ex962

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

February 2023

Prepared for:

Coronado Global Resources Inc.

100 Bill Baker Way

Beckley, West

Virginia 25801

Prepared by:

MARSHALL MILLER & ASSOCIATES, INC.

582 Industrial Park Road

Bluefield, Virginia

24605

www.mma1.com

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Statement of Use and Preparation

This

Technical

Report

Summary

(

TRS

)

was

prepared

Marshall

Miller

Associates,

Inc.

(

MM&A

)

for

the

sole

use

Coronado

Global

Resources

Inc.

(

Coronado

)

and

its

affiliated

and

subsidiary

companies

and

advisors.

Copies or

references

information

in this

report

may not be used without the written permission of Coronado.

This

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado,

defined

under

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

Regulation

S-K

(Regulation S-K 1300)

promulgated by

the

United States Securities

and Exchange Commission

(

SEC

)

Subject to the comments below,

this report was also prepared

in accordance with the

Australasian

Code

for

Public

Reporting

Technical

Assessments

and

Valuations

Mineral Assets

(

VALMIN Code

The

statement

based

information

provided

Coronado

and

reviewed

Qualified

Persons

(

QPs

) who are full-time employees of MM&A.

noted

above,

this

report

“Public

Report”

for

the

purposes

the

VALMIN

Code.

However,

accordance

with

paragraph

12.1

the

VALMIN

Code,

noted

that

this

report is

not a “Valuation

of Mineral

Assets” and it

also does not

comply with

the following

requirements that apply to “Technical

Assessments” (as defined in the VALMIN Code):

This report does not include a determination of the status of tenure (as required

paragraph 7.2 of the VALMIN

Code) on the basis that tenure was separately reviewed

Coronado’s legal

advisors.

This report does not

include separate commentary

on the reasonableness and quality

of the

Resources

and

Reserves

estimates

and

the

basis

which

they

have

been

reported

(as

required

paragraph

7.3

the

VALMIN

Code).

MM&A

did

not

consider

that

this

was

appropriate

circumstances

where

MM&A

was

engaged

for

the

specific

purpose

preparing

those

estimates.

However,

MM&A

notes

that,

accordance

with

its

usual

practice,

a separate

team of

MM&A employees

undertook a

peer review

of this

report and

confirmed

that

both

the

process

followed

the

authors

this

report

and

the

estimates

prepared were reasonable and comply with the requirements

of the JORC Code.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

information

this

TRS

coal

resources

and

reserves

based

on,

and

fairly

represents,

information

compiled by

the QPs.

the time

of reporting,

MM&A’s

QPs have

sufficient

experience

relevant

the

style

mineralization

and

type

deposit

under

consideration

and

the

activity

they

are

undertaking

qualify

defined

Regulation S-K

1300 and the

JORC Code.

Each QP

consents to

the inclusion in

this report

the matters based on their information

in the form and context in which it appears.

Marshall

Miller &

Associates,

Inc. (

MM&A

)

hereby

consents

to the

use of

the information

contained

this

report

dated

December

31,

2022,

relating

estimates

coal

resources

and coal reserves controlled by Coronado.

Qualified Person:

/s/ Marshall Miller & Associates, Inc.

Date:

February 15, 2023

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

Contents

Executive Summary ................................................................

................................

................1

1.1

Property Description .........................................................................................................

1.2

Ownership .........................................................................................................................

1.3

Geology

..............................................................................................................................

1.4

Exploration Status .............................................................................................................

1.5

Operations and Development ...........................................................................................

1.6

Mineral Resource ..............................................................................................................

1.7

Mineral Reserve ................................................................................................................

1.8

Capital Summary ...............................................................................................................

1.9

Operating Costs .................................................................................................................

1.10

Economic Evaluation .........................................................................................................

1.10.1

Discounted Cash Flow Analysis ...........................................................................

1.10.2

Sensitivity Analysis ..............................................................................................

1.11

Permitting

..........................................................................................................................

1.12

Conclusion and Recommendations

...................................................................................

Introduction

................................

.........................

2.1

Registrant and Terms

of Reference

.................................................................................

2.2

Information Sources ........................................................................................................

2.3

Personal Inspections .......................................................................................................

Property Description ................................

................................

............

3.1

Location ...........................................................................................................................

3.2

Titles, Claims or Leases

....................................................................................................

3.3

Mineral Rights .................................................................................................................

3.4

Encumbrances .................................................................................................................

3.5

Other Risks.......................................................................................................................

Accessibility, Climate,

Local Resources, Infrastructure and Physiography

..............................

4.1

Topography,

Elevation, and Vegetation ..........................................................................

4.2

Access and Transport ......................................................................................................

4.3

Proximity to Population Centers .....................................................................................

4.4

Climate and Length of Operating Season

........................................................................

4.5

Infrastructure ..................................................................................................................

History ................................................................

................................

5.1

Previous Operation

..........................................................................................................

5.2

Previous Exploration .......................................................................................................

Geological Setting, Mineralization and Deposit ................................................................

.....

6.1

Regional, Local and Property Geology ............................................................................

6.2

Mineralization .................................................................................................................

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

6.3

Deposits

...........................................................................................................................

Exploration................................

................................

...........................

7.1

Nature and Extent of Exploration ...................................................................................

7.2

Non-Drilling Procedures and Parameters

.......................................................................

7.3

Drilling Procedures ..........................................................................................................

7.4

Hydrology ........................................................................................................................

7.5

Geotechnical Data ...........................................................................................................

Sample Preparation, Analyses and Security ................................

................................

..........

8.1

Prior to Sending to the Lab

..............................................................................................

8.2

Lab Procedures

................................................................................................................

Data Verification ................................

................................

..................

9.1

Procedures of Qualified Person ......................................................................................

9.2

Limitations

.......................................................................................................................

9.3

Opinion of Qualified Person

............................................................................................

Mineral Processing and Metallurgical Testing

................................

.......

10.1

Testing

Procedures

..........................................................................................................

10.2

Relationship of Tests

to the Whole

.................................................................................

10.3

Lab Information

...............................................................................................................

10.4

Relevant Results ..............................................................................................................

Mineral Resource Estimates

................................

11.1

Assumptions, Parameters and Methodology..................................................................

11.1.1

Geostatistical Analysis for Classification ...........................................................

11.2

Qualified Person’s

Estimates

...........................................................................................

11.3

Resources Exclusive of Reserves .....................................................................................

11.3.1

Initial Economic Assessment

.............................................................................

11.4

Qualified Person’s

Opinion

..............................................................................................

Mineral Reserve Estimates ................................

................................

...

12.1

Assumptions, Parameters and Methodology..................................................................

12.2

Qualified Person’s

Estimates

...........................................................................................

12.3

Qualified Person’s

Opinion

..............................................................................................

Mining Methods

................................

...................

13.1

Geotech and Hydrology

...................................................................................................

13.2

Production Rates .............................................................................................................

13.3

Mining Related Requirements

........................................................................................

13.4

Required Equipment and Personnel ...............................................................................

Processing and Recovery Methods

................................

........................

14.1

Description or Flowsheet ................................................................................................

14.2

Requirements for Energy,

Water,

Material and Personnel ............................................

Infrastructure

................................

.......................

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Market Studies

................................

.....................

16.1

Market Description

..........................................................................................................

16.2

Price Forecasts

.................................................................................................................

16.3

Contract Requirements ...................................................................................................

Environmental Studies, Permitting and Plans, Negotiations or Agreements

with Local

Individuals

................................

...................

17.1

Results of Studies ............................................................................................................

17.2

Requirements and Plans for Waste

Disposal ..................................................................

17.3

Permit Requirements and Status ....................................................................................

17.4

Local Plans, Negotiations or Agreements .......................................................................

17.5

Mine Closure Plans

..........................................................................................................

17.6

Qualified Person’s

Opinion

..............................................................................................

Capital and Operating Costs

................................

18.1

Capital Cost Estimate.......................................................................................................

18.2

Operating Cost Estimate .................................................................................................

Economic Analysis ................................................................

................................

................

19.1

Assumptions, Parameters and Methods .........................................................................

19.2

Results .............................................................................................................................

19.3

Sensitivity ........................................................................................................................

Adjacent Properties

................................

..............

20.1

Information Used ............................................................................................................

Other Relevant Data and Information ................................................................

...................

Interpretation and Conclusions

................................

.............................

22.1

Conclusion .......................................................................................................................

22.2

Risk Factors

......................................................................................................................

22.2.1

Governing Assumptions ....................................................................................

22.2.2

Limitations

.........................................................................................................

22.2.3

Methodology

.....................................................................................................

22.2.4

Development of the Risk Matrix .......................................................................

22.2.5

Categorization of Risk Levels and Color Code Convention ...............................

22.2.6

Description of the Coal Property ......................................................................

22.2.7

Summary of Residual Risk Ratings ....................................................................

22.2.8

Risk Factors........................................................................................................

Recommendations ................................

................................

...............

References ................................

................................

...........................

Reliance on Information Provided by the Registrant

................................

.............................

IGURES

(

EPORT

)

Figure 1-1:

Coronado Buchanan Mine Complex Property Location Map

...........................................

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

................................................................................................................................

Figure 1-3:

OPEX

..................................................................................................................................

Figure 1-4:

Sensitivity of NPV

..............................................................................................................

Figure 6-1:

Buchanan Stratigraphic Column .....................................................................................

Figure 7-1: Buchanan Cross-Section, A1 – A2

....................................................................................

Figure 7-2: Buchanan Cross-Section, B1 – B2 ....................................................................................

Figure 11-1:

Histogram of the Total

Seam Thickness for the Pocahontas No. 3 Seam Present in the

Buchanan Mine Complex

................................................................................................

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the Pocahontas No. 3 Seam Present in

the Buchanan Mine Complex .........................................................................................

Figure 11-3: Variogram

of the Total

Seam Thickness for the Pocahontas No. 3 Seam

Present in the

Buchanan Mine Complex

................................................................................................

Figure 11-4: Result of DHSA for the Pocahontas

No. 3 Seam Present in the Buchanan Mine

Complex ..........................................................................................................................

Figure 11-5:

Results of Initial Economic Assessment

........................................................................

Figure 15-1:

Buchanan Surface

Facilities ..........................................................................................

Figure 18-1:

CAPEX

............................................................................................................................

Figure 19-1:

Cash Costs per Tonne

...................................................................................................

Figure 19-2:

Sensitivity of NPV

..........................................................................................................

ABLES

(

EPORT

)

Table 1-1:

Coal Resources Summary as of December 31, 2022 .........................................................

Table 1-2:

Coal Summary (ROM (Moist)) as of December 31, 2022

...................................................

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2022 ...................

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA .........................................................

Table 1-5:

Project Cash Flow Summary (000)

.....................................................................................

Table 2-1:

Information Provided to MM&A by Coronado ................................................................

Table 11-1:

General Reserve and Resource Criteria .........................................................................

Table 11-2:

DHSA Results Summary for Radius from a Central Point

..............................................

Table 11-3:

Coal Resources Summary as of December 31, 2022 .....................................................

Table 11-4:

Results of Initial Economic Assessment

.........................................................................

Table 12-1:

Coal ROM (Moist) Summary as of December 31, 2022

.................................................

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2022 ...............

Table 13-1:

Summary of Production by Year (Tonnes

x 1,000) ........................................................

Table 16-1:

Quality Specifications by Product ..................................................................................

Table 17-1:

Buchanan Mining Permit ...............................................................................................

Table 18-1:

Estimated Coal Production Taxes

and Sales Costs

.........................................................

Table 18-2:

Buchanan Mine Operating Costs ...................................................................................

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA .....................................................

Table 19-2:

Summary of Buchanan Key Financial Performance Metrics (2023-2030) .....................

Table 19-3:

Project Cash Flow Summary (000)

.................................................................................

Table 22-1:

Probability Level Table ...................................................................................................

Table 22-2:

Consequence Level Table

...............................................................................................

Table 22-3:

Risk Matrix .....................................................................................................................

Table 22-4:

Risk Assessment Matrix .................................................................................................

Table 22-5:

Geological and Coal Resource Risk Assessment (Risks 1 and 2)

....................................

Table 22-6:

Environmental (Risks 3 and 4) .......................................................................................

Table 22-7:

Regulatory Requirements (Risk 5) .................................................................................

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-8:

Market and Transportation

(Risk 6)

...............................................................................

Table 22-9:

Market and Transportation

(Risk 7)

...............................................................................

Table 22-10:

Methane Management (Risk 8) ...................................................................................

Table 22-11:

Mine Fires (Risk 9)

........................................................................................................

Table 22-12:

Availability of Supplies and Equipment (Risk 10)

.........................................................

Table 22-13:

Labor – Work Stoppage (Risk 11)

.................................................................................

Table 22-14:

Labor – Retirement (Risk 12) .......................................................................................

Table 25-1:

Information from Registran

Relied Upon by MM&A ...................................................

Appendices

A ..........................................................................................................................

MM&A Qualifications

B ......................................................................................................................................................

Map

C ................................................................................................................................

Glossary of Terms

D .....................................................

Initial Economic Assessment for Resources Exclusive

of Reserves

.........................................................................................................................................

JORC Table

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado

Global

Resources

Inc.

(

Coronado

)

authorized

Marshall

Miller

Associates,

Inc.

(

MM&A

)

prepare

this

Technical

Report

Summary

(

TRS

)

its

controlled

coal

resources

and

reserves

located

the

Buchanan

Division

(

Buchanan

)

Buchanan

and

Tazewell

Counties,

Virginia

(the

Property

updated

TRS

was

prepared

February

2023

due

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 in

Sections 12 and 16

of the TRS, while operating costs

and capital costs

are discussed in

Sections 18 and 19

of the TRS.

This report provides

a statement

of coal resources

and

coal

reserves

for

Coronado,

defined

under

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities

and

Exchange

Commission (

SEC

)

This report

was also

prepared

in accordance

with the

Australasian

Code

for

Public

Reporting

Technical

Assessments

and

Valuations

Mineral

Assets

(

VALMIN

Code

Coal

resources

and

coal

reserves

are

herein

reported

imperial

units

measurement

and

are

rounded to millions of metric tonnes (

The

Buchanan

No.

Mine

Complex

located

Buchanan

County

southwest

Virginia.

The

Property

kilometers

northwest

the

town

Richlands,

Virginia

and

65.9

kilometers

southeast

Pikeville,

Kentucky.

The

nearest

major

population

centers

are

Lexington,

Kentucky

(290 kilometers northwest)

and Roanoke, Virginia

(153 kilometers northeast) (see

Figure 1-1

The

Property

composed

approximately

33,577

total

hectares,

which

25,852

are

leased

subleased

from

private

landholders

under

approximately

150

individual

coal

lease

tracts,

and

7,725

hectares

are

owned

Coronado.

Subject

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.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Coronado Buchanan Mine Complex Property Location Map

1.2

Ownership

The

Property

was

formerly

controlled

Consolidation

Coal

Company

(

CONSOL

)

Mine

development

was

started

by CONSOL

in 1983

and longwall

production began

in 1987.

Coronado

acquired the Buchanan Mine from CONSOL in March 2016.

1.3

Geology

Operations

the

Buchanan

Mine

Complex

extract

the

Pocahontas

No.

coal

bed

longwall

mining

methods.

Strata

economic

interest

for

this

TRS

are

the

Pennsylvanian-age

Pocahontas

Formation

and

the

subject

Pocahontas

No.

seam

is the

principal

coal

seam of

that

formation.

Due to

the high value

of this

low-volatile

coking coal,

it has been

extensively mined

the

region.

The

seam

situated

below

drainage

throughout

the

Property

and

accessed

existing mine shafts.

1.4

Exploration Status

The

Property

has been

extensively

explored,

largely

drilling

using

continuous

coring

methods,

rotary

drilling

but

also

obtaining

coal

measurements

mine

exposures,

ongoing

drilling

associated with

degas activities,

and by

downhole geophysical

methods.

The majority

of the data

was

acquired

generated

owners

the

Property.

These

sources

comprise

the

primary

data

used

the

evaluation

the

coal

resources

and

coal

reserves

the

Property.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

MM&A examined

the data

available for

the evaluation

and incorporated

all pertinent

information

into

this

TRS.

Where

data

appeared

anomalous

not

representative,

that

data

was

excluded from the digital databases and subsequent

processing by MM&A.

Ongoing

exploration

has been

carried

out

Coronado

since

acquiring the

Buchanan

Mine.

The

exploration data acquired by

Coronado has been consistent with past drilling activities.

1.5

Operations and Development

Due

its

coal

reserve

and

seam

characteristics,

the

Buchanan

No.

Mine

operates

using

the

longwall

method.

The

model

was

therefore

generated

with

longwall-mining

constraints

mind

for

Buchanan’s

underground

resources.

The

mine

produces

coal

that

suitable

for

the

low-

volatile metallurgical coal markets.

The Buchanan

No. 1

Mine in

Buchanan County,

Virginia, is

the only

active longwall

mine currently

being operated by Coronado.

Coronado currently

operates a

coal preparation

plant at

Buchanan.

The Buchanan Plant

operates

feed

rate

approximately

1,270

raw

tonnes

per

hour

(

tph)

Processes

are

typical

those

used in the coal industry and are in use at adjacent coal processing plants.

1.6

Mineral Resource

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented

below.

coal

resource

estimate,

summarized

Table

1-1

was

prepared

December 31, 2022, for property controlled by Coronado.

Table 1-1:

Coal Resources Summary as of December 31, 2022

Coal Resource (Dry Tonnes, In Situ, Mt)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

158.0

10.2

0.0

168.2

0.7

Exclusive of Reserves

33.9

5.9

0.0

39.8

Total 12/31/2022

191.9

16.1

0.0

208.0

Note:

Resource tonnes are inclusive of reserve tonnes since they include the in-situ tonnes from which recoverable coal reserves are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Property contains 39.8 Mt of dry, in-place measured and indicated coal resources exclusive of reserves as of December 31, 2022.

1.7

Mineral Reserve

Reserve tonnage

estimates provided

herein report

coal reserves

derived from

the in-situ resource

tons

presented

Table

1-1

and

not

addition

coal

resources.

Proven

and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure,

economic

(including

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socio-economic

and regulatory

factors.

The

Resource

estimate

has been

used

the

basis

for

this

Reserve

calculation,

which

utilizes

reasonable

preliminary

feasibility

study,

life-of-mine

(

LOM

) mine plan

and practical

recovery factors.

Production modeling

was completed

with an

effective

start date

of October

1, 2022.

Additions and

depletion have

been used

to bring

the Reserve estimate forward

to December 31, 2022.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Factors

that

would

typically

preclude

conversion

coal

resource

coal

reserve,

include

the

following:

inferred

resource

classification;

absence

coal

quality;

poor

mine

recovery;

lack

access; geological

encumbrances

associated

with

overlying

and underlying

strata;

seam thinning;

structural

complication;

and

insufficient

exploration

have

all

been

considered.

Reserve

consideration

excludes

those

portions

the

resource

area

which

exhibit

the

aforementioned-

geological and operational encumbrances.

Coal reserves are

presented on

a run-of-mine

(

ROM

) basis in

Table

1-2

Proven and

probable coal

reserves

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socioeconomic, and regulatory

factors.

The proven

and probable

coal reserves

the Property are summarized below in

Table 1-3

Table 1-2:

Coal Summary (ROM (Moist)) as of December 31, 2022

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area /

Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash

Sulfur

Vol

Buchanan

144.9

8.7

153.6

0.0

153.6

21.7

127.9

4.0

0.7

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2022

Demonstrated Coal Reserves (Wet Tons,

Washed or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan Mine Complex

87.5

5.4

92.9

0.0

92.9

14.4

75.9

2.6

0.7

Note: Marketable reserve tonnes 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-percent.

Actual product moisture is dependent upon multiple geological factors, operational

factors,

and product contract specifications and can exceed 8-percent.

As such, the modeled moisture values provide a level of conservatism

for reserve reporting.

summary,

Coronado

controls

total

92.9

(moist

basis)

marketable

coal

reserves,

Buchanan,

December

31,

2022.

that

total,

percent

are

proven,

and

percent

are

probable.

There are

14.4 Mt

of owned

coal reserves

and 75.9

Mt of

leased coal

reserves and

2.6

Mt of

subleased reserves.

All the Buchanan

reserves are

considered suitable

for the

metallurgical

coal market, and all of the Buchanan reserves are assigned.

1.8

Capital Summary

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Buchanan.

MM&A’s

capital

schedules assume

that

major

equipment

rebuilds

occur over

the

course

each

machine’s

remaining

assumed

operating

life.

Replacement

equipment

was

scheduled

based

MM&A’s

experience and

knowledge of

mining equipment

and industry

standards

with respect

the useful life of such equipment.

A summary of the estimated capital for the

Property is provided

Figure 1-2

below.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

1.9

Operating Costs

Coronado

provided

historical

and

preliminary

5-year

projections

of operating

costs

for

Buchanan

for

MM&A’s

review.

MM&A

used

the

historical

and/or

budget

cost

information

reference

and

developed

personnel

schedules

for

the

mine

and

support

facilities.

Hourly

labor

rates

and

salaries

were

based

upon

information

contained

Coronado’s

financial

summaries.

Fringe-

benefit

costs

were

developed

for

vacation

and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

healthcare, and bonuses.

A cost factor

for mine supplies

was developed that

relates expenditures

mine advance

rates

for

roof-control

costs

and other

mine-supply costs

underground

mines.

Other

factors

were

developed

for

maintenance

and

repair

costs,

rentals,

mine

power,

outside

services and other direct mining costs.

Operating

costs

factors

were

also

developed

for

the

coal

preparation

plant

processing,

refuse

handling, coal loading, property taxes,

and insurance and bonding.

Appropriate royalty

rates were

assigned

for

production

from

leased

coal

lands,

and

sales

taxes

were

calculated

for

state

severance taxes,

the federal black lung excise tax,

and federal and state reclamation

fees.

A summary of the projected operating costs for the Property

is provided in

Figure 1-3

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-3:

OPEX

1.10

Economic Evaluation

The

pre-feasibility

financial

model

prepared

for

this

TRS

was

developed

test

the

economic

viability

the

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations contemplated

for the Coronado properties,

but are intended to

establish the economic

viability

the

estimated

coal

reserves.

Cash

flows

are

simulated

on an

annual basis

nominal

dollars

assuming

inflation

rate

based

projected

production

from

the

coal

reserves.

The

discounted cash flow analysis presented herein

is based on an effective date of January 1, 2023.

On an un-levered basis, the net

present value (

NPV

) of the project cash flow

after taxes represents

the Enterprise

Value of

the project.

The project cash

flow,

excluding debt

service, is calculated

subtracting direct

and indirect

operating expenses

and capital

expenditures from

revenue.

Direct

costs

include

labor,

operating

supplies,

maintenance

and

repairs,

facilities

costs

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

reclamation

and

general

and

administrative costs.

Indirect costs include statutory and legally agreed

upon fees related to direct

extraction

the

mineral.

The

indirect

costs

are

the

federal

black

lung

tax,

federal

and

state

reclamation taxes, property

taxes, coal production royalties,

and income taxes.

Table

1-4

shows LOM tonnage, profit

& loss (

P&L

), and earnings before income tax,

depreciation &

amortization (

EBITDA

) for Buchanan.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Buchanan

92,923

$4,280,077

$46.06

$6,174,578

$66.45

shown

Table

1-4,

the

Buchanan

Mine

shows

positive

EBITDA

over

the

LOM.

Overall,

the

Coronado

consolidated

operations

show

positive

LOM

P&L

and

LOM

EBITDA

$4.3

billion

and

$6.2 billion, respectively.

Coronado’s

consolidated Buchanan

cash flow

summary in

nominal dollars

assuming a

2% interest

rate, excluding debt

service, is shown in

Table 1-5

below.

Table 1-5:

Project Cash Flow Summary (000)

YE12/31

Total

2023

2024

2025

2026

2027

Production & Sales tonnes

92,924

3,786

3,811

4,363

4,446

5,112

Total Revenue

$14,194,747

$675,923

$544,435

$574,963

$592,283

$692,273

EBITDA

$6,174,578

$295,749

$209,789

$206,065

$217,757

$294,147

Net Income

$3,368,328

$179,131

$103,854

$91,899

$90,456

$138,196

Net Cash Provided by Operating Activities

$5,181,846

$188,692

$200,765

$186,416

$195,463

$245,493

Purchases of Property, Plant, and

Equipment

$(1,448,505)

$(135,766)

$(130,803)

$(111,896)

$(122,768)

$(101,557)

Net Cash Flow

$3,733,342

$52,926

$69,962

$74,520

$72,695

$143,936

YE12/31

2028

2029

2030

2031

2032

2033

Production & Sales tonnes

6,242

6,462

6,200

5,444

6,226

4,814

Total Revenue

$862,187

$910,476

$890,951

$798,054

$930,819

$734,119

EBITDA

$431,599

$469,093

$445,727

$357,721

$458,785

$288,024

Net Income

$240,334

$262,860

$254,666

$197,893

$280,873

$159,996

Net Cash Provided by Operating Activities

$339,674

$386,828

$379,000

$320,798

$362,834

$277,786

Purchases of Property, Plant, and

Equipment

$(70,382)

$(50,228)

$(71,184)

$(59,572)

$(49,573)

$(65,133)

Net Cash Flow

$269,292

$336,600

$307,815

$261,226

$313,262

$212,653

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2034

2035

2036

2037

2038

2039

Production & Sales tonnes

6,474

6,423

5,249

3,447

3,009

2,914

Total Revenue

$1,007,101

$1,019,070

$849,433

$569,043

$506,626

$500,552

EBITDA

$501,730

$526,779

$424,763

$211,060

$168,369

$216,035

Net Income

$326,060

$344,381

$266,105

$105,424

$79,886

$116,181

Net Cash Provided by Operating Activities

$372,442

$424,330

$368,367

$223,842

$158,704

$177,921

Purchases of Property, Plant, and

Equipment

$(54,007)

$(69,272)

$(64,919)

$(77,383)

$(43,070)

$(35,719)

Net Cash Flow

$318,435

$355,058

$303,449

$146,459

$115,634

$142,202

YE12/31

2040

2041

2042

2043

2044

2045

Production & Sales tonnes

2,093

2,254

1,703

1,714

737

Total Revenue

$366,649

$402,822

$309,918

$317,808

$139,240

EBITDA

$108,191

$153,415

$80,892

$106,596

$2,291

Net Income

$34,854

$71,326

$19,002

$46,332

$(34,676)

$(3,773)

Net Cash Provided by Operating Activities

$119,167

$128,269

$89,128

$92,258

$24,650

$(47,861)

Purchases of Property, Plant, and

Equipment

$(50,131)

$(46,604)

$(24,930)

$(13,606)

Net Cash Flow

$69,036

$81,665

$64,198

$78,652

$24,650

$(47,861)

YE12/31

2046

2047

2048

2049

2050

2051

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(1,534)

$(785)

$(403)

$(209)

$(0)

Net Cash Provided by Operating Activities

$(16,273)

$(8,299)

$(4,232)

$(4,317)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$(16,273)

$(8,299)

$(4,232)

$(4,317)

Consolidated

cash

flows

are

driven

annual

sales

tonnage,

which

steady-state

level

ranges

from

peak

6.5

million

tonnes

2034

low

0.7

million

tonnes

2044.

Projected

consolidated

revenue

ranges

from

$317.8

million

$1.019

billion

steady

state.

Revenue

totals $14.2 billion for the project’s

life.

Consolidated

cash

flow

from

operations

positive

throughout

the

projected

operating

period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated cash flow from operations peaks

at $424.3 million in 2035 and totals $5.2 billion over

the project’s

life.

Capital expenditures

total $602.8

million through 2027

and $1.4 billion

over the

project’s life.

1.10.1

Discounted Cash Flow Analysis

Cash flow after

tax, but before

debt service, generated

over the life

of the project

was discounted

to NPV

at a 10.0%

discount rate,

which represents

Coronado’s

estimate of

the nominal dollar,

risk

adjusted

weighted

average

cost

capital

(

WACC

)

for

likely

market

participants

the

subject

reserves

were

offered

for

sale.

un-levered

basis,

the

NPV

the

project

cash

flows

represents

the Enterpris

Value

of the

project

and amounts

$1.562 billion.

The pre-feasibility

financial

model

prepared

for

the

TRS

was

developed

test

the

economic

viability

each

coal

resource

area.

The

NPV

estimate

was

made

for

the

purpose

confirming

the

economics

for

classification

coal

reserves

and

not

for

purposes

valuing

Coronado

its

Buchanan

assets.

Mine

plans

were

not

optimized,

and

actual

results

the

operations

may

different,

but

all

cases, the mine production plan assumes the properties are under competent management.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.10.2

Sensitivity Analysis

Sensitivity

of the

NPV

results

changes

the

key

drivers

is presented

in the

chart below.

The

sensitivity study shows

the NPV at

the 10.0% discount rate

when Base Case sales

prices, operating

costs, and capital costs are increased and decreased in increments

of 5% within a +/- 15% range.

Figure 1-4:

Sensitivity of NPV

shown,

NPV

quite

sensitive

changes

sales

price

and

operating

cost

estimates,

and

slightly sensitive to changes in capital cost estimates.

1.11

Permitting

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

mine

and

processing,

loadout,

support

facilities.

MM&A

unaware

any

obvious

current

Coronado

permitting

issues

that

are

expected

prevent

the

issuance

future

permits.

Buchanan,

along

with

all

coal

producers,

subject

level

uncertainty

regarding

future

clean

water

permits

due to

United States

Environmental Protection

Agency

(

EPA

)

and

United States Fish

and Wildlife

(

USFW

)

involvement with state

programs.

1.12

Conclusion and Recommendations

Sufficient

data

have

been

obtained

through

various

exploration

and

sampling

programs

and

mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

the

Property.

The

data

are

sufficient

quantity

and

reliability

reasonably support the coal resource and coal reserve estimates in this TRS.

The

geological

data

and

preliminary

feasibility

study,

which

consider

mining

plans,

revenue,

and

operating

and

capital

cost

estimates

are

sufficient

support

the

classification

coal

reserves

provided herein.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

This geologic

evaluation conducted

in conjunction

with the

preliminary feasibility

study concludes

that

the

92.9

marketable

underground

coal

reserves

identified

the

Property

are

economically

mineable

under

reasonable

expectations

market

prices

for

metallurgical

coal

products, estimated operation costs,

and capital expenditures.

Introduction

2.1

Registrant and Terms

of Reference

This report

was prepared

for

the sole

use of

Coronado Global

Resources

Inc. (

Coronado

)

and

its

affiliated and

subsidiary companies and

advisors.

An updated TRS

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

December

31,

2022.

Coal sales price

assumptions are

discussed in

Sections 12 and

of the TRS,

while operating

costs

and capital

costs are

discussed in

Sections 18 and

of the TRS.

This report provides

a statement

coal

resources

and

coal

reserves

for

Coronado,

defined

under

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities and Exchange

Commission (

SEC

)

This report was

also prepared in

accordance with the

Australasian

Code

for

Public

Reporting

Technical

Assessments

and

Valuations

Mineral

Assets

(

VALMIN Code

This

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado

Buchanan.

Exploration results and Resource

calculations were used as the basis for the mine planning and the

preliminary feasibility study completed to determine

the extent and viability of the reserve.

Coal

resources

and

coal

reserves

are

herein

reported

metric

units

measurement

and

are

rounded to millions of metric tonnes (

2.2

Information Sources

This TRS

is based on

information provided

by Coronado

and reviewed

by MM&A.

Sources of data

and information are listed below in

Table 2-1

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 2-1:

Information Provided to MM&A by Coronado

Category

Information Provided by Coronado

Report Section

Geological

Geologic data including digital databases

and original source data including

geologist logs, driller’s logs, geophysical

logs

9.1

Coal Quality

Database of coal quality information

supplemented with original source

laboratory sheets where available

10.1

Mining

Historical productivities and manpower

from operating and future

Coronado

mines

13.2, 13.4

Coal Preparation

Flow sheet and other information representing

current and future methods of

coal processing

14.1

Waste Disposal

Engineering data and estimates representing

remaining capacities for coarse

and fine coal waste disposal

17.2

Costs

Historical and budgetary operating

cost information used to derive

cost drivers

for reserve financial modeling

18.2

Economic

WACC and inflation rate

used in discounted cash flow analysis

19.1, 19.2, 19.3

Note: While the sources of data listed in Table 2-1 are not exhaustive, they represent a significant portion of information which supports this TRS.

MM&A reviewed the provided data and found it to be reasonable prior to incorporating it into the TRS.

The TRS contains “forward-looking

information” including forecasts of productivity and annual coal production, operating and capital cost estimates, coals sales price forecasts, the

assumption that Coronado will continue to acquire necessary permits, and other assumptions.

The TRS statements and conclusions are not a

guarantee of future performance and undue reliance should not be placed on them.

The ability of Coronado to recover the estimated coal reserves

is dependent on multiple factors beyond the control of MM&A including, but not limited to geologic factors, mining conditions,

regulatory

approvals, and changes in regulations.

In all cases, the plans assume the Property is under competent management.

Coronado engaged MM&A to conduct a coal resource and reserve evaluation

of the Coronado coal

properties

September

30,

2022.

Additions

and

depletion

have

been

used

bring

the

Resource

and Reserve

estimates forward

to December

31, 2022,

the effective

date of

this TRS

for

Buchanan.

For the evaluation, the following tasks were

to be completed:

Conduct site visits of the mines and mine infrastructure facilities;

Process

the

information

supporting

the

estimation

coal

resources

and

reserves

into

geological models;

Develop life-of-reserve mine

(

LOM

) plans and financial models;

Hold discussions with Coronado company management; and

Prepare

and

issue

TRS

providing

statement

coal

resources

and

reserves

which

would

include:

A description of the mine and facilities.

A description of the evaluation process.

An estimation

of coal

resources and

reserves with

compliance elements

as stated

under the

JORC Code and the SEC Regulation S-K 1300.

2.3

Personal Inspections

MM&A

is very

familiar

with

Buchanan, having

provided

variety

services in

recent

years,

and

the QPs involved in this TRS have

conducted multiple site visits.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Property Description

3.1

Location

The

Buchanan Mine

Complex

is located

in Buchanan

County

in southwestern

Virginia

(see

Figure

1-1

)

approximately

kilometers

southeast

Grundy,

which

the

county

seat

Buchanan

County.

Surface

facilities

for

the

shaft

mine

are

located

along

Garden

Creek

and

Norfolk

Southern (NS) rail line about 6.4 kilometers south-southeast of Oakwood, Virginia.

The

Property

located

the

following

United

States

Geological

Survey

(

USGS

)

Quadrangles:

Prater,

Vansant, Keen

Mountain, and Jewell Ridge.

Current mining projections fall

within the Keen

Mountain and Jewell

Ridge quadrangles.

The coordinate

system and datum

used for the

model of

Buchanan

No.

and

the

subsequent

maps

were

produced

the

Virginia

State

Plane

South

system, NAD 27.

3.2

Titles, Claims or Leases

The

Buchanan

coal

reserves

are

located

Buchanan

and

Tazewell

Counties,

Virginia.

The

Property

composed

approximately

33,577

total

hectares,

which

25,852

are

leased

subleased

from

private

landholders

under

approximately

150

individual

coal

lease

tracts,

and

7,725

hectares

are

owned

Coronado.

Subject

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.

MM&A has not carried

out a separate

title verification for

the coal property

and

has

not

verified

leases,

deeds,

surveys,

other

property

control

instruments

pertinent

the

subject

resources.

Tenure

was

separately

reviewed

Coronado’s

legal

advisors.

Coronado

has

represented

to MM&A

that it

controls

the mining

rights to

the reserves

as shown

on its

property

maps, and MM&A

has accepted these

as being a

true and accurate

depiction of the

mineral rights

controlled

Coronado.

The

TRS

assumes

the

Property

developed

under

responsible

and

experienced management.

3.3

Mineral Rights

Coronado

supplied

property

control

maps

MM&A

properties

for

which

mineral

and/or

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

representations

as being

true and

accurate,

MM&A has

no knowledge

of past

property boundary

disputes

other

concerns,

through

past

knowledge

the

Property,

that

would

signal

concern

over future mining operations or development potential.

Property control

in Appalachia

can be

intricate.

Coal mining

properties are

typically composed

numerous property

tracts which

are owned

and/or leased

from both

land-holding companies

and

private

individuals

companies.

common

encounter

severed

ownership,

with

different

entities

or individuals

controlling

the

surface

and mineral

rights.

Mineral

control

in the

region

typically

characterized

leases

ownership

larger

tracts

land,

with

surface

control

generally comprised of smaller tracts, particularly in developed areas.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Legal

mining

rights

may

reflect

combination

fee

mineral

ownership

and

fee

mineral

leases

coal

lands

through

various

surface

and

mineral

lease

agreements.

There

also

relatively

small

amount

area

where

the

coal

partially

owned

and/or

partially

leased

limited number of individual tracts.

Control

the

surface

property

necessary

conduct

surface

mining

but

not

necessary

conduct

underground

mining.

Given that

the Buchanan

Mine has

been active

dating back

to the

1980s, Coronado,

and its predecessors,

have a

successful history of

obtaining any

necessary rights

and the associated permits to mine.

3.4

Encumbrances

Title

Encumbrances

are

known.

assignment,

MM&A

did

not

complete

independent

query related to Title Encumbrances.

3.5

Other Risks

There

always

risk

involved

property

control.

Coronado

and

its

predecessor,

CONSOL,

have

both

had

their

legal

teams

examine

the

deeds

and

title

control

order

minimize

the

risk.

Historically,

property control has not posed any challenges related

to Buchanan’s operations.

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

The

topography

the

area

surrounding

the

Buchanan

Mine

Complex

typical

the

Central

Appalachian Plateau being rugged and deeply dissected

by v-shaped river valleys

flanked by steep-

sided

upland

regions.

Surface

elevations

near

the

mine

complex

range

from

approximately

823

meters

above

sea

level

upland

regions

approximately

579

meters

stream

level.

The

Property is moderately

vegetated, with a mixture

of hardwood and conifer forest

in the temperate

broadleaf

category.

The

Property

not

situated

near

any

major

urban

centers,

and

the

surrounding area is considered rural.

4.2

Access and Transport

General

access to

the Buchanan

No. 1

Mine property

is via

a well-developed

network of

primary,

secondary,

and unimproved roads.

Highway 460 is the primary highway

connecting Pike County in

Eastern

Kentucky

Buchanan

and

Tazewell

Counties

Southwestern

Virginia.

Numerous

secondary

and

unimproved

roads

provide

direct

access

the

Property,

some

being

state-

and

town-maintained.

These roads

typically stay

open throughout

the year.

Norfolk Southern

(

)

rail

line

that

located

approximately

6.44

kilometers

south-southeast

Oakwood,

Virginia,

serves

the

primary

means

transport

for

produced

coal.

transports

coal

from

the

Buchanan Mine Complex

either to domestic

customers or to

the Pier 6 export

terminal at Norfolk,

Virginia

for

overseas

shipment.

small

portion

production

transported

via

truck

haul.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

extensive

network of

service roads

to gob

gas and

coalbed methane

(

CBM

) production

wells exist

on the subject property.

4.3

Proximity to Population Centers

The

Buchanan

No.

Mine

property

lies

near

the

town

Grundy

Buchanan

County,

Virginia

approximately

290 kilometers

southeast of

Lexington,

Kentucky

and 153

kilometers

southwest

Roanoke,

Virginia.

2021,

Buchanan

County

had

population

approximately

19,800

residents.

4.4

Climate and Length of Operating Season

The

climate

the

region

classified

humid

sub-tropical

with

four

distinct

seasons:

warm

summers,

cold

winters,

and

moderate

fall

and

spring

seasons.

Precipitation

the

region

consistent

throughout

the

year

with

the

most

rain

falling

spring

and

the

early

months

summer.

Average

yearly

rainfall

112.62

centimeters.

Summer

months

typically

begin

late

May

and

end

early

September

and

range

average

temperature

from

degrees

Fahrenheit (or 9.44 to 28.89 degrees Celsius).

Winters typically begin in mid to late

November and

run until

mid to

late March

with average

temperatures

ranging from

26 to

56 degrees

Fahrenheit

(or

-3.33

13.33

degrees

Celsius).

Precipitation

the

winter

typically

comes

the

form

snowfall

or as

a wintery

mix (sleet

and snow)

with severe

snowfall events

occurring occasionally.

Seasonal

variations

climate

typically

not

affect

underground

mining

Virginia.

However,

weather

events

could

potentially

negatively

impact

efficiency

surface

and

preparation

plant

operations on a very limited basis and lasting less than a few days.

4.5

Infrastructure

The

Buchanan No.

1 Mine

Complex

has

sources

of water,

power,

personnel,

and

supplies readily

available

for use.

Personnel

have historically

been sourced

from the

surrounding communities

Buchanan, Tazewell,

McDowell, and Pike

counties, and have

proven to

be adequate in

numbers to

operate

the

mine.

mining

common

the

surrounding

areas,

the

workforce

generally

familiar

with

mining

practices,

and

many

are

experienced

miners.

Water

sourced

locally

from

streams

that

flow

over

Coronado-owned

property.

The

mine

also

utilizes

ground

water

from

old

abandoned

mine.

Electricity

sourced

from

American

Electric

Power

(

AEP

)

The

service

industry in

the areas

surrounding the

mine complex

has historically

provided supplies,

equipment

repairs

and fabrication,

etc.

The Coronado-owned

Buchanan Preparation

Plant services

the mine

via

skip

hoist

and

conveyor

belt

system

which

transports

extracted

coal

from

underground

bunker

the

surface

facility.

The

rail

line

serves

the

main

means

transport

from

the

mine.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

History

5.1

Previous Operation

The

Property

was

formerly

controlled

Consolidation

Coal

Company

(

CONSOL

)

Mine

development

was

started

by CONSOL

in 1983

and longwall

production

began

in 1987.

Coronado

acquired the Buchanan Mine from CONSOL in March 2016.

The

most

productive

mining

any

period

since

1987

has

occurred

since

the

acquisition

Buchanan Mine by Coronado.

Production history has been approximately 3.5

Mt in 2016 (in only a

9-month period),

4.9 Mt

in 2017,

4.7 Mt

in 2018,

4.5 Mt

in 2019,

3.4 Mt

in 2020,

4.4 Mt

in 2021,

and 3.9 Mt in 2022.

5.2

Previous Exploration

The Property has

been extensively

explored by subsurface

drilling efforts carried

out by numerous

entities,

many

which

were

completed

prior

acquisition

Coronado.

The

majority

the

drilling was accomplished using vertical continuous (diamond) coring or air rotary methods.

Drill records

indicate that

independent contract

drilling operators

have

typically been

engaged

carry out drilling on the Property.

Geophysical logging on those

properties acquired from

CONSOL

was

often

performed

both

CONSOL’s

in-house

logging

services

and

outside

logging

firms.

MM&A, via its Geophysical Logging Systems subsidiary,

has logged a significant number of the past

exploration holes and degas wells, and currently logs most

of the recently drilled holes.

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

The

Property

lies in

the Central

Appalachian Coal

basin

in the

Appalachian Plateau

physiographic

province.

The coal deposits in the eastern

US are the oldest and

most extensively developed

coal deposits in

the

country.

The

coal

deposits

the

Property

are

Carboniferous

age,

being

the

Pennsylvanian

system.

Overall,

these

Carboniferous

coals

contain

two-fifths

the

US’s

bituminous

coal

deposits

and

extend

over

1,448

kilometers

from

northern

Alabama

Pennsylvania

and

are

part

what

is known

the

Appalachian Basin

The

Appalachian

Basin

than

402

kilometers

wide

and,

some

portions,

contains

over

coal

seams

varying

economic significance.

Seams of economic significance

typically range between

0.30 meters and 1.83

meters in thickness,

with relatively

little structural

deformation.

Regional structure

is typically characterized

by gently

dipping strata to the northwest

at less than one percent.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Seams

the

Pocahontas

Formation

have

historically

been

mined

the

Buchanan

No.

Mine

with the Pocahontas No. 3 seam being the principal seam in the formation.

Coal from the area has

historically been sold in primarily metallurgical market

6.2

Mineralization

The generalized stratigraphic

columnar section in

Figure 6-1

demonstrates the vertical

relationship

of the principal coal seams and rock formations on the Property.

Figure 6-1:

Buchanan Stratigraphic Column

Note: not to scale

6.3

Deposits

The

coal

produced

Buchanan No.

is typically

Low

Volatile

(<23%

volatile

matter)

bituminous

coal.

Due

the

value

the

Pocahontas

No.

(

)

low-volatile

coking

coal,

has

been

extensively

mined

the

region.

The

seam

consists

multiple benches

that

split

and

merge

across the Property,

including in descending stratigraphic order:

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

P31, uppermost bench, represented in purple on

Figures 7-1

and

7-2

P32, represented in orange on

Figures 7-1

and

7-2

P33, represented in blue on

Figures 7-1

and

7-2

345, lowermost bench, represented in green on

Figures 7-1

and

7-2

The mineable

benches within

the P3

horizon

consist of

three principal

configurations

determined

by variable seam splitting characteristics present across

the Property:

Full-seam

; all four benches (P31, P32, P33, and 345) are included within the mineable

section. This configuration is present within the remaining North and Northwest

resource

areas, as well as the upper portion of the South resource area.

Refer to

Figures 7-1

and

7-2

below

P31, P32, and P33 Benches

; the underlying 345 bench extends more than two feet below

the P33 bench and is no longer included within the mineable section.

This configuration is

present on the South side of the Property.

Refer to

Figure 7-1

below.

P32, P33, and 345 Benches

; the overlying P31 bench extends more than two feet above

the

P32 bench and is no longer included within the mineable section.

This configuration is

present on the Northeast side of the Property.

Refer to

Figure 7-2

below.

The

full-seam

bench

(P3)

thickness

ranges

from

1.22

3.44

meters

with

average

1.86

meters,

the

P31,

P32,

P33

bench

thickness

ranges

from

1.22

2.10

meters

with

average

1.43

meters,

and

the

P32,

P33,

345

bench

thickness

ranges

from

1.22

2.71

meters

with

average

1.65

meters.

The

seam

situated

below

drainage

throughout

the

Property

and

accessible by

existing mine

shafts.

Floor and roof

strata

vary throughout

the mine area

with floor

strata

including fireclay,

claystone,

shale, sandy

shale, and

sandstone, but

primarily being

fireclay

and

shale.

Roof

strata

varies

throughout

well

but

primarily

composed

sandstone,

sandy

shale, and shale.

Exploration

7.1

Nature and Extent of Exploration

Extensive

exploration

in the

form

of subsurface

drill efforts

has been

carried out

on the

Property

by numerous entities,

most of which efforts

were completed

prior to the acquisition

by Coronado.

Diamond core, rotary,

and CBM drilling are the three primary types of exploration on the Property.

Data

for

correlation

and

mining

conditions

are

derived

from

core

descriptions

and

geophysical

logging (e-logging).

Coal quality analyses were also employed

during the core exploration

process.

total

4,589

core,

rotary,

channel

samples,

mine

measurements,

and

CBM

wells

with

Pocahontas

No. 3 seam information

are found within

the Coronado database,

of which 1,784 data

points are located within the current

mine / resource area.

The location of the drilling is shown on

the maps included in

Appendix B

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

concentration

exploration

varies

slightly

across

the

Property,

with

the

proposed

underground mining areas

having the highest

concentration of drill

holes.

Drilling on the Property

is typically

sufficient

for

delineation

of potential

underground

mineable benches.

Core

logging is

typically conducted by professional

geologists in cases where roof

and floor strata are

of particular

interest and in cases where greater resolution

and geologic detail are needed.

However,

much

the

early

drill

hole

data

comes

from

simplified

driller’s

logs,

which

often

lack

specific

details

regarding

geotechnical

conditions

and

specific

geology,

making

correlations

and

floor

and

roof

conditions

difficult

determine.

Geophysical

logging

techniques,

contrast,

document

some

details

useful

for

geologic

interpretation

and

mining

conditions,

but

not

provide detailed lithologic

information.

Given the variability

of data-gathering

methods, definitive

mapping of future mining

conditions may not be

possible, but projections and

assumptions can be

made within a reasonable degree of certainty.

Once

the

integrity

the

database

was

established,

stratigraphic

columnar

sections

were

generated

using

cross-sectional

analysis

establish

confirm

coal

seam

correlations.

Cross-

section illustrating the three

mineable bench configurations

are presented below

Figure 7-1

and

Figure 7-2

Figure 7-1: Buchanan Cross-Section, A1 – A2

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-2: Buchanan Cross-Section, B1 – B2

Due

the

extended

history

exploration

various

parties

the

Property,

wide

variety

survey techniques

exist for

documentation of

data point

locations.

Many of

the older exploration

drill

holes

appear

have

been

located

survey

and

recently

completed

drill

holes

are

often

located

high-resolution

Global

Positioning

System

(

GPS

)

units.

However,

some

holes

appear to have

been approximately

located using USGS topography

maps or other methods which

are less accurate.

Therefore, discretion had

to be used regarding the accuracy

for the location and

ground surface elevation

of some of these older drill holes.

In instances where a drill hole location

(or associated

coal seam

elevations)

appeared to

be inconsistent

with the

overall

structural

trend

(or surface topography

for surface-mineable

areas), the data

point was not

honored for

geological

modeling.

Others with apparently minor variances were adjusted and then used by MM&A.

Surveying of the underground and surface mined areas has been performed by the

mine operators

and/or

their

consulting

surveyors.

assignment,

MM&A

did

not

verify

the

accuracy

completeness

supplied

mine

maps

but

accepted

this

information

being

the

work

responsible engineers and surveyors.

MM&A

compiled

comprehensive

topographic

map

files

selecting

the

best

available

aerial

mapping for each area and filling any gaps with digital USGS topographic

mapping.

7.2

Non-Drilling Procedures and Parameters

supplement

the

core

hole

quality

database,

samples

have

been

collected

from

underground

channel samples, mine stockpiles, and/or truck / train shipments.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

7.3

Drilling Procedures

Core

drilling

methods

typically

utilize

NX-size

(5.4

centimeters)

similar-sized

core

cylinders

recover core

samples, which can be

used to delineate

geologic characteristics,

and for coal

quality

testing

and geotechnical

logging.

For the

core holes,

the geophysical

logs are

especially useful

verifying the core recovery

of both the coal samples

(for assurance that

a sample is representative

the

full

seam)

and

the

roof

and

floor

rock

samples

(for

evaluating

ground

control

characteristics of deep mineable coal seams).

addition

core

holes,

rotary-drilled

holes

also

exist

much

the

Property.

Data

for

the

rotary

drilled

holes

are

mainly

derived

from

downhole

geophysical

logs,

which

are

used

interpret coal

and rock thickness

and depth

since logging of the

drill cuttings

is not reliable.

From

time to

time, geological

staff

at MM&A

have

been engaged

by Coronado

to interpret

geophysical

logs

within

specific

areas

interest,

the

results

which

have

been

added

the

Coronado

geologic

database.

Moreover,

MM&A

field

geologists

have

conducted

gas

content

(desorption)

testing of core

samples as part of an

ongoing effort to

assess levels of coalbed

methane gas (

CBM

)

present

within

the

seam.

Additionally,

there

ongoing

active

surface

drilling

program

for

degassing

the

mined

seam

ahead

mining.

The

degas

holes

are

typically

logged

geophysically,

and the resulting

interpreted data

are incorporated

into the geological

model.

Exploratory drilling

generally

requires

drilling

depths

over

305

meters

penetrate

the

target

coal

seam

Buchanan.

A wide

variety of

core

logging techniques

exist

for the

Property.

For many

of the

core holes,

the

primary

data

source

generalized

lithology

description

the

driller,

which

may

supplemented by a

more detailed core

log completed by

a geologist.

These logs were provided

MM&A

geological

database.

MM&A

geologists

were

not

involved

the

production

original

core

logs

but

did

perform

basic

check

information

within

the

provided

database.

Where geophysical

logs for such holes

are available, they

were used by MM&A

geologists to verify

the coal thickness and core recovery of seams.

7.4

Hydrology

Buchanan

active

mine

with

hydrologic

concerns

material

issues

experienced

its

history.

Future mining

is projected

to occur

in areas

exhibiting similar

hydrogeological

conditions

past

mining,

including

stream

undermining,

undermining

aquifers,

and

mining

through

hydraulically

fractured

(frac’d)

coalbed

methane

wells.

Based

upon

the

successful

history

of the

operation with

regards to

hydrogeological

conditions, MM&A

assumes that

the operation

will not

be hindered by such issues in the future.

7.5

Geotechnical Data

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

modified

MM&A to

fit current

property constraints.

Pillar stability

was tested

by MM&A

using the

Analysis

of Retreat

Mining Pillar Stability

(ARMPS

) and

Analysis of Longwall

Pillar Stability

(ALPS)

programs

that

were

developed

the

National

Institute

for

Occupational

Safety

and

Health

(

NIOSH

)

MM&A

reviewed

the

results

from

the

ARMPS

and

ALPS

analysis

and

considered

them

the

development of the LOM plan.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Sample Preparation, Analyses and Security

8.1

Prior to Sending to the Lab

Most

of the

coal

samples have

been obtained

from

the Property

by subsurface

exploration

using

core drilling

techniques.

The protocol

for preparing

and testing

the samples

has varied

over time

and

not

well

documented

for

the

older

holes

drilled

the

Property.

Typical

core-drilling

sampling

methods

for

coal

the

United

States

involves

drilling

through

the

seam, removing

the

core

from the

barrel, describing

the lithology,

wrapping

the sample

in a

sealed plastic

sleeve

and

placing it lengthwise

into a covered

core box, and

carefully marking hole

ID and depth intervals

each box

and

lid, allowing

the

core

be delivered

a laboratory

in correct

stratigraphic

order,

and

with

original

moisture

content.

This

process

has

been

the

norm

for

both

historical

and

ongoing exploration activities at the Property.

This

work

typically

performed

the

supervising

driller,

geologist,

company

personnel.

Samples

are

most

often

delivered

the

company

the

driller

after

each

shift

acquired

company personnel

or representatives.

Most of the

coal core

samples were obtained

by previous

or current

operators

on the

Property.

MM&A did

not participate

in the

collection, sampling,

and

analysis of the core samples.

However,

it is reasonable to assume, given the consistency

of quality

from

operators,

that

these

samples

were

generally

collected

and

processed

under

industry

best

practices.

This

assumption

based

MM&A’s

familiarity

with

the

operating

companies and the companies used to perform the analyses.

8.2

Lab Procedures

Coal-quality testing

has been

performed over

many years

by operating

companies using

different

laboratories

and testing

regimens.

Some of

the samples

have

raw

analyses

and

washabilities

the

full

seam

(with

coal

and

rock

parting

layers

co-mingled)

and

are

mainly

useful

for

characterizing the

coal quality for

projected production

from underground

mining.

Other samples

have

coal

and

rock

analyzed

separately,

the

results

which

can

utilized

forecast

underground

mining

quality.

Care

has

been

taken

use

only

those

analyses

that

are

representative

the

coal

quality

parameters

for

the

appropriate

mining

type

for

each

sample.

Unlike

many

Appalachian properties,

Buchanan has

interest

single deep-mineable

seam,

the

Pocahontas

No.

seam;

therefore,

the

analyses

have

been

conducted

following

consistent

protocol.

Standard procedure

upon receipt

of core

samples by

the testing

laboratory is

to: 1)

log the

depth

and

thickness

the

sample;

then

perform

testing

specified

representative

the

operating company.

Samples

are

analyzed

accordance

with

procedures

defined

under

ASTM

International

(

ASTM

)

standards

including,

but

not

limited

(not

all

analytical

tests

identified

the

list

below

have

been

run

each

sample):

washability

(ASTM

D4371);

ash

(ASTM

D3174);

sulfur

(ASTM

D4239);

Btu/lb. (ASTM D5865); volatile matter (ASTM D3175); Free Swell

Index (

FSI

) (ASTM D720).

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

While

not

confirmed

MM&A,

assumed

that

best

practices

and

ASTM

(or

equivalent

standards at the time of testing) were utilized

in laboratory quality testing.

Data Verification

9.1

Procedures of Qualified Person

MM&A

reviewed

the

digital

geologic

database

supplied

Coronado.

The

database

consists

data

records,

which

include

drill

hole

information

for

holes

that

lie

within

and

adjacent

the

Property

and

records

for

numerous

supplemental

coal

seam

thickness

measurements.

Upon

completion

of the

database

verification,

copies of

each entry

were

printed,

and cross

referenced

the

original

document

for

verification.

Once

the

initial

integrity

the

database

was

established,

stratigraphic

columnar

sections

were

generated

using

cross-sectional

analysis

establish

confirm

coal-seam

correlations.

Geophysical

logs

were

used

wherever

available

assist in

confirming the

seam correlation

and to

verify proper

seam thickness

measurements

and

recovery of coal samples.

After

establishing

and/or

verifying

proper

seam

correlation,

seam

data-control

maps

and

geological

cross-sections

were

generated

and

again

used

verify

seam

correlations

and

data

integrity.

Once

the

database

was

fully

vetted,

seam

thickness, base-of-seam

elevation,

roof

and

floor lithology,

and overburden

maps were

independently generated

for use

in the

mine planning

process.

9.2

Limitations

with

any

exploration

program,

localized

anomalies

cannot

always

discovered.

The

greater

the density

of the

samples taken,

the less

the risk.

Once an

area is

identified as

being of

interest

for inclusion in the mine plan, additional samples are taken to

help reduce the risk in those specific

areas.

general,

provision

made

the

mine

planning

portion

the

study

allow

for

localized

anomalies

that

are

typically

classed

nuisance

than

hinderance.

Longwall

production has been de-rated in thinner coal zones.

9.3

Opinion of Qualified Person

Sufficient

data

have

been

obtained

through

various

exploration

and

sampling

programs

and

mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

the

Property.

The

data

are

sufficient

quantity

and

reliability

reasonably support the coal resource and coal reserve estimates in this TRS.

Mineral Processing and Metallurgical Testing

10.1

Testing

Procedures

Separate

tabulations

have

been

compiled

for

basic

chemical

analyses

(both

raw

and

washed

quality),

petrographic

data,

rheological

data

and

chlorine,

ash,

ultimate

and

sulfur

analysis.

The

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

latter two data types

are not as prevalent and have

been supplemented by samples collected from

mine stockpiles and either truck- or train-shipment samples.

Available

coal-quality data

were

tabulated

by resource

area in

a Microsoft®

EXCEL

workbook and

the

details

that

work

are

maintained

file

the

offices

Coronado

and

MM&A.

These

tables also

provide basic

statistical

analyses of

the coal

quality data

sets, including

average

value;

maximum

and

minimum

values;

and

the

number

samples

available

represent

each

quality

parameter

the

seam.

Coal

samples

that

were

deemed

MM&A

geologists

unrepresentative

were

not

used

for

statistical

analysis

coal

quality,

documented

the

tabulations.

representative

group

drill

hole

samples

from

the

Property

were

then

checked

against the original drill laboratory reports to verify

accuracy and correctness.

The

amount

and

areal

extent

coal

sampling

for

geological

data

generally

sufficient

represent

the quality

characteristics

of the

coal

horizons

and

allow for

proper

market

placement

of the

subject

coal

seams.

For

some of

the

coal deposits

there

are

considerable

laboratory

data

from

core

samples that

are

representative

of the

full

extent

of the

resource

area;

and for

others

there are

more limited data

to represent

the resource area.

For example, in

the active operations

with

considerable

mining,

there

may

limited

quality

data

within

some

the

remaining

resource

areas;

however,

in those

cases

the

core

sampling

data

can

be supplemented

with

operational

data

from

mining

and

shipped

quality

samples

representative

the

resource

area.

10.2

Relationship of Tests

to the Whole

The extensive

sampling and

testing procedures

typically followed

in the

coal

industry result

in an

excellent

correlation

between

samples

and

marketable

product.

Shipped

analyses

the

coal

from Buchanan were

reviewed to verify

that the coal quality

and characteristics were

as expected.

Buchanan

has

long

history

saleable

production

the

low-volatile

metallurgical

markets,

confirming

exploration

results.

Degradation

coking

coal

characteristics

over

time

not

anticipated to be an issue.

10.3

Lab Information

noted

previously,

samples

are

analyzed

area

Laboratories

that

operate

accordance

with

procedures

defined under

ASTM standards

including, but

not limited

to the

following

(Note:

not

all analytical tests identified in this list have been run on each sample.):

ASTM D 4371

– Test

Method for Determining Washability Characteristics

of Coal

ASTM D 3174

– Method for Ash in the Analysis Sample of Coal and Coke

ASTM D

4239

– Test

Methods for

Sulphur in

the Analysis

Sample of

Coal and

Coke

Using High-

Temperature

Tube Furnace Combustion Methods

ASTM D 5865

– Test

Method for Gross Calorific Value

of Coal and Coke

ASTM D 3175

– Test

Method for Volatile Matter

in the Analysis Sample of Coal and Coke

ASTM D 3176

– Standard Practice for Ultimate Analysis of Coal and Coke

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

ASTM D 3178

- Test

Method for Carbon and Hydrogen in Coal and Coke

ASTM D 3179

st Method for Nitrogen in Coal and Coke

ASTM D 720

– Test

Method for Free-Swelling Index (

FSI

) of Coal

ASTM

5515

Test

Method

for

Determination

the

Swelling

Properties

Bituminous

Coal

Using a Dilatometer (Arnu)

ASTM D 2639

– Test

Method for Plastic Properties of Coal (Gieseler)

ASTM D 3683

– Trace Elements

in Coal and Coke Ash by the Atomic Absorption Method

ASTM D 1857

– Standard Test

Method for Fusibility of Coal and Coke Ash

ASTM

2798

–

Microscopical

Determination

the

Reflectance

Vitrinite

Polished

Specimen of Coal

Ultimate

analysis

process

typically

used

which

gives

the

composition

coal

terms

carbon,

hydrogen,

nitrogen,

oxygen,

ash,

and

sulfur

without

regard

origin.

The

sum

the

carbon,

hydrogen,

nitrogen,

sulfur,

and ash

are subtracted

from

100

percent

calculate

oxygen

percent.

Heating

value or

calorific value

is a

measure of

the heat

produced

from a

unit weight

of coal.

the

United

States,

commonly

expressed

British

thermal

units

per

pound

(

Btu/lb.

Other

units

are

kilocalories

per

kilogram

(

Kcal/kg

)

and

kilojoules

per

gram

(

KJ/g

Heating

value

generally determined by burning a weighed coal sample, in oxygen,

in a calorimeter.

10.4

Relevant Results

No critical factors have been found

that would adversely affect the recovery

of the Reserve.

Mineral Resource Estimates

MM&A

independently

created

geologic

model

define

the

coal

resources

Buchanan.

Coal

resources were estimated

as of December 31, 2022.

11.1

Assumptions, Parameters and Methodology

Geological

data

were

imported

into

Carlson

Mining

(formerly

SurvCADD

)

geological

modelling

software

the

form

of Microsoft

Excel

files

incorporating

drill

hole

collars,

seam

and

thickness

picks, bottom

seam elevations

and raw

and washed

coal quality.

These data

files were

validated

prior to importing into the software.

Once imported, a geologic model was created, reviewed, and

verified with a key element being a gridded model of coal seam thickness.

Resource

tonnes

were

estimated

using

the

seam

thickness

grid

based

each

valid

point

observation and

by defining

resource confidence

arcs around

the points

of observation.

Points of

observation for

Measured and

Indicated confidence

arcs were

defined for

all valid

drill holes

that

intersected

the seam

using standards

deemed acceptable

by MM&A

based on

a detailed

geologic

evaluation and a statistical analysis

of all drill holes within the projected reserve areas as described

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Section 11.1.1

The geological

evaluation incorporated

an analysis

of seam

thickness related

depositional environments, adjacent roof and floor lithologies, and structural influences.

After

validating

coal

seam

data

and

establishing

correlations,

the

thickness

and

elevation

for

seams

economic

interest

were

used

generate

geologic

model.

Due

the

relative

structural

simplicity

the

deposits

and

the

reasonable

continuity

the

tabular

coal

beds,

the

principal

geological

interpretation

necessary

define

the

geometry

the

coal

deposits

the

proper

modeling

their

thickness

and

elevation.

Both

coal

thickness

and

quality

data

are

deemed

MM&A

reasonably

sufficient

within

the

resource

areas.

Therefore,

there

reasonable

level

confidence

the

geologic

interpretations

required

for

coal

resource

determination based on the available data and the techniques applied to the data.

Table

11-1

below

provides

the

geological

mapping

and

coal

tonnage

estimation

criteria

used

for

the

coal

resource

and

reserve

evaluation.

These

cut-off

parameters

have

been

developed

MM&A based

on its

experience with

the Coronado

property

and are

typical of

mining operations

the

Central

Appalachian

coal

basin.

This

experience

includes

technical

and

economic

evaluations

numerous

properties

in the

region

for

the

purposes

determining

the

economic

viability of the subject coal reserves.

Table 11-1:

General Reserve and Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Reserve Criteria

Reserve Classification

Reserve and Resource

Reliability Categories

Reserve (Proven and Probable)

Resource (Measured, Indicated and Inferred)

To better reflect geological conditions of the coal

deposits, distance between points of observation is

standard USGS (in meters), respectively, for measured

and indicated and inferred.

Effective Date of Resource Estimate

December 31, 2022

Coal resources were updated for depletion based on

information from Coronado.

Effective date for coal

resources is as of December 31, 2022.

Effective Date of Reserve Estimate

December 31, 2022

Coal reserves were updated for depletion based on

information from Coronado.

Effective date for coal

reserves is as of December 31, 2022.

Seam Density

Variable, dependent upon seam characteristics

(based on available drill hole quality).

In the

absence of laboratory data, estimated by (1)

assuming specific gravity of 1.30 for coal and 2.25

to 2.5 for rock parting, or (2) 1280 kg/m

to 1324

kg/m

for a "clean" seam

•

Underground-Mineable Criteria

Map Thickness

Total seam thickness

Minimum Seam Thickness

1.2 meters (locally <1.2 m for limited areas

integral to the mine plan)

Minimum Mining Thickness

1.83 meters

Minimum In-Seam Wash Recovery

40 percent

Wash Recovery Applied to Coal

Reserves

Based on average yield for drill holes within

reserve area, or in the absence of laboratory

washability data, based on estimated visual

recovery using specific gravities noted above and

95 percent yield on "clean" coal

Out-of-Seam Dilution Thickness for

Run-of-Mine Tonnes Applied to Coal

Reserves

0.05 meters

2243 kg/m³ density used for dilution tonnage estimate

Mine Barrier

61-meter distance from abandoned mines and

sealed or pillared areas.

Adjustments Applied to Coal Reserves

6 percent moisture increase; 5 percent

preparation plant inefficiency

Note:

Exceptions for

application of

these criteria

to resource

and reserve

estimation are

made as

warranted and

demonstrated by

either actual

mining

experience or detailed data

that allows for empirical

evaluation of mining conditions.

Final classification of coal reserve

is made based on the

pre-

feasibility evaluation.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

11.1.1

Geostatistical Analysis for Classification

MM&A

completed

geostatistical

analysis

drill

holes

within

the

reserve

boundaries

determine

the

applicability

of the

common

United

States

classification

system

for

measured

and

indicated and inferred

coal resources.

Historically,

the United States

has assumed that coal

within

0.4

kilometers

point

observation

represents

measured

resource

whereas

coal

between

0.4

kilometer

and

1.2

kilometers

from

point

observation

classified

indicated.

Inferred

resources are commonly assumed

to be located between

1.2 kilometers and 4.8

kilometers from a

point

observation.

Per

SEC

regulations,

only

measured

and

indicated

resources

may

considered for reserve classification, respectively

as proven and probable reserves.

MM&A

performed

geostatistical

analysis

the

Buchanan data

set

using the

Drill

Hole

Spacing

Analysis

(

DHSA

)

method.

This

method

attempts

quantify

the

uncertainty

applying

measurement

from

central

location

increasingly

larger

square

blocks

and

provides

recommendations

for determining

the distances

between drill

holes for

measured, indicated,

and

inferred resources.

perform DHSA the data

set was processed to remove

any erroneous data points,

clustered data

points, as

well as

directional trends.

This was

achieved through

the use

of histograms,

as seen

Figure 11-1

, color coded scatter

plots showing the geospatial positioning

of the borings,

Figure 11-

, and trend analysis.

Figure 11-1:

Histogram of the Total

Seam

Thickness for the Pocahontas No. 3 Seam Present

in the Buchanan Mine Complex

Figure 11-2:

Scatter plot of the Total

Seam

Thickness for the Pocahontas No. 3 Seam Present in

the Buchanan Mine Complex

Following the completion of

data processing, a variogram

of the data set was

created,

Figure 11-3

The

variogram

plots average

square difference

against

the separation

distance

between

the data

pairs.

The

separation

distance

is broken

up into

separate

bins defined

by a

uniform

lag distance

(e.g., for

a lag

distance of

152 meters

the bins

would be

0 –

152 meters,

153 –

305 meters,

etc.).

Each

pair of

data

points that

are

less than

one lag

distance

apart are

reported

in the

first

bin.

the data

pair is further

apart than one

lag distance

but less than

two lag distances

apart, then the

variance

is reported

in the

second

bin.

The

numerical

average

for

differences

reported

for

each

bin is then plotted on the

variogram.

Care was taken

to define the lag distance

in such a way as to

not

overestimate

any

nugget

effect

present

the

data

set.

Lastly,

modeled

equations,

often

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

spherical, gaussian, or

exponential, are applied to

the variogram in order

to represent the

data set

across a continuous spectrum.

Figure 11-3: Variogram of the Total

Seam Thickness for the Pocahontas No. 3 Seam

Present in the Buchanan Mine Complex

The estimation

variance is

then calculated

using information

from the

modeled variogram

as well

charts

published

Journel

and

Huijbregts

(1978).

This

value

estimates

the

variance

from

applying

single

central

measurement

increasingly

larger

square

blocks.

Care

was

taken

ensure

any

nugget

effect

present

was

added

back

into

the

data.

This

process

was

repeated

for

each test block size.

The

final

step

the

process

calculate

the

global

estimation

variance.

this

step,

the

number of square blocks that

would fit inside the selected

study area is determined for

each block

size

that

was

investigated

the

step.

The

estimation

variance

then

divided

the

number

blocks

that

would

fit

inside

the

study

area

for

each

test

block

size.

Following

this

determination,

the

data

then

transformed

back

represent

the

relative

error

the

95th-

percentile range.

Figure 11-4

shows the

results of

the DHSA

performed on

the Pocahontas

No. 3

seam data

for the

Buchanan Mine.

DHSA provides hole to hole

spacing values; these distances need to

be converted

to radius

from a

central point

in order

to compare

to the

historical

standards.

A summary

of the

radius

data

is shown

Table

11-2

DHSA

prescribes

that

measured,

indicated,

and inferred

drill

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

hole spacing be

determined at

the 10-percent,

20-percent, and

50-percent levels

of relative

error,

respectively.

Figure 11-4: Result of DHSA for the Pocahontas No. 3 Seam Present in the Buchanan Mine Complex

Table 11-2:

DHSA Results Summary for Radius from a Central Point

Model:

Measured Radial Distance

(10% Relative Error)

Indicated Radial Distance

(20% Relative Error)

Inferred Radial Distance

(50% Relative Error)

(km)

Gaussian:

0.71

1.10

2.76

Spherical:

0.71

1.08

2.67

Exponential:

0.67

1.08

3.08

Comparing

the

results

the

DHSA

the

historical

standards,

evident

that

the

historical

standards

are

conservative

than

even

the

most

conservative

DHSA

model

with

regards

determining

measured

resources.

The

Exponential

model

recommends

using

radius

0.67

kilometers

for

measured

resources

compared

the

historical

value

0.4

kilometers.

With

respect

indicated

resources,

the

DHSA

falls

line

closely

with

the

historical

standards.

The

Exponential

and Spherical

models recommend

using a

radius

1.08 kilometers,

while the

Gaussian

model

recommends

radius

1.10

kilometers.

These

values

line

closely

with

the

historical

radius of 1.2

kilometers.

These results have

led the QPs

to report the

data following

the historical

classification standards, rather

than use the results of the DHSA.

11.2

Qualified Person’s Estimates

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented below.

Based on the work described and detailed modelling of the areas

considering all

the parameters

defined, a

coal resource

estimate,

summarized

Table

11-3

, was

prepared

as of

December 31, 2022, for property controlled by Coronado.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-3:

Coal Resources Summary as of December 31, 2022

Coal Resource (Dry Tonnes, In Situ, Mt)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

158.0

10.2

0.0

168.2

0.7

Exclusive of Reserves

33.9

5.9

0.0

39.8

Total 12/31/2022

191.9

16.1

0.0

208.0

Note:

Resource tonnes are inclusive of reserve tonnes since they include the in-situ tonnes from which recoverable coal reserves are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Property contains 39.8 Mt of dry, in-place measured and indicated coal resources exclusive of reserves as of December 31, 2022.

11.3

Resources Exclusive of Reserves

The

Property

contains

multiple

resource

blocks

which

were

not

deemed

exhibit

reserve

potential

at the

time of

the

study.

These

resources,

formally

identified as

resources

exclusive

reserves,

are located

in the

Pocahontas

No. 3

coal seam.

Reasons which

may preclude

elevation

of resources to reserves include, but are not limited to:

Insufficient density of drilling and/or coal quality data available

at the time of this evaluation.

Unfavorable economics

at the PFS level, yet economics could become attractive

in the future

under different market

conditions.

Exclusion from LOM planning by mining operator

due to remaining resource blocks which are

relatively small, isolated blocks and not currently attractive

from an operational perspective.

Multiple resource blocks in the active Buchanan Mine have not been considered

as reserve

due to relatively small size and isolation.

11.3.1

Initial Economic Assessment

MM&A completed an initial economic assessment to

determine the potential economic viability of

resources

exclusive

of reserves.

Unlike

the economic

analysis presented

Section

19 developed

to test reserves, the initial economic assessment below is presented

on a real basis in 2022 dollars.

MM&A

applied

relevant

technical

factors

estimate

potential

saleable

tonnes

without

the

resource

blocks,

should

the

resources

extracted

via

deep,

continuous

mining

methods

(given

that their irregular and isolated nature

may

preclude longwall mining).

MM&A

developed

cash

cost

profiles

for

the

resource

blocks,

including

direct

cash

costs

(labor,

supplies,

roof

control,

maintenance

and

repair,

power,

and

other);

washing,

trucking,

materials

handling, general

and administrative,

and environmental

costs;

and indirect

cash

costs

(royalties,

production

taxes,

property tax,

insurance).

Costs were

developed

based off

relevant

cost

drivers

(per-meter,

per-raw-tonne,

per-clean-tonne).

Additionally,

MM&A

estimated

capital

costs

extract

resources.

Capital

costs

associated

with

mine

development

were

amortized

across

the

resource’s

potential saleable tonnages.

Additional non-cash items (depreciation of equipment and

depletion)

and

cash

costs

were

compared

assumed

sale

price

$110

per

tonne

(FOB

loadout),

representing

the

long-term

average

price forecast

for

Buchanan supplied

Coronado.

The

results

the

analysis

are

shown

below

and

demonstrate

potential

profitability

fully

loaded cost basis.

Detailed summaries are shown in

Appendix D

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-4:

Results of Initial Economic Assessment

Seam

Resource

Block

Direct Cash

Transportation,

Washing, Enviro,

G&A

Indirect

Non-Cash

Total Cost

Fully

Loaded P&L

N, NE, NW

$58.63

$14.14

$7.52

$16.77

$97.06

$13.18

Figure 11-5:

Results of Initial Economic Assessment

11.4

Qualified Person’s Opinion

While there is

some level of stratigraphically

controlled seam-thickness

variability,

the Pocahontas

No.

coal

seam

Buchanan

demonstrates

reasonable

thickness

consistency

according

the

classification

system

measured

–

0.4

kilometer),

indicated

(0.4

1.2

kilometers),

and

inferred

(1.2

4.8

kilometers).

MM&A

geologists

and

engineers

modeled

the

deposit

and

delineated

mineable

regions

reflect

the

nature

each

seam

and

the

practicality

mining

constraints.

Based

MM&A’s

geostatistical

analysis,

would

possible

extend

the

measured arcs slightly

beyond historically accepted

practices due to consistent

geological settings.

These results

have

led the

QPs to

report the

data following

the historical

classification standards,

rather than use the results of the DHSA.

Based on the data

review,

the attendant work

done to verify the data

integrity and the creation

independent

geologic model,

the

QPs

believe

this

is a

fair

and

accurate

representation

of the

Buchanan coal resources.

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal

Reserves

are

classified

proven

probable

considering

“modifying

factors”

including

mining,

metallurgical,

economic,

marketing,

legal,

environmental,

social,

and

governmental

factors.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Proven Coal Reserves

are the economically mineable part of a measured coal resource,

adjusted for diluting materials and allowances for losses when the material is mined.

It is based

on appropriate assessment and studies in consideration of and adjusted

for reasonably

assumed modifying factors.

These assessments demonstrate that extraction

could be

reasonably justified at the time of reporting.

Probable Coal Reserves

are the economically mineable part of an indicated coal resource, and

in some circumstances a measured coal resource, adjusted

for diluting materials and

allowances for losses when the material is mined.

It is based on appropriate assessment and

studies in consideration of and adjusted for

reasonably assumed modifying factors.

These

assessments demonstrate that extraction

could be reasonably justified at the time of reporting.

Upon

completion

of delineation

and calculation

of coal

resources,

MM&A generated

a LOM

plan

for

Buchanan.

The

footprint

of the

reserve

area

shown

the

map

Appendix B

The

Mine

plan was

generated

based on

the forecast

mine plan

and permit

plan provided

by Coronado

with

modifications by

MM&A where

necessary due

to current

property control

limits, modifications

geologic mapping, or other factors determined during the evaluation.

Carlson

Mining

software

was

used

generate

the

LOM

plan

for

Buchanan.

The

mine

plan

was

sequenced

based

productivity

schedules

provided

Coronado.

MM&A

judged

the

productivity

estimates

and

plans

reasonable

based

experience

and

current

industry

practice.

the

Buchanan

No.

Mine,

minimum

mining

height

1.83

meters

was

used

due

the

longwall mining method being employed.

For coal seams thinner than the assigned mining height,

the difference

between the

coal seam

height and

assigned mining

height consists

of out-of-seam

dilution (

OSD

Mine recovery

generally varies

between 40

and 60

percent for

continuous mining

panels,

and 100

percent

for

longwall.

Plant

recovery

is a

function

of in-seam

recovery,

OSD and

plant

efficiency

factor,

which

set

percent.

Typical

entry

width

5.79

meters

6.10

meters.

Raw,

ROM

production

data

outputs

from

LOM

plan

sequencing

were

processed

into

Microsoft

EXCEL spreadsheets

and summarized

on an

annual basis

for processing

into the

economic model.

Average

seam

densities

were

estimated

determine

raw

coal

tonnes

produced

from

the

LOM

plan.

Average

mine recovery

and

wash

recovery

factors

were

applied to

determine

coal

reserve

tonnes.

Coal reserve

tonnes in

this evaluation

are reported

at a

6.0-percent moisture

basis and

represent

the saleable product from the Property.

Pricing

data

provided

Coronado

described

Section

16.2

The

pricing

data

assumes

weighted

average

domestic

and

international

FOB-mine

price

approximately

$179

per

metric

tonne

for

calendar

year

2023.

The

weighted

average

price

decreases

approximately

$132

$143 per metric tonne through

year 2027 and averages

approximately $153

per metric tonne over

the LOM.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The coal resource

mapping and estimation

process described in

this report was

used as a basis

for

the coal reserve

estimate.

Proven and

probable coal

reserves were

derived from

the defined coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socio-economic,

and

regulatory

factors

and

are presented on a moist, recoverable

basis.

As is

customary in

the US,

the categories

for proven

and probable

coal reserves

are based

on the

distances

from

valid

points

measurement

determined

the

QPs

for

the

area

under

consideration.

For this

evaluation, measured

resource, which

may convert

to a

proven reserve,

based on a 0.4-kilometer radius from a valid point of observation.

Points

of 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

overlying

and

underlying

strata

seam

mineability,

seam

thickness

trends,

the

impact

seam

structure

(i.e.,

faulting),

intra-seam

characteristics,

etc.

Once

the

geologic

model

was

completed,

statistical

analysis,

described

Section

11.1.1

was

conducted

and

0.4-kilometer

radius

from

valid

point

observation

was

selected to define Measured Resources.

Likewise,

the distance

between 0.4

and 1.2 of

a kilometer

radius was

selected to

define Indicated

Resources.

Indicated Resources may convert

to Probable Reserves.

There

are

Inferred

Resources

(greater

than

1.2-kilometer

radius

from

valid

point

observation) at Buchanan.

12.2

Qualified Person’s Estimates

Reserve tonnage

estimates provided

herein report

coal reserves

derived from

the in-situ resource

tonnes presented in

Table 11-3

, and not in addition to coal resources.

Coal reserves are presented

on a

ROM basis

Table

12-1

Proven

and probable

coal reserves

were derived

from the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure,

economic

(including

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socio-economic

and

regulatory factors.

The coal reserves,

as shown in

Table

12-2

, are based

on a technical

evaluation

the

geology

and

preliminary

feasibility

study

the

coal

deposits.

The

extent

which

the

coal

reserves

may

affected

any

known

environmental,

permitting,

legal,

title,

socio-

economic,

marketing,

political,

other

relevant

issues

has

been

reviewed

rigorously.

Similarly,

the

extent

which

the

estimates

coal

reserves

may

materially

affected

mining,

metallurgical, infrastructure

and other relevant factors has also been considered.

Table 12-1:

Coal ROM (Moist) Summary as of December 31, 2022

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area /

Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash

Sulfur

Vol

Buchanan

144.9

8.7

153.6

0.0

153.6

21.7

127.9

4.0

0.7

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2022

Demonstrated Coal Reserves (Wet Tons,

Washed or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan Mine Complex

87.5

5.4

92.9

0.0

92.9

14.4

75.9

2.6

0.7

Note: Marketable reserve tonnes are reported on a moist basis, including a combination of surface and inherent moisture.

The combination of

surface and inherent moisture is modeled 6-percent.

Actual product moisture is dependent upon multiple geological factors, operational

factors, and product contract specifications and can exceed 8-percent.

As such, the modeled moisture values provide a level of conservatism

for reserve reporting.

As shown below,

coal shipments during 2022 (primarily from the northern portion of the Property)

exhibit a year-to-date

average quality comparable

to quality projected

from core samples (refer

Table 12-2

above).

Moisture content: 8.3%

Ash content: 5.8% (db)

Sulfur content: 0.7% (db)

VM content: 17% (db)

The

results

this

TRS

define

estimated

92.9

proven

and

probable

marketable

coal

reserves.

Of that

total, 94

percent are

proven, and

6 percent

are probable.

There are

14.4 Mt

owned

coal

reserves

and

75.9

leased

coal

and

2.6

subleased

reserves.

All

the

Buchanan reserves are considered suitable for the metallurgical

coal market, and all are assigned.

12.3

Qualified Person’s Opinion

The

estimate

of coal

reserves was

determined

in accordance

with the

JORC

Code along

with SEC

Regulation S-K 1300.

The

LOM

mining

plan

for

Buchanan

was

prepared

the

level

preliminary

feasibility.

Mine

projections

were

prepared

with

timing

schedule

match

production

with

coal

seam

characteristics.

Production timing

was carried

out from

current locations

to depletion

of the

coal

reserve

area.

Coal reserve

estimates

could be

materially

affected

by the

risk factors

described in

Section 22.2

Based on the preliminary feasibility study and the attendant economic review,

the QPs believe this

is a fair and accurate calculation of the Buchanan coal reserves.

Mining Methods

13.1

Geotech and Hydrology

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

MM&A.

Pillar

stability

was

tested

MM&A

using

the

Analysis

Retreat

Mining

Pillar

Stability

(ARMPS

)

and

Analysis of Longwall Pillar Stability

(

ALPS

) programs that

were developed by the

National Institute

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

for

Occupational

Safety

and

Health

(

NIOSH

)

MM&A reviewed

the

results

from

the

ARMPS

and

ALPS analysis and considered them in the development of the LOM plan.

Hydrology

has not

been an

issue of

concern at

Buchanan.

Based on

numerous

site visits

to both

the surface and underground portions of the Property by the QPs,

it has been determined that this

is not

a significant

concern.

Mining of future

reserves is

projected to

occur in areas

which exhibit

similar hydrogeological characteristics

as those formerly mined areas.

13.2

Production Rates

The

Buchanan

mine

active

with

six

continuous

mining

sections

and

one

longwall

section

currently operating.

Operations at Buchanan

by Coronado and its

predecessor have been

ongoing

for

many

years.

The

mine

plan

and

productivity

expectations

reflect

historical

performance

and

efforts

have

been

made to

adjust

the

plan

reflect

future

conditions.

MM&A

is confident

that

the

mine

plan

reasonably

representative

provide

accurate

estimation

coal

reserves.

Mine development and operation have not been optimized

within the TRS.

Longwall production

is scheduled

for

approximately

295 to

312 days

each year,

which represents

production

Monday

through

Saturday

with

allowances

for

holidays

and

longwall

moves.

each day,

the continuous

mining sections

and longwall

produce coal

on three

shifts.

The sections

are

configured

regular

sections

with

one

continuous

miner

available

for

production

each

section.

Productivity is

planned at

the rate

of 18.2

meters

to 21.3

meters

of advance

per shift

operation for

the continuous

miner sections, and

5.79 meters

to 7.32

meters per

shift of longwall

retreat.

A second longwall is scheduled to begin production in the first quarter of 2025.

Carlson

Mining

software

was

used

MM&A

generate

mine

plans

for

the

underground

mineable

coal

seam.

Coronado

recently

revised

the

Buchanan

mine

plan

with

independent

headgate and

tailgate for

longwall panels in

the South and Northeast

districts.

Such a change

was

made

allow

for

effective

panel

width

982

feet,

opposed

effective

width

688

feet

used

previously.

The

active

areas

the

North

and

East,

along

with

the

future

Northwest

area,

are still

based on

an effective

panel width

of approximately

688 feet.

MM&A incorporated

this mine

plan revision

into the

layout and

subsequent reserve

estimates contained

herein.

Mine

plans were

sequenced based

on productivity

schedules provided

by Coronado,

which were

based

historically

achieved

productivity

levels.

All

production

forecasting

ties

assumed

production

rates to geological models as constructed

by MM&A’s

team of geologists and mining engineers.

As shown in

Table

13-1

, the areas planned for underground

production continue until 2044.

Clean

coal production varies directly with coal thickness.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 13-1:

Summary of Production by Year (Tonnes

x 1,000)

Mine Name

2023

2024

2025

2026

2027

2028

2029

2030

Buchanan

3,786

3,811

4,363

4,446

5,112

6,242

6,462

6,200

Mine Name

2031

2032

2033

2034

2035

2036

2037

2038

Buchanan

5,444

6,226

4,814

6,474

6,423

5,249

3,447

3,009

Mine Name

2039

2040

2041

2042

2043

2044

2045

2046

Buchanan

2,914

2,093

2,254

1,703

1,714

737

13.3

Mining Related Requirements

Although the continuous miner

sections are significantly more

expensive to operate

on a cost-per-

tonne basis,

they are

necessary to open

up areas

of the mine

for the

longwall.

At the

time of this

study,

Buchanan

had

operating

continuous

miner

stations

that

were

used

develop

main

entries and

gate roads

in preparation

for the

longwall.

As the mine

develops, this

number will

able to be reduced.

An additional

requirement at

Buchanan is the

drilling of degas

holes prior to

mining.

This process

was

initially

developed

safety

measure

extract

methane

from

the

coal

seam

prior

exposure to the workforce.

As such, it has been very effective.

recently,

the

methane

extracted

has

been

able

processed

and

sold.

However,

degasifying of the coal seam will continue as a safety measure regardless.

13.4

Required Equipment and Personnel

The

Buchanan

Mine

currently

Coronado’s

only

longwall

operation.

The

longwall

shearing

machine is used

for extraction

of coal at

the production face.

A chain conveyor

is used to

remove

coal from

the longwall

face for

discharge

onto the

conveyor

belt which

then ultimately

delivers

to an

underground

storage

bunker.

Development for

the longwall

is conducted

by the

extraction

coal

from

the

production

faces

using

continuous

miners

and

haulage

using

shuttle

cars

feeder-breaker

located

at the

tail of

the section

conveyor

belt.

The feeder

-breaker

crushes large

pieces

coal

and

rock

and

regulates

coal

feed

onto

the

mine

conveyor.

Roof-bolting

machines

are

used

support

the

roof

the

development

sections

the

longwall

mines.

Roof-bolting

machines are

used to

install roof

bolts, and battery

scoops are

available to

clean the

mine entries

and

assist

delivery

mine

supplies

work

areas.

Other

supplemental

equipment

such

personnel carriers, supply vehicles, etc., are also used daily.

Mine

conveyors

typically

range

width

up to

1.83

meters.

Multiple

belt

flights

are

arranged

series to

deliver raw

coal to

the underground

storage.

Along the

main and

sub-main entries

and

panels, a

travel

way is

provided for

personnel and

materials by

rubber-tired

equipment or

on rail.

The

Buchanan

No.

Mine

utilizes

skip

hoist

order

transport

ROM

coal

from

the

underground storage

bunker to

the surface

where the

coal may

be sampled,

crushed and washed

in the preparation plant and stockpiled to await

shipment.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Surface

ventilation

fans

are

installed

needed

provide

sufficient

volume

air

ventilate

production

sections,

coal

haulage

and

transport

entries,

battery

charging

stations,

and

transformers

accordance

with

approved

plans.

High-voltage

cables

deliver

power

throughout

the

mine

where

transformers

reduce

voltage

for

specific

equipment

requirements.

The

Mine

Improvement

and

New

Emergency

Response

Act

2006

(

MINER

Act

)

requires

that

carbon

monoxide

detection

systems

be installed

along mine

conveyor

belts

and that

electronic

two-way

tracking

and

communications

systems

installed

throughout

underground

mines.

Water

required

control

dust

production

sections

and

along

conveyor

belts,

and

cool

electric

motors.

Water

is available

from nearby

sources and

is distributed

within the mine

by pipelines as

required.

A total of 588 salary and hourly

employees are assigned to

the mine in 2023, and a total

of 672

salary and

hourly employees

are assigned

to the

mine beginning

in 2025

when the

second

longwall begins operation.

Processing and Recovery Methods

14.1

Description or Flowsheet

Coronado currently

operates a

coal preparation

plant at

Buchanan.

The Buchanan Plant

operates

a feed

rate

of approximately

1,270 raw

tonnes per

hour (

tph

Coarse

material

is washed

in a

heavy

medium

vessel,

the

intermediate-size

material

washed

heavy

medium

cyclones

and

fine

material

washed

using

froth

flotation.

These

processes

are

supported

the

requisite

screens,

centrifuges,

vacuum

filters,

sumps,

pumps,

and

distribution

systems.

Processes

and

equipment

are typical

of those

used in

the coal

industry and

are in

use in

nearly all

plants in

the

Central Appalachian Basin.

14.2

Requirements for Energy,

Water,

Material and Personnel

Personnel

have

historically

been

sourced

from

the

surrounding

communities

Buchanan,

Tazewell,

McDowell,

and

Pike

Counties,

and

have

proven

adequate

in numbers

operate

the mine.

As mining is

common in the

surrounding areas,

the workforce

is generally

familiar with

mining practices, and many are experienced miners.

The

Buchanan No.

1 Mine

Complex

has

sources

of water,

power,

personnel,

and

supplies readily

available

for

use.

Water

sourced

locally

from

nearby

abandoned

underground

mine.

Electricity

sourced

from

AEP.

The

service industry

the

areas

surrounding

the

mine

complex

has historically provided supplies, equipment repairs

and fabrication, etc.

Infrastructure

The Coronado-owned

Buchanan Preparation

Plant services the

mine via a

skip hoist

and conveyor

belt

system

which

transports

extracted

coal

from

underground

bunker

the

surface

facility.

The NS rail line serves as the main means of transport from the mine.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

As an

active operation,

the necessary

support infrastructure

for

Buchanan is

in place.

In addition

the

plant

and

loadout,

there

are

also

portal

facilities,

including

personnel

access

the

mine,

ventilation fans and a coal hoisting skip shaft.

A map of the existing facilities in

Figure 15-1

Figure 15-1:

Buchanan Surface Facilities

Market Studies

16.1

Market Description

The quality

characteristics for

the subject

coal resources

and coal

reserves have

been reviewed

detail

by MM&A.

The drill

hole data

were

utilized to

develop

average

coal quality

characteristics

for

the mining

site.

These average

coal

quality characteristics

were

then utilized

as the

basis for

determining the various markets into which the saleable coal will likely

be placed.

The projected quality specifications for the Buchanan products are

as shown in

Table 16-1

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 16-1:

Quality Specifications by Product

Buchanan

HCC

PCI

Moisture (%)

7.50

Ash (%)

5.50

6.00

Sulfur (%)

0.75

0.85

Volatile Matter (%)

18.00

Btu/lb.

N/A

14,926

Fluidity (ddpm)

130

N/A

MMR (%)

1.69

N/A

CSR

N/A

FSI

8.5

N/A

Note:

All Specs are dry basis except Moisture and Thermal

All the

mine production

serves the

metallurgical markets.

The metallurgical

coal is

marketed

as a

low-volatile (typically less than 23 percent

volatile matter content) product.

16.2

Price Forecasts

Coronado

provided

MM&A

with

price

forecasts

for

the

Buchanan

operation.

Customer

coal

pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Concurrent

with

the

active

operation,

Buchanan’s

production

assumed

enter

domestic

and

international

low

volatile

coking

coal

markets.

Pricing

provided

Coronado

assumes

applicable

quality

adjustments.

Pricing

was

provided

through calendar year 2044.

Coal

price

forecasts

for

the

Buchanan

products

were

provided

Coronado

for

various

coal

markets in terms of US nominal dollars per metric tonne.

16.3

Contract Requirements

Some contracts are

necessary for successful marketing

of the coal.

For Buchanan, since all mining,

preparation and marketing is done in-house, the remaining

contracts required are:

Transportation

– The Mine contracts with NS to transport the coal to either the domestic

customers or to the Pier 6 export terminal for

overseas shipment.

Handling

– Contracts for loading vessels for export

sales are necessary.

These are typically

handled by annual negotiations based on projected shipments.

Sales

– Sales contracts are a mix of spot and contract sales.

With the volatility of the market,

long-term contracts are not typically written.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Environmental Studies, Permitting and Plans,

Negotiations or Agreements with Local Individuals

17.1

Results of Studies

MM&A completed

a Limited Phase

I Environmental

Site Assessment (

ESA

) on the

Property in April

2016

behalf

Coronado.

Coronado

reports

not

having

conducted

such

study

since

the

MM&A

study.

The

ESA

completed

MM&A

included

site

inspection,

review

historical

records,

database

state

and

federal

regulatory

records

and

interviews

identify

potential

recognized

environmental

conditions

(

RECs

)

that

may

create

environmental

liability

for

the sites.

MM&A concluded that no long-term liabilities existed at the time of the ESA.

Based on the

former ESA

completed by

MM&A, it is the

QPs’ opinion that

Buchanan generally

has

record

consistent

with

industry

standards

regarding

compliance

with

applicable

mining,

water

quality,

and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

monitoring during site reclamation, are included in the financial models.

17.2

Requirements and Plans for Waste

Disposal

Based on

a study

commissioned by

Coronado in

June 2020,

the current

Buchanan refuse

disposal

site adjacent

to the

preparation

plant has

a capacity

of 29

million cubic

meters

(

) as

currently

designed;

with

additional

lift

(No.

11),

the

capacity

is 37

million

CM.

Projected

requirements

within

the

MM&A

financial

model

are

28.0

million

CM.

Permitting

for

such

expansion

anticipated to be achievable.

17.3

Permit Requirements and Status

All

mining

operations

are

subject

federal

and

state

laws

and

must

obtain

permits

operate

mines,

coal

preparation

and

facilities,

haul

roads,

and

other

incidental

surface

disturbances

necessary for

mining

occur.

Permits

generally

require

that

the

permittee

post

performance bond

in an amount

established by

the regulatory

program to

provide assurance

that

any

disturbance or

liability created

during mining

operations

is properly

restored

an approved

post-mining

land

use

and

that

all

regulations

and

requirements

the

permits

are

fully

satisfied

before

the

bond

returned

the

permittee.

Significant

penalties

exist

for

any

permittee

who

fails

meet

the

obligations

the

permits

including

cessation

mining

operations,

which

can

lead

potential

forfeiture

the

bond.

Any

company,

and

its

directors,

owners

and

officers,

which are subject to bond forfeiture

can be denied future permits under the program.

New

permits

permit

revisions

will

occasionally

necessary

facilitate

the

expansion

addition of new

mining areas on

the properties,

such as amendments

to existing

permits and new

permits for

mining of

reserve areas.

Exploration permits

are also

required.

Property under

lease

includes provisions for exploration

among the terms of the lease.

New or modified mining permits

are subject

to a

public advertisement

process and

comment period,

and the

public is

provided an

Monitored under the Applicant Violator System (AVS) by the Federal Office of Surface Mining.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

opportunity

raise

objections

any

proposed

mining

operation.

MM&A

not

aware

any

specific

prohibition

mining

the

subject

property

and

given

sufficient

time

and

planning,

Coronado should

be able

to secure

new permits

to maintain

its planned mining

operations within

the context

of current

regulations.

Necessary permits

are in

place to

support current

production

on the

Property,

but future

permits are

required to

maintain and

expand production.

Portions of

the

Property

are

located

near

local

communities.

Regulations

prohibit

mining

activities

within

91.44 meters

of a

residential dwelling,

school, church,

or similar

structure unless

written consent

first

obtained

from

the

owner

the

structure.

Where

required,

such

consents

have

been

obtained where mining is proposed beyond the regulatory limits.

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

mines

and

processing,

loadout,

facilities.

MM&A

unaware

any

obvious

current

Coronado

permitting

issues that

are expected

to prevent

the issuance

of future

permits.

Buchanan, along

with all

coal

producers,

is subject

to a

level of

uncertainty regarding

future clean

water

permits due

United

States

Environmental

Protection

Agency

(

EPA

)

and

United

States

Fish

and

Wildlife

(

USFW

)

involvement with state

programs.

The active Mining permit currently held by Buchanan is shown in

Table 17-1.

Table 17-1:

Buchanan Mining Permit

Type

Permit ID

Permit Name

$ Bond

Current

Status

Issued Date

Expiration

Date

Hectares

NPDES No.

Coal Underground

1402152

Buchanan No. 1

Mine

$2,484,000

Active

03/08/1983

03/08/2023

334.79

VA0082152

17.4

Local Plans, Negotiations or Agreements

MM&A found no indication of agreements beyond the scope of federal

or state regulations.

17.5

Mine Closure Plans

Applicable

regulations

require

that

mines

properly

closed,

and

reclamation

commenced

immediately

upon

abandonment.

general,

site

reclamation

includes

removal

structures,

backfilling,

regrading,

and

revegetation

disturbed

areas.

Sediment

control

required

during

the establishment

of vegetation,

and bond

release generally

requires a

minimum five-year

period

site

maintenance,

water

sampling,

and

sediment

control

following

mine

completion.

This

requirement

reduced

two

years

for

certain

operations

involving

re-mining.

Reclamation

underground

mines

includes

closure

and

sealing

mine

openings

such

portals

and

shafts

addition to the items listed above.

Estimated

costs

for

mine closure,

including water

quality monitoring

during site

reclamation,

are

included

the

financial

model.

with

all

mining

companies,

accretion

calculation

performed

annually

the

necessary

Asset

Retirement

Obligations

(

ARO

)

can

shown

Liability on the balance sheet.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

17.6

Qualified Person’s Opinion

The Buchanan Mine is an operating facility; all necessary permits for

current production have been

obtained.

The QPs

know

of no reason

that any

permits revisions

that may

be required

cannot be

obtained.

Estimated

expenditures

for

site

closure

and

reclamation

are

included

the

financial

model

for

this site.

Capital and Operating Costs

18.1

Capital Cost Estimate

The production sequence selected for

a property must consider the proximity

of each reserve area

coal

preparation

plants,

river

docks

and

railroad

points,

along

with

suitability

production

equipment

coal

seam

conditions.

The

in-place

infrastructure

was

evaluated,

and

any future

needs were

planned to

a level

suitable for

a Preliminary

Feasibility Study

and included

in the Capital Forecast.

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Buchanan.

MM&A’s

capital

schedules assume

that

major

equipment

rebuilds

occur over

the

course

of each

machine’s

remaining

assumed

operating

life.

Replacement

equipment

was

scheduled

based

MM&A’s

experience and

knowledge of

mining equipment

and industry

standards

with respect

the useful life of such equipment.

A summary of the estimated capital for the Property is provided

Figure 18-2

below.

Figure 18-1:

CAPEX

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

18.2

Operating Cost Estimate

Coronado provided historical and a preliminary five-year

projection of operating costs for MM&A’s

review.

MM&A used the historical and/or budget cost information

as a reference and developed a

personnel

schedule

for

the

mine.

Hourly

labor

rates

and

salaries

were

based

upon

information

contained

Coronado’s

financial

summaries.

Fringe-benefit

costs

were

developed

for

vacation

and holidays,

federal

and state

unemployment insurance,

retirement, workers’

compensation and

pneumoconiosis,

casualty

and

life

insurance,

healthcare,

and

bonuses.

cost

factor

for

mine

supplies was developed that

relates expenditures to

mine advance rates

for roof-control

costs and

other

mine-supply

costs

experienced

underground

mines.

Other

factors

were

developed

for

maintenance and repair costs, rentals, mine power,

outside services and other direct mining costs.

Other

cost

factors

were

developed

for

coal

preparation

plant

processing,

refuse

handling,

coal

loading, property

taxes,

and insurance

and bonding.

Appropriate

royalty

rates

were

assigned for

production

from leased

coal lands,

and sales

taxes

were

calculated

for

state

severance

taxes,

the

federal black lung excise tax,

and federal and state reclamation

fees.

Mandated Sales Related Costs such as Black Lung Excise are

summarized in

Table 18-1.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 18-1:

Estimated Coal Production Taxes

and Sales Costs

Description of Tax or Sales Cost

Basis of Assessment

Cost

Federal Black Lung Excise Tax - Underground

Per Tonne

$1.21

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Virginia Reclamation Tax – Underground

Per Tonne

$0.05

Virginia Severance Tax

Royalties – Underground

Percentage of Revenue

4.0%

Notes:

Federal black lung excise tax is paid only on coal sold domestically.

MM&A assumed 45% of total

coal sales to be domestic in the economic analysis discussed below.

A summary of the projected Operating Costs is in

Table 18-2

Table 18-2:

Buchanan Mine Operating Costs

12/31

Remaining

Total

2023

2024

2025

2026

2027

2028

2029

2030

LOM Average

ROM Production Tonnes

153.6

7.4

7.5

8.8

9.5

11.1

9.4

9.2

5.8

Yield

60.48%

50.98%

50.61%

49.81%

46.98%

46.16%

66.22%

68.89%

67.70%

64.48%

Saleable Production Tonnes

92.9

3.8

4.4

5.1

6.2

6.5

6.2

3.8

Thermal Tonnes

Dommestic & Non-Asia

Export Met Tonnes

29.9

1.2

1.4

1.6

2.0

2.1

2.0

1.2

Export Met Tonnes

63.0

2.6

3.0

3.5

4.2

4.4

4.2

2.5

Total Saleable Tonnes

92.9

3.8

4.4

5.1

6.2

6.5

6.2

3.8

Cash Costs per Tonne:

Mining Costs

$65.99

$66.53

$66.60

$64.95

$64.94

$58.16

$51.67

$50.89

$53.95

$71.83

Processing and Transport

$8.22

$20.33

$9.40

$9.03

$9.11

$8.84

$6.32

$6.20

$6.44

$7.74

Sales Related Costs

$9.48

$9.78

$8.92

$8.04

$7.64

$8.60

$8.68

$8.84

$9.01

$10.05

G&A

$2.65

$3.79

$2.89

$2.54

$2.27

$2.32

$2.36

$2.41

$2.70

Total Cash Costs

$86.33

$100.43

$87.80

$84.55

$84.24

$77.88

$68.98

$68.30

$71.81

$92.31

Economic Analysis

19.1

Assumptions, Parameters and Methods

pre-feasibility

LOM

plan

was

prepared

MM&A

for

the

Buchanan

operations.

MM&A

prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production

timing was

carried out

from 2023

to depletion

(exhaustion)

of the

coal reserve

areas,

which is projected for the year 2044.

All costs and prices are based on 2022 nominal United States

dollars.

The

Mine

plan,

productivity

expectations

and

cost

estimates

generally

reflect

historical

performance by

Coronado and

efforts

have been

made to

adjust plans

and costs

to reflect

future

conditions.

MM&A

confident

that

the

mine

plan

and

financial

model

are

reasonably

representative to provide

an accurate estimation of coal reserves.

Capital

schedules were

developed by

MM&A for

mine development,

infrastructure,

and on-going

capital

requirements

for

the

life

of the

mine.

Staffing

levels

were

prepared,

and operating

costs

estimated

MM&A.

MM&A

utilized

historical

cost

data

provided

Coronado

and

its

own

knowledge and experience to estimate direct and indirect operating

costs.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

preliminary

feasibility

financial

model,

prepared

for

this

TRS,

was

developed

test

the

economic viability of

the coal reserve

area.

The results of

this financial model

are not intended

represent

bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations,

but

are

intended

prove

the

economic

viability

of the

estimated

coal

reserves.

All

costs and prices are based on 2022 nominal United States dollars assuming a 2% inflation rate.

unlevered

basis,

the

NPV

the

project

cash

flows

after

taxes

was

estimated

for

the

purpose of classifying

coal reserves.

The project cash

flows, excluding

debt service, are

calculated

subtracting

direct

and

indirect

operating

expenses

and

capital

expenditures

from

revenue.

Direct

costs

include

labor,

drilling

and

blasting,

operating

supplies,

maintenance

and

repairs,

facilities costs

for materials

handling, coal preparation,

refuse disposal,

coal loading, sampling

and

analysis

services,

reclamation

and

general

and

administrative

costs.

Indirect

costs

include

statutory

and

legally

agreed

upon

fees

direct

extraction

the

mineral.

The

indirect

costs

are

the

federal

black

lung

tax,

federal

and

state

reclamation

taxes,

property

taxes,

local

transportation

prior

delivery

rail

or barge

sites,

coal

production

royalties,

sales

and

use taxes,

income taxes

and state

severance

taxes.

Coronado’s

historical

costs

provided

a useful

reference for MM&A’s

cost estimates.

Sales

revenue

based

the

metallurgical

coal

price

information

provided

MM&A

Coronado.

Projected

debt

service

excluded

from

the

P&L

and

cash

flow

model

order

determine

Enterprise Value.

The

financial

model

expresses

coal

sales

prices,

operating

costs,

and

capital

expenditures

current

day

dollars

without adjustment

for

inflation.

Capital

expenditures

and

reclamation

costs

are

included

based

engineering

estimates

for

each

mine

year.

The

Coronado

division’s

existing allocations of administrative

costs are continued in the future projections.

Coronado

will

pay

royalties

for

the

various

current

and

projected

operations.

The

royalty

rates

vary by

mining method

and location.

The royalty

rates

for Buchanan

are estimated

to be

4.0% of

the sales revenue.

The

projection

model

also

includes

consolidated

income

tax

calculations

the

Coronado

level,

incorporating statutory

depletion calculations, as well

as state income

taxes, and a

federal tax rate

21%.

the

extent

the

mine

generates

net

operating

losses

for

tax

purposes,

the

losses

are

carried

over

offset

future

taxable

income.

The

terms

“cash

flows”

and

“project

cash

flows”

used in this report refer to after tax

cash flows.

Consolidated

cash

flows

are

driven

annual

sales

tonnage,

which

steady-state

level

ranges

from

peak

6.5

million

tonnes

2034

low

0.7

million

tonnes

2044.

Projected

consolidated

revenue

ranges

from

$317.8

million

$1.019

billion

steady

state.

Revenue

totals $14.2 billion for the project’s

life.

Consolidated

cash

flow

from

operations

positive

throughout

the

projected

operating

period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

the JORC Code and United States

SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Consolidated cash flow from operations peaks

at $424.3 million in 2035 and totals $5.2 billion over

the project’s

life.

Capital expenditures

total $602.8

million through 2027

and $1.4 billion

over the

project’s life.

Coal price

forecasts

for

coal products

were prepared

by Coronado

for

its active

operations.

Such

prices

were

used

for

the

revenue

input

into

the

financial

model.

Sales

variable

costs

such

production royalties and severance

taxes were based upon the revenue

input.

19.2

Results

The

pre-feasibility

financial

model,

prepared

MM&A

for

this

TRS,

was

developed

test

the

economic viability of

each coal resource

area.

The results of

this financial model

are not intended

to represent

a bankable feasibility

study,

as may be

required for

financing of any

current or future

mining

operations

contemplated

but

are

intended

prove

the

economic

viability

the

estimated coal reserves.

Optimization of the LOM plan was outside the scope of the engagement.

Figure 19-1

shows the annual variance of cash costs per ton.

Table 19-1

shows LOM tonnage, P&L,

and EBITDA for Buchanan.

Figure 19-1:

Cash Costs per Tonne

As shown

above, the

Buchanan Mine’s

average

cash cost

ranges between

approximately

$68 and

$111 per tonne for most of the operating period.

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Buchanan

92,923

$4,280,077

$46.06

$6,174,578

$66.45

shown

Table

19-1,

the

Buchanan

Mine

shows

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated

operations

show positive

LOM

P&L

and

EBITDA

$4.3

billion

and

$6.2

billion, respectively.

A summary of

the key

financial performance metrics

projected through

2030

is provided below in

Table 19-2

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-2:

Summary of Buchanan Key Financial Performance Metrics (2023-2030)

12/31

Remaining

Total

2023

2024

2025

2026

2027

2028

2029

2030

LOM Average

ROM Production Tonnes

153.6

7.4

7.5

8.8

9.5

11.1

9.4

9.2

5.8

Yield

60.48%

50.98%

50.61%

49.81%

46.98%

46.16%

66.22%

68.89%

67.70%

64.48%

Saleable Production Tonnes

92.9

3.8

4.4

5.1

6.2

6.5

6.2

3.8

Thermal Tonnes

Domestic & Non-Asia

Export Met Tonnes

29.9

1.2

1.4

1.6

2.0

2.1

2.0

1.2

Export Met Tonnes

63.0

2.6

3.0

3.5

4.2

4.4

4.2

2.5

Total Saleable Tonnes

92.9

3.8

4.4

5.1

6.2

6.5

6.2

3.8

Cash Costs per Tonne:

Mining Costs

$65.99

$66.53

$66.60

$64.95

$64.94

$58.16

$51.67

$50.89

$53.95

$71.83

Processing and Transport

$8.22

$20.33

$9.40

$9.03

$9.11

$8.84

$6.32

$6.20

$6.44

$7.74

Sales Related Costs

$9.48

$9.78

$8.92

$8.04

$7.64

$8.60

$8.68

$8.84

$9.01

$10.05

G&A

$2.65

$3.79

$2.89

$2.54

$2.27

$2.32

$2.36

$2.41

$2.70

Total Cash Costs

$86.33

$100.43

$87.80

$84.55

$84.24

$77.88

$68.98

$68.30

$71.81

$92.31

EBITDA per Tonne

$66.45

$78.12

$55.04

$47.23

$48.98

$57.54

$69.15

$72.59

$71.90

$68.66

Expansion CapEx ($M)

Maintenance CapEx ($M)

$1,448.5

$135.8

$130.8

$111.9

$122.8

$101.6

$70.4

$50.2

$71.2

$46.7

Total CapEx

$1,448.5

$135.8

$130.8

$111.9

$122.8

$101.6

$70.4

$50.2

$71.2

$46.7

After Tax

Cash Flows

were

developed in

order to

calculate

the NPV

for

this Property.

The NPV

estimated

to be

$1.562 billion

at a

discount rate

of 10.0%.

A summary

of the

Buchanan after-tax

cash flow is shown in

Table 19-3

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-3:

Project Cash Flow Summary (000)

YE12/31

Total

2023

2024

2025

2026

2027

Production & Sales tonnes

92,924

3,786

3,811

4,363

4,446

5,112

Total Revenue

$14,194,747

$675,923

$544,435

$574,963

$592,283

$692,273

EBITDA

$6,174,578

$295,749

$209,789

$206,065

$217,757

$294,147

Net Income

$3,368,328

$179,131

$103,854

$91,899

$90,456

$138,196

Net Cash Provided by Operating Activities

$5,181,846

$188,692

$200,765

$186,416

$195,463

$245,493

Purchases of Property, Plant, and

Equipment

$(1,448,505)

$(135,766)

$(130,803)

$(111,896)

$(122,768)

$(101,557)

Net Cash Flow

$3,733,342

$52,926

$69,962

$74,520

$72,695

$143,936

YE12/31

2028

2029

2030

2031

2032

2033

Production & Sales tonnes

6,242

6,462

6,200

5,444

6,226

4,814

Total Revenue

$862,187

$910,476

$890,951

$798,054

$930,819

$734,119

EBITDA

$431,599

$469,093

$445,727

$357,721

$458,785

$288,024

Net Income

$240,334

$262,860

$254,666

$197,893

$280,873

$159,996

Net Cash Provided by Operating Activities

$339,674

$386,828

$379,000

$320,798

$362,834

$277,786

Purchases of Property, Plant, and

Equipment

$(70,382)

$(50,228)

$(71,184)

$(59,572)

$(49,573)

$(65,133)

Net Cash Flow

$269,292

$336,600

$307,815

$261,226

$313,262

$212,653

YE12/31

2034

2035

2036

2037

2038

2039

Production & Sales tonnes

6,474

6,423

5,249

3,447

3,009

2,914

Total Revenue

$1,007,101

$1,019,070

$849,433

$569,043

$506,626

$500,552

EBITDA

$501,730

$526,779

$424,763

$211,060

$168,369

$216,035

Net Income

$326,060

$344,381

$266,105

$105,424

$79,886

$116,181

Net Cash Provided by Operating Activities

$372,442

$424,330

$368,367

$223,842

$158,704

$177,921

Purchases of Property, Plant, and

Equipment

$(54,007)

$(69,272)

$(64,919)

$(77,383)

$(43,070)

$(35,719)

Net Cash Flow

$318,435

$355,058

$303,449

$146,459

$115,634

$142,202

YE12/31

2040

2041

2042

2043

2044

2045

Production & Sales tonnes

2,093

2,254

1,703

1,714

737

Total Revenue

$366,649

$402,822

$309,918

$317,808

$139,240

EBITDA

$108,191

$153,415

$80,892

$106,596

$2,291

Net Income

$34,854

$71,326

$19,002

$46,332

$(34,676)

$(3,773)

Net Cash Provided by Operating Activities

$119,167

$128,269

$89,128

$92,258

$24,650

$(47,861)

Purchases of Property, Plant, and

Equipment

$(50,131)

$(46,604)

$(24,930)

$(13,606)

Net Cash Flow

$69,036

$81,665

$64,198

$78,652

$24,650

$(47,861)

YE12/31

2046

2047

2048

2049

2050

2051

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(1,534)

$(785)

$(403)

$(209)

$(0)

Net Cash Provided by Operating Activities

$(16,273)

$(8,299)

$(4,232)

$(4,317)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$(16,273)

$(8,299)

$(4,232)

$(4,317)

19.3

Sensitivity

of the

NPV

results

changes

the

key

drivers

is presented

in the

chart below.

The

sensitivity study shows

the NPV at

the 10.0% discount rate

when Base Case sales

prices, operating

costs, and capital costs are increased and decreased in increments

of 5% within a +/- 15% range.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-2:

Sensitivity of NPV

shown,

NPV

quite

sensitive

changes

sales

price

and

operating

cost

estimates,

and

slightly sensitive to changes in capital cost estimates.

Adjacent Properties

20.1

Information Used

No proprietary information associated with neighboring properties was

used as part of this study.

Other Relevant Data and Information

MM&A performed

a previous

audit of

all the

properties

in year

2017 for

Coronado

based on

SEC

Industry

Guide 7

standards.

In addition,

MM&A completed

a Limited

Phase I

Environmental

Site

Assessment

(

ESA

)

the

Property

2016

behalf

Coronado.

MM&A

has

subsequently

conducted

Joint

Ore

Reserve

Committee

(

JORC

)

compliant

resource

and

reserve

assessments

the Buchanan

assets as

of: (1)

December 31,

2017, (2)

December 31,

2020, and

(3) December

31,

2021.

assignment,

the

JORC

assessment

included

preliminary

feasibility

level

study

the

subject coal reserves, encompassing detailed

mine planning and cost analysis through

depletion of

Buchanan’s

JORC-compliant

coal

reserves.

MM&A

utilized

these

former

preliminary

feasibility

studies as the basis of an updated study which meets those standards set forth by

the SEC.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Interpretation and Conclusions

22.1

Conclusion

Sufficient

data

have

been

obtained

through

various

exploration

and

sampling

programs

and

mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

the

Property.

The

data

are

sufficient

quantity

and

reliability

reasonably support the coal resource and coal reserve estimates

in this TRS.

The

geological

data

and

preliminary

feasibility

study,

which

consider

mining

plans,

revenue,

and

operating

and

capital

cost

estimates

are

sufficient

support

the

classification

coal

reserves

provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

sufficient to

conclude that

the 92.9 Mt

of marketable

underground coal

reserves identified

on the

Property

are

economically

mineable

under

reasonable

expectations

market

prices

for

metallurgical coal products, estimated

operation costs, and capital expenditures.

22.2

Risk Factors

Risks have

been identified

for

operational,

technical and

administrative

subjects addressed

in the

Pre-Feasibility

Study.

A risk

matrix has

been constructed

to present

the risk

levels for

all the

risk

factors

identified

and

quantified

the

risk

assessment

process.

The

risk

matrix

and

risk

assessment

process

are modelled

according

the Australian

and New

Zealand

Standard

on Risk

Management (AS/NZS 4360).

The

purpose

the

characterization

the

project

risk

components

inform

the

project

stakeholders

key

aspects

the

Coronado

projects

that

can

impacted

events

whose

consequences can affect

the success of the venture.

The significance of an impacted

aspect of the

operation

directly

both

the

probability

occurrence

and

the

severity

the

consequences.

The initial risk for

a risk factor

is herein defined

as the risk level

after the potential

impact

the

risk

factor

addressed

competent

and

prudent

management

utilizing

control

measures

readily

available.

Residual

risk

for

risk

factor

herein

defined

the

risk

level

following application of

special mitigation measures if

management determines that the

initial risk

level

unacceptable.

Initial

risk

and

residual

risk

can

quantified

numerically,

derived

the

product of values

assigned to probability

and consequence ranging

from very low

risk to very

high

risk.

The

probability

and

consequence

parameters

are

subjective

numerical

estimates

made

practiced mine engineers

and managers.

Both are assigned values

from 1 to

5 for which

the value

1 represents the

lowest probability

and least consequence,

and the value 5

represents the highest

probability

and

greatest

consequence.

The

products,

which

define

the

Risk

Level,

are

classified

from very low to very high.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Risk Level Table

(R = P x C)

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Risk aspects

identified and

evaluated

during this

assignment total

12.

No residual

risks are

rated

Very

High.

One

(1)

residual

risk

rated

High.

Seven

(7)

the

risk

aspects

could

associated

with Moderate

residual risk.

Four (4) of

the risk aspects were

attributed Low

or Very

Low residual

risks.

22.2.1

Governing Assumptions

The listing of the aspects is

not presumed to be exhaustive.

Instead that listing is

presented based

on the experiences of the contributors to the TRS.

The probability and consequence ratings are subjectively assigned, and it is assumed that

this subjectivity reasonably reflects the condition of the active and projected mine

operations.

The Control Measures shown in the matrices presented in this chapter

are not exhaustive.

They represent a condensed collection of activities that the author of the risk assessment

section has observed to be effective in coal mining scenarios.

Mitigation Measures listed for each

risk factor of the operation are not exhaustive.

The

measures listed, however,

have been observed by the author to be effective.

The monetary values used in ranking the consequences are generally-accepted quantities

for

the coal mining industry.

22.2.2

Limitations

The

risk

assessment

proposed

this

report

subject

the

limitations

the

information

currently collected, tested, and interpreted

at the time of the writing of this report.

22.2.3

Methodology

The

numerical

quantities

(i.e.,

risk

levels)

attributable

either

“initial”

“residual”

risks

are

derived

by the

product

of values

assigned to

probability

and consequence

ranging

from

very low

risk to very high risk.

R = P x C

Where:

R = Risk Level

P = Probability of Occurrence

C = Consequence of Occurrence

The

Probability

(P)

and

Consequence

(C)

parameters

recited

the

formula

are

subjective

numerical estimates

made by practiced

mine engineers and

managers.

Both P and

C are assigned

integer

values

ranging

from

for

which

the

value

represents

the

lowest

probability

and

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

least consequence,

and the

value 5

represents

the highest

probability and

greatest

consequence.

The products (R = P

x C) which define the Risk Level,

are thereafter classified

from very low to

very

high.

Risk Level Table

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Very

high

initial

risks

are

considered

unacceptable

and

require

corrective

action

well

advance

project

development.

short,

measures

must

applied to

reduce

very

high

initial

risks to a tolerable level.

shown

and

discussed

above,

after

taking

into

account

the

operational,

technical,

and

administrative

actions

that

have

been

applied

are

available

for

action

when

required,

the

residual

risk can

be determined.

The

residual

risk provides

a basis

for

the

management

team

determine

if the

residual risk

level is

acceptable or

tolerable.

If the

risk level

is determined

to be

unacceptable,

further

actions

should

considered

reduce

the

residual

risk

acceptable

tolerable levels to provide justificati

on for continuation of the proposed operation.

22.2.4

Development of the Risk Matrix

Risks have

been identified for

the technical,

operational, and

administrative

subjects addressed

the TRS.

The risk matrix and risk assessment process

are modelled according to the Australian

and

New Zealand Standard on Risk Management (AS/NZS 4360).

22.2.4.1

Probability Level Table

Table 22-1:

Probability Level Table

Category

Probability Level (P)

Remote

Not likely to occur except

in exceptional circumstances.

<10%

Unlikely

Not likely to occur; small in degree.

10 - 30%

Possible

Capable of occurring.

30 - 60%

Likely

High chance of occurring in most circumstances.

60 - 90%

Almost Certain

Event is expected under

most circumstances; impossible to

avoid.

>90%

The

lowest

rated

probability

occurrence

assigned

the

value

and

described

remote,

with

likelihood

occurrence

less

than

percent.

Increasing

values

are

assigned

each

higher probability

of occurrence,

culminating with

the value

of 5

assigned to

incidents considered

to be almost certain to occur.

22.2.4.2

Consequence Level Table

Table 22-2

lists the consequence levels.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-2:

Consequence Level Table

Correlation of Events in Key Elements of the Project Program

to Event Severity Category

Category

Severity of

the Event

Financial Impact

of the Event

Unplanned

Loss of

Production

(Impact on

Commercial

Operations)

Events Impacting

on the Environment

Events Affecting the Program's

Social and Community

Relations

Resultant Regulatory /

Sovereign Risk

Events Affecting Occupational Health &

Safety

Insignificant

< USD $0.5

million

≤ 12 hours

Insignificant loss of

habitat; no

irreversible effects

on water,

soil and

the environment.

Occasional nuisance impact on

travel.

Event recurrence avoided by corrective

action through established procedures

(Engineering, guarding, training).

Minor

USD $0.5 million

to $2.0 million

≤ 1 day

No significant

change to species

populations; short-

term reversible

perturbation to

ecosystem function.

Persistent nuisance impact on

travel.

Transient adverse media

coverage.

First aid – lost time.

Event recurrence

avoided by corrective action through

established procedures.

Moderate

USD $2.0 million

to $10.0 million

≤ 1 week

Appreciable change

to species

population;

medium-term (≤10

years) detriment to

ecosystem function.

Measurable impact on travel

and water/air quality.

Significant adverse media

coverage / transient public

outrage.

Uncertainty securing or

retaining essential

approval / license.

Medical Treatment –

permanent

incapacitation.

Avoiding event

recurrence requires modification to

established corrective action procedures

Change to regulations

(tax; bonds; standards).

Major

USD $10.0

million to $50.0

million

1 to 2 weeks

Change to species

population

threatening

viability; long-term

(>10 years)

detriment to

ecosystem function.

Long-term, serious impact on

travel and use of water

resources; degradation of air

quality; sustained and effective

public opposition.

Suspension / long-delay

in securing essential

approval / license.

Fatality.

Avoiding event recurrence

requires modification to established

corrective action procedures and staff

retraining.

Change to laws (tax;

bonds; standards).

Critical

>USD $50.0

million

>1 month

Species extinction;

irreversible damage

to ecosystem

function.

Loss of social license.

Withdraw / failure to

secure essential

approval / license.

Multiple fatalities.

Avoiding event

recurrence requires major overhaul of

policies and procedures.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The lowest

rated consequence

is assigned the

value of

1 and is

described as an

Insignificant

Consequence,

parameters

which

include

non-reportable

safety

incidents

with

zero

days

lost

accidents,

environmental

damage,

loss

production

systems

for

less

than

one

week and

cost of

less than

USD $0.5

million.

Increasing values

are assigned

to each

higher

consequence,

culminating

with

the

value

assigned

critical

consequences,

the

parameters

of which

include multiple-fatality

accidents,

major environmental

damage, and

loss of production or systems

for longer than one month

and cost of greater

than USD $50.0

million.

Composite Risk Matrix R = P x C and Color-Code Convention

The risk

level, defined

as the product

of probability

of occurrence

and consequence,

ranges

in value from 1 (lowest

possible risk) to 25 (maximum risk level).

The values are color-coded

to facilitate identification

of the highest risk aspects.

Table 22-3:

Risk Matrix

P x C = R

Consequence (C)

Insignificant

Minor

Moderate

Major

Critical

Probability Level (P)

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.5

Categorization of Risk Levels and Color Code Convention

Very

high

risks

are

considered

unacceptable

and

require

corrective

action.

Risk

reduction measures must be applied to reduce very high risks to a tolerable level.

22.2.6

Description of the Coal Property

The

Buchanan

Mine

Complex

located

Buchanan

and

Tazewell

Counties,

Virginia

and

operates

longwall

section

with

supporting

continuous

mining

sections.

Operations

are

projected to continue in the present mode until reserves

are depleted in 2044.

22.2.7

Summary of Residual Risk Ratings

Each

risk

factor

numbered,

and

risk

level

for

each

determined

multiplying

the

assigned

probability

the

assigned

consequence.

The

risk

levels

are

plotted

risk

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

matrix

provide

composite

view

the

Coronado

risk

profile.

The

average

risk

level

7.1, which is defined as Moderate.

Table 22-4:

Risk Assessment Matrix

Consequence

Critical

>$50 MM

8,9

Major

$10-50MM

Moderate

$2-10 MM

1,2,4

Minor

$0.5-$2 MM

Low

<$0.5 MM

<10%

10-30%

30-60%

60-90%

>90%

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.8

Risk Factors

A high-level

approach is

utilized to

characterize

risk factors

that are

generally similar

across

number of

the

active and

proposed

mining operations.

Risk factors

that

are

unique to

specific operation or are particularly noteworthy are

addressed individually.

22.2.8.1

Geological and Coal Resource

Coal

mining

accompanied

risk

that,

despite

exploration

efforts,

mining

areas

will

encountered

where

geological

conditions

render

extraction

the

resource

uneconomic,

that

coal

quality

characteristics

disqualify

the

product

for

sale

into

target

markets.

Offsetting

the

geological

and

coal

resource

risks

are

the

massive

size

the

controlled

property which allows

large areas to

be mined in

the preferred

mine areas sufficiently

away

from

areas

where

coal

quality

and

mineability

may

less

favorable.

This

flexibility,

combined with the

extensive work

done to define the

reserve, reduces the

risk at Buchanan

below that of other mine properties.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-5:

Geological and Coal Resource Risk Assessment (Risks 1 and 2)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk Level

Recoverable coal

tonnes recognized to

be significantly less

than previously

estimated.

Reserve base is adequate

to serve market

commitments and respond

to opportunities for many

years.

Local adverse

conditions may increase

frequency and cost of

production unit relocations.

Previous and ongoing

exploration and extensive

regional mining history

provide a high level of

confidence of coal seam

correlation, continuity of

the coal seams, and coal

resource tonnes.

Optimize mine plan

to increase resource

recovery; develop

mine plan to provide

readily available

alternate mining

locations to sustain

expected production

level.

Coal quality locally

proves to be lower

than initially

projected.

If uncontrolled, production

and sale of coal that is out

of specification can result in

rejection of deliveries,

cancellation of coal sales

agreements and damage to

reputation.

Exploration and vast

experience and history in

local coal seams provide

confidence in coal

quality; limited excursions

can be managed with

careful product

segregation and

blending.

Develop mine plan to

provide readily

available alternate

mining locations to

sustain expected

production level;

modify coal sales

agreements to reflect

coal quality.

22.2.8.2

Environmental

MM&A completed a Limited Phase I Environmental

Site Assessment (

ESA

) on the Property in

April 2016

on behalf of

Coronado.

MM&A concluded

that no

long-term liabilities

existed at

the time of this ESA.

Water

quality and

other permit

requirements are

subject to

modification and

such changes

could have

a material

impact on

the capability

of the

operator

to meet

modified standards

or to receive

new permits and modifications

to existing permits.

Permit protests

may result

in delays or denials to permit applications.

Environmental

standards

and permit

requirements

have

evolved

significantly

over the

past

years

and

date,

mining

operators

and

regulatory

bodies

have

been

able

adapt

successfully to evolving environmental

requirements.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

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SSOCIATES

Table 22-6:

Environmental (Risks 3 and 4)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk

Level

Environmental

performance standards

are modified in the

future.

Delays in receiving new

permits and modifications to

existing permits; cost of

testing and treatment of

water and soils

Work with regulatory

agencies to understand and

influence final standards;

implement testing,

treatment and other actions

to comply with new

standards.

Modify mining and

reclamation plans to

improve compliance with

new standards while

reducing cost of compliance.

New permits and

permit modifications

are increasingly

delayed or denied.

Interruption of production and

delayed implementation of

replacement production from

new mining areas.

Comply quickly with testing,

treatment and other actions

required; continue excellent

compliance performance

within existing permits.

Establish and maintain close

and constructive working

relationships with regulatory

agencies, local communities

and community action

groups.

Prepare and submit

permits well in advance of

needs.

22.2.8.3

Regulatory Requirements

Federal

and state

health and

safety

regulatory

agencies occasionally

amend mine

laws

and

regulations.

The

impact

industry-wide.

Mining

operators

and

regulatory

agencies

have

been able to adapt successfully to evolving health and safety requirements.

Table 22-7:

Regulatory Requirements (Risk 5)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Federal and state mine

safety and health

regulatory agencies

amend mine laws and

regulations.

Cost of training, materials,

supplies and equipment;

modification of mine

examination and production

procedures; modification of

mining plans.

Participate in hearings and

workshops when possible

to facilitate understanding

and implementation; work

cooperatively with agencies

and employees to facilitate

implementation of new laws

and regulations.

Familiarity and

experience with new

laws and regulations

results in reduced

impact to operations

and productivity and

improved supplies

and equipment

options.

22.2.8.4

Market and Transportation

Most

the

current

and

future

production

expected

directed

domestic

and

international

metallurgical

markets.

Historically

the

metallurgical

markets

have

been

cyclical and highly volatile.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-8:

Market and Transportation (Risk 6)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Volatile coal prices drop

precipitously.

Loss of revenue adversely

affects profitability; reduced

cash flow may disrupt capital

expenditures plan.

Cost control measures

implemented; capital

spending deferred.

High-cost operations

closed, and

employees

temporarily

furloughed.

Occasional

delay

interruption

rail,

river

and

terminals

service

may

expected.

The

operator

can

possibly

minimize

the

impact

delays

being

preferred

customer

fulfilling shipment obligations promptly and maintaining close working relationships.

Table 22-9:

Market and Transportation (Risk 7)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Rail or river transport is

delayed; storage and

shipping access at river

and ocean terminals is

not available.

Fulfillment of coal sales

agreements delayed; limited

coal storage at mines may

increase cost of rehandling;

production may be temporarily

idled.

Provide adequate storage

capacity at mines;

coordinate continuously

with railroad and shipping

companies to respond

quickly and effectively to

changing circumstances.

Provide back-up

storage facility along

with personnel,

equipment and

rehandle plan to

sustain production

and fulfill sales

obligations timely.

22.2.8.5

Mining Plan

Occupational

health

and

safety

risks

are

inherent

mining

operations.

Comprehensive

training

and

retraining

programs,

internal

safety

audits

and

examinations,

regular

mine

inspections,

safety

meetings,

along

with

support

trained

fire

brigades

and

mine-rescue

teams are

among activities

that greatly

reduce accident

risks.

Employee health-monitoring

programs

coupled

with

dust

and

noise

monitoring

and

abatement

reduce

health

risks

miners.

underground

mines

are

developed

and

extended,

observation

geological,

hydrogeological

and

geotechnical

conditions

leads

modification

mine

plans

and

procedures to enable safe work within the mine environments.

Highlighted

below

are

selected

examples

safety

and

external

factors

relevant

Coronado operations.

22.2.8.5.1

Methane Management

Coalbed

methane

present

coal

operations

below

drainage.

Often

the

methane

concentration in shallow coal

seams is at such low levels that

it can be readily managed with

frequent testing and monitoring, vigilance, and routine mine ventilation.

Very high methane

concentrations

may

present

greater

depths,

experienced

the

Pocahontas

No.

seam

Buchanan

Mine

Complex

Virginia.

High

methane

concentrations

may

require

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

degasification

the

coal

seam

assure

safe

mining.

The

Buchanan

Mine

has

operated

safely for many years

in one of the most intense methane environments

in the United States

through

careful

management

coal

seam

degasification,

gob

degasification

and

mine-

ventilation procedures.

Table 22-10:

Methane Management (Risk 8)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Methane hazard is

present in mines

operating below

drainage.

Injury or loss of life; possible

ignition of gas and mine

explosion; potential loss of

mine and equipment

temporarily or permanently;

additional mine fan, mine

power, ventilation, monitoring

and examination

requirements.

Low to moderate levels can

be managed with frequent

examinations, testing and

monitoring within the mine

ventilation system.

Excellent rock dust

maintenance minimizes

explosion propagation risk

should an ignition occur.

Very high-level

methane

concentrations may

require coal seam

degasification and

gob degasification if

longwall or pillar

extraction methods

are employed.

22.2.8.5.2

Mine Fires

Mine fires,

once common at

mine operations,

are rare

today.

Most active

coal miners

have

not

encountered

mine

fire.

Vastly

improved

mine

power

and

equipment

electrical

systems,

along

with

safe

mine

practices,

reduce

mine

fire

risks.

Crew

training

and

fire

brigade support

and training

improve response

for containment

and control

if a

fire occurs.

Spontaneous

combustion

within

coal

mines,

which

the

source

most

fires

that

occur

today,

is not expected to occur at Buchanan.

Table 22-11:

Mine Fires (Risk 9)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk Level

Mine fire at underground

or surface mine

operation.

Injury or loss of life;

potential loss of mine

temporarily or

permanently; damage to

equipment and mine

infrastructure.

Inspection and

maintenance of mine

power, equipment and

mine infrastructure; good

housekeeping; frequent

examination of conveyor

belt entries; prompt

removal of accumulations

of combustible materials.

If spontaneous

combustion conditions

are present, enhanced

monitoring and

examination procedures

will be implemented;

mine design will

incorporate features to

facilitate isolation,

containment and

extinguishment of

spontaneous

combustion locations.

22.2.8.5.3

Availability of Supplies and Equipment

The

industry

has

periodically

experienced

difficulty

receiving

timely

delivery

mine

supplies

and

equipment.

Availability

issues

often

accompanied

boom

periods

for

coal

demand.

Any

future

delivery

supplies

and

equipment

delays

are

expected

temporary with limited impact on production.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-12:

Availability of Supplies and Equipment (Risk 10)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Disruption of availability

for supplies and

equipment.

Temporary interruption of

production.

Force majeure provision in

coal sales agreements to

limit liability for delayed or

lost sales.

Work closely with

customers to assure

delayed coal

delivery rather than

cancelled sales;

monitor external

conditions and

increase inventory

of critical supplies;

accelerate delivery

of equipment when

possible.

22.2.8.5.4

Labor

Work

stoppage

due

labor

protests

are

considered

unlikely

and

are

accompanied

limited

impact should

it occur.

Excellent

employee relations

and communications

limit the

exposure

outside protesters.

Loss of

supervisors

and skilled

employees

to retirement

inevitable;

the

impact

can

lessened

with

succession

planning

and

training

and

mentorship of new employees.

Table 22-13:

Labor – Work Stoppage (Risk 11)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Work stoppage due to

strikes, slowdowns or

secondary boycott

activity.

Loss of production and coal

sales; damaged customer and

employee relations; reputation

loss.

Maintain excellent

employee relations and

communications; maintain

frequent customer

communications.

Develop plan for

employee

communications and

legal support to

minimize impact of

secondary boycott

activities.

the JORC Code and United States SEC Regulation S-K

1300 as of December 31, 2022

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-14:

Labor – Retirement (Risk 12)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Retirement of

supervisors and skilled

employees.

Loss of leadership and critical

skills to sustain high levels of

safety, maintenance and

productivity.

Monitor demographics

closely and maintain

communications with

employees who are

approaching retirement

age; maintain employee

selection and training

programs.

Maintain selection of

candidates and

implementation of in-

house or third-party

training for

electricians and

mechanics; develop

employee mentoring

program.

Recommendations

Coronado is continuing

to work both internally

and with outside assistance

to further define

their resource base and to optimize the LOM plan.

References

Publicly

available

information

from

various

state

and

federal

agencies

was

used

where

relevant.

Reliance on Information Provided by the

Registrant

summary

the

information

provided

Coronado

relied

upon

MM&A

for

the

purposes of this TRS is provided in

Table 25-1

Table

25-1:

Information from Registrant Relied Upon by MM&A

Category

Information Provided by Coronado

Report

Section

Marketing

Long-term price forecast used

in financial projections

16.2

Legal

Mineral control and surface

control rights as shown on maps

3.2, 3.3

Environmental

Permit and bonding information

17.3

APPENDIX

MM&A QUALIFICATIONS

APPENDIX

MAP

APPENDIX

GLOSSARY OF ITEMS

Appendix C

ARSHALL

ILLER

SSOCIATES

Glossary of Abbreviations and Definitions

Abbreviation

Definition

AIPG

American Institute of Professional Geologists

ARMPS

Analysis of Retreat Mining Pillar Stability

ASTM

ASTM International

AVS

Applicant Violator System

bcm

Bank cubic meters

Btu/lb.

British Thermal Unit per pound

CAT

Caterpillar Inc.

C.P.G.

Certified Professional Geologist

Carlson

Carlson Mining – formerly SurvCADD

– a prevalent software package used for

modeling in the Appalachian region

CFR

Code of Federal Regulations

CBM

Coalbed Methane

Coronado

Coronado Global Resources Inc.

CSR

Codes of State Rules

CSX

CSX Corporation, a rail-based freight transportation

company

CTR

Contour mining

Demonstrated

reserves

Demonstrated reserves are the sum of proven

and probable reserves.

DEP

Department of Environmental Protection

EBITDA

Earnings before Intere

st, Taxes,

Depreciation, and Amortization

EOM

End-of-mine reclamation

EPA

United States Environmental

Protection Agency

ESA

Limited Phase I Environmental Site Assessment

EVR

Estimated Visual Recovery

Feasibility Study

“…comprehensive technical and economic study of the selected development

option for a mineral project, which includes detailed assessments of all

applicable modifying factors together with any

other relevant operational

factors, and detailed financial analysis that

are necessary to demonstrate, at

the time of reporting, that extraction is economically viable.

According to the

proposed definition, the results of the study may serve as the basis for a final

decision by a proponent or financial institution to proceed with, or finance,

the development of the project. Thus, a feasibility study is more

comprehensive, with a higher degree of accuracy,

and yielding results with a

higher level

of confidence, than a pre-feasibility study.”

Hitachi

Hitachi Construction Machinery Co., Ltd.

HWM

Highwall mining

In situ

Its natural position; said specific of a rock, soil, or fossil when in the situation

in which was originally formed or deposited

Indicated

Resources

Indicated

resources

are

those

lying

between

0.4-kilometer

and

1.2-kilometer

radius

from

such an

observation

point

and reported

herein

as in-situ

mineral

resources.

Inferred Resources

Inferred

resources

lie

than

1.2-kilometer

radius

from

valid

point

measurement

but

less

than

4.8

kilometers

from

one

and

reported

herein

in-situ mineral resources.

JORC Code

Australasian Code for Reporting of Exploration

Results, Mineral Resources and

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

Ore Reserves

lb. SO

/ mm Btu

Pounds per sulfur dioxide per million British thermal units

LJ Hughes

LJ Hughes & Sons, Inc. - drilling Company

LOM

Life-of-mine

M&R

Maintenance and repair

M.B.A.

Master of Business Administration

Measured

Resources

Measured resources are those lying within 0.4-kilometer radius from

a valid

point of measurement and reported herein as in-situ mineral resources.

MINER Act

Mine Improvement and New Emergency Response Act of 2006

Mineral Reserve

“…the economically mineable part of a Measured and/or Indicated Mineral

Resource.

It includes dilution materials and allowances for losses, which occur

when the material is mined or extracted and is defined by studies at

Preliminary Feasibility or Feasibility level as appropriate that include

Modifying Factors.

Such studies demonstrate that, at the time of reporting,

extraction of the mineral reserve is economically viable under reasonable

investment and marketing assumptions.”

Mineral Resource

“…a concentration or occurrence of solid material of economic interest

or on

the Earth’s crust

in such form, grade or quality that there are reasonable

prospects for eventual economic extraction.

The location, quantity,

grade,

continuity and other geological characteristics and continuity of a Mineral

Resource are known, estimated or interpreted

from specific geological

evidence and knowledge, including sampling.”

MM&A

Marshall Miller & Associates, Inc.

Modifying Factors

“…considerations used to convert Mineral

Resources to Mineral Reserves.

These include, but are not restricted to, mining, processing, metallurgical,

infrastructure, economic, marketing,

legal, environmental compliance, plans,

negotiations, or agreements with local individuals or groups and

governmental factors.”

MRMR

Mineral Resources to Mineral Reserves

MSHA

United States Department of Labor Mine Safety and Health Administration

MSL

Mean sea level

Million metric tonnes

NAIP

National Agricultural Imagery Program

NIOSH

National Institute for Occupational Safety

and Health

Norfolk Southern Corporation, a rail-based freight transportation

company

O&M

Operating and maintenance

OSD

Out-of-seam dilution

OSM

U.S. Office of Surface Mining Reclamation and Enforcement

P&L

Profit and loss before tax

P.E.

Professional Engineer

Preliminary

Feasibility Study

“…as a comprehensive study of a range of options for the technical and

economic viability of a mineral project that has advanced to a stage

where a

qualified person has determined (in the case of underground mining) a

preferred mining method, or in the case of surface mining) a pit configuration,

and in all cases has determined an effective method of mineral processing

and

an effective plan to sell the product. The study’s

financial analysis must have

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

the level of detail necessary to demonstrate, at

the time of reporting, that

extraction is economically viable. In addition, as noted in the proposed

definition of a pre-feasibility study,

while a pre-feasibility study is less

comprehensive and results in a lower confidence level than a feasibility

study,

a pre-

feasibility study is more comprehensive and results

in a higher

confidence level than an initial assessment.”

Property(ies)

Bituminous coal deposits located in Buchanan and Tazewell

Counties, Virginia.

Qualified Person

“…a person who is a mineral industry professional with at least

five years of

relevant experience in the type of mineralization and type of deposit under

consideration and in the specific type of activity that person is undertaking on

behalf of the registrant. In addition, the proposed definition requires

qualified person to be an

eligible member or licensee in good standing of a

recognized professional

organization at the

time the technical report is prepared.”

Rec.

Recovery

RECs

Recognized Environmental

Conditions

Resource Database

The Resource Database is established by the collection,

validation, recording,

storing and processing of data and forms the foundation

necessary for the

estimation of Mineral Resource and Mineral

Reserve.

A quality assurance and quality control program

is essential and must be

established to govern the collection of all data.

In reporting, a Mineral

Resource must meet the minimum requirement of “reasonable

prospects for

economic extraction”.

This will require the concurrent collection and storage

of preliminary economic, mining, metallurgical, environmental,

legal and

social data and other information for use in the estimation

of MRMR.

The Resource Database will include both “primary” (observation and

measurement) and “interpreted” data.

It is recommended that data be stored

digitally,

using a documented, standard format and a reliable storage

medium

that allows for easy and complete

retrieval of the data.

ROM

Run-of-mine

RPO

Recognized Professional

Organizations

S-K 1300

United States Securities and Exchange Commission Regulation

S-K 1300

Modernization of Property Disclosures

SEC

U.S. Securities and Exchange Commission

SME

Society for Mining Engineers

SMCRA

Surface Mining Control and Reclamation Act of 1977 is the primary federal

law

that regulates the environmental

effects of coal mining in the United States.

Strip Ratio

Represented by bcm of overburden to recoverable

coal tonnes

tph

tonnes per hour

TRS

Technical

Report Summary

USA

United States of America

USFW

United States Fish and Wildlife

USGS

United States Geologic Survey

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

VALMIN Code

Australasian Code for Public Reporting of Technical

Assessments and

Valuations of Mineral

Assets

Vulcan™

Vulcan™ software is a product of Maptek™, a provider

of software for the

global mining industry.

APPENDIX

INITIAL ECONOMIC ASSESSMENT FOR RESOURCES EXCLUSIVE

OF RESERVES

APPENDIX

JORC TABLE 1

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised

industry standard measurement tools appropriate to the minerals under investigation, such as

downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be

taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate

calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases

where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse

circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce

a 30 g charge for fire assay’). In other cases, more explanation may be required, such

as where

there is coarse gold that has inherent sampling problems. Unusual commodities or

mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Most of the coal samples have been obtained from the Properties by subsurface exploration using

core drilling techniques.

The protocol for preparing and testing the samples has varied over time

and is not well documented for the older holes drilled on the Properties.

Typical USA core drilling sampling technique is for the coal core sample, once recovered from the

core barrel, to be described then wrapped in a sealed plastic sleeve and placed into a covered core

box, which is the length of the sample so that the core can be delivered to a laboratory in relatively

intact condition and with original moisture content.

It is reasonable to assume, given the sophistication level of the previous operators, that these

samples were generally collected and processed under industry best-practices.

This assumption is

based on MM&A’s familiarity with the operating companies and the companies used to perform the

analysis.

Some of the drill holes were air rotary bored and no coal core samples were collected.

Seam

thickness for rotary-drilled bore holes is verified by calibrated downhole gamma-density logs.

Coal samples that were deemed by MM&A geologists to be unrepresentative were not used for

statistical analysis of coal quality, as documented in the tabulations. A representative group of drill

hole samples from the Properties were then checked against the original drill laboratory reports to

verify accuracy and correctness.

Drilling techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka,

sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails,

face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

The Properties have been extensively explored by subsurface drilling efforts carried out by

numerous entities, most of which were completed prior to acquisition by Coronado.

The majority of

the drilling was accomplished using vertical continuous (diamond) coring or air rotary methods.

Core drilling methods utilize NX-size (5.4 centimeter) or similar-sized core cylinders to recover core

samples, which can be used to delineate geologic characteristics, and for coal quality testing and

geotechnical logging.

Data for the rotary drilled holes is mainly derived from downhole geophysical logs, which are used to

interpret coal and rock thickness and depth since logging of the drill cuttings is not reliable.

Geophysical logging was performed on many of the holes, either by Geological Logging Systems (a

division of MM&A), other geophysical logging contractors, and on those properties acquired from

CONSOL geophysical logging was often performed by CONSOL’s in-house logging services.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the

samples.

Whether a relationship exists between sample recovery and grade and whether sample bias

may have occurred due to preferential loss/gain of fine/coarse material.

Where available, core recovery thickness of coal samples was reconciled with the thickness

interpreted from geophysical logs.

Core recovery of the older coal samples lacking geophysical logs is sometimes not well-documented:

however, when the laboratory results for such holes had anomalous values, the data was

disqualified and not used.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of

detail to support appropriate Mineral Resource estimation, mining studies and metallurgical

studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.)

photography.

The total length and percentage of the relevant intersections logged.

A wide variety of core-logging techniques exist for the properties.

For many of the core holes, the

primary data source is a generalized lithology description by the driller, in some cases supplemented

by a more detailed core log completed by a geologist.

The logging of core thickness and depth is quantitative.

With the exception of the coal seams,

logging of rock strata type is more subjective and best considered as qualitative.

Sub-sampling

techniques and sample

preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation

technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of

samples.

Measures taken to ensure that the sampling is representative of the in situ material collected,

including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Typical US practice in the Appalachian Basin is that core samples for deep mineable core samples are

not sawn or subsampled (since seams are not of great thickness and the entire seam is mined and

co-mingled).

Oftentimes, core for surface-mineable coal seams are bench sampled separately by the various coal

and rock layers (plies).

MM&A has exercised diligence to use only those analyses that are representative of the coal quality

parameters for the appropriate mining type for each sample.

Quality of assay data

and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and

whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in

determining the analysis including instrument make and model, reading times, calibrations

factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external

laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision

have been established.

Sample analysis was typically carried out by accredited US laboratories.

Standard procedure upon receipt of core samples by the testing laboratory is to log the depth and

thickness of the sample, then perform testing as specified by a representative of the operating

company.

Each sample is then analyzed in accordance with procedures defined under

ASTM

International (

ASTM

)

standards including, but not limited to; washability (ASTM D4371); ash (ASTM

D3174); sulfur (ASTM D4239); Btu/lb. (ASTM D5865); volatile matter (ASTM D3175); Free Swell Index

(

FSI

) (ASTM D720).

Geophysical tools are calibrated by the logging company and where possible, validated using a

calibration hole.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Verification of

sampling and assaying

The verification of significant intersections by either independent or alternative company

personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage

(physical and electronic) protocols.

Discuss any adjustment to assay data.

All coal intersection data used to generate the geologic model has been cross referenced with the

lithological and geophysical logs by MM&A.

Laboratory quality was adjusted from dry basis to reflect the anticipated marketable product

moisture.

Coal quality results were verified by spot-check with laboratory analysis sheets by MM&A before

inclusion into the geologic model and use in the resource estimate.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),

trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Due to the long history of exploration by various parties on the Properties, a wide variety of survey

techniques exist for documentation of data point locations.

Many of the older exploration drill holes

appear to have been located by ground survey; more recently completed drill holes are often

located by high-resolution Global Positioning System (

GPS

) units.

Grid systems used are typically the State Plane Coordinate System pertinent to each property.

Topography is based on either the USGS topographic 7.5-minute quadrangle maps or on recent

aerial photogrammetry as necessary (subject to availability).

Data spacing and

distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree of geological

and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation

procedure(s) and classifications applied.

Whether sample compositing has been applied.

Spacing and distribution of data point information may vary from seam to seam within each mining

area.

The areas estimated for coal resource and coal reserve tonnes have been limited so that the

data spacing and distribution is sufficient to establish the degree of geological continuity appropriate

for the estimation and classification of the coal tonnes.

All of the coal resource tonnes are in the measured, indicated, and inferred categories, and all of the

coal reserve tonnes are in the proved and probable categories in accordance with the JORC Code

and SEC standards.

Orientation of data in

relation to geological

structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and

the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised

structures is considered to have introduced a sampling bias, this should be assessed and

reported if material.

Drill holes have been vertically drilled.

No downhole deviation logs have been collected and it is

therefore not known if the drill holes have deviated away from vertical.

Based on the relatively

shallow seam depths, any deviation is expected to be insignificant and immaterial to the geologic

characterization of the Property.

The dip of the coal seams is relatively minor and not a material issue for representation of seam

thickness or quality.

Sample security

The measures taken to ensure sample security.

Sample handling procedures employed by explorationists follow typical US protocol and should be

adequate to insure sample security.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

MM&A has reviewed all available geological information for the Properties in developing the

geologic model.

Only that data deemed suitable has been used for the purpose of generating the

resource and reserve estimates.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and

land tenure status

Type, reference name/number,

location and ownership including agreements or material

issues with third parties such as joint ventures, partnerships, overriding royalties, native title

interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to

obtaining a licence to operate in the area.

The Coronado coal resources are located within three of the United State of America: Virginia; West

Virginia; and Pennsylvania.

Control of these Properties is governed by many hundreds of

agreements.

MM&A has not carried out separate title verification for the coal properties and has not verified

leases, deeds, surveys or other property control instruments pertinent to the subject resources.

Coronado has represented to MM&A that it controls the mining rights to the coal deposits as shown

on its property maps, and MM&A has accepted these as being a true and accurate depiction of the

mineral rights controlled by Coronado.

The TRS assumes the properties are developed under

responsible and experienced management.

There are no known legal or environmental encumbrances that would impede development of the

subject coal reserves.

Exploration done by

other parties

Acknowledgment and appraisal of exploration by other parties.

The Properties have been extensively explored by subsurface drilling efforts carried out by

numerous entities, most of which were completed prior to acquisition by Coronado.

This exploration work was generally performed to prevailing US best practice standards and deemed

adequate for the purposes of this TRS.

Geology

Deposit type, geological setting and style of mineralisation.

The Coronado coal resources are located within the Northern and Central Appalachian Coal Basins.

The coal deposits are Carboniferous in age, being of the Pennsylvanian system.

Seam of economic significance typically range between 0.3 meters and 1.8 meters in thickness, with

relatively little structural deformation.

Regional structure is typically characterized by gently dipping strata to the northwest at less than

one percent.

Drill hole Information

A summary of all information material to the understanding of the exploration results

including a tabulation of the following information for all Material drill holes:

●

easting and northing of the drill hole collar

●

elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole

collar

●

dip and azimuth of the hole

●

down hole length and interception depth

●

hole length.

If the exclusion of this information is justified on the basis that the information is not Material

and this exclusion does not detract from the understanding of the report, the Competent

Person should clearly explain why this is the case.

MM&A reviewed and entered all pertinent data into a digital geologic database for each Coronado

property.

The database consists of thousands of data records, which include drill hole and

supplemental coal seam thickness measurements from outcrop and mine exposures.

All drill holes in the database are provided with a collar elevation and the State Plane Coordinate

System easting and northing coordinate.

After MM&A confirmed proper coal seam thickness and correlation, the seam data was modelled

and compiled into coal resource maps.

The maps are provided in the TRS; however, a tabulation of the thousands of individual data records

is not practical to include.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Data aggregation

methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum

grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and

should be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths

of low grade results, the procedure used for such aggregation should be stated and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Where a coal seam has been bench sampled (typically for surface mining) the individual analyses for

the coal plies are normally weight-averaged to represent the total of recoverable coal.

Coal quality summary results have been documented in the TRS.

Average coal quality on a per-

seam basis is used to represent the coal resources within a given mining area.

Average coal quality for each Coronado complex is provided in Tables 1-1, 1-2 and 1-3 of this TRS.

No other data aggregations methods are used.

Relationship between

mineralisation widths

and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature

should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear

statement to this effect (e.g. ‘down hole length, true width not known’).

Coal thickness values from all coal intersections and down hole geophysical logs are considered to

be vertical thicknesses.

Seam dip of approximately 2.0 to 3.0 degrees has little effect on the vertical

thickness of the seam.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included

for any significant discovery being reported These should include, but not be limited to a plan

view of drill hole collar locations and appropriate sectional views.

Diagrams and maps showing the coal seam intercepts are presented in the TRS.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative

reporting of both low and high grades and/or widths should be practiced to avoid misleading

reporting of Exploration Results.

All of the available, qualified exploration data has been included within the tabulations, maps, and

diagrams for this TRS.

Both coal thickness and quality data are deemed by MM&A to be reasonably sufficient within the

resource areas. Therefore, there is a reasonable level of confidence in the geologic interpretations

required for coal resource determination based on the available data and the techniques applied to

the data.

Other substantive

exploration data

Other exploration data, if meaningful and material, should be reported including (but not

limited to): geological observations; geophysical survey results; geochemical survey results;

bulk samples – size and method of treatment; metallurgical test results; bulk density,

groundwater, geotechnical and rock characteristics; potential deleterious or contaminating

substances.

Informational material available from the U.S. Geological Survey and the respective State Surveys

was used to assist in the Resource estimate.

Further work

The nature and scale of planned further work (e.g. tests for lateral extensions or depth

extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological

interpretations and future drilling areas, provided this information is not commercially

sensitive.

Further work is expected to include additional exploration, geotechnical testing, coal quality

analyses, and coal property acquisition.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Database

integrity

Measures taken to ensure that data has not been corrupted by,

for example, transcription or

keying errors, between its initial collection and its

use for Mineral Resource estimation

purposes.

Data validation procedures used.

MM&A confirmed coal seam thickness and correlations in databases used for coal deposit

modelling.

Representative records were spot-checked for data

entry validation.

Geophysical logs were used wherever available to assist in confirming the seam correlation and to

verify proper seam thickness measurements and recovery of coal samples.

Site

visits

Comment on

any site

visits undertaken

by the

Competent Person and the outcome of those

visits.

If no

site visits

have been

undertaken indicate

why this

is the case.

MM&A is very familiar with the Properties and has conducted multiple site visits throughout the

years.

Geological

interpretation

Confidence in (or conversely,

the uncertainty

of) the geological interpretation of the mineral

deposit.

Nature of the data used and of any assumptions

made.

The effect,

if any,

of alternative

interpretations on

Mineral Resource estimation.

The use of geology in guiding

and controlling

Mineral Resource estimation.

The factors affecting continuity both of grade and geology.

Due to the relative structural simplicity of the deposits and the reasonable continuity of the tabular

coal beds, the principal geological interpretation necessary to define the geometry of the coal

deposits is the proper modeling of their thickness and elevation.

Both coal thickness and quality data are deemed by MM&A to be reasonable within the resource

areas.

Therefore, there is a reasonable level of confidence in the geologic interpretations required for coal

resource determination based on the available data and the techniques applied to the data.

Dimensions

The extent and variability of the Mineral Resource expressed as length (along strike or

otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral

Resource.

The subject coal resource areas mostly exist in discreet, individual deposits of highly variable

dimensions, shapes and depth below the ground surface.

Such factors are best depicted in the maps contained in the TRS.

Details of the parameters are cited within the TRS and included in the table of Cut-off Parameters

listed in Section 11.1 of the TRS.

Estimation

and

modelling techniques

The nature and appropriateness

of the estimation technique(s) applied and key assumptions,

including treatment of extreme grade values, domaining, interpolation parameters and

maximum distance of extrapolation from data points. If

a computer assisted estimation

method was chosen include a description of computer software and parameters used.

The availability of check estimates, previous estimates and/or mine production records

and

whether the Mineral Resource estimate

takes

appropriate account

of such

data.

The assumptions made regarding

recovery of by-products.

Estimation of deleterious elements or other non-grade variables of economic

significance (e.g.

sulphur for acid mine drainage characterisation).

In the case of

block model interpolation, the

block size in relation to

the average sample

spacing and the search employed.

Geological data was imported into Carlson Mining

(formerly SurvCADD

) geological modelling

software in the form of Microsoft

Excel files incorporating, drill hole collars, seam and thickness

picks, bottom seam elevations and raw and washed coal quality. These data files were validated

prior to importing into the software.

Once imported, a geologic model was created.

The geological model was verified and reviewed.

Resources were estimated by defining seam thickness at each point of observation and by defining

resource confidence arcs around the points of observation.

Points of observation for Measured and Indicated confidence arcs were defined for all drill holes

that intersected the seam.

As prescribed by the common United States classification system the following distances from points

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Any assumptions behind modelling of

selective mining units.

Any assumptions about correlation

between variables.

Description of how the

geological interpretation was

used to control the resource estimates.

Discussion of basis for using or not

using grade cutting or capping.

The process of validation,

the checking process used, the comparison of

model data to drill

hole data, and use of reconciliation data if available.

of observation were used to define the corresponding Resource category arcs:

Inferred Resources – greater than 3,960 feet (1.2 kilometers) but less than 15,840 feet (4.8

kilometers)

Indicated Resources – 3,960 feet (1.2 kilometers)

Measured Resources – 1,320 feet (0.4 kilometers)

The use of the standards commonly used in the United States are appropriate and customary for

this resource jurisdiction and deposition type.

MM&A performed a geostatistical analysis test of the Coronado data sets using the Drill Hole

Spacing Analysis (

DHSA

) method.

Based on MM&A’s analysis, it would be possible to extend the measured, indicated and inferred

arcs slightly beyond historically accepted practices due to consistent geological settings. The QP’s

have elected not to extend arc distances, introducing a level of conservatism in the coal

classification.

Moisture

Whether the tonnages are estimated on a dry basis or with natural moisture, and the method

of determination of the moisture content.

Coal resource tonnes are presented on a dry, in-situ basis.

Reserve tonnes are presented on a moist basis at anticipated product moisture ranging from 4.0 to

6.0 percent. Moisture content based on historic analyses of shipped coal.

Cut-off Parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut-off parameters were tailored for each of the Coronado properties to be in accordance with

mining/ processing capabilities and market conditions prevalent at each operation.

Examples include minimum recoverable coal thickness, acceptable ash content and wash recovery,

and manageable overburden to coal ratio for surface mineable coal.

Details of the parameters are cited within the TRS and included in the table of Cut-off Parameters

listed in Section 11.1 of this TRS.

These cut-off parameters have been developed by MM&A based on its experience with the

Coronado properties and other mining operations of the Central Appalachian coal basin.

This

experience includes technical and economic evaluations of numerous properties in the region for

the purposes of determining the economic viability of the subject coal reserves.

Mining factors or

assumptions

Assumptions made regarding possible mining methods, minimum mining dimensions and

internal (or, if applicable, external) mining dilution. It is always necessary as part of the process

of determining reasonable prospects for eventual economic extraction to consider potential

mining methods, but the assumptions made regarding mining methods and parameters when

estimating Mineral Resources may not always be rigorous. Where this is the case, this should

be reported with an explanation of the basis of the mining assumptions made.

Mining factors such as dilution, mining and washing recovery are variable and have been applied at

the coal deposits at each operation based on site-specific characteristics.

Details of the factors are cited within the TRS.

Factors that would typically preclude conversion of a coal resource to coal reserve include the

following: inferred resource classification; absence of coal quality; poor mine recovery; lack of

access; insufficient exploration; or uncontrolled surface property for areas of proposed for surface

mining.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

While such factors were used to preclude the conversion of a very limited number of coal resources

to coal reserves in this report, the extensive history of mining on the Properties would suggest that

there are reasonable prospects for eventual economic extractions of all coal resources under

favorable market conditions.

Metallurgical factors

or assumptions

The basis for assumptions or predictions regarding metallurgical amenability. It is always

necessary as part of the process of determining reasonable prospects for eventual economic

extraction to consider potential metallurgical methods, but the assumptions regarding

metallurgical treatment processes and parameters made when reporting Mineral Resources

may not always be rigorous. Where this is the case, this should be reported with an

explanation of the basis of the metallurgical assumptions made.

The products mined from coal resources controlled by Coronado can be sold into high-, mid-, and

low-volatile metallurgical coal markets because of their inherent quality characteristics.

Run-of-mine production is washed at the coal preparation plants as needed for quality control.

Coronado may blend production from multiple sources to manage ash and sulfur content along with

the rheological and petrographic characteristics of the shipped products.

Environmental factors

or assumptions

Assumptions made regarding possible waste and process residue disposal options. It is always

necessary as part of the process of determining reasonable prospects for eventual economic

extraction to consider the potential environmental impacts of the mining and processing

operation.

While at this stage the determination of potential environmental impacts,

particularly for a greenfields project, may not always be well advanced, the status of early

consideration of these potential environmental impacts should be reported. Where these

aspects have not been considered this should be reported with an explanation of the

environmental assumptions made.

MM&A completed a Limited Phase I Environmental Site Assessment (ESA) on the Buchanan property

in April 2016, and on the Logan County and Greenbrier Properties in May 2017 on behalf of

Coronado.

Coronado reports not having conducted such a study since the MM&A studies.

The ESAs completed by MM&A included a site inspection, review of historical records, a database

search of State and Federal regulatory records and interviews to identify potential recognized

environmental conditions (RECs) that may create environmental liability for the sites.

MM&A identified one REC at Greenbrier associated with stained soil and gravel near a fueling and

maintenance area.

Coronado reported to MM&A that satisfactory clean-up efforts were completed

at Greenbrier.

Based on these former ESAs completed by MM&A, it is MM&A’s opinion that Coronado has a

generally typical coal industry record of compliance with applicable mining, water quality, and

environmental laws.

Estimated costs for mine closure, including water quality monitoring during

site reclamation, are included in the TRS financial models.

Bulk density

Whether assumed or determined. If assumed, the basis for the assumptions. If determined,

the method used, whether wet or dry, the frequency of the measurements, the nature, size

and representativeness of the samples.

The bulk density for bulk material must have been measured by methods that adequately

account for void spaces (vugs, porosity, etc), moisture and differences between rock and

alteration zones within the deposit.

Discuss assumptions for bulk density estimates used in the evaluation process of the different

materials.

Laboratory derived seam densities measured in specific gravity were used where available.

needed, these data were supplemented by estimated seam density values based on the relative

proportion of coal and non-coal material within the seam (typically at 1.30 and 2.25 specific gravity,

respectively).

Average seam density was determined for each coal deposit and used to convert coal volumes into

coal tonnage estimates.

Classification

The basis for the classification of the Mineral Resources into varying confidence categories.

Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in

tonnage/grade estimations, reliability of input data, confidence in continuity of geology and

metal values, quality, quantity and distribution of the data).

Whether the result appropriately reflects the Competent

The Resource has been classified based on suitable distances from points of observations prescribed

in the common United States classification system.

The use of the United States standards is appropriate and customary for this resource jurisdiction

and deposition type.

MM&A performed a geostatistical analysis test of the Coronado data sets using the Drill Hole

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Person’s view of the deposit.

Spacing Analysis (

DHSA

) method.

Based on MM&A’s analysis, it would be possible to extend the measured, indicated and inferred

arcs slightly beyond historically accepted practices due to consistent geological settings. The QP’s

have elected not to extend arc distances, introducing a level of conservatism in the coal

classification.

All relevant factors have been accounted for and reflect the Competent Person’s

view of the

deposit.

Audits or reviews

The results of any audits or reviews of Mineral Resource estimates.

MM&A completed prepared a statement of coal resources and reserves for the Properties in

accordance with the JORC Code as of December 31, 2017.

MM&A also subsequently updated the

estimate of resources and reserves for depletion as of December 31, 2018, December 31, 2019,

December 31, 2020 and December 31, 2021.

MM&A performed a previous audit of the Properties in year 2017 for Coronado based on U.S.

Securities and Exchange Commission (SEC) Industry Guide 7 and USGS Circular 891 standards.

Earlier audits were performed by various independent consultants for predecessors-in-title to

Coronado and at various levels of detail depending on the clients concerns and the allotted time for

completion.

Previous audits and reviews defined the primary coal resource areas and estimated the

recoverable tonnes for each seam based on the expected mining methods.

Additionally, MM&A has performed proprietary evaluations for predecessors-in-title to Coronado,

which encompass portions of the Properties included in this TRS.

Discussion of relative

accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Mineral

Resource estimate using an approach or procedure deemed appropriate by the Competent

Person. For example, the application of statistical or geostatistical procedures to quantify the

relative accuracy of the resource within stated confidence limits, or, if such an approach is not

deemed appropriate, a qualitative discussion of the factors that could affect the relative

accuracy and confidence of the estimate.

The statement should specify whether it relates to global or local estimates, and, if local, state

the relevant tonnages, which should be relevant to technical and economic evaluation.

Documentation should include assumptions made and the procedures used.

These statements of relative accuracy and confidence of the estimate should be compared

with production data, where available.

The relative accuracy of and confidence in the coal tonnage and quality estimates provided herein

are judged to be in conformance with current industry best-practices.

The representation of average coal quality characteristics should be understood to represent a

reasonably representative sampling that is generally indicative of coal quality and does not

represent a statistically rigorous approach to coal quality modeling.

Resource estimation has been completed using standard coal estimation methods which are

deemed appropriate for this deposit.

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral Resource

estimate for

conversion to Ore

Reserves

Description of the Mineral Resource estimate used as a basis for the conversion to an Ore

Reserve.

The coal resource estimate was prepared as part of the report Coronado Global Resources Inc.

Statement of Coal Resources and Reserves in Accordance with JORC Code and United States SEC

Standards as of December 31, 2022 – Northern and Central Appalachian Coal Basins – Virginia, West

Virginia and Pennsylvania, USA – February 2023 prepared by MM&A.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

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Criteria

JORC Code explanation

Commentary

The resource estimation criteria were developed by MM&A based on the capabilities of the mining

equipment used within the production model and on industry-accepted standards to assure that the

basic geologic characteristics of the coal resources are in reasonable conformity with those to be

mined and marketed by Coronado.

Clear statement as to whether the Mineral Resources are reported additional to, or inclusive

of, the Ore Reserves.

Coal resources generally are reported inclusive of the coal reserves.

In some cases, resources are

reported in addition to coal reserves.

Tables 1-1 and 11-3 of the TRS clearly identify resources

“inclusive of mine plan” from which coal reserves were estimated along with those resources

“exclusive of mine plan” from which no reserves were estimated.

Site visits

Comment on any site visits undertaken by the Competent Person and the outcome of those

visits.

MM&A is very familiar with the Properties and has conducted multiple site visits throughout the

years.

Study status

The type and level of study undertaken to enable Mineral Resources to be converted to Ore

Reserves.

A preliminary feasibility LOM plan was prepared by MM&A for active and proposed mines.

The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to

convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will

have determined a mine plan that is technically achievable and economically viable, and that

material Modifying Factors have been considered.

This geologic evaluation conducted in accordance with JORC and SEC standards and in conjunction

with the preliminary feasibility study is sufficient to conclude that the surface, highwall miner and

underground coal reserves identified on the Properties are economically mineable under reasonable

expectations of market prices for thermal and metallurgical coal products, estimated operation

costs, and capital expenditures.

The pre-feasibility financial models, prepared by MM&A for this TRS, was developed to test the

economic viability of each coal resource area.

Proved and probable coal reserve were derived from the defined in-situ coal resource considering

relevant processing, economic (including independent estimates of capital, revenue and cost,

marketing, legal, environmental, socioeconomic, and regulatory factors).

Cut-off parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut-off parameters were tailored for each of the Coronado properties to be in accordance with

mining/ processing capabilities and market conditions prevalent at each operation.

Examples include minimum recoverable coal thickness, acceptable ash content and wash recovery,

and manageable overburden to coal ratio for surface mineable coal.

Details of the parameters are cited within the TRS and included in the table of Cut-off Parameters

listed in Section 11.1 of this TRS.

These cut-off parameters have been developed by MM&A based on its experience with the

Coronado properties and are typical of mining operations in the Central Appalachian coal basin.

This

experience includes technical and economic evaluations of numerous properties in the region for

the purposes of determining the economic viability of the subject coal reserves.

Mining factors or

assumptions

The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to

convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate

factors by optimisation or by preliminary or detailed design).

After validating coal seam data and establishing correlations, the thickness and elevation for seams

of economic interest were used to generate a geologic model.

A pre-feasibility LOM plan was prepared by MM&A for active and proposed mines.

MM&A prepared

mine projections and production timing forecasts based on coal seam characteristics.

Production

timing was carried out from 2023 to depletion (exhaustion) of the coal reserve areas.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

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Criteria

JORC Code explanation

Commentary

The choice, nature and appropriateness of the selected mining method(s) and other mining

parameters including associated design issues such as pre-strip, access, etc.

The room-and-pillar mining method was selected to model the underground mining resources,

utilizing continuous miners for coal extraction, shuttle cars for production section haulage and roof

bolters for roof control, with the exception that the Buchanan Mine also uses longwall shearers,

armored face conveyors, and hydraulic self-advancing roof support.

The resource areas located

above drainage are relatively small and often have irregular boundaries.

The Buchanan Mine in

Buchanan County, Virginia is the only active longwall mine currently being operated by Coronado.

The Coronado underground mining resource areas which are located above-drainage require an

access road and mine access development along the outcrop, whereas below-drainage mines are

accessed via shaft or slope based on other proposed surface infrastructure locations and/or surface

property control.

The surface mining method selected utilizes highly productive hydraulic shovels, front-end loaders,

large tractors and rock trucks for overburden removal.

The mobile equipment spreads adapt readily

to winding coal outcrops for contour surface mining and are effective for point-removal and area

mining applications.

Application of highwall and auger mining units is an effective method to recover coal resources not

suitable for underground mining and under excessive cover for surface mining.

The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.),

grade control and pre-production drilling.

Mining plans for potential underground mines were developed by MM&A.

Pillar stability was tested

by MM&A using the

Analysis of Coal Pillar Stability (ACPS

) program that was developed by the

National Institute for Occupational Safety and Health (

NIOSH

)

Coronado must obtain approved mining plans from

United States Department of Labor Mine Safety

and Health Administration (

MSHA

)

that define safety parameters for the highwalls developed

during contour and area mining.

MM&A’s planning model does not require input of specific

highwall design parameters, but provides for timing of mining within mine plan polygons that is

representative of the operation performance attained at Central Appalachia surface mines.

Highwall and auger mining is conducted under highwalls designed and constructed to meet MSHA

permit requirements.

To better assure highwall stability and safety

during highwall coal extraction,

MSHA requires that coal fenders, or stumps, be left in place between successive cuts. Periodic

barrier pillars must be left in place as an additional safeguard.

MM&A has adjusted the expected

mining recovery for highwall and auger mining resources to reflect highwall stability and safety

requirements.

The major assumptions made and Mineral Resource model used for pit and stope optimisation

(if appropriate).

Underground Mining Resources:

For metallurgical resources, minimum coal seam thickness extends

down to between 0.6 and 1.2 meters and a minimum overburden (depth of cover) of 30.5 meters.

61-meter horizontal distance is maintained from abandoned mines and sealed or pillared areas, and

a 30-meter horizontal distance is maintained from planned highwall miner panels.

Mine recovery is

reduced when a rider coal seam is present within a 1.5- to 3.0-meter interval above the coal seam.

No mining is projected when the interval between overlying and underlying reserves is less than 12

meters.

Surface Mining Resources:

For classification as a surface-mineable resource, a seam must be at least

0.3 meters in thickness as a stand-alone (principle) seam and 0.15 meters in thickness when less

than 0.8 meters from a principal seam.

The maximum cumulative area mining strip ratio is generally

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

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Criteria

JORC Code explanation

Commentary

20:1 for thermal coal and 30:1 for metallurgical coal.

Some areas were assessed for their economic

viability at higher ratios, and were included as reserves if deemed economic.

For contour surface

mining, a minimum of 38-meter bench is provided to support HWM.

HWM and Auger Mining Resources: HWM cut depth (penetration) is established at a maximum of

244 meters.

The minimum mineable coal thickness is limited at 0.6 meters. For coal seams less than

0.8 meters thick, roof and/or floor characteristics must allow OSD cutting to maintain a 0.8-meter

minimum cutting height.

Auger mining cut depth is established at an average of 91 meters.

The

minimum mineable coal thickness is limited at 0.5 meters.

The mining dilution factors used.

Underground Mining Reserves:

The planning model assigns minimum mining heights of 1.4 to 1.8

meters for mains and panel development.

At the Buchanan Mine, a minimum mining height of 1.8

meters was used due to the longwall mining method being employed.

For coal seams thinner than

the assigned mining height, the difference between the coal seam height and assigned mining

height consists of OSD.

In all cases a minimum of 0.05 meters of OSD was assumed, with the

exception of the Mon Valley mines, where a minimum 0.15 meters of OSD was assumed due to

weaker floor strata.

Surface Mining Reserves:

Area mining is generally limited to a cumulative overburden ratio of 30:1

and a 15:1 ratio for contour mining.

Exceptions were considered for mining of metallurgical grade

coal where deemed economical.

It is assumed that careful cleaning of exposed coal pits will result in

minimal OSD.

HWM and Auger Mining Reserves:

The mining plan assumes that the HWM cutting height is a

minimum of 76 to 99 centimeters for clearance purposes.

When the coal seam is less than 76 to 99

centimeters thick, OSD assumed and included in the ROM product.

Because the auger has very

limited OSD cutting ability, it is assumed that an appropriate auger diameter will be chosen based on

the coal seam thickness and that OSD will be minimal.

The mining recovery factors used.

Underground Mining Reserves:

Mine recovery generally varies between 40 and 60 percent for

continuous mining panels, and 100 percent for longwall.

Surface Mining Reserves:

Mining recovery is 90 percent for virgin areas.

Mining recovery is reduced

where second mining is projected in previously underground and auger mined areas.

HWM and Auger Mining Reserves:

A mine recovery of 40 percent has been applied for HWM.

mine recovery of 35 percent has been applied for auger mining.

Any minimum mining widths used.

Underground Mining Reserves:

Typical entry width is 5.8 to 6.1 meters.

The manner in which Inferred Mineral Resources are utilised in mining studies and the

sensitivity of the outcome to their inclusion.

Proved and probable coal reserve were derived from the defined in-situ coal resource considering

relevant processing, economic (including independent estimates of capital, revenue and cost,

marketing, legal, environmental, socioeconomic, and regulatory factors).

Mine plan LOM tonnage includes inferred coal and those areas that do not meet the minimum coal

thickness requirement for classification as reserve.

Inferred coal represents approximately 0.6% of

the LOM production for Mon Valley and 0.000001% of the total LOM production for Logan.

None of

this coal was included in the estimate of reserves.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

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Criteria

JORC Code explanation

Commentary

The infrastructure requirements of the selected mining methods.

Underground Mining Resources:

The continuous mining method provides for the extraction of coal

from the production faces using continuous miners (and longwall shearing machine at Buchanan)

and haulage using shuttle cars or battery haulers to a feeder-breaker located at the tail of the

section conveyor belt.

The feeder-breaker crushes large pieces of coal and rock and regulates coal

feed onto the mine conveyor.

A chain conveyor is used to remove coal from the longwall face at the

Buchanan Mine for placement onto the conveyor belt which is ultimately delivered to an

underground storage bunker.

Roof-bolting machines are used to install roof bolts, and battery

scoops are available to clean the mine entries and assist in delivery of mine supplies to work areas.

Surface ventilation fans are installed as needed to provide a sufficient volume of air to ventilate

production sections, coal haulage and transport entries, battery charging stations, and transformers

in accordance with approved plans.

Coronado currently operates three coal preparation plants, one each at the Buchanan, Logan County

and Greenbrier Divisions.

The Buchanan Plant operates at a feed rate of approximately 907 raw

tonnes per hour (

tph

), whereas the Saunders Plant (Logan County Division) has a nominal feed rate

of 816 tph, and the Mountaineer Plant (Greenbrier Division) operates at 544 tph.

MM&A has

included capital estimates for construction of additional coal preparation plants at the Russell

County and Mon Valley Complex for the purposes of this TRS.

Surface Mining Resources: The surface mining mobile equipment spreads advance the contour and

area mining pits while systematically reclaiming the trailing side of pits where coal has been

removed.

The coal haul roads are extended and maintained as the pits advance.

Support facilities

are maintained nearby but away from the active mining, and include storage areas for blasting

agents, fuel and lubricants, and mine supplies along with maintenance facilities and offices.

Most of

the surface mine production is transported to a loading point for crushing, blending and direct-

shipment to customers.

HWM and Auger Resources: The HWM equipment advances along with the contour mining pits.

The

rate of advance of the contour mining is governed by the advancement rate of the HWM.

A diesel-

powered generator trails the highwall miner and powers the continuous mining unit.

Other support

facilities are provided along with the contour mining support facilities.

HWM production is all

transported by truck to the coal preparation plant for washing.

Metallurgical factors

or assumptions

The metallurgical process proposed and the appropriateness of that process to the style of

mineralisation.

Coarse material is washed in a heavy medium vessel.

Intermediate-size material is washed in heavy

medium cyclones.

Fine material is washed using conventional froth flotation cells.

Whether the metallurgical process is well-tested technology or novel in nature.

Processes are typical of those used in the coal industry and are in use at adjacent coal processing

plants.

The nature, amount and representativeness of metallurgical test work undertaken, the nature

of the metallurgical domaining applied and the corresponding metallurgical recovery factors

applied.

The quality characteristics for the subject coal resources and coal reserves have been reviewed in

detail by MM&A.

The drill hole data were utilized to develop average coal quality characteristics

mining site.

These average coal quality characteristics were then utilized as the basis for

determining the various markets into which the saleable coal will likely be placed.

Any assumptions or allowances made for deleterious elements.

No significant effects on product quality are anticipated from dilution material; float product quality

was used to model final product quality.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

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Criteria

JORC Code explanation

Commentary

The existence of any bulk sample or pilot scale test work and the degree to which such

samples are considered representative of the orebody as a whole

No bulk sample or pilot scale work has been completed.

For minerals that are defined by a specification, has the ore reserve estimation been based on

the appropriate mineralogy to meet specifications?

Notwithstanding the complexity of the coal quality data set, the seams of the central and northern

Appalachian coalfields have a long history of providing both high-Btu thermal coals and high-, mid-

and low-volatile coking coals with favorable metallurgical properties.

Environmental

The status of studies of potential environmental impacts of the mining and processing

operation. Details of waste rock characterisation and the consideration of potential sites,

status of design options considered and, where applicable, the status of approvals for process

residue storage and waste dumps should be reported.

MM&A completed a Limited Phase I Environmental Site Assessment (

ESA

) on the Buchanan property

in April 2016, and on the Logan County and Greenbrier Properties in May 2017 on behalf of

Coronado.

MM&A identified one REC at Greenbrier associated with stained soil and gravel near a fueling and

maintenance area.

Coronado reported to MM&A that satisfactory clean-up efforts were completed

at Greenbrier.

Based on these former ESAs completed by MM&A, it is MM&A’s opinion that Coronado has a

generally typical coal industry record of compliance with applicable mining, water quality, and

environmental laws.

Estimated costs for mine closure, including water quality monitoring during

site reclamation, are included in the TRS financial models.

Infrastructure

The existence of appropriate infrastructure:

availability of land for plant

development, power,

water, transportation

(particularly for bulk commodities), labour, accommodation; or the ease

with which the infrastructure can be provided or accessed.

Coronado currently operates one surface mine (Toney Fork Mine at the Logan Mine Complex);

Coronado also controls the idle Midland Surface Mine at the Greenbrier Mine Complex.

Coronado operates five underground mines as follows:

Buchanan Mine at the Buchanan Mine

Complex; Winifrede, Eagle No. 1, Muddy Bridge and Lower War Eagle Mines in the Logan Mine

Complex; the Mountaineer #1 Mine at the Greenbrier Mine Complex is currently idle.

All ROM production is currently planned for either truck transportation from the mines to the

processing or shipping facilities, or in some cases there is either a current or planned mine mouth

preparation plant and barge/rail loading facility.

There is a network of public highways that provide serviceable coal haul routes and private, internal

roads on the Properties would be developed as may be needed.

Rail service to the Properties is

most readily provided by NS and CSX

with connections to both domestic consumers and

international trans-shipment points.

NS track is located across the Monongahela River from the

proposed Pangburn Hollow load-out facility.

Coal would be shipped to customers via barge and rail

and sold as both metallurgical and thermal products.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

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Criteria

JORC Code explanation

Commentary

Costs

The derivation of, or assumptions made, regarding projected capital costs in the study.

The methodology used to estimate operating costs.

Coronado provided historical and 5-year budget operating costs for its active mines for MM&A’s

review.

MM&A used the historical and/or budget cost information as a reference and developed

personnel schedules for each mine.

Hourly labor rates and salaries were based upon information

contained in Coronado’s financial summaries.

Fringe benefit costs were developed for vacation and

holidays, federal and state unemployment insurance, retirement, workers’ compensation and

pneumoconiosis, casualty and life insurance, healthcare and bonuses.

A cost factor for mine

supplies was developed that relates expenditures to mine advance rates for roof control costs and

other mine supply costs at underground mines.

Other factors were developed for maintenance and

repair costs, rentals, mine power, outside services and other direct mining costs.

Surface mine direct operating costs were developed as a function of overburden ratio for repair and

maintenance supplies, diesel fuel, explosives and blasting, and miscellaneous supplies

and services.

Operating costs for highwall mines are based on costs per ROM tonne estimates.

Other cost factors

were developed for coal preparation plant processing, refuse handling, coal loading, trucking,

property taxes, and insurance and bonding.

Appropriate royalty rates were assigned for production

from leased coal lands and sales taxes were calculated for state severance taxes,

the federal black

lung excise tax, and federal and state reclamation fees.

Capital schedules were developed by MM&A for mine development, infrastructure, and on-going

capital requirements for the life of each projected mine.

Staffing levels were prepared and operating costs estimated by MM&A for each projected mine.

MM&A utilized historical cost data provided by Coronado and its own knowledge and experience to

estimate direct and indirect operating costs.

Allowances made for the content of deleterious elements.

No allowances have been made for deleterious elements; no impact to quality from deleterious

elements is anticipated.

The derivation of assumptions made of metal or commodity price(s), for the principal minerals

and co- products.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market observed forward estimates based on global economic supply and demand analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house knowledge of applicable rail transportation charges, ocean freight charges and port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US nominal dollars per metric tonne.

MM&A utilized this data for price

forecasting in financial modeling.

Derivation of transportation charges.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market observed forward estimates based on global economic supply and demand analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house knowledge of applicable rail transportation charges, ocean freight charges and port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US nominal dollars per metric tonne.

MM&A utilized this data for price

forecasting in financial modeling.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

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SSOCIATES

Criteria

JORC Code explanation

Commentary

The basis for forecasting or source of treatment and refining charges, penalties for failure to

meet specification, etc.

MM&A utilized historical cost data provided by Coronado and its own knowledge and experience to

estimate direct and indirect operating costs.

All ROM production is currently planned for either

truck transportation from the mines to the processing or shipping facilities, or in some cases there is

either a current or planned mine mouth preparation plant and barge/rail loading facility.

The allowances made for royalties payable, both Government and private.

Appropriate royalty rates were assigned for production from leased coal lands and sales taxes were

calculated for state severance taxes, the federal

black lung excise tax, and federal and state

reclamation fees.

Revenue factors

The derivation of, or assumptions made regarding revenue factors including head grade, metal

or commodity price(s) exchange rates, transportation and treatment charges, penalties, net

smelter returns, etc.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market observed forward estimates based on global economic supply and demand analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house knowledge of applicable rail transportation charges, ocean freight charges and port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US nominal dollars per metric tonne.

MM&A utilized this data for price

forecasting in financial modeling.

The derivation of assumptions made of metal or commodity price(s), for the principal metals,

minerals and co-products.

Coal sales prices as defined above.

All reported reserves are on a marketable basis.

Market assessment

The demand, supply and stock situation for the particular commodity, consumption trends and

factors likely to affect supply and demand into the future.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market observed forward estimates based on global economic supply and demand analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house knowledge of applicable rail transportation charges, ocean freight charges and port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US nominal dollars per metric tonne.

MM&A utilized this data for price

forecasting in financial modeling.

A customer and competitor analysis along with the identification of likely market windows for

the product.

All of the mine production serves metallurgical and thermal markets.

The metallurgical coal is

marketed as high-volatile (typically 28 percent or greater volatile matter content); mid-volatile

(typically 23- to 27-percent volatile matter content) and low-volatile (typically less than 23 percent

volatile matter content) products.

Raw ROM production that requires washing is currently processed through Coronado owned and

operated coal preparation plants.

ROM coal that does not require further processing is delivered directly to the loading points for

sizing and delivery to customers.

Coronado has access to two rail-loading points serviced by the

Norfolk Southern Corporation (

)

and two rail-loading points serviced by

CSX Corporation (

CSX

)

Price and volume forecasts and the basis for these forecasts.

Carlson Mining

was used by MM&A to generate mine plans for underground-

and surface-mineable

coal seams.

Underground mine plans were sequenced based on productivity schedules provided by

Coronado, which were based on historically achieved productivity levels.

Surface mine plans were

generated under productivity assumptions (bank cubic yard per shift) as provided by Coronado and

reviewed by MM&A, again based heavily on productivity levels achieved by Coronado.

All

production forecasting ties assumed production rates to geological models as constructed

independently by MM&A’s team of geologists and mining engineers.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

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SSOCIATES

Criteria

JORC Code explanation

Commentary

from market observed forward estimates based on global economic supply and demand analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house knowledge of applicable rail transportation charges, ocean freight charges and port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US nominal dollars per metric tonne.

MM&A utilized this data for price

forecasting in financial modeling.

Economic

The inputs to the economic analysis to produce the net present value (NPV) in the study, the

source and confidence of these economic inputs including estimated inflation, discount rate,

etc.

On an unlevered basis, the NPV of the project cash flows after taxes was estimated for the purpose

of classifying coal reserves.

The project cash flows, excluding debt service, are calculated by

subtracting direct and indirect operating expenses and capital expenditures from revenue.

Direct

costs include labor, drilling and blasting, operating supplies, maintenance and repairs, facilities costs

for materials handling, coal preparation, refuse disposal, coal loading, sampling and analysis

services, reclamation and general and administrative costs.

Indirect costs include statutory and

legally agreed upon fees related to direct extraction of the mineral.

The indirect costs are the

Federal black lung tax, Federal and State reclamation taxes, property taxes,

local transportation

prior to delivery at rail or barge loading sites, coal production royalties, sales and use taxes, income

taxes and State severance taxes. Coronado’s

historical costs provided a useful reference for MM&A’s

cost estimates.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market observed forward estimates based on global economic supply and demand analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house knowledge of applicable rail transportation charges, ocean freight charges and port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US nominal dollars per metric tonne.

MM&A utilized this data for price

forecasting in financial modeling.

All costs and prices are based on 2022 nominal United States dollars.

A pre-feasibility LOM plan was prepared by MM&A for active and proposed mines.

MM&A prepared

mine projections and production timing forecasts based on coal seam characteristics.

Production

timing was carried out from 2023 to depletion (exhaustion) of the coal reserve areas, which is

projected for the year 2100.

The all-mines average cash cost ranges between approximately $65 and $317 per tonne for most of

the operating period.

NPV ranges and sensitivity to variations in the significant assumptions and inputs.

An estimate of NPV at a base discount rate of 10.0% was included in Section 19 of the TRS.

NPV of the Buchanan, Russell, Mon Valley, Logan and Greenbrier Properties was estimated to be

$1.562 billion, $92.2 million, $168.3 million, $366.6 million

and $62.7 million, respectively.

The sensitivity study shows the NPV at the 10.0% discount rate when Base Case sales prices,

operating costs, and capital costs are increased and decreased in increments of 5% within a +/- 15%

range.

Social

The status of agreements with key stakeholders and matters leading to social license to

operate.

Portions of the properties are located near local communities.

Regulations prohibit mining activities

within 91 meters of a residential dwelling, school, church, or similar structure unless written consent

is first obtained from the owner of the structure.

Where required, such consents have been

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

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Criteria

JORC Code explanation

Commentary

obtained where mining is proposed beyond the regulatory limits.

Other

To the extent relevant, the impact of the following on the project and/or on the estimation and classification of

the Ore Reserves:

Any identified material naturally occurring risks.

No material naturally occurring risks have been identified.

The status of material legal agreements and marketing arrangements.

The Coronado coal resources are located in Buchanan, Russell and Tazewell Counties, Virginia;

Greenbrier, Logan, Boone, Wyoming and Greenbrier Counties, West Virginia; Allegheny,

Washington

and Westmoreland Counties, Pennsylvania.

MM&A has not carried out separate title verification for the coal properties and has not verified

leases, deeds, surveys or other property control instruments pertinent to the subject resources.

Coronado has represented to MM&A that it controls the mining rights to the reserves as shown on

its property maps, and MM&A has accepted these as being a true and accurate depiction of the

mineral rights controlled by Coronado.

The TRS assumes the properties are developed under

responsible and experienced management.

The status of government agreements and approvals critical to the viability of the project,

such as mineral tenement status and government and statutory approvals. There must be

reasonable grounds to expect that all necessary Government approvals will be received within

the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the

materiality of any unresolved matter that is dependent on a third part on which extraction of

the reserve is contingent.

Coronado has obtained all mining and discharge permits to operate 34 underground mines, 13

surface mines, and 18 processing, loadout or related facilities.

MM&A is unaware of any obvious or

current Coronado permitting issues that are expected to prevent the issuance of future permits.

Coronado, along with all Central and Northern Appalachian basin coal producers, is subject to a level

of uncertainty regarding future clean water permits due to

United States Environmental Protection

Agency

(

EPA

)

involvement with state programs.

Classification

The basis for the classification of the Ore Reserves into varying confidence categories.

Whether the result appropriately reflects the Competent Person’s view of the deposit. The

proportion of Probable Ore Reserves that have been derived from Measured Mineral

Resources (if any).

Measured and indicated resources have been converted to proved and probable reserves,

respectively.

None of the probable coal reserves have been derived from measured resources.

In a limited number of cases where there was only very limited data available to demonstrate the

metallurgical suitability of a given coal deposit, that deposit was classified as a probable reserve

instead of a proved reserve.

The results of this TRS define an estimated total initial ROM recoverable ore (coal) reserve estimate

of 551 million tonnes for Coronado as follows:

Buchanan =

154 Mt

Logan

138 Mt

Greenbrier=

12 Mt

Russell =

50 Mt

Mon Valley =

197 Mt

Coronado controls a total of 334 Mt (moist basis) of marketable coal reserves for Coronado as of

December 31, 2022 (total may not add due to rounding).

Of that total, 74 percent are proved, and

26 percent are probable.

Total reserves by complex are as follows:

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Buchanan =

93 Mt

Logan

71 Mt

Greenbrier=

7 Mt

Russell =

30 Mt

Mon Valley =

134 Mt

Audits or reviews

The results of any audits or reviews of Ore Reserve estimates.

MM&A completed prepared a statement of coal resources and reserves for the Properties in

accordance with the JORC Code as of December 31, 2017.

MM&A also subsequently updated the

estimate of resources and reserves for depletion as of December 31, 2018, December 31, 2019,

December 31, 2020 and December 31, 2021.

MM&A performed a previous audit of the Properties in year 2017 for Coronado based on

U.S.

Securities and Exchange Commission (

SEC

)

Industry Guide 7 standards.

Earlier audits were

performed by various independent consultants for predecessors-in-title to Coronado and at various

levels of detail depending on the clients concerns and the allotted time for completion.

audits and reviews defined the primary coal resource areas and estimated the recoverable tonnes

for each seam based on the expected mining methods.

Additionally, MM&A has performed proprietary evaluations for predecessors-in-title to Coronado,

which encompass portions of the Properties included in this TRS.

Discussion of relative

accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Ore

Reserve estimate using an approach or procedure deemed appropriate by the Competent

Person. For example, the application of statistical or geostatistical procedures to quantify the

relative accuracy of the reserve within stated confidence limits, or, if such an approach is not

deemed appropriate, a qualitative discussion of the factors which could affect the relative

accuracy and confidence of the estimate.

Operations on the Properties by Coronado and its predecessors have been on-going for many years.

MM&A is confident that the mine plans and financial models are reasonably representative to

provide an accurate estimation of coal reserves.

Mine development and operation have not been optimized within the TRS.

The statement should specify whether it relates to global or local estimates, and, if local, state

the relevant tonnages, which should be relevant to technical and economic evaluation.

Documentation should include assumptions made and the procedures used.

Proved and probable coal reserve were derived from the defined in-situ coal resource considering

relevant processing, economic (including independent estimates of capital, revenue and cost),

marketing, legal, environmental, socioeconomic, and regulatory factors on a global scale as current

local data reflects the global assumptions.

Accuracy and confidence discussions should extend to specific discussions of any applied

Modifying Factors that may have a material impact on Ore Reserve viability, or for which there

are remaining areas of uncertainty at the current study stage.

The major risk factors for the active Coronado mines and future resource development are summarized below:

Mine Accidents

Highwall Failure.

Highwall failures are likely to result in a temporary mine closure and should not

have a material impact on the mine sustainability.

The risk is considered to be probable.

Adverse Geological Conditions.

Adverse geological conditions include such conditions as faults and

sandstone washouts.

The risk is considered to be probable.

The impact is expected to be temporary

with little material impact on mine sustainability.

Environmental Risk.

Numerous federal and state permits are required to operate coal mines and

mine surface facilities. Permitting rules are complex and may change over time, making compliance

difficult or impossible.

Water Quality.

Permit requirements to fulfill Clean Water Act obligations are subject to

modification.

The probability of water quality changes having a material impact on mine operations

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

is possible.

As a contemporary example, the selenium discharge issue that affects western Canadian

and Central Appalachian Basin operators has only recently emerged as a concern and its ultimate

impact has not been determined.

New Permits.

Permit protests by environmental groups and individuals can contribute to permit

delays or denial and increase the cost of permitting and delay development.

Surface mining

activities, coal refuse disposal and construction of access roads in mountainous terrain often require

storage of material in valley fills.

Authority to dispose of fill material into waters of the United

States must be granted by the

United States Army Corps of Engineers (

COE

)

COE permits are

increasingly difficult to obtain.

Regulatory Requirements.

Adverse impact from regulatory changes is considered to be probable.

The impact will likely affect the broader industry and is not expected to result in mine closure.

Market Risk.

Metallurgical and thermal coal markets ultimately depend upon the global steel and

thermal coal demand and are considered to be volatile.

Currently, the US coal market has seen a

decline in demand for thermal coal due to thermal plant closures, as a result of new air and water

pollution regulations, and competition from other commodities used for power generation such as

natural gas.

This has resulted in an overall decline in CAPP coal production.

Continued regulatory

changes and declining demand could result in material changes in domestic and global coal markets.

The impact cannot be predicted at this time; however, while MM&A expects the coal reserve within

this TRS to remain economically viable throughout the life of the projected mines, the LOM financial

model is very sensitive to changes in coal sales price and therefore market risk is not insignificant.

Labor Risk.

Work stoppage due to organized labor protests is considered to be unlikely and not

likely to lead to permanent mine closure.

The mines are likely to suffer the loss of key supervisors

and skilled employees due to retirement as the workforce ages.

The problem is industry-wide and

the impact is expected to be temporary and have no sustained impact on coal production.

Availability of Equipment and Supplies.

Risk of equipment and supply availability is likely to be

temporary and should not have a sustained adverse impact on the production of coal.

Transportation Delay.

Interruption of coal transport services by river or rail is considered to be

probable but unlikely to have a sustained impact on coal production.

It is recognised that this may not be possible or appropriate in all circumstances. These

statements of relative accuracy and confidence of the estimate should be compared with

production data, where available.

Mine plans, productivity expectations and cost estimates generally reflect historical performance

and efforts have been made to adjust plans and costs to reflect future conditions.