Coronado Global Resources Reports Strong Q2 2023 Performance

Coronado Global Resources Inc. (ASX: CRN) is a prominent international producer of high-quality Metallurgical Coal, a crucial component in steel production. Through the steelmaking process, our coals contribute to the creation of various steel-based products, including renewable energy infrastructure, benefiting communities worldwide. Our diverse portfolio includes operational mines and development projects in Queensland, Australia, and Pennsylvania, Virginia, and West Virginia in the United States. As one of the largest global Metallurgical Coal producers in terms of export volume, we serve customers across five continents. We prioritize ethical and sustainable practices and actively support the communities we operate in. Our experienced management team boasts a successful track record of coal mining operations globally and a deep understanding of domestic and international coal markets.

Safety and Production

• Coronado achieved outstanding safety performance in Australia and the U.S., with Total Recordable Injury Frequency Rates (TRIFR) of 2.52 and 2.05, respectively, well below industry averages.
• Logan Complex achieved a remarkable milestone of 1 million hours LTI (Lost Time Injury) free.
• Group ROM coal production increased by 15.3%, and Group Saleable production grew by 22.0% compared to the previous quarter.
• Curragh ROM coal production reached 3.8 Mt, a 41.0% increase, while Saleable production reached 3.0 Mt, a 43.5% rise compared to the previous quarter.
• Record quarterly prime waste movement at Curragh, with total waste movement up 25.1% from the previous quarter.
• Successfully negotiated a new 4-year enterprise agreement at Curragh.
• Approval of the Curragh North Underground project by the Board of Directors.

Financial and Corporate

• Group Revenue for H1 2023 was AU$1,493 million, with June quarter Group Revenue of AU$728 million.
• Closing Cash of AU$434 million and Net Cash of AU$192 million at the end of June 2023.
• Executed an agreement to refinance the undrawn ABL facility, increasing the limit to AU$150 million.
• Group Capital Expenditure for the June quarter was AU$48 million.
• Released the 2022 Sustainability Report, emphasizing environmental focus and commitment to communities.
• Jeff Bitzer appointed as Group Chief Operating Officer, effective from 10th July 2023.

Coal Sales and Markets

• Group Sales volumes for the June quarter increased by 8.3% compared to the March quarter.
• June quarter Group Realized Price Per Tonne of Met Coal Sold was AU$219.5 per tonne, down 8.4% from the previous quarter.
• H1 Group Realized Price Per Tonne of Met Coal Sold was AU$229.1 per tonne, reflecting a 78.0% realization on the average PLV HCC FOB AUS price index.

CEO's Message Coronado's CEO, Douglas Thompson, expressed pride in the strong performance during Q2 2023, with higher production, sales volumes, and a robust balance sheet. He highlighted the improved safety rates, the release of the fifth Sustainability Report, and the successful negotiation of a new 4-year enterprise agreement at Curragh. Thompson announced the official approval of the Curragh North Underground project, aligning with the company's organic growth strategy and plans for increased coal production. He emphasized that the company remains committed to safety, environmental responsibility, and supporting communities in which they operate.

Conclusion

Coronado Global Resources showcased remarkable achievements in Q2 2023, demonstrating strong safety records, production growth, and financial stability. The approval of the Curragh North Underground project further solidifies the company's strategic growth plans. With a focus on sustainability and community support, Coronado continues to position itself as a leading producer of high-quality Metallurgical Coal in the global market.

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