UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
FORM
___________________________________________________
(Mark One)
ACT OF 1934
For the quarterly period ended
OR
ACT OF 1934
For the transition period from to
Commission File Number:
___________________________________________________
(Exact name of registrant as specified in its charter)
___________________________________________________
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
,
,
(Address of principal executive offices)
(Zip Code)
(
)
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
___________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
None
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
☒
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
☒
The registrant’s common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests, or
CDIs, convertible at the option of the holders into shares of the registrant’s common stock on a 10-for-1 basis. The total number of shares
of the registrant's common stock, par value $0.01 per share, outstanding on July 31, 2026, including shares of common stock underlying
CDIs, was
.
Steel starts
here.
Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.
TABLE OF CONTENTS
Page
4
5
6
7
8
27
28
50
52
53
53
53
53
53
53
54
55
Coronado Global Resources Inc.
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets
(In US$ thousands, except share data)
Assets
Note
(Unaudited)
December 31,
2025
Current assets:
Cash and cash equivalents
$
$
Trade receivables, net
Inventories
6
Other current assets
7
Assets held for sale
5
Total current assets
Non-current assets:
Property, plant and equipment, net
8
Right of use asset – operating leases, net
10
Restricted deposits
19
Goodwill
Intangible assets, net
Other non-current assets
Total assets
$
$
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
$
Accrued expenses and other current liabilities
9
Asset retirement obligations
Contract obligations
Lease liabilities
10
Interest bearing liabilities
11
Income tax payable
Stanwell liabilities
12
Other current financial liabilities
13
Liabilities associated with assets held for sale
5
Total current liabilities
Non-current liabilities:
Asset retirement obligations
Lease liabilities
10
Interest bearing liabilities
11
Contract obligations
Stanwell liabilities
12
Other financial liabilities
13
Deferred income tax liabilities
Other non-current liabilities
Total liabilities
$
$
Common stock $
December 31, 2025
Series A Preferred stock $
authorized,
December 31, 2025
Additional paid-in capital
Accumulated other comprehensive losses
17
(120,358 )
(120,444 )
Accumulated losses
(744,249 )
(326,230 )
Total stockholders’ equity
$
$
Total liabilities and stockholders’ equity
$
$
See accompanying notes to unaudited condensed consolidated financial statements.
Coronado Global Resources Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
(In US$ thousands, except share data)
Three months ended
Six months ended
Note
2026
2025
2026
2025
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
Restructuring costs
Total costs and expenses
Other (expense) income:
Interest expense, net
(35,425 )
(20,964 )
(69,177 )
(38,862 )
Loss on debt extinguishment
(1,050 )
(1,050 )
Impairment of assets
4
(17,704 )
(177,459 )
Decrease (increase) in provision for credit
losses
(183 )
(813 )
Other, net
(3,197 )
(241 )
Total other expense, net
(56,289 )
(20,225 )
(245,663 )
(40,966 )
Loss before tax
(100,811 )
(67,737 )
(430,933 )
(201,769 )
Income tax benefit (expense)
(8,466 )
Net loss attributable to Coronado Global
Resources Inc.
$
(99,429 )
$
(76,203 )
$
(418,019 )
$
(172,401 )
Other comprehensive income, net of income
taxes:
Foreign currency translation adjustments
Net loss on cash flow hedges
(809 )
(3,348 )
Total other comprehensive income
Total comprehensive loss attributable to
Coronado Global Resources Inc.
$
(98,715 )
$
(69,195 )
$
(417,933 )
$
(162,567 )
Loss per share of common stock
Basic
15
(0.59 )
(0.45 )
(2.49 )
(1.03 )
Diluted
15
(0.59 )
(0.45 )
(2.49 )
(1.03 )
See accompanying notes to unaudited condensed consolidated financial statements.
Coronado Global Resources Inc.
Unaudited Condensed Consolidated Statements of Stockholders’ Equity
(In US$ thousands, except share data)
Common stock
Preferred stock
Additional
Accumulated other
Total
paid in
comprehensive
Accumulated
stockholders
Shares
Amount
Series A
Amount
capital
losses
losses
equity
Balance December 31, 2025
$
$
$
$
(120,444 )
$
(326,230 )
$
Net loss
—
—
(318,590 )
(318,590 )
Other comprehensive loss
—
—
(628 )
(628 )
Total comprehensive loss
—
—
(628 )
(318,590 )
(319,218 )
Share-based compensation for equity
classified awards
—
—
(4,673 )
(4,673 )
Balance March 31, 2026
$
$
$
$
(121,072 )
$
(644,820 )
$
Net loss
—
—
(99,429 )
(99,429 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(99,429 )
(98,715 )
Share-based compensation for equity
classified awards
—
—
Balance June 30, 2026
$
$
$
$
(120,358 )
$
(744,249 )
$
Common stock
Preferred stock
Additional
Accumulated other
Retained
earnings
Total
paid in
comprehensive
(Accumulated
stockholders
Shares
Amount
Series A
Amount
capital
losses
losses)
equity
Balance December 31, 2024
$
$
$
$
(137,560 )
$
$
Net loss
—
—
(96,198 )
(96,198 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(96,198 )
(93,372 )
Share-based compensation for equity
classified awards
—
—
(1,188 )
(1,188 )
Dividends
—
—
(8,382 )
(8,382 )
Balance March 31, 2025
$
$
$
$
(134,734 )
$
$
Net loss
—
—
(76,203 )
(76,203 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(76,203 )
(69,195 )
Share-based compensation for equity
classified awards
—
—
Balance June 30, 2025
$
$
$
$
(127,726 )
$
(66,575 )
$
See accompanying notes to unaudited condensed consolidated financial statements.
Coronado Global Resources Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In US$ thousands)
Six months ended
June 30,
2026
2025
Cash flows from operating activities:
Net loss
$
(418,019 )
$
(172,401 )
Adjustments to reconcile net loss to cash and restricted cash provided by
operating activities:
Depreciation, depletion and amortization
Impairment of assets
Amortization of right of use asset - operating leases
Amortization of deferred financing costs
Loss on debt extinguishment
Non-cash interest expense
Amortization of contract obligations
(10,372 )
(12,774 )
Loss (gain) on disposal of property, plant and equipment
(670 )
Loss on disposal of idled asset
Equity -based compensation expense
(3,851 )
(185 )
Deferred income taxes
(13,621 )
(25,339 )
Reclamation of asset retirement obligations
(1,075 )
(2,742 )
(Decrease) increase in provision for discounting and credit losses
(164 )
Other non -cash adjustments
(105 )
Changes in operating assets and liabilities:
Accounts receivable
Inventories
(24,402 )
(18,423 )
Other assets
(9,050 )
Contract obligations
Accounts payable
(3,766 )
Accrued expenses and other current liabilities
(12,016 )
Operating lease liabilities
(15,437 )
(11,532 )
Income tax payable
(839 )
Change in other liabilities
Net cash (used in) from operating activities
(66,895 )
Cash flows from investing activities:
Capital expenditures
(58,640 )
(147,401 )
Proceeds from disposal of idled and other assets
Purchase of restricted and other deposits
(11,287 )
(54,804 )
Redemption of restricted and other deposits
Net cash used in investing activities
(69,026 )
(177,000 )
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financial liabilities
Debt issuance costs and other financing costs
(4,098 )
Principal payments on interest bearing liabilities and other financial liabilities
(1,726 )
(2,816 )
Principal payments on finance lease obligations
(3,668 )
(872 )
Dividends paid
(8,333 )
Net cash from financing activities
Net decrease in cash and cash equivalents
(75,162 )
(78,031 )
Effect of exchange rate changes on cash and cash equivalents
(184 )
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 for taxes
$
(3,834 )
$
(1,620 )
Restricted cash
$
$
See accompanying notes to unaudited condensed consolidated financial statements.
Coronado Global Resources Inc.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Description of Business, Basis of Presentation
(a)
Description of the Business
Coronado Global Resources Inc. 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, an idled
asset held for sale and a development project in Queensland, Australia, and in the states of Pennsylvania, Virginia
and West Virginia in the United States, or U.S.
(b)
Basis of Presentation
The interim unaudited condensed consolidated financial statements have been prepared in accordance with the
requirements of U.S. generally accepted accounting principles, or U.S. GAAP, and with the instructions to Form
10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the U.S. Securities and
Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required
by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the
SEC and the Australian Securities Exchange, or the ASX, on March 3, 2026.
The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless
otherwise stated. They include the accounts of Coronado Global Resources Inc. and its wholly-owned
subsidiarie s. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are
references to Australian dollars, the lawful currency of the Commonwealth of Australia. The “Company” and
“Coronado” are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries,
collectively, or to Coronado Global Resources Inc., as appropriate to the context. All intercompany balances and
transactions have been eliminated upon consolidation.
In the opinion of management, these interim financial statements reflect all normal, recurring adjustments
necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive
income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein
as of December 31, 2025 has been derived from the Company’s audited consolidated balance sheet at that date.
The Company’s results of operations for the three and six months ended June 30, 2026 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2026.
(c)
Going Concern
These Condensed Consolidated Financial Statements have been prepared on a going concern basis, which
contemplates the realization of assets and discharge of liabilities in the ordinary course of business.
For the three and six months ended June 30, 2026, the Company incurred net losses of $
million, respectively . The Company’s operating performance materially improved during the three months ended
June 30, 2026, following significant wet-weather impacts and temporary suspension of the Mammoth
Underground Operations experienced during the first quarter. The Company returned to positive EBITDA for the
three months ended June 30, 2026, as higher production improved plant performance at its Australian Operations
and lower unit costs contributed to improved operating performance .
As of June 30, 2026, the Company had cash and cash equivalents of $
$
expectations and primarily reflected the operational impacts experienced during the first quarter, the rebuilding
of coal inventories, capital expenditure and other timing related impacts such as customer shipment slippages
into the next period .
On August 7, 2026, subsidiaries of the Company entered into
AG, or Glencore, under which Glencore agreed to advance prepayments up to $
additional source of near-term liquidity. Refer to Note 20. “Subsequent Events” for further information.
Based on the Company’s current cash and cash equivalents and forecasted cash flows, the Company has
concluded that it will have sufficient liquidity to fund its operations and satisfy its obligations for at least one year
from the issuance of these financial statements.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
In response to the challenging operating environment, management has identified and commenced
implementation of operational improvement s, a broader structural reset program and cost reduction initiatives,
primarily at our Australian Operations, targeting improvements in contractor management, procurement
practices, and operational efficiency.
Coronado continues to undertake initiatives to enhance liquidity and reduce operating and capital costs across
the Company, while optimizing the business to deliver greater value over the long term, strengthen financial
flexibility and build resilience against events outside its control. These initiatives include, among other things,
prepayment for future coal sales, acceleration of payment terms with customers and negotiate alternative
payments to suppliers. These initiatives are reasonably within management’s control and can be actioned in the
near term if required.
The Company’s forecasts depend on the achievement of production targets and other factors beyond its control,
including general economic conditions and metallurgical coal prices. Short to medium term working capital
requirements are similarly sensitive to these factors, and the preparation of forecasts requires application of
management’s judgement.
2. Summary of Significant Accounting Policies
Please see Note 2 “Summary of Significant Accounting Policies” contained in the audited consolidated financial
statements for the year ended December 31, 2025 included in Coronado Global Resources Inc.’s Annual Report
on Form 10-K filed with the SEC and ASX on March 3, 2026.
(a) Newly Adopted Accounting Standards
During the period, there has been no new Accounting Standards Update, or ASU, issued by the Financial
Accounting Standards Board, or the FASB, that had a material impact on the Company’s consolidated financial
statements.
(b) Accounting Standards Not Yet Implemented
ASU No. 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 requires 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 No. 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.
ASU No. 2026-02 – Environmental Credits and Environmental Credit Obligations (Topic 818
). In May 2026, FASB
issued ASU 2026-02 which provides recognition, measurement, presentation, and disclosure requirements for
environmental credits and environmental credit obligations. The updated standard is effective for public business
entities for annual reporting 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 results and 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.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
3. Segment Information
The Company has a portfolio of mines and development projects in Queensland, Australia, and in the states of
Pennsylvania, Virginia and West Virginia in the U.S. The Australian Operations comprise the
%-owned
Curragh producing mine complex. The U.S. Operations comprise a
%-owned producing mine complex
(Buchanan) and a development propert y (Mon Valley).
On July 31, 2026, the Company completed the sale of its idled Logan mining property, which was previously part
of the Company’s U.S. Operations. Refer to Note 5. “Assets Held for Sale” for further information .
The Company operates its business along
the
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,
analysts, lenders and rating agencies 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 exclude
in analyzing each of the Company’s segments’ operating performance. “Other and corporate” relates to additional
financial information for th e corporate function , 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 unaudited Condensed Consolidated
Financial Statements.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
Reportable segment results as of and for the three and six months ended June 30, 2026 and 2025 are presented
below:
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three months ended June 30, 2026
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(296,384 )
(107,382 )
(403,766 )
Other operating costs
(1)
(41,627 )
(50,575 )
(92,202 )
Total operating costs
(338,011 )
(157,957 )
(495,968 )
Other and unallocated costs
(2)
(398 )
(441 )
(10,492 )
(11,331 )
Segment adjusted EBITDA
(11,795 )
(10,492 )
Total assets
Capital expenditures
Three months ended June 30, 2025
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(214,000 )
(150,777 )
(364,777 )
Other operating costs
(1)
(57,472 )
(40,034 )
(97,506 )
Total operating costs
(271,472 )
(190,811 )
(462,283 )
Other and unallocated costs
(2)
(42 )
(7,551 )
(6,166 )
Segment adjusted EBITDA
(10,200 )
(7,551 )
(570 )
Total assets
Capital expenditures
Six months ended June 30, 2026
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(550,274 )
(254,241 )
(804,515 )
Other operating costs
(1)
(142,702 )
(108,724 )
(251,426 )
Total operating costs
(692,976 )
(362,965 )
(1,055,941 )
Other and unallocated costs
(2)
(1,702 )
(15,102 )
(7,897 )
Segment adjusted EBITDA
(98,368 )
(15,102 )
(82,517 )
Total assets
Capital expenditures
Six months ended June 30, 2025
Total revenues
$
$
$
$
Less:
—
—
—
—
Mining cash costs
(1)
(412,206 )
(309,268 )
(721,474 )
Other operating costs
(1)
(197,634 )
(56,860 )
(254,494 )
Total operating costs
(609,840 )
(366,128 )
(975,968 )
Other and unallocated costs
(2)
(304 )
(15,915 )
(14,545 )
Segment adjusted EBITDA
(75,044 )
(15,915 )
(73,386 )
Total assets
Capital expenditures
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
(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.
The reconciliation s of Consolidated Adjusted EBITDA to net loss attributable to the Company for the three and
six months ended June 30, 2026 and 2025 are as follows:
Three months ended
Six months ended
June 30,
June 30,
(in US$ thousands)
2026
2025
2026
2025
Consolidated Adjusted EBITDA
$
$
(570 )
$
(82,517 )
$
(73,386 )
Depreciation, depletion and amortization
(46,186 )
(45,508 )
(89,523 )
(86,029 )
Interest expense, net
(1)
(35,425 )
(20,964 )
(69,177 )
(38,862 )
Other foreign exchange losses
(2)
(2,345 )
(6,403 )
Loss on debt extinguishment
(1,050 )
(1,050 )
Impairment of assets
(17,704 )
(177,459 )
Restructuring costs
(3)
(6,018 )
(6,018 )
Losses on idled assets
(4)
(13 )
(1,848 )
Decrease (increase) in provision for credit losses
(183 )
(813 )
Net loss before tax
(100,811 )
(67,737 )
(430,933 )
(201,769 )
Income tax benefit (expense)
(8,466 )
Net loss
$
(99,429 )
$
(76,203 )
$
(418,019 )
$
(172,401 )
(1)
and $
(2)
balances in certain entities within the group that are denominated in currencies other than their respective functional
currencies. These gains and losses are included in “Other, net” on the unaudited Condensed Consolidated Statement of
Operations and Comprehensive Income.
(3)
to optimize coal production and align its cost structures. Costs associated with this initiative include workforce reduction,
external consulting services and other related activities.
(4)
The reconciliation s of capital expenditures per the Company’s segment information to capital expenditures
disclosed on the unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June
30, 2026 and 2025 are as follows:
Six months ended June 30,
(in US$ thousands)
2026
2025
Capital expenditures per unaudited Condensed Consolidated Statements
of Cash Flows
$
$
Net movement in accruals for capital expenditures
(6,672 )
Capital acquired through finance leases
Net movement in deposits to acquire long lead capital
(5,505 )
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 reportable 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 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
Three months ended June 30, 2026
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Three months ended June 30, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Six months ended June 30, 2026
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Six months ended June 30, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
(1) Other revenue for the Australian segment includes the amortization of the Stanwell non-market coal supply contract obligation liability.
4. Impairment of assets
During the first quarter of 2026, management idled operations at the Logan mine complex within the Company’s
U.S. Operations in response to sustained weakness in the U.S. domestic Met coal markets. The idling
represented a triggering event under Accounting Standards Codification, or ASC, 360 –
Property, Plant and
Equipment
, requiring the Company to assess the recoverability of the relevant asset groups. The Company
determined that the estimated undiscounted pre-tax future cash flows of the Logan asset group did not exceed
its’ carrying value. Accordingly, the Company measured the fair value of the asset group and recorded an
impairment charge of $
down the carrying value of the asset group to its estimated fair value.
During the three months ended June 30, 2026, the Company committed to a plan to sell the Logan mining assets
and determined that all the criteria to classify assets and liabilities as held for sale were met. Upon classification
as held for sale, the Company performed an impairment assessment in accordance with ASC 360-10-35-43 and
determined that the carrying amount of Logan, which includes its assets and associated liabilities, or the Disposal
Group, exceeded its estimated fair value, less costs to sell. Accordingly, the Company recorded an additional
impairment charge of $
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
These impairment charges were included in “Impairment of assets” in the accompanying unaudited Condensed
Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June
30, 2026.
The estimated fair value less costs to sell was determined using Level 3 inputs based on the expected proceeds
from the disposal of the Disposal Group under the executed Membership Interest Purchase Agreement, or MIPA,
between the Company and Phoenix Coal Holdings, LLC., subject to a net working capital true-up, less costs to
sell. Refer to Note 5. “Assets Held for Sale” for further information.
5. Assets Held for Sale
The Company classifies assets and liabilities as held for sale (disposal group) when management, having the
authority to approve the action, commits to a plan to sell the Disposal Group, the sale is probable within one year
and the Disposal Group is available for sale in its present condition. The Company also considers whether an
active program to locate a buyer has been initiated, whether the Disposal Group is marketed actively for sale at
a price that is reasonable in relation to its current fair value, and whether the actions required to complete the
plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
An impairment test is performed when a disposal group is classified as held for sale and an impairment charge
is recorded when the carrying amount of the disposal group exceeds its estimated fair value, less costs to sell.
Depreciation and amortization of assets classified as held for sale are ceased.
During the three months ended June 30, 2026, the Company committed to a plan to sell the Logan mining assets
and determined that all the criteria to classify assets and liabilities as held for sale were met. These assets are
part of the Company’s U.S. segment, located in the State of West Virginia . The Logan mine asset has been idle
since March 27, 2026 and does not form part of the Company’s core business strategy.
Upon classification as held for sale, the Company performed an impairment assessment in accordance with ASC
360-10-35-43. Refer to Note 4. “Impairment of Assets” for further information.
The following table provides Logan’s major classes of assets and liabilities classified as held for sale as of June
30, 2026:
(in US$ thousands)
June 30, 2026
Trade receivables, net
$
Inventories, net
Other current assets
Property, plant and equipment, net
Other noncurrent assets
$
Accounts payable
$
Accrued expenses and other current liabilities
Contract obligations
Asset retirement obligations
$
On May 21, 2026, the Company entered into the MIPA to sell all of the membership interests in Coronado Coal
II LLC, which holds the Logan Mining Complex and related assets and liabilities, to Phoenix Coal Holdings, LLC,
for nominal consideration. The Disposal Group was classified as held for sale at June 30, 2026 and measured at
the lower of its carrying amount and fair value less costs to sell. The sale was completed on July 31, 2026, and
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
6. Inventories
(in US$ thousands)
June 30,
2026
December 31,
2025
Raw coal
$
$
Saleable coal
Total coal inventories
Supplies and other inventory
Total inventories
$
$
Coal inventories measured at their net realizable value were $
and $
and December 31, 2025, respectively, and form part of total coal inventories.
7. Other Assets
(in US$ thousands)
June 30,
2026
December 31,
2025
Other current assets
Prepayments
$
$
Long service leave receivable
Deposits to acquire capital items
Derivative assets (refer to Note 16. Derivatives and Fair Value Measurement)
Stanwell receivable
Other
Total other current assets
$
$
8. Property, Plant and Equipment
(in US$ thousands)
June 30,
2026
December 31,
2025
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 process
Total cost of property, plant and equipment
Less: accumulated depreciation, depletion, amortization and impairment
Property, plant and equipment, net
$
$
9. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
(in US$ thousands)
June 30,
2026
December 31,
2025
Wages and employee benefits
$
$
Taxes other than income taxes
Accrued royalties
Accrued freight costs
Accrued mining fees
Other liabilities
Total accrued expenses and other current liabilities
$
$
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
10. Leases
During the six months ended June 30, 2026, the Company entered into a number of agreements to lease mining
equipment. Based on the Company’s assessment of terms within these agreements, the Company classified
these leases as operating leases. On mobilization of these leased mining equipment, the Company recognized
right-of-use assets and operating lease liabilities of $
Information related to the Company’s right-of-use assets and related lease liabilities are as follows:
Three months ended
Six months ended
(in US$ thousands)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Operating lease costs
$
$
$
$
Cash paid for operating lease liabilities
Finance lease costs:
Amortization of right-of-use assets
Interest on lease liabilities
Total finance lease costs
$
$
$
$
(in US$ thousands)
June 30,
2026
December 31,
2025
Assets
Operating leases:
Operating lease right-of-use assets
$
$
Finance leases:
Property and equipment
Accumulated depreciation
(5,132 )
(2,721 )
Property and equipment, net
Liabilities
Current operating lease obligations
Operating lease liabilities, less current portion
Total Operating lease liabilities
Current finance lease obligations
Finance lease liabilities, less current portion
Total Finance lease liabilities
Current lease obligation
Non-current lease obligation
Total Lease liability
$
$
June 30,
2026
December 31,
2025
Weighted Average Remaining Lease Term (Years)
Weighted average remaining lease term – finance leases
Weighted average remaining lease term – operating leases
Weighted Average Discount Rate
Weighted discount rate – finance lease
Weighted discount rate – operating lease
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
The Company’s operating and finance 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 June 30, 2026, are as follows:
(in US$ thousands)
Operating
Lease
Finance
Lease
Year ending December 31,
2026
$
$
2027
2028
2029
Total lease payments
Less imputed interest
(15,837 )
(3,547 )
Total lease liability
$
$
11. Interest Bearing Liabilities
The following is a summary of interest-bearing liabilities as at June 30, 2026:
June 30, 2026
December 31, 2025
Weighted Average
Interest Rate at
June 30, 2026
Final
Maturity
% Senior Secured Notes
$
$
%
(2)
ABL Facility
.00%
Loan - Curragh Housing Transaction
%
(2)
Debt issuance costs
(1)
(9,133 )
(10,203 )
Total interest bearing liabilities
Less: current portion
(1,829 )
(1,671 )
Non-current interest-bearing liabilities
$
$
(1)
Relates to debt issuance costs in connection with the Notes and Curragh Housing Transaction (each as defined below) loan. Deferred
debt issuance costs incurred in connection with the establishment of the ABL Facility (as defined below) have been included within "Other
non
-current assets" in the unaudited Condensed Consolidated Balance Sheets.
(2)
issuance costs and discount, where applicable.
9.250% Senior Secured Notes due in 2029
As of June 30, 2026, 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. The Notes mature on October 1, 2029 and are
senior secured obligations of Coronado Finance Pty Ltd, as issuer, or the Issuer.
The terms of the Notes are governed by an indenture, or the Indenture, dated as of October 2, 2024, among the
Issuer, Coronado Global Resources Inc., as guarantor, the subsidiaries of Coronado Global Resources Inc.
named therein as additional guarantors (collectively with Coronado Global Resources Inc., the 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.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
The Notes are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries
that guarantee, or are a borrower, under the Company’s ABL Facility 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 accounts receivable
and certain other rights to payment, inventory, certain investment property, certain general intangibles and
commercial tort claims, deposit accounts, securities accounts and other related assets, chattel paper, letter of
credit rights, certain insurance proceeds, intercompany indebtedness and certain other assets related to the
foregoing and proceeds and products of each of the foregoing , or collectively, the ABL Priority Collateral) and
(ii) a second -priority lien on the ABL Priority Collateral, which is junior to a first -priority lien for the benefit of the
lenders and other creditors under the Company’s asset-based revolving credit facility, subject to certain
exceptions and permitted liens.
Upon the occurrence of a “Change of Control Triggering Event”, 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 accelerate, or in certain cases, will automatically cause acceleration of, the amounts due under the
Notes.
As of June 30, 2026, the Company was in compliance with all applicable covenants under the Indenture.
The carrying value of debt issuance costs, recorded as a deduction of the Notes, was $
at June 30, 2026 and December 31, 2025, respectively.
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 an asset-based lending facility, or the ABL
Facility, for an initial aggregate principal amount of $
Services Australia Pty Ltd, as the Administrative Agent, Global Loan Agency Services Australia Nominees Pty
Ltd, as Collateral Agent, and Stanwell Corpor ation Limited, or Stanwell, as Lender.
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 June 30, 2026, the aggregate principal amount outstanding of the ABL Facility was $
million), including $
of Coronado Finance Pty Ltd.
Amounts outstanding under the ABL Facility are secured by (i) a first -priority lien in the ABL Priority Collateral,
and (ii) a second-priority lien on substantially all of the Company’s assets and the assets of the other Guarantors,
other than the ABL Priority 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
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
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. As of June 30, 2026,
the Borrowing Base Ratio exceeded the specified minimum threshold and no review event occurred under the
ABL Facility.
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 12. “Stanwell Liabilities ” for further information.
The carrying value of debt issuance costs, recorded as “Other non-current assets” in the Consolidated Balance
Sheets, was $
ratably over the term of the ABL Facility.
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 13. “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 unaudited Condensed 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 $
million of which is classified as a current liability.
12. Stanwell Liabilities
(in US$ thousands)
June 30, 2026
December 31,
2025
Current
Stanwell Reserved Area deferred consideration
$
$
Stanwell Prepaid coal supply liability
$
$
Non-current
Stanwell Reserved Area deferred consideration
$
$
Stanwell Prepaid coal supply liability
Stanwell Prepayment and deferred payment
$
$
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
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 second quarter 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 Deed,
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 Deed 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 second quarter of 2027, or the
NCSA Supply Commencement Date, of up to
, or until such time that the
obligation is fully settled. This prepaid coal supply liability bears interest at
% per annum.
As of June 30, 2026, the carrying value of the Stanwell prepaid coal supply liability , including the prepayment
and the rebate waiver and deferral liability, was $
For the three and six months ended June 30, 2026, the Company recognized interest expense of $
(A$
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:
●
until the final delivery date, being the day before the NCSA Supply Commencement Date (refer to change
of control provisions in relation to the waiver discussed below);
●
under the First Amendment Deed 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 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 $
Company’s liquidity is between $
prepayments when the Company’s monthly liquidity is above $
●
nominations ranging from
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
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 $
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 $
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
% per annum. The
contractual interest rate of
% 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
% 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
% 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
% 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 $
within that period as current liability.
As of June 30, 2026, the carrying amount, including accrued interest, of the Prepayment and Deferred Payment
Balance was $
during the three and six months ended June 30, 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 $
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
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
% or more without Stanwell’s consent within
27, 2025, then the Company must immediately pay Stanwell the waived rebate amounts, together with interest.
As of June 30, 2026, cumulative rebate amounts of $
No liability was recognized as of June 30, 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.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
13. Other Financial Liabilities
The following is a summary of other financial liabilities as at June 30, 2026:
June 30, 2026
December 31,
2025
Collateralized financial liabilities - Curragh Housing Transaction
$
$
Derivative liability (refer to Note 16. "Derivatives and Fair Value Measurement")
Debt issuance costs
(844 )
(883 )
Total other financial liabilities
Less: current portion
(2,436 )
(1,424 )
Non-current other financial liabilities
$
$
Collateralized financial liabilities – Curragh Housing Transaction
The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606 –
Revenues from Contracts
with Customers
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 unaudited
Condensed Consolidated Balance Sheets. The term of the financing arrangement is
interest rate of
%. This liability will be settled in equal monthly payments as part of the accommodation
services arrangement.
In connection with the Curragh Housing Transaction, the Company has 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, holders of the Notes.
The carrying value of this financial liability, net of issuance costs of $
2026, $
14. Income Taxes
For the six months ended June 30, 2026, the Company estimated its annual effective tax rate and applied this
effective tax rate to its year-to-date pretax income at the end of the interim reporting period. The tax effects of
unusual or infrequently occurring items, including effects of changes in tax laws or rates and changes in judgment
about the realizability of deferred tax assets, are reported in the interim period in which they occur.
The Company’s 2026 estimated annual effective tax rate is
%. This rate is impacted by inclusion of a current
year valuation allowance relating to both the Australia and the U.S. operations. Accordingly, the Company had
an income tax benefit of $
30, 2026, which includes discrete expense of $
The Company had an income tax benefit of $
months ended June 30, 2025.
The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements.
For the three months ended June 30, 2026, the Company had
expense. If accrual for interest or penalties is required, it is the Company’s policy to include these as a component
of income tax expense. The Company continues to carry an unrecognized tax benefit of $
30, 2026 and December 31, 2025.
The Company is subject to taxation in the U.S. and its various states, as well as Australia and its various localities.
In the U.S. and Australia, the first tax return was lodged for the year ended December 31, 2018. In the U.S.,
companies are subject to open tax audits for a period of three years at the federal level and five years at the state
level. In Australia, companies are subject to open tax audits for a period of four years from the date of
assessment.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
15. Loss per Share
Basic loss per share of common stock is computed by dividing net loss attributable to the Company stockholders
for the period by the weighted-average number of shares of common stock outstanding during the same period.
Diluted loss per share of common stock is computed by dividing net loss attributable to the Company by the
weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive
securities.
Basic and diluted loss per share were calculated as follows (in thousands, except per share data):
Three months ended
June 30,
Six months ended
June 30,
(in US$ thousands, except per share data)
2026
2025
2026
2025
Numerator:
Net loss attributable to Company
stockholders
$
(99,429 )
$
(76,203 )
$
(418,019 )
$
(172,401 )
Denominator (in thousands):
Weighted average shares of common stock
outstanding
Weighted average diluted shares of common
stock outstanding
Loss Per Share (US$):
Basic
(0.59 )
(0.45 )
(2.49 )
(1.03 )
Diluted
(0.59 )
(0.45 )
(2.49 )
(1.03 )
The Company’s common stock is publicly traded on the ASX in the form of CDIs, convertible at the option of
the holders into shares of the Company’s common stock on a
-for-1 basis.
16. Derivatives and Fair Value Measurement
a) Derivatives
The Company may use derivative financial instruments to manage its financial risks in the normal course of
operations, including foreign currency risks, commodity price risk related to purchase of raw materials (such as
gas or diesel) and interest rate risk. Derivatives for speculative purposes are strictly prohibited under the Treasury
Risk Management Policy approved by the Board of Directors.
The financing counterparties to the derivative contracts potentially expose the Company to credit-related risk.
Credit risk is the risk that a third party might fail to fulfill its obligations under the terms of the financial instrument.
The Company mitigates credit risk by entering into derivative contracts with high credit quality counterparties,
limiting the amount of exposure to each counterparty and fre quently monitoring their financial condition.
Forward foreign currency contracts
The Company’s Australian Operations utilize the cash generated from US$ denominated coal sales revenues to
fund operating costs, which are predominantly in A$. During the six months ended June 30, 2026, the Company
entered into forward foreign currency contracts to hedge its foreign exchange exposure on a portion of the US$
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 $
currency contracts were designated as cash flow hedges, the unrealized loss of $
“Accumulated other comprehensive loss” at June 30, 2026 in the unaudited Condensed Consolidated Balance
Sheet, and will be reclassified into “Coal revenues” in the Condensed Consolidated Statements of Operations
and Comprehensive Income in the period in which the hedged transaction impacts income, expected to be in
July 2026. Refer to Note 17. “Accumulated Other Comprehensive Losses.”
As of June 30, 2026, the Company recognized a derivative liability of $
currency contracts unrealized loss, classified within “
Other Financial Liabilities
”. As of December 31, 2025, the
Company recognized a derivative asset of $
gain, classified within “
Other assets
”.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
The following table presents the details of outstanding foreign currency contracts:
June 30, 2026
December 31, 2025
Notional
amount
(thousands)
Unit of
measure
Varying
maturity
dates
Notional
amount
(thousands)
Unit of
measure
Varying
maturity
dates
Designated forward foreign
currency contracts
US$
July 2026
US$
2026-
March
2026
b) Fair Value Measurement
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 June 30, 2026 and December 31, 2025, the Company’s forward foreign currency contracts, a net derivative
liability of $
value on a recurring basis based on a valuation that is corroborated by the use of market-based pricing (Level
2).
Financial Instruments Measured on a Nonrecurring Basis
Other than the estimated fair value of the assets described in Note 4. “Impairment of assets” and Note 5. “Assets
held for sale”, which are Level 3 fair value, there were
value on a nonrecurring basis as of June 30, 2026, and December 31, 2025.
Other Financial Instruments
The following methods and assumptions were used to estimate the fair value of other financial instruments as of
June 30, 2026 and December 31, 2025:
●
and other current financial liabilities: The carrying amounts reported in the unaudited Condensed
Consolidated Balance Sheets approximate d fair value due to the short maturity of these instruments.
●
carrying values reported in the unaudited Condensed Consolidated Balance Sheets.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
●
cost. As of June 30, 2026, the fair value of the amounts drawn under the ABL Facility approximate d the
carrying value reported in the consolidated balance sheets. The estimated fair value of the Notes as of
June 30, 2026 was approximately $
not considered active (Level 2). The estimated fair value of the Curragh Housing loan was $
based upon unobservable inputs (Level 3).
17. Accumulated Other Comprehensive Losses
The Company’s Accumulated Other Comprehensive Losses consisted of foreign currency translation adjustment
for subsidiaries for which the functional currency is different than the Company’s functional currency (U.S. dollar)
and net unrealized gains (losses) on forward foreign currency contracts designated as cash flow hedges as of
June 30, 2026, were as follow:
(in US$ thousands)
Foreign
currency
translation
adjustments
Net unrealized
gain on cash
flow hedge -
forward foreign
currency
contracts
Total
Balance at December 31, 2025
$
(122,923 )
$
(120,444 )
Net current-period other comprehensive losses:
(Loss) gain in other comprehensive income before
reclassifications
(6,728 )
(4,379 )
Gain on long-term intra-entity foreign currency transactions
Gain reclassified from accumulated other comprehensive
losses
(5,697 )
(5,697 )
Total net current-period other comprehensive losses
(3,348 )
Balance at June 30, 2026
$
(119,489 )
(869 )
$
(120,358 )
18. Commitments
(a)
The Company leases mineral interests and surface rights from land owners under various terms and royalty
rates. The future minimum royalties and lease rental payments under these leases as of June 30, 2026 were as
follows:
(in 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 June 30, 2026, purchase commitments for capital expenditures were $
within the next twelve 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 access on an annual basis. As of June
30, 2026, these Australian and U.S. commitments under take-or-pay arrangements totaled $
which the Company is obliged to pay approximately $
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
19. 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 unaudited Condensed 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 June
30, 2026, the Company had outstanding surety bonds and cash-backed bank guarantees of $
$
million of cash-backed bank guarantees are expected to be released.
For the Australian Operations, as at June 30, 2026, the Company had cash-backed bank guarantees outstanding
of $
As of June 30, 2026, the Company in aggregate had total outstanding bank guarantees of $
its obligations and commitments.
Future regulatory changes relating to these obligations or deterioration of the Company’s credit risk rating 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 $
for bank guarantees, 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 unaudited Condensed Consolidated Balance Sheets.
Future regulatory changes in relation to these obligations or deterioration of the Company’s credit risk rating
could result in increased obligations, additional costs or additional collateral requirements.
From time to time, the Company is a party to legal proceedings in the ordinary course of business in Australia
and the U.S. Based on current information, the Company believes that all 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.
20. Subsequent Events
Glencore Prepayment Agreements
On August 7, 2026, subsidiaries of the Company entered into
under which Glencore agreed to advance prepayments of up to $
●
% per annum on the outstanding balance.
●
, over which the prepayments are reimbursed by applying the value of coal
delivered against the outstanding balance in accordance with a contractual schedule that reduces the
permitted balances to nil by the end of the term. Any amount outstanding at final maturity is payable in
cash.
●
is an event of default, upon which the outstanding balance and accrued interest become payable in cash.
●
the incurrence of indebtedness, on disposals of coal and of assets in coal production, and on the payment
of dividends while an event of default is continuing.
Coronado Global Resources Inc.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Coronado Global Resources Inc.
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Coronado Global Resources
Inc. (the Company) as of June 30, 2026, the related condensed consolidated statements of operations and
comprehensive income for the three and six-month s periods ended June 30, 2026 and 2025, the condensed
consolidated statements of stockholders’ equity for the three and six-month periods ended June 30, 2026 and
2025, the condensed consolidated statements of cash flows for the six-month periods ended June 30, 2026 and
2025, and the related notes (collectively referred to as the “condensed consolidated interim financial
statements”). Based on our reviews, we are not aware of any material modifications that should be made to the
condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted
accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, the
related consolidated statements of operations and comprehensive income, stockholders' equity and cash flows
for the year then ended, and the related notes (not presented herein), and in our report dated March 3, 2026, we
expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information
set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated,
in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These financial statements are the responsibility of the Company's management. 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 SEC and the PCAOB. We
conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements
consists principally of applying analytical procedures and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards
of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as
a whole. Accordingly, we do not express such an opinion.
/s/ Ernst & Young
Brisbane, Australia
August 10, 2026
Coronado Global Resources Inc.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should
be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the related notes
to those statements included elsewhere in this Quarterly Report on Form 10-Q. In addition, this Quarterly Report
on Form 10-Q should be read in conjunction with the Consolidated Financial Statements for the year ended
December 31, 2025 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K for the year
ended December 31, 2025, filed with the SEC and the ASX on March 3, 2026.
Unless otherwise noted, references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “Company,” or
“Coronado” refer to Coronado Global Resources Inc. and its consolidated subsidiaries and associates, unless
the context indicates otherwise.
All production and sales volumes contained in this Quarterly Report on Form 10-Q 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. 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. Some numerical figures included in this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q contains “forward -looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, 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:
●
commodities, such as diesel fuel, steel, explosives and tires, as the result of inflationary pressures,
geopolitical conflicts or otherwise ;
●
●
●
regulations, including our ability to provide applicable surety of Curragh’s Estimated Rehabilitation Cost
under the Financial Provisioning Scheme;
●
of coal produced, cause delays in or suspen sion of coal deliveries, or increase the cost of operating our
business;
●
policies and other barriers to trade;
●
unrest and wars, as well as risks related to government actions with respect to trade agreements, treaties
or policies;
Coronado Global Resources Inc.
●
developments;
●
arising from mining activities, including possible impacts on global climate issues, which could result in
increased regulation of coal combustion and GHG emissions and increased costs associated with coal
production and consumption, such as costs for additional controls to reduce carbon dioxide emissions or
costs to purchase emissions reduction credits to comply with future emissions trading programs, which
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;
●
one or more of our major customers, including customers in the steel industry, and 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 contractua l obligations to us;
●
governing such indebtedness;
●
performance or otherwise;
●
●
●
●
●
●
●
arrangements with rail and port operators ;
●
●
●
●
any exposure to hazardous substances caused by our operations, as well as any environmental
contamination our properties may have or our operations may cause ;
●
●
●
proprietary or confidential information about us, our customers or other third parties ;
●
require us to recognize or continue to recognize impairment charges related to those assets;
●
●
impact our reported financial results; and
●
Factors,” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q.
Coronado Global Resources Inc.
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 Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025
,
filed with the SEC and ASX on March 3, 2026, and Part II, Item 1A. “Risk Factors” of our Quarterly Report on
Form 10-Q for the three months ended March 31, 2026, filed with the SEC and ASX on May 11, 2026, 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.
All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary
statements, as well as others made in this Quarterly Report on Form 10-Q and hereafter in our other filings with
the SEC and public communicatio ns. 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 Quarterly Report on Form 10-Q 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.
Results of Operations
How We Evaluate Our Operations
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 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 annual fixed price contracts.
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 cash costs per Mt produced , which we define as mining cash costs
divided by saleable production 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
cash (or 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 .
In the current period, management revised the metric in item (v) above from average segment mining costs per
Mt sold (previously defined as mining costs divided by sales volumes, excluding non-produced coal) to average
segment mining cash costs per Mt prod uced (defined as mining cash costs divided by saleable production for
the respective segment). This change adjusts the cost base to exclude noncash costs, including inventory
movements, divided by saleable production, which we believe directly aligns costs with the period in which they
are incurred. Management believes the revised metric provides a more meaningful and comparable measure of
segment operating efficiency and is consistent with how costs are assessed.
Coal revenues are shown in our statement of operations and comprehensive income exclusive of other revenues.
Generally, export sale contracts on Free on Board, or FOB, 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 typically
borne by the customer. Certain export sales from our U.S. Operations are recognized when 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 and mining costs, are
useful to our investors to measure our operating performance.
Coronado Global Resources Inc.
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 a 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 including total revenues, total
costs and expenses, net income or cash flows from operating activities as those terms are defined by U.S. GAAP.
Adjusted EBITDA may therefore 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. Adjusted EBITDA and Segment
Adjusted EBITDA are used as supplemental financial measures by management and by external users of our
financial statements, such as investors, industry analysts and lenders, to assess the operating performance of
our business.
Mining cash costs, a non-GAAP measure, is based on reported cost of coal revenues, which is shown on our
statement of operations and comprehensive income exclusive of inventory movements, freight expense, Stanwell
rebate, other royalties, depreciation, depletion and amortization, and selling, general and administrative
expenses, adjusted for other items that do not relate directly to the costs incurred to produce coal at a mine.
Mining cash costs exclude these cost components as our CODM does not view these costs as directly attributable
to the production of coal. Mining cash 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 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.
About Coronado Global Resources Inc.
We are a producer, global marketer and exporter of high-quality Met coal products. We own a portfolio of mines
and development projects in Queensland, Australia, and in the states of Virginia, West Virginia and Pennsylvania
in the United States.
Our Australian Operations comprise the 100%-owned Curragh producing mine complex. Our U.S. Operations
comprise a 100%-owned producing mine complex (Buchanan) and a development propert y (Mon Valley). In
addition to Met coal, our Australian Operations sell thermal coal, which is used to generate electricity,
domestically to Stanwell and in the export market. Our U.S. Operations primarily focus on the production of Met
coal for the North American domestic and seaborne export markets and also produce and sell some thermal coal
that is extracted in the process of mining Met coal.
Overview
The Company’s operating performance improved during the three months ended June 30, 2026, following
significant wet-weather impacts and temporary suspension of the Mammoth Underground Operations at our
Australian Operations experienced in the first quarter of 2026, delivering higher production for the three months
ended June 30, 2026, compared to the three months ended March 31, 2026, and return to positive EBITDA in
the second quarter of 2026, reflecting the Company’s focus on operational execution and asset optimization.
At our Australian Operations, production rebounded following completion of the Coal Handling Preparation Plant,
or CHPP, maintenance shutdown, achieving record quarterly operating hours for the three months ended June
30, 2026, and improved operating condi tions following the significant wet-weather events and temporary
suspension of Mammoth Underground Operations experienced in the first quarter of 2026. The improved CHPP
performance supported higher throughput and production of profitable Met coals, reflecting our focus on
optimizing asset performance and generating greater value from our operations.
Our U.S. Operations continued to benefit from the Buchanan expansion project and the return of both longwalls
to production, establishing a higher operating run-rate and achieving record run-of-mine, or ROM, production for
the three and six months ended Ju ne 30, 2026.
The Company’s ROM production of 6.4 MMt and saleable production of 4.1 MMt for the three months ended
June 30, 2026, were 18.4% and 39.3% higher, respectively, than the three months ended March 31, 2026.
Coronado Global Resources Inc.
The Australian Premium Low Volatile Hard Coking Coal index, or AUS PLV HCC, averaged $238.3 per Mt for
the three months ended June 30, 2026, $54.1 per Mt higher compared to the same period in 2025, and $3.6 per
Mt higher compared to the three months ended March 31, 2026.
Following the recovery in late 2025 into early 2026, coking coal index prices remained broadly stable through the
quarter ending June 30, 2026, supported by balanced seaborne supply and steady demand from key steelmaking
regions. Market conditions reflect continued demand outside of China, particularly from India, and a recovery in
supply following wet-weather related disruptions in Queensland experienced earlier in the year.
Met coal sales represented 75.9% of our total volume of coal sold and 91.8% of total coal revenues for the six
months ended June 30, 2026 compared to 70.4% and 94.2%, respectively, for the six months ended June 30,
2025.
Coal revenues were $966.9 million for the six months ended June 30, 2026, an increase of $66.1 million
compared to the same period in 2025. The increase was primarily driven by the average realized Met coal price,
which was $18.2 per Mt sold higher compared to the six months ended June 30, 2025, partially offset by sales
volumes which were 0.1 MMt lower compared to the 2025 period.
Mining cash costs for the six months ended June 30, 2026, were $83.0 million higher compared to the six months
ended June 30, 2025. The increase in mining cash costs was primarily attributed to higher subcontractor costs,
due to higher overburden removal, higher repairs and maintenance costs resulting from the damage to key
infrastructure experienced in the first quarter of 2026, higher fuel costs and an unfavorable foreign exchange rate
of A$/US$ $0.70 compared to $0.63 during the six months ended June 30, 2025.
In response to the challenging operating environment, management has identified and commenced
implementation of operational improvement s, a broader structural reset and cost reduction initiatives , primarily at
our Australian Operations, targeting improvements in contractor management, procurement practices, and
operational efficiency. In addition, Coronado continues to undertake initiatives to enhance liquidity and reduce
operating and capital costs across the Company, while optimizing the business to deliver greater value over the
long term.
Liquidity and Going Concern
Coronado had available liquidity, in the form of cash and cash equivalents, of $97.7 million as of June 30, 2026.
As of June 30, 2026, Coronado had $703.8 million aggregate principal amount of interest-bearing liabilities
outstanding and cash and cash equivalents of $97.7 million resulting in net debt of $606.1 million.
With respect to the Company’s financial position, we concluded that the Company’s current cash and cash
equivalents and forecasted cash flows will be sufficient to fund its operations and satisfy its obligations for at least
one year from the issuance of this Quarterly Report on Form 10-Q.
On August 7, 2026, subsidiaries of the Company entered into two concurrent offtake agreements with Glencore .
Under these agreements, Glencore agreed to advance prepayments of up to $75.0 million, providing the
Company with an additional source of near-term liquidity.
Logan mine complex
During the first quarter of 2026, we idled operations at the Logan Mining Complex, within our U.S. Operations, in
response to sustained weakness in the U.S. domestic Met coal market. The idling represented a triggering event
requiring us to assess the recoverability of the Logan asset group. As the carrying amount of the asset group
exceeded its estimated recoverable amount, we recorded an impairment charge of $159.8 million during the three
months ended March 31, 2026 to write it down to estimated fair value.
On May 21, 2026, we entered into the MIPA to sell the Logan Mining Complex and related assets and liabilities
to Phoenix Coal Holdings, LLC, for nominal consideration subject to customary net working capital adjustments.
The Disposal Group was classified as held for sale at June 30, 2026 and measured at the lower of its carrying
amount and fair value less costs to sell, resulting in an additional impairment charge of $17.7 million for the three
months ended June 30, 2026, and bringing the total impairment recognized in respect of the Logan asset group
to $177.5 million for the six months ended June 30, 2026.
The sale was completed on July 31, 2026, and no gain or loss is expected to be recorded .
Safety
For our Australian Operations, the twelve-month rolling average Total Reportable Injury Frequency Rate at June
30, 2026, was 4.0 9, compared to a rate of 3.62 at the end of December 31, 2025. At our U.S. Operations, the
twelve-month rolling average Total Reportable Incident Rate at June 30, 2026, was 2.34, compared to a rate of
Coronado Global Resources Inc.
2.30 at the end of December 31, 2025. Both twelve-month rolling rates increased relative to December 31, 2025,
and remain an area of continued focus.
The health and safety of our workforce is our number one priority , and we remain focused on the safety and
wellbeing of all employees and contracting parties. Coronado continues to implement safety initiatives with the
goal of improving our safety rates every quarter.
Segment Reporting
In accordance with 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 conso lidated financial statements.
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Summary
The financial and operational results for the three months ended June 30, 2026 included:
●
compared to a net loss before tax of $67.7 million for the three months ended June 30, 2025, which was
primarily driven by higher operating costs, a $17.7 million additional impairment charge for the Logan
mine and interest expense , partially offset by higher coal revenues.
●
per Mt sold higher compared to $148.4 per Mt sold for the same period in 2025, reflecting recovery in
seaborne demand, particularly from India and other steelmaking regions outside of China, and tighter
supply conditions .
●
months ended June 30, 2025, despite saleable production increasing by 0.4 MMt in the same period.
Lower sales volume was driven by shipment slippage into July 2026 at both Australian Operations and
U.S. Operations, a result of port congestion and co-shipper delays impacting sales for the month of June
2026, and resulted in a material increase in saleable stocks as of June 30, 2026.
●
compared to an Adjusted EBITDA loss of $0.6 million for the same period in 2025. The increase was
driven by higher revenues, a product of improved pricing, partially offset by higher operating costs.
●
principal amount of interest-bearing liabilities outstanding , less cash and cash equivalents of $97.7
million.
Coronado Global Resources Inc.
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
506,371
$
459,337
$
47,034
Other revenues
7,758
8,542
(784)
Total revenues
514,129
467,879
46,250
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
357,597
339,632
17,965
Depreciation, depletion and amortization
46,186
45,508
678
Freight expenses
93,801
62,706
31,095
Stanwell rebate
—
21,931
(21,931)
Other royalties
44,570
38,014
6,556
Selling, general, and administrative expenses
10,479
7,600
2,879
Restructuring costs
6,018
—
6,018
Total costs and expenses
558,651
515,391
43,260
Other income (expenses):
Interest expense, net
(35,425)
(20,964)
(14,461)
Impairment of assets
(17,704)
—
(17,704)
Loss on debt extinguishment
—
(1,050)
1,050
credit losses
37
(183)
220
Other, net
(3,197)
1,972
(5,169)
Total other expenses, net
(56,289)
(20,225)
(36,064)
Net loss before tax
(100,811)
(67,737)
(33,074)
Income tax benefit (expense)
1,382
(8,466)
9,848
Net loss attributable to Coronado Global
Resources, Inc.
$
(99,429)
$
(76,203)
$
(23,226)
Coal Revenues
Coal revenues were $506.4 million for the three months ended June 30, 2026, an increase of $47.0 million,
compared to $459.3 million for the three months ended June 30, 2025. This increase was primarily attributable
to average realized Met coal prices $22.1 per Mt sold higher, partially offset by sales volumes 0.2 MMt lower
compared to the three months ended June 30, 2025.
Cost of Coal Revenues (Exclusive of Items Shown Separately Below)
Cost of coal revenues consists of costs related to produced tons sold, along with changes in both the volumes
and carrying values of coal inventory. Cost of coal revenues includes items such as direct operating costs, which
includes employee -related costs, materials and supplies, contractor services, coal handling and preparation costs
and production taxes.
Total cost of coal revenues was $357.6 million for the three months ended June 30, 2026, $18.0 million, or 5.3%
higher, compared to $339.6 million for the three months ended June 30, 2025.
Cost of coal revenues for our Australian Operations for the three months ended June 30, 2026, was $68.9 million
higher compared to the same period in 2025, largely attributed to higher overburden removal, as production
recovered following significant wet-weather events and temporary suspension of Mammoth Underground
experienced in the first quarter of 2026, higher diesel fuel costs and unfavorable average foreign exchange rates
on translation of our Australian Operations for the three months ended June 30, 2026, of A$/US$ $0.71 compared
to $0.64 for the same period in 2025. This increase was partially offset by higher inventory build due to port
congestion and co-shipper delays resulting in sales volume slippage into July 2026.
Cost of coal revenues for our U.S. Operations for the three months ended June 30, 2026, was $50.9 million lower
compared to the three months ended June 30, 2025, due to the production curtailment and idling of the Logan
mine, partially offset by higher labor costs and operation of an additional longwall at the Buchanan mine to support
increased production.
Coronado Global Resources Inc.
Freight Expenses
Freight expenses relate to costs associated with rail and port providers, including take-or-pay commitments at
our Australian Operations, and demurrage costs. Freight expenses were $93.8 million for the three months ended
June 30, 2026, an increase of $31.1 million, compared to $62.7 million for the same period in 2025. Our U.S.
Operations contributed $21.2 million of the increase, primarily driven by higher coal sales under CFR terms and
higher rail and ocean freight charges compare d to the three months ended June 30, 2025. Our Australian
Operations contributed to $9.9 million of the increase due to higher volumes railed and demurrage costs
associated with longer vessel times at port.
Stanwell Rebate
The Stanwell rebate was waived from January 1, 2026 in connection with the Second Amendment Deed.
Other Royalties
Other royalties were $44.6 million in the three months ended June 30, 2026, an increase of $6.6 million compared
to $38.0 million for the three months ended June 30, 2025, driven by higher export coal revenues and an
unfavorable average foreign exchange rate on translation of our Australian Operations .
Restructuring Costs
Restructuring costs of $6.0 million for the three months ended June 30, 2026, related to cost associated with
workforce reduction and external consulting services in connection with the Company’s transformation initiative
to optimize coal production and alignment of cost structure.
Interest Expense, Net
Interest expense, net was $35.4 million for the three months ended June 30, 2026, an increase of $14.4 million
compared to $21.0 million for the three months ended June 30, 2025. The increase was driven by higher average
indebtedness resulting from additional borrowings under the ABL Facility and other Stanwell liabilities, and lower
interest income earned on cash equivalents and restricted deposits during the three months ended June 30,
2026, compared to the same period in 2025.
Impairment of Non-core Assets
During the three months ended June 30, 2026, the Company committed to a plan to sell the Logan mining assets
and classified its assets and related liabilities as held-for -sale at June 30, 2026, a triggering event under ASC
360, requiring the Company to assess the recoverability of the relevant asset group.
The Company determined that the estimated fair value of the asset group did not exceed its carrying value.
Accordingly, the Company recorded an additional impairment charge of $17.7 million against long-lived assets,
including property, plant and equipment , to write down the carrying value of the asset group to its estimated fair
value.
Income Tax Benefit
Income tax benefit was $1.4 million for the three months ended June 30, 2026, a decrease of $9.8 million
compared to an income tax expense of $8.4 million for the three months ended June 30, 2025. The decrease in
income tax expense was the result of an effective tax rate of 3.2% for the three months ended June 30, 2026,
compared to an effective tax rate of 14.6% for the three months ended June 30, 2025.
Coronado Global Resources Inc.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Summary
The financial and operational results for the six months ended June 30, 2026 included:
●
compared to $201.8 million for the six months ended June 30, 2025. Higher net losses were driven by
higher operating costs, impairment charge s and higher interest expense, partially offset by higher coal
revenues.
●
Mt higher compared to $149.8 per Mt sold for the same period in 2025, primarily driven by higher coal
price indices, which reflected production disruptions and lower export availability in Australia, supply
constraints in China's domestic coking coal market, particularly in the first quarter of 2026, and a more
balanced supply -demand environment during the second quarter of 2026, which outweighed relatively
soft global steel demand.
●
six months ended June 30, 2025, primarily driven by the idling of the Logan mine, partially offset by
improved production and sales at our Australian Operations following operational disruptions
experienced in the first quarter of 2026.
●
compared to $73.4 million for the six months ended June 30, 2025. The increase in Adjusted EBITDA
loss was primarily due to higher operating costs exceeding higher coal revenues.
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
966,862
$
900,788
$
66,074
7.3%
Other revenues
14,459
16,339
(1,880)
(11.5%)
Total revenues
981,321
917,127
64,194
7.0%
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
801,499
729,923
71,576
9.8%
Depreciation, depletion and amortization
89,523
86,029
3,494
4.1%
Freight expenses
179,524
122,894
56,630
46.1%
Stanwell rebate
—
43,784
(43,784)
(100.0%)
Other royalties
74,918
79,367
(4,449)
(5.6%)
Selling, general, and administrative expenses
15,109
15,933
(824)
(5.2%)
Restructuring costs
6,018
—
6,018
100.0%
Total costs and expenses
1,166,591
1,077,930
88,661
8.2%
Other income (expenses):
Interest expense, net
(69,177)
(38,862)
(30,315)
78.0%
Impairment of assets
(177,459)
—
(177,459)
100.0%
Loss on debt extinguishment
—
(1,050)
1,050
(100.0%)
Decrease (increase) in provision for
credit losses
164
(813)
977
(120.2%)
Other, net
809
(241)
1,050
(435.7%)
Total other expenses, net
(245,663)
(40,966)
(204,697)
499.7%
Net loss before tax
(430,933)
(201,769)
(229,164)
113.6%
Income tax benefit
12,914
29,368
(16,454)
(56.0%)
Net loss attributable to Coronado Global
Resources, Inc.
$
(418,019)
$
(172,401)
$
(245,618)
142.5%
Coronado Global Resources Inc.
Coal Revenues
Coal revenues were $966.9 million for the six months ended June 30, 2026, an increase of $66.1 million,
compared to $900.8 million for the six months ended June 30, 2025. The increase was primarily driven by higher
average realized Met coal prices, and was partially offset by an unfavorable sales mix weighted towards lower-
priced thermal coal sales volumes compared to the same period in 2025, particularly at our Australian Operations.
Cost of Coal Revenues (Exclusive of Items Shown Separately Below)
Total cost of coal revenues was $801.5 million for the six months ended June 30, 2026, an increase of $71.6
million, compared to $729.9 million for the six months ended June 30, 2025.
Cost of coal revenues for our Australian Operations for the six months ended June 30, 2026, was $114.8 million
higher compared to the six months ended June 30, 2025. The increase was primarily driven by subcontractor
costs, due to higher overburden removal, additional fleet mobilized, higher fuel costs, increased repairs and
maintenance resulting from damage to key infrastructure in the first quarter of 2026, and an unfavorable average
foreign exchange rate on translation of our Australian Operations for the six months ended June 30, 2026, of
A$/US$: 0.70 compared to 0.63 for the same period in 2025.
Cost of coal revenues for our U.S. Operations for the six months ended June 30, 2026, was $43.2 million lower
compared to the same period in 2025, driven by the lower labor and other associated costs in connection with
production curtailment and subsequent idling of our Logan mine.
Freight Expenses
Freight expenses totaled $179.5 million for the six months ended June 30, 2026, an increase of $56.6 million
compared to $122.9 million for the six months ended June 30, 2025. Freight expenses for our U.S. Operations
contributed $45.7 million of the increase, primarily driven by higher coal sales under CFR terms and higher rail
and ocean freight charges compared to the six months ended June 30, 2025. The remaining increase of $10.9
million was attributable to our Australian Operations due to higher volumes railed and higher demurrage costs
associated with longer vessel waiting times at port .
Stanwell Rebate
The Stanwell rebate was waived from January 1, 2026 in connection with the Second Amendment Deed.
Interest Expense, Net
Interest expense, net was $69.2 million in the six months ended June 30, 2026, an increase of $30.3 million as
compared to $38.9 million for the six months ended June 30, 2025. The increase was driven by higher average
indebtedness resulting from additional borrowings under the ABL Facility and other Stanwell liabilities and lower
interest income earned on cash equivalents and restricted deposits during the six months ended June 30, 2026,
compared to the same period in 2025.
Impairment of Non-Core Assets
During the six months ended June 30, 2026, in response to sustained weakness in the U.S. High-vol coal
markets, the Company curtailed and subsequently idled operations at the Logan complex within our Company’s
U.S. Operations. Additionally, the Company committed to a plan to sell the Logan mining assets and classified
its assets and related liabilities as held-for -sale at June 30, 2026, which represented a triggering event under
ASC 360, requiring the Company to assess the recoverability of the relevant asset group.
The Company determined that the estimated fair value of the asset group did not exceed its carrying value.
Accordingly, the Company recorded an impairment charge of $17.7 million and $177.5 million, for the three and
six months ended June 30, 2026, respectively, against long-lived assets, including property, plant and equipment,
to write down the carrying value of the asset group to its estimated fair value.
Income Tax Benefit
Income tax benefit of $12.9 million for the six months ended June 30, 2026, decreased by $16.5 million, compared
to income tax benefit of $29.4 million for the six months ended June 30, 2025, primarily driven by an effective tax
rate of 3.2% for the six months ended June 30, 2026.
In calculating the annual effective tax rate for the Group:
Coronado Global Resources Inc.
●
forward losses, a full valuation allowance was included as part of the annual effective tax rate
calculation, thereby reducing the rate to nil.
●
deferred tax assets was assessed and as a result a partial valuation allowance was included as part of
the annual effective tax rate, thereby reduci ng the annual effective tax rate to 3.2%.
Supplemental Segment Financial Data
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Australia
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
2.4
2.2
0.2
6.2%
Saleable production (MMt)
3.0
2.3
0.7
29.3%
Total revenues ($)
326,614
259,845
66,769
25.7%
Coal revenues ($)
318,908
251,537
67,371
26.8%
Average realized price per Mt sold ($/Mt)
134.9
113.1
21.8
19.3%
Met coal sales volume (MMt)
1.7
1.6
0.1
10.3%
Met coal revenues ($)
296,354
230,624
65,730
28.5%
Average realized Met price per Mt sold ($/Mt)
171.8
147.5
24.3
16.5%
Mining cash costs ($)
296,384
214,000
82,384
38.5%
Mining cash cost per Mt produced ($/Mt)
98.9
92.3
6.6
7.2%
Operating costs ($)
338,011
271,472
66,539
24.5%
Operating costs per Mt sold ($/Mt)
143.0
122.0
21.0
17.2%
Segment Adjusted EBITDA ($)
(11,795)
(10,200)
(1,595)
15.6%
Coal revenues for our Australian Operations increased by $67.4 million largely due to average realized Met coal
prices that were $24.3 per Mt sold higher and sales volume that were 0.2 MMt higher for the three months ended
June 30, 2026.
Operating costs were $66.5 million higher for the three months ended June 30, 2026, compared to the same
period in 2025, primarily driven by higher mining cash costs, partially offset by lower Stanwell rebates, which
were waived from January 1, 2026. Mining cash costs were $82.4 million higher compared to the three months
ended June 30, 2025, driven by higher subcontractor costs due to higher overburden removal , higher fuel costs,
a product of the increase in diesel fuel price globally, additional fleet mobilized and the unfavorable impact of
average foreign exchange rates on translation of our Australian Operations (A$/US$ $0.71compared to A$/US$
$0.64 in the prior year period). Mining cash cost per Mt produced was $6.6 higher for the three months ended
June 30, 2026, reflecting the higher gross costs partially offset by higher saleable production.
Segment Adjusted EBITDA loss of $11.8 million for the three months ended June 30, 2026, was $1.6 million
higher compared to $10.2 million for the three months ended June 30, 2025, largely driven by higher operating
costs partially offset by higher coal revenues.
Coronado Global Resources Inc.
United States
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
1.1
1.4
(0.3)
(21.6)%
Saleable production (MMt)
1.1
1.4
(0.3)
(19.0)%
Total revenues ($)
187,515
208,034
(20,519)
(9.9)%
Coal revenues ($)
187,463
207,800
(20,337)
(9.8)%
Average realized price per Mt sold ($/Mt)
165.1
143.4
21.7
15.1%
Met coal sales volume (MMt)
1.1
1.3
(0.2)
(17.3)%
Met coal revenues ($)
183,274
196,704
(13,430)
(6.8)%
Average realized Met price per Mt sold ($/Mt)
168.4
149.6
18.8
12.6%
Mining cash costs ($)
107,382
150,777
(43,395)
(28.8)%
Mining cash cost per Mt produced ($/Mt)
95.0
108.1
(13.1)
(12.1)%
Operating costs ($)
157,957
190,811
(32,854)
(17.2)%
Operating costs per Mt sold ($/Mt)
139.1
131.7
7.4
5.6%
Segment Adjusted EBITDA ($)
29,117
17,181
11,936
69.5%
Coal revenues for our U.S. Operations of $187.5 million for the three months ended June 30, 2026, decreased
by $20.3 million compared to the same period in 2025, attributable to lower sales volumes due to curtailment and
idling of Logan’s operations during the first quarter of 2026. This was partially offset by coal revenues from our
Buchanan operations which increased by $40.8 million for the three months ended June 30, 2026, due to higher
average realized Met coal price, reflecting favorable market conditions, and 0.1 MMt of additional sales volumes
compared to the three months ended June 30, 2025.
Operating costs of $158.0 million were $32.9 million lower for the three months ended June 30, 2026, compared
to the same period in 2025. The curtailment and subsequent idling of Logan’s operations contributed to $62.7
million of the decrease, partially offset by increased freight costs at our Buchanan operations as a result of higher
coal sales under CFR terms compared to the three months ended June 30, 2025.
Segment Adjusted EBITDA was $29.1 million for the three months ended June 30, 2026, an increase of $11.9
million compared to $17.2 million for the three months ended June 30, 2025, primarily driven by lower operating
costs outweighing lower coal revenues.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components of Corporate and Other Adjusted EBITDA:
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Selling, general, and administrative expenses
$
10,479
$
7,600
$
2,879
37.9%
Other, net
13
(49)
62
(126.5)%
Total Corporate and Other Adjusted EBITDA
$
10,492
$
7,551
$
2,941
38.9%
Corporate and other costs of $10.5 million for the three months ended June 30, 2026, was $2.9 million higher
compared to the three months ended June 30, 2025, due to timing of certain corporate activities .
Coronado Global Resources Inc.
Mining and Operating Costs for the Three Months Ended June 30, 2026 Compared to the Three
Months Ended June 30, 2025
A reconciliation of segment costs and expenses, segment operating costs, and segment mining cash costs is
shown below:
Three months ended June 30, 2026
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
363,433
$
181,754
$
13,464
$
558,651
Less: Selling, general and administrative
expense
—
—
(10,479)
(10,479)
Less: Restructuring costs
—
(3,649)
(2,369)
(6,018)
Less: Depreciation, depletion and amortization
(25,422)
(20,148)
(616)
(46,186)
Total operating costs
338,011
157,957
—
495,968
Less: Other royalties
(37,300)
(7,270)
—
(44,570)
Less: Freight expenses
(50,933)
(42,868)
(93,801)
Less: Coal inventory movement
55,375
497
—
55,872
Less: Other costs and non-mining costs
(8,769)
(934)
—
(9,703)
Total mining cash costs
296,384
107,382
—
403,766
Saleable production volume (MMt)
3.0
1.1
—
4.1
Mining cash cost per Mt produced ($/Mt)
98.9
95.0
—
97.9
Three months ended June 30, 2025
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
292,326
$
215,071
$
7,994
$
515,391
Less: Selling, general and administrative
expense
(3)
(13)
(7,584)
(7,600)
Less: Depreciation, depletion and amortization
(20,851)
(24,247)
(410)
(45,508)
Total operating costs
271,472
190,811
—
462,283
Less: Other royalties
(27,684)
(10,330)
—
(38,014)
Less: Stanwell rebate
(21,931)
—
—
(21,931)
Less: Freight expenses
(41,031)
(21,675)
—
(62,706)
Less: Coal inventory movement
39,489
(7,037)
—
32,452
Less: Other costs and non-mining costs
(6,315)
(992)
—
(7,307)
Total mining cash costs
214,000
150,777
—
364,777
Saleable production volume (MMt)
2.3
1.4
—
3.7
Mining cash cost per Mt produced ($/Mt)
92.3
108.1
—
98.3
Average Realized Met Price per Mt Sold for the Three Months Ended June 30, 2026 Compared to the
Three Months Ended June 30, 2025
A reconciliation of the Company’s average realized Met price per Mt sold is shown below:
Three months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Met coal sales volume (MMt)
2.8
2.9
(0.1)
(2.3)%
Met coal revenues ($)
479,628
427,328
52,300
12.2%
Average realized Met price per Mt sold ($/Mt)
170.5
148.4
22.1
14.9%
Coronado Global Resources Inc.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Australia
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
4.5
4.5
—
1.1%
Saleable production (MMt)
4.7
4.5
0.2
4.8%
Total revenues ($)
585,701
533,122
52,579
9.9%
Coal revenues ($)
571,313
517,561
53,752
10.4%
Average realized price per Mt sold ($/Mt)
126.4
115.7
10.7
9.2%
Met coal sales volume (MMt)
3.0
3.2
(0.2)
(5.6)%
Met coal revenues ($)
506,345
480,690
25,655
5.3%
Average realized Met price per Mt sold ($/Mt)
167.7
150.3
17.4
11.6%
Mining cash costs ($)
550,274
412,206
138,068
33.5%
Mining cash cost per Mt produced ($/Mt)
117.0
91.9
25.1
27.3%
Operating costs ($)
692,976
609,840
83,136
13.6%
Operating costs per Mt sold ($/Mt)
153.3
136.3
17.0
12.4%
Segment Adjusted EBITDA ($)
(98,368)
(75,044)
(23,324)
31.1%
Coal revenues for our Australian Operations for the six months ended June 30, 2026, increased by $53.8 million
compared to the six months ended June 30, 2025. The increase was driven by the average realized Met coal
price being $17.4 per Mt higher compared to the six months ended June 30, 2025. Sales volume remained
consistent at 4.5 MMt in both periods, despite saleable production improving by 0.2 MMt, due to shipping slippage
into July 2026 resulting from port congestion and co-shipper delays.
Operating costs increased by $83.1 million for the six months ended June 30, 2026, largely driven by higher
mining cash costs and higher freight costs, partially offset by lower Stanwell rebates, which were waived from
January 1, 2026, and coal inventory build as saleable production exceeded sales volumes due to sales slippage
into July 2026. Mining cash costs were $138.1 million higher for the six months ended June 30, 2026, primarily
driven by higher subco ntractor costs due to higher overburden removal, higher fuel costs, a product of the
increase in diesel fuel price globally, additional fleet mobilized, increased repairs and maintenance costs including
emergency repair of the overland conveyor belt in the first quarter of 2026, and an unfavorable foreign exchange
rate on translation of our Australian Operations for the six months ended June 30, 2026 compared to the same
period in 2025. Mining cash costs and Operating costs per Mt sold were $25.1 and $17.0 higher, respectively,
compared to the six months ended June 30, 2025.
Segment Adjusted EBITDA loss of $98.4 million for the six months ended June 30, 2026, increased by $23.3
million compared to $75.0 million for the six months ended June 30, 2025, a result of higher Operating costs
exceeding higher coal revenues period on period.
Coronado Global Resources Inc.
United States
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
2.4
2.6
(0.2)
(7.9)%
Saleable production (MMt)
2.4
2.7
(0.3)
(11.6)%
Total revenues ($)
395,620
384,005
11,615
3.0%
Coal revenues ($)
395,549
383,227
12,322
3.2%
Average realized price per Mt sold ($/Mt)
162.3
144.8
17.5
11.8%
Met coal sales volume (MMt)
2.3
2.5
(0.2)
(8.1)%
Met coal revenues ($)
381,556
368,141
13,415
3.6%
Average realized Met price per Mt sold ($/Mt)
168.4
149.3
19.1
12.5%
Mining cash costs ($)
254,241
309,268
(55,027)
(17.8)%
Mining cash cost per Mt produced ($/Mt)
106.6
114.6
(8.0)
(7.0)%
Operating costs ($)
362,965
366,128
(3,163)
(0.9)%
Operating costs per Mt sold ($/Mt)
148.9
138.4
10.5
7.2%
Segment Adjusted EBITDA ($)
30,953
17,573
13,380
76.1%
Coal revenues increased by $12.3 million, or 3.2%, to $395.5 million for the six months ended June 30, 2026,
compared to $383.2 million for the six months ended June 30, 2025. Coal revenues from our Buchanan
operations for the six months ended June 30, 2026, were $110.8 million higher compared to the same period in
2025, a result of a higher average realized Met price and 0.4 MMt of additional sales volumes compared to the
six months ended June 30, 2025, following completion of the Buchanan expansion project. Coal revenues from
our Logan operations for the six months ended June 30, 2026, declined by $98.4 million compared to the same
period in 2025, due to production curtailment and idling operations in the first quarter of 2026.
Operating costs were $3.2 million lower for the six months ended June 30, 2026, compared to the same period
in 2025. The curtailment and subsequent idling operations of our Logan mine contributed to $74.9 million of the
decrease, partially offset by our Buchanan operations where we experienced higher Mining cash costs, driven
by increased production, and additional freight costs as a result of higher coal sales under CFR terms.
Segment Adjusted EBITDA of $31.0 million for the six months ended June 30, 2026, increased by $13.4 million
compared to $17.6 million for the six months ended June 30, 2025. The increase was primarily driven by higher
coal revenues and lower operating costs.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components of Corporate and Other Adjusted EBITDA:
Six months ended
June 30,
2026
2025
Change
%
(in US$ thousands)
Selling, general, and administrative expenses
$
15,109
$
15,933
$
(824)
(5.2)%
Other, net
(7)
(18)
11
(61.1)%
Total Corporate and Other Adjusted EBITDA
$
15,102
$
15,915
$
(813)
(5.2)%
Corporate and other costs of $15.1 million for the six months ended June 30, 2026, were $0.8 million lower
compared to $15.9 million for the six months ended June 30, 2025, due to timing of certain corporate activities.
Coronado Global Resources Inc.
Mining and Operating Costs for the Six Months Ended June 30, 2026 Compared to the Six Months
Ended June 30, 2025
A reconciliation of segment costs and expenses, segment operating costs, and segment mining costs is shown
below:
Six months ended June 30, 2026
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
736,431
$
411,462
$
18,698
$
1,166,591
Less: Selling, general and administrative
expense
—
—
(15,109)
(15,109)
Less: Restructuring costs
—
(3,649)
(2,369)
(6,018)
Less: Depreciation, depletion and amortization
(43,455)
(44,848)
(1,220)
(89,523)
Total operating costs
692,976
362,965
—
1,055,941
Less: Other royalties
(61,236)
(13,682)
—
(74,918)
Less: Freight expenses
(92,625)
(86,899)
—
(179,524)
Less: Other costs and non-mining costs
(15,990)
(1,871)
—
(17,861)
Less: Coal inventory movement
27,149
(6,272)
—
20,877
Total mining cash costs
550,274
254,241
—
804,515
Saleable production volume (MMt)
4.7
2.4
—
7.1
Mining cash cost per Mt produced ($/Mt)
117.0
106.6
—
113.5
Six months ended June 30, 2025
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
647,451
$
413,609
$
16,870
$
1,077,930
Less: Selling, general and administrative
expense
(7)
(13)
(15,913)
(15,933)
Less: Depreciation, depletion and amortization
(37,604)
(47,468)
(957)
(86,029)
Total operating costs
609,840
366,128
—
975,968
Less: Other royalties
(60,097)
(19,270)
—
(79,367)
Less: Stanwell rebate
(43,784)
—
—
(43,784)
Less: Freight expenses
(81,655)
(41,239)
—
(122,894)
Less: Other costs and non-mining costs
(11,631)
(2,656)
—
(14,287)
Less: Coal inventory movement
(467)
6,305
—
5,838
Total mining cash costs
412,206
309,268
—
721,474
Saleable production volume (MMt)
4.5
2.7
—
7.2
Mining cash cost per Mt produced ($/Mt)
91.9
114.6
—
100.4
Average Realized Met Price per Mt Sold for the Six Months Ended June 30, 2026 Compared to the Six
Months Ended June 30, 2025
A reconciliation of the Company’s average realized Met price per Mt sold is shown below:
Six months ended June 30,
2026
2025
Change
%
(in US$ thousands)
Met coal sales volume (MMt)
5.3
5.7
(0.4)
(6.7)%
Met coal revenues ($)
887,901
848,831
39,070
4.6%
Average realized Met price per Mt sold ($/Mt)
168.0
149.8
18.2
12.1%
Coronado Global Resources Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA
Three months ended
June 30,
Six months ended June 30,
(in US$ thousands)
2026
2025
2026
2025
Reconciliation to Adjusted EBITDA:
Net loss
$
(99,429)
$
(76,203)
$
(418,019)
$
(172,401)
Add: Depreciation, depletion and amortization
46,186
45,508
89,523
86,029
Add: Interest expense (net of interest income)
35,425
20,964
69,177
38,862
Add: Other foreign exchange losses (gains)
2,345
(551)
6,403
(219)
Add: Loss on extinguishment of debt
—
1,050
—
1,050
Add: Income tax benefit (expense)
(1,382)
8,466
(12,914)
(29,368)
Add: Impairment of assets
17,704
—
177,459
—
Add: Restructuring costs
6,018
—
6,018
—
Add: Losses on idled assets
—
13
—
1,848
Add: (Decrease) increase in provision
for credit losses
(37)
183
(164)
813
Adjusted EBITDA
$
6,830
$
(570)
$
(82,517)
$
(73,386)
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 main uses of cash have historically been, and are expected to continue to be, the funding of our operations,
working capital, capital expenditures, debt service obligations, business or asset acquisitions , and payment of
distributions to shareholders, if permitted and declared.
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 this Quarterly Report on Form 10-
Q, and Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025,
filed with the SEC and ASX on March 3, 2026 and Part II, Item 1A. “Risk Factors” of our Quarterly Report on
Form 10-Q for the three months ended March 31, 2026, filed with the SEC and ASX on May 11, 2026.
Sources of liquidity as of June 30, 2026 and December 31, 2025 were as follows:
(in US$ thousands)
June 30, 2026
December 31,
2025
Cash and cash equivalents, excluding restricted cash
$
97,686
$
172,781
Total
$
97,686
$
172,781
Our total indebtedness as of June 30, 2026 and December 31, 2025 consisted of the following:
(in US$ thousands)
June 30, 2026
December 31,
2025
Current installments of interest bearing liabilities
$
1,955
$
1,794
Interest bearing liabilities, excluding current installments
701,804
695,069
Current installments of other financial liabilities, Stanwell liabilities and other
finance lease obligations
26,668
9,488
Other financial liabilities, Stanwell liabilities and finance lease obligations,
excluding current installments
461,925
383,800
Total
$
1,192,352
$
1,090,151
Coronado Global Resources Inc.
Liquidity
As of June 30, 2026, our available liquidity, consisting of cash and cash equivalents , was $97.7 million.
Coronado continues to undertake initiatives to enhance liquidity and reduce operating and capital costs.
Glencore Prepayment Agreements
On August 7, 2026, subsidiaries of the Company entered into two concurrent offtake agreements with Glencore,
under which Glencore agreed to advance prepayments of up to $75.0 million in aggregate.
●
●
delivered against the outstanding balance in accordance with a contractual schedule that reduces the
permitted balances to nil by the end of the term. Any amount outstanding at final maturity is payable in
cash.
●
is an event of default, upon which the outstanding balance and accrued interest become payable in cash.
●
the incurrence of indebtedness, on disposals of coal and of assets in coal production, and on the payment
of dividends while an event of default is continuing.
Refer to Part I, Item 1, Note 20. “Subsequent Events” for further information.
With respect to our financial condition, we have concluded that our current cash and cash equivalents and
forecasted cash flows will be sufficient to fund our operations and satisfy our obligations for at least one year
from the issuance date of this Quarterly Report on Form 10-Q.
Our forecasts depend on the achievement of production targets and other factors beyond our control, including
general economic conditions, Met coal prices, competitive dynamics and weather-related impacts. Short- to
medium-term working capital requirements are similarly sensitive to these factors, and the preparation of
forecasts requires application of management’s 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 June 30, 2026, the aggregate principal amount outstanding under the ABL Facility was $279.3 million
(A$406.6 million), including $14.3 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 Priority Collateral,
and (ii) a second-priority lien on substantially all of the Company’s assets and the assets of the other Guarantors,
other than the ABL Priority 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. As of
June 30, 2026, the Borrowing Base Ratio exceeded the specified minimum threshold and no review event
occurred under the ABL Facility.
Coronado Global Resources Inc.
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 I, Item 1, Note 11. “Interest Bearing Liabilities” for further information.
9.250% Senior Secured Notes
As of June 30, 2026, 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. 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 for 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 amoun t of the then-outstanding
Notes to accelerate, or in certain cases, will automatically cause acceleration of, the amounts due under the
Notes.
As of June 30, 2026, the Company was in compliance with all applicable covenants under the Indenture.
Refer to Part I, Item 1, Note 11. “Interest Bearing Liabilities ” for further information.
Stanwell – Prepaid Coal Supply Liability
On June 10, 2025, the Company and Stanwell entered into the First Amendment to the NCSA and the ACSA,
whereby Stanwell provided near-term liquidity to the Company, including 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 start in the
first half of 2027, 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 June 30, 2026, the carrying value of the Stanwell prepaid coal supply liability , including the prepayment
and the rebate waiver and deferral liability, was $178.0 million (A$250.7 million), of which $13.1 million was
classified as current liability.
Refer to Part I, Item 1, Note 12. “Stanwell Liabilities” for further information.
Stanwell Prepayment and Deferred Payment Balance
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 to waive rebate amounts that would have otherwise been payable
by the Company under the ACSA from January 1, 2026, and to provide for prepayments by Stanwell to the
Company in relation to its future annual nominated contract tonnage under the ACSA and the NCSA in months
when the Company’s liquidity is below $250.0 million.
The value of 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.
As of June 30, 2026, the carrying value of the Prepayment and Deferred Payment Balance was $65.3 million and
classified as non-current financial liability.
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.
Coronado Global Resources Inc.
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. Additionall y,
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 June 30, 2026, cumulative rebate amounts of $48.8 million
would have been payable absent the waiver.
No liability was recognized as of June 30, 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 .
Refer to Part I, Item 1, Note 12. “Stanwell Liabilities” for further information.
Loan – Curragh Housing Transaction
In 2024, the Company completed the Curragh Housing Transaction. The proceeds received of $23.0 million
(A$34.6 million) for the failed sale and leaseback of property, plant and equipment owned by the Company were
recognized as “Other Financial Liabilities” on the Company’s Consolidated Balance Sheets.
In connection with the Curragh Housing Transaction, the Company borrowed $26.9 million (A$40.4 million) from
the same counterparty, which was recorded as “Interest Bearing Liabilities” in the Consolidated Balance Sheets.
The Other Financial Liabilities and Interest Bearing Liabilities recorded in connection with the Curragh Housing
Transaction are payable in equal monthly installments over a period of ten years, with an effective interest rate
of 14.14%.
Refer to Part I, Item 1. Note 11. “Interest Bearing Liabilities” and Note 13. “Other Financial Liabilities” for further
information.
Finance leases
The Company enters into various finance lease agreements in the ordinary course of business. The carrying
value of finance leases was $23.4 million as at June 30, 2026. 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 assurances and security to satisfy contractual and other requirements in the
normal course of business. Some of these assurances are provided to comply with state or other government
agencies’ statutes and regulations.
As at June 30, 2026, we had outstanding surety bonds of $20.0 million and cash-backed bank guarantees of
$46.6 million to secure our obligations and commitments . Refer to Part I, Item 1. Note 19. “Contingencies” for
further information.
Future regulatory changes relating to these obligations or deterioration of our credit risk rating 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 $151.7 million as of
June 30, 2026 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 unaudited Condensed
Consolidated Balance Sheets.
Future regulatory changes in relation to these obligations or deterioration of our credit risk rating could result in
increased obligations, additional costs or additional collateral requirements.
Dividends
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 Director s may consider relevant.
Coronado Global Resources Inc.
The Second Amendment Deed 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 $300.0 million
following payment of such distribution, the repurchase of the Notes in connection with the distribution and the
payment of an equal or greater amount (up to a maximum of 3 times) than the distribution being used to reduce
the Prepayment and Deferred Payment Balance owed to Stanwell.
Capital Requirements
Our main uses of cash have historically been the funding of our operations, working capital, capital expenditures,
and the payment of interest and dividends. We intend to use cash to service payments of our Notes, the ABL
Facility, the Stanwell liabilities and our other indebtedness , and to fund operating activities, working capital, capital
expenditures, including organic growth projects, business or assets acquisitions and, if declared, payment of
dividends.
Historical Cash Flows
The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025, as reported in
the accompanying consolidated financial statements:
Six months ended
June 30,
(in US$ thousands)
2026
2025
Net cash (used in) from operating activities
$
(66,895)
$
40,088
Net cash used in investing activities
(69,026)
(177,000)
Net cash from financing activities
60,759
58,881
Net change in cash and cash equivalents
(75,162)
(78,031)
Effect of exchange rate changes on cash and cash equivalents
(184)
242
Cash and cash equivalents at beginning of period
173,032
339,625
Cash and cash equivalents at end of period
$
97,686
$
261,836
Operating Activities
Net cash used in operating activities was $66.9 million for the six months ended June 30, 2026, compared to net
cash from operations of $40.1 million for the six months ended June 30, 2025. The decrease was primarily driven
by a one -off coal prepayment from Stanwell of $75.0 million included in the 2025 period , a $9.1 million higher
EBITDA loss and $13.7 million of additional interest payment s compared to the six months ended June 30, 2025,
with the remaining difference arising from the timing of collection from customers and payments to supplier s.
Investing Activities
Net cash used in investing activities was $69.0 million for the six months ended June 30, 2026, compared to
$177.0 million for the six months ended June 30, 2025. Cash spent on capital for the six months ended June 30,
2026, was $58.6 million, of which $30.5 million related to the Australian Operations and $28.1 million was related
to our U.S. Operations and a net cash placed as cash collateral, in the form of restricted deposits, of $11.3 million
to satisfy contractual and other requirements. Lower capital expenditure for the six months ended June 30, 2026,
was primarily due to the completion of our Mammoth Underground and Buchanan expansion projects in 2025.
Financing Activities
Net cash provided by financing activities was $60.8 million for the six months ended June 30, 2026. Included in
net cash provided by financing activities were proceeds of $66.2 million relating to advance payments from
Stanwell in connection with the Second Amendment Deed, partially offset by repayment of interest bearing and
other financial liabilities of $1.7 million and repayment of finance lease obligations of $3.7 million.
Contractual Obligations
There were no material changes to the Company’s contractual obligations as previously disclosed in our Annual
Report on Form 10-K for the year ended December 31, 2025, filed with the SEC and ASX on March 3, 2026.
Coronado Global Resources Inc.
Critical Accounting Policies and Estimates
The preparation of our 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 financial statements and
the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we evaluate
our estimates. Our estimates are based on historical experience and various other assumptions that we believe
are appropriate, the results of which form the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. All
critical accounting estimates and assumptions, as well as the resulting impact to our financial statements, have
been discussed with the Audit , Governance and Risk Committee of our Board of Directors.
Our critical accounting policies are discussed in Item 7. “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025
,
filed with the SEC and ASX on March 3, 2026.
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented
See Note 2. (a) “Newly Adopted Accounting Standards” and Note 2. (b) “Accounting Standards Not Yet
Implemented” to our unaudited condensed consolidated financial statements for further information.
Coronado Global Resources Inc.
ITEM 3. 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 Interim 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. The use of derivatives 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 rates, 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 hedging coal prices would
not be in the long -term interest of our stockholders. 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.
The expectation of future prices for coal depends upon many factors beyond our control. Met coal has been a
volatile commodity over the past ten 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 and could have a material adverse
effect on our financial condition and results of operations .
Access to international markets may be subject to ongoing interruptions and trade barriers due to policies and
tariffs of individual countries. We may or may not be able to access alternate markets for our coal should
interruptions or trade barriers occur in the future. The inability of Met coal suppliers to access international
markets would likely result in an oversupply of Met coal and may result in a decrease in prices 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 under a long -term supply
contract . See Item 1A. “Risk Factors—Restrictions and limitations related to our coal supply agreements with
Stanwell may adversely impact our strategy, financial condition, results of operations and business ” in our Annual
Report on Form 10-K filed with the SEC and ASX on March 3, 2026.
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 June 30, 2026, we had $21.0
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 $2.1 million. See 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” in our Annual Report on Form 10-K filed
with the SEC and ASX on March 3, 2026.
Diesel Fuel
We may be exposed to price risk in relation to other commodities from time to time arising from raw materials
used in our operations (such as gas or diesel). The expectation of future prices for diesel depends upon many
factors beyond our control. See Part II, Item 1A. “Risk Factors—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” in our Quarterly Report on Form 10-Q filed with the SEC
and ASX on May 11, 2026.
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.
Coronado Global Resources Inc.
The fuel required for our operations for the remainder of fiscal year 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 budget and ensuring that changes in interest rates will not have a material impact
on our financial performance.
As of June 30, 2026, we had $1,192.4 million of fixed rate borrowings , Notes, other financial liabilities, Stanwell
liabilities and finance leases and no variable -rate borrowings outstanding.
We currently do not hedge against interest rate fluctuations .
Foreign Exchange Risk
A significant portion of our sales are denominated in US$. 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 in US$.
Our main exposure is to the A$-US$ exchange rate through our Australian Operations, which have predominantly
A$ denominated costs. Greater than 80% of expenses incurred at our Australian Operations are denominated in
A$. Approximately 20% of our Australian Operations’ purchases are made with reference to US$, 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 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 June
30, 2026 was a liability of $0.9 million.
For our Australian Operations, we translate all monetary assets and liabilities at the period end exchange rate,
all non-monetary assets and liabilities at historical rates and revenue and expenses at the average exchange
rates in effect during the periods. The net effect of these translation adjustments is shown in the accompanying
Consolidated Financial Statements within components of net income.
For the unhedged portion of US$ required to purchase A$ to settle our Australian Operations’ operating costs, a
10% increase in the A$ to US$ exchange rate would have increased reported total costs and expenses by
approximately $29.2 million and $60.4 million for the three and six months ended June 30, 2026, respectively .
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 with financial institutions where 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 June 30, 2026, we had financial assets of $454.8 million, consisting of cash and cash equivalents, trade
and other receivables and restricted deposits, all of which are exposed to varied levels of counterparty credit risk.
These financial assets have been assessed under ASC 326,
Financial Instruments – Credit Losses
, and a
provision for credit losses of $5.3 million was recorded as of June 30, 2026.
Coronado Global Resources Inc.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be
disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our
management, including the Chief Executive Officer and the Interim Chief Financial Officer, as appropriate, to
allow timely decisions regarding required disclosure based solely on the definition of “disclosure controls and
procedures” in Rule 13a-15(e) promulgated under the Exchange Act. In designing and evaluating the disclosure
controls and procedures, management recognized that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and
management necessarily was required to apply its’ judgment in evaluating the cost -benefit relationship of possible
controls and procedures.
As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation under
the supervision and with the participation of our management, including the Chief Executive Officer and the
Interim Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and
procedures. Based on the foregoing, the Chief Executive Officer and the Interim Chief Financial Officer concluded
that our disclosure controls and procedures were effective.
Changes to Internal Control over Financial Reporting
During the fiscal quarter covered by this Quarterly Report on Form 10-Q, there were no changes in the Company's
internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act, that
materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial
reporting.
Coronado Global Resources Inc.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are subject to various legal and regulatory proceedings. For a description of our significant legal proceedings
refer to Note 19. “Contingencies” to the unaudited condensed consolidated financial statements included in
Part I, Item 1. “Financial Statements” of this Quarterly Report on Form 10-Q, which information is incorporated
by reference herein.
ITEM 1A. RISK FACTORS
There were no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” of our
Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC and ASX on March 3,
2026 and Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the three months ended March
31, 2026, filed with the SEC and ASX on May 11, 2026.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
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
Global Resources Inc.
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 Federal Mine Safety and Health Act of 1977, or the Mine Act, MSHA inspects our U.S. mines on a regular
basis and issues various citations and orders when it 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 in the United States 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 Quarterly Report on
Form 10-Q. The disclosures reflect the United States mining operations only, as these requirements do not apply
to our mines operated outside the United States.
ITEM 5. OTHER INFORMATION
During the quarter ended June 30, 2026, no director or officer (as defined in Rule 16a-1(f) promulgated under
the Exchange Act) of the Company
Coronado Global Resources Inc.
ITEM 6. EXHIBITS
The following documents are filed as exhibits hereto:
Exhibit No.
Description of Document
3.1
3.2
10.1
10.2
10.3
10.4
15.1
31.1
31.2
32.1
95.1
101.INS
Inline XBRL Instance Document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
Coronado Global Resources Inc.
SIGNATURES
Pursuant to the requirements 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.
By:
/s/ Sandeep Deoji
Sandeep Deoji
Interim Chief Financial Officer (as duly authorized
officer and as principal financial officer of the registrant)
Date: August 10, 2026