UNITED STATES
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DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission in connection with the
registrant’s 2026 annual general meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form
10-K. Documents incorporated by reference in this report are listed in the Exhibit Index of this Annual Report on Form 10-K.
Steel starts
here.
Annual Report on Form 10-K for the year ended December 31, 2025.
TABLE OF CONTENTS
Page
Number
PART I
8
37
65
65
67
89
90
PART II
91
92
93
111
113
158
159
161
161
PART III
162
162
162
162
162
PART IV
163
168
169
Coronado Global Resources Inc. Form 10-K December 31, 2025 5
EXPLANATORY NOTE
Unless otherwise noted, or the context indicates otherwise, references in this Annual Report on Form 10-K to
“we,” “us,” “our,” “Company,” or “Coronado” refer to Coronado Global Resources Inc. and its consolidated
subsidiaries and associates.
All production and sales volumes contained in this Annual Report on Form 10-K are expressed in metric tons, or
Mt, millions of metric tons, or MMt, or millions of metric tons per annum, or MMtpa, except where otherwise
stated. One Mt (1,000 kilograms) is equal to 2,204.62 pounds and is equivalent to 1.10231 short tons. A short
ton is equivalent to 2,000 pounds. In addition, all dollar amounts contained herein are expressed in United States
dollars, or US$, except where otherwise stated. References to “A$” are references to Australian dollars, the lawful
currency of the Commonwealth of Australia, or the Commonwealth. Some numerical figures included in this
Annual Report on Form 10-K have been subject to rounding adjustments. Accordingly, numerical figures shown
as totals in certain tables may not equal the sum of the figures that precede them.
CAUTIONARY NOTICE REGARDING FORWARD -LOOKING STATEMENTS
This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act
of 1934, as amended, or the Exchange Act, concerning our business, operations, financial performance and
condition, the coal, steel and other industries, as well as our plans, objectives and expectations for our business,
operations, financial performance and condition. Forward-looking statements may be identified by words such as
“may,” “could,” “believes,” “estimates,” “expects,” “intends,” “plans,” “anticipate,” “forecast,” “outlook,” “target,”
“likely,” “considers” and other similar words.
Any forward-looking statements involve known and unknown risks, uncertainties, assumptions and other
important factors that could cause actual results, performance, events or outcomes to differ materially from the
results, performance, events or outcomes expressed or anticipated in these statements, many of which are
beyond our control. Such forward-looking statements are based on an assessment of present economic and
operating conditions using a number of best estimate assumptions regarding future events and actions. These
factors are difficult to accurately predict and may be beyond our control. Factors that could affect our results, our
announced plans or an investment in our securities include, but are not limited to:
• the prices we receive for our coal;
• our ability to generate sufficient cash to service our indebtedness and other obligations;
• our ability to provide appropriate financial assurances for our obligations under applicable laws and
regulations, including our ability to provide applicable surety of Curragh’s Estimated Rehabilitation
Cost under the Financial Provisioning Scheme;
• risks unique to international mining and trading operations, including any changes in tariffs or tariff
policies and other barriers to trade. For example, during 2025, the U.S. government announced a
variety of baseline and other tariffs on certain imports from certain countries, including a 50% tariff
on steel imports. These developments have led to increased volatility in global supply chains,
financial markets and international trade policies;
• uncertainty in global economic conditions, including the extent, duration and impact of ongoing civil
unrest and wars, as well as risks related to government actions with respect to trade agreements,
treaties or policies;
• a decrease in the availability or increase in costs of labor, key supplies, capital equipment or
commodities, such as diesel fuel, steel, explosives and tires, as the result of inflationary pressures
or otherwise;
• the extensive forms of taxation that our mining operations are subject to, and future tax regulations
and developments;
• concerns about the environmental impacts of coal combustion and greenhouse gas, or GHG,
emissions, relating to mining activities, which could result in increased regulation of coal combustion
and GHG emissions in many jurisdictions and could increase costs associated with coal production
and consumption. These costs could include costs for additional controls to reduce carbon dioxide
emissions or costs to purchase emissions reduction credits to comply with future emissions trading
programs, and could significantly impact our financial condition and results of operations, affect
demand for our products or our securities and reduce our access to capital and insurance markets;
Coronado Global Resources Inc. Form 10-K December 31, 2025 6
• severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges
of one or more of our major customers, including customers in the steel industry, or key
suppliers/contractors, which, among other adverse effects, could lead to reduced demand for our
coal, increased difficulty collecting receivables and customers and/or suppliers asserting force
majeure or other reasons for not performing their contractual obligations to us;
• our indebtedness and ability to comply with the covenants and other undertakings under the
agreements governing such indebtedness;
• our ability to collect payments from our customers depending on their creditworthiness, contractual
performance or otherwise;
• the demand for steel products, which impacts the demand for our metallurgical, or Met, coals;
• risks inherent to mining operations which could impact the amount of coal produced, cause delays
in or suspension of coal deliveries, or increase the cost of operating our business;
• the loss of, or significant reduction in, purchases by our largest customers;
• unfavorable economic and financial market conditions;
• our ability to continue acquiring and developing coal reserves that are economically recoverable;
• uncertainties in estimating our economically recoverable coal reserves;
• transportation for our coal becoming unavailable or uneconomic for our customers;
• the risk that we may be required to pay for unused capacity pursuant to the terms of our take-or-pay
arrangements with rail and port operators;
• our ability to retain key personnel and attract qualified personnel;
• any failure to maintain satisfactory labor relations;
• our ability to obtain, renew or maintain permits and consents necessary for our operations;
• potential costs or liability under applicable environmental laws and regulations, including with respect
to any exposure to hazardous substances caused by our operations, as well as any environmental
contamination our properties may have or our operations may cause;
• extensive regulation of our mining operations and future regulations and developments;
• assumptions underlying our asset retirement obligations for reclamation and mine closures;
• any cyber-attacks or other security breaches that disrupt our operations or result in the dissemination
of proprietary or confidential information about us, our customers or other third parties;
• the risk that we may not recover our investments in our mining, exploration and other assets, which
may require us to recognize impairment charges related to those assets;
• risks related to divestitures and acquisitions;
• the risk that diversity in interpretation and application of accounting principles in the mining industry
may impact our reported financial results; and
• other risks and uncertainties described in Item 1A. “Risk Factors.”
We make many of our forward-looking statements based on our operating budgets and forecasts, which are
based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is
very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could
affect our actual results.
See Item 1A. “Risk Factors” and elsewhere in this Annual Report on Form 10-K for a more complete discussion
of the risks and uncertainties mentioned above and for discussion of other risks and uncertainties we face that
could cause actual results to differ materially from those expressed or implied by these forward-looking
statements.
Coronado Global Resources Inc. Form 10-K December 31, 2025 7
All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary
statements, as well as others made in this Annual Report on Form 10-K and hereafter in our other filings with the
Securities and Exchange Commission, or SEC, and public communications. You should evaluate all
forward-looking statements made by us in the context of these risks and uncertainties.
We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to
you. The forward-looking statements included in this Annual Report on Form 10-K are made only as of the date
hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new
information, future events, or otherwise, except as required by applicable law.
Forward-looking and other statements in this Annual Report on Form 10-K regarding our GHG reduction plans
and goals are not an indication that these statements are necessarily material to investors or required to be
disclosed in our filings with the SEC. In addition, historical, current and forward-looking GHG-related statements
may be based on standards for measuring progress that are still developing, internal controls and processes that
continue to evolve and assumptions that are subject to change in the future.
Coronado Global Resources Inc. Form 10-K December 31, 2025 8
PART I
ITEM 1. BUSINESS.
Overview
We are a recognized producer, global marketer and exporter of high-quality Met coals, supported by a diversified
operating portfolio of three high-quality, long-life Met coal assets located in Australia and the United States, or
U.S. Our coals are an essential ingredient in the production of steel using blast furnaces used in the manufacture
of a wide range of everyday steel-based products. These steel supplies serve major segments of the global
economy, including the automotive, construction, and infrastructure sectors.
Our mining operations and development projects are located in Queensland in Australia, and in Virginia, West
Virginia and Pennsylvania in the U.S. Our operations in the U.S., or U.S. Operations, and our operations in
Australia, or Australian Operations, are strategically located to provide access to key transportation infrastructure,
enabling us to serve a diversified customer base spanning five continents.
Our Australian Operations consist of the 100%-owned Curragh producing mining property located in the Bowen
Basin of Queensland, Australia. The Curragh complex is comprised of two open cut mines, Curragh North Mine
and Curragh South Mine, and one underground mine, Mammoth Underground, or Mammoth. With an estimated
reserve life of 20 years, the Curragh complex is a key supplier of Met coal to steelmakers in Asia, Europe and
South America, contributing 10.6 MMt of saleable production for the year ended December 31, 2025.
Our U.S. Operations are comprised of two producing mining properties (Buchanan and Logan) located in the
Central Appalachian region of the U.S., or CAPP, and one development mining property (Mon Valley), all of which
are 100%-owned. Buchanan and Logan, with estimated reserve lives of 22 and 34 years, respectively,
contributed a total of 5.3 MMt of saleable production for the year ended December 31, 2025. We recently
announced that the Logan mine may be idled depending on market conditions.
In addition to Met coal, our Australian Operations sell thermal coal under a long-term, legacy contract assumed
in the acquisition of Curragh to Stanwell Corporation Limited, or Stanwell, a Queensland government-owned
entity and the operator of the Stanwell Power Station located near Rockhampton, Queensland, which generates
approximately 10% of Queensland’s electricity. Curragh also sells some thermal coal in the export market. Our
U.S. Operations also produce and sell some thermal coal that is recovered in the process of mining Met coal.
Location of Australian Operations
Location of U.S. Operations
We serve a geographically diverse customer base across a range of global markets. In 2025, the primary
consumers of our seaborne Met coal were located in Asian markets, Brazil and Europe.
History and Australian Public Offering
We were founded in 2011 by our then Chief Executive Officer, and current Executive Chair, Mr. Garold Spindler,
our then President and Chief Operating Officer, Mr. James Campbell, and a private equity fund affiliated with The
Energy & Minerals Group, or EMG, with the intention of evaluating, acquiring and developing Met coal mining
properties.
Prior to our initial public offering, Coronado Global Resources Inc. was a wholly-owned subsidiary of Coronado
Group LLC. On October 23, 2018, we completed an initial public offering on the Australian Securities Exchange,
or ASX, referred to herein as the Australian IPO.
Coronado Global Resources Inc. Form 10-K December 31, 2025 9
Coronado Group LLC is currently owned by funds managed by EMG, which we refer to, collectively, as the EMG
Group, and certain members of our management.
As of December 31, 2025, the EMG Group and management beneficially owned 50.4% of the issued and
outstanding shares of our common stock through their ownership of Coronado Group LLC. The remaining 49.6%
was owned by public investors in the form of CDIs traded on the ASX.
Organizational Structure
The following chart shows our current organizational structure:
* Coronado Global Resources Inc. holds 100% ownership interest in its subsidiaries, unless otherwise stated.
Coronado Global Resources Inc. Form 10-K December 31, 2025 10
Industry Overview
Types and Properties of Met Coal
Met coal is primarily used in the manufacture of coke, which is used in the steel-making process, as well as direct
injection into a blast furnace as a partial replacement for coke. Approximately 0.78 ton of Met coal is required to
produce one ton of steel.
Met coals are differentiated by variations in the physical and chemical properties that determine their applicable
uses. While all Met coals are used primarily in steelmaking, not all Met coals have equal ability to be carbonized
into coke.
Coke carbonization involves heating coal to high temperatures in the absence of oxygen. Certain coals (i.e. Met
coals with coking properties) soften and form a plastic mass that swells and re -solidifies into a hard but porous
solid known as coke. Coke is primarily used as both a fuel and a reducing agent in a blast furnace during the
reduction of iron ore into iron, before it is converted into steel.
The key Met coal types include hard coking coal, or HCC, semi-hard coking coal, or SHCC, semi-soft coking
coal, or SSCC, and pulverized coal injection, or PCI. All of these types of Met coal are used in steel production
processes and are typically sub-categorized by their volatile content as low volatile content, or Low-Vol, mid
volatile content or high volatile content, or High-Vol.
Importance of Met Coal
Met coal is a critical input used primarily in the manufacturing process for steel. Steel is used in a variety of
applications in everyday life, including building and infrastructure construction, transportation, energy generation
and industrial manufacturing. As steel has been an essential part of the expanding global economy, demand for
Met coal has historically been closely tied to steel production in the world’s growing economies, including China,
India, Japan and Europe.
Global Coal Markets
Markets for Met and thermal coal operate relatively independently of each other. However, a degree of
substitution can occur between specific thermal coals and lower ranked Met coals, as lower ranked Met coal is
less suitable for the manufacture of coke but still contains thermal heating properties. When the supply of higher
quality Met coals is constrained, or prices are extremely high, these “crossover” coals can be sold for higher
value in Met coal markets but may retreat to thermal coal markets in times of ample Met coal supply.
In most countries in which Met and thermal coals are produced, domestic markets have emerged to take
advantage of proximate sources of fuel for power generation or feedstock for coke making and industrial use.
Similarly, transportation linkages have been developed to access export markets, either land borne across
country borders (such as between the U.S. and Canada) or seaborne. While substantially larger volumes of coal
produced on an annual basis are consumed in the country of origin, export markets — and particularly seaborne
markets — tend to exhibit greater price and volume transparency than domestic markets. As a result, seaborne
market prices are the most common reference point in the international Met coal market.
Typically, global seaborne markets are sub-divided into the Atlantic and Pacific basins, referencing the primary
location of coal production and location of the end-customer.
Major consumers of seaborne Met coal include Japan, China, India and Europe. Met coal, and in particular HCC,
is a relatively scarce product, as large-scale mineable deposits are limited to specific geographic regions located
in the eastern U.S., western Canada, eastern Australia, Russia, China, Mozambique and Mongolia.
Market Demand and Trends
Met Coal
Most of the Met coal that we produce is sold, directly or indirectly, to steel producers. The steel industry’s demand
for Met coal is affected by several factors, including the cyclical nature of that industry’s business, geopolitical
stability, general economic conditions affecting demand for steel, tariffs on coal, steel and steel products,
technological developments in the steelmaking process and the availability and cost of substitutes for steel, such
as aluminum, composites and plastics. The seaborne Met coal market, which generates most of our business,
can be significantly impacted by the availability of indigenous coal production, particularly in leading Met coal
import countries such as China and India, and competition from the leading Met coal exporting countries, which
include Australia, the U.S., Russia, Canada and Mongolia .
Coronado Global Resources Inc. Form 10-K December 31, 2025 11
89%
11%
FY25 Coal revenue mix -Australian
Operations
Met
Thermal
Thermal Coal
The thermal coal we produce is predominantly a byproduct of the production of Met coal. The thermal coal we
produce is sold, directly or indirectly, to power stations, predominantly Stanwell, as an energy source in the
generation of electricity. Demand for our thermal coal is impacted by economic conditions, environmental
regulations, demand for electricity, the impact of energy efficient products, and the cost of electricity generation
from alternative fuels. Our thermal coal primarily competes with alternative products or methods that can be used
to generate electricity, including natural gas, oil, nuclear, hydro, wind, solar and biomass.
Segments
In accordance with Accounting Standards Codification, or ASC, Topic 280,
Segment Reporting
, we have adopted
the following reporting segments:
•
Australia; and
• U.S.
While “Other and Corporate” is not determined to be a reporting segment, it is disclosed for the purposes of
reconciliation to our Consolidated Financial Statements.
These segments are grouped geographically and reflect how we monitor and report the results of the business
to the Chief Executive Officer, who is our chief operating decision maker, or CODM. Factors affecting and
differentiating the financial performance of each of these two reportable segments generally include coal quality,
geology, coal marketing opportunities, mining and transportation methods and regulatory issues. We believe this
method of segment reporting reflects how our business is managed, our resources are allocated, and our
performance is evaluated. The two segments consist of similar operating activities as each segment produces
similar products.
Overview of Operations
Australian Operations—Curragh
Curragh is located in Queensland’s Bowen Basin, one of the world’s premier Met coal-producing regions. Curragh
has been operating since 1983, and produces a variety of high-quality, low-ash Met coal products. We believe
our HCC product is recognized by steelmakers for its low-ash content, consistency of quality and favorable coking
attributes. We believe that our SHCC and SSCC products are similarly valued, in particular for their low wall
pressure, which makes them suitable for stamp charging coke ovens, and Curragh’s PCI coal is recognized by
steelmakers for its low phosphorus and sulfur content. These Met coal products are exported globally to a diverse
customer base located primarily in Asia. Curragh also produces thermal coal, which is primarily sold domestically
under a long-term contract with Stanwell, with a limited amount of such thermal coal being exported.
Revenues from our Australian Operations represented 60.8% of our total revenue for the year ended December
31, 2025. See Item 2. “Properties” for more information regarding Curragh.
Coal revenues split by Met and thermal for our Australian Operations were as follows:
Coronado Global Resources Inc. Form 10-K December 31, 2025 12
96%
4%
FY25 Coal revenue mix -U.S.
Operations
Met
Thermal
For the year ended December 31, 2025, 67.0% of the total volume of coal sold by our Australian Operations was
Met coal and 33.0% was thermal coal, the majority of which was sold to Stanwell. The majority of customers
purchase multiple grades of products and have purchased Curragh coal continuously through all stages of the
coal/commodity pricing cycle. Curragh’s Met coal is typically sold on annual contracts negotiated by our global
marketing team, with pricing agreed to bilaterally or with reference to benchmark indices or spot indices. Our
Australian Operations have maintained a high level of contract coverage against planned production. In 2025,
substantially all of Curragh’s Met coal export sales were made under term contracts. For the year ended
December 31, 2025, Curragh sold 6.9 MMt of Met coal into the seaborne coal markets.
U.S. Operations—Buchanan and Logan
Our producing mining properties in the U.S. are located in the CAPP region, specifically in Virginia and West
Virginia, which is a highly developed and active coal-producing region. Met coal produced by our U.S. Operations
is consumed regionally by North American steel producers or exported by seaborne transportation to steel
producers (primarily in Asia, Europe and South America). The U.S. Operations also produce small quantities of
thermal coal that is extracted in the process of mining Met coal, which is sold to global export markets. We believe
Met coal from the CAPP region is highly regarded by many steelmakers due to its generally low-ash and sulfur
content, which support efficient coke production and blast furnace operations. Our U.S. Operations offer a range
of Met coal products, with significant production of HCC, including Low-Vol, High-Vol A (or HVA), High-Vol B (or
HVB), and High-Vol A-B (or HVA-B).
Sales from our U.S. Operations to export markets are typically priced with reference to a coal benchmark index.
When we sell our seaborne coal through intermediaries Free on Rail (an industry standard commercial term
which means the buyer assumes transportation costs and risk once the product is loaded onto rail), or FOR, the
realized price we report on FOR sales does not include transportation to the seaborne port or costs to transload
into a vessel. Consistent with seaborne sales, sales to North American customers are generally sold on a FOR
basis where the customer arranges for and incurs the cost of transportation to their facility.
A portion of our sales is sold to North American steel and coke producers on annual contracts at fixed prices that
do not fluctuate with the benchmark index. The fixed-price nature of these annual contracts provides us with
visibility on our future revenues, as compared to spot sales or sales priced with reference to a coal benchmark
index. During periods of stable and rising prices, we strive to take advantage of the spot market. Spot export
contracts are negotiated throughout the year.
Revenues from our U.S. Operations, in the aggregate, represented 39.2% of our total revenue for the year ended
December 31, 2025. Coal revenues split by Met and thermal for our U.S. Operations were as follows:
For the year ended December 31, 2025, 92.4% of the total volume of coal sold by our U.S. Operations was Met
coal and 7.6% was thermal coal. We sold 66.5% of total Met coal from our U.S. Operations into the seaborne
Met coal markets for the year ended December 31, 2025.
See Item 2. “Properties” for more information regarding Buchanan, Logan and the other mining properties that
comprise our U.S. Operations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 13
Competitive Strengths
Large scale and long-life operating assets with substantial resource base
We own and operate a portfolio of long-life assets across Australia and the U.S., with an average implied mine
life for our producing mines of approximately 22 years based on marketable reserves as of December 31, 2025,
and 2025 total saleable production.
Importantly, we have 100% ownership over all of our operating mines, allowing us full control over all strategic
decisions. This control adds value throughout the cycle and allows us to react swiftly and decisively to changes
in global market demands.
We had reserves of 478 MMt and a substantial resource base of 491 MMt (exclusive of reserves) as of December
31, 2025.
(1)
(1)
reserves. Australian resources are reported on a 5.3% in-situ moisture basis. U.S. resources are reported on a dry basis. Reserve life is
calculated as marketable reserves divided by 2025 total saleable production for Coronado’s operating assets for the year ended December
31, 2025. Refer to Item 2. “Properties.”
Diversified by geography, producing mines, product and customer base
We operate a geographically diversified producing asset base in Australia and the U.S., supported by access to
multiple transportation infrastructure options, including key rail and port infrastructure necessary for both the
seaborne export and domestic markets. We have access to the key major markets in both the Atlantic and Pacific
basins, and our wide footprint provides flexibility to meet shifting global demand.
Our Met coal production is diversified across high-quality products. Our Australian Operations produce HCC,
SCC, and PCI coal.
We have a dedicated global marketing team that generates direct sales for our coal. We sell most of our coal to
end users, either directly or through intermediaries, such as brokers.
Our customer base spans across the full spectrum of key global markets. We sell directly to a number of large,
high-quality and well-known companies in the steel industry. Many of our core customers have been longstanding
customers and source our products as essential base feed, which translates into a long history of contract renewal
for such customers. We are a key supplier to tier one steel mills in Japan, South Korea, Taiwan, India, Europe,
Brazil, North America and China. The majority of our sales are made under contracts with terms of typically one
year or on a spot basis.
Given the quality of our diverse customer base, we believe the demand for our products is fundamentally
insulated across all stages of the commodity cycle. This flexibility provides us the ability to take advantage of
favorable market pricing as and where it arises.
We believe our geographic diversity provides a competitive advantage by allowing us to sell multiple products to
our customers in multiple countries. This allows the sales team to leverage its relationships to provide value-
added solutions, including blends with third parties.
Coronado Global Resources Inc. Form 10-K December 31, 2025 14
71%
29%
FY2025
Export
Domestic
70%
30%
FY2024
Export
Domestic
72%
28%
FY2023
Export
Domestic
2025 Coronado’s key coal trade flows
The below charts show our export and domestic sales split by volume as of December 31, 2025, 2024 and 2023:
Sales volume by export and domestic coal sales
Coronado Global Resources Inc. Form 10-K December 31, 2025 15
56%
4%
40%
Australia
HCC
SCC
PCI
70%
30%
U.S.
Low Vol
High Vol
The below charts show Met product ranges by volume sold for our Australian Operations and our U.S. Operations
for the year ended December 31, 2025.
Sales of Met coal represented 91.6% of our total coal revenues for the year ended December 31, 2025. Most of
the Met coal that we produce is sold, directly or indirectly, to steel producers.
Sales of thermal coal represented 8.4% of our total coal revenues for the year ended December 31, 2025.
Optimization of our existing assets and continued investment in accretive organic growth projects are
our key strategic focus areas
We have completed significant organic growth projects at both Buchanan and Curragh.
At Curragh, the Mammoth mine commenced its first coal production in December 2024. The mine utilizes a bord-
and-pillar mining method that leverages Curragh’s existing infrastructure and required low capital expenditures
for startup. At Mammoth, all three continuous miners are fully operational, and as of December 31, 2025, it had
three production panels in operation, each of which was continuing to ramp up. Full production is expected to be
achieved in 2026 and expected to provide approximately 1.5 MMt to 2.0 MMt per annum of saleable production.
Mammoth is targeting coal volumes that can be accessed at a relatively low cost which is below the cost of open
cut production, which is expected to deliver cost reductions for the entire Curragh operation on a per Mt basis as
production increases. Integration with existing on-site processing, logistics, and control systems is expected to
further support operational efficiencies and enhance the reliability of Curragh’s overall production.
At Buchanan, a capital expansion project designed to alleviate operational bottlenecks and boost productivity
was successfully completed in 2025. Key elements included the construction of new access roads and bridge
extensions, a new surface raw coal storage area to increase on-site capacity and enable sustained higher
production rates, and the installation of a second set of skips to enhance hoisting capacity to the surface. These
upgrades are expected to allow Buchanan to operate at elevated throughput levels, contributing to improved
productivity and long-term performance.
These completed projects underscore our commitment to disciplined, low-capital-intensity organic growth,
positioning the Company for enhanced volumes, cost efficiencies, and margin improvement.
Competition
We operate in a highly competitive environment and we compete with domestic and international coal producers,
traders and brokers. We compete based on coal quality and characteristics, price, customer service and support
and reliability of supply. Demand for Met coal and the prices that we are able to obtain for our Met coal are
determined predominantly by global markets, which are affected by numerous factors beyond our control,
including but not limited to:
• general global, regional and local economic activity;
• changes in demand for steel and energy;
• tariffs imposed by countries, including the U.S. and Australia, on the import of certain steel products and
any retaliatory tariffs by other countries;
Coronado Global Resources Inc. Form 10-K December 31, 2025 16
• industrial production levels;
• short-term constraints, including adverse weather conditions;
• changes in the supply of seaborne coal;
• technological changes;
• changes in international freight or other transportation infrastructure rates and costs;
• the costs of other commodities and substitutes for coal;
• market changes in coal quality requirements;
• government regulations which restrict, or increase the cost of, using coal; and
• tax impositions on the resources industry.
In addition, coal prices are highly dependent on the outlook for coal consumption in large Asian economies, such
as China, Japan, South Korea and India, as well as any changes in government policy regarding coal or energy
in those countries.
In developing our business plan and operating budget, we make certain assumptions regarding future Met coal
prices, coal demand and coal supply. The prices we receive for our Met coal depend on numerous market factors
beyond our control. Accordingly, some underlying coal price assumptions relied on by us may materially change
and actual coal prices and demand may differ materially from those expected. Our business, operating and
financial performance, including cash flows and asset values, may be materially and adversely affected by
short-term or long-term volatility in the prevailing prices of our products.
Competition in the coal industry is based on many factors, including, among others, world supply price, production
capacity, coal quality and characteristics, transportation capability and costs, blending capability, brand name
and diversified operations. We are subject to competition from producers in Australia, the U.S., Canada, Russia,
Mongolia and other coal producing countries. See Item 1A. “Risk Factors—We face increasing competition, which
could adversely affect profitability.”
Information Regarding Major Customers
We are well-positioned in key Asian markets (Japan, South Korea and India) as sales to direct end users in the
region represented 50.0% of our total revenue, including Tata Steel Limited and TS Global Procurement
Company Pte Ltd, collectively Tata Steel, which accounted for 18.2% of total revenue in 2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 17
6%
23%
8%
18%
17%
12%
10%
6%
FY2025 Coal Revenues
by destination (direct sales)
Other Asia countries
Japan
South Korea
India
North America
South America
Europe
Australia
0%
20%
40%
60%
80%
Tata
Top 5
Top 10
Top
Customers
by coal revenues
FY 24
FY 25
The charts below show our direct sales by geographic region in 2025 and our sales by customers in 2024 and
2025.
Tata Steel
Our U.S. Operations and Australian Operations are parties to Long Term Coal Sale and Purchase Agreements,
or Long Term Agreements, with Tata Steel with contract terms ending March 31, 2028. These Long Term
Agreements provide for the sale of a minimum aggregate total of 2.5 MMt of coal per contract year, consisting of
certain specific quantities of HCC and PCI. The coal is sold FOB priced with reference to benchmark indices and
the agreements contain industry standard terms and conditions with respect to delivery, transportation,
inspection, assignment, taxes and performance failure.
Stanwell
Coronado Curragh Pty Ltd, or CCPL, a subsidiary of the Company, is party to the Amended Coal Supply
Agreement, or the ACSA, with Stanwell that we inherited upon our acquisition of the complex in 2018. We are
also party to the New Coal Supply Deed, or the Supply Deed, which was entered into in consideration for the
mining rights at Curragh North.
Under the ACSA, we deliver thermal coal from Curragh to Stanwell at an agreed price and quantity. Stanwell
may vary the quantity of thermal coal purchased each year so the total quantity to be delivered to Stanwell each
year cannot be precisely forecast. The coal that we supply to Stanwell constitutes the majority of the thermal coal
production from Curragh. Our cost of supplying coal to Stanwell has been greater than the contracted price paid
by Stanwell during the year ended December 31, 2025 and for prior years.
Under the ACSA, we shared part of the revenue earned from export coal sales from particular tenements (as
described below) with Stanwell through various rebates. Pursuant to the terms of the Second Amendment, as
described below, these rebates were waived from January 1, 2026.
The total Stanwell rebate for the year ended December 31, 2025, was $100.5 million and has been included in
the Consolidated Statements of Operations and Comprehensive Income included elsewhere in this Annual
Report on Form 10-K.
Coronado Global Resources Inc. Form 10-K December 31, 2025 18
The Supply Deed grants us the right to mine the coal reserves in the Stanwell Reserved Area, or the SRA. In
exchange, we entered into the New Coal Supply Agreement, or the NCSA , with Stanwell, that will commence
upon the expiration of the ACSA (which is expected to occur in the first half of 2027 based on estimated volume
remaining to be delivered). Under the NCSA, Coronado will supply thermal coal to Stanwell at a fixed contract
price that varies in accordance with agreed formulae, inclusive of all statutory charges and royalties in respect of
coal sold and delivered under the NCSA. The supply term, the contract tonnage and the contract price under the
NCSA are subject to adjustment in accordance with a financial model agreed between Stanwell and us.
In summary, we agreed that the total value of the discount received by Stanwell on coal supplied to it under the
NCSA should (by the expiration of the NCSA) be equal to the net present value of $155.2 million (A$210.0 million)
as at the date of the Supply Deed, using a contractual pre-tax discount rate of 13% per annum. The carrying
amount of the deferred consideration was $346.8 million as of December 31, 2025.
As part of the NCSA, Coronado and Stanwell entered into an Option Coal Supply Agreement, or the OCSA, in
respect of the supply of certain additional coal to Stanwell during the term of the NCSA. Thermal coal supplied
to Stanwell under the OCSA will be at the higher of cost or market value at the time of sale.
On June 10, 2025, we entered into a Deed of Amendment with Stanwell, or the First Amendment, and amended
the NCSA whereby Stanwell provided approximately $150.0 million of near-term liquidity to us in exchange for
the supply of additional tonnage of thermal coal under the NCSA.
The First Amendment included a $75.0 million (A$116.1 million) prepayment on completion, and a rebate waiver
and deferral from April 2025 to December 2025 of $67.2 million (A$103.1 million), both of which will be settled
through reduction of the gross proceeds to be received on the physical delivery of up to 0.8 MMtpa of thermal
coal to Stanwell, during the first five years of the term of the NCSA, or until such time as the obligation is fully
settled. This contract liability bears interest of 13% per annum.
On November 27, 2025, we completed a refinancing of our existing senior secured asset-based revolving credit
agreement through a new facility with an aggregate principal amount up to $265.0 million (A$406.6 million), or
the ABL Facility, with Stanwell, which was fully drawn on completion. Availability under the ABL Facility is limited
to an eligible borrowing base, which is determined by applying customary advance rates to eligible accounts
receivable and inventory. Refer to Item 8. “Financial Statements and Supplementary Data—Note 15. Interest
Bearing Liabilities” for further information.
Additionally, on November 27, 2025, we and Stanwell entered into the Deed of Amendment (No. 2) with Stanwell,
or the Second Amendment, that, among other matters, amended the terms of the existing ACSA and the NCSA,
by providing for:
• a waiver of rebate amounts that would have otherwise been payable by us from January 1, 2026 until
the final delivery date under the ACSA, which date is expected to occur in the first half of 2027;
• the deferral of our obligations to deliver certain values of coal to Stanwell for prepaid amounts under the
First Amendment and amounts to which Stanwell is otherwise entitled in relation to the SRA deferred
consideration, or the Deferred Amounts;
• prepayments by Stanwell to us in relation to its future annual nominated contract tonnage under the
ACSA and the NCSA equal the difference between the current contracted prices under these
arrangements and an agreed fixed price (roughly equivalent to market prices at the time of the Second
Amendment), or the ACSA Prepayments and the NCSA Prepayments. Stanwell’s obligation to make the
ACSA Prepayments and the NCSA Prepayments are subject to certain liquidity tests. More specifically,
Stanwell (i) will advance all of the relevant prepayment when our monthly liquidity is below $200.0 million,
(ii) will advance only half of the relevant prepayment in months when our liquidity is between $200.0
million and $250.0 million, and (iii) will not be obligated to make prepayments when our monthly liquidity
is above $250.0 million; and
• an extension of the NCSA term from 2037 to 2043 and an option for Stanwell to make broader annual
nominations ranging from 1.2 MMt to 2.24 MMt per year under the NCSA.
The value of the ACSA Prepayments, the NCSA Prepayments and the Deferred Amounts, or the Prepayment
and Deferred Payment Balance, will be settled through delivery of coal to Stanwell in months when our liquidity
exceeds $300.0 million. The Prepayment and Deferred Payment Balance bears interest at 7.5% per annum, and
the total balance (including accrued interest) will be capped at 1.2 times of the Prepayment and Deferred Payment
Balance until the final delivery date pursuant to the NCSA.
Coronado Global Resources Inc. Form 10-K December 31, 2025 19
The Second Amendment also includes restrictions on our ability to pay distributions to shareholders (e.g., a
dividend), such that we are required to maintain a minimum cash liquidity of $300.0 million following: (i) such
distribution; (ii) any required repurchases of 9.250% Senior Secures Notes due 2029, or Notes, in connection
with such distribution, and (iii) the payment to Stanwell of an equal or greater amount (up to a maximum of 3
times) than the distribution being used to reduce the Prepayment and Deferred Payment Balance.
The minimum cash liquidity for the purposes of paying shareholder distributions will increase to $400.0 million
when the ABL Facility has been repaid in full and the Prepayment and Deferred Payment Balance is nil.
The Prepayment and Deferred Payment Balance may become repayable to Stanwell if there is an unremedied
default under the ACSA and NCSA. Additionally, the rebate amounts waived from the date of the Second
Amendment to the end of the ACSA are repayable if there is a change of control of the Company that occurs
within two years of the date of the Second Amendment.
For further information refer to Item 8. “Financial Statements and Supplementary Data—Note 14.
Contract Obligations.”
See Item 1A. “Risk Factors—Risks related to our coal supply agreements with Stanwell may adversely affect our
financial condition and results of operations.”
Transportation
Coal produced at our mining properties is transported to customers by a combination of road, rail, barge and
ship. See Item 2. “Properties” for descriptions of the transportation infrastructure available to each of our mining
properties. Rail and port services are typically contracted on a long-term, take-or-pay basis in Australia, while
these contracts are typically negotiated on a quarterly basis in the U.S. See Item 7. “Management’s Discussion
and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” for additional
information on our take-or-pay obligations.
Australian Operations
Our Australian Operations typically sell export coal FOB, with the customer paying for transportation from the
outbound shipping port. The majority of Curragh’s export Met coal is railed approximately 300 kilometers to the
Port of Gladstone for export via two main port terminals, RG Tanna Coal Terminal, or RGTCT, and Wiggins Island
Coal Export Terminal, or WICET. Curragh also has capacity available to stockpile coal at the Port of Gladstone.
For sales of thermal coal to Stanwell, Stanwell is responsible for the transport of coal to the Stanwell Power
Station.
Coronado Global Resources Inc. Form 10-K December 31, 2025 20
Rail Services
Curragh is linked to the Blackwater rail line of the Central Queensland Coal Network, an integrated coal haulage
rail system owned and operated by Aurizon Network Pty Ltd. Curragh has secured annual rail haulage capacity
of up to 11.5 MMtpa (plus surge capacity) under long-term rail haulage agreements with Aurizon Operations
Limited, or Aurizon Operations, and Pacific National Holdings Pty Limited, or Pacific National.
The RGTCT Coal Transport Services Agreement with Aurizon Operations is for 8.5 MMtpa of haulage capacity
to RGTCT. Curragh pays a minimum monthly charge (components of which are payable on a take-or-pay basis),
which is calculated with reference to the below-rail access charges, haulage/freight charges, a minimum annual
tonnage charge and other charges. The RGTCT Coal Transport Services Agreement terminates on June 30,
2030.
The Coal Transport Services Agreement with Pacific National is for 1.0 MMtpa of haulage capacity to RGTCT.
Curragh pays a minimum monthly charge (components of which are payable on a take-or-pay basis), which is
calculated with reference to the below-rail access charges, haulage/freight charges, a minimum annual tonnage
charge and other charges. The Coal Transport Services Agreement with Pacific National terminates on July 31,
2029.
The Wiggins Island Rail Project, or WIRP, Transport Services Agreement with Aurizon Operations is for 2.0
MMtpa of capacity to WICET. This contract is effectively 100% take-or-pay (for a portion of the rail haulage and
all capacity access charges). The WIRP Transport Services Agreement expires on June 30, 2030.
Port Services
Curragh exports coal through two terminals at the Port of Gladstone, RGTCT and WICET. At RGTCT, Curragh
and Gladstone Port Corporation Limited, or GPC, are parties to a coal handling agreement that expires on
June 30, 2030. The coal handling agreement may be renewed at our request and, subject to certain
conditions, GPC is required to agree to the extension if there is capacity at RGTCT to allow the extension. We
currently have the right to export between 7.7 MMtpa and 8.7 MMtpa at our nomination on a take-or-pay basis.
We have a minority interest in WICET Holdings Pty Ltd, whose wholly-owned subsidiary, Wiggins Island Coal
Export Terminal Pty Ltd, or WICETPL, owns WICET. Other coal producers who export coal through WICET also
hold shares in WICET Holdings Pty Ltd. In addition, we and the other coal producers (or shippers) have
take-or-pay agreements with WICETPL and pay a terminal handling charge to export coal through WICET, which
is calculated by reference to WICET’s annual operating costs, as well as finance costs associated with
WICETPL’s external debt facilities. Our take-or-pay agreement with WICETPL, or the WICET Take -or-Pay
Agreement, provides Curragh with export capacity of 1.5 MMtpa. The WICET Take -or-Pay Agreement is an
“evergreen” agreement, with rolling ten-year terms. If we inform WICETPL that we do not wish to continue to roll
the term of the WICET Take -or-Pay Agreement, the term would be set at nine years and the terminal handling
charge payable by us would be increased so that our proportion of WICETPL’s debt is amortized to nil by the end
of that nine-year term.
Under the WICET Take -or-Pay Agreement, we are obligated to pay for that capacity via terminal handling
charges, whether utilized or not. The terminal handling charge payable by us can be adjusted by WICETPL if our
share of WICETPL’s operational and finance costs increases, including because of increased operational costs
or because another shipper defaults and has its capacity reduced to nil. The terminal handling charge is subject
to a financing cap set out in the terminal handling charge methodology and has already been reached and is in
force. If another shipper defaults under its take-or-pay agreement, each remaining shipper is effectively
proportionately liable to pay that defaulting shipper’s share of WICETPL’s costs going forward, in the form of
increased terminal handling charges.
If we default under the WICET Take -or-Pay Agreement, we would be obligated to pay a termination payment to
WICETPL. The termination payment effectively represents our proportion of WICETPL’s total debt outstanding,
based on the proportion of our contracted tonnage to the total contracted tonnage of shippers at WICET at the
time the payment is triggered. Shippers can also become liable to pay the termination payment if there is a
permanent cessation of operations at WICET. Since WICET began shipping export tonnages in April 2015, five
shareholders of WICET Holdings Pty Ltd have entered into administration and their relevant take-or-pay
agreements have subsequently terminated, resulting in the aggregate contracted tonnage of shippers decreasing
from 27 MMtpa to 13.9 MMtpa.
Under the WICET Take -or-Pay Agreement, we are required to provide security (which is provided in the form of
a bank guarantee). The amount of the security must cover our estimated liabilities as a shipper under the WICET
Take -or-Pay Agreement for the following 12-month period. If we are in default under the WICET Take -or-Pay
Coronado Global Resources Inc. Form 10-K December 31, 2025 21
Agreement and are subject to a termination payment, WICETPL can draw on the security and apply it to amounts
owing by us. See Item 1A. “Risk Factors—Risks related to our investment in WICET may adversely affect our
financial condition and results of operations” and Item 7. “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Liquidity and Capital Resources” for additional information on our
take-or-pay obligations.
U.S. Operations
Our U.S. Operations’ domestic contracts are generally priced FOR at the mine with customers bearing the
transportation costs from the mine to the applicable end user. For direct sales to export customers, we hold the
transportation contract and are responsible for the cost to the export facility, and the export customer is
responsible for the transportation/freight cost from the export facility to the destination. A portion of our U.S.
Operations export sales are made through intermediaries. For these sales, the intermediary typically takes
ownership of the coal as it is loaded into the railcar. The intermediary is responsible for the rail transportation and
port costs.
Rail Services
Our U.S. Operations are served by Norfolk Southern Corporation, or Norfolk Southern, and CSX Transportation
Inc., or CSX Transportation, railroads.
The Norfolk Southern railroad transports Buchanan’s coal to Lamberts Point Coal Terminal Pier 6 and to CNX
Marine Terminal for export customers and to our domestic customers either directly or indirectly via inland river
dock facilities where the coal is transloaded on to barges and then transported to the customer’s facilities.
The CSX Transportation railroad serves our Logan mine and transports coal to the Pier IX Terminal, CNX Marine
Terminal or Dominion Terminal Associates (DTA) for export customers and either directly to the customers or to
inland river dock facilities for domestic customers.
Port Services
Norfolk Southern’s Lamberts Point Coal Terminal Pier 6 is the largest coal loading facility in the Northern
Hemisphere, with 48 million tons of annual export capacity, and is the main terminal at Lamberts Point located in
Norfolk, Virginia. Pier IX is a coal export terminal with an annual export capacity of 16 million tons located in the
Port of Hampton Roads in Newport News, Virginia.
Our U.S. Operations also have alternate port access through CNX Marine Terminal , which is a transshipping
terminal at the Port of Baltimore owned by Core Natural Resources Inc.
Suppliers
The principal goods we purchase in support of our mining activities are mining equipment, replacement parts,
diesel fuel, natural gas, ammonium nitrate and emulsion-based explosives, off-road tires, steel-related products
(including roof control materials), lubricants and electricity. As a general matter, we have many well-established,
strategic relationships with our key suppliers of goods and do not believe that we are dependent on any of our
individual suppliers.
We also manage and operate several major pieces of mining equipment and facilities to produce and transport
coal, including, but not limited to, longwall mining systems, continuous miners, draglines, dozers, excavators,
shovels, haul trucks, conveyors, coal preparation plants, or CPPs, and rail loading and blending facilities.
Obtaining and repairing these major pieces of equipment and facilities often involves long lead times. We strive
to extend the lives of existing equipment and facilities through maintenance practices and equipment rebuilds to
defer the requirement for larger capital purchases. We use our global leverage with major suppliers to support
security of supply to meet the requirements of our active mines. See Item 2. “Properties” for more information
about operations at our mining properties.
We partner with contractors and other third parties for exploration, mining, and other services, generally, and the
success of these relationships are important for our current operations and the advancement of our development
projects. See Item 1A. “Risk Factors—Our profitability could be affected adversely by the failure of suppliers
and/or outside contractors to perform.”
Coronado Global Resources Inc. Form 10-K December 31, 2025 22
Environmental Sustainability
Overview
Met coal is an essential ingredient in the production of steel, which is a crucial material underpinning social and
economic growth globally. Steel’s strength and durability make it critical in the construction of major projects
(including renewable energy infrastructure), transportation technology, electrical equipment, electrical vehicles,
and everyday household goods.
We continue to integrate sustainability considerations into our business strategy, risk management, and
operational processes and planning with a focus on safety, environmental management, community engagement
and responsible corporate governance. As a business, our fundamental purpose is to maximize long-term
shareholder value through providing distributions and increasing shareholder value from producing, selling and
investing in Met coal.
We acknowledge the emissions-intensive cumulative impacts of mining, transportation and use of Met coal.
However, as a critical player in the world’s transition to renewable energy in the future, we believe Coronado has
an important role in operating sustainably and responsibly.
We are focused on extracting high-quality Met coal with commitment to safe and sustainable practices. Coal
mining is one of the most environmentally regulated industries in the world, and it is vital that we strive to
consistently meet or exceed relevant regulatory standards.
We are subject to various environmental laws, regulations and public policies in Australia and the U.S. Managing
our environment and climate change risks is a key component of our corporate strategy and it is integrated into
our daily operations.
Climate-Related Risks and Opportunities
In our 2024 Group Sustainability Report, we updated our climate-related scenario. The analysis considered short-
, medium- and long-term physical and transition risks and opportunities, including:
•
Physical risks
: increased frequency and severity of extreme rainfall, storms, flooding, heat events, and
drought across both our Australian Operations and U.S. Operations, with potential impacts on
infrastructure, production continuity, logistics and workforce safety.
•
Transition risks
: changes in market demand, regulatory changes (including carbon-pricing programs),
stakeholder expectations, insurance and financing availability and emerging low-emission steelmaking
technologies.
•
Opportunities
: lag in investment in non-fossil fuel steel manufacturing, potential increased demand for
higher-quality Met coal and technology-driven efficiencies .
Climate-related risks deemed to have potential to prevent Coronado from achieving its strategic objectives are
incorporated into our risk register, overseen by the Audit, Governance and Risk Committee and Health, Safety,
Environment and Community Committee.
Decarbonization and Emissions Management
While our operations are recognized as vital contributors to the communities and economies in which we operate,
we acknowledge that our mining activities create GHG emissions. The steel industry has made significant
reductions in GHG emissions by improving energy efficiency and utilizing new technology.
Coronado has been tracking and disclosing GHG emissions, GHG emissions intensity and energy consumption
to quantify our climate footprint since 2018.
Coronado’s operational emissions profile is predominantly Scope 1 emissions. Within these Scope 1 emissions,
the major source is fugitive emissions, which is the inherent gas released as a function of mining coal and diesel
consumption.
We continue to develop our group-wide decarbonization roadmap, which prioritizes fugitive emissions abatement
initiatives, diesel consumption reduction initiatives and renewable energy procurement options.
At our Australian Operations, we have developed an initial decarbonization strategy encompassing both our
surface and underground operations providing diversification in emission reduction initiatives, enhancing
Coronado Global Resources Inc. Form 10-K December 31, 2025 23
resilience and adaptability in meeting our goals and regulatory requirements. Additionally, we have entered into
a Power Purchase Agreement, or PPA, linking 50% of Curragh’s forecasted electricity supply to a windfarm. This
PPA is set to commence in 2026.
At our U.S. Operation s, our focus continues on development and optimization of the Ventilated Air Methane, or
VAM, Regenerative Thermal Oxidizer, or RTO, units at Buchanan with the two units in operation continuing to
successfully destroy methane.
Capital Management and Cabon Pricing
Climate-related risks and opportunities form part of our capital allocation and investment evaluation processes.
Proposed capital projects undergo a structured review and approval process that includes assessment of climate-
related risks such as the financial impact of applicable carbon-pricing mechanisms. Carbon-pricing assumptions
are incorporated into financial planning and operational modeling based on region-specific regulatory and market
data.
Regulatory Impact
Increased public concern may result in additional regulatory risks as new laws and regulations aimed at reducing
GHG emissions come into effect in the jurisdictions in which we operate. Any legislation that limits or taxes GHG
emissions could adversely impact our growth, increase our operating costs, or reduce demand for our coal.
Our Australian Operations are subject to the Australian National Greenhouse and Energy Reporting, Safeguard
Mechanism, Rule 2015, which sets emissions baselines for large facilities. In early 2025, we received approval
to enter a five-year, multi-year monitoring period, or MYMP. The MYMP provides flexibility to implement planned
gas pre-drainage initiatives and progress toward emissions-reduction objectives.
Additionally, federal, state and international GHG and climate change initiatives, associated regulations or other
voluntary commitments to reduce GHG emissions, including the Safeguard Mechanism in Australia, could
significantly increase the cost of coal production and consumption, increase costs as a result of regulations
requiring the installation of emissions control technologies, increase expenses associated with the purchase of
emissions reduction carbon credits to comply with future emissions trading programs, or significantly reduce coal
consumption through implementation of a future clean energy standard. Such initiatives and regulations could
further reduce demand or prices for our coal in both domestic and international markets, could adversely affect
our ability to produce coal and to develop our reserves, could reduce the value of our coal and coal reserves,
and may have a material adverse effect on our business, financial condition and results of operations.
Human Capital Disclosures
People
Our ability to attract and retain skilled, motivated and engaged employees is an essential part of our business.
Investing in the skill and capabilities of our people will underwrite our long-term growth and sustainability. In both
Australia and the U.S., we operate in regional locations with highly competitive labor markets. In each location,
we are creating a high-performing workforce with a talent pipeline for future leaders, including succession
planning for critical roles. To achieve this, we continue to create a culture that welcomes and values all people
and where our core values of collaboration, accountability, respect and excellence are demonstrated in
everything that we do.
Worldwide, we had 1,799 employees as of December 31, 2025. In addition, as of December 31, 2025, there were
1,859 contractors supplementing the permanent workforce, primarily at Curragh. Since we operate in areas with
highly competitive labor markets, it is essential that we have a continued focus on attracting the best people, and
ensuring we have programs in place to engage, develop and retain them within our business.
We continue to support initiatives to enhance our culture, increase our ability to attract and retain the workforce
we need, and build safe, high-performing teams. Feedback, gathered from employees and key stakeholders
through surveys, focus groups and communication forums, is used to identify gaps between current and desired
cultural states so that relevant and appropriate cultural programs can be developed and implemented.
As of December 31, 2025, approximately 10.7% of our total employees, all at our Australian Operations, were
covered by a single, federally-certified collective Enterprise Agreement for specified groups of mining and
maintenance employees. Our U.S. Operations employ a 100% non-union labor force.
Coronado Global Resources Inc. Form 10-K December 31, 2025 24
Safety
On December 18, 2025, an employee was fatally injured and operations at our Logan mine in West Virginia were
temporarily suspended to allow the necessary investigations to be carried out. On January 2, 2026, following an
incident at the Mammoth Underground Mine in which the employee of a contractor was fatally injured, operations
at the two open cut mines at Curragh (Curragh North and Curragh South) were idled for 24 hours and operations
at the Mammoth Underground Mine at Curragh were suspended.
While the contracted operator of the mine, Mammoth Underground Mine Management Pty Ltd, is continuing to
work with Resources Safety and Health Queensland, or RSHQ, on its investigation into the incident, operations
were permitted to recommence on February 18, 2026. Full production from the mine is expected to be restored
within the first quarter of 2026 in accordance with all requirements of RSHQ.
We consider the safety of our employees and contractors to be an absolute priority. Safety is essential to all
business functions and is never to be compromised, under any circumstance. The health and safety of our people
is reinforced every day through our culture, behaviors, training, communication and procedures.
We manage safety and health through continuous improvement efforts and the implementation of practices and
procedures that address safety risks first and in full compliance with the legal and regulatory frameworks of both
the U.S. and Australia. We empower our people to consistently strive to have a safety-first mindset, and act by
applying, managing and monitoring effective controls to prevent adverse outcomes with all activities and
operations. Our programs are intended to reinforce our position that safety and health should always be front of
mind for all employees and contractors.
Safety performance is monitored through physical observations from both internal and external parties and
through the reporting of key metrics. Safety performance is assessed monthly against internal goals and on a
quarterly basis is benchmarked against our peers within the mining industry.
We set targets for safety interactions which is a process where employees observe a risk behavior and provide
immediate feedback if it is deemed, or has the potential to be, unsafe. This is monitored by management daily
through safety meetings, site visits, employee discussions, and management observations. The process allows
for greater empowerment, innovation and employee input into the mining process.
As of December 31, 2025, the 12-month rolling average Total Reportable Injury Frequency Rate, or TRIFR, for
our Australian Operations was 3.62, and the 12-month rolling average Total Reportable Incident Rate, or TRIR,
for our U.S. Operations was 2.30. We strive to ensure that we continue to
provide a safe operating environment
for all employees and contractors.
Workforce Composition
Our values (CARE – Collaboration, Accountability, Respect, Excellence) guide our policies, processes and
actions as they relate to all workforce interactions and people related initiatives. As part of these values and to
enable our people to excel within the workplace, we are building an inclusive workforce, where each person’s
viewpoint is heard, valued and respected.
We invest in training and development for both our new and long-serving employees, including graduate
programs and traineeships. Our internal leadership development initiatives are intended to enhance succession
planning and the transfer of skills and knowledge across our business.
Attracting and Retaining Talent
Attracting and retaining the best people is crucial to our growth and success. Talent is a valuable resource, and
we actively seek individuals who are not only highly skilled but also align with our core values and goals. Since
we operate in regional areas where the market for talent is highly competitive, we recognize the need for
additional efforts to retain our employees. We continue to enhance our remuneration, cash benefits and other
non-tangible benefits to ensure team members are appropriately recognized and rewarded.
In 2025, our total rolling turnover rate was 16.5% and 33.4% in Australia and the U.S., respectively, and our
voluntary departure rolling turnover rate was 14.0% and 13.4% in Australia and the U.S., respectively . In 2024,
our total rolling turnover rate was 27.7% and 17.5% in Australia and the U.S., respectively, and our voluntary
departure rolling turnover rate was 18.1% and 13.2%, in Australia and the U.S., respectively.
Coronado Global Resources Inc. Form 10-K December 31, 2025 25
Regulatory Matters—Australia
Our Australian Operations are regulated by the laws and regulations of the Commonwealth of Australia, or Cth,
the State of Queensland, or Qld, and local jurisdictions. Most environmental laws are promulgated at the state
level, but the Australian federal government has a role in approval of actions which have national environmental
significance. In Queensland, the environmental laws relevant to coal mining include legislation relating to
development, pollution, waste, ecosystem protection, cultural heritage and native title, land contamination and
rehabilitation. In addition, the Australian federal government regulates foreign investment and export approvals.
Tenements
We control the coal mining rights at Curragh under 14 coal and infrastructure mining leases, or MLs, and three
mineral development licenses, or MDLs, granted pursuant to the Mineral Resources Act 1989 (Qld), or
collectively, the Tenements . See Item 2. “Properties” for more information regarding the Tenements.
Mineral Resources Act 1989 (Qld)
The Mineral Resources Act 1989 (Qld), or the MRA, and the Mineral and Energy Resources (Common
Provisions) Act 2014 (Qld), together, provide for the assessment, development and utilization of mineral
resources in Queensland to the maximum extent practicable, consistent with sound economic and land use
management. The MRA vests ownership of minerals, with limited exceptions, in the Crown (i.e., the state
government). A royalty is payable to the Crown for the right to extract minerals. The MRA creates different tenures
for different mining activities, such as prospecting, exploring and mining. A ML is the most important tenure, as it
permits the extraction of minerals in conjunction with other required authorities. The MRA imposes general
conditions on an ML.
The MRA provides that regulations may prescribe the royalties payable in respect of minerals mined from land
to the Crown. Royalty rates are prescribed under the Mineral Resources Regulation 2013 (Qld), or the MR
Regulation. In relation to coal, the MR Regulation prescribes a progressive six-tier royalty rate structure, with the
applicable royalty rate determined based on the average price per Mt of coal sold, disposed of, or used in the
return period.
The tiers applicable in calculating the royalty payable for our Australian Operations that have been applicable
since July 1, 2022 are as set out below, in each case based on the average coal price per Mt sold :
• 7% up to and including A$100 per Mt;
• 12.5% above A$100, up to and including A$150 per Mt;
• 15% above A$150, up to and including A$175 per Mt;
• 20% above A$175, up to and including A$225 per Mt;
• 30% above A$225, up to and including A$300 per Mt; and
• 40% above A$300 per Mt.
The royalty payable for coal sold, disposed of or used in a return period is then calculated by multiplying the
royalty rate by the value of the coal. Queensland Revenue Office Public Ruling MRA001.4 contains details on
the costs that can (and cannot) be deducted when calculating the applicable royalty and the method for
determining the value of the coal. In October 2024, the MRA was amended to introduce a coal royalty rate floor,
by providing that a regulation may not prescribe coal royalty rates that are lower than those prescribed from time
to time, meaning that royalty tiers can only be reduced by the operation of legislation. See Item 2. “Properties”
for a discussion of the royalties currently applicable to Curragh.
Environmental Protection Act 1994 (Qld)
The primary legislation regulating environmental management of mining activities in Queensland is the
Environmental Protection Act 1994 (Qld), or the EP Act. Its objective is to protect Queensland’s environment
while allowing for development that improves the total quality of life, both now and in the future, in a way that
maintains ecologically sustainable development. Under the EP Act, it is an offense to carry out a mining activity
unless the person holds or is acting under an Environmental Authority, or EA, for the activity. The EA imposes
conditions on each project, and it is an offense to contravene a condition of an EA. In addition to the requirements
found in the conditions of an EA, each holder of an EA, or EA Holder, must also meet its general environmental
Coronado Global Resources Inc. Form 10-K December 31, 2025 26
duties (including its duty to notify of environmental harm) and otherwise comply with the provisions of the EP Act
and the regulations promulgated thereunder. For example, the following are offenses under the EP Act:
• causing serious or material environmental harm;
• causing an environmental nuisance;
• depositing prescribed water contaminants in waters and related matters; and
• placing contaminants where environmental harm or nuisance may be caused.
Each EA Holder must also be a registered suitable operator under the EP Act. We are a registered suitable
operator (RSO Number 293585).
We hold EA EPML00643713, which authorizes the open cut and underground mining of black coal, mineral
processing, chemical storage, waste disposal and sewage treatment over the 14 MLs at Curragh subject to
compliance with certain conditions. Those conditions include requirements in relation to air and water quality,
regulated structures (e.g., dams), noise and vibration, waste, land use, rehabilitation, watercourse diversion and
GHG emission-reduction programs. We also hold EA EPVX00635313 which covers MDL 162.
Mining Rehabilitation (Reclamation)
Mine closure and rehabilitation risks and costs are regulated by Queensland state legislation.
Amongst other things, an EA Holder must provide the Queensland State Government with financial assurance
that may be drawn upon if an EA Holder defaults on its obligations to rehabilitate a mine site.
The Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld), or the Financial Provisioning Act,
establishes a financial provisioning scheme, or the Scheme, from which the Department of the Environment,
Tourism, Science and Innovation, or the DETSI, sources funds to rehabilitate and remediate land subject to
mining.
Under the Financial Provisioning Act, all mine operators are required to submit information to the DETSI in order
to allow the DETSI to calculate an Estimated Rehabilitation Cost, or ERC, for each EA associated with a mine
site. The DETSI provides the ERC to the manager of the Scheme, or the Scheme Manager. The Scheme
Manager undertakes a risk assessment of each EA, which is based upon independent advice from a Scheme
risk advisor. EAs with at least $100,000 in ERCs undergo an annual risk category allocation assessment process.
The assessment process determines whether the EA Holder will be required to make a contribution to the
Scheme’s Financial Provisioning Fund and/or provide surety to the Scheme Manager for that EA. Among other
things, the assessment is based on the mine operator’s financial soundness and credit rating, the characteristics
of the mining operation (e.g., life of mine, or LOM, and off-take agreements), the mine’s rehabilitation and
environmental compliance history and the submission made by the EA Holder.
Prior to October 1, 2025, the applicable risk categories were high, moderate, low and very low. From October 1,
2025, an additional “moderate-high” risk category was added. If the ERC and risk categories are set at moderate-
high, moderate, low or very low for a mine, then the EA Holder must pay an annual contribution based on a small
percentage of the ERC to the Scheme. The prescribed percentages for each category are: (1) very low: 0.5%;
(2) low: 1.0%; (3) moderate: 2.25%; and (4) moderate-high: 6.5%. If the category is assessed as high, then the
EA Holder must provide a surety for the whole ERC amount, and possibly a contribution to the Scheme. The risk
assessment of each mine and, therefore, the amount of the contribution to the fund is assessed and paid annually
in perpetuity, or until a clearance certificate is obtained.
Two of our EAs which relate to Curragh, namely EA number EPML00643713 and EA number EPVX00635313,
are covered by the Scheme.
On October 23, 2025, the Scheme Manager issued an indicative Annual Review Allocation of “High” for EA
number EPML00643713. As permitted under the Financial Provisioning Act, we made formal submissions to the
Scheme Manager requesting a review of this indicative rating. Following consideration of the Company’s formal
submission, the Scheme Manager applied discretion as permitted under the Financial Provisioning Act to grant
transitional relief allowing the application of the “Moderate -High” risk category. This risk category will apply until
the next Annual Review Allocation for the Curragh mine complex, which is expected to occur in November 2026.
Under the transitional “Moderate–High” risk category, the Company is required to make an annual contribution
to the Scheme equivalent to 6.5% of Curragh’s ERC, rather than provide financial assurance in the form of bank
guarantees, insurance bonds or cash collateral equal to 100% of Curragh’s ERC.
Coronado Global Resources Inc. Form 10-K December 31, 2025 27
In January 2026, the Scheme Manager completed an assessment of the Annual Review Allocation for EA Number
EPVX00635313 and issued an Annual Review Allocation of High in respect of MDL162, requiring Curragh to
maintain its historical financial assurance of $0.1 million in respect of 100% of the ERC for that EA.
The Financial Provisioning Act also requires that a Progressive Rehabilitation and Closure Plan, or PRCP, be
prepared in connection with an EA application for mined land. If approved by the DETSI, a stand-alone PRCP
schedule is provided to the applicant together with the EA. The PRCP schedule contains milestones with
completion dates for achieving progressive rehabilitation of the applicable mine site. Curragh’s PRCP was
submitted to the DETSI on October 20, 2022, and was approved on December 4, 2025.
There can be no assurance that our risk category allocation will not change or increase in future years. Our
financial obligations under the Financial Provisioning Act may change due to a number of factors, including but
not limited to:
• changes that increase ERC amounts or are the result of disturbances;
• major Environmental Authority, or EA, amendments;
• compliance with existing EA obligations; and
• major changes to our financial soundness.
Aboriginal Cultural Heritage Act 2003 (Qld)
The Aboriginal Cultural Heritage Act 2003 (Qld) imposes a duty of care on all persons to take all reasonable and
practicable measures to ensure that any activity conducted does not harm Aboriginal cultural heritage. Its
objective is to provide effective recognition, protection and conservation of Aboriginal cultural heritage.
We have obligations relating to Aboriginal cultural heritage with respect to a number of cultural heritage objects
and areas located within the area of the Tenements. We work closely with the Aboriginal people to manage the
cultural heritage objects, areas or evidence of archaeological significance, within our mining operations. We are
party to a Cultural Heritage Management Plan (and associated Cultural Services Agreement) with the Gaangalu
Nation People that applies to all of the Tenements. The plan establishes a coordinating committee and sets out
the steps to be followed to manage activities that may impact Aboriginal cultural heritage.
Native Title Act 1993 (Cth)
The Native Title Act 1993 (Cth), or NTA, sets out procedures under which native title claims may be lodged and
determined and compensation claimed for the extinguishment or impairment of the native title rights or interests
of Aboriginal peoples. Its objective is to provide for the recognition and protection of native title, to establish ways
in which future dealings affecting native title may proceed and to set standards for those dealings, to establish a
mechanism for determining claims to native title and to provide for, or permit, the validation of past acts, and
intermediate period acts, invalidated because of the existence of native title.
With respect to MLs and MDLs granted under the MRA on state land where native title has not been extinguished,
a principle known as the non-extinguishment principle governs. Broadly, under this principle, native title rights
are suspended while the mining tenure, as renewed from time to time, is in force. The grant (or renewal) of a
mining tenure in respect of land where native title may exist must comply with the NTA to ensure the validity of
the tenure. Registered native title claimants have certain notification, consultation and negotiation rights relating
to mining tenures. Where native title is extinguished (i.e., freehold land), the NTA does not apply.
Regional Planning Interests
The Regional Planning Interests Act 2014 (Qld), or the RPI Act, manages the impact of resource activities and
other regulated activities in areas of the state that contribute, or are likely to contribute, to Queensland’s
economic, social and environmental prosperity (e.g., competing land use activities on prime farming land). The
RPI Act identifies areas of Queensland that are of regional interest, including strategic cropping areas and
strategic environmental areas. Under the RPI Act, conducting a resource activity in an area of regional interest
requires a regional interest development approval, unless operating under an exemption. Importantly,
pre-existing mining activities being undertaken at the date of the introduction of the legislation are exempt.
In conjunction with the grant in July 2016 of ML 700006, ML 700007 and ML 700008 at Curragh, we were granted
a regional interest development approval, which is subject to regional interest conditions, such as mitigation.
Certain protection conditions are also imposed on us with respect to ML 80171, which includes an obligation to
provide mitigation in the event that strategic cropping land is impacted by future operations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 28
Environmental Protection and Biodiversity Conservation Act 1999 (Cth)
The Environment Protection and Biodiversity Conservation Act 1999 (Cth), or the EPBC Act, provides a federal
framework to protect and manage matters of national environmental significance, such as listed threatened
species and ecological communities and water resources. In addition, the EPBC Act confers jurisdiction over
actions that have a significant impact on the environment where the actions affect, or are taken on,
Commonwealth land, or are carried out by a Commonwealth agency.
Under the EPBC Act, “controlled actions” that have or are likely to have a significant impact on a matter of national
environmental significance are subject to a rigorous assessment and approval process. A person must not take
a “controlled action” unless approval is granted under the EPBC Act. Any person proposing to carry out an “action”
that may be a “controlled action” must refer the matter to the Commonwealth Minister for a determination as to
whether the proposed action is a controlled action.
On November 2, 2016, the Commonwealth Minister for the Department of the Environment and Energy
administering the EPBC Act approved the extension of the existing Curragh mining area to include mining four
additional Tenements —ML 700006, ML 700007, ML 700008 and ML 700009 (EPBC Act referral 2015/7508)—
as a “controlled action,” on certain conditions. The conditions include requirements in relation to offsets and
groundwater.
In late 2025 significant amendments were made to the EPBC Act. These amendments do not have any
ramifications for the Company’s existing approvals but may impact future projects.
Coal Mining Safety Legislation
The primary health and safety legislation that applies to Curragh is the Coal Mining Safety and Health Act 1999
(Qld) with the subordinate Coal Mining Safety and Health Regulation 2001 (Qld), which we refer to, together, as
the Coal Mining Safety Legislation. Additional legislative requirements apply to operations that are carried on
off-site or which are not principally related to coal mining (e.g., transport, rail operations, etc.).
The Coal Mining Safety Legislation imposes safety and health obligations on persons who operate coal mines or
who may affect the safety or health of others at coal mines. Under the Coal Mining Safety Legislation, the operator
of a coal mine must, among other things:
• ensure that the risk to coal mine workers while at the operator’s mine is at an acceptable level;
• audit and review the effectiveness and implementation of the safety and health management system to
ensure the risk to persons is at an acceptable level;
• provide adequate resources to ensure the effectiveness and implementation of the safety and health
management system;
• ensure the operator’s own safety and health, and the safety and health of others, is not affected by the
way the operator conducts coal mining operations;
• not carry out an activity at the coal mine that creates a risk to a person on an adjacent or overlapping
petroleum authority if the risk is higher than an acceptable level of risk;
• appoint a site senior executive for the mine;
• ensure the site senior executive develops and implements a safety and health management system for
all people at the mine;
• ensure the site senior executive develops, implements and maintains a management structure for the
mine that helps ensure the safety and health of persons at the mine; and
• not operate the coal mine without a safety and health management system for the mine.
We recognize that health and safety are imperative to the ongoing success of our Australian Operations. As the
operator of the open cut mines at Curragh North Mine and Curragh South Mine, we have in place a
comprehensive safety and health management system, which includes an emergency response team, to address
these legislative requirements. In accordance with the Coal Mining Safety Legislation, we have also established
an occupational hygiene baseline for dust exposure at Curragh. The Company has engaged Mammoth
Underground Mine Management Pty Ltd as the operator of the Company’s underground mine at Mammoth.
Coronado Global Resources Inc. Form 10-K December 31, 2025 29
Water Act 2000 (Qld)
In Queensland, all entitlements to the use, control and flow of water are vested in the state and regulated by the
Water Act 2000 (Qld). Allocations under the Water Act 2000 (Qld) can be managed by a water supply scheme
operator, such as SunWater Ltd, which is a Government-owned corporation regulated by the Queensland
Competition Authority. We have purchased the required water allocations for Curragh and entered into channel
and pipeline infrastructure agreements and river supply agreements with SunWater Ltd to regulate the supply of
water pursuant to these allocations. See Item 1A. “Risk Factors—In times of drought and/or shortage of available
water, our operations and production, particularly at Curragh, could be negatively impacted if the regulators
impose restrictions on our water offtake licenses that are required for water used in the CPPs.”
National Greenhouse and Energy Reporting Act 2007 (Cth)
The National Greenhouse and Energy Reporting Act 2007 (Cth) imposes requirements for both foreign and local
corporations whose carbon dioxide production, GHG emissions and/or energy consumption meets certain
thresholds to register and report GHG emissions and abatement actions, as well as energy production and
consumption as part of a single, national reporting system. The Clean Energy Regulator administers the National
Greenhouse and Energy Reporting Act 2007 (Cth), and the Department of Climate Change, Energy, the
Environment and Water is responsible for related policy developments and review.
The Australian Government’s Safeguard Mechanism is a legislative framework intended to incentivize predictable
and gradual emissions reductions through declining emissions limits called baselines. The trajectory of the
baselines is consistent with achieving the Government’s emissions reduction target of 43% below 2005 levels by
2030 and net zero by 2050. In September 2025, a new 2035 national emissions reduction target of 62-70% was
adopted by the Australian Government. The scheme includes credits to provide an incentive to companies to
reduce their emissions below their baselines.
The Safeguard Mechanism applies to industrial facilities emitting more than 100,000 tons of carbon dioxide
equivalent per year, including in electricity, mining, oil and gas production, manufacturing, transport and waste
facilities. In accordance with the Safeguard Mechanism, Curragh has established a production-adjusted
(intensity) baseline for covered emissions (Scope 1).
In early 2025, we entered into a five-year MYMP. The MYMP allows the Company, given the challenges for
abatement within the industry, to adapt to changes in the mine plan ensuring continued progress toward
emissions reduction, while optimizing operational efficiency.
At the end of the MYMP, Curragh will be required to take action to keep its net Scope 1 emissions at or below
the baseline through emissions reduction projects or by, for example, purchasing Safeguard Mechanism Credits,
or SMCs, from another facility or
purchasing and surrendering Australian Carbon Credit Units, or ACCUs. The
failure to do so could result in enforcement measures against Curragh.
Labor Relations
Minimum employment entitlements, embodied in the National Employment Standards, apply to all private-sector
employees and employers in Australia under the federal Fair Work Act 2009 (Cth), or the FWA. These standards
regulate employment conditions and paid leave. Employees who are associated with the day-to-day operations
of a local mine or mines and who are not located in head office or corporate administration offices are also
covered by the Black Coal Mining Industry Award 2010, which regulates conditions including termination
arrangements, pay and hours of work.
Unfair dismissal claims, enterprise bargaining, industrial actions and resolution of workplace disputes are also
regulated under state and federal legislation. Some of the workers at Curragh are covered by our Enterprise
Agreement, which was approved by the Fair Work Commission, or the Commission, Australia’s national
workplace relations tribunal. See “—Human Capital Disclosures” above.
In November 2024, the “Same Job, Same Pay” concept came into effect under the FWA. This legislation seeks
to identify when a labor hire worker is completing the same job as an ordinary employee, and subsequently,
determine what the applicable rate of pay for the labor hire worker completing that job should be.
In respect of the workers at Curragh covered by the Enterprise Agreement, applications are allowed to be made
to the Commission for an order that labor hire employees must be paid at least what they would receive under
Curragh’s Enterprise Agreement (noting that there are exemptions for registered trainees and apprentices, short-
term placements, small businesses and genuine service contractors).
Coronado Global Resources Inc. Form 10-K December 31, 2025 30
The Commission will then make an assessment that a Same Job, Same Pay order would be fair and
reasonable—including whether labor hire workers are performing the same work as Enterprise Agreement
employees—and can make an order setting a “Protected Rate of Pay.” Any conditions in Curragh’s Enterprise
Agreement that are captured by the meaning of “full rate of pay” (e.g., any incentives, loadings, allowances, and
penalty rates) will be payable to the labor hire worker, so long as those conditions are triggered by the “same job”
being performed.
Regulatory Matters—U.S.
Federal, state and local authorities regulate the U.S. coal mining industry with respect to matters such as
employee health and safety, protection of the environment, permitting and licensing requirements, air quality
standards, water pollution, plant and wildlife protection, the reclamation and restoration of mining properties after
mining has been completed, the discharge of materials into the environment, surface subsidence from
underground mining and the effects of mining on groundwater quality and availability. In addition, the industry is
affected by significant requirements mandating certain benefits for current and retired coal miners. Numerous
federal, state and local governmental permits and approvals are required for mining operations. Due to the
extensive and comprehensive regulatory requirements, violations during mining operations occur from time to
time in the industry. In addition to the non-exhaustive summary of material federal legislation described below,
our operations are subject to a wide array of federal, state and local environmental laws, including, for example,
the Safe Drinking Water Act, the Toxic Substances Control Act, the Emergency Planning and Community Right-
to-Know Act, the National Historic Preservation Act of 1966 and the Migratory Bird Treaty Act of 1918, as well as
state regulatory schemes that either mirror federal law or create additional layers of regulation.
Clean Air Act of 1970
The U.S. Clean Air Act of 1970, or the CAA, regulates airborne pollution that may be potentially detrimental to
human health, the environment or natural resources. The CAA and comparable state laws that govern air
emissions affect U.S. coal mining operations both directly and indirectly.
Direct impacts on coal mining and processing operations may occur through CAA permitting and/or emission
control requirements relating to particulate matter, or PM, nitrogen dioxide, ozone and sulfur dioxide, or SO
2
. For
example, pursuant to the CAA, the U.S. Environmental Protection Agency, or the EPA, administers rules that
apply PM limits to emissions from coal preparation and processing plants constructed or modified after April 28,
2008. In addition, the EPA has adopted more stringent national ambient air quality standards, or NAAQs, for PM,
nitrogen oxide, ozone and SO
2
. It is possible that these modifications, as well as future modifications, to NAAQs
could directly or indirectly impact our mining operations in a manner that includes, but is not limited to, the EPA
designating new areas of the country as being in nonattainment of applicable NAAQs or expanding existing
nonattainment areas, and prompting additional local control measures pursuant to state implementation plans,
or SIPs, required to address such revised NAAQs. SIPs may be state-specific or regional in scope. Under the
CAA, individual states have up to 12 years from the date of designation of attainment/nonattainment areas to
secure reductions from emission sources.
The CAA also indirectly, but significantly, affects the U.S. coal industry by extensively regulating SO2, nitrogen
oxides, mercury, PM, GHGs, and other substances emitted by coal-burning facilities, such as steel
manufacturers, coke ovens and coal fired electric power generating facilities. Over time, the EPA has
promulgated or proposed CAA regulations to impose more stringent air emission standards for a number of these
coal-burning industries, especially the power generation sector. Collectively, CAA regulations and uncertainty
around future CAA requirements could reduce the demand for coal and, depending on the extent of such
reduction, could have a material adverse effect on our business, financial condition and operations.
NAAQs Revisions.
The CAA requires the EPA to periodically review and, if appropriate, revise the NAAQs to
ensure protection of public health. On March 6, 2024, the EPA finalized a rule lowering the level of the annual
24-hour PM 2.5 standards for fine PM NAAQs from 12.0 ug/m3 to 9.0 ug/m3. The more stringent NAAQs require
new SIPs to be developed and filed with the EPA, which may trigger additional control technology for mining
equipment or coal-burning facilities, or result in additional challenges to permitting and expansion efforts. The
revised NAAQs has been challenged by industry participants and litigation remains ongoing. On March 12, 2025,
the EPA announce that it would be reconsidering the NAAQs for particulate matter and that it would release
guidance to increase flexibility on NAAQs implementation.
Cross State Air Pollution Rule, or CSAPR.
The CAA includes a so-called Good Neighbor Provision that requires
upwind states to eliminate their significant contributions to downwind states’ nonattainment of the NAAQs.
CSAPR requires the District of Columbia and 27 states from Texas eastward (not including the New England
states or Delaware) to reduce power plant emissions that cross state lines and significantly contribute to ozone
Coronado Global Resources Inc. Form 10-K December 31, 2025 31
and/or fine particle pollution in downwind states. Additional emission reduction requirements in these states could
adversely affect the demand for coal.
Mercury and Air Toxic Standards, or MATS.
The EPA published the final MATS rule in 2012. The MATS rule
revised the New Source Performance Standards, or NSPS, for nitrogen oxides, SO2 and PM for new and
modified coal-fueled electricity generating plants, and imposed Maximum Achievable Control Technology, or
MACT, emission limits on hazardous air pollutants, or HAPs, from new and existing coal-fueled and oil-fueled
electricity generating plants. MACT standards limit emissions of mercury, acid gas HAPs, non-mercury HAP
metals and organic HAPs. Though the MATS rule has been the subject of various legal challenges, the EPA
reaffirmed the scientific, economic, and legal underpinnings of the MATS rule in February 2023. In May 2024,
the EPA finalized even more stringent non-mercury metal surrogate filterable PM emission standards for all coal-
fueled electricity generating plants and new mercury emission standards for lignite-powered units. The more
stringent regulations may increase the cost of coal-fired electric power generation and negatively impact the
demand for coal. This rule is currently subject to ongoing litigation. On June 17, 2025, the EPA proposed to repeal
certain of the more stringent standards imposed in the May 2024 rule, including the filterable PM emission
standards and the new mercury emission standards for lignite-powered units.
GHG Emissions Standards and Guidelines.
In 2014, the EPA proposed a sweeping rule, known as the “Clean
Power Plan,” to cut carbon emissions from existing electricity generating units, including coal-fired power plants.
Following a series of legal challenges, the EPA commenced new rulemaking proceedings in October 2017,
ultimately rescinding the Clean Power Plan and finalizing its replacement, the Affordable Clean Energy, or ACE
rule, in June 2019. Like its predecessor, the ACE rule was subject to significant litigation and was remanded to
the EPA for further action.
On April 25, 2024, the EPA finalized a rule that repealed the ACE rule and required widespread implementation
of carbon capture and sequestration and use of green hydrogen. The new rules may require significant capital
expenditure to develop the infrastructure necessary for compliance and could impact our customers and the
future demand for coal. However, on June 17, 2025, the EPA proposed to repeal all GHG emission standards for
fossil fuel-fired power plants and proposed to find that GHG emissions from fossil fuel-fired power plants do not
contribute significantly to dangerous air pollution. The EPA also proposed, as an alternative, to repeal a narrower
set of GHG emissions standards for existing and new units. As a result, the regulations governing GHG
emissions for fossil fuel-fired power plants are in flux, and there can be no assurance that equally or more
stringent regulations will not be implemented in the future.
There have also been numerous challenges to the permitting of new coal-fired power plants by environmental
organizations and state regulators over concerns related to GHG emissions. For instance, various state
regulatory authorities have rejected the construction of new coal-fueled power plants based on the uncertainty
surrounding the potential costs associated with GHG emissions under future laws. In addition, several permits
issued to new coal-fueled power plants without GHG emission limits have been appealed to the EPA's
Environmental Appeals Board. A federal appeals court allowed a lawsuit pursuing federal common law claims
to proceed against certain utilities on the basis that they may have created a public nuisance due to their
emissions of carbon dioxide. The U.S. Supreme Court overturned that decision in June 2011, holding that federal
common law provides no basis for public nuisance claims against utilities due to their carbon dioxide emissions.
However, the U.S. Supreme Court did not decide whether similar claims can be brought under state common
law. As a result, tort-type liabilities remain a concern. To the extent that these risks affect our current and
prospective customers, it may reduce the demand for coal.
Regional Haze.
The EPA promulgated a regional haze program designed to protect and to improve visibility at
and around Class I Areas, which are generally national parks, national wilderness areas and international parks.
This program may restrict the construction of new coal-fired power plants, the operation of which may impair
visibility at and around the Class I Areas. Additionally, the program requires certain existing coal-fired power
plants to install additional control measures designed to limit haze-causing emissions, such as SO2, nitrogen
oxide and PM. If states adopt SIPs with more stringent requirements in order to comply with the program, demand
for coal could be adversely affected. The EPA has announced that it plans to restructure the regional haze
program through the development of new regulations and issued an advance notice of proposed rulemaking on
October 2, 2025.
New Source Review, or NSR.
Pursuant to NSR regulations, stationary sources of air pollution must obtain an
NSR permit prior to beginning construction of a new “major” source of emissions or a “major” modification of an
existing major source. If a project is determined to trigger NSR, Prevention of Significant Deterioration regulations
require the project to implement Best Available Control Technology and/or Non-Attainment New Source Review
Lowest Achievable Emission Rate control technology.
Coronado Global Resources Inc. Form 10-K December 31, 2025 32
Beginning in the late 1990s, the EPA filed lawsuits against owners of many coal-fired power plants which resulted
in the owners agreeing to install additional emission control devices in their coal-fired power plants. In recent
years, the EPA proposed and promulgated several revisions to its NSR regulations and policies concerning NSR
permitting. For example, in 2023, the EPA issued a rule that would require additional sources to consider fugitive
emissions when determining if NSR has been triggered. On March 12, 2025, the EPA announced that it would
be considering reforms to the New Source Review. Remaining litigation and uncertainty around the NSR program
rules could adversely impact demand for coal.
Coke Oven Batteries and Coke Ovens.
Coke oven batteries and coke ovens are two source categories regulated
by the CAA. On July 5, 2024, the EPA finalized amendments to the emissions standards for coke ovens which
lower the limits for leaks from doors, lids, and offtakes, require fence line monitoring for benzene and impose
new emissions standards for previously unregulated HAPs. These standards may impact our current and
prospective customers and reduce long-term demand for coal. On March 12, 2025, the EPA announced that it
would reconsider standards for coke ovens.
Clean Water Act of 1972
The U.S. Clean Water Act of 1972, or the CWA, and corresponding state laws govern the discharge of toxic and
non-toxic pollutants into the waters of the U.S. CWA requirements may directly or indirectly affect U.S. coal mining
operations.
Water Discharge.
The CWA and corresponding state laws affect coal mining operations by imposing restrictions
on discharges of wastewater into waters of the U.S. through the National Pollutant Discharge Elimination System,
or NPDES, or equally stringent state programs. These restrictions often require us to pre-treat wastewater prior
to discharging it from our facilities. NPDES permits require regular monitoring, reporting and compliance with
effluent limitations. New requirements under the CWA and corresponding state laws may cause us to incur
significant additional costs that could adversely affect our operating results.
Dredge and Fill Permits.
Many mining activities, such as the development of refuse impoundments, fresh water
impoundments, refuse fills, and other similar structures, may result in impacts to waters of the U.S., including
wetlands, streams and, in certain instances, man-made conveyances that have a hydrologic connection to such
streams or wetlands. Under the CWA, coal companies are also required to obtain a Section 404 permit from the
U.S. Army Corps of Engineers, or USACE, prior to conducting certain mining activities. The USACE is authorized
to issue general “nationwide” permits for specific categories of activities that are similar in nature and that are
determined to have minimal adverse effects on the environment. Permits issued pursuant to Nationwide Permit
21, or NWP 21, generally authorize the disposal of dredged and fill material from surface coal mining activities
into waters of the U.S., subject to certain restrictions. Permit holders must receive explicit authorization from the
USACE before proceeding with proposed mining activities. The USACE may also issue individual permits for
mining activities that do not qualify for NWP 21.
For many years, there has been uncertainty surrounding the definition of the “waters of the U.S.” with respect to
the scope of CWA jurisdiction. On August 29, 2023, the EPA and the Department of the Army issued a final rule
revising the definition of “waters of the U.S.” under the CWA. This rule conforms with a U.S. Supreme Court
decision narrowing agency jurisdiction under the CWA. However, due to ongoing litigation, implementation of the
revised definition has been delayed in several states. On November 20, 2025, the EPA and Department of the
Army proposed a revised definition of “waters of the U.S.” that would further narrow the scope of CWA jurisdiction.
It is uncertain what impact this proposed rule and litigation concerning the current rule may have on our
operations.
Effluent Limitations Guidelines for the Steam Electric Power Generating Industry.
The EPA has issued a variety
of rule and regulations setting limitations on various wastewater discharges from steam electric power plants.
These rules may significantly increase costs for coal-fired steam electric power plants and may therefore
adversely impact demand for coal.
Surface Mining Control and Reclamation Act of 1977
The Surface Mining Control and Reclamation Act of 1977, or the SMCRA, which is administered by the U.S.
Office of Surface Mining Reclamation and Enforcement, or OSM, establishes operational, reclamation and
closure standards for all aspects of surface mining and many aspects of underground mining in the U.S.
Under the SMCRA, a state may submit a qualifying surface mining regulatory scheme to the OSM and request
exclusive jurisdiction over surface mining activities within its territory. If OSM finds that the state’s scheme meets
SMCRA’s requirements and gives approval, the state becomes the primary regulatory authority (with oversight
from OSM). Each of Virginia, West Virginia and Pennsylvania, where our Buchanan, Logan and Mon Valley
Coronado Global Resources Inc. Form 10-K December 31, 2025 33
facilities are located, has adopted qualifying surface mining regulatory schemes and has primary jurisdiction over
surface mining activities within their respective territories. However, even if a state gains approval for its surface
mining regulatory program, the OSM retains significant federal oversight, including the ability to perform
inspections of all surface mining sites to ensure state program and mine operator compliance with federal
minimum standards. The OSM and its state counterparts also oversee and evaluate standards of:
• performance (both during operations and during reclamation);
• permitting (applications must describe the pre-mining environmental conditions and land use, the
intended mining and reclamation standards, and the post-mining use);
• financial assurance (SMCRA requires that mining companies post a bond sufficient to cover the cost of
reclaiming the site, and the bond is not released until mining is complete, the land has been reclaimed
and the OSM has approved the release);
• inspection and enforcement (including the issuance of notices of violation and, for repeat violators, the
placement of a mining operation and its owners and controllers on a federal database, known as the
Applicant Violator System, which blocks such person or entity from obtaining future mining permits); and
• land restrictions (SMCRA prohibits surface mining on certain lands and also allows citizens to challenge
surface mining operations on the grounds that they will cause a negative environmental impact).
Regulations under the SMCRA and its state analogues also provide that a mining permit or modification can,
under certain circumstances, be delayed, refused or revoked if we, or any entity that owns or controls us or is
under common ownership or control with us, have unabated permit violations or have been the subject of permit
or reclamation bond revocation or suspension.
The permitting required for coal mining continues to be the subject of increasingly stringent regulatory and
administrative requirements and extensive activism and litigation by environmental groups. After a permit
application is prepared and submitted to the regulatory agency, it goes through a completeness and technical
review. Regulatory authorities have considerable discretion in the timing of the permit issuance and the public
has the right to comment on and otherwise engage in the permitting process, including public hearings and
through intervention in the courts. Before a SMCRA permit is issued, a mine operator must submit a bond or
other form of financial security to guarantee the performance of reclamation bonding requirements.
SMCRA provides for three categories of bonds: surety bonds, collateral bonds and self-bonds. For our U.S.
Operations, we meet our reclamation bonding requirements by posting surety bonds and participation in the
Commonwealth of Virginia bond pool. As of December 31, 2025, we had surety bonds outstanding of $19.4
million and cash collateralized bank guarantees of $10.0 million in relation to reclamation. The surety bond
requirements for a mine represent the calculated cost to reclaim the current operating area if the mine ceased to
operate in the current period. The cost calculation for each surety bond must be completed according to the
regulatory authority of each state.
The SMCRA Abandoned Mine Land Fund requires a fee on all coal produced in the U.S. The proceeds are used
to rehabilitate lands mined and left unreclaimed prior to August 3, 1977 and to pay health care benefit costs of
orphan beneficiaries of the Combined Fund created by the Coal Industry Retiree Health Benefit Act of 1992. The
fee amount can change periodically based on changes in federal legislation. See Item 2. “Properties” for
information regarding reclamation and other taxes applicable to our U.S. mining properties.
National Environmental Policy Act of 1969
The National Environmental Policy Act of 1969, or NEPA, applies to mining operations or permitting requirements
that require federal approvals. NEPA defines the processes for evaluating and communicating the environmental
impact of “major federal actions” significantly affecting the quality of the human environment, such as the
permitting of new mine development on federal lands. NEPA requires federal agencies, such as the EPA or the
OSM, to incorporate environmental considerations in their planning and decision-making. The federal agency
carrying out the requirements of NEPA must prepare a detailed statement assessing the environmental impact
of, and alternatives to, the particular action requiring agency approval. These statements are referred to as
Environmental Impact Statements or Environmental Assessments. Environmental Impact Statements must
include any reasonably foreseeable climate change-related effects of a proposed action, reasonably foreseeable
effects that cannot be avoided, and a reasonable range of alternatives. In February 2025, the regulations
implementing NEPA were withdrawn. More stringent NEPA procedures and regulations, including with respect
to the requirement to evaluate climate change-related impacts, in the future could have an adverse impact on
future mining permitting decisions.
Coronado Global Resources Inc. Form 10-K December 31, 2025 34
Resource Conservation and Recovery Act of 1976
The Resource Conservation and Recovery Act of 1976, or RCRA, affects U.S. coal mining operations by
establishing “cradle to grave” requirements for the generation, transportation, treatment, storage and disposal of
solid and hazardous wastes. RCRA also addresses the environmental effects of certain past hazardous waste
treatment, storage and disposal practices, and may require a current or past site owner or operator to remove
improperly disposed hazardous wastes. RCRA also sets forth a framework for managing certain non-hazardous
solid wastes.
Although coal combustion residuals, or CCR, are exempted from regulation as a hazardous waste, CCR disposal
is regulated under RCRA. In 2014, the EPA finalized a CCR rule setting nationwide waste standards for CCR
disposal. In 2018, a U.S. Court of Appeals held that certain provisions of the EPA’s CCR rule were not sufficiently
protective and invalidated those provisions. Since then, the EPA has finalized changes to its CCR regulations.
Additional or more stringent CCR regulations in the future could increase our costs and have an adverse impact
on our business, results or operations and financial condition.
The EPA regulations on CCR management and disposal exempt coal ash that is disposed of at mine sites and
reserve any regulation thereof to the OSM. After proposing CCR regulations in 2007, the Office of Surface Mining
Reclamation and Enforcement, or OSMRE, suspended all rulemaking actions on CCRs, but could re-initiate them
in the future.
Comprehensive Environmental Response, Compensation, and Liability Act of 1980
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, or CERCLA, authorizes
the federal government and private parties to recover costs to address threatened or actual releases of hazardous
substances (broadly defined) that may endanger public health or the environment. Current owners and operators
of contaminated sites, past owners and operators of contaminated sites at the time hazardous substances were
disposed, parties that arranged for the disposal or transport of the hazardous substances and transporters of
hazardous substances could be potentially responsible parties, or PRPs, under CERCLA. PRPs may be liable
for costs related to contaminated sites, including, but not limited to, site investigation and cleanup costs incurred
by the government or other parties, damages to natural resources and costs of certain health assessments or
studies.
We could face liability under CERCLA and similar state laws for contamination discovered at properties that
(1) we currently own, lease or operate, (2) we, our predecessors, or former subsidiaries have previously owned,
leased or operated, (3) sites to which we, our predecessors or former subsidiaries, sent waste materials, and
(4) sites at which hazardous substances from our facilities’ operations have otherwise come to be located.
Federal Mine Safety and Health Act of 1977
The Federal Mine Safety and Health Act of 1977, or the Mine Act, which was amended by the Mine Improvement
and New Emergency Response Act of 2006, or the MINER Act, governs federal oversight of mine safety and
authorizes the U.S. Department of Labor’s Mine Safety and Health Administration, or MSHA, to regulate safety
and health conditions for employees working in mines within the U.S., and to enforce various mandatory health
and safety requirements. The Mine Act mandates four annual inspections of underground coal mines and two
annual inspections of all surface coal mines, and permits inspections in response to employee complaints of
unsafe working conditions. The statute and its regulations also mandate miner training, mine rescue teams for
all underground mines, and involvement of miners and their representatives in health and safety activities. MSHA
has also promulgated regulations governing a wide range of activities, including roof support, ventilation,
combustible materials, electrical equipment, fire protection, explosives and blasting, and mine emergencies.
MSHA has the statutory authority to issue civil penalties for non-compliance, to set the period for abatement of
violations, and to seek injunctive relief requiring a company to cease operations until certain conditions are
corrected. The MINER Act requires mine specific emergency response plans in underground coal mines, requires
prompt notification of mine accidents, and imposes enhanced civil and criminal penalties for violations. The Miner
Act also implemented new regulations regarding mine rescue teams and sealing of abandoned areas. MSHA
continues to interpret and implement various provisions of the MINER Act, along with introducing new proposed
regulations and standards. For example, the third and final phase of MSHA’s respirable coal mine dust rule
became effective in August 2016, reducing the overall respirable dust standard in coal mines from 2.0 to 1.5
milligrams per cubic meter of air. In April 2024, MSHA issued a final rule concerning respirable crystalline silica
that lowers the permissible exposure limit and requires other safety measures such as exposure sampling and
medical surveillance. The enforcement of this April 2024 silica rule has been paused as a result of a temporary
stay of the rule. In November 2025, MSHA indicated that it would engage in a limited rulemaking to reconsider
and seek comments on portions of the April 2024 silica rule.
Coronado Global Resources Inc. Form 10-K December 31, 2025 35
Black Lung (Coal Worker’s Pneumoconiosis)
The Mine Act amended the Federal Coal Mine Health and Safety Act of 1969, which is the legislation that
mandates compensation for miners who were totally and permanently disabled by the progressive respiratory
disease caused by coal workers’ pneumoconiosis, or black lung. Under current federal law, a U.S. coal mine
operator must pay federal black lung benefits and medical expenses to claimants who are current employees,
and to claimants who are former employees who last worked for the operator after July 1, 1973, and whose
claims for benefits are allowed. Coal mine operators must also make payments to a trust fund for the payment of
benefits and medical expenses to claimants who last worked in the coal industry prior to July 1, 1973. The trust
fund is funded by an excise tax on sales of U.S. production, excluding export sales . The excise tax rates are
currently 4.4% of gross sales price, not to exceed $1.10 per ton of underground coal and $0.55 per ton of surface
coal.
Historically, very few of the miners who sought federal black lung benefits were awarded these benefits; however,
the approval rate increased following implementation of black lung provisions contained in the Patient Protection
and Affordable Care Act of 2010, or the Affordable Care Act. The Affordable Care Act introduced significant
changes to the federal black lung program, including an automatic survivor benefit paid upon the death of a miner
with an awarded black lung claim, and established a rebuttable presumption with regard to pneumoconiosis
among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition.
These changes could have a material adverse impact on our costs associated with the federal black lung
program. In addition to possibly incurring liability under federal statutes, we may also be liable under state laws
for black lung claims. See Note 17 to the accompanying audited Consolidated Financial Statements for further
information on applicable insurance coverage.
Endangered Species Act of 1973
The Endangered Species Act of 1973 governs the protection of endangered species in the U.S. and requires the
U.S. Department of the Interior’s Fish and Wildlife Service and the National Oceanic and Atmospheric
Administration’s National Marine Fisheries Service to formally review any federally authorized, funded or
administered action that could negatively affect endangered or threatened species. Changes in listings of
endangered species or requirements under these regulations may impact costs and our ability to mine at locations
where endangered species are observed or may be affected by mining operations.
National Labor Relations Act of 1935
The National Labor Relations Act of 1935, or the NLRA, governs collective bargaining and private sector labor
and management relations. While we do not have a unionized workforce in the U.S., to the extent that non-
supervisory employees decide to seek representation or engage in other protected concerted labor activities, the
NLRA and the rules promulgated by the National Labor Relations Board, or NLRB, set the parameters for
employees and union activity and our response. The NLRA applies to both unionized and non-union workforces.
Any employee complaints related to the terms and conditions of employment that affect the workforce generally
will be governed by the NLRA. In addition, NLRB- promulgated rules regarding joint employer status under the
NLRA clarified the basis upon which contractors and vendors, as well as their employees (and the unions
representing them), could allege that we are jointly and severally liable for any unfair labor practices or bargaining
obligations of the third-party employer. While the rules made the joint employer test generally more employer-
friendly, there is always the possibility of claims that we are a joint employer with a contractor or vendor.
Regulation of Explosives
Our surface mining operations are subject to numerous regulations relating to blasting activities, including the
Federal Safe Explosives Act, or SEA. The SEA applies to all users of explosives. Knowing or willful violations of
the SEA may result in fines or imprisonment, or both. In addition, violations of the SEA may result in revocation
of user permits and seizure or forfeiture of explosive materials. Pursuant to federal regulations, we incur costs to
design and implement blast schedules and to conduct pre-blast surveys and blast monitoring. In addition, the
storage of explosives is subject to strict regulatory requirements established by four different federal regulatory
agencies. For example, pursuant to a rule issued by the Department of Homeland Security in 2007, facilities in
possession of certain chemicals must complete a screening review in order to help determine whether there is a
high level of security risk such that a security vulnerability assessment and site security plan will be required. The
Bureau of Alcohol, Tobacco and Firearms and Explosives, or ATF, regulates the sale, possession, storage and
transportation of explosives in interstate commerce. In addition to ATF regulation, the U.S. Department of
Homeland Security continues to evaluate a proposed ammonium nitrate security program rule.
Coronado Global Resources Inc. Form 10-K December 31, 2025 36
Available Information
We file annual, quarterly and current reports and other documents with the SEC. The public can obtain any
documents that we file with the SEC at www.sec.gov. We also make available free of charge our Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably
practicable after filing such materials with, or furnishing such materials to, the SEC, on or through our internet
website, https://coronadoglobal.com/. We are not including the information contained on, or accessible through,
any website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K, unless expressly
noted.
Coronado Global Resources Inc. Form 10-K December 31, 2025 37
ITEM 1A. RISK FACTORS.
An investment in our securities is speculative and involves a number of risks. We believe the risks described
below are the material risks most likely to affect the Company. However, the risks described below may not be
the only risks that we face. Additional unknown risks or risks that we currently consider immaterial may also
impair our business operations. You should carefully consider the specific risk factors discussed below, together
with the information contained in this Annual Report on Form 10-K, including Item 7. “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and
the related notes to those statements
included elsewhere in this Annual Report on Form 10-K. If any of the events
or circumstances described below actually occurs, our business, financial condition or results of operations could
suffer, and the trading price of our securities could decline significantly in future periods.
Some of these principal risk factors include:
•
Concerns about the environmental impacts of coal combustion, including possible impacts on global
climate issues, are resulting in increased regulation of coal combustion and coal mining in many
jurisdictions, which could adversely impact our financial condition or results of operations;
•
We face risks from both the global transition to a net-zero emissions economy and the potential physical
impacts of climate change;
•
Our business may be materially and adversely affected by the impact on the global economy due to, among
other events, significant geopolitical tensions, including ongoing civil unrest or wars, or pandemics
;
• Our profitability depends upon the prices we receive for our coal. Prices for coal are volatile and can fluctuate
widely based upon a number of factors beyond our control;
• Demand for our Met coal is significantly dependent on the steel industry;
• We face increasing competition, which could adversely affect our profitability;
• Evolving tariffs, regulations and other restrictions on international trade may impact our ability to access
international markets and impact our ability to plan for future investments, which could adversely affect our
financial condition and results of operations;
• If transportation for our coal becomes unavailable or uneconomical for our customers, our ability to sell
coal could suffer;
• Take-or-pay arrangements within the coal industry could unfavorably affect our profitability;
• A decrease in the availability or increase in costs of key supplies, capital equipment, commodities and
purchased components, such as diesel fuel, steel, explosives and tires, could materially and adversely affect
our financial condition and results of operations;
• Defects in title or loss of any leasehold interests in our properties could limit our ability to mine these
properties or result in significant unanticipated costs;
•
A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity
;
•
Risks inherent to mining operations could impact the amount of coal produced, cause delays in or
suspension of coal deliveries, or increase the cost of operating our business;
•
Our long-term success depends upon our ability to continue discovering, or acquiring and developing
assets containing, coal reserves that are economically recoverable
;
•
We rely on estimates of our recoverable resources and reserves, which are complex due to geological
characteristics of the properties and the number of assumptions made
;
•
Our profitability could be affected adversely by the failure of suppliers and/or outside contractors to perform;
•
Our inability to replace or repair damaged or destroyed equipment or facilities in a timely manner could
materially and adversely affect our financial condition and results of operations;
• Our ability to operate effectively could be impaired if we lose key personnel or fail to attract qualified
personnel;
• We may not have adequate insurance coverage for some business risks;
• Cybersecurity incidents, attacks and other similar crises or disruptions could interrupt or disrupt our
information technology systems, or those of our third-party business partners, which could, among other
things, negatively affect our business, financial condition and results of operations;
Coronado Global Resources Inc. Form 10-K December 31, 2025 38
• The loss of, or significant reduction in, purchases by our largest customers could adversely affect our
revenues;
• Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely
affect our cost of financing and the market price of our securities;
• Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our
business, which could prevent us from fulfilling our obligations under our senior secured notes the ABL
Facility and other debt, and we may be forced to take other actions to satisfy our obligations under our debt,
which may not be successful;
•
We adjust our capital structure from time to time and may need to increase our debt leverage, which
would make us more sensitive to the effects of economic downturns;
•
Our business requires substantial ongoing capital expenditures, and we may not have access to the
capital required to reach full productive capacity at our mines;
•
Risks related to our investment in WICET may adversely affect our financial condition and results of
operations;
•
Restrictions and limitations related to our coal supply agreements with Stanwell may adversely impact our
strategy, financial condition, results of operations and business;
•
We could be adversely affected if we fail to appropriately provide financial assurances for our obligations;
•
Mine closures entail substantial costs. If we prematurely close one or more of our mines, our operations
and financial performance would likely be adversely affected;
•
If the assumptions underlying our provision for reclamation and mine closure obligations prove to be
inaccurate, we could be required to expend greater amounts than anticipated;
•
We are subject to extensive health and safety laws and regulations that could have a material adverse
effect on our reputation and financial condition and results of operations;
•
We could be negatively affected if we fail to maintain satisfactory labor relations;
•
Our operations may impact the environment or cause exposure to hazardous substances, which could
result in material liabilities to us; and
•
We are subject to extensive forms of taxation, which impose significant costs on us, and future regulations
and developments could increase those costs or limit our ability to produce coal competitively.
Sustainability Risks
Concerns about the environmental impacts of coal combustion, including possible impacts on global
climate issues, are resulting in increased regulation of coal combustion and coal mining in many
jurisdictions, which could adversely impact our financial condition or results of operations.
Global concerns about climate change continue to attract considerable attention, particularly in relation to the
coal industry. Emissions from coal consumption, both directly and indirectly, and emissions from coal mining itself
are subject to pending and proposed regulation as part of initiatives to address global climate change. A number
of countries, including Australia and the United States, have already introduced, or are contemplating the
introduction of, regulatory responses to GHGs, including the extraction and combustion of fossil fuels, to address
the impacts of climate change.
There are three primary sources of GHGs associated with the coal industry: (i) the combustion of coal by our
customers in coal-fired electricity generation, coke plants, and steelmaking; (ii) combustion of fuel by equipment
used in coal production and to transport our coal to our customers; and (iii) coal mining itself, which can release
methane, a more potent GHG than carbon dioxide, directly into the atmosphere. These emissions from coal
consumption, transportation and production are subject to active, pending and proposed regulation in the
jurisdictions in which we operate as part of initiatives to address global climate change.
As a result, numerous proposals have been made and are likely to continue to be made at the international,
national, regional and state levels of government to monitor , limit and reduce emissions of GHGs.
For Example, in accordance with the Australian Federal Government’s Safeguard Mechanism, Curragh has a
production-adjusted (intensity) baseline for covered emissions (Scope 1).
Coronado Global Resources Inc. Form 10-K December 31, 2025 39
In early 2025, the Curragh Complex entered into a five-year monitoring period , or MYMP. The MYMP allows the
Curragh complex, given the challenges for abatement within the industry, to implement projects that progressively
reduce its emissions, achieving compliance with the Safeguard baseline.
By the end of the MYMP, Curragh is required to have taken action to keep its net Scope 1 emissions at or below
the baseline through emissions reduction projects or by, for example, purchasing and surrendering Safeguard
Mechanism Credits (SMCs) or Australian Carbon Credit Units (ACCUs), or face enforcement measures.
The absence of regulatory certainty, global policy inconsistencies and direct regulatory impacts (such as carbon
taxes or other charges) each have the potential to adversely affect our operations—either directly or indirectly,
through suppliers and customers. The market for our coal may be adversely impacted if comprehensive
legislation or regulations focusing on GHG emission reductions are adopted, particularly if they directly or
indirectly impact the Met coal industry. The potential financial impact on us of such future legislation or regulations
will depend upon the degree to which any such legislation or regulations impose costs on us or our customers,
or cause our customers to diminish their reliance on coal. That, in turn, will depend on a number of factors,
including the specific requirements imposed by any such legislation or regulations and the time periods over
which such legislation or regulations would be phased in. Collectively, these initiatives and developments could
result in higher costs to us or our customers or lower the demand for coal, which could adversely impact our
business.
We face risks from both the global transition to a net-zero emissions economy and the potential physical
impacts of climate change.
We face risks from both the global transition to a net-zero emissions economy and the potential physical impacts
of climate change. Such risks may involve financial, policy, legal, technological, reputational and other impacts
as we meet various mitigation and adaptation requirements.
The transition to a net-zero emissions economy is driven by many factors, including, but not limited to, legislative
and regulatory rulemaking processes, campaigns undertaken by non-governmental organizations to minimize or
eliminate the use of coal, and the sustainability-related policies of financial institutions and other private
companies. We have experienced, and may in the future experience, negative effects on our results of operations
due to the following specific risks: electricity generators or steelmakers switching from coal to alternative fuels,
when feasible; increased costs associated with regulatory compliance; unfavorable impact of regulatory
compliance on supply and demand fundamentals, such as limitations on financing or construction of new mining
operations; unfavorable costs of capital and access to financial markets and products due to the policies of
financial institutions; disruption to operations or markets due to anti-coal activism and litigation; and reputational
damage associated with involvement in GHG emissions.
We and our customers may also have to invest in carbon-capture, usage and storage technologies in order to
mine or burn coal and comply with future GHG emission standards. The potential direct and indirect financial
impact on us from future laws, regulations, policies and technology developments may depend upon the degree
to which any such laws, regulations and developments force the market and customers to reduce reliance on
coal as a fuel source. Such developments could result in adverse impacts on our financial condition or results of
operations. See Item 1. “Business—Regulatory Matters—Australia” and “Business—Regulatory Matters—United
States.”
With respect to the potential or actual physical impacts of climate change, we have experienced, or may in the
future experience, negative effects on our results of operations due to the following specific risks: disruptions to
production and transportation, including as a result of extreme wet weather events; disruption to water supplies
vital to mining operations; and damage to our, our customers’ or our suppliers’ equipment, or third-party
infrastructure, resulting from adverse weather conditions or changes in environmental trends and conditions.
Such risks from both the global transition to a net-zero emissions economy and the potential physical impacts of
climate change could result in adverse impacts on our financial condition or results of operations.
In times of drought and/or shortage of available water, our operations and production, particularly at
Curragh, could be negatively impacted if the regulators impose restrictions on our water offtake licenses
that are required for water used in the CPPs.
In Queensland, all rights to the use, control, and flow of water are vested in the state and regulated under the
Water Act 2000 (Qld). Water allocations made under this legislation are managed by operators, such as
SunWater Ltd, who administer their supply through designated schemes.
Coronado Global Resources Inc. Form 10-K December 31, 2025 40
For our Curragh Mine, we have secured the required water allocations from SunWater Ltd and formalised
delivery arrangements through infrastructure agreements, including channel, pipeline, and river supply
agreements.
The amount of water that is available to be taken under a water entitlement will vary from year to year and is
determined by water sharing rules of the relevant catchment area. These rules will, for example, state a procedure
for water supply scheme holders to calculate the water available to an allocation holder, based on available and
predicted supply. In situations of severely constrained supply (such as during a drought), supply contracts with
the scheme operator generally provide for a reduced apportionment, with certain uses (e.g., domestic use) being
given higher priority. It is possible that during times of drought our water offtake entitlements in Australia could
be reduced. If our water offtake entitlement is reduced, our operations would have to recycle more of the water
collected in on-site dams and former mining pits, from rainfall and dewatering activities, for use in the Curragh
CPP. This may impact our ability to maintain current production levels without incurring additional costs, which
could adversely impact our financial condition and results of operations.
Economic, Competitive and Industry Risks
Our business may be materially and adversely affected by the impact on the global economy due to,
among other events, significant geopolitical tensions, including ongoing civil unrest or wars, or
pandemics.
Geopolitical tensions, including ongoing civil unrest and wars, and global pandemics or widespread public health
concerns can have a significant impact on global markets, including influencing both the supply of and demand
for coal we sell into the export market and the cost or availability of supplies we consume in producing our coal.
For example, global markets are continuing to experience volatility and disruption with current geopolitical
tensions and the military invasion of Ukraine by Russia. This military conflict has led to ongoing sanctions and
other penalties being levied by the United States, the European Union and other countries against Russia,
including expansive bans on imports and exports of products to and from Russia.
In addition, international, federal, state and local public health and governmental authorities’ mandates in
response to global pandemics could require forced shutdowns of our mines and other facilities in Australia and
the U.S. for extended periods, and the implementation of social distancing protocols and restrictions on traveling
overseas or across borders (including interstate), affecting a number of our normal business practices and
operations. These conflicts or pandemics could cause disruptions to mining operations, manufacturing operations
and supply chains around the world. The extent and duration of such conflicts or pandemics could lead to market
disruptions, including significant volatility in commodity prices, such as the prices of the coal we sell and diesel
fuel we purchase, instability in the financial markets, higher inflation, supply chain interruptions, political and
social instability, as well as an increase in cyberattacks and espionage.
Our profitability depends upon the prices we receive for our coal. Prices for coal are volatile and can
fluctuate widely based upon a number of factors beyond our control.
We generate revenue from the sale of coal and our financial results are materially impacted by the prices we
receive. Prices and quantities under Met coal sales contracts with North American customers are generally based
on expectations of the next year’s coal prices at the time the contract is entered into, renewed, extended or
re-opened. Pricing in the global seaborne market is typically set on a rolling quarterly average benchmark price.
Sales by our U.S. Operations to the export market are typically priced with reference to a benchmark index. Sales
by our Australian Operations have typically been contracted on an annual basis and are priced with reference to
benchmark indices or bilaterally negotiated term prices and spot indices. As a result, a significant portion of our
revenue is exposed to movements in coal prices and any weakening in Met or thermal coal prices would have
an adverse impact on our financial condition and results of operations.
Expectations regarding future prices for coal depend upon many factors beyond our control, including the
following:
• the current market price of coal;
• overall domestic and global economic conditions, including inflationary conditions and the supply of and
demand for domestic and foreign coal, coke and steel;
• the consumption pattern of industrial consumers, electricity generators and residential users;
Coronado Global Resources Inc. Form 10-K December 31, 2025 41
• adverse weather conditions in our markets that affect our ability to produce Met coal or affect the demand
for thermal coal;
• competition from other coal suppliers;
• technological advances affecting the steel production process and/or energy consumption;
• the costs, availability and capacity of transportation infrastructure; and
• the impact of domestic and foreign governmental policy, laws and regulations, including the imposition
of and changes in tariffs, environmental and climate change regulations and other regulations affecting
the coal mining industry, including regulations and measures introduced in response to global
pandemics.
Met coal continues to be a volatile commodity. The demand and supply in the Met coal industry changes from
time to time. There are no assurances that an oversupply of coal will not occur, that demand will not decrease or
that overcapacity will not occur, which could cause declines in the prices of coal, which could have a material
adverse effect on our financial condition and results of operations.
In addition, coal prices are highly dependent on the outlook for coal consumption in large Asian economies, such
as China, India, South Korea and Japan, as well as any changes in government policy regarding coal or energy
in those countries. Seaborne Met coal import demand can also be significantly impacted by the availability of
local coal production, particularly in the leading Met coal import countries of China and India, among others, and
the competitiveness of seaborne Met coal supply, including from the leading Met coal exporting countries of
Australia, the United States, Russia, Canada and Mongolia, among others.
Demand for our Met coal is significantly dependent on the steel industry.
The majority of the coal that we produce is Met coal that is sold, directly or indirectly, to steel producers and is
used in blast furnaces for steel production. Met coal, specifically high-quality HCC and low-volatile PCI, which is
produced at most of our assets, has specific physical and chemical properties, which are necessary for efficient
blast furnace operation. Therefore, demand for our Met coal is correlated to demands of the steel industry. The
steel industry’s demand for Met coal is influenced by a number of factors, including: the cyclical nature of the
steel industry’s business; general economic and regulatory conditions and demand for steel; and the availability,
cost and preference for substitutes for steel, such as aluminum, composites and plastics, all of which may impact
the demand for steel products. Similarly, if new steelmaking technologies or practices are developed that allow
other products to be substituted for Met coal in the integrated steel mill process, then demand for Met coal would
be expected to decrease.
Although conventional blast furnace technology has been the most economic large-scale steel production
technology for a number of years, there can be no assurance that over the longer term, competitive technologies
not reliant on Met coal would not emerge, which could reduce the demand and price premiums for Met coal. For
example, an alternative steelmaking process utilizing electric arc furnaces does not use coal as a manufacturing
input and accounted for 29.1% of steel production in 2024. In addition, a significant reduction in the demand for
steel products would reduce the demand for Met coal, which could have a material adverse effect on our financial
condition and results of operations.
We face increasing competition, which could adversely affect our profitability.
Competition in the coal industry is based on many factors, including, among others, world supply, price,
production capacity, coal quality and characteristics, transportation capability and costs, blending capability,
brand name and diversified operations. We are subject to competition from Met coal producers from Australia,
the United States, Russia, Canada, Mongolia and other Met coal producing countries. Should those competitors
obtain a competitive advantage in comparison to us (whether by way of an increase in production capacity, higher
realized prices, lower operating costs, export/import tariffs, being comparatively less impacted as a result of
global pandemics or otherwise), such competitive advantage may have an adverse impact on our ability to sell,
or the prices at which we are able to sell coal products. In addition, some of our competitors may have more
production capacity as well as greater financial, marketing and distribution resources, among other resources,
than we do and may be subject to less stringent environmental and other regulations than we are.
Coronado Global Resources Inc. Form 10-K December 31, 2025 42
The ongoing consolidation of the global Met coal industry has contributed to increased competition, and our
competitive position may be adversely impacted by further consolidation among market participants or by
competitors exiting bankruptcy proceedings under a lower cost structure. Similarly, potential changes to
international trade agreements, trade concessions or other political and economic arrangements may benefit coal
producers operating in countries other than the United States and Australia. Other coal producers may also
develop or acquire new projects to increase their coal production, which may adversely impact our
competitiveness. Some of our global competitors have significantly greater financial resources, such that
increases in their coal production may affect domestic and foreign Met coal supply into the seaborne market and
associated prices and impact our ability to retain or attract Met coal customers. In addition, our ability to ship our
Met coal to non-U.S. and non-Australian customers depends on port and transportation capacity. Increased
competition within the Met coal industry for international sales could result in us not being able to obtain
throughput capacity at port facilities, as well as transport capacity, and could cause the rates for such services to
increase to a point where it is not economically feasible to export our Met coal.
Increased competition, or a failure to compete effectively, in the markets in which we participate may result in a
loss of market share and could adversely affect our financial condition and results of operations.
Evolving tariffs, regulations and other restrictions on international trade may impact our ability to access
international markets and impact our ability to plan for future investments, which could adversely affect
our financial condition and results of operations.
The majority of the Met coal produced by our Australian Operations is exported by seaborne transportation to
steel producers (primarily in Asia). Met coal produced by our U.S. Operations is consumed regionally by North
American steel producers or exported by seaborne transportation to steel producers (primarily in Asia, Europe
and South America).
Our access to international markets may be subject to ongoing interruptions and trade barriers due to policies of
individual countries, and the actions of certain interest groups to restrict the import or export of certain
commodities. In addition, the Met coal that we export may be subject to tariffs. For example, during February
2025, the Chinese government announced tariffs on coal imported from the U.S. There can be no guarantee that
additional tariffs, import quota restrictions, bans or other trade barriers will not be imposed (whether as a result
of geopolitical tensions or for other reasons) on our products or on steel. We may or may not be able to access
alternate markets for our coal should interruptions and trade barriers occur in the future, and we may be unable
to pass the costs of tariffs on to our customers.
An inability for Met coal suppliers to access international markets may also result in an oversupply of Met coal
and may result in a decrease in prices or the curtailment of production, which could have a material adverse
effect on our financial condition and results of operations. Additionally, tariffs imposed by the U.S. on the import
of certain steel products may impact foreign steel producers to the extent their production is imported into the
U.S. Future tariffs or changes in tariffs could also further reduce imports of steel and increase U.S. Met coal
demand from U.S. steel producers. This additional U.S. Met coal demand could be met by reducing exports of
Met coal from our U.S. operations and redirecting that volume to domestic consumption.
Restrictions on international trade, including tariffs established by the U.S. and retaliatory tariffs from key trading
partners, may limit international trade and adversely impact global economic conditions. We have taken actions
to address the impact of evolving trade policies and will continue to monitor evolving trade negotiations to
determine if additional measures are warranted, although these actions may not be successful. We cannot
determine the impact, if any, that such restrictions and tariffs may have on demand for our Met coal. These
conditions could result in continuing uncertainty regarding our ability to access international markets and may
limit our ability to plan for future investments, which could adversely affect our financial condition and results of
operations.
If transportation for our coal becomes unavailable or uneconomical for our customers, our ability to sell
coal could suffer.
Our coal is transported to customers by a combination of road, rail, barge and ship.
Coronado Global Resources Inc. Form 10-K December 31, 2025 43
Typically, we sell coal at the mine gate and/or loaded into vessels at the port. While ordinarily our coal customers
arrange and pay for transportation of coal from the mine or port to the point of use, we have entered into
arrangements with third parties to gain access to transportation infrastructure and services where required,
including trucking companies, rail carriers and port owners. Where coal is exported or sold other than at the mine
gate, the costs associated with these arrangements represent a significant portion of both the total cost of
supplying coal to customers and of our production costs. As a result, the cost of transportation is not only a key
factor in our cost base, but also in the purchasing decision of customers. Transportation costs may increase, and
we may not be able to pass on the cost increases to our customers. For example, where transportation costs are
connected to market demand, costs may increase if usage by us and other market participants increases.
Significant increases in transport costs due to factors such as fluctuations in the price of diesel fuel, electricity
and demurrage or environmental requirements, could make our coal less competitive when compared to coal
produced from other regions and countries. As the transportation capacity secured by our port and rail
agreements is based on assumed production volumes, we may also have excess transportation capacity (which,
in the case of take-or-pay agreements, we may have to pay for even if unused) if our actual production volumes
are lower than our estimated production volumes. Conversely, we may not have sufficient transportation capacity
if our actual production volumes exceed our estimated production volumes, if we are unable to transport the full
capacity due to contractual limitations or if any deterioration in our relationship with brokers and intermediaries
results in a reduction in the proportion of coal purchased FOR from our U.S. Operations (and a corresponding
increase in the proportion of coal purchased FOB).
The delivery of coal produced by our mining operations is subject to potential disruption and competition from
other network users, which may affect our ability to deliver coal to our customers and may have an impact on
productivity and profitability. Such disruptions to transportation services may include, among others:
• disruptions due to weather-related problems;
• key equipment or infrastructure failures;
• industrial action;
• rail or port capacity congestion or constraints;
• commercial disputes;
• failure to obtain consents from third parties for access to rail or land, or access being revoked or not
granted by regulatory authorities;
• changes in applicable regulations;
• failure or delay in the construction of new rail or port capacity; and
• terrorist attacks, natural disasters, the impact from global pandemics, government shutdowns or other
events.
Any such disruptions, or any deterioration in the reliability of services provided by our transportation service
providers, could impair our ability to supply coal to our customers, result in decreased shipments and revenue
and adversely affect our results of operations.
Take-or-pay arrangements within the coal industry could unfavorably affect our profitability.
Our Australian Operations generally contract port and rail capacity via long-term take-or-pay contracts, currently
with Aurizon Operations and Pacific National Pty Ltd, for transport to and export from the Port of Gladstone via
two main port terminals, RGTCT and WICET. We may enter into other take-or-pay arrangements in the future.
Where we have entered into take-or-pay contracts, we will generally be required to pay for our contracted port or
rail capacity, even if it is not utilized by us or other shippers. Although the majority of our take-or-pay arrangements
provide security over minimum port and rail infrastructure availability, unused port or rail capacity can arise as a
result of varying unforeseen circumstances, including insufficient production from a given mine, a mismatch
between the timing of required port and rail capacity for a mine, or an inability to transfer the unused capacity
due to contractual limitations, such as required consent of the provider of the port or rail services, or because the
coal must emanate from specified source mines or be loaded onto trains at specified load points. Paying for
unused transport capacity could materially and adversely affect our cost structures and financial performance.
See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a
summary of our expected future obligations under take -or-pay arrangements as of December 31, 2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 44
A decrease in the availability or increase in costs of key supplies, capital equipment, commodities and
purchased components, such as diesel fuel, steel, explosives and tires, could materially and adversely
affect our financial condition and results of operations.
Our mining operations require a reliable supply of large quantities of fuel, explosives, tires, steel-related products
(including roof control materials), lubricants and electricity. The prices we pay for commodities are strongly
impacted by the global market. In situations where we have chosen to concentrate a large portion of purchases
with one supplier, it has been to take advantage of cost savings from larger volumes of purchases and to support
security of supply. If the cost of any of these key supplies or commodities increase s significantly, or if a source
for these supplies or mining equipment is unable to meet our replacement demands, our profitability could be
reduced or we could experience a delay or halt in our production.
Prices for equipment, materials, supplies and employee labor contractor services have recently increased. Similar
to recent years, long-term inflationary pressures may result in such prices continuing to increase more quickly
than expected. Inflation increases costs for materials, labor and services, and we may be unable to secure these
resources on economically acceptable terms or offset such costs with increased revenues, operating efficiencies,
or cost savings, which may adversely impact our financial condition, results of operations, liquidity, and cash
flows.
Our coal production and production costs can be materially and adversely impacted by unexpected shortages or
increases in the costs of consumables, spare parts, plant and equipment. For example, operation of the thermal
dryer located at the CPP at Buchanan is dependent upon the delivery of natural gas and there is currently only
one natural gas supplier in the area. Although we have entered into a gas purchase agreement with that supplier,
this agreement can be terminated on 30 days’ notice and any delay or inability to negotiate a replacement
agreement would impact our costs of production as we would need to change our processing method at
Buchanan.
Defects in title or loss of any leasehold interests in our properties could limit our ability to mine these
properties or result in significant unanticipated costs.
In Queensland, where all of our Australian Operations are carried out, exploring or mining for coal is unlawful
without a tenement granted by the Queensland government. The grant and renewal of tenements are subject to
a regulatory regime and each tenement is subject to certain conditions. There is no certainty that an application
for the grant of a new tenement or renewal of one of the existing Tenements at Curragh will be granted at all or
on satisfactory terms or within expected timeframes. Further, the conditions attached to the Tenements may
change at the time they are renewed. There is a risk that we may lose title to any of our granted Tenements if we
fail to comply with the Tenement conditions and other applicable legislative requirements (including payment of
Australian state royalties) or if the land that is subject to the title is required for public purposes. The Tenements
have expiration dates ranging from May 31, 2026 to July 31, 2044 and, where renewal is required, there is a risk
that the Queensland government may change the terms and conditions of such Tenement upon renewal.
In the United States, title to a leased property and mineral rights is generally secured prior to permitting and
developing a property. In some cases, we rely on title information or representations and warranties provided by
our lessors, grantors or other third parties. Our right to mine some of our reserves may be adversely affected if
defects in title or boundaries exist or if a lease expires. Any challenge to our title or leasehold interests could
delay the exploration and development of the property and could ultimately result in the loss of some or all of our
interest in the property and, accordingly, require us to reduce our estimated coal reserves. In addition, if we mine
on property that we do not own or lease, we could incur civil damages or liability for such mining and be subject
to conversion, negligence, trespass, regulatory sanction and penalties. Certain leases have minimum production
requirements or require us to commence mining operations in a specified term to retain the lease. Failure to meet
those requirements could result in losses of prepaid royalties and, in certain rare cases, could result in a loss of
the lease itself.
In the United States, we predominantly access our mining properties through leases with a range of private
landholders. If a default under a lease for properties on which we have mining operations were to result in the
termination of the applicable lease, we may have to suspend mining or significantly alter the sequence of such
mining operations, which may adversely affect our future coal production and future revenues.
To obtain leases or mining contracts to conduct our U.S. Operations on properties where defects exist or to
negotiate extensions or amendments to existing leases, we may in the future have to incur unanticipated costs.
In addition, we may not be able to successfully negotiate new leases or mining contracts for properties containing
additional reserves or maintain our leasehold interests in properties where we have not commenced mining
operations during the term of the lease.
Coronado Global Resources Inc. Form 10-K December 31, 2025 45
A defect in our title or the loss of any lease or Tenement upon expiration of its term, upon a default or otherwise,
could adversely affect our ability to mine the associated reserves or process the coal we mine.
We may be unable to obtain, renew or maintain permits necessary for our operations, which would reduce
coal production, cash flows and profitability.
Our performance and operations depend on, among other things, being able to obtain on a timely basis, and
maintain, all necessary regulatory approvals, including any approvals arising under applicable mining laws,
environmental regulations and other laws, for our current operations and our expansion and growth projects.
Examples of regulatory approvals that we must obtain and maintain include mine development approvals,
environmental permits and, in Australia, tenure and approvals relating to native title and indigenous cultural
heritage. In addition, our operations depend on our ability to obtain and maintain consents from private land
owners and good relations with local communities.
The requirement to obtain and maintain approvals and address potential and actual issues for former, existing
and future mining projects is common to all companies in the coal sector. However, there is no assurance or
guarantee that we will obtain, secure, or be able to maintain any or all of the required consents, approvals and
rights necessary to maintain our current production profile from our existing operations or to develop our growth
projects in a manner which will result in profitable mining operations and/or achieve our long-term production
targets. The permitting rules, and the interpretations of these rules, are complex, change frequently and are often
subject to the interpretation of the regulators that enforce them, all of which may make compliance more difficult
or impractical, and may possibly preclude the continuance of ongoing operations or the development of future
mining operations. In states where we operate, applicable laws and regulations also provide that a mining permit
or modification can, under certain circumstances, be delayed, refused or revoked if we or any entity that owns or
controls or is under common ownership or control with us has unabated permit violations or has been the subject
of permit or reclamation bond revocation or suspension. Thus, past or ongoing violations of federal and state
mining laws by us or such entity could provide a basis to revoke existing permits, deny the issuance of additional
permits or modify or amend existing permits. The permitting required for coal mining continues to be the subject
of increasingly stringent regulatory and administrative requirements and extensive activism and litigation by
environmental groups. If this trend continues, it could materially and adversely affect our mining operations,
development and expansion plans, cost structures, the transport of coal and our customers’ ability to use coal
produced by our mines, which, in turn, could have a material adverse effect on our financial condition and results
of operation.
In particular, certain of our activities require a dredge and fill permit from the USACE under Section 404 of the
CWA. In recent years, the Section 404 permitting process has been subject to increasingly stringent regulatory
and administrative requirements and a series of court challenges, which have resulted in increased costs and
delays in the permitting process.
Additionally, we may rely on nationwide permits under the Section 404 program of the CWA for some of our
operations. These nationwide permits are issued every five years. If we are unable to use the nationwide permits
program and require an individual permit for certain work, that could delay operations.
If we are unable to obtain and maintain the approvals, consents and rights required for our current and future
operations, or if we obtain approvals subject to conditions or limitations, the economic viability of the relevant
projects may be adversely affected, which may in turn result in the value of the relevant assets being impaired,
which could have a material adverse effect on our financial condition and results of operations.
A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor
productivity.
Efficient coal mining using modern techniques and equipment requires skilled workers, preferably with at least a
year of experience and proficiency in multiple mining tasks. Any reduced availability or future shortage of skilled
labor in the Australian and U.S. mining industries could result in us having insufficient personnel to operate our
business, or expand our production, particularly in the event there is an increase in the demand for our coal,
which could adversely affect our financial condition and results of operations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 46
Operational and Technology Risks
Risks inherent to mining operations could impact the amount of coal produced, cause delays in or
suspension of coal deliveries, or increase the cost of operating our business.
Our mining operations, including exploration, development, preparation, product handling and accessing
transport infrastructure, may be affected by various operational difficulties that could impact the amount of coal
produced at our coal mines, cause delays in or suspension of coal deliveries, or increase the cost of mining for
a varying length of time. Our financial performance is dependent on our ability to sustain or increase coal
production and maintain or increase operating margins. Our coal production and production costs are, in many
respects, subject to conditions and events beyond our control, which could disrupt our operations and have a
significant impact on our financial results. Adverse operating conditions and events that we have experienced in
the past or may experience in the future include:
• a failure to achieve the Met coal qualities or quantities anticipated from exploration activities;
• variations in mining and geological conditions from those anticipated, such as variations in coal seam
thickness and quality, and geotechnical conclusions;
• operational and technical difficulties encountered in mining, including equipment failure, delays in moving
longwall equipment, drag-lines and other equipment and maintenance or technical issues;
• adverse weather conditions or natural or man-made disasters, including hurricanes, cyclones, tornadoes,
floods, droughts, bush fires, seismic activities, ground failures, rock bursts, structural cave-ins or slides
and other catastrophic events (such as global pandemics);
• insufficient or unreliable infrastructure, such as power, water and transport;
• industrial and environmental accidents, such as releases of mine-affected water and diesel spills (both
of which have affected our Australian Operations in the past);
• industrial disputes and labor shortages;
• mine safety accidents, including fatalities, fires and explosions from methane and other sources;
• competition and conflicts with other natural resource extraction and production activities within
overlapping operating areas, such as natural gas extraction or oil and gas development;
• unexpected shortages, or increases in the costs, of consumables, spare parts, plant and equipment;
• cyberattacks or other cybersecurity incidents that could disrupt systems we rely on for our operations;
and
• other security breaches or terrorist acts.
If any of the foregoing conditions or events occurs and is not mitigated or excusable as a force majeure event
under our coal sales contracts, any resulting failure on our part to deliver coal to the purchaser under such
contracts could result in economic penalties, demurrage costs, suspension or cancellation of shipments or
ultimately termination of such contracts, which could have a material adverse effect on our financial condition
and results of operations.
Our U.S. Operations are concentrated in two mines in the CAPP, and our Australian Operations include two
open cut mines (Curragh North and Curragh South) and one underground mine (Mammoth) in the Bowen Basin
of Australia. As a result, the effects of any of these conditions or events may be exacerbated and may have a
disproportionate impact on our results of operations and assets. Any such operational conditions or events could
also result in disruption to key infrastructure (including infrastructure located at or serving our mining activities,
as well as the infrastructure that supports freight and logistics). These conditions and events could also result in
the partial or complete closure of particular railways, ports or significant inland waterways or sea passages,
potentially resulting in higher costs, congestion, delays or cancellations on certain transport routes. Any of these
conditions or events could adversely impact our business and results of operations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 47
Our long-term success depends upon our ability to continue discovering, or acquiring and developing
assets containing, coal reserves that are economically recoverable.
Our recoverable reserves decline as we produce coal. Our long-term outlook depends on our ability to maintain
a commercially viable portfolio of coal reserves that are economically recoverable. Failure to acquire or discover
new coal reserves or develop new assets could negatively affect our financial condition and results of operations.
Exploration activity may occur adjacent to established assets and in new regions. These activities may increase
land tenure, infrastructure and related political risks. Failure to discover or acquire new coal reserves, replace
coal reserves or develop new assets or operations in sufficient quantities to maintain or grow the current level of
reserves could negatively affect our financial condition and results of operations.
Potential changes to our portfolio of assets through acquisitions and divestments may have an adverse effect on
future results of operations and financial condition. From time to time, we may add assets to, or divest assets
from, our portfolio. There are a number of risks associated with historical and future acquisitions or divestments,
including, among others:
• adverse market reaction to such acquisitions and divestments or the timing or terms on which acquisitions
and divestments are made;
• imposition of adverse regulatory conditions and obligations;
• geopolitical risks;
• commercial objectives not being achieved as expected;
• unforeseen liabilities arising from changes to the portfolio;
• sales revenues and operational performance not meeting expectations;
• anticipated synergies or cost savings being delayed or not being achieved; and
• inability to retain key staff and transaction-related costs being more than anticipated.
These factors could materially and adversely affect our financial condition and results of operations.
We rely on estimates of our recoverable resources and reserves, which are complex due to geological
characteristics of the properties and the number of assumptions made.
We rely on estimates of our recoverable resources and reserves. In this Annual Report on Form 10-K, we report
our estimated resources and reserves in accordance with subpart 1300 of Regulation S-K under the Exchange
Act. See Item 2. “Properties.” Subpart 1300 of Regulation S-K requires us to disclose our mineral resources, in
addition to our mineral reserves. In addition, as an ASX-listed company, our ASX disclosures follow the Australian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012, or the JORC Code.
Accordingly, our estimates of resources and reserves in this Annual Report on Form 10-K and in other reports
that we are required to file with the SEC may be different than our estimates of resources and reserves as
reported in our ASX disclosures.
Coal is economically recoverable when the price at which it can be sold exceeds the costs and expenses of
mining and selling the coal. The costs and expenses of mining and selling the coal are determined on a
mine-by-mine basis, and as a result, the price at which our coal is economically recoverable varies based on the
mine. We base our resource and reserve information on geologic data, coal ownership information and current
and proposed mine plans, and mining cost assumptions may be affected by changes in mine planning or
scheduling over time. There are numerous uncertainties inherent in estimating quantities and qualities of coal
and costs to mine recoverable reserves, including many factors beyond our control. There are inherent
uncertainties and risks associated with such estimates, includi ng:
• geologic and mining conditions, which may not be fully identified by available exploration data and may
differ from our experience and assumptions in areas we currently mine;
• current and future market prices for coal, contractual arrangements, operating costs and capital
expenditures;
• severance and excise taxes, unexpected governmental taxes, royalties , stamp duty and development
and reclamation costs;
Coronado Global Resources Inc. Form 10-K December 31, 2025 48
• future mining technology improvements;
• the effects of regulation by governmental agencies;
• the ability to obtain, maintain and renew all required permits;
• employee health and safety; and
• historical production from the area compared with production from other producing areas.
Except for that portion of mineral resources classified as mineral reserves, mineral resources do not have
demonstrated economic value. Even if a mineral resource exists, there can be no assurance that any part of such
mineral resource will ever be converted to mineral reserves.
In addition, estimates of coal resources and reserves are revised based on actual production experience, and/or
new exploration information and therefore the estimates of coal resources and reserves are subject to change.
Should we encounter geological conditions or qualities different from those predicted by past drilling, sampling
and similar examinations, estimates of coal resources and reserves may have to be adjusted and mining plans,
coal processing and infrastructure may have to be altered in a way that might adversely affect our operations. As
a result, our estimates may not accurately reflect our actual future coal resources and reserves and the quantity
and quality of the coal that we recover may be less than the resource and reserve estimates included in this
Annual Report on Form 10-K. If our actual coal resources and reserves are less than current estimates, or the
rate at which they are recovered is less than estimated or results in higher than estimated costs, our financial
condition and results of operations may be materially and adversely affected.
Our profitability could be affected adversely by the failure of suppliers and/or outside contractors to
perform.
We use contractors and other third parties for exploration, mining and other services generally, and we are reliant
on several third parties for the success of our current operations and the development of our growth projects.
While this is normal practice for the mining industry, problems caused by third parties may arise, which may have
an impact on our performance and operations. In particular, the majority of workers at our Australian Operations
are employed by contractors, including Thiess Pty Ltd, Golding Contractors Pty Ltd and Mammoth Underground
Mine Management Pty Ltd.
Operations at our mines may be interrupted for an extended period in the event that we lose any of our key
contractors (because their contract is terminated or expires) and we are required to replace them. There can be
no assurance that skilled third parties or contractors will continue to be available at reasonable rates or at all. As
we do not have the same control over contractors as we do over employees, we are also exposed to risks related
to the quality or continuation of the services of, and the equipment and supplies used by, our contractors, as well
as risks related to the compliance of our contractors with environmental and health and safety legislation and
internal policies, standards and processes. Any failure by our key contractors to comply with their obligations
under our operating agreements with them (whether as a result of financial, safety or operational difficulties or
otherwise), any termination or breach of our operating agreements by our contractors, any protracted dispute
with a contractor, any inability to perform due to global pandemics or other health concerns, any material labor
dispute between our contractors and their employees or any major labor action by those employees against our
contractors, could have a material adverse effect on our financial condition and results of operations.
Further, in periods of high commodity prices, demand for contractors may exceed supply resulting in increased
costs or lack of availability of key contractors. Disruptions of operations or increased costs also can occur as a
result of disputes with contractors or a shortage of contractors with particular capabilities. To the extent that any
of the foregoing risks were to materialize, our operating results and cash flows could be adversely affected.
Coronado Global Resources Inc. Form 10-K December 31, 2025 49
Our inability to replace or repair damaged or destroyed equipment or facilities in a timely manner could
materially and adversely affect our financial condition and results of operations.
We depend on several major pieces of mining equipment and facilities to produce and transport coal, including,
but not limited to, longwall mining systems, continuous miners, draglines, dozers, excavators, shovels, haul
trucks, conveyors, CPPs and rail loading and blending facilities. Obtaining and repairing these major pieces of
equipment often involves long lead times. If any of these pieces of equipment and facilities suffers major damage
or is destroyed by fire, abnormal wear and tear, flooding, incorrect operation or otherwise, we may be unable to
replace or repair them in a timely manner or at a reasonable cost, which would impact our ability to produce and
transport coal and could materially and adversely affect our financial condition and results of operations. Our
ability to replace or repair damaged or destroyed equipment or facilities may also be dependent on suppliers or
manufacturers remaining operational and having the relevant equipment, workforce or services available for us.
Suppliers and manufacturers may be unable to provide such equipment, work force or service for a range of
reasons that are beyond our control.
Additionally, regulatory agencies sometimes make changes with regard to requirements for pieces of equipment.
Such changes can impose costs on us and can cause delays if manufacturers and suppliers are unable to make
the required changes in compliance with mandated deadlines.
Our ability to operate effectively could be impaired if we lose key personnel or fail to attract qualified
personnel.
We manage our business with a number of key personnel, the loss of whom could affect our future performance,
absent the completion of an orderly transition. In addition, we believe that our future success will depend on our
continued ability to attract and retain highly skilled and qualified personnel in tight labor markets, particularly
personnel with mining experience. While we have entered into employment contracts with a number of key
personnel in Australia and the United States, we cannot provide assurance that key personnel will continue to be
employed or that we will be able to attract and retain qualified personnel in the future. Failure to retain or attract
key personnel could have a material adverse effect on our business, financial condition and results of operations.
We may not have adequate insurance coverage for some business risks.
We have insurance coverage for certain operating risks that provides limited coverage for some potential liabilities
associated with our business. As a result of market conditions, premiums and deductibles for certain insurance
policies can increase substantially, and in some instances, certain insurance may become unavailable or
available only for reduced amounts of coverage. As a result, we may not be able to renew our existing insurance
policies or procure other desirable insurance on commercially reasonable terms, if at all. In addition, we may
become subject to liability (including in relation to pollution, occupational illnesses or other hazards), or suffer
loss resulting from business interruption, for which we are not insured (or are not sufficiently insured) or cannot
insure, including liabilities in respect of past activities.
Should we suffer a major uninsured loss, future financial performance could be materially and adversely affected.
In addition, insurance may not continue to be available at economically acceptable premiums or coverage may
be reduced. As a result, the insurance coverage may not cover the full scope and extent of claims against us or
losses we may incur. The occurrence of a significant adverse event not fully or partially covered by insurance
could have a material adverse effect on our financial condition and results of operations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 50
Cybersecurity incidents, attacks and other similar crises or disruptions could interrupt or disrupt our
information technology systems, or those of our third-party business partners, which could, among other
things, negatively affect our business, financial condition and results of operations.
Our business may be impacted by cybersecurity incidents, cyberattacks, system failures and other cybersecurity
threats to our information networks and systems, as well as those of our third-party business partners, and the
information stored on those networks and systems. Strategic targets, such as energy-related assets, may be at
greater risk of cybersecurity incidents, attacks, and threats than other targets in the United States or Australia.
Cybersecurity incidents and similar attacks vary in their form and can include the deployment of harmful malware
or ransomware, denial-of-services attacks, and other attacks, which may affect business continuity and threaten
the availability, confidentiality and integrity of our systems and information. Cybersecurity incidents can also
include fraud, phishing or other social engineering attempts or other methods to cause confidential information,
payments, account access or access credentials, or other data to be transmitted to an unintended recipient.
Cybersecurity threat actors also may attempt to exploit vulnerabilities through software including software
commonly used by companies in cloud-based services and bundled software. While we have experienced
cybersecurity threats and cybersecurity incidents, these events have not materially affected our strategy, results
of operations or financial condition to date. Although we maintain a cyber insurance policy, there is no guarantee
that such coverage will be sufficient to address costs, liabilities and damages we may incur in connection with a
cybersecurity incident or that such coverage will continue to be available on commercially reasonable terms or
at all. It is possible that any such occurrences could have a material adverse effect on our business, financial
condition and results of operations.
In addition, a disruption in, or failure of, our information technology, or IT, systems or those of our third-party
business partners, and the information stored on those networks and systems could adversely affect our business
operations and financial performance. We rely on the accuracy, capacity and security of our IT systems for the
operations of many of our business processes and to comply with regulatory, legal and tax requirements. While
we maintain some of our critical IT systems, we are also dependent on third parties to provide important IT
services relating to, among other things, human resources, electronic communications and certain finance
functions. Despite the security measures that we have implemented, including those related to cybersecurity, our
systems, or third-party systems on which we rely, could be breached, disrupted or damaged by computer viruses,
natural or manmade incidents, accidents, failures, disasters or unauthorized physical or electronic access.
Though we have controls in place, we cannot provide assurance that a cybersecurity incident or similar attack or
failure will not occur.
Furthermore, we may have little or no oversight with respect to security measures employed by third-party service
providers, which may ultimately prove to be ineffective at countering threats. We currently do not have any
indication that any risks from cybersecurity threats have had, or are reasonably likely to have, a material effect
on our business strategy, results of operations or financial condition.
Failures of our IT systems, whether caused maliciously or inadvertently, may result in the disruption of our
business processes, the unauthorized release of sensitive, confidential or otherwise protected information or the
corruption of data, which could adversely affect our business operations and financial performance. We may be
required to incur significant costs to protect against and remediate the damage caused by such disruptions or
system failures in the future. A cybersecurity incident relating to our information or systems or that of our third-
party business partners, or any failure by us or our third-party business partners to effectively address, enforce
and maintain our information technology infrastructure and cybersecurity requirements may result in substantial
harm to our business strategy, results of operations and financial condition, including major disruptions to
business operations, loss of intellectual property, release of confidential information, alteration or corruption of
data or systems, costs related to remediation or the payment of ransom, litigation including individual claims or
consumer class actions, commercial litigation, administrative, civil or criminal investigations or actions, regulatory
intervention, sanctions or fines, investigation and remediation costs and negative publicity.
Financial and Strategic Risks
The loss of, or significant reduction in, purchases by our largest customers could adversely affect our
revenues.
A significant portion of the sales of our Met coal is to customers with whom we have had long-term relationships.
The success of our business depends on our ability to retain our current customers, renew our existing customer
contracts and solicit new customers. Our ability to do so generally depends on a variety of factors, including
having our mines operational, having the type and quantity of coal available, the quality and price of our products,
our ability to market these products effectively, our ability to deliver on a timely basis and the level of competition
that we face.
Coronado Global Resources Inc. Form 10-K December 31, 2025 51
In addition, our sales contracts generally contain provisions that allow customers to suspend or terminate if we
commit a material breach of the terms of the contract, a change in law restricts or prohibits a party from carrying
out its material obligations under the contract or a material adverse change occurs in our financial standing or
creditworthiness. If customers suspend or terminate existing contracts, or otherwise refuse to accept shipments
of our Met coal for which they have an existing contractual obligation, our revenues will decrease, and we may
have to reduce production at our mines until our customers’ contractual obligations are honored.
For the year ended December 31, 2025, our top ten customers comprised 68.7% of our total revenue and our
top five customers comprised 51.1% of our total revenue. For the year ended December 31, 2025, sales to Tata
Steel and ArcelorMittal represented 18.2% and 12.4%, respectively, of our total revenue. The majority of our
sales are made on a spot basis or under contracts with terms of typically one year. The failure to obtain additional
customers or the loss of all or a portion of the revenues attributable to any customer as a result of competition,
creditworthiness, inability to negotiate extensions, replacement of contracts, or otherwise, may adversely affect
our business, financial condition and results of operations .
If our ability to collect payments from customers is impaired, our revenues and operating profits could
suffer.
Our ability to receive payment for coal sold and delivered will depend on the continued creditworthiness and
contractual performance of our customers and counterparties. For certain customers, we require the provision of
a letter of credit as security for payment. The inability of key customers to procure letters of credit (due to general
economic conditions or the specific circumstances of the customer) may restrict our ability to contract with such
customers or result in fewer sales contracts being executed, which could materially and adversely affect our
financial condition and results of operations. For certain of our large customers in Australia who have not provided
letters of credit or other forms of security, we maintain an insurance policy to cover any failure in payment. This
insurance coverage, however, may not cover the full scope and extent of losses we may incur as the result of a
payment default or otherwise.
If a customer does not pay amounts due in a timely manner, we may decide to sell the customer’s coal on the
spot market, which may be at prices lower than the contracted price, or we may be unable to sell the coal at all.
If our customers’ or counterparties’ creditworthiness deteriorates, our business could be adversely affected.
Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely
affect our cost of financing and the market price of our securities.
Credit rating agencies could downgrade our ratings due to factors specific to our business, a prolonged cyclical
downturn in the mining industry or macroeconomic trends (such as global or regional recessions) and trends in
credit and capital markets more generally. Any decline in our credit ratings would likely increase our cost of
financing, limit our access to the capital markets, significantly harm our financial condition and results of
operations, hinder our ability to refinance existing indebtedness on acceptable terms, or at all, and have an
adverse effect on the market price of our securities.
Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our
business, which could prevent us from fulfilling our obligations under our senior secured notes, the ABL
Facility and other debt, and we may be forced to take other actions to satisfy our obligations under our
debt, which may not be successful.
As of December 31, 2025, we had $400.0 million aggregate principal amount of our senior secured notes due
2029 outstanding and $272.1 million (A$406.6 million) aggregate principal amount of borrowings under the ABL
Facility. As of December 31, 2025, our borrowing facilities had been fully drawn.
We dedicate a portion of our cash flow from operations to the payment of debt service, reducing the availability
of our cash flow to fund capital expenditures, acquisitions or strategic development initiatives and other general
corporate purposes. Our ability to make scheduled payments on or to refinance our debt obligations will depend
on our ability to generate cash in the future and our financial condition and operating performance, which are
subject to prevailing economic and competitive conditions and to certain financial, business and other factors
beyond our control. There can be no assurance that we will maintain a level of cash flows from operating activities
sufficient to permit us to pay the principal, premium, if any, and interest on our debt. In addition, any failure to
comply with covenants in the instruments governing our debt agreements could result in an event of default that,
if not cured or waived, would have a material adverse effect on us.
Coronado Global Resources Inc. Form 10-K December 31, 2025 52
Our level of indebtedness could have further consequences, including, but not limited to, increasing our
vulnerability to adverse economic or industry conditions, placing us at a competitive disadvantage compared to
other businesses in the coal industry that are not as leveraged and that may be better positioned to withstand
economic downturns, limiting our flexibility to plan for, or react to, changes in our business and the coal industry
generally, and requiring us to refinance all or a portion of our existing debt. We may not be able to refinance on
commercially reasonable terms or at all, and any refinancing of our debt could be at higher interest rates and
may require us to comply with more onerous covenants, making it more difficult to obtain surety bonds, letters of
credit or other financial assurances that may be demanded by our vendors or regulatory agencies, particularly
during periods in which credit markets are weak.
If we are unable to service our debt obligations, we could face substantial liquidity problems and we may be
forced to reduce or delay investments and capital expenditures, or to sell assets, seek additional capital, including
additional secured or unsecured debt, or restructure or refinance our debt, and we may be unable to continue as
a going concern. We may be unable to consummate any proposed asset sales or recover the carrying value of
these assets, and any proceeds may not be adequate to meet any debt service obligations then due. Any of
these examples potentially could have a material adverse impact on our results of operations, profitability,
stockholders’ equity and capital structure.
We adjust our capital structure from time to time and may need to increase our debt leverage, which
would make us more sensitive to the effects of economic downturns.
It is possible that we may need to raise additional debt or equity funds in the future. Our ABL Facility and operating
cash flows may not be adequate to fund our ongoing capital requirements for any future acquisitions or projects
or to refinance our debt. There is no guarantee that we will be able to refinance our existing debt, or if we do,
there is no guarantee that such new funding will be on terms acceptable to us.
Global credit markets have been severely constrained in the past, such as during the global financial crisis, the
European sovereign debt crisis and the COVID-19 pandemic, and the ability to obtain new funding or refinance
our existing debt in the future may be significantly reduced. If we are unable to obtain sufficient funding, either
due to banking and capital market conditions, generally, or due to factors specific to our business, we may not
have sufficient cash to meet our ongoing capital requirements, which in turn could materially and adversely affect
our financial condition. Failure to obtain sufficient financing could cause delays in or abandonment of business
development plans and have a material adverse effect on our business, results of operations and financial
condition.
In recent years, certain financial institutions, investment managers and insurance companies globally have taken
actions to limit or divest investments in, financing made available to, and insurance coverage provided for, the
development of new coal-fired power plants and coal miners that derive revenues from thermal coal sales. For
example, certain financial institutions have publicly announced that they would stop funding new thermal coal
projects or would otherwise reduce their overall lending to coal producers. These or similar policies may adversely
impact the coal industry generally, our ability to access capital and financial markets in the future, our costs of
capital and the future global demand for coal.
Our business requires substantial ongoing capital expenditures, and we may not have access to the
capital required to reach full productive capacity at our mines.
Maintaining and expanding mines and related infrastructure is capital intensive. Specifically, the exploration,
permitting and development of Met coal reserves, mining costs, the maintenance of machinery, facilities and
equipment and compliance with applicable laws and regulations require ongoing capital expenditures. Any
decision to increase production at our existing mines or to develop the Met coal recoverable reserves at our
development properties in the future could also affect our capital needs or cause future capital expenditures to
be higher than in the past and/or higher than our estimates. We cannot assure that we will be able to maintain
our production levels or generate sufficient cash flow, or that we will have access to sufficient financing to continue
our production, exploration, permitting and development activities at or above our present levels and on our
current or projected timelines. As a result, we may be required to defer all or a portion of our capital expenditures,
and our results of operations, business and financial condition may be materially and adversely affected.
Coronado Global Resources Inc. Form 10-K December 31, 2025 53
To fund our capital expenditures, we are required to use cash from our operations, incur debt or issue new equity.
Our ability to obtain bank financing or to access the capital markets for future equity or debt offerings may be
limited by our financial condition at the time of any such financing or offering and by the covenants in our existing
debt agreements, as well as by general economic conditions, contingencies and uncertainties that are beyond
our control. If cash flow generated by our operations and/or the undrawn capacity under our committed debt
facilities are insufficient to meet our capital requirements and we are unable to access the capital markets on
acceptable terms or at all, we could be forced to curtail the expansion of our existing mines and the development
of our properties which, in turn, could lead to a decline in our production and could materially and adversely affect
our business, financial condition and results of operations.
Risks related to our investment in WICET may adversely affect our financial condition and results of
operations.
We have a minority interest in WICET Holdings Pty Ltd, whose wholly owned subsidiary, WICETPL, owns WICET.
Other coal producers who export coal through WICET also hold shares in WICET Holdings Pty Ltd. In addition,
we and the other coal producers (or shippers) have evergreen, ten-year take-or-pay agreements with WICETPL
and pay a terminal handling charge to export coal through WICET, which is calculated by reference to WICET’s
annual operating costs, as well as finance costs associated with WICETPL’s extern al debt facilities.
Under our WICET Take-or-Pay Agreement, Curragh’s export capacity is 1.5 MMtpa, and we are obligated to pay
the terminal handling charge for this capacity, whether utilized or not. The terminal handling charge calculation
is based on total operating and finance costs of WICET PL being charged to contracted shippers in proportion to
each shipper’s contracted capacity. Under the terms of the WICET Take-or-Pay Agreement, the terminal handling
charge payable by us can be adjusted (increased or decreased) by WICETPL if WICETPL’s operating and finance
costs change, or if a contracted shipper defaults on its take-or-pay agreement obligations and has its contracted
capacity reduced to nil. Under the terms of the WICET Take -or-Pay Agreement , there is a limit on how much
WICETPL can charge us for recovery of its finance costs, referred to as a finance cap. Since WICET began
operating in April 2015, five WICET Holdings Pty Ltd shipper-shareholders have defaulted on their obligations
under their respective take-or-pay agreements and subsequently had those agreements terminated. The result
of these terminations was a decrease in the aggregate contracted tonnage at WICET from 27 MMtpa to 13.9
MMtpa.
Given the operation of the finance cap (which has been reached, subject to further adjustment for Consumer
Price Index, or CPI) there is a limit on the recovery by WICET of its financing costs from shippers. Accordingly,
prior defaults referred to above have resulted in only minor increases to the terminal handling charges payable
by the remaining shipper shareholders (including us). These increases have related to higher A$/ton (or US$/ton)
charge for operating costs resulting from a lower contract base. If any of the remaining shipper shareholders
becomes insolvent and/or defaults under its take-or-pay agreement, the terminal handling charges for the
remaining shipper shareholders, including us, may increase proportionately to pay the defaulting shipper’s share
of WICET’s operating and financing costs going forward (noting that the finance cap applies in respect of the
financing costs component of the terminal handling charges).
In addition, if we default under the WICET Take -or-Pay Agreement and that default is not remedied, then we will
be obligated to pay a termination payment. The termination payment is equal to the lesser of our proportion of
WICETPL’s total external debt (which is based on the proportion that our contracted tonnage bears to the total
contracted tonnage at WICET when the payment obligation is triggered) and ten years equivalent terminal
handling charges at the prevailing rate at the time that the termination payment falls due. We have provided
security to WICETPL in the form of a bank guarantee, the amount of which is required to cover our estimated
liabilities as a shipper under the WICET Take -or-Pay Agreement for the following 12-month period.
In the event of WICETPL defaulting on its external debt obligations, external lenders to WICETPL may enforce
their rights to the security over the assets of WICET and appoint a receiver to take steps to recover outstanding
debt. The external lenders do not have direct recourse to the shippers to recover outstanding debt and shipper
take-or-pay agreements would remain on foot and access to the port would continue to be available to us.
In the event of a permanent cessation of operations at WICET, we may be required to procure additional port
capacity elsewhere, as well as be liable for a termination payment under the WICET Take -or-Pay Agreement.
Coronado Global Resources Inc. Form 10-K December 31, 2025 54
Restrictions and limitations related to our coal supply agreements with Stanwell may adversely impact
our strategy, financial condition, results of operations and business.
Coronado has an ACSA, as amended from time to time, with Stanwell to supply thermal coal to the Stanwell
Power Station. Under the ACSA, in addition to supplying thermal coal at a price below the cost to Curragh of
mining and processing the coal, Coronado paid certain rebates to Stanwell on Met coal exported from certain
parts of Curragh, which represented the deferred purchase cost of the right to mine certain areas at Curragh.
Coronado has also entered into the NCSA, as amended from time to time, with Stanwell, that will commence
upon the expiration of the ACSA (which is expected to occur in the first half of 2027 based on estimated volume
remaining to be delivered). Under the NCSA, Coronado will supply thermal coal to Stanwell at a fixed contract
price that varies in accordance with agreed formulae, inclusive of all statutory charges and royalties in respect of
coal sold and delivered under the NCSA. Our cost of supplying coal to Stanwell has been and may continue to
be greater than the price paid by Stanwell.
In November 2025, we and Stanwell entered into the Second Amendment to the ACSA and NCSA that, among
other matters, provides for certain prepayments by Stanwell to us, and the deferral of the payment of certain
amounts by us to Stanwell. The value of the Prepayment and Deferred Payment Balance will be settled through
delivery of coal to Stanwell in months when our liquidity exceeds $300.0 million. The Prepayment and Deferred
Payment Balance bear interest at 7.5% per annum, with the accrued amount (including accrued interest) capped
at 1.2 times of the outstanding principal balance until the final delivery date pursuant to the NCSA.
Our ability to satisfy our obligations to Stanwell will depend on our financial condition and operating performance
in the future, which are subject to prevailing economic and competitive conditions and to certain financial,
business and other factors beyond our control. Our inability to comply with our obligations under the Stanwell
agreements could result in an event of default under those agreements, which could have a material adverse
effect on our credit ratings and financial condition.
The Second Amendment also limits our ability to pay a distribution to stockholders (or CDI holders) (e.g., a
dividend) such that we are required to maintain a minimum cash liquidity of at least US$300.0 million following:
(i) such distribution; (ii) any required repurchase of the Notes in connection with such distribution; and (iii)
payment to Stanwell of an equal or greater amount (up to a maximum of 3 times) than the distribution being used
to reduce the Prepayment and Deferred Payment Balance. These restrictions may impact our decisions regarding
our ability to make distributions, which could restrict our ability to execute on our business strategy.
Additionally, if our current controlling shareholder ceases to control us by disposing of 20% or more of its shares,
we must immediately pay all rebates waived by Stanwell, plus interest. The Company may not have sufficient
funds or liquidity (or access thereto) to repay the rebates in the event they become due and payable to Stanwell,
which could adversely impact our financial condition, results of operations and our business.
We may not recognize the intended benefits of the ACSA or the NCSA, or similar agreements we may enter into
in the future, and may enter into similar agreements in the future that limit or restrict our business, including our
ability to make distributions to stockholders (or CDI holders). The limitations and restrictions under the ACSA and
the NCSA may adversely impact our ability to execute on our strategy, our financial condition, our results of
operations and our business.
For further information refer to Item 8. “Financial Statements and Supplementary Data—Note 14. Contract
Obligations.”
We could be adversely affected if we fail to appropriately provide financial assurances for our obligations.
Australian laws and U.S. federal and state laws require us to provide financial assurances related to requirements
to reclaim lands used for mining, to pay federal and state workers’ compensation, to provide financial assurances
for coal lease obligations and to satisfy other operational and miscellaneous obligations.
As of December 31, 2025, we had posted $20.0 million of surety bonds, $45.7 million of cash collateralized bank
guarantees and $95.9 million of cash collateral to meet these obligations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 55
Our financial assurance obligations may increase due to a number of factors, including the size of our mining
footprint and new government regulations, and we may experience difficulty procuring or renewing our surety
bonds. In addition, our bond issuers may demand higher fees or additional collateral, including letters of credit or
other terms less favorable to us upon those renewals. Because we are required by federal and state law to have
these bonds or other acceptable security in place before mining can commence or continue, any failure to
maintain surety bonds, letters of credit or other guarantees or security arrangements would adversely affect our
ability to mine coal. That failure could result from a variety of factors, including lack of availability of surety bond
or letters of credit, higher expenses, unfavorable market terms, the exercise by third-party surety bond issuers of
their right to refuse to renew the surety and the requirement to provide collateral for future third-party surety bond
issuers under the terms of financing arrangements. If we fail to maintain adequate bonding, our mining permits
could be invalidated, which would prevent mining operations from continuing, and future operating results could
be materially and adversely affected.
In Australia, the Financial Provisioning Act establishes the way that our Australian Operations provide for and
manage associated costs of providing financial assurances related to mine rehabilitation obligations.
On October 23, 2025, the Scheme Manager issued an indicative Annual Review Allocation of “High” for the
Curragh mine complex’s EA number EPML00643713. As permitted under the Financial Provision Act, we made
formal submissions to the Scheme Manager requesting a review of this indicative rating. Following consideration
of the Company’s formal submission, the Scheme Manager confirmed the Annual Review Allocation of “High,”
but applied discretion as permitted under the Financial Provision Act to grant transitional relief allowing the
application of the “Moderate-High” risk category. This risk category will apply until the next Annual Review
Allocation for the Curragh mine complex, which is expected to occur in November 2026.
Under the transitional “Moderate–High” risk category, the Company is required to make an annual contribution
to the Scheme equivalent to 6.5% of Curragh’s ERC, rather than provide financial assurance in the form of bank
guarantees, insurance bonds or cash collateral equal to 100% of Curragh’s ERC.
There can be no assurance that our risk category allocation will not change or increase in future years, which
could materially and adversely impact our financial condition and results of operations. In particular, if the next
Annual Review Allocation for EA number EPML00643713 results in a “High” rating, the transitional relief will no
longer be available to us, and we could be required to provide financial assurance equal to 100% of Curragh’s
ERC. The amount of the ERC could be material, and we may be unable to provide sufficient cash collateral or
secure sufficient guarantees or bonds on commercially acceptable terms, or at all.
For more information on the Financial Provisioning Act, see Item 1. “Business—Regulatory Matters—Australia—
Environmental Protection Act 1994 (Qld).”
Mine closures entail substantial costs. If we prematurely close one or more of our mines or operations
at one or more of our mines are suspended, our operations and financial performance would likely be
adversely affected.
Federal and state regulatory agencies have the authority following significant health and safety incidents, such
as fatalities, to order mining operations to be temporarily suspended or a facility be permanently closed. For
example, on December 18, 2025, operations at our Logan mine in West Virginia were temporarily suspended
after an employee was fatally injured. On January 2, 2026, following an incident at the Mammoth Underground
Mine where a worker was fatally injured, operations at the two open cut mines at Curragh (Curragh North and
Curragh South) were idled for 24 hours and operations at the Mammoth Underground Mine at Curragh were
suspended.
We could also be required to close or discontinue operations at particular mines before the end of their mine life
due to environmental, geological, geotechnical, commercial, leasing or other issues. Such closure or
discontinuance of operations could result in significant closure and rehabilitation expenses, employee
redundancy costs, contractor demobilization costs and other costs or loss of revenues. If and when incurred,
these closure and rehabilitation costs could exceed our current estimates. If one or more of our mines is closed
earlier than anticipated, we would be required to fund the reclamation and closure costs on an expedited basis
and potentially lose revenues and, for some of our operations, pay for take-or-pay arrangements that we no
longer use, which would have an adverse impact on our operating and financial performance. Many of these
costs could also be incurred if a mine was unexpectedly placed into care and maintenance before the end of its
planned mine life, such as our Logan mine in the U.S.
Coronado Global Resources Inc. Form 10-K December 31, 2025 56
If the assumptions underlying our provision for reclamation and mine closure obligations prove to be
inaccurate, we could be required to expend greater amounts than anticipated.
The EP Act and the SMCRA establish operational, reclamation and closure standards for all aspects of surface
mining as well as deep mining. We accrue for the costs of current mine disturbance and final mine closure,
including the cost of treating mine water discharge where necessary. Estimates of our total reclamation and
mine-closing liabilities totaled $154.4 million as of December 31, 2025, based upon permit requirements and the
historical experience at our operations. However, these estimates depend on a number of variables and
assumptions, including the estimated future asset retirement costs and the timing of such costs, estimated proven
reserves, assumptions involving third-party contractors, inflation rates and discount rates, and therefore are
subject to change. If these accruals are insufficient or our liability in a future year is greater than currently
anticipated, our future operating results and financial position could be adversely affected. See Item 7.
“Management’s Discussion and Analysis of Financial Condition and Results of Operations —Critical Accounting
Policies and Estimates.”
We are subject to foreign exchange risks involving certain operations in multiple countries.
Losses sustained from adverse movements in currency exchange rates can impact our financial performance
and financial position and the level of additional funding required to support our businesses. Our financial results
are reported in US$ and certain of our liabilities, earnings and cash flows are influenced by movements in
exchange rates, especially movements in the A$ to US$ exchange rate. For example, costs relating to our
Australian Operations are generally denominated in A$. In addition, foreign currency exposures arise in relation
to coal supply contracts, procurement of plant and equipment and debt, which may be priced in A$ or other
foreign currencies other than US$.
The impact of currency exchange rate movements will vary depending on factors such as the nature, magnitude
and duration of the movements, the extent to which currency risk is hedged under forward exchange contracts
or other hedging instruments and the terms of these contracts. We may enter into forward exchange contracts to
hedge a portion of the foreign currency exposure of our Australian Operations from time to time. The unhedged
portion of our non-US$ exposure is subject to the risk of adverse movements in exchange rates, which may affect
our operating results, cash flows and financial condition.
We may be unsuccessful in integrating the operations of acquisitions with our existing operations and
in realizing all or any part of the anticipated benefits of any such acquisitions.
From time to time, we may evaluate and acquire assets and businesses that we believe complement our existing
assets and business. Acquisitions may require substantial capital or the incurrence of substantial indebtedness.
Our capitalization and results of operations may change significantly as a result of future acquisitions. Acquisitions
and business expansions involve numerous risks, including the following:
• difficulties in the integration of the assets and operations of the acquired businesses;
• inefficiencies and difficulties that arise because of unfamiliarity with new assets and the businesses
associated with them and new geographic areas;
• the diversion of management’s attention from other operations; and
• timing, and whether the acquisition or business expansion is occurring during adverse economic, social
and regulatory periods.
Further, unexpected costs and challenges may arise whenever businesses with different operations or
management are combined, and we may experience unanticipated delays in realizing the benefits of an
acquisition. Entry into certain lines of business may subject us to new laws and regulations with which we are not
familiar and may lead to increased litigation and regulatory risk. Also, following an acquisition, we may discover
previously unknown liabilities associated with the acquired business or assets for which we have no recourse
under applicable indemnification provisions. If a new business generates insufficient revenue or if we are unable
to efficiently manage our expanded operations, our results of operations may be adversely affected.
Coronado Global Resources Inc. Form 10-K December 31, 2025 57
Coronado Global Resources Inc. is a holding company with no operations of its own and, as such, it
depends on its subsidiaries for cash to fund its operations and expenses, including future dividend
payments, if any.
As a holding company, our principal source of cash flow is distributions from our subsidiaries. Therefore, our
ability to fund and conduct our business, service our debt, and pay dividends, if any, in the future will depend on
the ability of our subsidiaries to generate sufficient cash flow to make upstream cash distributions to us. Our
subsidiaries are separate legal entities, and although they are wholly-owned and controlled by us, they have no
obligation to make any funds available to us, whether in the form of loans, dividends, or otherwise. The ability of
our subsidiaries to distribute cash to us will also be subject to, among other things, restrictions that may be
contained in our subsidiary agreements (as entered into from time to time), availability of sufficient funds in such
subsidiaries and applicable laws and regulatory restrictions. Claims of any creditors of our subsidiaries generally
will have priority as to the assets of such subsidiaries over our claims and claims of our creditors and stockholders.
To the extent the ability of our subsidiaries to distribute dividends or other payments to us is limited in any way,
our ability to fund and conduct our business, service our debt, and pay dividends, if any, could be harmed.
Legal, Compliance and Regulatory Risks
We are subject to extensive health and safety laws and regulations that could have a material adverse
effect on our reputation and financial condition and results of operations.
We are subject to extensive laws and regulations governing health and safety at coal mines in the United States
and Australia. As a result of increased stakeholder focus on health and safety issues (such as black lung), there
is a risk of legislation and regulatory change that may increase our exposure to claims arising out of current or
former activities or result in increased compliance costs (e.g., through requiring improved monitoring standards
or contribution to an industry-pooled fund). Regulatory agencies also have the authority, following significant
health and safety incidents, such as fatalities, to order mining operations to be temporarily suspended or the
facility be permanently closed. As discussed above, if further serious safety incidents occur at any of our mining
facilities in the future, it is possible that a regulator might impose a range of conditions on re-opening of a facility,
including requiring capital expenditures, which could have a material adverse effect on our reputation, financial
condition and results of operations.
For additional information about the various regulations affecting us, see Item 1. “Business—Regulatory
Matters—Australia” and “Business—Regulatory Matters —United States.”
We could be negatively affected if we fail to maintain satisfactory labor relations.
Relations with our employees and, where applicable, organized labor are important to our success. Enterprise
bargaining, other disputes between us and our employees or disputes affecting our contractors may result in
strikes or uncompetitive work practices.
As of December 31, 2025, we had 1,799 employees. In addition, as of December 31, 2025, there were 1,859
contractors supplementing the permanent workforce, primarily at Curragh. As of December 31, 2025,
approximately 10.7% of our total employees, all at our Australian Operations, were represented by organized
labor unions and covered by the Enterprise Agreement . This Enterprise Agreement will expire in 2027 but will
remain in place by operation of the Fair Work Act 2009 (Cth) until replaced or terminated by the Fair Work
Commission. Our U.S. Operations employ a 100% non-union labor force.
Future industrial action by our employees or mining contractors’ employees or involving trade unions could disrupt
operations and negatively impact mine productivity, production and profitability.
Our operations may impact the environment or cause exposure to hazardous substances, which could
result in material liabilities to us.
We are subject to extensive environmental laws and regulations, and our operations may substantially impact
the environment or cause exposure to hazardous materials to our contractors, our employees or local
communities. We use hazardous materials and generate hazardous or other regulated waste, which we store in
our storage or disposal facilities. We may become subject to statutory or common law claims (including damages
claims) as a result of our use of hazardous materials and generation of hazardous waste. A number of laws,
including, in the United States, CERCLA and the RCRA, and in Australia, the EP Act, impose liability relating to
contamination by hazardous substances. Furthermore, the use of hazardous materials and generation of
hazardous and other waste may subject us to investigation and require the clean-up of soil, surface water,
groundwater and other media.
Coronado Global Resources Inc. Form 10-K December 31, 2025 58
Mining operations, including blasting and processing ore bodies, can also generate environmental impacts.
These impacts include, but are not limited to, leakages of polluting substances, explosions, flooding, fires,
accidental mine water discharges, and excessive dust and noise. Such risks could result in damage to the
applicable mine site, personal injury to our employees and contractors, environmental damage, decreased coal
production and possible legal liability under environmental regulations. Employee or strict liability claims under
common law or environmental regulations in relation to these matters may arise, for example, out of current or
former activities at sites that we own, lease or operate and at properties to which hazardous substances have
been sent for treatment, storage, disposal or other handling. Our liability for such claims may be strict, joint and
several with other miners or parties or with our contractors, such that we may be held responsible for more than
our share of the contamination or other damages, or even for the entire amount of damages assessed.
Additionally, any violations of environmental laws by us could lead to, among other things, the imposition on us
of substantial fines, penalties, other civil and criminal sanctions, the curtailment or cessation of operations, orders
to pay compensation, orders to remedy the effects of violations and take preventative steps against possible
future violations, increased compliance costs, or costs for environmental remediation, rehabilitation or rectification
works.
We maintain extensive Met coal refuse areas and slurry impoundments at our mining properties. At Curragh, coal
slurry is disposed of by pumping into an impoundment area where particles are allowed to settle. We have
procedures in place that the Curragh slurry impoundments remain below the surrounding topography so that
there is minimal likelihood of failure and/or spills. At our U.S. Operations, refuse areas and impoundments are
frequently inspected and subject to extensive governmental regulation. Slurry impoundments have been known
to fail, releasing large volumes of coal slurry into the surrounding environment. Structural failure of an
impoundment can result in extensive damage to the environment and natural resources, such as bodies of water
that the coal slurry reaches, as well as create liability for related personal injuries, property damages and injuries
to natural resources and plant and wildlife. Coronado has four refuse areas throughout our U.S. mining properties.
Only one area is a slurry impoundment. One refuse area utilizes a slurry cell system, that is designed to limit the
amount of slurry that is subject to a problematic release. Two of the refuse areas utilize a combined refuse system
and do not impound slurry. The one slurry impoundment overlies mined out areas, which can pose a heightened
risk of failure. The presence of the mined out works is incorporated into the design of this impoundment. If our
impoundment or any of the other refuse areas were to fail, we could be subject to substantial claims for the
resulting environmental contamination and associated liability, as well as for related fines and penalties.
Changes in and compliance with government policies, regulations or legislation may adversely affect our
financial condition and results of operations.
The coal mining industry is subject to regulation by federal, state and local authorities in each relevant jurisdiction
with respect to a range of industry specific and general matters. Any future legislation and regulatory change
imposing more constraints or more stringent requirements may affect the coal mining industry and may adversely
affect our financial condition and results of operations. Examples of such changes are future laws or regulations
that may limit GHG emissions, attach a cost to GHG emissions, limit the use of thermal coal in power generation,
create more stringent workplace health and safety laws, create more rigorous environmental laws, and make
changes to existing taxation and royalty legislation.
Compliance with applicable federal, state and local laws and regulations may become more costly and
time-consuming and may delay commencement or interrupt continuation of exploration or production at our
operations. We have incurred, and may in the future incur, significant expenditures to comply with such regulation
and legislation. These laws are constantly evolving and may become increasingly stringent. The ultimate impact
of complying with existing laws and regulations is not always clearly known or determinable due in part to the fact
that certain implementation of the regulations for these laws have not yet been promulgated and in certain
instances are undergoing revision. In addition, judicial decisions limiting the authority of regulatory agencies, or
decisions impacting current regulations and policies implemented by such agencies, could create uncertainty
regarding the regulatory landscape and impact the Company’s ability to plan for future investments.
These laws and regulations, particularly new legislative or administrative proposals (or judicial interpretations of
existing laws and regulations), could result in substantially increased capital, operating and compliance costs and
could have a material adverse effect on our operations and our customers’ ability to use our products. Due in
part to the extensive and comprehensive regulatory requirements, along with changing interpretations of these
requirements, violations of applicable federal, state and local laws and regulations occur from time to time in the
coal industry and minor violations have occurred at our Australian Operations and our U.S. Operations in the
past.
Coronado Global Resources Inc. Form 10-K December 31, 2025 59
Moreover, changes in the law may impose additional standards and a heightened degree of responsibility for us
and our stockholders, directors and employees; may require unprecedented compliance efforts; could divert our
management’s attention; and may require significant expenditures. For example, we may also be subject to
unforeseen environmental liabilities resulting from coal-related activities, which may be costly to remedy or
adversely impact our operations. In particular, the acceptable level of pollution and the potential abandonment
costs and obligations for which we may become liable as a result of our activities may be difficult to assess under
the current legal framework. To the extent that required expenditures, as with all costs, are not ultimately reflected
in the prices of coal, our operating results may be detrimentally impacted. The costs and operating restrictions
necessary for compliance with safety and environmental laws and regulations, which is a major cost consideration
for our Australian Operations and U.S. Operations, may have an adverse effect on our competitive position
relative to foreign producers and operators in other countries which may not be required to incur equivalent costs
in their operations.
We are also affected by various other international, federal, state, local and tribal or indigenous environmental
laws and regulations that impact our customers. To the extent that such environmental laws and regulations
reduce customer demand for or increase the price of coal, our operating results may be detrimentally impacted.
For additional information about the various regulations affecting us, see Item 1. “Business—Regulatory
Matters—Australia” and “Business—Regulatory Matters —United States.”
We are subject to extensive forms of taxation, which impose significant costs on us, and future
regulations and developments could increase those costs or limit our ability to produce coal
competitively.
Federal, state or local governmental authorities in nearly all countries across the global coal mining industry
impose various forms of taxation on coal producers, including production taxes, sales-related taxes, royalties,
stamp duties, environmental taxes and income taxes.
If new legislation or regulations related to various forms of coal taxation or income or other taxes generally which
increase our costs or limit our ability to compete in the areas in which we sell coal, or which adversely affect our
key customers, are adopted, or if the basis upon which such duties or taxes are assessed or levied changes or
is different from that provided by us, our business, financial condition or results of operations could be adversely
affected.
We may be subject to litigation, the disposition of which could negatively affect our profitability and cash
flow in a particular period, or have a material adverse effect on our business, financial condition and
results of operations.
Our profitability or cash flow in a particular period could be affected by an adverse ruling in any litigation that may
be filed against us in the future. In addition, such litigation could have a material adverse effect on our business,
financial condition and results of operations. See Item 3. “Legal Proceedings.”
We have no registered trademarks for our Company name used by us in the United States or any other
countries, and failure to obtain those registrations could adversely affect our business.
Although we have filed a trademark application for use of the stylized mark “CORONADO STEEL STARTS
HERE” in the United States and Australia, our applications are still pending and the corresponding mark has not
been registered in the United States or Australia. We have not filed for this or other trademarks in any other
country. During trademark registration proceedings, we may receive rejections. If so, we will have an opportunity
to respond, but we may be unable to overcome such rejections. In addition, Intellectual Property Australia, the
United States Patent and Trademark Office and comparable agencies in many foreign jurisdictions may permit
third parties to oppose pending trademark applications and to seek to cancel registered trademarks. If opposition
or cancellation proceedings are filed against our trademark application, our trademark may not survive such
proceedings, and/or we may be required to expend significant additional resources in an effort to defend
ourselves in the proceedings or identify a suitable substitute mark for future use.
Coronado Global Resources Inc. Form 10-K December 31, 2025 60
Failure to comply with applicable anti-corruption and trade laws, regulations and policies could result in
fines and criminal penalties, causing a material adverse effect on our business, operating and financial
prospects or performance.
Any fraud, bribery, misrepresentation, money laundering, violations of applicable trade sanctions,
anti-competitive behavior or other misconduct by our employees, contractors, customers, service providers,
business partners and other third parties could result in violations of relevant laws and regulations by us and
subject us or relevant individuals to corresponding regulatory sanctions or other claims, and could also result in
an event of default under our financing arrangements. These unlawful activities and other misconduct may have
occurred in the past and may occur in the future and may result in civil and criminal liability under increasingly
stringent laws relating to fraud, bribery, sanctions, competition and misconduct or cause serious reputational or
financial harm to us. In addition, failure to comply with environmental, health or safety laws and regulations,
privacy laws and regulations, U.S. trade sanctions, the U.S. Foreign Corrupt Practices Act and other applicable
laws or regulations could result in litigation, the assessment of damages, the imposition of penalties, suspension
of production or distribution, costly changes to equipment or processes due to required corrective action, or a
cessation or interruption of operations.
We have policies, procedures and internal controls intended to identify, manage and mitigate legal risks and
address regulatory requirements and other compliance obligations. However, there can be no assurance that
such policies, procedures and established internal controls will adequately protect us against fraudulent or corrupt
activity and such activity could have an adverse effect on our reputation, financial condition and results of
operations.
Risks Specific to Our Common Stock
Our certificate of incorporation and bylaws include provisions that may discourage a change in control.
Provisions contained in our amended and restated certificate of incorporation, or certificate of incorporation,
amended and restated bylaws, or bylaws, and Delaware law could make it more difficult for a third-party to acquire
us, even if doing so might be beneficial to our stockholders. In addition, provisions of our certificate of
incorporation and bylaws impose various procedural and other requirements that could make it more difficult for
stockholders to effect certain corporate actions.
We have elected not to be governed by Section 203 of the General Corporation Law of the State of Delaware, or
the DGCL (or any successor provision thereto), until immediately following the time at which the EMG Group no
longer beneficially owns in the aggregate shares of our common stock representing at least 10% of our voting
stock, in which case we shall thereafter be governed by Section 203 if and for so long as Section 203 by its terms
would apply to us. Section 203 provides that an interested stockholder, along with its affiliates and associates
(i.e., a stockholder that has purchased greater than 15%, but less than 85%, of a company’s outstanding voting
stock (with certain exclusions)), may not engage in a business combination transaction with such company for a
period of three years after buying more than 15% of such company’s outstanding voting stock unless certain
criteria are met or certain other corporate actions are taken by the company.
These provisions could limit the price that certain investors might be willing to pay in the future for shares of our
common stock and may have the effect of delaying or preventing a change in control.
Our certificate of incorporation limits the personal liability of our directors for certain breaches of
fiduciary duty.
Our certificate of incorporation and bylaws include provisions limiting the personal liability of our directors for
breaches of fiduciary duty under the DGCL. Specifically, our certificate of incorporation contains provisions
limiting a director’s personal liability to us and our stockholders to the fullest extent permitted by the DGCL.
Furthermore, our certificate of incorporation provides that no director shall be liable to us and our stockholders
for monetary damages resulting from a breach of fiduciary duty as a director, except to the extent that such
exemption from liability or limitation thereof is not permitted under the DGCL. The principal effect of this limitation
on liability is that a stockholder will be unable to prosecute an action for monetary damages against a director
unless the stockholder can demonstrate a basis for liability that cannot be eliminated under the DGCL. These
provisions, however, should not limit or eliminate our right or any stockholder’s right to seek non-monetary relief,
such as an injunction or rescission, in the event of a breach of a director’s fiduciary duty. These provisions do not
alter a director’s liability under U.S. federal securities laws. The inclusion of these provisions in our certificate of
incorporation may discourage or deter stockholders or management from bringing a lawsuit against directors for
a breach of their fiduciary duties, even though such an action, if successful, might otherwise have benefited us
and our stockholders.
Coronado Global Resources Inc. Form 10-K December 31, 2025 61
Coronado Group LLC and the EMG Group have substantial control over us and are able to influence
corporate matters.
Coronado Group LLC and the EMG Group have significant influence over us, including control over decisions
that require the approval of stockholders, which could limit the ability of other stockholders to influence the
outcome of stockholder votes.
As of December 31, 2025, the EMG Group indirectly held 50.4% of our outstanding shares of common stock.
Therefore, the EMG Group has effective control over the outcome of votes on all matters requiring approval by
stockholders. There is a risk that the interests of the EMG Group could conflict with or differ from our interests or
the interests of other stockholders. In addition, pursuant to the terms of the Stockholder’s Agreement, dated as
of September 24, 2018, between us and Coronado Group LLC, or the Stockholder’s Agreement, so long as it
beneficially owns in the aggregate at least 25% of the outstanding shares of our common stock, the EMG Group
will have the ability to exercise substantial control over certain of our transactions, including change of control
transactions, such as mergers and capital markets transactions. See Item 5. “Market for Registrant’s Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for a description of the
Stockholder’s Agreement.
Further, pursuant to the terms of the Series A Share, Coronado Group and the EMG Group or its successors or
permitted assigns, as the beneficial owner of the Series A Share, at its option, will have the ability to elect a
specified number of directors, or the Series A Directors, based on the EMG Group’s aggregate level of beneficial
ownership of shares of our common stock. For more details on the ability of Coronado Group and the EMG Group
to elect Series A Directors, as well as the rights of stockholders to participate in the removal of any such Series
A
Directors, see Item 5. “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.”
Moreover, the EMG Group’s beneficial ownership of shares of our common stock may also adversely affect the
price of our common stock to the extent equity investors perceive disadvantages in owning common stock of a
company with a controlling stockholder. In addition, the EMG Group is in the business of making investments in
companies and may, from time to time, acquire interests in businesses that directly or indirectly compete with us,
as well as businesses of our existing or potential significant customers. The EMG Group may acquire or seek to
acquire assets that we seek to acquire and, as a result, those acquisition opportunities may not be available to
us or may be more expensive for us to pursue, and as a result, the interests of the EMG Group may not align
with the interests of our other stockholders.
The EMG Group has the right, subject to certain conditions, to require us to cooperate in a sale of shares
of our common stock held by it (including in the form of CDIs) under the Securities Act.
Pursuant to the Registration Rights and Sell-Down Agreement, dated as of September 24, 2018, between us and
Coronado Group LLC, or the Registration Rights and Sell-Down Agreement, Coronado Group LLC (or its
successors or permitted assigns or transferees) has the right, subject to certain conditions, to require us to
cooperate in a sell-down of shares of our common stock or CDIs held by it. By virtue of its majority ownership,
Coronado Group LLC could cause undue volatility in the prevailing market price of our common stock by
exercising its registration rights and selling a large number of shares of CDIs. See Item 5. “Market for Registrant’s
Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”
Our non-employee directors and their respective affiliates, including the EMG Group, may be able to take
advantage of a corporate opportunity that would otherwise be available to us.
The corporate opportunity and related party transactions provisions in our certificate of incorporation could enable
any of our non-employee directors or their respective affiliates, including the EMG Group, to benefit from
corporate opportunities that might otherwise be available to us. Subject to the limitations of applicable law, our
certificate of incorporation, among other things:
• permits us to enter into transactions with entities in which one or more non-employee directors are
financially or otherwise interested;
• permits any non-employee director or his or her affiliates to conduct a business that competes with us
and to make investments in any kind of property in which we may make investments; and
Coronado Global Resources Inc. Form 10-K December 31, 2025 62
• provides that if any non-employee director becomes aware of a potential business opportunity,
transaction or other matter (other than one expressly offered to that non-employee director solely in his
or her capacity as our director), that non-employee director will have no duty to communicate or offer
that opportunity to us, and will be permitted to communicate or offer that opportunity to his or her affiliates
and pursue or acquire such opportunity for himself or herself, and that non-executive director will not be
deemed to have acted in a manner inconsistent with his or her fiduciary or other duties to us or our
stockholders regarding the opportunity or to have acted in bad faith or in a manner inconsistent with our
and our stockholders’ best interests.
These provisions enable a corporate opportunity that would otherwise be available to us to be taken by or used
for the benefit of the non-employee directors or their respective affiliates, including the EMG Group as a result of
the rights granted to it under the Stockholder’s Agreement.
General Risk Factors
Any failure to maintain effective internal control over financial reporting may adversely affect our
financial condition and results of operations.
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting. Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements in accordance with
generally accepted accounting principles in the United States, or U.S. GAAP.
During the course of the preparation of our financial statements, we evaluate and correct any deficiencies in our
internal controls over financial reporting. If we fail to maintain an effective system of disclosure or internal controls
over financial reporting, including satisfaction of the requirements of Section 404 of the Sarbanes-Oxley Act of
2002, we may not be able to report accurately or timely on our financial results or adequately identify and reduce
fraud. In such circumstances, our financial condition could be adversely affected, current and potential future
stockholders could lose confidence in us and/or our reported financial results, which may cause a negative effect
on the trading price of our CDIs, and we could be exposed to litigation or regulatory proceedings, which may be
costly or divert management attention.
The requirements of being a public company in the United States and Australia may strain our resources,
divert management’s attention, and affect our ability to attract and retain executive management and
qualified board members.
Our CDIs are currently listed on the ASX and we are registered as a foreign company in Australia. As such, we
are subject to continuous compliance requirements under relevant Australian laws and regulations, including the
listing rules of the ASX, as amended from time to time, or the ASX Listing Rules, and certain provisions of the
Corporations Act 2001 (Cth), or the Corporations Act.
As a U.S. public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley
Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and other applicable
securities laws, rules and regulations. Compliance with these laws, rules, and regulations may increase our legal
and financial compliance costs, make certain activities more difficult, time-consuming, or costly, and increase
demand on our systems and resources. The Exchange Act requires, among other things, that we file annual,
quarterly, and current reports with the SEC with respect to our business and results of operations. In the absence
of a waiver from the ASX Listing Rules, these SEC periodic reports will be in addition to our periodic filings
required by the ASX Listing Rules. The Sarbanes-Oxley Act of 2002 requires, among other things, that we
maintain effective disclosure controls and procedures and internal control over financial reporting. In order to
maintain and, if required, improve our disclosure controls and procedures and internal control over financial
reporting to meet this standard, significant resources and management oversight will be required. As a result,
management’s attention may be diverted from other business concerns and our costs and expenses could
increase, which could harm our business and results of operations. We may need to hire more employees or
engage outside consultants in the future, which will increase our costs and expenses.
Coronado Global Resources Inc. Form 10-K December 31, 2025 63
In addition, changing laws, regulations, and standards relating to corporate governance and public disclosure are
creating uncertainty for public companies, increasing legal and financial compliance costs and making certain
activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in
many cases due to their lack of specificity and, as a result, their application in practice may evolve over time as
new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this
investment may result in increased general and administrative expenses and a diversion of management’s time
and attention from sales-generating activities to compliance activities. If our efforts to comply with new laws,
regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities
related to their application and practice, regulatory authorities may initiate legal, administrative or other
proceedings against us and our business may be harmed.
A state court located within the State of Delaware (or, if no state court located within the State of Delaware
has jurisdiction, the federal district court for the District of Delaware) will be, to the extent permitted by
law, the sole and exclusive forum for substantially all state law based disputes between us and
stockholders.
Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, a state or federal
court within the State of Delaware will be the sole and exclusive forum for:
• any derivative action or proceeding brought on our behalf;
• any action or proceeding asserting a claim of breach of a fiduciary duty owed by any director or officer or
other employee or agent of the Company to the Company or the Company’s stockholders or debtholders;
• any action or proceeding asserting a claim against the Company or any director or officer or other
employee or agent of the Company arising pursuant to any provision of the DGCL or our certificate of
incorporation or bylaws; or
• any action asserting a claim against the Company or any director or officer or other employee of the
Company governed by the internal affairs doctrine or other “internal corporate claims” as defined in
Section 115 of the DGCL.
The choice of forum provision may limit a stockholder’s ability to bring a claim against us or our directors, officers,
employees or agents in a forum that it finds favorable, which may discourage stockholders from bringing such
claims at all. Alternatively, if a court were to find the choice of forum provision contained in our bylaws to be
inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action
in another forum, which could materially and adversely affect our business, financial condition and results of
operations. However, the choice of forum provision does not apply to any actions arising under the Securities Act
or the Exchange Act.
The issuance of additional common stock or securities convertible into our common stock could result
in dilution of the ownership interest in us held by existing stockholders.
We may issue more CDIs in the future in order to fund future investments, acquisitions or general operations to
reduce our debt. While we will be subject to the constraints of the ASX Listing Rules regarding the percentage of
our capital that we are able to issue within a 12-month period (subject to applicable exceptions), any such equity
issuances will dilute the ownership of existing holders of our common stock.
We are subject to general market risks that are inherent to companies with publicly traded securities and
the price of our securities may be volatile.
We are subject to the general market risks that are inherent in all securities traded on a securities exchange. This
may result in fluctuations in the trading price of our securities that are not explained by our fundamental operations
and activities. There is no guarantee that the price of our securities will increase in the future, even if our earnings
increase.
Our securities may trade at, above or below the price paid by an investor for those securities due to a number of
factors, including, among others:
• general market conditions, including investor sentiment;
• movements in interest and exchange rates;
Coronado Global Resources Inc. Form 10-K December 31, 2025 64
• fluctuations in the local and global market for listed stocks;
• actual or anticipated fluctuations in our interim and annual results and those of other public companies
in our industry;
• industry cycles and trends;
• mergers and strategic alliances in the coal industry;
• new or changes in government laws or regulations;
• potential or actual military conflicts or acts of terrorism;
• new or changes in accounting principles;
• announcements concerning us or our competitors;
• changes in government policy, legislation or regulation;
• inclusion of our securities in, or removal of our securities from, particular market indices (including S&P
and ASX indices); and
• the risks inherent to our business, including adverse weather conditions.
Other factors that may negatively affect investor sentiment and influence us, specifically, or the stock market,
more generally, include acts of terrorism, an outbreak of international hostilities, fires, floods, earthquakes, labor
strikes, civil wars, natural disasters, outbreaks of disease, including a global pandemic, or other man-made or
natural events.
Stock markets have experienced extreme price and volume fluctuations in the past that are often disproportionate
or unrelated to the operating performance of companies. There can be no guarantee that the trading price and
volume of any particular security will be sustained. These factors may materially affect the market price of our
securities, regardless of our operational performance. This may then significantly impact our ability to raise new
equity which may be required to fund our operations if our financial performance deteriorates due to other factors.
The payment of dividends and repurchases of our common stock are dependent on a number of factors,
and future dividend payments and repurchases are within the discretion of our Board of Directors and
cannot be guaranteed.
The payment of dividends in respect of our common stock is impacted by several factors, including our
profitability, retained earnings, capital requirements and free cash flow, as well as applicable covenants under
the Indenture governing our Notes, covenants under the ABL Facility and terms of our other agreements with
Stanwell. In certain circumstances, prior to paying any dividend to our stockholders, we are required to make an
equivalent (or greater) payment to Stanwell as well as an offer to redeem an equivalent amount of our Notes (if
required by the Indenture). As a result, if the Board of Directors determines to pay a dividend, a significant portion
of our cash on hand that would otherwise be available to pay dividends must be used for other purposes. Any
future dividend payments will be determined by and declared at the discretion of our Board of Directors
considering the factors above, among others. There is no guarantee that any dividends will be paid, or stock
repurchases will be made, by us in the future, or if paid, paid at previous levels. From time to time, our Board of
Directors may also cancel previously announced dividend payments.
Coronado Global Resources Inc. Form 10-K December 31, 2025 65
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Risk Management and Strategy:
Coronado uses software tools to identify, assess, and manage material risks from cybersecurity threats.
Coronado heavily relies on information technology systems throughout its operations and acknowledges the
critical importance of safeguarding its digital assets and protecting sensitive information. Regular security
assessments, including penetration tests, are conducted to monitor our data security against global standards.
Coronado also maintains a suite of security measures to help defend against unauthorized access and
misappropriation of technology. Additionally, the Coronado IT department distributes training and awareness
information to personnel covering email security, password security, data handling security, enterprise resource
planning systems and cloud security.
Coronado’s cybersecurity risk management is integrated into its Group risk management processes, which are
governed by the Group Risk Management Framework and Risk Management Policy. The Risk Management
Framework and Risk Management Policy outline:
• Risk management responsibilities;
• Risk assessment frequency;
• Risk assessment criteria (likelihood and consequence);
• The requirement to implement internal controls; and
• The level within the organization risk assessments are to be performed.
Certain key controls incorporated into Coronado’s internal control processes are linked to cybersecurity risks,
including controls over access and change management for key financial systems. Where the management of
these key financial systems is outsourced to third parties, Coronado obtains assurance reports on the
effectiveness of key vendor controls. Additionally, Coronado uses third parties to conduct cybersecurity
penetration testing at Coronado's U.S. and Australian operations. In 2023, Coronado created the Digital Advisory
Committee, or DAC, which is chaired by the Vice President of Information Technology. As part of Coronado’s
processes to
the DAC is tasked with reviewing new software requests from Coronado’s various divisions. The DAC is
comprised of business systems, plant and operational personnel from both Coronado’s U.S. and Australian
operations.
As of the filing of this Annual Report on Form 10-K, Coronado is not aware of any risks from cybersecurity threats,
including as a result of any previous cybersecurity incidents that have occurred since the beginning of 2025 that
have materially affected, or are reasonably likely to
strategy, results of operations or financial condition. Coronado could be subject to cybersecurity incidents in the
future which may have a material adverse effect on Coronado’s business strategy, results of operations or
financial condition. For further information on Coronado’s risks relating to cybersecurity threats, see “Operation
and Technology Risks” in the “Risk Factors” section of this Form 10-K.
Governance:
The Board of Directors is responsible for reviewing, ratifying, and monitoring systems of risk management,
internal control, and legal compliance. This includes identifying the main risks associated with Coronado's
businesses, including cybersecurity risk, and implementing appropriate systems to manage such risks. As
outlined in the charter of the Audit Governance and Risk Committee, or the AGRC, the Board of Directors has
delegated to the AGRC responsibility for overseeing corporate and governance risk management, financial risk
management, and compliance with applicable laws, regulations, standards, and best practice guidelines, which
includes the oversight of cybersecurity risk.
The AGRC is informed of cybersecurity risks by management, which
includes an annual cybersecurity risk presentation.
As part of their review of
to incorporate the insights of such reports into its overall risk oversight analysis.
Coronado Global Resources Inc. Form 10-K December 31, 2025 66
Supporting this governance framework, the Executive Leadership Team, or ELT, is responsible for maintaining
effective systems of risk management and internal control. Within this framework, the Vice President of
Information Technology is responsible for the cybersecurity function. The Vice President of Information
Technology has experience in various roles involving managing information systems and cybersecurity functions
and developing cybersecurity strategies. The Vice President of Information Technology reports to the Group
Chief Financial Officer, or Group CFO, who is a member of the ELT .
In order to prevent, detect, mitigate and remediate cybersecurity incidents, Coronado maintains a Cyber Incident
Response Plan, or the Plan. The Plan outlines Coronado's approach to identifying and containing cybersecurity
incidents, along with recovery and improvement processes. The Plan includes incident assessment criteria that
allow for escalation of potentially material cybersecurity incidents. The Group CFO reports to the AGRC in the
event of a potentially material cybersecurity incident. Additionally, annual reviews of Coronado’s current
cybersecurity status and strategy are presented to the Board of Directors and the AGRC by management.
Coronado Global Resources Inc. Form 10-K December 31, 2025 67
ITEM 2. PROPERTIES
Summary Overview of Mining Operations
Coronado owns and controls a portfolio of operating mines and development projects in Queensland, Australia,
and Virginia, West Virginia and Pennsylvania in the United States. Our Australian Operations consist of the
100%-owned Curragh mine complex, which includes two open cut mines (Curragh North and Curragh South)
and an underground mine (Mammoth Underground). With respect to our U.S. Operations, Coronado owns a
100% interest in two producing mine complexes (Buchanan and Logan) and one development property (Mon
Valley Minerals). On January 14, 2025, Coronado completed the sale of its non-core and idle Greenbrier property,
and on November 21, 2025, Coronado completed the sale of its non-core Russell County property, and as a
result, our coal reserves and coal resources as of December 31, 2025 do not include coal reserves and coal
resources attributable to those properties.
Figures 1 and 2 below show the locations of our mining properties in Australia and the United States, respectively.
Figure 1: Australian Operations:
Coronado Global Resources Inc. Form 10-K December 31, 2025 68
12.8
12.6
25.4
12.6
14
26.6
13.4
13.8
27.2
Australia
United States
Group
ROM production (Mt)
FY23
FY24
FY25
10.0
5.8
15.8
9.7
5.7
15.3
10.6
5.3
16.0
Australia
United States
Group
Saleable production (Mt)
FY23
FY24
FY25
Figure 2: U.S. Operations:
The below charts show ROM production and saleable production for our Australian Operations and our U.S.
Operations for the years ended December 31, 2025, 2024 and 2023.
See the descriptions of our material mining properties under “—Curragh,” “—Buchanan,” “—Logan” and “—Mon
Valley” below for more information. Table 1 below contains a summary of the key information relative to the
various Coronado properties. Tables 2 and 3 provide a summary of our coal resources and reserves,
respectively, as of December 31, 2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 69
Table 1. Summary of Coronado Properties
Property
(Property
Stage)
Mineral Rights
(1)
Permit
Status
(2)
Mine Type(s)
Coal Type
Coal Seams of
Economic
Interest
(Formation)
Processing
Plants/
Facilities
Curragh
(Production)
25,586 hectares
leased; 6,381
hectares owned
Permitted
Surface &
Underground
HCC, SCC,
PCI, Thermal
Various (Rangal
Coal Measures)
CPP1 - 1,100 raw
Mt per hour;
CPP2 - 1,200 raw
Mt per hour; Rail
Loadout
Buchanan
(Production)
25,853 hectares
leased
(3)
; 7,725
hectares owned
1 Permit
Underground
Low-Vol
Pocahontas #3
(Pocahontas
Formation)
CPP - 1,270 raw
Mt per hour; Rail
Loadout
Logan
(Production)
12,666 hectares
leased
(3)
; 69
hectares owned
27 Permits
Surface &
Underground
HVA, HVB,
Thermal
Various
(Kanawha
Formation)
CPP - 1,088 raw
Mt per hour; Rail
Loadout
Mon Valley
(Development)
1,339 hectares
leased
(3)
; 40,276
hectares owned
Not
Permitted
Underground
(4)
High-Vol
Upper Freeport
(Freeport
Formation)
Future
(1)
facilities of the Company are secured by a lien on substantially all of the Company’s assets, including mining properties.
(2)
and licenses regarding cultural heritage, native title and various other social issues to support current mining operations.
(3)
of the relevant reserves.
(4) Proposed mine type.
Coronado Global Resources Inc. Form 10-K December 31, 2025 70
Table 2.
Summary Coal Resources Exclusive of Reserves as of December 31, 2025.
(1)
Coal Resources (In Situ, MMt)
(2)(3)
Quality (Air-Dried Basis)
Measured
Indicated
Measured
+
Indicated
Inferred
Ash
Sulfur
Volatile
Matter
Australia
Open cut
204
73
277
43
23.6%
0.6%
19.9%
Underground
41
68
109
105
18.6%
0.4%
18.1%
Total Australia
245
141
386
148
United States
Buchanan
29
5
34
-
16.0%
0.8%
18.0%
Logan
30
41
71
3
17.0%
1.0%
31.0%
Total United States
59
46
105
3
Total
304
187
491
151
(1) For more information regarding price assumptions used in the calculation of coal resources as of December 31, 2025, see the
individual property disclosures below.
(2) Australian resources are estimated inclusive of 5.3% in-situ moisture. United States resources are estimated on a dry basis.
(3) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
Table 3. Summary Coal Reserves (Marketable Sales Basis) as of December 31, 2025.
(1)
Demonstrated Coal Reserves (Wet
Tons,
Washed or Direct Shipped, MMt)
(2)(3)
Quality (Air-Dried Basis)
Proven
Probable
Total
Ash
Sulfur
Volatile
Matter
Australia
Open cut
155
14
169
11.0%
0.5%
19.5%
Underground
25
9
35
10.0%
0.3%
16.9%
Total Australia
180
23
204
United States
Buchanan
74
6
80
6.0%
0.7%
20.0%
Logan
39
22
61
8.0%
0.9%
35.0%
Mon Valley
78
57
134
8.0%
1.2%
(4)
35.0%
Total United States
191
85
275
Total
371
108
479
(1) For more information regarding price assumptions used in the calculation of coal reserves as of December 31, 2025, see the
individual property disclosures below.
(2) For more information regarding moisture assumptions used in the calculation of coal reserves as of December 31, 2025, see the
individual property disclosures below.
(3) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
(4) Life-of-mine, or LOM, sulfur for Pangburn is an estimated 1.2%; however, overall Mon Valley complex reserve average is 1.4%
sulfur.
Coronado Global Resources Inc. Form 10-K December 31, 2025 71
Curragh
Curragh is a production-stage mining property that consists of two active, open cut, surface mines (Curragh North
and Curragh South) and one underground mine (Mammoth Underground). Coal mine production at the Curragh
property has been historically accomplished by surface mining methods since the mine’s inception in
1983. Presently, coal production at the Curragh mine is accomplished by both surface mining methods and a
newly developed underground mine. Curragh coals are widely known for their low ash, low to mid volatile matter,
low sulfur and low phosphorous content. Curragh Met coal products are also known for their consistent delivered
quality, which supports a consistent offtake across a diversified market base. A map of the Curragh tenements
is shown in Figure 3.
Figure 3. Coronado Curragh Mine Complex Property Location Map.
Coronado Global Resources Inc. Form 10-K December 31, 2025 72
The Curragh mine complex is located within the Bowen Basin coalfields, approximately 200 kilometers by road
west of Rockhampton, Queensland, Australia, and approximately 14 kilometers north of the town of Blackwater,
Queensland, Australia. The coordinates of CPP1, which is located within Curragh Main, are 688,561 meters East,
7,400,933 meters North in the AMG66 grid system. Curragh owns and operates the necessary CPPs and load-
out systems for dispatches via the Blackwater rail line to the Port of Gladstone or the Stanwell Power Station.
See Item 1. “Business—Transportation —Australian Operations” for additional information regarding the rail and
port services available to Curragh. Curragh also has maintenance facilities for the fleet of mining equipment, as
well as office buildings for the mine staff and personnel. Established, sealed roads connect the mine to the town
of Emerald, Queensland, Australia, to the west and the Port of Gladstone to the east. Third-party rail providers
operate the Blackwater rail line and transport Curragh export coal, for sale to international customers, to both the
RGTCT and the WICET at the Port of Gladstone. Curragh domestic coal is loaded onto train wagons for
transportation to the Stanwell Power Station for power generation.
Curragh has ready access to water, electricity and personnel to support its operations. SunWater Ltd. supplies
raw water to the mine complex from the Fairbairn Dam via the Bedford Weir. The mine complex also recycles
water from on-site dams and old open-cut pit voids that capture rainfall and water from dewatering activities.
Curragh has a dedicated 66-kilovolt, or kV, power supply to support the mining operations with a capacity of up
to 57-megawatt sourced from the main grid power. The substation is located on the southwest corner of ML1878
with both 66kV and 22kV distribution networks to supply the draglines, shovel and CPPs. The upgrades to the
power supply required for full underground production at Mammoth have been completed. There is now adequate
power supply for underground production with four continuous miner units.
The MRA and the MERCPA, together, provide for the assessment, development and utilization of mineral
resources in Queensland to the maximum extent practicable, consistent with sound economic and land use
management. The MRA vests ownership of minerals, with limited exceptions, in the “Crown,” which in relation to
Curragh, is the Queensland government. A royalty is payable to the Queensland government for the right to
extract minerals. The MRA also creates different tenures for different mining activities, such as prospecting,
exploring and mining. An ML is the most important tenure, as it permits the extraction of minerals in conjunction
with other required authorities. The MRA imposes general conditions on an ML.
Coronado controls the coal mining rights at Curragh under 14 coal and infrastructure MLs and three MDLs
granted pursuant to the MRA. We refer to the MLs and MDLs at Curragh, collectively, as the Tenements. Renewal
of certain Tenements will be required during the mine life of Curragh , and the Queensland government can vary
the terms and conditions on renewal. There are a number of existing petroleum tenements which overlap with
the Tenements. The priority, consent and coordination requirements under the MRA, MERCPA and the
Petroleum and Gas (Production and Safety) Act 2004 (Qld) (as relevant) may apply with respect to those
overlaps. Extensive statutory protocols govern the relationships between co-existing mining and exploration
rights and these protocols are largely focused on encouraging the overlapping tenement holders to negotiate and
formulate arrangements that enable the co-existence of their respective interests. To date, we have negotiated
arrangements in place with all of our overlapping tenement holders and have full access to all of our Tenements.
See Item 1. “Business—Regulatory Matters—Australia” for additional information regarding Curragh’s
Tenements.
Property control and mining rights at Curragh are entirely expressed in the MLs and MDLs mentioned above. An
overlapping petroleum tenure exists over the southern and eastern extents of the Tenements. Under the
MERCPA, this requires annual information exchanges, including the provision and maintenance of joint
information management plans with the overlapping tenement holder. Curragh is compliant with the legislation
and there are no current restrictions on coal mining.
As conditions to certain of the Tenements, Curragh is subject to royalties payable to the Queensland government
on a regulated, tiered structure. This tiered royalty payment regime is dependent on the AUD/t revenue received
from the coal sales, and varies from 7% for sales up to A$100/t, to up to 40% for sales over A$300/t. Additionally,
if MDL 162 advances from development to production, we would be required, under a private royalty deed, to
pay a base royalty of A$0.50 per Mt of coal and a royalty of A$0.70 for every Mt of SCC produced above 2.5 MMt
per year.
A joint venture between Arco Australia Ltd., Australian Consolidated Industries Ltd., R.W. Miller & Co. and Mitsui
& Co. (Australia) first began development on certain of the Tenements in 1983. Later, Arco Australia Ltd. bought
out the other joint venturers and, in 2000, sold the Curragh property to Wesfarmers Ltd. In 2014, Wesfarmers
acquired MDL 162 from Peabody Budjero Pty Ltd. Coronado acquired all the Tenements from Wesfarmers Ltd.
in March 2018. Production history has been approximately 10.0 MMt in 2023, 9.6 MMt in 2024 and 10.6 MMt in
2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 73
Prospecting and exploratory drilling has been done at Curragh since the 1960s. We currently have an active,
ongoing exploration program at Curragh that allows us to update and refine the geological model ahead of pit
development. Recently, we have increasingly focused on an underground exploration program, which has
included seismic 2-D and 3-D surveys and core drilling for gas, geotech, coal quality and spontaneous
combustion evaluation. Additional exploration has included permeability and hydrological assessments.
Open cut coal mine development at the Curragh property has, since inception, been accomplished by surface
mining methods. The mine characteristics and output levels allow it to be ranked as a large coal operation when
compared to other producers in Australia and worldwide. Curragh operates four large electric draglines and
additional fleets of hydraulic excavators.
Curragh has two CPPs, CPP1 and CPP2. CPP1 is the older of the two processing plants and has a documented
nameplate capacity of 1,100 raw tons per hour, or tph (as received). CPP2 has a documented nameplate
capacity of 1,200 tph (as received) with a capability of up to 1350 tph when processing selected feed types.
Curragh has a loadout facility for loading coal onto railcars, which is connected to the main Blackwater rail link.
Generally, the mining equipment and facilities at Curragh are in good operating condition. We focus on the long-
term potential of the mine complex and regularly monitor developments in the mining industry for technology
improvements and new equipment that could help us increase efficiency and lower our costs. Curragh’s oldest
mining equipment, including two draglines, began operations in 1983. Prior to Coronado taking over mining
operations, Wesfarmers Ltd. made improvements to the processing facilities at Curragh, including the
commissioning of the second CPP in 2012 and replacing the raw coal crushing system at Curragh Main with an
updated circuit in 2016. Wesfarmers Ltd. also started a corrosion and structural repair program over ten years
ago that has continued since acquisition. This program helps ensure that the assets are available well into the
future. From time to time, we also update and improve other equipment and facilities to maintain their usefulness
and optimize our competitiveness. As of December 31, 2025, the book value of Curragh and its associated plant
and equipment was $831.8 million.
Underground mining commenced at the Mammoth Underground Mine in late 2024 via the final highwall in the
Curragh North open pit mine. The underground mining method being used at Mammoth is bord and pillar mining
using primary extraction of panels with roadway widths of 6.5 meters, reducing to 6 meters where the overburden
thickness or mining conditions require. As of December 31, 2025, there were three operating continuous miner
units operating at Mammoth, with full production expected in 2026. Underground mining initially commenced in
the Mammoth seam at Mammoth South and is planned to continue across two mining areas: Mammoth Central
and North. From 2031, underground mining will transition to a lower seam called the Mackenzie seam and mine
out the remining reserves from this lower seam to end of mine life which is currently estimated to be approximately
20 years in total.
We are not aware of any significant encumbrances or defects in title with respect to the Curragh property. We
believe we have secured all applicable environmental licenses and permits under both Queensland and
Australian Commonwealth legislation and have all permits and licenses regarding cultural heritage, native title
and various other social issues. See Item 1. “Business —Regulatory Matters—Australia” for a discussion of the
permitting conditions applicable to Curragh.
Summaries of Curragh’s coal resources and reserves estimates as of December 31, 2025 and 2024 are shown
in Tables 4 and 5, respectively.
Coronado Global Resources Inc. Form 10-K December 31, 2025 74
Table 4. Curragh – Summary of Coal Resources Exclusive of Reserves as of December 31, 2025 and
2024.
(1)
Coal Resources
(Wet Tons, In Situ, MMt)
(2)(3)(4)(5)
Quality (Air-Dried Basis)
Measured
Indicated
Measured
+
Indicated
Inferred
Ash
Sulfur
Volatile
Matter
December 31, 2025
Open Cut
204
73
277
43
23.6%
0.60%
19.9%
Underground
41
68
109
105
18.6%
0.40%
18.1%
Total
245
141
386
148
December 31, 2024
Open Cut
165
83
247
52
23.6%
0.60%
19.9%
Underground
41
62
103
106
18.6%
0.40%
18.1%
Total
206
145
350
158
(1) Curragh determines the resources exclusive of reserves below a 15:1 in-situ strip ratio as being suitable for open pit mining, and
above 15:1 in-situ strip ratio being suitable for underground mining with a minimum seam thickness of 1.8 meters.
(2) There are resources suitable for open cut mining outside of the declared reserves. The initial economic assessment for resources
exclusive of reserves as of December 31, 2024, and 2025 assumed the same revenue pricing based on an assumed long-term
average realized sales price of $133 per Mt for FOB for the open cut resources and $140 per Mt FOB for the underground
resources. This is explained further in Section 11.5 of the Curragh technical report summary, or TRS.
(3) Table 1-1 of the Curragh TRS provides a summary of Curragh resource tons inclusive of reserve tons as of December 31, 2023.
(4) Reported on a 5.3% in-situ moisture basis.
(5) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
Table 5. Curragh – Summary of Coal Reserves (Marketable Sales Basis) as of December 31, 2025 and
2024.
(1)
Demonstrated Coal Reserves (Wet
Tons, Washed
or Direct Shipped, MMt)
(2)(3)
Quality (Air-Dried Basis)
Proven
Probable
Total
Ash
Sulfur
Volatile
Matter
December 31, 2025
Open Cut
155
14
169
11.0%
0.5%
19.5%
Underground
25
9
35
12.9%
0.3%
16.9%
Total
180
23
204
December 31, 2024
Open Cut
163
15
177
12.9%
0.5%
19.3%
Underground
26
10
36
10.0%
0.3%
16.9%
Total
189
25
213
(1) Based on long-term revenue pricing assumption data outlined by Coronado described in Section 16 of the Curragh TRS. The
pricing data for December 31, 2024 assumes an average realized revenue price of $131 per Mt sold over the LOM, and for
December 31, 2025 assumes an average realized price of $146 per Mt sold over the LOM.
(2) The open cut marketable reserves are reported on a 9.5% product moisture basis and the underground marketable reserves are
reported on a 10% product moisture basis.
(3) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
From December 31, 2024 to December 31, 2025, measured and indicated resources exclusive of reserves
increased by 36 MMt to a total of 386 MMt as a result of continued drilling allowing for reclassification of Inferred
and Indicated coal resources into higher-confidence categories. From December 31, 2024 to December 31, 2025,
total marketable coal reserves decreased by 9 MMt in line with production depletion from the Curragh operations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 75
Barry Lay (BSc Geology (Hons); MAusIMM of Resology Pty Ltd), Daniel Millers (B. Eng.; MAusIMM(CP)), and
Claire McGahan (B. Eng.; MAusIMM(CP) of Talisman Technical Pty Ltd), whom we refer to, collectively, as the
Australian QPs, prepared the estimates of coal resources and reserves summarized in Tables 4 and 5. A copy
of the Australian QPs’ TRS with respect to Curragh, dated February 16, 2024, or the Curragh TRS, is filed as
Exhibit 96.1 hereto. None of Mr. Lay, Resology Pty Ltd, Ms. McGahan for Talisman Technical Pty Ltd are affiliated
with Coronado. Mr. Millers is employed full-time as the Superintendent Long Term Planning for our subsidiary,
CCPL.
The Australian QPs prepared the estimates of Curragh coal resources and reserves using drilling data available
from exploration activities at Curragh conducted by numerous entities over time. Most of this information was
obtained prior to our acquisition of Curragh, using varying drilling and core-logging techniques, survey methods
and testing procedures. As a result, in verifying the data, the Australian QPs made certain assumptions about
the adequacy of the processes performed and comparability of the data based on their professional experience
and familiarity with Curragh.
Per Section 12.1 of the Curragh TRS, coal reserve estimates were classified as proven or probable, with
consideration given to “modifying factors,” including mining, processing, metallurgical, infrastructure, economic,
marketing, legal, environmental, social and governmental factors. Section 22.2 of the Curragh TRS includes a
risk assessment of the key modifying factors that could potentially impact the operations and therefore the
estimate of coal reserves and resources.
As summarized in Section 7.1 of the Curragh TRS, the concentration of exploration drill holes varies slightly
across the Curragh property. The location of the drilling is shown on the maps included in Section 7. Points of
observation include exploration drill holes, degas holes and mine measurements, which have been fully vetted
and processed into a geological model. The geological model is based on seam depositional modelling, the
interrelationship of overlying and underlying strata on seam mineability, seam thickness trends, the impact of
seam structure (i.e., faulting), intra-seam characteristics, and other factors. Section 11.6 of the Curragh TRS
summarizes the drill hole spacings and accuracy associated with each resource category.
Coal quality is instrumental in determining whether there are reasonable prospects for economic extraction of a
coal resource and the economic viability of a coal reserve. These quality attributes aided in converting in-situ
resource tons to demonstrated coal reserves (recoverable washed tons). The reserve and resource criteria are
presented in Sections 12.1 and 11.3, respectively, of the Curragh TRS, including assumptions related to seam
density, minimum cut-off thickness, and recoveries. Pricing data as provided by Coronado is described in Table
16.2 of the Curragh TRS. These are weighted-average realized values across the LOM schedule.
Regarding production rates as described in Section 13 of the Curragh TRS, the mine plan and productivity
expectations consider historical performance and efforts have been made to adjust the plan to reflect current
technology and future conditions. Additional mine-specific factors can be found in Section 13 of the Curragh TRS.
Buchanan
Buchanan is a production-stage mining property, consisting of one active underground mine and supporting
infrastructure that produces Low-Vol Met coal using the longwall mining method. The mine complex is located
in Buchanan County in southwest Virginia. A map of Buchanan is shown in Figure 4.
Coronado Global Resources Inc. Form 10-K December 31, 2025 76
Figure 4. Coronado Buchanan Mine Complex Property Location Map.
The Buchanan mine complex is located approximately 6.4 kilometers southeast of Oakwood, Virginia, and 16
kilometers southeast of Grundy, Virginia. The coordinates of the Buchanan CPP are latitude 37° 09' 40" and
longitude 81° 59' 13" (Easting 984,100’, Northing 320,100’ – in the VA State Plane South NAD 83 grid system).
The nearest major population centers are Roanoke, Virginia, and Lexington, Kentucky, which are about 153
kilometers northeast and 290 kilometers northwest of the property, respectively. From U.S. Route 460, which
runs through Oakwood, a well-developed network of improved and unimproved roads provides access to the
property. The surface facilities at Buchanan are located along a Norfolk Southern rail line, which serves as the
primary means of transport for produced coal. Norfolk Southern transports coal from the Buchanan mine complex
either to domestic customers or to Lamberts Point Coal Terminal Pier 6 in Norfolk, Virginia, for overseas
shipment.
Buchanan has ready access to water, electricity and personnel to support its operations. The mine complex
sources water from streams that flow over Company-owned property. The mine also utilizes ground water from
an old, abandoned mine. Electricity is sourced from American Electric Power. Personnel have historically been
sourced from the surrounding communities in Buchanan, Tazewell, McDowell and Pike Counties and have
proven to be adequate in numbers to operate the mine complex. As mining is common in the surrounding areas,
the workforce is generally familiar with mining practices, and many are experienced miners.
The property mineral rights are composed of approximately 33,578 total hectares, of which 25,853 are leased or
subleased from private landholders under approximately 150 individual coal lease tracts, and 7,725 hectares are
owned by Coronado. Subject to Coronado’s exercising its renewal rights thereunder, all the leases expire upon
exhaustion of the relevant coal reserves, which is expected to occur in 2043.
Under the terms of the relevant leases, we are required to pay royalties ranging from 3% to 6% of the selling
price of coal mined from the corresponding leasehold and, for the majority, an annual minimum royalty,
irrespective of production. Coal produced at Buchanan, however, is not subject to “wheelage fees” (i.e., fees
payable on coal mined and removed from properties other than the particular leasehold and hauled across the
leasehold premises).
The property was formerly controlled by Consolidation Coal Company, or CONSOL. Mine development was
started by CONSOL in 1983, and longwall production began in 1987. Coronado acquired the Buchanan Mine
from CONSOL in March 2016. Production history has been approximately 3.6 MMt in 2023, 3.5 MMt in 2024 and
3.6 MMt in 2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 77
Our right to commercially mine and recover coal reserves at Buchanan overlaps with the right of an affiliate of
CNX Resources Corporation, which we refer to as the Gas Party, to commercially recover and develop coal gas
interests from the mine area. The Gas Party and we have entered into certain agreements to regulate the
interaction between, and coordinate, our respective operations. In general, the combination of these overlapping
interests allows for mutual benefits to the parties, namely, the degassing of our coal mining operations in the
mine, which helps assure the safety of mine personnel, and the Gas Party’s commercial capture and sale of the
coal gas. In addition, the Gas Party’s drilling activities have contributed to exploration efforts with respect to coal
deposits at Buchanan. We also purchase natural gas for the operation of our thermal dryer at Buchanan from
the Gas Party.
Before Coronado took over mining operations at Buchanan, CONSOL Energy had conducted extensive
exploration of the property. We have continued exploration at the property through a program of core drilling to
confirm reserves, establish additional resources and assess the geotechnical viability of mining.
Buchanan produces primarily a Low-Vol HCC, but it also produces a premium Low-Vol PCI product. The
Buchanan mine extracts coal from the Pocahontas #3 seam of the Pennsylvanian-age Pocahontas Formation,
which is the principal minable coal seam of that formation. The seam is situated below drainage throughout the
property and is accessed by vertical shafts. The seam thickness averages 1.57 meters within the mining area.
The Buchanan mine currently extracts coal using two longwall systems supported by six continuous miner
sections, which develop main entries and gate roads in preparation for the longwall. A seventh continuous miner
section is expected to begin in 2026. Each continuous miner section is equipped with one or two continuous
miners, two roof bolters and two or three coal haulage units. After extraction, a series of conveyor belts deliver
raw coal to an underground storage bunker. The Buchanan mine complex uses a skip hoist system to lift raw
coal to the surface. Buchanan has a CPP that processes raw coal at a rate of approximately 1,270 raw tph, as
well as the other necessary support infrastructure, including loadout and portal facilities. A new plant remains
under consideration and as such, future production volume forecasts will be re-evaluated and updated to reflect
any corresponding capacity increases.
Generally, the mining equipment and facilities at Buchanan are in good operating condition. We focus on the
long-term potential of the mine complex and regularly monitor developments in the mining industry for technology
improvements and new equipment that could help us increase efficiency and lower our costs. Since acquiring
the Buchanan operations, we have implemented improvements at the CPP, which have resulted in increased
capacity. From time to time, we also update and improve other equipment and facilities to maintain their
usefulness and optimize our competitiveness. For example, we rebuild our longwall shear, drives and cycling
shields after every panel. We have also entered into life cycle management agreements for our continuous miner
equipment, installed programmable logic controller, or PLC, controls on the skip hoist system, upgraded our belt
drives for increased horsepower, deployed state-of-the-art Fletcher roof bolters on our continuous miner sections
and switched to PLC control systems and variable frequency drive, or VFD, starters on our belt drives. As of
December 31, 2025, the book value of Buchanan and its associated plant and equipment was $582.0 million.
We are not aware of any significant encumbrances or defects in title with respect to the Buchanan property.
Additionally, we believe we have obtained all requisite mining and discharge permits to conduct our operations
at Buchanan and expect to be able to obtain all required permits in the future. The Buchanan mine complex holds
one state permit, with the associated NPDES permit.
Buchanan is subject to a federal black lung excise tax of $1.21 per ton for underground mining and a federal
reclamation tax of $0.13 per ton for underground mining. However, the federal black lung excise tax applies only
with respect to coal sold domestically. Additionally, Buchanan is subject to a Virginia reclamation tax of $0.05
per ton (which amount is contributed to a state-funded bond pool) and a Virginia severance tax of 2% for all coal
sold. See Item 1. “Business—Regulatory Matters—United States” for a discussion of the permitting conditions
applicable to Buchanan.
Summaries of Buchanan’s coal resources and reserves as of December 31, 2025 and 2024 are shown in Tables
6 and 7, respectively.
Coronado Global Resources Inc. Form 10-K December 31, 2025 78
Table 6. Buchanan – Summary of Coal Resources Exclusive of Reserves as of December 31, 2025 and
2024.
(1)
Coal Resources (Dry Tons, In Situ, MMt)
(2)(3)(4)
Quality (Air-Dried Basis)
Measured
Indicated
Measured
+
Indicated
Inferred
Ash
Sulfur
Volatile
Matter
December 31, 2025
29
5
34
—
16.0%
0.8%
18.0%
December 31, 2024
29
5
34
—
16.0%
0.8%
18.0%
(1) Pricing for resources is described in Section 11.3.1 of the Buchanan TRS (as defined below). Based on an assumed long-term
average price of $143 per Mt (FOB loadout) for Buchanan resources as of December 31, 2024.
(2) Exclusive of reserve tons. Table 1-1 of the Buchanan TRS provides a summary of Buchanan resource tons inclusive of reserve
tons as of December 31, 2025.
(3) Reported on a dry basis. Surface moisture and inherent moisture are excluded.
(4) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
Table 7. Buchanan – Summary of Coal Reserves (Marketable Sales Basis) at the End of the Fiscal Year
Ended December 31, 2025 and 2024.
(1)
Demonstrated Coal Reserves (Wet
Tons, Washed
or Direct Shipped, MMt)
(2)(3)
Quality (Air-Dried Basis)
Proven
Probable
Total
Ash
Sulfur
Volatile
Matter
December 31, 2025
74
6
80
6.0%
0.7%
20.0%
December 31, 2024
78
6
83
6.0%
0.7%
20.0%
(1) Pricing data as provided by Coronado is described in Section 16.2 of the Buchanan TRS For Buchanan reserves as of December
31, 2024, the pricing data assumed a weighted average domestic and international FOB-mine price of approximately $142 per Mt
for calendar year 2025; which decreases to approximately $132 to $139 per Mt through year 2029 and averages approximately
$157 per Mt over the LOM.
(2) Reported on a 6.0% moisture basis.
(3) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
From December 31, 2024, to December 31, 2025, total reserves decreased approximately 4%, from
approximately 83.0 MMt to approximately 80.0 MMt. The net reduction of 3.6 MMt of total reserves was
attributable to one year of mining depletion.
Marshall Miller & Associates, Inc., a third-party firm comprising mining experts, whom we refer to as the U.S.
QPs, was retained by Coronado to prepare volumetric adjustments to previous (circa December 31, 2024) coal
resource and reserve estimates. The resulting estimates of coal resources and reserves as of December 31,
2025, are summarized in Tables 6 and 7. Such estimates are purely a mathematical adjustment based upon
mine depletion and did not consider adjustments to geological models or the consideration of changes to
modifying factors incurred in 2025, including economics. A copy of the U.S. QPs’ most recent TRS, reflective of
resources and reserves as of December 31, 2024, which serves as the basis of the volumetric adjustment with
respect to Buchanan, dated as of February 1, 2025, or the Buchanan TRS, is filed as Exhibit 96.2 hereto. The
U.S. QPs are not affiliated with Coronado.
The U.S. QPs prepared the December 31, 2024, estimates of coal resources and reserves using core drilling
data available from exploration activities at Buchanan conducted by numerous entities over time. Most of this
information was obtained prior to our acquisition of the property, using varying drilling and core-logging
techniques, survey methods and testing procedures. As a result, in verifying the data, the U.S. QPs made certain
assumptions about the adequacy of the processes performed and comparability of the data based on their
professional experience and familiarity with Buchanan.
Per Section 12.1 of the Buchanan TRS, coal reserves were classified as proven or probable considering
“modifying factors,” including mining, metallurgical, economic, marketing, legal, environmental, social and
governmental factors. Section 22.2 of the Buchanan TRS includes a risk assessment of the key modifying factors
that could potentially impact the operations and therefore the estimate of coal reserves and resources.
Coronado Global Resources Inc. Form 10-K December 31, 2025 79
As summarized in Section 7.1 in the Buchanan TRS, the U.S. QPs utilized data from approximately 16,000
available core, rotary, channel samples, mine measurements and coalbed methane wells on and around the
Buchanan property. Points of observation include exploration drill holes, degas holes, and mine measurements,
which have been fully vetted and processed into a geologic model. The geologic model is based on seam
depositional modeling, the interrelationship of overlying and underlying strata on seam mineability, seam
thickness trends, the impact of seam structure (i.e., faulting), intra-seam characteristics, and other data. The
U.S. QPs completed a geostatistical analysis on drill holes within the reserve boundaries to determine the
applicability of the common United States classification system for measured and indicated coal resources. As
summarized in Section 11.1 of the Buchanan TRS, these results have led the U.S. QPs to report the data following
the historical classification standards, rather than use the results of the DHSA.
Coal quality is instrumental in determining the viability of a coal deposit. Per Section 8.2 of the Buchanan TRS,
coal quality conforms to the American Society for Testing and Materials, or ASTM, standards. These quality
attributes aided in converting dry, in-place tons to demonstrated coal reserves (recoverable washed tons). The
reserve and resource criteria are presented in Table 11-1 of the Buchanan TRS, including assumptions related
to seam density, minimum cut-off thickness, and recoveries.
Regarding production rates as described in Section 13.2 of the Buchanan TRS, the mine plan and productivity
expectations reflect historical performance and efforts have been made to adjust the plan to reflect future
conditions. Mine development and operation have not been optimized within the Buchanan TRS.
Logan
Coronado’s Logan property is currently in the production stage. Logan consists of four active underground mines
and supporting infrastructure that produce High-Vol Met coal using the room and pillar mining method, and two
temporarily idle surface mines (Toney Fork and Elklick) and supporting infrastructure that produce both Met and
thermal coal using the contour and highwall mining methods. Underground mine operations were active during
2025 at the Powellton No. 1, Lower War Eagle, Eagle No. 1 and Muddy Bridge Mines, with one, three, three and
two active mining sections, respectively. The Logan complex life plan includes 13 proposed mines, consisting
of ten underground mines and three surface mines. The property is located in Boone, Logan and Wyoming
Counties in southern West Virginia. The surface facilities are located in Logan County, West Virginia. A map of
Logan is shown in Figure 5.
Figure 5. Coronado Logan Mine Complex Property Location Map.
Coronado Global Resources Inc. Form 10-K December 31, 2025 80
The Logan mine complex encompasses the towns of Lorado and Pardee in Logan County, West Virginia, and
Cyclone and Lacoma in Wyoming County, West Virginia. The coordinates of the Saunders CPP are latitude 37°
47' 58" and longitude 81° 40' 01" (Easting 1,806,880’, Northing 291,517’ – in the WV State Plane South NAD 27
grid system). The nearest major population centers are Huntington, West Virginia, and Charleston, West Virginia,
which are about 145 kilometers northwest and 129 kilometers northeast of the property, respectively. From U.S.
Route 119, which runs through Mingo, Logan and Boone Counties to the north, a well-developed network of
improved and unimproved roads provides access to the property, including Route 16 and Route 10, which run
east-west across the property in Logan County and Wyoming County, respectively. The Logan surface facilities
are located approximately 21 kilometers northeast of Man, West Virginia, along a CSX Corporation, or CSX, rail
line, which serves as the primary means of transport for produced coal. CSX transports coal from Logan either
to domestic customers or to the Kinder Morgan Pier IX and Dominion Terminals in Norfolk, Virginia, for overseas
shipment.
Logan has ready access to water, electricity and personnel to support its operations. Buffalo Creek Public Service
District supplies water and American Electric Power supplies electricity to the mine complex. Mine personnel
generally live in the surrounding communities of Logan, Boone, Wyoming and Mingo Counties in West Virginia.
The property mineral rights are composed of 12,735 total hectares, 12,666 of which are leased from private
landholders under approximately 14 individual leases, and 69 hectares are owned by Coronado. Subject to
Coronado exercising its renewal rights thereunder, a majority of the leases, covering a majority of the Logan
reserves, expire upon exhaustion of the relevant coal reserves, which is expected to occur in 2057. One lease
expires in 2032; however, Coronado is projected to have previously exhausted th e reserves covered thereby.
Under the terms of the leases, we are required to pay royalties ranging from 3.0% to 9.0% of revenue from sales
of coal produced depending on mining method. Certain of the leases also provide for “wheelage fees” ranging
from 0.25% to 1.0% of revenue from sales of coal mined and removed from properties other than the particular
leasehold and hauled across the leasehold premises.
The mining of Logan was commenced in 1945 by Lorado Mining Company, or Lorado. Lorado was sold to Buffalo
Mining Company in 1964 and then to Pittston Coal Company in 1971. Pittston operated the property until the
early 1990’s. After being idle for a period, the property was then sold to Addington Resources in 2004. Imagin
Natural Resources acquired the property in 2007 and sold it to Cliffs Natural Resources Inc. (now known as
Cleveland-Cliffs Inc.) in 2011, which in turn sold the property to Coronado in 2014. Production history has been
approximately 2.5 MMt in 2023, 2.1 MMt in 2024 and 1.8 MMt in 2025.
Before Coronado acquired Logan, previous owners had conducted extensive exploration on the property.
Coronado has continued exploration at the property through a program of core drilling to confirm reserves,
establish additional resources and assess the geotechnical viability of mining.
Logan produces primarily High-Vol Met coal (HVA HCC and HVB HCC), mined from various seams of the
Kanawha Formation. A few of the seams lie below drainage; however, a substantial number of Met coal seams
are situated above drainage. Logan also produces thermal coal from upper portions of the Kanawha Formation.
As of December 31, 2025, underground mine operations were active at the Powellton No. 1, Lower War Eagle,
Eagle No. 1 and Muddy Bridge Mines with one, three, three and two active mining sections, respectively, using
the room and pillar method.
All sections of the active underground mines at Logan are configured as full super sections, with two continuous
miners per section. Each section also has two roof bolters, four shuttle cars and two scoops. From the continuous
miner at the production face, the shuttle cars haul extracted coal to a feeder breaker, which transfers raw coal to
a conveyor belt for transport to a surface stockpile holding area. A shared overland conveyor carries raw coal
from the Powellton No. 1 and Lower War Eagle mines to a CPP. Trucks haul raw coal from the Eagle No. 1 mine
to the CPP and from the Muddy Bridge mine to the Logan overland conveyor. The CPP has a feed rate capacity
of 1,088 raw tph. The CPP site includes raw coal storage, clean coal storage, a loadout connected to a CSX rail
line and refuse disposal area.
The currently idled Toney Fork and Elklick surface mines extracted Met and thermal coal using the contour and
area mining methods. The mines used spreads of front-end loaders, large tractors/dozers and rock trucks to
remove overburden and expose the coal. When operations at Toney Fork and Elklick resume, we expect to
deploy highwall mining when overburden volumes exceed economical stripping ratios associated with area and
contour mining. Trucks hauled raw coal from Toney Fork and Elklick to the CPP site for cleaning or to the loading
site to be shipped directly to customers.
Coronado Global Resources Inc. Form 10-K December 31, 2025 81
Our current plans at Logan contemplate 13 total mines, consisting of ten underground mines and three surface
mines, including four mines currently in operation. The proposed underground mines would extract coal using
the room and pillar mining method, and the proposed surface mines would extract coal using area, contour or
highwall mining methods, or some combination thereof.
Generally, the mining equipment and facilities at Logan are in good operating condition. We focus on the long-
term potential of the mine complex and regularly monitor developments in the mining industry for technology
improvements and new equipment that could help us increase efficiency and lower our costs. Logan’s oldest
mining equipment and facilities, including the CPP and loadout facility, began operations in 2008, when the
Powellton No. 1 mine started production. Since acquiring the Logan operations, we have implemented
improvements at the CPP, which have resulted in increased capacity. From time to time, we also update and
improve other equipment and facilities to maintain their usefulness and optimize our competitiveness. As of
December 31, 2025, the book value of Logan and its associated plant and equipment was $214.0 million.
We are not aware of any significant encumbrances or defects in title with respect to the property. Additionally,
we believe we have obtained all requisite mining and discharge permits to conduct our operations at Logan and
expect to be able to obtain or renew all required permits in the future. The Logan mine complex holds 27 state
permits with associated NPDES permits.
Logan is subject to a federal black lung excise tax of $1.21 per ton for underground mining and $0.61 per ton for
surface and highwall mining; however, this tax applies only with respect to coal sold domestically. Logan is also
subject to a federal reclamation fee of $0.13 per ton for underground mining and $0.31 per ton for surface and
highwall mining. Additionally, Logan is subject to a West Virginia reclamation tax of $0.308 per ton and a West
Virginia severance tax of 1.0% to 5.0% of revenues for all coal produced. See Item 1. “Business—Regulatory
Matters—United States” for a discussion of the permitting conditions applicable to Logan.
Summaries of Logan’s coal resources and reserves as of December 31, 2025 and 2024 are shown in Tables 8
and 9, respectively.
Table 8. Logan – Summary of Coal Resources Exclusive of Reserves as of December 31, 2025 and 2024.
(1)
Coal Resources (Dry Tons, In Situ, MMt)
(2)(3)(4)
Quality (Air-Dried Basis)
Measured
Indicated
Measured
+
Indicated
Inferred
Ash
Sulfur
Volatile
Matter
December 31, 2025
30
41
71
3
17.0%
1.0%
31.0%
December 31, 2024
30
41
71
3
17.0%
1.0%
31.0%
(1) Pricing for resources is described in Section 11.3.1 of the Logan TRS (as defined below). For Logan resources as of December
31, 2024, the assumed long-term average price was $176 per Mt (FOB loadout) for underground-mineable resources, representing
the long-term average price forecast for HVB provided by Coronado; surface resources were assessed at a sales price of $99 per
Mt (FOB loadout) based on estimated historical pricing for Coronado’s surface operations.
(2) Exclusive of reserve tons. Table 1-1 of the Logan TRS provides a summary of Logan resource tons inclusive of reserve tons as of
December 31, 2025.
(3) Reported on a dry basis. Surface moisture and inherent moisture are excluded.
(4) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
Coronado Global Resources Inc. Form 10-K December 31, 2025 82
Table 9. Logan – Summary of Coal Reserves (Marketable Sales Basis) as of December 31, 2025 and
2024.
(1)
Demonstrated Coal Reserves (Wet
Tons,
Washed or Direct Shipped, MMt)
(2)(3)
Quality (Air-Dried Basis)
Proven
Probable
Total
Ash
Sulfur
Volatile
Matter
December 31, 2025
39
22
61
8.0%
0.9%
35.0%
December 31, 2024
40
23
62
8.0%
0.9%
35.0%
(1) Pricing data as provided by Coronado is described in Section 16.2 of the Logan TRS. For Logan reserves as of December 31,
2024, the pricing data assumed respective HVA, HVB and thermal FOB-mine prices of approximately $171, $151, and $80 per Mt
for calendar year 2025. HVA, HVB, and thermal prices respectively were assumed to decrease to approximately $162, $144, and
$83 per Mt through year 2027, and then increase to $306, $271, and $150 per Mt through year 2057.
(2) Reported on a 4.5% - 6.0% moisture basis.
(3) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
From December 31, 2024, to December 31, 2025, total reserves decreased approximately 2%, from
approximately 62.0 MMt to approximately 61.0 MMt. The net reduction of 1.4 MMt of total reserves was
attributable to a one year of mining depletion.
Surface mining and highwall miner, or HWM, activities at the Logan complex were temporarily idled in 2025. The
decision reflected short-term operational and capital management considerations, including the deferral of certain
equipment rebuilds and replacements and restrictions on mine development expenditures implemented as part
of broader corporate cash-flow management initiatives. These actions were not driven by geological or technical
factors and do not reflect a change in the underlying coal resource or reserve base for the Logan complex.
Underground operations continue to support the mine plan, and the Company retains the ability to restart surface
and HWM activities as market conditions and capital availability permit. As a result of the temporary idling,
near-term production sequencing has been adjusted; however, the long-term potential of the Logan Operations
remains supported by the existing resource and reserve estimates.
Marshall Miller & Associates, Inc., a third-party firm comprising mining experts, whom we refer to as the U.S.
QPs, was retained by Coronado to prepare volumetric adjustments to previous (circa December 31, 2024) coal
resource and reserve estimates. The resulting estimates of coal resources and reserves as of December 31,
2025, are summarized in Tables 8 and 9. Such estimates are purely a mathematical adjustment based upon
mine depletion and did not consider adjustments to geological models or the consideration of changes to
modifying factors incurred in 2025, including economics. A copy of the U.S. QPs’ most recent TRS, reflective of
resources and reserves as of December 31, 2024, which serves as the basis of the volumetric adjustment, with
respect to Logan, dated as of February 1, 2025, or the Logan TRS, is filed as Exhibit 96.3 hereto. The U.S. QPs
are not affiliated with Coronado.
The U.S. QPs prepared the December 31, 2024, estimates of coal resources and reserves using core drilling
data available from exploration activities at Logan conducted by numerous entities over time. Most of this
information was obtained prior to our acquisition of the property, using varying drilling and core-logging
techniques, survey methods and testing procedures. As a result, in verifying the data, the U.S. QPs made certain
assumptions about the adequacy of the processes performed and comparability of the data based on their
professional experience and familiarity with Logan. Per Section 12.1 of the Logan TRS, coal reserves were
classified as proven or probable considering “modifying factors,” including mining, metallurgical, economic,
marketing, legal, environmental, social and governmental factors. Section 22.2 of the Logan TRS includes a risk
assessment of the key modifying factors that could potentially impact the operations and therefore the estimate
of coal reserves and resources.
As summarized in Section 7.1 in the Logan TRS, the U.S. QPs utilized data from 1,160 available core, rotary,
and gas well s on and around the Logan property. Mine data from active underground mines was supplied to
supplement the exploration drillhole records, by seam. Points of observation include exploration drill holes, gas
wells, and mine measurements, which have been fully vetted and processed into a geologic model. The geologic
model is based on seam depositional modeling, the interrelationship of overlying and underlying strata on seam
mineability, seam thickness trends, the impact of seam structure (i.e., faulting), intra-seam characteristics, and
other data. The U.S. QPs completed a geostatistical analysis on drill holes within the reserve boundaries to
determine the applicability of the common U.S. classification system for measured and indicated coal resources.
As summarized in Section 11.1 of the Logan TRS, these results have led the U.S. QPs to report the data following
the historical classification standards, rather than use the results of the DHSA.
Coronado Global Resources Inc. Form 10-K December 31, 2025 83
Coal quality is instrumental in determining the viability of a coal deposit. Per Section 8.2 of the Logan TRS, coal
quality conforms to the ASTM standards. These quality attributes aided in converting dry, in-place tons to
demonstrated coal reserves (recoverable washed tons). The reserve and resource criteria are presented in Table
11-1 of the Logan TRS, including assumptions related to seam density, minimum cut-off thickness, and
recoveries. Pricing data as provided by Coronado is described in Section 16.2 of the Logan TRS.
Regarding production rates as described in Section 13.2 of the Logan TRS, the projected underground mines
are set up similarly to the four active underground operations as of December 31, 2025. Each mine is scheduled
to operate one to three production sections. All sections are configured as full super sections with two continuous
miners per section. Three surface resource areas were modeled. Mining operations are projected to utilize area,
as well as contour, mining methods. The three areas planned for highwall mining are assumed to be mined by
a contractor; therefore, the contractor costs included in the financial model assume that the contractor is
responsible for staffing those operations along with providing necessary equipment capital. Spoil for final highwall
reclamation is expected to come from strategic placement of spoil on pre-existing benches by haul trucks such
that they are within the push distance of the reclamation dozer. Additional information regarding mine-specific
production factors can be found in Section 13.4 of the Logan TRS.
Mon Valley
The Mon Valley mine complex comprises three development-stage mining properties, namely, Pangburn, Shaner
and Fallowfield, each consisting of a proposed underground mine that would produce High-Vol Met coal using
the room and pillar mining method. The preliminary design for the properties also includes plans for surface
facilities and a preparation plant for each mine. The properties reside in Allegheny, Washington and
Westmoreland Counties in southwestern Pennsylvania. The proposed facilities include a barge loading dock and
CSX rail loadout on the Monongahela River in Allegheny County, Pennsylvania, which would ship clean coal from
all three mines to end customers. A map of Mon Valley is shown in Figure 6.
Figure 6. Coronado Mon Valley Mine Complex Property Location Map.
Mon Valley is located approximately 22.5 kilometers southeast of Pittsburgh, Pennsylvania, near the communities
of Bentleyville, Lockview, Monongahela, Elizabeth, Sutersville and Irwin, Pennsylvania. The coordinates of the
proposed infrastructure are latitude 40° 15' 24" and longitude 79° 53' 50" (Easting 1,398,821’, Northing 343,480’
– in the PA State Plane South NAD 27 grid system). From U.S. Interstate 70 and Pennsylvania Route 51, which
traverse the Fallowfield and Pangburn areas, respectively, a well-developed network of improved and
unimproved roads allows general access to the property. The Monongahela and Youghiogheny Rivers also run
through the property. The primary means of transport for produced coal would be by barge on the Monongahela
River/Ohio River system. Additionally, a CSX rail line located along the banks of the Monongahela River would
provide another option for the shipment of coal.
Coronado Global Resources Inc. Form 10-K December 31, 2025 84
Mon Valley has sources of water, power, and supplies readily available for use. Personnel in the area have
historically been sourced from the surrounding communities in Allegheny, Washington, and Westmoreland
Counties, and have proven to be adequate in numbers to operate the mines. As mining is common in the
surrounding areas, the workforce is generally familiar with mining practices, and many are experienced miners.
Water is expected to be sourced locally from nearby public water sources or rivers. Electricity is anticipated to
be sourced from West Penn Power or Duquesne Light. The service industry in the areas surrounding the
proposed mine complex has historically provided supplies, equipment repairs and fabrication, and other
necessary goods and services.
The property mineral rights are composed of 41,615 total hectares, of which 1,339 are leased from private
landholders under two leases, and 40,276 hectares are owned by Coronado. Subject to Coronado’s exercising
its renewal rights thereunder, both of the leases expire upon exhaustion of the relevant coal reserves, which is
expected to occur in 2102.
A predecessor of CONSOL Energy previously controlled the properties. We acquired the properties from
CONSOL Energy in March 2016 in connection with the acquisition of the Buchanan property.
Before we acquired Mon Valley, CONSOL Energy had conducted extensive exploration of Mon Valley. We have
continued an exploration program focused on defining reserves and assessing the geotechnical viability of
mining.
Mon Valley is capable of producing primarily a High-Vol Met coal from the Upper Freeport seam of the
Pennsylvania-age Allegheny Formation. The seam is situated below drainage throughout the properties and
would be accessed with slopes and shafts. The seam thickness in the projected mining areas averages 1.95
meters.
Under our current mine development plans, production would begin at the Pangburn mine in 2034, followed by
the Shaner mine in 2040 and, finally, the Fallowfield mine in 2059. The proposed Mon Valley underground mines
are expected to use the room and pillar mining method with limited pillaring as to cause no subsidence. Each
mine is expected to have three continuous miner sections, with two continuous miners, two roof bolters, four
shuttle cars and two scoops per section. The shuttle cars would haul extracted coal from the production face to
a feeder breaker-conveyor system, which would carry raw coal to a surface stockpile and CPP. The CPPs and
surface facilities are intended to have large raw and clean coal storage areas to facilitate efficient loading of clean
coal into barges or rail cars for transport. We have not yet completed detailed designs of the infrastructure or
surface facilities for the proposed Shaner and Fallowfiel d mines.
As of December 31, 2025, the book value of Mon Valley was $17.5 million.
We are not aware of any significant encumbrances or defects in title with respect to the properties. However, we
will be required to obtain alternate zoning approval from the local township. Further, we will be required to submit
formal permit applications to state or federal regulatory agencies. Although we have commenced the work to
obtain the necessary permits and zoning variances, we are aware that the period of time necessary to obtain
final authorizations, for purposes of commencing the development, construction and ultimate production at the
proposed mine site, may be significant, and there can be no assurance that we can obtain the necessary zoning
and permits. See Item 1. “Business—Regulatory Matters—United States” for a discussion of the permitting
conditions applicable to Mon Valley.
Coal mined from the Mon Valley mine complex would be subject to a federal black lung excise tax of $1.21 per
ton for underground mining and a federal reclamation tax of $0.13 per ton for underground mining. However, the
federal black lung excise tax will only apply with respect to coal sold domestically.
Mon Valley contains no resources exclusive of reserve tons as of December 31, 2025 and 2024. Table 1-1 of the
Mon Valley TRS (as defined below) provides a summary of Mon Valley resource tons inclusive of reserve tons
as of December 31, 2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 85
A summary of Mon Valley’s coal reserves as of December 31, 2025 and 2024 is shown in Table 10.
Table 10. Mon Valley – Summary of Coal Reserves (Marketable Sales Basis) as of December 31, 2025
and 2024.
(1)
Demonstrated Coal Reserves (Wet
Tons, Washed
or Direct Shipped, MMt)
(2)(4)
Quality (Air-Dried Basis)
Proven
Probable
Total
Ash
Sulfur
Volatile
Matter
December 31, 2025
78
57
134
8.0%
1.2%
(3)
35.0%
December 31, 2024
78
57
134
8.0%
1.2%
(3)
35.0%
(1) Pricing data as provided by Coronado is described in Section 16.2 of the Mon Valley TRS. For Mon Valley reserves as of December
31, 2024, the pricing data assumed a blended HVB domestic and export FOB-mine nominal price of $183 per Mt for calendar year
2030; HVB domestic and export prices respectively, were assumed to increase by 2% annual inflation thereafter.
(2) Reported on a 6.0% moisture basis.
(3) LOM sulfur for Pangburn is an estimated 1.2%; however, overall Mon Valley Complex reserve average is 1.4% sulfur.
(4) Some numerical figures in the table have been subject to rounding adjustments. Accordingly, numerical figures shown as totals
may not equal the sum of the figures that precede them.
Total reserves did not change from December 31, 2024, to December 31, 2025.
Marshall Miller & Associates, Inc., a third-party firm comprising mining experts, whom we refer to as the U.S.
QPs, was retained by Coronado to prepare volumetric adjustments to previous (circa December 31, 2024) coal
resource and reserve estimates. The resulting estimates of coal resources and reserves as of December 31,
2025, are summarized in Table 10. Such estimates did not consider adjustments to geological models or the
consideration of changes to modifying factors incurred in 2025, including economics. A copy of the U.S. QPs’
most recent TRS, reflective of resources and reserves as of December 31, 2024, which serves as the basis of
the volumetric adjustment, with respect to Mon Valley (Pennsylvania Upper Freeport Holdings), dated as of
February 1, 2025, or the Mon Valley TRS, is filed as Exhibit 96.4 hereto. The U.S. QPs are not affiliated with
Coronado.
The U.S. QPs prepared the December 31, 2024, estimates of coal resources and reserves using core drilling
data available from exploration activities at Mon Valley conducted by numerous entities over time. Most of this
information was obtained prior to our acquisition of the Mon Valley property, using varying drilling and core-
logging techniques, survey methods and testing procedures. As a result, in verifying the data, the U.S. QPs
made certain assumptions about the adequacy of the processes performed and comparability of the data based
on their professional experience and familiarity with Mon Valley.
Per Section 12.1 of the Mon Valley TRS, coal reserves were classified as proven or probable considering
“modifying factors,” including mining, metallurgical, economic, marketing, legal, environmental, social and
governmental factors. Section 22.2 of the Mon Valley TRS includes a risk assessment of the key modifying
factors that could potentially impact the operations and therefore the estimate of coal reserves and resources.
As summarized in Section 7.1 in the Mon Valley TRS, the U.S. QPs utilized data from approximately 750 available
core and rotary holes on and around the Mon Valley properties. Points of observation included exploration drill
holes, degas holes, and mine measurements, which have been fully vetted and processed into a geologic model.
The geologic model is based on seam depositional modeling, the interrelationship of overlying and underlying
strata on seam mineability, seam thickness trends, the impact of seam structure (i.e. faulting), intra-seam
characteristics, and other data. The U.S. QPs completed a geostatistical analysis on drill holes within the reserve
boundaries to determine the applicability of the common United States classification system for measured and
indicated coal resources. As summarized in Section 11.1 of the Mon Valley TRS, these results have led the U.S.
QPs to report the data following the historical classification standards, rather than use the results of the DHSA.
Coal quality is instrumental in determining the viability of a coal deposit. Per Section 8.2 of the Mon Valley TRS,
coal quality conforms to the ASTM standards. These quality attributes aided in converting dry, in-place tons to
demonstrated coal reserves (recoverable washed tons). The reserve and resource criteria are presented in Table
11-1 of the Mon Valley TRS, including assumptions related to seam density, minimum cut-off thickness, and
recoveries. Pricing data as provided by Coronado is described in Section 16.2 of the Mon Valley TRS.
Coronado Global Resources Inc. Form 10-K December 31, 2025 86
Regarding production rates as described in Section 13.2 of the Mon Valley TRS, the Mon Valley mine complex
is not yet active, with three distinct mines and CPPs planned. The mine plan and productivity expectations reflect
historical performance from other similar mines with similar characteristics and efforts have been made to adjust
the plan to reflect future conditions. Mine development and operation have not been optimized within the Mon
Valley TRS. Additional mine-specific factors can be found in Section 13.4 of the Mon Valley TRS.
Russell County (Non-Material Property)
On November 21, 2025, Coronado completed the sale of its non-core Russell County property. Therefore, the
December 31, 2025 Statement of Coal Reserves and Coal Resources for the Company does not include Coal
Reserves and Coal Resources attributable to Russell County.
Internal Controls
Our staff of geologists and engineers worked with the qualified persons throughout the mineral resource and
reserve estimation process and provided data from our own exploration and operating activities at the properties.
We have internal control procedures, including quality assurance/quality control procedures and internal
verification of input data and geological modelling, subject to multi-level review, to help ensure the validity of the
data. These procedures include, but are not limited to:
• Oversight and approval of each annual statement by responsible senior officers;
• Independent, external review of new and materially changed estimates at regular intervals;
• Annual reconciliation with internal planning by our staff of geologists and engineers to validate coal
reserve and coal resource estimates for operating mines, including the following procedures:
• Assessments of drilling, sampling and quality assurance/quality control data, resource
modelling, resource estimation, classification, and reporting;
• Assessment and benchmarking of production assumptions, mining rate and production
schedules against historical production data;
• Assessments of capital and operating costs against other comparable projects for
reasonableness; and
• Continual identification and evaluation of material technical issues likely to impact the five-
year plan and the future performance of producing properties;
• An examination of historical information and results in respect of the technical aspects of the properties
by our staff of geologists and engineers, including a review of the following key elements:
• Coal resource and coal reserve estimates;
• Mining operations and proposed growth options;
• Coal preparation facilities;
• Coal handling and transport;
• Environmental matters and approvals;
• Land management, including leases and other pertinent agreements;
• Veracity of existing information supporting five-year plans and business plans;
• Identification of key project drivers; and
• Risks and opportunities.
Coronado Global Resources Inc. Form 10-K December 31, 2025 87
The pricing information used for preliminary resource valuation and to estimate our proven and probable coal
reserves was based on prices under our existing contracts and price forecasts. Below is a description of some of
the factors that could affect price forecasts for Met and thermal coal products on a mine-by-mine and product-
by-product basis. Differences between the assumptions and analyses included in the price forecasts and realized
factors could cause actual pricing to differ from the forecasts.
Metallurgical.
economic conditions and demand for steel and is also impacted by competing technologies used to make steel,
some of which do not use coal as a manufacturing input. Competition from other types of coal is also a key price
consideration and can be impacted by coal quality and characteristics, delivered energy cost (including
transportation costs), customer service and support and reliability of supply.
Seaborne Met coal import demand can be significantly impacted by the availability of local coal production,
particularly in leading Met coal import countries such as China and India, among others, as well as country-
specific policies restricting or promoting domestic supply. The competitiveness of seaborne Met coal supply from
leading Met coal exporting countries, such as Australia, the United States, Russia, Canada and Mongolia, among
others, is also an important price consideration.
In addition to the factors noted above, the prices which may be obtained at each individual mine or future mine
can be impacted by factors such as (i) the mine’s location, which impacts the total delivered energy costs to its
customers, (ii) quality characteristics, particularly if they are unique relative to competing mines, (iii) assumed
transportation costs and (iv) other mine costs that are contractually passed on to customers in certain commercial
relationships.
Thermal.
electric power generation volumes, which are determined in part by the impact of weather on heating and cooling
demand, inter-fuel competition in the electric power generation mix, changes in capacity (additions and
retirements), inter-basin or inter-country coal competition, coal stockpiles and policy and regulations. Supply
considerations impacting pricing include reserve positions, mining methods, strip ratios, production costs and
capacity and the cost of new supply (new mine developments or extensions at existing mines).
The cost information that the QPs used for preliminary resource valuation and to estimate our proven and
probable reserves were generally internal projected future costs based on historical costs and expected future
trends. The estimated costs normally include mining, processing, transportation, royalty, tax and other mining-
related costs. Our estimated mining and processing costs reflect projected changes in prices of consumable
commodities (mainly diesel fuel, natural gas, explosives and steel), labor costs, geological and mining conditions,
targeted product qualities and other mining-related costs. Estimates for other sales-related costs (mainly
transportation, royalty and tax) are based on contractual prices or fixed rates. Specific factors that may impact
the cost at our various operations include:
•
Geological settings.
that determine the mining cost. Our geology department conducts the exploration program and provides
geological models for the LOM process. Coal seam depth, thickness, dipping angle, partings and quality
constrain the available mining methods and size of operations. Shallow coal is typically mined by surface
mining methods in which the primary cost is overburden removal. Deep coal is typically mined in
underground mining methods where the primary costs include coal extraction, conveyance and roof
control.
•
Scale of operations and the equipment sizes.
lower unit cost than truck-and-shovel systems for overburden removal. The longwall operations generally
are more cost effective than bord-and-pillar operations for underground mines.
•
Commodity prices.
the total mining cost. For underground mines, the steel used for roof bolts represents a significant cost.
Commodity price forecasts are used to project those costs in the financial models we use to establish
our reserves.
•
Target product quality.
losses. By lowering product quality, the coal losses can be minimized and therefore a lower cost per Mt
can be achieved. In our mine plans, the product qualities are estimated to correspond to existing
contracts and forecasted market demands.
Coronado Global Resources Inc. Form 10-K December 31, 2025 88
•
Transportation costs.
transportation infrastructure and services where required, including rail carriers and port owners. Where
coal is exported or sold other than at the mine gate, the costs associated with these arrangements
represent a significant portion of both the total cost of supplying coal to customers and of our production
costs. As a result, the cost of transportation is not only a key factor in our cost base but also in the
purchasing decision of customers. Our transportation costs vary by region. See Item 1. “Business—
Transportation” for more information regarding transportation arrangements for our operations.
•
Royalty costs.
Queensland government as described in Item 1. “Business—Regulatory Matters—Australia—Mineral
Resources Act 1989 (Qld)”. These royalties are in addition to the Stanwell rebate, as described in Item
1. “Business—Customers—Stanwell.” Royalty costs at our U.S. Operations are based upon contractual
agreements for the coal leased from private owners and vary from property to property and by the type
of mine (i.e., surface or underground). The royalty rates under leases at our U.S. Operations range
between 3% - 9% of revenues from coal sales. Under some of the leases, we are required to pay
minimum royalties, regardless of production, and/or “wheelage fees” (i.e., fees payable on coal mined
and removed from properties other than the particular leasehold and hauled across the leasehold
premises).
•
Black lung, severance and reclamation taxes.
excise tax on coal sold domestically.
•
Exchange rates.
the coal that our Australian Operations export is sold in US$. As a result, A$-US$ exchange rates impact
the U.S. dollar cost of our Australian Operations’ production .
For further discussion of comprehensive risk inherent in the estimation, see Item 1A. “Risk Factors—Operational
and Technology Risks—We rely on estimates of our recoverable resources and reserves, which are complex
due to geological characteristics of the properties and the number of assumptions made.
Coronado Global Resources Inc. Form 10-K December 31, 2025 89
ITEM 3. LEGAL PROCEEDINGS.
We are involved in various legal proceedings occurring in the ordinary course of business. It is the opinion of
management, after consultation with legal counsel, that these matters will not materially affect our consolidated
financial position, results of operations or cash flows.
The Company is subject to a wide variety of laws and regulations within the legal jurisdictions in which it operates.
See “Part I, Item 1. Business—Regulatory Matters” for additional information. The Company believes that it is in
substantial compliance with federal, state and local laws and regulations.
Coronado Global Resources Inc. Form 10-K December 31, 2025 90
ITEM 4. MINE SAFETY DISCLOSURES
Safety is the cornerstone of the Company’s values and is the number one priority for all employees at Coronado.
Our U.S. Operations include multiple mining complexes across three states and are regulated by both the U.S.
Mine Safety and Health Administration, or MSHA, and state regulatory agencies. Under regulations mandated
by the Mine Act, MSHA inspects our U.S. mines on a regular basis and issues various citations and orders when
it believes a violation has occurred under the Mine Act.
In accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and
Item 104 of Regulation S-K (17 CFR 229.104), each operator of a coal or other mine is required to report certain
mine safety results in its periodic reports filed with the SEC under the Exchange Act.
Information pertaining to mine safety matters is included in Exhibit 95.1 attached to this Annual Report on Form
10-K. The disclosures reflect the United States mining operations only, as these requirements do not apply to our
mines operated outside the United States.
Coronado Global Resources Inc. Form 10-K December 31, 2025 91
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
Our CDIs, each representing one-tenth of one share of our common stock, have been listed on the ASX under
the trading symbol “CRN” since October 23, 2018. Prior to such time, there was no public market for our
securities. There is no principal market in the United States for our CDIs or shares of our common stock.
Holders
As of December 31, 2025, we had 167,645,373 shares of our common stock issued and outstanding with 7,592
holders of record. The holders included CHESS Depositary Nominees Pty Limited, which held 89,962,026 shares
of our common stock in the form of CDIs on behalf of the CDI holders. There were 7,593 registered owners of
our CDIs on December 31, 2025.
Series A Preferred Share
On September 20, 2018, we issued the Series A Preferred Share to Coronado Group LLC, at par value. The
offer, sale, and issuance of the Series A Share were deemed to be exempt from registration under the Securities
Act in reliance on Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering.
The recipient of the Series A Share acquired the Series A Share for investment only and not with a view to or for
sale in connection with any distribution thereof and appropriate legends were affixed to the Series A Share.
Dividends
The payment of dividends is at the discretion of the Board of Directors. The decision as to whether or not a
dividend will be paid will be subject to a number of considerations including the general business environment,
operating results, cash flows, future capital requirements, regulatory and contractual restrictions, as well as
applicable covenants under the Indenture governing our Notes, covenants under the ABL Facility, restrictions
under the Second Amendment with Stanwell and any other factors the Board of Directors may consider relevant.
Our objective in setting our dividend policy is to deliver stockholder returns while maintaining flexibility to pursue
our strategic initiatives within a prudent capital structure. Our dividend policy is to distribute between 60% and
100% of available free cash, provided our minimum cash liquidity requirement is achieved and maintained
following such distribution. Available free cash is defined as net cash from operating activities less capital
expenditure, acquisition expenditure, amounts reserved for capital expenditure and acquisition expenditure and
amounts required for debt servicing. In circumstances where there is surplus available free cash, at the discretion
of our Board of Directors and in light of business and market conditions, we may consider the potential for
additional stockholder returns through special dividends and share buy-backs as part of our broader capital
management strategy.
Summary Description of the Company’s Non-Stockholder Approved Equity Compensation Plans
The Company does not have any non-stockholder approved equity compensation plans.
Recent Sales of Unregistered Securities
Other than as previously disclosed in a Quarterly Report on Form 10-Q or in a Current Report on Form 8-K, we
did not issue any shares of our common stock in a transaction that was not registered under the Securities Act
during the year ended December 31, 2025.
Purchases of Equity Securities by the Issuer and Affiliated Purchases
We had no repurchases of equity securities for the three months ended December 31, 2025.
Coronado Global Resources Inc. Form 10-K December 31, 2025 93
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following Management’s Discussion and Analysis of our Financial Condition and Results of Operations, or
MD&A, should be read in conjunction with the Consolidated Financial Statements and the related notes to those
statements included elsewhere in this Annual Report on Form 10-K.
Overview
Our results for the year ended December 31, 2025, were adversely impacted by weak conditions in the Met coal
market. The benchmark PLV HCC FOB AUS average for the year ended December 31, 2025, of $188.3 per Mt
represented a 21.7% decline from $240.4 per Mt for the year ended December 31, 2024. This decrease was
driven by softer global crude steel production, particularly in China where subdued construction activity reduced
import demand, together with improved seaborne supply as Australian production recovered from weather-
related and operational disruptions experienced in 2024. Additional export volumes from other regions, including
Mongolia and Russia, also contributed to downward pressure on prices throughout most of 2025.
Notwithstanding these challenging market conditions, Coronado delivered improved operational performance in
2025.
For the year ended December 31, 2025, saleable production totaled 16.0 MMt, 0.7 MMt higher than the same
period in 2024 with sequential quarterly improvements and a strong second half. These gains reflected the
successful ramp-up of the Mammoth Underground mine, completion of the Buchanan expansion project,
increased dragline utilization at Curragh and productivity improvement across both operating regions. This was
partially offset by weather impacts and unforeseen equipment downtime in Australia and idling of higher-cost
surface operations at Logan.
Despite higher saleable production, sales volume of 15.6 MMt for the year ended December 31, 2025 was 0.2
MMt lower than the year ended December 31, 2024. The decrease was primarily driven by logistics constraints
at our U.S. Operations and shipment timing impacts at our Australian Operations. Met coal represented 75.7%
of total sales volume and 91.6% of total coal revenues, with thermal coal comprising the remaining 24.3% of total
sales volume and 8.4% of total coal revenues.
Coal revenues were $1,920.4 million for the year ended December 31, 2025, a decrease of $524.4 million
compared to 2024. This decline was driven primarily by lower average realized Met prices ($36.0 per Mt lower
than 2024), slightly reduced sales volumes and sales mix weighted more towards thermal coal.
We executed significant structural cost reductions during the year. Mining costs were $165.8 million lower than
in 2024, reflecting contractor fleet reductions at our Australian Operations, productivity improvements and idling
of surface operations at Logan. In addition, our Australian Operations benefited from favorable exchange rates
of A$/US$ 0.64 compared to 0.66 for the same period in 2024.
Mining costs per Mt sold improved to $97.5 in 2025, representing a reduction of $9.9 per Mt sold compared to
2024, driven by lower mining costs, partially offset by lower sales volume of 0.2 MMt. These operational and cost
improvements led to meaningful margin recovery in the second half of 2025 and strengthened our earnings
leverage entering 2026.
Liquidity and Going Concern
As of December 31, 2025, Coronado had $696.9 million aggregate principal amount of interest-bearing liabilities
outstanding and cash and cash equivalents (excluding restricted cash) of $172.8 million resulting in net debt of
$524.1 million.
During 2025, Coronado took decisive actions to enhance liquidity, including securing incremental funding and
concurrently amending the terms of its financial covenants, materially reducing operating and capital costs, and
completing other financial support arrangements with Stanwell.
On November 27, 2025, we refinanced our existing credit facility with Highland Park XII Pte. Ltd, an affiliate of
Oaktree Capital Management L.P., through a new ABL Facility with Stanwell, or the ABL Facility. The ABL Facility
matures in five years, bears interest of 9%, which may increase to 12% per annum depending on the level of
Borrowing Base Ratio compared to the aggregate principal amount outstanding, or the Borrowing Base Ratio,
and is subject to a minimum Borrowing Base Ratio, and from December 31, 2027, the maintenance of a gearing
ratio and interest coverage ratio. Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities” for further
information.
Coronado Global Resources Inc. Form 10-K December 31, 2025 94
Concurrently with the entry into the ABL Facility, we also amended the terms of our existing ACSA and NCSA
with Stanwell as part of a broader financing package, providing near-term liquidity support through prepayments
and Stanwell rebate relief. These amendments are expected to have a positive incremental impact on operating
cashflows through the waiver of rebate amounts otherwise payable under the ACSA, deferral of other obligations
with Stanwell, and prepayments in relation to future annual nominated contract tonnage and provide material
downside protection during periods when the Company’s cash balance is below $250.0 million. These
arrangements are intended to provide critical cash flow support and financial stability for the Company. The
Curragh mine’s strategic importance, to both Stanwell’s ability to economically generate electricity for
Queensland and Queensland’s overall energy security, was the primary motivating factor in Stanwell providing
substantial financial assistance and concessions to the Company and supporting the ongoing viability of the
Curragh mine and the security of coal supply to the Stanwell Power Station. Refer to Part II, Item 8, Note 14.
“Contract Obligations” for further information.
On October 23, 2025, the Scheme Manager issued an indicative Annual Review Allocation of “High” for the
Curragh mine complex’s EA number EPML00643713. As permitted under the Financial Provisioning Act, we
made formal submissions to the Scheme Manager requesting a review of this indicative rating. Following
consideration of the Company’s formal submission, the Scheme Manager applied discretion as permitted under
the Financial Provisioning Act to grant transitional relief allowing the application of the “Moderate-High” risk
category. This risk category will apply until the next Annual Review Allocation for the Curragh mine complex,
which is expected to occur in November 2026.
Under the transitional “Moderate–High” risk category, the Company is required to make an annual contribution
to the Scheme equivalent to 6.5% of Curragh’s ERC, rather than provide financial assurance in the form of bank
guarantees, insurance bonds or cash collateral equal to 100% of Curragh’s ERC.
Since the previous interim period reporting, we have received significant liquidity support from Stanwell, entered
into a new ABL Facility with an extended maturity and more flexible covenant terms (including reducing cross
default risk with the Notes), benefited from improving metallurgical coal market conditions, demonstrated
operational recovery, and obtained clarity regarding the outcome of the Scheme Manager’s final Annual Review
Allocation.
After evaluating these factors, we have concluded that our current cash and cash equivalents and forecasted
cashflows will be sufficient to fund our operations and satisfy our obligations for at least one year from the
issuance date of our Consolidated Financial Statements .
Safety
On December 18, 2025, operations at our Logan mining complex in West Virginia were temporarily suspended
following a fatal injury to an employee to allow required investigations to be conducted. Production at Logan
subsequently resumed on December 29, 2025.
On January 2, 2026, following a separate fatal incident involving a worker at the Mammoth Underground Mine,
operations at Mammoth Underground at Curragh were suspended. While the contracted operator of the mine,
Mammoth Underground Mine Management Pty Ltd, is continuing to work with RSHQ on its investigation into the
incident, operations were permitted to recommence on February 18, 2026. Full production from the mine is
expected to be restored within the first quarter of 2026 in accordance with all requirements of RSHQ.
For our Australian Operations, the twelve-month rolling average Total Reportable Injury Frequency Rate at
December 31, 2025, was 3.62, compared to a rate of 2.22 at the end of December 31, 2024. At our U.S.
Operations, the twelve-month rolling average Total Reportable Incident Rate at December 31, 2025 was 2.30,
compared to a rate of 2.21 at the end of December 31, 2024.
The safety of our workforce remains our highest priority, and we are committed to the safety and wellbeing of all
employees and contractors. Coronado continues to implement targeted safety initiatives across its operations,
with a focus on strengthening safety culture, improving operational controls, and reducing injury rates.
Segment Reporting
In accordance with Accounting Standards Codification, or ASC, 280, Segment Reporting, we have adopted the
following reporting segments: Australia and the United States. In addition, “Other and Corporate” is not a reporting
segment but is disclosed for the purposes of reconciliation to our Consolidated Financial Statements.
Results of Operations
How We Evaluate Our Operations
Coronado Global Resources Inc. Form 10-K December 31, 2025 95
We evaluate our operations based on the volume of coal we can safely produce and sell in compliance with
regulatory standards, and the prices we receive for our coal. Our sales volume and sales prices are largely
dependent upon the terms of our coal sales contracts, for which prices generally are set based on daily index
averages, on a quarterly basis or on an annual fixed price.
Our management uses a variety of financial and operating metrics to analyze our performance. These metrics
are significant factors in assessing our operating results and profitability. These financial and operating metrics
include: (i) safety and environmental metrics; (ii) Adjusted EBITDA; (iii) total sales volumes and average realized
price per Mt sold, which we define as total coal revenues divided by total sales volume; (iv) Met coal sales
volumes and average realized Met price per Mt sold, which we define as Met coal revenues divided by Met coal
sales volume; (v) average segment mining costs per Mt sold, which we define as mining costs divided by sales
volumes (excluding non-produced coal) for the respective segment; (vi) average segment operating costs per Mt
sold, which we define as segment operating costs divided by sales volumes for the respective segment and (vii)
net debt, which we define as cash and cash equivalents (excluding restricted cash) less outstanding aggregate
principal amount of the Notes and other interest bearing liabilities.
Coal revenues are shown on our Consolidated Statements of Operations and Comprehensive Income exclusive
of other revenues. Generally, export sale contracts for our Australian Operations require us to bear the cost of
freight from our mines to the applicable outbound shipping port, while freight costs from the port to the end
destination are typical ly borne by the customer. When we sell through intermediaries to the export market from
our U.S. Operations, sales are recognized when the title to the coal passes to the customer at the mine load out,
similar to a domestic sale. For our domestic sales, customers typically bear the cost of freight. As such, freight
expenses are excluded from the cost of coal revenues to allow for consistency and comparability in evaluating
our operating performance.
Non-GAAP Financial Measures; Other Measures
The following discussion of our results includes references to and analysis of Adjusted EBITDA, Segment
Adjusted EBITDA and mining costs, which are financial measures not recognized in accordance with U.S. GAAP.
Non-GAAP financial measures, including Adjusted EBITDA, Segment Adjusted EBITDA, mining costs and net
debt, are useful to our investors to measure our operating performance.
Non-GAAP financial measures are intended to provide additional information only and do not have any standard
meaning prescribed by U.S. GAAP. These measures should not be considered in isolation or as substitute for
measures of performance prepared in accordance with U.S. GAAP.
Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and
amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete non-
recurring items that we exclude in analyzing each of our segments’ operating performance. Adjusted EBITDA is
not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to
similarly titled measures presented by other companies. A reconciliation of Adjusted EBITDA to its most directly
comparable measure under U.S. GAAP is included below.
Segment Adjusted EBITDA is defined as Adjusted EBITDA by operating and reporting segment, adjusted for
certain transactions, eliminations or adjustments that our CODM does not consider for making decisions to
allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA is used as
a supplemental financial measure by management and by external users of our Consolidated Financial
Statements such as investors, industry analysts and lenders to assess the operating performance of the business.
Mining costs, a non-GAAP measure, are based on the reported cost of coal revenues, which is shown on our
statement of operations and comprehensive income exclusive of freight expense, Stanwell rebate, other royalties,
depreciation, depletion and amortization and selling, general and administrative expenses, and further adjusted
for other items that do not relate directly to the costs incurred to produce coal at the mine. Mining costs exclude
these cost components as our CODM does not view these costs as directly attributable to the production of coal.
Mining costs is used as a supplemental financial measure by management, providing an accurate view of the
costs directly attributable to the production of coal at our mining segments, and by external users of our
Consolidated Financial Statements, such as investors, industry analysts and ratings agencies, to assess our
mine operating performance in comparison to the mine operating performance of other companies in the coal
industry.
Net debt, a non-GAAP measure, is defined as cash and cash equivalents (excluding restricted cash), less the
outstanding aggregate principal amount of the Notes, the ABL Facility and other interest bearing liabilities
reported in our Consolidated Balance Sheets.
Coronado Global Resources Inc. Form 10-K December 31, 2025 96
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
Summary
The financial and operational highlights for the year ended December 31, 2025 include:
• Net loss of $432.1 million for the year ended December 31, 2025, was $323.2 million higher compared
to a net loss of $108.9 million for the year ended December 31, 2024. The increase in net loss was
primarily driven by lower coal revenues and higher interest expense, partially offset by lower operating
costs.
• Average realized Met price per Mt sold of $149.3 for the year ended December 31, 2025, was $36.0 per
Mt lower compared to $185.3 per Mt sold for the year ended December 31, 2024. The AUS PLV HCC
index averaged $188.3 per Mt for the year ended December 31, 2025, a decline of $52.1 per Mt sold
compared to the same period in 2024, reflecting weaker steel demand in key metallurgical coal markets,
particularly China, together with improved supply from major exporting regions, including Australia and
Russia. These market conditions placed sustained pressure on realized prices throughout most of 2025.
• Sales volume of 15.6 MMt for the year ended December 31, 2025, was 0.2 million lower compared to the
year ended December 31, 2024. The decrease was primarily driven by (1) rail, port and pier constraints
at our U.S. Operations and co-shipment delays at our Australian Operations, (2) the impact of idling
surface mining at our Logan mine at our U.S. Operations and (3) significant port inventory build at our
Australian Operations in December 2023, caused by significant port constraints, that benefitted coal sales
in the first quarter of 2024.
• Adjusted EBITDA loss of $144.2 million for the year ended December 31, 2025, decreased by $259.3
million, compared to Adjusted EBITDA of $115.1 million for the year ended December 31, 2024. This
decrease was primarily attributed to lower coal revenues, partially offset by lower operating costs.
• As of December 31, 2025, the Company had a net debt of $524.1 million, consisting of $696.9 million of
aggregate principal amounts of interest-bearing liabilities outstanding less cash and cash equivalents
(excluding restricted cash) of $172.8 million.
Coronado Global Resources Inc. Form 10-K December 31, 2025 97
For Year Ended December 31,
(US$ in thousands)
2025
2024
Change
%
Revenues:
Coal revenues
1,920,416
2,444,862
(524,446)
(21.5%)
Other revenues
29,371
62,851
(33,480)
(53.3%)
Total revenues
1,949,787
2,507,713
(557,926)
(22.2%)
Costs and expenses:
Cost of coal revenues (exclusive of items shown
separately below)
1,524,569
1,714,987
(190,418)
(11.1%)
Depreciation, depletion and amortization
185,350
187,400
(2,050)
(1.1%)
Freight expenses
268,015
241,377
26,638
11.0%
Stanwell rebate
100,542
116,870
(16,328)
(14.0%)
Other royalties
163,747
289,678
(125,931)
(43.5%)
Selling, general, and administrative expenses
39,250
36,944
2,306
6.2%
Total costs and expenses
2,281,473
2,587,256
(305,783)
(11.8%)
Other income (expenses):
Interest expense, net
(99,291)
(58,856)
(40,435)
68.7%
Loss on debt extinguishment
(19,258)
(14,732)
(4,526)
30.7%
(Increase) decrease in provision for discounting and
credit losses
(4,758)
207
(4,965)
(2,398.6%)
Other, net
10,578
3,734
6,844
183.3%
Total other expense, net
(112,729)
(69,647)
(43,082)
61.9%
Loss before tax
(444,415)
(149,190)
(295,225)
197.9%
Income tax benefit
12,359
40,309
(27,950)
(69.3%)
Net loss attributable to Coronado Global Resources
Inc.
(432,056)
(108,881)
(323,175)
296.8%
Coal revenues
Coal revenues were $1,920.4 million for the year ended December 31, 2025, a decrease of $524.4 million,
compared to $2,444.9 million for the year ended December 31, 2024. This decrease was driven by lower average
realized Met coal prices, due to persistent softness in global Met coal markets, and a sales mix weighted towards
thermal coal compared to the same period in 2024, due to higher contracted thermal coal sales volumes in 2025.
Other revenues
Other revenues were $29.4 million for the year ended December 31, 2025, a decrease of $33.5 million compared
to $62.9 million for the year ended December 31, 2024. The decrease was primarily driven by non-recurring
termination fee revenue from a coal sales contract cancelled in the first quarter of 2024 at our U.S. Operations.
Cost of coal revenues (exclusive of Items shown separately below)
Cost of coal revenues is comprised of costs related to produced tons sold, along with changes in both the volumes
and carrying values of coal inventory. Cost of coal revenues include items such as direct operating costs, which
include employee-related costs, materials and supplies, contractor services, coal handling and preparation costs
and production taxes.
Total cost of coal revenues was $1,524.6 million for the year ended December 31, 2025, a decrease of $190.4
million, compared to $1,715.0 million for the same period in 2024.
Cost of coal revenues for our Australian Operations for the year ended December 31, 2025, was $139.3 million
lower compared to the same period in 2024, primarily driven by a reduction in contractor fleets beginning in March
2024 and associated cost savings, impacts of inventory build due to saleable production exceeding sales volume
compared to an inventory drawdown in 2024, lower coal purchases and a favorable average foreign exchange
rate on translation of our Australian Operations.
Cost of coal revenues for our U.S. Operations was $51.1 million lower for the year ended December 31, 2025,
compared to the same period in 2024, driven by cost reductions associated with the idling of Logan’s surface
mines, curtailed development activity at Buchanan being ahead of schedule, lower maintenance costs and lower
coal purchases in the 2025 period.
Coronado Global Resources Inc. Form 10-K December 31, 2025 98
Freight expenses
Freight expenses totaled $268.0 million for the year ended December 31, 2025, an increase of $26.6 million,
compared to $241.4 million for the year ended December 31, 2024. Our Australian Operations contributed $29.1
million due to higher export sales volume shipped through WICET, which attracts higher port handling charges
and higher take-or-pay deficit tonnage costs. This was partially offset by a decrease of $2.4 million at our U.S.
Operations driven by lower sales volumes of 0.3 MMt for the year ended December 31, 2025, compared to the
same period in 2024.
Stanwell rebate
The Stanwell rebate was $100.5 million for the year ended December 31, 2025, a decrease of $16.3 million, as
compared to $116.9 million for the year ended December 31, 2024. The decrease was due to lower realized
reference coal pricing for the prior twelve-month period used to calculate the rebate compared to the same period
in 2024 and favorable average foreign exchange rates on translation of the Australian Operations. Under the
amended ACSA with Stanwell, it is expected that we will not incur any rebate from January 1, 2026 to the end of
the contract term.
Other royalties
Other royalties were $163.7 million for the year ended December 31, 2025, a decrease of $125.9 million, as
compared to $290.0 million for the year ended December 31, 2024. Our Australian Operations and U.S.
Operations contributed $121.3 million and $5.0 million, respectively, of the decrease, a product of lower coal
revenues combined with favorable average exchange rates on translation of the Australian Operations.
Interest expense, net
Interest expense, net was $99.3 million for the year ended December 31, 2025, an increase of $40.4 million
compared to $58.9 million for the same period in 2024. The increase was primarily driven by higher average
indebtedness during 2025, reflecting additional borrowings under the Notes since October 2024, drawdowns
under the ABL Facility, insurance premium financing, and an interest-bearing coal prepayment from Stanwell.
The increase was further impacted by lower interest income earned on cash equivalents and restricted deposits
compared to the same period in 2024.
Loss on debt extinguishment
During the year ended December 31, 2025, in connection with the extinguishment of the predecessor credit
facilities, the Company recognized a loss on debt extinguishment of $19.3 million, including an early redemption
premium of $12.3 million and unamortized deferred debt issuance costs. During the year ended December 31,
2024, we recognized a loss on debt extinguishment of $14.7 million in connection with the early redemption of
our predecessor 10.750% Senior Secured Notes due 2026.
Other, net
Other, net was $10.6 million for the year ended December 31, 2025, an increase of $6.8 million compared to $3.7
million for the year ended December 31, 2024. During the year ended December 31, 2025, the Company
recognized an $11.0 million gain on the disposal of the Russell County development property and a $2.2 million
loss on the disposal of the idle Greenbrier assets, both of which were previously a part of our U.S. Operations .
Included in the year ended December 31, 2024, was an impairment charge of $10.6 million against property,
plant and equipment relating to a long-standing non-core idled asset within our U.S. Operations, which was sold
on January 14, 2025.
Income tax benefit
Income tax benefit of $12.4 million for the year ended December 31, 2025, decreased by $27.9 million, compared
to income tax benefit of $40.3 million for the same period in 2024, primarily driven by an effective tax rate of 2.8%
for the year ended December 31, 2025.
In calculating the annual effective tax rate for the Group:
●
losses, a full valuation allowance was included as part of the annual effective tax rate calculation, thereby
reducing the rate to nil.
Coronado Global Resources Inc. Form 10-K December 31, 2025 99
●
deferred tax assets was assessed and as a result a partial valuation allowance was included as part of
the annual effective tax rate, thereby reduci ng the annual effective tax rate to 2.8%
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
The Company’s comparison of 2024 results to 2023 results is included in the Company’s
of Financial Condition and Results of Operations.”
Supplemental Segment Financial Data
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
Australian Operations
For Year Ended December 31,
(US$ in thousands)
2025
2024
Change
%
Sales volume (MMt)
10.2
10.2
—
0.6%
Total revenues ($)
1,185,298
1,594,981
(409,683)
(25.7)%
Coal revenues ($)
1,156,729
1,560,275
(403,546)
(25.9)%
Average realized price per Mt sold ($/Mt)
112.9
153.1
(40.2)
(26.3)%
Met sales volume (MMt)
6.9
7.2
(0.3)
(5.0)%
Met coal revenues ($)
1,024,828
1,472,477
(447,649)
(30.4)%
Average realized Met price per Mt sold ($/Mt)
149.3
203.9
(54.6)
(26.8)%
Mining costs ($)
932,030
1,054,066
(122,036)
(11.6)%
Mining costs per Mt sold ($/Mt)
91.0
104.6
(13.6)
(13.0)%
Operating costs ($)
1,344,899
1,592,431
(247,532)
(15.5)%
Operating costs per Mt sold ($/Mt)
131.3
156.3
(25.0)
(16.0)%
Segment Adjusted EBITDA ($)
(157,386)
3,401
(160,787)
(4,727.6)%
Coal revenues for our Australian Operations for the year ended December 31, 2025, were $1,156.7 million, a
decrease of $403.5 million compared to $1,560.3 million for the year ended December 31, 2024. The decrease
was primarily driven by lower average realized metallurgical coal prices, with realized prices of $149.3 per Mt
sold in 2025, $54.6 per Mt sold lower than the prior year, reflecting weaker market conditions. Revenues were
further impacted by an unfavorable sales mix weighted toward higher contract ed thermal coal volumes, as well
as shipment timing impacting Met coal export sales volumes.
Operating costs decreased by $247.5 million for the year ended December 31, 2025, driven by lower mining
costs, and lower Stanwell rebates and other royalties, a product of lower realized prices and lower coal revenues.
Mining costs were $122.0 million lower compared to the year ended December 31, 2024, attributable to cost
savings from progressive reductions in contractor fleet costs beginning in March 2024, inventory build resulting
from production exceeding sales volumes, and favorable foreign exchange movements on the translation of our
Australian operations. Mining and operating costs per Mt sold were $13.6 and $25.0 lower, respectively,
compared to the same period in 2024.
For the year ended December 31, 2025, Segment Adjusted EBITDA loss was $157.4 million, a decrease of
$160.8 million compared to Segment Adjusted EBITDA of $3.4 million for the year ended December 31, 2024,
driven by lower coal revenues, partially offset by lower operating costs.
Coronado Global Resources Inc. Form 10-K December 31, 2025 100
U.S. Operations
For Year Ended December 31,
(US$ in thousands)
2025
2024
Change
%
Sales volume (MMt)
5.3
5.6
(0.3)
(5.7)%
Total revenues ($)
764,489
912,732
(148,243)
(16.2)%
Coal revenues ($)
763,687
884,587
(120,900)
(13.7)%
Average realized price per Mt sold ($/Mt)
143.4
156.7
(13.3)
(8.5)%
Met sales volume (MMt)
4.9
5.3
(0.4)
(7.8)%
Met coal revenues ($)
734,277
854,587
(120,310)
(14.1)%
Average realized Met price per Mt sold ($/Mt)
149.2
160.1
(10.9)
(6.8)%
Mining costs ($)
585,509
629,242
(43,733)
(7.0)%
Mining costs per Mt sold ($/Mt)
109.9
112.6
(2.7)
(2.3)%
Operating costs ($)
711,974
770,481
(58,507)
(7.6)%
Operating costs per Mt sold ($/Mt)
133.7
136.5
(2.8)
(2.1)%
Segment Adjusted EBITDA ($)
52,476
147,233
(94,757)
(64.4)%
Coal revenues for our U.S. Operations decreased by $120.9 million, or 13.7%, to $763.7 million for the year
ended December 31, 2025, compared to the same period in 2024. The decrease was primarily driven by weaker
metallurgical coal market conditions, resulting in a lower average realized metallurgical coal price of $149.2 per
Mt sold in 2025 compared to $160.1 per Mt sold in 2024, together with lower fixed pricing achieved under annual
domestic coal contracts in 2025. Revenues were further impacted by sales volumes that were 0.3 MMt lower
year over year, largely attributable to rail constraints that delayed shipments and shifted certain sales into 2026,
as well as the idling of Logan surface operations during the first half of 2025.
Operating costs were $58.5 million lower for the year ended December 31, 2025, compared to the same period
in 2024, driven by lower mining costs, lower coal purchases and lower other royalties, a product of lower coal
sales volumes and price realization. Mining costs decreased for the year ended December 31, 2025, and were
$43.7 million lower compared to the year ended December 31, 2024, due to cost reduction associated with idling
of Logan’s surface mines and reduced well drilling activity.
Segment Adjusted EBITDA of $52.5 million for the year ended December 31, 2025, decreased by $94.8 million,
or 64.4%, compared to $147.2 million for the year ended December 31, 2024. This decrease was primarily driven
by lower coal revenues partially offset by lower operating costs.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components of corporate and other Adjusted EBITDA:
For Year Ended December 31,
(US$ in thousands)
2025
2024
Change
%
Corporate and other expenses
39,250
36,944
2,306
6.2%
Other, net
7
(1,450)
1,457
(100.5)%
Total corporate and other Adjusted EBITDA
39,257
35,494
3,763
10.6%
Corporate and other Adjusted EBITDA loss increased $3.8 million to $39.3 million for the year ended December
31, 2025, compared to $35.5 million for the year ended December 31, 2024, due to costs incurred to pursue
various initiatives to improve liquidity.
Coronado Global Resources Inc. Form 10-K December 31, 2025 101
Mining and Operating Costs for the Year Ended December 31, 2025 Compared to the Year Ended
December 31, 2024
A reconciliation of segment costs and expenses, segment operating costs, and segment mining costs is shown
below:
For Year Ended December 31, 2025
(US$ in thousands)
Australia
United States
Other /
Corporate
Total
Consolidated
Total costs and expenses
1,428,839
811,294
41,340
2,281,473
Less: Selling, general and administrative expense
(19)
(13)
(39,218)
(39,250)
Less: Depreciation, depletion and amortization
(83,921)
(99,307)
(2,122)
(185,350)
Total operating costs
1,344,899
711,974
—
2,056,873
Less: Other royalties
(126,230)
(37,517)
—
(163,747)
Less: Stanwell rebate
(100,542)
—
—
(100,542)
Less: Freight expenses
(179,067)
(88,948)
—
(268,015)
Less: Other non-mining costs
(7,030)
—
—
(7,030)
Total mining costs
932,030
585,509
—
1,517,539
Sales volume excluding non-produced coal (MMt)
10.2
5.3
—
15.6
Mining cost per Mt sold ($/Mt)
91.0
109.9
—
97.5
For Year Ended December 31, 2024
(US$ in thousands)
Australia
United States
Other /
Corporate
Total
Consolidated
Total costs and expenses
1,680,817
867,830
38,609
2,587,256
Less: Selling, general and administrative expense
(57)
—
(36,887)
(36,944)
Less: Depreciation, depletion and amortization
(88,329)
(97,349)
(1,722)
(187,400)
Total operating costs
1,592,431
770,481
—
2,362,912
Less: Other royalties
(247,201)
(42,477)
—
(289,678)
Less: Stanwell rebate
(116,870)
—
—
(116,870)
Less: Freight expenses
(149,987)
(91,390)
—
(241,377)
Less: Other non-mining costs
(24,307)
(7,372)
—
(31,679)
Total mining costs
1,054,066
629,242
—
1,683,308
Sales volume excluding non-produced coal (MMt)
10.1
5.6
—
15.7
Mining cost per Mt sold ($/Mt)
104.6
112.6
—
107.4
Average Realized Met Price for the Year Ended December 31, 2025 Compared to the Year Ended
December 31, 2024
A reconciliation of the Company’s average realized Met coal revenue is shown below:
For Year Ended December 31,
(US$ in thousands)
2025
2024
Change
%
Met sales volume (MMt)
11.8
12.6
(0.8)
(6.3)%
Met coal revenues ($)
1,759,105
2,327,064
(567,959)
(24.4)%
Average realized Met price per Mt sold ($/Mt)
149.3
185.3
(36.0)
(19.5)%
Coronado Global Resources Inc. Form 10-K December 31, 2025 102
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA
For year ended December 31,
(US$ in thousands)
2025
2024
2023
Reconciliation to Adjusted EBITDA:
Net (loss) income
(432,056)
(108,881)
156,065
Add: Depreciation, depletion and amortization
185,350
187,400
160,711
Add: Interest expense, net
99,291
58,856
56,751
Add: Loss on debt extinguishment
19,258
14,732
1,385
Add: Income tax benefit
(12,359)
(40,309)
(32,251)
Add: (Gain) losses on sale of assets
(8,817)
4,574
4,846
Add: Other foreign exchange gains
(585)
(12,339)
(2,899)
Add: Impairment of assets
—
10,585
—
Add: Uncertain stamp duty position
—
—
41,321
Add: Restructuring costs
—
729
—
Add: Increase (decrease) in provision for discounting
and credit losses
4,758
(207)
(4,216)
Add: Other costs
993
—
—
Adjusted EBITDA
(144,167)
115,140
381,713
Liquidity and Capital Resources
Overview
Our objective is to maintain a prudent capital structure and to ensure that sufficient liquid assets and funding are
available to meet both anticipated and unanticipated financial obligations, including unforeseen events that could
have an adverse impact on revenues or costs. Our principal sources of funds are cash and cash equivalents,
cash flow from operations , eligible advance payments under our coal supply agreements with Stanwell and our
ABL Facility.
Our primary uses of cash historically have been, and are expected to continue to be, the funding of our operations,
working capital, capital expenditures, debt service obligations and, if permitted and declared, payment of
distributions to shareholders.
Our ability to generate sufficient cash depends on our future performance which may be subject to a number of
factors beyond our control, including general economic and financial conditions, metallurgical coal pricing,
competitive dynamics, weather-related impacts, and other risks described in Part I, Item 1A. “Risk Factors” of
this Annual Report on Form 10-K.
Sources of liquidity as of December 31, 2025 and December 31, 2024 were as follows:
December 31,
(US$ in thousands)
2025
2024
Cash and cash equivalents, excluding restricted cash
172,781
339,374
Undrawn capacity under the ABL Facility
(1)
—
128,563
Total
172,781
467,937
(1)
eligible borrowing base, determined by applying customary advance rates to eligible accounts receivable and inventory.
Coronado Global Resources Inc. Form 10-K December 31, 2025 103
Our total indebtedness as of December 31, 2025 and December 31, 2024 consisted of the following:
(US$ in thousands)
2025
2024
Current installments of interest bearing liabilities
1,794
1,477
Interest bearing liabilities, excluding current installments
695,069
422,995
Current installments of other financial liabilities
9,488
6,163
Other financial liabilities, excluding current installments
37,032
19,694
Total
743,383
450,329
Liquidity
During 2025, Coronado took decisive actions to enhance liquidity, including securing incremental funding and
concurrently amending the terms of its financial covenants, materially reducing operating and capital costs, and
completing other financial support arrangements with Stanwell.
On November 27, 2025, we refinanced our existing credit facility with Highland Park XII Pte. Ltd, an affiliate of
Oaktree Capital Management L.P., through a new ABL Facility with Stanwell. The ABL Facility matures in five
years, bears interest of 9%, which may increase to 12% per annum depending on the level of the Borrowing Base
Ratio, and is subject to a minimum Borrowing Base Ratio and, from December 31, 2027, the maintenance of a
gearing ratio and interest coverage ratio. Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities” for further
information.
Concurrently with the entry into the ABL Facility, we also amended the terms of our existing ACSA and NCSA
with Stanwell as part of a broader financing package, providing near-term liquidity support through prepayments
and Stanwell rebate relief. These amendments are expected to have a positive incremental impact on operating
cashflows through the waiver of rebate amounts otherwise payable under the ACSA, deferral of other obligations
with Stanwell, and prepayments in relation to future annual nominated contract tonnage, and provide material
downside protection during periods when the Company’s cash balance is below $250.0 million. These
arrangements are intended to provide critical cash flow support and financial stability for the Company. The
Curragh mine’s strategic importance, to both Stanwell’s ability to economically generate electricity for
Queensland and Queensland’s overall energy security, was the primary motivating factor in Stanwell providing
substantial financial assistance and concessions to the Company and supporting the ongoing viability of the
Curragh mine and the security of coal supply to the Stanwell Power Station. Refer to Part II, Item 8, Note 14.
“Contract Obligations” for further information.
On October 23, 2025, the Scheme Manager issued an indicative Annual Review Allocation of “High” for the
Curragh mine complex EA number EPML00643713. As permitted under the Financial Provisioning Act, we made
formal submissions to the Scheme Manager requesting a review of this indicative rating. Following consideration
of the Company’s formal submission, the Scheme Manager applied discretion as permitted under the Financial
Provisioning Act to grant transitional relief allowing the application of the “Moderate-High” risk category. This risk
category will apply until the next Annual Review Allocation for the Curragh mine complex, which is expected to
occur in November 2026.
Under the transitional “Moderate–High” risk category, the Company is required to make an annual contribution
to the Scheme equivalent to 6.5% of Curragh’s ERC, rather than provide financial assurance in the form of bank
guarantees, insurance bonds or cash collateral equal to 100% of Curragh’s ERC.
Our earnings and cash flows from operating activities for the year ended December 31. 2025 were significantly
impacted by the continued subdued performance of Met coal markets, which led to low realized prices for the
coal we sell. For the year ended December 31, 2025, we incurred net losses of $432.1 million. Despite this, as
of December 31, 2025, we were in a materially improved financial position. Since the previous interim period
reporting, we have received significant liquidity support from Stanwell, entered into a new ABL Facility with an
extended maturity and more flexible covenant terms (including reducing cross default risk with the Notes),
benefited from improving metallurgical coal market conditions, demonstrated operational recovery, and obtained
clarity regarding the outcome of the Scheme Manager’s final Annual Review Allocation.
As of December 31, 2025, our available liquidity, consisting of cash and cash equivalents (excluding restricted
cash), was $172.8 million.
After evaluating these factors, we have concluded that our current cash and cash equivalents and forecasted
cashflows will be sufficient to fund our operations and satisfy our obligations for at least one year from the
issuance date of our Consolidated Financial Statements .
Coronado Global Resources Inc. Form 10-K December 31, 2025 104
Our forecasts are subject to the achievement of production targets, and other factors beyond our control, including
general economic conditions, metallurgical coal pricing, competitive dynamics and weather-related impacts. Our
working capital requirements in the short to medium term are also dependent on variations in these factors and
the preparation of forecasts requires management judgement .
Cash and cash equivalents
Cash and cash equivalents are held in multicurrency interest-bearing bank accounts available to be used to
service the working capital needs of the Company. Cash balances surplus to immediate working capital
requirements are invested in short-term interest-bearing deposit accounts or used to repay interest bearing
liabilities.
ABL Facility
As of December 31, 2025, the aggregate principal amount outstanding under the ABL Facility was $272.1 million
(A$406.6 million), including $7.1 million of foreign currency translation.
The ABL Facility is a revolving credit facility that matures in five years. Availability under the ABL Facility is limited
to an eligible borrowing base, determined by applying customary advance rates to eligible accounts receivable
and inventory. Borrowings under the ABL Facility bear interest at a rate of 9% per annum, which may increase
to 12% per annum depending on the level of the Borrowing Base Ratio.
Amounts outstanding under the ABL Facility are secured by (i) a first priority lien on the ABL Collateral, and (ii) a
second-priority lien on substantially all of the Company’s assets and the assets of the Guarantors, other than the
ABL Collateral.
The ABL Facility contains customary representations and warranties and affirmative and negative covenants
including, among others, a quarterly Borrowing Base Ratio test and, from December 31, 2027, the maintenance
of a gearing ratio and interest coverage ratio.
The ABL Facility provides for customary events of default that may trigger certain repayment obligations and
review events. A review event will occur under the ABL Facility if the Borrowing Base Ratio is below the specified
minimum threshold of 80%. Following the occurrence of a review event, if Stanwell is not satisfied with the result
of its discussions with the Borrowers, Stanwell may require the Borrowers to repay the outstanding borrowings
in an aggregate amount sufficient to restore the Borrowing Base Ratio to the specified minimum threshold.
In the event of a default by the Company (beyond any applicable grace or cure period, if any), the Administrative
Agent may and, at the direction of Stanwell, shall declare all amounts owing under the ABL Facility immediately
due and payable, terminate Stanwell’s commitment to make loans under the ABL Facility and/or exercise any
and all remedies and other rights under the ABL Facility.
Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities” for further information.
9.250% Senior Secured Notes
As of December 31, 2025, the outstanding amount of our Notes was $400.0 million. The Notes were issued at
par and bear interest at a rate of 9.250% per annum. Interest on the Notes is payable semi -annually in arrears
on April 1 and October 1 of each year, beginning on April 1, 2025. The Notes mature on October 1, 2029 and are
senior secured obligations of the Issuer.
The Indenture contains customary covenants for high yield bonds, including, but not limited to, limitations on
investments, liens, indebtedness, asset sales, transactions with affiliates and restricted payments, including
payment of dividends on capital stock.
The Indenture contains customary events of default, including failure to make required payments, failure to
comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain
events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture
will allow either the trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding
Notes to accelerate, or in certain cases, will automatically cause acceleration of, the amounts due under the
Notes.
As of December 31, 2025, the Company was in compliance with all applicable covenants under the Indenture.
Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities” for further information.
Coronado Global Resources Inc. Form 10-K December 31, 2025 105
Loan – Curragh Housing Transaction
In 2024, the Company completed the Curragh Housing Transaction, an agreement for accommodation services
and the sale and leaseback of housing and accommodation assets with a regional infrastructure and
accommodation service provider.
The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606, Revenues from Contracts with
Customers and was deemed a financing arrangement. As a result, the proceeds of $23.0 million (A$34.6 million)
received for the sale and leaseback of property, plant and equipment owned by the Company in connection with
the Curragh Housing Transaction were recognized as “Other Financial Liabilities” on the Company’s
Consolidated Balance Sheets. The term of the financing arrangement is ten years with an effective interest rate
of 14.14%. This liability is settled through equal monthly payments as part of the accommodation service
arrangement.
In connection with the Curragh Housing Transaction, the Company borrowed $26.9 million (A$40.4 million) from
the same regional infrastructure and accommodation service provider. This amount was recorded as “Interest
Bearing Liabilities” in the Consolidated Balance Sheets. The amount borrowed is payable in equal monthly
installments over a period of ten years, with an effective interest rate of 14.14%.
Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities” and Note 16. “Other Financial Liabilities” for further
information.
Finance leases
During the year ended December 31, 2025, we entered into various finance lease agreements. Our total finance
lease commitments were $33.4 million as at December 31, 2025. The terms of the outstanding lease agreements
mature through August 2029 and bear fixed interest rates ranging from 8.6% to 14.0%.
Surety bonds, letters of credit and bank guarantees
We are required to provide financial assurance and other security to satisfy contractual and other requirements
arising in the normal course of business. Some of these assurances are provided to comply with state or other
government agencies’ statutes and regulations.
For the U.S. Operations, in order to provide the required financial assurance for post mining reclamation, we
generally use surety bonds. We also use surety bonds and bank letters of credit to collateralize certain other
obligations including contractual obligations under workers’ compensation insurance. As of December 31, 2025,
we had outstanding surety bonds of $20.0 million and bank guarantees outstanding of $10.0 million for our U.S.
Operations.
For the Australian Operations, as at December 31, 2025, we had bank guarantees outstanding of $35.7 million,
primarily in respect of certain rail and port take-or-pay arrangements of the Company.
As of December 31, 2025, the Company, in aggregate, had total outstanding bank guarantees provided of $45.7
million to secure its obligations and commitments.
Future regulatory changes relating to these obligations could result in increased obligations, additional costs or
additional collateral requirements.
Restricted deposits – cash collateral
As required by certain agreements, we had total cash collateral in the form of deposits of $141.7 million as of
December 31, 2025 to provide back-to-back support for bank guarantees, financial payments, other performance
obligations, various other operating agreements and contractual obligations under workers compensation
insurance. These deposits are restricted and classified as non-current assets in the Consolidated Balance
Sheets.
Future regulatory changes in relation to these obligations or deterioration of the Company’s credit rating could
result in increased obligations, additional costs or additional collateral requirements.
Stanwell contingent liability
On November 27, 2025, we entered into the Second Amendment Deed with Stanwell that, among other things,
waived the rebate amounts that would have otherwise been payable under the ACSA from January 1, 2026 until
the final delivery date, which is expected to occur in the first half of 2027.
Coronado Global Resources Inc. Form 10-K December 31, 2025 106
Pursuant to the terms of the Second Amendment, if a change of control occurs within two years of the amendment
date, we must obtain Stanwell’s prior consent and, prior to the change of control occurring, pay all rebates waived
plus interest. Additionally, if our current controlling shareholder ceases to control us by disposing of 20% or more
of its shares, we must immediately pay all rebates waived by Stanwell plus interest.
The amount of this potential obligation, which depends on future events beyond our control, is subject to
significant uncertainty due to its dependence on prevailing coal market prices during the waiver period and future
coal export volumes. Both variables are inherently volatile and influenced by external factors beyond our control,
including commodity price fluctuations, geopolitical developments, and market demand shifts. As a result, the
Company does not believe it can reasonably estimate the amount of the potential obligation. Refer to Part I, Item
1, “Information Regarding Major Customers—Stanwell” for further information.
Dividends
During the year ended December 31, 2025, we paid $8.3 million in dividends to stockholders or CDI holders on
the ASX, net of $0.1 million of foreign exchange gain on payment of dividends to certain CDI holders that elected
to be paid in Australian dollars.
Our dividend policy and the payment of future cash dividends are subject to the discretion of our Board of
Directors. The decision as to whether or not a dividend will be paid is subject to a number of considerations
including the general business environment, operating results, cash flows, future capital requirements, regulatory
and contractual restrictions, as well as applicable covenants under the debt and other agreements and any other
factors the Board of Directors may consider relevant.
The Second Amendment entered with Stanwell includes restrictions on our ability to pay distributions to
shareholders (e.g., a dividend), such that we are required to maintain a minimum cash liquidity of $300.0 million
following payment of such distribution, the repurchase of the Notes in connection with the distribution and the
payment of an equal or greater amount (up to a maximum of 3 times) than the distribution being used to reduce
the Prepayment and Deferred Payment Balance owed to Stanwell.
Capital Requirements
Our main uses of cash have historically been the funding of our operations, working capital, capital expenditures,
and the payment of interest and dividends. We intend to use cash to fund debt service payments on our Notes,
the ABL Facility and our other indebtedness, to fund operating activities, working capital, capital expenditures
and, if permitted and declared, payment of dividends.
Historical Cash Flows
The following table summarizes our cash flows for the years ended December 31, 2025, 2024 and 2023 as
reported in the accompanying Consolidated Financial Statements:
Cash Flow
For Year Ended December 31,
(US$ in thousands)
2025
2024
2023
Net cash (used in) provided by operating activities
(79,997)
74,039
268,282
Net cash used in investing activities
(298,737)
(226,336)
(238,168)
Net cash provided by (used in) financing activities
207,980
162,765
(24,679)
Net change in cash and cash equivalents
(170,754)
10,468
5,435
Effect of exchange rate changes on cash and cash equivalents
4,161
(10,138)
(769)
Cash and cash equivalents at beginning of period
339,625
339,295
334,629
Cash and cash equivalents at end of period
173,032
339,625
339,295
Operating activities
Net cash used in operating activities was $80.0 million for the year ended December 31, 2025, compared to net
cash provided by operating activities of $74.0 million for the year ended December 31, 2024. The decrease in
cash from operating activities was primarily driven by lower coal revenues, higher interest paid, and income tax
payments in 2025 compared to tax refunds in 2024. This decrease was partially offset by lower operating costs,
a prepayment from Stanwell of $75.0 million and a $67.2 million waive r and deferral of the Stanwell rebate, both
of which are to be settled via future coal deliveries. The Stanwell prepayment and rebate deferral primarily reflect
timing-related working capital benefits and do not represent permanent reductions in cash outflows.
Coronado Global Resources Inc. Form 10-K December 31, 2025 107
Net cash provided by operating activities was $74.0 million for the year ended December 31, 2024, compared to
$268.3 million for the year ended December 31, 2023. The decrease in cash from operating activities was
primarily driven by lower coal revenues, higher operating costs and the additional payment of $51.5 million in
relation to the stamp duty on Curragh’s acquisition, including tax interest, partially offset by income tax refunds
compared to income tax payments in 2023.
Investing activities
Net cash used in investing activities was $298.7 million for the year ended December 31, 2025, compared to
$226.3 million for the year ended December 31, 2024. Cash spent on capital expenditures for the year ended
December 31, 2025, was $244.8 million, of which $130.6 million related to the Australian Operations and $114.2
million was related to the U.S. Operations, and cash collateral of $72.8 million was posted as a security to satisfy
certain contractual obligations. This was partially offset by proceeds from sale of idle assets and development
properties within our U.S. Operations of $16.5 million and proceeds from sale of property, plant and equipment
of $2.5 million.
Net cash used in investing activities was $226.3 million for the year ended December 31, 2024, compared to
$238.2 million for the year ended December 31, 2023. Cash spent on capital expenditures for the year ended
December 31, 2024, was $248.2 million, of which $83.6 million related to the Australian Operations and $164.6
million related to the U.S. Operations, and $24.3 million of restricted and other deposits was redeemed during
the year. The increase in capital expenditures was largely due to the investment in organic growth projects at
both of our U.S. Operations and Australian Operations.
Financing activities
Net cash provided by financing activities was $208.0 million for the year ended December 31, 2025. Included in
net cash provided by financing activities were proceeds of $340.0 million in relation to the ABL Facility and the
predecessor credit facility, partially offset by repayment of principal and a make -whole premium of $75.0 million
and $12.5 million, respectively, in relation to the predecessor credit facility, payment for debt issuance and other
financing costs of $8.2 million, $16.5 million in relation repayment of insurance premiums financed during the
year, and dividend payments of $8.3 million (net of $0.1 million foreign exchange gain on payment of dividends
to certain CDI holders that elected to be paid in Australian dollars), with the remaining balance consisting of
finance lease and other financial liabilities.
Net cash provided by financing activities was $162.8 million for the year ended December 31, 2024 compared to
net cash used in financing activities of $24.7 million for the year ended December 31, 2023. The net cash provided
by financing activities for the year ended December 31, 2024, largely related to the proceeds from interest
bearing-liabilities and other financial liabilities of $449.9 million, partially offset by the repayment of interest
bearing and other financial liabilities of $246.7 million, a call premium paid on the early redemption of debt of $9.8
million, payment of debt issuance and other financing costs of $13.9 million and dividend payments of $16.7
million.
Contractual Obligations
The following is a summary of our contractual obligations at December 31, 2025:
Payments Due By Year
Less than
1
‑
3
‑
More than
(US$ in thousands)
Total
1 Year
Years
Years
5 Years
Long
‑
term financial liability obligations
(1)
33,751
4,010
8,020
8,020
13,701
Interest-bearing liabilities
(2)
711,523
4,682
9,364
681,479
15,998
Mineral lease commitments
(3)
39,109
3,992
7,147
9,751
18,219
Operating and finance lease commitments
138,696
43,893
78,242
16,561
—
Unconditional purchase obligations
(4)
7,800
7,800
—
—
—
Take
‑
or
‑
pay contracts
(5)
618,254
98,785
201,451
209,967
108,051
Total contractual cash obligations
1,549,133
163,162
304,224
925,778
155,969
_____________________
(1) Represents financial obligations relating to amounts outstanding from financial liabilities for a sale and
lease back type arrangement.
Coronado Global Resources Inc. Form 10-K December 31, 2025 108
(2) Represents financial obligations outstanding under the Notes, ABL Facility and Curragh Housing
transaction. Refer to Note 15. “Interest Bearing Liabilities” in the accompanying audited Consolidated
Financial Statements for additional discussion.
(3) Represents future minimum royalties and payments under mineral leases. Refer to Note 23.
“Commitments”
in the accompanying audited Consolidated Financial Statements for additional
discussion.
(4) Represents firm purchase commitments for capital expenditures (based on orders to suppliers for capital
purchases) for 2025.
(5) Represents various short- and long-term take-or-pay arrangements in Australia associated with rail and
port commitments for the delivery of coal.
This table does not include our estimated Asset Retirement Obligations, or ARO. As discussed in “—Critical
Accounting Policies and Estimates—Carrying Value of Asset Retirement Obligations” below, the current and
non-current carrying amount of our ARO involves several estimates, including the amount and timing of the
payments required to satisfy these obligations. The timing of payments is based on numerous factors, including
projected mine closure dates. Based on our assumptions, the carrying amount of our ARO as determined in
accordance with U.S. GAAP was $154.3 million as of December 31, 2025.
Critical Accounting Policies and Estimates
The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires us to make
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the
Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting
period. Listed below are the accounting estimates that we believe are critical to our Consolidated Financial
Statements due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude
of the asset, liability, revenue or expense being reported. All of these accounting estimates and assumptions, as
well as the resulting impact to our Consolidated Financial Statements, have been discussed with the Audit,
Governance and Risk Committee of our Board of Directors.
See Note 2. “Summary of Significant Accounting Policies” to the accompanying audited Consolidated Financial
Statements for a summary of our significant accounting policies.
Fair Value of Non-Financial Assets
Long-Lived Assets
We review the carrying value of long-lived assets to be used in operations annually or whenever events or
changes in circumstances indicate that the carrying amount of the assets or asset groups might not be
recoverable.
Factors that would necessitate an impairment assessment include a significant adverse change in the extent or
manner in which an asset is used, a significant adverse change in legal factors or the business climate that could
affect the value of the asset group or a significant decline in the observable market value of an asset group,
among others. If such factors indicate a potential impairment, the recoverability of the asset group is assessed
by determining whether the carrying value of the asset group exceeds the sum of the projected undiscounted
cash flows expected to result from the use and eventual disposition of the asset group over the remaining
economic life of the asset group. If the projected undiscounted cash flows are less than the carrying amount, an
impairment is recorded for the excess of the carrying amount over the estimated fair value, which is generally
determined through various valuation techniques including discounted cash flow models, quoted market values
and third-party independent appraisals, as considered necessary. Any such write down is included in impairment
expense in our consolidated statement of operations.
A high degree of judgment is required to estimate the fair value of our intangible and long-lived assets, and the
conclusions that we reach could vary significantly based on these judgments. We make various assumptions,
including assumptions regarding future cash flows, in our assessments of fair value. The assumptions about
future cash flows are based on the current and long-term business plans related to the long-lived assets and may
include sales volumes and prices, cost to produce, transportation costs and capital spending. Discount rate
assumptions are based on an assessment of the risk inherent in the future cash flows of the long-lived assets.
Coronado Global Resources Inc. Form 10-K December 31, 2025 109
The Company recognized impairment charges of $10.6 million for the year ended December 31, 2024, against
property, plant and equipment relating to a long-standing non-core idled asset within its U.S. Operations which
was sold on January 14, 2025. The Company concluded that no impairment charges were required at any of the
Company’s mining assets for the years ended December 31, 2025 and 2023.
Goodwill Impairment
We had a balance of goodwill of $28.0 million recorded at December 31, 2025, which was generated upon the
acquisition of Buchanan in 2016. We perform our annual assessment of the recoverability of our goodwill in the
fourth quarter of each year. We utilize a qualitative assessment for determining whether the quantitative goodwill
impairment analysis is necessary. The accounting guidance permits entities to first assess qualitative factors to
determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount
as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. In
evaluating goodwill on a qualitative basis, we review the business performance of the Buchanan mine complex
(the only reporting unit with a goodwill balance) and evaluate other relevant factors as identified in the relevant
accounting guidance to determine whether it is more likely than not that an indicator of impairment exists at
Buchanan. We consider whether there are any negative macroeconomic conditions, industry specific conditions,
market changes, increased competition, increased costs in doing business, management challenges, or legal
environments and how these factors might impact company specific performance in future periods. As part of the
analysis, we also consider fair value determinations for certain reporting units that have been made at various
points throughout the current and prior year for other purposes to ensure there is no contrary evidence to our
analysis. At December 31, 2025, we did not perform a quantitative impairment assessment as we determined,
based on our qualitative assessment, that no impairment indicators existed.
Carrying Value of Asset Retirement Obligations
The Company is required to maintain a liability (and associated asset) for the expected value of future retirement
obligations on their mines, in line with ASC 410, Asset Retirement and Environmental Obligations.
Reclamation of areas disturbed by mining operations must be performed by us in accordance with approved
reclamation plans and in compliance with state and federal laws in the states of West Virginia and Virginia in the
U.S., and Queensland in Australia. For areas disturbed, a significant amount of the reclamation will take place in
the future, when operations cease. There were no assets that were legally restricted for purposes of settling asset
retirement obligations as of December 31, 2025. In addition, state agencies monitor compliance with the mine
plans, including reclamation.
Asset retirement obligations are determined for each mine using various estimates and assumptions, including
estimates of disturbed area as determined from engineering data, estimates of future costs to reclaim the
disturbed area and the timing of the related cash flows, escalated for inflation and discounted using a credit-
adjusted risk-free rate, with an equivalent amount recorded as a long-lived asset. If the Company’s assumptions
do not materialize as expected, the actual cash and costs it incurs could be materially different than currently
estimated.
An accretion cost is recorded each period and the capitalized cost is depreciated over the useful life of the related
asset. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is
reduced.
A review of restoration and decommissioning provisions is carried out annually on a mine-by-mine basis, and
adjustments are made to reflect any changes in estimates, if necessary. On an interim basis, we may update the
liability based on significant changes to the life of mine or significant increases in disturbances during the period.
Recoverable Coal Reserves
There are numerous uncertainties inherent in estimating quantities and values of economically recoverable coal
reserves, including many factors beyond our control. As a result, estimates of economically recoverable coal
reserves are by their nature uncertain. Information about our reserves consists of estimates based on
engineering, economic and geological data assembled and analyzed by our staff and third-party qualified
persons. Our reserves are periodically reviewed by an independent third party consultant. Some of the factors
and assumptions which impact economically recoverable reserve estimates include:
• geological characteristics;
• historical production from the area compared with production from other producing areas;
Coronado Global Resources Inc. Form 10-K December 31, 2025 110
• the assumed effects of regulations and taxes by governmental agencies
;
• assumptions governing future prices; and
• future operating costs.
Each of these factors may in fact vary considerably from the assumptions used in estimating reserves. For these
reasons, estimates of the economically recoverable quantities of coal attributable to a particular group of
properties, and classifications of these reserves based on the risk of recovery and estimates of future net cash
flows, may vary substantially. Actual production, revenues and expenditures with respect to our reserves will
likely vary from estimates, and these variances may be material. See Item 1A. “Risk Factors—We rely on
estimates of our recoverable reserves, which is complex due to geological characteristics of the properties and
the number of assumptions made” and Item 2. “Properties” for discussions of the uncertainties in estimating our
proven and probable coal reserves.
Taxes
We are required to estimate the amount of tax payable or refundable for the current year and the deferred income
tax liabilities and assets for the future tax consequences of events that have been reflected in our Consolidated
Financial Statements or tax returns for each taxing jurisdiction in which we operate. This process requires that
deferred tax assets be reduced by a valuation allowance if it is “more likely than not” that some portion or all of
the deferred tax asset will not be realized. In our evaluation, we take into account various factors, including the
impact of various agreements and transactions that we enter into, taxable income in carryback years, reversals
of existing taxable temporary differences and the expected amount of future taxable income. These assumptions
require significant judgement about forecasts of future taxable income and are consistent with the plans and
estimates we use to manage our underlying business. Based on these judgments we may record tax reserves or
adjustments to valuation allowances on deferred tax assets to reflect the expected realizability of future tax
benefits. Actual income taxes could vary from these estimates due to future changes in income tax law, significant
changes in the jurisdictions in which we operate, our inability to generate sufficient future taxable income or
unpredicted results from the final determination of each year’s liability by taxing authorities. These changes could
have a significant impact on our financial position.
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented
See Note 2. “Summary of Significant Accounting Policies” to the accompanying audited Consolidated Financial
Statements for a discussion of newly adopted accounting standards and accounting standards not yet
implemented.
Coronado Global Resources Inc. Form 10-K December 31, 2025 111
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our activities expose us to a variety of financial risks, such as commodity price risk, interest rate risk, foreign
currency risk, liquidity risk and credit risk. The overall risk management objective is to minimize potential adverse
effects on our financial performance from those risks which are not coal price related.
We manage financial risk through policies and procedures approved by our Board of Directors. These specify
the responsibility of the Board of Directors and management with regard to the management of financial risk.
Financial risks are managed centrally by our finance team under the direction of the Group Chief Financial Officer.
The finance team manages risk exposures primarily through delegated authority limits approved by the Board of
Directors. The finance team regularly monitors our exposure to these financial risks and reports to management
and the Board of Directors on a regular basis. Policies are reviewed at least annually and amended where
appropriate.
We may use derivative financial instruments such as forward fixed price commodity contracts, interest rate swaps
and foreign exchange rate contracts to hedge certain risk exposures. Entering into derivative transactions for
speculative purposes is strictly prohibited by the Treasury Risk Management Policy approved by our Board of
Directors. We use different methods to measure the extent to which we are exposed to various financial risks.
These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks
and aging analysis for credit risk.
Commodity Price Risk
Coal Price Risk
We are exposed to domestic and global coal prices. Our principal philosophy is that our investors would not
consider hedging of coal prices to be in their long-term interest. Therefore, any potential hedging of coal prices
through long-term fixed price contracts is subject to the approval of our Board of Directors and would only be
adopted in exceptional circumstances.
Expectations regarding future prices for coal depend upon many factors beyond our control. Met coal has been
volatile commodity over the years. The demand and supply in the Met coal industry changes from time to time.
There are no assurances that oversupply will not occur, that demand will not decrease or that overcapacity will
not occur, which could cause declines in the prices of coal, which could have a material adverse effect on our
financial condition and results of operations.
Our access to international markets may be subject to ongoing interruptions and trade barriers due to policies of
individual countries, and the actions of certain interest groups to restrict the import or export of certain
commodities. We may or may not be able to access alternate markets for our coal should interruptions and trade
barriers occur in the future, and we may be unable to pass the costs of tariffs on to our customers. An inability of
Met coal suppliers to access international markets could result in an oversupply of Met coal in certain regions of
the globe and may result in a decrease in prices and/or the curtailment of production.
We manage our commodity price risk for our non-trading, thermal coal sales through the use of long-term coal
supply agreements in our U.S. Operations. In Australia, thermal coal is sold to Stanwell on a long-term supply
contract. See Part I, Item 1A. “Risk Factors—Restrictions and limitations related to the coal supply agreements
with Stanwell may adversely impact our strategy, financial condition, results of operations and business .”
Sales commitments in the Met coal market are typically not long-term in nature, and we are therefore subject to
fluctuations in market pricing. Certain coal sales are provisionally priced initially. Provisionally priced sales are
those for which price finalization, referenced to the relevant index, is outstanding at the reporting date. The final
sales price is determined within 7 to 90 days after delivery to the customer. As of December 31, 2025, we had
$84.9 million of outstanding provisionally priced receivables subject to changes in the relevant price index. If
prices decreased 10%, these provisionally priced receivables would decrease by $8.5 million. See Part I, Item 1A.
“Risk Factors—Our profitability depends upon the prices we receive for our coal. Prices for coal are volatile and
can fluctuate widely based upon a number of factors beyond our control.”
Coronado Global Resources Inc. Form 10-K December 31, 2025 112
Diesel Fuel
We may be exposed to price risk in relation to other commodities or raw materials used in our operations (such
as gas or diesel). Expectations regarding future prices for diesel depend upon many factors beyond our control.
These commodities may be hedged through financial instruments if the exposure is considered material and
where the exposure cannot be mitigated through fixed price supply agreements.
The fuel required for our operations in 2026 will be purchased under fixed-price contracts or on a spot basis.
Interest Rate Risk
Interest rate risk is the risk that a change in interest rates on our borrowing facilities will have an adverse impact
on our financial performance, investment decisions and stockholder return. Our objectives in managing our
exposure to interest rates include minimizing interest costs in the long term, providing a reliable estimate of
interest costs for the annual work program and budget and ensuring that changes in interest rates will not have
a material impact on our financial performance.
As of December 31, 2025, we had $743.4 million of fixed-rate borrowings, Notes and finance leases, and
no variable-rate borrowings outstanding.
Foreign Exchange Risk
A significant portion of our sales are denominated in US$. Foreign exchange risk is the risk that our earnings or
cash flows are adversely impacted by movements in exchange rates of currencies that are not US$.
Our main exposure is to the A$-US$ exchange rate through our Australian Operations, which have predominantly
A$ denominated costs. Greater than 70% of the expenses incurred at our Australian Operations are denominated
in A$. Approximately 30% of our Australian Operations’ purchases are made with reference to US$, which
provides a natural hedge against foreign exchange movements on these purchases (including fuel, several port
handling charges, demurrage, purchased coal and some insurance premiums). Appreciation of the A$ against
the US$ will increase our Australian Operations’ US$ reported cost base and reduce US$ reported net income.
We entered into forward exchange contracts to manage the foreign currency exposure of our Australian
Operations by selling US$ generated from export coal sales revenue at Curragh and purchasing A$ required to
settle Curragh’s A$ operating costs. The fair value of the forward foreign currency derivative contracts as of
December 31, 2025 was an asset of $2.5 million.
For our Australian Operations, we translate all monetary assets and liabilities at the period-end exchange rate,
all non-monetary assets and liabilities at historical rates and revenue and expenses at the average exchange
rates in effect during the periods. The net effect of these translation adjustments is shown in the accompanying
Consolidated Financial Statements within components of net income.
For the unhedged portion of US$ required to purchase A$ to settle our Australian Operations’ operating costs,
we estimate that a 10% increase in the A$ to US$ exchange rate, which averaged A$/US$ 0.64 in 2025, would
increase reported total costs and expenses by approximately $107.5 million for the year ended December 31,
2025.
Credit Risk
Credit risk is the risk of sustaining a financial loss as a result of a counterparty not meeting its obligations under
a financial instrument or customer contract.
We are exposed to credit risk when we have financial derivatives, cash deposits, lines of credit, letters of credit
or bank guarantees in place with financial institutions.
To
mitigate against credit risk from financial counterparties,
we have minimum credit rating requirements for financial institutions with whom we transact.
We are also exposed to counterparty credit risk arising from our operating activities, primarily from trade
receivables. Customers who wish to trade on credit terms are subject to credit verification procedures, including
an assessment of their independent credit rating, financial position, past experience and industry reputation. We
monitor the financial performance of counterparties on a routine basis to ensure credit thresholds are achieved.
Where required, we will request additional credit support, such as letters of credit, to mitigate against credit risk.
Credit risk is monitored regularly, and performance reports are provided to our management and Board of
Directors.
As of December 31, 2025, we had financial assets of $580.3 million, including cash and cash equivalents, trade
receivables and restricted deposits, which are exposed to counterparty credit risk. These financial assets have
been assessed under ASC 326, Financial Instruments – Credit Losses, and a provision for discounting and credit
losses of $5.4 million was recorded as of December 31, 2025. See Item 8. “Financial Statements and
Supplementary Data—Note 7. Provision for Discounting and Credit Losses.”
Coronado Global Resources Inc. Form 10-K December 31, 2025 113
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
TABLE OF CONTENTS
Page
Number
114
115
116
117
118
0
)
156
Coronado Global Resources Inc. Form 10-K December 31, 2025 114
Consolidated Balance Sheets
(In US$ thousands, except share data)
Assets
Note
December 31,
2025
December 31,
2024
Current assets:
Cash and cash equivalents
$
$
Trade receivables, net
6
Inventories
8
Other current assets
9
Total current assets
Non-current assets:
Property, plant and equipment, net
10
Right of use asset – operating leases, net
12
Goodwill
2(i)
Intangible assets, net
Restricted deposits
24
Deferred income tax assets
20
Other non-current assets
9
Total assets
$
$
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
$
Accrued expenses and other current liabilities
11
Asset retirement obligations
13
Contract obligations
14
Lease liabilities
12
Interest bearing liabilities
15
Income tax payable
20
Other current financial liabilities
16
Total current liabilities
Non-current liabilities:
Asset retirement obligations
13
Contract obligations
14
Interest bearing liabilities
15
Other financial liabilities
16
Lease liabilities
12
Deferred income tax liabilities
20
Other non-current liabilities
Total liabilities
$
$
Common stock $
December 31, 2024
Series A Preferred stock $
Share issued and outstanding as of December 31, 2025 and December 31,
2024
Additional paid-in capital
Accumulated other comprehensive losses
22
(120,444 )
(137,560 )
(Accumulated losses) retained earnings
(326,230 )
Total stockholders’ equity
Total liabilities and stockholders’ equity
$
$
See accompanying notes to consolidated financial statements.
Coronado Global Resources Inc. Form 10-K December 31, 2025 115
Consolidated Statements of Operations and Comprehensive Income
(In US$ thousands, except share data)
Year Ended December 31,
Note
2025
2024
2023
Revenues:
Coal revenues
$
$
$
Other revenues
Total revenues
3
Costs and expenses:
Cost of coal revenues (exclusive of items shown
separately below)
Depreciation, depletion and amortization
Freight expenses
Stanwell rebate
Other royalties
Selling, general, and administrative expenses
Total costs and expenses
Other income (expenses):
Interest expense, net
(99,291 )
(58,856 )
(56,751 )
Loss on debt extinguishment
(19,258 )
(14,732 )
(1,385 )
(Increase) decrease in provision for discounting and
credit losses
(4,758 )
Other, net
4
Total other expense, net
(112,729 )
(69,647 )
(48,156 )
(Loss) income before tax
(444,415 )
(149,190 )
Income tax benefit
20
Net (loss) income attributable to Coronado Global
Resources Inc.
$
(432,056 )
$
(108,881 )
$
Other comprehensive (loss) income, net of income
taxes:
Foreign currency translation adjustment
22
(47,633 )
Net gain on cash flow hedges, net of tax
22
Total other comprehensive income (loss)
(47,633 )
Total comprehensive (loss) income attributable to
Coronado Global Resources Inc.
$
(414,940 )
$
(156,514 )
$
(Loss) earnings per share of common stock
Basic
5 (c)
(2.58 )
(0.65 )
Diluted
5 (c)
(2.58 )
(0.65 )
See accompanying notes to consolidated financial statements.
Coronado Global Resources Inc. Form 10-K December 31, 2025 116
Consolidated Statements of Stockholders’ Equity
(In US$ thousands, except share data)
Common stock
Preferred stock
Additional
paid in
capital
Accumulated
other
comprehensive
losses
(Accumulated
losses) Retained
earnings
Total
stockholders'
equity
Shares
Amount
Series A
Amount
Balance December 31, 2022
$
$
$
$
(91,423 )
$
$
Net income
—
—
Other comprehensive income
—
—
Total comprehensive income
—
—
Stock-based compensation for equity
classified awards
—
—
Dividends
—
—
(16,765 )
(16,765 )
Balance December 31, 2023
$
$
$
$
(89,927 )
$
$
Net loss
—
—
(108,881 )
(108,881 )
Other comprehensive loss
—
—
(47,633 )
(47,633 )
Total comprehensive loss
—
—
(47,633 )
(108,881 )
(156,514 )
Stock-based compensation for equity
classified awards
—
—
Dividends
—
—
(16,765 )
(16,765 )
Balance December 31, 2024
$
$
$
$
(137,560 )
$
$
Net loss
—
—
(432,056 )
(432,056 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(432,056 )
(414,940 )
Stock-based compensation for equity
classified awards
—
—
Dividends
—
—
(8,382 )
(8,382 )
Balance December 31, 2025
$
$
$
$
(120,444 )
$
(326,230 )
$
See accompanying notes to consolidated financial statements
Coronado Global Resources Inc. Form 10-K December 31, 2025 117
Consolidated Statements of Cash Flows
(In US$ thousands)
Year Ended December 31,
2025
2024
2023
Cash flows from operating activities:
Net (loss) income
$
(432,056 )
$
(108,881 )
$
Adjustments to reconcile net income to cash and cash equivalents provided
by operating activities:
Depreciation, depletion and amortization
Change in estimate of asset retirement obligation
(2,009 )
(3,523 )
(3,151 )
Impairment of non-core assets
Amortization of right of use asset - operating leases
Amortization of deferred financing costs
Non-cash interest expense
Amortization of contract obligations
(23,739 )
(31,443 )
(33,026 )
Gain on disposal of assets
(8,817 )
Equity-based compensation expense
Loss on debt extinguishment
Deferred income taxes
(14,276 )
(39,526 )
(21,338 )
Reclamation of asset retirement obligations
(5,106 )
(9,724 )
(5,334 )
(Decrease) increase in provision for discounting and credit losses
(207 )
(4,216 )
Loss (gain) on translation of short-term inter-entity balances
(10,028 )
Other
(181 )
(694 )
Changes in operating assets and liabilities:
Accounts receivable - including related party receivables, net
(35,340 )
Inventories
(32,704 )
(32,774 )
Other current assets
(2,778 )
(477 )
Contract obligations
Accounts payable
(13,795 )
(9,366 )
Accrued expenses and other current liabilities
(97,895 )
(25,435 )
Operating lease liabilities
(24,761 )
(21,050 )
(14,597 )
Income tax payable
(351 )
(164,834 )
Change in other liabilities
Net cash (used in) provided by operating activities
(79,997 )
Cash flows from investing activities:
Capital expenditures
(244,784 )
(248,142 )
(237,205 )
Proceeds from disposal of assets
Purchase of restricted and other deposits
(111,723 )
(2,462 )
(27,213 )
Redemption of restricted and other deposits
Net cash used in investing activities
(298,737 )
(226,336 )
(238,168 )
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financial liabilities
Debt issuance costs and other financing costs
(8,116 )
(13,912 )
(3,436 )
Principal payments on interest bearing liabilities and other financial liabilities
(99,574 )
(246,668 )
(4,361 )
Call premiums paid on early redemption of debt
(12,250 )
(9,768 )
Principal payments on finance lease obligations
(3,747 )
(68 )
(127 )
Dividends paid
(8,333 )
(16,679 )
(16,755 )
Net cash provided by (used in) financing activities
(24,679 )
Net (decrease) increase in cash and cash equivalents
(170,754 )
Effect of exchange rate changes on cash and cash equivalents
(10,138 )
(769 )
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
$
$
$
Supplemental disclosure of cash flow information:
Cash payments for interest
$
$
$
Cash (refund) paid for taxes
$
(1,695 )
$
(67,842 )
$
Restricted cash
$
$
$
See accompanying notes to consolidated financial statements
Coronado Global Resources Inc. Form 10-K December 31, 2025 118
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Description of Business, Basis of Presentation
(a)
Nature of operations
Coronado Global Resources Inc. (together with its subsidiaries, the “Company” or “Coronado”) is a global
producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of
steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia and
in the states of Pennsylvania, Virginia and West Virginia in the United States, or U.S. For details of the Company’s
capital structure, refer to Note 5 “Capital Structure” for further information.
(b)
Basis of Presentation
The Consolidated Financial Statements have been prepared in accordance with requirements of the U.S.
Generally Accepted Accounting Principles, or U.S. GAAP, and are presented in U.S. dollars, unless otherwise
stated.
The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. The Company,
or Coronado, are used interchangeably to refer to Coronado Global Resources Inc. or Coronado Global
Resources Inc. and its subsidiaries, as appropriate to the context. All intercompany balances and transactions
have been eliminated on consolidation.
(c)
Certain Significant Risks and Uncertainties
External factors, including general economic conditions, international events and circumstances, competitor
actions, governmental actions and regulations are beyond the Company’s control and can cause fluctuations in
demand for coal and volatility in the price of commodities. This in turn may adversely impact the Company’s
future operating results and purchase or investment opportunities in the coal mining industry.
Concentration of customers
The Company has a credit policy that establishes procedures to determine creditworthiness and credit limits for
trade customers and counterparties in the over-the-counter coal market. Generally, credit is extended based on
an evaluation of the customer’s financial condition. Collateral is not generally required, unless credit cannot be
established.
Payments from customers are generally due between
shipment or delivery of goods.
The Company had certain customers whose accounts receivable balances individually represented
% or more
of the Company’s total accounts receivable, or whose revenue individually represented
% or more of the
Company’s total revenue.
The following table summarizes any customer whose revenue individually represented
% or more of the
Company’s total coal revenues in the year ended December 31, 2025.
Year Ended December 31,
2025
2024
2023
Tata Steel
ArcelorMittal
For the year ended December 31, 2025, $
%, of total coal revenues were attributable to
customers. In comparison, for the year ended December 31, 2024, $
%, of total coal
revenues were attributable to
%, of total coal revenues were attributable to
%, of accounts receivable. As of December 31, 2024,
the Company had
%, of accounts receivable.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 119
The following table presents revenues as a percent of total revenue from external customers by geographic
region:
Year Ended December 31,
2025
2024
2023
Asia
North America
South America
Europe
Australia
Brokered sales
Total
The Company uses shipping destination as the basis for attributing revenue to individual countries. The transfer
of title on brokered transactions may occur at a point that does not reflect the end usage point, therefore these
sales are reflected as exports and classified as brokerage sales.
Concentration of labor
As of December 31, 2025,
% of the Company’s total employees are subject to the Curragh Mine Enterprise
Agreement 2023. This agreement covers work carried out by permanent, full-time, temporary, and casual coal
mining employees engaged by Curragh to fulfill production, maintenance and processing activities. Other than
the Curragh Mine Enterprise Agreement 2023, there are no other collective bargaining agreements or union
contracts covering employees of the Company.
Transportation
The Company depends upon port and rail transportation systems to deliver coal to its customers. Disruption of
these transportation services due to weather-related problems, mechanical difficulties, strikes, lockouts,
bottlenecks, and other events could temporarily impair the Company’s ability to supply coal to its customers. In
the past, disruptions in these services have resulted in delayed shipments and production interruptions.
(d)
Going concern
During the year ended December 31, 2025, the Company took decisive actions to enhance liquidity, including
securing incremental funding and concurrently amending the terms of its financial covenants, materially reducing
operating and capital costs, and completing other financial support arrangements with Stanwell.
On November 27, 2025, the Company completed refinancing of its existing credit facility with Highland Park XII
Pte. Ltd, an affiliate of Oaktree Capital Management L.P., through a new senior secured asset-based revolving
credit agreement with Stanwell Corporation Limited, or Stanwell, for an aggregate principal amount up to $
million, or the ABL Facility. The ABL Facility matures in
, bears interest at
%, which may increase to
% per annum depending on the level of the Borrowing Base Ratio and is subject to a minimum Borrowing Base
Ratio and, from December 31, 2027, the maintenance of gearing ratio and interest coverage ratio. Refer to Note
15 “Interest Bearing Liabilities” for further information.
Concurrently with the entry into the ABL Facility, the Company entered into a Second Amendment Deed that,
among other matters, amends the terms of its existing Amended Coal Supply Agreement, dated as of November
6, 2009, or the ACSA, and the New Coal Supply Agreement, dated as of July 12, 2019, or the NCSA, with
Stanwell. These amendments are expected to have a positive incremental impact on operating cashflows through
the waiver of rebate amounts otherwise payable under the ACSA, deferral of other obligations with Stanwell, and
prepayments in relation to future annual nominated contract tonnage, and provide material downside protection
during periods when the Company’s cash balance is below $
provide critical cash flow support and financial stability for the Company. The Curragh mine’s strategic
importance, to both Stanwell’s ability to economically generate electricity for Queensland and Queensland’s
overall energy security, was the primary motivating factor in Stanwell providing substantial financial assistance
and concessions to the Company and supporting the ongoing viability of the Curragh mine and the security of
coal supply to the Stanwell Power Station. Refer to Note 14 “Contract Obligations” for further information.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 120
On October 23, 2025, the manager of the Financial Provisioning Act, or the Scheme Manager, issued an
indicative Annual Review Allocation of “High” for the Curragh mine complex’s Environmental Authority, or EA,
number EPML00643713. As permitted under the Financial Provisioning Act, the Company made formal
submissions to the Scheme manager requesting a review of this indicative rating. Following consideration of the
Company’s formal submission, the Scheme Manager applied discretion as permitted under the Financial
Provisioning Act to grant transitional relief allowing the application of the “Moderate-High” risk category. This risk
category will apply until the next Annual Review Allocation for the Curragh mine complex, which is expected to
occur in November 2026.
Under the transitional “Moderate–High” risk category, the Company is required to make an annual contribution
to the Scheme equivalent to
% of Curragh’s Estimated Rehabilitation Cost, or the ERC, rather than provide
financial assurance in the form of bank guarantees, insurance bonds or cash collateral equal to
% of
Curragh’s ERC.
The Company’s earnings and cash flows from operating activities for the year ended December 31, 2025 were
significantly impacted by the continued subdued performance of Met coal markets, which led to low realized
prices for the coal the Company sells. For the year ended December 31, 2025, the Company incurred net losses
of $
2025. Since the previous interim period reporting assessment, the Company executed and received significant
liquidity support from Stanwell, entered into a new ABL Facility with an extended maturity and more flexible
covenant terms (including reducing cross default risk with the Notes), benefited from improving metallurgical coal
market conditions, demonstrated operational recovery, and obtained clarity regarding the outcome of the Scheme
Manager’s final Annual Review Allocation.
As of December 31, 2025, the Company’s available liquidity, consisting of cash and cash equivalents (excluding
restricted cash), was $
After evaluating these factors, the Company has concluded that its current cash and cash equivalents and
forecasted cashflows will be sufficient to fund its operations and satisfy its obligations for at least one year from
the issuance date of these financial statements.
In prior interim reporting periods, the Company concluded that conditions and events existed that caused
substantial doubt about its ability to continue as a going concern, primarily due to uncertainty regarding near-
term liquidity, refinancing of its asse t-based revolving credit facility (which included financial covenants that had
the potential to result in a cross default with the Company’s Senior Secured Notes) and the potential requirement
to provide financial assurance under the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld),
or the Financial Provisioning Act. This has now been alleviated as is described above and as such the substantial
doubt identified in prior interim reporting periods no longer exist at December 31, 2025.
The Company’s forecasts are subject to the achievement of production targets, and other factors beyond its
control, including general economic conditions, metallurgical coal pricing, competitive dynamics and weather-
related impacts. The Company’s working capital requirements in the short to medium term are also dependent
on variations in these factors and the preparation of forecasts requires management judgement.
2. Summary of Significant Accounting Policies
(a) Newly Adopted Accounting Standards
Accounting Standards Update, or ASU, 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax
Disclosures.
disclosures to require companies to disclose specific categories in the rate reconciliation, the income or loss from
continuing operations before income tax expense or benefit (separated between domestic and foreign) and
income tax expense or benefit from continuing operations (separated by federal, state, and foreign). The updated
standard was effective for annual periods beginning after December 15, 2024.
The updated standard impacted only the financial statement disclosures, with no impact on the Company’s results
of operation, cash flows and financial position.
The required disclosures are included in Note 20. “Income Taxes.”
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 121
(b) Accounting Standards Not Yet Implemented
ASU 2024-03 - Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses
. In November 2024, the FASB issued ASU
2024-03, which require disclosure, in the notes to financial statements, of specified information about certain
costs and expenses. The amendments aim to improve financial reporting by requiring that public business entities
disclose additional information about specific expense categories in the notes to financial statements at interim
and annual reporting periods. The updated standard is effective for annual reporting periods beginning after
December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is
permitted. The Company is currently evaluating the impact that the updated standard will have on its financial
statement disclosures.
ASU 2025-11 - Interim Reporting (Topic 270
):
Narrow-Scope Improvements
. In December 2025, FASB issued
ASU 2025-11 to clarify interim financial reporting guidance under Topic 270. The amendments aim to make the
interim reporting requirements easier to navigate and apply. The amendments do not change the substance of
existing interim reporting requirements but reorganize and clarify when and how the guidance applies. The
amendments also introduce a new disclosure principle requiring entities to disclose events and changes occurring
since the end of the last annual reporting period that have a material impact on the entity. The updated standard
will be effective for annual periods beginning after December 15, 2027, and interim reporting periods within those
annual reporting periods. The Company is currently evaluating the impact that the updated standard will have on
its financial statement disclosures.
There have been no other recent accounting pronouncements not yet effective that have significance, or potential
significance, to the Company’s Consolidated Financial Statements.
(c) Reclassifications
Certain amounts in the prior period Consolidated Balance Sheet have been reclassified to conform to the current
period presentation. These reclassifications relate to the presentation of contract obligations which were
previously reported within a different financial statement line item. These changes had no impact on the
Company’s previously reported net income (loss).
(d) Use of Estimates
The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to
make certain judgements, estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and contingent liabilities at the date of the Consolidated Financial Statements
and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ
materially from those estimates. Significant items subject to such estimates and assumptions include asset
retirement obligations; useful lives for depreci ation, depletion and amortization; expected credit losses; deferred
income tax assets and liabilities; values of coal properties; goodwill; workers’ compensation liability; and other
contingencies.
(e) Foreign Currency
Financial Statements of Foreign Operations
The reporting currency of the Company is the U.S. Dollar, or US$.
Functional currency is determined by the primary economic environment in which an entity operates. The
functional currency of the Company and its subsidiaries is the US$, with the exception of two foreign operating
subsidiaries, Coronado Curragh Pty Ltd, or Curragh, and its immediate parent, Coronado Australia Holdings Pty
Ltd, or CAH, whose functional currency is the Australian dollar, or A$, since Curragh’s predominant sources of
operating expenses are denominated in that currency.
Assets and liabilities are translated at the year-end exchange rate and items in the statement of operations are
translated at average rates with gains and losses from translation recorded in other comprehensive losses.
Foreign Currency Transactions
Monetary assets and liabilities are remeasured at year-end exchange rates while non-monetary items are
remeasured at historical rates.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 122
Gains and losses from foreign currency remeasurement related to Curragh’s US$ receivables are included in
coal revenues. All other gains and losses from foreign currency remeasurement and foreign currency forward
contracts are included in “Other, net,” with the exception of foreign currency gains or losses on long-term
intercompany loan balances which are classified within “Accumulated other comprehensive losses.”
The Company may periodically enter into arrangements that protect against the volatility of foreign currency,
including forward currency derivative contracts. Refer to Note 21. “Derivatives and Fair Value Measurement” for
further information.
The total aggregate impact of foreign currency transaction gains or losses on the Consolidated Statements of
Operations and Comprehensive Income was a net loss of $
$
currency transactions related to US$ coal sales in Australia (included in the total above) was a net loss of
$
and 2023, respectively.
(f) Cash and Cash Equivalents
Cash and cash equivalents include cash at bank and short-term, highly liquid investments with an original maturity
date of three months or less. The Company had $
investments classified as cash equivalents as of December 31, 2025 and 2024, respectively.
“Cash and cash equivalents,” as disclosed in the accompanying Consolidated Balance Sheets, includes $
million of restricted cash at December 31, 2025 and 2024.
(g) Trade Accounts Receivables
Trade accounts receivables represent customer obligations that are derived from revenue recognized from
contracts with customers. The Company extends trade credit to its customers in the ordinary course of business
based on an evaluation of the individual customer’s financial condition. Trade receivables are initially recorded
at fair value and subsequently at amortized cost, less any Expected Credit Losses, or ECL.
The Company determines ECL on a forward -looking basis for the expected lifetime losses on trade accounts
receivable. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument. The ECL is estimated based on the Company’s historic credit
loss experience, adjusted for factors that are specific to the financial asset, general economic conditions, financial
asset type, term and an assessment of both the current as well as forecast conditions, including expected timing
of collection, at the reporting date, modified for credit enhancements such as letters of credit obtained.
To
measure ECL, trade receivables have been grouped based on shared credit risk characteristics and the days
past due.
The amount of credit loss is recognized in the Consolidated Statements of Operations and Comprehensive
Income within “Provision for discounting and credit losses.” The Company writes off a financial asset when there
is information indicating there is no realistic prospect of recovery of the asset from the counterparty. Subsequent
recoveries of amounts previously written off are credited against “Provision for discounting and credit losses” in
the Consolidated Statements of Operations and Comprehensive Income.
(h) Inventories
Coal is recorded as inventory at the point in time the coal is extracted from the mine. Raw coal represents coal
stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer.
Saleable coal represents coal stockpiles which require no further processing prior to shipment to a customer.
Coal inventories are stated at the lower of average cost and net realizable value. The cost of coal inventories is
determined based on an average cost of production, which includes all costs incurred to extract, transport and
process the coal. Net realizable value considers the estimated sales price of the particular coal product, less
applicable selling costs, depending on the location of the coal stockpile, and, in the case of raw coal, estimated
remaining processing costs.
Supplies inventory is comprised of replacement parts for operational equipment and other miscellaneous
materials and supplies required for mining, which are stated at cost on the date of purchase. Supplies inventory
is valued at the lower of average cost or net realizable value, less a reserve for obsolete or surplus items. This
reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. It is not
customary to sell these inventories; the Company plans to use them in mining operations as needed.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 123
(i) Property, Plant and Equipment, Impairment of Long-Lived Assets and Goodwill
Property, Plant, and Equipment
Costs for mine development incurred to expand capacity of operating mines or to develop new mines and certain
mining equipment are capitalized and charged to operations on the hours of usage or units of production method
over the estimated proven and probable reserve tons directly benefiting from the capital expenditures. Mine
development costs include costs incurred for site preparation and development of the mines during the
development stage. Mineral rights and reserves acquired are measured at cost and are depleted on a units-of-
production method over the estimated proven and probable reserve tons of the relevant mineral property.
Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful
lives of the assets.
Property, plant, and equipment are recorded at cost and include expenditures for improvements when they
substantially increase the productive lives of existing assets. Depreciation is calculated using the straight-line
method over the estimated useful lives of the depreciable assets of
and transportation vehicles,
improvements.
Maintenance and repair costs are expensed to operations as incurred. When equipment is retired or disposed,
the related cost and accumulated depreciation are removed from the respective accounts and any gain or loss
on disposal is recognized in operations.
Impairment of long-lived assets
Long-lived assets, such as property, plant, and equipment, and purchased intangible assets subject to
amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group
be tested for possible impairment, the Company first compares undiscounted cash flows expected to be
generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or
asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent
that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques
including discounted cash flow models, quoted market values and third-party independent appraisals, as
considered necessary.
In circumstances in which the Company intends to sell a long-lived or asset group that did not satisfy the criteria
to be classified as “held-for-sale,” an impairment charge is recorded when the carrying amount of the disposal
group exceeds its estimated fair value, less costs to sell.
The Company recognized an impairment charge of $
to a long-standing non-core idle asset within the U.S. Operation for the year ended December 31, 2024. The
Company concluded that
years ended December 31, 2025 and 2023.
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business
combination that are not individually identified and separately recognized. In connection with the Buchanan
acquisition on March 31, 2016, the Company recorded goodwill in the amount of $
performed a qualitative assessment to determine if impairment was required at December 31, 2025 and 2024.
Based upon the Company’s qualitative assessment, it is more likely than not that the fair value of the reporting
unit is greater than its carrying amount at December 31, 2025 and 2024. As a result,
and the balance of goodwill at both December 31, 2025 and 2024 was $
any indicators of impairment since the acquisition date.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 124
Goodwill is not amortized but is reviewed for impairment annually or when circumstances or other events indicate
that impairment may have occurred. The Company follows the guidance in Accounting Standards Update 2017-
04 -
Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment
Company makes a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is
less than its carrying amount. Circumstances that are considered as part of the qualitative assessment and could
trigger a quantitative impairment test include, but are not limited to, a significant adverse change in the business
climate; a significant adverse legal judgment; adverse cash flow trends; an adverse action or assessment by a
government agency; unanticipated competition; and a significant restructuring charge within a reporting unit. If a
quantitative assessment is determined to be necessary, the Company compares the fair value of a reporting unit
with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the
Company recognizes an impairment charge for the amount by which the carrying amount exceeds its fair value
to the extent of the amount of goodwill allocated to that reporting unit.
The Company defines reporting units at the mining asset level. For purposes of testing goodwill for impairment,
goodwill has been allocated to the reporting units to the extent it relates to each reporting unit.
(j) Asset Retirement Obligations
The Company’s asset retirement obligation, or ARO, liabilities primarily consist of estimates of the cost of
reclamation of surface land and support facilities at both surface and underground mines in accordance with
applicable reclamation laws and regulations in the U.S. and Australia as defined by each mining permit.
The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed engineering
calculations of the amount and timing of the future cash spending for a third party to perform the required work.
Spending estimates are escalated for inflation and then discounted at the credit-adjusted, risk-free rate. The
Company records an ARO asset associated with the discounted liability for final reclamation and mine closure.
The obligation and corresponding asset are recognized in the period in which the liability is incurred. The ARO
asset is amortized on the units-of-production method over the expected life of the related asset and the ARO
liability is accreted to the projected spending date. As changes in estimates occur (such as mine plan revisions,
changes in estimated costs or changes in timing of the performance of reclamation activities), the revisions to
the obligation and asset are recognized at the appropriate credit-adjusted, risk-free rate. The Company also
recognizes an obligation for contemporaneous reclamation liabilities incurred as a result of surface mining.
Contemporaneous reclamation consists primarily of grading, topsoil replacement and re-vegetation of backfilled
pit areas. To settle the liability, the obligation is paid, and to the extent there is a difference between the liability
and the amount of cash paid, a gain or loss upon settlement is recorded. The Company annually reviews its
estimated future cash flows for its asset retirement obligations.
(k) Borrowing Costs
Borrowing costs are recognized as an expense when they are incurred, except for interest charges attributable
to major projects with substantial development and construction phases, which are capitalized as part of the cost
of the asset. There was
(l) Leases
From time to time, the Company enters into contractual agreements to lease property, plant and equipment. In
addition, the Company also enters into mining services contracts which may include embedded leases of mining
equipment. Based upon the Company’s assessment of the terms of a specific lease agreement, the Company
classifies a lease as either finance or operating.
Finance Leases
Right of Use, or ROU, assets related to finance leases are presented in “Property, plant and equipment, net” on
the Consolidated Balance Sheets. Lease liabilities related to finance leases are presented in “Lease Liabilities”
(current) and “Lease Liabilities” (non-current) on the Consolidated Balance Sheets.
Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present
value of the future lease payments over the lease term. The discount rate used to determine the present value
of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case
the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments.
The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a
collateralized basis over a similar term, an amount equal to the lease payments in a similar economic
environment.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 125
Operating Leases
ROU assets related to operating leases are presented as “Right of Use assets – operating leases, net” on the
Consolidated Balance Sheets. Lease liabilities related to operating leases that are subject to the Accounting
Standards Codification, or ASC, 842 measurement requirements, such as operating leases with lease terms
greater than twelve months, are presented in “Lease Liabilities” (current) and “Lease Liabilities” (non -current) on
the Consolidated Balance Sheets.
Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present
value of the future lease payments over the lease term. The discount rate used to determine the present value
of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which
case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease
payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow,
on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic
environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the
lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include
options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
The ROU asset includes any lease payments made and lease incentives received prior to the commencement
date. The Company has lease arrangements with lease and non-lease components which are accounted for
separately. Non-lease components of the lease payments are expensed as incurred and are not included in
determining the present value.
(m) Royalties
Lease rights to coal lands are often acquired in exchange for royalty payments. For our Australian Operations,
royalties are payable monthly as a percentage of the gross realization from the sale of the coal mined using
surface mining methods and underground methods. At our U.S. Operations, royalties are payable monthly as a
percentage of the gross realization for coal produced using underground mining methods. Advance mining
royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable
against future production. The Company had advance mining royalties of $
respectively, included in “Other current assets” as of December 31, 2025 and 2024.
(n) Stanwell Rebate
The Stanwell rebate relates to a contractual arrangement entered into by the Company and Stanwell Corporation
Limited, a State of Queensland-owned electricity generator, which required payment of a rebate for export coal
sold from some of Curragh’s mining tenements. The rebate obligation is accounted for as an executory contract
and the expense is recognized as incurred.
On November 27, 2025, the Company entered into a Second Amendment Deed with Stanwell that, among other
matters, waived the rebate amounts that would have otherwise been payable by the Company from January 1,
2026 until the final delivery date pursuant to the ACSA, which date is expected to occur in the first half of 2027.
Refer to Note 14. “Contract Obligations” for further information.
(o) Revenue Recognition
The Company accounts for a contract when it has approval and commitment from both parties, the rights of the
parties are identified, payment terms are identified, the contract has commercial substance and collectability of
consideration is probable. Once a contract is identified, the Company evaluates whether the combined or single
contract should be accounted for as more than one performance obligation.
The Company recognizes revenue when control is transferred to the customer. For the Company’s contracts, in
order to determine the point in time when control transfers to customers, the Company uses standard shipping
terms to determine the timing of transfer of legal title and the significant risks and rewards of ownership. The
Company also considers other indicators including timing of when the Company has a present right to payment
and when physical possession of products is transferred to customers. The amount of revenue recognized
includes any adjustments for variable consideration, which is included in the transaction price and allocated to
each performance obligation based on the relative standalone selling price. The variable consideration is
estimated through the course of the contract using management’s best estimates.
The majority of the Company’s revenue is derived from short-term contracts where the time between confirmation
of sales orders and collection of cash is not more than a few months. During 2025, the Company secured long-
term contracts with varying pricing arrangements and including prepayments. Refer to Note 14. “Contract
Obligations” for further information.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 126
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific
revenue-producing transaction that are collected by the Company from a customer are excluded from revenue.
Performance Obligations
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A
contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when,
or as, the performance obligation is satisfied. Revenue is recognized at a point in time.
The Company’s contracts have multiple performance obligations as the promise to transfer the individual unit of
coal is separately identifiable from other units of coal promised in the contracts and, therefore, distinct.
Performance obligations, as described above, primarily relate to the Company’s promise to deliver a designated
quantity and type of coal within the quality specifications stated in the contract.
For contracts with multiple performance obligations, we allocate the contract’s transaction price to each
performance obligation on a relative standalone selling price basis. The standalone selling price is determined at
each contract inception using an adjusted market assessment approach. This approach focuses on the amount
that the Company believes the market is willing to pay for a good or service, considering market conditions, such
as benchmark pricing, competitor pricing, market awareness of the product and current market trends that affect
the pricing.
Warranties provided to customers are assurance-type warranties on the fitness of purpose and merchantability
of the Company’s goods. The Company does not provide service-type warranties to customers.
Shipping and Handling
For Free on Rail sales, the Company accounts for shipping and handling activities as a separate performance
obligation after the customer obtains control of the good. In this instance, shipping and handling costs paid to
third party carriers and invoiced to coal customers are recorded as freight expense and other revenues,
respectively.
Contract Balances
Contract assets, when present, are recorded separately from trade receivables in the Company's Consolidated
Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right
to consideration becomes unconditional. Credit is extended based on an evaluation of a customer's financial
condition and a customer's ability to perform its obligations. The Company typically does not have contract assets
that are stated separately from trade receivables since the Company's performance obligations are satisfied as
control of the goods or services passes to the customer, thereby granting the Company an unconditional right to
receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the
Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when
control of the goods passes to the customer.
Refer to Note 14. “Contract Obligations” for further information.
(p) Commodity Price Risk
The Company has commodity price risk arising from fluctuations in domestic and global coal prices.
The Company’s principal philosophy is not to hedge against movements in coal prices unless there are
exceptional circumstances. Any potential hedging of coal prices would be through fixed price contracts.
The Company is also exposed to commodity price risk related to diesel fuel purchases. The Company may
periodically enter into arrangements that protect against the volatility in fuel prices as follows:
• entering into fixed price contracts to purchase fuel for the U.S. Operations.
• entering into derivative financial instruments to hedge exposures to fuel price fluctuations.
Refer to Note 21. “Derivatives and Fair Value Measurement”.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 127
(q) Derivative Accounting
The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in
the Consolidated Balance Sheets.
With respect to derivatives used in hedging activities, the Company assesses, both at inception and at least
quarterly thereafter, whether such derivatives are highly effective at offsetting the changes in the anticipated
exposure of the hedged item. The effective portion of the change in the fair value of derivatives designated as a
cash flow hedge is recorded in “Accumulated other comprehensive income (loss)” until the hedged transaction
impacts reported earnings, at which time any gain or loss is reclassified to earnings. To the extent that periodic
changes in the fair value of derivatives deemed highly effective exceeds such changes in the hedged item, the
ineffective portion of the periodic non-cash changes are recorded in earnings in the period of the change. If the
hedge ceases to qualify for hedge accounting, the Company prospectively recognizes changes in the fair value
of the instrument in earnings in the period of the change. The potential for hedge ineffectiveness is present in the
design of certain of the Company’s cash flow hedge relationships.
The Company’s asset and liability derivative positions are offset on a counterparty-by-counterparty basis if the
contractual agreement provides for the net settlement of contracts with the counterparty in the event of default or
termination of any one contract.
(r) Income Taxes
The Company uses the asset and liability approach to account for income taxes as required by ASC 740, Income
Taxes, which requires the recognition of deferred income tax assets and liabilities for the expected future tax
consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases.
Valuation allowances are provided when necessary to reduce deferred income tax assets to the amount expected
to be realized, on a “more likely than not” basis.
The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income
tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing
authorities, based on the technical merits of the position. These tax benefits are measured based on the largest
benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.
The Company’s foreign structure consists of Australian entities which are treated as corporations subject to tax
under Australian taxing authorities. The Australian entities are treated as a branch for U.S. tax purposes and all
income flows through the ultimate parent (the Company).
(s) Fair Value Measurements
The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs to the extent possible. The Company determines fair value based on assumptions that
market participants would use in pricing an asset or liability in the principal or most relevant market. When
considering market participant assumptions in fair value measurements, the Company distinguishes between
observable and unobservable inputs, which are categorized in one of three levels of inputs.
Refer to Note 21. “Derivatives and Fair Value Measurement” for detailed information related to the Company’s
fair value policies and disclosures.
(t) Stock-based Compensation
The Company has a stock-based compensation plan which allows for the grant of certain equity-based incentives
including stock options, performance stock units, or PSUs, and restricted stock units, or RSUs, to employees and
executive directors, valued in whole or in part with reference to the Company’s CDIs or equivalent common
shares (on a
:1 CDI to common share ratio).
The grant-date fair value of stock option award is estimated on the date of grant using Black-Scholes-Merton
option-pricing model. For certain options and PSUs, the Company includes a relative Total Stockholder Return,
or TSR, modifier to determine the number of shares earned at the end of the performance period. The fair value
of awards that include the TSR modifier is determined using a Monte Carlo valuation model.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 128
The expense for these equity-based incentives is based on their fair value at date of grant and is amortized over
the required service period, generally the vesting period. The Company accounts for forfeitures as and when they
occur.
Refer to Note 19. “Stock-Based Compensation”
for detailed information related to the Company’s stock-based
compensation plans.
(
u) (Loss) Earnings per Share
Basic earnings per share is computed by dividing net income attributable to stockholders of the Company by the
weighted-average number of shares of common stock outstanding during the reporting period.
Diluted net income per share is computed using the weighted-average number of shares of common stock and
dilutive potential shares of common stock outstanding during the period. Dilutive potential shares of common
stock primarily consist of employee stock options and restricted stock.
(v) Deferred Debt Issuance Costs
The Company capitalizes costs incurred in connection with new borrowings, the establishment or enhancement
of credit facilities and the issuance of debt securities. These costs are amortized as an adjustment to interest
expense over the life of the borrowing or term of the credit facility using the effective interest method. Deferred
debt issuance costs related to a recognized liability are presented in the Consolidated Balance Sheets as a direct
reduction from the carrying amount of that liability whereas debt issuance costs related to a revolving credit facility
are shown as an asset and amortized over the life of the facility on a straight-line basis and included in “Interest
expense, net” in the Company’s Consolidated Statements of Operations and Comprehensive Income.
For information on the unamortized balance of deferred debt issuance costs related to outstanding debt, see
Note 15. “Interest Bearing Liabilities”.
3. Segment Information
The Company has a portfolio of operating mines and development projects in Queensland, Australia and in the
states of Pennsylvania, Virginia and West Virginia in the U.S. The Australian Operations are comprised of the
100%-owned Curragh producing mine complex. The U.S. Operations are comprised of
complexes (Buchanan and Logan) and
On January 14, 2025, and November 21, 2025, the Company completed the sale of its idled Greenbrier property
and the Russell County development mining property, respectively, both of which were previously part of the
Company’s U.S. Operations.
The Company operates its business along
organization of the
Company’s chief operating decision maker, or CODM, manages and allocates resources to the various
components of the Company’s business.
The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance.
Adjusted EBITDA is not a measure of financial performance calculated in accordance with U.S. GAAP. Investors
should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled
financial measures used by other companies.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion and amortization and other
foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete items that management excludes
in analyzing each of the Company’s segments’ operating performance. “Other and corporate” relates to additional
financial information for corporate functions such as financial reporting and accounting, treasury, legal, human
resources, compliance, and tax. As such, the corporate function is not determined to be a reportable segment
but is discretely disclosed for purposes of reconciliation to the Company’s Consolidated Financial Statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 129
Reportable segment results for the years ended December 31, 2025, 2024 and 2023 are presented below:
(US$ thousands)
Australia
United States
Other and
Corporate
Total
Year ended December 31, 2025
Total revenues
$
$
$
$
Less:
Mining costs
(932,030 )
(585,509 )
(1,517,539 )
Other operating costs
(1)
(412,869 )
(126,465 )
(539,334 )
Total operating costs
(1,344,899 )
(711,974 )
(2,056,873 )
Other and unallocated items
(2)
(39 )
(39,257 )
(37,081 )
Segment adjusted EBITDA
(157,386 )
(39,257 )
(144,167 )
Total assets
Capital expenditures
Year ended December 31, 2024
Total revenues
$
$
$
$
Less:
Mining costs
(1,054,066 )
(629,242 )
(1,683,308 )
Other operating costs
(1)
(538,365 )
(141,239 )
(679,604 )
Total operating costs
(1,592,431 )
(770,481 )
(2,362,912 )
Other and unallocated items
(2)
(35,494 )
(29,661 )
Segment adjusted EBITDA
(35,494 )
Total assets
Capital expenditures
Year ended December 31, 2023
Total revenues
$
$
$
$
Less:
Mining costs
(1,058,598 )
(610,925 )
(1,669,523 )
Other operating costs
(1)
(621,356 )
(182,866 )
(804,222 )
Total operating costs
(1,679,954 )
(793,791 )
(2,473,745 )
Other and unallocated items
(2)
(41,629 )
(35,146 )
Segment adjusted EBITDA
(41,629 )
Total assets
Capital expenditures
(1)
The significant expense category and amount aligns with the segment-level information that is regularly provided to the CODM and
excludes Depreciation, Depletion and Amortization
.
(2)
Other and unallocated items for Other and Corporate includes selling, general and administrative expenses.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 130
The reconciliation s of net (loss) income attributable to the Company to Adjusted EBITDA for the years ended
December 31, 2025, 2024 and 2023 are as follows:
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Consolidated Adjusted EBITDA
$
(144,167 )
$
$
Depreciation, depletion and amortization
(185,350 )
(187,400 )
(160,711 )
Interest expense, net
(1)
(99,291 )
(58,856 )
(56,751 )
Loss on debt extinguishment
(19,258 )
(14,732 )
(1,385 )
Other foreign exchange gains
(2)
Uncertain stamp duty position
(3)
(41,321 )
Impairment of assets
(10,585 )
Restructuring costs
(4)
(729 )
Gains (losses) on sale of assets
(5)
(4,574 )
(4,846 )
(Increase) decrease in provision for discounting
(4,758 )
Other
(993 )
Net (loss) income before tax
$
(444,415 )
$
(149,190 )
$
Income tax benefit
Net (loss) income
$
(432,056 )
$
(108,881 )
$
(1)
Includes interest income of $
(2)
Refer to Note 4. “Other, net” for further discussion.
(3)
(4)
During the year ended December 31, 2024, a restructuring and cost transformation initiative commenced at the Australian Operations to focus on
repositioning the Company’s efforts to align its cost structures and optimize its operations.
(5)
During the year ended December 31, 2025, the Company recognized an $
and a $
31, 2024 and 2023, it included care and maintenance costs of the idled non-core asset Greenbrier that was sold on January 14, 2025.
The reconciliations of capital expenditures per the Company’s segment information to capital expenditures
disclosed on the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and
2023 are as follows:
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Capital expenditures per Consolidated Statement of
Cash Flows
$
$
$
Net movement in accruals for capital expenditures
(10,173 )
(453 )
Capital acquired through finance leases
Net movement in deposits to acquire long lead capital
(10,768 )
(8,994 )
Capital expenditures per segment detail
$
$
$
Disaggregation of Revenue
The Company disaggregates the revenue from contracts with customers by major product group for each of the
Company’s segments, as the Company believes it best depicts the nature, amount, timing and uncertainty of
revenues and cash flows. All revenue is recognized at a point in time.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 131
Year Ended December 31, 2025
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Year Ended December 31, 2024
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)(2)
Total
$
$
$
Year Ended December 31, 2023
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)(2)
Total
$
$
$
(1)
Included in Other revenue for Australian Operation is the amortization of Stanwell non-market coal supply agreement liability recognized on
acquisition of Curragh. See further discussion in Note 14 “Contract Obligations.”
(2)
Other revenue for the U.S. segment includes $
termination fee revenue from coal sales contracts cancelled at the U.S. Operations.
Further explanation to tables above:
The following is a description of the principal activities by reportable segments.
• The Company primarily offers two types of products to its customers: metallurgical coal and thermal coal
of varying qualities. The Company’s metallurgical coal is classified as hard coking coal, further
distinguished by its volatility (defined as high, mid, or low), and pulverized coal injection.
• The Australian Operations reportable segment includes the Curragh mine. The Australian Operations
are a separate reportable segment due to having separate management, location, assets, and
operations. The Curragh mine is located in central Queensland, Australia and produces a wide variety
of metallurgical coal and thermal coal for sale internationally and to fulfill a long-term contract with
Stanwell.
• The United States reportable segment includes the Buchanan and Logan coal mine facilities located in
Virginia and West Virginia in the United States. It produces high, mid and low volatility hard coking coal.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 132
4. Other, net
Other, net consists of the following:
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Other foreign exchange gains
(1)
$
$
$
Other financing costs
(1,500 )
Gain on sale of assets
Impairment of non-core assets
(10,585 )
Restructuring costs
(729 )
Other income
Total Other, net
$
$
$
(1)
entities within the Group that are denominated in currencies other than their respective functional currencies.
5. Capital Structure
(a)
Authorized Capital Stock
The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue
of $
of preferred stock.
Common Stock / CDIs
As of December 31, 2025, 2024 and 2023,
A portion of the Company’s common stock is publicly traded on the ASX under the ticker “CRN,” in the form of
CHESS Depositary Interests, or CDIs. CDIs are units of beneficial ownership in shares of common stock held by
CHESS Depositary Nominees Pty Limited, or CDN, a wholly-owned subsidiary of ASX Limited, the company that
operates the ASX.
As each CDI represents one-tenth of a share, holders of CDIs will be entitled to
hold. CDI holders participate in all entitlements which attach to the underlying shares such as participation in
rights issues, bonus issues, capital reductions and liquidation preferences.
The CDIs entitle holders to receive dividends, if declared, and other rights economically equivalent to shares of
common stock, including the right to attend stockholders’ meetings. CDN, as the stockholder of record, will vote
the underlying shares in accordance with the directions of the CDI holders.
As of December 31, 2025,
stock) were owned by investors in the form of CDIs publicly traded on the ASX.
Coronado Group LLC
As of December 31, 2025, Coronado Group LLC, the Company’s controlling stockholder, beneficially owned
%
of the total
outstanding.
Refer to Note 19 “Stock-Based Compensation” for options to purchase common stock issued and outstanding as
of December 31, 2025 and 2024.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 133
Preferred Stock
Coronado Group LLC holds
is permitted to nominate and elect members of the Company’s Board of Directors in relation to the level of the
holder’s aggregate beneficial ownership of shares of the Company’s common stock. The Series A Preferred
Stock is not entitled to dividends and is non-transferable. The Series A Preferred Stock has a liquidation
preference of $
.
(b)
The dividend policy and the payment of future cash dividends are subject to the discretion of the Company’s
Board of Directors. The decision as to whether or not a dividend will be paid is subject to a number of
considerations, including the general business environment, operating results, cash flows, future capital
requirements, regulatory and contractual restrictions, applicable covenants under debt and other agreements
and any other factors the Board of Directors may consider relevant.
During the year ended December 31, 2025, the Company declared a:
• dividend of $
For the year ended December 31, 2025, the Company paid a total of $
on the ASX, net of $
paid in Australian dollars, in relation to the above declared dividend.
During the year ended December 31, 2024, the Company declared a:
• dividend of $
and
• dividend of $
For the year ended December 31, 2024, the Company paid a total of $
holders on the ASX, net of $
to be paid in Australian dollars, in relation to the above declared dividends.
During the year ended December 31, 2023, the Company declared a:
• dividend of $
and
• dividend of $
For the year ended December 31, 2023, the Company paid a total of $
holders on the ASX, net of $
to be paid in Australian dollars, in relation to the above declared dividends.
(c)
Basic earnings per share of common stock is computed by dividing net income attributable to the Company for
the period, by the weighted-average number of shares of common stock outstanding during the same period.
Diluted earnings per share of common stock is computed by dividing net income attributable to the Company for
the period by the weighted-average number of shares of common stock outstanding during the same period, as
adjusted to give effect to potentially dilutive securities. During periods in which the Company incurs a net loss,
diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because
the effect of all equity awards is anti-dilutive.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 134
Basic and diluted earnings per share were calculated as follows (in thousands, except per share data):
Year Ended December 31,
(US$ thousands, except per share data)
2025
2024
2023
Numerator:
Net (loss) income attributable to Company stockholders
$
(432,056 )
$
(108,881 )
$
Denominator (in thousands):
Weighted-average shares of common stock outstanding
Effects of dilutive shares
Weighted average diluted shares of common stock outstanding
(Loss) earnings per share (US$):
Basic
(2.58 )
(0.65 )
Dilutive
(2.58 )
(0.65 )
6. Trade Receivables, net
The Company extends trade credit to its customers in the ordinary course of business. Trade receivables are
recorded initially at fair value and subsequently at amortized cost, less any ECL.
December 31,
(US$ thousands)
2025
2024
Trade receivables
$
$
Provision for discounting and credit losses (Note 7)
(4,037 )
(179 )
Trade receivables, net
$
$
7. Provision for Discounting and Credit Losses
The following table provides a reconciliation of the allowance for credit losses that is deducted from financial
assets to present the net amount expected to be collected:
(US$ thousands)
Trade
receivables
Other
Assets
Total
Allowance for credit losses as at January 1, 2023
$
$
$
Change in estimates during the period
(88 )
(119 )
(207 )
Allowance for credit losses as of December 31, 2024
Change in estimates during the period
Allowance for credit losses as of December 31, 2025
$
$
$
8. Inventories
December 31,
(US$ thousands)
2025
2024
Raw coal
$
$
Saleable coal
Total coal inventories
Supplies inventory
Total inventories
$
$
Coal inventories measured at their net realizable value were $
2025 and 2024, respectively.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 135
9. Other Assets
December 31,
(US$ thousands)
2025
2024
Other current assets:
$
$
Total other current assets
$
$
Other non-current assets:
$
$
Total other non-current assets
$
$
The Company has other assets which include prepayments, favorable mineral leases, deferred debt issue costs,
long service leave receivables, equipment deposits, short-term deposits and coalfield employment enhancement
tax credit receivables.
Long service leave for eligible coal mine workers at the Company’s Australian Operations is paid when leave is
taken, with a subsequent reimbursement received from the Coal Mining Industry (Long Service Leave Funding)
Corporation in Queensland, Australia. The reimbursement entitlement is recognized as a receivable and is
measured as the present value of expected future reimbursements to be received for the corresponding leave
liability recognized.
Deposits to acquire mining equipment are advance payments made for the purchase of future mining equipment,
some of which is classified as non-current assets if the equipment is expected to be delivered beyond the next
twelve months.
Short-term deposits are term deposits held with financial institutions with a maturity greater than ninety days but
less than twelve months and that did not meet the cash and cash equivalents criteria.
The favorable mineral leases were recognized on acquisition of certain U.S. assets that are amortized based on
the coal tonnage removed from the lease property relative to the total estimated acquired reserves on that
property.
The deferred debt issue costs as of December 31, 2025, were incurred to establish the ABL Facility with Stanwell
(as described in Note 15 “Interest Bearing Liabilities”). The deferred debt issue costs are amortized over the life
of the ABL Facility on a straight-line basis and included in “Interest expense, net” in the Company’s Consolidated
Statements of Operations and Comprehensive Income.
The deferred debt issue costs as of December 31, 2024, were incurred to establish the senior secured asset-
based revolving credit agreement with The Hongkong and Shanghai Banking Corporation Limited and DBS Bank
Limited, as lenders, or the predecessor credit facility, which was extinguished and associated deferred issuance
costs written off during the year ended December 31, 2025.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 136
10. Property, Plant and Equipment
The following table indicates the carrying amount of each of the major classes of the Company’s consolidated
depreciable assets:
December 31,
(US$ thousands)
2025
2024
Land
$
$
Buildings and improvements
Plant, machinery, mining equipment and transportation vehicles
Mineral rights and reserves
Office and computer equipment
Mine development
Asset retirement obligation asset
Construction in progress
Total cost of property, plant and equipment
Less accumulated depreciation, depletion and amortization
Property, plant and equipment, net
$
$
The amount of depreciation and amortization expense for property, plant and equipment for the years ended
December 31, 2025, 2024 and 2023 was $
11. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
December 31,
(US$ thousands)
2025
2024
Wages and employee benefits
$
$
Taxes other than income taxes
Accrued royalties
Accrued freight costs
Accrued mining fees
Other liabilities
$
$
12. Leases
During the year ended December 31, 2025, the Company entered into a number of agreements to lease mining
equipment. On mobilization, based on the Company’s assessment of terms within these arrangements, the
Company recognized ROU assets and operating lease liabilities of $
finance lease liabilities of $
Information related to the Company’s right-of use assets and related lease liabilities is as follows:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 137
Year ended December 31,
(US$ thousands)
2025
2024
Operating lease costs
$
$
Cash paid for operating lease liabilities
Finance lease costs:
Depreciation of property, plant and equipment
Interest expense on finance lease liabilities
Total finance lease costs
$
$
December 31,
(US$ thousands)
2025
2024
Assets:
Operating leases
Right of use asset – operating leases, net
$
$
Finance leases
Property, plant and equipment
Accumulated depreciation
(2,721 )
Property, plant and equipment, net
Liabilities:
Current operating lease obligations
Non-current operating lease obligations
Total operating lease liabilities
Current finance lease obligations
Non-current finance lease obligations
Total finance lease liabilities
Current lease obligations
Non-current lease obligations
Total lease obligations
$
$
December 31,
2025
2024
Weighted Average Remaining Lease Term (Years)
Finance leases
-
Operating leases
Weighted Average Discount Rate
Finance leases
Operating leases
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 138
The Company’s leases have remaining lease terms of
, some of which include options to
extend the terms where the Company deems it is reasonably certain the options will be exercised. Maturities of
lease liabilities as at December 31, 2025, are as follows:
(US$ thousands)
Operating
Lease
Finance
Lease
Total
Year ending December 31,
2026
$
$
$
2027
2028
2029
Total lease payments
Less imputed interest
(14,880 )
(5,650 )
(20,530 )
Total lease liability
$
$
$
13. Asset Retirement Obligations
Reclamation of areas disturbed by mining operations must be performed by the Company in accordance with
approved reclamation plans and in compliance with state and federal laws in the states of West Virginia and
Virginia in the United States and Queensland in Australia. For areas disturbed, reclamation is performed
progressively, however, a significant amount of the reclamation will take place in the future when operations
cease. There were
of December 31, 2025 and 2024. In addition, state agencies monitor compliance with the mine plans, including
reclamation.
The Company records the fair value of its asset retirement obligations using the present value of projected future
cash flows, with an equivalent amount recorded in the related long lived asset or a change to the Consolidated
Statements of Operations and Comprehensive Income if the related permit is closed. An accretion cost,
representing the increase over time in the present value of the liability, is recorded each period and the capitalized
cost is depreciated over the useful life of the related asset. As reclamation work is performed or liabilities
otherwise settled, the recorded amount of the liability is reduced.
Changes in the Company’s asset retirement obligations for the years ended December 31, 2025 and December
31, 2024 were as follows:
(US$ thousands)
2025
2024
Total asset retirement obligations at beginning of the year
$
$
ARO liability relating to mining assets and development properties disposed
(8,202 )
ARO liability additions - new disturbances
Accretion
Reclamation performed in the year
(5,106 )
(9,724 )
Change in estimate recorded to operations
(2,009 )
(3,523 )
Change in estimate recorded to assets
(17,326 )
Foreign currency translation adjustment
(9,142 )
Total asset retirement obligations at end of the year
Less current portion
(10,978 )
(15,523 )
Total asset retirement obligations, excluding current portion, at the end of the
year
$
$
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 139
14. Contract Obligations
The following is a summary of the Company’s contract obligations as of December 31, 2025:
(US$ thousands)
Short-term
Long-term
Total
Coal leases contract liability
$
$
$
Stanwell below-market coal supply agreement
Stanwell deferred consideration liability
Stanwell prepaid coal supply liability
$
$
$
The following is a summary of the Company’s contract obligations as of December 31, 2024:
(US$ thousands)
Short-term
Long-term
Total
Coal leases contract liability
$
$
$
Stanwell below-market coal supply agreement
Stanwell deferred consideration liability
$
$
$
Coal leases contract liability
In connection with the acquisition of the Logan assets, the Company assumed certain non-market contracts
related to various coal leases. The non-market coal leases require royalty payments based on a percentage of
the realization from the sale of the respective coal under lease. On acquisition, the Company recorded
$
estimated coal reserves as they are mined and sold.
Stanwell below market coal supply agreements
In connection with the acquisition of Curragh, the Company assumed a below-market coal supply agreement with
Stanwell, which had a fixed pricing component that was below the market price at the date of acquisition. As a
result, on acquisition, the Company recorded a liability of $
unfavorable pricing of the Stanwell coal supply agreement and is amortizing it ratably as the base tons are sold
pursuant to the contract. The amortization of this liability for the years ended December 31, 2025, 2024 and 2023
was $
Consolidated Statements of Operations and Comprehensive Income.
Stanwell deferred consideration liability
On August 14, 2018, the Company completed the acquisition of rights to mine in the Stanwell Reserved Area, or
the SRA, adjacent to the current Curragh mining tenements. These rights were acquired on a deferred
consideration basis, and on acquisition the Company recognized a “Mineral rights and reserves” asset and a
corresponding deferred consideration liability of $
pre-tax discount rate of
%, which represented the fair value of the arrangement at the date of acquisition. The
deferred consideration liability reflects the passage of time by way of an annual accretion at the contractual pre-
tax discount rate of
% and will be settled as a discount to the price of thermal coal supplied to Stanwell over
the term of a New Coal Supply Agreement which is expected to commence in the first half of 2027. The accretion
of the deferred consideration liability is recognized within “Interest expense, net” in the Consolidated Statements
of Operations and Comprehensive Income. The right-to-mine-asset is amortized over the coal reserves mined
from the SRA.
Stanwell prepaid coal supply liability
On June 10, 2025, the Company and Stanwell entered into a deed of amendment , or the First Amendment, and
amended the New Coal Supply Agreement dated July 12, 2019, or NCSA, whereby Stanwell provided
approximately $
tonnage of thermal coal under the NCSA.
The First Amendment included a $
a rebate waiver and deferral from April 2025 to December 2025 of $
will be settled through reduction of the gross proceeds to be received on the physical delivery of thermal coal to
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 140
Stanwell, expected to start in the first half of 2027, of up to
, or until such time
that the obligation is fully settled. This prepaid coal supply liability bears interest at
% per annum.
For the year ended December 31, 2025, the Company recognized interest expense of $
million) related to the financing component of the prepaid coal supply liability.
The contract liability related to this arrangement, including accrued interest, will be settled as the physical delivery
of coal occurs and the performance obligation is satisfied.
As of December 31, 2025, the carrying value of the Stanwell prepaid coal supply liability was $
(A$
The Second Amendment Deed
On November 27, 2025, the Company entered into the Second Amendment Deed that, among other matters,
amended the terms of the ACSA and the NCSA, by providing for:
●
from January 1, 2026 until the final delivery date, which date is expected to occur in the first half of 2027;
●
under the First Amendment and amounts to which Stanwell is otherwise entitled in relation to the SRA
deferred consideration, or the Deferred Amounts;
●
under the ACSA and the NCSA equal the difference between the current contracted prices under these
arrangements and an agreed, fixed price roughly equivalent to market prices at the time of the Second
Amendment, or the ACSA Prepayments and the NCSA Prepayments. Stanwell’s obligation to make the
ACSA Prepayments and NCSA Prepayments are subject to certain liquidity tests. More specifically,
Stanwell (i) will advance all of the relevant prepayment when the Company’s monthly liquidity is below
$
liquidity is between $
when the Company’s monthly liquidity is above $
●
nominations ranging from
The value of the ACSA Prepayments, NCSA Prepayments and Deferred Amounts, or the Prepayment and
Deferred Payment Balance, will be settled through delivery of coal to Stanwell in months when the Company’s
liquidity exceeds $
% per
annum and the total balance (including accrued interest) will be capped at
Deferred Payment Balance until the final delivery date pursuant to the NCSA.
The Second Amendment Deed also includes restrictions on the Company’s ability to pay distributions to
shareholders (e.g., dividends) such that the Company will be required to maintain a minimum cash liquidity of
$
distribution, and the payment of an equal or greater amount to Stanwell to reduce the Prepayment and Deferred
Payment Balance.
The Prepayment and Deferred Payment Balance may become repayable if there is an unremedied default under
the ACSA and NCSA. Additionally, the rebate amounts waived under the Second Amendment Deed will be
repayable if there is a change of control of the Company that occurs within two years of the date of the Second
Amendment. Refer to Note 24. “Contingencies” for further information.
The ACSA and the NCSA are secured by a third-priority lien on substantially all of the Company’s assets, other
than the ABL Collateral (described below).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 141
15. Interest Bearing Liabilities
The following is a summary of the Company's interest-bearing liabilities at December 31, 2025 and 2024:
December 31,
2025
December 31,
2024
Weighted Average
Interest Rate at
December 31, 2025
Final
Maturity
0% Senior Secured Notes
$
$
%
(2)
ABL Facility
.00%
Loan - Curragh Housing Transaction
%
(2)
Debt issuance costs
(1)
(10,203 )
(12,165 )
Total interest bearing liabilities
Less: current portion
(1,671 )
(1,363 )
Non-current interest-bearing liabilities
$
$
(1)
Relates to debt issuance costs in connection with the 2029 Notes and Curragh Housing Transaction (as defined below). Deferred debt
issuance costs incurred in connection with the establishment of the ABL Facility have been included within "Other non-current assets" in the
Consolidated Balance Sheets.
(2)
issuance costs and discount, where applicable.
9.250% Senior Secured Notes due 2029
As of December 31, 2025, the aggregate outstanding principal amount of the
% Senior Secured Notes due
2029, or the Notes, was $
The Notes were issued at par and bear interest at a rate of
% per annum. Interest on the Notes is payable
semi-annually in arrears on April 1 and October 1 of each year, which began on April 1, 2025. The Notes mature
on October 1, 2029 and are senior secured obligations of the Issuer.
The terms of the Notes are governed by an indenture, or the Indenture, dated as of October 2, 2024, among
Coronado Finance Pty Ltd, as issuer (the Issuer), Coronado Global Resources Inc., as guarantor, the subsidiaries
of Coronado Global Resources Inc. named therein as additional guarantors, and Wilmington Trust, National
Association, as trustee and priority lien collateral trustee. The Indenture contains customary covenants for high
yield bonds, including, but not limited to, limitations on investments, liens, indebtedness, asset sales, transactions
with affiliates and restricted payments, including payment of dividends on capital stock.
The Notes are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries
that are a guarantor or a borrower under the Company’s ABL Facility (as defined above) or certain other debt
and secured by (i) a first-priority lien on substantially all of the assets of the Issuer and each guarantor (other
than certain assets, including, but not limited to cash, deposit accounts, securities accounts, commodities
accounts, accounts receivable and other rights to payment, inventory, intercompany loans and advances, or the
ABL Collateral, and (ii) a second-priority lien on the ABL Collateral, which is junior to a first-priority lien for the
benefit of Stanwell under the ABL Facility, subject to certain exceptions and permitted liens.
Upon the occurrence of a “Change of Control Triggering Event,” as defined in the Indenture as the occurrence of
Change of Control and Rating Decline (each as defined in the Indenture), the Issuer is required to offer to
repurchase the Notes at
% of the aggregate principal amount thereof, plus accrued and unpaid interest, if
any, to, but excluding, the repurchase date. The Issuer also has the right to redeem the Notes at
% of the
aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase
date, following the occurrence of a Change of Control Triggering Event, provided that the Issuer redeems at least
% of the Notes outstanding prior to such Change of Control Triggering Event. Upon the occurrence of certain
changes in tax law (as described in the Indenture), the Issuer may redeem all of the Notes at a redemption price
equal to
% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, to,
but excluding, the redemption date.
The Indenture contains customary events of default, including failure to make required payments, failure to
comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain
events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture
will allow either the trustee or the holders of at least
% in aggregate principal amount of the then-outstanding
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 142
Notes to accelerate, or in certain cases, will automatically cause acceleration of, the amounts due under the
Notes.
As of December 31, 2025, the Company was in compliance with all applicable covenants under the 2029 Notes
Indenture.
The carrying value of debt issuance costs, recorded as a direct deduction from the face amount of the 2029
Notes, were $
Asset Based Revolving Credit Facility
On November 27, 2025, or the Amendment Date, the Company, Coronado Finance Pty Ltd, an Australian
proprietary company and a wholly owned subsidiary of the Company, Coronado Curragh Pty Ltd, an Australian
proprietary company and wholly owned subsidiary of the Company (together with Coronado Finance Pty Ltd, the
Borrowers), and the other guarantors party thereto, collectively with the Company, the Guarantors, and, together
with the Company and the Borrowers, the Obligors, entered into the ABL Facility for an initial aggregate principal
amount of $
Administrative Agent, Global Loan Agency Services Australia Nominees Pty Ltd, as Collateral Agent, and
Stanwell Corporation Limited, as Lender. The ABL Facility replaced the Company’s predecessor credit facility,
dated May 8, 2023 (as amended and restated from time to time) with Highland Park XII Pte. Ltd, an affiliate of
Oaktree Capital Management L.P., as lender, which the Company fully repaid in accordance with its terms and
terminated in connection with entry into the ABL Facility.
The ABL Facility is a revolving credit facility that matures in
. Availability under the ABL Facility is limited
to an eligible borrowing base, determined by applying customary advance rates to eligible accounts receivable
and inventory. Borrowings under the ABL Facility bear interest at a rate of
% per annum, which may increase
to
% per annum depending on the level of the Borrowing Base Ratio.
As of December 31, 2025, the aggregate principal amount outstanding of the ABL Facility was $
(A$
currency of Coronado Finance Pty Ltd.
Amounts outstanding under the ABL Facility are secured by (i) a first-priority lien in the ABL Collateral, and (ii) a
second-priority lien on substantially all of the Company’s assets and the assets of the guarantors, other than the
ABL Collateral.
The ABL Facility contains customary representations and warranties and affirmative and negative covenants
including, among others, a quarterly Borrowing Base Ratio test and, from December 31, 2027, the maintenance
of a gearing ratio and interest coverage ratio.
The ABL Facility provides for customary events of default that may trigger certain repayment obligations and
review events. A review event will occur under the ABL Facility if the Borrowing Base Ratio is below the specified
minimum threshold of
%. Following the occurrence of a review event, the Borrowers must promptly meet and
consult in good faith with the Administrative Agent and the Lender to determine whether the Borrowing Base
Ratio on the next testing date will be above the specified minimum threshold. If, at the end of a period of
business days after the occurrence of the review event, the Lender is not satisfied with the result of its discussions
with the Borrowers, the Lender may require the Borrowers to repay outstanding borrowings in an aggregate
amount sufficient to restore the Borrowing Base Ratio to the specified minimum threshold.
In the event of a default by the Borrowers (beyond any applicable grace or cure period, if any), the Administrative
Agent may and, at the direction of the Lender, shall declare all amounts owing under the ABL Facility immediately
due and payable, terminate the Lender’s commitment to make loans under the ABL Facility and/or exercise any
and all remedies and other rights under the ABL Facility.
In connection with the entry into the ABL Facility, the Company also entered into amendments to its existing coal
supply agreements with Stanwell. Refer to Note 14. “Contract Obligations” for further information.
To establish the ABL Facility, the Company incurred debt issuance costs of $
issuance costs were recognized as an asset which is amortized ratably over the term of the ABL Facility.
The carrying value of debt issuance costs, recorded as “Other non-current assets” in the Consolidated Balance
Sheets, was $
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 143
Loss on debt extinguishment in relation to predecessor credit facilities
The predecessor credit facilities were extinguished on June 18, 2025, and November 27, 2025, and as a result,
outstanding deferred debt issuance costs of $
recognized as a loss on debt extinguishment in the Company’s Consolidated Statement of Operations and
Comprehensive Income for the year ended December 31, 2025.
Loan – Curragh Housing Transaction
On May 16, 2024, the Company completed an agreement for accommodation services and the sale and
leaseback of housing and accommodation assets with a regional infrastructure and accommodation service
provider, or collectively, the Curragh Housing Transaction. Refer to Note 16 “Other Financial Liabilities” for further
information.
In connection with the Curragh Housing Transaction, the Company borrowed $
the same regional infrastructure and accommodation service provider. This amount was recorded as “Interest
Bearing Liabilities” in the Consolidated Balance Sheets. The amount borrowed is payable in equal monthly
installments over a period of
%. The
Curragh Housing Transaction loan is not subject to any financial covenants.
The carrying value of the loan, net of issuance costs of $
$
16. Other Financial Liabilities
The following is a summary of other financial liabilities as of December 31, 2025 and 2024:
(US$ thousands)
December 31,
2025
December 31,
2024
Collateralized financial liabilities payable to third-party financing companies
$
$
Collateralized financial liabilities - Curragh Housing Transaction
Debt issuance costs
(883 )
(988 )
Total other financial liabilities
Less: current portion
Other non-current financial liabilities
$
$
Collateralized financial liabilities – Curragh Housing Transaction
The Curragh Housing Transaction did not satisfy the sale criteria under Accounting Standards Codification, or
ASC, 606 –
Revenues from Contracts with Customers
the proceeds of $
equipment owned by the Company in connection with the Curragh Housing Transaction were recognized as
“Other Financial Liabilities” on the Company’s Consolidated Balance Sheets. The term of the financing
arrangement is
%. This liability will be settled in equal monthly
payments as part of the accommodation services arrangement.
The Curragh Housing Transaction provided additional liquidity to the Company and enhanced the level of
accommodation services for our employees at our Curragh Mine.
In connection with the Curragh Housing Transaction, the Company granted the counterparty mortgages over
certain leasehold and freehold land. The counterparty’s rights are subject to a priority deed in favor of the
Company’s senior secured parties including, but not limited to, the holders of the Notes and Stanwell.
The carrying value of this financial liability, net of issuance costs of $
31, 2025, $
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 144
17. Workers’ Compensation and Pneumoconiosis (“Black Lung”) Obligations
In the United States, coal mine operations may lead to traumatic workers’ compensation claims, as well as black
lung disease claims. Injured workers generally file claims for traumatic injury under the governing state workers’
compensation legislation. Workers may file claims due to black lung under the governing state workers’
compensation legislation or under a series of federal laws that include the Federal Coal Mine Health and Safety
Act of 1969, as amended, the Black Lung Benefits Act of 1973, and the Black Lung Benefits Reform Act of 1977.
The Company provides for both traumatic workers compensation claims and occupational disease claims through
an insurance policy.
The Company has secured workers’ compensation insurance for work related injuries, including black lung,
through a third-party commercial insurance company. The insurance policy covers claims that exceed $
per occurrence for all years, or aggregate claims in excess of $
As of December 31, 2025, the Company had provided cash collateral security of $
2017 through 2026 (ending May 31, 2026).
For the years ended December 31, 2025, 2024 and 2023, the audited Consolidated Statements of Operations
and Comprehensive Income included Company incurred claims, premium expenses and administrative fees
related to workers’ compensation benefits of $
December 31, 2025 and 2024, the estimated workers’ compensation liability was $
respectively, representing claims incurred but not paid based on the estimate of the outstanding claims under the
coverage limits and the actuarially determined retained liability under the aggregate claim amount. As of
December 31, 2025 and 2024, $
current liabilities” in the Consolidated Balance Sheets. The current portion of the Company’s estimated workers’
compensation liabilities are recorded within “Accrued expenses and other current liabilities” in the Consolidated
Balance Sheets.
18. Employee Benefit Plans
The Company has a 401(k) defined contribution plan in which all U.S. full time employees are eligible to
participate upon their date of hire. Employees generally may contribute up to
% of their qualifying
compensation subject to statutory limitations. The Company matches up to
% up to the first
% of each
participant’s annual compensation for all employees. The Company’s contributions immediately vest. Total
Company contributions for the years ended December 31, 2025, 2024 and 2023 amounted to $
$
In the United States, the Company is self-insured for employee health care claims up to the lesser of $
per covered person or an aggregate amount depending on the various coverages provided to employees
throughout the plan year for all employees. The Company has purchased coverage from a commercial insurance
carrier to provide for any claims in excess of these amounts. At December 31, 2025 and 2024, the Company had
accrued $
million and $
estimate of the Company’s self-insured liability. For the years ended December 31, 2025, 2024 and 2023, the
Company incurred claims, premium expenses and administrative fees related to this plan totaled $
$
19. Stock-Based Compensation
Total stock-based compensation expense was $
December 31, 2025, 2024 and 2023, respectively, and was included as a component of selling, general, and
administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income.
The stock-based compensation expense includes compensation expense recognized in full at the grant date for
employees that meet certain retirement eligibility criteria per the 2018 Plan (as defined below).
As of December 31, 2025, the Company had $
nonvested stock-based compensation awards granted under its equity incentive plans. This cost is expected to
be recognized over
expense. This expected cost does not include the impact of any future stock-based compensation awards.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 145
a) 2018 Equity Incentive Plan
In connection with the completion of the Company’s initial public offering of common stock, the Company
implemented the Coronado Global Resources Inc. 2018 Equity Incentive Plan, or the 2018 Plan, which is
designed to align compensation for certain key employees with the performance of the Company. Since its
approval, there have been no updates to the 2018 Plan or issuances of a new plan.
The 2018 Plan provides for the grant of awards including stock options, or Options; stock appreciation rights;
restricted stock units, or RSUs, and restricted stock, which are valued in whole or in part with reference to shares
of the Company’s CDIs or common stock, as well as performance-based awards, including performance stock
units, or PSUs, denominated in CDIs or shares of common stock. Each award entitles the holder to receive one
CDI, with
The Company measures the cost of all stock-based compensation, including stock options, at fair value on the
grant date and recognizes such costs within “Selling, general and administrative expense” in the Consolidated
Statements of Operations and Comprehensive Income. The Company recognizes compensation expense related
to Options, PSUs and RSUs that cliff vest using the straight-line method during the requisite service period. For
stock-based awards where vesting is dependent upon achieving certain operating performance goals, the
Company estimates the likelihood of achieving the performance goals during the performance period. The
Company accounts for forfeitures as and when they occur.
All awards require the grantee to be employed by the Company at the vesting date, except for grantees who
meet certain retirement criteria under the 2018 Plan.
The following awards were outstanding under the 2018 Plan as of December 31, 2025:
Grant year
Vesting date
Performance period
PSUs
2025
31/03/2028
01/01/2025 - 31/12/2027
2024
31/03/2027
01/01/2024 - 31/12/2026
2023
31/03/2026
01/01/2023 - 31/12/2025
2022
31/03/2026
01/01/2022 - 31/12/2024
The vesting of PSUs is subject to the achievement of specified goals over the performance period. These goals
are relative total shareholder return, or TSR, and scorecard performance metrics, or the Scorecard. TSR is
determined based on the Company’s percentile ranking of TSR over the performance period relative to a
predefined peer group of similar companies.
The weighting of the TSR and performance metrics applicable to the PSUs granted is summarized below:
Grant year
Scorecard
Relative TSR
Safety
TSR
Cashflow
2025
2024 and 2023
2022
Awards subject to TSR vest based on service and market conditions. The fair value of relative TSR was estimated
on the grant date using a Monte Carlo simulation model.
Awards subject to the Scorecard metrics vest based on service and performance conditions. The fair value of
Scorecard awards was estimated using the grant date fair value of the Company’s common stock adjusted for
dividends foregone during the performance period.
Stock Option Awards
The Company’s outstanding stock option awards were granted on the date of the IPO with an exercise price of
$
The Stock Option activity is summarized below:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 146
Stock Option Activity
2025
2024
2023
Outstanding at the beginning of the year
Vested
(181,687 )
Outstanding at the end of the year
Exercisable at the end of the year
The weighted average grant date fair value of all Option awards granted was $
of the option awards granted under the 2018 Plan is $
will remain exercisable until they expire on October 23, 2028.
Performance Stock Unit Awards
Activity of the Company’s PSUs that are ultimately payable in the Company’s CDIs or the equivalent number of
shares of common stock granted under the 2018 Plan is summarized below:
Performance Stock Units Activity
2025
2024
2023
Unvested at the beginning of the year
Granted
Forfeited
(3,258,851 )
(4,314,219 )
(1,451,677 )
Vested and settled
(2,666,255 )
(1,389,391 )
(286,913 )
Unvested and outstanding at the end of the year
2025
2024
2023
Weighted-average grant date fair value (per CDI)
$
$
$
Weighted-average remaining term (in years)
The weighted-average grant date fair value of all PSUs granted in 2025 was $
).
The assumptions used to determine the fair value of the PSUs on each grant date were as follows:
2025 Grant
2024 Grant
2023 Grant
2022 Grant
Time to maturity (in years) (i)
Dividend yield (ii)
Expected volatility (iii)
Risk-free interest rate (iv)
___________________
(i) Time to maturity represents the period over which the PSUs will vest. All awards cliff vest at the end of
the requisite service period.
(ii) Dividend yield is the expected average yield of dividends expected over the vesting period.
(iii) The volatility was estimated using comparable public company volatility and the Company’s own volatility
for similar terms.
(iv) The risk-free interest rate was based on an interpolated Australian Government Bond Rate at the time of
the grant for periods corresponding with the expected term of the PSUs.
The above inputs were consistent to determine the fair value of the market and performance conditions of the
PSUs awards.
Restricted Stock Units
RSUs issued to certain employees are only subject to service conditions and vest at various intervals during the
service period. The fair value of the award was determined using the market price of the Company’s common
stock at the date of grant, and compensation expense is recorded over the requisite service period.
Activity of the Company’s RSUs that are ultimately payable in the Company’s CDIs or the equivalent number of
shares of common stock granted under the 2018 Plan is summarized below:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 147
Restricted Stock Units Activity
2025
2024
2023
Unvested at the beginning of the year
Granted
Forfeited
(31,654 )
(18,525 )
(46,593 )
Vested and settled
(552,887 )
(716,368 )
(507,054 )
Unvested and outstanding at the end of the year
2025
2024
2023
Weighted-average grant date fair value (per CDI)
$
$
$
Weighted-average remaining term (in years)
—
20. Income Taxes
(Loss) income from continuing operations before income taxes for the years presented below consisted of the
following:
December 31,
(US$ thousands)
2025
2024
2023
U.S.
$
(31,293 )
$
$
Non-U.S.
(413,122 )
(157,033 )
(210,559 )
Total
$
(444,415 )
$
(149,190 )
$
Total
income tax benefit for the periods presented below consisted of the following:
December 31,
(US$ thousands)
2025
2024
2023
Current:
U.S. federal
$
$
(867 )
$
(6,303 )
Non-U.S.
(166 )
(2,715 )
State
(636 )
(1,895 )
Total current
(783 )
(10,913 )
Deferred:
U.S. federal
(12,156 )
(61,977 )
Non-U.S.
(551 )
(45,976 )
State
(1,569 )
(1,255 )
(4,305 )
Total deferred
(14,276 )
(39,526 )
(21,338 )
Total income tax benefit
$
(12,359 )
$
(40,309 )
$
(32,251 )
As further described in Note 2, Summary of Significant Accounting Policies, the Company has elected to
prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income
Taxes Disclosures, or ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of
% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in
ASU No. 2023-09:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 148
December 31,
(US$ thousands)
2025
U.S. federal statutory tax rate
$
(93,327 )
State and local income tax, net of federal (national) income tax effect
(1)
(864 )
Foreign tax effects
Australia
Statutory tax rate difference between Australia and United States
(37,070 )
Valuation allowance
(
%)
Foreign exchange permanent differences
(
%)
Other
(1,580 )
Effects of cross-border tax laws
U.S. impact of branch income at
%
(85,469 )
Changes in valuation allowance
(
%)
Non-taxable or non-deductible items
(1,765 )
Changes in unrecognized tax benefits
(
%)
Other adjustments
(260 )
Total income tax benefit
$
(12,359 )
Effective tax rate
(1)
category.
The following is a reconciliation of the U.S. federal statutory rate of
% to the Company’s effective rate for the
year ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-
09:
December 31,
(US$ thousands)
2024
2023
Current:
Expected income tax expense at U.S. federal statutory rate
$
(31,330 )
$
Percentage depletion
(3,407 )
(17,871 )
FDII deduction
(7,796 )
Permanent differences
(1,130 )
Prior period tax return adjustments and amendments
(1,347 )
(46,060 )
Uncertain tax positions
(1,007 )
U.S. and residual tax on foreign earnings
(32,007 )
(11,146 )
Australian branch impact on US taxes
(3,406 )
State income taxes, net of federal benefit
(5 )
Total income tax benefit
$
(40,309 )
$
(32,251 )
Effective tax rate
(
%)
The 2023 prior period tax return adjustment and amendments relates predominantly to a Foreign Derived
Intangible Income (“FDII”) deduction in the U.S. which the Company has chosen to deduct after undertaking a
study to confirm the Company’s eligibility.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amount used for income tax purposes using the enacted
tax rates and laws currently in effect. Significant components of the Company’s deferred income tax assets and
liabilities as of December 31, 2025 and 2024 were as follows:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 149
December 31,
(US$ thousands)
2025
2024
Deferred income tax assets:
Accruals and provisions
$
$
Contract obligations
Lease obligations
Asset retirement obligation
Goodwill
Tax losses
Interest limitation carried forward
Other
Gross deferred income tax assets
Valuation allowance
(1)
(316,489 )
(114,088 )
Total deferred income tax assets, net of valuation allowance
Deferred income tax liabilities:
Property, plant, equipment and mine development, principally due to
differences in depreciation, depletion and asset impairments
(313,866 )
(277,424 )
Warehouse stock
(18,053 )
(12,209 )
Right of use asset
(44,085 )
(41,947 )
U.S. liability on foreign deferred taxes
Other
(6,358 )
(6,039 )
Total deferred income tax liabilities
(382,362 )
(337,619 )
Net deferred income tax liability
$
(23,249 )
$
(36,737 )
(1)
against deferred tax assets consisting predominantly of tax losses, land and goodwill. A valuation allowance must
be established for deferred tax assets if it is “more -likely-than-not” that they will not be realized. The increase in
the valuation allowance of $
which have not been recognized. Under Australian tax law, tax losses may be carried forward indefinitely and
utilized subject to meeting the tax loss recoupment rules, which broadly look at whether the Company has
maintained the same majority ownership and control, and failing that, whether the Company has maintained a
similar business. In the United States, tax losses may be carried forward indefinitely but can only be used to
shelter 80% of future taxable income in any year
.
For U.S. tax purposes, the group had tax losses carried forward of $
$
$
tax consolidated group, had tax losses carried forward of $
(tax effected) for which an equal valuation has been recognized.
BEPS Pillar Two: Australian legislation enacted for global and minimum domestic taxes
In December 2024, the Australian Government enacted legislation that implemented key aspects of Pillar Two of
the OECD/G20 Two-Pillar Solution which includes a 15% global minimum tax for large multinational enterprises.
This legislation did not have any impact on the Company in the current year and will be monitored going forward.
On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was signed into law. The legislation include a broad
range of tax reform provisions affecting businesses including, but not limited to, the expansion of bonus
depreciation, immediate expensing of domestic R&D costs, and revisions to the U.S. taxation of profits derived
from international operations. The legislation has multiple effective dates, with certain provisions effective in fiscal
year 2025 and others implemented through fiscal year 2027. The Act did not have a material impact on the
Company’s financial position and results of operations as of and for the fiscal year ended December 31, 2025.
Unrecognized Tax Benefits
The Company provides for uncertain tax positions, and the related interest and penalties, based upon
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 150
management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by
tax authorities.
To the extent that the anticipated tax outcome of these uncertain tax positions changes, such changes in estimate
will impact the income tax provision in the period in which such determination is made. The Company recognizes
accrued interest and penalties related to uncertain tax positions as a component of income tax expense.
The effect of the total amount of unrecognized tax benefits, if recognized, would reduce our future effective tax
rate.
December 31,
(US$ Thousands)
2025
2024
At beginning of the year
$
$
Additions based on tax positions related to current year
Additions for tax positions of prior years
Reductions for tax positions of prior year (including impacts due to lapse
in statute)
(586 )
(4,351 )
At end of the year
The return to provision adjustments for 2023 reflect a reduction due to results from the study conducted by
specialists and the fact that the benefit was limited to taxable income. For the year ended December 31, 2025,
the Company recorded interest of $
The Company is subject to taxation in the United States and Australia. As of December 31, 2025, tax years 2021
to 2024 are open to review from taxation authorities in the United States. In Australia, tax years 2021 to 2024 are
open to review.
In 2025, material jurisdictions that are equal or greater than 5% of the total cash refund for taxes as disclosed
including state taxes in West Virginia ($
2025.
21. Derivatives and Fair Value Measurement
(a)
The Company may use derivative financial instruments to manage its financial risks in the normal course of
operations, including foreign currency risks, commodity price risk related to purchase of raw materials (such as
gas or diesel) and interest rate risk. Derivatives for speculative purposes are strictly prohibited under the Treasury
Risk Management Policy approved by the Board of Directors.
The financing counterparties to the derivative contracts potentially expose the Company to credit-related risk.
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of the financial
instrument. The Company mitigates credit risk ensuring derivative contracts are entered with counterparties with
high credit quality and frequently monitoring their financial condition.
Forward foreign currency contracts
The Company’s Australian Operations utilize the cash generated from US$ denominated coal sales revenues to
fund operating costs, which are predominantly in A$. During the year ended December 31, 2025, the Company
entered into forward foreign currency contracts to hedge its foreign exchange exposure on a portion of the US$
denominated coal sales revenue at its Australian Operations, whose functional currency is A$.
The aggregate notional amount of the outstanding forward foreign currency derivative contracts designated as
cash flow hedges was $
March 2026. Given the forward foreign currency contracts were designated as cash flow hedges, the unrealized
gain of $
audited Consolidated Balance Sheet, and will be reclassified into “Coal revenues” in the Consolidated Statements
of Operations and Comprehensive Income in the period in which the hedged transaction impacts income,
expected to be within the next 3 months. Refer to Note 22. “Accumulated Other Comprehensive Losses”.
As of December 31, 2025, the Company recognized a derivative asset of $
currency contracts unrealized gain, classified within “
Other Current Assets
.”
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 151
b) Fair Value of Financial Instruments
The fair value of a financial instrument is the amount that will be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. The fair values of financial
instruments involve uncertainty and cannot be determined with precision.
The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs to the extent possible. The Company determines fair value based on assumptions that
market participants would use in pricing an asset or liability in the market. When considering market participant
assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and
unobservable inputs, which are categorized in one of the following levels:
Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the
reporting entity at the measurement date.
Level 2 Inputs: Other than quoted prices that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the asset or liability.
Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that
observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity
for the asset or liability at measurement date.
Financial Instruments Measured on a Recurring Basis
As of December 31, 2025, the Company’s forward foreign currency contracts, a net derivative asset of $
million, were required to be measured at fair value on a recurring basis based on a valuation that is corroborated
by the use of market-based pricing (Level 2). As at December 31, 2024, there were
required to be measured at fair value on a recurring basis.
Other Financial Instruments
The following methods and assumptions are used to estimate the fair value of other financial instruments as of
December 31, 2025 and 2024:
• Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, lease liabilities
and other current financial liabilities: The carrying amounts reported in the Consolidated Balance Sheets
approximate fair value due to the short maturity of these instruments.
• Restricted deposits, lease liabilities, interest bearing liabilities and other financial liabilities: The fair values
approximate the carrying amounts reported in the Consolidated Balance Sheets.
• Interest bearing liabilities: The Company’s outstanding interest-bearing liabilities are carried at amortized
cost. As of December 31, 2025, the fair value of the amounts drawn under the ABL Facility approximated
the carrying value reported in the Consolidated Balance Sheet. As of December 31, 2025, the estimated
fair value of the Notes was $
active (Level 2), and the estimated fair value of the Curragh Housing loan was $
unobservable inputs (Level 3).
22. Accumulated Other Comprehensive Losses
The Company’s Accumulated Other Comprehensive Losses consisted of foreign currency translation
adjustments for subsidiaries for which the functional currency is different to the Company’s functional currency
(the U.S. dollar) and net unrealized gains (losses) from forward foreign currency contracts designated as cash
flow hedge.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 152
(US$ thousands)
Foreign
currency
translation
adjustments
Net unrealized
gain on cash
flow hedge -
forward foreign
currency
contracts
Total
Balance at December 31, 2023
$
(89,927 )
$
$
(89,927 )
Net current-period other comprehensive income (loss):
Loss in other comprehensive income before
reclassifications
(10,524 )
(10,524 )
Loss on long-term intra-entity foreign currency
transactions
(37,109 )
(37,109 )
Total net current-period other comprehensive loss
(47,633 )
(47,633 )
Balance at December 31, 2024
(137,560 )
(137,560 )
Net current-period other comprehensive income (loss):
(Loss) gain in other comprehensive income before
reclassifications
(13,909 )
(10,226 )
Gain on long-term intra-entity foreign currency
transactions
Gain reclassified from accumulated other
comprehensive losses
(1,204 )
(1,204 )
Tax effects
Total net current-period other comprehensive losses
Balance at December 31, 2025
$
(122,923 )
$
$
(120,444 )
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 153
23. Commitments
(a) Mineral Leases
The Company leases mineral interests and surface rights from land owners under various terms and royalty
rates. The future minimum royalties under these leases are as follows:
(US$ thousands)
Amount
Year ending December 31,
2026
$
2027
2028
2029
2030
Thereafter
Total
$
Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932,
Extractive Activities – Mining.
(b)
Other commitments
As of December 31, 2025, purchase commitments for capital expenditures were $
payable within the next 12 months.
In Australia, the Company has generally secured the ability to transport coal through rail contracts and coal export
terminal contracts that are primarily funded through take-or-pay arrangements with terms ranging up to
.
In the U.S., the Company typically negotiates its rail and coal terminal on an annual basis. As of December 31,
2025, these Australian and U.S. commitments under take-or-pay arrangements totaled $
$
and $
24. Contingencies
Surety bond, letters of credit and bank guarantees
In the normal course of business, the Company is a party to certain guarantees and financial instruments with
off-balance sheet risk, such as bank guarantees, letters of credit and performance or surety bonds.
related to these arrangements are reflected in the Company’s Consolidated Balance Sheets. Management does
not expect any material losses to result from these guarantees or off-balance sheet financial instruments.
For the U.S. Operations, in order to provide the required financial assurance for post-mining reclamation, the
Company generally uses surety bonds. The Company uses surety bonds and bank letters of credit to collateralize
certain other obligations including contractual obligations under workers’ compensation insurance. As of
December 31, 2025, the Company had outstanding surety bonds of $
guarantees of $
For the Australian Operations, as at December 31, 2025, the Company had bank guarantees outstanding of
$
As of December 31, 2025, the Company, in aggregate, had total outstanding bank guarantees of $
secure its obligations and commitments.
Future regulatory changes relating to the above obligations could result in increased obligations, additional costs
or additional collateral requirements.
Restricted deposits – cash collateral
As required by certain agreements, the Company had total cash collateral in the form of deposits of $
and $
guarantees, other performance obligations, various other operating agreements and contractual obligations
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 154
under workers’ compensation insurance. These deposits are restricted and classified as “Non-current” assets in
the Consolidated Balance Sheets.
Future regulatory changes in relation to these obligations or deterioration of the Company’s credit rating could
result in increased obligations, additional costs or additional collateral requirements.
Stanwell Contingent Liability
On November 27, 2025, the Company and Stanwell entered into the Second Amendment Deed which, among
other things, waived the rebate amounts that would have otherwise been payable under the ACSA from January
1, 2026 until the final delivery date, which is expected to occur in the first half of 2027.
Pursuant to the terms of the Second Amendment Deed, if a change of control occurs within
amendment date, the Company must obtain Stanwell’s prior consent and, prior to the change of control occurring,
pay all rebates waived plus interest. Additionally, if the Company’s current controlling shareholder ceases to
control the Company by disposing of
% or more of its shares, the Company must immediately pay all rebates
waived by Stanwell plus interest.
The potential obligation constitutes a contingent liability. However, the amount of such liability is subject to
significant uncertainty due to its dependence on prevailing coal market prices during the waiver period and future
coal export volumes. Both variables are inherently volatile and influenced by external factors beyond the
Company’s control, including commodity price fluctuations, geopolitical developments, and market demand shifts.
As a result, the Company does not believe it can reasonably estimate the amount of the potential obligation.
From time to time, the Company is a party to other legal proceedings in the ordinary course of business in
Australia, the U.S. and other countries where the Company does business. Based on current information, the
Company believes that such other pending or threatened proceedings are likely to be resolved without a material
adverse effect on its financial condition, results of operations or cash flows. In management’s opinion, the
Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a
material effect on the financial condition, results of operations and/or liquidity of the Company.
25. Related
‑
Party Transactions
Coronado Group LLC
Under the Coronado Group LLC agreement (as amended, effective October 23, 2018),
incentive units were designated and authorized for issuance to certain members of management to motivate and
retain senior management. The incentive units are intended to allow key members of management to share in
the profits of the Company after certain returns are achieved by the equity investors. The incentive units constitute
“profit interests” for the benefit of senior management in consideration of services rendered and to be rendered.
Coronado Coal LLC and Coronado II LLC merged to form Coronado Group LLC in July 2015. Coronado IV LLC
was merged into Coronado Group LLC, the Company’s controlling stockholder, on June 30, 2016. Under the
updated formation agreement dated June 30, 2016, the
Group LLC were replaced by the new incentive units. At December 31, 2025 and 2024,
incentive units were outstanding.
The incentive units are comprised of three tiers, which entitle the holders to receive distributions from Coronado
Group LLC subordinate to the distributions to be received by its members. As of December 31, 2025 and 2024,
a portion of the authorized units had been allocated to various members of the Company’s management including
Mr. Garold Spindler, our former CEO and current Executive Chair, who is also member of Coronado Group LLC.
Stockholder’s Agreement and Registration Rights and Sell-Down Agreement
As of December 31, 2025, Coronado Group LLC had aggregate beneficial ownership of
% of the Company’s
shares. On September 24, 2018, Coronado Group LLC and the Company entered into a Stockholder’s
Agreement and a Registration Rights and Sell-Down Agreement which govern the relationship between
Coronado Group LLC and the Company for so long as the funds managed by The Energy & Minerals Group, or
EMG Group, beneficially own in the aggregate at least
% of our outstanding shares of common stock (including
shares of common stock underlying CDIs), including certain governance matters relating to the Company. Under
this Agreement, Coronado Group LLC has the ability to require the Company to register its shares under the U.S.
Securities Exchange Act of 1934 and to provide assistance to Coronado Group LLC in selling some or all of its
shares (including in the form of CDIs).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc. Form 10-K December 31, 2025 155
The Stockholder’s Agreement provides for the following:
• Consent rights: Coronado Group LLC (or its successors or permitted assigns) will have certain consent
rights, whereby certain specified actions require approval by Coronado Group LLC prior to these actions
being undertaken;
• Provision of information to Coronado Group LLC: There are information sharing arrangements relating
to the provision of financial and other information by the Company and its subsidiaries to Coronado
Group LLC entities, and the Company is required to cooperat e with and assist Coronado Group LLC in
connection with any financing (or refinancing) undertaken by the Company;
• Pro rata issuances: While Coronado Group LLC entities beneficially own in the aggregate at least
%
of the outstanding Shares, unless Coronado Group LLC (or its successors or permitted assigns) agrees
otherwise, issuances of equity securities must have been offered to the Coronado Group LLC entities in
respect of their pro rata shares, and any equity securities to be allocated by the Company under a share
incentive plan will be sourced by purchasing them in the market rather than by issuing them; and
• Board rights: Coronado Group LLC has certain rights regarding the board including the right, but not the
obligation, to designate the Directors to be included in the membership of any board committee, except
to the extent that such membership would violate applicable securities laws or stock exchange or stock
market rules.
Relationship Deed
On September 24, 2018, the Company and Coronado Group LLC entered into a Relationship Deed under which
the Company provides a number of indemnities in favor of Coronado Group LLC, including in relation to certain
matters related to its ASX initial public offering, or Australian IPO, and also certain guarantees that have in the
past been provided or arranged by Coronado Group LLC and its affiliates in support of Company obligations.
Under the Relationship Deed, Coronado Group LLC also agrees to indemnify the Company in relation to certain
Australian IPO-related matters and reimburse certain costs.
Coronado Global Resources Inc. Form 10-K December 31, 2025 156
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of Coronado Global Resources Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Coronado Global Resources Inc. (the
Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and
comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended
December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In
our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting
principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based
on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework) and our report dated March 3, 2026 expressed an
unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express
an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial
statements that was communicated or required to be communicated to the audit committee and that: (1) relates
to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical
audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to
which it relates.
Coronado Global Resources Inc. Form 10-K December 31, 2025 157
Evaluation of Going Concern
Description of the
matter
Note 1(d) to the consolidated financial statements discloses the conditions and events that
existed at interim reporting periods during 2025 which raised substantial doubt about the
Company’s ability to continue as a going concern and management’s conclusion that these
conditions and events were alleviated at December 31, 2025.
A significant judgement relevant to management’s going concern assessment is the
Company’s potential future obligation to provide surety under the Financial Provisioning Act
for the Curragh mine complex as described in Note 1(d).
The evaluation of whether substantial doubt in relation to going concern existed at December
31, 2025, was a critical audit matter as the assessment of management’s cash flow forecasts
and related assumptions, such as production targets and metallurgical coal pricing, as well
as the liquidity implications of the potential future obligation to provide surety under the
Financial Provisioning Act, was complex and required significant auditor judgement.
How we
addressed the
matter in our audit
We obtained an understanding, evaluated the design and tested the operating effectiveness
of controls over the Company’s process to perform its going concern assessment, including
the determination of key assumptions and the evaluation of the relevant conditions and
events that may impact its conclusion.
We tested the key assumptions used in the Company’s liquidity and cash flow forecasts
relating to production targets and metallurgical coal prices by comparing them to historical
information, budgets and independently sourced forecasts. We performed sensitivity
analysis on key assumptions to assess the impact on forecast liquidity.
We evaluated the significance and likelihood of the potential obligation to provide surety
under the Financial Provisioning Act, which included discussions with the Company’s
internal legal counsel. We assessed the completeness and accuracy of the related
disclosures including how the Company’s considerations of the significance of events and
conditions that raised substantial doubt in relation to going concern at prior interim periods
had been alleviated at December 31, 2025.
/s/
We have served as the Company’s auditor since 2020.
March 3, 2026
Coronado Global Resources Inc. Form 10-K December 31, 2025 158
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.
None.
Coronado Global Resources Inc. Form 10-K December 31, 2025 159
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We are subject to the periodic reporting requirements of the Exchange Act. We have designed our disclosure
controls and procedures to provide reasonable assurance that information we disclose in reports we file or submit
under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in
the rules and forms of the SEC. Disclosure controls and procedures are controls and procedures that are
designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is accumulated and communicated to our management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.
The Company, under the supervision and with the participation of its management, including the Chief Executive
Officer and the Group Chief Financial Officer, evaluated the effectiveness of the design and operation of the
Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act) as of
the end of the period covered by this report, and concluded that such disclosure controls and procedures were
effective to provide reasonable assurance that the desired control objectives were achieved.
Changes to Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting or in other factors that occurred during
our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting
as defined in Rules 13a-15(f) under the Exchange Act. Internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
the Company’s consolidated financial statements for external purposes in accordance with generally accepted
accounting principles.
Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit the
preparation of the consolidated financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the Company are being made only in accordance with appropriate
authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could
have a material effect on the consolidated financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Management conducted an assessment of the Company’s internal control over financial reporting as of
December 31, 2025, using the framework specified in
Internal Control – Integrated Framework (2013)
, published
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this
assessment, management concluded that the Company’s internal control over financial reporting was effective
as of December 31, 2025.
Our Independent Registered Public Accounting Firm, Ernst & Young, has audited our internal control over
financial reporting, as stated in their unqualified opinion report included herein.
Coronado Global Resources Inc. Form 10-K December 31, 2025 160
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Coronado Global Resources Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Coronado Global Resources Inc.’s internal control over financial reporting as of December 31,
2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion,
Coronado Global Resources Inc. (the Company) maintained, in all material respects, effective internal control
over financial reporting as of December 31, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024,
the related consolidated statements of operations and comprehensive income, stockholders’ equity and cash
flows for each of the three years in the period ended December 31, 2025, and the related notes and our report
dated March 3, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting included in the accompanying
Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether effective internal control over financial
reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that
a material weakness exists, testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk, and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
/s/ Ernst & Young
Brisbane, Australia
March 3, 2026
Coronado Global Resources Inc. Form 10-K December 31, 2025 161
ITEM 9B. OTHER INFORMATION
During the quarter ended December 31, 2025, no director or officer (as defined in Rule 16a-1(f) promulgated
under the Exchange Act) of the Company
adopted
terminated
non
-
Rule
10b5-1
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.
Coronado Global Resources Inc. Form 10-K December 31, 2025 162
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
The information required to be furnished by this Item will be set forth in our definitive proxy statement for the 2026
Annual General Meeting of Stockholders, or the Proxy Statement, under the headings “Proposals 1 and 2:
Election of Director Nominees,” “Executive Officers and Corporate Governance,” “Delinquent Section 16(a)
Reports” and “Securities Dealing Policy” and is incorporated herein by reference and made a part hereof from
the Proxy Statement.
ITEM 11. EXECUTIVE COMPENSATION.
The information required to be furnished by this Item will be set forth in the Proxy Statement under the heading
“Executive Compensation” and is incorporated herein by reference and made a part hereof from the Proxy
Statement.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS.
The information required to be furnished by this Item will be set forth in the Proxy Statement under the
heading “Security Ownership of Certain Beneficial Owners and Management” and is incorporated herein by
reference and made a part hereof from the Proxy Statement.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
The information required to be furnished by this Item will be set forth in the Proxy Statement under the headings
“Certain Relationships and Related Party Transactions” and “Executive Officers and Corporate Governance” and
is incorporated herein by reference and made a part hereof from the Proxy Statement.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The information required to be furnished by this Item will be set forth in the Proxy Statement under the heading
“Ratification of the Appointment of Ernst & Young as the Company’s Independent Registered Public Accounting
Firm for the Fiscal Year Ending December 31, 2026” and is incorporated herein by reference and made a part
hereof from the Proxy Statement.
Coronado Global Resources Inc. Form 10-K December 31, 2025 163
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this Annual Report on Form 10-K:
1.
11
3 of
this Annual Report on Form 10-K.
2.
the required information is included in the Financial Statements or related notes thereto.
3.
are set forth in the Exhibit Index.
(b) The documents listed in the Exhibit Index of this Annual Report on Form 10-K are incorporated by reference
or are filed with this Annual Report on Form 10-K, in each case as indicated therein.
The following documents are filed as exhibits hereto:
Exhibit No.
Description of Document
2.1*
3.1
3.2
4.1
Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated
herein by reference)
4.2
4.3
4.4
4.5
10.1
Coronado Global Resources Inc. Form 10-K December 31, 2025 164
Exhibit No.
Description of Document
10.2†‡
10.3
10.4†
10.5†
10.6‡
10.7‡
10.8
10.9
10.10
10.11
10.12
10.13>‡
10.14>
Coronado Global Resources Inc. Form 10-K December 31, 2025 165
Exhibit No.
Description of Document
10.15>‡
10.16>‡
10.17>
10.18>‡
10.19>‡
10.20>
10.21>
10.22>
10.23>
10.24>
10.25>
10.26>
10.27>
10.28>
10.29>
10.30‡
Coronado Global Resources Inc. Form 10-K December 31, 2025 166
Exhibit No.
Description of Document
10.31‡
10.32‡
10.33
10.34
10.35
10.36†‡
10.37†‡
10.38†‡
19.1
21.1
23.1
23.2
23.3
23.4
23.5
31.1
31.2
32.1
95.1
96.1
Coronado Global Resources Inc. Form 10-K December 31, 2025 167
Exhibit No.
Description of Document
96.2
96.3
96.4
101
The following materials from the Company’s Annual Report on Form 10-K for the period
ended December 31, 2025, formatted in iXBRL (Inline Extensible Business Reporting
Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations
and Comprehensive Income, (iii) Consolidated Statements of Stockholders’
Equity/Members’ Capital, (iv) Consolidated Statements of Cash Flows, (v) related notes
to these financial statements and (vi) document and entity information
104
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the
Inline XBRL document)
____________________
* Portions of this exhibit have been omitted pursuant to Item 601(b)(2)(ii) of Regulation S-K, which portions
will be furnished to the Securities and Exchange Commission upon request.
† Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) and Item
601(a)(6) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the
Securities and Exchange Commission upon request.
‡ Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K, which
portions will be furnished to the Securities and Exchange Commission upon request.
> Management contract, compensatory plan or arrangement
Coronado Global Resources Inc. Form 10-K December 31, 2025 168
ITEM 16. FORM 10-K SUMMARY
None.
Coronado Global Resources Inc. Form 10-K December 31, 2025 169
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Coronado Global Resources Inc.
(Registrant)
By:
/s/ Douglas Thompson
Douglas Thompson
Managing Director and Chief Executive Officer (as duly
authorized officer and as principal executive officer of
the registrant)
Date: March 3, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons, on behalf of the registrant and in the capacities and on the dates indicated.
Name
Title
Date
/s/ Douglas Thompson
Managing Director and Chief Executive
Officer (Principal Executive Officer)
March 3, 2026
Douglas Thompson
/s/ Barend J. van der Merwe
Group Chief Financial Officer (Principal
Financial Officer and Principal Accounting
Officer)
March 3, 2026
Barend J. van der Merwe
/s/ Garold Spindler
Director
March 3, 2026
Garold Spindler
/s/ Philip Christensen
Director
March 3, 2026
Philip Christensen
/s/ Greg Pritchard
Director
March 3, 2026
Greg Pritchard
/s/ Laura Tyson
Director
March 3, 2026
Laura Tyson
/s/ Aimee R. Allen
Director
March 3, 2026
Aimee R. Allen
/s/ Jan C. Wilson
Director
March 3, 2026
Jan C. Wilson