# Coronado Global Resources Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Coronado Global Resources Inc.).

## Overview

Coronado Global Resources Inc. is a metallurgical coal producer with operating assets in Australia and the United States. It mines, markets and sells high-quality met coal products used mainly in steelmaking, while also selling smaller volumes of thermal coal and by-product coal from its operations.

## Products & services

• High-volatile coking coal (HCC)
• Semi-soft coking coal (SCC/SSCC)
• Pulverized coal injection (PCI) coal
• Thermal coal sales
• Coal marketing and logistics coordination

- **Metallurgical coal** (96%) — Premium coking coal products sold to steelmakers for coke and steel production.
- **Thermal coal** (4%) — Lower-volume thermal coal sold mainly under domestic contract and some export sales.

- High-volatile coking coal (HCC) for steelmakers
- Semi-soft coking coal (SCC/SSCC) for coke blends
- PCI coal for blast furnace injection
- Thermal coal sold under legacy domestic and export contracts
- Coal marketing, blending and direct sales execution

## Customers

Coronado sells primarily to steelmakers and steel-related intermediaries that need consistent met coal quality for blast furnace operations. Its customer base is geographically diverse, with major end markets in Asia, Europe, Brazil and North America, and many sales are made under one-year contracts or on a spot basis. The company also sells thermal coal to a Queensland utility customer under a long-term contract and to some export customers.

- **Steelmakers and blast furnace operators** (primary) — Buy HCC, SCC/SSCC and PCI coal for coke blends and ironmaking; they value quality consistency and coking performance.
- **Industrial coal buyers and utilities** (secondary) — Buy thermal coal for power generation, mainly through the Stanwell contract and limited export sales.
- **Traders and intermediaries** (secondary) — Purchase or facilitate sales of coal into global markets when direct end-user sales are not practical.

- Tier-one steel mills buying met coal for coke production
- Asian customers are the largest end-market for seaborne sales
- Customers in Europe, Brazil and North America diversify demand
- Stanwell buys thermal coal under a long-term domestic contract
- Sales often renew annually, so customer retention is critical

## Geography

Coronado operates a dual-region mining footprint in Australia and the United States, with Australia contributing 60.8% of 2025 revenue. Its seaborne met coal is sold globally, with primary consumers in Asia and additional demand in Brazil and Europe, while U.S. and Australian operations also serve domestic and regional markets. Geography matters because rail, port and shipping access directly affect realized pricing, delivery reliability and exposure to local regulation.

- **Australia** (60.8%) — 2025 revenue share disclosed in the 10-K.
- **United States** (39.2%) — Residual share after Australia based on 2025 revenue disclosure.

- Australia generated 60.8% of 2025 revenue
- U.S. operations provide the remaining revenue base
- Seaborne met coal is sold into Asia, Europe and Brazil
- Domestic Australian thermal coal is sold to Stanwell
- Rail, port and shipping access are critical to market reach

## Strategy

Coronado is focused on maximizing value from its met coal portfolio through product quality, customer diversification and flexible sales channels. Management is also investing in organic growth, mine optimization and emissions-reduction projects while preserving access to capital for sustaining and expansionary spending. The company’s strategy depends on keeping mines productive, maintaining logistics access and retaining long-term customer relationships in volatile coal markets.

- **Improve operating performance at existing mines** (short-term) — Higher productivity and lower unit costs support margins in a cyclical coal market.
- **Invest in organic growth and mine life** (medium-term) — Sustaining reserve access and production capacity is essential to long-term cash generation.
- **Reduce emissions intensity and energy exposure** (medium-term) — Climate and carbon costs can affect operating economics, permitting and financing access.

- Optimize production at Curragh and Buchanan/Logan assets
- Invest in organic growth projects at both operating regions
- Maintain diversified end markets and direct customer relationships
- Use rail and port access to serve seaborne and domestic demand
- Advance decarbonization initiatives and renewable power sourcing

## Risks

Coronado is exposed to coal price volatility, customer concentration and the operational complexity of running mines, rail and port-linked logistics across two countries. Its business is also sensitive to environmental regulation, carbon pricing, permitting, reserve estimates and financing access, all of which can affect production continuity and capital spending. Because most sales are short-duration contracts or spot-based, changes in customer demand or credit quality can quickly affect revenue and cash flow.

- **Customer concentration** [high] — Top ten customers represented 68.7% of 2025 revenue, so lost contracts would quickly reduce sales.
- **Coal price and demand cyclicality** [high] — Most sales are priced on daily indices, quarterly resets or annual contracts, so market swings flow through quickly.
- **Operational and logistics disruption** [high] — The company depends on mine availability plus rail and port infrastructure to deliver coal on time.
- **Environmental and climate regulation** [high] — Mining is heavily regulated and carbon-pricing assumptions can affect project economics and compliance costs.
- **Financing and liquidity constraints** [high] — The business requires ongoing capital expenditure and may need debt or equity funding to sustain operations.

- Met coal prices and contract terms drive revenue volatility
- Top customers account for a large share of sales
- Mine, rail and port disruptions can interrupt deliveries
- Permitting, environmental and carbon rules can raise costs
- Capital access matters for sustaining and growth projects

## Accounting

The most important accounting judgments relate to reserve estimates, asset impairment, reclamation obligations and capitalized mine development spending. Revenue and margin comparability can also be affected by contract pricing timing, freight and royalty allocations, and the mix between Australian and U.S. operations. Because the company is capital intensive, depreciation, depletion and amortization and asset retirement assumptions can materially influence reported earnings.

- **Reserve and mine-life estimates** — Changes can alter depreciation, depletion and impairment conclusions.
- **Impairment of mining assets** — Could create material non-cash charges.
- **Asset retirement obligations** — Affects liabilities and future expense recognition.
- **Revenue recognition under coal contracts** — Can create timing differences in reported revenue and margins.
- **Freight, royalties and rebates** — Affects operating margin comparability across regions.

- Reserve estimates affect depletion, mine life and impairment testing
- Asset impairment risk is significant if coal prices or volumes weaken
- Asset retirement obligations depend on closure and reclamation estimates
- Revenue timing varies with spot, quarterly and annual contract pricing
- Freight, royalties and Stanwell rebates affect segment margin reporting

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*Last updated: 2026-04-28T19:59:19.045711+00:00*