UNITED STATES
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Steel starts
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Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2025.
TABLE OF CONTENTS
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54
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,
2024
Current assets:
Cash and cash equivalents
$
$
Trade receivables, net
Inventories
4
Other current assets
5
Total
current assets
Non-current assets:
Property, plant and equipment,
net
6
Right of use asset – operating leases, net
8
Goodwill
Intangible assets, net
Restricted deposits
17
Other non-current assets
Total
assets
$
$
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
$
Accrued expenses and other current liabilities
7
Asset retirement obligations
Contract obligations
11
Lease liabilities
8
Interest bearing liabilities
9
Income tax payable
Other current financial liabilities
10
Total
current liabilities
Non-current liabilities:
Asset retirement obligations
Contract obligations
11
Interest bearing liabilities
9
Other financial liabilities
10
Lease liabilities
8
Deferred income tax liabilities
Other non-current liabilities
Total
liabilities
$
$
Common stock $
December 31, 2024
Series A Preferred stock $
authorized,
December 31, 2024
Additional paid-in capital
Accumulated other comprehensive losses
15
(
127,726
)
(
137,560
)
(Accumulated losses) retained earnings
(
66,575
)
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
2025
2024
2025
2024
Revenues:
Coal revenues
$
$
$
$
Other revenues
Total
revenues
3
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
Depreciation, depletion and amortization
Freight expenses
Stanwell rebate
Other royalties
Selling, general, and administrative expenses
Total
costs and expenses
Other (expense) income:
Interest expense, net
(
20,964
)
(
13,116
)
(
38,862
)
(
26,445
)
Loss on debt extinguishment
(
1,050
)
(
1,050
)
(Increase) decrease in provision for credit
losses
(
183
)
(
813
)
Other, net
(
906
)
(
241
)
Total
other expense, net
(
20,225
)
(
13,995
)
(
40,966
)
(
15,139
)
(Loss) income before tax
(
67,737
)
(
201,769
)
Income tax (expense) benefit
(
8,466
)
(
7,401
)
(
3,290
)
Net (loss) income attributable to Coronado
Global Resources Inc.
$
(
76,203
)
$
$
(
172,401
)
$
Other comprehensive loss, net of income
taxes:
Foreign currency translation adjustments
(
17,066
)
Total
comprehensive income (loss)
(
17,066
)
Total
comprehensive (loss) income
attributable to Coronado Global Resources
Inc.
$
(
69,195
)
$
$
(
162,567
)
$
(
867
)
(Loss) earnings per share of common stock
Basic
13
(
0.45
)
(
1.03
)
Diluted
13
(
0.45
)
(
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
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
)
$
Common stock
Preferred stock
Additional
Accumulated other
Total
paid in
comprehensive
Retained
stockholders
Shares
Amount
Series A
Amount
capital
losses
earnings
equity
Balance December 31, 2023
$
$
$
$
(
89,927
)
$
$
Net loss
—
—
(
29,001
)
(
29,001
)
Other comprehensive loss
—
—
(
23,288
)
(
23,288
)
Total
comprehensive loss
—
—
(
23,288
)
(
29,001
)
(
52,289
)
Share-based compensation for equity
classified awards
—
—
(
1,159
)
(
1,159
)
Dividends
—
—
(
8,382
)
(
8,382
)
Balance March 31, 2024
$
$
$
$
(
113,215
)
$
$
Net income
—
—
Other comprehensive income
—
—
Total
comprehensive income
—
—
Share-based compensation for equity
classified awards
—
—
Balance June 30, 2024
$
$
$
$
(
106,993
)
$
$
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,
2025
2024
Cash flows from operating activities:
Net (loss) income
$
(
172,401
)
$
Adjustments to reconcile net income to cash and restricted cash
provided by
operating activities:
Depreciation, depletion and amortization
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
(
12,774
)
(
15,064
)
(Gain) loss on disposal of property,
plant and equipment
(
670
)
Loss on disposal of idled asset
Gain on operating lease derecognition
(
820
)
Equity-based compensation expense
(
185
)
(
777
)
Deferred income taxes
(
25,339
)
(
1,083
)
Reclamation of asset retirement obligations
(
2,742
)
(
3,059
)
Increase (decrease) in provision for discounting and credit losses
(
200
)
Other non-cash adjustments
(
105
)
(
6,960
)
Changes in operating assets and liabilities:
Accounts receivable
(
26,392
)
Inventories
(
18,423
)
(
9,379
)
Other assets
(
9,050
)
Contract obligations
Accounts payable
(
3,766
)
(
13,088
)
Accrued expenses and other current liabilities
(
71,247
)
Operating lease liabilities
(
11,532
)
(
11,105
)
Income tax payable
(
839
)
Change in other liabilities
Net cash from operating activities
Cash flows from investing activities:
Capital expenditures
(
147,401
)
(
123,477
)
Proceeds from disposal of idle asset
Purchase of restricted and other deposits
(
54,804
)
(
1,713
)
Redemption of restricted and other deposits
Net cash used in investing activities
(
177,000
)
(
122,829
)
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financial
liabilities
Debt issuance costs and other financing costs
(
4,098
)
(
2,261
)
Principal payments on interest bearing liabilities and other financial
liabilities
(
2,816
)
(
1,596
)
Principal payments on finance lease obligations
(
872
)
(
68
)
Dividends paid
(
8,333
)
(
8,334
)
Net cash from financing activities
Net decrease in cash and cash equivalents
(
78,031
)
(
74,133
)
Effect of exchange rate changes on cash and cash
equivalents
(
471
)
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
$
(
1,620
)
$
(
16,026
)
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
and
development projects 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 February
19,
2025.
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
subsidiaries.
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,
2024 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,
2025
are
not
necessarily
indicative of the results that may be expected for the year
ending December 31, 2025.
(c)
Going Concern
The
Company’s
earnings
and
cash
flows
from
operating
activities
have
been
significantly
impacted
by
the
continued
subdued
performance
of
Met
coal
markets,
which
has
led
to
low
realized
prices
for
the
coal
the
Company sells.
For the three
and six months
ended June
30, 2025, the
Company incurred
net losses of
$
million and $
During the three months ended June 30, 2025, the Company
completed certain initiatives to improve its liquidity
position and immediate cash flows given sustained low
Met coal prices.
On June 10, 2025, the Company entered into a Deed of Amendment with Stanwell
Corporation Ltd, or Stanwell,
for a prepayment for future coal sales of $
to December 2025 (with an estimated value of approximately $
physical coal delivery over
, or until such time that the obligation
is fully settled, starting in 2027.
Refer
to Note 11. Contract
Obligations for further information.
On
June
18,
2025,
the
Company
completed
refinancing
of
its
asset-based
lending
facility
for
an
aggregate
principal amount
up to $
the
remaining
$
,
limited
to
an
eligible
borrowing base. The
ABL Facility is subject
to financial covenants,
including maintenance of
leverage ratio and
interest
coverage
ratio,
tested
quarterly
and
commencing
on
September
30,
2025.
Refer
to
Note
9.
Interest
Bearing Liabilities for further information.
As
of
June
30,
2025,
which
included
the
effects
of
the
above
described
liquidity
initiatives,
the
Company’s
aggregate
sources
of
liquidity
were $
restricted cash) of $
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
On
June
30,
2025,
S&P
downgraded
the
Company’s
credit
rating
from
‘B-‘
to
‘CCC+’
and,
on
July
7,
2025,
Moody’s downgraded the Company’s credit
rating from ‘Caa1’
to ‘Caa2’, both
of which resulted
in a Review
Event
under the ABL
Facility.
On July
9, 2025, the
Company successfully
negotiated with
the Lender,
who confirmed
no changes to the terms or the availability of the ABL Facility,
thereby, concluding
each of the Review Events.
Continued uncertainty in
Met coal markets
and further deterioration
of future Met
coal prices could
result in losses
and negative cash flows from operating activities for the remainder of 2025 and into 2026, which, combined
with
other factors,
could impact
the Company’s
ability to
comply with
financial covenants
under the
ABL Facility
on
and beyond September 30, 2025.
Non-compliance with financial covenants or a potential further downgrade to
the Company’s credit rating by S&P
or Moody’s may result
in an Event of Default under
the ABL Facility and, unless
the Event of Default is cured
or
a waiver is obtained,
could also trigger
a cross-default under the
indenture, dated as
of October 2, 2024,
or the
Indenture, governing the
% Senior Secured Notes due in 2029, or the Notes, issued by Coronado Finance
Pty Ltd,
an
Australian
proprietary
company
and
a
wholly-owned
subsidiary
of the
Company.
Refer
to
Note
9.
Interest Bearing Liabilities for further information.
The Company
continues to
pursue a
number of
initiatives including,
among other
things, further
operating and
capital cost control measures, partial asset
sales and potential other debt and
non-debt funding measures. While
these
plans
are
intended
to
address
the
events
and
conditions
described
above,
these
initiatives
have
not
progressed to a stage that provides confidence in their
successful execution or timely completion.
Accordingly,
management
has
concluded
that
substantial
doubt
exists
regarding
the
Company’s
ability
to
continue
as
a
going
concern
within
one
year
after
the
date
of
these
Condensed
Consolidated
Financial
Statements.
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
and do not
include any
adjustments relating to
the recoverability and
classification of recorded
asset amounts or
the amounts
and classification
of liabilities
that might
result
from the
outcome
of the
uncertainties
described
above.
These
adjustments may be material.
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, 2024 included in Coronado Global Resources Inc.’s Annual Report
on Form 10-K filed with the SEC and ASX on February
19, 2025.
(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.
2023-09
“Income
Taxes”
(Topic
740)
:
In
December
2023,
the
FASB
issued
ASU
2023-09,
which
modifies
the
rules
on
income
tax
disclosures
to
require
companies
to
disclose
specific
categories
in
the
rate
reconciliation, the
income or
loss from
continuing operations
before income
tax expense
or benefit
(separated
between
domestic
and
foreign)
and
income
tax
expense
or
benefit
from
continuing
operations
(separated
by
federal, state, and
foreign). The
updated standard
is effective
for annual
periods beginning
after December
15,
2024.
The
Company
is
currently
evaluating
the
impact
that
the
updated
standard
will
have
in
its
financial
statement disclosures.
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
2024-03,
which
require
disclosure,
in
the
notes
to
financial
statements,
of
specified
information
about
certain costs and
expenses. The amendments
aim to improve
financial reporting by requiring
that public business
entities disclose additional
information about specific
expense categories in
the notes to financial
statements at
interim and
annual reporting
periods. The
updated standard
is effective
for annual
reporting periods
beginning
after December
15, 2026,
and interim
reporting
periods beginning
after December
15, 2027.
Early adoption
is
permitted. The
Company
is currently
evaluating
the
impact
that the
updated standard
will have
in its
financial
statement disclosures.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
There have been
no other recent
accounting pronouncements not yet
effective that have significance,
or potential
significance, to the Company’s consolidated financial
statements.
(c) Reclassifications
Certain amounts in
the prior period
Condensed Consolidated
Balance Sheet have
been reclassified to
conform
to the current period
presentation. These reclassifications relate to
the presentation of contract
obligations, which
were
previously
reported
within
different
financial
statement
line
items.
These
changes
had
no
impact
on
the
Company’s previously reported net income (loss).
3.
Segment Information
The Company has a portfolio of operating
mines and development projects in
Queensland, Australia, and in the
states of
Pennsylvania,
Virginia
and West
Virginia
in the
U.S. The
Australian Operations
comprise the
%-
owned
Curragh
producing
mine
complex.
The
U.S.
Operations
comprise
%-owned
producing
mine
complexes (Buchanan and Logan) and
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 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 the
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, 2025 and
2024 are presented
below:
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three months ended June 30, 2025
Total
revenues
$
$
$
$
Less:
Mining costs
(1)
(
179,256
)
(
158,806
)
(
338,062
)
Other operating costs
(1)
(
92,216
)
(
32,005
)
(
124,221
)
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
Three months ended June 30, 2024
Total
revenues
$
$
$
$
Less:
Mining costs
(1)
(
218,897
)
(
145,521
)
(
364,418
)
Other operating costs
(1)
(
145,771
)
(
37,134
)
(
182,905
)
Total
operating costs
(
364,668
)
(
182,655
)
(
547,323
)
Other and unallocated costs
(2)
(
8,259
)
(
5,716
)
Segment adjusted EBITDA
(
8,259
)
Total
assets
Capital expenditures
Six months ended June 30, 2025
Total
revenues
$
$
$
$
Less:
Mining costs
(1)
(
421,266
)
(
305,619
)
(
726,885
)
Other operating costs
(1)
(
188,574
)
(
60,509
)
(
249,083
)
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
Six months ended June 30, 2024
Total
revenues
$
$
$
$
Less:
—
—
—
—
Mining costs
(1)
(
536,762
)
(
293,103
)
(
829,865
)
Other operating costs
(1)
(
290,640
)
(
72,771
)
(
363,411
)
Total
operating costs
(
827,402
)
(
365,874
)
(
1,193,276
)
Other and unallocated costs
(2)
(
16,642
)
(
13,295
)
Segment adjusted EBITDA
(
16,642
)
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.
(2)
Other and unallocated items for other and corporate includes
selling, general and administrative expenses.
The reconciliations
of Consolidated
Adjusted EBITDA
to net
loss attributable
to the Company
for the three
and
six months ended June 30, 2025 and 2024 are as follows:
Three months ended
Six months ended
June 30,
June 30,
(in US$ thousands)
2025
2024
2025
2024
Consolidated Adjusted EBITDA
$
(
570
)
$
$
(
73,386
)
$
Depreciation, depletion and amortization
(
45,508
)
(
51,263
)
(
86,029
)
(
96,612
)
Interest expense, net
(1)
(
20,964
)
(
13,116
)
(
38,862
)
(
26,445
)
Other foreign exchange (losses) gains
(
2,159
)
Loss on debt extinguishment
(
1,050
)
(
1,050
)
Losses on idled assets
(3)
(
13
)
(
1,677
)
(
1,848
)
(
2,164
)
(Increase) decrease in provision for
discounting and credit losses
(
183
)
(
813
)
Net (loss) income before tax
(
67,737
)
(
201,769
)
Income tax benefit (expense)
(
8,466
)
(
7,401
)
(
3,290
)
Net (loss) income
$
(
76,203
)
$
$
(
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)
The
reconciliations
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, 2025 and 2024 are as follows:
Six months ended June 30,
(in US$ thousands)
2025
2024
Capital expenditures per unaudited Condensed Consolidated
Statements
of Cash Flows
$
$
Net movement in accruals for capital expenditures
Payment for capital acquired in prior periods
(
10,790
)
Capital acquired through finance lease
Advance payment to acquire long lead capital
(
141
)
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, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total
coal revenue
Other
(1)
Total
$
$
$
Three months ended June 30, 2024
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total
coal revenue
Other
(1)(2)
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
$
$
$
Three months ended June 30, 2024
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total
coal revenue
Other
(1)(2)
Total
$
$
$
(1) Other revenue for the Australian segment includes
the amortization of the Stanwell non-market coal
supply contract obligation liability.
(2) Other revenue
for the U.S.
segment includes $
from coal sales contracts cancelled at our U.S. operations.
4.
Inventories
(in US$ thousands)
June 30,
2025
December 31,
2024
Raw coal
$
$
Saleable coal
Total
coal inventories
Supplies and other inventory
Total
inventories
$
$
Coal inventories
measured at
its net
realizable value
were $
and $
and December 31, 2024, respectively.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
5. Other Assets
(in US$ thousands)
June 30,
2025
December 31,
2024
Other current assets
Prepayments
$
$
Long service leave receivable
Tax
credits receivable
Deposits to acquire capital items
Other
Total
other current assets
$
$
6.
Property, Plant and
Equipment
(in US$ thousands)
June 30,
2025
December 31,
2024
Land
$
$
Buildings and improvements
Plant, machinery, mining
equipment and transportation vehicles
Mineral rights and reserves
Office and computer equipment
Mine development
Asset retirement obligation asset
Construction in process
Total
cost of property,
plant and equipment
Less accumulated depreciation, depletion and amortization
Property, plant and
equipment, net
$
$
7.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the
following:
(in US$ thousands)
June 30,
2025
December 31,
2024
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.
8.
Leases
During the six months ended June 30,
2025, the Company entered into a number of agreements to lease mining
equipment.
On
mobilization,
based
on
the
Company’s
assessment
of
terms
within
these
agreements,
the
Company recognized right-of-use assets and operating lease liabilities of $
and finance 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, 2025
June 30, 2024
June 30, 2025
June 30, 2024
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,
2025
December 31,
2024
Operating leases:
Operating lease right-of-use assets
$
$
Finance leases:
Property and equipment
Accumulated depreciation
(
756
)
Property and equipment, net
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,
2025
December 31,
2024
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, 2025,
are as follows:
(in US$ thousands)
Operating
Lease
Finance
Lease
Year ending
December 31,
2025
$
$
2026
2027
2028
2029
Total
lease payments
Less imputed interest
(
18,801
)
(
3,750
)
Total
lease liability
$
$
9.
Interest Bearing Liabilities
The following is a summary of interest-bearing liabilities
at June 30, 2025:
June 30, 2025
December 31, 2024
Weighted Average
Interest Rate at
June 30, 2025
Final
Maturity
% Senior Secured Notes
$
$
%
(2)
ABL Facility
%
Loan - Curragh Housing Transaction
%
(2)
Discount and debt issuance costs
(1)
(
11,226
)
(
12,165
)
Total
interest bearing liabilities
Less: current portion
(
1,532
)
(
1,363
)
Non-current interest-bearing liabilities
$
$
(1)
Relates to discount and 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
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,
2025,
the
aggregate
principal
amount
of
the
%
Senior
Secured
Notes
due
2029,
or
the
Notes, outstanding was $
The Notes were issued at par and bear
interest at a rate of
% per annum. Interest on the Notes
is payable
semi-annually in arrears on April 1 and October 1 of each year, which began on April 1, 2025. The Notes mature
on October 1, 2029 and are senior secured obligations
of the Issuer.
The terms
of the
Notes are
governed
by an
indenture,
dated as
of October
2, 2024,
or the
Indenture,
among
Coronado
Finance
Pty
Ltd,
as
issuer,
Coronado
Global
Resources
Inc,
as
guarantor,
the
subsidiaries
of
Coronado
Global
Resources
Inc,
named
therein,
as
additional
guarantors,
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.
Upon the occurrence of a “Change of Control Triggering Event”, as defined in the Indenture as the occurrence of
Change
of
Control
and
Rating
Decline
(each
as
defined
in
the
Indenture),
the
Issuer
is
required
to
offer
to
repurchase the
Notes at
% of
the aggregate
principal amount
thereof, plus
accrued and
unpaid interest,
if
any,
to, but
excluding, the
repurchase date.
The Issuer
also has
the right
to redeem
the Notes
at
% of
the
aggregate principal
amount thereof,
plus accrued
and unpaid
interest, if
any,
to, but
excluding, the
repurchase
date, following the occurrence of
a Change of Control
Triggering Event, provided that the Issuer
redeems at least
% of the Notes outstanding prior
to such Change of Control
Triggering Event. Upon
the occurrence of certain
changes in tax law (as described in the Indenture), the Issuer may redeem all of the Notes at a redemption price
equal to
% of the principal amount
of the Notes to be redeemed
plus accrued and unpaid interest,
if any,
to,
but excluding, the redemption date.
The
Indenture
contains
customary
events
of
default,
including
failure
to
make
required
payments,
failure
to
comply with certain agreements
or covenants, failure to
pay or acceleration of
certain other indebtedness, certain
events of
bankruptcy and
insolvency, and failure to
pay certain
judgments. An
event of
default under
the Indenture
will allow either the Trustee or the holders
of at least
% in aggregate principal amount of the then-outstanding
Notes
to
accelerate,
or
in
certain
cases,
will
automatically
cause
acceleration
of,
the
amounts
due
under
the
Notes.
As of June 30, 2025, the Company was in compliance
with all applicable covenants under the Indenture.
The carrying
value of
debt issuance
costs, recorded
as a
direct deduction
from the
face amount
of the
Notes,
were $
ABL Facility
On
June
18,
2025,
the
Company,
Coronado
Coal
Corporation,
a
Delaware
corporation
and
wholly
owned
subsidiary of the
Company,
Coronado Finance Pty
Ltd, an Australian
proprietary company
and a wholly
owned
subsidiary
of
the
Company,
or
an
Australian
Borrower,
Coronado
Curragh
Pty
Ltd,
an
Australian
proprietary
company and wholly
owned subsidiary of
the Company,
or an Australian
Borrower and, together
with the other
Australian Borrower,
the Borrowers,
and the
other guarantors
party thereto,
collectively with
the Company,
the
Guarantors and, together
with the Borrowers,
the Loan Parties,
entered into an
amendment and restatement
of
its
existing
senior
secured
asset-based
revolving
credit
agreement
in
an
initial
aggregate
principal
amount
of
$
Agent, Global Loan Agency
Services Australia Nominees Pty
Ltd, as Collateral Agent,
and Highland Park XII
Pte.
Ltd., an
affiliate of
Oaktree Capital
Management, L.P.,
as Lender.
The ABL
Facility amended
and restated
the
Company’s
predecessor
senior
secured
asset-based
revolving
credit
agreement,
dated
May 8,
2023
(as
amended and
restated from
time to
time), and
as a
result, The
Hongkong and
Shanghai Banking
Corporation
Limited and DBS Bank Limited, Australian branch, ceased to
be lenders.
The
ABL
Facility
is
a
revolving
credit
facility
that
matures
in
2028
and
provides
for
up
to
$
borrowings. Availability
under the
ABL Facility
is limited
to an
eligible borrowing
base, determined
by applying
customary
advance
rates
to
eligible
accounts
receivable
and
inventory.
As
of
June
30,
2025,
the
eligible
borrowing base under the ABL
Facility was $
available and undrawn.
Borrowings under the ABL Facility bear interest at a rate of
% per annum and are subject to an interest make-
whole premium, payable on any refinance or prepayment during the
first
The undrawn capacity under the
ABL Facility remains available for
a further
ABL Facility and is subject to a commitment fee of
% per annum.
The ABL Facility
is subject
to financial covenants
,
including a covenant
regarding the
maintenance of
leverage
ratio and interest coverage ratio, as described in the
ABL Facility,
commencing on September 30, 2025.
The ABL Facility
also contains customary
representations and warranties and
affirmative and negative covenants
including,
among
others,
covenants
relating
to
the
payment
of
dividends,
or
purchase
or
redemption
of,
with
respect to any equity interests
of the Company or any
of its subsidiaries, covenants relating to
financial reporting,
covenants
relating
to
the
incurrence
of
liens
or
encumbrances,
covenants
relating
to
the
incurrence
or
prepayment of certain debt,
compliance with laws, use
of proceeds, maintenance
of properties, maintenance
of
insurance,
payment
obligations,
financial
accommodation,
mergers
and
sales
of
all
or
substantially
all
of
the
assets of the Loan Parties’ and limitations on changes in the nature
of the Loan Parties’ business.
The
ABL
Facility
provides
for
customary
events
of
default,
including,
among
other
things,
the
event
of
nonpayment
of
principal,
interest,
fees,
or
other
amounts,
a
representation
or
warranty
proving
to
have
been
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
materially incorrect when made, failure to perform or observe certain covenants within a specified period of time,
a cross-default to certain material indebtedness,
the bankruptcy or insolvency of
the Company and certain of its
subsidiaries, monetary judgment defaults of
a specified amount, invalidity of
any loan documentation, and ERISA
defaults
resulting
in
liability
of
a
material
amount
and
a
two
notch
downgrade
of
the
credit
rating
by
S&P
or
Moody’s in respect
of a Loan
Party which applies
as at June
18,
2025 or a
trading halt in
respect of such
Loan
Party for more
than
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.
For certain
defaults related to insolvency
and receivership, the commitments
of the Lender will
be automatically terminated
and all outstanding loans and other amounts will become immediately
due and payable.
A
Review Event will occur
under the ABL Facility
if any one or more
of the following occurs:
(a) a downgrade of
the credit
rating by
S&P or
Moody’s
in respect
of a
Loan Party
which applies
as at
the Closing
Date;
or (b)
a
delisting
of
any
listed
Loan
Party from
the
relevant
stock
exchange
on
which
it
was
listed
or a
trading
halt
in
respect
of
such
Loan
Party
for more
than
Borrowers must promptly
meet and consult
in good faith
with the Administrative
Agent and the Lender
to agree
on
a
strategy
to
address
the
relevant
Review
Event.
If,
at
the
end
of
a
period
of
occurrence of the Review Event, the Lender is not satisfied with the result of their discussion or meeting with the
Borrowers or do
not wish to
continue to provide
their commitments,
the Lender
may declare all
amounts owing
under the ABL Facility to be prepaid within another
On
June
30,
2025,
S&P
downgraded
the
Company’s
credit
rating
from
‘B-‘
to
‘CCC+’
and,
on
July
7,
2025,
Moody’s downgraded the Company’s credit
rating from ‘Caa1’
to ‘Caa2’, both
of which resulted
in a Review
Event
under the ABL
Facility.
On July
9, 2025, the
Company successfully
negotiated with
the Lender,
who confirmed
no changes to the terms or the availability of the ABL Facility,
thereby, concluding
each of the Review Events. A
potential further downgrade to the Company’s
credit rating by S&P or Moody’s
may result in an Event of Default
under the ABL Facility,
unless the Event of Default is cured or a waiver is obtained
.
To
establish
the
ABL
Facility,
the
Company
incurred
debt
issuance
costs
of
$
elected under its accounting policy to present debt issuance costs incurred before the debt liability is recognized
(e.g. before the debt proceeds are received)
as an asset which will be
amortized ratably over the term of
the ABL
Facility. The costs will not be subsequently reclassified as a direct deduction of the liability. The carrying value of
debt issuance
costs,
recorded
as “Other
non-current
assets”
in the
Condensed
Consolidated
Balance
Sheets
was $
Predecessor ABL Facility
On June
18, 2025,
the ABL
Facility amended
and restated
the predecessor
ABL Facility,
which resulted
in the
extinguishment
of
the
predecessor
ABL
Facility.
As
a
result
of
the
early
termination
of
the
predecessor
ABL
Facility,
the
Company
recorded
a
loss
on
debt
extinguishment
of
$
Consolidated Statement of
Operations and Comprehensive
Income for each of
the three and six
months ended
June 30, 2025.
Loan – Curragh Housing Transaction
On
May
16,
2024,
the
Company
completed
an
agreement
for
accommodation
services
and
the
sale
and
leaseback
of
housing
and
accommodation
assets
with
a
regional
infrastructure
and
accommodation
service
provider, or collectively, the Curragh
Housing Transaction. Refer
to Note
10. “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
, with an
effective interest
rate of
%. The Curragh
Housing Transaction loan is not subject
to any financial covenants.
As of June 30, 2025, the carrying value of the loan, net of issuance costs
of $
million of which is classified as a current liability.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
10. Other Financial Liabilities
The following is a summary of other financial liabilities
as at June 30, 2025:
June 30, 2025
December 31,
2024
Collateralized financial liabilities payable to third-party financing
companies
$
$
Collateralized financial liabilities - Curragh Housing Transaction
Debt issuance costs
(
955
)
(
988
)
Total
other financial liabilities
Less: current portion
Non-current other financial liabilities
$
$
Collateralized financial liabilities – Curragh Housing Transaction
The Curragh
Housing Transaction
did not
satisfy the
sale criteria
under Accounting
Standards Codification,
or
ASC, 606
– Revenues
from Contracts
with Customers
and was
deemed a
financing arrangement.
As a
result,
proceeds of $
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
%. 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,
lenders
under
the
ABL
Facility and Stanwell.
The carrying value of this financial liability, net of issuance costs of $
2025, $
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
11.
Contract Obligations
(US$ thousands)
June 30, 2025
December 31,
2024
Current
Coal leases contract liability
$
$
Stanwell below market coal supply agreement
$
$
Non-current
Coal leases contract liability
$
$
Stanwell below market coal supply agreement
Deferred consideration liability
Prepaid coal supply liability - Stanwell
$
$
Prepaid Coal Supply Liability - Stanwell
On June 10, 2025,
the Company and Stanwell
Corporation Ltd, or
Stanwell, entered into a
deed of amendment
and amended
the New
Coal Supply
Agreement dated
July 12,
2019, or
NCSA, whereby
Stanwell will
provide
approximately
$
tonnage of thermal coal under the NCSA.
The Deed of Amendment included a $
rebate waiver
and deferral
from April 2025
to December
2025 (with an
estimated value
of approximately
$
million), as they are incurred, both of
which will be settled through reduction of the gross
proceeds to be received
on the physical delivery of thermal coal
to Stanwell of up to
, or until such time
that the obligation
is fully
settled, starting
in 2027.
This Prepaid
Coal Supply
Liability bears
interest of
% per
annum.
For the
three and
six months
ended June
30, 2025,
the Company
recognized interest
expense of
$
related to the financing component of the advance payment
and deferred rebates.
Contract liability
related to
this arrangement
will be
settled as
the physical
delivery of
coal occurs
and performance
obligation is satisfied.
12.
Income Taxes
For the six
months ended
June 30,
2025, 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
2025
estimated
annual
effective
tax
rate
is
%.
This
rate
is
impacted
by
mine
depletion
deductions in the U.S.
and the rate results from
combining the annual effective tax rate
of the U.S. and
Australian
Operations. Accordingly,
the Company had an
income tax benefit of
$
$
Income tax
expense of
$
annual effective tax rate of
% for the period, which included a
discrete benefit of $
prior year for the U.S.
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, 2025, 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 $
million as at June 30, 2025 and December 31, 2024,
respectively.
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 seven
years at
the federal
level and
five years
at the
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
state level.
In Australia,
companies
are subject
to open
tax audits
for a
period of
four years
from the
date of
assessment.
Congress has approved and,
on July 4, 2025, President Donald Trump signed into law the One Big Beautiful Bill
Act, or
the OBBBA,
which is
a sweeping
legislative package
designed to
extend the
expiring provisions
of the
Tax
Cuts and Jobs Act, or the
TCJA, and deliver additional tax
relief for individuals and businesses.
Building on
the foundation
established by
the TCJA,
the OBBBA,
which also
provides funding
for national
security,
border
security,
and immigration
enforcement and
promotes domestic
energy production,
among other
priorities, also
includes several revenue
offsets to mitigate
some of the
costs.
The Company is
continuing to evaluate
the effects
of the OBBBA to determine the impact on the Company
as guidance becomes available.
13.
(Loss) earnings per Share
Basic (loss) earnings per
share of common stock
is computed by dividing
net income attributable to
the Company
stockholders for the period
by the weighted-average number
of shares of common stock
outstanding during the
same period.
Diluted earnings per share of common stock is computed by
dividing net income attributable to the
Company
by the
weighted-average
number
of shares
of common
stock
outstanding
adjusted to
give
effect
to
potentially dilutive securities.
Basic and diluted (loss) earnings 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)
2025
2024
2025
2024
Numerator:
Net (loss) income attributable to Company
stockholders
$
(
76,203
)
$
$
(
172,401
)
$
Denominator (in thousands):
Weighted average shares of common stock
outstanding
Effects of dilutive shares
Weighted average diluted shares of common
stock outstanding
(Loss) Earnings Per Share (US$):
Basic
(
0.45
)
(
1.03
)
Dilutive
(
0.45
)
(
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.
14.
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.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
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,
2025, there
were
basis.
Other Financial Instruments
The following methods
and assumptions
are used to
estimate the fair
value of other
financial instruments
as of
June 30, 2025 and December 31, 2024:
●
and
other
current
financial
liabilities:
The
carrying
amounts
reported
in
the
unaudited
Condensed
Consolidated Balance Sheets approximate fair value due to the
short maturity of these instruments.
●
values
approximate
the
carrying
values
reported
in
the
unaudited
Condensed
Consolidated
Balance
Sheets.
●
cost. As of June 30, 2025,
the fair value of the
amounts drawn under the
ABL Facility approximates the
carrying value reported
in the consolidated
balance sheets. The
estimated fair value
of the Notes
as of
June 30,
2025 was
approximately $
not considered
active (Level
2). The
estimated fair
value of
the Curragh
Housing
loan is
$
based upon unobservable inputs (Level 3).
15.
Accumulated Other Comprehensive Losses
The Company’s Accumulated Other Comprehensive
Losses consists of foreign currency translation adjustment
of subsidiaries for which the functional currency is different
to the Company’s functional currency in
U.S. dollar.
Accumulated other comprehensive losses consisted of
the following at June 30, 2025:
(in US$ thousands)
Foreign
currency
translation
adjustments
Balance at December 31, 2024
$
(
137,560
)
Net current-period other comprehensive loss:
Loss in other comprehensive income before reclassifications
(
10,243
)
Gain on long-term intra-entity foreign currency transactions
Total
net current-period other comprehensive income
Balance at June 30, 2025
$
(
127,726
)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
16.
Commitments
(a)
Mineral Leases
The
Company
leases
mineral
interests
and
surface
rights
from
land
owners
under
various
terms
and
royalty
rates. The future
minimum royalties
and lease rental
payments under
these leases
as of
June 30, 2025
are as
follows:
(in US$ thousands)
Amount
Year ending
December 31,
2025
$
2026
2027
2028
2029
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, 2025, 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,
2025,
these
Australian
and
U.S.
commitments
under
take-or-pay
arrangements
totaled
$
which approximately $
17.
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 insurances.
As of June
30,
2025,
the
Company
had
outstanding
surety
bonds
of
$
Company was
required to
cash collateralize
$
obligations under workers’ compensation insurances.
For the
Australian
Operations,
as at
June
30, 2025,
the Company
had bank
guarantees
outstanding
of $
million primarily in respect of certain rail and port take-or-pay
arrangements of the Company.
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 $
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.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
Coronado Global Resources Inc.
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.
Stamp duty on Curragh acquisition
The Company,
based on
legal and
valuation advice
obtained, continues
to dispute
a portion
of the
stamp duty
paid
on
the
acquisition
of
the
Curragh
mine
in
2018
of
$
appeal with the Supreme Court
of Queensland on March 11, 2024. The outcome of
the appeal remains uncertain
and as such, no contingent asset has been recognized at June
30, 2025.
From time to time, the
Company becomes a
party to other legal
proceedings in the
ordinary course of business
in Australia, the U.S. and other countries where the Company does business.
Based on current information, the
Company believes that such other pending
or threatened proceedings are likely to
be resolved without a material
adverse
effect
on
its
financial
condition,
results
of
operations
or
cash
flows.
In
management’s
opinion,
the
Company is not currently
involved in any legal
proceedings, which individually
or in the aggregate
could have a
material effect on the financial condition, results of
operations and/or liquidity of the Company.
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,
2025,
the
related
condensed
consolidated
statements
of
operations
and
comprehensive
income
for
the
three
and
six-month
periods
ended
June
30,
2025
and
2024,
the
condensed
consolidated statements
of stockholders’
equity for
the three
and six-month
periods ended
June 30,
2025 and
2024, the condensed consolidated statements of cash flows for the six-month
periods ended June 30, 2025 and
2024, 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, 2024, 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 February 19, 2025,
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, 2024,
is
fairly stated, in all material
respects, in relation to the consolidated balance
sheet from which it has been
derived.
The Company's Ability to Continue as a Going Concern
As
disclosed
in
Note
1,
certain
conditions
indicate
that
the
Company
may
be
unable
to
continue
as
a
going
concern. The
accompanying condensed consolidated
interim financial
statements do
not include
any adjustments
that might result from the outcome of this uncertainty.
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 11,
2025.
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
our
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 year ended
December 31,
2024
included
in
Coronado
Global
Resources
Inc.’s
Annual
Report
on
Form 10-K
for
the
year
ended December 31, 2024, filed with the SEC and the
ASX on February 19, 2025.
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
on
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:
●
●
●
governing such indebtedness;
●
policies and
other barriers
to trade.
For example,
on March
12, 2025,
the U.S.
government imposed
a
25% tariff on steel
imports, and on April
2, 2025, the U.S.
government announced a
baseline 10% tariff
on certain imports and higher tariffs
on imports from certain countries. These
developments underscore
the risk and volatility in global supply chains, financial
markets and international trade policies;
●
unrest and wars,
as well as
risks related to
government actions with
respect to trade
agreements, treaties
or policies;
●
commodities, such
as diesel
fuel, steel,
explosives
and tires,
as the
result of
inflationary
pressures
or
otherwise;
●
developments;
Coronado Global Resources Inc.
●
relating
to
mining
activities,
including
possible
impacts
on global
climate
issues,
which
could
result
in
increased
regulation
of
coal
combustion
and
requirements
to
reduce
GHG
emissions
in
many
jurisdictions, including federal and state government initiatives to control GHG emissions could increase
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 reduced
access to capital
and insurance;
●
one or more of our major
customers, including customers in the steel industry, key suppliers/contractors,
which
among
other
adverse
effects,
could
lead
to
reduced
demand
for
our
coal,
increased
difficulty
collecting receivables
and customers
and/or suppliers
asserting force
majeure or
other reasons
for not
performing their contractual obligations to us;
●
performance or otherwise;
●
●
produced, cause delay or suspend coal deliveries, or
increase the cost of operating our business;
●
●
●
●
●
●
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;
●
●
regulations;
●
●
proprietary or confidential information about us, our customers
or other third parties;
●
require us to recognize impairment charges related to those assets;
●
●
impact our reported financial results; and
Coronado Global Resources Inc.
●
Factors,” set forth in Part II, Item 1A of this Quarterly Report
on Form 10-Q.
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, 2024,
filed with the
SEC and
ASX on February
19, 2025,
and Part
II, Item 1A.
“Risk Factors”
of our Quarterly
Report
on Form
10-Q for
the three
months ended
March 31,
2025, filed
with the
SEC and
ASX on
May 8,
2025, 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
communications.
You
should
evaluate
all
forward-looking
statements
made
by
us
in
the
context of these risks and uncertainties.
We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to
you. The
forward-looking
statements
included in
this
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 costs
per Mt sold,
which we define
as mining costs
divided by sales
volumes (excluding non-produced coal) for the respective segment; (vi) average segment operating costs
per Mt
sold, which we define as segment operating costs divided by sales volumes for the respective segment; and (vii)
net 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.
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.
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-
Coronado Global Resources Inc.
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.
Segment Adjusted EBITDA is used as
a supplemental
financial measure
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 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
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 costs excludes these cost
components as
our CODM
does not
view these
costs as
directly attributabl
e
to the
production of
coal. Mining
costs
is
used
as
a
supplemental
financial
measure
by
management,
providing
an
accurate
view
of
the
costs
directly
attributable
to
the
production
of
coal
at
our
mining
segments,
and
by
external
users
of
our
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
operating 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 two 100%-owned producing
mine complexes (Buchanan and
Logan) and two development
properties
(Mon Valley and
Russell County). In
addition to
Met coal,
our Australian
Operations sell
thermal coal
domestically,
which is
used to generate
electricity, to Stanwell and
some thermal coal
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
Our results for
the three months
ended June 30,
2025, were materially
impacted by continued
weakness in the
Met coal markets, stemming from a combination of weak steel demand and structural oversupply from key steel-
producing regions, such
as China,
Europe and India,
and continuing macroeconomic
and trade
policy uncertainty,
which continues to affect investor and consumer confidence
.
The Australian
Premium Low
Volatile
Hard Coking
Coal index,
or AUS
PLV
HCC, averaged
$184.2 per
Mt for
the three months
ended June 30,
2025, $58.1 per
Mt lower compared
to the same
period in 2024,
and $0.9 Mt
lower compared to the three months ended March 31,
2025.
Although coal markets remained
unfavorable, our operations performed strongly in
the second quarter compared
to the first
quarter of 2025,
delivering higher quarter-on
-quarter run-of-mine,
or ROM, coal
production, saleable
production and
sales volumes.
ROM coal
production for
the three months
ended June
30, 2025,
was 1.2
MMt,
or 20%
higher compared
to the
first quarter
of 2025
and was
the primary
contributor to
the significant
build in
ROM coal inventory in the second quarter.
For the three months
ended June 30, 2025, saleable
production and sales volumes were 3.7
MMt, 0.4 MMt lower
compared to the three months
ended June 30, 2024, primarily
driven by our Australia Operations
due to above-
average
wet
weather
events
for the
second
quarter
of
2025,
unforeseen
equipment
downtime
and
change
of
mine
sequencing,
caused
by
delays
in
drill
preparation
reducing
excavator
performance,
which
impacted
production.
In
the
June
quarter,
we
commissioned
our
Buchanan
expansion
project
at
our
U.S.
Operations
while
major
development works
significantly progressed
at the
Mammoth mine
in our
Australian Operations.
Both of
these
projects are expected to increase production into the second
half of 2025
Our saleable
production for
the six
months ended
June 30,
2025, was
7.2 MMt,
0.3 MMt
lower than
the same
period in 2024, while our
sales volume for the six
months ended June 30, 2025,
of 7.1 MMt, was 0.7
MMt lower
than the six months
ended June 30, 2024.
Lower saleable production
and sales volume in
2025, were primarily
driven by above-average seasonal wet weather and equipment
disruption at our Australian Operations and lost-
Coronado Global Resources Inc.
time due to
unforeseen equipment
downtime and adverse
geological features impacting
production yield at
our
U.S. Operations.
Coal revenues of $900.8 million for the six months ended June 30, 2025, decreased
$396.6 million compared to
the same period in 2024, were driven by lower sales volumes,
and lower average realized Met prices, $49.5
per
Mt sold lower compared to the six months ended June 30, 2024.
Mining costs for the six
months ended June 30, 2025
were $103.0 million lower compared
to the corresponding
period
in
2024,
driven
primarily
by
reduced
contractor
fleets
at
our
Australian
Operations
in
2024
and
the
associated
cost
savings,
and
favorable
average
foreign
exchange
rates
on
translation
of
the
Australian
Operations for
the six
months
ended
June
30, 2025.
Mining costs
per
Mt sold
was
$102.1 for
the six
months
ended June 30,
2025, which was $5.6
per Mt sold
lower compared to
the six months ended
June 30, 2024, driven
by lower mining costs partially offset by lower sales
volume of 0.6 MMt.
Liquidity and Going Concern
As of June 30, 2025, Coronado had cash and cash
equivalents (excluding restricted cash) of $261.6 million
and
$22.4 million of
undrawn capacity under
the ABL Facility.
As of June
30, 2025, Coronado
had $500.0 million
of
aggregate principal
amount of
interest-bearing liabilities
outstanding. Our
net debt
of $238.4
million as
of June
30, 2025 comprised of $500.0 million
of aggregate principal amount of interest-bearing liabilities outstanding
less
cash and cash equivalents (excluding restricted cash).
During the three
months ended June
30, 2025, we
completed certain
initiatives to improve
our liquidity position
and immediate cash
flows given sustained
low Met coal
prices, including entry
to the Deed
of Amendment with
Stanwell for
a coal
prepayment of
$75.0 million
and the
Stanwell rebate
waiver and
deferral from
April 2025
to
December 2025 (with an estimated value of approximately
$75.0 million), as they are incurred, of approximately
$75.0 million, and refinancing of our ABL Facility for an amount
up to $150.0 million,
as discussed in Part I, Item
1. “Financial Statements”, Note 11. “Contract
Obligations” and Note 9. “Interest Bearing Liabilities”, respectively.
On
June
30,
2025,
S&P
downgraded
the
Company’s
credit
rating
from
‘B-‘
to
‘CCC+’
and,
on
July
7,
2025,
Moody’s downgraded the Company’s credit
rating from ‘Caa1’
to ‘Caa2’, both
of which resulted
in a Review
Event
under the ABL Facility. On
July 9, 2025, we successfully negotiated with the Lender,
who confirmed no changes
to the terms or the availability of the ABL Facility,
thereby, concluding
each of the Review Events.
The outlook for the
Met coal market remains
uncertain. A further decline
in Met coal prices
or continued market
volatility could result in
sustained operating losses
and negative operating cash
flows for the remainder
of 2025
and into 2026. These condition
s
may place pressure on
our ability to comply
with financial covenants
under the
ABL Facility on and beyond September 30, 2025.
Non-compliance with financial covenants or a potential further downgrade to
the Company’s credit rating by S&P
or Moody’s may result
in an Event of Default under
the ABL Facility and, unless
the Event of Default is cured
or
a waiver
is
obtained,
could
also
trigger
a
cross-default
under
the
Indenture
(as
defined
below)
governing
our
Notes.
While these plans are intended to address the events and conditions described above, these initiatives
have not
progressed to a stage that provides confidence in their
successful execution or timely completion.
Accordingly, we concluded that
substantial doubt exists
regarding our ability
to continue as
a going
concern within
one year after the date of the accompanying Condensed
Consolidated Financial Statements.
Dividends
In April 2025, the
Company settled previously declared dividends of
$8.4 million, which were paid
to stockholders
from available cash.
Safety
For our Australian Operations, the twelve-month rolling average Total
Reportable Injury Frequency Rate at June
30, 2025
was 3.05,
compared to
a rate
of 2.22
at the
end of
December 31,
2024. At
our U.S.
Operations, the
twelve-month rolling
average Total
Reportable Incident
Rate at June
30, 2025 was
1.63, compared
to a rate
of
2.21 at the end of December 31, 2024.
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
to improve
our safety rates every quarter.
Coronado Global Resources Inc.
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 consolidated financial
statements.
Three Months Ended June 30, 2025 Compared to Three
Months Ended June 30, 2024
Summary
The financial and operational summary for the three months
ended June 30, 2025 include:
●
to a net
income of $45.2
million for the
three months
ended June
30, 2024, which
was primarily
driven
by lower average realized prices
and lower sales volume, partially offset by lower
operating costs.
●
per Mt sold lower compared to $194.7 per Mt sold for the same period in 2024. Coking coal index prices
declined since June 30, 2024, due to oversupply of steel and consequential Met coal demand out of key
steel-producing regions, primarily in Asia.
●
same
period
in
2024,
because
of
unforeseen
equipment
downtime
and
change
in
mine
sequencing,
caused by delays in drill preparation reducing excavator performance, which impacted production
at our
Australian Operations.
●
Adjusted EBITDA of
$120.8 million for
the three months
ended June 30,
2024. The decline
was due to
lower coal sales revenues,
partially offset by reduced operating costs.
●
of $261.6 million and $22.4 million of undrawn capacity
under the ABL Facility.
Coronado Global Resources Inc.
Three months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
459,337
$
664,379
$
(205,042)
Other revenues
8,542
9,449
(907)
Total
revenues
467,879
673,828
(205,949)
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
339,632
372,743
(33,111)
Depreciation, depletion and amortization
45,508
51,263
(5,755)
Freight expenses
62,706
60,704
2,002
Stanwell rebate
21,931
26,451
(4,520)
Other royalties
38,014
87,425
(49,411)
Selling, general, and administrative expenses
7,600
8,646
(1,046)
Total
costs and expenses
515,391
607,232
(91,841)
Other income (expenses):
Interest expense, net
(20,964)
(13,116)
(7,848)
Loss on debt extinguishment
(1,050)
—
(1,050)
(Increase) decrease in provision for
credit losses
(183)
27
(210)
Other, net
1,972
(906)
2,878
Total
other expenses, net
(20,225)
(13,995)
(6,230)
Net (loss) income before tax
(67,737)
52,601
(120,338)
Income tax expense
(8,466)
(7,401)
(1,065)
Net (loss) income attributable to Coronado
Global Resources, Inc.
$
(76,203)
$
45,200
$
(121,403)
Coal Revenues
Coal
revenues
were
$459.3
million
for
the
three
months
ended
June
30,
2025,
a
decrease
of
$205.0
million,
compared to $664.4 million
for the three months
ended June 30, 2024. This
decrease was primarily attributable
to lower average realized Met price and lower export Met sales
volume.
Cost of Coal Revenues (Exclusive of Items Shown
Separately Below)
Cost of coal revenues comprise costs related
to produced tons sold, along with
changes in both the volumes and
carrying
values
of
coal
inventory.
Cost
of
coal
revenues
include
items
such
as
direct
operating
costs,
which
includes employee-related costs,
materials and
supplies, contractor services,
coal handling
and preparation costs
and production taxes.
Total
cost of coal revenues was $339.6 million for the three months ended June 30, 2025, $33.1 million, or 8.9%
lower, compared to $372.7
million for the three months ended June 30, 2024.
Cost of coal
revenues for our
Australian Operations for
the three months
ended June 30,
2025, were $38.1
million
lower compared to the
same period in 2024,
primarily driven by
cost savings from
reduced contractor truck
and
excavator fleets since March 2024 and favorable average foreign exchange rates on
translation of the Australian
Operations for the three months
ended June 30, 2025, of A$/US$
0.64 compared to 0.66 for the same
period in
2024.
Cost of coal revenues for
our U.S. Operations for the three
months ended June 30, 2025, was
$9.0 million higher
compared to the
three months
ended June 30,
2024, mainly
due to a
higher inventory
drawdown as
a result of
lower
ROM
production
and
lower
saleable
production
exceeding
lower
sales
volumes
when
compared
to
the
same period in 2024.
Depreciation, Depletion and Amortization
Depreciation, depletion and
amortization was $45.5
million for the
three months ended
June 30, 2025,
a decrease
of
$5.8
million,
compared
to
$51.3
million
for
the
three
months
ended
June
30,
2024.
The
decrease
was
associated with changes
to depreciation rates
following annual useful
life review and
favorable average foreign
Coronado Global Resources Inc.
exchange
rates
on
translation
of
the
Australian
Operations,
partially
offset
by
equipment
brought
into
service
during the twelve months since June 30, 2024.
Stanwell Rebate
The Stanwell
rebate was
$21.9 million
for the
three months
ended June
30, 2025,
a decrease
of $4.5
million,
compared to $26.4 million for the three months ended
June 30, 2024. The decrease was largely driven by lower
realized reference coal pricing
for the prior
twelve-month period applicable to three
months ended June 30,
2025,
used
to
calculate
the
rebate
compared
to
the
same
period
in
2024,
and
favorable
foreign
exchange
rate
on
translation of our Australian Operations.
Other Royalties
Other
royalties
were
$38.0
million
in
the
three
months
ended
June
30,
2025,
a
decrease
of
$49.4
million
compared to $87.4 million for
the three months ended June
30, 2024, a product of
lower coal revenues coupled
with favorable foreign exchange rate on translation of our Australian
Operations.
Interest expense, net
Interest expense,
net was
$20.9 million
for the
three months
ended June
30, 2025,
an increase
of $7.8
million
compared to $13.1 million
for the three months
ended June 30, 2024.
The increase was driven
by higher average
indebtedness, due
to additional
borrowings
under the
Notes and
the Curragh
Housing Transaction,
and lower
interest
income
on
cash
equivalents
and
restricted
deposits
during
the
three
months
ended
June
30,
2025,
compared to the same period in 2024.
Income Tax Expense
Income tax
expense
was
$8.5
million
for the
three
months
ended June
30, 2025
,
an increase
of $1.1
million,
compared to $7.4 million for
the three months ended June 30,
2024. The income tax expense is
the result of an
effective tax rate of 14.6% for the six months
ended June 30, 2025.
Coronado Global Resources Inc.
Six months ended June 30, 2025 compared to Six
months ended June 30, 2024
Summary
The financial and operational summary for the six months ended June
30, 2025 include:
●
to a net
income of $16.2
million for the
six months ended
June 30, 2024.
The decrease
was a result
of
lower coal
revenues
partially offset
by lower
costs and
income tax
benefit on
losses in
the first
half of
2025 compared to income tax expense in the same period
last year.
●
Mt sold lower
compared to
$199.3 per Mt
sold for
the six
months ended June
30, 2024. The
AUS PLV
HCC
index
averaged
$184.6
per
Mt
for
the
six
months
ended
June
30,
2025,
$91.0
per
Mt
lower
compared
to
the same
period in
2024.
The
downward
trend
is driven
by improved
supply
from
major
exporters, including
Russia and
Australia, and
oversupply of
steel, which
resulted in
declining demand
for Met coal.
●
six
months
ended
June
30,
2024.
Sales
volumes
declined
due
to
equipment
downtime
and
above-
average wet weather
at our Australian operations,
and adverse geology and
surface mine idling at
Logan
in our U.S. Operations.
●
compared to
an income
of $135.4
million for
the six
months ended
June 30,
2024.
This decrease
was
primarily due to lower coal revenues partially offset
by lower operating costs.
●
liabilities outstanding.
As of
June 30,
2025, the
Company had
net debt
of $238.4
million, consisting
of
closing
cash
and
cash
equivalents
(excluding
restricted
cash)
of
$261.6
million
and
$500.0
million
aggregate principal amounts
outstanding of interest-bearing liabilities.
Six months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
900,788
$
1,297,372
$
(396,584)
(30.6%)
Other revenues
16,339
44,605
(28,266)
(63.4%)
Total
revenues
917,127
1,341,977
(424,850)
(31.7%)
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
729,923
845,263
(115,340)
(13.6%)
Depreciation, depletion and amortization
86,029
96,612
(10,583)
(11.0%)
Freight expenses
122,894
117,526
5,368
4.6%
Stanwell rebate
43,784
57,902
(14,118)
(24.4%)
Other royalties
79,367
172,585
(93,218)
(54.0%)
Selling, general, and administrative expenses
15,933
17,461
(1,528)
(8.8%)
Total
costs and expenses
1,077,930
1,307,349
(229,419)
(17.5%)
Other income (expenses):
Interest expense, net
(38,862)
(26,445)
(12,417)
47.0%
Loss on debt extinguishment
(1,050)
—
(1,050)
100.0%
Decrease in provision for discounting and
credit losses
(813)
200
(1,013)
(506.5%)
Other, net
(241)
11,106
(11,347)
(102.2%)
Total
other expenses, net
(40,966)
(15,139)
(25,827)
170.6%
Net (loss) income before tax
(201,769)
19,489
(221,258)
(1,135.3%
)
Income tax benefit (expense)
29,368
(3,290)
32,658
(992.6%)
Net (loss) income attributable to Coronado Global
Resources, Inc.
$
(172,401)
$
16,199
$
(188,600)
(1,164.3%
)
Coronado Global Resources Inc.
Coal Revenues
Coal
revenues
were
$900.8
million
for
the
six
months
ended
June
30,
2025,
a
decrease
of
$396.6
million,
compared to $1,297.4
million for the
six months ended
June 30, 2024.
The decrease was
driven by lower
average
Met realized price combined with lower sales volume
compared to the same period in 2024.
Other Revenues
Other revenues were
$16.3 million for
the six months
ended June 30,
2025, a decrease
of $28.3 million
compared
to $44.6 million
for the six
months ended June
30, 2024.
The decrease was
primarily driven
by a non-recurring
termination fee revenue from a coal sales contract cancelled
in the first quarter of 2024 at our U.S. Operations.
Cost of Coal Revenues (Exclusive of Items Shown
Separately Below)
Total
cost of
coal revenues
was $729.9
million for
the six
months ended
June 30,
2025, a
decrease of
$115.3
million, compared to $845.3 million for the six months
ended June 30, 2024.
Cost of coal revenues for our Australian Operations in the six months
ended June 30, 2025, were $120.5 million
lower compared to
the same period
in 2024, primarily
driven by cost
savings from reduction
in contractor fleets
since
March
2024
and
associated
costs,
lower
inventory
drawdown,
and
favorable
foreign
exchange
rate
on
translation of our
Australian Operations
for the six
months ended June
30, 2025, of
A$/US$: 0.63
compared to
0.66 for the same period in 2024.
Depreciation, Depletion and Amortization
Depreciation, depletion and amortization
was $86.0 million for the six months
ended June 30, 2025, a decrease
of
$10.6
million,
as
compared
to
$96.6
million
for
the
six
months
ended
June
30,
2024.
The
decrease
was
associated with changes
to depreciation rates
following annual useful
life review and
favorable average foreign
exchange rates on translation of the Australian Operations, partially offset by the equipment brought into service
during the twelve months since June 30, 2024.
Freight Expenses
Freight
expenses
totaled
$122.9
million
for
the
six
months
ended
June
30,
2025,
an
increase
of
$5.4
million
compared to $117.5 million for the
six months ended June
30, 2024. Our Australian
Operations contributed $10.4
million to higher
sales volume
shipped through
WICET,
which attracts
higher port handling
charges and
higher
deficit tonnage charges compared
to the six months
ended June 30, 2024.
Freight costs in our
U.S. Operations
for the
six
months
ended June
30,
2025
decreased
by
$5.0 million
due to
lower
coal sales
under
FOB terms
compared to the six months ended June 30, 2024.
Stanwell Rebate
The
Stanwell
rebate
was
$43.8
million
for
the
six
months
ended
June
30,
2025,
a
decrease
of
$14.1
million
compared to $57.9 million for the six months ended June 30, 2024. The decrease was
due to lower export sales
volume and lower
realized reference
coal pricing for
the prior
twelve-month period
applicable to the
six months
ended June 30, 2025, used to calculate the rebate compared
to the same period in 2024 and favorable average
foreign exchange rates on translation of the Australian
Operations.
Other Royalties
Other
royalties
were
$79.4
million
for
the
six
months
ended
June
30,
2025,
a
decrease
of
$93.2
million,
as
compared to $172.6
million for the
six months ended
June 30, 2024
due to lower
coal revenues combined
with
favorable average exchange rates on translation of the Australian
Operations.
Interest expense, net
Interest expense, net was $38.9
million in the six months
ended June 30, 2025, an
increase of $12.4 million,
as
compared
to
$26.4
million
for
the
six
months
ended
June
30,
2024.
The
increase
was
driven
by
higher
indebtedness due to additional borrowings under the Notes and Curragh Housing Transaction and lower interest
income on
cash equivalents
and restricted
deposits during
the six
months ended
June 30,
2025, compared
to
the same period in 2024.
Coronado Global Resources Inc.
Other, net
Other,
net
was
at
a
loss
of
$0.2
million
for the
six
months
ended
June
30,
2025,
a decrease
of
$11.3
million
compared to an
income of $11.1 million for
the six months
ended June 30,
2024. The decrease was
largely driven
by higher
exchange losses
on translation
of short-term
inter-entity balances
between certain
entities within
the
group that are denominated in currencies other than their
respective functional currencies.
Income Tax Benefit (Expense)
Income tax
benefit of
$29.4 million
for the
six months
ended June
30, 2025,
decreased by $32.7
million, compared
to $3.3 million
tax expense
for the six
months ended
June 30, 2024,
primarily driven
by net loss
position in the
2025 period.
Supplemental Segment Financial Data
Three months ended June 30, 2025 compared to three months
ended June 30, 2024
Australia
Three months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Sales volume (MMt)
2.2
2.7
(0.5)
(17.5)%
Total
revenues ($)
259,845
458,491
(198,646)
(43.3)%
Coal revenues ($)
251,537
449,497
(197,960)
(44.0)%
Average realized price per Mt sold ($/Mt)
113.1
166.7
(53.6)
(32.2)%
Met coal sales volume (MMt)
1.6
2.0
(0.4)
(21.3)%
Met coal revenues ($)
230,624
429,506
(198,882)
(46.3)%
Average realized Met price per Mt sold ($/Mt)
147.5
216.2
(68.7)
(31.8)%
Mining costs ($)
179,256
218,897
(39,641)
(18.1)%
Mining cost per Mt sold ($/Mt)
80.6
81.7
(1.1)
(1.3)%
Operating costs ($)
271,472
364,668
(93,196)
(25.6)%
Operating costs per Mt sold ($/Mt)
122.0
135.3
(13.3)
(9.8)%
Segment Adjusted EBITDA ($)
(10,200)
94,582
(104,782)
(110.8)%
Coal revenues
for our
Australian Operations
decreased largely
due to
lower average
realized Met
price per
Mt
sold, which was $68.7 lower compared to the same
period in 2024, and lower Met sales volume of 0.5 MMt.
Operating costs decreased by
$93.2 million, or 25.6%,
for the three months ended
June 30, 2025, compared
to
the
three
months
ended
June
30,
2024,
driven
by
lower
mining
costs
and
lower
Stanwell
rebate
and
other
royalties, a
product of
lower realized
prices. Mining
costs were
$39.6 million
lower for
the three
months ended
June 30,
2025, driven
primarily by
cost savings
from reduced
contractor fleets
in 2024
and favorable
average
foreign exchange rates on translation of our Australian Operations. Mining and Operating costs per Mt sold were
$1.1 and $13.3 lower, respectively,
compared to the same period in 2024, despite lower
sales volume.
Segment Adjusted EBITDA loss
of $10.2 million for the
three months ended June
30, 2025, was $104.8 million,
or 110.8%, lower
compared to income of $94.6 million for
the three months ended June 30, 2024,
largely driven
by lower coal revenues,
partially offset by lower operating costs.
Coronado Global Resources Inc.
United States
Three months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Sales volume (MMt)
1.4
1.4
—
6.9%
Total
revenues ($)
208,034
215,337
(7,303)
(3.4)%
Coal revenues ($)
207,800
214,882
(7,082)
(3.3)%
Average realized price per Mt sold ($/Mt)
143.4
158.5
(15.1)
(9.5)%
Met coal sales volume (MMt)
1.3
1.3
—
1.4%
Met coal revenues ($)
196,704
209,855
(13,151)
(6.3)%
Average realized Met price per Mt sold ($/Mt)
149.6
161.7
(12.1)
(7.5)%
Mining costs ($)
158,806
145,521
13,285
9.1%
Mining cost per Mt sold ($/Mt)
109.6
110.0
(0.4)
(0.4)%
Operating costs ($)
190,811
182,655
8,156
4.5%
Operating costs per Mt sold ($/Mt)
131.7
134.7
(3.0)
(2.2)%
Segment Adjusted EBITDA ($)
17,181
34,466
(17,285)
(50.2)%
Coal revenues for our
U.S. Operations decreased by
$7.1 million, largely attributed
to lower average
realized Met
price per
Mt sold
compared to
the three
months ended
June 30,
2024, driven
by oversupply
of steel
from key
steel producing
regions
which
has consequently
resulted
in
weakened
demand
for
Met coal
and
lower
prices
achieved from annual domestic price contracts compared
to 2024.
Mining and Operating costs increased by $13.3 million and $8.2
million, respectively, for the three months ended
June 30,
2025, compared
to the
three months
ended June
30, 2024,
due to
drawdown of
coal inventories resulting
from sales volume slightly
exceeding saleable production
compared to a build
in inventory compared
to second
quarter of 2024. Higher mining costs were partially
offset by lower freight expenses and lower purchased
coal.
Segment
Adjusted
EBITDA
of
$17.2
million
for
the
three
months
ended
June
30,
2025,
decreased
by
$17.3
million
compared
to
$34.5
million
for
the
three
months
ended
June
30,
2024,
primarily
driven
by
lower
coal
revenues and higher operating costs.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components
of Corporate and Other Adjusted EBITDA:
Three months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Selling, general, and administrative expenses
$
7,600
$
8,646
$
(1,046)
(12.1)%
Other, net
(49)
(387)
338
(87.3)%
Total
Corporate and Other Adjusted EBITDA
$
7,551
$
8,259
$
(708)
(8.6)%
Corporate
and
other
Adjusted
EBITDA
of
$7.5
million
for
the
three
months
ended
June
30,
2025,
were
$0.7
million lower compared to the
three months ended June 30,
2024 due to cost savings initiatives
implemented at
the corporate level.
Coronado Global Resources Inc.
Mining
and
operating
costs
for
the
three
months
ended
June
30,
2025
compared
to
three
months
ended June 30, 2024
A reconciliation of
segment costs and
expenses, segment operating
costs, and segment
mining costs is
shown
below:
Three months ended June 30 2025
(in US$ 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: Other non-mining costs
(1,570)
—
—
(1,570)
Total mining costs
179,256
158,806
—
338,062
Sales Volume excluding non-produced
coal
(MMt)
2.2
1.4
—
3.7
Mining cost per Mt sold ($/Mt)
80.6
109.6
—
92.0
Three months ended June 30, 2024
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and
expenses
$
390,576
$
207,737
$
8,919
$
607,232
Less: Selling, general and administrative
expense
(23)
—
(8,623)
(8,646)
Less: Depreciation, depletion and amortization
(25,885)
(25,082)
(296)
(51,263)
Total operating costs
364,668
182,655
—
547,323
Less: Other royalties
(77,462)
(9,963)
—
(87,425)
Less: Stanwell rebate
(26,451)
—
—
(26,451)
Less: Freight expenses
(37,801)
(22,903)
—
(60,704)
Less: Other non-mining costs
(4,057)
(4,268)
—
(8,325)
Total mining costs
218,897
145,521
—
364,418
Sales Volume excluding non-produced
coal
(MMt)
2.7
1.3
—
4.0
Mining cost per Mt sold ($/Mt)
81.7
110.0
—
91.1
Average realized Met price
per Mt sold for
the three months ended
June 30, 2025 compared
to three
months ended June 30, 2024
A reconciliation of the Company’s average realized
Met price per Mt sold is shown below:
Three months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Met coal sales volume (MMt)
2.9
3.3
(0.4)
(12.3)%
Met coal revenues ($)
427,328
639,361
(212,033)
(33.2)%
Average realized Met price per Mt sold ($/Mt)
148.4
194.7
(46.3)
(23.8)%
Coronado Global Resources Inc.
Six months ended June 30, 2025 compared to Six
months ended June 30, 2024
Australia
Six months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Sales volume (MMt)
4.5
5.2
(0.7)
(14.2)%
Total
revenues ($)
533,122
894,596
(361,474)
(40.4)%
Coal revenues ($)
517,561
877,094
(359,533)
(41.0)%
Average realized price per Mt sold ($/Mt)
115.7
168.2
(52.5)
(31.2)%
Met coal sales volume (MMt)
3.2
3.8
(0.6)
(15.8)%
Met coal revenues ($)
480,690
837,809
(357,119)
(42.6)%
Average realized Met price per Mt sold ($/Mt)
150.3
220.5
(70.2)
(31.9)%
Mining costs ($)
421,266
536,762
(115,496)
(21.5)%
Mining cost per Mt sold ($/Mt)
94.2
103.5
(9.3)
(9.1)%
Operating costs ($)
609,840
827,402
(217,562)
(26.3)%
Operating costs per Mt sold ($/Mt)
136.3
158.7
(22.4)
(14.1)%
Segment Adjusted EBITDA ($)
(75,044)
68,354
(143,398)
(209.8)%
Coal revenues for our Australian Operations
for the six months ended June 30,
2025, were $359.5 million lower
compared to the six months ended June 30,
2024. The decrease was driven by lower average realized
Met price
per Mt sold,
$70.2 per Mt
lower compared
to the six
months ended June
30, 2024. Coal
revenues were further
impacted by 0.7 MMt lower sales volume as a result of lower production caused by above average seasonal wet
weather in
the first
quarter,
equipment downtime
and changes
in mine
sequencing as
a result
of delays
in drill
preparation reducing excavator performance.
Operating costs
decreased by
$217.6 million
driven by
lower Stanwell
rebate and
other royalties,
due to
lower
realized price and lower coal revenues, coupled with lower mining costs.
Mining costs were $115.5
million lower
for the
six months
ended June
30, 2025,
primarily driven
by cost
savings from
reduced contractor’s
fleet since
March 2024 and
favorable foreign exchange
rate on translation
of our Australian
Operations for the
six months
ended June 30, 2025
compared to the
same period in
2024. Mining and Operating
costs per Mt sold
were $9.3
and $22.4, respectively,
lower compared to the six months ended June 30, 2024.
Segment Adjusted EBITDA
loss of $75.0
million for the
six months ended
June 30, 2025,
decreased by $143.4
million, or 209.8%, compared
to Adjusted EBITDA
of $68.3 million for
the six months
ended June 30, 2024
due
to lower coal revenues, partially offset by
lower operating costs.
United States
Six months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Sales volume (MMt)
2.6
2.6
—
2.6%
Total
revenues ($)
384,005
447,381
(63,376)
(14.2)%
Coal revenues ($)
383,227
420,278
(37,051)
(8.8)%
Average realized price per Mt sold ($/Mt)
144.8
162.9
(18.1)
(11.4)%
Met coal sales volume (MMt)
2.5
2.4
0.1
1.5%
Met coal revenues ($)
368,141
403,386
(35,245)
(8.7)%
Average realized Met price per Mt sold ($/Mt)
149.3
166.0
(16.7)
(10.4)%
Mining costs ($)
305,619
293,103
12,516
4.3%
Mining cost per Mt sold ($/Mt)
115.5
116.2
(0.7)
(0.9)%
Operating costs ($)
366,128
365,874
254
0.1%
Operating costs per Mt sold ($/Mt)
138.4
141.8
(3.4)
(2.8)%
Segment Adjusted EBITDA ($)
17,573
83,694
(66,121)
(79.0)%
Coal revenues
decreased by
$37.1 million,
or 8.8%, to
$383.2 million
for the six
months ended June
30, 2025,
compared to $420.3 million for the six months ended June 30, 2024. This decrease was driven
by lower average
realized Met price per Mt sold of
$149.3 for the six months ended June 30, 2025
compared to $166.0 per Mt sold
Coronado Global Resources Inc.
and
lower
prices
achieved
from
annual
domestic
price
contracts
for
2025
compared
to
2024,
caused
by
unfavorable market conditions.
Mining costs were $12.5 million, or
$0.7 per Mt sold, higher
for the six months ended
June 30, 2025, due to
lower
inventory build, saleable production exceeding sales volume, compared to the six months ended June 30, 2024.
Operating
costs
remained
broadly
in
line with
higher
mining
costs
offset
by
lower
freight
expenses,
driven
by
lower demurrage, and lower coal purchases needed to
satisfy sales commitments.
Adjusted EBITDA of $17.6 million
decreased by $66.1 million, or
79.0%, for the six months
ended June 30, 2025,
compared to $83.7 million for the six
months ended June 30, 2024. This decrease
was primarily driven by lower
coal revenues
and lower other revenues
driven by termination fee
revenue from a coal sales
contract cancelled
in the 2024 period.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components
of Corporate and Other Adjusted EBITDA:
Six months ended
June 30,
2025
2024
Change
%
(in US$ thousands)
Selling, general, and administrative expenses
$
15,933
$
17,461
$
(1,528)
(8.8)%
Other, net
(18)
(819)
801
(97.8)%
Total
Corporate and Other Adjusted EBITDA
$
15,915
$
16,642
$
(727)
(4.4)%
Corporate
and
other
costs
of
$15.9
million
for
the
six
months
ended
June
30,
2025,
were
$0.7
million
lower
compared to $16.6
million for the
six months ended
June 30, 2024,
due to cost
savings initiatives
implemented
at the corporate level.
Coronado Global Resources Inc.
Mining and operating costs
for the Six months
ended June 30, 2025
compared to Six months
ended
June 30, 2024
A reconciliation of
segment costs and
expenses, segment operating
costs, and segment
mining costs is
shown
below:
Six months ended June 30, 2025
(in US$ 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 non-mining costs
(3,038)
—
—
(3,038)
Total mining costs
421,266
305,619
—
726,885
Sales Volume excluding non-produced
coal
(MMt)
4.5
2.6
—
7.1
Mining cost per Mt sold ($/Mt)
94.2
115.5
—
102.1
Six months ended June 30, 2024
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and
expenses
$
874,248
$
415,083
$
18,018
$
1,307,349
Less: Selling, general and administrative
expense
(34)
—
(17,427)
(17,461)
Less: Depreciation, depletion and amortization
(46,812)
(49,209)
(591)
(96,612)
Total operating costs
827,402
365,874
—
1,193,276
Less: Other royalties
(153,450)
(19,135)
—
(172,585)
Less: Stanwell rebate
(57,902)
—
—
(57,902)
Less: Freight expenses
(71,261)
(46,265)
—
(117,526)
Less: Other non-mining costs
(8,027)
(7,371)
—
(15,398)
Total mining costs
536,762
293,103
—
829,865
Sales Volume excluding non-produced
coal
(MMt)
5.2
2.5
—
7.7
Mining cost per Mt sold ($/Mt)
103.5
116.2
—
107.7
Average
realized
Met
price
per
Mt
sold
for
the
Six
months
ended
June
30,
2025
compared
to
Six
months ended June 30, 2024
A reconciliation of the Company’s average realized
Met price per Mt sold is shown below:
Six months ended June 30,
2025
2024
Change
%
(in US$ thousands)
Met coal sales volume (MMt)
5.7
6.2
(0.5)
(9.1)%
Met coal revenues ($)
848,831
1,241,195
(392,364)
(31.6)%
Average realized Met price per Mt sold ($/Mt)
149.8
199.3
(49.5)
(24.8)%
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)
2025
2024
2025
2024
Reconciliation to Adjusted EBITDA:
Net (loss) income
$
(76,203)
$
45,200
$
(172,401)
$
16,199
Add: Depreciation, depletion and amortization
45,508
51,263
86,029
96,612
Add: Interest expense (net of interest income)
20,964
13,116
38,862
26,445
Add: Other foreign exchange losses (gains)
(551)
2,159
(219)
(9,104)
Add: Loss on extinguishment of debt
1,050
—
1,050
—
Add: Income tax expense (benefit)
8,466
7,401
(29,368)
3,290
Add: Losses on idled assets
13
1,677
1,848
2,164
Add: Increase (decrease) in provision for
credit losses
183
(27)
813
(200)
Adjusted EBITDA
$
(570)
$
120,789
$
(73,386)
$
135,406
Liquidity and Capital Resources
Overview
Our objective is
to maintain a
prudent capital structure
and to ensure
that sufficient
liquid assets and
funding is
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 and availability under our debt
facilities.
Our main uses of cash have historically been, and are expected to continue to be, the funding of our
operations,
working capital,
capital
expenditure,
debt
service
obligations,
business
or assets
acquisitions
and
payment
of
dividends.
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, financial,
competitive and weather conditions
and other
risks described
in this
Quarterly Report
on Form
10-Q, Part
I, Item
1A. “Risk
Factors” of
our Annual
Report on
Form 10-K for the
year ended December
31, 2024, filed
with the SEC
and ASX on
February 19, 2025
and Part
II, Item
1A. “Risk
Factors” of
our Quarterly
Report on
Form 10-Q
for the
three months
ended March
31, 2025,
filed with the SEC and ASX on May 8, 2025.
Sources of liquidity as of June 30, 2025 and December
31, 2024 was as follows:
(in US$ thousands)
June 30, 2025
December 31,
2024
Cash and cash equivalents, excluding restricted cash
$
261,585
$
339,374
Availability under the ABL Facility
(1)
22,432
128,563
Total
$
284,017
$
467,937
(1)
Availability under the ABL
Facility is limited
to an eligible
borrowing base, determined
by applying customary
advance rates
to eligible accounts receivable and inventory.
Coronado Global Resources Inc.
Our total indebtedness as of June 30, 2025 and December
31, 2024 consisted of the following:
(in US$ thousands)
June 30, 2025
December 31,
2024
Current installments of interest bearing liabilities
$
1,652
$
1,477
Interest bearing liabilities, excluding current installments
498,360
422,995
Current installments of other financial liabilities and other
finance lease obligations
10,060
6,163
Other financial liabilities and finance lease obligations, excluding
current installments
35,654
19,694
Total
$
545,726
$
450,329
Liquidity
Coronado has been significantly
impacted by declining demand
and prices in the
coal market that impacted
our
earnings during the year ended December 31, 2024 and
through June 30, 2025.
During the three
months ended June
30, 2025, we
completed certain
initiatives to improve
our liquidity position
and immediate cash
flows given sustained
low Met coal
prices, including
entry to the
Deed of Amendment
with
Stanwell for
a coal
prepayment of
$75.0 million
and the
Stanwell rebate
waiver and
deferral from
April 2025
to
December 2025 (with
an estimated value
of approximately $75.0
million), as they
are incurred, and
refinancing
of our ABL
Facility for an amount
up to $150.0
million,
as discussed in
Part I, Item 1.
“Financial Statements”, Note
11. “Contract Obligations”
and Note 9. “Interest Bearing Liabilities”, respectively.
The ABL Facility
is subject
to financial covenants,
including maintenance
of leverage
ratio and
maintenance of
coverage ratio, tested quarterly commencing on September
30, 2025.
On
June
30,
2025,
S&P
downgraded
the
Company’s
credit
rating
from
‘B-’
to
‘CCC+’
and,
on
July
7,
2025,
Moody’s downgraded the Company’s credit
rating from ‘Caa1’
to ‘Caa2’, both
of which resulted
in a Review
Event
under the ABL
Facility.
On July
9, 2025, the
Company successfully
negotiated with
the Lender,
who confirmed
no changes to the terms or the availability of the ABL Facility,
thereby, concluding
each of the Review Events.
losses and
negative cash
flows from
operating activities for
the remainder
of 2025
and into
2026, which,
combined
with other factors, could
impact the Company’s
ability to comply with
financial covenants under
the ABL Facility
on and beyond September 30, 2025.
Non-compliance with financial covenants or a potential further downgrade to
the Company’s credit rating by S&P
or Moody’s, may result in an Event of Default under the
ABL Facility and, unless the Event of Default is cured or
a waiver is obtained, could also trigger a cross-default under the Indenture
governing our Notes.
We continue
to pursue
a number
of initiatives
including, among
other things,
further operating
and capital
cost
control measures, partial asset sale and potential other
debt and non-debt funding measures.
Based on
our outlook
for the
next twelve
months, which
is subject
to uncertainties
with respect
to execution
of
the financing
initiatives described above,
continued changing demand
from our
customers, volatility in
coal prices,
current and future trade barriers and tariffs and the uncertainty of impacts
from ongoing civil unrest and wars, we
believe expected
cash generated
from operations
together with
our sources
of liquidity
and other
strategic and
financial initiatives,
may not
be sufficient
to meet
the needs
of our
existing operations,
capital expenditure
and
service our debt obligations.
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
On June 18,
2025, we entered
into an amendment
and restatement of
our existing senior
secured asset-based
revolving credit agreement in an initial aggregate principal
amount of $150.0 million, or the ABL Facility.
Coronado Global Resources Inc.
The ABL Facility is
a revolving credit facility
which matures in 2028.
Availability under the
ABL Facility is limited
to an eligible
borrowing base,
determined by
applying customary
advance rates
to eligible accounts
receivable
and inventory. As of June
30,
2025, the eligible borrowing
base under the
ABL Facility was $97.4
million, of which
$75.0 million had been drawn and $22.4 million remained
available.
Borrowings under
the ABL
Facility bear
interest of
15% per
annum and
are subject
to an
interest make-whole
premium, payable
on any
refinance or
prepayment during
the first
eighteen months
after the
closing date.
The
undrawn capacity under the ABL Facility remains available
for a further twelve months from the date of this
ABL
Facility and is subject to a commitment fee equal to 9.00%
per annum.
The ABL
Facility is
subject to
financial covenants
including a
covenant regarding
the maintenance
of leverage
ratio and interest coverage ratio to be tested quarterly
and commencing on September 30, 2025.
The ABL Facility
also contains customary
representations and warranties and
affirmative and negative covenants
including,
among
others,
covenants
relating
to
the
payment
of
dividends,
or
purchase
or
redemption
of,
with
respect to any equity interests
of the Company or any
of its subsidiaries, covenants relating
to financial reporting,
covenants
relating
to
the
incurrence
of
liens
or
encumbrances,
covenants
relating
to
the
incurrence
or
prepayment of certain debt,
compliance with laws, use
of proceeds, maintenance
of properties, maintenance
of
insurance,
payment
obligations,
financial
accommodation,
mergers
and
sales
of
all
or
substantially
all
of
the
assets of the Loan Parties’ and limitations on changes in the nature
of the Loan Parties’ business.
A
Review Event will occur under the ABL Facility if
any one or more of the following occurs:
(a) downgrade of the
credit rating by S&P
or Moody’s in respect
of a Loan Party which
applies as at the Closing
Date; or (b) delisting
of any
listed Loan
Party from
the relevant
stock exchange
on which
it was
listed or
a trading
halt in
respect of
such Loan Party
for more than
5 business days. 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 agree on
a strategy to
address the
relevant Review
Event. If,
at the
end
of a
period of
10 business
days
after the
occurrence
of the
Review Event, the Lender
is not satisfied with
the result of their
discussion or meeting with
the Borrowers or
do
not wish
to continue
to provide
their commitments,
the Lender
may declare
all amounts
owing under
the ABL
Facility to be prepaid within another 20 business days.
On
June
30,
2025,
S&P
downgraded
the
Company’s
credit
rating
from
‘B-’
to
‘CCC+’
and,
on
July
7,
2025,
Moody’s downgraded the Company’s credit
rating from ‘Caa1’
to ‘Caa2’, both
of which resulted
in a Review
Event
under the ABL Facility. On
July 9, 2025, we successfully negotiated with the Lender,
who confirmed no changes
to the
terms or
the availability
of the
ABL Facility,
thereby,
concluding
each of
the Review
Events. A
potential
further downgrade to the Company’s credit rating by S&P or Moody’s may result in an Event
of Default under the
ABL Facility, unless the Event of Default is cured or a waiver is obtained,
could also trigger a cross-default under
the Indenture governing our Notes.
Subject to customary grace periods and notice requirements, the ABL Facility also contains customary events of
default.
Refer to Part I, Item 1, Note 10. “Interest Bearing Liabilities”
for further information.
9.250% Senior Secured Notes
As of June 30, 2025, the outstanding amount of our Notes
was $400.0 million. The Notes were issued at par and
bear interest at a rate of 9.250% per annum. Interest on the Notes is payable semi-annually
in arrears on April 1
and October 1 of each year, which began on April 1, 2025. The Notes mature on October 1, 2029 and are senior
secured obligations of the Issuer.
The terms of
the Notes
are governed
by an indenture,
dated as
of October
2, 2024, among
Coronado Finance
Pty Ltd, as
issuer, Coronado Global Resources Inc,
as guarantor, the subsidiaries of
Coronado Global Resources
Inc., named therein, as additional guarantors, and Wilmington Trust, National Association, as trustee and priority
lien
collateral
trustee,
or
the
Indenture.
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.
Coronado Global Resources Inc.
Upon the occurrence of a “Change of Control Triggering Event”, as defined in the Indenture as the occurrence of
a Change
of Control
and a
Rating Decline
(each as
defined in
the Indenture),
the Issuer
is required
to offer
to
repurchase the
Notes at
101% 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 101%
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
90% 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 100% 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 25% in aggregate principal amount of the
then-outstanding
Notes
to
accelerate,
or
in
certain
cases,
will
automatically
cause
acceleration
of,
the
amounts
due
under
the
Notes.
As of June 30,
2025, the Company was in compliance with all applicable
covenants under the Indenture.
We may redeem
some or all
of the Notes
at the redemption
prices and on
the terms specified
in the Indenture.
In
addition,
we
may,
from
time
to
time,
seek
to
retire
or
repurchase
outstanding
debt
through
open-market
purchases, privately negotiated transactions or otherwise. Such repurchases, if
any, will be upon such terms and
at
such
prices
we
may
determine,
and
will
depend
on
prevailing
market
conditions,
liquidity
requirements,
contractual restrictions and other factors.
Refer to Part I, Item 1, Note 9. “Interest Bearing Liabilities
”
for further information.
Loan – Curragh Housing Transaction
In 2024, the Company completed
the Curragh Housing Transaction,
an agreement for accommodation services
and
the
sale
and
leaseback
of
housing
and
accommodation
assets
with
a
regional
infrastructure
and
accommodation service provider.
The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606, Revenues from Contracts with
Customers and was deemed a financing arrangement. As a result, the proceeds
of $23.0 million (A$34.6 million)
received for the sale and leaseback of property,
plant and equipment owned by the Company in connection with
the Curragh Housing
Transaction
were recognized
as “Other
Financial Liabilities”
on the Company’s
unaudited
Condensed Consolidated Balance
Sheets. The term
of the financing
arrangement
is ten years
with an effective
interest rate
of 14.14%.
This
liability
will
be settled
in
equal monthly
payments
as
part of
the
accommodation
service arrangement.
In line
with the
Company’s capital
management strategy,
the Curragh
Housing Transaction
provides additional
liquidity. In
addition, the accommodation services
component of the Curragh Housing
Transaction is anticipated
to enhance the level of service for our employees at our
Curragh Mine.
In connection with the Curragh Housing Transaction,
the Company borrowed $26.9 million (A$40.4 million) from
the same
regional
infrastructure
and accommodation
service provider.
This amount
was recorded
as “Interest
Bearing Liabilities” in the unaudited Condensed Consolidated Balance Sheets. The amount borrowed is payable
in equal monthly installments over a period of ten years,
with an effective interest rate of 14.14%.
Refer to
Part I,
Item I.
Note 9.
“Interest Bearing
Liabilities” and
Note 10.
“Other Financial
Liabilities” for
further
information.
Finance leases
During the six
months ended June
30, 2025, the
Company entered into
various finance lease
agreements. Our
total finance
lease
commitments
were
$20.6
million
as at
June
30,
2025.
The
terms
of
the
outstanding
lease
agreements mature through May 2029, and bear fixed
interest rates ranging from 8.55% to 12.0%.
Surety bonds, letters of credit and bank guarantees
We
are
required
to
provide
financial
assurances
and
securities
to
satisfy
contractual
and
other
requirements
generated in the
normal course of
business. Some of
these assurances are provided
to comply with
state or other
government agencies’ statutes and regulations.
Coronado Global Resources Inc.
For
the
U.S.
Operations,
in
order
to
provide
the
required
financial
assurance
for
post
mining
reclamation,
we
generally
use surety
bonds.
We
also
use surety
bonds
and bank
letters
of credit
to collateralize
certain
other
obligations including contractual
obligations under workers’
compensation insurances.
As of June 30,
2025, we
had outstanding surety bonds
of $43.8 million. Subsequent
to June 30, 2025,
we cash collateralized $20.3
million
of our surety bonds in connection with our contractual
obligations under workers’ compensation insurances.
For the
Australian Operations,
as at
June 30,
2025,
we had
bank guarantees outstanding
of $25.8
million primarily
in respect of certain rail and port take-or-pay arrangements of
the Company.
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
have total
cash collateral
in the
form of
deposits of
$99.7 million
as of
June
30,
2025
to
provide
back-to-back
support
for
bank
guarantees,
financial
payments,
other
performance
obligations,
various
other
operating
agreements
and
contractual
obligations
under
workers
compensation
insurance.
These
deposits
are
restricted
and
classified
as
non-current
assets
in
the
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
On February 19,
2025, our Board
of Directors declared
a bi-annual fully
franked fixed ordinary
dividend of $8.4
million,
or
0.5
cents
per
CDI.
On
April
4,
2025,
the
Company
paid
$8.3
million
to
holders,
net
of
$0.1
million
foreign exchange
gain on
payment of
dividends to
certain CDI
holders who
elected to be
paid in
Australian dollars.
Capital Requirements
Our main uses of cash have historically been the
funding of our operations, working capital, capital expenditure,
and the payment
of interest
and dividends. We
intend to use
cash to fund
debt service payments
of our Notes,
the ABL
Facility and
our other
indebtedness, to
fund operating
activities, working
capital, capital
expenditures,
including organic growth projects, business or assets
acquisitions and, if declared, payment of dividends.
Historical Cash Flows
The following table summarizes our cash flows for the six months ended June 30, 2025 and
2024, as reported in
the accompanying consolidated financial statements:
Cash Flow
Six months ended
June 30,
(in US$ thousands)
2025
2024
Net cash from operating activities
$
40,088
$
11,095
Net cash used in investing activities
(177,000)
(122,829)
Net cash from financing activities
58,881
37,601
Net change in cash and cash equivalents
(78,031)
(74,133)
Effect of exchange rate changes on cash and cash
equivalents
242
(471)
Cash and cash equivalents at beginning of period
339,625
339,295
Cash and cash equivalents at end of period
$
261,836
$
264,691
Operating activities
Net cash provided
by operating activities
was $40.1 million
for the six
months ended June
30, 2025, compared
to $11.1
million for
the six
months ended
June 30,
2024.
The increase
in cash
provided by
operating activities
was driven by a coal prepayment from Stanwell
of $75.0 million, $20.5 million waiver and deferral of
the Stanwell
rebate, favorable working
capital movement due
to early collections
from certain customers
and lower payment
to suppliers, partially offset by Adjusted EBITDA
loss for the six months ended June 30, 2025.
Coronado Global Resources Inc.
Investing activities
Net cash
used in
investing activities
was $177.0
million
for the
six months
ended June
30, 2025,
compared to
$122.8 million
for the
six months
ended June
30, 2024.
Cash spent
on capital
expenditures for
the six
months
ended June 30, 2025, was
$147.4 million, of which
$80.9 million related
to the Australian Operations
and $66.5
million was related
to our
U.S. Operations
and a net
cash collateral,
in the form
of restricted
deposits, of
$31.1
million
as
a
security
to
satisfy
contractual
and
other
requirements.
The
increase
in
capital
expenditures
was
largely due to
the investment in
organic growth projects at
both of our
U.S. Operations and Australian
Operations,
which were substantially completed in the first half of
2025.
Financing activities
Net cash provided by
financing activities was
$58.9 million for the
six months ended June
30, 2025. Included
in
net
cash
provided
by
financing
activities
were
proceeds
of
$75.0
million
from
drawing
down
on
the
new
ABL
Facility, partially offset by payment of debt issuance and other financing costs of $4.1 million, dividend payments
of $8.3 million, and repayment of interest bearing and
other financial liabilities of $3.7 million.
Contractual Obligations
Except as set
forth below, 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,
2024, filed
with the
SEC and
ASX on February 19, 2025.
On June 10, 2025, we entered into a Deed of Amendment with Stanwell
for a prepayment for future coal sales of
$75.0 million and the Stanwell
rebate waiver and deferral from
April 2025 to December 2025 (with
an estimated
value of
approximately $75.0
million), as
they are
incurred, both
of which
will be
settled through
physical coal
delivery over five
years,
or until such
time that the
obligation is fully
settled, commencing
2027. Refer to
Part I,
Item 1. “Financial Statements”, Note 11.
“Contract Obligations” for further information.
On June 18, 2025, we completed refinancing of our ABL Facility
for an aggregate principal amount up to $150.0
million,
of
which
$75.0
million
was
drawn
on
completion
and
the
remaining
$75.0
million
is
available
to
the
Company for a
further twelve months, limited
to an eligible
borrowing base. The
ABL Facility is
subject to financial
covenants, including maintenance
of leverage ratio
and interest coverage
ratio, tested quarterly and
commencing
on September
30, 2025.
Refer to
Part I,
Item 1.
“Financial Statements”,
Note 9.
Interest Bearing
Liabilities for
further information.
The
ABL
Facility
is
a
revolving
credit
facility
which
matures
in
2028.
Borrowings
under
the
ABL
Facility
bear
interest at a
rate of
15% per annum
and are
subject to an
interest make-whole premium,
payable on any
refinance
or
prepayment
during
the
first
eighteen
months
after
the
closing
date.
The
undrawn
capacity
under
the
ABL
Facility
remains
available
for
a
further
twelve
months
from
the
date
of
the
ABL
Facility
and
is
subject
to
a
commitment fee of 9.00% per annum.
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, 2024,
filed with the SEC and ASX on February 19, 2025.
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
Group Chief Financial
Officer.
The finance team manages risk exposures primarily through delegated authority limits approved
by the Board of
Directors. The finance team regularly monitors
our exposure to these financial risks and reports
to management
and
the
Board
of
Directors
on
a
regular
basis.
Policies
are
reviewed
at
least
annually
and
amended
where
appropriate.
We may use
derivative financial instruments such
as forward fixed
price commodity contracts, interest
rate swaps
and
foreign
exchange
rate
contracts
to
hedge
certain
risk
exposures.
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
our
investors
would
not
consider hedging coal prices to 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
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, which 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
of
our
coal
should
interruptions or
trade barriers occur
in the
future. An
inability for
Met coal
suppliers to
access international markets
would likely result
in an oversupply
of Met coal and
may result in
a decrease in
prices and or
the curtailment of
production.
We manage
our commodity
price risk
for our non-trading,
thermal coal
sales through
the use
of long-term
coal
supply agreements in our
U.S. Operations. In Australia, thermal
coal is sold
to Stanwell on a
supply contract. See
Item
1A.
“Risk
Factors—Risks
related
to
the
Supply
Deed
with
Stanwell
may
adversely
affect
our
financial
condition and results of operations” in our Annual Report on Form 10-K filed with the SEC and ASX on February
19, 2025.
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,
2025, we had $15.2
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
$1.5
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 February 19, 2025.
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.
The
current
Middle
East
conflict
could
create
significant
uncertainty
regarding
interruptions to global oil supply causing significant
volatility in prices of related commodities,
including the price
of diesel fuel we
purchase. These commodities
may be hedged
through financial instruments
if the exposure
is
considered material and where the exposure cannot be
mitigated through fixed price supply agreements.
The fuel
required
for
our operations
for
the remainder
of fiscal
year
2025
will
be
purchased
under
fixed-price
contracts or on a spot basis.
Coronado Global Resources Inc.
Interest Rate Risk
Interest rate risk is the risk that a change in interest rates
on our borrowing facilities will have an adverse impact
on
our
financial
performance,
investment
decisions
and
stockholder
return.
Our
objectives
in
managing
our
exposure
to
interest
rates
include
minimizing
interest
costs
in
the
long
term,
providing
a
reliable
estimate
of
interest costs for the
annual work program
and budget and ensuring
that changes in interest
rates will not have
a material impact on our financial performance.
As of June 30,
2025, we had $545.7
million of fixed rate
borrowings and Notes and
no variable-rate borrowings
outstanding.
We currently do not hedge against interest rate
fluctuations.
Foreign Exchange Risk
A significant portion of our
sales are denominated in US$.
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 70% of expenses incurred at our Australian Operations are denominated in
A$. Approximately 30%
of our Australian Operations’ purchases are
made with reference to US$,
which provides
a natural hedge against foreign
exchange movements on these
purchases (including fuel, several
port handling
charges, demurrage,
purchased coal
and some
insurance premiums).
Appreciation of
the A$
against US$
will
increase our Australian
Operations’ US$ reported
cost base and
reduce US$ reported
net income. For
the 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 increase reported
total costs and expenses by approximately
$21.5 million and $48.5
million for the three and six months ended June 30, 2025.
Under normal market conditions, we generally do not consider it necessary to hedge our
exposure to this foreign
exchange risk.
However,
there
may be
specific commercial
circumstances,
such
as the
hedging
of significant
capital
expenditure,
acquisitions,
disposals
and
other
financial
transactions,
where
we
may
deem
foreign
exchange hedging
as appropriate
and
where a
US$ contract
cannot
be negotiated
directly with
suppliers
and
other third parties.
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.
We currently do not hedge our non-US$ exposures
against exchange rate fluctuations.
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, 2025, we
had financial assets
of $517.5 million,
comprising 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 discounting and credit losses of $1.5 million
was recorded as of June 30, 2025.
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 Group
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
Group
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
Group 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,
the
Company
completed
the
implementation of
a new
Enterprise Resource
Planning, or
ERP,
system. Our
new ERP
system is
intended to
provide
us
with
enhanced
transactional
processing,
security
and
management
tools,
and
it
is
an
important
component
of
our
system
of
disclosure
controls
and
procedures.
We
modified
and
removed
certain
existing
internal controls, as well
as implemented new internal
controls and procedures impacted
by the implementation
of
the
new
ERP
system.
We
will
continue
to
monitor
and
evaluate
design
effectiveness
and
operating
effectiveness of the related controls during subsequent
periods.
Except with
respect to
the implementation of
the new
ERP system, there
were no
other 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 17. “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
Except as set forth below,
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,
2024, filed with the
SEC
and ASX on February 19, 2025 and Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the
three months
ended
March
31, 2025,
filed
with
the
SEC and
ASX on
May 8,
2025.
The risk
factor
presented
below should
be read
in conjunction
with
all
of the
risk
factors
disclosed in
the
Company’s
Annual
Report
on
Form 10-K for the year ended December 31, 2024.
As
a
result
of
operating
losses
and
negative
cash
flows
from
operations,
together
with
other
factors,
including
the
possibility
that
the
Company
may
not
be
able
to
obtain
covenant
waivers
or
otherwise
remediate
covenant
breaches,
could
cause
the
liquidity
provided
by
the
ABL
Facility
to
become
unavailable. As such, we may not have sufficient liquidity to sustain our operations and to continue as a
going concern.
The Company’s earnings
and cash flows from
operating activities have
been significantly impacted
by subdued
performance of Met
coal markets, which
has led to
low realized prices
for the coal
we sell. The
Company's current
operating forecasts,
which is
subject to
volatility in
the Met
coal prices
and the
achievement of
forecast production,
indicate that
we will
continue to
incur losses
from operations
and generate
negative cash
flows from
operating
activities.
These
projections
and
certain
liquidity
risks
raise
substantial
doubt
about
whether
we
will
meet
our
obligations as they become
due within one year
after the date of
issuance of this
Quarterly Report on Form
10-
Q.
During the three
months ended June
30, 2025, we
completed certain
initiatives to improve
our liquidity position
and immediate cash flows given sustained low Met coal prices
.
On June 10, 2025, we entered into a Deed of Amendment with
Stanwell for a prepayment for future coal sales of
$75.0 million and the Stanwell
rebate waiver and deferral from
April 2025 to December 2025 (with
an estimated
value of
approximately $75.0
million),
as they
are incurred,
both of
which will
be settled
through
physical coal
delivery over five years,
or until such time that the obligation is fully settled,
commencing in 2027.
On June 18, 2025, we completed refinancing of our ABL Facility
for an aggregate principal amount up to $150.0
million,
of
which
$75.0
million
was
drawn
on
completion
and
the
remaining
$75.0
million
is
available
to
the
Company for
a further
twelve months, subject
to an
eligible borrowing
base. The ABL
Facility is
subject to
financial
covenants, including maintenance
of leverage ratio
and interest coverage
ratio, tested quarterly and
commencing
on September 30, 2025.
On
June
30,
2025,
S&P
downgraded
the
Company’s
credit
rating
from
‘B-’
to
‘CCC+’
and,
on
July
7,
2025,
Moody’s downgraded the Company’s credit
rating from ‘Caa1’
to ‘Caa2’, both
of which resulted
in a Review
Event
under the ABL
Facility.
On July
9, 2025, the
Company successfully
negotiated with
the Lender,
who confirmed
no changes to the terms or the availability of the ABL Facility,
thereby, concluding
each of the Review Events.
A
potential further downgrade to the Company’s
credit rating by S&P or Moody’s
may result in an Event of Default
under the ABL Facility.
There is uncertainty in relation to the ongoing availability of the ABL Facility,
which is dependent on our ability to
comply with
financial covenants
on September
30, 2025
and beyond.
Unless the
Company obtains
waivers or
deferment
of
financial
covenants
testing
periods,
any
breach
of
such
financial
covenants
would
constitute
an
event of default
under the terms
of the ABL
Facility and
the Administrative
Agent may declare
the commitment
of the Lender to make the loans to be terminated, declare the unpaid principal amount of all outstanding loans to
be paid, including
all interest accrued
and unpaid thereon,
any make-whole premium
and other amounts
owing
or payable to be immediately due and payable.
The indenture governing our Notes includes a cross-default provision.
If, following an event of default under the
ABL Facility,
the Lenders
declare all
amounts owing
under the
ABL Facility
immediately due
and payable,
we
may
be
required
to
immediately
repay
all
amounts
outstanding
under
the
Notes.
If
our
indebtedness
is
Coronado Global Resources Inc.
accelerated, we may not be able to
repay our debt or borrow sufficient
funds to refinance such indebtedness
on
favorable terms
or at
all. Furthermore,
if our
indebtedness
is accelerated,
we could
be forced
to pursue
other
strategic alternatives, including restructuring or reorganization.
As
a
result
of
these
factors,
including
the
Company’s
cash
flow
projections,
risks
to
available
liquidity,
the
continued
uncertainty
surrounding
global
coal
market
fundamentals,
such
as
the
impact
of
tariffs
on
the
Company’s export coal trade
and global supply chains,
and recent credit
rating downgrades, among others,
there
exists substantial doubt whether we will be able to continue
as a going concern.
The accompanying Condensed Consolidated Financial Statements
are prepared on a
going concern basis which
contemplates the realization
of assets and
discharge of liabilities
in the ordinary
course of business
and do not
include any
adjustments relating to
the recoverability and
classification of recorded
asset amounts or
the amounts
and classification of liabilities that might
result from the outcome of the
uncertainties described above. The report
from our
independent registered
public accounting
firm on
our Condensed
Consolidated Financial
Statements
for the quarter
ended June 30,
2025 includes an
explanatory paragraph that indicates
the existence of
substantial
doubt about our ability to continue as going concern.
We
continue
to
pursue
alternatives
for
other
sources
of
capital
for
ongoing
liquidity
needs
and
initiatives
to
enhance our ability to comply with the financial covenants under our ABL Facility, including, among other
things,
further
operating
and
capital
cost
control
measures,
partial
asset
sale
and
potential
other
debt
and
non-debt
funding measures.
However, there
can be no
assurance that our
plan to improve
our operating performance
and financial position
will be successful
or that we
will be able
to obtain additional
financing, on commercially
reasonable terms
or at
all.
As
a
result,
our
liquidity
and
ability
to
timely
pay
our
obligations
when
due
could
be
adversely
affected.
Furthermore,
our
creditors
may
resist
renegotiation
or
lengthening
of
payment
and
other
terms
through
legal
action or otherwise.
If we are
not able to
timely,
successfully or
efficiently implement
the strategies
that we
are
pursuing
to
improve
our
operating
performance
and
financial
position,
obtain
alternative
sources
of
capital
or
otherwise meet our liquidity needs, we may not have sufficient liquidity to sustain our operations
and to continue
as a going concern.
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,
2025, 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*
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)
* Certain schedules
and exhibits to
this agreement have
been omitted pursuant
to Item 601(a)(5)
and redacted
pursuant to Item 601(a)(6)
of Regulation S-K. A copy
of any omitted schedule and/or
exhibit will be furnished
to
the Securities and Exchange Commission upon request.
‡ Certain confidential portions of this
exhibit have been redacted pursuant to Item
601(b)(10)(iv) of Regulation S-
K. The omitted
information is
(i) not material,
and (ii) the
type of information
that the registrant
treats as private
and
confidential.
We
agree
to
furnish
supplementally
an
unredacted
copy
of
the
exhibit
to
the
Securities
and
Exchange Commission on its request.
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/ Barend J. van der Merwe
Barend J. van der Merwe
Group Chief Financial Officer (as duly authorized officer
and as principal financial officer of the registrant)
Date: August 11, 2025
TABLE OF CONTENTS
Part I, Item 1. Financial Statements Of This Quarterly Report on Form 10-q, Which Information Is IncorporatedItem 1A. Risk FactorsItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 104 Of Regulation S-k (17 Cfr 229. 104), Each Operator Of A Coal Or Other Mine in The United States IsItem 5. Other InformationItem 6. Exhibits