CORONADO GLOBAL RESOURCES INC. — AGM Information 2021

May 26, 2021

ASX Announcement

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27 May 2021

2021 Annual General Meeting of Stockholders: Presentation

Coronado Global Resources Inc (ASX: CRN) is pleased to provide a copy of the 2021 Annual General Meeting Presentation to be delivered at the Annual General Meeting of Stockholders ( AGM ) on Thursday 27 May 2021, 10.00am Australian Eastern Standard Time (or Wednesday 26 May 2021 at 8.00pm US Eastern Time) conducted by live webcast.

Please refer to the details for attendance at this virtual AGM are set out in the Proxy Statement (including Notice of Meeting) lodged with the ASX on 16 April 2021 and on Coronado’s website at: https://coronadoglobal.com.au/annual-general-meeting-information/.

– Ends –

This announcement was authorised to be given to the ASX by the Board of Coronado Global Resources Inc.

For further information please contact:

Investors Investors Andrew Mooney Matthew Sullivan P: +61 458 666 639 P: +61 412 157 276 E: amooney@coronadoglobal.com.au E: msullivan@coronadoglobal.com.au

Media Brett Clegg Citadel Magnus P: +61 487 436 985

Level 33, Central Plaza One, 345 Queen Street Brisbane QLD 4000

Coronado Global Resources Inc. ARBN: 628 199 468

T: +61 7 3031 7777 | F: +61 7 3229 7402 www.coronadoglobal.com.au

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2021 Annual General Meeting Presentation

27 May 2021

Chairman’s Address

Bill Koeck Independent Non-Executive Director and Chair

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2
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FY20 in Review

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Total Saleable Production of 17.0Mt Total Sales Volumes of 18.2Mt

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Capex 40% below market guidance Curragh expansion deferred Reduced gross operating costs

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Group realized met coal price of $90.5/tonne Group mining cost of $55.6/tonne

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Completed equity raising and covenant waivers

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Revenue of $1,462 million Adjusted EBITDA of $54 million Net Loss of $226 million

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Strong response to COVID-19 Australia TRIFR of 9.40 US TRIR of 1.98

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Notes: (1) All references in this slide and subsequent slides are in US dollars and Metric tonnes unless otherwise stated; (2) Total Recordable Injury Frequency Rate (TRIFR), is the number of fatalities, lost time injuries, cases or substitute work and other injuries requiring medical treatment per million man hours worked on a rolling 12 months basis; (3) Total recordable incident rate (TRIR) is a mathematical computation that takes into account how many OSHA recordable incidents the US segment has per number of hours worked on a rolling 12 months basis; (4) Adjusted EBITDA = Net income + Depreciation, depletion and amortization + Interest expense, net + Other foreign exchange (losses) gains + Income tax expense + Impairment of assets + Losses on idled assets held for sale + Provision for discounting and credit losses. Adjusted EBITDA is a non-GAAP financial measure.

3

2021 Annual General Meeting

Coronado Successfully Managed through COVID-19 and the Market Downturn in 2020

COVID-19 Safety Protocols

Restart US Operations x

2020 Capex Review xxx

2020 Equity Raising

xxxxx

Successfully raised gross proceeds of US$180m to repay debt and improve liquidity. Equity raise also increased free float and the Company was added to the ASX300 Index in March 2021

2020 capex reduced by ~40% from original guidance range of US$190 – 210m. Curragh Expansion deferred until met coal prices normalize

Preventative measures implemented across all mines in Australia and the US to protect the health of our workforce

Buchanan and Logan resumed operation on 1 June 2020 after being idled on 30 March 2020. Operating at lower levels that meet domestic and export contracts. Greenbrier remains idled

COMPLETED

COMPLETED

COMPLETED

COMPLETED

Bank Covenant Waiver x

Other Liquidity Levers xx

Inventory Management x

Production Right Sizing

Agreed with SFA lenders to waive compliance with the financial covenants until 30 September 2021 and to release certain assets from the existing security package

May 2021 completed a US$550m refinancing initiative; Jan 2021 completed US$23.5m Curragh Heavy Mining Equipment sale & leaseback. Further initiatives to improve liquidity continue to be explored

Inventory levels actively managed to achieve balance between stockpiling costs and meeting customers’ demand, as well as positioning for a recovery in met coal prices

Production rates have been analyzed to ensure operations can respond to the current pricing environment

COMPLETED

COMPLETED

COMPLETED

ONGOING

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Legend: COVID-19 initiatives
Operating initiatives
Financial initiatives
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2021 Annual General Meeting

4

Successfully Completed US$550 million Refinancing Initiatives

	Coronado has successfully
	completed its announced refinancing initiatives resulting in a more appropriate and flexible capital	Asset Based Loan	Initial amount of US$100m Asset Based Revolving Credit Facility
	structure.
	The refinancing comprised of three
	coordinated transactions:
	Asset Based Loan (“ABL”); 5-year Senior Secured 1st Lien	Notes Offering	US$350m 5 Year Senior Secured 1st Lien Notes
	Notes Offering (“Notes
	Offering”); and
	Underwritten Equity Entitlement
	Offer.
	Upon completion of the refinancing, the Syndicated Facility Agreement	Equity Raising	US$100m / A$132m(1) Underwritten Entitlement Offer
	(“SFA”) was repaid in full and
	terminated.
	The refinancing and termination of
	the SFA achieves a capital structure for the Company that is expected to	Syndicated	SFA has been fully repaid and terminated following
	be flexible through market cycles.	Facility Agreement	the successful completion of the refinancing

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2021 Annual General Meeting

5

Notes: (1) Based on exchange rate of US$0.76 per A$1.00.

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‘The safety and health of our people remains our highest

priority’ 6

Coronado’s Sustainability Principles

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“Our goal is to have zero significant environmental and cultural heritage events. In 2020, neither Curragh nor the US Operations, had any significant environmental or cultural heritage incidents.” Coronado 2020 Sustainability Report

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2021 Annual General Meeting

7

Managing Director & CEO’s Address Gerry Spindler

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Managing Director & CEO’s
Address
8
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Health, Safety & Community

• The health and safety our people is our number one priority. Our commitment to prioritizing health, physical safety and mental wellbeing is fundamental to our everyday practices and the way we engage with our employees, contractors and other stakeholders.

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• We are committed to operating in an ethical and sustainable manner and supporting the communities in which we operate.

• To protect the health of the workforce, in response to COVID-19, the COVID-19 Steering Committee was established which implemented preventative measures such as social distancing and strict hygiene protocols across all mines.

• In 2020, our Eagle #1, Lower War Eagle and Powellton underground operations at our Logan Complex achieved 589, 414 and 358 days respectively without a lost time incident.

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“Coronado has a long history of community involvement which reflects our commitment to support local communities and the long-term sustainability of the towns close to where we operate.” [(3)]

2020 Australian operations (TRIFR)[(1)]

2020 US operations (TRIR)[(2)]

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Notes: (1) Total Recordable Injury Frequency Rate (TRIFR), is the number of fatalities, lost time injuries, cases or substitute work and other injuries requiring medical treatment per million man hours worked on a rolling 12 months basis. (2) Total recordable incident rate (TRIR) It is a mathematical computation that takes into account how many OSHA recordable incidents the company has per number of hours worked on a rolling 12 months basis. (3) Statement taken from the Coronado 2020 Sustainability Report.

2021 Annual General Meeting 9

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“Our COVID-19 Steering Committee has successfully established a roll-out of vaccinations at our U.S. Operations to ensure the continued health and safety of our workforce and mitigate future impacts to U.S. production from the pandemic. To date, for those who have sourced vaccination directly from the Company, 394 employees have been fully vaccinated. Vaccine roll-outs to our Australian workforce will occur according to the Federal government’s vaccination program.”

President & Chief Operating Officer, Jim Campbell

COVID-19 Response

10

Coronado Operations diversified across (A) geography, (B) metallurgical coal products offering and (C) customers

• Geographically diverse asset base located near key rail and port infrastructure, providing access to both domestic and seaborne markets

 Broad range of metallurgical coal products and a well-established brand that is highly valued for its attractive coke making characteristics

• Diverse, high-quality customer base, across a range of global markets

• Currently selling into China at favourable pricing out of the US segment

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Geography Metallurgical coal product offering
Key export destinations Australia [(1),(2)] US [(3)]
16% 3%
30%
52%
32%
67%
HCC (52%) PCI (32%) Low Vol (67%)
SCC (16%) High Vol (30%)
Europe
US Mid Vol (3%)
Japan
China
India South Korea
Customers – direct sales [(4)]
Brazil 7% Asia (58%)
15%
Americas (20%)
20% 58% Europe (15%)
Australia (7%)
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Notes: (1) Based on FY20 export metallurgical coal sales mix. (2) Hard Coking Coal (HCC), Semi Coking Coals (SCC), Pulverised Coal Injection (PCI). (3) Based on FY20 metallurgical production mix. (4) The chart presents 2020 revenues split by geographic region. Other than direct customer sales shown on the chart, brokered sales (Xcoal Energy & Resources) accounts for 14% of the Company’s total revenue.

2021 Annual General Meeting 11

Government Stimulus Driving Steel Demand Outlook; India Steel Production Growing year on year

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Annual Forecast GDP Growth Percentage [(1)] India Total Crude Steel Production (Mt) [(2)]
9.0
2021 2022 251.7
8.0
6.0
5.4 +103%
5.1
117.1 121.6 123.8
3.6 3.6 3.6 106.1 110.4
96.6
2.5 3.0 2.8 2.6 2.7 2.6
2.1 2.0
India Japan South Taiwan China Brazil Australia USA 2020 2021 2022 2023 2024 2025 2040
Korea
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• Government stimulus packages focussed on Infrastructure development is driving global GDP growth rates

• Infrastructure expenditure is driving up the price and profitability of steel products

• Coronado sells ~26% of its seaborne met coal to India making it our largest export customer

• India steel production, and in turn demand for met coal in H2 2021 expected to increase significantly post existing COVID-19 crisis

• India forecast GDP growth in 2021 of 9.0%, up from -7.7% in 2020, all other key markets >2%

• India steel growth projected year-on-year and expected to more than double 2025 levels in 2040

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2021 Annual General Meeting 12

Source: (1) Wood Mackenzie May 2021 GDP Forecasts. (2) Wood Mackenzie December 2020 crude steel production

Positive Metallurgical Coal Outlook

Forecast demand for seaborne metallurgical coal is underpinned by the growth of India’s blast furnace production over the next decade

Metallurgical Coal Demand (Mt)

Metallurgical Coal Supply (Mt)

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+13%
340 340
19
300 300
Other 74
12 60
Russia
40 Other 62
4 13
Mozambique 31 5 32 Germany 13 18
Canada 15
35 Brazil
US 37 India 56 86 +52%
China 54 53
190
Australia 175
Japan
South Korea
100 96
Taiwan
2021 2030 2021 2030
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India’s seaborne metallurgical coal demand is forecasted to grow at CAGR 4.9% from 2021 to 2030. This is supported by blast furnace production expected to increase from ~51Mt in 2021 to ~99Mt in 2030. Increased demand from India will assist in balancing the Australian coking coal price reliance on China

Australia is expected to continue to be the dominant producer in the supply of seaborne metallurgical coal. Supply is forecasted to increase from 175Mt in 2020 to 190Mt in 2030. Expected production growth is supported by a combination of brownfield expansion and greenfield development

Growth in supply critical to meeting expected demand growth is likely to be impacted by three core issues:

• 1) access to financing for greenfield developments

• 2) permitting of projects

• 3) need for high-quality steel for infrastructure

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Source: Woodmac December H2 2020 long term forecast.

13

2021 Annual General Meeting

Significant Potential EBITDA Generation as Met Coal Prices Recover A US$10/t HCC benchmark price uplift could contribute ~US$100 million to annual Adj. EBITDA[(1)(4)]

Prices >US$200/t

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Historical Metallurgical Coal Benchmark Prices 29% (307 days)
Platts Premium LV HCC Price [(2)] (US$/t) 2018A 2019A LV HCC FOB % of period (# of days)
400 Adj. Adj. above $200/t
USEC currently
EBITDA: EBITDA: since Jan. 1, 2017 [(3)]
$185/t [(5)]
300 $477m [(4)] $634m [(4)]
Through-the-Cycle
Prices >US$160/t
200 Average: ~$159/t
$141/t 56% (597 days)
100
% of period (# of days)
0 above $160/t
since Jan. 1, 2017 [(2)]
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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• In 2020 metallurgical coal prices saw a major dislocation caused by COVID-19

• Since the beginning of the year the Platts PLV HCC price has recovered from lows of ~US$100/t

• Prices have since recovered due to India demand, tight supply and a trade rebalance

Coronado 2020 Metallurgical Pricing Breakdown

2020 Group Export Sales Mix (sales volume %)

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 Coronado’s operations are
well positioned to capitalize 13%
on the expected recovery of 55%
met coal markets
86% 5%
 US operations, in particular
Buchanan, are currently 40%
selling at more favorable 2%
Australian Operations US Operations
HCC prices into China
Fixed Index Spot
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25%
Export
Domestic
75%
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Notes: : (1) Benchmark price uplift refers to a US$10/t increase in the average benchmark price for FY2021 relative to same for FY2020; calculation based on CY20 met coal sales volumes (14.5mt) and assumed met coal price realization of 70%. Assumed met coal price realization is consistent with CY20A (73%), CY19A (73%) and CY18A (64%); met coal price realization is calculated as annual reported average met coal realized price divided by average HCC benchmark price for the year. (2) Platts Premium LV HCC Price, Market data as of 30 April 2021. Data prior to Jan 2016 are from Bloomberg, Data from Jan 2016 and onwards are from AME. (3) 2021 Annual General Meeting 14 Time period from January 1, 2017 to April 30, 2021. (4) Adjusted EBITDA = Net income + Depreciation, depletion and amortization + Interest expense, net + Other foreign exchange (losses) gains + Income tax expense + Impairment of assets + Losses on idled assets held for sale + Provision for discounting and credit losses. Adjusted EBITDA is a non-GAAP financial measure. (5) Current LV HCC FOB USEC price as at 24 May 2021.

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Factors supporting Coronado’s liquidity in the current market

Historical Metallurgical Coal Australian FOB prices vs. US FOB prices

US coking coal prices continue to trade at a premium to Australian coking coal prices

• Currently ~US$44/t above Australian FOB prices[(1)]

Reduction in Stanwell Rebate

• Stanwell Rebate forecast to decrease from US$103m in 2020 by ~49%[(2)]

Sale of non-core assets

• Sale of Greenbrier and Amonate being progressed

• Sale and leaseback of Curragh housing being progressed

Transformation of Curragh

• Review of Curragh’s operational efficiency is underway, including a procurement transformation

Focus on capex reductions in 2021

• Coronado is able to flex capex spend down to US$120m in 2021 if required

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(US$/t)
250 Low Vol HCC FOB
USEC currently trading
at a ~37% premium to
PLV HCC FOB AUS [(1)]
$185/t
150
$141/t
Recent PLV HCC FOB
AUS increases
50
PLV HCC FOB Australia (3) Low Vol HCC FOB USEC(4)
Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
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Notes: (1) Based on premium of the Low Vol HCC FOB USEC price to PLV HCC FOB Australia price as at 24 May 2021. (2) Decrease in Stanwell Rebate due to rolling coal price. Reduction in rebate calculated from Q1 2020 to Q1 2021 (Q1 2021 results are unaudited). (3) Queensland HCC Benchmark as at 24 May 2021. (4) US Low Vol HCC FOB as at 24 May 2021.

2021 Annual General Meeting 15

Coronado Strategic Platform

High quality Australian and US metallurgical coal is an essential element in the production of steel and delivers lower emissions than substitutes

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Largest independent
producer of steel making
coal globally
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Asset Optimisation Strategic Growth
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• Operational scale to deliver sustainable incremental metallurgical coal production growth

• High quality metallurgical coal assets

• Sustainable, long life operating assets with global supply diversity

• Leverage well capitalised mines to improve operational efficiency and reduce costs

• Low sovereign risk

• Organic growth opportunities EG. Curragh expansion

• Enhance revenue through product mix

Capital Management

• Strengthen balance sheet to support disciplined growth

• Generate strong free cash flows in normal market conditions

• Maintain flexibility and focus on liquidity and cost reduction

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2021 Annual General Meeting 16

Chairman

Bill Koeck Independent Non-Executive Director and Chair

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17
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Formal Business of The Meeting

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18

Items of Business

Resolution by Holder of Preferred Stock Series A

• Item 1: Re-election of Series A Directors Ms Laura Tyson and Sir Michael (Mick) Davis

Resolutions by Holders of Common Stock

• Item 2: Re-election of Directors

• Item 3: Approval on a Non-binding Advisory Basis of Named Executive Officers’ Compensation

• Item 4: Ratification Of Appointment Of Independent Registered Public Accounting Firm For Fiscal Year Ending December 31, 2021

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2021 Annual General Meeting

Item 1: Re-election of Series A Directors Ms Laura Tyson and Sir Michael (Mick) Davis

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Ms Laura Tyson

Sir Michael (Mick) Davis

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2021 Annual General Meeting

Item 1: Re-election of Series A Directors Ms Laura Tyson and Sir Michael (Mick) Davis

The Series A Preferred Stockholder is being asked to consider and if thought fit, resolve by : ordinary resolution that

(a) ‘Ms Laura Tyson, be re-elected as a non-executive Director of the Company to hold office until the next Annual General Meeting of Stockholders and until her successor has been duly elected and qualified, or until her earlier death, resignation or removal;’ and

• (b) ‘Sir Michael (Mick) Davis be re-elected as a non-executive Director of the Company to hold office until the next Annual General Meeting of Stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation or removal.’

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2021 Annual General Meeting

Item 1: Re-election of Series A Director Ms Laura Tyson and Sir Michael (Mick) Davis

Summary of Proxies Received (at proxy close, 10am (AEST) May 21, 2021)

		Voted %
Re-election of Ms Laura Tyson	For	100%
	Withheld	0%
Re-election of Sir Michael (Mick) Davis	For	100%
	Withheld	0%

Note: AEST refers to Australian Eastern Standard Time.

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22

2021 Annual General Meeting

Item 2: Re-election of Directors

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Mr William (Bill) Koeck

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Mr Garold (Gerry) Spindler

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Mr Philip Christensen

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Mr Greg Pritchard

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2021 Annual General Meeting 23

Item 2: Re-election of Directors

Security holders are being asked to consider and if thought fit, resolve by ordinary resolution that:

(1) ‘Mr William (Bill) Koeck, being eligible, be re-elected as an independent, non-executive Director of the Company to hold office until the next Annual General Meeting of Stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation or removal;’ and

(2) ‘Mr Garold (Gerry) Spindler, being eligible, be re-elected as a Managing Director of the Company to hold office until the next Annual General Meeting of Stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation or removal;’ and

(3)‘Mr Philip Christensen, being eligible, be re-elected as an independent, non-executive Director of the Company to hold office until the next Annual General Meeting of Stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation or removal;’ and

(4)‘That Mr Greg Pritchard, being eligible, be re-elected as an independent, non-executive Director of the Company to hold office until the next Annual General Meeting of Stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation or removal.

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2021 Annual General Meeting 24

Item 2: Re-election of Directors

Summary of Proxies Received (at proxy close, 10am (AEST) May 21, 2021)

		Voted %
Re-election of Mr William (Bill) Koeck	For	96.29%
	Withheld	3.71%
Re-election of Mr Garold (Gerry) Spindler	For	96.66%
	Withheld	3.34%
Re-election of Mr Philip Christensen	For	96.70%
	Withheld	3.30%
Re-election of Mr Greg Pritchard	For	96.65%
	Withheld	3.35%

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2021 Annual General Meeting 25

Item 3: Approval on a Non-binding Advisory Basis of Named Executive Officers’ Compensation

Security holders are being asked to consider and if thought fit, by ordinary resolution to:

‘Resolve that the compensation of the Company’s named executive officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, as described in the Compensation and Discussion Analysis section, compensation tables and narrative discussion contained in the Proxy Statement is hereby approved.’

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2021 Annual General Meeting 26

Item 3: Approval on a Non-binding Advisory Basis of Named Executive Officers’ Compensation

Summary of Proxies Received (at proxy close,	10am (AEST) May	21,	2021)
			Votes (%)
For			94.34%
Against			5.62%
Abstain			0.04%

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27

2021 Annual General Meeting

Item 4: Ratification Of Appointment Of Independent Registered Public Accounting Firm For Fiscal Year Ending December 31, 2021

Security holders are being asked to consider and if thought fit, by ordinary resolution to:

‘Resolve to ratify the appointment of Ernst & Young as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021.’

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2021 Annual General Meeting 28

Item 4: Ratification Of Appointment Of Independent Registered Public Accounting Firm For Fiscal Year Ending December 31, 2021

Summary of Proxies Received (at proxy close,	10am (AEST) May	21, 2021)
		Votes (%)
For		99.97%
Against		0.01%
Abstain		0.01%

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29

2021 Annual General Meeting

Thank You

Investor Relations and Media Contacts:

Investors:

Andrew Mooney P: +61 458 666 639

E: amooney@coronadoglobal.com.au

Investors:

Matt Sullivan P: +61 412 157 276 E: msullivan@coronadoglobal.com.au

Media:

Brett Clegg Citadel Magnus P: +61 487 436 985

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2021 Annual General Meeting 30

Appendix

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31
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Disclaimer

The material contained in this presentation is intended to be general background information on Coronado Global Resources (Coronado) and its activities.

The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

All amounts are in United States dollars unless otherwise indicated.

The presentation of certain financial information may not be compliant with financial captions in the primary financial statements prepared under US GAAP. Refer to Coronado’s 2020 FORM 10-K for the twelve months ended December 31, 2020 available at www.coronadglobal.com.au for details of the basis primary financial statements prepared under US GAAP.

This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions and results of operations.

This report contains forward-looking statements 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," "considers", “forecasts”, “targets” and other similar words that involve risk and uncertainties. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, income, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volume, or other financial items, descriptions of management’s plans or objectives for future operations, or descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect the company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond the Company's control, that are described in our Annual Report on Form 10-K filed with the ASX and SEC on 25 February 2021 (US Time), as well as additional factors we may describe from time to time in other filings with the ASX and SEC. You may get such filings for free at our website at www.coronadoglobal.com.au. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

In this announcement, references to ore reserves (Reserves) are compliant with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code) and are measured in accordance with the JORC Code.

Information in this ASX Release relating to Coal Reserves and Coal Resources is extracted from information previously published by Coronado and available on the Coronado and ASX websites (2020 JORC Statement also released to the ASX on 26 February 2021). For details of the Coal Reserves and Coal Resources estimates and the Competent Persons statements, refer to relevant Australian and US Operations sections in the 2020 JORC Statement. Coronado confirms that it is not aware of any new information or data that materially affects the information included in the 2020 JORC Statement, and that all assumptions and technical parameters underpinning the estimates in the 2020 JORC Statement continue to apply and have not materially changed. Coronado confirms that the context in which the Competent Persons’ findings are presented have not been materially modified from the 2020 JORC Statement.

This report which incorporates a discussion of results of operations includes references to and analysis of certain non-GAAP measures (as described below) which are financial measures not recognized in accordance with U.S. GAAP. Non-GAAP financial measures are used by the Company and investors to measure operating performance.

Management uses a variety of financial and operating metrics to analyze performance. These metrics are significant factors in assessing operating results and profitability. These financial and operating metrics include: (i) safety and environmental metrics; (ii) Adjusted EBITDA, (iii) sales volumes and average realized price per Mt of metallurgical coal sold, which we define as metallurgical coal revenues divided by metallurgical sales volumes; (iv) average mining costs per Mt sold, which we define as mining costs divided by sales volumes; and (v) average operating costs per Mt sold, which we define as operating costs divided by sales volumes.

Reconciliations of certain forward-looking non-GAAP financial measures, including market guidance, to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

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2021 Annual General Meeting 32

Reconciliation of Non-GAAP measures

Adjusted EBITDA reconciliation	For the year ended December 31, 2020	For the year ended December 31, 2019	For the year ended December 31, 2018(1)
(US$ Thousands)
Net(loss)Income	(226,537)	305,477	114,589
Add: Depreciation, depletion
and amortization	191,189	176,461	162,117
Add: Interest expense (net of
income)	50,585	39,294	57,978
Add: Other foreign exchange
(losses) gains	1,175	(1,745)	9,004
Add: Income tax expense	(60,016)	114,681	75,212
Add: Impairment of assets	78,111	-	-
Add: Losses on idled assets
held for sale	9,994	-	-
Add: Provision for discounting
and credit losses	9,298	-	-
Add: Loss on debt
extinguishment	-	-	58,085
Adjusted EBITDA	53,799	634,168	476,985

	For the year	For the year	For the year
Mining Costs per tonne	ended	ended	ended
reconciliation	December 31,	December 31,	December 31,
	2020	2019	2018(1)
(US$ Thousands)
Total costs and expenses	1,610,213	1,758,945	1,647,424
Less: Selling, general and
administrative expense	(30,352)	(36,062)	(66,207)
Less: Depreciation, depletion and
amortization	(191,189)	(176,461)	(162,117)
Total operatingcosts	1,388,672	1,546,422	1,419,100
Less: Other royalties	(84,891)	(157,016)	(181,715)
Less: Stanwell rebate	(103,039)	(175,318)	(127,692)
Less: Freight expenses	(185,863)	(166,729)	(117,699)
Less: Other non-miningcosts	(23,880)	(28,920)	-
Total miningcosts	990,999	1,018,439	991,994
Sales Volume excluding non-
produced coal(MMt)	17.8	19.6	17.4
Average mining costsper Mt sold	$55.6/t	$51.8/t	$56.8/Mt

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(1) FY2018 results reported from March 29, 2018 include the results from the Curragh mine, which was acquired on March 29, 2018 and not pro forma for full year.

2021 Annual General Meeting 33

Reconciliation of Non-GAAP measures

Realized Pricing reconciliation

Realized Pricing reconciliation
For the year ended December 31, 2020	Australia	United States	Consolidated
(US$ Thousands, except for volume data)
Total Revenues	976,369	485,893	1,462,262
Less: Other revenues	34,143	4,520	38,663
Total coal revenues	942,226	481,373	1,423,599
Less: Thermal coal revenues	105,681	5,151	110,832
Metallurgical coal revenues	836,545	476,222	1,312,767
Volume of Metallurgical coal sold(MMt)	8.9	5.6	14.5
Average realized price per Mt of Metallurgical coal sold	$94.4/t	$84.4/t	$90.5/t

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34

Coronado 2020 Sustainability Report

https://coronadoglobal.com.au/environment-social-governance/

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