Coronado Global Resources nine-month loss widens to $459M
Quarter-end cash of $155.0 million included a $75.0 million Glencore prepayment, while the ABL Facility was fully drawn.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Rhea-AI Filing Summary
Coronado Global Resources Inc. reported third-quarter 2026 revenue of $563.5 million, compared with $482.1 million a year earlier, and a net loss of $40.5 million versus $109.5 million. For the first nine months of 2026, revenue was $1,544.8 million, compared with $1,399.3 million in 2025, while net loss was $458.5 million versus $281.9 million; the 2026 loss included $177.5 million in non-cash impairment charges related to Logan.
Operating activities used $101.5 million of cash in the nine-month period, compared with $54.9 million provided a year earlier. Coronado sold the Logan mine complex to Phoenix Coal Holdings, LLC on July 31, 2026, for $1.7 million in cash. At September 30, 2026, cash and equivalents were $155.0 million and net current assets were $68.9 million; cash included a $75.0 million Glencore prepayment being repaid through coal deliveries by October 2027, and the ABL Facility was fully drawn. Coronado reported no debt maturities before October 2029 and concluded it had sufficient liquidity to meet obligations for at least one year from the statements' issuance, based on current cash and forecasted cash flows.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose to $563.5 million from $482.1 million.
- Moderate pointThird-quarter net loss narrowed to $40.5 million from $109.5 million.
- Moderate pointNine-month revenue increased to $1,544.8 million from $1,399.3 million.
Negative
- Moderate pointNine-month net loss widened to $458.5 million from $281.9 million.
- Moderate pointNine-month operating cash flow was $101.5 million used, versus $54.9 million provided.
Filing Explained
A moderate-high allocation sets Curragh’s contribution at six and a half percent of rehabilitation cost through August of two thousand twenty-eight, rather than full assurance.
In this Form 10-Q, Coronado reports that its amended Stanwell coal agreements restrict shareholder distributions: after a distribution, it must retain at least
A
As of
If a change of control is proposed within two years of
Key Figures
Third-quarter revenue: $563.5 million
Third-quarter net loss: $40.5 million
Nine-month revenue: $1,544.8 million
+5 more
8 metrics
Third-quarter revenue
$563.5 million
Three months ended September 30, 2026; $482.1 million in 2025
Third-quarter net loss
$40.5 million
Three months ended September 30, 2026; $109.5 million in 2025
Nine-month revenue
$1,544.8 million
Nine months ended September 30, 2026; $1,399.3 million in 2025
Nine-month net loss
$458.5 million
Nine months ended September 30, 2026; $281.9 million in 2025
Operating cash flow
$101.5 million used
Nine months ended September 30, 2026; $54.9 million provided in 2025
Logan impairment charges
$177.5 million
Nine months ended September 30, 2026
Cash and cash equivalents
$155.0 million
As of September 30, 2026
Senior Secured Notes principal
$400.0 million
Outstanding as of September 30, 2026; due October 1, 2029
Key Terms
Adjusted EBITDA, ABL Facility, Prepayment and Deferred Payment Balance, cash flow hedges, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA as the primary metric to measure each segment's operating performance"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
ABL Facility financial
"the aggregate principal amount outstanding of the ABL Facility was $283.7 million"
An ABL facility is a line of credit where a company borrows money using its current assets—like accounts receivable, inventory or equipment—as the primary form of security. It works like a home equity line but tied to business assets: the more valuable and easily sold those assets are, the more the company can borrow. Investors watch ABLs because they affect a company’s liquidity, borrowing capacity and financial flexibility, and because repayments depend on the condition and turnover of the underlying assets.
Prepayment and Deferred Payment Balance financial
"The Prepayment and Deferred Payment Balance is classified as a financial liability"
cash flow hedges financial
"the forward foreign currency contracts were designated as cash flow hedges"
A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.
take-or-pay arrangements financial
"commitments under take-or-pay arrangements totaled $511.0 million"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CODQL's third-quarter 2026 revenue and net loss?
Coronado's third-quarter 2026 revenue was $563.5 million, and its net loss was $40.5 million. In the third quarter of 2025, revenue was $482.1 million and net loss was $109.5 million.
How much cash did CODQL have at September 30, 2026?
At September 30, 2026, Coronado had $155.0 million in cash and cash equivalents and $68.9 million in net current assets. Cash included a $75.0 million Glencore prepayment, and the ABL Facility was fully drawn; management said current cash and forecasted cash flows supported at least one year of obligations.
What are the terms of CODQL's Glencore prepayment?
The full $75.0 million prepayment was advanced on August 13, 2026, and bears interest at 14% per year. Over its 12-month term, it is reimbursed by applying the value of coal deliveries against the balance; any amount outstanding at final maturity is payable in cash. Its September 30 carrying value was $75.9 million, including accrued interest and net of issuance costs.
How much debt did CODQL report under its Notes and ABL Facility?
As of September 30, 2026, the 9.250% Senior Secured Notes had $400.0 million in outstanding principal and mature on October 1, 2029. The ABL Facility had $283.7 million outstanding; its interest rate is 9% per year and may increase to 12% depending on the Borrowing Base Ratio.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
FORM
___________________________________________________
(Mark One)
ACT OF 1934
For the quarterly period ended
OR
ACT OF 1934
For the transition period from to
Commission File Number:
___________________________________________________
(Exact name of registrant as specified in its charter)
___________________________________________________
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
,
,
(Address of principal executive offices)
(Zip Code)
(
)
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
___________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
None
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
☒
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
☒
The registrant’s common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests, or
CDIs, convertible at the option of the holders into shares of the registrant’s common stock on a 10-for-1 basis. The total number of shares
of the registrant's common stock, par value $0.01 per share, outstanding on October 31, 2026, including shares of common stock underlying
CDIs, was
.
Steel starts
here.
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026.
TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2026 and December
31, 2025
4
Unaudited Condensed Consolidated Statements of Operations and Comprehensive
Income for the three and nine months ended September 30, 2026 and 2025
5
Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three
and nine months ended September 30, 2026 and 2025
6
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months
ended September 30, 2026 and 2025
8
Notes to Unaudited Condensed Consolidated Financial Statements
9
Report of Independent Registered Public Accounting Firm
29
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
30
Item 3. Quantitative and Qualitative Disclosures About Market Risk
51
Item 4. Controls and Procedures
53
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
54
Item 1A. Risk Factors
54
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
54
Item 3. Defaults Upon Senior Securities
54
Item 4. Mine Safety Disclosures
54
Item 5. Other Information
55
Item 6. Exhibits
56
SIGNATURES
57
Table of Contents
Coronado Global Resources Inc.
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets
(In US$ thousands, except share data)
Assets
Note
(Unaudited)
2026
December 31,
2025
Current assets:
Cash and cash equivalents
$
$
Trade receivables, net
Inventories
5
Other current assets
6
Total current assets
Non-current assets:
Property, plant and equipment, net
7
Right of use asset – operating leases, net
9
Restricted deposits
18
Goodwill
Intangible assets, net
Other non-current assets
Total assets
$
$
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
$
Accrued expenses and other current liabilities
8
Asset retirement obligations
Contract obligations
Lease liabilities
9
Interest bearing liabilities
10
Income tax payable
Stanwell liabilities
11
Other current financial liabilities
12
Total current liabilities
Non-current liabilities:
Asset retirement obligations
Lease liabilities
9
Interest bearing liabilities
10
Contract obligations
Stanwell liabilities
11
Other financial liabilities
12
Deferred income tax liabilities
Other non-current liabilities
Total liabilities
$
$
Common stock $
and December 31, 2025
Series A Preferred stock $
authorized,
and December 31, 2025
Additional paid-in capital
Accumulated other comprehensive losses
16
(122,269 )
(120,444 )
Accumulated losses
(784,773 )
(326,230 )
Total stockholders’ equity
$
$
Total liabilities and stockholders’ equity
$
$
See accompanying notes to unaudited condensed consolidated financial statements.
Table of Contents
Coronado Global Resources Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
(In US$ thousands, except share data)
Three months ended
Nine months ended
Note
2026
2025
2026
2025
Revenues:
Coal revenues
$
$
$
$
Other revenues
Total revenues
3
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
Depreciation, depletion and amortization
Freight expenses
Stanwell rebate
Other royalties
Selling, general, and administrative expenses
Restructuring costs
Total costs and expenses
Other (expense) income:
Interest expense, net
(38,895 )
(29,443 )
(108,072 )
(68,305 )
Loss on debt extinguishment
(1,050 )
Impairment of assets
4
(177,459 )
Decrease (increase) in provision for credit
losses
(2,836 )
(3,649 )
Other, net
(798 )
Total other expense, net
(39,588 )
(31,819 )
(285,251 )
(72,785 )
Loss before tax
(39,517 )
(103,763 )
(470,450 )
(305,532 )
Income tax (expense) benefit
(1,007 )
(5,707 )
Net loss attributable to Coronado Global
Resources Inc.
$
(40,524 )
$
(109,470 )
$
(458,543 )
$
(281,871 )
Other comprehensive income, net of income
taxes:
Foreign currency translation adjustments
(2,263 )
(1,146 )
Net gain (loss) on cash flow hedges
(2,996 )
Total other comprehensive (loss) income
(1,911 )
(1,825 )
Total comprehensive loss attributable to
Coronado Global Resources Inc.
$
(42,435 )
$
(108,928 )
$
(460,368 )
$
(271,495 )
Loss per share of common stock
Basic
14
(0.24 )
(0.65 )
(2.74 )
(1.68 )
Diluted
14
(0.24 )
(0.65 )
(2.74 )
(1.68 )
See accompanying notes to unaudited condensed consolidated financial statements.
Table of Contents
Coronado Global Resources Inc.
Unaudited Condensed Consolidated Statements of Stockholders’ Equity
(In US$ thousands, except share data)
Common stock
Preferred stock
Additional
Accumulated other
Total
paid in
comprehensive
Accumulated
stockholders
Shares
Amount
Series A
Amount
capital
losses
losses
equity
Balance December 31, 2025
$
$
$
$
(120,444 )
$
(326,230 )
$
Net loss
—
—
(318,590 )
(318,590 )
Other comprehensive loss
—
—
(628 )
(628 )
Total comprehensive loss
—
—
(628 )
(318,590 )
(319,218 )
Share-based compensation for equity
classified awards
—
—
(4,673 )
(4,673 )
Balance March 31, 2026
$
$
$
$
(121,072 )
$
(644,820 )
$
Net loss
—
—
—
(99,429 )
(99,429 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(99,429 )
(98,715 )
Share-based compensation for equity
classified awards
—
—
Balance June 30, 2026
$
$
$
$
(120,358 )
$
(744,249 )
$
Net loss
—
—
(40,524 )
(40,524 )
Other comprehensive loss
—
—
(1,911 )
(1,911 )
Total comprehensive loss
—
—
(1,911 )
(40,524 )
(42,435 )
Share-based compensation for equity
classified awards
—
—
Balance September 30, 2026
$
$
$
$
(122,269 )
$
(784,773 )
$
Table of Contents
Coronado Global Resources Inc.
Common stock
Preferred stock
Additional
Accumulated other
Retained
earnings
Total
paid in
comprehensive
(Accumulated
stockholders
Shares
Amount
Series A
Amount
capital
losses
losses)
equity
Balance December 31, 2024
$
$
$
$
(137,560 )
$
$
Net loss
—
—
(96,198 )
(96,198 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(96,198 )
(93,372 )
Share-based compensation for equity
classified awards
—
—
(1,188 )
(1,188 )
Dividends
—
—
(8,382 )
(8,382 )
Balance March 31, 2025
$
$
$
$
(134,734 )
$
$
Net loss
—
—
(76,203 )
(76,203 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(76,203 )
(69,195 )
Share-based compensation for equity
classified awards
—
—
Balance June 30, 2025
$
$
$
$
(127,726 )
$
(66,575 )
$
Net loss
—
—
(109,470 )
(109,470 )
Other comprehensive income
—
—
Total comprehensive income (loss)
—
—
(109,470 )
(108,928 )
Share-based compensation for equity
classified awards
—
—
(274 )
(274 )
Balance September 30, 2025
$
$
$
$
(127,184 )
$
(176,045 )
$
See accompanying notes to unaudited condensed consolidated financial statements.
Table of Contents
Coronado Global Resources Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In US$ thousands)
Nine months ended
September 30,
2026
2025
Cash flows from operating activities:
Net loss
$
(458,543 )
$
(281,871 )
Adjustments to reconcile net loss to cash and restricted cash provided by
operating activities:
Depreciation, depletion and amortization
Impairment of assets
Amortization of right of use asset - operating leases
Amortization of deferred financing costs
Loss on debt extinguishment
Non-cash interest expense
Amortization of contract obligations
(15,693 )
(18,001 )
Loss on disposal of property, plant and equipment and other assets
Equity -based compensation expense
(3,405 )
(459 )
Deferred income taxes
(13,093 )
(17,956 )
Reclamation of asset retirement obligations
(1,117 )
(4,126 )
(Decrease) increase in provision for discounting and credit losses
(269 )
Other non -cash adjustments
(1,858 )
Changes in operating assets and liabilities:
Accounts receivable
Inventories
(57,065 )
(50,954 )
Other assets
Contract obligations
Accounts payable
Accrued expenses and other current liabilities
(48,623 )
(4,933 )
Operating lease liabilities
(24,453 )
(17,606 )
Income tax payable
(1,260 )
Change in other liabilities
Net cash (used in) from operating activities
(101,465 )
Cash flows from investing activities:
Capital expenditures
(84,654 )
(206,873 )
Proceeds from disposal of idled and other assets
Purchase of restricted and other deposits
(16,222 )
(89,147 )
Redemption of restricted and other deposits
Net cash used in investing activities
(91,633 )
(265,642 )
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financial liabilities
Debt issuance costs and other financing costs
(556 )
(7,148 )
Principal payments on interest bearing liabilities and other financial liabilities
(2,611 )
(13,646 )
Principal payments on finance lease obligations
(4,302 )
(2,156 )
Dividends paid
(8,333 )
Net cash from financing activities
Net decrease in cash and cash equivalents
(18,015 )
(167,075 )
Effect of exchange rate changes on cash and cash equivalents
(54 )
(462 )
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
$
$
Supplemental disclosure of cash flow information:
Cash payments for interest
$
$
Cash refund for taxes
$
(3,834 )
$
(1,620 )
Restricted cash
$
$
See accompanying notes to unaudited condensed consolidated financial statements.
Table of Contents
Coronado Global Resources Inc.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Description of Business, Basis of Presentation
(a)
Description of the Business
Coronado Global Resources Inc. is a global producer, marketer, and exporter of a full range of metallurgical
coals, an essential element in the production of steel. The Company has a portfolio of operating mines and
development project s in Queensland, Australia, and in the states of Pennsylvania and Virginia in the United
States, or U.S.
(b)
Basis of Presentation
The interim unaudited condensed consolidated financial statements have been prepared in accordance with the
requirements of U.S. generally accepted accounting principles, or U.S. GAAP, and with the instructions to Form
10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the U.S. Securities and
Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required
by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the
SEC and the Australian Securities Exchange, or the ASX, on March 3, 2026.
The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless
otherwise stated. They include the accounts of Coronado Global Resources Inc. and its wholly-owned
subsidiarie s. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are
references to Australian dollars, the lawful currency of the Commonwealth of Australia. The “Company” and
“Coronado” are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries,
collectively, or to Coronado Global Resources Inc., as appropriate to the context. All intercompany balances and
transactions have been eliminated upon consolidation.
In the opinion of management, these interim financial statements reflect all normal, recurring adjustments
necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive
income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein
as of December 31, 2025 has been derived from the Company’s audited consolidated balance sheet at that date.
The Company’s results of operations for the three and nine months ended September 30, 2026 are not
necessarily indicative of the results that may be expected for the year ending December 31, 2026.
(c)
Going Concern
These Condensed Consolidated Financial Statements have been prepared on a going concern basis, which
contemplates the realization of assets and discharge of liabilities in the ordinary course of business.
For the three and nine months ended September 30, 2026, the Company incurred net losses of $
$
impairment charges of $
net loss of $
million for the three months ended June 30, 2026, which included a $
improvement was driven primarily by higher realized prices and the structural reset program at the Australian
Operations. This was partially offset by adverse geological conditions at the Buchanan mine (as defined below),
which have since been worked through, and a slower than expected ramp-up of the Mammoth Underground
mine.
As of September 30, 2026, the Company had cash and cash equivalents of $
of $
the $
through coal deliveries by October 2027 (refer to Note 12. “Other Financial Liabilities”). The Company has no
debt maturities before October 2029 and, under its coal supply agreements with Stanwell Corporation Limited,
or Stanwell, receives prepayments in months in which its liquidity is below $
“Stanwell Liabilities”).
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
On November 4, 2026, the manager of the Queensland Financial Provisioning Scheme, or Scheme Manager,
responsible for managing the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld), or the
Financial Provisioning Scheme Act, provided a risk allocation decision of “moderate-high”, for the Curragh mine
complex, a reduction to the previous risk allocation decision of “high”, to which transitional relief had been applied.
The moderate-high risk allocation is applicable for the period up to August 15, 2028, and requires an annual
contribution to the scheme of
% of Curragh’s (as defined below) Estimated Rehabilitation Cost, or ERC, rather
than provide financial assurance equal to
% of the ERC.
Based on the Company’s current cash and cash equivalents and forecasted cash flows, the Company has
concluded that it will have sufficient liquidity to fund its operations and satisfy its obligations for at least one year
from the issuance of these financial statements.
Coronado continues to undertake initiatives to enhance liquidity and reduce operating and capital costs across
the Company, while optimizing the business to deliver greater value over the long term, strengthen financial
flexibility and build resilience against events outside its control. These initiatives include, among other things,
securing prepayments for future coal sales, accelerating payment terms with customers and negotiat ing
alternative payments to suppliers. These initiatives are reasonably within management’s control and can be
actioned in the near term if required.
The Company’s forecasts depend on the achievement of production targets and other factors beyond its control,
including general economic conditions and metallurgical coal prices. The preparation of forecasts requires
application of management’s judgement. As part of the Company’s ongoing capital management, the Company
may seek to amend the terms of its financing arrangements, including those with Stanwell, to better align its
capital structure with its expected cash flows.
2. Summary of Significant Accounting Policies
Please see Note 2 “Summary of Significant Accounting Policies” contained in the audited consolidated financial
statements for the year ended December 31, 2025 included in Coronado Global Resources Inc.’s Annual Report
on Form 10-K filed with the SEC and ASX on March 3, 2026.
(a) Newly Adopted Accounting Standards
During the period, there has been no new Accounting Standards Update, or ASU, issued by the Financial
Accounting Standards Board, or the FASB, that had a material impact on the Company’s consolidated financial
statements.
(b) Accounting Standards Not Yet Implemented
ASU No. 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation
Disclosures (Subtopic 220-40)
:
Disaggregation of Income Statement Expenses
. In November 2024, the FASB
issued ASU 2024-03, which requires disclosure, in the notes to financial statements, of specified information
about certain costs and expenses. The amendments aim to improve financial reporting by requiring that public
business entities disclose additional information about specific expense categories in the notes to financial
statements at interim and annual reporting periods. The updated standard is effective for annual reporting periods
beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early
adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its
financial statement disclosures.
ASU No. 2026-02 – Environmental Credits and Environmental Credit Obligations (Topic 818
). In May 2026, the
FASB issued ASU 2026-02, which provides recognition, measurement, presentation, and disclosure
requirements for environmental credits and environmental credit obligations. The updated standard is effective
for public business entities for annual reporting periods beginning after December 15, 2027, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact that the updated
standard will have on its results and disclosures.
There have been no other recent accounting pronouncements that are not yet effective that have significance, or
potential significance, to the Company’s consolidated financial statements.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
3. Segment Information
The Company has a portfolio of mines and development projects in Queensland, Australia, and in the states of
Pennsylvania and Virginia in the U.S. The Australian Operations comprise the
%-owned Curragh producing
mine complex (Curragh). The U.S. Operations comprise a
%-owned producing mine complex (Buchanan)
and a development propert y (Mon Valley).
On July 31, 2026, the Company completed the sale of its idled Logan mine, which was previously part of the
Company’s U.S. Operations. Refer to Note 4. “Impairment of assets” for further information .
The Company operates its business along
the
operating decision maker, or CODM, manages and allocates resources to the various components of the
Company’s business.
The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance.
Adjusted EBITDA is not a measure of financial performance calculated in accordance with U.S. GAAP. Investors,
analysts, lenders and rating agencies should be aware that the Company’s presentation of Adjusted EBITDA
may not be comparable to similarly titled financial measures used by other companies.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion and amortization and other
foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete items that management exclude s
in analyzing each of the Company’s segments’ operating performance. “Other and corporate” relates to additional
financial information for the corporate function , such as financial reporting and accounting, treasury, legal, human
resources, compliance, and tax. As such, the corporate function is not determined to be a reportable segment
but is discretely disclosed for purposes of reconciliation to the Company’s unaudited Condensed Consolidated
Financial Statements.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
Reportable segment results as of and for the three and nine months ended September 30, 2026 and 2025 are
presented below:
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three months ended September 30,
2026
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(278,199 )
(106,716 )
(384,915 )
Other operating costs
(1)
(84,411 )
(38,294 )
(122,705 )
Total operating costs
(362,610 )
(145,010 )
(507,620 )
Other and unallocated costs
(2)
(615 )
(12,137 )
(11,740 )
Segment adjusted EBITDA
(12,137 )
Total assets
Capital expenditures
Three months ended September 30,
2025
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(246,721 )
(140,212 )
(386,933 )
Other operating costs
(1)
(101,435 )
(8,964 )
(110,399 )
Total operating costs
(348,156 )
(149,176 )
(497,332 )
Other and unallocated costs
(2)
(42 )
(7,537 )
(7,334 )
Segment adjusted EBITDA
(47,881 )
(7,537 )
(22,539 )
Total assets
Capital expenditures
Nine months ended September 30, 2026
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(828,473 )
(360,957 )
(1,189,430 )
Other operating costs
(1)
(227,111 )
(147,020 )
(374,131 )
Total operating costs
(1,055,584 )
(507,977 )
(1,563,561 )
Other and unallocated costs
(2)
(687 )
(27,240 )
(19,638 )
Segment adjusted EBITDA
(46,014 )
(27,240 )
(38,366 )
Total assets
Capital expenditures
Nine months ended September 30, 2025
Total revenues
$
$
$
$
Less:
Mining cash costs
(1)
(658,928 )
(449,480 )
(1,108,408 )
Other operating costs
(1)
(299,068 )
(65,824 )
(364,892 )
Total operating costs
(957,996 )
(515,304 )
(1,473,300 )
Other and unallocated costs
(2)
(59 )
(23,452 )
(21,879 )
Segment adjusted EBITDA
(122,925 )
(23,452 )
(95,925 )
Total assets
Capital expenditures
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
(1)
The significant expense category and amount aligns with the segment -level information that is regularly provided to the CODM and excludes Depreciation,
Depletion and Amortization.
(2)
Other and unallocated items for other and corporate includes selling, general and administrative expenses.
The reconciliation s of Consolidated Adjusted EBITDA to net loss attributable to the Company for the three and
nine months ended September 30, 2026 and 2025 are as follows:
Three months ended
Nine months ended
September 30,
September 30,
(in US$ thousands)
2026
2025
2026
2025
Consolidated Adjusted EBITDA
$
$
(22,539 )
$
(38,366 )
$
(95,925 )
Depreciation, depletion and amortization
(42,142 )
(49,198 )
(131,665 )
(135,227 )
Interest expense, net
(1)
(38,895 )
(29,443 )
(108,072 )
(68,305 )
Other financing costs
(1,500 )
(1,500 )
Other foreign exchange (losses) gains
(2)
(2,257 )
(8,659 )
Loss on debt extinguishment
(1,050 )
Impairment of assets
(177,459 )
Restructuring costs
(3)
(1,500 )
(7,518 )
Gains (losses) on disposal of assets
(1,848 )
Decrease (increase) in provision for discounting
and credit losses
(2,836 )
(3,649 )
Net loss before tax
(39,517 )
(103,763 )
(470,450 )
(305,532 )
Income tax (expense) benefit
(1,007 )
(5,707 )
Net loss
$
(40,524 )
$
(109,470 )
$
(458,543 )
$
(281,871 )
(1)
respectively, and $
(2)
balances in certain entities within the group that are denominated in currencies other than their respective functional
currencies. These gains and losses are included in “Other, net” on the unaudited Condensed Consolidated Statement of
Operations and Comprehensive Income.
(3)
initiative to optimize coal production and align its cost structures. Costs associated with this initiative include workforce
reduction, external consulting services and other related activities.
The reconciliation s of capital expenditures per the Company’s segment information to capital expenditures
disclosed on the unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended
September 30, 2026 and 2025 are as follows:
Nine months ended September 30,
(in US$ thousands)
2026
2025
Capital expenditures per unaudited Condensed Consolidated Statements
of Cash Flows
$
$
Net movement in accruals for capital expenditures
(8,904 )
Capital acquired through finance leases
Net movement in deposits to acquire long lead capital
Capital expenditures per segment detail
$
$
Disaggregation of Revenue
The Company disaggregates the revenue from contracts with customers by major product group for each of the
Company’s reportable segments, as the Company believes it best depicts the nature, amount, timing and
uncertainty of revenues and cash flows. All revenue is recognized at a point in time.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
Three months ended September 30, 2026
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Three months ended September 30, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Nine months ended September 30, 2026
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
Nine months ended September 30, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
$
$
Thermal coal
Total coal revenue
Other
(1)
Total
$
$
$
(1) Other revenue for the Australian segment includes the amortization of the Stanwell non-market coal supply contract obligation liability.
4. Impairment of assets
During the first quarter of 2026, management idled the Logan mine within the Company’s U.S. Operations in
response to sustained weakness in the U.S. domestic metallurgical coal, or Met coal, markets. The idling
represented an impairment triggering event under Accounting Standards Codification, or ASC, 360 –
Property,
Plant and Equipment.
The Company determined that the estimated undiscounted pre-tax future cash flows did
not exceed Logan’s carrying value. Accordingly, the Company recorded an impairment charge of $
against long-lived assets, including property, plant and equipment , to write down the carrying value of the asset
group to its estimated fair value.
During the second quarter of 2026, the Company committed to a plan to sell the Logan mine and classified its
assets and liabilities as held for sale. Upon classification as held for sale, the Company performed an impairment
assessment in accordance with ASC 360-10-35-43 and determined that the carrying amount of the Logan mine
,
which included its assets and associated liabilities, or the Disposal Group, exceeded its estimated fair value, less
costs to sell. Accordingly, the Company recorded an additional impairment charge of $
carrying value of the Disposal Group.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
On July 31, 2026, the Company sold the Logan mine complex to Phoenix Coal Holdings, LLC pursuant to a
Membership Interest Purchase Agreement for cash proceeds of $
Group.
In aggregate, the Company recorded impairment charges of $
nine months ended September 30, 2026. These are included in “Impairment of assets” in the unaudited
Condensed Consolidated Statement of Operations and Comprehensive Income.
5. Inventories
(in US$ thousands)
September 30,
2026
December 31,
2025
Raw coal
$
$
Saleable coal
Total coal inventories
Supplies and other inventory
Total inventories
$
$
Coal inventories measured at their net realizable value were $
and $
,
2026 and December 31, 2025, respectively, and form part of total coal inventories.
6. Other Assets
(in US$ thousands)
September 30,
2026
December 31,
2025
Other current assets
Prepayments
$
$
Long service leave receivable
Deposits to acquire capital items
Derivative assets (refer to Note 15. "Derivatives and Fair Value Measurement")
Stanwell receivable
Other
Total other current assets
$
$
7. Property, Plant and Equipment
(in US$ thousands)
September 30,
2026
December 31,
2025
Land
$
$
Buildings and improvements
Plant, machinery, mining equipment and transportation vehicles
Mineral rights and reserves
Office and computer equipment
Mine development
Asset retirement obligation asset
Construction in process
Total cost of property, plant and equipment
Less: accumulated depreciation, depletion, amortization and impairment
Property, plant and equipment, net
$
$
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
8. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
(in US$ thousands)
September 30,
2026
December 31,
2025
Wages and employee benefits
$
$
Taxes other than income taxes
Accrued royalties
Accrued freight costs
Accrued mining fees
Other liabilities
Total accrued expenses and other current liabilities
$
$
9. Leases
During the nine months ended September 30, 2026, the Company entered into a number of agreements to lease
mining equipment. Based on the Company’s assessment of terms within these agreements, the Company
classified these leases as operating leases. On mobilization of this leased mining equipment, the Company
recognized right-of-use assets and operating lease liabilities of $
million.
Information related to the Company’s right-of-use assets and related lease liabilities are as follows:
Three months ended
Nine months ended
(in US$ thousands)
September 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Operating lease costs
$
$
$
$
Cash paid for operating lease liabilities
Finance lease costs:
Amortization of right-of-use assets
Interest on lease liabilities
Total finance lease costs
$
$
$
$
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
(in US$ thousands)
September 30,
2026
December 31,
2025
Assets
Operating leases:
Operating lease right-of-use assets
$
$
Finance leases:
Property and equipment
Accumulated depreciation
(6,081 )
(2,721 )
Property and equipment, net
Liabilities
Current operating lease obligations
Operating lease liabilities, less current portion
Total Operating lease liabilities
Current finance lease obligations
Finance lease liabilities, less current portion
Total Finance lease liabilities
Current lease obligation
Non-current lease obligation
Total Lease liability
$
$
September 30,
2026
December 31,
2025
Weighted Average Remaining Lease Term (Years)
Weighted average remaining lease term – finance leases
Weighted average remaining lease term – operating leases
Weighted Average Discount Rate
Weighted average discount rate – finance lease
Weighted average discount rate – operating lease
The Company’s operating and finance leases have remaining lease terms of
to
, 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 September 30, 2026, are as follows:
(in US$ thousands)
Operating
Lease
Finance
Lease
Year ending December 31,
2026
$
$
2027
2028
2029
Total lease payments
Less imputed interest
(14,255 )
(3,011 )
Total lease liability
$
$
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
10. Interest Bearing Liabilities
The following is a summary of interest-bearing liabilities as at September 30, 2026:
September 30, 2026
December 31, 2025
Weighted Average
Interest Rate at
September 30, 2026
Final
Maturity
% Senior Secured Notes
$
$
%
(2)
ABL Facility
%
Loan - Curragh Housing Transaction
%
(2)
Debt issuance costs
(1)
(8,580 )
(10,203 )
Total interest-bearing liabilities
Less: current portion
(1,919 )
(1,671 )
Non-current interest-bearing liabilities
$
$
(1)
Relates to debt issuance costs in connection with the Notes and Curragh Housing Transaction loan (each 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 unaudited Condensed Consolidated Balance Sheets.
(2)
issuance costs and discounts, where applicable.
9.250% Senior Secured Notes due 2029
As of September 30, 2026, the aggregate outstanding principal amount of the
% Senior Secured Notes due
2029, or the Notes, was $
The Notes were issued at par and bear interest at a rate of
% per annum. Interest on the Notes is payable
semi-annually in arrears on April 1 and October 1 of each year. The Notes mature on
senior secured obligations of Coronado Finance Pty Ltd, as issuer, or the Issuer.
The terms of the Notes are governed by an indenture, or the Indenture, dated as of October 2, 2024, among the
Issuer, Coronado Global Resources Inc., as guarantor, the subsidiaries of Coronado Global Resources Inc.
named therein as additional guarantors (collectively with Coronado Global Resources Inc., the Guarantors), and
Wilmington Trust, National Association, as trustee and priority lien collateral trustee. The Indenture contains
customary covenants for high yield notes, including, but not limited to, limitations on investments, liens,
indebtedness, asset sales, transactions with affiliates and restricted payments, including payment of dividends
on capital stock.
The Notes are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries
that guarantee, or are a borrower, under the Company’s asset -based lending facility, or the ABL Facility, or certain
other debt; and secured by (i) a first-priority lien on substantially all of the assets of the Issuer and each Guarantor
(other than accounts receivable and certain other rights to payment, inventory, certain investment property,
certain general intangibles and commercial tort claims, deposit accounts, securities accounts and other relate
d
assets, chattel paper, letter of credit rights, certain insurance proceeds, intercompany indebtedness and certain
other assets related to the foregoing and proceeds and products of each of the foregoing, or collectively, the ABL
Priority Collateral) and (ii) a second -priority lien on the ABL Priority Collateral, which is junior to a first -priority lien
for the benefit of the lenders and other creditors under the Company’s asset-based revolving credit facility, subject
to certain exceptions and permitted liens.
Upon the occurrence of a “Change of Control Triggering Event”, defined in the Indenture as the occurrence of
both a Change of Control and a Rating Decline (each as defined in the Indenture), the Issuer is required to offer
to repurchase the Notes at
% of the aggregate principal amount thereof, plus accrued and unpaid interest (if
any), to, but excluding, the repurchase date. The Issuer also has the right to redeem the Notes at
% of the
aggregate principal amount thereof, plus accrued and unpaid interest (if any), to, but excluding, the repurchase
date, following the occurrence of a Change of Control Triggering Event, provided that the Issuer redeems at least
% of the Notes outstanding prior to such Change of Control Triggering Event. Upon the occurrence of certain
changes in tax law (as described in the Indenture), the Issuer may redeem all of the Notes at a redemption price
equal to
% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest (if any), to,
but excluding, the redemption date.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
The Indenture contains customary events of default, including failure to make required payments, failure to
comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain
events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture
will allow either the trustee or the holders of at least
% in aggregate principal amount of the then-outstanding
Notes to accelerate, or in certain cases, will automatically cause acceleration of, the amounts due under the
Notes.
As of September 30, 2026, the Company was in compliance with all applicable covenants under the Indenture.
The carrying value of debt issuance costs, recorded as a deduction of the Notes, was $
at September 30, 2026 and December 31, 2025, respectively.
Asset Based Revolving Credit Facility
On November 27, 2025, the Company, Coronado Finance Pty Ltd, an Australian proprietary company and a
wholly owned subsidiary of the Company, Coronado Curragh Pty Ltd, an Australian proprietary company and
wholly owned subsidiary of the Company (together with Coronado Finance Pty Ltd, the Borrowers), and the other
guarantors party thereto (collectively with the Company, the Guarantors, and, together with the Company and
the Borrowers, the Obligors), entered into the ABL Facility, for an initial aggregate principal amount of $
million (A$
Loan Agency Services Australia Nominees Pty Ltd, as Collateral Agent, and Stanwell as Lender.
The ABL Facility is a revolving credit facility that matures in
. Availability under the ABL Facility is limited
to an eligible borrowing base, determined by applying customary advance rates to eligible accounts receivable
and inventory. Borrowings under the ABL Facility bear interest at a rate of
% per annum, which may increase
to
% per annum depending on the level of the Borrowing Base Ratio.
As of September 30, 2026, the aggregate principal amount outstanding of the ABL Facility was $
(A$
functional currency of Coronado Finance Pty Ltd.
Amounts outstanding under the ABL Facility are secured by (i) a first -priority lien in the ABL Priority Collateral,
and (ii) a second-priority lien on substantially all of the Company’s assets and the assets of the other Guarantors,
other than the ABL Priority Collateral.
The ABL Facility contains customary representations and warranties and affirmative and negative covenants
including, among others, a quarterly Borrowing Base Ratio test and, from December 31, 2027, the maintenance
of a gearing ratio and interest coverage ratio.
The ABL Facility provides for customary events of default that may trigger certain repayment obligations and
review events. A review event will occur under the ABL Facility if the Borrowing Base Ratio is below the specified
minimum threshold of
%. Following the occurrence of a review event, the Borrowers must promptly meet and
consult in good faith with the Administrative Agent and the Lender to determine whether the Borrowing Base
Ratio on the next testing date will be above the specified minimum threshold. If, at the end of a period of
business days after the occurrence of the review event, the Lender is not satisfied with the result of its discussions
with the Borrowers, the Lender may require the Borrowers to repay outstanding borrowings in an aggregate
amount sufficient to restore the Borrowing Base Ratio to the specified minimum threshold. As of September 30,
2026, the Borrowing Base Ratio exceeded the specified minimum threshold and no review event occurred under
the ABL Facility.
In the event of a default by the Borrowers (beyond any applicable grace or cure period, if any), the Administrative
Agent may and, at the direction of the Lender shall, declare all amounts owing under the ABL Facility immediately
due and payable, terminate the Lender’s commitment to make loans under the ABL Facility and/or exercise any
and all remedies and other rights under the ABL Facility.
In connection with the entry into the ABL Facility, the Company also entered into amendments to its existing coal
supply agreements with Stanwell. Refer to Note 11. “Stanwell Liabilities ” for further information.
The carrying value of debt issuance costs, recorded as “Other non-current assets” in the Consolidated Balance
Sheets, was $
is amortized ratably over the term of the ABL Facility.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
Loan – Curragh Housing Transaction
On May 16, 2024, the Company completed an agreement for accommodation services and the sale and
leaseback of housing and accommodation assets with a regional infrastructure and accommodation service
provider, or collectively, the Curragh Housing Transaction. Refer to Note 12. “Other Financial Liabilities” for further
information.
In connection with the Curragh Housing Transaction, the Company borrowed $
the same regional infrastructure and accommodation service provider. This amount was recorded as “Interest
Bearing Liabilities” in the unaudited Condensed Consolidated Balance Sheets. The amount borrowed is payable
in equal monthly installments over a period of
%. This loan in connection with the Curragh Housing Transaction is not subject to any financial covenants.
The carrying value of the loan, net of issuance costs of $
$
11. Stanwell Liabilities
(in US$ thousands)
September 30,
2026
December 31,
2025
Current
Stanwell Reserved Area deferred consideration
$
$
Stanwell Prepaid coal supply liability
$
$
Non-current
Stanwell Reserved Area deferred consideration
$
$
Stanwell Prepaid coal supply liability
Stanwell Prepayment and deferred payment
$
$
Stanwell Reserved Area deferred consideration liability
On August 14, 2018, the Company completed the acquisition of rights to mine in the Stanwell Reserved Area, or
the SRA, adjacent to the current Curragh mining tenements. These rights were acquired on a deferred
consideration basis, and on acquisition the Company recognized a “Mineral rights and reserves” asset and a
corresponding deferred consideration liability of $
pre-tax discount rate of
%, which represented the fair value of the arrangement at the date of acquisition. The
deferred consideration liability reflects the passage of time by way of an annual accretion at the contractual pre-
tax discount rate of
% and will be settled as a discount to the price of thermal coal supplied to Stanwell over
the term of a coal supply agreement or the New Coal Supply Agreement (as defined below), which is expected
to commence in the second quarter of 2027. The accretion of the deferred consideration liability is recognized
within “Interest expense, net” in the Condensed Consolidated Statements of Operations and Comprehensive
Income. The right-to-mine-asset is amortized over the coal reserves mined from the SRA.
Stanwell Prepaid Coal Supply Liability
On June 10, 2025, the Company and Stanwell entered into a deed of amendment, or the First Amendment Deed,
and amended the New Coal Supply Agreement dated July 12, 2019, or the NCSA, and the Amended Coal Supply
Agreement, or the ACSA, whereby Stanwell provided near-term liquidity to the Company in exchange for the
supply of additional tonnage of thermal coal under the NCSA.
The First Amendment Deed included a prepayment for thermal coal and a rebate waiver and deferral from April
2025 to December 2025, both of which will be settled through reduction of the gross proceeds to be received on
the physical delivery of thermal coal to Stanwell, expected to commence in the second quarter of 2027, or the
NCSA Supply Commencement Date, of up to
, or until such time that the
obligation is fully settled. This prepaid coal supply liability bears interest at
% per annum.
As of September 30, 2026, the carrying value of the Stanwell prepaid coal supply liability , including the
prepayment and the rebate waiver and deferral liability, was $
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
The Company recognized interest expense of $
three months ended September 30, 2026 and 2025, respectively, and $
million (A$
financing component of the prepaid coal supply liability.
Prepayment and Deferred Payment Balance
On November 27, 2025, the Company and Stanwell entered into a second deed of amendment, or the Second
Amendment Deed, that, among other matters, amended the terms of the ACSA and the NCSA, by providing for:
●
until the final delivery date, being the day before the NCSA Supply Commencement Date (refer to change
of control provisions in relation to the waiver discussed below);
●
under the First Amendment Deed and amounts to which Stanwell is otherwise entitled in relation to the
SRA deferred consideration, or the Deferred Amounts;
●
under the ACSA and the NCSA equal to the difference between the current contracted prices under these
arrangements and an agreed, fixed price roughly equivalent to market prices at the time of the Second
Amendment Deed, or the ACSA Prepayments and the NCSA Prepayments. Stanwell’s obligation to
make the ACSA Prepayments and NCSA Prepayments are subject to certain liquidity tests. More
specifically, Stanwell (i) will advance all of the relevant prepayment when the Company’s monthly liquidity
is below $
Company’s liquidity is between $
prepayments when the Company’s monthly liquidity is above $
●
nominations ranging from
The value of the ACSA Prepayments, NCSA Prepayments and Deferred Amounts, or the Prepayment and
Deferred Payment Balance, will be settled through delivery of coal to Stanwell during the term of the NCSA in
months when the Company’s liquidity exceeds $
make additional payments to reduce the Prepayment and Deferred Payment Balance, including when the
Company makes permitted distributions to shareholders. Where the Prepayment and Deferred Payment Balance
remains outstanding after the final delivery date pursuant to the NCSA (December 31, 2043), the outstanding
balance will be settled in cash in months when the Company’s liquidity exceeds $
is fully repaid.
The Prepayment and Deferred Payment Balance is classified as a financial liability. The liability is initially
measured at the amount of proceeds received from Stanwell and bears interest at
% per annum. The
contractual interest rate of
% was consistent with a market rate at inception after considering the overall terms,
security and settlement features of the arrangement and, accordingly, the proceeds received approximate fair
value at inception. Interest accrues at
% per annum on the outstanding balance using the effective interest
rate method and is recognized as “interest expense, net” in the unaudited Condensed Consolidated Statement
of Operations and Comprehensive Income.
During the term of the NCSA, the total Prepayment and Deferred Payment Balance, including accrued interest,
is capped at
% of the aggregate outstanding principal balance. After the final delivery date under the terms
of the NCSA, which is scheduled for December 31, 2043, interest continues to accrue at
% per annum without
a cap until the balance is fully repaid.
As Stanwell is a Queensland Government-owned corporation , the Company accounts for the interest cap as
government assistance under its accounting policy election based on analogy to other accounting standard
frameworks and consistent with expected future changes to U.S. GAAP. No benefit is recognized unless and
until the interest cap is reached.
At the end of each reporting period, management assesses whether the Company’s liquidity is expected to
exceed $
within that period as current liability.
Table of Contents
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
As of September 30, 2026, the carrying amount, including accrued interest, of the Prepayment and Deferred
Payment Balance was $
was recorded during the three and nine months ended September 30, 2026, as the interest cap mechanism was
not triggered.
The Second Amendment Deed also includes restrictions on the Company’s ability to pay distributions to
shareholders (e.g., dividends) . These restrictions require that the Company maintains a minimum cash liquidity
of $
distribution, and the payment to Stanwell of an equal or greater amount (up to a maximum of three times) than
the distribution to reduce the Prepayment and Deferred Payment Balance.
The ACSA and the NCSA are secured by mortgages registered over the Curragh mine tenements, or the
Tenement Lien, at the Queensland Government level and a third-priority lien on substantially all of the Company's
assets. The Tenement Lien operates independently of, and is not subordinated to, the Company's other secured
debt obligations, and no third party may acquire the Curragh mine tenements without simultaneously assuming
the coal supply obligations to Stanwell.
The Prepayment and Deferred Payment Balance may become repayable if there is an unremedied default under
the ACSA or NCSA.
If a change of control of the Company is proposed within
obtain Stanwell’s consent and, before the change of control occurs, pay Stanwell the waived rebate amounts,
together with contractual interest from the dates such amounts would otherwise have been payable. Additionally,
if an entity that controlled the Company as at November 27, 2025 ceases to control the Company by way of
disposal of an interest in the Company of
% or more without Stanwell’s consent within
27, 2025, then the Company must immediate ly pay Stanwell the waived rebate amounts, together with interest.
As of September 30, 2026, cumulative rebate amounts of $
waiver. No liability was recognized as of September 30, 2026 in respect of the waived rebate amounts because
the Company had not been required to seek Stanwell’s consent in connection with any proposed change or
cessation of control as of that date.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
12. Other Financial Liabilities
The following is a summary of other financial liabilities as at September 30, 2026:
September 30,
2026
December 31,
2025
Collateralized financial liabilities - Curragh Housing Transaction
$
$
Glencore prepayment liability
Derivative liability (refer to Note 15. "Derivatives and Fair Value Measurement")
Debt issuance costs
(1,329 )
(883 )
Total other financial liabilities
Less: current portion
(78,061 )
(1,424 )
Non-current other financial liabilities
$
$
Collateralized financial liabilities – Curragh Housing Transaction
The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606 –
Revenues from Contracts
with Customers
received for the sale and leaseback of property, plant and equipment owned by the Company in connection with
the Curragh Housing Transaction were recognized as “Other Financial Liabilities” on the Company’s unaudited
Condensed Consolidated Balance Sheets. The term of the financing arrangement is
interest rate of
%. This liability will be settled in equal monthly payments as part of the accommodation
services arrangement.
In connection with the Curragh Housing Transaction, the Company has granted the counterparty mortgages over
certain leasehold and freehold land. The counterparty’s rights are subject to a priority deed in favor of the
Company’s senior secured parties including, but not limited to, holders of the Notes.
The carrying value of this financial liability, net of issuance costs of $
30, 2026, $
Glencore Prepayment Liability
On August 7, 2026, Coronado Curragh Pty Ltd and Coronado IV LLC, wholly-owned subsidiaries of the Company,
entered into
Agreement, respectively, with Glencore, under which Glencore agreed to advance unsecured prepayments of
up
to $
The Prepayment liability is recognized at amortized cost and bears interest at
% per annum on the outstanding
balance. The term is
, over which the prepayments are reimbursed by applying the value of coal
delivered against the outstanding balance in accordance with a contractual schedule that reduces the principal
and interest balances to nil by the end of the term. Any amount outstanding at final maturity is payable in cash.
The agreements contain undertakings customary for arrangements of this type, including restrictions on the
incurrence of indebtedness, on disposals of coal and of assets used in coal production, and on the payment of
dividends while an event of default is continuing.
Failure to meet minimum delivery quantities or a reimbursement schedule within specified cure periods is an
event of default, upon which the outstanding balance and accrued interest may become payable in cash.
If the outstanding principal balance at the end of a delivery month exceeds the amount permitted under the
minimum reimbursement schedule, a shortfall arises. A shortfall alone is not an event of default. An event of
default occurs if, among other things, shortfalls arise in three or more consecutive delivery months or six or more
delivery months in total, or the Company fails to deliver minimum quantities and does not cure the missing
quantities within the specified period. If an event of default occurs, the outstanding balance and accrued interest
may become payable in cash.
The carrying value of this Prepayment liability, including interest accrued of $
of $
During September 2026, there were no deliveries under the U.S. Offtake Agreement, in part due to geological
conditions at Buchanan mine, and as a result, there was a shortfall that was cured in October 2026.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
On October 3, 2026, the U.S. Offtake Agreement was amended to, among other things:
●
●
●
●
●
December 31, 2026 to no later than October 31, 2027, provided that, so far as practicable , the Company
must endeavor to deliver such balance before August 31, 2027; and,
●
in October 2026.
Subsequent to September 30, 2026, the Company applied $
under the Australian Offtake Agreement and U.S. Offtake Agreement, respectively, and reduced the outstanding
prepayment liability, including accrued interest and before unamortized issuance costs, to $
13. Income Taxes
For the nine months ended September 30, 2026, the Company estimated its annual effective tax rate and applied
this effective tax rate to its year-to-date pretax income at the end of the interim reporting period. The tax effects
of unusual or infrequently occurring items, including effects of changes in tax laws or rates and changes in
judgment about the realizability of deferred tax assets, are reported in the interim period in which they occur.
The Company’s 2026 estimated annual effective tax rate is
%. This rate is impacted by inclusion of a current
year valuation allowance relating to both the Australia n Operations and the U.S. Operations. Accordingly, the
Company had an income tax benefit of $
months ended September 30, 2026, which includes discrete expense of $
The Company had an income tax benefit of $
months ended September 30, 2025.
The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements.
For the three months ended September 30, 2026, the Company had
in tax expense. If accrual for interest or penalties is required, it is the Company’s policy to include these as a
component of income tax expense. The Company continues to carry an unrecognized tax benefit of $
as at September 30, 2026 and December 31, 2025.
The Company is subject to taxation in the U.S. and its various states, as well as Australia and its various localities.
In the U.S. and Australia, the first tax return was lodged for the year ended December 31, 2018. In the U.S.,
companies are subject to open tax audits for a period of three years at the federal level and five years at the state
level. In Australia, companies are subject to open tax audits for a period of four years from the date of
assessment.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
14. Loss per Share
Basic loss per share of common stock is computed by dividing net loss attributable to the Company’s stockholders
for the period by the weighted-average number of shares of common stock outstanding during the same period.
Diluted loss per share of common stock is computed by dividing net loss attributable to the Company by the
weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive
securities.
Basic and diluted loss per share were calculated as follows (in thousands, except per share data):
Three months ended
September 30,
Nine months ended
September 30,
(in US$ thousands, except per share data)
2026
2025
2026
2025
Numerator:
Net loss attributable to Company
stockholders
$
(40,524 )
$
(109,470 )
$
(458,543 )
$
(281,871 )
Denominator (in thousands):
Weighted average shares of common stock
outstanding
Weighted average diluted shares of common
stock outstanding
Loss Per Share (US$):
Basic
(0.24 )
(0.65 )
(2.74 )
(1.68 )
Diluted
(0.24 )
(0.65 )
(2.74 )
(1.68 )
The Company’s common stock is publicly traded on the ASX in the form of CDIs, convertible at the option of
the holders into shares of the Company’s common stock on a
-for-1 basis.
15. Derivatives and Fair Value Measurement
a) Derivatives
The Company may use derivative financial instruments to manage its financial risks in the normal course of
operations, including foreign currency risks, commodity price risk related to purchase of raw materials (such as
gas or diesel) and interest rate risk. Derivatives for speculative purposes are strictly prohibited under the Treasury
Risk Management Policy approved by the Board of Directors.
The financing counterparties to the derivative contracts potentially expose the Company to credit-related risk.
Credit risk is the risk that a third party might fail to fulfill its obligations under the terms of the financial instrument.
The Company mitigates credit risk by entering into derivative contracts with high credit quality counterparties,
limiting the amount of exposure to each counterparty and fre quently monitoring their financial condition.
Forward foreign currency contracts
The Company’s Australian Operations utilize the cash generated from US$ denominated coal sales revenues to
fund operating costs, which are predominantly in A$. During the nine months ended September 30, 2026, the
Company entered into forward foreign currency contracts to hedge its foreign exchange exposure on a portion of
the US$ denominated coal sales revenue at its Australian Operations, whose functional currency is A$.
The aggregate notional amount of the outstanding forward foreign currency derivative contracts designated as
cash flow hedges was $
the forward foreign currency contracts were designated as cash flow hedges, the unrealized loss of $
was recognized in “Accumulated other comprehensive loss” at September 30, 2026 in the unaudited Condensed
Consolidated Balance Sheet, and will be reclassified into “Coal revenues” in the Condensed Consolidated
Statements of Operations and Comprehensive Income in the period in which the hedged transaction impacts
income, from October to December 2026. Refer to Note 16. “Accumulated Other Comprehensive Losses .”
As of September 30, 2026, the Company recognized a derivative liability of $
foreign currency contracts unrealized loss, classified within “
Other Financial Liabilities
”. As of December 31, 2025,
the Company recognized a derivative asset of $
unrealized gain, classified within “
Other assets
”.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
The following table presents the details of outstanding foreign currency contracts:
September 30, 2026
December 31, 2025
Notional
amount
(thousands)
Unit of
measure
Varying
maturity
dates
Notional
amount
(thousands)
Unit of
measure
Varying
maturity
dates
Designated forward foreign
currency contracts
US$
October
2026 -
December
2026
US$
2026-
March
2026
b) Fair Value Measurement
The fair value of a financial instrument is the amount that will be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. The fair values of financial
instruments involve uncertainty and cannot be determined with precision.
The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs to the extent possible. The Company determines fair value based on assumptions that
market participants would use in pricing an asset or liability in the market. When considering market participant
assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and
unobservable inputs, which are categorized in one of the following levels:
Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the
reporting entity at the measurement date.
Level 2 Inputs: Other than quoted prices that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the asset or liability.
Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that
observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity
for the asset or liability at measurement date.
Financial Instruments Measured on a Recurring Basis
As of September 30, 2026 and December 31, 2025, the Company’s forward foreign currency contracts, a net
derivative liability of $
at fair value on a recurring basis based on a valuation that is corroborated by the use of market-based pricing
(Level 2).
Other Financial Instruments
The following methods and assumptions were used to estimate the fair value of other financial instruments as of
September 30, 2026 and December 31, 2025:
●
Glencore prepayment liability and other current financial liabilities: The carrying amounts reported in the
unaudited Condensed Consolidated Balance Sheets approximate d fair value due to the short maturity of
these instruments.
●
carrying values reported in the unaudited Condensed Consolidated Balance Sheets.
●
cost. As of September 30, 2026, the fair value of the amounts drawn under the ABL Facility liability
approximate d the carrying value reported in the consolidated balance sheets. The estimated fair value
of the Notes as of September 30, 2026 was approximately $
prices in a market that is not considered active (Level 2). The estimated fair value of the Curragh Housing
loan was $
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
16. Accumulated Other Comprehensive Losses
The Company’s Accumulated Other Comprehensive Losses consisted of foreign currency translation adjustment
for subsidiaries for which the functional currency is different than the Company’s functional currency (U.S. dollar)
and net unrealized gains (losses) on forward foreign currency contracts designated as cash flow hedges as of
September 30, 2026, were as follows:
(in US$ thousands)
Foreign
currency
translation
adjustments
Net unrealized
gain on cash
flow hedge -
forward foreign
currency
contracts
Total
Balance at December 31, 2025
$
(122,923 )
$
(120,444 )
Net current-period other comprehensive losses:
(Loss) gain in other comprehensive income before
reclassifications
(15,163 )
(12,739 )
Gain on long-term intra-entity foreign currency transactions
Gain reclassified from accumulated other comprehensive
losses
(5,420 )
(5,420 )
Total net current-period other comprehensive gain (losses)
(2,996 )
(1,825 )
Balance at September 30, 2026
$
(121,752 )
(517 )
$
(122,269 )
17. Commitments
(a) Mineral Leases
The Company leases mineral interests and surface rights from land owners under various terms and royalty
rates. The future minimum royalties and lease rental payments under these leases as of September 30, 2026
were as follows:
(in US$ thousands)
Amount
Year ending December 31,
2026
$
2027
2028
2029
2030
Thereafter
Total
$
Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 930,
Extractive Activities – Mining.
(b) Other commitments
As of September 30, 2026, purchase commitments for capital expenditures were $
obligated within the next twelve months.
In Australia, the Company has generally secured the ability to transport coal through rail contracts and coal export
terminal contracts that are primarily funded through take-or-pay arrangements with terms ranging up to
.
In the U.S., the Company typically negotiates its rail and coal terminal access on an annual basis. As of
September 30, 2026, these Australian and U.S. commitments under take-or-pay arrangements totaled
$
months.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Coronado Global Resources Inc.
18. Contingencies
Surety bond, letters of credit and bank guarantees
In the normal course of business, the Company is a party to certain guarantees and financial instruments with
off-balance sheet risk, such as bank guarantees, letters of credit and performance or surety bonds.
related to these arrangements are reflected in the Company’s unaudited Condensed Consolidated Balance
Sheets. Management does not expect any material losses to result from these guarantees or off -balance sheet
financial instruments.
For the U.S. Operations, the Company generally uses surety bonds and cash -backed bank guarantees to provide
the required financial assurance for its post mining reclamation and certain other obligations, including contractual
obligations under workers’ compensation insurance. As of September 30, 2026, the Company had outstanding
surety bonds and cash-backed bank guarantees of $
For the Australian Operations, as at September 30, 2026, the Company had cash-backed bank guarantees
outstanding of $
Company.
As of September 30, 2026, the Company in aggregate had total outstanding bank guarantees of $
secure its obligations and commitments.
Future regulatory changes relating to these obligations or deterioration of the Company’s credit risk rating could
result in increased obligations, additional costs or additional collateral requirements.
Restricted deposits – cash collateral
As required by certain agreements, the Company had total cash collateral in the form of deposits
of
$
and $
support for bank guarantees, financial payments, other performance obligations, various other operating
agreements and contractual obligations under workers compensation insurance. These deposits are restricted
and classified as “Non-current assets” in the unaudited Condensed Consolidated Balance Sheets.
Future regulatory changes in relation to these obligations or deterioration of the Company’s credit risk rating
could result in increased obligations, additional costs or additional collateral requirements.
From time to time, the Company is a party to legal proceedings in the ordinary course of business in Australia
and the U.S. Based on current information, the Company believes that all pending or threatened proceedings
are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash
flows. In management’s opinion, the Company is not currently involved in any legal proceedings which,
individually or in the aggregate, could have a material effect on the financial condition, results of operations and/or
liquidity of the Company.
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Coronado Global Resources Inc.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Coronado Global Resources Inc.
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Coronado Global Resources
Inc. (the Company) as of September 30, 2026, the related condensed consolidated statements of operations and
comprehensive income for the three and nine-month periods ended September 30, 2026 and 2025, the
condensed consolidated statements of stockholders’ equity for the three and nine-month periods ended
September 30, 2026 and 2025, the condensed consolidated statements of cash flows for the nine-month periods
ended September 30, 2026 and 2025, and the related notes (collectively referred to as the “condensed
consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications
that should be made to the condensed consolidated interim financial statements for them to be in conformity with
U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, the
related consolidated statements of operations and comprehensive income, stockholders' equity and cash flows
for the year then ended, and the related notes (not presented herein), and in our report dated March 3, 2026, we
expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information
set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated,
in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These financial statements are the responsibility of the Company's management. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We
conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements
consists principally of applying analytical procedures and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards
of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as
a whole. Accordingly, we do not express such an opinion.
/s/ Ernst & Young
Brisbane, Australia
November 9, 2026
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Coronado Global Resources Inc.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should
be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the related notes
to those statements included elsewhere in this Quarterly Report on Form 10-Q. In addition, this Quarterly Report
on Form 10-Q should be read in conjunction with the Consolidated Financial Statements for the year ended
December 31, 2025 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K for the year
ended December 31, 2025, filed with the SEC and the ASX on March 3, 2026.
Unless otherwise noted, references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “Company,” or
“Coronado” refer to Coronado Global Resources Inc. and its consolidated subsidiaries and associates, unless
the context indicates otherwise.
All production and sales volumes contained in this Quarterly Report on Form 10-Q are expressed in metric tons,
or Mt, millions of metric tons, or MMt, or millions of metric tons per annum, or MMtpa, except where otherwise
stated. One Mt (1,000 kilograms) is equal to 2,204.62 pounds and is equivalent to 1.10231 short tons. In addition,
all dollar amounts contained herein are expressed in United States dollars, or US$, except where otherwise
stated. References to “A$” are references to Australian dollars, the lawful currency of the Commonwealth of
Australia. Some numerical figures included in this Quarterly Report on Form 10-Q have been subject to rounding
adjustments. Accordingly, numerical figures shown as totals in certain tables may not equal the sum of the figures
that precede them.
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward -looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
or the Exchange Act, concerning our business, operations, financial performance and condition, the coal, steel
and other industries, as well as our plans, objectives and expectations for our business, operations, financial
performance and condition. Forward-looking statements may be identified by words such as “may,” “could,”
“believes,” “estimates,” “expects,” “intends,” “plans,” “anticipate,” “forecast,” “outlook,” “target,” “likely,”
“considers” and other similar words .
Any forward-looking statements involve known and unknown risks, uncertainties, assumptions and other
important factors that could cause actual results, performance, events or outcomes to differ materially from the
results, performance, events or outcomes expressed or anticipated in these statements, many of which are
beyond our control. Such forward-looking statements are based on an assessment of present economic and
operating conditions using a number of best estimate assumptions regarding future events and actions. These
factors are difficult to accurately predict and may be beyond our control. Factors that could affect our results, our
announced plans, or an investment in our securities include, but are not limited to:
●
●
of coal produced, cause delays in or suspen sion of coal deliveries, or increase the cost of operating our
business;
●
governing such indebtedness, as well as our ability to amend the terms of our financing arrangements,
including those with Stanwell, to better align our capital structure with its expected cash flows ;
●
commodities, such as diesel fuel, steel, explosives and tires, as the result of inflationary pressures,
geopolitical conflicts or otherwise ;
●
●
policies and other barriers to trade;
●
unrest and wars, as well as risks related to government actions with respect to trade agreements, treaties
or policies;
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Coronado Global Resources Inc.
●
developments;
●
arising from mining activities, including possible impacts on global climate issues, which could result in
increased regulation of coal combustion and GHG emissions and increased costs associated with coal
production and consumption, such as costs for additional controls to reduce carbon dioxide emissions or
costs to purchase emissions reduction credits to comply with future emissions trading programs, which
could significantly impact our financial condition and results of operations, affect demand for our products
or our securities and reduce our access to capital and insurance;
●
one or more of our major customers, including customers in the steel industry, and key
suppliers/contractors, which among other adverse effects, could lead to reduced demand for our coal,
increased difficulty collecting receivables and customers and/or suppliers asserting force majeure or
other reasons for not performing their contractua l obligations to us;
●
regulations, including our ability to provide applicable surety of Curragh’s Estimated Rehabilitation Cost
under the Financial Provisioning Scheme;
●
performance or otherwise;
●
●
●
●
●
●
●
arrangements with rail and port operators ;
●
●
●
●
any exposure to hazardous substances caused by our operations, as well as any environmental
contamination our properties may have or our operations may cause ;
●
●
●
proprietary or confidential information about us, our customers or other third parties ;
●
require us to recognize or continue to recognize impairment charges related to those assets;
●
●
impact our reported financial results; and
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Coronado Global Resources Inc.
●
Factors,” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q.
We make many of our forward-looking statements based on our operating budgets and forecasts, which are
based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is
very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could
affect our actual results .
See Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025
,
filed with the SEC and ASX on March 3, 2026, and Part II, Item 1A. “Risk Factors” of our Quarterly Report on
Form 10-Q for the three months ended March 31, 2026, filed with the SEC and ASX on May 11, 2026, for a more
complete discussion of the risks and uncertainties mentioned above and for discussion of other risks and
uncertainties we face that could cause actual results to differ materially from those expressed or implied by these
forward-looking statements.
All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary
statements, as well as others made in this Quarterly Report on Form 10-Q and hereafter in our other filings with
the SEC and public communicatio ns. You should evaluate all forward-looking statements made by us in the
context of these risks and uncertainties.
We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to
you. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the
date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of
new information, future events, or otherwise, except as required by applicable law.
Results of Operations
How We Evaluate Our Operations
We evaluate our operations based on the volume of coal we can safely produce and sell in compliance with
regulatory standards, and the prices we receive for our coal. Our sales prices are largely dependent upon the
terms of our coal sales contracts, for which prices generally are set based on daily index averages, on a quarterly
basis or annual fixed price contracts.
Our management uses a variety of financial and operating metrics to analyze our performance. These metrics
are significant factors in assessing our operating results and profitability. These financial and operating metrics
include: (i) safety and environmental metrics; (ii) Adjusted EBITDA; (iii) total sales volumes and average realized
price per Mt sold, which we define as total coal revenues divided by total sales volume; (iv) Met coal sales
volumes and average realized Met price per Mt sold, which we define as Met coal revenues divided by Met coal
sales volume; (v) average segment mining cash costs per Mt produced , which we define as mining cash costs
divided by saleable production for the respective segment; and (vi) average segment operating costs per Mt sold,
which we define as segment operating costs divided by sales volumes for the respective segment.
During the quarter ended March 31, 2026, management revised the metric in item (v) above from average
segment mining costs per Mt sold (previously defined as mining costs divided by sales volumes, excluding non-
produced coal) to average segment mining cash costs per Mt produced (defined as mining cash costs divided by
saleable production for the respective segment). This change adjusts the cost base to exclude noncash costs,
including inventory movements, divided by saleable production, which we believe directly aligns costs with the
period in which they are incurred. Management believes the revised metric provides a more meaningful and
comparable measure of segment operating efficiency and is consistent with how costs are assessed.
Coal revenues are shown in our statement of operations and comprehensive income exclusive of other revenues.
Generally, export sale contracts on Free on Board, or FOB, require us to bear the cost of freight from our mines
to the applicable outbound shipping port, while freight costs from the port to the end destination are typically
borne by the customer. Certain export sales from our U.S. Operations are recognized when title to the coal
passes to the customer at the mine load out similar to a domestic sale. For our domestic sales, customers typically
bear the cost of freight. As such, freight expenses are excluded from the cost of coal revenues to allow for
consistency and comparability in evaluating our operating performance.
Non-GAAP Financial Measures; Other Measures
The following discussion of our results includes references to and analysis of Adjusted EBITDA, Segment
Adjusted EBITDA and mining cash 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 cash costs,
are useful to our investors to measure our operating performance.
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Coronado Global Resources Inc.
Non-GAAP financial measures are intended to provide additional information only and do not have any standard
meaning prescribed by U.S. GAAP. These measures should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with U.S. GAAP.
Adjusted EBITDA, a non -GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and
amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete non-
recurring items that we exclude in analyzing each of our segments’ operating performance. Adjusted EBITDA is
not intended to serve as an alternative to U.S. GAAP measures of performance including total revenues, total
costs and expenses, net income or cash flows from operating activities as those terms are defined by U.S. GAAP.
Adjusted EBITDA may therefore not be comparable to similarly titled measures presented by other companies.
A reconciliation of Adjusted EBITDA to its most directly comparable measure under U.S. GAAP is included below.
Segment Adjusted EBITDA is defined as Adjusted EBITDA by operating and reporting segment, adjusted for
certain transactions, eliminations or adjustments that our CODM does not consider for making decisions to
allocate resources among segments or assessing segment performance. Adjusted EBITDA and Segment
Adjusted EBITDA are used as supplemental financial measures by management and by external users of our
financial statements, such as investors, industry analysts and lenders, to assess the operating performance of
our business.
Mining cash costs, a non-GAAP measure, is based on reported cost of coal revenues, which is shown on our
statement of operations and comprehensive income exclusive of inventory movements, freight expense, Stanwell
rebate, other royalties, depreciation, depletion and amortization, and selling, general and administrative
expenses, adjusted for other items that do not relate directly to the costs incurred to produce coal at a mine.
Mining cash costs exclude these cost components as our CODM does not view these costs as directly attributable
to the production of coal. Mining cash costs is used as a supplemental financial measure by management,
providing an accurate view of the costs directly attributable to the production of coal at our mining segments, and
by external users of our financial statements, such as investors, industry analysts and ratings agencies, to assess
our mine operating performance in comparison to the mine operating performance of other companies in the coal
industry.
About Coronado Global Resources Inc.
We are a producer, global marketer and exporter of high-quality Met coal products. We own a portfolio of mines
and development projects in Queensland, Australia, and in the states of Virginia and Pennsylvania in the United
States.
Our Australian Operations comprise the 100%-owned Curragh producing mine complex. Our U.S. Operations
comprise a 100%-owned producing mine complex (Buchanan) and a development propert y (Mon Valley). In
addition to Met coal, our Australian Operations sell thermal coal, which is used to generate electricity,
domestically to Stanwell and in the export market. Our U.S. Operations primarily focus on the production of Met
coal for the North American domestic and seaborne export markets and also produce and sell some thermal coal
that is extracted in the process of mining Met coal.
Overview
The Company’s financial performance improved during the three months ended September 30, 2026, particularly
at our Australian Operations, as the operational reset program began to deliver improvements in mining
productivity, strip ratios, costs and product quality, and higher Met coal index prices flowed through to realized
pricing. These gains were partially offset by a significant geological fault encountered within the southern longwall
panel at Buchanan, which has since been worked through, and by continued Coal Handling Preparation Plant,
or CHPP, throughput constraints and a slower than expected ramp-up of the Mammoth Underground mine at
Curragh, which together limited saleable production. Consistent with our focus on margin over volume, we built
Run-of-mine, or ROM inventory at Curragh ahead of the wet weather season rather than bypassing coal as lower-
value thermal product. Liquidity improved during the three months ended September 30, 2026, supported by the
Glencore prepayment.
Our financial performance improved compared with the second quarter of 2026 reflecting higher realized Met
coal prices, lower mining cash costs at our Australian Operations under the revised mine plan and an improved
product mix, partially offset by adverse geological conditions at Buchanan.
ROM production at our Australian Operations of 4.2 MMt for the three months ended September 30, 2026, was
7.9% higher compared to the three months ended June 30, 2026, and the highest quarterly ROM production
since the third quarter of 2020. The increase reflects improved mining productivity, lower strip ratio at the southern
mining area and successful execution of the operational reset program and revised mining plan, which also
reduced mining cash costs by $18.2 million compared to the three months ended June 30, 2026. The CHPP at
Curragh remained the principal operation al constraint, and the ramp-up of the Mammoth Underground mine was
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Coronado Global Resources Inc.
slower than expected due to faulting in certain panels. As a result, saleable production of 2.7 MMt was 11.1%
lower than the three months ended June 30, 2026, and ROM inventory at Curragh increased by approximately
0.6 MMt to approximately 0.8 MMt.
At our U.S. Operations, a significant geological fault encountered within the southern longwall panel at Buchanan
reduced ROM production by approximately 0.7 MMt for the three months ended September 30, 2026 compared
to the three months ended June 30, 2026, and increased costs through additional roof support and void fill
activities. The northern longwall partially offset the impact, demonstrating the operational resilience provided by
the Buchanan expansion and dual longwall configuration, and southern longwall advance rates have since
generally returned to expected production rates. ROM production of 1.8 MMt and saleable production of 0.7 MMt
for the three months ended September 30, 2026, were 28.7% and 33.7%, respectively, lower than the three
months ended June 30, 2026, due to geological fault encountered within the southern longwal l panel.
The Australian Premium Low Volatile Hard Coking Coal index, or AUS PLV HCC, averaged $248.1 per Mt for
the three months ended September 30, 2026, $64.6 per Mt higher compared to the same period in 2025, and
$9.8 per Mt higher compared to the three months ended June 30, 2026.
Coking coal index prices were supported by constrained supply. Chinese domestic production remained below
normal levels due to safety inspections and operational restrictions, while disruptions to Russian exports and
operational challenges at certain North American producers limited growth from certain exporting regions.
Demand outside of China, particularly India, remained resilient. Our average realized Met coal price increased to
$183.5 per Mt sold for the three months ended September 30, 2026, from $170.5 per Mt sold for the three months
ended June 30, 2026, with Australian realized Met pricing improving to 75.1% of the AUS PLV HCC index.
Sales volume of 3.6 MMt for the three months ended September 30, 2026, was 2.3% higher than the three
months ended June 30, 2026, despite lower production, supported by the drawdown of inventory built in prior
periods. Sales were constrained by port congestion, with approximately 630 kt of coal held at port awaiting
shipment at September 30, 2026, representing approximately $50 million of revenue, the majority of which was
shipped in October 2026.
Coal revenues for the nine months ended September 30, 2026, were $1,524.6 million , $147.1 million higher
compared to the same period in 2025, primarily driven by an average realized Met coal price per Mt sold which
was $24.0 higher and, despite the adverse geological issues experienced, higher sales volumes at Buchanan
following completion of its expansion project. The increase was partially offset by sales volumes which were 0.6
MMt lower compared to the nine months ended September 30, 2025, reflecting the idling and sale of the Logan
mine and shipping delays caused by port congestion at our Australian Operations. Met coal sales represented
76.6% of our total volume of coal sold and 91.8% of total coal revenues for the nine months ended September
30, 2026 compared to 77.0% and 92.9%, respectively, for the nine months ended September 30, 2025.
Mining cash costs for the nine months ended September 30, 2026, were $81.0 million higher compared to the
nine months ended September 30, 2025. At our U.S. Operations, the increase in mining cash costs reflected the
additional production support and void fill activities associated with safely progressing through the geological fault
at Buchanan. At our Australian Operations, the increase reflected higher subcontractor costs due to higher
overburden removal, higher repairs and maintenance costs resulting from the damage to key infrastructure
experienced in the first quarter of 2026, higher fuel costs , and an unfavorable foreign exchange rate of A$/US$
$0.70 compared to $0.64 during the nine months ended September 30, 2025. The increase was partially offset
by the idling and sale of Logan mine in the nine months ended September 30, 2026.
Management continues to implement the operational improvements, a broader structural reset and cost reduction
initiatives commenced in 2026, primarily at our Australian Operations, targeting improvements in contractor
management, procurement practices, and operational efficiency. While these initiatives are delivering
measurable improvements in mining productivity, strip ratios and product quality, the expected benefits are yet
to flow through fully to saleable production, earnings and cash generation. In addition, the Company continues
to undertake initiatives to enhance liquidity and reduce operating and capital costs across the Company, while
optimizing the business to deliver greater value over the long term.
Liquidity
As of September 30, 2026, the Company had available liquidity, in the form of cash and cash equivalents, of
$155.0 million, an increase of $57.3 million from June 30, 2026, primarily reflecting the $75.0 million Glencore
prepayment. The ABL Facility was fully drawn as of September 30, 2026.
With respect to the Company’s financial position, we concluded that the Company’s current cash and cash
equivalents and forecasted cash flows will be sufficient to fund its operations and satisfy its obligations for at least
one year from the issuance of this Quarterly Report on Form 10-Q.
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Coronado Global Resources Inc.
Our forecasts depend on the achievement of production targets and other factors beyond our control, including
general economic conditions, Met coal prices, competitive dynamics and weather-related impacts. Short- to
medium-term working capital requirements are similarly sensitive to these factors, and the preparation of
forecasts requires application of management’s judgement.
Logan mine
During the first quarter of 2026, we idled the Logan mine in our U.S. Operations segment in response to sustained
weakness in the U.S. domestic Met coal markets and recognized an impairment charge of $159.8 million to write
down Logan’s long-lived assets to their estimated fair value. In the second quarter, we classified Logan as held
for sale and recognized an additional impairment charge of $17.7 million to reduce the carrying amount to its
estimated fair value less costs to sell. Total impairment charges were $177.5 million for the nine months ended
September 30, 2026.
During the third quarter, we sold the Logan mine to Phoenix Coal Holdings, LLC for cash proceeds of $1.7 million,
reflecting a net working capital true-up, and derecognized its assets and liabilities.
Safety
For our Australian Operations, the twelve-month rolling average Total Reportable Injury Frequency Rate at
September 30, 2026, was 4.58, compared to a rate of 3.62 at December 31, 2025. At our U.S. Operations, the
twelve-month rolling average Total Reportable Incident Rate at September 30, 2026, was 2.28 , compared to a
rate of 2.30 at December 31, 2025.
The health and safety of our workforce is our number one priority , and we remain focused on the safety and
wellbeing of all employees and contracting parties. Coronado continues to implement safety initiatives with the
goal of improving our safety rates every quarter.
Segment Reporting
In accordance with ASC 280, Segment Reporting, we have adopted the following reporting segments: Australia
and the United States. In addition, “Other and Corporate” is not a reporting segment but is disclosed for the
purposes of reconciliation to our conso lidated financial statements.
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Summary
The financial and operational results for the three months ended September 30, 2026 included:
●
million lower compared to $103.8 million for the three months ended September 30, 2025, primarily driven
by higher coal revenues and the waiver of the Stanwell rebate from January 1, 2026, partially offset by
higher other operating costs and expenses and interest expense.
●
which was $34.9 per Mt sold higher compared to $148.6 per Mt sold for the same period in 2025,
supported by constrained supply from China’s domestic market, disruption to Russian exports and
sustained demand from India.
●
than the three months ended September 30, 2025, primarily driven by the idling and sale of Logan, lower
production at Buchanan due to adverse geological conditions and shipping delays caused by port
congestion at our Australian Operations.
●
$66.7 million compared to an Adjusted EBITDA loss of $22.5 million for the same period in 2025. The
increase was driven by higher revenues, a product of improved pricing, partially offset by higher operating
costs.
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Coronado Global Resources Inc.
Three months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
557,692
$
476,670
$
81,022
Other revenues
5,820
5,457
363
Total revenues
563,512
482,127
81,385
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
363,155
360,588
2,567
Depreciation, depletion and amortization
42,142
49,198
(7,056)
Freight expenses
87,558
71,723
15,835
Stanwell rebate
—
26,331
(26,331)
Other royalties
56,907
38,690
18,217
Selling, general, and administrative expenses
12,179
7,541
4,638
Restructuring costs
1,500
—
1,500
Total costs and expenses
563,441
554,071
9,370
Other income (expenses):
Interest expense, net
(38,895)
(29,443)
(9,452)
credit losses
105
(2,836)
2,941
Other, net
(798)
460
(1,258)
Total other expenses, net
(39,588)
(31,819)
(7,769)
Net loss before tax
(39,517)
(103,763)
64,246
Income tax expense
(1,007)
(5,707)
4,700
Net loss attributable to Coronado Global
Resources, Inc.
$
(40,524)
$
(109,470)
$
68,946
Coal Revenues
Coal revenues were $557.7 million for the three months ended September 30, 2026, an increase of $81.0 million,
compared to $476.7 million for the three months ended September 30, 2025. The increase was primarily
attributable to average realized Met coal prices which were $34.9 per Mt sold higher, partially offset by sales
volumes which were 0.4 MMt lower compared to the three months ended September 30, 2025.
Cost of Coal Revenues (Exclusive of Items Shown Separately Below)
Cost of coal revenues consists of costs related to produced tons sold, along with changes in both the volumes
and carrying values of coal inventory. Cost of coal revenues includes items such as direct operating costs, which
includes employee -related costs, materials and supplies, contractor services, coal handling and preparation costs
and production taxes.
Total cost of coal revenues was $363.2 million for the three months ended September 30, 2026, $2.6 million, or
0.7% higher, compared to $360.6 million for the three months ended September 30, 2025.
Cost of coal revenues for our Australian Operations for the three months ended September 30, 2026, was $11.1
million higher compared to the same period in 2025, driven by subcontractor costs due to higher overburden
removal, increased maintenance activities, higher fuel costs and an unfavorable average foreign exchange rate
for the three months ended September 30, 2026, of A$/US$ $0.71 compared to $0.65 for the same period in
2025. This increase was partially offset by a coal inventory build, reflecting a planned increase in ROM inventory
ahead of the wet weather season, CHPP constraints which impact ed conversion of ROM into saleable production ,
and shipping delays caused by port congestion , which resulted in sales volume slippage into October 2026.
Cost of coal revenues for our U.S. Operations for the three months ended September 30, 2026, was $8.6 million
lower compared to the three months ended September 30, 2025, reflecting the idling and sale of the Logan mine,
partially offset by higher repairs, maintenance and roof support costs associated with the adverse geological
conditions at Buchanan.
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Coronado Global Resources Inc.
Depreciation, Depletion and Amortization
Depreciation, depletion and amortization was $42.1 million for the three months ended September 30, 2026, a
decrease of $7.1 million compared to $49.2 million for the same period in 2025, primarily driven by our U.S.
Operations following the impairment and sale of Logan.
Freight Expenses
Freight expenses relate to costs associated with rail and port providers, including take-or-pay commitments at
our Australian Operations, and demurrage costs. Freight expenses were $87.6 million for the three months ended
September 30, 2026, an increase of $15.8 million, compared to $71.7 million for the same period in 2025. Our
U.S. Operations contributed $8.9 million of the increase, primarily driven by higher coal sales under CFR terms
and higher rail and ocean freight charges compare d to the three months ended September 30, 2025. Our
Australian Operations contributed $6.9 million of the increase, driven by demurrage costs associated with port
congestion and longer vessel waiting times, greater sales volumes shipped through Wiggins Island Coal Export
Terminal, or WICET, which incurs higher port and handling charge rates, and the unfavorable impact of the
average foreign exchange rate on translation of our Australian Operations.
Stanwell Rebate
The Stanwell rebate was waived from January 1, 2026 in connection with the Second Amendment Deed.
Other Royalties
Other royalties were $56.9 million in the three months ended September 30, 2026, an increase of $18.2 million
compared to $38.7 million for the three months ended September 30, 2025, driven by higher export coal revenues
and an unfavorable average foreign exchange rate on translation of our Australian Operations , partially offset by
lower sales volumes at our U.S. Operations and the idling and sale of Logan.
Restructuring Costs
Restructuring costs of $1.5 million for the three months ended September 30, 2026, related to cost associated
with workforce reduction and external consulting services in connection with the Company’s transformation
initiative to optimize coal production and alignment of cost structure.
Interest Expense, Net
Interest expense, net was $38.9 million for the three months ended September 30, 2026, an increase of $9.5
million compared to $29.4 million for the three months ended September 30, 2025. The increase was driven by
higher average indebtedness resulting from additional borrowings under the ABL Facility, other Stanwell liabilities
and the Glencore Prepayment Liability; and lower interest income earned on cash equivalents and restricted
deposits during the three months ended September 30, 2026, compared to the same period in 2025.
Income Tax Expense
Income tax expense was $1.0 million for the three months ended September 30, 2026, a decrease of $4.7 million
compared to $5.7 million for the three months ended September 30, 2025. The decrease in income tax expense
was the result of an effective tax rate of 2.5% for the three months ended September 30, 2026, compared to an
effective tax rate of 7.7% for the three months ended September 30, 2025.
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Coronado Global Resources Inc.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Summary
The financial and operational results for the nine months ended September 30, 2026 included:
●
A n
et loss before tax of $470.4 million for the nine months ended September 30, 2026, which was $164.9
million higher compared to $305.5 million for the nine months ended September 30, 2025. Higher net
loss es were driven by impairment charges and higher operating costs and interest expense, partially
offset by higher coal revenues.
●
which was $24.0 per Mt higher compared to $149.4 per Mt sold for the same period in 2025, supported
by lower Australian export availability following wet weather early in the year, supply constraints in
China’s domestic coking coal market and disruptions to Russian exports, which outweighed relatively
soft global steel demand.
●
compared to the nine months ended September 30, 2025, primarily driven by the idling and sale of Logan,
partially offset by higher sales volumes at Buchanan following completion of its expansion project and
dual longwall operation despite adverse geological conditions encountered during the third quarter of
2026.
●
improvement of $57.6 million compared to an Adjusted EBITDA loss of $95.9 million for the same period
in 2025, reflecting higher average realized Met coal prices and waiver of Stanwell rebate from January
1, 2026, partially offset by higher operating costs.
Nine months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Revenues:
Coal revenues
$
1,524,554
$
1,377,458
$
147,096
10.7%
Other revenues
20,279
21,796
(1,517)
(7.0%)
Total revenues
1,544,833
1,399,254
145,579
10.4%
Costs and expenses:
Cost of coal revenues (exclusive of items
shown separately below)
1,164,654
1,090,511
74,143
6.8%
Depreciation, depletion and amortization
131,665
135,227
(3,562)
(2.6%)
Freight expenses
267,082
194,617
72,465
37.2%
Stanwell rebate
—
70,115
(70,115)
(100.0%)
Other royalties
131,825
118,057
13,768
11.7%
Selling, general, and administrative expenses
27,288
23,474
3,814
16.2%
Restructuring costs
7,518
—
7,518
100.0%
Total costs and expenses
1,730,032
1,632,001
98,031
6.0%
Other income (expenses):
Interest expense, net
(108,072)
(68,305)
(39,767)
58.2%
Impairment of assets
(177,459)
—
(177,459)
100.0%
Loss on debt extinguishment
—
(1,050)
1,050
(100.0%)
Decrease (increase) in provision for
credit losses
269
(3,649)
3,918
(107.4%)
Other, net
11
219
(208)
(95.0%)
Total other expenses, net
(285,251)
(72,785)
(212,466)
291.9%
Net loss before tax
(470,450)
(305,532)
(164,918)
54.0%
Income tax benefit
11,907
23,661
(11,754)
(49.7%)
Net loss attributable to Coronado Global
Resources, Inc.
$
(458,543)
$
(281,871)
$
(176,672)
62.7%
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Coronado Global Resources Inc.
Coal Revenues
Coal revenues were $1,524.6 million for the nine months ended September 30, 2026, an increase of $147
.1
million, compared to $1,377.5 million for the nine months ended September 30, 2025. The increase was primarily
driven by average realized Met coal prices per Mt sold , which were $24.0 higher, partially offset by sales volumes
which were 0.6 MMt lower, due to the idling and sale of Logan.
Cost of Coal Revenues (Exclusive of Items Shown Separately Below)
Total cost of coal revenues was $1,164.7 million for the nine months ended September 30, 2026, an increase of
$74.1 million, compared to $1,090.5 million for the nine months ended September 30, 2025.
Cost of coal revenues for our Australian Operations for the nine months ended September 30, 2026, was $125.9
million higher compared to the nine months ended September 30, 2025. The increase was primarily driven by
subcontractor costs, due to higher overburden removal , additional fleet mobilization , higher fuel costs, increased
repairs and maintenance activities and an unfavorable average foreign exchange rate on translation of our
Australian Operations for the nine months ended September 30, 2026, of A$/US$: $0.70 compared to $0.64 for
the same period in 2025. This increase was partially offset by a coal inventory build, reflecting a planned increase
in ROM inventory ahead of the wet weather season, CHPP constraints impacting conversion of ROM into
saleable production and shipping delays caused by port congestion , which resulted in sales volume slippage into
October 2026.
Cost of coal revenues for our U.S. Operations for the nine months ended September 30, 2026, was $51.8 million
lower compared to the same period in 2025, driven by the idling and sale of the Logan mine, partially offset by
higher costs at Buchanan associated with adverse geological conditions in the third quarter of 2026.
Freight Expenses
Freight expenses totaled $267.1 million for the nine months ended September 30, 2026, an increase of $72.5
million compared to $194.6 million for the nine months ended September 30, 2025. Freight expenses for our U.S.
Operations contributed $54.6 million of the increase, primarily driven by higher coal sales under CFR terms and
higher rail and ocean freight charges compared to the nine months ended September 30, 2025. The remaining
increase of $17.9 million was attributable to our Australian Operations due to higher volumes railed and higher
demurrage costs associated with longer vessel waiting times at port .
Stanwell Rebate
The Stanwell rebate was waived from January 1, 2026 in connection with the Second Amendment Deed.
Other Royalties
Other royalties were $131.8 million for the nine months ended September 30, 2026, an increase of $13.8 million
compared to $118.1 million for the same period in 2025, driven by higher export coal revenues and the
unfavorable impact of foreign exchange rates at our Australian Operations, partially offset by lower sales volumes
at our U.S. Operations following the idling and sale of Logan.
Restructuring Costs
Restructuring costs of $7.5 million for the nine months ended September 30, 2026, related to cost associated
with workforce reduction and external consulting services in connection with the Company’s transformation
initiatives to optimize coal production and alignment of cost structure.
Interest Expense, Net
Interest expense, net was $108.1 million in the nine months ended September 30, 2026, an increase of $39.8
million as compared to $68.3 million for the nine months ended September 30, 2025. The increase was driven
by higher average indebtedness resulting from additional borrowings under the ABL Facility, other Stanwell
liabilities , the Glencore Prepayment Liability and lower interest income earned on cash equivalents and restricted
deposits during the nine months ended September 30, 2026, compared to the same period in 2025.
Impairment of Non-Core Assets
During the first quarter of 2026, we idled the Logan mine in our U.S. Operations segment in response to sustained
weakness in U.S. domestic Met coal markets, which represented a triggering event under ASC 360. As the
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Coronado Global Resources Inc.
estimated undiscounted cash flows of the Logan mine asset group did not exceed its’ carrying value, we
recognized an impairment charge of $159.8 million to write down its long-lived assets, including property, plant
and equipment, to estimated fair value. During the second quarter of 2026, Logan was classified as held for sale
and we recognized an additional impairment charge of $17.7 million to reduce its’ carrying amount to estimated
fair value less costs to sell. Total impairment charges were $177.5 million for the nine months ended September
30, 2026. Logan was sold on July 31, 2026.
Income Tax Benefit
Income tax benefit of $11.9 million for the nine months ended September 30, 2026, decreased by $11.8 million,
compared to income tax benefit of $23.7 million for the nine months ended September 30, 2025, primarily driven
by
an effective tax rate of 2.5% for the nine months ended September 30, 2026, compared to 7.7% for the same
period in 2025.
In calculating the annual effective tax rate for the Group:
●
forward losses, a full valuation allowance was included as part of the annual effective tax rate
calculation, thereby reducing the rate to nil.
●
deferred tax assets was assessed and as a result a partial valuation allowance was included as part of
the annual effective tax rate, thereby decreasing the annual effective tax rate to 2.7%.
Supplemental Segment Financial Data
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Australia
Three months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
2.7
2.8
(0.1)
(0.4)%
Saleable production (MMt)
2.7
3.1
(0.4)
(13.0)%
Total revenues ($)
415,580
300,317
115,263
38.4%
Coal revenues ($)
409,964
294,872
115,092
39.0%
Average realized price per Mt sold ($/Mt)
149.4
107.0
42.4
39.6%
Met coal sales volume (MMt)
2.0
1.8
0.2
9.9%
Met coal revenues ($)
363,507
257,752
105,755
41.0%
Average realized Met price per Mt sold ($/Mt)
186.3
145.1
41.2
28.4%
Mining cash costs ($)
278,199
246,721
31,478
12.8%
Mining cash cost per Mt produced ($/Mt)
104.4
80.6
23.8
29.5%
Operating costs ($)
362,610
348,156
14,454
4.2%
Operating costs per Mt sold ($/Mt)
132.1
126.4
5.7
4.5%
Segment Adjusted EBITDA ($)
52,355
(47,881)
100,236
(209.3)%
Coal revenues for our Australian Operations increased by $115.1 million compared to the three months ended
September 30, 2025. The increase was largely due to an average realized Met coal price per Mt sold which was
$41.2 higher and Met coal sales volume which was 0.2 MMt higher, reflecting an improved product mix weighted
towards higher value Met coals.
Operating costs were $14.5 million higher for the three months ended September 30, 2026, compared to the
same period in 2025, primarily driven by higher mining cash costs, higher freight expenses, and increased
royalties, reflecting higher realized Met coal prices, partially offset by lower Stanwell rebates, which were waived
from January 1, 2026, a coal inventory build reflecting a planned increase in ROM inventory ahead of the wet
weather season, CHPP constraints , which impacted conversion of ROM production into saleable production ,
and
shipping delays caused by port congestion, which resulted in sales volume slippage into October 2026.
Mining cash costs were $31.5 million higher compared to the three months ended September 30, 2025, driven
by higher subcontractor costs associated with increased overburden removal and ROM production, higher fuel
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Coronado Global Resources Inc.
costs, increased repair and maintenance activities and the unfavorable impact of average foreign exchange rates
on translation of our Australian Operations (A$/US$ $0.71 compared to A$/US$ $0.65 in the prior year period).
Mining cash cost per Mt produced was $23.8 higher for the three months ended September 30, 2026, a product
of higher gross costs and lower saleable production.
Segment Adjusted EBITDA was $52.4 million for the three months ended September 30, 2026, an increase of
$100.2 million compared to a Segment Adjusted EBITDA loss of $47.9 million for the three months ended
September 30, 2025, largely driven by higher coal revenues partially offset by higher operating costs.
United States
Three months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
0.8
1.2
(0.4)
(33.1)%
Saleable production (MMt)
0.7
1.4
(0.7)
(47.6)%
Total revenues ($)
147,932
181,810
(33,878)
(18.6)%
Coal revenues ($)
147,728
181,798
(34,070)
(18.7)%
Average realized price per Mt sold ($/Mt)
177.0
145.8
31.2
21.4%
Met coal sales volume (MMt)
0.8
1.1
(0.3)
(25.8)%
Met coal revenues ($)
147,699
173,523
(25,824)
(14.9)%
Average realized Met price per Mt sold ($/Mt)
177.0
154.2
22.8
14.8%
Mining cash costs ($)
106,716
140,212
(33,496)
(23.9)%
Mining cash cost per Mt produced ($/Mt)
142.4
98.1
44.3
45.2%
Operating costs ($)
145,010
149,176
(4,166)
(2.8)%
Operating costs per Mt sold ($/Mt)
173.8
119.6
54.2
45.3%
Segment Adjusted EBITDA ($)
3,934
32,879
(28,945)
(88.0)%
Coal revenues for our U.S. Operations of $147.7 million for the three months ended September 30, 2026,
decreased by $34.1 million compared to the same period in 2025, primarily driven by lower sales volume following
the idling of the Logan mine in the first quarter of 2026 and its’ subsequent sale. The decrease was partially offset
by coal revenues from Buchanan, which increased by $23.6 million for the three months ended September 30,
2026, as a result of a higher average realized Met coal price, despite lower saleable production due to adverse
geological conditions experienced during the three months ended September 30, 2026.
Operating costs for the three months ended September 30, 2026 were $145.0 million, a decrease of $4.2 million
compared to the same period in 2025, driven by lower mining cash costs and royalties, partially offset by an
inventory draw down compared to an inventory build in the 2025 period ; and higher freight costs at our Buchanan
mine due to greater sales volume under CFR terms.
Mining cash costs were $33.5 million lower compared to the three months ended September 30, 2025, largely
attributed to the idling and sale of the Logan mine, partially offset by additional production support and void fill
activities associated with safely progressing through adverse geological conditions at Buchanan.
Segment Adjusted EBITDA was $3.9 million for the three months ended September 30, 2026, a decrease of
$28.9 million compared to $32.9 million for the three months ended September 30, 2025, primarily driven by
lower coal revenues outweighing lower operating costs.
Table of Contents
Coronado Global Resources Inc.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components of Corporate and Other Adjusted EBITDA:
Three months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Selling, general, and administrative expenses
$
12,179
$
7,541
$
4,638
61.5%
Other, net
(42)
(4)
(38)
950.0%
Total Corporate and Other Adjusted EBITDA
$
12,137
$
7,537
$
4,600
61.0%
Corporate and other costs of $12.1 million for the three months ended September 30, 2026, were $4.6 million
higher compared to the three months ended September 30, 2025, due to costs associated with the Company’s
structural reset program and timing of certain corporate activities .
Mining and Operating Costs for the Three Months Ended September 30, 2026 Compared to the Three
Months Ended September 30, 2025
A reconciliation of segment costs and expenses, segment operating costs, and segment mining cash costs is
shown below:
Three months ended September 30, 2026
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
387,643
$
161,833
$
13,965
$
563,441
Less: Selling, general and administrative
expense
(8)
—
(12,171)
(12,179)
Less: Restructuring costs
(319)
—
(1,181)
(1,500)
Less: Depreciation, depletion and amortization
(24,706)
(16,823)
(613)
(42,142)
Total operating costs
362,610
145,010
—
507,620
Less: Other royalties
(52,780)
(4,127)
—
(56,907)
Less: Freight expenses
(56,633)
(30,925)
—
(87,558)
Less: Coal inventory movement
32,988
(143)
—
32,845
Less: Other costs and non-mining costs
(7,986)
(3,099)
—
(11,085)
Total mining cash costs
278,199
106,716
—
384,915
Saleable production volume (MMt)
2.7
0.7
—
3.4
Mining cash cost per Mt produced ($/Mt)
104.4
142.4
—
112.8
Three months ended September 30, 2025
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
370,733
$
175,232
$
8,106
$
554,071
Less: Selling, general and administrative
expense
(4)
—
(7,537)
(7,541)
Less: Depreciation, depletion and amortization
(22,573)
(26,056)
(569)
(49,198)
Total operating costs
348,156
149,176
—
497,332
Less: Other royalties
(30,035)
(8,655)
—
(38,690)
Less: Stanwell rebate
(26,331)
—
—
(26,331)
Less: Freight expenses
(49,717)
(22,006)
—
(71,723)
Less: Coal inventory movement
8,903
22,580
—
31,483
Less: Other costs and non-mining costs
(4,255)
(883)
—
(5,138)
Total mining cash costs
246,721
140,212
—
386,933
Saleable production volume (MMt)
3.1
1.4
—
4.5
Mining cash cost per Mt produced ($/Mt)
80.6
98.1
—
86.1
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Coronado Global Resources Inc.
Average Realized Met Price per Mt Sold for the Three Months Ended September 30, 2026 Compared
to the Three Months Ended September 30, 2025
A reconciliation of the Company’s average realized Met coal price per Mt sold is shown below:
Three months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Met coal sales volume (MMt)
2.8
2.9
(0.1)
(4.0)%
Met coal revenues ($)
511,206
431,275
79,931
18.5%
Average realized Met price per Mt sold ($/Mt)
183.5
148.6
34.9
23.4%
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Australia
Nine months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
7.3
7.2
0.1
0.5%
Saleable production (MMt)
7.4
7.5
(0.1)
(2.4)%
Total revenues ($)
1,001,281
833,439
167,842
20.1%
Coal revenues ($)
981,277
812,433
168,844
20.8%
Average realized price per Mt sold ($/Mt)
135.0
112.4
22.6
20.2%
Met coal sales volume (MMt)
5.0
5.0
—
(0.1)%
Met coal revenues ($)
869,851
738,442
131,409
17.8%
Average realized Met price per Mt sold ($/Mt)
175.0
148.4
26.6
17.9%
Mining cash costs ($)
828,473
658,928
169,545
25.7%
Mining cash cost per Mt produced ($/Mt)
112.5
87.3
25.2
28.9%
Operating costs ($)
1,055,584
957,996
97,588
10.2%
Operating costs per Mt sold ($/Mt)
145.3
132.5
12.8
9.6%
Segment Adjusted EBITDA ($)
(46,014)
(122,925)
76,911
(62.6)%
Coal revenues for our Australian Operations were $981.3 million for the nine months ended September 30, 2026,
an increase of $168.8 million compared to the nine months ended September 30, 2025. The increase was largely
driven by the average realized Met coal price being $26.6 per Mt higher compared to the nine months ended
September 30, 2025, reflecting favorable market conditions.
Sales volume of 7.3 MMt was 0.1 MMt higher compared to the nine months ended September 30, 2025, despite
saleable production 0.1 MMt lower , as coal inventory built in prior periods supported sales in the first quarter of
2026, partially offset by shipments slipping into October 2026 due to port congestion.
Operating costs were $1,055.6 million, an increase of $97.6 million, compared to the nine months ended
September 30, 2025, driven by higher mining cash costs as well as higher royalties and freight expenses due to
greater export coal revenues, partially offset by Stanwell rebates, which were waived from January 1, 2026, and
a coal inventory build, reflecting a planned increase in ROM inventory ahead of the wet weather season, CHPP
constraints , which impacted conversion of ROM production into saleable production.
Mining cash costs increased by $169.5 million compared to the nine months ended September 30, 2025, primarily
driven by higher subcontractor costs due to increased overburden removal, higher fuel costs, increased repairs
and maintenance activities, including the emergency repair of the overland conveyor belt in the first quarter of
2026, additional fleet mobilized and an unfavorable foreign exchange rate on translation of our Australian
Operations for the nine months ended September 30, 2026 compared to the same period in 2025. Mining cash
costs per Mt produced and Operating costs per Mt sold were $25.2 and $12.8 higher, respectively, compared to
the nine months ended September 30, 2025.
Table of Contents
Coronado Global Resources Inc.
Segment Adjusted EBITDA loss was $46.0 million for the nine months ended September 30, 2026, an
improvement of $76.9 million compared to a Segment Adjusted EBITDA loss of $122.9 million for the same period
in 2025, a result of higher coal revenues exceeding higher operating costs period on period.
United States
Nine months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Sales volume (MMt)
3.3
3.9
(0.6)
(16.0)%
Saleable production (MMt)
3.1
4.1
(1.0)
(24.1)%
Total revenues ($)
543,552
565,815
(22,263)
(3.9)%
Coal revenues ($)
543,277
565,025
(21,748)
(3.8)%
Average realized price per Mt sold ($/Mt)
166.1
145.1
21.0
14.1%
Met coal sales volume (MMt)
3.1
3.6
(0.5)
(13.7)%
Met coal revenues ($)
529,255
541,663
(12,408)
(2.3)%
Average realized Met price per Mt sold ($/Mt)
170.8
150.8
20.0
12.9%
Mining cash costs ($)
360,957
449,480
(88,523)
(19.7)%
Mining cash cost per Mt produced ($/Mt)
115.2
108.8
6.4
5.9%
Operating costs ($)
507,977
515,304
(7,327)
(1.4)%
Operating costs per Mt sold ($/Mt)
155.3
132.4
22.9
16.9%
Segment Adjusted EBITDA ($)
34,888
50,452
(15,564)
(30.8)%
Coal revenues decreased by $21.7 million to $543.3 million for the nine months ended September 30, 2026,
compared to $565.0 million for the nine months ended September 30, 2025. Coal revenues from Buchanan
operations increased by $134.3 million, driven by an average realized Met coal price per Mt sold which was $20.0
higher, and sales volumes which were 0.4 MMt higher following completion of its expansion project and dual
longwall operation despite adverse geological conditions experienced in the third quarter of 2026. Coal revenues
from Logan decreased by $155.9 million for the nine months ended September 30, 2026, following its idling in
the first quarter of 2026 in response to sustained weakness in U.S. domestic Met coal markets, and its sale on
July 31, 2026.
Operating costs were $7.3 million lower for the nine months ended September 30, 2026, compared to the same
period in 2025. The idling and sale of Logan contributed to $134.8 million of the decrease, partially offset by
Buchanan due to repairs, maintenance and roof support costs associated with the adverse geological conditions
experienced in the third quarter of 2026, and higher freight expense as a result of greater sales volumes under
CFR terms.
Segment Adjusted EBITDA of $34.9 million for the nine months ended September 30, 2026, decreased by $15.6
million compared to $50.5 million for the nine months ended September 30, 2025, reflecting the idling and sale
of Logan and increased operating costs at Buchanan.
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components of Corporate and Other Adjusted EBITDA:
Nine months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Selling, general, and administrative expenses
$
27,288
$
23,474
$
3,814
16.2%
Other, net
(48)
(22)
(26)
118.2%
Total Corporate and Other Adjusted EBITDA
$
27,240
$
23,452
$
3,788
16.2%
Corporate and other costs of $27.2 million for the nine months ended September 30, 2026, were $3.8 million
higher compared to $23.4 million for the nine months ended September 30, 2025, due to costs associated with
the Company’s structural reset program and timing of certain corporate activities.
Table of Contents
Coronado Global Resources Inc.
Mining and Operating Costs for the Nine Months Ended September 30, 2026 Compared to the Nine
Months Ended September 30, 2025
A reconciliation of segment costs and expenses, segment operating costs, and segment mining costs is shown
below:
Nine months ended September 30, 2026
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
1,124,073
$
573,296
$
32,663
$
1,730,032
Less: Selling, general and administrative
expense
(8)
—
(27,280)
(27,288)
Less: Restructuring costs
(319)
(3,649)
(3,550)
(7,518)
Less: Depreciation, depletion and amortization
(68,162)
(61,670)
(1,833)
(131,665)
Total operating costs
1,055,584
507,977
—
1,563,561
Less: Other royalties
(114,015)
(17,810)
—
(131,825)
Less: Freight expenses
(149,257)
(117,825)
—
(267,082)
Less: Other costs and non-mining costs
(23,976)
(4,970)
—
(28,946)
Less: Coal inventory movement
60,137
(6,415)
—
53,722
Total mining cash costs
828,473
360,957
—
1,189,430
Saleable production volume (MMt)
7.4
3.1
—
10.5
Mining cash cost per Mt produced ($/Mt)
112.5
115.2
—
113.3
Nine months ended September 30, 2025
(in US$ thousands)
Australia
United
States
Other /
Corporate
Total
Consolidated
Total costs and expenses
$
1,018,184
$
588,841
$
24,976
$
1,632,001
Less: Selling, general and administrative
expense
(11)
(13)
(23,450)
(23,474)
Less: Depreciation, depletion and amortization
(60,177)
(73,524)
(1,526)
(135,227)
Total operating costs
957,996
515,304
—
1,473,300
Less: Other royalties
(90,132)
(27,925)
—
(118,057)
Less: Stanwell rebate
(70,115)
—
—
(70,115)
Less: Freight expenses
(131,372)
(63,245)
—
(194,617)
Less: Other costs and non-mining costs
(15,886)
(3,539)
—
(19,425)
Less: Coal inventory movement
8,437
28,885
—
37,322
Total mining cash costs
658,928
449,480
—
1,108,408
Saleable production volume (MMt)
7.5
4.1
—
11.7
Mining cash cost per Mt produced ($/Mt)
87.3
108.8
—
94.9
Average Realized Met Price per Mt Sold for the Nine Months Ended September 30, 2026 Compared to
the Nine Months Ended September 30, 2025
A reconciliation of the Company’s average realized Met price per Mt sold is shown below:
Nine months ended
September 30,
2026
2025
Change
%
(in US$ thousands)
Met coal sales volume (MMt)
8.1
8.6
(0.5)
(5.8)%
Met coal revenues ($)
1,399,106
1,280,105
119,001
9.3%
Average realized Met price per Mt sold ($/Mt)
173.4
149.4
24.0
16.0%
Table of Contents
Coronado Global Resources Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA
Three months ended
September 30,
Nine months ended
September 30,
(in US$ thousands)
2026
2025
2026
2025
Reconciliation to Adjusted EBITDA:
Net loss
$
(40,524)
$
(109,470)
$
(458,543)
$
(281,871)
Add: Depreciation, depletion and amortization
42,142
49,198
131,665
135,227
Add: Interest expense (net of interest income)
38,895
29,443
108,072
68,305
Add: Other financing costs
—
1,500
—
1,500
Add: Other foreign exchange losses (gains)
2,257
(1,753)
8,659
(1,972)
Add: Loss on extinguishment of debt
—
—
—
1,050
Add: Income tax expense (benefit)
1,007
5,707
(11,907)
(23,661)
Add: Impairment of assets
—
—
177,459
—
Add: Restructuring costs
1,500
—
7,518
—
Add: (Gains) losses on disposal of assets
(1,020)
—
(1,020)
1,848
Add: (Decrease) increase in provision
for credit losses
(105)
2,836
(269)
3,649
Adjusted EBITDA
$
44,152
$
(22,539)
$
(38,366)
$
(95,925)
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 production, revenues or costs. Our principal sources of funds are cash and cash
equivalents, cash flow from operations and eligible advance payments under our coal supply agreements with
Stanwell. Our ABL Facility was fully drawn as of September 30, 2026, and in August 2026, we received a $75.0
million prepayment under offtake agreements with Glencore, which is being repaid through coal deliveries.
Our main uses of cash have historically been, and are expected to continue to be, the funding of our operations,
working capital, capital expenditures, debt service obligations, business or asset acquisitions , and payment of
distributions to shareholders, if permitted and declared.
Our ability to generate sufficient cash depends on our future performance , which may be subject to a number of
factors beyond our control, including general economic and financial conditions, Met coal pricing, competitive
dynamics, weather-related impacts, and other risks described in this Quarterly Report on Form 10-Q, and Part I,
Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the
SEC and ASX on March 3, 2026 and Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for
the three months ended March 31, 2026, filed with the SEC and ASX on May 11, 2026.
Sources of liquidity as of September 30, 2026 and December 31, 2025 were as follows:
(in US$ thousands)
September 30,
2026
December 31,
2025
Cash and cash equivalents, excluding restricted cash
$
154,963
$
172,781
Total
$
154,963
$
172,781
Table of Contents
Coronado Global Resources Inc.
Our total indebtedness as of September 30, 2026 and December 31, 2025 consisted of the following:
(in US$ thousands)
September 30,
2026
December 31,
2025
Current installments of interest bearing liabilities
$
2,047
$
1,794
Interest bearing liabilities, excluding current installments
706,018
695,069
Current installments of other financial liabilities, Stanwell liabilities and other
finance lease obligations
145,946
9,488
Other financial liabilities, Stanwell liabilities and finance lease obligations,
excluding current installments
664,650
538,827
Total
$
1,518,661
$
1,245,178
Liquidity
As of September 30, 2026, our available liquidity, consisting of cash and cash equivalents , was $155.0 million.
We continue to undertake initiatives to enhance liquidity and reduce operating and capital costs.
With respect to our financial condition, we have concluded that our current cash and cash equivalents and
forecasted cash flows will be sufficient to fund our operations and satisfy our obligations for at least one year
from the issuance date of this Quarterly Report on Form 10-Q.
Our forecasts depend on the achievement of production targets and other factors beyond our control, including
general economic conditions, Met coal prices, competitive dynamics and weather-related impacts. Short- to
medium-term working capital requirements are similarly sensitive to these factors, and the preparation of
forecasts requires application of management’s judgement.
Looking beyond the next twelve months, Stanwell is the lender under the ABL Facility and a counterparty to the
coal supply agreements under which the Stanwell liabilities will be settled. The gearing ratio and interest coverage
ratio covenants under the ABL Facility apply from December 31, 2027, and settlement of the Stanwell prepaid
coal supply and SRA deferred consideration liabilities through reduced proceeds on thermal coal deliveries is
expected to commence in 2027. Stanwell has previously provided substantial financial support to the Company,
reflecting the strategic importance of the Curragh mine to Stanwell’s ability to economically generate electricity
and to Queensland’s energy security. As part of our ongoing capital management, we may seek to amend the
terms of our financing arrangements, including those with Stanwell, to better align our capital structure with our
expected cash flows. There can be no assurance that any such amendments will be agreed on acceptable terms,
or at all.
Cash and cash equivalents
Cash and cash equivalents are held in multicurrency, interest-bearing bank accounts available to be used to
service the working capital needs of the Company. Cash balances surplus to immediate working capital
requirements are invested in short-term, interest-bearing deposit accounts or used to repay interest-bearing
liabilities.
Our principal financing arrangements as of September 30, 2026, are summarized below. Refer to Part I, Item 1,
Note 10. “Interest Bearing Liabilities” , Note 11. “Stanwell Liabilities”, Note 12. “Other Financial Liabilities” for
further information.
9.250% Senior Secured Notes
As of September 30, 2026, $400.0 million of Notes were outstanding. The Notes mature on October 1, 2029, with
interest payable semi-annually on April 1 and October 1. The Indenture contains customary covenants for high
yield notes, including limitations on indebtedness, liens, asset sales and restricted payments. As of September
30, 2026, we were in compliance with all applicable covenants under the Indenture.
ABL Facility
As of September 30, 2026, $283.7 million (A$406.6 million) was outstanding under the ABL Facility, a five -year
revolving facility provided by Stanwell maturing in November 2030. Borrowings bear interest at 9% per annum,
which may increase to 12% per annum depending on the level of the Borrowing Base Ratio. A review event
occurs if the Borrowing Base Ratio falls below 80%, following which Stanwell may require repayment sufficient
to restore the ratio to that threshold. Gearing and interest coverage covenants apply from December 31, 2027.
As of September 30, 2026, the Borrowing Base Ratio exceeded the minimum threshold and no review event had
occurred.
Table of Contents
Coronado Global Resources Inc.
Stanwell liabilities
Under the Second Amendment Deed, Stanwell advances prepayments in months when our liquidity is below
$250.0 million. The resulting Prepayment and Deferred Payment Balance, which was $109.0 million as of
September 30, 2026, will be settled through coal deliveries under the NCSA, or in cash after December 31, 2043,
in months when our liquidity exceeds $300.0 million.
Our other Stanwell liabilities as of September 30, 2026, comprise d the prepaid coal supply liability of $186.4
million (A$267.2 million), of which $26.6 million is current, bearing interest at 13% per annum, and the SRA
deferred consideration liability of $396.1 million, of which $32.2 million is current, accreting at 13% per annum.
Both will be settled through reduced proceeds on thermal coal deliveries to Stanwell, expected to commence in
2027.
If a change of control of the Company is proposed within two years of November 27, 2025, the Company must
obtain Stanwell’s consent and, before the change of control occurs, pay Stanwell the waived rebate amounts,
together with contractual interest from the dates such amounts would otherwise have been payable. Additionally,
if an entity that controlled the Company as at November 27, 2025 ceases to control the Company by way of
disposal of an interest in the Company of 20% or more without Stanwell’s consent within two years of November
27, 2025, then the Company must immediately pay Stanwell the waived rebate amounts, together with interest.
As of September 30, 2026, cumulative rebate amounts of $70.2 million would have been payable absent the
waiver. No liability was recognized as of September 30, 2026 in respect of the waived rebate amounts because
the Company had not been required to seek Stanwell’s consent in connection with any proposed change or
cessation of control as of that date.
Glencore Prepayment Liability
On August 13, 2026, Glencore advanced $75.0 million under two offtake agreements entered into on August 7,
2026, one relating to our Australian Operations, or the Australian Offtake agreement, and one relating to our U.S.
Operations, or the U.S. Offtake agreement. This Glencore Prepayment Liability was $75.9 million as of
September 30, 2026, bears interest at 14% per annum and is repaid through coal deliveries over twelve months
against a minimum reimbursement schedule, with any balance outstanding at maturity payable in cash. An event
of default, upon which the outstanding balance becomes payable in cash, will occur if minimum reimbursement
shortfalls arise in three consecutive or six total delivery months, or if minimum delivery failures are not cured
within the specified period under the agreement.
During September 2026, there were no coal deliveries under the U.S. Offtake agreement, in part due to geological
conditions at Buchanan mine, and as a result, there was a shortfall that was cured in October 2026.
On October 3, 2026, the U.S. Offtake agreement was amended to, among other things, (i) extend the term of the
agreement to October 31, 2027; (ii) remove the minimum delivery obligation for September 2026; (iii) reduce the
minimum delivery obligation for the three-month period ending December 31, 2026; (iv) defer delivery of the
balance of the minimum delivery quantities for the four -month period ending December 31, 2026 to no later than
October 31, 2027, provided that, so far as practicable, the Company must endeavor to deliver such balance
before August 31, 2027; and (v) apply the prepayment reimbursement amount for September and October 2026
against coal deliveries in October 2026.
Subsequent to September 30, 2026, the Company applied $4.6 million and $5.6 million against coal deliveries
under the Australian Offtake agreement and U.S. Offtake agreement, respectively, and reduced the outstanding
prepayment liability , including accrued interest and before unamortized issuance costs, to $66.2 million.
Other indebtedness
Other indebtedness as at September 30, 2026 comprise d the total Curragh Housing Transaction of $43.5 million
(effective interest rate of 14.14%, payable in equal monthly instalments over ten years) and finance leases of
$21.8 million (fixed rates of 8.6% to 14.0%, maturing through 2029).
Surety bonds, letters of credit and bank guarantees
We are required to provide financial assurances and security to satisfy contractual and other requirements in the
normal course of business. Some of these assurances are provided to comply with state or other government
agencies’ statutes and regulations.
As at September 30, 2026, we had outstanding surety bonds of $3.5 million and cash-backed bank guarantees
of $40.4 million to secure our obligations and commitments. Refer to Part I, Item 1. Note 18. “Contingencies” for
further information.
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Coronado Global Resources Inc.
Future regulatory changes relating to these obligations or deterioration of our credit risk rating could result in
increased obligations, additional costs or additional collateral requirements.
Restricted deposits – cash collateral
As required by certain agreements, we had total cash collateral in the form of deposits of $150.5 million as of
September 30, 2026 to provide back -to-back support for bank guarantees, financial payments, other performance
obligations, various other operating agreements and contractual obligations under workers compensation
insurance. These deposits are restricted and classified as non-current assets in the unaudited Condensed
Consolidated Balance Sheets.
Future regulatory changes in relation to these obligations or deterioration of our credit risk rating could result in
increased obligations, additional costs or additional collateral requirements.
Dividends
Our dividend policy and the payment of future cash dividends are subject to the discretion of our Board of
Directors. The decision as to whether or not a dividend will be paid is subject to a number of considerations
including the general business environment, operating results, cash flows, future capital requirements, regulatory
and contractual restrictions, as well as applicable covenants under debt and other agreements and any other
factors the Board of Directors may consider relevant.
The Second Amendment Deed entered with Stanwell includes restrictions on our ability to pay distributions to
shareholders (e.g., a dividend), such that we are required to maintain a minimum cash liquidity of $300.0 million
following payment of such distribution, any repurchase of Notes in connection with the distribution and the
payment of an equal or greater amount (up to a maximum of 3 times) than the distribution being used to reduce
the Prepayment and Deferred Payment Balance owed to Stanwell.
Capital Requirements
Our main uses of cash have historically been the funding of our operations, working capital, capital expenditures,
and the payment of interest and dividends. We intend to use cash to service payments of our Notes, the ABL
Facility, the Stanwell liabilities and our other indebtedness , and to fund operating activities, working capital, capital
expenditures, including organic growth projects, business or assets acquisitions and, if declared, payment of
dividends.
Historical Cash Flows
The following table summarizes our cash flows for the nine months ended September 30, 2026 and 2025, as
reported in the accompanying consolidated financial statements:
Nine months ended
September 30,
(in US$ thousands)
2026
2025
Net cash (used in) from operating activities
$
(101,465)
$
54,850
Net cash used in investing activities
(91,633)
(265,642)
Net cash from financing activities
175,083
43,717
Net change in cash and cash equivalents
(18,015)
(167,075)
Effect of exchange rate changes on cash and cash equivalents
(54)
(462)
Cash and cash equivalents at beginning of period
173,032
339,625
Cash and cash equivalents at end of period
$
154,963
$
172,088
Operating Activities
Net cash used in operating activities was $101.5 million for the nine months ended September 30, 2026,
compared to net cash from operations of $54.9 million for the nine months ended September 30, 2025. The
decrease primarily reflects (i) the $75.0 million one-off coal prepayment received from Stanwell in the 2025 period,
(ii) interest payments which were $15.7 million higher compared to the prior period, and (iii) unfavorable working
capital movements, resulting from lower collection s from customers and higher inventory build and supplier
payments, compared to prior period. The decrease was partially offset by an Adjusted EBITDA loss $57.6 million
lower than the prior period.
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Investing Activities
Net cash used in investing activities was $91.6 million for the nine months ended September 30, 2026, compared
to $265.6 million for the nine months ended September 30, 2025. Cash spent on capital for the nine months
ended September 30, 2026, was $84.7 million ($54.0 million at our Australian Operations and $30.7 million at
our U.S. Operations ) compared to $206.9 million in the prior period, with the decrease reflecting completion of
our Mammoth Underground and Buchanan expansion project in 2025. Additionally, we also placed a net $9.6
million in restricted deposits as cash collateral to satisfy certain contractual and other requirements.
Financing Activities
Net cash from financing activities was $175.1 million for the nine months ended September 30, 2026, and
included proceeds of $107.6 million of advances from Stanwell in connection with the Second Amendment Deed
and the $75.0 million Glencore prepayment, partially offset by repayment of interest bearing and other financial
liabilities of $2.6 million, repayment of finance lease obligations of $4.3 million and payment of $0.6 million of
debt issuance costs.
Contractual Obligations
Except for the Glencore Prepayment Liability described above, there were no material changes to the Company’s
contractual obligations as previously disclosed in our Annual Report on Form 10-K for the year ended December
31, 2025, filed with the SEC and ASX on March 3, 2026.
Critical Accounting Policies and Estimates
The preparation of our financial statements in conformity with U.S. GAAP requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we evaluate
our estimates. Our estimates are based on historical experience and various other assumptions that we believe
are appropriate, the results of which form the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. All
critical accounting estimates and assumptions, as well as the resulting impact to our financial statements, have
been discussed with the Audit , Governance and Risk Committee of our Board of Directors.
Our critical accounting policies are discussed in Item 7. “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025
,
filed with the SEC and ASX on March 3, 2026.
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented
See Note 2. (a) “Newly Adopted Accounting Standards” and Note 2. (b) “Accounting Standards Not Yet
Implemented” to our unaudited condensed consolidated financial statements for further information.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our activities expose us to a variety of financial risks, such as commodity price risk, interest rate risk, foreign
currency risk, liquidity risk and credit risk. The overall risk management objective is to minimize potential adverse
effects on our financial performance from those risks which are not coal price related.
We manage financial risk through policies and procedures approved by our Board of Directors. These specify
the responsibility of the Board of Directors and management with regard to the management of financial risk.
Financial risks are managed centrally by our finance team under the direction of the Chief Financial Officer. The
finance team manages risk exposures primarily through delegated authority limits approved by the Board of
Directors. The finance team regularly monitors our exposure to these financial risks and reports to management
and the Board of Directors on a regular basis. Policies are reviewed at least annually and amended where
appropriate.
We may use derivative financial instruments such as forward fixed price commodity contracts, interest rate swaps
and foreign exchange rate contracts to hedge certain risk exposures. The use of derivatives for speculative
purposes is strictly prohibited by the Treasury Risk Management Policy approved by our Board of Directors. We
use different methods to measure the extent to which we are exposed to various financial risks. These methods
include sensitivity analysis in the case of interest rates, foreign exchange and other price risks and aging analysis
for credit risk.
Commodity Price Risk
Coal Price Risk
We are exposed to domestic and global coal prices. Our principal philosophy is that hedging coal prices would
not be in the long -term interest of our stockholders. Therefore, any potential hedging of coal prices through long-
term fixed price contracts is subject to the approval of our Board of Directors and would only be adopted in
exceptional circumstances.
The expectation of future prices for coal depends upon many factors beyond our control. Met coal has been a
volatile commodity over the past ten years. Demand and supply in the Met coal industry change from time to
time. There are no assurances that oversupply will not occur, that demand will not decrease or that overcapacity
will not occur, which could cause declines in the prices of coal and could have a material adverse effect on our
financial condition and results of operations .
Access to international markets may be subject to ongoing interruptions and trade barriers due to policies and
tariffs of individual countries. We may or may not be able to access alternate markets for our coal should
interruptions or trade barriers occur in the future. The inability of Met coal suppliers to access international
markets would likely result in an oversupply of Met coal and may result in a decrease in prices or the curtailment
of production.
We manage our commodity price risk for our non-trading, thermal coal sales through the use of long-term coal
supply agreements in our U.S. Operations. In Australia, thermal coal is sold to Stanwell under a long -term supply
contract . See Item 1A. “Risk Factors—Restrictions and limitations related to our coal supply agreements with
Stanwell may adversely impact our strategy, financial condition, results of operations and business ” in our Annual
Report on Form 10-K filed with the SEC and ASX on March 3, 2026.
Sales commitments in the Met coal market are typically not long-term in nature, and we are therefore subject to
fluctuations in market pricing. Certain coal sales are provisionally priced initially. Provisionally priced sales are
those for which price finalization, referenced to the relevant index, is outstanding at the reporting date. The final
sales price is determined within 7 to 90 days after delivery to the customer. As of September 30, 2026, we had
$40.7 million of outstanding provisionally priced receivables subject to changes in the relevant price index. If
prices decrease d 10%, these provisionally priced receivables would decrease by $4.1 million. See Item 1A. “Risk
Factors—Our profitability depends upon the prices we receive for our coal. Prices for coal are volatile and can
fluctuate widely based upon a number of factors beyond our control” in our Annual Report on Form 10-K filed
with the SEC and ASX on March 3, 2026.
Diesel Fuel
We are exposed to price risk in relation to other commodities , including raw materials used in our operations
(such as gas or diesel). The expectation of future prices for diesel depends upon many factors beyond our control.
See Part II, Item 1A. “Risk Factors —Our business may be materially and adversely affected by the impact on the
global economy due to, among other events, significant geopolitical tensions, including ongoing civil unrest or
wars, or pandemics” in our Quarterly Report on Form 10-Q filed with the SEC and ASX on May 11, 2026.
These commodities may be hedged through financial instruments if the exposure is considered material and
where the exposure cannot be mitigated through fixed price supply agreements.
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The fuel required for our operations for the remainder of fiscal year 2026 will be purchased under fixed -price
contracts or on a spot basis.
Interest Rate Risk
Interest rate risk is the risk that a change in interest rates on our borrowing facilities will have an adverse impact
on our financial performance, investment decisions and stockholder return. Our objectives in managing our
exposure to interest rates include minimizing interest costs in the long term, providing a reliable estimate of
interest costs for the annual budget and ensuring that changes in interest rates will not have a material impact
on our financial performance.
As of September 30, 2026, we had $1.5 billion of fixed rate borrowings , Notes, other financial liabilities, Stanwell
liabilities and finance leases and no variable -rate borrowings outstanding.
We currently do not hedge against interest rate fluctuations .
Foreign Exchange Risk
A significant portion of our sales are denominated in US$. Foreign exchange risk is the risk that our earnings or
cash flows are adversely impacted by movements in exchange rates of currencies that are not in US$.
Our main exposure to the A$-US$ exchange rate is through our Australian Operations, which have predominantly
A$ denominated costs. Greater than 80% of expenses incurred at our Australian Operations are denominated in
A$. Approximately 20% of our Australian Operations’ purchases are made with reference to US$, which provides
a natural hedge against foreign exchange movements on these purchases (including fuel, several port handling
charges, demurrage, purchased coal and some insurance premiums). Appreciation of the A$ against US$ will
increase our Australian Operations’ US$ reported cost base and reduce US$ reported net income.
We entered into forward exchange contracts to manage the foreign currency exposure of our Australian
Operations by selling US$ generated from export coal sales revenue at Curragh and purchasing A$ required to
settle Curragh’s A$ operating costs. The fair value of the forward foreign currency derivative contracts as of
September 30, 2026 was a liability of $0.5 million.
For our Australian Operations, we translate all monetary assets and liabilities at the period end exchange rate,
all non-monetary assets and liabilities at historical rates and revenue and expenses at the average exchange
rates in effect during the periods. The net effect of these translation adjustments is shown in the accompanying
Consolidated Financial Statements within components of net income.
For the unhedged portion of US$ required to purchase A$ to settle our Australian Operations’ operating costs, a
10% increase in the A$ to US$ exchange rate would have increased reported total costs and expenses by
approximately $29.9 million and $90.3 million for the three and nine months ended September 30, 2026,
respectively .
Credit Risk
Credit risk is the risk of sustaining a financial loss as a result of a counterparty not meeting its obligations under
a financial instrument or customer contract.
We are exposed to credit risk when we have financial derivatives, cash deposits, lines of credit, letters of credit
or bank guarantees in place with financial institutions. To mitigate against credit risk from financial counterparties,
we have minimum credit rating requirements with financial institutions where we transact.
We are also exposed to counterparty credit risk arising from our operating activities, primarily from trade
receivables. Customers who wish to trade on credit terms are subject to credit verification procedures, including
an assessment of their independent credit rating, financial position, past experience and industry reputation. We
monitor the financial performance of counterparties on a routine basis to ensure credit thresholds are achieved.
Where required, we will request additional credit support, such as letters of credit, to mitigate against credit risk.
Credit risk is monitored regularly, and performance reports are provided to our management and Board of
Directors.
As of September 30, 2026, we had financial assets of $506.3 million, consisting of cash and cash equivalents,
trade and other receivables and restricted deposits, all of which are exposed to varied levels of counterparty
credit risk. These financial assets have been assessed under ASC 326,
Financial Instruments – Credit Losses
,
and a provision for credit losses of $5.1 million was recorded as of September 30, 2026.
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Coronado Global Resources Inc.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be
disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our
management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure based solely on the definition of “disclosure controls and procedures” in
Rule 13a-15(e) promulgated under the Exchange Act. In designing and evaluating the disclosure controls and
procedures, management recognized that any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired control objectives, and management
necessarily was required to apply its judgment in evaluating the cost -benefit relationship of possible controls and
procedures.
As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation under
the supervision and with the participation of our management, including the Chief Executive Officer and the Chief
Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.
Based on the foregoing, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure
controls and procedures were effective.
Changes to Internal Control over Financial Reporting
During the fiscal quarter covered by this Quarterly Report on Form 10-Q, there were no changes in the Company's
internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act, that
materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial
reporting.
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PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are subject to various legal and regulatory proceedings. For a description of our significant legal proceedings
refer to Note 18. “Contingencies” to the unaudited condensed consolidated financial statements included in
Part I, Item 1. “Financial Statements” of this Quarterly Report on Form 10-Q, which information is incorporated
by reference herein.
ITEM 1A. RISK FACTORS
Except as set forth below, there were no material changes to the risk factors previously disclosed in Part I, Item
1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC
and ASX on March 3, 2026 and Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the
three months ended March 31, 2026, filed with the SEC and ASX on May 11, 2026.
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 and to satisfy other operational and miscellaneous obligations.
Our financial assurance obligations may increase due to a number of factors, including the size of our mining
footprint and new government regulations, and we may experience 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 security in place before mining can commence or continue, any failure to
maintain surety bonds, letters of credit or other guarantees or security arrangements would adversely affect our
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 expenses, unfavorable market terms, the exercise by third-party surety bond issuers of
their right to refuse to renew the surety and the requirement to provide collateral for future third-party surety bond
issuers under the terms of financing arrangements. If we fail to maintain adequate bonding, our mining permits
could be invalidated, which would prevent mining operations from continuing, and future operating results could
be materially and adversely affected.
In Australia, the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld), or the Financial
Provisioning Scheme Act, establishes a financial provisioning scheme, or the Scheme, from which the
Department of the Environment, Tourism, Science and Innovation sources funds to rehabilitate and remediate
land subject to mining.
On November 4, 2026, the manager of the Queensland Financial Provisioning Scheme, or Scheme Manager,
responsible for managing the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld), or the
Financial Provisioning Scheme Act, provided a risk allocation decision of “moderate-high”, for the Curragh mine
complex, a reduction to the previous risk allocation decision of “high”, to which transitional relief had been applied.
The moderate-high risk allocation is applicable for the period up to August 15, 2028, and requires an annual
contribution to the scheme of 6.5% of Curragh’s Estimated Rehabilitation Cost, or ERC, rather than provide
financial assurance equal to 100% of the ERC.
There can be no assurance that our risk category allocation will not change or increase in future years, which
could materially and adversely impact our financial condition and results of operations.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Safety is the cornerstone of the Company’s values and is the number one priority for all employees at Coronado
Global Resources Inc.
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Our U.S. Operations comprise the Buchanan mining complex in Virginia, which is regulated by both the U.S.
Mine Safety and Health Administration, or MSHA, and state regulatory agencies. Under regulations mandated
by the Federal Mine Safety and Health Act of 1977, or the Mine Act, MSHA inspects our U.S. mines on a regular
basis and issues various citations and orders when it believes a violation has occurred under the Mine Act.
In accordance with Section 1503(a) of the Dodd -Frank Wall Street Reform and Consumer Protection Act and
Item 104 of Regulation S-K (17 CFR 229.104), each operator of a coal or other mine in the United States is
required to report certain mine safety results in its periodic reports filed with the SEC under the Exchange Act.
Information pertaining to mine safety matters is included in Exhibit 95.1 attached to this Quarterly Report on
Form 10-Q, including for the Logan mine complex for the period prior to its sale on July 31, 2026. The disclosures
reflect the United States mining operations only, as these requirements do not apply to our mines operated
outside the United States.
ITEM 5. OTHER INFORMATION
During the quarter ended September 30, 2026, no director or officer (as defined in Rule 16a-1(f) promulgated
under the Exchange Act) of the Company
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ITEM 6. EXHIBITS
The following documents are filed as exhibits hereto:
Exhibit No.
Description of Document
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 incorporated
herein by reference)
3.2
Amended and Restated By-Laws (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)
10.1
Appointment Letter of Agreement, dated September 10, 2026, between Shaun Newberry and
Curragh Queensland Mining Pty Ltd
10.2
Appointment Letter of Agreement, dated September 10, 2026, between Brett Holbrook and
Coronado Global Resources Inc.
10.3
Employment Agreement dated as of August 3, 2026, by and between Curragh Queensland
Mining Pty Ltd and Mark Bolton
10.4
Employment Agreement dated as of October 30, 2026, by and between Curragh Queensland
Mining Pty Ltd and Sandeep Deoji (filed as Exhibit 10.1 to the Company’s Current Report on
Form 8-K (File No. 000-56044) filed on November 2, 2026 and incorporated herein by reference)
15.1
Acknowledgement of Independent Registered Public Accounting Firm
31.1
Certification of the Chief Executive Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a)
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2
Certification of the Chief Financial Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a)
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1
Certifications 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
101.INS
Inline XBRL Instance Document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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Coronado Global Resources Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Coronado Global Resources Inc.
By:
/s/ Sandeep Deoji
Sandeep Deoji
Chief Financial Officer (as duly authorized officer and
as principal financial officer of the registrant)
Date: November 9, 2026