Stanwell Liabilities	3 Months Ended
Mar. 31, 2026
Stanwell Liabilities [Abstract]
Stanwell Liabilities	11. Stanwell Liabilities (in US$ thousands) March 31, 2026 December 31, 2025 Stanwell Reserved Area deferred consideration $ 365,493 $ 346,768 Stanwell Prepaid coal supply liability 171,638 155,027 Stanwell Prepayment and deferred payment 25,830 — $ 562,961 $ 501,795 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 $ 155.2 million (A$ 210.0 million), calculated using the contractual pre-tax discount rate of 13 %, 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 13 % 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 Condensed 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 the NCSA, and the Amended Coal Supply Agreement, or the ACSA, whereby Stanwell provided near-term liquidity to the Company in exchange for the supply of additional tonnage of thermal coal under the NCSA. The First Amendment included a prepayment for thermal coal and a rebate waiver and deferral from April 2025 to December 2025, both of which will be settled through reduction of the gross proceeds to be received on the physical delivery of thermal coal to Stanwell, expected to commence in the first half of 2027, or the NCSA Supply Commencement Date, of up to 0.8 MMt per annum over five years , or until such time that the obligation is fully settled. This prepaid coal supply liability bears interest at 13 % per annum. As of March 31, 2026, the carrying value of the Stanwell prepaid coal supply liability, including the prepayment and the rebate waiver and deferral liability, was $ 171.6 million (A$ 250.7 million). For the three months ended March 31, 2026, the Company recognized interest expense of $ 5.2 million (A$ 7.5 million) related to the financing component of the prepaid coal supply liability. Prepayment and Deferred Payment Balance On November 27, 2025, the Company and Stanwell entered into a second deed of amendment, or the Second Amendment Deed, that, among other matters, amended the terms of the ACSA and the NCSA, by providing for: ● a waiver of rebate amounts otherwise payable by the Company under the ACSA from January 1, 2026 until the final delivery date, being the day before the NCSA Supply Commencement Date (refer to change of control provisions in relation to waiver discussed below) ; ● a deferral of the Company’s 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 the Company in relation to its future annual nominated contract tonnage under the ACSA and the NCSA equal to 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 Deed, 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 $ 200.0 million, (ii) will advance only half of the relevant prepayment in months when the Company’s liquidity is between $ 200.0 million and $ 250.0 million, and (iii) will not be obligated to make prepayments when the Company’s 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, NCSA Prepayments and Deferred Amounts, or the Prepayment and Deferred Payment Balance, will be settled through delivery of coal to Stanwell during the term of the NCSA in months when the Company’s liquidity exceeds $ 300.0 million. In addition, the Company may from time to time make additional payments to reduce the Prepayment and Deferred Payment Balance, including when the Company makes permitted distributions to shareholders. Where the Prepayment and Deferred Payment Balance remains outstanding after the final delivery date pursuant to the NCSA (December 31, 2043), the outstanding balance will be settled in cash in months when the Company’s liquidity exceeds $ 300.0 million until the balance is fully repaid. The Prepayment and Deferred Payment Balance is classified as a financial liability. The liability is initially measured at the amount of proceeds received from Stanwell and bears an interest at 7.5 % per annum. The contractual interest rate of 7.5 % is deemed consistent with a market rate at inception after considering the overall terms, security and settlement features of the arrangement and, accordingly, the proceeds received approximate fair value at inception. Interest accrues at 7.5 % per annum on the outstanding balance using the effective interest rate method and is recognized as “interest expense, net” in the unaudited Condensed Consolidated Statement of Operations and Comprehensive Income. During the term of the NCSA, the total Prepayment and Deferred Payment Balance, including accrued interest, is capped at 120 % of the aggregate outstanding principal balance. After the final delivery date under the terms of the NCSA, which is scheduled for December 31, 2043, interest continues to accrue at 7.5 % per annum without a cap until the balance is fully repaid. The interest cap represents assistance provided by Stanwell, a Queensland Government-owned corporation. As such, the Company accounts for the interest cap as government assistance under its accounting policy election based on analogy to other accounting standard frameworks and consistent with expected future changes to U.S. GAAP. No benefit is recognized unless and until the interest cap is reached. At the end of each reporting period, management assesses whether the Company’s liquidity is expected to exceed $ 300.0 million within the next 12 months and classifies the portion of the balance expected to be settled within that period as current liability. As of March 31, 2026, the carrying amount, including accrued interest, of the Prepayment and Deferred Payment Balance was $ 25.8 million and classified as non-current liability. No government assistance income was recorded during the three months period ended March 31, 2026, as the interest cap mechanism was not triggered. The Second Amendment Deed also includes restrictions on the Company’s ability to pay distributions to shareholders (e.g., dividends) . These restrictions require that the Company maintains a minimum cash liquidity of $ 300.0 million following payment of such distribution, the repurchase of any Notes in connection with the distribution, and the payment to Stanwell of an equal or greater amount (up to a maximum of three times) than the distribution to reduce the Prepayment and Deferred Payment Balance. The ACSA and the NCSA are secured by mortgages registered over the Curragh mine tenements, or the Tenement Lien, at the Queensland Government level and a third-priority lien on substantially all of the Company's assets. The Tenement Lien operates independently of, and is not subordinated to, the Company's other secured debt obligations, and no third party may acquire the Curragh mine tenements without simultaneously assuming the coal supply obligations to Stanwell. The Prepayment and Deferred Payment Balance may become repayable if there is an unremedied default under the ACSA or NCSA. If a change of control of the Company is proposed within two years of November 27, 2025, the Company must obtain Stanwell’s consent and, before the change of control occurs, pay Stanwell the waived rebate amounts, together with contractual interest from the dates such amounts would otherwise have been payable. Additionally, if an entity that controlled the Company as at November 27, 2025 ceases to control the Company by way of disposal of an interest in the Company of 20 % or more without Stanwell’s consent within two years of November 27, 2025, then the Company must immediately pay Stanwell the waived rebate amounts, together with interest. As of March 31, 2026, cumulative rebate amounts of $ 23.6 million would have been payable absent the waiver. No liability was recognized as of March 31, 2026 in respect of the waived rebate amounts because the Company had not been required to seek Stanwell’s consent in connection with any proposed change or cessation of control as of that date.

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

the

current

Curragh

mining

tenements.

These

rights

were

acquired

deferred

consideration

basis,

and

acquisition

the

Company

recognized

a “Mineral

rights

and reserves”

asset

and

corresponding deferred consideration liability of

155.2

million (A$

210.0

million), calculated using the

contractual

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

% 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 Condensed Consolidated

Statements

Operations

and

Comprehensive

Income.

The

right-to-mine-asset

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 the

NCSA, and

the Amended

Coal Supply

Agreement,

the

ACSA,

whereby

Stanwell

provided

near-term

liquidity

the

Company

exchange

for

the

supply of additional tonnage of thermal coal under the

NCSA.

The First Amendment

included a prepayment

for thermal coal

and a rebate waiver

and deferral from

April 2025

to December

2025, both

of which

will be settled

through reduction

of the gross

proceeds to

be received

on the

physical delivery of thermal coal to Stanwell,

expected to commence in the first

half of 2027, or the

NCSA Supply

Commencement Date, of

up to

0.8

MMt per annum

over

five years

, or until

such time that

the obligation is

fully

settled. This prepaid coal supply liability bears interest

% per annum.

As of March

31, 2026, the

carrying value of

the Stanwell

prepaid coal supply

liability,

including the prepayment

and the rebate waiver and deferral liability,

was $

171.6

million (A$

250.7

million).

For the

three months

ended March

31, 2026,

the Company

recognized interest

expense of

5.2

million (A$

7.5

million) related to the financing component of the prepaid

coal supply liability.

Prepayment and Deferred Payment Balance

On November 27,

2025, the Company

and Stanwell entered

into a second

deed of amendment,

or the Second

Amendment Deed,

that, among other matters, amended the terms of the ACSA

and the NCSA, by providing for:

●

a waiver of

rebate amounts

otherwise payable by

the Company under

the ACSA from

January 1, 2026

until the

final delivery date,

being the

day before the

NCSA Supply Commencement Date

(refer to

change

of control provisions in relation to waiver discussed below)

;

●

a deferral of the Company’s 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

Stanwell

the

Company

relation

its future

annual

nominated

contract

tonnage

under the

ACSA and the

NCSA equal to

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

Deed,

the

ACSA

Prepayments

and

the

NCSA

Prepayments.

Stanwell’s

obligation

make

the

ACSA

Prepayments

and

NCSA

Prepayments

are

subject

certain

liquidity

tests.

specifically, Stanwell (i) will

advance all of

the relevant prepayment

when the Company’s

monthly liquidity

below

200.0

million,

(ii)

will

advance

only

half

the

relevant

prepayment

months

when

the

Company’s liquidity

is between $

200.0

million and $

250.0

million, and (iii)

will not be

obligated to make

prepayments when the Company’s 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

the

ACSA

Prepayments,

NCSA

Prepayments

and

Deferred

Amounts,

the

Prepayment

and

Deferred Payment

Balance, will

be settled

through delivery

of coal

to Stanwell

during the

term of

the NCSA

months when

the Company’s

liquidity exceeds

300.0

million. In

addition, the

Company may

from time

to time

make

additional

payments

reduce

the

Prepayment

and

Deferred

Payment

Balance,

including

when

the

Company makes permitted distributions to

shareholders. Where the Prepayment and

Deferred Payment Balance

remains outstanding

after the

final delivery

date pursuant

to the

NCSA (December

31, 2043),

the outstanding

balance will be settled in

cash in months when

the Company’s liquidity exceeds

300.0

million until the balance

is fully repaid.

The

Prepayment

and

Deferred

Payment

Balance

classified

financial

liability.

The

liability

initially

measured

the

amount

proceeds

received

from

Stanwell

and

bears

interest

7.5

per

annum.

The

contractual interest rate of

7.5

% is deemed consistent

with a market rate

at inception after considering

the overall

terms, security and settlement features of the

arrangement and, accordingly, the proceeds received approximate

fair value at

inception. Interest accrues at

7.5

% per annum

on the outstanding balance

using the effective interest

rate method and

is recognized as

“interest expense,

net” in the

unaudited Condensed

Consolidated Statement

of Operations and Comprehensive Income.

During the term

of the NCSA, the

total Prepayment and

Deferred Payment Balance,

including accrued interest,

is capped at

120

% of the

aggregate outstanding

principal balance.

After the final

delivery date under

the terms

of the NCSA, which

is scheduled for December 31,

2043, interest continues to accrue

7.5

% per annum without

a cap until the balance is fully repaid.

The interest cap represents assistance provided by Stanwell, a Queensland Government-owned corporation. As

such, the Company accounts

for the interest cap as government

assistance under its accounting

policy election

based on analogy to other accounting standard frameworks and consistent with expected

future changes to U.S.

GAAP.

No benefit is recognized unless and until the interest

cap is reached.

the

end

each

reporting

period,

management

assesses

whether

the

Company’s

liquidity

expected

exceed $

300.0

million within the next 12 months

and classifies the portion of the balance

expected to be settled

within that period as current liability.

As of March 31,

2026, the carrying amount, including

accrued interest, of the Prepayment

and Deferred Payment

Balance was $

25.8

million and classified

as non-current liability. No government

assistance income was

recorded

during the three months period ended March 31, 2026,

as the interest cap mechanism was not triggered.

The

Second

Amendment

Deed

also

includes

restrictions

the

Company’s

ability

pay

distributions

shareholders (e.g., dividends)

These restrictions require

that the Company

maintains a minimum

cash liquidity

300.0

million

following

payment

such

distribution,

the

repurchase

any

Notes

connection

with

the

distribution, and the

payment to

Stanwell of an

equal or greater

amount (up to

a maximum of

three times)

than

the distribution to reduce the Prepayment and Deferred

Payment Balance.

The

ACSA

and

the

NCSA

are

secured

mortgages

registered

over

the

Curragh

mine

tenements,

the

Tenement Lien, at the Queensland Government

level and a

third-priority lien on

substantially all of

the Company's

assets. The Tenement

Lien operates independently of, and is not subordinated to, the Company's other secured

debt obligations, and

no third party

may acquire the

Curragh mine tenements

without simultaneously assuming

the coal supply obligations to Stanwell.

The Prepayment and Deferred Payment Balance may become repayable if

there is an unremedied default under

the ACSA or NCSA.

If a change

of control of

the Company

is proposed within

two years

of November 27,

2025, the Company

must

obtain Stanwell’s

consent and,

before the

change of

control occurs,

pay Stanwell

the waived

rebate amounts,

together with contractual interest from the

dates such amounts would otherwise have

been payable. Additionally,

entity

that

controlled

the

Company

as at

November

27,

2025 ceases

control

the

Company

by way

disposal of an interest in the Company of

% or more without Stanwell’s consent within

two years

of November

27, 2025, then the

Company must immediately

pay Stanwell the waived

rebate amounts, together

with interest.

As of March 31, 2026, cumulative

rebate amounts of $

23.6

million would have been payable

absent the waiver.

No liability was recognized as of March 31,

2026 in respect of the waived rebate amounts because

the Company

had not been

required to seek Stanwell’s consent

in connection with any

proposed change or cessation

of control

as of that date.