ASX:CRN Coronado Global Resources Inc. - 10-K

ITEM 1A.

RISK FACTORS.

An investment

in our

securities

is speculative

and involves

a number

of risks.

believe

the risks

described

below are the

material risks most

likely to affect

the Company.

However,

the risks described

below may not

the

only

risks

that

face.

Additional

unknown

risks

risks

that

currently

consider

immaterial

may

also

impair our business operations. You should carefully consider the specific risk factors discussed below,

together

with the information contained in this Annual Report on Form 10-K, including

Item 7. “Management’s Discussion

and Analysis of Financial

Condition and Results of

Operations” and our Consolidated

Financial Statements and

the related notes

to those statements

included elsewhere in

this Annual Report

on Form 10-K.

If any of

the events

or circumstances described below actually occurs,

our business, financial condition or

results of operations could

suffer, and the trading price

of our securities could decline significantly in future

periods.

Some of these principal risk factors include:

Concerns

about

the

environmental

impacts

coal

combustion,

including

possible

impacts

global

climate

issues,

are

resulting

increased

regulation

coal

combustion

and

coal

mining

many

jurisdictions, which could adversely impact our financial

condition or results of operations;

We face

risks from

both the

global transition

net-zero emissions

economy and

the potential

physical

impacts of climate change;

Our business may be materially

and adversely affected by the impact

on the global economy due

to, among

other events, significant geopolitical tensions, including ongoing

civil unrest or wars, or pandemics

Our profitability

depends upon the

prices we

receive for

our coal.

Prices for

coal are

volatile and

can fluctuate

widely based upon a number of factors beyond our control;

Demand for our Met coal is significantly dependent on the steel

industry;

We face increasing competition, which could adversely

affect our profitability;

Evolving tariffs,

regulations

and

other

restrictions

international

trade

may

impact

our ability

access

international markets and impact our ability

to plan for future investments, which

could adversely affect our

financial condition and results of operations;

transportation

for

our

coal

becomes

unavailable

uneconomical

for

our

customers,

our

ability

sell

coal could suffer;

Take-or-pay

arrangements within the coal industry could unfavorably

affect our profitability;

decrease

the

availability

increase

costs

key

supplies,

capital

equipment,

commodities

and

purchased components, such

as diesel

fuel, steel,

explosives and

tires, could materially

and adversely

affect

our financial condition and results of operations;

Defects

title

loss

any

leasehold

interests

our

properties

could

limit

our

ability

mine

these

properties or result in significant unanticipated costs;

A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity

Risks

inherent

mining

operations

could

impact

the

amount

coal

produced,

cause

delays

suspension of coal deliveries, or increase the cost of operating

our business;

Our

long-term

success

depends

upon

our

ability

continue

discovering,

acquiring

and

developing

assets containing, coal reserves that are economically

recoverable

rely

estimates

our

recoverable

resources

and

reserves,

which

are

complex

due

geological

characteristics of the properties and the number of

assumptions made

Our profitability could be affected adversely

by the failure of

suppliers and/or outside contractors to perform;

Our

inability

replace

repair

damaged

destroyed

equipment

facilities

timely

manner

could

materially and adversely affect our financial condition and results

of operations;

Our

ability

operate

effectively

could

impaired

lose

key

personnel

fail

attract

qualified

personnel;

We may not have adequate insurance coverage

for some business risks;

Cybersecurity

incidents,

attacks

and

other

similar

crises

disruptions

could

interrupt

disrupt

our

information technology

systems,

or those

of our

third-party

business

partners,

which could,

among other

things, negatively affect our business, financial condition

and results of operations;

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

The

loss

significant

reduction

purchases

our

largest

customers

could

adversely

affect

our

revenues;

Changes

in credit

ratings

issued

nationally

recognized

statistical

rating

organizations

could

adversely

affect our cost of financing and the market price of our

securities;

Our existing

and future

indebtedness

may limit

cash

flow available

to invest

in the

ongoing

needs of

our

business,

which

could

prevent

from

fulfilling

our

obligations

under

our

senior

secured

notes

the

ABL

Facility and other debt, and we

may be forced to take other

actions to satisfy our obligations under

our debt,

which may not be successful;

adjust

our

capital

structure

from

time

time

and

may

need

increase

our

debt

leverage,

which

would make us more sensitive to the effects of economic

downturns;

Our

business

requires

substantial

ongoing

capital

expenditures,

and

may

not

have

access

the

capital required to reach full productive capacity at our mines;

Risks

related

our

investment

WICET

may

adversely

affect

our

financial

condition

and

results

operations;

Restrictions and limitations

related to our coal

supply agreements with

Stanwell may adversely

impact our

strategy, financial

condition,

results of operations and business;

We could be adversely affected if we fail to appropriately

provide financial assurances for our obligations;

Mine closures

entail substantial

costs. If

we prematurely

close one

or more

of our

mines, our

operations

and financial performance would likely be adversely affected;

the

assumptions

underlying

our

provision

for

reclamation

and

mine

closure

obligations

prove

inaccurate, we could be required to expend greater amounts

than anticipated;

are

subject

extensive

health

and

safety

laws

and

regulations

that

could

have

material

adverse

effect on our reputation and financial condition and results

of operations;

We could be negatively affected if we fail to maintain

satisfactory labor relations;

Our

operations

may

impact

the

environment

cause

exposure

hazardous

substances,

which

could

result in material liabilities to us; and

We are subject to extensive

forms of taxation, which impose

significant costs on us,

and future regulations

and developments could increase those costs or limit

our ability to produce coal competitively.

Sustainability Risks

Concerns

about

the

environmental

impacts

coal

combustion,

including

possible

impacts

global

climate

issues,

are

resulting

increased

regulation

coal

combustion

and

coal

mining

many

jurisdictions, which could adversely impact our financial

condition or results of operations.

Global concerns

about climate

change

continue to

attract considerable

attention,

particularly

in relation

to the

coal industry. Emissions from coal

consumption, both directly and

indirectly, and emissions from coal

mining itself

are subject to pending and proposed regulation as part of initiatives to address global climate change. A number

countries,

including

Australia

and

the

United

States,

have

already

introduced,

are

contemplating

the

introduction of, regulatory responses to GHGs, including the

extraction and combustion of fossil fuels, to

address

the impacts of climate change.

There are

three primary

sources of

GHGs

associated with

the coal

industry: (i)

the combustion

of coal

by our

customers in coal-fired electricity generation, coke

plants, and steelmaking; (ii) combustion of fuel by equipment

used in coal production and to

transport our coal to our customers;

and (iii) coal mining itself, which can

release

methane,

more

potent

GHG

than

carbon

dioxide,

directly

into

the

atmosphere.

These

emissions

from

coal

consumption,

transportation

and

production

are

subject

active,

pending

and

proposed

regulation

the

jurisdictions in which we operate as part of initiatives to

address global climate change.

result,

numerous

proposals

have

been

made

and

are

likely

continue

made

the

international,

national, regional and state levels of government to monitor

limit and reduce emissions of GHGs.

For Example,

in accordance

with the

Australian Federal

Government’s

Safeguard

Mechanism,

Curragh has

production-adjusted (intensity) baseline for covered emissions (Scope

Table of Contents

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

In early 2025, the Curragh Complex entered into a five-year monitoring period

or MYMP.

The MYMP allows the

Curragh complex, given

the challenges for

abatement within

the industry, to implement

projects that progressively

reduce its emissions, achieving compliance with the

Safeguard baseline.

By the end of the MYMP,

Curragh is required to have taken action to keep its net Scope 1 emissions at or below

the baseline

through emissions

reduction projects

for example,

purchasing and

surrendering

Safeguard

Mechanism Credits (SMCs) or Australian

Carbon Credit Units (ACCUs), or face enforcement

measures.

The absence of regulatory certainty,

global policy inconsistencies and direct regulatory impacts

(such as carbon

taxes or

other charges)

each have

the potential

to adversely

affect our

operations—either directly

or indirectly,

through

suppliers

and

customers.

The

market

for

our

coal

may

adversely

impacted

comprehensive

legislation

regulations

focusing

GHG

emission

reductions

are

adopted,

particularly

they

directly

indirectly impact the

Met coal

industry.

The potential financial

impact on

such future legislation

or regulations

will depend upon

the degree to

which any such

legislation or regulations

impose costs

our customers,

cause

our

customers

diminish

their

reliance

coal.

That,

turn,

will

depend

number

factors,

including

the

specific

requirements

imposed

any

such

legislation

regulations

and

the

time

periods

over

which such legislation or

regulations would be

phased in. Collectively,

these initiatives and developments

could

result in

higher costs

or our

customers

or lower

the demand

for coal,

which

could

adversely

impact

our

business.

We face risks from both the

global transition to a net-zero emissions economy and

the potential physical

impacts of climate change.

We face risks from both the global transition to

a net-zero emissions economy and the potential physical impacts

of climate change.

Such risks

may involve financial,

policy,

legal, technological,

reputational and

other impacts

as we meet various mitigation and adaptation requirements.

The transition to a net-zero emissions economy is driven by

many factors, including, but not limited to, legislative

and regulatory rulemaking processes, campaigns undertaken by non-governmental organizations to minimize or

eliminate

the

use

coal,

and

the

sustainability-related

policies

financial

institutions

and

other

private

companies. We have

experienced, and may in

the future experience,

negative effects on our

results of operations

due to the

following specific

risks: electricity

generators or

steelmakers switching

from coal

to alternative

fuels,

when

feasible;

increased

costs

associated

with

regulatory

compliance;

unfavorable

impact

regulatory

compliance on supply and demand fundamentals, such as limitations on financing or construction

of new mining

operations;

unfavorable

costs

capital

and

access

financial

markets

and

products

due

the

policies

financial institutions; disruption to operations

or markets due to anti-coal activism

and litigation; and reputational

damage associated with involvement in GHG emissions.

We and

our customers

may also

have to

invest in

carbon-capture, usage

and storage

technologies in

order to

mine or

burn coal

and comply

with

future GHG

emission

standards.

The potential

direct

and indirect

financial

impact on us from future laws, regulations, policies and

technology developments may depend upon the degree

to which

any such

laws, regulations

and developments

force the

market and

customers to

reduce

reliance on

coal as a fuel source. Such developments could result in adverse impacts

on our financial condition or results of

operations. See Item 1. “Business—Regulatory

Matters—Australia” and “Business—Regulatory Matters—United

States.”

With respect to

the potential

or actual physical

impacts of climate

change, we

have experienced,

or may in

the

future experience, negative

effects on our results

of operations due to the

following specific risks:

disruptions to

production and transportation,

including as a

result of extreme wet

weather events; disruption

to water supplies

vital

mining

operations;

and

damage

our,

our

customers’

our

suppliers’

equipment,

third-party

infrastructure, resulting from adverse weather conditions

or changes in environmental trends and conditions.

Such risks from both the global transition to a net-zero emissions economy and the potential physical impacts

climate change could result in adverse impacts on our

financial condition or results of operations.

times

drought

and/or

shortage

available

water,

our

operations

and

production,

particularly

Curragh, could be negatively impacted if

the regulators impose restrictions on our

water offtake licenses

that are required for water used in the CPPs.

In Queensland,

all rights

to the

use, control,

and flow

of water

are vested

in the

state and

regulated under

the

Water

Act

(Qld).

Water

allocations

made

under

this

legislation

are

managed

operators,

such

SunWater Ltd, who administer their supply

through designated schemes.

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

For our

Curragh

Mine, we

have

secured

the

required

water

allocations

from SunWater

Ltd and

formalised

delivery

arrangements

through

infrastructure

agreements,

including

channel,

pipeline,

and

river

supply

agreements.

The amount

of water

that is

available to

be taken

under a

water entitlement

will vary

from year

to year

and is

determined by

water sharing rules

of the

relevant catchment area.

These rules

will, for

example, state

a procedure

for water supply scheme holders to calculate

the water available to an allocation holder,

based on available and

predicted supply.

In situations

of severely

constrained supply

(such as during

a drought),

supply contracts

with

the scheme operator generally provide for a

reduced apportionment, with certain uses (e.g., domestic use) being

given higher

priority.

possible that

during times

of drought

our water

offtake entitlements

in Australia

could

be reduced. If

our water offtake

entitlement is reduced,

our operations would

have to recycle

more of the

water

collected in

on-site dams

and former

mining pits,

from rainfall

and dewatering

activities, for

use in

the Curragh

CPP.

This may

impact our

ability to

maintain current

production levels

without incurring

additional costs,

which

could adversely impact our financial condition and results of

operations.

Economic, Competitive and Industry Risks

Our

business

may

materially

and

adversely

affected

the

impact

the

global

economy

due

among

other

events,

significant

geopolitical

tensions,

including

ongoing

civil

unrest

wars,

pandemics.

Geopolitical tensions, including ongoing civil unrest and wars, and global

pandemics or widespread public health

concerns can have

a significant impact

on global markets,

including influencing both

the supply of

and demand

for coal we sell into the export market and the cost or availability of supplies we consume in producing

our coal.

For

example,

global

markets

are

continuing

experience

volatility

and

disruption

with

current

geopolitical

tensions and

the military

invasion of

Ukraine by

Russia. This

military conflict

has led

to ongoing

sanctions and

other

penalties

being

levied

the

United

States,

the

European

Union

and

other

countries

against

Russia,

including expansive bans on imports and exports of products

to and from Russia.

addition,

international,

federal,

state

and

local

public

health

and

governmental

authorities’

mandates

response to global

pandemics could require

forced shutdowns

of our mines

and other facilities

in Australia

and

the U.S. for extended periods, and the implementation of social distancing protocols and restrictions on traveling

overseas

across

borders

(including

interstate),

affecting

number

our

normal

business

practices

and

operations. These

conflicts or pandemics

could cause disruptions

to mining operations,

manufacturing operations

and supply chains around the world.

The extent and duration of such

conflicts or pandemics could lead to market

disruptions, including

significant volatility

in commodity prices,

such as the

prices of the

coal we sell

and diesel

fuel

purchase,

instability

the

financial

markets,

higher

inflation,

supply

chain

interruptions,

political

and

social instability,

as well as an increase in cyberattacks and espionage.

Our

profitability

depends

upon

the

prices we

receive

for our

coal.

Prices

for

coal are

volatile

and

can

fluctuate widely based upon a number of factors beyond

our control.

We generate

revenue from

the sale

of coal

and our

financial

results

are materially

impacted by

the prices

receive. Prices and

quantities under Met

coal sales contracts

with North American

customers are generally

based

expectations

the

next

year’s

coal

prices

the

time

the

contract

entered

into,

renewed,

extended

re-opened. Pricing in the global seaborne market is typically

set on a rolling quarterly average benchmark price.

Sales by our

U.S. Operations to the

export market are

typically priced with reference

to a benchmark

index. Sales

by our Australian Operations have typically been contracted on an annual basis and are priced with reference

benchmark indices or bilaterally

negotiated term prices

and spot indices. As

a result, a significant

portion of our

revenue is

exposed to

movements in

coal prices

and any

weakening in

Met or

thermal coal

prices would

have

an adverse impact on our financial condition and results

of operations.

Expectations

regarding

future

prices

for

coal

depend

upon

many

factors

beyond

our

control,

including

the

following:

the current market price of coal;

overall domestic and global economic conditions,

including inflationary conditions and the supply

of and

demand for domestic and foreign coal, coke and steel;

the consumption pattern of industrial consumers, electricity generators

and residential users;

Table of Contents

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

adverse weather conditions in

our markets that

affect our ability to

produce Met coal

or affect the demand

for thermal coal;

competition from other coal suppliers;

technological advances affecting the steel production

process and/or energy consumption;

the costs, availability and capacity of transportation infrastructure;

and

the impact

of domestic

and foreign

governmental policy,

laws and

regulations, including

the imposition

of and changes

in tariffs, environmental

and climate change

regulations and

other regulations affecting

the

coal

mining

industry,

including

regulations

and

measures

introduced

response

global

pandemics.

Met coal

continues to

volatile commodity.

The demand

and supply

in the

Met coal

industry changes

from

time to time. There are no assurances that an oversupply of coal will not occur, that demand will not decrease or

that overcapacity

will not

occur,

which could

cause declines

in the

prices of

coal, which

could have

a material

adverse effect on our financial condition and results

of operations.

In addition, coal prices are highly

dependent on the outlook for coal consumption in

large Asian economies, such

as China, India, South Korea and Japan,

as well as any changes in government

policy regarding coal or energy

in those

countries.

Seaborne

Met coal

import

demand

can also

be significantly

impacted by

the

availability

local coal production, particularly in the leading Met coal import countries of China and India, among others, and

the

competitiveness

seaborne

Met

coal

supply,

including

from

the

leading

Met

coal

exporting

countries

Australia, the United States, Russia, Canada and Mongolia,

among others.

Demand for our Met coal is significantly dependent on

the steel industry.

The majority of

the coal that

we produce

is Met coal

that is

sold, directly

or indirectly,

to steel

producers and

used in blast furnaces for steel production. Met coal,

specifically high-quality HCC and low-volatile PCI,

which is

produced at most of our

assets, has specific physical

and chemical properties, which are

necessary for efficient

blast furnace operation.

Therefore, demand for

our Met coal is

correlated to demands

of the steel industry.

The

steel industry’s

demand for

Met coal

is influenced

number of

factors,

including: the

cyclical nature

of the

steel industry’s business; general economic and regulatory conditions and demand for steel; and the availability,

cost and preference for substitutes

for steel, such as aluminum,

composites and plastics, all of which

may impact

the demand for

steel products.

Similarly,

if new steelmaking

technologies or

practices are developed

that allow

other products to be substituted for Met coal in the

integrated steel mill process, then demand for Met coal would

be expected to decrease.

Although

conventional

blast

furnace

technology

has

been

the

most

economic

large-scale

steel

production

technology for a number of years, there can

be no assurance that over the longer term,

competitive technologies

not reliant on Met coal would not emerge, which could reduce the demand

and price premiums for Met coal. For

example, an alternative steelmaking process utilizing electric arc furnaces does not use coal as a manufacturing

input and accounted for 29.1% of steel production in 2024.

In addition, a significant reduction in the demand for

steel products would reduce

the demand for Met

coal, which could have

a material adverse effect

on our financial

condition and results of operations.

We face increasing competition, which could adversely

affect our profitability.

Competition

the

coal

industry

based

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 Met

coal producers

from Australia,

the United States, Russia, Canada, Mongolia and other Met coal producing countries.

Should those competitors

obtain a

competitive advantage in comparison

to us (whether

by way of

an increase in

production capacity, higher

realized

prices,

lower

operating

costs,

export/import

tariffs,

being

comparatively

less

impacted

result

global pandemics or otherwise),

such competitive advantage

may have an adverse

impact on our ability

to sell,

or the

prices at

which we

are able

to sell

coal

products.

In addition,

some of

our competitors

may have

more

production capacity

as well

as greater

financial, marketing

and distribution

resources, among

other resources,

than we do and may be subject to less stringent environmental

and other regulations than we are.

Table of Contents

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

The

ongoing

consolidation

the

global

Met

coal

industry

has

contributed

increased

competition,

and

our

competitive

position

may

adversely

impacted

further

consolidation

among

market

participants

competitors

exiting

bankruptcy

proceedings

under

lower

cost

structure.

Similarly,

potential

changes

international trade agreements,

trade concessions or

other political and

economic arrangements may

benefit coal

producers

operating

countries

other

than

the

United

States

and

Australia.

Other

coal

producers

may

also

develop

acquire

new

projects

increase

their

coal

production,

which

may

adversely

impact

our

competitiveness.

Some

our

global

competitors

have

significantly

greater

financial

resources,

such

that

increases in their coal production may affect domestic and foreign Met coal supply into the seaborne market and

associated prices and impact our ability to retain or attract Met coal customers. In addition, our ability to ship our

Met

coal

non-U.S.

and

non-Australian

customers

depends

port

and

transportation

capacity.

Increased

competition

within

the

Met

coal

industry

for

international

sales

could

result

not

being

able

obtain

throughput capacity at port facilities, as well as transport capacity, and could cause the rates for such services to

increase to a point where it is not economically feasible to export

our Met coal.

Increased competition, or a

failure to compete effectively,

in the markets in

which we participate

may result in a

loss of market share and could adversely affect our financial

condition and results of operations.

Evolving tariffs, regulations and other

restrictions on international trade

may impact our ability

to access

international markets and impact our ability to

plan for future investments, which could

adversely affect

our financial condition and results of operations.

The majority

of the

Met coal

produced by

our Australian

Operations is

exported by

seaborne transportation

steel producers

(primarily in

Asia). Met

coal produced

by our

U.S. Operations

is consumed

regionally by

North

American steel

producers or

exported by

seaborne transportation

to steel

producers (primarily

in Asia,

Europe

and South America).

Our access to international markets may be subject to ongoing interruptions and trade barriers

due to policies of

individual

countries,

and

the

actions

certain

interest

groups

restrict

the

import

export

certain

commodities. In

addition, the

Met coal

that we

export may

be subject

to tariffs.

For example,

during February

2025, the Chinese government announced tariffs on coal imported from

the U.S.

There can be no guarantee that

additional tariffs,

import quota restrictions,

bans or other

trade barriers will

not be imposed

(whether as a

result

of geopolitical tensions

or for other reasons)

on our products or

on steel.

We may or

may not be able to

access

alternate markets for our coal

should interruptions and trade

barriers occur in the future,

and we may be unable

to pass the costs of tariffs on to our customers.

An inability

for Met

coal suppliers

to access

international markets

may also

result in

an oversupply

of Met coal

and may

result

decrease

in prices

or the

curtailment

production,

which

could

have a

material

adverse

effect on our financial

condition and results of

operations. Additionally,

tariffs imposed by the

U.S. on the import

of certain

steel products

may impact

foreign steel

producers to

the extent

their production

is imported

into the

Future

tariffs

changes

tariffs

could

also

further

reduce

imports

steel

and

increase

Met

coal

demand from

U.S. steel

producers. This

additional U.S.

Met coal

demand could

be met

by reducing

exports of

Met coal from our U.S. operations and redirecting that

volume to domestic consumption.

Restrictions on international trade, including tariffs established by the U.S. and retaliatory tariffs from key trading

partners, may limit international

trade and adversely impact

global economic conditions. We

have taken actions

address

the

impact

evolving

trade

policies

and

will

continue

monitor

evolving

trade

negotiations

determine

additional

measures

are

warranted,

although

these

actions

may

not

successful.

cannot

determine

the

impact,

any,

that

such

restrictions

and

tariffs

may

have

demand

for

our

Met

coal.

These

conditions

could result

in continuing

uncertainty

regarding

our ability

to access

international

markets and

may

limit our ability

to plan for

future investments, which

could adversely

affect our

financial condition and

results of

operations.

If transportation for our coal becomes unavailable or uneconomical for our customers,

our ability to sell

coal could suffer.

Our coal is transported to customers by a combination

of road, rail, barge and ship.

Table of Contents

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

Typically,

we sell coal at the mine

gate and/or loaded into vessels at

the port. While ordinarily our coal

customers

arrange

and

pay

for

transportation

coal

from

the

mine

port

the

point

use,

have

entered

into

arrangements

with

third

parties

gain

access

transportation

infrastructure

and

services

where

required,

including trucking companies, rail carriers and

port owners. Where coal is exported

or sold other than at

the mine

gate,

the

costs

associated

with

these

arrangements

represent

significant

portion

both

the

total

cost

supplying coal to customers

and of our production

costs. As a result,

the cost of transportation

is not only a key

factor in our cost base,

but also in the purchasing decision

of customers. Transportation costs may increase, and

we may not be able to pass

on the cost increases to our customers. For example, where

transportation costs are

connected

market

demand,

costs

may

increase

usage

and

other

market

participants

increases.

Significant increases

in transport

costs due

to factors

such as

fluctuations in

the price

of diesel

fuel, electricity

and demurrage

or environmental

requirements,

could

make our

coal less

competitive when

compared

to coal

produced

from

other

regions

and

countries.

the

transportation

capacity

secured

our

port

and

rail

agreements is based on assumed production volumes, we

may also have excess transportation capacity (which,

in the case of take-or-pay agreements, we may

have to pay for even if unused) if our actual

production volumes

are lower than our

estimated production volumes. Conversely, we may not have

sufficient transportation capacity

if our actual production volumes

exceed our estimated production

volumes, if we are unable

to transport the full

capacity due

to contractual

limitations or

if any

deterioration in

our relationship

with brokers

and intermediaries

results in

a reduction

in the

proportion of

coal purchased

FOR from

our U.S.

Operations (and

a corresponding

increase in the proportion of coal purchased FOB).

The delivery

of coal

produced by

our mining

operations

is subject

to potential

disruption and

competition from

other network

users, which

may affect

our ability

to deliver

coal to

our customers

and may

have an

impact on

productivity and profitability.

Such disruptions to transportation services may include,

among others:

disruptions due to weather-related problems;

key equipment or infrastructure failures;

industrial action;

rail or port capacity congestion or constraints;

commercial disputes;

failure to

obtain

consents

from

third

parties

for

access

to rail

or land,

or access

being

revoked

or not

granted by regulatory authorities;

changes in applicable regulations;

failure or delay in the construction of new rail or port capacity;

and

terrorist attacks,

natural disasters,

the impact

from global

pandemics,

government

shutdowns or

other

events.

Any

such

disruptions,

any

deterioration

the

reliability

services

provided

our

transportation

service

providers, could

impair our

ability to

supply coal

to our

customers, result

in decreased

shipments and

revenue

and adversely affect our results of operations.

Take-or-pay arrangements within the

coal industry could unfavorably affect our profitability.

Our Australian Operations generally contract port and rail capacity via

long-term take-or-pay contracts, currently

with Aurizon Operations and Pacific

National Pty Ltd,

for transport to and export

from the Port of Gladstone

via

two main port terminals, RGTCT and WICET.

We may enter into other take-or-pay arrangements

in the future.

Where we have entered into take-or-pay contracts, we will generally be required to pay for our

contracted port or

rail capacity, even

is not

utilized by

other shippers. Although

the majority

of our

take-or-pay arrangements

provide security over minimum port and

rail infrastructure availability,

unused port or rail capacity can

arise as a

result

varying

unforeseen

circumstances,

including

insufficient

production

from

given

mine,

mismatch

between the

timing of

required port

and rail

capacity

for a

mine, or

an inability

to transfer

the unused

capacity

due to contractual limitations, such as required consent of

the provider of the port or rail

services, or because the

coal

must

emanate

from

specified

source

mines

loaded

onto

trains

specified

load

points.

Paying

for

unused transport

capacity could

materially and

adversely affect

our cost

structures and

financial performance.

See

Item 7.

“Management’s

Discussion

and

Analysis

Financial

Condition

and

Results

Operations”

for

summary of our expected future obligations under take

-or-pay arrangements as of December 31, 2025.

Table of Contents

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

A decrease in

the availability

or increase

in costs of

key supplies, capital

equipment, commodities

and

purchased components,

such as diesel

fuel, steel,

explosives and

tires,

could materially

and adversely

affect our financial condition and results of operations.

Our mining operations require a reliable

supply of large quantities of fuel,

explosives, tires, steel-related products

(including

roof

control

materials),

lubricants

and

electricity.

The

prices

pay

for

commodities

are

strongly

impacted by the global

market. In situations where

we have chosen to

concentrate a large portion

of purchases

with one supplier, it has been to take

advantage of cost savings from larger volumes of

purchases and to support

security of supply.

If the cost

of any of

these key supplies

or commodities increase

significantly,

source

for these

supplies

or mining

equipment

is unable

to meet

our replacement

demands,

our profitability

could

reduced or we could experience a delay or halt in our

production.

Prices for

equipment, materials, supplies

and employee

labor contractor

services have

recently increased. Similar

to recent

years, long-term

inflationary pressures

may result

in such

prices continuing

to increase

more quickly

than expected. Inflation increases costs for materials, labor and services, and

we may be unable to secure these

resources on economically acceptable

terms or offset such

costs with increased

revenues, operating efficiencies,

cost

savings,

which

may

adversely

impact

our

financial

condition,

results

operations,

liquidity,

and

cash

flows.

Our coal production and production costs can be materially and adversely impacted by unexpected shortages or

increases in the costs of consumables, spare parts,

plant and equipment. For example, operation

of the thermal

dryer located at

the CPP at

Buchanan is dependent

upon the delivery

of natural gas

and there is

currently only

one natural gas supplier

in the area. Although

we have entered into

a gas purchase agreement

with that supplier,

this

agreement

can

terminated

30 days’

notice

and

any

delay

inability

negotiate

replacement

agreement

would

impact

our

costs

production

would

need

change

our

processing

method

Buchanan.

Defects in

title or

loss of

any leasehold

interests in

our properties

could limit

our ability

to mine

these

properties or result in significant unanticipated costs.

In Queensland,

where all

of our

Australian Operations

are carried

out, exploring

or mining

for coal

is unlawful

without a tenement granted by the Queensland

government. The grant and renewal of tenements

are subject to

a regulatory regime and each

tenement is subject to certain

conditions. There is no certainty

that an application

for the grant of a

new tenement or renewal

of one of the

existing Tenements

at Curragh will be

granted at all or

satisfactory

terms

within

expected

timeframes.

Further,

the

conditions

attached

the

Tenements

may

change at the time they are renewed. There is

a risk that we may lose title to

any of our granted Tenements if we

fail to comply with

the Tenement

conditions and other

applicable legislative requirements

(including payment of

Australian state royalties) or if the land that

is subject to the title is required for public

purposes. The Tenements

have expiration dates ranging from May 31, 2026 to July 31, 2044 and, where renewal is required, there is a risk

that the Queensland government may change the terms and conditions

of such Tenement

upon renewal.

the

United

States,

title

leased

property

and

mineral

rights

generally

secured

prior

permitting

and

developing a property. In some cases,

we rely on title information or representations and warranties provided by

our lessors, grantors

or other third

parties. Our right

to mine some

of our reserves

may be adversely

affected if

defects in

title or

boundaries

exist or

lease expires.

Any challenge

to our

title or

leasehold interests

could

delay the exploration and development of the property and could ultimately result in the loss of some

or all of our

interest in the property and, accordingly, require us to reduce our estimated coal

reserves. In addition, if we mine

on property that we do not

own or lease, we could incur

civil damages or liability for

such mining and be subject

to conversion, negligence, trespass, regulatory sanction and penalties. Certain leases have minimum production

requirements or require us

to commence mining operations in

a specified term to

retain the lease. Failure

to meet

those requirements could result

in losses of prepaid royalties

and, in certain rare

cases, could result in a

loss of

the lease itself.

the

United

States,

predominantly

access

our

mining

properties

through

leases

with

range

private

landholders. If

a default

under a

lease for

properties on

which we

have mining

operations were

to result

in the

termination of the

applicable lease,

we may have

to suspend

mining or significantly

alter the sequence

of such

mining operations, which may adversely affect our

future coal production and future revenues.

obtain

leases

mining

contracts

conduct

our

Operations

properties

where

defects

exist

negotiate extensions or amendments

to existing leases, we

may in the future have

to incur unanticipated costs.

In addition, we may

not be able

to successfully negotiate new leases

or mining contracts for

properties containing

additional

reserves

maintain

our

leasehold

interests

properties

where

have

not

commenced

mining

operations during the term of the lease.

Table of Contents

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

A defect in our title or the loss of any lease or Tenement

upon expiration of its term, upon a default or otherwise,

could adversely affect our ability to mine the associated

reserves or process the coal we mine.

We may

be unable

to obtain,

renew or

maintain permits necessary

for our

operations, which

would reduce

coal production, cash flows and profitability.

Our performance

and

operations

depend

on, among

other things,

being able

obtain on

a timely

basis,

and

maintain,

all

necessary

regulatory

approvals,

including

any

approvals

arising

under

applicable

mining

laws,

environmental

regulations

and

other

laws,

for

our

current

operations

and

our

expansion

and

growth

projects.

Examples

regulatory

approvals

that

must

obtain

and

maintain

include

mine

development

approvals,

environmental

permits

and,

Australia,

tenure

and

approvals

relating

native

title

and

indigenous

cultural

heritage.

addition,

our

operations

depend

our

ability

obtain

and

maintain

consents

from

private

land

owners and good relations with local communities.

The requirement

to obtain

and maintain

approvals and

address potential

and actual

issues for

former,

existing

and future

mining

projects

is common

to all

companies

in the

coal sector.

However,

there is

no assurance

guarantee that we

will obtain,

secure, or be

able to maintain

any or all

of the required

consents, approvals

and

rights necessary to maintain our current

production profile from our existing

operations or to develop our

growth

projects

manner

which

will result

profitable

mining

operations

and/or

achieve

our long-term

production

targets. The permitting rules, and

the interpretations of these rules,

are complex, change frequently and

are often

subject to the interpretation of the regulators that

enforce them, all of which may make compliance more

difficult

or impractical,

and may

possibly preclude

the continuance

of ongoing

operations or

the development

of future

mining operations. In states where we operate, applicable laws and

regulations also provide that a mining permit

or modification can, under certain circumstances, be delayed, refused or revoked if we or any entity that owns or

controls or is under common ownership

or control with us has unabated permit

violations or has been the subject

of permit

or reclamation

bond revocation

or suspension.

Thus,

past or

ongoing violations

of federal

and state

mining laws by us or such entity could provide

a basis to revoke existing permits, deny the issuance of additional

permits or modify or amend existing permits.

The permitting required for coal mining

continues to be the subject

increasingly

stringent

regulatory

and

administrative

requirements

and

extensive

activism

and

litigation

environmental

groups.

this

trend

continues,

could

materially

and

adversely

affect

our

mining

operations,

development and

expansion plans,

cost structures,

the transport

of coal

and our

customers’ ability

to use

coal

produced by our mines, which, in turn,

could have a material adverse effect on our financial condition and

results

of operation.

In particular,

certain of

our activities

require a

dredge and

fill permit

from the

USACE under

Section 404 of

the

CWA. In

recent years, the

Section 404 permitting

process has

been subject to

increasingly stringent

regulatory

and administrative

requirements

and a

series of

court challenges,

which have

resulted in

increased costs

and

delays in the permitting process.

Additionally,

may

rely

nationwide

permits

under

the

Section 404

program

the

CWA

for

some

our

operations. These nationwide permits are issued every five years.

If we are unable to use

the nationwide permits

program and require an individual permit for certain work,

that could delay operations.

are unable

to obtain

and maintain

the approvals,

consents and

rights required

for our

current and

future

operations,

we obtain

approvals subject

to conditions

or limitations,

the

economic

viability of

the relevant

projects may be

adversely affected,

which may in

turn result in

the value of

the relevant assets

being impaired,

which could have a material adverse effect

on our financial condition and results of operations.

shortage

skilled

labor

the

mining

industry

could

pose

risk

achieving

improved

labor

productivity.

Efficient coal mining using modern techniques and equipment requires

skilled workers, preferably with at least a

year of experience and proficiency in multiple

mining tasks. Any reduced availability or future

shortage of skilled

labor in the

Australian and U.S.

mining industries could

result in us

having insufficient

personnel to operate

our

business,

or expand

our production,

particularly

in the

event there

increase

in the

demand

for our

coal,

which could adversely affect our financial condition

and results of operations.

Table of Contents

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

Operational and Technology

Risks

Risks

inherent

mining

operations

could

impact

the

amount

coal

produced,

cause

delays

suspension of coal deliveries, or increase the cost

of operating our business.

Our

mining

operations,

including

exploration,

development,

preparation,

product

handling

and

accessing

transport infrastructure,

may be affected

by various operational

difficulties that

could impact the

amount of coal

produced at our

coal mines, cause

delays in or

suspension of coal

deliveries, or increase

the cost of mining

for

varying

length

time.

Our

financial

performance

dependent

our

ability

sustain

increase

coal

production and maintain

or increase

operating margins.

Our coal production

and production costs

are, in many

respects, subject

to conditions

and events

beyond our

control, which

could disrupt

our operations

and have

significant impact on our financial results. Adverse operating

conditions and events that we have experienced

the past or may experience in the future include:

a failure to achieve the Met coal qualities or quantities

anticipated from exploration activities;

variations in

mining and

geological

conditions from

those anticipated,

such as

variations in

coal seam

thickness and quality,

and geotechnical conclusions;

operational and technical

difficulties encountered in mining,

including equipment failure,

delays in moving

longwall equipment, drag-lines and other equipment and maintenance

or technical issues;

adverse weather conditions

or natural or

man-made disasters, including

hurricanes, cyclones, tornadoes,

floods, droughts, bush

fires, seismic activities,

ground failures, rock

bursts, structural cave-ins

or slides

and other catastrophic events (such as global pandemics);

insufficient or unreliable infrastructure, such as power,

water and transport;

industrial and

environmental accidents,

such as

releases of

mine-affected water

and diesel

spills (both

of which have affected our Australian Operations

in the past);

industrial disputes and labor shortages;

mine safety accidents, including fatalities, fires and explosions

from methane and other sources;

competition

and

conflicts

with

other

natural

resource

extraction

and

production

activities

within

overlapping operating areas, such as natural gas extraction

or oil and gas development;

unexpected shortages, or increases in the costs, of consumables,

spare parts, plant and equipment;

cyberattacks or

other cybersecurity

incidents that

could disrupt

systems we

rely on

for our

operations;

and

other security breaches or terrorist acts.

If any

of the

foregoing conditions

or events

occurs and

is not

mitigated or

excusable as

a force

majeure event

under

our

coal

sales

contracts,

any

resulting

failure

our

part

deliver

coal

the

purchaser

under

such

contracts

could

result

economic

penalties,

demurrage

costs,

suspension

cancellation

shipments

ultimately termination

of such

contracts, which

could

have a

material adverse

effect

on our

financial condition

and results of operations.

Our U.S.

Operations

are concentrated

in two

mines

in the

CAPP,

and

our Australian

Operations

include

two

open cut mines (Curragh North and Curragh South)

and one underground mine (Mammoth) in the Bowen

Basin

of Australia.

result, the

effects of

any of

these conditions

or events

may be

exacerbated and

may have

disproportionate impact on our results of operations and assets. Any such

operational conditions or events could

also result

in disruption

to key

infrastructure (including

infrastructure located

serving our

mining activities,

as well as the infrastructure that supports freight

and logistics). These conditions and events could

also result in

the

partial

complete

closure

particular

railways,

ports

significant

inland

waterways

sea

passages,

potentially resulting in higher costs, congestion, delays or cancellations on certain transport routes.

Any of these

conditions or events could adversely impact our business

and results of operations.

Table of Contents

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

Our long-term

success depends

upon our

ability to

continue discovering,

or acquiring

and developing

assets containing, coal reserves that are economically

recoverable.

Our recoverable reserves decline

as we produce coal.

Our long-term outlook depends

on our ability to maintain

a commercially viable portfolio of coal reserves that are economically recoverable. Failure to acquire or discover

new coal reserves or

develop new assets could negatively

affect our financial condition and

results of operations.

Exploration activity may occur adjacent to established

assets and in new regions. These activities

may increase

land tenure,

infrastructure

and related

political risks.

Failure to

discover or

acquire new

coal reserves,

replace

coal reserves or develop new assets or operations in sufficient quantities to maintain or grow the

current level of

reserves could negatively affect our financial condition

and results of operations.

Potential changes to our portfolio of assets through acquisitions and divestments may have an adverse effect on

future results

of operations

and financial

condition. From

time to

time, we

may add

assets to,

or divest

assets

from, our portfolio. There are a number of risks associated with historical

and future acquisitions or divestments,

including, among others:

adverse market

reaction to

such acquisitions

and divestments

or the

timing or

terms on

which acquisitions

and divestments are made;

imposition of adverse regulatory conditions and obligations;

geopolitical risks;

commercial objectives not being achieved as expected;

unforeseen liabilities arising from changes to the portfolio;

sales revenues and operational performance not meeting

expectations;

anticipated synergies or cost savings being delayed or not

being achieved; and

inability to retain key staff and transaction-related costs

being more than anticipated.

These factors could materially and adversely affect

our financial condition and results of operations.

We rely

on estimates

of our

recoverable resources

and reserves,

which are

complex due

to geological

characteristics of the properties and the number of

assumptions made.

We rely on estimates of our recoverable resources and reserves.

In this Annual Report on Form 10-K, we report

our estimated resources

and reserves in

accordance with

subpart 1300

of Regulation S-K

under the Exchange

Act. See Item

2. “Properties.”

Subpart 1300 of

Regulation S-K requires

us to disclose

our mineral resources,

addition to

our mineral reserves.

In addition,

ASX-listed company, our ASX disclosures

follow the Australian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

the

JORC

Code.

Accordingly,

our estimates

of resources

and reserves

in this

Annual Report

on Form

10-K and

in other

reports

that

are

required

file

with

the

SEC

may

different

than

our

estimates

resources

and

reserves

reported in our ASX disclosures.

Coal

economically

recoverable

when

the

price

which

can

sold

exceeds

the

costs

and

expenses

mining

and

selling

the

coal.

The

costs

and

expenses

mining

and

selling

the

coal

are

determined

mine-by-mine basis, and as a result, the price at which our coal is economically recoverable varies based on the

mine. We

base our resource

and reserve

information on geologic

data, coal ownership

information and current

and

proposed

mine

plans,

and

mining

cost

assumptions

may

affected

changes

mine

planning

scheduling over

time. There

are numerous

uncertainties

inherent in

estimating

quantities

and qualities

of coal

and

costs

mine

recoverable

reserves,

including

many

factors

beyond

our

control.

There

are

inherent

uncertainties and risks associated with such estimates, includi

geologic and mining conditions,

which may not be

fully identified by available

exploration data and may

differ from our experience and assumptions in areas

we currently mine;

current

and

future

market

prices

for

coal,

contractual

arrangements,

operating

costs

and

capital

expenditures;

severance and

excise

taxes,

unexpected

governmental

taxes, royalties

stamp

duty and

development

and reclamation costs;

Table of Contents

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

future mining technology improvements;

the effects of regulation by governmental agencies;

the ability to obtain, maintain and renew all required permits;

employee health and safety; and

historical production from the area compared with production from

other producing areas.

Except

for

that

portion

mineral

resources

classified

mineral

reserves,

mineral

resources

not

have

demonstrated economic value. Even

if a mineral

resource exists, there can

be no assurance that

any part of

such

mineral resource will ever be converted to mineral reserves.

In addition, estimates of coal resources and reserves are revised based on actual production experience, and/or

new exploration

information and therefore

the estimates

of coal resources

and reserves

are subject to

change.

Should we

encounter geological

conditions or

qualities different

from those

predicted by

past drilling,

sampling

and similar examinations, estimates

of coal resources and reserves

may have to be adjusted

and mining plans,

coal processing and infrastructure may have to be

altered in a way that might adversely affect our operations. As

a result, our estimates may not accurately reflect

our actual future coal resources and

reserves and the quantity

and quality

the coal

that

we recover

may be

less

than the

resource

and reserve

estimates

included

this

Annual Report

on Form

our actual

coal resources

and reserves

are less

than current

estimates, or

the

rate at

which they

are recovered

is less

than estimated

or results

in higher

than estimated

costs, our

financial

condition and results

of operations may be materially and adversely affected.

Our

profitability

could

affected

adversely

the

failure

suppliers

and/or

outside

contractors

perform.

We use contractors and

other third parties for

exploration, mining and other

services generally, and we are reliant

on several

third parties

for the

success of

our current

operations and

the development

of our

growth projects.

While this is normal

practice for the mining industry, problems caused by third

parties may arise, which may

have

an impact on our performance and operations. In particular,

the majority of workers at our Australian Operations

are employed by contractors, including Thiess Pty Ltd, Golding Contractors

Pty Ltd and Mammoth Underground

Mine Management Pty Ltd.

Operations

our

mines

may

interrupted

for

extended

period

the

event

that

lose

any

our

key

contractors (because their contract is

terminated or expires) and we

are required to replace them. There can

no assurance that skilled third parties or contractors will continue to be available at reasonable rates or at all. As

we do not have

the same control over

contractors as we do over

employees, we are also exposed

to risks related

to the quality or continuation of the services of,

and the equipment and supplies used by, our contractors, as well

as risks

related to

the compliance

of our

contractors

with environmental

and health

and safety

legislation

and

internal

policies,

standards

and processes.

Any failure

by our

key

contractors

comply with

their

obligations

under our

operating agreements

with them

(whether as

a result

of financial,

safety or

operational difficulties

otherwise), any

termination

or breach

of our

operating

agreements

by our

contractors,

any protracted

dispute

with a contractor,

any inability to perform

due to global

pandemics or other

health concerns,

any material labor

dispute between our contractors and their

employees or any major labor action

by those employees against our

contractors, could have a material adverse effect

on our financial condition and results of operations.

Further, in

periods of high

commodity prices, demand

for contractors may

exceed supply resulting

in increased

costs or lack

of availability

of key contractors.

Disruptions of

operations or

increased costs also

can occur as

result of disputes with contractors or a shortage

of contractors with particular capabilities. To

the extent that any

of the foregoing risks were to materialize, our operating

results and cash flows could be adversely affected.

Table of Contents

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

Our inability to replace or

repair damaged or destroyed

equipment or facilities in

a timely manner could

materially and adversely affect our financial condition

and results of operations.

We depend on several

major pieces of mining

equipment and facilities to

produce and transport coal,

including,

but

not

limited

longwall

mining

systems,

continuous

miners,

draglines,

dozers,

excavators,

shovels,

haul

trucks, conveyors,

CPPs and

rail loading

and blending

facilities. Obtaining

and repairing

these major

pieces of

equipment often involves long lead

times. If any of these

pieces of equipment and facilities suffers major

damage

or is destroyed by fire,

abnormal wear and tear,

flooding, incorrect operation or

otherwise, we may be unable

replace or repair them in a timely manner or at a reasonable cost, which would impact our ability

to produce and

transport

coal

and

could

materially

and

adversely

affect

our financial

condition

and

results

operations.

Our

ability to replace or

repair damaged or destroyed

equipment or facilities

may also be dependent

on suppliers or

manufacturers remaining operational and

having the relevant equipment, workforce

or services available for us.

Suppliers

and

manufacturers

may be

unable

provide

such

equipment,

work

force

or service

for

range

reasons that are beyond our control.

Additionally, regulatory agencies sometimes make changes with regard to requirements for pieces of

equipment.

Such changes can impose costs on us and can cause delays if manufacturers and suppliers are unable to make

the required changes in compliance with mandated deadlines.

Our

ability to

operate effectively

could

be impaired

lose key

personnel

or fail

attract qualified

personnel.

We manage our business with a number of key personnel, the

loss of whom could affect our future performance,

absent the completion of an orderly

transition. In addition, we believe that

our future success will depend on

our

continued

ability

attract

and

retain

highly

skilled

and

qualified

personnel

tight

labor

markets,

particularly

personnel

with

mining

experience.

While

have

entered

into

employment

contracts

with

number

key

personnel in Australia and the United States,

we cannot provide assurance that key personnel will continue

employed or that we will be

able to attract and retain qualified

personnel in the future. Failure

to retain or attract

key personnel could have

a material adverse effect on

our business, financial condition and

results of operations.

We may not have adequate insurance coverage

for some business risks.

We have insurance

coverage for certain

operating risks that

provides

limited coverage

for some

potential liabilities

associated with our

business. As

a result of

market conditions, premiums

and deductibles for

certain insurance

policies

can

increase

substantially,

and

some

instances,

certain

insurance

may

become

unavailable

available only for reduced amounts of coverage. As a result, we may not be able

to renew our existing insurance

policies or

procure

other

desirable

insurance

on commercially

reasonable

terms,

all. In

addition,

may

become subject

to liability

(including in

relation to

pollution, occupational

illnesses

or other

hazards),

or suffer

loss resulting from

business interruption, for

which we are

not insured (or

are not sufficiently

insured) or cannot

insure, including liabilities in respect of past activities.

Should we suffer a

major uninsured loss, future

financial performance could be

materially and adversely affected.

In addition, insurance

may not continue

to be available

at economically acceptable

premiums or coverage

may

be reduced. As a result, the

insurance coverage may not cover

the full scope and extent of claims

against us or

losses we

may incur.

The occurrence

significant

adverse event

not fully

or partially

covered by

insurance

could have a material adverse effect on our financial

condition and results of operations.

Table of Contents

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

Cybersecurity

incidents,

attacks

and

other

similar

crises

disruptions

could

interrupt

disrupt

our

information technology systems,

or those

of our

third-party business partners,

which could, among

other

things, negatively affect our business, financial

condition and results of operations.

Our business may be impacted by cybersecurity incidents, cyberattacks, system failures and other cybersecurity

threats to our

information networks

and systems,

as well as

those of our

third-party business

partners, and

the

information stored on those

networks and systems.

Strategic targets, such

as energy-related assets,

may be at

greater risk

of cybersecurity

incidents, attacks,

and threats

than other

targets in

the United

States or

Australia.

Cybersecurity incidents and similar attacks vary in

their form and can include

the deployment of harmful malware

or ransomware, denial-of-services attacks, and other attacks,

which may affect business continuity and threaten

the

availability,

confidentiality

and

integrity

our

systems

and

information.

Cybersecurity

incidents

can

also

include fraud, phishing

or other social

engineering attempts or

other methods to

cause confidential information,

payments,

account

access

access

credentials,

other

data

transmitted

unintended

recipient.

Cybersecurity

threat

actors

also

may

attempt

exploit

vulnerabilities

through

software

including

software

commonly

used

companies

cloud-based

services

and

bundled

software.

While

have

experienced

cybersecurity threats and cybersecurity incidents, these events have

not materially affected our strategy,

results

of operations or financial condition to date. Although we maintain a cyber insurance policy, there is no guarantee

that such coverage will be sufficient

to address costs, liabilities and damages

we may incur in connection with a

cybersecurity incident

or that

such coverage

will continue

available

on commercially

reasonable terms

at all.

possible that

any such

occurrences could

have a

material adverse

effect

on our

business, financial

condition and results of operations.

In addition,

a disruption

failure of,

our

information

technology,

systems

or those

our third-party

business partners, and

the information stored

on those

networks and

systems could adversely

affect our business

operations and financial

performance. We

rely on the

accuracy,

capacity and security

of our IT

systems for

the

operations of many of our

business processes and to

comply with regulatory,

legal and tax requirements.

While

maintain

some

our

critical

systems,

are

also

dependent

third

parties

provide

important

services

relating

among

other

things,

human

resources,

electronic

communications

and

certain

finance

functions. Despite the security measures

that we have implemented, including

those related to cybersecurity, our

systems,

or third-party systems

on which we

rely, could be breached,

disrupted or damaged by

computer viruses,

natural

manmade

incidents,

accidents,

failures,

disasters

unauthorized

physical

electronic

access.

Though we have controls in place, we cannot provide assurance that a cybersecurity incident or similar attack or

failure will not occur.

Furthermore, we may

have little or

no oversight with

respect to security

measures employed by

third-party service

providers,

which

may

ultimately

prove

ineffective

countering

threats.

currently

not

have

any

indication that

any risks from

cybersecurity threats

have had,

or are reasonably

likely to have,

a material

effect

on our business strategy,

results of operations or financial condition.

Failures

our

systems,

whether

caused

maliciously

inadvertently,

may

result

the

disruption

our

business processes, the unauthorized release of sensitive, confidential or otherwise protected information or the

corruption of data, which could

adversely affect our business

operations and financial performance.

We may be

required to

incur significant

costs to

protect against

and remediate

the damage

caused by

such disruptions

system failures

in the future.

A cybersecurity

incident relating

to our

information or

systems or

that of our

third-

party business partners,

or any failure

our third-party

business partners to

effectively address,

enforce

and maintain our information

technology infrastructure and cybersecurity

requirements may result

in substantial

harm

our

business

strategy,

results

operations

and

financial

condition,

including

major

disruptions

business operations,

loss of

intellectual property,

release of

confidential information,

alteration or

corruption of

data or systems,

costs related to

remediation or

the payment of

ransom, litigation

including individual claims

consumer class actions, commercial litigation,

administrative, civil or criminal

investigations or actions, regulatory

intervention,

sanctions or fines, investigation and remediation costs

and negative publicity.

Financial and Strategic Risks

The loss

significant reduction

in, purchases

by our

largest customers

could adversely

affect our

revenues.

A significant portion of the sales of our Met coal is to

customers with whom we have had long-term relationships.

The success of our business depends on our

ability to retain our current customers, renew our existing customer

contracts

and

solicit

new

customers.

Our

ability

generally

depends

variety

factors,

including

having our mines

operational, having the type

and quantity of

coal available, the quality

and price of

our products,

our ability to market these products effectively, our ability to deliver on a timely basis and the level of competition

that we face.

Table of Contents

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

In addition, our

sales contracts

generally contain

provisions that

allow customers

to suspend or

terminate if

commit a material breach of the terms of the contract, a change in law

restricts or prohibits a party from carrying

out its

material obligations

under the

contract or

a material

adverse change

occurs in

our financial

standing or

creditworthiness. If customers suspend

or terminate existing contracts,

or otherwise refuse to

accept shipments

of our Met

coal for which

they have an

existing contractual

obligation, our revenues

will decrease, and

we may

have to reduce production at our mines until our customers’

contractual obligations are honored.

For the

year ended

December 31,

2025, our

top ten

customers comprised

our total

revenue and

our

top five customers comprised

51.1% of our total revenue. For the year ended December

31, 2025, sales to Tata

Steel

and

ArcelorMittal

represented

and

respectively,

our

total

revenue.

The

majority

our

sales are made on

a spot basis or

under contracts with terms

of typically one year. The failure

to obtain additional

customers or the

loss of all

or a portion

of the revenues

attributable to any

customer as a

result of competition,

creditworthiness, inability

to negotiate extensions,

replacement of contracts,

or otherwise, may

adversely affect

our business, financial condition and results of operations

If our ability

to collect

payments from

customers is

impaired, our

revenues and

operating profits

could

suffer.

Our

ability

receive

payment

for

coal

sold

and

delivered

will

depend

the

continued

creditworthiness

and

contractual performance of our customers and counterparties. For certain customers, we require the provision of

a letter of credit as

security for payment. The inability of key customers

to procure letters of credit (due

to general

economic conditions or the

specific circumstances of the

customer) may restrict our

ability to contract with such

customers

result

fewer

sales

contracts

being

executed,

which

could

materially

and

adversely

affect

our

financial condition and

results of operations.

For certain of

our large

customers in Australia

who have

not provided

letters of credit or

other forms

of security,

we maintain an insurance

policy to cover any

failure in payment. This

insurance coverage, however,

may not cover the full scope

and extent of losses we

may incur as the result

payment default or otherwise.

If a customer

does not

pay amounts

due in

a timely

manner,

we may

decide to sell

the customer’s coal

on the

spot market, which may be

at prices lower than the contracted

price, or we may be unable

to sell the coal at all.

If our customers’ or counterparties’ creditworthiness deteriorates,

our business could be adversely affected.

Changes in credit

ratings issued by

nationally recognized statistical

rating organizations could

adversely

affect our cost of financing and the market price

of our securities.

Credit rating agencies

could downgrade our ratings

due to factors specific

to our business,

a prolonged cyclical

downturn in the

mining industry or

macroeconomic trends

(such as global

or regional recessions)

and trends in

credit

and

capital

markets

more

generally.

Any

decline

our

credit

ratings

would

likely

increase

our

cost

financing,

limit

our

access

the

capital

markets,

significantly

harm

our

financial

condition

and

results

operations,

hinder

our

ability

refinance

existing

indebtedness

acceptable

terms,

all,

and

have

adverse effect on the market price of our securities.

Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our

business, which could prevent us

from fulfilling our obligations under

our senior secured notes, the

ABL

Facility and other

debt, and we

may be forced

to take other actions

to satisfy our

obligations under

our

debt, which may not be successful.

December 31,

had $400.0

million aggregate

principal amount

of our

senior secured

notes due

2029 outstanding and $272.1 million

(A$406.6 million) aggregate principal amount

of borrowings under the ABL

Facility. As of December

31, 2025, our borrowing facilities had been fully drawn.

We dedicate a

portion of our

cash flow from

operations to the

payment of debt

service, reducing the

availability

of our cash flow

to fund capital expenditures,

acquisitions or strategic

development initiatives and

other general

corporate purposes. Our ability to make scheduled payments

on or to refinance our debt obligations will depend

on our

ability to

generate cash

in the

future and

our financial

condition

and operating

performance, which

are

subject

to prevailing

economic

and

competitive

conditions

and

to certain

financial,

business

and

other factors

beyond our control.

There can be

no assurance that

we will maintain

a level of

cash flows from

operating activities

sufficient to

permit us

to pay

the principal,

premium, if

any,

and interest

on our

debt. In

addition, any

failure to

comply with covenants in the instruments governing our debt agreements could result in an event of default that,

if not cured or waived, would have a material adverse

effect on us.

Table of Contents

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

Our

level

indebtedness

could

have

further

consequences,

including,

but

not

limited

increasing

our

vulnerability to adverse

economic or industry

conditions, placing us

at a competitive

disadvantage compared

other businesses

in the

coal industry

that are

not as

leveraged and

that may

be better

positioned to

withstand

economic downturns, limiting our flexibility to

plan for, or react to,

changes in our business and the coal

industry

generally,

and requiring us to

refinance all or a portion

of our existing debt.

We may not be able

to refinance on

commercially reasonable

terms or

at all,

and any

refinancing

of our

debt could

higher interest

rates and

may require us to comply with more onerous covenants, making it more difficult to obtain surety bonds, letters of

credit or

other financial

assurances that

may be

demanded by

our vendors

or regulatory

agencies, particularly

during periods in which credit markets are weak.

are

unable

service

our

debt

obligations,

could

face

substantial

liquidity

problems

and

may

forced to

reduce or delay

investments and capital

expenditures, or to

sell assets, seek

additional capital, including

additional secured or unsecured debt, or restructure or refinance our debt, and we may be unable to continue as

a going concern.

We may be

unable to consummate

any proposed asset

sales or recover

the carrying value

these assets,

and

any proceeds

may

not

be adequate

meet

any

debt

service

obligations

then

due.

Any

these

examples

potentially

could

have

material

adverse

impact

our

results

operations,

profitability,

stockholders’ equity and capital structure.

adjust

our

capital

structure

from

time

time

and

may

need

increase

our

debt

leverage,

which

would make us more sensitive to the effects of

economic downturns.

possible that we

may need

to raise additional

debt or

equity funds

in the

future. Our ABL

Facility and operating

cash flows may not be adequate

to fund our ongoing capital requirements

for any future acquisitions or projects

refinance our

debt. There

guarantee that

we will

be able

to refinance

our existing

debt, or

there is no guarantee that such new funding will be on

terms acceptable to us.

Global credit markets

have been severely

constrained in the

past, such as

during the global

financial crisis, the

European sovereign debt

crisis and the

COVID-19 pandemic, and

the ability to obtain

new funding or

refinance

our existing

debt in

the future

may be

significantly reduced.

are unable

to obtain

sufficient funding,

either

due to banking

and capital

market conditions,

generally,

or due to

factors specific

to our business,

we may not

have sufficient cash to meet

our ongoing capital requirements, which in

turn could materially and adversely affect

our financial

condition. Failure

to obtain

sufficient financing

could cause

delays in

or abandonment

of business

development

plans

and

have

material

adverse

effect

our

business,

results

operations

and

financial

condition.

In recent years, certain financial

institutions, investment managers and insurance companies globally

have taken

actions to

limit or

divest investments

in, financing

made available

to, and

insurance coverage

provided for,

the

development of

new coal-fired

power plants

and coal miners

that derive

revenues from

thermal coal sales.

For

example, certain

financial

institutions

have publicly

announced that

they would

stop funding

new thermal

coal

projects or

would otherwise

reduce their

overall lending to

coal producers. These

or similar

policies may

adversely

impact the

coal industry

generally,

our ability

to access

capital and

financial markets

in the

future, our

costs of

capital and the future global demand for coal.

Our

business

requires

substantial

ongoing

capital

expenditures,

and

may

not

have

access

the

capital required to reach full productive capacity at our

mines.

Maintaining

and

expanding

mines

and

related

infrastructure

capital

intensive.

Specifically,

the

exploration,

permitting

and

development

Met

coal

reserves,

mining

costs,

the

maintenance

machinery,

facilities

and

equipment

and

compliance

with

applicable

laws

and

regulations

require

ongoing

capital

expenditures.

Any

decision

increase

production

our

existing

mines

develop

the

Met

coal

recoverable

reserves

our

development properties

in the future

could also affect

our capital needs

or cause

future capital

expenditures to

be higher than

in the past

and/or higher

than our

estimates. We

cannot assure

that we will

be able to

maintain

our production

levels or

generate sufficient cash

flow, or that

we will

have access

to sufficient financing

to continue

our

production,

exploration,

permitting

and

development

activities

above

our

present

levels

and

our

current or projected timelines.

As a result,

we may be required

to defer all or

a portion of

our capital expenditures,

and our results of operations, business and financial condition

may be materially and adversely affected.

Table of Contents

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

To fund our capital expenditures, we

are required to

use cash from our

operations, incur debt or

issue new equity.

Our ability

to obtain

bank financing

access the

capital markets

for future

equity or

debt offerings

may be

limited by our financial condition at the

time of any such financing or

offering and by the covenants in our existing

debt agreements,

as well

general economic

conditions, contingencies

and uncertainties

that are

beyond

our

control.

cash

flow

generated

our

operations

and/or

the

undrawn

capacity

under

our

committed

debt

facilities are

insufficient

to meet

our capital

requirements

and we

are unable

to access

the capital

markets on

acceptable terms or at all, we could be

forced to curtail the expansion of our existing mines

and the development

of our properties

which, in turn, could

lead to a

decline in our production

and could materially and

adversely affect

our business, financial condition and results of operations.

Risks

related

our

investment

WICET

may

adversely

affect

our

financial

condition

and

results

operations.

We have

a minority

interest in

WICET Holdings

Pty Ltd,

whose wholly

owned subsidiary, WICETPL, owns

WICET.

Other coal producers

who export coal through

WICET also hold shares

in WICET Holdings

Pty Ltd. In addition,

we and the other coal producers (or shippers) have

evergreen, ten-year take-or-pay agreements with

WICETPL

and pay a terminal handling charge

to export coal through WICET,

which is calculated by reference

to WICET’s

annual operating costs, as well as finance costs associated with

WICETPL’s extern

al debt facilities.

Under our WICET Take-or-Pay Agreement, Curragh’s

export capacity is 1.5 MMtpa,

and we are obligated to pay

the terminal handling

charge for

this capacity,

whether utilized

or not. The

terminal handling

charge calculation

is based on total operating and finance costs of WICET

PL being charged to contracted shippers in proportion

each shipper’s

contracted capacity. Under the

terms of the

WICET Take-or-Pay Agreement,

the terminal handling

charge payable

can be

adjusted (increased

or decreased)

by WICETPL if

WICETPL’s operating and finance

costs change, or if a contracted shipper defaults on its take-or-pay agreement obligations and has its contracted

capacity reduced

to nil.

Under the

terms

of the

WICET

Take

-or-Pay Agreement

there is

a limit

on how

much

WICETPL

can

charge

for

recovery

its

finance

costs,

referred

finance

cap.

Since

WICET

began

operating in

April 2015,

five WICET

Holdings Pty

Ltd shipper-shareholders

have defaulted

on their

obligations

under their respective

take-or-pay agreements

and subsequently

had those agreements

terminated. The

result

of these

terminations

was

a decrease

in the

aggregate contracted

tonnage

at WICET

from 27

MMtpa to

MMtpa.

Given the

operation

of the

finance cap

(which

has been

reached,

subject

to further

adjustment

for Consumer

Price Index, or

CPI) there is

a limit on the

recovery by WICET

of its financing

costs from shippers.

Accordingly,

prior defaults referred

to above have

resulted in only

minor increases to

the terminal handling

charges payable

by the remaining

shipper shareholders (including us).

These increases have related

to higher A$/ton (or

US$/ton)

charge for

operating

costs

resulting

from

lower

contract

base.

any of

the

remaining

shipper

shareholders

becomes

insolvent

and/or

defaults

under

its

take-or-pay

agreement,

the

terminal

handling

charges

for

the

remaining shipper shareholders, including us, may increase proportionately to pay the defaulting shipper’s

share

of WICET’s

operating

and

financing costs

going forward

(noting that

the

finance cap

applies

in respect

of the

financing costs component of the terminal handling charges).

In addition, if we default under the WICET Take

-or-Pay Agreement and that default is not remedied, then we will

be obligated

to pay

a termination

payment. The

termination payment

is equal

to the

lesser of

our proportion

WICETPL’s

total external

debt (which

is based on

the proportion

that our contracted

tonnage bears

to the total

contracted

tonnage

WICET

when

the

payment

obligation

triggered)

and

ten

years

equivalent

terminal

handling

charges

the

prevailing

rate

the

time

that

the

termination

payment

falls

due.

have

provided

security to

WICETPL in

the form

bank guarantee,

the amount

of which

is required

to cover

our estimated

liabilities as a shipper under the WICET Take

-or-Pay Agreement for the following 12-month period.

In the event

of WICETPL defaulting

on its external

debt obligations,

external lenders

to WICETPL

may enforce

their rights to the security over

the assets of WICET and appoint

a receiver to take steps to

recover outstanding

debt. The external

lenders do not

have direct recourse

to the shippers

to recover outstanding

debt and shipper

take-or-pay agreements would remain on foot and access

to the port would continue to be available to us.

In the

event of

a permanent

cessation of

operations

at WICET,

we may

be required

to procure

additional

port

capacity elsewhere, as well as be liable for a termination payment

under the WICET Take

-or-Pay Agreement.

Table of Contents

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

Restrictions and

limitations related

to our

coal supply

agreements with

Stanwell may

adversely impact

our strategy, financial condition, results of

operations and business.

Coronado

has an

ACSA, as

amended from

time to

time, with

Stanwell

to supply

thermal coal

to the

Stanwell

Power Station.

Under the

ACSA, in

addition to

supplying thermal

coal at

a price

below the

cost to

Curragh of

mining and

processing the

coal, Coronado

paid certain

rebates to

Stanwell on

Met coal

exported from

certain

parts of

Curragh, which

represented the

deferred purchase

cost of

the right

to mine

certain areas

at Curragh.

Coronado has

also entered

into the

NCSA, as

amended from

time to

time, 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. Our cost

of supplying coal

to Stanwell has

been and may

continue to

be greater than the price paid by Stanwell.

In November 2025, we

and Stanwell entered into

the Second Amendment

to the ACSA and

NCSA that, among

other

matters,

provides

for

certain

prepayments

by Stanwell

and

the

deferral

the

payment

of certain

amounts by us to Stanwell.

The value of 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 bear interest at 7.5% per

annum, with the accrued amount (including accrued interest) capped

at 1.2 times of the outstanding principal balance until the final

delivery date pursuant to the NCSA.

Our ability to satisfy our obligations to Stanwell will depend on our financial condition and operating performance

the

future,

which

are

subject

prevailing

economic

and

competitive

conditions

and

certain

financial,

business and

other factors

beyond our

control.

Our inability

to comply

with our

obligations under

the Stanwell

agreements could

result in

an event

of default

under those

agreements, which

could

have a

material adverse

effect on our credit ratings and financial condition.

The

Second

Amendment

also

limits

our

ability

pay

distribution

stockholders

CDI

holders)

dividend) such that

we are required to

maintain a minimum

cash liquidity of

at least US$300.0

million following:

such

distribution;

any

required

repurchase

the

Notes

connection

with

such

distribution;

and

(iii)

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.

These restrictions may

impact our

decisions regarding

our ability to make distributions, which could restrict our

ability to execute on our business strategy.

Additionally, if our current controlling shareholder ceases to control us by disposing of 20% or

more of its shares,

we must

immediately pay

all rebates

waived by

Stanwell, plus

interest. The

Company may

not have

sufficient

funds or liquidity (or access thereto) to repay the rebates in the event they become due and payable to Stanwell,

which could adversely impact our financial condition, results

of operations and our business.

We may not recognize the intended benefits of the ACSA or the NCSA, or similar agreements we may enter into

in the future, and may

enter into similar agreements

in the future that limit

or restrict our business,

including our

ability to make distributions

to stockholders (or CDI

holders). The limitations and restrictions under

the ACSA and

the

NCSA

may

adversely

impact

our

ability

execute

our

strategy,

our

financial

condition,

our

results

operations and our business.

For

further

information

refer

Item 8.

“Financial

Statements

and

Supplementary

Data—Note

Contract

Obligations.”

We could

be adversely

affected if we

fail to

appropriately provide financial

assurances for

our obligations.

Australian laws and

U.S. federal and

state laws require

us to provide

financial assurances related

to requirements

to reclaim lands used

for mining, to pay

federal and state workers’

compensation, to provide financial assurances

for coal lease obligations and to satisfy other operational

and miscellaneous obligations.

As of December 31, 2025, we had posted $20.0 million of surety bonds, $45.7

million of cash collateralized bank

guarantees and $95.9 million of cash collateral to meet

these obligations.

Table of Contents

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

Our financial

assurance obligations

may increase

due to

a number

of factors,

including the

size of

our mining

footprint and

new government

regulations,

and

we may

experience

difficulty

procuring

or renewing

our surety

bonds. In addition, our bond issuers may demand higher fees or additional collateral, including letters of

credit or

other terms less favorable to us upon those renewals. Because we are required by federal and state law to have

these

bonds

other

acceptable

security

place

before

mining

can

commence

continue,

any

failure

maintain surety bonds, letters

of credit or other guarantees or

security arrangements would adversely

affect our

ability to mine coal. That failure

could result from a variety

of factors, including lack of

availability of surety bond

or letters of credit, higher expenses, unfavorable market terms, the exercise by

third-party surety bond issuers of

their right to refuse to

renew the surety and the

requirement to provide collateral for future third-party surety

bond

issuers under the

terms of financing

arrangements. If

we fail to

maintain adequate

bonding, our mining

permits

could be invalidated, which would

prevent mining operations from

continuing, and future operating

results could

be materially and adversely affected.

In Australia,

the Financial

Provisioning Act

establishes the

way that

our Australian

Operations

provide for

and

manage associated costs of providing financial assurances

related to mine rehabilitation obligations.

October

the

Scheme

Manager

issued

indicative

Annual

Review

Allocation

“High”

for

the

Curragh mine complex’s EA

number EPML00643713. As permitted

under the Financial Provision 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

confirmed the

Annual Review

Allocation of

“High,”

but

applied

discretion

permitted

under

the

Financial

Provision

Act

grant

transitional

relief

allowing

the

application

the

“Moderate-High”

risk

category.

This

risk

category

will

apply

until

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.

There can

assurance that

our risk

category allocation

will not

change or

increase in

future years,

which

could materially and

adversely impact our

financial condition and

results of operations.

In particular,

if the next

Annual Review Allocation

for EA number

EPML00643713 results in

a “High” rating, the

transitional relief will

longer be available

to us, and

we could

be required

to provide

financial assurance

equal to

Curragh’s

ERC.

The amount of

the ERC could

be material, and

we may be

unable to provide

sufficient cash

collateral or

secure sufficient guarantees or bonds on commercially

acceptable terms, or at all.

For more information on the Financial Provisioning Act, see Item 1.

“Business—Regulatory Matters—Australia—

Environmental Protection Act 1994 (Qld).”

Mine closures

entail substantial

costs. If we

prematurely close

one or more

of our

mines or

operations

at one

or more

of our

mines are

suspended, our

operations and

financial performance

would likely

adversely affected.

Federal and state

regulatory agencies

have the

authority following

significant health

and safety

incidents, such

fatalities,

order

mining

operations

temporarily

suspended

facility

permanently

closed.

For

example, on

December 18,

2025, operations

at our

Logan mine

in West

Virginia

were temporarily

suspended

after an employee

was fatally

injured. On

January 2, 2026,

following an

incident at the

Mammoth Underground

Mine where

a worker

was fatally

injured, operations

at the

two open

cut mines

at Curragh

(Curragh North

and

Curragh

South)

were

idled

for

hours

and

operations

the

Mammoth

Underground

Mine

Curragh

were

suspended.

We could also be required to close or discontinue

operations at particular mines before the end of their

mine life

due

environmental,

geological,

geotechnical,

commercial,

leasing

other

issues.

Such

closure

discontinuance

operations

could

result

significant

closure

and

rehabilitation

expenses,

employee

redundancy

costs,

contractor

demobilization

costs

and

other

costs

loss

of revenues.

and

when

incurred,

these closure and rehabilitation

costs could exceed our

current estimates. If one

or more of our mines

is closed

earlier than anticipated,

we would be

required to fund

the reclamation and

closure costs

on an expedited

basis

and

potentially

lose

revenues

and,

for

some

our

operations,

pay

for

take-or-pay

arrangements

that

longer use,

which

would

have

adverse

impact

our operating

and

financial

performance.

Many

these

costs could also be incurred

if a mine was unexpectedly

placed into care and maintenance

before the end of its

planned mine life, such as our Logan mine in the U.S.

Table of Contents

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

If the

assumptions underlying

our provision

for reclamation

and mine

closure obligations

prove to

inaccurate, we could be required to expend greater

amounts than anticipated.

The EP Act and

the SMCRA establish

operational, reclamation and

closure standards for

all aspects of surface

mining

well

deep

mining.

accrue

for

the

costs

current

mine

disturbance

and

final

mine

closure,

including

the

cost

treating

mine

water

discharge

where

necessary.

Estimates

our

total

reclamation

and

mine-closing liabilities totaled $154.4 million as of December 31, 2025, based upon permit requirements and the

historical

experience

our

operations.

However,

these

estimates

depend

number

variables

and

assumptions, including the

estimated future asset

retirement costs and

the timing of

such costs, estimated

proven

reserves,

assumptions

involving

third-party

contractors,

inflation

rates

and

discount

rates,

and

therefore

are

subject

change.

these

accruals

are

insufficient

our

liability

future

year

greater

than

currently

anticipated,

our

future

operating

results

and

financial

position

could

adversely

affected.

See

Item 7.

“Management’s Discussion

and Analysis of

Financial Condition and

Results of Operations

—Critical Accounting

Policies and Estimates.”

We are subject to foreign exchange risks involving

certain operations in multiple countries.

Losses sustained

from adverse

movements in

currency

exchange rates

can impact

our financial

performance

and financial position and the level of additional funding required to support our businesses. Our financial results

are

reported

and

certain

our

liabilities,

earnings

and

cash

flows

are

influenced

movements

exchange

rates,

especially

movements

the

exchange

rate.

For

example,

costs

relating

our

Australian Operations are generally

denominated in A$. In addition,

foreign currency exposures

arise in relation

coal

supply

contracts,

procurement

plant

and

equipment

and

debt,

which

may

priced

other

foreign currencies other than US$.

The impact of currency exchange rate movements will vary depending on factors such as the nature, magnitude

and duration

of the movements,

the extent

to which

currency risk

is hedged under

forward exchange

contracts

or other hedging instruments and the terms of these contracts. We may enter into forward exchange

contracts to

hedge a portion of the

foreign currency exposure

of our Australian Operations

from time to time. The

unhedged

portion of our

non-US$ exposure is subject

to the risk

of adverse movements in

exchange rates, which may

affect

our operating results, cash flows and financial condition.

We may

be unsuccessful

in integrating

the operations

of acquisitions

with our

existing operations

and

in realizing all or any part of the anticipated benefits of

any such acquisitions.

From time to time, we

may evaluate and acquire assets and businesses that

we believe complement our existing

assets and business. Acquisitions may

require substantial capital or the

incurrence of substantial indebtedness.

Our capitalization

and results

of operations

may change

significantly as

a result

of future

acquisitions. Acquisitions

and business expansions involve numerous risks, including the

following:

difficulties in the integration of the assets and operations

of the acquired businesses;

inefficiencies

and

difficulties

that

arise

because

unfamiliarity

with

new

assets

and

the

businesses

associated with them and new geographic areas;

the diversion of management’s attention from other

operations; and

timing, and whether the acquisition

or business expansion is occurring

during adverse economic, social

and regulatory periods.

Further,

unexpected

costs

and

challenges

may

arise

whenever

businesses

with

different

operations

management

are

combined,

and

may

experience

unanticipated

delays

realizing

the

benefits

acquisition. Entry into certain lines of

business may subject us to new

laws and regulations with which we

are not

familiar and may lead

to increased litigation and

regulatory risk. Also, following

an acquisition, we may

discover

previously unknown

liabilities associated

with the

acquired business

or assets

for which

we have

no recourse

under applicable indemnification provisions. If a new business generates insufficient revenue or if we are unable

to efficiently manage our expanded operations, our results

of operations may be adversely affected.

Table of Contents

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

Coronado

Global

Resources Inc.

holding

company

with

operations

its

own

and,

such,

depends

its

subsidiaries

for

cash

fund

its

operations

and

expenses,

including

future

dividend

payments, if any.

holding company,

our

principal

source

of cash

flow

distributions

from

our

subsidiaries.

Therefore,

our

ability to fund and conduct our business, service our debt,

and pay dividends, if any,

in the future will depend on

the

ability

our

subsidiaries

generate

sufficient

cash

flow

make

upstream

cash

distributions

Our

subsidiaries are separate legal

entities, and although they

are wholly-owned and controlled

by us, they have

obligation to make any funds available to us, whether

in the form of loans, dividends, or otherwise. The

ability of

our

subsidiaries

distribute

cash

will

also

subject

among

other

things,

restrictions

that

may

contained in our subsidiary agreements (as entered into from time to time), availability

of sufficient funds in such

subsidiaries and applicable laws and regulatory restrictions. Claims of any creditors of our subsidiaries generally

will have

priority as

to the

assets of

such subsidiaries

over our

claims and

claims of

our creditors

and stockholders.

the extent the ability

of our subsidiaries

to distribute dividends or

other payments to us

is limited in any

way,

our ability to fund and conduct our business, service our

debt, and pay dividends, if any,

could be harmed.

Legal, Compliance and Regulatory Risks

We are

subject to

extensive health

and safety

laws and

regulations that

could have

a material

adverse

effect on our reputation and financial condition

and results of operations.

We are subject to extensive laws and regulations governing health and safety at coal

mines in the United States

and Australia. As a result of increased stakeholder focus on health and safety

issues (such as black lung), there

is a risk

of legislation

and regulatory

change that

may increase

our exposure

to claims

arising out

of current

former activities or

result in increased

compliance costs

(e.g., through requiring

improved monitoring standards

contribution

industry-pooled

fund).

Regulatory

agencies

also

have

the

authority,

following

significant

health

and

safety

incidents,

such

as fatalities,

order

mining

operations

temporarily

suspended

the

facility be permanently closed. As discussed

above, if further serious safety incidents occur

at any of our mining

facilities in the future, it is possible that a regulator might impose a range

of conditions on re-opening of a facility,

including requiring capital

expenditures, which

could have a

material adverse

effect on our

reputation, financial

condition and results of operations.

For

additional

information

about

the

various

regulations

affecting

see

Item 1.

“Business—Regulatory

Matters—Australia” and “Business—Regulatory Matters

—United States.”

We could be negatively affected if

we fail to maintain satisfactory labor relations.

Relations with

our employees

and, where

applicable, organized

labor are

important to

our success.

Enterprise

bargaining,

other

disputes

between

and

our

employees

disputes

affecting

our contractors

may

result

strikes or uncompetitive work practices.

December 31,

had 1,799

employees. In

addition, as

of December

there were

contractors

supplementing

the

permanent

workforce,

primarily

Curragh.

December

approximately

of our

total employees,

all at

our

Australian Operations,

were represented

by organized

labor unions

and covered

by the

Enterprise Agreement

This Enterprise

Agreement will

expire in

2027 but

will

remain

place

operation

the

Fair

Work

Act

(Cth)

until

replaced

terminated

the

Fair

Work

Commission. Our U.S. Operations employ a 100% non-union

labor force.

Future industrial

action by

our employees

or mining

contractors’ employees or

involving trade unions

could disrupt

operations and negatively impact mine productivity,

production and profitability.

Our operations

may impact

the environment

or cause

exposure to

hazardous substances,

which could

result in material liabilities to us.

We are

subject to

extensive environmental

laws and

regulations,

and our

operations may

substantially

impact

the

environment

cause

exposure

hazardous

materials

our

contractors,

our

employees

local

communities. We use hazardous materials

and generate hazardous or other regulated

waste, which we store in

our storage or disposal

facilities. We may become subject to

statutory or common law claims

(including damages

claims) as

a result

our

use of

hazardous

materials

and generation

of hazardous

waste.

A number

of laws,

including, in the United States, CERCLA

and the RCRA, and in Australia, the EP Act, impose

liability relating to

contamination

hazardous

substances.

Furthermore,

the

use

hazardous

materials

and

generation

hazardous

and

other

waste

may

subject

investigation

and

require

the

clean-up

soil,

surface

water,

groundwater and other media.

Table of Contents

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

Mining

operations,

including

blasting

and

processing

ore

bodies,

can

also

generate

environmental

impacts.

These

impacts

include,

but

are

not

limited

leakages

polluting

substances,

explosions,

flooding,

fires,

accidental

mine

water

discharges,

and

excessive

dust

and

noise.

Such

risks

could

result

damage

the

applicable mine site, personal

injury to our employees

and contractors, environmental

damage, decreased coal

production and

possible legal

liability under

environmental regulations.

Employee or

strict liability

claims under

common law

or environmental

regulations in

relation to

these matters

may arise,

for example, out

of current

former activities

at sites

that we

own, lease

or operate

and at

properties to

which hazardous

substances have

been sent for treatment,

storage, disposal or other

handling. Our liability

for such claims may

be strict, joint and

several with other miners or parties or with our

contractors, such that we may be held

responsible for more than

our

share

the

contamination

other

damages,

even

for

the

entire

amount

damages

assessed.

Additionally,

any violations of

environmental laws by

us could lead

to, among other

things, the imposition

of substantial fines,

penalties, other civil and

criminal sanctions, the curtailment

or cessation of

operations, orders

pay

compensation,

orders

remedy

the

effects

violations

and

take

preventative

steps

against

possible

future violations,

increased compliance costs,

or costs

for environmental remediation,

rehabilitation or rectification

works.

We maintain extensive Met

coal refuse areas

and slurry impoundments at

our mining properties. At

Curragh, coal

slurry

disposed

pumping

into

impoundment

area

where

particles

are

allowed

settle.

have

procedures

place

that

the

Curragh

slurry

impoundments

remain

below

the

surrounding

topography

that

there is

minimal likelihood

of failure

and/or spills.

At our

U.S. Operations,

refuse areas

and impoundments

are

frequently inspected and subject

to extensive governmental regulation.

Slurry impoundments have

been known

fail,

releasing

large

volumes

coal

slurry

into

the

surrounding

environment.

Structural

failure

impoundment can result in extensive damage to the environment

and natural resources, such as bodies of water

that the coal slurry reaches, as well as create liability for

related personal injuries, property damages and injuries

to natural

resources and plant

and wildlife.

Coronado has four

refuse areas

throughout our

U.S. mining

properties.

Only one area is a slurry impoundment. One refuse area utilizes a slurry cell system, that is designed to limit the

amount of slurry

that is

subject to a

problematic release. Two of

the refuse areas

utilize a combined

refuse system

and do not impound slurry. The one slurry impoundment overlies mined out areas, which can pose a heightened

risk of

failure. The

presence of

the mined

out works

is incorporated

into the

design of

this impoundment.

If our

impoundment

any

the

other

refuse

areas

were

fail,

could

subject

substantial

claims

for

the

resulting environmental contamination and associated liability,

as well as for related fines and penalties.

Changes in and

compliance with government policies,

regulations

or legislation may

adversely affect our

financial condition and results of operations.

The coal mining industry

is subject to regulation

by federal, state and

local authorities in each

relevant jurisdiction

with respect

a range

of industry

specific and

general

matters.

Any future

legislation

and

regulatory

change

imposing more constraints or

more stringent requirements may

affect the coal mining

industry and may adversely

affect our financial condition and results of

operations. Examples of such changes are future laws

or regulations

that may limit GHG emissions,

attach a cost to GHG

emissions, limit the use of thermal

coal in power generation,

create

more

stringent

workplace

health

and

safety

laws,

create

more

rigorous

environmental

laws,

and

make

changes to existing taxation and royalty legislation.

Compliance

with

applicable

federal,

state

and

local

laws

and

regulations

may

become

more

costly

and

time-consuming

and

may

delay

commencement

interrupt

continuation

exploration

production

our

operations. We have

incurred, and may

in the future

incur, significant expenditures to comply

with such regulation

and legislation. These laws are constantly evolving and may become increasingly

stringent. The ultimate impact

of complying with existing laws

and regulations is not always

clearly known or determinable due

in part to the

fact

that

certain

implementation

the

regulations

for

these

laws

have

not

yet

been

promulgated

and

certain

instances are undergoing

revision. In addition,

judicial decisions limiting

the authority of

regulatory agencies,

decisions

impacting

current

regulations

and

policies

implemented

such

agencies,

could

create

uncertainty

regarding the regulatory landscape and impact the Company’s

ability to plan for future investments.

These laws and regulations,

particularly new legislative or

administrative proposals (or

judicial interpretations of

existing laws and

regulations), could result in

substantially increased capital, operating

and compliance costs and

could have

a material

adverse effect

on our

operations

and our

customers’ ability

to use

our products.

Due in

part to

the extensive

and comprehensive

regulatory requirements,

along with

changing interpretations

of these

requirements, violations of applicable federal, state and local laws

and regulations occur from time to time in the

coal industry

and

minor violations

have occurred

at our

Australian

Operations

and

our U.S.

Operations

in the

past.

Table of Contents

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

Moreover, changes in the law

may impose additional standards and a heightened degree

of responsibility for us

and our stockholders, directors and employees; may

require unprecedented compliance efforts; could

divert our

management’s

attention;

and

may

require

significant

expenditures.

For

example,

may

also

subject

unforeseen

environmental

liabilities

resulting

from

coal-related

activities,

which

may

costly

remedy

adversely impact

our operations.

In particular,

the acceptable

level of

pollution and

the potential

abandonment

costs and obligations for which we

may become liable as a result

of our activities may be

difficult to assess under

the current legal

framework. To the extent that

required expenditures, as

with all

costs, are not

ultimately reflected

in the

prices of

coal, our

operating results

may be

detrimentally impacted.

The costs

and operating

restrictions

necessary for compliance

with safety

and environmental laws

and regulations,

which is a

major cost

consideration

for

our

Australian

Operations

and

Operations,

may

have

adverse

effect

our

competitive

position

relative to foreign producers and operators in

other countries which may not be

required to incur equivalent costs

in their operations.

We are

also affected

by various

other international,

federal, state,

local and

tribal or

indigenous environmental

laws

and

regulations

that

impact

our

customers.

the

extent

that

such

environmental

laws

and

regulations

reduce customer demand for or

increase the price of coal,

our operating results may

be detrimentally impacted.

For

additional

information

about

the

various

regulations

affecting

see

Item 1.

“Business—Regulatory

Matters—Australia” and “Business—Regulatory Matters

—United States.”

are

subject

extensive

forms

taxation,

which

impose

significant

costs

and

future

regulations

and

developments

could

increase

those

costs

limit

our

ability

produce

coal

competitively.

Federal,

state

local

governmental

authorities

nearly

all

countries

across

the

global

coal

mining

industry

impose various

forms of

taxation

on coal

producers,

including production

taxes,

sales-related

taxes,

royalties,

stamp duties, environmental taxes and income taxes.

If new legislation or regulations related to various forms of

coal taxation or income or other taxes generally which

increase our costs or limit our ability to compete

in the areas in which we sell coal, or which

adversely affect our

key customers, are

adopted, or if the

basis upon which

such duties or taxes

are assessed or

levied changes or

is different from that provided by us, our business, financial condition or results of

operations could be adversely

affected.

We may be subject

to litigation, the disposition

of which could negatively

affect our profitability and cash

flow

particular

period,

have

material

adverse

effect

our

business,

financial

condition

and

results of operations.

Our profitability or cash flow in

a particular period could be affected by

an adverse ruling in any litigation that

may

be filed against us in the future. In addition, such litigation could have

a material adverse effect on our business,

financial condition

and results of operations. See Item 3. “Legal Proceedings.”

We have no

registered trademarks for

our Company

name used by

us in the

United States or

any other

countries, and failure to obtain those registrations

could adversely affect our business.

Although

have

filed

trademark

application

for

use

the

stylized

mark

“CORONADO

STEEL

STARTS

HERE” in the United States and Australia, our applications are still pending

and the corresponding mark has not

been registered

the

United

States

Australia.

have

not

filed

for

this

other

trademarks

any

other

country. During trademark registration proceedings, we may receive rejections. If so, we will have an opportunity

to respond,

but we

may be

unable to

overcome such

rejections. In

addition, Intellectual

Property Australia,

the

United States

Patent and

Trademark

Office and

comparable agencies

in many foreign

jurisdictions may

permit

third parties to oppose pending trademark

applications and to seek to

cancel registered trademarks. If opposition

cancellation

proceedings

are

filed

against

our

trademark

application,

our

trademark

may

not

survive

such

proceedings,

and/or

may

required

expend

significant

additional

resources

effort

defend

ourselves in the proceedings or identify a suitable substitute

mark for future use.

Table of Contents

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

Failure to comply with applicable anti-corruption and trade laws, regulations and policies could result in

fines and criminal

penalties, causing

a material adverse

effect on our

business, operating and

financial

prospects or performance.

Any

fraud,

bribery,

misrepresentation,

money

laundering,

violations

applicable

trade

sanctions,

anti-competitive

behavior

other

misconduct

our

employees,

contractors,

customers,

service

providers,

business

partners

and

other

third parties

could

result

in violations

of relevant

laws

and regulations

and

subject us or relevant

individuals to corresponding regulatory

sanctions or other claims,

and could also result

an event of default under our financing arrangements. These unlawful activities

and other misconduct may have

occurred in

the past

and may

occur in

the future

and may

result in

civil and

criminal liability

under increasingly

stringent laws relating

to fraud, bribery,

sanctions, competition and

misconduct or cause

serious reputational

financial

harm

addition,

failure

comply

with

environmental,

health

safety

laws

and

regulations,

privacy laws and regulations,

U.S. trade sanctions,

the U.S. Foreign Corrupt

Practices Act and other

applicable

laws or regulations could result in litigation, the assessment of damages, the imposition of penalties, suspension

of production

or distribution,

costly changes

to equipment

or processes

due to

required corrective

action, or

cessation or interruption of operations.

have

policies,

procedures

and

internal

controls

intended

identify,

manage

and

mitigate

legal

risks

and

address

regulatory

requirements

and

other

compliance

obligations.

However,

there

can be

no assurance

that

such policies,

procedures and established

internal controls will

adequately protect us

against fraudulent or

corrupt

activity

and

such

activity

could

have

adverse

effect

our

reputation,

financial

condition

and

results

operations.

Risks Specific to Our Common Stock

Our certificate of incorporation and bylaws include

provisions that may discourage a change in control.

Provisions

contained

our

amended

and

restated

certificate

incorporation,

certificate

incorporation,

amended and

restated bylaws, or

bylaws, and

Delaware law

could make

it more

difficult for a

third-party to acquire

even

doing

might

beneficial

our

stockholders.

addition,

provisions

our

certificate

incorporation and bylaws impose various

procedural and other requirements that

could make it more difficult

for

stockholders to effect certain corporate actions.

We have elected not to be governed by Section 203 of the General Corporation Law of

the State of Delaware,

the DGCL (or any successor provision thereto),

until immediately following the time at

which the EMG Group no