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 utr:segment

 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM
 (Mark One)

ANNUAL REPORT
PURSUANT TO
SECTION 13 OR
15(d) OF THE
SECURITIES EXCHANGE
ACT
 OF 1934
 For the fiscal year ended
 OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
 OF 1934
 For the transition period from
to

 Commission File Number:
 000-56044
 Coronado Global Resources Inc.
 (Exact name of registrant as specified in its charter)
 Delaware
 83-1780608
 (State or other jurisdiction of
 incorporation or organization)
 (I.R.S. Employer
 Identification No.)
 Level 33, Central Plaza One
,
 345 Queen Street
 Brisbane, Queensland
,
,
 4000
 (Address of principal executive offices)

 (Zip Code)
 (
)
 3031 7777
 (Registrant's telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Act:
 Title of each class
 Trading Symbol(s)
 Name of each exchange on which registered
 None
 None
 None
 Securities registered pursuant to Section 12(g) of the Act:
 Title of each class
 Name of each exchange on which registered
 Common stock, par value $0.01 per share
 None
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes

No

 Indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or Section 15(d) of the Act.
 Yes

No

 Indicate by
check mark
whether the
registrant (1) has
filed all
reports required
to be
filed by
Section 13 or
15(d) of the
Securities
 Exchange Act of
1934 during the
preceding 12 months
(or for such
shorter period that
the registrant was
required to file
such reports),
 and (2) has been subject to such filing requirements for the past 90 days.
 Yes

No

 Indicate
by
check
mark
the
registrant
has
submitted
electronically
every
Interactive
Data
File
to
be
submitted
 pursuant to Rule 405
of Regulation S-T
(§232.405 of this
chapter) during the preceding
12 months (or
for such shorter
period that
 the registrant was required to submit such files).

 Yes

No

 Indicate by
check
mark whether
the registrant
is a
large accelerated
filer,
an accelerated
filer,
a non-accelerated
filer,
a smaller
company,
or an
emerging growth
company.
See the
definitions
of
"large
accelerated filer,"
"accelerated filer,"
"smaller
 reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an
emerging growth
company,
indicate by
check mark
if the
registrant has elected
not to
use the
extended transition period
for
 complying
with
any
new
or
revised
pursuant
to
Section 13(a) of
the
Act.

 Indicate
by
check
mark
the
registrant
has
filed
a
report
on
and
attestation
to
its
management's
of
the
 effectiveness of its
internal control over financial reporting
under Section 404(b) of
the Sarbanes-Oxley Act (15
U.S.C. 7262(b)) by
 the registered public accounting firm that prepared or issued its audit report.

 If
securities are
registered pursuant
to Section
12(b) of
the
Act, indicate
by check
mark whether
the
financial statements
of
the
 registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those
error corrections are restatements that required
a recovery analysis of incentive-based
 compensation received by any of
the registrant's executive officers
during the relevant recovery period
pursuant to §240.10D-1(b).

 Indicate by check
mark whether the
registrant is a
shell company (as
defined in Rule
12b-2 of the Exchange
Act).
Yes

No

 The registrant's common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests,
 or CDIs, convertible
at the option
of the holders
into shares of
the registrant's
common stock on
a 10-for-1 basis.
The aggregate
 market value of the registrant's common stock, par value $0.01
per share, in the form of CDIs, held by non-affiliates of the registrant
 (without admitting that
any person whose shares
are not included
in such calculation
is an affiliate),
computed by reference
 price at which the
CDIs were last sold
on June 30,
2023, the last business
day of the
registrant's most recently completed
second
 fiscal quarter, as reported on the Australian Securities Exchange, was $
 842,598,099
.
the registrant's
common stock,
par value
$0.01 per
share, outstanding
on December
 shares of common stock underlying the issued and outstanding CDIs, was
.
 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of
the registrant's
proxy statement
to be
filed with
the Securities
and Exchange
Commission in
connection with
the registrants
 2024 annual
meeting of
stockholders are
incorporated by
reference into
of this
10-K. Documents
 incorporated by reference in this report are listed in the Exhibit Index of this Annual Report on Form
10-K.

 Steel starts
 here.
 Annual Report on Form 10-K for the year ended December

 Page
 Number

 Business
 Item 1A.

 Risk Factors
 Item 1B.
 Unresolved Staff Comments
 Item 1C.
 Cybersecurity
 Item 2.

 Properties
 Item 3.
 Legal Proceedings
 Item 4.
 Mine Safety Disclosures
 Item 5.

 Market for Registrant's Common Equity, Related Stockholder
 Matters and Issuer Purchases of Equity Securities
 Item 6.
 [Reserved]
 Item 7.

 Management's Discussion and Analysis of Financial Condition and
 Results of Operations

 Item 7A.
 Quantitative and Qualitative Disclosures About Market Risk
 Item 8.

 Financial Statements and Supplementary Data
 Item 9.
 Changes in and Disagreements with Accountants on Accounting
 and Financial Disclosure
 Item 9A.
 Controls and Procedures
 Item 9B.
 Other Information
 Item 9C.
 Disclosure Regarding Foreign Jurisdictions that Prevent
 Inspections
 Item 10.
 Directors, Executive Officers and Corporate Governance
 Item 11.
 Executive Compensation
 Item 12.

 Security Ownership of Certain Beneficial Owners and Management
 and Related Stockholder Matters
 Item 13.
 Certain Relationships and Related Transactions, and Director
 Independence
 Item 14.
 Principal Accountant Fees and Services
 Item 15.
 Exhibits, Financial Statement Schedules
 Item 16.

 Form 10-K Summary
 SIGNATURES

2023
 EXPLANATORY
NOTE
 Unless
noted,
references
in
this
Report
on
Form 10-K
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 Annual Report on Form 10-K are expressed in metric tons, or
 Mt,
millions
of
metric
tons,
or
MMt,
or
millions
of
metric
tons
per
annum,
or
MMtpa,
except
where
 stated. One Mt (1,000 kilograms)
is equal to 2,204.62 pounds and
is equivalent to 1.10231 short tons.
A net ton
 is equivalent
to a
short ton,
or 2,000
pounds. In
addition, all
dollar amounts
contained herein
are expressed
in
dollars, or
US$, except
where otherwise
stated. References
to "A$"
are references
to Australian
 dollars, the
lawful currency
Commonwealth of
Australia, or
the Commonwealth.
Some numerical
figures
 included in this Annual Report on Form 10-K have been
subject to rounding adjustments. Accordingly, numerical
 figures shown as totals in certain tables may not equal
the sum of the figures that precede them.
 CAUTIONARY NOTICE REGARDING FORWARD
-LOOKING STATEMENTS
 This Annual
Report on
Form 10-K
contains "forward-looking
statements" within
the meaning
of Section
27A of
 the Securities Act
of 1933, as
amended, or the
Securities Act, and
Section 21E of
the Securities Exchange
Act
 of
1934,
as
amended,
or
the
Act,
concerning
our
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
involve
known
and
unknown
risks,
uncertainties,
and
other
 important factors that
could cause actual
results, performance,
events or outcomes
to differ
materially from
the
 results,
performance,
or
outcomes
expressed
or
anticipated
in
these
statements,
many
of
which
are
our
Such
are
based
on
an
of
and
on
a
of
best
and
actions.
These
 factors are difficult to accurately predict and may be beyond our control. Factors that could affect our results, our
 announced plans or an investment in our securities include,
but are not limited to:
 •
the prices we receive for our coal;
 •
uncertainty in global economic
conditions, including the
extent, duration and
impact of ongoing
civil
 unrest and
wars, as
well as
risks related
to government
actions with
respect to
trade agreements,
 treaties or policies;
 •
a decrease in the availability or increase in costs of key supplies, capital equipment or commodities,
 such as diesel fuel, steel, explosives and tires, as the result
of inflationary pressures or otherwise;
 •
the extensive forms
of taxation that
our mining operations
are subject to,
and future tax
 and developments.
For example,
the amendments
coal royalty
regime implemented
in 2022
State Government
introducing higher
tiers to
royalty rates
 applicable to our Australian Operations;
 •
concerns
about
the
of
coal
and
greenhouse
gas,
or
GHG
 emissions, relating
to mining
impacts on
climate issues,
which
 could result in increased regulation of coal
combustion and requirements to reduce
GHG emissions
 in many
jurisdictions,
federal and
state government
initiatives
to control
GHG
 could increase costs associated
with coal production and consumption,
such as costs for
to
or
costs
to
credits
to
with
trading
programs,
which
could
our
and
of
demand for
our products
or our
and
reduced
 access to capital and insurance;
 •
the impact of the SGI Transaction (as defined in Item 1.
"Business"), including the impact of the SGI
 Transaction on change of control and related
provisions in material agreements;
 •
severe financial hardship,
bankruptcy, temporary or permanent shut
downs or operational
challenges
 of
one
or
more
of
our
major
customers,
in
the
steel
industry,
key
 suppliers/contractors,
which
among
other
effects,
could
lead
to
reduced
for
our
 coal,
difficulty
collecting
receivables
and
asserting
force
 majeure or other reasons for not performing their contractual
obligations to us;

2023
 •
our ability to generate sufficient cash to service
our indebtedness and other obligations;
 •
our
indebtedness
and
to
with
the
covenants
and
other
undertakings
under
the
 agreements governing such indebtedness;
 •
our ability to
collect payments
from our customers
depending on
their creditworthiness,
 performance or otherwise;
 •
the demand for steel products, which impacts the demand for
our metallurgical, or Met, coals;
 •
risks
to
could
the
of
coal
produced,
cause
delay
or
 suspend coal deliveries, or increase the cost of operating
our business;
 •
the loss of, or significant reduction in, purchases by our
largest customers;
 •
risks
unique
to
international
and
trading
tariffs
and
other
barriers
to
 trade;
 •
unfavorable economic and financial market conditions;
 •
our ability to continue acquiring and developing coal reserves
that are economically recoverable;
 •
uncertainties in estimating our economically recoverable
coal reserves;
 •
transportation for our coal becoming unavailable or uneconomic
for our customers;
 •
the risk that we may be required to pay for unused capacity pursuant to the terms of our take-or-pay
 arrangements with rail and port operators;
 •
our ability to retain key personnel and attract qualified
personnel;
 •
any failure to maintain satisfactory labor relations;
 •
our ability to obtain, renew or maintain permits and consents
necessary for our operations;
 •
potential costs or
liability under applicable environmental
laws and regulations,
including with respect
 to any exposure
to hazardous substances
caused by
our operations, as
well as
any environmental
 contamination our properties may have or our operations
may cause;
 •
extensive regulation of our mining operations and future
regulations and developments;
 •
our ability to provide
appropriate financial assurances
for our obligations under
applicable laws and
 regulations;
 •
assumptions underlying our asset retirement obligations
for reclamation and mine closures;
 •
any cyber-attacks or
other security breaches that
disrupt our operations
or result in
the dissemination
 of proprietary or confidential information about us, our
customers or other third parties;
 •
the risk that we may not
recover our investments in
our mining, exploration and other
assets, which
 may require us to recognize impairment charges related
to those assets;
 •
risks related to divestitures and acquisitions;
 •
the risk that diversity in
interpretation and application of
accounting principles in the
mining industry
 may impact our reported financial results; and
 •
other risks and uncertainties described in Item 1A. "Risk
Factors."
 We
make
many
of
our
based
on
our
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.

2023
 See Item 1A. "Risk Factors" and
elsewhere in this Annual Report
on Form 10-K for a more
complete discussion
 of the risks
and uncertainties
mentioned above
and for
discussion of other
risks and uncertainties
we face that
 could
cause
actual
to
differ
from
those
expressed
or
implied
by
these
 statements.

 All
to
us
are
expressly
in
their
entirety
by
these
cautionary
 statements, as well as others made in this Annual
Report on Form 10-K and hereafter in our other
filings with the
 Securities
and
Commission,
or
SEC,
and
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.
You
should
not
interpret
the
disclosure
of
any
risk
to
imply
that
the
risk
has
not
already
materialized.
 Furthermore, the forward
-looking statements
included in this
Annual Report on
Form 10-K are
made only as
of
 the date hereof.
We undertake no
obligation to publicly
update or revise
any forward-looking statement as
a result
 of new information, future events, or otherwise, except
as required by applicable law.
 Forward-looking and
other statements
in this
10-K regarding
our GHG
reduction plans
 and
goals
are
not
an
indication
that
these
are
necessarily
to
investors
or
to
be
 disclosed in our filings with the SEC. In addition, historical, current and
forward-looking GHG-related statements
 may be based on standards for measuring
progress that are still developing, internal controls and
processes that
 continue to evolve and assumptions that are subject to
change in the future.

2023
 ITEM 1.
BUSINESS.
 Overview
 We are a leading producer, global marketer and exporter of high-quality Met coals, which
is an essential element
 in
the
of
steel.
Our
coals,
transformed
in
the
steelmaking
process,
the
manufacture
of
 everyday steel-based products, including steel required
in the manufacture of renewable energy infrastructure.
 Our mining
operations and
development projects
are located
in Queensland
in Australia,
and in
Virginia, West
 Virginia and
Pennsylvania in
States. Coronado
is one
largest Met
coal producers
globally by
 export volume, serving customers on five continents.
 Our operations in Australia, or our Australian
Operations, consist of the 100%-owned
Curragh producing mining
 property located
Bowen Basin
of Australia.
Our operations
United States,
or our
U.S. Operations,
 consist of
two producing
mining properties
(Buchanan and
Logan), one
idled mining
property (Greenbrier)
and
 two
(Mon
Valley,
and
Russell
County),
in
the
Central
 Appalachian
region
of
the
or
CAPP,
all
of
which
are
100%-owned.
Our
U.S.
and
 Australian Operations are strategically located for access to transportation infrastructure. In addition to Met coal,
 our
sell
coal
under
a
legacy
in
the
of
 Curragh,
which
is
used
to
generate
electricity,
to
Corporation
Limited,
or
Stanwell,
a
 government-owned
entity
and
the
operator
of
the
Power
Station
near
Rockhampton,
and
some
coal
in
the
market.
Our
U.S.
also
and
sell
some
 thermal coal that is extracted in the process of mining
Met coal.
 Location of Australian Operations

 Location of U.S. Operations
 Our core business
strategy focuses
on the production
of Met coal
for the North
American and seaborne
 markets. Met coal is a key ingredient
in the production of steel using blast
furnaces,
and approximately 0.78 ton
 of Met coal is required to produce one ton of steel.
 We
have
a
geographically
diverse
base
across
a range
of
markets.
Major
consumers
of
our
 seaborne Met coal in 2023 were located in high-growth Asian markets, Brazil
and Europe. These consumers are
 all major
global steel or
Met coke producers.
We are well-positioned
key high-growth Asian
markets (Japan,
 South
Korea
and
India)
as
sales
to
direct
end
users
in
the
region
represented
64.1%
of
our
total
revenue,
 including Tata
Steel Limited, or Tata
Steel, which accounted for 20.5% of total revenue,
in 2023.
 The
charts
below
show
our
direct
sales
by
geographic
region
in
2023
and
our
sales
volume
by
and
 domestic coal sales in 2021, 2022 and 2023.

2023
 3%
 26%
 10%
 25%
 13%
 10%
 8%
 5%
 Customer -FY2023
direct sales by coal revenue
 Other Asia countries
 Japan
 South Korea
 India
 North America
 South America
 Europe
 75%
 25%
 FY2021
 Export
 Domestic
 66%
 34%
 FY2022
 Export
 Domestic
 72%
 28%
 FY2023
 Export
 Domestic
 Sales volume by export and domestic coal sales
 To
support our
operations, we
have proven
and probable
coal reserves
totaling
 MMt as
31,
 2023, 223
 MMt and 333
 MMt of which are in Australia and the
United States, respectively.
For more information
 regarding our coal reserves, see Item 2. "Properties."
 History and Australian Public Offering
 We were founded in 2011
by our then Chief Executive Officer
and current Executive Chair,
Mr. Garold Spindler,
 our then President and Chief Operating Officer, Mr. James Campbell and a private equity fund affiliated with The
 Energy & Minerals
Group, or
EMG, with
the intention
of evaluating,
acquiring and
developing
 properties.

 Prior to our initial public
offering,
Coronado Global Resources Inc.,
was a wholly-owned subsidiary
of Coronado
 Group LLC.
 On
October 23,
2018,
we
an
initial
offering
on
the
Securities
Exchange,
or
ASX,
 which we refer to as the Australian IPO.
 Coronado Group LLC is currently owned by funds managed by EMG, which we refer to,
collectively, as the EMG
 Group, and certain members of our management.
 As of
31,
2023,
the
and
beneficially
owned
50.4%
and
of
our
stock
their
of
Group LLC.
The
 remaining 49.6% was owned by public investors in the form of
CDIs traded on the ASX.

2023
 SGI Transaction
 On September 25, 2023, EMG Group, the Company's controlling stockholder through its ownership of Coronado
including through
certain of
its affiliates
and managed
funds, which
we refer to,
collectively,
 Sellers, advised the Company that it had entered into a membership interest
purchase agreement, or MIPA, with
 Sev.en Global Investments a.s., or SGI. A copy of the MIPA has not been made available to the Company or the
 Special Committee referred to below as of the date of this Annual Report on Form 10-K. However, the Company
 understands that, pursuant
to the terms of
the MIPA,
the Sellers agreed to
sell all of their
interests in Coronado
 Group LLC to
a wholly-owned
subsidiary of
SGI. We
refer to the
proposed transaction
as the SGI
Transaction.
 The
also
understands
that,
under
the
MIPA,
the
SGI
is
to
closing
 conditions, including regulatory approvals in the U.S. and Australia.

 The Board of
Directors has appointed
a special committee
of independent
directors, or the
Special Committee,
 to, among other things, assess
the impact and consequences of the
SGI Transaction on the
Company and take
 such actions as the Special Committee deems appropriate
in connection with the SGI Transaction.

 EMG Group has
reported that following
the closing of
the SGI Transaction,
the timing of
which the Company
is
 not aware, SGI will be the
direct or indirect owner of
Coronado Group LLC. As of
the date of this Annual Report
 on Form 10-K, Coronado Group
LLC is the direct owner
of 845,061,399 CDIs (representing
a beneficial interest
 in 84,506,140
common stock,
or 50.4%
stock).
In
 addition, Coronado
Group LLC, (subject
to the terms
of the Amended
and Restated
Certificate of Incorporation
 dated
as
of
October
18,
2018
of
the
Company,
or
the
COI;
and
the
Stockholders
dated
as
of
 September 23,
2018, between
and Coronado Group
LLC, or the
Stockholders Agreement)
holds
 one share of preferred stock Series A, par value $0.01 per share, of
the Company,
or the Series A Share, which
only share
of preferred
stock issued
and outstanding.
As holder
Series A Share,
 LLC
is,
to
the
COI
and
Stockholders
is
to
nominate
and
elect
members
of
our
 Board
of
in
to
the
of
the
holder's
of
of
our
 common stock.
 Organizational Structure
 The following chart shows our current organizational structure:
 * Coronado Global Resources Inc. holds 100%
ownership interest in its subsidiaries, unless otherwise
stated.

2023
 Overview of Operations
 Met Coal
 Met coal is primarily
used in the manufacture of
coke, which is used
in the steel-making process, as
well as direct
 injection into a blast furnace as a replacement for coke.
 Sales of Met coal represented 91.4%
of our total coal revenues for the
year ended December 31, 2023. Most
of
 the Met
coal that
we produce
is sold,
directly or
indirectly,
to steel
producers. The
steel industry's
demand for
 Met
coal
is
by
several
the
cyclical
nature
of
that
industry's
geopolitical
 stability, general economic conditions affecting demand for
steel, tariffs on steel
and steel products,
technological
 developments in the steelmaking process and
the availability and cost of
substitutes for steel, such as aluminum,
 composites
and
plastics.
We
compete
based
on
coal
and
characteristics,
price,
and
and
reliability
of
supply.
Seaborne
Met
coal
demand,
which
is
most
of
our
can
be
 significantly impacted by the availability of indigenous coal production, particularly in the leading Met coal
 countries of China
and India, among
others, and the
competitiveness of seaborne Met
coal supply, including from
 the leading Met
coal exporting countries
of Australia,
States, Russia,
Canada and Mongolia,
among
 others.
In
2023,
the
seaborne
Met
coal
remained
volatile,
driven
by
concerns
in
key
Met
coal
 markets and trade flow disruptions due to ongoing civil unrests
and wars.
 Thermal Coal
 Sales of thermal
coal represented 8.6%
of our total
coal revenues
for the year
31, 2023. The
 thermal coal we produce is predominantly
a byproduct of mining Met coal. The
thermal coal we produce is sold,
or
indirectly,
to
power
stations,
predominantly
Stanwell,
as
an
source
in
the
of
 electricity. Demand for our thermal coal is impacted by economic conditions, environmental regulations, demand
 for
electricity,
the
of
efficient
products,
and
the
cost
of
from
 alternative
fuels.
Our
coal
competes
with
producers
of
other
forms
of
electric
generation,
 including natural gas, oil, nuclear,
hydro, wind, solar and biomass, that provide an alternative to
coal use.

 Segments
 In accordance with
Accounting Standards Codification, or
ASC, Topic 280,
 Segment Reporting
, we have
adopted
 the following reporting segments:
 •
Australia; and
 •
United States.
 In addition, "Other and Corporate" is not determined
to be a reporting segment but is disclosed
for the purposes
 of reconciliation to our Consolidated Financial Statements.
 These segments are grouped based on geography and reflect how we currently monitor
and report the results of
 the business to
the Chief Executive
Officer who is
our chief operating
decision maker, or CODM.
Factors affecting
 and
differentiating
the
of
each
two
reportable
segments
coal
 quality,
geology,
coal
marketing
opportunities,
and
and
issues.
We
this
method
of
segment
reflects
the
way
our
segments
are
managed,
 resources are allocated and
the way the performance
of each segment is evaluated.
The two segments
consist
 of similar operating activities as each segment produces similar
products.
 Diversification
 We benefit from a geographically
diverse asset base,
in Australia and the United States,
with access to multiple
 transportation infrastructure options, including key rail and port infrastructure, providing access to both seaborne
 export and domestic markets.
We have access to the
key major markets in both
the Atlantic and Pacific
basins,
 and our wide footprint provides flexibility to respond quickly
to changes in global market demands.
 We
dedicated
marketing
team
that
generates
direct sales
Met coal.
Our
base
 spans across a full
spectrum of key
global markets. We
sell directly to a
number of large,
high-quality and well-
 known
companies
in
the
steel
globally.
Many
of
our
core
have
been
our
longstanding
 customers for over 20 years,
and source our products as essential base load,
which translates into a long history
 of
renewal
for
such
We
are
a
key
supplier
to
tier
one
steel
mills
in
Japan,
South
Korea,
 Taiwan,
India,
Europe,
Brazil,
North
America
and
China.
Given
the
of
our
diverse
base,
we
 believe the
demand for
our products
is fundamentally
insulated across
all stages
commodity cycle.
This
 flexibility provides us the ability to take advantage of favorable
market pricing as and where it arises.

2023
 55%
 6%
 39%
 HCC
 SCC
 PCI
 71%
 29%
 U.S.
 Low Vol
 High Vol
100% ownership
over all
operating mines,
allowing us
full control
over all
operating decisions.
 This
is
critical
times
of
crisis
and
allows
us
to
react
swiftly
and
decisively
to
in
 market demands.
 2023 Coronado's key coal trade flows
 Our Met
coal production is
diversified across high
quality products,
hard coking coal,
or HCC,
semi coking
 coals,
or
SCC,
and
pulverized
coal
injection,
or
PCI,
coal
from
our
and
 production of HCC, comprising high volatile content,
or High-Vol,
(including sub-category A of High-Vol
,
or HVA,
 and
sub-category
B
of
High-Vol,
or
HVB)
and
coal
with
low
volatile
content,
or
Low-Vol,
coals
from
our
U.S.
 Operations. This
broad product
range supports
a wide
variety of
customer requirements
and various
blending
 opportunities, being valued for its attractive coke-making characteristics.
 The below charts
show Met
product ranges
for our Australian
Operations and
our U.S.
Operations for
 ended December 31, 2023.
 Overview of Australian Operations—Curragh
 Curragh is located in
Queensland's Bowen Basin, one of the
world's premier Met coal regions. Curragh
 operating since
1983, and
produces a
variety of
high-quality,
low-ash Met
coal products.
We believe
our HCC
 product
is
by
steelmakers
for
its
low-ash
content,
consistency
of
and
favorable
coking
 attributes. We believe that
our SCC products are similarly
valued, in particular for their
low wall pressure, which
 makes them suitable for stamp charging coke
ovens, and our PCI coal at Curragh
is recognized by steelmakers
 for its low phosphorus and sulphur content. These Met
coal products are exported globally to a diverse customer
 base located primarily in Asia.
Curragh also produces thermal
coal,
which is primarily sold domestically
under a
 long-term contract with Stanwell, with a limited amount
of such thermal coal being exported.

2023
 94.6%
 5.4%
 FY23 Coal revenue mix -Australian
 Met
 Thermal
 Revenues from our Australian Operations represented
58.2% of our total revenue for the year ended December
 31, 2023. See Item 2. "Properties" for more information regarding
Curragh.

 For the year ended December 31, 2023, 68.7% of the total
volume of coal sold by our Australian Operations was
 Met coal and 31.3% of the
total volume of coal sold
by our Australian Operations
was thermal coal, the majority
 of which is sold to
Stanwell. For the year
ended December 31, 2023,
Curragh sold 6.7
 MMt of Met coal
 seaborne coal
markets. The
majority
of customers
multiple grades
or products
and have
purchased
 Curragh coal continuously through all stages of the coal/commodity
pricing cycle. Curragh's Met coal is typically
 sold
on
negotiated
by
our
marketing
team,
with
agreed
to
bilaterally
or
with
to
benchmark
indices
or
spot
indices.
Our
have
maintained
a
high
level
of
 contract coverage against planned production. In 2023, substantially all of Curragh's
Met coal export sales were
 made under term contracts.
 Overview of U.S. Operations—Buchanan and Logan
 Our producing mining properties in the United States
are located in the CAPP region, specifically in
Virginia and
 West
Virginia,
which
is
a
highly-developed
and
coal-producing
region.
Met
coal
produced
by
our
U.S.
 Operations is consumed regionally by North American steel producers or
exported by seaborne transportation to
 steel producers
(primarily in Asia,
Europe and South
America). The U.S.
Operations also
produce small quantities
 of thermal coal
that is extracted
in the process
of mining Met
coal, which is
sold predominantly to
global export
 markets, as well
as within North
America. We
believe that many
regard Met coal
from the CAPP
region (where
 our
U.S.
are
located)
to
be
of
the
highest
in
the
world
owing
to
its
low-ash
and
 sulphur
content.
Our
U.S.
offer
a
range
of
Met
coal
products,
with
of
HCC,
 comprising coal with High-Vol
(including HVA and
HVB) and coal with Low-Vol.
 Sales from
our U.S.
Operations to
export markets
are typically
priced with
reference to
a benchmark
index. In
 circumstances where we
sell our seaborne
coal through intermediaries
Free on Rail
(Incoterms 2010), or
FOR,
 our realized price on FOR sales does not
include transportation to the seaborne port
or costs to transload into a
 vessel. Consistent
with seaborne sales,
sales to North
American customers
are generally sold
on a FOR
basis
 where the customer arranges for and incurs the cost of
transportation to their facility.

 A portion of our sales is
sold to North American steel and coke producers on annual contracts at
fixed prices that
 do
not
fluctuate
with
the
benchmark
index.
The
fixed-price
nature
of
these
us
with
 visibility on our future revenues, as compared to spot sales or sales priced with reference to a benchmark index.
 For
2024,
we
have
into
fixed
price
to
sell
2.5
MMt
Met
coal
to
North
 American steel and coke producers. During
periods of stable and rising prices,
we strive to take advantage
 spot market. Spot export contracts are negotiated throughout
the year.

 Revenues from our U.S.
Operations, in the aggregate, represented
41.8% of our total
revenue for the year
ended
 December 31, 2023.

2023
 87.0%
 13.0%
 FY23 Coal revenue mix -U.S.
 Met
 Thermal
 0%
 20%
 40%
 60%
 80%
 Tata
 Top 5
 Top 10
 Top
 Customers
 by coal revenues
 FY 23
 FY 22
 For the year ended December 31, 2023,
87.7% of the total volume of
coal sold by our U.S. Operations
was Met
 coal and 12.3%
was thermal coal.
We sold
74.3% of total
Met coal from
our U.S. Operations
into the seaborne
 Met coal markets for the year ended December 31, 2023.

 See Item 2.
"Properties" for
more information
regarding Buchanan
,
Logan and
the other
mining properties
that
 compose our U.S. Operations.
 Customers
 We sell
most of our
coal to
steel producers,
either directly
or through
intermediaries, such
as brokers.
We also
 sell
coal
to
generators
either
or
intermediaries
such
as
brokers.
Major
 consumers of our
seaborne Met
coal in 2023
were located
in India, China,
Japan, South
Korea, Taiwan,
Brazil
 and Europe.
These consumers
are all
major global
steel or
Met coke
producers. The
majority of
our sales
are
 made under contracts with terms of typically one year
or on a spot basis.

 Tata
Steel
 Our U.S. Operations
and Australian Operations
are parties to
Long Term
Coal Sale and
Purchase Agreements
 with TS
Global Procurement
Company Pte
Ltd, or
Tata
Steel, with
terms ending
March 31,
2025. These
Long
 Term Agreements provide for the sale of a minimum aggregate total of 2.25 MMt
of coal per contract year across
 the Group, consisting of certain specific quantities of HCC, and pulverized
coal injection, or PCI, Coal.
The coal
 is sold Free on
Board (Incoterms 2020), or FOB, priced with
reference to benchmark indices and the
 contain industry
standard terms
and conditions
to delivery,
transportation, inspection,
assignment,
 taxes and performance failure.

2023
party to
contractual arrangements
with Stanwell,
including a
Coal Supply
Agreement, or
the CSA,
and
 the Curragh Mine New Coal Supply Deed, dated August
14, 2018, or the Supply Deed.
 Under the CSA, we deliver thermal coal from Curragh to Stanwell at an agreed price and quantity.
Stanwell may
 vary the quantity of thermal coal purchased each year so the total quantity to be delivered to Stanwell each year
 cannot
be
precisely
forecast.
The
coal
that
we
to Stanwell
constitutes
the
majority
coal
 production from Curragh. Our cost of supplying coal to Stanwell has
been greater than the contracted price paid
 by Stanwell during the year ended December 31, 2023
and for prior years.

 Under the CSA, we also share part of the revenue earned from export coal sales (from particular Tenements
(as
 defined below)) with Stanwell through
various rebates. The most material rebate is
the export price rebate, which
 is linked to the realized export coal price for a defined
Met coal product, as follows:
 •
For the
first 7.0 MMtpa
of export
coal sales: when
the 12-month trailing,
weighted-average realized export
 coal price of Reference coal exceeds the Tier
1 Rebate Coal Floor Price, we pay a
rebate of 25% of the
 difference between the realized export coal price and
the Tier 1 Rebate Coal Floor
Price.
 •
For export
coal sales
above 7.0
MMtpa: when
the 12-month
trailing, weighted-average
realized export
 coal price of Reference coal exceeds the Tier
2 Rebate Coal Floor Price, we pay a rebate
of 10% of the
 difference between the realized export coal price and
the Tier 2 Rebate Coal Floor
Price.
 In addition, the CSA also provides for:
 •
a tonnage rebate to Stanwell per Mt on the first 7.0 MMtpa of export coal sales
and on export coal sales
 above 7.0 MMtpa; and
 •
a rebate on run-of-mine, or ROM, coal mined in the Curragh "Pit U
East Area."
 The total Stanwell
rebate for the
2023, was $136.5
million and has
been included in
 the
of
and
Comprehensive
Income
elsewhere
in
this
 Report on Form 10-K.
 The Supply
Deed grants
us the
right to
mine the
coal reserves
Stanwell Reserved
Area, or
the SRA.
In
 exchange, we agreed to certain amendments to the CSA and to
enter into a New Coal Supply Agreement, or the
 NCSA, upon the expiration
of the CSA (which is
expected to occur in
2027).
On July 12, 2019,
we entered into
 the NCSA with Stanwell. The key terms under the NCSA
are described below:
 •
Coronado's supply obligation under the NCSA
will commence on the earliest of:
 -

The day after the final delivery date under the CSA;
 -

the date of termination of the CSA, if it does so prior to
final delivery date; or
 -

January 1, 2029.

 •
The
term
of
the
NCSA
is
to
be
and
coal
to
 Stanwell will reduce to
2 million 'Tonnes Equivalent' per annum (based on a
nominal gross calorific value
 of
25.6GJ)
at
a
fixed
price
that
varies
in
with
agreed
formulae,
inclusive
of
all
 statutory charges and royalties
in respect of coal
sold and delivered under
the NCSA. The
supply term,
 the contract
tonnage
contract price
NCSA are
adjustment in
 with a financial model agreed between Stanwell and us.
 •
The export rebates which were payable under the CSA are not
payable during the term of NCSA.
 In summary, we have agreed that the total value of the discount
received by Stanwell on coal supplied to
it under
 the
NCSA
should
(by
the
expiration
date
of
the
NCSA)
be
equal
to
the
net
value
of
$155.2
 (A$210.0 million)
as at the date of the Supply Deed, using
a contractual pre-tax discount rate of 13% per annum.

 The net present value of the deferred consideration was $277.4
million as of December 31, 2023.

 On January 18, 2021, the Option Coal Supply Agreement,
or the OCSA, contemplated by clause 5 of the NCSA
 was
into,
in respect
of certain
coal
to
term
NCSA.

2023
 Thermal coal
supplied to
Stanwell under
the OCSA
higher of
cost or
market value
time of
 sale.

 See Item 1A. "Risk
Factors—Risks related
to the Supply
Deed with
Stanwell may
our financial
 condition and results of operations."
 Transportation
 Coal produced
at
our mining
is transported
to customers
by a
combination
of road,
rail,
barge
and
 ship. See Item 2. "Properties"
for descriptions of the transportation infrastructure
available to each of our mining
 properties. Rail
and port
are typically
contracted
on a
long-term,
take-or-pay basis
in Australia,
while
 these contracts
are typically
negotiated on
a quarterly
basis in
States.
See Item 7.
"Management's
 Discussion and Analysis of Financial Condition and Results of Operations
—Liquidity and Capital Resources" for
 additional information on our take-or-pay obligations.
 Our Australian
typically sell
export coal
FOB, with
the customer
paying for
 outbound shipping port.
The majority of
Curragh's export
Met coal is railed
approximately 300 kilometers
 Port of
Gladstone for export
via two main
port terminals, RG
Tanna Coal Terminal,
or RGTCT, and Wiggins Island
 Coal Export Terminal,
or WICET.
Curragh also has capacity available
to stockpile coal at the Port
of Gladstone.
 For
sales
of
coal
to
Stanwell,
is
for
the
of
coal
to
the
Power
 Station.

 Rail Services
 Curragh is
linked to
the Blackwater
rail line
Central Queensland
Coal Network,
or CQCN,
an integrated
 coal
haulage
rail
system
owned
and
operated
by
Aurizon
Network
Pty Ltd,
or
Aurizon
Network.
has
rail
haulage
of
up
to
11.5
MMtpa
(plus
surge
capacity)
under
rail
haulage
 agreements with Aurizon
Operations Limited, or
Aurizon Operations, and
Pacific National Holdings
Pty Limited,
 or Pacific National.

 The RGTCT Coal
Transport Services
Agreement with Aurizon
Operations is for
8.5 MMtpa of
haulage capacity
 to RGTCT. Curragh pays a minimum monthly charge (components of which are payable on a take-or-pay basis),
 which is calculated with reference
to the below-rail access charges,
haulage/freight charges, a minimum
 tonnage
charge
and
other
charges.
The
RGTCT
Coal
Transport
Services
terminates
on
June 30,
 2030.
 The Coal Transport
Services Agreement
with Pacific
National is
for 1.0
MMtpa of
haulage capacity
to RGTCT.
 Curragh pays
a minimum
monthly charge
(components of
which are
payable on
a take-or-pay
basis), which
is
 calculated with reference to the below-rail
access charges, haulage/freight charges, a
minimum annual tonnage
 charge and other charges. The
Coal Transport Services
Agreement with Pacific National terminates
on July 31,
 2029.

 The
Wiggins
Island
Rail
Project,
or
WIRP,
Transport
Services
with
Aurizon
is
for
2.0
 MMtpa of capacity to
WICET.
This contract is effectively
100% take-or-pay (for a
portion of the rail haulage
and
 all capacity access charges). This agreement expires on June
30, 2030.
 Port Services
 Curragh exports coal
through two terminals
at the Port
of Gladstone, RGTCT
and WICET.
At RGTCT,
 and
Gladstone
Port
Corporation
Limited,
or GPC,
are
to
a
coal
that
expires
on
 June 30, 2030.
The agreement may
be renewed
request and,
subject to certain
conditions, GPC is required
 to agree
extension
if there
is capacity
at RGTCT
to allow
the extension.
We currently
have the
right
to
 export between 7.7 MMtpa and 8.7 MMtpa at our nomination
on a take-or-pay basis.
a minority
in WICET
Holdings
Pty Ltd, whose
wholly-owned
subsidiary,
Wiggins Island
Coal
 Export Terminal
Pty Ltd, or WICET Pty Ltd, owns WICET.
Other coal producers who export coal through WICET
 also hold
in
WICET
Holdings
Pty Ltd.
we and
the
other
coal
producers
(or
shippers)
have
 take-or-pay agreements with WICET Pty
Ltd and pay a terminal handling charge
to export coal through WICET,
calculated
by reference
to WICET's
annual operating
costs, as
well as
finance
costs associated
with
 WICET
Pty Ltd's
debt
Our
take-or-pay
with
WICET
Pty Ltd,
or
the
WICET
 Take
with
of
1.5
MMtpa.
The
WICET
Take

2023
 Agreement is an "evergreen"
agreement, with rolling ten-year
terms. If we inform
WICET Pty Ltd that we
do not
 wish to continue to roll the term
of the WICET Take
-or-Pay Agreement, the term would
be set at nine years and
 the terminal handling
charge payable
by us would
be increased so
that our
proportion of WICET
Pty Ltd's debt
 is amortized to nil by the end of that nine-year term.
 Under
the
WICET
Take
we
are
obligated
to
pay
for
that
via
terminal
 charges, whether utilized or not. The terminal handling charge payable by us can be adjusted by WICET
Pty Ltd
 if
our
share
of
WICET
Pty Ltd's
and
finance
costs
increases,
because
of
 operational costs or because another shipper defaults
and has its capacity reduced to nil. The terminal handling
 charge is subject
to a financing
cap set out
in the terminal
handling charge methodology
and has already
been
 reached and
is in force.
If another shipper
defaults under
its take-or-pay
agreement, each
remaining shipper
is
 effectively proportionately liable to pay that defaulting shipper's share of WICET Pty Ltd's costs going forward, in
 the form of increased terminal handling charges.
 If we default under the
WICET Take
-or-Pay Agreement, we would
be obligated to pay a
termination payment to
 WICET
Pty Ltd.
The
effectively
represents
our
proportion
of
WICET
Pty Ltd's
total
debt
 outstanding, based
proportion of
our contracted
tonnage to
the total
contracted
tonnage of
shippers
at
 WICET at
the time
the payment
is triggered.
Shippers can
also become
liable to
pay the
 where there is a permanent cessation of operations at WICET.
Since WICET began shipping export tonnages in
 April
2015,
five
WICET
Holdings
Pty Ltd
shareholders
have
into
administration
and
Take
 Agreements subsequently terminated, resulting
in the aggregate
contracted tonnage of shippers
decreasing from
 27 MMtpa to 13.9 MMtpa.
 Under the WICET Take
-or-Pay Agreement, we are required
to provide security (which is
provided in the form of
 a bank guarantee). The amount of
the security must cover our estimated liabilities as
a shipper under the WICET
 Take
-or-Pay Agreement for the following twelve-month period. If
we are in default under
the WICET Take-or-Pay
 Agreement and
are subject
to a
termination payment,
WICET Pty Ltd
can draw
security and
apply it
to
owing
by
us. See
Item 1A. "Risk
Factors—Risks
our
in
WICET
may adversely
financial condition
and results
of operations"
and Item 7.
"Management's
Discussion and
Analysis of
 Financial Condition
and Results
of Operations—Liquidity
and Capital
Resources"
for additional
on
 our take-or-pay obligations.
 Our
U.S.
Operations'
are
priced
FOR
at
the
mine
with
bearing
the
 transportation costs from
the mine to the
applicable end user.
For direct sales to
export customers, we hold
the
and
are
for
the
cost
to
the
facility,
and
the
is
for
the
transportation/freight
cost
from
the
to
the
destination.
A
portion
of
our
U.S.
 export sales are
made through intermediaries.
For these sales,
the intermediary
typically take ownership
 coal as it is loaded into the railcar.
The intermediary is responsible for the rail transportation
and port costs.
 Rail Services
 Our U.S. Operations are served by Norfolk Southern and
CSX Transportation railroads.

 Norfolk
Southern
railroad
serves
our
and
transports
Buchanan's
coal
to
Lamberts
 Point Coal
Pier 6
CNX Marine
for export
customers and
domestic customers
 either directly
or
indirectly
via inland
river
dock
where
is transloaded
on
to
barges
and
then
 transported to the customer's facilities.
 CSX
Transportation
railroad
serves
our
Logan
and
properties.
CSX
transports
Logan
and
 Greenbrier's coal to Kinder
Morgan Pier IX Terminal
or CNX Marine Terminal
or Dominion Terminal
Associates
 (DTA)
for
and
either
to
the
or
to
inland
river
dock
for

 Port Services
 Norfolk
Southern's
Lamberts
Point
Coal
Pier
is
the
largest
coal
loading
in
the
Northern
 Hemisphere with 48 million tons
of annual export capacity
and is the main terminal
at Lamberts Point located
in
 Norfolk, Virginia.
Kinder Morgan's
Pier IX
is a
coal export
terminal with
an annual
export capacity
of 16
 tons located in the Port of Hampton Roads in Newport
News, Virginia.

2023
 Our U.S. Operations have dedicated inventory capacity
and a take-or-pay obligation to transload one million
net
 tons per
year through
Kinder Morgan's
Pier IX
end of
March 2024.
On November
1, 2022,
we
 extended our
arrangement with
Kinder Morgan
from April
2024 to
March 2027,
with an
option to
extend for
an
three
for
a dedicated
inventory
and
take-or-pay
to
transload
650,000
net
 tons per
year.
Our
also have
alternate port
CNX
Marine Terminal
which
is a
 transshipping terminal at the Port of Baltimore owned
by CONSOL Energy.
 Suppliers
 The principal
goods we
in support
mining activities
are mining
equipment, replacement
parts,
 diesel fuel, natural gas, ammonium-nitrate
and emulsion-based explosives, off
-road tires, steel-related products
 (including roof control materials),
lubricants and electricity.
As a general matter, we have many well-established,
 strategic relationships
with our
key suppliers
of goods
and do not
believe that
we are
dependent on
any of
our
 individual suppliers.
 We also manage
and operate several
major pieces of
mining equipment and
facilities to produce
and transport
 coal,
including,
but
not
limited to,
longwall
systems,
miners,
draglines,
dozers,
excavators,
 shovels,
haul
trucks,
conveyors,
coal
plants,
or
CPPs,
and
rail
loading
and
blending
 Obtaining and repairing these
major pieces of equipment
and facilities often involves
long lead times. We
strive
 to extend the lives of existing equipment and facilities
through maintenance practices and equipment rebuilds to
 defer the
requirement for
larger capital
purchases. We
use our
global leverage
with major
suppliers to
 security of
supply to
meet the
active mines.
See Item 2.
"Properties" for
more information
 about operations at our mining properties.
 We partner with contractors and other third parties for exploration, mining, and other services, generally, and the
 success of these relationships
are important for our current
operations and the advancement of our development
 projects.
See
Item
1A.
"Risk
Factors—Our
profitability
could
be
by
the
of
 and/or outside contractors to perform."
 Competition
 We operate
in a competitive
environment. We
compete with domestic
and international coal
producers, traders
 and brokers.
We compete on price, coal quality, transportation, optionality, reputation and reliability. Demand for
 Met coal and the prices that we will be able to obtain
for our Met coal are highly competitive and
are determined
 predominantly by
world markets,
which are
affected by
numerous factors
beyond our
control, including
but not
 limited to:

 •
general global, regional and local economic activity;
 •
changes in demand for steel and energy;
 •
industrial production levels;
 •
short-term constraints, including weather incidents;
 •
changes in the supply of seaborne coal;
 •
technological changes;
 •
changes in international freight or other transportation infrastructure
rates and costs;
 •
the costs of other commodities and substitutes for coal
;
 •
market changes in coal quality requirements;
 •
government regulations which restrict, or increase the
cost of, using coal;
 •
tariffs
imposed
by
countries,
the
and
Australia,
on
the
of
steel
 products and any retaliatory tariffs by other countries
;
and
 •
tax impositions on the resources industry,
all of which are outside of our control;
 In addition, coal prices are highly
dependent on the outlook for coal consumption in
large Asian economies, such
 as China, Japan, South Korea and India,
as well as any changes in government
policy regarding coal or energy
 in those countries.

 In developing our
business plan and
operating budget, we
make certain assumptions
regarding future Met
coal
 prices, coal demand and
coal supply. The prices we receive for
our Met coal depend on
numerous market factors

2023
 beyond our control. Accordingly,
some underlying coal price assumptions relied on by us may materially change
 and
actual
coal
and
may
differ
from
those
expected.
Our
and
performance,
cash
flows
and
asset
values,
may
be
and
by
 short- or long-term volatility in the prevailing prices of
our products.
 Competition in
industry is based
on many
factors, including, among
others, world supply
price, production
 capacity,
coal
and
characteristics,
capability
and
blending
capability,
brand
name
 and diversified operations. We are
subject to competition from
producers in Australia, the
United States, Canada,
 Russia,
Mongolia
and
other
coal
producing
countries.
See
Item 1A.
"Risk
Factors—We
face
increasing
 competition, which could adversely affect profitability."
 Environmental Sustainability
 Met coal is an essential ingredient in the production of
steel, which is the most utilized metal in the world and
an
 essential material underpinning social and economic growth. Steel's strength and durability make it critical in the
 construction of
major projects
(including renewable
energy infrastructure),
technology,
electrical
 equipment, and everyday household goods.
 We are focused
on extracting high
quality Met coal
with a commitment
to environment,
social and governance,
 or ESG, practices. Coal mining is one of the most environmentally regulated industries in the world, and it is vital
 that we consistently meet or exceed relevant regulatory
 We are subject to various environmental laws, regulations and public policies in Australia
and the United States.
 Managing
our
and
risks
is
a
key
component
of
our
corporate
strategy
and
it
is
 integrated into all stages
and areas or our
daily operations. We
seek to minimize
our environmental impact and
 ensure we meet or exceed our legislative and regulatory
environmental obligations.

 Coronado's environmental
sustainability initiatives
and strategy are
discussed further
in our 2022
Sustainability
 Report released
on May
17, 2023, which
can be
found on
our website
at www.coronadoglobal.com/sustainability/.
 Nothing
on
our
website,
our
2022
Sustainability
Report
or
sections
thereof,
shall
be
deemed
 incorporated by reference
into this Annual
Report on Form
10-K. Our 2023
Sustainability Report
is expected to
 be available in May 2024.

 Climate change

 We believe that
climate change is
a complex
challenge that requires
action at all
levels of
society. Climate change
 can
heighten
physical
and
non-physical
and
risks
and
introduce
new
ones
that
can
 business performance in the near and long-term.

 While our operations
are recognized as
vital contributors to
the communities and
economies in which
we operate,
 we acknowledge that our mining activities create greenhouse gas, or GHG, emissions. Climate change is one of
 the
most
issues
for
the
steel
and
the
has
made
reductions
in
GHG
by
improving
efficiency
and
using
new
technologies.
Where
possible,
we
are
continuing
to
 identify and
implement GHG emissions
and energy
reduction opportunities across
our business,
whilst monitoring
 climate related
risks
sustainability
committed to
working with
other industry
 partners to
support, develop
and introduce
new coal
production and
energy-generation technologies,
that help
 reduce the environmental impact while continuing to meet
global energy and steel demands.
 Our Australian
operate under
an Environmental
System, or
EMS, which
provides for
 environmental management activities
undertaken at the
mine to minimize environmental
harm and contains
set
 plans
and
to
ensure
that
our
commitments
are
met.
The
EMS
is used
as
a
tool
to
 uphold our Australian Operations' Environmental Policy and integrate
environmental compliance into all facets of
 the business. Our
disclose GHG Scope
1 and 2
emissions annually
to the Clean
 Regulator under the National Greenhouse and Energy
Reporting Scheme.

 Our
U.S.
undergo
detailed
inspections
as
well
as
rigorous
evaluations
by
both
state
and
 federal inspectors
on a
regular basis.
Our U.S.
disclose GHG
Scope 1
and 2
emissions, including
 fugitive emissions
(methane),
to report
their
annually
 Environmental Protection Agency.

 Our
are
focused
on
implementing
improvements,
identifying
opportunities
for
 reducing
on
a
per
ton
of
basis
and
benchmarking
ourselves
our
peer
group.
 Coronado launched its first set of GHG targets
in our 2021 Sustainability Report and has
committed to targeting
 reductions
in
its
Scope
and
by
30%
by
2030
from
its
2019
baseline.
In
our
2022

2023
 Sustainability Report,
we reported
reduced such
emissions when
2021. Further
progress
 updates will be included in our 2023 Sustainability Report
expected to be filed in May 2024.

 Emissions
to 2030
have
been evaluated
based
on improvements
that
can reasonably
be
 expected using
technologies
currently available.
Detailed
analysis to
viability of
 technologies has not been considered.
 The target reduction of 30% by 2030 is based on the current mine plans for Coronado's Curragh and U.S. mines
 and
is
not
to
be
a
linear
reduction.
As
we
address
our
areas
of
 reductions and opportunities, the need for mitigation technologies
are likely to increase.
 Our Central Emissions Group, or CEG, consists of senior leaders and subject matter experts from our Australian
 and U.S. Operations who meet monthly to discuss and analyze how climate change might impact our strategies.
 One of
the key
focus areas
CEG is
to ensure
are progressing
towards our
emissions reduction
 targets.
This
is
achieved
reviewing
the
accuracy
of
the
forecast,
providing
updates
on
 decarbonization
and
discussing
idea
pipelines
in
to
new
technologies.
Our
allocation
 framework integrates climate-related risks and opportunities
into its decision-making processes.
also evaluating
a range
of potential
projects that
could have
a positive
impact on
our emissions
profile
options
for
from
solar,
wind
and
gas
along
with
on-grid
solutions.
In
2022,
we
 commissioned the
Buchanan Ventilation
Air Methane,
or VAM,
abatement project
on vent
shaft 16
U.S.
 Operations. The
project utilizes the
latest technology
to convert
fugitive methane
gas emissions
to carbon
dioxide.
 Since commencing, the VAM
project has destroyed 264,850 tCO2e with a 95% emission
destruction efficiency.

 Given the proven success of the original VAM
unit, we have commenced the installation of a second unit at vent
 shaft 18
.
Construction
works are
underway and
are expected
to be
in mid-
 2024. While
Coronado is
also exploring
other projects
to reduce
its carbon
footprint, with
the establishment
of
 the second VAM
unit we
expect to substantially
reduce our
emissions further,
as part
of our strategic
path to a
 30% reduction target by 2030.

 Similarly, our
project to understand and define gas
reservoirs at Curragh with gas
production drilling is targeting
 the capture
and beneficial
use of
open-cut waste
mine coal
gas from
our operations,
with priority
downstream
 use cases being for power generation and use as a diesel substitute
in our mining fleets.

 Drilling works for the pilot
program completed in early July 2023
and subsequent surface and production facilities
 have been procured and are in the final stages of installation.

 During
2023,
at
our
we
a
dual-fuel
mine
truck
12-week
trial
using
gas
 transported
from
Brisbane
without
incident.
The
part
substitution
of
gas
for
diesel
showed
no
discernible
 difference
to
a
full
diesel-run
truck
and
performed
safely.
has
commenced
the
of
a
 roadmap to
roll-out the
conversion
of a
broader truck
fleet
pilot. This
project is
to reduce
 emissions at Curragh and also realize a reduction in cost given the substitution of diesel for incidental coal seam
 gas to power our fleets.
 Increased public concern may result in
additional regulatory risks as new laws and
regulations aimed at reducing
 GHG emissions come into effect in the jurisdictions in which we operate. Any legislation that limits or taxes GHG
 emissions could adversely impact our growth, increase
our operating costs, or reduce demand for our coal.

 With
to
physical
risks,
our
may
be
by
weather-related
 resulting in lost production, supply chain disruptions and increased
operating costs, which could have a material
 adverse impact on our financial results of operations.

 Increasingly, both foreign and domestic banks, insurance companies and large investors are curtailing or ending
 their financial relationships with fossil
fuel-related companies. This
has and is likely to continue
to have adverse
 impacts on the liquidity and operations of coal producers.
 Additionally, federal,
state and international GHG and climate
change initiatives, associated regulations or
other
 voluntary
commitments
to
GHG
emissions,
recent
reform
to
the
in
 Australia, could significantly increase
the cost of coal production
and consumption, increase costs
as a result of
 regulations requiring
the installation
of emissions
control technologies,
increase expenses
associated with
the
 purchase of emissions reduction credits
to comply with future emissions
trading programs, or significantly reduce
 coal
consumption
of
a
clean
standard.
Such
initiatives
and
 could further reduce
demand or prices
for our coal
in both domestic
and international
markets, could adversely
our
to
coal
and
to
develop
our
could
the
value
of
our
coal
and
coal
 reserves, and may have a material adverse effect
on our business, financial condition and results of operations
.

2023
 Human Capital Disclosures
 People
 Our ability to
attract and
retain skilled,
motivated and
engaged employees
is an
essential part
business.
 Investing in the skill and capabilities of our people will underwrite
our long-term growth and sustainability. In both
 Australia and the
United States, we
operate in regional
locations with highly
competitive labor markets.
In each
 location,
we
are
creating
a
high-performing
workforce
with
a
talent
pipeline
for
leaders,
 succession planning for critical roles. To
achieve this, we continue to create a
culture that welcomes and values
 all people and
where our core
values of collaboration,
accountability,
respect and excellence
are demonstrated
 in everything that we do.
 Worldwide we had 1,878 employees as of
December 31, 2023. In addition, as of
December 31, 2023, there were
 2,335 contractors supplementing the permanent workforce, primarily
at Curragh. Since we operate in areas with
 highly competitive labor markets, it is essential that
we have a continued focus on attracting
the best people, and
 ensuring we have programs in place to engage, develop
and retain them within our business.
 We continue to support
initiatives to enhance our
culture, increase our
ability to attract and
retain the workforce
 we need, and
to drive our
desire to build
safe, high-performing
teams. This
includes extensive
efforts to
gather
 feedback from our
employees and contracting
partners through surveys,
focus groups and
team empowerment
 sessions. Following
analysis of the
feedback, priorities
are identified,
and cultural
programs designed
to bridge
 gaps between current and desired cultural states are developed
and implemented.
 As of
2023, approximately
10.8% of
our total
employees, all
Australian Operations,
were
 covered by a single, federally-certified collective Enterprise Agreement, or the EA, for specified groups
of mining
 and maintenance employees. In
July 2023, the
Australian Fair Work Commission
approved the four
year Curragh
 Mine Enterprise Agreement 2023. Our U.S. Operations
employ a 100% non-union labor force.
 Our
and
contractors
are
our
most
valuable
assets,
and
we
their
our
one
 priority.
Safety is
essential to
all business
functions and
is never
to be
compromised, under
any circumstance.
 The
and
of
our
people
is
reinforced
every
day
our
culture,
behaviors,
training,
 communication and procedures.

 We manage safety and health
through continuous improvement efforts
and the implementation of practices
and
 procedures that address safety risks first and in full compliance with the legal and
regulatory frameworks of both
 the United States and Australia. We empower our people to consistently strive to have a safety mindset, and act
 by
applying,
managing
and
monitoring
to
prevent
outcomes
with
all
and
 operations. Our programs are intended
to reinforce our position that safety
and health should always be
front of
 mind for all employees and contractors.

is
monitored
physical
observations
from
both
and
and
 through the
reporting of
key metrics.
Safety performance
is assessed
monthly against
internal goals
and on
a
 quarterly basis is benchmarked against our peers within
the mining industry.

 We set targets
for safety interactions
which is a process
where employees observe
a risk behavior and
 immediate feedback
if it
is deemed,
or has the
potential to
be, unsafe.
This is
monitored by
management daily
 through safety meetings,
site visits, employee
discussions, and management
observations. The process
allows
 for greater empowerment, innovation and employee input
into the mining process.

 The 12-month rolling average Total
Reportable Injury Frequency Rate, or "TRIFR",
as of December 31, 2023 for
 our
was
1.83
and
the
Total
Reportable
Incident
Rate,
or
"TRIR",
for
12-month
as
of
31,
2023
for
our
U.S.
was
1.44.
As
in
the
graphs
below,
our
 Australian Operations outperformed the
Queensland industry average in
2022 and 2023
and our U.S.
 outperformed the U.S. national average in
2022 and 2023. We strive to
ensure that we continue to
provide a safe
 operating environment for all employees and contractors.

2023
 Workforce composition and diversity
 Our
values
(CARE
–
Collaboration,
Accountability,
Respect,
Excellence)
guide
our
policies,
processes
and
 actions as they
relate to
all workforce
interactions and
people related
initiatives. As
part of these
values and
to
 enable our people to excel within the workplace we are building a diverse and inclusive workforce, where unique
 viewpoints are
heard, valued and
respected. We understand
the value
diversity brings and
recognize that
creating
 a culture
which welcomes
and values
all individuals
is paramount
attract, retain,
motivate and
 develop the best talent. We believe
this directly impacts the safety
and productivity of our people.
Our employees
 are trained to recognize and mitigate potential biases towards
others.

 We
invest
in
training
and
programs
for
both
our
new
and
long-serving
employees.
Investing
in
 graduate
recruitment,
traineeships
and
internship
programs
partnerships
with
leading
education
 institutions
has
been
central
to
accessing
talent
and
building
our
brand.
Further,
our
leadership
 development enhances succession planning and the transfer
of skills and knowledge across our business.
 As of December 31, 2023:
 •
United States,
approximately 6.8%
of Senior
Managers were
female,
increased from
6.1% as
of
 December 31, 2022.
 •
in Australia,
over
28% of
at a
General
Manager,
Senior Manager
and Senior
Professional
 level were female.
 •
6.8% of our global workforce was female.
 •
57% of
all employees
were
between the
ages
of 30
and 50
years
old, and
the
of employees
 under 30 increased from 11.5%
as of December 31, 2022 to 13.7% as of December
 Attracting and retaining the right people
 We continued
to focus our
efforts on
recruiting trainees
and other entry
level roles. We
have also implemented
 the following initiatives:

 •
Comprehensive training, performance and leadership development
programs.
 •
Competitive and flexible remuneration structure.
 In
2023,
our
total
turnover
rate
was
18.1%
and
13.4%
in
and
the
U.S.,
and
our
 voluntary departure
rolling turnover rate
was 15.5%
and 10.9% in
the U.S. In
2022, our total
 turnover rate
was 16.0%
and 16.7%
U.S., respectively,
voluntary departure
 turnover rate was 14.5% in both Australia and the U.S.

 Regulatory Matters—Australia
 Our Australian Operations
are regulated by the
laws and regulations
of the Commonwealth
of Australia, or
Cth,
 the State
of Queensland,
or Qld,
and local
jurisdictions. Most
environmental laws
are promulgated
state

2023
 level, but the Australian federal government has a role
in approval of actions which have national environmental
 significance.
In
the
laws
to
coal
legislation,
 pollution,
waste,
ecosystem
protection,
cultural
heritage
and
native
title
land
contamination
and
 legislation. In addition, the Australian federal government regulates
foreign investment and export approvals.
 Tenements
 We control the
rights at Curragh
under 14 coal
and infrastructure
mining leases, or
MLs, and three
 mineral development licenses, or MDLs, granted pursuant to the Mineral Resources Act 1989 (Qld).
See Item 2.
 "Properties" for more information regarding the Tenements.
 Mineral Resources Act 1989 (Qld)
 The Mineral Resources
Act 1989 (Qld)
and the Mineral
and Energy Resources
(Common Provisions)
Act 2014
 (Qld), together,
provide for the
assessment, development
and utilization of
mineral resources in
Queensland to
 the
maximum
practicable,
consistent
with
sound
and
land
use
management.
The
Mineral
Act
1989
(Qld)
vests
of
minerals,
with
limited
exceptions,
in
the
Crown
(i.e., the
state
 government). A royalty is payable to the Crown for
the right to extract minerals. The Mineral Resources Act 1989
 (Qld) creates different tenures
for different mining activities,
such as prospecting, exploring
and mining. A ML is
 the most important
tenure, as it permits
the extraction of
minerals in conjunction
with other required
authorities.
 The Mineral Resources Act 1989 (Qld) imposes general conditions
on a ML.
 A person who is the holder
of a ML must keep
the records necessary to enable the royalty payable
by the person
 to
be
ascertained.
In
2022,
the
State
Government
in
the
Mineral
 Regulation
2013
(Qld)
introducing
tiers
to
the
coal
rates
from
July
1,
2022,
 increasing the royalty payable by our Australian Operations.
 The new tiers applicable in calculating the royalty payable for our Australian Operations from July 1, 2022 are as
 set out below:
 •
7% for average coal price per Mt sold up to and including
A$100 per Mt;
 •
12.5% for average coal price per Mt sold from A$100 to
A$150 per Mt;
 •
15% for average coal price per Mt sold from A$150 to
A$175 per Mt;
 •
20% for average coal price per Mt sold from A$175 to
A$225 per Mt;
 •
30% for average coal price per Mt sold from A$225 to
A$300 per Mt; and
 •
 40% for average coal price per Mt sold above A$300 per
Mt.
 The royalty
payable
for
coal sold,
disposed
of or
used
in
a return
is then
calculated
by multiplying
the
 royalty rate by the
value of the coal.
Queensland Revenue
Office Royalty
Ruling MRA001.1 contains
details on
 the
costs
that
can
(and
cannot)
be
deducted
when
calculating
the
and
the
method
for
 determining the value of the coal. Where there is a change in legislation
or case law that affects the content of a
 royalty ruling, the change
in the law
overrides the royalty ruling—i.e., the
Commissioner will determine the royalty
 liability in
accordance with
the changed
law.
See Item 2.
"Properties" for
a discussion
royalties currently
 applicable to Curragh.
 Mining Rehabilitation (Reclamation)
 Mine closure and rehabilitation risks and costs are regulated
by Queensland state legislation.
 Amongst
other
things,
an
Authority
Holder,
or
EA
Holder,
must
the
State
 Government with financial assurance for the purpose of drawing upon in the event that an EA Holder defaults on
 its obligations to rehabilitate the mine site.
 The Mineral
and
(Financial
Provisioning)
Act
2018 (Qld),
Provisioning
Act
 establishes
a
provisioning
scheme,
or
the
Scheme,
from
which
the
Department
of
Environment
and
 Science, or the DES, sources funds to rehabilitate and
remediate land subject to mining.

2023
 Under the Financial Provisioning Act,
all mine operators are required
to make a submission
to the DES in
 of an Estimated Rehabilitation Cost, or ERC,
for the mine site. The ERC is determined
using the DES-approved
 ERC calculator.
Using this
information, the
DES sets
the ERC
mine. The
DES provides
the ERC
 manager of the
Scheme, or
the Scheme Manager.
The Scheme
Manager undertakes
a risk assessment
 mine,
which
is
based
upon
independent
advice
from
a
Scheme
risk
advisor.
EAs
with
at
least
$100,000
in
costs
will
undergo
an
risk
category
allocation
process.
The
 assessment process will determine whether the holder will be required to provide a contribution to the Scheme's
 Financial Provisioning Fund and/or to provide surety to
the Scheme Manager for that EA.
It includes detail on the
 mine operator's financial
soundness and
credit rating,
characteristics of
the mining operation
(e.g., life of
mine,
 or LOM,
and off-take
agreements), rehabilitation
history,
environmental compliance
history and the
submission
 made by the Company. Risk categories include high, moderate, low and very low. If the ERC and risk categories
 are set
at moderate,
low or
very low
for a mine,
then there
is a need
to pay
an annual
contribution based
on a
 small percentage
ERC to
the Scheme.
The prescribed
percentages for
each category
are: (1)
Very
low:
 0.5%; (2) Low:
1.0%; and (3)
Moderate: 2.75%. If
the category is
high, then the
operation provides
a surety for
 the whole ERC and
possibly a contribution
to the Scheme. The
risk assessment of
the mine and, therefore,
the
 amount of the contribution to the fund is assessed and paid annually in perpetuity,
or until a clearance certificate
 is obtained.

 Each year, the Scheme Manager
is required to
make an Annual
Review Allocation to determine
whether the mine
 will provide surety or pay a contribution to the Scheme
depending on the value of the ERC relating to applicable
 environmental authorities, as follows:
 1)

ERC < A$100,000 - cash surety or bank guarantees
 2)

ERC = A$100,000 – A$450 million - pay a cash contribution
into the Scheme
 3)

ERC > A$450 million - pay a cash contribution into the
Scheme and provide bank guarantees.
 There
can
be
no
that
our
risk
category
allocation
will
not
in
years.
Our
 obligations may increase due to a number of factors, including
but not limited to:
 •
any changes that increases ERC or are of disturbances;
 •
any major Environmental Authority,
or EA, amendment;
 •
compliance with existing EA obligations; and

 •
major changes to financial soundness of the EA holder.

 Curragh has
EAs, which
are covered
Scheme,
namely
EA number
EPML00643713
and
EA number
 EPVX00635313.
In
October
2023,
the
Scheme
Manager
the
of
the
Review
 Allocation
for
authority
EPML00643713
and
an
Review
Allocation
of
 "Moderate".
The
moderate
rating
resulted
in
being
obliged
to
make
a
contribution
to
the
 Scheme of 2.75% of the ERC.
In January 2024, the Scheme Manager completed
an assessment of the Annual
 Review Allocation for
EA Number EPVX00635313
and issued an Annual
Review Allocation of
"High" in respect
 of MDL162 requiring Curragh to maintain its historical financial assurance in respect of 100% of the ERC for that
 EA.
 The Financial Provisioning Act also requires
for a Progressive Rehabilitation and
Closure Plan, or a PRCP,
with
 respect to mined
land. This requirement
is integrated into
the existing EA
processes for
new mines, minimizing
 the
burden
on
government
and
industry.
All
carried
out
under
a
ML
that
make
a
 site-specific
EA
will
be
to
a
PRCP.
If
approved
by
the
administering
authority,
a
 stand-alone PRCP schedule will be given to the applicant together with the EA. The PRCP schedule will
contain
 milestones
with
completion
dates
for
achieving
progressive
of
the
mine
site.
The
 Provisioning Act provided
transitional arrangements for three
years for the application of
the PRCP requirement
 to
mines.
The
requirement
for
a
PRCP
commenced
on
November
1,
2019,
or
the
PRCP
start
date,
 however all existing mining operations only transition into the PRCP framework once a transition notice is
 by DES, the relevant
government department.
Curragh's PRCP was
submitted to DES
on October 20,
2022, in
with
the
transition
notice
it
received;
and
has
complied
with
all
requests
for
 information made by
DES. DES recently
advised Curragh that
the end date
of the decision
period in relation
to
 the PRCP has been extended to June 10, 2024.

2023
 Environmental Protection Act 1994 (Qld)
 The
regulating
of
in
is
the
Act 1994
(Qld),
or
the
EP
Act. Its
objective
is to
protect
Queensland's
 while allowing
for development
that improves
the total
quality of
life, both
now and
future, in
a way
that
 maintains ecologically sustainable
development. Under the EP
Act, it is an offense
to carry out a
mining activity
 unless the person holds or is acting under an EA for the activity. The EA imposes conditions on a project. It is an
 offense to contravene a condition of an
EA. In addition to the requirements found
in the conditions of an EA, the
 holder must
also meet
its general
duty and
duty to
notify of
harm and
 comply with the provisions of the EP
Act and the regulations promulgated thereunder. For example, the following
 are offenses under the EP Act:
 •
causing serious or material environmental harm;
 •
causing environmental nuisance;
 •
depositing proscribed water contaminants in waters and related
matters; and
 •
placing contaminants where environmental harm or nuisance
may be caused.
 The
EA
holder
must
also
be
a
registered
suitable
operator
under
the
EP
Act.
We
are
a
registered
suitable
 operator.
 We hold
EA EPML00643713, which
authorizes the
mining of black
coal, mineral
processing, chemical storage,
 waste disposal and
sewage treatment over
the 14 MLs
at Curragh on
certain conditions. Those
conditions include
in relation
to
air and
water quality,
regulated structures
(e.g., dams),
noise and
vibration, waste,
 land use, rehabilitation and watercourse diversion.
 We
also
hold
a
range
of
subsidiary
EAs
for
our
Operations.
See
"—Mining
Rehabilitation
 (Reclamation)
 "
 above
 for more information regarding the Financial Provisioning
Act.

 Aboriginal Cultural Heritage Act 2003 (Qld)
 The Aboriginal Cultural Heritage Act 2003 (Qld) imposes a duty of care on all persons to take all reasonable and
 practicable measures to ensure that any activity conducted does not harm
Aboriginal cultural heritage. Its object
 is to provide effective recognition, protection and conservation
of Aboriginal cultural heritage.
 We have obligations
relating to Aboriginal cultural
heritage with respect
to a number of
cultural heritage objects
 and areas located within
the area of the
Tenements.
We work closely
with the Aboriginal people
to manage the
 cultural heritage objects, areas or
evidence of archaeological significance, within
our mining operations. We
are
 party to a Cultural Heritage Management Plan (and associated Cultural
Services Agreement) with the Gaangalu
 Nation People that applies
to all of the Tenements.
The plan establishes a
coordinating committee and sets
out
 the steps to be followed to manage activities that may impact
Aboriginal cultural heritage.
 Native Title Act 1993 (Cth)
 The Native Title Act
1993 (Cth), or NTA,
sets out procedures under which
native title claims may be lodged
and
 determined and compensation claimed for
the extinguishment or impairment of
the native title rights or interests
 of Aboriginal peoples. Its object is to provide for the recognition and protection of native title, to establish ways in
 which future
dealings affecting
native title
may proceed
set standards
for those
dealings, to
establish a
 mechanism
for determining
claims to
native
title
provide for,
or permit,
the
validation of
past
acts,
and
 intermediate period acts, invalidated because of the existence
of native title.
 With respect to MLs and MDLs
granted under the Mineral Resources
Act 1989 (Qld) on state land
where native
 title has not
been extinguished,
a principle
known as
the non-extinguishment
principle governs.
Broadly,
under
 this principle, native title rights are suspended while the mining tenure,
as renewed from time to time, is in force.
 The grant
(or renewal)
of a
mining tenure
in respect
of land
where native
title may
exist must
comply with
the
 NTA
to ensure
the validity
of the tenure.
Registered native
title claimants
have certain
notification, consultation
 and negotiation rights relating
to mining tenures. Where
native title is extinguished
(i.e., freehold land), the NTA
 does not apply.

2023
 Regional Planning Interests
 The Regional
Planning Interests
Act 2014
(Qld), or
the RPI
Act manages
the impact
of resource
activities and
 other
regulated
in
areas
of
the
state
that
contribute,
or
are
to
contribute,
to
Queensland's
 economic, social
and environmental
prosperity (e.g., competing
land use
activities on
prime farming
land). The
 RPI
Act
identifies
areas
of
that
are
of
regional
interest,
strategic
cropping
areas
and
 strategic environmental
areas. Under
the RPI Act,
conducting a
resource activity
in an area
of regional
a
regional
approval,
unless
under
an
exemption.
Importantly,
 pre-existing mining activities being undertaken at the date of
the introduction of the legislation are exempt.
 We
have
been
granted
a
regional
approval
for
the
"Curragh
Expansion
Project"
(for
 ML700006,
ML
700007
and
ML
700008),
which
is subject
to regional
such
as mitigation.
 Certain protection conditions
are also imposed
on us with respect
to ML 80171,
which includes an
obligation to
 provide mitigation in the event that strategic cropping land
is impacted by future operations.
 Environmental Protection and Biodiversity Conservation
Act 1999 (Cth)
 The Environment Protection
and Biodiversity Conservation
Act 1999 (Cth),
or the EPBC Act,
provides a federal
 framework
to
protect
and
manage
matters
of
national
significance,
such
as
listed
threatened
 species
and
ecological
communities
and
water
In
the
EPBC
Act
confers
jurisdiction
over
 actions
that
have
a
on
the
where
the
actions
affect,
or
are
taken
on,
 Commonwealth land, or are carried out by a Commonwealth agency.
EPBC Act, "controlled
actions" that have
or are likely
to have a
significant impact on
a matter
of national
 environmental significance are subject
to a rigorous assessment
and approval process. A
person must not take
 a "controlled
action" unless approval
is granted
EPBC Act.
Any person
proposing to
carry out
an "action"
 that may be
a "controlled action"
must refer the
matter to the
Commonwealth Minister
for a determination
as to
 whether the proposed action is a controlled action.
 On
November 2,
2016,
the
Commonwealth
Minister
for
the
Department
of
the
Environment
and
 administering the
EPBC Act
approved the
extension of
the existing Curragh
mining area to
include mining
four
 additional Tenements
—ML 700006,
ML 700007,
ML 700008
and ML 700009
(EPBC Act
referral 2015/7508)—
 as
a
"controlled
action,"
on
conditions.
The
in
to
offsets
and
 groundwater.
 Mine Health and Safety
 The primary health and safety legislation that applies
to Curragh are the Coal Mining Safety and
Health Act 1999
 (Qld)
and
the
Coal
and
Health
Regulation 2001
(Qld),
which
we
refer
to,
together,
Coal
 Mining Safety Legislation.
 Additional
legislative
apply
to
that
are
carried
on
off-site
or
which
are
not
principally
(e.g., transport, rail
operations, etc.).
The Coal
Mining Safety
Legislation imposes
 and health
obligations on
persons who
operate coal
mines or
who may
the safety
or health
of others
at
 coal mines. Under the Coal Mining Safety Legislation, the operator
of a coal mine must, among other things:
 •
ensure that the risk to coal mine workers while at the
operator's mine is at an acceptable level;
 •
audit and review the
effectiveness and
implementation of the
safety and health
management system to
 ensure the risk to persons is at an acceptable level;
 •
adequate
to
ensure
the
effectiveness
and
of
the
and
 management system;
 •
ensure the
operator's own
safety and
health and
the safety
and health
of others
affected by
the
 way the operator conducts coal mining operations;
 •
not carry
out an
activity at
mine that
creates a
risk to
a person
on an
adjacent or
overlapping
 petroleum authority if the risk is higher than an acceptable
level of risk;
 •
appoint a site senior executive for the mine;

2023
 •
ensure the site senior
executive develops and
implements a safety
and health management
system for
 all people at the mine;
 •
ensure the
site senior
executive develops,
implements
and maintains
a management
structure for
the
 mine that helps ensure the safety and health of persons
at the mine; and
 •
not operate the coal mine without a safety and health
management system for the mine.
 We recognize that health and
safety are imperative to the ongoing
success of our Australian Operations.
As the
 operator at Curragh, we have
in place a comprehensive safety
and health management system,
which includes
 an emergency
response
team,
to address
these legislative
requirements.
Coal Mining
 Safety Legislation we have also established an occupational
hygiene baseline for dust exposure at Curragh.
 Water Act 2000 (Qld)

 In Queensland, all entitlements to the use, control and
flow of water are vested in the state and regulated by
the
 Water Act
2000 (Qld).
Allocations under
the Water
Act 2000 (Qld)
can be managed
by a water
supply scheme
 operator,
such
as
SunWater Ltd,
which
is
a
Government-owned
corporation
regulated
by
the
 Competition Authority. We
have purchased the required water allocations for Curragh and entered into a suite of
channel
and
pipeline
and
river
with
SunWater Ltd
to
 regulate the
supply of water
pursuant to these
allocations. See Item 1A.
"Risk Factors—In times
of drought and/or
 shortage of available water, our operations and production, particularly at Curragh, could be negatively impacted
 if the regulators impose restrictions on our water offtake
licenses that are required for water used in the CPPs."
 National Greenhouse and Energy Reporting Act 2007
(Cth)
 The National Greenhouse and Energy Reporting Act 2007 (Cth) imposes requirements for both foreign and local
 corporations
whose
GHG
consumption
meets
a
threshold
to
 register and
report GHG
emissions and
abatement actions,
as energy
production and
consumption
as
 part of
a single,
national reporting
system. The
Clean Energy
Regulator administers
the National
Greenhouse
 and
Energy Reporting
Act
2007 (Cth),
and
the
Department
of Climate
Change,
Energy,
the
Environment
and
 Water is responsible for related policy
developments and review.
 The
Government
recently
reformed
the
to
incentivize
reductions,
declining
limits,
called
baselines,
predictably
and
gradually
on
a
trajectory
consistent
with
 achieving the Government's emissions reduction target of 43% below 2005
levels by 2030 and net zero by
2050.
 On March
31, 2023, the
Australian Federal Parliament
passed the Safeguard
Mechanism (Crediting) Amendment
 Bill 2023 amending the
National Greenhouse and
Energy Reporting Act 2007
and other legislation,
to establish
 the framework to give effect to key elements of the reforms, such as introducing credits to
the scheme to provide
 an incentive to companies to go below their baselines.
 The
applies
to
industrial
emitting
more
than
100,000
tons
of
 equivalent per
year,
including in
electricity,
mining, oil
and gas
production, manufacturing,
transport and
waste
Safeguard Mechanism, and
following the
Federal Government's finalization
National
 Greenhouse and Energy Reporting (Safeguard Mechanism) Amendment
(Reforms) Rule 2023, Curragh intends
 to
establish
a
new
production-adjusted
(intensity)
baseline
for
covered
(Scope
1).
will
be
 required to take action to keep its'
net Scope 1 emissions at or below
the baseline through emissions reduction,
 by
for
Credits,
or
SMCs,
from
another
captured
by
the
Mechanism,
and
surrendering
Carbon
Credit
Units,
or
ACCUs,
or
face
 enforcement measures.
 Labor Relations
 Minimum employment entitlements, embodied in the National Employment Standards, apply to all private-sector
and
employers
under
the federal
Fair Work
Act 2009
(Cth).
These standards
regulate
 employment conditions and paid leave. Employees who are associated with
the day-to-day operations of a local
 mine or mines and who are not located in head office or corporate administration offices are also covered by the
 Black Coal Mining Industry Award 2010 which regulates conditions including termination arrangements,
pay and
 hours of work.

2023
 Unfair dismissal,
enterprise bargaining,
bullying claims,
industrial actions
and resolution
of workplace
disputes
 are also regulated
under state
and federal
legislation. Some
of the workers
at Curragh
are covered
EA,
 which
was
approved
by
the
Fair
Work
Commission,
Australia's
national
workplace
relations
tribunal.
See
"—
 Human Capital Disclosures" above.
 Regulatory Matters—United States
 Federal,
state
and
local
authorities
regulate
the
U.S.
coal
with
to
matters
such
as
 employee
and
safety,
protection
of
the
environment,
and
licensing
air
 standards, water pollution, plant and wildlife protection, the
reclamation and restoration of mining properties after
has
been
completed,
the
discharge
of
materials
into
the
environment,
subsidence
from
 underground mining and the effects
of mining on groundwater quality
and availability.
In addition, the industry is
by significant
mandating
benefits for
and
retired
coal miners.
Numerous
 federal,
state
and
local
permits
and
approvals
are
for
Because
of
 extensive and
violations during
occur from
time
to
 time in
the industry.
In addition
non-exhaustive summary
of material
federal legislation
described below,
 our operations are
subject to a
wide array of
federal, state and
local environmental
law, including,
for example,
 the Safe Drinking Water Act, the Toxic
Substances Control Act, the Emergency Planning and Community Right-
 to-Know Act, the National Historic Preservation Act of 1966 and the Migratory Bird Treaty Act of 1918, as well as
 state regulatory schemes that either mirror federal law or
create additional layers of regulation.
 Clean Air Act of 1970
 The U.S.
Clean Air
1970, or
the CAA,
regulates airborne
pollution that
potentially detrimental
to
 human
health,
the
or
natural
The
CAA
and
comparable
state
laws
that
govern
air
 emissions affect U.S. coal mining operations both
directly and indirectly.
 Direct impacts
on coal
processing operations
may occur
through the
CAA permitting
to
particulate
matter,
or
PM,
nitrogen
dioxide,
ozone
and
sulfur
 dioxide,
or
SO
.
For
the
U.S.
Agency,
or
the
EPA,
pursuant
to
the
CAA,
 administers rules
that apply
PM limits to
emissions from
coal preparation
and processing
plants constructed
or
 modified after April 28, 2008.
In addition, in recent years,
the EPA
has adopted
more stringent national ambient
 air quality standards, or NAAQS for PM, nitrogen oxide, ozone
and SO
. It is possible that these modifications as
 well as future modifications
to NAAQS could directly
or indirectly impact our
mining operations in a
manner that
 includes,
but
is
not
limited
to,
the
EPA
designating
new
areas
of
the
country
as
being
in
nonattainment
of
 applicable NAAQS or expanding existing
nonattainment areas, and prompting
additional local control measures
 pursuant to state
implementation plans, or
SIPs, required to
address such revised
NAAQS. SIPs may
be state-
 specific or regional in scope.
Under the CAA, individual
states have up to
12 years from the
date of designation
 of attainment/nonattainment areas to secure reductions
from emission sources.

 The CAA
also indirectly, but significantly, affects the
U.S. coal
industry by
extensively regulating the
SO2, nitrogen
 oxides, mercury,
PM, greenhouse gases,
and other substances
emitted by coal-burning
facilities, such as
steel
 manufacturers,
coke
ovens
and
coal
fired
electric
power
generating
Over
time,
the
EPA
has
 promulgated or proposed CAA
regulations to impose more
stringent air emission standards
for a number
 coal-burning
industries,
especially
the
power
sector.
Collectively,
CAA
and
 around
CAA
could
the
for
coal
and,
depending
on
the
of
such
 reduction, could have a material adverse effect
on our business, financial condition and operations.
 NAAQS Revisions
.
The CAA
requires the
EPA
to periodically
review and,
if appropriate,
revise the
NAAQS to
 ensure protection of
public health.
In recent years,
the EPA
has reviewed the
NAAQS for PM,
ozone and SO
.

 The PM NAAQS
was last revised
and made more
stringent in 2012.
Individual states have developed
SIPs, which
 detail the PM emission reductions their sources must meet in order
for the state to maintain or achieve the 2012
 PM NAAQS. On
April 14,
2020, the EPA announced
its intention
to retain, without
changes, the 2012
PM NAAQS.

 This action was finalized by EPA on December 18, 2020.
On January 6, 2023, EPA proposed lowering the level
annual 24-hour
PM2.5 standards
for fine
PM NAAQS
from 12.0
ug/m3 to
within the
range of
9.0 to 10.0
 ug/m3. More stringent
NAAQS, if promulgated,
would require new
SIPs to be developed
and filed with the
EPA
 and may trigger
additional control technology for
mining equipment or
coal-burning facilities, or result
in additional
 challenges to permitting and expansion efforts
 Cross State Air Pollution Rule, or CSAPR.

The CAA includes a so-called Good Neighbor
Provision that requires
 upwind states to
eliminate their
significant contributions
to downwind states'
nonattainment of the
NAAQS. On

2023
 July 6, 2011,
the EPA
finalized the CSAPR,
which was
meant to satisfy
this Good Neighbor
Provision. CSAPR
 requires the
District of
Columbia and
27 states
from Texas
eastward (not
New England
states or
 Delaware) to reduce power plant emissions that
cross state lines and significantly contribute to ozone
and/or fine
 particle
pollution
in
downwind
states.
Following
litigation
D.C. Circuit
and
U.S. Supreme
Court,
the first
 phase of
the nitrogen
oxide and
SO2 emissions
reductions required
by CSAPR
commenced in
January 2015;
 further reductions of both pollutants in the second phase
of CSAPR became effective in January 2017.

 On March 15,
2021, EPA
finalized a rule
update that requires
additional emissions
reduction of nitrogen
oxides
 from power plants in
twelve states.
Additional emission reduction
requirements in these
states could adversely
 affect the demand for coal.

 On April
30,
2021,
EPA
finalized
the
Revised
CSAPR
Update Rule,
which
fully
addressed
twenty-one
states'
 outstanding interstate pollution transport obligations for the 2008 NAAQS for ozone.
For nine states, EPA found
 that
their
2021
do
not
contribute
to
non-attainment
 problems in downwind states.
The remaining twelve states
were found to
contribute to the non-attainment and/or
problems
in
downwind
states.
EPA
that
it
would
issue
new
or
Federal
 Implementation Plans
requiring additional
emissions reductions
from electricity
generating units
in those states
 beginning in the 2021 ozone season.
 Mercury and Air
Toxic
Standards, or MATS.

The EPA
published the final
MATS
rule in the
Federal Register
on
 February 16,
2012.
The
MATS
rule
revised
the
New
Source
Performance
Standards,
or
NSPS,
for
nitrogen
 oxides,
SO2
and
PM
for
new
and
modified
coal-fueled
generating
plants,
and
imposed
Maximum
 Achievable Control
Technology,
or MACT,
emission limits
on hazardous
air pollutants,
or HAPs,
from new
and
 existing coal-fueled and oil-fueled electricity generating plants. MACT standards limit emissions of mercury,
acid
 gas HAPs, non-mercury HAP
metals and organic
HAPs. The rule
provided three years
for compliance with
MACT
 standards and
a possible
fourth year
if a
state permitting
agency determined
that such
was necessary
 installation of controls. Though the
MATS rule
has been the subject of various
legal challenges, EPA
reaffirmed
 the scientific, economic, and legal underpinnings of
the MATS rule in February 2023 and, in
April, proposed even
 more stringent
non-mercury
metal surrogate
filterable
particulate matter
for all
coal-fueled
 electricity generating plants
and new mercury
emission standards for
lignite-powered units. This
could increase
 the cost of coal-fired electric power generation and
negatively impact the demand for coal.
 Greenhouse Gas Emissions Standards
and Guidelines
.
In 2014, the EPA
proposed a sweeping rule, known
as
 the "Clean
Power
Plan," to
cut carbon
from existing
generating
units,
including coal-fired
 power plants. Following
a series of legal
challenges, EPA
commenced new rulemaking
proceedings in October
 2017, ultimately rescinding the Clean Power Plan and finalizing its replacement, the Affordable Clean Energy, or
 ACE plan,
in June
2019. The
ACE rule
establishes emission
guidelines for
states to
develop plans
to address
 greenhouse gas emissions from existing coal-fired power
plants. Like its predecessor,
the ACE rule was subject
 to significant litigation and was remanded to EPA
for further action.

 On
May 23,
2023,
EPA
a proposed
rule
to repeal
ACE and
implement
sweeping
new
NSPS
for GHG
 emissions from new, modified, and reconstructed power plants under the CAA as well as emission guidelines for
power
plants.
The
rule
would
widespread
of
capture
and
 sequestration, or CCS, and
use of green hydrogen.
On November 15, 2023,
EPA issued
a supplemental notice
 of
rulemaking
to
request
comment
on
the
proposal
publication
of
the
Initial
 Regulatory Flexibility Analysis and completion of a Small Business Advocacy Review Panel. If implemented, the
 new rules
would require
significant capital
expenditure
to develop
the infrastructure
for compliance
 and could impact our customers and future demand for
coal.
 On June
19, 2019,
the EPA
finalized the
ACE rule
as a
replacement for
the Clean
Power Plan.
The ACE
rule
 establishes emission guidelines
for states to develop
plans to address greenhouse
gas emissions from existing
 coal-fired power plants.
The ACE rule
has several components:
a determination of
the best system
of emission
 reduction for
greenhouse
gas
emissions from
power plants,
a list
of "candidate
technologies"
 can use when
developing their
plans, and new
implementing regulations
for emission guidelines
under Section
 111(d)
of the CAA.
Unlike the
Clean Power
Plan, the
ACE rule
only includes
as candidate
technologies those
 that increase the efficiency of individual emission units, also referred to as heat rate improvement measures; the
 ACE
rule
does
not
other
such
as
co-firing
with
natural
gas
or
adding
renewable

2023
 There have
also been
numerous challenges
permitting of
new coal-fired
power plants
by environmental
 organizations and state
regulators for concerns related
to greenhouse gas
emissions.
For instance, various state
 regulatory authorities
have rejected
the construction
of new
coal-fueled power
plants based
 surrounding the potential
costs associated with
greenhouse gas emissions under
future laws.
In addition, several
 permits issued to
new coal-fueled power
plants without greenhouse
gas emission limits
have been appealed
to
 the EPA's
Appeals Board.
A federal
appeals court
allowed a
lawsuit pursuing
federal common
 law claims to proceed
against certain utilities
on the basis
that they may
have created a
public nuisance due
to
 their emissions of
carbon dioxide, while
a second federal
appeals court dismissed
a similar case
on procedural
 grounds.
The United States Supreme Court overturned that decision in June 2011, holding that federal common
 law
no
basis
for
nuisance
utilities
due
to
their
emissions.
The
Supreme
Court
did
not,
decide
can
be
brought
under
state
 common law.
As a result, tort-type
liabilities remain a concern.

 To
 the extent that these
risks affect our
 and prospective customers,
they may reduce the demand
for coal-fired power, and may affect long-term demand
 for coal.
 Regional Haze.

The EPA
promulgated a regional
haze program designed
to protect and
to improve visibility
at
 and around Class I Areas, which are generally national parks, national wilderness areas and international parks.
 This program
may restrict
the construction
of
new
power
plants,
the
of
which
may
impair
 visibility
at
and
around
the
Class
I
Areas.
the
power
 plants
to install
control measures
to limit
haze-causing
emissions,
such
as SO2,
nitrogen
 oxide and PM. On August
30, 2022 EPA
issued a final action finding that
15 states had failed to
submit SIPs by
 the
July
31,
2021
deadline.
Such
triggers
a
two
year
deadline
for
EPA
to
promulgate
a
Federal
 Implementation Plan unless the states submit
and EPA approves
a SIP that meets the applicable requirements.

 If states adopt SIPs with more stringent requirements,
demand for coal could be affected.
 New Source
Review,
or NSR
. Pursuant
to NSR
stationary sources
of air
pollution must
obtain an
 NSR permit prior to beginning
construction of a new
"major" source of emissions
or a "major" modification
of an
 existing major source.
If a project
is determined to
trigger NSR, Prevention
of Significant Deterioration
 require the project to implement Best
Available Control Technology
and/or Non-Attainment New Source Review
 Lowest Achievable Emission Rate control technology.
 Beginning in the late 1990s, the EPA filed lawsuits against owners of many
coal-fired power plants in the eastern
 U.S. alleging that
the owners performed non-routine
maintenance, causing increased emissions
that should have
the
of
these NSR
Some of
these
lawsuits
have
been settled
with
the
owners
 agreeing
to
install
devices
in
their
power
plants.
In
recent
EPA
 proposed and promulgated several revisions to its
NSR regulations and policies concerning NSR permitting.
For
 example, in
2022, EPA
proposed to
reconsider its
fugitive emissions
rule. Remaining
litigation and
 around the NSR program rules could impact demand
for coal.
 Coke Ovens.

Coke Oven
Batteries and
Coke Ovens:
Pushing, Quenching,
and Battery
Stacks are
two source
 categories regulated by the
CAA. On August 16,
2023, EPA
proposed amendments to the
emissions standards
 for Coke Ovens which would
lower the limits for leaks
from doors, lids, and offtakes, require
fence line monitoring
 for benzene and impose new emissions standards for previously unregulated hazardous air pollutants within
the
 category
such
as
hydrogen
chloride,
hydrogen
fluoride,
and
mercury.
If
implemented,
these
may
 impact our current and prospective customers and reduce long-term
demand for coal.
 Clean Water Act of 1972
 The U.S. Clean Water Act of 1972, or the CWA,
and corresponding state law governs the discharge of toxic and
 non-toxic pollutants into the waters of the United States. CWA requirements
may directly or indirectly affect U.S.
 coal mining operations.
 Water Discharge.

The CWA and corresponding state laws affect coal mining operations by imposing restrictions
 on discharges
of wastewater into
waters of
States through the
National Pollutant Discharge
Elimination
 System,
or
NPDES,
or
an
equally
stringent
delegated
to
a
state
agency.
The
EPA
and
may
 develop
and
limitations
for
pollutants,
the
technology-based
standard
 program and water quality
standard program. These restrictions often
require us to pre-treat
the wastewater prior
 to discharging
it. NPDES
permits require
regular monitoring,
reporting and
compliance with
effluent limitations.

2023
 New requirements
under
the
CWA
and
corresponding
state
laws
may
cause
us
to
incur
 costs that could adversely affect our operating results.
 Dredge and Fill Permits.

Many mining activities, such as the development
of refuse impoundments, fresh water
 impoundments,
refuse fills,
similar structures,
may result
in
to
waters
 including wetlands, streams
and, in certain
instances, man-made conveyances that
have a hydrologic
 to such streams
or wetlands. Under
the CWA,
coal companies are
also required to
obtain a Section 404
 from
the
USACE
prior
to
conducting
such
as
the
of
refuse
and
slurry
 impoundments, fresh water impoundments,
refuse fills and other similar
structures that may affect
waters of the
wetlands,
streams
and,
in
instances,
man-made
conveyances
that
have
a
 hydrologic connection
to streams
or wetlands.
The USACE
is authorized
to issue
general "nationwide"
permits
 for specific
categories of
similar in
nature and
to have
minimal adverse
 effects on
the environment.
Permits issued
pursuant to
Nationwide Permit
21, or
NWP 21,
generally authorize
 the
disposal
of
dredged
and
fill
from
coal
into
waters
of
the
 subject to certain restrictions. Since
March 2007, permits under
NWP 21 were reissued
for a five-year period
with
 new
intended
to
strengthen
protections.
There
must
be
mitigation
in
with
nationwide
rather
than
less
state-required
mitigation
and
must
explicit
authorization
from
the
USACE
before
proceeding
with
 proposed mining activities. The USACE may also issue individual
permits for mining activities that do not qualify
 for Nationwide Permit 21.
 For many years, there has been uncertainty surrounding the definition of "waters of the United States" the scope
 of CWA
jurisdiction. On
August 29,
2023, EPA
Department of
the Army
issued a
final rule
revising the
 definition of "waters of the United States " under
the CWA. This rule conforms with the Supreme Court's decision
 in Sackett
 v.
Protection,
U.S.
(2023). The
revised
definition
and
the
Supreme
Court's
 decision in
Sackett narrow
agency jurisdiction under
the CWA. However, due
to ongoing
litigation, implementation
revised definition
delayed in
several states
and territories.
It is
uncertain what
impact this
may
 have on our operations.
 Effluent Limitations
Guidelines for
the Steam
Electric Power
Generating Industry.
On September
30, 2015,
the
 EPA published a
final rule setting new or additional requirements for
various wastewater discharges from steam
 electric power plants.
The rule set
zero discharge
requirements for
some waste streams,
as well as
new, more
 stringent limits for arsenic, mercury,
selenium and nitrogen applicable to certain other waste streams.

 On August 31, 2020, the EPA finalized a rule to revise the guidelines and standards for the steam electric power
 generating point source category applicable to two categories of wastewater streams regulated by
the 2015 rule:
 flue
gas
desulfurization
wastewater,
or
FGD,
and
bottom
ash
water,
or
BA.
With
to
FGD,
 selenium standards are
less stringent than
under the 2015
rule, and certain
types of facilities,
such as facilities
 with
high
FGD
flow,
low
utilization
boilers
and
those
set
to
retire
coal
units,
are
to
less
 stringent
effluent
limits.
The
deadline
for
FGD
technology-based
wastewater
limits
was
extended
 from December
31,
2023 to
31,
2025.
On
March
29,
2023, EPA
new
rules to
revise
the
 technology-based
effluent
limitations
guidelines
and
for
the
steam
electric
power
generating
point
 source category
applicable to
FGD wastewater,
bottom ash
transport water,
and combustion
residual leachate
 at existing
sources. If
finalized, these
rules could
significantly increase
costs for
many coal-fired
steam electric
 power plants.
 Surface Mining Control and Reclamation Act of 1977
 The
Surface
Control
and
Reclamation
1977,
SMCRA,
which
is administered
U.S.
 Office
of
Surface
Reclamation
and
Enforcement,
or
OSM,
establishes
operational,
and
 closure standards for
all aspects of
surface mining and
many aspects of
underground mining in
the United States.

 Under the SMCRA, a
state may submit a
qualifying surface mining
regulatory scheme to the
OSM, and request
 to exert
exclusive jurisdiction over
surface mining activities
within its territory. If
OSM finds that
the state's scheme
 meets
SMCRA's
and
gives
approval,
the
state
becomes
the
authority
with
 oversight from OSM. Each of Virginia, West Virginia and Pennsylvania, where our Buchanan, Logan, Greenbrier
 and
Mon
are
based,
has
adopted
qualifying
schemes
and
has
 primary jurisdiction over surface mining activities within their
respective territories. However, even if a state gains
 approval for
its surface
mining regulatory
program, the
OSM retains
significant federal
oversight, including
the

2023
 ability to perform
inspections of
all surface mining
sites to ensure
state program and
mine operator compliance
 with federal minimum standards. The OSM and its state counterparts
also oversee and evaluate standards of:
 •
performance (both during operations and during reclamation);
 •
(applications
must
describe
the
pre-mining
and
land
use,
the
 intended mining and reclamation standards, and the post-mining
use);
 •
financial assurance (SMCRA
requires that mining companies
post a bond sufficient
to cover the cost
of
 reclaiming the site,
bond is not
released until
mining is
complete, the
land has
been reclaimed
 and the OSM has approved the release);
 •
inspection and enforcement (including the issuance of notices of violation and the placement of a
 operation,
its
owners
and
controllers
on
a
database
known
as
the
Applicant
Violator
System,
 meaning that such person or entity is blocked from obtaining
future mining permits); and
 •
land restrictions (SMCRA prohibits surface mining on certain lands and also allows
citizens to challenge
 surface mining operations on the grounds that they will cause
a negative environmental impact).
 Under the SMCRA
and its state
law counterparts, all
coal mining applications must
include mandatory "ownership
 and control" information,
which generally includes
listing the names of
the operator's officers
and directors, and
 its principal stockholders owning 10% or
more of its voting shares,
among others. Regulations under the SMCRA
 and its
state analogues provide
that a
mining permit or
modification can,
under certain
circumstances, be delayed,
 refused or revoked if we
or any entity that owns
or controls us or is
under common ownership or
control with us
 have unabated permit
violations or
have been
the subject of
permit or
reclamation bond revocation
or suspension.
 In recent years, the
permitting required for
coal mining has been
the subject of increasingly
stringent regulatory
 and administrative
and extensive
activism and
litigation by
groups.
After a
 application is
prepared and
submitted to
the regulatory
agency,
it goes
through a
completeness and
technical
 review.
Regulatory authorities
have considerable
discretion in
the timing
permit issuance
 has
the
right
to
comment
on
and
engage
in
the
process,
hearings
and
intervention
courts. Before
a SMCRA
is issued,
a mine
operator
must submit
a bond
or
 other form of financial security to guarantee the performance
of reclamation bonding requirements.
 SMCRA
for
three
categories
of
bonds:
bonds,
collateral
bonds
and
self-bonds.
For
our
U.S.
we
meet
our
bonding
by
posting
bonds
and
participation
in
the
 Commonwealth
of
bond
pool.
Our
total
of
bonds
was
 approximately $28.5
 million as
The surety
bond requirements
for a
mine represent
the
 calculated cost to reclaim the current operations if it ceased to operate in
the current period. The cost calculation
 for each surety bond must be completed according to
the regulatory authority of each state.
 The SMCRA Abandoned Mine Land Fund requires
a fee on all coal
produced in the United States. The proceeds
 are used to rehabilitate
lands mined and left
unreclaimed prior to August
3, 1977 and to pay
health care benefit
 costs of
orphan beneficiaries
of the Combined
Fund created
Coal Industry
Retiree Health
Benefit Act
of
 1992. The fee amount can change periodically
based on changes in federal legislation.
See Item 2. "Properties"
 for information regarding reclamation and other taxes applicable
to our U.S. mining properties.
 National Environmental Policy Act of 1969
 The National Environmental Policy
Act of 1969,
or NEPA, applies to mining
operations or permitting requirements
 that
approvals
.

NEPA
defines
the
processes
for
evaluating
and
communicating
of
"major
actions"
affecting
the
of
the
human
environment,
such
as
the
 permitting of new mine
development on federal
lands. NEPA
requires federal agencies, such
as the EPA
 OSM,
to
incorporate
considerations
in
their
planning
and
decision-making.
The
agency
 carrying out
the requirements
of NEPA
must prepare
a detailed statement
assessing the
environmental impact
 of
and
alternatives
to
the
requiring
agency
approval.
These
are
referred
to
as
 Environmental Impact Statements or Environmental Assessments. As codified in the Fiscal Respons
ibility Act of
 2023, environmental impact statements must include any reasonably foreseeable climate change-related effects
 of
a
action,
reasonably
foreseeable
effects
that
cannot
be
avoided,
and
a
range
of
 alternatives. Interim guidance issued
in January 2023 by the
White House Council on Environmental
Quality,
or
 the
CEQ,
instructs
agencies
to
of
a
action,
both
 GHG emissions and
reductions, and recommends
consideration of additional
context for GHG
emissions, such

2023
 as social cost of
GHG estimates.
It is possible that
future mining permitting decisions will
require more significant
 analysis of potential climate change impacts.
 Resource Conservation and Recovery Act of 1976
 The
Resource
Conservation
and
Recovery
Act
of
1976,
or
RCRA,
affects
U.S.
coal
by
 establishing "cradle to grave" requirements for the generation, transportation, treatment, storage
and disposal of
 solid and
hazardous wastes.
RCRA also
addresses the
environmental effects
of certain
past hazardous
waste
 treatment, storage
and disposal
practices, and
may require
a current
or past
site owner
or operator
to remove
 improperly disposed hazardous wastes. RCRA
also sets forth a framework for managing certain
non-hazardous
 solid wastes.

 Although coal combustion residuals,
or CCR, are exempted
from regulation as a
hazardous waste, CCR disposal
 is
regulated
under
RCRA.
On
19,
2014,
the
EPA
finalized
a
CCR
rule
setting
nationwide
waste
 standards for CCR disposal On
August 24, 2018, the U.S. Court of Appeals
for the D.C. Circuit held that certain
 provisions of the EPA's
CCR rule were not sufficiently protective, and it invalidated those provisions. Since then,
 the
EPA
has
finalized
to
its
CCR
which
include,
in
part,
regulating
unlined
ponds
but
 extending
deadlines
to
their
closure,
allowing
site-specific
alternate
liner
 determinations., and modifying
standards regarding beneficial use
and assessment of environmental
harm. On
 May 18, 2023,
EPA
proposed new
regulatory requirements
for inactive
CCR surface
impoundments at
inactive
 utilities that would require closure of such so-called "legacy"
CCR surface impoundments.
 The EPA
regulations on CCR
management and disposal
exempt coal ash
that is disposed
of at mine
sites and
 reserve any regulation thereof to the Office
of Surface Mining Reclamation and Enforcement
or "OSMRE." After
 proposing CCR regulations in 2007,
the OSMRE suspended all rulemaking
actions on CCRs, but
could re-initiate
 them in the future.

 Comprehensive Environmental Response, Compensation,
and Liability Act of 1980
 The Comprehensive Environmental Response, Compensation
and Liability Act of 1980, or CERCLA, authorizes
 the federal
government and private
parties to
recover costs to
address threatened
or actual
releases of
 substances (broadly defined) that may
endanger public health or the
environment. Current owners and operators
 of contaminated sites, past owners and operators
of contaminated sites at the time hazardous
substances were
 disposed,
parties that
arranged
disposal
or transport
substances
and transporters
of
 hazardous substances
could be
potentially responsible
parties, or
PRPs, under
CERCLA. PRPs
liable
 for costs related to contaminated sites, including, but not limited to, site investigation and cleanup costs incurred
government or
other parties,
damages to
natural resources
and costs
of certain
health assessments
or
 studies.

 We
could
face
under
CERCLA
and
state
laws
for
contamination
discovered
at
that
 (1) we currently own, lease or operate, (2) we, our
predecessors, or former subsidiaries have previously
owned,
 leased or
operated, (3)
sites
we, our
predecessors
or former
subsidiaries,
sent waste
materials, and
 (4) sites at which hazardous substances from our facilities'
operations have otherwise come to be located.
 Federal Mine Safety and Health Act of 1977
 The Mine Act, which was
amended by the Mine Improvement and
New Emergency Response Act of 2006,
 MINER Act, governs federal oversight of mine safety and
authorizes the U.S. Department of Labor's Mine Safety
 and Health
Administration,
or MSHA,
to regulate
and health
conditions for
employees working
in mines
the
and
to
enforce
mandatory
and
requirements.
The
Mine
Act
 mandates four annual inspections
of underground coal
mines, two annual inspections
of all surface coal
mines,
 and permits
inspections in
response to
employee complaints
of unsafe
working conditions.
The statute
and its
 regulations also
mandate miner
training, mine
rescue teams
for all
underground mines, and
involvement of
miners
 and their
representatives
in
health and
activities.
MSHA has
also
promulgated
governing
a
 wide
range
of
roof
support,
ventilation,
combustible
materials,
electrical
fire
 protection,
explosives
and
blasting,
and
mine
emergencies.
MSHA
has
the
statutory
authority
to
issue
civil
 penalties for non-compliance, to set the period for abatement
of violations, and to seek injunctive relief requiring
 a
company
to
cease
until
are
corrected.
The
MINER
Act
mine
specific
 emergency
response
plans
in
coal
mines,
new
mine
rescue
 teams and sealing
of abandoned areas,
requires prompt
notification of mine
accidents, and
imposes enhanced
 civil and
criminal penalties
for violations.
MSHA continues
to interpret
and implement
various provisions

2023
 MINER Act, along with introducing
new proposed regulations and standards.
For example, the second phase
of
 MSHA's
respirable
coal
mine
dust
rule
went
into
in
February
2016
and
sampling
 frequency and the use of continuous personal dust monitors.
In August 2016, the third and final phase of
the rule
 became effective, reducing the overall respirable dust standard in
coal mines from 2.0 to 1.5
milligrams per cubic
 meter of air.
In July 2023, MSHA
proposed regulations governing
respirable crystalline silica
which would lower
 the
permissible
limit
and
other
measures
such
as
sampling
and
medical
 surveillance.
 Black Lung (Coal Worker's Pneumoconiosis)
 The
Mine
Act
the
Federal
Coal
Mine
Health
and
Act
of
1969,
which
is
the
that
 mandates compensation
for miners
who were
totally and
permanently
disabled
progressive
respiratory
 disease caused
by coal
workers'
pneumoconiosis,
or
black lung.
Under
federal law,
a U.S.
coal
mine
 operator must
pay federal
black lung
benefits and
medical expenses
to claimants
who are
current employees,
 and
to
claimants
who
are
former
who
last
worked
for
the
operator
after
July 1,
1973,
and
whose
 claims for benefits are allowed. Coal mine operators must also make payments to a trust fund for
the payment of
 benefits and medical expenses
to claimants who last
worked in the coal
industry prior to July 1,
1973. The trust
 fund is funded by
an excise tax on sales
of U.S. production, excluding export
sales excluding export sales. Under
 the Inflation Reduction
Act of 2022,
the excise tax
rates are 4.4%
of gross sales
price, not to
exceed $1.10 per
 ton of underground coal and $0.55 per ton of surface coal.
 In recent months,
the Office
of Workers'
Compensation Programs
has taken steps
to reform the
self-insurance
 process for coal mine operators. On November 21, 2023, the Black Lung Benefits Improvement Act of 2023 was
 introduced into
House of
Representatives. If
enacted, this
legislation would
establish stringent
criteria
 for mine operators that seek to self-insure. Additionally, it would increase civil penalties and expand the scope of
 potentially liable parties in instances where an operator
fails to secure benefits.
 Historically, very few of
the miners who
sought federal black
lung benefits were
awarded these benefits;
 the
approval
rate
has
of
black
lung
contained
in
the
Patient
and
Affordable
Care
Act
of
2010,
or
the
Affordable
Care
Act.
The
Affordable
Care
Act
introduced
 significant changes to
the federal black
lung program, including
an automatic survivor benefit
paid upon the
death
 of
a
miner
with
an
awarded
black
lung
claim,
and
established
a
rebuttable
presumption
with
regard
to
 pneumoconiosis
among miners
with 15
or more
years of
coal
mine employment
totally disabled
by a
 respiratory condition. These changes could have
a material impact on
our costs expended in association
 federal black lung program. In addition to possibly incurring liability under federal statutes, we may also be liable
 under
state
laws
for
black
lung
claims.
See
Note
 to
the
 Statements for further information of applicable insurance coverage.
 Endangered Species Act of 1973
 The Endangered
Species Act
of 1973
governs the
protection
of endangered
species in
States and
 requires the
U.S. Department
Interior's Fish
and Wildlife
Service and
the National
Oceanic and
Atmospheric
 Administration's
National
Marine
Fisheries
Service
to
formally
any
federally
authorized,
funded
or
 administered
that
could
negatively
endangered
or
threatened
species.
Changes
in
listings
of
 endangered species
or requirements
under these
regulations may impact
costs and our
mine at
locations
 where endangered species are observed or may be affecte
d
by mining operations.
 National Labor Relations Act of 1935
 The National
Labor Relations
1935
, or
the NLRA,
governs collective
bargaining and
private sector
labor
 and management relations.
While we do not
have a unionized workforce
in the United States,
to the extent that
 non-supervisory employees decide
to seek representation
or engage in
other protected concerted
labor activities,
 the NLRA
rules promulgated
National
Labor Relations
Board, or
NLRB, set
the parameters
for
 employees' and union activity and our
response. The NLRA applies to both
unionized and non-union workforces.
 Any employee
complaints related
pandemic and
any related
labor actions,
if they
are tied
to terms
and
 conditions of employment
that affect the
workforce generally,
will be governed
by the NLRA.
In addition, recent
 NLRB-
promulgated
rules
joint
employer
status
under
the
NLRA
clarified
the
basis
upon
which
 contractors and
vendors, as
well as
their employees
(and the
unions representing
them), could
allege that
we
 are jointly and severally liable for any unfair labor practices or bargaining
obligations of the third-party employer.
 While the rules
made the joint
employer test generally
more employer-friendly,
there is always
the possibility of
 claims that we are a joint employer with a contractor or
vendor.

2023
 Regulation of explosives
 Our surface
mining operations
are subject
to numerous
regulations relating
to blasting
 Federal Safe Explosives
Act, or SEA. SEA
applies to all
users of explosives.
Knowing or willful violations
 SEA may
fines, imprisonment,
or both.
violations of
SEA may
revocation of
user
 permits and seizure or forfeiture of explosive materials. Pursuant to federal regulations, we incur costs
to design
 and implement blast schedules and to conduct pre-blast surveys and blast monitoring. In addition, the storage of
 explosives is
strict regulatory
requirements established
by four
different federal
regulatory agencies.
 For example, pursuant to a rule issued by the Department of Homeland Security in 2007, facilities
in possession
 of chemicals
of interest,
including ammonium nitrate
at certain
threshold levels, must
complete a
screening review
 in
order
to
help
there
is
a
high
level
of
risk
such
that
a
vulnerability
 assessment and site
security plan
required. The Bureau
of Alcohol,
Tobacco and Firearms and Explosives,
 or
ATF,
regulates
the
sale,
possession,
storage
and
of
explosives
in
interstate
commerce.
In
 August 2023, ATF
proposed an amendment
to its regulations
to require annual
reporting of explosive
materials
 storage
to
local
fire
authorities.
In
addition
to
ATF
regulation,
the
U.S.
Department
of
Homeland
Security
 continues to evaluate a proposed ammonium nitrate security
program rule.

 Available Information
 We file
annual, quarterly
and current
reports and
other documents
SEC under
the Exchange
Act. The
can
any
documents
that
we
file
with
the
SEC
at
www.sec.gov.
We
also
make
free
of
 charge our
10-K, Quarterly
Reports on
Form 10-Q,
Current Reports
8-K and
 any amendments
to those
reports filed
or furnished
pursuant to
Section 13(a)
or 15(d)
Exchange Act
as
 soon as
reasonably practicable
after filing
such materials
with, or
furnishing such
materials to,
the SEC,
on or
 through our internet website,  We are not including the information contained on,
 or accessible through, any website as a part of, or incorporating it by reference into, this Annual Report
 10-K, unless expressly noted.

2023
 ITEM 1A.
RISK FACTORS.
 An investment
in our
is speculative
and involves
a number
of risks.
We
the risks
described
 below are the
material risks most
likely to affect
the Company.
the risks described
below may not
be
 the only
risks
that
we
face.
Additional
unknown
risks
or risks
immaterial,
may also
 impair our business operations. You should not interpret the
disclosure of any risk factor
to imply that the risk
has
 not already
materialized. You
should carefully
consider the
specific risk
factors discussed
below,
together with
 the information contained in this Annual Report
on Form 10-K, including Item 7. "Management's
Discussion and
 Analysis of Financial
Condition and
Results of Operations"
and our Consolidated
Financial Statements
 related notes to
those statements
 included elsewhere
in this Annual
Report on
Form 10-K.
If any of
the events
 or circumstances described below actually occurs,
our business, financial condition or
results of operations could
 suffer, and the trading price
of our securities could decline significantly in future periods.
 Some of these principal risk factors include:
 •
 Consummation
of
the
SGI
may
constitute
a
of
under
our
Notes
Indenture
and
our
New
ABL
which
could
and
our
 business, financial condition and results of operations;
 •
 Uncertainty
about
the
effects
of
the
SGI
may
our
and
 arrangements and customer relationships, including contractual rights triggered upon a change of
control in
with
the
SGI
and
may
and
our
of
 operations and financial condition;
 •
 Following
the
consummation
of
the
SGI
we
expect
that
Group
LLC
and
SGI
will
 have significant
influence over
corporate matters,
including control
over certain
decisions that
require the
 approval of stockholders;
 •
 Concerns
about
the
of
coal
combustion,
on
issues,
are
in
regulation
of
coal
and
coal
in
many
 jurisdictions, which
could significantly
affect demand
products or
our securities
and reduce
 to capital and insurance;
 •
 We
are
to
extensive
and
laws
and
that
could
have
a
 effect on our reputation and financial condition and results
of operations;
 •
 Our business may be adversely affected by the impact on the global economy due to, among other
events,
 ongoing civil unrest, wars or other significant geopolitical tensions
;
 •
 Our profitability
depends upon the
prices we
receive for
our coal.
Prices for
coal are
volatile and
can fluctuate
 widely based upon a number of factors beyond our control
;
 •
Demand for our Met coal is significantly dependent on the steel
industry;
 •
 We face increasing competition, which could adversely
affect profitability;
 •
 We may face restricted access to international
markets in the future
;
 •
 If transportation for our
coal becomes unavailable
or uneconomic for
our customers, our
ability to sell coal
 could suffer;
 •
 Take-or-pay
arrangements within the coal industry could unfavorably
affect our profitability
;
 •
 A
in
the
availability
or
in
costs
of
key
supplies,
commodities
and
 purchased components, such as diesel
fuel, steel, explosives and
tires could materially and
 our financial condition and results of operations
;
 •
 Our
and
of
may
be
by
 pandemics or other widespread public health concerns;
 •
 Defects
in
title
or
loss
of
any
in
our
could
limit
our
to
mine
these
 properties or result in significant unanticipated costs;
 •
 A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity
;
 •
 Risks
to
could
the
produced,
cause
delay
or suspend
 coal deliveries, or increase the cost of operating our business;
 •
 Our
success
upon
our
to
continue
discovering,
or
acquiring
and
developing
 assets containing, coal reserves that are economically
;

2023
 •
 We
rely
on
of
our
and
which
are
due
to
 characteristics of the properties and the number of
assumptions made
;
 •
 Our profitability could be affected adversely
by the failure of
suppliers and/or outside contractors to perform;
 •
 Our
inability
to
replace
or
repair
damaged
or
destroyed
or
in
a
timely
manner
could
 materially and adversely affect our financial condition and results
of operations;
 •
Our
to
operate
effectively
could
be
impaired
if
we
lose
key
or
fail
to
attract
 personnel;
 •
 We may not have adequate insurance coverage
for some business risks
;
 •
 Cybersecurity attacks
similar crises
or disruptions
may negatively
business, financial
 condition and results of operations;
 •
 The
loss
of,
or
in,
purchases
by
our
largest
could
our
 revenues;
 •
 Our existing
and future
indebtedness
may limit
cash
flow available
to invest
needs of
our
 businesses,
which could
prevent
us from
fulfilling
our
obligations under
our senior
notes, senior
 secured asset-based
revolving credit agreement
in an initial
aggregate principal
amount of $150.0
 or the New ABL Facility (more fully discussed
in the Management Discussion & Analysis Section
at Item 7.
 "Liquidity and Capital Resources), and other debt, and we may be forced to take other actions to
satisfy our
 obligations under our debt, which may not be successful
;
 •
 We
adjust
our
structure
from
time
to
time
and
may
need
to
our
debt
leverage,
which
 would make us more sensitive to the effects of economic
downturns;
 •
 Our business
may require
substantial ongoing
expenditures,
and
not have
 capital required to reach full productive capacity at our mines;
 •
 Risks
to
our
in
WICET
may
our
and
of
 operations;
 •
 Risks related to
the Supply
Deed with Stanwell
may adversely
affect our financial
condition and results
of
 operations;
 •
 We could be adversely affected if we fail to appropriately
provide financial assurances for our obligations;
 •
 Mine closures
entail substantial
costs. If
we prematurely
close one
or more
mines, our
 and financial performance would likely be affected adversely
;
 •
 If
the
our
provision
for
and
mine
prove
to
be
 inaccurate, we could be required to expend greater amounts
than anticipated;
 •
 We could be negatively affected if we fail to maintain
satisfactory labor relations;
 •
 Our
may
the
or
cause
to
substances,
which
could
 result in material liabilities to us; and
 •
 We are subject to extensive
forms of taxation, which impose
significant costs on us,
and future regulations
 and developments could increase those costs or limit
our ability to produce coal competitively;
 Sev.en Global Investment
Transaction Risks
 Consummation
proposed SGI
may constitute
a change
under our
Notes
Indenture
and
our
New
ABL
which
could
and
our
 business, financial condition and results of operations.
 On September
25, 2023,
the Sellers
advised the
Company that
the Sellers
had entered
into a
MIPA
with SGI.
 The Company understands that, pursuant to the terms of
the MIPA, the Sellers agreed to sell all of their interests
 in Coronado
to a
wholly-owned subsidiary
of SGI
SGI Transaction.
For further
description of
 the
SGI
refer
to
Note
27.
"Related
Party
Transactions"
to
the
 included in Part II, Item 8. "Financial
Statements and Supplementary Data" of this
Annual Report on Form 10-K,
 which information is incorporated by reference herein.

 Energy & Minerals Group has reported that following the closing of the SGI Transaction, SGI will be the direct or
 indirect owner of Coronado
Group LLC. As of
the date of this
Annual Report on Form
10-K, Coronado Group LLC
 is
the
direct
owner
of
845,061,399
CDIs
(representing
a
in
84,506,140
of
 stock, or 50.4% of the Company's outstanding total
common stock) and the one Series A Share.

2023
 The consummation
proposed SGI
may constitute
a change
 Senior Secured
Notes
Indenture,
dated as
of May
12,
2021, pursuant
has issued
and
 outstanding approximately $242.3
million aggregate principal amount
of its 10.750% Senior Secured
Notes due
 2026, or the Notes, as of
December 31, 2023. Upon
a change of control, Coronado
Finance Pty Ltd., the issuer
Notes, is
offer
to repurchase
all or
any part
of a
holder's Notes
at a
purchase price
in cash
 equal to
101% of
the principal
amount thereof,
plus accrued
and unpaid
interest, if
any,
to, but
excluding, the
 date of repurchase, subject to the terms and
conditions of the indenture. Failure to
consummate the repurchase
 offer, whether
as a result of lack of sufficient
funds or otherwise is an event
of default under the Senior Secured
 Notes Indenture that would accelerate
the maturity of the
Notes and permit holders
to pursue available remedies.

 The
consummation
of
the
SGI
may
also
constitute
a
of
under
our
 Syndicated Facility
dated as
of May
8, 2023,
Facility.
is a
 source of liquidity to us. Upon a change of control, the lenders under the New ABL Facility may,
pursuant to and
 following the terms and
review procedures of the
New ABL Facility, cancel existing commitments and require any
 unpaid amounts under the New
ABL Facility to be
due and payable. As of
December 31, 2023, the Company had
 $128.1 million of available borrowings
under our New ABL Facility.
If the lenders under the
New ABL Facility do
 not
consent
to
the
of
and
we
are
unable
to
repay
the
borrowings,
the
lenders
could
pursue
 available remedies.

 Upon consummation of the
SGI Transaction, we may not
have sufficient assets or liquidity
to satisfy all
Notes
Indenture,
the
New
and
our other
 indebtedness (which we
refer to herein
as the Debt
Repayment Obligations), and we
may not be
able to refinance
 the Notes,
or such
other indebtedness
on commercially
reasonable terms
or at all,
which
 would materially and adversely affect our business,
financial condition

 Further, any use by the Company or its subsidiaries of cash on hand or
any divestiture of assets of the Company
 or its
subsidiaries to
satisfy the
Debt Repayment
Obligations could
negative effect
liquidity,
and
 any new equity issuance
by the Company
to raise liquidity
to satisfy the
Debt Repayment Obligations
would be
 dilutive to the Company's existing stockholders.

 Uncertainty
about
the
effects
of
the
SGI
may
our
and
and
relationships,
upon
a
of
 control in
connection with
materially and
our business,
 results of operations and financial condition.
 Certain contract
counterparties, including
Stanwell, customers,
suppliers, third-party
providers and
employees,
 may assert contractual consent
rights or termination rights
that may be
triggered by the consummation of
 Transaction. In relation
to the arrangements with
Stanwell, we are required
to request Stanwell's
consent to the
 change of control that,
based on information currently
available to us, is expected
to occur on consummation
of
Transaction. Stanwell must either
give or refuse
to give consent
within a specified
period following receipt
 of the request, and
may only refuse
to consent if
it determines, acting
reasonably,
that the SGI
will
 have
a
on
the
of
us
to
perform
our
under
the
 agreements.
In
circumstances
where
consent
is
not
obtained,
the
would
seek
to
find
mutually
 agreeable alternative terms on which Stanwell would consent
to the change in control.
 The Company is also required to request Aurizon Network's
consent to the change of control that is expected
to
 occur on consummation
of the SGI
Transaction under the Aurizon Network
UT5 Rail Access
Agreement. A failure
Aurizon Network's
consent to
the consummation
SGI Transaction
,
if required,
will constitute
a
 breach of the agreement, entitling Aurizon Network to legal or equitable remedies which may include termination
 of the agreement.
 For a number of
customers and supplier agreements, including
contractor agreements, the completion of
may
trigger
a
or
suitability
by
the
counterparty,
which
may
entitle
the
 counterparty
to
terminate
the
agreement,
request
or
seek
amendments
to
the
terms
of
the
 agreement. The
arrangements, or
the requirement
to provide
further security,
could harm
 our
relationships
with
such
third
and
could
have
a
on
our
 condition, and results of operations.

 Consummation of the SGI
Transaction is
expected to also constitute
a "changed holder event"
for the purposes
 of
provisioning
to
for
the
 tenements, which
may result
Queensland government
reviewing the
"risk category"
the mining
 tenements are allocated
(i.e., very low,
low, moderate
or high), which may
require us to
provide further security
 to the Queensland government.

2023
 Following the
consummation of
Transaction, we
expect that
LLC and
SGI will
 have significant
influence over
corporate matters,
including control
over certain
decisions that
 the approval of stockholders.
 The Special Committee is reviewing
the terms of the Certificate
of Incorporation regarding the Series A
Preferred
 Stock and the terms of the Stockholders Agreement dated
as of September 24, 2018 between the Company and
to evaluate
whether the
rights ascribed
collectively to
the EMG
group thereunder
will inure
to
 SGI as the new owner of the Coronado Group LLC.
Even apart from those rights, SGI as the indirect owner
of a
 majority of the Company's common stock will
have significant influence over corporate matters.
 Further, uncertainty about the effects of
the SGI Transaction on counterparties
to contracts, employees and
other
 parties may
have an
adverse effect
on us.
These uncertainties
could cause
contract counterparties
and others
 who deal with us to seek to terminate or amend their existing business relationships with us, and may impair our
 ability to attract, retain
and motivate key
personnel for a period
of time prior to
and following the
consummation
 of the SGI
Transaction.
As a
result, uncertainties
regarding the
impact of
 strategy may have a material and adverse effect on
our business, financial condition and results of operations.
 Environmental and Sustainability Risks
 Concerns
about
the
of
coal
combustion,
on
issues,
are
in
regulation
of
coal
and
coal
in
many
 jurisdictions,
which
could
for
our
products
or
our
and
 access to capital and insurance.
 Global concerns
about climate
change continues
to attract
considerable attention,
particularly in
relation to
the
 coal industry. Emissions from coal
consumption, both directly and
indirectly, and emissions from coal
mining itself
 are subject to pending and proposed regulation as part of initiatives to address global climate change. A number
 of
countries,
and
the
have
already
introduced,
or
are
contemplating
the
 introduction of, regulatory responses to GHGs, including the
extraction and combustion of fossil fuels, to
address
 the impacts of climate change.
 There are three primary sources of GHGs associated with the coal industry.
First, the end use of our coal by our
in
generation,
coke
plants,
and
steelmaking.
Second,
of
fuel
by
 equipment used in
coal production and
to transport our
coal to
our customers. Third,
coal mining itself
can release
 methane, which is considered to
be a more potent
GHG than carbon dioxide, directly into
the atmosphere. These
 emissions from coal consumption, transportation
and production are subject to
pending and proposed regulation,
 in the jurisdictions in which we operate as part of initiatives
to address global climate change.
 As
a
numerous
proposals
have
been
made
and
are
to
continue
to
be
made
at
the
international,
 national, regional and state levels of government to monitor
and limit emissions of GHGs.

 For example,
the Australian
Government recently
reformed the
Safeguard Mechanism
to incentivize
 reductions,
declining
limits,
called
baselines,
predictably
and
gradually
on
a
trajectory
 consistent with
achieving the
Government's emissions
reduction target
of 43%
below 2005
levels by
2030 and
 net
zero
by
2050.
On
March
31,
2023,
the
Federal
Parliament
passed
the
 (Crediting) Amendment Bill 2023 amending the
National Greenhouse and Energy Reporting
Act 2007 and other
 legislation, to establish
the framework
to give effect
to key
elements of the
reforms, such
as introducing credits
 to the scheme to provide an incentive to companies to
go below their baselines.
 The
applies
to
industrial
emitting
more
than
100,000
tons
of
 equivalent per
year,
including in
electricity,
mining, oil
and gas
production, manufacturing,
transport and
waste
 In accordance with
the Safeguard Mechanism and
following the Federal Government's finalization
of the National
 Greenhouse and Energy Reporting (Safeguard Mechanism) Amendment
(Reforms) Rule 2023, Curragh intends
 to
establish
a
new
production-adjusted
(intensity)
baseline
for
covered
(Scope
1).
will
be
 required to take action
to keep its net
Scope 1 emissions at
or below the baseline
through emissions reduction,
 by
for
Credits
(SMCs)
from
another
facility,
captured
by
the
Mechanism,
and
surrendering
Carbon
Credit
Units
(ACCUs),
or
face
 enforcement measures.

2023
in
November
2014,
an
was
announced
the
and
China
to
cut
 GHGs by more than 25% below 2005
levels by 2025. This agreement was followed by
the UNFCCC, conference
 in Paris, France, in which an agreement was adopted calling for voluntary emissions reductions contributions, or
 the Paris
Agreement. The
Paris Agreement
was entered
into force
on November
4, 2016
after ratification
and
 execution
by
more
than
countries,
which
account
for
at
least
55%
of
GHG
emissions.
The
Paris
was
signed
by
representatives
from
and
aims
to
hold
back
the
in
 temperatures,
increase the
ability of
to adapt
adverse impacts
of climate
and provide
 channels to finance projects that lead to GHG reductions.

 The
growth
of
alternative
options,
such
as
renewables
and
disruptive
power
technologies,
 changes in community or
government attitudes to climate change,
government measures to subsidize renewable
 energy production while reducing subsidies for the fossil fuel industry, efforts to promote divestment of fossil fuel
 equities and pressure from lenders to limit funding to fossil fuel companies could result in further development of
 alternative energy industries
and broader
mainstream acceptance of
alternative energy options
which could result
 in a
material reduction in
the demand for
coal. It
could also result
in reduced access
to capital to
fund our activities
 as lenders and investors divert capital to low emission sectors
of the economy.

 The absence of regulatory certainty,
global policy inconsistencies and direct regulatory impacts
(such as carbon
 taxes or
other charges)
each have
the potential
to adversely
operations—either directly
or indirectly,
 through suppliers and
customers. Collectively, these initiatives and developments could
result in higher
 costs
to
us
or
our
or
lower
the
for
coal
used
in
generation,
which
could
in
turn
 adversely impact our business.
 At present, we
are principally focused on
Met coal production,
which is not
used in connection with
the production
 of
generation.
The
for
our
coal
may
be
if
or
focusing
on
GHG
reductions
are
adopted,
if
they
or
 indirectly impact the Met coal industry,
or if our ability to obtain capital for operations is materially reduced.
 We and
our customers
may also
have to
invest in
carbon-capture, usage
and storage
technologies in
order to
 burn thermal
coal
and
with
GHG
The
direct
and
indirect
 impact on us from future laws, regulations, policies and
technology developments may depend upon the degree
any such
laws, regulations
and developments
force reduced
reliance on
coal as
a fuel
source. Such
 developments
could
in
on
our
or
of
See
 "Business—Regulatory Matters—Australia" and "Business—Regulatory
Matters—United States."
extensive health
and safety
laws and
regulations that
could have
 effect on our reputation and financial condition
 We are subject to extensive laws and regulations governing health and safety at coal
mines in the United States
 and Australia. As a
result of increased stakeholder focus on
health and safety issues (such
as black lung disease
 or
coal
workers'
pneumoconiosis),
there
is
a
risk
of
and
that
may
our
 exposure to claims arising
out of current or
former activities or result in
increased compliance costs (e.g., through
 requiring improved
monitoring standards
or contribution
to an
industry-pooled fund).
Regulatory agencies
also
 have the authority, following
significant health and safety incidents, such as fatalities, to order mining operations
 to be temporarily suspended or
the facility be permanently closed.
For example, on January 12, 2020,
Curragh mine were
temporarily suspended after
a contractor was
fatally injured during
a tire
change activity
 in
the
main
workshop
on
site
and
on
November
21,
2021,
at
our
mine
were
temporarily
 suspended after an employee
was fatally injured while working
in the dragline operations.
If further serious safety
 incidents were to
occur at any
of our mining
facilities in the
future, it is
possible that a
regulator might impose
a
 range
of
on
re-opening
of
a
facility,
requiring
expenditures,
which
could
have
a
 material adverse effect on our reputation, financial
condition and results of operations.
 For
about
the
affecting
us,
see
 Matters—Australia" and "Business—Regulatory Matters
—United States."

2023
 In
times
of
drought
shortage
of
water,
our
and
production,
at
 Curragh, could be negatively impacted if
the regulators impose restrictions on our
water offtake licenses
 that are required for water used in the CPPs.
 In Queensland, all entitlements to the use, control and
flow of water are vested in the state and regulated by
the
 Water Act
2000 (Qld).
Allocations under
the Water
Act 2000 (Qld)
can be managed
by a water
supply scheme
 operator, such as SunWater Ltd. We have purchased the required water allocations for Curragh and
entered into
 a suite of
related channel and pipeline
infrastructure agreements and river supply
agreements with SunWater Ltd
 to regulate the supply of water pursuant to these allocations.
 The amount
of water
that is
available to
be taken
under a
water entitlement
will vary
from year
to year
and is
 determined by
water sharing rules
relevant catchment area.
These rules
will, for
example, state
a procedure
 for water supply scheme holders to calculate
the water available to an allocation holder,
based on available and
 predicted supply.
In situations
of severely
constrained supply
(such as during
a drought),
supply contracts
with
 the scheme operator generally provide for a
reduced apportionment, with certain uses (e.g., domestic use) being
 given higher
priority.
It is
possible that
during times
of drought
our water
offtake entitlements
could
 be reduced. If our water
offtake entitlement was reduced, the operations would have to recycle
more of the water
 collected in
on-site dams
and former
mining pits,
from rainfall
and dewatering
activities, for
use in
 CPP.
This may
impact our
maintain current
production levels
without incurring
additional costs,
which
 could adversely impact our operations and production.
 Economic, Competitive and Industry Risks
 Our
may
be
by
the
on
the
economy
due
to,
among
other
 events, ongoing civil unrest, wars or other significant
geopolitical tensions.
 Geopolitical tensions, ongoing civil unrest and wars can have
a significant impact on global markets, influencing
 both the
and
we sell
export market
cost
or availability
of supplies
we
 consume in producing our coal.

 For example, global markets
are experiencing volatility
and disruption with current
geopolitical tensions and the
 military invasion of
Ukraine by Russia.
This military conflict
led to sanctions
and other penalties
being levied by
 the United States, the European Union and other countries against Russia, including expansive bans on imports
 and exports of products to and from Russia.

 The
and
duration
of
such
conflicts
could
lead
to
disruptions,
volatility
in
 commodity prices, such as
the coal we
sell and diesel fuel
we purchase, instability in
the financial markets, higher
 inflation,
chain
interruptions,
political
and
social
instability
as
well
as
an
in
cyberattacks
and
 espionage.
 Our
profitability
upon
the
prices we
coal.
Prices
for
coal are
volatile
and
can
 fluctuate widely based upon a number of factors beyond
our control.
 We generate
revenue from
the sale
are materially
impacted by
the prices
we
 receive.
Prices
and
quantities
under
Met
coal
sales
in
North
America
are
based
on
 expectations
of
the
next
year's
coal
at
the
time
the
is
into,
renewed,
extended
or
 re-opened. Pricing in the global seaborne market is typically
set on a rolling quarterly average benchmark price.

 Sales by our
U.S. Operations to the
export market are
typically priced with reference
to a benchmark
index. Sales
 by our Australian Operations have typically been contracted on an annual basis and are priced with reference
to
 benchmark indices or bilaterally
negotiated term prices
and spot indices. As
a result, a significant
portion of our
 revenue is
exposed to
movements in
coal prices
and any
weakening in
Met or
thermal coal
prices would
have
 an adverse impact on our financial condition and results
 The expectation of future prices for coal depends upon many factors beyond our
control, including the following:
 •
the current market price of coal;
 •
overall domestic and global economic conditions,
including inflationary conditions and the supply
of and
 demand for domestic and foreign coal, coke and steel;
 •
the consumption pattern of industrial consumers, electricity generators
and residential users;
 •
weather
in
our
that
the
to
Met
coal
or
the
for
 thermal coal;

2023
 •
competition from other coal suppliers;
 •
technological advances affecting the steel production
process and/or energy consumption;
 •
the costs, availability and capacity of transportation infrastructure;
and
 •
the impact
of domestic
and foreign
governmental policy,
laws and
regulations, including
the imposition
 of tariffs, environmental
and climate change
regulations and
other regulations
affecting the
 industry,
including regulations and measures introduced in response
to global pandemics.
 Met coal has
been a volatile
commodity over the
past ten years.
Although coking coal
index prices improved
in
 the second
half of
2023 due
to tight
supply,
on average
coking coal
prices were
significantly lower
than 2022
 when
in
met
coal
was
readjusting
from
the
of
the
Russia
and
Ukraine
war.
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.
 In addition, coal prices are highly
dependent on the outlook for coal consumption in
large Asian economies, such
 as China, India, South Korea and Japan,
as well as any changes in government
policy regarding coal or energy
 in those
countries.
Seaborne
can also
be significantly
impacted by
the
availability
of
 local coal production, particularly in the leading Met coal import countries of China and India, among others, and
 the
competitiveness
of
seaborne
Met
coal
supply,
from
the
leading
Met
coal
exporting
of
 Australia, the United States, Russia, Canada and Mongolia,
among others.

 Demand for our Met coal is significantly dependent on
the steel industry.
 The majority of
the coal that
we produce
is Met coal
that is
sold, directly
or indirectly,
to steel
producers and
is
 used in blast furnaces for steel production. Met coal,
specifically high-quality HCC and low-volatile PCI,
 produced at most of our
assets, has specific physical
and chemical properties, which are
necessary for efficient
 blast furnace operation.
Therefore, demand for
our Met coal is
correlated to demands
of the steel industry.
The
 steel industry's
demand for
is influenced
by a
factors, including:
the cyclical
nature of
that
 industry's business; general economic
and regulatory conditions and demand
for steel; and the availability,
cost
 and preference for substitutes for steel, such as aluminum, composites and plastics,
all of which may impact the
for steel
products.
Similarly,
if
new
steelmaking
technologies
or practices
are developed
that
can
be
 substituted
for
Met
coal
in
the
integrated
steel
mill
process,
then
for
Met
coal
would
be
to
 decrease.
 Although
conventional
blast
furnace
technology
has
been
the
most
large-scale
steel
 technology for a number of years, there can
be no assurance that over the longer term,
competitive technologies
 not reliant on
Met coal would
not emerge,
which could reduce
the demand
and price
premiums for
Met coal.
A
 significant reduction in
the demand for
steel products would
reduce the demand
for Met coal, which
could have
 a material adverse effect on our financial condition
 Additionally, tariffs imposed by the United States on the import of certain steel products may impact foreign steel
 producers
to
the
their
is
imported
States.
Future
tariffs
could
 imports
of
steel
and
U.S.
Met
coal
demand.
This
U.S.
Met
coal
could
be
met
by
 reducing exports of Met coal and redirecting that volume
to domestic consumption.
 The tariffs
established by
States have
prompted retaliatory
tariffs from
key trading
partners, notably
 Europe and China. Any further retaliatory tariffs by these or other countries to these tariffs may limit international
 trade and adversely impact
global economic conditions. We cannot ascertain
the impact, if any, that similar tariffs
 may have
on demand
Met coal.
See "—We
may face
to international
markets in
the
 future."

2023
 We face increasing competition, which could adversely
affect profitability.
 Competition
in
the
coal
is
based
on
many
including,
among
others,
world
supply,
price,
capacity,
coal
and
characteristics,
capability
and
blending
capability,
 brand name
and diversified
operations. We
are subject
to competition
from Met
coal producers
from Australia,
 the United States, Russia, Canada, Mongolia and other Met coal producing countries.
Should those competitors
 obtain a
competitive advantage in comparison
to us (whether
by way of
an increase in
production capacity, higher
 realized
prices,
lower
export/import
tariffs,
being
comparatively
less
as
a
of
 global pandemics or otherwise),
such competitive advantage
may have an adverse
impact on our ability
to sell,
prices at
which we
are able
to sell
coal
products.
some of
our competitors
may have
more
 production capacity as well as greater financial, marketing, distribution and other resources than we do and may
 be subject to less stringent environmental and other regulations
than we are.
 The consolidation
of the global
Met coal industry
in recent years
has contributed
to increased competition,
and
 our competitive
position may
be adversely
impacted by
further consolidation
among
market participants
or by
competitors
entering
into
and
exiting
bankruptcy
proceedings
under
a
lower
cost
structure.
Similarly,
to
international
trade
agreements,
trade
concessions
or
other
political
and
 arrangements may benefit
coal producers operating
in countries
other than the
United States and
Australia. Other
 coal producers may also develop or acquire new projects to increase their coal production, which may adversely
 impact our competitiveness. Some
of our global competitors
have significantly greater financial
resources, such
 that increases in their coal production may affect domestic and foreign Met coal supply into the seaborne market
 and associated prices and impact our ability to retain or
attract Met coal customers. In addition, our ability to ship
 our Met coal to non-U.S.
and non-Australian customers
depends on port and transportation
capacity.
Increased
 competition
the
Met
coal
for
international
sales
could
in
us
not
being
able
to
 throughput capacity at port facilities, as well as transport capacity, and could cause the rates for such services to
 increase to a point where it is not economically feasible to export
our Met coal.
 Increased competition, or a
failure to compete effectively,
in the markets in
which we participate
may result in a
 loss of market share and could adversely affect our financial
condition and results of operations.
 We may face restricted access to international markets
in the future.
 Access to
international markets
ongoing interruptions
and trade
barriers due
to policies
and
 tariffs of
individual countries,
and the actions
of certain interest
groups to restrict
the import or
export of certain
 commodities. There
can be
no guarantee
that tariffs,
import quota
restrictions, bans
trade barriers
will
 not be
imposed (whether
as a
result of
geopolitical tensions
or for
other reasons)
products. We
may or
 may
not
be
able
to
alternate
for
our
coal should
interruptions
and
trade
barriers
occur
in
the
 future. An inability
for Met
coal suppliers
to access
international markets
would likely
an oversupply
of
a decrease
in prices
curtailment of
production, which
could
 adverse effect on our financial condition and results
 If transportation
coal becomes
unavailable or
uneconomic for
our customers,
our ability
to sell
 coal could suffer.
 Our mining operations produce coal, which is transported to customers by a combination of road, rail, barge and
 ship. The
delivery of
coal produced
by our
mining operations
is subject
to potential
disruption and
competition
 from other network users,
which may affect
our ability to deliver
coal to our customers
and may have an impact
 on productivity and profitability.
Such disruptions to transportation services may include,
among others:
 •
disruptions due to weather-related problems;
 •
key equipment or infrastructure failures;
 •
industrial action;
 •
rail or port capacity congestion or constraints;
 •
commercial disputes;
 •
failure to
obtain consents
from third
parties for
access to
rail or
land, or
access being
removed
or not
 granted by regulatory authorities;
 •
changes in applicable regulations;
 •
failure or delay in the construction of new rail or port capacity;
and

2023
 •
terrorist attacks, natural disasters, the impact from global pandemics
or other events.
 Any
such
disruptions,
or
any
deterioration
in
the
reliability
of
by
our
 providers, could
impair our
supply coal
customers, result
in decreased
shipments and
 and adversely affect our results of operations.
 Typically,
we sell coal at the mine
gate and/or loaded into vessels at
the port. While ordinarily our coal
 arrange
and
pay
for
of
coal
from
the
mine
or
port
to
the
point
of
use,
we
have
into
with
third
to
gain
to
and
where
required,
 including road transport organizations, rail carriers and port owners. Where coal is exported or sold other than at
 the mine gate, the costs associated with these arrangements represent a significant portion of both the total cost
 of supplying
coal to
customers and
production costs.
As a
result, the
cost of
transportation is
not only
a
 key factor in our cost base, but also in the purchasing decision of customers. Transportation
costs may increase
 and
we
may
not
be
able
to
pass
on
the
full
of
cost
increases
to
our
For
where
costs
are
connected
to
demand,
costs
may
if
usage
by
us
and
other
 participants increases. Significant
increases in transport
costs due to factors
such as fluctuations in
the price of
 diesel fuel, electricity and demurrage or environmental requirements could make our coal less competitive when
 compared to coal produced from other regions and countries. As the transportation capacity secured
by our port
 and rail agreements is based
on assumed production volumes, we may
also have excess transportation capacity
 (which, in the
case of take-or-pay
agreements, we may
have to pay
for even if
unused) if our
actual production
 volumes are lower
than our estimated production
volumes. Conversely, we may not have
sufficient transportation
 capacity if our actual production volumes
exceed our estimated production volumes, if
we are unable to transport
 the
full
due
to
limitations
or
if
any
deterioration
in
our
relationship
with
brokers
and
 intermediaries results
in a
reduction in
the proportion
purchased FOR
from our
(and a
 corresponding increase in the proportion of coal purchased
FOB).
 Take-or-pay arrangements within the
coal industry could unfavorably affect our profitability.
 Our
port
and
rail
via
take-or-pay
for
 transport, currently with
Aurizon Operations
Limited and Pacific
National Pty Ltd,
to and export
from the Port
of
 Gladstone via two main port terminals, RGTCT and WICET.
At our U.S. Operations, we also have a take-or-pay
 agreement in
Kinder Morgan
Pier IX
in Hampton
Roads, Virginia.
enter
 into other take-or-pay arrangements in the future.
 Where we have entered into take-or-pay contracts, we will generally be required to pay for our
contracted port or
 rail capacity, even
if it
utilized by
us or
other shippers. Although
the majority
take-or-pay arrangements
 provide security over minimum port and
rail infrastructure availability,
unused port or rail capacity can
arise as a
of
varying
unforeseen
circumstances,
insufficient
from
a
given
mine,
a
mismatch
 between the timing of
required port and rail
capacity for a
mine, or an inability
to transfer the used
capacity due
 to contractual limitations, such as
required consent of the provider of
the port or rail services,
or because the coal
 must emanate from specified
source mines or
be loaded onto trains
at specified load
points. Paying for
unused
could
and
our
cost
structures
and
performance.
See
 Item 7. "Management's Discussion and
Analysis of Financial
Condition and Results of
Operations" for a
summary
 of our expected future obligations under take-or-pay arrangements
as of December 31, 2023.
 A decrease in
the availability
or increase
in costs of
key supplies, capital
equipment, commodities
and
 purchased components,
diesel fuel,
steel, explosives
and tires
could materially
and adversely
 affect our financial condition and results of operations.
 Our mining operations require a reliable
supply of large quantities of fuel,
explosives, tires, steel-related products
roof
materials),
lubricants
and
electricity.
The
we
pay
for
commodities
are
strongly
 impacted by the global
market. In situations where
we have chosen to
concentrate a large portion
of purchases
 with one supplier, it has been to take
advantage of cost savings from larger volumes of
purchases and to support
 security of supply.
If the cost
of any of
these key supplies
or commodities increased
significantly,
or if a
source
 for these supplies or mining equipment was unavailable to meet our replacement demands our profitability could
 be reduced or we could experience a delay or halt in
our production.
 Prices
for equipment,
materials,
supplies
and employee
labor
contractor
increased during
2023,
and
 could
continue
to
in
2024
and
beyond.
Long-term
pressures
may
in
such
 continuing to
more quickly
than expected.
Inflation increases
costs for
materials, labor
and services,
 and we
unable to
secure these
resources on
economically acceptable
terms or
offset such
costs with
 increased revenues, operating efficiencies,
or cost savings, which may adversely
impact our financial condition,
 results of operations, liquidity,
and cash flows.

2023
 Our coal production and production costs can be materially and adversely impacted by unexpected shortages or
 increases in the costs of consumables, spare parts,
plant and equipment. For example, operation
of the thermal
 dryer located at
the CPP at
Buchanan is dependent
upon the delivery
of natural gas
and there is
currently only
 one
natural
gas
supplier
in
the
area,
an
affiliate
of
CONSOL
Energy.
Although
we
have
into
a
gas
 purchase agreement with CONSOL Energy,
this agreement can be terminated by CONSOL
Energy on 30 days'
 notice and any delay
or inability to negotiate
a replacement agreement
would impact our costs
of production as
 we would need to change our processing method at Buchanan.
 Our
and
of
may
be
by
 pandemics or other widespread public health concerns.
 Global pandemics
widespread
public health
concerns could
have an

 International, federal, state and local public health and governmental authorities' mandates in response to global
 pandemics could require forced
shutdowns of our mines
and other facilities
in Australia and the
U.S. for extended
 periods, restrict movement and the implementation of social distancing
protocols and restrict travelling overseas
 or
across
borders
interstate),
affecting
a
of
our
normal
practices
and
 These
restrictions
could
cause
disruptions
to
manufacturing
and
chains
 around the world.

 The extent and duration of the impact
that global pandemics and other public
health concerns could have in our
 business and results of operations will depend on numerous factors out of our control that we may not
be able to
 accurately predict
and could
also heighten
other risks
this "Item
1A. Risk
Factors" section,
which
 could have a material adverse impact in our business and results
 Defects in
title or
loss of
any leasehold
interests in
our properties
could limit
our ability
to mine
these
 properties or result in significant unanticipated costs.
 In Queensland,
where all
are carried
out, exploring
or mining
for coal
is unlawful
 without a tenement granted by the Queensland
government. The grant and renewal of tenements
are subject to
 a regulatory regime and each
tenement is subject to certain
conditions. There is no certainty
that an application
 for the grant of a
new tenement or renewal
of one of the
existing Tenements
at Curragh will be
granted at all or
 on
satisfactory
terms
or
timeframes.
Further,
the
attached
to
the
Tenements
may
 change at the time they are renewed. There is
a risk that we may lose title to
any of our granted Tenements if we
 fail to comply with
the Tenement
conditions and other
applicable legislative requirements
(including payment of
 State
royalties)
or
if
the
land
that
is
to
the
title
is
for
purposes.
The
Tenements
have
 expiration dates ranging from
May 31, 2024 to July
31, 2044 and, where renewal
is required, there is a
risk that
 the Queensland government may change the terms and conditions
of such Tenement
upon renewal.
 In
the
title
to
a
and
is
prior
to
and
 developing a property. In some cases,
we rely on title information or representations and warranties provided by
 our lessors, grantors
or other third
parties. Our right
to mine some
of our reserves
may be adversely
affected if
 defects in
title or
boundaries
exist or
if a
lease expires.
Any challenge
title or
leasehold interests
could
 delay the exploration and development of the property and could ultimately result in the loss of some
or all of our
 interest in the property and, accordingly, require us to reduce our estimated coal
reserves. In addition, if we mine
 on property that we do not
own or lease, we could incur
civil damages or liability for
such mining and be subject
 to conversion, negligence,
trespass, regulatory sanction
and penalties. Some
leases have minimum
 requirements or require us
to commence mining operations in
a specified term to
retain the lease. Failure
to meet
 those requirements
could result
in losses of
prepaid royalties
and, in some
rare cases,
could result
in a loss
of
 the lease itself.
 In
the
we
predominantly
our
with
a
range
of
private
 landholders.
If
a
default
under
a
lease
for
on
which
we
have
resulted
in
the
 termination of the
applicable lease,
have to suspend
mining or significantly
alter the sequence
of such
 mining operations, which may adversely affect our
future coal production and future revenues.
 To
or
to
conduct
our
U.S.
on
where
defects
exist
or
to
 negotiate extensions or amendments
to existing leases, we
may in the future have
to incur unanticipated costs.
 In addition, we may
not be able
to successfully negotiate new leases
or mining contracts for
properties containing
or
our
in
where
we
have
not
commenced
 operations during the term of the lease.

2023
 A defect in our title or the loss of any lease or Tenement
upon expiration of its term, upon a default or otherwise,
 could adversely affect our ability to mine the associated
reserves or process the coal we mine.
be unable
to obtain,
renew or
maintain permits necessary
operations, which
would reduce
 coal production, cash flows and profitability.
 Our performance
and
depend
on, among
other things,
being able
to
obtain on
a timely
basis,
and
 maintain,
all
approvals,
any
approvals
arising
under
laws,
 environmental regulations and
other laws, for our
current operations, expansion
and growth projects. Examples
 of regulatory
approvals that
we must
obtain and
maintain include
mine development
approvals, environmental
 permits and, in
Australia, tenure and approvals
relating to native
title and indigenous cultural
heritage. In addition,
 our operations depend
on our ability
to obtain and
maintain consents from private
land owners and
good relations
 with local communities.
 The requirement
and maintain
approvals and
address potential
and actual
issues for
former,
 and future
is common
to all
companies
coal sector.
there is
no assurance
or
 guarantee that we
will obtain,
secure, or be
able to maintain
any or all
of the required
consents, approvals
and
 rights necessary to maintain our current
production profile from our existing
operations or to develop our
growth
in a
manner
which
will result
in
profitable
achieve
our long-term
 targets. The permitting rules, and
the interpretations of these rules,
are complex, change frequently and
are often
 subject to the interpretation of the regulators that
enforce them, all of which may make compliance more
difficult
 or impractical,
possibly preclude
the continuance
of ongoing
operations or
the development
of future
 mining operations. Certain
laws, such as
the SMCRA, require
that certain environmental
standards be met
before
 a
is
issued.
The
public,
non-governmental
organizations,
anti-mining
groups
and
individuals,
 have certain
statutory
to comment
upon and
submit
objections to
requested
permits and
 impact statements.
These comments
are prepared
in connection
with applicable
regulatory processes,
 public may otherwise engage
in the permitting
process, including bringing
lawsuits to challenge the
issuance of
 permits, the
validity or
adequacy of environmental
impact statements or
performance of mining
activities. In
 where we operate, applicable
laws and regulations
also provide that
a mining permit
or modification can,
under
circumstances,
be
delayed,
refused
or
revoked
if
we
or
any
entity
that
owns
or
or
is
under
or
with
us
have
unabated
violations
or
have
been
the
of
or
 reclamation bond revocation or suspension. Thus, past or ongoing violations of federal and state mining laws
by
 us or such entity could provide a basis
to revoke existing permits and to
deny the issuance of additional permits
 or modification
or amendment
of existing
permits. In
recent years,
the
required for
has
 been the subject of increasingly stringent regulatory and
administrative requirements and extensive activism and
 litigation
by
groups.
If
this
trend
continues,
it
could
and
our
 operations, development
and expansion
and cost
structures, the
transport of
coal and
our customers'
 use coal produced
by our mines,
which, in turn,
could have
adverse effect
on our financial
 and results of operation.
 In particular,
certain of
our activities
require a
dredge and
fill permit
USACE under
Section 404 of
the
 CWA. In
recent years, the
Section 404 permitting
process has
been subject to
increasingly stringent
 and administrative
and a
series of
court challenges,
which have
resulted in
increased costs
and
 delays in the permitting process. In addition, in 2015, the EPA and the USACE issued the CWR, under the CWA
 that would
further expand
the circumstances
when a
Section 404 permit
is needed.
The CWR
subject of
 extensive ongoing litigation and
administrative proceedings, as
a result of which the
CWR has been enjoined
in
West
Virginia)
and
reinstated
in
others
and
Pennsylvania),
and
its
 current and future impact on our operations are the subject of significant uncertainty. On April 21, 2020, the EPA
USACE
published
the NWPR,
replacing
the
CWR. The
NWPR
revises
the definition
of
waters
of
the
and replaces
the CWR.
The NWPR
shrinks the
agencies' jurisdiction,
particularly as
it relates
to
 tributaries and adjacent waters, such
as wetlands, that were previously
covered by the definition under
the CWR.
 The NWPR
went into
on June
22, 2020.
States and
groups have
filed challenges
 NWPR in various federal
district courts.
We cannot at this time
predict how this rule
will be enforced in
the future.
 Additionally, we may rely on nationwide permits under
the CWA Section 404 program for some
of our operations.
 These nationwide permits are issued every
five years, and the 2017 nationwide permit
program was reissued in
 January 2017. If
we are unable
to use the
nationwide permits
and require an
individual permit
for certain work,
 that could delay operations.
 If we
are unable
and maintain
the approvals,
consents and
rights required
current and
or if
we obtain
approvals subject
to conditions
or limitations,
the
viability of
the relevant
 projects may be
adversely affected,
which may in
turn result in
the value of
the relevant assets
being impaired,
 which could have a material adverse effect
on our financial condition and results of operations.

2023
 A
shortage
of
skilled
labor
in
the
could
pose
a
risk
to
achieving
improved
labor
 productivity.
 Efficient coal mining using modern techniques and equipment requires
skilled workers, preferably with at least a
 year of experience and proficiency in multiple
mining tasks. Any reduced availability or future
shortage of skilled
 labor in the
Australian and U.S.
mining industries could
result in us
having insufficient
personnel to operate
our
 business, or expand
production, particularly
in the event
there is an
increase in the
demand for our
coal, which
 could adversely affect our financial condition and results
 Operational and Technology
Risks
 Risks inherent to mining operations could impact the amount of coal produced,
cause delay or suspend
 coal deliveries, or increase the cost of operating our
business.
 Our
exploration,
development,
preparation,
product
and
accessing
 transport infrastructure,
may be affected
by various operational
difficulties that
could impact the
amount of coal
 produced at our coal mines, cause
delay or suspend coal deliveries, or increase
the cost of mining for a varying
 length of time.
Our financial performance
is dependent
on our ability
to sustain or
increase coal production
and
 maintain or increase operating margins. Our coal production and production costs are, in
many respects, subject
 to conditions and events beyond our control, which could disrupt our operations
and have a significant impact on
 our financial results. Adverse operating conditions and
events that we may have experienced in the past
or may
 experience in the future include:
 •
a failure to achieve the Met coal qualities or quantities
anticipated from exploration activities;
 •
variations in
conditions from
those anticipated,
variations in
coal seam
 thickness and quality,
and geotechnical conclusions;
 •
operational and technical
difficulties encountered in mining,
including equipment failure,
delays in moving
 longwall equipment, drag-lines and other equipment and maintenance
or technical issues;
 •
adverse weather conditions
or natural or
man-made disasters, including
hurricanes, cyclones, tornadoes,
 floods, droughts, bush
fires, seismic activities,
ground failures, rock
bursts, structural cave-ins
or slides
 and other catastrophic events (such as global pandemics);
 •
insufficient or unreliable infrastructure, such as power,
water and transport;
 •
industrial and
environmental accidents,
releases of
mine-affected water
and diesel
spills (both
 of which have affected our Australian Operations
in the past);
 •
industrial disputes and labor shortages;
 •
mine safety accidents, including fatalities, fires and explosions
from methane and other sources;
 •
competition
and
conflicts
with
other
natural
extraction
and
 overlapping operating areas, such as natural gas extraction
or oil and gas development;
 •
unexpected shortages, or increases in the costs, of consumables,
spare parts, plant and equipment;
 •
cyber-attacks that could disrupt systems we rely on for
our operations; and
 •
security breaches or terrorist acts.
 If any
foregoing conditions
or events
occurs and
mitigated or
excusable as
a force
majeure event
 under
our
coal
sales
contracts,
any
on
our
part
to
deliver
coal
to
the
purchaser
under
such
could
in
penalties,
demurrage
suspension
or
cancellation
of
shipments
or
 ultimately termination
of such
contracts, which
could
material adverse
financial condition

2023
 Our U.S.
Operations are
concentrated in
a small
mines in
the CAPP
 include one
mine in
the Bowen
Basin of
Australia. As
a result,
the effects
of any
conditions or
 may be exacerbated and may have a disproportionate
impact on our results of operations and assets. Any such
or
could
also
in
disruption
to
key
 located at or serving our mining activities, as well as the infrastructure that
supports freight and logistics). These
 conditions and events could
also result in the
partial or complete closure
of particular railways, ports or
 inland waterways
or sea
passages, potentially
resulting in
higher costs,
congestion, delays
or cancellations
on
 some
routes.
Any
of
these
or
could
our
and
of
 Our long-term
success depends
upon our
continue discovering,
or acquiring
and developing
 assets containing, coal reserves that are economically
recoverable.
 Our recoverable reserves decline
as we produce coal.
Our long-term outlook depends
on our ability to maintain
 a commercially viable portfolio of coal reserves that are economically recoverable. Failure to acquire or discover
 new coal reserves or
develop new assets could negatively
affect our financial condition and
results of operations.
 Exploration activity may occur adjacent to established
assets and in new regions. These activities
may increase
 land tenure,
and related
political risks.
Failure to
discover or
acquire new
coal reserves,
replace
 coal reserves or develop new assets or operations in sufficient quantities to maintain or grow the
current level of
 reserves could negatively affect our financial condition
 Potential changes to our portfolio of assets through acquisitions and divestments may have an adverse effect on
 future results
of operations
and financial
condition. From
time to
time, we
may add
assets to,
or divest
 from, our portfolio. There are a number of risks associated with historical
and future acquisitions or divestments,
 including, among others:
 •
adverse market
reaction to
such acquisitions
and divestments
timing or
terms on
which acquisitions
 and divestments are made;
 •
imposition of adverse regulatory conditions and obligations;
 •
geopolitical risks;
 •
commercial objectives not being achieved as expected;
 •
unforeseen liabilities arising from changes to the portfolio;
 •
sales revenues and operational performance not meeting
expectations;
 •
anticipated synergies or cost savings being delayed or not
being achieved; and
 •
inability to retain key staff and transaction-related costs
being more than anticipated.
 These factors could materially and adversely affect
our financial condition and results of operations.
 We rely
on estimates
recoverable resources
and reserves,
which are
complex due
to geological
 characteristics of the properties and the number of
assumptions made.
 We rely on estimates of our recoverable resources and reserves.
In this Annual Report on Form 10-K, we report
 our estimated resources
and reserves in
accordance with
subpart 1300
of Regulation S-K
under the Exchange
 Act. See Item
2. "Properties."
Subpart 1300 of
Regulation S-K requires
us to disclose
our mineral resources,
in
 addition to
our mineral reserves.
as an
ASX-listed company, our ASX disclosures
follow the Australian
 Code
for
Reporting
of
Exploration
Results,
Mineral
and
Ore
Reserves
2012,
or
the
JORC
Code.
 Accordingly,
our estimates
of resources
and reserves
in this
10-K and
in other
reports
 that
we
are
to
file
with
the
SEC
may
be
different
than
our
of
and
as
 reported in our ASX disclosures.
 Coal
is
economically
when
the
price
at
which
it
can
be
sold
exceeds
the
costs
and
of
and
selling
the
coal.
The
costs
and
of
and
selling
the
coal
are
on
a
 mine-by-mine basis, and as a result, the price at which our coal is economically recoverable varies based on the
 mine. We
base our resource
and reserve
information on geologic
data, coal ownership
information and current
 and
mine
plans,
and
cost
may
be
by
in
mine
planning
or
 scheduling over
time. There
are numerous
uncertainties
inherent in
estimating
quantities
and qualities
 and
costs
to
mine
many
our
There
are
 uncertainties and risks associated with such estimates, includi
ng:

2023
 •
geologic and mining conditions,
which may not be
fully identified by available
exploration data and may
 differ from our experience and assumptions in areas
we currently mine;
 •
and
for
coal,
arrangements,
costs
and
 expenditures;
 •
severance and
excise
taxes,
unexpected
taxes, royalties
,
stamp
duty and
 and reclamation costs;
 •
future mining technology improvements;
 •
the effects of regulation by governmental agencies;
 •
the ability to obtain, maintain and renew all required permits;
 •
employee health and safety; and
 •
historical production from the area compared with production from
other producing areas.
 Except
for
that
portion
of
as
do
not
have
 demonstrated economic value. Even
if a mineral
resource exists, there can
be no assurance that
any part of
such
 mineral resource will ever be converted to mineral reserves.
 In addition, estimates of coal resources and reserves are revised based on actual production experience, and/or
 new exploration
information and therefore
the estimates
of coal resources
and reserves
are subject to
change.
 Should we
encounter geological
conditions or
qualities different
from those
predicted by
past drilling,
sampling
 and similar examinations, estimates
of coal resources and reserves
may have to be adjusted
and mining plans,
 coal processing and infrastructure may have to be
altered in a way that might adversely affect our operations. As
 a result, our estimates may not accurately reflect our actual future coal
resources and reserves.
 As
a
the
quantity
and
of
the
coal
that
we
recover
may
be
less
than
the
and
 estimates included in
this Annual Report
on Form 10-K.
If our actual coal
resources and reserves
are less than
 current estimates,
rate at
which they
are recovered
is less
than estimated
or results
in higher
than estimated
 cost, our financial condition and results of operations may
be materially adversely affected.
 Our
profitability
could
be
by
the
of
outside
contractors
to
 perform.
 We use
contractors and
other third
parties for
exploration, mining
services generally,
and are
reliant
 on several
third parties
success of
our current
operations and
the development
growth projects.
 While
this
is normal
for
the
industry,
problems
caused
by third
may arise,
which
may
have
an
 impact on our performance and operations. In particular, the majority of workers at our
Australian Operations are
 employed by contractors, including Thiess Pty Ltd and
Golding Contractors Pty Ltd.
at
our
mines
may
be
interrupted
for
an
extended
in
the
event
that
we
lose
any
of
our
key
 contractors (because their
contract is terminated or
expires) and are required
to replace them. There
can be no
 assurance that skilled third parties
or contractors will continue
to be available at reasonable
rates. As we do not
 have the
same control
over contractors
as we
do over
employees, we
are also
exposed to
risks related
 quality or
continuation of
the services
of, and
the equipment
and supplies
used by,
our contractors,
as
 risks related
compliance of our
contractors with environmental
and health and
safety legislation and
 policies, standards and
processes. Any failure
by our key
contractors to comply
with their obligations
under our
 operating agreements with
them (whether as a
result of financial, safety
or operational difficulties
or otherwise),
 any
or
breach
of
our
by
our
contractors,
any
protracted
dispute
with
a
 contractor, any inability to perform due to global pandemics or other health concerns,
any material labor dispute
our
contractors
and
their
or
any
major
labor
by
those
our
 contractors, could have a material adverse effect
on our financial condition and results of operations.
 Further, in
periods of high
commodity prices, demand
for contractors may
exceed supply resulting
in increased
 costs or lack
of availability
of key contractors.
Disruptions of
operations or
increased costs also
can occur as
a
 result of disputes with contractors or a shortage
of contractors with particular capabilities. To
the extent that any
 of the foregoing risks were to materialize, our operating
results and cash flows could be adversely affected.

2023
 Our inability to replace or
repair damaged or destroyed
equipment or facilities in
a timely manner could
 materially and adversely affect our financial condition
 We depend on several
major pieces of mining
equipment and facilities to
produce and transport coal,
including,
 but
not
limited
to,
longwall
systems,
miners,
draglines,
dozers,
excavators,
shovels,
haul
 trucks, conveyors,
CPPs and
rail loading
and blending
facilities. Obtaining
and repairing
these major
pieces of
 equipment often involves long lead
times. If any of these
pieces of equipment and facilities suffers major
damage
 or is destroyed by fire,
abnormal wear and tear,
flooding, incorrect operation or
otherwise, we may be unable
to
 replace or repair them in a timely manner or at a reasonable cost, which would impact our ability
to produce and
coal
and
could
and
our financial
and
of
Our
 ability to replace or
repair damaged or destroyed
equipment or facilities
may also be dependent
on suppliers or
 manufacturers remaining operational and having the relevant equipment, work force or services available for us.
 Suppliers
and
manufacturers
unable
to
such
work
force
or service
for
a
range
of
 reasons, including but not limited to their business suffering
adverse effects as a result of global pandemics.

 Additionally, regulatory agencies sometimes make changes with regard to requirements for pieces of
equipment.
 Such changes can impose costs on us and can cause delays if manufacturers and suppliers are unable to make
 the required changes in compliance with mandated deadlines.
 Our
operate effectively
could
be impaired
if we
lose key
or fail
to
attract qualified
 personnel.
 The loss of key personnel and the failure to recruit sufficiently qualified staff
could affect our future performance.
 We have entered into employment
contracts with a number of
key personnel in Australia
and the United States,
 including our
Managing
and
Chief
Executive
Officer,
Douglas
Thompson,
our Group
Chief
Operating
 Officer, Jeffrey Bitzer and our Group
Chief Financial Officer and Head
of Marketing and Strategy, Gerhard Ziems.

 Mr. Thompson's,
Mr. Bitzer's and Mr. Ziems' expertise and experience in the mining industry are important to
the
and
of
our
interests.
there
is
no
that
such
 personnel will
remain with
us for
the term
of their
employment contracts
or beyond.
Although all
our Australian
 based employees
have contracts
of employment,
United States,
we have
not entered
into employment
with
any
of
our key
(other
than
Mr. Bitzer,
Mr.
Christopher
Meyering,
our
Vice
President,
 Chief Legal
Officer and
Mr.
Brett Holbrook,
our Vice
President Operations
U.S.), meaning
do not
have
 the benefit of notice provisions or non-compete restraints with these employees. There may be a limited number
 of persons with the requisite experience and
skills to serve in our senior management
positions. We may not be
 able to
locate
or employ
qualified executives
on acceptable
terms.
In
as
our business
develops
and
 expands,
we
that
our
success
will
depend
greatly
on
our
to
attract
and
retain
 highly skilled personnel with coal
industry experience in Australia and
the United States. We may
not be able to
 continue to
employ
key personnel
or attract
and retain
future. The
loss of
such
key
failure to
recruit sufficiently qualified
employees may affect
our business and
future performance.
 We may not have adequate insurance coverage
for some business risks.
 We have insurance coverage for certain
operating risks that provide limited coverage
for some potential liabilities
 associated with our
business. As
a result of
market conditions, premiums
and deductibles for
certain insurance
 policies
can
substantially,
and
in
some
instances,
may
become
unavailable
or
 available only for reduced amounts of coverage. As a result, we may not be able
to renew our existing insurance
 policies or
procure
other
desirable
on commercially
terms,
if at
all. In
we
may
 become subject
to liability
(including in
relation to
pollution, occupational
illnesses
hazards),
or suffer
 loss resulting from
business interruption, for
which we are
not insured (or
are not sufficiently
insured) or cannot
 insure, including liabilities in respect of past activities.
 Should we suffer a major
uninsured loss, future financial
performance could be materially
adversely affected. In
 addition, insurance may not
continue to be available
at economically acceptable
premiums or coverage may
be
 reduced. As
a result,
the insurance
coverage
may not
cover the
full scope
and extent
of claims
against us
or
 losses we
may incur.
The occurrence
of a
adverse event
not fully
or partially
covered by
 could have a material adverse effect on our financial
condition and results of operations.

2023
 Cybersecurity
attacks
and
other
crises
or
disruptions
may
negatively
our
 Our
by cybersecurity
attacks
or failures.
Strategic
targets,
such
as
energy-related
 assets, may
be at greater
risk of
cybersecurity attacks
than other targets
in the United
States or
Australia. Our
 insurance may
not protect
us against
such occurrences.
It is
possible that
any such
occurrences could
 material adverse effect on our business, financial
condition and results of operations.
 In addition, a disruption in,
or failure of, our information
technology systems could adversely affect
our business
and
performance.
We
rely
on
the
accuracy,
and
of
our
 technology,
or IT,
systems for the operations
of many of our
business processes and to
comply with regulatory,
 legal and tax
requirements. While
we maintain
some of
our critical IT
systems, we
are also dependent
on third
to
important
IT
to,
among
other
things,
human
resources,
electronic
 communications
and
finance
functions.
Despite
the
measures
that
we
have
implemented,
 including those
related to cybersecurity, our systems
could be breached
or damaged by
computer viruses, natural
 or man-made
incidents or
disasters or
unauthorized physical
or electronic
access. Though
we have
controls in
 place, we cannot provide assurance that a cyber-attack
will not occur.

 Furthermore, we may
have little or
no oversight with
respect to security
measures employed by
third-party service
 providers, which may ultimately prove to be ineffective at countering threats. Failures of our IT systems, whether
 caused
maliciously
or inadvertently,
may
in
the
disruption
of
our
processes,
the
unauthorized
 release
of
sensitive,
confidential
or
protected
or
the
corruption
of
data,
which
could
 adversely affect our
business operations and
financial performance. We may
be required to
incur significant costs
 to protect against and remediate the damage caused by
such disruptions or system failures in the future.
 Financial and Strategic Risks
 The loss
of, or
significant reduction
in, purchases
by our
largest customers
could adversely
 revenues.
 A significant portion of the sales of our Met coal is to
customers with whom we have had long-term relationships.
 The success of our business depends on our
ability to retain our current customers, renew our existing customer
and
solicit
new
Our
to
do
so
on
a
variety
of
 having our mines
operational, having the type
and quantity of
coal available, the quality
and price of
our products,
 our ability to market these products effectively, our ability to deliver on a timely basis and the level of competition
 that we face.
 In addition, our
sales contracts
generally contain
provisions that
allow customers
to suspend or
terminate if
we
 commit a material breach of the terms of the contract, a change in law
restricts or prohibits a party from carrying
 out its
material obligations
contract or
adverse change
occurs in
our financial
standing or
 creditworthiness. If customers suspend
or terminate existing contracts,
or otherwise refuse to accept
shipments
 of our Met
coal for which
they have an
existing contractual
obligation, our revenues
will decrease, and
 have to reduce production at our mines until our customers'
contractual obligations are honored.
 For the
2023, our
top ten
customers comprised
74.2% of
our total
revenue and
our
 top five customers comprised
53.3% of our total revenue. For the year ended December
31, 2023, sales to Tata
 Steel and AcelorMittal represented
20.5% and 10.0%,
respectively, of our total revenue. The
majority of our
sales
 are made
on
a spot
basis
or under
with
terms
of typically
one
year.
The
to
 customers or the
loss of all
or a portion
of the revenues
attributable to any
customer as a
result of competition,
 creditworthiness,
inability
to
negotiate
extensions,
replacement
of
or
the
of
the
 pandemics, or otherwise, may adversely affect our
business, financial condition and results of operations.
 If our ability
to collect
payments from
customers is
impaired, our
revenues and
operating profits
could
 suffer.
 Our
to
for
coal
sold
and
delivered
will
depend
on
the
creditworthiness
and
 contractual performance of our customers and counterparties. For certain customers, we require the provision of
 a letter of credit as
security for payment. The inability of key customers
to procure letters of credit (due
to general
 economic conditions or the
specific circumstances of the
customer) may restrict our
ability to contract with such
 customers or result in fewer sales contracts being executed, which could materially adversely affect our financial
 condition and results of operations. For certain of our large customers
in Australia who have not provided letters
 of
or
other
form
of
security,
we
an
policy
to
cover
for
any
in
payment.
This
 insurance coverage, however,
may not cover the full scope
and extent of losses we
may incur as the result
of a
 payment default or otherwise.

2023
 If a customer
does not
pay amounts
due in
a timely
manner,
decide to sell
the customer's coal
 spot market, which may be
at prices lower than the contracted
price, or we may be unable
to sell the coal at all.
 If our customers' or counterparties' creditworthiness deteriorates,
our business could be adversely affected.

 Changes in credit
ratings issued by
nationally recognized statistical
rating organizations could
 affect our cost of financing and the market price
of our securities.

 Credit rating agencies
could downgrade our ratings
due to factors specific
to our business,
a prolonged cyclical
 downturn in the
mining industry or
macroeconomic trends
(such as global
or regional recessions)
and trends in
 credit and
capital markets
more generally.
Any decline
in our credit
ratings would
likely result
in an
increase to
 our cost of financing, limit our access to the capital markets, significantly harm our financial condition and results
 of operations,
hinder
our ability
to refinance
indebtedness
on
acceptable
terms
and
have an
 effect on the market price of our securities.
 Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our
 businesses, which could
prevent us
from fulfilling our
obligations under our
senior secured notes,
senior
 secured asset-based revolving
credit agreement in
an initial
aggregate principal amount
of $150.0
 or
the
New
ABL
and
other
debt,
and
we
may
be
forced
to
take
other
actions
to
satisfy
our
 obligations under our debt, which may not be successful.
 As
of
31,
2023,
we
had
$242.3
of
our
senior
notes
 outstanding. As of December 31, 2023, the
letter of credit sublimit had been partially used
to issue $21.9 million
 of bank guarantees on behalf of the Company and no amounts were drawn under the revolving credit sublimit of
 the New ABL Facility.
As of December 31, 2023,
the available borrowing
capacity under this facility
was $128.1

 We dedicate a
portion of our
cash flow from
operations to the
payment of debt
service, reducing the
availability
 of our cash flow
to fund capital expenditures,
acquisitions or strategic
development initiatives and
other general
 corporate purposes. Our ability to make scheduled payments on or to refinance our debt obligations depends on
 our ability to
generate cash in
the future and our
financial condition and operating
performance, which are subject
 to prevailing economic and competitive
conditions and to certain
financial, business and other factors
beyond our
 control. There can be no assurance that we
will maintain a level of cash flows from
operating activities sufficient
 to permit us to pay the principal, premium, if any,
and interest on our debt. In addition, any failure to comply
with
 covenants in the
instruments governing
our debt could
result in an
event of default
that, if not
cured or
waived,
 would have a material adverse effect on us.
 Our
level
of
indebtedness
could
have
consequences,
including,
but
not
limited
to,
increasing
our
 vulnerability to adverse
economic or industry
conditions, placing us
at a competitive
disadvantage compared
to
 other businesses in
the industries in
which we operate
not as leveraged
and that may
be better positioned
 to withstand
economic downturns,
limiting our
flexibility to
plan for,
or react
to, changes
in our
businesses and
 the industries in which we operate, and requiring us to refinance all or a portion of our existing debt. We may not
 be
able
to
refinance
on
commercially
terms
or
at
all,
and
any
refinancing
of
our
debt
could
be
at
 higher interest rates
and may require
us to comply
with more onerous
covenants, making it more
difficult to obtain
 surety bonds, letters of credit or
other financial assurances that may be
demanded by our vendors or regulatory
 agencies, particularly during periods in which credit markets
are weak.
 If
we
are
unable
to
our
debt
obligations,
we
could
face
substantial
liquidity
problems
and
we
may
be
 forced to
reduce or delay
investments and capital
expenditures, or to
sell assets, seek
additional capital, including
 additional secured or unsecured debt, or restructure or refinance our debt, and we may be unable to continue as
 a going concern.
We may be
unable to consummate
any proposed asset
sales or recover
the carrying value
of
 these assets,
and
any proceeds
may
not
be adequate
to
meet
any
debt
then
due.
Any
of
 these
examples
could
have
a
on
our
of
profitability,
 stockholders' equity and capital structure.
 Our ability to service
our debt obligations
could be impacted
by the consummation
of the SGI Transaction.
See
 "—Consummation of the
proposed SGI Transaction may constitute
a change of
control under our
Senior Secured
 Notes Indenture
which could
materially and
our business,
 condition and results of operations."

2023
 We
adjust
our
structure
from
time
to
time
and
may
need
to
our
debt
leverage,
which
 would make us more sensitive to the effects of
economic downturns.
 It is possible
may need
to raise
additional debt
or equity funds
in the future.
Our New
and
 operating cash flows
may not be adequate
to fund our ongoing
capital requirements,
for any future acquisitions
 or projects or to
refinance our debt. There
is no guarantee that
we will be able to
refinance our existing
debt, or
 if we do, there is no guarantee that such new funding will be
on terms acceptable to us.
 Global credit markets have been severely constrained in the
past, such as during a global financial crisis and the
 European sovereign
debt crisis,
and during
the
COVID-19
pandemic,
and
the ability
new funding
or
 refinance in
significantly reduced.
If we
are unable
sufficient funding,
either due
to
 banking and
capital market
conditions, generally,
or due
to factors
specific to
our
business, we
may not
have
 sufficient cash to meet our
ongoing capital requirements, which
in turn could materially and
adversely affect our
condition.
Failure
to
sufficient
could
cause
delays
or
abandonment
of
 development plans and have a material adverse effect
on our business, operations and financial condition.
 In
recent
institutions,
managers
and
companies
globally
have
 responded to pressure
to take actions
to limit or
divest investments in,
financing made available
to, and insurance
 coverage
for,
the
of
new
power
plants
and
coal
miners
that
derive
 from thermal
coal sales.
For example,
recently,
some financial
institutions publicly
announced that
they would
 stop funding new thermal coal projects or would
otherwise reduce their overall lending
to coal producers. These
 or similar
policies
may adversely
generally,
our ability
to
capital and
 markets in the future, our costs of capital and the future
global demand for coal.
 Our business may require substantial ongoing capital
expenditures, and we may not have access to
the
 capital required to reach full productive capacity at our
mines.
 Maintaining
and
expanding
mines
and
is
intensive.
Specifically,
the
exploration,
and
of
Met
coal
the
of
machinery,
and
and
with
laws
and
expenditures.
Any
 decision to increase
production at our existing
mines or to
develop the high-quality Met
coal recoverable reserves
development properties in
could also affect
our capital
needs or
cause future
capital expenditures
 to be higher than in the past and/or higher than our estimates. We cannot assure that we will be able to maintain
 our production
levels or
generate sufficient cash
flow, or that
we will
have access
to sufficient financing
to continue
 our
production,
exploration,
and
at
or
above
our
levels
and
on
our
 current or projected
timelines, and we
may be required
to defer all
or a portion
of our capital
expenditures. Our
 results of
operations, business
and financial
condition may
be materially
adversely affected
if we
cannot make
 such capital expenditures.
 To
fund our
capital expenditures,
we will
be required
to use
cash from
our operations,
incur debt
or raise
new
 equity.
Our ability
bank financing
or our
access the
capital markets
for future
equity or
debt
 offerings, on the other hand, may
be limited by our financial
condition at the time of any
such financing or offering
covenants in
our existing
debt agreements,
as by
general economic
conditions, contingencies
 and uncertainties that
are beyond
our control. If
cash flow generated
by our operations
or available borrowings
 under our
bank financing
arrangements are
insufficient to
meet our
capital requirements
and we
are unable
to
the
on
acceptable
terms
or
at
all,
we
could
be
forced
to
curtail
the
expansion
of
our
 existing mines and the development of
our properties which, in turn, could
lead to a decline in
our production and
 could materially and adversely affect our business,
 Risks
to
our
in
WICET
may
our
and
of
a minority
interest in
WICET Holdings
Pty Ltd,
whose wholly
owned subsidiary,
Wiggins Island
Coal
 Export Terminal
Pty Ltd, or WICET Pty Ltd, owns WICET. Other coal producers who export coal through WICET
 also hold
in
WICET
Holdings
Pty Ltd.
we
other coal
producers (or
shippers)
have
 evergreen, ten
year take-or-pay
agreements with
WICET Pty
Ltd and
pay a
terminal handling
charge to
 coal through
WICET,
which
is calculated
by reference
to WICET's
as finance
 costs associated with WICET Pty Ltd's external
debt facilities.

2023
 Under our take-or-pay agreement with WICET
Pty Ltd, or the WICET Take
-or-Pay Agreement, Curragh's export
 capacity is 1.5 MMtpa and we
are obligated to pay the
terminal handling charge for this capacity, whether utilized
 or not. The terminal handling
charge calculation is based on
total operating and finance costs
of WICET Pty Ltd
 being charged to contracted shippers in proportion to each shipper's contracted capacity. Under the terms of the
 WICET
Take
the
terminal
charge
payable
by
us
can
be
(increased
or
 decreased) by WICET Pty Ltd if WICET Pty
Ltd's operating and finance costs change,
or if a contracted shipper
 defaults on its take-or-pay agreement obligations and has its contracted capacity reduced to
nil. Under the terms
 of the WICET Take
-or-Pay Agreement there is a limit of how much WICET Pty Ltd can charge us for recovery of
 its finance costs, referred to as a finance cap. Since WICET began operating in April 2015, five WICET Holdings
 Pty Ltd shipper-shareholders
have defaulted on their
obligations under their respective
take-or-pay agreements
 and
subsequently
had
those
terminated.
The
of
these
terminations
is
a
in
the
 aggregate contracted tonnage at WICET from 27 MMtpa to
13.9 MMtpa.
 Given the
finance cap
(which
reached,
to further
adjustment
for Consumer
 Price Index,
or CPI) there
is a
limit to the
recovery by
WICET of its
financing costs
from shippers. Accordingly,
 prior defaults referred
to above have
resulted in only
minor increases to
the terminal handling
charges payable
 by the remaining
shipper shareholders (including us).
These increases have related
to higher A$/ton (or
US$/ton)
 charge for
costs
from
a
lower
base.
If
any of
the
remaining
shipper
shareholders
 becomes
insolvent
defaults
under
its
take-or-pay
agreement,
the
terminal
charges
for
the
 remaining shipper shareholders, including us, may increase proportionately to pay the defaulting shipper's share
 of WICET's
and
financing costs
going forward
(noting that
the
finance cap
applies
in respect
 financing costs component of the terminal handling charges).
 In addition, if we default under the WICET Take
-or-Pay Agreement and that default is not remedied, then we will
 be obligated
to pay
a termination
payment. The
termination payment
is equal
lesser of
our proportion
of
 WICET Pty Ltd's
total external
debt (which
is based on
the proportion
that our contracted
tonnage bears to
the
 total contracted tonnage
at WICET when
the payment obligation
is triggered) and
ten years equivalent
terminal
charges
at
the
prevailing
rate
at
the
time
that
the
falls
due.
We
have
 security to WICET
Pty Ltd in
the form of
a bank guarantee, the
amount of which
is required to
cover our estimated
 liabilities as a shipper under the WICET Take
-or-Pay Agreement for the following twelve-month period.

 In the event of WICET Pty Ltd defaulting on its external debt obligations, external lenders to WICET Pty Ltd may
 enforce
their
to
the
over
the
of
WICET
and
appoint
a
receiver
to
take
steps
to
recover
 outstanding debt. The
external lenders
do not have
direct recourse to
the shippers
to recover outstanding
debt
 and shipper take-or-pay agreements would remain on foot and access to the port would continue to be available
 to us.

 In the
event of
a permanent
cessation of
at WICET,
be required
to procure
port
 capacity elsewhere, as well as be liable for a termination payment
under the WICET Take
-or-Pay Agreement.
 Risks related to
the Supply Deed
with Stanwell may
our financial condition
and results
 Curragh has a CSA,
as amended from
time to time,
with Stanwell to
supply thermal coal
to the Stanwell
Power
 Station. The
CSA restricted
Curragh from
mining the
SRA which
was reserved
benefit of
Stanwell and
 could not be
mined without
Stanwell's consent.
CSA, in addition
to supplying thermal
coal at
a price
 below the cost
to Curragh
of mining and
processing the
coal, Curragh
pays certain
rebates to
Stanwell on
Met
 coal exported
from certain
parts of
Curragh, which
represents
the deferred
cost of
the right
to mine
 some areas at Curragh. Our cost of
supplying coal to Stanwell has been
and may continue to be greater than
the
 price paid by Stanwell.

 On August 14, 2018, Curragh entered into the Supply
Deed with Stanwell. The Supply Deed grants Curragh
the
 right
to
mine
the
coal
in
the
SRA.
In
for
these
rights,
has
agreed
to
 amendments to
the CSA
enter into
the NCSA,
which will
commence on
or around
the expiration
 CSA (currently
expected to
expire in
2027).
On July
12, 2019,
Curragh entered
NCSA with
Stanwell.

 Curragh agreed that
the total value
of the discount
received by Stanwell
on coal supplied
to it under
the NCSA
 should (by the expiration
date of the NCSA)
be equal to the net
present value of A$210
million as at the date
of
 the Supply Deed.
No export rebates
are payable during
the term
of the NCSA.
The amortized cost
of the deferred
 consideration was $277.4 million (A$405.6 million) as of December

2023
 Stanwell may assert contractual consent rights
or termination rights that may be triggered
by the consummation
 of the Stanwell Transaction. See "—Uncertainty about the effects of the SGI Transaction may affect our potential
 and
and
relationships,
upon
a
 change of control in connection with the SGI Transaction, and may materially and adversely affect our business,
 results of operations and financial condition".
 We could
be adversely
affected if we
fail to
appropriately provide financial
assurances for
our obligations.
 Australian laws and
U.S. federal and
state laws require
us to provide
financial assurances related
to requirements
 to reclaim lands used
for mining, to pay
federal and state workers'
compensation, to provide financial assurances
 for coal
lease obligations
satisfy other
miscellaneous obligations.
The primary
methods we
use to
meet
 those obligations in
the United States
are to provide
a third-party surety
bond or provide
a letter of credit.
As of
we provided $44.0
million of third-party
surety bonds in
connection with our
U.S. Operations.
 There are no cash collateral requirements to support any
of the outstanding bonds.
 Our financial
assurance obligations
may increase
a number
of factors,
size of
our mining
 footprint and
new government
and
difficulty
procuring
or renewing
our surety
 bonds. In addition, our bond issuers may demand higher fees or additional collateral, including letters of
credit or
 other terms less favorable to us upon those renewals. Because we are required by federal and state law to have
 these
bonds
or
other
acceptable
in
place
before
can
commence
or
continue,
any
to
 maintain surety bonds, letters
of credit or other guarantees or
security arrangements would adversely
 ability to mine coal. That failure
could result from a variety
of factors, including lack of
availability of surety bond
 or letters of credit,
higher expense or
unfavorable market terms,
the exercise by
third-party surety bond
issuers
 of their right
to refuse
to renew
the surety
requirement to
provide collateral
for future
third-party surety
 bond
issuers
under
the
terms
of
arrangements.
If
we
fail
to
adequate
bonding,
our
 permits could be
invalidated, which would
prevent mining operations from
continuing, and future
operating results
 could be materially adversely affected.
 In
Australia,
the
Provisioning
Act
the
of
the
EP
Act,
and
 impacted the way that our Australian Operations
provide for and manage associated costs
of providing financial
 assurances related to mine rehabilitation
obligations. There can be no
assurance that our risk category
allocation
 will not change in future years.

 For more information on the Financial Provisioning Act, see Item 1.
"Business—Regulatory Matters—Australia—
 Environmental Protection Act 1994 (Qld)."
 Mine closures entail substantial costs. If we prematurely close one or more of our mines, our operations
 and financial performance would likely be affected
adversely.
 Federal and state
regulatory agencies
have the
authority following
significant health
and safety
incidents, such
 as
fatalities,
to
order
to
be
temporarily
suspended
or
a
be
permanently
closed.
For
 example, on
January 12,
2020, operations
Curragh mine
were temporarily
suspended after
a contractor
 was
fatally
injured
a
tire
activity
in
the
main
workshop
on
site
and
on
November
21,
2021,
 operations at our Curragh mine were temporarily suspended after an employee was fatally injured while working
 in the dragline
operations. We could also
be required to
close or discontinue
operations at particular
mines before
 the end
of their
mine life
geological,
geotechnical,
commercial,
leasing or
other issues.
 Such
or
discontinuance
of
could
in
and
expenses,
 employee redundancy
costs, contractor
demobilization costs
costs or
loss of
revenues. If
and when
 incurred, these closure and
rehabilitation costs could
exceed our current estimates.
If one or more
of our mines
 is closed earlier
than anticipated, we
would be required
to fund the
reclamation and closure costs
on an
expedited
 basis and potentially
lose revenues and,
for some
of our operations,
pay for take-or-pay
arrangements that
we
 no longer use, which would
have an adverse impact on
our operating and financial performance.
Many of these
 costs could also
be incurred
if a mine
was unexpectedly
placed on care
and maintenance
before the end
of its
 planned mine life
such as our
mines in the
U.S. Operations, which
were temporarily idled
in 2020 as a
result of
 the COVID-19 pandemic.

2023
 If the
assumptions underlying
our provision
for reclamation
and mine
closure obligations
prove to
be
 inaccurate, we could be required to expend greater
amounts than anticipated.
 The
Act 1994
(Qld)
and
the
SMCRA
establish
operational,
and
for
all
aspects
of
as
well
as
deep
mining.
We
accrue
for
the
costs
of
mine
 disturbance
and
final
mine
closure,
the
cost
of
treating
mine
water
discharge
where
necessary.
 Estimates of
our total
reclamation and
mine-closing
liabilities totaled
$163.9 million
as of
2023,
 based upon
permit requirements
experience at
our operations,
and depend
on a
of
 variables involving assumptions and estimation and therefore may be subject to change, including the estimated
asset
retirement
costs
timing
of
such
involving
 third-party contractors, inflation rates
and discount rates.
If these accruals
are insufficient or our
liability in a
 year is
greater than
currently anticipated,
our future
operating results
and financial
position could
be adversely
 affected. See
Item 7. "Management's Discussion
and Analysis
of Financial
Condition and
Results of
Operations—
 Critical Accounting Policies and Estimates."
 We are subject to foreign exchange risks involving
certain operations in multiple countries.
 Loss sustained from adverse movements
in currency exchange rates
can impact our financial performance
and
 financial position and the level of additional funding required to support
our businesses. Our financial results are
in
US$
and
parts
of
our
liabilities,
earnings
and
cash
flows
are
influenced
by
movements
in
 exchange rates, especially movements in A$
to US$ exchange rate. For
example, costs relating to our
are
denominated
in
A$.
In
currency
exposures
arise
in
to
coal
contracts,
procurement
of
plant
and
and
debt,
which
may
be
priced
in
A$
or
other
 currencies other than US$.
 The impact of currency exchange rate movements will vary depending on factors such as the nature, magnitude
 and duration
of the movements,
the extent
currency risk
is hedged under
forward exchange
 or other hedging instruments and the terms of these contracts. We may enter into forward exchange
contracts to
 hedge a portion of our
foreign currency exposure of
our Australian Operations from
time to time. The unhedged
 portion of our non-US$
exposures against exchange rate fluctuations will
be at the risk
of any adverse movement
 in exchange rates, which may affect our operating results,
cash flows and financial condition.
 Interest rates could change substantially and have an adverse
effect on our profitability.
 We are exposed to interest rate risk
in relation to variable-rate bank balances
and variable-rate borrowings. Our
rate
risk
arises
from
fluctuations
in
Overnight
Financing
Rate,
or
SOFR,
and
the
 Australian Bank Bill Swap Yield, or BBSY, in relation to US$- and A$-denominated borrowings, respectively.
Our
 lending rates
may increase
in the future
as a result
of factors
beyond our
control and may
result in an
 effect on our financial condition and results
national and
international regulators
and law
enforcement agencies
have conducted
investigations
 into a number of rates or indices, which
are deemed to be "reference rates."
Actions by such regulators and law
 enforcement agencies may result
in changes to the
manner in which certain
reference rates are determined,
their
 discontinuance,
or
the
establishment
of
alternative
rates.
For
after
2021,
the
 Kingdom's Financial
Conduct Authority,
which regulates
LIBOR, no
longer compelled
banks to submit
rates for
 the calculation of non-U.S.-dollar LIBOR. The U.S-dollar
LIBOR was discontinued in June 2023. The Alternative
 Reference Rates Committee has proposed SOFR as its
recommended alternative to LIBOR.

be unsuccessful
in integrating
the operations
of acquisitions
with our
existing operations
and
 in realizing all or any part of the anticipated benefits of
any such acquisitions.
 From time to time, we
may evaluate and acquire assets and businesses that
we believe complement our existing
 assets and business. Acquisitions may
require substantial capital or the
incurrence of substantial indebtedness.
 Our capitalization
and results
of operations
may change
significantly as
a result
of future
acquisitions. Acquisitions
 and business expansions involve numerous risks, including the
following:
 •
difficulties in the integration of the assets and operations
of the acquired businesses;
 •
inefficiencies
and
difficulties
that
arise
because
of
unfamiliarity
with
new
and
the
businesses
 associated with them and new geographic areas;
 •
the diversion of management's attention from other
operations; and
 •
timing, and whether the acquisition
or business expansion is occurring
during adverse economic, social
 and regulatory periods.

2023
 Further,
unexpected
costs
and
challenges
may
arise
whenever
businesses
with
different
or
are
combined,
and
we
may
unanticipated
delays
in
realizing
the
benefits
of
an
 acquisition. Entry into certain lines of
business may subject us to new
laws and regulations with which we
are not
 familiar and may lead
to increased litigation and
regulatory risk. Also, following
an acquisition, we may
discover
 previously unknown
liabilities associated
acquired business
or assets
for which
we have
no recourse
 under applicable indemnification provisions. If a new business generates insufficient revenue or if we are unable
 to efficiently manage our expanded operations, our results
of operations may be adversely affected.
is
a
holding
company
with
no
of
its
own
and,
as
such,
it
on
its
subsidiaries
for
cash
to
fund
its
and
expenses,
dividend
 payments, if any.
 As a
holding company,
our
source
of cash
flow
is
distributions
from
our
subsidiaries.
Therefore,
our
 ability to fund and conduct our business, service our debt,
and pay dividends, if any,
in the future will depend on
 the
of
our
subsidiaries
to
generate
sufficient
cash
flow
to
make
upstream
cash
distributions
to
us.
Our
 subsidiaries are separate legal
entities, and although they
are wholly-owned and controlled
by us, they have
no
 obligation to make any funds available to us, whether
in the form of loans, dividends, or otherwise. The
ability of
 our
subsidiaries
to
distribute
cash
to
us
will
also
be
to,
among
other
things,
restrictions
that
may
be
 contained in our subsidiary agreements (as entered into from time to time), availability
of sufficient funds in such
 subsidiaries and applicable laws and regulatory restrictions. Claims of any creditors of our subsidiaries generally
 will have
priority as
assets of
such subsidiaries
over our
claims and
claims of
our creditors
and stockholders.
 To
the extent the ability
of our subsidiaries
to distribute dividends or
other payments to us
is limited in any
way,
 our ability to fund and conduct our business, service our
debt, and pay dividends, if any,
could be harmed.
 Legal, Compliance and Sustainability Risks
 We could be negatively affected if
we fail to maintain satisfactory labor relations.
 Relations with
our employees
and, where
applicable, organized
labor are
important to
our success.
Enterprise
 bargaining and other disputes between us and our employees or disputes affecting our contractors may result in
 strikes or uncompetitive work practices.
 As of
2023, we
had 1,878
employees.
as of
2023, there
were 2,335
 contractors
supplementing
the
permanent
workforce,
at
Curragh.
As
of
31,
2023,
10.8%
total employees,
all at
our
Australian Operations,
were represented
by organized
 labor unions and covered by the
EA. In July 2023, the Australian Fair
Work Commission approved the
four year
 Curragh Mine
Enterprise Agreement
2023. This
EA has
a four-year
expiration date
and will
remain in
place by
 operation of
the Fair
Work Act
2009 (Cth)
until replaced
or terminated
by the Fair
Work Commission.
Our U.S.
 Operations employ a 100% non-union labor force.
 Future industrial
action by
our employees
or mining
contractors' employees or
involving trade unions
could disrupt
 operations and negatively impact mine productivity,
production and profitability.
 Our operations
may impact
the environment
or cause
exposure to
hazardous substances,
which could
 result in material liabilities to us.
extensive environmental
laws and
operations may
substantially
 the
or
cause
to
materials
to
our
contractors,
our
or
local
 communities. We use hazardous materials
and generate hazardous or other regulated
waste, which we store in
 our storage or disposal
facilities. We may become subject to
statutory or common law claims
(including damages
 claims) as
a result
of
our
use of
materials
and generation
of hazardous
waste.
A number
of laws,
 including, in
States, the
CERCLA or
Superfund, and
the RCRA,
and in
Australia, the
 Protection Act 1994 (Qld),
impose liability relating to
contamination by hazardous
substances. Furthermore, the
 use of
hazardous materials
and generation
of hazardous
waste may
subject us
to investigation
and
 require the clean-up of soil, surface water,
groundwater and other media.

2023
process,
blasting
and
processing
ore
bodies,
can
also
generate
 impacts. These
impacts include,
but are
not limited
to, leakages
of polluting
substances,
explosions,
flooding,
 fires, accidental mine water discharges,
and excessive dust and noise. Such
risks could result in damage to
the
 applicable mine site, personal
injury to our employees
and contractors, environmental
damage, decreased coal
 production and
possible legal
liability under
environmental regulations.
Employee or
strict liability
claims under
 common law
or environmental
regulations in
relation to
these matters
may arise,
for example, out
of current
or
 former activities
at sites
own, lease
or operate
and at
properties to
which hazardous
substances have
 been sent for treatment,
storage, disposal or other
handling. Our liability
for such claims may
be strict, joint and
 several with other miners or parties or with our
contractors, such that we may be held
responsible for more than
 our
share
of
the
contamination
or
other
damages,
or
even
for
the
entire
of
damages
assessed.
any violations of
environmental laws by
us could lead
to, among other
things, the imposition
on us
 of substantial fines,
penalties, other civil and
criminal sanctions, the curtailment
or cessation of
operations, orders
 to
pay
compensation,
orders
to
remedy
the
effects
of
violations
and
take
preventative
steps
 future violations,
increased compliance costs,
or costs
for environmental remediation,
rehabilitation or rectification
 works.
 We maintain extensive Met
coal refuse areas
and slurry impoundments at
our mining properties. At
Curragh, coal
 slurry
is
disposed
of
by
pumping
into
an
impoundment
area
where
particles
are
allowed
to
settle.
We
have
in
place
that
the
slurry
impoundments
remain
below
the
topography
so
that
 there is
minimal likelihood
of failure
and/or spills.
At our
U.S. Operations,
refuse areas
and impoundments
are
 frequently inspected and subject
to extensive governmental regulation.
Slurry impoundments have
been known
 to
fail,
releasing
large
volumes
of
coal
slurry
into
the
environment.
Structural
of
an
 impoundment can result in extensive damage to the environment
and natural resources, such as bodies of water
 that the coal slurry reaches, as well as create liability for
related personal injuries, property damages and injuries
 to natural resources
and plant and
wildlife. Of the
five refuse areas
among our U.S.
mining properties, only
two
 impound slurry; the other facilities are combined refuse
and do not impound slurry.
Two of our impoundments
in
 the U.S. overlie
mined out
areas, which
can pose
a heightened
risk of
failure and
the assessment
of damages
 arising out of such failure.
If one of our impoundments
were to fail, we could
be subject to substantial
claims for
 the resulting environmental contamination and associated
liability, as well as
for related fines and penalties.
 Changes in
and compliance
with government
policy, regulation
or legislation
may adversely
 The coal mining industry
is subject to regulation
by federal, state and
local authorities in each
relevant jurisdiction
to
a range
of industry
specific and
matters.
Any future
and
 imposing more constraints or
more stringent requirements may
affect the coal mining
industry and may adversely
 affect our financial condition and results of operations. Examples of such changes are, future laws or regulations
 that may limit
the emission
of GHGs, attach
a cost to
GHG emissions,
or limit the
use of thermal
coal in power
 generation, more stringent workplace health and safety laws, more rigorous environmental laws, and changes to
 existing taxation and royalty legislation.
 Compliance
with
federal,
state
and
local
laws
and
may
become
more
costly
and
 time-consuming
and
may
delay
commencement
or
interrupt
continuation
of
or
at
our
 operations. We have
incurred, and may
in the future
incur, significant expenditures to comply
with such regulation
 and legislation. These laws are constantly evolving and may become increasingly
stringent. The ultimate impact
 of complying with existing laws
and regulations is not always
clearly known or determinable due
in part to the
fact
 that
of
the
for
these
laws
have
not
yet
been
promulgated
and
in
 instances
are
undergoing
revision.
These
laws
and
new
legislative
or
 proposals
(or
judicial
interpretations
of
laws
and
regulations),
could
in
substantially
 capital,
and
costs
and
could
have
a
on
our
and
our
 customers' ability to use our products. Due in part to the extensive and comprehensive
regulatory requirements,
 along with
changing interpretations
requirements, violations
of applicable
federal, state
and local
laws
 and regulations occur from time to time in the
coal industry and minor violations have
occurred at our Australian
 Operations and our U.S. Operations in the past.

2023
 Moreover, changes in the law
may impose additional standards and a heightened degree
of responsibility for us
 and our stockholders, directors and employees; may
require unprecedented compliance efforts; could
divert our
 management's
attention;
and
may
expenditures.
For
we
may
also
be
to
 unforeseen
from
coal-related
which
may
be
costly
to
remedy
or
 adversely impact
our operations.
In particular,
the acceptable
level of
pollution and
the potential
abandonment
 costs and obligations for which we
may become liable as a result
of our activities may be
difficult to assess under
 the current legal
framework. To the extent that
required expenditures, as
with all
costs, are not
ultimately reflected
prices of
coal, our
operating results
detrimentally
impacted. The
costs
and operating
restrictions
 necessary for compliance
with safety
and environmental laws
and regulations,
which is a
major cost
 for
our
and
U.S.
may
have
an
on
our
competitive
position
 relative to foreign producers and operators in
other countries which may not be
required to incur equivalent costs
 in their operations.
also affected
by various
other international,
federal, state,
local and
tribal or
indigenous environmental
 laws
and
that
our
To
the
that
such
laws
and
for
or
the
price
of
coal,
we
will
be
detrimentally
impacted.
For
about
the
affecting
us,
see
Matters—Australia"
 and "Business—Regulatory Matters—United States."
 We
are
to
extensive
forms
of
taxation,
which
imposes
costs
on
us,
and
and
developments
could
those
costs
or
limit
our
to
coal
 competitively.
 Federal,
state
or
local
authorities
in
nearly
all
across
the
coal
 impose various
forms of
taxation
on coal
producers,
including production
taxes,
sales-related
taxes,
royalties,
 stamp duty, environmental
taxes and income taxes.

 For example, on September 27, 2022, the Company received from the Queensland Revenue Office, or QRO, an
 assessment of the stamp duty payable
on its acquisition of the Curragh mine
in March 2018. The QRO assessed
 the stamp
duty on
this
at
an
of $56.2
(A$82.2
million)
plus
unpaid
tax
interest.
On
 November 23, 2022, the Company filed an objection to the assessment.

 On January 9, 2024, the Company's objection
to the assessed stamp duty was disallowed by the
QRO.
 The Company, based on legal
and valuation advice
obtained, continues to
maintain its position
and the estimated
 stamp duty payable of $29.4 million (A$43.0 million) on
the Curragh acquisition.

 As per the Taxation
Administration Act (Queensland)
2001, the Company
can only appeal
or apply for a
 of QRO's
decision if
it has
paid the
total assessed
stamp duty
of $56.2
million (A$82.2
million) plus
unpaid tax
 interest of $14.5 million (A$21.2 million). Such appeal
must be lodged by March 11,
2024.

disputes the
additional amount
assessed of
stamp duty
and unpaid
tax interest
and is
 considering its options to either appeal the decision to the Supreme Court of
Queensland or apply for a review of
 QRO's decision by the Queensland Civil and
Administrative Tribunal.

 Given that
is unable
to avoid
the payment,
recovery of
such amount
through litigation
is
 uncertain,
the
of
$41.3
has
been
"Accrued
Expenses
and
Other
 Current Liabilities"
Consolidated Balance
Sheet as
at December
and a
corresponding amount
under
"Selling,
and
administrative"
in
the
of
 Operations and
Comprehensive Income.
accrual of
$53.7 million
(A$79.0 million)
as at
31 December
 2023
is
based
on
the
of
the
stamp
duty
payable,
the
 recognized, less partial payments to date of $17.6 million
(A$25.7 million).

 We cannot guarantee that the steps we take to
defend our position on this matter will be successful.
 In 2022, the Queensland State Government in Australia amended the
Mineral Resources Regulation 2013 (Qld)
 introducing
tiers
to
the
coal
rates
from
July
1,
2022,
increasing
the
 payable by our Australian Operations.

 The tiers currently applicable are as set out below:
 •
7% for average coal price per Mt sold up to and including
A$ 100 per Mt;
 •
12.5% for average coal price per Mt sold from A$100 to
A$150 per Mt;

2023
 •
15% for average coal price per Mt sold from A$150 to
A$175 per Mt;
 •
20% for average coal price per Mt sold from A$175 to
A$225 per Mt;
 •
30% for average coal price per Mt sold from A$225 to
A$300 per Mt; and
 •
40% for average coal price per Mt sold above A$300 per
Mt.
 If new legislation or
regulations related to various forms
of coal taxation or
income or other taxes
generally, which
 increase our costs or limit our ability to compete
in the areas in which we sell coal, or which
adversely affect our
 key customers, are adopted, or if
the basis upon which such
duties or taxes are assessed
or levied, changes or
 is different from that provided by us, our business, financial condition or results of
operations could be adversely
 affected.
 We may be subject
to litigation, the disposition
of which could negatively
affect our profitability and cash
 flow
in
a
period,
or
have
a
on
our
and
 results of operations.
 Our profitability or cash flow in
a particular period could be affected by
an adverse ruling in any litigation that
may
 be filed against us in the future. In addition, such litigation could have
a material adverse effect on our business,
 financial condition and results of operations. See Item
3. "Legal Proceedings."
 We have no
registered trademarks for
our Company
name used by
us in the
United States or
any other
 countries, and failure to obtain those registrations
could adversely affect our business.
 Although
we
have
filed
a
trademark
for
use
of
the
stylized
mark
"CORONADO
STEEL
STARTS
 HERE" in the United States and Australia, our applications are still pending
and the corresponding mark has not
 been registered
in
the
or
Australia.
We
have
not
filed
for
this
or
other
trademarks
in
any
other
 country. During trademark registration proceedings, we may receive rejections. If so, we will have an opportunity
 to respond,
but we
unable to
overcome such
rejections. In
addition, Intellectual
Property Australia
and
States Patent
and Trademark Office
and comparable agencies
in many
foreign jurisdictions
may permit
 third parties to oppose pending trademark
applications and to seek to
cancel registered trademarks. If opposition
 or
cancellation
proceedings
are
filed
our
trademark
application,
our
trademark
may
not
survive
such
 proceedings,
we
may
be
to
expend
in
an
effort
to
defend
 ourselves in the proceedings or identify a suitable substitute
mark for future use.
 Failure to comply with applicable anti-corruption and trade laws, regulations and policies could result in
 fines and criminal
penalties, causing
a material adverse
effect on our
business, operating and
 prospects or performance.
 Any
fraud,
bribery,
misrepresentation,
money
laundering,
violations
of
trade
sanctions,
 anti-competitive
behavior
or
other
misconduct
by
our
employees,
contractors,
customers,
providers,
partners
and
other
third parties
could
in violations
of relevant
laws
and regulations
by us
and
 subject us or relevant
individuals to corresponding regulatory
sanctions or other claims,
and could also result
in
 an event of default under our financing arrangements. These unlawful activities
and other misconduct may have
 occurred in
the past
occur in
civil and
criminal liability
under increasingly
 stringent laws relating
to fraud, bribery,
sanctions, competition and
misconduct or cause
serious reputational
or
harm
to
us.
In
to
with
or
laws
and
 privacy laws and regulations,
U.S. trade sanctions,
the U.S. Foreign Corrupt
Practices Act and other
 laws or regulations could result in litigation, the assessment of damages, the imposition of penalties, suspension
 of production
or distribution,
costly changes
to equipment
or processes
required corrective
action, or
a
 cessation or interruption of operations.
 We
have
policies
and
to
identify,
manage
and
mitigate
legal
risks
and
address
and
other
obligations.
there
can
be
no
that
such
policies,
 procedures and established internal controls
will adequately protect us against
fraudulent or corrupt activity and
 such activity could have an adverse effect on our reputation,

2023
 Risks Specific to Our Common Stock
 Our certificate of incorporation and bylaws include
provisions that may discourage a change in control.
 Provisions contained in our amended and restated certificate of incorporation, or certificate of incorporation, and
 amended and
restated bylaws, or
bylaws, and
Delaware law
could make
it more
difficult for a
third-party to acquire
 us,
even
if
doing
so
might
be
to
our
stockholders.
Provisions
of
our
bylaws
and
certificate
of
 incorporation impose various procedural and other
requirements that could make it
more difficult for stockholders
 to effect certain corporate actions.

 We have elected not to be governed by Section 203 of the General Corporation Law of
the State of Delaware,
or
 the DGCL (or any successor provision thereto),
until immediately following the time at
which the EMG Group no
 longer beneficially
owns in
the aggregate
our common
stock representing
at least
10% of
our voting
 stock, in which case we
shall thereafter be governed by Section
203 if and for
so long as Section 203
by its terms
 would apply to
us. Upon the
closing of the
SGI Transaction,
EMG Group will
no longer own
at least 10%
 voting stock and we will be
governed by Section 203 at that
time. See "—Following the consummation of the SGI
 Transaction, we expect that Coronado Group LLC and SGI
will have significant influence over corporate matters,
 including control over
certain decisions that
require the approval
of stockholders".
Section 203 provides
that an
 interested stockholder, along with its affiliates and
associates (i.e., a stockholder
that has purchased greater
than
 15%, but less than 85%, of
a company's outstanding voting
stock (with some exclusions)), may
not engage in a
 business combination transaction with
the company for a period
of three years after buying
more than 15% of a
 company's outstanding
voting stock
unless certain
criteria are
met or
certain other
corporate actions
are taken
 by the company.
 These provisions could limit the price
that certain investors might be willing
to pay in the future for
shares of our
 common stock and may have the effect of delaying
or preventing a change in control.
 Our
certificate
of
incorporation
limits
the
personal
of
our
for
breaches
of
 fiduciary duty.
 Our
certificate
of
incorporation
and
bylaws
limiting
the
personal
of
our
for
 breaches
of
fiduciary
duty
under
the
DGCL.
Specifically,
our
certificate
of
incorporation
 limiting
a
director's
personal
to
us
and
our
stockholders
to
the
fullest
by
the
DGCL.
 Furthermore, our
certificate of
incorporation provides
that no director
shall be
liable to
us and
our stockholders
 for
monetary
damages
from
a
breach
of
fiduciary
duty
as
a
director,
except
to
the
that
such
 exemption from liability or limitation thereof is
not permitted under the DGCL. The principal
effect of this limitation
 on liability
is that
a stockholder
unable to
prosecute an
action for
monetary damages
against a
 unless the
stockholder can
demonstrate a
basis for
liability that
cannot be
eliminated under
the DGCL.
These
 provisions, however, should not limit or eliminate our right or any stockholder's right to seek non-monetary relief,
 such as an injunction or rescission,
in the event of a
breach of a director's fiduciary duty. These provisions do not
 alter a director's liability under
U.S. federal securities laws.
The inclusion of these
provisions in our certificate
of
 incorporation may discourage or deter stockholders or management from bringing
a lawsuit against directors for
 a breach of
their fiduciary
duties, even
though such an
action, if successful,
might otherwise have
benefited us
 and our stockholders.
Group
LLC
and
the
EMG
Group
have
substantial
over
us
and
are
able
to
influence
 corporate matters.
LLC and
the EMG
Group have
influence over
us, including
control over
decisions
 that
the
approval
of
stockholders,
which
could
limit
the
of
other
stockholders
to
influence
the
 outcome of stockholders votes.
 As of
indirectly held
50.4% of
our outstanding
common stock.
 Therefore, the EMG
Group has
effective control
over the outcome
of votes on
all matters requiring
approval by
 stockholders. There is a risk that the interests of the EMG Group could conflict with or differ from our interests or
 the interests of
other stockholders.
In addition, pursuant
to the terms
of the Stockholder's
Agreement, dated
as
 of September
24, 2018,
between us
and Coronado
Stockholder's Agreement,
so long
as it
 beneficially owns in the aggregate at least 25% of the outstanding shares of our common stock, the EMG Group
 will have
the ability
to exercise
substantial control
over certain
transactions,
including change
 transactions,
such
as
mergers
and
and
debt
raising
transactions.
See Item
5.
"Market
for
Registrant's
 Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for a description of the
 Stockholder's Agreement.

2023
 Further, pursuant to
the terms of the Series A
Share, Coronado Group and the
EMG Group or its successors
or
assigns,
as
the
owner
of
the
Series A
Share,
at
its
option,
will
have
the
to
elect
a
 specified number of directors, or the Series A Directors, based on
the EMG Group's aggregate level of beneficial
 ownership of shares
of our common
stock. For more
details on the
ability of Coronado
Group and the
 to elect Series A Directors, as
well as the rights of
stockholders to participate in the removal of
any such Series
 A
 Directors,
see
Item 5.
"Market
for
Registrant's
Common
Equity,
Related
Stockholder
Matters
and
Issuer
 Purchases of Equity Securities."
 Moreover, the
EMG Group's beneficial
ownership of shares of
our common stock may
also adversely affect
the
 price of our
common stock
to the extent
equity investors
perceive disadvantages
in owning common
stock of a
 company with a controlling stockholder.
In addition, the EMG Group
is in the business of making
investments in
 companies and may, from time to time, acquire interests in businesses that
directly or indirectly compete with us,
 as well as businesses of our existing or potential significant
customers. The EMG Group may acquire or seek
to
 acquire assets that
we seek to
acquire and, as
a result, those
acquisition opportunities
may not be
available to
 us or
more expensive
for us
to pursue,
and as
a result,
the interests
may not
align
 with the interests of our other stockholders.
 The EMG Group has the
right, subject to certain conditions, to
require us to cooperate in
a sale of shares
 of our common stock held by it (including in the form
of CDIs) under the Securities Act.
 Pursuant to the Registration
Rights and Sell-Down Agreement,
dated as of September 24,
2018, between us and
or
the
Registration
Rights
and
Sell-Down
(or
its
 successors
or
assigns
or
transferees)
has
the
right,
to
to
us
to
 cooperate in a
sell-down of
our common
stock or
CDIs held by
it. By virtue
of its majority
ownership,
 exercising its registration rights and selling a large number of shares or CDIs, Coronado Group LLC could cause
 undue volatility in the
prevailing market price of
our common stock. See
Item 5. "Market for Registrant's Common
 Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities."
 Our non-employee directors and their respective
affiliates, including the EMG Group, may
be able to take
 advantage of a corporate opportunity that would otherwise
be available to us.
 The corporate opportunity
and related
party transactions provisions
in our
certificate of incorporation
could enable
 any
of
our
or
their
respective
affiliates,
the
EMG
Group,
to
benefit
from
 corporate opportunities
that might
otherwise be
available to
us. Subject
limitations of
applicable law,
our
 certificate of incorporation, among other things, will:
 •
us
to
enter
into
with
entities
in
which
one
or
more
are
 financially or otherwise interested;
 •
permit any non-employee director or
his or her affiliates to
conduct a business that competes
with us and
 to make investments in any kind of property in which we
may make investments; and
 •
provide that if
any non-employee director
becomes aware of
a potential business
opportunity, transaction
 or
other
matter
(other
than
one
expressly
offered
to
that
solely
in
his
or
her
as
our
director),
that
will
have
no
duty
to
communicate
or
offer
that
 opportunity to
us, and
permitted to
communicate
or offer
that opportunity
to his
or her
affiliates
 and pursue or acquire such opportunity for himself
or herself, and that non-executive director
will not be
 deemed
to
have
acted
in
a
manner
inconsistent
with
his
or
her
fiduciary
or
other
duties
to
us
or
our
 stockholders regarding the opportunity or acted in bad faith or in a manner inconsistent with
our and our
 stockholders' best interests.
 These provisions enable a
corporate opportunity that would
otherwise be available to
us to be taken by
or used
benefit of
the
or their
respective
affiliates,
which
include the
as a
 result of the rights granted to it under the Stockholder's Agreement.
 General Risk Factors
 Any
to
over
may
our
 Our
is
for
establishing
and
maintaining
adequate
over
 reporting.
Internal
over
is
a
to
the
reliability
of
and
the
of
in
with
 generally accepted accounting principles in the United
States, or U.S. GAAP.

2023
 During the course of the preparation of our financial statements,
we evaluate and correct any deficiencies in
our
 internal controls over
financial reporting. If
we fail to
maintain an effective system
of disclosure or
internal controls
 over financial
reporting, including
satisfaction of
the requirements
of Section
404 of
the Sarbanes-Oxley
 2002, we may not be able to report
accurately or timely on our financial results or adequately identify and reduce
 fraud. Therefore, the financial condition of our business could be adversely
affected, current and potential future
 stockholders could lose confidence in us and/or
our reported financial results, which may cause
a negative effect
 on the trading price of our
CDIs, and we could be exposed
to litigation or regulatory
proceedings, which may be
 costly or divert management attention.

 The requirements of
being a public company
in the United
States and Australia may
strain our resources,
 divert
management's
attention,
and
our
to
attract
and
retain
executive
and
 qualified board members.
 Our CDIs are
currently listed on
the ASX and
we are registered
as a foreign
company in
Australia. As such
we
 need to ensure continuous compliance with relevant Australian laws
and regulations, including the listing rules of
 the ASX, as amended from time to time, or the ASX Listing
Rules,
and certain provisions of the Corporations Act
 2001 (Cth), or the Corporations Act.

 As a U.S.
public company, we are subject
to the reporting
requirements of the
Exchange Act, the
Sarbanes-Oxley
 Act
of
2002,
the
Dodd-Frank
Wall
Street
Reform
and
Consumer
Act
of
2010
and
other
 securities laws, rules and regulations. Compliance with these
laws, rules, and regulations may increase our legal
 and
make
some
more
difficult,
time-consuming,
or
costly,
and
 demand on
our systems
and resources.
The Exchange
Act requires,
among other
things,
that
we file
annual,
 quarterly, and
current reports with respect
to our business and
results of operations. In
the absence of a waiver
 from the ASX
Listing Rules, these
SEC periodic reports
will be in addition
to our periodic
filings required by
the
 ASX Listing
Rules.
The
Sarbanes-Oxley
2002 requires,
among
other things,
 disclosure
and
and
over
reporting.
In
order
to
and,
if
 required, improve our disclosure
controls and procedures and
internal control over financial
reporting to meet this
 standard, significant resources and management oversight will be required. As a result, management's attention
 may be diverted from other
business concerns and our
costs and expenses will
increase, which could harm our
and
of
We
may
need
to
hire
more
in
the
or
engage
outside
 consultants, which will increase our costs and expenses.
 In addition, changing laws,
regulations, and standards relating to
corporate governance and public disclosure
are
 creating
for
companies,
increasing
legal
and
costs
and
making
some
 activities more time consuming.
These laws, regulations
and standards are subject
to varying interpretations, in
 many cases due to their
lack of specificity and,
as a result, their
application in practice may
evolve over time as
 new
guidance
is
by
and
governing
bodies.
This
could
in
continuing
 regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
 practices.
We
intend
to
invest
to
with
evolving
laws,
and
standards,
and
this
 investment may result in increased
general and administrative expenses
and a diversion of management's
time
 and
attention
from
sales-generating
to
activities.
If
our
efforts
to
with
new
laws,
 regulations and standards differ from the activities intended by
regulatory or governing bodies due to ambiguities
to
their
and
practice,
authorities
may
initiate
legal,
or
other
 proceedings against us and our business may be harmed.
 A state
court located within
the State
of Delaware (or, if
no state court
located within the
State of
Delaware
 has jurisdiction, the
federal district court
for the District
of Delaware) will
be, to the
extent permitted by
 law,
the
sole
and
exclusive
forum
for
substantially
all
state
law
based
disputes
us
and
 stockholders.
 Our bylaws provide
that, unless we
consent in writing
to the selection
of an alternative
forum, a state
or federal
 court within the State of Delaware will be the sole and
exclusive forum for:
 •
any derivative action or proceeding brought on our behalf;
 •
any action or proceeding asserting a claim of breach of
a fiduciary duty owed by any director or
officer or
 other employee or
agent of the
Company to the
Company or the
Company's stockholders or debtholders;
 •
any
or
proceeding
asserting
a
claim
the
or
any
or
officer
or
other
 employee or
agent of
arising pursuant
to any
provision of
the DGCL
or our
certificate of
 incorporation or bylaws; or
 •
any action
asserting
a claim
the
or
any
or
officer
or
other
employee
of
the
governed
by
the
affairs
doctrine
or
other
"internal
corporate
claims"
as
in
 Section 115 of the DGCL.

2023
 The choice of
forum provision may limit
a stockholder's ability
to bring a claim
against us or our
directors, officers,
 employees or
agents in
a forum
that it
finds favorable,
which may
discourage stockholders
from bringing
such
at
all.
Alternatively,
if a
court
were
to
find
the
choice
of forum
provision
contained
in
our
bylaws
to
be
 inapplicable or unenforceable
in an action,
we may incur
additional costs associated
with resolving such
 in
another
forum,
which
could
our
and
of
 operations. However, the choice of forum provision does
not apply to any actions
arising under the Securities Act
 or the Exchange Act.
 The issuance of additional
common stock or securities
convertible into our
common stock could
 in dilution of the ownership interest in us held by existing
stockholders.
issue more
CDIs in
in order
to fund
future investments, acquisitions,
capital raising
 or
to
our
debt.
While
we
will
be
to
the
constraints
of
the
ASX
Listing
Rules
the
 percentage of our
capital that we
are able to
issue within a
12-month period
(subject to applicable
exceptions),
 any such equity raisings may dilute the ownership of existing
common stockholders.

 We are subject to general
market risks that are
inherent to companies with publicly-traded securities
and
 the price of our securities may be volatile.
 We are subject to
the general market risks that
are inherent in all
securities traded on a
securities exchange. This
 may result
in fluctuations
trading price
securities that are
not explained
by our
fundamental operations
 and activities. There is
no guarantee that the
price of our securities
will increase in the
future, even if our
earnings
 increase.
 Our securities may trade at, above or below the price paid by an investor for those securities due to a number of
 factors, including, among others:
 •
general market conditions, including investor sentiment;
 •
movements in interest and exchange rates;
 •
fluctuations in the local and global market for listed stocks;
 •
actual or anticipated
fluctuations in
our interim and
annual results and
those of other
public companies
 in our industry;
 •
industry cycles and trends;
 •
mergers and strategic alliances in the coal industry;
 •
changes in government regulation;
 •
potential or actual military conflicts or acts of terrorism;
 •
changes in accounting principles;
 •
announcements concerning us or our competitors;
 •
changes in government policy,
legislation or regulation;
 •
inclusion of our securities in or removal from particular market
indices (including S&P/ASX indices); and
 •
the nature of the markets in which we operate.
 Other factors
that may
negatively affect
investor sentiment
and influence
us, specifically,
stock market,
 more generally, include acts
of terrorism, an outbreak of international hostilities, fires, floods, earthquakes,
labor
 strikes, civil
wars, natural
disasters, outbreaks
of disease,
including a
global pandemic,
man-made
or
 natural events.
 Stock markets have
experienced extreme price
and volume fluctuations
in the past
often disproportionate
 or
unrelated
to
the
of
companies.
There
can
be
no
guarantee
that
trading
and
 volumes of any securities
will be sustained. These
factors may materially affect the
market price of our
securities,
 regardless of our
operational performance. This
may then significantly
impact our ability
to raise new
equity which
 may be required to fund our operations if our financial
performance deteriorates due to other factors.

2023
 The payment of
dividends and repurchases
of our stock
are dependent on
a number
of factors, and
 payments and repurchases cannot be assured.
 The
of
in
of
our
stock
is
by
several
our
 profitability,
retained earnings,
capital requirements
and free
cash flow,
as applicable
covenants under
 the Senior Secured Notes Indenture governing our Notes and covenants under the New ABL Facility.
Any future
 dividends will be determined by our Board of Directors having
regard to these factors, among others. There is no
 guarantee that any
dividend will be
paid, or repurchases
will be made,
by us, or
if paid, paid
at previous levels.
 From time to time, our Board of Directors may also cancel
previously announced dividends.

2023
 ITEM 1B. UNRESOLVED
STAFF COMMENTS
 None.

 ITEM 1C. CYBERSECURITY
 Risk Management and Strategy:
has
software
governance
tools
to
assess,
identify,
and
manage
risks
from
 cybersecurity threats. Coronado heavily relies on information technology systems throughout its operations, and
 acknowledges
the
critical
importance
of
safeguarding
its
digital
and
protecting
sensitive
information.
 Regular security assessments are conducted
to monitor technological implementations against
global standards.
also
maintains
a
suite
of
measures
to
help
defend
unauthorized
and
 misappropriation
of
technology.
the
IT
department
distributes
training
and
awareness
 information covering email security,
password security,
data handling security,
and cloud security.
 Coronado's cybersecurity
risk management
is integrated
into its Group
risk management
processes, which
are
 governed
by
the
Group
Risk
Framework
and
Risk
Policy.
The
Risk
 Framework and Risk Management Policy outline:

Risk management responsibilities;

Risk assessment frequency;

Risk assessment criteria (likelihood and consequence);

The requirement to implement internal controls; and

The level within the organization risk assessments are
to be performed.
 Certain key controls considered through Coronado's
internal control processes are linked to cybersecurity
risks,
 these include controls over access and change management for key financial
systems. Where the management
 of
these
key
is
outsourced
to
third
parties,
receives
reports
on
the
 effectiveness
of
key
vendor
controls.
uses
third
to
conduct
 penetration testing at Coronado's US and Australian
operations. In 2023, Coronado created the
Digital Advisory
 Committee (Committee), which is
chaired by the
Vice President of
Information Technology.
As part of
 processes to
oversee and
identify cybersecurity
threats associated
with its
use of
third-party service
providers,
 the Committee
is tasked
with reviewing
new software
requests from
Coronado's various divisions.
The Committee
 is comprised
of
systems,
plant,
and
from
both
US
and
 As of
the filing
of this
10-K, Coronado
aware of
any cybersecurity
incidents that
 have occurred
since the
beginning of
2023 that
have materially
affected,
or are
reasonably likely
to materially
 affect, Coronado, including Coronado's
business strategy,
results of operations or financial condition.
 could be subject to cybersecurity incidents in
the future which may have a material
adverse effect on Coronado's
 business strategy, results of operations or financial
condition. For further information on
Coronado's risks relating
 to cybersecurity threats, see "Operation and Technology
Risks" in "Risk Factors" on page 51
 of this Form 10-K.

 Governance:
 The
Board
of
(Board)
is
for
reviewing,
ratifying,
and
monitoring
of
risk
 management,
control,
and
legal
compliance.
This
identifying
the
main
risks
associated
with
businesses,
risk,
and
implementing
to
manage
such
 risks. As outlined in the Audit Governance and Risk
Committee (AGRC) charter, the
Board has delegated to the
 AGRC responsibility for
overseeing corporate and governance
risk management, financial risk
management, and
 compliance with applicable laws,
regulations, standards, and best
practice guidelines. In 2024,
the AGRC charter
 was amended
to confirm
that this
responsibility includes the
oversight of
cybersecurity risk. The
AGRC is
informed
 of cybersecurity risks by management, which includes an annual cybersecurity
risk presentation. As part of their
 review of reports
from management,
the AGRC reports
cybersecurity risk
updates to the
Board, which enables
 the Board to incorporate the insights of such reports into its
overall risk oversight analysis.
 Supporting
this
governance
framework,
the
Executive
Leadership
Team
(ELT)
is
for
maintaining
 effective systems of risk management and internal control, as well as responding to cybersecurity incidents. The
 Vice
President
of
Information
Technology
is
for
the
function.
The
Vice
President
of
 Information
Technology
has
in
roles
involving
managing
and
 cybersecurity functions
and developing
cybersecurity strategies.
The Vice
President of
Information Technology
 reports to the Group Chief Financial Officer (Group
CFO), who is a member of the ELT.

2023
 In order to prevent, detect, mitigate and
remediate cybersecurity incidents, Coronado maintains a Cyber Incident
 Response
Plan
(Plan).
The
Plan
outlines
approach
to
identifying
and
containing
 incidents, along with recovery
and improvement processes.
The Plan includes incident
assessment criteria that
 allow for
escalation of
potentially material
incidents. The
Group CFO
reports to
the AGRC
 event
of
a
incident.
reviews
of
 cybersecurity status are presented to the Board and the AGRC
by management.

2023
 ITEM 2.
PROPERTIES

 Summary Overview of Mining Operations
 Coronado owns and controls
a portfolio of operating
mines and development projects
in Queensland, Australia,
 and
Virginia,
West
and
Pennsylvania
in
the
States.
Our
consist
of
the
 100%-owned Curragh
producing mine
complex. With
respect to
our U.S.
Operations, Coronado
owns a
100%
 interest in two producing
mine complexes (Buchanan
and Logan) and
a 100% interest
in one idled, production-
 stage
mine
(Greenbrier)
and
two
(Mon
Minerals
(formerly
called
 Pangburn-Shaner-Fallowfield)
and
Russell
County).
Figures
and
below
show
the
locations
of
our
 properties in Australia and the United States, respectively
.

 Figure 1: Australian Operations:

2023
 13.6
 12.8
 26.4
 12.4
 25.3
 12.8
 12.6
 25.4
 Group
 ROM production (Mt)
 FY21
 FY22
 FY23
 11.1
 6.3
 17.4
 9.8
 6.2
 16.0
 10.0
 5.8
 15.8
 Group
 Saleable production (Mt)
 FY21
 FY22
 FY23
 Figure 2: U.S. Operations:
 The below charts
show run-of-mine, or
ROM, production
and saleable production
for our Australian
 and our U.S. Operations for the years ended December
31, 2023, 2022 and 2021.
 See the descriptions of our material mining properties
under "—Curragh," "—Buchanan," "—Logan" and "—Mon
 Valley"
below
for
more
information.
Table
below
a
summary
of
the
key
to
the
properties.
Tables
and
a
summary
of
our
coal
and
 respectively, as of December

2023
 Table 1.
Summary of Coronado Properties
 Property
 (Property
 Stage)
 Mineral Rights
 (1)
 Permit
 Status
 (2)
 Mine Type(s)
 Coal Type
 Coal Seams of
 Economic
 Interest
 (Formation)
 Processing
 Plants/
 Facilities
 (Production)
 25,586 hectares
 leased; 6,381
 Permitted
 Surface &
 (4)
 HCC, SCC,
 PCI, Thermal
 Various (Rangal
 Coal Measures)
 CPP1 - 1,100 raw
 Mt per hour;
 CPP2 - 1,200 raw
 Mt per hour; Rail
 Loadout
 (Production)
 25,853 hectares
 (3)
; 7,725
 1 Permit
 Low-Vol
 Pocahontas #3
 (Pocahontas
 Formation)
 CPP - 1,270 raw
 Mt per hour; Rail
 Loadout
 Logan
 (Production)
 13,114 hectares
 (3)
; 69
 27 Permits
 Surface &
 HVA, HVB,
 Thermal
 Various
 (Kanawha
 Formation)
 CPP - 1,088 raw
 Mt per hour; Rail
 Loadout
 (Development)
 1,339 hectares
 (3)
; 40,276
 Not
 Permitted
 (4)
 Upper Freeport
 (Freeport
 Formation)
 Future
 (Production -
 Idled)
 18,907 hectares
 (3)
 22 Permits
 Surface &
 Mid-Vol, PCI,
 Thermal
 Pocahontas #6,
 #7, #8
 (Pocahontas
 Formation);
 Various (New
 River Formation)
 CPP - 544 raw Mt
 per hour; Rail
 Loadout
 Russell County
 (Development)
 7,111
hectares
 (3)
; 378
 Not
 Permitted
 (4)
 Lower Castle
 (Norton
 Formation);
 Upper Horsepen
 (Middle Lee
 Formation)
 Future
 (1)

not aware of
any significant encumbrances or
defects in title
with respect to
any of our
mining properties.
Certain credit
 facilities of the Company are secured by a lien on
substantially all of the Company's assets, including
mining properties.
 (2)

We believe we
have secured
all applicable
environmental licenses
and permits
under applicable
law and
have all
necessary permits
 and licenses regarding cultural heritage, native
title and various other social issues to support
current mining operations.
 (3)

Subject to the exercise of our renewal rights thereunder, most of the leases at our U.S. mining properties expire upon exhaustion
 of the relevant reserves.
 (4)
Proposed mine type.

2023
 Table 2.

 Summary Coal Resources Exclusive of Reserves at End
of the Fiscal Year Ended December 31,
 2023.
 (1)
 Coal Resources (In Situ, MMt)
 (2)
 +
 Ash
 Curragh Open Cut
 22.9%
 0.6%
 19.1%
 Curragh Underground
 18.6%
 0.4%
 18.1%
 Total
 —
 16.0%
 0.8%
 18.0%
 Logan
 17.0%
 1.0%
 31.0%
 —
 —
 —
 —
 —
 —
 —
 —
 31.0%
 1.1%
 20.0%
 Russell County
 —
 29.0%
 0.7%
 23.0%
 Total
 Total
 (1)
For more
information regarding price
assumptions used
calculation of
coal resources
as of
2023, see
the
 individual property disclosures below.
 (2)
Australian resources are estimated inclusive of 5.3%
in-situ moisture.
United States resources are estimated on a
dry basis.
 (3)

 Table 3.
Summary Coal Reserves (Marketable Sales Basis) at End of the Fiscal Year Ended December 31, 2023.
 (1)
 Tons,
 Washed or Direct Shipped, MMt)
 (2)
 Total
 Ash
 Curragh Open Cut
 12.2%
 0.5%
 19.5%
 Curragh Underground
 10.0%
 0.3%
 16.9%
 Total
 6.0%
 0.7%
 20.0%
 Logan
 8.0%
 0.9%
 35.0%
 8.0%
 1.2%
 (3)
 35.0%
 8.0%
 1.0%
 26.0%
 Russell County
 8.0%
 0.9%
 31.0%
 Total
 Total
 (1)
For more
information regarding
price assumptions
the calculation
reserves as
see the
 individual property disclosures below.
 (2)
For more information regarding moisture assumptions used in the calculation of coal
reserves as of December 31, 2023, see the
 individual property disclosures below.
 (3)
Life-of-mine,
or
LOM,
sulfur
for
Pangburn
is
an
1.2%;
overall
Mon
is
 1.4%sulfur.
 (4)

2023
 Curragh is a
production-stage mining property that
consists of two
active, open cut,
surface mines (Curragh
North
 and Curragh Main) and one proposed
underground mine (east of the Curragh
North open cut mine).
Coal mine
 development at
property has
been historically
accomplished by
surface mining
methods since
the
 mine's inception in 1983.
Presently, coal mine development at the Curragh property
is accomplished by surface
and
by
an
project,
which
is
undergoing
readiness
in
 preparation for
execution and
commencement of
underground coal
production in
late 2024.
Curragh coals
are
 widely known for their low
ash, low to mid volatile
matter, low sulfur
and low phosphorous content.
Curragh Met
 coal products are also known
for their consistent delivered
quality, which
supports a consistent offtake
across a
 diversified market base.
A map of the Curragh tenements is shown in Figure 3.
 Figure 3.
Coronado Curragh Mine Complex Property Location
Map.

2023
 The Curragh mine
complex is
located within the
Bowen Basin coalfields,
approximately 200
kilometers by road
 west of Rockhampton, Queensland, Australia,
and approximately 14 kilometers north of
the town of Blackwater,
 Queensland, Australia. The
coordinates of CPP1,
which is located
within Curragh Main,
are 688,561 meters
East,
 7,400,933 meters North
in the AMG66 grid
system. Curragh owns
and operates the
necessary CPPs and
load-
 out system
for dispatches
via Blackwater
rail line
Port of
Gladstone or
the Stanwell
Power Station.
See
 Item 1. "Business—Transportation
—Australian Operations" for
additional information regarding
the rail and port
 services available to Curragh.
Curragh also has maintenance
facilities for the fleet
of mining equipment, as
well
 as office
buildings for
the mine
staff and
personnel.
Established sealed
roads connect
the mine
town of
 Emerald, Queensland,
Australia,
west and
the
Port of
Gladstone
east.
Third-party
rail providers
 operate the Blackwater rail line and transport Curragh
export coal, for sale to international customers, to
the RG
 Tanna Coal Terminal
or Wiggins Island Coal Export Terminal at the Port of Gladstone.
Curragh domestic coal is
 loaded onto train wagons for transportation to the Stanwell
Power Station for power generation.

 Curragh has ready access
to water,
electricity and personnel
to support its operations.
SunWater Ltd.
supplies
 water to the mine complex from the Fairbairn Dam via the Bedford Weir.
The mine complex also recycles water
 from on-site dams—i.e., old open-cut pits that capture rainfall and water from dewatering activities.
Curragh has
 a
dedicated
66-kilovolt,
or
kV,
power
to
the
with
a
of
up
to
57-
 megawatt,
or
MW,
sourced
from
the
main
grid
power.
The
substation
is
on
the
southwest
corner
of
 ML1878
with
both
66kv
and
22kv
distribution
networks
to
the
draglines,
shovel
and
CPPs.
There
is
 adequate power
on site
for establishing
the underground
mine and
commencing the
first two
continuous miner
 units;
upgrades
to
the
site
are
for
full
with
four
 continuous miner units.

 The Mineral Resources
Act 1989 (Qld),
or MRA, and
the Mineral and
Energy Resources (Common
Provisions)
 Act
2014
(Qld),
or
MERCPA,
together,
for
the
assessment,
and
utilization
of
in
to
the
maximum
practicable,
consistent
with
sound
and
land
use
 management. The MRA vests ownership of minerals, with limited exceptions, in the "Crown," which in relation to
 Curragh,
is
the
government.
A
is
payable
to
the
government
for
the
right
to
 extract
minerals.
The
MRA
also
creates
different
tenures
for
different
such
as
prospecting,
 exploring and
mining. A ML
most important tenure,
as it permits
the extraction
of minerals
in conjunction
 with other required authorities. The MRA imposes general conditions
on a ML.
 We
the
coal
at
under
coal
and
MLs
and
three
MDLs
granted
 pursuant to
the MRA.
We
refer to
the MLs
and MDLs
at Curragh,
collectively,
Tenements.
Renewal
of
 certain Tenements
will be required during the mine life of Curragh and the Queensland government can vary the
 terms and
conditions on
renewal. There
are a
existing petroleum
tenements which
overlap with
the
 Tenements.
The priority,
consent and
coordination requirements
MRA, MERCPA
Petroleum
 and Gas
(Production and Safety)
Act 2004
(Qld) (as relevant)
may apply
with respect to
those overlaps. Extensive
 statutory
protocols
govern
the
relationships
co-existing
and
and
these
 protocols
are
largely
focused
on
encouraging
the
overlapping
tenement
to
negotiate
and
formulate
that
enable
the
co-existence
of
their
respective
interests.
To
date,
we
have
negotiated
 arrangements in place with all of our overlapping
tenement holders and full access
to all of our Tenements.
See
 Item 1. "Business—Regulatory Matters—Australia" for additional
information regarding Curragh's Tenements.

 Property control and mining rights at Curragh are entirely expressed in the MLs and MDLs mentioned above. An
 overlapping petroleum tenure exists over the
southern and eastern extents of
the Tenements.
Under the Mineral
 and
(Common
Provisions)
Act
2014
(Qld),
this
exchanges,
provision and
maintenance of
joint information
management plans
overlapping tenement
 holder.
Curragh is compliant with the legislation and there are
no current restrictions to coal mining.
 As conditions to certain
of the Tenements, Curragh is subject to royalties payable
to the Queensland government
 on a regulated tiered
structure introduced July
1, 2022. This tiered
royalty payment regime
is dependent on the
 received AUD/t
revenue received
coal sales,
and varies
from 7%
for up
to A$100/t
sales, up
to 40%
 payable for
sales over
A$300/t. These
royalties are
in addition
Stanwell rebate,
as described
in Item
1.
 "Business—Customers—Stanwell." Additionally, if MDL 162
advances from development
to production,
we would
 be required to
pay under a
private royalty deed
a base royalty
of A$0.50 per
Mt of coal and
a royalty of
A$0.70
 for every Mt of SCC produced above 2.5 MMt per year.
 A joint venture between
Arco Australia Ltd., Australian Consolidated Industries
Ltd., R.W. Miller & Co.
and Mitsui
 & Co. (Australia) first began development on certain
of the Tenements in 1983.
Later, Arco Australia Ltd. bought
 out the
other joint
venturers
and, in
2000, sold
property to
Wesfarmers
Ltd. In
2014, Wesfarmers
 acquired MDL 162 from Peabody Budjero Pty
Ltd.
Coronado acquired all the Tenements
from Wesfarmers Ltd.
 in March 2018.
Production history has been approximately
11.1 MMt in
2021, 9.8 MMt in 2022 and 10.0 MMt
in
 2023.

2023
 Beginning
1960's,
tenement
began prospecting
and exploratory
at Curragh.
We
have
an
active,
at
that
allows
us
to
update
and
refine
the
model
ahead
of
pit
development.
Recently,
we
have
increasingly
focused
on
an
 exploration program,
which has
included seismic
2-D
and 3-D
surveys and
core drilling
for gas,
geotech, coal
and
spontaneous
evaluation.
Additional
has
permeability
and
 hydrological assessments.
 Open cut coal mine development
at the Curragh property is presently
accomplished by surface mining methods
 and has been so historically
since the mine's inception.
The mine characteristics and output
levels allow it to be
 ranked as
a large
coal operation
when compared
to domestic
producers in
Australia and
worldwide.
 operates four large electric draglines, one large electric
shovel and additional fleets of hydraulic excavators.

 Curragh has two coal preparation
plants, CPP1 and CPP2. CPP1
is the oldest of the two processing
plants and
 has a documented
nameplate capacity of
1,100 raw tons
per hour, or tph
(as received).
CPP2 has a
documented
 nameplate capacity of 1,200 tph (as received) with a capability of up to
1350 tph when processing selected feed
 types.
Curragh has
a loadout
facility for
loading coal
onto railcars,
connected to
the main
Blackwater
 rail link.

 Generally, the mining equipment and facilities at Curragh are in good operating condition.
We focus on the long-
 term
of
the
mine
and
regularly
monitor
developments
in
the
for
technology
 improvements and
new equipment
that could
help us
increase efficiency
and lower our
costs. Curragh's
oldest
two
draglines,
began
in
1983.
Prior
to
taking
over
Wesfarmers
Ltd.
made
to
the
processing
at
Curragh,
the
 commissioning of the second CPP
in 2012 and replacing the raw
coal crushing system at Curragh
Main with an
 updated circuit
in 2016.
Wesfarmers Ltd.
also started
a corrosion
and structural
repair program
over ten
years
 ago that
has continued
since acquisition.
This program
helps ensure
assets are
available well
 future. From time to time, we also
update and improve other equipment and facilities to maintain their usefulness
 and optimize our competitiveness. As of December 31, 2023, the book value of Curragh and its associated plant
 and equipment was $767.8 million.
 Studies
for
determining
the
feasibility
of
of
the
North
mine
east
of
the
North
open
cut
mine
has
been
undertaken
2020 to
2023, comprising
a
pre-feasibility
study
in
the
first quarter
of 2023
and
a subsequent
more
detailed
feasibility
study
South
planned
area in
the Mammoth
Seam. The
selected
method for
the underground
project is
bord and
 pillar mining using
primary extraction
of panels
with roadway
widths of
6.5 meters,
reducing to
6 meters
where
 the overburden thickness or
mining conditions require. The
project is currently in
the operational readiness phase
 and preparation is currently underway
for execution and commencement
of underground coal production
in late
 2024. The ROM
coal is planned
to be transported
on the existing
installed overland conveyor south
to the existing
 CPPs for
processing. The
product coal
handled through
the existing
product coal
stockpile system
and
 train load out facility at Curragh.

 Underground mine access is planned
via four portal entries from the
southern end of the final highwall
of one of
 the open
cut pits
in Curragh,
called S-Pit.
Surface infrastructure
planned for
the underground
mine includes
a
 ROM stockpile
pad, conveyor
and radial
stacker, Mine Industrial
Area and
workshop. This
is planned
to be
 adjacent to the S-Pit
portal entries from the
open cut, with access
to the underground mine
via mobile vehicles.
 The mine access methodology and
surface infrastructure arrangement is consistent with other
underground bord
 and pillar mines operating from existing open cut mines
in Queensland.
 The underground mine has been
planned with three mining areas: South, Central and
North. Planned production
 transitions
from
South
to
Central
and
then
North
areas
as
deplete
and
geographical
expansion
is
 required to maintain
the required LOM
production. The mine
is expected to
commence in the
South area in
the
 Mammoth Seam in late 2024 with two continuous miner
units, then later introducing additional continuous miner
 units, with full production
using four units by
2026. Production is planned
to commence in the
Mackenzie Seam
 in 2034 and continue throughout the expected LOM of approximately
20 years for the underground mine.

not aware of
any significant
encumbrances or
defects in title
to the Curragh
We
we
have
all
licenses
and
permits
under
both
and
 Australian Commonwealth
legislation and
have all
permits and
licenses regarding
cultural heritage,
native title
 and various
other social
issues. See
Item 1. "Business
—Regulatory Matters—Australia"
for a discussion
 permitting conditions applicable to Curragh.
 Summaries of Curragh's
coal resources
and reserves estimates as
of December 31, 2023
and 2022 are shown
 in Tables
4 and 5, respectively.

2023
 Table
4.
–
Summary
of
Coal
Exclusive
of
Reserves
at
the
End
of
the
Fiscal
Year
 (1)
 Coal Resources
 (Wet Tons, In Situ, MMt)
 (2)(3)
 +
 Ash
 Open Cut
 22.9%
 0.60%
 19.1%
 18.6%
 0.40%
 18.1%
 Total
 Open Cut
 19.5%
 0.50%
 18.4%
 Total
 (1)
Curragh determines the resources exclusive of reserves below a 15:1
in-situ strip ratio as being suitable for
open pit mining, and
 above 15:1 in-situ strip ratio being suitable for underground
mining with a minimum seam thickness of 1.8
meters.
 (2)
There are resources suitable for open
cut mining outside of the declared
reserves.
The initial economic assessment
for resources
 exclusive of
reserves as
and 2023
assumed revenue
pricing based
on an
assumed long-term
 realized sales prices
of $143 per
Mt (FOB) and
$133 per Mt (FOB),
respectively, for the open cut
resources and $147
per Mt (FOB)
 and $140 per Mt (FOB), respectively, for the underground
resources. This is explained further in
Section 11.5 of the Curragh TRS.
 (3)
Table 1-1 of the Curragh TRS provides a summary of Curragh resource tons inclusive
of reserve tons as of December 31, 2023.
 (4)
Reported on a 5.3% in-situ moisture basis.

 (5)
 Table
5.
Curragh –
Summary of
Coal Reserves
(Marketable
Sales Basis)
End of
the Fiscal
Year
 (1)
 Tons, Washed
 or Direct Shipped, MMt)
 (2)
 Total
 Ash
 Open Cut
 12.2%
 0.5%
 19.5%
 10.0%
 0.3%
 16.9%
 Total
 Open Cut
 10.7%
 0.4%
 19.0%
 Total
 (1)
Based on
long-term revenue
pricing assumption
data outlined
by Coronado
Section 16
Curragh TRS.
The
 pricing data assumes an average
realized price of $141 per
Mt produced over the LOM
as of December 31, 2022
and $131 per Mt
 sold over the LOM as of December 31, 2023.
 (2)
The December 31,
2022 marketable reserves
are reported on
an 11.0%
moisture basis. For
the December 31,
2023 marketing
 reserves, the
open cut
marketable reserves
are
reported on
a
9.5% product
moisture
basis and
the underground
marketable
 reserves are reported on a 10% product moisture
basis.
 (3)
 From
31,
2022,
to
31,
2023,
and
decreased
by
 approximately 32%, from
512 MMt
to 350 MMt.
This decrease in
measured and indicated
resources is attributable
 to the conversion of resources
to reserves being declared in
2023 for the underground project.
From December
 31, 2022, to December 31,
2023, total marketable coal
reserves increased by approximately 9%,
from 205 MMt
 to approximately 223 MMt. This increase
in marketable coal reserves is attributable
mainly to the addition of the
 Curragh North
underground project
reserves estimate.
A TRS
to Curragh,
updating the
TRS with
 respect to Curragh
incorporated by reference
into Coronado's
Annual Report on
Form 10-K for
2022, was
prepared in
February
2024 due
to material
differences
key modifying
 including the addition of
an underground LOM plan
and changes to coal
sales price assumptions, operating
costs
 and capital costs, from December 31, 2022 to December

2023
 Barry Lay,
BSc Geology (Hons);
MAusIMM of Resology
Pty Ltd, Daniel
Millers, B. Eng.;
MAusIMM(CP), who
is
 employed full-time as the Superintendent Long Term
Planning of our subsidiary, Coronado Curragh Pty Ltd, and
 Chris Wilkinson, BSc
(Mining); MAusIMM(CP);
Director Mining
Consultancy Services
(Australia) Pty Ltd,
whom
 we
refer
to,
collectively,
as
the
QPs,
the
of
coal
and
 summarized in Tables
4 and 5.
A copy of the Australian QPs' technical report summary,
or TRS, with respect to
 Curragh, dated February
16, 2024,
or the Curragh
TRS, is filed
as Exhibit 96.1
hereto. None of
Mr. Barry
Lay,
 Resology
Pty
Ltd,
Mr.
Chris
Wilkinson
or
Consultancy
Services
(Australia)
Pty
Ltd
are
affiliated
with
 Coronado.

 The Australian QPs prepared the estimates of Curragh
coal resources and reserves using drilling data available
 from exploration
activities at
Curragh conducted
by numerous
entities over
time.
Most of
this information
was
 obtained prior to our
acquisition of Curragh,
using varying drilling and
core-logging techniques, survey
 and testing procedures.
As a
result, in verifying
the data,
the Australian
QPs made
certain assumptions
about
 the adequacy of the
processes performed and
comparability of the data
based on their professional
 and familiarity with Curragh.
 Per
12.1
of
the
TRS,
coal
were
as
or
probable,
with
 consideration given to
"modifying factors,"
including mining, processing,
metallurgical, infrastructure,
 marketing, legal,
environmental, social
and governmental
factors. Section
22.2 of
TRS includes
a
 risk
of
the
key
modifying
that
could
the
and
therefore
the
 estimate of coal reserves and resources.

 As
summarized
in
7.1
of
the
TRS,
the
concentration
of
drill
holes
varies
slightly
 across the Curragh
The location of
the drilling
is shown on
the maps
included in Section
7.
Points of
 observation include
exploration drill
holes, degas
holes and
mine measurements,
which have
been fully
vetted
 and
processed
into
a
model.
The
model
is
based
on
seam
depositional
modelling,
the
 interrelationship
of
overlying
and
strata
on
seam
mineability,
seam
thickness
trends, the
of
 seam structure (i.e., faulting), intra-seam
characteristics, etc.
Section 11.6
of the Curragh TRS summarizes
the
 drill hole spacings and accuracy associated with each
resource category.
 Coal quality is instrumental
in determining whether there
are reasonable prospects
for economic extraction of
a
 coal resource
and
the economic
viability
of a
coal
reserve.
These quality
attributes
aided
in converting
in-situ
 resource tons to
demonstrated coal
reserves (recoverable washed
tons). The reserve
and resource criteria
are
 presented in
Sections 12.1
and 11.3,
of the Curragh
TRS, including
assumptions related
to seam
 density, minimum
cut-off thickness, and recoveries.
Pricing data as provided
by Coronado is described in
Table
 16.2 of the Curragh TRS.
These are weighted-average realized values across
the LOM schedule.
 Regarding
rates
as
described
in
of
the
TRS,
the
mine
plan
and
productivity
 expectations
and
efforts
have
been made
to
adjust
the plan
to
 technology and future
conditions. Additional mine-specific factors
can be found
in Section 13
of the Curragh
TRS.

is
a
production-stage
consisting
of
one
mine
and
supporting
 infrastructure that
produces Low-Vol
Met coal using
the longwall
mining method.
The mine complex
is located
 in Buchanan County in southwest Virginia.
A map of Buchanan is shown in Figure 4.

2023
 Figure 4.
Coronado Buchanan Mine Complex Property Location
Map.
 The Buchanan
mine complex
is located
6.4 kilometers
southeast of
Oakwood, Virginia,
and 16
southeast
of
Grundy,
Virginia.
The
coordinates
of
the
CPP
are
latitude
09'
40"
and
 longitude 81 59' 13"
(Easting 984,100', Northing 320,100'
– in the VA
State Plane South NAD
27 grid system).
 The
nearest
major
population
centers
are
Roanoke,
Virginia,
and
Lexington,
Kentucky,
which
are
about
 kilometers northeast
and 290
kilometers northwest
From U.S.
Route 460,
which
 runs
Oakwood,
a
well-developed
network
of
improved
and
unimproved
roads provides
to
the
The surface facilities
at Buchanan are
located along a
Norfolk Southern rail
line, which serves
 primary means
of transport for
produced coal.
Norfolk Southern transports
coal from
the Buchanan mine
 either
to
or
to
Lamberts
Point
Coal
Pier
in
Norfolk,
Virginia,
for
overseas
 shipment.
has
ready
to water,
and
to
its operations.
The
mine
 sources water from streams that
flow over Company-owned property.
The mine also utilizes ground
water from
 an old, abandoned mine.
Electricity is sourced from American Electric Power.
Personnel have historically been
 sourced
from
the
communities
in
Buchanan,
Tazewell,
McDowell
and
Pike
Counties
and
have
 proven to be adequate in numbers
to operate the mine complex.
As mining is common in the surrounding
areas,
 the workforce is generally familiar with mining practices,
and many are experienced miners.

 The property mineral rights are composed of approximately 33,578 total hectares, of which 25,853 are leased or
 subleased from private landholders under approximately 150 individual coal lease tracts, and
7,725 hectares are
 owned by Coronado.
Subject to Coronado's exercising
its renewal rights thereunder,
all the leases expire upon
 exhaustion of the relevant coal reserves, which is expected
to occur in 2042.

the relevant
leases, we
are required
to pay
royalties ranging
from 4%
to 6%
selling
 price
of
coal
mined
from
the
corresponding
and,
for
the
majority,
an
royalty,
 irrespective of
production.
Coal produced
at Buchanan,
to "wheelage
fees"
(i.e., fees
 payable on coal
mined and
removed from properties
other than
the particular
leasehold and hauled
across the
 leasehold premises).
 The
was
formerly
controlled
by
Consolidation
Coal
Company,
or
CONSOL.
Mine
was
 started by
CONSOL
in 1983
and longwall
began in
1987.
acquired the
Buchanan Mine
 from CONSOL in March 2016.
Production history has been approximately 4.4
MMt in 2021, 3.9 MMt
in 2022 and
 3.6 MMt in 2023.

2023
 Our right
to commercially
mine and
recover coal
reserves at
Buchanan overlaps
right of
an affiliate
of
 CNX Resources Corporation, which we refer to as the Gas Party,
to commercially recover and develop coal gas
from
the
mine
area.
The
Gas
Party
and
we
have
into
to
regulate
the
 interaction between, and coordinate, our
respective operations.
In general, the combination of
these overlapping
 interests allows
for mutual
benefits to
the parties,
namely,
the degassing
in
the
 mine, which helps assure the safety of mine
personnel, and the Gas Party's
commercial capture and sale of the
 coal gas.
In addition, the Gas Party's drilling activities have contributed to exploration efforts with respect to coal
 deposits at Buchanan.
As the only natural gas supplier in
the area, we purchase our requirements of
natural gas
 for the operation of our thermal dryer at Buchanan from
the Gas Party.

 Before
took
over
at
Buchanan,
CONSOL
had
extensive
 exploration of the property.
We have continued
exploration at the property
through a program of
core drilling to
 confirm reserves, establish additional resources
and assess the geotechnical viability of mining.

produces
a
Low-Vol
HCC,
but
it
also
produces
a
premium
Low-Vol
PCI
product.
The
 Buchanan mine
extracts coal
Pocahontas #3
seam of
the Pennsylvanian-age
Pocahontas Formation,
 which is the principal minable coal seam
of that formation.
The seam is situated below drainage
throughout the
 Property and is accessed by vertical shafts.
The seam thickness averages 1.57 meters within the mining
area.

 The Buchanan
mine currently
extracts
coal using
a single
longwall system
supported by
six continuous
miner
 sections,
which
develop
main
entries
and
gate
roads
in
for
the
longwall.
Each
miner
 section is equipped with
one or two
continuous miners, two roof
bolters and two or
three coal haulage units.
After
 extraction, a series
of conveyor
belts deliver raw
coal to an
underground storage
bunker.
The Buchanan
mine
 complex uses a skip
hoist system to
lift raw coal to
the surface.
Buchanan has a
CPP that processes
raw coal
 at a rate of approximately 1,270 raw tph, as well as the other necessary support infrastructure, including loadout
 and portal facilities.
 Generally,
the mining
and facilities
at Buchanan
are in
good operating
condition.
We focus
 long-term potential of
the mine complex and
regularly monitor developments in
the mining industry for
technology
 improvements and
new equipment
that could
help us
increase efficiency
and lower
our costs.
Since acquiring
 the Buchanan
we have
CPP,
which
have resulted
in increased
 capacity.
From
time
to
time,
we
also
update
and
improve
other
and
to
their
 usefulness
and
optimize
our
competitiveness.
For
example, we
rebuild
our longwall
shear,
drives
and cycling
 shields after every panel. We
have also entered into life
cycle management agreements for our
continuous miner
 equipment, installed programmable logic controller,
or PLC, controls on the skip hoist system, upgraded our belt
 drives for increased horsepower, deployed state-of-the-art Fletcher roof
bolters on our continuous miner
sections
 and switched
to
PLC
and variable
frequency
drive,
or VFD,
starters
belt
drives.
As
of
 December 31, 2023, the book value of Buchanan and its
associated plant and equipment was $464.7 million.
 We are not
aware of any
significant encumbrances
or defects in
title with respect
to the Property.
 we believe we have
obtained all requisite
mining and discharge
permits to conduct
our operations at Buchanan
 and expect to
be able to
obtain all required
permits in the
future. The
Buchanan mine complex
holds one state
 permit, with the associated NPDES permit.

 Buchanan is
a federal
black lung
excise tax
of $1.21
per ton
for underground
a federal
 reclamation tax of $0.13 per ton
for underground mining.
However, the federal black lung excise tax applies only
to coal
sold domestically.
Buchanan is
a Virginia
reclamation tax
of $0.05
 per ton (which amount is contributed to a state-funded bond pool) and a Virginia severance tax of 2% for all coal
 sold. See
Matters—United States"
for a
discussion of
the permitting
 applicable to Buchanan.

2023
 Summaries of Buchanan's coal resources and reserves as of December 31,
2023 and 2022 are shown in Tables
 6 and 7, respectively.
 Table
6.
Buchanan –
Summary of
Coal Resources
Exclusive of
Reserves at
the End
Fiscal Year
 (1)

 Coal Resources (Dry Tons, In Situ, MMt)
 (2)(3)
 +
 Ash
 —
 16.0%
 0.8%
 18.0%
 —
 25.0%
 0.7%
 16.0%
 (1)
Pricing for
resources is
Section 11.3.1
Buchanan TRS
(as defined
below).
Based on
assumed long-term
 average price of $110 per Mt (FOB loadout) for Buchanan
resources as of December 31,
2022 and $143 per Mt (FOB
loadout) for
 resources at
2023, representing the
long-term average price
forecast for
Buchanan based on
independent price
 forecasts.
 (2)
Exclusive of reserve
tons. Table
1-1 of the
Buchanan TRS provides
a summary of
Buchanan resource tons
inclusive of reserve
 tons as of December 31, 2023.
 (3)
Reported on a dry basis.
Surface moisture and inherent moisture are excluded.
 (4)
 Table
7.
Buchanan – Summary
of Coal Reserves
(Marketable Sales Basis)
at the End of
the Fiscal Year
 (1)
 Tons, Washed
 or Direct Shipped, MMt)
 (2)
 Total
 Ash
 6.0%
 0.7%
 20.0%
 6.0%
 0.7%
 19.0%
 (1)
Pricing data as provided
by Coronado is described
in Section 16.2 of
the Buchanan TRS.
For Buchanan reserves as
 31, 2022, the pricing data assumes a weighted average domestic and
international FOB-mine price of approximately $179 per Mt
 for calendar
year 2023;
the weighted
average price
decreases to
approximately $132
to
$143
per Mt
through year
2027 and
 averages approximately $153 per Mt over the LOM.
For Buchanan reserves as of December 31, 2023, the pricing data assumes
 a weighted average domestic
and international FOB-mine
price of approximately
$172 per Mt for
calendar year 2024;
the weighted
 average price decreases to approximately $138 to $145 per Mt through year 2028 and averages approximately $173 per Mt over
 the LOM.
 (2)
Reported on a 6.0% moisture basis.
 (3)
 From
31,
2022
to
31,
2023,
total
decreased
1%,
from
93.0
MMt
to
92.0
MMt.
This
net
of
1.0
MMt
of
total
was
 attributable to
a combination
of updates
mine plan
along with
one year
of mining
depletion. A
TRS with
 respect to Buchanan, updating the TRS with respect
to Buchanan filed with Coronado's Annual
Report on Form
 10-K for the
31, 2022, was
prepared in February
2024 due to
material differences
 key financial modifying factors, including mining plans, coal sales price assumptions, operating costs and capital
 costs from December 31,
2022 to December 31,
2023. Mining plans
are discussed in Section
13 of the Buchanan
 TRS. Coal sales price assumptions underlying the reserve estimates are discussed in Sections
12 and 16 of the
TRS,
while
costs
and
costs
the
are
 discussed in Sections 18 and 19
of the Buchanan TRS.
The differences in the key financial modifying factors
did
 not have
from
31,
2022 to
31,
2023.
From
2022 to
measured and
indicated resources decreased
by approximately 13%,
 due to conversion of a
portion of the resources
to reserves.
Updated financial inputs, including
coal sales price
 assumptions and
operating and
capital costs
estimating the
resources exclusive of
reserves, as
 in Section
11.3
TRS, did
not have
impact on the
measured and
indicated resource
as
of
31,
2023,
as
to
the
and
as
of
 December 31, 2022.

2023
 Marshall Miller
& Associates,
Inc., a
firm comprising
experts, whom
we refer
to as
 QPs, prepared the estimates
of coal resources and reserves
as of December 31, 2023
summarized in Tables
 and 7.
A copy of the U.S. QPs' TRS with respect to Buchanan, dated as of February 16, 2024, or the Buchanan
 TRS, is filed as Exhibit 96.2 hereto. The U.S. QPs are
not affiliated with Coronado.
 The
U.S.
QPs
the
of
coal
and
using
core
data
from
at
by
numerous
entities
over
time.
Most
of
this
was
 obtained
prior
to
our
of
the
using
varying
and
core-logging
techniques,
survey
 methods and testing
procedures.
As a result,
in verifying the
data, the U.S.
QPs made certain
assumptions about
 the adequacy of the
processes performed and
comparability of the data
based on their professional
 and familiarity with Buchanan.

 Per
12.1
of
the
TRS,
coal
were
as
or
probable
considering
 "modifying
factors,"
mining,
metallurgical,
marketing,
legal,
social
and
 governmental factors.
Section 22.2
Buchanan TRS includes
a risk
assessment of the
key modifying factors
 that could potentially impact the operations and therefore the
estimate of coal reserves and resources.

 As summarized in Section 7.1 in
the Buchanan TRS, the U.S. QPs utilized 15,725
available core, rotary, channel
 samples,
mine
measurements
and
coalbed
methane
wells
on
and
around
the
Points
of
 observation include exploration
drill holes, degas
holes, and mine
measurements, which have
been fully vetted
 and
processed
into
a
geologic
model.
The
geologic
model
is
based
on
seam
depositional
modeling,
the
 interrelationship
of
overlying
and
strata
on
seam
mineability,
seam
thickness
trends, the
of
 seam structure (i.e., faulting), intra-seam
characteristics, etc.
The U.S. QPs completed a geostatistical
analysis
 on
drill
holes
the
boundaries
to
the
applicability
of
the
 classification system
for measured
and indicated
coal resources.
Historically,
States has
 that coal within 0.4 kilometers of a point of observation
represents a measured resource, whereas coal
 0.4 kilometers
and 1.2
kilometers from
a point
of observation
is classified
as indicated.
Inferred resources
are
 commonly assumed
to be
located between
1.2 kilometers
and 4.8
kilometers from
a point
of observation.
The
 U.S. QPs performed a geostatistical
analysis of the Buchanan data set
using the Drill Hole Spacing Analysis,
or
 DHSA, method. DHSA prescribes that measured, indicated and inferred drill hole spacings be determined at the
 10%, 20%,
and 50%
levels of
error,
Comparing
the results
DHSA to
 standards, it
is evident
historical standards are
more conservative
than even the
most conservative DHSA
 model
with
regards
to
determining
The
Exponential
model
in
the
DHSA
 recommends using
a radius
of 0.67
kilometers for
measured resources
0.4
 kilometers. With
respect to
indicated resources
the DHSA falls
in line closely
with the historical
standards. The
 Exponential and
Spherical
models of
the DHSA
recommend
using a
radius
of 1.08
from
a point
of
 observation for
indicated resources,
while the
Gaussian model
included in
the DHSA
recommends a
radius of
 1.10 kilometers from
a point of
observation for indicated
resources. These values
line up
closely with
 radius
of
1.2
kilometers.
These
have
led
the
U.S.
QPs
to
report
the
data
the
 classification standards, rather than use the results of the DHSA.
 Coal quality is
instrumental in determining
the viability of
a coal deposit.
Per Section 8.2
TRS,
 coal
conforms
to
the
American
Society
for
Testing
and
Materials,
or
ASTM,
These
 attributes aided
in converting
dry,
in-place tons
to demonstrated
coal reserves
(recoverable washed
tons). The
 reserve and resource
criteria are presented
in Table
11-1
TRS, including assumptions
 to seam density, minimum
cut-off thickness, and recoveries.

 Regarding production
rates as
Section 13.2
TRS, the
mine plan
and productivity
 expectations
and
efforts
have
been
made
to
adjust
the
plan
to
 conditions.
Mine development and operation have not been
optimized within the Buchanan TRS.

 Logan
 Coronado's Logan property is
currently in the
production stage.
Logan consists of four
active underground mines
 and supporting
infrastructure that
produce High-Volatile
using the
room and
pillar mining
method and
 two
mines
(Toney
Fork
and
Elklick)
and
supporting
that
both
Met
and
 thermal coal using
the contour
and highwall
mining methods.
Underground mine
operations were
active during
 2023 at
the
Lower
War
Eagle,
Eagle
No.
and
Muddy
Bridge
Mines
with
three,
three
and
two
 sections, respectively.
The North Fork Winifrede Mine was active but was fully depleted in 2023.
The Powellton
 No. 1
Mine
was
in
the
of being
rehabilitated
and had
minimal
fourth
quarter
of
 2023, with plans to initiate
full production with one mining
section in the first quarter
of 2024.
The Logan complex
 life plan includes
13 proposed mines,
consisting of ten
underground mines and
three surface mines.
The property
 is located in Boone,
Logan and Wyoming
Counties in southern
West Virginia.
The surface facilities
are located
 in Logan County,
West Virginia.
A map of Logan is shown in Figure 5.

2023
 Figure 5.
Coronado Logan Mine Complex Property Location Map.
 The Logan
mine complex
encompasses the
towns of
Lorado and
Pardee in
Logan County,
West Virginia,
and
 Cyclone and Lacoma in Wyoming County,
West Virginia. The coordinates
of the Saunders CPP are latitude
 47' 58" and longitude 81 40' 01" (Easting 1,806,880', Northing
291,517' – in the WV State Plane South NAD 27
 grid system). The nearest
major population centers are
Huntington, West Virginia, and Charleston,
West Virginia,
 which are about 145 kilometers northwest and 129 kilometers northeast of the property, respectively.
From U.S.
 Route
119,
which
runs
Mingo,
Logan
and
Boone
Counties
to
the
north,
a
well-developed
network
of
 improved and
unimproved roads
provides access
including Route
16 and
Route 10,
which run
 east-west across the property in Logan County and Wyoming
County, respectively.
The Logan surface facilities
 are located approximately 21 kilometers northeast
of Man, West Virginia, along
a CSX Corporation, or CSX, rail
 line, which serves as
the primary means of
transport for produced
coal.
CSX transports coal from
Logan either
 to domestic customers or to the Kinder Morgan Pier IX and
Dominion Terminals
in Norfolk, Virginia, for overseas
 shipment.
 Logan has
ready access
to water, electricity
and personnel
to support
its operations.
Buffalo Creek Public
Service
 District supplies
water and
American Electric
Power supplies
mine complex.
Mine personnel
 generally live in the surrounding communities of Logan,
Boone, Wyoming and Mingo Counties in West
Virginia.

 The
are
composed
of
13,183
total
hectares,
13,114
of
which
are
from
private
 landholders
under
individual
leases,
and
hectares
are
owned
by
Coronado.
Subject
to
exercising
its renewal
thereunder,
a
majority
of
the
leases,
covering
a
majority
of
the
Logan
 reserves, expire upon
exhaustion of the
relevant coal reserves,
which is expected
to occur in
2057.
One lease
 expires in 2032; however,
Coronado is projected to have previously exhausted th
e
reserves covered thereby.
 Under the terms of the leases, we are required to pay royalties ranging from 3.0% to 9.0%
of revenue from sales
produced depending
on mining
method. Certain
leases also
provide for
"wheelage fees"
ranging
 from 0.25% to 1.0%
of revenue from
sales of coal
mined and removed
from properties other
than the particular
 leasehold and hauled across the leasehold premises.
 The mining of
Logan was commenced in
1945 by Lorado
Mining Company, or Lorado. Lorado was
sold to Buffalo
 Mining Company
in 1964
and then
to Pittston
Coal Company
in 1971.
Pittston operated
the property
until the
 early 1990's.
After being idle for
a period, the property
was then sold to
Addington Resources in
2004.
Imagin
 Natural
the
in
2007
and
sold
it
to
Cliffs
Natural
(now
known
as
 Cleveland-Cliffs Inc.) in 2011,
which in turn sold
the property to Coronado
in 2014. Production history
 approximately 1.9 MMt in 2021, 2.1 MMt in 2022 and 2.5 MMt
in 2023.

2023
 Before
Logan,
previous
owners
had
extensive
on
the
has
at
the
a
of
core
to
confirm
 establish additional resources and assess the geotechnical
viability of mining.

 Logan
produces
Met
coal
(HVA
HCC
and
HVB
HCC),
mined
from
seams
of
the
 Kanawha Formation. A few of the seams lie below drainage;
however, a substantial number of metallurgical coal
 seams
are
situated
above
drainage.
Logan
also
produces
coal
from
upper
portions
of
the
Kanawha
 Formation.
 As of December
31, 2023, underground
mine operations
were active at
the Lower
War Eagle,
Eagle No. 1
and
 Muddy
Bridge
Mines
with
three,
three
and
two
sections,
using
the
room-and-pillar
 method.
The North Fork
Winifrede Mine was
fully depleted in
2023.
The Powellton No.
1 Mine was in
 of
being
rehabilitated
and
had
minimal
the
fourth
quarter
of
2023,
with
plans
to
initiate
full
 production with one mining section in the first quarter of
2024.
 All sections of the active underground mines at Logan are configured as
full super sections, with two continuous
 miners per
section.
Each section
also has
two roof
bolters, four
shuttle cars
and two
scoops.
From the
 miner at the production face, the shuttle cars haul extracted coal to a feeder breaker, which transfers raw coal to
 a conveyor
belt for
to a
surface stockpile
holding area.
A shared
overland conveyor
carries raw
coal
 from the Lower War
Eagle mine to a CPP.
Trucks haul raw
coal from the Eagle
No. 1 and North Fork
Winifrede
 mines to the
CPP and
Muddy Bridge
mine to
the Logan
overland conveyor.
The CPP has
a feed rate
 capacity of 1,088 raw tph.
The CPP site includes raw coal storage, clean coal storage, a loadout connected to a
 CSX rail line and refuse disposal area.

 The
Toney
Fork
and
Elklick
mines
extract
Met
and
coal
using
the
contour
and
area
 methods.
The
mines
use
spreads
of
front-end
loaders,
large
tractors/dozers
and
rock
trucks
to
remove
 overburden and expose the coal. We
will deploy highwall mining when
overburden volumes exceed economical
 stripping ratios associated with area and
contour mining. Trucks haul raw coal from Toney Fork and Elklick to the
 CPP site for cleaning or to the loading site to be shipped
directly to customers.
 Our
plans
at
Logan
contemplate
mines,
consisting
of
ten
mines
and
three
 surface mines,
six mines
currently in
operation.
The proposed
underground mines
would extract
 coal using
the room
and pillar
mining method,
proposed surface
mines would
extract coal
using area,
 contour or highwall mining methods, or some combination thereof.

 Generally,
the mining equipment
and facilities at Logan
are in good operating
condition.
We focus on the
long-
 term
of
the
mine
and
regularly
monitor
developments
in
the
for
technology
and
new
that
could
help
us increase
efficiency
and
lower
our costs.
Logan's
oldest
and
facilities,
the
CPP
and
loadout
facility,
began
in
2008,
when
the
 Powellton
No.
mine
started
production.
Since
acquiring
the
Logan
we
have
CPP,
which have
resulted in
increased capacity.
From time
to time,
we also
update and
 improve
other
and
to
their
usefulness
and
optimize
our
competitiveness.
As
of
 December 31, 2023, the book value of Logan and its associated
plant and equipment was $244.1 million.

not aware
of any significant
encumbrances or
defects in title
to the property.
 we believe we have obtained all requisite
mining and discharge permits to conduct
our operations at Logan and
 expect to be
able to obtain
or renew all
required permits
in the future.
The Logan
mine complex holds
27 state
 permits with associated NPDES permits.

 Logan is subject to a federal black lung excise tax of $1.21 per ton for underground mining and $0.61 per ton for
 surface and highwall mining; however, this
tax applies only with respect to coal sold domestically.
Logan is also
 subject to a
federal reclamation
fee of $0.13
per ton
for underground
$0.31 per ton
for surface
and
 highwall mining.
Logan is subject to
a West Virginia
reclamation tax of
$0.308 per ton and
a West
 Virginia severance
tax of
1.0% to
5.0% of
revenues for
all coal
produced. See
 Matters—United States" for a discussion of the permitting
conditions applicable to Logan.

 Summaries of Logan's
coal resources and
reserves as of
and 2022 are
shown in Tables
 and 9, respectively.

2023
 Table 8.
Logan – Summary of Coal Resources Exclusive
of Reserves at the End of the
Fiscal Year Ended
 December 31, 2023 and 2022.
 (1)
 Coal Resources (Dry Tons, In Situ, MMt)
 (2)(3)
 +
 Ash
 17.0%
 1.0%
 31.0%
 24.0%
 1.0%
 28.0%
 (1)
Pricing for resources is described in Section
11.3.1 of the
Logan TRS (as defined below).
For Logan resources as of December
 31,
2022,
based
on
price
of
$154
per
Mt
(FOB
loadout)
for
underground-mineable
resources,
 representing the
long-term average price
forecast for
HVB provided by
Coronado; surface resources
were assessed
at a
sales
 price of $83 per Mt (FOB loadout) based on estimated historical pricing for Coronado's surface operations.
For Logan resources
 as of December
31, 2023, based on
assumed long-term average price
of $154 per
Mt (FOB loadout)
for underground-mineable
 resources, representing the long-term average
price forecast for HVB provided by
Coronado; surface resources were assessed
at
 a sales price of $83 per Mt (FOB loadout)
based on estimated historical pricing for Coronado's surface
 (2)
Exclusive of reserve tons. Table 1-1 of the Logan TRS provides
a summary of Logan resource tons
inclusive of reserve tons as of
 December 31, 2023.
 (3)
Reported on a dry basis.
Surface moisture and inherent moisture are excluded.
 (4)
 Table 9.
Logan – Summary
of Coal Reserves
(Marketable Sales Basis)
at the End
Fiscal Year Ended
 December 31, 2023 and 2022.
 (1)
 Tons,
 Washed or Direct Shipped, MMt)
 (2)
 Total
 Ash
 8.0%
 0.9%
 35.0%
 8.0%
 0.9%
 36.0%
 (1)
Pricing data as
provided by Coronado is
described in Section
16.2 of the
Logan TRS.
For Logan reserves
as of December
31,
 2022, the pricing data
assumes respective HVA,
HVB and thermal FOB-mine prices
of approximately $192, $170, and
$227 per
 Mt for calendar
year 2023. HVA,
HVB, and thermal
prices decrease to approximately
$151, $132, and $83
per Mt, respectively,
 through year 2027, and then increase to $271, $237, and $150
per Mt, respectively, through year 2056. For Logan reserves as of
 December 31, 2023, the pricing data assumes respective HVA,
HVB and thermal FOB-mine prices of approximately $162, $144,
 and $120 per Mt for calendar year 2024.
HVA, HVB, and thermal prices respectively decrease to approximately $161, $143, and
 $114 per Mt through year 2026, and then increase to $308, $273, and
$212 per Mt through year 2057.
 (2)
Reported on a 4.5% - 6.0% moisture basis.
 (3)
 From December
31, 2022
to December
total reserves
remain unchanged.
This consistent
 total
was
to
a
combination
of
updates
to
the
mine
plans,
conversion
of
select
 resources to reserves, along with
one year of mining depletion.
A TRS with respect to Logan,
updating the TRS
 with respect to Logan filed
with Coronado's Annual Report on Form
10-K for the year ended
December 31, 2022,
 was prepared
in February
2024 due to
material differences
in the key
financial modifying
factors including
coal
 sales price
assumptions,
costs
and
costs
from
31,
2022, to
31,
2023.
 Coal sales price assumptions underlying
the reserve estimates are discussed in
Sections 12 and 16
of the Logan
 TRS,
while
costs
and
costs
the
are
in
 Sections
and
Logan TRS.
The
differences
in
the
key
modifying
did
not
have
a
 material impact on the reserve estimates
as of December 31, 2023, as compared
to the reserve estimates as of
31,
2022.
From
31,
2022,
to
31,
2023,
and
 decreased
by
8.5%,
from
MMt
to
MMt.
This
net
of
MMt
of
 measured and indicated
mineral resources was
attributable to one
year of mining
depletion along with changes
 to the mine
plan. Updated financial inputs,
including coal sales price
assumptions and operating and
capital costs
 used
in
estimating
the
exclusive
of
conversion
of
to
as
in
11.3
of
the
Logan
TRS,
did
not
have
a
on
the
and
 resource estimates
as of December
31, 2023, as
compared to the
measured and
indicated resource
 as of December 31, 2022.
 Marshall Miller
& Associates,
Inc., a
firm comprising
experts, whom
we refer
to as
 QPs, prepared the estimates
of coal resources and reserves
as of December 31, 2023
summarized in Tables
 and 9.
A copy of the U.S. QPs' TRS with respect to Logan, dated as of February 16, 2024, or the Logan TRS, is
 filed as Exhibit 96.3 hereto. The U.S. QPs are not affiliated
with Coronado.

2023
 The
U.S.
QPs
the
of
coal
and
using
core
data
from
 exploration activities at Logan conducted by numerous
entities over time.
Most of this information was obtained
 prior to
our acquisition
of the prop
erty,
using varying
drilling and
core-logging techniques,
survey methods
and
 testing procedures.
As a
result, in
verifying the data,
QPs made
certain assumptions about
the adequacy
 of the processes performed and comparability
of the data based on their
professional experience and familiarity
 with Logan. Per Section 12.1 of the Logan TRS, coal reserves were
classified as proven or probable considering
 "modifying
factors,"
mining,
metallurgical,
marketing,
legal,
social
and
 governmental factors.
Section 22.2
of the Logan
TRS includes
a risk
assessment of
the key
modifying factors
 that could potentially impact the operations and therefore the
estimate of coal reserves and resources.

 As summarized in Section 7.1 in the Logan TRS, the U.S. QPs utilized 1,133 available core, rotary, and gas well
 drilling on and around
the Logan property. Mine data from active
underground mines was supplied to
supplement
 the exploration
drillhole records,
by seam.
Points of
observation
include exploration
drill holes,
gas wells,
and
 mine measurements, which have been fully vetted
and processed into a geologic model.
The geologic model is
 based
on
seam
depositional
modeling,
the
interrelationship
of
overlying
and
strata
on
seam
 mineability,
seam thickness
trends, the
impact of
seam structure
(i.e., faulting),
intra-seam characteristics,
etc.

 The U.S.
QPs completed
a geostatistical
analysis on
drill holes
within the
reserve boundaries
to determine
the
 applicability
of
the
classification
system
for
and
coal

 Historically, the United States has assumed that coal
within 0.4 kilometers of a point of observation represents a
whereas
coal
0.4
and
1.2
from
a
point
of
observation
is
 classified as indicated.
Inferred resources are commonly assumed to be located
between 1.2 kilometers and 4.8
 kilometers from a
point of observation.
The U.S. QPs
performed a geostatistical
analysis of the
Logan data
set
 using the DHSA method.
DHSA prescribes measured,
indicated, and inferred drill
hole spacings be determined
 at
the
10%,
20%,
and
50%
levels
of
error,
Comparing
the
of
the
DHSA
to
the
standards,
it
is
evident
that
the
are
more
conservative
than
even
the
most
 conservative
DHSA
model
with
regards
to
determining
The
Exponential
and
Spherical
 models recommend
using a radius
of 0.87 kilometers
for measured resources
value
 of 0.4 kilometers.
With respect to indicated resources
the Spherical and Exponential
models recommend using
 a radius of 1.53
kilometers.
The historical radius
of 1.2 kilometers
is therefore also
more conservative than
the
 DHSA
for
These
have
led
the
U.S.
QPs
to
report
the
data
the
 historical classification standards, rather than use the results
of the DHSA.
 Coal quality is instrumental in determining
the viability of a coal deposit. Per
Section 8.2 of the Logan TRS, coal
conforms
to
the
ASTM
These
attributes
aided
in
converting
dry,
in-place
tons
to
 demonstrated coal reserves (recoverable
washed tons). The
reserve and resource
criteria are presented in
Table
 11-1
of
the
Logan
TRS,
to
seam
density,
cut-off
thickness,
and
 recoveries.
Pricing data as provided by Coronado is described
in Section 16.2 of the Logan TRS.

 Regarding production
rates as
Section 13.2
Logan TRS,
the projected
underground mines
 are set up similarly to the
four active underground operations as of December 31,
2023.
Each mine is scheduled
 to operate one
to three production
sections.
All sections are
configured as full
super sections with
two continuous
 miners per section.
Three surface resource areas
were modeled.
Mining operations are projected
to utilize area,
 as well as contour,
mining methods.
The three areas
planned for highwall
mining are assumed
to be mined
by
 a
contractor;
therefore,
the
contractor
costs
in
the
model
assume
that
the
contractor
is
 responsible for staffing
those operations along
with providing necessary equipment
capital. Spoil for
final highwall
 reclamation is expected
to come from
strategic placement
of spoil on
pre-existing benches
by haul trucks
such
 that they
are within
the push
distance of
the reclamation
dozer.
Additional information
regarding mine-specific
 production factors can be found in Section 13.4 of the
Logan TRS.

 The Mon Valley mine
complex comprises three
development-stage mining properties, namely, Pangburn, Shaner
 and Fallowfield,
each consisting
of a
proposed underground
mine that
would produce
using
 the room
and
pillar
method.
The
preliminary
design
for
the
also
plans
for
and
a
plant
for
each
mine.
The
reside
in
Allegheny,
Washington
and
 Westmoreland Counties in southwestern Pennsylvania.
The proposed facilities include
a barge loading
dock and
 CSX rail loadout
on the Monongahela
River in Allegheny County, Pennsylvania, which
would ship clean
coal from
 all three mines to end customers.
A map of Mon Valley
is shown in Figure 6.

2023
 Figure 6.
Coronado Mon Valley
Mine Complex Property Location Map.
 Mon Valley is located
approximately 22.5 kilometers
southeast of
Pittsburgh, Pennsylvania, near
the communities
 of Bentleyville,
Lockview,
Monongahela, Elizabeth,
Sutersville and
Irwin, Pennsylvania.
The coordinates
 proposed infrastructure are latitude 40 15' 24" and longitude 79 53' 50" (Easting
1,398,821', Northing 343,480'
 – in the PA State
Plane South NAD 27 grid system). From U.S. Interstate 70
and Pennsylvania Route 51, which
 traverse
the
Fallowfield
and
Pangburn
areas,
a
well-developed
network
of
improved
and
 unimproved roads allows general access to the
The Monongahela and Youghiogheny
Rivers also run
 through the property.
The primary means of transport for produced coal would be by barge
on the Monongahela
 River/Ohio River system.
a CSX rail line located
along the banks of the
Monongahela River would
 provide another option for the shipment of coal.
 Mon
has
sources
of
water,
power,
and
supplies
readily
for
use.
Personnel
in
the
area
have
 historically
been
sourced
from
the
communities
in
Allegheny,
Washington,
and
Westmoreland
 Counties,
and
have
to
be
adequate
in
numbers
to
operate
the
mines.
As
is
in
the
 surrounding areas, the
workforce is generally
familiar with mining
practices, and many are
experienced miners.

 Water is expected to be sourced locally from a nearby public water sources or rivers.
Electricity is anticipated to
 be
sourced
from
West
Penn
Power
or
Duquesne
Light.
The
in
the
areas
the
 proposed mine complex has historically provided supplies,
equipment repairs and fabrication, etc.

 The
are
composed
of
41,615
total
hectares,
of
which
1,339
are
from
private
 landholders under two leases,
and 40,276 hectares are
owned by Coronado.
Subject to Coronado's exercising
 its renewal rights
thereunder,
both of the
leases expire
upon exhaustion
of the relevant
coal reserves,
 expected to occur in 2101.

 A
predecessor
of
CONSOL
previously
controlled
the
properties.
We
the
from
 CONSOL Energy in March 2016 in connection with the
acquisition of the Buchanan property.
 Before we acquired Mon Valley, CONSOL Energy had conducted extensive exploration of Mon Valley.
an
focused
on
defining
and
assessing
the
geotechnical
viability
of
 mining.

 Mon
is
capable
of
producing
a
Met
coal
from
the
Upper
Freeport
seam
of
the
 Pennsylvania-age
Allegheny
Formation.
The
seam
is
situated
below
drainage
throughout
the
and
 would be
accessed with
slopes and
shafts.
The seam
thickness in
the projected
mining areas
averages 1.95
 meters.

2023
 Under our current
mine development
plans, production
would begin at
the Pangburn
mine in 2033,
followed by
 the Shaner mine in
2039 and, finally, the Fallowfield mine in
2058.
The proposed Mon Valley underground mines
 would use the room and pillar
mining method with limited pillaring
as to cause no subsidence.
Each mine would
 have three
miner
sections,
with two
miners, two
roof bolters,
four shuttle
cars and
two
 scoops per
section.
The shuttle
cars would
haul extracted
coal from
the production
face to
a feeder
breaker-
 conveyor system, which
would carry raw
coal to a
surface stockpile
and CPP.
The CPPs and
surface facilities
 would have large
raw and clean
coal storage areas
to facilitate efficient
loading of clean
coal into barges
or rail
 cars for transport.
not yet completed
detailed designs
of the infrastructure
or surface
facilities for
the
 proposed Shaner and Fallowfield mines.
 As of December 31, 2023, the book value of Mon
Valley was $17.5 million.
 We are not aware of any significant encumbrances or defects in title with respect to the properties. However,
we
 will be required to obtain alternate
zoning approval from the local township. Further, we will be required
to submit
 formal permit
applications
to state
or federal
agencies.
Although we
have commenced
the work
to
 obtain the
permits and
zoning variances,
we are
aware that
the period
of time
 final authorizations,
for purposes
of commencing
the development,
construction and
ultimate production
 proposed mine site, may be significant, and there can be no assurance that we can obtain the necessary zoning
 and
permits.
See
Item
1.
Matters—United
States"
for
a
discussion
of
the
 conditions applicable to Mon Valley.

 Coal mined from the
mine complex would
be subject to a
federal black lung
excise tax of
$1.21 per
 ton for underground mining and a
federal reclamation tax of $0.13 per ton
for underground mining.
However, the
 federal black lung excise tax will only apply with respect
to coal sold domestically.
 Mon Valley contains no resources exclusive of reserve tons as of
December 31, 2023 and 2022. Table 1-1 of the
TRS (as
defined below)
provides a summary
of Mon Valley
resource tons
inclusive of
reserve tons
 as of December 31, 2023.
 A summary of Mon Valley's
coal reserves as of December 31, 2023 and 2022 is shown
in Table
10.
 Table 10.
Mon Valley – Summary of Coal Reserves (Marketable Sales Basis) at the
End of the Fiscal Year
 (1)
 Tons, Washed
 or Direct Shipped, MMt)
 (2)
 Total
 Ash
 8.0%
 1.2%
 (3)
 35.0%
 8.0%
 1.2%
 35.0%

 (1)
Pricing data as
provided by
Coronado is described
in Section 16.2
Mon Valley TRS. For
Mon Valley reserves as
 31,
2022,
the
data
assumes
HVB
and
FOB-mine
of
$130
and
$114
per
Mt,
for
calendar
year
2028;
HVB
and
to
$208
and
$178
per
Mt,
 respectively, through year 2050, and
then increased by 2% annual inflation thereafter.
For Mon Valley reserves as
 31, 2023, the pricing data assumes
a blended HVB domestic and
export FOB-mine nominal price
of $164 per Mt for calendar
year
 2029; HVB domestic and export prices respectively
are increased by 2% annual inflation thereafter.
 (2)
Reported on a 6.0% moisture basis.
 (3)
LOM sulfur for Pangburn is an estimated 1.2%; however, overall Mon
Valley Complex reserve average is 1.4% sulfur.
 (4)
 Total
did
not
from
31,
2022,
to
31,
2023.
A
TRS
with
to
Mon
 Valley,
updating the TRS
with respect to
filed with Coronado's
Annual Report on
Form 10-K
 year ended December 31, 2022,
was prepared in February
2024 due to material differences
in the key financial
 modifying factors
including coal sales
price assumptions,
operating costs
and capital
costs from
 2022, to
31,
2023.
Coal
sales
price
are
in
Sections
and
of
the
Mon
 Valley TRS, while operating costs and capital costs are discussed in Sections 18 and 19 of the Mon Valley
TRS.
 Marshall
Miller
&
Associates,
Inc.,
a
firm
comprising
mining,
whom
we
refer
to
as
the
U.S.
QPs,
 prepared the estimates of coal reserves summarized in Tables
10.
A copy of the U.S. QPs' TRS with respect to
(Pennsylvania Upper Freeport
Holdings), dated as
of February 16,
2024, or the Mon
TRS, is
 filed as Exhibit 96.4 hereto. The U.S. QPs are not affiliated
with Coronado.

2023
 The
U.S.
QPs
the
of
coal
and
using
core
data
from
at
Mon
by
numerous
entities
over
time.
Most
of
this
was
 obtained
prior
to
our
of
the
Property,
using
varying
and
core-logging
techniques,
survey
 methods and testing
procedures.
As a result,
in verifying the
data, the U.S.
QPs made certain
assumptions about
 the adequacy of the
processes performed and
comparability of the data
based on their professional
 and familiarity with Mon Valley.

 Per
12.1
of
the
Mon
TRS,
coal
were
as
or
probable
considering
 "modifying
factors,"
mining,
metallurgical,
marketing,
legal,
social
and
factors.
22.2
of
the
Mon
TRS
a
risk
of
the
key
modifying
 factors that could potentially impact the operations and therefore the
estimate of coal reserves and resources.

 As summarized
in Section
7.1 in
the Mon
TRS, the
U.S. QPs
utilized approximately
750 available
core
 and rotary holes
on and around
the Mon Valley
properties. Points of
observation include exploration
drill holes,
 degas holes, and mine measurements,
which have been fully vetted and processed
into a geologic model.
The
 geologic model is based
on seam depositional
modeling, the interrelationship
of overlying and underlying
strata
 on
seam
mineability,
seam
thickness
trends,
the
of
seam
structure
(i.e.
faulting),
intra-seam
 characteristics, etc.
The U.S. QPs
completed a geostatistical
analysis on drill
holes within the
reserve boundaries
 to determine the applicability of the
common United States classification system for measured and
indicated coal
Historically,
the United States
has assumed that
coal within 0.4
kilometers of a
point of observation
 represents
a
whereas
coal
0.4
kilometer
and
1.2
from
a
point
of
 observation
is
as
indicated.
are
commonly
to
be
1.2
 kilometers and
4.8 kilometers
from a point
of observation.
The U.S.
QPs performed
a geostatistical
analysis of
 the Pennsylvania data set
using the DHSA method.
DHSA prescribes measured, indicated, and inferred
drill hole
 spacings
be
at
the
10-percent,
20-percent,
and
50-percent
levels
of
error,
 Comparing the results of the DHSA to the historical standards, it is evident that
the historical standards are more
 conservative than
even the
most conservative
DHSA model
with regards
to determining
measured resources.

 The
Gaussian
and
Spherical
models
recommend
using
a
radius
of
0.72
for
0.4 kilometers.
With respect
to indicated
the DHSA
falls in
line
 closely with the historical standards.
The Exponential model recommends using
a radius 1.43 kilometers, while
 the Spherical and Gaussian models
recommend a radius of 1.42 kilometers,
These values line up
 closely with
radius of
1.2 kilometers.
These results have
led the
U.S. QPs
to report
the data
 the historical classification standards, rather than use the
results of the DHSA.
 Coal quality is instrumental in determining the
viability of a coal deposit. Per Section
8.2 of the Mon Valley
TRS,
 coal quality
conforms to
the ASTM
standards. These
quality attributes
aided in
converting dry,
in-place tons
to
 demonstrated coal reserves (recoverable
washed tons). The
reserve and resource
criteria are presented in
Table
 11-1
of
the
Mon
TRS,
to
seam
density,
cut-off
thickness,
and
 recoveries. Pricing data as provided by Coronado is described
in Section 16.2 of the Mon Valley
TRS.

 Regarding production rates
as described in
Section 13.2 of
the Mon Valley
TRS, the Mon
mine complex
 is not yet
active, with three distinct
mines and CPPs planned.
The mine plan and
productivity expectations reflect
 historical performance from other similar mines
with similar conditions and efforts
have been made to adjust the
 plan to reflect future conditions. Mine development and operation have not been
optimized within the Mon Valley
 TRS.
Additional mine-specific factors can be found in Section 13.4
of the Mon Valley TRS.
 Greenbrier (Non-Material Property)
 The
has
been idled
since
April
1,
2020. During
the
fourth
quarter
of
2020,
the
 committed to
a plan
to sell
Greenbrier on
the basis
that it
does not
form part
core business
 strategy. The Greenbrier
property is not considered material to Coronado's business
or financial conditions, and
 thus no update was
completed for Greenbrier in
2024. Resources exclusive
of reserves are based
on assumed
 (December 31, 2022)
long-term average
price of $154
per Mt (FOB
loadout) for
all resources,
representing the
price
forecast
for
Greenbrier.
The
31,
2022,
data
 assumes respective
Mid-Vol/Low-Vol
and thermal/PCI
FOB-mine prices
of approximately
$152 and
$80 per
Mt
 for calendar year
2028.
Mid-Vol/Low-Vol
and thermal/PCI prices
increase to approximately
$206 and $109
per
 Mt,
year
2043.
The
are
to
be
fully
depleted
in
2043.
 Marketable reserve tons are reported
on a moist basis,
including a combination of surface
and inherent moisture.

 The combination of surface and inherent moisture is modeled
at 6.0%.

2023
 Russell County (Non-Material Property)
 The
Russell
County
is
not
considered
to
or
conditions.
In
 addition, pursuant to the current mine plan, the
property will only start generating cash flows when it commences
 production in 2040. Resources exclusive of
reserves are based on assumed long-term average
price of $143 per
 Mt (FOB loadout), representing the Company's long-term
average price forecast for Russell County.
The pricing
 data assumes
HVA
FOB-mine prices
with a
weighted LOM
average of
approximately $263
per Mt.
Marketable
tons
are
on
a
moist
basis,
a
combination
of
and
moisture.
The
 combination of surface and inherent moisture is modeled
at 6.0%.
 Internal Controls
 Our
staff
of
geologists
and
engineers
worked
with
the
persons
throughout
the
and
 reserve estimation process and provided data
from our own exploration and
operating activities at the properties.
 We
have
procedures,
assurance/quality
and
 verification of input data and geological modelling, subject
to multi-level review, to
help ensure the validity of the
 data. These procedures include, but are not limited to:
 •
Oversight and approval of each annual statement by responsible
senior officers;
 •
Independent, external review of new and materially changed
estimates at regular intervals;
 •
reconciliation
with
planning
by
our
staff
of
geologists
and
engineers
to
validate
coal
 reserve and coal resource estimates for operating mines,
including the following procedures:
 •
Assessments
of
drilling,
sampling
and
assurance/quality
data,
 modelling, resource estimation, classification, and reporting;
 •
Assessment
and
benchmarking
of
assumptions,
rate
and
 schedules against historical production data;
 •
Assessments
of
and
costs
other
comparable
for
 reasonableness;
 •
Continual identification
and
evaluation
of material
technical
issues
likely to
the five-
 year plan and the future performance of producing properties;
 •
An examination of historical
information and results in
respect of the technical
aspects of the properties
 by our staff of geologists and engineers, including
a review of the following key elements:

•
Geology mapping, reports and models, including geotechnical and
hydrology aspects;
 •
Coal resource and coal reserve estimates;
 •
Mining operations and proposed growth options;
 •
Coal preparation facilities;
 •
Coal handling and transport;
 •
Environmental matters and approvals;
 •
Land management, including leases and other pertinent
agreements;
 •
Veracity of existing information
supporting five-year plans and business plans;
 •
Identification of key project drivers; and
 •
Risks and opportunities.
 The pricing
used for
preliminary
valuation and
to estimate
our proven
and probable
coal
 reserves was based on prices under our existing contracts and price forecasts. Below
is a description of some of
 the factors
that could
affect price
forecasts for
Met and
thermal coal
products on
a mine-by-mine
and product-
 by-product basis. Differences between
the assumptions and analyses
included in the
price forecasts and realized
 factors could cause actual pricing to differ from
the forecasts.

2023
 Metallurgical.

Several factors
can influence
supply and
demand and
pricing. Demand
is impacted
by
 economic conditions and demand for
steel and is also impacted by competing
technologies used to make steel,
 some of which do not use coal as a manufacturing input. Competition from other types of coal is also a key price
and
can
be
by
coal
and
characteristics,
delivered
cost
 transportation costs), customer service and support and
reliability of supply.
 Seaborne
Met
coal
can
be
by
the
availability
of
local
coal
production,
in
leading
Met
coal
such
as
China
and
India,
among
others,
as
well
as
country-
 specific policies restricting or promoting domestic supply. The competitiveness of seaborne Met coal supply from
 leading Met coal
exporting countries, such as
Australia, the United
States, Russia, Canada and
Mongolia, among
 others, is also an important price consideration.
 In addition to
the factors noted
above, the prices
which may be
obtained at each
individual mine or
future mine
 can be impacted
by factors such
as (i) the
mine's location,
which impacts the
total delivered energy
costs to its
 customers, (ii)
quality characteristics,
if they
are unique
to competing
mines, (iii)
 transportation costs and
(iv) other mine
costs that are
contractually passed on to
customers in certain
commercial
 relationships.
 Thermal.

Several factors can influence thermal coal supply
and demand and pricing. Demand is sensitive
to total
 electric power generation volumes, which are
determined in part by the
impact of weather on heating
and cooling
 demand,
inter-fuel
competition
in
the
electric
power
mix,
in
(additions
and
 retirements),
inter-basin
or
inter-country
coal
competition,
coal
stockpiles
and
policy
and
regulations.
Supply
 considerations
impacting
positions,
methods,
strip
ratios,
costs
and
 capacity and the cost of new supply (new mine developments
or extensions at existing mines).
 The
cost
that
the
QPs
used
for
preliminary
valuation
and
to
our
and
 probable reserves
were generally
internal projected
future costs
historical costs
and expected
 trends. The
estimated costs
normally include
mining, processing,
transportation, royalty,
tax and
other mining-
Our
and
processing
costs
in
of
consumable
 commodities (mainly diesel fuel,
natural gas, explosives and
steel), labor costs,
geological and mining
 targeted
product
qualities
and
other
mining-related
Estimates
for
other
sales-related
costs
(mainly
 transportation, royalty
and tax)
are based
on contractual
prices or
fixed rates.
Specific factors
that may
 the cost at our various operations include:
 •
 Geological settings.

The geological
characteristics of
each mine
are among
the most
important factors
 that determine the mining cost. Our geology department conducts the exploration program and provides
 geological models for the LOM process. Coal seam depth, thickness, dipping angle, partings and quality
 constrain the available mining methods
and size of operations. Shallow
coal is typically mined by
by
which
the
cost
is
overburden
removal.
Deep
coal
is
typically
mined
by
where
the
costs
coal
extraction,
conveyance
and
roof
 •
 Scale of operations and the equipment
sizes.

For surface mines, our dragline systems
generally have a
 lower unit cost
than truck-and-shovel systems for
overburden removal. The longwall
operations generally
 are more cost effective than bord-and-pillar operations
for underground mines.
 •
 Commodity prices.

For surface mines,
the costs of
diesel fuel and
explosives are
major components of
 the total mining cost.
For underground mines, the
steel used for roof
bolts represents a significant
cost.
 Commodity price
forecasts are
used to
project those
costs in
the financial
models we
use to
establish
 our reserves.
 •
 Target
product quality.

By targeting
a premium
quality,
product, our
processing
processes
 may experience
more coal
losses. By
lowering product
quality,
losses can
be minimized
and
 therefore a lower cost per
Mt can be achieved. In
our mine plans, the product
qualities are estimated to
 correspond to existing contracts and forecasted market
demands.
 •
 Transportation

We
have
into
with
third
to
gain
to
 transportation infrastructure and services where required, including
rail carriers and port owners. Where
 coal
is
exported
or
sold
other
than
at
the
mine
gate,
the
costs
associated
with
these
 represent a significant portion of both the total cost of supplying coal to customers and of our production
As
a
the
cost
of
is
not
only
a
key
factor
in
our
cost
base
but
also
in
the
decision
of
Our
costs
vary
by
region.
See
Item
1.
"Business—
 Transportation" for more information regarding
transportation arrangements for our operations.

2023
 •
 Royalty costs.

As conditions to
certain of the
Tenements,
Curragh is subject
to royalties payable
government
as
described
in
Item
1.
Matters—Australia—Mineral
 Resources Act 1989
(Qld)". These royalties
are in addition
to the Stanwell
rebate, as described
in Item
 1. "Business—Customers—Stanwell." Royalty
costs at our U.S. Operations
are based upon contractual
 agreements for the coal
leased from private owners
and vary from
property to property
and by the type
 of
mine
(i.e.,
or
underground).
The
rates
under
at
our
U.S.
range
3%
-
9%
of
from
coal
sales.
Under
some
of
the
leases,
we
are
to
pay
 minimum royalties,
regardless
of production,
and/or "wheelage
fees" (i.e.,
fees payable
on coal
mined
 and
removed
from
other
than
the
and
hauled
across
the
 premises).
 •
 Black lung,
severance and
reclamation taxes.

Our U.S.
Operations are
a federal
black lung
 excise tax on coal sold domestically.
 •
 Exchange rates.

Costs related to our Australian Operations are predominantly denominated in A$, while
 the coal that our Australian Operations
export is sold in US$. As
a result, A$-US$ exchange rates impact
 the U.S. dollar cost of our Australian Operations' production
.
 For further discussion of comprehensive risk inherent in the estimation, see Item 1A.
"Risk Factors—Operational
 and Technology
Risks—We
rely on
recoverable resources
and
which
are complex
 due to geological characteristics of the properties and the
number of assumptions made.

2023
 ITEM 3.
LEGAL PROCEEDINGS.
involved in
legal proceedings
occurring
ordinary course
of business.
It is
the opinion
of
 management, after consultation
with legal counsel,
that these matters
will not materially
affect our consolidated
 financial position, results of operations or cash flows.
 The Company is subject to a wide
variety of laws and regulations within the legal jurisdiction in
which it operates.
 See "Part I, Item 1. Business—Regulatory Matters"
for additional information. The Company believes that
it is in
 substantial compliance with federal, state and local laws
and regulations.

2023
 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.

 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.
with
1503(a) of
the Dodd-Frank
Wall
Street Reform
and
Consumer
Act and
 Item 104 of Regulation S-K (17 CFR 229.104), each operator of a coal or other mine is required to report certain
 mine safety results in its periodic reports filed with the SEC
under the Exchange Act.
 Information pertaining to mine safety
matters is included in Exhibit
95.1 attached to this Annual
Report on Form
 10-K. The disclosures reflect the
United States mining operations only, as these requirements do
not apply to our
 mines operated outside the United States.

2023
 ITEM
5.
MARKET
FOR
REGISTRANT'S
COMMON
EQUITY,
RELATED
STOCKHOLDER
MATTERS
AND
 ISSUER PURCHASES OF EQUITY SECURITIES.
 Market Information
 Our CDIs, each
representing one-tenth
of one share
of our common
stock, have
been listed on
the ASX under
 the
trading
symbol
"CRN"
since
October 23,
2018.
Prior
to
such
time,
there
was
no
for
our
 securities. There is no principal market in the United States
for our CDIs or shares of our common stock.
 Holders
 As of December 31, 2023, we had 167,645,373
shares of our common stock issued
and outstanding with 7,735
 holders of record.
The holders included CHESS
Depositary Nominees Pty Limited,
which held 90,337,270 shares
 of our common stock in the form of
CDIs on behalf of the CDI holders; there were 7,734 registered owners
 CDIs on December 31, 2023.
 Series A Preferred Share
 On September
20, 2018,
we issued
the Series
A Preferred
Share to
at par
value.
The
 offer, sale, and issuance of the Series A Share were deemed to be exempt from registration under
the Securities
 Act in reliance on Section
4(a)(2) of the Securities Act as
transactions by an issuer not involving
a public offering.
 The recipient of the Series A Share acquired the Series A Share for investment only and not with a view to or for
 sale in connection with any distribution thereof and appropriate
legends were affixed to the Series A Share.
 The
of
is
at
the
discretion
of
the
Board
of
Directors.
The
decision
as
to
or
not
a
 dividend will be
paid will
be subject to
a number of
considerations including
the general
business environment,
results,
cash
flows,
and
restrictions,
as
well
as
 applicable covenants under
the Senior Secured
Notes Indenture governing
our Notes and
covenants under the
 ABL Facility and any other factors the Board of Directors
may consider relevant.

 Our objective in setting our dividend policy is to deliver
stockholder returns while maintaining flexibility to pursue
 our strategic
initiatives within
a prudent
capital structure.
Our dividend
policy is
to distribute
between 60%
and
 100%
of
free
cash.
Available
free
cash
is
as
net
cash
from
less
 expenditure, acquisition expenditure,
amounts reserved for
capital expenditure and
acquisition expenditure and
 amounts required for
debt servicing. In
circumstances where there is
surplus available free
cash, at the
discretion
 of
our
Board
of
and
in
light
of
and
we
may
the
for
stockholder
returns
special
and
share
buy-backs
as
part
of
its
broader
 management strategy.
 Summary Description of the Company's
Non-Stockholder Approved Equity Compensation
Plans
 The Company does not have any non-stockholder approved
equity compensation plans.
 Recent Sales of Unregistered Securities
 Other than as previously
disclosed in a Quarterly
Report on Form 10-Q
or in a Current
Report on Form 8-K,
we
 did not issue
any shares of
our common stock
in a transaction
that was not
registered under
the Securities Act
 during the year ended December 31, 2023.
 Purchases of Equity Securities by the Issuer and
Affiliated Purchases
 We had no repurchases of equity securities for the
three months ended December 31, 2023.

2023
 ITEM 6.
[Reserved]

2023
 ITEM 7.
MANAGEMENT'S DISCUSSION
AND ANALYSIS
OF FINANCIAL
CONDITION AND
RESULTS
OF
 OPERATIONS
 The following
Management's Discussion
and Analysis
of our Financial
Condition and
Results of
Operations, or
 MD&A, should be read in conjunction with the Consolidated Financial Statements and the related notes to those
 statements included elsewhere in this Annual Report on Form
10-K.

 Overview
 For the year
ended December 31, 2023,
we produced and sold
15.8 MMt of coal.
Met coal and
thermal coal sales
 represented 75.8% and 24.2%, respectively,
of our total volume of coal
sold and 91.4% and 8.6%,
 of total coal revenues.
 During the year ended December 31, 2023, Coronado navigated through some operational headwinds that were
 out of our control.
 Our
suffered
downtime
as
a
of
severe
weather
events,
rainfall
in
the
March
and
quarters,
and
unscheduled
downtime
of
a
dragline
due
to
 mechanical failure. Despite these adverse
events, our Australian Operations completed
planned maintenance on
 its
two
coal
plants
and
invested
in
fleets
to
advance
pre-strip
waste
movement,
to
 decongest the
operating pits,
improve the
mine's strike
-length and
future coal
availability.
In addition
to
 lost production from
the unforeseen events,
our Australian Operation
also experienced significant
shipping delays
 in the December quarter
due to labor
issues faced at the
RG Tanna
Coal Terminal
resulting in deferral
of sales
 volumes to 2024.
 Our U.S. Operations
were impacted
by geotechnical
issues at the
Buchanan mine, specifically
a roof fall
quarter,
in
days
outage
to
to
repair
and
secure
roof
 support, and the
impact of
a rock intrusion
in the September
quarter resulting
in a 14-day
outage to production
 as
we
mined
the
intrusion.
Both
have
been
successfully
addressed,
with
normal
longwall
 operating conditions restored at the mine.
 Overall, for
saleable production
was 0.2MMt
lower and sales
volume was
 0.6MMt compared to the year ended December 31, 2022.
 The
benchmark
PLV
HCC
FOB
AUS average
for
the
year
ended
31,
2023,
of
$296.3
per
Mt
was
 18.5% lower compared to
$363.7 per Mt for
the year ended December 31,
2022, when we saw
record high prices
 as global Met coal supply readjusted from the impact
of the Russia and Ukraine war.

market remains
buoyant as
in emerging
and developing
economies,
India, a
major
 export destination, continues
to be strong. The
PLV HCC
FOB AUS index price
trended upwards in
the second
 half of 2023 increasing 39% to $323.8 per Mt at the end of December 31, 2023. This increase
is primarily due to
 a combination of tight supply
from Australia, caused by
adverse weather events and
reduced port throughput in
and
heightened
from
Indian
and
Asian
steel
makers
who
were
restocking
from
lower
 inventory levels.

 Coal revenues of $2,830.7
million for the year ended
December 31, 2023, 19.8%
lower compared to 2022,
was
 largely driven by lower sales
volumes, 0.6MMt lower compared to
2022 and lower average realized Met
price per
 Mt sold,
which was
$50.2 per
Mt lower
than the
average realized
Met price
of $265.8
per Mt
sold for
 ended December 31, 2022.

 Mining costs for the
year ended December 31, 2023, were
$273.1 million and $19.2 per
Mt sold higher compared
corresponding period in
2022, largely
driven by
the impacts of
lower production
following significant weather
and
breakdown
at
our
at
our
U.S.
combined
with
elevated
inflation
levels
mobilization
of
fleets,
and
port
constraints
 impacting sales volumes at our Australian Operations.

 During the year
31, 2023, Coronado
paid total dividends
of $16.7 million
to stockholders
and
 CDI holders on the ASX.

2023
 Liquidity
 As of December
our net cash
position was
$96.7 million,
comprised of
$339.0 million
cash and cash
(excluding
cash)
less
$242.3
of
Notes
outstanding.
had
liquidity
of
$489.0
as
of
31,
2023,
consisting
of
cash
and
cash
(excluding
cash),
unrestricted
short-term
deposits
of
$21.9
and
$128.1
 availability under our New ABL facility.
 For
our
the
twelve-month
Total
Reportable
Injury
Frequency
Rate
at
was 1.83 compared
to 3.92 at
the end of
2022. At our
U.S. Operations,
the
 twelve-month rolling average Total
Reportable Incident Rate, at December 31, 2023 was 1.44 compared to 2.42
 at the end of December 31, 2022.
These strong results reflect a record
safety rate at our U.S. Operations
under
 Coronado's ownership, and the best safety
rate since May 2018 for our Australian
Operations. Reportable rates
 for our Australian and U.S. Operations are below the relevant
industry benchmarks.
 Our Lower
War Eagle
mine, part
Logan mining
complex at
our U.S.
Operations, which
includes multiple
 underground and surface mines, achieved 4 years of being Lost
Time Injury,
or LTI, free
in 2023.
 The 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.
 Segment Reporting
 In accordance with
Accounting Standards Codification,
or ASC, 280,
Segment Reporting, we
have adopted the
 following reporting
segments: Australia and
States. In
addition, "Other and
Corporate" is
not a
 segment but is disclosed for the purposes of reconciliation
to our Consolidated Financial Statements.
 Results of Operations
 How We Evaluate Our Operations
 We
evaluate
our
based
on
the
volume
of
coal
we
can
safely
and
sell
in
with
standards,
and
the
we
for
our
coal.
Our
sales
volume
and
sales
are
largely
 dependent upon
the terms
coal sales
contracts, for
which prices
generally are
set based
on daily
 averages, on a quarterly basis or on 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
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, which we define
as cash and cash equivalents
(excluding restricted cash)
less outstanding aggregate
 principal amount of the Notes.
 Coal revenues are shown on our Consolidated Statements of Operations
and Comprehensive Income exclusive
 of other
revenues. Generally,
export sale
contracts for
our Australian
Operations require
us to
bear the
cost of
 freight
from
our
mines
to
the
outbound
shipping
port,
while
freight
costs
from
the
port
to
the
end
 destination
are typically
borne
customer.
In circumstances
where
we sell
intermediaries
 export market from our
U.S. Operations, sales
are recognized when
the title to the
coal passes to the
mine
load out
to a
sale.
For
our domestic
sales,
typically
bear
the
cost
of
 freight.
As
such,
freight
are
excluded
from
the
cost
of
coal
to
allow
for
consistency
and
 comparability in evaluating our operating performance.
 Non-GAAP Financial Measures; Other Measures
 The
discussion
of
our
references
to
and
analysis
of
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.

2023
 Non-GAAP financial measures are intended to provide additional information only and do not have any standard
 meaning prescribed
by U.S.
GAAP.
These measures
should not
be considered
in isolation
or as
substitute for
 measures of performance prepared in accordance with
U.S. GAAP.
 Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and
and
other
losses.
EBITDA
is
also
for
discrete
non-
 recurring items that we exclude in
analyzing each of our segments'
operating performance. Adjusted EBITDA
is
 not intended to
serve as an
alternative to U.S. GAAP
measures of performance
and may not
be comparable to
 similarly titled measures presented
by other companies. A reconciliation
of Adjusted EBITDA to its most
 comparable measure under U.S. GAAP is included below.

 Segment
EBITDA
is
as
EBITDA
by
and
segment,
for
transactions,
eliminations
or
adjustments
that
our
CODM
does
not
for
making
decisions
to
 allocate resources among segments or assessing segment performance.
Segment Adjusted EBITDA is used as
 a
supplemental
by
and
by
users
of
our
 Statements such
as investors,
industry analysts
and lenders
to assess
the operating
performance of
the business.
 Mining costs,
a non-GAAP
measure, are
the reported
cost of
coal revenues,
shown on
our
 statement of
operations and comprehensive
income exclusive of
freight expense, Stanwell
rebate, other royalties,
 depreciation,
depletion
and
and
selling,
and
expenses,
for
other
 items that do not relate
directly to the costs incurred to
produce coal at the mine.
Mining costs exclude these cost
 components as
our CODM
does not
view these
costs as
directly attributable
production of
coal. Mining
 costs
is
used
as
a
supplemental
by
management,
providing
an
accurate
view
of
the
costs
 directly attributable to the production
of coal at our mining
segments, and by external
users of our Consolidated
 Financial Statements,
investors, industry
analysts and
ratings agencies,
to assess
our mine
 performance in comparison to the mine operating performance
of other companies in the coal industry.
2023 Compared to Year
Ended December 31, 2022
 Summary
 The financial and operational highlights for the year ended December
31, 2023 include:
 •
Net income of $156.1 million for the
year ended December 31, 2023, decreased
by $615.6 million, from
 $771.7 million for the year
ended December 31, 2022. The
decrease was primarily driven
by lower coal
and
and
offset
by
an
tax
benefit
in
2023
 compared to an income tax expense in 2022.

 •
Average realized Met price per
Mt sold of $215.7 for the year
ended December 31, 2023 was
$50.2 per
 Mt sold lower compared to $265.8 per Mt sold for the year ended December 31, 2022, largely a result of
 lower Met coal index price in 2023 compared to the record
highs in 2022 from the impacts of the Russia
 and Ukraine war.
The first half
of 2023 saw
Met coal index
prices decline significantly
as steel demand
 weakened, however,
Met coal prices trended upwards in the second half of 2023 due to tight supply and
 port constraints in Australia.
 •
Total sales volume was 15.8 MMt for the
year ended December 31, 2023,
or 0.6 MMt lower
than the year
 ended December 31, 2022. The lower sales volumes were primarily driven by port constraints impacting
 shipments from RG Tanna
in Queensland, Australia
and production downtime
from significant
 wet weather events
and equipment breakdowns
at our Australian
Operations combined
with geological
 issues at our U.S. Operations.

 •
Adjusted EBITDA for
totaled $381.7 million,
a decrease of
$833.9
 million, from Adjusted EBITDA of $1,215.6 million
for the year ended December 31, 2022.
This decrease
 was a result of lower coal revenues and higher operating

2023

 2023
 2022
 %
 Revenues:
 2,830,689
 3,527,626
 (696,937)
 (19.8%)
 Other revenues
 59,914
 43,916
 15,998
 36.4%
 Total
 2,890,603
 3,571,542
 (680,939)
 (19.1%)
 Costs and expenses:
 Cost of coal revenues (exclusive of items shown
 separately below)
 1,731,630
 1,515,585
 216,045
 14.3%
 160,711
 167,046
 (6,335)
 (3.8%)
 Freight expenses
 259,710
 249,081
 10,629
 4.3%
 Stanwell rebate
 136,523
 165,995
 (29,472)
 (17.8%)
 Other royalties
 345,882
 385,065
 (39,183)
 (10.2%)
 Selling, general, and administrative expenses
 84,177
 42,499
 41,678
 98.1%
 Total
costs and expenses
 2,718,633
 2,525,271
 193,362
 7.7%
 Other income (expenses):
 Interest expense, net
 (56,751)
 (67,632)
 10,881
 (16.1%)
 Loss on debt extinguishment
 (1,385)
 (5,336)
 3,951
 (74.0%)
 Decrease (increase) in provision for discounting and
 4,216
 (3,821)
 8,037
 (210.3%)
 5,764
 33,795
 (28,031)
 (82.9%)
 Total
other expense, net
 (48,156)
 (42,994)
 (5,162)
 12.0%
 Income before tax
 123,814
 1,003,277
 (879,463)
 (87.7%)
 Income tax benefit (expense)
 32,251
 (231,574)
 263,825
 (113.9%)
 (615,638)
 (79.8%)
 Net income attributable to Coronado Global
 (615,638)
 (79.8%)
 Coal
were
$2,830.7 million
for
the
year
ended
31,
2023,
a
of
$696.9
 compared to $3,527.6 million for
December 31, 2022.
This decrease was driven
by 0.6 MMt
lower
 sales volumes in 2023 and lower average realized Met price per Mt sold of $215.7 for the year ended December
 31, 2023, compared to $265.8 per Mt sold in 2022.

 Other revenues
 Other revenues
were $59.9 million
an increase of
$16.0 million,
 to $43.9 million for the same
period in 2022. This increase was
primarily driven by termination fee revenue
from
 a coal sales contract cancelled at our U.S. Operations.
 Cost of coal revenues (exclusive of Items shown
separately below)
 Cost of coal revenues comprised of costs related to produced tons sold, along with changes in both the volumes
 and carrying values of coal inventory.
Cost of coal revenues include items
such as direct operating costs, which
 include employee-related costs, materials and supplies, contractor services, coal handling and preparation costs
 and production taxes.

 Total
cost of coal revenues
was $1,731.6 million for
an increase of $216.0
 million, compared to $1,515.6 million for the same period
in 2022.

 Cost of coal revenues for our Australian Operations for the year ended
December 31, 2023, were $155.8 million
 higher compared to
the same period
in 2022, primarily
driven by additional
fleets mobilized in
2023 to advance
 pre-strip
overburden
removal,
the
on
labor,
contractor
and
other
from
unexpected
failures,
offset
by
lower
purchased
coal
and
 favorable foreign
rate on
translation
year
31,
 2023,
of
A$/US$:
0.66
to
0.70
for
the
same
in
2022.
Cost
of
coal
for
our
U.S.
 Operations were
$60.3 million
higher for
the same
period in
 2022,
also
by
an
elevated
and
consumables
and
unplanned
 maintenance costs following a rock intrusion and a roof
collapse in 2023.

2023
 Depreciation, depletion and amortization were $160.7 million for the
year ended December 31, 2023, a
 of $6.3 million, compared to
$167.0 million for the
year ended December 31,
2022. The decrease was
associated
 with assets fully depreciated, lower depreciation
rates following annual useful life review at
the beginning of 2023
 and
favorable
rate
on
translation
of
the
offset
by
 depreciation on equipment brought into service during the year
ended December 31, 2023.
 Freight expenses
 Freight expenses
totaled
$259.7
an increase
of $10.6
 compared to $249.1 million
for the same
period in 2022. Rail
costs at our Australian
Operations contributed $13.2
 million to the
increase, mainly
due to higher
regulated costs
associated with access
to the Central
 Coal Network, partially offset by lower freight costs
at our U.S. Operations due to lower sales volumes.

 Stanwell rebate
 The Stanwell rebate was
$136.5 million for the
31, 2023, a decrease
of $29.5 million, as
to
$166.0
year
ended
31,
2022.
The
was
due
to
lower
realized
 reference coal pricing
for the prior
twelve-month period used to
calculate the rebate compared
to the same
 in 2022 and favorable average foreign exchange rate
on translation of the Australian Operations.
 Other royalties
 Other
royalties
were
$345.9 million
for
the
year
ended
31,
2023,
a
of
$39.2 million,
as
to $385.1
year
31,
2022. Our
contributed
to
 $36.0
of
the
due
to
lower
coal
and
favorable
rate
on
translation
of
the
 Australian Operations, partially
offset by
the adverse impact
of the new
QLD royalty regime,
effective from
July
 1, 2022, which resulted in $59 million additional royalty
cost in 2023.
 Selling, general, and administrative expenses

 Selling,
general,
and
by
$41.7
to
$84.2
for
the
year
ended
 December 31, 2023, compared
to $42.5 million for
the year ended December
31, 2022. The increase
relates to
 the additional accrual of $41.3 million relating to the stamp
duty on Curragh's acquisition assessed by the
QRO.
disputes
the
assessed by
the
QRO. Refer
to Part
II, Item
8. Financial
Statements and
 Supplementary Data, Note 26 "Contingencies" for further
information.
 Interest Expense, net
 Interest
expense,
net
was
$56.8
for
the
year
ended
31,
2023,
a
of
$10.9
to
$67.6
for
the
same
in
2022.
The
was
due
to
lower
 amount of the Notes outstanding following redemptions
of $72.7 million in the fourth quarter of 2022.
 Decrease (increase) in Provision for Discounting and
Credit Losses
 Decrease in provision for discounting
and credit losses of $4.2 million for
the year ended December 31, 2023,
a
 favorable movement
of $8.0 million
increase in
provision for
discounting and
of $3.8
 million for the
31, 2022. The
lower provision was
primarily driven by
collection of certain
 overdue trade receivables at December 31, 2022 during
the year ended December 31, 2023.
 Other,
net was
$5.8 million
2023, a
decrease of
$28.0 million
of
 $33.8 million
31, 2022.
The decrease
largely
relates
to lower
 gains recognized
in the 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 $32.2 million
for the year
31, 2023, compared
to $231.6 million
 tax
for
the
year
ended
31,
2022,
driven
by
loss
before
tax
from
our
 operations and the benefit of prior year tax return adjustments
and amendments.
 The income tax benefit for
the year ended December 31,
2023 resulted in an annual effective
tax rate of (26.0%).

2023
2022 Compared to Year
Ended December 31, 2021
 The Company's comparison of 2022 results to
2021 results is included in the
 Annual Report on Form
 10-K for the fiscal year ended December 31, 2022
,

under Part II Item 7,
"Management's Discussion and Analysis
 of Financial Condition and Results of Operations".

 Supplemental Segment Financial Data
2023 Compared to Year
Ended December 31, 2022
 2023
 2022
 %
 Sales Volume (MMt)
 9.9
 10.0
 (0.1)
 (1.0)%
 Total
revenues ($)
 1,681,522
 2,116,555
 (435,033)
 (20.6)%
 Coal revenues ($)
 1,645,752
 2,078,518
 (432,766)
 (20.8)%
 Average realized price per Mt sold ($/Mt)
 167.0
 208.9
 (41.9)
 (20.0)%
 Met sales volume (MMt)
 6.8
 6.5
 0.3
 4.2%
 Met coal revenues ($)
 1,557,471
 1,968,173
 (410,702)
 (20.9)%
 Average realized Met price per Mt sold ($/Mt)
 230.2
 303.1
 (72.9)
 (24.1)%
 Mining costs ($)
 1,058,598
 864,616
 193,982
 22.4%
 Mining costs per Mt sold ($/Mt)
 108.5
 89.5
 19.0
 21.2%
 Operating costs ($)
 1,679,954
 1,575,786
 104,168
 6.6%
 Operating costs per Mt sold ($/Mt)
 170.5
 158.3
 12.2
 7.7%
 Segment Adjusted EBITDA ($)
 2,249
 541,208
 (538,959)
 (99.6)%
were $1,645.8
a
 decrease of $432.8 million, or 20.6%, compared to $2,078.5 million for the year ended December 31, 2022. This
 decrease was primarily driven by lower average realized Met price of $230.2 per Mt, a decrease of
$72.9 per Mt,
 compared to $303.1 per Mt sold during the
same period in 2022. The higher realized price during the
31,
2022,
was
a
of
Met
coal
from
disruptions
in
trade
flows
and
 dynamics caused by
the war between
Russia and Ukraine.
Significant wet weather
events and port
constraints
2023
the
recovery
from
low
sales
volumes
in
2022
and
overall
sales
volumes
remained
 consistent year on year.

 Operating costs increased
by $104.2 million, or
6.6%, for the year
ended December 31,
2023, compared to the
2022. The
increase was
driven by
higher mining
costs and
freight expense.
 costs were $194.0
million, or 22.4%,
higher for the
year ended December 31,
2023, compared to the
same period
 in
2022,
due
to
fleets
mobilized
in
2023,
on
costs
and
repairs
and
costs
associated
with
failures.
Higher
costs
were
offset
by
favorable
 average foreign exchange on translation of our Australian Operations, lower Stanwell rebate and other royalties'
 expense as a result
of lower sales volume
and lower price
realizations. Mining and
Operating costs per
Mt sold
 increased by
$19.0 and $12.2,
the same
period in 2022,
due to increased
costs and
 lower sales volume.
 For
the
year
ended
31,
2023,
Segment
EBITDA
was
$2.2
a
of
$539.0
 million compared
to Segment
of $541.2
31, 2022.
This
 decrease was a result of lower coal revenues and higher
mining and operating costs.

2023
 2023
 2022
 %
 Sales Volume (MMt)
 6.0
 6.4
 (0.4)
 (7.2)%
 Total
revenues ($)
 1,209,081
 1,454,987
 (245,906)
 (16.9)%
 Coal revenues ($)
 1,184,937
 1,449,108
 (264,171)
 (18.2)%
 Average realized price per Mt sold ($/Mt)
 198.4
 225.2
 (26.8)
 (11.9)%
 Met sales volume (MMt)
 5.2
 6.2
 (1.0)
 (14.9)%
 Met coal revenues ($)
 1,031,012
 1,394,880
 (363,868)
 (26.1)%
 Average realized Met price per Mt sold ($/Mt)
 196.9
 226.5
 (29.6)
 (13.1)%
 Mining costs ($)
 610,925
 531,812
 79,113
 14.9%
 Mining costs per Mt sold ($/Mt)
 106.0
 86.5
 19.5
 22.5%
 Operating costs ($)
 793,791
 739,940
 53,851
 7.3%
 Operating costs per Mt sold ($/Mt)
 132.9
 115.0
 17.9
 15.6%
 Segment Adjusted EBITDA ($)
 421,093
 716,661
 (295,568)
 (41.2)%
decreased by
$264.2 million,
or 18.2%,
to $1,184.9
 ended
31,
2023,
as
to
$1,449.1
for
the
year
ended
31,
2022.
This
 decrease was driven
by a lower
average realized Met
price per Mt
sold for the
 of $196.9
$226.5 per
Mt sold
same period
in 2022,
a result
of lower
price index,
 product mix skewed towards lower quality Met
coal and lower sales volumes driven primarily
by lower production
 as a result of adverse geological conditions experienced
at the Buchanan mine.
 Operating costs
increased by
$53.9 million,
or 7.3%,
to $793.8
operating costs
of $739.9
driven by
higher mining
 costs, partially offset
by lower royalties
and freight expenses
from lower sales volume.
Mining costs contributed
 $79.1 million
increase driven
by continued
impact on
labor and
supply costs
and unplanned
 maintenance costs. Mining
and Operating costs
per Mt sold
increased by $19.5
and $17.9, respectively,
 lower sales volume and higher costs for the year ended December

 Segment Adjusted EBITDA
of $421.1
2023, decreased by
$295.6 million,
 or 41.2%, compared to
$716.7 million for the
year ended December 31, 2022.
This decrease was primarily
driven
 by lower coal revenues and higher mining and other
operating costs.
 Corporate and Other Adjusted EBITDA
 The following table presents a summary of the components
of Corporate and Other Adjusted EBITDA:
 2023
 2022
 %
 Corporate and other expenses
 42,856
 42,499
 0.8%
 (1,227)
 (254)
 (973)
 383.1%
 Total
Corporate and Other Adjusted EBITDA
 41,629
 42,245
 (616)
 (1.5)%
and
other
costs
decreased
$0.6
to
$41.6
for
the
year
ended
31,
2023,
 compared to $42.2 million for the year ended December
31, 2022, due to the timing of certain corporate costs
.

2023
 Mining and operating costs for the Year Ended December 31, 2023 compared to Year
 A reconciliation of
segment costs and
expenses, segment operating
costs, and segment
mining costs is
shown
 below:
 For Year Ended December 31, 2023
 Other /
 Total
 Total costs and
 1,756,635
 876,753
 85,245
 2,718,633
 Less: Selling, general and administrative expense
 (30)
 —
 (84,147)
 (84,177)
 Less: Depreciation, depletion and amortization
 (76,651)
 (82,962)
 (1,098)
 (160,711)
 Total operating costs
 1,679,954
 793,791
 —
 2,473,745
 Less: Other royalties
 (294,467)
 (51,415)
 —
 (345,882)
 Less: Stanwell rebate
 (136,523)
 —
 —
 (136,523)
 Less: Freight expenses
 (166,980)
 (92,730)
 —
 (259,710)
 Less: Other non-mining costs
 (23,386)
 (38,721)
 —
 (62,107)
 Total mining costs
 1,058,598
 610,925
 —
 1,669,523
 Sales Volume excluding non-produced
coal (MMt)
 9.8
 5.8
 —
 15.5
 Mining cost per Mt sold ($/Mt)
 108.5
 106.0
 —
 107.6
 For Year Ended December 31, 2022
 Other /
 Total
 Total costs and
 1,658,105
 823,529
 43,637
 2,525,271
 Less: Selling, general and administrative expense
 (24)
 —
 (42,475)
 (42,499)
 Less: Depreciation, depletion and amortization
 (82,295)
 (83,589)
 (1,162)
 (167,046)
 Total operating costs
 1,575,786
 739,940
 —
 2,315,726
 Less: Other royalties
 (330,503)
 (54,562)
 —
 (385,065)
 Less: Stanwell rebate
 (165,995)
 —
 —
 (165,995)
 Less: Freight expenses
 (153,068)
 (96,013)
 —
 (249,081)
 Less: Other non-mining costs
 (61,604)
 (57,553)
 —
 (119,157)
 Total mining costs
 864,616
 531,812
 —
 1,396,428
 Sales Volume excluding non-produced
coal (MMt)
 9.7
 6.1
 —
 15.8
 Mining cost per Mt sold ($/Mt)
 89.5
 86.5
 —
 88.4
 Average realized Met price for the Year
Ended December 31, 2023 compared to Year
 A reconciliation of the Company's average realized
Met coal revenue is shown below:
 2023
 2022
 %
 Met sales volume (MMt)
 12.0
 12.7
 (0.7)
 (5.5)%
 Met coal revenues ($)
 2,588,483
 3,363,053
 (774,570)
 (23.0)%
 Average realized met price per Mt sold ($/Mt)
 215.7
 265.8
 (50.2)
 (19.0)%

2023
 Reconciliation of Non-GAAP Financial Measures
 For year ended December 31,
 2023
 2022
 2021
 Reconciliation to Adjusted EBITDA:
 Add: Depreciation, depletion and amortization
 160,711
 167,046
 177,875
 Add: Interest expense, net
 56,751
 67,632
 68,062
 Add: Other foreign exchange (gains) losses
 (2,899)
 (32,259)
 7,049
 Add: Loss on debt extinguishment
 1,385
 5,336
 8,477
 Add: Income tax (benefit) expense
 (32,251)
 231,574
 53,102
 Add: Uncertain stamp duty position
 41,321
 —
 —
 Add: Restructuring costs
 —
 —
 2,300
 Add: Losses on idled assets held for sale
 4,846
 2,732
 Add: Gain on disposal of asset held for sale
 —
 —
 (14,845)
 Add: (Decrease) increase in provision for discounting
 and credit losses
 (4,216)
 3,821
 (8,042)
 381,713
 1,215,624
 486,133
 Liquidity and Capital Resources
 Overview
 Our objective is to maintain a prudent capital structure and to ensure that sufficient liquid assets and funding are
 available to meet both anticipated and
unanticipated financial obligations, including unforeseen events that could
 have an
adverse impact
on revenues
or costs.
Our principal
sources of
funds are
cash and
cash equivalents,
 cash flow from operations and availability under our debt

 Our main uses of cash have historically been, and are expected to continue to be, the funding of our
 working capital,
expenditure,
debt
obligations,
or assets
acquisitions
and
of
 dividends. Based
outlook for
the next
twelve months,
completion of
 continued changing demand from our customers, volatility in coal prices, ongoing interruptions and uncertainties
 surrounding China's import restrictions, such as trade barriers imposed by China on Australian sourced coal and
 the
of
from
civil
unrest
and
wars,
we
cash
generated
from
 operations together with available borrowing facilities
and other strategic and financial
initiatives, will be sufficient
 to meet
the needs
existing operations,
capital expenditure,
service our
debt obligations
and, if
declared,
 payment of dividends.

 Under
the
Notes
Indenture,
upon
a
of
control,
we
are
to
make
an
offer
to
 purchase the Notes from the holders at a
price of 101% of the principal amount thereof,
plus accrued and unpaid
 interest.

 Under the New ABL Facility,
a change of control constitutes a Review Event pursuant to which the Lenders may
 request to meet
and consult with
us to agree
a strategy to
address the relevant
Review Event including
but not
 limited to a restructure of the terms of the New ABL Facility
to the satisfaction of the Lenders.

 Refer to Part II, Item 8. Financial Statements and Supplementary Data - Note 16. "Interest Bearing Liabilities" for
 further information.
 Our ability to generate
sufficient cash depends
on our future performance
which may be subject
to a number of
our
control,
and
competitive
and
other
risks
 described in Part I, Item 1A. "Risk Factors" of this Annual
Report on Form 10-K.

2023
 Liquidity as of December 31, 2023 and December 31,
2022 was as follows:
 2023
 2022
 Cash and cash equivalents, excluding restricted cash
 339,043
 334,378
 Short-term deposits
 21,906
 —
 Availability under the Predecessor ABL Facility
 —
 100,000
 Availability under the New ABL Facility
 (1)
 128,094
 —
 Total
 489,043
 434,378
 (1)

The New ABL Facility
provides for up
to $150.0 million
in borrowings, including
a $100.0 million
sublimit for the issuance
of letters of
credit,
 of which $21.9 million has been issued, and $70.0 million sublimit as a revolving credit facility. The letter of credit sublimit contributes to our
 liquidity as the Company can replace cash collateral, provided in the form of restricted deposits, with letters of credit allowing the release of
 such restricted deposits to cash and cash equivalents.
 Our total indebtedness as of December 31, 2023 and
December 31, 2022 consisted of the following:
 2023
 2022
 Interest bearing liabilities, excluding current installments
 Current installments of other financial liabilities and finance
lease obligations
 2,893
 4,585
 Other financial liabilities and finance lease obligations, excluding current
 installments
 5,307
 8,336
 Total
 250,526
 255,247
 Liquidity
 As
of
31,
2023,
liquidity
was
$489.0
comprising
of
cash
and
cash
 (excluding restricted cash)
of $339.0 million,
short-term deposits of $21.9
million and $128.1 million
of available
 borrowings under our New ABL Facility.
 Coronado continues to actively
review plans for reducing
operating, corporate and capital expenditures
to ensure
 sufficient available liquidity during periods of uncertainty
and volatility.
 Cash and cash equivalents
 Cash
and
cash
are
held
in
multicurrency
bearing
bank
to
be
used
to
the
working
needs
of
the
Company.
Cash
balances
surplus
to
immediate
working
are
invested
in
short-term
interest-bearing
deposit
or
used
to
repay
bearing
 liabilities.
 Senior Secured Notes
 As
of
31,
2023,
the
of
our
Notes
was
$242.3
Interest
on
the
 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes mature on May
 15, 2026 and are senior secured obligations of the Company.
 The Notes are guaranteed
on a senior secured
basis by the Company
and its wholly-owned
subsidiaries (other
 than
the
Issuer)
(subject
to
exceptions
and
liens)
and
by
(i)
a
first-priority
lien
on
 substantially all of the Company's assets and the assets of the other guarantors (other than
accounts receivable
 and other rights to payment,
inventory,
intercompany indebtedness, certain
general intangibles and commercial
 tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds
 and
products
of
each
of
the
foregoing,
or,
collectively,
the
ABL
Collateral),
or
the
Notes
Collateral,
and
(ii)
a
 second-priority lien on the ABL Collateral, which is
junior to a first-priority lien, for the
benefit of the lenders under
 the ABL Facility.
 The
terms
of
the
Notes
are
governed
by
the
Notes
Indenture,
which
 covenants for high
yield bonds, including, but
not limited to,
limitations on investments, liens,
indebtedness, asset
 sales, transactions with affiliates and restricted
payments, including payment of dividends on capital stock.
 The Company may
redeem some or
all of the
Notes at the
redemption prices and
on the terms
specified in the
 Senior Secured
Notes Indenture.
may,
from time
to time,
seek to
retire or
debt
open-market
purchases,
privately
negotiated
or
otherwise.
Such

2023
 repurchases, if any, will be upon such terms and at such
prices as the Company may determine, and will
depend
 on prevailing market conditions, liquidity requirements, contractual
restrictions and other factors.
 Based on information that
we are currently aware
of, on completion of
the SGI Transaction, a "Change
of Control"
 as defined under the Senior
Secured Notes Indenture may occur.
Refer to Part II, Item 8.
Financial Statements,
 Note 16. "Interest Bearing Liabilities" for further information.

 As of December 31, 2023, we were in compliance with all applicable covenants under the Senior Secured Notes
 Indenture.
 New ABL Facility
 On May 8, 2023, we entered into
a senior secured asset-based revolving credit agreement in an
initial aggregate
 amount of $150.0 million, or the New ABL Facility.
 On August 3, 2023, the
Company satisfied all conditions
precedent under the New ABL
at which time it
 became effective and replaced the predecessor
ABL Facility.

matures in
August 2026
and provides
for up
to $150.0
million in
borrowings, including
a
 $100.0 million sublimit for the issuance
of letters of credit and $70.0
million sublimit as a revolving
credit facility.
 Availability under the New
ABL Facility is
limited to an
eligible borrowing base, determined
by applying customary
 advance rates to eligible accounts receivable and inventory.
 Borrowings under the New
ABL Facility bear interest
at a rate per
annum equal to applicable
rate of 2.80% and
 BBSY,
for loans denominated in A$, or SOFR, for loans
denominated in US$, at the Borrower's election.

 Subject
to
grace
periods
and
notice
the
New
ABL
Facility
also
 events of default.
 Based on information that
we are currently aware
of, on completion of
the SGI Transaction, a "Change
of Control"
 as defined
may occur.
Refer to
Part II,
Item 8.
Financial Statements,
 Note 16. "Interest Bearing Liabilities" for further information.

 As at
December 31 2023,
letter of
credit sublimit had
been partially used
to issue $21.9
million of bank
guarantees
 on behalf
Company and no
amounts were drawn
revolving credit sublimit
New ABL Facility.
 As at
Company was
in compliance
with all
applicable covenants
 Facility.
 Predecessor ABL Facility
 On August 3, 2023, we satisfied all conditions precedent under the New ABL Facility at which time the New ABL
 Facility replaced
the predecessor ABL
Facility. As a result
early termination of
the predecessor ABL
 we
a
loss
on
debt
extinguishment
of
$1.4
in
our
of
and
 Comprehensive Income for the year ended December
 Surety Bonds, Letters of Credit and Bank Guarantees
 We
are
to
assurances
and
to
satisfy
and
other
 generated in the
normal course of
business. Some of
these assurances are provided
to comply with
state or other
 government agencies' statutes and regulations.

 For
the
U.S.
in
order
to
the
for
post
reclamation,
we
use
bonds.
We
use
bonds
and
bank
letters
of
to
collateralize
other
 obligations including contractual obligations under
workers' compensation insurances. As of
 we had outstanding surety bonds of $44.0 million and letters of credit of $16.8 million issued from available bank
 guarantees under the New ABL Facility.

 For the Australian
Operations as
at December 31,
2023, we had
bank guarantees
outstanding of $24.4
 including $5.1 million issued from the New ABL Facility, primarily in respect of certain rail and port arrangements
 of the Company.

 As at December 31, 2023,
we, in aggregate, had total
outstanding bank guarantees provided
of $41.2 million to
 secure obligations and commitments, including $21.9
million issued from the New ABL Facility.

2023
 Future regulatory changes relating to the above obligations could result in
increased obligations, additional costs
 or additional collateral requirements.
 Restricted deposits – cash collateral
 As required by certain agreements,
we had cash collateral in the form
of deposits in the amount of $68.7
 and $89.1
as of
31,
2023
and
2022, respectively,
to
back-to-back
support for
bank
 guarantees,
payments,
other
obligations,
other
and
 contractual obligations
under workers
compensation insurance.
These deposits
are restricted
and classified
as
 long-term assets in the Consolidated Balance Sheets.
ABL Facility,
be required
to cash
collateralize the
 Facility to the extent of outstanding letters of credit after the expiration or termination date of such letter of credit.
 As of December 31, 2023, no such letter
of credit was outstanding after the expiration or termination date
and no
 cash collateral was required.
 Dividend
 During the year ended December 31, 2023, we paid $16.7 million in dividends to stockholders or CDI holders on
 the ASX,
net of $0.1
million foreign exchange
gain on payment
of dividends to
certain CDI holders
that elected
 to be paid in Australian dollars.
 On
February
19,
2024,
the
Board
of
declared
a
bi-annual
fully
franked
fixed
ordinary
 dividend of $8.4 million, or
0.5 cents per CDI. The
dividend will have a
record date of March
12, 2024, Australia
 time, and
be payable
on April
4, 2024,
Australia time.
ordinary dividend
funded from
 cash.
 Capital Requirements
 Our main uses of cash have historically been the funding
of our operations, working capital, capital expenditure,
 the payment of
interest and dividends.
We intend
to use cash
to fund debt
service payments
on our Notes,
the
 New ABL Facility and our
other indebtedness, to fund
operating activities, working capital,
capital expenditures,
 partial redemption of the Notes, business or assets acquisitions
and, if declared, payment of dividends.
 Historical Cash Flows

 The
table
summarizes
our
cash
flows
for
the
year
ended
31,
2023,
2022
and
2021
as
 reported in the accompanying Consolidated Financial Statements:
 Cash Flow

 2023
 2022
 2021
 Net cash provided by operating activities
 268,282
 926,643
 442,014
 Net cash used in investing activities
 (238,168)
 (208,343)
 (134,332)
 Net cash (used in) provided by financing activities
 (24,679)
 (784,251)
 80,836
 Net change in cash and cash equivalents
 5,435
 (65,951)
 388,518
 Effect of exchange rate changes on cash and cash
 (769)
 (37,351)
 3,677
 Cash and cash equivalents at beginning of period
 437,931
 45,736
 Cash and cash equivalents at end of period
 339,295
 437,931
 Operating activities
 Net cash provided
by operating activities
was $268.3 million
for the year ended
 to $926.6
year
ended
31,
2022.
The
in
cash
from
was
 primarily driven by lower coal revenues,
higher operating costs and income tax
paid of $147.1 million during the
 year.

 Net cash provided
by operating activities
was $926.6 million
for the year ended
December 31, 2022,
 to a
cash provided
by in
operating activities of
$442.0 million for the
December 31, 2021.
The increase
 was primarily driven by higher coal revenues due to an increase in the average
realized Met coal pricing partially
 offset by higher operating
costs and unfavorable working capital
movement due to higher trade
receivables and
 inventories at December 31, 2022.

2023
 Investing activities
 Net cash
investing
activities was
$238.2 million
year
to
 $208.3 million
2022. Cash
spent on
capital expenditures
31,
2023,
was
$237.2
of
which
$65.4
was
to
the
and
 $171.2
million was related to the U.S. Operations.
 Net cash
investing
activities was
$208.3 million
year
to
 $134.3 million
2021. Cash
spent on
capital expenditures
2022, was
$199.7 million,
of which
$79.4
million is
the Australian
Operations, $119.7
 million is related
to the U.S.
Operations and the
remaining $0.6 million
for other and corporate.
During the year
a net
of $6.5
million of
additional deposits
were provided
as collateral
U.S.
 workers
and
$2.4
of
the
deposits
were
by
our
 Australian Operations to satisfy contractual requirements
in the normal course of business.
 Financing activities
 Net cash used in financing activities was $24.7
million for the year ended December 31, 2023,
compared to cash
 used
in
of
$784.3
for
the
year
ended
31,
2022.
The
net
cash
used
in
 financing activities for the year ended December 31, 2023, largely related to dividend payments of $16.8 million,
 payment of debt issuance costs in connection with the establishment
of the New ABL Facility of $3.4 million and
 the remainder related to repayment of other financial liabilities.
 Net cash
activities was
$784.3 million
to
 cash provided by financing activities of
$80.8 million for the year ended
December 31, 2021. The net cash
used
 in financing activities for
the year ended December
31, 2022, included dividend
payments of $700.2
net
 of a
$1.4 million
foreign exchange
gain on
settlement
of dividends
for shareholders
who elected
to be
paid
in
 Australian dollars
,
$72.7 million
of Notes
redeemed
and
$2.6 million
of premium
paid on
redemption,
 remainder related to repayment of other financial liabilities.
 Contractual Obligations
 The following is a summary of our contractual obligations
at December 31, 2023:
 Payments Due By Year
 Less than

 More than
 Total
 1 Year
 Years
 Years
 5 Years
 Long

 term debt obligations
 (1)
 9,172
 3,466
 5,706
 —
 —
 Senior secured notes
 (2)
 —
 —
 —
 Mineral lease commitments
 (3)
 53,075
 5,795
 10,703
 10,415
 26,162
 Lease commitments
 99,229
 29,218
 48,989
 21,022
 —
 Unconditional purchase obligations
 (4)
 20,872
 20,872
 —
 —
 —
 Take

 or

 pay contracts
 (5)
 788,431
 94,688
 187,326
 189,295
 317,122
 Total
contractual cash obligations
 1,213,105
 154,039
 495,050
 220,732
 343,284
 (1)
Represents
to
from
purchases,
 insurance premiums and financial liabilities for a sale and lease
back type arrangement.
 (2)
Represents financial obligation
outstanding under the
Senior Secured Notes. Refer
to Note 16 "Interest
 Bearing
Liabilities"
in
the
for
 discussion.
 (3)
Represents
royalties
and
under
leases.
Refer
to
Note
 "Commitments"
 in
the
for
 discussion.
 (4)
Represents firm purchase commitments for
capital expenditures (based on order to
suppliers for capital
 purchases) for 2024.
 (5)
Represents various short- and long-term
take-or-pay arrangements in
Australia associated with rail and
 port commitments for the delivery of coal.
 This
table
does
not
our
Asset
Retirement
Obligations,
or
ARO.
As
in
"—Critical
Policies
and
Estimates—Carrying
Value
of
Asset
Retirement
Obligations"
below,
the
and

2023
 non-current
of
our
ARO
involves
several
estimates,
the
and
timing
of
the
 payments required to satisfy
these obligations. The timing
of payments is based on numerous
factors, including
mine
dates.
Based
on
our
assumptions,
the
of
our
ARO
as
in
 accordance with U.S. GAAP was $163.9 million as of
December 31, 2023.
 Critical Accounting Policies and Estimates
 The preparation
of
our Consolidated
in conformity
with
U.S. GAAP
us
to
make
and
that
the
of
and
at
the
date
of
the
and
the
of
and
the
 period.
Listed
below
are
the
that
we
are
critical
to
our
 Statements due to the degree of
uncertainty regarding the estimates or assumptions involved and
the magnitude
 of the asset, liability, revenue or expense being reported. All of these accounting
estimates and assumptions, as
 well
as
the
to
our
Statements,
have
been
with
the
Audit,
 Governance and Risk Committee, or Audit Committee,
of our Board of Directors.
 See Note 2.
"Summary of Significant
Accounting Policies"
to the accompanying
audited Consolidated Financial
 Statements for a summary of our significant accounting policies.

 Fair Value of Non-Financial Assets
 Long-Lived Assets
 We
the
value
of
long-lived
to
be
used
in
annually
or
whenever
or
in
circumstances
indicate
that
the
of
the
or
asset
groups
might
not
be
 recoverable.

 Factors that would necessitate
an impairment assessment
include a significant adverse
change in the extent
or
 manner in which an asset is
used, a significant adverse change in
legal factors or the business climate
that could
the
value
of
the
asset
group
or
a significant
decline
in
the
observable
value
of
an
asset
group,
 among others. If such facts
indicate a potential impairment,
the recoverability of the asset
group is assessed by
 determining whether the carrying value
of the asset group exceeds
the sum of the projected
undiscounted cash
 flows expected to
result from
the use and
eventual disposition
of the asset
group over the
remaining economic
 life of the asset
group. If the projected undiscounted cash
flows are less than
the carrying amount, an impairment
 is recorded
excess of
the carrying
amount over
the estimated
fair value,
generally determined
 using discounted future cash
flows. Any such write
down is included in
impairment expense in our
 statement of operations.
 A high degree of
judgment is required
to estimate the
fair value of
our intangible and
long-lived assets, and
the
 conclusions that
we reach
could vary
significantly based
on these
judgments.
We make
assumptions,
 including assumptions regarding
future cash flows
in our
assessments of
fair value. The
assumptions about future
 cash
flows
and
growth
rates
are
based
on
the
and
plans
to
the
long-lived
 assets. Discount
rate assumptions
are based
on an
assessment of
the risk
inherent in
cash flows
of
 the long-lived assets.
 At
31,
2023,
we
determined,
based
on
our
qualitative
assessment,
that
no
indicators
 existed.

 Goodwill Impairment
 We had
a balance
of goodwill
of $28.0 million
recorded at
2023, which
was generated
upon the
 acquisition of Buchanan
in 2016. We
perform our annual assessment
of the recoverability of
our goodwill in
the
 fourth quarter of each year. We utilize a qualitative assessment for determining whether the quantitative goodwill
 impairment analysis is
necessary.
The accounting guidance
permits entities to
first assess qualitative
factors to
 determine whether it is more
likely than not that the
fair value of a reporting
unit is less than its carrying
 as
a
basis
for
determining
it
is
to
perform
the
quantitative
goodwill
test.
In
 evaluating goodwill on
a qualitative basis,
we review the
business performance
mine complex
 (the only reporting
unit with
a goodwill balance)
and evaluate
other relevant
factors as
identified in the
guidance
to
it
is
more
than
not
that
an
indicator
of
exists
at
 Buchanan. We consider whether there are any negative macroeconomic conditions, industry specific conditions,
changes,
competition,
costs
in
doing
challenges,
legal
 environments and how these factors might
impact company specific performance in future periods.
As part of the
 analysis, we
also consider
fair value
determinations for
certain reporting
units that
have been
made at

2023
 points throughout
the current
and prior
year for
other purposes
to ensure
there is
no contrary
evidence to
our
 analysis. At
2023, we
did not
perform a
quantitative impairment
assessment as
we determined,
 based on our qualitative assessment, that no impairment
indicators existed.
 Carrying Value of Asset Retirement Obligations
 The Company is required to maintain a liability
(and associated asset) for the expected value of future
retirement
 obligations on their mines, in line with ASC 410, Asset
Retirement and Environmental Obligations.
 Reclamation
of
areas
disturbed
by
must
be
performed
by
us
in
with
approved
 reclamation plans and in compliance with state and federal laws in the states of West Virginia and Virginia
 U.S., and Queensland in Australia. For areas disturbed, a significant amount of the reclamation will take place in
 the future, when
operations cease. There
were no assets
that were
legally restricted for
purposes of settling
asset
 retirement obligations
as of
2023. In
addition, state
agencies monitor
compliance with
the mine
 plans, including reclamation.
 We
record
the
fair
value
of
additions
to
our
asset
retirement
using
the
value
of
cash
flows
discounted
using
a
credit-adjusted
risk-free
rate,
with
an
equivalent
as
a
 long-lived asset. An accretion
cost is recorded each
period and the capitalized cost
is depreciated over the
useful
 life of the
related asset. As reclamation
work is performed or
liabilities are otherwise settled, the
recorded amount
 of the liability is reduced.
 A review
of restoration
and
decommissioning
is carried
out annually
on a
mine-by-mine
basis,
and
 adjustments are made to reflect any changes in estimates, if necessary. On an interim basis, we may update the
 liability based on significant changes to the life of mine or significant increases in disturbances during the period.
 Expected Credit Losses
 For trade and related party
receivables carried at amortized
cost, we determine expected
credit losses, or ECL,
 on a forward-looking basis. The amount of ECL is updated at each reporting date to reflect changes in credit risk
 since the
initial recognition of
the respective
financial instrument. We
recognize the lifetime
ECL. ECL
is estimated
 based on our
historic credit loss
experience, adjusted for
factors that are
specific to the
financial asset, general
asset
type,
term
and
an
of
both
the
as
well
as
forecast
 conditions, including
the expected
timing of
collection, at
the reporting
date, modified
for credit
enhancements
 such
as
letters
of
obtained.
 To
ECL,
trade
and
party
receivables
have
been
grouped
 based on shared credit risk characteristics and the days
past due.
 We consider
an event
of default
has occurred
when
a financial
asset is
past due
 indicate that the debtor
is unlikely to pay
amounts owed to us.
A financial asset is
credit impaired when there
is
 evidence that the counterparty
is in significant financial
difficulty or a
breach of contract, such
as default or past
 due event
has occurred.
We write
off a
financial asset
when there
is information
indicating there
is no
realistic
 prospect of recovery of the
asset from the counterparty.
The amount of the impairment
loss is recognized in the
 consolidated statement of operations
and other comprehensive income
within "Decrease (increase) in
provision
 for discounting
and
losses".
Subsequent
recoveries
of
previously
written
off
are credit
 "Decrease (increase) provision for discounting and
credit losses" in the
consolidated statement of operations and
 other comprehensive income.
 Recoverable Coal Reserves
 There are numerous uncertainties inherent
in estimating quantities and values of economically
recoverable coal
many
our
As
a
of
economically
coal
are
by
their
nature
uncertain.
Information
about
our
consists
of
based
on
 engineering,
and
data
assembled
and
analyzed
by
our
staff
and
 persons. Our
reserves are
periodically reviewed
by an
independent third
party consultant.
Some of
the factors
 and assumptions which impact economically recoverable reserve
estimates include:
 •
geological settings;
 •
historical production from the area compared with production from
other producing areas;
 •
the assumed effects of regulations and taxes by governmental
agencies
;
 •
assumptions governing future prices; and

2023
 •
future operating costs.
 Each of these factors may in fact vary considerably from the
assumptions used in estimating reserves. For these
 reasons,
of
the
economically
quantities
of
coal
to
a
group
of
 properties, and classifications
of these reserves
based on the
risk of recovery
and estimates of
future net cash
 flows,
may
vary
substantially.
Actual
production,
and
with
to
our
will
vary
from
estimates,
and
these
variances
may
be
material.
See
Item 1A.
"Risk
Factors—We
rely
on
 estimates of our
recoverable reserves,
which is complex
due to geological
characteristics of the
properties and
 the number of assumptions made"
and Item 2. "Properties" for discussions
of the uncertainties in estimating
our
 proven and probable coal reserves.
 Taxes
 We are required to
estimate the amount of
tax payable or
refundable for the
current year and the
deferred income
 tax liabilities and assets
for the future tax consequences
of events that have
been reflected in our
 Financial Statements
or tax
returns for
each taxing
jurisdiction in
which we
operate. This
process requires
our
 management to
make judgments
regarding the
timing and
probability of
the ultimate
tax impact
and
that
we
enter
into.
Based
on
these
judgments
we
may
record
tax
or
 adjustments
to
valuation
allowances
on
tax
to
the
realizability
of
tax
 benefits. Actual income
taxes could vary
from these estimates
future changes in
income tax
law, significant
in
the
jurisdictions
in
which
we
operate,
our
inability
to
generate
sufficient
taxable
or
 unpredicted results from the final
determination of each year's
liability by taxing authorities. These
changes could
 have a significant impact on our financial position.
 Newly Adopted Accounting Standards and Accounting
Standards Not Yet Implemented
 See Note 2. "Summary
of Significant Accounting
Policies" to the
accompanying audited
Consolidated Financial
for
a
discussion
of
newly
adopted
and
not
yet
 implemented.

2023
 ITEM 7A.
QUANTITATIVE
AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
 Our activities
expose us
to
a variety
of financial
risks, such
as commodity
price risk,
interest rate
risk, foreign
 currency risk, liquidity risk and credit
risk. The overall risk management objective is
to minimize potential adverse
 effects on our financial performance from those
risks which are not coal price related.
 We manage
financial risk
through policies
and procedures
approved by
our Board
of Directors.
These specify
 the responsibility
Board
of Directors
and
with regard
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
on
a
regular
basis.
Policies
are
reviewed
at
least
annually
and
where
 appropriate.
 We may use
derivative financial instruments such
as forward fixed
price commodity contracts, interest
rate swaps
 and
rate
to
hedge
risk
exposures.
Derivatives
for
speculative
purposes
is
 strictly prohibited by the Treasury Risk Management Policy approved by our Board of
Directors. We use different
to
the
to
which
we
are
to
risks.
These
 sensitivity analysis in
the case of
interest rate, foreign
exchange and other
price risks and
aging analysis for
 risk.
 Commodity Price Risk
 Coal Price Risk
 We
are
to
and
coal
prices.
Our
philosophy
is
that
our
investors
would
not
hedging
of
coal
to
be
in
the
of
our
stockholders.
Therefore,
any
 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
for
coal
upon
many
our
Met
coal
has
been
 volatile commodity
over the
past ten
years. Met
coal prices
were lower
in 2023
record highs
achieved
 in 2022 from the impacts of the Russia and Ukraine war. The first half of 2023 saw Met coal index prices
decline
 significantly as steel
demand weakened,
Met coal prices
trended upwards
in the second
half of 2023
tight supply
and port
constraints in
Australia. The
demand and
supply in
the Met
coal industry
 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
ongoing interruptions
and trade
barriers due
to policies
and
 tariffs
of
individual
countries.
We
may
or
may
not
be
able
to
alternate
of
our
coal
should
 interruptions
or
trade
barriers
occur
in
the
future.
An
inability
for
metallurgical
coal
to
 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
 Part I, Item 1A. "Risk Factors—Risks related to the Supply Deed with Stanwell may
adversely affect our financial
 condition and results of operations."
 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
2023, we had
 $11.9
of
provisionally
priced
receivables
to
in
the
price
index.
If
 prices decreased 10%,
these provisionally priced
receivables would decrease
by $1.2 million.
See Part
I, Item
1A.
 "Risk Factors—Our profitability depends
upon the prices we receive for
our coal. Prices for coal
are volatile and
 can fluctuate widely based upon a number of factors
beyond our control."

2023
 Diesel Fuel
be exposed
to price
risk in
relation to
other commodities
from time
to time
arising from
raw materials
our operations
(such as
gas or
diesel). The
expectation of
future prices
for diesel
depends upon
many
our
The
Israel-Palestine
conflict
could
create
 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 in 2024 will be purchased
under fixed-price contracts or on a spot basis.

 Interest Rate Risk
 Interest rate risk is the risk that a change in interest rates
on our borrowing facilities will have an adverse impact
 on
our
performance,
decisions
and
stockholder
return.
Our
objectives
in
managing
our
to
rates
minimizing
costs
in
the
long
term,
providing
a
reliable
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
31,
2023,
we
had
$250.5
of
fixed-rate
borrowings
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
In
2023,
greater
than
70%
of
at
our
were
 denominated in
A$. Approximately
30% of
our Australian
Operations'
purchases were
made with
to
 US$, 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$
purchase A$
to settle
our Australian
Operations' operating
costs, a
 10%
in
the
A$
to
US$
rate
would
have
total
costs
and
by
 approximately $122.8 million for the year ended December

 Under normal market conditions, we generally do not consider it necessary to hedge our
exposure to this foreign
 exchange risk.
there
specific commercial
circumstances,
such
hedging
of significant
expenditure,
acquisitions,
disposals
and
other
transactions,
where
we
may
deem
 exchange hedging
as appropriate
and
where a
US$ contract
cannot
be negotiated
directly with
and
 other third parties.

 For our Australian
Operations, we
translate all
monetary assets
and liabilities
at the period-end
exchange rate,
 all non-monetary
at historical
rates
and revenue
and expenses
average exchange
 rates in effect
during the periods. The
net effect of
these translation adjustments
is shown in the
 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
to
counterparty
risk
arising
from
our
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
reports
are
to
our
and
Board
of
 Directors.

2023
 As of December
we had financial
assets of
$694.7 million, comprising
of cash and
cash equivalents,
 trade
receivables,
short
term
deposits
and
deposits,
which
are
to
counterparty
risk.
 These
have
been
assessed
under
ASC
326,
Instruments
–
Credit
Losses,
and
a
 provision for
discounting and
of $0.9 million
was recorded
as of
2023. See
Item 8.
 Financial Statements and Supplementary Data—Note
8. Provision for Discounting and Credit Losses.

2023
 ITEM 8. FINANCIAL STATEMENTS
AND SUPPLEMENTARY
DATA

 Page
 Number
 Consolidated Balance Sheets
 Consolidated Statements of Operations and Comprehensive Income
 Consolidated Statements of Stockholders' Equity
 Consolidated Statements of Cash Flows
 Notes to Consolidated Financial Statements
 Report of Independent Registered Public Accounting Firm

(PCAOB
ID:
 1435
)

2023
 Consolidated Balance Sheets
 (In US$ thousands, except share data)
 Assets
 Note
 2023
 2022
 Current assets:
 Cash and cash equivalents

 $
 339,295
 $
 Trade receivables, net

 263,951
 409,979
 Income tax receivable

 44,906
 —
 Inventories

 192,279
 158,018
 Other current assets

 103,609
 60,188
 Assets held for sale

 —
 26,214
 Total
current assets

 944,040
 989,028
 Non-current assets:
 Property, plant and
equipment, net

 1,506,437
 1,389,548
 Right of use asset – operating leases, net

 80,899
 17,385

 28,008
 28,008
 Intangible assets, net

 3,108
 3,311
 Restricted deposits

 68,660
 89,062
 Deferred income tax assets

 27,230
 —
 Other non-current assets

 19,656
 33,585
 Total

 $
 2,678,038
 $
 2,549,927
 Liabilities and Stockholders' Equity
 Current liabilities:

 Accounts payable

 $
 113,273
 $
 61,780
 Accrued expenses and other current liabilities

 312,705
 343,691
 Income tax payable

 —
 119,981
 Asset retirement obligations

 15,321
 10,646
 Contract obligations

 40,722
 40,343
 Lease liabilities

 22,879
 7,720
 Other current financial liabilities

 2,825
 4,458
 Liabilities held for sale

 —
 12,241
 Total
current liabilities

 507,725
 600,860
 Non-current liabilities:
 Asset retirement obligations

 148,608
 127,844
 Contract obligations

 61,192
 94,525
 Deferred consideration liability

 277,442
 243,191
 Interest bearing liabilities

 235,343
 232,953
 Other financial liabilities

 5,307
 8,268
 Lease liabilities

 61,692
 15,573
 Deferred income tax liabilities

 100,145
 95,671
 Other non-current liabilities

 34,549
 27,952
 Total

 $
 1,432,003
 $
 1,446,837
 Common stock $
 0.01

par value;
 1,000,000,000

shares authorized,

shares issued and outstanding as of December 31, 2023 and

 1,677
 1,677
 Series A Preferred stock $
 0.01

par value;
 100,000,000

shares authorized,
 Share issued and outstanding as of December 31, 2023 and
 2022
 —
 —
 Additional paid-in capital

 1,094,431
 1,092,282
 Accumulated other comprehensive losses

 ( 89,927)
 ( 91,423)
 Retained earnings

 239,854
 100,554
 Total
stockholders' equity

 1,246,035
 1,103,090
 Total
liabilities and stockholders' equity

 $
 2,678,038
 $
 2,549,927
 See accompanying notes to consolidated financial
statements.

2023
 Consolidated Statements of Operations and Comprehensive
Income
 (In US$ thousands, except share data)

 Note
 2023
 2022
 2021
 Revenues:
 $
 2,830,689
 $
 3,527,626
 $
 2,010,996
 Coal revenues from related parties
 —
 —
 97,335
 Other revenues
 59,914
 43,916
 40,140
 Total
 2,890,603
 3,571,542
 2,148,471
 Costs and expenses:
 Cost of coal revenues (exclusive of items shown
 separately below)
 1,731,630
 1,515,585
 1,195,250
 160,711
 167,046
 177,875
 Freight expenses
 259,710
 249,081
 241,862
 Stanwell rebate
 136,523
 165,995
 55,403
 Other royalties
 345,882
 385,065
 142,751
 Selling, general, and administrative expenses

 84,177
 42,499
 30,666
 Restructuring costs
 —
 —
 2,300
 Total
costs and expenses
 2,718,633
 2,525,271
 1,846,107
 Other income (expenses):
 Interest expense, net
 ( 56,751)
 ( 67,632)
 ( 68,062)
 Loss on debt extinguishment
 ( 1,385)
 ( 5,336)
 ( 8,477)
 Decrease (increase) in provision for discounting and

 4,216
 ( 3,821)
 8,042
 Gain on disposal of asset held for sale
 —
 —
 14,845
 5,764
 33,795
 ( 6,187)
 Total
other expense, net
 ( 48,156)
 ( 42,994)
 ( 59,839)
 Income before tax
 123,814
 1,003,277
 242,525
 Income tax benefit (expense)
 32,251
 ( 231,574)
 ( 53,102)
 Less: Net loss attributable to noncontrolling
 —
 —
 ( 2)
 Net income attributable to Coronado Global
 $
 $
 $
 189,425
 Other comprehensive loss, net of income taxes:
 Foreign currency translation adjustment
 1,496
 ( 17,451)
 Net gain on cash flow hedges, net of tax
 —
 —
 2,029
 Total
other comprehensive gain (loss)
 1,496
 ( 15,422)
 Total
comprehensive income
 157,561
 724,508
 174,001
 Less: Net loss attributable to noncontrolling
 —
 —
 ( 2)
 Total
comprehensive income attributable to
 Coronado Global Resources Inc.

 $
 157,561
 $
 724,508
 $
 174,003
 Earnings per share of common stock
 Basic
 6 (c)

 0.93
 4.60
 1.21
 Diluted
 6 (c)

 0.93
 4.60
 1.21
 See accompanying notes to consolidated financial
statements.

2023
 Consolidated Statements of Stockholders' Equity
 (In US$ thousands, except share data)
 Common stock
 Preferred stock
 Additional
 paid in
 Accumulated
 other
 losses
 (Accumulated
 losses)
 Retained
 earnings
 Noncontrolling
 Total
 stockholders'
 equity
 Shares
 Amount
 Series A
 Amount
 Balance December 31, 2020
 138,387,890
 $
 1,384
 $
 —
 $
 993,052
 $
 ( 28,806)
 $
 ( 158,919)
 $
 $
 806,863
 Net income (loss)
 —
 —
 —
 —
 —
 —
 189,425
 ( 2)
 Other comprehensive loss (net of $
 deferred income tax)
 —
 —
 —
 —
 —
 ( 15,422)
 —
 —
 ( 15,422)
 Total comprehensive (loss) income
 —
 —
 —
 —
 —
 ( 15,422)
 189,425
 ( 2)
 174,001
 Issuance of common stock, net
 29,257,483
 —
 —
 97,448
 —
 —
 —
 97,741
 Stock-based compensation for equity
 classified awards
 —
 —
 —
 —
 ( 250)
 —
 —
 —
 ( 250)
 Acquisition of non-controlling interest
 —
 —
 —
 —
 ( 703)
 —
 —
 ( 150)
 ( 853)
 Balance December 31, 2021
 $
 1,677
 $
 —
 $
 1,089,547
 $
 ( 44,228)
 $
 30,506
 $
 —
 $
 1,077,502
 —
 —
 —
 —
 —
 —
 —
 Other comprehensive loss
 —
 —
 —
 —
 —
 —
 —
 Total comprehensive (loss) income
 —
 —
 —
 —
 —
 —
 724,508
 Stock-based compensation for equity
 classified awards
 —
 —
 —
 —
 2,735
 —
 —
 —
 2,735
 —
 —
 —
 —
 —
 —
 ( 701,655)
 —
 ( 701,655)
 Balance December 31, 2022
 $
 1,677
 $
 —
 $
 1,092,282
 $
 ( 91,423)
 $
 100,554
 $
 —
 $
 1,103,090
 —
 —
 —
 —
 —
 —
 —
 Other comprehensive income
 —
 —
 —
 —
 —
 1,496
 —
 —
 1,496
 Total comprehensive income
 —
 —
 —
 —
 —
 1,496
 —
 157,561
 Stock-based compensation for equity
 classified awards
 —
 —
 —
 —
 2,149
 —
 —
 —
 2,149
 —
 —
 —
 —
 —
 —
 ( 16,765)
 —
 ( 16,765)
 Balance December 31, 2023
 $
 1,677
 $
 —
 $
 1,094,431
 $
 ( 89,927)
 $
 239,854
 $
 —
 $
 1,246,035
 See accompanying notes to consolidated financial

2023
 Consolidated Statements of Cash Flows
 (In US$ thousands)
 2023
 2022
 2021
 Cash flows from operating activities:
 $
 $
 $
 Adjustments to reconcile net income to cash and
cash equivalents provided
 by operating activities:
 163,862
 165,503
 175,814
 Amortization of right of use asset - operating leases
 12,415
 6,704
 8,899
 Amortization of deferred financing costs
 4,300
 1,933
 3,133
 Non-cash interest expense
 30,997
 31,362
 29,120
 Amortization of contract obligations
 ( 33,026)
 ( 36,519)
 ( 33,967)
 Loss on disposal of property, plant and equipment
 Equity-based compensation expense (gain)
 2,149
 2,735
 ( 250)
 Loss on debt extinguishment
 1,385
 5,336
 8,477
 Deferred income taxes
 ( 21,338)
 40,423
 24,417
 Reclamation of asset retirement obligations
 ( 5,334)
 ( 4,543)
 ( 4,273)
 Change in estimate of asset retirement obligation
 ( 3,151)
 1,543
 2,061
 Gain on disposal of asset held for sale
 —
 —
 ( 14,845)
 (Decrease) increase in provision for discounting and
 ( 4,216)
 3,821
 ( 8,042)
 Changes in operating assets and liabilities:
 Accounts receivable - including related party receivables,
net
 155,056
 ( 156,818)
 ( 33,545)
 Inventories
 ( 32,774)
 ( 41,243)
 ( 9,637)
 Other current assets
 ( 477)
 ( 12,365)
 24,573
 Accounts payable
 40,159
 ( 27,664)
 24,166
 Accrued expenses and other current liabilities
 ( 25,435)
 84,041
 64,285
 Operating lease liabilities
 ( 14,597)
 ( 8,244)
 ( 10,986)
 Income tax payable
 ( 164,834)
 96,326
 —
 Change in other liabilities
 6,560
 1,754
 2,776
 Net cash provided by operating activities
 268,282
 926,643
 442,014
 Cash flows from investing activities:
 Capital expenditures
 ( 237,205)
 ( 199,716)
 ( 89,661)
 Proceeds from the disposal of property, plant, and equipment
 —
 1,594
 Proceeds from disposal of assets held for sale
 —
 —
 27,451
 Purchase of restricted and other deposits
 ( 27,213)
 ( 9,761)
 ( 103,997)
 Redemption of restricted and other deposits
 26,250
 30,281
 Net cash used in investing activities
 ( 238,168)
 ( 208,343)
 ( 134,332)
 Cash flows from financing activities:
 Proceeds from interest bearing liabilities and other
financial liabilities
 —
 —
 411,524
 Debt issuance costs and other financing costs
 ( 3,436)
 —
 ( 15,263)
 Principal payments on interest bearing liabilities
and other financial liabilities
 ( 4,361)
 ( 81,310)
 ( 412,046)
 Call premiums paid on early redemption of debt
 —
 ( 2,557)
 ( 1,050)
 Principal payments on finance lease obligations
 ( 127)
 ( 140)
 ( 70)
 Dividends paid
 ( 16,755)
 ( 700,244)
 —
 Proceeds from stock issuance, net
 —
 —
 97,741
 Net cash (used in) provided by financing activities
 ( 24,679)
 ( 784,251)
 80,836
 Net increase (decrease) in cash and cash equivalents
 5,435
 ( 65,951)
 388,518
 Effect of exchange rate changes on cash and cash equivalents
 ( 769)
 ( 37,351)
 3,677
 Cash and cash equivalents at beginning of period
 437,931
 45,736
 Cash and cash equivalents at end of period
 $
 339,295
 $
 $
 437,931
 Supplemental disclosure of cash flow information:
 Cash payments for interest
 $
 28,632
 $
 36,728
 $
 33,462
 Cash paid (refund) for taxes
 $
 147,106
 $
 90,888
 $
 ( 16,582)
 Restricted cash
 $
 $
 $
 See accompanying notes to consolidated financial

2023
 1.
Description of Business, Basis of Presentation
 (a)

 Nature of operations
(together
with
its
subsidiaries,
the
"Company"
or
"Coronado")
is
a
 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
states of Pennsylvania,
Virginia and West
Virginia in the
United States, or
U.S. For details
 capital structure, refer to Note 6 "Capital Structure" for
further information.

 (b)

 Basis of Presentation
 The
have
been
in
with
of
the
U.S.
 Generally Accepted
Principles,
or U.S.
GAAP and
are presented
in U.S.
dollars,
unless otherwise
 stated.
 The Consolidated Financial Statements include the accounts of the Company and its
affiliates. The Company, or
 Coronado, are used interchangeably to refer to Coronado Global Resources Inc. or Coronado Global Resources
 Inc. and
its subsidiaries,
as appropriate
context. Interests
in subsidiaries
controlled by
are
with
any
outside
stockholder
reflected
as
noncontrolling
interests.
All
intercompany
 balances and transactions have been eliminated on consolidation.

 (c)

 Certain Significant Risks and Uncertainties
 External
international
and
circumstances,
competitor
 actions, governmental actions
and regulations are beyond
the Company's control
and can cause fluctuations
in
for
coal
and
volatility
in
the
price
of
commodities.
This
in
turn
may
the
 future operating results, purchase or investment opportunities
in the coal mining industry.
 Concentration of customers
 The Company has a credit
policy that establishes procedures
to determine creditworthiness
and credit limits for
 trade customers and counterparties
in the over-the-counter coal
market. Generally,
credit is extended based on
 an evaluation
of the customer's
financial condition.
Collateral is
not generally
required, unless
credit cannot
be
 established.

 Payments from customers are generally due between
30 to 60 days after
invoicing. Invoicing usually occurs after
 shipment
or
delivery
of
goods.
The
timing
the
recognition
of
and
receipt
of
is
not
 significant.
 The Company had certain customers
whose accounts receivable balances individually represented
 % or more
 of
the
total
receivable,
or
whose
individually
represented
 %
or
more
of
the
 Company's total revenue.
 The
table
summarizes
any
whose
individually
represented
 %
or
more
of
the
 Company's total coal revenues in the year ended
December 31, 2023.

 2023
 2022
 2021
 Tata
Steel
 21 %
 19 %
 17 %
 ArcelorMittal
 10 %
 8 %
 7 %

 For the
2023, $
 1,509.1

 53.3
 % of
total coal
revenues, were
attributable to
 five

customers. In
comparison, for
$
 1,848.8

 52.6
 % of
total coal
 revenues were
attributable to
 five

customers and for
December 31, 2021,
$
 971.6

 46.3
 %
 of
total
were
to
 five

As
of
31,
2023,
the
had
 three
 customers that
accounted for
$
 152.9

 57.9
 %, of
accounts receivable.
As of
2022, the
 Company had
 four

customers that accounted for $
 212.5

 51.6
 %, of accounts receivable.

2023
 The
table
presents
as
a
percent
of
total
from
by
geographic
 region:

 2023
 2022
 2021
 Asia
 50 %
 46 %
 48 %
 North America
 11 %
 12 %
 7 %
 South America
 8 %
 8 %
 6 %
 Europe
 6 %
 11 %
 12 %
 4 %
 4 %
 6 %
 Brokered sales
 21 %
 19 %
 21 %
 Total
 100 %
 100 %
 100 %

 The Company uses shipping destination as the
basis for attributing revenue to individual
countries. The transfer
 of title on
brokered transactions
may occur at
a point that
does not reflect
the end usage
point, therefore
these
 sales are reflected as exports and classified as brokerage sales.

 Concentration of labor
 Out
of
the
total
employees,
 10.8
 %
as
of
31,
2023,
 are
to
the
Mine
 Enterprise
2023.
This
covers
work
carried out
by permanent,
full-time,
temporary,
and
 casual coal
mining employees
engaged by
Curragh to
fulfil production,
maintenance and
processing activities.
 Other than
Mine Enterprise
Agreement 2023,
there are
no other
collective bargaining
 or union contracts covering employees of the Company
.
 Transportation
 The Company depends
upon port and
rail transportation
systems to deliver
coal to
its customers.
Disruption of
 these
due
to
weather-related
problems,
mechanical
difficulties,
strikes,
lockouts,
 bottlenecks, and other
events could temporarily
impair the Company's
ability to supply
coal to its
customers. In
 the past, disruptions in these services have resulted in
delayed shipments and production interruptions.

 2.
Summary of Significant Accounting Policies

 (a)
Newly Adopted Accounting Standards
 During the period,
there have
been no new
Accounting Standards
Updates issued
by the Financial
 Standards Board, or FASB,
that had a material impact on the Company's Consolidated
Financial Statements.

 (b)
Accounting Standards Not Yet
Implemented
 Accounting Standards
Update, or
ASU, No. 2023-07
"Segment Reporting"
(Topic
280)
: In November
 FASB
ASU
2023-07,
which
intended
to
improve
reportable
segment
disclosure
 enhanced disclosures of significant segment expenses. The guidance is effective for fiscal years
beginning after
 December 15, 2023,
and interim periods
within fiscal years
beginning after December
31, 2024. Early
adoption
 is permitted. The
updated standard is
to be applied
retrospectively to all
prior periods presented
in the financial
 statements. The
Company is
currently evaluating
the impact
that the updated
standard will
have in its
 statement disclosures.

 ASU 2023-09
"Income Taxes"
(Topic
740):

In December
FASB
issued 2023-09,
which modifies
the
 rules on
income tax
disclosures to
require companies
to disclose:
specific categories
rate reconciliation,
 the income
or loss
from continuing
operations before income
tax expense
or benefit
(separated between
 and
foreign)
and
tax
or
benefit
from
continuing
(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.

 There have been
no other recent
accounting pronouncements not yet
effective that have significance,
or potential
 significance, to the Company's Consolidated Financial
Statements.

2023

 (c) Use of Estimates
 The preparation
of Consolidated
in conformity
with U.S. GAAP
to
 make certain
judgements, estimates
and assumptions
that affect
the reported
amounts of
 and disclosure of
contingent assets and contingent
liabilities at the
date of the
Consolidated Financial Statements
 and
the
of
and
the
periods.
Actual
could
differ
from
those
estimates.
Significant
items
to
such
and
asset
 retirement obligations; useful lives for depreciation,
depletion and amortization; expected credit
losses; deferred
 income tax
liabilities; values
properties;
goodwill; workers'
liability and
other
 contingencies.

 (d)
Foreign Currency
 Financial Statements of foreign operations
 The reporting currency of the Company is the U.S. Dollar,
or US$.
 Functional
currency
is
by
the
in
which
an
entity
operates.
The
 functional currency of
and its subsidiaries
is the US$,
with the exception
of two foreign
 subsidiaries, Curragh
and its
immediate parent
CAH, whose
functional currency
Australian dollar,
or A$,
 since Curragh's predominant sources of operating
expenses are denominated in that currency.
 Assets and liabilities
are translated at
the year-end exchange
rate and items
in the statement
of operations are
 translated at average rates with gains and losses from
translation recorded in other comprehensive losses.
 Foreign Currency Transactions
 Monetary
and
are
remeasured
at
year-end
rates
while
non-monetary
items
are
 remeasured at historical rates.

 Gains and losses from foreign
currency remeasurement related to Curragh's U.S. dollar receivables are
 in coal revenues. All other gains and losses
from foreign currency remeasurement
and foreign currency forward
are
in
"Other,
net",
with
exception
of
currency
gains
or
losses
on
 intercompany
loan
balances
which
are classified
"Accumulated
other
losses".
The
total
 aggregate impact of foreign currency
transaction gains or losses on the
Consolidated Statements of Operations
 and Comprehensive
Income was
a net
gain of
$
 2.5

 47.6

million and
$
 1.7

the years
ended
2023,
2022 and
2021, respectively.
impact of
foreign currency
transactions related
to
 U.S. dollar
coal sales
(included in
the total
above) was
a net
loss of
$
 1.0

million, net
gain of
$
 15.0
 8.7

million for the years ended December 31, 2023, 2022
and 2021, respectively.

 (e)
Cash and Cash Equivalents
 Cash and cash
equivalents include cash
at bank and
short-term highly liquid investments
with an original
maturity
 date of three months or less. At December 31, 2023,
the Company had $
 130.0

million of short-term highly liquid
 investments classified as cash equivalents. At December
31, 2022, the Company had
 no

cash equivalents.

 "Cash
and
cash
equivalents",
as disclosed
in
the
Balance
Sheets,
$
 0.3
 million of restricted cash at December 31, 2023 and
2022.

 (f)
Trade Accounts Receivables
extends trade
credit to
its customers
ordinary course
of business.
Trade
receivables are
 recorded initially at fair value and subsequently at amortized
cost, less any Expected Credit Losses, or ECL.

 For trade receivables
carried at amortized
cost, the Company
determines ECL on
a forward-looking
basis. The
 amount of
ECL is
updated at
each reporting
date to reflect
changes in
credit risk
since initial recognition
 respective financial instrument.
The Company recognizes
the lifetime ECL. The
ECL is estimated
based on the
historic credit
loss
experience,
adjusted for
factors that
are specific
asset, general
asset
type,
term
and
an
of
both
the
as
well
as
forecast
 conditions, including expected timing
of collection, at the
reporting date, modified for
credit enhancements such
 as letters of credit obtained.
 To
 measure ECL, trade receivables have been grouped based on shared credit risk
 characteristics and the days past due.

2023
 The amount of credit
loss is recognized in
the Consolidated Statements
of Operations and Other Comprehensive
 Income within "Provision for discounting and credit losses". The Company writes off a financial asset when there
 is information indicating there is no realistic prospect of recovery of the asset from the counterparty. Subsequent
 recoveries of amounts
previously written off
are credited against "Provision
for discounting and
credit losses" in
 the Consolidated Statements of Operations and Other
Comprehensive Income.

 (g)
Inventories
 Coal is recorded
as inventory at the
point in time
the coal is
extracted from the
mine. Raw coal
represents coal
 stockpiles that
sold in
current condition
or may
be further
processed
prior to
shipment to
a customer.
 Saleable coal represents coal stockpiles which require no further
processing prior to shipment to a customer.
 Coal inventories are stated
at the lower of average
cost and net realizable
value. The cost of coal
inventories is
 determined based
on an
average cost
of production,
which includes
all costs
incurred to
extract, transport
and
the coal.
Net
realizable
value
considers
the
sales
price
of
the
coal
product,
less
 applicable selling costs, and, in the case of raw coal, estimated
remaining processing costs.
 Supplies
inventory
is
comprised
of
replacement
parts
for
and
other
miscellaneous
 materials and supplies
required for mining
which are stated
at cost on the
date of purchase.
Supplies inventory
 is valued at
the lower of
average cost or
net realizable
value, less a
reserve for obsolete
or surplus items.
This
 reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. It is not
 customary to sell these inventories; the Company plans
to use them in mining operations as needed.

 (h)
Assets held for sale
 Assets
held
for
sale
are
at
the
lower
of
their
or
fair
value
less
costs
to
sell.
The
 Company classifies
liabilities as
held for
sale (disposal
group) when
management, having
the authority
 to approve the action,
commits to a plan
to sell the disposal
group, the sale is
probable within one year
 disposal
group
is
for
sale
in
its
condition.
The
also
considers
an
 program to locate a buyer
has been initiated, whether the
disposal group is marketed
actively for sale at a
price
 that is reasonable in relation
to its current fair value,
and whether actions required
to complete the plan indicate
 that it
is unlikely
that significant
changes to
the plan
made or
plan will
be withdrawn.
All criteria
 must be met at or prior to balance sheet date for a long-lived asset to qualify as held for
sale. An impairment test
 is performed when a disposal group is classified
as held for sale and an impairment charge is
recorded when the
of
the
disposal
group
exceeds
its
fair
value,
less
cost
to
sell.
Depreciation
and
 amortization for
assets classified
as held
for sale
are ceased.
When any
criteria are
not met
after initial
 classification, the Company ceases to classify the asset as held for sale and reclassify the asset as held for use.
 On reclassification, the asset is measured
at the lower of its (a) carrying
amount before it was classified
as held
 for sale, adjusted
for any depreciation
expense or impairment
losses that would
have been recognized
had the
 asset been continuously classified as held and used or
(b) fair value at the date of reclassification.

 (i)
Property, Plant and
Equipment, Impairment of Long-Lived Assets and Goodwill
 Property, Plant, and
Equipment
 Costs for mine development incurred to
expand capacity of operating mines or to
develop new mines and certain
 mining equipment are capitalized and charged to operations on the
hours of usage or units of production method
 over
the
and
probable
tons
benefiting
from
the
expenditures.
Mine
costs
costs
for
site
and
of
the
mines
the
 development stage.
Mineral rights
and reserves
acquired are
measured at
cost and
are depleted
on a
units of
method
over
the
and
probable
tons
of
the
 Capitalized costs related to internal-use software are amortized on
a straight-line basis over the estimated useful
 lives of the assets.
 Property,
plant,
and
are
at
cost
and
for
when
they
 substantially
the
productive
lives
of existing
assets.
Depreciation
is calculated
using
the
straight-line
 method over
the estimated
useful lives
depreciable assets of

to

years for machinery, mining
 and
vehicles,

to

years
for
office
and

to

years
for
plant,
buildings
and
 improvements.
 Maintenance and
repair costs
are expensed to
operations as
incurred. When
equipment is
retired or
disposed,
 the related cost
and accumulated
depreciation are
removed from
the respective
accounts and any
gain or loss
 on disposal is recognized in operations.

2023
 Impairment of long-lived assets
 Long-lived
assets,
such
as
plant,
and
and
purchased
intangible
to
 amortization,
are
reviewed
for
whenever
or
in
circumstances
indicate
that
the
 carrying amount of an
asset may not be
recoverable.
If circumstances require
a long-lived asset or
asset group
 be
tested
for
impairment,
the
first
compares
undiscounted
cash
flows
to
be
 generated by
that asset
or asset
group to
its carrying
amount. If
the carrying
amount of
the long-lived
asset or
 asset group
recoverable on
an undiscounted
cash flow
basis, an
impairment is
recognized to
the extent
carrying amount
exceeds its
fair value.
Fair value
is determined
various valuation
techniques
discounted
cash
flow
models,
quoted
values
and
independent
appraisals,
as
 considered
necessary.
The
concluded
that
 no

charges
were
at
any
of
the
 Company's mining assets for the years ended December
31, 2023, 2022 and 2021.
 Goodwill is an asset
representing the future economic
benefits arising from other
assets acquired in a
 combination
that
are
not
individually
identified
and
separately
recognized.
In
with
the
 acquisition on
March 31, 2016,
recorded goodwill
amount of
$
 28.0

million. Goodwill
 amortized but
is reviewed
for impairment
annually or
when circumstances or
other events
indicate that
 may have occurred. The Company follows the guidance in Accounting Standards Update 2017-04 "
 Intangibles –
and
Other:
Simplifying
the
Test
for
Impairment
 "
(ASU 2017-04).
The
makes
a
 qualitative assessment of whether it
is more likely than
not that a
reporting unit's fair value is
less than its carrying
 amount. Circumstances that are considered as
part of the qualitative
assessment and could trigger a
quantitative
 impairment test include but are
not limited to: a significant
adverse change in the business
climate; a significant
 adverse legal judgment;
adverse cash flow
trends; an
adverse action
or assessment
by a government
agency;
 unanticipated
competition;
and
a
restructuring
charge
a
unit.
If
a
quantitative
is
to
be
necessary,
the
compares
the
fair
value
of
a
unit
with
its
 carrying amount, including goodwill.
If the carrying amount
of a reporting unit
exceeds its fair value,
 recognizes an impairment
charge for the
amount by which
the carrying amount
exceeds its fair
value to the
 of the amount of goodwill allocated to that reporting unit.
 The Company defines reporting
units at the mining
asset level. For purposes
of testing goodwill for
impairment,
 goodwill has been allocated to the reporting units to the
extent it relates to each reporting unit.

 (j)
Asset Retirement Obligations
 The
asset
retirement
obligation,
or
ARO,
consist
of
of
land
and
at
both
and
mines
in
with
 reclamation laws and regulations in the U.S. and Australia
as defined by each mining permit.
estimates its ARO
liabilities for
final reclamation
and mine
closure based upon
detailed engineering
 calculations of the amount
and timing of the future
cash spending for a
third party to perform
the required work.
 Spending
are
escalated
for
inflation
and
then
discounted
at
the
credit-adjusted,
risk-free
rate.
The
 Company records
an ARO asset
associated with
the discounted
liability for final
reclamation and
mine closure.
 The obligation
and corresponding
asset are recognized
in the period
in which the
liability is incurred.
The ARO
 asset
is
amortized
on
the
units-of-production
method
over
its
life
of
the
asset
and
the
ARO
 liability is accreted to the projected
spending date. As changes
in estimates occur (such as
mine plan revisions,
 changes in
estimated costs
or changes
in timing
performance of
reclamation activities),
the revisions
to
 the
and
asset
are
at
the
credit-adjusted,
risk-free
rate.
The
also
 recognizes
an
for
contemporaneous
as
a
of
mining.
 Contemporaneous reclamation consists primarily
of grading, topsoil replacement
and re-vegetation of backfilled
 pit areas. To
settle the liability,
the obligation is paid,
and to the extent
there is a difference
between the liability
 and
the
of cash
paid,
a
gain
or
loss
upon
settlement
is
recorded.
The
annually
reviews
its
 estimated future cash flows for its asset retirement obligations.

 (k)
Borrowing costs
 Borrowing costs are
recognized as an
expense when they
are incurred, except
for interest charges
 to major projects with substantial development and construction phases which are capitalized
as part of the cost
 of the asset. There was
 no

interest capitalized during the years ended December
31, 2023 and 2022.

2023
 (l)
Leases
 From time to
time, the Company
enters into contractual
agreements to
lease property,
plant and equipment.
In
 addition, the Company also enters into mining services contracts which may include embedded leases of mining
 equipment. Based
upon the
Company's assessment
a specific
lease agreement,
 classifies a lease as either finance or operating.
 Finance leases
 Right of Use,
or ROU,
assets related
to finance
leases are
presented in
Property,
plant and
equipment, net
on
 the Consolidated
Balance Sheet.
Lease liabilities
finance leases
are presented
in "Lease
Liabilities"
 (current) and "Lease Liabilities" (non-current) on the Consolidated
Balance Sheets.
 Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present
 value of the
future lease payments
over the lease
term. The
discount rate used
to determine
the present
value
lease
rate
implicit in
the
lease unless
that
rate cannot
be readily
determined,
in which
 case, the
Company utilizes
its incremental
borrowing
rate in
determining the
present value
future lease
 payments. The incremental borrowing
rate is the rate
of interest that the
Company would have to
pay to borrow
 on
a
collateralized
basis
over
a
term
an
equal
to
the
lease
in
a
 environment.
 Operating leases
 ROU
are presented
as
Right of
Use
– operating
leases,
net
Balance
Sheet.
Lease
to
that
are
to
the
ASC
 measurement requirements such as operating
leases with lease terms
greater than twelve months are
presented
 in "Lease Liabilities" (current) and "Lease Liabilities" (non-current)
on Consolidated Balance Sheets.

 Operating lease
ROU assets and
lease liabilities
are recognized at
the commencement date
the present
 value of the
future lease payments
over the lease
term. The
discount rate used
to determine
the present
value
lease
rate
implicit in
the
lease unless
that
rate cannot
be readily
determined,
in which
 case, the
Company utilizes
its incremental
borrowing
rate in
determining the
present value
future lease
 payments. The incremental borrowing
rate is the rate
of interest that the
Company would have to
pay to borrow
 on
a
collateralized
basis
over
a
term
an
equal
to
the
lease
in
a
 environment. Operating
lease ROU
assets may
also include
any cumulative
prepaid or
accrued rent
when the
 lease payments
are uneven
throughout the
lease term.
The ROU
lease liabilities
may also
 options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
 The ROU
asset includes
any lease
payments made
and lease
incentives received
prior to
the commencement
 date.
The
has
lease
with
lease
and
non-lease
components
which
are
accounted
for
 separately.
Non-lease
components
of
the
lease
are
expensed
as
and
are
not
in
 determining the present value.

 (m) Royalties
 Lease rights
to coal
lands are
often acquired
in exchange
for royalty
payments. Royalties
are payable
monthly
 as a percentage of the gross
realization from the sale of the coal
mined using surface mining methods
and as a
 percentage
of
the
gross
realization
for
coal
produced
using
methods.
Advance
 royalties are advance
payments made to
lessors under terms
of mineral lease
agreements that are
recoupable
production.
The
had
advance
royalties
of
$
 8.9

and
$
 6.8

 respectively, included
in "Other current assets" as of December 31, 2023
and 2022.

 (n)
Stanwell Rebate
 The
rebate
relates
to
a
arrangement
into
by
with
Corporation
 Limited, a State
of Queensland
owned electricity
generator, which
requires payment
of a rebate
for export coal
 sold from some of Curragh's
mining tenements. The rebate obligation is
accounted for as an executory
 and the expense is recognized as incurred.

2023
 (o)
Revenue Recognition
 The Company accounts for
a contract when it
has approval and commitment
from both parties, the
rights of the
 parties are identified,
payment terms
are identified,
the contract has
commercial substance
and collectability
of
 consideration is probable. Once a contract
is identified, the Company evaluates
whether the combined or single
 contract should be accounted for as more than one performance
obligation.
 The Company recognizes revenue when
control is transferred to the customer.
For the Company's contracts,
in
 order to determine
the point
in time when
control transfers
to customers, the
Company uses
standard shipping
 terms to
the timing
of transfer
of
legal title
risks
and rewards
of ownership.
The
 Company also considers other
indicators including timing
of when the Company
has a present right
to payment
 and
when
physical
possession
of
products
is
transferred
to
The
of
 includes any
adjustments for
variable consideration,
included in
the transaction
price and
allocated to
 each
based
on
the
standalone
selling
price.
The
variable
is
 estimated through the course of the contract using management's
best estimates.
 The majority of
the Company's revenue is derived
from short term
contracts where the
time between confirmation
 of sales orders and collection of cash is not more than
a few months.
 Taxes
assessed
by
a
authority
that
are
both
imposed
on
and
concurrent
with
a
specific
 revenue-producing transaction that are collected by the
Company from a customer are excluded from revenue.
 Performance obligations
 A
is
a
promise
in
a
to
transfer
a
distinct
good
or
to
the
customer.
A
 contract's transaction price is allocated
to each distinct performance obligation
and recognized as revenue
when,
 or as, the performance obligation
is satisfied.
 The Company's contracts have
multiple performance obligations as the
promise to transfer the individual
unit of
 coal
is
separately
identifiable
from
other
units
of
coal
promised
in
the
and,
therefore,
distinct.
 Performance obligations, as described above, primarily relate to the Company's
promise to deliver a designated
 quantity and type of coal within the quality specifications
stated in the contract.
 For
with
multiple
obligations,
we
allocate
the
contract's
transaction
price
to
each
 performance obligation on a relative standalone selling price basis. The
standalone selling price is determined at
 each contract inception using
an adjusted market assessment
approach. This approach focuses
on the amount
 that the Company believes the market is willing to pay
for a good or service, considering market conditions, such
 as benchmark pricing, competitor pricing, market awareness of the product and current market trends that affect
 the pricing.
 Warranties provided to customers are
assurance-type of warranties on
the fitness of
purpose and merchantability
 of the Company's goods. The Company does not
provide service-type of warranties to customers.
 Revenue
is
at
a
point
in
time
and
therefore
there
are
 no

unsatisfied
satisfied
 performance obligations at December 31, 2023 and 2022.
 Shipping and Handling
for
shipping
and
on
Free
on
Rail
sales
after
the
obtains
 control of the good. In this instance,
shipping and handling costs
paid to third party carriers and
invoiced to coal
 customers are recorded as freight expense and other revenues, respectively.

 (p)
Commodity Price Risk
 The Company has commodity price risk arising from fluctuations
in domestic and global coal prices.

 The
philosophy
is
not
to
hedge
movements
in
coal
unless
there
are
 exceptional circumstances.
Any potential hedging of coal prices would be through fixed
price contracts.

 The
is
also
to
commodity
price
risk
to
diesel
fuel
purchases.
The
may
 periodically enter into arrangements that protect against
the volatility in fuel prices as follows:
 •
enter into fixed price contracts to purchase fuel for the U.S. Operations
.
 •
enter into derivative financial instruments to hedge exposures to fuel
price fluctuations.

2023
 There are
 no

derivative contracts outstanding December 31, 2023 and
2022.

 (q)
Income Taxes
 The Company uses the asset
and liability approach to account
for income taxes as required by
ASC 740, Income
 Taxes,
which requires
the
recognition
of deferred
tax assets
and
tax
 consequences
to differences
the
statement
of
 and liabilities and their respective tax bases.
 Valuation allowances are provided
when necessary to
reduce deferred income
tax assets to
the amount expected
 to be realized, on a more likely than not basis.
 The Company recognizes the
benefit of an uncertain
tax position that it has
taken or expects
to take on income
 tax
returns
it
files
if
such
tax
position
is
more
than
not
to
be
sustained
on
examination
by
the
taxing
 authorities, based on the technical
merits of the position. These tax
benefits are measured based on the
largest
 benefit that has a greater than 50% likelihood of being realized
upon ultimate resolution.
 The Company's foreign
structure consists of
Australian entities which
are treated as
corporations subject to
tax
 under Australian
taxing authorities.
The Curragh
entities are
treated as
a branch
for U.S.
tax purposes
and all
 income flows through the ultimate parent (the Company).

 (r)
Fair Value Measurements
 The Company utilizes valuation
techniques that maximize
the use of observable inputs
and minimize the use
of
 unobservable
inputs
to
the
possible.
The
determines
fair
value
based
on
that
participants
would
use
in
an
asset
or
in
the
or
most
market.
When
 considering
participant
in
fair
value
measurements,
the
distinguishes
 observable and unobservable inputs, which are categorized
in one of 3 levels of inputs.
 Refer to Note 23 "Fair
Value
Measurement" for detailed
information related to the
Company's fair value
policies
 and disclosures.

 (s)
Derivative accounting
 The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in
 the Consolidated Balance Sheet.
 With
to
derivatives
used
in
hedging
the
assesses,
both
at
inception
and
at
least
 quarterly
thereafter,
such
derivatives
are
highly
at
offsetting
the
in
the
anticipated
 exposure of the
hedged item.
The change
in the fair
value of derivatives
designated as a
cash flow
hedge and
 deemed highly effective
is recorded
in "Accumulated
other comprehensive
losses" until
the hedged
transaction
 impacts reported earnings,
at which
time any gain
or loss is
reclassified to earnings.
If the
hedge ceases to
qualify
 for
hedge
accounting,
the
prospectively
recognizes
in
the
fair
value
of
the
instrument
in
 earnings in the
period of the
change. The
potential for hedge
ineffectiveness is
present in the
design of certain
 of the Company's cash flow hedge relationships.
 The Company's
asset and
liability derivative
positions are
offset on
a counterparty-by-counterparty
basis if
the
 contractual agreement provides for the net settlement of contracts with the
counterparty in the event of default or
 termination of any one contract.
 There are
 no

derivative contracts outstanding at December 31, 2023
and 2022.

 (t)
Stock-based Compensation
 The Company has
a stock-based compensation plan
which allows for
the grant of
certain equity-based incentives
 including stock options,
performance stock units,
or PSU, and
restricted stock units,
or RSU, to
employees and
 executive
directors,
valued
in
whole
or
in
part
with
to
the
CDIs
or
equivalent
 shares (on a
:1 CDI to common share ratio).
 The grant-date
fair value
of stock
option
award is
estimated on
the
date
of grant
using
Black-Scholes-Merton
 option-pricing model. For
certain options and
PSUs, the Company includes
a relative Total
Stockholder Return,
 or TSR, modifier to determine the number of shares
earned at the end of the performance period. The
fair value
 of awards that include the TSR modifier is determined
using a Monte Carlo valuation model.

2023
 The expense for these equity-based incentives is based on their fair value at date of grant and is amortized over
 the required service
period, generally the vesting
period. The Company accounts
for forfeitures as
and when they
 occur.
 Refer to
Note
21 "Stock-Based
Compensation"
 for detailed
stock-based
 compensation plans.

 (

 u)
Earnings per Share
 Basic earnings per share is computed by dividing net income attributable to stockholders of the Company by the
 weighted-average number of shares of common stock
outstanding during the reporting period.
 Diluted net income
per share is computed
using the weighted-average
number of shares
of common stock
and
 dilutive
of
stock
the
period.
Dilutive
of
 stock primarily consist of employee stock options and
restricted stock.

 (v)
Deferred Financing Costs
 The Company capitalizes costs
incurred in connection with new
borrowings, the establishment
or enhancement
 of credit
issuance
of debt
securities.
These costs
are amortized
as an
adjustment to
over
the
life
of
the
borrowing
or
term
of
the
using
the
method.
Debt
 issuance costs related to a recognized
liability are presented in the balance
sheet as a direct reduction from
the
 carrying amount of that liability whereas debt issuance costs
related to a credit facility are shown as an asset.

 For information on the
unamortized balance of
deferred financing fees
related to outstanding
debt, see Note
 "Interest Bearing Liabilities".

 3.
Segment Information
 The Company has
a portfolio of operating
mines and development
projects in Queensland,
Australia and in the
 states of
Pennsylvania,
and West
U.S. The
comprise the
100%-
 owned
producing
mine
complex.
The
U.S.
comprise
 two

100%-owned
producing
mine
 complexes
(Buchanan
and
Logan),
 one

100%-owned
idled
mine
(Greenbrier)
and
 two

 properties (Mon Valley
and Russell County).

 The
operates
its
along
 two

reportable
segments:
and
States.
The
 organization of the
 two

reportable segments reflects how Coronado's chief
operating decision maker, or
CODM,
 manages and allocates resources to the various components
of the Company's business.

 The CODM
uses Adjusted
EBITDA as
the primary
metric to
measure each
segment's
operating performance.
 Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP.
Investors should be
 aware that
presentation of
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
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 Consolidated Financial Statements.

2023
 Reportable segment results for the years ended December 31,
2023, 2022 and 2021 are presented below:

 Other and
 Total
2023
 Total
 $
 1,681,522
 $
 1,209,081
 $
 —
 $
 2,890,603
 2,249
 421,093
 ( 41,629)
 381,713
 Total
 1,322,610
 1,010,199
 345,229
 2,678,038
 Capital expenditures
 55,412
 171,686
 227,758
2022
 Total
 $
 2,116,555
 $
 1,454,987
 $
 —
 $
 3,571,542
 541,208
 716,661
 ( 42,245)
 1,215,624
 Total
 1,353,424
 1,013,359
 183,144
 2,549,927
 Capital expenditures
 89,001
 95,769
 185,357
2021
 Total
 $
 1,315,851
 $
 832,620
 $
 —
 $
 2,148,471
 204,992
 312,048
 ( 30,907)
 486,133
 Total
 1,357,132
 822,222
 282,058
 2,461,412
 Capital expenditures
 38,733
 50,787
 1,616
 91,136

 The reconciliation of Adjusted EBITDA to net income attributable to the Company for
the years ended December
 31, 2023, 2022 and 2021 are as follows:

 2023
 2022
 2021
 $
 $
 $
 160,711
 167,046
 177,875
 Interest expense, net
 (1)
 56,751
 67,632
 68,062
 Income tax (benefit) expense
 ( 32,251)
 231,574
 53,102
 Other foreign exchange (gains) losses
 (2)
 ( 2,899)
 ( 32,259)
 7,049
 Loss on debt extinguishment
 1,385
 5,336
 8,477
 Uncertain stamp duty position
 (3)
 41,321
 —
 —
 Restructuring costs
 —
 —
 2,300
 Losses on idled assets
 (4)
 4,846
 2,732
 Gain on disposal of assets held for sale
 —
 —
 ( 14,845)
 (Decrease) increase in provision for discounting

and credit losses
 ( 4,216)
 3,821
 ( 8,042)
 Consolidated adjusted EBITDA
 $
 381,713
 $
 1,215,624
 $
 486,133

 (1)
 Includes interest income of $
 7.6

 1.5

million, and $
 0.1

million for the years ended December 31, 2023,
 2022, 2021, respectively.
 (2)
 Refer to Note 5 "Other, net"
for further discussion.
 (3)

Relates to stamp duty on Curragh's acquisition.
Refer to Note 26 "Contingencies" for further discussion.

 (4)
 These losses
relate to idled
non-core assets
that the Company
has an
active plan
to sell. Prior
to March
31,
 2023, the Company had idled assets that were classified as
held for sale.

2023
 The
reconciliations
of
per
the
segment
to
 disclosed on
the Consolidated
Statements of
Cash Flows
years ended
2022 and
 2021 are as follows:

 2023
 2022
 2021
 Capital expenditures per Consolidated Statement of Cash
 flows
 $
 237,205
 $
 199,716
 $
 89,661
 Payment for capital acquired in prior period
 ( 11,243)
 ( 7,475)
 ( 6,000)
 Accruals for capital expenditures
 10,790
 11,243
 7,475
 Advance payment to acquire long lead capital items
 ( 8,994)
 ( 18,127)
 —
 Capital expenditures per segment detail
 $
 227,758
 $
 185,357
 $
 91,136

 Disaggregation of Revenue
 The Company disaggregates the revenue
from contracts with customers by
major product group for each of
the
segments,
believes
it best
depicts the
nature,
amount,
timing
and
of
 revenues and cash flows. All revenue is recognized at a point
in time.

 Year ended December 31, 2023
 Total
 Product Groups:
 Metallurgical coal
 $
 1,557,471
 $
 1,031,012
 $
 2,588,483
 Thermal coal
 88,281
 153,925
 242,206
 Total
coal revenue
 1,645,752
 1,184,937
 2,830,689
 Other
 (1)
 35,770
 24,144
 59,914
 Total
 $
 1,681,522
 $
 1,209,081
 $
 2,890,603

 Year ended December 31, 2022
 Total
 Product Groups:
 Metallurgical coal
 $
 1,968,173
 $
 1,394,880
 $
 3,363,053
 Thermal coal
 110,345
 54,228
 164,573
 Total
coal revenue
 2,078,518
 1,449,108
 3,527,626
 Other
 (1)
 38,037
 5,879
 43,916
 Total
 $
 2,116,555
 $
 1,454,987
 $
 3,571,542

 Year ended December 31, 2021
 Total
 Product Groups:
 Metallurgical coal
 $
 1,171,869
 $
 822,000
 $
 1,993,869
 Thermal coal
 107,867
 6,595
 114,462
 Total
coal revenue
 1,279,736
 828,595
 2,108,331
 Other
 (1)
 36,115
 4,025
 40,140
 Total
 $
 1,315,851
 $
 832,620
 $
 2,148,471

 (1)
 Included
in
Other
for
Operation
is
the
of
non-market
coal
 agreement liability recognized
on acquisition
of Curragh. See
further discussion in
Note 17
"Contract Obligations".

 Further explanation to tables above:
 The following is a description of the principal activities
by reportable segments.
 •
The Company primarily offers two types of products to its
customers: metallurgical coal and thermal coal
 of
varying
qualities.
The
metallurgical
coal
is
as
hard
coking
coal,
 distinguished by its volatility (defined as high, mid, or low),
and pulverized coal injection.

2023
 •
The Australian Operations reportable segment
includes the Curragh mine. The
Australian Operations is
 a separate
reportable segment
having separate
management, location,
assets, and

mine,
in
the
is
in
central
and
 produces a wide variety of metallurgical coal.
 •
The United States reportable segment includes the Buchanan, Logan and Greenbrier coal
mine facilities
 in Virginia and West Virginia,
United States. It produces high, mid and low volatility
hard coking coal.

 4. Assets Held for Sale
 During the fourth
quarter of
2020, the Company
committed to
a plan to
sell the Greenbrier
mining asset, or
the
 Greenbrier asset, and determined that all of
the criteria to classify assets and liabilities as
held for sale were met.
 The Greenbrier asset is part
of the Company's U.S. segment, located
in the State of
Virginia in the United States.
 The Greenbrier asset does not form part
of the Company's core business
strategy and has been idle since April
 1, 2020.
 The
remains
committed
to
a
plan
to
sell
the
asset,
on
March
31,
2023,
the
 Company concluded that
the timing
sale within the
next twelve months
is uncertain. As
such, the
 mining asset
as held
and
used since
March
as it
does not
meet
the criteria
for
 classification as held for sale.

 The assets and liabilities
of the Greenbrier asset
met the criteria for
classification as held for
sale as of December
therefore
the Consolidated
Balance Sheet
continues to
reflect these
asset
and liabilities
as held
for
 sale as of that date.

 5.
 Other, net consists of the following:

 2023
 2022
 2021
 Other foreign exchange gains (losses)
 (1)
 $
 2,899
 $
 32,259
 $
 ( 7,049)
 Other income
 2,865
 1,536
 Total
 $
 5,764
 $
 33,795
 $
 ( 6,187)

 (1)

Other foreign
exchange gains
(losses) primarily
relates to
gains and
losses recognized
translation of
 short-term
inter-entity
balances
entities
the
Group
that
are
denominated
in
currencies
 other than their respective functional currencies.

 6.
Capital Structure
 (a)

Stockholders' Equity
 Authorized capital stock
 The Company's Certificate of Incorporation, as amended, authorize the Company to
issue
 1,100,000,000

 of $
 0.01

par value capital stock consisting of
 1,000,000,000

shares of common stock and
 100,000,000

 preferred stock.
 Common Stock / CDIs
 The following table summarizes Common Stock activity
during the periods presented below:

 2023
 2022
 2021
 Shares outstanding at the beginning of the year
 138,387,890
 Shares issued during the year
 -
 -
 29,257,483
 Shares outstanding at the end of the year

2023
 A portion of the
Company's common
stock is publicly
traded on the ASX
under the ticker
"CRN," in the
form of
 CHESS Depositary Interests ("CDIs).
CDIs are units of beneficial ownership
in shares of common stock
held by
 CHESS Depositary Nominees Pty Limited ("CDN"), a wholly-owned subsidiary of ASX
Limited, the company that
 operates the ASX.
 As each CDI represents one tenth of a share,
holders of CDIs will be entitled to
 one

vote for every

CDIs they
 hold. CDI
are to
entitlements
which attach
to underlying
participation
in rights
 issues, bonus issues, capital reductions and liquidation preferences.
 The CDIs entitle
holders to dividends,
if any, and other rights
economically equivalent to
shares of common
stock,
 including the right
to attend stockholders'
meetings. CDN, as
the stockholder of
record, will vote
the underlying
 shares in accordance with the directions of the CDI holders
.

 As of December 31,
2023,
 831,392,221

CDIs (representing beneficial
interest in
 83,139,233

shares of common
 stock) were owned by investors in the form of CDIs publicly
traded on the ASX.

 Coronado Group LLC
 As
of
31,
2023,
Group
LLC,
the
controlling
stockholder,
beneficially
owns
 845,061,399

CDIs (representing a beneficial interest
in
 84,506,140

shares of common stock) representing
 50.4
 %
 of
the
total
 1,676,453,730

CDIs
(representing
a
in

of
stock)
 outstanding.

 Refer to Note 21 "Stock-Based Compensation" for
options to purchase common stock issued
and outstanding as
 of December 31, 2023 and 2022.
 Preferred Stock
LLC holds
one share
of preferred
stock
Series A.
The holder
of Series
A Preferred
Stock
is
to
nominate
and
elect
members
of
the
Board
of
in
to
the
level
of
the
 holder's
of
of
the
stock.
The
Series
A
Preferred
 Share
is
not
entitled
to
and
is
non
transferable.
The
Series
A
Preferred
Share
has
a
liquidation
 preference of $
 1.00
.
 (b)

 The dividend
policy
and
the
of future
cash
are subject
to
the
discretion
 Board of Directors.
 During the year ended December 31, 2023, the Company
declared:
 •
 8.4

 0.005

 0.05

per share of common stock),
on February 21, 2023;
 and
 •
 8.4

 0.005

 0.05

per share of common stock), on August 7, 2023.

 The Company paid a
total of $
 16.7

million to stockholders and CDI
holders on the ASX, net
of $
 0.1

million foreign
 exchange gain on
payment to certain
CDI holders that
elected to be
paid in Australian
dollars,
in relation to
the
 above declared dividends.

 During the year ended December 31, 2022, the Company
declared:
 •
 150.9

 0.09

 0.90

per share of common stock), on February 24, 2022;
 •
 200.1

 0.119

 1.19

per share of common stock), on May 9, 2022;

 •
 125.7

 0.075

 0.75

per share of
common stock),
on August 8,
2022;
 and
 •
 225.0

 0.134

 1.34

per share of common stock), on
October 30, 2022.
 The
paid
a
total
of
$
 700.2

to
stockholders
and
CDI
on
the
ASX,
net
of
$
 1.4

 foreign exchange gain on payment to certain CDI
holders that elected to be paid in Australian dollars,
in relation
 to the above declared dividends.

2023
 During the year ended December 31, 2021, the Company did
 no
 t declare or pay dividends.
 (c)

Earnings per Share
 Basic earnings per
share of common
stock is computed
by dividing net
income attributable
to the Company
for
 the period,
weighted-average
of common
stock outstanding
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. During periods in which the Company incurs
a net loss, diluted weighted average shares outstanding
 are equal to basic weighted average shares outstanding
because the effect of all equity awards is anti-dilutive.
 Basic and diluted earnings per share was calculated as
follows (in thousands, except per share data):

 (US$ thousands, except per share data)
 2023
 2022
 2021
 Numerator:
 $
 $
 $
 Less:
Net loss attributable to non-controlling interest
 —
 —
 ( 2)
 Net income attributable to Company stockholders
 $
 $
 $
 189,425
 Denominator (in thousands):
 Weighted-average shares of common stock outstanding
 167,645
 167,645
 156,710
 Effects of dilutive shares
 Weighted average diluted shares of common stock
 168,066
 167,846
 156,842
 Earnings Per Share (US$):
 Basic
 0.93
 4.60
 1.21
 Dilutive
 0.93
 4.60
 1.21

 7. Trade Receivables, net
extends trade
credit to
its customers
ordinary course
of business.
Trade
receivables are
 recorded initially at fair value and subsequently at amortized
cost, less any ECL.

 2023
 2022
 Trade receivables
 $
 264,218
 $
 414,490
 Provision for discounting and credit losses (Note 8)
 ( 267)
 ( 4,511)
 Trade receivables, net
 $
 263,951
 $
 409,979

2023
 8. Provision for Discounting and Credit Losses
 The following
table provides
the reconciliation
allowance for
that is
deducted from
 assets to present the net amount expected to be collected:

 Trade
 receivables
 Other
 Assets
 Total
 As at January 1, 2021
 $
 $
 $
 1,256
 Change in estimates during the current period
 3,777
 3,821
 As of December 31, 2022
 4,511
 5,077
 Change in estimates during the current period
 ( 4,244)
 ( 4,216)
 As of December 31, 2023
 $
 $
 $

 9. Inventories

 2023
 2022
 Raw coal
 $
 55,998
 $
 50,604
 Saleable coal
 81,314
 45,913
 Total
coal inventories
 137,312
 96,517
 Supplies inventory
 54,967
 61,501
 Total
inventories
 $
 192,279
 $
 158,018

 Coal inventories measured at its net realizable value were
$
 2.4

 5.0

million at December 31, 2023
 and 2022, respectively,
and primarily relates to coal designated for deliveries under
the Stanwell below market
 coal supply agreement. See further discussion in Note
17 "Contract Obligations".

 10.
Other Assets

 2023
 2022
 Other current assets:

Prepayments
 $
 34,175
 $
 26,831

Long service leave receivable
 8,438
 7,884

Tax
credits receivable
 3,265
 4,183

Deposits to acquire mining equipment
 18,935
 —

Short term deposits
 21,906
 —

Other
 16,890
 21,290
 Total
other current assets
 $
 103,609
 $
 60,188
 Other non-current assets:

Favorable mineral leases
 $
 3,310
 $
 3,448

Deferred debt issue costs
 2,672
 2,463

Long service leave receivable
 1,485

Tax
credits receivable
 4,004
 7,269

Deposits to acquire long lead mining equipment
 8,185
 18,126

Other
 —
 1,694
 Total
other non-current assets
 $
 19,656
 $
 33,585

has other assets
which includes prepayments,
favorable mineral leases,
deferred debt issue
 long service leave receivable
,
equipment deposits, short
term deposits and coalfield
employment enhancement
 tax credit receivable.

2023
 Long service leave for
eligible coal mine workers
at the Company's
Australian Operations is
paid when leave is
 taken, with a subsequent
reimbursement received from
the Coal Mining Industry
(Long Service Leave Funding)
 Corporation
in
Australia.
The
reimbursement
entitlement
is
as
a
receivable
and
is
 measured as
the present
expected future
reimbursements to
be received
corresponding leave
 liability recognized.

recognized tax
credits receivable
relating to
the Virginia
coalfield employment
enhancement tax
 credit for
coal sales
mining properties
State of
West
Virginia in
 2018
to
2021
years.
Where
the
credits
exceed
the
state
tax
for
the
tax
year,
the
 excess is redeemable by the
Tax
Commissioner on behalf of
the Commonwealth of Virginia
for
 % of the face
 value
days
after
filing
the
return.
The
tax
credits
allowed
can
be
claimed
in
the
third
taxable
year
 following the taxable year in which the credit was earned and
allowed.
 Deposits to acquire long lead mining equipment are advance
payments made for future mining equipment.

 Short term deposits
are term deposits
held with financial
institutions with
maturity greater
than ninety
days and
 less than twelve months and that do not meet the cash
and cash equivalents criteria.
 The favorable mineral leases were recognized on acquisition of certain U.S. assets
that are amortized based on
 the
coal
tonnage
removed
from
the
lease
to
the
total
on
that

 The deferred debt issue costs as of December 31, 2023 and
December 31, 2022, are unamortized costs relating
establishment of
the senior
secured asset-based
revolving credit facilities
(refer to
Note 16
"Interest Bearing
 Liabilities" for
further description
facilities). The
deferred issue
costs are
amortized over
the life
 facility on a straight-line basis
and included in "Interest expense, net"
in the Company's Consolidated Statements
 of Operations and Comprehensive Income

.
 11.
Property, Plant and
Equipment
 The following
table indicates
the carrying
amount of
each of
the major
classes of
 depreciable assets:

 2023
 2022
 Land
 $
 28,282
 $
 27,711
 Buildings and improvements
 102,642
 91,336
 Plant, machinery, mining
equipment and transportation vehicles
 1,189,088
 1,012,844
 Mineral rights and reserves
 389,868
 373,309
 Office and computer equipment
 9,771
 9,488
 Mine development
 579,717
 565,106
 Asset retirement obligation asset
 88,384
 87,877
 Construction in progress
 143,041
 82,713
 Total
cost of property,
plant and equipment
 2,530,793
 2,250,384
 Less accumulated depreciation, depletion and amortization
 1,024,356
 860,836
 Property, plant and
equipment, net
 $
 1,506,437
 $
 1,389,548

 The amount of depreciation and amortization expense
for property, plant
and equipment for the years ended
 December 31, 2023, 2022 and 2021 was $
 152.4

 155.8

 166.2

million, respectively.

 12.
Goodwill and Other Intangible Assets
 (a)
 In connection with the
Buchanan acquisition on
March 31, 2016, the Company
recorded goodwill in the
 of $
 28.0

million. The
Company performed
a qualitative
assessment to
determine if
impairment was
required at
 December 31, 2023 and 2022. Based upon the Company's qualitative assessment,
it is more likely than not that
 the fair value
of the reporting
unit is greater
than its carrying amount
at December 31, 2023 and
2022. As a
 no

impairment was required, and
the balance of
goodwill at both
December 31, 2023 and 2022
 was $
 28.0

 The Company has not noted any indicators of impairment since
the acquisition date.

2023
 (b)
Acquired Intangible Assets

 Weighted
 period (years)
 Gross
 Accumulated
 Net carrying
 Intangible assets:
 Amortizing intangible assets:
 Mining permits - Logan
 $
 1,642
 $
 1,068
 $
 Mining permits - Buchanan
 3,501
 2,534
 Total
intangible assets
 $
 5,143
 $
 2,035
 $
 3,108
 Weighted
 period (years)
 Gross
 Accumulated
 Net carrying
 Intangible assets:
 Amortizing intangible assets:
 Mining permits - Logan
 $
 1,642
 $
 $
 Mining permits - Buchanan
 3,501
 2,659
 Total
intangible assets
 $
 5,143
 $
 1,832
 $
 3,311

 Amortization expense is charged using the
straight-line method over the useful
lives of the respective intangible
 asset.
The
of
for
amortizing
intangible
for
the
years
ended
31,
2023,
2022
and
2021,
were
 $
 0.2

$
 0.2

and
$
 0.2

Estimated
 amortization expense for each of the next five years is
$
 0.2

 13.
Accrued Expenses and Other Current Liabilities
 Accrued expenses and other current liabilities consist of the
following:

 2023
 2022
 Wages and employee benefits
 $
 42,348
 $
 38,687
 Taxes
other than income taxes
 6,728
 5,988
 Accrued royalties
 45,770
 117,131
 Accrued freight costs
 47,549
 44,496
 Accrued mining fees
 89,622
 103,492
 Acquisition related accruals
 53,700
 11,669
 Other liabilities
 26,988
 22,228

Total
accrued expenses and other current liabilities
 $
 312,705
 $
 343,691

 Acquisition
accruals
is
an
for
the
remaining
stamp
duty
payable
on
the
 acquisition of $
 53.7

 79.0

million). Refer to Note 26 "Contingencies" for further
details.

 14. Leases
 During the year ended December 31,
2023, the Company entered into a
number of agreements to lease
 equipment.
Based
on
the
of
terms
these
agreements,
the
 these leases as
operating leases. On
mobilization of th
ese leased mining
equipment, the Company
 right-of-use assets and operating lease liabilities of $
 72.5

 Information related to Company's right-of use assets
and related lease liabilities are as follows:

2023

 2023
 2022
 Operating lease costs
 $
 17,013
 $
 8,088
 Cash paid for operating lease liabilities
 14,597
 8,244
 Finance lease costs:
 Amortization of right of use assets
 Interest on lease liabilities
 Total
finance lease costs
 $
 $

 2023
 2022
 Operating leases:
 Right of use asset – operating leases, net
 $
 80,899
 $
 17,385
 Finance leases:
 Property and equipment
 Accumulated depreciation
 ( 309)
 ( 186)
 Property and equipment, net
 Current operating lease obligations

 22,811
 7,593
 Non-current operating lease obligations

 61,692
 15,505
 Total
Operating lease liabilities
 84,503
 23,098
 Current finance lease obligations

 Non-current finance lease obligations

 —
 Total
Finance lease liabilities
 Current lease obligations
 22,879
 7,720
 Non-current lease obligations
 61,692
 15,573
 Total
lease obligations
 $
 84,571
 $
 23,293

 2023
 2022
 Weighted Average Remaining
Lease Term (Years)
 Weighted average remaining lease term – finance
 0.5
 1.5
 Weighted average remaining lease term – operating
 3.7
 4.1
 Weighted Average Discount
Rate
 Weighted discount rate – finance lease
 7.6 %
 7.6 %
 Weighted discount rate – operating lease
 9.0 %
 8.9 %

2023
 The Company's leases have remaining lease terms of
 1 year

to
 5 years
, some of which include
options to extend
 the terms
where the
Company deems
it is
reasonably certain
the options
exercised. Maturities
of lease
 liabilities as at December 31, 2023, are as follows:

 Operating
 Lease
 Finance
 Lease
 Year ending
 2024
 $
 29,148
 $
 2025
 28,361
 —
 2026
 20,628
 —
 2027
 12,235
 —
 Thereafter
 8,787
 —
 Total
lease payments
 99,159
 Less imputed interest
 ( 14,656)
 ( 2)
 Total
lease liability
 $
 84,503
 $

 15.
Asset Retirement Obligations
 Reclamation of
areas disturbed
by mining
must be
performed
Company in
with
 approved
plans
and
in
with
state
and
laws
in
the
of
West
and
in
the
and
in
Australia.
For
areas
disturbed,
is
performed
 progressively,
a
of
the
will
take
place
in
the
when
 cease. There were
 no

assets that were
legally restricted for
purposes of settling asset
retirement obligations as
 of December 31,
2023 and 2022.
In addition, state
agencies monitor
compliance with the
mine plans, including
 reclamation.
 The Company records the fair value
of its asset retirement obligations using the present
value of projected future
 cash flows, with
an equivalent amount
recorded in the
related long lived
asset or a
change to the
 Statements of Operations
if the related
permit is closed.
An accretion cost,
representing the
increase over time
 in the present value of
the liability, is recorded each period and the capitalized cost is
depreciated over the useful
 life of the related asset. As reclamation work is performed or liabilities
otherwise settled, the recorded amount of
 the liability is reduced.
 Changes in
the asset
retirement obligations
years ended
2023 and
2022
 were as follows:

 2023
 2022
 Total
asset retirement obligations at beginning of the year
 $
 138,490
 $
 120,277
 ARO liability additions - new disturbances
 9,923
 1,835
 Accretion
 11,252
 9,066
 Reclamation performed in the year
 ( 5,334)
 ( 3,270)
 Reclass of asset held for sale
 (1)
 11,115
 —
 Gain on settlement of ARO
 —
 ( 53)
 Change in estimate recorded to operations
 ( 3,151)
 ( 2)
 Change in estimate recorded to assets
 15,381
 Foreign currency translation adjustment
 ( 4,744)
 Total
Asset retirement obligations at end of the year
 163,929
 138,490
 Total
Asset retirement obligations at December 31
 ( 15,321)
 ( 10,646)
 Asset retirement obligation, excluding current portion
 $
 148,608
 $
 127,844

 (1)

Refer to Note 4 "Assets Held for Sale"
for further information.

2023
 16. Interest Bearing Liabilities

 The following is a summary of interest-bearing liabilities
at December 31, 2023:

 2023
 2022
 Weighted Average
 Interest Rate at
 Final
 Maturity
 10.75
 % Senior Secured Notes
 $
 $
 12.14
 %
 (2)
 2026
 New ABL Facility
 —
 —
 2026
 Discount and debt issuance costs
 (1)
 ( 6,983)
 ( 9,373)
 Total
interest bearing liabilities
 $
 235,343
 $
 232,953
 (1)
 Relates to discount
and debt
issuance costs
on the establishment
of the Notes.
Deferred debt
issuance costs
incurred on
the establishment
 of the New ABL Facility has been included
within "Other non-current assets" on the Consolidated
Balance Sheets.
 (2)

Represents the effective interest rate.

 Senior Secured Notes
 On May 12, 2021,
the Company entered
into an indenture, or
the Indenture, among
Coronado Finance Pty Ltd,
 an Australian proprietary company,
as the issuer or the Australian Borrower, the Company,
as parent guarantor,
 the other
guarantors
party
thereto
and
Wilmington
Trust,
National
Association,
as trustee,
and
as priority
lien
 collateral trustee, relating to the issuance of
 10.750
 % Senior Secured Notes due 2026, or the Notes.
 Interest on
the Notes
is payable
semi-annually in
arrears on
May 15
and November
15 of
each year
to record
 holders of the Notes on the immediately preceding May
1 and November 1, as applicable. The Notes mature
on
 May 15, 2026

and are senior secured obligations of the Company.
 The Notes are guaranteed
on a senior secured
basis by the Company
and its wholly-owned
subsidiaries (other
 than
the
Issuer)
(subject
to
exceptions
and
liens)
and
by
(i)
a
first-priority
lien
on
 substantially all of the Company's assets and the assets of the other
Guarantors (other than accounts receivable
 and other rights to payment,
inventory,
intercompany indebtedness, certain
general intangibles and commercial
 tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds
 and products of each of the foregoing, or, collectively, the New ABL Collateral), or the Notes Collateral, and (ii) a
 second-priority lien on the New ABL Collateral,
which is junior to a first-priority lien, for
the benefit of the lenders
 under
the
senior
asset-based
revolving
in
an
initial
 amount of $
 150.0

million, or the New ABL Facility.
 The terms
Notes are
governed
Indenture.
The Indenture
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. As of
 the Company was in compliance with all applicable covenants
under the Indenture.
 Under the terms of the
Indenture, upon the occurrence of a "Change
of Control" (as defined in the
Indenture), the
 issuer
is
to
make
an
offer,
or
a
of
Control
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. Alternatively,
if the
issuer elects
to redeem
all of
the Notes,
12-month period
commencing
on
 May 15 of
the years set
forth below at
the redemption
prices (expressed in
percentages of principal
amount on
 the redemption date) set forth below, plus accrued and unpaid interest to,
but not including, the redemption date,
 the issuer is not required to make a Change of Control
Offer:

 Period
 Redemption price
 2024
 104.03 %
 2025 and thereafter
 100.00 %

 New Asset Based Revolving Credit Facility

 On May
8, 2023,
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
Borrower
and,
together
with
the
other

2023
 Borrower, the Borrowers,
and the other guarantors party
thereto, collectively with the Company,
the Guarantors
 and, together
Borrowers, the
Loan Parties,
entered into
a senior
secured asset-based
revolving credit
 agreement in
an initial
aggregate amount
of $
 150.0

ABL Facility,
with Global
Loan Agency
 Services Australia
Pty Ltd,
Administrative Agent,
Global Loan
Agency Services
Australia Nominees
Pty
 Ltd, as the
Collateral Agent,
the Hongkong and
Shanghai Banking Corporation
Limited, Sydney
Branch, as the
 Lender, and DBS Bank
Limited, Australia Branch,
Lender and, together
with the other
Lender, the Lenders.
 On August 3, 2023, the Company
satisfied all conditions precedent
under the New ABL Facility,
at which time it
 became effective and replaced the predecessor
ABL Facility.

matures in
August 2026
and provides
for up
to $
 150.0

million in
borrowings, including
a
 $
 100.0

million sublimit for the issuance
of letters of credit and $
 70.0

million sublimit as a revolving
credit facility.
 Availability under the New
ABL Facility is
limited to an
eligible borrowing base, determined
by applying customary
 advance rates to eligible accounts receivable and inventory.
 Borrowings under
bear interest
at a
rate per
annum equal
to an
applicable rate
of
 2.80
 %
 plus BBSY,
for loans denominated in A$, or SOFR, for loans denominated
in US$, at the Borrower's election.

is guaranteed
Guarantors.
Amounts outstanding
Facility are
 secured by
(i) first
priority lien
accounts receivable
rights to
payment, inventory,
intercompany
 indebtedness, certain general
intangibles and commercial
tort claims, commodities accounts,
deposit accounts,
 securities accounts
related assets
and proceeds
and products
of each
foregoing, collectively,
 the New ABL Collateral, (ii)
a second-priority lien on substantially
all of the Company's
assets and the assets
of
 the guarantors, other than the New ABL
Collateral, and (iii) solely in the case of
the obligations of the Australian
 Borrower, a featherweight
floating security interest over certain
assets of the Australian Borrower,
in each case,
 subject to certain customary exceptions.

contains customary representations
and warranties
and affirmative and
negative covenants
 including, among
others, a
covenant regarding
the maintenance
of leverage
ratio to
be less
than
 3.00

times, a
 covenant regarding maintenance of interest coverage ratio to be more than
 3.00

times, covenants relating to the
 payment of dividends, or purchase or redemption of, with respect to any Equity Interests of Holdings or
any of its
 Subsidiaries,
covenants
to
reporting,
covenants
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 Borrowers
and Guarantors', collectively
the Loan Parties,
 and limitations on changes in the nature of the Loan Parties'
business.
 Subject
to
grace
periods
and
notice
the
New
ABL
Facility
also
 events of default.
 Under the terms of New ABL Facility,
a Review Event (as defined in the New ABL Facility) is triggered if, among
 other matters, a "change of control" (as defined in the
New ABL Facility) occurs.

 Following the
occurrence of
a Review
Event, the
Borrowers must
promptly meet
and consult
in good
faith with
 the Administrative Agent and the Lenders to agree a
strategy to address the relevant Review Event including but
 not limited to a restructure of the terms of the New ABL Facility to the satisfaction of the Lenders.
If at the end of
 a period
of

business days
after the
occurrence
Review Event,
the Lenders
are not
satisfied
 result of their discussion or meeting with the Borrowers or do not
wish to continue to provide their commitments,
 the Lenders may declare all amounts owing
under the ABL Facility immediately due and payable,
terminate such
 Lenders'
commitments
to
make
loans
under
the
ABL
the
Borrowers
to
cash
collateralize
any
 letter of credit obligations and/or exercise any and all remedies
and other rights under the New ABL Facility.
 To establish
the New ABL Facility, the Company incurred debt issuance costs of $
 3.4

million. The Company has
 elected an 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 facility.
 The costs
will not
be subsequently
reclassified as
a direct
deduction of
the liability.
The carrying
debt
 issuance costs, recorded
as "Other non-current
assets" in the
Consolidated Balance
Sheet was
$
 2.7

million as
 at December 31, 2023.
 As
at
31,
2023,
the
letter
of
sublimit
had
been
used
to
issue
$
 21.9

of
bank
 guarantees on
behalf of
and
 no

amounts were
drawn under
the revolving
credit sublimit
of New
 ABL Facility. As at December 31, 2023, the Company was in compliance with all applicable covenants under the
 New ABL Facility.

2023
 Predecessor ABL Facility

 On
August
3,
2023,
the
New
ABL
Facility
replaced
the
predecessor
ABL
Facility.
As
a
of
the
early
 termination of the predecessor ABL Facility, the Company recorded a loss on
debt extinguishment of $
 1.4

Consolidated Statement of
Operations and Comprehensive
Income for the

 17. Contract Obligations
 In
with
the
of
the
Logan
assets,
the
non-market
 related to various
coal leases.
The non-market
coal leases
require royalty
payments based on
a percentage
of
 the
realization
from
the
sale
of
the
respective
coal
under
lease.
On
acquisition,
the
 $
 27.3

million related to the non-market
portion of the coal leases
and is amortizing it ratably
over the respective
 estimated coal reserves as they are mined and sold.
 In
with
the
of
Curragh,
the
the
below
coal
(CSA)
with
a
fixed
component
that
was
effectively
below
the
price
at
the
date
of
 acquisition. As a
result, on acquisition,
the Company recorded
a liability
of $
 307.0

 400.0

million) related
unfavorable pricing
Stanwell CSA
and is
amortizing it
ratably based
tons sold
through the
 contract. The
amortization of
this liability
years
2022 and
2021 were
$
 32.8
$
 36.2

and
$
 33.7

and
as
"Other
revenues"
in
the
 Statements of Operations and Comprehensive Income.
 The following is a summary of the contract obligations
as of December 31, 2023:

 Short-term
 Long-term
 Total
 Coal leases contract liability
 $
 $
 19,476
 $
 20,319
 Stanwell below market coal supply agreement
 39,879
 41,716
 81,595
 $
 40,722
 $
 61,192
 $
 101,914

 The following is a summary of the contract obligations
as of December 31, 2022:

 Short-term
 Long-term
 Total
 Coal leases contract liability
 $
 $
 19,720
 $
 20,563
 Stanwell below market coal supply agreement
 39,500
 74,805
 114,305
 $
 40,343
 $
 94,525
 $
 134,868

 18.
Deferred Consideration Liability
 On August 14, 2018, the
Company completed the purchase of
the Stanwell Reserved Area,
or the SRA, adjacent
 to
the
tenements.
This
area
was
on
a
basis
and
on
the
a
"Mineral
and
reserves"
asset
and
a
corresponding
 consideration liability of $
 155.2

 210.0

million), calculated using the contractual pre-tax discount rate of
 % representing
fair
value
of
the
arrangement
at
the
date
of
acquisition.
The
 reflects passage of
time changes by
way of an annual
accretion at the
contractual pre-tax discount
rate of
 %
 and will
be settled
as a
discount to
the price
of thermal
coal supplied
to Stanwell
over the
term of
a new
coal
 supply agreement
expected to
commence
in 2027.
The accretion
of deferred
liability is
"Interest
expense,
net"
in
the
of
and
Comprehensive
 Income. The Right-to-mine-asset are amortized over the
coal reserves mined from the SRA.

 2023
 2022
 Stanwell Reserved Area deferred consideration
 $
 277,442
 $
 243,191
 $
 277,442
 $
 243,191

 19.
Workers' Compensation and Pneumoconiosis ("Black
Lung") Obligations
 In
the
coal
mine
may
lead
to
traumatic
workers
claims,
as
well
as
 workers' compensation occupational disease claims
for black lung disease. Injured workers generally
file claims
 for traumatic injury under
the governing state workers
compensation legislation. Workers
may file claims due
to
 black
lung
under
the
governing
state
workers
or
under
a
series
of
laws
that
 include the Federal Coal Mine Health and Safety Act of 1969, as amended, the Black Lung Benefits Act of 1973,
 and
the
Black
Lung
Benefits
Reform
Act
of
1977.
The
for
both
traumatic
workers
 compensation claims and occupational disease claims
through an insurance policy.

2023
 The Company obtained workers
compensation insurance for work
related injuries, including black
lung, through
 a third-party
commercial
insurance company.
The insurance
policy covers
that exceed
$
 0.5

per
 occurrence for all years, or aggregate claims in excess of $
 29.1
 22.7

 22.0

million for policy
 years ending May 2024,
May 2023 and May
2022. Per the contractual
agreements, the Company
was required
 to provide a collateral
security of $
 63.4

million for policy
years 2017 through 2024,
ending May 31, 2024,
which
 is accomplished through providing a combination of letters of credit and cash collateral in an escrow account.
 As
 of December 31,
2023, the Company
has provided $
 16.8

million of letters
of credit, $
 28.4

million of cash
collateral
 and surety bonds of $
 15.2

million totaling $
 60.4

million. The remaining collateral
was provided in January 2024,
 as required.
 For the
years ended
2022 and
2021, the
audited Consolidated
Statements of
 and
Comprehensive
Income
claims,
premium
and
fees
worker's
benefits
of
$
 16.3

$
 12.2

and
$
 12.2

As of
 December 31, 2023 and 2022, the estimated workers' compensation
liability was $
 37.6

 30.1

 respectively, representing claims incurred but not paid based on
the estimate of the
outstanding claims under the
 coverage
limits
and
the
actuarially
retained
under
the
claim
amount.
As
of
31,
2023
and
2022,
$
 32.6

and
$
 27.1

are
"Other
non-
 current liabilities" in the Consolidated Balance Sheets.
The current portion of the Company's estimated
workers'
 compensation liabilities are
recorded within "Accrued
expenses and other
current liabilities" in the
 Balance Sheets.

 20.
Employee Benefit Plans
 The
has
a
401(k)-defined
contribution
plan
in
which
all
U.S.
full
time
are
eligible
to
 participate
upon
their
date
of
hire.
Employees
may
contribute
up
to
 %
of
their
qualifying
to
statutory
limitations.
The
matches
up
to
 %
up
to
the
first
 %
of
the
 participant's annual compensation
for all employees except
for those employed at Buchanan.
For employees at
 Buchanan,
the
matches
up
to
 %
of
the
first
 %
of
the
participant's
compensation.
The
 Company's contributions
immediately vest.
Total Company contributions for the
years ended December
 2022 and 2021 amounted to $
 5.5

 3.9

 3.3

million, respectively.
 In the United States, the Company is self-insured for
employee health care claims up to the lesser of $
 0.2

 per
covered
person
or
an
depending
on
the
coverages
to
 throughout the plan year
for all employees. The
Company has purchased coverage from
a commercial insurance
 carrier to provide for any claims
in excess of these amounts. At
December 31, 2023 and 2022, the Company had
accruals
of
$
 2.3

and
$
 1.9

for
but
not
paid
based
on
 management's estimate
of the Company's
self-insured liability.
For the years
31, 2023, 2022
 and 2021, the Company incurred claims,
premium expenses and administrative fees
related to this plan totaling
 $
 35.0

 29.8

 25.8

million, respectively.

 21.
Stock-Based Compensation

 Total
stock-based
was
$
 2.9

$
 2.7

and
$
 0.5

for
the
years
ended
2023,
2022
and
2021,
and
was
as a
component
of
selling,
general,
and
 administrative expenses in the Company's Consolidated Statements of Operations and Comprehensive Income.
 The stock-based compensation expense includes
compensation expense recognized in full
at the grant date for
 employees that meet certain retirement eligibility criteria
per the 2018 Plan (as defined below).
 As
of
2023,
the
had
$
 5.4

of
total
unrecognized
cost
to
 nonvested stock-based
compensation awards
granted under
the plans.
This cost
is expected to
be recognized
 over
 2.25

with
a
weighted-average
of
 1.76

as
stock-based
expense.
This
 expected cost does not include the impact of any future stock-based
compensation awards.

 a) 2018 Equity Incentive Plan
 In
with
the
completion
of
the
initial
offering
of
stock,
the
the
2018
Equity
Incentive
Plan,
or
the
2018
Plan,
which
is
to
align
for
key
executives
with
the
of
the
Company.
Since
its
 approval, there have been no updates to the 2018 Plan
or issuance of a new plan.

2023
 The 2018
Plan provides
grant of
awards
including stock
options, or
Options;
stock appreciation
rights;
 restricted stock
units, or
RSUs; and
restricted stock,
valued in
whole or
in part
with reference
to shares
 Company's CDIs or common stock, as well as performance-based awards, including performance stock
units, or
 PSUs, denominated in CDIs or shares
of common stock. Each award
is entitled to receive one
CDI with
 ten

CDIs
 representing one share of common stock.
measures the cost
of all stock-based
compensation, including
stock options,
at fair value
 grant date
and recognizes
such costs
within "Selling,
general and
administrative expense"
 Statements of
Operations and Comprehensive
Income. The
Company recognizes compensation
expense related
 to Options, PSUs and RSUs
that cliff vest using
the straight-line method during
the requisite service period.
For
 stock-based
awards
where
vesting
is
dependent
upon
achieving
goals,
the
the
likelihood
of
achieving
the
goals
the
period.
The
 Company accounts
for forfeitures as and when they occur.
 All awards require the grantee
to be employed by the
Company at the vesting date except
for grantees who meet
 certain retirement criteria under the 2018 Plan.
 The following awards were outstanding under the 2018
as of December 31, 2023:

 Grant year
 Vesting date
 Performance period
 PSUs
 RSUs
 2023
 31/03/2026
 01/01/2023 - 31/12/2025
 4,823,269
 —

 2023
 01/01/2024
 not applicable
 —

 43,650
 2023
 01/07/2024
 not applicable
 —

 88,760
 2022
 01/01/2024
 not applicable
 —

 359,291
 2022
 01/07/2024
 not applicable
 —

 243,192
 2022
 31/03/2026
 01/01/2022 - 31/12/2024
 6,899,512
 —

 2021
 31/03/2025
 01/01/2021 - 31/12/2023
 4,901,843
 —

 2020
 31/03/2024
 01/01/2020 - 31/12/2022
 1,367,829
 —

 The Options
and PSUs granted
that will
vest are
subject to the
achievement of goals
over the
performance period.
 These goals are relative total shareholder return, or TSR, and scorecard performance metrics, or the Scorecard.
 TSR is determined based on the Company's percentile ranking of TSR over the performance period relative to a
 predefined peer group of similar companies.
 Performance metrics applicable to the Options and
PSUs granted as summarized below:

 Grant year
 Relative TSR
 Scorecard
 TSR
 TSR
 Cashflow
 2023
 33.3 %
 33.3 %
 -
 33.3 %
 2022, 2021 and 2020
 33.3 %
 22.2 %
 22.2 %
 22.2 %

 Awards subject to
TSR vest based
on service
and market conditions.
The fair
relative TSR was
 on the grant date using a Monte Carlo simulation model.

 Awards subject to Scorecard vest based on service and performance conditions. The fair value of the Scorecard
 was
on
the
grant
date
fair
value
of
the
stock
for
foregone
 during the performance period.

 Stock Option Awards
 The Company's
2018 stock
option awards were
granted on the
date of the
IPO with an
exercise price
of $
 2.84
 per CDI (A$
 4.00

per CDI) which was equal to the Company's IPO
Price.
 The Company's Stock Option activity is summarized
below:

2023

 Stock Option Plan Activity
 2023
 2022
 2021
 Opening at the beginning of the year
 181,687
 1,015,006
 1,083,101
 Forfeited
 —
 ( 833,319)
 ( 68,095)
 Vested
 ( 181,687)
 —
 —
 Outstanding at the end of the year
 —
 181,687
 1,015,006
 Exercisable at the end of the year
 181,687
 —
 —
 2023
 2022
 2021
 Weighted-average remaining contractual term (in
 years)
 —
 0.25
 1.25

 The weighted
grant
date
fair
value
of all
Option
Awards
granted
was
$
 0.27
.
On August
5,
2019, the
 Board of Directors declared and approved return of
capital of $
 0.298

(A$
 0.440
) per CDI. In accordance with ASX
 listing rule clause 7.22.3 the exercise price of option
awards granted under 2018 plan were reduced by the same
 amount as the return of capital to $
 2.44

(A$
 3.56
).
 181,687

stock option awards vested during the year remained
 exercisable as at December 31, 2023.

 Performance Stock Unit Awards
 Activity of the Company's
PSUs that are ultimately
payable in the Company's
CDIs or the equivalent
 shares of common stock granted under the 2018 Plan
is summarized below:

 Performance Stock Units Plan Activity
 2023
 2022
 2021
 Nonvested at the beginning of the year
 14,858,921
 8,501,869
 4,002,783
 Granted
 4,872,122
 7,471,100
 5,998,212
 Forfeited
 ( 1,451,677)
 ( 1,114,048)
 ( 1,499,126)
 Vested and settled
 ( 286,913)
 —
 —
 Nonvested and outstanding at the end of the year
 17,992,453
 14,858,921
 8,501,869
 2023
 2022
 2021
 Weighted-average grant date fair value (per CDI)
 $
 0.58
 $
 0.53
 $
 0.43
 Weighted-average remaining term (in years)
 1.82
 2.54
 2.79

 The weighted average grant date fair value of all PSU
Awards granted in 2023 was $
 0.74

(A$
 1.11
).
 The assumptions used to determine the PSUs fair value
on each grant date were as follow:

 2023 Grant
 2022 Grant
 2021 Grant
 2020 Grant
 Time to maturity (in years) (i)
 2.98
 3.99
 3.85
 3.49
 Dividend yield (ii)
 7.8 %
 16.3 %
 3.0 %
 1.6 %
 Expected volatility (iii)
 60.0 %
 60.0 %
 60.0 %
 60.0 %
 Risk-free interest rate (iv)
 2.98 %
 2.66 %
 0.35 %
 0.18 %

 (i)
Time to maturity represents the period
that the Company's stock-based
awards will vest. All awards cliff
 vest at the end of the requisite service period.
 (ii)
Dividend yield is the expected average yield of dividends
expected over the vesting period.
 (iii)
The
volatility
was
using
comparable
company's
volatility
and
the
own
 volatility for similar terms.
 (iv)
Risk-free interest
rate is based
on an interpolated
Australian Government
Bond Rate
at the time
 grant for periods corresponding with the expected term
of the PSUs.

 The above
inputs were
consistent to
determine the
fair value
market and
performance conditions
 PSUs awards.

2023
 Restricted Stock Units
 RSUs issued to certain employees are only subject
to service conditions and vest at various intervals
 service period.
The fair
the award
was determined
using the
market price
Company's Common
 Stock at the date of grant and compensation expense
is recorded over the requisite service period.

 Activity of the Company's
RSUs that are ultimately
payable in the Company's
CDIs or the equivalent
 shares of common stock granted under the 2018 Plan
is summarized below:

 Restricted Stock Units Plan Activity
 2023
 2022
 Nonvested at the beginning of the year
 1,144,034
 —
 Granted
 144,506
 1,144,034
 Forfeited
 ( 46,593)
 —
 Vested and settled
 ( 507,054)
 —
 Nonvested and outstanding at end of the year
 734,893
 1,144,034
 2023
 2022
 Weighted-average grant date fair value (per CDI)
 $
 1.26
 $
 1.22
 Weighted-average remaining term (in years)
 0.23
 0.70

 Change in Control
2018
Equity
Incentive
Plan,
the
may
also
be
on
 completion
of
the
SGI
however
the
Compensation
and
Nominating
of
the
Board
of
 Directors, at its
sole discretion, will determine
how the outstanding awards
under the plan
will be dealt
with, which
 may include acceleration of vesting condition and related compensation

 22.
Income Taxes
 Income from continuing operations before income
taxes for the years presented
below consisted of the following:

 2023
 2022
 2021
 U.S.
 $
 334,373
 $
 609,617
 $
 226,463
 Non-U.S.
 ( 210,559)
 393,660
 16,062
 Total
 $
 123,814
 $
 1,003,277
 $
 242,525

 Total
 income tax expense (benefit) for the periods presented
below consisted of the following:

 2023
 2022
 2021
 Current:
 U.S. federal
 $
 ( 6,303)
 $
 90,933
 $
 30,075
 Non-U.S.
 ( 2,715)
 75,270
 ( 4,443)
 State
 ( 1,895)
 25,347
 3,480
 Total
 ( 10,913)
 191,550
 29,112
 Deferred:
 U.S. federal
 28,943
 13,486
 Non-U.S.
 ( 45,976)
 35,425
 6,658
 State
 ( 4,305)
 4,193
 3,846
 Total
 ( 21,338)
 40,024
 23,990
 Total
income tax (benefit) expense
 $
 ( 32,251)
 $
 231,574
 $
 53,102

2023
 The following is a reconciliation of the expected statutory federal income tax expense (benefit) to the Company's
 income tax (benefit) expense for the periods presented below:

 2023
 2022
 2021
 Current:
 Expected income tax expense at U.S. federal statutory rate
 $
 26,001
 $
 210,690
 $
 50,931
 Percentage depletion
 ( 17,871)
 ( 41,047)
 —
 FDII deduction
 ( 7,796)
 —
 —
 Permanent differences
 2,176
 ( 2,262)
 Prior period tax return adjustments and amendments
 ( 46,060)
 ( 4,259)
 Uncertain tax positions
 21,243
 —
 —
 Australian branch impact on U.S. taxes
 ( 14,552)
 42,049
 ( 1,699)
 State income taxes, net of federal benefit
 4,608
 21,548
 7,833
 Total
income tax (benefit) expense
 $
 ( 32,251)
 $
 231,574
 $
 53,102
 Effective tax rate
 (
 26.0
 %)
 23.1 %
 21.9 %

 The
prior
tax
return
adjustment
relates
predominantly
to
a
Foreign
Derived
Intangible
Income
("FDII")
 deduction
in
the
U.S.
which
the
has
chosen
to
deduct
after
undertaking
a
study
to
confirm
the
 Company's eligibility.

 Deferred income taxes
reflect the net
tax effects of
temporary differences between the
carrying amounts of
 and liabilities
for financial
reporting purposes
amount used
for income
tax purposes
using the
enacted
 tax rates and laws currently
in effect. Significant components
of the Company's deferred
income tax assets and
 liabilities as of December 31, 2023 and 2022 were as follows:

 2023
 2022
 Deferred income tax assets:
 Accruals and provisions
 $
 44,373
 $
 36,409
 Contract obligations
 108,672
 119,505
 Lease obligations
 35,312
 —
 Asset retirement obligation
 55,322
 49,078
 6,653
 6,590
 Tax
losses
 59,964
 6,886
 Interest limitation carried forward
 1,766
 14,408
 Other
 19,574
 31,747
 Gross deferred income tax assets
 331,636
 264,623
 Valuation allowance
 (1)
 ( 33,894)
 ( 34,667)
 Total
deferred income tax assets, net of valuation allowance
 297,742
 229,956
 Deferred income tax liabilities:
 Property, plant, equipment
and mine development, principally due to
 differences in depreciation, depletion and asset
impairments
 ( 297,915)
 ( 300,968)
 Warehouse stock
 ( 12,824)
 ( 13,980)
 Right of use asset
 ( 34,021)
 —
 U.S. liability on foreign deferred taxes
 ( 19,075)
 —
 Other
 ( 6,822)
 ( 10,679)
 Total
deferred income tax liabilities
 ( 370,657)
 ( 325,627)
 Net deferred income tax liability
 $
 ( 72,915)
 $
 ( 95,671)

 (1)

As of
Company recorded
a valuation
allowance against
a deferred
tax asset
of an
 equal amount which relates
predominantly to tax losses
and land and goodwill.
A company,
which is not part
of
 the Australian tax consolidated group,
had tax losses carried forward
of $
 10.9

million (tax effected) for
which an
 equal valuation allowance has been recognized. Due to the capital character of
land and goodwill and the lack of

2023
 expected capital gains, the Group is not expected to realize
the benefit of this deferred tax asset.

 The Australian tax consolidated group has tax
losses of $
 48.7

million carried forward at December 31, 2023.
The
 tax losses of
$
 27.0

million (tax effected) at
December 31, 2021, carried
forward at the
Australian Operations were
 fully utilized in 2022.

 The U.S. House
of Representatives
approved a
$740 billion budget
reconciliation package
that includes
a new
 minimum tax on certain large corporations, an excise tax on stock buybacks, a significant increase in funding for
 the Internal Revenue Service, incentives to promote climate change mitigation and clean energy,
and provisions
 to promote health
care affordability.
The Inflation Reduction
Act includes a
book-minimum tax (AMT)
similar to
 that originally proposed in the House-approved
Build Back Better legislation that would
impose a 15% minimum
 tax on "adjusted
financial statement income" of
applicable corporations over the
"corporate AMT foreign tax
 for the taxable
year."
Under the bill,
an applicable corporation's
minimum tax would
be equal to
the amount by
 which
the
tentative
tax
exceeds
the
sum
of
the
corporation's
regular
tax
for
the
year
and
the
 corporation's base erosion and anti-abuse tax liability under section 59A. This provision was effective for taxable
 years beginning after December 31, 2022 and did not
have any impact to the Company.

 Unrecognized Tax
Benefits
 The
for
uncertain
tax
positions,
and
the
and
penalties,
based
upon
 management's assessment of whether a tax benefit is
more likely than not to be sustained upon examination by
 tax authorities.
To
the extent
anticipated
tax outcome
uncertain
tax positions
changes,
such
 changes in estimate will impact the income tax
provision in the period in which such determination is made.
The
 Company recognizes accrued interest and penalties related to uncertain tax
positions as a component of income
 tax expense.
 During the
Company identified
unrecognized tax
benefits of
$
 20.8

 that, if recognized,
would affect the
effective tax rate.
The Company did
 no
 t identify or
record any uncertain
tax
 positions during the years ended December 31, 2022 and 2021.

 (US$)
 2023
 At beginning of the year
 $
 —
 Additions based on tax positions related to current year
 6,388,281
 Additions for tax positions of prior years
 14,395,565
 At end of the year
 20,783,846

 no

amounts related
to interest
and penalties
on uncertain
tax positions
for 2023, 2022
 and 2021 as these were not material.

 The Company is subject to taxation in
the United States and Australia. As of December 31, 2023,
tax years 2018
 to 2022 are open to review
from taxation authorities in the United States. In
Australia, tax years 2019 to 2022 are
 open to review and the Australian Taxation
Office is presently conducting a review
of these years.

 23.
Fair Value Measurement

 Fair Value of Financial Instruments
 The fair
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
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
possible.
The
determines
fair
value
based
on
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
Inputs:
Unadjusted
quoted
in
for
identical
or
accessible
to
the
 reporting entity at the measurement date.

2023
 Level 2 Inputs: Other than
quoted prices that are observable
for the asset or
liability, either
directly or indirectly,
 for substantially the full term of the asset or liability.
 Level
Inputs:
Unobservable
inputs
for
the
asset
or
used
to
fair
value
to
the
that
 observable inputs
are not
available, thereby
allowing for
situations in
which there
is little, if
any,
market activity
 for the asset or liability at measurement date.
 Financial Instruments Measured on a Recurring Basis
 As of December
and 2022,
there were
 no

financial instruments
be measured
at fair
value
 on a recurring basis.

 Other Financial Instruments
 The following methods
and assumptions
are used to
estimate the fair
value of other
financial instruments
as of
 December 31, 2023 and 2022:
 •
Cash
and
cash
equivalents,
receivable,
short-term
deposits,
payable,
accrued
 expenses,
lease
and
other
liabilities:
The
in
the
 Consolidated Balance Sheets approximate fair value due to the
short maturity of these instruments.
 •
Restricted deposits,
lease liabilities,
interest bearing
liabilities and
other financial
liabilities: The
fair values
 approximate the carrying amounts
reported in the Consolidated Balance Sheets.
 •
Interest bearing liabilities: The
Company's outstanding interest-bearing liabilities are carried at
amortized
 cost. As of December 31,
2023, there were
 no

amounts drawn under the
revolving credit sublimit of
the
Facility. The estimated fair
the Notes as
is approximately $
 251.4
 million based upon quoted market prices in a market that
is not considered active (Level 2).

 24.
Accumulated Other Comprehensive Losses
 The Company's Accumulated
Other Comprehensive Losses
consists of foreign currency
translation adjustment
 from subsidiaries not using the U.S. dollar as their functional currency.

 Foreign
 currency
 translation
 adjustments
 Balance at December 31, 2021
 $
 ( 44,228)
 Net current-period other comprehensive income (loss):
 Loss in other comprehensive income before reclassifications
 ( 19,610)
 Loss on long-term intra-entity foreign currency transactions
 ( 27,585)
 Total
net current-period other comprehensive loss
 Balance at December 31, 2022
 ( 91,423)
 Net current-period other comprehensive income (loss):
 Gain in other comprehensive income before reclassifications
 ( 2,367)
 Gain on long-term intra-entity foreign currency transactions
 3,863
 Total
net current-period other comprehensive losses
 1,496
 Balance at December 31, 2023
 $
 ( 89,927)

2023
 25. Commitments
 (a)
Mineral Leases
 The
and
from
land
owners
under
terms
and
 rates. The future minimum royalties under these leases
are as follows:

 Amount
 Year ending
 2024
 $
 5,795
 2025
 5,423
 2026
 5,280
 2027
 5,241
 2028
 5,174
 Thereafter
 26,162
 Total
 $
 53,075
 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
31,
2023,
commitments
for
were
$
 20.9

all
of
which
is
 obligated within the next 12 months.
 In Australia, the
Company has generally
secured the ability
to transport coal
through rail contracts
and coal export
 terminal contracts that are primarily funded
through take-or-pay arrangements with terms ranging up to
 12 years
.

 In the U.S., the Company typically
negotiates its rail and coal terminal
on an annual basis.
As of December 31,
 2023, these Australian
and U.S. commitments
under take-or-pay
arrangements totaled
$
 788.4

million, of which
 approximately $
 94.7

million is obligated
within the next
year,
$
 187.3

million within
1-3 years, $
 189.3

million 3-5
 years and $
 317.1

million thereafter.

 26. Contingencies
 Surety bond, letters of credit and bank guarantees
 In the
normal course
of business,
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.
 No

 related to these arrangements are reflected in the Company's Consolidated Balance Sheets.
Management does
 not expect any material losses to result from these guarantees
or off-balance sheet financial instruments.
 For
the
U.S.
in
order
to
the
for
post
reclamation,
the
 Company generally uses
surety bonds. The
Company uses surety
bonds and bank
letters of credit
to collateralize
other
under
workers'
insurances.
As
of
Company had
outstanding surety
bonds of
$
 44.0

million and
letters of
credit of
$
 16.8
 million issued from available bank guarantees under the
New ABL Facility.

 For the Australian
Operations as at
December 31, 2023, the
Company had bank
guarantees outstanding of $
 24.4
$
 5.1

from
the
New
ABL
in
of
rail
and
port
 arrangements of the Company.

 As at December 31, 2023, the Company, in aggregate, had total outstanding bank guarantees provided of $
 41.2
 million to secure obligations and commitments, including $
 21.9

million issued from the New ABL Facility.

 Future regulatory changes relating to the above obligations could result in
increased obligations, additional costs
 or additional collateral requirements.
 Restricted deposits – cash collateral
 As required
by certain
agreements,
had cash
collateral
form of
deposits in
the amount
of
 $
 68.7

 89.1

million as of December 31,
2023 and 2022, respectively, to provide back-to-back support
 for bank guarantees, financial
payments, other performance obligations, various
other operating agreements and

2023
 contractual obligations
under workers
compensation insurance.
These deposits
are restricted
and classified
as
 long-term assets in the Consolidated Balance Sheets.
ABL Facility,
cash collateralize
the
 New ABL Facility to
the extent of outstanding letters of
credit after the expiration or
termination date of such letter
 of credit.
As of
2023,
 no

such letter
of credit
was outstanding
after the
expiration or
 date and
 no

cash collateral was required.
 Stamp duty on Curragh acquisition
 On September 27, 2022, the Company received from
the Queensland Revenue Office, or QRO,
an assessment
 of the stamp duty
payable on its
acquisition of the Curragh
mine in March
2018. The QRO assessed
the stamp
 duty on this acquisition at an amount of $
 56.2

 82.2

million) plus unpaid tax interest. On November 23,
 2022, the Company filed an objection to the assessment
.

 On January 9, 2024, the Company's objection
to the assessed stamp duty was disallowed by the
QRO.
 The Company,
based on legal
and valuation advice
obtained, continues to
maintain its position and
the estimated
 stamp duty payable of $
 29.4

 43.0

million) on the Curragh
acquisition. In October 2022,
 made a partial payment prior to filing the filing of the objection of stamp duty, reducing the Company's
 accrual to $
 11.8

 17.3

million).
 As per the Taxation
Administration Act (Queensland)
2001, the Company
can only appeal
or apply for a
 of QRO's
decision if
it has
paid the
total assessed
stamp duty
of $
 56.2

 82.2

million) plus
unpaid tax
 interest of $
 14.5

 21.2

million). Such appeal must be lodged by March 11,
2024.

disputes the
additional amount
assessed of
stamp duty
and unpaid
tax interest
and is
 considering its options to either appeal the decision to the Supreme Court of
Queensland or apply for a review of
 QRO's decision by the Queensland Civil and Administrative
Tribunal.

 Given that
is unable
to avoid
the payment,
recovery of
such amount
through litigation
is
 uncertain,
the
of
$
 41.3

has
been
"Accrued
Expenses
and
Other
 Current Liabilities"
Consolidated Balance
Sheet as
at December
and a
corresponding amount
under
"Selling,
and
administrative"
in
the
of
 Operations and
Comprehensive Income.
accrual of
$
 53.7

 79.0

million) as
at 31
 2023
is
based
on
the
of
the
stamp
duty
payable,
the
 recognized, less partial payments to date of $
 17.6

 25.7

million).

 From time to time, the
Company becomes a
party to other legal
proceedings in the
ordinary course of
 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
on
its
condition,
of
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.

 27. Related

 Party Transactions
 Xcoal
 On
May
27,
2021,
Xcoal
ceased
to
be
a
party
after
Xcoal's
founder,
chief
executive
officer
and
chief
 marketing officer,
Mr. Ernie Thrasher,
retired as a non-executive director of the Company.

 "Coal
from
parties"
of
$
 97.3

in
the
of
and
 Comprehensive Income for the period up to May 27, 2021, represent
revenues from Xcoal while it was a related
 party.
Revenues
from
coal
sales
to
Xcoal
after
May
27,
2021
are
"Coal
revenues"
in
the
 Consolidated Statement of Operations and Comprehensive Income.

 The Energy & Mineral Group
 On
May
12,
2021,
affiliates
of
The
&
Minerals
Group,
or
EMG,
which
is
the
controlling
 stockholder
its
of
Group
LLC,
participated
in
the
Notes Offering
and
purchased
 $
 65.0

million aggregate principal amount of Notes at the closing of the Notes Offering. Following
the redemption
 of Notes to date, the principal amount of Notes held by EMG reduced to
$
 52.0

million as at December 31, 2023.
 At December
and 2022,
interest payable
to affiliates
of EMG
Notes was
$
 0.7

million and
$
 0.7

2023
 million, respectively, and was recorded within
"Accrued expenses and other
current liabilities" in
the Consolidated
 Balance
Sheets.
Interest
to
affiliates
of
EMG
was
$
 5.6

and
$
 7.1

for
the
years
ended
31,
2023
and
2022,
and
in
"Interest
expense,
net"
in
the
 Statement of Operations and Comprehensive Income.
 SGI Transaction

 On September 25, 2023, Energy &
Minerals Group, the Company's controlling stockholder through its ownership
 of Coronado Group
LLC, including through
certain of its
affiliates and managed
funds (the Sellers),
advised the
that
it
had
into
a
membership
agreement,
or
MIPA,
with
Sev.en
 Investments
a.s.,
or
SGI.
A
copy
of
the
MIPA
has
not
been
made
to
the
or
the
Special
referred
to
below
as
of
the
date
of
this
Report
on
Form
10-K.
the
 understands that, pursuant
to the terms of
the MIPA,
the Sellers agreed to
sell all of their
interests in Coronado
 Group LLC to
a wholly-owned
subsidiary of
SGI. We
refer to the
proposed transaction
as the SGI
Transaction.
 The
also
understands
that,
under
the
MIPA,
the
SGI
is
to
closing
 conditions including regulatory approvals in the U.S. and Australia.
 The Board of
Directors has appointed
a special committee
of independent
directors, or the
Special Committee,
 to, among other things, assess
the impact and consequences of the
SGI Transaction on the
Company and take
 such actions as the Special Committee deems appropriate
in connection with the SGI Transaction.
 The Energy and
Minerals Group
has reported that
following the
closing of
the SGI Transaction,
SGI will
be the
 direct or indirect
owner of Coronado
Group LLC. As
of the date
of this Annual
Report on Form
10-K, Coronado
is currently
the direct
owner of
 845,061,399

CDIs (representing
a beneficial
interest in
 84,506,140
of common
stock,
or
 50.4
 % of
total common
stock)
 one

Series
A
 Share.
 Based on information that the Company is currently aware of,
on completion of the SGI Transaction, a change of
 control as defined under the terms of Notes and New
ABL Facility may occur. Refer to Note 16. "Interest Bearing
 Liabilities" for further information.
2018
Equity
Incentive
Plan,
the
may
also
be
on
 completion
of
the
SGI
however
the
Compensation
and
Nominating
of
the
Board
of
 Directors, at its
sole discretion, will determine
how the outstanding awards
under the plan
will be dealt
with, which
 may include acceleration of the vesting conditions.
 In
counterparties,
Stanwell,
customers,
and
providers
 may assert
contractual rights, such
as consent or
termination rights that
may be triggered
change of control
 resulting from the consummation of the SGI Transaction.
 For a number of
customers and supplier agreements, including
contractor agreements, the completion of
may
trigger
a
or
suitability
by
the
counterparty,
which
may
entitle
the
 counterparty
to
terminate
the
agreement,
request
or
seek
amendments
to
the
terms
of
the
 agreement.
 Coronado Group LLC
 Under
the
(as
amended,
October 23,
2018),
 2,900

 incentive units were designated and authorized for issuance
to certain members of management to motivate and
 retain senior management.
The plan is designated
to allow key members
of management to share
in the profits
 of the Company
after certain
returns are
achieved by
the equity
investors. The
incentive units
constitute "profit
 interests" for the benefit of senior management in consideration
of services rendered and to be rendered.

 Coronado Coal LLC and Coronado II
LLC merged to form Coronado Group
LLC in July 2015. Coronado IV
LLC
 was
merged
into
the
controlling
stockholder,
on
June 30,
2016.
Under
the
 updated formation
agreement dated
June 30, 2016,
the
 2,500

designated and authorized
units under the
initial
 formation of
Coronado Group LLC
were replaced
by these
new units.
At December
and 2022,
 2,900
 management incentive units were outstanding.
 The incentive units are comprised of three
tiers, which entitle the holders to receive
distributions from Coronado
 Group LLC subordinate
distributions to
be received
by Members.
As of
and 2022,
a
 portion of the authorized
units have been allocated
to various members of the
Company's management including
 Mr. Garold Spindler,
our former CEO and current Executive Chair, who is also member of Coronado Group LLC.

2023
 Stockholder's Agreement and Registration Rights
and Sell-Down Agreement
 As
of
31,
2023,
has
in
the
of
 50.4
 %
of
the
Shares.
On
September 24,
2018,
and
the
into
a
 Stockholder's Agreement
and a
Registration Rights
and Sell-Down
which governs
the relationship
 between Coronado
while the
beneficially owns
at
 least
 %
of
our
of
stock
of
stock
CDIs),
 including certain governance matters relating to the Company. Under this Agreement, Coronado Group LLC has
 the ability to
require the Company
to register its
shares under the
U.S. Securities Exchange
Act of 1934
 provide assistance to Coronado Group LLC in selling
some or all of its shares (including in the form of CDIs).
 The Stockholder's Agreement provides for the following:
 •
Consent rights: Coronado
Group LLC (or its
successors or permitted
assigns) will have
certain consent
 rights, whereby pre-agreed actions
require approval by Coronado
Group LLC prior to these
actions being
 undertaken;
 •
Provision
of
to
Group LLC:
There
will
be
sharing
to
the
provision
of
and
other
by
the
and
its
 subsidiaries to Coronado Group LLC group entities and cooperation and assistance between the parties
 in connection with any financing (or refinancing) undertaken
by the Company;
 •
Pro rata issuances: While Coronado Group LLC Group entities beneficially own in the
aggregate at least
 % of
the outstanding
Shares, unless
(or
its successors
or permitted
assigns)
 agrees
otherwise,
issuances
of
equity
must
have
been
offered
to
in
 respect of
its pro
rata shares
and any
equity securities
to be
allocated by
under a
share
 incentive plan will be sourced by purchasing them in the market
rather than by issuing them; and
 •
Board rights:
Certain rights
regarding the
board including
the right,
but not
the obligation,
to designate
 the Directors
to be
included in the
membership of
any board committee,
except to the
extent that
such
 membership would violate applicable securities
laws or stock exchange or stock market rules.
 Relationship Deed
 On September 24, 2018, the Company and Coronado Group LLC entered into a Relationship Deed under which
 the Company provides
a number of indemnities
in favor of Coronado
Group LLC, including in
relation to certain
 ASX initial public
offering, or
Australian IPO, -related
matters and also
certain guarantees
that have in
the past
 been provided or
arranged by Coronado
Group LLC and
its affiliates
in support of
Company obligations.
Under
 the
Relationship
Deed,
also
agrees
to
indemnify
the
in
to
 Australian IPO-related matters and reimburse certain costs.

 28. Material Transactions
 Curragh Housing Transaction
 On May 8, 2023, the Company entered into an
agreement, the Curragh Housing Agreement, for accommodation
and
to
sell
and
leaseback
housing
and
accommodation
in
plant
and
 equipment.
The
transaction
did
not
satisfy
the
sale
criteria
under
ASC
–
 Revenues
from
Contracts
with
 Customers

and
was
deemed
a
arrangement.
As
a
the
continues
to
recognize
the
 underlying property,
plant and equipment on its Consolidated
Balance Sheet. Upon completion, the proceeds
of
 $
 23.7

 34.6

million) received from the transaction will
be recorded as "Other Financial Liabilities"
 Company's Consolidated
Balance Sheet.
The term
financing arrangement
is
 ten years

with an
 interest rate of
 12.8
 %.

 In connection
with this
transaction, the Company
will borrow an
additional amount of
$
 27.6

 40.4

million)
 which will
be recorded
in "Interest
Bearing Liabilities"
on completion
date. The
term of
the arrangement
is
 ten
 years

with an effective interest rate of
 12.8
 %.
 The Curragh Housing Agreement is subject to conditions
precedent not satisfied as at December 31, 2023.

 In line
capital management
strategy,
the above
transactions provide
additional liquidity.
In
 addition, the accommodation
services component of the
Curragh Housing Agreement
is anticipated to enhance
 the level of service for our employees at our Curragh
mine.

2023
 29.
Subsequent Events
 Ordinary dividends
 On
February
19,
2024,
the
Board
of
declared
a
bi-annual
fully
franked
fixed
ordinary
 dividend of $
 8.4

 0.5

cents per CDI. The
Company is not required
to make an offer
to purchase Notes
 for this dividend due to the available and unaccepted portion of the offer
to purchase the Notes previously made
 in connection with special dividends declared on October
30, 2022.
 The dividend will have
a record date of
 March 12, 2024
, Australia time, and
be payable on
 April 4, 2024
, Australia
 time. CDIs
quoted
"ex"
dividend on
March
11,
2024, Australia
time. The
total ordinary
dividend will
be
 funded from available cash.

2023
 REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

 To
 the Shareholders and the Board of Directors of Coronado
Global Resources Inc.
 Opinion on the Financial Statements
 We
have
the
balance
sheets
of
Inc.
(the
 Company)
as
of
31,
2023
and
2022,
the
of
and
income,
stockholders'
equity
and
cash
flows
for
each
of
the
three
years
in
the
ended
 December 31, 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In
 our opinion, the consolidated financial
statements present fairly,
in all material respects, the
financial position of
 the Company at December 31, 2023 and
2022, and the results of its
operations and its cash flows for
each of the
 three
years
in
the
ended
31,
2023,
in
conformity
with
U.S.
accepted
 principles.
 We
also
have
audited,
in
with
the
Public
Oversight
Board
 (United States)
(PCAOB), the
Company's internal control
over financial
reporting as
based
 on
criteria
established
in
Internal
Control-Integrated
Framework
by
the
of
Sponsoring
 Organizations of the
Treadway Commission (2013 framework)
report dated
February 20,
2024 expressed
 an unqualified opinion thereon.
 Basis for Opinion
 These financial statements are the responsibility of the Company's
management. Our responsibility is to express
 an opinion
Company's financial statements
our audits.
We are a
public accounting firm
registered
 with the PCAOB
and are
be independent
with respect to
in accordance
U.S.
 federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and
 the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
 and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material
 misstatement, whether
error or
fraud. Our
audits included
performing procedures
to assess
the risks
of
 material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
 respond to
those risks.
Such procedures
included examining,
on a
test basis,
evidence regarding
the amounts
 and disclosures
financial statements.
Our audits
also included
evaluating the
accounting principles
used
 and significant
estimates made
by management,
as evaluating
the overall
presentation
 statements. We believe that our audits provide a reasonable
basis for our opinion.
 Critical Audit Matter
 The critical
audit
matter communicated
below is
a matter
arising
from
the current
audit
 statements that was communicated
or required to be communicated
to the audit committee and that:
(1) relates
 to accounts
or disclosures that
are material
financial statements and
(2) involved our
especially challenging,
 subjective, or
complex judgments.
The communication
of the critical
audit matter
does not alter
in any way
our
 opinion on the consolidated financial
statements, taken as a whole,
and we are not, by
communicating the critical
 audit matter below,
providing a separate opinion
on the critical audit matter
or on the accounts or
disclosures to
 which it relates.

2023
 Stamp Duty assessment on the acquisition of the
Curragh mine
 Description
of
the
 matter
 As
described
in
Note
 Contingencies

to
the
statements,
on
 September 27, 2022, the Company received
an assessment from the Queensland Revenue
 Office ("QRO") for
the stamp
duty payable on
the Company's acquisition
Curragh mine
 in March 2018. The
QRO assessed the stamp duty
on this acquisition at
an amount of $56.2
 million plus unpaid tax interest, which the Company disputes.
 On November 23, 2022, the Company filed
an objection to the stamp duty assessment.
On
 January
9,
2024,
the
QRO
disallowed
the
objection.
The
is
 considering its options to either appeal the decision to the Supreme Court of
Queensland or
 apply
for
a
of
the
QRO's
decision
by
the
Civil
and
Administrative
 Tribunal.
legislation,
the
can only
appeal or
apply
for a
 QRO's decision, if the full amount of the assessed stamp duty
(including interest) is paid by
 March 11, 2024.
 While the Company disputes the amount
of assessed stamp duty and interest
assessed by
 the QRO,
it has
recorded an
additional accrual
and expense
of $41.3
million reflecting
the
 additional payment the Company is required
to make, which may not be recovered
 litigation.
 Auditing the
accrual for
the stamp
duty payable
involved complex
auditor judgment,
given
 the
materiality
of
the
made
by
the
QRO,
the
unique
nature
of
the
and
the
difficulty
in
assessing
the
judgments
around
the
 interpretation
and
of
the
law
to
this
matter,
the
QRO's
decision
to
 disallow the Company's objection.
 How
we
 addressed
the
 matter in our audit
 We
obtained
an
understanding,
evaluated
the
design
and
tested
the
of
 management's controls related to the Company's process for the recognition, measurement
 and disclosure of the stamp duty payable,
including the Company's interpretation of tax law.

 Our
audit
included,
among
others,
understanding
legal
counsel
 opinions obtained by
management to support
their interpretation and
application of the
law
 in this matter. We also
discussed external legal counsel's opinion
with external legal counsel
 directly.
 We involved our tax professionals to help us evaluate management's judgments around the
 interpretation and application of the law to this matter.

 We also evaluated the disclosures made in the consolidated financial statements in relation
 to this matter.
 /s/
 Ernst & Young
 We have served as the Company's auditor
since 2020.
 Brisbane, Australia

2023
 ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
 DISCLOSURE.
 None.

2023
 ITEM 9A.
CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
the periodic
reporting requirements
Exchange Act.
designed our
disclosure
 controls and procedures
to provide reasonable
assurance that information we
disclose in reports
we file or
submit
 under the Exchange
Act is recorded,
processed, summarized,
and reported within
the time periods
specified in
 the
rules
and
forms
of
the
SEC.
Disclosure
and
are
and
that
are
to
ensure
that
to
be
disclosed
in
our
reports
filed
under
the
Act
is
 recorded, processed, summarized
and reported, within the
time periods specified
in the SEC's rules
and forms.
 Disclosure controls and procedures
include, without limitation,
controls and procedures
designed to ensure that
 information required
to be
disclosed by
our company
reports that
it files
or submits
 Act is
accumulated and communicated
management, including its
principal executive
and principal
 officers,
or
persons
performing
functions,
as
to
allow
timely
decisions
 disclosure.

 The Company, under the supervision and with the participation of its management, including the Chief Executive
 Officer
and
the
Group
Chief
Officer,
evaluated
the
effectiveness
of
the
design
and
of
the
disclosure controls
and procedures
(as defined
in Rules
13a-15(e) under
the Exchange
Act) as
of
 the end of
the period covered
by this report,
and concluded
that such disclosure
controls and
procedures were
 effective to provide reasonable assurance that the
desired control objectives were achieved.

 Changes to Internal Control over Financial Reporting
 There have been
no changes in
our internal control
over financial reporting
or in
other factors that
occurred during
 our
last
fiscal
quarter
that
have
affected,
or
are
reasonably
to
affect,
our
 controls over financial reporting.

 Management's Report on Internal Control
Over Financial Reporting
 Our management
is responsible
for establishing and
maintaining adequate internal
control over
financial reporting
 as
in
Rules
13a-15(f)
under
the
Act.
Internal
over
is
a
 designed to
provide reasonable
assurance regarding
the reliability
of financial
reporting and
the preparation
of
consolidated financial
statements for
external purposes
in accordance
with generally
accepted
 accounting principles.

 Internal control over financial reporting includes those
policies and procedures that (i) pertain
to the maintenance
 of records that,
in reasonable detail,
accurately and fairly
reflect the transactions
and dispositions of
the assets
Company;
(ii) provide
that
are recorded
as
to permit
the
 preparation of the
consolidated financial statements in
accordance with generally
accepted accounting principles,
 and
that
receipts
and
of
the
are
being
made
only
in
with
 authorizations of management
and directors of
the Company;
and (iii) provide
reasonable assurance
 prevention or timely detection of unauthorized acquisition, use or disposition of the Company's
assets that could
 have a material effect on the consolidated financial
statements.

 Because
of
its
limitations,
over
may
not
prevent
or
detect
 misstatements. Also,
projections of
any evaluation
of effectiveness
to future
periods are
the risk
that
 controls may
become inadequate
because of
changes in
conditions, or
degree of
compliance with
the
 policies or procedures may deteriorate.

an
of
the
over
as
of
 December 31, 2023, using the framework specified in
 Internal Control – Integrated Framework (2013)
, published
 by
the
of
Sponsoring
Organizations
of
the
Treadway
Commission
(COSO).
Based
on
this
 assessment, management
concluded that
internal control
over financial
reporting was
 as of December 31, 2023.

 Our
Independent
Registered
Public
Firm,
Ernst
&
Young,
has
our
over
 financial reporting, as stated in their unqualified opinion
report included herein.

2023
 REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
 To
the Shareholders and the Board of Directors of Coronado
Global Resources Inc.

 Opinion on Internal Control Over Financial Reporting
 We have audited Coronado Global Resources
Inc.'s internal control over financial
reporting as of December 31,
 2023,
based
on
criteria
established
in
Internal
Control—Integrated
Framework
by
the
of
 Sponsoring Organizations
Treadway
Commission (2013
framework) (the
COSO criteria).
In our
opinion,
 Coronado Global
Inc. (the
Company)
maintained,
in
all material
respects,
internal control
 over financial reporting as of December 31, 2023, based on the
COSO criteria.
 We
also
have
audited,
in
with
the
Public
Oversight
Board
 (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022,
 the
of
and
income,
stockholders'
equity
and
cash
 flows for each
of the three
years in the
period ended
and the related
notes and our
report
 dated February 20, 2024 expressed an unqualified opinion
thereon.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and
 for its assessment
of the effectiveness
of internal control
over financial reporting
included in the
 Management's Report
on Internal
Control Over
Financial Reporting.
Our responsibility
is to express
an opinion
Company's internal
control over
financial reporting
our audit.
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.
laws
and
the
rules
and
of
the
Securities
and
 Commission and the PCAOB.
 We conducted our audit
in accordance with the standards
of the PCAOB. Those standards
require that we plan
 and
perform
the
audit
to
about
over
 reporting was maintained in all material respects.
 Our audit included obtaining an understanding
of internal control over financial reporting,
assessing the risk that
 a
weakness
exists,
testing
and
evaluating
the
design
and
effectiveness
of
 based
on
the
assessed
risk,
and
performing
such
other
as
we
considered
in
the
 circumstances. We believe that our audit provides a reasonable
basis for our opinion.
 Definition and Limitations of Internal Control Over
Financial Reporting
 A
company's
over
is
a
to
 regarding the reliability of financial reporting
and the preparation of financial statements
for external purposes in
 accordance with generally
accepted accounting principles.
A company's internal
control over financial
 includes those policies
and procedures that (1)
pertain to the maintenance
of records that, in
reasonable detail,
 accurately and
fairly reflect
the transactions and
dispositions of the
assets of
the company;
(2) provide reasonable
that
are
as
to
of
in
 accordance with
generally accepted
accounting principles,
and that
receipts and
expenditures of
the company
 are being
made only
in accordance
with authorizations
of management
and directors
company; and
(3)
prevention
or
timely
detection
of
unauthorized
acquisition,
use,
or
 disposition of the company's assets that could
have a material effect on the financial statements.
 Because
of
its
limitations,
over
may
not
prevent
or
detect
 misstatements. Also,
projections of
any evaluation
of effectiveness
to future
periods are
the risk
that
 controls may
become inadequate
because of
changes in
conditions, or
degree of
compliance with
the
 policies or procedures may deteriorate.
 /s/ Ernst & Young
 Brisbane, Australia

2023
 ITEM 9B.
OTHER INFORMATION
 During
the quarter
ended
no
or officer
(as
in Rule
16a-1(f)
promulgated
 under the Exchange
Act) of the
 adopted

or
 terminated

a "Rule
10b5-1 trading arrangement"
or "
 non
 -
 Rule
 10b5-1

trading arrangement" (as each term is defined in Item
408 of Regulation S-K).

 ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT
INSPECTIONS
 None.

2023
 ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS AND
CORPORATE GOVERNANCE.
 The information required to
be furnished by
this Item will be
set forth in
our definitive proxy statement
for the 2024
 Annual General
Meeting of
Stockholders, or
the Proxy
Statement, under
the headings
"Executive Officers
and
Governance"
and
"Delinquent
16(a)
Reports",
and
is
incorporated
herein by
and
 made a part hereof from the Proxy Statement.

 ITEM 11.
EXECUTIVE COMPENSATION.
 The information required
to be furnished
by this Item
will be set forth
in the Proxy Statement
under the heading
 "Executive
Compensation"
and
is
incorporated
herein
by
and
made
a
part
hereof
from
the
Proxy
 Statement.

 ITEM
12.
SECURITY
OWNERSHIP
OF
CERTAIN
BENEFICIAL
OWNERS
AND
MANAGEMENT
AND
 RELATED STOCKHOLDER
MATTERS.
 The
to
be
furnished
by
this
Item
will
be
set
forth
in
the
Proxy
under
the
 heading "Security
Ownership
of
Certain
Beneficial
Owners
and
Management"
and
is
incorporated
herein
by
 reference and made a part hereof from the Proxy Statement.

 ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
 The information required to be furnished by this Item will be set forth in
the Proxy Statement under the headings
 "Certain
Relationships
and
Related
Transactions"
and
"Executive
Officers
and
Governance"
and
is
 incorporated herein by reference and made a part hereof from
the Proxy Statement.

 ITEM 14. PRINCIPAL
ACCOUNTING FEES AND SERVICES.
 The information required
to be furnished
by this Item
will be set forth
in the Proxy Statement
under the heading
 "Ratification of Appointment of
Ernst & Young as the Company's Independent Registered Public
Accounting Firm
 for the Fiscal Year
Ending December 31, 2024" and is
incorporated herein by reference and made a
part hereof
 from the Proxy Statement.

2023
 ITEM 15.
EXHIBITS, FINANCIAL STATEMENT
SCHEDULES
 (a)
The following documents are filed as part of this
Annual Report:
 1.

Financial Statements.
See index to
Financial Statements
and Supplementary
Data on page
of this
 Annual Report on Form 10-K.

 2.

Financial Statements Schedules. Schedules are omitted because
they are not required or applicable, or
 the required information is included in the Financial Statements
or related notes thereto.
 3.

Exhibits. The exhibits filed with or incorporated by reference as part of this Annual Report on Form
 are set forth in the Exhibit Index.

 (b)
The documents listed in
the Exhibit Index of
this Annual Report on
Form 10-K are incorporated
by reference
 or are filed with this Annual Report on Form 10-K, in
each case as indicated therein.

 The following documents are filed as exhibits hereto:
 Exhibit No.
 Description of Document
 2.1*
 Share Sale Agreement-Cork, dated as of December 22, 2017, by and among Coronado
 Australia Holdings Pty Ltd, Coronado Group LLC and Wesfarmers Limited (filed as
 Exhibit 2.1 to the Company's Registration Statement on Form 10 (File No. 000-56044)
 filed on June 28, 2019 and incorporated herein by reference)
 3.1
 Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company's
 Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and
 3.2
 Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company's Registration
 Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated
 herein by reference)
 4.1
 Stockholder's Agreement, dated as of September 24, 2018, by and between the
 Company and Coronado Group

(filed
as
Exhibit
4.1
to
the
Registration
on
Form
(File
No.
000-56044)
filed
on
April
29,
2019
and
incorporated
 herein by reference)
 4.2
 Registration Rights and Sell-Down Agreement, dated as of September 24, 2018, by and
 between the Company and Coronado Group (filed as Exhibit 4.2 to the Company's
 Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and
 4.3
 Description of the Company's securities registered under Section 12 of the Securities
 Exchange Act of 1934 (filed as Exhibit 4.3 to the Company's Annual Report on Form 10-
 K (File No. 000-56044) filed on February 24, 2020 and incorporated herein by reference)
 4.4
 Indenture, dated as of May 12, 2021, 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 notes collateral agent (filed as Exhibit 4.1 to the Company's
 Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021 and
 4.5
 Form of 10.750% Senior Secured Notes due 2026 (filed as Exhibit 4.2 to the Company's
 Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021 and
 10.1
 Relationship Deed, dated as of September 24, 2018, by and among the Company,
 Coronado Group, certain EMG Group entities and their affiliates (filed as Exhibit 10.1 to
 the Company's Registration Statement on Form 10 (File No. 000-56044) filed on April
 29, 2019 and incorporated herein by reference)

2023
 Exhibit No.
 Description of Document
 10.2
 Syndicated Facility Agreement, dated as of May 8, 2023, among Coronado Global
 Resources Inc., as guarantor, Coronado Finance Pty Ltd, as Australian borrower,
 Coronado Curragh Pty Ltd, as Australian borrower, the subsidiaries of Coronado Global
 Resources Inc. named therein, as additional guarantors, and Global Loan Agency
 Services Australia Pty Ltd, as administrative agent, Global Loan Agency Services
 Australia Nominees Pty Ltd, as collateral agent, the Hongkong and Shanghai Banking
 Corporation Limited, Sydney branch, as a lender and DBS Bank Limited, Australian
 branch, as a lender (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K
 (File No. 000-56044) filed on May 8, 2023 and incorporated herein by reference)
 10.3
 Second Amendment to Syndicated Facility Agreement, dated as of July 1, 2023, among
 Citibank, N.A., as administrative agent, Coronado Coal Corporation, as U.S. Borrower,
 Coronado Finance Pty Ltd, as Australian Borrower, and the other Loan Parties,
 Administrative Agent and the lenders named therein (filed as Exhibit 10.1 to the
 Company's Current Report on Form 8-K (File No. 000-56044) filed on July 6, 2023 and
 10.4
 Coronado Global Resources Inc. 2019 Short-Term Incentive Plan (filed as Exhibit 10.3
 to the Company's Registration Statement on Form 10 (File No. 000-56044) filed on April
 29, 2019 and incorporated herein by reference)
 10.5
 Coronado Global Resources Inc. 2018 Equity Incentive Plan (filed as Exhibit 10.4 to the
 Company's Registration Statement on Form 10 (File No. 000-56044) filed on April 29,
 10.6
 Coronado Global Resources Inc. 2018 Equity Incentive Plan (incorporated by reference
 to Appendix A to the Proxy Statement)
 10.7
 Coronado Global Resources Inc. Employee Stock Purchase Plan (incorporated by
 reference to Appendix B to the Proxy Statement)
 10.8>
 Coronado Global Resources Inc. 2018 Non-Executive Director Plan (filed as Exhibit 10.5
 to the Company's Registration Statement on Form 10 (File No. 000-56044) filed on April
 29, 2019 and incorporated herein by reference)
 10.9>
 Employment Agreement, dated as of May 25, 2023, between Coronado Global
 Resources Inc. and Garold Spindler (filed as Exhibit 10.1 to the Company's Current
 Report on Form 8-K (File No. 000-56044) filed on May 31, 2023 and incorporated herein
 by reference)
 10.10>
 Employment Agreement dated as of July 7, 2020, by and between Curragh Queensland
 Mining Pty Ltd and Gerhard Ziems (filed as Exhibit 10.1 to the Company's Current Report
 on Form 8-K/A (File No. 000-56044) filed on July 7, 2020 and incorporated herein by
 reference)
 10.
 >
 Employment Agreement dated as of August 5, 2021, by and between Coronado Global
 Resources Inc. and Jeffrey Bitzer (filed as Exhibit 10.1 to the Company's Current Report
 on Form 8-K (File No. 000-56044) filed on August 9, 2021 and incorporated herein by
 reference)
 10.12>
 Appointment Agreement, dated as of May 25, 2023, between Coronado Global
 Resources Inc. and Douglas G. Thompson (filed as Exhibit 10.3 to the Company's
 Current Report on Form 8-K (File No. 000-56044) filed on May 31, 2023 and
 10.13>
 Employment Agreement dated as of July 12, 2021, by and between Coronado Global
 Resources Inc. and Christopher P. Meyering (filed as Exhibit 10.11 to the Company's
 Annual Report on Form 10-K (File No. 000-56044) filed on February 22, 2022 and
 10.14>
 Employment Agreement dated as of October 18, 2018, by and between Coronado
 Curragh Pty Ltd and Emma Pollard (filed as Exhibit 10.11 to the Company's Registration
 Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated
 herein by reference)

2023
 Exhibit No.
 Description of Document
 10.15>
 Appointment Letter Agreement, dated as of May 25, 2023, between Coronado Global
 Resources Inc. and William (Bill) Koeck (filed as Exhibit 10.2 to the Company's Current
 Report on Form 8-K (File No. 000-56044) filed on May 31, 2023 and incorporated herein
 by reference)
 10.16>
 Form of Stock Option Award Agreement (Long Term Incentive Grant) (filed as Exhibit
 10.12 to the Company's Registration Statement on Form 10 (File No. 000-56044) filed
 on April 29, 2019 and incorporated herein by reference)
 10.17>
 Form of Performance Stock Unit Award Agreement (Long Term Incentive Grant) (filed
 as Exhibit 10.13 to the Company's Registration Statement on Form 10 (File No. 000-
 56044) filed on April 29, 2019 and incorporated herein by reference)
 10.18>
 Form of Non-Executive Director Restricted Stock Unit Award Agreement (filed as Exhibit
 10.14 to the Company's Registration Statement on Form 10 (File No. 000-56044) filed
 on April 29, 2019 and incorporated herein by reference)
 10.19>
 Form of Restricted Stock Unit Award Agreement (Retention Grant) (filed as Exhibit 10.15
 to the Company's Registration Statement on Form 10 (File No. 000-56044) filed on April
 29, 2019 and incorporated herein by reference)
 10.20>
 Form of Restricted Stock Unit Award Agreement (STIP Deferral Grant) (filed as Exhibit
 10.16 to the Company's Registration Statement on Form 10 (File No. 000-56044) filed
 on April 29, 2019 and incorporated herein by reference)
 10.21>
 Summary of Non-Executive Director Compensation (filed as Exhibit 10.17 to the
 Company's Annual Report on Form 10-K (File No. 000-56044) filed on February 24,
 2020 and incorporated herein by reference)
 10.22>
 Form of Agreement of Indemnity, Insurance and Access (filed as Exhibit 10.18 to the
 Company's Registration Statement on Form 10 (File No. 000-56044) filed on April 29,
 10.23
 Amended Coal Supply Agreement, dated as of November 6, 2009, by and between
 Stanwell Corporation Limited and Wesfarmers Curragh Pty Ltd (now known as Coronado
 Curragh Pty Ltd) (filed as Exhibit 10.20 to the Company's Registration Statement on
 Form 10 (File No. 000-56044) filed on June 14, 2019 and incorporated herein by
 reference)
 10.24
 Deed of Amendment to the Amended Coal Supply Agreement, dated as of November
 21, 2016, by and between Stanwell Corporation Limited and Wesfarmers Curragh Pty
 Ltd (now known as Coronado Curragh Pty Ltd) (filed as Exhibit 10.21 to the Company's
 Registration Statement on Form 10 (File No. 000-56044) filed on June 14, 2019 and
 10.25
 Curragh Mine New Coal Supply Deed, dated August 14, 2018, by and between Stanwell
 Corporation Limited and Coronado Curragh Pty Ltd (filed as Exhibit 10.22 to the
 Company's Registration Statement on Form 10 (File No. 000-56044) filed on June 14,
 10.26
 Deed of Amendment, dated September 20, 2018 and effective September 21, 2018,
 among Coronado Curragh Pty Ltd, Stanwell Corporation Limited and Coronado Group
 LLC (filed as Exhibit 10.23 to the Company's Registration Statement on Form 10 (File
 No. 000-56044) filed on June 14, 2019 and incorporated herein by reference)
 10.27
 Deed of Amendment, dated March 5, 2019 and effective May 21, 2019, between
 Coronado Curragh Pty Ltd and Stanwell Corporation Limited (filed as Exhibit 10.24 to
 the Company's Registration Statement on Form 10 (File No. 000-56044) filed on June
 14, 2019 and incorporated herein by reference)
 10.28
 Deed of Amendment, dated May 9, 2019 and effective May 21, 2019, between Coronado
 Curragh Pty Ltd and Stanwell Corporation Limited (filed as Exhibit 10.25 to the
 Company's Registration Statement on Form 10 (File No. 000-56044) filed on June 14,
 10.29
 New Coal Supply Agreement, dated as of July 12, 2019, by and between Stanwell
 Corporation Limited and Coronado Curragh Pty Ltd. (filed as Exhibit 10.2 to the
 Company's Quarterly Report on Form 10-Q (File No. 000-56044) filed on November 7,
 21.1
 List of Subsidiaries
 23.1
 Consent of Ernst & Young

2023
 Exhibit No.
 Description of Document
 23.2
 Consent of Barry Lay
 23.3
 Consent of Daniel Miller
 23.4
 Consent of Christopher Wilkinson
 23.5
 Consent of Marshall Miller & Associates, Inc.
 31.1
 Certification of the Chief Executive Officer pursuant to SEC Rules 13a-14(a) or 15d-
 14(a) adopted pursuant to Section 302 of the Sarbanes -Oxley Act of 2002
 31.2
 Certification of the Chief Financial Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a)
 adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 32.1
 Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the
 Sarbanes-Oxley Act of 2002
 95.1
 Mine Safety Disclosures
 96.1
 Technical Report Summary for Curragh
 96.2
 Technical Report Summary for Buchanan
 96.3
 Technical Report Summary for Logan
 96.4
 Technical Report Summary for Mon Valley
 The following materials from the Company's Annual Report on Form 10-K for the period
31,
2023,
formatted
in
(Inline
Extensible
Business
Reporting
 Language): (i) Consolidated Balance
Sheets, (ii) Consolidated
Statements of Operations
 and Consolidated Statements of
Comprehensive Income, (iii)
Consolidated Statements
 of Stockholders' Equity/Members' Capital, (iv) Consolidated
Statements of Cash Flows,
 (v) related notes to these financial statements and (vi)
document and entity information
 Cover Page
Interactive Data
File (the cover
tags are embedded
within the

 ____________________
 *
Portions of this
exhibit have been omitted
pursuant to Item 601(b)(2)(ii)
of Regulation S-K,
which portions
 will be furnished to the Securities and Exchange Commission
upon request.

Certain schedules and exhibits to this
agreement have been omitted pursuant to Item
601(a)(5) and Item
 601(a)(6)
of
Regulation
S-K.
A
copy
of
any
omitted
schedule
exhibit
will
be
furnished
to
the
 Securities and Exchange Commission upon request.

Portions
of
this
exhibit
have
been
omitted
pursuant
to
Item
601(b)(10)(iv)
of
Regulation
S-K,
which
 portions will be furnished to the Securities and Exchange Commission
upon request.

 >
Management contract, compensatory plan or arrangement

2023
 ITEM 16.
FORM 10-K SUMMARY
 None.

2023
 SIGNATURES

 Pursuant to the
requirements of
Section 13
or 15(d) of
the Securities
Exchange Act
of 1934, the
registrant has
 duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
 Coronado Global Resources Inc.
 (Registrant)
 By:
 /s/ Douglas Thompson
 Douglas Thompson
 Managing Director and Chief Executive Officer (as
duly
 authorized officer and as principal executive officer
of
 the registrant)
 Date: February 20,
2024
 Pursuant to the requirements
of the Securities Exchange
Act of 1934, this
report has been
signed below by
the
 following persons, on behalf of the registrant and in the
capacities and on the dates indicated.
 Name
 Title
 Date
 /s/ Douglas Thompson
 Managing
and
Chief
Executive
 Officer (Principal Executive Officer)
 Douglas Thompson
 /s/ Gerhard Ziems
 Group
Chief
Officer
(Principal
 Financial Officer and Principal Accounting
 Officer)
 Gerhard Ziems
 /s/ Garold Spindler
 Garold Spindler
 /s/ William Koeck
 William Koeck
 /s/ Philip Christensen
 Philip Christensen
 /s/ Greg Pritchard
 Greg Pritchard
 /s/ Laura Tyson
 Laura Tyson
 /s/ Aimee R. Allen
 Aimee R. Allen
 /s/ Jan C. Wilson
 Jan C. Wilson