ex963

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

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

Central Appalachian Coal Basin

West Virginia, USA

February 2023

Prepared for:

Coronado Global Resources Inc.

100 Bill Baker Way

Beckley, West

Virginia 25801

Prepared by:

ARSHALL

ILLER

SSOCIATES

582 Industrial Park Road

Bluefield, Virginia

24605

www.mma1.com

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Statement of Use and Preparation

This Technical Report Summary (

TRS

) was prepared by

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 to information

in this report may not be used without the written

permission of Coronado.

This report provides

a statement

of coal resources

and coal reserves

for Coronado,

as defined under

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC Code

) as

well as

under Subpart

1300 of

Regulation

S-K (Regulation

S-K 1300)

promulgated

the

United

States

Securities

and

Exchange

Commission

(

SEC

)

Subject

the

comments

below,

this

report was also prepared in accordance with the

Australasian Code for Public Reporting of Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

The statement is based

on information provided by

Coronado and reviewed by

Qualified Persons

(

QPs

)

who are full-time employees of MM&A.

As noted

above, this

report is

a “Public

Report” for

the purposes

of the

VALMIN

Code.

However,

accordance with paragraph 12.1 of the VALMIN Code, it is 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

by paragraph 7.2

of the VALMIN Code) on the basis that tenure was separately

reviewed by 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 on which

they have been reported (as

required by 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 of

preparing those

estimates.

However,

MM&A notes

that, in

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 by

the authors of

this report and

the estimates prepared were reasonable

and comply with the requirements of the JORC Code.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The information

in this TRS

related to

coal resources

and reserves

is based on,

and fairly represents,

information compiled

by the QPs.

At the

time of reporting,

MM&A’s

QPs have

sufficient experience

relevant to the style of mineralization and type of

deposit under consideration and to the activity

they

are

undertaking

to qualify

as a

QP as

defined

by Regulation

S-K 1300

and the

JORC Code.

Each

consents

the

inclusion

this

report

the

matters

based

their

information

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

Contents

Executive Summary

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

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

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

............................. 16

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

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

................................ 18

5.1

Previous Operation..................................................................................................

5.2

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

Geological Setting, Mineralization and Deposit

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

....

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

6.1

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

6.2

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

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

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

................................ 28

11.1

Assumptions, Parameters and Methodology

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

11.1.1

Geostatistical Analysis

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

11.2

Qualified Person’s

Estimates

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

11.3

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

11.3.1

Initial Economic Assessment

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

11.4

Resources Inclusive of Reserves

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

11.5

Qualified Person’s

Opinion

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

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

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

12.1

Assumptions, Parameters and Methodology

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

12.2

Mineral Reserves

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

12.2.1

Surface Reserves .......................................................................................

12.2.2

Underground Reserves .............................................................................

12.2.2.1

Upper Winifrede (No 8) Seam ..................................................

12.3

Qualified Person’s

Estimates

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

12.4

Qualified Person’s

Opinion

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

Mining Methods

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

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

13.1

Geotech and Hydrology

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

13.2

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

13.3

Mining Related Requirements ................................................................................

13.3.1

Underground

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

13.3.2

Surface Mine .............................................................................................

13.3.3

HWM .........................................................................................................

13.4

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

13.4.1

Underground Mines ..................................................................................

13.4.1.1

Powellton No. 1

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

13.4.1.2

Lower War Eagle .......................................................................

13.4.1.3

Eagle No. 1/Toney

Fork #1

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

13.4.1.4

Muddy Bridge

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

13.4.1.5

Elklick Chilton

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

13.4.1.6

Camp Branch Chilton ................................................................

13.4.1.7

Winifrede ..................................................................................

13.4.1.8

Lower Powellton .......................................................................

13.4.1.9

Upper Winifrede .......................................................................

13.4.2

Surface Mines and Highwall Miners .........................................................

13.4.2.1

Toney

Fork ................................................................................

13.4.2.2

Buffalo Creek South ..................................................................

13.4.2.3

Sugar Camp ...............................................................................

Processing and Recovery Methods ................................

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

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

14.1

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

14.2

Requirements for Energy,

Water,

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

Infrastructure

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

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

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

17.5

Mine Closure Plans

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

17.6

Qualified Person’s

Opinion

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

Capital and Operating Costs ................................

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

................................ 62

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

22.2.4.1

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

22.2.4.2

Consequence Level Table

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

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

22.2.8.1

Geological and Coal Resource

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

22.2.8.2

Environmental

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

22.2.8.3

Regulatory Requirements .........................................................

22.2.8.4

Market and Transportation

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

22.2.8.5

Mining Plan ...............................................................................

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

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

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

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

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

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

Reliance on Information Provided by the Registrant ................................

............................ 87

IGURES

(

EPORT

)

Figure 1-1:

Coronado Logan Property Location Map..............................................................................

Figure 1-2:

CAPEX

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-3:

OPEX

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

Figure 1-4:

Sensitivity of NPV

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

Figure 3-1:

Logan Property Location

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

Figure 6-1:

Coal Basins & Logan Property Location ..............................................................................

Figure 6-2:

Logan Stratigraphic Column................................................................................................

Figure 7-1:

Logan Cross-Section

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

Figure 11-1:

Histogram of the Total

Seam Thickness for the No. 2 Gas Seam Present in the Logan

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

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the No. 2 Gas Seam Present in the Logan

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

Figure 11-3: Variogram

of the Total

Seam Thickness for the No. 2 Gas Seam

Present in the Logan

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

Figure 11-4: Result of DHSA for the No. 2 Gas Seam Present in the Logan Complex ...........................

Figure 11-5:

Results of Initial Economic Assessment

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

Figure 15-1:

Logan 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 (Mt) .....................................................

Table 1-2:

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

Table 1-3:

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

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

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

Table 1-5:

Project Cash Flow Summary ($000)

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

Table 2-1:

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

Table 11-1:

General Reserve & 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 (Mt) .................................................

Table 11-4:

Results of Initial Economic Assessment

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

Table 12-1:

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

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

Table 12-2:

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

Table 13-1:

Underground Summary of Production by Year

(000)

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

Table 13-2:

Surface Summary of Production by Year

(000)

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

Table 13-3:

Highwall Summary of Production by Year

(000)

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

Table

16-1:

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

Table 17-1:

Logan Mining Permits ........................................................................................................

Table 18-1:

Estimated Coal Production Taxes

and Sales Costs

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

Table 18-2:

Logan Operating Costs .......................................................................................................

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

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

Table 19-2:

Summary of Logan 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 .........................................................................................................................

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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) .....................................................................................

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:

Highwall Failure (Risk 10)

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

Table 22-13:

Availability of Supplies and Equipment (Risk 11)

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

Table 22-14:

Labor – Work Stoppage (Risk 12)

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

Table 22-15:

Labor – Retirement (Risk 13) ...........................................................................................

Table 25-1:

Information from Registrant

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

Appendices

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

MM&A Qualifications

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

Maps

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

Glossary of Terms

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

Initial Economic Assessment for Resources Exclusive

of Reserves

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

JORC Table

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado Global Resources

Inc. (

Coronado

)

authorized Marshall Miller

& Associates, Inc.

(

MM&A

)

to prepare this

Technical Report Summary (TRS) of

its controlled coal

resources and reserves

located

at the

Logan County

Complex (

Logan

)

in Boone, Logan

and Wyoming

Counties, West

Virginia (the

Property

An updated

TRS was

prepared in

February 2023

due to

material differences

in the

key

financial modifying factors including coal

sales price assumptions, operating costs and

capital costs

from

December

31,

2021

December

31,

2022.

Coal

sales

price

assumptions

are

discussed

Sections 12

and 16

of the TRS,

while operating

costs and

capital costs

are discussed in

Sections 18

and

the

TRS.

The

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado,

as defined

under the

Australasian Code

for Reporting

of 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

of Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

Coal

resources

and

coal

reserves

are

herein

reported

metric

units

measurement

and

are

rounded to millions of metric tonnes (

Surface facilities for the operations are located along Buffalo Creek

and a

CSX Corporation (

CSX

)

rail

line about

21 kilometers

north-northeast

of Man,

West

Virginia

(see

Figure 1-1

The Property

composed

13,183

total

hectares,

13,114

which

are

leased

from

private

landholders

under

approximately 15

individual leases, and 69 hectares are

owned by Coronado.

Subject to Coronado

exercising

its renewal

rights thereunder,

a majority of

the leases, covering

a majority of

the Logan

reserves, expire upon exhaustion

of the relevant coal

reserves, which is expected to

occur in 2056.

One

lease

expires

2032;

however,

Coronado

projected

have

previously

exhausted

the

reserves covered thereby.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Coronado Logan Property Location Map

1.2

Ownership

The Logan properties started mining in 1945 by

Lorado Mining Company

The properties

were sold

Buffalo Mining Company

in 1964 and then

Pittston Coal Company (

Pittston

)

in 1971.

Pittston

operated the properties until the early

1990’s when it idled the mine

complex and then in

2004 sold

them to

Addington Resources

Production resumed

in 2005.

Imagin Natural

Resources

acquired

the properties in 2007 and

then sold them to

Cleveland-Cliffs Inc. (

Cliffs

)

in 2011, which in

turn sold

the properties to Coronado in 2014.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.3

Geology

The

coal-bearing

formation

interest

Logan

primarily

the

Kanawha

Formation

Lower

Pennsylvanian

System,

which

comprises

major

portion

the

exposed

ridges.

The

Kanawha

Formation is

a coal bearing

sequence of sandstones,

siltstones, shales,

and mudstones with

minor

occurrences of siderite, limestone and flint clay.

Coronado

mines

several

horizons

within

the

Kanawha

formation.

The

horizons

are

follows:

Buffalo Creek, Upper Clarion

Rider,

Clarion, Lower Clarion, Upper Stockton, Lower

Stockton, Upper

Coalburg, Lower

Dorothy,

Upper Winifrede,

Lower Winifrede,

Chilton-A, Chilton,

Upper

Cedar

Grove,

Middle

Cedar

Grove,

Lower

Cedar

Grove,

Gas,

Upper

Powellton,

Lower

Powellton,

Eagle,

and Lower

War

Eagle.

Operations

at the

Logan

Mine Complex

extract

multiple

coal seams by both underground and surface mining methods.

1.4

Exploration Status

The Property has been extensively explored, largely by drilling with continuous coring methods and

rotary

drilling,

often

supported

downhole

geophysical

methods.

addition

exploration

means, coal

measurements from

mine exposures

have supplemented

the database.

The majority

of the data was acquired or

generated by previous owners of the Property.

These sources comprise

the primary

data

used in

the evaluation

of the

coal

resources

and coal

reserves

on the

Property.

MM&A examined

the data

available for

the evaluation

and incorporated

all pertinent

information

into this TRS.

Where data were anomalous or not

representative, that data was not honored within

the digital databases and for subsequent processing by MM&A.

Ongoing

exploration

has

been

carried

out

Coronado

since

acquiring

the

Logan

Complex.

The

Coronado acquired exploration data

has been consistent with past drilling activities.

1.5

Operations and Development

As of December 31, 2022, underground mine operations were active at the Lower War Eagle,

Eagle

No. 1

and Muddy Bridge

Mines with three,

three or

two active

mining sections, respectively

using

the

room-and-pillar

method.

addition,

Coronado

operates

single

active

underground

room-

and-pillar

section

the

North

Fork

Winifrede

Mine.

Annual

deep

mine

production

peaks

approximately

2.3 Mt

in 2028.

One active

surface mine,

Toney

Fork, was

also operating.

Surface

production is

projected to

peak at

0.6 Mt

in 2028.

Highwall miner

production is

also projected

resume

in 2023

with a

peak in

2028 at

0.44 Mt.

Overall

production will

continue until

2056 with

peak production occurring in 2028 at 3.3 Mt.

The Logan

County Complex includes

the Saunders

Preparation Plant

in addition to

the mines.

The

plant site includes raw coal storage, clean coal storage, a railroad loadout, and refuse disposal area.

The plant has a feed rate capacity

of 1,088 raw tonnes per hour.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.6

Mineral Resource

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented below.

A coal resource estimate, summarized

Table 1-1

, was prepared as

of December

31, 2022, for property controlled by Coronado.

Table 1-1:

Coal Resources Summary as of December 31, 2022 (Mt)

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

127.2

40.0

0.0

167.2

1.0

Exclusive of Reserves

45.2

37.0

3.4

85.6

Total 12/31/2022

172.5

77.0

3.4

252.8

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 has 82.2 Mt of dry, in-place measured and indicated resource tonnes 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

a reasonable Preliminary

Feasibility Study, a 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

bring the

Reserve estimate forward

to December 31, 2022.

Factors

that would

typically preclude

conversion

of a

coal resource

to coal

reserve, which

include

the following:

inferred resource

classification; absence

of coal quality;

poor mine recovery;

lack of

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

run-of-mine

(

ROM

)

basis in

Table 1-2.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-2:

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

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Logan Mine Complex

101.4

36.7

138.1

37.3

100.8

0.0

138.1

0.9

Proven and

probable coal

reserve 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 on the Property are summarized below in

Table 1-3.

Table 1-3:

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

Demonstrated Coal Reserves (Wet Tons,

Washed or Direct Shipped, MT)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Logan County Complex

53.3

17.4

70.6

32.5

38.1

0.0

70.6

0.9

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 between 4.5 and 6-percent, depending upon mining method.

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.

In summary, Coronado controls a total of 70.6

Mt (moist basis) of

marketable coal reserves at Logan

as of

December 31,

2022.

Of that

total, 75

percent

are proven,

and 25

percent

are probable.

All

70.6

are

leased

coal

reserves

and

are

assigned.

Approximately

61.6

reserves

are

considered suitable

for the

metallurgical coal

market and

9.0 Mt are

projected to

be sold into

the

thermal coal market.

1.8

Capital Summary

Coronado provided MM&A with an inventory of operating equipment available

at Logan.

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 to the

useful

life of

such equipment.

A summary of

the estimated

capital for

the Property

is provided

Figure

1-2

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

1.9

Operating Costs

Coronado

provided

historical

and

preliminary

5-year

projections

operating

costs

for

its

active

mines

for

MM&A’s

review.

MM&A

used

the

historical

and/or

budget

cost

information

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.

For

the

underground

operations,

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.

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.

Operating

costs

factors

were

also

developed

for

the

coal

preparation

plant

processing,

refuse

handling, coal loading, property taxes, and insurance and bonding.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

Figure 1-3:

OPEX

1.10

Economic Evaluation

The pre-feasibility financial

model prepared for

this TRS

was developed to

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

annual

basis

nominal

dollars

assuming a 2% inflation rate based

on 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

cost

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 Logan.

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Deep Mines

Camp Br Chilton

1,607

$21,157

$13.16

$51,064

$31.77

Eagle No. 1 (Toney

Fork)

11,806

$18,727

$1.59

$220,119

$18.65

Elk Lick Chilton

3,809

$76,902

$20.19

$146,959

$38.58

Lower Powellton

5,095

$112,692

$22.12

$224,168

$44.00

Lower War Eagle

6,544

$102,095

$15.60

$227,269

$34.73

Powellton No. 1

3,629

$52,199

$14.38

$122,643

$33.80

Muddy Br No.2 Gas

3,647

$166,946

$45.77

$212,139

$58.16

Upper Winifrede

1,794

$61,150

$34.09

$95,271

$53.12

Winifrede (Chilton Rider)

219

$9,021

$41.19

$12,795

$58.42

Consolidated Deep Mines

38,150

$620,890

$16.27

$1,312,426

$34.40

Surface Mines

Toney Fork Surf

6,338

$106,288

$16.77

$245,407

$38.72

Buffalo Cr South Area

7,990

$27,941

$3.50

$203,185

$25.43

Sugar Camp Area 1

4,911

$(100,944)

$(20.55)

$48,015

$9.78

Surface Mines Consolidated

19,239

$33,285

$1.73

$496,606

$25.81

HWM Operations

Toney Fork HWM

4,919

$330,409

$67.17

$361,920

$73.57

Buffalo Cr South HWM

7,004

$434,033

$61.97

$474,395

$67.73

Sugar Camp HWM

1,314

$82,843

$63.05

$91,260

$69.45

HWM Consolidated

13,237

$847,285

$64.01

$927,575

$70.07

Grand Total

70,626

$1,501,460

$21.26

$2,736,607

$38.75

* The Financial model includes 0.001 million tonnes of inferred coal production.

Inferred coal represents

0.000001% of the total production, and none of this coal was included in the estimate of reserves.

shown

Table

1-4,

the

Logan

operations

show

positive

EBITDA

over

the

LOM.

Overall,

the

Coronado consolidated operations show positive LOM P&L and

LOM EBITDA of $1.5 billion

and $2.7

billion, respectively.

Coronado’s consolidated

Logan cash flow summary in nominal dollars assuming a 2% inflation rate,

excluding debt service, is shown in

Table 1-5

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-5:

Project Cash Flow Summary ($000)

YE12/31

Total

2023

2024

2025

2026

2027

Production & Sales tonnes

70,626

2,215

2,444

2,730

2,614

2,524

Total Revenue

$11,449,478

$403,255

$343,593

$366,750

$356,408

$349,974

EBITDA

$2,736,607

$154,435

$79,831

$67,982

$64,942

$48,930

Net Income

$1,271,269

$93,455

$33,975

$22,180

$21,044

$7,422

Net Cash Provided by Operating Activities

$2,455,780

$98,886

$84,666

$64,481

$60,927

$49,298

Purchases of Property, Plant, and

Equipment

$(1,212,814)

$(64,541)

$(46,249)

$(35,126)

$(24,721)

$(19,540)

Net Cash Flow

$1,242,966

$34,345

$38,417

$29,354

$36,206

$29,758

YE12/31

2028

2029

2030

2031

2032

2033

Production & Sales tonnes

3,315

3,138

3,052

2,987

2,862

2,833

Total Revenue

$469,730

$441,352

$437,982

$436,621

$425,513

$428,277

EBITDA

$134,632

$96,812

$86,647

$88,298

$85,099

$81,695

Net Income

$76,870

$40,290

$35,152

$37,612

$33,266

$22,374

Net Cash Provided by Operating Activities

$102,420

$94,319

$82,136

$80,835

$79,110

$77,163

Purchases of Property, Plant, and

Equipment

$(54,676)

$(76,748)

$(30,875)

$(25,919)

$(58,356)

$(77,043)

Net Cash Flow

$47,743

$17,571

$51,261

$54,916

$20,754

$119

YE12/31

2034

2035

2036

2037

2038

2039

Production & Sales tonnes

2,872

2,714

2,739

2,785

2,969

2,783

Total Revenue

$445,485

$422,500

$431,983

$440,845

$480,253

$458,789

EBITDA

$108,745

$74,857

$97,015

$103,374

$125,905

$107,907

Net Income

$53,277

$22,619

$43,055

$45,843

$62,109

$46,564

Net Cash Provided by Operating Activities

$92,575

$73,923

$84,785

$93,567

$110,105

$102,650

Purchases of Property, Plant, and

Equipment

$(60,090)

$(30,525)

$(49,809)

$(65,949)

$(56,676)

$(42,223)

Net Cash Flow

$32,485

$43,398

$34,975

$27,618

$53,429

$60,427

YE12/31

2040

2041

2042

2043

2044

2045

Production & Sales tonnes

2,733

2,519

2,100

2,214

1,611

1,476

Total Revenue

$459,598

$431,586

$365,532

$393,908

$289,596

$269,978

EBITDA

$104,671

$94,788

$81,444

$105,980

$58,696

$83,754

Net Income

$47,235

$41,064

$39,833

$60,889

$23,010

$51,731

Net Cash Provided by Operating Activities

$96,543

$88,891

$75,724

$90,314

$63,837

$71,484

Purchases of Property, Plant, and

Equipment

$(29,343)

$(33,901)

$(27,895)

$(23,194)

$(29,298)

$(22,073)

Net Cash Flow

$67,200

$54,990

$47,828

$67,120

$34,540

$49,411

YE12/31

2046

2047

2048

2049

2050

2051

Production & Sales tonnes

1,057

1,053

1,057

1,061

Total Revenue

$194,175

$198,147

$201,437

$205,554

$210,544

$215,652

EBITDA

$52,251

$53,459

$54,370

$59,571

$58,316

$59,618

Net Income

$28,842

$28,388

$27,184

$31,758

$28,651

$30,020

Net Cash Provided by Operating Activities

$52,854

$48,225

$49,193

$53,061

$49,045

$52,351

Purchases of Property, Plant, and

Equipment

$(18,702)

$(21,272)

$(25,945)

$(30,072)

$(22,359)

$(22,221)

Net Cash Flow

$34,152

$26,953

$23,248

$22,990

$26,686

$30,131

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2052

2053

2054

2055

2056

2057

Production & Sales tonnes

1,057

1,049

1,037

677

242

Total Revenue

$219,229

$222,017

$223,966

$151,873

$57,377

EBITDA

$71,599

$60,514

$60,792

$48,780

$20,900

Net Income

$45,345

$29,161

$30,508

$22,011

$9,180

$(339)

Net Cash Provided by Operating Activities

$60,653

$56,148

$54,570

$47,692

$20,671

$(3,597)

Purchases of Property, Plant, and

Equipment

$(24,540)

$(27,137)

$(12,933)

$(11,318)

$(11,544)

Net Cash Flow

$36,113

$29,011

$41,637

$36,374

$9,127

$(3,597)

YE12/31

2058

2059

2060

2061

2062

2063

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(174)

$(89)

$(46)

$(0)

Net Cash Provided by Operating Activities

$(1,835)

$(936)

$(954)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$(1,835)

$(936)

$(954)

* The Financial model includes 0.001 million tonnes of inferred coal production.

Inferred coal represents 0.000001% of the total

production, and none of this coal was included in the estimate of reserves.

Consolidated cash flows are driven

by annual sales

tonnage, which at steady-state level ranges from

a peak of 3.3 million

tonnes in 2028 to

a low of 1.0 million tonnes

in 2054.

Projected consolidated

revenue ranges from $151.9 million to $480.3 million

at a steady state.

Revenue totals $11.4 billion

for the project’s life.

Consolidated cash flow from operations is positive throughout the projected operating period, with

the

exception

of post

-production

years,

due to

end-of-mine

reclamation

spending.

Consolidated

cash flow from operations

peaks at $110.1 million in

2038 and totals $2.5 billion over

the project’s

life.

Capital

expenditures

total

$190.2

million

from

2023

through

2027 and

$1.2

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.

On an un-levered basis,

the NPV of

the project cash

flows represents

the

Enterprise

Value

the

project

and

amounts

$366.6

million.

The

pre-feasibility

financial

model prepared for the

TRS was developed to

test the economic

viability of

each coal resource area.

The NPV estimate

was made for

the purpose of confirming

the economics for

classification of coal

reserves

and

not

for

purposes

valuing

Coronado

its

Logan

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West 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

As shown, NPV is quite sensitive to changes in 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 to operate its active mines and

processing,

loadout

support

facilities.

MM&A

unaware

any

obvious

current

Coronado

permitting issues that are expected to prevent the issuance of future permits.

Logan, along with all

coal

producers,

subject

level

uncertainty

regarding

future

clean

water

permits

due

United States Environmental Protection Agency

(

EPA

)

and

United States Fish and Wildlife (

USFW

)

involvement with state

programs.

1.12

Conclusion and Recommendations

Sufficient data

has been obtained

through various

exploration and

sampling programs

and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

the

Logan

Property.

The

data

sufficient

quantity

and

reliability

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

in conjunction

with the

preliminary feasibility

study concludes

that the 70.6 Mt of marketable

coal reserves identified on 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 to

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

of the TRS.

The report provides a statement of coal

resources and coal reserves for Coronado, as defined under the

Australasian Code for Reporting of

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

The

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado

Logan.

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 (

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

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 as of

September 30, 2022.

Additions (Property and

data) and depletion

(mine) have been

used to bring

the Resource and

Reserve estimates forward to December

31, 2022, the

effective date

of this TRS for Logan.

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 of 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 a TRS providing a statement

of coal resources and reserves which would

include:

A description of the mines 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

2.3

Personal Inspections

MM&A is very familiar

with Logan, having provided

a variety of services in recent

years and one of

the QP’s involved in this TRS has conducted

multiple site visits.

Property Description

3.1

Location

The

Logan

County

Complex

is located

Logan, Boone,

and Wyoming

Counties

in southern

West

Virginia.

The Property

encompasses the

towns of

Lorado and

Pardee

in the

northern portion

and

Lacoma and Cyclone

in the

southern portion

(approximately 6 kilometers between the

northern and

southern

towns).

The

nearest

major

population

centers

are

Huntington,

West

Virginia

(145

kilometers northwest) and Charleston, West

Virginia (129 kilometers north-northeast).

Figure 3-1:

Logan Property Location

The Logan property is composed of

13,183 total leased and owned

hectares and is located in Logan,

Boone, and Wyoming

Counties.

The Property is located

on the following

United States

Geological

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Survey

(

USGS

)

Quadrangles:

Lorado,

Mallory,

Amherstdale,

and

Oceana.

Current

mining

projections fall within portions of

all four quadrangles.

The coordinate system

and datum used for

the

model

the

Logan

County

Complex

and

the

subsequent

maps

were

produced

the

West

Virginia State Plane South system,

NAD 27.

3.2

Titles, Claims or Leases

The

Property

composed

13,183

total

hectares,

13,114

which

are

leased

from

private

landholders under approximately 15 individual

leases, and 69

hectares are owned by

Coronado. The

latest

Coronado

lease

hectares

was

obtained

2022.

Subject

Coronado

exercising

its

renewal rights thereunder, a majority

of the

leases, covering a

majority of

the Logan

reserves, expire

upon exhaustion of

the relevant coal

reserves, which is

expected to occur

in 2056.

One lease

expires

2032;

however,

Coronado

projected

have

previously

exhausted

the

reserves

covered

thereby.

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

verified

leases,

deeds,

surveys,

other

property

control

instruments

pertinent

the

subject

resources.

Property tenure

was separately

reviewed by

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

properties

are

developed

under

responsible

and

experienced management.

3.3

Mineral Rights

Coronado supplied property control maps to MM&A related to properties for which mineral and/or

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

representations

being

true

and

accurate,

MM&A

has

knowledge

past

property

boundary disputes

other

concerns, through

past knowledge

of 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 by leases or ownership of larger tracts of land,

with surface control generally

comprised of smaller tracts, particularly in developed areas.

Legal mining rights

may reflect

a combination of in

fee or mineral

ownership and in

fee or mineral

leases of coal lands

through various surface and mineral lease

agreements.

There is also a

relatively

small amount of area where the coal is partially-owned and/or partially leased on a limited number

of individual tracts.

Control

the

surface

property

necessary

conduct

surface

mining

but

not

necessary

conduct underground mining.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Upon acquisition of mineral

control for

desired coal seams

of surface-mineable economic

interest,

typical

practice

the

region

for

operators

delay

the

acquisition

surface

control

for

purposes

surface

mining

and

other

surface

development

until

plans

are

established

for

near-

future development.

Therefore, it is common for an

operator to control mineral for proposed areas

mining

for

which

they

have

not

established

the

legal

right

surface

mine

due

the

lack

surface

control.

Acquisition

these

rights

typically

delayed

order

limit

cost

and

royalty

payments

for

areas not

under consideration

for

near-future

development.

Coronado’s

executive

management

team

has

history

surface

mining

Central

Appalachia

and

has

conveyed

MM&A that it has been successful in acquiring surface rights where needed for past operations.

3.4

Encumbrances

No Title Encumbrances are known.

By assignment, MM&A did

not complete a query

related to Title

Encumbrances.

3.5

Other Risks

There

always

risk

involved

property

control.

common

practice,

Coronado,

and

its

predecessors, have

had their legal

teams examine

the deeds and title

control in order

to minimize

the risk.

Historically,

property control

has not

posed any

significant challenges

to Logan’s

operations.

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

Topography

of the area

surrounding the Logan County

Complex is typical

of the Central Appalachian

Plateau,

being

rugged

and

deeply

dissected

v-shaped

river

valleys,

and

generally

flanked

steeply sided upland regions,

with occasional gentle slopes in

select areas.

The drainage system

the region tends to be mostly dendritic in nature.

Surface elevations near the mine complex

range

from approximately

823 meters above

sea level in upland regions

to roughly 338 meters

at stream

level.

The Property

is moderately

to heavily

vegetated,

with oak-hickory

forests

as the

dominant

forest type

and northern hardwood forest

being less prominent.

The Property is not situated

near

any major urban centers, and the surrounding area is rural.

4.2

Access and Transport

Access to the Logan Mine property consists of primary,

secondary,

and unimproved roads, forming

a well-developed transportation network.

Highway 119 is the primary highway in the area running

southwest

northeast

from

the

Kentucky-West

Virginia

line

through

Mingo,

Logan,

and

Boone

Counties.

Secondary

roads

Route

and

Route

provide

the

most

direct

access

through

the

Property

running

east-west

across

the

leased

area.

Numerous

other

secondary

and

unimproved

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

roads provide direct access to the mine property, some being state-

and county-maintained.

These

roads typically stay

open throughout the year.

Additionally,

private access roads

to existing mines

provide

transport

corridors,

and

such roads

may

developed

needed.

The

Coronado-

owned Saunders

Preparation Plant

services the mines.

The ROM

coal is delivered

from the

Lower

War Eagle Mine

via overland conveyor,

all remaining production is or will

be delivered to the

plant

site by truck.

4.3

Proximity to Population Centers

The Logan property lies near the town of Lorado in Logan County, West Virginia, approximately 145

kilometers

southeast

Huntington,

West

Virginia

and

129

kilometers

south-southwest

Charleston,

West

Virginia.

the

2020

census,

Logan

County

had

population

32,567

residents, Boone County had 21,809 residents, and Wyoming

County had 21,382 residents.

4.4

Climate and Length of Operating Season

The region’s climate

is classified as humid, sub-tropical with four distinct seasons:

warm summers,

cold winters,

and moderate

fall and

spring seasons.

Precipitation in

the region

occurs throughout

the year with

the most rain falling

in spring and

the early months

of summer.

Average yearly rainfall

is 67.69 centimeters.

Summer months typically begin

in late May

and end in early

September and

range in

average

temperature from

53 to 84

degrees Fahrenheit

(or 11.6 to

28.9 degrees

Celsius).

Winters

typically

begin

mid

late

November

and

run

until

mid

late

March

with

average

temperatures

ranging

from

degrees

Fahrenheit

(or

-3.3

13.9

degrees

Celsius).

Precipitation

in the

winter

typically

comes

in the

form

of snowfall

as a

wintery

mix (sleet

and

snow) with

severe

snowfall events

occurring occasionally.

Seasonal variations

in climate

typically

not

affect

underground

mining

West

Virginia.

However,

weather

events

could

potentially

incumber surface mining

and preparation

plant operations

on a very limited

basis, typically lasting

less than a few days.

4.5

Infrastructure

The Logan Mine Complex has sources of water,

power,

personnel, and supplies readily available for

use.

Personnel have historically been sourced from

the surrounding communities in Logan, Boone,

Wyoming,

and Mingo

counties, and

have

proven

to be

adequate in

numbers

to operate

past and

current mines.

As mining is

common in

the surrounding

areas, the

workforce

is generally

familiar

with

mining

practices

and

comprised

strong

talent

pool

experienced

miners.

Water

sourced locally

from Buffalo

Creek Public

Service District and

electricity is sourced

from

American

Electric

Power

(

AEP

)

The

service

industry

the

areas

surrounding

the

mine

complex

has

historically

provided

supplies,

equipment

repairs

and

fabrication,

etc.

The

Coronado-owned

Saunders Preparation

plant services

the mines

and operates

at a

rate

of 952

tph.

The Coronado-

owned Elk Lick Loadout serves

as the primary means

of shipment and is

connected to a CSX rail line,

which either serves the domestic market directly, or transports the coal to the Pier 9 and Dominion

terminals at Norfolk, Virginia for overseas

shipment.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

History

5.1

Previous Operation

The Logan County

properties were started in

1945 by

Lorado Mining Company

, were sold

Buffalo

Mining Company

in 1964 and then to

Pittston Coal Company (

Pittston

)

in 1971.

Pittston operated

the properties until the early 1990’s.

After being idle for a period, the properties were then sold to

Addington

Resources

2004.

Imagin

Natural

Resources

acquired

the

properties

2007,

and

subsequently sold them to Cliffs in 2011, which in turn sold the properties to Coronado in 2014.

Coronado produced approximately

1.8 Mt in 2016,

2.6 Mt in 2017, 2.6

Mt in 2018, 2.7 Mt

in 2019,

1.6 Mt in 2020, 1.9 Mt in 2021, and 2.1 Mt in 2022.

5.2

Previous Exploration

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

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

Drill records

indicate that

independent contract

drilling operators

have

typically been

engaged

carry out drilling on the Properties.

Geophysical logging was typically performed by outside logging

firms.

MM&A, via

its Geophysical

Logging Systems

subsidiary,

has logged

a significant

number of

the past exploration holes and gas 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-1:

Coal Basins & Logan Property Location

Coal deposits in

the eastern USA are

the oldest and most

extensively developed

in the country.

The

coal

deposits

the

Properties

are

Carboniferous

age,

being

the

Pennsylvanian

system.

Overall,

these

Carboniferous

coals

contain

two-fifths

the

USA’s

bituminous

coal

deposits

and

extend over 1,448 kilometers

from northern Alabama

to Pennsylvania and are

part of

what is known

as the

Appalachian Basin

The Appalachian

Basin is

more than

402 kilometers

wide and,

in some

portions, contains over 60 coal seams of varying economic significance.

Within the Central

Appalachian Basin, seams

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.

The coal-bearing formations of interest at Logan

is of the

lower section of -

the Kanawha Formation,

which

comprise

major

portion

the

exposed

ridges.

The

coal-bearing

Formation

includes

sedimentary sequences of sandstones, siltstones, shales,

and mudstones with minor

occurrences of

siderite, limestone and flint clay.

Coronado

mines

several

horizons

within

the

Kanawha

formation.

The

horizons

are

follows:

Buffalo Creek, Upper

Clarion Rider,

Clarion, Lower Clarion, Upper Stockton,

Lower Stockton, Lower

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coalburg,

Lower

Dorothy,

Upper

Winifrede,

Lower

Winifrede,

Chilton-A,

Chilton,

Upper

Cedar

Grove,

Middle

Cedar

Grove,

Lower

Cedar

Grove,

No.

Gas,

Upper

Powellton,

Lower

Powellton,

Eagle, and Lower War Eagle seams demonstrate

mining potential on this property.

Logan currently

has four

active underground

mines and

one active

surface mine.

The Toney

Fork

mine is a surface

mine, while the North Fork Winifrede,

Eagle No. 1, Muddy Bridge

and Lower War

Eagle are

underground mines.

The active Toney

Fork surface

mine has historically

mined multiple

seams including the Upper Winifrede,

Lower Winifrede, Upper

Clarion Rider,

Upper Clarion, Lower

Clarion,

Lower

Coalburg, Upper

Coalburg,

Upper Stockton,

Lower

Stockton,

Chilton-A,

and

Lower

Dorothy Seams.

Future surface

mine reserve production

at Logan

is anticipated

to focus

on those

seams having

the best

opportunity for

sale into

the metallurgical

coal markets,

namely the

Lower

Coalburg seam and below.

The Powellton

No. 1 Mine is

projected to extract

the Lower and Upper

Powellton jointly in some

areas, while other

areas are projected to

extract only the Lower

Powellton

due to seam splitting.

The Eagle No. 1

and Muddy Bridge Mines are

projected to extract

the No. 2

Gas seam.

The Lower War Eagle mine is projected to extract

the Lower War Eagle seam.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-2:

Logan Stratigraphic Column

(not to scale)

6.3

Deposits

The coal produced

at Logan Mine

complex is typically

high-volatile (typically

28 percent

or greater

volatile

matter

content)

bituminous coal.

Seam quality

varies with

distance from

the cropline,

some seams will be shipped into

both the thermal and metallurgical

markets depending on

mining

method and ultimate quality.

Saleable product from the surface

operations is projected to

be sold

primarily into

the metallurgical

coal market;

however,

some production

is planned to

be sold

into

the thermal

coal market

due to

quality limitations.

Underground coal

is sold almost

exclusively in

the metallurgical markets.

Exploration

7.1

Nature and Extent of Exploration

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Diamond

core,

rotary,

and

gas

well

drilling

are

the

three

primary

types

exploration

the

Property.

Drill hole

collar elevations

and total

depths vary

by hole

due to

the hilly

terrain

of 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

1,131

core

and

rotary

holes

have

been

drilled

for

exploration

purposes on and around the leased property.

In 2022,

Coronado completed

four exploration

holes, incorporated

herein.

Two

of the new

holes

benefited

the

deep

No. 2

Gas Lower

(Eagle

seam)

reserve,

while

rock

samples for

the

other two

were collected for Acid-Base accounting for

surface mine operations.

Drill records

indicate that

independent contract

drilling operators

have

typically been

engaged

carry out drilling

on the Property.

Geophysical logging

was typically performed

by outside logging

firms.

MM&A, via

its Geophysical

Logging Systems

subsidiary,

has logged

a significant

number of

the past exploration holes and gas wells, and currently logs most of the

recently drilled holes.

The location of the drilling is shown on the maps included in

Appendix B

The

concentration

exploration

varies

slightly

across

the

Property.

Drilling

the

Property

typically sufficient for delineation of potential surface, highwall miner, and deep mineable benches.

Core

logging

performed

professional

geologists

cases

where

roof

and

floor

strata

are

particular interest

and in cases

where greater

resolution and

geologic detail

are needed.

Even so,

most of the drill

hole data comes from more 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

(e-logging)

techniques,

contrast,

document

specific

details

useful

for

geologic

interpretation

and

mining

conditions.

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.

significant

effort

was put

into

verifying the

integrity of

the database

records.

Once the

data

was

verified, stratigraphic

columnar sections were

generated using

cross-sectional analysis to

establish

or confirm coal seam correlations.

A typical cross-section is shown in

Figure 7-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-1:

Logan Cross-Section

Due to

the long history

of exploration

by various

parties on the

Property,

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

survey and

more recently-completed

drill holes

are often

located

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

by high-resolution Global

Positioning System (

GPS

) units.

However, some holes appear

to have been

approximately

located

using

USGS

topography

maps

other

methods

which

are

less

accurate.

Therefore, discretion by MM&A

had to be used regarding the accuracy for

the location and ground

surface

elevation

some

these

older

drill

holes.

instances

where

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 logically 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

the

supplied

mine

maps

but

accepted

this

information

being

the

work

responsible engineers and surveyors, as required by both State

and Federal La

MM&A

compiled

comprehensive

topographic

map

files

selecting

the

best

available

aerial

mapping for

each area, surface

mine resources

and reserves in

particular,

and filled any

gaps with

digital USGS topographic mapping.

7.2

Non-Drilling Procedures and Parameters

Some analyses, specifically

ultimate ash and

sulfur types are

not as prevalent as

others in the

testing

done

samples

recovered

drilling.

supplement

the

information

database,

samples

have

been collected from mine stockpiles and either truck or train shipment samples.

7.3

Drilling Procedures

Core drilling methods utilize NX-size (5.4 centimeters) 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.

For the core

holes, the geophysical

logs are especially

useful in verifying

the

core recovery of both

the coal samples

(for assurance that sample

is representative of the full

seam)

and

the

roof

and

floor

rock

samples

(for

evaluating

ground

control

characteristics

deep

mineable coal

seams).

In addition

to the

core holes,

rotary drilled

holes also

exist on

most of

the

Properties.

Data

for

the

rotary

drilled

holes

mainly

derived

from

downhole

geophysical

logs,

which are

used to

interpret

coal and

rock thickness

and depth

since logging

of the

drill cuttings

not reliable.

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,

typically supplemented

a more detailed core log completed by a geologist.

The Logan drilling logs were provided to MM&A

a geological

database.

MM&A geologists

were

not involved

in the

production

of original

core

logs but did perform

a basic check

of 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 each seam.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

7.4

Hydrology

Hydrologic

testing

and

forecasting

are

necessary parts

of the

permitting

process

and

such

are

routinely considered in the mine planning process.

Logan

has

lengthy

history

operation

and

five

currently

active

mines

with

significant

hydrologic concerns or

material issues

experienced in its

history.

Future mining

is projected to

occur

in areas exhibiting similar hydrogeological conditions as past mining, including stream undermining

and undermining

of aquifers.

Based upon

the successful

history of

the operation

with regards

hydrogeological features,

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

Coal

Pillar

Stability

(ACPS)

program

that

was

developed

the

National

Institute

for

Occupational Safety and Health (

NIOSH

)

MM&A reviewed the results from the ACPS analysis and

considered it

in the

development of

the LOM

plan.

Coal and

rock strengths

from core

testing are

used to verify the empirical assumptions integral to ACPS.

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 is not well documented for the older holes drilled on the Property.

Following a process, typical

USA

core

drilling

sampling

technique

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 wooden core box,

which

the

length

the

sample

and

covered

with

lid

that

the

core

can

delivered

laboratory in relatively intact

condition and with inherent moisture content.

Each core sample box

is identified with the

seam, hole identification number and

the sample interval depth scribed

on the

sample box lid.

This process

has been

the norm

for both historical and

ongoing exploration activities

at Logan.

This work is

typically performed by

the supervising

driller, geologist or 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 sample

collection and analysis of

the

core samples.

However,

it is

reasonable to

assume, given

the sophistication

level of

the previous

operators,

that

these

samples

were

generally

collected

and

processed

under

industry

best-

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

practices.

This assumption is

based on MM&A’s

familiarity with

the operating

companies and the

companies used to perform the analysis.

8.2

Lab Procedures

Coal quality testing has

been performed over a large number

of years by operating companies using

different

laboratories

and

testing

regimens.

Some

the

samples

have

raw

analyses

and

washabilities of

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

and highwall

mine

operations.

Other

samples

have

coal

and

rock

analyzed

separately,

the

results

which

can

manipulated

to forecast

either surface

or underground

mine quality.

Care has

been taken

to use

only

those

analyses

that

are

representative

the

coal

quality

parameters

for

the

appropriate

mining type for each sample.

Standard procedure

upon receipt of

core samples by the

testing laboratory

is to log the

depth and

thickness

the

sample,

then

perform

testing

specified

representative

the

operating

company.

Each

sample

then

analyzed

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).

Data Verification

9.1

Procedures of Qualified Person

MM&A reviewed the digital geologic

database supplied by Coronado.

The database consists of

data

records, which

include drill hole

information for

holes that

lie within and

adjacent to

the Property

and

records

for

numerous

supplemental

coal

seam

thickness

measurements.

For

supplemental

record

verification,

copies

each

entry

were

printed,

and

cross

referenced

the

original

document for

verification.

Once the initial

integrity of the

database was

established, stratigraphic

columnar sections were

generated

using cross-sectional analysis

to establish

or confirm coal

seam

correlations.

Geophysical

logs

were

used

wherever

available

assist

confirming

the

seam

correlation

and

verify

proper

seam

thickness

measurements

and

recovery

intercepted

coal

sections and collected samples.

After establishing and/or verifying proper seam correlation, seam data control maps and geological

cross-sections were generated

and again used to 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

9.2

Limitations

with

any

exploration

program,

localized

anomalies

cannot

always

discovered.

Ideally,

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.

In general, provision

is made in the

mine planning portion of

the study to

allow for

localized anomalies that are typically classed more as a nuisance than a hinderance.

9.3

Opinion of Qualified Person

Sufficient data

has been obtained

through various

exploration and

sampling programs

and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

on the

Property.

The data

is of

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.

Some

the

data

categories

from

the

analyses

are

not

prevalent

and

have

been

supplemented

samples collected from mine stockpiles and either truck or train shipment samples.

Available coal quality data was tabulated by resource area in a Microsoft® EXCEL workbook and the

details of that work are maintained on file at

the offices of Coronado and MM&A.

These tables also

provide basic

statistical

analyses of

the coal

quality attributes,

including average

value; maximum

and minimum values;

and the sample

count (number of

samples) available to

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.

A representative

group of

drill hole

samples from

the Properties

were

then checked

against the original drill laboratory reports to verify accuracy

and correctness.

The amount and areal extent of coal sampling

for geological data is generally sufficient to represent

the quality characteristics of

the coal horizons

and allow for

proper market placement of

the subject

coal

seams.

For

some

the

coal

deposits,

there

are

considerable

laboratory

data

from

core

samples

that

are

representative

the

full

extent

the

resource

area;

and

for

others

there

are

limited

data

represent

the

resource

area.

For

example,

the

active

operations

with

considerable

mining,

there

may

limited

quality

data

within

some

the

remaining

resource

areas;

however,

those

cases

the

core

sampling

data

can

supplemented

with

operational data from mining and shipped quality samples representative

of the resource area.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 of the coal from

Logan were reviewed to verify

that the coal

quality and characteristics were as

expected.

The Logan

properties

have

long

history

saleable

production,

under

various

owners,

the

high-volatile

metallurgical and thermal markets, confirming exploration

results.

10.3

Lab Information

Each sample

is analyzed

at area

Laboratories

that operate

in accordance

with procedures

defined

under 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).

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

Logan.

Coal

resources were estimated

as of December 31, 2022.

11.1

Assumptions, Parameters and Methodology

Geological

data

was

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 by using the

seam thickness grid

based on each

valid 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

valid

drill

holes

that

intersected

the

seam

using

standards

deemed acceptable

by MM&A

based on

a detailed

geologic evaluation

and a

statistical

analysis

all

drill

holes

within

the

projected

reserve

areas

described

Section

11.1.1

The

geological

evaluation

incorporated

analysis

seam

thickness

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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.

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

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

numerous

properties

in the

region

for

the

purposes of

determining

the

economic

viability of

the

subject coal reserves.

Table 11-1:

General Reserve & Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Reserve Criteria

Reserve Classification

Reserve and Resource

Coal resources as reported are inclusive of coal reserves.

Reliability Categories

Reserve (Proven and Probable)

Resource (Measured, Indicated & 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 and non-

material resource additions 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 and non-

material reserve additions 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

0.76 meters (thermal coal); 0.68 meters

(metallurgical coal)

Minimum Mining Thickness

1.4 to 1.8 meters

Minimum Total Coal Thickness

0.76 meters (thermal coal); 0.68 meters

(metallurgical coal)

Minimum In-Seam Wash Recovery

50 percent; 40 percent where coal is belted

directly to preparation plant

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

Item

Parameters

Technical Notes & Exceptions*

•

Underground-Mineable Criteria

Out-of-Seam Dilution Thickness for

Run-of-Mine Tonnes Applied to Coal

Reserves

0.05 meters minimum

2243 kg/m³ density used for dilution tonnage estimate

Mine Barrier

60.96-meter distance from abandoned mines and

sealed or pillared areas; 30.4-meter distance from

planned highwall miner panels

Minimum Reserve Tonnage

226,796 recoverable tonnes for individual area

(logical mining unit)

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Minimum Overburden Depth

30.48 meters

Minimum Interval to Rider Coal

Considered on a case-by-case basis, depending on

interval lithology, etc.

<1.5 meters are resource

Minimum Interval to Overlying or

Underlying Reserves

Considered on a case-by-case basis, depending on

interval lithology, extent and type of extraction,

etc.

Typically, 12.19 meters

Minimum Interval to Overlying or

Underlying Mined Areas

Considered on a case-by-case basis, depending on

interval lithology, extent and type of extraction,

etc.

Adjustments Applied to Coal Reserves

6 percent moisture increase; 5 percent loss for

preparation plant inefficiency

Surface Mineable Criteria

Topographic Map Source

Reserves estimated based on aerial topography,

where available, and best available aerial

topography for other areas.

Pre-law highwalls

also based on aerial topography, where available

Map Thickness

Total mineable seam thickness (excluding removal

partings)

Mine Recovery Applied to Coal

Reserves

90 percent; 25 percent for previously

underground mined areas.

Wash Recovery

Not Applicable for most reserves estimated on a

direct-ship basis.

Where surface mineable coal is

projected to be washed, 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

Minimum Thickness

0.3 meter for principal seam (principal seam is any

that is >0.76 meters from another mineable coal

bench)

0.15 meters for a split of a principal seam (split is

within 0.76 meters of another mineable coal

bench)

Minimum thickness of recoverable

coal within single seam

CTR/Area/HWM areas

0.6 meters

Removable Rock Parting Thickness

0.07 meters

Maximum Cumulative Area Mining

Strip Ratio

30:1 – Area

15:1 - CTR

Exceptions considered for metallurgical grade coal

products if deemed economical

Design Bench Width for

Contour/HWM Areas

38.1 meters (Contour reserves estimated in

conjunction with potential HWM reserves)

Adjustments Applied to Marketable

Coal Reserves

4.5 percent moisture increase

Out-of-Seam Dilution Thickness

Applied to Coal Reserves

2% adjustment (addition) made to product coal quality

ash to account for dilution

Surface Property Control

Reserves considered where surface is controlled;

tonnage not estimated or classified as resource

where surface is uncontrolled.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Item

Parameters

Technical Notes & Exceptions*

Highwall Miner Reserves

Penetration Depth

91.4 – 243.8 meters

Seam Density & Wash Recovery

Similar to underground-mineable reserves

Mine Recovery Applied to Coal

Reserves

40 percent

Minimum Coal Thickness

0.6 meter

Minimum Mining Height

0.9 meter

Adjustments Applied to Marketable

Coal Reserves

6 percent moisture increase and 5 percent loss for

preparation plant inefficiency

Out-of-Seam Dilution Thickness

Applied to Coal Reserves

0.9 meter less seam height

2242 to 2402 kg/m

density used for dilution tonnage

estimate

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.

11.1.1

Geostatistical Analysis

MM&A completed a

geostatistical analysis on drill

holes within

the reserve boundaries

to determine

the applicability of the common United States classification system for measured and indicated and

inferred coal

resources.

Historically,

the United States

has assumed that coal

within 0.4-kilometer

of a point of observation represents a measured resource whereas coal between 0.4 kilometer

and

1.2 kilometer from

a point

of observation

is classified

as indicated.

Inferred resources are commonly

assumed to be located between 1.2 kilometers and 4.8 kilometers from a point of observation.

Per

SEC

regulations,

only

measured

and

indicated

resources

may

considered

for

reserve

classification, respectively as proven and probable reserves.

MM&A performed

a geostatistical

analysis test

of the

Logan 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-1:

Histogram of the Total

Seam

Thickness for the No. 2 Gas Seam Present in the

Logan Complex

Figure 11-2:

Scatter plot of the Total

Seam

Thickness for the No. 2 Gas Seam Present in the

Logan 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.

If the

data

pair

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 in the data set.

Lastly, modeled equations, often spherical,

gaussian, or

exponential, are

applied to

the variogram

in order

to represent

the data

set across

continuous spectrum.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3: Variogram of the Total

Seam Thickness for the No. 2 Gas Seam

Present in the Logan 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 of the process

is to calculate the

global estimation variance.

In this step the number

square

blocks that

would fit

inside the

selected study

area is

determined for

each block

size

that

was

investigated

in the

step.

The estimation

variance

is then

divided by

the number

blocks that

would fit

inside the

study area

for

each test

block size.

Following this

determination,

the data is then transformed back to represent

the relative error in the 95

-percentile range.

Figure 11-4

shows

the results

of the

DHSA

performed

on the

No. 2

Gas seam

data

for

the

Logan

Complex.

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

11-3

DHSA prescribes

measured, indicated,

and inferred

drill hole

spacings be

determined at the 10-percent, 20-percent, and 50-percent

levels of relative error,

respectively.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-4: Result of DHSA for the No. 2 Gas Seam Present in the Logan 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:

0.99

1.66

3.94

Spherical:

0.87

1.53

3.53

Exponential:

0.87

1.53

3.53

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 and

Spherical models recommend using

a radius

of 0.87 kilometers for measured resources compared to the historical value of 0.4 kilometers.

With

respect to indicated resources,

the Spherical and Exponential models recommend using a

radius of

1.53 kilometers.

The historical radius of 1.2 kilometers is

therefore also more conservative than the

DHSA results

for indicated

resources.

These results

have led

the 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

are

estimated

Inclusive

Reserve

and

Exclusive

Reserves.

Based on the work and methods described above and detailed geologic modelling of the

areas considering all defined parameters,

a coal resource estimate,

summarized in

Table

11-3

, was

prepared as of December 31, 2022, for property controlled by Coronado.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-3:

Coal Resources Summary as of December 31, 2022 (Mt)

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

127.2

40.0

0.0

167.2

1.0

Exclusive of Reserves

45.2

37.0

3.4

85.6

Total 12/31/2022

172.5

77.0

3.4

252.8

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 has 82.2 Mt of dry, in-place measured and indicated resource tonnes exclusive of reserves as of December 31, 2022.

11.3

Resources Exclusive of Reserves

The Property contains multiple resource blocks which

were not deemed to

exhibit reserve potential

at the time

of the study.

These underground-mineable resources,

formally identified

as resources

exclusive of

reserves, are from

the No. 2 Gas,

Lower Powellton, Peerless,

Lower Winifrede, Middle

Cedar

Grove

and

Beckley

coal

seams.

There

are

also

surface

mineable

resources

exclusive

reserves in various seams. Reasons

which may preclude elevation

of resources to reserves

include,

but are not limited to:

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.

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 in

Section

19 developed to

test

reserves,

the initial

economic

assessment

below is

presented

on a

real basis

in 2023

dollars.

MM&A

applied

relevant

technical

factors

estimate

potential

saleable

tonnes

without

the

resource blocks, should the resources be extracted via

deep, continuous mining methods or

surface

area methods.

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-bank

cubic meter,

per-raw-tonne,

per-clean-tonne).

Additionally,

MM&A

estimated capital costs to 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 to an assumed sale price

of $154 per tonne

(FOB loadout) for underground

-mineable resources, representing

the long-term

average

price forecast

for HVB provided

by Coronado.

Surface resources

were assessed

at a

sales

price of

$83 per tonne

(FOB loadout)

based on estimated

historical pricing

for Coronado’s

surface

operations.

The results of the analysis are shown below and demonstrate potential profitability on

a fully loaded cost basis.

Detailed summaries are shown in

Appendix D

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-4:

Results of Initial Economic Assessment

Mine

Resource

Block

Direct

Cash

Transportation,

Washing, Enviro,

G&A

Indirect

Non-Cash

Total

Cost

Fully

Loaded

P&L

Toney Fork #2

N2G

$66.67

$17.34

$19.81

$16.50

$120.32

$34.01

Pardee

N2G

$73.46

$20.85

$19.81

$11.60

$125.72

$28.60

Sugar Camp

N2G

$92.16

$25.16

$19.81

$9.38

$146.51

$7.82

Lower Powellton

LPOW

$71.00

$18.22

$19.81

$7.50

$116.53

$37.80

Lower Powellton

LPOW

$74.31

$18.99

$19.81

$19.19

$132.30

$22.02

N2G Peerless

Peer

$95.07

$15.53

$19.81

$15.81

$146.22

$8.11

Beckley

Bec

$64.83

$16.72

$19.81

$16.06

$117.42

$36.90

Middle Cedar Grove

MCG

$68.56

$18.21

$19.81

$35.73

$142.30

$12.02

Ramaco

N2G

$62.22

$21.52

$19.81

$29.31

$132.86

$21.46

Lower Winifrede

LWIN

$56.79

$20.02

$19.81

$12.69

$109.31

$45.01

Powellton No. 1

UPOW

$60.30

$21.11

$19.81

$7.50

$108.72

$45.61

Thermal Area Mines (S)

$49.96

$6.34

$12.73

$7.50

$76.52

$6.15

Figure 11-5:

Results of Initial Economic Assessment

11.4

Resources Inclusive of Reserves

The

Inclusive

Reserves

in-place

resource

account

for

66-percent

the

total

252.8

million

estimated in-situ resource.

Recoverable reserves for

both surface and underground mine methods

are

derived

from

the

Inclusive

Reserve

167.2

million

in-situ

resource.

Logan

reserves

are

discussed further in

Section 12

, Mineral Reserve Estimates below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

11.5

Qualified Person’s Opinion

While

there

some

level

stratigraphically

controlled

seam-thickness

variability

due

seam

splitting,

sand channels,

etc.,

the coal

seams on

the mine

property

in Logan

County demonstrate

reasonable

thickness

consistency

according

the

classification

system

measured

–

0.4

kilometer),

indicated

(0.4 to 1.2

kilometers), and

inferred

(1.2 to 4.8 kilometers).

MM&A geologists

and engineers

modeled the deposit

and delineated mineable

regions to

reflect the

nature of

each

seam and the practicality of mining constraints.

Based on MM&A’s

geostatistical analysis, it would

possible

extend

the

measured,

indicated

and

inferred

arcs

slightly

beyond

historically

accepted practices due to consistent geological settings.

The QP’s have again elected not to extend

arc distances, introducing a level of conservatism in measured

and indicated coal classification.

Based on the data

review,

the attendant work

done to verify the data

integrity and the creation

an independent

geologic model,

the QPs

believe

this is

a fair

and accurate

representation

of the

Logan coal resources.

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal Reserves are classified as

proven

probable

considering “modifying factors” including mining,

metallurgical, economic, marketing, legal,

environmental, social and governmental

factors.

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

Logan.

The footprint of each reserve area is shown on the maps in

Appendix B

The Mine plan was

generated

based

the

forecast

mine

plan

and

permit

plan

provided

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

Logan.

The

mine

plan

was

sequenced based on productivity schedules provided by

Coronado.

MM&A judged the productivity

estimates and plans to be reasonable based on experience and current industry practice.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 to 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

4.5 percent

to 6.0

percent

moisture

and

represent the saleable product from the Property.

Pricing

data

provided

Coronado

described

Section

16.2

The

pricing

data

assumes

respective HVA, HVB, specialty markets

and thermal FOB-mine prices of approximately $192, $170,

and

$227

per

metric

tonne

for

calendar

year

2023.

HVA,

HVB,

and

thermal

prices

respectively

decrease

approximately

$151,

$132,

and

$83

per

metric

tonne

through

year

2027,

and

then

increase to $271, $237, and $150 per metric tonne through year 2056.

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, gas wells, and

mine measurements which have

been

fully

vetted

and

processed

into

geologic

model.

The

geologic

model

based

seam

depositional modeling, the

interrelationship of overlying and

underlying strata on seam mineability,

seam thickness trends,

the impact of seam

structure (i.e., faulting),

intra-seam characteristics,

etc.

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

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.

Inferred Resources (greater than a

1.2-kilometer radius from a

valid point of

observation) have been

excluded from Reserve consideration.

12.2

Mineral Reserves

Logan reserves were derived from multiple coal seams located on the

Property and shown in

Figure

7.1

Reserves

are

estimated

for

both

surface

and

underground

mine methods.

Surface

reserves

were estimated for three designated mine areas: Toney Fork, Buffalo Creek South, and Sugar Camp.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Underground

reserves

were

derived

from

six

seams

including

the

Upper

Winifrede,

Chilton

(Williamson),

Upper

Powellton,

Lower

Powellton,

No.

Gas-Lower

(Eagle)

and

Lower

War

Eagle.

The

demonstrated

reserves

are

sited

the

discussion

below.

Table

12-2

shows

the

demonstrated tonnage by Proven

and Probable category.

Individual seam maps are included in

Appendix B

herein.

12.2.1

Surface Reserves

Surface coal reserves of the Property include an estimated 32.5 Mt.

Each surface mine area -- Tony

Fork, Buffalo

Creek South

and Sugar

Camp --

includes coal

reserves from

multiple seams.

Two

the three

surface reserve

areas, Toney

Fork and

Buffalo

Creek South,

include both

permitted

and

non-permitted

tonnages,

where

Sugar

Camp

tonnage

not

permitted.

The

Property

has

five

surface

mine permits

for

contour

and highwall

mining.

Even

so, in

2022 there

was minor

surface

mine activity on just two of the five surface mine permits at Toney

Fork Mine No. 3 and Elk Lick.

12.2.1.1

Toney

Fork Surface

Toney

Fork

surface

area

is located

north

of Buffalo

Creek

the north

side of

the

Property.

The

Toney

Fork drainage

bisects much

of the

area which

includes contour

and highwall

miner reserve

from

six

seams.

The

Toney

Fork

reserve

includes

11.3

both

permitted

and

not-permitted

status.

There

is one

active permit

-- Toney

Fork Mine

No 3

(S-5007-09).

In 2022,

few

tons

were

mined from this permit.

Mine depletion from

surface and

underground mining,

seam dependent, exists

in all seams

of the

Toney

Fork reserve

which include the

Upper Coalburg, Lower

Coalburg, Lower

Dorothy,

Chilton A,

Upper Winifrede and Lower Winifrede seams.

12.2.1.2

Buffalo Creek South

Buffalo

Creek

South

surface

area

includes

estimated

15.0

from

projected

contour

and

highwall mines.

The reserve total includes both permitted and not-permitted tonnages.

Permitted

tonnages are

estimated from

four surface

mine permits

-- North

Fork Winifrede

Contour (S-5004-

17), Middle Fork

Surface (S-5004-22),

and two

at Elk Lick

(S-5014-10 &

S-5008-22).

In 2022, a

few

tonnes were mined and only at Elk Lick.

The highwall

mineable tonnage

is estimated

for six

seams with

adequate seam

heights which

include

the

Lower

Coalburg,

Lower

Dorothy,

Chilton,

Chilton

Buffalo

Creek

and

the

Upper

Winifrede.

Contour mine

tonnage is

derived from

the highwall

mine seams, along

with four

additional seams

with acceptable

seam thickness.

They include the

Lower Clarion, Upper

Stockton, Lower

Stockton

and Upper Coalburg.

Mine depletion to various extents exists in the Buffalo

Creek South seams.

12.2.1.3

Sugar Camp Surface

Sugar

Camp surface

area is

a ridge

above

Sugar Camp

Branch

tributary of

Huff

Creek.

The Sugar

Camp

reserve

includes

6.2

with

suitable

surface

mine

strip

ratio.

Proposed

surface

mining

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

includes reserve from 12

seams beginning with

the Chilton A seam

down to the

S80 seam, each

with

an acceptable seam

height.

The seams included are

Chilton A, Upper Winifrede,

Lower Winifrede,

Chilton, Upper Cedar Grove, Middle Cedar Grove, Lower Cedar Grove, S132 seam, S120 seam, S110

seam, S84 seam and S80 seam.

No mine depletion exists in the seams of the reserve on the ridge.

12.2.2

Underground Reserves

Underground

coal

reserves

of the

Property

include an

estimated

38.1 Mt

derived

from

the

small

above-drainage deposits in

the Upper

Winifrede seam

along with

larger seam

deposits of

the deeper

Chilton, Upper

Powellton,

Lower Powellton,

No. 2

Gas-Lower (Eagle)

and Lower

War Eagle

seams.

Active underground

mines are

operating

in the

Upper Winifrede,

No. 2

Gas-Lower

and the

Lower

War Eagle seams.

12.2.2.1

Upper Winifrede (No 8) Seam

The Upper Winifrede seam includes two underground reserves, the permitted North Fork Mine (U-

5009-19)

and

not-permitted

proposed

Upper

Winifrede

mine.

The

active

North

Fork

Mine

situated on a narrow

ridge between two drainages,

has an average

seam thickness of 1.42 meters,

and includes an

estimated 0.2 Mt.

The Proposed Upper

Winifrede mine reserve

displays some seam

splitting, has an average

seam thickness of 1.64 meters,

and includes an estimated

1.8 Mt.

On the

Property,

the

Upper

Winifrede

seam

has

been

extensively

mined

from

both

surface

and

underground mining.

12.2.2.2

Chilton (Williamson) Seam

The

Chilton

seam

reserve

includes

estimated

5.4

from

two

proposed

mine

areas:

Camp

Branch

and Elk

Lick.

The average

seam height

for

the two

areas is

1.17 meters

and 1.06

meters,

respectively.

the

Property,

the

Chilton

seam

has

been

extensively

mined,

mainly

underground mining.

12.2.2.3

Upper Powellton (Upper Alma)

The Powellton

No 1

Mine permit provides

access to

the remaining

3.6 Mt of

the Upper

Powellton

reserve.

The

seam

has

average

thickness

nearly

1.12

meters.

The

mine

bound

the

property extent to the northeast and

thin coal from a seam

split to the

west.

The south end

of Mine

No. 1 is mined out.

Elsewhere, no prior Upper Powellton seam mining is noted on the Property.

12.2.2.4

Lower Powellton (Lower Alma)

The

Lower

Powellton

seam

reserve

includes

estimated

5.1

from

proposed

mine

area

situated

north

Toney

Fork.

the

mapped

resource

area,

the

interval

the

overlying

Upper

Powellton seam is in a range of 5.1 to 7.2 meters.

Therefore, only resources (exclusive

of reserves)

are projected

below the

Upper Powellton

underground

mine where

the two

seams overlap.

The

Lower Powellton

seam has

an average

reserve thickness

of 0.89

meters

and is

bound by

property

control to the north, by

low coal to the

west and south and

from overmining in the

Upper Powellton

seam to the east.

No prior Lower Powellton seam mining is noted on the Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

12.2.2.5

No. 2 Gas-Lower (Eagle)

The No 2 Gas-Lower seam reserve includes an estimated 15.5 Mt.

The demonstrated total includes

both permitted and not permitted tonnes.

Two active mines access the reserve -- the Eagle No. 1 /

Toney Fork Mine (U-5013-11) from Toney Fork Drainage and the Muddy Bridge 1

& 2 Mine

(U-5034-

96, U-5035-96)

from Muddy

Bridge Branch

of Huff

Creek.

Mine boundaries

of the

two mines

are

immediately

adjacent

one

another

and

mine plans

maximize

the

mineable area.

The

average

seam

height

1.00

meter

and

1.52

meters

for

the

Eagle

No.

and

Muddy

Bridge

mines,

respectively.

On the Property,

the No. 2

Gas-Lower reserve

is limited by

low coal thickness

to the

east and seam outcrop along large drainages elsewhere.

Previous underground mining of the seam

is mapped immediately west of the Property.

12.2.2.6

Lower War Eagle

The

Lower

War

Eagle

seam reserve

includes an

estimated

6.5

Mt.

One underground

Lower

War

Eagle mine (U-4002-99B) provides

seam access from the

portal located along

Huff Creek.

Mapped

mine depletion is

from within the

existing mine.

The Lower War

Eagle reserve

extent is

limited to

the north by low coal.

12.3

Qualified Person’s Estimates

Reserve tonnage

estimates provided

herein report

coal reserves

derived from

the in-situ resource

tonnes presented

Table

11-3

, and

not in

addition to

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 coal reserves,

as shown in

Table

12-2

are

based on

a technical

evaluation

of the

geology and

a preliminary

feasibility

study

of 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 to which the estimates of coal reserves may be

materially

affected

mining,

metallurgical,

infrastructure

and

other

relevant

factors

has

also

been

considered.

Coal reserves are presented on a ROM basis in

Table 12-1.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 12-1:

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

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Logan Mine Complex

101.4

36.7

138.1

37.3

100.8

0.0

138.1

0.9

the

financial

analysis

some

the

projected

mines

were

not

economically

viable.

The

tonnes

projected to be mined from these locations have

not been included in the Reserve Base.

Table 12-2:

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

Demonstrated Coal Reserves (Wet Tons,

Washed or Direct Shipped, MT)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Logan County Complex

53.3

17.4

70.6

32.5

38.1

0.0

70.6

0.9

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 between 4.5 and 6-percent, depending upon mining method.

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.

The

results

this

TRS

define

estimated

70.6

proven

and

probable

marketable

coal

reserves.

Of that total, 75 percent are proven, and 25 percent are probable.

All 70.6 Mt are leased

coal reserves and

are assigned.

Approximately 61.6

Mt of reserves are

considered suitable for

the

metallurgical coal market

and 9.0 Mt are projected to be sold into the thermal coal market.

12.4

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

Logan was prepared

to the

level of

preliminary feasibility.

Mine projections

were

prepared,

and

timing

scheduled

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 Logan

coal reserves.

Mining Methods

Nine underground

and three

surface mining

areas were

modeled and

tested

economically.

Once

the Resources were calculated, mine plans were created to project operating each resource area to

depletion, with crews

and equipment scheduled to

move to subsequent

mining areas as depletion

occurs.

Underground mine operations

are projected to

be exhausted in

2045, surface mines

deplete

in 2055 and the highwall miners finish in 2056.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.1

Geotech and Hydrology

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

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

)

MM&A reviewed

the results

from the ACPS

and ALPS analysis

and considered them

in the development

of the LOM

plan.

For the HWM operation, Mining cuts are approximately

2.9 meters wide, and cuts are typically laid

out on approximately 5.03-meter centers.

A 2.1-meter to 2.4-meter solid coal fender is left

in place

between

cuts.

The

mining

plan

provides

that

larger

barrier

pillars

provided

periodically,

depending on overburden depth and characteristics

and the immediate roof composition, typically

after 15

to 20

cuts.

Although this

plan, with

minor variations,

is common

throughout Appalachia,

specific

rock

and

coal

strength

information

is used

verify

whether

not

this

plan

provided

sufficient factor of safety.

Hydrology

has not

been an

issue of

concern at

Logan.

Based on

numerous

site visits

to both

the

surface and

underground portions

of the

Property by

the QPs,

it has

been determined

that this

not

significant

concern.

Mining

future

reserves

projected

occur

areas

which

exhibit

similar hydrogeological characteristics

as those formerly mined areas.

13.2

Production Rates

Operations

Logan

by Coronado

and

its predecessors

have

been on-going

for

many

years.

The

mine plan and productivity expectations reflect historical performance and efforts have been made

to adjust the plan to reflect future conditions.

MM&A is confident that the mine plan is reasonably

representative

provide

accurate

estimation

coal

reserves.

Mine

development

and

operation have not been optimized within the TRS.

Carlson Mining software was

used by MM&A to

generate mine

plans for the mineable

coal seams.

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

geological

models

constructed

by MM&A’s

team

geologists

and

mining

engineers.

The projected underground mines are set up similarly to the four currently active operations.

Each

mine is

scheduled to

operate

one to

three production

sections.

All sections

are configured

as full

supersections with two continuous

miners per section.

In all cases,

mines are forecasted to produce

coal two or three shifts each day.

In most cases the third shift is reserved for maintenance and belt

and

power

moves.

Production

is scheduled

Monday

through

Friday

each week,

and

every

other

Saturday.

Three surface resource areas were modeled.

Mining operations are projected to utilize area

mining

as well as contour mining (

CTR

) methods with an emphasis on creating highwall for highwall mining

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

activity.

The projected operations will

employ two existing

front-end loaders capable

of a

combined

production rate

of approximately

8,900 bcm/hr with

supplemental assistance

of 6 dozers

that can

generate an additional 700 bcm/hr providing their spoil placement does not interfere with planned

highwall mining activity.

The older, higher-hour front end loader will

be replaced in

early 2023

with

a higher production hydraulic excavator

that will increase the capability of the loading machines to

11,300 bcm/hr.

The dozers will continue supplementing the loading production on a periodic basis

as described previously.

The potential production

level of combined

machines is not projected

achieved

until

2024

and

not

consistently

until

2027

due

lack

sufficient

working

areas.

Sufficient reserves allow mining to continue to the year 2055.

The models assume

that the operations

will work two,

10-hour production shifts,

5 days per

week

plus every

other Saturday,

with sufficient

staffing

to float

vacation

during the

year.

A total

of 82

employees are assumed for the surface mines at full production.

Coals from

the surface

operations

are hauled

to the

loadout for

direct ship

or to

the preparation

plant for washing ultimately to be blended to shipment’s

specifications.

Saleable product from the

surface

operations

projected

sold

primary

into

the

thermal

coal

market

raw

basis;

however,

some production is planned to be washed for the metallurgical

coal market.

The three

areas planned

for highwall

mining are

assumed to

be mined

by a

contractor;

therefore,

the contractor

costs included

in the

financial model

assume that

the contractor

is responsible

for

staffing those operations along with providing

necessary equipment capital.

Spoil for

final highwall

reclamation is

expected to

come from

strategic

placement of

spoil on

pre-

existing benches by

haul trucks

such that

they are within

the push

distance of the

reclamation dozer.

13.3

Mining Related Requirements

13.3.1

Underground

A mine plan with

sequenced mining projections was prepared for each logical

mining unit.

For each

mine

plan,

the

appropriate

number

production

units

selected

for

the

resource

area,

and

productivity

level

assigned,

expressed

meters

advance

per

unit-shift

production.

The

productivity is

based on

the equipment

and personnel

configuration,

mining height

and expected

physical conditions.

13.3.2

Surface Mine

mine

plan

with

sequenced

mining

projections

was

prepared

for

each

logical

mining

unit.

The

mobile equipment spreads

selected are representative of

Coronado’s equipment fleets and

deemed

to be appropriate for the local mining conditions.

13.3.3

HWM

Contract HWM units

are available for assignment

to contour surface mining

pits in

the Logan County

Division.

HWM

substantially

increases

coal

recovery

from

contour

mining benches

and

is ideally

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

suited for coal resource

areas characterized

by thin coal seams and irregular

or narrow boundaries

that

are

not well-suited

for

underground

mining.

The

contour

mining bench

will extend

into

the

highwall to the

maximum overburden

stripping ratio that

is economically feasible

or the minimum

bench requirement for operation of the HWM unit.

13.4

Required Equipment and Personnel

13.4.1

Underground Mines

13.4.1.1

Powellton No. 1

The Powellton

No. 1

Mine is

temporarily

inactive.

It is

scheduled to

resume production

with one

continuous mine section

in the second

quarter of

2024 with an

additional continuous mining

section

coming online

in the fourth

quarter of

2024.

The Upper Powellton

seam is accessed

via a shallow

slope and crop.

This mine produces metallurgical coal from leased mineral.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

and

every

other

Saturday.

each

day,

two

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt and power

moves.

The production section

is configured

as a full

super section with

two continuous

miners.

Productivity is

planned at

the rate

of 61.0 meters

of advance

and retreat

per shift of operation.

A total of 116 employees are assigned to the mine.

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and

two

scoops

for

each

operating

section.

Coal

extracted

from

the

production

face

with

the

continuous miner and hauled to the mine conveyor in shuttle cars.

At the conveyor belt, the coal is

discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry

the

coal

the

outside,

where

transported

via

overland

conveyor

the

preparation plant and load-out.

The Powellton

No. 1

Mine is

temporarily an

inactive facility;

however,

all necessary

infrastructure

and utilities

remain in

place.

All necessary

permits have

been obtained.

Estimated

expenditures

for site

closure and

reclamation are

included in the

financial model

for this

site.

Expected annual

production

averages

approximately

350,000

marketable

tonnes.

The

mine

scheduled

terminate during 2034.

13.4.1.2

Lower War Eagle

The Lower

War

Eagle Mine

is active

with two

production

sections.

The Lower

War

Eagle seam

accessed

via

existing

slope.

This

mine

metallurgical

coal

operation

with

all

remaining

production on leased mineral property.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

conveyor belt and power

moves.

The sections are

configured as super sections

with two continuous

miners available

for production.

Productivity is planned at

the rate of

79.2 meters of

advance and

retreat per shift of operation.

A total of 139 employees are assigned to the mine.

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and

two

scoops

for

each

operating

section.

Coal

extracted

from

the

production

face

with

the

continuous miner and hauled to the mine conveyor in shuttle cars.

At the conveyor belt, the coal is

discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry the coal outside,

where it is transported

to the preparation

plant and load-out

via

overland conveyor.

The

Lower War

Eagle

Mine is

an operating

facility;

all necessary

infrastructure

and utilities

are in

place.

All

necessary

permits

have

been

obtained.

Estimated

expenditures

for

site

closure

and

reclamation are included in

the financial model for this

site.

Expected annual production averages

approximately 479,000 marketable

tonnes.

The mine is scheduled to terminate during 2036.

13.4.1.3

Eagle No. 1/Toney

Fork #1

The Eagle

No. 1

(Toney

Fork #1)

Mine is

an active

mine in

the Eagle

(No. 2

Gas Lower)

seam with

two production sections.

This mine is

a metallurgical coal operation on

leased mineral property and

is accessed via drift entries from the outcrop.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor belt and power

moves.

Both sections are full super sections with two

continuous miners

per section.

Productivity is planned at the

rate of 64.0 meters

of advance per shift (76.2 meters

retreat) for the super sections.

A total of 137 employees are assigned to the mine.

The principal production equipment

per section includes two

continuous miners, two

roof bolters,

four shuttle

cars, and two

scoops.

Coal is extracted

from the production

face with the

continuous

miner and hauled to the mine conveyor in shuttle cars.

At the conveyor belt, the coal is discharged

onto a feeder breaker

for transfer onto

the conveyor.

The conveyors carry the coal outside, where

it is stacked on the ground to await truck transport

to the preparation plant and load-out.

The Eagle

No. 1

Mine is an

operating facility;

all necessary

infrastructure

and utilities

are in

place.

All

necessary

permits

have

been

obtained;

the

underground

footprint

area

expansion

is pending

final

approval.

Estimated

expenditures

for

mine closure

and site

reclamation

are

included in

the

financial model.

Expected annual production averages approximately

517,000 marketable tonnes.

The mine is scheduled to terminate during 2045.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.4.1.4

Muddy Bridge

The

Muddy

Bridge

Mine

active

mine

the

Eagle

(No.

Gas

Lower)

seam.

This

mine

metallurgical

coal operation

on leased

mineral

property and

is accessed

via drift

entries from

the

outcrop.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

plus

every

other

Saturday.

each

day,

two

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

The

sections

are

configured

full

super

sections

with

two

continuous miners

available for

production on each

section.

Productivity is planned

at the rate

76.2 meters of advance and retreat per shift of operation.

A total of 115 employees are assigned

the mine.

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and

two

scoops

for

each

operating

section.

Coal

extracted

from

the

production

face

with

the

continuous miner and hauled to

the mine conveyor

via shuttle cars.

At the conveyor

belt, the coal

discharged

from

the

haulage

units

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry the coal to

the outside, where it

is stacked

on the ground to

await truck transport

to the Lower War Eagle mine for placement onto

the overland conveyor leading to the preparation

plant and load-out.

The Muddy Bridge Mine

is an operating facility; all

necessary infrastructure and utilities are

in place.

All necessary permits have

been obtained.

Coal mining permits are routinely

obtained.

Estimated

expenditures for mine closure and site reclamation are

included in the financial model.

Expected

annual

production

averages

approximately

603,000

marketable

tonnes

steady

state

production levels.

The mine is scheduled to terminate during 2028.

13.4.1.5

Elklick Chilton

The proposed

Elklick Chilton

Mine is

scheduled to

begin production

in 2029.

The Chilton

seam is

accessed via drift

entry.

The seam is

above drainage.

This mine is

projected to

be a metallurgical

coal operation on leased mineral property.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

The

sections

are

configured

full

super

sections

with

two

continuous miners

available for

production on each

section.

Productivity is planned

at the rate

73.2 meters

of advance

(109.8 meters

of retreat)

per shift

of operation.

A total

of 70

employees

are assigned to the mine.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and two scoops.

Coal is extracted from

the production face with the

continuous miner and hauled

to the mine conveyor via shuttle cars.

At the conveyor belt, the coal is discharged from the haulage

units onto

a feeder

breaker

for transfer

onto the

conveyor.

The conveyors

carry the coal

outside,

where it is stacked on the ground to await

truck transport to the preparation plant and load-out.

The Elklick Chilton

mine is

a permitted mine

with surface infrastructure in

place.

The proposed mine

is located in an area

with a long

history of coal mining,

with numerous permitted operations in close

proximity.

Estimated

expenditures

for

mine

closure

and

site

reclamation

are

included

the

financial model.

Expected

annual

production

averages

approximately

301,000

marketable

tonnes

steady

state

production levels.

The mine is scheduled to begin production in 2029 and terminate during 2041.

13.4.1.6

Camp Branch Chilton

The

Camp

Branch

Chilton

Mine

proposed

mine

the

Chilton

seam

which

accessed

via

drift

entry from

the outcrop

and is scheduled

to begin production

in 2029.

This mine is

a metallurgical

coal operation on leased mineral property.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

The

sections

are

configured

full

super

sections

with

two

continuous miners

available for

production on each

section.

Productivity is planned

at the rate

73.2 meters

of advance

(109.8 meters

of retreat)

per shift

of operation.

A total

of 70

employees

are assigned to the mine.

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and two scoops.

Coal is extracted from

the production face with the

continuous miner and hauled

to the mine conveyor via shuttle cars.

At the conveyor belt, the coal is discharged from the haulage

units onto

a feeder

breaker

for transfer

onto the

conveyor.

The conveyors

carry the coal

outside,

where it is stacked on the ground to await

truck transport to the preparation plant

and load-out.

Due

the

projected

starting

date

for

the

Camp

Branch

Chilton

Mine,

detailed

design

infrastructure or surface facilities has been completed to date.

The proposed mine is located in the

Appalachian Basin, which has an extensive history (>100 years)

of coal mining.

There is a sufficient

population

base

within

commuting

distance

the

proposed

operation;

Camp

Town

construction will

be required.

Estimated mine

access and utility

capital expenditures

are included

in the financial model for the mine.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The proposed Camp Branch

Chilton Mine has an existing

permit.

Estimated expenditures

for mine

closure and site reclamation are included in the financial model.

Expected

annual

production

averages

approximately

321,000

marketable

tonnes

steady

state

production levels.

The mine is scheduled to begin production in 2029 and terminate during 2033.

13.4.1.7

Winifrede

The active Winifrede (North

Fork) Mine is located in

the Upper Winifrede seam and is

accessed via

drift along the outcrop.

This mine is a metallurgical coal operation on leased mineral property.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor belt

and power moves.

The section is configured as

a super section with two continuous

miners per section

available for

production.

Productivity is planned at

38.1 meters to

45.1 meters

of advance (53.4

meters to

63.1 meters of

retreat) per

shift.

A total of

47 employees are

assigned

to the mine.

Principal production equipment per section includes two continuous miners,

two roof bolters, four

shuttle cars, and one

scoop.

Coal is extracted from

the production face with the continuous

miner

and hauled to the

mine conveyor

in shuttle cars.

At the conveyor

belt, the coal is discharged

from

the shuttle cars onto a feeder breaker for transfer

onto the conveyor.

The conveyors carry the coal

outside,

where

it is

stacked

the

ground

await

truck

transport

the

preparation

plant

and

load-out.

The active Winifrede Mine at

North Fork is permitted.

Estimated expenditures for mine closure and

site reclamation are included in the financial model.

Expected

annual

production

averages

approximately

190,000

marketable

tonnes

steady

state

levels.

The mine is scheduled to terminate during 2023.

13.4.1.8

Lower Powellton

The

proposed

Lower

Powellton

Mine

scheduled

begin

production

2033.

The

Lower

Powellton

seam is accessed

via a proposed

drift along the

outcrop.

This mine is

projected to

be a

metallurgical coal operation on leased mineral

property.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

plus

every

other

Saturday.

each

day,

two

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

conveyor

belt

and

power

moves.

Both

sections

are

configured

super

section

with

two

continuous miners

per section

available for

production.

Productivity is

planned at

73.2 meters

advance per

shift (85.4

meters

of retreat

per shift).

A total

of 123

employees are

assigned to

the

mine during steady state production.

Principal production equipment per section includes two continuous miners,

two roof bolters, four

shuttle cars, and

one scoop.

Coal is extracted from

the production face with the continuous

miner

and hauled to the

mine conveyor

in shuttle cars.

At the conveyor

belt, the coal is discharged

from

the shuttle cars onto a feeder breaker for transfer

onto the conveyor.

The conveyors carry the coal

outside,

where

it is

stacked

the

ground

await

truck

transport

the

preparation

plant

and

load-out.

The truck haul cost is estimated to be $1.99 per tonne.

Due

the

projected

starting

date

for

the

Lower

Powellton

Mine,

detailed

design

infrastructure or surface facilities has been completed to date.

The proposed mine is located in the

Appalachian Basin, which has an extensive history (>100 years)

of coal mining.

There is a sufficient

population

base

within

commuting

distance

the

proposed

operation;

Camp

Town

construction will

be required.

Estimated mine

access and utility

capital expenditures

are included

in the financial model for the mine.

Due

the

projected

start-up

date

the

Lower

Powellton

Mine,

permit

work

has

been

completed to date.

The proposed mine is located in an area with a

long history of coal mining, with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained.

Estimated

expenditures for

mine closure

and site

reclamation

are included

in the

financial model

for each mine or plant site.

Expected

annual

production

averages

approximately

501,000

marketable

tonnes

steady

state

levels.

The mine is scheduled to begin production in 2033 and terminate during 2044.

13.4.1.9

Upper Winifrede

The proposed

Upper Winifrede

Mine is

scheduled to

begin production

in 2037.

The Upper

Winifrede

seam is accessed via

a proposed drift along

the outcrop.

This mine is

projected to be a metallurgical

coal operation on leased mineral property.

Production

scheduled

for

approximately

265

days

each

year,

which

represents

production

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

The

sections

are

configured

full

super

sections

with

two

continuous miners

available for

production on each

section.

Productivity is planned

at the rate

73.2 meters of advance per shift of operation.

A total of 70 employees are assigned to the mine.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and two scoops.

Coal is extracted from

the production face with the

continuous miner and hauled

to the mine

conveyor in

shuttle cars.

At the conveyor

belt, the coal

is discharged from

the shuttle

cars

onto

a feeder

breaker

for transfer

onto the

conveyor.

The conveyors

carry the

coal outside,

where it

is stacked

on the

ground to

await truck

transport to

the preparation

plant and

load-out.

The truck haul cost is estimated to be $4.03 per tonne.

Due

the

projected

starting

date

for

the

Upper

Winifrede

Mine,

detailed

design

infrastructure or surface facilities has been completed to date.

The proposed mine is located in the

Appalachian Basin, which has an extensive history (>100 years)

of coal mining.

There is a sufficient

population

base

within

commuting

distance

the

proposed

operation;

Camp

Town

construction will

be required.

Estimated mine

access and utility

capital expenditures

are included

in the financial model for the mine.

Due

the

projected

start-up

date

the

Upper

Winifrede

Mine,

permit

work

has

been

completed to date.

The proposed mine is located in an area with a

long history of coal mining, with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained.

Estimated

expenditures for

mine closure

and site

reclamation

are included

in the

financial model

for each mine or plant site.

Expected

annual

production

averages

approximately

413,000

marketable

tonnes

steady

state

levels.

The mine is scheduled to begin production in 2037 and terminate during 2041.

the

underground

mines,

ventilation

fans

are

installed

provide

sufficient

volume

air

ventilate

production

sections,

coal

haulage

and

transport

entries,

battery

charging

stations,

and

transformers in 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.

13.4.2

Surface Mines and Highwall Miners

Three surface resource areas were modeled.

Mining operations are projected to utilize area

mining

as well as contour mining (

CTR

) methods with an emphasis on creating highwall for highwall mining

activity.

The projected operations will

employ two existing

front-end loaders capable

of a

combined

production rate

of approximately

8,900 bcm/hr with

supplemental assistance

of 6 dozers

that can

generate an additional 700 bcm/hr providing their spoil placement does not interfere with planned

highwall

mining

activity.

The

older,

higher-hour

front

end

loader

will

be replaced

early

2023

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

with

higher

production

hydraulic

excavator

that

will

increase

the

capability

the

machines to

11,300 bcm/hr.

The dozers

will continue

supplementing the loading

production on

periodic basis as described previously.

The potential production level of combined machines is not

projected to be achieved until 2024 and not

consistently until 2027 due to lack of sufficient working

areas.

Sufficient reserves allow mining to continue to the year 2055.

The models assume

that the operations

will work two,

10-hour production shifts,

5 days per

week

plus every

other Saturday,

with sufficient

staffing

to float

vacation

during the

year.

A total

of 82

employees are assumed for the surface mines at full production.

assumed

that

most

the

spoil

movement

goes

through

shovel

loader

bucket

and

eventually returned to the pit for final

reclamation.

The dozer’s primary responsibility is cutting the

initial benches for the drill and shaping the reclaimed contour highwall.

All highwall

mining is assumed

to be performed

by a contractor.

The contractor

is responsible for

staffing those operations along with providing

necessary equipment capital.

Spoil for

final highwall

reclamation is

expected to

come from

strategic

placement of

spoil on

pre-

existing benches by

haul trucks

such that

they are within

the push

distance of the

reclamation dozer.

13.4.2.1

Toney

Fork

Toney

Fork surface mining operations are projected to be mined from 2028 to 2055, with emphasis

placed on preparing space

for HWM operations.

Expected production for

the operations averages

approximately 232,000 marketable

tonnes.

The

Toney

Fork

HWM

operates

from

2028

2056

and

mines

additional

172,000

marketable

tonnes at steady state levels.

13.4.2.2

Buffalo Creek South

The Buffalo Creek South surface and/or HWM mining operations are projected to operate between

2023 and

2055, with

emphasis placed

on preparing

space for

HWM operations.

Expected surface

production

for

the

operations

totals

approximately

246,000

marketable

tonnes

steady

state

levels.

The

Buffalo

Creek

HWM

mines

additional

212,000

marketable

tonnes

steady

state

levels.

13.4.2.3

Sugar Camp

Sugar

Camp

surface

mining

operations

are

projected

mined

from

2028

2055.

Expected

production for the operations average

approximately 180,000 marketable

tonnes.

The

Sugar

Camp

HWM

operates

from

2028

2056

and

mines

additional

46,000

marketable

tonnes.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

As shown in

Tables 13-1 through 13-3

, the areas

planned for underground production continue

until

2045,

whereas

surface

and

auger/HWM

production

projected

finish

2056.

Clean

coal

production varies directly

with coal thickness

in the

case of the

underground mines, and

overburden

removal for the surface mines.

Table 13-1:

Underground Summary of Production by Year (000)

Mine Name

2023

2024

2025

2026

2027

2028

2029

2030

Camp Br Chilton

321

355

Eagle No. 1 (Toney

Fork)

561

566

545

571

536

609

613

477

Elk Lick Chilton

202

249

Lower Powellton

Lower War Eagle

398

472

452

446

444

493

509

482

Powellton No. 1

135

359

378

374

438

432

436

Muddy Br No.2 Gas

605

598

618

592

520

714

Upper Winifrede

Winifrede (Chilton Rider)

219

Total

1,783

1,770

1,974

1,988

1,874

2,254

2,077

1,999

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mine Name

2031

2032

2033

2034

2035

2036

2037

2038

Camp Br Chilton

348

283

300

Eagle No. 1 (Toney

Fork)

468

482

466

470

456

556

407

545

Elk Lick Chilton

262

280

291

299

241

294

336

355

Lower Powellton

245

492

510

499

511

Lower War Eagle

545

561

490

462

468

322

Powellton No. 1

315

210

204

347

Muddy Br No.2 Gas

Upper Winifrede

493

505

Winifrede (Chilton Rider)

Total

1,938

1,817

1,784

1,823

1,657

1,682

1,736

1,916

Mine Name

2039

2040

2041

2042

2043

2044

2045

2046

Camp Br Chilton

Eagle No. 1 (Toney

Fork)

551

524

478

482

510

506

427

Elk Lick Chilton

320

328

351

Lower Powellton

509

513

495

569

666

Lower War Eagle

Powellton No. 1

Muddy Br No.2 Gas

Upper Winifrede

347

307

142

Winifrede (Chilton Rider)

Total

1,726

1,672

1,466

1,051

1,177

558

427

Table 13-2:

Surface Summary of Production by Year (000)

Mine Name

2023

2024

2025

2026

2027

2028

2029

2030

Toney Fork Surf

234

232

Buffalo Cr South Area

298

458

521

509

526

207

205

Sugar Camp Area 1

181

180

Total

298

458

521

509

526

622

618

Mine Name

2031

2032

2033

2034

2035

2036

2037

2038

Toney Fork Surf

231

233

231

232

Buffalo Cr South Area

205

204

205

206

205

Sugar Camp Area 1

179

181

179

180

Total

616

613

616

620

616

618

Mine Name

2039

2040

2041

2042

2043

2044

2045

2046

Toney Fork Surf

233

234

232

231

229

232

231

233

Buffalo Cr South Area

206

207

205

203

205

206

Sugar Camp Area 1

181

180

179

177

180

179

181

Total

620

622

618

616

609

618

616

620

Mine Name

2047

2048

2049

2050

2051

2052

2053

2054

Toney Fork Surf

233

232

233

234

233

231

229

Buffalo Cr South Area

206

205

206

207

206

205

203

Sugar Camp Area 1

181

180

181

179

177

Total

620

618

620

622

620

616

609

Mine Name

2055

2056

2057

2058

2059

2060

2061

2062

Toney Fork Surf

Buffalo Cr South Area

130

Sugar Camp Area 1

Total

247

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 13-3:

Highwall Summary of Production by Year (000)

Mine Name

2023

2024

2025

2026

2027

2028

2029

2030

Toney Fork HWM

173

172

Buffalo Cr South HWM

134

215

234

117

124

219

217

Sugar Camp HWM

Total

134

215

234

117

124

438

435

Mine Name

2031

2032

2033

2034

2035

2036

2037

2038

Toney Fork HWM

171

173

171

172

Buffalo Cr South HWM

216

218

216

217

Sugar Camp HWM

Total

433

432

433

437

433

435

Mine Name

2039

2040

2041

2042

2043

2044

2045

2046

Toney Fork HWM

173

172

171

169

172

171

173

Buffalo Cr South HWM

218

219

217

216

214

217

216

218

Sugar Camp HWM

Total

437

438

435

433

428

435

433

437

Mine Name

2047

2048

2049

2050

2051

2052

2053

2054

Toney Fork HWM

173

172

173

171

169

Buffalo Cr South HWM

218

217

218

219

218

216

214

Sugar Camp HWM

Total

437

435

437

438

437

433

428

Mine Name

2055

2056

2057

2058

2059

2060

2061

2062

Toney Fork HWM

170

111

Buffalo Cr South HWM

215

101

Sugar Camp HWM

Total

430

242

Processing and Recovery Methods

14.1

Description or Flowsheet

The Logan

County Division

includes the

Saunders Preparation

Plant in

addition to

the mines.

The

plant site includes raw coal storage, clean coal storage, a railroad loadout, and refuse disposal area.

The

plant has

a feed

rate

capacity

of 1,088

raw

tonnes

per hour.

Primary separation

equipment

includes

heavy

media

vessel,

heavy

media

cyclones,

classifying cyclones,

spirals,

flotation

cells,

and

column

flotation,

supported

the

requisite

screens,

centrifuges,

vacuum

filters,

sumps,

pumps,

and

distribution

systems.

Coarse

and

fine

refuse

are

disposed

separately

adjacent

refuse area which incorporates slurry cells.

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

Logan,

Boone,

Wyoming,

and Mingo

counties, and

have

proven

to be

adequate in

numbers

to operate

past and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

current mines.

As mining is

common in

the surrounding

areas, the

workforce

is generally

familiar

with mining practices and is comprised of a strong talent pool of experienced miners.

Water

is sourced

locally from

Buffalo Creek

Public Service

District and/or

locally from

streams via

water

withdrawal

permits, and

electricity

is sourced

from

AEP.

The

service industry

in the

areas

surrounding the

mine complex

has historically provided

supplies, equipment

repairs and fabrication,

etc.

Infrastructure

The

Coronado-owned

Saunders

Preparation

Plant

services the

mines.

The

ROM

coal

is delivered

from

the

Lower

War

Eagle

Mine

via

overland

conveyor,

all

remaining

production

will

delivered to the plant site by truck.

The CSX rail line serves as the main means of transport from the mine complex/loadout.

As an active operation, the necessary support infrastructure for

Logan is in place.

As new areas

are developed, the

infrastructure requirements will change.

These changes have

been

considered in the LOM plans and financial model.

Most of the

seams lie below

drainage; however, several metallurgical coal seams are situated above

drainage.

The

underground

mining

resource

areas

which

are

located

above-drainage

require

access road

and mine

access development

along the

outcrop, whereas

below-drainage

mines are

accessed based on other

proposed surface infrastructure locations and/or surface property control.

In some cases, the

access and face-up

may be developed as

part of surface

mining activities.

A mine

transformer

and water tank

are located

at the face-up,

along with the mine

fan, stacker

conveyor,

supply facilities, shop, office, and bath house.

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.

The HWM equipment advances along with the contour mining pits.

The rate of advance of contour

mining is

somewhat constrained 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.

A map of the existing facilities in

Figure 15-1

shows the layout of the required infrastructure.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 15-1:

Logan 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 was utilized to develop average

coal quality characteristics for

the

mining

site.

These

average

coal

quality

characteristics

were

then

utilized

the

basis

for

determining the various markets into which the saleable coal will likely

be placed.

The projected quality specifications for the Logan products

are as shown in

Table 16-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 16-1:

Quality Specifications by Product

HVA

HVB

Thermal

(A/R)

Moisture (%)

7.50

8.00

7.50

Ash (%)

7.50

8.00

12.50

Sulfur (%)

0.90

0.95

1.00

Volatile Matter (%)

32.5

37.0

36.0

Btu/lb.

N/A

12,300

Fluidity (ddpm)

30,000

25,000

N/A

MMR (%)

1.04

0.93

N/A

CSR

N/A

FSI

8.00

N/A

Note:

All Specs are dry basis except Moisture and Thermal

The mine production serves both the high-volatile metallurgical and thermal markets.

16.2

Price Forecasts

Coronado provided

MM&A with

price forecasts

for its

active operations.

Customer coal

pricing is

derived

from

market

observed

forward

estimates

based

global economic

supply

and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s in-house knowledge of applicable rail transportation charges, ocean

freight charges and

port charges.

MM&A utilized this data for price forecasting

in financial modeling.

Concurrent with

aforementioned-quality

parameters

the

preceding

section,

production

from

the

proposed

operations

assumed

primarily

sold

metallurgical

markets

with

limited

thermal

sales.

Pricing was provided through calendar year 2056.

Coal price forecasts

for the Logan products

were provided by

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

the

coal.

For

Logan,

since

all

mining,

preparation and marketing is done in-house, the remaining

contracts required are:

Transportation

– The Mine contracts with the CSX Railroad to transport the coal to either the

domestic customers or to the Pier 9 and Dominion terminals at Norfolk, Virginia

for overseas

shipment.

Sales

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

With the volatility of the market,

long-term contracts are not typically written.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West 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 Logan Property in

May 2017

on behalf of

Coronado.

Coronado reports

not having

conducted such

a study

since the

MM&A

studies.

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 these ESAs.

Based on these former ESAs completed by MM&A, it is the QPs’

opinion that Logan 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 financial models.

17.2

Requirements and Plans for Waste

Disposal

The original

design for

the North

Fork Refuse

Area (

North Fork

) at

the Logan

Property projected

crest

elevation

686

meters.

The

present

elevation

the

deck

±685meters.

2018

MSHA

approved an expansion plan to raise

the cross-valley crest to

elevation 802 meters, and from

there

converting

sidehill

fill.

This

will

allow

for

total

volume

million

which

would

sufficient

capacity for

all the

refuse generated

by the

LOM plan

that underpins

the current

Logan

County Division reserves.

Further plans for

the North Fork

site call for conversion of

the fill

to a total

cross-valley configuration, predicated

on completion of surface mining on the ridge between North

Fork and Middle Fork.

This has the potential of providing an additional 10 million CM of capacit

17.3

Permit Requirements and Status

All

mining

operations

are

subject

federal

and

state

laws

and

must

obtain

permits

operate

mines, coal preparation and related facilities,

haul roads, and other incidental surface disturbances

necessary for

mining to

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

to an

approved post-mining

land

use and

that all

regulations and

requirements

of 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

of the

bond.

Any company,

and its

directors,

owners and

officers, which

are subject

bond forfeiture can be denied future permits under the program.

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

New permits

or permit

revisions will occasionally

be necessary

to facilitate the

expansion or

addition

of new

mining areas

on the

properties, such

as amendments

to existing

permits and

new permits

for mining

of reserve

areas.

Exploration permits

also are

required.

Property under

lease includes

provisions

for

exploration

among

the

terms

the

lease.

New

modified

mining

permits

are

subject

public

process

and

comment

period,

and

the

public

provided

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 properties, but future permits are required to maintain and expand

production.

Portions of the

properties

are

located

near local

communities.

Regulations

prohibit

mining activities

within 91.4

meters

of a

residential dwelling,

school, church,

or similar

structure unless

written consent

is 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

prevent

the

issuance

future

permits.

Logan,

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 Mining permits currently held by Logan are shown in

Table 17-1.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

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

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 17-1:

Logan Mining Permits

Type

Permit ID

Permit Name

$ Bond

Current Status

Issued

Date

Expiration Date

Hectares

NPDES

Other

O001984

North Fork Refuse

$1,033,200

Renewed

4/11/1984

4/11/2024

116.03

WV0095699

Other - Loadout Only

O009283

Elk Lick Dock

$33,000

Renewed

6/10/1983

6/10/2023

13.31

WV1023071

Other

O009883

Saunders Prep Plant

$223,200

Renewed

6/24/1983

6/24/2023

36.04

WV0095699

Other - Refuse Disposal

O012383

Middle Fork Refuse

$364,800

Renewed

9/27/1983

9/27/2023

46.13

WV0096156

Other - Loadout Only

O500513

Toney Fork Loadout

$32,000

Renewed

9/11/2014

9/11/2024

12.67

WV1028081

Other - Refuse Disposal

O501108

Elklick Branch Haulroad/Refuse

$281,600

Renewed

11/13/2008

11/13/2023

5.83

WV1029843

Coal Surface Mine

S500417

North Fork Winifrede Contour Mine

$390,000

Not Started

2/13/2018

2/13/2023

50.59

WV1028430

Coal Surface Mine

S500615

Toney Fork A-Ridge Surface Mine

Phase 1 Released

2/24/2016

2/24/2026

15.8

WV1028278

Coal Surface Mine

S500709

Toney Fork Surface Mine No. 3

$2,625,000

Renewed

11/20/2013

11/20/2023

340.83

WV1019902

Coal Surface Mine

S501210

Toney Fork West Surface Mine

$1,670,000

Inactive

2/29/2012

2/28/2022

134.3

WV1024990

Coal Surface Mine

S501410

Elklick Surface Mine

$2,760,800

Inactive

8/16/2013

8/16/2023

327.47

WV1025015

Coal Surface Mine

S503395

TONEY FORK SURFACE #2

$5,605,000

Renewed

5/28/1998

5/28/2023

453.61

WV1016750

Coal Underground

U004485

Dingess Br. No. 1

Completely Released

6/12/1985

PHII Released

4.05

WV1008340

Coal Underground

U400299

Paynter Branch Mine No. 1

$81,000

Renewed

4/5/2002

4/5/2027

10.01

WV1018728

Coal Underground

U500109

Chilton Deep Mine No. 1

$30,800

Inactive

1/31/2011

1/31/2026

5.53

WV1019821

Coal Underground

U500789

WA #1 Mine

Completely Released

7/31/1990

PHII Released

WV0096385

Coal Underground

U500919

North Fork Winifrede Deep Mine

$12,240

New

3/3/2020

3/3/2025

2.21

WV1030990

Coal Underground

U501311

Eagle No. 1 Mine

$91,080

Not Started

5/20/2013

5/20/2023

7.19

WV1025139

Coal Underground

U502008

Dingess Br-Chilton Mine No. 2

$42,920

Phase 1 Released

10/10/2008

PHI Released

11.62

WV1029908

Coal Underground

U505392

ALMA NO. 1 MINE

$283,480

Renewed

3/3/1995

3/3/2025

39.43

WV1013408

Coal Underground

U506686

Camp Branch Deep Mine

$96,200

Renewed

1/26/1987

1/26/1997

26.24

WV0093122

Coal Surface Mine

S500615

Toney Fork A-Ridge Surface Mine

$80,000

Phase 1 Released

2/24/2016

2/24/2026

15.8

WV1028278

Coal Underground

U501015

CB Chilton #1 Mine

$10,600

Not Started

12/28/2016

12/28/2026

1.68

WV1028316

Coal Underground

U503496

Muddy Bridge Branch #1

$35,280

Renewed

8/4/1997

8/4/2022

5.46

WV1016954

Coal Underground

U503596

Muddy Bridge Branch #2

$65,520

Renewed

8/4/1997

8/4/2022

10.35

WV1016954

River Dock

810-8037

Big Sandy Dock

$210,700

In-Active

7/10/1986

7/10/2021

2.99

KYG040724

Coal Surface Mine

S500422

Middle Fork Surface Mine

Pending

81.73

WV1031198

Coal Surface Mine

S500822

Elklick Contour Surface mine

Pending

182.45

WV1031228

Notes:

Permits containing refuse placement.

Does not include prospect permits.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

of disturbed

areas.

For surface

mines, the

majority of the

expense for

backfilling and regrading

is completed as part

of ongoing mining operations,

with only

reclamation

final

pits

and

HWM

benches

required

end-of-mine

life.

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

is reduced

to two

years

for

certain operations

involving re

-mining.

Reclamation

of underground

mines includes

closure and

sealing of

mine openings

such as

portals

and shafts in addition to the items listed above.

Estimated

costs

for

mine closure,

including water

quality monitoring

during site

reclamation,

are

included in

the financial

models.

As with

all mining

companies, an

accretion calculation is

performed

annually

so the

necessary Asset

Retirement

Obligations

(

ARO

) can

be shown

a Liability

on the

Balance Sheet.

17.6

Qualified Person’s Opinion

The Logan complex

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 in 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 to 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 an inventory of operating equipment available

at Logan.

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

experience and knowledge

of mining equipment and

industry standards with

respect to the

useful

life of such equipment.

As one mine is depleted, the equipment is moved to its replacement.

A summary of the estimated capital for the Property is provided

Figure 18-1

below.

Figure 18-1:

CAPEX

18.2

Operating Cost Estimate

Coronado

provided

historical

and

preliminary

5-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 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.

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 reclam

ation fees.

Mandated Sales Related Costs such as Black Lung Excise are

summarized in

Table 18-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West 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 Black Lung Excise Tax

- Surface

Per Tonne

$0.61

Federal Black Lung Excise Tax

- Highwall Miner

Per Tonne

$0.61

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Federal Reclamation Fees – Surface

Per Tonne

$0.31

Federal Reclamation Fees - Highwall Miner

Per Tonne

$0.31

West Virginia Reclamation Tax

- Underground

Per Tonne

$0.308

West Virginia Reclamation Tax

- Surface

Per Tonne

$0.308

West Virginia Reclamation Tax

- Highwall Miner

Per Tonne

$0.308

West Virginia Severance Tax

Percentage of Revenue

1 to 5%

Royalties – Underground

Percentage of Revenue

5 to 8.5%

Royalties – Surface

Percentage of Revenue

Royalties - Highwall Miner

Percentage of Revenue

Notes: 1. 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:

Logan Operating Costs

YE 12/31

Remaining

Total

2023

2024

2025

2026

2027

2028

2029

2030

LOM Average

ROM Production

Tonnes

140.8

5.3

6.0

7.2

7.1

7.3

7.1

6.8

6.9

3.4

Yield

50.15%

41.78%

40.92%

37.67%

36.89%

34.67%

46.77%

46.43%

44.46%

55.70%

Saleable

Production

Tonnes

70.6

2.2

2.4

2.7

2.6

2.5

3.3

3.1

1.9

Thermal Tonnes

4.79

0.09

0.14

0.16

0.15

0.16

0.15

0.14

Domestic Met

Tonnes

65.84

2.13

2.31

2.57

2.46

2.37

3.16

2.99

2.90

1.73

Export Met

Tonnes

Total Saleable

Tonnes

70.63

2.22

2.44

2.73

2.61

2.52

3.31

3.14

3.05

1.9

Cash Costs per

Tonne:

Mining Costs

$83.08

$73.59

$71.70

$73.57

$75.45

$80.17

$65.86

$73.71

$77.65

$87.30

Processing and

Transport

$20.11

$20.58

$19.71

$19.53

$20.03

$21.76

$17.49

$17.61

$18.65

$20.49

Sales Related

Costs

$16.97

$14.47

$13.29

$13.39

$12.93

$14.12

$14.54

$15.27

$15.61

$18.20

G&A

$3.21

$3.69

$3.22

$2.97

$3.10

$3.21

Total Cash Costs

$123.37

$112.33

$107.92

$109.46

$111.51

$119.26

$101.09

$109.79

$115.12

$129.19

* The Financial model includes 0.001 million tonnes of inferred coal production.

Inferred coal represents 0.000001% of the total

production, and none of this coal was included in the estimate of reserves.

Economic Analysis

19.1

Assumptions, Parameters and Methods

A pre-feasibility LOM plan

was prepared by

MM&A for the

Logan operations.

MM&A prepared mine

projections and production timing forecasts

based on coal seam characteristics.

Production timing

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

was carried

out from

2023 to

depletion (exhaustion)

of the

coal reserve

areas, which

is projected

for the year 2056.

All costs and prices are based on 2022 nominal United States dollars.

The Mine

plan, productivity

expectations and cost

estimates generally reflect

historical performance

Coronado

and

efforts

have

been

made

adjust

plans

and

costs

reflect

future

conditions.

MM&A is 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

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.

On an unlevered basis, the NPV of the project cash flows after taxes was

estimated for the purpose

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 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

useful

reference

for

MM&A’s

cost estimates.

Sales revenue is based on

the metallurgical coal price information provided to MM&A

by 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 in current

day

dollars

without

adjustment

for

inflation.

Capital

expenditures

and

reclamation

costs

are

included based

on engineering

estimates for

each mine

by 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 Logan are estimated to be 5 to 9%

of the sales

revenue.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 to 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

by annual sales

tonnage, which at steady-state level ranges from

a peak of 3.3 million

tonnes in 2028 to

a low of 1.0 million tonnes

in 2054.

Projected consolidated

revenue ranges from $151.9 million to $480.3 million

at a steady state.

Revenue totals $11.4 billion

for the project’s life.

Consolidated cash flow from operations is positive throughout the projected operating period, with

the

exception

of post

-production

years,

due to

end-of-mine

reclamation

spending.

Consolidated

cash flow from operations

peaks at $110.1 million in

2038 and totals $2.5 billion over

the project’s

life.

Capital

expenditures

total

$190.2

million

from

2023

through

2027 and

$1.2

billion

over

the

project’s life.

Coal price forecasts for coal

products were prepared by Coronado

for its proposed 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

to prove the economic viability of 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 Logan.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-1:

Cash Costs per Tonne

As shown

above, Logan’s average cash cost

ranges between approximately $101

and $147

per tonne

for most of the operating period.

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Deep Mines

Camp Br Chilton

1,607

$21,157

$13.16

$51,064

$31.77

Eagle No. 1 (Toney

Fork)

11,806

$18,727

$1.59

$220,119

$18.65

Elk Lick Chilton

3,809

$76,902

$20.19

$146,959

$38.58

Lower Powellton

5,095

$112,692

$22.12

$224,168

$44.00

Lower War Eagle

6,544

$102,095

$15.60

$227,269

$34.73

Powellton No. 1

3,629

$52,199

$14.38

$122,643

$33.80

Muddy Br No.2 Gas

3,647

$166,946

$45.77

$212,139

$58.16

Upper Winifrede

1,794

$61,150

$34.09

$95,271

$53.12

Winifrede (Chilton Rider)

219

$9,021

$41.19

$12,795

$58.42

Consolidated Deep Mines

38,150

$620,890

$16.27

$1,312,426

$34.40

Surface Mines

Toney Fork Surf

6,338

$106,288

$16.77

$245,407

$38.72

Buffalo Cr South Area

7,990

$27,941

$3.50

$203,185

$25.43

Sugar Camp Area 1

4,911

$(100,944)

$(20.55)

$48,015

$9.78

Surface Mines Consolidated

19,239

$33,285

$1.73

$496,606

$25.81

HWM Operations

Toney Fork HWM

4,919

$330,409

$67.17

$361,920

$73.57

Buffalo Cr South HWM

7,004

$434,033

$61.97

$474,395

$67.73

Sugar Camp HWM

1,314

$82,843

$63.05

$91,260

$69.45

HWM Consolidated

13,237

$847,285

$64.01

$927,575

$70.07

Grand Total

70,626

$1,501,460

$21.26

$2,736,607

$38.75

* The Financial model includes 0.001 million tonnes of inferred coal production.

Inferred coal represents

0.000001% of the total production, and none of this coal was included in the estimate of reserves.

shown

Table

19-1,

the

Logan

Complex

shows

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated

operations

show positive

LOM

P&L and

LOM

EBITDA of

$1.5 billion

and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

$2.7 billion,

respectively.

A summary

of the

key

financial performance

metrics projected

through

2030 is provided below in

Table 19-2

Table 19-2:

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

12/31

Remaining

Total

2023

2024

2025

2026

2027

2028

2029

2030

LOM Average

ROM Production Tonnes

140.8

5.3

6.0

7.2

7.1

7.3

7.1

6.8

6.9

3.4

Yield

50.15%

41.78%

40.92%

37.67%

36.89%

34.67%

46.77%

46.43%

44.46%

55.70%

Saleable Production

Tonnes

70.6

2.2

2.4

2.7

2.6

2.5

3.3

3.1

1.9

Thermal Tonnes

4.79

0.09

0.14

0.16

0.15

0.16

0.15

0.14

Domestic Met Tonnes

65.84

2.13

2.31

2.57

2.46

2.37

3.16

2.99

2.90

1.73

Export Met Tonnes

Total Saleable Tonnes

70.63

2.22

2.44

2.73

2.61

2.52

3.31

3.14

3.05

1.9

Cash Costs per Tonne:

Mining Costs

$83.08

$73.59

$71.70

$73.57

$75.45

$80.17

$65.86

$73.71

$77.65

$87.30

Processing and Transport

$20.11

$20.58

$19.71

$19.53

$20.03

$21.76

$17.49

$17.61

$18.65

$20.49

Sales Related Costs

$16.97

$14.47

$13.29

$13.39

$12.93

$14.12

$14.54

$15.27

$15.61

$18.20

G&A

$3.21

$3.69

$3.22

$2.97

$3.10

$3.21

Total Cash Costs

$123.37

$112.33

$107.92

$109.46

$111.51

$119.26

$101.09

$109.79

$115.12

$129.19

EBITDA per Tonne

$38.75

$69.72

$32.66

$24.91

$24.85

$19.38

$40.61

$30.85

$28.39

$41.21

Expansion CapEx ($M)

Maintenance CapEx ($M)

$1,212.8

$64.5

$46.2

$35.1

$24.7

$19.5

$54.7

$76.7

$30.9

$33.1

Total CapEx

$1,212.8

$64.5

$46.2

$35.1

$24.7

$19.5

$54.7

$76.7

$30.9

$33.1

* The Financial model includes 0.001 million tonnes of inferred coal production.

Inferred coal represents 0.000001% of the total

production, and none of this coal was included in the estimate of reserves.

After Tax

Cash Flows

were

developed in

order to

calculate

the NPV

for

this Property.

The NPV

estimated to be $366.6 million

at a discount rate

of 10.0%.

A summary of the Logan after

-tax cash

flow is shown in

Table 19-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for

the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-3:

Project Cash Flow Summary ($000)

YE12/31

Total

2023

2024

2025

2026

2027

Production & Sales tonnes

70,626

2,215

2,444

2,730

2,614

2,524

Total Revenue

$11,449,478

$403,255

$343,593

$366,750

$356,408

$349,974

EBITDA

$2,736,607

$154,435

$79,831

$67,982

$64,942

$48,930

Net Income

$1,271,269

$93,455

$33,975

$22,180

$21,044

$7,422

Net Cash Provided by Operating Activities

$2,455,780

$98,886

$84,666

$64,481

$60,927

$49,298

Purchases of Property, Plant, and

Equipment

$(1,212,814)

$(64,541)

$(46,249)

$(35,126)

$(24,721)

$(19,540)

Net Cash Flow

$1,242,966

$34,345

$38,417

$29,354

$36,206

$29,758

YE12/31

2028

2029

2030

2031

2032

2033

Production & Sales tonnes

3,315

3,138

3,052

2,987

2,862

2,833

Total Revenue

$469,730

$441,352

$437,982

$436,621

$425,513

$428,277

EBITDA

$134,632

$96,812

$86,647

$88,298

$85,099

$81,695

Net Income

$76,870

$40,290

$35,152

$37,612

$33,266

$22,374

Net Cash Provided by Operating Activities

$102,420

$94,319

$82,136

$80,835

$79,110

$77,163

Purchases of Property, Plant, and

Equipment

$(54,676)

$(76,748)

$(30,875)

$(25,919)

$(58,356)

$(77,043)

Net Cash Flow

$47,743

$17,571

$51,261

$54,916

$20,754

$119

YE12/31

2034

2035

2036

2037

2038

2039

Production & Sales tonnes

2,872

2,714

2,739

2,785

2,969

2,783

Total Revenue

$445,485

$422,500

$431,983

$440,845

$480,253

$458,789

EBITDA

$108,745

$74,857

$97,015

$103,374

$125,905

$107,907

Net Income

$53,277

$22,619

$43,055

$45,843

$62,109

$46,564

Net Cash Provided by Operating Activities

$92,575

$73,923

$84,785

$93,567

$110,105

$102,650

Purchases of Property, Plant, and

Equipment

$(60,090)

$(30,525)

$(49,809)

$(65,949)

$(56,676)

$(42,223)

Net Cash Flow

$32,485

$43,398

$34,975

$27,618

$53,429

$60,427

YE12/31

2040

2041

2042

2043

2044

2045

Production & Sales tonnes

2,733

2,519

2,100

2,214

1,611

1,476

Total Revenue

$459,598

$431,586

$365,532

$393,908

$289,596

$269,978

EBITDA

$104,671

$94,788

$81,444

$105,980

$58,696

$83,754

Net Income

$47,235

$41,064

$39,833

$60,889

$23,010

$51,731

Net Cash Provided by Operating Activities

$96,543

$88,891

$75,724

$90,314

$63,837

$71,484

Purchases of Property, Plant, and

Equipment

$(29,343)

$(33,901)

$(27,895)

$(23,194)

$(29,298)

$(22,073)

Net Cash Flow

$67,200

$54,990

$47,828

$67,120

$34,540

$49,411

YE12/31

2046

2047

2048

2049

2050

2051

Production & Sales tonnes

1,057

1,053

1,057

1,061

Total Revenue

$194,175

$198,147

$201,437

$205,554

$210,544

$215,652

EBITDA

$52,251

$53,459

$54,370

$59,571

$58,316

$59,618

Net Income

$28,842

$28,388

$27,184

$31,758

$28,651

$30,020

Net Cash Provided by Operating Activities

$52,854

$48,225

$49,193

$53,061

$49,045

$52,351

Purchases of Property, Plant, and

Equipment

$(18,702)

$(21,272)

$(25,945)

$(30,072)

$(22,359)

$(22,221)

Net Cash Flow

$34,152

$26,953

$23,248

$22,990

$26,686

$30,131

YE12/31

2052

2053

2054

2055

2056

2057

Production & Sales tonnes

1,057

1,049

1,037

677

242

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Total Revenue

$219,229

$222,017

$223,966

$151,873

$57,377

EBITDA

$71,599

$60,514

$60,792

$48,780

$20,900

Net Income

$45,345

$29,161

$30,508

$22,011

$9,180

$(339)

Net Cash Provided by Operating Activities

$60,653

$56,148

$54,570

$47,692

$20,671

$(3,597)

Purchases of Property, Plant, and

Equipment

$(24,540)

$(27,137)

$(12,933)

$(11,318)

$(11,544)

Net Cash Flow

$36,113

$29,011

$41,637

$36,374

$9,127

$(3,597)

YE12/31

2058

2059

2060

2061

2062

2063

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(174)

$(89)

$(46)

$(0)

Net Cash Provided by Operating Activities

$(1,835)

$(936)

$(954)

Purchases of Property, Plant, and

Equipment

Net Cash Flow

$(1,835)

$(936)

$(954)

* The Financial model includes 0.001 million tonnes of inferred coal production.

Inferred coal represents 0.000001% of the total

production, and none of this coal was included in the estimate of reserves.

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.

Figure 19-2:

Sensitivity of NPV

As shown, NPV is quite sensitive to changes in sales price and operating cost estimates, and slightly

sensitive to changes in capital cost estimates.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

2017

behalf

Coronado.

MM&A

has

subsequently

conducted Joint Ore Reserve Committee (

JORC

) compliant resource and reserve assessments of the

Logan County

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

Logan’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.

Interpretation and Conclusions

22.1

Conclusion

Sufficient data

has been obtained

through various

exploration and

sampling programs

and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

on the

Property.

The data

is of

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 in conjunction with the preliminary feasibility study is sufficient

conclude

that

the

70.6

marketable

coal

reserves

identified

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 in

the risk assessment process.

The risk matrix and

risk assessment

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

process

are

modelled

that

presented

the

Australian

and

New

Zealand

Standard

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 a risk factor is herein defined as the risk

level following

application

special

mitigation

measures

management

determines

that

the

initial

risk

level

unacceptable.

Initial risk and residual risk can be quantified numerically,

derived by 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

by 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.

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

13.

No residual

risks are

rated

Very High.

One (1) residual risk is rated

High.

Eight (8) of the risk aspects could be 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 in

this report is subject to

the limitations of the information currently

collected, tested, and interpreted

at the time of the writing of the 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 in the

formula are subjective numerical

estimates

made

practiced

mine

engineers

and

managers.

Both

and

are

assigned

integer

values

ranging

from

for

which

the

value

represents

the

lowest

probability

and

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 of project

development.

In short,

measures must be

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 or

are available for action

when required, the

residual

risk can be determined.

The residual risk provides

a basis for the

management team to

determine

if the residual risk

level is acceptable or tolerable.

If the risk level

is determined to be unacceptable,

further actions should be considered to reduce the residual risk to acceptable or tolerable

levels to

provide justification for continuation

of the proposed operation.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

that

presented

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 of occurrence is assigned the value of 1 and described as 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

almost certain to occur.

22.2.4.2

Consequence Level Table

Table 22-2

lists the consequence levels.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

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

Central Appalachian Coal Basin

West 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

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

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

lowest

rated

consequence

assigned

the

value

and

described

Insignificant

Consequence

parameters

which

include

non-reportable

safety

incidents

with

zero

days

lost

accidents, no environmental damage, loss of production or systems for less

than one week and cost

less

than

USD

$0.5

million.

Increasing

values

are

assigned

each

higher

consequence,

culminating with the value of

5 assigned to critical consequences, the

parameters of which include

multiple-fatality

accidents,

major

environmental

damage,

and

loss

production

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)

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 Logan Mine Complex (

Logan

) is located in Logan, Boone, and Wyoming Counties, West

Virginia

–is an

active operation

with four

underground

mines and

one surface

mine.

Active underground

operations within the Logan Mine Complex all utilize continuous mining production sections.

Large

mining operations are conducted

at the

Muddy Bridge, Eagle

No. 1

Mine and Lower

War Eagle Mine.

Coronado

also operates

a single

section active

underground

room-and-pillar section

in the

North

Fork

Winifrede

Mine.

Other

operations

are

projected

relatively

small

reserve

blocks

developed

sequentially

sustain

production

levels

each

reserve

depleted.

The

method

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

provides continuity,

preserving skilled work groups

and enabling effective

utilization of production

equipment.

Mines located

above drainage

have access

via drift

entries.

A few

of the

coal seams

are below drainage and are accessed with slopes and shafts or box cuts.

The Logan

Mine Complex

also includes

one active

surface mine

(Toney

Fork) and

one idle

surface

mine (Elklick).

Both area and contour

surface mining are employed.

Highwall mining is conducted

by contract

operators.

The

surface

operations

are

relatively

small and

developed

sequentially to

sustain production

levels.

Similar to the

underground operations,

the method provides

continuity

while

preserving

skilled

work

groups

and

enabling

effective

utilization

production

equipment.

The surface mining methods selected utilize hydraulic shovels, front-end loaders, large tractors and

rock trucks for overburden removal.

22.2.7

Summary of Residual Risk Ratings

Each

risk factor

is numbered,

and

risk level

for

each

is determined

multiplying

the

assigned

probability by

the assigned

consequence.

The risk

levels are

plotted

on a

risk matrix

to provide

composite

view

the

Coronado

risk

profile.

The

average

risk

level

7.7,

which

defined

Moderate.

Table 22-4:

Risk Assessment Matrix

Consequence

Critical

>$50 MM

8, 9

Major

$10-50MM

Moderate

$2-10 MM

1, 2, 3, 4

Minor

$0.5-$2 MM

5, 10

Low

<$0.5 MM

<10%

10-30%

30-60%

60-90%

>90%

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.8

Risk Factors

high-level

approach

utilized

characterize

risk

factors

that

are

generally

similar

across

number of

the active

and proposed

mining operations.

Risk factors

that

are

unique to

a specific

operation or are particularly noteworthy are

addressed individually.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

of the

resource to

be uneconomic,

that coal quality characteristics disqualify the product for sale into

target markets.

Offsetting the geological and

coal resource risk

are the massive

size of the

controlled property which

allows large areas to be mined sufficiently away from

areas where coal quality and mineability may

less

favorable.

addition,

several

mines

are

designed

operate

with

multiple

production

sections, which lessens

the immediate

impact when one section

encounters difficulties.

The large

reserve areas also provide

a mitigation strategy

of developing an additional (spare) section

at each

mine,

additional

mines,

which

can

activated

when

adverse

conditions

are

encountered,

thereby

maintaining

consistent

production

and

quality.

The

spare

section

mines

require

additional mine extension cost but increase flexibility and performance consistency.

The

larger

reserve

areas

will

developed

with

multiple

production

sections

and

the

small,

replacement production reserve areas

provide ready access

to alternative locations if

geological and

coal resource characteristics require

abandonment of an active production area.

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

Limited

Phase

Environmental

Site

Assessment

(

ESA

)

the

Logan

County

Property in May 2017

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 50 years

and

to-date,

mining

operators

and

regulatory

bodies

have

been

able

adapt

successfully

evolving environmental requirements.

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 mines.

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.

22.2.8.3

Regulatory Requirements

Federal

and

state

health

and

safety

regulatory

agencies

occasionally

amend

mine

laws

and

regulations.

The impact is

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 of the current and future production is expected to be directed to domestic and international

metallurgical markets.

Historically the metallurgical markets

have been cyclical and highly volatile.

Thermal

coal

markets

are

also

cyclical

and

domestic

markets

have

been

adversely

affected

competition from natural gas and subsidized

renewable energy sources and regulation.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West 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 or interruption of rail,

river and terminals service may be expected.

The operator

can

possibly

minimize

the

impact

delays

being

preferred

customer

fulfilling

shipment

obligations promptly and maintaining close working relation

ships.

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

in mining

operations.

Comprehensive training and

retraining

programs,

internal

safety

audits

and

examinations,

regular

mine

inspections,

safety

meetings, along

with support

of 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 to miners.

underground

and

surface

mines

are

developed

and

extended,

observation

geological,

hydrogeological and geotechnical conditions leads to modification of 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 is

present in 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.

High

methane

concentrations

may

require

degasification

the

coal

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

seam to assure safe mining.

Due to the seams being targeted and their depths, excessive

methane

is not expected to be encountered at Logan.

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

mine operations,

are

rare

today.

Most

active

coal

miners

have

not

encountered a 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 is the source of most fires that occur today, is not expected to commonly occur at the

Logan

property.

When spontaneous

combustion

conditions

are

present,

monitoring

systems

are

employed for

early detection

and mine plans

are designed to

facilitate

isolation, containment

and

rapid extinguishment.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

Highwall Failure

Contour surface mining, area surface mining and highwall mining all expose miners and production

equipment

the

risk

highwall

failure.

The

highwall

can

designed

incorporate

safety

precautions to address geotechnical and hydrogeological concerns.

Drilling and blasting design can

be modified to

fit soil and

strata

conditions to

enhance highwall stability.

Foremen and

crews are

trained to examine the highwalls frequently to observe changes and indications of failure.

Highwall

designs incorporate adequate web thickness and safety

pillar width to assure highwall stability.

Table 22-12:

Highwall Failure (Risk 10)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Highwall failure occurs at

surface or highwall

mining operations.

Injury or loss of life;

catastrophic damage to

equipment; production

interruption.

Regular inspection for

change and signs of failure;

conservative design of

HWM web thickness and

safety pillar width;

conservative wall slope and

bench width in design.

Optimize drilling and

blasting plan;

increase safety

factors for wall slope

and bench width;

install

instrumentation and

frequent survey to

detect movement;

dewater to reduce

wall pressure.

22.2.8.5.4

Availability of Supplies and Equipment

The industry

has periodically

experienced

difficulty receiving

timely delivery

of 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

production.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-13:

Availability of Supplies and Equipment (Risk 11)

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.

22.2.8.5.5

Labor

Work

stoppage

due

labor

protests

are

considered

unlikely

and

accompanied

limited

impact

should

occur.

Excellent

employee

relations

and

communications

limit

the

exposure

outside protesters.

Loss of supervisors

and skilled

employees to retirement is inevitable;

the impact

can

lessened

with

succession

planning

and

training

and

training

and

mentorship

new

employees.

Table 22-14:

Labor – Work Stoppage (Risk 12)

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.

Table 22-15:

Labor – Retirement (Risk 13)

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of

December 31, 2022

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

A summary of

the information provided by Coronado relied upon

by 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

MAPS

APPENDIX

GLOSSARY OF TERMS

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

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 Interest,

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 as

in-

situ mineral resources.

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

JORC Code

Australasian Code for Reporting of Exploration

Results, Mineral Resources and

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

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

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

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 Boone, Logan, and Wyoming Counties,

West 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 a

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

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.

SME

Society for Mining Engineers

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

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

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.

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.

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

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.

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.

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

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

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.

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.

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 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.

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

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.

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

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

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.

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

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

Person’s view of the deposit.

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

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 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.

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

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.

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.

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.

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

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.

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.

A 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

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

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

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

ARSHALL

ILLER

SSOCIATES

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.

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.

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

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

ARSHALL

ILLER

SSOCIATES

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.

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.

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

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

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

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

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

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

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

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

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:

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.

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.

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

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 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.

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

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.