Coronado Global Resources 10K 2022 Annual report

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

2022

•

risks

inherent

mining

operations

could

impact

the

amount

coal

produced,

cause

delay

suspend coal deliveries, or increase the cost of operating

our business;

•

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

largest customers;

•

risks

unique

international

mining

and

trading

operations,

including

tariffs

and

other

barriers

trade;

•

unfavorable economic and financial market conditions;

•

our ability to continue acquiring and developing coal reserves

that are economically recoverable;

•

uncertainties in estimating our economically recoverable coal

reserves;

•

transportation for our coal becoming unavailable or uneconomic

for our customers;

•

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

arrangements with rail and port operators;

•

our ability to retain key personnel and attract qualified

personnel;

•

any failure to maintain satisfactory labor relations;

•

our ability to obtain, renew or maintain permits and consents

necessary for our operations;

•

potential costs or

liability under applicable environmental

laws and regulations,

including with respect

to any exposure

to hazardous substances

caused by

our operations, as

well as any

environmental

contamination our

properties may have or our operations may cause;

•

extensive regulation of our mining operations and future

regulations and developments;

•

our ability to provide

appropriate financial assurances

for our obligations under

applicable laws and

regulations;

•

assumptions underlying our asset retirement obligations

for reclamation and mine closures;

•

concerns about the environmental impacts of coal combustion,

including possible impacts on global

climate issues,

which could

result in

increased regulation

of coal

combustion

and requirements

reduce

greenhouse

gas,

GHG,

emissions

many

jurisdictions,

which

could

significantly

affect

demand for our products or our securities and reduced

access to capital and insurance;

•

any cyber-attacks or

other security breaches that

disrupt our operations

or result in

the dissemination

of proprietary or confidential information about us, our

customers or other third parties;

•

the risk that we may not

recover our investments in

our mining, exploration and other

assets, which

may require us to recognize impairment charges related

to those assets;

•

risks related to divestitures and acquisitions;

•

the risk that diversity in

interpretation and application of

accounting principles in the

mining industry

may impact our reported financial results; and

•

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

Factors.”

make

many

our

forward-looking

statements

based

our

operating

budgets

and

forecasts,

which

are

based upon

detailed assumptions.

While we

believe that

our assumptions

are reasonable,

we caution

that it

very difficult to

predict the impact

of known factors,

and it is

impossible for us

to anticipate all

factors that could

affect our actual results.

See Item 1A. “Risk Factors” and

elsewhere in this Annual Report

on Form 10-K for a more

complete discussion

of the risks

and uncertainties

mentioned above

and for

discussion of other

risks and

uncertainties we

face that

could

cause

actual

results

differ

materially

from

those

expressed

implied

these

forward-looking

statements.

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

2022

All

forward-looking

statements

attributable

are

expressly

qualified

their

entirety

these

cautionary

statements, as well as others made in this Annual

Report on Form 10-K and hereafter in our other

filings with the

Securities

and

Exchange

Commission,

SEC,

and

public

communications.

You

should

evaluate

all

forward-looking statements made by us in the context

of these risks and uncertainties.

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

you.

You

should

not

interpret

the

disclosure

any

risk

imply

that

the

risk

has

not

already

materialized.

Furthermore, the forward

-looking statements

included in this

Annual Report on

Form 10-K

are made only

as of

the date hereof.

We undertake no

obligation to publicly

update or revise

any forward-looking statement as

a result

of new information, future events, or otherwise, except

as required by applicable law.

Forward-looking and

other statements

in this

Annual Report

on Form

10-K regarding

our GHG

reduction plans

and

goals

are

not

indication

that

these

statements

are

necessarily

material

investors

required

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

-looking GHG-related statements

may be based on standards for measuring

progress that are still developing, internal controls and

processes that

continue to evolve and assumptions that are subject to change

in the future.

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

2022

PART I

ITEM 1.

BUSINESS.

Overview

are

leading

producer,

global

marketer

and

exporter

full

range

Met

coals.

own

portfolio

operating

mines

and

development

projects

Queensland

Australia,

and

Virginia,

West

Virginia

and

Pennsylvania

the

United

States.

are

one

the

largest

Met

coal

producers

globally

export

volume,

serving customers on five continents.

Our operations in Australia, or our Australian

Operations, consist of the 100%-owned

Curragh producing mining

property located

in the

Bowen Basin

of Australia.

Our operations

in the

United States,

or our

U.S. Operations,

consist

two

producing

mining

properties

(Buchanan

and

Logan),

one

temporarily

idled

mining

property

(Greenbrier) and two

development mining

properties (Mon

Valley,

and Russell County),

primarily located

in the

Central Appalachian

region of

the United

States, or

CAPP,

all of

which are

100%-owned. Our

U.S. Operations

and Australian Operations

are strategically located for

access to transportation

infrastructure. In addition

to Met

coal, our Australian Operations sell thermal coal under a long-term legacy contract assumed in the acquisition of

Curragh,

which

used

generate

electricity,

Stanwell

Corporation

Limited,

Stanwell,

Queensland

government-owned

entity

and

the

operator

the

Stanwell

Power

Station

located

near

Rockhampton,

Queensland,

and

some

thermal

coal

the

export

market.

Our

U.S.

Operations

also

produce

and

sell

some

thermal coal that is extracted in the process of mining

Met coal.

Location of Australian Operations

Location of U.S. Operations

Our core business

strategy focuses

on the production

of Met coal

for the North

American and seaborne

export

markets.

Met

coal

key

ingredient

the

production

steel

using

blast

furnaces,

and

approximately

770

kilograms of Met coal is required to produce one ton of steel.

have

geographically

diverse

customer

base

across

a range

global

markets.

Major

consumers

our

seaborne Met coal in 2022 were located in high-growth Asian markets, Brazil

and Europe. These consumers are

all major

global steel or

Met coke producers.

We are well-positioned

in the

key high-growth Asian

markets (Japan,

South

Korea

and

India)

sales

direct

end

users

the

region

represented

56.9%

our

total

revenue,

including Tata

Steel Limited, or Tata

Steel, which accounted for 19.4% of total revenue,

in 2022.

The

charts

below

show

our

direct

sales

geographic

region

2022

and

our

sales

volume

export

and

domestic coal sales in 2020, 2021 and 2022.

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

2022

23%

18%

12%

15%

10%

14%

Customer -FY2022

direct sales by coal revenue

Japan

India

South Korea

North America

South America

Europe

Australia

Other Asia countries

75%

25%

FY2020

Export

Domestic

75%

25%

FY2021

Export

Domestic

66%

34%

FY2022

Export

Domestic

Sales volume by export and domestic coal sales

support our

operations, we

have proven

and probable

coal reserves

totaling

539 MMt

as of

December 31,

2022, 205 MMt and 334 MMt of which

are in Australia and the United States, respectively.

For more information

regarding our coal reserves, see Item 2. “Properties.”

History and Australian Public Offering

We were

founded in

2011

by our

current Chief

Executive Officer,

Mr.

Garold Spindler,

our then

President and

Chief

Operating

Officer,

Mr.

James

Campbell

and

private

equity

fund

affiliated

with

The

Energy &

Minerals

Group, or EMG, with the intention of evaluating, acquiring

and developing Met coal mining properties.

Prior to the initial public

offering,

Coronado Global Resources

Inc., was a wholly-owned subsidiary

of Coronado

Group LLC, which

is currently

owned by

funds managed

by EMG,

which we

refer to,

collectively,

as the

EMG

Group, and certain members of our management.

October 23,

2018,

completed

initial

public

offering

the

Australian

Securities

Exchange,

ASX,

which we refer to as the Australian IPO.

As of

December

31,

2022,

the

EMG Group

and

management

beneficially

owned

approximately

50.4%

of the

issued

and

outstanding

our

common

stock

through

their

ownership

Coronado

Group LLC.

The

remaining 49.6%

was owned

by public

investors in

the form

of CDIs traded

on the ASX.

In addition,

Coronado

Group LLC

holds

one

preferred

stock

Series A,

par

value

$0.01

per

share,

the

Company,

the

Series A Share,

which is

the only

share of

preferred stock

issued and

outstanding. The

holder of

the Series

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

2022

permitted

nominate

and

elect

members

our

Board

Directors

relation

the

amount

the

holder’s aggregate beneficial ownership of shares of our common stock.

Organizational Structure

The following chart shows our current organizational structure:

* Coronado Global Resources Inc. holds 100%

ownership interest in its subsidiaries, unless otherwise

stated.

Overview of Operations

Met Coal

Met coal is primarily

used in the manufacture of

coke, which is used

in the steel-making process, as

well as direct

injection into a blast furnace as a replacement for coke.

Sales of Met coal represented approximately 95.3%

of our total coal revenues for the year ended December 31,

2022. Most of the Met coal

that we produce is sold, directly

or indirectly,

to steel producers. The steel

industry’s

demand

for

Met

coal

affected

several

factors,

including

the

cyclical

nature

that

industry’s

business,

geopolitical stability,

general economic conditions affecting

demand for steel, tariffs

on steel and steel products,

technological developments in the steelmaking process and the availability and

cost of substitutes for steel, such

as aluminum,

composites and

plastics. We

compete based

on coal quality

and characteristics,

price, customer

service and support

and reliability of supply.

Seaborne Met coal

import demand, which

is most of our

business,

can be significantly impacted by the availability of indigenous coal production, particularly in the

leading Met coal

import

countries

China

and

India,

among

others,

and

the

competitiveness

seaborne

Met

coal

supply,

including

from

the

leading

Met

coal

exporting

countries

Australia,

the

United

States,

Russia,

Canada

and

Mongolia,

among

others.

2022,

the

seaborne

Met

coal

market

was

considerably

volatile,

driven

supply

concerns in

key Met

coal

markets and

continued

trade flow

disruptions

due to

sanctions imposed

on Russian

coal imports following the Russian invasion of Ukraine.

Thermal Coal

Sales of thermal

coal represented approximately

4.7% of our

total coal revenues

for the year

ended December

31, 2022.

The thermal

coal we

produce is

predominantly a

byproduct of

mining Met

coal. The

thermal coal

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

2022

produce

sold,

directly

indirectly,

power

stations,

predominantly

Stanwell,

energy

source

the

generation

electricity.

Demand

for

our

thermal

coal

products

impacted

economic

conditions,

environmental regulations, demand for

electricity, including

the impact of energy efficient

products, and the cost

of electricity

generation

from

alternative

fuels.

Our

thermal

coal

products

primarily

compete

with

producers

other forms of electric generation,

including natural gas, oil, nuclear, hydro, wind, solar

and biomass, that provide

an alternative

to coal

use.

The Russian

invasion of

Ukraine impacted

global supply

dynamics

resulting in

Met

coal crossover trades into the thermal market caused

by increased thermal coal pricing.

Segments

In accordance with

Accounting Standards Codification, or

ASC, Topic 280,

Segment Reporting

, we have

adopted

the following reporting segments:

•

Australia; and

•

United States.

In addition, “Other and Corporate” is not determined

to be a reporting segment but is disclosed

for the purposes

of reconciliation to our Consolidated Financial Statements.

These segments are grouped based on geography and reflect how we currently monitor

and report the results of

the business to

the Chief Executive

Officer who is

our chief operating

decision maker, or CODM.

Factors affecting

and

differentiating

the

financial

performance

each

of these

two

reportable

segments

generally

include

coal

quality,

geology,

coal

marketing

opportunities,

mining

and

transportation

methods

and

regulatory

issues.

believe

this

method

segment

reporting

reflects

the

way

our

business

segments

are

currently

managed,

resources are allocated and

the way the performance

of each segment is evaluated.

The two segments

consist

of similar operating activities as each segment produces similar

products.

Diversification

We have

100% ownership

over all

of our

operating mines,

allowing us

full control

over all

operating decisions.

This

control

critical

during

times

crisis

and

allows

react

swiftly

and

decisively

changes

global

market demands.

We benefit from a geographically

diverse asset base,

in Australia and the United States,

with access to multiple

transportation infrastructure options, including key rail and port infrastructure, providing access to both seaborne

export and domestic markets.

We have access to

the key major markets

in both the Atlantic and

Pacific basins,

and our wide footprint provides flexibility to respond quickly

to changes in global market demands.

Sanctions

and

bans

Russian

coal

resulted

European

countries

seeking

alternative

sources

which

also

resulted in Met coal cross trades in the thermal markets, as producers looked to benefit from the price

arbitrage.

The low cost

nature of our

assets is a

function of the

quality of the

assets and the

available mine infrastructure

to extract our

reserves efficiently.

Being geographically

diverse allows us

to sell products

to our customers

in a

number of countries. This allows the sales team to leverage these relationships to provide value added solutions

such as blends with third parties, which is margin accretive.

Our Met

coal production is

diversified across high

quality products,

such as

hard coking coal,

or HCC,

semi coking

coals,

SCC,

and

pulverized

coal

injection,

PCI,

coal

from

our

Australian

Operations,

and

significant

production of HCC, comprising high volatile content,

or High-Vol,

(including sub-category A of High-Vol

or HVA,

and sub-category B of High-Vol,

or HVB), coal with medium

volatile content, or Mid-Vol, and coal with low

volatile

content,

Low-Vol,

coals

from

our

U.S.

Operations.

This

broad

product

range

supports

wide

variety

customer

requirements

and

various

blending

opportunities,

being

valued

for

its

attractive

coke-making

characteristics.

The below charts

show Met

product ranges

for our Australian

Operations and

our U.S.

Operations for

the year

ended December 31, 2022.

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

2022

58%

34%

Australia

HCC

SCC

PCI

68%

30%

U.S.

Low Vol

High Vol

Mid Vol

have a

dedicated

global

marketing

team

that

generates

direct sales

for our

Met coal.

Our

customer

base

spans across a full

spectrum of key

global markets. We

sell directly to a

number of large,

high-quality and well-

known

companies

the

steel

industry

globally.

Many

our

core

customers

have

been

our

longstanding

customers for over 20 years,

and source our products as essential base load,

which translates into a long history

of contract

renewal for

such customers.

We are

a major

supplier to

tier one

steel mills

in Japan,

South Korea,

Taiwan,

India,

Europe,

Brazil,

North

America

and

China.

Given

the

quality

our

diverse

customer

base,

believe the

demand for

our products

is fundamentally

insulated across

all stages

of the

commodity cycle.

This

flexibility provides us the ability to take advantage of favorable

market pricing as and where it arises.

2022 Coronado’s coal trade flows

Overview of Australian Operations—Curragh

Curragh is located in

Queensland’s Bowen Basin, one of the

world’s premier Met coal regions. Curragh

has been

operating since

1983, and

produces a

variety of

high-quality,

low-ash Met

coal products.

We believe

our HCC

product

recognized

steelmakers

for

its

low-ash

content,

consistency

quality

and

favorable

coking

attributes. We believe that

our SCC products are similarly

valued, in particular for

their low wall pressure, which

makes them suitable for stamp charging coke

ovens, and our PCI coal at Curragh

is recognized by steelmakers

for its low phosphorus and sulphur content. These Met

coal products are exported globally to a diverse customer

base located primarily in Asia.

Curragh also produces thermal

coal,

which is primarily sold domestically

under a

long-term contract with Stanwell, with a limited amount

being exported.

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

2022

94.7%

5.3%

FY22 Coal revenue mix -Australian

Operations

Met

Thermal

Revenues from our Australian Operations represented

59.3% of our total revenue for the year ended December

31, 2022. See Item 2. “Properties” for more information regarding

Curragh.

For the year ended December 31, 2022, 65.3% of the total

volume of coal sold by our Australian Operations was

Met coal and 34.7% of the

total volume of coal sold

by our Australian Operations

was thermal coal, the majority

of which is sold to

Stanwell. For the year

ended December 31, 2022,

Curragh sold 6.3

MMt of Met coal

into the

seaborne coal

markets. The

majority

of customers

purchase

multiple grades

or products

and have

purchased

Curragh coal continuously through all stages of the coal/commodity

pricing cycle. Curragh’s Met coal is typically

sold

annual

contracts

negotiated

our

Australian

Operations’

sales

managers,

with

pricing

agreed

bilaterally or with reference

to benchmark indices

or spot indices. Our

Australian Operations have

maintained a

high level of contract

coverage against planned production. In

2022,

substantially all of Curragh’s Met

coal export

sales were made under term contracts.

Overview of U.S. Operations—Buchanan and Logan

Our producing mining properties in the United States

are located in the CAPP region, specifically in Virginia

and

West

Virginia,

which

highly-developed,

active,

coal-producing

region.

Met

coal

produced

our

U.S.

Operations is consumed regionally by North American steel producers or

exported by seaborne transportation to

steel producers

(primarily in Asia,

Europe and South

America). The U.S.

Operations also

produce small quantities

of thermal coal

that is extracted

in the process

of mining Met

coal, which is

sold predominantly to

global export

markets, as well

as within North

America.

We believe

that many regard

Met coal from

the CAPP region

(where

our

U.S.

Operations

are

located)

the

highest

quality

the

world

owing

its

generally

low-ash

and

sulphur

content.

Our

U.S.

Operations

offer

range

Met

coal

products,

with

significant

production

HCC,

comprising coal wth High-Vol

(including HVA

and HVB), coal with Mid-Vol,

and coal with Low-Vol.

Sales from our U.S.

Operations to export

markets are typically

priced with reference

to a benchmark index.

generally sell our

seaborne coal through

intermediaries Free

on Rail (Incoterms

2010), or FOR,

and, therefore,

our realized price on FOR sales does not

include transportation to the seaborne port

or costs to transload into a

vessel. Consistent

with seaborne sales,

sales to North

American customers

are generally sold

on a FOR

basis

where the customer arrangers for and incurs the cost

of transportation to their facility.

A portion of our sales is

sold to North American steel and coke producers on annual contracts at

fixed prices that

not

fluctuate

with

the

benchmark

index.

The

fixed-price

nature

these

annual

contracts

provides

with

visibility on our future revenues, as compared to spot sales or sales priced with reference to a benchmark index.

For 2023, we have entered into annual contracts to sell approximately 1.6 MMt Met coal to North American steel

and coke producers.

During periods of

stable and rising

prices, we strive

to take advantage

of the spot

market.

Spot export contracts are negotiated throughout the year. Revenues from our U.S. Operations, in the aggregate,

represented 40.7%

of our total revenue

for the year ended

December 31, 2022. See

Item 2. “Properties” for more

information regarding Buchanan,

Logan and the other mining properties that compose our

U.S. Operations.

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

2022

96.3%

3.7%

FY22 Coal revenue mix -U.S.

Operations

Met

Thermal

10%

20%

30%

40%

50%

60%

70%

80%

Xcoal

Tata

Top 5

Top 10

Top

Customers

by coal revenues

FY 22

FY 21

For the year ended December 31, 2022,

95.7% of the total volume of

coal sold by our U.S. Operations

was Met

coal and

4.3% was

thermal coal.

We sold

61.7% of

total Met

coal from

our U.S.

Operations into

the seaborne

Met coal markets for the year ended December 31, 2022.

Customers

We sell

most of our

coal to

steel producers,

either directly

or through

intermediaries, such

as brokers.

We also

sell

thermal

coal

electricity

generators

either

directly

through

intermediaries

such

brokers.

Major

consumers of our

seaborne Met

coal in 2022

were located

in India, China,

Japan, South

Korea, Taiwan,

Brazil

and Europe.

These consumers

are all

major global

steel or

Met coke

producers. The

majority of

our sales

are

made under contracts with terms of typically one year

or on a spot basis.

Tata

Steel

Our U.S. Operations

and Australian Operations

are parties to

Long Term

Coal Sale and

Purchase Agreements

with TS

Global Procurement

Company Pte

Ltd, or

Tata

Steel,

with ending

March 31,

2025. These

Long Term

Agreements provide for

the sale of a

minimum aggregate total

of 2.25 MMt of

coal per contract

year across the

Group, consisting of

certain specific quantities

of HCC, and

pulverized coal

injection, or PCI,

Coal.

The coal

sold Free on

Board (Incoterms 2020),

or FOB, priced

with reference to

benchmark indices and

the agreements

contain industry

standard terms

and conditions

with respect

to delivery,

transportation, inspection,

assignment,

taxes and performance failure.

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

2022

Xcoal

In 2022,

sold

1.9

MMt

of coal

Xcoal

Energy

Resources

LLC,

or Xcoal,

from

our U.S.

Operations.

Coal

revenues from Xcoal represented 28.4%

of coal revenues

from our U.S. Operations. Purchase orders with Xcoal

are entered

into primarily on

an ad hoc

(shipment-by-shipment) basis.

Xcoal, as

well as most

other customers,

typically

take

ownership

coal

upon

into

the

rail

car

(FOR)

and

are

responsible

for

handling

transportation logistics to the port and beyond.

Stanwell

We are

party to

contractual arrangements

with Stanwell,

including a

Coal Supply

Agreement, or

the CSA,

and

the Curragh Mine New Coal Supply Deed, dated August

14, 2018, or the Supply Deed.

Under the CSA, we deliver thermal coal from Curragh to Stanwell at an agreed price and quantity.

Stanwell may

vary the quantity of thermal coal purchased each year so the total quantity to be delivered to Stanwell each year

cannot

precisely

forecast.

The coal

that

supply

to Stanwell

constitutes

the

majority

of the

thermal

coal

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

been greater than the contracted price paid

by Stanwell during the year ended December 31, 2022 and

for prior years.

Under the CSA, we also

share part of the revenue earned from

export Met coal sales (from particular Tenements

(as defined below))

with Stanwell

through various

rebates. The

most material

rebate is

the export

price rebate,

which is linked to the realized export coal price for a defined

Met coal product, as follows:

•

For the

first 7.0 MMtpa

of export

coal sales: when

the 12-month trailing,

weighted-average realized export

coal price of Reference coal exceeds the Tier

1 Rebate Coal Floor Price, we pay a rebate

of 25% of the

difference between the realized export coal price and

the Tier 1 Rebate Coal Floor

Price.

•

For export

coal sales

above 7.0

MMtpa: when

the 12-month

trailing, weighted-average

realized export

coal price of Reference coal exceeds the Tier

2 Rebate Coal Floor Price, we pay a rebate

of 10% of the

difference between the realized export coal price and

the Tier 2 Rebate Coal Floor

Price.

The CSA also provides for:

•

a tonnage rebate to Stanwell per Mt on the first 7.0 MMtpa of export coal sales and

on export coal sales

above 7.0 MMtpa; and

•

a rebate on run-of-mine, or ROM, coal mined in the Curragh “Pit U

East Area.”

The total Stanwell

rebate for the

year ended

December 31,

2022, was $166.0

million and has

been included in

the

Consolidated

Statements

Operations

and

Comprehensive

Income

included

elsewhere

this

Annual

Report on Form 10-K.

The Supply

Deed grants

us the

right to

mine the

coal reserves

in the

Stanwell Reserved

Area, or

the SRA.

exchange, we agreed to certain amendments to the CSA and to

enter into a New Coal Supply Agreement, or the

NCSA upon the

expiration of the

CSA (which is

expected to occur

in 2027).

On July 12,

2019, we entered

into

the

NCSA

with

Stanwell.

From

the

earlier

the

expiry

the

CSA,

the

date

termination

the

CSA,

and

January 1, 2029, we

will continue to supply

thermal coal to

Stanwell under the

NCSA. The term of

the NCSA is

expected to be 10 years,

and Coronado will supply

to Stanwell 2 million ‘Tonnes

Equivalent’ of thermal coal

per

annum (based

on a

nominal gross

calorific value

of 25.6GJ)

at a

fixed contract

price that

varies in

accordance

with agreed formulae, inclusive

of all statutory charges and

royalties in respect of

coal sold and delivered under

the NCSA. The export rebates which were payable under the CSA are not payable during the term of the NCSA.

The

supply

term,

the

contract

tonnage

and

the

contract

price

under

the

NCSA

are

subject

adjustment

accordance with a financial

model agreed between Stanwell

and us. In summary,

we have agreed that

the total

value of the

discount received

by Stanwell

on coal

supplied to

it under

the NCSA

should (by

the expiry

date of

the NCSA)

be equal

the

net present

value

of $155.2

million

(A$210.0

million)

as at

the

date

the

Supply

Deed,

using

contractual

pre-tax

discount

rate

13%

per

annum.

The

net

present

value

the

deferred

consideration

was

$243.2

million

December

31,

2022.

January

18,

2021,

the

Option

Coal

Supply

Agreement, or

��

the OCSA,

contemplated by

clause 5

of the NCSA

was entered

into, in

respect of

the supply

certain additional coal to Stanwell during the term of the

NCSA.

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

2022

See Item 1A. “Risk

Factors—Risks related

to the Supply

Deed with

Stanwell may

adversely affect

our financial

condition and results of operations.”

Transportation

Coal produced

our mining

properties

is transported

to customers

by a

combination

of road,

rail,

barge

and

ship. See Item 2. “Properties”

for descriptions of the transportation infrastructure

available to each of our mining

properties. Rail

and port

services

are typically

contracted

on a

long-term,

take-or-pay basis

in Australia,

while

these contracts

are typically

negotiated on

a quarterly

basis in

the United

States.

See Item 7.

“Management’s

Discussion and Analysis of Financial Condition and Results of Operations

—Liquidity and Capital Resources” for

additional information on our take-or-pay obligations.

Australian Operations

Our Australian

Operations

typically sell

export coal

FOB, with

the customer

paying for

transportation

from the

outbound shipping port.

The majority of

Curragh’s export

Met coal is railed

approximately 300 kilometers

to the

Port of

Gladstone for export

via two main

port terminals, RG

Tanna Coal Terminal,

or RGTCT, and Wiggins Island

Coal Export Terminal,

or WICET.

Curragh also has capacity available

to stockpile coal at the Port

of Gladstone.

For

sales

thermal

coal

Stanwell,

Stanwell

responsible

for

the

transport

coal

the

Stanwell

Power

Station.

Rail Services

Curragh is

linked to

the Blackwater

rail line

of the

Central Queensland

Coal Network,

or CQCN,

an integrated

coal

haulage

rail system

owned

and

operated

Aurizon

Network

Pty Ltd.,

Aurizon

Network.

Curragh

has

secured

annual

rail

haulage

capacity

12.0

MMtpa

(plus

surge

capacity)

under

long-term

rail

haulage

agreements with Aurizon

Operations Limited, or

Aurizon Operations, and

Pacific National Holdings

Pty Limited,

or Pacific National.

The RGTCT Coal

Transport Services

Agreement with Aurizon

Operations is for

8.5

MMtpa of haulage

capacity

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

which is calculated with reference

to the below-rail access charges,

haulage/freight charges, a minimum

annual

tonnage

charge

and

other

charges.

The

RGTCT

Coal

Transport

Services

Agreement

terminates

June 30,

2030.

The Coal

Transport

Services Agreement

with Pacific

National is

for 1.0

MMtpa of

haulage capacity

to RGTCT.

Curragh pays

a minimum

monthly charge

(components of

which are

payable on

a take-or-pay

basis), which

calculated with reference to the below-rail

access charges, haulage/freight charges, a

minimum annual tonnage

charge and other charges. The

Coal Transport Services

Agreement with Pacific National terminates

on July 31,

2029.

The

Wiggins

Island

Rail

Project,

WIRP,

Transport

Services

Agreement

with

Aurizon

Operations

for

2.5

MMtpa of capacity to WICET.

This contract is effectively

100% take-or-pay (for a

portion of the rail haulage

and

all capacity access charges). This agreement expires on June

30, 2030.

Port Services

Curragh exports coal

through two terminals

at the Port

of Gladstone, RGTCT

and WICET.

At RGTCT,

Curragh

and

Gladstone

Port

Corporation

Limited,

or GPC,

are

parties

coal

handling

agreement

that

expires

June 30, 2030.

The agreement may

be renewed

at our

request and,

subject to certain

conditions, GPC is required

to agree

to the

extension

if there

is capacity

at RGTCT

to allow

the extension.

We currently

have the

right

export between 7.7 MMtpa and 8.7 MMtpa at our nomination

on a take-or-pay basis.

We have

a minority

interest

in WICET

Holdings

Pty Ltd, whose

wholly-owned

subsidiary,

Wiggins Island

Coal

Export Terminal

Pty Ltd, or WICET Pty Ltd, owns WICET.

Other coal producers who export coal through WICET

also hold

WICET

Holdings

Pty Ltd.

In addition,

we and

the

other

coal

producers

(or

shippers)

have

take-or-pay agreements with WICET Pty

Ltd and pay a terminal handling charge

to export coal through WICET,

which is

calculated

by reference

to WICET’s

annual operating

costs, as

well as

finance costs

associated with

WICET

Pty Ltd’s

external

debt

facilities.

Our

take-or-pay

agreement

with

WICET

Pty Ltd,

the

WICET

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

2022

Take

-or-Pay

Agreement,

provides

Curragh

with

export

capacity

1.5

MMtpa.

The

WICET

Take

-or-Pay

Agreement is an “evergreen”

agreement, with rolling ten-year

terms. If we inform

WICET Pty Ltd that we

do not

wish to continue to roll the term

of the WICET Take

-or-Pay Agreement, the term would

be set at nine years and

the terminal handling

charge payable

by us would

be increased so

that our

proportion of WICET

Pty Ltd’s debt

is amortized to nil by the end of that nine-year term.

Under

the

WICET

Take

-or-Pay

Agreement,

are

obligated

pay

for

that

capacity

via

terminal

handling

charges, whether utilized or not. The terminal handling charge payable by us can be adjusted by WICET

Pty Ltd

our

WICET

Pty Ltd’s

operational

and

finance

costs

increases,

including

because

increased

operational costs or because another shipper defaults

and has its capacity reduced to nil. The terminal handling

charge is subject

to a financing

cap set out

in the terminal

handling charge methodology

and has already

been

reached and

is in force.

If another shipper

defaults under

its take-or-pay

agreement, each

remaining shipper

effectively proportionately liable to pay that defaulting shipper’s share of WICET Pty Ltd’s costs going forward, in

the form of increased terminal handling charges.

If we default under the

WICET Take

-or-Pay Agreement, we would

be obligated to pay a

termination payment to

WICET

Pty Ltd.

The

termination

payment

effectively

represents

our

proportion

WICET

Pty Ltd’s

total

debt

outstanding, based

on the

proportion of

our contracted

tonnage to

the total

contracted

tonnage of

shippers

WICET at

the time

the payment

is triggered.

Shippers can

also become

liable to

pay the

termination

payment

where there is a permanent cessation of operations at WICET.

Since WICET began shipping export tonnages in

April

2015,

four

WICET

Holdings

Pty Ltd

shareholders

have

entered

into

administration

and

Take

-or-Pay

Agreements subsequently terminated, resulting

in the aggregate

contracted tonnage of shippers

decreasing from

27 MMtpa to 15.5 MMtpa.

Under the WICET Take

-or-Pay Agreement, we are required

to provide security (which is

provided in the form of

a bank guarantee). The amount of

the security must cover our estimated liabilities as

a shipper under the WICET

Take

-or-Pay Agreement for the following twelve-month period. If

we are in default under

the WICET Take-or-Pay

Agreement and

are subject

to a

termination payment,

WICET Pty Ltd

can draw

on the

security and

apply it

amounts

owing

by us.

See

Item 1A. “Risk

Factors—Risks

related to

our

investment

WICET

may adversely

affect our

financial condition

and results

of operations”

and Item 7.

“Management’s

Discussion and

Analysis of

Financial Condition

and Results

of Operations—Liquidity

and Capital

Resources”

for additional

information

our take-or-pay obligations.

U.S. Operations

Our

U.S.

Operations’

domestic

contracts

are

generally

priced

FOR

the

mine

with

customers

bearing

the

transportation costs from

the mine to the

applicable end user.

For direct sales to

export customers, we hold

the

transportation

contract

and

are

responsible

for

the

cost

the

export

facility,

and

the

export

customer

responsible

for

the

transportation/freight

cost

from

the

export

facility

the

destination.

portion

our

U.S.

export sales

are made

through Xcoal and

other intermediaries. For

these sales, Xcoal

or the

intermediary typically

take ownership of

the coal as

it is loaded

into the railcar. The intermediary

is responsible for

the rail transportation

and port costs.

Rail Services

Our U.S. Operations

are served by

Northfork Southern

and CSX Transportation

railroads. In

2022, we shipped

approximately 94.7% of our total shipments via rail from

our U.S. mining properties.

Northfork Southern

railroad serves

our Buchanan

mining property

and transports

Buchanan’s coal

to Lamberts

Point Coal

Terminal

Pier 6

and to

CNX Marine

Terminal

for export

customers and

to our

domestic customers

either directly

indirectly

via inland

river

dock

facilities

where

the coal

is transloaded

barges

and

then

transported to the customer’s facilities.

CSX

Transportation

railroad

serves

our

Logan

and

Greenbrier

mining

properties.

CSX

transports

Logan

and

Greenbrier’s coal to Kinder

Morgan Pier IX Terminal

or CNX Marine Terminal

or Dominion Terminal

Associates

(DTA)

for

export

customers

and

either

directly

the

customers

inland

river

dock

facilities

for

domestic

customers.

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

2022

Port Services

Norfolk

Southern’s

Lamberts

Point

Coal

Terminal

Pier

the

largest

coal

facility

the

Northern

Hemisphere with 48 million tons

of annual export capacity

and is the main terminal

at Lamberts Point located

Norfolk, Virginia.

Kinder Morgan’s

Pier IX

is a

coal export

terminal with

an annual

export capacity

of 16

million

tons located in the Port of Hampton Roads in Newport

News, Virginia.

Our U.S. Operations have dedicated inventory capacity

and a take-or-pay obligation to transload one million

net

tons per

year through

Kinder Morgan’s

Pier IX

Terminal

to the

end of

March 2024.

On March

1, 2022,

we re-

assigned

700,000

net

tons

per

year

Xcoal

for

consideration,

reducing

our

dedicated

capacity

Kinder

Morgan’s Pier IX Terminal

to 300,000 net tons per year to March 2024. On November 1, 2022,

we extended our

arrangement with Kinder Morgan from April 2024 to March 2027,

with an option to extend for an additional three

years, for a dedicated inventory

capacity and take-or-pay obligation

to transload 650,000 net tons

per year.

Our

U.S. Operations also have alternate port access through CNX Marine Terminal which is a transshipping terminal

at the Port of Baltimore owned by CONSOL Energy.

Suppliers

The principal

goods we

purchase

in support

of our

mining activities

are mining

equipment, replacement

parts,

diesel fuel, natural gas, ammonium-nitrate

and emulsion-based explosives, off

-road tires, steel-related products

(including roof control materials), lubricants and electricity.

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

strategic relationships

with our

key suppliers

of goods

and do not

believe that

we are

dependent on

any of

our

individual suppliers.

also

depend

several

major

pieces

mining

equipment

and

facilities

produce

and

transport

coal,

including, but not limited to, longwall mining systems,

continuous miners, draglines, dozers, excavators, shovels,

haul trucks, conveyors,

coal preparation plants,

or CPPs, and

rail loading and

blending facilities. Obtaining

and

repairing these

major pieces

of equipment and

facilities often

involves long

lead times.

We strive

to extend

the

lives of existing equipment and facilities through maintenance practices and equipment rebuilds in order to defer

the requirement for larger capital purchases. We use our global leverage with major suppliers

to support security

supply

meet

the

requirements

our

active

mines.

See

Item 2.

“Properties”

for

information

about

operations at our mining properties.

We use

contractors

and other

third parties

for exploration,

mining and

other services,

generally,

and rely

on a

number

third

parties

for

the

success

our

current

operations

and

the

advancement

our

development

projects.

See

Item

1A.

“Risk

Factors—Our

profitability

could

affected

adversely

the

failure

suppliers

and/or outside contractors to perform.”

Competition

We operate

in a competitive

environment. We

compete with domestic

and international coal

producers, traders

and brokers.

We compete on price, coal quality, transportation, optionality, reputation and reliability. Demand for

Met coal and the prices that we will be able to obtain

for our Met coal are highly competitive and

are determined

predominantly by

world markets,

which are

affected by

numerous factors

beyond our

control, including

but not

limited to:

•

general global, regional and local economic activity;

•

changes in demand for steel and energy;

•

industrial production levels;

•

short-term constraints, including weather incidents;

•

changes in the supply of seaborne coal;

•

technological changes;

•

changes in international freight or other transportation infrastructure

rates and costs;

•

the costs of other commodities and substitutes for coal

;

•

market changes in coal quality requirements;

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

2022

•

government regulations which restrict, or increase the

cost of, using coal;

•

tariffs

imposed

countries,

including

the

United

States

and

Australia,

the

import

certain

steel

products and any retaliatory tariffs by other countries

;

and

•

tax impositions on the resources industry,

all of which are outside of our control;

In addition, coal prices are highly

dependent on the outlook for coal consumption in

large Asian economies, such

as China, Japan, South Korea and India,

as well as any changes in government

policy regarding coal or energy

in those countries.

In developing our

business plan and

operating budget, we

make certain assumptions

regarding future Met

coal

prices, coal demand and

coal supply. The prices we receive for

our Met coal depend on

numerous market factors

beyond our control. Accordingly,

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

and

actual

coal

prices

and

demand

may

differ

materially

from

those

expected.

Our

business,

operating

and

financial

performance,

including

cash

flows

and

asset

values,

may

materially

and

adversely

affected

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

our products.

Competition in

the coal

industry is based

on many

factors, including, among

others, world supply

price, production

capacity,

coal

quality

and

characteristics,

transportation

capability

and

costs,

blending

capability,

brand

name

and diversified operations. We are

subject to competition from

producers in Australia, the

United States, Canada,

Russia,

Mongolia

and

other

coal

producing

countries.

See

Item 1A.

“Risk

Factors—We

face

significant

competition, which could adversely affect profitability.”

Environmental Sustainability

We are focused on extracting high quality Met coal in an environmentally responsible way.

Coal mining is one of

the most

environmentally

regulated

industries

in the

world,

and

it is

vital

that

consistently

meet

or exceed

relevant regulatory standards.

We are subject to various environmental laws, regulations and public policies in Australia

and the United States.

Managing

our

environment

and

climate

change

risks

key

component

our

corporate

strategy

and

integrated into all stages

and areas or our

daily operations. We

seek to minimize

our environmental impact and

ensure we meet or exceed our legislative and regulatory

environmental obligations.

Coronado’s environmental

sustainability initiatives

and strategy are

discussed further

in our 2021

Sustainability

Report

published

May

10,

2022,

which

can

found

our

website

www.coronadoglobal.com/sustainability/

Nothing

our

website,

including

our

2021

Sustainability

Report

sections thereof,

shall be

deemed

incorporated by

reference

into this

Annual Report

on Form

10-K. Our

2022

Sustainability Report is expected to be available in May

2023.

Climate change

We believe that

climate change is

a complex challenge

that requires action

at all

levels of

society. Climate change

can

heighten

existing

physical

and

non-physical

impacts

and

risks

and

introduce

new

ones

that

can

affect

business performance in the near and long-term.

While our operations

are recognized as

vital contributors to

the communities and

economies in which

we operate,

we acknowledge that

our mining activities

create Greenhouse

Gas (GHG)

emissions. Climate change

is one of

the

most

significant

issues

for

the

steel

industry

and

the

industry

has

made

significant

reductions

GHG

emissions

improving

energy

efficiency

and

using

new

technologies.

Where

possible,

are

continuing

identify and

implement GHG emissions

and energy

reduction opportunities across

our business,

whilst monitoring

climate related

risks

and the

sustainability

of our

operations.

We are

committed to

working with

other industry

partners to

support, develop

and introduce

new coal

production and

energy-generation technologies,

that help

reduce the environmental impact while continuing to meet

global energy and steel demands.

Our Australian

Operations operate

under an

Environmental Management

System, or

EMS, in

accordance

with

ISO 14001 that contains set

plans and procedures to ensure

all environmental commitments are

met. The EMS

used

tool

uphold

our

Australian

Operations’

Environmental

Policy

and

integrate

environmental

compliance into

all facets

of the

business. Our

Australian Operations

disclose GHG

Scope 1

and 2

emissions

annually to the Clean Energy Regulator under the National Greenhouse

and Energy Reporting Scheme.

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

2022

Our

U.S.

Operations

undergo

detailed

internal

inspections

well

rigorous

evaluations

both

state

and

federal inspectors

on a

regular basis.

Our U.S.

Operations

disclose GHG

Scope 1

and 2

emissions, including

fugitive emissions

(methane),

for the

facilities

required

to report

their

emissions

annually

to the

United

States

Environmental Protection Agency.

Our

operations

are

currently

focused

implementing

reporting

improvements,

identifying

opportunities

for

reducing

emissions

per

ton

production

basis

and

benchmarking

ourselves

against

our

peer

group.

Coronado launched its first set of GHG targets

in 2022 and has committed to targeting reductions

in its Scope 1

and 2 emissions by 30% by 2030.

Emissions

reduction

estimates

to 2030

have

been evaluated

based

on improvements

that

can reasonably

expected using

technologies

currently available.

Detailed

analysis to

determine

economic

viability of

available

technologies has not been considered.

The target reduction of 30% by 2030

is based in the current mine plans for Coronado's

Curragh and U.S. mines

and

not

expected

linear

reduction.

address

our

material

areas

impact

including

emission

reductions and opportunities, the need for mitigation technologies

are likely to increase.

We are

also evaluating

a range

of potential

projects that

could have

a positive

impact on

our emissions

profile

including options for

energy generation from

solar,

wind and gas

along with on-grid

solutions. For example,

began a project to understand and define gas reservoirs at Curragh with gas production drilling that commenced

the

fourth

quarter

2022.

This

project

will

continue

into

2023

with

well

completion

and

anticipated

downstream trial of running gas converted haul trucks using the incidental coal seam gas from our operations as

a diesel substitute.

Similarly, on July 27,

2022, we

officially commissioned the

Buchanan Ventilation Air Methane,

or VAM, abatement

project

vent

shaft

our

U.S.

Operations.

The

project

utilizes

the

latest

technology

convert

fugitive

methane

gas

emissions

carbon

dioxide.

The

goal

this

project

reduce

the

Buchanan

mine

methane

emissions

approximately

times

and

reduce

total

emissions

from

the

mine

61%

2030.

The

initial

performance

from

the

VAM

unit

encouraging

with

the

project

achieving

94%

emission

reduction

efficiency.

While Coronado

is also

exploring other

projects to

reduce its

carbon footprint,

if the

VAM projections are achieved,

it may alone result in the Company meeting their target

reduction by 2030.

Increased public concern may result in

additional regulatory risks as new laws and

regulations aimed at reducing

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

emissions could adversely impact our growth, increase our operating

costs, or reduce demand for our coal.

With

respect

physical

climate

risks,

our

operations

may

impacted

weather-related

events

potentially

resulting in lost production, supply chain disruptions and increased

operating costs, which could have a material

adverse impact on our financial results of operations.

Increasingly, both foreign and domestic banks, insurance companies and large investors are curtailing or ending

their financial

relationships with

fossil fuel-related

companies. This

has or

is likely

to continue

to have

adverse

impacts on the liquidity and operations of coal producers.

Additionally, federal,

state and international GHG and climate

change initiatives, associated regulations or

other

voluntary commitments

to reduce

GHG emissions

could significantly

increase the

cost of

coal

production

and

consumption, increase costs as

a result of

regulations requiring the installation

of emissions control technologies,

increase expenses associated with

the purchase of emissions reduction

credits to comply with future

emissions

trading

programs,

significantly

reduce

coal

consumption

through

implementation

future

clean

energy

standard. Such

initiatives and

regulations could

further reduce

demand or

prices for

our coal

in both

domestic

and international markets,

could adversely affect

our ability to

produce coal and

to develop our

reserves, could

reduce the value

of our coal

and coal reserves, and

may have a

material adverse effect on

our business, financial

condition and results of operations.

On November 20, 2022,

the Sharm el-Sheik

Conference of Parties 27,

or COP27, maintained

language around

fossil fuels from

Glasgow Conference of Parties

26, which called

on governments to accelerate

the dissemination

of technologies,

and

the adoption

policies, to

transition

toward

a low-emission

energy system,

including

accelerating the

phasedown of

unabated coal

power,

that is

coal power

that does

not include

the capture

and

storage of carbon dioxide emission and phase-out inefficient

fossil fuel subsidies.

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

2022

Human Capital Disclosures

Our ability to

attract and

retain skilled,

motivated and

engaged employees

is an

essential part

of our

business.

Investing in the skill and capabilities of our people will underwrite our

long-term growth and sustainability. In both

Australia

and

United

States,

operate

regional

locations

with

highly

competitive

labor

markets.

each

location,

are

creating

high-performing

workforce

with

talent

pipeline

for

future

leaders,

including

succession planning for critical roles. To

achieve this, we continue to create a

culture that welcomes and values

all people and

where our core

values of collaboration,

accountability,

respect and excellence

are demonstrated

in everything that we do.

In 2022, a number of initiatives were undertaken to enhance our culture, increase

our ability to attract and retain

the workforce we

need, and to

continue to drive

our desire to

build safe, high-performing

teams. This has

included

extensive efforts to gather feedback from our

employees and contracting partners through surveys, focus groups

and

team

empowerment

sessions.

Following

analysis

the

feedback,

priorities

were

identified,

and

cultural

programs designed to

bridge gaps between

current and desired

cultural states were

developed and implemented.

Worldwide we had 1,735

employees as of December 31, 2022.

In addition, as of December 31,

2022, there were

2,326 contractors supplementing the permanent workforce,

primarily at Curragh.

As of

December 31,

2022, approximately

11.5%

of our

total employees,

all at

our Australian

Operations, were

covered by a single, federally-certified collective Enterprise Agreement, or the EA, for specified groups

of mining

and maintenance

employees.

In May

2019, the

Australian Fair

Work Commission

approved the

Curragh Mine

Enterprise Agreement 2019. This EA has

a nominal expiration date of May 26,

2022 and will remain in

place until

replaced

terminated

the

Fair

Work

Commission.

have

been

negotiating

with

employee

bargaining

representatives for a replacement EA

since March 2022. Those negotiations

continue in good faith

with the intent

of reaching an agreement as soon as practicable. Our U.S. Operations

employ a 100% non-union labor force.

Safety

Our

employees

and

contractors

are

our

most

valuable

assets

and

consider

their

safety

our

number

one

priority.

Safety is

essential to

all business

functions and

is never

to be

compromised, under

any circumstance.

The

health

and

safety

our

people

reinforced

every

day

through

our

culture,

behaviors,

training,

communication and procedures.

We manage safety and health

through continuous improvement efforts

and the implementation of practices

and

procedures that

address safety risks

in full

compliance with

the legal

and regulatory frameworks

of both

the United

States and Australia.

We empower our

people to consistently

strive to have

a safety mindset,

and act by

applying,

managing and monitoring

effective controls

to prevent

adverse outcomes with

all activities and

operations. Our

programs

are

intended

reinforce

our

position

that

safety

and

health

should

always

front

mind

for

all

employees and contractors.

Safety

performance

monitored

through

physical

observations

from

both

internal

and

external

parties

and

through the

reporting of

key metrics.

Safety performance

is assessed

monthly against

internal goals

and on

quarterly basis is benchmarked against our peers within the

mining industry.

We set targets

for safety interactions

which is a process

where employees observe

a risk behavior and

provide

immediate feedback

if it

is deemed,

or has the

potential to

be, unsafe.

This is

monitored by

management daily

through safety meetings,

site visits, employee

discussions, and management

observations. The process

allows

for greater empowerment, innovation and employee input

into the mining process.

The 12-month

rolling average

Total

Reportable Injury

Frequency Rate

(“TRIFR”) as

of December

31, 2022

for

our Australian Operations was 3.92 and

the Total Reportable Incident Rate (“TRIR”) for 12-month rolling average

as of

December

31, 2022

for our

U.S. Operations

was

2.42. As

indicated

in the

graphs below,

our Australian

Operations

outperformed

the

Queensland

industry

average

2021

and

2022

and

our

U.S.

Operations

outperformed the U.S. national average in

2021 and 2022. We strive to

ensure that we continue to

provide a safe

operating environment for all employees and contractors.

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

2022

2022 Australian Operations

(TRIFR)

Australian Operations

Industry

2.5

2022 U.S. Operations (TRIR)

U.S. Operations

Industry

Workforce composition and diversity

Our

values

(CARE

–

Collaboration,

Accountability,

Respect,

Excellence)

guide

our

policies,

processes

and

actions as they

relate to

all workforce

interactions and

people related

initiatives. As

part of these

values and

enable our people to excel within the workplace we are building a diverse and inclusive workforce, where unique

viewpoints are

heard, valued

and respected.

We believe

this directly

impacts the

safety and

productivity of

our

people. Our employees are trained to recognize and mitigate

potential biases towards others.

invest

training

and

development

programs

for

both

our

new

and

long-serving

employees.

Investing

graduate

recruitment,

traineeships

and

internship

programs

through

partnerships

with

leading

education

institutions

has

been

central

accessing

talent

and

building

our

brand.

Further,

our

internal

leadership

development enhances succession planning and the transfer

of skills and knowledge across our business.

As at December 31, 2022:

•

in the United States, just over 6% of Senior Managers

were female.

•

in Australia, almost 30%

of employees at a General

Manager, Senior

Manager and Senior Professional

level were female, an increase of approximately 2% from December

31, 2021.

•

7% of our global workforce was female.

•

58.8% of all employees were between the ages of 30 and 50

years old.

Attracting and retaining the right people

We continued

to focus our

efforts on

recruiting trainees

and other entry

level roles. We

have also implemented

the following initiatives:

•

Comprehensive training, performance and leadership development

programs.

•

Competitive and flexible remuneration structure.

2022,

our

total

rolling

turnover

rate

was

16.0%

and

16.7%

Australia

and

the

U.S.,

respectively,

and

our

voluntary

departure

rolling

turnover

rate

was

14.5%

both

Australia

and

the

U.S.

2021,

our

total

rolling

turnover rate was 27.9%

and 18.4% and

our voluntary departure

rolling turnover rate

was 17.3% and

15.4%, in

Australia and the U.S., respectively.

Regulatory Matters—Australia

Our Australian Operations

are regulated by the

laws and regulations

of the Commonwealth

of Australia, or

Cth,

the State

of Queensland,

or Qld,

and local

jurisdictions. Most

environmental laws

are promulgated

at the

state

level, but the Australian federal government has a

role in approval of actions which have national

environmental

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

2022

significance.

Queensland,

the

environmental

laws

relevant

coal

mining

include

development

legislation,

pollution,

waste,

ecosystem

protection,

cultural

heritage

and

native

title

land

contamination

and

rehabilitation

legislation. In addition, the Australian federal government regulates

foreign investment and export approvals.

Tenements

We control the

coal mining

rights at Curragh

under 14 coal

and infrastructure

mining leases, or

MLs, and three

mineral development licenses, or MDLs, granted pursuant to the Mineral Resources Act 1989 (Qld).

See Item 2.

“Properties” for more information regarding the Tenements.

Mineral Resources Act 1989 (Qld)

The Mineral Resources

Act 1989 (Qld)

and the Mineral

and Energy Resources

(Common Provisions)

Act 2014

(Qld), together,

provide for the

assessment, development

and utilization of

mineral resources in

Queensland to

the

maximum

extent

practicable,

consistent

with

sound

economic

and

land

use

management.

The

Mineral

Resources

Act

1989

(Qld)

vests

ownership

minerals,

with

limited

exceptions,

the

Crown

(i.e., the

state

government). A royalty is payable to the Crown for

the right to extract minerals. The Mineral Resources Act 1989

(Qld) creates different tenures

for different mining activities,

such as prospecting, exploring

and mining. A ML is

the most important

tenure, as it permits

the extraction of

minerals in conjunction

with other required

authorities.

The Mineral Resources Act 1989 (Qld) imposes general conditions

on a ML.

A person who is the holder

of a ML must keep

the records necessary to enable the royalty payable

by the person

ascertained.

2022,

the

Queensland

State

Government

Australia

amended

the

Mineral

Resources

Regulation

2013

(Qld)

introducing

additional

higher

tiers

the

coal

royalty

rates

effective

from

July

2022,

increasing the royalty payable by our Australian Operations.

The new tiers applicable in calculating the royalty payable for our Australian Operations from July 1, 2022 are as

set out below:

•

7% for average coal price per Mt sold up to and including

A$100 per Mt;

•

12.5% for average coal price per Mt sold from A$100 to

A$150 per Mt;

•

15% for average coal price per Mt sold from A$150 to

A$175 per Mt;

•

20% for average coal price per Mt sold from A$175 to

A$225 per Mt;

•

30% for average coal price per Mt sold from A$225 to

A$300 per Mt; and

•

40% for average coal price per Mt sold above A$300 per

Mt.

The royalty

payable

for

coal sold,

disposed

of or

used

a return

period

is then

calculated

by multiplying

the

royalty rate by the

value of the coal.

Queensland Revenue

Office Royalty

Ruling MRA001.1 contains

details on

the

costs

that

can

(and

cannot)

deducted

when

calculating

the

applicable

royalty

and

the

method

for

determining the value of the coal. Where there is a change in legislation

or case law that affects the content of a

royalty ruling, the change

in the law

overrides the royalty ruling—i.e., the

Commissioner will determine the royalty

liability in

accordance with

the changed

law.

See Item 2.

“Properties” for

a discussion

of the

royalties currently

applicable to Curragh.

Mining Rehabilitation (Reclamation)

Mine closure and rehabilitation risks and costs are regulated

by Queensland state legislation.

Amongst

other

things,

Environmental

Authority

Holder,

must

provide

the

Queensland

State

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

its obligations to rehabilitate the mine site.

The Mineral

and

Energy

Resources

(Financial

Provisioning)

Act

2018 (Qld),

or the

Financial

Provisioning

Act

establishes

financial

provisioning

scheme,

the

Scheme,

from

which

the

Department

Environment

and

Science, or the DES, sources funds to rehabilitate and

remediate land subject to mining.

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

2022

Under the Financial Provisioning Act,

all mine operators are required

to make a submission

to the DES in

respect

of an Estimated Rehabilitation Cost, or ERC,

for the mine site. The ERC is determined

using the DES-approved

ERC calculator.

Using this

information, the

DES sets

the ERC

for the

mine. The

DES provides

the ERC

to the

manager of the

Scheme, or

the Scheme Manager.

The Scheme

Manager undertakes

a risk assessment

of the

mine,

which

based

upon

independent

advice

from

Scheme

risk

advisor.

includes

detail

the

mine

operator’s financial

soundness and credit

rating, characteristics of

the mining operation

(e.g., life of mine,

or LOM,

and off-take agreements),

rehabilitation history,

environmental compliance

history and the

submission made by

the Company.

Risk categories include

high, moderate, low

and very low.

If the ERC

and risk categories

are set

at moderate,

low or

very low

for a

mine, then

there is

a need

to pay

an annual

contribution

based on

a small

percentage of the ERC to the Scheme. If the category is high, then the operation provides a surety for the whole

ERC and possibly a contribution

to the Scheme. The risk

assessment of the mine and,

therefore, the amount of

the contribution to

the fund is assessed

and paid annually

in perpetuity, or until a

clearance certificate is obtained.

Each year, the Scheme Manager

is required to

make an Annual

Review Allocation to determine

whether the mine

will provide surety or pay a contribution to the Scheme

depending on the value of the ERC relating to applicable

environmental authorities, as follows:

ERC < A$100,000 - cash surety or bank guarantees

ERC = A$100,000 – A$450 million - pay a cash contribution

into the Scheme

ERC > A$450 million - pay a cash contribution into the

Scheme and provide bank guarantees.

Curragh

has

environmental

authorities,

EAs,

which

are

covered

the

Scheme,

namely

number

EPML00643713

and

number

EPVX00635313.

October

2022,

the

Scheme

Manager

completed

the

assessment of the Annual Review Allocation for environmental authority number EPML00643713

and issued an

Annual

Review

Allocation

“Moderate”.

The

moderate

rating

resulted

Curragh

being

obliged

make

financial contribution to the Scheme of 2.75% of the ERC.

In January 2023, the Scheme Manager completed an

assessment of the Annual Review

Allocation for Environmental Authority Number EPVX00635313 and issued

Annual

Review

Allocation

of “High”

respect

MDL162

requiring

Curragh

maintain

its historical

financial

assurance in respect of 100% of the ERC for Environmental

Authority Number EPVX00635313.

The Financial Provisioning Act also requires

for a Progressive Rehabilitation and

Closure Plan, or a PRCP,

with

respect

mined

land.

This

requirement

will

integrated

into

the

existing

processes

for

new

mines,

minimizing the

regulatory burden

on government

and industry.

All mining

projects carried

out under

a ML

that

make a site-specific

EA application will

be required to

provide a PRCP. If approved by

the administering authority,

a stand-alone PRCP

schedule will be

given to the

applicant together with

the EA. The

PRCP schedule will

contain

milestones

with

completion

dates

for

achieving

progressive

rehabilitation

the

mine

site.

The

Financial

Provisioning Act provided

transitional arrangements for three years

for the application of the PRCP

requirement

existing

mines.

The

requirement

for

PRCP

commenced

November

2019,

the

PRCP

start

date,

however all existing mining operations only transition into the PRCP framework once a transition notice

is issued

by the relevant government department. Curragh was issued with a

transition notice with respect to its PRCP. Its

application

for

proposed

PRCP

was

received

the

administering

authority

October

20,

2022.

The

administering

authority

has

requested

the

Company

provide

further

information

assess

the

application

August 28, 2023.

Environmental Protection Act 1994 (Qld)

The

primary

legislation

regulating

environmental

management

mining

activities

Queensland

the

Environmental

Protection

Act 1994

(Qld),

the

Act. Its

objective

is to

protect

Queensland’s

environment

while allowing

for development

that improves

the total

quality of

life, both

now and

in the

future, in

a way

that

maintains ecologically sustainable

development. Under the EP

Act, it is an offense

to carry out a

mining activity

unless the person holds or is acting under an EA for the activity. The EA imposes conditions on a project. It is an

offense to contravene a condition of an

EA. In addition to the requirements found

in the conditions of an EA, the

holder must

also meet

its general

environmental

duty and

duty to

notify of

environmental

harm and

otherwise

comply with the provisions of the

EP Act and the regulations promulgated thereunder. For example, the following

are offenses under the EP Act:

•

causing serious or material environmental harm;

•

causing environmental nuisance;

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

2022

•

depositing proscribed water contaminants in waters and related

matters; and

•

placing contaminants where environmental harm or nuisance

may be caused.

The

holder

must

also

registered

suitable

operator

under

the

Act.

are

registered

suitable

operator.

We hold

EA EPML00643713, which

authorizes the

mining of black

coal, mineral

processing, chemical storage,

waste disposal and

sewage treatment over

the 14 MLs

at Curragh on

certain conditions. Those

conditions include

requirements

in relation

air and

water quality,

regulated structures

(e.g., dams),

noise and

vibration, waste,

land use, rehabilitation and watercourse diversion.

also

hold

range

subsidiary

EAs

for

our

Australian

Operations.

See

“—Mining

Rehabilitation

(Reclamation)

”

above

for more information regarding the Financial Provisioning

Act.

Aboriginal Cultural Heritage Act 2003 (Qld)

The Aboriginal Cultural Heritage Act 2003 (Qld) imposes a duty of care on all persons to take all reasonable and

practicable measures to ensure that any activity conducted does not harm

Aboriginal cultural heritage. Its object

is to provide effective recognition, protection and conservation

of Aboriginal cultural heritage.

We have obligations

relating to Aboriginal cultural

heritage with respect

to a number of

cultural heritage objects

and areas located within

the area of the

Tenements.

We work closely

with the Aboriginal people

to manage the

cultural heritage objects, areas or

evidence of archaeological significance, within

our mining operations. We

are

party to a Cultural Heritage Management Plan (and associated Cultural

Services Agreement) with the Gaangalu

Nation People that applies

to all of the Tenements.

The plan establishes a

coordinating committee and sets

out

the steps to be followed to manage activities that may impact

Aboriginal cultural heritage.

Native Title Act 1993 (Cth)

The Native Title Act

1993 (Cth), or NTA,

sets out procedures under which

native title claims may be lodged

and

determined and compensation claimed for

the extinguishment or impairment of

the native title rights or interests

of Aboriginal peoples. Its object is to provide for the recognition and protection of native title, to establish ways in

which future

dealings affecting

native title

may proceed

and to

set standards

for those

dealings, to

establish a

mechanism

for determining

claims to

native

title

and to

provide for,

or permit,

the

validation of

past

acts,

and

intermediate period acts, invalidated because of the existence

of native title.

With respect to MLs and MDLs

granted under the Mineral Resources

Act 1989 (Qld) on state land

where native

title has not

been extinguished,

a principle

known as

the non-extinguishment

principle governs.

Broadly,

under

this principle, native title rights are suspended while the mining tenure,

as renewed from time to time, is in force.

The grant

(or renewal)

of a

mining tenure

in respect

of land

where native

title may

exist must

comply with

the

NTA

to ensure

the validity

of the tenure.

Registered native

title claimants

have certain

notification, consultation

and negotiation rights relating

to mining tenures. Where

native title is extinguished

(i.e., freehold land), the NTA

does not apply.

Regional Planning Interests

The Regional

Planning Interests

Act 2014

(Qld), or

the RPI

Act manages

the impact

of resource

activities and

other

regulated

activities

areas

the

state

that

contribute,

are

likely

contribute,

Queensland’s

economic, social

and environmental

prosperity (e.g., competing

land use

activities on

prime farming

land). The

RPI

Act

identifies

areas

Queensland

that

are

regional

interest,

including

strategic

cropping

areas

and

strategic environmental

areas. Under the

RPI Act,

conducting a resource

activity in an

area of regional

interest

requires

regional

interest

development

approval,

unless

operating

under

exemption.

Importantly,

pre-existing mining activities being undertaken at the date of

the introduction of the legislation are exempt.

have

been

granted

regional

interest

development

approval

for

the

“Curragh

Expansion

Project”

(for

ML700006,

700007

and

ML700008),

which

subject

regional

interest

conditions,

such

mitigation.

Certain protection conditions

are also imposed

on us with respect

to ML 80171,

which includes an

obligation to

provide mitigation in the event that strategic cropping land

is impacted by future operations.

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

2022

Environmental Protection and Biodiversity Conservation

Act 1999 (Cth)

The Environment Protection

and Biodiversity Conservation

Act 1999 (Cth),

or the EPBC Act,

provides a federal

framework

protect

and

manage

matters

national

environmental

significance,

such

listed

threatened

species

and

ecological

communities

and

water

resources.

addition,

the

EPBC

Act

confers

jurisdiction

over

actions

that

have

significant

impact

the

environment

where

the

actions

affect,

are

taken

on,

Commonwealth land, or are carried out by a Commonwealth agency.

Under the

EPBC Act, “controlled

actions” that have

or are likely

to have a

significant impact on

a matter

of national

environmental significance are subject

to a rigorous assessment

and approval process. A

person must not take

a “controlled

action” unless approval

is granted

under the

EPBC Act.

Any person

proposing to

carry out

an “action”

that may be

a “controlled action”

must refer the

matter to the

Commonwealth Minister

for a determination

as to

whether the proposed action is a controlled action.

November 2,

2016,

the

Commonwealth

Minister

for

the

Department

the

Environment

and

Energy

administering the

EPBC Act

approved the

extension of

the existing Curragh

mining area to

include mining

four

additional Tenements

—ML 700006,

ML 700007,

ML 700008

and ML 700009

(EPBC Act

referral 2015/7508)—

“controlled

action,”

certain

conditions.

The

conditions

include

requirements

relation

offsets

and

groundwater.

Mine Health and Safety

The primary health and safety legislation that applies

to Curragh are the Coal Mining Safety and

Health Act 1999

(Qld)

and

the

Coal

Mining

Safety

and

Health

Regulation 2001

(Qld),

which

refer

to,

together,

as the

Coal

Mining Safety Legislation.

Additional

legislative

requirements

apply

operations

that

are

carried

off-site

which

are

not

principally

related to

coal mining

(e.g., transport, rail

operations, etc.).

The Coal

Mining Safety

Legislation imposes

safety

and health

obligations on

persons who

operate coal

mines or

who may

affect

the safety

or health

of others

coal mines. Under the Coal Mining Safety Legislation, the operator

of a coal mine must, among other things:

•

ensure that the risk to coal mine workers while at the

operator’s mine is at an acceptable level;

•

audit and review the

effectiveness and

implementation of the

safety and health

management system to

ensure the risk to persons is at an acceptable level;

•

provide

adequate

resources

ensure

the

effectiveness

and

implementation

the

safety

and

health

management system;

•

ensure the

operator’s own

safety and

health and

the safety

and health

of others

is not

affected by

the

way the operator conducts coal mining operations;

•

not carry

out an

activity at

the coal

mine that

creates a

risk to

a person

on an

adjacent or

overlapping

petroleum authority if the risk is higher than an acceptable

level of risk;

•

appoint a site senior executive for the mine;

•

ensure the site senior

executive develops and

implements a safety

and health management

system for

all people at the mine;

•

ensure the

site senior

executive develops,

implements

and maintains

a management

structure for

the

mine that helps ensure the safety and health of persons

at the mine; and

•

not operate the coal mine without a safety and health

management system for the mine.

We recognize that health and

safety are imperative to the ongoing

success of our Australian Operations.

As the

operator at Curragh, we have

in place a comprehensive safety

and health management system,

which includes

an emergency

response

team,

to address

these legislative

requirements.

In accordance

with the

Coal Mining

Safety Legislation we have also established an occupational

hygiene baseline for dust exposure at Curragh.

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

2022

Water Act 2000 (Qld)

In Queensland, all entitlements to the use, control and

flow of water are vested in the state and regulated by

the

Water Act

2000 (Qld).

Allocations under

the Water

Act 2000 (Qld)

can be managed

by a water

supply scheme

operator,

such

SunWater Ltd,

which

Government-owned

corporation

regulated

the

Queensland

Competition Authority. We

have purchased the required water allocations for Curragh and entered into a suite of

channel

and

pipeline

infrastructure

agreements

and

river

supply

agreements

with

SunWater Ltd

regulate the

supply of water

pursuant to these

allocations. See Item 1A.

“Risk Factors—In times

of drought and/or

shortage of available water, our operations and production, particularly at Curragh, could be negatively impacted

if the regulators impose restrictions on our water offtake

licenses that are required for water used in the CPPs.”

National Greenhouse and Energy Reporting Act 2007

(Cth)

The National Greenhouse and Energy Reporting Act 2007 (Cth) imposes requirements for both foreign and local

corporations whose carbon dioxide production, greenhouse gas, or GHG, emissions and/or energy consumption

meets

certain

threshold

and

report

GHG

emissions

and

abatement

actions,

well

energy

production

and

consumption

part

single,

national

reporting

system.

The

Clean

Energy

Regulator

administers

the

National

Greenhouse

and

Energy

Reporting

Act

2007

(Cth),

and

the

Department

Climate

Change, Energy, the

Environment and Water is responsible

for related policy developments and review.

In accordance with Safeguard Mechanism under this

legislation, Curragh has been a assigned

a baseline for its

covered emissions

(Scope

1) and

we must

take steps

to keep

our emissions

at or

below the

baseline or

face

penalties.

The

Australian

federal

government

currently

reviewing

the

Safeguard

Mechanism

and

proposed

reforms are under public consultation.

Labor Relations

Minimum employment entitlements, embodied in the National Employment Standards, apply to all private-sector

employees

and

employers

in Australia

under

the federal

Fair Work

Act 2009

(Cth).

These standards

regulate

employment conditions and paid leave. Employees who are associated with the

day-to-day operations of a local

mine or mines and who are not located in head office or corporate administration offices are also covered by the

Black Coal Mining Industry Award 2010 which regulates conditions including termination arrangements; pay and

hours of work.

Unfair dismissal,

enterprise bargaining,

bullying claims,

industrial actions

and resolution

of workplace

disputes

are also regulated

under state

and federal

legislation. Some

of the workers

at Curragh

are covered

by the

EA,

which

was

approved

the

Fair

Work

Commission,

Australia’s

national

workplace

relations

tribunal.

See

“—

Human Capital Disclosures” above.

Regulatory Matters—United States

Federal,

state

and

local

authorities

regulate

the

U.S.

coal

mining

industry

with

respect

matters

such

employee

health

and

safety,

protection

the

environment,

permitting

and

licensing

requirements,

air

quality

standards, water pollution, plant and wildlife protection, the

reclamation and restoration of mining properties after

mining

has

been

completed,

the

discharge

materials

into

the

environment,

surface

subsidence

from

underground mining and the effects

of mining on groundwater quality

and availability.

In addition, the industry is

affected

by significant

requirements

mandating

certain

benefits for

current

and

retired

coal miners.

Numerous

federal,

state

and

local

governmental

permits

and

approvals

are

required

for

mining

operations.

Because

extensive and

comprehensive

regulatory

requirements,

violations during

mining

operations

occur from

time

time in the industry.

The summary below is a

non-exhaustive summary of material

legislation that applies to our

U.S. Operations. Although

this summary

focuses on federal

laws, most states

(including Virginia,

West Virginia

and Pennsylvania) have

their own regulatory

schemes that either

mirror federal laws

or create additional

layers

of regulation.

Clean Air Act of 1970

The U.S.

Clean Air

Act of

1970, or

the CAA,

regulates airborne

pollution that

may be

potentially detrimental

human

health,

the

environment

natural

resources.

The

CAA

and

comparable

state

laws

that

govern

air

emissions affect U.S. coal mining operations bo

th directly and indirectly.

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

2022

Direct impacts

on coal

mining and

processing operations

may occur

through the

CAA permitting

requirements

and/or

emission

control

requirements

relating

particulate

matter,

PM,

nitrogen

dioxide,

ozone

and

sulfur

dioxide,

For

example,

the

U.S.

Environmental

Protection

Agency,

the

EPA,

pursuant

the

CAA,

administers

rules

that

apply

emissions

limits

emissions

from

coal

preparation

and

processing

plants

constructed or

modified after

April 28, 2008.

In addition,

in recent

years, the

EPA

has adopted

more stringent

national ambient air quality standards, or

NAAQS for PM, nitrogen oxide, ozone

and SO

. It is possible

that these

modifications as well

as future modifications

to NAAQS could

directly or indirectly

impact our mining operations

manner

that

includes,

but

not

limited

to,

the

EPA

designating

new

areas

the

country

being

nonattainment of applicable

NAAQS or expanding

existing nonattainment

areas, and prompting

additional local

control measures

pursuant

to state

implementation

plans, or

SIPs, required

to address

such revised

NAAQS.

SIPs may be

state-specific or

regional in scope.

Under the CAA,

individual states

have up to 12

years from the

date of designation of attainment/nonattainment areas

to secure reductions from emission sources.

The CAA

also indirectly, but significantly, affects the

U.S. coal

industry by

extensively regulating the

SO2, nitrogen

oxides, mercury,

PM, greenhouse gases,

and other substances

emitted by coal-burning

facilities, such as

steel

manufacturers,

coke

ovens

and

coal

fired

electric

power

generating

facilities.

Over

time,

the

EPA

has

promulgated or proposed CAA

regulations to impose more

stringent air emission standards

for a number

of these

coal-burning industries, especially the power

generation sector.

While the EPA

under the Trump Administration

moved toward repealing or loosening

some of those regulations, the Biden

Administration has moved to restore

some regulations, such as those governing mercury emissions . This is particularly

the case for greenhouse gas

emissions from coal-fired electric generating facilities,

as President Biden has called for bringing the U.S.

power

sector to zero

greenhouse gas emissions

by 2035. However,

in 2022, the United

States Supreme Court

limited

the

ability

EPA

regulate

air

emissions

through

“beyond

the

fence

line”

regulations.

Collectively,

CAA

regulations and uncertainty

around future CAA

requirements could reduce

the demand for coal

and, depending

on the

extent of

such reduction,

could have

a material

adverse effect

on our

business, financial

condition and

operations.

NAAQS Revisions

The CAA

requires the

EPA

to periodically

review and,

if appropriate,

revise the

NAAQS to

ensure protection of

public health.

In recent years,

the EPA

has reviewed the

NAAQS for PM,

ozone and SO

The PM NAAQS

was last revised

and made more

stringent in 2012.

Individual states have developed

SIPs, which

detail the PM emission reductions their sources must meet in order for

the state to maintain or achieve the 2012

PM NAAQS. On

April 14,

2020, the EPA announced

its intention

to retain, without

changes, the 2012

PM NAAQS.

This

action

was

finalized

EPA

December

18,

2020.

June

10,

2021,

EPA

announced

that

would

reconsider this decision in light

of scientific evidence pointing

to health issues caused

by exposure to PM.

EPA

expects to issue a proposed rule with more stringent standards for PM in

Summer 2022 and a final rule in Spring

2023.

2015,

the

EPA

issued

final

rule

reducing

the

primary

ozone

NAAQS

from

parts

per

billion

but

retaining the existing secondary ozone

NAAQS. States with moderate or

high nonattainment areas must submit

SIPs for

the

2015

ozone

NAAQS

by October

2021.

Environmental

and

industry

groups challenged

the

2015

ozone NAAQS

in the

U.S. Court

of Appeals

for the

D.C. Circuit.

On August

23, 2019,

the court

denied all

the

petitions for

review against

the 2015 primary

NAAQS but

concluded that

the EPA

had not provided

a sufficient

rationale for

its decision

on the

2015 secondary

NAAQS and

remanded that

standard to

the EPA.

Prior to

the

court’s decision, EPA initiated another periodic review of the

ozone NAAQS.

This most recent review culminated

in a final

rule by the

EPA

on December

31, 2020 to

retain all aspects

of the 2015

ozone NAAQS, including

the

secondary

standard

with

additional

rationale

response

the

court’s

2019 decision.

remains

seen

whether there

will be

legal challenges

to the

December 2020

final rule,

or whether

the EPA

will reconsider

the

rule under the new administration. More stringent ozone or PM NAAQS, if promulgated, would require new

SIPs

to be

developed and

filed with

the EPA

and may

trigger additional

control technology

for mining

equipment

coal-burning facilities,

or result

in additional

challenges to

permitting and

expansion efforts.

This could

also be

the case

with

respect

the

implementation

any

new

requirements

triggered

by any

future,

stringent

NAAQS for nitrogen

oxide and SO

, although the

EPA

promulgated a final

rule on March

18, 2019 that

retains,

without revision, the existing NAAQS for SO

of 75 parts per billion average over an hour.

Cross State Air Pollution Rule, or CSAPR.

The CAA includes a so-called Good Neighbor

Provision that requires

upwind states to

eliminate their significant

contributions to

downwind states’

nonattainment of the

NAAQS. On

July 6, 2011,

the EPA

finalized the CSAPR,

which was

meant to satisfy

this Good Neighbor

Provision. CSAPR

requires the

District of

Columbia and

27 states

from Texas

eastward (not

including the

New England

states or

Delaware) to reduce power plant emissions that

cross state lines and significantly contribute to ozone

and/or fine

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

2022

particle

pollution

downwind

states.

Following

litigation

in the

D.C. Circuit

and

U.S. Supreme

Court,

the first

phase of

the nitrogen

oxide and

SO2 emissions

reductions required

by CSAPR

commenced in

January 2015;

further reductions of both pollutants in the second phase

of CSAPR became effective in January 2017.

EPA

subsequently

published

the

CSAPR

Update

Rule

2016,

seeking

impose

nitrogen

oxide

emissions

reductions in

22 upwind

states subject

to CSAPR.

Subsequently,

in 2018,

EPA

published the

CSAPR Close-

Out, which found

that it would

not it would

not be feasible

to impose cost-effective

emissions on twenty

upwind

states before 2023,

which was two

years after

the CAA-mandated

2021 deadline

for states to

bring their

areas

of “severe”

nonattainment into

compliance with

the 2008

NAAQS.

Both the

CSAPR Update

Rule and

CSAPR

Close-Out

were

subject

legal

challenges

and

each

was

ultimately

vacated

the

United

States

Court

Appeals for the D.C. Circuit.

On March 15,

2021, EPA

finalized a rule

update that requires

additional emissions

reduction of nitrogen

oxides

from power plants in

twelve states.

Additional emission reduction

requirements in these

states could adversely

affect the demand for coal.

On April

30,

2021,

EPA

finalized

the

Revised

CSAPR

Update Rule,

which

fully

addressed

twenty-one

states’

outstanding interstate pollution transport obligations for the 2008 NAAQS for ozone.

For nine states, EPA found

that

their

projected

2021

emissions

not

significantly

contribute

non-attainment

and/or

maintenance

problems in downwind states.

The remaining twelve states

were found to

contribute to the non-attainment and/or

maintenance

problems

downwind

states.

EPA

indicated

that

would

issue

new

amended

Federal

Implementation Plans

requiring additional

emissions reductions

from electricity

generating units

in those states

beginning in the 2021 ozone season.

Mercury and Air

Toxic

Standards, or MATS.

The EPA

published the final

MATS

rule in the

Federal Register

February 16,

2012.

The

MATS

rule

revised

the

New

Source

Performance

Standards,

NSPS,

for

nitrogen

oxides,

SO2

and

for

new

and

modified

coal-fueled

electricity

generating

plants,

and

imposed

Maximum

Achievable Control

Technology,

or MACT,

emission limits

on hazardous

air pollutants,

or HAPs,

from new

and

existing coal-fueled and oil-fueled electricity generating plants. MACT standards limit emissions of mercury,

acid

gas HAPs, non-mercury HAP

metals and organic

HAPs. The rule

provided three years

for compliance with

MACT

standards and

a possible

fourth year

if a

state permitting

agency determined

that such

was necessary

for the

installation of

controls. Although

the MATS

rule

has been

and continues

to be

the subject

of EPA

review

and

litigation, it remains

in effect and

has contributed to the

need for many coal-fired

power plants to install

addition

pollution controls, convert to natural gas, or retire.

Following issuance

of the

final MATS

rule, numerous

petitions for

review were

filed.

After proceedings

before

the U.S.

Court of Appeals

for the

D.C. Circuit,

the U.S. Supreme

Court on

June 29, 2015

held that

EPA interpreted

the CAA

unreasonably when

it deemed

cost irrelevant

to the

decision to

regulate HAPs

from new

and existing

coal-fueled

and

oil-fueled

power

plants.

The

Supreme

Court

remanded

the

case

the

D.C.

Circuit,

which

ultimately allowed

the rule

to remain

in effect

while EPA

promulgated a

series of

supplemental findings

on the

costs and benefits of the rule in response to the Supreme

Court’s ruling.

Most recently,

on May

22, 2020,

the EPA

finalized a

supplemental finding,

or Supplemental

Cost Finding,

that

health and environmental

benefits not directly

related to mercury

pollution should

not be included

in the benefit

portion of the analysis.

Using this framework EPA

found that the costs of the MATS

rule “grossly outweigh” any

possible

benefits

and,

therefore,

that

regulating

HAPs

from

coal-fired

and

oil-fired

power

plants

not

“appropriate and necessary” under

the CAA.

However, EPA determined that while it could revise

the cost-benefit

analysis for the MATS rule, it could not remove coal-fired plants from HAPs regulation.

The MATS rule therefore

remains

effect.

EPA

also

determined

the

Supplemental

Cost

Finding

that

the

MATS

rule

adequately

protective

public

health,

required

the

CAA’s

residual

risk

and

technology

review

provisions.

Westmoreland

Mining Holdings,

a coal

company,

filed a

petition with

the D.C.

Circuit in

May 2020

challenging

the

legality

the

MATS

rule.

Health

and

medical

groups

and

other

industry

groups

filed

petition

review

opposing the

Supplemental

Cost Finding,

and

its reversal

of the

finding

that

it was

“appropriate

and

necessary”

regulate

HAPs.

Environmental

groups

also

challenge

the

EPA’s

residual

risk

and

technology

review of the MATS

rule, arguing that more

stringent standards are

necessary.

This litigation remains ongoing.

While the vast majority of coal-fired power

producers have already complied with the 2012 MATS rule standards,

any future reductions

in the

standards due

to the ongoing

litigation or

additional EPA

action could

increase the

cost of coal-fired electric power generation and negatively impact

the demand for coal.

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

2022

Clean Power Plan and Affordable Clean Energy, or ACE

. In 2014, the EPA proposed a sweeping rule, known as

the “Clean

Power

Plan,” to

cut carbon

emissions

from existing

electricity

generating

units,

including coal-fired

power plants. A final

version of the Clean

Power Plan was adopted in

August 2015. The Clean Power

Plan aimed

reduce

carbon

dioxide

emissions

from

electrical

power

generation

32%

2030

relative

2005

levels

through the reduction of

emissions from coal-burning

power plants and increased

use of renewable energy

and

energy conservation

methods.

Under the

Clean

Power

Plan, states

were free

reduce emissions

by various

means

and

were

submit

emissions

reduction

plans

the

EPA

September

2016

or,

with

approved

extension, September

2018. If

a state

had not

submitted a

plan by

then, the

Clean Power

Plan authorized

the

EPA to

impose its own

plan on that state.

In order to

determine a state’s

goal, the EPA

divided the country

into

three regions based on connected regional electricity grids.

States were to implement their plans by focusing

(i) increasing the generation efficiency

of existing fossil fuel plants, (ii) substituting

lower carbon dioxide emitting

natural gas generation

for coal-powered generation and

(iii) substituting generation from

new zero carbon

dioxide

emitting renewable sources for fossil fuel powered

generation. States were permitted to use

regionally available

low carbon generation sources when substituting for

in-state coal generation and to coordinate with

other states

to develop multi-state plans.

Following

adoption,

2015

twenty-seven

states

sued

the

EPA

the

D.C.

Circuit,

claiming

that

the

EPA

overstepped

its

legal

authority

in adopting

the

Clean

Power

Plan. In

February

2016, the

U.S.

Supreme

Court

ordered the EPA

to halt enforcement of the Clean

Power Plan until the lower court ruled on

the lawsuit and until

the Supreme Court determined whether or not to hear

the case.

In a parallel

litigation, twenty-five

states and other

parties filed lawsuits

challenging the

EPA’s

final NSPS rules

for carbon

dioxide emissions

from new,

modified, and

reconstructed

power plants

under the

CAA. One

of the

primary issues

in these

lawsuits was

the EPA’s establishment of standards

of performance based

on technologies

including carbon capture and sequestration, or CCS.

New coal plants could not meet the new standards unless

they implement

CCS.

conjunction

with

the

EPA’s

proposal

rescind

the

Clean

Power

Plan,

the

EPA

also

requested a stay of the NSPS litigation. The D.C. Circuit

granted the request.

October

2017,

the

EPA

commenced

rulemaking

proceedings

rescind

the

Clean

Power

Plan,

and

December

2017,

the

EPA

published

Advanced

Notice

Proposed

Rulemaking

announcing

its

intent

commence a

new rulemaking

to replace

the Clean

Power Plan

with an

alternative framework for

regulating carbon

dioxide. The rulemaking

would culminate

in the EPA

replacing the Clean

Power Plan with

ACE. On September

17, 2019,

the U.S.

Court of

Appeals for

the D.C.

Circuit dismissed

the Clean

Power

Plan litigation

and NSPS

litigation as moot in light of the ACE rule.

On June

19, 2019,

the EPA

finalized the

ACE rule

as a

replacement for

the Clean

Power Plan.

The ACE

rule

establishes emission guidelines

for states to develop

plans to address greenhouse

gas emissions from existing

coal-fired power plants.

The ACE rule

has several components:

a determination of

the best system

of emission

reduction for

greenhouse

gas emissions

from coal-fired

power plants,

a list

of “candidate

technologies”

states

can use when

developing their

plans, and new

implementing regulations

for emission guidelines

under Section

111(d)

of the CAA.

Unlike the

Clean Power

Plan, the

ACE rule

only includes

as candidate

technologies those

that increase the efficiency of individual emission units, also referred to as heat rate improvement measures; the

ACE

rule

does

not

include

other

methods

such

co-firing

with

natural

gas

adding

renewable

generation

facilities.

Upon

finalization

the

ACE

rule,

the

rule

was

subject

challenge

the

D.C.

Circuit

American

Lung

Association et al. v.

EPA, et

al.

On January 19, 2021,

the D.C. Circuit vacated

the ACE rule and remanded

the

question of

the “best

system of

emission reduction”

for carbon

dioxide emissions

from existing

power plants

EPA for further consideration.

In reaching its decision, the court found that ACE would not be the most effective

means of

reducing emissions,

and further

rejected the

idea that

EPA

is limited

under the

Clean Air

Act to

only

regulate emissions reductions at the

source.

On February 22, 2021, the

D.C. Circuit Court granted EPA’s motion

to stay issuance of the mandate to repeal until EPA

could respond

to the remand in a new rulemaking action.

In addition

to potential

CAA regulatory

changes, it

is possible

that other

future

international,

federal and

state

initiatives

control

greenhouse

gas

emissions

could

increase

costs

associated

with

coal

production

and

consumption,

such

costs

for

additional

controls

reduce

carbon

dioxide

emissions

costs

purchase

emissions reduction

credits to

comply with

future emissions

trading programs.

Future regulation

in the

United

States could

occur pursuant

to future

treaty commitments,

new domestic

legislation or

regulation

by the

EPA.

February

19,

2021,

the

United

States

rejoined

the

international

climate

agreement

reached

the

United

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

2022

Nations Framework Convention on

Climate Change in Paris, France

during December 2015, also known

as the

Paris Agreement.

President Trump previously

withdrew the United States from

the Paris Agreement, beginning

a four-year

exit process.

In an

executive

order,

President

Biden directed

that

federal agencies

review recent

actions that

the President

believes

may interfere

with

the United

States’

participation

in the

Paris

Agreement.

While

the

Paris

Agreement

sets

only

voluntary

pledges

for

reducing

greenhouse

gas

emissions,

the

recent

executive actions signal

a shift

toward consideration of

new or more

stringent federal regulations

to further reduce

greenhouse gas emissions

in the United

States.

In addition, many

states, regions and

governmental bodies have

already

adopted

their

own

greenhouse

gas

emission

reduction

initiatives

and

have

are

considering

the

imposition of fees

or taxes based

on the such

emission by certain

facilities, including coal-fired electric

generating

facilities.

Others have announced their intent

to increase the use of renewable

energy sources, with the goal

displacing coal

and other

fossil fuels.

Federal legislation

along these

lines is

also a

possibility.

Depending on

the particular regulatory programs or new laws

enacted at the federal and state

levels, the demand for coal could

be negatively impacted, which would have an adverse effect

on our operations.

There have

also been

numerous challenges

to the

permitting of

new coal-fired

power plants

by environmental

organizations and state

regulators for concerns related

to greenhouse gas

emissions.

For instance, various

state

regulatory authorities

have rejected

the construction

of new

coal-fueled power

plants based

on the

uncertainty

surrounding the potential

costs associated with

greenhouse gas emissions

under future laws.

In addition, several

permits issued to

new coal-fueled power

plants without greenhouse

gas emission limits

have been appealed

the EPA's

Environmental

Appeals Board.

A federal

appeals court

allowed a

lawsuit pursuing

federal common

law claims to proceed

against certain utilities

on the basis

that they may

have created a

public nuisance due

their emissions of

carbon dioxide, while

a second federal

appeals court dismissed

a similar case

on procedural

grounds.

The United States Supreme Court overturned that decision in June 2011, holding that federal common

law

provides

basis

for

public

nuisance

claims

against

utilities

due

their

carbon

dioxide

emissions.

The

United

States

Supreme

Court

did

not,

however,

decide

whether

similar

claims

can

brought

under

state

common law.

As a result, tort-type

liabilities remain a concern.

the extent that these

risks affect our

current

and prospective customers,

they may reduce the demand

for coal-fired power, and may affect long-term demand

for coal.

Regional Haze.

The EPA

promulgated a regional

haze program designed

to protect and

to improve visibility

and around Class I Areas, which are generally national parks, national wilderness areas and international parks.

This program

may restrict

the construction

new

coal-fired

power

plants,

the

operation

which

may

impair

visibility

and

around

the

Class

Areas.

Additionally,

the

program

requires

certain

existing

coal-fired

power

plants

to install

additional

control measures

designed

to limit

haze-causing

emissions,

such

as SO2,

nitrogen

oxide and

PM. States

were required

to submit

Regional Haze

SIPs to

the EPA

in 2007;

however,

many states

did

not

meet

that

deadline.

2016,

the

EPA

finalized

revisions

the

Regional

Haze

Rule

which

addresses

requirements for the

second planning

period. In

September 2019, the

EPA

issued final regional

haze guidance

that

indicates

that

re-evaluation

sources

already

subject

best

available

retrofit

technologies

likely

unnecessary. The guidance also encourages states to

balance visibility benefits against

other factors in selecting

the

measures

necessary

make

“reasonable

progress”

toward

natural

visibility

conditions.

Finally,

when

comparing

various

control

options

determine

which

ones

may

“cost-effective”,

the

final

guidance

recommends comparing cost to

visibility benefits. SIPs were

required by July 31,

2021.

On August 30, 2022

EPA

issued a final action finding

that 15 states had failed

to meet the July 31,

2021 deadline.

Such failure triggers a

two

year

deadline

for

EPA

promulgate

Federal

Implementation

Plan

unless

the

states

submits

and

EPA

approves a SIP that

meets the applicable requirements.

If states adopt SIPs

with more stringent requirements,

demand for coal could be affected.

New Source

Review,

or NSR

. Pursuant

to NSR

regulations,

stationary sources

of air

pollution must

obtain an

NSR permit prior to beginning

construction of a new

“major” source of emissions

or a “major” modification

of an

existing major source.

If a project

is determined to

trigger NSR, Prevention

of Significant Deterioration

regulations

require the project to implement Best

Available Control Technology

and/or Non-Attainment New Source Review

Lowest Achievable Emission Rate control technology.

Beginning in the late 1990s, the EPA filed lawsuits against owners of many

coal-fired power plants in the eastern

U.S. alleging that

the owners performed

non-routine maintenance, causing increased emissions

that should have

triggered

the

application

these NSR

standards.

Some of

these

lawsuits

have

been settled

with

the

owners

agreeing to install additional emission control devices in

their coal-fired power plants.

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

2022

The remaining litigation and uncertainty around the NSR program rules could impact

demand for coal.

In recent

years,

EPA

proposed

and

promulgated

several

revisions

to its

NSR

regulations

and policies

concerning

NSR

permitting.

For example,

one such

change, known

as the

Project Emissions

Accounting Rule

on October

22,

2020, revises the NSR

regulations to clarify that recent

emission decreases can be considered

in part of the

NSR

applicability test.

In addition, the EPA on November 14, 2018 issued a final

rule that clarified the appropriate test

for determining

whether two nominally

separate modifications to

existing facilities

should be

considered in

a single

NSR applicability analysis.

While these changes have

the potential to reduce

NSR permitting burdens for

coal-

fired power plants and other coal-burning

facilities, the Biden Administration has reversed some policies adopted

by the Trump Administration and may seek

to tighten NSR regulations and guidance.

Coke Ovens.

Coke Oven

Batteries and

Coke Ovens:

Pushing, Quenching,

and Battery

Stacks are

two source

other documents

with the

SEC under

the Exchange

Act. The

public

can

obtain

any

documents

that

file

with

the

SEC

www.sec.gov.

also

make

available

free

charge our

Annual Report

on Form

10-K, Quarterly

Reports on

Form 10-Q,

Current Reports

on Form

8-K and

any amendments

to those

reports filed

or furnished

pursuant to

Section 13(a)

or 15(d)

of the

Exchange Act

soon as

reasonably practicable

after filing

such materials

with, or

furnishing such

materials to,

the SEC,

on or

through our internet website, https://coronadoglobal.com.au/. We are not including the information contained on,

or accessible through, any website as a part of, or incorporating it by reference into, this Annual Report

on Form

10-K, unless expressly noted.

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

2022

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 that we face.

However, the

risks described below may

not be the only risks

that we

face.

Additional

unknown

risks

that

currently

consider

immaterial,

may

also

impair

our

business

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

together with the information

contained

this

Annual

Report

Form

10-K,

including

Item 7.

“Management’s

Discussion

and

Analysis

Financial Condition and Results of

Operations” and our Consolidated Financial Statements and the

related notes

to those

statements

included elsewhere in

this Annual Report

on Form 10-K.

If any of

the events or

circumstances

described below

actually occurs,

our business, financial

condition or

results of

operations could

suffer,

and the

trading price of our securities could decline significantly.

Some of these risks include:

•

Concerns about the environmental

impacts of coal combustion,

including possible impacts on

global climate

issues, are resulting in increased

regulation of coal combustion and coal

mining in many jurisdictions, which

could

significantly

affect

demand

for

our

products

our

securities

and

reduce

access

capital

and

insurance;

•

Demand for our Met coal is significantly dependent on the steel

industry

;

•

We are subject

to extensive health and

safety laws and

regulations that could

have a material

adverse effect

on our reputation and financial condition and results of operations

;

•

times

drought

and/or

shortage

available

water,

our

operations

and

production,

particularly

Curragh, could

be negatively

impacted if

the regulators

impose restrictions

on our

water offtake

licenses

that are required for water used in the CPPs;

•

Our business may be adversely affected by the impact on the global economy due to, among other

events,

the ongoing military conflict between Russia and Ukraine or other

significant geopolitical tensions

;

•

Our business, financial

condition and results

of operations may

be adversely impacted

by global pandemics,

including the COVID-19 pandemic, or other widespread public

health concerns

;

•

Our profitability

depends upon the

prices we

receive for

our coal.

Prices for

coal are

volatile and

can fluctuate

widely based upon a number of factors beyond our control

;

•

We face increasing competition, which could adversely

affect profitability;

•

We may face restricted access to international markets

in the future

;

•

If transportation for our

coal becomes unavailable

or uneconomic for

our customers, our

ability to sell coal

could suffer;

•

Take-or-pay

arrangements within the coal industry could unfavorably

affect our profitability

;

•

decrease

the

availability

increase

costs

key

supplies,

capital

equipment,

commodities

and

purchased components, such as diesel

fuel, steel, explosives and

tires could materially and

adversely affect

our financial condition and results of operations

;

•

Defects

title

loss

any

leasehold

interests

our

properties

could

limit

our

ability

mine

these

properties or result in significant unanticipated costs;

•

We may be unable

to obtain, renew or

maintain permits necessary

for our operations, which

would reduce

coal production, cash flows and profitability;

•

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

;

•

The existence

(or

claimed

existence)

native

title

land within

our

Australian

tenements

may impose

restrictions on the construction of our expansion activities

and our continued operations;

•

Risks inherent to mining

operations could impact the amount

of coal produced, cause

delay or suspend coal

deliveries, or increase the cost of operating our business;

•

Our long-term success

depends upon our

ability to continue

discovering, or acquiring

and developing assets

containing, coal reserves that are economically recoverable

;

•

rely

estimates

our

recoverable

resources

and

reserves,

which

are

complex

due

geological

characteristics of the properties and the number of assumptions

made

;

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

2022

•

Our profitability could be affected

adversely by the failure of

suppliers and/or outside contractors to perform;

•

Our

inability

replace

repair

damaged

destroyed

equipment

facilities

timely

manner

could

materially and adversely affect our financial condition and results

of operations;

•

Our

ability

operate

effectively

could

impaired

lose

key

personnel

fail

attract

qualified

personnel;

•

We may not have adequate insurance coverage for

some business risks

;

•

Cybersecurity

attacks,

natural

disasters,

terrorist

attacks

and

other

similar

crises

disruptions

may

negatively affect our business, financial condition and results

of operations;

•

Mining in the CAPP is more complex and

involves more regulatory constraints than mining in other areas of

the U.S., which could affect our mining operations and

cost structures in these areas;

•

The

loss

of,

significant

reduction

in,

purchases

our

largest

customers

could

adversely

affect

our

revenues;

•

If a

substantial number

of our

customers fail

to perform

under our

contracts with

them, our

revenues and

operating profits could suffer;

•

If our ability

to collect payments

from customers is impaired,

our revenues and operating

profits could suffer;

•

Our existing

and future

indebtedness

may limit

cash

flow available

to invest

in the

ongoing

needs of

our

businesses,

which could

prevent

us from

fulfilling

our

obligations under

our senior

secured

notes, senior

secured asset-based

revolving credit agreement

in an initial

aggregate principal

amount of $100.0

million,

the

ABL

Facility

(more

fully

discussed

the

Management

Discussion

Analysis

Section

Item

“Liquidity and Capital Resources), and other debt, and we may be forced to take other actions to

satisfy our

obligations under our debt, which may not be successful

;

•

We adjust our capital structure from time to time and

may need to increase our debt leverage, which would

make us more sensitive to the effects of economic downturns

;

•

Our business

may require

substantial ongoing

capital

expenditures,

and

we may

not have

access

to the

capital required to reach full productive capacity at our mines;

•

Risks

our

investment

WICET

may

adversely

affect

our

financial

condition

and

results

operations;

•

Risks related to

the Supply

Deed with Stanwell

may adversely

affect our financial

condition and results

operations;

•

We could be adversely affected if we fail to appropriately

provide financial assurances for our obligations;

•

Mine closures entail substantial

costs. If we prematurely close

one or more of

our mines, our operations and

financial performance would likely be affected adversely;

•

the

assumptions

underlying

our

provision

for

reclamation

and

mine

closure

obligations

prove

inaccurate, we could be required to expend greater amounts

than anticipated;

•

We could be negatively affected if we fail to maintain

satisfactory labor relations;

•

Our operations may

impact the environment

or cause

exposure to hazardous

substances, which could

result

in material liabilities to us; and

•

We are subject to extensive

forms of taxation, which impose

significant costs on us,

and future regulations

and developments could increase those costs or limit

our ability to produce coal competitively;

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

2022

Environmental and Sustainability Risks

Concerns

about

the

environmental

impacts

coal

combustion,

including

possible

impacts

global

climate

issues,

are

resulting

increased

regulation

coal

combustion

and

coal

mining

many

jurisdictions,

which

could

significantly

affect

demand

for

our

products

our

securities

and

reduce

access to capital and insurance.

Global concerns

about climate

change continues

to attract

considerable attention,

particularly in

relation to

the

coal industry. Emissions from coal

consumption, both directly and

indirectly, and emissions from coal

mining itself

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

countries,

including

Australia

and

the

United

States,

have

already

introduced,

are

contemplating

the

introduction of, regulatory responses to GHGs, including the

extraction and combustion of fossil fuels, to address

the impacts of climate change.

There are three primary sources of GHGs associated with the coal industry.

First, the end use of our coal by our

customers

coal-fired

electricity

generation,

coke

plants,

and

steelmaking.

Second,

combustion

fuel

equipment used in

coal production and

to transport our

coal to

our customers. Third,

coal mining itself

can release

methane, which is considered to

be a more potent GHG

than carbon dioxide, directly into

the atmosphere. These

emissions from coal consumption, transportation

and production are subject to

pending and proposed regulation,

in the jurisdictions in which we operate as part of initiatives

to address global climate change.

result,

numerous

proposals

have

been

made

and

are

likely

continue

made

the

international,

national, regional and state levels of government to monitor and limit emissions of GHGs. In November 2014, an

agreement was

announced between

the United

States and

China to

cut GHGs

by more

than 25%

below 2005

levels

2025.

This

agreement

was

followed

the

UNFCCC,

conference

Paris,

France,

which

agreement was

adopted calling

for voluntary

emissions

reductions contributions,

or the

Paris Agreement.

The

Paris Agreement

was entered

into force

on November

4, 2016 after

ratification and

execution by

more than 55

countries,

which

account

for

least

55%

global

GHG

emissions.

The

Paris

Agreement

was

signed

representatives from 195

countries and aims

to hold back

the increase in

global temperatures, increase

the ability

of countries to adapt to

the adverse impacts of climate change and

provide channels to finance projects that lead

to GHG reductions.

On November 20, 2022, the Sharm el-Sheik Conference of Parties 27, or COP27, continued discussions around

fossil fuels from

Glasgow Conference of Parties

26, which called

on governments to accelerate

the dissemination

of technologies,

and

the adoption

policies, to

transition

toward

a low-emission

energy system,

including

accelerating the

phasedown of

unabated coal

power,

that is

coal power

that does

not include

the capture

and

storage of carbon dioxide emission and phase-out of inefficient

fossil fuel subsidies.

addition,

the

growth

alternative

energy

options,

such

renewables

and

disruptive

power

generation

technologies,

changes

community

government

attitudes

climate

change,

government

measures

subsidize renewable

energy

production while

reducing

subsidies for

the fossil

fuel industry,

efforts

to promote

divestment of fossil

fuel equities and

pressure from lenders

to limit funding

to fossil fuel

companies could result

in further development of alternative

energy industries and broader mainstream acceptance of

alternative energy

options which could

result in a

material reduction in

the demand for

coal. It could

also result in

reduced access

to capital to fund our activities as lenders and investors

divert capital to low emission sectors of the economy.

The absence of regulatory certainty,

global policy inconsistencies and direct regulatory impacts

(such as carbon

taxes or

other charges)

each have

the potential

to adversely

affect our

operations—either directly

or indirectly,

through suppliers and

customers. Collectively, these initiatives and developments could

result in higher

electricity

costs

our

customers

lower

the

demand

for

coal

used

electricity

generation,

which

could

turn

adversely impact our business.

At present, we

are principally focused on

Met coal production,

which is not

used in connection with

the production

coal-fired

electricity

generation.

The

market

for

our

coal

may

adversely

impacted

comprehensive

legislation

regulations

focusing

GHG

emission

reductions

are

adopted,

particularly

they

directly

indirectly impact the Met coal industry,

or if our ability to obtain capital for operations is materially reduced.

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

2022

We and

our customers

may also have

to invest

in carbon,

capture, usage

and storage

technologies in

order to

burn thermal

coal

and

comply

with

future

GHG

emission

standards.

The

potential

direct

and

indirect

financial

impact on us from future laws, regulations, policies and

technology developments may depend upon the degree

to which

any such

laws, regulations

and developments

force reduced

reliance on

coal as

a fuel

source. Such

developments

could

result

adverse

impacts

our

financial

condition

results

operations.

See

Item 1.

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

Matters—United States.”

Demand for our Met coal is significantly dependent on

the steel industry.

The majority of

the coal that

we produce

is Met coal

that is

sold, directly

or indirectly,

to steel

producers and

used in blast furnaces for steel production. Met coal,

specifically high-quality HCC and low-volatile PCI,

which is

produced at most of our

assets, has specific physical

and chemical properties, which are

necessary for efficient

blast furnace operation.

Therefore, demand for

our Met coal is

correlated to demands

of the steel industry.

The

steel industry’s

demand for

Met coal

is influenced

by a

number of

factors, including:

the cyclical

nature of

that

industry’s business; general economic

and regulatory conditions and demand

for steel; and the availability,

cost

and preference for substitutes for steel, such as aluminum, composites and plastics,

all of which may impact the

demand

for steel

products.

Similarly,

new

steelmaking

technologies

or practices

are developed

that

can

substituted

for

Met

coal

the

integrated

steel

mill

process,

then

demand

for

Met

coal

would

expected

decrease.

Although

conventional

blast

furnace

technology

has

been

the

most

economic

large-scale

steel

production

technology for a number of years, there can

be no assurance that over the longer term,

competitive technologies

not reliant on

Met coal would

not emerge,

which could

reduce the

demand and

price premiums

for Met coal.

significant reduction in

the demand for

steel products would

reduce the demand

for Met coal, which

could have

a material adverse effect on our financial condition

and results of operations.

Additionally, tariffs imposed by the United States on the import of certain steel products may impact foreign steel

producers

the

extent

their

production

imported

into the

United

States.

Future

tariffs

could

further

reduce

imports

steel

and

increase

U.S.

Met

coal

demand.

This

additional

U.S.

Met

coal

demand

could

met

reducing exports of Met coal and redirecting that volume

to domestic consumption.

The tariffs

established by

the United

States have

prompted retaliatory

tariffs from

key trading

partners, notably

Europe and China. Any further retaliatory tariffs by these or other countries to these tariffs may limit international

trade and adversely impact

global economic conditions. We cannot ascertain

the impact, if any, that similar tariffs

may have

on demand

for our

Met coal.

See “—We

may face

restricted

access

to international

markets in

the

future.”

We are

subject to

extensive health

and safety

laws and

regulations that

could have

a material

adverse

effect on our reputation and financial condition

and results of operations.

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

mines in the United States

and Australia. As a

result of increased stakeholder focus on

health and safety issues (such

as black lung disease

coal

workers’

pneumoconiosis),

there

risk

legislation

and

regulatory

change

that

may

increase

our

exposure to claims arising

out of current or

former activities or result in

increased compliance costs (e.g., through

requiring improved

monitoring standards

or contribution

to an

industry-pooled fund).

Regulatory agencies

also

have the authority, following

significant health and safety incidents, such as fatalities, to order mining operations

to be temporarily suspended or

the facility be permanently closed.

For example, on January 12, 2020,

operations

at our

Curragh mine were

temporarily suspended after

a contractor was

fatally injured during

a tire

change activity

the

main

workshop

site

and

November

21,

2021,

operations

our

Curragh

mine

were

temporarily

suspended after an employee

was fatally injured while working

in the dragline operations.

If further serious safety

incidents were to

occur at any

of our mining

facilities in the

future, it is

possible that a

regulator might impose

range

conditions

re-opening

facility,

including

requiring

capital

expenditures,

which

could

have

adverse effect on our reputation, financial condition

and results of operations.

For

additional

information

about

the

various

regulations

affecting

us,

see

Item 1.

“Business—Regulatory

Matters—Australia” and “Business—Regulatory Matters

—United States.”

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

2022

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

fines and criminal

penalties, causing

a material adverse

effect on our

business, operating and

financial

prospects or performance.

Any

fraud,

bribery,

misrepresentation,

money

laundering,

violations

applicable

trade

sanctions,

anti-competitive

behavior

other

misconduct

our

employees,

contractors,

customers,

service

providers,

business

partners

and

other

third parties

could

result

in violations

of relevant

laws

and regulations

by us

and

subject us or relevant

individuals to corresponding regulatory

sanctions or other claims,

and could also result

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

and other misconduct may have

occurred in

the past

and may

occur in

the future

and may

result in

civil and

criminal liability

under increasingly

stringent laws relating

to fraud, bribery,

sanctions, competition and

misconduct or cause

serious reputational or

financial

harm

us.

addition,

failure

comply

with

environmental,

health

safety

laws

and

regulations,

privacy laws and regulations,

U.S. trade sanctions,

the U.S. Foreign Corrupt

Practices Act and other

applicable

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

of production

or distribution,

costly changes

to equipment

or processes

due to

required corrective

action, or

cessation or interruption of operations.

have

policies

and

procedures

identify,

manage

and

mitigate

legal

risks

and

address

regulatory

requirements

and

other

compliance

obligations.

However,

there

can

assurance

that

such

policies,

procedures and established internal controls

will adequately protect us against

fraudulent or corrupt activity and

such activity could have an adverse effect on our reputation,

financial condition and results of operations.

times

drought

and/or

shortage

available

water,

our

operations

and

production,

particularly

Curragh, could be negatively impacted if

the regulators impose restrictions on our

water offtake licenses

that are required for water used in the CPPs.

In Queensland, all entitlements to the use, control and

flow of water are vested in the state and regulated by

the

Water Act

2000 (Qld).

Allocations under

the Water

Act 2000 (Qld)

can be managed

by a water

supply scheme

operator, such as SunWater Ltd. We have purchased the required water allocations for Curragh and

entered into

a suite of

related channel and pipeline

infrastructure agreements and river supply

agreements with SunWater

Ltd

to regulate the supply of water pursuant to these allocations.

The amount

of water

that is

available to

be taken

under a

water entitlement

will vary

from year

to year

and is

determined by

water sharing rules

of the

relevant catchment area.

These rules

will, for

example, state

a procedure

for water supply scheme holders to calculate

the water available to an allocation holder,

based on available and

predicted supply.

In situations

of severely

constrained supply

(such as during

a drought),

supply contracts

with

the scheme operator generally provide for a

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

given higher

priority.

It is

possible that

during times

of drought

our water

offtake entitlements

in Australia

could

be reduced. If our water

offtake entitlement was reduced, the operations would have to

recycle more of the water

collected in

on-site dams

and former

mining pits,

from rainfall

and dewatering

activities, for

use in

the Curragh

CPP.

This may

impact our

ability to

maintain current

production levels

without incurring

additional costs,

which

could adversely impact our operations and production.

Decreases in demand for

coal-fired electricity and changes

in thermal coal consumption

patterns of the

United States and Australian electric power generators could

adversely affect our business.

addition

Met

coal,

our

Australian

Operations

and

U.S.

Operations

produce

some

thermal

coal.

Sales

thermal coal represented 34.7%

of tons sold and 5.3%

of the total revenues of our Australian

Operations for the

year ended December 31, 2022.

The majority of the thermal coal

produced by our Australian Operations

is sold

on a long-term supply

arrangement to Stanwell.

Sales of thermal coal

by our Australian Operations

to domestic

and export buyers are exposed to fluctuations in the global demand for thermal coal or electricity.

However, coal

sold to Stanwell is not directly exposed

to fluctuations in the global demand for

electricity or thermal coal. Under

the Stanwell supply contract,

Stanwell can set volumes, and

pricing is set at

significantly below-market rates. Our

cost of supplying coal to Stanwell has been and may continue to be greater than the price paid by Stanwell. See

“—Risks

the

Supply

Deed

with

Stanwell

may

adversely

affect

our

financial

condition

and

results

operations.”

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

2022

For the

year ended

December 31,

2022, sales

of thermal

coal represented

4.3% of

tons sold

and 3.7%

of the

total

revenues

our

U.S.

Operations

for

the

year

ended

December

31,

2022.

such,

any

changes

coal

consumption by electric power generators in the United

States could impact our business over the long term.

While

power

generation

from

thermal

coal

remains

cost-effective

form

energy,

the

increasing

focus

renewable

energy

generation,

competition

from

alternative

fuel

sources,

such

natural

gas,

environmental

regulations and

the consequential

decline in

electricity generation

from fossil

fuels, is

expected to

result in

the

further decline

of coal-fired

electricity generation

due to

retirement of

coal-fired

capacity in

favor of

alternative

energy. The

low price of natural gas has resulted

in some U.S. electric power generators

increasing natural gas

consumption while decreasing coal consumption.

Further reductions in

the demand for

coal-fired electricity generation and

the growth of

alternative energy options,

such

renewables,

and

alternate

power

generation

technologies,

well

any

reduction

demand

for

electricity could materially reduce the demand for thermal coal, which may have a material adverse effect on our

financial condition and results of operations.

Economic, Competitive and Industry Risks

Our

business

may

adversely

affected

the

impact

the

global

economy

due

to,

among

other

events,

the

ongoing

military

conflict

between

Russia

and

Ukraine

other

significant

geopolitical

tensions.

Global

markets

are

experiencing

volatility

and

disruption

following

the

geopolitical

tensions

and

the

military

invasion of Ukraine

by Russia. This

military conflict

has led to,

and may lead

to additional,

sanctions and

other

penalties being

levied by

the United

States, the

European Union

and other

countries against

Russia, Belarus,

the Crimea Region

of Ukraine and

the two separatist

republics in the

Donetsk and Luhansk

regions of Ukraine,

including expansive bans on imports and exports of

products to and from Russia.

We are unable

to predict

the extent and

duration of the

ongoing military conflict,

which could lead

to further market

disruptions, including

significant volatility

in commodity

prices, including

the coal we

sell and

fuel we purchase,

instability in the

financial markets, higher inflation,

supply chain interruptions, political and

social instability as well

as an

increase in

cyberattacks and

espionage. Further, sanctions, and

any other

measures, as

well as

the existing

and potential

further responses from

Russia or

other countries

to such

sanctions, could adversely

affect the global

economy and financial markets, which

could in turn have

an adverse impact on

our financial condition and

results

of operations or heighten other risks described in this

Item 1A, “Risk Factors”.

Our

business,

financial

condition

and

results

operations

may

adversely

impacted

global

pandemics, including the COVID-19 pandemic, or other

widespread public health concerns.

Global pandemics, including the COVID-19

pandemic, or other widespread public

health concerns could have an

adverse effect on our business, financial condition

and results of operations.

International, federal, state and local public health and governmental authorities’ mandates in response to global

pandemics could require forced

shutdowns of our mines

and other facilities

in Australia and the

U.S. for extended

periods, restrict movement and the implementation of social distancing

protocols and restrict travelling overseas

across

borders

(including

interstate),

affecting

number

our

normal

business

practices

and

operations.

These

restrictions

could

cause

disruptions

mining

operations,

manufacturing

operations

and

supply

chains

around the world.

The

extent and duration

of the impact

that global pandemics, including

the COVID-19 pandemic,

and other public

health concerns could have in our business and results of operations will depend on numerous factors out of our

control that we may

not be able to

accurately predict and

could also heighten

other risks described

in this “Item

1A. Risk Factors” section, which could have a material adverse impact in our business and results of operations.

Our

profitability

depends

upon

the

prices we

receive

for our

coal.

Prices

for

coal are

volatile

and

can

fluctuate widely based upon a number of factors beyond

our control.

We generate

revenue from

the sale

of coal

and our

financial

results

are materially

impacted by

the prices

receive.

Prices

and

quantities

under

Met

coal

sales

contracts

North

America

are

generally

based

expectations

the

year’s

coal

prices

the

time

the

contract

entered

into,

renewed,

extended

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

on a rolling quarterly average benchmark price.

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

2022

Sales by our

U.S. Operations to the

export market are

typically priced with reference

to a benchmark

index. Sales

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

benchmark indices or bilaterally

negotiated term prices

and spot indices. As

a result, a significant

portion of our

revenue is

exposed to

movements in

coal prices

and any

weakening in

Met or

thermal coal

prices would

have

an adverse impact on our financial condition and results

of operations.

The expectation of future prices for coal depends upon many factors beyond our

control, including the following:

•

the current market price of coal;

•

overall domestic and global economic conditions,

including inflationary conditions and the supply

of and

demand for domestic and foreign coal, coke and steel;

•

the consumption pattern of industrial consumers, electricity generators

and residential users;

•

weather

conditions

our

markets

that

affect

the

ability

produce

Met

coal

affect

the

demand

for

thermal coal;

•

competition from other coal suppliers;

•

technological advances affecting the steel production

process and/or energy consumption;

•

the costs, availability and capacity of transportation infrastructure;

and

•

the impact

of domestic

and foreign

governmental policy,

laws and

regulations, including

the imposition

of tariffs, environmental

and climate change

regulations and

other regulations

affecting the

coal mining

industry,

including regulations and measures introduced in response

to the COVID-19 pandemic.

Met

coal

has

been

volatile

commodity

over

the

past

ten

years.

Recently,

the

second

quarter

2022,

seaborne prices reached record

levels with both the Australian

and U.S. Met coal

price indices exceeding $600

per Mt, largely as result of

supply concerns in key Met coal

markets and continued trade flow

disruptions due to

sanctions imposed

on Russia’s

coal imports

following Russian

invasion of

Ukraine. The

demand and

supply in

the Met

coal industry

changes from

time to

time. There

are no

assurances that

oversupply will

not occur,

that

demand will

not decrease

or that

overcapacity will

not occur,

which could

cause declines

in the

prices of

coal,

which could have a material adverse effect on

our financial condition and results of operations.

In addition, coal prices are highly

dependent on the outlook for coal consumption in

large Asian economies, such

as China, India, South Korea and Japan,

as well as any changes in government

policy regarding coal or energy

in those

countries.

Seaborne

Met coal

import

demand

can also

be significantly

impacted by

the

availability

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

the

competitiveness

seaborne

Met

coal

supply,

including

from

the

leading

Met

coal

exporting

countries

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

among others.

We face increasing competition, which could adversely

affect profitability.

Competition

the

coal

industry

based

many

factors,

including,

among

others,

world

supply,

price,

production

capacity,

coal

quality

and

characteristics,

transportation

capability

and

costs,

blending

capability,

brand name

and diversified

operations. We

are subject

to competition

from Met

coal producers

from Australia,

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

Should those competitors

obtain a

competitive advantage in comparison

to us (whether

by way of

an increase in

production capacity, higher

realized

prices,

lower

operating

costs,

export/import

tariffs,

being

comparatively

less

impacted

result

global pandemics or otherwise),

such competitive advantage

may have an adverse

impact on our ability

to sell,

or the

prices at

which we

are able

to sell

coal

products.

In addition,

some of

our competitors

may have

production capacity as well as greater financial, marketing, distribution and other resources 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,

2022

The consolidation

of the global

Met coal industry

in recent years

has contributed

to increased competition,

and

our competitive

position may

be adversely

impacted by

further consolidation

among

market participants

or by

further

competitors

entering

into

and

exiting

bankruptcy

proceedings

under

lower

cost

structure.

Similarly,

potential

changes

international

trade

agreements,

trade

concessions

other

political

and

economic

arrangements may benefit

coal producers operating

in countries

other than the

United States and

Australia. Other

coal producers may also develop or acquire new projects to increase their coal production, which may adversely

impact our competitiveness. Some

of our global competitors

have significantly greater financial

resources, such

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

and associated prices and impact our ability to retain or

attract Met coal customers. In addition, our ability to ship

our Met coal to non-U.S.

and non-Australian customers

depends on port and transportation

capacity.

Increased

competition

within

the

Met

coal

industry

for

international

sales

could

result

not

being

able

obtain

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

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

our Met coal.

Increased competition, or a

failure to compete effectively,

in the markets in

which we participate

may result in a

loss of market share and could adversely affect our financial

condition and results of operations.

We may face restricted access to international markets

in the future.

Access to

international markets

may be

subject to

ongoing interruptions

and trade

barriers due

to policies

and

tariffs of individual

countries, and the

actions of certain

interest groups to

restrict the

import or export

of certain

commodities. For

example, the

current imposition

of tariffs

and import

quota restrictions

by China

on U.S.

and

Australian coal

imports respectively,

including the

ongoing suspension

of imports

of Australian

coal into

China,

may in

the future have

a negative impact

on our profitability. The timing

of any change

to these measures

remains

uncertain, and there can be no guarantee that other tariffs, import quota restrictions, bans or other trade barriers

will not be imposed (whether as a result of geopolitical tensions or for other

reasons), either by China or in other

markets for our products. We

may or may not be able to

access alternate markets for our

coal should additional

interruptions

and

trade

barriers

occur

the

future.

inability

for

Met

coal

suppliers

access

international

markets, including China, would likely

result in an oversupply of Met coal

and may result in a decrease in

prices

or the curtailment of production, which could

have a material adverse effect on our financial condition and

results

of operations.

If transportation

for our

coal becomes

unavailable or

uneconomic for

our customers,

our ability

to sell

coal could suffer.

Our mining operations produce coal, which is transported to customers by a combination of road, rail, barge and

ship. The

delivery of

coal produced

by our

mining operations

is subject

to potential

disruption and

competition

from other network users,

which may affect our

ability to deliver coal

to our customers and

may have an impact

on productivity and profitability.

Such disruptions to transportation services may include,

among others:

•

disruptions due to weather-related problems;

•

key equipment or infrastructure failures;

•

industrial action;

•

rail or port capacity congestion or constraints;

•

commercial disputes;

•

failure to

obtain consents

from third

parties for

access to

rail or

land, or

access being

removed

or not

granted by regulatory authorities;

•

changes in applicable regulations;

•

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

and

•

terrorist attacks, natural disasters, the

impact from global pandemics, including

the COVID-19 pandemic,

or other events.

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

2022

Any

such

disruptions,

any

deterioration

the

reliability

services

provided

our

transportation

service

providers, could

impair our

ability to

supply coal

to our

customers, result

in decreased

shipments and

revenue

and adversely affect our results of operations.

Typically,

we sell coal at the mine

gate and/or loaded into vessels at

the port. While ordinarily our coal

customers

arrange

and

pay

for

transportation

coal

from

the

mine

port

the

point

use,

have

entered

into

arrangements

with

third

parties

gain

access

transportation

infrastructure

and

services

where

required,

including road transport organizations, rail carriers and port owners. Where coal is exported or sold other than at

the mine gate, the costs associated with these arrangements represent a significant portion of both the total cost

of supplying

coal to

customers and

of our

production costs.

As a

result, the

cost of

transportation is

not only

key factor in our cost base, but also in the purchasing decision of customers. Transportation

costs may increase

and

may

not

able

pass

the

full

extent

cost

increases

our

customers.

For

example,

where

transportation

costs

are

connected

market

demand,

costs

may

increase

usage

and

other

market

participants increases. Significant

increases in transport

costs due to factors

such as fluctuations in

the price of

diesel fuel, electricity and demurrage or environmental requirements could make our coal less competitive when

compared to coal produced from other regions and countries. As the transportation capacity secured

by our port

and rail agreements is based

on assumed production volumes, we may

also have excess transportation capacity

(which, in the

case of take-or-pay

agreements, we may

have to pay

for even if

unused) if our

actual production

volumes are lower

than our estimated production

volumes. Conversely, we may not have sufficient transportation

capacity if our actual production volumes

exceed our estimated production volumes, if

we are unable to transport

the

full

capacity

due

contractual

limitations

any

deterioration

our

relationship

with

brokers

and

intermediaries results

in a

reduction in

the proportion

of coal

purchased FOR

from our

U.S. Operations

(and a

corresponding increase in the proportion of coal purchased FOB).

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

for

transport, currently with

Aurizon Operations

Limited and Pacific

National Pty Ltd,

to and export

from the Port

Gladstone via two main port terminals, RGTCT and WICET.

At our U.S. Operations, we also have a take-or-pay

agreement in

connection

with the

Kinder Morgan

Pier IX

Terminal

in Hampton

Roads, Virginia.

We may

enter

into other take-or-pay arrangements in the future.

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

contracted port or

rail capacity, even

if it

is not

utilized by

us or

other shippers. Although

the majority

of our

take-or-pay arrangements

provide security over minimum port and

rail infrastructure availability,

unused port or rail capacity can

arise as a

result

varying

unforeseen

circumstances,

including

insufficient

production

from

given

mine,

mismatch

between the timing of

required port and rail

capacity for a mine,

or an inability to

transfer the used capacity

due

to contractual limitations, such as

required consent of the provider of

the port or rail services,

or because the coal

must emanate from specified

source mines or

be loaded onto trains

at specified load

points. Paying for

unused

transport

capacity

could

materially

and

adversely

affect

our

cost

structures

and

financial

performance.

See

Item 7. “Management’s Discussion and

Analysis of Financial

Condition and Results of

Operations” for a

summary

of our expected future obligations under take-or-pay arrangements

as of December 31, 2022.

A decrease in

the availability

or increase

in costs of

key supplies, capital

equipment, commodities

and

purchased components,

such as

diesel fuel,

steel, explosives

and tires

could materially

and adversely

affect our financial condition and results of operations.

Our mining operations require a reliable

supply of large quantities of fuel,

explosives, tires, steel-related products

(including

roof

control

materials),

lubricants

and

electricity.

The

prices

pay

for

commodities

are

strongly

impacted by the global

market. In situations where

we have chosen to

concentrate a large portion

of purchases

with one supplier, it has been to take

advantage of cost savings from larger volumes of

purchases and to support

security of supply.

If the cost

of any of

these key supplies

or commodities increased

significantly,

or if a

source

for these supplies or mining equipment was unavailable to meet our replacement demands, including as a result

of the COVID-19 pandemic or

otherwise, our profitability could be reduced or

we could experience a delay or

halt

in our production.

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

2022

Prices

for equipment,

materials,

supplies

and employee

labor

contractor

services

increased during

2022,

and

could

continue

increase

2023

and

beyond.

Long-term

inflationary

pressures

may

result

such

prices

continuing to

increase

more quickly

than expected.

Inflation increases

costs for

materials, labor

and services,

and we

may be

unable to

secure these

resources on

economically acceptable

terms or

offset such

costs with

increased revenues, operating efficiencies,

or cost savings, which may adversely

impact our financial condition,

results of operations, liquidity,

and cash flows.

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

increases in the costs of consumables, spare parts,

plant and equipment. For example, operation

of the thermal

dryer located at

the CPP at

Buchanan is dependent

upon the delivery

of natural gas

and there is

currently only

one

natural

gas

supplier

the

area,

affiliate

CONSOL

Energy.

Although

have

entered

into

gas

purchase agreement with CONSOL Energy,

this agreement can be terminated by CONSOL

Energy on 30 days’

notice and any delay

or inability to negotiate

a replacement agreement

would impact our costs

of production as

we would need to change our processing method at Buchanan.

Defects in

title or

loss of

any leasehold

interests in

our properties

could limit

our ability

to mine

these

properties or result in significant unanticipated costs.

In Queensland,

where all

of our

Australian Operations

are carried

out, exploring

or mining

for coal

is unlawful

without a tenement granted by the Queensland

government. The grant and renewal of tenements

are subject to

a regulatory regime and each

tenement is subject to certain

conditions. There is no

certainty that an application

for the grant of a

new tenement or renewal

of one of the

existing Tenements

at Curragh will be

granted at all or

satisfactory

terms

within

expected

timeframes.

Further,

the

conditions

attached

the

Tenements

may

change at the time they are renewed. There is

a risk that we may lose title to

any of our granted Tenements if we

fail to comply with

the Tenement

conditions and other

applicable legislative requirements

(including payment of

State

royalties)

the

land

that

subject

the

title

required

for

public

purposes.

The

Tenements

have

expiration dates ranging from

May 31, 2023 to July

31, 2044 and, where renewal

is required, there is a

risk that

the Queensland government may change the terms and conditions

of such Tenement

upon renewal.

the

United

States,

title

leased

property

and

mineral

rights

generally

secured

prior

permitting

and

developing a property. In some cases,

we rely on title information or representations and warranties provided by

our lessors, grantors

or other third

parties. Our right

to mine some

of our reserves

may be adversely

affected if

defects in

title or

boundaries

exist or

if a

lease expires.

Any challenge

to our

title or

leasehold interests

could

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

or all of our

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

reserves. In addition, if we mine

on property that we do not

own or lease, we could incur

civil damages or liability for

such mining and be subject

to conversion, negligence,

trespass, regulatory sanction

and penalties. Some

leases have minimum

production

requirements or require us

to commence mining operations in

a specified term to

retain the lease. Failure

to meet

those requirements

could result

in losses of

prepaid royalties

and, in some

rare cases,

could result

in a loss

the lease itself.

the

United

States,

predominantly

access

our

mining

properties

through

leases

with

range

private

landholders.

default

under

lease

for

properties

which

have

mining

operations

resulted

the

termination of the

applicable lease,

we may have

to suspend

mining or significantly

alter the sequence

of such

mining operations, which may adversely affect our

future coal production and future revenues.

obtain

leases

mining

contracts

conduct

our

U.S.

Operations

properties

where

defects

exist

negotiate extensions or amendments

to existing leases, we

may in the future have

to incur unanticipated costs.

In addition, we may

not be able

to successfully negotiate new

leases or mining

contracts for properties containing

additional

reserves

maintain

our

leasehold

interests

properties

where

have

not

commenced

mining

operations during the term of the lease.

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.

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

2022

We may

be unable

to obtain,

renew or

maintain permits necessary

for our

operations, which

would reduce

coal production, cash flows and profitability.

Our performance

and

operations

depend

on, among

other things,

being able

obtain on

a timely

basis,

and

maintain,

all

necessary

regulatory

approvals,

including

any

approvals

arising

under

applicable

mining

laws,

environmental regulations and

other laws, for our

current operations, expansion

and growth projects. Examples

of regulatory

approvals that

we must

obtain and

maintain include

mine development

approvals, environmental

permits and, in

Australia, tenure and approvals

relating to native

title and indigenous cultural

heritage. In addition,

our operations depend

on our ability

to obtain and

maintain consents from private

land owners and

good relations

with local communities.

The requirement

to obtain

and maintain

approvals and

address potential

and actual

issues for

former,

existing

and future

mining

projects

is common

to all

companies

in the

coal sector.

However,

there is

no assurance

guarantee that we

will obtain,

secure, or be

able to maintain

any or all

of the required

consents, approvals

and

rights necessary to maintain our current

production profile from our existing

operations or to develop our

growth

projects

in a

manner

which

will result

profitable

mining

operations

and/or

achieve

our long-term

production

targets. The permitting rules, and

the interpretations of these rules,

are complex, change frequently and

are often

subject to the interpretation of the regulators that

enforce them, all of which may make compliance more

difficult

or impractical,

and may

possibly preclude

the continuance

of ongoing

operations or

the development

of future

mining operations. Certain

laws, such as

the SMCRA, require

that certain environmental

standards be met

before

permit

issued.

The

public,

including

non-governmental

organizations,

anti-mining

groups

and

individuals,

have certain

statutory

rights

to comment

upon and

submit

objections

to requested

permits and

environmental

impact statements.

These comments

are prepared

in connection

with applicable

regulatory processes,

and the

public may otherwise engage

in the permitting

process, including bringing

lawsuits to challenge the

issuance of

permits, the

validity or

adequacy of environmental

impact statements or

performance of mining

activities. In

states

where we operate, applicable

laws and regulations

also provide that

a mining permit

or modification can,

under

certain

circumstances,

delayed,

refused

revoked

any

entity

that

owns

controls

under

common

ownership

control

with

have

unabated

permit

violations

have

been

the

subject

permit

reclamation bond revocation or suspension. Thus, past or ongoing violations of federal and state

mining laws by

us or such entity could provide a basis

to revoke existing permits and to deny

the issuance of additional permits

or modification

or amendment

of existing

permits. In

recent years,

the

permitting

required for

coal mining

has

been the subject of increasingly stringent regulatory and

administrative requirements and extensive activism and

litigation

environmental

groups.

this

trend

continues,

could

materially

and

adversely

affect

our

mining

operations, development

and expansion

and cost

structures, the

transport of

coal and

our customers’

ability to

use coal produced

by our mines,

which, in turn,

could have

a material

adverse effect

on our financial

condition

and results of operation.

In particular,

certain of

our activities

require a

dredge and

fill permit

from the

USACE under

Section 404 of

the

CWA. In

recent years, the

Section 404 permitting

process has

been subject to

increasingly stringent

regulatory

and administrative

requirements

and a

series of

court challenges,

which have

resulted in

increased costs

and

delays in the permitting process. In addition, in 2015, the EPA and the USACE issued the CWR, under the CWA

that would

further expand

the circumstances

when a

Section 404 permit

is needed.

The CWR

is the

subject of

extensive ongoing litigation and

administrative proceedings, as

a result of which the

CWR has been enjoined

certain

states

(including

West

Virginia)

and

reinstated

others

(including

Virginia

and

Pennsylvania),

and

its

current and future impact on our operations are the subject of significant uncertainty. On April 21, 2020, the EPA

and the

USACE

published

the NWPR,

replacing

the

CWR. The

NWPR

revises

the definition

waters

the

United States

and replaces

the CWR.

The NWPR

shrinks the

agencies’ jurisdiction,

particularly as

it relates

tributaries and adjacent waters, such

as wetlands, that were previously

covered by the definition under

the CWR.

The NWPR

went into

effect

on June

22, 2020.

States and

environmental

groups have

filed challenges

to the

NWPR in various federal

district courts.

We cannot at this time

predict how this rule

will be enforced in

the future.

Additionally, we may rely on nationwide permits

under the CWA Section 404 program for

some of our operations.

These nationwide

permits

are issued

every

five years,

and the

2017

nationwide

permit

program

was

recently

reissued in

January

2017.

If we

are unable

to use

the nationwide

permits

and require

an individual

permit

for

certain work, that could delay operations.

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

2022

If we

are unable

to obtain

and maintain

the approvals,

consents and

rights required

for our

current and

future

operations, or

if we

obtain

approvals subject

to conditions

or limitations,

the

economic

viability of

the relevant

projects may be

adversely affected,

which may in

turn result in

the value of

the relevant assets

being impaired,

which could have a material adverse effect on

our financial condition and results of operations.

shortage

skilled

labor

the

mining

industry

could

pose

risk

achieving

improved

labor

productivity.

Efficient coal mining using modern techniques and equipment requires skilled laborers, preferably with at least a

year of experience and proficiency in multiple

mining tasks. Any reduced availability or future

shortage of skilled

labor

the

Australian

and

U.S.

mining

industries

(including,

but

not

limited

to,

ongoing

labor

shortage

the

Logan operations which has impacted production at our U.S. Operations and as

a result of the impact of COVID-

19 pandemic)

could result

in our

having

insufficient

personnel

to operate

our business,

or expand

production,

particularly in the event there

is an increase in the

demand for our coal, which

could adversely affect our financial

condition and results of operations.

The existence (or claimed existence) of native

title on land within our Australian tenements

may impose

restrictions on the construction of our expansion activities

and our continued operations.

In Australia,

mineral exploration

and mining

tenure

(and

many other

forms

of tenure

or interests

land)

may

cover land that is subject to

a claim for native title or

land where native title has already been

determined to exist.

Native title is the communal, group or individual rights and interests of Aboriginal or Torres Strait Islander people

in relation to their traditional land or waters. The existence

of native title in Australia is recognized and protected

accordance

with

the

Native

Title

Act

1993

(Cth),

the

Native

Title

Act,

and

legislation

each

State

and

Territory.

The common

law of Australia

recognizes a

form of

native title that,

in circumstances

where it has

not

been extinguished, reflects the entitlement of

the appropriate traditional owners to their

lands, in accordance with

their traditional law and custom.

If native title

is either determined

to exist or

there are

registered, but

undetermined, native

title claims

over any

part of the tenements

and native title

has not otherwise

been extinguished with

respect to that

part, we may

required to negotiate with, and pay compensation to, the native title holders for impairment, loss

or diminution or

other effect of the proposed activities

on their native title rights and

interests. Compensation obligations may also

arise pursuant

to agreements

with native

title claimants

or native

title holders

in relation

to any

tenements

acquire.

The

existence

native

title

registered

native

title

claim

may

preclude

delay

the

granting

exploration and mining tenements pending resolution of the statutory procedures

imposed by the Native Title Act

and considerable expenses may be incurred in negotiating

and resolving native title issues.

The risk of

unforeseen native

title claims also

could affect

existing operations

as well as

development projects.

Although native title will not prevent the exercise of any validly granted rights and interests under our tenements,

the Native Title

Act and applicable

State and Commonwealth

legislation, together

with the recognition

of native

title at common

law,

may impact

the continued

operations under

our tenements,

development projects

and the

construction of our expansion activities and/or give rise to

liability for compensation.

The Aboriginal Cultural

Heritage Act 2003

(Qld) and the

Torres

Strait Islander

Cultural Heritage

Act 2003 (Qld)

provide

framework

for

the

protection

Aboriginal

and

Torres

Strait

Islander

cultural

heritage.

The

main

mechanism through

which

each act

operates is

a list

of places

and artifacts

of heritage

significance. The

acts

also create

offenses

such

as breach

of the

cultural

heritage duty

of care.

This duty

of care

requires a

person

carrying

out

activity

take

all reasonable

and

practicable

measures

ensure

the

activity

does

not

harm

Aboriginal cultural heritage.

In addition, it may also be necessary for

us to enter into separate arrangements with the

traditional owners of the

sites.

This

could

costly

for

and

potentially

cause

delays

our

continued

operational

and

expansion

activities.

Although

the

failure

resolve

any

issues

associated

with

sites

indigenous

heritage

significance

could

adversely impact our expansion activities and our continuing operations, there are no

such current or anticipated

issues.

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

2022

Operational and Technology

Risks

Risks inherent to mining operations could impact the amount of coal produced,

cause delay or suspend

coal deliveries, or increase the cost of operating our

business.

Our

mining

operations,

including

exploration,

development,

preparation,

product

handling

and

accessing

transport infrastructure,

may be affected

by various operational

difficulties that

could impact the

amount of coal

produced at our coal mines, cause

delay or suspend coal deliveries, or increase

the cost of mining for a varying

length of time.

Our financial performance

is dependent

on our ability

to sustain or

increase coal production

and

maintain or increase operating margins. Our coal production and production costs are,

in many respects, subject

to conditions and events beyond our control, which could disrupt our operations and

have a significant impact on

our financial results. Adverse operating conditions and

events that we may have experienced in the past or

may

experience in the future include:

•

a failure to achieve the Met coal qualities or quantities

anticipated from exploration activities;

•

variations in

mining and

geological

conditions from

those anticipated,

such as

variations in

coal seam

thickness and quality,

and geotechnical conclusions;

•

operational and technical

difficulties encountered in mining,

including equipment failure,

delays in moving

longwall equipment, drag-lines and other equipment and maintenance

or technical issues;

•

adverse weather conditions

or natural or

man-made disasters, including

hurricanes, cyclones, tornadoes,

floods, droughts, bush

fires, seismic activities,

ground failures, rock

bursts, structural cave-ins

or slides

and other

catastrophic events

(such as

the COVID-19

pandemic that

has caused

significant disruption

across nearly

all industries

and markets,

including global

supply chain

shortages, the

impact of

which,

continues to be uncertain);

•

insufficient or unreliable infrastructure, such as power,

water and transport;

•

industrial and

environmental accidents,

such as

releases of

mine-affected water

and diesel

spills (both

of which have affected our Australian Operations

in the past);

•

industrial disputes and labor shortages;

•

mine safety accidents, including fatalities, fires and explosions

from methane and other sources;

•

competition

and

conflicts

with

other

natural

resource

extraction

and

production

activities

within

overlapping operating areas, such as natural gas extraction

or oil and gas development;

•

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

spare parts, plant and equipment;

•

cyber-attacks

that

disrupt

our

operations

result

the

dissemination

proprietary

confidential

information about us to our customers or other third

parties; and

•

security breaches or terrorist acts.

If any

of the

foregoing conditions

or events

occurs and

is not

mitigated or

excusable as

a force

majeure event

under

our

coal

sales

contracts,

any

resulting

failure

our

part

deliver

coal

the

purchaser

under

such

contracts

could

result

economic

penalties,

demurrage

costs,

suspension

cancellation

shipments

ultimately termination

of such

contracts, which

could

have a

material adverse

effect

on our

financial condition

and results of operations.

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

2022

Our U.S.

Operations are

concentrated in

a small

number of

mines in

the CAPP

and our

Australian Operations

include one

mine in

the Bowen

Basin of

Australia. As

a result,

the effects

of any

of these

conditions or

events

may be exacerbated and may have a disproportionate

impact on our results of operations and assets. Any such

operational

conditions

events

could

also

result

disruption

key

infrastructure

(including

infrastructure

located at or serving our mining activities, as well as the infrastructure that

supports freight and logistics). These

conditions and events could

also result in the

partial or complete closure

of particular railways, ports or

significant

inland waterways

or sea

passages, potentially

resulting in

higher costs,

congestion, delays

or cancellations

some

transport

routes.

Any

these

conditions

events

could

adversely

impact

our

business

and

results

operations.

Our long-term

success depends

upon our

ability to

continue discovering,

or acquiring

and developing

assets containing, coal reserves that are economically

recoverable.

Our recoverable reserves decline

as we produce coal.

Our long-term outlook depends

on our ability to maintain

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

new coal reserves or

develop new assets could

negatively affect our financial condition and

results of operations.

Exploration activity may occur adjacent to established

assets and in new regions. These activities

may increase

land tenure,

infrastructure

and related

political risks.

Failure to

discover or

acquire new

coal reserves,

replace

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

current level of

reserves could negatively affect our financial condition

and results of operations.

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

future results

of operations

and financial

condition. From

time to

time, we

may add

assets to,

or divest

assets

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

and future acquisitions or divestments,

including, among others:

•

adverse market

reaction to

such acquisitions

and divestments

or the

timing or

terms on

which acquisitions

and divestments are made;

•

imposition of adverse regulatory conditions and obligations;

•

political and country risk;

•

commercial objectives not being achieved as expected;

•

unforeseen liabilities arising from changes to the portfolio;

•

sales revenues and operational performance not meeting

expectations;

•

anticipated synergies or cost savings being delayed or not

being achieved; and

•

inability to retain key staff and transaction-related costs

being more than anticipated.

These factors could materially and adversely affect

our financial condition and results of operations.

We rely

on estimates

of our

recoverable resources

and reserves,

which are

complex due

to geological

characteristics of the properties and the number of

assumptions made.

We rely on estimates of our recoverable resources and reserves.

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

our estimated resources

and reserves in

accordance with

subpart 1300

of Regulation S-K

under the Exchange

Act. See Item

2. “Properties.”

Subpart 1300 of

Regulation S-K requires

us to disclose

our mineral resources,

addition to

our mineral reserves.

In addition,

as an

ASX-listed company, our ASX disclosures

follow the Australian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

2012,

the

JORC

Code.

Accordingly,

our estimates

of resources

and reserves

in this

Annual Report

on Form

10-K and

in other

reports

that

are

required

file

with

the

SEC

may

different

than

our

estimates

resources

and

reserves

reported in our ASX disclosures.

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

2022

Coal

economically

recoverable

when

the

price

which

can

sold

exceeds

the

costs

and

expenses

mining

and

selling

the

coal.

The

costs

and

expenses

mining

and

selling

the

coal

are

determined

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

mine. We

base our resource

and reserve

information on geologic

data, coal ownership

information and current

and

proposed

mine

plans,

and

mining

cost

assumptions

may

affected

changes

mine

planning

scheduling over

time. There

are numerous

uncertainties

inherent in

estimating

quantities

and qualities

of coal

and

costs

mine

recoverable

reserves,

including

many

factors

beyond

our

control.

There

are

inherent

uncertainties and risks associated with such estimates, including:

•

geologic and mining conditions,

which may not be

fully identified by available

exploration data and may

differ from our experience and assumptions in areas

we currently mine;

•

current

and

future

market

prices

for

coal,

contractual

arrangements,

operating

costs

and

capital

expenditures;

•

severance and

excise

taxes,

unexpected

governmental

taxes, royalties

stamp

duty and

development

and reclamation costs;

•

future mining technology improvements;

•

the effects of regulation by governmental agencies;

•

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

•

employee health and safety; and

•

historical production from the area compared with production from

other producing areas.

Except

for

that

portion

mineral

resources

classified

mineral

reserves,

mineral

resources

not

have

demonstrated economic value. Even

if a mineral

resource exists, there can

be no assurance that

any part of

such

mineral resource will ever be converted to mineral reserves.

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

new exploration

information and therefore

the estimates

of coal resources

and reserves

are subject to

change.

Should we

encounter geological

conditions or

qualities different

from those

predicted by

past drilling,

sampling

and similar examinations, estimates

of coal resources and reserves

may have to be adjusted

and mining plans,

coal processing and infrastructure may have to be

altered in a way that might adversely affect our

operations. As

a result, our estimates may not accurately reflect our actual future coal

resources and reserves.

result,

the

quantity

and

quality

the

coal

that

recover

may

less

than

the

resource

and

reserve

estimates included in

this Annual Report

on Form 10-K.

If our actual coal

resources and reserves

are less than

current estimates,

or the

rate at

which they

are recovered

is less

than estimated

or results

in higher

than estimated

cost, our financial condition and results of operations may

be materially adversely affected.

Our

profitability

could

affected

adversely

the

failure

suppliers

and/or

outside

contractors

perform.

We use

contractors and

other third

parties for

exploration, mining

and other

services generally,

and are

reliant

on several

third parties

for the

success of

our current

operations and

the development

of our

growth projects.

While

this

is normal

for

the

mining

industry,

problems

caused

by third

parties

may arise,

which

may

have

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 Wolff Mining

Pty Ltd.

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

2022

Operations

our

mines

may

interrupted

for

extended

period

the

event

that

lose

any

our

key

contractors (because their

contract is terminated or

expires) and are required

to replace them. There

can be no

assurance that skilled third parties or

contractors will continue to be

available at reasonable rates.

As we do not

have the

same control

over contractors

as we

do over

employees, we

are also

exposed to

risks related

to the

quality or

continuation of

the services

of, and

the equipment

and supplies

used by,

our contractors,

as well

risks related

to the

compliance of our

contractors with environmental

and health and

safety legislation and

internal

policies, standards and

processes. Any failure

by our key

contractors to comply

with their obligations

under our

operating agreements with

them (whether as a

result of financial, safety

or operational difficulties

or otherwise),

any

termination

breach

our

operating

agreements

our

contractors,

any

protracted

dispute

with

contractor,

any inability

to perform

due to

global pandemics

or other

health concerns,

including the

COVID-19

pandemic,

any material labor dispute between our contractors and their employees or any major labor action by

those employees

against

our

contractors,

could

have

a material

adverse

effect

our financial

condition

and

results of operations.

Further, in

periods of high

commodity prices, demand

for contractors may

exceed supply resulting

in increased

costs or lack

of availability

of key contractors.

Disruptions of

operations or

increased costs also

can occur as

result of disputes with contractors or a shortage

of contractors with particular capabilities. To

the extent that any

of the foregoing risks were to materialize, our operating

results and cash flows could be adversely affected.

Our inability to replace or

repair damaged or destroyed

equipment or facilities in

a timely manner could

materially and adversely affect our financial condition

and results of operations.

We depend on several

major pieces of mining

equipment and facilities to

produce and transport coal,

including,

but

not

limited

to,

longwall

mining

systems,

continuous

miners,

draglines,

dozers,

excavators,

shovels,

haul

trucks, conveyors,

CPPs and

rail loading

and blending

facilities. Obtaining

and repairing

these major

pieces of

equipment often involves long lead

times. If any of these

pieces of equipment and facilities suffers major

damage

or is destroyed by fire,

abnormal wear and tear,

flooding, incorrect operation or

otherwise, we may be unable

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

to produce and

transport

coal

and

could

materially

and

adversely

affect

our financial

condition

and

results

operations.

Our

ability to replace or

repair damaged or destroyed

equipment or facilities

may also be dependent

on suppliers or

manufacturers remaining operational and having the relevant equipment, work force or services available for us.

Suppliers

and

manufacturers

may be

unable

provide

such

equipment,

work

force

or service

for

range

reasons,

including

but

not

limited

their

business

suffering

adverse

effects

result

global

pandemics,

including the COVID-19 pandemic.

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

equipment.

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

the required changes in compliance with mandated deadlines.

Our

ability to

operate effectively

could

be impaired

if we

lose key

personnel

or fail

attract qualified

personnel.

The loss of key personnel and the failure to recruit sufficiently qualified staff

could affect our future performance.

We have entered into employment

contracts with a number of

key personnel in Australia

and the United States,

including

our

Managing

Director

and

Chief

Executive

Officer,

Garold

Spindler,

our

Chief

Operating

Officer,

Australia, Douglas

Thompson,

our Group

Chief Financial

Officer,

Gerhard

Ziems,

and Chief

Operating

Officer

U.S., Jeffrey Bitzer. On January 17, 2023,

Coronado announced that Mr. Spindler will retire from

his role as Chief

Executive Officer

and transition

to the

position of

Executive Chair

of the

Board of

Directors, and

the Company

also announced that Mr.

Thompson will be appointed as Chief

Executive Officer of the Company.

Mr. Spindler’s

and Mr.

Thompson’s new

positions will be

effective immediately

following the Company’s

2023 Annual General

Meeting of Stockholders.

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

2022

Mr. Spindler’s, Mr.

Thompson’s,

Mr. Ziems’ and

Mr. Bitzer’s expertise and

experience in the mining industry

are

important to the

continued development

and operation

of our mining

interests. However,

there is

no assurance

that such personnel

will remain with

us for the

term of their

employment contracts or beyond.

In the United

States,

we have not

entered into

employment contracts

with any

of our key

personnel (other

than Mr.

Spindler and

his

direct reports), meaning that we do

not have the benefit of notice

provisions or non-compete restraints with these

employees. There

may be

a limited

number of

persons with

the requisite

experience and

skills to

serve in

our

senior management positions. We may not be

able to locate or employ

qualified executives on acceptable terms.

In addition, as our business develops and

expands, we believe that our future

success will depend greatly on our

continued ability

to attract and

retain highly

skilled personnel

with coal

industry experience

in Australia

and the

United States. We may not be able to continue to employ key

personnel or attract and retain qualified personnel

in the future.

The loss of

such key

personnel or

the failure to

recruit sufficiently

qualified employees

may affect

our business and future performance.

We may not have adequate insurance coverage

for some business risks.

We have insurance coverage for certain

operating risks that provide limited coverage

for some potential liabilities

associated with our

business. As

a result of

market conditions, premiums

and deductibles for

certain insurance

policies

can

increase

substantially,

and

some

instances,

certain

insurance

may

become

unavailable

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

to renew our existing insurance

policies or

procure

other

desirable

insurance

on commercially

reasonable

terms,

if at

all. In

addition,

may

become subject

to liability

(including in

relation to

pollution, occupational

illnesses

or other

hazards),

or suffer

loss resulting from

business interruption, for

which we are

not insured (or

are not sufficiently

insured) or cannot

insure, including liabilities in respect of past activities.

Should we suffer a major

uninsured loss, future financial

performance could be materially

adversely affected. In

addition, insurance may not

continue to be available

at economically acceptable

premiums or coverage may

reduced. As

a result,

the insurance

coverage

may not

cover the

full scope

and extent

of claims

against us

losses we

may incur.

The occurrence

of a

significant

adverse event

not fully

or partially

covered by

insurance

could have a material adverse effect on our financial

condition and results of operations.

Cybersecurity

attacks,

natural

disasters,

terrorist

attacks

and

other

similar

crises

disruptions

may

negatively affect our business, financial condition

and results of operations.

Our

business

may

impacted

disruptions

such

cybersecurity

attacks

failures,

threats

physical

security,

and

extreme

weather

conditions

or other

natural disasters.

Strategic

targets,

such

as energy-related

assets, may be

at greater risk

of future terrorist

or cybersecurity attacks

than other targets

in the United

States

Australia.

These

disruptions

any

significant

increases

energy

prices

that

could

result

government-imposed price

controls. Our

insurance may

not protect

us against

such occurrences.

It is

possible

that any of these

occurrences, or a

combination of them,

could have a material

adverse effect on

our business,

financial condition and results of operations.

In addition, a disruption in,

or failure of, our information

technology systems could adversely affect

our business

operations

and

financial

performance.

rely

the

accuracy,

capacity

and

security

our

information

technology,

or IT,

systems for the operations

of many of our

business processes and to

comply with regulatory,

legal and tax

requirements. While

we maintain

some of

our critical IT

systems, we

are also dependent

on third

parties

provide

important

services

relating

to,

among

other

things,

human

resources,

electronic

communications

and

certain

finance

functions.

Despite

the

security

measures

that

have

implemented,

including those

related to cybersecurity, our systems

could be breached

or damaged by

computer viruses, natural

or man-made

incidents or

disasters or

unauthorized physical

or electronic

access. Though

we have

controls in

place, we cannot provide assurance that a cyber-attack

will not occur.

Furthermore, we may

have little or

no oversight with

respect to security

measures employed by

third-party service

providers, which may ultimately prove to be ineffective at countering threats. Failures of our IT systems, whether

caused

maliciously

or inadvertently,

may

result

the

disruption

our

business

processes,

the

unauthorized

release

sensitive,

confidential

otherwise

protected

information

the

corruption

data,

which

could

adversely affect our

business operations and

financial performance. We may

be required to

incur significant costs

to protect against and remediate the damage caused by

such disruptions or system failures in the future.

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

2022

Mining in the

CAPP is more

complex and involves

more regulatory constraints than

mining in other areas

of the U.S., which could affect our mining operations

and cost structures in these areas.

Mining in the CAPP is more

complex and involves more

regulatory constraints than mining

in other areas of the

United

States,

which

could

affect

our

mining

operations

and

cost

structures

these

areas.

The

geological

characteristics of coal reserves in the CAPP,

such as depth of overburden and coal seam thickness, make them

complex

and

costly

mine.

mines

become

depleted,

replacement

reserves

may

not

available

or,

available, may not

be able

to be

mined at

costs comparable to

those of

the depleting mines.

In addition, compared

to mines

in the

other areas

of the

United States,

permitting,

licensing and

other

environmental

and regulatory

requirements are more costly and time

consuming to satisfy.

These factors could materially adversely

affect the

mining operations

and cost

structures of,

and our

customers’ ability

to use

coal produced

by, our mining properties

in the CAPP.

Financial and Strategic Risks

The loss

of, or

significant reduction

in, purchases

by our

largest customers

could adversely

affect our

revenues.

For the

year ended

December 31,

2022, our

top ten

customers comprised

73.1%

of our

total revenue

and our

top five customers comprised

52.6%

of our total revenue. For the year ended December 31, 2022,

sales to Tata

Steel and Xcoal represented

19.4%

and 11.7%,

respectively,

of our total revenue.

The majority of our sales

are

made on

a spot

basis or

under contracts

with terms

of typically

one year. The

failure to

obtain additional

customers

the

loss

all

portion

the

revenues

attributable

any

customer

result

competition,

creditworthiness,

inability

negotiate

extensions,

replacement

contracts

the

impact

the

global

pandemics,

including

the

COVID-19

pandemic,

otherwise,

may

adversely

affect

our

business,

financial

condition and results of operations.

If a substantial number

of our customers fail

to perform under our

contracts with them, our revenues

and

operating profits could suffer.

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

customers with whom we have had long-term relationships.

The success of our business depends on our

ability to retain our current customers, renew our existing customer

contracts

and

solicit

new

customers.

Our

ability

generally

depends

variety

factors,

including

having our mines

operational, having the type

and quantity of

coal available, the quality

and price of

our products,

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

that we face.

In addition, our

sales contracts

generally contain

provisions that

allow customers

to suspend or

terminate if

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

restricts or prohibits a party from carrying

out its

material obligations

under the

contract or

a material

adverse change

occurs in

our financial

standing or

creditworthiness. If customers suspend

or terminate existing contracts,

or otherwise refuse to accept

shipments

of our Met

coal for which

they have an

existing contractual

obligation, our revenues

will decrease, and

we may

have to reduce production at our mines until our customers’

contractual obligations are honored.

If our customers do not

honor contract commitments,

or if they terminate agreements

or exercise force majeure

provisions

allowing

for

the

temporary

suspension

performance

during

specified

events

beyond

the

parties’

control, including the COVID-19 pandemic and we are unable to replace the contract, our financial condition and

results of operations could be materially and adversely affected.

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

2022

If our ability

to collect

payments from

customers is

impaired, our

revenues and

operating profits

could

suffer.

Our

ability

receive

payment

for

coal

sold

and

delivered

will

depend

the

continued

creditworthiness

and

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

a letter of credit as

security for payment. The inability of key customers

to procure letters of credit (due

to general

economic conditions or the

specific circumstances of the

customer) may restrict our

ability to contract with such

customers or result in fewer sales contracts being executed, which could materially adversely affect our financial

condition and results of operations. For certain of our large customers

in Australia who have not provided letters

credit

other

form

security,

maintain

insurance

policy

cover

for

any

failure

payment.

This

insurance coverage, however,

may not cover the full scope

and extent of losses we

may incur as the result

of a

payment default or otherwise.

If a customer

does not

pay amounts

due in

a timely

manner,

we may

decide to sell

the customer’s coal

on the

spot market, which may be

at prices lower than the contracted

price, or we may be unable

to sell the coal at all.

If our customers’ or counterparties’ creditworthiness deteriorates,

our business could be adversely affected.

Changes in credit

ratings issued by

nationally recognized statistical

rating organizations could

adversely

affect our cost of financing and the market price

of our securities.

Credit rating agencies

could downgrade our ratings

due to factors specific

to our business,

a prolonged cyclical

downturn in the

mining industry or

macroeconomic trends

(such as global

or regional recessions)

and trends in

credit and

capital markets

more generally.

Any decline

in our credit

ratings would

likely result

in an

increase to

our cost of financing, limit our access to the capital markets, significantly harm our financial condition and results

of operations,

hinder

our ability

to refinance

existing

indebtedness

acceptable

terms

and

have an

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

businesses, which could

prevent us

from fulfilling our

obligations under our

senior secured notes,

senior

secured asset-based revolving

credit agreement in

an initial

aggregate principal amount

of $100.0

million,

or the ABL Facility,

and other debt, and we may be forced to take other actions to satisfy our obligations

under our debt, which may not be successful.

December

31,

2022,

had

$242.3

million

aggregate

principal

amount

our

senior

secured

notes

outstanding. As of December 31, 2022,

no amounts were outstanding, and

no outstanding letters of credit issued

under the ABL Facility.

As of December 31, 2022, the available borrowing capacity under this facility was $100.0

million.

We dedicate a

portion of our

cash flow from

operations to the

payment of debt

service, reducing the

availability

of our cash flow

to fund capital expenditures,

acquisitions or strategic

development initiatives and

other general

corporate purposes. Our ability to make scheduled payments on or to refinance our debt obligations depends on

our ability to

generate cash in

the future and our

financial condition and operating

performance, which are subject

to prevailing economic and competitive

conditions and to certain

financial, business and other factors

beyond our

control. There can be no assurance that we

will maintain a level of cash flows from

operating activities sufficient

to permit us to pay the principal, premium, if any,

and interest on our debt. In addition, any failure to comply

with

covenants in the

instruments governing

our debt could

result in an

event of default

that, if not

cured or

waived,

would have a material adverse effect on us.

Our

level

indebtedness

could

have

further

consequences,

including,

but

not

limited

to,

increasing

our

vulnerability to adverse

economic or industry

conditions, placing us

at a competitive

disadvantage compared

other businesses in

the industries in

which we

operate that are

not as leveraged

and that may

be better positioned

to withstand

economic downturns,

limiting our

flexibility to

plan for,

or react

to, changes

in our

businesses and

the industries in which we operate, and requiring us to refinance all or a portion of our existing debt. We may not

able

refinance

commercially

reasonable

terms

all,

and

any

refinancing

our

debt

could

higher interest rates

and may require

us to comply

with more onerous

covenants, making it more

difficult to obtain

surety bonds, letters of credit or

other financial assurances that may be

demanded by our vendors or regulatory

agencies, particularly during periods in which credit markets

are weak.

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

2022

are

unable

service

our

debt

obligations,

could

face

substantial

liquidity

problems

and

may

forced to

reduce or delay

investments and capital

expenditures, or to

sell assets, seek

additional capital, including

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

a going concern.

We may be

unable to consummate

any proposed asset

sales or recover

the carrying value

these assets,

and

any proceeds

may

not

be adequate

meet

any

debt

service

obligations

then

due.

Any

these

examples

potentially

could

have

material

adverse

impact

our

results

operations,

profitability,

stockholders’ equity and capital structure.

adjust

our

capital

structure

from

time

and

may

need

increase

our

debt

leverage,

which

would make us more sensitive to the effects of

economic downturns.

It is

possible that we

may need

to raise additional

debt or

equity funds

in the

future. Our ABL

Facility and operating

cash flows may not be adequate to fund our ongoing capital requirements, for any future acquisitions or projects

or to

refinance our

debt. There

is no

guarantee that

we will

be able

to refinance

our existing

debt, or

if we

do,

there is no guarantee that such new funding will be on

terms acceptable to us.

Global credit markets have been severely constrained in the

past, such as during a global financial crisis and the

European sovereign

debt crisis,

and during

the

COVID-19

pandemic,

and

the ability

to obtain

new funding

refinance in

the future

may be

significantly reduced.

If we

are unable

to obtain

sufficient funding,

either due

banking and

capital market

conditions, generally,

or due

to factors

specific to

our

business, we

may not

have

sufficient cash to meet our

ongoing capital requirements, which

in turn could materially and

adversely affect our

financial

condition.

Failure

obtain

sufficient

financing

could

cause

delays

abandonment

business

development plans and have a material adverse effect

on our business, operations and financial condition.

recent

years,

certain

financial

institutions,

investment

managers

and

insurance

companies

globally

have

responded to pressure

to take actions

to limit or

divest investments in, financing

made available to,

and insurance

coverage

provided

for,

the

development

new

coal-fired

power

plants

and

coal

miners

that

derive

revenues

from thermal

coal sales.

For

example, in

2017, some

financial institutions

publicly announced

that they

would

stop funding new thermal coal projects or would

otherwise reduce their overall lending to coal

producers. These

or similar

policies

may adversely

impact

the coal

industry

generally,

our ability

access

capital and

financial

markets in the future, our costs of capital and the future

global demand for coal.

Our business may require substantial ongoing capital

expenditures, and we may not have access to

the

capital required to reach full productive capacity at our

mines.

Maintaining

and

expanding

mines

and

infrastructure

capital

intensive.

Specifically,

the

exploration,

permitting

and

development

Met

coal

reserves,

mining

costs,

the

maintenance

machinery,

facilities

and

equipment

and

compliance

with

applicable

laws

and

regulations

require

ongoing

capital

expenditures.

Any

decision to increase

production at our existing

mines or to

develop the high-quality Met

coal recoverable reserves

at our

development properties in

the future

could also affect

our capital

needs or

cause future

capital expenditures

to be higher than in the past and/or higher than our estimates. We cannot assure that we will be able to maintain

our production

levels or

generate sufficient cash

flow, or that

we will

have access

to sufficient financing

to continue

our

production,

exploration,

permitting

and

development

activities

above

our

present

levels

and

our

present levels or levels achieved prior to the COVID-19 pandemic and on our current or projected timelines, and

we may be required to

defer all or a portion

of our capital expenditures.

Our results of operations,

business and

financial condition may be materially adversely affected

if we cannot make such capital expenditures.

fund our

capital expenditures,

we will

be required

to use

cash from

our operations,

incur debt

or raise

new

equity.

Our ability

to obtain

bank financing

or our

ability to

access the

capital markets

for future

equity or

debt

offerings, on the other hand, may

be limited by our financial

condition at the time of any

such financing or offering

and the

covenants in

our existing

debt agreements,

as well

as by

general economic

conditions, contingencies

and uncertainties that

are beyond

our control. If

cash flow generated

by our operations

or available borrowings

under our

bank financing

arrangements are

insufficient to

meet our

capital requirements

and we

are unable

access

the

capital

markets

acceptable

terms

all,

could

forced

curtail

the

expansion

our

existing mines and the development of

our properties which, in turn, could

lead to a decline in

our production and

could materially and adversely affect our business,

financial condition and results of operations.

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

2022

We may not recover

our investments in our

mining, exploration and other

assets, which may require

to recognize impairment charges related to those assets.

Our balance sheet includes a number of assets that are subject to impairment risk, particularly long-lived assets,

including

property,

plant

and

equipment,

mining

tenements,

exploration

and

evaluation

assets

and

intangible

assets (including goodwill).

The values of

these assets

are generally derived

from the fundamental

valuation of

the underlying mining operations and, as

such, are subject to many of

the same risks to which our

operations are

exposed, including

decreases in

coal prices,

foreign currency

��

exchange risks,

operational and

geological risks,

changes in coal production and changes in estimates of proven and

probable coal reserves. Adverse changes in

these and

other risk

factors could

lead to

a reduction

in the

valuation of

certain

of our

assets and

result in

impairment charge being recognized.

Risks

our

investment

WICET

may

adversely

affect

our

financial

condition

and

results

operations.

We have

a minority

interest in

WICET Holdings

Pty Ltd,

whose wholly

owned subsidiary,

Wiggins Island

Coal

Export Terminal

Pty Ltd, or WICET Pty Ltd, owns WICET. Other coal producers who export coal through WICET

also hold

WICET

Holdings

Pty Ltd.

In addition,

and the

other coal

producers (or

shippers)

have

evergreen, ten

year take-or-pay

agreements with

WICET Pty

Ltd and

pay a

terminal handling

charge to

export

coal through

WICET,

which

is calculated

by reference

to WICET’s

annual

operating

costs,

as well

as finance

costs associated with WICET Pty Ltd’s external

debt facilities.

Under our take-or-pay agreement with WICET

Pty Ltd, or the WICET Take

-or-Pay Agreement, Curragh’s export

capacity is 1.5 MMtpa and we

are obligated to pay the

terminal handling charge for this capacity, whether utilized

or not. The terminal handling

charge calculation is based on

total operating and finance costs

of WICET Pty Ltd

being charged to contracted shippers in proportion to each shipper’s contracted capacity. Under the terms of the

WICET

Take

-or-Pay

Agreement

the

terminal

handling

charge

payable

can

adjusted

(increased

decreased) by WICET Pty Ltd if WICET Pty

Ltd’s operating and finance costs change,

or if a contracted shipper

defaults on its take-or-pay agreement obligations and has its contracted capacity reduced to

nil. Under the terms

of the WICET Take

-or-Pay Agreement there is a limit of how much WICET Pty Ltd can charge us for recovery of

its finance costs, referred to as a finance cap.

Since WICET began operating in April 2015, four WICET Holdings

Pty Ltd shipper-shareholders

have defaulted on their

obligations under their respective

take-or-pay agreements

and

subsequently

had

those

agreements

terminated.

The

result

these

terminations

decrease

the

aggregate contracted tonnage at WICET from 27 MMtpa to

15.5 MMtpa.

Given the

operation

of the

finance cap

(which

has been

reached,

subject

to further

adjustment

for Consumer

Price Index,

or CPI) there

is a

limit to the

recovery by

WICET of its

financing costs

from shippers. Accordingly,

prior defaults referred

to above have

resulted in only

minor increases to

the terminal handling

charges payable

by the remaining

shipper shareholders (including us).

These increases have related

to higher A$/ton (or

US$/ton)

charge for

operating

costs

resulting

from

lower

contract

base.

any of

the

remaining

shipper

shareholders

becomes

insolvent

and/or

defaults

under

its

take-or-pay

agreement,

the

terminal

handling

charges

for

the

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

of WICET’s

operating

and

financing costs

going forward

(noting that

the

finance cap

applies

in respect

of the

financing costs component of the terminal handling charges).

In addition, if we default under the WICET Take

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

be obligated

to pay

a termination

payment. The

termination payment

is equal

to the

lesser of

our proportion

WICET Pty Ltd’s

total external

debt (which

is based on

the proportion

that our contracted

tonnage bears to

the

total contracted tonnage

at WICET when

the payment obligation

is triggered) and

ten years equivalent

terminal

handling

charges

the

prevailing

rate

the

time

that

the

termination

payment

falls

due.

have

provided

security to WICET

Pty Ltd in

the form of

a bank guarantee, the

amount of which

is required to

cover our estimated

liabilities as a shipper under the WICET Take

-or-Pay Agreement for the following twelve-month

period.

In the event of WICET Pty Ltd defaulting on its external debt obligations, external lenders to WICET Pty Ltd may

enforce

their

rights

the

security

over

the

assets

WICET

and

appoint

receiver

take

steps

recover

outstanding debt. The

external lenders

do not have

direct recourse to

the shippers

to recover outstanding

debt

and shipper take-or-pay agreements would remain on foot and access to the port would continue to be available

to us.

In the

event of

a permanent

cessation of

operations

at WICET,

we may

be required

to procure

additional

port

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

under the WICET Take

-or-Pay Agreement.

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

2022

Risks related to

the Supply Deed

with Stanwell may

adversely affect

our financial condition

and results

of operations.

Curragh has a CSA,

as amended from

time to time,

with Stanwell to

supply thermal coal

to the Stanwell

Power

Station. The

CSA restricted

Curragh from

mining the

SRA which

was reserved

for the

benefit of

Stanwell and

could not be

mined without

Stanwell’s consent.

Under the

CSA, in addition

to supplying thermal

coal at

a price

below the cost

to Curragh

of mining and

processing the

coal, Curragh

pays certain

rebates to

Stanwell on

Met

coal exported

from certain

parts of

Curragh, which

represents

the deferred

purchase

cost of

the right

to mine

some areas at Curragh. Our cost of

supplying coal to Stanwell has been

and may continue to be greater than

the

price paid by Stanwell.

On August 14, 2018, Curragh entered into the Supply

Deed with Stanwell. The Supply Deed grants Curragh

the

right

mine

the

coal

reserves

the

SRA.

exchange

for

these

rights,

Curragh

has

agreed

certain

amendments to

the CSA

and to

enter into

the NCSA,

which will

commence on

or around

the expiration

of the

CSA (currently

expected to

expire in

2027).

On July

12, 2019,

Curragh

entered into

the NCSA

with Stanwell.

Curragh agreed that

the total value

of the discount

received by Stanwell

on coal supplied

to it under

the NCSA

should (by the expiry date

of the NCSA) be equal

to the net present value

of A$210 million as at

the date of the

Supply Deed.

No export rebates

are payable during

the term of

the NCSA. The

amortized cost of

the deferred

consideration was $243.2 million (A$359.0 million) as of December

31, 2022.

We could

be adversely

affected if we

fail to

appropriately provide financial

assurances for

our obligations.

Australian laws and

U.S. federal and

state laws require

us to provide

financial assurances related

to requirements

to reclaim lands used

for mining, to pay

federal and state workers’

compensation, to provide financial assurances

for coal

lease obligations

and to

satisfy other

miscellaneous obligations.

The primary

methods we

use to

meet

those obligations in

the United States

are to provide

a third-party surety

bond or provide

a letter of credit.

As of

December 31, 2022,

we provided $34.9

million of third-party

surety bonds in

connection with our

U.S. Operations.

There are no cash collateral requirements to support any

of the outstanding bonds.

Our financial

assurance obligations

may increase

due to

a number

of factors,

including the

size of

our mining

footprint and

new government

regulations,

and

we may

experience

difficulty

procuring

or renewing

our surety

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

credit or

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

these

bonds

other

acceptable

security

place

before

mining

can

commence

continue,

any

failure

maintain surety bonds, letters

of credit or other guarantees or

security arrangements would adversely

affect our

ability to mine coal. That failure

could result from a variety

of factors, including lack of

availability of surety bond

or letters of credit,

higher expense or

unfavorable market terms,

the exercise by

third-party surety bond

issuers

of their right

to refuse

to renew

the surety

and the

requirement to

provide collateral

for future

third-party surety

bond

issuers

under

the

terms

financing

arrangements.

fail

maintain

adequate

bonding,

our

mining

permits could be

invalidated, which would

prevent mining operations from

continuing, and future

operating results

could be materially adversely affected.

Australia,

the

Financial

Provisioning

Act

amended

the

financial

assurance

provisions

the

Act,

and

impacted the way that our Australian Operations

provide for and manage associated costs

of providing financial

assurances related to mine rehabilitation obligations.

The Financial Provisioning Act:

•

amended

the

financial

assurance

arrangements

for

resource

activities

under

the

Act

with

new

financial provisioning

scheme, and

changed

how the

ERC for

an environmental

authority is

calculated;

and

•

amended

the

Act

introduce

new

requirements

for

the

progressive

rehabilitation

and

closure

mined land.

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

2022

Since April 1, 2019, any financial assurance currently

held for environmental approvals already held

in Australia

are

treated

surety

under

the

Financial

Provisioning

Act.

There

was

transition

period

three

years

that

commenced

early

2019

during

which

all

miners

Queensland

were

assessed

and

received

initial

risk

allocation

decision

based

formulaic

calculation

their

ERC.

Our

ERC

the

cost

estimated

the

government department

of rehabilitating

the land

on which

our operation

is carried

out. This

allocation put

our

resource activity

at Curragh

into a

risk category

under the

Financial

Provisioning Act

based on

the regulator’s

assessment of both

the amount of

our ERC and

our financial capacity

to carry out

and discharge the

rehabilitation

liability and obligation

at the time

our mining

operations cease.

This risk assessment

is reviewed annually,

and

assessment fees are payable each time there is an allocation

decision for our operations in Queensland.

The financial provisioning

scheme is managed

by the Scheme

Manager and financial

assurance is provided

paying

contribution

the

Scheme

and/or

the

giving

surety

the

Scheme

Manager.

Our

contribution

calculated

the

prescribed

percentage

(dependent

risk

allocation

decision)

Curragh’s

ERC.

The

prescribed percentages

for each

category are:

(1) Very

low: 0.5%;

(2) Low: 1.0%;

and (3) Moderate:

2.75%. In

the event Curragh’s ERC is allocated a

high risk allocation, we are required to

negotiate the percentage of surety

to be provided with the Scheme Manager. The Scheme Manager is a statutory officer and manages the Scheme

contributions and the sureties on behalf of the Queensland

State Government.

October

2022,

the

Scheme

Manager

completed

the

assessment

the

Annual

Review

Allocation

for

environmental authority

number EPML00643713

and issued

an Annual

Review Allocation

of “Moderate”.

The

moderate rating results in Curragh being

obliged to make a financial contribution

to the Scheme of 2.75% of the

ERC.

In January

2023, the

Scheme

Manager

completed

an assessment

of the

Annual

Review

Allocation

for

Environmental Authority

Number EPVX00635313

and issued

an Annual

Review Allocation

of “High”

in respect

of MDL162

requiring

Curragh

maintain

its

historical

financial

assurance

respect

100%

the

ERC

for

Environmental Authority Number EPVX00635313.

There can be no assurance that our risk category allocation

will not change in future years.

Our financial assurance obligations may increase due to

a number of factors, including but not limited to:

•

any change that increases ERC or area of disturbance;

•

any major Environmental Authority amendment;

•

compliance with existing Environmental Authority obligations; and

•

major changes to financial soundness of the EA Holder.

For more information on the Financial Provisioning Act, see

Item 1. “Business—Regulatory Matters—Australia—

Environmental Protection Act 1994 (Qld).”

Mine closures entail substantial costs. If we prematurely close one or more of our mines, our operations

and financial performance would likely be affected

adversely.

Federal and state

regulatory agencies

have the

authority following

significant health

and safety

incidents, such

fatalities,

order

mining

operations

temporarily

suspended

facility

permanently

closed.

For

example, on

January 12,

2020, operations

at our

Curragh mine

were temporarily

suspended after

a contractor

was

fatally

injured

during

tire

change

activity

the

main

workshop

site

and

November

21,

2021,

operations at our Curragh mine were temporarily suspended after an employee was fatally injured while working

in the dragline

operations. We could also

be required to

close or discontinue

operations at particular

mines before

the end

of their

mine life

due to

environmental,

geological,

geotechnical,

commercial,

leasing or

other issues.

Such

closure

discontinuance

operations

could

result

significant

closure

and

rehabilitation

expenses,

employee redundancy

costs, contractor

demobilization costs

and other

costs or

loss of

revenues. If

and when

incurred, these closure and

rehabilitation costs could exceed

our current estimates. If

one or more of our

mines

is closed earlier

than anticipated, we

would be required

to fund the

reclamation and closure costs

on an

expedited

basis and potentially

lose revenues and,

for some

of our operations,

pay for take-or-pay

arrangements that

no longer use, which would

have an adverse impact on

our operating and financial performance.

Many of these

costs could also

be incurred

if a mine

was unexpectedly

placed on care

and maintenance

before the end

of its

planned mine life

such as our

mines in the

U.S. Operations, which

were temporarily idled

in 2020 as a

result of

the COVID-19 pandemic.

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

2022

If the

assumptions underlying

our provision

for reclamation

and mine

closure obligations

prove to

inaccurate, we could be required to expend greater

amounts than anticipated.

The

Environmental

Protection

Act 1994

(Qld)

and

the

SMCRA

establish

operational,

reclamation

and

closure

standards

for

all

aspects

surface

mining

well

deep

mining.

accrue

for

the

costs

current

mine

disturbance

and

final

mine

closure,

including

the

cost

treating

mine

water

discharge

where

necessary.

Estimates of

our total

reclamation and

mine-closing

liabilities totaled

$138.5

million as

of December

31, 2022,

based upon

permit requirements

and the

historical

experience at

our operations,

and depend

on a

number

variables involving assumptions and estimation and therefore may be subject to change, including the estimated

future

asset

retirement

costs

and the

timing

such

costs,

estimated

proven

reserves,

assumptions

involving

third-party contractors, inflation rates

and discount rates.

If these accruals

are insufficient or our

liability in a

future

year is

greater than

currently anticipated,

our future

operating results

and financial

position could

be adversely

affected. See

Item 7. “Management’s Discussion

and Analysis

of Financial

Condition and

Results of

Operations—

Critical Accounting Policies and Estimates.”

We are subject to foreign exchange risks involving

certain operations in multiple countries.

Loss sustained from adverse movements

in currency exchange rates

can impact our financial performance

and

financial position and the level of additional funding required to support

our businesses. Our financial results are

reported

US$

and

certain

parts

our

liabilities,

earnings

and

cash

flows

are

influenced

movements

exchange rates, especially movements in A$

to US$ exchange rate. For

example, costs relating to our

Australian

Operations

are

generally

denominated

A$.

addition,

foreign

currency

exposures

arise

relation

coal

supply

contracts,

procurement

plant

and

equipment

and

debt,

which

may

priced

other

foreign

currencies other than US$.

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

and duration

of the movements,

the extent

to which

currency risk

is hedged under

forward exchange

contracts

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

contracts to

hedge a portion of our

foreign currency exposure of

our Australian Operations from

time to time. The unhedged

portion of our non-US$

exposures against exchange rate fluctuations will

be at the risk

of any adverse movement

in exchange rates, which may affect our operating results,

cash flows and financial condition.

Interest rates could change substantially and have an adverse

effect on our profitability.

We are exposed to interest rate risk

in relation to variable-rate bank balances

and variable-rate borrowings. Our

interest rate risk primarily arises from fluctuations in LIBOR and the Australian Bank Bill Swap Yield, or BBSY,

relation to US$-

and A$-denominated borrowings,

respectively.

Our lending rates

may increase in

the future as

a result of factors beyond our control and may

result in an adverse effect on our financial condition and results of

operations.

In addition,

national and

international regulators

and law

enforcement agencies

have conducted

investigations

into a number of rates or indices, which

are deemed to be “reference rates.”

Actions by such regulators and law

enforcement agencies may result

in changes to the

manner in which certain

reference rates are determined,

their

discontinuance,

the

establishment

alternative

reference

rates.

For

example,

after

2021,

the

United

Kingdom’s Financial

Conduct Authority,

which regulates

LIBOR, no

longer compelled banks

to submit rates

for

the

calculation

non-U.S.-dollar

LIBOR.

U.S-dollar

LIBOR

must

replaced

before

June

30,

2023.

The

Alternative Reference Rates

Committee has proposed

SOFR as its

recommended alternative

to LIBOR. At

this

time, it

is not

possible to

predict the

effect that

these developments,

any discontinuance,

modification or

other

reforms to

LIBOR or any

other reference rate,

or the

establishment of alternative

reference rates, including

SOFR,

may

have

LIBOR

other

benchmarks,

including

LIBOR-based

borrowings

under

our

variable-rate

bank

balances and variable-rate borrowings.

Furthermore, the use of

alternative reference rates or

other reforms could

cause the

market value

of, the

applicable interest

rate on

and the

amount

of interest

paid on

our benchmark-

based borrowings

to be

materially

different

than

expected and

could

materially

adversely

impact

our ability

refinance such borrowings or raise future indebtedness

on a cost effective basis.

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

2022

We may

be unsuccessful

in integrating

the operations

of acquisitions

with our

existing operations

and

in realizing all or any part of the anticipated benefits of

any such acquisitions.

From time to time, we

may evaluate and acquire assets and businesses that

we believe complement our existing

assets and business. Acquisitions may

require substantial capital or

the incurrence of substantial indebtedness.

Our capitalization

and results

of operations

may change

significantly as

a result

of future

acquisitions. Acquisitions

and business expansions involve numerous risks, including the

following:

•

difficulties in the integration of the assets and operations

of the acquired businesses;

•

inefficiencies

and

difficulties

that

arise

because

unfamiliarity

with

new

assets

and

the

businesses

associated with them and new geographic areas;

•

the diversion of management’s attention from other

operations; and

•

timing, and whether the acquisition

or business expansion is occurring

during adverse economic, social

and regulatory periods.

Further,

unexpected

costs

and

challenges

may

arise

whenever

businesses

with

different

operations

management

are

combined,

and

may

experience

unanticipated

delays

realizing

the

benefits

acquisition. Entry into certain lines of

business may subject us to new

laws and regulations with which we

are not

familiar and may lead

to increased litigation and

regulatory risk. Also, following

an acquisition, we may

discover

previously

unknown liabilities

associated with

the acquired

business

or assets

for which

we have

no recourse

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

to efficiently manage our expanded operations,

our results of operations may be adversely affected.

Coronado

Global

Resources Inc.

holding

company

with

operations

its

own

and,

such,

depends

its

subsidiaries

for

cash

fund

its

operations

and

expenses,

including

future

dividend

payments, if any.

As a

holding company,

our

principal

source

of cash

flow

distributions

from

our

subsidiaries.

Therefore,

our

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

and pay dividends, if any,

in the future will depend on

the

ability

our

subsidiaries

generate

sufficient

cash

flow

make

upstream

cash

distributions

us.

Our

subsidiaries are separate legal

entities, and although they

are wholly-owned and controlled

by us, they have

obligation to make any funds available to us, whether

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

ability of

our

subsidiaries

distribute

cash

will

also

subject

to,

among

other

things,

restrictions

that

may

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

of sufficient funds in such

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

will have

priority as

to the

assets of

such subsidiaries

over our

claims and

claims of

our creditors

and stockholders.

the extent the ability

of our subsidiaries

to distribute dividends or

other payments to us

is limited in any

way,

our ability to fund and conduct our business, service our

debt, and pay dividends, if any,

could be harmed.

Legal, Compliance and Sustainability Risks

We could be negatively affected if

we fail to maintain satisfactory labor relations.

Relations with

our employees

and, where

applicable, organized

labor are

important to

our success.

Enterprise

bargaining and other disputes between us and our employees or disputes affecting our contractors may result in

strikes or uncompetitive work practices.

As of

December 31,

2022, we

had 1,735

employees.

In addition,

as of

December 31,

2022, there

were 2,326

contractors

supplementing

the

permanent

workforce,

primarily

Curragh.

December

31,

2022,

approximately

11.5%

of our

total employees,

all at

our

Australian Operations,

were represented

by organized

labor unions and covered

by the EA. In

May 2019, the Australian

Fair Work Commission

approved the Curragh

Mine Enterprise

Agreement 2019.

This EA

has a

nominal expiration

date of

May 26,

2022 and

but remains

place by

operation of

the Fair

Work Act

2009 (Cth)

until replaced

or terminated

by the

Fair Work

Commission.

We have

been negotiating

with employee

bargaining representatives

for a

replacement EA

since March

2022.

Those negotiations continue

in good faith

with the intent

of reaching an

agreement as

soon as practicable.

Our

U.S. Operations employ a 100% non-union labor force

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

2022

Future industrial

action by

our employees

or mining

contractors’ employees or

involving trade unions

could disrupt

operations and negatively impact mine productivity,

production and profitability.

Our operations

may impact

the environment

or cause

exposure to

hazardous substances,

which could

result in material liabilities to us.

We are

subject to

extensive environmental

laws and

regulations,

and our

operations may

substantially

impact

the

environment

cause

exposure

hazardous

materials

our

contractors,

our

employees

local

communities. We use hazardous materials

and generate hazardous or other regulated

waste, which we store in

our storage or disposal

facilities. We may become subject to

statutory or common law claims

(including damages

claims) as

a result

our

use of

hazardous

materials

and generation

of hazardous

waste.

A number

of laws,

including, in

the United

States, the

CERCLA or

Superfund, and

the RCRA,

and in

Australia, the

Environmental

Protection Act 1994 (Qld),

impose liability relating to

contamination by hazardous

substances. Furthermore, the

use of

hazardous materials

and generation

of hazardous

and other

waste may

subject us

to investigation

and

require the clean-up of soil, surface water,

groundwater and other media.

Mining

operation

process,

including

blasting

and

processing

ore

bodies,

can

also

generate

environmental

impacts. These

impacts include,

but are

not limited

to, leakages

of polluting

substances,

explosions,

flooding,

fires, accidental mine water discharges,

and excessive dust and noise. Such

risks could result in damage to

the

applicable mine site, personal

injury to our employees

and contractors, environmental

damage, decreased coal

production and

possible legal

liability under

environmental regulations.

Employee or

strict liability

claims under

common law

or environmental

regulations in

relation to

these matters

may arise,

for example, out

of current

former activities

at sites

that we

own, lease

or operate

and at

properties to

which hazardous

substances have

been sent for treatment,

storage, disposal or other

handling. Our liability

for such claims may

be strict, joint and

several with other miners or parties or with our

contractors, such that we may be held

responsible for more than

our

the

contamination

other

damages,

even

for

the

entire

amount

damages

assessed.

Additionally,

any violations of

environmental laws by

us could lead

to, among other

things, the imposition

on us

of substantial fines,

penalties, other civil and

criminal sanctions, the curtailment

or cessation of

operations, orders

pay

compensation,

orders

remedy

the

effects

violations

and

take

preventative

steps

against

possible

future violations,

increased compliance costs,

or costs

for environmental remediation,

rehabilitation or

rectification

works.

We maintain extensive

Met coal refuse

areas and slurry impoundments

at our mining

properties. At Curragh, coal

slurry

disposed

pumping

into

impoundment

area

where

particles

are

allowed

settle.

have

procedures

place

that

the

Curragh

slurry

impoundments

remain

below

the

surrounding

topography

that

there is

minimal likelihood

of failure

and/or spills.

At our

U.S. Operations,

refuse areas

and impoundments

are

frequently inspected and subject

to extensive governmental regulation.

Slurry impoundments have

been known

fail,

releasing

large

volumes

coal

slurry

into

the

surrounding

environment.

Structural

failure

impoundment can result in extensive damage to the environment

and natural resources, such as bodies of water

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

related personal injuries, property damages and injuries

to natural resources

and plant and

wildlife. Of the

five refuse areas

among our U.S.

mining properties, only

two

impound slurry; the other facilities are combined refuse

and do not impound slurry.

Two of our impoundments

the U.S. overlie

mined out

areas, which

can pose

a heightened

risk of

failure and

the assessment

of damages

arising out of such failure.

If one of our impoundments

were to fail, we could

be subject to substantial

claims for

the resulting environmental contamination and associated

liability, as well as

for related fines and penalties.

Changes in

and compliance

with government

policy, regulation

or legislation

may adversely

affect our

financial condition and results of operations.

The coal mining industry

is subject to regulation

by federal, state and

local authorities in each

relevant jurisdiction

with respect

a range

of industry

specific and

general

matters.

Any future

legislation

and

regulatory

change

imposing more constraints or

more stringent requirements may

affect the coal mining

industry and may adversely

affect our financial condition and results of operations. Examples of such changes are, future laws or regulations

that may limit

the emission

of GHGs, attach

a cost to

GHG emissions,

or limit the

use of thermal

coal in power

generation, more stringent workplace health and safety laws, more rigorous environmental laws, and changes to

existing taxation and royalty legislation.

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

2022

Compliance

with

applicable

federal,

state

and

local

laws

and

regulations

may

become

costly

and

time-consuming

and

may

delay

commencement

interrupt

continuation

exploration

production

our

operations. We have

incurred, and may

in the future

incur, significant expenditures to comply

with such regulation

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

stringent. The ultimate impact

of complying with existing laws

and regulations is not always

clearly known or determinable due

in part to the

fact

that

certain

implementation

the

regulations

for

these

laws

have

not

yet

been

promulgated

and

certain

instances

are

undergoing

revision.

These

laws

and

regulations,

particularly

new

legislative

administrative

proposals

(or

judicial

interpretations

existing

laws

and

regulations),

could

result

substantially

increased

capital,

operating

and

compliance

costs

and

could

have

material

adverse

effect

our

operations

and

our

customers’ ability to use our products. Due in part to the extensive and comprehensive

regulatory requirements,

along with

changing interpretations

of these

requirements, violations

of applicable

federal, state

and local

laws

and regulations occur from time to time in the

coal industry and minor violations have

occurred at our Australian

Operations and our U.S. Operations in the past.

Moreover, changes in the law

may impose additional standards and a heightened degree

of responsibility for us

and our stockholders, directors and employees; may

require unprecedented compliance efforts; could

divert our

management’s

attention;

and

may

require

significant

expenditures.

For

example,

may

also

subject

unforeseen

environmental

liabilities

resulting

from

coal-related

activities,

which

may

costly

remedy

adversely impact

our operations.

In particular,

the acceptable

level of

pollution and

the potential

abandonment

costs and obligations for which we

may become liable as a result

of our activities may be difficult

to assess under

the current legal

framework. To the extent that

required expenditures, as

with all

costs, are not

ultimately reflected

in the

prices of

coal, our

operating results

will be

detrimentally

impacted. The

costs

and operating

restrictions

necessary for compliance

with safety

and environmental laws

and regulations,

which is a

major cost

consideration

for

our

Australian

Operations

and

U.S.

Operations,

may

have

adverse

effect

our

competitive

position

relative to foreign producers and operators in

other countries which may not be

required to incur equivalent costs

in their operations.

We are

also affected

by various

other international,

federal, state,

local and

tribal or

indigenous environmental

laws

and

regulations

that

impact

our

customers.

the

extent

that

such

environmental

laws

and

regulations

reduce

customer

demand

for

increase

the

price

coal,

will

detrimentally

impacted.

For

additional

information

about

the

various

regulations

affecting

us,

see

Item 1.

“Business—Regulatory

Matters—Australia”

and “Business—Regulatory Matters—United States.”

are

subject

extensive

forms

taxation,

which

imposes

significant

costs

us,

and

future

regulations

and

developments

could

increase

those

costs

limit

our

ability

produce

coal

competitively.

Federal,

state

local

governmental

authorities

nearly

all

countries

across

the

global

coal

mining

industry

impose various

forms of

taxation

on coal

producers,

including production

taxes,

sales-related taxes,

royalties,

stamp duty, environmental

taxes and income taxes.

For

example,

September

27,

2022,

received

from

the

Queensland

Revenue

Office,

QRO,

assessment of the

stamp duty payable

on our acquisition

of the Curragh

mine in March

2018. The QRO

assessed

the stamp duty on this

acquisition at an amount

of $55.4 million (A$82.2

million) plus unpaid tax

interest of $8.2

million

(A$12.1

million).

November

23,

2022,

the

Company

filed

objection

the

assessment

and

currently awaiting the outcome of this objection. The outcome

of this objection is uncertain.

We have reviewed the assessment received and based on legal and valuation advice the Company continues to

maintain its position regarding the estimated accrual

of $29.0 million (A$43.0 million) stamp duty payable

on the

Curragh acquisition. During the

period we made a

partial payment reducing the

estimated accrual to $11.7 million

(A$17.3

million)

December

31,

2022,

which

included

within

“Accrued

Expenses

and

Other

Current

Liabilities” in its Consolidated Balance sheet.

We cannot

guarantee that

the steps

we take

to defend

our position

on this

matter will

be successful,

in which

case the amount assessed by

the QRO and unpaid tax interest

on the amount outstanding may become

due and

payable.

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

2022

Additionally, in 2022, the Queensland

State Government in

Australia amended the

Mineral Resources Regulation

2013 (Qld) introducing additional

higher tiers to the

coal royalty rates effective

from July 1, 2022,

increasing the

royalty payable by our Australian Operations.

The new

tiers applicable

in calculating

the royalty

payable for

our Australian

Operations from

July 1,

2022, are

as set out below:

•

7% for average coal price per Mt sold up to and including

A$ 100 per Mt;

•

12.5% for average coal price per Mt sold from A$100 to

A$150 per Mt;

•

15% for average coal price per Mt sold from A$150 to

A$175 per Mt;

•

20% for average coal price per Mt sold from A$175 to

A$225 per Mt;

•

30% for average coal price per Mt sold from A$225 to

A$300 per Mt; and

•

40% for average coal price per Mt sold above A$300 per

Mt.

If new legislation or

regulations related to various forms

of coal taxation or

income or other taxes

generally, which

increase our costs or limit our ability to compete

in the areas in which we sell coal, or which

adversely affect our

key customers, are adopted, or if the

basis upon which such duties

or taxes are assessed or levied,

changes or

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

operations could be adversely

affected.

We may be subject

to litigation, the disposition

of which could negatively

affect our profitability and cash

flow

particular

period,

have

material

adverse

effect

our

business,

financial

condition

and

results of operations.

Our profitability or cash flow in

a particular period could be affected by

an adverse ruling in any litigation that

may

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

a material adverse effect on our business,

financial condition and results of operations. See Item

3. “Legal Proceedings.”

We have no

registered trademarks for

our Company

name used by

us in the

United States or

any other

countries, and failure to obtain those registrations

could adversely affect our business.

Although

have

filed

trademark

application

for

use

the

stylized

mark

“CORONADO

STEEL

STARTS

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

and the corresponding mark has not

been registered

the

United

States

Australia.

have

not

filed

for

this

other

trademarks

any

other

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

to respond,

but we

may be

unable to

overcome such

rejections. In

addition, Intellectual

Property Australia

and

the United

States Patent

and Trademark Office

and comparable agencies

in many

foreign jurisdictions

may permit

third parties to oppose pending trademark

applications and to seek to

cancel registered trademarks. If opposition

cancellation

proceedings

are

filed

against

our

trademark

application,

our

trademark

may

not

survive

such

proceedings,

and/or

may

required

expend

significant

additional

resources

effort

defend

ourselves in the proceedings or identify a suitable substitute

mark for future use.

Risks Specific to Our Common Stock

Our certificate of incorporation and bylaws include

provisions that may discourage a change in control.

Provisions contained in our amended and restated certificate of incorporation, or certificate of incorporation, and

amended and

restated bylaws, or

bylaws, and

Delaware law

could make

it more

difficult for a

third-party to acquire

us,

even

doing

might

beneficial

our

stockholders.

Provisions

our

bylaws

and

certificate

incorporation impose various procedural and other

requirements that could make it

more difficult for stockholders

to effect certain corporate actions.

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

2022

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

the State of Delaware,

the DGCL (or any successor provision thereto),

until immediately following the time at

which the EMG Group no

longer beneficially

owns in

the aggregate

shares of

our common

stock representing

at least

10% of

our voting

stock, in which case we

shall thereafter be governed by

Section 203 if and

for so long as Section

203 by its terms

would apply

to us.

Section 203

provides that

an interested

stockholder,

along with

its affiliates

and associates

(i.e., a stockholder that has

purchased greater than 15%,

but less than 85%, of

a company’s outstanding voting

stock (with

some exclusions)),

may not

engage in

a business

combination

transaction

with the

company for

period of three years after buying more than 15% of a company’s outstanding voting stock unless certain criteria

are met or certain other corporate actions are taken by the company.

These provisions could limit the price

that certain investors might be willing

to pay in the future for

shares of our

common stock and may have the effect of delaying

or preventing a change in control.

Our

certificate

incorporation

limits

the

personal

liability

our

directors

for

certain

breaches

fiduciary duty.

Our

certificate

incorporation

and

bylaws

include

provisions

limiting

the

personal

liability

our

directors

for

breaches

fiduciary

duty

under

the

DGCL.

Specifically,

our

certificate

incorporation

contains

provisions

limiting

director’s

personal

liability

and

our

stockholders

the

fullest

extent

permitted

the

DGCL.

Furthermore, our

certificate of

incorporation provides

that no director

shall be

liable to

us and

our stockholders

for

monetary

damages

resulting

from

breach

fiduciary

duty

director,

except

the

extent

that

such

exemption from liability or limitation thereof is

not permitted under the DGCL. The principal

effect of this limitation

on liability

is that

a stockholder

will be

unable to

prosecute an

action for

monetary damages

against a

director

unless the

stockholder can

demonstrate a

basis for

liability that

cannot be

eliminated under

the DGCL.

These

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,

in the event of a

breach of a director’s fiduciary duty. These provisions do not

alter a director’s liability under

U.S. federal securities laws.

The inclusion of these

provisions in our certificate

incorporation may discourage or deter stockholders or management from bringing

a lawsuit against directors for

a breach of

their fiduciary

duties, even

though such an

action, if successful,

might otherwise have

benefited us

and our stockholders.

Coronado

Group

LLC

and

the

EMG

Group

have

substantial

control

over

and

are

able

influence

corporate matters.

Coronado Group

LLC and

the EMG

Group have

significant

influence over

us, including

control over

decisions

that

require

the

approval

stockholders,

which

could

limit

the

ability

other

stockholders

influence

the

outcome of stockholders votes.

As of

December 31,

2022, the

EMG Group

indirectly held

50.4%

of our

outstanding shares

of common

stock.

Therefore, the EMG

Group has

effective control

over the outcome

of votes on

all matters requiring

approval by

stockholders. There is a risk that the interests of the EMG Group could conflict with or differ from our interests or

the interests of

other stockholders.

In addition, pursuant

to the terms

of the Stockholder’s

Agreement, dated

of September

24, 2018,

between us

and Coronado

Group LLC,

or the

Stockholder’s Agreement,

so long

as it

beneficially owns in the aggregate at least 25% of the outstanding shares of our common stock, the EMG Group

will have

the ability

to exercise

substantial control

over certain

of our

transactions,

including change

of control

transactions,

such

mergers

and

capital

and

debt

raising

transactions.

See Item

“Market

for

Registrant’s

Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for a description of the

Stockholder’s Agreement.

Further, pursuant to

the terms of the Series A

Share, Coronado Group and the

EMG Group or its successors

permitted

assigns,

the

beneficial

owner

the

Series A

Share,

its

option,

will

have

the

ability

elect

specified number of directors, or the Series A Directors, based on

the EMG Group’s aggregate level of beneficial

ownership of shares

of our common

stock. For more

details on the

ability of Coronado

Group and the

EMG Group

to elect Series A Directors, as

well as the rights of

stockholders to participate in the removal

of any such Series

Directors,

see

Item 5.

“Market

for

Registrant’s

Common

Equity,

Stockholder

Matters

and

Issuer

Purchases of Equity Securities.”

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

2022

Moreover, the

EMG Group’s beneficial

ownership of shares of

our common stock may

also adversely affect

the

price of our

common stock

to the extent

equity investors

perceive disadvantages

in owning common

stock of a

company with a controlling stockholder.

In addition, the EMG Group

is in the business of making

investments in

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

acquire assets that

we seek to

acquire and, as

a result, those

acquisition opportunities

may not be

available to

us or

may be

more expensive

for us

to pursue,

and as

a result,

the interests

of the

EMG Group

may not

align

with the interests of our other stockholders.

The EMG Group has the

right, subject to certain conditions, to

require us to cooperate in

a sale of shares

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,

2018, between us and

Coronado

Group LLC,

the

Registration

Rights

and

Sell-Down

Agreement,

Coronado

Group LLC

(or

its

successors

permitted

assigns

transferees)

has

the

right,

subject

certain

conditions,

require

cooperate in a

sell-down of

shares of

our common

stock or

CDIs held by

it. By virtue

of its majority

ownership,

exercising its registration rights and selling a large number of shares or CDIs, Coronado Group LLC could cause

undue volatility in the

prevailing market price of

our common stock. See

Item 5. “Market for Registrant’s Common

Equity, Related Stockholder

Matters and Issuer Purchases of Equity Securities.”

Our non-employee directors and their respective

affiliates, including the EMG Group, may

be able to take

advantage of a corporate opportunity that would otherwise

be available to us.

The corporate opportunity

and related

party transactions provisions

in our

certificate of incorporation

could enable

any

our

non-employee

directors

their

respective

affiliates,

including

the

EMG

Group,

benefit

from

corporate opportunities

that might

otherwise be

available to

us. Subject

to the

limitations of

applicable law,

our

certificate of incorporation, among other things, will:

•

permit

enter

into

transactions

with

entities

which

one

non-employee

directors

are

financially or otherwise interested;

•

permit any non-employee director or

his or her affiliates to

conduct a business that competes

with us and

to make investments in any kind of property in which we

may make investments; and

•

provide that if

any non-employee director

becomes aware of

a potential business

opportunity, transaction

other

matter

(other

than

one

expressly

offered

that

non-employee

director

solely

his

her

capacity

our

director),

that

non-employee

director

will

have

duty

communicate

offer

that

opportunity to

us, and

will be

permitted to

communicate

or offer

that opportunity

to his

or her

affiliates

and pursue or acquire such opportunity for himself

or herself, and that non-executive director

will not be

deemed

have

acted

manner

inconsistent

with

his

her

fiduciary

other

duties

our

stockholders regarding the opportunity or 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 us to be taken

by or used

for the

benefit of

the

non-employee

directors

or their

respective

affiliates,

which

include the

EMG Group

as a

result of the rights granted to it under the Stockholder’s Agreement.

General Risk Factors

Any

failure

maintain

effective

internal

control

over

financial

reporting

may

adversely

affect

our

financial condition and results of operations.

Our

management

responsible

for

establishing

and

maintaining

adequate

internal

control

over

financial

reporting.

Internal

control

over

financial

reporting

process

designed

provide

reasonable

assurance

regarding

the

reliability

financial

reporting

and

the

preparation

financial

statements

accordance

with

generally accepted accounting principles in the United

States, or U.S. GAAP.

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

2022

During the course of the preparation of our financial statements,

we evaluate and correct any deficiencies in

our

internal controls over

financial reporting. If we

fail to maintain an

effective system of disclosure

or internal controls

over financial

reporting, including

satisfaction of

the requirements

of Section

404 of

the Sarbanes-Oxley

Act of

2002, we may not be able to report

accurately or timely on our financial results or adequately identify and reduce

fraud. Therefore, the financial condition of our business could be adversely

affected, current and potential future

stockholders could lose confidence in us and/or

our reported financial results, which may cause

a negative effect

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.

The requirements of

being a public company

in the United

States and Australia may

strain our resources,

divert

management’s

attention,

and

affect

our

ability

attract

and

retain

executive

management

and

qualified board members.

Our CDIs are

currently listed on

the ASX and

we are registered

as a foreign

company in

Australia. As such

need to ensure continuous compliance with relevant Australian laws

and

regulations, including the listing rules of

the ASX, as amended from time to time, or the ASX Listing

Rules,

and certain provisions of the Corporations Act

2001 (Cth), or the Corporations Act.

As a U.S.

public company, we are subject

to the reporting

requirements of the

Exchange Act, the

Sarbanes-Oxley

Act

2002,

the

Dodd-Frank

Wall

Street

Reform

and

Consumer

Protection

Act

2010

and

other

applicable

securities laws, rules and regulations. Compliance with these laws,

rules, and regulations may increase our legal

and

financial

compliance

costs,

make

some

activities

difficult,

time-consuming,

costly,

and

increase

demand on

our systems

and resources.

The Exchange

Act requires,

among other

things,

that

we file

annual,

quarterly, and

current reports with respect

to our business and

results of operations. In

the absence of a waiver

from the ASX

Listing Rules, these

SEC periodic reports

will be in addition

to our periodic

filings required by

the

ASX Listing

Rules.

The

Sarbanes-Oxley

Act of

2002 requires,

among

other things,

that we

maintain

effective

disclosure

controls

and

procedures

and

internal

control

over

financial

reporting.

order

maintain

and,

required, improve our disclosure

controls and procedures and

internal control over financial

reporting to meet this

standard, significant resources and management oversight will be required. As a result, management’s attention

may be diverted from other

business concerns and our

costs and expenses will increase,

which could harm our

business

and results

operations,

all of

which

could

be magnified

during the

COVID-19

pandemic.

may

need

hire

employees

the

future

engage

outside

consultants,

which

will

increase

our

costs

and

expenses.

In addition, changing laws,

regulations, and standards relating to

corporate governance and public disclosure

are

creating

uncertainty

for

public

companies,

increasing

legal

and

financial

compliance

costs

and

making

some

activities more time consuming.

These laws, regulations

and standards are subject

to varying interpretations, in

many cases due to their

lack of specificity and,

as a result, their

application in practice may

evolve over time as

new

guidance

provided

regulatory

and

governing

bodies.

This

could

result

continuing

uncertainty

regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance

practices.

intend

invest

resources

comply

with

evolving

laws,

regulations

and

standards,

and

this

investment may result in increased

general and administrative expenses

and a diversion of management’s

time

and

attention

from

sales-generating

activities

compliance

activities.

our

efforts

comply

with

new

laws,

regulations and standards differ from the activities intended by

regulatory or governing bodies due to ambiguities

their

application

and

practice,

regulatory

authorities

may

initiate

legal,

administrative

other

proceedings against us and our business may be harmed.

A state

court located within

the State

of Delaware (or, if

no state court

located within the

State of

Delaware

has jurisdiction, the

federal district court

for the District

of Delaware) will

be, to the

extent permitted by

law,

the

sole

and

exclusive

forum

for

substantially

all

state

law

based

disputes

between

and

stockholders.

Our bylaws provide

that, unless we

consent in writing

to the selection

of an alternative

forum, a state

or federal

court within the State of Delaware will be the sole and

exclusive forum for:

•

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

officer or

other employee or

agent of the

Company to the

Company or the

Company’s stockholders or debtholders;

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

2022

•

any

action

proceeding

asserting

claim

against

the

Company

any

director

officer

other

employee or

agent of

the Company

arising pursuant

to any

provision of

the DGCL

or our

certificate of

incorporation or bylaws; or

•

any action

asserting

a claim

against

the

Company

any

director

officer

other

employee

the

Company

governed

the

internal

affairs

doctrine

other

“internal

corporate

claims”

defined

Section 115 of the DGCL.

The choice of

forum provision may limit

a stockholder’s ability

to bring a claim

against us or our

directors, officers,

employees or

agents in

a forum

that it

finds favorable,

which may

discourage stockholders

from bringing

such

claims

all.

Alternatively,

if a

court

were

find

the

choice

of forum

provision

contained

our

bylaws

inapplicable or unenforceable

in an action,

we may incur

additional costs associated

with resolving such

action

another

forum,

which

could

materially

adversely

affect

our

business,

financial

condition

and

results

operations. However, the choice of forum provision does

not apply to any actions

arising under the Securities Act

or the Exchange Act.

The issuance of additional

common stock or securities

convertible into our

common stock could

result

in dilution of the ownership interest in us held by existing

stockholders.

We may

issue more

CDIs in

the future

in order

to fund

future investments, acquisitions,

capital raising

transactions

reduce

our

debt.

While

will

subject

the

constraints

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 raisings may dilute the ownership of existing

common stockholders.

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.

We are subject to

the general market risks that

are inherent in all

securities traded on a

securities exchange. This

may result

in fluctuations

in the

trading price

of our

securities that are

not explained

by our

fundamental operations

and activities. There is

no guarantee that the

price of our securities

will increase in the

future, even if our

earnings

increase.

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;

•

fluctuations in the local and global market for listed stocks;

•

actual or anticipated

fluctuations in

our interim and

annual results and

those of other

public companies

in our industry;

•

industry cycles and trends;

•

mergers and strategic alliances in the coal industry;

•

changes in government regulation;

•

potential or actual military conflicts or acts of terrorism;

•

changes in accounting principles;

•

announcements concerning us or our competitors;

•

changes in government policy,

legislation or regulation;

•

inclusion of our securities in or removal from particular market

indices (including S&P/ASX indices); and

•

the nature of the markets in which we operate.

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

2022

Other factors

that may

negatively affect

investor sentiment

and influence

us, specifically,

or the

stock market,

more generally, include acts

of terrorism, an outbreak of international hostilities, fires, floods, earthquakes,

labor

strikes, civil wars,

natural disasters, outbreaks of

disease, including the COVID-19

pandemic, or other man-made

or natural events.

Stock markets have

experienced extreme price

and volume fluctuations

in the past

that are

often disproportionate

unrelated

the

operating

performance

companies.

There

can

guarantee

that

trading

prices

and

volumes of any securities

will be sustained. These

factors may materially affect the

market price of our

securities,

regardless of our

operational performance. This

may then significantly

impact our ability

to raise new

equity which

may be required to fund our operations if our financial

performance deteriorates due to other factors.

The payment of

dividends and repurchases

of our stock

are dependent on

a number

of factors, and

future

payments and repurchases cannot be assured.

The

payment

dividends

respect

our

common

stock

impacted

several

factors,

including

our

profitability,

retained earnings,

capital requirements

and free

cash flow,

as well

as applicable

covenants under

the indenture

governing our

senior secured

notes and

covenants under

the ABL

Facility.

Any future

dividends

will be determined by

our Board of Directors having

regard to these factors,

among others. There is

no guarantee

that any dividend

will be paid,

or repurchases will

be made, by

us, or if

paid, paid at

previous levels. From

time

to time, our Board of Directors may also cancel previously

announced dividends.

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

2022

ITEM 1B. UNRESOLVED

STAFF COMMENTS

None.

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

2022

ITEM 2.

PROPERTIES

Summary Overview of Mining Operations

Coronado owns and controls a portfolio of operating mines and development projects in Queensland, Australia, and Virginia,

West

Virginia

and

Pennsylvania

the

United

States.

Our

Australian

Operations

consist

the

100%-owned

Curragh

producing

mine

complex.

With

respect

our

U.S.

Operations,

Coronado

owns

100%

interest

two

producing

mine

complexes (Buchanan and Logan) and

a 100% interest in one

temporarily idled, production-stage mine complex

(Greenbrier)

and two

development properties

(Mon Valley

Minerals (formerly

called Pangburn-Shaner-Fallowfield)

and Russell

County).

Figures 1 and 2 below show the locations of our mining properties in Australia and the United States, respectively.

Figure 1: Australian Operations:

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

2022

14.7

10.5

25.2

13.6

12.8

26.4

12.4

25.3

Australia

United States

Group

ROM production (Mt)

FY20

FY21

FY22

12.0

5.1

17.0

11.1

6.3

17.4

9.8

6.2

16.0

Australia

United States

Group

Saleable production (Mt)

FY20

FY21

FY22

Figure 2: U.S. Operations:

The below charts show run-of-mine, or ROM, production and saleable production for our Australian Operations and our U.S.

Operations for the years ended December 31, 2022, 2021 and 2020.

See the descriptions

of our material

mining properties under

“—Curragh,” “—Buchanan,” “—Logan”

and “—Mon Valley” below

for more information. Table

1 below contains a

summary of the key

information relative to the

various Coronado properties.

Tables

2 and 3 provide a summary of our coal resources and reserves, respectively, as of December 31, 2022.

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

2022

Table 1.

Summary Coronado Properties

Property

(Property

Stage)

Mineral Rights

(1)

Permit

Status

(2)

Mine Type(s)

Coal Type

Coal Seams of

Economic

Interest

(Formation)

Processing

Plants/

Facilities

Curragh

(Production)

25,586 hectares

leased; 6,381

hectares owned

Permitted

Surface

HCC, SCC,

PCI, Thermal

Various (Rangal

Coal Measures)

CPP1 - 1100 raw

Mt per hour;

CPP2 - 1200 raw

Mt per hour; Rail

Loadout

Buchanan

(Production)

25,852 hectares

leased

(3)

; 7,725

hectares owned

1 Permit

Underground

Low-Vol

Pocahontas #3

(Pocahontas

Formation)

CPP - 1270 raw

Mt per hour; Rail

Loadout

Logan

(Production)

13,183 hectares

leased

(3)

; 69

hectares owned

24 Permits

Surface &

Underground

HVA, HVB,

Thermal

Various

(Kanawha

Formation)

CPP – 1088 raw

Mt per hour; Rail

Loadout

Mon Valley

(Development)

1,339 hectares

leased

(3)

; 40,276

hectares owned

Not

Permitted

Underground

(4)

High-Vol

Upper Freeport

(Freeport

Formation)

Future

Greenbrier

(Production -

Idled)

18,907 hectares

leased

(3)

22 Permits

Surface &

Underground

Mid-Vol, PCI,

Thermal

Pocahontas #6,

#7, #8

(Pocahontas

Formation);

Various (New

River Formation)

CPP - 544 raw Mt

per hour; Rail

Loadout

Russell County

(Development)

7,111

hectares

leased

(3)

; 378

hectares owned

Not

Permitted

Underground

(4)

High-Vol

Lower Castle

(Norton

Formation);

Upper Horsepen

(Middle Lee

Formation)

Future

(1)

We are

not aware of

any significant encumbrances or

defects in title

with respect to

any of our

mining properties.

Certain credit

facilities of the Company are secured by a lien on

substantially all of the Company’s assets, including

mining properties.

(2)

We believe we

have secured

all applicable

environmental licenses

and permits

under applicable

law and

have all

necessary permits

and licenses regarding cultural heritage, native

title and various other social issues to support

current mining operations.

(3)

Subject to the exercise of our renewal rights thereunder, most of the leases at our U.S. mining properties expire upon exhaustion

of the relevant reserves.

(4)

Proposed mine type.

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

2022

Table 2.

Summary Coal Resources Exclusive of Reserves at End of the Fiscal Year Ended December 31, 2022.

(1)

Coal Resources (In Situ, MMt)

(2)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

Australia

Curragh

328

184

512

142

19.5%

0.5%

18.4%

Total

Australia

328

184

512

142

United States

Buchanan

—

25.0%

0.7%

16.0%

Logan

24.0%

1.0%

28.0%

Mon Valley

—

Greenbrier

—

31.0%

1.1%

20.0%

Russell County

—

29.0%

0.7%

23.0%

Total

United States

138

199

Total

466

245

711

147

(1)

For more

information regarding price

assumptions used

in the

calculation of

coal resources

as of

December 31,

2022, see

the

individual property disclosures below.

(2)

Australian resources are estimated inclusive of 5.3%

in-situ moisture.

United States resources are estimated on a

dry basis.

(3)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

Table 3.

Summary Coal Reserves (Marketable Sales Basis) at End of the Fiscal Year Ended December 31, 2022.

(1)

Demonstrated Coal Reserves (Wet

Tons,

Washed or Direct Shipped, MMt)

(2)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

Australia

Curragh

188

205

10.7%

0.4%

19.0%

Total

Australia

188

205

United States

Buchanan

6.0%

0.7%

19.0%

Logan

8.0%

0.9%

36.0%

Mon Valley

134

8.0%

1.2%

35.0%

Greenbrier

8.0%

1.0%

26.0%

Russell County

8.0%

0.9%

31.0%

Total

United States

247

334

Total

435

105

539

(1)

For more

information regarding

price assumptions

used in

the calculation

of coal

reserves as

of December

31, 2022,

see the

individual property disclosures below.

(2)

For more information regarding moisture assumptions used in the calculation of coal

reserves as of December 31, 2022, see the

individual property disclosures below.

(3)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

Curragh

Curragh is a

production-stage mining

property that consists

of two active,

open-pit, surface mines

(Curragh North and

Curragh

Main).

Coal mine development at the Curragh property is presently accomplished by surface mining methods and has been

so historically

since the mine’s

inception.

Curragh coals are

widely known

for their low

ash, low to

mid volatile matter,

low

sulfur and low

phosphorous content. Curragh Met

coal products are

also known for their

consistent delivered quality,

which

supports a consistent offtake across a diversified market base.

A map of Curragh is shown in Figure 3.

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

2022

Figure 3.

Coronado Curragh Mine Complex Property Location Map.

The

Curragh

mine

complex

located

within

the

Bowen

Basin

coalfields,

approximately

200

kilometers

road

west

Rockhampton,

Queensland,

Australia,

and

approximately

14 kilometers

north

the

town

Blackwater,

Queensland,

Australia. The coordinates of CPP1, which is located within Curragh Main, are 688,561 meters

East, 7,400,933 meters North

the

AMG66

grid

system.

Curragh

owns

and

operates

the

necessary

CPPs

and

load-out

system

for

dispatches

via

Blackwater

rail

line

the

Port

Gladstone

the

Stanwell

Power

Station.

See

Item

“Business—Transportation—

Australian Operations” for

additional information regarding the

rail and port services

available to Curragh. Curragh

also has

maintenance

facilities

for

the

fleet

mining

equipment,

well

office

buildings

for

the

mine

staff

and

personnel.

Established

sealed

roads

connect

the

mine

the

town

Emerald,

Queensland,

Australia,

the

west

and

the

Port

Gladstone to the east.

Third-party rail providers operate

the Blackwater rail line

and transport Curragh export

coal, for sale

to international customers, to the RG Tanna

Coal Terminal

or Wiggins Island Coal Export Terminal

at the Port of Gladstone.

Curragh domestic coal is loaded onto train wagons for transportation to the Stanwell Power Station for power generation.

Curragh has ready access to water,

electricity and personnel to support its operations.

SunWater Ltd. supplies water to

the

mine complex from the Fairbairn Dam via the Bedford Weir.

The mine complex also recycles water from on-site dams—i.e.,

old open-cut pits that capture rainfall and water from

dewatering activities.

Curragh has a dedicated 66-kilovolt, or kV, power

supply to support the

mining operations with a

capacity of up to

57-megawatt, or MW, sourced from the

main grid power.

The

substation is

located on

the southwest

corner of

ML1878 with

both 66kv and

22kv distribution

networks to

supply the

draglines,

shovel and CPP.

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

2022

The Mineral

Resources Act

1989

(Qld), or

MRA, and

the Mineral

and Energy

Resources (Common

Provisions) Act

2014

(Qld), or MERCPA, together,

provide for the assessment, development and utilization of mineral resources in Queensland to

the maximum extent

practicable, consistent with sound

economic and land use

management. The MRA vests

ownership of

minerals, with

limited exceptions, in

the “Crown,”

which in

relation to Curragh,

is the

Queensland Government.

A royalty is

payable to the Queensland Government for the right to extract minerals. The MRA also creates different tenures for different

mining activities, such

as prospecting, exploring

and mining. A

ML is the

most important tenure, as

it permits the

extraction

of minerals in conjunction with other required authorities. The MRA imposes general conditions on an ML.

We control the

coal mining rights at

Curragh under 14 coal

and infrastructure MLs

and three MDLs granted

pursuant to the

MRA.

refer

the

MLs

and

MDLs

Curragh,

collectively,

the

Tenements.

Renewal of

certain

Tenements

will be

required

during the

mine

life of

Curragh and

the Queensland

government can

vary

the terms

and conditions

renewal.

There are a number

of existing mining and

petroleum tenements which overlap

with the Tenements. The priority, consent and

coordination requirements under the MRA, MERCPA and the Petroleum and Gas (Production and

Safety) Act 2004 (Qld) (as

relevant) may apply

with respect to

those overlaps.

Extensive statutory protocols

govern the relationships

between co-existing

mining and

exploration rights and

these protocols

are largely focused

on encouraging the

overlapping tenement

holders to

negotiate and formulate arrangements that enable the

co-existence of their respective interests. To date, we have negotiated

arrangements

in place

with all

our

overlapping

tenement holders

and full

access

all of

our

Tenements.

See

Item 1.

“Business—Regulatory Matters—Australia—Tenements”

for additional information regarding Curragh mining tenements.

Property control and mining rights at Curragh are entirely expressed in the MLs and MDLs mentioned in Item 1. “Business—

Regulatory

Matters—Australia—Tenements.”

overlapping

petroleum

tenure

exists

over

the

southern

extents

the

Tenements.

Under the Mineral

and Energy Resources (Common

Provisions) Act 2014

(Qld), this requires annual

information

exchanges, including

the provision and

maintenance of joint

information management

plans with the

overlapping tenement

holder.

Curragh is compliant with the legislation and there are no current restrictions to coal mining.

As conditions to certain

of the Tenements,

Curragh is subject to

royalties payable to the

Queensland government on a

new

regulated tiered structure

introduced 1st July

2022. This tiered

royalty payment regime is

dependent on the

received AUD/t

revenue received from the coal sales, and varies from 7% for up to A$100/t sales, up to 40% payable for

sales over A$300/t.

These royalties are

in addition to

the Stanwell rebate,

as described in

Item 1. “Business—Customers—Stanwell.” Additionally,

if MDL

162 advances

from development

to production,

we would

be required

to pay

under

a private

royalty deed

a base

royalty of A$0.50 per Mt of coal and a royalty of A$0.70 for every Mt of SCC produced above 2.5 MMt per year.

A joint

venture

between

Arco Australia

Ltd., Australian

Consolidated Industries

Ltd.,

R.W.

Miller

& Co.

and Mitsui

& Co.

(Australia) first began development on certain of the Tenements in 1983.

Later, Arco Australia Ltd. bought out the other joint

venturers and, in 2000, sold the Property to Wesfarmers Ltd. In 2014,

Wesfarmers acquired MDL 162 from Peabody Budjero

Pty

Ltd.

Coronado

acquired

all

the

Tenements

from

Wesfarmers

Ltd.

March

2018.

Production

history

has

been

approximately 12.0 MMt in 2020, 11.1 MMt in 2021 and 9.8 MMt in 2022.

Beginning in the 1960’s, various tenement holders began

prospecting and exploratory drilling at Curragh. We currently have

active,

ongoing exploration

program

Curragh that

allows us

to update

and

refine the

geological

model ahead

of pit

development.

Coal

mine

development

the

Curragh

property

presently

accomplished

surface

mining

methods

and

has been

historically since

the mine’s inception.

The mine

characteristics and output

levels allow

it to

be ranked

as a

large coal

operation

when compared to domestic producers in Australia and worldwide.

Curragh operates four large electric draglines, one large

electric shovel

and a fleet

of smaller contractor

excavators.

Contractors are employed

for the

pre strip, post

strip and coal

mining activities. Contract highwall mining operations has commenced at Curragh North during the 2022 calendar year.

Curragh

has

two

coal

preparation

plants

CPP1

and

CPP2.

CPP1

the

oldest

the

two

processing

plants

and

has

documented nameplate

capacity of

1100

tph (as

received).

CPP2 has

a documented

nameplate capacity

of 1200

tph (as

received) with a capability of up to 1350 tph when processing selected

feed types.

Curragh has a loadout facility for loading

coal onto railcars, which is connected to the main Blackwater rail link.

Generally, the mining equipment and

facilities at Curragh

are in good

operating condition. We

focus on the

long-term potential

the

mine

complex

and

regularly

monitor

developments

the

mining

industry

for

technology

improvements

and

new

equipment

that

could

help

increase

efficiency

and

lower

our

costs.

Curragh’s

oldest

mining

equipment,

including

two

draglines, began operations in 1983. All of the

draglines have additional boom (stress) monitoring systems, which

allow us to

increase their

total suspended

load capacities,

and still

achieve over

90% mechanical

availability.

Prior to

our taking

over

mining operations, Wesfarmers Ltd. made improvements to the processing facilities at Curragh, including the commissioning

of the

second CPP

in 2012

and replacing

the raw

coal crushing

system at

Curragh Main

with an

updated circuit

in 2016.

Wesfarmers

Ltd. also

started a

corrosion and

structural

repair program

over ten

years ago

that we

have

continued since

acquiring the

mine complex.

This program

helps us

ensure that

the assets

are available

well into

the future.

From time

time,

also

update

and

improve

other

equipment

and

facilities

maintain

their

usefulness

and

optimize

our

competitiveness. As of

December 31, 2022,

the book value of

Curragh and its

associated plant and equipment

was $761.8

million.

We are not

aware of

any significant encumbrances

or defects

in title with

respect to

the Property.

We believe we

have secured

all applicable environmental

licenses and permits

under both

Queensland and Australian

Commonwealth legislation and

have

all

permits

and

licenses

regarding

cultural

heritage,

native

title

and

various

other

social

issues.

See

Item

“Business—

Regulatory Matters—Australia” for a discussion of the permitting conditions applicable to Curragh.

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

2022

Summaries

of Curragh’s

coal resources

and reserves

as of

December 31,

2022

and 2021

are shown

in Tables

4 and

respectively.

Table 4.

Curragh – Summary

of Coal Resources

Exclusive of Reserves

at the End

of the Fiscal

Year Ended December

31, 2022 and 2021.

(1)

Coal Resources

(Wet Tons, In Situ, MMt)

(2)(3)(4)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

December 31, 2022

328

184

512

142

19.5%

0.50%

18.4%

December 31, 2021

328

184

512

142

19.5%

0.50%

18.4%

(1)

Curragh splits the resource into

areas that are above and

below a 15:1 open cut

stripping ratio and considers

the lower ratio areas

suitable for

open cut

mining at

the

higher ratio

areas as

suitable for

underground mining.

The

average sales

price for

the

underground resources was estimated to be $147 per Mt (FOB).

Pricing for resources is described in Section 11.5 of the Curragh

TRS.

(2)

There are

resources suitable

for open

cut mining

outside of

reserves. Pricing

for resources

is described

in Section

11.5

of the

Curragh TRS.

Based on assumed long-term average sales price of $143 per Mt (FOB) representing the long-term average price

forecast for Curragh based on independent price

forecasts.

(3)

Table 1-1 of the Curragh TRS provides a summary of Curragh resource tons inclusive of

reserve tons as of December 31, 2021.

(4)

Reported on a 5.3% in-situ moisture basis.

(5)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

Table

Curragh

–

Summary

Coal

Reserves

(Marketable

Sales

Basis)

the

End

the

Fiscal

Year

Ended

December 31, 2022 and 2021.

(1)

Demonstrated Coal Reserves (Wet

Tons, Washed

or Direct Shipped, MMt)

(2)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2022

188

205

10.7%

0.4%

19.0%

December 31, 2021

198

215

10.7%

0.4%

19.0%

(1)

Based on pricing data as provided by

Coronado described in Section 16 of the

Curragh TRS. The pricing data assumes average

realized price of $141 per Mt sold over the LOM.

(2)

Reported on an 11.0% moisture basis.

(3)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

From December 31, 2021 to

December 31, 2022, total reserves decreased

by approximately 5%, from approximately 215.0

MMt to approximately 205.0 MMt. The decrease in total reserves is attributable to mining depletion.

Barry Lay,

BSc Geology (Hons); MAusIMM of

Resology Pty Ltd, and

Paul Wood, B. Eng.;

MAusIMM(CP), who is employed

full-time as

the Senior Life

of Mine Planner

of our

subsidiary,

Coronado Curragh, whom

we refer

to as the

Australian QPs,

prepared the estimates

of coal

resources and reserves

summarized in Tables 4 and

A copy of

the Australian

QPs’ technical

report summary,

TRS, with

respect

to Curragh,

dated

February 21,

2022, or

the Curragh

TRS, is

filed

as Exhibit

96.1

hereto. Neither Mr. Barry Lay nor Resology Pty Ltd is affiliated with Coronado.

The

Australian

QPs prepared

the

estimates

coal

resources

and

reserves

using

drilling

data

available

from

exploration

activities at Curragh conducted by numerous entities over time.

Most of this information was obtained prior to

our acquisition

of the Property,

using varying drilling

and core-logging techniques,

survey methods and

testing procedures.

As a result,

verifying

the

data,

the

Australian

QPs

made

certain

assumptions

about

the

adequacy

the

processes

performed

and

comparability of the data based on their professional experience and familiarity with Curragh.

Per Section

12.1 of the

Curragh TRS, coal

reserves were classified

as proven

or probable considering

“modifying factors,”

including mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors.

Section 22.2 of

the Curragh

TRS includes

a risk

assessment of

the key

modifying factors

that could

potentially impact

the operations

and

therefore the estimate of coal reserves and resources.

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

2022

summarized

Section

7.1

the

Curragh

TRS,

the

concentration

exploration

drill

holes

varies

slightly

across

the

Property.

The location of

the drilling is

shown on the

maps included in

Section 7.

Points of observation

include exploration

drill holes and mine measurements, which

have been fully vetted and processed

into a geologic model. The geologic model

is based on seam depositional

modelling, the interrelationship of overlying

and underlying strata on seam

mineability, seam

thickness trends,

the impact

of seam

structure (i.e.,

faulting), intra-seam

characteristics, etc.

Section 11.6

of the

Curragh

TRS summarizes the drill hole spacings and accuracy associated with each resource category.

Coal quality is instrumental in

determining the viability of a

coal deposit. As per Table

11-1 of

the Curragh TRS, coal quality

conforms to international standards. These quality attributes aided in converting in-place tons to demonstrated coal reserves

(recoverable washed tons). Pricing data as provided by Coronado

is described in Table 16-1 of the Curragh TRS.

These are

weighted-average values across the LOM schedule.

Regarding

production

rates

described

Section 13

the

Curragh

TRS,

the

mine

plan

and

productivity

expectations

consider

historical

performance

and

efforts

have

been

made

adjust

the

plan

reflect

current

technology

and

future

conditions.

Mine

development and

operation

have

not been

optimized within

the Curragh

TRS.

Additional mine-specific

factors can be found in Section 13 of the Curragh TRS.

Buchanan

Buchanan is

a production-stage

mining property,

consisting of

one active

underground mine

and supporting

infrastructure

that produces

Low-Vol

Met coal

using the

longwall mining

method.

The mine

complex is

located in

Buchanan County

southwest Virginia.

A map of Buchanan is shown in Figure 4.

Figure 4.

Coronado Buchanan Mine Complex Property Location Map.

The

Buchanan

mine

complex

located

approximately 6.4

kilometers

southeast

Oakwood,

Virginia,

and

kilometers

southeast

Grundy,

Virginia.

The

coordinates

the

Buchanan

CPP

are

latitude

37°

09'

40"

and

longitude

81°

59'

13"

(Easting

984,100’,

Northing 320,100’

–

in the

State Plane

South

NAD 27

grid system).

The

nearest major

population

centers

are

Roanoke,

Virginia,

and

Lexington,

Kentucky,

which

are

about

153

kilometers

northeast

and

290

kilometers

northwest of

the property,

respectively.

From U.S.

Route 460,

which runs

through Oakwood,

a well-developed

network of

improved and

unimproved roads

provides access

to the

property.

The surface

facilities at

Buchanan are

located along

Norfolk Southern

rail line,

which serves

as the

primary means

of transport

for produced

coal.

Norfolk Southern

transports

coal from

the Buchanan

mine complex

either to

domestic customers

or to

Lamberts Point

Coal Terminal

Pier 6

in Norfolk,

Virginia, for overseas shipment.

Buchanan has ready access

to water,

electricity and personnel to

support its operations.

The mine complex

sources water

from streams

that flow

over Company-owned

property.

The mine

also utilizes

ground water

from an

old abandoned

mine.

Electricity

sourced

from

American

Electric

Power.

Personnel

have

historically

been

sourced

from

the

surrounding

communities in

Buchanan, Tazewell,

McDowell and

Pike Counties and

have proven

to be adequate

in numbers to

operate

the mine complex.

As mining is common in the surrounding areas,

the workforce is generally familiar with mining

practices,

and many are experienced miners.

The property mineral rights

are composed of approximately 33,577

total hectares, of which 25,852

are leased or subleased

from private landholders under

approximately 150 individual coal

lease tracts, and

7,725 hectares are owned

by Coronado.

Subject to

Coronado’s exercising

its renewal

rights thereunder,

all the

leases expire

upon exhaustion

of the

relevant coal

reserves, which is expected to occur in 2044.

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

2022

Under the

terms of the

relevant leases, we

are required

to pay

royalties ranging

from 4% to

6% of

the selling

price of coal

mined from the

corresponding leasehold and,

for the majority,

an annual minimum

royalty, irrespective

of production.

Coal

produced

Buchanan,

however,

not

subject

“wheelage

fees”

(i.e.,

fees

payable

coal

mined

and

removed

from

properties other than the particular leasehold and hauled across the leasehold premises).

The

property

was

formerly

controlled

Consolidation

Coal

Company,

CONSOL.

Mine

development

was

started

CONSOL in 1983 and

longwall production began in

1987.

Coronado acquired the Buchanan Mine

from CONSOL in March

2016.

Production history has been approximately 3.4 MMt in 2020, 4.4 MMt in 2021 and 3.9 MMt in 2022.

Our right to

commercially mine and

recover coal reserves

at Buchanan overlaps

with the right

of an affiliate

of CNX Resources

Corporation, which we refer to as the Gas Party, to commercially recover and develop coal gas interests from the mine area.

The

Gas

Party

and

have

entered

into

certain

agreements

regulate

the

interaction

between,

and

coordinate,

our

respective operations.

In general,

the combination

of these

overlapping interests

allows for

mutual benefits

to the

parties,

namely,

the degassing of our

coal mining operations

in the mine,

which helps assure the

safety of mine personnel,

and the

Gas Party’s

commercial capture and

sale of the

coal gas.

In addition, the

Gas Party’s drilling

activities have contributed

exploration efforts with respect to coal

deposits at Buchanan.

As the only natural gas supplier

in the area, we purchase our

requirements of natural gas for the operation of our thermal dryer at Buchanan from the Gas Party.

Before Coronado

took over

mining operations

at Buchanan,

CONSOL Energy

had conducted

extensive exploration

of the

property.

We have

continued exploration

at the

property through

a program

of core

drilling to

confirm reserves,

establish

additional resources and assess the geotechnical viability of mining.

Buchanan produces

primarily a

Low-Vol

HCC, but

it also

produces a

premium Low-Vol

PCI product.

The Buchanan

mine

extracts coal from the Pocahontas #3 seam of the Pennsylvanian-age Pocahontas Formation, which is the principal minable

coal seam of that formation.

The seam is situated

below drainage throughout the

Property and is accessed

by vertical shafts.

The seam thickness averages 1.58 meters within the mining area.

The Buchanan mine extracts coal using a single longwall system supported by six continuous miner sections, which develop

main

entries

and

gate

roads

preparation

for

the

longwall.

Each

continuous

miner

section

equipped

with

one

two

continuous miners, two

roof bolters and two

or three coal

haulage units.

After extraction, a

series of conveyor

belts deliver

raw coal

to an

underground storage

bunker.

The Buchanan

mine complex

uses a

skip hoist

system to

lift raw

coal to

the

surface.

Buchanan has

a CPP

that processes

raw coal

at a

rate of

approximately 1,270

raw tph,

as well

as the

other necessary

support infrastructure, including loadout and portal facilities.

Generally,

the mining

equipment

and

facilities

Buchanan

are

good

operating

condition.

focus

the

long-term

potential of the

mine complex and

regularly monitor developments

in the mining

industry for technology

improvements and

new equipment that could

help us increase efficiency

and lower our costs.

Since acquiring the Buchanan

operations, we have

implemented improvements at

the CPP,

which have resulted

in increased capacity.

From time to

time, we also

update and

improve other equipment

and facilities to

maintain their usefulness

and optimize our

competitiveness. For example,

we rebuild

our longwall shear, drives

and cycling shields

after every panel.

We have also

entered into life

cycle management agreements

for

our

continuous

miner

equipment,

installed

programmable

logic

controller,

PLC,

controls

the

skip

hoist

system,

upgraded our

belt drives

for increased

horsepower, deployed

state-of-the-art Fletcher

roof bolters

on our continuous

miner

sections

and

switched

PLC

control

systems

and

variable

frequency

drive,

VFD,

starters

our

belt

drives.

December 31, 2022, the book value of Buchanan and its associated plant and equipment was $387.6 million.

We are not aware of any significant

encumbrances or defects in title

with respect to the Property.

Additionally, we believe we

have obtained

all requisite

mining and

discharge permits

to conduct

our operations

at Buchanan

and expect

to be

able to

obtain all

required permits

in the

future. The

Buchanan mine

complex holds

one state

permit, with

the associated

NPDES

permit.

Buchanan is subject to a federal black lung excise tax of $1.21 per ton for underground mining and a federal reclamation tax

of $0.13

per ton for

underground mining.

However, the

federal black lung

excise tax

applies only with

respect to coal

sold

domestically.

Additionally, Buchanan is subject to a Virginia reclamation tax of $0.05 per ton (which amount is contributed to

a state-funded bond pool) and a Virginia severance tax of 2% for all coal sold. See Item 1. “Business—Regulatory Matters—

United States” for a discussion of the permitting conditions applicable to Buchanan.

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

2022

Summaries of

Buchanan’s coal

resources and

reserves as

of December

31, 2022

and 2021

are shown in

Tables

6 and

respectively.

Table

Buchanan

–

Summary

Coal

Resources

Exclusive

Reserves

the

End

the

Fiscal

Year

Ended

December 31, 2022 and 2021.

(1)

Coal Resources (Dry Tons, In Situ, MMt)

(2)(3)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

December 31, 2022

—

25.0%

0.7%

16.0%

December 31, 2021

—

25.0%

0.7%

16.0%

(1)

Pricing for resources is described in

Section 11.3.1 of the Buchanan TRS.

Based on assumed long-term average price

of $94 per

Mt (FOB loadout) for

Buchanan resources as

of December 31, 2021

and $110 per Mt (FOB loadout)for

resources at December 31,

2022,

representing the long-term average price forecast

for Buchanan based on independent price forecasts.

(2)

Exclusive of reserve

tons.

Table

1-1 of the

Buchanan TRS provides

a summary of

Buchanan resource tons

inclusive of reserve

tons as of December 31, 2022.

(3)

Reported on a dry basis.

Surface moisture and inherent moisture are excluded.

(4)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

Table

Buchanan

–

Summary

Coal

Reserves

(Marketable

Sales

Basis)

the

End

the

Fiscal

Year

Ended

December 31, 2022 and 2021.

(1)

Demonstrated Coal Reserves (Wet

Tons, Washed

or Direct Shipped, MMt)

(2)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2022

6.0%

0.7%

19.0%

December 31, 2021

6.0%

0.7%

19.0%

(1)

Pricing data as provided

by Coronado is described

in Section 16.2 of

the Buchanan TRS.

For Buchanan reserves as

of December

31, 2021, the pricing data assumes a weighted average domestic and

international FOB-mine price of approximately $197 per Mt

for calendar

year 2022;

the weighted

average price

decreases to

approximately $118

$126

per Mt

through year

2026 and

averages approximately $152 per Mt over

the LOM.

For Buchanan reserves as of December

31, 2022, the pricing

data assumes

a weighted average

domestic and international

FOB-mine price of

approximately $179 per

Mt for calendar

year 2023; the weighted

average price decreases to approximately $132 to $143 per Mt through year 2027 and averages approximately $153 per Mt over

the LOM.

(2)

Reported on a 6.0% moisture basis.

(3)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

From December

31, 2021

to December

31, 2022,

total reserves decreased

by approximately

5%, from approximately

98.0

MMt to approximately 93.0 MMt.

This net reduction of 5.0 MMt of total reserves was attributable

to a combination of updates

to the mine plan along with one year of mining depletion. A TRS with respect to Buchanan, updating the TRS with respect to

Buchanan

filed

with

Coronado’s

Annual

Report

Form

10-K

for

the

year

ended

December

31,

2021,

was

prepared

February

2023

due

material

differences

the

key

financial

modifying

factors,

including coal

sales

price

assumptions,

operating costs and capital costs from

December 31, 2021 to December 31,

2022. Coal sales price assumptions underlying

the reserve

estimates are

discussed in

Sections 12

and 16

of the

Buchanan TRS,

while operating

costs and

capital costs

assumptions underlying the reserve

estimates are discussed in

Sections 18 and 19

of the Buchanan TRS.

The differences

in the

key financial

modifying factors

did not

have a

material impact

on the

reserve estimates

from December

31, 2021

December

31,

2022.

From

December

31,

2021

December

31,

2022,

measured

and

indicated

resources

increased

significantly,

by approximately 167%,

due to

evaluation of

additional gas

well data in

the North where

none had

previously

been analyzed.

Updated financial

inputs, including

coal sales

price assumptions

and operating

and capital

costs used

estimating the resources exclusive of reserves, as discussed in

Section 11.3.1 of the Buchanan TRS, did not have a material

impact on

the measured

and indicated

resource estimates

as of

December 31,

2022, as

compared to

the measured

and

indicated resource estimates as of

December 31, 2021. Net increase resulted

in an additional 25 MMt of

in-place resources

in the North.

Marshall Miller & Associates, Inc., a third-party firm comprising mining experts,

whom we refer to as the U.S. QPs, prepared

the estimates of

coal resources and

reserves as of December

31, 2022 summarized

in Tables

6 and 7.

A copy of the

U.S.

QPs’ TRS

with respect to

Buchanan, dated

as of

February 15, 2023,

or the

Buchanan TRS,

is filed

as Exhibit 96.2

hereto.

The U.S. QPs are not affiliated with Coronado.

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

2022

The

U.S.

QPs

prepared

the

estimates

coal

resources

and

reserves

using

core

drilling

data

available

from

exploration

activities at

Buchanan conducted

by numerous

entities over

time.

Most of

this information

was obtained

prior to

our acquisition

of the

property,

using varying drilling

and core-logging

techniques, survey methods

and testing procedures.

As a result,

verifying the data,

the U.S. QPs

made certain assumptions

about the adequacy

of the processes

performed and comparability

of the data based on their professional experience and familiarity with Buchanan.

Per Section 12.1 of the Buchanan TRS, coal reserves were classified as proven or probable considering “modifying factors,”

including mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors.

Section 22.2 of

the Buchanan TRS includes

a risk assessment of the

key modifying factors that could

potentially impact the operations

and

therefore the estimate of coal reserves and resources.

As summarized

in Section

7.1 in

the Buchanan

TRS, the

U.S. QPs

utilized 4,589

available core,

rotary,

channel samples,

mine

measurements

and

coalbed

methane

wells

and

around

the

Buchanan

property.

Points

observation

include

exploration drill

holes, degas

holes, and

mine measurements,

which have

been fully

vetted and

processed into

a geologic

model.

The geologic model is based on seam depositional modeling, the interrelationship of

overlying and underlying strata

on seam mineability, seam thickness trends, the impact of seam structure (i.e., faulting), intra-seam characteristics, etc.

The

U.S. QPs completed a geostatistical analysis on drill holes within the reserve boundaries to determine the applicability of the

common United States classification system for

measured and indicated coal resources.

Historically,

the United States has

assumed that coal within 0.4

kilometers of a point of

observation represents a measured resource,

whereas coal between 0.4

kilometers and

1.2 kilometers

from a

point of

observation is

classified as

indicated.

Inferred resources

are commonly

assumed

to be located between 1.2

kilometers and 4.8 kilometers from

a point of observation. The

U.S. QPs performed a geostatistical

analysis of the Buchanan data set using

the Drill Hole Spacing Analysis, or DHSA,

method. DHSA prescribes that measured,

indicated

and

inferred

drill

hole

spacings

determined

the

10%,

20%,

and

50%

levels

relative

error,

respectively.

Comparing the results of

the DHSA to

the historical standards,

it is evident that

the historical standards

are more conservative

than

even

the

most

conservative

DHSA

model

with

regards to

determining

measured

resources.

The

Exponential

model

included in the DHSA

recommends using a radius

of 0.67 kilometers

for measured resources

compared to the historical

value

0.4

kilometers.

With

respect

indicated

resources

the

DHSA

falls

line

closely

with

the

historical

standards.

The

Exponential and Spherical models of the DHSA recommend using a radius of 1.08 kilometers from a point of observation for

indicated resources, while

the Gaussian model included

in the DHSA

recommends a radius

of 1.10 kilometers

from a point

of observation for indicated resources. These values line up closely with the historical radius of 1.2 kilometers. These results

have led

the U.S.

QPs to

report the

data following

the historical

classification standards,

rather than

use the

results of

the

DHSA.

Coal quality is instrumental

in determining the viability

of a coal deposit.

Per Section 8.2 of

the Buchanan TRS,

coal quality

conforms to the American Society

for Testing and Materials, or ASTM, standards. These quality

attributes aided in converting

dry, in-place tons to demonstrated coal reserves (recoverable washed tons).

The reserve and resource criteria are

presented

Table

11-1

the

Buchanan

TRS,

including

assumptions

seam

density,

minimum

cut-off

thickness,

and

recoveries.

Regarding production rates as described in

Section 13.2 of the Buchanan TRS,

the mine plan and productivity expectations

reflect historical performance and

efforts have been

made to adjust the

plan to reflect

future conditions.

Mine development

and operation have not been optimized within the Buchanan TRS.

Logan

Coronado’s Logan property is

currently in the production stage.

Logan consists of four

active underground mines (North

Fork

Winifrede,

Lower War

Eagle, Eagle

No. 1

and Muddy

Bridge) and

supporting infrastructure

that produce

High-Volatile

Met

coal using

the room

and pillar

mining method

and one

active surface

mine (Toney

Fork) and

supporting infrastructure

that

produce both Met and thermal coal using the contour and highwall mining methods. The

Logan complex life plan includes 12

proposed mines,

consisting of

nine underground

mines and

three surface

mines. The

property is

located in

Boone, Logan

and Wyoming Counties in southern West Virginia.

The surface facilities are located in Logan County,

West Virginia.

A map

of Logan is shown in Figure 5.

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

2022

Figure 5.

Coronado Logan Mine Complex Property Location Map.

The Logan mine complex

encompasses the towns of

Lorado and Pardee in

Logan County,

West Virginia, and

Cyclone and

Lacoma in Wyoming County, West

Virginia. The coordinates of the Saunders CPP are latitude 37° 47' 58" and longitude 81°

40'

01"

(Easting

1,806,880’,

Northing

291,517’

–

the

State

Plane

South

NAD

grid

system).

The

nearest

major

population centers are

Huntington, West Virginia,

and Charleston, West

Virginia, which are

about 145 kilometers northwest

and 129

kilometers northeast

of the

property,

respectively.

From U.S.

Route 119,

which runs

through Mingo,

Logan and

Boone Counties to the north, a

well-developed network of improved and unimproved

roads provides access to the property,

including

Route

and

Route

10,

which

run

east-west

across

the

property

Logan

County

and

Wyoming

County,

respectively.

The Logan surface facilities

are located approximately 21

kilometers northeast of Man,

West Virginia, along a

CSX Corporation, or CSX, rail line,

which serves as the primary means

of transport for produced coal.

CSX transports coal

from Logan

either to

domestic customers

or to

the Kinder

Morgan Pier

IX and

Dominion Terminals

in Norfolk,

Virginia, for

overseas shipment.

Logan has

ready access to

water, electricity

and personnel to

support its operations.

Buffalo Creek

Public Service

District

supplies water

and American

Electric Power

supplies electricity

to the

mine complex.

Mine personnel

generally live

in the

surrounding communities of Logan, Boone, Wyoming and Mingo Counties in West Virginia.

The property mineral

rights are

composed of 13,183

total hectares, 13,114 of

which are leased

from private landholders

under

approximately 15

individual leases,

and 69

hectares are

owned by

Coronado.

Subject to

Coronado exercising

its renewal

rights thereunder, a majority of the leases, covering a majority of the Logan reserves, expire upon exhaustion of the relevant

coal

reserves,

which

expected

occur

2056.

One

lease expires

2032;

however,

Coronado

projected

have

previously exhausted the reserves covered thereby.

Under the

terms of

the leases,

we are

required to

pay royalties

ranging from

3.0% to

9.0% of

revenue from

sales of

coal

produced depending on mining

method. Certain of the

leases also provide for

“wheelage fees” ranging from

0.25% to 1.0%

of revenue from sales of coal mined

and removed from properties other than

the particular leasehold and hauled across the

leasehold premises.

The mining

of Logan

was commenced

in 1945

by Lorado

Mining Company,

or Lorado.

Lorado was

sold to

Buffalo Mining

Company in

1964 and

then to Pittston

Coal Company

in 1971.

Pittston operated

the property

until the

early 1990’s.

After

being idle for a period, the property was then sold to

Addington Resources in 2004.

Imagin Natural Resources acquired the

property in 2007 and sold

it to Cliffs Natural Resources Inc.

(now known as Cleveland-Cliffs Inc.) in 2011,

which in turn sold

the property to Coronado in 2014. Production history

has been approximately 1.6 MMt in 2020, 1.9

MMt in 2021 and 2.1 MMt

in 2022.

Before

Coronado

acquired

Logan,

owners

had

conducted

extensive

exploration

the

property.

Coronado

has

continued exploration

at the

property through

a program

of core

drilling to

confirm reserves,

establish additional

resources

and assess the geotechnical viability of mining.

Logan

produces

primarily

High-Vol

Met

coal

(HVA

HCC

and

HVB

HCC),

mined

from

various

seams

the

Kanawha

Formation, most of which are situated below

drainage; however, several Met coal seams are situated above drainage.

Logan

also produces thermal coal from upper portions of the Kanawha Formation.

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

2022

Most of Logan’s Met coal production is

attributable to its four active underground mines, Winifrede, Lower War

Eagle, Eagle

No. 1 and Muddy Bridge, each of which uses the room and

pillar mining method.

The North Fork Winifrede mine utilizes one

continuous miner

section to

extract coal

from the

Upper Winifrede

seam, which

is situated

above drainage

throughout the

property and accessed by drift entry.

The Lower War Eagle mine utilizes two continuous miner

super sections to extract coal

from the Lower War Eagle

seam, which is situated

below drainage throughout the

property and accessed

by slope. The Eagle

No. 1 mine utilizes

three continuous miner super

sections to extract coal

from the No. 2 Gas

seam, which is situated

above

drainage throughout the

property and accessed

by drift entry.

The Muddy Bridge

mine utilizes two

continuous miner super

sections to extract coal from the No. 2

Gas seam, which is situated above drainage

throughout the property and accessed by

drift entry.

A majority of the

sections of the active

underground mines at

Logan are configured as

full super sections, with

two continuous

miners

per

section.

Each

section

also

has

two

four

roof bolters,

three

six

shuttle

cars

and

two

scoops.

From

the

continuous miner at the production face, the shuttle cars haul extracted coal to

a feeder breaker, which transfers raw coal to

a conveyor belt for transport to a

surface stockpile holding area. A shared overland conveyor

carries raw coal from the Lower

War Eagle mine

to a CPP.

Trucks haul raw coal

from the Eagle No. 1 and

North Fork Winifrede mines to the

CPP and from

the Muddy Bridge mine to

the Logan overland conveyor.

The CPP has a feed

rate capacity of 1,088 raw

tph.

The CPP site

includes raw coal storage, clean coal storage, a loadout connected to a CSX rail line and refuse disposal area.

The Toney

Fork surface mine extracts Met and thermal coal using the area mining method. The current LOM plan for Toney

Fork also contemplates utilizing

contour and highwall mining

methods at various times

during the life of

the mine. The mine

uses a spread of front-end loaders, large tractors/dozers and rock trucks to remove overburden and

expose the coal. We will

deploy

highwall

mining

when

overburden

volumes

exceed

economical

stripping

ratios

associated

with

area

and

contour

mining. Trucks

haul raw

coal from

Toney

Fork to

the CPP

site for

cleaning or

to the

loading site

to be

shipped directly

customers.

Our current plans at Logan contemplate 12 proposed mines, consisting of nine underground mines and three surface mines,

including the five mines

currently in operation.

The proposed underground mines

would extract coal using

the room and pillar

mining method, and the proposed surface mines would

extract coal using area, contour or highwall

mining methods, or some

combination thereof.

Generally, the mining equipment and facilities at Logan are in good operating condition.

We focus on the long-term potential

the

mine

complex

and

regularly

monitor

developments

the

mining

industry

for

technology

improvements

and

new

equipment that could

help us increase

efficiency and lower

our costs. Logan’s

oldest mining equipment

and facilities, including

the CPP and

loadout facility,

began operations in

2008, when the Powellton

No. 1 mine started

production. Since acquiring

the Logan operations, we

have implemented improvements at

the CPP, which have resulted in increased

capacity. From time

time,

also

update

and

improve

other

equipment

and

facilities

maintain

their

usefulness

and

optimize

our

competitiveness. As

of December

31, 2022,

the book

value of

Logan and

its associated

plant and

equipment was

$232.1

million.

We are not aware of any significant encumbrances or

defects in title with respect to the property.

Additionally, we believe we

have obtained all requisite mining and discharge permits to conduct our operations at Logan and expect

to be able to obtain

or renew all required permits in the future. The Logan mine complex holds 24 state permits with associated NPDES permits.

Logan is subject to a federal black lung excise tax of $1.21 per ton for underground mining

and $0.28 per ton for surface and

highwall mining;

however,

this tax

applies only

with respect

coal sold

domestically.

Logan is

also subject

to a

federal

reclamation fee

of $0.13

per ton

for underground

mining and

$0.31 per

ton for

surface and

highwall mining.

Additionally,

Logan is subject to

a West Virginia

reclamation tax of $0.308 per

ton and a West

Virginia severance tax of

1.0% to 5.0% of

revenues for all coal produced.

See Item 1. “Business—Regulatory Matters—United States”

for a discussion of the

permitting

conditions applicable to Logan.

Summaries

Logan’s

coal

resources

and

reserves

December

31,

2022

and

2021

are

shown

Tables

and

respectively.

Table 8.

Logan – Summary of Coal Resources Exclusive of Reserves at the End of the

Fiscal Year Ended December

31, 2022 and 2021.

(1)

Coal Resources (Dry Tons, In Situ, MMt)

(2)(3)

Quality (Air-Dried Basis)

Measured

Indicated

Measured

Indicated

Inferred

Ash

Sulfur

Volatile

Matter

December 31, 2022

24.0%

1.0%

28.0%

December 31, 2021

24.0%

1.0%

28.0%

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

2022

(1)

Pricing for resources is described in Section 11.3.1 of the Logan TRS.

For Logan resources as of December 31, 2021, based on

assumed long-term average price of $130 per

ton (FOB loadout) for underground-mineable

resources, representing the long-term

average price

forecast for

HVB provided

by Coronado;

surface resources

were assessed

at a

sales price

of $52

per Mt

(FOB

loadout) based on estimated historical

pricing for Coronado’s surface operations.

For Logan resources as of December

31, 2022,

based on assumed long-term average price of $154 per Mt (FOB loadout) for underground-mineable resources, representing the

long-term average price forecast for HVB provided by Coronado; surface resources were assessed at a sales price of $83 per Mt

(FOB loadout) based on estimated historical pricing

for Coronado’s surface operations.

(2)

Exclusive of reserve tons.

Table 1-1 of the Logan TRS provides a summary of Logan

resource tons inclusive of reserve tons

as of

December 31, 2022.

(3)

Reported on a dry basis.

Surface moisture and inherent moisture are excluded.

(4)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

Table 9.

Logan – Summary of

Coal Reserves (Marketable Sales

Basis) at the End

of the Fiscal Year Ended December

31, 2022 and 2021.

(1)

Demonstrated Coal Reserves (Wet

Tons,

Washed or Direct Shipped, MMt)

(2)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2022

8.0%

0.9%

36.0%

December 31, 2021

8.0%

0.9%

35.0%

(1)

Pricing data as

provided by Coronado is

described in Section

16.2 of the

Logan TRS.

For Logan reserves

as of December

31,

2021, the

pricing data

assumes respective

HVA,

HVB, specialty

markets and

thermal FOB-mine

prices of

approximately $224,

$123, and $51 per Mt for calendar year 2022; HVA, HVB, and thermal prices decrease to approximately $145, $115, and $51 per

Mt, respectively, through year 2026,

and then increase

to $227, $189, and

$51 per Mt,

respectively, through year 2050 (after

which

sales prices were held constant). For

Logan reserves as of December 31,

2022, the pricing data assumes

respective HVA, HVB

and thermal FOB-mine

prices of approximately

$192, $170, and

$227 per Mt

for calendar

year 2023; HVA, HVB,

and thermal prices

decrease to approximately

$151, $132, and

$83 per Mt,

respectively, through

year 2027, and

then increase to

$271, $237, and

$150 per Mt, respectively, through year 2056.

(2)

Reported on a 4.5% - 6.0% moisture basis.

(3)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

From December 31, 2021 to December 31, 2022, total reserves decreased by approximately 3.9%, from approximately 73.5

MMt to 70.6

MMt.

This net reduction

of 2.9 MMt

of total reserves

was attributable to

a combination of

updates to the

mine

plans along

with one year

of mining

depletion. A

TRS with

respect to

Logan, updating

the TRS

with respect

to Logan

filed

with Coronado’s Annual

Report on Form

10-K for the

year ended December

31, 2021, was

prepared in February

2023 due

material

differences

the

key

financial

modifying

factors

including

coal

sales

price

assumptions,

operating

costs

and

capital costs from

December 31, 2021,

to December 31,

2022. Coal sales

price assumptions underlying

the reserve estimates

are discussed in Sections

12 and 16 of the

Logan TRS, while operating

costs and capital costs

assumptions underlying the

reserve estimates

are discussed

in Sections

18 and

19 of

the Logan

TRS.

The differences

in the

key financial

modifying

factors

did

not

have

material

impact

the

reserve

estimates

December

31,

2022,

compared

the

reserve

estimates as of

December 31, 2021.

From December 31,

2021, to December

31, 2022, measured

and indicated resources

decreased by approximately 0.7%,

from approximately 82.8 MMt

to 82.2 MMt. This

net reduction of 0.6

MMt of measured

and

mineral resources

was attributable

to one

year of

mining depletion

along with

changes to the

mine plan.

Updated financial

inputs, including coal sales price assumptions and

operating and capital costs used in estimating

the resources exclusive of

reserves, as discussed

in Section 11.3.1

of the Logan

TRS, did not

have a material

impact on the

measured and indicated

resource

estimates

December

31,

2022,

compared

the

measured

and

indicated

resource

estimates

December 31, 2021.

Marshall Miller & Associates, Inc., a third-party firm comprising mining experts,

whom we refer to as the U.S. QPs, prepared

the estimates of

coal resources

and reserves as of

December 31, 2022 summarized

in Tables

8 and 9.

A copy of the

U.S.

QPs’ TRS with respect to Logan, dated as

of February 15, 2023, or the Logan TRS,

is filed as Exhibit 96.3 hereto. The

U.S.

QPs are not affiliated with Coronado.

The

U.S.

QPs

prepared

the

estimates

coal

resources

and

reserves

using

core

drilling

data

available

from

exploration

activities at Logan conducted

by numerous entities over

time.

Most of this information

was obtained prior to

our acquisition

of the

property,

using varying drilling

and core-logging

techniques, survey methods

and testing procedures.

As a result,

verifying the data,

the U.S. QPs

made certain assumptions

about the adequacy

of the processes

performed and comparability

the

data

based

their

professional

experience

and

familiarity

with

Logan.

Per

Section

12.1

the

Logan

TRS,

coal

reserves were

classified as

proven or

probable considering

“modifying factors,”

including mining,

metallurgical, economic,

marketing, legal, environmental, social

and governmental factors.

Section 22.2 of the

Logan TRS includes a

risk assessment

the

key

modifying

factors

that

could

potentially

impact the

operations

and

therefore

the

estimate

coal

reserves

and

resources.

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

2022

As summarized in

Section 7.1 in the

Logan TRS, the U.S.

QPs utilized 1,131 available

core, rotary,

and gas well drilling

and around the Logan property.

Points of observation include exploration drill holes,

degas holes, and mine measurements,

which

have

been

fully

vetted

and

processed

into

geologic

model.

The

geologic

model

based

seam

depositional

modeling, the interrelationship

of overlying and underlying

strata on seam mineability,

seam thickness trends,

the impact of

seam structure (i.e., faulting), intra-seam characteristics, etc.

The U.S. QPs completed a geostatistical analysis on

drill holes

within the reserve boundaries to determine the applicability of the common United States classification system for measured

and

indicated

coal

resources.

Historically,

the

United

States

has

assumed

that

coal

within

0.4

kilometers

point

observation

represents

measured

resource

whereas

coal

between

0.4

kilometers

and

1.2

kilometers

from

point

observation is classified as indicated.

Inferred resources are commonly assumed to be located

between 1.2 kilometers and

4.8 kilometers from a point of observation. The U.S. QPs performed a geostatistical analysis of the Logan data set using the

DHSA method. DHSA prescribes measured, indicated, and

inferred drill hole spacings be determined at

the 10%, 20%, and

50% levels of relative error, respectively.

Comparing the results of the DHSA to the historical standards, it is evident that the

historical

standards

are

conservative

than

even

the

most

conservative

DHSA

model

with

regards

determining

measured

resources. The

Exponential and

Spherical models

recommend using

radius of

0.87 kilometers

for measured

resources

compared

the

historical

value

0.4

kilometers.

With

respect

indicated

resources

the

Spherical

and

Exponential models recommend using a radius

1.53 kilometers.

The historical radius of 1.2

kilometers is therefore also more

conservative than the DHSA results for

indicated resources.

These results have led the U.S.

QPs to report the data following

the historical classification standards, rather than use the results of the DHSA.

Coal

quality

instrumental

determining

the

viability

coal

deposit.

Per

Section

8.2 of

the

Logan

TRS,

coal

quality

conforms

the

ASTM

standards.

These

quality

attributes

aided

converting

dry,

in-place

tons

demonstrated

coal

reserves

(recoverable

washed

tons).

The

reserve

and

resource

criteria

are

presented

Table

11-1

the

Logan

TRS,

including

assumptions

seam

density,

minimum

cutoff

thickness,

and

recoveries.

Pricing

data

provided

Coronado is described in Section 16.2 of the Logan TRS.

Regarding production

rates as

described in

Section 13.2

of the

Logan TRS,

the projected

underground mines

are set

similarly to the four

active underground operations as

of December 31, 2022.

Each mine is scheduled

to operate one to

three

production sections.

A majority of the sections are configured as full super sections with two continuous miners

per section.

Three

surface resource

areas were

modeled.

Mining

operations are

projected to

utilize area,

as well

as contour,

mining

methods.

The three areas

planned for highwall

mining are assumed

to be mined

by a contractor;

therefore, the contractor

costs

included

the

financial

model

assume

that

the

contractor

responsible

for

staffing

those

operations

along

with

providing necessary equipment

capital. Spoil for

final highwall reclamation is

expected to come

from strategic placement of

spoil on pre-existing benches by haul trucks such that they are within the push distance of the reclamation dozer.

Additional

information regarding mine-specific production factors can be found in Section 13.4 of the Logan TRS.

Mon Valley

The

Mon

Valley

mine

complex

comprises

three

development-stage

mining

properties,

namely,

Pangburn,

Shaner

and

Fallowfield, each consisting of a proposed underground

mine that would produce High-Vol Met coal using the room and pillar

mining method.

The preliminary design for the properties also includes plans for surface facilities and a preparation plant

for

each mine.

The properties reside

in Allegheny, Washington and Westmoreland Counties in

southwestern Pennsylvania.

The

proposed

facilities

include

barge

dock

and

CSX

rail

loadout

the

Monongahela

River

Allegheny

County,

Pennsylvania, which would ship

clean coal from all three

mines to end customers.

A map of Mon Valley

is shown in Figure

Figure 6.

Coronado Mon Valley Mine Complex Property Location Map.

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

2022

Mon

Valley

located

approximately

22.5

kilometers

southeast

Pittsburgh,

Pennsylvania,

near

the

communities

Bentleyville,

Lockview,

Monongahela,

Elizabeth,

Sutersville

and

Irwin,

Pennsylvania.

The

coordinates

the

proposed

infrastructure are latitude 40°

15' 24" and longitude

79° 53' 50"

(Easting 1,398,821’, Northing 343,480’

– in the

PA State Plane

South NAD 27

grid system). From

U.S. Interstate

70 and Pennsylvania

Route 51, which

traverse the

Fallowfield and Pangburn

areas, respectively, a well-developed network of improved and

unimproved roads allows general access

to the property.

The

Monongahela and

Youghiogheny

Rivers also

run through

the property.

The primary

means of

transport for

produced coal

would be by barge on the Monongahela River/Ohio River

system.

Additionally, a CSX rail line located along the banks of the

Monongahela River would provide another option for the shipment of coal.

Mon Valley has sources of water, power,

and supplies readily available for use.

Personnel in the area have historically been

sourced from the

surrounding communities in

Allegheny,

Washington, and

Westmoreland Counties, and

have proven to

adequate in numbers to

operate the mines.

As mining is

common in the surrounding

areas, the workforce

is generally familiar

with mining practices, and many are

experienced miners.

Water is expected to be sourced locally from

a nearby public water

sources

rivers.

Electricity

anticipated

sourced

from

West

Penn

Power.

The

service

industry

the

areas

surrounding the proposed mine complex has historically provided supplies, equipment repairs and fabrication, etc.

The property mineral rights are composed of 41,615

total hectares, of which 1,339 are leased from

private landholders under

two leases, and

40,276 hectares are

owned by Coronado.

Subject to

Coronado’s exercising its

renewal rights thereunder,

both of the leases expire upon exhaustion of the relevant coal reserves, which is expected to occur in 2100.

A predecessor of CONSOL

Energy previously controlled the

properties.

We acquired the properties

from CONSOL Energy

in March 2016 in connection with the acquisition of the Buchanan property.

Before we acquired Mon

Valley,

CONSOL Energy had conducted

extensive exploration of Mon

Valley.

We have continued

an exploration program focused on defining reserves and assessing the geotechnical viability of mining.

Mon Valley

is capable

of producing

primarily a

High-Vol

Met coal

from the

Upper Freeport

seam of

the Pennsylvania-age

Allegheny Formation.

The seam

is situated

below drainage

throughout the

properties and

would be

accessed with

slopes

and shafts.

The seam thickness in the projected mining areas averages 1.95 meters.

Under our current

mine development plans,

production would begin

at the Pangburn

mine in 2032,

followed by the

Shaner

mine in 2038

and, finally,

the Fallowfield mine

in 2057.

The proposed Mon

Valley

underground mines would

use the room

and pillar

mining method

with limited

pillaring as

to cause

no subsidence.

Each mine

would have

three continuous

miner

sections, with two continuous miners, two roof bolters,

four shuttle cars and two scoops per section.

The shuttle cars would

haul extracted coal

from the production

face to a

feeder breaker-conveyor system,

which would carry

raw coal to

a surface

stockpile and CPP.

The CPPs and surface facilities would have large raw

and clean coal storage areas to facilitate efficient

loading of clean coal into

barges or rail cars for

transport.

We have not yet

completed detailed designs of the

infrastructure

or surface facilities for the proposed Shaner and Fallowfield mines.

As of December 31, 2022, the book value of Mon Valley was $17.4 million.

are not

aware

any significant

encumbrances or

defects

title

with

respect to

the properties.

However,

we will

required

to obtain

alternate zoning

approval

from the

local township.

Further,

we will

be required

to submit

formal permit

applications to state or federal regulatory agencies.

Although we have commenced the work to

obtain the necessary permits

and

zoning

variances,

are

aware

that

the

period

time

necessary

obtain

final

authorizations,

for

purposes

commencing the development, construction and ultimate production at the proposed mine site, may be significant, and there

can be

no assurance

that we

can obtain

the necessary

zoning and

permits. See

Item 1.

“Business—Regulatory Matters—

United States” for a discussion of the permitting conditions applicable to Mon Valley.

Coal

mined

from

the

Mon

Valley

mine

complex

would

subject

federal

black

lung

excise

tax

$1.21

per

ton

for

underground mining and a federal reclamation tax of $0.13 per ton for underground mining.

However, the federal black lung

excise tax will only apply with respect to coal sold domestically.

Mon Valley contains no resources exclusive of reserve tons as of December 31, 2022 and 2021. Table 1-1 of the Mon Valley

TRS provides a summary of Mon Valley resource tons inclusive of reserve tons as of December 31, 2022.

A summary of Mon Valley’s coal reserves as of December 31, 2022 and 2021 is shown in Table

10.

Table

10.

Mon Valley

– Summary

of Coal

Reserves (Marketable

Sales Basis)

at the

End of

the Fiscal

Year

Ended

December 31, 2022 and 2021.

(1)

Demonstrated Coal Reserves (Wet

Tons, Washed

or Direct Shipped, MMt)

(2)

Quality (Air-Dried Basis)

Proven

Probable

Total

Ash

Sulfur

Volatile

Matter

December 31, 2022

134

8.0%

1.2%

35.0%

December 31, 2021

134

8.0%

1.2%

35.0%

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

2022

(1)

Pricing data

as provided

by Coronado

is described

in Section

16.2 of

the Mon

Valley TRS.

For Mon

Valley reserves as

of December

31,

2021,

the

pricing

data

assumes

HVB

domestic

and

export

FOB-mine

prices

approximately

$137

and

$120

per

Mt,

respectively,

for

calendar

year

2027;

HVB

domestic

and

export

prices

increase

approximately

$221

and

$193

per

Mt,

respectively, through year 2050, and

then increased by 1% annual inflation thereafter.

For Mon Valley reserves as

of December

31,

2022,

the

pricing

data

assumes

HVB

domestic

and

export

FOB-mine

prices

approximately

$130

and

$114

per

Mt,

respectively,

for

calendar

year

2028;

HVB

domestic

and

export

prices

increase

approximately

$204

and

$178

per

Mt,

respectively, through year 2050, and then increased by 2% annual inflation

thereafter.

(2)

Reported on a 6.0% moisture basis.

(3)

Some numerical figures in the

above table have been subject

to rounding adjustments. Accordingly,

numerical figures shown as

totals may not equal the sum of the figures that

precede them.

Total

reserves did not change from December 31, 2021, to December 31, 2022. A TRS with respect to Mon Valley,

updating

the TRS

with respect

to Mon

Valley

filed with

Coronado’s Annual

Report on

Form 10-K

for the

year ended

December 31,

2021, was prepared

in February 2023

due to material

differences in

the key financial

modifying factors including

coal sales

price

assumptions,

operating

costs

and

capital

costs

from

December

31,

2021,

December

31,

2022.

Coal

sales

price

assumptions

are

discussed

Sections

and

the

Mon

Valley

TRS,

while

operating

costs

and

capital

costs

are

discussed in Sections 18 and 19 of the Mon Valley TRS.

Marshall

Miller

& Associates,

Inc.,

third-party

firm comprising

mining,

whom we

refer to

the U.S.

QPs, prepared

the

estimates of coal reserves summarized in Tables 10.

A copy of the U.S. QPs’ TRS

with respect to Mon Valley (Pennsylvania

Upper Freeport

Holdings), dated as

of February 15,

2023, or the

Mon Valley

TRS, is filed

as Exhibit

96.4 hereto. The

U.S.

QPs are not affiliated with Coronado.

The

U.S.

QPs

prepared

the

estimates

coal

resources

and

reserves

using

core

drilling

data

available

from

exploration

activities

Mon

Valley

conducted

numerous

entities

over

time.

Most

this

information

was

obtained

prior

our

acquisition of the Property, using varying drilling and core-logging techniques, survey methods and testing procedures.

As a

result, in

verifying the

data, the

U.S. QPs

made certain

assumptions about

the adequacy

of the

processes performed

and

comparability of the data based on their professional experience and familiarity with Mon Valley.

Per Section 12.1 of the Mon

Valley TRS, coal reserves were classified as proven or

probable considering “modifying factors,”

including mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors.

Section 22.2 of

the Mon Valley TRS includes a risk assessment of the key modifying factors that could potentially

impact the operations and

therefore the estimate of coal reserves and resources.

As summarized in Section

7.1 in the

Mon Valley TRS, the U.S.

QPs utilized approximately

750 available core and

rotary holes

and

around

the

Mon

Valley

properties.

Points

observation

include

exploration

drill

holes,

degas

holes,

and

mine

measurements, which have

been fully vetted

and processed into

a geologic model.

The geologic model

is based on

seam

depositional modeling,

the interrelationship

of overlying

and underlying

strata on

seam mineability,

seam thickness

trends,

the impact of seam structure (i.e. faulting), intra-seam characteristics, etc.

The U.S. QPs completed a geostatistical analysis

on drill holes within the

reserve boundaries to determine the applicability of

the common United States classification system

for measured and indicated coal

resources.

Historically, the United

States has assumed that coal

within 0.4 kilometers of a

point of observation represents a measured resource whereas coal between 0.4 kilometer and 1.2 kilometers from a point of

observation is classified as indicated.

Inferred resources are commonly assumed to be located

between 1.2 kilometers and

4.8 kilometers

from a

point of

observation. The

U.S. QPs

performed a

geostatistical analysis

of the

Pennsylvania data

set

using the

DHSA method.

DHSA prescribes

measured, indicated,

and inferred

drill hole

spacings be

determined at

the 10-

percent, 20-percent, and 50-percent levels of relative error, respectively.

Comparing the results of the DHSA to the historical

standards, it is evident

that the historical standards

are more conservative than

even the most

conservative DHSA model with

regards

determining

measured

resources.

The

Gaussian

and

Spherical

models

recommend

using

radius

0.72

kilometers for

measured resources

compared to the

historical value of

0.4 kilometers.

With respect

to indicated

resources

the

DHSA

falls

line

closely

with

the

historical

standards.

The

Exponential

model

recommends

using

radius

1.43

kilometers, while

the Spherical

and Gaussian

models recommend

a radius

of 1.42

kilometers, respectively.

These values

line up closely

with the historical

radius of 1.2

kilometers.

These results have

led the U.S.

QPs to report

the data following

the historical classification standards, rather than use the results of the DHSA.

Coal quality is instrumental in determining the viability of

a coal deposit. Per Section 8.2 of the Mon

Valley TRS, coal quality

conforms to the

ASTM standards.

These quality

attributes aided

in converting dry, in-place

tons to

demonstrated coal reserves

(recoverable washed tons). The reserve

and resource criteria are presented

in Table

11-1 of the

Mon Valley

TRS, including

assumptions related

to seam

density,

minimum cutoff

thickness, and

recoveries. Pricing

data as

provided by

Coronado is

described in Section 16.2 of the Mon Valley TRS.

Regarding production

rates as

described in

Section 13.2

of the

Mon Valley

TRS, the

Mon Valley

mine complex

is not

yet

active, with

three distinct

mines and

CPPs planned.

The mine

plan and

productivity expectations

reflect historical

performance

from other

similar mines

with similar

conditions and

efforts have

been made

to adjust

the plan

to reflect

future conditions.

Mine development and

operation have not been

optimized within the Mon

Valley

TRS.

Additional mine-specific factors can

be found in Section 13.4 of the Mon Valley TRS.

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

2022

Greenbrier (Non-Material Property)

The Greenbrier property has been idled

since April 1, 2020. During the

fourth quarter of 2020, the

Company committed to a

plan

sell

Greenbrier

the basis

that

does

not

form

part

the

Company’s

core

business

strategy.

The

Greenbrier

property is not

considered material to

Coronado’s business or

financial conditions. Resources

exclusive of reserves

are based

on assumed long-term average price of $154

per Mt (FOB loadout) for all resources,

representing the Company’s long-term

average

price

forecast

for

Greenbrier.

The

pricing

data

assumes

respective

Mid-Vol/Low-Vol

and

thermal/PCI

FOB-mine

prices of

approximately $152 and

$80 per Mt

for calendar year

2028.

Mid-Vol/Low-Vol

and thermal/PCI prices

increase to

approximately $206 and

$109 per Mt,

respectively, through

year 2043.

The Greenbrier operations

are projected to

be fully

depleted in

2043. Marketable

reserve tons

are reported

on a

moist basis,

including a

combination of

surface and

inherent

moisture.

The combination of surface and inherent moisture is modeled at 6.0%.

Russell County (Non-Material Property)

The Russell County property is not considered material

to Coronado’s business or financial conditions. In addition, pursuant

to the current mine plan,

the property will only

start generating cash flows when

it commences production in 2040.

Resources

exclusive

reserves

are

based

assumed

long-term

average

price

$143

per

(FOB

loadout),

representing

the

Company’s

long-term average

price

forecast for

Russell County.

The pricing

data assumes

HVA

FOB-mine prices

with a

weighted LOM

average of

approximately $228

per Mt.

Marketable reserve

tons are

reported on

a moist

basis, including

combination of surface and inherent moisture.

The combination of surface and inherent moisture is modeled at 6.0%.

Internal Controls

Our

staff

geologists

and

engineers

worked

with

the

qualified

persons

throughout

the

mineral

resource

and

reserve

estimation process and

provided data from

our own exploration

and operating activities

at the properties.

We have

internal

control procedures, including

quality assurance/quality

control procedures and

internal verification of

input data and

geological

modelling, subject to multi-level review,

to help ensure the validity of the data.

These procedures include, but are not limited

to:

•

Oversight and approval of each annual statement by responsible senior officers;

•

Independent, external review of new and materially changed estimates at regular intervals;

•

Annual reconciliation with internal planning

by our staff of geologists and

engineers to validate coal reserve

and coal

resource estimates for operating mines, including the following procedures:

•

Assessments

drilling,

sampling

and

quality

assurance/quality

control

data,

resource

modelling,

resource estimation, classification, and reporting;

•

Assessment

and

benchmarking

production

assumptions,

mining

rate

and

production

schedules

against historical production data;

•

Assessments of capital and operating costs against other comparable projects for reasonableness;

•

Continual identification and evaluation

of material technical

issues likely to impact

the five-year plan and

the future performance of producing properties;

•

An examination of historical information and results in respect of the technical aspects of

the properties by our staff

of geologists and engineers, including a review of the following key elements:

•

Geology mapping, reports and models, including geotechnical and hydrology aspects;

•

Coal resource and coal reserve estimates;

•

Mining operations and proposed growth options;

•

Coal preparation facilities;

•

Coal handling and transport;

•

Environmental matters and approvals;

•

Land management, including leases and other pertinent agreements;

•

Veracity of existing information supporting five-year plans and business plans;

•

Identification of key project drivers; and

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

2022

•

Risks and opportunities.

The pricing information used

for preliminary resource valuation

and to estimate our

proven and probable coal

reserves was

based on

prices under

our existing

contracts and

price forecasts.

Below is

a description

of some

of the

factors that

could

affect price forecasts

for Met

and thermal

coal products

on a

mine-by-mine and

product-by-product basis.

Differences between

the assumptions and analyses included

in the price forecasts

and realized factors could cause

actual pricing to differ from

the

forecasts.

Metallurgical.

Several

factors

can

influence

Met

coal

supply

and

demand

and

pricing.

Demand

impacted

economic

conditions and demand for steel

and is also impacted by competing

technologies used to make steel, some

of which do not

use coal as a

manufacturing input. Competition

from other types

of coal is

also a key price

consideration and can be

impacted

by coal quality and characteristics, delivered

energy cost (including transportation costs), customer service

and support and

reliability of supply.

Seaborne Met

coal import

demand can

be significantly

impacted by

the availability

of local

coal production,

particularly in

leading Met coal

import countries such

as China and

India, among others,

as well as

country-specific policies

restricting or

promoting

domestic supply.

The competitiveness

of seaborne

Met coal

supply

from

leading Met

coal

exporting countries,

such as Australia, the United States, Russia, Canada and Mongolia, among others, is also an important price consideration.

addition

the

factors

noted

above,

the

prices

which

may

obtained

each

individual

mine

future

mine

can

impacted by factors such as (i) the

mine’s location, which impacts the total delivered

energy costs to its customers, (ii)

quality

characteristics, particularly

if they

are unique

relative to

competing mines,

(iii) assumed

transportation costs

and (iv)

other

mine costs that are contractually passed on to customers in certain commercial relationships.

Thermal.

Several factors

can influence

thermal coal

supply and

demand and

pricing. Demand

is sensitive

to total

electric

power generation volumes, which are determined in part by the impact of weather on heating and cooling demand, inter-fuel

competition in the electric power generation mix, changes in capacity (additions and retirements), inter-basin or inter-country

coal

competition,

coal

stockpiles

and

policy

and

regulations.

Supply

considerations

impacting

pricing

include

reserve

positions, mining methods, strip ratios, production costs

and capacity and the cost of new

supply (new mine developments or

extensions at existing mines).

The cost information that the QPs used for preliminary resource valuation and to estimate our proven and probable reserves

were

generally

internal

projected

future

costs

based

historical

costs

and

expected

future

trends.

The

estimated

costs

normally include

mining, processing,

transportation, royalty,

tax and

other mining-related

costs. Our

estimated mining

and

processing costs reflect projected changes in prices of

consumable commodities (mainly diesel fuel, natural gas, explosives

and steel), labor costs, geological

and mining conditions, targeted

product qualities and other

mining-related costs. Estimates

for other sales-related

costs (mainly transportation,

royalty and tax)

are based on

contractual prices

or fixed rates.

Specific

factors that may impact the cost at our various operations include:

•

Geological settings.

The geological

characteristics of

each mine

are among

the most

important factors

that determine

the mining cost. Our geology department conducts

the exploration program and provides geological models for

the

life-of-mine process. Coal seam depth, thickness, dipping angle, partings and quality constrain the available mining

methods and

size of

operations. Shallow

coal is

typically mined

by surface

mining methods

by which

the primary

cost is overburden removal.

Deep coal is typically mined

by underground mining methods where

the primary costs

include coal extraction, conveyance and roof control.

•

Scale of operations

and the equipment

sizes.

For surface mines,

our dragline systems

generally have a

lower unit

cost

than

truck-and-shovel

systems

for

overburden

removal.

The

longwall

operations

generally

are

cost

effective than bord-and-pillar operations for underground mines.

•

Commodity

prices.

For surface

mines, the

costs of

diesel fuel

and explosives

are major

components

of the

total

mining cost.

For underground

mines, the

steel used

for roof

bolts represents

a significant

cost. Commodity

price

forecasts are used to project those costs in the financial models we use to establish our reserves.

•

Target

product

quality.

targeting

premium

quality,

product,

our

mining

and

processing

processes

may

experience more coal

losses. By lowering product

quality,

the coal losses

can be minimized

and therefore a

lower

cost per

Mt can

be achieved.

In our

mine plans,

the product

qualities are

estimated to

correspond to

existing contracts

and forecasted market demands.

•

Transportation

costs.

have

entered

into

arrangements

with

third

parties

gain

access

transportation

infrastructure and

services where required,

including rail carriers

and port owners.

Where coal is

exported or sold

other than at the mine gate,

the costs associated with these

arrangements represent a significant portion of

both the

total cost

of supplying

coal to

customers and

of our

production costs.

As a

result, the

cost of

transportation is

not

only a key factor in our cost base but also in the purchasing decision of customers.

Our transportation costs vary by

region. See Item 1. “Business—Transportation”

for more information regarding transportation arrangements for

our

operations.

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

2022

•

Royalty costs.

As conditions to certain of the Tenements, Curragh is subject to royalties payable to the Queensland

government

described

Item

“Business—Regulatory

Matters—Australia—Mineral

Resources

Act

1989

(Qld)”).

These

royalties

are

addition

the

Stanwell

rebate,

described

Item

“Business—Customers—

Australia

Sales

and

Marketing—Stanwell.”

Royalty

costs

our

U.S.

Operations

are

based

upon

contractual

agreements for the coal leased from private owners and vary

from property to property and by the type of

mine (i.e.,

surface or underground). The

royalty rates under leases

at our U.S. Operations

range between 3% -

9% of revenues

from coal

sales. Under

some of

the leases,

we are

required to

pay minimum

royalties, regardless

production,

and/or

“wheelage

fees”

(i.e., fees

payable

coal

mined

and

removed

from

properties

other

than

the

particular

leasehold and hauled across the leasehold premises).

•

Black lung, severance and reclamation taxes.

Our U.S. Operations are subject to a federal black lung excise tax on

coal sold domestically.

•

Exchange rates.

Costs related

to our

Australian Operations

are predominantly

denominated in

A$, while

the coal

that our Australian Operations export is sold in

US$. As a result, A$-US$ exchange rates

impact the U.S. dollar cost

of our Australian Operations’ production.

For

further

discussion

comprehensive

risk

inherent

the

estimation,

see

Item

1A.

“Risk

Factors—Operational

and

Technology

Risks—We rely on

estimates of our

recoverable resources and

reserves, which are

complex due to

geological

characteristics of the properties and the number of assumptions made.”

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

2022

ITEM 3.

LEGAL PROCEEDINGS.

We are

involved in

various

legal proceedings

occurring

in the

ordinary course

of business.

It is

the opinion

management, after consultation

with legal counsel,

that these matters

will not materially

affect our consolidated

financial position, results of operations or cash flows.

The Company is subject to a wide

variety of laws and regulations within the legal jurisdiction in

which it operates.

See “Part I, Item 1. Business—Regulatory Matters”

for additional information. The Company believes that

it is in

substantial compliance with federal, state and local laws

and regulations.

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

2022

ITEM 4. MINE SAFETY DISCLOSURES

Safety is the cornerstone of the Company’s values and is the number one priority

for all employees at Coronado

Global Resources.

Our U.S. Operations

include multiple mining

complexes across

three states and

are regulated by

both the U.S.

Mine Safety

and Health

Administration, or

MSHA, and

state regulatory

agencies. Under

regulations mandated

by the Federal Mine Safety and Health Act of 1977, or the Mine Act, MSHA inspects our U.S. mines on a regular

basis and issues various citations and orders when it believes

a violation has occurred under the Mine Act.

In accordance

with

Section

1503(a) of

the Dodd-Frank

Wall

Street Reform

and

Consumer Protection

Act and

Item 104 of Regulation S-K (17 CFR 229.104), each operator of a coal or other mine is required to report certain

mine safety results in its periodic reports filed with the SEC

under the Exchange Act.

Information pertaining to mine safety

matters is included in Exhibit

95.1 attached to this Annual

Report on Form

10-K. The disclosures reflect the

United States mining operations only, as these requirements do

not apply to our

mines operated outside the United States.

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

2022

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY,

STOCKHOLDER MATTERS

AND

ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information

Our CDIs, each

representing one-tenth

of one share

of our common

stock, have

been listed on

the ASX under

the

trading

symbol

“CRN”

since

October 23,

2018.

Prior

such

time,

there

was

public

market

for

our

securities. There is no principal market in the United States

for our CDIs or shares of our common stock.

Holders

As of December 31, 2022, we had 167,645,373

shares of our common stock issued

and outstanding with 7,513

holders of record.

The holders included CHESS

Depositary Nominees Pty Limited,

which held 90,337,270 shares

of our common stock in the form of

CDIs on behalf of the CDI holders; there were 7,512 registered owners

of our

CDIs on December 31, 2022.

Series A Preferred Share

On September

20, 2018,

we issued

the Series

A Preferred

Share to

Coronado

Group LLC,

at par

value.

The

offer, sale, and issuance of the Series A Share were deemed to be exempt from registration under

the Securities

Act in reliance on Section

4(a)(2) of the Securities Act as

transactions by an issuer not involving

a public offering.

The recipient of the Series A Share acquired the Series A Share for investment only and not with a view to or for

sale in connection with any distribution thereof and appropriate

legends were affixed to the Series A Share.

Dividends

The

payment

dividends

the

discretion

the

Board

Directors.

The

decision

whether

not

dividend will be

paid will

be subject to

a number of

considerations including

the general

business environment,

operating

results,

cash

flows,

future

capital

requirements,

regulatory

and

contractual

restrictions,

well

applicable

covenants

under

the

indenture

governing

our

senior

secured

notes

and

covenants

under

the

ABL

Facility and any other factors the Board of Directors may

consider relevant.

Our objective in setting our dividend policy is to deliver

stockholder returns while maintaining flexibility to pursue

our strategic

initiatives within

a prudent

capital structure.

Our dividend

policy is

to distribute

between 60%

and

100%

available

free

cash.

Available

free

cash

defined

net

cash

from

operating

activities

less

capital

expenditure, acquisition expenditure,

amounts reserved for

capital expenditure and

acquisition expenditure and

amounts required for

debt servicing. In

circumstances where there is

surplus available free cash,

at the discretion

our

Board

Directors

and

light

business

and

market

conditions,

may

consider

the

potential

for

additional

stockholder

returns

through

special

dividends

and

buy-backs

part

its

broader

capital

management strategy.

Summary Description of the Company’s

Non-Stockholder Approved Equity Compensation

Plans

The Company does not have any non-stockholder approved

equity compensation plans.

Recent Sales of Unregistered Securities

Other than as previously

disclosed in a Quarterly

Report on Form 10-Q

or in a Current

Report on Form 8-K,

did not issue

any shares of

our common stock

in a transaction

that was

not registered under

the Securities Act

during the year ended December 31, 2022.

Purchases of Equity Securities by the Issuer and

Affiliated Purchases

We had no repurchases of equity securities for the

three months ended December 31, 2022.

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

2022

ITEM 6.

[Reserved]

Coronado Global Resources Inc. Form 10-K December

31, 2022

100

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

10-K.

Overview

For the year ended December 31,

2022, we produced 16.0

MMt and sold 16.4 MMt of

coal. Met coal and thermal

coal sales

represented

77.2%

and 22.8%,

respectively,

of our

total volume

of coal

sold and

95.3% and

4.7%,

respectively, of total

coal revenues.

During the year

ended December 31,

2022, seaborne index

prices reached record

highs globally,

driven by the

continued impact

of the

Russian invasion

of Ukraine,

which removed

Russian Met

coal from

key markets,

Met

coal crossover trades

into thermal market

due to

elevated demand for

thermal coal and

supply constraints caused

by wet weather and logistical issues.

Coronado has

continued to

take advantage

of its

unique geographical

diversification as

a Met

coal supplier

scale to meet the requirements of steel customers across the globe. Our U.S. Operations have taken advantage

of current unique market fundamentals created

by the trade restrictions on Russian coal

by switching coal sales

from

China

Europe

providing

higher

returns

for

our

products.

addition

geographical

diversification,

Coronado is well

positioned to take

advantage of price

arbitrage between the

Thermal and Met

coal markets to

maximize price realizations.

Our results

of operations

for the

year ended

December 31,

2022 benefited

from higher

averaged realized

Met

price per Mt sold,

partially offset by (1) significant unprecedented

wet weather events impacting production at

our

Australian

Operations,

(2)

inflationary

pressure,

including

the

higher

cost

fuel

and

labor

costs,

(3)

adverse

geological

conditions

and

weather

events

our

U.S.

Operations

resulting

lower

production

and

higher

equipment

maintenance

costs,

(4)

additional

fleets

mobilized

our

Australian

Operations

improve

coal

recovery and (5) higher sales related costs (Stanwell rebate,

royalties and freight costs).

Coal revenues of $3.5

billion

for the year ended December 31, 2022, increased by 67.3% compared to the same

period in 2021, was largely driven by higher

market price of coal resulting in increased

average realized Met coal

pricing of $265.8 per Mt sold,

$127.8 per Mt sold higher than 2021. Sales

volumes were lower for the year ended

December

31,

2022,

compared

2021

primarily

due

lower

production

caused

significant

wet

weather

events at our Australian Operations and adverse geological

conditions at our U.S. Operations.

Operating costs for the year

ended December 31, 2022,

were $680.5 million, or

41.6%, higher compared to

the

corresponding

period

2021

driven

inflationary

pressures

labor

and

supply

costs,

adverse

geological

conditions

certain

mines

our

U.S.

Operations,

additional

contractor

fleets

deployed

our

Australian

Operations to accelerate

overburden removal and

increase coal availability, higher maintenance

costs and higher

sales related costs, resulting in mining costs of $88.4 per Mt sold for the year ended December 31, 2022, 34.5%

higher than 2021.

Dividends

During the year ended December 31, 2022, Coronado

paid total dividends of $700.2 million to stockholders

and

CDI holders on

the ASX, net

of $1.4 million

foreign exchange gain on

payment of dividends

to certain CDI

holders

that elected to be paid in Australian dollars.

Liquidity

December

31,

2022,

the

Company’s

net

cash

position

was

$92.1

million,

consisting

cash

(excluding

restricted cash) of $334.4 million and $242.3 million aggregate principal amount of Notes outstanding. Coronado

had available

liquidity of

$434.4 million

as of

December 31,

2022, comprising

cash (excluding

restricted cash)

and undrawn available borrowings $100.0 million under our ABL facility.

Notes redemption

During the year ended December 31, 2022, we redeemed $72.7 million

of the Notes,

$37.7 million of which were

in relation to offers made in connection with dividends

paid during the period.

Coronado Global Resources Inc. Form 10-K December

31, 2022

101

Safety

For

our

Australian

Operations,

the

twelve-month

rolling

average

Total

Reportable

Injury

Frequency

Rate

December 31, 2022

was 3.92 compared

to 3.07

at the end

of December

31, 2021. At

our U.S. Operations,

the

twelve-month rolling average Total

Reportable Incident Rate, at December 31, 2022 was 2.42 compared to 2.51

at the

end of

December 31, 2021.

Reportable rates for

our Australian Operations

and U.S.

Operations were below

the relevant industry benchmarks.

The safety of our workforce is

our number one priority and we

remain focused on the safety and

wellbeing of all

employees and contracting parties.

Segment Reporting

In accordance with

Accounting Standards Codification,

or ASC, 280,

Segment Reporting, we

have adopted the

following reporting

segments: Australia and

the United

States. In

addition, “Other and

Corporate” is

not a

reporting

segment but is disclosed for the purposes of reconciliation

to our Consolidated Financial Statements.

Results of Operations

How We Evaluate Our Operations

evaluate

our

operations

based

the

volume

coal

can

safely

produce

and

sell

compliance

with

regulatory

standards,

and

the

prices

receive

for

our

coal.

Our

sales

volume

and

sales

prices

are

largely

dependent upon

the terms

of our

coal sales

contracts, for

which prices

generally are

set based

on daily

index

averages, on a quarterly basis or on annual fixed price

contracts.

Our management

uses a

variety of

financial and

operating metrics

to analyze

our performance.

These metrics

are significant factors

in assessing our

operating results

and profitability.

These financial

and operating metrics

include: (i) safety and environmental metrics; (ii) Adjusted EBITDA; (iii) total sales volumes and average realized

price

per

sold,

which

define

total

coal

revenues

divided

total

sales

volume;

(iv)

Met

coal

sales

volumes and average realized Met price per

Mt sold, which we define as Met coal

revenues divided by Met coal

sales volume; (v)

average segment mining

costs per Mt sold,

which we define

as mining costs

divided by sales

volumes (excluding

non-produced coal)

for the

respective segment;

and (vi)

average segment

operating costs

per Mt sold, which we define as segment operating costs

divided by sales volumes for the respective segment.

Coal revenues are shown on our Consolidated Statements of Operations

and Comprehensive Income exclusive

of other

revenues. Generally,

export sale

contracts for

our Australian

Operations require

us to

bear the

cost of

freight

from

our

mines

the

applicable

outbound

shipping

port,

while

freight

costs

from

the

port

the

end

destination are

typically borne by

the customer. Sales to

the export market

from our U.S.

Operations are generally

recognized when the title to the coal passes to the customer at the mine load out similar to a domestic sale.

For

our domestic sales, customers typically bear the cost of freight. As such, freight expenses are excluded from the

cost of coal revenues to allow for consistency and comparability

in evaluating our operating performance.

Non-GAAP Financial Measures; Other Measures

The following discussion of

our results includes

references to and analysis

of Adjusted EBITDA and

mining costs,

which

are

financial

measures

not

recognized

accordance

with

U.S.

GAAP.

Non-GAAP

financial

measures,

including Adjusted EBITDA, are used by investors to

measure our operating performance.

Adjusted EBITDA, a non-GAAP measure, is defined as earnings before interest, tax, depreciation, depletion and

amortization

and

other

foreign

exchange

losses.

Adjusted

EBITDA

also

adjusted

for

certain

discrete

non-

recurring items that we exclude in

analyzing each of our segments’

operating performance. Adjusted EBITDA

not intended to

serve as an

alternative to U.S. GAAP

measures of performance

and may not

be comparable to

similarly titled measures presented by

other companies. A reconciliation

of Adjusted EBITDA to its

most directly

comparable measure under U.S. GAAP is included below.

Segment

Adjusted

EBITDA

defined

Adjusted

EBITDA

operating

and

reporting

segment,

adjusted

for

certain

transactions,

eliminations

adjustments

that

our

CODM

does

not

consider

for

making

decisions

allocate resources among segments or assessing segment performance.

Segment Adjusted EBITDA is used as

supplemental

financial

measure

management

and

external

users

our

Consolidated

Financial

Statements such

as investors,

industry analysts

and lenders

to assess

the operating

performance of

the business.

Mining costs,

a non-GAAP

measure, are

based on

the reported

cost of

coal revenues,

which is

shown on

our

statement of

operations and comprehensive

income exclusive of

freight expense, Stanwell

rebate, other royalties,

depreciation,

depletion

and

amortization

and

selling,

general

and

administrative

expenses,

adjusted

for

other

items that do not relate

directly to the costs incurred

to produce coal at the mine.

Mining costs exclude these cost

Coronado Global Resources Inc. Form 10-K December

31, 2022

102

components as

our CODM

does not

view these

costs as

directly attributable

to the

production of

coal. Mining

costs

used

supplemental

financial

measure

management,

providing

accurate

view

the

costs

directly attributable to the production

of coal at our mining

segments, and by external

users of our Consolidated

Financial Statements,

such as

investors, industry

analysts and

ratings agencies,

to assess

our mine

operating

performance in comparison to the mine operating performance

of other companies in the coal industry.

Year Ended December 31,

2022 Compared to Year

Ended December 31, 2021

Summary

The financial and operational highlights for the year ended December

31, 2022:

•

Net income

increased by

$582.3 million,

from a

net income

of $189.4

million for

the year

ended December

31, 2021,

to a

net income

of $771.7

million for

the year

ended December

31, 2022.

The increase

was

driven by higher revenues, partially offset by higher

operating costs and higher income tax expense.

•

Supply concerns

in key

Met coal markets

driven by wet

weather,

logistic issues,

the ongoing

impact of

the Russia and Ukraine

war on global coal

supply chain and Met

coal crossover trades into

the thermal

market caused considerable

volatility in coal pricing,

resulting in average

realized Met price

per Mt sold

of $265.8 for the year ended December

31, 2022, 92.6% higher

compared to $138.0 per Mt sold for

the

year ended December 31, 2021.

•

Total sales volume was 16.4 MMt for the

year ended December 31, 2022,

or 1.5 MMt lower

than the year

ended December

31, 2021.

The lower

sales volumes

were primarily

driven by

significant wet

weather

events

our

Australian

Operations

and

adverse

geological

and

weather

events

one

our

mine

complexes at our U.S. Operations.

•

Adjusted EBITDA for the year

ended December 31, 2022, totaled

$1,215.6 million, an increase of

$729.5

million, from Adjusted EBITDA of $486.1 million for

the year ended December 31, 2021, driven by

higher

coal revenues partially offset by higher operating

costs.

•

Cash

provided

operating

activities

was

$926.6 million

for

the

year

ended

December

31,

2022,

increase of $484.6 million

compared to $442.0 million for the year ended

December 31, 2021.

•

As of December

31, 2022 the

Company had total

available liquidity of

$434.4 million, consisting

of $334.4

million of cash (excluding restricted cash) and $100.0 million

of availability under the ABL Facility.

Coronado Global Resources Inc. Form 10-K December

31, 2022

103

For Year Ended December 31,

(US$ in thousands)

2022

2021

Change

Revenues:

Coal revenues

3,527,626

2,108,331

1,419,295

67.3%

Other revenues

43,916

40,140

3,776

9.4%

Total

revenues

3,571,542

2,148,471

1,423,071

66.2%

Costs and expenses:

Cost of coal revenues (exclusive of items shown

separately below)

1,515,585

1,195,250

320,335

26.8%

Depreciation, depletion and amortization

167,046

177,875

(10,829)

(6.1%)

Freight expenses

249,081

241,862

7,219

3.0%

Stanwell rebate

165,995

55,403

110,592

199.6%

Other royalties

385,065

142,751

242,314

169.7%

Selling, general, and administrative expenses

42,499

30,666

11,833

38.6%

Restructuring costs

—

2,300

(2,300)

(100.0%)

Total

costs and expenses

2,525,271

1,846,107

679,164

36.8%

Other income (expenses):

Interest expense, net

(67,632)

(68,062)

430

(0.6%)

Loss on debt extinguishment

(5,336)

(8,477)

3,141

(37.1%)

(Increase) decrease in provision for discounting and

credit losses

(3,821)

8,042

(11,863)

(147.5%)

Gain on disposal of asset

—

14,845

(14,845)

(100.0%)

Other, net

33,795

(6,187)

39,982

(646.2%)

Total

other expense, net

(42,994)

(59,839)

16,845

(28.2%)

Income before tax

1,003,277

242,525

760,752

313.7%

Income tax expense

(231,574)

(53,102)

(178,472)

336.1%

Net income

771,703

189,423

582,280

307.4%

Less: Net loss attributable to noncontrolling interest

—

(2)

(100.0%)

Net income attributable to Coronado Global

Resources Inc.

771,703

189,425

582,278

307.4%

Coal revenues

were $3,527.6

million

for the

year

ended December

31, 2022,

increase of

$1,419.3

million,

compared

$2,108.3 million

for

the

year

ended

December

31,

2021.

This

increase

was

driven

favorable

market conditions and higher coal

price indices, which resulted in

a higher average realized Met

price per Mt sold

for the year ended December

31, 2022 of $265.8, compared

to $138.0 per Mt sold

for the same period in

2021.

This increase was

partially offset by 1.8

MMt lower Met

coal sales volume

compared to the

year ended December

31,2021, primarily a result of above average rainfall impacting

production at our Australian Operations.

Cost of coal revenues (exclusive of Items shown

separately below)

Cost of

coal revenues is

comprised of

costs related to

produced tons sold,

along with

changes in

both the

volumes

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

and production taxes.

Total

cost of coal revenues

was $1,515.6 million for

the year ended December

31, 2022, an

increase of $320.3

million, or

26.8%, compared

to $1,195.3

million for

the year

ended December

31, 2021.

Cost of

coal revenues

for our U.S.

Operations increased $171.3 million during the

year ended December 31, 2022,

driven by the impact

inflation

labor

and

supply

costs,

adverse

geological

conditions

certain

mines

our

U.S.

Operations

resulting

unplanned

maintenance

costs,

and

increased

purchased

coal

transactions

meet

certain

sales

commitments.

Cost

coal

revenues

for

our

Australian

Operations

for

the

year

ended

December

31,

2022

increased $149.1 million, largely due to additional fleets mobilized

to accelerate overburden removal, inflationary

pressure on fuel pricing and labor costs and increased purchased coal transactions to meet sales commitments.

Higher costs

were partially

offset by

a favorable

average foreign

exchange rate

on translation

of the Australian

Operations for

the year

ended December

31, 2022,

of A$/US$:

0.70 compared

to 0.75

for the

same period

2021.

10-K for the fiscal year ended December 31, 2021

Coronado Global Resources Inc. Form 10-K December

31, 2022

104

Depreciation, depletion and amortization

Depreciation, depletion and amortization were $167.0 million for

the year ended December 31, 2022,

a decrease

$10.8 million,

compared

$177.9

million

for

the

year

ended

December

31,

2021.

The

decrease

was

associated with a

favorable average foreign

exchange rate on

translation of the

Australian Operations,

partially

offset by depreciation on equipment brought into

service during the year ended December 31, 2022.

Freight expenses

Freight expenses of $249.1 million for the year

ended December 31, 2022, increased by

$7.2 million, compared

to $241.9

million for

the year

ended December

31, 2021.

Our U.S.

Operations contributed

$15.9 million

to the

increase, due to certain contracts for which we arrange and pay for transportation to port that did not exist to the

same extent in 2022

combined with higher rail freight

rates due the impact of

inflationary pressures in the market,

partially offset by the

benefits of lower

average foreign exchange

rate on translation

of freight cost

from Australian

Operations.

Stanwell rebate

The Stanwell

rebate was

$166.0 million

for the

year ended

December 31,

2022, an

increase of

$110.6 million,

compared to

$55.4 million

for the

year

ended December

31, 2021.

The increase

was largely

driven by

higher

realized

export

reference

coal

pricing

for

the

prior

twelve-month

period

used

calculate

the

rebate,

partially

offset by the favorable average foreign exchange

rate on translation of the Australian Operations.

Other royalties

Other

royalties

were

$385.1 million

for

the

year

ended

December

31,

2022,

increase

$242.3 million,

compared to

$142.8 million

for the

year ended

December 31,

2021.

Higher royalties

were a

product of

higher

average

realized

export

pricing

and

the

adverse

impact

the

new

Queensland

Government

royalty

regime

applicable from July 1, 2022 to our Australian Operations.

Other, net

Other,

net

was

gain

$33.8

million

the

year

ended

December

31,

2022,

increase

$40.0

million

compared to

a net

loss of

$6.2 million

for the

year ended

December 31,

2021. The

increase largely

relates to

foreign exchange gains

recognized in the

translation of short-term

inter-entity balances in

certain entities within

the

Group

that

are

denominated

currencies

other

than

their

respective

functional

currencies

due

the

favorable average foreign exchange rate on translation.

Income tax expense

Income tax

expense of

$231.6 million

for the

year ended

December 31,

2022, increased

by $178.5

million, as

compared to $53.1 million for the year ended December

31, 2021.

The income tax expense

for the year ended

December 31, 2022 resulted in

an annual effective tax rate

of 23.8%,

an increase from 21.9% for the year ended December

31, 2021.

Year Ended December 31,

2021 Compared to Year

Ended December 31, 2020

The Company’s comparison of 2021 results to

2020 results is included in the

Company’s

Annual Report on Form

, under Part II Item

7, “Management’s Discussion and Analysis

of Financial Condition and Results of Operations”.

Coronado Global Resources Inc. Form 10-K December

31, 2022

105

Supplemental Segment Financial Data

Year Ended December 31,

2022 Compared to Year

Ended December 31, 2021

Australian Operations

For Year Ended December 31,

(US$ in thousands)

2022

2021

Change

Sales Volume (MMt)

10.0

11.3

(1.3)

(12.1)%

Total

revenues ($)

2,116,555

1,315,851

800,704

60.9%

Coal revenues ($)

2,078,518

1,279,736

798,782

62.4%

Average realized price per Mt sold ($/Mt)

208.9

113.1

95.8

84.7%

Met sales volume (MMt)

6.5

8.2

(1.7)

(20.7)%

Met coal revenues ($)

1,968,173

1,171,869

796,304

68.0%

Average realized Met price per Mt sold ($/Mt)

303.1

143.1

160.0

111.8%

Mining costs ($)

864,616

736,782

127,834

17.4%

Mining costs per Mt sold ($/Mt)

89.5

67.6

21.9

32.4%

Operating costs ($)

1,575,786

1,111,248

464,538

41.8%

Operating costs per Mt sold ($/Mt)

158.3

98.2

60.1

61.2%

Segment Adjusted EBITDA ($)

541,208

204,992

336,216

164.0%

Coal

revenues

for

Australian

Operations

for

the

year

ended

December

31,

2022,

were

$2,078.5 million,

increase of $798.8 million, or 62.4%, compared

to $1,279.7 million for the year

ended December 31, 2021. This

increase

was

driven

higher

average

realized

Met

price

$303.1

per

Mt,

increase

$160.0

per

Mt,

compared to $143.1 per Mt sold during the same period in 2021. The higher realized price during the period was

primarily driven by disruption in supply dynamics caused by the conflict between

Russia and Ukraine, as well as

supply constraints from key Met

coal markets due to unseasonal

wet weather and logistical issues. Sales

volume

of 10.0 MMt was 1.3 MMt lower compared to 11.3

MMt for the year ended December 31, 2021, mainly driven by

significant unprecedented wet

weather events experienced

at the Curragh

mine during 2022

which significantly

reduced mining activities and coal availability.

Operating costs increased by $464.5 million, or 41.8%, for the year ended December 31, 2022, compared to the

year

ended

December

31,

2021.

The

increase

was

driven

higher

mining

costs,

higher

Stanwell

rebate

(mainly due

to higher

realized coal

pricing) and

greater royalties,

due to higher

coal revenues

and the

adverse

impact of the amended royalty.

Mining costs were $127.8 million, or 17.4%, higher for the year ended December

31, 2022 compared to the same

period in 2021, primarily due

to inflationary pressures and additional

contractor

fleets mobilized

during the

first half

of 2022

at our

Australian Operations,

partially offset

by favorable

average

foreign exchange on

translation of our

Australian Operations. Increased

costs combined with

lower sales

volumes

resulted in higher Mining

and Operating costs per Mt

sold of $89.5 and

$158.3, respectively, an increase of $21.9

and $60.1, respectively,

compared to the same period in 2021.

For the year

ended December 31,

2022, Segment

Adjusted EBITDA was

$541.2 million, an

increase of $336.2

million compared

to Segment

Adjusted EBITDA

of $205.0

million for

the year

ended December

31, 2021.

This

increase was primarily driven by higher coal revenues

partially offset by higher operating costs.

Coronado Global Resources Inc. Form 10-K December

31, 2022

106

United States

For Year Ended December 31,

(US$ in thousands)

2022

2021

Change

Sales Volume (MMt)

6.4

—

(0.1)%

Total

revenues ($)

1,454,987

832,620

622,367

74.7%

Coal revenues ($)

1,449,108

828,595

620,513

74.9%

Average realized price per Mt sold ($/Mt)

225.2

128.6

96.6

75.1%

Met sales volume (MMt)

6.2

6.3

(0.1)

(1.7)%

Met coal revenues ($)

1,394,880

822,000

572,880

69.7%

Average realized Met price per Mt sold ($/Mt)

226.5

131.2

95.3

72.6%

Mining costs ($)

531,812

392,362

139,450

35.5%

Mining costs per Mt sold ($/Mt)

86.5

62.3

24.2

38.9%

Operating costs ($)

739,940

524,018

215,922

41.2%

Operating costs per Mt sold ($/Mt)

115.0

81.3

33.7

41.5%

Segment Adjusted EBITDA ($)

716,661

312,048

404,613

129.7%

Coal revenues increased by $620.5 million, or

74.9%, to $1,449,1 million for the

year ended December 31, 2022,

as compared

$828.6 million

for the

year

ended December

31, 2021.

This increase

was

mainly driven

higher average

realized

Met price

per Mt

sold for

the

year ended

December 31

2022 of

$226.5 compared

$131.2 per Mt sold for

the same period in 2021.

Higher average realized Met price benefited

from strong demand

and supply shortage

in the global

seaborne export markets

and high demand

of U.S.-sourced coal

into Europe

due to trade restrictions on Russian coal.

Operating costs

increased by $215.9 million, or 41.2%, to $739.9 million for the year ended December 31, 2022,

compared to

operating costs

of $524.0

million for

the year

ended December

31, 2021

driven by

higher mining

costs, royalties, freight expenses

and increase in purchase

coal to meet sales

commitments.

Higher operating

costs were largely driven

by increase in mining

costs of $139.5 million,

or 35.5%. compared to

the same period

in 2021, as

a result

of adverse

geological conditions

causing higher

maintenance costs,

higher subcontractor’s

costs

due to labor shortages and overall inflationary pressures

on labor, materials and supplies.

Segment Adjusted EBITDA of $716.7 million for

the year ended December 31, 2022 increased by

$404.6 million,

129.7%, compared to

$312.0 million for

the year ended

December 31,

2021. This increase

was primarily driven

by a higher average realized Met price per Mt sold, partially offset

by higher operating costs.

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,

(US$ in thousands)

2022

2021

Change

Selling, general, and administrative expenses

42,499

30,666

11,833

38.6%

Other, net

(254)

241

(495)

(205.4)%

Total

Corporate and Other Adjusted EBITDA

42,245

30,907

11,338

36.7%

Corporate

and

other

costs

increased

$11.3

million

$42.2

million

for

the

year

ended

December

31,

2022,

compared

$30.9

million

for

the

year

ended

December

31,

2021.

The

increase

selling,

general,

and

administrative

expenses

was

largely

driven

inflationary

pressures

corporate

and

labor

costs,

corporate

activities resuming to pre-COVID-19 pandemic levels and timing

or certain corporate costs.

Coronado Global Resources Inc. Form 10-K December

31, 2022

107

Mining and operating costs for the Year Ended December 31, 2022 compared to Year

December 31, 2021

A reconciliation of

segment costs and

expenses, segment operating

costs, and segment

mining costs is

shown

below:

For Year Ended December 31, 2022

(US$ in thousands)

Australia

United States

Other /

Corporate

Total

Consolidated

Total costs and

expenses

1,658,105

823,529

43,637

2,525,271

Less: Selling, general and administrative expense

(24)

—

(42,475)

(42,499)

Less: Depreciation, depletion and amortization

(82,295)

(83,589)

(1,162)

(167,046)

Total operating costs

1,575,786

739,940

—

2,315,726

Less: Other royalties

(330,503)

(54,562)

—

(385,065)

Less: Stanwell rebate

(165,995)

—

(165,995)

Less: Freight expenses

(153,068)

(96,013)

—

(249,081)

Less: Other non-mining costs

(61,604)

(57,553)

—

(119,157)

Total mining costs

864,616

531,812

—

1,396,428

Sales Volume excluding non-produced

coal (MMt)

9.7

6.1

—

15.8

Mining cost per Mt sold ($/Mt)

89.5

86.5

—

88.4

For Year Ended December 31, 2021

(US$ in thousands)

Australia

United States

Other /

Corporate

Total

Consolidated

Total costs and

expenses

1,202,807

611,611

31,689

1,846,107

Less: Selling, general and administrative expense

—

(30,666)

Less: Restructuring costs

(2,300)

—

(2,300)

Less: Depreciation, depletion and amortization

(89,259)

(87,593)

(1,023)

(177,875)

Total operating costs

1,111,248

524,018

—

1,635,266

Less: Other royalties

(117,001)

(25,750)

—

(142,751)

Less: Stanwell rebate

(55,403)

—

(55,403)

Less: Freight expenses

(161,703)

(80,159)

—

(241,862)

Less: Other non-mining costs

(40,359)

(25,747)

—

(66,106)

Total mining costs

736,782

392,362

—

1,129,144

Sales Volume excluding non-produced

coal (MMt)

10.9

6.3

—

17.2

Mining cost per Mt sold ($/Mt)

67.6

62.3

—

65.7

Average realized Met price for the Year

Ended December 31, 2022 compared to Year

December 31, 2021

A reconciliation of the Company’s average realized

Met coal revenue is shown below:

For Year Ended December 31,

(US$ in thousands)

2022

2021

Change

Met sales volume (MMt)

12.7

14.5

(1.8)

(12.4)%

Met coal revenues ($)

3,363,053

1,993,869

1,369,184

68.7%

Average realized met price per Mt sold ($/Mt)

265.8

138.0

127.8

92.6%

Coronado Global Resources Inc. Form 10-K December

31, 2022

108

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

For year ended December 31,

(US$ in thousands)

2022

2021

2020

Reconciliation to Adjusted EBITDA:

Net income (loss)

771,703

189,423

(226,537)

Add: Depreciation, depletion and amortization

167,046

177,875

191,189

Add: Interest expense, net

67,632

68,062

50,585

Add: Other foreign exchange (gains) losses

(32,259)

7,049

1,175

Add: Loss on debt extinguishment

5,336

8,477

—

Add: Income tax expense (benefit)

231,574

53,102

(60,016)

Add: Impairment of assets

—

78,111

Add: Restructuring costs

—

2,300

—

Add: Losses on idled assets held for sale

771

2,732

9,994

Add: Gain on disposal of asset held for sale

—

(14,845)

—

Add: Increase (decrease) in provision for discounting

and credit losses

3,821

(8,042)

9,298

Adjusted EBITDA

1,215,624

486,133

53,799

Liquidity and Capital Resources

Overview

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

have an

adverse impact

on revenues

or costs.

Our principal

sources of

funds are

cash and

cash equivalents,

cash flow from operations and availability under the ABL

Facility.

Our main uses of cash have historically been, and are expected to continue to be, the funding of our operations,

working capital,

capital

expenditure,

debt

service

obligations,

business

or assets

acquisitions

and

payment

dividends. Based on our outlook for the next

twelve months and beyond,

which is subject to continually changing

demand from our customers, volatility in

coal prices, ongoing interruptions and uncertainties surrounding China’s

import restrictions,

such as

trade barriers

imposed by

China on

Australian sourced

coal and

the uncertainty

impacts from the Russia and Ukraine war

on the global supply chain, we believe

expected cash generated from

operations together with available borrowing facilities

and other strategic and financial

initiatives, will be sufficient

to meet

the needs

of our

existing operations,

capital expenditure,

service our

debt obligations

and, if

declared,

payment of dividends.

Our ability to generate

sufficient cash depends

on our future performance

which may be subject

to a number of

factors

beyond

our

control,

including

general

economic,

financial

and

competitive

conditions

and

other

risks

described in Part I, Item 1A. “Risk Factors” of this Annual

Report on Form 10-K.

Liquidity as of December 31, 2022 and December 31,

2021 was as follows:

December 31,

(US$ in thousands)

2022

2021

Cash, excluding restricted cash

334,378

437,679

Availability under ABL Facility

(1)

100,000

Total

434,378

537,679

(1)

The ABL Facility contains a

springing fixed charge coverage

ratio of not less than 1.00

to 1.00, which ratio is tested

if availability under the

ABL Facility is less than $17.5 million for five consecutive

business days or less than $15.0 million on

any business day.

Coronado Global Resources Inc. Form 10-K December

31, 2022

109

Our total indebtedness as of December 31, 2022 and

December 31, 2021 consisted of the following:

(US$ in thousands)

2022

2021

Interest bearing liabilities, excluding current installments

242,326

315,000

Current installments of other financial liabilities and finance

lease obligations

4,585

8,634

Other financial liabilities and finance lease obligations, excluding current

installments

8,336

14,031

Total

255,247

337,665

Liquidity

December

31,

2022,

available

liquidity

was

$434.4

million,

comprising

cash

and

cash

equivalents

(excluding restricted cash) of $334.4 million and $100.0

million of available borrowings under our ABL Facility.

Coronado continues to actively

review plans for reducing

operating, corporate and capital

expenditures to ensure

sufficient available liquidity during periods of uncertainty

and volatility.

Cash

Cash is held in a

multicurrency interest bearing bank accounts available to be

used to service the working capital

needs of

the Company.

Cash balances

surplus to

immediate working

capital requirements

is invested

in short-

term interest-bearing deposit accounts or used to repay

interest bearing liabilities.

Senior Secured Notes

As of December 31, 2022, the outstanding principal amount of our 10.750%

Senior Secured Notes due 2026, or

the Notes,

was $242.3

million. Interest on

the Notes is

payable semi-annually in

arrears on

May 15 and

November

15 of each year. The Notes

mature on May 15, 2026 and are senior secured obligations

of the Company.

The Notes are guaranteed

on a senior secured

basis by the Company

and its wholly-owned

subsidiaries (other

than

the

Issuer)

(subject

certain

exceptions

and

permitted

liens)

and

secured

(i)

first-priority

lien

substantially all of the Company’s assets and the assets of the other

Guarantors (other than accounts receivable

and other rights to payment,

inventory,

intercompany indebtedness, certain

general intangibles and commercial

tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds

and

products

each

the

foregoing,

or,

collectively,

the

ABL

Collateral),

the

Notes

Collateral,

and

(ii)

second-priority lien on the ABL Collateral, which is

junior to a first-priority lien, for the

benefit of the lenders under

the ABL Facility.

The terms

of the

Notes are

governed

by the

indenture.

The indenture

contains

customary

covenants

for high

yield bonds, including,

but not limited

to, limitations on

investments, liens, indebtedness,

asset sales, transactions

with affiliates and restricted payments, including payment

of dividends on capital stock.

The Company may

redeem some or

all of the

Notes at the

redemption prices and

on the terms

specified in the

Indenture. In addition, the Company may,

from time to time, seek to retire or purchase outstanding

debt through

open-market purchases,

privately negotiated

transactions or

otherwise. Such

repurchases, if

any,

will be

upon

such terms and at such prices as the Company may determine, and will depend on prevailing market conditions,

liquidity requirements, contractual restrictions and other

factors.

As of December 31, 2022, we were in compliance with all applicable

covenants under the Indenture.

Partial Redemption of Notes

On November

23, 2022,

the Company

exercised its

optional redemption

rights and

redeemed $35.0

million, or

10.0%, of the

original aggregate principal amount

of its Notes

at a redemption

price equal to

103% of the

principal

amount of the Notes, plus accrued and unpaid interest on

the Notes to, but not including, the date

of redemption.

For

the

year

ended

December

31,

2022,

connection

with

the

dividends

paid

the

period,

offered

purchase the

Notes pursuant

to the

terms of

the Indenture.

In connection

with the

above offers,

we purchased

aggregate

principal

amount,

for

accepted

offers,

$37.7

million

price

equal

104%

the

principal

amount of the Notes, plus accrued and unpaid interest on

the Notes to, but not including, the date

of redemption.

Coronado Global Resources Inc. Form 10-K December

31, 2022

110

ABL Facility

The ABL

Facility,

dated May

12, 2021,

is for

an aggregate

multi-currency

lender commitment

of up

to $100.0

million, including a $30.0 million

sublimit for the issuance

of letters of credit and

$5.0 million for swingline

loans,

at any time outstanding, subject to borrowing base availability.

The ABL Facility matures on May 12, 2024.

Borrowings under the ABL Facility bear interest at a rate

equal to a BBSY rate plus an applicable margin.

December

31,

2022,

amounts

were

drawn

and

letters

credit

were

outstanding

under

the

ABL

Facility.

As of December 31, 2022, we were in compliance with all applicable

covenants under the ABL Facility.

Bank Guarantees and Surety Bonds

are

required

provide

financial

assurances

and

securities

satisfy

contractual

and

other

requirements

generated in the

normal course of

business. Some of

these assurances are provided

to comply with

state or other

government agencies’ statutes and regulations.

For the U.S. Operations, in

order to provide the required

financial assurance, we generally use

surety bonds for

post-mining reclamation.

We can

also use

bank letters

of credit

to collateralize

certain other

obligations. As

December 31, 2022, we

had outstanding surety bonds of

$34.9 million and letters of

credit of $16.8 million issued

from our available bank guarantees, to meet contractual obligations under workers compensation insurance and

to secure

various

obligations

and commitments.

Future

regulatory

changes relating

to these

obligations

could

result in increased obligations, additional costs or additional

collateral requirements.

For

the

Australian

Operations,

had

bank

guarantees

outstanding

$27.3

million

December

31,

2022,

primarily in respect of certain rail and port arrangements

of the Company.

As of

December 31,

2022, we

had outstanding

bank guarantees

of $44.1

million to

secure various

obligations

and

commitments.

The

Company

provided

cash,

the

form

deposits,

collateral

against

these

bank

guarantees.

Dividend

During the year ended December 31, 2022, we paid $700.2

million in dividends to stockholders or CDI holders

on the ASX,

net of $1.4 million foreign exchange gain on payment

of dividends to certain CDI holders that

elected to be paid in Australian dollars.

On February 21,

2023, our Board

of Directors declared

a bi-annual fully

franked fixed ordinary

dividend of $8.4

million, or 0.5 cents per CDI. The Company

is not required to make an offer

to purchase Notes in relation to this

dividend due to the available unaccepted portion of the

offer to purchase Notes made in connection with

special

dividends declared on October 30, 2022. The dividend will have a record date of March 15, 2023, Australia time,

and be payable on April 5, 2023, Australia time. The

ordinary dividend will be funded from available cash.

Capital Requirements

Our main uses of cash have historically been the funding

of our operations, working capital, capital expenditure,

the payment of

interest and dividends.

We intend

to use cash

to fund debt

service payments

on our Notes,

the

ABL Facility and our

other indebtedness, to fund operating

activities, working capital, capital expenditures, partial

redemption of the Notes, business or assets acquisitions

and, if declared, payment of dividends.

Coronado Global Resources Inc. Form 10-K December

31, 2022

111

Historical Cash Flows

The

following

table

summarizes

our

cash

flows

for

the

year

ended

December

31,

2022,

2021

and

2020

reported in the accompanying Consolidated Financial Statements:

Cash Flow

For Year Ended December 31,

(US$ in thousands)

2022

2021

2020

Net cash provided by (used in) operating activities

926,643

442,014

(3,000)

Net cash used in investing activities

(208,343)

(134,332)

(114,128)

Net cash (used in) provided by financing activities

(784,251)

80,836

137,526

Net change in cash and cash equivalents

(65,951)

388,518

20,398

Effect of exchange rate changes on cash and restricted

cash

(37,351)

3,677

(1,215)

Cash and restricted cash at beginning of period

437,931

45,736

26,553

Cash and restricted cash at end of period

334,629

437,931

45,736

Operating activities

Net cash provided

by operating activities

was $926.6 million

for the year ended

December 31, 2022,

compared

to a

cash provided

by in

operating activities

of $442.0 million for

the year

ended December

31, 2021.

The increase

was primarily driven by higher coal revenues due to an increase in the

average realized Met coal pricing partially

offset by higher operating

costs and unfavorable working capital

movement due to higher trade

receivables and

inventories at December 31, 2022.

Net cash provided

by operating activities

was $442.0 million

for the year ended

December 31, 2021,

compared

to a cash used in

operating activities of $3.0 million for the year

ended December 31, 2020. The increase in cash

provided by

operating

activities

was driven

by favorable

movement

in working

capital and

an increase

in coal

revenues during the year partially offset by higher

operating costs.

Investing activities

Net cash

used in

investing activities

was

$208.3 million

for the

year

ended December

31, 2022,

compared

$134.3 million

for the

year ended

December 31,

2021. Cash

spent on

capital expenditures

for the

year ended

December 31,

2022

was $199.7

million, of

which $79.

million is

related to

the Australian

Operations,

$119.7

million is related

to the U.S.

Operations and the

remaining $0.6 million

for other and corporate.

During the year

ended December

31, 2022,

a net

of $6.5

million of

additional deposits

were provided

as collateral

for our

U.S.

workers

compensation

obligations

and

$2.4

million

the

additional

security

deposit

were

provided

our

Australian Operations to satisfy contractual requirements in

the normal course of business.

Net cash

used in

investing

activities was

$134.3 million

for the

year

ended December

31, 2021,

compared

$114.1

million for

the year

ended December

31, 2020.

Cash spent

on capital

expenditures for

the year

ended

December 31, 2021 was

$89.7 million, of

which $37.9 million is

related to the Australian

Operations, $50.1 million

related to

the

U.S.

Operations

and the

remaining

$1.6

million for

other

and corporate.

During

the

year

ended

December 31, 2021, a net of $73.7 million of additional deposits were provided as collateral for bank guarantees

and our

U.S. workers

compensation obligations.

Partially offsetting

the cash

used, was

net proceeds

of $27.5

million generated during the year ended December 31, 2021

from the sale of Amonate.

Financing activities

Net cash

used in

financing

activities was

$784.3 million

for the

year ended

December

31, 2022,

compared

cash provided by financing activities of

$80.8 million for the year ended December

31, 2021. The net cash used

in financing activities for

the year ended December

31, 2022, included dividend

payments of $700.2

million, net

of a

$1.4 million

foreign exchange

gain on

settlement

of dividends

for shareholders

who elected

to be

paid

Australian dollars

$72.7 million

of Notes

redeemed

and

$2.6 million

of premium

paid on

redemption,

and the

remainder related to repayment of other financial liabilities.

Net cash provided by financing activities was $80.8

million for the year ended December 31, 2021, compared

$137.5 million

for the year

ended December

31, 2021.

Included in the

net cash

provided by

financing activities

for

the

year

ended

December

31,

2021,

were

net

proceeds

from

borrowings

$396.3

million,

repayment

borrowings of $413.2 million and net proceeds from the stock

issuance of $97.7 million.

Coronado Global Resources Inc. Form 10-K December

31, 2022

112

Contractual Obligations

The following is a summary of our contractual obligations

at December 31, 2022:

Payments Due By Year

Less than

‑

More than

(US$ in thousands)

Total

1 Year

Years

5 Years

Long

‑

term debt obligations

(1)

12,964

4,543

8,421

—

Senior secured notes

(2)

242,326

—

242,326

—

Mineral lease commitments

(3)

52,742

5,493

10,623

10,228

26,398

Operating and finance lease commitments

27,099

9,102

11,644

6,353

—

Unconditional purchase obligations

(4)

28,601

—

Take

‑

pay contracts

(5)

932,701

96,734

203,116

206,564

426,287

Total

contractual cash obligations

1,296,433

144,473

233,804

465,471

452,685

(1)

Represents financial obligation relating to amounts outstanding

from financing equipment purchases,

insurance premiums and financial liabilities for a sale and lease

back type arrangement.

(2)

Represents financial obligation outstanding under the

Senior Secured Notes. Refer to 17 “Interest

Bearing Liabilities”

in the accompanying audited Consolidated Financial Statements

for additional

discussion.

(3)

Represents future minimum royalties and payments under mineral

leases. Refer to 27 “Commitments”

in the accompanying audited Consolidated Financial Statements

for additional discussion.

(4)

Represents firm purchase commitments for capital expenditures

(based on order to suppliers for capital

purchases) for 2023.

(5)

Represents various short-

and long-term take-or-pay arrangements in Australia associated

with rail and

port commitments for the delivery of coal.

This

table

does

not

include

our

estimated

Asset

Retirement

Obligations,

ARO.

discussed

“—Critical

Accounting

Policies

and

Estimates—Carrying

Value

Asset

Retirement

Obligations”

below,

the

current

and

non-current

carrying

amount

our

ARO

involves

several

estimates,

including

the

amount

and

timing

the

payments required to satisfy

these obligations. The timing

of payments is based on numerous

factors, including

projected

mine

closure

dates.

Based

our

assumptions,

the

carrying

amount

our

ARO

determined

accordance with U.S. GAAP was $138.5 million as of

December 31, 2022.

Critical Accounting Policies and Estimates

The preparation

our Consolidated

Financial

Statements

in conformity

with

U.S. GAAP

requires

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

Consolidated

Financial

Statements

and

the

reported

amounts

revenue

and

expenses

during

the

reporting

period.

Listed

below

are

the

accounting

estimates

that

believe

are

critical

our

Consolidated

Financial

Statements due to the degree of

uncertainty regarding the estimates or assumptions involved and

the magnitude

of the asset, liability, revenue or expense being reported. All of these accounting

estimates and assumptions, as

well

the

resulting

impact

our

Consolidated

Financial

Statements,

have

been

discussed

with

the

Audit,

Governance and Risk Committee, or Audit Committee,

of our Board of Directors.

See Note 2.

“Summary of Significant

Accounting Policies”

to the accompanying

audited Consolidated Financial

Statements for a summary of our significant accounting

policies.

Fair Value of Non-Financial Assets

Our

non-financial

assets

valuations

are

primarily

comprised

our

determination

the

estimated

fair

value

allocation of net tangible

and intangible assets, our

annual assessment of

the recoverability of

our goodwill and

our evaluation of the recoverability of our other long-lived

assets upon certain triggering events.

Long-Lived Assets

We review

the carrying

value of

intangible

assets with

definite lives

and

other long-lived

assets to

be used

operations annually

or whenever

events or

changes in

circumstances

indicate that

the carrying

amount of

the

assets or asset groups might not be recoverable.

Coronado Global Resources Inc. Form 10-K December

31, 2022

113

Factors that would necessitate

an impairment assessment

include a significant adverse

change in the extent

manner in which an asset is

used, a significant adverse change in

legal factors or the business climate

that could

affect

the

value

the

asset

group

a significant

decline

the

observable

market

value

asset

group,

among others. If such facts

indicate a potential impairment,

the recoverability of the asset

group is assessed by

determining whether the carrying value

of the asset group exceeds

the sum of the projected

undiscounted cash

flows expected to

result from

the use and

eventual disposition

of the asset

group over the

remaining economic

life of the asset

group. If the projected undiscounted cash

flows are less than

the carrying amount, an impairment

is recorded

for the

excess of

the carrying

amount over

the estimated

fair value,

which is

generally determined

using discounted future cash

flows. Any such write

down is included in

impairment expense in our

consolidated

statement of operations.

A high degree of

judgment is required

to estimate the

fair value of

our intangible and

long-lived assets, and

the

conclusions that

we reach

could vary

significantly based

on these

judgments.

We make

various

assumptions,

including assumptions regarding

future cash flows

in our

assessments of

fair value. The

assumptions about future

cash

flows

and

growth

rates

are

based

the

current

and

long-term

business

plans

the

long-lived

assets. Discount

rate assumptions

are based

on an

assessment of

the risk

inherent in

the future

cash flows

the long-lived assets.

December

31,

2022,

determined,

based

our

qualitative

assessment,

that

impairment

indicators

existed.

Goodwill Impairment

We had

a balance

of goodwill

of $28.0 million

recorded at

December 31,

2022, which

was generated

upon the

acquisition of Buchanan

in 2016. We

perform our annual assessment

of the recoverability of

our goodwill in

the

fourth quarter of each year. We utilize a qualitative assessment for determining whether the quantitative goodwill

impairment analysis is

necessary.

The accounting guidance

permits entities to

first assess qualitative

factors to

determine whether it is more

likely than not that the

fair value of a reporting

unit is less than its carrying

amount

basis

for

determining

whether

necessary

perform

the

quantitative

goodwill

impairment

test.

evaluating goodwill on

a qualitative basis,

we review the

business performance

of the Buchanan

mine complex

(the only reporting

unit with

a goodwill balance)

and evaluate

other relevant

factors as

identified in the

relevant

accounting

guidance

determine

whether

likely

than

not

that

indicator

impairment

exists

Buchanan. We consider whether there are any negative macroeconomic conditions, industry specific conditions,

market

changes,

increased

competition,

increased

costs

doing

business,

management

challenges,

legal

environments and how these factors might

impact company specific performance in future periods.

As part of the

analysis, we

also consider

fair value

determinations for

certain reporting

units that

have been

made at

various

points throughout

the current

and prior

year for

other purposes

to ensure

there is

no contrary

evidence to

our

analysis. At

December 31,

2022, we

did not

perform a

quantitative impairment

assessment as

we determined,

based on our qualitative assessment, that no impairment

indicators existed.

Assets held for sale

As of December 31, 2022, the assets

and liabilities held for sale represent the fair value

of the Greenbrier mining

asset, which may be realized through a potential sale within the

next 12 months.

The fair value of the Greenbrier mining asset was primarily driven by indicative offers and Level 3 inputs such as

estimates

future

cash

flows

which

aligns

the

Company’s

best

estimate

future

market

and

operating

conditions, including

its current

life of

mine plan.

The life

of mine

plan includes

assumptions in

relation to

coal

price forecasts, projected mine production volumes, operating costs,

capital costs and discount rate.

Carrying Value of Asset Retirement

Obligations

The Company is required to maintain a liability

(and associated asset) for the expected value of future

retirement

obligations on their mines, in line with ASC 410, Asset

Retirement and Environmental Obligations.

Reclamation

areas

disturbed

mining

operations

must

performed

accordance

with

approved

reclamation plans and in compliance with state and federal laws in the states of West Virginia and Virginia

in the

U.S., and Queensland in Australia. For areas disturbed, a significant amount of the reclamation will take place in

the future, when

operations cease. There

were no assets

that were

legally restricted for

purposes of settling

asset

retirement obligations

as of

December 31,

2022. In

addition, state

agencies monitor

compliance with

the mine

plans, including reclamation.

Coronado Global Resources Inc. Form 10-K December

31, 2022

114

record

the

fair

value

additions

our

asset

retirement

obligations

using

the

present

value

projected

future

cash

flows

discounted

using

credit-adjusted

risk-free

rate,

with

equivalent

amount

recorded

long-lived asset. An accretion

cost is recorded each

period and the capitalized cost

is depreciated over the

useful

life of the

related asset. As reclamation

work is performed or

liabilities are otherwise settled, the

recorded amount

of the liability is reduced.

A review

of restoration

and

decommissioning

provisions

is carried

out annually

on a

mine-by-mine

basis,

and

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.

Expected Credit Losses

For trade and related party

receivables carried at amortized

cost, we determine expected

credit losses, or ECL,

on a forward-looking basis. The amount of ECL is updated at each reporting date to reflect changes in credit risk

since the

initial recognition of

the respective

financial instrument. We

recognize the lifetime

ECL. ECL is

estimated

based on our

historic credit loss

experience, adjusted for

factors that are

specific to the

financial asset, general

economic

conditions,

financial

asset

type,

term

and

assessment

both

the

current

well

forecast

conditions, including

the expected

timing of

collection, at

the reporting

date, modified

for credit

enhancements

such

letters

credit

obtained.

measure

ECL,

trade

and

party

receivables

have

been

grouped

based on shared credit risk characteristics and the days

past due.

We consider

an event

of default

has occurred

when

a financial

asset is

significantly

past due

or other

factors

indicate that the debtor

is unlikely to pay

amounts owed to us.

A financial asset is

credit impaired when there

evidence that the counterparty

is in significant financial

difficulty or a

breach of contract, such

as default or past

due event

has occurred.

We write

off a

financial asset

when there

is information

indicating there

is no

realistic

prospect of recovery of the asset

from the counterparty.

The amount of the impairment

loss is recognized in the

consolidated statement of operations

and other comprehensive income

within “Decrease (increase) in provision

for discounting

and

credit

losses”.

Subsequent

recoveries

amounts

previously

written

off

are credit

against

“Decrease (increase) provision for discounting and

credit losses” in the

consolidated statement of operations and

other comprehensive income.

Recoverable Coal Reserves

There are numerous uncertainties inherent

in estimating quantities and values of

economically recoverable coal

reserves,

including

many

factors

beyond

our

control.

result,

estimates

economically

recoverable

coal

reserves

are

their

nature

uncertain.

Information

about

our

reserves

consists

estimates

based

engineering,

economic

and

geological

data

assembled

and

analyzed

our

staff

and

third-party

qualified

persons. Our

reserves are

periodically reviewed

by an

independent third

party consultant.

Some of

the factors

and assumptions which impact economically recoverable reserve

estimates include:

•

geological settings;

•

historical production from the area compared with production from

other producing areas;

•

the assumed effects of regulations and taxes by governmental

agencies

;

•

assumptions governing future prices; and

•

future operating costs.

Each of these factors may in fact vary considerably from the

assumptions used in estimating reserves. For these

reasons,

estimates

the

economically

recoverable

quantities

coal

attributable

particular

group

properties, and classifications

of these reserves

based on the

risk of recovery

and estimates of

future net cash

flows,

may

vary

substantially.

Actual

production,

revenues

and

expenditures

with

respect

our

reserves

will

likely

vary

from

estimates,

and

these

variances

may

material.

See

Item 1A.

“Risk

Factors—We

rely

estimates of our

recoverable reserves,

which is complex

due to geological

characteristics of the

properties and

the number of assumptions made”

and Item 2. “Properties” for discussions

of the uncertainties in estimating

our

proven and probable coal reserves.

Taxes

We are required to

estimate the amount of

tax payable or

refundable for the

current year and the

deferred income

tax liabilities and assets

for the future tax consequences

of events that have

been reflected in our

Consolidated

Coronado Global Resources Inc. Form 10-K December

31, 2022

115

Financial Statements

or tax

returns for

each taxing

jurisdiction in

which we

operate. This

process requires

our

management to

make judgments

regarding the

timing and

probability of

the ultimate

tax impact

of the

various

agreements

and

transactions

that

enter

into.

Based

these

judgments

may

record

tax

reserves

adjustments

valuation

allowances

deferred

tax

assets

reflect

the

expected

realizability

future

tax

benefits. Actual income

taxes could vary

from these estimates

due to

future changes in

income tax

law, significant

changes

the

jurisdictions

which

operate,

our

inability

generate

sufficient

future

taxable

income

unpredicted results from the final

determination of each year’s

liability by taxing authorities. These

changes could

have a significant impact on our financial position.

Newly Adopted Accounting Standards and Accounting

Standards Not Yet Implemented

See Note 2. “Summary

of Significant Accounting

Policies” to the

accompanying audited

Consolidated Financial

Statements

for

discussion

newly

adopted

accounting

standards

and

accounting

standards

not

yet

implemented.

Coronado Global Resources Inc. Form 10-K December

31, 2022

116

ITEM 7A.

QUANTITATIVE

AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

Our activities

expose us

a variety

of financial

risks, such

as commodity

price risk,

interest rate

risk, foreign

currency risk, liquidity risk and credit

risk. The overall risk management objective is

to minimize potential adverse

effects on our financial performance from those risks

which are not coal price related.

We manage

financial risk

through policies

and procedures

approved by

our Board

of Directors.

These specify

the responsibility

of the

Board

of Directors

and

management

with regard

to the

management

of financial

risk.

Financial risks are

managed centrally by

our finance

team under the

direction of the

Group Chief

Financial Officer.

The finance team manages risk exposures primarily through delegated authority limits approved by the Board of

Directors. The finance team regularly monitors our

exposure to these financial risks and reports

to management

and

the

Board

Directors

regular

basis.

Policies

are

reviewed

least

annually

and

amended

where

appropriate.

We may use

derivative financial instruments such

as forward fixed

price commodity contracts, interest

rate swaps

and

foreign

exchange

rate

contracts

hedge

certain

risk

exposures.

Derivatives

for

speculative

purposes

strictly prohibited by the Treasury Risk Management Policy approved by our Board of

Directors. We use different

methods

measure

the

extent

which

are

exposed

various

financial

risks.

These

methods

include

sensitivity analysis in

the case of

interest rate, foreign

exchange and other

price risks and

aging analysis for

credit

risk.

Commodity Price Risk

Coal Price Risk

are

exposed

domestic

and

global

coal

prices.

Our

principal

philosophy

that

our

investors

would

not

consider

hedging

coal

prices

the

long-term

interest

our

stockholders.

Therefore,

any

potential

hedging of coal prices through long-term fixed price contracts is subject to the approval of our Board of Directors

and would only be adopted in exceptional circumstances.

The

expectation

future

prices

for

coal

depends

upon

many

factors

beyond

our

control.

Met

coal

has

been

volatile commodity

over the

past ten

years. Recently,

in the

second quarter

of 2022,

seaborne prices

reached

record levels with both the Australian and U.S. Met coal price indices exceeding $600 per Mt, largely as result of

supply concerns

in key

Met coal

markets and

continued trade

flow disruptions

caused by

geopolitical tensions

following Russian

invasion

of Ukraine.

The demand

and supply

in the

Met coal

industry changes

from time

time. There are no assurances that oversupply will not occur, that demand will not decrease or that overcapacity

will not

occur,

which could

cause declines

in the

prices of

coal, which

could have

a material

adverse effect

our financial condition and results of operations

Additionally,

access to

international markets

may be

subject to

ongoing interruptions

and trade

barriers due

policies and tariffs of individual countries. For example, the imposition of restrictions

by China on Australian coal

into the

Country,

may in

the future

have a

negative impact

on our

profitability.

We may

or may

not be

able to

access alternate

markets for

our coal

should additional

interruptions and

trade barriers

occur in

the future.

inability

for

Met

coal

suppliers

access

international

markets,

including

China,

would

likely

result

oversupply of Met coal and may result in a decrease in

prices and or the curtailment of production.

We manage

our commodity

price risk

for our non-trading,

thermal coal

sales through

the use

of long-term

coal

supply agreements in our

U.S. Operations. In Australia, thermal

coal is sold

to Stanwell on a

supply contract. See

Part I, Item 1A. “Risk Factors—Risks related to the Supply Deed with Stanwell may

adversely affect our financial

condition and results of operations.”

Sales commitments in the

Met coal market are typically

not long-term in nature,

and we are therefore subject

fluctuations

market

pricing.

Certain

coal

sales

our

Australian

Operations

are

provisionally

priced

initially.

Provisionally priced sales

are those for

which price

finalization, referenced

to the relevant

index, is outstanding

at the reporting date. The final sales price is

determined within 7 to 90 days after delivery

to the customer.

As of

December 31, 2022,

we had $13.7

million of outstanding

provisionally priced receivables

subject to changes

the relevant price index. If prices decreased 10%, these provisionally priced receivables would decrease by $1.4

million.

See Part

I, Item

1A.

“Risk

Factors—Our

profitability depends

upon the

prices

we receive

for our

coal.

Prices for coal are volatile and can fluctuate widely based upon

a number of factors beyond our control.”

Coronado Global Resources Inc. Form 10-K December

31, 2022

117

Diesel Fuel

We may

be exposed

to price

risk in

relation to

other commodities

from time

to time

arising from

raw materials

used in our operations (such as gas or

diesel). These commodities may be hedged through financial instruments

if the

exposure is

considered material

and where

the exposure

cannot be

mitigated through

fixed price

supply

agreements.

The fuel required for our operations in fiscal year 2023 will be purchased under fixed-price contracts or on

a spot

basis.

Interest Rate Risk

Interest rate risk is the risk that a change in interest rates

on our borrowing facilities will have an adverse impact

on financial performance, investment decisions

and stockholder return. Our

objectives in managing our exposure

to interest rates include

minimizing interest costs

in the long term,

providing a reliable estimate

of interest costs

for

the

annual

work

program

and

budget

and

ensuring

that

changes

interest

rates

will

not

have

material

impact on our financial performance.

December

31,

2022,

had

$255.2 million

fixed-rate

borrowings

and

Notes

and

there

were

no variable-rate borrowings outstanding.

We currently do not hedge against interest rate

fluctuations.

Foreign Exchange Risk

A significant portion of our

sales are denominated in US$.

Foreign exchange risk is

the risk that our earnings

cash flows are adversely impacted by movements in exchange

rates of currencies that are not in US$.

Our main exposure

is to the

A$-US$ exchange rate

through our Australian

Operations, which have

predominantly

denominated

costs.

2022,

greater

than

60%

expenses

incurred

our

Australian

Operations

were

denominated in

A$. Approximately

40% of

our Australian

Operations’

purchases were

made with

reference

US$, which provides

a natural hedge

against foreign exchange

movements on these

purchases (including fuel,

several port handling charges,

demurrage, purchased coal

and some insurance

premiums). Appreciation of

the

A$ against

US$ will

increase our

Australian Operations’

US$ reported

cost base

and reduce

US$ reported

net

income. For

the portion

of US$

required to

purchase A$

to settle

our Australian

Operations’ operating

costs, a

10%

increase

the

US$

exchange

rate

would

have

increased

reported

total

costs

and

expenses

approximately $99.0 million for the year ended December

31, 2022.

Under normal market conditions, we generally do not consider it necessary to hedge our

exposure to this foreign

exchange risk.

However,

there

may be

specific commercial

circumstances,

such

as the

hedging

of significant

capital

expenditure,

acquisitions,

disposals

and

other

financial

transactions,

where

may

deem

foreign

exchange hedging

as appropriate

and

where a

US$ contract

cannot

be negotiated

directly with

suppliers

and

other third parties.

For our Australian

Operations, we

translate all

monetary assets

and liabilities

at the period-end

exchange rate,

all non-monetary

assets and

liabilities at

historical

rates

and revenue

and expenses

at the

average exchange

rates in effect during

the periods. The net

effect of these

translation adjustments is

shown in the accompanying

Consolidated Financial Statements within components

of net income.

We currently do not hedge our non-US$ exposures

against exchange rate fluctuations.

Credit Risk

Credit risk is the risk of

sustaining a financial loss

as a result of a counterparty

not meeting its obligations under

a financial instrument or customer contract.

We are exposed

to credit risk

when we have financial

derivatives, cash deposits,

lines of credit, letters

of credit

or bank guarantees

in place with

financial institutions. To mitigate against credit risk

from financial counterparties,

we have minimum credit rating requirements with financial

institutions where we transact.

Coronado Global Resources Inc. Form 10-K December

31, 2022

118

are

also

exposed

counterparty

credit

risk

arising

from

our

operating

activities,

primarily

from

trade

receivables. Customers who wish to trade on

credit terms are subject to credit

verification procedures, including

an assessment of their independent credit rating, financial position, past experience and industry reputation.

monitor the financial performance

of counterparties on a routine

basis to ensure credit

thresholds are achieved.

Where required, we will request additional credit

support, such as letters of credit,

to mitigate against credit risk.

Credit

risk

monitored

regularly,

and

performance

reports

are

provided

our

management

and

Board

Directors.

As of

December

31,

2022,

we had

financial

assets

$838.8

million,

comprising

of cash

and

restricted

cash,

trade receivables and

restricted deposits,

which are exposed

to counterparty

credit risk. These

financial assets

have been assessed under ASC 326, Financial Instruments – Credit Losses, and

a provision for discounting and

credit

losses

$5.1

million

was

recorded

December

31,

2022.

See

item

Financial

Statements

and

Supplementary Data—Note 9. Provision for Discounting and

Credit Losses.

Consolidated Balance Sheets

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

2022

119

ITEM 8. FINANCIAL STATEMENTS

AND SUPPLEMENTARY

DATA

TABLE OF CONTENTS

Page

Number

120

Consolidated Statements of Operations and Comprehensive Income

121

Consolidated Statements of Stockholders’ Equity

122

Consolidated Statements of Cash Flows

123

Notes to Consolidated Financial Statements

124

Report of Independent Registered Public Accounting Firm

(PCAOB ID: 0

1435

)

159

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

2022

120

Consolidated Balance Sheets

(In US$ thousands, except share data)

Assets

Note

December 31,

2022

December 31,

2021

Current assets:

Cash and restricted cash

334,629

437,931

Trade receivables, net

409,979

271,923

Inventories

158,018

118,922

Other current assets

60,188

47,647

Assets held for sale

26,214

27,023

Total

current assets

989,028

903,446

Non-current assets:

Property, plant and

equipment, net

1,389,548

1,397,363

Right of use asset – operating leases, net

17,385

13,656

Goodwill

28,008

Intangible assets, net

3,311

3,514

Restricted deposits

89,062

80,981

Deferred income tax assets

—

14,716

Other non-current assets

33,585

19,728

Total

assets

2,549,927

2,461,412

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

61,780

97,514

Accrued expenses and other current liabilities

343,691

270,942

Income tax payable

119,981

25,612

Asset retirement obligations

10,646

9,414

Contract obligations

40,343

39,961

Lease liabilities

7,720

8,452

Other current financial liabilities

4,458

8,508

Liabilities held for sale

12,241

12,113

Total

current liabilities

600,860

472,516

Non-current liabilities:

Asset retirement obligations

127,844

110,863

Contract obligations

94,525

141,188

Deferred consideration liability

243,191

230,492

Interest bearing liabilities

232,953

300,169

Other financial liabilities

8,268

13,822

Lease liabilities

15,573

12,894

Deferred income tax liabilities

95,671

75,750

Other non-current liabilities

27,952

26,216

Total

liabilities

1,446,837

1,383,910

Common stock $

0.01

par value;

1,000,000,000

shares authorized,

167,645,373

shares issued and outstanding as of December 31, 2022 and

December 31, 2021

1,677

Series A Preferred stock $

0.01

par value;

100,000,000

shares authorized,

Share issued and outstanding as of December 31, 2022 and

December 31,

2021

—

Additional paid-in capital

1,092,282

1,089,547

Accumulated other comprehensive losses

(91,423)

(44,228)

Retained earnings

100,554

30,506

Total

stockholders’ equity

1,103,090

1,077,502

Total

liabilities and stockholders’ equity

2,549,927

2,461,412

See accompanying notes to consolidated financial

statements.

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

2022

121

Consolidated Statements of Operations and Comprehensive

Income

(In US$ thousands, except share data)

Year ended December 31,

Note

2022

2021

2020

Revenues:

Coal revenues

3,527,626

2,010,996

1,289,010

Coal revenues from related parties

—

97,335

134,589

Other revenues

43,916

40,140

38,663

Total

revenues

3,571,542

2,148,471

1,462,262

Costs and expenses:

Cost of coal revenues (exclusive of items shown

separately below)

1,515,585

1,195,250

1,014,879

Depreciation, depletion and amortization

167,046

177,875

191,189

Freight expenses

249,081

241,862

185,863

Stanwell rebate

165,995

55,403

103,039

Other royalties

385,065

142,751

84,891

Selling, general, and administrative expenses

42,499

30,666

30,352

Restructuring costs

—

2,300

—

Total

costs and expenses

2,525,271

1,846,107

1,610,213

Other income (expenses):

Interest expense, net

(67,632)

(68,062)

(50,585)

Loss on debt extinguishment

(5,336)

(8,477)

—

Impairment of assets

—

(78,111)

(Increase) decrease in provision for discounting and

credit losses

(3,821)

8,042

(9,298)

Gain on disposal of asset held for sale

—

14,845

—

Other, net

33,795

(6,187)

(608)

Total

other expense, net

(42,994)

(59,839)

(138,602)

Income (loss) before tax

1,003,277

242,525

(286,553)

Income tax (expense) benefit

(231,574)

(53,102)

60,016

Net income (loss)

771,703

189,423

(226,537)

Less: Net loss attributable to noncontrolling

interest

—

(2)

(69)

Net income (loss) attributable to Coronado Global

Resources Inc.

771,703

189,425

(226,468)

Other comprehensive income, net of income taxes:

Foreign currency translation adjustment

(47,195)

(17,451)

21,488

Net gain (loss) on cash flow hedges, net of tax

—

2,029

(5,088)

Total

other comprehensive (loss) income

(47,195)

(15,422)

16,400

Total

comprehensive income (loss)

724,508

174,001

(210,137)

Less: Net loss attributable to noncontrolling

interest

—

(2)

(69)

Total

comprehensive income (loss) attributable to

Coronado Global Resources Inc.

724,508

174,003

(210,068)

Earnings (loss) per share of common stock

Basic

4.60

1.21

(2.04)

Diluted

4.60

1.21

(2.04)

See accompanying notes to consolidated financial

statements.

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

2022

122

Consolidated Statements of Stockholders’ Equity

(In US$ thousands, except share data)

Common stock

Preferred stock

Additional

paid in

capital

Accumulated

other

comprehensive

losses

Retained

earnings

(Accumulated

losses)

Noncontrolling

interest

Total

stockholders'

equity

Amount

Series A

Amount

Balance December 31, 2019

96,651,692

967

—

820,247

(45,206)

91,712

221

867,941

Net loss

—

(226,468)

(69)

(226,537)

Other comprehensive income (net of

2,108

deferred income tax)

—

16,400

—

16,400

Total comprehensive income (loss)

—

16,400

(226,468)

(69)

(210,137)

Issuance of common stock, net

41,736,198

417

—

171,168

—

171,585

Stock-based compensation for equity

classified awards

—

1,637

—

1,637

Dividends

—

(24,163)

—

(24,163)

Balance December 31, 2020

138,387,890

1,384

—

993,052

(28,806)

(158,919)

152

806,863

Net income (loss)

—

189,425

(2)

189,423

Other comprehensive income (net of

870

deferred income tax)

—

(15,422)

—

(15,422)

Total comprehensive (loss) income

—

(15,422)

189,425

(2)

174,001

Issuance of common stock, net

29,257,483

293

—

97,448

—

97,741

Stock-based compensation for equity

classified awards

—

(250)

—

(250)

Acquisition of non-controlling interest

—

(703)

—

(150)

(853)

Balance December 31, 2021

167,645,373

1,677

—

1,089,547

(44,228)

30,506

—

1,077,502

Net income

—

771,703

—

771,703

Other comprehensive loss

—

(47,195)

—

(47,195)

Total comprehensive (loss) income

—

(47,195)

771,703

—

724,508

Stock-based compensation for equity

classified awards

—

2,735

—

2,735

Dividends

—

(701,655)

—

(701,655)

Balance December 31, 2022

167,645,373

1,677

—

1,092,282

(91,423)

100,554

—

1,103,090

See accompanying notes to consolidated financial

statements

Coronado Global Resources Inc. Form 10-K December

31, 2022

123

Consolidated Statements of Cash Flows

(In US$ thousands)

Year Ended December 31,

2022

2021

2020

Cash flows from operating activities:

Net income (loss)

771,703

189,423

(226,537)

Adjustments to reconcile net income to cash and

restricted cash provided by

operating activities:

Depreciation, depletion and amortization

165,503

175,814

197,162

Impairment of Assets

—

78,111

Amortization of right of use asset - operating leases

6,704

8,899

13,285

Amortization of deferred financing costs

1,933

3,133

5,546

Non-cash interest expense

31,362

29,120

22,410

Amortization of contract obligations

(36,519)

(33,967)

(33,172)

Loss on disposal of property, plant and equipment

855

415

131

Decrease in contingent royalty consideration

—

(1,543)

Gain on operating lease derecognition

—

(1,184)

Equity-based compensation expense (gain)

2,735

(250)

1,637

Loss on debt extinguishment

5,336

8,477

—

Deferred income taxes

40,423

24,417

(11,247)

Reclamation of asset retirement obligations

(4,543)

(4,273)

(2,859)

Change in estimate of asset retirement obligation

1,543

2,061

(5,973)

Gain on disposal of asset held for sale

—

(14,845)

—

Increase (decrease) in provision for discounting and

credit losses

3,821

(8,042)

9,298

Changes in operating assets and liabilities:

Accounts receivable - including related party receivables,

net

(156,818)

(33,545)

(38,025)

Inventories

(41,243)

(9,637)

53,652

Other current assets

(12,365)

24,573

(1,921)

Accounts payable

(27,664)

24,166

6,833

Accrued expenses and other current liabilities

84,041

64,285

(27,829)

Operating lease liabilities

(8,244)

(10,986)

(15,329)

Income tax payable

96,326

—

Change in other liabilities

1,754

2,776

(25,446)

Net cash provided by (used in) operating activities

926,643

442,014

(3,000)

Cash flows from investing activities:

Capital expenditures

(199,716)

(89,661)

(117,856)

Proceeds from the disposal of property, plant, and equipment

318

1,594

—

Proceeds from disposal of assets held for sale

—

27,451

—

Purchase of restricted deposits

(9,761)

(103,997)

(2,302)

Redemption of restricted deposits

816

30,281

6,030

Net cash used in investing activities

(208,343)

(134,332)

(114,128)

Cash flows from financing activities:

Proceeds from interest bearing liabilities and other

financial liabilities

—

411,524

216,953

Debt issuance costs and other financing costs

—

(15,263)

(2,955)

Principal payments on interest bearing liabilities

and other financial liabilities

(81,310)

(412,046)

(221,414)

Call premiums paid on early redemption of debt

(2,557)

(1,050)

—

Principal payments on finance lease obligations

(140)

(70)

(2,481)

Dividends paid

(700,244)

—

(24,162)

Proceeds from stock issuance, net

—

97,741

171,585

Net cash (used in) provided by financing activities

(784,251)

80,836

137,526

Net (decrease) increase in cash and restricted

cash

(65,951)

388,518

20,398

Effect of exchange rate changes on cash and restricted

cash

(37,351)

3,677

(1,215)

Cash and restricted cash at beginning of period

437,931

45,736

26,553

Cash and restricted cash at end of period

334,629

437,931

45,736

Supplemental disclosure of cash flow information:

Cash payments for interest

36,728

33,462

23,538

Cash paid (refund) for taxes

90,888

(16,582)

1,955

See accompanying notes to consolidated financial

statements

Coronado Global Resources Inc. Form 10-K December

31, 2022

124

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

Description of Business, Basis of Presentation

(a)

Nature of operations

Coronado

Global

Resources Inc.

(together

with

its

subsidiaries,

the

“Company”

“Coronado”)

global

producer, marketer,

and exporter of a full range

of metallurgical coals, an

essential element in the production

steel. The Company

has a portfolio

of operating mines

and development projects

in Queensland, Australia

and

in the

states of Pennsylvania,

Virginia and West

Virginia in the

United States, or

U.S. For details

of the

Company’s

capital structure, refer to Note 7 “Capital Structure” for

further information.

(b)

Basis of Presentation

The

Consolidated

Financial

Statements

have

been

prepared

accordance

with

requirements

the

U.S.

Generally Accepted

Accounting

Principles,

or U.S.

GAAP and

are presented

in U.S.

dollars,

unless otherwise

stated.

The Consolidated Financial Statements include the accounts of the Company and its

affiliates. The Company, or

Coronado, are used interchangeably to refer to Coronado Global Resources Inc. or Coronado Global Resources

Inc. and

its subsidiaries,

as appropriate

to the

context. Interests

in subsidiaries

controlled by

the Company

are

consolidated

with

any

outside

stockholder

interests

reflected

noncontrolling

interests.

All

intercompany

balances and transactions have been eliminated on consolidation.

(c)

Certain Significant Risks and Uncertainties

External

factors,

including

general

economic

conditions,

international

events

and

circumstances,

competitor

actions, governmental actions

and regulations are beyond

the Company’s control

and can cause fluctuations

demand for coal and

volatility in the price

of commodities. This

in turn may adversely

impact on the

Company’s

future operating results, purchase or investment opportunities

in the coal mining industry.

Concentration of customers

The Company

has a

formal written

credit policy

that establishes

procedures to

determine creditworthiness

and

credit

limits

for

trade

customers

and

counterparties

the

over-the-counter

coal

market.

Generally,

credit

extended based on

an evaluation of

the customer’s financial

condition. Collateral is not

generally required, unless

credit cannot be established.

Payments from customers are generally due between

30 to 60 days after

invoicing. Invoicing usually occurs after

shipment

delivery

goods.

The

timing

between

the

recognition

revenue

and

receipt

payment

not

significant.

The Company had certain customers

whose accounts receivable balances individually represented

% or more

the

Company’s

total

accounts

receivable,

whose

revenue

individually

represented

the

Company’s total revenue.

The

following

table

summarizes

any

customer

whose

revenue

individually

represented

the

Company’s total revenue in the years ended December

31, 2022, 2021 and 2020.

Year Ended December 31,

2022

2021

2020

Xcoal

12%

11%

Tata

Steel

19%

17%

For the

year ended

December 31,

2022, $

1,848.8

million, or

52.6

% of

total revenues,

were attributable

to five

customers. In

comparison,

for the

year ended

December 31,

2021, $

971.6

million, or

46.3

% of

total revenues

were attributable to five customers and

for the year ended December 31,

2020, $

671.9

million, or

47.1

% of total

revenues were attributable

to five customers.

As of December

31, 2022, the

Company had

four customers that

accounted

for $

212.5

million,

51.6

%, of

accounts

receivable.

As of

December

31, 2021,

the

Company

had

four customers that accounted for $

149.2

million, or

54.7

%, of accounts receivable.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

125

The

following

table

presents

revenues

percent

total

revenue

from

external

customers

geographic

region:

Year Ended December 31,

2022

2021

2020

North America

12%

13%

Australia

Asia

46%

48%

50%

Europe

11%

12%

13%

South America

Brokered sales

19%

21%

14%

Total

100%

The Company uses shipping destination as the basis for attributing revenue to individual countries. Because title

may transfer on brokered

transactions at a point

that does not reflect

the end usage point,

they are reflected

exports, and attributed to an end delivery point if that knowledge

is known to the Company.

Concentration of labor

Out of the Company’s total employees,

11.5

% are subject to the Curragh

Mine Operations Enterprise Bargaining

Agreement 2019.

This agreement

covers work

carried out

by permanent,

full-time, temporary,

and casual

coal

mining employees

engaged by

Curragh to

fulfil production,

maintenance

and processing

activities. Other

than

the Curragh

Mine Operations

Enterprise

Bargaining Agreement

2019, there

are no

other collective

bargaining

agreements or union contracts covering employees of the Company

Transportation

The Company depends

upon port and

rail transportation

systems to deliver

coal to

its customers.

Disruption of

these

transportation

services

due

weather-related

problems,

mechanical

difficulties,

strikes,

lockouts,

bottlenecks, and other

events could temporarily

impair the Company’s

ability to supply

coal to its

customers. In

the past, disruptions in these services have resulted in

delayed shipments and production interruptions.

Summary of Significant Accounting Policies

(a)

Newly Adopted Accounting Standards

During

the

period

there

have

been

new

Accounting

Standards

Updates

issued

the

Financial

Accounting

Standards Board that had a material impact on the Company’s Consolidated Financial Statements

(b)

Accounting Standards Not Yet

Implemented

date, there have

been no

recent accounting

pronouncements not

yet effective

that have significance,

or potential

significance, to the Company’s Consolidated Financial Statements.

The preparation

of Consolidated

Financial

Statements

in conformity

with U.S. GAAP

requires

management

make certain

judgements, estimates

and assumptions

that affect

the reported

amounts of

assets and

liabilities

and disclosure of

contingent assets

and liabilities at

the date of

the Consolidated

Financial Statements

and the

reported amounts

of revenues

and expenses

during the

reporting periods.

Actual results

could differ

materially

from

those

estimates.

Significant

items

subject

such

estimates

and

assumptions

include

asset

retirement

obligations; useful

lives for

depreciation, depletion

and amortization;

deferred income

tax assets

and liabilities;

values

coal

properties;

fair

value

assets

held

for

sale,

workers’

compensation

liability

and

other

contingencies.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

126

(d)

Foreign Currency

Financial Statements of foreign operations

The reporting currency of the Company is the U.S. Dollar,

or US$.

Functional

currency

determined

the

primary

economic

environment

which

entity

operates.

The

functional currency of

the Company

and its subsidiaries

is the US$,

with the exception

of two foreign

operating

subsidiaries, Curragh

and its

immediate parent

CAH, whose

functional currency

is the

Australian dollar,

or A$,

since Curragh’s predominant sources of operating

expenses are denominated in that currency.

Assets and liabilities

are translated at

the year-end exchange

rate and items

in the statement

of operations are

translated at average rates with gains and losses from

translation recorded in other comprehensive losses.

Foreign Currency Transactions

Monetary

assets

and

liabilities

are

remeasured

year-end

exchange

rates

while

non-monetary

items

are

remeasured at historical rates.

Gains and losses from foreign

currency remeasurement related to Curragh’s U.S. dollar receivables are

included

in coal revenues. All other gains and losses

from foreign currency remeasurement

and foreign currency forward

contracts

are

included

“Other,

net”,

with

exception

foreign

currency

gains

losses

long-term

intercompany

loan

balances

which

are classified

within

“Accumulated

other

comprehensive

losses”.

The

total

aggregate impact of foreign currency

transaction gains or losses on the

Consolidated Statements of Operations

and Comprehensive Income was a net gain of $

47.6

million and $

1.7

million and a net loss of $

3.2

million for the

years ended December 31, 2022, 2021 and 2020, respectively. The total impact of foreign currency transactions

related to U.S. dollar coal sales in Australia (included in the total above) was a net gain of $

15.0

million and $

8.7

million and a net loss of $

4.0

million for the years ended December 31, 2022, 2021

and 2020, respectively.

(e)

Cash and Cash Equivalents and Restricted Cash

Cash and cash

equivalents include cash

at bank and

short-term highly liquid investments

with an original

maturity

date of three months or less. At December 31, 2022 and 2021,

the Company had

cash equivalents.

“Cash

and

Restricted

Cash”,

disclosed

the

accompanying

Consolidated

Balance

Sheets

includes

0.3

million of restricted cash at December 31, 2022 and

0.3

million at 2021.

(f)

Trade Accounts Receivables

The Company

extends trade

credit to

its customers

in the

ordinary course

of business.

Trade

receivables are

recorded initially at fair value and subsequently at amortized

cost, less any Expected Credit Losses, or ECL.

For trade receivables

carried at amortized

cost, the Company

determines ECL on

a forward-looking

basis. The

amount of

ECL is

updated at

each reporting

date to reflect

changes in

credit risk

since initial recognition

of the

respective financial instrument.

The Company recognizes

the lifetime ECL. The

ECL is estimated

based on the

Company’s

historic credit

loss

experience,

adjusted for

factors that

are specific

to the

financial

asset, general

economic

conditions,

financial

asset

type,

term

and

assessment

both

the

current

well

forecast

conditions, including expected timing

of collection, at the

reporting date, modified for

credit enhancements such

as letters of credit obtained. To

measure ECL, trade receivables have been grouped based on shared credit risk

characteristics and the days past due.

The amount of credit

loss is recognized in

the Consolidated Statements

of Operations and Other Comprehensive

Income within “Provision for discounting and credit losses”. The Company writes off a financial asset when there

is information indicating there is no realistic prospect of recovery of the asset from the counterparty. Subsequent

recoveries of amounts

previously written off

are credited against “Provision

for discounting and

credit losses” in

the Consolidated Statements

of Operations and Other Comprehensive Income.

Factoring

The Company

has agreements

with financial

institutions to

sell selected

trade receivables

on a

recurring, non-

recourse

basis.

Under

these

agreements,

trade

receivables

sold

not

allow

for

recourse

for

any

credit

risk

related to the Company’s customers if such receivables

are not collected by the third-party financial institutions.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

127

The

Company

derecognizes

the

trade

receivables

sold

under

the

factoring

arrangement

and

the

difference

between proceeds received and carrying amount of the trade receivables sold is

recognized within “Interest, net”

in its Consolidated Statements of Operations and Comprehensive

Income.

(g)

Inventories

Coal is recorded

as inventory at the

point in time

the coal is

extracted from the

mine. Raw coal

represents coal

stockpiles that

may be

sold in

current condition

or may

be further

processed prior

to shipment

to a

customer.

Saleable coal represents coal stockpiles which require

no further processing prior to shipment to a customer.

Coal inventories are stated

at the lower of average

cost and net realizable

value. The cost of coal

inventories is

determined based

on an

average cost

of production,

which includes

all costs

incurred to

extract, transport

and

process

the coal.

Net

realizable

value

considers

the

estimated

sales

price

the

particular

coal

product,

less

applicable selling costs, and, in the case of raw coal, estimated

remaining processing costs.

Supplies

inventory

comprised

replacement

parts

for

operational

equipment

and

other

miscellaneous

materials and supplies

required for mining

which are stated

at cost on the

date of purchase.

Supplies inventory

is valued at

the lower of

average cost or

net realizable

value, less a

reserve for obsolete

or surplus items.

This

reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. It is not

customary to sell these inventories; the Company plans

to use them in mining operations as needed.

(h)

Assets held for sale

Assets

held

for

sale

are

measured

the

lower

their

carrying

amount

fair

value

less

costs

sell.

The

Company classifies

assets and

liabilities as

held for

sale (disposal

group) when

management, having

the authority

to approve the action,

commits to a plan

to sell the disposal

group, the sale is

probable within one year

and the

disposal

group

available

for

sale

its

present

condition.

The

Company

also

considers

whether

active

program to locate a buyer

has been initiated, whether the

disposal group is marketed actively

for sale at a price

that is reasonable in relation

to its current fair value,

and whether actions required

to complete the plan indicate

that it is

unlikely that significant

changes to the

plan will be

made or that

the plan will

be withdrawn. An

impairment

test is performed when

a disposal group is

classified as held for sale

and an impairment charge is

recorded when

the carrying

amount of

the disposal

group exceeds

its estimated

fair value,

less cost

to sell.

Depreciation

and

amortization for assets classified as held for sale are ceased.

(i)

Property, Plant and

Equipment, Impairment of Long-Lived Assets and Goodwill

Property, Plant, and

Equipment

Costs for mine development incurred to

expand capacity of operating mines or to

develop new mines and certain

mining equipment are capitalized and charged to operations on the

hours of usage or units of production method

over

the

estimated

proven

and

probable

reserve

tons

directly

benefiting

from

the

capital

expenditures.

Mine

development

costs

include

costs

incurred

for

site

preparation

and

development

the

mines

during

the

development stage.

Mineral rights

and reserves

acquired are

measured at

cost and

are depleted

on a

units of

production

method

over

the

estimated

proven

and

probable

reserve

tons

the

relevant

mineral

property.

Capitalized costs related to internal-use software are amortized on

a straight-line basis over the estimated useful

lives of the assets.

Property,

plant,

and

equipment

are

recorded

cost

and

include

expenditures

for

improvements

when

they

substantially

increase

the

productive

lives

of existing

assets.

Depreciation

is calculated

using

the

straight-line

method over

the estimated

useful lives

of the

depreciable assets of

years for machinery, mining

equipment

and

transportation

vehicles,

years

for

office

equipment,

and

years

for

plant,

buildings

and

improvements.

Maintenance and

repair costs

are expensed to

operations as

incurred. When

equipment is

retired or

disposed,

the related cost

and accumulated

depreciation are

removed from

the respective

accounts and any

gain or loss

on disposal is recognized in operations.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

128

Impairment of long-lived assets

Long-lived

assets,

such

property,

plant,

and

equipment,

and

purchased

intangible

assets

subject

amortization,

are

reviewed

for

impairment

whenever

events

changes

circumstances

indicate

that

the

carrying amount of an

asset may not be

recoverable. If circumstances

require a long-lived asset

or asset group

tested

for

possible

impairment,

the

Company

first

compares

undiscounted

cash

flows

expected

generated by

that asset

or asset

group to

its carrying

amount. If

the carrying

amount of

the long-lived

asset or

asset group

is not

recoverable on

an undiscounted

cash flow

basis, an

impairment is

recognized to

the extent

that the

carrying amount

exceeds its

fair value.

Fair value

is determined

through

various valuation

techniques

including

discounted

cash

flow

models,

quoted

market

values

and

third-party

independent

appraisals,

considered necessary.

Refer to Note 5 “Impairment of Assets” for further disclosure

Goodwill

Goodwill is an asset

representing the future economic

benefits arising from other

assets acquired in a

business

combination

that

are

not

individually

identified

and

separately

recognized.

connection

with

the

Buchanan

acquisition on

March 31, 2016,

the Company

recorded goodwill

in the

amount of

28.0

million. Goodwill

is not

amortized but

is reviewed

for impairment

annually or

when circumstances or

other events

indicate that

impairment

may have occurred. The Company follows the guidance in Accounting Standards Update 2017-04 “

Intangibles –

Goodwill

and

Other:

Simplifying

the

Test

for

Goodwill

Impairment

”

(ASU 2017-04).

The

Company

makes

qualitative assessment of whether it

is more likely than

not that a

reporting unit’s fair value is

less than its carrying

amount. Circumstances that are considered as

part of the qualitative

assessment and could trigger a

quantitative

impairment test include but are

not limited to: a significant

adverse change in the business

climate; a significant

adverse legal judgment;

adverse cash flow

trends; an

adverse action

or assessment

by a government

agency;

unanticipated

competition;

and

significant

restructuring

charge

within

reporting

unit.

quantitative

assessment

determined

necessary,

the

Company

compares

the

fair

value

reporting

unit

with

its

carrying amount, including goodwill.

If the carrying amount

of a reporting unit

exceeds its fair value,

the Company

recognizes an impairment

charge for the

amount by which

the carrying amount

exceeds its fair

value to the

extent

of the amount of goodwill allocated to that reporting unit.

The Company defines reporting

units at the mining

asset level. For purposes

of testing goodwill for

impairment,

goodwill has been allocated to the reporting units to the

extent it relates to each reporting unit.

(j)

Asset Retirement Obligations

The

Company’s

asset

retirement

obligation,

ARO,

liabilities

primarily

consist

estimates

surface

land

reclamation

and

support

facilities

both

surface

and

underground

mines

accordance

with

applicable

reclamation laws and regulations in the U.S. and Australia

as defined by each mining permit.

The Company

estimates its ARO

liabilities for

final reclamation

and mine

closure based upon

detailed engineering

calculations of the amount

and timing of the future

cash spending for a

third party to perform

the required work.

Spending

estimates

are

escalated

for

inflation

and

then

discounted

the

credit-adjusted,

risk-free

rate.

The

Company records

an ARO asset

associated with

the discounted

liability for final

reclamation and

mine closure.

The obligation

and corresponding

asset are recognized

in the period

in which the

liability is incurred.

The ARO

asset

amortized

the

units-of-production

method

over

its

expected

life

the

asset

and

the

ARO

liability is accreted to the projected

spending date. As changes

in estimates occur (such as

mine plan revisions,

changes in

estimated costs

or changes

in timing

of the

performance of

reclamation activities),

the revisions

the

obligation

and

asset

are

recognized

the

appropriate

credit-adjusted,

risk-free

rate.

The

Company

also

recognizes

obligation

for

contemporaneous

reclamation

liabilities

incurred

result

surface

mining.

Contemporaneous reclamation consists primarily

of grading, topsoil replacement

and re-vegetation of backfilled

pit areas. To

settle the liability,

the obligation is paid,

and to the extent

there is a difference

between the liability

and

the

amount

of cash

paid,

gain

loss

upon

settlement

recorded.

The

Company

annually

reviews

its

estimated future cash flows for its asset retirement obligations.

(k)

Borrowing costs

Borrowing costs are

recognized as an

expense when they

are incurred, except

for interest charges

attributable

to major projects with substantial development and construction phases which are capitalized

as part of the cost

of the asset. There was

interest capitalized during the years ended December 31, 2022

and 2021.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

129

(l)

Leases

From time

to time,

the Company

enters into

mining services

contracts which

may include

embedded leases

mining equipment

and other

contractual agreements

to lease

mining equipment

and facilities.

Based upon

the

Company’s

assessment

of the

terms

of a

specific

lease agreement,

the Company

classifies a

lease

as either

finance or operating.

Finance leases

Right of Use,

or ROU,

assets related

to finance

leases are

presented in

Property,

plant and

equipment, net

the Consolidated

Balance Sheet.

Lease liabilities

related to

finance leases

are presented

in “Lease

Liabilities”

(current) and “Lease Liabilities” (non-current) on the Consolidated

Balance Sheets.

Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present

value of the

future lease payments

over the lease

term. The

discount rate used

to determine

the present

value

of the

lease

payments

is the

rate

implicit in

the

lease unless

that

rate cannot

be readily

determined,

in which

case, the

Company utilizes

its incremental

borrowing

rate in

determining the

present value

of the

future lease

payments. The incremental borrowing

rate is the rate

of interest that the

Company would have to

pay to borrow

collateralized

basis

over

similar

term

amount

equal

the

lease

payments

similar

economic

environment.

Operating leases

ROU

assets

related to

operating

leases

are presented

as Right

of Use

assets

– operating

leases,

net

on the

Consolidated

Balance

Sheet.

Lease

liabilities

operating

leases

that

are

subject

the

ASC

842

measurement requirements such as operating

leases with lease terms

greater than twelve months are

presented

in “Lease Liabilities” (current) and “Lease Liabilities” (non-current)

on Consolidated Balance Sheets.

Operating lease

ROU assets and

lease liabilities

are recognized at

the commencement date

based on

the present

value of the

future lease payments

over the lease

term. The

discount rate used

to determine

the present

value

of the

lease

payments

is the

rate

implicit in

the

lease unless

that

rate cannot

be readily

determined,

in which

case, the

Company utilizes

its incremental

borrowing

rate in

determining

the present

value of

the future

lease

payments. The incremental borrowing

rate is the rate

of interest that the

Company would have to

pay to borrow

collateralized

basis

over

similar

term

amount

equal

the

lease

payments

similar

economic

environment. Operating

lease ROU

assets may

also include

any cumulative

prepaid or

accrued rent

when the

lease payments

are uneven

throughout the

lease term.

The ROU

assets and

lease liabilities

may also

include

options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The ROU

asset includes

any lease

payments made

and lease

incentives received

prior to

the commencement

date.

The

Company

has

lease

arrangements

with

lease

and

non-lease

components

which

are

accounted

for

separately.

Non-lease

components

the

lease

payments

are

expensed

incurred

and

are

not

included

determining the present value.

(m) Royalties

Lease rights

to coal

lands are

often acquired

in exchange

for royalty

payments. Royalties

are payable

monthly

as a percentage of the gross

realization from the sale of the coal

mined using surface mining methods

and as a

percentage

the

gross

realization

for

coal

produced

using

underground

mining

methods.

Advance

mining

royalties are advance

payments made to

lessors under terms

of mineral lease

agreements that are

recoupable

against

future

production.

The

Company

had

advance

mining

royalties

6.8

million

and

5.5

million

respectively, included

in “Other current assets” as of December 31, 2022

and 2021.

(n)

Stanwell Rebate

The

Stanwell

rebate

relates

contractual

arrangement

entered

into

Curragh

with

Stanwell

Corporation

Limited, a State

of Queensland

owned electricity

generator, which

requires payment

of a rebate

for export coal

sold from some of Curragh’s

mining tenements. The rebate obligation is

accounted for as an executory

contract

and the expense is recognized as incurred.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

130

(o)

Revenue Recognition

The Company accounts for

a contract when it

has approval and commitment

from both parties, the

rights of the

parties are identified,

payment terms

are identified,

the contract has

commercial substance

and collectability

consideration is probable. Once a contract

is identified, the Company evaluates

whether the combined or single

contract should be accounted for as more than one performance

obligation.

The Company recognizes revenue when

control is transferred to the customer.

For the Company’s contracts,

order to determine

the point

in time when

control transfers

to customers, the

Company uses

standard shipping

terms to

determine

the timing

of transfer

legal title

and the

significant

risks

and rewards

of ownership.

The

Company also considers other

indicators including timing

of when the Company

has a present right

to payment

and

when

physical

possession

products

transferred

customers.

The

amount

revenue

recognized

includes any

adjustments for

variable consideration,

which is

included in

the transaction

price and

allocated to

each

performance

obligation

based

the

relative

standalone

selling

price.

The

variable

consideration

estimated through the course of the contract using management’s

best estimates.

The majority of

the Company’s revenue is derived

from short term

contracts where the time

between confirmation

of sales orders and collection of cash is not more than

a few months.

Taxes

assessed

governmental

authority

that

are

both

imposed

and

concurrent

with

specific

revenue-producing transaction that are collected by the

Company from a customer are excluded from revenue.

Performance obligations

performance

obligation

promise

contract

transfer

distinct

good

service

the

customer.

contract’s transaction price is allocated

to each distinct performance obligation

and recognized as revenue

when,

or as, the performance obligation is satisfied.

The Company’s contracts have

multiple performance obligations as the

promise to transfer the individual

unit of

coal

separately

identifiable

from

other

units

coal

promised

the

contracts

and,

therefore,

distinct.

Performance obligations, as described above, primarily relate to the Company’s

promise to deliver a designated

quantity and type of coal within the quality specifications

stated in the contract.

For

contracts

with

multiple

performance

obligations,

allocate

the

contract’s

transaction

price

each

performance obligation on a relative standalone selling price basis. The

standalone selling price is determined at

each contract inception using

an adjusted market assessment

approach. This approach focuses

on the amount

that the Company believes the market is willing to pay

for a good or service, considering market conditions, such

as benchmark pricing, competitor pricing, market awareness of the product and current market trends that affect

the pricing.

Warranties provided to customers are

assurance-type of warranties on

the fitness of

purpose and merchantability

of the Company’s goods. The Company does not

provide service-type of warranties to customers.

Revenue

recognized

point

time

and

therefore

there

are

unsatisfied

and/or

partially

satisfied

performance obligations at December 31, 2022 and 2021.

Shipping and Handling

The Company

accounts

for

shipping

and

handling

activities

Free

Rail

sales

after

the

customer

obtains

control of the good as an activity to fulfil the promise to transfer the good. In this instance, shipping and handling

costs

paid

third

party

carriers

and

invoiced

coal

customers

are

recorded

freight

expense

and

other

revenues, respectively.

(p)

Commodity Price Risk

The Company has commodity price risk arising from fluctuations

in domestic and global coal prices.

The

Company’s

principal

philosophy

not

hedge

against

movements

coal

prices

unless

there

are

exceptional circumstances.

Any potential hedging of coal prices would be through fixed

price contracts.

The

Company

also

exposed

commodity

price

risk

diesel

fuel

purchases.

The

Company

may

periodically enter into arrangements that protect against

the volatility in fuel prices as follows:

•

enter into fixed price contracts to purchase fuel for the U.S. Operations

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

131

•

enter into derivative financial instruments to hedge exposures to fuel

price fluctuations.

There are

derivative contracts outstanding at December 31, 2022

and 2021.

(q)

Income Taxes

The Company uses the asset

and liability approach to account

for income taxes as required by

ASC 740, Income

Taxes,

which requires

the

recognition

of deferred

income

tax assets

and

liabilities

for the

expected

future

tax

consequences

attributable

to differences

between

the

financial

statement

carrying

amounts

existing

assets

and liabilities and their respective tax bases.

Valuation allowances are provided

when necessary to

reduce deferred income

tax assets to

the amount expected

to be realized, on a more likely than not basis.

The Company recognizes the

benefit of an uncertain

tax position that it has

taken or expects

to take on income

tax

returns

files

such

tax

position

likely

than

not

sustained

examination

the

taxing

authorities, based on the technical merits

of the position. These tax benefits

are measured based on the largest

benefit that has a greater than 50% likelihood of being realized

upon ultimate resolution.

The Company’s foreign

structure consists of

Australian entities which

are treated as

corporations subject to

tax

under Australian

taxing authorities.

The Curragh

entities are

treated as

a branch

for U.S.

tax purposes

and all

income flows through the ultimate parent (the Company).

(r)

Fair Value Measurements

The Company utilizes valuation

techniques that maximize

the use of observable inputs

and minimize the use of

unobservable

inputs

the

extent

possible.

The

Company

determines

fair

value

based

assumptions

that

market

participants

would

use

pricing

asset

liability

the

principal

most

relevant

market.

When

considering

market

participant

assumptions

fair

value

measurements,

the

Company

distinguishes

between

observable and unobservable inputs, which are categori

zed in one of 3 levels of inputs.

Refer to Note 25 “Fair

Value

Measurement” for detailed

information related to the

Company’s fair value

policies

and disclosures.

(s)

Derivative accounting

The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in

the Consolidated Balance Sheet.

With

respect

derivatives

used

hedging

activities,

the

Company

assesses,

both

inception

and

least

quarterly

thereafter,

whether

such

derivatives

are

highly

effective

offsetting

the

changes

the

anticipated

exposure of the

hedged item.

The change

in the fair

value of derivatives

designated as a

cash flow

hedge and

deemed highly effective

is recorded

in “Accumulated

other comprehensive

losses” until

the hedged

transaction

impacts reported earnings,

at which

time any gain

or loss is

reclassified to earnings.

If the

hedge ceases to

qualify

for

hedge

accounting,

the

Company

prospectively

recognizes

changes

the

fair

value

the

instrument

earnings in the

period of the

change. The

potential for

hedge ineffectiveness

is present in

the design

of certain

of the Company’s cash flow hedge relationships.

The Company’s

asset and

liability derivative

positions are

offset on

a counterparty-by-counterparty

basis if

the

contractual agreement provides for the net settlement of contracts with the

counterparty in the event of default or

termination of any one contract.

There are

derivative contracts outstanding at December 31, 2022

and 2021.

(t)

Stock-based Compensation

The Company has

a stock-based compensation plan

which allows for

the grant of

certain equity-based incentives

including stock options,

performance stock units,

or PSU, and

restricted stock units,

or RSU, to

employees and

executive

directors,

valued

whole

part

with

reference

the

Company’s

CDIs

equivalent

common

shares (on a

10.1

CDI to common share ratio).

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

132

The grant-date

fair value

of stock

option

award is

estimated on

the

date

of grant

using

Black-Scholes-Merton

option-pricing model. For

certain options and

PSUs, the Company includes

a relative Total

Stockholder Return,

or TSR, modifier to determine the number of shares

earned at the end of the performance period.

The fair value

of awards that include the TSR modifier is determined

using a Monte Carlo valuation model.

The expense for these equity-based incentives is based on their fair value at date of grant and is amortized over

the required service

period, generally the vesting

period. The Company accounts

for forfeitures as

and when they

occur.

Refer to

Note

23 “Stock-Based

Compensation”

for detailed

information

to the

Company’s

stock-based

compensation plans.

(

Earnings per Share

Basic earnings per share is computed by dividing net income attributable to stockholders of the Company by the

weighted-average number of shares of common stock

outstanding during the reporting period.

Diluted net income

per share is computed

using the weighted-average

number of shares

of common stock

and

dilutive

potential

common

stock

outstanding

during

the

period.

Dilutive

potential

common

stock primarily consist of employee stock options and

restricted stock.

(v)

Deferred Financing Costs

The Company capitalizes costs

incurred in connection with new

borrowings, the establishment or

enhancement

of credit

facilities

and the

issuance

of debt

securities.

These costs

are amortized

as an

adjustment to

interest

expense

over

the

life

the

borrowing

term

the

credit

facility

using

the

effective

interest

method.

Debt

issuance costs related to a recognized

liability are presented in the balance

sheet as a direct reduction from

the

carrying amount of that liability whereas debt issuance costs

related to a credit facility are shown as an asset.

For information on the

unamortized balance of

deferred financing fees

related to outstanding

debt, see Note

“Interest Bearing Liabilities”.

Segment Information

The Company has

a portfolio of operating

mines and development

projects in Queensland,

Australia and in the

states of

Pennsylvania,

Virginia

and West

Virginia

in the

U.S. The

Australian Operations

comprise the

100%-

owned

Curragh

producing

mine

complex.

The

U.S.

Operations

comprise

two

100%-owned

producing

mine

complexes (Buchanan and Logan),

one

100%-owned idled mine complex which is held for sale (Greenbrier) and

two

development properties (Mon Valley

and Russell County).

The

Company

operates

its

business

along

two

reportable

segments:

Australia

and

United

States.

The

organization of the

two

reportable segments reflects how Coronado’s chief

operating decision maker, or

CODM,

manages and allocates resources to the various components

of the Company’s business.

The CODM

uses Adjusted

EBITDA as

the primary

metric to

measure each

segment’s

operating performance.

Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP.

Investors should be

aware that

the Company’s

presentation of

Adjusted EBITDA

may not

be comparable

to similarly

titled financial

measures used by other companies.

Adjusted EBITDA is

defined as earnings

before interest, taxes,

depreciation, depletion and

amortization and other

foreign exchange losses. Adjusted EBITDA is

also adjusted for certain discrete items that

management exclude

in analyzing each

of the

Company’s segments’ operating performance.

“Other and corporate”

relates to additional

financial information for the corporate function such

as financial reporting and accounting, treasury, legal, human

resources, compliance,

and tax.

As such, the

corporate function

is not determined

to be

a reportable segment

but is discretely disclosed for purposes of reconciliation to the

Company’s Consolidated Financial Statements.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

133

Reportable segment results for the years ended December 31,

2022, 2021 and 2020 are presented below:

(US$ thousands)

Australia

United

States

Other and

Corporate

Total

Year ended December 31,

2022

Total

revenues

2,116,555

1,454,987

—

3,571,542

Adjusted EBITDA

541,208

716,661

(42,245)

1,215,624

Net income (loss)

328,632

486,817

(43,746)

771,703

Total

assets

1,353,424

1,013,359

183,144

2,549,927

Capital expenditures

89,001

95,769

587

185,357

Year ended December 31,

2021

Total

revenues

1,315,851

832,620

—

2,148,471

Adjusted EBITDA

204,992

312,048

(30,907)

486,133

Net income (loss)

64,278

220,975

(95,830)

189,423

Total

assets

1,357,132

822,222

282,058

2,461,412

Capital expenditures

38,733

50,787

1,616

91,136

Year ended December 31,

2020

Total

revenues

976,369

485,893

—

1,462,262

Adjusted EBITDA

(8,586)

92,801

(30,416)

53,799

Net loss

(66,645)

(77,853)

(82,039)

(226,537)

Total

assets

1,307,745

908,361

(67,630)

2,148,476

Capital expenditures

47,456

74,881

1,519

123,856

The reconciliation of Adjusted EBITDA to net income attributable to the Company for

the years ended December

31, 2022, 2021 and 2020 are as follows:

Year Ended December 31,

(US$ thousands)

2022

2021

2020

Net income (loss)

771,703

189,423

(226,537)

Depreciation, depletion and amortization

167,046

177,875

191,189

Interest expense, net

67,632

68,062

50,585

Other foreign exchange (gains) losses

(1)

(32,259)

7,049

1,175

Loss on debt extinguishment

5,336

8,477

—

Income tax expense (benefit)

231,574

53,102

(60,016)

Impairment of assets

—

78,111

Restructuring costs

—

2,300

—

Losses on idled assets held for sale

(2)

771

2,732

9,994

Gain on disposal of assets held for sale

—

(14,845)

—

Increase (decrease) in provision for discounting

and credit losses

3,821

(8,042)

9,298

Consolidated adjusted EBITDA

1,215,624

486,133

53,799

(1)

Refer to Note 6 “Other, net” for further discussion.

(2)

These losses relate to idled non-core assets that the Company has classified as held

for sale with the view that these will be

sold within the next

twelve months or were sold in prior periods.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

134

The

reconciliations

capital

expenditures

per

the

Company’s

segment

information

capital

expenditures

disclosed on

the Consolidated

Statements of

Cash Flows

for the

years ended

December

31, 2022,

2021 and

2020 are as follows:

Year Ended December 31,

(US$ thousands)

2022

2021

2020

Capital expenditures per Consolidated Statement of Cash

flows

199,716

89,661

117,856

Payment for capital acquired in prior period

(7,475)

(6,000)

—

Accruals for capital expenditures

11,243

7,475

6,000

Advance payment to acquire long lead capital items

(18,127)

—

Capital expenditures per segment detail

185,357

91,136

123,856

Disaggregation of Revenue

The Company disaggregates the revenue

from contracts with customers by

major product group for each of

the

Company’s

segments,

as the

Company

believes

it best

depicts the

nature,

amount,

timing

and

uncertainty

revenues and cash flows. All revenue is recognized at a point

in time.

Year ended December 31, 2022

(US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

1,968,173

1,394,880

3,363,053

Thermal coal

110,345

54,228

164,573

Total

coal revenue

2,078,518

1,449,108

3,527,626

Other

(1)

38,037

5,879

43,916

Total

2,116,555

1,454,987

3,571,542

Year ended December 31, 2021

(US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

1,171,869

822,000

1,993,869

Thermal coal

107,867

6,595

114,462

Total

coal revenue

1,279,736

828,595

2,108,331

Other

(1)

36,115

4,025

40,140

Total

1,315,851

832,620

2,148,471

Year ended December 31, 2020

(US$ thousands)

Australia

United States

Total

Product Groups:

Metallurgical coal

836,545

476,222

1,312,767

Thermal coal

105,681

5,151

110,832

Total

coal revenue

942,226

481,373

1,423,599

Other

(1)

34,143

4,520

38,663

Total

976,369

485,893

1,462,262

(1)

Included in

Other is

the amortization

of Stanwell

non-market coal

supply agreement

liability recognized

on acquisition

of Curragh.

See further

discussion in Note 19 “Contract Obligations”.

Further explanation to tables above:

The following is a description of the principal activities

by reportable segments.

•

The Company primarily offers two types of products to its

customers: metallurgical coal and thermal coal

varying

qualities.

The

Company’s

metallurgical

coal

classified

hard

coking

coal,

further

distinguished by its volatility (defined as high, mid, or low),

and pulverized coal injection.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

135

•

The Australian Operations reportable segment

includes the Curragh mine. The

Australian Operations is

a separate

reportable segment

due to

having separate

management, location,

assets, and

operations.

Curragh

mine,

included

the

Australian

Operations,

located

central

Queensland,

Australia

and

produces a wide variety of metallurgical coal.

•

The United States reportable segment includes the Buchanan, Logan and Greenbrier coal

mine facilities

in Virginia and West Virginia,

United States. It produces high, mid and low volatility

hard coking coal.

4. Assets Held for Sale

During the fourth quarter of 2020, the Company committed to a plan to sell the Greenbrier asset and determined

that all of

the criteria to

classify assets and liabilities

as held for

sale were met.

The asset is part

of the Company’s

U.S. segment,

located

in the

State

West

Virginia,

and

does

not form

part

the Company’s

core

business

strategy. The Greenbrier

mining asset has been idle since April 1, 2020.

The following table provides the major classes of assets and liabilities classified as held for sale as of December

31, 2022 and December 31, 2021:

December 31

(US$ thousands)

2022

2021

Inventories, net

—

1,795

Other current assets

2,326

1,706

Property, plant and

equipment, net

23,447

Other noncurrent assets

441

Total

assets held for sale

26,214

27,023

Accounts payable

313

426

Accrued expenses and other current liabilities

813

1,344

Current asset retirement obligations

5,137

5,140

Noncurrent asset retirement obligations

5,978

5,203

Total

liabilities held for sale

12,241

12,113

As of December 31, 2022, the assets

and liabilities held for sale represent the fair value

of the Greenbrier mining

asset, which will likely be realized through a sale within

the next 12 months.

The fair

value of

the Greenbrier

mining asset

was

primarily

determined

by reference

to non-binding

indicative

offers and Level 3 inputs such

as estimates of future cash flows which

aligns to the Company’s

best estimate of

future

market

and

operating

conditions,

including

its

current

life

mine

plan.

The

life

mine

plan

includes

assumptions in relation to coal price

forecasts, projected mine production volumes, operating costs, capital costs

and discount rate.

Sale of the Amonate Mining Asset

December 2, 2021

the

Company

sold

Amonate,

including

assets

and

liabilities,

Ramaco

Resources, Inc., a Delaware corporation,

for a purchase price of $

30.0

million and realized a pre-tax

net gain of

14.8

million after transaction costs of $

2.6

million, included within “Gain on disposal of

asset held for sale” in the

Company’s

Consolidated

Statement

of Operations

and

Comprehensive

Income for

the year

ended December

31, 2021.

5. Impairment of Assets

The Company concluded

that no impairment

charges were

required at any

of the Company’s

mining assets

for

the years ended December 31, 2022 and 2021.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

136

During the year ended

December 31, 2020, the

Company performed an

impairment assessment in

accordance

with ASC 360 – Property, Plant and Equipment, and determined that the

sum of the estimated undiscounted pre-

tax future

cash flows

of Greenbrier

long-lived assets

exceeded its

carrying amount.

As a

result, an

impairment

charge of $

78.1

million was recorded,

reducing the

carrying amount

of Greenbrier’s

long-lived assets

to its

fair

value at that time, which did not include any associated ARO

liabilities.

Other, net

Other, net consists of the following:

Year Ended December 31,

(US$ thousands)

2022

2021

2020

Other foreign exchange gains (losses)

(1)

32,259

(7,049)

(1,175)

Other income

1,536

862

567

Total

Other, net

33,795

(6,187)

(608)

(1)

Other foreign

exchange gains

(losses) primarily

relates to

gains and

losses recognized

on the

translation of

short-term

inter-entity

balances

between

certain

entities

within

the

Group

that

are

denominated

currencies

other than their respective functional currencies.

Capital Structure

(a)

Stockholders’ Equity

Authorized capital stock

The Company’s Articles of Incorporation, as amended, authorize the Company to issue

1,100,000,000

shares of

0.01

par value

capital stock

consisting of

1,000,000,000

shares of

common stock

and

100,000,000

shares of

preferred stock.

Common Stock / CDIs

The

common

stock

publicly

traded

the

ASX

under

the

ticker

“CRN,”

the

form

CHESS

Depositary

Interests (“CDIs). CDIs are units

of beneficial ownership in shares

of common stock held by

CHESS Depositary

Nominees Pty Limited (“CDN”), a wholly-owned subsidiary

of ASX Limited, the company that operates the ASX.

As each CDI represents one tenth of a share,

holders of CDIs will be entitled to

one

vote for every

CDIs they

hold. CDI

holders

are to

receive

entitlements

which attach

to underlying

such as

participation

in rights

issues, bonus issues, capital reductions and liquidation preferences.

The CDIs entitle

holders to dividends,

if any, and other rights

economically equivalent to

shares of common

stock,

including the right

to attend stockholders’

meetings. CDN, as

the stockholder of

record, will vote

the underlying

shares in accordance with the directions of the CDI holders.

The following table summarizes Common Stock activity

during the periods presented below:

Year Ended December 31,

2022

2021

2020

Shares outstanding at the beginning of the year

167,645,373

138,387,890

96,651,692

Shares issued during the year

29,257,483

41,736,198

Shares outstanding at the end of the year

167,645,373

138,387,890

Coronado Group LLC

December

31,

2022,

Coronado

Group

LLC,

the

Company’s

controlling

stockholder,

beneficially

owns

845,061,399

CDIs (representing a beneficial interest

84,506,140

shares of common stock) representing

50.4

the

total

1,676,453,730

CDIs

(representing

beneficial

interest

167,645,373

common

stock)

outstanding.

The

remaining

831,392,331

CDIs

(representing

beneficial

interest

83,139,233

common stock) are owned by investors in the form of CDIs

publicly traded on the ASX.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

137

Refer to Note 23 “Stock-Based Compensation” for

options to purchase common stock issued

and outstanding as

of December 31, 2022 and 2021.

Preferred Stock

Coronado Group

LLC holds

one share

of preferred

stock

Series A.

The holder

of Series

A Preferred

Stock

permitted

nominate

and

elect

members

the

Company’s

Board

Directors

relation

the

level

the

holder’s

aggregate

beneficial

ownership

the

Company’s

common

stock.

The

Series

Preferred

not

entitled

dividends

and

non

transferable.

The

Series

Preferred

has

liquidation

preference of $

1.00

(b)

Dividends

The dividend

policy

and

the

payment

of future

cash

dividends

are subject

the

discretion

of the

Company’s

Board of Directors.

During the year ended December 31, 2022, the Company declared:

•

Dividends of $

150.9

million, or $

0.09

per CDI ($

0.90

per share of common stock), on February 24, 2022;

•

Dividends of $

200.1

million, or $

0.119

per CDI ($

1.19

per share of common stock), on May 9, 2022;

•

Dividends of $

125.7

million, or $

0.075

per CDI ($

0.75

per share of

common stock),

on August 8,

2022;

and

•

Dividends of $

225.0

million, or $

0.134

per CDI ($

1.34

per share of common stock), on

October 30, 2022.

The

Company

paid

total

700.2

million

stockholders

and

CDI

holders

the

ASX,

net

1.4

million

foreign exchange gain

on payment of

dividends to certain

CDI holders that

elected to be

paid in Australian

dollars,

in relation to the above declared dividends.

During the year ended December 31, 2021, the Company did

not declare or pay dividends.

During the year

ended December 31,

2020, the Company

declared a dividend

to stockholders and

CDI holders

on the

ASX of

24.2

million, or

0.025

per CDI

0.25

per share

of common

stock). The

dividend was

paid on

March 31, 2020.

(c)

Earnings per Share

Basic earnings per

share of common

stock is computed

by dividing net

income attributable

to the Company

for

the period,

by the

weighted-average

number of

of common

stock outstanding

during the

same period.

Diluted earnings per share of common stock is computed

by dividing net income attributable to the Company

the weighted-average number

of shares

of common

stock outstanding adjusted

to give

effect to potentially

dilutive

securities. During periods in which the Company incurs

a net loss, diluted weighted average shares outstanding

are equal to basic weighted average shares outstanding

because the effect of all equity awards is anti-dilutive.

Basic and diluted earnings per share was calculated as

follows (in thousands, except per share data):

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

138

Year Ended December 31,

(US$ thousands, except per share data)

2022

2021

2020

Numerator:

Net income (loss)

771,703

189,423

(226,537)

Less:

Net (loss) attributable to Non-controlling interest

—

(2)

(69)

Net income (loss) attributable to Company stockholders

771,703

189,425

(226,468)

Denominator (in thousands):

Weighted-average shares of common stock outstanding

167,645

156,710

111,073

Effects of dilutive shares

201

132

—

Weighted average diluted shares of common stock

outstanding

167,846

156,842

111,073

Earnings (Loss) Per Share (US$):

Basic

4.60

1.21

(2.04)

Dilutive

4.60

1.21

(2.04)

8. Trade Receivables, net

The Company

extends trade

credit to

its customers

in the

ordinary course

of business.

Trade

receivables are

recorded initially at fair value and subsequently at amortized

cost, less any ECL.

December 31,

(US$ thousands)

2022

2021

Trade

receivables - at amortized cost

414,490

272,657

Provision for discounting and credit losses (Note 9)

(4,511)

(734)

Trade receivables, net

409,979

271,923

Xcoal

At December

31, 2022,

amounts

outstanding from

Xcoal in

respect

of coal

sales

were $

69.8

million,

of which

34.9

million were past due, and is included within “Trade

receivables, net” on the Consolidated Balance

Sheet.

Subsequent to December

31, 2022, the Company has collected

the Xcoal past due balance in

full. The carrying

amount

trade

receivables

from

Xcoal,

net

provision

for

discounting

and

credit

losses

2.9

million,

recognized due to the uncertainty surrounding expected timing

of collection, was $

65.7

million.

At December

31,

2021, amounts

outstanding

from

Xcoal in

respect

of coal

sales

were $

35.2

million,

of which

17.9

million

was

past due

and was

included

in “Trade

receivables,

net” on

the

Consolidated

Balance Sheet.

Subsequent to December 31,

2021, the Company collected

Xcoal’s past due balance in

full. The carrying amount

trade

receivables

from

Xcoal,

net

provision

for

discounting

and

credit

losses

0.4

million,

was

34.8

million.

9. Provision for Discounting and Credit Losses

The following

table provides

the reconciliation

of the

allowance for

credit losses

that is

deducted from

financial

assets to present the net amount expected to be collected:

(US$ thousands)

Trade and

related party

trade

receivables

Other

Assets

Total

As at January 1, 2021

9,298

—

9,298

Change in estimates during the current period

436

522

958

Unwind of provision for discounting and credit losses

(9,000)

—

(9,000)

As at December 31, 2021

734

522

1,256

Change in estimates during the current period

3,777

3,821

As at December 31, 2022

4,511

566

5,077

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

139

10. Inventories

December 31,

(US$ thousands)

2022

2021

Raw coal

50,604

17,334

Saleable coal

45,913

42,006

Total

coal inventories

96,517

59,340

Supplies inventory

61,501

59,582

tal inventories

158,018

118,922

Coal inventories measured at its net realizable value were

5.0

million and $

2.2

million at December 31, 2022

and 2021, respectively,

and relates to coal designated for deliveries under the Stanwell

non-market coal supply

agreement. See further discussion in Note 19 “Contract

Obligations”.

11.

Property, Plant and

Equipment

The following

table indicates

the carrying

amount of

each of

the major

classes of

the Company’s

consolidated

depreciable assets:

December 31,

(US$ thousands)

2022

2021

Land

27,711

27,853

Buildings and improvements

91,336

88,079

Plant, machinery, mining

equipment and transportation vehicles

1,012,844

963,272

Mineral rights and reserves

373,309

374,326

Office and computer equipment

9,488

8,718

Mine development

565,106

566,201

Asset retirement obligation asset

87,877

75,215

Construction in process

82,713

42,055

tal cost of property,

plant and equipment

2,250,384

2,145,719

Less accumulated depreciation, depletion and amortization

860,836

748,356

Property, plant and

equipment, net

1,389,548

1,397,363

The amount of depreciation and amortization expense

for property, plant

and equipment for the years ended

December 31, 2022, 2021 and 2020 was $

155.8

million, $

166.2

million and $

187.7

million, respectively.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

140

12.

Goodwill and Other Intangible Assets

(a)

Acquired Intangible Assets

December 31, 2022

(US$ thousands)

Weighted

average

amortization

period (years)

Gross

carrying

amount

Accumulated

amortization

Net carrying

amount

Intangible assets:

Amortizing intangible assets:

Mining permits - Logan

1,642

990

652

Mining permits - Buchanan

3,501

842

2,659

Total

intangible assets

5,143

1,832

3,311

December 31, 2021

(US$ thousands)

Weighted

average

amortization

period (years)

Gross

carrying

amount

Accumulated

amortization

Net carrying

amount

Intangible assets:

Amortizing intangible assets:

Mining permits - Logan

1,642

912

730

Mining permits - Buchanan

3,501

717

2,784

Total

intangible assets

5,143

1,629

3,514

Amortization expense is charged using the

straight-line method over the useful

lives of the respective intangible

asset.

The

aggregate

amount

amortization

expense

for

amortizing

intangible

assets

for

the

years

ended

December

31,

2022,

2021

and

2020,

were

0.2

million,

0.2

million

and

0.2

million,

respectively.

Estimated

amortization expense for each of the next five years is

0.2

million.

(b)

Goodwill

In connection with the

Buchanan acquisition on

March 31, 2016, the Company

recorded goodwill in the

amount

of $

28.0

million. The

Company performed

a qualitative

assessment to

determine if

impairment was

required at

December 31, 2022

or 2021.

Based upon

the Company’s

qualitative assessment,

it is more

likely than

not that

the fair

value

of the

reporting

unit is

greater

than

the

carrying

amount at

December 31,

2022 and

2021. As

result,

impairment

was

recorded,

and

the

balance

goodwill

both

December 31,

2022

and

2021

was

28.0

million. The Company has not noted any indicators

of impairment since the acquisition date.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

141

13.

Other Assets

December 31,

(US$ thousands)

2022

2021

Other current assets:

Prepayments

26,831

24,226

Long service leave receivable

7,884

9,136

Tax

credits receivable

4,183

4,440

Other

21,290

9,845

Total

other current assets

60,188

47,647

Other non-current assets:

Favorable mineral leases

3,448

3,645

Deferred debt issue costs

2,463

4,310

Long service leave receivable

585

550

Tax

credits receivable

7,269

11,223

Deposits to acquire long lead capital items

18,126

—

Other

1,694

—

Total

other non-current assets

33,585

19,728

The Company

has other assets

which includes prepayments,

favorable mineral leases,

deferred debt issue

costs,

long service leave receivable,

equipment deposits and coalfield employment enhancement tax credit receivable.

The favorable mineral leases are amortized based on the coal tonnage removed from the lease property relative

to the total estimated reserves on that property.

Long service leave for

eligible coal mine workers

at the Company’s

Australian Operations is

paid when leave is

taken, with a subsequent

reimbursement received from

the Coal Mining Industry

(Long Service Leave Funding)

Corporation

Queensland,

Australia.

The

reimbursement

entitlement

recognized

receivable

and

measured as

the present

value of

expected future

reimbursements to

be received

for the

corresponding leave

liability recognized.

The deferred

issue costs

as of

December

31,

2022 and

2021,

were

incurred to

establish

the ABL

Facility (as

described in Note 17

“Interest Bearing Liabilities”) and

amortized over the life

of the facility

on a straight-line

basis

and

included

“Interest

expense,

net”

the

Company’s

Consolidated

Statements

Operations

and

Comprehensive Income.

The tax credits receivable relates

to the Virginia coalfield employment enhancement tax

credit for coal sales from

the Company’s mining properties in the State of West Virginia in the U.S. during the 2018 to 2021 income years.

Where the credits exceed the Company’s state tax liability for the tax year,

the excess is redeemable by the Tax

Commissioner on behalf of the Commonwealth of Virginia for

% of the face value within 90

days after filing the

return. The

tax credits

allowed can

be claimed

in the

third taxable

year following

the taxable

year in

which the

credit was earned and allowed.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

142

14.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the

following:

December 31,

(US$ thousands)

2022

2021

Wages

and employee benefits

38,687

41,187

Taxes

other than income taxes

5,988

6,246

Accrued royalties

117,131

70,237

Accrued freight costs

44,496

27,754

Accrued mining fees

103,492

65,835

Acquisition related accruals

11,669

31,201

Other liabilities

22,228

28,482

Total

accrued expenses and other current liabilities

343,691

270,942

Acquisition

accruals

accrual

for

the

remaining

estimated

stamp

duty

payable

the

Curragh

acquisition of $

11.7

million (A$

17.3

million). Refer to Note 28 “Contingencies” for further

details.

15. Leases

Information related to Company’s right-of use

assets and related lease liabilities are as follows:

Year ended December 31,

(US$ thousands)

2022

2021

Operating lease costs

8,088

10,863

Cash paid for operating lease liabilities

8,244

10,986

Finance lease costs:

Amortization of right of use assets

304

227

Interest on lease liabilities

Total

finance lease costs

324

241

December 31,

(US$ thousands)

2022

2021

Operating leases:

Right of use asset – operating leases, net

17,385

13,656

Finance leases:

Property and equipment

371

404

Accumulated depreciation

(186)

(67)

Property and equipment, net

185

337

Current operating lease obligations

7,593

8,326

Non-current operating lease obligations

15,505

12,685

Total

Operating lease liabilities

23,098

21,011

Current finance lease obligations

127

126

Non-current finance lease obligations

209

Total

Finance lease liabilities

195

335

Current lease obligations

7,720

8,452

Non-current lease obligations

15,573

12,894

Total

lease obligations

23,293

21,346

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

143

December 31,

2022

2021

Weighted Average Remaining

Lease Term (Years)

Weighted average remaining lease term – finance

leases

1.52

2.54

Weighted average remaining lease term – operating

leases

4.11

2.59

Weighted Average Discount

Rate

Weighted discount rate – finance lease

7.60%

Weighted discount rate – operating lease

8.94%

7.95%

The Company’s leases have remaining lease terms of

1 year

5 years

, some of which include

options to extend

the terms deemed reasonable to exercise. Maturities of lease

liabilities are as follows:

(US$ thousands)

Operating

Lease

Finance

Lease

Year ending

December 31,

2023

8,964

138

2024

6,112

138

2025

5,325

2026

5,214

—

Thereafter

1,139

—

Total

lease payments

26,754

345

Less imputed interest

(3,656)

(150)

Total

lease liability

23,098

195

16.

Asset Retirement Obligations

Reclamation of

areas disturbed

by mining

operations

must be

performed

by the

Company in

accordance

with

approved

reclamation

plans

and

compliance

with

state

and

federal

laws

the

states

West

Virginia

and

Virginia

the

United

States

and

Queensland

Australia.

For

areas

disturbed,

significant

amount

the

reclamation will take place in

the future when operations cease. There

were

assets that were legally restricted

for

purposes

settling

asset

retirement

obligations

December

31,

2022

and

2021.

addition,

state

agencies monitor compliance with the mine plans, including reclamation.

The Company records the fair value

of its asset retirement obligations using the present

value of projected future

cash flows, with

an equivalent amount

recorded in the

related long lived

asset or a

change to the

Consolidated

Statements of Operations

if the related

permit is closed.

An accretion cost,

representing the

increase over time

in the present value of

the liability, is recorded each period and the capitalized cost is

depreciated over the useful

life of the related asset. As reclamation work is performed or liabilities

otherwise settled, the recorded amount of

the liability is reduced.

Changes in

the asset

retirement obligations

for the

years ended

December 31,

2022 and

December 31,

2021

were as follows:

(US$ thousands)

December 31,

2022

December 31,

2021

Total

asset retirement obligations at beginning of the year

120,277

122,144

ARO liability additions

1,835

1,642

Accretion

9,066

9,353

Reclamation performed in the year

(3,270)

(3,322)

Gain on settlement of ARO

(53)

(601)

Change in estimate recorded to net income

(2)

1,195

Change in estimate recorded to assets

15,381

(5,444)

Foreign currency translation adjustment

(4,744)

(4,690)

Total

Asset retirement obligations at end of the year

138,490

120,277

Less current portion

(10,646)

(9,414)

Asset retirement obligation, excluding current portion

127,844

110,863

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

144

17.Interest Bearing Liabilities

The following is a summary of interest-bearing liabilities

at December 31, 2022:

(US$ thousands)

December 31,

2022

December 31,

2021

Weighted Average

Interest Rate at

December 31, 2022

Final

Maturity

10.75

% Senior Secured Notes

242,326

315,000

12.14

(2)

2026

ABL Facility

—

2024

Discount and debt issuance costs

(1)

(9,373)

(14,831)

Total

interest bearing liabilities

232,953

300,169

(1)

Deferred debt issuance

costs incurred on

the establishment of the

ABL Facility has been

included within "Other non-current

assets" on the

Consolidated Balance Sheets.

(2)

Represents the effective interest rate.

Senior Secured Notes

On May 12, 2021,

the Company entered

into an indenture, or

the Indenture, among

Coronado Finance Pty Ltd,

an Australian proprietary company,

as the issuer or the Australian Borrower, the Company,

as parent guarantor,

the other

guarantors

party

thereto

and

Wilmington

Trust,

National

Association,

as trustee,

and

as priority

lien

collateral trustee, relating to the issuance of

10.750

% Senior Secured Notes due 2026, or the Notes.

Interest on

the Notes

is payable

semi-annually in

arrears on

May 15

and November

15 of

each year

to record

holders of the Notes on the immediately preceding May

1 and November 1, as applicable. The Notes mature

May 15, 2026

and are senior secured obligations of the Company.

The Notes are guaranteed

on a senior secured

basis by the Company

and its wholly-owned

subsidiaries (other

than

the

Issuer)

(subject

certain

exceptions

and

permitted

liens)

and

secured

(i)

first-priority

lien

substantially all of the Company’s assets and the assets of the other

Guarantors (other than accounts receivable

and other rights to payment,

inventory,

intercompany indebtedness, certain

general intangibles and commercial

tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds

and

products

each

the

foregoing,

or,

collectively,

the

ABL

Collateral),

the

Notes

Collateral,

and

(ii)

second-priority lien on the ABL Collateral, which is

junior to a first-priority lien, for the

benefit of the lenders under

the Company’s

senior secured

asset-based revolving

credit agreement

in an

initial aggregate

principal amount

of $

100.0

million, or the ABL Facility.

The terms

of the

Notes are

governed

by the

Indenture.

The Indenture

contains

customary covenants

for high

yield bonds, including,

but not limited

to, limitations on

investments, liens, indebtedness,

asset sales, transactions

with affiliates and

restricted payments, including

payment of dividends

on capital

stock. As of

December 31, 2022,

the Company was in compliance with all applicable covenants

under the Indenture.

The Company may

redeem some or

all of the

Notes at the

redemption prices and

on the terms

specified in the

Indenture.

Partial Redemption of Notes

On November

23, 2022,

the Company

exercised its

optional redemption

rights and

redeemed $

35.0

million, or

10.0

%, of the

original aggregate principal amount

of its Notes

at a redemption

price equal to

103

% of the

principal

amount of the Notes, plus accrued and unpaid interest on

the Notes to, but not including, the date

of redemption.

The redemption

allocation was

determined by

lot, in

compliance with

the requirements

of the

Depository Trust

Company as provided in the Indenture governing the

Notes.

During the

year ended

December 31,

2022, in

connection

with the

dividends paid

in the

period, the

Company

offered to

purchase the

Notes pursuant

to the

terms of

the Indenture.

In connection

with the

above offers,

the

Company purchased an

aggregate principal amount, for

accepted offers, of

37.7

million at a

price equal to

104

of the principal amount of the

Notes, plus accrued and unpaid interest on

the Notes to, but not including, the

date

of redemption.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

145

In connection to the above redemptions,

the Company recorded a “Loss

on debt extinguishment” of $

5.3

million

in the

Consolidated Statement

of Operations

and Comprehensive

Income, which

represents the

premium paid

and a portion of unamortized debt issuance costs and

discount on issuance.

ABL Facility

May

12,

2021,

the

Company,

Coronado

Coal

Corporation,

Delaware

corporation

and

wholly-owned

subsidiary of the

Company,

or the U.S.

Borrower,

the

Australian Borrower and

the guarantors

entered into the

ABL

Facility

agreement

with

Citibank,

N.A.,

administrative

agent

and

lender,

and

various

other

financial

institutions, with an aggregate multi-currency lender

commitment of up to

100.0

million, including a $

30.0

million

sublimit for the issuance of

letters of credit and $

5.0

million for swingline loans,

at any time outstanding, subject

to borrowing base availability.

The ABL Facility matures on

May 12, 2024

Revolving loan

(and letter

of credit)

availability under

the ABL

Facility is

subject to

a borrowing

base, which

any time is equal to the sum of certain

eligible accounts receivable, certain eligible

inventory and certain eligible

supplies

inventories

and,

each

case,

subject

specified

advance

rates.

The

borrowing

base

subject

certain reserves, which may be established

by the agent in its

reasonable credit discretion, that could reasonably

be expected to have an adverse effect on the value

of the collateral included in the borrowing base.

Borrowings

under

the

ABL

Facility

bear

interest

rate equal

BBSY

rate

plus an

applicable

margin.

addition to paying

interest on the

outstanding borrowings

under the ABL

Facility,

the Company is

also required

to pay a fee in respect of unutilized commitments, on amounts available to be drawn under outstanding letters of

credit and certain

administrative fees.

The

obligations

the

borrowers

under

the

ABL

Facility

are

guaranteed

(a)

first

priority-lien

the

ABL

Collateral, (b)

a second

priority-lien

the Notes

Collateral

and (c)

solely in

the

case

of the

obligations

of the

Australian Borrower,

a featherweight

floating security

interest over

certain accounts

released from

the security

by the Australian Borrower in favor of Stanwell.

The ABL Facility contains customary covenants for

asset-based credit agreements of this type, including, among

others: (i) the requirement to deliver

financial statements, other reports and

notices; (ii) covenants related to the

payment of dividends on, or purchase or redemption

of, capital stock; (iii) covenants related to

the incurrence or

prepayment of

certain debt;

(iv) covenants

related to

the incurrence

of liens

or encumbrances;

(v) compliance

with

laws;

(vi)

restrictions

certain

mergers,

consolidations

and

asset

dispositions;

and

(vii)

restrictions

certain transactions with affiliates. Subject to customary grace periods and notice requirements, the

ABL Facility

also

contains

customary

events

default.

Additionally,

the

ABL

Facility

contains

springing

fixed

charge

coverage ratio of not less than

1.00

to 1.00, which ratio is tested if availability under

the ABL Facility is less than

a certain amount.

As of December

31, 2022, the

Company is

not subject to

this covenant.

As at December

31,

2022, the Company met its undertakings under the ABL

Facility.

December

31,

2022,

amounts

were

drawn

and

letters

credit

were

outstanding

under

the

ABL

Facility.

The carrying value of

debt issuance costs,

recorded as “Other

non-current assets” in

the Consolidated Balance

Sheets, were $

2.5

million and $

4.3

million at December 31, 2022 and December 31, 2021, respectively. Refer to

Note 13 “Other Assets”.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

146

18.

Other Financial Liabilities

The following is a summary of other financial liabilities:

(US$ thousands)

December 31,

2022

December 31,

2021

Collateralized financial liabilities payable to third-party financing

companies

(1)

12,726

17,794

Unsecured notes payable to insurance premium finance company,

payable in

aggregate monthly instalments ranging from $

645

to $

700

with a fixed rate

ranging up to

2.25

% per annum

—

4,536

Total

Other financial

liabilities

12,726

22,330

Less: current portion

4,458

8,508

Other non-current financial liabilities

8,268

13,822

(1)

On January

6, 2021,

the Company

entered into

an agreement

with a

third-party financier

to sell

and leaseback

items of

property, plant and

equipment

owned by

Curragh, a

wholly-owned subsidiary of

the Company.

The transaction

did not

satisfy the

sale criteria

under ASC

606 –

Revenues from

Contracts with

Customers. As

result, the

transaction was

deemed a

financing arrangement

and the

Company has

continued to

recognize the

underlying property,

plant and equipment

on its Consolidated

Balance Sheet. The

proceeds received from the

transaction of $

23.5

million (A$

30.2

million) were recognized as “Other financial

liabilities” on the Consolidated Balance Sheet. The

term of the financing arrangement

ranges up to

five

years

with an implied interest rate

of up to

8.1

% per annum. The carrying

amount of this financial liability, net of issuance

costs, was $

12.7

million and

17.8

million as at December 30, 2022 and 2021,

4.5

million and $

4.0

million of which were classified as a current liability, respectively.

19.

Contract Obligations

connection

with

the

acquisition

the

Logan

assets,

the

Company

assumed

certain

non-market

contracts

related to various

coal leases.

The non-market

coal leases

require royalty

payments based on

a percentage

the

realization

from

the

sale

the

respective

coal

under

lease.

acquisition,

the

Company

recorded

27.3

million related to the non-market

portion of the coal leases

and is amortizing it ratably

over the respective

estimated coal reserves as they are mined and sold.

connection

with

the

acquisition

Curragh,

the

Company

assumed

the

Stanwell

non-market

coal

supply

agreement

(CSA)

with

fixed

pricing

component

that

was

effectively

below

the

market

price

the

date

acquisition. As a

result, on acquisition,

the Company recorded

a liability

of $

307.0

million (A$

400.0

million) related

to the

unfavorable pricing

of the

Stanwell CSA

and is

amortizing it

ratably based

on the

tons sold

through the

contract.

The

amortization

of this

liability

for the

year

ended December

31,

2022,

2021

and

2020

were

36.2

million,

33.7

million

and

32.6

million,

respectively,

and

recorded

“Other

revenues”

the

Consolidated

Statements of Operations and Comprehensive Income.

The following is a summary of the contract obligations

as of December 31, 2022:

(US$ thousands)

Short-term

Long-term

Total

Coal leases contract liability

843

19,720

20,563

Stanwell below market coal supply agreement

39,500

74,805

114,305

40,343

94,525

134,868

The following is a summary of the contract obligations

as of December 31, 2021:

(US$ thousands)

Short-term

Long-term

Total

Coal leases contract liability

843

20,081

20,924

Stanwell below market coal supply agreement

39,118

121,107

160,225

39,961

141,188

181,149

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

147

20.

Deferred Consideration Liability

On August 14, 2018 the Company completed the purchase of the Stanwell

Reserved Area, or the SRA, adjacent

the

current

Curragh

mining

tenements.

This

area

was

acquired

deferred

consideration

basis

and

acquisition

the

Company

recognized

“Mineral

rights

and

reserves”

asset

and

corresponding

deferred

consideration liability of $

155.2

million (A$

210.0

million), calculated using the contractual pre-tax discount rate of

% representing

fair value

of the

arrangements

at the

date of

acquisition. The

deferred consideration

liability

will reflect passage of

time changes by way

of an annual accretion

at the contractual pre-tax discount

rate of

and will

be settled

as a

discount to

the price

of thermal

coal supplied

to Stanwell

over the

term of

a new

coal

supply agreement which

is expected to

commence in 2027.

The accretion of

deferred consideration is recognized

in “Interest expense, net” in the Consolidated Statements of Operations and Comprehensive Income. The Right-

to-mine-asset will be amortized over the coal reserves

mined from the SRA.

December 31,

(US$ thousands)

2022

2021

Stanwell Reserved Area deferred consideration

243,191

230,492

243,191

230,492

21.

Workers’ Compensation and Pneumoconiosis (“Black

Lung”) Obligations

the

United

States,

coal

mine

operations

may

lead

traumatic

workers

compensation

claims,

well

workers’ compensation occupational disease claims for

black lung disease. Injured workers generally file claims

for traumatic injury under

the governing state

workers compensation legislation.

Workers may file

claims due to

black

lung

under

the

governing

state

workers

compensation

legislation

under

series

federal

laws

that

include the Federal Coal Mine Health and Safety Act of 1969, as amended, the Black Lung Benefits Act of 1973,

and

the

Black

Lung

Benefits

Reform

Act

1977.

The

Company

provides

for

both

traumatic

workers

compensation claims and occupational disease claims through

an insurance policy.

The Company obtained workers

compensation insurance for work

related injuries, including black

lung, through

third-party

commercial

insurance

company

for

the

years

ended

December

31,

2022,

2021

and

2020.

The

insurance policy

covers claims

that exceed

0.5

million per

occurrence for

all years,

or aggregate

claims in

excess

of $

22.7

million, $

22.0

million and $

15.0

million for policy years ending May 2023, May 2022 and May 2021. Per

the contractual agreements, the Company

was required to provide a collateral

deposit of $

53.1

million for policy

years 2017 through

2023, ending May 31,

2023, which is

accomplished through providing

a combination of

letters

of credit and cash collateral

in an escrow account.

As of December 31,

2022, the Company has

provided $

16.8

million of letters

of credit, $

27.1

million of cash

collateral and surety

bonds of $

6.0

million totaling $

49.9

million.

The remaining collateral is required to be provided by

March 31, 2023.

For the

years ended

December 31, 2022,

2021 and

2020, the

audited Consolidated

Statements of

Operations

and

Comprehensive

Income

included

Company

incurred

claims,

premium

expenses

and

administrative

fees

worker’s

compensation

benefits

12.2

million,

12.2

million

and

9.5

million,

respectively.

December 31, 2022 and 2021, the estimated workers’ compensation

liability was $

30.1

million and $

29.7

million,

respectively, representing claims incurred but not paid based on

the estimate of the

outstanding claims under the

coverage

limits

and

the

actuarially

determined

retained

liability

under

the

aggregate

claim

amount.

December

31,

2022

and

2021,

27.1

million

and

25.3

million,

respectively,

are

recorded

within

“Other

non-

current liabilities” in the Consolidated Balance Sheets.

The current portion of the Company’s estimated

workers’

compensation liabilities are

recorded within “Accrued

expenses and other

current liabilities” in the

Consolidated

Balance Sheets.

22.

Employee Benefit Plans

The

Company

has

401(k)-defined

contribution

plan

which

all

U.S.

full

time

employees

are

eligible

participate

upon

their

date

hire.

Employees

generally

may

contribute

100

their

qualifying

compensation

subject

statutory

limitations.

The

Company

matches

100

the

first

the

participant’s annual compensation

for all employees except

for those employed at Buchanan.

For employees at

Buchanan,

the

Company

matches

100

the

first

the

participant’s

annual

compensation.

The

Company’s contributions immediately

vest. Total Company contributions

for the

years ended

December 31,

2022,

2021 and 2020 amounted to $

3.9

million, $

3.3

million and $

2.7

million, respectively.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

148

In the United States, the Company is self-insured for

employee health care claims up to the lesser of $

0.2

million

per

covered

person

aggregate

amount

depending

the

various

coverages

provided

employees

throughout the plan year

for all employees. The Company

has purchased coverage from a

commercial insurance

carrier to provide for any claims

in excess of these amounts. At December

31, 2022 and 2021, the Company had

provided

accruals

1.9

million

and

1.7

million,

respectively,

for

claims

incurred

but

not

paid

based

management’s estimate

of the Company’s

self-insured liability.

For the years

ended December

31, 2022, 2021

and 2020, the Company incurred claims,

premium expenses and administrative

fees related to this plan totaling

29.8

million, $

25.8

million and $

23.9

million respectively.

23.

Stock-Based Compensation

Total

stock-based

compensation

expense

was

2.7

million,

0.5

million

and

1.6

million

for

the

years

ended

December 31,

2022,

2021

and

2020

respectively,

and

was

included

component

selling,

general,

and

administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income.

The stock-based compensation expense includes

compensation expense recognized in full

at the grant date for

employees that meet certain retirement eligibility criteria

per the 2018 Plan (as defined below).

December 31,

2022

the

Company

had

4.1

million

total

unrecognized

compensation

cost

nonvested stock-based

compensation awards

granted under

the plans.

This cost

is expected to

be recognized

over

3.25

years

with

weighted-average

period

2.38

years

stock-based

compensation

expense.

This

expected cost does not include the impact of any future stock-based

compensation awards.

a) 2018 Equity Incentive Plan

connection

with

the

completion

the

Company’s

initial

public

offering

common

stock,

the

Company

implemented

the

Coronado

Global

Resources Inc.

2018

Equity

Incentive

Plan,

the

2018

Plan,

which

designed

align

compensation

for

certain

key

executives

with

the

performance

the

Company.

Since

its

approval, there have been no updates to the 2018 Plan

or issuance of a new plan.

The 2018

Plan provides

for the

grant of

awards

including stock

options,

or Options;

stock appreciation

rights;

restricted stock

units, or

RSUs; and

restricted stock,

valued in

whole or

in part

with reference

to shares

of the

Company’s CDIs or common stock, as well as performance-based awards, including performance stock units,

PSUs, denominated in CDIs or shares

of common stock. Each award

is entitled to receive one

CDI with

ten

CDIs

representing one share of common stock.

The Company

measures the cost

of all stock-based

compensation, including

stock options,

at fair value

on the

grant date

and recognizes

such costs

within “Selling,

general and

administrative expense”

in the

Consolidated

Statements of

Operations and Comprehensive

Income. The

Company recognizes compensation

expense related

to Options, PSUs and RSUs

that cliff vest using

the straight-line method during

the requisite service period.

For

stock-based

awards

where

vesting

dependent

upon

achieving

certain

operating

performance

goals,

the

Company

estimates

the

likelihood

achieving

the

performance

goals

during

the

performance

period.

The

Company accounts

for forfeitures as and when they occur.

All awards require the grantee

to be employed by the

Company at the vesting date except

for grantees who meet

certain retirement criteria under the 2018 Plan.

The following awards were granted under the 2018 Plan:

Grant year

Vesting date

(1)

Performance period

Stock Options

PSUs

RSUs

2022

01/01/2023

not applicable

—

393,793

2022

01/07/2023

not applicable

—

255,284

2022

01/01/2024

not applicable

—

151,747

2022

01/07/2024

not applicable

—

343,210

2022

31/03/2026

01/01/2022 - 31/12/2024

—

7,471,100

—

2021

31/03/2025

01/01/2021 - 31/12/2023

—

5,998,212

—

2020

31/03/2024

01/01/2020 - 31/12/2022

—

3,203,988

—

2018

31/03/2023

01/01/2019 - 31/12/2021

1,336,454

1,001,914

—

2018

30/12/2019

not applicable

—

54,687

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

149

(1)

The awards shall vest on the one-year anniversary

of each testing date and no later than the disclosed date.

The Options

and PSUs granted

that will

vest are

subject to the

achievement of goals

over the

performance period.

These goals are relative total shareowner return, or TSR, and scorecard performance metrics, or the Scorecard.

TSR is determined based on the Company’s percentile ranking of TSR over the performance period relative to a

predefined comparator group of companies.

Performance metrics applicable to the Options and

PSUs granted as summarized below:

Grant year

Relative TSR

Scorecard

TSR

Safety

TSR

Cashflow

Production

2022, 2021 and

2020

33.0%

22.0%

2018

25.0%

Awards subject to

TSR vest based

on service

and market conditions.

The fair

value of

relative TSR was

estimated

on the grant date using a Monte Carlo simulation model.

Awards subject to Scorecard vest based on service and performance conditions. The fair value of the Scorecard

was estimated

on the

grant

date fair

value of

the Company’s

Common Stock

adjusted for

dividends foregone

during the performance period.

RSUs are only subject to service conditions.

Stock Option Awards

The Company’s 2018 stock option awards were granted

on the date of the IPO with an exercise price of $

2.84

per CDI (A$

4.00

per CDI) which was equal to the Company’s IPO

Price.

The Company’s Stock Option activity is summarized

below:

Stock Option Plan Activity

2022

2021

2020

Opening at the beginning of the year

1,015,006

1,083,101

1,292,476

Granted

—

Forfeited

(833,319)

(68,095)

(209,375)

Outstanding at the end of the year

181,687

1,015,006

1,083,101

Exercisable at the end of the year

—

2022

2021

2020

Weighted-average remaining contractual term (in

years)

0.25

1.25

2.25

The weighted

average

grant

date

fair

value

of all

Option

Awards

granted

was

0.27

On August

2019, the

Board of Directors declared and approved return of

capital of $

0.298

(A$

0.440

) per CDI. In accordance with ASX

listing rule clause 7.22.3 the exercise price of option

awards granted under 2018 plan were reduced by the same

amount

the

return

capital

2.41

(A$

3.56

stock

option

awards

vested

during

the

year

ended

December 31, 2022.

The assumptions used to determine the Options fair value

on grant date were as follows:

2018 Grant

Expected term of the stock options (in years) (i)

7.22

Dividend yield (ii)

10%

Expected volatility (iii)

35%

Risk-free interest rate (iv)

2.46%

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

150

(i)

Expected

term

represents

the

period

that

the

Company’s

stock-based

awards

are

expected

outstanding and is determined using

the simplified method, which

equates to a weighted average

of the

vesting period

and total

contractual

term

of the

award.

All awards

cliff vest

at the

end

of the

requisite

service period.

(ii)

Dividend yield is the expected average yield of dividends

expected over the vesting period.

(iii)

Expected volatility

was estimated

using comparable

public company’s

volatility for

similar terms

as the

Company

does

not

have

long

enough

operating

period

public

company

estimate

its

own

volatility.

Over

time as

the

Company

develops

its own

volatility

history

it will

begin

incorporate

that

history into its expected volatility estimates.

(iv)

Risk-free interest

rate is based

on an interpolated

Australian Government

Bond Rate

at the time

of the

grant for periods corresponding with the expected term

of the option.

The applicable

assumptions in

determining the

fair value

of market

and performance

conditions of

the Options

awards were the same.

Performance Stock Unit Awards

Activity of the Company’s

PSUs that are ultimately

payable in the Company’s

CDIs or the equivalent

number of

shares of common stock granted under the 2018 Plan

is summarized below:

Performance Stock Units Plan Activity

2022

2021

2020

Nonvested at the beginning of the year

8,501,869

4,002,783

988,721

Granted

7,471,100

5,998,212

3,203,988

Forfeited

(1,114,048)

(1,499,126)

(189,926)

Nonvested at the end of the year

14,858,921

8,501,869

4,002,783

2022

2021

2020

Weighted-average grant date fair value (per CDI)

0.53

0.43

0.79

Weighted-average remaining term (in years)

2.54

2.79

3.01

The weighted

average grant

date fair

value of

all PSU

Awards granted

in 2022

was $

0.67

(A$

0.89

PSUs

vested during the year ended December 31, 2022.

The assumptions used to determine the PSUs fair value on

each grant date were as follow:

2022 Grant

2021 Grant

2020 Grant

2018 Grant

Time to maturity (in years) (i)

3.99

3.85

3.49

4.52

Dividend yield (ii)

16.3%

3.0%

1.6%

10.0%

Expected volatility (iii)

60.0%

35.0%

Risk-free interest rate (iv)

2.66%

0.35%

0.18%

2.23%

(i)

Time to maturity represents the period

that the Company’s stock-based

awards will vest. All awards cliff

vest at the end of the requisite service period.

(ii)

Dividend yield is the expected average yield of dividends

expected over the vesting period.

(iii)

For the

2018 grant,

the expected

volatility was

estimated using

comparable public

company’s

volatility

for similar terms as the Company does not have a long enough operating period

as a public company to

estimate

its

own

volatility.

For

the

2020,

2021

and

2022

grants,

the

volatility

was

estimated

using

comparable public company’s volatility and the Company’s

own volatility for similar terms.

(iv)

Risk-free interest

rate is based

on an interpolated

Australian Government

Bond Rate

at the time

of the

grant for periods corresponding with the expected term

of the PSUs.

The above

inputs were

consistent to

determine the

fair value

of the

market and

performance conditions

of the

PSUs awards.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

151

Restricted Stock Units

During the year ended

December 31, 2022,

the Company issued

RSUs to certain

employees. These RSUs

are

only subject

to service

conditions and

vest at

various intervals

during the

service

period. The

fair value

of the

award

was

determined

using

the

market

price

the

Company’s

Common

Stock

the

date

grant

and

compensation expense is recorded over the requisite

service period.

Activity of the Company’s

RSUs that are ultimately

payable in the Company’s

CDIs or the equivalent

number of

shares of common stock granted under the 2018 Plan

is summarized below:

Restricted Stock Units Plan Activity

2022

Nonvested at the beginning of the year

—

Granted

1,144,034

Forfeited

—

Vested

—

Nonvested at the end of the year

1,144,034

2022

Weighted-average grant date fair value (per CDI)

1.22

Weighted-average remaining term (in years)

0.70

24.

Income Taxes

At December

31, 2021,

a company,

which is

not part

of the

Australian tax

consolidated group,

had tax

losses

carried forward of $

5.9

million (tax effected) for which an equal valuation

allowance has been recognized.

The tax losses of $

27.0

million (tax effected) at December 31, 2021, carried forward at the Australian Operations

were fully utilized in 2022.

The U.S. House

of Representatives

approved a

$740 billion budget

reconciliation package

that includes

a new

minimum tax on certain large corporations, an excise tax on stock buybacks, a significant increase in funding for

the Internal Revenue Service, incentives to promote climate change mitigation and clean energy,

and provisions

to promote health

care affordability.

The Inflation Reduction

Act includes a

book-minimum tax

(AMT) similar

that originally proposed in the House-approved

Build Back Better legislation that would

impose a

% minimum

tax on “adjusted

financial statement income”

of applicable corporations over

the “corporate AMT

foreign tax credit

for the taxable

year.”

Under the bill,

an applicable corporation’s

minimum tax would

be equal to

the amount by

which

the

tentative

minimum

tax

exceeds

the

sum

the

corporation’s

regular

tax

for

the

year

and

the

corporation’s base

erosion and

anti-abuse tax

liability under

section 59A.

This provision

would be

effective

for

taxable years beginning after December 31, 2022 and

it is not expected to apply to the Company.

Income (loss) from

continuing operations before

income taxes for

the periods presented

below consisted of

the

following:

December 31,

(US$ thousands)

2022

2021

2020

U.S.

609,617

226,463

(116,354)

Non-U.S.

393,660

16,062

(170,199)

Total

1,003,277

242,525

(286,553)

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

152

Total

income tax expense (benefit) for the periods presented

below consisted of the following:

December 31,

(US$ thousands)

2022

2021

2020

Current:

U.S. federal

90,933

30,075

(28,959)

Non-U.S.

75,270

(4,443)

(18,967)

State

25,347

3,480

(1,034)

Total

current

191,550

29,112

(48,960)

Deferred:

U.S. federal

406

13,486

18,353

Non-U.S.

35,425

6,658

(18,757)

State

4,193

3,846

(10,652)

Total

deferred

40,024

23,990

(11,056)

Total

income tax expense (benefit)

231,574

53,102

(60,016)

The following is a reconciliation of the expected statutory federal income tax expense (benefit) to the Company’s

income tax expense (benefit) for the periods presented

below:

December 31,

(US$ thousands)

2022

2021

2020

Current:

Expected income tax expense (benefit) at U.S. federal statutory

rate

210,690

50,931

(60,176)

Percentage depletion

(41,047)

—

Permanent differences

(2,262)

296

(3,144)

Prior period tax return adjustments and amendments

596

(4,259)

—

Foreign tax deductions method change and prior year

amendments

—

28,952

Australian branch impact on U.S. taxes

42,049

(1,699)

(21,398)

State income taxes, net of federal benefit

21,548

7,833

(4,250)

Total

income tax expense (benefit)

231,574

53,102

(60,016)

Effective tax rate

23.1%

21.9%

20.9%

Deferred income taxes

reflect the net

tax effects of

temporary differences between the

carrying amounts of

assets

and liabilities

for financial

reporting purposes

and the

amount used

for income

tax purposes

using the

enacted

tax rates and laws currently

in effect. Significant components

of the Company’s deferred

income tax assets and

liabilities as of December 31, 2022 and 2021 were as follows:

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

153

December 31,

(US$ thousands)

2022

2021

Deferred income tax assets:

Accruals and provisions

36,409

29,091

Contract obligations

119,505

137,290

Asset retirement obligation

49,078

40,033

Goodwill

6,590

7,057

Tax

losses

6,886

35,078

U.S. asset on foreign deferred taxes

14,408

—

Other

31,747

22,676

Gross deferred income tax assets

264,623

271,225

Valuation allowance

(1)

(34,667)

(25,590)

Total

deferred income tax assets, net of valuation allowance

229,956

245,635

Deferred income tax liabilities:

Property, plant, equipment

and mine development, principally due to

differences in depreciation, depletion and asset

impairments

(300,968)

(272,219)

Warehouse stock

(13,980)

(14,903)

U.S. liability on foreign deferred taxes

—

(10,301)

Other

(10,679)

(9,246)

Total

deferred income tax liabilities

(325,627)

(306,669)

Net deferred income tax liability

(95,671)

(61,034)

(1)

As of December 31,

2022, the Company recorded

a valuation allowance against

a deferred tax asset

of an equal amount

which relates

predominantly to foreign tax credits, tax losses, land and

goodwill in Australia which is in the Other category in

the table. Due to the capital

character of these items and the

lack of expected capital gains,

the Australian group is not expected

to realize the benefit of this

deferred tax

asset.

Unrecognized Tax

Benefits

The

Company

provides

for

uncertain

tax

positions,

and

the

interest

and

penalties,

based

upon

management’s assessment of whether a tax benefit is

more likely than not to be sustained upon examination by

tax authorities.

the extent

that the

anticipated

tax outcome

of these

uncertain

tax positions

changes,

such

changes in estimate will impact the income tax

provision in the period in which such determination is made.

The

Company recognizes accrued interest and penalties related to uncertain tax

positions as a component of income

tax expense.

The Company

did not

identify any

new uncertain

tax positions

during the

year ended

December 31,

2021 and

2022, and as

a result the

Company does

t have any

recorded uncertain tax positions

as of December

31, 2022.

The Company

recorded

amounts related

to interest

and penalties

on uncertain

tax positions

for 2022, 2021

and 2020 and these years remain open to examination

by U.S. and Australian tax authorities.

25.

Fair Value Measurement

Fair Value of Financial Instruments

The fair

value of

a financial

instrument is

the amount

that will

be received

to sell

an asset

or paid

to transfer

liability in

an orderly transaction

between market participants

at the

measurement date. The

fair values

of financial

instruments involve uncertainty and cannot be determined with

precision.

The Company utilizes valuation

techniques that maximize

the use of observable inputs

and minimize the use of

unobservable

inputs

the

extent

possible.

The

Company

determines

fair

value

based

assumptions

that

market participants would

use in pricing

an asset or

liability in the

market. When considering

market participant

assumptions in fair

value measurements, the

following fair value

hierarchy distinguishes between observable

and

unobservable inputs, which are categorized in one of the

following levels:

Level

Inputs:

Unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

accessible

the

reporting entity at the measurement date.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

154

Level 2 Inputs: Other than

quoted prices that are observable

for the asset or

liability, either

directly or indirectly,

for substantially the full term of the asset or liability.

Level

Inputs:

Unobservable

inputs

for

the

asset

liability

used

measure

fair

value

the

extent

that

observable inputs

are not

available, thereby

allowing for

situations in

which there

is little, if

any,

market activity

for the asset or liability at measurement date.

Financial Instruments Measured on a Recurring Basis

As of December

31, 2022

and 2021,

there were

financial instruments

required to

be measured

at fair

value

on a recurring basis.

Other Financial Instruments

The following methods and assumptions are used to estimate the

fair value of other financial instruments as of

December 31, 2022 and 2021:

•

Cash and

restricted cash, accounts

receivable, accounts payable,

accrued expenses, lease

liabilities and

other

current

financial

liabilities:

The

carrying

amounts

reported

the

Consolidated

Balance

Sheets

approximate fair value due to the short maturity of these

instruments.

•

Restricted deposits,

lease liabilities,

interest bearing

liabilities and

other financial

liabilities: The

fair values

approximate the carrying amounts

reported in the Consolidated Balance Sheets.

•

Interest bearing liabilities: The

Company’s outstanding interest-bearing liabilities are carried at

amortized

cost.

December

31,

2022,

there

were

borrowings

outstanding

under

the

ABL

Facility.

The

estimated fair value

of the Notes

as of December

31, 2022 is

approximately $

249.7

million based upon

quoted market prices in a market that is not considered active

(Level 2).

Other than

the estimated

fair values

of the

Greenbrier

mining asset

held for

sale

described

in Note

4 “Assets

Held for Sale” and Note 5 “Impairment of Assets”, which are level

3 fair value measurements, there are no other

fair value

measurements of

assets and

liabilities that

are measured

at fair

value on

a nonrecurring

basis as

December 31, 2022 and 2021.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

155

26.

Accumulated Other Comprehensive Losses

The Company’s Accumulated

Other Comprehensive Losses

consists of foreign currency

translation adjustment

from subsidiaries not using the U.S. dollar as their functional currency.

Net

gain

(loss)

(US$ thousands)

Foreign

currency

translation

adjustments

Cash flow

fuel hedges

Total

Balance at December 31, 2020

(26,777)

(2,029)

(28,806)

Net current-period other comprehensive income (loss):

Gain in other comprehensive income before reclassifications

6,991

9,922

16,913

Loss on long-term intra-entity foreign currency transactions

(24,442)

—

(24,442)

Gain reclassified from accumulated other comprehensive

loss

—

(7,023)

Tax

effects

—

(870)

Total

net current-period other comprehensive income (loss)

(17,451)

2,029

(15,422)

Balance at December 31, 2021

(44,228)

—

(44,228)

Net current-period other comprehensive income (loss):

Loss in other comprehensive income

(19,610)

—

(19,610)

Loss on long-term intra-entity foreign currency transactions

(27,585)

—

(27,585)

Total

net current-period other comprehensive losses

(47,195)

—

(47,195)

Balance at December 31, 2022

(91,423)

—

(91,423)

27.

Commitments

(a)

Mineral Leases

The

Company

leases

mineral

interests

and

surface

rights

from

land

owners

under

various

terms

and

royalty

rates. The future minimum royalties under these leases

are as follows:

(US$ thousands)

Amount

Year ending

December 31,

2023

5,493

2024

5,365

2025

5,258

2026

5,127

2027

5,101

Thereafter

26,398

Total

52,742

Mineral leases are not in scope of ASC 842 and continue to

be accounted for under the guidance in ASC 932,

Extractive Activities – Mining.

(b)

Other commitments

December

31,

2022,

purchase

commitments

for

capital

expenditures

were

28.6

million,

all

which

obligated within the next 12 months.

In Australia, the

Company has generally

secured the ability

to transport coal

through rail contracts

and coal export

terminal contracts that are primarily funded

through take-or-pay arrangements with terms ranging up to

13 years

In the U.S., the Company typically

negotiates its rail and coal terminal

on an annual basis.

As of December 31,

2022,

these

Australian

and

U.S.

commitments

under

take-or-pay

arrangements

totaled

0.93

billion,

which

approximately $

96.7

million is obligated

within the next

year,

203.1

million within

1-3 years, $

206.6

million 3-5

years and $

426.3

million thereafter.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

156

28.

Contingencies

In the

normal course

of business,

the Company

is a

party to

certain guarantees

and financial

instruments with

off-balance sheet risk, such as bank

guarantees, letters of credit and performance

or surety bonds. No liabilities

related to these arrangements are reflected in the Company’s Consolidated Balance Sheets.

Management does

not expect any material losses to result from these guarantees

or off-balance sheet financial instruments.

As required

by certain

agreements,

the Company

had cash

collateral

in the

form of

deposits in

the amount

89.1

million and $

81.0

million as of December 31,

2022 and 2021, respectively, to provide back-to-back support

for bank guarantees, financial

payments, other performance obligations, various

other operating agreements and

contractual obligations

under workers

compensation insurance.

These deposits

are restricted

and classified

long-term assets in the Consolidated Balance Sheets.

In accordance

with the

terms of

the ABL

Facility,

the Company

may be

required

to cash

collateralize

the ABL

Facility to the extent of outstanding letters of credit after the expiration or termination date of such letter of credit.

As of December 31, 2022,

such letter of credit was outstanding and as such

cash collateral was required.

For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety

bonds for post-mining reclamation. The Company can also use bank letters of credit to collateralize certain other

obligations. As of December 31, 2022, the Company had outstanding surety bonds of $

34.9

million and letters of

credit of $

16.8

million issued from our available bank guarantees,

to meet contractual obligations under workers

compensation insurance and to secure various

obligations and commitments. Future regulatory changes relating

to these obligations could result in increased obligations,

additional costs or additional collateral requirements.

For the Australian Operations, the Company had bank guarantees outstanding

of $

27.4

million at December 31,

2022, primarily in respect of certain rail and port arrangements

of the Company.

At December 31, 2022, the Company had total outstanding

bank guarantees provided of $

44.2

million to secure

obligations and commitments.

Stamp duty on Curragh acquisition

On September 27, 2022, the Company received from

the Queensland Revenue Office, or QRO,

an assessment

of the stamp duty

payable on its

acquisition of the Curragh

mine in March

2018. The QRO assessed

the stamp

duty

this

acquisition

amount

55.4

million

(A$

82.2

million)

plus

unpaid

tax

interest

8.2

million

(A$

12.1

million).

November

23,

2022,

the

Company

filed

objection

the

assessment

and

currently

awaiting the outcome of this objection. The outcome of

this objection is uncertain.

The Company

has reviewed

the assessment

received and

based on

legal and

valuation advice

it has

sought,

continues to maintain its position and the estimated accrual of $

29.0

million (A$

43.0

million) stamp duty payable

on the Curragh acquisition. During

the period the Company made a partial

payment of stamp duty,

reducing the

remaining estimated accrual

for stamp duty

to $

11.7

million (A$

17.3

million) as at December

31, 2022, which

included within “Accrued Expenses and Other Current Liabilities”

in its Consolidated Balance sheet.

From time to time, the

Company becomes a

party to other legal

proceedings in the

ordinary course of business

in Australia, the U.S. and other countries where the Company does business.

Based on current information, the

Company believes that such other pending

or threatened proceedings are likely to

be resolved without a material

adverse

effect

its

financial

condition,

results

operations

cash

flows.

management’s

opinion,

the

Company is not currently

involved in any legal

proceedings, which individually

or in the aggregate

could have a

material effect on the financial condition, results of

operations and/or liquidity of the Company.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

157

29. Related

‑

Party Transactions

Xcoal

May

27,

2021,

Xcoal

ceased

party

after

Xcoal’s

founder,

chief

executive

officer

and

chief

marketing officer,

Mr. Ernie Thrasher,

retired as a non-executive director of the Company.

“Coal

revenues

from

parties”

97.3

million

the

Consolidated

Statement

Operations

and

Comprehensive Income for the period up to May 27, 2021, represent

revenues from Xcoal while it was a related

party.

Revenues

from

coal

sales

Xcoal

after

May

27,

2021

are

included

within

“Coal

revenues”

the

Consolidated Statement of Operations and Comprehensive Income.

Revenues from Xcoal of $

134.6

million for the year ended December

31, 2020, are recorded as “Coal

revenues

from related parities” in the Consolidated Statement of Operations

and Comprehensive Income.

The Energy & Mineral Group

May

12,

2021,

affiliates

The

Energy

Minerals

Group,

EMG,

which

the

Company’s

controlling

stockholder

through

its

ownership

Coronado

Group

LLC,

participated

the

Notes Offering

and

purchased

65.0

million aggregate principal amount of Notes at the closing of the Notes Offering. Following

the redemption

Notes

November

2021

and

November

2022,

described

Note

“Interest

Bearing

Liabilities”,

the

principal amount of Notes

held by EMG reduced

to $

52.0

million and remained

unchanged as at December

31,

2022.

December

31,

2022,

interest

payable

affiliates

EMG

the

Notes

was

0.7

million

and

was

recorded

within

“Accrued

expenses

and

other

current

liabilities”

the

Consolidated

Balance

Sheet.

Interest

expense to affiliates

of EMG was

7.1

million for the

year ended December

31, 2022, and recorded

in “Interest

expense, net” in the Consolidated Statement of Operations

and Comprehensive Income.

Coronado Group LLC

Under

the

Coronado

Group LLC

agreement

(as

amended,

effective

October 23,

2018),

2,900

management

incentive units were designated and authorized for issuance

to certain members of management to motivate and

retain senior management.

The plan is designated

to allow key members

of management to share

in the profits

of the Company

after certain

returns are

achieved by

the equity

investors. The

incentive units

constitute “profit

interests” for the benefit of senior management in consideration

of services rendered and to be rendered.

Coronado Coal LLC and Coronado II

LLC merged to form Coronado Group

LLC in July 2015. Coronado IV

LLC

was

merged

into

Coronado

Group LLC,

the

Company’s

controlling

stockholder,

June 30,

2016.

Under

the

updated formation

agreement dated

June 30, 2016,

the

2,500

designated and authorized

units under the

initial

formation of

Coronado Group LLC

were replaced

by these

new units.

At December

31, 2022

and 2021,

2,900

management incentive units were outstanding.

The incentive units are comprised of three

tiers, which entitle the holders to receive

distributions from Coronado

Group LLC subordinate

to the

distributions to

be received

by Members.

As of

December 31, 2022

and 2021,

portion of the authorized

units have been allocated

to various members of the

Company’s management including

Mr. Garold Spindler,

CEO, who is also member of Coronado Group LLC.

Stockholder’s Agreement and Registration Rights

and Sell-Down Agreement

December

31,

2022,

Coronado

Group LLC

has

beneficial

ownership

the

aggregate

50.4

the

Company’s

Shares.

September 24,

2018,

Coronado

Group LLC

and

the

Company

entered

into

Stockholder’s Agreement

and a

Registration Rights

and Sell-Down

Agreement

which governs

the relationship

between Coronado

Group LLC

and the

Company

while the

EMG Group

beneficially

owns in

the aggregate

least

our

outstanding

common

stock

(including

common

stock

underlying

CDIs),

including certain governance matters relating to the Company. Under this Agreement, Coronado Group LLC has

the ability to

require the Company

to register its

shares under the

U.S. Securities Exchange

Act of 1934

and to

provide assistance to Coronado Group LLC in selling

some or all of its shares (including in the form of CDIs).

The Stockholder’s Agreement provides for the following:

•

Consent rights: Coronado

Group LLC (or its

successors or permitted

assigns) will have

certain consent

rights, whereby pre-agreed actions

require approval by Coronado

Group LLC prior to these

actions being

undertaken;

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Coronado Global Resources Inc. Form 10-K December

31, 2022

158

•

Provision

information

Coronado

Group LLC:

There

will

ongoing

information

sharing

arrangements

relating

the

provision

financial

and

other

information

the

Company

and

its

subsidiaries to Coronado Group LLC group entities and cooperation and assistance between the parties

in connection with any financing (or refinancing) undertaken

by the Company;

•

Pro rata issuances: While Coronado Group LLC Group entities beneficially own in the

aggregate at least

% of

the outstanding

Shares, unless

Coronado

Group LLC

(or

its successors

or permitted

assigns)

agrees

otherwise,

issuances

equity

securities

must

have

been

offered

Coronado

Group LLC

respect of

its pro

rata shares

and any

equity securities

to be

allocated by

the Company

under a

incentive plan will be sourced by purchasing them in the market

rather than by issuing them; and

•

Board rights:

Certain rights

regarding the

board including

the right,

but not

the obligation,

to designate

the Directors

to be

included in the

membership of

any board committee,

except to the

extent that

such

membership would violate applicable securities laws or

stock exchange or stock market rules.

Relationship Deed

On September 24, 2018, the Company and Coronado Group LLC entered into a Relationship Deed under which

the Company provides

a number of indemnities

in favor of Coronado

Group LLC, including in

relation to certain

ASX initial public

offering, or

Australian IPO, -related

matters and also

certain guarantees

that have in

the past

been provided or

arranged by Coronado

Group LLC and

its affiliates

in support of

Company obligations.

Under

the

Relationship

Deed,

Coronado

Group LLC

also

agrees

indemnify

the

Company

relation

certain

Australian IPO-related matters and reimburse certain costs.

30.

Subsequent Events

Ordinary dividends

February

21,

2023,

the

Company’s

Board

Directors

declared

bi-annual

fully

franked

fixed

ordinary

dividend of $

8.4

million, or

0.5

cents per CDI. The

Company is not required

to make an offer

to purchase Notes

relation

this

dividend

due

the

available

unaccepted

portion

the

offer

purchase

Notes

made

connection with special dividends declared on October 30,

2022.

The dividend will

have a record

date of

March 15, 2023

, Australia time,

and be payable

April 5, 2023

, Australia

time.

CDIs will

be quoted

“ex” dividend

on March

14, 2023,

Australia time.

The total

ordinary dividend

will be

funded from available cash.

Coronado Global Resources Inc. Form 10-K December

31, 2022

159

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

the Shareholders and the Board of Directors of Coronado

Global Resources Inc.

Opinion on the Financial Statements

have

audited

the

accompanying

consolidated

balance

sheets

Coronado

Global

Resources

Inc.

(the

Company)

December

31,

2022

and

2021,

the

consolidated

statements

operations

and

comprehensive

income,

stockholders’

equity

and

cash

flows

for

each

the

three

years

the

period

ended

December 31, 2022, and the related notes (collectively referred to as the “consolidated financial statements”). In

our opinion, the consolidated financial

statements present fairly,

in all material respects, the

financial position of

the Company at December 31, 2022 and

2021, and the results of its

operations and its cash flows for

each of the

three

years

the

period

ended

December

31,

2022,

conformity

with

U.S.

generally

accepted

accounting

principles.

also

have

audited,

accordance

with

the

standards

of the

Public

Company

Accounting

Oversight

Board

(United States)

(PCAOB), the

Company's internal control

over financial

reporting as

of December

31, 2022,

based

criteria

established

Internal

Control-Integrated

Framework

issued

the

Committee

Sponsoring

Organizations of

the Treadway Commission (2013

framework) and our

report dated

February 21,

2023 expressed

an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the

Company's management. Our responsibility is to express

an opinion

on the

Company’s financial statements

based on

our audits.

We are a

public accounting

firm registered

with the PCAOB

and are

required to

be independent

with respect to

the Company

in accordance with

the U.S.

federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and

the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan

and perform the audit to

obtain reasonable assurance about whether the

financial statements are free of

material

misstatement, whether

due to

error or

fraud. Our

audits included

performing procedures

to assess

the risks

material misstatement of the financial statements, whether due to error or fraud, and performing procedures that

respond to

those risks.

Such procedures

included examining,

on a

test basis,

evidence regarding

the amounts

and disclosures

in the

financial statements.

Our audits

also included

evaluating the

accounting principles

used

and significant

estimates made

by management,

as well

as evaluating

the overall

presentation of

the financial

statements. We believe that our audits provide a reasonable

basis for our opinion.

Critical Audit Matter

The critical

audit

matter communicated

below is

a matter

arising

from

the current

period audit

of the

financial

statements that was communicated

or required to be communicated

to the audit committee and that:

(1) relates

to accounts

or disclosures that

are material

to the

financial statements and

(2) involved our

especially challenging,

subjective, or

complex judgments.

The communication

of the critical

audit matter

does not alter

in any way

our

opinion on the consolidated financial

statements, taken as a whole,

and we are not, by

communicating the critical

audit matter below,

providing a separate opinion on

the critical audit matter or

on the accounts or disclosures

which it relates.

Coronado Global Resources Inc. Form 10-K December

31, 2022

160

Stamp Duty assessment on the acquisition of the

Curragh mine

Description of the

matter

As described in Note 28 to the consolidated financial statements, the Company received an

assessment from

the Queensland

Revenue Office

(“QRO”) for

the stamp

duty payable

the Company’s

2018 acquisition

of the

Curragh mine.

The QRO

assessed the

stamp duty

on this acquisition at an amount

of $55.4 million plus unpaid tax interest

of $8.2 million.

The

Company disputes the QRO’s calculation

of the liability, which the Company estimates to

$29.0 million

including unpaid

tax interest.

On November

23, 2022,

the Company

filed an

objection to the assessment and is currently awaiting its

outcome.

Auditing the accrual for the stamp duty obligation involved complex auditor judgment,

given

the

materiality

the

assessment

made

the

QRO,

the

unique

nature

the

property

acquired

and

the

resulting

difficulty

assessing

the

Company’s

judgments

around

the

interpretation and application of the law to this matter.

How we

addressed the

matter in our

audit

obtained

understanding,

evaluated

the

design

and

tested

the

operation

management’s controls related to the Company’s process for the recognition, measurement

and

disclosure

the

stamp

duty

contingency,

non-routine

judgmental

accounting

matter including the Company’s interpretation of tax

law.

Our

audit

procedures

included,

among

others,

understanding

external

legal

counsel

opinions obtained by

management to support

their interpretation and

application of the

law

in this matter. We also

discussed external legal counsel’s

opinion with external

legal counsel

directly.

involved

our

indirect

tax

professionals

help

evaluate

the

Company’s

judgments

around the interpretation and application

of the law to this matter and

the relative likelihood

of the multiple alternative potential outcomes. These potential outcomes included the risk of

litigation and estimations of interest and penalties payable.

We also evaluated the disclosures made in the

consolidated financial statements.

/s/

Ernst & Young

We have served as the Company’s auditor

since 2020.

Brisbane, Australia

February 21, 2023

Coronado Global Resources Inc. Form 10-K December

31, 2022

161

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ON ACCOUNTING AND

FINANCIAL DISCLOSURE.

None.

Coronado Global Resources Inc. Form 10-K December

31, 2022

162

ITEM 9A.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We are

subject to

the periodic

reporting requirements

of the

Exchange Act.

We have

designed our

disclosure

controls and procedures

to provide reasonable

assurance that information we

disclose in reports

we file or

submit

under the Exchange

Act is recorded,

processed, summarized,

and reported within

the time periods

specified in

the

rules

and

forms

the

SEC.

Disclosure

controls

and

procedures

are

controls

and

procedures

that

are

designed

ensure

that

information

required

disclosed

our

reports

filed

under

the

Exchange

Act

recorded, processed, summarized

and reported, within the

time periods specified

in the SEC’s rules

and forms.

Disclosure controls and procedures

include, without limitation,

controls and procedures

designed to ensure that

information required

to be

disclosed by

our company

in the

reports that

it files

or submits

under the

Exchange

Act is

accumulated and communicated

to our

management, including its

principal executive and

principal financial

officers,

persons

performing

similar

functions,

appropriate

allow

timely

decisions

regarding

required

disclosure.

The Company, under the supervision and with the participation of its management, including the Chief Executive

Officer

and

the

Group

Chief

Financial

Officer,

evaluated

the

effectiveness

the

design

and

operation

the

Company’s disclosure

controls and

procedures (as

defined in

Rules 13a-15(e)

under the

Exchange Act)

as of

the end of

the period covered

by this report,

and concluded

that such disclosure

controls and

procedures were

effective to provide reasonable assurance that the

desired control objectives were achieved.

Changes to Internal Control over Financial Reporting

There have been

no changes in

our internal control

over financial reporting

or in

other factors that

occurred during

our

last

fiscal

quarter

that

have

materially

affected,

are

reasonably

likely

materially

affect,

our

internal

controls over financial reporting.

Management’s Report on Internal Control

Over Financial Reporting

Our management

is responsible

for establishing and

maintaining adequate internal

control over

financial reporting

defined

Rules

13a-15(f)

under

the

Exchange

Act.

Internal

control

over

financial

reporting

process

designed to

provide reasonable

assurance regarding

the reliability

of financial

reporting and

the preparation

the Company’s

consolidated financial

statements for

external purposes

in accordance

with generally

accepted

accounting principles.

Internal control over financial reporting includes

those policies and procedures that (i) pertain

to the maintenance

of records that,

in reasonable detail,

accurately and fairly

reflect the transactions

and dispositions of

the assets

of the

Company;

(ii) provide

reasonable assurance

that

transactions

are recorded

as necessary

to permit

the

preparation of the

consolidated financial statements in

accordance with generally

accepted accounting principles,

and

that

receipts

and

expenditures

the

Company

are

being

made

only

accordance

with

appropriate

authorizations of management

and directors of

the Company; and

(iii) provide reasonable

assurance regarding

prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s

assets that could

have a material effect on the consolidated financial

statements.

Because

its

inherent

limitations,

internal

control

over

financial

reporting

may

not

prevent

detect

misstatements. Also,

projections of

any evaluation

of effectiveness

to future

periods are

subject to

the risk

that

controls may

become inadequate

because of

changes in

conditions, or

that the

degree of

compliance with

the

policies or procedures may deteriorate.

Management

conducted

assessment

the

Company’s

internal

control

over

financial

reporting

December 31, 2022, using the framework specified in

Internal Control – Integrated Framework (2013)

, published

the

Committee

Sponsoring

Organizations

the

Treadway

Commission

(COSO).

Based

this

assessment, management

concluded that

the Company’s

internal control

over financial

reporting was

effective

as of December 31, 2022.

Our

Independent

Registered

Public

Accounting

Firm,

Ernst

Young,

has

audited

our

internal

control

over

financial reporting, as stated in their unqualified opinion

report included herein.

Coronado Global Resources Inc. Form 10-K December

31, 2022

163

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

the Shareholders and the Board of Directors of Coronado

Global Resources Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Coronado Global Resources

Inc.’s internal control over financial

reporting as of December 31,

2022,

based

criteria

established

Internal

Control—Integrated

Framework

issued

the

Committee

Sponsoring Organizations

of the

Treadway

Commission (2013

framework) (the

COSO criteria).

In our

opinion,

Coronado Global

Resources

Inc. (the

Company)

maintained,

all material

respects,

effective

internal control

over financial reporting as of December 31, 2022, based on the

COSO criteria.

also

have

audited,

accordance

with

the

standards

of the

Public

Company

Accounting

Oversight

Board

(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021,

the

consolidated

statements

operations

and

comprehensive

income,

stockholders’

equity

and

cash

flows for each

of the three

years in the

period ended

December 31, 2022,

and the related

notes and our

report

dated February 21, 2023 expressed an unqualified opinion

thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and

for its assessment

of the effectiveness

of internal control

over financial reporting

included in the

accompanying

Management’s Report

on Internal

Control Over

Financial Reporting.

Our responsibility

is to express

an opinion

on the

Company’s internal

control over

financial reporting

based on

our audit.

We are

a public

accounting firm

registered with the PCAOB and are required to be independent with respect

to the Company in accordance with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission and the PCAOB.

We conducted our audit

in accordance with the standards

of the PCAOB. Those standards

require that we plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

effective

internal

control

over

financial

reporting was maintained in all material respects.

Our audit included obtaining an understanding

of internal control over financial reporting,

assessing the risk that

material

weakness

exists,

testing

and

evaluating

the

design

and

operating

effectiveness

internal

control

based

the

assessed

risk,

and

performing

such

other

procedures

considered

necessary

the

circumstances. We believe that our audit provides a reasonable

basis for our opinion.

Definition and Limitations of Internal Control Over

Financial Reporting

company’s

internal

control

over

financial

reporting

process

designed

provide

reasonable

assurance

regarding the reliability of financial reporting

and the preparation of financial statements

for external purposes in

accordance with generally

accepted accounting principles.

A company’s internal

control over financial

reporting

includes those policies

and procedures that (1)

pertain to the maintenance

of records that, in

reasonable detail,

accurately and

fairly reflect

the transactions and

dispositions of the

assets of

the company;

(2) provide reasonable

assurance

that

transactions

are

recorded

necessary

permit

preparation

financial

statements

accordance with

generally accepted

accounting principles,

and that

receipts and

expenditures of

the company

are being

made only

in accordance

with authorizations

of management

and directors

of the

company; and

(3)

provide

reasonable

assurance

regarding

prevention

timely

detection

unauthorized

acquisition,

use,

disposition of the company’s assets that could have

a material effect on the financial statements.

Because

its

inherent

limitations,

internal

control

over

financial

reporting

may

not

prevent

detect

misstatements. Also,

projections of

any evaluation

of effectiveness

to future

periods are

subject to

the risk

that

controls may

become inadequate

because of

changes in

conditions, or

that the

degree of

compliance with

the

policies or procedures may deteriorate.

/s/ Ernst & Young

Brisbane, Australia

February 21, 2023

Coronado Global Resources Inc. Form 10-K December

31, 2022

164

ITEM 9B.

OTHER INFORMATION

None.

ITEM 9C.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS

THAT PREVENT

INSPECTIONS

None.

Coronado Global Resources Inc. Form 10-K December

31, 2022

165

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND

CORPORATE GOVERNANCE.

The information required to

be furnished by

this Item will be

set forth in

our definitive proxy statement

for the 2023

Annual Meeting of

Stockholders, or the

Proxy Statement,

under the heading

“Executive Officers

and Corporate

Governance”, and is incorporated herein by reference

and made a part hereof from the Proxy Statement.

ITEM 11.

EXECUTIVE COMPENSATION.

The information required

to be furnished

by this Item

will be set forth

in the Proxy Statement

under the heading

“Executive

Compensation”

and

incorporated

herein

reference

and

made

part

hereof

from

the

Proxy

Statement.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN

BENEFICIAL OWNERS AND MANAGEMENT AND

RELATED STOCKHOLDER

MATTERS.

The

information

required

furnished

this

Item

will

set

forth

the

Proxy

Statement

under

the

heading “Security Ownership

of Certain Beneficial

Owners and Management

and Related Stockholder

Matters”

and is incorporated herein by reference and made a part

hereof from the Proxy Statement.

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED

TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

The information required

to be furnished

by this Item

will be set forth

in the Proxy Statement

under the heading

“Certain Relationships and

Related Transactions” and is

incorporated herein by

reference and made

a part

hereof

from the Proxy Statement.

ITEM 14. PRINCIPAL

ACCOUNTING FEES AND SERVICES.

The information required

to be furnished

by this Item

will be set forth

in the Proxy Statement

under the heading

“Ratification of

Appointment of

Independent

Registered

Public Accounting

Firm” and

is incorporated

herein by

reference and made a part hereof from the Proxy Statement.

Share Sale Agreement-Cork, dated as of December 22, 2017, by and among Coronado

Coronado Global Resources Inc. Form 10-K December

31, 2022

166

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT

SCHEDULES

(a)

The following documents are filed as part of this

Annual Report:

Financial Statements.

See index to

Financial Statements

and Supplementary

Data on page

119

of this

Annual report on Form 10-K.

Financial Statements Schedules. Schedules are omitted because

they are not required or applicable, or

the required information is included in the Financial Statements

or related notes thereto.

Exhibits. The

exhibits filed

with or

incorporated by

reference as

part of

this Report

are set

forth in

the

Exhibit Index.

(b)

The documents listed in

the Exhibit Index of

this Annual Report on

Form 10-K are incorporated

by reference

or are filed with this Annual Report on Form 10-K, in

each case as indicated therein.

The following documents are filed as exhibits hereto:

Exhibit No.

Description of Document

2.1*

Australia Holdings Pty Ltd, Coronado Group LLC and Wesfarmers Limited (filed as

Exhibit 2.1 to the Company’s Registration Statement on Form 10 (File No. 000-56044)

filed on June 28, 2019 and incorporated herein by reference)

3.1

Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company’s

Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and

Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company’s Registration

3.2

Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated

Stockholder’s Agreement, dated as of September 24, 2018, by and between the

4.1

Company and Coronado Group

(filed

Exhibit

4.1

the

Company’s

Registration

Statement

Form

(File

No.

000-56044)

filed

April

29,

2019

and

incorporated

herein by reference)

4.2

Registration Rights and Sell-Down Agreement, dated as of September 24, 2018, by and

between the Company and Coronado Group (filed as Exhibit 4.2 to the Company’s

Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and

Description of the Company’s securities registered under Section 12 of the Securities

4.3

Exchange Act of 1934 (filed as Exhibit 4.3 to the Company’s Annual Report on Form 10-

K (File No. 000-56044) filed on February 24, 2020 and incorporated herein by reference)

4.4

Indenture, dated as of May 12, 2021, among Coronado Finance Pty Ltd, as issuer,

Coronado Global Resources Inc., as guarantor, the subsidiaries of Coronado Global

Resources Inc. named therein, as additional guarantors, Wilmington Trust, National

Association, as trustee and notes collateral agent (filed as Exhibit 4.1 to the Company’s

Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021 and

Form of 10.750% Senior Secured Notes due 2026 (filed as Exhibit 4.2 to the Company’s

4.5

Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021 and

Relationship Deed, dated as of September 24, 2018, by and among the Company,

10.1

Coronado Group, certain EMG Group entities and their affiliates (filed as Exhibit 10.1 to

the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

Syndicated Facility Agreement, dated as of May 12, 2021, among Coronado Global

10.2†‡

Resources Inc., as guarantor, Coronado Coal Corporation, as U.S. borrower, Coronado

Finance Pty Ltd, as Australian borrower, the subsidiaries of Coronado Global Resources

Inc. named therein, as additional guarantors, and Citibank, N.A., as administrative agent

and a lender, and various other financial institutions as lenders (filed as Exhibit 10.1 to

the Company’s Current Report on Form 8-K (File No. 000-56044) filed on May 14, 2021

and incorporated herein by reference)

Coronado Global Resources Inc. 2019 Short-Term Incentive Plan (filed as Exhibit 10.3

Coronado Global Resources Inc. Form 10-K December

31, 2022

167

Exhibit No.

Description of Document

10.3‡

to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

Coronado Global Resources Inc. 2018 Equity Incentive Plan (filed as Exhibit 10.4 to the

10.4‡

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April 29,

Coronado Global Resources Inc. 2018 Non-Executive Director Plan (filed as Exhibit 10.5

10.5>‡

to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

Employment Agreement dated as of September 21, 2018, by and between Coronado

10.6>‡

Global Resources Inc. and Garold Spindler (filed as Exhibit 10.6 to the Company’s

Registration Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and

Employment Agreement dated as of July 7, 2020, by and between Curragh Queensland

10.7>‡

Mining Pty Ltd and Gerhard Ziems (filed as Exhibit 10.1 to the Company’s Current Report

on Form 8-K/A (File No. 000-56044) filed on July 7, 2020 and incorporated herein by

reference)

10.8>‡

Employment Agreement dated as of August 5, 2021, by and between Coronado Global

Resources Inc. and Jeffrey Bitzer (filed as Exhibit 10.1 to the Company’s Current Report

on Form 8-K (File No. 000-56044) filed on August 9, 2021 and incorporated herein by

reference)

10.9>‡

Contract of Employment dated as of August 4, 2021, by and between Curragh

Queensland Mining Pty Ltd and Douglas Thompson (filed as Exhibit 10.2 to the

Company’s Current Report on Form 8-K (File No. 000-56044) filed on August 9, 2021

and incorporated herein by reference)

10.10>‡

Letter Agreement dated as of February 18, 2022, by and between Curragh Queensland

Mining Pty Ltd and Douglas Thompson (filed as Exhibit 10.10 to the Company’s Annual

Report on Form 10-K (File No. 000-56044) filed on February 22, 2022 and incorporated

Employment Agreement dated as of July 12, 2021, by and between Coronado Global

10.11>‡

Resources Inc. and Christopher P. Meyering (filed as Exhibit 10.11 to the Company’s

Annual Report on Form 10-K (File No. 000-56044) filed on February 22, 2022 and

Employment Agreement dated as of October 18, 2018, by and between Coronado

10.12>‡

Curragh Pty Ltd and Emma Pollard (filed as Exhibit 10.11 to the Company’s Registration

Statement on Form 10 (File No. 000-56044) filed on April 29, 2019 and incorporated

Form of Stock Option Award Agreement (Long Term Incentive Grant) (filed as Exhibit

10.13>

10.12 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed

on April 29, 2019 and incorporated herein by reference)

10.14>

Form of Performance Stock Unit Award Agreement (Long Term Incentive Grant) (filed

as Exhibit 10.13 to the Company’s Registration Statement on Form 10 (File No. 000-

56044) filed on April 29, 2019 and incorporated herein by reference)

10.15>

Form of Non-Executive Director Restricted Stock Unit Award Agreement (filed as Exhibit

10.14 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed

on April 29, 2019 and incorporated herein by reference)

10.16>

Form of Restricted Stock Unit Award Agreement (Retention Grant) (filed as Exhibit 10.15

to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April

Form of Restricted Stock Unit Award Agreement (STIP Deferral Grant) (filed as Exhibit

10.17>

10.16 to the Company’s Registration Statement on Form 10 (File No. 000-56044) filed

on April 29, 2019 and incorporated herein by reference)

10.18>

Summary of Non-Executive Director Compensation (filed as Exhibit 10.17 to the

Company’s Annual Report on Form 10-K (File No. 000-56044) filed on February 24,

2020 and incorporated herein by reference)

10.19>

Form of Agreement of Indemnity, Insurance and Access (filed as Exhibit 10.18 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on April 29,

Amended Coal Supply Agreement, dated as of November 6, 2009, by and between

Coronado Global Resources Inc. Form 10-K December

31, 2022

168

Exhibit No.

Description of Document

10.20‡

Stanwell Corporation Limited and Wesfarmers Curragh Pty Ltd (now known as Coronado

Curragh Pty Ltd) (filed as Exhibit 10.20 to the Company’s Registration Statement on

Form 10 (File No. 000-56044) filed on June 14, 2019 and incorporated herein by

reference)

10.21‡

Deed of Amendment to the Amended Coal Supply Agreement, dated as of November

21, 2016, by and between Stanwell Corporation Limited and Wesfarmers Curragh Pty

Ltd (now known as Coronado Curragh Pty Ltd) (filed as Exhibit 10.21 to the Company’s

Registration Statement on Form 10 (File No. 000-56044) filed on June 14, 2019 and

Curragh Mine New Coal Supply Deed, dated August 14, 2018, by and between Stanwell

10.22‡

Corporation Limited and Coronado Curragh Pty Ltd (filed as Exhibit 10.22 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on June 14,

Deed of Amendment, dated September 20, 2018 and effective September 21, 2018,

10.23

among Coronado Curragh Pty Ltd, Stanwell Corporation Limited and Coronado Group

LLC (filed as Exhibit 10.23 to the Company’s Registration Statement on Form 10 (File

No. 000-56044) filed on June 14, 2019 and incorporated herein by reference)

10.24

Deed of Amendment, dated March 5, 2019 and effective May 21, 2019, between

Coronado Curragh Pty Ltd and Stanwell Corporation Limited (filed as Exhibit 10.24 to

the Company’s Registration Statement on Form 10 (File No. 000-56044) filed on June

14, 2019 and incorporated herein by reference)

10.25

Deed of Amendment, dated May 9, 2019 and effective May 21, 2019, between Coronado

Curragh Pty Ltd and Stanwell Corporation Limited (filed as Exhibit 10.25 to the

Company’s Registration Statement on Form 10 (File No. 000-56044) filed on June 14,

New Coal Supply Agreement, dated as of July 12, 2019, by and between Stanwell

10.26†‡

Corporation Limited and Coronado Curragh Pty Ltd. (filed as Exhibit 10.2 to the

Company’s Quarterly Report on Form 10-Q (File No. 000-56044) filed on November 7,

Consent of Marshall Miller & Associates, Inc.

21.1

List of Subsidiaries

23.1

Consent of Ernst & Young

23.2

Consent of Barry Lay

23.3

Consent of Paul Wood

23.4

31.1

Certification of the Chief Executive Officer pursuant to SEC Rules 13a-14(a) or 15d-

14(a) adopted pursuant to Section 302 of the Sarbanes -Oxley Act of 2002

31.2

Certification of the Chief Financial Officer pursuant to SEC Rules 13a-14(a) or 15d-14(a)

adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

95.1

Mine Safety Disclosures

96.1

Technical Report Summary for Curragh (filed as Exhibit 96.1 to the Company’s Annual

Report on Form 10-K (File No. 000-56044) filed on February 22, 2022 and incorporated

Technical Report Summary for Buchanan

96.2

96.3

Technical Report Summary for Logan

96.4

Technical Report Summary for Mon Valley

101

The following materials from the Company’s Annual Report on Form 10-K for the period

ended December

31,

2022,

formatted

iXBRL

(Inline

Extensible

Business

Reporting

Language): (i) Consolidated

Balance Sheets, (ii)

Consolidated Statements of

Operations

and Consolidated Statements of

Comprehensive Income, (iii)

Consolidated Statements

of Stockholders’ Equity/Members’ Capital, (iv) Consolidated

Statements of Cash Flows,

(v) related notes to these financial statements and (vi)

document and entity information

Coronado Global Resources Inc. Form 10-K December

31, 2022

169

Exhibit No.

Description of Document

104

Cover Page

Interactive Data

File (the cover

page XBRL

tags are embedded

within the

Inline XBRL document)

____________________

Portions of this

exhibit have been omitted

pursuant to Item 601(b)(2)(ii)

of Regulation S-K,

which portions

will be furnished to the Securities and Exchange Commission

upon request.

†

Certain schedules and exhibits to this

agreement have been omitted pursuant to Item

601(a)(5) and Item

601(a)(6)

Regulation

S-K.

copy

any

omitted

schedule

and/or

exhibit

will

furnished

the

Securities and Exchange Commission upon request.

‡

Portions

this

exhibit

have

been

omitted

pursuant

Item

601(b)(10)(iv)

Regulation

S-K,

which

portions will be furnished to the Securities and Exchange Commission

upon request.

Management contract, compensatory plan or arrangement

Coronado Global Resources Inc. Form 10-K December

31, 2022

170

ITEM 16.

FORM 10-K SUMMARY

None.