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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
to
Section 13(a) of
the
Act.

 Indicate
by
check
mark
the
registrant
has
filed
a
report
on
and
attestation
to
its
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 28,
2024, the last business
day of the
registrant's most recently completed
second
 fiscal quarter, as reported on the Australian Securities Exchange, was $
 651,547,217
.
 The total
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
Commission
in
with
the
 registrant's 2025 annual
general meeting of stockholders
are incorporated by reference
into Part III of
this Annual Report on
Form
 10-K. Documents incorporated by reference in this report are listed in the Exhibit Index of this
Annual Report on Form 10-K.

 Steel starts
 here.
 Annual Report on Form 10-K for the year ended December
31, 2024.

 Page
 Number

 Business
 Item 1A.

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

2024
 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
present
and
on
a
of
best
estimate
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;
 •
risks
unique
to
international
and
tariffs
and
other
barriers
to
 trade;
 •
a
in
the
or
in
costs
of
labor,
key
supplies,
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;
 •
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
carbon
dioxide
or
costs
to
purchase
credits
to
with
programs,
which
could
our
and
of
demand for
our products
or our
and
 access to capital and insurance;
 •
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
for
our
 coal,
difficulty
collecting
receivables
and
asserting
force
 majeure or other reasons for not performing their contractual
obligations to us;

2024
 •
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;
 •
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.
 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.

2024
 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. The forward-looking statements
included in this Annual Report
on Form 10-K are made
only as of the date
 hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new
 information, future events, or otherwise, except as required
by applicable law.
 Forward-looking and
other statements
in this
Annual Report
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.

2024
 ITEM 1.
BUSINESS.
 Overview
 We are a leading producer,
global marketer and exporter
of high-quality Met coals,
with a diversified portfolio
of
 three high-quality,
long-life Met coal assets
located in Australia
and the United States,
or U.S. Our coals
are an
 essential ingredient
in the production
of steel using
blast furnaces,
or BF,
used in the
manufacture of everyday
 steel-based
products.
This
steel
large
segments
of
the
economy,
such
as
the
automotive,
 construction, and infrastructure sectors.
 Our mining
operations and
development projects
are located
in Queensland
in Australia,
and in
Virginia, West
and
Pennsylvania
in
the
U.S.
Our
in
the
U.S.,
or
U.S.
and
our
in
 Australia, or Australian Operations
,
are strategically located for
access to transportation
infrastructure, enabling
 us to serve a diversified customer base spanning five
continents.
 Our Australian
consist of
a 100%-owned
Curragh producing
mining property
located in
the Bowen
 Basin of Queensland, Australia. The
Curragh complex is comprised
of two open cut mines, Curragh
North Mine
 and Curragh
South Mine
and one
underground mine,
Mammoth Underground.
With approximately
22 years
of
life,
the
is
a
key
supplier
to
steelmakers
in
Asia,
Europe
and
South
America,
 contributing 9.7 MMt of saleable production for the year
ended December 31, 2024.

Operations consist
of two
producing
mining properties
(Buchanan
and Logan)
and two
 mining properties
(Mon Valley,
and Russell
County), primarily
located in
the Central
Appalachian region
 U.S.,
or
CAPP,
all
of
which
are
100%-owned.
and
Logan,
with
and
years
of
 reserve life, respectively,
contributed a total of 5.7 MMt of
saleable production for the year ended December
31,
 2024. On January 14, 2025, the Company successfully completed the sale of its idled Greenbrier property which
 formed part of the U.S. Operations.
 In addition to Met
coal, our Australian
Operations sell thermal
coal,
under a long-term
legacy contract assumed
acquisition
of
Curragh,
to
Corporation
Limited,
or
Stanwell,
a Queensland
government-owned
 entity and the
operator of the
Stanwell Power Station
located near Rockhampton, Queensland,
and some thermal
 coal in the export
market. Our U.S.
Operations also produce
and sell some
thermal coal that
is extracted in
the
 process of mining Met coal.
 Location of Australian Operations

 Location of U.S. Operations
 We
have
a
geographically
diverse
base
a range
of
markets.
Major
consumers
of
our
 seaborne Met coal in 2024 were located in high-growth
Asian markets, Brazil and Europe.
 History and Australian Public Offering
 We were founded in 2011
by our then Chief Executive Officer
and current Executive Chair,
Mr. Garold Spindler,
 our then President and Chief Operating Officer, Mr. James Campbell and a private equity fund affiliated with The
 Energy & Minerals
Group, or
EMG, with
the intention
of evaluating,
acquiring and
developing
 properties.

2024
 Prior to our initial public offering,
Coronado Global Resources Inc.,
was a wholly-owned subsidiary
of Coronado
 Group LLC. On October 23, 2018, we completed an initial public offering on the Australian Securities
Exchange,
 or ASX, 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,
2024,
the
EMG
Group
and
beneficially
owned
50.4%
of
the
and
 outstanding shares of our common
stock through their ownership of Coronado Group LLC.
The remaining 49.6%
 was owned by public investors in the form of CDIs traded on
the ASX.

 Organizational Structure
 The following chart shows our current organizational structure:
 * Coronado Global Resources Inc. holds 100%
ownership interest in its subsidiaries, unless otherwise
stated.

 Segments
 In accordance with
Accounting Standards Codification, or
ASC, Topic 280,
 Segment Reporting
, we have
adopted
 the following reporting segments:
 •
 Australia; and
 •
U.S.
 In
while
"Other
and
Corporate"
is
not
to
be
a
it
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
to
the
Chief
Executive
Officer,
who
is
our
chief
maker,
or
CODM.
Factors
 affecting and differentiating the financial
performance of each of
these two reportable segments
generally include

2024
 coal quality, geology, coal marketing opportunities, mining and
transportation methods and regulatory
issues. We
this
method
of
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.
 Industry Overview
 Types and properties of Met Coal
 Met coal is primarily
used in the manufacture of
coke, which is used
in the steel-making process, as
well as direct
 injection
into
a
BF
as
a
replacement
for
coke.
Met
coals
are
differentiated
by
variations
in
the
and
 chemical properties that govern applicable use, and while all Met coals
are used primarily in steelmaking, not all
 Met
coals
have
equal
to
be
carbonized
into
coke.
Coke
carbonization
is
a
of
heating
to
high
 temperatures in
the absence
of oxygen,
certain coals
(i.e. Met
coals with
caking properties)
soften and
form a
 plastic mass
that swells
and re-solidifies
into a
hard but
porous solid,
or coke.
Coke is
used primarily
as a
fuel
 and a reducing agent in a BF during the reduction of iron ore
into iron, before it is converted into steel.
 Met
coal
types
hard
coal,
or
HCC,
semi-hard
coal,
or
SHCC,
semi-soft
coal,
or
 SSCC, and pulverized coal injection,
or PCI. All of
these types of Met
coal are used in
steel production processes
 and are typically sub-categorized by their volatile content as low volatile
content, or Low-Vol,
mid volatile content
 or high volatile content, or High-Vol
.
 Importance of Met Coal in the Global Economy
 Met
coal
is
traded
globally.
are
sub-divided
into
the
Atlantic
and
Pacific
basins,
 referencing
the
location
of
coal
and
location
of
the
end
customer.
Major
consumers
of
 seaborne Met coal include China, India, Japan and Europe.
 Met
coal
is
used
in
the
manufacturing
for
steel.
Steel
is
used
in
a
variety
of
applications
in
 everyday life
from building
and infrastructure
construction to
wind turbine
blades to
cars. As
steel has
been an
 essential part of
the expanding
global economy,
demand for
Met coal has
historically been
closely tied
to steel
 production in the world's growing economies, including
China and India.
 Description of the Steelmaking Process
 Met
coal
is
a
key
ingredient
in
the
of
steel
using
BFs,
and
0.78
ton
of
Met
coal
is
 required to produce
one ton of
steel. An alternative
steelmaking process
utilizing electric arc
furnaces does not
 use
coal
as
a
manufacturing
input
and
accounted
for
28.6%
of
steel
in
2023.
Steel
are
 distributed as follows:
 Source: World Steel Association — World Steel in Figures, 2024.

 Steel that
is recyclable
can be
re-used infinitely.
According to
the Word
Steel Association,
new steel
products,
 on average, contain 30% recycled steel. The
steel industry uses its resources efficiently
and produces very little
 waste.

2024
 The table below shows
steel recovery by sector. Ninety percent of
steel in each of the
Machinery and Automotive
 sectors is recovered.
 Source: World Steel Association —Steel Facts.

 Global Coal Markets
 Markets
for
Met
and
coal
operate
relatively
independently
of
each
other.
a
degree
of
 substitution can occur
between specific thermal
coals and lower
ranked Met coals,
as lower ranked
Met coal is
 less suitable for creating coke but
still contains thermal heating properties. When the supply of
higher quality Met
 coals is constrained, or
prices are extremely high,
these 'crossover' coals
can be sold
for higher value in
 markets but may retreat to thermal coal markets in times
of ample Met coal supply.
 In
most
in
which
Met
and
coals
are
produced,
have
emerged
to
take
 advantage of
proximate sources
of fuel
for power
generation or
feedstock for
coke making
and industrial
use.
 Similarly,
linkages
have
been
developed
to
markets,
either
land
borne
 country borders (such as between the U.S. and Canada) or seaborne. While substantially larger volumes of coal
 produced on an annual basis are consumed in the country of origin, export markets — and particularly seaborne
 markets — tend to exhibit
greater price and volume
transparency than domestic
markets. As a result, seaborne
 market prices are the most common reference point in
the international Met coal market.
 Typically,
global seaborne
markets are sub-divided
into the Atlantic
and Pacific basins,
referencing the
 location of coal production and location of the end-customer.
 Major
consumers
of
Met
coal
Japan,
China,
India
and
Europe.
Met
coal,
and
in
 HCC, is a
relatively scarce product,
as large-scale mineable
deposits are limited
to specific geographic
regions
 located in the eastern U.S., western Canada, eastern Australia,
Russia, China, Mozambique and Mongolia.
 Market Demand and Trends
 Met Coal
 Most of the
Met coal that
we produce is
sold, directly or indirectly, to steel
producers. The steel industry's demand
 for Met
coal is
affected by
several factors,
cyclical nature
of that
industry's business,
geopolitical
 stability,
affecting
for
steel,
tariffs
on
coal,
steel
and
steel
products,
 technological developments in the steelmaking process and the availability and
cost of substitutes for steel, such
 as aluminum,
composites and
plastics. Seaborne
import demand,
most of
our business,
can
 be
by
the
of
indigenous
coal
in
the
Met
coal
of
China
and
India,
among
others;
and
the
competitiveness
of
Met
coal
supply,
 including from
the
exporting
of
Australia,
the
U.S.,
Russia,
Canada
and
Mongolia,
 among others.

 Thermal Coal

 The thermal coal
we produce is
predominantly a byproduct
of mining Met
coal. The thermal
coal we produce
is
 sold, directly
or indirectly,
to power
stations, predominantly
Stanwell, as
an energy
source in
the generation
of
 electricity. Demand for our thermal coal is impacted by economic conditions, environmental regulations, demand
 for
electricity,
the
of
energy
efficient
products,
and
the
cost
of
generation
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.

2024
 94%
 6%
 FY24 Coal revenue mix -Australian
 Met
 Thermal
 Overview of Operations
 Australian Operations—Curragh
 Curragh is located in
Queensland's Bowen Basin, one of the
world's premier Met coal regions. Curragh
has been
 operating since
1983, and
produces a
variety of
high-quality,
low-ash Met
coal products.
We believe
our HCC
 product
is
by
steelmakers
for
its
low-ash
content,
consistency
of
and
favorable
 attributes. We believe that our semi-coking coals, or 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
is
by
steelmakers
for
its
low
phosphorus
and
sulfur
content.
These
Met
coal
are
exported
 globally
to
a
diverse
base
located
in
Asia.
also
produces
coal,
which
is
 primarily sold domestically
under a long-term contract
with Stanwell, with a
limited amount of such
 being exported.

 Revenues from our Australian Operations represented
63.6% of our total revenue for the year ended December
 31, 2024. See Item 2. "Properties" for more information regarding
Curragh.

 Coal revenues split by Met and thermal for our Australian Operations
are as follows:
 For the year ended December 31, 2024, 70.9% of the total
volume of coal sold by our Australian Operations was
 Met coal and 29.1% of the
total volume of coal sold
by our Australian Operations
was thermal coal, the majority
 of which
was sold
to Stanwell.
For the
2024, Curragh
sold 7.2
MMt of
into
 the seaborne coal markets. The
majority of customers purchase multiple
grades of products and have
purchased
 Curragh coal continuously through all stages of the coal/commodity
pricing cycle. Curragh's Met coal is typically
 sold
on
negotiated
by
our
marketing
team,
with
agreed
to
bilaterally
or
with
to
indices
or
spot
indices.
Our
have
maintained
a
high
level
of
 contract coverage against planned production. In 2024, substantially all of Curragh's
Met coal export sales were
 made under term contracts.
 U.S. Operations—Buchanan and Logan
 Our producing
U.S.
are
located in
the CAPP
region, specifically
in
and
West
 Virginia, which is
a highly-developed and
active coal-producing region. Met
coal produced by
our U.S. Operations
 is
consumed
regionally
by
North
American
steel
producers
or
exported
by
to
steel
 producers (primarily in
Asia, Europe and
South America). The U.S.
Operations also produce
small quantities of
 thermal coal that
is extracted in
the process of
mining Met coal,
which is sold
to global export
markets. We believe
 that many steelmakers
regard Met coal from
the CAPP region (where
our U.S. Operations
are located) to
be of
 the highest
quality in
the
world
owing to
its generally
low-ash
and
sulfur content.
offer
a
 range of
products, with
significant production
of HCC,
comprising coal
with High-Vol
,
(including High-
 Vol A, or HVA
,
High-Vol B, or HVB, and High-Vol
A-B, or HVA
-B) and coal with Low-Vol.
 Sales from our U.S. Operations to export
markets are typically priced with reference
to a coal 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

2024
 97%
 3%
 FY24 Coal revenue mix -U.S.
 Met
 Thermal
 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
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 coal
 index. For 2025, we
have entered into
annual fixed price
contracts to sell
approximately 2.3
MMt of Met coal
to
 North American steel and coke producers. During
periods of stable and rising prices, we
strive to take advantage
 of the spot market. Spot export contracts are negotiated
throughout the year.

 Revenues from our U.S.
Operations, in the aggregate, represented
36.4% of our total
revenue for the year
ended
 December 31, 2024. Coal revenues split by Met and thermal
for our U.S. Operations are as follows:

 For the year ended December 31,
2024,
94.6% of the total volume of
coal sold by our U.S. Operations
was Met
 coal and
5.4% was
thermal coal.
We sold
64.2% of
total Met
coal from
our U.S.
Operations into
the seaborne
 Met coal markets for the year ended December 31, 2024.

 See Item 2.
"Properties" for
more information
regarding Buchanan,
Logan and
the other
mining properties
that
 comprise our U.S. Operations.
 Competitive Strengths
 Large scale and long-life operating assets with substantial
resource base
 We own and
operate a portfolio
of long-life
assets across
Australia and the
U.S., with an
average implied
mine
 life for our
producing mines
of approximately 23
years based on
marketable reserves
and
 2024 total saleable production.
 Importantly,
we have 100%
ownership over all of
our operating mines,
allowing us full control
over all operating
 decisions. This control adds
value throughout the cycle
and allows us to
react swiftly and decisively
to changes
 in global market demands.

2024
 We had reserves of
521 MMt and
a substantial resource base
of 499 MMt
(exclusive of reserves) as
 31, 2024.
 (1)
 (1)

Charts reflect reserves and resources as
at December 31, 2024 in MMt. Rounding
has been applied. Coal resources are
exclusive of coal
 reserves. Australian resources
are reported
on a 5.3%
in-situ moisture
basis. U.S. Operations
resources are reported
on a dry
basis. Reserve
 life
is
calculated as
marketable reserves
divided by
2024
total saleable
for
Coronado's operating
for
ended
 December 31, 2024. Refer to Item 2. "Properties."
 Diversified by geography, producing
mines, product and customer base
 We
benefit
from
a
geographically
diverse
asset
base
in
and
the
U.S.,
with
to
multiple
 transportation infrastructure
options, including
key rail
and port
infrastructure necessary
for both
the seaborne
 export and domestic markets.
We have access to the
key major markets in both
the Atlantic and Pacific basins,
 and our wide footprint provides flexibility to respond quickly
to changes in global market demands.
 Our
Met
coal
is
diversified
high-quality
products.
Our
produce
HCC,
 SCC, and PCI coal.
 We have a dedicated global
marketing team that generates direct
sales for our coal. We
sell most of our coal to
 end users, either directly or through intermediaries, such
as brokers.

 Our customer
base spans
across a
full spectrum
of key
global markets.
We sell
directly to
of large,
 high-quality and well-known
companies in the
steel industry. Many of our
core customers have
been longstanding
 customers and
source our
products as
essential base
feed, which
translates into
a long
history of
contract renewal
 for such customers.
We are a
key supplier to
tier one steel
mills in Japan,
South Korea, Taiwan,
India, Europe,
 Brazil, North America and China. The majority
of our sales are made under
contracts with terms of typically
one
 year or on a spot basis.
 Given
the
of
our
diverse
base,
we
the
for
our
is
fundamentally
 insulated across
all stages
commodity
cycle. This
flexibility provides
us the
take advantage
of
 favorable market pricing as and where it arises.
 We believe our geographic diversity provides a competitive advantage by allowing
us to sell multiple products to
 our
in
multiple
countries.
This
allows
the
sales
team
to
leverage
its
relationships
to
value
 added solutions, including blends with third parties.

2024
 70%
 30%
 FY2024
 Export
 Domestic
 72%
 28%
 FY2023
 Export
 Domestic
 66%
 34%
 FY2022
 Export
 Domestic
 2024 Coronado's key coal trade flows
 The below charts show our export and domestic
sales split by volume as of December 31, 2024,
2023 and 2022:
 Sales volume by export and domestic coal sales

2024
 51%
 9%
 41%
 HCC
 SCC
 PCI
 66%
 34%
 U.S.
 Low Vol
 High Vol
 The below charts
show Met product
ranges by volume
sold for our
Australian Operations and
our U.S. Operations
 for the year ended December 31, 2024.
 Sales of Met coal represented 95.2%
of our total coal revenues for the
year ended December 31, 2024. Most
of
 the Met coal that we produce is sold, directly or indirectly,
to steel producers.

 Sales of thermal coal represented 4.8% of our total coal revenues
for the year ended December 31, 2024.

 Expiration of Stanwell contract from early 2027 is
expected to increase cash flow generation
 Coronado Curragh Pty Ltd,
or CCPL, a
subsidiary of Coronado, is
party to the Amended
Coal Supply Agreement,
 or
ACSA
with
Stanwell,
which
was
into
in
for
at
North
that
we
 inherited upon our
acquisition of
the complex in
2018. Under
the ACSA, CCPL
is required
to deliver approximately
 3 MMtpa,
of thermal
Stanwell at
an agreed
price and
quantity.
The agreed
price is
meaningfully
lower
 than the price that could be achieved for the same coal if it would be sold on the seaborne market. Furthermore,
 Stanwell receives
a tonnage
rebate, consisting
of 25%
of export
revenues above
an agreed
floor price
 first 7 MMtpa we export, and 10%
of the revenues above a separate
floor price for exports above 7 MMtpa.
The
 total Stanwell rebate for the year ended December 31,
2024, was $116.9
 Under the ACSA, 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 predicted. Based on the contractually agreed amounts
 ACSA and pattern
of prior deliveries,
management estimates that 3
MMtpa is the
approximate delivery obligation.
 The
ACSA
is
to
expire
in
early
2027;
and
upon
expiration
of
the
ACSA,
the
New
Coal
Supply
 Agreement, or NSCA,
will govern the
supply of thermal
coal to Stanwell
reducing the delivery
requirement from
 approximately 3 MMtpa
to approximately 2
MMtpa, which we
expect will allow
additional volumes to
be processed
 and sold in the export market.

the NSCA
does not
include any
obligations to
pay Stanwell
a tonnage
rebate on
volumes sold
into
 the export market. For more details, refer to "Information Regarding
Major Customers" below.
 Optimization of
our existing
continued investment
in accretive
organic growth
projects are
 our key strategic focus areas
 We
continue
to
invest
in
our
organic
growth
at
both
and
Curragh.
In
2024,
we
 commenced
at
the
Mammoth
Mine.
The
project
involves
a
bord
and
pillar
 approach that leverages
Curragh's existing infrastructure, resulting
in relatively limited
capital expenditures. Once
 fully
operational,
the
project
is
to
deliver
up
to
2.0
MMtpa
of
The
 Mammoth Underground
Mine is
targeting coal
volumes
that can
be accessed
at a
relatively low
cost, which
is
 expected to deliver cost reductions for the entire Curragh
operation on a per Mt basis.
 We
continue
to
invest
in
a
project
at
the
mine
to
de-bottleneck
and
improve
 productivity.
This includes
construction of
a new
surface raw
coal storage
area to
increase the
mine's
storage
 capacity.
The project
is designed
to alleviate
bottlenecks and
allow the
mine to
operate at
a higher
 capacity. In
2024, excavation and construction
works continued with the completion
of access roads and bridge
 extensions, in addition
to a stockpile
area coal reclaim
tunnel, electrical works
and installations. Buchanan
also
 progressed the construction of a second set of
skips, which are intended to increase the mine's hoisting capacity
 to the surface and allow the mine to operate at a higher capacity and are set
for commissioning in the first half of
 2025.

2024
 Competition
 We operate
in a competitive
environment. We
compete with domestic
and international coal
producers, traders
 and brokers.
We compete
coal quality
and characteristics,
price, customer
service and
support and
 reliability of supply.
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
 our control, including but not limited to:

 •
general global, regional and local economic activity;
 •
changes in demand for steel and energy;
 •
tariffs imposed by countries, including the U.S. and Australia, on the import of certain steel products and
 any retaliatory tariffs by other countries;
 •
industrial production levels;
 •
short-term constraints, including adverse weather conditions;
 •
changes in the supply of seaborne coal;
 •
technological changes;
 •
changes in international freight or other transportation infrastructure
rates and costs;
 •
the costs of other commodities and substitutes for coal;
 •
market changes in coal quality requirements;
 •
government regulations which restrict, or increase the
cost of, using coal; and
 •
tax impositions on the resources industry,
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
 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-term or long-term volatility in the prevailing prices
of our products.
 Competition in
the coal
industry is based
on many
factors, including, among
others, world supply
price, production
 capacity,
coal
and
characteristics,
capability
and
blending
capability,
brand
name
 and diversified operations. We are subject to competition from producers in Australia, the U.S., Canada, Russia,
 Mongolia and
other coal
producing countries. See
Item 1A. "Risk
Factors—We face increasing
competition, which
 could adversely affect profitability."
 Information Regarding Major Customers
 We are well-positioned
in the key
high-growth Asian
markets (Japan, South
Korea and India)
as sales to
direct
 end
users
in
the
region
represented
58.5%
 of
our
total
revenue,
Tata
Steel
Limited
and
TS
 Procurement Company Pte Ltd, collectively Tata
Steel, which accounted for 20.1%
 of total revenue, in 2024.

2024
 4%
 30%
 9%
 21%
 15%
 8%
 8%
 4%
 Customer -FY2024
direct sales by coal revenue
 Other Asia countries
 Japan
 South Korea
 India
 North America
 South America
 Europe
 0%
 20%
 40%
 60%
 80%
 Tata
 Top 5
 Top 10
 Top
 Customers
 by coal revenues
 FY 24
 FY 23
 The charts below
show our direct
sales by geographic region
in 2024 and
our sales by
customers 2023 and 2024.
 Tata
Steel
 Our U.S. Operations and Australian
Operations are parties to
Long Term
Coal Sale and Purchase Agreements,
 or Long
Term
Agreements,
with Tata
Steel with
contract terms
ending March
31, 2025.
commenced
 negotiations with
Tata
Steel to
extend our
relationship after
the expiration
current Long
Term
 Agreements, and
we expect
to continue
our long-term
relationship with
Tata
Steel through
potential new
Long
 Term
Agreements, with terms ending March 31, 2028.
 Under the potential new Long Term
Agreements,
we intend to provide for the sale of a minimum
aggregate total
 of 2.5 MMt
of coal per
contract year across
the Group, consisting
of certain specific
quantities of HCC
and PCI
 Coal. The
coal is
intended to
be sold
Free on
Board (Incoterms
2020), or
FOB, priced with
reference to
 indices
and
the
contain
standard
terms
and
with
to
delivery,
 transportation, inspection, assignment, taxes and performance
failure.
 We are party
to contractual arrangements
with Stanwell, including
the previously mentioned
ACSA–see Item 1.
 "Business - Our Competitive Strengths, and the New
Coal Supply Deed, or the Supply Deed".
 Under the
ACSA, we
deliver
from Curragh
to Stanwell
at an
agreed
price and
quantity.
 may vary the quantity of thermal coal purchased each year so the total quantity
to be delivered to Stanwell each
 year cannot be precisely forecast.
The coal that we
supply to Stanwell constitutes the majority
of the thermal coal
 production from Curragh. Our cost of supplying coal to Stanwell has
been greater than the contracted price paid
 by Stanwell during the year ended December 31, 2024 and
for prior years.

 Under the
ACSA, 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, or Reference coal,
as follows:

2024
 •

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
 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 ACSA 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
2024, was $116.9
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 have
entered into
the NCSA with
Stanwell, that
will commence
upon the expiration
of the ACSA
 (which is expected to occur in early 2027 based on estimated volume remaining to be delivered).
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 ACSA;
 -

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

January 1, 2029.
 •

The
term
of
the
NCSA
is
to
be
years,
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 accordance
 with a financial model agreed between Stanwell and us.
 •

Coronado is
not required
NCSA to
pay to
Stanwell any
export rebates
payable under the
ACSA.
 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
of the NCSA)
be equal to
the net present
$155.2 million
(A$210.0
 million) as at the date of the Supply Deed, using a contractual
pre-tax discount rate of 13% per annum.
The net
 present value of the deferred consideration was $2
85.1 million as of December 31, 2024. See Item
8. "Financial
 Statements and Supplementary Data—Deferred Consideration
Liability."
 As part
NCSA, Coronado
and Stanwell
entered into
an Option
Coal Supply
Agreement, or
the OCSA
in
 respect of the
supply of certain
additional coal
to Stanwell during
the term of
the NCSA. Thermal
coal supplied
 to Stanwell under the OCSA will be at the higher of cost
or market value at the time of sale.

 See Item 1A. "Risk
Factors—Risks related
to the Supply
Deed with
Stanwell may
adversely affect
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 the U.S.
See Item 7. "Management's
Discussion
 and Analysis
of Financial Condition
and Results
of Operations—Liquidity
and Capital
Resources" for
 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

2024
 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 of the Central Queensland Coal
Network an integrated coal haulage
 rail system owned and operated
by Aurizon Network Pty
Ltd. Curragh has secured
annual rail haulage capacity
 of
up
to
11.5
MMtpa
(plus
surge
capacity)
under
rail
haulage
with
Aurizon
 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). The WIRP Transport
Services Agreement expires on June 30, 2030.
 Port Services
 Curragh exports coal
through two terminals
at the Port
of Gladstone, RGTCT
and WICET.
At RGTCT,
 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 WICETPL, owns WICET.
Other coal producers who export coal through WICET also
 hold
in
WICET
Holdings
Pty Ltd.
In
we
and
the
other
coal
producers
(or
shippers)
have
 take-or-pay agreements with WICETPL and pay
a terminal handling charge to
export coal through WICET, which
 is
calculated
by
to
WICET's
as
well
as
finance
costs
associated
with
 WICETPL's
external
debt
facilities.
Our
with
WICETPL,
or
the
WICET
Take
-or-Pay
with
of
1.5
MMtpa.
The
WICET
Take
-or-Pay
is
an
 "evergreen" agreement, with rolling ten-year terms. If we inform WICETPL that we
do not wish to continue to roll
 the term
of the WICET
Take
-or-Pay Agreement,
the term
would be set
at nine years
and the terminal
 charge payable by us would
be increased so that our
proportion of WICETPL's debt is amortized to nil by
the end
 of that nine-year term.
 Under
the
WICET
Take
-or-Pay
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 WICETPL if
our
 share of WICETPL's
operational and finance
costs increases, including
because of increased
operational costs
 or because another shipper defaults and
has its capacity reduced to nil. The terminal
handling charge is subject
 to a financing cap
set out in the
terminal handling
charge methodology and
has already been
reached and is
in
 force.
If
another
shipper
defaults
under
its
agreement,
each
remaining
shipper
is
effectively
 proportionately
liable
to
pay
that
defaulting
shipper's
share of
WICETPL's
costs
going
forward,
form
of
 increased terminal handling charges.
 If we default under the
WICET Take
-or-Pay Agreement, we would
be obligated to pay a
termination payment to
 WICETPL. The termination
payment effectively
represents our proportion
of WICETPL's
total debt outstanding,
 based on the
proportion of
our contracted
tonnage to
the total contracted
tonnage of
shippers at
WICET at the
 time the payment is triggered. Shippers can also
become liable to pay the termination
payment where there is a
 permanent cessation of
operations at WICET.
Since WICET began shipping
tonnages in April 2015,
five
 shareholders
of
WICET
Holdings
Pty Ltd
have
into
administration
and
their

2024
 agreements have subsequently
terminated, resulting in
the aggregate contracted
tonnage of shippers decreasing
 from 27 MMtpa to 13.9 MMtpa.
 Under the WICET Take
-or-Pay Agreement, we are required
to provide security (which is
provided in the form of
 a bank guarantee). The amount of
the security must cover our estimated liabilities as
a shipper under the WICET
 Take
-or-Pay Agreement for the following twelve-month period. If
we are in default under
the WICET Take-or-Pay
 Agreement and are subject
to a termination payment,
WICETPL can draw on
the security and apply
it to amounts
 owing by
us. See
Item 1A. "Risk
Factors—Risks
related to
our investment
in WICET
may adversely
 financial condition
and results
of operations"
and Item 7.
"Management's
Discussion and
Analysis of
 Condition
and
Results
of
Operations—Liquidity
and
Capital
Resources"
for
on
our
 take-or-pay obligations.
 U.S. Operations
 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
facility
to
the
destination.
A
portion
of
our
U.S.
sales
are
made
intermediaries.
For
these
sales,
the
intermediary
typically
takes
 ownership of the coal as
it is loaded into the
railcar. The intermediary is responsible for the rail transportation and
 port costs.
 Rail Services
 Our U.S. Operations are served by Norfolk Southern 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
the coal
is transloaded
on
to
barges
and
then
 transported to the customer's facilities.
 CSX Transportation railroad
serves our Logan mining property.
CSX transports coal to
Pier IX Terminal
or CNX
 Marine Terminal or Dominion
Terminal Associates (DTA) for export customers
and either
directly to
the customers
 or to inland river dock facilities for domestic customers.

 Port Services
 Norfolk
Southern's
Lamberts
Point
Coal
Pier
is
the
largest
coal
loading
facility
in
the
Northern
 Hemisphere with 48 million tons
of annual export capacity
and is the main terminal
at Lamberts Point located
in
 Norfolk, Virginia. Pier IX is
a coal export terminal with an annual
export capacity of 16 million tons located
 Port of Hampton Roads in Newport News, Virginia.
 Our
U.S.
also
have
alternate
port
CNX
Marine
which
is
a
transshipping
 terminal at the Port of Baltimore owned by CONSOL Energy.
 Suppliers
 The principal
goods we
purchase
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,
but
not
limited to,
longwall
miners,
draglines,
dozers,
excavators,
 shovels,
haul
trucks,
conveyors,
coal
plants,
or
CPPs,
and
rail
loading
and
blending
facilities.
 Obtaining and repairing these
major pieces of equipment
and facilities often involves
long lead times. We
strive
 to extend the lives of existing equipment and facilities
through maintenance practices and equipment rebuilds
to
 defer the
requirement for
larger capital
purchases. We
use our
global leverage
with major
suppliers to
support
 security of
supply to
meet the
active mines.
See Item
2. "Properties"
for more
 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

2024
 projects.
See
Item
1A.
"Risk
Factors—Our
profitability
could
be
by
the
of
 and/or outside contractors to perform."
 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.
 While we acknowledge the
emissions-intensive cumulative impacts of mining,
transportation and use of
Met coal,
 as critical player in
the world's transition to renewable energy
future, Coronado has an important
role in operating
 sustainably and responsibly.

 We
are
focused
on
extracting
high-quality
Met
coal
with
commitment
to
safe
and
sustainable
practices.
Coal
is
one
of
the
most
environmentally
industries
in
the
world,
and
it
is
vital
that
we
strive
to
 consistently meet or exceed relevant regulatory standards.
 We are subject to various environmental laws, regulations and
public policies in Australia and the U.S.
Managing
 our environment and climate
change risks is a
key component of our
corporate strategy and
it is integrated into
 our daily
operations. We seek
to minimize
our environmental impact
and ensure
we meet
or exceed
our legislative
 and regulatory environmental obligations.

 Coronado's sustainability principles include the following
:

Support the health and wellbeing of our people by maintaining a safe workplace with the ultimate goal of
 employee safety.

Respect our environment
by minimizing the
impact of our
business activities and
rehabilitating affected
 landscapes.

Actively contribute
to
the
local communities
in
which
we operate
by delivering
benefits
and
 engaging in an open and transparent manner.

Build
teams
of
engaged
and
motivated
individuals
that
understand
the
positive
and
 relevance of what they do.

Operate fairly and equitably with suppliers and customers

Generate profitable and sustainable returns to shareholders.

 Climate change

 We believe that
climate change is
a complex
challenge that requires
action at all
levels of
society. Climate change
 can
heighten
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 GHG emissions.
Climate change is one of
the most significant
 issues for
the steel
industry,
industry has
made significant
reductions in
GHG emissions
by improving
 energy 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 and
 the sustainability of our operations. We are
committed to working with other industry
partners to support, develop
 and
introduce
new
coal
and
energy-generation
technologies,
that
help
the
 impact while continuing to meet global energy and steel demands.
 Coronado's operational emissions profile is predominantly
Scope 1 emissions. Within these Scope 1 emissions
,
 the major source is fugitive emissions, which is an inherent gas released as a
function of mining coal source and
 diesel consumption.
 Our Australian Operations disclose
GHG Scope 1
and 2 emissions annually
to the Clean
Energy 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.
disclose GHG
Scope 1
and 2
emissions, including
 fugitive emissions
(methane),
to report
their
States
 Environmental Protection Agency.

2024
 Our
are
focused
on
implementing
improvements,
identifying
opportunities
for
 reducing emissions
on a per
ton of coal
production basis
and benchmarking
ourselves against
our peer
group.
 Coronado launched its first set of GHG targets
in 2021 and has committed to targeting reductions
in its Scope 1
 and 2 emissions by 30% by 2030 from its 2019 emissions
baseline.

 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.
 Senior leaders and subject matter
experts from our Australian and
U.S.
Operations meet regularly to discuss and
 analyze
how
might
our
strategies
and
to
review
how
we
are
progressing
towards
our
 emissions reduction targets. This
is achieved through
reviewing the accuracy of
the emissions forecast, providing
 updates on
decarbonization projects
and discussing
idea pipelines
in relation
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
energy
generation
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.
 Given
the
success
of
the
original
VAM
unit,
we
installed
a
second
unit
at
vent
shaft
at
our
U.S.
 Operations in 2024.

 The 2
VAM
units
are
anticipated
to
destroy
300,000
tCO2-e
(depending
on
 conditions), a significant contribution to our strategic
path to a 30% reduction target by 2030.

 At Curragh
we have continued
to develop
our understanding
of the gas
reservoirs and
are progressing
studies
 for open cut
gas drainage in
advance of mining.
In 2024, a
second gas truck
trial was run
to confirm the
gas to
 diesel displacement ratio and understand additional operational
impacts for future options.
 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
risks,
our
may
be
by
weather-related
 potentially resulting in lost production, supply chain disruptions and increased operating costs, which could have
 a material adverse impact on our financial conditions and results

 Additionally, federal,
state and international GHG and climate
change initiatives, associated regulations or
other
 voluntary
commitments
to
GHG
emissions,
the
Mechanism
in
Australia,
could
the
cost
of
coal
and
consumption,
costs
as
a
of
 requiring the
installation of
emissions control
technologies, increase
expenses associated
purchase of
credits
to
with
programs,
or
coal
 consumption through
of a
future clean
energy standard.
Such initiatives
and regulations
could
 further reduce demand
or prices for
our coal in
both domestic and
international markets,
could adversely affect
to produce
coal and
to develop
our reserves,
could reduce
the value
coal and
coal reserves,
 and may have a material adverse effect on our business,
 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
U.S., we operate
in regional locations
with highly competitive
labor markets. In
each location,
 we
are
creating
a
high-performing
workforce
with
a
talent
pipeline
for
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,
and
excellence
are
demonstrated
in
 everything that we do.
 Worldwide we had 1,951 employees as of
December 31, 2024. In addition, as of
December 31, 2024, there were
 1,790 contractors supplementing the permanent workforce, primarily
at Curragh. Since we operate in areas with

2024
 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 contacting
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
2024, approximately
10.1% 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. Our U.S. Operations employ
a 100% non-union labor force.
 On May 31, 2024, one
of our employees was fatally
injured while working in our
Buchanan underground mining
 complex in
Virginia in
ceased operations
at its
Buchanan mine
until June
3, 2024,
and
 worked with the appropriate U.S. federal and state agencies on
site investigating the incident.

 Our
and
contractors
are
our
most
valuable
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
U.S.
and
We
empower
our
people
to
consistently
strive
to
have
a
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
observations
from
both
and
external
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
31, 2024 for
 our Australian Operations
was 2.22
 and the Total Reportable Incident
Rate, or TRIR,
for 12-month rolling
31, 2024
U.S. Operations
was 2.22.
We strive
to ensure
continue to
 provide a
 safe operating environment for all employees and contractors.
 Workforce composition
 Our
values
(CARE
–
Collaboration,
Accountability,
Respect,
Excellence)
guide
our
policies,
processes
and
 actions as they
relate to
all workforce
interactions and
people related
initiatives. As
part of these
values and
to
 enable our
people to
excel within
the workplace,
we are
building an
inclusive workforce,
where each
person's
 viewpoint is heard, valued and respected.

 We
invest
in
training
and
programs
for
both
our
new
and
long-serving
employees.
Investing
in
 graduate
recruitment,
traineeships
and
internship
programs
partnerships
with
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, 2024:
 •
in the U.S., approximately 5.9% of Senior Managers
were female.
 •
in Australia,
over
31% of
at a
General
Manager,
Senior
Manager
and
Senior Professional
 level were female, an increase from 28.4% in 2023.
 •
6.0% of our global workforce was female.

2024
 •
55.6% of all
employees were
between the
ages of
30 and
50 years
old, and
the number
of employees
 under 30 increased from 13.7% as of December 31, 2023 to
16.2% as of December 31, 2024.
 Attracting and retaining the right people
 Attracting and retaining the best
people is crucial to our
growth and success. Talent
is a valuable resource, and
 we actively seek
individuals who are
not only highly skilled
but also align
with our core
values and goals.
Since
in regional
areas
where talent
and
the
is competitive,
we recognize
the
need for
 additional efforts
to retain
our employees.
We continue
to enhance
our remuneration,
cash benefits
 non-tangible benefits to ensure
team members are appropriately recognized and rewarded.

 In
2024,
our
total
rolling
turnover
rate
was
27.7%
and
17.5%
in
and
the
U.S.,
and
our
 voluntary departure rolling
turnover rate was
18.1% and 13.2%
in Australia and
the U.S., respectively.
In 2023,
 our total
rolling
turnover rate
was 18.1%
and 13.4%
in Australia
U.S.,
and
our voluntary
 departure rolling turnover rate was 15.5% and 10.9%,
in Australia and the U.S., respectively.

 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
 level, but the Australian federal government has a
role in approval of actions which have national
 significance.
In
Queensland,
the
laws
to
coal
legislation,
 pollution,
waste,
ecosystem
protection,
cultural
heritage
and
native
title,
land
contamination
and
rehabilitation
 legislation. In addition, the Australian federal government regulates
foreign investment and export approvals.
 Tenements
 We control the
coal mining
rights at Curragh
under 14 coal
and infrastructure
mining leases, or
MLs, and three
 mineral development licenses, or MDLs, granted pursuant to the Mineral Resources Act 1989 (Qld).
See Item 2.
 "Properties" for more information regarding the Tenements.
 Mineral Resources Act 1989 (Qld)
 The
Mineral
Act
1989
(Qld),
or
the
MRA;
and
the
Mineral
and
(Common
 Provisions)
Act
2014
(Qld),
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
exceptions,
in
the
Crown
(i.e., the
state
 government). A
royalty is
payable to
the Crown
right to
extract minerals. The
MRA creates
different tenures
 for different mining activities, such as prospecting, exploring and mining. A ML is the most important tenure, as it
the
extraction
of
minerals
in
conjunction
with
other
authorities.
The
MRA
imposes
 conditions on a ML.
 The MRA
provides that
regulations may
prescribe the
royalties payable
in respect
of minerals mined
from land
 to
the
Crown.
Royalty
rates
are
prescribed
under
the
Mineral
Regulation
2013
(Qld),
or
the
MR
 Regulation. 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 relation
to coal,
the MR Regulation
prescribes a
progressive six
tier royalty
 rate
structure,
with
the
rate
based
on
the
price
per
Mt
of
coal
sold,
 disposed of, or used in the return period.

 The tiers
applicable in
calculating
the royalty
payable for
that have
been applicable
 since 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 over
A$100 up to and including A$150 per Mt;
 •
15% for average coal price per Mt sold from over A$150
up to and including A$175 per Mt;
 •
20% for average coal price per Mt sold from over A$175
up to and including A$225 per Mt;
 •
30% for average coal price per Mt sold from over A$225
up to and including A$300 per Mt; and
 •

40% for average coal price per Mt sold above A$300 per
Mt.

2024
 The royalty
for
coal sold,
disposed
of or
used
in
a return
is then
calculated
by multiplying
the
 royalty rate
the coal.
Queensland Revenue
Office
Public Ruling
MRA001.4 contains
details on
 the
costs
that
can
(and
cannot)
be
deducted
when
calculating
the
and
the
method
for
 determining the value of the coal. In October
2024, the Progressive Coal Royalties Protection (Keep Them in the
 Bank) Bill 2024 (Qld)
was passed by the
Queensland Government, amending the MRA
to introduce a coal
 rate floor, by providing that a regulation may not prescribe coal royalty rates that are lower than those prescribed
 from
time
to
time,
meaning
that
tiers
can
only
be
by
the
of
legislation.
Current
 processes will continue
to apply for
any increase to
coal royalty rates.
See Item 2. "Properties"
for a discussion
 of the royalties currently applicable to Curragh.
 Mining Rehabilitation (Reclamation)
 Mine closure and rehabilitation risks and costs are regulated
by Queensland state legislation.
 Amongst
other
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
of
the
Environment,
 Tourism,
Science
and
Innovation,
or
the
DETSI,
sources
funds
to
rehabilitate
and
remediate
land
to
 mining.
 Under
the
Provisioning
Act,
all
mine
operators
are
to
make
a
submission
to
the
DETSI
in
of
an
Estimated
Rehabilitation
Cost,
or
ERC,
for
the
mine
site.
The
ERC
is
using
the
 DETSI-approved
ERC
calculator.
Using
this
information,
the
DETSI
sets
the
ERC
for
the
mine.
The
DETSI
 provides the ERC to the manager of the Scheme, or the Scheme Manager.
The Scheme Manager undertakes a
 risk assessment of the
mine, which is based
upon independent advice
from a Scheme risk
advisor. EAs
with at
 least $100,000
in ERCs
will undergo
an annual
risk category
allocation assessment
process. The
 process will
determine whether
the holder
required to
provide a
contribution
Scheme's Financial
 Provisioning Fund
and/or to
provide surety
Scheme Manager
for that
EA. It
includes detail
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
a need
to pay
an annual
contribution
a small
 percentage of
the ERC to
the Scheme.
The prescribed
percentages for
each category
are: (1)
Very
low: 0.5%;
 (2)
Low:
1.0%;
and
(3)
Moderate:
2.75%.
If the
category
is high,
then
the
a
 whole
ERC
and
possibly
a
contribution
to
the
Scheme.
The
risk
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 increase ERC amounts or are the result
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
2024,
the
Scheme
Manager
the
of
the
Review
 Allocation for EA number
EPML00643713 and issued an Annual
Review Allocation of "Moderate".
The moderate
 rating resulted in Curragh being obliged to make a financial contribution to
the Scheme of 2.75% of the ERC.
In
 January 2025, the Scheme Manager completed an
assessment of the Annual Review Allocation
for EA Number

2024
 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, to be
 produced with
respect to mined
land. This
requirement is integrated
into the
existing EA processes
for new mines,
 minimizing the
regulatory burden
on government
and industry.
All mining
projects carried
out under
a ML
that
 make a site-specific
EA application will
be required to
provide 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 rehabilitation
of the mine site.
Curragh's PRCP was
 submitted to the DETSI,
the relevant government
department, on October
20, 2022, and Curragh
has complied
 with all further requests for information made by the DETSI.
The DETSI advised Curragh that the end date of the
 decision period in relation to the PRCP has been extended
to September 30, 2025.

 Environmental Protection Act 1994 (Qld)
 The
regulating
of
in
is
the
Protection
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 prescribed 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
 (RSO Number 293585).
 We
hold
EA
EPML00643713,
which
authorizes
the
open
cut
and
of
black
coal,
 processing,
chemical
storage,
waste
disposal
and
sewage
treatment
over
the
MLs
at
on
Those
in
to
air
and
water
quality,
structures
 (e.g., dams),
noise
and
vibration,
waste,
land
use,
rehabilitation,
watercourse
diversion
and
GHG
 reduction programs.
 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

2024
 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.
 Regional Planning Interests
 The Regional Planning
Interests Act 2014
(Qld), or
the RPI Act,
manages the
impact of resource
activities and
 other
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
interest,
strategic
cropping
areas
and
 strategic environmental
areas. Under the
RPI Act,
conducting a resource
activity in an
area of regional
a
approval,
unless
under
an
exemption.
Importantly,
 pre-existing mining activities being undertaken at the date of
the introduction of the legislation are exempt.
 In conjunction with
the grant in
July 2016 of
ML 700006, ML
700007 and ML
700008 at Curragh,
we were granted
 a
approval,
which
is
to
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
resources.
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.
 Under the
EPBC Act, "controlled
actions" that have
or are likely
to have a
significant impact on
a matter
of national
 environmental significance are subject
to a rigorous assessment
and approval process. A
person must not take
 a "controlled
action" unless approval
is granted
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
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
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 relevant Coal
Mining Safety and Health Regulation
2001 (Qld), which we refer
to, together,
 Coal Mining Safety Legislation.
legislative
apply
to
that
are
carried
on
off-site
or
which
are
not
principally
 related to
coal mining
(e.g., transport, rail
operations, etc.).
The Coal
Mining Safety
Legislation imposes
 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;
 •
provide adequate
resources to
ensure the
effectiveness
and implementation
safety and
 management system;

2024
 •
ensure the operator's own
safety and health and
the safety and
health of others
is not affected
 way the operator conducts coal mining operations;
 •
not carry out an
activity at the coal
mine that creates
a risk to
a person on
an adjacent or
overlapping
 petroleum authority if the risk is higher than an acceptable
level of risk;
 •
appoint a site senior executive for the mine;
 •
ensure the site senior executive develops and implements
a safety and health management system for
 all people at the mine;
 •
ensure the site senior
executive develops, implements
and maintains a management
structure for the
 mine that helps ensure the safety and health of persons
at the mine; and
 •
not operate the coal mine without a safety and health
management system for the mine.
 We recognize that health and
safety are imperative to the ongoing
success of our Australian Operations.
As the
 operator at Curragh, we have
in place a comprehensive safety
and health management system,
which includes
 an emergency
response
team,
to address
these legislative
requirements.
In accordance
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
by
the
 Competition Authority.
We have purchased
the required water
allocations for Curragh
and entered into channel
 and pipeline infrastructure agreements and river supply agreements with SunWater
Ltd to regulate the supply of
 water pursuant to these
allocations. See Item 1A. "Risk Factors—In times
of drought and/or shortage of
 water,
our
and
at
Curragh,
could
be
negatively
if
the
regulators
 impose restrictions on our water offtake licenses
that are required for water used in the CPPs."
 National Greenhouse and Energy Reporting Act 2007
(Cth)
 The National Greenhouse and Energy Reporting Act 2007 (Cth) imposes requirements for both foreign and local
 corporations
whose
carbon
dioxide
GHG
energy
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
of Climate
Change,
Energy,
the
Environment
and
 Water is responsible for related policy
developments and review.
 The
Government's
Mechanism
is
a
legislative
framework
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. The scheme
includes credits
to provide
an incentive
to companies
to reduce
their emissions
 below their baselines.
 The
Mechanism
to
industrial
emitting
more
than
100,000
tons
of
carbon
dioxide
 equivalent per
year,
including in
electricity,
mining, oil
and gas
production, manufacturing,
transport and
waste
 facilities.
 In
with
the
Mechanism,
has
a
production-adjusted
(intensity)
 baseline for covered emissions (Scope 1).

will
be
to
take
to
keep
its
net
Scope
at
or
below
the
baseline
 emissions reduction,
by for example,
purchasing Safeguard
Mechanism Credits,
or SMCs, from
another facility
 captured by the Safeguard Mechanism,

purchasing and surrendering Australian 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
in Australia
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

2024
 Black Coal Mining Industry Award 2010 which regulates conditions including termination arrangements, pay and
 hours of work.
 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,
or the Commission, Australia's
national workplace relations
 tribunal. See "—Human Capital Disclosures" above.
 On December 7,
2023, the Fair
Work Legislation Amendment (Closing
Loopholes) Bill 2023,
containing the Same
 Job, Same
Pay concept
proposed by
the Australian
Government was
passed. It
came into
effect in
 2024.
 The new laws seek to identify when
a labor hire worker is completing
the same job as an ordinary employee,
and
 subsequently, determine
what is an applicable rate of pay for the labor hire worker
completing this job.

 In
of
the
at
covered
by
the
EA,
applications
will
be
allowed
to
be
made
to
the
 Commission for an
order that labor
hire employees must
be paid
at least what
they would receive
under Curragh's
 EA
(noting
that
there
are
exemptions
for
registered
trainees
and
apprentices,
placements,
small
 businesses and genuine service contractors).
 The
Commission
will
then
make
an
that
a
Same
Job,
Same
Pay
order
would
be
fair
and
 reasonable—including
labor
hire workers
are performing
the
same work
as EA
employees—and
can
 make an order
setting a 'Protected
Rate of Pay.'
Any conditions in
Curragh's EA that are
captured by the
meaning
 of "full rate of pay" (e.g., any incentives, loadings, allowances, and penalty rates) will be payable to
the labor hire
 worker, so long as those conditions
are enlivened by the "same job" being performed.
 Regulatory Matters—U.S.
 Federal,
state
and
local
authorities
regulate
the
U.S.
coal
with
to
matters,
such
as
 employee
and
safety,
protection
of
the
environment,
and
licensing
requirements,
air
 standards, water pollution, plant and wildlife protection, the
reclamation and restoration of mining properties after
has
been
completed,
the
discharge
of
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 current
and
retired
coal miners.
Numerous
 federal,
state
and
local
and
approvals
are
for
Because
of
 extensive and
requirements,
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
resources.
The
CAA
and
comparable
state
laws
that
govern
air
 emissions affect U.S. coal mining operations both
directly and indirectly.
 Direct impacts
on coal
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.
Protection
Agency,
or
the
EPA,
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,
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
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,
GHGs,
and
other
substances
emitted
by
coal-burning
facilities,
such
as
steel
 manufacturers,
coke
ovens
and
coal
fired
electric
power
generating
facilities.
Over
time,
the
EPA
has
 promulgated or proposed CAA
regulations to impose more
stringent air emission standards
for a number
of these

2024
 coal-burning
industries,
especially
the
power
generation
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,
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
the EPA on December
18, 2020.
On March
6, 2024,
finalized a rule
lowering
 the level of
the annual
24-hour PM2.5
standards for
fine PM
NAAQS from
12.0 ug/m3
to 9.0
ug/m3. The
more
 stringent NAAQS, requires new
SIPs to be developed
and filed with the
EPA, which may trigger additional control
 technology
for
or
coal-burning
facilities,
or
in
challenges
to
and
 expansion
efforts.
The
revised
NAAQs
has
been
challenged
by
participants
and
litigation
remains
 ongoing.
 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
 July 6, 2011,
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,
the
EPA
a
rule
update
that
of
nitrogen
 oxides
from
power
plants
in
twelve
states.
in
these
states
could
 adversely affect the demand for coal.

 On April 30, 2021, the 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, the
EPA
 found that
their projected
2021 emissions
do not
significantly contribute
to non-attainment
and/or maintenance
 problems in downwind states.
The remaining twelve states
were found to
contribute to the non-attainment and/or
 maintenance
problems
in
downwind
states.
The
EPA
indicated
that
it
would
issue
new
or
amended
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
of
legal
challenges,
the
EPA
 reaffirmed the
scientific, economic,
and legal
underpinnings
MATS
rule in
February 2023.
In May
2024,
 the EPA finalized even more stringent non-mercury metal surrogate filterable PM emission
standards for all coal-
 fueled electricity
generating plants
and new
mercury emission
for lignite-powered
units. This
rule is
 currently subject to ongoing litigation. The
more stringent regulations may increase the
cost of coal-fired electric
 power generation and negatively impact the demand for
coal.
 GHG Emissions
Standards and Guidelines.

 In 2014, the
EPA
proposed a sweeping
rule, known
as the "Clean
 Power Plan," to cut carbon emissions from existing electricity generating units, including coal-fired power
plants.
 Following
a
series
of
legal
challenges,
the
EPA
commenced
new
rulemaking
proceedings
in
October
2017,
 ultimately rescinding the Clean
Power Plan and finalizing
its replacement, the Affordable
Clean Energy,
or ACE
 rule, in
June 2019.
The ACE
rule establishes
emission guidelines
for states
to develop
plans to
address GHG
from
power
plants.
Like
its
predecessor,
the
ACE
rule
was
to
 litigation and was remanded to the EPA
for further action.

 On April
25, 2024,
the
EPA
a rule
that
(1)
repeals
the
ACE rule,
(2)
guidelines
for GHG
from
fossil-fuel
fired
steam
generating
EGUs,
(3)
finalizes
revisions
to
the
NSPS
for
GHG
from
new
and
reconstructed
fossil
fuel-fired
stationary
turbine
EGUs,
and
(4)
finalizes
 revisions to
the NSPS
for GHG
emissions from
fossil fuel
fired steam
generating EGUs
that undertake
a large
 modification.
The final rule requires widespread implementation of carbon capture and sequestration and use of

2024
 green
hydrogen.
The
new
rules
may
expenditure
to
develop
the
 necessary for compliance and could impact our customers
and future demand for coal.
 There have
also been
numerous challenges
permitting of
new coal-fired
power plants
by environmental
 organizations and state regulators for
concerns related to GHG emissions.
For instance, various state regulatory
 authorities have rejected the construction of new coal-fueled power plants based
on the uncertainty surrounding
 the potential costs associated with GHG emissions under future laws.
In addition, several permits issued to new
 coal-fueled power plants without GHG emission
limits have been appealed to the EPA's
Environmental Appeals
 Board.
A federal appeals court allowed a
lawsuit pursuing federal common law claims
to proceed against certain
 utilities on the basis that they may
have created a public nuisance due to
their emissions of carbon dioxide, while
 a
second
appeals
court
dismissed
a
case
on
procedural
grounds.
The
U.S.
Supreme
Court
 overturned that
decision in
June 2011,
holding that
federal common
law provides
no basis
for public
nuisance
 claims against utilities due to their carbon dioxide emissions.
The U.S. Supreme Court did not, however, decide
 whether similar claims
can be brought under
state common law.
As a result,
tort-type liabilities remain a
concern.

 To
the extent
that
these risks
our current
and prospective
customers,
they
may reduce
the
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, the EPA issued a final action finding that 15 states had failed to
submit SIPs
July 31,
2021 deadline.
Such failure
triggers a
two year
deadline for
to promulgate
a Federal
 Implementation
Plan
unless
the
states
submit
and
the
EPA
approves
a
SIP
that
meets
the
 requirements.
If states adopt SIPs with more stringent requirements,
demand for coal could be affected.
 New Source
Review,
or NSR.
 Pursuant to
NSR regulations,
stationary sources
of air
pollution must
obtain an
 NSR permit prior to beginning
construction of a new
"major" source of emissions
or a "major" modification
of an
 existing major source.
If a project
is determined to
trigger NSR, Prevention of
Significant Deterioration regulations
 require the project to implement Best
Available Control Technology
and/or Non-Attainment New Source Review
 Lowest Achievable Emission Rate control technology.
 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
 triggered
the
of
these NSR
Some of
these
lawsuits
have
been settled
with
the
owners
 agreeing to
install additional
emission control
devices in
their coal-fired
power plants.
In recent
years, the
EPA
 proposed and promulgated several revisions to its
NSR regulations and policies concerning NSR permitting.
For
in
2023,
the
EPA
a rule
that
would
sources
to
fugitive

 when determining if
NSR has been
triggered. Remaining litigation and
uncertainty around the NSR
program rules
 could impact demand for coal.
 Coke Oven Batteries and Coke Ovens.
 Coke Oven Batteries and Coke Ovens: Pushing, Quenching, and Battery
 Stacks are two source categories
regulated by the CAA. On
July 5, 2024, the EPA
finalized amendments to the
 emissions standards for Coke Ovens which lower the limits for leaks from doors, lids,
and offtakes, require fence
 line monitoring
for benzene
and impose
new emissions
for previously
unregulated
HAPs within
the
 category such as hydrogen
chloride, hydrogen fluoride,
and mercury.
These standards 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
U.S. CWA requirements
may directly
or indirectly
affect U.S. coal
 Water Discharge.

 The CWA and corresponding state laws affect coal mining operations by imposing restrictions
 on discharges of
wastewater into waters of
the U.S. through
the National Pollutant
Discharge Elimination System,
 or
NPDES,
or
an
equally
stringent
delegated
to
a
state
agency.
The
EPA
and
states
may
develop
 standards and
limitations for
certain pollutants,
including through
the technology-based
standard program
and
 water
standard
program.
These
restrictions
often
us
to
pre-treat
the
wastewater
prior
to
 discharging it. NPDES permits
require regular monitoring, reporting and
compliance with effluent limitations. New
CWA
and corresponding
state laws
may cause
us to
incur significant
costs
 that could adversely affect our operating results.

2024
 Dredge and Fill Permits.

 Many mining activities, such as the development
of refuse impoundments, fresh water
 impoundments,
refuse fills,
similar structures,
may result
in impacts
to waters
U.S., including
 wetlands, streams and, in certain instances, man-made
conveyances that have a hydrologic connection
to such
 streams or wetlands. Under the CWA, coal
companies are also required to obtain
a Section 404 permit from the
 USACE prior to
conducting certain mining
activities, such as
the development of
refuse and slurry
impoundments,
 fresh water impoundments,
refuse fills and
other similar structures
that may affect
waters of the
U.S., including
 wetlands,
streams
and,
in
instances,
man-made
conveyances
that
have
a
hydrologic
to
 streams or
wetlands. The
USACE is
authorized to
issue general
"nationwide" permits
for specific
categories of
 activities that are similar in nature
and that are determined to have
minimal adverse effects on the
environment.
 Permits issued
pursuant to
Nationwide Permit
21, or NWP
21, generally
authorize the disposal
of dredged and
 fill material from surface coal mining activities into waters of the U.S., subject to certain restrictions. Since March
 2007, permits
under NWP
21 were
reissued for
a five-year
period with
new provisions
intended to
strengthen
 environmental protections.
There must
be appropriate
mitigation in
accordance with
nationwide general
rather
than
less
restricted
state-required
mitigation
requirements,
and
holders
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
NWP 21.
 For many years, there has been uncertainty
surrounding the definition of the
"waters of the U.S." scope of
CWA
 jurisdiction. On
August 29,
2023, the
EPA and the
Department of
the Army
issued a
final rule
revising the
definition
 of "waters of the U.S. " under the CWA.
This rule conforms with the U.S. Supreme Court's
decision in Sackett v.
 Environmental Protection, 598 U.S. 651 (2023). The revised definition and the U.S. Supreme Court's
decision in
 Sackett narrow
agency
jurisdiction
under
the CWA.
due
to ongoing
litigation,
of
the
 revised definition has been 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
31,
2023
to
31,
2025.
On
May
9,
2024,
the
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, BA transport water, and combustion residual leachate at existing
 sources. These
rules may
increase costs
for many coal
-fired steam
electric power
plants and
may
 impact demand for coal.
 Surface Mining Control and Reclamation Act of 1977
 The
Surface
Mining
Control
and
Reclamation
1977,
SMCRA,
which
is administered
U.S.
 Office
of
Surface
Mining
Reclamation
and
Enforcement,
or
OSM,
establishes
operational,
and
 closure standards for all aspects of surface mining and
many aspects of underground mining in the U.S.

 Under the SMCRA, a
state may submit a
qualifying surface mining
regulatory scheme to the
OSM, and request
 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
and Mon
are
based,
has
adopted
qualifying
schemes
and
has
 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,
to
 perform inspections of
all surface
mining sites to
ensure state program
and mine
operator compliance with
 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);

2024
 •
financial assurance (SMCRA requires that mining companies post a bond sufficient to
cover the cost of
 reclaiming the site, and the bond is not released
until mining is complete, the land has been reclaimed
 and the OSM has approved the release);
 •
inspection and
enforcement (including the
issuance of
notices of
violation and
the placement of
a mining
 operation, its
owners and
controllers on
a federal
database known
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.
 The
for
coal
continues
to
be
the
of
increasingly
stringent
and
and
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
 $24.1 million as of
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 U.S. The proceeds are used
 to rehabilitate
lands mined
and left unreclaimed
prior to
August 3, 1977
and to pay
health care benefit
costs of
 orphan beneficiaries of the Combined Fund created by the Coal Industry Retiree Health Benefit Act
of 1992. The
 fee
can
periodically
based
on
in
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
Impact Statements or Environmental Assessments. As codified in the Fiscal Responsibility 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
in
January
2023
by
the
White
House
Council
on
Quality
 instructs
agencies
to
of
a
action,
both
GHG
and
reductions,
and
recommends
of
context
for
GHG
emissions,
such
as
 social cost of
GHG estimates.
It is possible
that future mining
permitting decisions
will require more
 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

2024
 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
under
RCRA.
On
19,
2014,
the
EPA
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
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 8, 2024, the EPA finalized
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 OSM.
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
to which
we, our
predecessors
or former
subsidiaries,
sent waste
materials, and
 (4) sites at which hazardous substances from our facilities'
operations have otherwise come to be located.
 Federal Mine Safety and Health Act of 1977
 The Federal Mine Safety and Health
Act of 1977, or the Mine
Act, which was amended by the
Mine Improvement
 and New
Emergency Response
2006, or
the MINER
Act, governs
federal oversight
of mine
safety and
 authorizes the U.S.
Department of Labor's
Mine Safety and
Health Administration,
or MSHA, to
regulate safety
 and health conditions
for employees working
in mines within
the U.S., and
to enforce various
mandatory health
 and safety requirements. The
Mine Act mandates four
annual inspections of underground coal
mines, two annual
 inspections
of
all
coal
mines,
and
inspections
in
response
to
employee
complaints
of
unsafe
 working
The
statute
and
its
also
mandate
miner
training,
mine
rescue
teams
for
all
 underground mines,
and involvement
of miners
and their
representatives in
health and
safety activities.
MSHA
 has
also
promulgated
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,
 implemented new
regulations regarding
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 of the MINER
Act, along with introducing
new proposed regulations
 and
For
the
second
phase
of
MSHA's
respirable
coal
mine
dust
rule
went
into
in
 February 2016 and requires increased 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.
On
April
18,
2024,
MSHA
a
final
rule
 concerning
respirable
crystalline
silica
that
lowers
the
permissible
exposure
limit
and
other
 measures such as exposure sampling and medical surveillance
.
 Black Lung (Coal Worker's Pneumoconiosis)
 The
Mine
Act
amended
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

2024
 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 December 2024, the Office of Workers' Compensation Programs finalized a rule making
certain reforms to the
 self-insurance process for coal mine operators.
 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
 Protection
and
Affordable
Care
Act
of
2010,
or
the
Affordable
Care
Act.
The
Affordable
Care
Act
introduced
 significant changes to
the federal black
lung program, including
an automatic survivor
benefit paid upon
the death
 of
a
miner
with
an
awarded
black
lung
claim,
and
a
rebuttable
presumption
with
regard
to
 pneumoconiosis
among miners
with 15
or more
years of
coal
mine employment
that are
totally disabled
by a
 respiratory condition. These changes could have
a material 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
audited
 Statements for further information on applicable insurance
coverage.
 Endangered Species Act of 1973
 The Endangered Species Act of 1973 governs the protection of endangered species in the U.S.
and requires the
 U.S.
of
the
Interior's
Fish
and
Wildlife
Service
and
the
National
Oceanic
and
Atmospheric
 Administration's
National
Marine
Fisheries
Service
to
formally
review
any
federally
authorized,
funded
or
 administered
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 affected
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
relations.
While
we
do
not
have
a
unionized
workforce
in
the
U.S.,
to
the
that
non-
 supervisory employees decide to seek representation or engage
in other protected concerted labor activities, the
 NLRA
and
the
rules
promulgated
by
the
National
Labor
Relations
Board,
or
NLRB,
set
the
parameters
for
 employees' and union activity and our
response. The NLRA applies to both
unionized and non-union workforces.
 Any employee
complaints related
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, NLRB
-
 promulgated rules regarding joint
employer status under the
NLRA clarified the basis
upon which contractors and
 vendors,
as
well
as
their
(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,
always the
possibility of
claims that
we
 are a joint employer with a contractor or vendor.
 Regulation of explosives
 Our surface
mining operations
are subject
to numerous
regulations relating
to blasting
 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
 storage
to
local
fire
authorities.
In
addition
to
ATF
regulation,
the
U.S.
of
Homeland
Security
 continues to evaluate a proposed ammonium nitrate security
program rule.

2024
 Available Information
 We
file
annual,
quarterly
and
and
other
documents
with
the
SEC.
The
can
any
 documents that we file with the SEC at
www.sec.gov.
We also make available free of charge
our Annual Report
10-K, Quarterly
Reports on
Form 10-Q,
Current Reports
8-K and
any amendments
to those
filed
or
furnished
to
13(a)
or
15(d)
of
the
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 on Form 10-K, unless expressly
 noted.

2024
 ITEM 1A.
RISK FACTORS.
 An investment
in our
is speculative
and involves
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.
unknown
risks
or risks
immaterial,
may also
 impair our business operations. You should carefully consider the specific risk factors discussed below,
together
 with the information contained in this Annual Report on Form 10-K, including
Item 7. "Management's Discussion
 and Analysis of Financial
Condition and Results of
Operations" and our Consolidated
Financial Statements and
 the related notes
to those statements
 included elsewhere in
this Annual Report
on Form 10-K.
If any of
the events
 or circumstances described below actually occurs,
our business, financial condition or
results of operations could
 suffer, and the trading price
of our securities could decline significantly in future
periods.
 Some of these principal risk factors include:
 •
 Concerns
about
the
of
coal
combustion,
on
issues,
are
in
regulation
of
coal
and
coal
in
many
 jurisdictions, which could adversely impact our financial
condition or results of operations;
 •
risks from
both the
global transition
to a
net-zero emissions
economy and
the potential
 physical impacts of climate change;
 •
 Our business may be materially
and adversely affected by the impact
on the global economy due
to, among
 other events, significant geopolitical tensions, including ongoing
civil unrest or wars, or pandemics
;
 •
 Our profitability
depends upon the
prices we
receive for
our coal.
Prices for
coal are
volatile and
can fluctuate
 widely based upon a number of factors beyond our control
;
 •
Demand for our Met coal is significantly dependent on the steel
industry;
 •
 We face increasing competition, which could adversely
affect profitability;
 •
Evolving tariffs,
and
other
restrictions
on
international
trade
may
to
 international markets and impact our ability to plan for
future investments;
 •
 If
for
our
coal
becomes
unavailable
or
uneconomical
for
our
customers,
our
to
sell
 coal could suffer;
 •
 Take-or-pay
arrangements within the coal industry could unfavorably
affect our profitability
;
 •
 A
in
the
or
in
costs
of
key
supplies,
commodities
and
 purchased components, such as diesel
fuel, steel, explosives and
tires could materially and
adversely affect
 our financial condition and results of operations
;
 •
 Defects
in
title
or
loss
of
any
interests
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
;
 •
 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
;
 •
incidents,
attacks
and
other
crises
or
disruptions
could
interrupt
or
disrupt
our
 information technology
or those
partners,
which could,
among other
 things, negatively affect our business, financial condition
and results of operations;

2024
 •
 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
ABL Facility,
debt, and
be forced
to take
other actions
to satisfy
our obligations
 under our debt, which may not be successful;
 •
 We
adjust
our
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
 •
 Risks related to
the Supply
Deed with Stanwell
may adversely
affect our financial
condition and results
of
 •
 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 adversely affected;
 •
 If
the
our
for
and
mine
closure
prove
to
be
 inaccurate, we could be required to expend greater amounts
than anticipated;
 •
 We
are
to
and
laws
and
that
could
have
a
 effect on our reputation and financial condition and results
of operations;
 •
 We could be negatively affected if we fail to maintain
satisfactory labor relations;
 •
 Our
may
the
or
cause
exposure
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.
 Sustainability Risks
 Concerns
about
the
of
coal
combustion,
on
issues,
are
in
regulation
of
coal
and
coal
in
many
 jurisdictions, which could adversely impact our financial
condition or results of operations.
 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
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
from
coal
consumption,
and
are
to
active,
pending
and
 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
,
limit and reduce emissions of GHGs.

 The Australian Federal Government
's Safeguard Mechanism
is a legislative framework
to incentivize emissions
 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.
The legislative
framework includes
credits to
provide an
incentive to
companies to
go below
 their baselines.

2024
 The
Federal
Government's
Mechanism
to
industrial
emitting
more
than
 100,000
tons
of
carbon
dioxide
equivalent
per
year,
in
electricity,
oil
and
gas
 manufacturing, transport and waste facilities.
 In
with
the
Mechanism,
has
a
production-adjusted
(intensity)
 baseline
for
covered
(Scope
1).
The
Currah
intensity
determination,
or
EID,
has
been
 calculated and approved by the Clean
Energy Regulator as EID = 0.0482 tCO2e
-
per ROM Mt. The EID adjusts
 over time
with 4.9%
and change
to an
specific intensity
factor
(0.653 tCO2e-
per ROM
Mt)
 year on year. The Company
has submitted an application for a multi-year monitoring period.

will
be
to
take
to
keep
its
net
Scope
at
or
below
the
baseline
reduction,
by
for
purchasing
SMCs
from
another
facility,
captured
by
the
 Mechanism, purchasing and surrendering ACCUs, or face
enforcement measures.
 The absence of regulatory certainty,
global policy inconsistencies and direct regulatory impacts
(such as carbon
 taxes or
other charges)
each have
the potential
to adversely
operations—either directly
or indirectly,
and customers.
At present,
we
are principally
focused on
Met
coal production,
which
 used
in
with
the
of
generation.
The
for
our
coal
may
be
if
or
focusing
on
GHG
reductions
are
 adopted, particularly if they directly or indirectly impact
the Met coal industry. The potential financial impact on us
 of such future legislation or regulations will
depend upon the degree to which any such
legislation or regulations
 force us or our customers to
diminish reliance on coal. That, in
turn, will depend on a number
of factors, including
 the specific
requirements imposed
by any
such legislation
or regulations
time periods
over which
such
or
would
be
phased
in.
Collectively,
these
initiatives
and
developments
could
in
 higher electricity costs to us
or our customers or lower
the demand for coal used
in electricity generation, which
 could adversely impact our business.
 We face risks from both the
global transition to a net-zero emissions economy and
the potential physical
 impacts of climate change.

 We face risks from both the global transition to
a net-zero emissions economy and the potential physical impacts
 of climate change.
Such risks
may involve financial,
policy,
legal, technological,
reputational and
other impacts
 as we meet various mitigation and adaptation requirements.
 The transition to a net-zero emissions economy is driven by
many factors, including, but not limited to, legislative
 and regulatory rulemaking processes, campaigns undertaken by non-governmental organizations to minimize or
 eliminate
the
use
of
coal,
and
the
sustainability-related
of
institutions
and
other
private
 companies. We have experienced, and may in the future experience, negative
effects on its results of operations
 due
to
the
specific
risks
as
a
of
such
factors:
generators
switching
from
coal
to
 alternative fuels,
when feasible;
increased costs
associated with
regulatory compliance;
unfavorable impact
of
 regulatory compliance
on supply and
demand fundamentals,
such as limitations
on financing or
construction of
 new
unfavorable
costs
of
and
to
and
due
to
the
 policies of
financial institutions;
disruption to
or markets
anti-coal activism
and litigation;
and
 reputational damage associated with involvement in GHG emissions.
 We and
our customers
may also
have to
invest in
carbon-capture, usage
and storage
technologies in
order to
 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
 to which
any such
laws, regulations
and developments
force the
market and
customers to
reliance on
 coal as a fuel source. Such developments could result in adverse impacts
on our financial condition or results of
 operations. See Item 1. "Business—Regulatory
Matters—Australia" and "Business—Regulatory Matters—United
 States."
 With respect to
the potential
or actual physical
impacts of climate
change, we
have experienced,
or may in
the
 future experience,
negative effects
on our results
of operations
due to the
following specific
risks as
a result of
 such factors: disruptions
to production
and transportation,
including as
a result of
extreme wet weather
events;
 disruption
to
water
vital
to
and
damage
to
our,
our
customers'
or
our
suppliers'
 equipment, or third-party
infrastructure, resulting
from adverse weather
conditions or
changes in environmental
 trends and conditions.
 Such risks from both the global transition to a net-zero emissions economy and the potential physical impacts
of
 climate change could result in adverse impacts on our
financial condition or results of operations.

2024
 In
times
of
drought
shortage
of
water,
our
and
at
 Curragh, could be negatively impacted if
the regulators impose restrictions on our
water offtake licenses
 that are required for water used in the CPPs.
 In Queensland,
all rights
use, control,
and flow
of water
are vested
state and
regulated under
the
 Water
Act
2000
(Qld).
Water
allocations
made
under
this
are
managed
by
operators,
such
as
 SunWater Ltd, who administer their supply
through designated schemes.
 For our
Mine, we
have
the
water
allocations
from SunWater
Ltd and
formalised
 delivery
agreements,
channel,
pipeline,
and
river
 agreements.
 The amount
of water
that is
available to
be taken
under a
water entitlement
will vary
from year
to year
and is
 determined by
water sharing rules
relevant catchment area.
These rules
will, for
example, state
a procedure
 for water supply scheme holders to calculate
the water available to an allocation holder,
based on available and
 predicted supply.
In situations
of severely
constrained supply
(such as during
a drought),
supply contracts
with
 the scheme operator generally provide for a
reduced apportionment, with certain uses (e.g., domestic use) being
 given higher
priority.
It is
possible that
during times
of drought
our water
offtake entitlements
in Australia
could
 be reduced. If
our water offtake
entitlement is reduced,
our operations would
have to recycle
more of the
water
 collected in
on-site dams
and former
mining pits,
from rainfall
and dewatering
activities, for
use in
 CPP.
This may
impact our
maintain current
production levels
without incurring
additional costs,
which
 could adversely impact our financial condition and results of
 Economic, Competitive and Industry Risks
 Our
may
be
and
by
the
on
the
economy
due
to,
 among
other
events,
geopolitical
tensions,
civil
unrest
or
wars,
or
 pandemics.
 Geopolitical tensions, including ongoing civil unrest and wars, and global
pandemics or widespread public health
 concerns can have
a significant impact
on global markets,
including influencing both
the supply and
demand of
 coal we sell into the export market and the cost or availability
of supplies we consume in producing our coal.

 For
are
continuing
to
volatility
and
disruption
with
geopolitical
 tensions and
the military
invasion of
Ukraine by
Russia. This
military conflict
has led
to ongoing
sanctions and
 other
penalties
being
levied
by
the
the
European
Union
and
other
Russia,
 including expansive bans on imports and exports of products
to and from Russia.

 In
international,
federal,
state
and
local
and
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
of
distancing
protocols
and
 restrict travelling
overseas or
borders (including
interstate), affecting
normal business
 practices
and
These
conflicts
or
pandemics
could
cause
disruptions
to
 manufacturing
and
chains
around
the
world.
The
and
duration
of
such
conflicts
or
 pandemics could lead to market disruptions,
including significant volatility in commodity
prices, such as the coal
 we sell and
diesel fuel we
purchase, instability in
the financial markets,
higher inflation, supply
chain interruptions,
 political and social instability as well as an increase in
cyberattacks and espionage.
 Our
profitability
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 contracts
with North American
customers are generally
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
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;

2024
 •
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;
 •
adverse weather conditions in
our markets that
affect our ability to
produce Met coal
or affect the demand
 for thermal coal;
 •
competition from other coal suppliers;
 •
technological advances affecting the steel production
process and/or energy consumption;
 •
the costs, availability and capacity of transportation infrastructure;
and
 •
the impact
of domestic
and foreign
governmental policy,
laws and
regulations, including
the imposition
 of tariffs, environmental
and climate change
regulations and
other regulations
affecting the
coal mining
 industry,
including regulations and measures introduced in response
to global pandemics.
continues to
be a
volatile commodity.
The demand
and supply
industry changes
from
 time
to
time.
There
are
no
assurances
that
oversupply
will
not
occur,
that
will
not
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
 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
of
 local coal production, particularly in the leading Met coal import countries of China and India, among others, and
 the
competitiveness
of
Met
coal
supply,
from
the
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 BFs for steel production. Met coal, specifically
high-quality HCC and low-volatile PCI, which is produced
 at
most
of
our
has
specific
and
chemical
properties,
which
are
for
efficient
BF
 operation. Therefore, demand for our Met
coal is correlated to demands of
the steel industry. The steel industry's
 demand for Met
coal is influenced
by a number
of factors, including:
the cyclical nature
of 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 demand
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 demand for
Met coal would be expected to decrease.
 Although conventional BF technology has been the most economic large-scale steel production technology for a
years, there
can be
no assurance
that over
the longer
term, competitive
technologies not
reliant on
 Met coal would not emerge,
which could reduce the
demand and price premiums
for Met coal. For
example, an
 alternative steelmaking
utilizing electric
arc furnaces
does not
use coal
as a
manufacturing input
and
 accounted
for
28.6%
of
steel
in
2023.
In
a
in
the
for
steel
would
the
for
Met
coal,
which
could
have
on
our
 We face increasing competition, which could adversely
affect profitability.
 Competition
in
the
coal
is
based
on
many
factors,
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.

2024
 The
consolidation
of
the
Met
coal
has
contributed
to
competition,
and
our
 competitive position may be adversely impacted by further consolidation among market participants or by further
 competitors entering
into and
exiting bankruptcy
proceedings under
a lower
cost structure.
Similarly,
 changes to international trade
agreements, trade concessions or other
political and economic arrangements may
 benefit coal
producers operating
in countries
other than
the United
States and
Australia. Other
coal producers
 may
also
develop
or
acquire
new
to
their
coal
which
may
our
 competitiveness.
Some
of
our
competitors
have
greater
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
on
port
and
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
 Evolving tariffs, regulations and other
restrictions on international trade
may impact our ability
to access
 international markets and impact our ability to plan for future
investments.
 The majority
produced by
Operations is
exported by
seaborne transportation
to
 steel producers
(primarily in
Asia). Met
coal produced
by our
U.S. Operations
is consumed
regionally by
North
 American steel
producers or
exported by
seaborne transportation
to steel
producers (primarily
in Asia,
Europe
 and South America).
 Our access to international markets may be subject to ongoing interruptions and trade barriers
due to policies of
 individual
countries,
and
the
actions
of
groups
to
restrict
the
or
of
 commodities. In
addition, the
export may
be subject
to tariffs.
For example,
during February
 2025 the Chinese government announced tariffs on coal imported from the U.S.
There can be no guarantee that
 additional tariffs,
import quota restrictions,
bans or other
trade barriers will
not be imposed
(whether as a
 of geopolitical
tensions or
for other
reasons) for
our products.
or may
not be
able to
access alternate
 markets for
our coal
should interruptions
and trade
barriers occur
in the future,
and we
unable to
pass
 the costs of tariffs on to our customers.
 An inability
for Met
coal suppliers
to access
international markets
may also
an oversupply
of Met coal
in a
in prices
curtailment
of
which
could
have a
 effect on our financial
condition and results of
operations. Additionally,
tariffs imposed by the
U.S. on the import
 of certain
steel products
may impact
foreign steel
producers to
the extent
their production
is imported
into the
 U.S. Future tariffs could also further reduce
imports of steel and increase U.S. Met coal
demand from U.S. steel
 producers. This
additional U.S.
demand could
be met
by reducing
exports of
from our
U.S.
 operations and redirecting that volume to domestic consumption.
 Restrictions on international trade, including tariffs established by the U.S. and retaliatory tariffs from key trading
 partners, may limit international trade
and adversely impact global economic conditions.
We cannot ascertain the
 impact, if
any,
that such
restrictions and
tariffs may
have on
demand for
our Met
coal. These
conditions could
continuing uncertainty
regarding our
access international
markets and
may limit
to
 plan for future investments, which could adversely affect
our financial condition and results of operations.
 If transportation for our coal becomes unavailable or uneconomical for our customers,
our ability to sell
 coal could suffer.
 Our mining operations produce coal, which is transported to customers by a combination of road, rail, barge and
 ship.

2024
 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
customers and
production costs.
As a
result, the
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
U.S. Operations
(and a
 corresponding increase in the proportion of coal purchased FOB).
 The delivery
produced by
our mining
is subject
to potential
disruption and
competition from
 other network
users, which
may affect
to deliver
our customers
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
 •
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.
 Take-or-pay arrangements within the
coal industry could unfavorably affect our profitability.
 Our
port
and
rail
via
for
 transport, currently with
Aurizon Operations and Pacific
National Pty Ltd,
to and export
from the Port
of Gladstone
 via two
main port terminals,
RGTCT and WICET. We may enter
into other take-or-pay
arrangements in the
future.
 Where we have entered into take-or-pay contracts, we will generally be required to pay for our
contracted port or
 rail capacity, even
if it
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, 2024.

2024
 A decrease in
the availability
or increase
in costs of
key supplies, capital
equipment, commodities
and
 purchased components,
such as diesel
fuel, steel,
explosives and
tires,
could materially
and adversely
 affect our financial condition and results of operations.
 Our mining operations require a reliable
supply of large quantities of fuel,
explosives, tires, steel-related products
 (including
roof
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 increase
s
significantly,
or if a
source
 for these
or
is unable
to
meet
our replacement
demands
our
profitability
could
be
 reduced or we could experience a delay or halt in our
 Prices for equipment, materials, supplies and employee labor contractor services increased during 2024. Similar
 to recent
years, long-term
inflationary pressures
may result
in such
prices continuing
to increase
more quickly
 than expected. Inflation increases costs for materials, labor and services, and
we may be unable to secure these
 resources on economically acceptable
terms or offset such
costs with increased
revenues, operating efficiencies,
 or
cost
savings,
which
may
our
condition,
of
liquidity,
and
cash
 flows.
 Our coal production and production costs can be materially and adversely impacted by unexpected shortages or
 increases in the costs of consumables, spare parts,
plant and equipment. For example, operation
of the thermal
 dryer located at
the CPP at
Buchanan is dependent
upon the delivery
of natural gas
and there is
currently only
 one
natural
gas
supplier
in
the
area,
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.
 Defects in
title or
loss of
any leasehold
interests in
our properties
could limit
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, 2023 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
interests
in
where
we
have
not
commenced
 operations during the term of the lease.

2024
 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
coal sector.
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,
the Surface
Mining Control
and Reclamation
Act, or
SMCRA, require
 that certain environm
ental standards
be met
before a
permit is
issued. The
public, including
non-governmental
 organizations,
anti-mining
and
other
activist
groups
and
individuals,
have
statutory
to
comment
 upon and
submit objections
to requested
permits and
environmental impact
statements. These
comments are
in
with
processes,
and
the
may
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
states where we
operate, applicable laws
 and regulations also provide
that a mining permit
or modification can, under
certain circumstances, be
delayed,
 refused or revoked if
we or any entity
that owns or controls
or is under common
ownership or control with
us 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. The
permitting required
for coal
mining continues
to be
the subject
of increasingly
stringent regulatory
 and
and
activism
and
litigation
by
groups.
If
this
trend
 continues, it could
materially and adversely
mining operations,
development and expansion
and cost
 structures,
the transport
of
coal and
our
customers'
to use
coal
produced
by our
mines, which,
in
turn,
 could have a material adverse effect on our financial
condition and results of operation.
 In particular,
certain of
our activities
require a
dredge and
fill permit
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 January 2023, the USACE and
EPA issued a rule
amending the definition of
 "waters
of
the
States."
As
a
of
the
States
Supreme
Court
in
 Sackett
v.
EPA
 effectively invalidating
parts of the
January 2023 final
rule, the agencies
revised the rule
in August 2023,
which
 became effective
in September
2023. The
September
2023 final
rule narrowed
the bodies
of water
 Section 404 permits, providing some
clarity on the scope of the CWA.
 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 2022 nationwide permit
program was reissued in
 January
2021
and
2021.
If
we
are
unable
to
use
the
nationwide
and
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.

2024
 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;
 •
cyberattacks or
other cybersecurity
incidents that
could disrupt
systems we
rely on
 and
 •
other 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
have a
material adverse
on our
financial condition
 and results of operations.

2024
Operations are
concentrated in
a small
mines in
the CAPP
two
open
cut
mines
(Curragh
North
and
South)
and
one
mine
(Mammoth
 Underground) in the Bowen
Basin of Australia. As
a result, the effects
of any of these
conditions or events
may
 be
exacerbated
and
may
have
a
disproportionate
on
our
of
and
assets.
Any
such
 operational
or
could
also
in
disruption
to
key
(including
 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
and results of operations.
 Potential changes to our portfolio of assets through acquisitions and divestments may have an adverse effect on
 future results
of operations
and financial
condition. From
time to
time, we
may add
assets to,
or divest
 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
Annual Report
10-K and
in other
 that
we
are
to
file
with
the
SEC
may
be
than
our
of
and
as
 reported in our ASX disclosures.

2024
 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:
 •
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
 costs, our financial condition and results of operations
may be materially and 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
termination
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.

2024
 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.
 Our inability to replace or
repair damaged or destroyed
equipment or facilities in
a timely manner could
 materially and adversely affect our financial condition
and results of operations.
 We depend on several
major pieces of mining
equipment and facilities to
produce and transport coal,
 but
not
to,
longwall
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.
 We manage our business with a number of key personnel, the
loss of whom could affect our future performance,
 absent the completion of an orderly
transition. In addition, we believe that
our future success will depend on
our
to
attract
and
retain
highly
skilled
and
in
tight
labor
markets,
with
experience.
While
we
have
into
employment
with
a
of
key
 personnel in Australia and the United States,
we cannot provide assurance that key personnel will continue
to be
 employed or that we will be
able to attract and retain qualified
personnel in the future. Failure
to retain or attract
 key personnel could have
a material adverse effect on
our business, financial condition and
results of operations.
 We may not have adequate insurance coverage
for some business risks.
 We have insurance coverage for certain
operating risks that provide limited
coverage for some potential liabilities
 associated with our
business. As
a result of
market conditions, premiums
and deductibles for
certain insurance
can
substantially,
and
in
some
instances,
insurance
may
become
unavailable
or
 available only for reduced amounts of coverage. As a result, we may not be able
to renew our existing insurance
 policies or
procure
other
desirable
insurance
on commercially
terms,
if at
all. In
we
may
 become subject
to liability
(including in
relation to
pollution, occupational
illnesses
or other
hazards),
or suffer
 loss resulting from
business interruption, for
which we are
not insured (or
are not sufficiently
insured) or cannot
 insure, including liabilities in respect of past activities.
 Should we suffer a
major uninsured loss, future
financial performance could be
materially and adversely affected.
 In addition, insurance
may not continue
to be available
at economically acceptable
premiums or coverage
may
 be reduced. As a result, the
insurance coverage may not cover
the full scope and extent of claims
against us or
 losses we
may incur.
The occurrence
of a
adverse event
not fully
or partially
covered by
insurance
 could have a material adverse effect on our financial

2024
incidents,
attacks
and
other
crises
or
disruptions
could
interrupt
or
disrupt
our
 information technology systems,
or those
third-party business partners,
which could, among
other
 things, negatively affect our business, financial
 Our business may be impacted by cybersecurity incidents, cyberattacks, system failures and other cybersecurity
 threats to our
information networks
and systems,
as well as
those of our
third-party business
partners, and
the
 information stored on those
networks and systems.
Strategic targets, such
as energy-related assets,
may be at
 greater risk
of cybersecurity
incidents, attacks,
and threats
than other
targets in
the United
States or
 Cybersecurity incidents and similar attacks vary in
their form and can include
the deployment of harmful malware
 or ransomware, denial-of-services attacks, and other attacks,
which may affect business continuity and threaten
 the
availability,
confidentiality
and
integrity
of
our
and
incidents
can
also
 include fraud, phishing
or other social
engineering attempts or
other methods to
cause confidential information,
 payments,
account
or
credentials,
or
other
data
to
be
transmitted
to
an
unintended
recipient.
threat
actors
also
may
attempt
to
exploit
vulnerabilities
software
software
 commonly
used
by
in
cloud-based
and
bundled
software.
We
have
experienced
threats
and
incidents
that
have
not
our
strategy,
of
 operations or financial condition.
Although we maintain a cyber insurance policy, there is no guarantee that such
will
be
to
address
and
damages
we
may
incur
in
with
a
 cybersecurity incident
or that
such coverage
will continue
to be
available on
commercially reasonable
terms or
 at all.
It is
possible that
any such
occurrences could
have a
material adverse
on our
business, financial
a disruption
in, or
failure of,
our
technology,
or IT,
or those
of
our third-party
 business partners, and the information store on those
networks and systems could adversely affect our business
 operations and financial
performance. We
rely on the
accuracy,
capacity and security
of our IT
systems for
the
 operations of many of our
business processes and to
comply with regulatory,
legal and tax requirements.
While
 we
some
of
our
critical
IT
we
are
also
dependent
on
third
to
important
IT
to,
among
other
human
resources,
electronic
communications
and
finance
 functions. Despite the security measures
that we have implemented, including
those related to cybersecurity, our
 systems or third-party systems on which we rely could be breached,
disrupted or damaged by computer viruses,
 natural or manmade incidents,
accidents, or failures, or
disasters or unauthorized physical
or electronic access.
 Though we have
controls in
place, we cannot
provide assurance
that cybersecurity
incident or similar
attack or
 failure will not occur.

 Furthermore, we may
have little or
no oversight with
respect to security
measures employed by
third-party service
 providers, which may ultimately prove to be
ineffective at countering threats.
We do not have any indication that
 any risks from cybersecurity threats have had, or are reasonably likely to have, a material effect on our business
 strategy, results
of operations or financial condition.

 Failures
of
our
IT
caused
maliciously
or
inadvertently,
may
in
the
disruption
of
our
 business processes, the unauthorized release of sensitive, confidential or otherwise protected information or the
 corruption of data, which could
adversely affect our business
operations and financial performance.
We may be
 required to
incur significant
costs to
protect against
and remediate
the damage
caused by
such disruptions
or
 system failures
in the future.
A cybersecurity
incident relating
information or
systems or
that of our
third-
 party business partners,
or any failure
by us or
our third-party
business partners to
effectively address,
enforce
 and maintain our information
technology infrastructure and cybersecurity
requirements may result
in substantial
 harm
to
our
strategy,
of
and
condition,
major
disruptions
to
 business operations,
loss of
intellectual property,
release of
confidential information,
alteration or
corruption of
 data or systems, costs related to remediation or the payment of ransom, and litigation including individual claims
 or consumer
class
actions, commercial
litigation,
administrative,
and civil
or criminal
investigations
or actions,
 regulatory intervention and sanctions or fines, investigation
and remediation costs and negative publicity.
 Financial and Strategic Risks
 The loss
of, or
significant reduction
in, purchases
by our
largest customers
could adversely
 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
factors,
 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.

2024
 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
2024, our
top ten
customers comprised
73.7% of
our total
revenue and
our
 top five customers comprised
54.6% of our total revenue. For the year ended December
31, 2024, sales to Tata
 Steel and
JFE represented
20.1% and
11.4%,
total revenue.
The majority
sales are
 made on
a spot
basis or
under contracts
with terms
of typically
one year. The
failure to
obtain additional
 or
the
loss
of
all
or
a
portion
of
the
to
any
as
a
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
or
in
fewer
sales
being
executed,
which
could
and
our
 financial condition and
results of operations.
For certain of
our large
customers in Australia
who have
not provided
 letters of credit or
other forms
of security,
we maintain an insurance
policy to cover any
failure in payment. This
 insurance coverage, however,
may not cover the full scope
and extent of losses we
may incur as the result
of a
 payment default or otherwise.

 If a customer
does not
pay amounts
due in
a timely
manner,
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
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 ABL Facility,
and other debt, and we may be forced to take other actions to satisfy our obligations
 under our debt, which may not be successful.
 As
of
31,
2024,
we
had
$400.0
of
our
senior
notes
 outstanding due
2029. As
the
credit sublimit
had
been partially
used to
issue
 $21.4 million
of bank
guarantees
on behalf
and no
were drawn
under
the revolving
 credit sublimit of the
ABL Facility.
31, 2024, the
available borrowing capacity
under this facility
 was $128.6 million.

 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.

2024
 For
on
30,
2024,
we
an
agreement,
or
the
Waiver
with
the
 Administrative Agent (as defined below)
under the ABL Facility to
temporarily waive the Company's
 with the ABL
Facility's interest
coverage ratio covenant
between December 31,
2024 to March
30, 2025, or
the
 waiver period. Pursuant to the Waiver
Agreement, we will be required to maintain an aggregate
cash balance of
 at
least
$100.0
in
one
or
more
with
the
Lenders
(as
below),
or
the
Cash
 Covenant, until such
time that we
submit a covenant
compliance certificate
to the Lenders
pursuant to the
ABL
which
demonstrates
that
we
are
in
with
the
ratio
covenant.
The
Cash
 Balance Covenant applies from the time
we submit the covenant compliance
certificate for December 31, 2024,
 which is anticipated to be on or after February 19, 2025.

 an event of default under
the terms of the ABL
Facility and 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
any
and/or exercise
any
 remedies
and
other
under
the
.
There
is
no assurance
that
we
will
be
able
to
negotiate
an
 amendment that
will provide
for modified
covenant levels
can satisfy,
or that
be able
 additional waivers to the ABL Facility if and when required.
 Our
level
of
indebtedness
could
have
further
consequences,
but
not
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
that are
not as leveraged
and that may
be better positioned
 to withstand
economic downturns,
limiting our
flexibility to
plan for,
or react
to, changes
in our
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
potentially
could
have
a
on
our
of
profitability,
 stockholders' equity and capital structure.
 We
adjust
our
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 that we
may need
to raise additional
debt or
equity funds
future. Our ABL
Facility and operating
 cash flows may not be adequate to fund our ongoing capital requirements, for any future acquisitions or projects
 or to
refinance our
debt. There
is no
guarantee that
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
financing
could
cause
delays
or
abandonment
of
 development plans and have a material adverse effect
on our business, operations and financial condition.
 In
recent
years,
institutions,
managers
and
insurance
globally
have
 responded to pressure
to take actions
to limit or
divest investments in,
financing made available
to, and insurance
for,
the
of
new
power
plants
and
coal
miners
that
derive
 from thermal coal
sales. For example,
some financial institutions
have publicly announced
that they would
stop
 funding new
projects or
would otherwise
reduce their
overall lending
to coal
producers. These
or
may
the
coal
generally,
our
to
and
 markets in the future, our costs of capital and the future
global demand for coal.

2024
 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
maintenance
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
have access
to sufficient financing
to continue
 our
exploration,
and
at
or
above
our
present
levels
and
on
our
 current or projected
timelines, and we
may be required
to defer all
or a portion
of our capital
expenditures. Our
of
and
may
be
and
if
we
cannot
 make such capital expenditures.
 To
fund our
capital expenditures,
be required
to use
cash from
our operations,
incur debt
or issue
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
our
If
cash
flow
generated
by
our
the
undrawn
 capacity under our committed
debt facilities are insufficient
to meet our capital
requirements and we are
unable
 to access
the capital
markets on
acceptable terms
or at
all, we
could be
forced to
curtail the
expansion of
our
 existing mines and the development of
our properties which, in turn, could
lead to a decline in
our production and
 could materially and adversely affect our business,
 Risks
to
our
in
WICET
may
our
and
of
a minority
interest in
WICET Holdings
Pty Ltd,
whose wholly
owned subsidiary, WICETPL, owns
WICET.
 Other coal producers
who export coal through
WICET also hold shares
in WICET Holdings
Pty Ltd. In addition,
 we and the other coal producers (or shippers)
have evergreen, ten year take-or-pay
agreements with WICETPL
 and pay a terminal handling charge
to export coal through WICET,
which is calculated by reference
to WICET's
 annual operating costs, as well as finance costs associated with
WICETPL's extern
al debt facilities.
 Under our WICET Take
-or-Pay Agreement, Curragh's export capacity
is 1.5 MMtpa and we are obligated to pay
 the terminal handling
charge for
this capacity,
whether utilized
or not. The
terminal handling
charge calculation
 is based on total operating and finance costs of WICET
PL being charged to contracted shippers in proportion
to
 each shipper's contracted
capacity. Under the terms of the WICET
Take
-or-Pay Agreement the terminal handling
 charge payable
by us
can be
adjusted (increased
or decreased)
by WICETPL if
WICETPL's operating and finance
 costs change, or if a contracted shipper defaults on its take-or-pay agreement obligations and has its contracted
to
nil.
Under
the
terms
of
the
WICET
Take
-or-Pay
there
is
a
limit
of
how
much
 WICETPL
can
charge
us
for
recovery
of
its
finance
referred
to
as
a
finance
cap.
Since
WICET
began
 operating in
April 2015,
five WICET
Holdings Pty
Ltd shipper-shareholders
have defaulted
on their
 under their respective
take-or-pay agreements
and subsequently
had those agreements
terminated. The
 of these
terminations is a
decrease in
the aggregate contracted
tonnage at
WICET from
27 MMtpa to
13.9 MMtpa.
 Given the
finance cap
(which
has been
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
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
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
 WICETPL's
total external
debt (which
is based on
the proportion
that our contracted
tonnage bears
to the total
 contracted
tonnage
at
WICET
when
the
is
triggered)
and
ten
years
equivalent
terminal
charges
at
the
prevailing
rate
at
the
time
that
the
termination
falls
due.
We
have
 security to
WICETPL in
the form
of a
bank guarantee,
the amount
of which
is required
to cover
our estimated
 liabilities as a shipper under the WICET Take
-or-Pay Agreement for the following twelve-month period.

2024
 In the event
of WICETPL defaulting
on its external
debt obligations,
external lenders
to WICETPL
may enforce
 their rights to the security over
the assets of WICET and appoint
a receiver to take steps to
recover outstanding
 debt. The external
lenders do not
have direct recourse
to the shippers
to recover outstanding
debt and shipper
 take-or-pay agreements would remain on foot and access
to the port would continue to be available to us.

 In the
event of
a permanent
cessation of
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
adversely affect
our financial condition
and results
has an
ACSA, as
amended from
time to
time, with
to supply
 Power
Station.
The
ACSA
restricted
from
the
SRA
which
was
reserved
for
the
benefit
of
 Stanwell and could
not be mined
without Stanwell's
consent. Under the
ACSA, in addition
to supplying thermal
 coal at
a price
below the
cost to
Curragh of
processing the
coal, Coronado
pays certain
rebates to
 Stanwell on Met coal exported from certain parts of Curragh, which represents the deferred purchase cost of the
 right to
mine some
areas at
Curragh. Our
supplying coal
to Stanwell
has been
continue to
be
 greater than the price paid by Stanwell.

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

 Coronado 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 $285.1 million (A$458.5 million)
as of December 31, 2024.
 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 $48.9
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
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
financing
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 and adversely affected.
 In
Australia,
the
Provisioning
Act
amended
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)."

2024
 Mine closures entail substantial costs. If we prematurely close one or more of our mines, our operations
 and financial performance would likely be adversely
affected.
 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
facility
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
21,
2021,
 operations at our Curragh mine were temporarily suspended after an employee was fatally injured while working
dragline
Immediately
an
incident
on
May 31,
2024
when
an employee
was
fatally
 injured while working in the Company's Buchanan
underground mining complex located in Virginia
in the United
 States, the Company temporarily ceased operations
at its Buchanan mine to assist in the investigation.
 We could also be required to close or discontinue
operations at particular mines before the end of their
mine life
 due
to
geological,
geotechnical,
commercial,
leasing
or
other
issues.
Such
closure
or
 discontinuance
of
could
in
closure
and
rehabilitation
expenses,
employee
 redundancy
contractor
demobilization
costs
and
other
costs
or
loss
of revenues.
If
and
when
incurred,
 these closure and rehabilitation
costs could exceed our
current estimates. If one
or more of our mines
is closed
 earlier than anticipated,
we would be
required to fund
the reclamation and
closure costs
on an expedited
basis
 and
potentially
lose
and,
for
some
of
our
pay
for
that
we
no
 longer use,
which
would
have
an
on
our operating
and
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.
 If the
assumptions underlying
our provision
for reclamation
and mine
closure obligations
prove to
be
 inaccurate, we could be required to expend greater
amounts than anticipated.
 The EP Act and
the SMCRA establish
operational, reclamation and
closure standards for
all aspects of surface
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
and
 mine-closing liabilities totaled $164.8 million as of December 31, 2024, based upon permit requirements and the
 historical
at
our
and
depend
on
a
of
variables
involving
and
 estimation and therefore may be subject to
change, including the estimated future asset retirement costs
 timing of such
costs, estimated proven
reserves, assumptions involving third-party contractors, inflation
rates and
 discount rates. If
these accruals are insufficient or
our liability in a
future year is greater
than currently anticipated,
 our
and
position
could
be
affected.
See
Item 7.
"Management's
 Discussion
and
Analysis
of
Condition
and
Results
of
Operations—Critical
Policies
and
 Estimates."
 We are subject to foreign exchange risks involving
certain operations in multiple countries.
 Losses sustained
from adverse
movements in
exchange rates
can impact
our financial
 and financial position and the level of additional funding required to support our businesses. Our financial results
 are reported in US$ and
certain 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$.
In
exposures
arise
in
to
coal
contracts,
procurement
of
plant
and
and
debt,
which
may
be
priced
in
A$
or
other
 currencies other than US$.
 The impact of currency exchange rate movements will vary depending on factors such as the nature, magnitude
 and duration
of the movements,
the extent
to which
currency risk
is hedged under
forward exchange
 or other hedging instruments and the terms of these contracts. We may enter into forward exchange
contracts to
 hedge a portion of our
foreign currency exposure of
our Australian Operations from
time to time. The unhedged
 portion of our non-US$
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
to
rate
risk
in
to
variable-rate
bank
balances
and
variable-rate
 facilities, such
ABL Facility.
Our interest
rate risk primarily
arises from
fluctuations in the
Secured Overnight
 Financing
Rate,
or
SOFR,
and
the
Bank
Bill
Swap
Yield,
or
BBSY,
in
to
U.S.$-
and
A$-
 denominated borrowings, respectively. Our lending rates may increase in the future as a result of factors beyond
 our control and may result in an adverse effect on
our financial condition and results of operations.

2024
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 reference rates.

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.
 Further,
unexpected
costs
and
challenges
may
arise
whenever
businesses
with
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
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
to
generate
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
to
distribute
cash
to
us
will
also
be
to,
among
other
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.

2024
 Legal, Compliance and Regulatory Risks
extensive health
and safety
laws and
regulations that
could have
 effect on our reputation and financial condition
and results of operations.
 We are subject to extensive laws and regulations governing health and safety at coal
mines in the United States
 and Australia. As a
result of increased stakeholder focus on
health and safety issues (such
as black lung 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
21,
2021,
at
our
mine
were
temporarily
 suspended after an employee was fatally injured while working in the dragline operations. In relation
to the latter
 incident,
the
disclosed
on
14, 2024,
that
the
Office
Work
Health
and
Prosecutor
had
proceedings
the
subsidiary
Pty
Ltd
as
 operator, whereby Coronado Curragh Pty
Ltd is charged
with an offence
contrary to Section
34 of the
Coal Mining
 Safety and Health
Act 1999 (Qld).
Immediately following
an incident on
May 31,
2024, when
an employee
was
 fatally injured while working
in the Company's Buchanan
underground mining complex
located in Virginia in
the
 United States,
determined to
temporarily cease
operations at
its Buchanan
mine to
assist in
the
 investigation. If further serious safety incidents occur at any of our mining facilities in the future, it
is possible that
 a regulator might
impose a range
of conditions on
re-opening of a
facility, including requiring capital expenditures,
 which could have a material adverse effect
on our reputation, financial condition and results of operations
.
 For
about
the
affecting
us,
see
 Matters—Australia" and "Business—Regulatory Matters
—United States."
 We could be negatively affected if
we fail to maintain satisfactory labor relations.
 Relations with
our employees
and, where
applicable, organized
labor are
important to
our success.
Enterprise
 bargaining and other disputes between us and our employees or disputes affecting our contractors may result in
 strikes or uncompetitive work practices.
 As of
2024, we
had 1,951
employees.
as of
2024, there
were 1,790
 contractors
 supplementing
the
permanent
workforce,
at
Curragh.
As
of
31,
2024,
10.1%
total employees,
all at
our
Australian Operations,
were represented
by organized
 labor unions and
covered by the EA.
This EA has
a four-year expiration date
and will remain
in place by
 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
exposure
to
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
and generation
of hazardous
waste.
A number
of laws,
 including, in the United States,
the CERCLA or Superfund,
and the RCRA, and in
Australia, the EP Act, impose
to
contamination
by hazardous
substances.
Furthermore,
the
use
of
and
 generation of hazardous and other
waste may subject us to
investigation and require the clean-up
of soil, surface
 water, groundwater and other
media.

2024
 Mining
process,
blasting
and
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
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.
Coronado has four
refuse areas
throughout our
U.S. mining
properties.
 Only one area is a slurry impoundment. One refuse area utilizes a slurry cell system, that is designed to limit the
 amount of slurry
that is
subject to a
problematic release. Two of
the refuse areas
utilize a combined
refuse system
 and do not impound slurry. The one slurry impoundment overlies mined out areas, which can pose a heightened
 risk of
failure. The
presence of
the mined
out works
is incorporated
into the
design of
this impoundment.
If our
 impoundment
or
any
of
the
other
refuse
areas
were
to
fail,
we
could
be
to
substantial
claims
for
the
 resulting environmental contamination and associated liability,
as well as for related fines and penalties.

 Changes in and
compliance with government policies,
or legislation may
adversely affect our
 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. In addition,
judicial decisions limiting
the authority of
regulatory agencies,
or
impacting
and
by
such
agencies,
could
create
 regarding the regulatory landscape and impact the Company's
ability to plan for future investments.
 These laws and regulations,
particularly new legislative or
administrative proposals (or
judicial interpretations of
 existing laws and
regulations), could result in
substantially increased capital, operating
and compliance costs and
 could have
adverse effect
on our
customers' ability
to use
our products.
Due in
 part to
the extensive
and comprehensive
regulatory requirements,
along with
changing interpretations
of these
 requirements, violations of applicable federal, state and local laws
and regulations occur from time to time in the
 coal industry
and
minor violations
have occurred
and
our U.S.
 past.

2024
 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
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
 reduce customer demand for or
increase the price of coal,
our operating results may
be detrimentally impacted.
 For
about
the
affecting
us,
see
 Matters—Australia" and "Business—Regulatory Matters
—United States."
 We
are
to
forms
of
taxation,
which
imposes
costs
on
us,
and
and
developments
could
those
costs
or
limit
our
to
produce
coal
 competitively.
 Federal,
state
or
local
authorities
in
nearly
all
the
coal
 impose various
forms of
taxation
on coal
producers,
including production
taxes,
sales-related
taxes,
royalties,
 stamp duty, environmental
taxes and income taxes.

 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;
 •
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."

2024
 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
States
or
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
 the United
States Patent
and Trademark Office
and comparable agencies
in many
foreign jurisdictions
may permit
 third parties to oppose pending trademark
applications and to seek to
cancel registered trademarks. If opposition
 or
cancellation
proceedings
are
filed
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
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,
 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 beneficial
to
our stockholders.
Provisions
of
our certificate
of
incorporation
and
 bylaws impose
procedural and
other requirements
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.
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
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.

2024
 Our
of
incorporation
limits
the
personal
of
our
for
breaches
of
 fiduciary duty.
 Our
of
incorporation
and
bylaws
limiting
the
personal
of
our
for
 breaches
of
fiduciary
duty
under
the
DGCL.
Specifically,
our
of
incorporation
contains
 limiting
a
director's
personal
to
us
and
our
stockholders
to
the
fullest
permitted
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.
 Coronado Group
LLC and
the EMG
Group have
influence over
us, including
control over
 that
the
approval
of
stockholders,
which
could
limit
the
of
other
stockholders
to
influence
the
 outcome of stockholders votes.
 As of
2024, the
EMG Group
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
Group LLC,
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
of control
 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.
 Further, pursuant to
the terms of the Series A
Share, Coronado Group and the
EMG Group or its successors
or
 permitted
assigns,
as
the
beneficial
owner
of
the
Series A
Share,
at
its
option,
will
have
the
to
elect
a
 specified number of directors, or the Series A Directors, based on
the EMG Group's aggregate level of beneficial
 ownership of shares
of our common
stock. For more
details on the
ability of Coronado
Group and the
EMG Group
 to elect Series A Directors, as
well as the rights of
stockholders to participate in the removal of
any such Series
 A
 Directors,
see
Item 5.
"Market
for
Registrant's
Common
Equity,
Related
Stockholder
Matters
and
Issuer
 Purchases of Equity Securities."
 Moreover, the
EMG Group's beneficial
ownership of shares of
our common stock may
also adversely affect
the
 price of our
common stock
to the extent
equity investors
perceive disadvantages
in owning common
stock of a
 company with a controlling stockholder.
In addition, the EMG Group
is in the business of making
investments in
 companies and may, from time to time, acquire interests in businesses that directly or
indirectly compete with us,
 as well as businesses of our existing or potential significant
customers. The EMG Group may acquire or seek
to
 acquire assets that
we seek to
acquire and, as
a result, those
acquisition opportunities
may not be
available to
 us or
more expensive
for us
to pursue,
and as
a result,
the interests
EMG Group
may not
align
 with the interests of our other stockholders.
 The EMG Group has the
right, subject to certain conditions, to
require us to cooperate in
a sale of shares
 of our common stock held by it (including in the form
of CDIs) under the Securities Act.
 Pursuant to the Registration
Rights and Sell-Down Agreement,
dated as of September 24,
2018, between us and
Group LLC,
or
the
Registration
Rights
and
Sell-Down
(or
its
 successors
or
permitted
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."

2024
 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
EMG Group
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.
over
is
a
to
the
reliability
of
and
the
of
in
with
 generally accepted accounting principles in the United
States, or U.S. GAAP.

 During the course of the preparation of our financial statements,
we evaluate and correct any deficiencies in
our
 internal controls over
financial reporting. If
we fail to
maintain an effective system
of disclosure or
internal controls
 over financial
reporting, including
satisfaction of
the requirements
of Section
404 of
the Sarbanes-Oxley
 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
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
 are subject to continuous compliance requirements under relevant Australian laws and regulations, including the
 listing rules
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.

2024
 As a U.S.
public company, we are subject
to the reporting
requirements of the
Exchange Act, the
Sarbanes-Oxley
 Act
of
2002,
the
Dodd-Frank
Wall
Street
Reform
and
Consumer
Protection
Act
of
2010
and
other
 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
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.
 The choice of
forum provision may limit
a stockholder's ability
to bring a claim
against us or our
directors, officers,
 employees or
agents in
a forum
that it
finds favorable,
which may
discourage stockholders
from bringing
such
 claims
at
all.
Alternatively,
if a
court
were
to
find
the
choice
of forum
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
and
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
stockholders for shares of our common stock.

2024
 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;
 •
new or changes in government laws or regulations;
 •
potential or actual military conflicts or acts of terrorism;
 •
new or changes in accounting principles;
 •
announcements concerning us or our competitors;
 •
changes in government policy,
legislation or regulation;
 •
inclusion of our securities in or removal from particular market
indices (including S&P and ASX indices);
 and
 •
the nature of the markets in which we operate,
including adverse weather conditions.
 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,
or other
man-made
or
 natural events.
 Stock markets have
experienced extreme price
and volume fluctuations
in the past
that are
often disproportionate
 or
unrelated
to
the
of
companies.
There
can
be
no
guarantee
that
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.
 The payment of dividends and repurchases of our common stock are dependent on a number of factors,
 and future
dividend payments
and repurchases
cannot be
assured and
are within
the discretion
 Board of Directors.
 The
of
in
of
our
stock
is
by
several
factors,
our
 profitability,
retained earnings,
capital requirements
and free
cash flow,
as applicable
covenants under
 the Indenture (as defined below) governing our senior secured notes and covenants under the ABL Facility.
Any
dividend
will
be
by
and
declared
at
the
discretion
of
our
Board
of
 considering the factors above,
among others. There is no guarantee that
any dividend payments will be paid,
or
 repurchases will be made, by
us in the future,
or if paid, paid at previous
levels. From time to time,
our Board of
 Directors may also cancel previously announced dividend
payments.

2024
 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
 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 to personnel covering email
security,
password security,
data handling security,
enterprise resource
 planning systems and cloud security.

 Coronado's cybersecurity
risk management
is integrated
into its Group
risk management
processes, which
are
 governed
by
the
Group
Risk
Management
Framework
and
Risk
Management
Policy.
The
Risk
Management
 Framework and Risk Management Policy outline:

Risk management responsibilities;

Risk assessment frequency;

Risk assessment criteria (likelihood and consequence);

The requirement to implement internal controls; and

The level within the organization risk assessments are
to be performed.
 Certain key controls 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,
obtains
on
the
 effectiveness
of
key
vendor
controls.
uses
third
to
conduct
 penetration testing at Coronado's U.S.
and Australian operations. In 2023,
Coronado created the Digital Advisory
 Committee,
or
Committee,
which
is
chaired
by
the
Vice
of
Technology.
As
part
of
 Coronado's processes to
 oversee and identify

cybersecurity threats associated with its use of

 providers, the Committee is tasked
with reviewing new software requests
from Coronado's various divisions. The
 Committee is
comprised of
business systems,
plant and
operational personnel
from both
Coronado's U.S.
and
 Australian operations.

 As of
the filing
of this
Annual Report
10-K, Coronado
aware of
any cybersecurity
incidents that
 have occurred
since the
beginning of
2024 that
have materially
affected,
or are
reasonably likely
to
 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 47
 of this Form 10-K.

 Governance:

 The
Board
of
is
for
reviewing,
ratifying,
and
monitoring
of
risk
management,
control,
and
legal
compliance.
This
identifying
the
main
risks
associated
with
 businesses,
risk,
and
implementing
appropriate
to
manage
such
risks.

 As
 outlined in the Audit
Governance and Risk
Committee,
or AGRC,
charter, the
Board of Directors
has delegated
 to
the
AGRC
responsibility
for
overseeing
corporate
and
governance
risk
management,
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
risks
by
management,
which
an
risk
 presentation.

 As part of their
review of

from management, the
 AGRC reports

cybersecurity risk updates
 to the Board of Directors,
which enables the Board of Directors to incorporate the insights of such reports into its
 overall risk oversight analysis.

2024
 Supporting this governance
framework, the
Executive Leadership
Team
,
or ELT
,
is responsible
for maintaining
of
risk
and
Within
this
framework,
the
Vice
of
Technology
is
for
the
function.
The
Vice
of
 Technology has experience in various roles involving managing information systems and cybersecurity functions
 and
developing
strategies.
The
Vice
of
Technology
to
the
Group
 Chief Financial Officer,
or Group CFO, who is a member of the ELT.

 In order to prevent, detect, mitigate and
remediate cybersecurity incidents, Coronado maintains a Cyber Incident
 Response
Plan
(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
potentially
incident.
reviews
of
 cybersecurity status and strategy are presented to the Board
of Directors and the AGRC by management.

2024
 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 mine
complex consisting of
two open cut
mines (Curragh North
and Curragh South)
and
 an underground
mine (Mammoth
Underground,
formerly known
as Curragh
Underground). With
respect to
our
 U.S. Operations, Coronado owns a 100% interest in two producing
mine complexes (Buchanan and Logan) and
 two
(Mon
Minerals
(formerly
called
Pangburn-Shaner-Fallowfield)
and
Russell
 County). On
January 14,
2025, Coronado
successfully completed
the sale
of its
non-core idle
Greenbrier mine
 complex.
Therefore,
and
in
this
Report
on
Form
do
not
 Greenbrier.

 Figures 1
and 2
below show the
locations of our
mining properties in
Australia and
the United States,
respectively.

 Figure 1: Australian Operations:

2024
 12.4
 25.3
 12.8
 12.6
 25.4
 12.6
 26.6
 Group
 ROM production (Mt)
 FY22
 FY23
 FY24
 9.8
 6.2
 16.0
 10.0
 5.8
 15.8
 9.7
 5.7
 15.3
 Group
 Saleable production (Mt)
 FY22
 FY23
 FY24
 Figure 2: U.S. Operations:
 The
below
charts
show
ROM
and
for
our
and
our
U.S.
 Operations for the years ended December 31, 2024, 2023
and 2022.
 See the descriptions of our material mining properties
under "—Curragh," "—Buchanan," "—Logan" and "—Mon
 Valley"
below
for
more
Table
below
contains
a
summary
of
the
key
relative
to
the
properties.
Tables
and
a
summary
of
our
coal
and
 respectively, as of December
31, 2024.

2024
 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 &
 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)
 12,666 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
 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.

2024
 Table 2.

 Summary Coal Resources Exclusive of Reserves at End
of the Fiscal Year Ended December 31,
 2024.
 (1)
 Coal Resources (In Situ, MMt)
 (2)(3)
 +
 Inferred
 Ash
 Open cut
 23.6%
 0.6%
 19.9%
 18.6%
 0.4%
 18.1%
 Total
 —
 16.0%
 0.8%
 18.0%
 Logan
 17.0%
 1.0%
 31.0%
 —
 —
 —
 —
 —
 —
 —
 Russell County
 —
 29.0%
 0.7%
 23.0%
 Total
 Total
 (1)
For more
information regarding price
assumptions used
calculation of
coal resources
as of
2024, 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
Fiscal Year
Ended December
 31, 2024.
 (1)
 Tons,
 Washed or Direct Shipped, MMt)
 (2)(4)
 Total
 Ash
 Open cut
 12.9%
 0.5%
 19.3%
 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%
 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, 2024, 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)

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

2024
 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
both the
 RGTCT
and
the
WICET
at
the
Port
of
Gladstone.
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.
 raw water
to the mine
complex from
the Fairbairn
Dam via
the Bedford
Weir.
The mine complex
also recycles
 water
from
on-site
dams
and
old
open-cut
pit voids
that
capture
rainfall
and
water
from
dewatering
activities.

 Curragh has a dedicated
66-kilovolt, or kV,
power supply to support
the mining operations
with a capacity of
up
 to 57-megawatt sourced from the
main grid power.
The substation is located on the
southwest corner of ML1878
 with
both
66kV
and
22kV
distribution
networks
to
the
draglines,
shovel
and
CPPs.
There
is
adequate
 power
on
site
for
establishing
the
mine
and
commencing
the
first
two
miner
units;
upgrades
to
the
site infrastructure
are required
for full
with
four
 miner units.

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

 Property control and mining rights at Curragh are entirely expressed in the MLs and MDLs mentioned above. An
 overlapping
petroleum
tenure
exists
over
the
southern
and
eastern
extents
of
the
Tenements.
Under
the
 MERCPA,
this
exchanges,
the
and
maintenance
of
joint
 information management
plans with the
overlapping tenement
holder.
Curragh is
compliant with the
 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 9.8
MMt in 2022,
10.0 MMt in
2023 and 9.6
MMt in
 2024.

2024
 Beginning
1960's,
tenement
holders
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.
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 CPPs,
CPP1 and CPP2.
CPP1 is the oldest
of the two
processing plants and has
a documented
 nameplate
of
1,100
raw
tons
per
hour,
or
tph
(as
received).
CPP2
has
a
documented
nameplate
of
1,200
tph
(as
received)
with
a
capability
of
up
to
1350
tph
when
selected
feed
types.

 Curragh has a loadout facility for loading coal onto railcars,
which is connected to the main Blackwater rail link.

 Generally, the mining equipment and facilities at Curragh are in good operating condition.
We focus on the long-
 term
of
the
mine
and
regularly
monitor
developments
in
the
for
technology
 improvements and
new equipment
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
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
into the
 future. From time to time, we also
update and improve other equipment and facilities to maintain their usefulness
 and optimize our competitiveness. As of December 31, 2024, the book value of Curragh and its associated plant
 and equipment was $717.5 million.
 Underground mining
commenced at
the Mammoth
Underground Mine
in late
2024 via
the final
highwall in
the
 Curragh North open pit mine. The underground mining method being used at Mammoth is bord and pillar mining
 using primary extraction of
panels with roadway widths
of 6.5 meters, reducing
to 6 meters where
the overburden
 thickness or
mining conditions
require. There
is a
phased
production ramp
up planned
through 2025,
with
full
 production expected
in 2026
Mammoth Underground
Mine. Underground
mining is
planned initially
in
 the Mammoth
seam across
three mining
areas: Mammoth
South, Central
and North.
From 2034
 mining will transition
to a lower
seam called the
Mackenzie seam and
mine out the
remining reserves from
this
 lower seam to end of mine life which is currently approximately
20 years in total.
not aware of
any significant
encumbrances or
defects in title
to the Curragh
We
we
have
all
licenses
and
under
both
and
 Australian Commonwealth
legislation and
have all
permits and
licenses regarding
cultural heritage,
native title
 and various
other social
issues. See
"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, 2024
and 2023 are shown
 in Tables
4 and 5, respectively.

2024
 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)(4)(5)
 +
 Inferred
 Ash
 Open Cut
 23.6%
 0.60%
 19.9%
 18.6%
 0.40%
 18.1%
 Total

 Open Cut
 22.9%
 0.60%
 19.1%
 18.6%
 0.40%
 18.1%
 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
31, 2023, and
2024 assumed the
same revenue pricing
based on an
assumed long-term
 average realized sales
price of $133
per Mt (FOB
for the open
cut resources and
$140 per Mt
(FOB for the
underground resources.
 This is explained further in Section 11.5 of the Curragh 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)(3)
 Total
 Ash
 Open Cut
 12.9%
 0.5%
 19.3%
 10.0%
 0.3%
 16.9%
 Total

 Open Cut
 12.2%
 0.5%
 19.5%
 10.0%
 0.3%
 16.9%
 Total

 (1)
Based on
long-term revenue
pricing assumption
data outlined
by Coronado
described in
Section 16
Curragh TRS.
The
 pricing data for both December
31, 2023 and 2024 assumes
an average realized revenue price
of $131 per Mt sold over
the LOM.
 (2)
The open cut marketable reserves are reported on a
9.5% product moisture basis and the underground marketable reserves are
 reported on a 10% product moisture basis.
 (3)
 From December 31, 2023, to December 31, 2024, measured
and indicated resources exclusive of reserves had
 some minor
variances but
remained the
same in
total year
on year
at 350
MMt. From
2023, to
 December 31, 2024, total
marketable coal reserves decreased
by 10 MMt in line
with production depletion from
 the Curragh open cut
operations as well
as some minor
variances to the coal
product profile over
the LOM due
 to product coal flow optimization.
 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, CCPL, and Claire McGahan, B.
 Eng.; MAusIMM(CP); Talisman Technical Pty Ltd, whom we
refer to, collectively, as the
Australian QPs, prepared
 the
of
coal
and
summarized
in
Tables
and
5.
A copy
of
the
QPs'
 technical report
summary,
or TRS,
to Curragh,
dated February
16, 2024,
Curragh TRS,
is
 filed as Exhibit 96.1 hereto. None
of Mr. Barry Lay, Resology Pty Ltd, Claire McGahan or Talisman Technical
Pty
 Ltd are affiliated with Coronado.

2024
 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,
economic,
 marketing, legal,
environmental, social
and governmental
factors. Section
22.2 of
TRS includes
a
 risk
of
the
key
modifying
that
could
potentially
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
historical
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
active
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.
 Figure 4.
Coronado Buchanan Mine Complex Property Location
Map.

2024
 The Buchanan
is located
6.4 kilometers
southeast of
Oakwood, Virginia,
and 16
 kilometers
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
83 grid system).
 The
nearest
major
population
centers
are
Roanoke,
Virginia,
and
Lexington,
Kentucky,
which
are
about
 kilometers northeast
and 290
kilometers northwest
respectively.
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
support
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 2043.

 Under the
the relevant
leases, we
are required
to pay
royalties ranging
from 3%
to 6%
selling
 price
of
coal
mined
from
the
corresponding
and,
for
the
majority,
an
minimum
royalty,
 irrespective of
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
production began
in 1987.
Coronado acquired
the Buchanan
Mine
 from CONSOL in March 2016.
Production history has been approximately 3.9
MMt in 2022, 3.6 MMt
in 2023 and
 3.5 MMt in 2024.
 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
 interests
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
coal mining
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
 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.

2024
 The
mine
extracts
coal
using
two
longwall
supported
by
six
miner
 sections, which develop main entries and gate roads in preparation for the longwall. A seventh continuous miner
 section is
expected to
begin in
2026.
Each continuous
miner section
is equipped
with one
or two
 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
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. Coronado's
2023 long-
 term production forecast
included the construction
of a new coal
preparation plant at
Buchanan and associated
 coal production volumes; however, this has
been removed from the
2024 production forecast due
to lower pricing
 environment and to
allow for additional
option analysis.
A new plant remains
under consideration and
as such,
forecasts
will
be
re-evaluated
and
updated
to
any
corresponding
 increases.
 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
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
on our
belt
drives.
As
of
 December 31, 2024, the book value of Buchanan and its
associated plant and equipment was $533.5 million.
 We
are
not
aware
of
any
encumbrances
or
defects
in
title
with
to
the

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.
 Summaries of Buchanan's coal resources and reserves as of December 31,
2024 and 2023 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)(4)
 +
 Inferred
 Ash
 —
 16.0%
 0.8%
 18.0%
 —
 16.0%
 0.8%
 18.0%
 (1)
Pricing for
resources is
described in
Section 11.3.1
Buchanan TRS
(as defined
below).
Based on
assumed long-term
 average price of $143 per Mt (FOB
loadout) for Buchanan resources as
of December 31, 2023 and
$143 per Mt (FOB loadout) for
 resources at
2024, 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, 2024.
 (3)
Reported on a dry basis.
Surface moisture and inherent moisture are excluded.
 (4)

2024
 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)(3)
 Total
 Ash
 6.0%
 0.7%
 20.0%
 6.0%
 0.7%
 20.0%
 (1)
Pricing data as provided by Coronado is described
in Section 16.2 of the Buchanan TRS For Buchanan
reserves as of December
 31, 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.
For Buchanan reserves as of December 31, 2024, the pricing data assumes
 a weighted average
domestic and international
FOB-mine price of
approximately $142 per
Mt for calendar
year 2025; the weighted
 average price decreases to approximately $132 to $139 per Mt through year 2029 and averages approximately $157 per Mt over
 the LOM.
 (2)
Reported on a 6.0% moisture basis.
 (3)
 From
31,
2023,
to
31,
2024,
total
decreased
10%,
from
92.0
MMt
to
83.0
MMt.
This
net
of
9.0
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
year ended December
31, 2024, was
prepared in February
2025 due to
material differences
 key financial modifying factors, including mining plans, coal sales price assumptions, operating costs and capital
 costs from
December 31, 2023,
to December 31,
2024. 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
impact on
the reserve
estimates from
2023, to
2024.
From
 December 31, 2023 to December 31, 2024, measured and
indicated resources decreased by approximately 3%,
 and is 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
resources exclusive
 of reserves, as discussed in Section 11.3 of the Buchanan TRS, did not have a material impact on
the measured
 and indicated
resource estimates as
as compared
measured and
indicated resource
 estimates as of December 31, 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, 2024
summarized in Tables
 and 7.
A copy of the
U.S. QPs' TRS with
respect to Buchanan, dated
as of February 1,
2025,
 or the Buchanan
 TRS, is filed as Exhibit 96.2 hereto. The U.S. QPs are
not affiliated with Coronado.
 The
U.S.
QPs
the
of
coal
and
using
core
data
from
at
by
numerous
entities
over
time.
Most
of
this
was
 obtained
prior
to
our
acquisition
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,"
metallurgical,
economic,
marketing,
legal,
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.

2024
 As summarized in Section 7.1 in the Buchanan TRS, the U.S. QPs utilized
approximately 16,000 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 underlying
strata
on seam
mineability,
seam
thickness
trends,
 the
of
seam
(i.e.,
faulting),
intra-seam
characteristics,
etc.
The
U.S.
QPs
a
 geostatistical analysis
on drill holes
within the reserve
boundaries to determine
the applicability
of the common
 United States classification system for
measured and indicated coal resources.
As summarized in Section 11.1
 of the Buchanan TRS, these results
have led the U.S. QPs to
report the data following the historical
classification
 standards, rather than use the results of the
DHSA.
 Coal quality is
instrumental in determining
the viability of
a coal deposit.
Per Section 8.2
of the Buchanan
TRS,
 coal
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
of the Buchanan
TRS, including assumptions
 to seam density, minimum
cut-off thickness, and recoveries.

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

 Logan
 Coronado's Logan property is
currently in the
production stage.
Logan consists of four
active underground mines
 and supporting
infrastructure that
produce High-Vol
using the room
and pillar mining
method and
two
 active surface mines
(Toney
Fork and Elklick)
and supporting
infrastructure that
produce both
Met and thermal
 coal using the
contour and
highwall mining
methods. Underground
mine operations
were active during
2024 at
 the
Powellton
No.
1,
Lower
War
Eagle,
Eagle
No.
and
Muddy
Bridge
Mines
with
one,
three,
three
and
two
 active mining
sections, respectively.
The Logan
complex life
plan includes
13 proposed
mines, consisting
of
 ten underground mines
and three surface
mines. The property
is located in
Boone, Logan and
Wyoming Counties
 in southern West Virginia.
The surface facilities are located in Logan
County, West
Virginia.
A map of Logan is
 shown in Figure 5.
 Figure 5.
Coronado Logan Mine Complex Property Location
Map.

2024
 The Logan
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
12,735
total
hectares,
12,666
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
has been
 approximately 2.1 MMt in 2022, 2.5 MMt in 2023 and 2.1
MMt in 2024.

 Before
Logan,
previous
owners
had
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
Met coal seams
 are situated above drainage. Logan also produces thermal coal
from upper portions of the Kanawha Formation.
31, 2024, underground
mine operations were
active at the
Powellton No. 1,
Lower War
Eagle,
 Eagle No. 1 and
Muddy Bridge Mines
with one, three,
three and two active
mining sections, respectively,
using
 the room and pillar method.
 All sections of the active underground mines at Logan are configured as
full super sections, with two continuous
 miners per
section.
Each section
also has
two roof
bolters, four
shuttle cars
and two
scoops.
From the
 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 Powellton No. 1 and Lower War Eagle mines to a CPP. Trucks
haul raw coal from the Eagle No. 1 mine
 to the CPP and from the Muddy Bridge mine to the Logan overland conveyor.
The CPP has a feed rate capacity
 of 1,088 raw tph.
The CPP site includes raw coal storage, clean coal storage, a loadout connected to a CSX rail
 line and refuse disposal area.

 The
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.

2024
 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
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, 2024, the book value of Logan and its associated
plant and equipment was $223.4 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 2023 are
shown in Tables
 and 9, respectively.
 Table 8.
Logan – Summary of Coal Resources Exclusive
of Reserves at the End of the
Fiscal Year Ended
 December 31, 2024 and 2023.
 (1)
 Coal Resources (Dry Tons, In Situ, MMt)
 (2)(3)(4)
 +
 Inferred
 Ash
 17.0%
 1.0%
 31.0%
 17.0%
 1.0%
 31.0%
 (1)
Pricing for resources is described in Section
11.3.1 of the
Logan TRS (as defined below).
For Logan resources as of December
 31,
2023,
based
on
assumed
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
For Logan resources
31, 2024, based on
assumed long-term average price
of $176 per
Mt (FOB loadout)
for underground-mineable
 resources, representing the long-term average
price forecast for HVB provided by
Coronado; surface resources were assessed
at
 a sales price of $99 per Mt (FOB loadout)
based on estimated historical pricing for Coronado's surface
 (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
 (3)
Reported on a dry basis.
Surface moisture and inherent moisture are excluded.
 (4)

2024
 Table 9.
Logan – Summary
of Coal Reserves
(Marketable Sales Basis)
at the End
Fiscal Year Ended
 December 31, 2024 and 2023.
 (1)
 Tons,
 Washed or Direct Shipped, MMt)
 (2)(3)
 Total
 Ash
 8.0%
 0.9%
 35.0%
 8.0%
 0.9%
 35.0%
 (1)
Pricing data as
provided by Coronado is
described in Section
16.2 of the
Logan TRS.
For Logan reserves
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.
For Logan reserves as of
 2024, the pricing data assumes respective HVA, HVB and thermal
FOB-mine prices of approximately $171,
$151, and $80 per Mt
 for calendar year
2025.
HVA, HVB, and thermal
prices respectively
decrease to approximately
$162, $144,
and $83 per
Mt through
 year 2027, and then increase to $306, $271, and
$150 per Mt through year 2057.
 (2)
Reported on a 4.5% - 6.0% moisture basis.
 (3)
 From December
31, 2023
to December
total reserves
have decreased
by 12%.
This change
in
the
 number of total reserves was attributable to
a combination of updates to the mine plans,
including conversion of
 select
to
along
with
one
year
of
depletion.
In
one
sublease
 containing reserves
expired.
A TRS
to Logan,
updating the
TRS with
to Logan
filed with
 Coronado's Annual Report on
Form 10-K for
December 31, 2024, was
prepared in February 2025
material differences in
the key financial
modifying factors including
coal sales price
assumptions, operating
 costs and
capital costs from
2023, to
2024. Coal
sales price assumptions
 the reserve estimates are
discussed in Sections 12
and 16 of the Logan
TRS, while operating costs
and capital
 costs assumptions underlying the reserve
estimates are discussed in Sections
18 and 19 of
the Logan TRS.
The
 differences in the
key financial modifying
factors did not
have a material
impact on the reserve
 31,
2024,
as
to
the
as
of
31,
2023.
From
31,
2023,
to
 December 31, 2024, measured and indicated resources decreased by
approximately 5%, from approximately 75
 MMt to 71 MMt.
This net reduction of 4
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
estimating the
resources exclusive
of reserves,
 conversion of
to reserves,
as discussed
in Section
11.3
Logan TRS,
did not
have a
on
the
measured
and
indicated
as
of
31,
2024,
as
to
the
 measured and indicated resource estimates as of December
31, 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, 2024
summarized in Tables
 and 9.
A copy of the U.S. QPs'
TRS with respect to Logan,
dated as of February 1,
2025, or the Logan TRS,
is
 filed as Exhibit 96.3 hereto. The U.S. QPs are not affiliated
with Coronado.
 The
U.S.
QPs
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,"
metallurgical,
economic,
marketing,
legal,
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 1,160 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
U.S.
classification
system
for
measured
and
indicated
coal
resources.
As
 summarized in Section
11.1
of the Logan TRS,
these results have
led the U.S. QPs
to report the data
 the historical classification standards, rather than use the
results of the DHSA.

2024
 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,
minimum
cut-off
thickness,
and
 recoveries.
Pricing data as provided by Coronado is described
in Section 16.2 of the Logan TRS.

 Regarding production
rates as
described in
Section 13.2
Logan TRS,
the projected
underground mines
 are set up similarly to the
four active underground operations as of December 31,
2024.
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.
 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.

2024
 Mon
has
sources
of
water,
power,
and
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 2102.

 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.

 Under our current
mine development
plans, production
would begin at
the Pangburn
mine in 2034,
followed by
 the Shaner mine in
2040 and, finally, the Fallowfield mine in
2059.
The proposed Mon Valley underground mines
 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, 2024, 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, 2024 and 2023. 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, 2024.

2024
 A summary of Mon Valley's
coal reserves as of December 31, 2024 and 2023 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)(4)
 Total
 Ash
 8.0%
 1.2%
 (3)
 35.0%
 8.0%
 1.2%
 (3)
 35.0%

 (1)
Pricing data as
provided by
Coronado is described
in Section 16.2
Mon Valley TRS. For
Mon Valley reserves as
 31, 2023, the pricing data assumes
a blended HVB domestic and
export FOB-mine nominal price
of $181 per Mt for calendar
year
 2029; HVB domestic and export prices respectively are increased
by 2% annual inflation thereafter.
For Mon Valley
reserves as
 of December 31, 2024, the pricing data assumes a blended
HVB domestic and export FOB-mine nominal price of
$183 per Mt for
 calendar year 2030; 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,
2023,
to
31,
2024.
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, 2024,
was prepared in February
2025 due to material differences
in the key financial
 modifying factors
including coal sales
price assumptions,
operating costs
and capital
costs from
 2023, to
31,
2024.
Coal
sales
price
are
discussed
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
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 1,
2025, or
the Mon
TRS, is
 filed as Exhibit 96.4 hereto. The U.S. QPs are not affiliated
with Coronado.
 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
acquisition of
the Mon
using varying
drilling and
core-logging techniques,
 survey
and
testing
procedures.
As
a
in
verifying
the
data,
the
U.S.
QPs
made
about
the
adequacy
of
the
processes
performed
and
comparability
of
the
data
based
on
their
 professional experience and familiarity with Mon Valley.

 Per
12.1
of
the
Mon
TRS,
coal
were
as
or
probable
considering
 "modifying
factors,"
metallurgical,
economic,
marketing,
legal,
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
(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
 resources.
As summarized in Section 11.1 of the Mon Valley TRS, these results have led the U.S. QPs to report
 the data following the historical classification standards,
rather than use the results of the DHSA.
 Coal quality is instrumental in determining the
viability of a coal deposit. Per Section
8.2 of the Mon Valley
TRS,
 coal quality
conforms to
the ASTM
standards. These
quality attributes
aided in
converting dry,
in-place tons
to
 demonstrated coal reserves (recoverable
washed tons). The
reserve and resource
criteria are presented in
Table
 11-1
of
the
Mon
TRS,
to
seam
density,
minimum
cut-off
thickness,
and
 recoveries. Pricing data as provided by Coronado is described
in Section 16.2 of the Mon Valley
TRS.

2024
 Regarding production rates
as described in
Section 13.2 of
the Mon Valley
TRS, the Mon
 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.
 Russell County (Non-Material Property)
 The
Russell
County
is
not
considered
to
or
In
 addition, pursuant to the current mine plan, the
property will only start generating cash flows when it
commences
 production planned
for 2042.
Resources exclusive
of reserves
are based on
assumed long-term
average price
 of $154 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 $267
per Mt.
 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%.
 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.

2024
 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
affect price
forecasts for
Met and
products on
a mine-by-mine
and product-
 by-product basis. Differences between
the assumptions and analyses
included in the
price forecasts and realized
 factors could cause actual pricing to differ from
the forecasts.
 Metallurgical.

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
energy
cost
(including
 transportation costs), customer service and support and
reliability of supply.
 Seaborne
Met
coal
can
be
by
the
of
local
coal
in
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
relative
to competing
mines, (iii)
assumed
 transportation costs and
(iv) other mine
costs that are
contractually passed on to
customers in certain
commercial
 relationships.
 Thermal.

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
generation
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
estimate
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
costs
projected
in
of
consumable
 commodities (mainly diesel fuel,
natural gas, explosives and
steel), labor costs, geological
and mining conditions,
 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
processes
 may experience
more coal
losses. By
lowering product
quality,
the coal
losses can
be minimized
and
 therefore a lower cost per
Mt can be achieved. In
our mine plans, the product
qualities are estimated to
 correspond to existing contracts and forecasted market
demands.

2024
 •
 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
 purchasing
of
Our
costs
vary
by
region.
See
Item
1.
"Business—
 Transportation" for more information regarding
transportation arrangements for our operations.
 •
 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
the
 premises).
 •
 Black lung,
severance and
reclamation taxes.

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.

2024
 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.

2024
 ITEM 4. MINE SAFETY DISCLOSURES

 Safety is the cornerstone of the Company's values and is the
number one priority for all employees at Coronado.

 Our U.S. Operations
include multiple mining
complexes across
three states and
are regulated by
both the U.S.
 Mine Safety
and Health
Administration, or
MSHA, and
state regulatory
agencies. Under
regulations mandated
 by the Mine Act, MSHA inspects our U.S. mines on a regular basis
and issues various citations and orders when
 it believes a violation has occurred under the Mine Act.
 In accordance
with
1503(a) of
the Dodd-Frank
Wall
Street Reform
and
Consumer Protection
Act and
 Item 104 of Regulation S-K (17 CFR 229.104), each operator of a coal or other mine is required to report certain
 mine safety results in its periodic reports filed with the
SEC under the Exchange Act.
 Information pertaining to mine safety
matters is included in Exhibit
95.1 attached to this Annual
Report on Form
 10-K. The disclosures reflect the
United States mining operations only, as these requirements do
not apply to our
 mines operated outside the United States.

2024
 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
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, 2024, we had 167,645,373
shares of our common stock issued
and outstanding with 7,486
 holders of record.
The holders included CHESS
Depositary Nominees Pty Limited,
which held 90,147,345 shares
 of our common stock in the form of
CDIs on behalf of the CDI holders; there were 7,485 registered owners
 CDIs on December 31, 2024.
 Series A Preferred Share
 On September
20, 2018,
we issued
the Series
A Preferred
Share to
Group LLC,
at par
value.
The
 offer, sale, and issuance of the Series A Share were deemed to be exempt from registration under
the Securities
 Act in reliance on Section
4(a)(2) of the Securities Act as
transactions by an issuer not involving
a public offering.
 The recipient of the Series A Share acquired the Series A Share for investment only and not with a view to or for
 sale in connection with any distribution thereof and appropriate
legends were affixed to the Series A Share.
 The
of
is
at
the
discretion
of
the
Board
of
Directors.
The
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,
requirements,
and
restrictions,
as
well
as
 applicable covenants
Indenture governing
our Notes
and covenants
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, 2024.
 Purchases of Equity Securities by the Issuer and
Affiliated Purchases
 We had no repurchases of equity securities for the
three months ended December 31, 2024.

2024
 ITEM 6.
[Reserved.]

2024
 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,
2024, we produced 15.3 MMt and
sold 15.8 MMt of coal. Met
coal and thermal
 coal sales
represented 79.3%
and 20.7%,
total volume
sold, and
95.2% and
4.8%,
 respectively, of our
total coal revenues.

 In
2024,
faced
several
operational
challenges
which
coal
we
took
 decisive actions
and implemented
strategic initiatives
to overcome
these challenges
and focused
on laying
the
 foundation for an optimal operational structure beyond
2024.

 Our
suffered
key
and
failures
and
weather-related
 disruptions resulting
in production
delays and
higher costs.
Despite these
setbacks,
 completed the historical pre-strip waste deficit works in
the first quarter and subsequently reduced
five contractor
 truck
and
excavator
fleets
and
idled
a
Company-owned
shovel
fleet
which
enhanced
productivity
 improved dragline
and drill
and blast
performance. The
commissioning
Mammoth Underground
Mine in
2024
marked
a
key
milestone,
delivered
on
time
and
budget,
with
the
to
ramp
up
 production significantly in 2025.
 Our U.S. Operations were adversely impacted
by delays in the planned longwall
move, equipment breakdowns,
 a safety incident that caused temporary suspension of operations at our Buchanan mine and adverse geological
at
both
the
Logan
mine
and
mine.
For
Buchanan,
more
seam
 structures
earlier
in
the
year,
overall
yield
of
coal.
Subsequent
in
 conditions, enhanced
conveyor and
skip system
performance,
simultaneous operation
of two
longwall
 panels,
in
the
Southern
and
Northern
districts,
resulted
in
improved
yields
and
efficiency,
in
the
 second half of the year.
 Overall,
in
2024,
our
was
0.5MMt
lower
while
our
sales
remained
consistent
 compared to the year ended December 31, 2023.

 In 2024,
the Met
coal markets
experienced volatility,
driven by
weak macroeconomic
conditions in
key regions
Europe, China,
and parts of
Asia, as
well as
fluctuating demand dynamics
in India.
European steelmakers
 grappled with constrained industrial activity and reduced hot metal production, while China's excessive steel and
 coke exports, coupled with limited domestic stimulus,
weighed on prices and raw material demand. India
played
 a pivotal role in
the market's mid-year stabilization, with strong
pre-monsoon restocking boosting demand for Met
 coal. However,
the prolonged
monsoon season
later in
temporarily reduced
Indian imports,
softening
 overall demand.
 The
PLV
HCC
FOB
AUS average
for
the
year
ended
31,
2024,
of
$240.4
per
Mt
was
 18.9% lower compared to $296.3 per Mt for the year
ended December 31, 2023.
 Coal revenues of $2,444.9 million for the year ended December 31, 2024, were 13.6% lower
compared to 2023,
 driven by lower average
realized Met price
of $185.3 per
Mt sold, $30.4
per Mt lower than
the average realized
 Met price in 2023.

 Mining costs of $1,683.3
million for the year
2024, were $13.8
million higher compared
to
 $1,669.5 million for the year ended December
31, 2023, due to significant inventory
drawdown at our Australian
 Operations due to
sales volumes exceeding saleable
production in 2024, unplanned
maintenance costs following
 equipment failures and continued
inflationary impacts on
labor and supply costs,
partially offset by
cost savings
 from demobilizing fleets
at our Australian
Operations. Despite
the increase in
mining costs, our
mining cost per
 Mt
sold
were
$0.2
lower
to
the
year
ended
31,
2023,
by
sales
 excluding non-produced coal.

 During the year
31, 2024, Coronado
paid total dividends
of $16.7 million
to stockholders
and
 CDI holders on the ASX.

2024
 Senior Secured Notes
 On
October
2,
2024,
we
successfully
a
refinancing
initiative
and
$400.0
9.25%
Senior
Secured
Notes
due 2029,
2029 Notes
.
The transaction
 Coronado increased
financial flexibility
by extending
our debt
maturity profile
and includes
improved terms
that
 we believe are more sustainable for our business.
 The net proceeds from
the transaction were
used to redeem
all of the Company's
outstanding principal amount
10.750% Senior
Secured Notes
due 2026,
2026 Notes,
pay related
fees and
expenses in
 connection with offering of the 2029 Notes
and the redemption of the 2026 Notes.

 Refer to Part II, Item 8, Note 14. "Interest Bearing Liabilities"
for further information.
 Liquidity
had
cash
and
cash
equivalents
(excluding
restricted
cash)
of
$339.4
and
$128.6
of
 undrawn capacity under our ABL Facility as of
December 31, 2024. As of December 31, 2024,
we had a net debt
 of $85.1 million comprising of $424.5 million aggregate principal
amount of interest-bearing liabilities outstanding
 less cash and cash equivalents (excluding restricted cash).
 On
30,
2024,
we
the
Waiver
with
the
Administrative
Agent
under
the
ABL
 Facility to temporarily waive
the Company's compliance
with the ABL Facility's
interest coverage ratio covenant
31,
2024
to
March
30,
2025.
Pursuant
to
the
Waiver
we
will
be
to
 maintain an aggregate cash
balance of at least
$100.0 million in one
or more accounts
with the Lenders, or
the
 Cash Balance
Covenant, until such
time that
we submit
a covenant
compliance certificate to
the Lenders
 to the ABL Facility which demonstrates that we are in compliance
with the interest coverage ratio covenant. The
 Cash
Covenant
from
the
time
the
submits
the
covenant
for
 December 31, 2024, which is anticipated to be on or
after February 19, 2025.
 an event of default under the
terms of the ABL Facility and
the Lenders may declare all amounts owing
 ABL Facility immediately due and payable,
terminate such Lenders' commitments
to make loans under the ABL
the
any
and/or exercise
any
 remedies and other rights under the ABL Facility.

 For
our
the
twelve-month
rolling
Total
Reportable
Injury
Frequency
Rate
at
31,
2024,
was
2.22,
to
a
rate
of
1.83
at
the
end
of
31,
2023.
At
our
U.S.
 Operations, the
twelve-month rolling
average Total
Reportable Incident
Rate at
2024 was
2.21,
 compared to a rate of 1.44 at the end of December 31,
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
the United
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
of
coal
we
can
safely
produce
and
sell
in
with
standards,
and
the
we
for
our
coal.
Our
sales
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

2024
 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 and other interest bearing
liabilities.
 Coal revenues are shown on our Consolidated Statements of Operations
and Comprehensive Income exclusive
 of other
revenues. Generally,
export sale
contracts for
Operations require
us to
bear the
 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.
 Non-GAAP financial measures are intended to provide additional information only and do not have any standard
 meaning prescribed
by U.S.
GAAP.
These measures
should not
be considered
in isolation
or as
substitute for
 measures of performance prepared in accordance with
U.S. GAAP.
 Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and
 amortization
and
other
exchange
losses.
EBITDA
is
also
adjusted
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
directly
 comparable measure under U.S. GAAP is included below.

 Segment
EBITDA
is
as
EBITDA
by
and
segment,
adjusted
for
transactions,
eliminations
or
adjustments
that
our
CODM
does
not
for
making
to
 allocate resources among segments or assessing segment performance.
Segment Adjusted EBITDA is used as
 a
supplemental
by
and
by
external
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
coal revenues,
shown on
our
 statement of
operations and comprehensive
income exclusive of
freight expense, Stanwell
rebate, other royalties,
 depreciation,
depletion
and
amortization
and
selling,
and
expenses,
adjusted
for
other
 items that do not relate
directly to the costs incurred to
produce coal at the mine.
Mining costs exclude these cost
 components as
our CODM
does not
view these
costs as
directly attributable
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.
2024 Compared to Year
Ended December 31, 2023
 Summary
 The financial and operational highlights for the year ended December
31, 2024 include:
 •
Net loss of
$108.9 million for the
year ended December 31,
2024, decreased by $264.9
million compared
same
period in
2023.
The decrease
was
by lower
coal
revenues,
lower
 average realized prices, partially offset by lower
cost and expenses.

 •
Average realized Met price per Mt sold of $185.3 for the year ended December 31, 2024, was $30.4 per
 Mt sold lower compared 2023.

2024
 •
Sales volume of
15.8 MMt for
remained consistent to the
31,
2023,
despite
being
0.5
MMt
lower,
as
our
drew
on
 significant coal inventory built in December 2023, which resulted
from shipping delays in Australia.

 •
Adjusted EBITDA of $115.1
million for the year ended
December 31, 2024, decrease
by $266.6 million,
 compared to $381.7 million for the year ended December
31, 2023. This decrease was a result of
lower
 coal revenues, partially offset by lower operating

 2024
 2023
 %
 Revenues:
 Coal revenues
 2,444,862
 2,830,689
 (385,827)
 (13.6%)
 Other revenues
 62,851
 59,914
 2,937
 4.9%
 Total
 2,507,713
 2,890,603
 (382,890)
 (13.2%)
 Costs and expenses:
 Cost of coal revenues (exclusive of items shown
 separately below)
 1,714,987
 1,731,630
 (16,643)
 (1.0%)
 187,400
 160,711
 26,689
 16.6%
 Freight expenses
 241,377
 259,710
 (18,333)
 (7.1%)
 Stanwell rebate
 116,870
 136,523
 (19,653)
 (14.4%)
 Other royalties
 289,678
 345,882
 (56,204)
 (16.2%)
 Selling, general, and administrative expenses

 36,944
 84,177
 (47,233)
 (56.1%)
 Total
costs and expenses
 2,587,256
 2,718,633
 (131,377)
 (4.8%)
 Other income (expenses):
 Interest expense, net
 (58,856)
 (56,751)
 (2,105)
 3.7%
 Loss on debt extinguishment
 (14,732)
 (1,385)
 (13,347)
 963.7%
 Decrease (increase) in provision for discounting and
 credit losses

 4,216
 (4,009)
 (95.1%)
 3,734
 5,764
 (2,030)
 (35.2%)
 Total
other expense, net
 (69,647)
 (48,156)
 (21,491)
 44.6%
 (Loss) income before tax
 (149,190)
 123,814
 (273,004)
 (220.5%)
 Income tax benefit
 40,309
 32,251
 8,058
 25.0%
 Net (loss) income attributable to Coronado Global
 (108,881)
 (264,946)
 (169.8%)
 Coal revenues
 Coal
were
$2,444.9 million
for
the
year
ended
31,
2024,
a
of
$385.8
 compared to $2,830.7 million for
December 31, 2023.
This decrease was driven
by lower average
 realized Met price per Mt sold of $185.3 for
the year ended December 31, 2024, compared to $215.7 per Mt sold
 in 2023, due to
the continuous decline
in coking coal index
prices caused by
weakened steel demand
from key
 Met coal markets such as China, Europe and India.

2024
 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
coal revenues
was $1,715.0
million for
a decrease
of $16.6
 million, compared to $1,731.6 million for the same period
in 2023.

 Cost of
coal revenues
2024, were
$3.6 million
 lower compared
same
in 2023.
Cost
savings
from demobilization
of contractors'
fleets
from
late
 March 2024 following completion of the historical pre-strip waste deficit works, were partially offset
by significant
 inventory
drawdown
for
the
year
ended
31,
2024,
due
to
lower
and
unplanned
 maintenance costs due to key equipment failures.
 Cost of coal revenues
for our U.S. Operations
were $13.0 million lower
for the year ended
 compared to
the same
period in
2023, due
to inventory
built for
as lower
 sales
volumes
exceeded
lower
and
lower
coal
purchases,
partially
offset
by
 unplanned maintenance costs during the year ended
were $187.4 million for
December 31, 2024, an
 of $26.7 million, compared
to $160.7 million
for the year
2023. The increase
was associated
 with full year depreciation of equipment brought into service
part way through 2023 and during 2024.

 Freight expenses
 Freight
totaled
$241.4
for
the
year
ended
31,
2024,
a
of
$18.3
 compared to $259.7 million for the year ended December 31, 2023. Our Australian Operations contributed $17.0
to
the
due
lower
sales
shipped
WICET,
which
attracts
port
 charges. Decrease of $1.3 million
at our U.S. Operations is
driven by lower sales
volumes of 0.2 MMt for
 ended December 31, 2024, compared to the same period in
2023.
 Stanwell rebate
 The Stanwell rebate was
$116.9
million for the year
ended December 31, 2024,
a decrease of $19.7
million, as
to
$136.5
year
ended
31,
2023.
The
was
due
to
lower
realized
 Reference
coal
for
the
prior
twelve-month
used
to
calculate
the
rebate
to
the
same
 period in 2023.

 Other royalties
 Other
royalties
were
$289.7 million
for
the
year
ended
31,
2024,
a
of
$56.2 million,
as
 compared to $345.9 million for the year ended December 31, 2023. Our Australian Operations contributed $47.3
 million and our U.S. Operations contributed $8.9 million of
the decrease, a product of lower coal revenues for
the
 year ended December 31, 2024, compared to 2023.
 Selling, general, and administrative expenses

 Selling,
general,
and
decreased
by
$47.2
to
$36.9
for
the
year
ended
 December 31, 2024, compared to $84.2 million for the year ended December 31, 2023. Higher costs in the 2023
 year were in relation to the additional accrual of $41.3 million stamp duty assessed by QRO on our
acquisition of
 Curragh. Refer
to Part
II, Item
8. Financial
and Supplementary
Data, Note
25 "Contingencies"
for
 further information.
 Interest Expense, net
 Interest
expense,
net
was
$58.9
for
the
year
ended
31,
2024,
an
of
$2.1
to
$56.8
same
in
2023.
The
was
by higher
 indebtedness during
compared to
2023, partially
offset by
higher interest
 income on cash equivalents and restricted deposits
during the 2024 period.

2024
 Loss on Debt Extinguishment
 During
the
year
ended
31,
2024,
in
with
the
early
of
the
2026
Notes,
we
 recognized a loss on debt extinguishment of $14.7 million, including early redemption premium and unamortized
 debt issuance costs.

was $3.7 million
in the year ended
a decrease of $2.0
million compared to
$5.8
for
the
year
ended
31,
2023.
During
the
year
ended
31,
2024,
the
an
charge
of
$10.6
plant
and
to
a
long-
 standing
non-core
idled
asset
its
U.S.
based
on
purchase
offer
received
and
 accepted by
the Company.
The sale
of this
long-standing non-core
idled asset
was completed
on January
14,
 2025.
This
was
more
than
offset
by
lower
exchange
on
translation
of
inter-entity
balances
 between certain entities within
the group that are
denominated in currencies other than
their respective functional
 currencies.

 Income tax benefit

 Income tax benefit of $40.3 million for the
year ended December 31, 2024, compared to $32.3 million
income tax
 benefit for the year ended December 31, 2023. The income tax benefit for the 2024 period, is primarily driven by
 a loss before tax from our Australian Operations.
 The income tax benefit for the year ended December 31
,
2024 resulted in an annual effective tax rate
of 27.0%.
2023 Compared to Year
Ended December 31, 2022
 The Company's comparison of 2023 results to
2022 results is included in the
 Annual Report on Form
 10-K for the fiscal year ended December 31, 2023
, under Part II Item 7,
"Management's Discussion and Analysis
 of Financial Condition and Results of Operations."

2024
 Supplemental Segment Financial Data
2024 Compared to Year
Ended December 31, 2023
 2024
 2023
 %
 Sales Volume (MMt)
 10.2
 9.9
 0.3
 3.4%
 Total
revenues ($)
 1,594,981
 1,681,522
 (86,541)
 (5.1)%
 Coal revenues ($)
 1,560,275
 1,645,752
 (85,477)
 (5.2)%
 Average realized price per Mt sold ($/Mt)
 153.1
 167.0
 (13.9)
 (8.3)%
 Met sales volume (MMt)
 7.2
 6.8
 0.4
 6.7%
 Met coal revenues ($)
 1,472,477
 1,557,471
 (84,994)
 (5.5)%
 Average realized Met price per Mt sold ($/Mt)
 203.9
 230.2
 (26.3)
 (11.4)%
 Mining costs ($)
 1,054,066
 1,058,598
 (4,532)
 (0.4)%
 Mining costs per Mt sold ($/Mt)
 104.6
 108.5
 (3.9)
 (3.6)%
 Operating costs ($)
 1,592,431
 1,679,954
 (87,523)
 (5.2)%
 Operating costs per Mt sold ($/Mt)
 156.3
 170.5
 (14.2)
 (8.3)%
 Segment Adjusted EBITDA ($)
 3,401
 2,249
 1,152
 51.2%
 Coal revenues
were $1,560.3
a
 decrease of
$85.5 million,
or 5.2%,
compared to
$1,645.8 million
2023. The
 decrease was driven by
lower average realized Met
price per Mt
sold of $203.9, $26.3
lower, compared to $230.2
 per Mt
sold during the
same period in
2023, partially offset
by 0.3MMt higher
sales volume, despite
lower saleable
 production, for
2024, as
we drew on
port inventory
built at the
end of December
 2023.
 Operating costs decreased
by $87.5 million,
or 5.2%, for
2024, compared to
the
 year ended December 31,
2023, driven by lower
mining costs, lower
Stanwell rebate, lower other
royalties and,
 lower freight
expenses caused
by lower
sales volume
shipped through WICET, which
attracts higher
port handling
 charges.

 Mining
costs
were
$4.5
lower
for
the
year
ended
31,
2024,
by
cost
savings
from
 demobilization of mining
fleets since March
2024, partially offset
by significant inventory
drawdown for the
year
as sales
volume exceeded
saleable production,
compared to
inventory built
 same period in 2023 and higher maintenance costs due
to key equipment failures.
 Mining and Operating
costs per Mt sold
were $3.9 and
$14.2 lower,
compared to the
same period
 in 2023, a combination of lower costs and higher sales
volume.

 For the year ended December 31, 2024, Segment Adjusted EBITDA was
$3.4 million, an increase of $1.2 million
 compared to $2.2 million for
the year ended December 31, 2023,
driven by lower operating costs
partially offset
 by lower coal revenues.

2024
 2024
 2023
 %
 Sales Volume (MMt)
 5.6
 6.0
 (0.4)
 (5.5)%
 Total
revenues ($)
 912,732
 1,209,081
 (296,349)
 (24.5)%
 Coal revenues ($)
 884,587
 1,184,937
 (300,350)
 (25.3)%
 Average realized price per Mt sold ($/Mt)
 156.7
 198.4
 (41.7)
 (21.0)%
 Met sales volume (MMt)
 5.3
 5.2
 0.1
 2.0%
 Met coal revenues ($)
 854,587
 1,031,012
 (176,425)
 (17.1)%
 Average realized Met price per Mt sold ($/Mt)
 160.1
 196.9
 (36.8)
 (18.7)%
 Mining costs ($)
 629,242
 610,925
 18,317
 3.0%
 Mining costs per Mt sold ($/Mt)
 112.6
 106.0
 6.6
 6.2%
 Operating costs ($)
 770,481
 793,791
 (23,310)
 (2.9)%
 Operating costs per Mt sold ($/Mt)
 136.5
 132.9
 3.6
 2.7%
 Segment Adjusted EBITDA ($)
 147,233
 421,093
 (273,860)
 (65.0)%
 Coal
for
our
U.S.
decreased
by
$300.4
or
25.3%,
to
$884.6
for
the
year
 ended
31,
2024,
as
to
$1,184.9
for
the
year
ended
31,
2023.
This
 decrease was driven by a
lower average realized Met
price per Mt sold for
the year ended December
 of
$160.1
to
$196.9
per
Mt
sold
for
the
same
in
2023.
This
was
exacerbated
by
 0.4MMt lower sales
volume for
2024, compared to
2023, due to
operational and
 geological challenges that led to production downtime
and lower production yield.
 Operating costs of $770.5 million
for the year ended December
31, 2024, were $23.3 million
lower compared to
 $793.8 million for
the same period
in 2023, driven
by lower third-party
coal purchases and
other royalties, partially
 offset
by higher
mining costs.
Mining costs
were $18.3
$6.6
per Mt
sold, higher
year
ended
due
to
unplanned
maintenance
and impact
of inflation
on labor
and
 partially offset by an inventory built
for the year ended December
31, 2024, as lower sales
volumes exceed lower
when
to
2023.
Operating
costs
by
$3.6
per
Mt
sold
despite
the
in
 operating costs due to lower sales volume for the year.

 Segment Adjusted EBITDA
of $147.2
million for
2024, decreased by
$273.9 million,
 or 65.0%, compared to
$421.1 million for the
year ended December 31, 2023.
This decrease was primarily
 by lower coal revenues.
 Corporate and Other Adjusted EBITDA
 The following table presents a summary of the components
of Corporate and Other Adjusted EBITDA:
 2024
 2023
 %
 Corporate and other expenses
 36,944
 42,856
 (5,912)
 (13.8)%
 (1,450)
 (1,227)
 (223)
 18.2%
 Total
Corporate and Other Adjusted EBITDA
 35,494
 41,629
 (6,135)
 (14.7)%
 Corporate and other Adjusted EBITDA decreased
$6.1 million to $35.5 million for the year
 2024, compared to $41.6 million for
the year ended December 31, 2023, due
to concerted efforts to reduce costs
 across the organization and the timing of certain corporate

2024
 Mining and operating costs for the Year Ended December 31, 2024 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, 2024
 Other /
 Corporate
 Total
 Total costs and
 1,680,817
 867,830
 38,609
 2,587,256
 Less: Selling, general and administrative expense
 (57)
 —
 (36,887)
 (36,944)
 Less: Depreciation, depletion and amortization
 (88,329)
 (97,349)
 (1,722)
 (187,400)
 Total operating costs
 1,592,431
 770,481
 —
 2,362,912
 Less: Other royalties
 (247,201)
 (42,477)
 —
 (289,678)
 Less: Stanwell rebate
 (116,870)
 —
 —
 (116,870)
 Less: Freight expenses
 (149,987)
 (91,390)
 —
 (241,377)
 Less: Other non-mining costs
 (24,307)
 (7,372)
 —
 (31,679)
 Total mining costs
 1,054,066
 629,242
 —
 1,683,308
 Sales Volume excluding non-produced
coal (MMt)
 10.1
 5.6
 —
 15.7
 Mining cost per Mt sold ($/Mt)
 104.6
 112.6
 —
 107.4
 For Year Ended December 31, 2023
 Other /
 Corporate
 Total
 Total costs and
 1,756,635
 876,753
 85,245
 2,718,633
 Less: Selling, general and administrative expense
 (30)
 —
 (84,147)
 (84,177)
 Less: Depreciation, depletion and amortization
 (76,651)
 (82,962)
 (1,098)
 (160,711)
 Total operating costs
 1,679,954
 793,791
 —
 2,473,745
 Less: Other royalties
 (294,467)
 (51,415)
 —
 (345,882)
 Less: Stanwell rebate
 (136,523)
 —
 —
 (136,523)
 Less: Freight expenses
 (166,980)
 (92,730)
 —
 (259,710)
 Less: Other non-mining costs
 (23,386)
 (38,721)
 —
 (62,107)
 Total mining costs
 1,058,598
 610,925
 —
 1,669,523
 Sales Volume excluding non-produced
coal (MMt)
 9.8
 5.8
 —
 15.5
 Mining cost per Mt sold ($/Mt)
 108.5
 106.0
 —
 107.6
 Average realized Met price for the Year
Ended December 31, 2024 compared to Year
 A reconciliation of the Company's average realized
Met coal revenue is shown below:
 2024
 2023
 %
 Met sales volume (MMt)
 12.6
 12.0
 0.6
 5.0%
 Met coal revenues ($)
 2,327,064
 2,588,483
 (261,419)
 (10.1)%
 Average realized met price per Mt sold ($/Mt)
 185.3
 215.7
 (30.4)
 (14.2)%

2024
 Reconciliation of Non-GAAP Financial Measures
 Adjusted EBITDA
 For year ended December 31,
 2024
 2023
 2022
 Reconciliation to Adjusted EBITDA:
 Net (loss) income
 (108,881)
 Add: Depreciation, depletion and amortization
 187,400
 160,711
 167,046
 Add: Interest expense, net
 58,856
 56,751
 67,632
 Add: Other foreign exchange gains
 (12,339)
 (2,899)
 (32,259)
 Add: Income tax (benefit) expense
 (40,309)
 (32,251)
 231,574
 Add: Loss on debt extinguishment
 14,732
 1,385
 5,336
 Add: Impairment of non-core assets
 10,585
 —
 —
 Add: Uncertain stamp duty position
 —
 41,321
 —
 Add: Restructuring costs
 —
 —
 Add: Losses on idled assets held for sale
 4,574
 4,846
 Add: Decrease (increase) in provision for discounting

 and credit losses
 (207)
 (4,216)
 3,821
 Adjusted EBITDA

 115,140
 381,713
 1,215,624
 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 undrawn capacity under
our committed debt facilities.

 Our main uses of cash have historically been, and are expected to continue to be, the funding of our
 working capital,
capital expenditure,
debt service
obligations and
payment of
dividends. Our
generate
cash
on
our
which
may
be
to
a
of
our
 control, including
general economic,
financial,
competitive and
weather conditions
risks described
in
 Part I, Item 1A. "Risk Factors" of this Annual Report on Form
10-K.

 In 2024,
Coronado was
significantly impacted by
a declining
coal market
as several
operational challenges
 that impacted
our earnings
during the
2024.
 To
 mitigate the
risk of
failing to
 with the maintenance of
the interest coverage ratio
covenant under the ABL
Facility, we completed an agreement
Administrative
Agent under
Facility to
temporarily
waive the
the
 interest coverage ratio covenant between December
31, 2024 to March 30, 2025.

 Pursuant to the Waiver Agreement, we will be required to maintain an aggregate cash balance of at least $100.0
 million in one or
more accounts with the Lenders until
such time that we
submit a covenant compliance certificate
 to
the
Lenders
to
the
ABL
which
demonstrates
that
we
are
in
with
the
 coverage ratio covenant. The Cash Balance Covenant applies from
the time we submit the covenant compliance
 certificate for December 31, 2024, which is anticipated
to be on or after February 19, 2025.

 an event of default under the
terms of the ABL Facility and
the Lenders may declare all amounts owing
 ABL Facility immediately due and payable,
terminate such Lenders' commitments
to make loans under the ABL
the
any
and/or exercise
any
 remedies and other rights under the ABL Facility.

 The Company is continuing to pursue a number of
initiatives to maintain its liquidity and ensure compliance
with
 its financial covenants when the waiver
period expires on March 30,
2025. These initiatives include, among other
further
and
cost
measures,
other
funding
measures,
 refinancing,
restructuring
or
amending
terms
of
our
debt
facilities,
and,
if
required,
engagement
on
 extensions
to
the
waiver,
waiver
of
other
covenants.
These
steps
are
to
mitigate
 liquidity constraints.

2024
 Based
on
our
outlook
for
the
next
twelve
months,
which
is
to
changing
from
our
 customers, volatility in
coal prices, current and
future trade barriers and
tariffs and the uncertainty of
impacts from
 ongoing civil unrest
and wars, we
believe our available cash
together with undrawn capacity
under our committed
 debt
and
other
strategic
and
initiatives,
will
be
to
meet
the
needs
of
our
 operations, capital expenditure, service our debt obligations
and, if declared, payment of dividends.
 Sources of liquidity as of December 31, 2024 and December
31, 2023 were as follows:
 2024
 2023
 Cash and cash equivalents, excluding restricted cash
 339,374
 339,043
 Short-term deposits
 —
 21,906
 Undrawn capacity under the ABL Facility
 (1)
 128,563
 128,094
 Total

 467,937
 489,043
 (1)

The 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 $21.4 million
has been issued,
and $70.0 million
sublimit as a
revolving credit facility.
The letter of
credit sublimit contributes
 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, 2024 and
December 31, 2023 consisted of the following:
 2024
 2023
 Current installments of interest bearing liabilities
 1,477
 —
 Interest bearing liabilities, excluding current installments
 422,995
 242,326
 Current installments of other financial liabilities

 6,163
 2,893
 Other financial liabilities, excluding current installments
 19,694
 5,307
 Total
 450,329
 250,526
 Cash and cash equivalents
 Cash
and
cash
equivalents
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
interest-bearing
deposit
or
used
to
repay
bearing
 liabilities.
 The ABL Facility matures in August 2026 and provides for up to $150.0 million in borrowings, including a $100.0
for
the
of
of
and
$70.0
as
a
revolving
facility.
 Borrowing
under
the
ABL
is
to
an
eligible
base,
by
applying
 customary advance rates to eligible accounts receivable and inventory.
 Borrowings under
Facility bear
interest at
a rate
per annum
equal to
applicable rate
of 2.80%
 BBSY,
for loans denominated in A$, or SOFR, for loans
denominated in US$, at the Borrower's election.

 As
of
31,
2024,
of
had
been
partially
used
to
issue
$21.4
of
bank
 guarantees
on
behalf
of
the
and
no
were drawn
and
no
were
 under the revolving credit sublimit of the ABL Facility.

 On December 30,
2024, we completed
the Waiver
Agreement with
Global Loan
Agency Services
Australia Pty
 Ltd, the
Administrative Agent
ABL Facility,
to temporarily
waive the
the
 ABL Facility's interest coverage ratio covenant
between December 31, 2024 to March 30, 2025.
Pursuant to the
 Waiver Agreement,
be required to
maintain an aggregate
cash balance
of at least
$100.0 million in
one
 or
more
with
the
lenders
under
the
ABL
or
the
Lenders,
until
such
time
that
we
submit
a
 covenant compliance
certificate to
the Lenders
pursuant to
Facility which
demonstrates that
we are
in
with
the
ratio
covenant.
The
Cash
Covenant
from
the
time
we
 submit the covenant
compliance certificate for December
31, 2024, which
is anticipated to
be on or
after February
 19, 2025.

 an event of default under the
terms of the ABL Facility and
the Lenders may declare all amounts owing
 ABL Facility immediately due and payable,
terminate such Lenders' commitments
to make loans under the ABL

2024
the
any
and/or exercise
any
 remedies and other rights under the ABL Facility.

 As of December 31, 2024, except for maintenance
of the interest coverage ratio covenant
(for which the Waiver
 Agreement was obtained), we were in compliance with all other
applicable covenants under the ABL Facility.
 Refer to Part II, Item 8, Note 14. "Interest Bearing Liabilities"
for further information.

 9.250% Senior Secured Notes
 On October
2, 2024,
we successfully
a refinancing
initiative and
issued $400.0
2029
 Notes. The transaction provides the Company increased financial
flexibility by extending our debt maturity profile
 and introducing terms that we believe are more sustainable
for our business.

used the
net proceeds
transaction to
redeem all
2026 Notes,
pay related
 fees and expenses in connection with the offering
of the 2029 Notes and the redemption of the 2026
Notes.
 The 2029
Notes are
guaranteed on
a senior
secured basis
Company and
its wholly-owned
 (other than the Issuer)
(subject to certain exceptions
and permitted liens) and
secured by (i) the
ABL Collateral,
 and (ii) a second priority
lien on the ABL Priority
Collateral, which is junior
to a first-priority lien
for the benefit of
 the lenders and other creditors under the ABL Facility,
in each case, subject to certain exceptions and permitted
 liens.
 The terms of the
2029 Notes are
governed by the
indenture, dated October
2, 2024, among Coronado
Finance
 Pty Ltd,
as issuer, Coronado Global
Resources Inc, as
guarantor, the subsidiaries of
Coronado Global Resources
 Inc, named therein, as additional guarantors,
Wilmington Trust, National
Association, as trustee and priority
lien
 collateral trustee, or the Indenture. The
Indenture contains customary covenants
for high yield bonds, including,
 but
not
to,
limitations
on
investments,
liens,
indebtedness,
asset
sales,
with
affiliates
and
 restricted payments, including payment of dividends on
capital stock.
 As of December 31, 2024, the Company was in compliance
with all applicable covenants under the Indenture.
 Refer to Part II, Item 8, Note 14. "Interest Bearing Liabilities"
for further information.
 We
may
redeem
some
or
all
of
the
2029
Notes
at
the
and
on
the
terms
specified
in
the
 Indenture. In
addition, we
may,
from time
to time,
seek to
retire or
repurchase outstanding
debt through
open-
 market purchases,
privately
negotiated transactions
or otherwise.
Such repurchases,
if any,
upon such
 terms
and
at
such
we
may
determine,
and
will
depend
on
prevailing
liquidity
 requirements, contractual restrictions and other factors.
 Loan – Curragh Housing Transaction
 On May 16, 2024, the Company completed the Curragh Housing Transaction, an agreement for accommodation
 services and
the sale
and leaseback
of housing
and accommodation
assets with
a regional
infrastructure and
 accommodation service provider.

 The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606, Revenues from Contracts with
 Customers and was deemed a financing arrangement. As a result, the
proceeds of $23.0 million (A$34.6 million)
 received for the sale and leaseback of property,
plant and equipment owned by the Company in connection with
 the
Housing
Transaction
were
as
"Other
Liabilities"
on
the
 Consolidated Balance Sheet. The term of the financing arrangement is
ten years with an effective interest rate of
 14.14%.
This
will
be
settled
in
equal
monthly
as
part
of
the
accommodation
 arrangement.
 In line
Company's capital
management strategy,
Housing Transaction
provides additional
 liquidity. In
addition, the accommodation services component
of the Curragh Housing Transaction
is anticipated
 to enhance the level of service for our employees at our
Curragh Mine.

 In connection with the Curragh Housing Transaction,
the Company borrowed $26.9 million (A$40.4 million) from
 the same
and accommodation
service provider.
This amount
was recorded
as "Interest
 Bearing
Liabilities"
in
the
Sheet.
The
borrowed
is
in
equal
monthly
 installments over a period of ten years, with an effective
interest rate of 14.14%.

 Refer to Part II, Item 8, Note 14. "Interest Bearing Liabilities"
and Note 15. "Other Financial Liabilities" for further

2024
 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 surety
bonds.
We
also
use surety
bonds
and bank
to collateralize
other
 obligations including contractual obligations under
workers' compensation insurances. As of
 we had
outstanding surety
bonds of
$48.9 million
and $16.8
million of
letters of
credit issued
from our
 credit sublimit available under the ABL Facility.
 For the Australian Operations,
as at December 31, 2024,
we had bank guarantees
outstanding of $23.9 million,
 including $4.7 million issued from the letter of credit sublimit available under the ABL
Facility, primarily in respect
 of certain rail and port take-or-pay arrangements of the Company.

 As at December 31,
2024, we have in aggregate
had total outstanding bank guarantees provided
of $40.7 million
 to secure its obligations and commitments, including $21.4 million issued for the letter of credit sublimit available
 under the ABL Facility.

 Future regulatory changes
relating to these
obligations could result
in increased obligations,
additional costs or
 additional collateral requirements.
 Restricted deposits – cash collateral
 As required
by certain
agreements, we
have total
cash collateral
form of
deposits of
$68.5 million
as of
 December 31, 2024 to
provide back-to-back support for bank
guarantees, financial payments, other performance
 obligations,
other
and
under
 insurance. These deposits are
restricted and classified as
non-current assets in the
Consolidated Balance Sheet.

 In accordance with the terms of the ABL Facility, we may be required to cash collateralize the ABL Facility to the
of
of
after
the
expiration
or
termination
date
of
such
of
credit.
As
of
31,
2024,
no
of
was
after
the
expiration
or
termination
date
and
no
cash
 collateral was required.
 Dividend
 During the year ended December 31, 2024, 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,
2025,
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, 2025, Australia
 time, and
be payable
on April
4, 2025,
Australia time.
The total
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
 ABL Facility and our other indebtedness, to fund operating activities, working capital, capital expenditures and, if
 declared, payment of dividends.

2024
 Historical Cash Flows

 The
table
summarizes
our
cash
flows
for
the
year
ended
31,
2024,
2023
and
2022
as
 reported in the accompanying Consolidated Financial Statements:
 Cash Flow

 2024
 2023
 2022
 Net cash provided by operating activities
 74,039
 268,282
 926,643
 Net cash used in investing activities

 (226,336)
 (238,168)
 (208,343)
 Net cash provided by (used in) financing activities
 162,765
 (24,679)
 (784,251)
 Net change in cash and cash equivalents

 10,468
 5,435
 (65,951)
 Effect of exchange rate changes on cash and cash
equivalents

 (10,138)
 (769)
 (37,351)
 Cash and cash equivalents at beginning of period

 334,629
 437,931
 Cash and cash equivalents at end of period

 339,625
 334,629
 Operating activities
 Net cash provided by operating activities was $74.0 million for the year ended December 31, 2024, compared to
 $268.3 million
for
the
year
ended
31,
2023.
The
in
cash
from
was
 primarily driven
by lower
coal revenues,
higher operating
costs
additional payment
of $51.5
million in
 relation to the
stamp duty
on Curragh's
acquisition, including
tax interest,
partially offset
by income tax
refunds
 compared to income tax payments in 2023.

 Net cash provided
by operating activities
was $268.3 million
for the year ended
December 31, 2023,
 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.

 Investing activities
 Net cash
investing
activities was
$226.3 million
year
to
 $238.2 million
2023. Cash
spent on
capital expenditures
31,
2024,
was
$248.2
of
which
$83.6
was
to
the
and
 $164.6 million was related to the U.S. Operations,
and $24.3 million redemption of restricted and other deposits.
 The increase in capital
expenditures was largely
due to the investment
in organic growth projects
at both of our
 U.S. Operations and Australian Operations.

 Net cash
investing
activities was
$238.2 million
year
31, 2023,
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.
 Financing activities
 Net cash provided by financing activities was $162.8 million for the year ended December 31,
2024 compared to
 net cash
financing activities
of $24.7
million for
2023. The
net cash
 by financing
activities for the
year ended December
31,
2024, largely
related to the
proceeds from interest
bearing
 liabilities and
other financial
liabilities of
$449.9 million
partially offset
repayment of
interest bearing
and
 other financial liabilities of $246.7 million,
call premium paid on early redemption of debt of $9.8 million, payment
 of debt issuance and other financing costs of $13.9 million and
dividend payment of $16.7 million.

 Net cash used in financing activities was $24.7
million for the year ended December 31, 2023,
compared to cash
 used
in
financing
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 ABL Facility
of $3.4 million
 remainder related to repayment of other financial liabilities.

2024
 Contractual Obligations
 The following is a summary of our contractual obligations
at December 31, 2024:
 Payments Due By Year
 Less than

 More than
 Total
 1 Year
 Years
 Years
 5 Years
 Long

 term debt obligations
 (1)
 40,363
 9,012
 7,450
 7,450
 16,451
 9.250% Senior Secured Notes
 (2)
 440,954
 4,349
 8,698
 408,698
 19,209
 Mineral lease commitments
 (3)
 41,101
 4,304
 8,246
 8,091
 20,460
 Lease commitments

 112,916
 26,980
 52,643
 33,293
 —
 Unconditional purchase obligations
 (4)
 111,400
 111,400
 —
 —
 —
 Take

 or

 pay contracts
 (5)
 665,193
 90,910
 184,400
 190,854
 199,029
 Total
contractual cash obligations

 1,411,927
 246,955
 261,437
 648,386
 255,149
 _____________________
 (1)
Represents
to
from
financing
purchases,
 insurance premiums and financial liabilities for a sale and lease
back type arrangement.
 (2)
Represents
under
the
Notes.
Refer
to
Note
14.
"Interest
Bearing
 Liabilities" in the accompanying audited Consolidated Financial
Statements for additional discussion.
 (3)
Represents
minimum
royalties
and
under
leases.
Refer
to
Note
24.
 "Commitments"
 in
the
audited
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
discussed
in
"—Critical
Policies
and
Estimates—Carrying
Value
of
Asset
Retirement
Obligations"
below,
the
and
 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
 projected
mine
closure
dates.
Based
on
our
assumptions,
the
of
our
ARO
as
in
 accordance with U.S. GAAP was $164.8 million as of
 Critical Accounting Policies and Estimates
 The preparation
of
our Consolidated
in conformity
with
U.S. GAAP
us
to
make
and
that
the
reported
of
and
at
the
date
of
the
and
the
reported
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
discussed
with
the
Audit,
 Governance and Risk Committee of our Board of Directors.
 See Note 2.
"Summary of Significant
Accounting Policies"
to the accompanying
audited Consolidated Financial
 Statements for a summary of our significant accounting policies.

 Fair Value of Non-Financial Assets
 Long-Lived Assets
 We
review
the
value
of
long-lived
to
be
used
in
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
the
value
of
the
asset
group
or
a significant
decline
in
the
observable
value
of
an
asset
group,

2024
 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.
 The Company recognized
an impairment charge of
$10.6 million against property,
plant and equipment relating
 to a long-standing
non-core idled asset
within the U.S.
Operations for the
year ended December
31, 2024. The
 Company concluded
that no
impairment charges
were required
at any
Company's mining
assets for
the
 years ended December 31, 2023 and 2022.
 Goodwill Impairment
 We had
a balance
of goodwill
of $28.0 million
recorded at
2024, 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
of the Buchanan
 (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
determinations for
certain reporting
units that
have been
made at
 points throughout
the current
and prior
year for
other purposes
to ensure
no contrary
evidence to
our
 analysis. At
2024, 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
2024. In
addition, state
agencies monitor
the mine
 plans, including reclamation.
 Asset retirement
obligations are
determined for
each mine
using various
estimates and
assumptions, including
of
disturbed
area
as
from
engineering
data,
of
costs
to
reclaim
the
 disturbed
area
and
the
timing
of
the
cash
flows,
escalated
for
inflation
and
discounted
using
a credit-
 adjusted risk-free rate, with an equivalent amount recorded as a long-lived asset. If the Company's
 do not
materialize as
expected, the
actual cash
and
costs it
incurs could
be materially
than currently
 estimated.

 An accretion cost
is recorded each period
and the capitalized
cost is depreciated over
the useful life
of the related
 asset. As reclamation work is performed or liabilities are otherwise settled,
the recorded amount of the liability is
 reduced.

2024
 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
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
or other
 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
 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.
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
 •
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
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
that
 deferred tax assets
be reduced by
a valuation allowance
if it is "more
likely than not"
that some portion
or all of
 the deferred tax asset will not be realized. In our
evaluation, we take into account various factors, including
the
 impact of various agreements
and transactions that
we enter into, taxable
income in carryback years,
reversals
 of existing taxable temporary differences and the expected
amount of future taxable income. These assumptions
 required significant
judgement
about forecasts
of future
taxable income
and are
consistent with
the plans
and

2024
 estimates we use to manage our underlying business. Based on
these judgments we may record tax reserves 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
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.

2024
 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
and
amended
where
 appropriate.
 We may use
derivative financial instruments such
as forward fixed
price commodity contracts, interest
rate swaps
 and
exchange
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. The
demand and supply in the
Met coal industry changes
from time
 to
time.
There
are
no
assurances
that
oversupply
will
not
occur,
that
will
not
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
 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
Metcoal suppliers to
access international markets
 would likely result
in an oversupply
of Met coal and
may result in
a decrease in
prices and or
the curtailment of
 We manage
our commodity
price risk
for our non-trading,
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
2024, we had
 $23.5
of
provisionally
priced
receivables
to
in
the
price
index.
If
 prices decreased 10%,
these provisionally priced
receivables would decrease
by $2.3 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."

2024
 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 2025 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,
and
stockholder
return.
Our
objectives
in
managing
our
 exposure
to
rates
minimizing
costs
in
the
long
term,
providing
a
reliable
estimate
of
 interest costs for the
annual work program
and budget and ensuring
that changes in interest
rates will not have
 a material impact on our financial performance.
 As
of
31,
2024,
we
had
$450.3
of
fixed-rate
borrowings,
the
Notes,
and
 no variable-rate borrowings outstanding.

 We currently do not hedge against interest rate
fluctuations.

 Foreign Exchange Risk
 A significant portion of our
sales are denominated in US$.
Foreign exchange risk is
the risk that our earnings
or
 cash flows are adversely impacted by movements in
exchange rates of currencies that are not in US$.
 Our main exposure
is to the
A$-US$ exchange rate
through our Australian
Operations, which have
predominantly
 A$ denominated costs. Greater than 70% of expenses incurred at our Australian Operations are denominated in
 A$. Approximately 30% of our
Australian Operations' purchases are made with
reference to US$, which provides
 a natural hedge against foreign
exchange movements on these
purchases (including fuel, several
port handling
 charges, demurrage,
purchased coal
and some
insurance premiums).
Appreciation of
the A$
against US$
will
 increase our Australian
Operations' US$ reported
cost base and
reduce US$ reported
net income. For
the portion
 of US$ required to purchase A$ to settle our Australian Operations' operating costs, a 10% increase in the A$ to
 US$ exchange
rate would
increase reported
total costs
and expenses
by approximately
$118.6
million for
the
 year ended December 31, 2024.
 Under normal market conditions, we generally do not consider it necessary to hedge our
exposure to this foreign
 exchange risk.
there
specific commercial
circumstances,
such
hedging
of significant
expenditure,
acquisitions,
disposals
and
other
transactions,
where
we
may
deem
 exchange hedging
as appropriate
and
where a
US$ 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
 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
are
to
our
and
Board
of
 Directors.

2024
we had financial
assets of
$617.9 million, comprising
of cash and
cash equivalents,
 trade receivables and
restricted deposits,
which are exposed
to counterparty
credit risk. These
financial assets
 have been assessed under ASC 326, Financial Instruments – Credit Losses, and
a provision for discounting and
of
$0.7
was
as
of
31,
2024.
See
Item
8.
"Financial
and
 Supplementary Data—Note 7. Provision for Discounting and
Credit Losses."

2024
 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
)

2024
 Consolidated Balance Sheets
 (In US$ thousands, except share data)
 Assets
 Note
 2024
 2023
 Current assets:
 Cash and cash equivalents

 $
 339,625
 $
 Trade receivables, net

 209,110
 263,951
 Inventories

 155,743
 192,279
 Income tax receivable

 —
 44,906
 Other current assets

 110,275
 103,609
 Total
current assets

 814,753
 944,040
 Non-current assets:
 Property, plant and
equipment, net

 1,507,130
 1,506,437
 Right of use asset – operating leases, net

 90,143
 80,899

 28,008
 28,008
 Intangible assets, net

 2,905
 3,108
 Restricted deposits

 68,471
 68,660
 Deferred income tax assets

 —
 27,230
 Other non-current assets

 6,342
 19,656
 Total

 $
 2,517,752
 $
 2,678,038
 Liabilities and Stockholders' Equity
 Current liabilities:

 Accounts payable

 $
 101,743
 $
 113,273
 Accrued expenses and other current liabilities

 206,798
 312,705
 Asset retirement obligations

 15,523
 15,321
 Contract obligations

 37,090
 40,722
 Lease liabilities

 19,502
 22,879
 Interest bearing liabilities

 1,363
 —
 Income tax payable

 17,568
 —
 Other current financial liabilities

 5,988
 2,825
 Total
current liabilities

 405,575
 507,725
 Non-current liabilities:
 Asset retirement obligations

 149,275
 148,608
 Contract obligations

 27,772
 61,192
 Deferred consideration liability

 285,050
 277,442
 Interest bearing liabilities

 410,944
 235,343
 Other financial liabilities

 18,881
 5,307
 Lease liabilities

 74,241
 61,692
 Deferred income tax liabilities

 36,737
 100,145
 Other non-current liabilities

 36,392
 34,549
 Total

 $
 1,444,867
 $
 1,432,003
 Common stock $
 0.01

par value;
 1,000,000,000

shares authorized,

shares issued and outstanding as of December 31, 2024 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, 2024 and
 2023
 —
 —
 Additional paid-in capital

 1,094,560
 1,094,431
 Accumulated other comprehensive losses

 ( 137,560)
 ( 89,927)
 Retained earnings

 114,208
 239,854
 Total
stockholders' equity

 1,072,885
 1,246,035
 Total
liabilities and stockholders' equity

 $
 2,517,752
 $
 2,678,038
 See accompanying notes to consolidated financial
statements.

2024
 Consolidated Statements of Operations and Comprehensive
Income
 (In US$ thousands, except share data)
 Note
 2024
 2023
 2022
 Revenues:
 Coal revenues
 $
 2,444,862
 $
 2,830,689
 $
 3,527,626
 Other revenues
 62,851
 59,914
 43,916
 Total
 2,507,713
 2,890,603
 3,571,542
 Costs and expenses:
 Cost of coal revenues (exclusive of items shown
 separately below)
 1,714,987
 1,731,630
 1,515,585
 187,400
 160,711
 167,046
 Freight expenses
 241,377
 259,710
 249,081
 Stanwell rebate
 116,870
 136,523
 165,995
 Other royalties
 289,678
 345,882
 385,065
 Selling, general, and administrative expenses

 36,944
 84,177
 42,499
 Total
costs and expenses
 2,587,256
 2,718,633
 2,525,271
 Other income (expenses):
 Interest expense, net
 ( 58,856)
 ( 56,751)
 ( 67,632)
 Loss on debt extinguishment
 ( 14,732)
 ( 1,385)
 ( 5,336)
 Decrease (increase) in provision for discounting and
 credit losses

 4,216
 ( 3,821)
 3,734
 5,764
 33,795
 Total
other expense, net
 ( 69,647)
 ( 48,156)
 ( 42,994)
 (Loss) income before tax
 ( 149,190)
 123,814
 1,003,277
 Income tax (expense) benefit

 40,309
 32,251
 ( 231,574)
 Net (loss) income attributable to Coronado Global
 $
 $
 $
 Other comprehensive loss, net of income taxes:
 Foreign currency translation adjustment
 1,496
 Total
other comprehensive (loss) income

 1,496
 Total
comprehensive (loss) income attributable to
 Coronado Global Resources Inc.

 $
 ( 156,514)
 $
 157,561
 $
 724,508
 (Loss) earnings per share of common stock
 Basic
 5 (c)

 ( 0.65)
 0.93
 4.60
 Diluted
 5 (c)

 ( 0.65)
 0.93
 4.60
 See accompanying notes to consolidated financial
statements.

2024
 Consolidated Statements of Stockholders' Equity
 (In US$ thousands, except share data)
 Common stock
 Preferred stock
 paid in
 Accumulated
 other
 (Accumulated
 losses) Retained
 earnings
 Total
 stockholders'
 Shares
 Amount
 Series A
 Amount
 Balance December 31, 2021
 $
 1,677
 $
 —
 $
 1,089,547
 $
 ( 44,228)
 $
 30,506
 $
 1,077,502
 Net income
 —
 —
 —
 —
 —
 —
 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
 Net income
 —
 —
 —
 —
 —
 —
 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
 Net loss
 —
 —
 —
 —
 —
 —
 Other comprehensive loss
 —
 —
 —
 —
 —
 —
 Total comprehensive loss
 —
 —
 —
 —
 —
 ( 156,514)
 Stock-based compensation for equity
 classified awards
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 ( 16,765)
 ( 16,765)
 Balance December 31, 2024
 $
 1,677
 $
 —
 $
 1,094,560
 $
 ( 137,560)
 $
 114,208
 $
 1,072,885
 See accompanying notes to consolidated financial

2024
 Consolidated Statements of Cash Flows
 (In US$ thousands)
 2024
 2023
 2022
 Cash flows from operating activities:
 Net (loss) income
 $
 $
 $
 Adjustments to reconcile net income to cash and
cash equivalents provided
 by operating activities:
 190,923
 163,862
 165,503
 Change in estimate of asset retirement obligation
 ( 3,523)
 ( 3,151)
 1,543
 Impairment of non-core assets
 10,585
 —
 —
 Amortization of right of use asset - operating leases
 22,091
 12,415
 6,704
 Amortization of deferred financing costs
 3,989
 4,300
 1,933
 Non-cash interest expense
 34,912
 30,997
 31,362
 Amortization of contract obligations
 ( 31,443)
 ( 33,026)
 ( 36,519)
 Equity-based compensation expense
 2,149
 2,735
 Loss on debt extinguishment
 14,732
 1,385
 5,336
 Deferred income taxes
 ( 39,526)
 ( 21,338)
 40,423
 Reclamation of asset retirement obligations
 ( 9,724)
 ( 5,334)
 ( 4,543)
 (Decrease) increase in provision for discounting and
credit losses
 ( 207)
 ( 4,216)
 3,821
 Gain on translation of short-term inter-entity balances
 ( 10,028)
 —
 —
 Other
 ( 694)
 Changes in operating assets and liabilities:
 Accounts receivable - including related party receivables,
net
 35,451
 155,056
 ( 156,818)
 Inventories
 27,644
 ( 32,774)
 ( 41,243)
 Other current assets
 ( 2,778)
 ( 477)
 ( 12,365)
 Accounts payable
 ( 9,366)
 40,159
 ( 27,664)
 Accrued expenses and other current liabilities
 ( 97,895)
 ( 25,435)
 84,041
 Operating lease liabilities
 ( 21,050)
 ( 14,597)
 ( 8,244)
 Income tax payable
 66,665
 ( 164,834)
 96,326
 Change in other liabilities
 2,033
 6,560
 1,754
 Net cash provided by operating activities
 74,039
 268,282
 926,643
 Cash flows from investing activities:
 Capital expenditures
 ( 248,142)
 ( 237,205)
 ( 199,716)
 Proceeds from the disposal of property, plant, and equipment
 —
 —
 Purchase of restricted and other deposits
 ( 2,462)
 ( 27,213)
 ( 9,761)
 Redemption of restricted and other deposits
 24,268
 26,250
 Net cash used in investing activities
 ( 226,336)
 ( 238,168)
 ( 208,343)
 Cash flows from financing activities:
 Proceeds from interest bearing liabilities and other
financial liabilities
 449,860
 —
 —
 Debt issuance costs and other financing costs
 ( 13,912)
 ( 3,436)
 —
 Principal payments on interest bearing liabilities
and other financial liabilities
 ( 246,668)
 ( 4,361)
 ( 81,310)
 Call premiums paid on early redemption of debt
 ( 9,768)
 —
 ( 2,557)
 Principal payments on finance lease obligations
 ( 68)
 ( 127)
 ( 140)
 Dividends paid
 ( 16,679)
 ( 16,755)
 ( 700,244)
 Net cash provided by (used in) financing activities
 162,765
 ( 24,679)
 ( 784,251)
 Net increase (decrease) in cash and cash equivalents
 10,468
 5,435
 ( 65,951)
 Effect of exchange rate changes on cash and cash equivalents
 ( 10,138)
 ( 769)
 ( 37,351)
 Cash and cash equivalents at beginning of period
 334,629
 437,931
 Cash and cash equivalents at end of period
 $
 339,625
 $
 $
 334,629
 Supplemental disclosure of cash flow information:
 Cash payments for interest
 $
 29,727
 $
 28,632
 $
 36,728
 Cash (refund) paid for taxes
 $
 ( 67,842)
 $
 147,106
 $
 90,888
 Restricted cash
 $
 $
 $
 See accompanying notes to consolidated financial

2024
 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 5 "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
subsidiaries. The Company,
 or
Coronado,
are
used
interchangeably
to
refer
to
Inc.
or
and its
subsidiaries, as
appropriate to
the context.
All intercompany
balances and
 have been eliminated on consolidation.

 (c)

 Certain Significant Risks and Uncertainties
 External
factors,
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

to

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

 2024
 2023
 2022
 Tata
Steel
 20 %
 21 %
 19 %
 JFE Steel
 11 %
 8 %
 8 %

 For the year
31, 2024, $
 1,330.4

 54.6
 %, of total
coal revenues,
were attributable
to
 five

customers. In comparison,
for the year
2023, $
 1,509.1

 53.3
 %, of total
coal
 revenues were
to
 five

and for
31, 2022,
$
 1,848.8

or
 52.6
 %, of total
coal revenues
were attributable to
 five

customers. As of
the Company had
 four

customers that
accounted for
$
 119.2

 56.9
 %, of
accounts receivable.
As of
2023,
 the Company had
 three

customers that accounted for $
 152.9

 57.9
 %, of accounts receivable.

2024
 The
table
presents
as
a
percent
of
total
from
external
by
geographic
 region:

 2024
 2023
 2022
 Asia
 59 %
 50 %
 46 %
 North America
 14 %
 11 %
 12 %
 South America
 8 %
 8 %
 8 %
 Europe
 7 %
 6 %
 11 %
 3 %
 4 %
 4 %
 Brokered sales
 9 %
 21 %
 19 %
 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,
 10.1
 %
as
of
31,
2024,
 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 fulfill
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
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
 Accounting Standards
Update, or
ASU, No. 2023-07
"Segment Reporting"
(Topic
280)
: In November
2023, the
 FASB
ASU
2023-07,
which
intended
to
improve
reportable
disclosure
 enhanced
disclosures
of
expenses.
The
guidance
was
and
in
the
 Company's consolidated financial statements for the
year ended December 31, 2024.

 The updated standard
impacted only the
financial statement disclosures with
no impact on
the Company's results
 of operation, cash flows and financial position.

 Such new disclosures are included in Note 3 "Segment Information".

 (b)
Accounting Standards Not Yet
Implemented
 ASU 2023-09
"Income Taxes"
(Topic
740)
: In
2023, the
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
expense
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.

2024
 ASU 2024-03
"Income Statement
– Reporting
Comprehensive Income
– Expense
Disaggregation Disclosures"
 (Subtopic 220-40)
: Disaggregation of Income
Statement Expenses. In
November 2024, the
FASB
issued 2024-
 03, which require disclosure, in
the notes to financial statements, of
specified information about certain costs and
 expenses. The amendments aim to improve financial reporting by requiring that public business entities disclose
 additional information about
specific expense categories
in the notes
to financial statements
at interim
and annual
 reporting periods. The
updated standard is
effective for
annual reporting periods
beginning after December
15,
 2026,
and
interim
periods
beginning
after
15,
2027.
Early
adoption
is
permitted.
The
is
evaluating
the
that
the
updated
standard
will
have
in
its
statement
 disclosures.
 There have been
no other recent
accounting pronouncements not yet
effective that have significance,
or potential
 significance, to the Company's Consolidated Financial
Statements.

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

 Gains and
from foreign
remeasurement
to Curragh's
US$ receivables
are included
in
 coal revenues.
All other
gains
and losses
from foreign
remeasurement
and foreign
forward
are
in
"Other,
net",
with
exception
of
gains
or
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 $
 21.6

 2.5

 47.6

million for the
2024,
2023 and
2022, respectively.
The total
impact of
foreign currency
transactions related
to
 US$ coal
sales in
Australia (included
total above)
was a
net gain
of $
 8.4

million, net
loss of
$
 1.0

 and net gain of $
 15.0

million for the years ended December 31, 2024, 2023 and
2022, 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.
The
had
$
 221.4

and
$
 130.0

of
highly
liquid
 investments classified as cash equivalents for the years
ended December 31, 2024 and 2023, respectively.
 "Cash
and
cash
equivalents",
as disclosed
in
the
Sheets,
$
 0.3
 million of restricted cash at December 31, 2024 and
2023.

2024
 (f)
Trade Accounts Receivables
 Trade accounts receivables represent
customer obligation that
is derived
from revenue recognized
from contracts
 with customers. The Company extends trade credit to its customers in the ordinary course of business based on
 an evaluation of the individual customer's financial
condition.
Trade receivables are initially recorded at fair value
 and subsequently at amortized cost, less any Expected
Credit Losses, or ECL.

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

 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
operational
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)
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
directly
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.

2024
 Impairment of long-lived assets
 Long-lived
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.

 In circumstances where
the Company intends
to sell a
long-lived or asset
group, that did
not satisfy the
criteria
 to be
as
held-for-sale,
an
charge
is recorded
when
the
disposal
 group exceeds its estimated fair value, less costs to sell.
 The Company recognized
an impairment charge of
$
 10.6

million against property,
plant and equipment relating
 to a long-standing
non-core idled asset
within the U.S.
Operations for the
year ended December
31, 2024. The
 Company concluded
that
 no

impairment charges
were required
at any
Company's mining
assets for
the
 years ended December 31, 2023 and 2022.
 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, the
Company recorded
goodwill in
the amount
of $
 28.0

 performed a
qualitative assessment
to determine
if impairment
was required
at December 31,
2024 and
2023.
 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, 2024 and
2023. As a
 no

impairment was required,
 and the balance
of goodwill at
both December 31, 2024 and
2023 was $
 28.0

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

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

 (i)
Asset Retirement Obligations
 The
asset
retirement
obligation,
or
ARO,
consist
of
of
land
and
support
at
both
and
mines
in
with
 reclamation laws and regulations in the U.S. and Australia
as defined by each mining permit.

2024
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
appropriate
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
reviews
its
 estimated future cash flows for its asset retirement obligations.

 (j)
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, 2024 and 2023.

 (k)
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
Sheets. Lease
liabilities related
to finance leases
are presented in
"Lease Liabilities"
 (current) and "Lease Liabilities" (non-current) on the Consolidated
Balance Sheets.
 Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present
 value of the
future lease payments
over the lease
term. The
discount rate used
to determine
the present
value
lease
is the
rate
implicit in
the
lease unless
that
rate cannot
be readily
determined,
in which
 case, the
Company utilizes
its incremental
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 assets
related to
operating leases
are presented
as "Right
of Use
assets –
operating leases,
net" on
the
Sheets.
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
is the
rate
implicit in
the
lease unless
that
rate cannot
be readily
determined,
in which
 case, the
Company utilizes
its incremental
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.

2024
 (l)
Royalties
 Lease rights
to coal
lands are
often acquired
in exchange
for royalty
payments. For
 royalties
are
monthly
as
a
percentage
of
the
gross
realization
from
the
sale
of
the
coal
mined
using
 surface mining methods
and underground methods.
At our U.S. Operations,
royalties are payable
monthly as a
 percentage
of
the
gross
realization
for
coal
produced
using
methods.
Advance
 royalties are advance
payments made to
lessors under terms
of mineral lease
agreements that
are recoupable
The
had
advance
royalties
of
$
 9.8

and
$
 8.9

 respectively, included
in "Other current assets" as of December 31, 2024
and 2023.

 (m) Stanwell Rebate
 The Stanwell rebate relates to
a contractual arrangement entered into
by the Company and
Stanwell Corporation
 Limited, a State
of Queensland
owned electricity
generator, which
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.

 (n)
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
possession
of
is
transferred
to
The
of
 includes any
adjustments for
variable consideration,
included in
the transaction
price and
allocated to
 each
based
on
the
relative
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
were
 no

unsatisfied
partially
satisfied
 performance obligations at December 31, 2024 and 2023.

2024
 Shipping and Handling
 For Free
on Rail
sales, the
Company accounts
for shipping
and handling
activities as
a separate
 obligation after
the customer
obtains control
good. In
this instance,
shipping and
handling costs
paid to
 third
party
carriers
and
invoiced
to
coal
are
as
freight
expense
and
other
revenues,
 respectively.

 (o)
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.

 There were
 no

derivative contracts outstanding December 31, 2024 and
2023.

 (p)
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 Australian entities are
treated as a branch for
U.S. tax purposes and
all
 income flows through the ultimate parent (the Company).

 (q)
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 three levels of inputs.
 Refer to Note 22.
"Fair Value
Measurement" for detailed information related to the
Company's fair value policies
 and disclosures.

 (r)
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).

2024
 The grant-date
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
 of awards that include the TSR modifier is determined
using a Monte Carlo valuation model.
 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 20.
"Stock-Based Compensation"
 for detailed
information related
stock-based
 compensation plans.

 (

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

 (t)
Deferred Debt Issuance Costs
 The Company capitalizes costs
incurred in connection with new
borrowings, the establishment or
enhancement
of debt
securities.
These costs
are amortized
as an
adjustment to
 expense over the
life of the
borrowing or term
of the credit
facility using the
effective interest
method. Deferred
 debt issuance costs related to a recognized liability
are presented in the 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
 and amortized
over the
life of
the facility
on a
straight-line basis
and included
in "Interest
expense, net"
 Company's Consolidated Statements of Operations
and Comprehensive Income.

 For
on
the
unamortized
balance
of
debt
costs
to
debt,
see
 Note 14. "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) and
 two

development properties (Mon Valley
and Russell County).

 The
operates
its
along
 two

reportable
segments:
and
States.
The
 organization
of
the
 two

reportable
segments
reflects
how
Chief
Executive
Officer
who
is
the
chief
maker,
or
CODM,
manages
and
allocates
to
the
 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
Adjusted EBITDA
may not
be comparable
to similarly
titled financial
 measures used by other companies.

 Adjusted EBITDA is
defined as earnings
before interest, taxes,
depreciation, depletion and
amortization and other
 foreign exchange losses. Adjusted EBITDA is
also adjusted for certain discrete items that
management exclude
 in analyzing each
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.

2024
 Reportable segment results for the years ended December 31,
2024, 2023 and 2022 are presented below:

 Other and
 Corporate
 Total
2024
 Total
 $
 1,594,981
 $
 912,732
 $
 —
 $
 2,507,713
 Less:
 Mining costs

(1)
 ( 1,054,066)
 ( 629,242)
 —
 ( 1,683,308)
 Other operating costs
 (1)
 ( 538,365)
 ( 141,239)
 —
 ( 679,604)
 Total
operating costs
 ( 1,592,431)
 ( 770,481)
 —
 ( 2,362,912)
 Other and unallocated items
 (2)
 4,982
 ( 35,494)
 ( 29,661)
 Segment adjusted EBITDA
 3,401
 147,233
 ( 35,494)
 115,140
 Total
 1,213,903
 1,048,117
 255,732
 2,517,752
 Capital expenditures
 89,343
 156,401
 4,127
 249,871
2023
 Total
 $
 1,681,522
 $
 1,209,081
 $
 —
 $
 2,890,603
 Less:
 Mining costs

(1)
 ( 1,058,598)
 ( 610,925)
 —
 ( 1,669,523)
 Other operating costs
 (1)
 ( 621,356)
 ( 182,866)
 —
 ( 804,222)
 Total
operating costs
 ( 1,679,954)
 ( 793,791)
 —
 ( 2,473,745)
 Other and unallocated items
 (2)
 5,803
 ( 41,629)
 ( 35,146)
 Segment adjusted EBITDA
 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
 Less:
 Mining costs

(1)
 ( 864,616)
 ( 531,812)
 —
 ( 1,396,428)
 Other operating costs
 (1)
 ( 711,170)
 ( 208,128)
 —
 ( 919,298)
 Total
operating costs
 ( 1,575,786)
 ( 739,940)
 —
 ( 2,315,726)
 Other and unallocated items
 (2)
 1,614
 ( 42,245)
 ( 40,192)
 Segment adjusted EBITDA
 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

 (1)
 The significant expense category and amount aligns
with the segment-level information that is regularly
provided to the CODM
.
 (2)
 Other and unallocated items for other and corporate includes
selling, general and administrative expenses.

2024
 The
reconciliation
of
net
to
the
to
the
EBITDA
for
the
years
ended
 December 31, 2024, 2023 and 2022 are as follows:

 2024
 2023
 2022
 Consolidated Adjusted EBITDA
 $
 115,140
 $
 381,713
 $
 1,215,624
 ( 187,400)
 ( 160,711)
 ( 167,046)
 Interest expense, net
 (1)
 ( 58,856)
 ( 56,751)
 ( 67,632)
 Other foreign exchange gains
 (2)
 12,339
 2,899
 32,259
 Loss on debt extinguishment
 ( 14,732)
 ( 1,385)
 ( 5,336)
 Uncertain stamp duty position
 (3)
 —
 ( 41,321)
 —
 Impairment of non-core assets
 (4)
 ( 10,585)
 —
 —
 Restructuring costs
 (5)
 ( 729)
 —
 —
 Losses on idled assets
 (6)
 ( 4,574)
 ( 4,846)
 ( 771)
 Decrease (increase) in provision for discounting

and credit losses
 4,216
 ( 3,821)
 Net (loss) income before tax
 $
 ( 149,190)
 $
 123,814
 $
 1,003,277
 Income tax benefit (expense)

 40,309
 32,251
 ( 231,574)
 Net (loss) income
 $
 $
 $

 (1)
 Includes interest income of $
 15.4

 7.6

million, and $
 1.5

million for the years ended December 31, 2024,
2023, 2022, respectively.
 (2)
 Refer to Note 4. "Other, net" for further discussion.
 (3)

Relates to stamp duty on Curragh's acquisition.
Refer to Note 25. "Contingencies" for further
discussion.

 (4)

During the year ended December 31, 2024, the
Company recognized an impairment charge of
$
 10.6

million against property, plant and equipment
 relating to a long-standing non-core idled asset within the U.S. Operations.
This impairment charge was recognized based on a conditional
purchase
 offer received and
accepted by
the Company and
is included in
"Other, net" on
the Consolidated
Statement of
Operations and
Comprehensive Income.
 At December 31, 2024, satisfaction
of conditions precedent and
completion of the sale remained
uncertain and as such this
idled asset was classified
 as held and used. On January 14, 2025, all
substantive conditions were satisfied, and
the sale of this long-standing non-core asset
was completed.

 (5)
 During the year ended December 31, 2024, a restructuring and cost transformation initiative commenced at the Australian Operations to focus on
 repositioning the Company's efforts to align its cost
structures and optimize its operations.
 (6)
 These losses relate to care and maintenance
costs of an idled non-core asset that was
sold on January 14, 2025.

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

 2024
 2023
 2022
 Capital expenditures per Consolidated Statement of

 Cash Flows
 $
 248,142
 $
 237,205
 $
 199,716
 Net movement in accruals for capital expenditures
 12,497
 ( 453)
 3,768
 Net movement in deposits to acquire long lead capital

 ( 10,768)
 ( 8,994)
 ( 18,127)
 Capital expenditures per segment detail
 $
 249,871
 $
 227,758
 $
 185,357

 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.

2024

 Year ended December 31, 2024
 Total
 Product Groups:
 Metallurgical coal
 $
 1,472,477
 $
 854,587
 $
 2,327,064
 Thermal coal
 87,798
 30,000
 117,798
 Total
coal revenue
 1,560,275
 884,587
 2,444,862
 Other
 (1)(2)
 34,706
 28,145
 62,851
 Total
 $
 1,594,981
 $
 912,732
 $
 2,507,713

 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)(2)
 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

 (1)
 Included
in
Other
for
Operation
is
the
amortization
of
non-market coal
recognized on
 acquisition of Curragh. See further discussion
in Note 16 "Contract Obligations".
 (2)
 Other revenue
U.S. segment
includes $
 25.0

 17.5

million and
 nil

2024, 2023
and 2022,
 relating to termination fee revenue from
coal sales contracts cancelled at the U.S. Operations.

 Further explanation to tables above:
 The following is a description of the principal activities
by reportable segments.
 •
The Company primarily offers two types of products to its
customers: metallurgical coal and thermal coal
 of
varying
qualities.
The
metallurgical
coal
is
as
hard
coal,
further
 distinguished by its volatility (defined as high, mid, or low),
and pulverized coal injection.
 •
The Australian Operations reportable segment
includes the Curragh mine. The
Australian Operations is
 a separate
reportable segment
having separate
management, location,
assets, and

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

2024
 4.
 Other, net consists of the following:

 2024
 2023
 2022
 Other foreign exchange gains
 (1)
 $
 12,339
 $
 2,899
 $
 32,259
 Impairment of non-core assets
 ( 10,585)
 —
 —
 Restructuring costs
 ( 729)
 —
 —
 Other income
 2,709
 2,865
 1,536
 Total
 $
 3,734
 $
 5,764
 $
 33,795

 (1)

Other foreign exchange gains
primarily relates to gains and
losses recognized on
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.

 5.
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:

 2024
 2023
 2022
 Shares outstanding at the beginning of the year
 Shares issued during the year
 -
 -
 -
 Share outstanding at end of the year

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

vote for every

CDIs they
 hold. CDI
holders
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,
2024,
 831,392,331

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,
2024,
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
beneficial
in

of
stock)
 outstanding.

 Refer to Note 20 "Stock-Based Compensation" for
options to purchase common stock issued
and outstanding as
 of December 31, 2024 and 2023.

2024
 Preferred Stock
 Coronado Group
LLC holds
one share
of preferred
stock
Series A.
The holder
of Series
A Preferred
Stock
is
 permitted
to
nominate
and
elect
members
of
the
Board
of
in
to
the
level
of
the
 holder's
beneficial
ownership
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, 2024, the Company
declared:
 •
 8.4

 0.005

 0.05

per share of common stock),
on February 19, 2024;
 and
 •
 8.4

 0.005

 0.05

per share of common stock), on August 5, 2024.

 For
the
year
ended
31,
2024,
the
paid
a
total
of
$
 16.7

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, 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.

 For
the
year
ended
31,
2023,
the
paid
a
total
of
$
 16.7

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.
 For
31, 2022,
the
paid a
total of
$
 700.2

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

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.

 For dividends declared or paid after December 31, 2024,
refer to Note 27 "Subsequent Events".
 (c)

(Loss) 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
during the
same period.
 Diluted earnings per share of common stock is computed
by dividing net income attributable to the Company
by
 the weighted-average number
of shares
of common
stock outstanding adjusted
to give
effect to potentially
dilutive
 securities. 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.

2024
 Basic and diluted earnings per share was calculated as
follows (in thousands, except per share data):

 (US$ thousands, except per share data)
 2024
 2023
 2022
 Numerator:
 Net (loss) income attributable to Company stockholders
 $
 $
 $
 Denominator (in thousands):
 Weighted-average shares of common stock outstanding
 167,645
 167,645
 167,645
 Effects of dilutive shares
 —
 Weighted average diluted shares of common stock
 167,645
 168,066
 167,846
 (Loss) Earnings Per Share (US$):
 Basic
 ( 0.65)
 0.93
 4.60
 Dilutive
 ( 0.65)
 0.93
 4.60

 6. 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.

 2024
 2023
 Trade receivables
 $
 209,289
 $
 264,218
 Provision for discounting and credit losses (Note 7)
 ( 179)
 ( 267)
 Trade receivables, net
 $
 209,110
 $
 263,951

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

 Trade
 receivables
 Other
 Assets
 Total
 As at January 1, 2023
 $
 4,511
 $
 $
 5,077
 Change in estimates during the period
 ( 4,244)
 ( 4,216)
 As of December 31, 2023
 Change in estimates during the period
 ( 88)
 ( 119)
 ( 207)
 As of December 31, 2024
 $
 $
 $

 8. Inventories

 2024
 2023
 Raw coal
 $
 60,874
 $
 55,998
 Saleable coal
 32,633
 81,314
 Total
coal inventories
 93,507
 137,312
 Supplies inventory
 62,236
 54,967
 Total
inventories
 $
 155,743
 $
 192,279

 Coal inventories measured at its net realizable value were
$
 3.3

 2.4

million at December 31, 2024
 and 2023, respectively,
and primarily relates to coal designated for deliveries under
the Stanwell below market
 coal supply agreement, or CSA. See further discussion
in Note 16. "Contract Obligations".

2024
 9.
Other Assets

 2024
 2023
 Other current assets:

Prepayments
 $
 40,465
 $
 34,175

Long service leave receivable
 7,193
 8,438

Tax
credits receivable
 4,004
 3,265

Deposits to acquire mining equipment
 37,888
 18,935

Short-term deposits
 —
 21,906

Other
 20,725
 16,890
 Total
other current assets
 $
 110,275
 $
 103,609
 Other non-current assets:

Favorable mineral leases
 $
 3,285
 $
 3,310

Deferred debt issue costs

 1,527
 2,672

Long service leave receivable
 1,530
 1,485

Tax
credits receivable
 —
 4,004

Deposits to acquire long lead mining equipment
 —
 8,185
 Total
other non-current assets
 $
 6,342
 $
 19,656

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.

 Long service leave for
eligible coal mine workers
at the Company's
Australian Operations is
paid when leave is
 taken, with a subsequent
reimbursement received from
the Coal Mining Industry
(Long Service Leave Funding)
 Corporation
in
Queensland,
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
during the
 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 mining equipment
are advance payments made for
the purchase of future mining
 some of which relate to mining equipment expected to
be delivered beyond the next twelve months.

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

 The deferred debt issue costs as of December 31, 2024 and
December 31, 2023, are unamortized costs relating
establishment of
the senior
secured asset-based
revolving credit facilities
(refer to
Note 14
"Interest Bearing
 Liabilities" for further
description of these
facilities). The deferred
debt issue costs
are amortized over
the life of
 the
facility
on
a
straight-line
basis
and
in
"Interest
expense,
net"
in
the
 Statements of Operations and Comprehensive Income

.

2024
 10.
Property, Plant and
Equipment
 The following
table indicates
the carrying
amount of
each of
the major
classes of
 depreciable assets:

 2024
 2023
 Land
 $
 28,130
 $
 28,282
 Buildings and improvements
 123,662
 102,642
 Plant, machinery, mining
equipment and transportation vehicles
 1,259,620
 1,189,088
 Mineral rights and reserves
 379,065
 389,868
 Office and computer equipment
 9,654
 9,771
 Mine development
 550,110
 579,717
 Asset retirement obligation asset
 90,318
 88,384
 Construction in progress
 190,124
 143,041
 Total
cost of property,
plant and equipment
 2,630,683
 2,530,793
 Less accumulated depreciation, depletion and amortization
 1,123,553
 1,024,356
 Property, plant and
equipment, net
 $
 1,507,130
 $
 1,506,437

 The amount of depreciation and amortization expense
for property, plant
and equipment for the years ended
 December 31, 2024, 2023 and 2022 was $
 175.4

 152.4

 155.8

million, respectively.

 11.
Accrued Expenses and Other Current Liabilities
 Accrued expenses and other current liabilities consist of the
following:

 2024
 2023
 Wages and employee benefits
 $
 39,457
 $
 42,348
 Taxes
other than income taxes
 6,062
 6,728
 Accrued royalties
 36,111
 45,770
 Accrued freight costs
 33,071
 47,549
 Accrued mining fees
 84,538
 89,622
 Acquisition related accruals
 —
 53,700
 Other liabilities
 7,559
 26,988

Total
accrued expenses and other current liabilities
 $
 206,798
 $
 312,705

 Acquisition related accruals
of $
 53.7

 79.0

million) as at December
31, 2023, related to
the remaining
 estimated stamp duty payable on the Curragh acquisition. On March 6, 2024, the Company paid the outstanding
 assessed
stamp
duty
and
tax
to
the
Revenue
Office,
or
QRO.
Refer
to
Note
 "Contingencies" for further details.

 12. Leases
 During the year ended December 31,
2024, 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
 ROU assets and operating lease liabilities of $
 44.2

 On April 1,
2024, the Company
extinguished
 one

of its mining
services contracts for
mining and equipment
 used to provide mining
services. On extinguishment,
ROU assets of $
 11.3

million and operating
lease liabilities
 of $
 12.1

million were derecognized.
 On September 1, 2024,
the Company modified
 one

of its mining equipment
lease contracts to
extend the lease
 term. Upon modification,
the Company recognized
additional ROU assets
and operating lease
liabilities of $
 6.4

2024
there are additional
operating leases
of mining
equipment, which have
not yet been
 mobilized, that
have
a present
value
of minimum
lease
payments of
$
 9.9

These operating
are
 expected to commence within the next

months with lease terms of not more than
 five years
.
 Information related to Company's right-of use
assets and related lease liabilities are as follows:

 2024
 2023
 Operating lease costs
 $
 28,619
 $
 17,013
 Cash paid for operating lease liabilities
 21,050
 14,597
 Finance lease costs:
 Amortization of right of use assets
 Interest on lease liabilities
 Total
finance lease costs
 $
 $

 2024
 2023
 Assets:
 Operating leases
 Right of use asset – operating leases, net
 $
 90,143
 $
 80,899
 Finance leases
 Property and equipment
 —
 Accumulated depreciation
 —
 ( 309)
 Property and equipment, net
 —
 Current operating lease obligations
 19,502
 22,811
 Non-current operating lease obligations
 74,241
 61,692
 Total
Operating lease liabilities
 93,743
 84,503
 Liabilities:
 Current finance lease obligations
 —
 Total
Finance lease liabilities
 —
 Current lease obligations
 19,502
 22,879
 Non-current lease obligations
 74,241
 61,692
 Total
lease obligations
 $
 93,743
 $
 84,571

 2024
 2023
 Weighted Average Remaining
Lease Term (Years)
 Weighted average remaining lease term – finance
 -
 0.5
 Weighted average remaining lease term – operating
 4.3
 3.7
 Weighted Average Discount
Rate
 Weighted discount rate – finance lease
 -
 7.6 %
 Weighted discount rate – operating lease
 9.3 %
 9.0 %

2024
 The Company's leases
have remaining lease
 one year

to
 four years
, some of which
include options to
 extend the terms where
the Company deems
it is reasonably certain
the options will be
exercised. Maturities of
 lease liabilities as at December 31, 2024, are as follows:

 Operating
 Lease
 Year ending
 2025
 $
 26,980
 2026
 26,801
 2027
 25,842
 2028
 23,292
 2029
 10,001
 Total
lease payments
 112,916
 Less imputed interest
 ( 19,173)
 Total
lease liability
 $
 93,743

 13.
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
states
of
West
and
in
the
States
and
in
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,
2024 and 2023.
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
2024 and
2023
 were as follows:

 2024
 2023
 Total
asset retirement obligations at beginning of the year
 $
 163,929
 $
 138,490
 ARO liability additions - new disturbances
 1,997
 9,923
 Accretion
 15,324
 11,252
 Reclamation performed in the year
 ( 9,724)
 ( 5,334)
 Reclass of asset held for sale
 —
 11,115
 Change in estimate recorded to operations
 ( 3,523)
 ( 3,151)
 Change in estimate recorded to assets
 5,937
 Foreign currency translation adjustment
 ( 9,142)
 Total
asset retirement obligations at end of the year
 164,798
 163,929
 Less current portion
 ( 15,523)
 ( 15,321)
 Asset retirement obligation, excluding current portion
 $
 149,275
 $
 148,608

2024
 14. Interest Bearing Liabilities

 The following is a summary of interest-bearing liabilities
at December 31, 2024:

 2024
 2023
 Weighted Average
 Interest Rate at
 Final
 Maturity
 10.75
 0% Senior Secured Notes
 $
 —
 $
 242,326
 12.14
 %
 (2)
 2026
 9.25
 0% Senior Secured Notes
 400,000
 —
 9.99
 %
 (2)
 2029
 —
 —
 Loan - Curragh Housing Transaction
 24,472
 —
 14.14
 %
 (2)
 2034
 Discount and debt issuance costs
 (1)
 ( 12,165)
 ( 6,983)
 Total
interest bearing liabilities
 412,307
 235,343
 Less: current portion
 ( 1,363)
 —
 Non-current interest-bearing liabilities
 $
 410,944
 $
 235,343
 (1)
 Relates to discount and
debt issuance costs in
connection with the 2029
Notes, 2026 Notes and
Curragh Housing Transaction (as defined
 below). Deferred debt
issuance costs incurred
in connection with
the establishment of
the ABL Facility
have been included
within "Other non-
 current assets" in the Consolidated Balance Sheets.
 (2)

Represent the
effective interest
rate. The
effective interest
is higher
than the
implied interest
rate as
it incorporates
the effect
of debt
 issuance costs and discount, where applicable.

 10.750% Senior Secured Notes due in 2026
 On October 2,
2024, the Company
completed a refinancing
initiative (as explained
below) and redeemed
in full
 all
of
the
 10.750
 %
Senior
Secured
Notes
due
2026,
or
the
2026
Notes,
of
$
 242.3

The
 redemption price of the 2026 Notes
was $
 252.1

million, equivalent to
 104.03
 % of the aggregate principal amount
 thereof,
plus
accrued
and
unpaid
interest,
to,
but
excluding
the
repurchase
date.
In
with
the
 extinguishment of the 2026 Notes, the Company recognized
$
 14.7

million loss on early extinguishment of debt.

 9.250% Senior Secured Notes due in 2029
 On
October
2,
2024,
the
Company,
into
an
indenture,
among
Finance
Pty
Ltd,
as
issuer,
Inc,
as
guarantor,
the
of
Inc,
named
 therein, as
guarantors,
Wilmington
Trust,
National Association,
as trustee
and priority
lien collateral
 trustee, or
the Indenture,
relating to
the issuance
Issuer of
$
 400.0

million aggregate
principal amount
of
 9.250
 % Senior Secured Notes due 2029, or the 2029 Notes.

 The 2029 Notes were issued at par and bear interest at a rate of
 9.250
 % per annum. Interest on the 2029 Notes
 is payable semi-annually in arrears on
April 1 and October 1 of each year,
commencing April 1, 2025. The 2029
 Notes mature on October 1, 2029 and are senior secured
obligations of the Issuer.

 The
2029
Notes
are
guaranteed
on
a
senior
basis
by
the
and
of
the
 subsidiaries that guarantee or
is a borrower
under the Company's ABL
Facility (as defined below)
or certain other
 debt and secured by (i) a
first-priority lien on substantially
all of the assets of
the Company and each
Guarantor
 (other
than
receivable
and
other
to
payment,
inventory,
 certain general
intangibles and
commercial tort
claims, deposit
accounts, securities
accounts and other
 assets, chattel paper,
letter of credit rights, certain
insurance proceeds, intercompany
indebtedness and certain
 other assets related to the
foregoing and proceeds and
products of each of the
foregoing (collectively,
the "ABL
 Priority Collateral"))
and (ii) a
second-priority lien
ABL Priority
Collateral, which
is junior
to a
first-priority
 lien for the
benefit of the
lenders and other
creditors under
asset-based revolving
credit facility,
 dated as of May 8, 2023, in each case, subject to certain
exceptions and permitted liens.
used the
net proceeds
2029 Notes
to redeem
all of
2026 Notes
 pay related fees and expenses in connection with the offering of the 2029 Notes and the redemption of the 2026
 Notes, and the Company intends to use the remaining
net proceeds for general corporate purposes.
 The terms
2029 Notes
are governed
Indenture. The
Indenture contains
customary covenants
for
 high
yield
bonds,
but
not
to,
limitations
on
investments,
liens,
indebtedness,
asset
sales,
 transactions with affiliates and restricted payments,
including payment of dividends on capital stock.

2024
 Upon the occurrence of a "Change of Control Triggering Event", as defined in the Indenture as the occurrence of
 Change of Control or Rating Decline, the Issuer is required to offer to repurchase the 2029 Notes at
 % of the
 aggregate principal
amount thereof,
plus accrued
and unpaid
interest, if
any,
to, but
excluding, the
repurchase
 date. The Issuer also has the right
to redeem the 2029 Notes at
 % of the aggregate principal amount thereof,
 plus accrued
and unpaid
interest,
if any,
to, but
excluding,
the repurchase
date,
following the
occurrence
of a
 Change of
Control Triggering Event, provided
that the Issuer
redeems at least
 % of
the 2029 Notes
 prior to
such Change of
Control Triggering Event.
Upon the
occurrence of
certain changes in
tax law
(as described
Indenture), the
Issuer may redeem
all of
the 2029 Notes
at a
redemption price equal
to
 % of
the principal
of
the
2029
Notes
to
be
redeemed
plus
accrued
and
unpaid
interest,
if
any,
to,
but
excluding,
the
 redemption date.

 The Issuer may redeem any of the 2029 Notes beginning on October 1, 2026. The initial redemption price
 2029 Notes is
 104.625
 % of their principal amount, plus accrued and unpaid
interest, if any,
to, but excluding the
date.
The
price
will
decline
each
year
after October
1,
2026, and
will
be
 % of
the
 principal amount of the 2029 Notes, plus accrued and unpaid interest, beginning on October 1, 2028. The Issuer
 may also redeem
up to
 % of the
aggregate principal amount
the 2029 Notes
on one or more
occasions prior
 to October 1, 2026
at a price
equal to
 109.250
 % of the
principal amount thereof
plus a "make-whole"
premium,
 plus accrued and unpaid interest, if any,
to, but excluding, the redemption date.

 At any time and from
time to time on
or prior to October
1, 2026, the Issuer
may redeem in the
aggregate up to
 % of the original aggregate
principal amount of the
2029 Notes (calculated after
giving effect to any
 of
2029
Notes)
with
the
net
cash
proceeds
of
offerings,
at
a
price
of
 109.250
 %, plus
accrued and
unpaid interest,
if any,
to, but
excluding, the
redemption date,
so long
as at
least
 %
of
the
of
the
2029
Notes
(calculated
after
giving
to
any
of
 additional 2029
Notes)
issued under
the Indenture
remains outstanding
after each
such redemption
and each
 such redemption occurs within

days after the date of the closing of such equity
offering.
 The
Indenture
contains
customary
of
default,
to
make
payments,
to
 comply with certain agreements
or covenants, failure to
pay or acceleration of
certain other indebtedness, certain
 events of
bankruptcy and
insolvency, and failure to
pay certain
judgments. An
event of
default under
the Indenture
 will allow either the Trustee or the holders
of at least
 % in aggregate principal amount of the then-outstanding
 2029 Notes to
accelerate, or in
certain cases, will automatically
cause the acceleration
of, the amounts due
under
 the 2029 Notes.

 As of December 31, 2024, the
Company was in compliance with
all applicable covenants under the
2029 Notes
 Indenture.
 The
value
of
debt
as
a
direct
deduction
from
the
face
of
the
2029
 Notes, were $
 11.1

million as at December 31, 2024.

 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
 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

million, or the
ABL Facility, with Global Loan
Agency Services
 Australia Pty Ltd, as the Administrative Agent, Global
Loan Agency Services Australia Nominees Pty Ltd,
 Collateral Agent, the Hongkong and Shanghai Banking Corporation Limited, Sydney Branch, as the Lender, and
 DBS Bank Limited,
Australia Branch, as
the Lender and,
together with the
other Lender,
the Lenders. The
ABL
 Facility became effective on August 3, 2024, when
conditions precedent were satisfied.

 The ABL Facility matures in August 2026 and provides for up to $
 150.0

million in borrowings, including a $
 100.0
for
the
of
of
and
$
 70.0

as
a
revolving
facility.
 Availability
under
the
ABL
is
to
an
eligible
base,
by
applying
customary
 advance rates to eligible accounts receivable and inventory.
 Borrowings under
Facility bear
interest at
a rate
per annum
equal to
an applicable
rate of
 2.80
 % plus
 Bank Bill
Swap Bid
Rate
for
loans denominated
in A$,
or
the Secured
Overnight
Finance
Rate,
or
SOFR,
for
 loans denominated in US$, at the Borrower's election.

2024
 The
ABL
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.
 As
of
31,
2024,
the
of
had
been
partially
used
to
issue
$
 21.4

of
bank
 guarantees on
behalf of
and
 no

amounts were
drawn under
the revolving
credit sublimit
of ABL
 Facility.
 On
30,
2024,
the
an
agreement,
or
the
Waiver
with
the
 Administrative
Agent
under
the
ABL
to
temporarily
waive
with
the
ABL
Facility's
ratio
covenant
31,
2024
to
March
30,
2025,
or
the
waiver
period.
Pursuant
the
 Waiver Agreement, the
Company will be
required to maintain
an aggregate cash
balance of at
least $
 100.0

 in one
or more
Lenders,
Cash
Covenant,
until
such
time that
the
 submit a
covenant compliance
Lenders
pursuant to
which
demonstrates
the
 Company is
in compliance
interest coverage
ratio covenant.
The Cash
Balane Covenant
applies from
 the time the Company submits
the covenant compliance certificate
for December 31, 2024,
which is anticipated
 to be on or after February 19, 2025.

 an event
of default
Facility and
the Lenders
shall declare
all amounts
owing under
immediately
due and
payable,
terminate
such
Lenders'
commitments
under
the
ABL Facility,
 require the
Borrowers to
cash collateralize
any letter
obligations and/or
exercise any
remedies
 and other rights under the ABL Facility.
 As of December 31, 2024, except for the interest coverage ratio covenant, the Company was in compliance with
 all other applicable covenants.
 Under the terms of the
ABL Facility,
a Review Event (as defined
in the ABL Facility)
is triggered if, among other
 matters, a "change of control" (as defined in the 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
satisfaction of
the Lenders.
If at
the end
of a
 period of

business days after the occurrence of
the Review Event, the Lenders are
not satisfied with the result
 of their
discussion or
meeting with
the Borrowers
or do
not wish
to continue
to provide
their commitments,
the
 Lenders may
declare all
owing under
immediately due
and payable,
terminate such
 Lenders'
commitments
under
the
ABL
the
to
cash
any
of
 obligations and/or exercise any and all remedies and
other rights under the ABL Facility.
 The carrying value of
debt issuance costs,
recorded as "Other
non-current assets" in
the Consolidated Balance
 Sheet was $
 1.5

 2.7

million as of December 31, 2024 and December 31,
2023, respectively.
 Loan – Curragh Housing Transaction
 On
May
16,
2024,
the
an
for
accommodation
and
the
sale
and
 leaseback
of
housing
and
accommodation
with
a
and
accommodation
 provider, or collectively, the Curragh Housing
Transaction. Refer to Note
15 "Other Financial
Liabilities" for further
 In connection with the Curragh Housing Transaction, the
Company borrowed $
 26.9

 40.4

million) from
 the same
and accommodation
service provider.
This amount
was recorded
as "Interest
 Bearing
Liabilities"
in
the
Sheet.
The
borrowed
is
in
equal
monthly
 installments
over
a
of
 ten years
,
with
an
rate
of
 14.14
 %.
The
Housing
 Transaction loan is not subject to any
financial covenants.
 The carrying value of the loan, net of issuance costs of $
 1.1

million, was $
 23.4

million as of December 31, 2024,
 $
 1.5

million of which is classified as a current liability.

2024
 15.
Other Financial Liabilities
 The following is a summary of other financial liabilities:

 2024
 2023
 Collateralized financial liabilities payable to third-party financing
 $
 4,898
 $
 8,302
 Collateralized financial liabilities - Curragh Housing Transaction
 20,959
 —
 Debt issuance costs
 ( 988)
 ( 170)
 Total
Other financial liabilities
 24,869
 8,132
 Less: current portion
 5,988
 2,825
 Other non-current financial liabilities
 $
 18,881
 $
 5,307

 Collateralized financial liabilities – Curragh Housing Transaction
 The Curragh
Housing Transaction
did not
satisfy the
sale criteria
under Accounting
Standards Codification,
or
 ASC, 606
–
 Revenues from
Contracts with
Customers

and was
deemed a
financing arrangement.
As a
 proceeds of $
 23.0

 34.6

million) received for
the sale and leaseback
of property,
plant and equipment
 owned by the
Company in connection
with the Curragh
Housing Transaction were recognized
as "Other Financial
 Liabilities" on
Consolidated Balance
Sheet. The
term of
the financing
arrangement is
 ten years
 with an
interest rate
of
 14.14
 %. This
liability will
be settled
in equal
monthly payments
as part
 accommodation services arrangement.
 In line
Company's capital
management strategy,
Housing Transaction
provides additional
 liquidity. In
addition, the accommodation services component
of the Curragh Housing Transaction
is anticipated
 to enhance the level of accommodation services
for our employees at our Curragh Mine.

 In
with
the
Housing
Transaction,
the
granted
the
counterparty
mortgages
over
and
freehold
land.
The
counterparty's
are
to
a
priority
deed
in
favor
of
the
senior
but
not
to,
holders
of
the
Notes,
lenders
under
the
ABL
 Facility and Stanwell.

 The carrying value
of this financial
liability, net of issuance costs
of $
 0.9

million, was $
 20.0

million as at
 31, 2024, $
 1.2

million of which is classified as a current liability.

 Collateralized financial liabilities payable to third-party financing
 On January 6,
2021, the Company
entered into
an agreement
with a third-party
financier to sell
and leaseback
 items of
plant and
equipment owned
by Coronado
Curragh Pty
Ltd, a
wholly-owned subsidiary
 Company.
The
transaction
did
not
satisfy
the
sale
criteria
under
ASC
–
Revenues
from
Contracts
with
 Customers. As a
result, the transaction
was deemed a
financing arrangement and
the Company has
 to recognize
the underlying
plant and
Balance Sheet.
The proceeds
 received from the
transaction of $
 23.5

 30.2

million) were recognized
as "Other financial
liabilities" on
 the Consolidated
Balance Sheet.
The remaining
term of
the financing
arrangement is
 one year

with an
implied
 interest rate of
 8.1
 % per annum.

 16. Contract Obligations
 In
with
the
acquisition
of
the
Logan
the
assumed
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 connection with
the acquisition of Curragh,
the Company assumed the
Stanwell below market CSA
with a fixed
component
that
was
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 to the unfavorable pricing of the Stanwell
 below market CSA
and is amortizing
it ratably based
on the tons sold
through the contract.
The amortization of
 this liability for the years ended December
31, 2024, 2023 and 2022 were $
 31.1

 32.8

 36.2
and
as
"Other
revenues"
in
the
of
and
 Comprehensive Income.

2024
 The following is a summary of the contract obligations
as of December 31, 2024:

 Short-term
 Long-term
 Total
 Coal leases contract liability
 $
 $
 19,156
 $
 19,999
 Stanwell below market coal supply agreement
 36,247
 8,616
 44,863
 $
 37,090
 $
 27,772
 $
 64,862

 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

 17.
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
 acquisition
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 consideration
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.

 2024
 2023
 Stanwell Reserved Area deferred consideration
 $
 285,050
 $
 277,442
 $
 285,050
 $
 277,442

 18.
Workers' Compensation and Pneumoconiosis ("Black
Lung") Obligations
 In
the
coal
mine
may
lead
to
traumatic
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
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
 compensation claims and occupational disease claims
through an insurance policy.
 The Company obtained workers
compensation insurance for work
related injuries, including black
lung, through
 a third-party
commercial
insurance company.
The insurance
policy covers
claims
that exceed
$
 0.5

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

 22.7

million for policy years ending
 May 2024 and May 2023, respectively.
Per the contractual agreements, the Company was required to provide
a
 collateral
of
$
 66.8

for
policy
years
2017
2025,
ending
May 31,
2025,
which
is
 accomplished through providing a combination of letters of credit and
cash collateral in an escrow account. As of
 December 31, 2024, the Company
has provided $
 16.8

million of letters of credit,
$
 29.7

million of cash collateral
 and surety bonds of $
 20.3

million totaling $
 66.8

 For the
2023 and
2022, the
audited Consolidated
Statements of
 and
Comprehensive
Income
claims,
premium
and
fees
to
worker's
benefits
of
$
 8.9

$
 16.3

and
$
 12.2

respectively.
As
of
 December 31, 2024 and 2023, the estimated workers' compensation liability
was $
 39.1

 37.6

 respectively, representing claims incurred but not paid based on
the estimate of the
outstanding claims under the
limits
and
the
actuarially
retained
under
the
claim
amount.
As
of
31,
2024
and
2023,
$
 34.4

and
$
 32.6

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.

2024
 19.
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
 2023 and 2022 amounted to $
 5.9

 5.5

 3.9

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, 2024 and 2023, the Company had
accruals
of
$
 2.7

and
$
 2.3

for
claims
but
not
paid
based
on
 management's estimate
of the Company's
self-insured liability.
For the years
31, 2024, 2023
 and 2022, the Company incurred claims,
premium expenses and administrative fees
related to this plan totaling
 $
 40.2

 35.0

 29.8

million, respectively.

 20.
Stock-Based Compensation

 Total
stock-based
expense
was
$
 2.1

$
 2.9

and
$
 2.7

for
the
years
ended
2024,
2023
and
2022,
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
2024,
the
had
$
 4.3

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

years,
with
a
weighted-average
of
 1.32

years,
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.

 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.

2024
 The following awards were outstanding under the 2018
as of December 31, 2024:

 Grant year
 Vesting date
 Performance period
 PSUs
 RSUs
 2024
 31/03/2027
 01/01/2024 - 31/12/2026
 4,813,547

 —

 2024
 01/08/2025
 not applicable
 —

 584,541

 2023
 31/03/2026
 01/01/2023 - 31/12/2025
 4,259,508

 —

 2022
 31/03/2026
 01/01/2022 - 31/12/2024
 5,977,814

 —

 2021
 31/03/2025
 01/01/2021 - 31/12/2023
 2,736,265

 —

 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
 2024 and 2023
 33.3 %
 33.3 %
 -
 33.3 %
 2022 and 2021
 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
adjusted
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:

 Stock Option Plan Activity
 2024
 2023
 2022
 Opening at the beginning of the year
 —
 1,015,006
 Forfeited
 —
 —
 ( 833,319)
 Vested
 —
 ( 181,687)
 —
 Outstanding at the end of the year
 —
 —
 Exercisable at the end of the year
 —
 2024
 2023
 2022
 Weighted-average remaining contractual term (in
 years)
 —
 —
 0.25

 The weighted
average grant
date fair
all Option
Awards granted
was $
 0.27
. The
exercise price
 option awards granted under 2018
plan is $
 2.21

(A$
 3.56
).

stock option awards remains exercisable until
 they expire on October 23, 2028.

2024
 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
 2024
 2023
 2022
 Nonvested at the beginning of the year
 17,992,453
 14,858,921
 8,501,869
 Granted
 5,498,291
 4,872,122
 7,471,100
 Forfeited
 ( 4,314,219)
 ( 1,451,677)
 ( 1,114,048)
 Vested and settled
 ( 1,389,391)
 ( 286,913)
 —
 Nonvested and outstanding at the end of the year
 17,787,134
 17,992,453
 14,858,921
 2024
 2023
 2022
 Weighted-average grant date fair value (per CDI)
 $
 0.63
 $
 0.58
 $
 0.53
 Weighted-average remaining term (in years)
 1.36
 1.82
 2.54

 The weighted average grant date fair value of all PSU
Awards granted in 2024 was $
 0.67

(A$
 1.02
).
 The assumptions used to determine the PSUs fair value
on each grant date were as follow:

 2024 Grant
 2023 Grant
 2022 Grant
 2021 Grant
 Time to maturity (in years) (i)
 2.58
 2.98
 3.99
 3.85
 Dividend yield (ii)
 1.2 %
 7.8 %
 16.3 %
 3.0 %
 Expected volatility (iii)
 50.0 %
 60.0 %
 60.0 %
 60.0 %
 Risk-free interest rate (iv)
 3.54 %
 2.98 %
 2.66 %
 0.35 %

 ___________________
 (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
market and
performance conditions
 PSUs awards.

 Restricted Stock Units
 RSUs issued to certain employees are only subject
to service conditions and vest at various intervals
during the
 service period.
The fair
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
 2024
 2023
 2022
 Nonvested at the beginning of the year
 734,893
 1,144,034
 —
 Granted
 584,541
 144,506
 1,144,034
 Forfeited
 ( 18,525)
 ( 46,593)
 —
 Vested and settled
 ( 716,368)
 ( 507,054)
 —
 Nonvested and outstanding at end of the year
 584,541
 734,893
 1,144,034
 2024
 2023
 2022
 Weighted-average grant date fair value (per CDI)
 $
 0.87
 $
 1.26
 $
 1.22
 Weighted-average remaining term (in years)
 0.58
 0.23
 0.7

2024
 21.
Income Taxes
 (Loss) income
from continuing
operations before
income taxes
years presented
below consisted
 following:

 2024
 2023
 2022
 U.S.
 $
 7,843
 $
 334,373
 $
 609,617
 Non-U.S.
 ( 157,033)
 ( 210,559)
 393,660
 Total
 $
 ( 149,190)
 $
 123,814
 $
 1,003,277

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

 2024
 2023
 2022
 Current:
 U.S. federal
 $
 ( 867)
 $
 ( 6,303)
 $
 90,933
 Non-U.S.
 ( 2,715)
 75,270
 State
 ( 636)
 ( 1,895)
 25,347
 Total
 ( 783)
 ( 10,913)
 191,550
 Deferred:
 U.S. federal
 ( 61,977)
 28,943
 Non-U.S.
 23,706
 ( 45,976)
 35,425
 State
 ( 1,255)
 ( 4,305)
 4,193
 Total
 ( 39,526)
 ( 21,338)
 40,024
 Total
income tax (benefit) expense
 $
 ( 40,309)
 $
 ( 32,251)
 $
 231,574

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

 2024
 2023
 2022
 Current:
 Expected income tax expense at U.S. federal statutory rate
 $
 ( 31,330)
 $
 26,001
 $
 210,690
 Percentage depletion
 ( 3,407)
 ( 17,871)
 ( 41,047)
 FDII deduction
 —
 ( 7,796)
 —
 Permanent differences
 ( 1,130)
 2,176
 ( 2,262)
 Prior period tax return adjustments and amendments
 ( 1,347)
 ( 46,060)
 Uncertain tax positions
 ( 1,007)
 21,243
 —
 U.S. and residual tax on foreign earnings
 ( 32,007)
 ( 11,146)
 11,950
 Australian branch impact on US taxes
 29,924
 ( 3,406)
 30,099
 State income taxes, net of federal benefit
 ( 5)
 4,608
 21,548
 Total
income tax (benefit) expense
 $
 ( 40,309)
 $
 ( 32,251)
 $
 231,574
 Effective tax rate
 27.0 %
 (
 26.0
 %)
 23.1 %

 The
2023
prior
tax
return
adjustment
and
amendments
relates
predominantly
to
a
Foreign
Derived
 Intangible Income
("FDII") deduction
U.S. which
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, 2024 and 2023 were as follows:

2024

 2024
 2023
 Deferred income tax assets:
 Accruals and provisions
 $
 40,594
 $
 44,373
 Contract obligations
 90,849
 108,672
 Lease obligations
 43,633
 35,312
 Asset retirement obligation
 59,981
 55,322
 6,047
 6,653
 Tax
 115,695
 59,964
 Interest limitation carried forward
 26,943
 1,766
 Other
 31,228
 19,574
 Gross deferred income tax assets
 414,970
 331,636
 Valuation allowance
 (1)
 ( 114,088)
 ( 33,894)
 Total
deferred income tax assets, net of valuation allowance
 300,882
 297,742
 Deferred income tax liabilities:
 Property, plant, equipment
and mine development, principally due to
 differences in depreciation, depletion and asset
impairments
 ( 277,424)
 ( 297,915)
 Warehouse stock
 ( 12,209)
 ( 12,824)
 Right of use asset
 ( 41,947)
 ( 34,021)
 U.S. liability on foreign deferred taxes
 —
 ( 19,075)
 Other
 ( 6,039)
 ( 6,822)
 Total
deferred income tax liabilities
 ( 337,619)
 ( 370,657)
 Net deferred income tax liability
 $
 ( 36,737)
 $
 ( 72,915)

 (1)

As of December 31, 2024,
the Company recorded a valuation allowance
of $
 114.1

million (2023: $
 33.9

million)
 against deferred tax
assets consisting predominantly of
tax losses, land
and goodwill. A
valuation allowance must
 be established for deferred
tax assets if it is "more
-likely-than-not" that they will
not be realized. The increase
in
 the valuation allowance of $
 80.1

million for the year was predominantly driven by a valuation allowance of $
 79.5
 million recognized during the
year against tax losses
of the Australian tax
consolidated group. Under
 tax law,
tax losses
carried forward
indefinitely and
utilized subject
to meeting
the tax
loss recoupment
 rules, which broadly look at whether the Company has maintained the same
majority ownership and control, and
 failing that, whether the Company has maintained a similar business.

 At
31,
2024,
the
tax
group
has
tax
of
$
 80.4

carried
forward
 (2023: $
 48.7

million) (tax
effected).
A company,
not part
Australian tax
consolidated group
had
 tax losses carried forward of $
 10.6

million at December 31, 2024 (2023: $
 10.9

million) (tax effected) for which an
 equal valuation has been recognized.
 In August 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
 in funding for
the Internal Revenue
Service, incentives
to promote climate
change mitigation
and clean energy,
 and
to
promote
care
affordability.
The
Inflation
Reduction
Act
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 credit
for the taxable
year."
Under the bill,
an applicable corporation's
minimum tax would
be equal
 to the amount by
which the tentative
minimum 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.

 BEPS Pillar Two:
Australian legislation enacted for global and minimum
domestic taxes
 In December 2024, the Australian Government enacted legislation that implemented key aspects of Pillar Two of
 the OECD/G20 Two-Pillar Solution which includes a 15% global minimum tax for large multinational
enterprises.
 This legislation did not have any impact on
the Company in the current year and will
be monitored going forward.

2024
 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 that the
anticipated tax outcome
of these uncertain
tax positions changes,
such changes in
estimate
 will impact the income tax
provision in the period in which
such determination is made. The Company
recognizes
 accrued interest and penalties related to uncertain tax
positions as a component of income tax expense.
 The effect
of the total
amount of unrecognized
tax benefits,
if recognized, would
reduce our future
effective tax
 rate.

 (US$ Thousands)
 2024
 2023
 At beginning of the year
 $
 20,784
 $
 —
 Additions based on tax positions related to current year
 6,388
 Additions for tax positions of prior years
 2,342
 14,396
 Reductions for tax positions of prior year (including impacts
due to lapse
 in statute)

 ( 4,351)
 —
 At end of the year
 18,897
 20,784

 The
return
to
adjustments
for
2023
a
due
to
from
the
study
by
 specialists and
the fact
benefit was
limited to
taxable income.
recorded interest
of $
 0.5
 million on uncertain tax positions for 2024. There were
 no

amounts related to interest and penalties on uncertain
 tax positions for 2023.
 The Company is subject to taxation in
the United States and Australia. As of December 31, 2024,
tax years 2018
 to 2023 are open to review
from taxation authorities in the United States. In
Australia, tax years 2020 to 2023 are
 open to review and the Australian Taxation
Office is presently conducting a review
of these years.

 22.
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
active
for
identical
or
accessible
to
the
 reporting entity at the measurement date.
 Level 2 Inputs: Other than
quoted prices that are observable
for the asset or
liability, either
directly or indirectly,
 for substantially the full term of the asset or liability.
 Level
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
31, 2024
and 2023,
there were
no financial
instruments required
to be
measured at
 on a recurring basis.

2024
 Other Financial Instruments
 The following methods
and assumptions
are used to
estimate the fair
value of other
financial instruments
as of
 December 31, 2024 and 2023:
 •
Cash
and
cash
equivalents,
receivable,
deposits,
payable,
accrued
 expenses,
lease
and
other
liabilities:
The
reported
in
the
 Consolidated Balance Sheets approximate fair value due to the
short maturity of these instruments.
 •
Restricted deposits,
lease liabilities,
interest bearing
liabilities and
other financial
liabilities: The
fair values
 approximate the carrying amounts
reported in the Consolidated Balance Sheets.
 •
Interest bearing liabilities: The
Company's outstanding interest-bearing liabilities are carried at
amortized
 cost. As of December 31,
2024, there were
 no

amounts drawn under the
revolving credit sublimit of
the
 ABL Facility.
The
Notes
as
31,
2024
is
$
 405.2

based
 upon quoted market
prices in a
market that is
not considered
active (Level 2).

The estimated
 of the Curragh Housing loan is $
 27.9

million based upon unobservable inputs (Level 3).

 23.
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
 translation
 adjustments
 Balance at December 31, 2022
 $
 ( 91,423)
 Net current-period other comprehensive income (loss):
 Loss 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 loss
 1,496
 Balance at December 31, 2023
 ( 89,927)
 Net current-period other comprehensive income (loss):
 Loss in other comprehensive income before reclassifications
 ( 10,524)
 Loss on long-term intra-entity foreign currency transactions
 ( 37,109)
 Total
net current-period other comprehensive losses
 Balance at December 31, 2024
 $
 ( 137,560)

2024
 24. Commitments
 (a)
Mineral Leases
 The
interests
and
from
land
owners
under
terms
and
 rates. The future minimum royalties under these leases
are as follows:

 Amount
 Year ending
 2025
 $
 4,304
 2026
 4,141
 2027
 4,105
 2028
 4,051
 2029
 4,040
 Thereafter
 20,460
 Total
 $
 41,101
 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
2024, purchase
commitments for
capital expenditures
were $
 111.4

million, 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,
 2024, these Australian
and U.S. commitments
under take-or-pay
arrangements totaled
$
 665.2

million, of which
 $
 90.9

million is obligated
within the next
year, $
 184.4

million within 1-3
years, $
 190.9

million 3-5 years
and $
 199.0
 million thereafter.

 25. 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
in
order to
the required
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
31,
2024,
the
had
bonds
of
$
 48.9

and
$
 16.8

of
 credit issued from our letter of credit sublimit under the
ABL Facility.

 For
the
as
at
31,
2024,
the
had
bank
guarantees
of
 $
 23.9

million, including $
 4.7

million issued from the ABL Facility, primarily in respect of certain rail and port take-
 or-pay arrangements of the Company.

 As at December 31, 2024, the Company, in aggregate, had total outstanding bank guarantees provided of $
 40.7
 million to
secure
and commitments,
including $
 21.4

million issued
from
the
 available under the 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, the Company had total cash collateral in
the form of deposits of $
 68.5

 and $
 68.7

as of
31,
2024
and
2023, respectively,
to
back-to-back
support for
bank

2024
 guarantees not issued
under the ABL
other performance obligations,
various other operating
 and contractual obligations under workers compensation insurance. These deposits are restricted and classified
 as "non-current" assets in the Consolidated Balance Sheets.
 In accordance
 Facility to the extent of outstanding letters
of credit after the expiration or termination
date, including an event of
 default, of such letter of credit.
As of December 31, 2024,
 no

such letter of credit had expired
or was terminated
 and as such
 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
filed
an
objection
to
the
assessment.
The
objection
was
based
on
legal
and
 valuation advice obtained, which supported an estimated stamp duty
payable of $
 29.4

 43.0

million) on
 the Curragh acquisition.

 On January 9, 2024, the Company's objection
to the assessed stamp duty was disallowed by the
QRO.
 As per the Taxation
Administration Act (Queensland)
2001, the Company
can only appeal
or apply for a
review
 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). The Company had until March 11,
2024, to file an appeal.
 On March 6, 2024,
the Company made an
additional payment, and
paid in full, the stamp
duty assessed by
the
 QRO.

 The Company disputes
the additional
amount assessed
of stamp duty
and, on March
11,
2024, filed its
appeal
 with the Supreme
Court of Queensland.
The outcome of
the appeal remains
uncertain and as
such,
 no

contingent
 asset has been recognized at December 31, 2024.
 From time to time, the
Company becomes a
party to other legal
proceedings in the
ordinary course of business
 in Australia, the U.S. and other countries where the Company does business.
Based on current information, the
 Company believes that such other pending
or threatened proceedings are likely to
be resolved without a material
on
its
condition,
of
or
cash
flows.
In
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.

 26. Related

 Party Transactions
 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
Group LLC,
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
31, 2024
and 2023,
 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 2023,
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.
 Stockholder's Agreement and Registration Rights
and Sell-Down Agreement
 As
of
31,
2024,
has
beneficial
ownership
in
the
of
 50.4
 %
of
the
Shares.
On
September 24,
2018,
and
the
into
a

2024
 Stockholder's Agreement
and a
Registration Rights
and Sell-Down
which governs
the relationship
 between Coronado Group LLC
and the Company
while the funds
manage by The
Energy & Minerals
Group, or
 EMG
Group,
beneficially
owns
in
the
at
least
 %
of
our
of
stock
 (including
of
stock
CDIs),
governance
matters
to
the
 Company.
Under
this
has
the
to
the
to
register
its
 shares under
Securities Exchange
1934 and
to provide
assistance
to Coronado
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
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
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.

 27.
Subsequent Events
 Ordinary dividends
 On
February
19,
2025,
the
Board
of
declared
a
bi-annual
fully
franked
fixed
ordinary
 dividend of $
 8.4

 0.5

cents per CDI. The
dividend will have a record
date of
 March 12, 2025
, Australia
 time,
and
be
on
 April 4, 2025
,
time.
CDIs
will
be
quoted
"ex"
dividend
on
March
11,
2025,
 Australia time. The total ordinary dividend will be funded
from available cash.

2024
 REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

 To
 the Shareholders and the Board of Directors of Coronado
Global Resources Inc.
 Opinion on the Financial Statements
 We
have
audited
the
balance
sheets
of
Inc.
(the
 Company)
as
of
31,
2024
and
2023,
the
of
and
income,
stockholders'
and
cash
flows
for
each
of
the
three
years
in
the
ended
 December 31, 2024, 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, 2024 and
2023, and the results of its
operations and its cash flows for
each of the
 three
years
in
the
ended
31,
2024,
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
in
Control-Integrated
Framework
by
the
Committee
of
Sponsoring
 Organizations of the
Treadway Commission (2013 framework)
report dated
February 19,
2025 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
required to
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.

2024
 Accounting for income taxes
 Description
of
the
 matter
 As disclosed in Note
21 to the consolidated
financial statements, the
Company recognized
 total deferred
tax assets
of $415.0
million at
2024, which
includes deferred
 tax
of
$115.7
to
tax
carried
forward
from
prior
periods.
The
a
valuation
allowance
of
$114.1
an
equal
of
 deferred tax assets at December 31, 2024.

 Auditing management's analysis of the realizability of deferred tax assets and the treatment
 of tax
in
the
overall
tax
calculation,
involved
auditor
judgment,
in
 order
to
assess
of
tax
laws
to
the
tax
 structure and the resulting tax calculations.
 How
we
 addressed
the
 matter in our audit
 We obtained an understanding, evaluated the
design and tested the operating
effectiveness
 of controls over
process to assess
income and deferred
taxes at year
end,
 including the determination of whether valuation allowances
were required.

 Our
audit
procedures,
which
involved
tax
professionals
with
knowledge
of
 jurisdictional
tax
laws
and
included,
among
other
procedures,
obtaining
an
 understanding
of
the
overall
tax
and
evaluating
of
the
tax
laws,
on
a
taxpayer-by-taxpayer
basis
and
assessing
the
 relevance,
completeness
and
accuracy
of
the
data
utilized
in
the
tax
calculations
 and
testing
the
calculations
themselves.
Our
also
assessing
the
 positive
and
negative
evidence
to
the
realizability
tax
for
by
to
of
taxable
or
the
 reversal of temporary differences.
 /s/
 Ernst & Young
 We have served as the Company's auditor
since 2020.
 Brisbane, Australia

2024
 ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
 DISCLOSURE.
 None.

2024
 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
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
appropriate
to
allow
timely
 disclosure.

 The Company, under the supervision and with the participation of its management, including the Chief Executive
 Officer and the Interim Principal Financial Officer,
evaluated the effectiveness of the design and operation 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.
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
appropriate
 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
the
 policies or procedures may deteriorate.

 Management
an
of
the
over
as
of
 December 31, 2024, using the framework specified in
 Internal Control – Integrated Framework (2013)
, published
 by
the
Committee
of
Sponsoring
Organizations
of
the
Treadway
Commission
(COSO).
Based
on
this
 assessment, management
concluded that
internal control
over financial
reporting was
 as of December 31, 2024.

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

2024
 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,
 2024,
based
on
criteria
in
Control—Integrated
Framework
by
the
Committee
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, 2024, 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, 2024 and 2023,
 the
of
and
income,
stockholders'
and
cash
 flows for each
of the three
years in the
period ended
and the related
notes and our
report
 dated February 19, 2025 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
Control Over
Financial Reporting. Our
responsibility is to
express an opinion on
 the
over
based
on
our
audit.
We
are
a
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
the
 policies or procedures may deteriorate.
 /s/ Ernst & Young
 Brisbane, Australia

2024
 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.

2024
 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 2025
 Annual General
Meeting of
Stockholders, or
the Proxy
Statement, under
the headings
"Executive Officers
and
 Corporate Governance
." "Delinquent
Section 16(a)
Reports"
"Securities Dealing
Policy,
or
 Insider Trading Policy,"
and is
incorporated herein by
reference and
made a
part hereof
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
Statement
under
the
 heading "Security
Ownership
of
Certain
Beneficial
Owners
and
Management"
and
is
incorporated
herein
by
 reference and made a part hereof from the Proxy Statement.

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

 ITEM 14. PRINCIPAL
ACCOUNTANT FEES AND SERVICES.
 The information required
to be furnished
by this Item
will be set forth
in the Proxy Statement
under the heading
 "Ratification of Appointment of
Ernst & Young as the Company's Independent Registered Public
Accounting Firm
 for the Fiscal Year
Ending December 31, 2025" and is
incorporated herein by reference and made a
part hereof
 from the Proxy Statement.

2024
 ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT
SCHEDULES
 (a)
The following documents are filed as part of this
Annual Report on Form 10-K:
 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
 Statement
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 October 2, 2024, among Coronado Finance Pty Ltd, as issuer,
 Coronado Global Resources Inc., as guarantor, the subsidiaries of Coronado Global
 Resources Inc. named therein, as additional guarantors, Wilmington Trust, National
 Association, as trustee and priority lien collateral trustee, relating to Coronado Finance
 Pty Ltd's 9.250% Senior Secured Notes due 2029 (filed as Exhibit 4.1 to the Company's
 Current Report on Form 8-K (File No. 000-56044) filed on October 2, 2024 and
 4.5
 Form of 9.250% Senior Secured Notes due 2029 (filed as Exhibit 4.2 to the Company's
 Current Report on Form 8-K (File No. 000-56044) filed on October 2, 2024 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)

2024
 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
 First Amendment to Syndicated Facility Agreement, dated as of October 2, 2024, among
 Global Loan Agency Services Australia Pty Ltd, as administrative agent, Global Loan
 Agency Services Australia Nominees Pty Ltd, as collateral agent, Coronado Global
 Resources Inc., as holdings, and the guarantors named therein (filed as Exhibit 10.1 to
 the Company's Current Report on Form 8-K (File No. 000-56044) filed on October 2,
 2024 and incorporated herein by reference)
 10.5
 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)
 10.6
 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,
 10.7
 Coronado Global Resources Inc. 2018 Equity Incentive Plan (incorporated by reference
 to Appendix A to the Proxy Statement)
 10.8
 Coronado Global Resources Inc. Employee Stock Purchase Plan (incorporated by
 reference to Appendix B to the Proxy Statement)
 10.9>
 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)
 10.10>
 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)
 10.11>
 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)
 10.12>
 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)
 10.13>
 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
 10.14>
 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

2024
 Exhibit No.
 Description of Document
 10.15>
 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)
 10.16>
 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)
 10.17>
 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)
 10.18>
 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)
 10.19>
 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)
 10.20>
 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)
 10.21>
 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)
 10.22>
 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)
 10.23>
 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,
 10.24
 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)
 10.25
 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
 10.26
 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,
 10.28
 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)
 10.29
 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)
 10.30
 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,

2024
 Exhibit No.
 Description of Document
 10.31
 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,
 19.1
 Securities Dealing Policy of Coronado Global Resources Inc.

 21.1
 List of Subsidiaries
 23.1
 Consent of Ernst & Young
 23.2
 Consent of Barry Lay
 23.3
 Consent of Daniel Miller
 23.4
 Consent of Claire McGahan
 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 Interim Principal 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,
2024,
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
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

2024
 ITEM 16.
FORM 10-K SUMMARY
 None.

2024
 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 19,
2025
 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/ Sandeep Deoji
 Vice
Group
Control
 (Interim Principal Financial Officer)
 Sandeep Deoji
 /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