Coronado Global Resources Inc.
ASX:CRN CIK 0001770561 · Every Form 4 filed by insiders at this issuer. See financials → Annual report (10-K) Latest 10-K filed Mar 3, 2026 . Sentiment + YoY language diff vs prior year. Read sections →
Risk Factors: tone -0.0339 Δ+0.0002 92% similar+1376 / -1490 ¶
MD&A: tone -0.0066 Δ+0.0040 65% similar+1182 / -1011 ¶
Sentiment via Loughran-McDonald lexicon · YoY diff via Jaccard similarity + paragraph set difference.
Recent 8-K announcements Per-item disclosure feed. Item 2.02 is the earnings release.
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bearish bullish YoY shift: Lean +
Year-over-year tone shift - average net-tone change across Risk Factors and MD&A vs the prior 10-K. This filing is 0.21pp more bullish than last year's.
Why YoY instead of absolute: the LM lexicon has ~6.6× more negative words than positive (legal/risk-disclosure language is heavy on hedging), so every 10-K reads bearish on raw tone. Year-over-year change strips that bias and surfaces the actual shift in management's framing.
Tone shift by section The two components the gauge averages: how Risk Factors and MD&A each shifted in net tone versus last year's 10-K. The headline above is their average, so a green needle over a soft section just means the other section carried it.
Net-tone change vs last year's 10-K.
MD&A
+0.40pp
Lean +
Net-tone change vs last year's 10-K.
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Sentence-level sentiment highlighting with category and subcategory filters is coming once the snippet-scoring pipeline lands. For now, dig into the actual section text on the Sections tab.
Language change vs prior 10-K Risk Factors (Item 1A) - words with the biggest YoY frequency increase adversely +6 delays +3 limitations +3 suspension +3 unable +1 Risk Factors (Item 1A) 20,799 words
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,
Language change vs prior 10-K MD&A (Item 7) - words with the biggest YoY frequency increase loss +6 idling +6 failure +4 weaker +3 critical +2 favorable +5 effective +4 satisfy +3 gain +3 benefited +3 MD&A (Item 7) 10,701 words
ITEM 7.
MANAGEMENT’S DISCUSSION
AND ANALYSIS
OF FINANCIAL
CONDITION AND
RESULTS
OPERATIONS
The following
Management’s Discussion
and Analysis
of our Financial
Condition and
Results of
Operations, or
MD&A, should be read in conjunction with the Consolidated Financial Statements and the related notes to those
statements included elsewhere in this Annual Report on Form
Overview
Our results for the year ended December 31, 2025, were adversely impacted by weak conditions in the Met coal
market. The benchmark PLV
HCC FOB AUS average
for the year ended December
per Mt
represented
decline from
$240.4 per
Mt for
the year
Material contracts, certifications & more
18 exhibits filed with this 10-K
Ticker ASX:CRN
CIK 0001770561
Form Type 10-K
Accession Number 0001562762-26-000024
Filed Mar 3, 2026
Period Dec 31, 2025 (Q4 25)
Industry Silver Ores
Permalink https://insiderdelta.com/issuers/ASX%3ACRN/10-k/0001562762-26-000024with the information contained in this Annual Report on Form 10-K, including
Item 7. “Management’s Discussion
and Analysis of Financial
Operations” and our Consolidated
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
Some of these principal risk factors include:
jurisdictions, which could adversely impact our financial
condition or results of operations;
impacts of climate change;
Our business may be materially
and adversely affected by the impact
on the global economy due
other events, significant geopolitical tensions, including ongoing
civil unrest or wars, or pandemics
widely based upon a number of factors beyond our control;
Demand for our Met coal is significantly dependent on the steel
We face increasing competition, which could adversely
affect our profitability ;
international markets and impact our ability
to plan for future investments, which
could adversely affect our
financial condition and results of operations;
arrangements within the coal industry could unfavorably
affect our profitability ;
purchased components, such
our financial condition and results of operations;
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
suspension of coal deliveries, or increase the cost of operating
assets containing, coal reserves that are economically
characteristics of the properties and the number of
Our profitability could be affected adversely
suppliers and/or outside contractors to perform;
materially and adversely affect our financial condition and results
We may not have adequate insurance coverage
things, negatively affect our business, financial condition
and results of operations;
Coronado Global Resources Inc. Form 10-K December 31,
affect our cost of financing and the market price of our
Facility and other debt, and we
may be forced to take other
actions to satisfy our obligations under
which may not be successful ;
would make us more sensitive to the effects of economic
capital required to reach full productive capacity at our mines;
Restrictions and limitations
results of operations and business;
We could be adversely affected if we fail to appropriately
provide financial assurances for our obligations;
and financial performance would likely be adversely affected;
inaccurate , we could be required to expend greater amounts
effect on our reputation and financial condition and results
We could be negatively affected if we fail to maintain
satisfactory labor relations;
result in material liabilities to us; and
We are subject to extensive
forms of taxation, which impose
and developments could increase those costs or limit
our ability to produce coal competitively.
jurisdictions, which could adversely impact our financial
condition or results of operations.
coal industry. Emissions from coal
consumption, both directly and
indirectly, and emissions from coal
are subject to pending and proposed regulation as part of initiatives to address global climate change. A number
introduction of, regulatory responses to GHGs, including the
extraction and combustion of fossil fuels, to
the impacts of climate change.
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
jurisdictions in which we operate as part of initiatives to
address global climate change.
national, regional and state levels of government to monitor
limit and reduce emissions of GHGs.
production-adjusted (intensity) baseline for covered emissions (Scope
Coronado Global Resources Inc. Form 10-K December 31,
In early 2025, the Curragh Complex entered into a five-year monitoring period
the industry, to implement
projects that progressively
reduce its emissions, achieving compliance with the
Curragh is required to have taken action to keep its net Scope 1 emissions at or below
Mechanism Credits (SMCs) or Australian
Carbon Credit Units (ACCUs), or face enforcement
The absence of regulatory certainty,
global policy inconsistencies and direct regulatory impacts
operations—either directly
legislation or regulations
which such legislation or
these initiatives and developments
We face risks from both the
global transition to a net-zero emissions economy and
impacts of climate change.
We face risks from both the global transition to
a net-zero emissions economy and the potential physical 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
compliance on supply and demand fundamentals, such as limitations on financing or construction
financial institutions; disruption to operations
or markets due to anti-coal activism
and litigation ; and reputational
damage associated with involvement in GHG emissions.
impact on us from future laws, regulations, policies and
technology developments may depend upon the degree
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
future experience, negative
following specific risks:
production and transportation,
weather events; disruption
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.
Curragh, could be negatively impacted if
the regulators impose restrictions on our
that are required for water used in the CPPs.
SunWater Ltd, who administer their supply
through designated schemes.
Coronado Global Resources Inc. Form 10-K December 31,
for water supply scheme holders to calculate
the water available to an allocation holder,
the scheme operator generally provide for a
reduced apportionment, with certain uses (e.g., domestic use) being
could adversely impact our financial condition and results of
Economic, Competitive and Industry Risks
Geopolitical tensions, including ongoing civil unrest and wars, and global
pandemics or widespread public health
including influencing both
for coal we sell into the export market and the cost or availability of supplies we consume in producing
including expansive bans on imports and exports of products
the U.S. for extended periods, and the implementation of social distancing protocols and restrictions on traveling
and supply chains around the world.
The extent and duration of such
conflicts or pandemics could lead to market
as well as an increase in cyberattacks and espionage.
fluctuate widely based upon a number of factors beyond
re-opened. Pricing in the global seaborne market is typically
set on a rolling quarterly average benchmark price.
typically priced with reference
by our Australian Operations have typically been contracted on an annual basis and are priced with reference
benchmark indices or bilaterally
an adverse impact on our financial condition and results
the current market price of coal;
overall domestic and global economic conditions,
including inflationary conditions and the supply
demand for domestic and foreign coal, coke and steel;
the consumption pattern of industrial consumers, electricity generators
Coronado Global Resources Inc. Form 10-K December 31,
adverse weather conditions in
competition from other coal suppliers;
technological advances affecting the steel production
process and/or energy consumption;
the costs, availability and capacity of transportation infrastructure;
in tariffs, environmental
other regulations affecting
time to time. There are no assurances that an oversupply of coal will not occur, that demand will not decrease or
adverse effect on our financial condition and results
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
local coal production, particularly in the leading Met coal import countries of China and India, among others, and
Australia, the United States, Russia, Canada and Mongolia,
Demand for our Met coal is significantly dependent on
used in blast furnaces for steel production. Met coal,
specifically high-quality HCC and low-volatile PCI,
assets, has specific physical
and chemical properties, which are
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
other products to be substituted for Met coal in the
integrated steel mill process, then demand for Met coal would
technology for a number of years, there can
be no assurance that over the longer term,
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
a material adverse effect
condition and results of operations.
We face increasing competition, which could adversely
affect our profitability .
the United States, Russia, Canada, Mongolia and other Met coal producing countries.
competitive advantage in comparison
production capacity, higher
global pandemics or otherwise),
such competitive advantage
than we do and may be subject to less stringent environmental
and other regulations than we are.
Coronado Global Resources Inc. Form 10-K December 31,
international trade agreements,
economic arrangements may
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
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
Increased competition, or a
failure to compete effectively,
loss of market share and could adversely affect our financial
condition and results of operations.
Evolving tariffs, regulations and other
restrictions on international trade
international markets and impact our ability to
plan for future investments, which could
our financial condition and results of operations.
Our access to international markets may be subject to ongoing interruptions and trade barriers
2025, the Chinese government announced tariffs on coal imported from
There can be no guarantee that
import quota restrictions,
alternate markets for our coal
should interruptions and trade
barriers occur in the future,
to pass the costs of tariffs on to our customers.
operations. Additionally,
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
future investments, which
If transportation for our coal becomes unavailable or uneconomical for our customers,
Our coal is transported to customers by a combination
of road, rail, barge and ship.
Coronado Global Resources Inc. Form 10-K December 31,
gate and/or loaded into vessels at
the port. While ordinarily our coal
including trucking companies, rail carriers and
port owners. Where coal is exported
supplying coal to customers
the cost of transportation
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
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
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
increase in the proportion of coal purchased FOB).
productivity and profitability .
Such disruptions to transportation services may include,
disruptions due to weather-related problems ;
key equipment or infrastructure failures ;
rail or port capacity congestion or constraints;
granted by regulatory authorities;
changes in applicable regulations;
failure or delay in the construction of new rail or port capacity;
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
for transport to and export
from the Port of Gladstone
two main port terminals, RGTCT and WICET.
We may enter into other take-or-pay arrangements
Where we have entered into take-or-pay contracts, we will generally be required to pay for our
provide security over minimum port and
rail infrastructure availability,
unused port or rail capacity can
due to contractual limitations , such as required consent of
the provider of the port or rail
summary of our expected future obligations under take
-or-pay arrangements as of December 31, 2025.
Coronado Global Resources Inc. Form 10-K December 31,
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
market. In situations where
concentrate a large portion
with one supplier, it has been to take
advantage of cost savings from larger volumes of
reduced or we could experience a delay or halt in our
equipment, materials, supplies
recently increased. Similar
than expected. Inflation increases costs for materials, labor and services, and
we may be unable to secure these
resources on economically acceptable
revenues, operating efficiencies ,
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
properties or result in significant unanticipated costs.
without a tenement granted by the Queensland
government. The grant and renewal of tenements
a regulatory regime and each
tenement is subject to certain
conditions. There is no certainty
change at the time they are renewed. There is
a risk that we may lose title to
any of our granted Tenements if we
applicable legislative requirements
Australian state royalties) or if the land that
is subject to the title is required for public
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
developing a property. In some cases,
we rely on title information or representations and warranties provided by
delay the exploration and development of the property and could ultimately result in the loss of some
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
retain the lease. Failure
those requirements could result
in losses of prepaid royalties
mining operations, which may adversely affect our
future coal production and future revenues.
negotiate extensions or amendments
to incur unanticipated costs.
to successfully negotiate new leases
operations during the term of the lease.
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.
maintain permits necessary
coal production, cash flows and profitability .
owners and good relations with local communities.
rights necessary to maintain our current
production profile from our existing
operations or to develop our
targets. The permitting rules, and
the interpretations of these rules,
are complex, change frequently and
subject to the interpretation of the regulators that
enforce them, all of which may make compliance more
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
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
produced by our mines, which, in turn,
could have a material adverse effect on our financial condition and
delays in the permitting process.
operations. These nationwide permits are issued every five years.
program and require an individual permit for certain work,
that could delay operations.
which could have a material adverse effect
on our financial condition and results of operations.
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
which could adversely affect our financial condition
and results of operations.
Coronado Global Resources Inc. Form 10-K December 31,
Operational and Technology
suspension of coal deliveries, or increase the cost
of operating our business.
transport infrastructure,
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;
and geotechnical conclusions;
operational and technical
difficulties encountered in mining,
including equipment failure ,
longwall equipment, drag -lines and other equipment and maintenance
adverse weather conditions
man-made disasters , including
hurricanes, cyclones, tornadoes,
fires, seismic activities,
bursts, structural cave-ins
and other catastrophic events (such as global pandemics);
insufficient or unreliable infrastructure, such as power,
of which have affected our Australian Operations
industrial disputes and labor shortages ;
mine safety accidents , including fatalities , fires and explosions
from methane and other sources;
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;
other security breaches or terrorist acts.
and results of operations.
open cut mines (Curragh North and Curragh South)
and one underground mine (Mammoth) in the Bowen
disproportionate impact on our results of operations and assets. Any such
operational conditions or events could
infrastructure (including
as well as the infrastructure that supports freight
and logistics). These conditions and events could
potentially resulting in higher costs, congestion, delays or cancellations on certain transport routes.
conditions or events could adversely impact our business
and results of operations.
Coronado Global Resources Inc. Form 10-K December 31,
assets containing, coal reserves that are economically
Our recoverable reserves decline
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
develop new assets could negatively
affect our financial condition and
Exploration activity may occur adjacent to established
assets and in new regions. These activities
coal reserves or develop new assets or operations in sufficient quantities to maintain or grow the
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
from, our portfolio. There are a number of risks associated with historical
and future acquisitions or divestments ,
and divestments are made;
imposition of adverse regulatory conditions and obligations;
commercial objectives not being achieved as expected;
unforeseen liabilities arising from changes to the portfolio;
sales revenues and operational performance not meeting
anticipated synergies or cost savings being delayed or not
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.
characteristics of the properties and the number of
We rely on estimates of our recoverable resources and reserves.
In this Annual Report on Form 10-K, we report
ASX-listed company, our ASX disclosures
reported in our ASX disclosures.
mine-by-mine basis, and as a result, the price at which our coal is economically recoverable varies based on the
uncertainties and risks associated with such estimates, includi
geologic and mining conditions,
fully identified by available
differ from our experience and assumptions in areas
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
demonstrated economic value. Even
resource exists, there can
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
information and therefore
and similar examinations, estimates
of coal resources and reserves
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
of operations may be materially and adversely affected.
exploration, mining and other
services generally, and we are reliant
practice for the mining industry, problems caused by third
parties may arise, which may
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
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
contractors as we do over
employees, we are also exposed
to the quality or continuation of the services of,
and the equipment and supplies used by, our contractors, as well
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.
result of disputes with contractors or a shortage
of contractors with particular capabilities. To
of the foregoing risks were to materialize, our operating
results and cash flows could be adversely affected.
Coronado Global Resources Inc. Form 10-K December 31,
Our inability to replace or
repair damaged or destroyed
equipment or facilities in
materially and adversely affect our financial condition
and results of operations.
equipment and facilities to
produce and transport coal,
equipment often involves long lead
pieces of equipment and facilities suffers major
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
repair damaged or destroyed
manufacturers remaining operational and
having the relevant equipment, workforce
or services available for us.
reasons that are beyond our control.
Additionally, regulatory agencies sometimes make changes with regard to requirements for pieces of
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.
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
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
a material adverse effect on
our business, financial condition and
We may not have adequate insurance coverage
market conditions, premiums
available only for reduced amounts of coverage. As a result, we may not be able
to renew our existing insurance
business interruption , for
insure, including liabilities in respect of past activities.
major uninsured loss , future
financial performance could be
materially and adversely affected.
at economically acceptable
be reduced. As a result, the
insurance coverage may not cover
the full scope and extent of claims
could have a material adverse effect on our financial
condition and results of operations.
Coronado Global Resources Inc. Form 10-K December 31,
information technology systems,
third-party business partners,
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
information stored on those
as energy-related assets,
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
cause confidential information,
cybersecurity threats and cybersecurity incidents , these events have
not materially affected our strategy,
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
condition and results of operations.
operations of many of our
business processes and to
legal and tax requirements.
functions. Despite the security measures
that we have implemented, including
those related to cybersecurity, our
Though we have controls in place, we cannot provide assurance that a cybersecurity incident or similar attack or
on our business strategy,
results of operations or financial condition.
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.
and maintain our information
technology infrastructure and cybersecurity
confidential information,
including individual claims
consumer class actions, commercial litigation ,
administrative, civil or criminal
investigations or actions, regulatory
sanctions or fines , investigation and remediation costs
Financial and Strategic Risks
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
operational, having the type
coal available, the quality
our ability to market these products effectively, our ability to deliver on a timely basis and the level of competition
Coronado Global Resources Inc. Form 10-K December 31,
commit a material breach of the terms of the contract, a change in law
restricts or prohibits a party from carrying
creditworthiness. If customers suspend
or terminate existing contracts,
have to reduce production at our mines until our customers’
contractual obligations are honored .
top five customers comprised
51.1% of our total revenue. For the year ended December
under contracts with terms
of typically one year. The failure
creditworthiness, inability
replacement of contracts,
our business, financial condition and results of operations
contractual performance of our customers and counterparties. For certain customers, we require the provision of
security for payment. The inability of key customers
to procure letters of credit (due
economic conditions or the
specific circumstances of the
customer) may restrict our
ability to contract with such
insurance coverage, however,
may not cover the full scope
payment default or otherwise.
spot market, which may be
at prices lower than the contracted
price, or we may be unable
If our customers’ or counterparties’ creditworthiness deteriorates ,
our business could be adversely affected.
nationally recognized statistical
rating organizations could
affect our cost of financing and the market price
could downgrade our ratings
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
debt, which may not be successful .
2029 outstanding and $272.1 million
(A$406.6 million) aggregate principal amount
of borrowings under the ABL
31, 2025, our borrowing facilities had been fully drawn.
to fund capital expenditures,
acquisitions or strategic
development initiatives and
corporate purposes. Our ability to make scheduled payments
on or to refinance our debt obligations will depend
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
Coronado Global Resources Inc. Form 10-K December 31,
economic downturns , limiting our flexibility to
changes in our business and the coal
refinance all or a portion
may require us to comply with more onerous covenants, making it more difficult to obtain surety bonds, letters of
during periods in which credit markets are weak .
additional capital, including
additional secured or unsecured debt, or restructure or refinance our debt, and we may be unable to continue as
stockholders’ equity and capital structure.
would make us more sensitive to the effects of
cash flows may not be adequate
to fund our ongoing capital requirements
for any future acquisitions or projects
there is no guarantee that such new funding will be on
have sufficient cash to meet
our ongoing capital requirements, which in
turn could materially and adversely affect
In recent years, certain financial
institutions, investment managers and insurance companies globally
capital and the future global demand for coal.
capital required to reach full productive capacity at our
current or projected timelines.
our capital expenditures,
and our results of operations, business and financial condition
may be materially and adversely affected.
Coronado Global Resources Inc. Form 10-K December 31,
To fund our capital expenditures, we
operations, incur debt or
limited by our financial condition at the
time of any such financing or
offering and by the covenants in our existing
conditions, contingencies
acceptable terms or at all, we could be
forced to curtail the expansion of our existing mines
decline in our production
our business, financial condition and results of operations.
owned subsidiary, WICETPL, owns
we and the other coal producers (or shippers) have
evergreen, ten-year take-or-pay agreements with
and pay a terminal handling charge
to export coal through WICET,
which is calculated by reference
annual operating costs, as well as finance costs associated with
Under our WICET Take-or-Pay Agreement, Curragh’s
export capacity is 1.5 MMtpa,
and we are obligated to pay
is based on total operating and finance costs of WICET
PL being charged to contracted shippers in proportion
contracted capacity. Under the
WICET Take-or-Pay Agreement,
WICETPL’s operating and finance
costs change, or if a contracted shipper defaults on its take-or-pay agreement obligations and has its contracted
shipper shareholders (including us).
These increases have related
remaining shipper shareholders, including us, may increase proportionately to pay the defaulting shipper’s
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
liabilities as a shipper under the WICET Take
-or-Pay Agreement for the following 12-month period.
their rights to the security over
the assets of WICET and appoint
a receiver to take steps to
take-or-pay agreements would remain on foot and access
to the port would continue to be available to us.
capacity elsewhere, as well as be liable for a termination payment
Coronado Global Resources Inc. Form 10-K December 31,
our strategy, financial condition, results of
upon the expiration of the ACSA (which
is expected to occur in the first half of 2027
based on estimated volume
price that varies in accordance with agreed formulae, inclusive of all statutory charges and royalties in respect of
be greater than the price paid by Stanwell.
and Stanwell entered into
amounts by us to Stanwell.
The value of the Prepayment and Deferred Payment Balance will be settled through
$300.0 million. The Prepayment
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
effect on our credit ratings and financial condition.
payment to Stanwell of an equal
or greater amount (up to a
maximum of 3 times) than the
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
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
enter into similar agreements
or restrict our business,
ability to make distributions
holders). The limitations and restrictions under
operations and our business.
appropriately provide financial
financial assurances related
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
Coronado Global Resources Inc. Form 10-K December 31,
bonds. In addition, our bond issuers may demand higher fees or additional collateral, including letters of
other terms less favorable to us upon those renewals. Because we are required by federal and state law to have
maintain surety bonds, letters
of credit or other guarantees or
security arrangements would adversely
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
requirement to provide collateral for future third-party surety
could be invalidated , which would
prevent mining operations from
continuing, and future operating
be materially and adversely affected.
manage associated costs of providing financial assurances
related to mine rehabilitation obligations.
Curragh mine complex’s EA
number EPML00643713. As permitted
under the Financial Provision Act,
formal submissions to the Scheme Manager requesting a review of
this indicative rating. Following consideration
Allocation for the Curragh mine complex, which is expected to
transitional “Moderate–High”
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
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).”
We could also be required to close or discontinue
operations at particular mines before the end of their
these closure and rehabilitation
current estimates. If one
earlier than anticipated,
costs could also be incurred
if a mine was unexpectedly
placed into care and maintenance
planned mine life, such as our Logan mine in the U.S.
Coronado Global Resources Inc. Form 10-K December 31,
inaccurate , we could be required to expend greater
amounts than anticipated.
operational, reclamation and
mine-closing liabilities totaled $154.4 million as of December 31, 2025, based upon permit requirements and the
assumptions, including the
We are subject to foreign exchange risks involving
certain operations in multiple countries.
and financial position and the level of additional funding required to support our businesses. Our financial results
Australian Operations are generally
denominated in A$. In addition,
foreign currency exposures
foreign currencies other than US$.
The impact of currency exchange rate movements will vary depending on factors such as the nature, magnitude
or other hedging instruments and the terms of these contracts. We may enter into forward exchange
foreign currency exposure
of our Australian Operations
non-US$ exposure is subject
exchange rates, which may
our operating results, cash flows and financial condition.
in realizing all or any part of the anticipated benefits of
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.
acquisitions. Acquisitions
and business expansions involve numerous risks, including the
difficulties in the integration of the assets and operations
of the acquired businesses;
associated with them and new geographic areas;
the diversion of management’s attention from other
timing, and whether the acquisition
or business expansion is occurring
during adverse economic, social
acquisition. Entry into certain lines of
business may subject us to new
laws and regulations with which we
to increased litigation and
regulatory risk. Also, following
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.
Coronado Global Resources Inc. Form 10-K December 31,
ability to fund and conduct our business, service our debt,
and pay dividends, if any,
in the future will depend on
subsidiaries are separate legal
entities, and although they
are wholly-owned and controlled
obligation to make any funds available to us, whether
in the form of loans, dividends, or otherwise. The
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
to distribute dividends or
our ability to fund and conduct our business, service our
debt, and pay dividends, if any,
Legal, Compliance and Regulatory Risks
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
improved monitoring standards
facility be permanently closed . As discussed
above, if further serious safety incidents occur
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
condition and results of operations.
Matters—Australia” and “Business—Regulatory Matters
We could be negatively affected if
we fail to maintain satisfactory labor relations.
strikes or uncompetitive work practices.
Commission. Our U.S. Operations employ a 100% non-union
contractors’ employees or
operations and negatively impact mine productivity,
production and profitability .
result in material liabilities to us.
communities. We use hazardous materials
and generate hazardous or other regulated
facilities. We may become subject to
statutory or common law claims
including, in the United States, CERCLA
and the RCRA, and in Australia, the EP Act, impose
groundwater and other media.
Coronado Global Resources Inc. Form 10-K December 31,
applicable mine site, personal
and contractors, environmental
environmental regulations.
storage, disposal or other
several with other miners or parties or with our
contractors, such that we may be held
responsible for more than
penalties , other civil and
criminal sanctions, the curtailment
increased compliance costs,
for environmental remediation,
rehabilitation or rectification
We maintain extensive Met
and slurry impoundments at
our mining properties. At
frequently inspected and subject
to extensive governmental regulation.
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
Only one area is a slurry impoundment. One refuse area utilizes a slurry cell system, that is designed to limit the
problematic release. Two of
and do not impound slurry. The one slurry impoundment overlies mined out areas, which can pose a heightened
resulting environmental contamination and associated liability,
as well as for related fines and penalties .
compliance with government policies,
financial condition and results of operations.
local authorities in each
imposing more constraints or
more stringent requirements may
industry and may adversely
affect our financial condition and results of
operations. Examples of such changes are future laws
that may limit GHG emissions,
emissions, limit the use of thermal
coal in power generation,
changes to existing taxation and royalty legislation.
incur, significant expenditures to comply
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
judicial decisions limiting
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
regulations), could result in
substantially increased capital, operating
requirements, violations of applicable federal, state and local laws
and regulations occur from time to time in the
Coronado Global Resources Inc. Form 10-K December 31,
Moreover, changes in the law
may impose additional standards and a heightened degree
and our stockholders, directors and employees; may
require unprecedented compliance efforts; could
costs and obligations for which we
may become liable as a result
difficult to assess under
framework. To the extent that
required expenditures, as
relative to foreign producers and operators in
other countries which may not be
required to incur equivalent costs
reduce customer demand for or
increase the price of coal,
our operating results may
be detrimentally impacted.
Matters—Australia” and “Business—Regulatory Matters
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
is different from that provided by us, our business, financial condition or results of
operations could be adversely
to litigation , the disposition
of which could negatively
affect our profitability and cash
Our profitability or cash flow in
a particular period could be affected by
an adverse ruling in any litigation that
be filed against us in the future. In addition, such litigation could have
a material adverse effect on our business,
and results of operations. See Item 3. “Legal Proceedings.”
registered trademarks for
countries, and failure to obtain those registrations
could adversely affect our business.
HERE” in the United States and Australia, our applications are still pending
and the corresponding mark has not
country. During trademark registration proceedings, we may receive rejections . If so, we will have an opportunity
third parties to oppose pending trademark
applications and to seek to
cancel registered trademarks. If opposition
ourselves in the proceedings or identify a suitable substitute
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
prospects or performance.
individuals to corresponding regulatory
sanctions or other claims ,
an event of default under our financing arrangements. These unlawful activities
and other misconduct may have
sanctions, competition and
privacy laws and regulations,
laws or regulations could result in litigation , the assessment of damages , the imposition of penalties , suspension
cessation or interruption of operations.
procedures and established
Risks Specific to Our Common Stock
Our certificate of incorporation and bylaws include
provisions that may discourage a change in control.
incorporation and bylaws impose various
procedural and other requirements that
could make it more difficult
stockholders to effect certain corporate actions.
We have elected not to be governed by Section 203 of the General Corporation Law of
the DGCL (or any successor provision thereto),
until immediately following the time at
shall thereafter be governed by Section
(i.e., a stockholder that has
purchased greater than 15%,
a company’s outstanding voting
stock (with certain exclusions)), may not engage in a business combination
transaction with such company for a
criteria are met or certain other corporate actions are taken
These provisions could limit the price
that certain investors might be willing
common stock and may have the effect of delaying
or preventing a change in control.
exemption from liability or limitation thereof is
not permitted under the DGCL. The principal
effect of this limitation
provisions, however, should not limit or eliminate our right or any stockholder’s right to seek non-monetary relief,
such as an injunction or rescission,
breach of a director’s fiduciary duty. These provisions do not
alter a director’s liability under
U.S. federal securities laws.
provisions in our certificate
incorporation may discourage or deter stockholders or management from bringing
a lawsuit against directors for
Coronado Global Resources Inc. Form 10-K December 31,
outcome of stockholder votes.
stockholders. There is a risk that the interests of the EMG Group could conflict with or differ from our interests or
beneficially owns in the aggregate at least 25% of the outstanding shares of our common stock, the EMG Group
the terms of the Series A
Share, Coronado Group and the
EMG Group or its successors
specified number of directors, or the Series A Directors, based on
the EMG Group’s aggregate level of beneficial
to elect Series A Directors, as
stockholders to participate in the removal of
Purchases of Equity Securities.”
company with a controlling stockholder.
In addition, the EMG Group
is in the business of making
companies and may, from time to time, acquire interests in businesses that
directly or indirectly compete with us,
as well as businesses of our existing or potential significant
customers. The EMG Group may acquire or seek
acquisition opportunities
with the interests of our other stockholders.
right, subject to certain conditions, to
require us to cooperate in
of our common stock held by it (including in the form
of CDIs) under the Securities Act.
Pursuant to the Registration
Rights and Sell-Down Agreement,
dated as of September 24,
exercising its registration
Stockholder Matters and Issuer Purchases of Equity Securities.”
Our non-employee directors and their respective
affiliates, including the EMG Group, may
advantage of a corporate opportunity that would otherwise
The corporate opportunity
party transactions provisions
certificate of incorporation
certificate of incorporation, among other things:
financially or otherwise interested;
and to make investments in any kind of property in which we may
Coronado Global Resources Inc. Form 10-K December 31,
transaction or other matter
(other than one expressly
non-employee director solely
communicate or offer that
and pursue or acquire such opportunity for himself
or herself, and that non-executive director
stockholders regarding the opportunity or to have acted
in bad faith or in a manner inconsistent with our
and our stockholders’ best interests.
These provisions enable a
corporate opportunity that would
otherwise be available to
for the benefit of the non-employee directors or their respective affiliates, including the EMG Group as a result of
the rights granted to it under the Stockholder’s Agreement.
financial condition and results of operations.
generally accepted accounting principles in the United
During the course of the preparation of our financial statements,
we evaluate and correct any deficiencies in
maintain an effective system
2002, we may not be able to report
accurately or timely on our financial results or adequately identify and reduce
stockholders could lose confidence in us and/or
our reported financial results, which may cause
on the trading price of our
CDIs, and we could be exposed
to litigation or regulatory
proceedings, which may be
costly or divert management attention.
are subject to continuous compliance requirements under relevant Australian laws and regulations, including the
Corporations Act 2001 (Cth),
public company, we are subject
securities laws, rules and regulations. Compliance with these
laws, rules, and regulations may increase our legal
quarterly, and current reports with the SEC
operations. In the absence
engage outside consultants in the future,
which will increase our costs and expenses.
Coronado Global Resources Inc. Form 10-K December 31,
In addition, changing laws,
regulations, and standards relating to
corporate governance and public disclosure
activities more time consuming.
and standards are subject
to varying interpretations, in
application in practice may
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
investment may result in increased
general and administrative expenses
and a diversion of management’s
regulations and standards differ from the activities intended by
regulatory or governing bodies due to ambiguities
proceedings against us and our business may be harmed .
court within the State of Delaware will be the sole and
any derivative action or proceeding brought on our behalf;
any action or proceeding asserting a claim of breach of
a fiduciary duty owed by any director or
Company’s stockholders or debtholders;
incorporation or bylaws; or
forum provision may limit
inapplicable or unenforceable
additional costs associated
operations. However, the choice of forum provision does
arising under the Securities Act
The issuance of additional
common stock or securities
in dilution of the ownership interest in us held by existing
future investments, acquisitions
reduce our debt. While we will be subject to the constraints of
the ASX Listing Rules regarding the percentage of
our capital that we are able to issue within a 12-month period (subject to applicable exceptions), any such equity
issuances will dilute the ownership of existing holders
We are subject to general market
risks that are inherent to companies
with publicly traded securities and
the price of our securities may be volatile .
the general market risks that
securities exchange. This
Our securities may trade at, above or below the price paid by an investor for those securities due to a number of
factors, including, among others:
general market conditions, including investor sentiment;
movements in interest and exchange rates;
Coronado Global Resources Inc. Form 10-K December 31,
fluctuations in the local and global market for listed stocks;
industry cycles and trends;
mergers and strategic alliances in the coal industry;
new or changes in government laws or regulations;
potential or actual military conflicts or acts of terrorism;
new or changes in accounting principles;
announcements concerning us or our competitors;
changes in government policy,
legislation or regulation;
inclusion of our securities
particular market indices
the risks inherent to our business, including adverse weather
more generally, include acts
of terrorism, an outbreak of international hostilities, fires, floods, earthquakes,
experienced extreme price
securities, regardless of our
operational performance. This may
then significantly impact our
our financial performance deteriorates
The payment of dividends and repurchases of our common stock are dependent on a number of factors,
Stanwell. In certain circumstances, prior to paying any dividend
to our stockholders, we are required to make an
repurchases will be made, by
or if paid, paid at previous
levels. From time to time,
Directors may also cancel previously announced dividend
Coronado Global Resources Inc. Form 10-K December 31,
driven by softer global crude steel production,
particularly in China where subdued construction
related and operational disruptions experienced in 2024. Additional export volumes from other regions, including
Mongolia and Russia, also contributed to downward
pressure on prices throughout most of 2025.
Notwithstanding these challenging
market conditions, Coronado
delivered improved operational
increased dragline utilization
surface operations at Logan.
of total sales volume and
91.6% of total coal revenues, with
thermal coal comprising the remaining 24.3%
sales volume and 8.4% of total coal revenues.
than 2024), slightly reduced sales volumes and sales
mix weighted more towards thermal coal.
in 2024, reflecting contractor
fleet reductions at our Australian
Operations, productivity improvements
of A$/US$ 0.64 compared to 0.66 for the same period
2024, driven by lower mining costs, partially
offset by lower sales volume of 0.2 MMt.
These operational and cost
Liquidity and Going Concern
As of December 31, 2025, Coronado had $696.9 million aggregate principal amount of interest-bearing liabilities
concurrently amending the
terms of its financial covenants,
materially reducing operating
completing other financial support arrangements with
Oaktree Capital Management L.P., through a new
and is subject to a minimum Borrowing Base Ratio, and from December 31, 2027, the maintenance
Coronado Global Resources Inc. Form 10-K December 31,
with Stanwell as part of a broader financing package, providing near-term liquidity
support through prepayments
and Stanwell rebate relief. These amendments are
expected to have a positive incremental impact on
cashflows through the waiver of rebate
amounts otherwise payable under the ACSA, deferral
“Contract Obligations” for further information.
consideration of the Company’s
formal submission, the Scheme
Manager applied discretion as
which is expected to occur in November 2026.
transitional “Moderate–High”
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.
Since the previous interim period reporting, we have received significant
liquidity support from Stanwell, entered
and obtained clarity regarding the outcome of the
Scheme Manager’s final Annual Review
issuance date of our Consolidated Financial Statements
were temporarily suspended
subsequently resumed on December 29, 2025.
Mammoth Underground Mine Management Pty Ltd, is continuing to work with RSHQ on its investigation
expected to be restored within the first quarter of 2026
in accordance with all requirements of RSHQ.
compared to a rate of 2.21 at the end of December 31,
The safety of our workforce remains our highest priority,
and we are committed to the safety and wellbeing of all
with a focus on strengthening safety culture, improving
operational controls, and reducing injury rates.
Accounting Standards Codification,
segment but is disclosed for the purposes of reconciliation
to our Consolidated Financial Statements.
How We Evaluate Our Operations
Coronado Global Resources Inc. Form 10-K December 31,
averages, on a quarterly basis or on an annual fixed
include: (i) safety and environmental metrics; (ii) Adjusted EBITDA; (iii) total sales volumes and average realized
volumes and average realized Met price per
Mt sold, which we define as Met coal
revenues divided by Met coal
volumes (excluding non-produced coal) for the respective segment; (vi) average segment operating costs per
sold, which we define as segment operating costs
divided by sales volumes for the respective segment
equivalents (excluding restricted
principal amount of the Notes and other interest bearing
Coal revenues are shown on our Consolidated Statements of Operations
and Comprehensive Income exclusive
our U.S. Operations, sales are recognized when the title to the coal passes to the customer at the
sales, customers typically
our operating performance.
Non-GAAP Financial Measures; Other Measures
Adjusted EBITDA and mining
costs, which are financial
measures not recognized in
accordance with U.S. GAAP.
debt, are useful to our investors to measure our operating
Non-GAAP financial measures are intended to provide additional information only and do not have any standard
measures of performance prepared in accordance with
Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and
recurring items that we exclude in
analyzing each of our segments’
operating performance. Adjusted EBITDA
similarly titled measures presented
by other companies. A reconciliation
of Adjusted EBITDA to its most
comparable measure under U.S. GAAP is included below.
allocate resources among segments or assessing segment performance.
Segment Adjusted EBITDA is used as
operations and comprehensive
freight expense, Stanwell
depreciation, depletion and
amortization and selling, general
and administrative expenses,
for other items that do not
relate directly to the costs
incurred to produce coal at
these cost components as our CODM does not view these costs as directly attributable to the
reported in our Consolidated Balance Sheets.
Coronado Global Resources Inc. Form 10-K December 31,
The financial and operational highlights for the year ended December
Average realized Met price per Mt sold of $149.3 for the year ended December 31, 2025, was $36.0 per
compared to the same period in 2024, reflecting weaker steel demand in key metallurgical coal markets,
Russia. These market conditions placed sustained pressure on realized prices throughout most of 2025.
for the year ended December 31,
2025, was 0.2 million lower
year ended December 31, 2024.
The decrease was primarily driven
by (1) rail, port and pier constraints
constraints, that benefitted
in the first quarter of 2024.
decrease was primarily attributed to lower coal revenues,
partially offset by lower operating costs.
As of December 31, 2025, the Company had a net debt of $524.1
million, consisting of $696.9 million of
(excluding restricted cash) of $172.8 million.
Coronado Global Resources Inc. Form 10-K December 31,
For Year Ended December 31,
Cost of coal revenues (exclusive of items shown
Depreciation, depletion and amortization
Selling, general, and administrative expenses
Loss on debt extinguishment
(Increase) decrease in provision for discounting and
Net loss attributable to Coronado Global Resources
compared to $2,444.9 million for
realized Met coal prices, due
to persistent softness in global
sales mix weighted towards
thermal coal compared to the same period
in 2024, due to higher contracted
thermal coal sales volumes in 2025.
Other revenues were $29.4 million
December 31, 2025, a decrease
of $33.5 million compared
termination fee revenue from a coal sales contract cancelled
in the first quarter of 2024 at our U.S. Operations.
Cost of coal revenues (exclusive of Items shown
and carrying values of coal inventory.
Cost of coal revenues include items
such as direct operating costs, which
include employee-related costs, materials and supplies,
contractor services, coal handling and preparation costs
million, compared to $1,715.0 million for the same period
for our Australian Operations
contractor fleets beginning
2024 and associated cost savings,
impacts of inventory build due
to saleable production exceeding sales volume
rate on translation of our Australian Operations.
mines, curtailed development activity at Buchanan being ahead of schedule, lower maintenance costs and lower
coal purchases in the 2025 period.
Coronado Global Resources Inc. Form 10-K December 31,
compared to $241.4 million for the year ended December 31, 2024. Our Australian Operations contributed $29.1
twelve-month period used to
calculate the rebate compared
amended ACSA with Stanwell, it is expected that we will not incur any rebate from January 1, 2026 to the end of
revenues combined with favorable average exchange rates
on translation of the Australian Operations.
The increase was further impacted by lower
interest income earned on cash equivalents
compared to the same period in 2024.
Loss on debt extinguishment
facilities, the Company recognized a loss on debt extinguishment
of $19.3 million, including an early redemption
our predecessor 10.750% Senior Secured Notes due
Other, net was $10.6 million for
million gain on the disposal of the
Russell County development property and
plant and equipment relating to a long-standing non-core idled asset within
December 31, 2025, decreased
same period in 2024, primarily
driven by an effective tax
for the year ended December 31, 2025.
In calculating the annual effective tax rate for
For the Australian operations,
three-year cumulative loss position
and significant carried forward
valuation allowance was included
rate calculation, thereby
reducing the rate to nil.
Coronado Global Resources Inc. Form 10-K December 31,
For the U.S. operations, due to a
three-year cumulative loss position the recoverability of carried forward
the annual effective tax rate, thereby reduci
ng the annual effective tax rate to 2.8%
The Company’s comparison of 2024 results to
2023 results is included in the
10-K for the fiscal year ended December 31, 2024
“Management’s Discussion and Analysis
of Financial Condition and Results of Operations.”
Supplemental Segment Financial Data
For Year Ended December 31,
Average realized price per Mt sold ($/Mt)
Average realized Met price per Mt sold ($/Mt)
Mining costs per Mt sold ($/Mt)
Operating costs per Mt sold ($/Mt)
Segment Adjusted EBITDA ($)
decrease of $403.5 million
compared to $1,560.3 million
as shipment timing impacting Met coal export sales volumes.
costs, and lower Stanwell
rebates and other royalties,
lower realized prices and
from production exceeding sales
volumes, and favorable foreign exchange
movements on the translation
compared to the same period in 2024.
driven by lower coal revenues, partially offset by
Coronado Global Resources Inc. Form 10-K December 31,
For Year Ended December 31,
Average realized price per Mt sold ($/Mt)
Average realized Met price per Mt sold ($/Mt)
Mining costs per Mt sold ($/Mt)
Operating costs per Mt sold ($/Mt)
Segment Adjusted EBITDA ($)
ended December 31, 2025, compared to the same period in 2024. The decrease was primarily driven by weaker
metallurgical coal market conditions,
average realized metallurgical
Mt sold in 2025 compared to $160.1 per Mt
sold in 2024, together with lower fixed pricing achieved under annual
attributable to rail constraints that delayed
shipments and shifted certain sales
as well as the idling of Logan surface operations during
Operating costs were $58.5
million lower for the year
price realization. Mining
$43.7 million lower compared to the year ended December 31,
2024, due to cost reduction associated with idling
of Logan’s surface mines and reduced well drilling
Segment Adjusted EBITDA of $52.5 million for
the year ended December 31, 2025,
decreased by $94.8 million,
year ended December 31, 2024.
This decrease was primarily
by lower coal revenues partially offset by lower
Corporate and Other Adjusted EBITDA
The following table presents a summary of the components
of corporate and other Adjusted EBITDA:
For Year Ended December 31,
Corporate and other expenses
corporate and other Adjusted EBITDA
Corporate and other Adjusted EBITDA loss increased
$3.8 million to $39.3 million for the year ended December
various initiatives to improve liquidity.
Coronado Global Resources Inc. Form 10-K December 31,
expenses, segment operating
For Year Ended December 31, 2025
Less: Selling, general and administrative expense
Less: Depreciation, depletion and amortization
Less: Other non-mining costs
Sales volume excluding non-produced coal (MMt)
Mining cost per Mt sold ($/Mt)
For Year Ended December 31, 2024
Less: Selling, general and administrative expense
Less: Depreciation, depletion and amortization
Less: Other non-mining costs
Sales volume excluding non-produced coal (MMt)
Mining cost per Mt sold ($/Mt)
A reconciliation of the Company’s average realized
Met coal revenue is shown below:
For Year Ended December 31,
Average realized Met price per Mt sold ($/Mt)
Coronado Global Resources Inc. Form 10-K December 31,
Reconciliation of Non-GAAP Financial Measures
For year ended December 31,
Reconciliation to Adjusted EBITDA:
Add: Depreciation, depletion and amortization
Add: Interest expense, net
Add: Loss on debt extinguishment
Add: (Gain ) losses on sale of assets
Add: Other foreign exchange gains
Add: Impairment of assets
Add: Uncertain stamp duty position
Add: Increase (decrease) in provision for discounting
Liquidity and Capital Resources
Our objective is to maintain a prudent capital structure and to ensure that sufficient liquid assets and funding are
available to meet both anticipated and
unanticipated financial obligations, including unforeseen events that could
cash flow from operations
eligible advance payments
distributions to shareholders.
on our future performance
this Annual Report on Form 10-K.
Sources of liquidity as of December 31, 2025 and December
31, 2024 were as follows:
Cash and cash equivalents, excluding restricted cash
Undrawn capacity under the ABL Facility
The available capacity under the ABL Facility
was fully drawn as of December 31,
2025. Availability under the ABL Facility is limited
eligible borrowing base, determined by applying
customary advance rates to eligible accounts receivable
Coronado Global Resources Inc. Form 10-K December 31,
Our total indebtedness as of December 31, 2025 and
December 31, 2024 consisted of the following:
Current installments of interest bearing liabilities
Interest bearing liabilities, excluding current installments
Current installments of other financial liabilities
Other financial liabilities, excluding current installments
concurrently amending the
terms of its financial covenants,
materially reducing operating and
completing other financial support arrangements with
gearing ratio and interest coverage ratio. Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities”
with Stanwell as part of a broader financing package, providing near-term liquidity
support through prepayments
and Stanwell rebate relief. These amendments are expected
to have a positive incremental impact on operating
cashflows through the waiver of rebate
amounts otherwise payable under the ACSA,
deferral of other obligations
“Contract Obligations” for further information.
Curragh mine complex EA number
EPML00643713. As permitted under the Financial
Provisioning Act, we made
formal submissions to the Scheme Manager requesting a review of
this indicative rating. Following consideration
Provisioning Act to grant transitional relief allowing the application of the “Moderate-High” risk category. This risk
transitional “Moderate–High”
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
benefited from improving metallurgical coal market conditions, demonstrated operational recovery, and obtained
clarity regarding the outcome of the Scheme Manager’s final Annual
cash), was $172.8 million.
issuance date of our Consolidated Financial Statements
Coronado Global Resources Inc. Form 10-K December 31,
general economic conditions, metallurgical coal pricing, competitive dynamics and weather-related impacts. Our
working capital requirements
the preparation of forecasts requires management judgement
Cash and cash equivalents
As of December 31, 2025, the aggregate principal
amount outstanding under the ABL Facility was $272.1 million
(A$406.6 million), including $7.1 million of foreign currency
a revolving credit facility
years. Availability under the
to 12% per annum depending on the level of the Borrowing
Amounts outstanding under the ABL Facility are secured by (i) a first priority lien on the ABL Collateral, and (ii) a
second-priority lien on substantially all of the Company’s assets and the assets of the Guarantors, other than
including, among others, a quarterly Borrowing
Base Ratio test and, from December
31, 2027, the maintenance
of a gearing ratio and interest coverage ratio.
review events. A review event will
occur under the ABL Facility if
the Borrowing Base Ratio is below
minimum threshold of 80%. Following the occurrence of a review event,
if Stanwell is not satisfied with the result
the outstanding borrowings
in an aggregate amount sufficient to restore the
Borrowing Base Ratio to the specified minimum threshold.
In the event of a default by the Company (beyond any applicable grace or cure period, if any), the Administrative
Agent may and, at the direction
of Stanwell, shall declare all
amounts owing under the ABL
and all remedies and other rights under the ABL Facility.
Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities”
9.250% Senior Secured Notes
of each year, beginning on April 1, 2025. The Notes
mature on October 1, 2029 and are
senior secured obligations of the Issuer.
payment of dividends on capital stock.
comply with certain agreements
certain other indebtedness, certain
insolvency , and failure to
in aggregate principal amount
As of December 31, 2025, the Company was in compliance
with all applicable covenants under the Indenture.
Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities”
Coronado Global Resources Inc. Form 10-K December 31,
Loan – Curragh Housing Transaction
In 2024, the Company completed
the Curragh Housing Transaction,
an agreement for accommodation services
accommodation service provider.
The Curragh Housing Transaction did not satisfy the sale criteria under ASC 606, Revenues from Contracts with
Customers and was deemed a financing arrangement. As a result, the
proceeds of $23.0 million (A$34.6 million)
received for the sale and leaseback of property,
plant and equipment owned by the Company in connection with
Consolidated Balance Sheets. The
term of the financing arrangement
In connection with the Curragh Housing Transaction, the
Company borrowed $26.9 million (A$40.4 million) from
installments over a period of ten years, with an effective
Refer to Part II, Item 8, Note 15. “Interest Bearing Liabilities”
and Note 16. “Other Financial Liabilities” for further
During the year ended December 31, 2025, we entered into various finance lease agreements. Our total finance
lease commitments were $33.4
mature through August 2029 and bear fixed interest rates
ranging from 8.6% to 14.0%.
Surety bonds, letters of credit and bank guarantees
government agencies’ statutes and regulations.
obligations including contractual obligations under workers’
compensation insurance. As of December 31, 2025,
we had outstanding surety bonds of $20.0
million and bank guarantees outstanding
of $10.0 million for our U.S.
For the Australian Operations,
outstanding of $35.7 million,
primarily in respect of certain rail and port take-or-pay
arrangements of the Company.
As of December 31, 2025, the Company, in aggregate, had total outstanding bank guarantees provided of $45.7
million to secure its obligations and commitments.
Future regulatory changes
in increased obligations,
additional collateral requirements.
Restricted deposits – cash collateral
provide back-to-back support for bank
guarantees, financial payments, other performance
result in increased obligations, additional costs or additional
Stanwell contingent liability
waived the rebate amounts that would have otherwise been payable under the ACSA from January 1, 2026 until
the final delivery date, which is expected to occur in the
Coronado Global Resources Inc. Form 10-K December 31,
obtain Stanwell’s prior consent and,
change of control occurring,
plus interest. Additionally, if our current controlling shareholder ceases to control us by disposing
of its shares, we must immediately pay all rebates waived
by Stanwell plus interest.
significant uncertainty due to its
dependence on prevailing coal market prices during
the waiver period and future
coal export volumes. Both variables are inherently volatile and influenced by external factors beyond our control,
fluctuations, geopolitical
Company does not believe it can reasonably estimate the amount of the
potential obligation. Refer to Part I, Item
1, “Information Regarding Major Customers—Stanwell”
dividends to stockholders
net of $0.1 million of foreign exchange
gain on payment of dividends to certain
to be paid in Australian dollars.
including the general business environment,
operating results, cash flows,
future capital requirements, regulatory
and contractual restrictions, as well as applicable covenants under
the debt and other agreements and any other
factors the Board of Directors may consider relevant.
shareholders (e.g., a dividend), such that we
are required to maintain a minimum cash
liquidity of $300.0 million
payment of an equal or greater
amount (up to a maximum of
3 times) than the distribution
the Prepayment and Deferred Payment Balance owed
have historically been the funding of
our operations, working capital, capital expenditures,
and, if permitted and declared, payment of dividends.
reported in the accompanying Consolidated Financial Statements:
For Year Ended December 31,
Net cash (used in) provided by operating activities
Net cash used in investing activities
Net cash provided by (used in) financing activities
Net change in cash and cash equivalents
Effect of exchange rate changes on cash and cash
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Net cash used in operating activities
was $80.0 million for the year ended
December 31, 2025, compared to
payments in 2025 compared to tax
refunds in 2024. This decrease was
partially offset by lower operating
a prepayment from Stanwell of $75.0 million and a $67.2 million waive
and deferral of the Stanwell rebate, both
settled via future coal deliveries. The Stanwell
prepayment and rebate deferral primarily reflect
timing-related working capital benefits and do not represent
permanent reductions in cash outflows.
Coronado Global Resources Inc. Form 10-K December 31,
Net cash provided by operating activities was $74.0 million for the year ended December 31, 2024, compared to
compared to income tax payments in 2023.
December 31, 2025, was $244.8 million,
of which $130.6 million related to the Australian Operations and $114.2
million was related to the U.S. Operations,
and cash collateral of $72.8 million was posted as
the Australian Operations
both of our U.S. Operations and Australian Operations.
Net cash provided by financing
activities was $208.0 million for
the year ended December 31,
predecessor credit facility,
partially offset by repayment
and $12.5 million, respectively,
in relation to the predecessor credit facility,
payment for debt issuance and other
finance lease and other financial liabilities.
Net cash provided by financing activities was $162.8 million for the year ended December 31,
bearing and other financial
liabilities of $246.7 million,
The following is a summary of our contractual obligations
term financial liability obligations
Interest-bearing liabilities
Mineral lease commitments
Operating and finance lease commitments
Unconditional purchase obligations
contractual cash obligations
lease back type arrangement.
Coronado Global Resources Inc. Form 10-K December 31,
Financial Statements for additional discussion.
Represents firm purchase commitments for capital
expenditures (based on orders
Represents various short- and long-term
take-or-pay arrangements in
Australia associated with rail and
port commitments for the delivery of coal.
payments required to satisfy
these obligations. The timing
of payments is based on numerous
accordance with U.S. GAAP was $154.3 million as of
Critical Accounting Policies and Estimates
Statements due to the degree of
uncertainty regarding the estimates or assumptions involved and
of the asset, liability, revenue or expense being reported. All of these accounting
estimates and assumptions, as
Governance and Risk Committee of our Board of Directors.
audited Consolidated Financial
Statements for a summary of our significant accounting policies.
Fair Value of Non-Financial Assets
Factors that would necessitate
include a significant adverse
manner in which an asset is
used, a significant adverse change in
legal factors or the business climate
economic life of the asset group. If the projected
undiscounted cash flows are less than the carrying
determined through various
valuation techniques including
and third-party independent appraisals, as considered necessary.
Any such write down is included
expense in our consolidated statement of operations.
and long-term business plans related
to the long-lived assets and
assumptions are based on an assessment of the risk
inherent in the future cash flows of the long-lived assets.
Coronado Global Resources Inc. Form 10-K December 31,
was sold on January 14, 2025.
The Company concluded that no impairment charges were required at any of the
Company’s mining assets for the years
ended December 31, 2025 and 2023.
perform our annual assessment
fourth quarter of each year. We utilize a qualitative assessment for determining whether the quantitative goodwill
determine whether it is more
fair value of a reporting
unit is less than its carrying
Buchanan. We consider whether there are any negative macroeconomic conditions, industry specific conditions,
environments and how these factors might
impact company specific performance in future periods.
based on our qualitative assessment, that no impairment
Carrying Value of Asset Retirement Obligations
The Company is required to maintain a liability
(and associated asset) for the expected value of future
obligations on their mines, in line with ASC 410, Asset
Retirement and Environmental Obligations.
reclamation plans and in compliance with state and federal laws in the states of West Virginia and Virginia
U.S., and Queensland in Australia. For areas disturbed , a significant amount of the reclamation will take place in
plans, including reclamation.
adjusted risk-free rate, with an equivalent amount recorded as a long-lived asset. If the Company’s
asset. As reclamation work is performed or liabilities are otherwise settled,
the recorded amount of the liability is
adjustments are made to reflect any changes in estimates, if necessary. On an interim basis, we may update the
liability based on significant changes to the life of mine or significant increases in disturbances during the period.
Recoverable Coal Reserves
There are numerous uncertainties inherent
in estimating quantities and values of economically
and assumptions which impact economically recoverable reserve
geological characteristics;
historical production from the area compared with production from
Coronado Global Resources Inc. Form 10-K December 31,
the assumed effects of regulations and taxes by governmental
assumptions governing future prices; and
Each of these factors may in fact vary considerably from the
assumptions used in estimating reserves. For these
properties, and classifications
the number of assumptions made”
and Item 2. “Properties” for discussions
of the uncertainties in estimating
proven and probable coal reserves.
tax liabilities and assets
for the future tax consequences
various factors, including
impact of various agreements
income in carryback years,
of existing taxable temporary differences and the expected
amount of future taxable income. These assumptions
estimates we use to manage our underlying business. Based on
these judgments we may record tax reserves or
unpredicted results from the final
determination of each year’s
liability by taxing authorities. These
have a significant impact on our financial position.
Newly Adopted Accounting Standards and Accounting
Standards Not Yet Implemented
of Significant Accounting
Coronado Global Resources Inc. Form 10-K December 31,
Real-time Form 4 intelligence. Smarter insider tracking. 