UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM

10-K

___________________________________________________

(Mark One)

☒

ANNUAL REPORT

PURSUANT TO

SECTION 13 OR

15(d) OF THE

SECURITIES EXCHANGE

ACT

OF 1934

For the fiscal year ended

December 31, ~~2024~~2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the transition period from

Commission File Number:

000-56044

___________________________________________________

Coronado Global Resources Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware

83-1780608

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Level 33, Central Plaza One

345 Queen Street

Brisbane, Queensland

Australia

4000

(Address of principal executive offices)

(Zip Code)

(

)

3031 7777

(Registrant’s telephone number, including area code)

___________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act:

Title of each class

Name of each exchange on which registered

Common stock, par value $0.01 per share

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes

☐

☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section

13 or Section 15(d) of the Act.

Yes

☐

☒

Indicate by

check mark

whether the

registrant (1) has

filed all

reports required

to be

filed by

Section 13 or

15(d) of the

Securities

Exchange Act of

1934 during the

preceding 12 months

(or for such

shorter period that

the registrant was

required to file

such reports),

and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

☐

Indicate

check

mark

whether

the

registrant

has

submitted

electronically

every

Interactive

Data

File

required

submitted

pursuant to Rule 405

of Regulation S-T

(§232.405 of this

chapter) during the preceding

12 months (or

for such shorter

period that

the registrant was required to submit such files).

Yes

☒

☐

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

“large

accelerated filer,”

“accelerated filer,”

“smaller

reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

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

revised

financial

accounting

standards

provided

pursuant

Section 13(a) of

the

Exchange

Act.

☐

Indicate

check

mark

whether

the

registrant

has

filed

report

and

attestation

its

management’s

assessment

the

effectiveness of its

internal control over financial reporting

under Section 404(b) of

the Sarbanes-Oxley Act (15

U.S.C. 7262(b)) by

the registered public accounting firm that prepared or issued its audit report.

☐

☒

securities are

registered pursuant

to Section

12(b) of

the

Act, indicate

by check

mark whether

the

financial statements

the

registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those

error corrections are restatements that required

a recovery analysis of incentive-based

compensation received by any of

the registrant’s executive officers

during the relevant recovery period

pursuant to §240.10D-1(b).

☐

Indicate by check

mark whether the

registrant is a

shell company (as

defined in Rule

12b-2 of the Exchange

Act).

Yes

☐

☒

The registrant’s common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests,

or CDIs, convertible

at the option

of the holders

into shares of

the registrant’s

common stock on

a 10-for-1 basis.

The aggregate

market value of the registrant’s common stock, par value $0.01

per share, in the form of CDIs, held by non-affiliates of the registrant

(without admitting that

any person whose shares

are not included

in such calculation

is an affiliate),

computed by reference

to the

price at which the

CDIs were last sold

on June 30,

2025, the last business

day of the

registrant’s most recently completed

second

fiscal quarter, as reported on the Australian Securities Exchange, was $

~~651~~73,~~547~~682,~~217~~480

The total

number of

shares of

the registrant’s

common stock,

par value

$0.01 per

share, outstanding

on December

31, 2025,

including

shares of common stock underlying the issued and outstanding CDIs, was

167,645,373

DOCUMENTS INCORPORATED BY REFERENCE

Portions

the

registrant’s

proxy

statement

filed

with

the

Securities

and

Exchange

Commission

connection

with

the

registrant’s 2026 annual

general meeting of stockholders

are incorporated by reference

into Part III of

this Annual Report on

Form

10-K. Documents incorporated by reference in this report are listed in the Exhibit Index of this

Annual Report on Form 10-K.

Steel starts

here.

Annual Report on Form 10-K for the year ended December

31, 2025.

TABLE OF CONTENTS

Page

Number

PART I

3837

Unresolved Staff Comments

6665

6665

6867

9089

Mine Safety Disclosures

9190

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder

Matters and Issuer Purchases of Equity Securities

9291

Item 6.

[Reserved]

9392

Item 7.

Management’s Discussion and Analysis of Financial Condition and

Results of Operations

9493

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

~~112~~111

Item 8.

Financial Statements and Supplementary Data

~~115~~113

Item 9.

Changes in and Disagreements with Accountants on Accounting

and Financial Disclosure

~~156~~158

Item 9A.

Controls and Procedures

~~157~~159

Item 9B.

Other Information

~~159~~161

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent

Inspections

~~159~~161

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

~~160~~162

Item 11.

Executive Compensation

~~160~~162

Item 12.

Security Ownership of Certain Beneficial Owners and Management

and Related Stockholder Matters

~~160~~162

Item 13.

Certain Relationships and Related Transactions, and Director

Independence

~~160~~162

Item 14.

Principal Accountant Fees and Services

~~160~~162

PART IV

Item 15.

Exhibits, Financial Statement Schedules

~~161~~163

Item 16.

Form 10-K Summary

~~165~~168

SIGNATURES

~~166~~169

~~the~~Table ~~context~~of ~~indicates otherwise.~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

EXPLANATORY

NOTE

Unless otherwise

noted,

or the

context indicates

otherwise, references

in this

Annual Report

on Form 10-K

“we,”

“us,”

“our,”

“Company,”

“Coronado”

refer

Coronado

Global

Resources

Inc.

and

its

consolidated

subsidiaries and associates.

All production and sales volumes contained in this Annual Report on Form 10-K are expressed in metric tons, or

Mt,

millions

metric

tons,

MMt,

millions

metric

tons

per

annum,

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. A

short

ton is equivalent to 2,000

pounds. 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

the

Commonwealth

Australia,

the

Commonwealth.

Some

numerical

figures

included

this

Annual Report on Form 10-K have

been subject to rounding adjustments.

Accordingly, numerical

figures shown

as totals in certain tables may not equal the sum of the

figures that precede them.

CAUTIONARY NOTICE REGARDING FORWARD

-LOOKING STATEMENTS

This Annual

Report on

Form 10-K

contains “forward-looking

statements” within

the meaning

of Section

27A of

the Securities Act

of 1933, as

amended, or the

Securities Act, and

Section 21E of

the Securities Exchange

Act

1934,

amended,

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

“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

outcomes

expressed

anticipated

these

statements,

many

which

are

beyond

our

control.

Such

forward-looking

statements

are

based

assessment

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:

•

the prices we receive for our coal;

•

our ability to generate sufficient cash to service

our indebtedness and other obligations;

•

our ability to provide

appropriate financial assurances

for our obligations under

applicable laws and

regulations, including

our ability

to provide

applicable surety

of Curragh’s

Estimated Rehabilitation

Cost under the Financial Provisioning Scheme;

•

risks unique

to international

mining and

trading operations,

including any

changes in

tariffs or

tariff

policies and

other barriers

to trade.

For example,

during 2025,

the U.S.

government announced

variety of baseline

and other

tariffs on

certain imports

from certain

countries, including

a 50%

tariff

steel

imports.

These

developments

have

led

increased

volatility

global

supply

chains,

financial markets and international trade policies;

•

uncertainty in global economic

conditions, including the

extent, duration and

impact of ongoing

civil

unrest and

wars, as

well as

risks related

to government

actions with

respect to

trade agreements,

treaties or policies;

•

decrease

the

availability

increase

costs

labor,

key

supplies,

capital

equipment

commodities, such

as diesel

fuel, steel,

explosives and

tires, as

the result

of inflationary

pressures

trade;

or otherwise;

•

the extensive forms

of taxation that

our mining operations

are subject to,

and future tax

regulations

and developments;

•

concerns

about

the

environmental

impacts

coal

combustion

and

greenhouse

gas,

GHG,

emissions, relating to mining activities, which could result in increased regulation of coal

combustion

and GHG emissions in

many jurisdictions and could

increase costs associated

with coal production

and consumption.

These costs could

include costs for

additional controls to

reduce carbon dioxide

emissions or costs

to purchase emissions

reduction credits to

comply with future

emissions trading

programs,

and

could

significantly

impact

our

financial

condition

and

results

operations,

affect

demand for our products or our securities and reduce

our access to capital and insurance markets;

~~access~~Table toof ~~capital and insurance;~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

•

severe financial hardship, bankruptcy, temporary or permanent shutdowns or

operational challenges

one

our

major

customers,

including

customers

the

steel

industry,

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 contractual

obligations to us;

•

our

indebtedness

and

ability

comply

with

the

covenants

and

other

undertakings

under

the

agreements governing such indebtedness;

•

our ability to

collect payments

from our customers

depending on

their creditworthiness,

contractual

performance or otherwise;

•

the demand for steel products, which impacts the demand for

our metallurgical, or Met, coals;

•

risks inherent

to mining

operations which

could impact

the amount

of coal

produced, cause

delays

in or suspension of coal deliveries, or increase the cost

of operating our business;

•

the loss of, or significant reduction in, purchases by our

largest customers;

•

unfavorable economic and financial market conditions;

•

our ability to continue acquiring and developing coal reserves

that are economically recoverable;

•

uncertainties in estimating our economically recoverable

coal reserves;

•

transportation for our coal becoming unavailable or uneconomic

for our customers;

•

the risk that we may be required to pay for unused capacity pursuant to the terms of our take-or-pay

arrangements with rail and port operators;

•

our ability to retain key personnel and attract qualified

personnel;

•

any failure to maintain satisfactory labor relations;

•

our ability to obtain, renew or maintain permits and consents

necessary for our operations;

•

potential costs or

liability under applicable environmental

laws and regulations,

including with respect

to any exposure

to hazardous substances

caused by

our operations, as

well as

any environmental

contamination our properties may have or our operations

may cause;

•

extensive regulation of our mining operations and future

regulations and developments;

•

assumptions underlying our asset retirement obligations

for reclamation and mine closures;

•

any cyber-attacks or

other security breaches that

disrupt our operations

or result in

the dissemination

of proprietary or confidential information about us, our

customers or other third parties;

•

the risk that we may not

recover our investments in

our mining, exploration and other

assets, which

may require us to recognize impairment charges related

to those assets;

•

risks related to divestitures and acquisitions;

•

the risk that diversity in

interpretation and application of

accounting principles in the

mining industry

regulations;

may impact our reported financial results; and

•

other risks and uncertainties described in Item 1A. “Risk

Factors.”

make

many

our

forward-looking

statements

based

our

operating

budgets

and

forecasts,

which

are

based upon

detailed assumptions.

While we

believe that

our assumptions

are reasonable,

we caution

that it

very difficult to

predict the impact

of known factors,

and it is

impossible for us

to anticipate all

factors that could

affect our actual results.

See Item 1A. “Risk Factors” and

elsewhere in this Annual Report

on Form 10-K for a more

complete discussion

of the risks

and uncertainties

mentioned above

and for

discussion of other

risks and uncertainties

we face that

could

cause

actual

results

differ

materially

from

those

expressed

implied

these

forward-looking

statements.

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

All

forward-looking

statements

attributable

are

expressly

qualified

their

entirety

these

cautionary

statements, as well as others made in this Annual

Report on Form 10-K and hereafter in our other

filings with the

Securities

and

Exchange

Commission,

SEC,

and

public

communications.

You

should

evaluate

all

forward-looking statements made by us in the context

of these risks and uncertainties.

We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to

you. The forward-looking statements

included in this Annual Report

on Form 10-K are made

only as of the date

hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new

information, future events, or otherwise,

except as required by applicable law.

Forward-looking and

other statements

in this

Annual Report

on Form

10-K regarding

our GHG

reduction plans

and

goals

are

not

indication

that

these

statements

are

necessarily

material

investors

required

disclosed in our filings with the SEC. In addition, historical, current and

forward-looking GHG-related statements

may be based on standards for measuring

progress that are still developing, internal controls and

processes that

continue to evolve and assumptions that are subject to

change in the future.

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

PART I

ITEM 1.

BUSINESS.

Overview

We are a recognized producer, global marketer and exporter of

high-quality Met coals, supported by a

diversified

operating portfolio

of three

high-quality,

long-life Met

coal assets

located in

Australia and

the United

States, or

U.S. Our coals are an

essential ingredient in the production of

steel using blast furnaces used in

the manufacture

wide

range

everyday

steel-based

products.

These

steel

supplies

serve

major

segments

the

global

economy, including

the automotive, construction, and infrastructure sectors.

Our mining

operations and

development projects

are located

in Queensland

in Australia,

and in

Virginia, West

Virginia

and

Pennsylvania

the

U.S.

Our

operations

the

U.S.,

U.S.

Operations,

and

our

operations

Australia, or Australian

Operations, are strategically

located to provide

access to

key transportation infrastructure,

enabling us to serve a diversified customer base spanning

five continents.

Our Australian Operations consist

of the 100%-owned Curragh

producing mining property located

in the Bowen

Basin of Queensland, Australia. The

Curragh complex is comprised

of two open cut mines, Curragh

North Mine

and Curragh South Mine, and one underground mine,

Mammoth Underground, or Mammoth. With an estimated

reserve life

of 20

years, the

Curragh complex

is a key

supplier of

Met coal

to steelmakers

in Asia,

Europe and

South America, contributing 10.6 MMt of saleable production

for the year ended December

31, 2025.

Our

U.S. Operations

are comprised

of two

producing

mining

properties

(Buchanan

and

Logan)

located in

the

Central Appalachian region

of the

U.S., or

CAPP,

and one development

mining property (Mon

Valley), all of which

are

100%-owned.

Buchanan

and

Logan,

with

estimated

reserve

lives

and

years,

respectively,

contributed

total

5.3

MMt

saleable

production

for

the

year

ended

December

31,

2025.

recently

announced that the Logan mine may be idled depending on

market conditions.

In addition to Met

coal, our Australian

Operations sell thermal

coal under a long-term,

legacy contract assumed

the

acquisition

Curragh

Stanwell

Corporation

Limited,

Stanwell,

Queensland

government-owned

entity and the operator of the Stanwell Power Station located near Rockhampton,

Queensland, which generates

approximately 10% of

Queensland’s electricity.

Curragh also sells

some thermal coal

in the export

market. Our

U.S. Operations also produce and sell some thermal coal that

is recovered in the process of mining Met coal.

Location of Australian Operations

construction, and infrastructure sectors.

2024. On January 14, 2025, the Company successfully completed the sale of its idled Greenbrier property which

formed part of the U.S. Operations.

process of mining Met coal.

Location of U.S. Operations

serve

geographically

diverse

customer

base

across

range

global

markets.

2025,

the

primary

consumers of our seaborne Met coal were located in

Asian markets, Brazil and Europe.

History and Australian Public Offering

We were founded in 2011 by our then Chief Executive Officer,

and current Executive Chair, Mr.

Garold Spindler,

our then President and

Chief Operating Officer, Mr. James Campbell, and a private equity

fund affiliated with The

Energy & Minerals

Group, or

EMG, with

the intention

of evaluating,

acquiring and

developing

Met coal

mining

properties.

Prior to our

initial public offering,

Coronado Global Resources

Inc. was a

wholly-owned subsidiary

of Coronado

Group LLC. On October 23, 2018, we completed an initial public offering on the Australian Securities

Exchange,

~~our~~or ~~then President and Chief Operating Officer~~ASX, ~~Mr.~~referred ~~James~~to ~~Campbell~~herein ~~and~~as athe ~~private~~Australian ~~equity~~IPO. ~~fund affiliated with The~~

orTable ~~ASX,~~of ~~which we refer to as the Australian IPO.~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Coronado Group LLC is currently owned by funds managed by EMG, which we refer to,

collectively, as the EMG

Group, and certain members of our management.

December

31,

2025,

the

EMG

Group

and

management

beneficially

owned

50.4%

the

issued

and

outstanding shares of our common

stock through their ownership of Coronado Group LLC.

The remaining 49.6%

was owned by public investors in the form of CDIs traded on

the ASX.

Organizational Structure

The following chart shows our current organizational structure:

* Coronado Global Resources Inc. holds 100%

ownership interest in its subsidiaries, unless otherwise

stated.

~~Segments~~Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Segment Reporting

the following reporting segments:

•

Australia; and

purposes of reconciliation to our Consolidated Financial Statements.

Industry Overview

Types and ~~properties~~Properties of Met Coal

Met coal is primarily

used in the manufacture of

coke, which is used

in the steel-making process, as

well as direct

injection into a blast furnace as

a partial replacement for coke. Approximately

0.78 ton of Met coal is required

produce one ton of steel.

Met coals are differentiated

by variations in the physical and

chemical properties that determine

their applicable

uses. While all Met coals are used primarily in steelmaking, not

all Met coals have equal ability to be carbonized

into coke.

Coke carbonization involves heating coal to

high temperatures in the absence of

oxygen. Certain coals (i.e. Met

coals with coking

properties) soften

and form a

plastic mass that

swells and re

-solidifies into a

hard but porous

solid known

as coke.

Coke is

primarily used

as both

a fuel

and a

reducing agent

in a

blast furnace

during the

reduction of iron ore into iron, before it is converted into

steel.

The key

Met coal

types

include hard

coking

coal,

or HCC,

semi-hard

coking

coal,

or SHCC,

semi-soft

coking

coal, or SSCC,

and pulverized coal

injection, or PCI.

All of these types

of Met coal

are used in steel

production

processes

and

are

typically

sub-categorized

their

volatile

content

low

volatile

content,

Low-Vol,

mid

~~Importance~~volatile ofcontent ~~Met~~or ~~Coal~~high involatile ~~the~~content, ~~Global~~or ~~Economy~~High-Vol.

Importance of Met Coal

Met

coal

critical

input

used

primarily

the

manufacturing

process

for

steel.

Steel

used

variety

~~seaborne~~applications ~~Met~~in ~~coal~~everyday ~~include China~~life, ~~India,~~including ~~Japan~~building and ~~Europe.~~infrastructure construction, transportation, energy generation

and industrial manufacturing. As steel has been

an essential part of the expanding global

economy, demand

for

~~Description~~Met ofcoal has historically been closely tied to steel production in the ~~Steelmaking~~world’s ~~Process~~growing economies, including China,

~~distributed~~India, asJapan ~~follows:~~and Europe.

waste.

sectors is recovered.

Global Coal Markets

Markets

for

Met

and

thermal

coal

operate

relatively

independently

each

other.

However,

degree

substitution can occur

between specific thermal

coals and lower

ranked Met coals,

as lower ranked

Met coal is

less suitable for the manufacture of coke but still contains thermal heating properties. When the supply

of higher

quality

Met

coals

constrained,

prices

are

extremely

high,

these

“crossover”

coals

can

sold

for

higher

value in Met coal markets but may retreat to thermal coal markets

in times of ample Met coal supply.

most

countries

which

Met

and

thermal

coals

are

produced,

domestic

markets

have

emerged

take

advantage of

proximate sources

of fuel

for power

generation or

feedstock for

coke making

and industrial

use.

Similarly,

transportation

linkages

have

been

developed

access

export

markets,

either

land

borne

across

country borders (such as between the U.S. and Canada) or seaborne. While substantially larger volumes of coal

produced on an annual basis are consumed in the country of origin, export markets — and particularly seaborne

markets — tend to exhibit

greater price and volume

transparency than domestic

markets. As a result, seaborne

market prices are the most common reference point in

the international Met coal market.

Typically,

global seaborne

markets are sub-divided

into the Atlantic

and Pacific basins,

referencing the

primary

location of coal production and location of the end-customer.

Major consumers of seaborne Met coal

include Japan, China, India and Europe. Met

coal, and in particular HCC,

is a relatively scarce product, as large-scale mineable deposits are limited

to specific geographic regions located

in the eastern U.S., western Canada, eastern Australia,

Russia, China, Mozambique and Mongolia.

Market Demand and Trends

Met Coal

Most of the

Met coal that

we produce is

sold, directly or indirectly, to steel

producers. The steel industry’s demand

for Met

coal is

affected by

several factors,

including the

cyclical nature

of that

industry’s business,

geopolitical

stability,

general

economic

conditions

affecting

demand

for

steel,

tariffs

coal,

steel

and

steel

products,

technological developments in the steelmaking process and the availability and

cost of substitutes for steel, such

as aluminum,

composites and

plastics. The

seaborne Met

coal market,

which generates

most of

our business,

can be

significantly

impacted

by the

availability

of indigenous

coal production,

particularly

in leading

Met coal

import countries such as

China and India, and competition

from the leading Met

coal exporting countries,

which

include Australia, the U.S., Russia, Canada and Mongolia

~~electricity.~~Table ~~Demand~~of ~~for our thermal coal is impacted by economic conditions, environmental regulations, demand~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

9489%

611%

~~FY24~~FY25 Coal revenue mix -Australian

Operations

Met

Thermal

Thermal Coal

The thermal

coal we

produce is

predominantly a

byproduct of

the production

of Met

coal. The

thermal coal

produce

sold,

directly

indirectly,

power

stations,

predominantly

Stanwell,

energy

source

the

generation

electricity.

Demand

for

our

thermal

coal

impacted

economic

conditions,

environmental

regulations, demand for

electricity,

the impact of energy

efficient products, and

the cost of electricity

generation

from alternative fuels. Our

thermal coal primarily competes with

alternative products or methods that

can be used

to generate electricity,

including natural gas, oil, nuclear,

hydro, wind, solar and biomass.

Segments

In accordance with

Accounting Standards Codification, or

ASC, Topic 280,

Segment Reporting

, we have

adopted

the following reporting segments:

•

Australia; and

•

U.S.

While

“Other

and

Corporate”

not

determined

reporting

segment,

disclosed

for

the

purposes

reconciliation to our Consolidated Financial Statements.

These segments

are grouped geographically

and reflect

how we monitor

and report the

results of the

business

the

Chief

Executive

Officer,

who

our

chief

operating

decision

maker,

CODM.

Factors

affecting

and

differentiating the financial performance of each of these two reportable segments generally include coal quality,

geology, coal marketing opportunities, mining and transportation methods and regulatory issues. We believe this

method

segment

reporting

reflects

how

our

business

managed,

our

resources

are

allocated,

and

our

performance is

evaluated. The

two segments

consist of

similar operating

activities as

each segment

produces

similar products.

Overview of Operations

Australian Operations—Curragh

Curragh is

located in

Queensland’s Bowen Basin,

one of

the world’s premier

Met coal-producing regions.

Curragh

has been

operating since

1983, and

produces a

variety of

high-quality,

low-ash Met

coal products.

We believe

our HCC

product is

recognized by steelmakers

for its

low-ash content, consistency

of quality

and favorable coking

attributes.

believe

that

our

SHCC

and

SSCC

products

are

similarly

valued,

particular

for

their

low

wall

pressure, which makes

them suitable for

stamp charging

coke ovens, and

Curragh’s PCI

coal is recognized

steelmakers for its

low phosphorus and

sulfur content. These Met

coal products are

exported globally to

a diverse

customer base located primarily in

Asia. Curragh also produces thermal

coal, which is primarily sold

domestically

under a long-term contract with Stanwell, with a limited

amount of such thermal coal being exported.

Revenues from our Australian Operations represented

60.8% of our total revenue for the year ended December

31, 2025. See Item 2. “Properties” for more information regarding

Curragh.

Coal revenues split by Met and thermal for our Australian Operations

were as follows:

~~made~~Table ~~under~~of ~~term contracts.~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

~~U.S. Operations—Buchanan and Logan~~ 96%

974%

3%FY25 Coal revenue mix -U.S.

FY24 Coal revenue mix -U.S.

Operations

Met

Thermal

For the year ended December 31, 2025, 67.0% of the total

volume of coal sold by our Australian Operations was

Met coal

and 33.0%

was

thermal coal,

the

majority

which was

sold to

Stanwell.

The majority

of customers

purchase multiple

grades of

products and

have purchased

Curragh coal

continuously through

all stages

of the

coal/commodity pricing

cycle. Curragh’s

Met coal

is typically

sold on

annual contracts

negotiated by

our global

marketing

team,

with

pricing

agreed

to bilaterally

or with

reference

to benchmark

indices

or spot

indices.

Our

Australian Operations

have maintained

a high

level of

contract coverage

against planned

production. In

2025,

substantially

all

Curragh’s

Met

coal

export

sales

were

made

under

term

contracts.

For

the

year

ended

December 31, 2025, Curragh sold 6.9 MMt of Met coal

into the seaborne coal markets.

U.S. Operations—Buchanan and Logan

Our producing

mining

properties

in the

U.S.

are

located in

the CAPP

region, specifically

Virginia

and

West

Virginia, which is a

highly developed and active

coal-producing region. Met coal

produced by our

U.S. Operations

consumed

regionally

North

American

steel

producers

exported

seaborne

transportation

steel

producers (primarily in

Asia, Europe and

South America). The U.S.

Operations also produce

small quantities of

thermal coal that

is extracted in

the process of

mining Met coal,

which is sold

to global export

markets. We believe

Met coal from

the CAPP region

is highly regarded

by many steelmakers

due to its

generally low-ash and

sulfur

content, which support efficient coke production and blast furnace operations. Our U.S. Operations offer a range

of Met coal products, with significant production of HCC,

including Low-Vol,

High-Vol A (or HVA),

High-Vol B (or

HVB), and High-Vol A-B (or

HVA-B).

Sales from our U.S. Operations to export

markets are typically priced with reference

to a coal benchmark index.

When

sell

our

seaborne

coal

through

intermediaries

Free

Rail

(an

industry

standard

commercial

term

which means the buyer assumes transportation costs

and risk once the product is loaded onto rail), or FOR,

the

realized price we report on FOR sales does

not include transportation to the seaborne

port or costs to transload

into a vessel.

Consistent with seaborne

sales, sales to

North American customers

are generally sold

on a FOR

basis where the customer arranges for and incurs the cost

of transportation to their facility.

A portion of our sales is

sold to North American steel and coke producers on annual

contracts at fixed prices that

not

fluctuate

with

the

benchmark

index.

The

fixed-price

nature

these

annual

contracts

provides

with

visibility on our

future revenues,

as compared to

spot sales or

sales priced

with reference

to a coal

benchmark

index. During

periods

of stable

and rising

prices,

strive to

take advantage

the spot

market.

Spot export

contracts are negotiated throughout the year.

Revenues from our U.S.

Operations, in the aggregate, represented

39.2% of our total

revenue for the year

ended

December 31, 2025. Coal revenues split by Met and thermal

for our U.S. Operations were as follows:

For the year ended December 31,

2025,

92.4% of the total volume of

coal sold by our U.S. Operations

was Met

coal and

7.6% was

thermal coal.

We sold

66.5% of

total Met

coal from

our U.S.

Operations into

the seaborne

Met coal markets for the year ended December 31, 2025.

See Item 2.

“Properties” for

more information

regarding Buchanan,

Logan and

the other

mining properties

that

comprise our U.S. Operations.

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Competitive Strengths

Large scale and long-life operating assets with substantial

resource base

We own and

operate a portfolio

of long-life assets

across Australia and

the U.S., with

an average implied

mine

life for our producing mines of approximately 22 years

based on marketable reserves as of December 31,

2025,

~~2024~~and 2025 total saleable production.

Importantly,

we have

100% ownership

over all

of our

operating mines,

allowing us

full control

over all

strategic

decisions. This control adds

value throughout the cycle

and allows us to

react swiftly and decisively

to changes

in global market demands.

We had reserves of

478 MMt and

a substantial resource base

of 491 MMt

(exclusive of reserves) as

of December

31, ~~2024~~2025.

(1)

Charts reflect reserves and resources as

at December 31, 2025 in MMt. Rounding

has been applied. Coal resources are

exclusive of coal

reserves. Australian

resources are

reported on

a 5.3%

in-situ moisture

basis. U.S.

resources are

reported on

a dry

basis. Reserve life

~~December~~calculated ~~31,~~as ~~2024.~~marketable ~~Refer~~reserves todivided ~~Item~~by 2.2025 ~~“Properties.”~~total saleable production for Coronado’s operating assets for the year ended December

31, 2025. Refer to Item 2. “Properties.”

Diversified by geography, producing

mines, product and customer base

We operate a geographically

diversified producing asset base in Australia

and the U.S., supported by access

multiple

transportation

infrastructure

options,

including

key

rail

and

port

infrastructure

necessary

for

both

the

seaborne export and

domestic markets. We have access

to the key

major markets in both

the Atlantic and Pacific

basins, and our wide footprint provides flexibility to meet shifting

global demand.

Our

Met

coal

production

diversified

across

high-quality

products.

Our

Australian

Operations

produce

HCC,

SCC, and PCI coal.

We have a dedicated global

marketing team that generates direct

sales for our coal. We

sell most of our coal to

end users, either directly or through intermediaries, such

as brokers.

Our customer base

spans across

the full spectrum

of key global markets.

We sell directly

to a number

of large,

high-quality and well-known

companies in the

steel industry. Many of our

core customers have

been longstanding

customers and

source our

products as

essential base

feed, which

translates into a

long history

of contract

renewal

for such customers.

We are a

key supplier to

tier one steel

mills in Japan,

South Korea, Taiwan,

India, Europe,

Brazil, North America and China. The majority

of our sales are made under

contracts with terms of typically

one

year or on a spot basis.

Given

the

quality

our

diverse

customer

base,

believe

the

demand

for

our

products

fundamentally

insulated across

all stages

of the

commodity

cycle. This

flexibility provides

us the

ability to

take advantage

favorable market pricing as and where it arises.

We believe our geographic diversity provides a competitive advantage by allowing

us to sell multiple products to

our customers

in multiple

countries.

This

allows the

sales team

leverage

its relationships

provide

value-

added solutions, including blends with third parties.

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

71%

29%

FY2025

Export

Domestic

70%

30%

FY2024

Export

Domestic

72%

28%

FY2023

Export

Domestic

~~66%~~2025 Coronado’s key coal trade flows

The below charts show our export and domestic

sales split by volume as of December 31, 2025,

2024 and 2023:

34%

FY2022

Export

Domestic

2024 Coronado’s key coal trade flows

Sales volume by export and domestic coal sales

~~51%~~Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

956%

414%

40%

Australia

HCC

SCC

PCI

6670%

3430%

U.S.

Low Vol

High Vol

The below charts

show Met product

ranges by volume

sold for our

Australian Operations and

our U.S. Operations

for the year ended December 31, ~~2024~~2025.

Sales of Met coal represented 91.6%

of our total coal revenues for the

year ended December 31, 2025. Most

the Met coal that we produce is sold, directly or indirectly,

to steel producers.

Sales of thermal coal represented 8.4% of our total coal revenues

for the year ended December 31, 2025.

Optimization of

our existing

assets and

continued investment

in accretive

organic growth

projects are

than the price that could be achieved for the same coal if it would be sold on the seaborne market. Furthermore,

our key strategic focus areas

We have completed significant organic growth projects

at both Buchanan and Curragh.

At Curragh, the Mammoth mine

commenced its first coal production in

December 2024. The mine utilizes

a bord-

and-pillar mining

method that

leverages Curragh’s

existing infrastructure

and required

low capital

expenditures

for startup. At Mammoth,

all three continuous

miners are fully operational,

and as of December

31, 2025, it had

~~2025~~three production panels in operation, each of which was continuing to ramp up. Full production is expected to be

achieved in 2026 and expected to provide approximately

1.5 MMt to 2.0 MMt per annum of saleable

production.

Mammoth is targeting coal volumes that can be accessed at a relatively low cost which is below

the cost of open

cut production, which is expected to deliver cost reductions for the entire Curragh operation on a per Mt basis as

production increases.

Integration with

existing on-site

processing, logistics,

and control

systems is

expected to

further support operational efficiencies and enhance

the reliability of Curragh’s overall production.

At Buchanan,

a capital

expansion

project

designed

alleviate

operational

bottlenecks

and boost

productivity

was successfully

completed in

2025. Key

elements included

the construction

of new

access roads

and bridge

extensions,

new

surface

raw

coal

storage

area

increase

on-site

capacity

and

enable

sustained

higher

production rates, and the installation of a second set of skips to enhance hoisting

capacity to the surface. These

upgrades

are

expected

allow

Buchanan

operate

elevated

throughput

levels,

contributing

improved

productivity and long-term performance.

These

completed

projects

underscore

our

commitment

disciplined,

low-capital-intensity

organic

growth,

positioning the Company for enhanced volumes, cost efficiencies,

and margin improvement.

Competition

We operate in a highly

competitive environment and we compete with

domestic and international coal producers,

traders and brokers.

We compete based on coal quality and

characteristics, price, customer service and support

and

reliability

supply.

Demand

for

Met

coal

and

the

prices

that

are

able

obtain

for

our

Met

coal

are

determined

predominantly

global

markets,

which

are

affected

numerous

factors

beyond

our

control,

including but not limited to:

•

general global, regional and local economic activity;

•

changes in demand for steel and energy;

•

tariffs imposed by countries, including the U.S. and Australia, on the import of certain steel products and

any retaliatory tariffs by other countries;

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

•

industrial production levels;

•

short-term constraints, including adverse weather conditions;

•

changes in the supply of seaborne coal;

•

technological changes;

•

changes in international freight or other transportation infrastructure

rates and costs;

•

the costs of other commodities and substitutes for coal;

•

market changes in coal quality requirements;

•

government regulations which restrict, or increase the

cost of, using coal; and

•

tax impositions on the resources industry.

In addition, coal prices are highly

dependent on the outlook for coal consumption in

large Asian economies, such

as China, Japan, South Korea and India,

as well as any changes in government

policy regarding coal or energy

in those countries.

In developing our

business plan and

operating budget, we

make certain assumptions

regarding future Met

coal

prices, coal demand and

coal supply. The prices we receive for

our Met coal depend

on numerous market factors

beyond our control. Accordingly,

some underlying coal price assumptions relied on by us may materially change

and

actual

coal

prices

and

demand

may

differ

materially

from

those

expected.

Our

business,

operating

and

financial

performance,

including

cash

flows

and

asset

values,

may

materially

and

adversely

affected

short-term or long-term volatility in the prevailing prices

of our products.

Competition in

the coal

industry is based

on many

factors, including, among

others, world supply

price, production

capacity,

coal

quality

and

characteristics,

transportation

capability

and

costs,

blending

capability,

brand

name

and diversified operations. We are subject to competition from producers in Australia, the U.S., Canada, Russia,

Mongolia and

other coal

producing countries. See

Item 1A. “Risk

Factors—We face increasing

competition, which

could adversely affect profitability.”

Information Regarding Major Customers

We are well-positioned

in key Asian markets

(Japan, South Korea and

India) as sales to

direct end users in

the

region

represented

50.0%

our

total

revenue,

including

Tata

Steel

Limited

and

Global

Procurement

Company Pte Ltd, collectively Tata

Steel,

which accounted for 18.2% of total revenue in 2025.

4%Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

306%

923%

21%

15%

818%

417%

12%

10%

FY2025 Coal Revenues

by destination (direct sales)

Other Asia countries

Japan

South Korea

India

North America

South America

Europe

Australia

20%

40%

60%

80%

Tata

Top 5

Top 10

Top

Customers

by coal revenues

FY 24

FY 2325

The charts

below show

our direct

sales by

geographic region

in 2025

and our

sales by

customers in

2024 and

2025.

Tata

Steel

Our U.S. Operations and Australian

Operations are parties to

Long Term

Coal Sale and Purchase Agreements,

Long

Term

Agreements,

with

Tata

Steel

with

contract

terms

ending

March

31,

2028.

These

Long

Term

Agreements provide for the sale of a minimum aggregate total of 2.5 MMt of coal per contract year, consisting of

certain specific quantities of HCC and PCI. The coal is

sold FOB priced with reference to benchmark indices and

the

agreements

contain

industry

standard

terms

and

conditions

with

respect

delivery,

transportation,

inspection, assignment, taxes and performance failure.

Stanwell

Coronado

Curragh

Pty

Ltd,

CCPL,

subsidiary

the

Company,

party

the

Amended

Coal

Supply

Agreement, or

the ACSA,

with Stanwell

that we

inherited upon

our acquisition

of the

complex in

2018. We

are

also party

to the

New Coal

Supply Deed,

or the

Supply Deed,

which was

entered into

in consideration

for the

•mining rights at Curragh North.

Under the

ACSA, we

deliver

thermal coal

from Curragh

to Stanwell

at an

agreed

price and

quantity.

Stanwell

may vary the quantity of thermal coal purchased each year so the total quantity

to be delivered to Stanwell each

year cannot be precisely forecast.

The coal that we

supply to Stanwell constitutes the majority

of the thermal coal

production from Curragh. Our cost of supplying coal to Stanwell has

been greater than the contracted price paid

by Stanwell during the year ended December 31, 2025 and

for prior years.

Under the

ACSA, we

shared

part of

the revenue

earned from

export coal

sales from

particular tenements

(as

described below)

with Stanwell

through various

rebates. Pursuant

to the

terms of

the Second

Amendment,

described below, these rebates

were waived from January 1, 2026.

The total Stanwell

rebate for the

year ended

December 31,

2025, was $100.5

million and has

been included in

the

Consolidated

Statements

Operations

and

Comprehensive

Income

included

elsewhere

this

Annual

•

In addition, the ACSA also provides for:

•

above 7.0 MMtpa; and

•

Report on Form 10-K.

~~under~~Table ~~the~~of ~~NCSA are described below:~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

The Supply

Deed grants

us the

right to

mine the

coal reserves

in the

Stanwell Reserved

Area, or

the SRA.

exchange, we

entered into

the New

Coal Supply

Agreement, or

the NCSA

with Stanwell,

that will

commence

upon the expiration of the ACSA (which

is expected to occur in the first half of

2027 based on estimated volume

remaining to be

delivered).

Under the NCSA,

Coronado will supply

thermal coal to

Stanwell at a

fixed contract

•price that varies in accordance with agreed formulae, inclusive of all statutory charges and royalties in respect of

-coal sold and delivered under the NCSA. The supply term, the contract tonnage and the contract price under the

NCSA are subject to adjustment in accordance with a financial

model agreed between Stanwell and us.

In summary,

we agreed that the

total value of the discount

received by Stanwell on

coal supplied to it under

the

NCSA should (by

the expiration of

the NCSA) be

equal to the

net present value

of $155.2 million

(A$210.0 million)

as at

the date

of the

Supply Deed,

using a

contractual pre-tax

discount rate

of 13%

per annum.

The carrying

amount of the deferred consideration was $346.8 million as

of December 31, 2025.

As part of

the NCSA,

Coronado and

Stanwell entered

into an Option

Coal Supply

Agreement, or the

OCSA,

respect of the

supply of certain

additional coal

to Stanwell during

the term of

the NCSA. Thermal

coal supplied

to Stanwell under the OCSA will be at the higher of cost

or market value at the time of sale.

On June 10, 2025, we entered into a Deed of Amendment with Stanwell, or the First Amendment, and

amended

the NCSA

whereby Stanwell

provided approximately

$150.0 million

of near-term

liquidity to

us in

exchange for

the supply of additional tonnage of thermal coal under

the NCSA.

-The First Amendment included a $75.0 million (A$116.1 million) prepayment on completion, and a rebate waiver

and deferral

from April

2025 to

December 2025

of $67.2

million (A$103.1

million),

both of

which will

be settled

through reduction

of the

gross proceeds

to be

received on

the physical

delivery of

up to

0.8 MMtpa

of thermal

coal to

Stanwell, during

the first

five years

of the

term of

the NCSA,

or until

such time

as the

obligation is

fully

settled. This contract liability bears interest of 13% per annum.

On November 27, 2025, we completed

a refinancing of our existing senior

secured asset-based revolving credit

agreement through

a new

facility with

an aggregate

principal amount

up to

$265.0 million

(A$406.6 million),

-the ABL Facility, with Stanwell, which was fully drawn on completion. Availability under the ABL Facility is limited

eligible

borrowing

base,

which

determined

applying

customary

advance

rates

eligible

accounts

receivable

and

inventory.

Refer

Item 8.

“Financial

Statements

and

Supplementary

Data—Note

15.

Interest

Bearing Liabilities”

for further information.

Additionally, on November 27, 2025, we

and Stanwell entered into

the Deed of

Amendment (No. 2) with

Stanwell,

•or the Second Amendment, that, among other matters, amended the terms of the existing ACSA and the NCSA,

~~with~~by aproviding ~~financial~~for: ~~model agreed between Stanwell and us.~~

•

a waiver

of rebate

amounts that

would have

otherwise been

payable by

us from

January 1,

2026 until

the final delivery date under the ACSA, which date is expected

to occur in the first half of 2027;

•

the deferral of our obligations to deliver certain values of coal to Stanwell for prepaid amounts

under the

First Amendment

and

amounts to

which

Stanwell is

otherwise

entitled

in relation

to the

SRA deferred

consideration,

or the Deferred Amounts;

•

prepayments

Stanwell

relation

its

future

annual

nominated

contract

tonnage

under

the

ACSA

and

the

NCSA

equal

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), or the ACSA Prepayments and the NCSA Prepayments. Stanwell’s obligation to make the

ACSA Prepayments and the

NCSA Prepayments are

subject to certain liquidity

tests. More specifically,

Stanwell (i) will

advance all of

the relevant prepayment when

our monthly liquidity

is below $200.0

million,

(ii)

will

advance

only

half

the

relevant

prepayment

months

when

our

liquidity

between

$200.0

million and $250.0 million, and (iii) will not be obligated to make prepayments

when our monthly liquidity

~~condition~~is ~~and~~above ~~results~~$250.0 ofmillion; ~~operations.”~~and

•

an extension

of the

NCSA term

from 2037

to 2043

and an

option for

Stanwell to

make broader

annual

nominations ranging from 1.2 MMt to 2.24 MMt per year

under the NCSA.

The value

of the

ACSA Prepayments,

the NCSA

Prepayments and

the Deferred

Amounts, or

the Prepayment

and Deferred Payment

Balance, will be settled

through delivery of coal

to Stanwell in months

when our liquidity

exceeds $300.0 million. The Prepayment and Deferred Payment Balance bears interest at 7.5%

per annum, and

the total

balance (including accrued

interest) will

be capped

at 1.2

times of

the Prepayment

and Deferred

Payment

Balance until the final delivery date pursuant to the NCSA.

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

The

Second

Amendment

also

includes

restrictions

our

ability

pay

distributions

shareholders

(e.g.,

dividend), such

that we

are required

maintain a

minimum cash

liquidity

of $300.0

million

following:

(i) such

distribution; (ii)

any required

repurchases

of 9.250%

Senior Secures

Notes due

2029, or

Notes, in

connection

with such

distribution,

and (iii)

the payment

to Stanwell

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.

The minimum

cash liquidity

for the

purposes of

paying shareholder

distributions will

increase to

$400.0 million

when the ABL Facility has been repaid in full and the Prepayment

and Deferred Payment Balance is nil.

The Prepayment

and Deferred

Payment Balance

may become repayable

to Stanwell if

there is an

unremedied

default

under

the

ACSA

and

NCSA.

Additionally,

the

rebate

amounts

waived

from

the

date

the

Second

Amendment to

the end

of the

ACSA are

repayable

if there

is a

change of

control of

the Company

that occurs

within two years of the date of the Second Amendment.

For

further

information

refer

Item 8.

“Financial

Statements

and

Supplementary

Data—Note

14.

Contract Obligations.”

See Item 1A. “Risk Factors—Risks related to our coal supply

agreements with Stanwell may adversely affect our

financial condition and results of operations.”

Transportation

Coal produced

our mining

properties

is transported

to customers

by a

combination

of road,

rail,

barge

and

ship. See Item 2. “Properties”

for descriptions of the transportation infrastructure

available to each of our mining

properties. Rail

and port

services

are typically

contracted

on a

long-term,

take-or-pay basis

in Australia,

while

these contracts are

typically negotiated on

a quarterly basis

in the U.S.

See Item 7. “Management’s

Discussion

and Analysis

of Financial Condition

and Results

of Operations—Liquidity

and Capital

Resources” for

additional

information on our take-or-pay obligations.

Australian Operations

Our Australian

Operations

typically sell

export coal

FOB, with

the customer

paying for

transportation

from the

outbound shipping port.

The majority of

Curragh’s export

Met coal is railed

approximately 300 kilometers

to the

Port of

Gladstone for export

via two main

port terminals, RG

Tanna Coal Terminal,

or RGTCT, and Wiggins Island

Coal Export Terminal,

or WICET.

Curragh also has capacity available

to stockpile coal at the Port

of Gladstone.

For

sales

thermal

coal

Stanwell,

Stanwell

responsible

for

the

transport

coal

the

Stanwell

Power

Station.

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Rail Services

Curragh is linked to the Blackwater rail line of the Central Queensland Coal Network,

an integrated coal haulage

rail system owned and operated

by Aurizon Network Pty

Ltd. Curragh has secured

annual rail haulage capacity

11.5

MMtpa

(plus

surge

capacity)

under

long-term

rail

haulage

agreements

with

Aurizon

Operations

Limited, or Aurizon Operations, and Pacific National Holdings

Pty Limited, or Pacific National.

The RGTCT Coal

Transport Services

Agreement with Aurizon

Operations is for

8.5 MMtpa of

haulage capacity

to RGTCT. Curragh pays a minimum monthly charge (components of which are payable on a take-or-pay basis),

which is calculated with reference

to the below-rail access charges,

haulage/freight charges, a minimum

annual

tonnage

charge

and

other

charges.

The

RGTCT

Coal

Transport

Services

Agreement

terminates

June 30,

2030.

The Coal Transport

Services Agreement

with Pacific

National is

for 1.0

MMtpa of

haulage capacity

to RGTCT.

Curragh pays

a minimum

monthly charge

(components of

which are

payable on

a take-or-pay

basis), which

calculated with reference to the below-rail

access charges, haulage/freight charges, a

minimum annual tonnage

charge and other charges. The

Coal Transport Services

Agreement with Pacific National terminates

on July 31,

2029.

The

Wiggins

Island

Rail

Project,

WIRP,

Transport

Services

Agreement

with

Aurizon

Operations

for

2.0

MMtpa of capacity to

WICET.

This contract is effectively

100% take-or-pay (for a

portion of the rail haulage

and

all capacity access charges). The WIRP Transport

Services Agreement expires on June 30, 2030.

Port Services

Curragh exports coal

through two terminals

at the Port

of Gladstone, RGTCT

and WICET.

At RGTCT,

Curragh

and

Gladstone

Port

Corporation

Limited,

or GPC,

are

parties

coal

handling

agreement

that

expires

June 30,

2030.

The

coal

handling

agreement

may

renewed

our

request

and,

subject

certain

conditions, GPC is

required to

agree to

the extension

if there is

capacity at

RGTCT to

allow the

extension. We

currently have the right to export between 7.7 MMtpa and

8.7 MMtpa at our nomination on a take-or-pay basis.

We have

a minority

interest

in WICET

Holdings

Pty Ltd, whose

wholly-owned

subsidiary,

Wiggins Island

Coal

Export Terminal

Pty Ltd, or WICETPL, owns WICET.

Other coal producers who export coal through WICET also

hold

WICET

Holdings

Pty Ltd.

addition,

and

the

other

coal

producers

(or

shippers)

have

take-or-pay agreements with WICETPL and pay

a terminal handling charge to

export coal through WICET, which

calculated

reference

WICET’s

annual

operating

costs,

well

finance

costs

associated

with

WICETPL’s

external

debt

facilities.

Our

take-or-pay

agreement

with

WICETPL,

the

WICET

Take

-or-Pay

Agreement,

provides

Curragh

with

export

capacity

1.5

MMtpa.

The

WICET

Take

-or-Pay

Agreement

“evergreen” agreement, with rolling ten-year terms. If we inform WICETPL that we

do not wish to continue to roll

the term

of the WICET

Take

-or-Pay Agreement,

the term

would be set

at nine years

and the terminal

handling

charge payable by us would

be increased so that our

proportion of WICETPL’s debt is amortized to

nil by the end

of that nine-year term.

Under

the

WICET

Take

-or-Pay

Agreement,

are

obligated

pay

for

that

capacity

via

terminal

handling

charges, whether utilized or not. The terminal handling charge

payable by us can be adjusted by WICETPL if

our

share of WICETPL’s

operational and finance

costs increases, including

because of increased

operational costs

or because another shipper defaults and

has its capacity reduced to nil. The terminal

handling charge is subject

to a financing cap

set out in the

terminal handling

charge methodology and

has already been

reached and is

force.

another

shipper

defaults

under

its

take-or-pay

agreement,

each

remaining

shipper

effectively

proportionately

liable

pay

that

defaulting

shipper’s

share of

WICETPL’s

costs

going

forward,

in the

form

increased terminal handling charges.

If we default under the

WICET Take

-or-Pay Agreement, we would

be obligated to pay a

termination payment to

WICETPL. The termination

payment effectively

represents our proportion

of WICETPL’s

total debt outstanding,

based on the

proportion of

our contracted

tonnage to

the total contracted

tonnage of

shippers at

WICET at the

time

the

payment

triggered.

Shippers

can

also

become

liable

pay

the

termination

payment

there

permanent cessation of

operations at WICET.

Since WICET began shipping

export tonnages in

April 2015, five

shareholders

WICET

Holdings

Pty Ltd

have

entered

into

administration

and

their

relevant

take-or-pay

agreements have subsequently

terminated, resulting in

the aggregate contracted

tonnage of shippers decreasing

from 27 MMtpa to 13.9 MMtpa.

Under the WICET Take

-or-Pay Agreement, we are required

to provide security (which is

provided in the form of

a bank guarantee). The amount of

the security must cover our estimated liabilities as

a shipper under the WICET

Take

-or-Pay Agreement

for the

following

12-month

period. If

we are

in default

under the

WICET

Take

-or-Pay

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Agreement and are subject

to a termination payment,

WICETPL can draw on

the security and apply

it to amounts

owing by

us. See

Item 1A. “Risk

Factors—Risks

related to

our investment

in WICET

may adversely

affect our

financial condition

and results

of operations”

and Item 7.

“Management’s

Discussion and

Analysis of

Financial

Condition

and

Results

Operations—Liquidity

and

Capital

Resources”

for

additional

information

our

take-or-pay obligations.

U.S. Operations

Our

U.S.

Operations’

domestic

contracts

are

generally

priced

FOR

the

mine

with

customers

bearing

the

transportation costs from

the mine to the

applicable end user.

For direct sales to

export customers, we hold

the

transportation

contract

and

are

responsible

for

the

cost

the

export

facility,

and

the

export

customer

responsible

for

the

transportation/freight

cost

from

the

export

facility

the

destination.

portion

our

U.S.

Operations

export

sales

are

made

through

intermediaries.

For

these

sales,

the

intermediary

typically

takes

ownership of the coal as

it is loaded into the

railcar. The intermediary is responsible for the rail transportation and

port costs.

Rail Services

Our U.S. Operations are served

by Norfolk Southern Corporation, or

Norfolk Southern, and CSX Transportation

Inc., or CSX Transportation, railroads.

The Norfolk

Southern railroad

transports Buchanan’s

coal to

Lamberts Point

Coal Terminal

Pier 6

and to

CNX

Marine Terminal

for export customers

and to our domestic

customers either directly

or indirectly via

inland river

dock facilities where the coal is transloaded on to barges

and then transported to the customer’s facilities.

The CSX Transportation railroad serves our Logan mine

and transports coal to the

Pier IX Terminal, CNX Marine

Terminal

or Dominion Terminal

Associates (DTA)

for export customers and either directly to the customers

or to

inland river dock facilities for domestic customers.

transported to the customer’s facilities.

Port Services

Norfolk

Southern’s

Lamberts

Point

Coal

Terminal

Pier

the

largest

coal

facility

the

Northern

Hemisphere, with 48 million tons of annual export capacity,

and is the main terminal at Lamberts Point located in

Norfolk, Virginia. Pier IX is

a coal export terminal with an annual

export capacity of 16 million tons located

in the

Port of Hampton Roads in Newport News, Virginia.

Our

U.S. Operations

also

have alternate

port

access

through

CNX

Marine Terminal

which

is a

transshipping

terminal at the Port of Baltimore owned by Core Natural

Resources Inc.

terminal at the Port of Baltimore owned by CONSOL Energy.

Suppliers

The principal

goods we

purchase

in support

of our

mining activities

are mining

equipment, replacement

parts,

diesel fuel, natural gas,

ammonium nitrate and emulsion-based

explosives, off-road tires,

steel-related products

(including roof control materials),

lubricants and electricity.

As a general matter, we have many well-established,

strategic relationships

with our

key suppliers

of goods

and do not

believe that

we are

dependent on

any of

our

individual suppliers.

We also manage

and operate several

major pieces of

mining equipment and

facilities to produce

and transport

coal,

including,

but

not

limited to,

longwall

mining

systems,

continuous

miners,

draglines,

dozers,

excavators,

shovels,

haul

trucks,

conveyors,

coal

preparation

plants,

CPPs,

and

rail

and

blending

facilities.

Obtaining and repairing these

major pieces of equipment

and facilities often involves

long lead times. We

strive

to extend the lives of existing equipment and facilities

through maintenance practices and equipment rebuilds

defer the

requirement for

larger capital

purchases. We

use our

global leverage

with major

suppliers to

support

security of

supply to

meet the

requirements

of our

active mines.

See Item

2. “Properties”

for more

information

about operations at our mining properties.

We partner with contractors and other third parties for exploration, mining, and other services, generally, and the

success of these relationships are important

for our current operations and the

advancement of our development

projects.

See

Item

1A.

“Risk

Factors—Our

profitability

could

affected

adversely

the

failure

suppliers

and/or outside contractors to perform.”

Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Environmental Sustainability

Overview

Met coal is an essential

ingredient in the production

of steel, which is a

crucial material underpinning social

and

economic

growth

globally.

Steel’s

strength

and

durability

make

critical

the

construction

major

projects

(including renewable

energy infrastructure),

transportation technology,

electrical equipment,

electrical vehicles,

and everyday household goods.

continue

integrate

sustainability

considerations

into

our

business

strategy,

risk

management,

and

operational processes and planning

with a focus

on safety, environmental management, community engagement

and

responsible

corporate

governance.

business,

our

fundamental

purpose

maximize

long-term

shareholder value through

providing distributions

and increasing shareholder

value from

producing, selling

and

investing in Met coal.

acknowledge

the

emissions-intensive

cumulative

impacts

mining,

transportation

and

use

Met

coal.

However, as a critical player in the world’s transition to renewable energy in the future,

we believe Coronado has

an important role in operating sustainably and responsibly.

are

focused

extracting

high-quality

Met

coal

with

commitment

safe

and

sustainable

practices.

Coal

mining

one

the

most

environmentally

regulated

industries

the

world,

and

vital

that

strive

essential material underpinning social and economic growth. Steel’s strength and durability make it critical in the

equipment, and everyday household goods.

consistently meet or exceed relevant regulatory standards.

We are subject to various environmental laws, regulations and

public policies in Australia and the U.S.

Managing

our environment and climate

change risks is a

key component of our

corporate strategy and

it is integrated into

our daily operations.

Climate-Related Risks and Opportunities

In our 2024

Group Sustainability Report,

we updated our

climate-related scenario. The

analysis considered short-

, medium-

and long-term physical and transition risks and opportunities,

including:

●•

●Physical risks

: increased

frequency and

severity of

extreme rainfall,

storms, flooding,

heat events,

and

drought

across

both

our

Australian

Operations

and

U.S.

Operations,

with

potential

impacts

infrastructure, production continuity,

logistics and workforce safety.

~~landscapes.~~•

Transition

risks

changes

market

demand,

regulatory

changes

(including

carbon-pricing

programs),

stakeholder expectations,

insurance and

financing availability

and emerging

low-emission steelmaking

●technologies.

●•

~~relevance of what they do.~~ Opportunities

: lag

in investment

in non-fossil

fuel steel

manufacturing,

potential increased

demand for

higher-quality Met coal and technology-driven efficiencies

Climate-related risks

deemed to

have potential

to prevent

Coronado from

achieving its

strategic objectives

are

incorporated into our

risk register,

overseen by the

Audit, Governance and

Risk Committee and

Health, Safety,

Environment and Community Committee.

●Decarbonization and Emissions Management

While our operations

are recognized as

vital contributors to

the communities and

economies in which

we operate,

acknowledge

that

our

mining

activities

create

GHG

emissions.

The

steel

industry

has

made

significant

reductions in GHG emissions by improving energy efficiency

and utilizing new technology.

Coronado has been tracking and

disclosing GHG emissions, GHG emissions

intensity and energy consumption

to quantify our climate footprint since 2018.

Coronado’s operational emissions profile is predominantly

Scope 1 emissions. Within these Scope 1 emissions,

●the major source is fugitive emissions, which is the inherent gas released as a function of mining coal and diesel

~~impact while continuing to meet global energy and steel demands~~consumption.

We continue to develop

our group-wide decarbonization roadmap, which prioritizes

fugitive emissions abatement

initiatives, diesel consumption reduction initiatives and

renewable energy procurement options.

our

Australian

Operations,

have

developed

initial

decarbonization

strategy

encompassing

both

our

surface

and

underground

operations

providing

diversification

emission

reduction

initiatives,

enhancing

~~diesel~~Table ~~consumption.~~of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

resilience and adaptability in

meeting our goals and

regulatory requirements. Additionally,

we have entered into

a Power Purchase Agreement, or PPA, linking 50% of Curragh’s forecasted electricity supply to

a windfarm. This

PPA is set to commence

in 2026.

At our U.S. Operation

s, our focus

continues on development

and optimization of

the Ventilated

Air Methane, or

VAM,

Regenerative Thermal

Oxidizer,

or RTO,

units at

Buchanan with

the two

units in

operation continuing

~~technologies~~successfully ~~has~~destroy ~~not been considered~~methane.

Capital Management and Cabon Pricing

Climate-related risks

and opportunities form

part of our

capital allocation and

investment evaluation

processes.

Proposed capital projects

undergo a

structured review and

approval process that

includes assessment of

climate-

related risks such as the financial impact of applicable carbon-pricing mechanisms.

Carbon-pricing assumptions

are incorporated into financial

planning and operational modeling based on

region-specific regulatory and market

~~The target reduction of 30% by 2030 is based on the current mine plans for Coronado's Curragh and U~~data.S. ~~mines~~

Regulatory Impact

Increased public concern may result in

additional regulatory risks as new laws and

regulations aimed at reducing

GHG emissions come into effect in the jurisdictions in which we operate. Any legislation that limits or taxes GHG

emissions could adversely impact our growth, increase

our operating costs, or reduce demand for our coal.

Our Australian Operations are

subject to the Australian National

Greenhouse and Energy Reporting,

Safeguard

Mechanism, Rule 2015,

which sets

emissions baselines

for large facilities.

In early 2025,

we received approval

to enter a five-year, multi-year monitoring period, or MYMP.

The MYMP provides flexibility to implement planned

gas pre-drainage initiatives and progress toward emissions-reduction

objectives.

Additionally, federal,

state and international GHG and climate

change initiatives, associated regulations or

other

voluntary

commitments

reduce

GHG

emissions,

including

the

Safeguard

Mechanism

Australia,

could

significantly

increase

the

cost

coal

production

and

consumption,

increase

costs

result

regulations

requiring the

installation of

emissions control

technologies, increase

expenses associated

with the

purchase of

emissions reduction carbon credits to comply

with future emissions trading programs, or

significantly reduce coal

consumption through

implementation

of a

future clean

energy standard.

Such initiatives

and regulations

could

further reduce demand

or prices for

our coal in

both domestic and

international markets,

could adversely affect

our ability

to produce

coal and

to develop

our reserves,

could reduce

the value

of our

coal and

coal reserves,

and may have a material adverse effect on our business,

financial condition and results of operations.

potentially resulting in lost production, supply chain disruptions and increased operating costs, which could have

Human Capital Disclosures

People

Our ability to

attract and

retain skilled,

motivated and

engaged employees

is an

essential part

of our

business.

Investing in the skill and capabilities of our people will underwrite

our long-term growth and sustainability. In both

Australia and the

U.S., we operate

in regional locations

with highly competitive

labor markets. In

each location,

are

creating

high-performing

workforce

with

talent

pipeline

for

future

leaders,

including

succession

planning for critical

roles. To

achieve this,

we continue

to create a

culture that welcomes

and values

all people

and

where

our

core

values

collaboration,

accountability,

respect

and

excellence

are

demonstrated

everything that we do.

Worldwide,

we had 1,799

employees as of

December 31, 2025. In

addition, as of

December 31, 2025, there

were

1,859 contractors supplementing the permanent workforce, primarily at

Curragh. Since we operate in areas with

highly competitive labor markets, it is essential that we

have a continued focus on attracting the

best people, and

ensuring we have programs in place to engage, develop

and retain them within our business.

We continue to support

initiatives to enhance our

culture, increase our

ability to attract and

retain the workforce

need,

and

build

safe,

high-performing

teams.

Feedback,

gathered

from

employees

and

key

stakeholders

through surveys, focus groups and communication forums, is used to identify

gaps between current and desired

cultural states so that relevant and appropriate cultural

programs can be developed and implemented.

As of

December 31,

2025, approximately

10.7% of

our total

employees, all

at our

Australian Operations,

were

covered

single,

federally-certified

collective

Enterprise

Agreement

for

specified

groups

mining

and

maintenance employees. Our U.S. Operations employ

a 100% non-union labor force.

~~covered~~Table ~~by a single, federally-certified collective Enterprise Agreement, or the EA, for specified groups~~ of ~~mining~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Safety

On December 18, 2025, an employee

was fatally injured and operations at our

Logan mine in West Virginia were

temporarily suspended to allow the necessary investigations

to be carried out. On January 2, 2026, following

incident at the Mammoth Underground Mine in

which the employee of a

contractor was fatally injured, operations

at the two open cut mines at

Curragh (Curragh North and Curragh South) were idled for

24 hours and operations

at the Mammoth Underground Mine at Curragh were suspended.

While the contracted

operator of

the mine,

Mammoth Underground

Mine Management

Pty Ltd,

is continuing

work with Resources Safety

and Health Queensland, or

RSHQ, on its investigation

into the incident, operations

were permitted to recommence on February

18, 2026.

Full production from the mine is expected

to be restored

within the first quarter of 2026 in accordance with all requirements

of RSHQ.

consider

the

safety

our employees

and

contractors

to be

absolute

priority.

Safety

essential

all

business functions and

is never to

be compromised, under

any circumstance. The

health and safety

of our people

is reinforced every day through our culture, behaviors,

training, communication and procedures.

We manage safety and health

through continuous improvement efforts

and the implementation of practices

and

procedures that address safety risks first and in full compliance with the legal and

regulatory frameworks of both

the U.S. and

Australia. We

empower our people

to consistently strive

to have a

safety-first mindset,

and act by

applying,

managing

and

monitoring

effective

controls

prevent

adverse

outcomes

with

all

activities

and

operations. Our programs are intended

to reinforce our position that safety

and health should always be

front of

mind for all employees and contractors.

Safety

performance

monitored

through

physical

observations

from

both

internal

and

external

parties

and

through the

reporting of

key metrics.

Safety performance

is assessed

monthly against

internal goals

and on

quarterly basis is benchmarked against our peers within

the mining industry.

We set targets

for safety interactions

which is a process

where employees observe

a risk behavior and

provide

immediate feedback

if it

is deemed,

or has the

potential to

be, unsafe.

This is

monitored by

management daily

through safety meetings,

site visits, employee

discussions, and management

observations. The process

allows

for greater empowerment, innovation and employee input

into the mining process.

As of December

31, 2025, the

12-month rolling average

Total

Reportable Injury Frequency

Rate, or TRIFR,

for

our Australian Operations

was 3.62, and the

12-month rolling average Total

Reportable Incident Rate,

or TRIR,

for our U.S. Operations was 2.30. We

strive to ensure that we continue to

provide a safe operating environment

~~safe operating environment~~ for all employees and contractors.

Workforce ~~composition~~Composition

Our

values

(CARE

–

Collaboration,

Accountability,

Respect,

Excellence)

guide

our

policies,

processes

and

actions as they

relate to

all workforce

interactions and

people related

initiatives. As

part of these

values and

enable our

people to

excel within

the workplace,

we are

building an

inclusive workforce,

where each

person’s

viewpoint is heard, valued and respected.

invest

training

and

development

for

both

our

new

and

long-serving

employees,

including

graduate

programs and traineeships. Our

internal leadership development initiatives

are intended to enhance succession

planning and the transfer of skills and knowledge across

our business.

AsAttracting ofand ~~December~~Retaining ~~31,~~Talent ~~2024:~~

Attracting and retaining the best

people is crucial to our

growth and success. Talent

is a valuable resource, and

we actively seek

individuals who are

not only highly skilled

but also align

with our core

values and goals.

Since

operate

regional

areas

where

the

market

for

talent

highly

competitive,

recognize

the

need

for

additional efforts

to retain

our employees.

We continue

to enhance

our remuneration,

cash benefits

and other

non-tangible benefits to ensure team members are appropriately

recognized and rewarded.

2025,

our

total

rolling

turnover

rate

was

16.5%

and

33.4%

Australia

and

the

U.S.,

respectively,

and

our

voluntary departure rolling

turnover rate was

14.0% and 13.4%

in Australia and

the U.S., respectively

In 2024,

our total

rolling

turnover rate

was 27.7%

and 17.5%

in Australia

and the

U.S.,

respectively,

and

our voluntary

departure rolling turnover rate was 18.1% and 13.2%,

in Australia and the U.S., respectively.

~~level~~Table ~~were~~of ~~female, an increase from 28.4% in 2023.~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

Attracting and retaining the right people

Regulatory Matters—Australia

Our Australian Operations

are regulated by the

laws and regulations

of the Commonwealth

of Australia, or

Cth,

the State

of Queensland,

or Qld,

and local

jurisdictions. Most

environmental laws

are promulgated

at the

state

level, but the Australian federal government has a

role in approval of actions which have national

environmental

significance.

Queensland,

the

environmental

laws

relevant

coal

mining

include

legislation

relating

development, pollution,

waste, ecosystem

protection,

cultural heritage

and native

title, land

contamination and

rehabilitation. In addition, the Australian federal government regulates

foreign investment and export approvals.

Tenements

We control the

coal mining

rights at Curragh

under 14 coal

and infrastructure

mining leases, or

MLs, and three

mineral

development

licenses,

MDLs,

granted

pursuant

the

Mineral

Resources

Act

1989

(Qld),

collectively, the Tenements

See Item 2. “Properties” for more information regarding the

Tenements.

“Properties” for more information regarding the Tenements.

Mineral Resources Act 1989 (Qld)

The

Mineral

Resources

Act

1989

(Qld),

the

MRA,

and

the

Mineral

and

Energy

Resources

(Common

Provisions)

Act

2014

(Qld),

together,

provide

for

the

assessment,

development

and

utilization

mineral

resources

Queensland

the

maximum

extent

practicable,

consistent

with

sound

economic

and

land

use

management.

The

MRA

vests

ownership

minerals,

with

limited

exceptions,

the

Crown

(i.e., the

state

government). A

royalty is

payable to

the Crown

for the

right to

extract minerals. The

MRA creates

different tenures

for different mining activities, such as prospecting, exploring and mining. A ML is the most important tenure, as it

permits

the

extraction

minerals

conjunction

with

other

required

authorities.

The

MRA

imposes

general

conditions on aan ML.

The MRA

provides that

regulations may

prescribe the

royalties payable

in respect

of minerals mined

from land

the

Crown.

Royalty

rates

are

prescribed

under

the

Mineral

Resources

Regulation

2013

(Qld),

the

~~since~~Regulation. ~~July~~In 1relation to coal, ~~2022~~the ~~are~~MR asRegulation ~~set~~prescribes ~~out~~a ~~below:~~progressive six-tier royalty rate structure, with the

applicable royalty

rate determined

based on

the average

price per

Mt of

coal sold,

disposed of,

or used

in the

return period.

The tiers

applicable in

calculating

the royalty

payable for

our Australian

Operations

that have

been applicable

since July 1, 2022 are as set out below,

in each case based on the average coal price per Mt sold

•

7% up to and including A$100 per Mt;

•

12.5% above A$100,

up to and including A$150 per Mt;

•

15% above A$150, up to and including A$175 per Mt;

•

20% above A$175, up to and including A$225 per Mt;

•

30% above A$225, up to and including A$300 per Mt;

and

•

40% above A$300 per Mt.

The royalty

payable

for

coal sold,

disposed

of or

used

a return

period

is then

calculated

by multiplying

the

royalty rate

by the

value of

the coal.

Queensland Revenue

Office

Public Ruling

MRA001.4 contains

details on

the

costs

that

can

(and

cannot)

deducted

when

calculating

the

applicable

royalty

and

the

method

for

determining the value of the coal. In October 2024, the MRA

was amended to introduce a coal royalty rate floor,

•by providing that a regulation may not prescribe coal royalty rates that are lower than those prescribed from time

to time, meaning

that royalty

tiers can only

be reduced by

the operation of

legislation.

See Item 2. “Properties”

for a discussion of the royalties currently applicable to

Curragh.

•Environmental Protection Act 1994 (Qld)

The

primary

legislation

regulating

environmental

management

mining

activities

Queensland

the

Environmental

Protection

Act 1994

(Qld),

the

Act. Its

objective

is to

protect

Queensland’s

environment

while allowing

for development

that improves

the total

quality of

life, both

now and

in the

future, in

a way

that

maintains ecologically sustainable

development. Under the EP

Act, it is an offense

to carry out a

mining activity

unless the

person holds

or is acting

under an

Environmental Authority,

or EA,

for the

activity.

The EA

imposes

conditions on each project,

and it is

an offense to

contravene a condition of

an EA. In

addition to the

requirements

found in the conditions of an

EA, each holder of an

EA, or EA Holder,

must also meet its general environmental

~~rate~~Table ~~floor,~~of ~~by providing that a regulation may not prescribe coal royalty rates that are lower than those prescribed~~ Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

duties (including its duty to notify of environmental harm) and otherwise comply with the ~~royalties~~provisions ~~currently~~of ~~applicable~~the toEP ~~Curragh.~~Act

and the regulations promulgated thereunder.

For example, the following are offenses

under the EP Act:

•

causing serious or material environmental harm;

•

causing an environmental nuisance;

•

depositing prescribed water contaminants in waters and related

matters; and

•

placing contaminants where environmental harm or nuisance

may be caused.

Each

Holder

must

also

registered

suitable

operator

under

the

Act.

are

registered

suitable

operator (RSO Number 293585).

hold

EPML00643713,

which

authorizes

the

open

cut

and

underground

mining

black

coal,

mineral

processing,

chemical

storage,

waste

disposal

and

sewage

treatment

over

the

MLs

Curragh

subject

compliance with

certain conditions.

Those conditions

include requirements

in relation

air and

water

quality,

regulated structures (e.g., dams), noise and vibration, waste, land use, rehabilitation,

watercourse diversion and

GHG emission-reduction programs.

We also hold EA EPVX00635313 which covers

MDL 162.

Mining Rehabilitation (Reclamation)

Mine closure and rehabilitation risks and costs are regulated

by Queensland state legislation.

Amongst other

things, an

EA Holder

must provide

the Queensland

State Government

with financial

assurance

that may be drawn upon if an EA Holder defaults on its

obligations to rehabilitate a mine site.

The Mineral

and Energy

Resources (Financial

Provisioning)

Act 2018

(Qld), or

the Financial

Provisioning

Act,

establishes

financial

provisioning

scheme,

the

Scheme,

from

which

the

Department

the

Environment,

Tourism,

Science

and

Innovation,

the

DETSI,

sources

funds

rehabilitate

and

remediate

land

subject

Government with financial assurance for the purpose of drawing upon in the event that an EA Holder defaults on

its obligations to rehabilitate the mine site.

mining.

~~environmental~~Under ~~authorities~~the Financial Provisioning Act, asall ~~follows:~~mine operators are required to submit information to the DETSI in order

to allow

the DETSI

to calculate

an Estimated

Rehabilitation Cost,

or ERC,

for each

EA associated

with a

mine

site.

The

DETSI

provides

the

ERC

the

manager

the

Scheme,

the

Scheme

Manager.

The

Scheme

Manager undertakes

a risk

assessment of

each EA,

which is

based upon

independent advice

from a

Scheme

risk advisor. EAs with

at least $100,000

in ERCs undergo

an annual risk

category allocation assessment process.

The

assessment

process

determines

whether

the

Holder

will

required

make

contribution

the

Scheme’s Financial

Provisioning Fund

and/or provide surety

to the Scheme

Manager for that

EA. Among other

things, the assessment is based on the mine operator’s financial soundness and credit rating,

the characteristics

the

mining

operation

(e.g., life

mine,

LOM,

and

off-take

agreements),

the

mine’s

rehabilitation

and

environmental compliance history and the submission made

by the EA Holder.

Prior to October 1, 2025, the applicable risk categories

were high, moderate, low and very low.

From October 1,

2025, an additional

“moderate-high” risk category was added.

If the ERC

and risk categories are

set at moderate-

high, moderate, low or very low for

a mine, then the EA Holder

must pay an annual contribution based on

a small

percentage of

the ERC

to the

Scheme. The

prescribed percentages

for each

category are:

(1) very

low: 0.5%;

(2) low: 1.0%; (3)

moderate: 2.25%; and

(4) moderate-high: 6.5%.

If the category

is assessed as

high, then the

EA Holder must provide a surety for the whole ERC amount, and possibly a

contribution to the Scheme. The risk

assessment of each

mine and, therefore,

the amount of

the contribution to

the fund is

assessed and paid

annually

in perpetuity, or until

a clearance certificate is obtained.

Two of

our EAs which

relate to Curragh,

namely EA number

EPML00643713 and EA

number EPVX00635313,

are covered by the Scheme.

October

23,

2025,

the

Scheme

Manager

issued

indicative

Annual

Review

Allocation

“High”

for

1)number EPML00643713. As permitted under the Financial Provisioning Act, we made formal submissions to the

Scheme Manager requesting a

review of this indicative rating.

Following consideration of the

Company’s formal

submission, the Scheme

Manager applied discretion

as permitted under

the Financial

Provisioning Act to

grant

transitional relief allowing the

application of the “Moderate

-High” risk category.

This risk category

will apply until

2)the next Annual Review Allocation for the Curragh mine complex, which is expected to occur in November 2026.

Under the

transitional “Moderate–High”

risk category,

the Company

is required

to make

an annual

contribution

to the Scheme equivalent to 6.5% of Curragh’s ERC, rather than provide financial

assurance in the form of bank

guarantees, insurance bonds or cash collateral equal to

100% of Curragh’s ERC.

3)Table of Contents

Coronado Global Resources Inc. Form 10-K December 31,

2025

In January

2026, the

Scheme Manager

completed an

assessment of

the Annual

Review Allocation

for EA

Number

EPVX00635313

and

issued

Annual

Review

Allocation

High

respect

MDL162, requiring

Curragh

maintain its historical financial assurance of $0.1 million in

respect of 100% of the ERC for that EA.

The Financial

Provisioning Act

also requires

that a

Progressive Rehabilitation

and Closure

Plan, or

PRCP,

prepared in

connection with

an EA

application for

mined land.

If approved

by the

DETSI, a

stand-alone PRCP

schedule

provided

the

applicant

together

with

the

EA.

The

PRCP

schedule

contains

milestones

with

completion

dates

for

achieving

progressive

rehabilitation

the

applicable

mine

site.

Curragh’s

PRCP

was

submitted to the DETSI on October 20, 2022, and was

approved on December 4, 2025.

There

can

assurance

that

our

risk

Filing Compare · Coronado Global Resources Inc.