.4
(0.3)
(19.0)%
Totalrevenues($)
187,515
208,034
(20,519)
(9.9)%
Coal revenues($)
187,463
207,800
(20,337)
(9.8)%
Average realizedprice perMt sold($/Mt)
165.1
143.4
21.7
15.1%
Met coalsales volume(MMt)
1.1
1.3
(0.2)
(17.3)%
Met coalrevenues ($)
183,274
196,704
(13,430)
(6.8)%
Average realizedMet priceper Mtsold($/Mt)
168.4
149.6
18.8
12.6%
Mining cashcosts($)
107,382
150,777
(43,395)
(28.8)%
Mining cashcostper Mtproduced($/Mt)
95.0
108.1
(13.1)
(12.1)%
Operating costs($)
157,957
190,811
(32,854)
(17.2)%
Operating costsper Mtsold($/Mt)
139.1
131.7
7.4
5.6%
SegmentAdjustedEBITDA ($)
29,117
17,181
11,936
69.5%
Coalrevenuesfor ourU.S. Operationsof$187.5 millionfor thethreemonthsended June30,2026,decreased
by $20.3 million comparedto the same periodin 2025, attributable tolower sales volumesdue to curtailmentand
idling ofLogan’soperationsduring thefirstquarter of2026. Thiswas partiallyoffsetby coal revenuesfromour
Buchananoperationswhich increasedby $40.8million forthe three monthsended June30, 2026, dueto higher
averagerealized Metcoal price, reflectingfavorablemarket conditions,and 0.1 MMt ofadditionalsales volumes
comparedtothe three monthsended June30, 2025.
Operatingcostsof$158.0 million were $32.9million lowerfor thethree monthsended June30, 2026, compared
tothesameperiodin 2025.The curtailmentandsubsequentidling ofLogan’soperationscontributedto$62.7
million ofthe decrease, partially offsetby increased freight costsat our Buchananoperationsas a result of higher
coalsales under CFRterms comparedtothe three monthsended June30, 2025.
SegmentAdjustedEBITDAwas$29.1 millionfor thethreemonthsendedJune 30,2026, anincreaseof$11.9
millioncomparedto$17.2 millionforthe three monthsended June30, 2025, primarilydriven bylower operating
costsoutweighinglower coalrevenues.
Corporate andOther AdjustedEBITDA
The followingtable presentsa summary ofthe componentsofCorporateand Other AdjustedEBITDA:
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Selling,general, and administrativeexpenses
$
10,479
$
7,600
$
2,879
37.9%
Other,net
13
(49)
62
(126.5)%
TotalCorporateand OtherAdjustedEBITDA
$
10,492
$
7,551
$
2,941
38.9%
Corporateandothercostsof$10.5 millionforthethree monthsendedJune 30,2026, was$2.9 millionhigher
comparedtothe three monthsended June30, 2025, due totimingofcertain corporateactivities.
Coronado Global ResourcesInc.
Form10-Q June30, 202640
MiningandOperatingCostsfortheThreeMonthsEndedJune30,2026ComparedtotheThree
Months EndedJune 30,2025
Areconciliationofsegmentcostsandexpenses,segmentoperatingcosts,and segmentminingcashcostsis
shown below:
Three months endedJune 30, 2026
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Totalcosts andexpenses
$
363,433
$
181,754
$
13,464
$
558,651
Less: Selling,general and administrative
expense
—
—
(10,479)
(10,479)
Less: Restructuringcosts
—
(3,649)
(2,369)
(6,018)
Less: Depreciation,depletionand amortization
(25,422)
(20,148)
(616)
(46,186)
Totaloperating costs
338,011
157,957
—
495,968
Less: Otherroyalties
(37,300)
(7,270)
—
(44,570)
Less: Freightexpenses
(50,933)
(42,868)
(93,801)
Less: Coalinventorymovement
55,375
497
—
55,872
Less: Othercostsand non-miningcosts
(8,769)
(934)
—
(9,703)
Totalminingcash costs
296,384
107,382
—
403,766
Saleableproductionvolume(MMt)
3.0
1.1
—
4.1
Miningcash costper Mtproduced ($/Mt)
98.9
95.0
—
97.9
Three months endedJune 30, 2025
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Totalcosts andexpenses
$
292,326
$
215,071
$
7,994
$
515,391
Less: Selling,general and administrative
expense
(3)
(13)
(7,584)
(7,600)
Less: Depreciation,depletionand amortization
(20,851)
(24,247)
(410)
(45,508)
Totaloperating costs
271,472
190,811
—
462,283
Less: Otherroyalties
(27,684)
(10,330)
—
(38,014)
Less: Stanwellrebate
(21,931)
—
—
(21,931)
Less: Freightexpenses
(41,031)
(21,675)
—
(62,706)
Less: Coalinventorymovement
39,489
(7,037)
—
32,452
Less: Othercostsand non-miningcosts
(6,315)
(992)
—
(7,307)
Totalminingcash costs
214,000
150,777
—
364,777
Saleableproductionvolume(MMt)
2.3
1.4
—
3.7
Miningcash costper Mtproduced ($/Mt)
92.3
108.1
—
98.3
AverageRealizedMet Priceper MtSold forthe ThreeMonths EndedJune 30,2026Comparedto the
Three MonthsEndedJune 30,2025
A reconciliationofthe Company’saverage realized Metprice perMt soldis shownbelow:
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Met coalsales volume(MMt)
2.8
2.9
(0.1)
(2.3)%
Met coalrevenues ($)
479,628
427,328
52,300
12.2%
Average realizedMet priceper Mtsold($/Mt)
170.5
148.4
22.1
14.9%
Coronado Global ResourcesInc.
Form10-Q June30, 202641
Six MonthsEnded June30, 2026Compared toSix MonthsEnded June30, 2025
Australia
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume(MMt)
4.5
4.5
—
1.1%
Saleableproduction(MMt)
4.7
4.5
0.2
4.8%
Totalrevenues($)
585,701
533,122
52,579
9.9%
Coal revenues($)
571,313
517,561
53,752
10.4%
Average realizedprice perMt sold($/Mt)
126.4
115.7
10.7
9.2%
Met coalsales volume(MMt)
3.0
3.2
(0.2)
(5.6)%
Met coalrevenues ($)
506,345
480,690
25,655
5.3%
Average realizedMet priceper Mtsold($/Mt)
167.7
150.3
17.4
11.6%
Mining cashcosts($)
550,274
412,206
138,068
33.5%
Mining cashcostper Mtproduced($/Mt)
117.0
91.9
25.1
27.3%
Operating costs($)
692,976
609,840
83,136
13.6%
Operating costsper Mtsold($/Mt)
153.3
136.3
17.0
12.4%
SegmentAdjustedEBITDA ($)
(98,368)
(75,044)
(23,324)
31.1%
Coal revenuesfor ourAustralian Operationsfor thesix monthsended June30, 2026, increased by$53.8 million
comparedtothesixmonthsendedJune 30,2025.The increasewasdrivenby theaveragerealizedMet coal
pricebeing$17.4perMthighercomparedtothesixmonthsendedJune30,2025.Salesvolumeremained
consistent at 4.5 MMt in both periods,despite saleable productionimproving by 0.2 MMt, due to shipping slippage
intoJuly 2026 resultingfromportcongestionand co-shipperdelays.
Operatingcostsincreasedby$83.1millionforthesixmonthsendedJune30,2026,largelydrivenbyhigher
miningcashcostsand higherfreightcosts,partiallyoffsetbylowerStanwell rebates,which werewaivedfrom
January 1,2026, andcoal inventorybuild as saleableproductionexceeded salesvolumes dueto sales slippage
intoJuly 2026.Mining cashcostswere $138.1millionhigher forthe six monthsended June30,2026,primarily
drivenbyhighersubcontractorcostsduetohigheroverburdenremoval,higherfuelcosts,aproductofthe
increase in diesel fuel price globally,additional fleet mobilized,increased repairs and maintenance costsincluding
emergency repairofthe overland conveyorbelt in the firstquarter of 2026, and anunfavorableforeignexchange
rate ontranslationofour AustralianOperationsfor thesixmonths endedJune 30,2026comparedtothe same
period in2025.Miningcash costsandOperatingcostsper Mtsoldwere $25.1 and$17.0higher,respectively,
comparedtothe sixmonthsended June30, 2025.
SegmentAdjustedEBITDAloss of$98.4millionforthesixmonthsendedJune 30,2026, increasedby$23.3
millioncomparedto$75.0millionfor thesixmonthsendedJune 30,2025,aresultofhigherOperatingcosts
exceedinghigher coalrevenues periodon period.
Coronado Global ResourcesInc.
Form10-Q June30, 202642
United States
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume(MMt)
2.4
2.6
(0.2)
(7.9)%
Saleableproduction(MMt)
2.4
2.7
(0.3)
(11.6)%
Totalrevenues($)
395,620
384,005
11,615
3.0%
Coal revenues($)
395,549
383,227
12,322
3.2%
Average realizedprice perMt sold($/Mt)
162.3
144.8
17.5
11.8%
Met coalsales volume(MMt)
2.3
2.5
(0.2)
(8.1)%
Met coalrevenues ($)
381,556
368,141
13,415
3.6%
Average realizedMet priceper Mtsold($/Mt)
168.4
149.3
19.1
12.5%
Mining cashcosts($)
254,241
309,268
(55,027)
(17.8)%
Mining cashcostper Mtproduced($/Mt)
106.6
114.6
(8.0)
(7.0)%
Operating costs($)
362,965
366,128
(3,163)
(0.9)%
Operating costsper Mtsold($/Mt)
148.9
138.4
10.5
7.2%
SegmentAdjustedEBITDA ($)
30,953
17,573
13,380
76.1%
Coalrevenuesincreasedby $12.3million,or 3.2%,to$395.5millionfor thesixmonthsendedJune 30,2026,
comparedto$383.2millionforthesixmonthsendedJune30,2025.CoalrevenuesfromourBuchanan
operationsfor thesix monthsended June30, 2026, were$110.8million highercomparedto the sameperiod in
2025, aresultofa higheraveragerealizedMet priceand0.4 MMtofadditionalsales volumescomparedto the
six monthsended June30,2025, followingcompletionofthe Buchanan expansionproject.Coal revenuesfrom
our Loganoperationsforthe sixmonthsended June30, 2026, declinedby $98.4millioncomparedtothe same
periodin 2025, due toproductioncurtailment andidlingoperationsin the firstquarter of2026.
Operatingcostswere $3.2millionlowerfor thesix monthsended June30,2026, comparedtothe sameperiod
in 2025.The curtailmentand subsequentidling operationsofour Logan minecontributedto $74.9million ofthe
decrease,partiallyoffsetby ourBuchananoperationswhere weexperiencedhigherMiningcash costs,driven
byincreased production,and additionalfreightcostsas a resultofhigher coalsales under CFR terms.
SegmentAdjustedEBITDAof$31.0 millionfor thesixmonths endedJune 30,2026, increasedby $13.4million
comparedto $17.6millionfor thesix monthsended June30, 2025.The increasewas primarilydriven byhigher
coalrevenues andlower operatingcosts.
Corporate andOther AdjustedEBITDA
The followingtable presentsa summary ofthe componentsofCorporateand Other AdjustedEBITDA:
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Selling,general, and administrativeexpenses
$
15,109
$
15,933
$
(824)
(5.2)%
Other,net
(7)
(18)
11
(61.1)%
TotalCorporateand OtherAdjustedEBITDA
$
15,102
$
15,915
$
(813)
(5.2)%
Corporateandothercostsof$15.1millionforthesixmonthsendedJune30,2026,were $0.8millionlower
comparedto $15.9million forthe sixmonthsended June30, 2025, due totimingofcertain corporateactivities.
Coronado Global ResourcesInc.
Form10-Q June30, 202643
MiningandOperatingCostsfor theSixMonthsEndedJune30,2026Comparedto theSixMonths
Ended June30, 2025
A reconciliationofsegment costsand expenses,segmentoperatingcosts,and segment miningcostsis shown
below:
Six months endedJune 30, 2026
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Totalcosts andexpenses
$
736,431
$
411,462
$
18,698
$
1,166,591
Less: Selling,general and administrative
expense
—
—
(15,109)
(15,109)
Less: Restructuringcosts
—
(3,649)
(2,369)
(6,018)
Less: Depreciation,depletionand amortization
(43,455)
(44,848)
(1,220)
(89,523)
Totaloperating costs
692,976
362,965
—
1,055,941
Less: Otherroyalties
(61,236)
(13,682)
—
(74,918)
Less: Freightexpenses
(92,625)
(86,899)
—
(179,524)
Less: Othercostsand non-miningcosts
(15,990)
(1,871)
—
(17,861)
Less: Coalinventorymovement
27,149
(6,272)
—
20,877
Totalminingcash costs
550,274
254,241
—
804,515
Saleableproductionvolume(MMt)
4.7
2.4
—
7.1
Miningcash costper Mtproduced ($/Mt)
117.0
106.6
—
113.5
Six months endedJune 30, 2025
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Totalcosts andexpenses
$
647,451
$
413,609
$
16,870
$
1,077,930
Less: Selling,general and administrative
expense
(7)
(13)
(15,913)
(15,933)
Less: Depreciation,depletionand amortization
(37,604)
(47,468)
(957)
(86,029)
Totaloperating costs
609,840
366,128
—
975,968
Less: Otherroyalties
(60,097)
(19,270)
—
(79,367)
Less: Stanwellrebate
(43,784)
—
—
(43,784)
Less: Freightexpenses
(81,655)
(41,239)
—
(122,894)
Less: Othercostsand non-miningcosts
(11,631)
(2,656)
—
(14,287)
Less: Coalinventorymovement
(467)
6,305
—
5,838
Totalminingcash costs
412,206
309,268
—
721,474
Saleableproductionvolume(MMt)
4.5
2.7
—
7.2
Miningcash costper Mtproduced ($/Mt)
91.9
114.6
—
100.4
Average RealizedMet Price perMt Sold for theSix Months EndedJune 30,2026 Comparedto the Six
Months EndedJune 30,2025
A reconciliationofthe Company’saverage realized Met priceper Mtsoldis shownbelow:
Six months endedJune 30,
2026
2025
Change
%
(in US$ thousands)
Met coalsales volume(MMt)
5.3
5.7
(0.4)
(6.7)%
Met coalrevenues ($)
887,901
848,831
39,070
4.6%
Average realizedMet priceper Mtsold($/Mt)
168.0
149.8
18.2
12.1%
Coronado Global ResourcesInc.
Form10-Q June30, 202644
Reconciliationof Non-GAAPFinancial Measures
AdjustedEBITDA
Three months ended
June 30,
Six months endedJune 30,
(in US$ thousands)
2026
2025
2026
2025
ReconciliationtoAdjustedEBITDA:
Net loss
$
(99,429)
$
(76,203)
$
(418,019)
$
(172,401)
Add:Depreciation,depletionand amortization
46,186
45,508
89,523
86,029
Add:Interest expense (net ofinterest income)
35,425
20,964
69,177
38,862
Add:Other foreignexchange losses(gains)
2,345
(551)
6,403
(219)
Add:Losson extinguishmentofdebt
—
1,050
—
1,050
Add:Income taxbenefit(expense)
(1,382)
8,466
(12,914)
(29,368)
Add:Impairment ofassets
17,704
—
177,459
—
Add:Restructuring costs
6,018
—
6,018
—
Add:Losseson idledassets
—
13
—
1,848
Add:(Decrease) increasein provision
forcreditlosses
(37)
183
(164)
813
AdjustedEBITDA
$
6,830
$
(570)
$
(82,517)
$
(73,386)
Liquidity andCapital Resources
Overview
Our objectiveis to maintain a prudentcapital structureand to ensure thatsufficientliquid assetsand fundingare
available tomeet both anticipatedand unanticipatedfinancial obligations,including unforeseenevents that could
havean adverseimpactonrevenuesorcosts.Our principalsourcesoffundsarecashandcashequivalents,
cash flowfromoperations,eligible advancepaymentsunder ourcoalsupplyagreementswith Stanwellandour
ABL Facility.
Our main usesofcash have historicallybeen, andare expectedto continueto be, the fundingofour operations,
workingcapital,capitalexpenditures,debt serviceobligations,businessor assetacquisitions,andpaymentof
distributionstoshareholders,ifpermittedand declared.
Our abilityto generatesufficientcash dependson our futureperformance,which maybe subjectto a number of
factorsbeyondourcontrol,includinggeneraleconomicandfinancialconditions,metallurgicalcoalpricing,
competitivedynamics,weather-relatedimpacts,and otherrisks describedin thisQuarterlyReporton Form10-
Q, and Part I, Item 1A. “Risk Factors”ofour Annual Report on Form 10-K forthe year ended December31, 2025,
filedwiththeSECandASXonMarch3,2026andPartII,Item1A. “RiskFactors”ofourQuarterlyReporton
Form 10-Qforthe three monthsended March31, 2026, filedwith the SECand ASXon May11, 2026.
Sourcesofliquidityas ofJune 30, 2026 and December31, 2025 were as follows:
(in US$ thousands)
June 30, 2026
December 31,
2025
Cash andcash equivalents,excludingrestrictedcash
$
97,686
$
172,781
Total
$
97,686
$
172,781
Our totalindebtednessas ofJune 30, 2026 and December31, 2025 consistedofthe following:
(in US$ thousands)
June 30, 2026
December 31,
2025
Current installmentsofinterest bearingliabilities
$
1,955
$
1,794
Interest bearingliabilities,excludingcurrent installments
701,804
695,069
Current installmentsofother financialliabilities,Stanwell liabilitiesand other
financelease obligations
26,668
9,488
Other financialliabilities,Stanwell liabilitiesand financelease obligations,
excludingcurrent installments
461,925
383,800
Total
$
1,192,352
$
1,090,151
Coronado Global ResourcesInc.
Form10-Q June30, 202645
Liquidity
As ofJune 30, 2026,our availableliquidity,consistingofcash andcash equivalents,was $97.7 million.
Coronadocontinuestoundertake initiativestoenhance liquidityand reduceoperatingand capitalcosts.
GlencorePrepaymentAgreements
On August7, 2026, subsidiariesofthe Company enteredinto two concurrentofftakeagreements with Glencore,
under whichGlencore agreedtoadvance prepaymentsofup to$75.0 millionin aggregate.
●
The prepaymentsbear interest at14%per annum onthe outstandingbalance.
●
Thetermis twelvemonths,over whichtheprepaymentsarereimbursedbyapplyingthevalueofcoal
deliveredagainstthe outstandingbalancein accordancewith acontractualschedulethatreducesthe
permittedbalancestonil by theendofthe term. Anyamountoutstandingatfinal maturityis payablein
cash.
●
Failure to meet minimumdelivery quantitiesor the reimbursementschedulewithin specifiedcure periods
is an event of default, upon whichthe outstanding balanceand accrued interestbecome payablein cash.
●
The agreementscontainundertakingscustomaryfor arrangementsofthis type,including restrictionson
the incurrence ofindebtedness,on disposals of coal and of assets incoal production,and on thepayment
ofdividendswhile an event ofdefaultis continuing.
Refer toPart I, Item 1,Note 20. “SubsequentEvents”forfurther information.
Withrespecttoourfinancialcondition,wehaveconcludedthatourcurrentcashandcashequivalentsand
forecastedcashflowswillbe sufficienttofund ouroperationsandsatisfyourobligationsfor atleastoneyear
fromthe issuancedate ofthis Quarterly Reporton Form10-Q.
Our forecastsdepend onthe achievementofproductiontargets and otherfactorsbeyondour control,including
generaleconomicconditions,Metcoalprices,competitivedynamicsandweather-relatedimpacts.Short-to
medium-termworkingcapitalrequirementsaresimilarlysensitivetothesefactors,andthepreparationof
forecastsrequires applicationofmanagement’sjudgement.
Cash andcash equivalents
Cashandcashequivalentsareheldinmulticurrency,interest-bearingbankaccountsavailabletobeusedto
servicetheworkingcapitalneedsoftheCompany.Cashbalancessurplustoimmediateworkingcapital
requirementsareinvestedinshort-term,interest-bearingdepositaccountsorusedtorepayinterest-bearing
liabilities.
ABL Facility
AsofJune30,2026,theaggregateprincipalamountoutstandingundertheABLFacilitywas$279.3million
(A$406.6million),including$14.3 millionofforeigncurrency translation.
The ABL Facility is a revolving creditfacility that maturesin five years. Availabilityunder the ABL Facility is limited
to aneligible borrowingbase,determinedbyapplyingcustomaryadvanceratestoeligible accountsreceivable
and inventory.Borrowingsunderthe ABLFacilitybearinterestat arate of9%perannum, whichmayincrease
to12% per annumdependingon the levelofthe BorrowingBase Ratio.
Amountsoutstandingunder theABL Facilityare securedby (i)a first-priority lien onthe ABLPriorityCollateral,
and (ii) a second-prioritylien on substantially all ofthe Company’s assetsand the assets ofthe other Guarantors,
other thanthe ABL PriorityCollateral.
TheABLFacilitycontainscustomaryrepresentationsandwarrantiesandaffirmativeandnegativecovenants
including,amongothers, a quarterlyBorrowingBase Ratiotest and,fromDecember31, 2027, themaintenance
ofa gearing ratioand interestcoverageratio.
TheABLFacilityprovidesforcustomaryeventsofdefaultthatmaytriggercertainrepaymentobligationsand
review events. A reviewevent will occurunder the ABL Facilityif the Borrowing BaseRatio is below the specified
minimumthreshold of80%. Followingthe occurrenceofa review event, ifStanwell is not satisfiedwith the result
ofits discussionswith theBorrowers,Stanwell mayrequirethe Borrowersto repaythe outstandingborrowings
in an aggregateamount sufficientto restore the BorrowingBase Ratioto the specifiedminimum threshold. As of
June30,2026,theBorrowingBaseRatioexceededthespecifiedminimumthresholdandnoreviewevent
occurredunder theABL Facility.
Coronado Global ResourcesInc.
Form10-Q June30, 202646
In the eventofa default by the Company (beyondany applicablegrace or cure period,if any), the Administrative
Agentmay and,at the directionofStanwell, shall declareall amountsowingunder theABL Facilityimmediately
dueandpayable,terminateStanwell’scommitmentto makeloans underthe ABLFacilityand/orexerciseany
and all remediesand otherrightsunder the ABL Facility.
Refer toPart I, Item 1,Note 11.“InterestBearing Liabilities”forfurther information.
9.250% SeniorSecuredNotes
As ofJune 30, 2026,the outstandingamount ofour Notes was$400.0 million.The Notes were issuedat par and
bear interestat a rate of9.250% per annum.Interest onthe Notes is payablesemi-annuallyin arrearson April1
andOctober1 ofeachyear.TheNotesmatureon October1, 2029andareseniorsecuredobligationsofthe
Issuer.
TheIndenturecontainscustomarycovenantsforhighyieldbonds,including,butnotlimitedto,limitationson
investments,liens,indebtedness,assetsales,transactionswithaffiliatesandrestrictedpayments,including
paymentofdividendson capitalstock.
TheIndenturecontainscustomaryeventsofdefault,includingfailuretomakerequiredpayments,failureto
comply with certain agreementsor covenants, failureto pay for acceleration of certain other indebtedness,certain
events of bankruptcyand insolvency, and failure to paycertain judgments. An event ofdefaultunder theIndenture
will alloweither thetrustee ortheholders ofat least25% inaggregateprincipal amountofthe then-outstanding
Notestoaccelerate,orin certaincases,willautomaticallycauseaccelerationof,theamountsdueunderthe
Notes.
As ofJune 30, 2026,the Companywas in compliancewith all applicablecovenantsunder the Indenture.
Refer toPart I, Item 1,Note 11.“InterestBearing Liabilities”forfurther information.
Stanwell –PrepaidCoal SupplyLiability
On June10,2025, theCompanyandStanwellenteredintotheFirstAmendmenttotheNCSA andtheACSA,
wherebyStanwellprovidednear-termliquiditytotheCompany,includinga prepaymentforthermalcoalanda
rebatewaiver anddeferralfromApril2025 to December2025,both ofwhich will besettled throughreduction of
the grossproceedstobe receivedonthephysicaldeliveryofthermalcoal toStanwell,expectedto startin the
firsthalf of2027, of up to 0.8 MMt per annumover fiveyears, or until suchtime thatthe obligationis fully settled.
This prepaidcoalsupplyliabilitybears interestat 13% perannum.
As ofJune30, 2026,the carryingvalueoftheStanwellprepaidcoalsupplyliability,includingtheprepayment
andtherebatewaiveranddeferralliability,was$178.0million(A$250.7million),ofwhich$13.1millionwas
classifiedas current liability.
Refer toPart I, Item 1,Note 12. “StanwellLiabilities”forfurther information.
Stanwell Prepaymentand DeferredPaymentBalance
OnNovember27,2025,theCompanyenteredintothe SecondAmendmentDeedthat,amongothermatters,
amended the terms of the ACSA and the NCSA to waive rebate amountsthat would have otherwise been payable
bytheCompanyundertheACSAfromJanuary1,2026,andtoprovideforprepaymentsbyStanwelltothe
Companyin relationtoits futureannualnominatedcontract tonnageunderthe ACSAand theNCSA inmonths
whenthe Company’sliquidityis below$250.0 million.
The valueofthe Prepaymentand DeferredPayment Balancewill be settledthroughdeliveryofcoal to Stanwell
duringthetermoftheNCSAin monthswhentheCompany’sliquidityexceeds$300.0million.Inaddition,the
CompanymayfromtimetotimemakeadditionalpaymentstoreducethePrepaymentandDeferredPayment
Balance,includingwhentheCompanymakespermitteddistributionstoshareholders.WherethePrepayment
andDeferredPaymentBalanceremainsoutstandingafterthefinaldeliverydatepursuanttotheNCSA
(December31,2043),theoutstandingbalancewillbe settledin cashin monthswhentheCompany’sliquidity
exceeds$300.0 millionuntil the balanceis fullyrepaid.
As ofJune 30,2026,the carrying valueofthe Prepayment and DeferredPayment Balancewas $65.3 millionand
classifiedas non-current financialliability.
TheACSAandtheNCSAaresecuredbymortgagesregisteredovertheCurraghminetenements,orthe
TenementLien, at the QueenslandGovernment level anda third-priority lien on substantiallyall of the Company's
assets. The TenementLien operatesindependentlyof,and is not subordinatedto, the Company'sother secured
debt obligations,and no thirdpartymay acquirethe Curraghmine tenementswithoutsimultaneouslyassuming
the coalsupplyobligationstoStanwell.
Coronado Global ResourcesInc.
Form10-Q June30, 202647
If a changeofcontrolofthe Companyis proposedwithin twoyearsofNovember27, 2025,theCompanymust
obtainStanwell’sconsentand,beforethechangeofcontroloccurs,payStanwell thewaivedrebateamounts,
together with contractualinterest fromthe dates such amountswould otherwise havebeen payable.Additionally,
ifanentitythatcontrolledtheCompanyasatNovember27,2025ceasestocontroltheCompanybyway of
disposalofan interest in the Company of20% or more without Stanwell’sconsentwithin twoyears ofNovember
27, 2025,then theCompanymust immediatelypayStanwell thewaived rebateamounts,togetherwith interest.
As ofJune 30,2026,cumulativerebateamountsof$48.8 million
wouldhave beenpayableabsentthewaiver.
No liabilitywas recognizedas ofJune 30, 2026in respectofthe waivedrebate amountsbecause theCompany
had not been requiredto seek Stanwell’sconsent in connectionwith any proposedchange or cessation ofcontrol
as ofthat date.
Refer toPart I, Item 1,Note 12. “StanwellLiabilities”forfurther information.
Loan –Curragh HousingTransaction
In2024,theCompanycompletedtheCurraghHousingTransaction.Theproceedsreceivedof$23.0million
(A$34.6 million)for the failedsale and leasebackofproperty,plant and equipmentowned bythe Companywere
recognizedas “Other FinancialLiabilities”on the Company’sConsolidatedBalance Sheets.
In connectionwith theCurragh HousingTransaction,the Companyborrowed $26.9million(A$40.4 million)from
the same counterparty,which wasrecorded as“Interest BearingLiabilities” in the ConsolidatedBalanceSheets.
The OtherFinancialLiabilitiesandInterestBearingLiabilitiesrecordedin connectionwith theCurraghHousing
Transactionare payablein equalmonthly installmentsover aperiod often years,with aneffectiveinterest rate
of14.14%.
Referto Part I, Item1. Note11.“InterestBearingLiabilities”and Note13.“Other FinancialLiabilities”for further
information.
Finance leases
TheCompanyentersintovariousfinanceleaseagreementsinthe ordinarycourseofbusiness.Thecarrying
value offinanceleaseswas $23.4millionas at June30, 2026.The termsofthe outstandinglease agreements
mature throughAugust2029 and bearfixedinterest rates rangingfrom8.6% to14.0%.
Surety bonds,letters ofcredit and bankguarantees
We are requiredto providefinancial assurancesand securityto satisfycontractual andother requirementsin the
normalcourseofbusiness.Someoftheseassurancesareprovidedto complywith stateorothergovernment
agencies’statutesand regulations.
As atJune30,2026,wehadoutstandingsuretybondsof$20.0millionandcash-backedbankguaranteesof
$46.6milliontosecureourobligationsand commitments.RefertoPartI, Item1. Note19.“Contingencies”for
further information.
Futureregulatorychangesrelatingtotheseobligationsordeteriorationofourcreditriskratingcouldresultin
increasedobligations,additionalcostsor additionalcollateralrequirements.
Restricteddeposits – cashcollateral
As requiredby certainagreements,wehadtotalcashcollateralin theformofdepositsof$151.7millionas of
June30,2026toprovideback-to-backsupportforbankguarantees,financialpayments,otherperformance
obligations,variousotheroperatingagreementsandcontractualobligationsunderworkerscompensation
insurance.Thesedepositsarerestrictedandclassifiedasnon-currentassetsintheunauditedCondensed
ConsolidatedBalance Sheets.
Futureregulatorychangesin relationto theseobligationsor deteriorationofour credit riskratingcouldresultin
increasedobligations,additionalcostsor additionalcollateralrequirements.
Dividends
OurdividendpolicyandthepaymentoffuturecashdividendsaresubjecttothediscretionofourBoardof
Directors.Thedecisionastowhetherornotadividendwillbepaidissubjecttoa numberofconsiderations
including thegeneral business environment,operating results,cash flows,future capital requirements,regulatory
and contractualrestrictions,as well as applicablecovenants underthe debtand otheragreements andany other
factorsthe BoardofDirectorsmay considerrelevant.
Coronado Global ResourcesInc.
Form10-Q June30, 202648
TheSecondAmendmentDeedenteredwith Stanwellincludesrestrictionson ourabilitytopaydistributionsto
shareholders(e.g., a dividend),such thatwe arerequired to maintaina minimumcash liquidityof$300.0 million
followingpaymentofsuchdistribution,the repurchaseoftheNotesin connectionwith thedistributionandthe
paymentofan equal orgreater amount(up to a maximumof3 times) thanthedistributionbeing used toreduce
the Prepaymentand DeferredPayment BalanceowedtoStanwell.
Capital Requirements
Our main uses ofcash have historically beenthe fundingofour operations,working capital,capital expenditures,
andthepaymentofinterestanddividends.We intendtousecashto servicepaymentsofour Notes,theABL
Facility,the Stanwell liabilities and our other indebtedness,and to fund operating activities, working capital, capital
expenditures,includingorganicgrowthprojects,businessorassetsacquisitionsand,ifdeclared,paymentof
dividends.
Historical CashFlows
The followingtable summarizesour cash flowsfor the sixmonths endedJune 30, 2026 and 2025,as reportedin
the accompanyingconsolidatedfinancialstatements:
Six months ended
June 30,
(in US$ thousands)
2026
2025
Net cash (usedin) fromoperatingactivities
$
(66,895)
$
40,088
Net cash usedin investingactivities
(69,026)
(177,000)
Net cash fromfinancingactivities
60,759
58,881
Net changein cash andcash equivalents
(75,162)
(78,031)
Effectofexchange rate changeson cashand cashequivalents
(184)
242
Cash andcash equivalentsat beginningofperiod
173,032
339,625
Cash andcash equivalentsat end ofperiod
$
97,686
$
261,836
OperatingActivities
Net cash usedin operatingactivitieswas $66.9 millionfor the six monthsended June30, 2026, comparedto net
cash fromoperationsof$40.1 million for the six monthsended June 30, 2025. The decrease was primarilydriven
bya one-offcoal prepaymentfromStanwellof$75.0millionincludedin the2025 period,a $9.1millionhigher
EBITDA lossand $13.7 million ofadditional interest paymentscomparedto the six months endedJune 30, 2025,
with theremainingdifferencearising fromthe timingofcollectionfromcustomersand paymentstosuppliers.
InvestingActivities
Netcashusedin investingactivitieswas $69.0millionforthesixmonthsendedJune30,2026,comparedto
$177.0 millionfor the six monthsended June30, 2025. Cashspent oncapital forthe six monthsended June30,
2026, was $58.6 million,ofwhich $30.5 million relatedto the AustralianOperationsand $28.1 millionwas related
to our U.S. Operations anda net cash placed as cash collateral,in the form of restricteddeposits,of $11.3 million
to satisfycontractual and other requirements.Lower capitalexpenditurefor the six monthsended June30, 2026,
was primarilydue tothe completionofour MammothUndergroundand Buchanan expansionprojectsin 2025.
FinancingActivities
Net cashprovidedby financingactivitieswas $60.8million forthe sixmonths endedJune 30,2026. Includedin
netcashprovidedbyfinancingactivitieswereproceedsof$66.2millionrelatingtoadvancepaymentsfrom
Stanwell inconnectionwith theSecondAmendmentDeed, partiallyoffsetby repayment ofinterest bearingand
other financialliabilitiesof$1.7 millionand repaymentoffinancelease obligationsof$3.7 million.
ContractualObligations
Therewere no materialchanges tothe Company’scontractualobligationsas previouslydisclosedin our Annual
Reporton Form10-K forthe year endedDecember31, 2025, filedwith the SECand ASXon March 3,2026.
Coronado Global ResourcesInc.
Form10-Q June30, 202649
Critical AccountingPolicies andEstimates
Thepreparationofourfinancialstatementsinconformitywith U.S.GAAPrequiresustomakeestimatesand
assumptionsthat affectthe reported amountsofassets and liabilitiesat the dateofthe financial statementsand
the reportedamountsofrevenueandexpensesduring thereportingperiod.On anongoingbasis,we evaluate
our estimates.Our estimatesare basedon historicalexperienceand variousother assumptionsthat webelieve
are appropriate,the results of which formthe basis formaking judgmentsabout the carrying values ofassets and
liabilitiesthatarenotreadilyapparentfromothersources.Actualresultsmaydifferfromtheseestimates.All
criticalaccountingestimatesand assumptions,as wellas theresulting impacttoour financialstatements,have
been discussedwith the Audit,Governance and RiskCommitteeofour BoardofDirectors.
Ourcriticalaccountingpoliciesarediscussedin Item7.“Management’sDiscussionandAnalysisofFinancial
Conditionand Results of Operations”of our Annual Report on Form10-K for the year ended December31, 2025
,
filedwith the SEC andASXon March3, 2026.
Newly AdoptedAccountingStandardsand AccountingStandards NotYetImplemented
SeeNote2.(a)“NewlyAdoptedAccountingStandards”andNote2.(b)“AccountingStandardsNotYet
Implemented”toour unauditedcondensedconsolidatedfinancialstatementsforfurther information.
Coronado Global ResourcesInc.
Form10-Q June30, 202650
ITEM3.QUANTITATIVEAND QUALITATIVEDISCLOSURESABOUT MARKETRISK
Ouractivitiesexposeustoa varietyoffinancialrisks, suchascommodityprice risk,interestraterisk,foreign
currency risk, liquidityrisk and credit risk. The overallrisk managementobjectiveis to minimize potentialadverse
effectson ourfinancialperformancefromthoseriskswhich are not coalprice related.
WemanagefinancialriskthroughpoliciesandproceduresapprovedbyourBoardofDirectors.These specify
the responsibilityoftheBoardofDirectorsandmanagementwithregardtothemanagementoffinancialrisk.
FinancialrisksaremanagedcentrallybyourfinanceteamunderthedirectionoftheInterimChiefFinancial
Officer.The financeteammanagesrisk exposuresprimarilythroughdelegatedauthoritylimits approvedby the
BoardofDirectors.Thefinanceteamregularlymonitorsourexposuretothesefinancialrisksandreportsto
managementand the Board ofDirectorson a regular basis. Policiesarereviewed at leastannually and amended
where appropriate.
We may use derivative financialinstruments such as forwardfixed price commoditycontracts, interest rate swaps
andforeignexchangeratecontractstohedgecertainriskexposures.Theuseofderivativesforspeculative
purposesis strictlyprohibitedby the TreasuryRisk ManagementPolicyapprovedby our Board ofDirectors.We
use differentmethodsto measurethe extentto whichwe areexposedto various financialrisks.These methods
include sensitivityanalysisin the case of interest rates, foreignexchange and otherprice risks and aginganalysis
forcreditrisk.
CommodityPrice Risk
Coal PriceRisk
We areexposedto domesticand globalcoal prices.Ourprincipal philosophyis thathedgingcoal priceswould
not be in the long-term interest ofour stockholders.Therefore, any potential hedgingofcoal prices throughlong-
termfixedpricecontractsissubjecttotheapprovalofourBoardofDirectorsandwouldonlybeadoptedin
exceptionalcircumstances.
The expectationoffuture pricesfor coaldependsuponmanyfactorsbeyondourcontrol.Met coalhasbeena
volatile commodityover the pastten years.The demandand supplyin theMet coal industrychanges fromtime
totime.Therearenoassurancesthatoversupplywillnotoccur,thatdemandwillnotdecreaseorthat
overcapacitywillnot occur,which couldcause declinesin theprices ofcoal andcould havea materialadverse
effecton ourfinancialconditionand resultsofoperations.
Accesstointernationalmarketsmaybe subjectto ongoinginterruptionsandtradebarriers duetopoliciesand
tariffsofindividualcountries.Wemayormaynotbeabletoaccessalternatemarketsforourcoalshould
interruptionsortradebarriersoccurinthefuture.TheinabilityofMetcoalsupplierstoaccessinternational
markets wouldlikelyresult in an oversupplyofMet coal and may resultin a decreasein pricesor the curtailment
ofproduction.
We manageour commodityprice riskfor ournon-trading,thermalcoalsales throughthe useoflong-term coal
supplyagreements in our U.S. Operations.In Australia, thermalcoal is soldto Stanwell under a long-term supply
contract.SeeItem1A.“RiskFactors—Restrictionsandlimitationsrelatedtoourcoalsupplyagreementswith
Stanwell may adverselyimpact our strategy,financial condition,results of operations and business”in our Annual
Reporton Form10-K filedwith the SEC andASXon March3, 2026.
Sales commitmentsin theMet coalmarket are typicallynot long-term innature, andwe arethereforesubject to
fluctuationsin marketpricing.Certaincoalsalesareprovisionallypriced initially.Provisionallypricedsalesare
those forwhich pricefinalization,referencedto the relevantindex,is outstandingat the reportingdate.The final
sales priceis determinedwithin 7 to90 daysafterdeliveryto thecustomer.AsofJune 30,2026,we had$21.0
millionofoutstandingprovisionallypricedreceivablessubjecttochangesin therelevantpriceindex.If prices
decreased10%,theseprovisionallypricedreceivableswoulddecreaseby$2.1million.SeeItem1A.“Risk
Factors—Ourprofitabilitydependsupon thepriceswe receivefor ourcoal.Prices forcoalarevolatileandcan
fluctuatewidelybasedupona numberoffactorsbeyondourcontrol”in ourAnnualReportonForm10-K filed
with theSEC andASXon March3, 2026.
Diesel Fuel
Wemay beexposedto pricerisk inrelationtoothercommoditiesfromtime totimearisingfromraw materials
used inouroperations(suchasgas ordiesel).The expectationoffuture pricesfor dieseldependsuponmany
factorsbeyondour control.See PartII, Item1A. “RiskFactors—Ourbusinessmay bemateriallyandadversely
affectedbytheimpactontheglobaleconomydueto,amongotherevents,significantgeopoliticaltensions,
includingongoingcivilunrest orwars,or pandemics”inourQuarterlyReporton Form10-Qfiledwiththe SEC
and ASXon May11, 2026.
Thesecommoditiesmaybehedgedthroughfinancialinstrumentsifthe exposureis consideredmaterialand
where the exposurecannotbe mitigatedthrough fixedprice supplyagreements.
Coronado Global ResourcesInc.
Form10-Q June30, 202651
Thefuelrequiredforouroperationsfortheremainderoffiscalyear2026willbepurchasedunderfixed-price
contractsor ona spotbasis.
InterestRate Risk
Interest raterisk is therisk that achange in interestrates onour borrowingfacilitieswill have an adverseimpact
onourfinancialperformance,investmentdecisionsandstockholderreturn.Ourobjectivesinmanagingour
exposuretointerestratesincludeminimizinginterestcostsin thelongterm,providinga reliableestimateof
interestcostsfor theannualbudgetand ensuringthatchanges ininterestrateswillnothave amaterialimpact
on ourfinancialperformance.
As ofJune 30, 2026,we had$1,192.4million offixedrate borrowings,Notes,other financialliabilities,Stanwell
liabilitiesand financeleases andno variable-rate borrowingsoutstanding.
We currentlydonothedge againstinterest rate fluctuations.
ForeignExchange Risk
A significantportionofour salesare denominatedin US$. Foreignexchange riskis the riskthat our earningsor
cash flowsare adverselyimpactedbymovementsin exchange ratesofcurrencies that are notin US$.
Our main exposure is to the A$-US$ exchangerate through our AustralianOperations, whichhave predominantly
A$ denominatedcosts.Greater than 80%ofexpensesincurred at ourAustralian Operationsare denominatedin
A$. Approximately20%ofour Australian Operations’ purchasesare made with referenceto US$, which provides
a naturalhedge againstforeignexchange movementson thesepurchases(includingfuel, severalport handling
charges,demurrage,purchasedcoalandsomeinsurancepremiums).AppreciationoftheA$againstUS$ will
increase ourAustralianOperations’US$ reportedcostbase andreduce US$ reportednet income.
WeenteredintoforwardexchangecontractstomanagetheforeigncurrencyexposureofourAustralian
Operationsby sellingUS$ generatedfromexport coalsalesrevenueat Curraghand purchasingA$ requiredto
settle Curragh’sA$ operatingcosts.Thefair valueofthe forward foreigncurrency derivative contractsas of June
30, 2026was a liabilityof$0.9million.
For ourAustralianOperations,we translateallmonetaryassetsand liabilitiesat theperiodendexchangerate,
allnon-monetaryassetsandliabilitiesathistoricalratesandrevenueandexpensesatthe averageexchange
ratesin effectduring the periods.The net effectofthese translation adjustmentsis shownin theaccompanying
ConsolidatedFinancial Statementswithin componentsofnet income.
For the unhedgedportionofUS$ required topurchase A$to settleour AustralianOperations’operating costs,a
10%increaseintheA$toUS$exchangeratewouldhaveincreasedreportedtotalcostsandexpensesby
approximately$29.2 millionand $60.4 millionforthe three and sixmonthsended June30, 2026, respectively.
Credit Risk
Credit riskis therisk ofsustaining a financialloss as a resultofa counterpartynotmeeting itsobligationsunder
a financialinstrumentor customercontract.
We areexposedto creditrisk whenwehave financialderivatives,cash deposits,lines of credit,letters ofcredit
or bank guaranteesin place with financial institutions.To mitigateagainst credit riskfrom financial counterparties,
we have minimumcreditrating requirementswith financialinstitutionswhere we transact.
Wearealsoexposedtocounterpartycreditriskarisingfromouroperatingactivities,primarilyfromtrade
receivables.Customerswho wishto tradeon creditterms aresubject tocreditverificationprocedures,including
an assessmentoftheir independentcredit rating,financial position,past experience andindustryreputation.We
monitor thefinancialperformanceofcounterpartieson a routinebasistoensure creditthresholdsare achieved.
Where required,we willrequest additionalcredit support,such as lettersofcredit, tomitigate againstcredit risk.
Creditriskismonitoredregularly,andperformancereportsareprovidedtoourmanagementandBoardof
Directors.
As ofJune 30,2026,we hadfinancialassetsof$454.8million,consistingofcash andcashequivalents,trade
and other receivablesand restricted deposits,all of which are exposed tovaried levels ofcounterparty credit risk.
ThesefinancialassetshavebeenassessedunderASC326,
FinancialInstruments–CreditLosses
,anda
provisionforcreditlossesof$5.3 millionwas recordedas ofJune 30, 2026.
Coronado Global ResourcesInc.
Form10-Q June30, 202652
ITEM4.CONTROLSAND PROCEDURES
DisclosureControls andProcedures
Wemaintaindisclosurecontrolsandproceduresthataredesignedtoensurethatinformationrequiredtobe
disclosedin our Exchange Act reportsis recorded,processed,summarized and reportedwithin thetime periods
specifiedin theSEC’srulesandforms,andthatsuchinformationisaccumulatedandcommunicatedtoour
management,includingtheChiefExecutiveOfficerandtheInterimChiefFinancialOfficer,asappropriate,to
allowtimelydecisionsregardingrequireddisclosurebasedsolelyon thedefinitionof“disclosurecontrolsand
procedures”in Rule 13a-15(e)promulgatedunder theExchangeAct. In designingand evaluatingthe disclosure
controlsandprocedures,managementrecognizedthatanycontrolsandprocedures,nomatterhowwell
designedand operated,can provideonly reasonableassuranceofachieving thedesired controlobjectives,and
managementnecessarily was required to applyits’judgment in evaluating the cost-benefit relationship of possible
controlsand procedures.
As ofthe end ofthe periodcovered bythisQuarterlyReporton Form10-Q,we carriedout anevaluationunder
thesupervisionandwiththeparticipationofourmanagement,includingtheChiefExecutiveOfficerandthe
InterimChief FinancialOfficer,ofthe effectivenessofthe designandoperationofour disclosurecontrolsand
procedures. Based on the foregoing,theChief Executive Officerand the Interim Chief Financial Officerconcluded
that our disclosurecontrolsand procedureswere effective.
Changesto InternalControl overFinancialReporting
During the fiscal quarter covered by this Quarterly Report on Form 10-Q, there were no changes in the Company's
internalcontroloverfinancialreporting,assuchtermisdefinedinRule13a-15(f)oftheExchangeAct,that
materiallyaffected,or arereasonablylikelytomateriallyaffect,the Company’sinternalcontroloverfinancial
reporting.
Coronado Global ResourcesInc.
Form10-Q June30, 202653
PARTII –OTHER INFORMATION
ITEM1.LEGAL PROCEEDINGS
We are subjectto various legal andregulatory proceedings.For a descriptionofour significant legal proceedings
refertoNote 19. “Contingencies”totheunauditedcondensedconsolidatedfinancialstatementsincludedin
Part I,Item 1.“FinancialStatements”ofthis QuarterlyReporton Form10-Q,which informationis incorporated
byreference herein.
ITEM1A.RISK FACTORS
Therewere no materialchanges tothe riskfactorspreviouslydisclosedin Part I, Item 1A,“Risk Factors,”ofour
AnnualReporton Form10-K forthe yearended December31, 2025,filedwith theSECand ASXonMarch 3,
2026 and Part II, Item 1A. “Risk Factors”of our Quarterly Report on Form 10-Q forthe three months ended March
31, 2026, filedwith the SEC andASXon May11, 2026.
ITEM2.UNREGISTEREDSALES OFEQUITYSECURITIESAND USEOF PROCEEDS
None.
ITEM3.DEFAULTSUPON SENIORSECURITIES
None.
ITEM4. MINESAFETY DISCLOSURES
Safetyis the cornerstoneofthe Company’s valuesand isthe numberone priorityfor all employeesat Coronado
GlobalResources Inc.
Our U.S.Operationsinclude multipleminingcomplexesacross threestates andare regulatedby boththe U.S.
Mine SafetyandHealthAdministration,or MSHA,andstateregulatoryagencies.Under regulationsmandated
by the Federal MineSafetyand Health Act of1977, or the Mine Act,MSHA inspectsour U.S.mines ona regular
basisand issuesvariouscitationsand orderswhen it believesa violationhas occurredunder the Mine Act.
InaccordancewithSection 1503(a)oftheDodd-Frank WallStreetReformandConsumerProtectionActand
Item104ofRegulationS-K(17CFR229.104),eachoperatorofacoalorotherminein theUnitedStatesis
requiredtoreportcertain mine safetyresultsin itsperiodicreportsfiledwith the SEC underthe ExchangeAct.
Informationpertainingtominesafetymattersisincludedin Exhibit95.1attachedtothisQuarterlyReporton
Form 10-Q. Thedisclosuresreflect the United States miningoperationsonly,as these requirements donot apply
toour mines operatedoutsidethe UnitedStates.
ITEM5.OTHER INFORMATION
Duringthe quarterendedJune30, 2026,no directororofficer(as definedin Rule16a-1(f) promulgatedunder
the ExchangeAct) ofthe Company
adopted
or
terminated
a “Rule10b5-1tradingarrangement”or “
non-Rule
10b5-1
tradingarrangement”(as each termis definedin Item 408 ofRegulation S-K).
Coronado Global ResourcesInc.
Form10-Q June30, 202654
ITEM6.EXHIBITS
The followingdocumentsare filedas exhibitshereto:
Exhibit No.
Description of Document
3.1
3.2
10.1
10.2
10.3
10.4
15.1
31.1
31.2
32.1
95.1
101.INS
InlineXBRL InstanceDocument
101.SCH
InlineXBRL TaxonomyExtensionSchema Document
101.CAL
InlineXBRL TaxonomyExtensionCalculation LinkbaseDocument
101.DEF
InlineXBRL TaxonomyExtensionDefinitionLinkbaseDocument
101.LAB
InlineXBRL TaxonomyExtensionLabel LinkbaseDocument
101.PRE
InlineXBRL TaxonomyExtensionPresentationLinkbaseDocument
104
Cover PageInteractiveData File(formattedas Inline XBRLand containedin Exhibit101)
Coronado Global ResourcesInc.
Form10-Q June30, 202655
SIGNATURES
Pursuantto therequirementsofthe SecuritiesExchangeAct of1934, the registranthas duly causedthis report
tobe signedon itsbehalfbythe undersigned,thereunto dulyauthorized.
CoronadoGlobalResourcesInc.
By:
/s/SandeepDeoji
SandeepDeoji
Interim ChiefFinancialOfficer(as dulyauthorized
officerand as principal financialofficerofthe registrant)
Date:August10,2026