CORONADO GLOBAL RESOURCES INC. — Capital/Financing Update 2021

May 5, 2021

Proposed issue of securities

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Update Summary

Entity name

CORONADO GLOBAL RESOURCES INC.

Announcement Type

Update to previous announcement

Date of this announcement

Wednesday May 5, 2021

Reason for update to a previous announcement

In the CRN ASX Announcement on 4 May 2021, CRN announced the Equity Offer will result in approximately 293 million new CDIs being issued in total, and will be conducted on the basis of one New CDI for every 4.73 existing CDI. In Part 3B of this Appendix 3B, the offer ratio was incorrectly rounded up to 1:5. Part 3B has been amended to put the ratio as 100:473, to reflect the offer ratio of 1:4.73.

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

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1.1 Name of +Entity

CORONADO GLOBAL RESOURCES INC.

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type Registration Number ARBN 628199468

1.3 ASX issuer code

CRN

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

In the CRN ASX Announcement on 4 May 2021, CRN announced the Equity Offer will result in approximately 293 million new CDIs being issued in total, and will be conducted on the basis of one New CDI for every 4.73 existing CDI. In Part 3B of this Appendix 3B, the offer ratio was incorrectly rounded up to 1:5. Part 3B has been amended to put the ratio as 100:473, to reflect the offer ratio of 1:4.73.

1.4b Date of previous announcement(s) to this update

Tuesday May 4, 2021

1.5 Date of this announcement

Wednesday May 5, 2021

1.6 The Proposed issue is:

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An accelerated offer

1.6b The proposed accelerated offer is

Accelerated non-renounceable entitlement offer (commonly known as a JUMBO or ANREO)

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 - Are any of the following approvals required for the entitlement offer to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

CRN : CDI 10:1 US PERSON PROHIBITED EXCLUDING QIB

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? No No

Details of +securities proposed to be issued

ASX +security code and description

CRN : CDI 10:1 US PERSON PROHIBITED EXCLUDING QIB

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in the offer (if Issuer is foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

Has the offer ratio been determined?

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Yes

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The quantity of additional +securities For a given quantity of +securities to be issued held 100 473 What will be done with fractional Maximum number of +securities entitlements? proposed to be issued (subject to rounding) Fractions rounded up to the next 292,574,821 whole number

Reason for the update of 'Maximum Number of +securities proposed to be issued'

Offer price details for retail security holders

Has the offer price for the retail offer been determined? Yes In what currency will the offer be What is the offer price per +security made? for the retail offer? AUD - Australian Dollar AUD 0.45000

Offer price details for institutional security holders

Has the offer price for the institutional offer been determined? Yes In what currency will the offer be What is the offer price per +security made? for the institutional offer? AUD 0.45000 AUD - Australian Dollar

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? No

Will a scale back be applied if the offer is over-subscribed? No

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 3D - Timetable

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3D.1a First day of trading halt

Thursday April 29, 2021

3D.1b Announcement date of accelerated offer

Tuesday May 4, 2021

3D.2 Trading resumes on an ex-entitlement basis (ex date)

Thursday May 6, 2021

3D.5 Date offer will be made to eligible institutional +security holders

Tuesday May 4, 2021

3D.6 Application closing date for institutional +security holders

Wednesday May 5, 2021

3D.8 Announcement of results of institutional offer

(The announcement should be made before the resumption of trading following the trading halt)

Thursday May 6, 2021

3D.9 +Record date

Thursday May 6, 2021

3D.10a Settlement date of new +securities issued under institutional entitlement offer

Thursday May 13, 2021

3D.10b +Issue date for institutional +security holders

Friday May 14, 2021

3D.10c Normal trading of new +securities issued under institutional entitlement offer

Friday May 14, 2021

3D.11 Date on which offer documents will be sent to retail +security holders entitled to participate in the +pro rata issue

Tuesday May 11, 2021

3D.12 Offer closing date for retail +security holders

Tuesday May 25, 2021

3D.13 Last day to extend retail offer close date

Thursday May 20, 2021

3D.16 Entity announces results of retail offer, including the number and percentage of +securities taken up by existing retail +security holders. Friday May 28, 2021

3D.19 +Issue date for retail +security holders

Tuesday June 1, 2021

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Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? Yes

3E.1a Who is the lead manager/broker?

Citigroup Global Markets Australia Pty Ltd and Credit Suisse (Australia) Limited (together, the JLMs)

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

CRN has agreed to pay the JLMs an underwriting fee of 3.00% and a management and selling fee of 0.75% of Offer Proceeds (each of which, less any proceeds that were the subject of the Pre-Commitment from EMG)

3E.2 Is the proposed offer to be underwritten?

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Yes

3E.2a Who are the underwriter(s)?

Citigroup Global Markets Australia Pty Ltd and Credit Suisse (Australia) Limited

3E.2b What is the extent of the underwriting (ie the amount or proportion of the offer that is underwritten)?

EMG has a binding commitment to take up a number of new CDIs so as to maintain its controlling interest in CRN. The JLMs have agreed to underwrite the balance of the new CDIs to be issued under the Offer.

3E.2c What fees, commissions or other consideration are payable to them for acting as underwriter(s)?

CRN has agreed to pay the JLMs an underwriting fee of 3.00% and a management and selling fee of 0.75% of Offer Proceeds (each of which, less any proceeds that were the subject of the Pre-Commitment from EMG)

3E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated

Please refer to the Equity raising and underwriting risk on slide 44 of CRN's Investor Presentation released to the ASX on Tuesday 4 May 2021 for a summary of significant events that could lead to the underwriting being terminated.

3E.2e Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer? No

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission?

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No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Fees and costs incurred by CRN include share registry fees, settlement fees and legal and other external adviser fees.

Part 3F - Further Information

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3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Please refer to CRN's ASX announcement and investor presentation released to the ASX on Tuesday 4 May 2021.

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?

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No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

Institutional offer: All countries except Australia, New Zealand, Canada (BC, Ontario nod Quebec), EU, HK, Singapore, Switzerland, United Arab Emirates (excluding the Dubai IFC), UK; Retail offer: All countries except Australia and New Zealand.

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes

3F.5a Please provide further details of the offer to eligible beneficiaries

The retail offer is only available to Australian and New Zealand resident Nominees who held these CDIs on behalf of underlying beneficial holders who:

*were registered as holders of existing CDIs as at 7.00pm (Sydney time) on the Record Date (Thursday 6 May 2021);

*have a registered address in Australia or New Zealand on security register on the Record Date or are persons that Coronado has otherwise determined is eligible to participate in the retail offer;

*are not in the US or are not a US person or acting for the account of benefit of any US Person in the US (to the extent that such Nominee holds securities for the account or benefit of such persons);

*were not invited to participate under the institutional offer, and were not treated as ineligible institutional CDI holders under the institutional offer (other than as Nominee, in respect of other underlying holdings); and

*are eligible under all applicable securities laws to receive an offer under the retail offer.

3F.6 URL on the entity's website where investors can download information about the proposed issue

https:/coronadoglobal.com.au/asx-announcements/

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? No

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