Coronado Global Resources Inc.

What they do

Coronado mines, processes and exports metallurgical coal used in blast-furnace steelmaking, with operations in Queensland, Australia and in Virginia, West Virginia and Pennsylvania. Its Australian Operations consist of the 100%-owned Curragh complex (Curragh North, Curragh South and Mammoth Underground), which contributed 10.6 MMt of saleable production in 2025. U.S. Operations comprise the 100%-owned Buchanan and Logan producing mines and the Mon Valley development property, which together produced 5.3 MMt of saleable coal in 2025. The company also sells thermal coal, including under a legacy contract with Stanwell Corporation in Queensland.

Revenue drivers

• Australian Operations (Curragh) — The Curragh complex in Queensland's Bowen Basin is the larger production centre, contributing 10.6 MMt of saleable production for the year ended December 31, 2025, with an estimated 20-year reserve life and sales of Met coal to steelmakers in Asia, Europe and South America.
• U.S. Operations (Buchanan and Logan) — Buchanan and Logan in the Central Appalachian region contributed a combined 5.3 MMt of saleable production in 2025; Buchanan is described as the highest-margin asset and has expanded capacity of approximately 4.5 Mtpa.
• Thermal coal sales — The Australian Operations sell thermal coal under a long-term legacy contract with Stanwell Corporation, a Queensland government-owned entity, and also sell some thermal coal into the export market; U.S. Operations sell thermal coal recovered while mining Met coal.
• Seaborne Met coal customer base — In 2025 the primary consumers of the company's seaborne Met coal were located in Asian markets, Brazil and Europe, serving steel end-markets including automotive, construction and infrastructure.

Recent performance

Annual revenue declined from $2.89B in 2023 to $2.51B in 2024 and $1.95B in 2025, with net income falling to a $108.9M loss in 2024 and a $432.1M loss in 2025. Operating cash flow was $74.0M in 2024 and negative $80.0M in 2025. In the first half of 2026, quarterly revenue was $467.2M in the March quarter and $514.1M in the June quarter, and the company reported a significant operational and financial recovery in the June quarter with saleable production up nearly 40% over the March quarter and Q2 earnings positive by approximately US$100 million versus the March quarter. At June 30, 2026, total assets were $2.33B, total liabilities $2.11B, shareholder equity $228.0M, cash $97.7M and long-term debt $692.8M.

Strategy

Management is executing an operational and commercial reset program focused on margin expansion and cash generation. At Curragh, new mine plans are being implemented to reduce execution risk, improve pit geometries, optimise strip ratios and build inventory buffers, alongside resetting mining services contracts and reviewing major procurement and infrastructure contracts. At Buchanan, the completed expansion has established a new operating baseline with capacity of approximately 4.5 Mtpa, and the company will focus on further optimising that asset. The company stated the reset program is intended to restore profitability and create options to deleverage the business, and that it recently announced the Logan mine may be idled depending on market conditions.

Risks

• Coal price volatility — Profitability depends on the prices received for coal, which are volatile and can fluctuate widely based on factors beyond the company's control.
• Steel industry demand — Demand for Coronado's Met coal is significantly dependent on the steel industry, and the company cites a 50% U.S. tariff on steel imports announced during 2025 among trade developments increasing volatility in global supply chains.
• Operational disruptions — Risks inherent to mining, such as adverse weather, can reduce coal produced, delay or suspend deliveries, or raise operating costs, as seen with the major Curragh CHPP shutdown and Buchanan longwall relocations in the first quarter of 2026.
• Environmental and climate regulation — Concerns about the environmental impacts of coal combustion and GHG emissions are resulting in increased regulation of coal combustion and coal mining in many jurisdictions, which could adversely impact financial condition or results of operations.

Outlook

Management believes improved financial flexibility will allow the company to manage periods of market volatility and potential operational disruption while the benefits of the Curragh reset program are delivered. It states the reset program is expected to position the company to capitalise on favourable metallurgical coal market conditions over the medium to long term. The company also says production and sales exited the first half of 2026 at materially higher run-rates than those achieved in the first quarter.