ex961

Coronado Global Resources Inc. (“Coronado”) Statement of Coal

Resources and Reserves for the Curragh Mine Complex in Accordance

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

as of

December 31st 2023

Bowen Basin

Queensland, Australia

February 2024

SIGNATURE PAGE

Effective Date of Report:

December 31st, 2023

Qualified Person(s) Preparers:

/s/ Barry Lay______________________

Name: Barry Lay

Managing Director of Resology Pty Ltd (Prepared Sections: 1.3, 1.4, 1.6, 5.2,

6, 7, 8, 9, 10, 11

21,

22, 23, 24, 25, 26)

_/s/ Daniel Millers___________________

Name: Daniel Millers

Superintendent Long Term Planning – Coronado Curragh Pty Ltd (Prepared Sections: 1.1, 1.2, 1.5,

1.7, 1.8, 1.9, 1.10, 2, 3, 4, 5, 12.1, 13.1, 14, 15, 16, 17, 18, 19, 20,

21, 22, 23, 24, 25, 26)

_/s/ Chris Wilkinson __________________

Name: Chris Wilkinson

Director Mining Consultancy Services (Australia) Pty Ltd – Talisman Technical

Pty Ltd

(Prepared Sections: 12.2, 13.2,

21, 22, 23, 24, 25,

26)

Signature Date:

February 15th, 2024

Page 1 of 118

Table

Of Contents

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

1.1

Property Description

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

1.2

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

1.3

Geology and Mineralization

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

1.4

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

1.5

Operations and Development .......................................................................................................... 7

1.6

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

1.7

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

1.8

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

1.9

Economic Evaluation

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

1.10

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 .......................................... 19

4.1

Topography,

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

4.2

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

4.3

Availability of Infrastructure ............................................................................................................

4.4

Climate and Length of Operating Season

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

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

5.1

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

5.2

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

Geological Setting, Mineralization and Deposit

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

6.1

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

6.2

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

6.3

Coal Quality

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

6.4

Deposits

Exploration

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

7.1

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

7.2

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

7.3

Geotechnical Data

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

Sample Preparation, Analysis and Security ..........................................................................................

8.1

Prior to Sending to the Lab and Lab Procedures

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

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

9.1

Limitations of Verification ...............................................................................................................

9.2

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

9.3

Opinion of Qualified Person ...........................................................................................................

Mineral Processing and Metallurgical Testing .......................................................................................

Page 2 of 118

10.1

Testing

Procedures and Sample Representatives

......................................................................... 43

10.2

Laboratory Details ..........................................................................................................................

10.3

Assumptions and Prediction

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

10.4

Opinion of Qualified Person ...........................................................................................................

Mineral Resource Estimates .................................................................................................................

11.1

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

11.2

Qualified Person’s Resource Estimate .......................................................................................... 45

11.3

Cut-off thickness and insitu ash .....................................................................................................

11.4

Resources Exclusive of Reserves

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

11.5

Initial Economic Assessment ......................................................................................................... 46

11.6

Resource Classification and Estimate Uncertainty ........................................................................ 48

11.7

Qualified Person ’s Opinion

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

11.8

Qualified Person ’s Credentials

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

Mineral Reserve Estimates ................................................................................................................... 50

12.1

Open Cut 50

12.2

Underground ..................................................................................................................................

Mining Methods .....................................................................................................................................

13.1

Open Cut Mining ............................................................................................................................

13.2

Underground Mining

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

Process and recovery methods

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

14.1

Description .....................................................................................................................................

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 or

groups

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

17.1

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

17.2

Requirements and Plans for Waste Disposal ................................................................................ 99

17.3

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

100

17.4

Local Plans, Negotiations or Agreements

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

101

17.5

Mine closure plans and associated costs .................................................................................... 101

17.6

Commitment to local hiring

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

101

17.7

Qualified Person ’s Opinion

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

102

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

103

18.1

Capital Cost Estimate

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

103

18.2

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

103

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

104

19.1

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

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

105

Adjacent properties..............................................................................................................................

106

20.1

Information Used

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

106

Other relevant data and information

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

107

Interpretation and conclusions ............................................................................................................

108

22.1

Conclusion

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

108

Page 3 of 118

22.2

Significant Risk Factors

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

108

22.2.0

Governing Assumptions

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

108

22.2.1

Limitations

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

108

22.2.2

Development of the Risk Matrix

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

108

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

116

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

117

Reliance on information provided by the registrant

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

117

Glossary of Abbreviations and Definitions .......................................................................................... 118

Page 4 of 118

LIST OF FIGURES

Figure 1-1: CAPEX US$ million (nominal)

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

Figure 1-2: Curragh Operating Cost Profile (nominal)..................................................................................... 10

Figure 3-1: Location Map

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

Figure 3-2 - Mining Leases and Mineral Development Licenses .................................................................... 15

Figure 3-3: Surface landownership details ......................................................................................................

Figure 6-1: Blackwater Group Stratigraphic Sequence ...................................................................................

Figure 6-2: Trends in Seam Splitting and

Coalescing from North to South .................................................... 23

Figure 6-3: North South Section through Curragh Tenements

showing major seams ................................... 24

Figure 7-2: Curragh Boreholes as of 31 August 2023 used

in Resource Estimate ........................................ 28

Figure 7-3: Sample Locations by PrimarySample Type ..................................................................................

Figure 7-4 Hydro Monitoring Sites

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

Figure 7-4 Curragh Main Sample Sites ...........................................................................................................

Figure 7-5 Curragh North Sample Sites ..........................................................................................................

Figure 14 Breakeven analysis vs strip ratio.

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

Figure 11-1 – Underground

cost per tonne vs average realized price per product tonne

............................... 48

Figure 12-1. S-K 1300 Resource Classifications Relative to Mammoth

Seam Mine Plan

.............................. 55

Figure 12-2. S-K 1300 Resource Classifications Relative to Mackenzie

Seam Mine Plan

............................. 56

Figure 13-1 - Curragh North typical Highwall design profile

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

Figure 13-2 - Curragh North typical Lowall design profile ...............................................................................

Figure 13-3 - Curragh Main typical Highwall design profile

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

Figure 13-4 - Curragh Main typical Lowall design profile ................................................................................

Figure 13-5 – Curragh North Period Progress Plot .........................................................................................

Figure 13-6 - Curragh Main Period Progress Plot ...........................................................................................

Figure 13-7 - X Pit Period Progress Plot .........................................................................................................

Figure 13-8 - Z Pit Period Progress Plot ......................................................................................................... 67

Figure 13-9 - Curragh Open Cut LOM Production Fleets

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

Figure 13-10 - Curragh Open Cut LOM ROM t Mined .................................................................................... 68

Figure 13-

- Curragh Open Cut LOM Waste Handled

by Equipment Type

................................................. 69

Figure 13-12 - Curragh Open Cut ROM t Mined by Pit ...................................................................................

Figure 13-13 - Curragh Open Cut ROM t Mined and

Product Coal ................................................................

Figure 13-14 - Curragh Open Cut Product Coal by Type ................................................................................

Figure 13-15.

Typical Bord and Pillar Production

Panel with Primary and Secondary Extraction. ................. 71

Figure 13-16.

Example of Secondary Floor Coal Workings ............................................................................

Figure 13-17.

Average Annual Production Rate by CM

Unit over LOM

.......................................................... 73

Figure 13-18.

Mammoth Seam Depth of Cover (DOC) (m) ........................................................................... 75

Figure 13-19.

Mackenzie Seam Depth of Cover (DOC) (m) ........................................................................... 76

Figure 13-20.

Mammoth Seam thickness (m) .................................................................................................

Figure 13-21.

Mackenzie Seam thickness (m) ................................................................................................

Figure 13-22.

Mammoth Seam Gas Content (m3/t) ........................................................................................

Page 5 of 118

Figure 13-23.

Mackenzie Seam Gas Content (m3/t)

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

Figure 13-24.

Surface infrastructure for the Mammoth Seam South Area Mine

Access from S-Pit ...............

Figure 13-25.

Curragh North Underground Mine – Mammoth Seam

LOM Layout

......................................... 82

Figure 13-26.

Curragh North Underground Mine – Mackenzie

Seam LOM Layout

........................................ 83

Figure 13-27.

LOM Production Period Plot for Mammoth Seam

South ..........................................................

Figure 13-28.

LOM Production Period Plot for Mammoth Seam

Central & North

........................................... 85

Figure 13-29.

LOM Production Period Plot for Mackenzie Seam ................................................................... 86

Figure 13-30.

LOM ROM Production per year by seam mined

graph............................................................. 87

Figure 13-31.

LOM ROM Production per year by CM Production Unit

graph

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

Figure 13-32.

LOM Marketable tonnes by Primary and Secondary

Product per year graph

.......................... 88

Figure 14-1: Aerial view of the CHPP facilities and associated

infrastructure ................................................

Figure 15-1: Curragh Preparation Plant Infrastructure ....................................................................................

Table

16.2: Coal Pricing (Real US$/t sold)

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

Figure 17-1: Mine Waste Disposal Areas ......................................................................................................

100

Figure 18-1: CAPEX US$ million (nominal)

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

103

Figure 18-2 : Curragh Operating Cost Profile (nominal)................................................................................ 104

Page 6 of 118

LIST OF TABLES

Table

1.1: Coal Resources Summary as of December 31, 2023 ......................................................................

Table

1.2: Coal Reserve Estimate Summary as of December

31, 2023 (Mt) ...................................................

Table

1.3: Marketable Coal Reserve Estimate Summary

as of December 31, 2023 (Mt) ................................

Table

1.4: LOM tonnage, Profit & Loss (P&L) before tax

and EBITDA

........................................................... 11

Table

3.1: Mining Leases ................................................................................................................................

Table

3.2: Mineral Development Licenses ......................................................................................................

Table

7.1: Drill hole Statistics ..........................................................................................................................

Table

7.2: Selected Exploration and Data management procedures

.............................................................. 27

Table

7.4 Geotechnical Laboratory Testing:

Australian Standards (AS) International Standards (ASTM)

and

No. of Completed Tests

2022-23 ..........................................................................................................

Table

7.5 2022 Curragh North Geotechnical Drilling....................................................................................... 35

Table

7.6 2022 Curragh Main Geotechnical Drilling

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

Table

7.7 2023 Curragh North Geotechnical Drilling....................................................................................... 37

Table

7.8 2023 Curragh Main Geotechnical Drilling

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

Table

8.1: Analytical Test

Standards Numbers – Coal Quality ....................................................................... 41

Table

8.2: Analytical Test

Standards Numbers – Geotechnical

...................................................................... 42

Table

11.1: Coal Resources

Summary as of December 31, 2023

.................................................................. 45

Table

11.2: Ranges

of drillhole spacing used to define coal Resource categories

(metres) ..........................

Table

11.3: Resource

Estimate Global Precision

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

Table

12.1 – Insitu to ROM Coal Modifying Factors

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

Table

12.2: Open Cut ROM Coal Reserve Summary as of December

31, 2023 (Mt) ....................................

Table

12.3: Open Cut Marketable Coal Reserve Summary

as of December 31, 2023 (Mt)

........................... 52

Table

12.4: Underground ROM Coal Reserve Summary

as of December 31, 2023 (Mt)

............................... 57

Table

12.5: Underground Marketable Coal Reserve Summary

as of December 31, 2023 (Mt) .....................

Table

14.1: CHPP Capacity

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

Table

16.1: Coal Quality for Washed Products ............................................................................................... 94

Figure 19-1: Project Post Tax

Net Cash Flow Summary (Millions) ...............................................................

105

Table

19.1: Sensitivity of NPV (USD billions)

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

105

Table

22.1:

Likelihood/Probability Level Table .............................................................................................

109

Table

22.2; Consequence Level Table ..........................................................................................................

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

111

Table

22.4:

Risk Assessment .......................................................................................................................

112

Page 7 of 118

Executive Summary

1.1

Property Description

This

report

provides

statement

Coal

Resources

and

Coal

Reserves

estimates

for

Curragh

mine

(sometimes referred to herein as Curragh or the Property) in Central Queensland, Australia, as defined under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities

and

Exchange

Commission

(SEC)

and

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(JORC

Code

2012).

This

report

was

also

prepared

accordance

with

the

Australasian Code for Public Reporting of Technical

Assessments and Valuations of Mineral Assets (VALMIN

Code 2015).

Coal Resources

and Coal

Reserves estimates

are herein

reported and

rounded to

millions of

metric tonnes

(Mt).

Curragh is located

approximately 200 kilometres

by road west

of Rockhampton and

approximately 14 km north

of the

town

Blackwater

(refer

Figure

3-1)

within

the

Central

Highlands

Regional

Council,

Queensland

Australia. The coordinates of the mine are 688,561 East,

7,400,933 North in the AMG66 grid system.

The

Property

comprised

approximately

25,586

total

hectares

approved

Mining

Leases

and

Mineral

Development

Licences.

Underlying

these

Resource

Authorities

are

various

forms

cadastral

land

with

different ownership

arrangements as

detailed in section

3.2. Coronado is

able to access

all the land

through

either direct ownership or signed agreements.

1.2

Ownership

Curragh commenced

operations in

1983 and

was formerly

controlled by

a consortium

of companies.

These

companies were bought out by Arco Australia who later

sold the Property to Wesfarmers. Coronado acquired

the Property from Wesfarmers in 2018. Further details

on ownership are presented in Sections 3.2 to 3.4

1.3

Geology and Mineralization

The Curragh mine

extracts

seams in the

Rangal Coal

Measures including

the Cancer,

Aries, Castor,

Pollux,

Orion

and

Pisces

seams.

These

coals

are

suitable

for

beneficiation

metallurgical

and

thermal

products.

Some seams

are suitable

to bypass

direct to

product.

Further details

on the

geology of

the operations

are

provided in Section 6.

1.4

Exploration Status

The Property

has been

extensively explored, largely

by drilling

open chip holes

as well

as core

holes, downhole

geophysics is

used extensively.

The majority

of the

data was

acquired or

generated by

previous owners

the Property. These sources comprise the primary data used in the evaluation of the coal Resources and coal

Reserves on the Property.

Ongoing exploration

has been

carried out

by Coronado

since acquiring

the Curragh

mine.

The exploration

data acquired by Coronado has been consistent with past drilling activities. Recent exploration has included a

focus on underground exploration including the acquisition of 2D and 3D seismic data. Further details on past

exploration efforts are discussed in Section 7.

1.5

Operations and Development

Curragh operates the open cut using a conventional open cut strip

mining technique using draglines

and truck

and excavator

methods

typical

throughout

the

Bowen Basin.

Curragh

operates

4 large

electric draglines,

large

electric

rope

shovel

and

fleets

diesel

hydraulic

excavators

the

open

cut.

The

mine’s

annual

production capacity

of approximately

185 Mbcm

of total

movement means

it can

be ranked

as a

large open

cut coal operation when compared to producers in

Australia and internationally. The open cut operation mines

around 13.5Mt Run of Mine (ROM) coal per annum, producing

around 11Mtpa

of product coal.

Page 8 of 118

The

Curragh

mine

includes

development

underground

project

Curragh

North

currently

operational

readiness phase and planned to

commence production in 2025.

The selected underground mining

method is

Bord and Pillar Mining using

the Place Change operating

methodology.

The Life of Mine (LOM)

underground

plan utilises up to

four continuous miners

over two separate

mining levels, entering

the target seams

directly

from a final

open cut highwall.

The target seams

to be mined

using underground

methods are the

Mammoth

and Mackenzie seams at Curragh North. The Mammoth seam corresponds to the

coalesced Aries and Castor

seams in

the open

cut, and

the Mackenzie seam

corresponds to the

coalesced Pollux, Orion

and Pisces seams

in the open cut.

The underground

project will

add a

ROM production

profile on

top of

the existing

open cut

mine, at

around

3Mtpa ROM coal.

This takes

the total ROM

coal feed to

the Coal Handling

and Preparation Plant

(CHPP) to

nameplate

capacity

around

16.5Mtpa

for

the

total

Curragh

mining

complex,

maximising

the

production

potential with the existing installed

processing infrastructure on site. The

product coal profile is targeted to

around 13.5Mtpa from the

combined open cut and

underground operations, decreasing

over the LOM as

the

yield from the open cut coal reduces

over the LOM plan. The mine produces

coal that is suitable for the export

metallurgical and thermal coal markets, as well as a long term

domestic thermal coal supply contract.

There are two coal preparation plants at Curragh, CPP1 and CPP2. CPP1 has a nameplate capacity

of 1,100

raw tonnes

per hour

(tph).

CPP2 has

a nameplate

capacity

of 1,200

tph but

is capable

of 1,350

tph when

processing selected

feed types.

Processes are

typical of

those used

in the

coal industry

and are

in use

adjacent

coal

processing

plants.

Further

details

coal

processing

and

infrastructure

are

discussed

Sections 14 and 15 respectively.

1.6

Mineral Resource

Mineral

Resources,

representing

in-situ

coal

form

portion

which

Reserves

are

derived,

are

presented

below.

The Coal Resource

estimate, summarized

in Table

1.1, was

prepared as

of December 31,

2023, for

the Curragh Mine. Further details on the Coal Resource

estimate is presented in Section 11

Table 1.1: Coal Resources Summary as of December 31, 2023

Area

Measure

d (Mt)

Indicate

d (Mt)

Meas +

Ind (Mt)

Inferred

(Mt)

Total

(Mt)

Ash %

Sulphur

Opencut

Inclusive of Reserves

217

242

18.7

19.2

0.57

Exclusive of Reserves

167

247

302

22.9

19.1

0.59

Total Open-cut

383

106

489

543

21.0

19.1

0.58

Underground

Inclusive of Reserves

140

183

14.9

18.2

0.39

Exclusive of Reserves

103

106

209

18.6

18.1

0.39

Total

Underground

181

106

286

106

392

16.9

18.2

0.39

Total Resources

564

211

775

160

936

19.2

18.7

0.50

Notes

(i)

Total Coal Resources (936Mt) are reported inclusive of Reserves

(ii)

Coal Resource tonnes are reported on a 5.3%

in-situ Moisture basis

(iii)

Coal qualities are reported on an air-dried

basis

(iv)

Underground resources are those that are approximately >15:1 vertical strip ratio or those overlapping underground mining

reserves

(v)

The numbers have been rounded and the

totals may not add up.

Page 9 of 118

1.7

Mineral Reserve

The Coal

Reserve

estimate

summary

for Curragh

reported

in Table

1.2

has been

converted

from

the

Coal

Resource estimate. The Marketable Coal Reserve

estimate in Table

1.3 represents beneficiated or otherwise

enhanced coal product where modifications due to mining, dilution and processing have been considered and

is an estimate of the marketable product achievable from

the Coal Reserve.

The numbers

are based

on the

results and

findings of

the Qualified

Persons and

their application

of the

relevant

modifying factors to the

Coal Resource geological

model. The basis for

the conversion of

Coal Resources to

Coal Reserves

including the

modifying

factors

used

is discussed

in section

12.

Inferred

Resources

are not

included in the Coal Reserve estimate.

Table 1.2: Coal Reserve Estimate Summary as of December 31, 2023 (Mt)

Curragh ROM Tonnes

Proven

Probable

Total

Quality (adb)

Ash (%)

TS (%)

VM (%)

Open Cut

227

249

31.3

0.5

16.0

Underground

17.0

0.3

16.4

Curragh Total

257

290

Table 1.3: Marketable Coal Reserve Estimate Summary as of December 31, 2023 (Mt)

Demonstrated Coal Reserves

(Wet Tonnes,

Washed or Direct Shipped, Mt)

Quality (adb)

Product Tonnes

By Reliability Category

Proven

Probable

Total

Ash%

Sulphur%

VM%

Open Cut

173

189

12.2

0.5

19.5

Underground

10.0

0.3

16.9

Curragh Total

198

223

Notes

Coronado's ownership is 100% of the Curragh

Mine

All tonnes are millions of metric tonnes (Mt).

Open Cut ROM Coal Reserves have been stated

on a 7.5% Moisture basis. Underground ROM Coal Reserves

have been

stated on an 8.0% Moisture basis.

Open Cut

Marketable Reserves

are stated

on a

product moisture

basis of

9.5%. Underground

Marketable Reserves

are

stated on a product moisture basis of 10%

Coal qualities are reported on an air-dried

basis.

Typical marketable coal products produced

range from low-ash,

hard coking coal

to mid-ash semi-hard

coking coal, a variety

of low-volatile Pulverised Coal Injection (PCI) products

ranging from low to high ash, and thermal

coal

Totals may not sum due to rounding.

1.8

Capital and Operating Costs

Capital costs for the

Curragh mine are split into development

capital for new projects such as

the underground

project,

pit

and

pit

developments,

and

Stay

Business

(SIB)

capital

requirement

support

the

ongoing operations

with new

infrastructure

and equipment

as the

current

installed and

operated

equipment

reaches its useful

operating life. A

summary of

the estimated

capital profile over

the LOM for

the Property

provided in Figure 1-1.

Page 10 of 118

Figure 1-1: CAPEX US$ million (nominal)

Mine operating costs include

fixed and variable costs

for both the open cut

and underground operations

both

onsite and offsite to Free on Board (FOB) loaded onto a ship at the port for export coal, or Free on Rail (FOR)

loaded onto

a train

for domestic

thermal

coal.

The open

cut costs

have been

benchmarked

off the

existing

open cut operation at Curragh.

The underground development project operating costs

have been supplied by

a third

party independently

with experience

estimating costs

for similar

underground

Bord and

Pillar mining

projects in the Rangal seams in the Bowen Basin.

All state

regulated and

third party

contracted royalties

payable based

on the

Curragh coal

production profile

are included in

the operating

costs, as well

as indirect business

costs backcharged to

the Curragh operation

such as a corporate support functions.

A summary of projected operating costs profile over the

LOM for the Property is provided in Figure 1-2.

Figure 1-2: Curragh Operating Cost Profile (nominal)

1.9

Economic Evaluation

The financial model

prepared for this

Technical

Report Summary (TRS)

was developed to

test the economic

viability

of the

Coal

Reserves.

The results

of this

financial

model are

not

intended

to represent

a bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations

contemplated

for

the

Coronado

properties,

but

are

intended

establish

the

economic

viability

the

estimated

Coal

Reserves.

Cash flows are simulated on an annual basis based on

projected production from the Coal

Reserves.

The

project

cash

flows,

excluding

debt

service,

are

calculated

subtracting

direct

and

indirect

operating

expenses, tax payments and capital expenditures from

revenue.

Customer coal pricing have been estimated

Page 11 of 118

based on

industry

specialists

forecasts

and appropriate

discounts

and

adjustments

applicable

to Curragh’s

products.

Economic outcomes include capital forecasts and government and

contracted royalty and rebate payments.

Table 1.4: LOM tonnage, Profit & Loss (P&L) before tax and EBITDA

LOM Clean

LOM

PandL

LOM

EBITDA

Tonnes

Pre-Tax PandL

Per Tonne

EBITDA

Per Tonne

Curragh

253Mt

4.7 billion

7.0 billion

Clean tonnes

produced in LOM

plan are

greater than

Marketable Coal Reserve

tonnes due

to mine

sequencing

required for open

pit mine design

and operating long

strike dragline pit

operations to achieve

the Marketable

Reserves.

Under

SEC

requirements

Inferred

Resources

cannot

converted

Coal

Reserve,

only

Measured and Indicated Resources may be converted

to a Coal Reserve.

In order

to allow

the mine

plan to

proceed however

Inferred Resources

must be

mined as

part of

the LOM

plan,

these

are

then

excluded

for

reporting

purposes

from

the

marketable

tonnes.

The

majority

Inferred

Resources are mined late in the mine schedule and

due to time value of money these

have minimal impact on

net present value NPV valuation.

As shown in Table 1.4 the Curragh Mine shows positive

EBITDA over the LOM.

Overall, Curragh’s operations

show positive LOM P&L and EBITDA of over $4 billion

and $7 billion respectively.

Curragh’s cash flow summary,

excluding debt service, is shown in section 19.

Consolidated cash flow

from operations is

positive over the

mine life with

the post-production

years showing

negative cash flows due to end-of-mine reclamation spending.

Cash flow after tax, but before debt service, generated

over the life of the project was discounted to NPV at

10.0%

discount

rate,

which

represents

the

risk

adjusted

return

demanded

hypothetical

investor

Curragh, also referred as the Weighted Average Costs of Capital (WACC). The assessment of an appropriate

discount

rate

matter

judgement

considering

market

pricing

information

and

the

characteristics,

circumstances and risks specific to the asset generating

the cash flows subject to discounting.

The NPV of

the project cash

flows is a

point in time

estimate of

potential economic

outcomes with scope

for

further projects

not exhausted.

The NPV

amounts to

approximately USD

1.1 billion as

a base

line only

with

outcomes

highly

dependent

upon

market

based

pricing,

exchange

rates,

and

various

other

factors.

The

financial model prepared for the TRS was developed to test the economic viability of

each coal resource area.

The NPV estimate

was made for purposes

of confirming the economics

for classification of Coal

Reserves and

not

for

purposes

valuing

Coronado

its

Curragh

assets.

Mine

plans

may

change

optimised

increase cashflow/NPV,

and actual results of

the operations may be

different.

In all cases, the

mine production

plan assumes the properties are under competent management.

1.10

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

Curragh Property.

The exploration

data is

of sufficient

quantity and

reliability to

reasonably support

the Coal

Resource and Coal Reserve estimates in this TRS.

The geological

data and

LOM Plan

in this

report consider

mining plans,

revenue, operating

and capital

cost

assumptions that are sufficient to support the classification

of Coal Reserves provided herein.

Page 12 of 118

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. The

report provides a

statement of coal

Resources and coal

Reserves

for the Curragh mine, as defined under SEC Regulation S-K 1300 and the Australasian Code for Reporting of

Exploration Results, Mineral Resources

and Ore Reserves (JORC

Code 2012).

This report was

also prepared

in accordance

with the

Australasian Code

for Public

Reporting of

Technical

Assessments and

Valuations

Mineral

Assets

(VALMIN

Code

2015).

This

report

updates

the

technical

report

summary

titled,

"Coronado

Global

Resources

Inc.

(“Coronado”)

Statement

Coal

Resources

and

Reserves

for

the

Curragh

Mine

Complex in Accordance

with the

JORC Code and

United States SEC

Regulation S-K 1300

as of

December 31,

2021 Bowen Basin Queensland, Australia February 202

2," dated February 21, 2022.

The

report

provides

statement

Coal

Resources

and

Coal

Reserves

for

the

Curragh

mine.

Exploration

results and Resource calculations were used as the basis

for the mine planning.

Coal Resources

and Coal

Reserves are

herein reported

in metric

units of

measurement and

are rounded

millions of metric tonnes (Mt). All currency is in USD.

2.2

Information Sources

This

TRS

based

information

provided

various

Curragh

employees

and

external

consultants

and

reviewed by Barry Lay (Qualified

Person Resource) and Daniel

Millers (Qualified Person Open

Cut Reserve)

and Chris

Wilkinson (Qualified

Person Underground

Reserve).

For the

evaluation,

the

following tasks

were

completed:

●

Process

the

information

supporting

the

estimation

Coal

Resources

and

Coal

Reserves

into

geological models;

●

Develop LOM plans and financial models;

●

Held discussions with Coronado company management; and

●

Prepare

and

issue

Technical

Report

Summary

providing

statement

Coal

Resources

and

Reserves which would include:

o

A description of the mine and facilities.

o

A description of the evaluation process.

o

estimation

Coal

Resources

and

Coal

Reserves

with

compliance

elements

stated

under the JORC Code and Regulation S-K 1300.

2.3

Personal Inspections

Daniel Millers is a full time employee of Coronado Global

Resources in the role of Superintendent Long Term

Planning. Daniel

has a thorough

understanding of

the Curragh

mine site

and has

made numerous

site visits

during his 3 years of employment with the organisation

Barry Lay

is an

external consultant operating

under his

own company

Resology Pty Ltd

and is

a former

Curragh

employee with years of site experience.

Chris Wilkinson is a Director of

Mining Consultancy Services Pty Ltd the Advisory entity

of Talisman Technical

Pty

Ltd,

independent

consultancy

company

who

has

been

engaged

Coronado

Global

Resources

throughout

the

Curragh

North

Underground

Project.

Wilkinson

visited

Curragh

Mine

and

the

planned

underground mine location in S-Pit area during 2023.

Page 13 of 118

Property Description

3.1

Location

The Curragh Project

is located approximately 200

kilometres by road west

of Rockhampton and approximately

14 km

north

of the

town

Blackwater

(refer

Figure

3-1)

within

the

Central

Highlands

Regional

Council,

Queensland

Australia.

The

coordinates

Curragh

are

688,561

East,

7,400,933

North

the

AMG66

coordinate system.

Figure 3-1: Location Map

Page 14 of 118

3.2

Titles, Claims or Leases

The Mineral Resources

Act 1989 (Qld) (MRA)

and the Mineral

and Energy Resources

(Common Provisions)

Act

2014

(Qld)

(MERCPA),

together,

provide

for

the

assessment,

development

and

utilization

mineral

resources in

Queensland to

the maximum

extent practicable,

consistent with

sound economic

and land

use

management.

The

MRA

vests

ownership

minerals,

with

limited

exceptions,

the

Crown

(i.e.,

the

state

government). A royalty is

payable to the

Crown for the

right to extract minerals.

The MRA also

creates different

tenures for

different mining

activities, such

as prospecting,

exploring and

mining. A

mining lease

(ML) is

the

most important

tenure, as

it permits

the extraction

of minerals

in conjunction

with other

required authorities.

The MRA imposes general conditions on an ML.

Coronado controls

the coal mining rights

at Curragh under

14 coal and

infrastructure ML’s

and three Mineral

Development

Licences,

granted

pursuant

the

MRA.

The

ML’s

and

MDL’s

Curragh

are

referred

to,

collectively, as the Tenements.

Renewal of certain Tenements

will be required during the mine life of Curragh

and

the

Queensland

government

can

vary

the

terms

and

conditions

renewal.

There

are

number

petroleum tenements which overlap with the Tenements.

The priority, consent and

coordination requirements

under the MRA,

MERCPA

and the Petroleum

and Gas

(Production and

Safety) Act

2004 (Qld)

(as relevant)

may

apply

with

respect

those

overlaps.

Extensive

statutory

protocols

govern

the

relationships

between

co-existing

mining

and

exploration

rights

and

these

protocols

are

largely

focused

encouraging

the

overlapping tenement

holders to negotiate

and formulate

arrangements that

enable the co-existence

of their

respective

interests.

date,

Coronado

has

negotiated

arrangements

place

with

all

the

overlapping

tenement holders and full access to all of its Tenements.

The respective Curragh

ML and MDL tenements

are shown in Figure

3-2. Detail on individual

tenements are

listed in Table 3.1 for the Mining Leases and Table 3.2 for the Mineral Development Leases. A land ownership

map is shown in Figure 3-3.

Page 15 of 118

Figure 3-2 - Mining Leases and Mineral Development Licenses

Page 16 of 118

Table 3.1: Mining Leases

Mineral Lease

Permit Name

Expires

Hectares

Comments

ML 1878

Curragh

5/31/2024

4,455

ML 80112

Curragh B

9/30/2025

110

Infrastructure

ML 80086

Curragh East

10/31/2025

3,033

ML 1990

Curragh A

5/31/2033

172

ML 80010

Curragh Extended No.1

5/31/2033

Infrastructure

ML 80011

Curragh Extended No.2

5/31/2033

Infrastructure

ML 80012

Curragh Extended No.3

5/31/2033

Infrastructure

ML 80171

Curragh West

7/31/2040

954

ML 700008

Curragh Central Extended

11/30/2040

2,643

ML 700009

Curragh Extended

11/30/2040

797

ML 700006

Curragh South

6/30/2041

1,432

ML 700007

Curragh Central

6/30/2041

1,123

ML 80110

Curragh North

7/31/2044

4,860

ML 80123

Curragh North A

7/31/2044

TOTAL

19,658

Table 3.2: Mineral Development Licenses

License

Permit Name

Expires

Hectares

Comments

MDL 328

Curragh West No. 1

8/31/2026

381

MDL 329

Curragh West No. 2

8/31/2026

2,334

MDL 162

Mackenzie

2/29/2028

3,213

5,928

Page 17 of 118

Figure 3-3: Surface landownership details

Page 18 of 118

There are no outstanding disputes or

litigation. Only one tenement (ML

80123) required a native title process

for its grant. Curragh

undertook the Right to

Negotiate process with the then

Native Title Parties, the Gaangalu

Nation People,

and concluded

an ancillary

agreement

and a

section

31 Deed

to allow

the ML

to be

validly

granted in compliance with

the Commonwealth Native

Title Act 1993.There

are no material issues

relating to

native title for the Curragh operations.

Curragh negotiated a Cultural Heritage Management Plan (“CHMP”) for the

project in 2012. There have been

subsequent changes

to the

registration and

composition of

the Native

Title

claim for

the relevant

Aboriginal

Party. A new CHMP

has been prepared for the

extended Curragh operations, signed on December 19,

2017.

Cultural heritage is unlikely to pose any material issues

to the Curragh operations.

3.3

Mineral Rights

Property control and

mining rights

at Curragh

are entirely

expressed in

the MLs

and MDLs mentioned

in the

previous section of this document.

Overlapping petroleum tenure exists over the southern and

eastern extents

of the

Curragh tenements.

Under the Mineral

and Energy Resource

(Common Provisions) Act

2014 legislation

(‘MERCPA 2014”) this requires

annual information

exchanges including the

provision and maintenance

of Joint

Information Management Plans with the overlapping petroleum

tenement holder.

Coronado is compliant with

the legislation and there are no current restrictions to

coal mining.

3.4

Encumbrances

There are mortgages on the tenements.

3.5

Other Risks

Risk exists

in areas

of high

environmental significance;

these are

managed by

internal processes

as part

the normal day to day operations of the mine. Areas that have high environmental value that lie outside of the

approved disturbance footprints are not included within

the Coal Resource and Reserve estimates.

There are

no indications

that matters

associated with

surface rights,

mineral rights,

or other

encumbrances

would deny access to the resources and reserves captured

in the current estimates.

Page 19 of 118

Accessibility, Climate, Local Resources, Infrastructure and

Physiography

4.1

Topography,

Elevation and Vegetation

Curragh coal

mine is

characterized by

a general

gently rolling

topography,

which is

the predominant

feature

for the Bowen Basin. The principal drainage conduits

are the Mackenzie River and the Blackwater Creek

and

their tributaries, which represent the upper phase of the hydrologic regime. The mean altitude is between 140

and 150 metres above sea level.

Vegetation at Curragh consists primarily of grass land, with pastures and low intensity cattle grazing being the

primary

forms

non-mining

land

use;

the

secondary

land

use

crop

farming

over

dry

lands.

Most

the

original vegetation was

cleared for agricultural

exploitation with a relatively

small portion remaining

along the

two aforementioned waterways.

4.2

Access and Transport

Established sealed roads

connect the mine

to the towns

of Emerald to

the west and the

port at Gladstone

the east.

Curragh site owns

and runs a

rail loop, adjacent

to product stockpiles

with a conveyor

system that

feeds train

loadout bin.

Domestic coal

sales are

loaded onto

train wagons

for transportation

to the

Stanwell

coal fired

power station

for power

generation. While

export coal

is transported

by rail

on the

Blackwater line

approximately

290km

the

Tanna

Wiggins

Island

Coal

Export

Terminal

(WICET)

port

facilities

Gladstone. No coal transportation takes place on waterways.

4.3

Availability of Infrastructure

The closest

population centre

with respect

to Curragh

is the

town of

Blackwater approximately

14 km

to the

south.

The major regional town of Emerald, located

75 km to the west, offers daily flights

to the State Capital

of Brisbane and is used extensively by Coronado personnel

travelling to and from site.

4.4

Climate and Length of Operating Season

The prevailing climate

at Curragh is

sub-tropical characterized

by warm to

hot and wet

summers and cool

mild, dry

winters. The highest

temperatures are observed

in January, reaching an

average of 34°

C; the

coldest

temperatures occur

in July

at an

average

of 7°C.

Annual rainfall

averages

635 mm,

with January

being the

wettest month with typical rainfalls of +90 mm.

July is the driest month with typical precipitation

averaging 19

mm.

Page 20 of 118

History

5.1

Previous Operation

The

coal

mine

Curragh

was

developed

1983

joint

venture

between

the

following

partners

with

respective participation in ownership:

Arco Australia Ltd

30%

Australian Consolidated Industries Ltd

30%

R. W. Miller and Co.

30%

Mitsui and Co. (Australia)

10%

Arco Australia

Ltd. bought

out the other

joint venturers

and in

2000 sold the

property to

Wesfarmers Ltd.

2014, Wesfarmers acquired

MDL 162 from Peabody

Budjero Pty Ltd.

Coronado acquired all

the Tenements

from

Wesfarmers

Ltd.

March

2018.

Since

the

project’s

inception,

additional

MLs

and

MDLs

were

incorporated into Curragh at different times.

5.2

Previous Exploration

Curragh has been the

subject of numerous phases of

exploratory drilling programs extending back to

the early

1960s. Currently there are some 15,000 boreholes available

for geological evaluation of the asset with around

9,000 directly within the

current mineral concession

borders.

The vast majority of

these boreholes are of

the

non-coring type

(open hole)

but with

a regular

spacing cored

holes used

for coal

quality evaluation.

Further

details on past exploration efforts are presented in Section 7. Various

drilling programmes were conducted by

the

Queensland

Department

Minerals

and

Energy

(previously

known

Mines

Department)

during

the

period 1966-76

over a

large area

between the

Capricorn Highway

and the

Mackenzie River.

The area

was

within the

Department of

Mines Reserved

Area 56D

(RA56D). From

1976 to

1978 detailed

drilling and

coal

analysis was carried out

by officers of the

Geological Survey of Queensland

on behalf of the

State Electricity

Commission of

Queensland (SECQ).

During this

time the SECQ

(SECQ’s interest

is now vested

in Stanwell

Corporation Limited

(Stanwell)

was granted

Authority to

Prospect (ATP)

217C. Extensive

exploration of

the

Curragh area within ATP

217C occurred between 1976 and 1978.

). The Curragh lease (ML1878)

was granted on 27

May 1982 and that part

of the area was relinquished

from

ATP 217.

In 1982

further

exploration

was

carried out

by Geological

Survey

of Queensland

on behalf

SECQ

in the

Curragh East area (now ML

80086). A subsequent exploration programme in 1993

was also undertaken in the

area

collect

additional

coal

quality

and

structural

data.

Four

hundred

holes

were

drilled,

comprising

320

open holes with geophysical logs and 80 partially cored

holes. ML80086 was granted on 19 October 2000.

In 1996 a large

exploration programme was undertaken at

the northern end of

MDL162 and this work provided

the basis

for the

Pisces

Project

feasibility

study (Curragh

North). In

2001 twenty

partially cored

holes

were

drilled in this

northern part

of MDL162 to

provide samples

for bench scale

coking coal testing.

Another large

drilling programme was

commenced in 2003

and the culmination

of all this

work saw ML80110 (Curragh North)

granted on 22nd July 2004.

Systematic

drilling

programs

(ongoing),

conducted

since

the

mine

was

commissioned,

have

resulted

thousands of holes being drilled in the Curragh Lease

area.

In the last few years exploration focus has included business as usual open-cut

drilling but also an increasing

focus on underground resource evaluation. The underground

exploration program has included seismic 2D

3D surveys and core drilling for gas, geotech,

coal quality and spontaneous combustion evaluation. Additional

exploration has included permeability and hydrological

assessment.

Page 21 of 118

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

Curragh

situated

within

the

Permo-Triassic

aged

Bowen

Basin

Eastern

Australia,

which

covers

approximately

16 million

hectares.

Its

physiographic

make-up

consists

lowlands,

flood

plains

well

rugged plateaus and ridges. The main lithological units derive from continental and marine

sedimentation with

limited volcanic

and intrusive

rocks.

The principal

Resources

are primarily

large

coal fields

and secondarily

natural gas.

The geological setting of

the property itself consists of sediments

of the Rangal Coal

Measures and Burngrove

Formation, both of Permian age which outcrop on the property. These units underlie alluvial Quaternary cover

and

minor

areas

Tertiary

sediments.

Alluvial

sediments

typically

have

average

thickness

metres, with locations of up to 30 metres of sand, clay

and gravel in northern areas.

The Yarrabee

Tuff marker

coincides with the present lower

limit of Resource estimate.

Figure

6-1 shows the

typical stratigraphic

column that applies

to the

property. Five main coal

seams groups, primarily

of metallurgical

quality with some thermal quality coals, are mined at Curragh,

as listed below:

●

Cancer seam

●

Aries seam

●

Castor seam

●

Pollux seam

●

Mackenzie

and Pisces seams

The Burngrove Formation typically has thick interbedded coal and

tuff beds. This coal is typically high ash

and

is not included in either the Resources or Reserves.

The structural environment at

Curragh can be complex

with the observed

seam deformation the result

of thrust

faulting from

the northeast

with fault

throws

up to

30 m.

Structural thickening

can occur

where thrust

faults

cause affected seams

to be repeated,

but in

most cases the

duplicated seams are

not included in

the Resource

estimation, although such repeats of coal are often mined and included

in the Resource estimation if required.

Thrust faulting can also

result in barren areas,

where seams have been

faulted out. North-south and east-west

trending normal

faults also

occur but

are less common

than thrust faulting.

The structural

geology within

the

Resource adds some

complexity to

the project, as

such the mine

employs a strong

geotechnical program

manage geotechnical risks.

The

major

structure

that

limits

mining

Curragh

North

the

Jellinbah

Fault

which

trends

northwest,

southeast direction with throw of several hundred metres

and various splays of lesser throw (10 to 20m).

Page 22 of 118

Figure 6-1: Blackwater Group Stratigraphic Sequence

6.2

Mineralization

The

generalized

stratigraphic

columnar

section

Figure

6-1

demonstrates

the

vertical

relationship

the

principal coal seams

and rock formations

at Curragh. The

property,

as in the

Bowen Basin as

a whole, does

not contain any signs of metamorphic activity; the prevailing lithology is sedimentary

rocks with a few igneous

intrusions. The depth of host rock weathering at Curragh is

on average in the order of 10 to 15 metres.

6.3

Coal Quality

Coal seams

at Curragh

are mainly

of the

low volatile

metallurgical grade

with a

secondary middling

thermal

product. Sulphur and phosphorus content is generally low. Insitu ash is in the

range of 20% thus necessitating

beneficiation to

meet market

requirements, which

in this

case is

accomplished

through a

coal handling

and

preparation plant. Metallurgical coal products range

from 7-10% product ash.

Page 23 of 118

6.4

Deposits

Figure 6-2

shows

a 3D

view of

the geometry

of the

coal horizons

at Curragh.

In portions

of the

property,

number of

these seams

merge to

form a

single

package, without

any interburden

strata. In

the central

and

some of the

northern part

of the property

the Aries

and Castor

seams coalesce

into one coal

stratum that

referred

locally

the

“Mammoth”

seam.

The

Mammoth

Seam

analogous

the

Leichardt

seam

commonly

found

mining

operations

further

north.

Curragh

North

the

Pollux,

Orion

and

Pisces

seams

coalesce into

one unit

which is

correctly referred

to as

the Mackenzie

seam, but

in some contexts

has been

referred to as the “Pisces” seam even though the

true Pisces seam is only one of the constituent

seams of the

Mackenzie assemblage.

The Mackenzie seam is analogous to the Vermont seam which is commonly found in

mining operations further north.

Figure 6-2: Trends in Seam Splitting and Coalescing from North to South

Figure highlights a North-South section from the current geological model through Curragh properties. Seams

of economic interest occur at depths ranging from 15m from surface down to as deep as 400m in the deepest

part of the property.

Interburden

host rock

typically

consists

of regular

intercalations

of siltstones

and mudstones,

with

layers

variable

thicknesses.

The

rock

and

coal

beds

dip

gently

East

direction

angle

approximately

degrees,

with

some

sections

displaying

dip

angles

high

degrees

association

with

structural

deformation.

general,

only

minor

instances

intrusive

material

have

been

intercepted

drill

holes

mined

during

production at the Curragh Mine.

Igneous activity is more prevalent at Curragh North although these are not a major impact on operations. The

intrusive

includes

rare

dykes

occurring

the

northern

end

Curragh

North

deposit.

There

was

larger

igneous intrusion

approximately

500 metres

long and

100 metres

wide that

impacted the

Resources

of the

Aries, Castor and Mackenzie seams.

Mining has proceeded past the area of impact of this intrusion.

Page 24 of 118

Curragh has been

subjected to

moderate localized

faulting more intense

in southern areas

that has resulted

vertical

slips

(displacements)

high

metres,

along

with

variations

seam

thickness.

Seam

duplication is

also common

as a

result of

the thrust

faulting but

in most

cases the

duplicated seams

are not

included in the Resource estimation, although such repeats

of coal are often mined.

The principal

geostructural

feature is

the Jellinbah

regional thrust

fault located

east of

the mine

outside the

Resource area.

The structural

geology within

the Resource

adds some

complexity

to the

project. The

mine

employs a strong geotechnical program to manage geotechnical

risks.

Figure 6-3: North South Section through Curragh

Tenements showing major seams

Page 25 of 118

Exploration

7.1

Nature and Extent of Exploration

The Curragh geological

drilling database contains over

19,000 holes drilled over

a long history of

exploration

and

development

the

Curragh

area.

Various

drilling

programmes

were

conducted

the

Queensland

Department of Minerals and Energy (previously known

as Mines Department) during the period 1966-76

over

a large area between

the Capricorn Highway

and the Mackenzie

River. The

area was within

the Department

Mines

RA56D.

From

1976

1978

detailed

drilling

and

coal

analysis

was

carried

out

officers

the

Geological Survey of Queensland on behalf of the SECQ. During this time the SECQ (SECQ’s interest is now

vested in Stanwell was granted

Authority to Prospect (ATP)

217C. Extensive exploration

of the Curragh area

within ATP 217C occurred

between 1976 and 1978.

In 1982

further

exploration

was

carried out

by Geological

Survey

of Queensland

on behalf

SECQ

in the

Curragh East area. The

Curragh lease (ML1878)

was granted on

27 May 1982 and that

part of the area

was

relinquished

from

ATP

217.

significant

exploration

programme

was

undertaken

1993

provide

coal

quality information and

additional structural data

for Curragh East.

Four hundred holes

were drilled, comprising

320 open holes with geophysical logs and 80 partially cored

holes.

In 1996 a

large exploration programme

was undertaken at

the northern end

of MDL162, and

this work provided

the basis

for the

Pisces

Project

feasibility

study (Curragh

North). In

2001 twenty

partially cored

holes

were

drilled in this

northern part

of MDL162 to

provide samples

for bench scale

coking coal testing.

Another large

drilling programme was

commenced in 2003

and the culmination

of all this

work saw ML80110 (Curragh North)

granted on 22nd July 2004.

Systematic

drilling

programs

(ongoing),

conducted

since

the

mine

was

commissioned,

have

resulted

thousands of holes being drilled in the Curragh Lease

area.

In the last

three years, several

strategic holes

have been

drilled on an

ongoing basis

to investigate

potential

for future

underground mining.

Geotech, gas,

coal quality

and spontaneous

combustion samples

have been

collected as part of this program.

Some

geophysical

techniques

including

seismic

and

aeromagnetics

have

supplemented

the

geological

understanding. This work is discussed in the next sections.

7.1.0

Non-Drilling Exploration

Geophysical techniques have

been used to

supplement the understanding

of the Curragh

Resource. This work

has been to guide overall understanding of intrusions,

seam continuity and sub-surface faults.

The mains surveys are shown in

Figure 7-1. The surveys that have been conducted are:

●

In September 2003, a low

level airborne geophysical survey was flown over

large parts of the Curragh

tenements to acquire magnetic and radiometric data (31.5km’s

of line at 100m spacing).

●

In 2019, 44km

of regional

Scale 2D seismic

acquired to provide

characterisation of

seam continuity,

seam splits and sub-surface structure.

●

In 2020,

18km of

closely spaced

2D lines

in ML

80110

were acquired

to characterise

structure and

seam continuity adjacent to Pit S and Pit U

●

In August 2023, 4.1km2 of 3D seismic

was acquired by Terrex Pty Ltd east of Curragh North open-cut

operations

●

In August

2023, 2

kms of

Vibroseis seismic

was acquired

by Terrex

Pty Ltd

south of

Curragh North

open-cut operations

●

In September

2023, 9.32km

of Mini-SOSIE

2D seismic

data was

acquired by

Velseis

Pty Ltd

to the

south of Curragh North operations

Page 26 of 118

Aero-magnetic data

has indicated

that Resources

are largely

intrusion free

except for

one large

“plug” body

which was picked up in aero-magnetics and has since

been mined out.

The 2D

and 3D

survey has

been very

successful to

understand larger

scale structures

that are

difficult and

expensive to define with drilling. The seismic

data indicated that Resources are

largely continuous with some

disruption due

to faulting.

The Phase

I seismic

survey was

successful in

locating the

Jellinbah fault,

a major

regional fault and to define seam splitting in areas of sparse

drilling.

The 3D survey was particularly successful in precisely defining

faults and split lines is an

area of underground mining interest.Figure 7-1: Geophysical

Surveys

7.1.1

Drilling Exploration

The Curragh deposit has a long history of exploration with over 19000 holes drilled in its properties (Figure 8).

Of these approximately

15,700 holes are

deemed suitable for

use in

the geological model.

The remainder have

been

excluded

due

not

meeting

strict

data

quality

requirements.

Table

7.1

shows

the

Curragh

Property

drilling statistics as used in the Curragh 2023 geological model.

Page 27 of 118

The excluded holes comprise three broad groups of holes:

●

Holes that were not geophysically logged

●

Drill and blast holes that were only partially logged

●

Top

of coal grade control drilling

Approximately 7,500 of the 15,700

holes lie in areas of

declared coal Resources with the

remainder in mined

out areas or areas of Burngrove

Formation only.

Most of these boreholes are non-coring

(open holes), with a

portion

cored

holes

for

coal

quality

and

washability,

geotechnical,

gas

fugitive

emissions

purposes.

Predominantly all holes are logged by downhole wireline

geophysical techniques.

Table 7.1: Drill hole Statistics

Hole Type

Metres

Number of Holes

Chip

1,119,859

12487

Core

264,544

3217

Total

1,334,404

15704

All drilling and sampling

are conducted in accordance

with the Curragh Geology

Planning system which

sets

out standards for acquiring exploration data. A subset

of these procedures is shown in Table

7.2.

Table 7.2: Selected Exploration and Data management procedures

Procedure Name

CPS PLN 2.0 Geology System Plan

CPS PRO 2.3 Exploration Planning

CPS PRO 2.4 Exploration Execution

CPS WI 2.51 Drill Site Management

CPS PRO 2.5 Exploration Data Collection

CPS WI 2.21 Establishing Exploration Requirements

CPS WI 2.22 Guide to Exploration Planning

CPS WI 2.23 Core Logging and Sampling

CPS WI 2.24 Minimum Borehole Logging Requirements

CPS WI 2.26 Sampling for Coal Quality Analysis

The procedures specify the processes of planning through

business stakeholder engagement through to final

acquisition,

validation

and

safe storage

geological

data

and

adhere

various

industry

standards

where

applicable.

All logging

and data

management is

conducted by

qualified geologists.

In recent

years all

geological data

captured in specialist logging software and imported into the Company’s geological database (Geobank) after

rigorous

data

validation.

The

database

maintained

company

professionals

and

administered

company geological staff.

Drilling

comprises

short

term

operational

drilling

designed

reduce

geological

uncertainty

short-term

planning and long-term strategic drilling to allow for assessment

of future mining options.

The primary drilling

techniques are

chip drilling

(non-core) and

coring. Chip

holes provide

ground up (“chip”)

samples that

are returned

to surface

by air

or water

which provides lithology

information down the

hole normally

logged

intervals.

Down

hole

geophysics

provides

detailed

lithology

and

coal

thickness

data

these

holes for subsequent modelling.

Page 28 of 118

Downhole

wireline

techniques

include

calliper

(borehole

diameter),

gamma,

density,

sonic

and

borehole

verticality. In

some cases optical or acoustic

televiewers are run to provide

more detailed bedding and defect

orientation data.

Core allows

for a

more detailed

understanding of

rock characteristics

including lithology

fabric, rock

defects,

hardness and provides physical

intact samples for subsequent

laboratory testing. Cored holes

of either 63 or

100mm

diameter

are

logged,

photographed

and

sampled

qualified

geologist

into

company

geological

database. Cored holes

maybe partially cored

or fully cored

dependent on the

purpose of the

hole and samples.

Chip samples

may be

collected

and tested

for coal

oxidation. Core

samples are

more common

and maybe

taken for several reasons:

●

Coal Quality and Washability samples

●

Dilution Samples

●

Geotechnical Samples

●

Gas and Fugitive Emissions Samples

●

Reactive Ground and Spontaneous Combustion Samples

Figure 7-2: Curragh Boreholes as of 31 August 2023 used

in Resource Estimate

Page 29 of 118

Large core holes (200mm) are generally drilled at the start of project evaluation

to provide detailed sizing and

coal quality and coke

characterisation data

and form a small

part of the Curragh

coal quality database.

frequent

are

cored

holes

either

63mm

100mm

diameter.

These

holes

are

logged,

photographed

and

sampled by a qualified

geologist. The sample test data

provides information on coal quality, geotechnical, gas,

reactive

ground

and

spontaneous

combustion

characteristics

addition

data

estimate

product

yield.

Figure 7-3 shows the sample locations by main sample type.

Figure 7-3: Sample Locations by PrimarySample Type

Page 30 of 118

7.1.2

Drilling, Sampling and Recovery Factors

A number of drilling, sampling and recovery factors can materially affect the accuracy and reliability of results.

These factors are routinely reviewed as part of validation

and estimation processes.

Drillhole spacing varies

across Curragh properties

from as low

as 20m to

as high as

1-2km. In years

prior to

mining,

infill drilling

occurs

with drill

hole spacing

decreased

to the

order

of 50-100m

for chip

holes.

Cored

sample drilling spacing prior to mining is generally less

than 400m.

Core Recovery - The diameter of exploration cores

is generally between 50mm and 100 mm, with a

few larger

diameter (200 mm) holes used to

obtain samples for simulated degradation, washing, combustion, and coking

practices.

A minimum core

recovery of 90%

is used as

a criteria for

acceptance or

rejection of a

sample for

subsequent

analysis.

sample

fails

those

criteria,

the

sample

re-drilled

rejected

from

subsequent

modelling.

Drillhole Collar Survey – All borehole locations

and elevations since the mid-1980’s have been

surveyed by a

registered mine

surveyor registered

under the

Surveyors Act

2003. Boreholes

are surveyed

in a

local mine

grid which is

within a close

approximation to Australian

Geodetic Datum (ADG84). Some

historical holes drilled

several

decades

ago

have

lower

confidence

survey

accuracy.

Where

there

doubt

these

holes

are

excluded or when included tend to lie in lower category

resource areas e.g. Inferred

Downhole Verticality

- Recent holes

in last 5-10

years have been

surveyed by downhole

verticality tools that

give the holes dip

and dip direction at

frequent intervals down

the hole. Holes prior

to this were not surveyed

with verticality tools and it is assumed that these holes are vertical. For Resource and reserve estimation, this

assumption is not material.

7.1.3

Drilling Results and Interpretation

Coronado properties have been drilled at suitable density and sufficient samples have been collected to allow

for construction of a

detailed geological model. In

areas of wider drillhole

spacing, the uncertainty of this

model

increases. This uncertainty is

captured in Resource confidence

polygons in the Resource

estimation process

and

reported

accordingly

Measured,

Indicated

Inferred

Resources.

Only

Measured

Indicated

resources are considered for conversion into mineral reserves.

Figure 7-2

shows

all boreholes

used in

the 2023

Resource

model and

Resource

estimate. The

holes have

been used to

generate a

geological model,

through which

a geological

section is

presented in

Figure. Holes

Burngrove

Formation

south-western

Mineral

Development

Leases

are

not

shown

the

coal

the

Burngrove Formation is not included in the Resources or

Reserves.

Curragh has

extensive drilling.

The results

over the

years have

shown that

the seams

are generally

shallow

dip (less

than 5°),

however in

fault and

deformation zones,

steep dips

occur locally.

Seam deformation

has

resulted principally

from thrust

faulting from

the north-east

resulting in

seam displacements

up to

20 metres

vertically.

North-south

and

east-west

normal

faults

are

less

common

and

some

these

have

strike-slip

component.

Fault deformation has

resulted in seam thinning,

thickening and barren areas

which is more

prevalent in south.

The Jellinbah

fault occurs

on the

eastern side

of the

Curragh North

mining lease.

The fault

is a

thrust fault

upthrown on the eastern side by several hundred metres

This is a physical boundary to coal mining.

Coal quality sample data indicates that metallurgical

coal products (low-vol coking and

PCI) can be produced

from all seams. A

secondary thermal product

is also produced

after beneficiation. A

much smaller proportion

of seams in some areas are only

suitable for thermal coal. The metallurgical coal rank (impacts coke strength)

slowly decreases with increasing depth to the east.

Coal

quality

models

are

well

supported

historical

production

with

low

vol

coking,

PCI

and

thermal

coal

produced at Curragh for several decades.

Coal quality is not expected to materially

change in the life of mine

plan.

Page 31 of 118

7.2

Hydrology

Curragh Mine

is in

the Mackenzie

River sub-basin

of the

Fitzroy River

Basin. Mackenzie

River forms

at the

confluence

the

Nogoa

and

Comet

rivers

approximately

upstream

Curragh

Mine

and

joins

with

Dawson River to form Fitzroy River approximately 250

km downstream.

Rainfall is

relatively low,

with an

average of

635 mm

of annual

precipitation, and

consequently interruptions

seldom occur in the mining operations due to severe weather.

Most rain occurs in summer.

Water bearing units at Curragh Mine comprise:

●

sand

and

gravel

units

within

alluvial

sediments

Quaternary

and

Tertiary

age

and

the

Duaringa/Emerald Formation of Tertiary

age

●

cleated coal seams of the Rangal Coal Measures

●

fractured sediments

of the Burngrove Formation including coal seams and

sandstone units.

The aquitard units of low to very low permeability at Curragh

Mine comprise:

●

clay and silt layers within the Quaternary and Tertiary

alluvium

●

the weathered residual rock beneath the alluvium, which

is typically clay rich

●

the

Rewan

Formation

comprising

mudstones

and

lithic

sandstones

which

overlie

the

Rangal

Coa

Measures

●

interburden

layers

between

coal

seams

comprising

siltstones,

sandstones

and

mudstones,

which

have very low primary porosity

(typically void spacing in the

sandstones is cemented by clay providing

poor interconnection of void space).

Large north-west trending faults provide potential barriers

to groundwater flow.

Wetlands and swamps in the area are not believed

to be materially reliant on groundwater and are unlikely

be affected

by drawdown.

Current approved

Environmental Management

Plans ensures

any environmental

impacts are minimised.

The potential for acid mine drainage issues is low.

Curragh has a large network of hydro bores (Figure 7-4).

Curragh

has

groundwater

monitoring

procedure

part

its

Environmental

Management

System

characterize groundwater

systems and monitor

any potential impacts

on groundwater

over time and

to meet

its

obligations

under

Environmental

Authorities.

Monitoring

locations

are

installed

Alluvium,

Rangal

Coal

Measure

and

the

underlying

Burngrove

Formation

and

additionally

Observation

bores

adjacent

infrastructure such as dams and levees.

Compliance and Reference bores are

sampled bi-annually including the recording

of depth to water,

physical

chemical parameters as

well as the collection and

submission of a sample

to NATA

accredited laboratory for

analysis. Sampling

is undertaken

by a

suitably trained

and competent

person in

accordance with

Australian

Standard AS/NZS 5667.11:1998

– Water Quality Sampling.

Future underground mining requires a rigorous

understanding of groundwater systems. In

2023, a network of

monitoring bores and Vibrating Wire Piezometers (VWP) was installed in preparation for underground mining.

All bores

have dataloggers with

satellite telemetry. The new

boreholes are

tested monthly

for insitu

parameters,

and a standard suite of laboratory tests conducted by

NATA

accredited laboratory.

Detailed

hydrological

modelling

has

been

carried

out

order

obtain

approvals

from

the

environmental

authorities

for

existing

operations

and

new

modelling

being

undertaken

for

future

underground

mining

operations.

Page 32 of 118

Figure 7-4 Hydro Monitoring Sites

Page 33 of 118

7.3

Geotechnical Data

Geotechnical

data

collected

facilitate

geotechnical

assessments,

analysis

and

design,

with

the

aim

ensuring that the geotechnical risks encountered at Curragh

are appropriately understood and managed.

Geotechnical

ground

models

are

the

basis

which

geotechnical

assessments,

analysis

and

design

completed

and

need

informed

level

data

appropriate

the

design

phase.

The

geotechnical

ground

model

comprised

the:

Geological

Model,

Structural

Model,

Material

Properties

Model

and

Hydrogeological Model.

The development of geotechnical

ground models to support

mine planning is informed

by operational data (i.e.

geological mapping, survey

pick-ups, rock mass

defect logging etc.)

and exploration data

(i.e. drill hole

data,

down hole geophysical data, seismic surveys, piezometers

etc.).

The Curragh Safety Health Management System (Curragh

SHMS) provides instructions on how geotechnical

risks

Curragh

are

identified,

reported,

and

managed.

The

Curragh

Planning

System

(CPS)

used

conjunction with

the Curragh

SHMS and provisions

under the

relevant SHMS

documents, to

define the

data

requirements,

and

associated

data

management

systems,

necessary

inform

geotechnical

assessments,

analysis and design.

7.3.0

2022 to 2023 Geotechnical Logging and Material Testing

Curragh

has

undertaken

geotechnical

logging,

sampling

and

material

testing

select

boreholes

help

support the on-going development of the geotechnical

ground models.

7.3.1

2022 Geotechnical Borehole Locations

A total

of twenty-four

(24)

sites in

Curragh Main

and fourteen

(14) sites

in Curragh

North were

selected for

geotechnical

logging,

sampling

and

material

testing

2022

(refer

Table

7.5,

Table

7.6,

Figure

7-4

and

Figure 7-5).

These sites are comprised of geotechnically logged and sampled

HQ sized diamond core boreholes.

7.3.2

2023 Geotechnical Borehole Locations

A total

of eighteen

(18) sites

in Curragh

Main and

twenty-four (24)

sites in

Curragh North

(including four

(4)

boreholes within MDL162) were selected

for geotechnical logging, sampling and

material testing in 2023

(refer

to Table

7.7 ,Table

7.8, Figure 7-4 and Figure 7-5).

These sites comprised of HQ sized diamond core geotechnically

logged and sampled boreholes.

Four (4)

of these

boreholes were

selected for

further diagnostic

fracture injection

tests (DFIT)

and drill

stem

tests (DST) across the Mammoth and Mackenzie coal seams and within the Mackenzie Interburden as part of

the Curragh Gas Project.

7.3.3

Geotechnical Borehole Logging, Sampling and Material

Testing

Geotechnical logging was

undertaken using the

Australian coal industry

standard – ACARP

Project CoalLog

v3.1 and in line with Australia Standards for Geotechnical

Site Investigations (AS 1726 2017).

Geotechnical samples were collected and recorded by

trained and competent geologists, in line with Curragh

processes and work instructions

for the appropriate selection,

storage, handling and transport of

samples.

The

selection

samples

for

testing

and

determination

associated

testing

parameters

was

undertaken

appropriately qualified geotechnical engineers.

Page 34 of 118

7.3.4

On-Site Geotechnical Testing

7.3.4.1

Point Load Testing

Point

Load

Testing

(PLT)

selected

core

were

conducted

on-site

suitably

trained

and

competent

geologists. PLT

was completed

using a

calibrated PLT

Model 6510

from HMA

Geotechnical and

in line

with

AS 4133.4.1-2007.

7.3.4.2

Immersion Testing

Immersion testing

on selected

HQ core

was conducted

on-site by

suitably trained

and competent

geologists

in line with CPS.

7.3.4.3

Geotechnical Laboratory Testing

Geotechnical

laboratory

testing

was

undertaken

National

Association

Testing

Authorities

(NATA

accredited laboratories

in line

with Australian

Standards (AS)

and/or International

Standards (ASTM)

(Table

7.4).

A summary of the geotechnical laboratory testing completed is

provided in Table

7.4.

Table 7.4 Geotechnical Laboratory Testing: Australian Standards (AS) International

Standards (ASTM) and No. of Completed Tests 2022-23

Test

Standard

No. of Completed Test

Uniaxial Compressive Strength

Rock Moisture Content

AS 4133.4.2.2

AS 4133.1.1.1

298

Uniaxial Compressive Strength & Deformation

Test

Rock Moisture Content

AS 4133.4.3.2

AS 4133.1.1.1

204

Direct Shear Test

ASTM D5607

Strength of Rock Material in Triaxial

Compression

ASTM D7012

Slake Durability Index Test

AS 4133.3.4

177

Indirect Tensile

Strength

ASTM D3967

185

Page 35 of 118

Hole ID

Completio

n Year

Lease

Easting

Northing

Survey

Accuracy

Total

Depth (m)

Drilling

Completion

Date

Samples Sent to External

Laboratory for

Geotechnical Testing

Core

Photographs

Downhole

Geophysics

Acoustic Scanner

(ATV)

In Field Point Load Data

Collected

In Field Immersion

Tests

DFIT &

DST

Testing

18458C

2022

ML1878

690390.51

7396253.52

165.01

Surveyed

102.00

31/07/2022

Yes

18459C

2022

ML1878

689591.47

7396454.12

168.04

Surveyed

42.00

4/08/2022

Yes

18464C

2022

ML1878

689932.82

7396107.03

169.08

Surveyed

89.89

22/08/2022

Yes

18435C

2022

ML80110

692614.98

7416655.02

138.16

Surveyed

114.07

9/04/2022

Yes

18436C

2022

ML80110

692469.32

7416310.65

133.82

Surveyed

99.05

11/04/2022

Yes

18437C

2022

ML80110

692719.34

7416450.32

130.98

Surveyed

120.00

12/04/2022

Yes

18438C

2022

ML80110

692565.23

7416469.16

135.41

Surveyed

101.90

15/04/2022

Yes

18439C

2022

ML80110

692622.33

7416186.45

129.56

Surveyed

114.20

16/04/2022

Yes

18440C

2022

ML80110

692761.08

7416738.6

138.65

Surveyed

132.19

18/04/2022

Yes

18441C

2022

ML80110

692747.29

7418700.75

113.59

Surveyed

162.42

1/05/2022

Yes

18442C

2022

ML80110

692779.65

7418921.44

129.75

Surveyed

120.00

4/05/2022

Yes

18443C

2022

ML80110

692774.31

7418582.18

112.65

Surveyed

162.28

17/05/2022

Yes

18444C

2022

ML80110

692793.91

7418478.63

113.96

Surveyed

162.30

27/05/2022

Yes

18445C

2022

ML80110

692730.09

7418791.05

112.58

Surveyed

162.08

29/05/2022

Yes

18446C

2022

ML80110

692610.78

7418442.73

51.63

Surveyed

78.17

6/06/2022

Yes

18447C

2022

ML80110

692631.67

7418307.46

54.18

Surveyed

78.05

8/06/2022

Yes

18448C

2022

ML80110

692898.38

7418635.84

134.42

Surveyed

132.19

11/06/2022

Yes

18449C

2022

ML80110

692875.79

7418775.21

133.62

Surveyed

132.58

12/06/2022

Yes

18450C

2022

ML80110

692790.76

7418284.21

98.72

Surveyed

138.08

21/06/2022

Yes

18479C

2022

ML80110

694200.22

7416070.65

139.53

Surveyed

324.54

26/09/2022

Yes

18481C

2022

ML80110

693370.39

7420976.07

124.62

Surveyed

300.89

8/10/2022

Yes

18482C

2022

ML80110

692470.73

7424159.36

124.94

Surveyed

214.00

11/11/2022

Yes

18483C

2022

ML80110

692051.77

7415848.3

128.28

Surveyed

126.12

15/11/2022

Yes

18484C

2022

ML80110

691788.64

7415674.19

126.39

Surveyed

120.03

29/11/2022

Yes

Table 7.5 2022 Curragh North Geotechnical Drilling

Page 36 of 118

Hole ID

Completio

n Year

Lease

Easting

Northing

Survey

Accuracy

Total

Depth (m)

Drilling

Completion

Date

Samples Sent to External

Laboratory for

Geotechnical Testing

Core

Photographs

Downhole

Geophysics

Acoustic Scanner

(ATV)

In Field Point Load Data

Collected

In Field Immersion

Tests

DFIT &

DST

Testing

18421C

2022

ML8008

693196

7400988.68

156.49

Surveyed

95.09

15/03/2022

Yes

18422C

2022

ML8008

693166.01

7400596.12

156.34

Surveyed

101.3

17/03/2022

Yes

18423C

2022

ML8008

694001.47

7400767.62

161.69

Surveyed

19/03/2022

Yes

18431C

2022

ML8008

693829.43

7401050.63

156

Surveyed

26/03/2022

Yes

18433C

2022

ML8008

693694.72

7400778.78

157.83

Surveyed

28/03/2022

Yes

18434C

2022

ML8008

693713.19

7400530.49

161.08

Surveyed

31/03/2022

Yes

18451C

2022

ML8008

693498.69

7400103.62

160.74

Surveyed

101

15/07/2022

Yes

18452C

2022

ML8008

693718.94

7400326.65

161.76

Surveyed

17/07/2022

Yes

18453C

2022

ML8008

693458.79

7400402.16

159.13

Surveyed

19/07/2022

Yes

18454C

2022

ML8008

693825.21

7400208.22

165.43

Surveyed

23/07/2022

Yes

18455C

2022

ML8008

694044.15

7400087.91

166.04

Surveyed

26/07/2022

Yes

18456C

2022

ML8008

694283.77

7400116.8

167.57

Surveyed

108.07

28/07/2022

Yes

18460C

2022

ML8008

694640.9

7401615.1

158.82

Surveyed

134.42

13/08/2022

Yes

18461C

2022

ML8008

694546.33

7399913.2

169.83

Surveyed

120.42

14/08/2022

Yes

Table 7.6 2022 Curragh Main Geotechnical Drilling

Page 37 of 118

Hole

Completion

Year

Lease

Easting

Northing

Survey

Accuracy

Total

Depth (m)

Drilling

Completion

Date

Samples Sent to External

Laboratory for

Geotechnical Testing

Core

Photographs

Downhole

Geophysics

Acoustic Scanner

(ATV)

In Field Point Load Data

Collected

In Field Immersion

Tests

DFIT &

DST

Testing

18491

2023

ML8011

692356.34

7414854.51

128.08

Surveyed

182

25/02/2023

Yes

18492

2023

ML8011

692752.55

7415224.32

127.55

Surveyed

174.07

4/03/2023

Yes

18493

2023

ML8011

693709.67

7416081.23

140.82

Surveyed

300.07

8/03/2023

Yes

18494

2023

ML8011

693205.41

7414989.29

125.42

Surveyed

228.04

19/03/2023

Yes

18532

2023

ML8011

693906.13

7418104.2

175.09

Surveyed

366.09

11/05/2023

Yes

18533

2023

ML8011

693473.03

7418626.8

155.24

Surveyed

300.06

20/05/2023

Yes

18536

2023

ML8011

692944.55

7418117.61

133.62

Surveyed

222.45

20/05/2023

Yes

18537

2023

ML8011

692800.84

7419347

130.29

Surveyed

228

4/06/2023

Yes

18538

2023

ML8011

693338.4

7415532.98

129.64

Surveyed

252.46

10/06/2023

Yes

18542

2023

ML8011

692858.85

7420123.11

127.31

Surveyed

252

18/06/2023

Yes

18546

2023

ML8011

693446.66

7418113.15

161.87

Surveyed

289.9

11/07/2023

Yes

18573

2023

ML8011

691999.8

7415584.79

123.2

Surveyed

57.2

22/09/2023

Yes

18587

2023

ML8011

691843.27

7420307.70

126.97

Surveyed

180.28

1/11/2023

Yes

20808

2023

ML8011

692913.66

7415971.49

132.56

Surveyed

201.53

28/03/2023

Yes

22058

2023

ML8011

692836.76

7414697.05

126.59

Surveyed

204.48

27/03/2023

Yes

22059

2023

ML8011

693173.49

7416270.35

134.96

Surveyed

258.28

18/04/2023

Yes

22062

2023

ML8011

692361.79

7415473.77

127.72

Surveyed

174.18

25/04/2023

Yes

22063

2023

ML8011

693304.56

7419168.77

143.87

Surveyed

282.09

8/03/2023

Yes

22089

2023

ML8011

693214.83

7419556.88

139.66

Surveyed

284.00

20/06/2023

Yes

22101

2023

ML8011

692447.22

7423352.68

166.11

Surveyed

329.9

26/08/2023

Yes

22102

2023

MDL162

694532.01

7417576.79

143.84

Surveyed

348.36

16/09/2023

Yes

22103

2023

MDL162

694864.6

7416659.39

144.42

Surveyed

402.08

25/09/2023

Yes

22104

2023

MDL162

694681.51

7415806.01

144.08

Surveyed

375.25

5/10/2023

Yes

22105

2023

MDL162

694729.23

7414860.30

130.00

Surveyed

345.42

17/10/2023

Yes

22100

2023

ML7000

691864.2

7413476.33

128.11

Surveyed

54.23

24/08/2023

Yes

Table 7.7 2023 Curragh North Geotechnical Drilling

Page 38 of 118

Hole

Completion

Year

Lease

Easting

Northing

Survey

Accuracy

Total

Depth (m)

Drilling

Completion

Date

Samples Sent to External

Laboratory for

Geotechnical Testing

Core

Photographs

Downhole

Geophysics

Acoustic Scanner

(ATV)

In Field Point Load Data

Collected

In Field Immersion

Tests

DFIT &

DST

Testing

18485

2023

ML8008

695027.24

7403034.28

152.99

Surveyed

144.24

26/01/2023

Yes

18486

2023

ML8008

693975.49

7401275.99

159.46

Surveyed

30/01/2023

Yes

18487

2023

ML8008

693807.37

7399914.9

163.01

Surveyed

108.04

11/02/2023

Yes

18488

2023

ML8008

693956.08

7399572.65

163.94

Surveyed

15/02/2023

Yes

18489

2023

ML8008

695229.39

7401176.59

156.74

Surveyed

126

17/02/2023

Yes

18490

2023

ML8008

694299.11

7399473.99

166.3

Surveyed

83.3

20/02/2023

Yes

18504

2023

ML8008

694569.07

7400317.27

168.55

Surveyed

102

4/04/2023

Yes

18510

2023

ML8008

694770.5

7399550.52

172.43

Surveyed

138

14/04/2023

Yes

18524

2023

ML8008

693834.83

7399742.35

162.31

Surveyed

101.98

27/04/2023

Yes

18541

2023

ML8008

694178.53

7401765.46

165.73

Surveyed

108

16/06/2023

Yes

18543

2023

ML8008

694252.83

7399857.19

167.91

Surveyed

22/06/2023

Yes

18544

2023

ML8008

694161.57

7399475.41

166.84

Surveyed

126.18

26/06/2023

Yes

18551

2023

ML8008

694672.81

7399322.73

176.23

Surveyed

150.01

23/07/2023

Yes

18552

2023

ML8008

694397.71

7399093.68

177.81

Surveyed

162

30/07/2023

Yes

18554

2023

ML8008

694377.74

7399298.84

176.66

Surveyed

143.8

3/08/2023

Yes

18555

2023

ML8008

694907.44

7399849.69

172.6

Surveyed

150

10/08/2023

Yes

18560

2023

ML8008

694348.4

7400297.28

167.85

Surveyed

114

19/08/2023

Yes

18561

2023

ML8008

694583.49

7400531.59

167.64

Surveyed

132.07

22/08/2023

Yes

18562

2023

ML8008

694724.28

7402251.06

152.6

Surveyed

156

25/08/2023

Yes

Table 7.8 2023 Curragh Main Geotechnical Drilling

Page 39 of 118

Figure 7-4 Curragh Main Sample Sites

Page 40 of 118

Figure 7-5 Curragh North Sample Sites

Page 41 of 118

Sample Preparation, Analysis and Security

8.1

Prior to Sending to the Lab and Lab Procedures

Handling of

coal and

rock samples

at Curragh

follows standard

procedures used

in the

coal mining

industry

with

regard

preparation,

analysis

and

security.

Likewise,

laboratory

tests

are

performed

according

standards

utilized

internationally.

this

instance,

Curragh’s

standards

are

based

upon

the

Australian

Standards which are stated as applicable for this analysis.

Curragh

has

used

independent

laboratory

ALS

Coal

(formerly

ACIRL)

since

1983,

now

located

478

Freeman

Rd,

Richlands

QLD

4077

for

all

exploration

coal

quality

determinations.

ALS

regularly

benchmarked against ISO 17025. by reputable organisations

such as NATA.

The coal laboratory performs a specific workflow of

testing that is compatible for testing of

coking, thermal and

PCI

coals.

The

testing

comprises

sample

pre-treatment,

raw

coal

quality

analysis,

washability

and

product

composite testing

which is

suitable for

full beneficiation

and market

product characterization.

This testing

conducted

under

Australian

and

international

standards

samples

including

but

not

limited to

those

listed

Table

8.1.

Table 8.1: Analytical Test

Standards Numbers – Coal Quality

Analytical Test

Standard No

Ash

AS1038.3

Ash Fusibility

AS1038.15

Carbon

AS1038.15

Crucible Swelling Number

AS1038.12.1

Dilatometer

AS1038.12.3

Fixed Carbon

AS1038.3

Float/Sink Analysis

AS4156.1

Gieseler

AS1038.12.4.1

Hydrogen

AS1038.6.4

Moisture (residual)

AS1038.3

Moisture Holding Capacity

AS1038.17

Nitrogen

AS1038.6.4

Oxygen

AS1038.16

Phosphorus

BS1016.14

Relative Density

AS1038.21.1.1

Size Analysis

AS3881

Gross Calorific Value

AS1038.5

Total

Moisture

AS1038.1

Total

Sulfur

AS1038.6.3.3

Volatile Matter

AS1038.3

Ash Analysis

AS1038.14.3

Proximate Analysis

AS 1038

Geotechnical

testing

conducted

under

Australian

and

international

standards

samples

including

but

not

limited to those listed in

Table 8.2. Geotechnical testing in last five years has been completed by Trilab Pty

Ltd

362

Bilset

Geebung

Qld

4034

Strata

Testing

Services

Pty

Ltd

Unit

Jardine

Street

Fairy

Meadow, N.S.W 2519 Australia

Page 42 of 118

Table 8.2: Analytical Test

Standards Numbers – Geotechnical

Analytical Test

Standard No

Geotechnical Site Investigations

AS 1726 2017

Uniaxial Compressive Strength

AS 4133.4.2.2

Uniaxial Compressive Strength &

Deformation Test

AS 4133.4.3.2

Direct Shear Test

ASTM D5607

Strength Of Rock Material In Triaxial

Compression

ASTM D7012

Slake Durability Index Test

AS 4133.3.4

Rock Moisture Content

AS 4133.1.1.1

Atterberg Limits Test

AS 1289 2.1.1, 3.2.1, 3.3.1,

3.4.1

It is

the opinion of

the Qualified Person

that samples are

collected, dispatched, prepared,

analysed and verified

adequately for subsequent Resource and Reserve evaluation

and estimation.

Data Verification

9.1

Limitations of Verification

In a small percentage

of drillholes, downhole geophysical

records have been

lost or not stored

securely over

the

mine

life.

these

instances,

hole

logs

are

reviewed

for

detailed

logging

would

the

practice

geophysical

logs

were

available

and

corrected

geologist.

addition

checks,

seam

thicknesses

are

compared to surrounding data for consistency and excluded

if in doubt.

Some

the

historical

drilling

deeper

parts

MDL162

was

not

able

fully

validated

due

lack

original survey records

and geologists written logs.

Greater uncertainty is

placed on this

drilling data. However,

seismic data indicates

the presence of

strong reflectors

that are aligned

with boreholes

records. Where data

is considered less reliable, the coal resources are classified

as lower confidence resources i.e. Inferred.

9.2

Procedures of Qualified Person

The Qualified Person

has a long

history of working with

Coronado geological data and

production of geological

models and

Resource estimates.

The data

verification process

follows a

detailed process

for confirming

the

accuracy of data upon which subsequent Resource and

reserve estimation is based. This process includes:

●

Collar survey checks relative to topographic surfaces

●

Checking downhole geophysics against interpreted coal thickness

●

Correlation seam sequence checks within boreholes

●

Correlation checks from hole to hole through sectioning

geological database

●

Checking seam thickness, mid-burden and structure plots

●

Validating mined

out polygons against LIDAR surfaces

●

Reconciliation of variance of model iterations

●

Reconciliation of variance of Resource estimate iterations

9.3

Opinion of Qualified Person

In the opinion

of the Qualified

Person Mr

Barry Lay,

there has

been sufficient

data obtained

through various

exploration and

sampling programs

and mining

operations to

support the

geological interpretations

of seam

structure and thickness

for coal horizons

situated on the

Curragh property.

The data seem

to be of

sufficient

quantity and reliability to reasonably support the Coal Resource

and Coal Reserve estimates in this TRS.

Page 43 of 118

Mineral Processing and Metallurgical Testing

10.1

Testing Procedures and Sample Representatives

Laboratory testing procedures begin with a routine to ensure that each sample

is representative of typical run-

of-mine feed

and Coal

Prep Plant

(CPP) feed

involving

a process

including drop

shattering, dry

sizing, wet

tumbling and wet screening of coal samples.

These pre-treated samples are analysed

using a washability testing procedure

which estimates the yield and

ash at various density

cut points. This information

is subsequently used in

plant simulator (developed by A

and

Mylec

Pty

Ltd

(A&B

Mylec))

estimate

yield

and

product

quality

after

applying

plant

and

equipment

efficiency factors.

Test

samples are collected as sufficient density

to adequately represent the Resource at the level

of reported

Resource and reserve classification. The testing provides sufficient information to

determine the coal type (ie.

Coking, PCI

or Thermal).

There has

historically been

a good correlation

between laboratory

test results

and

train or shipping results.

10.2

Laboratory Details

Curragh has used an independent laboratory

now trading as ALS Coal

(“ALS”) since 1983, now located

at 478

Freeman Rd, Richlands QLD 4077 for all exploration coal

quality determinations.

ALS is accredited by NATA

NATA

assesses

that

ALS

has

appropriately

trained

people,

systems

and

controls.

NATA

assessed

coal

quality laboratory is certified against ISO/IEC 17025:2017.

Testing

is conducted against appropriate Australian

and international standards. The most

common standard

numbers are as per Table

8.1.

10.3

Assumptions and Prediction

Resource recovery estimates are based

on inputs of extensive

coal quality borehole testing

which provide run-

of-mine feed sizing, yield and expected product quality.

Expected processing product

yields are estimated

using coal borecore

information and coal

loss and dilution

assumptions

validated

through

mine

reconciliations.

process

simulator

developed

A&B

Mylec

applies

loss, dilution,

and plant

efficiency factors to

derive final

yield and quality

information at each

borehole datapoint.

This data

is then

modelled in

Vulcan software

for import

to mine

scheduling tools.

There are

no deleterious

elements that have not already been factored in reserves estimates and modelling that would have significant

impact on economic extraction.

10.4

Opinion of Qualified Person

Sufficient

metallurgical

testing

data

has

been obtained

through

various

exploration

and

sampling

programs

and mining operations to reasonably support the Coal Resource

and Coal Reserve estimates in this TRS.

Page 44 of 118

Mineral Resource Estimates

11.1

Assumptions, Parameters and Methodology

Coal Resources were estimated as of December 31, 2023.

Resology Pty Ltd independently created two geological models – one at the end of March 2023 and a second

model (sub-set) in August 2023 which

included more recent drilling in

underground mining areas.

Each model

was constructed

in MAPTEK

Vulcan

modelling software.

Both models

have been

used for

the estimation

Coal Resources and Reserve estimates as discussed in

the TRS.

The modelling process follows extensive validation of drillhole data. The model included drillholes available in

the company geological database at end

of March 2023 for the larger model

and August 2023 for the smaller

model.

The March 2023 geological model comprises a 50m grid cell model encompassing all of Curragh’s tenements

and seams within

the Rangal Coal

Measures only. Seams in the

Burngrove Formation have

not been modelled

or estimated.

The August

model comprised

a 10m

grid cell

encompassing the

underground potential

areas

down dip of the open-cut at Curragh North.

The geological model

include multiple

model types

including seam

roof and floor,

base of quaternary,

base

of weathering,

raw quality,

coking and

thermal quality

and simulated

yield and

product quality.

At Resource

classification

stage,

thickness

and

ash

cut-offs

were

applied.

Resource

classification

methodology

and

assumptions are discussed under section 11.4.

Coal Resource

were calculated

from a

series of

seam area

polygons (split

by resource

confidence) against

insitu geological models.

The density grid

was derived from

a seam ash

vs relative density

regression equation

with an

adjustment for

estimated insitu

moisture (5.3%).

MAPTEK RSVUTE

software was

used to

calculate

the resource tonnes for each seam and each resource

confidence category.

Mining surveyed face positions as

of September 30, 2023, were used

as a starting point of the

estimate, with

three

months

mining

depletion

(Sep

23–

Dec

23)

applied

give

coal

final

Resource

estimate

December 31, 2023.

Page 45 of 118

11.2

Qualified Person’s Resource Estimate

Based on the

assumptions and methodology described, a

Coal Resource estimate, summarized in

Table 11.1,

was prepared as of December 31, 2023, for property controlled

by Coronado.

Table 11.1:

Coal Resources Summary as of December 31, 2023

Area

Measu

red

(Mt)

Indicated

(Mt)

Meas +

Ind

Inferre

d (Mt)

Total

(Mt)

Ash %

VM %

Sulphur

Opencut

Inclusive of

Reserves

217

242

18.7

19.2

0.57

Exclusive of

Reserves

167

247

302

22.9

19.1

0.59

Total Opencut

383

106

489

543

21.0

19.1

0.58

Underground

Inclusive of

Reserves

140

183

14.9

18.2

0.39

Exclusive of

Reserves

103

106

209

18.6

18.1

0.39

Total

Underground

181

106

286

106

392

16.9

18.2

0.39

Total Resources

564

211

775

160

936

19.2

18.7

0.50

Notes

(i)

Total Coal Resources (936Mt) are reported inclusive of Reserves

(ii)

Coal Resource tonnes are reported on a 5.3%

in-situ Moisture basis

(iii)

Coal qualities are reported on an air-dried

basis

(iv)

Underground resources are those that are approximately

>15:1 vertical strip ratio or those overlapping

underground mining

Resources are reported into two subsets:

●

Inclusive of

Reserves

– Those

Coal Resources

that occur

within the

defined boundaries

LOM Plan

Reserves

Inclusive

Coal

Resources

are

calculated

from

cut-offs

described

section

11.3

and

resource

confidence polygonl

to determine Measured and Indicated resources.

These same coal resources are

the basis for Reserves

Reserves

have

been

assessed

for

economic

viability

the

Reserves

estimation

process

using

Modifying Factors and cut-off parameters as discussed

in section 12 of this TRS

●

Exclusive of Reserves – Those Coal

Resources that occur outside the defined

boundaries of the LOM

Plan Reserves

Exclusive

Coal

Resources

are

calculated

from

cut-offs

described

section

11.3

and

resource

confidence polygon to determine Measured and Indicated and

Inferred Resources

The Inclusive and Exclusive Coal Resources are also split

into open-cut and underground categories.

The total coal

Resources within

the project

concession boundaries

are approximately

936

million tonnes,

determined at

an effective

year end.

Compared

to established

criteria,

this quantity

of Resources

classifies

Curragh as a large coal mining proposition.

11.3

Cut-off thickness and insitu ash

Open cut Resources

have been estimated

where thickness is greater

than 0.3 metres

and raw insitu

ash below

50% (air-dried basis).

Page 46 of 118

Underground Resources

have been

estimated where

the insitu

coal thickness

is greater

than 1.8m.

No ash

cut-off has been applied as all reported seams

have low insitu ash (<~20% air-dried).

Underground Resources are

those that

can potentially be

accessed from final

open-cut highwall using

a variety

of techniques including but not limited to board and pillar

mining techniques and highwall mining.

Underground resources have been

defined as those that

are part of underground

reserves or in areas where

no reserves are declared, where the vertical overburden to

tonnes of insitu coal ratio is greater than 15:1

Deeper potential

mineralization that

is poorly

defined through

exploration or

not easily

accessible from

final

open-cut highwalls has been excluded from the Resource

Estimate.

11.4

Resources Exclusive of Reserves

Curragh

tenements

contain

Resources

exclusive

Reserves

which

have

not

been

included

the

current

mine plan (Table

11.1). Reasons

that may preclude elevation

for Resources to Reserves

include, but are not

limited to:

●

Insufficient

data

and/or

incomplete

technical

studies

justify

the

conversion

coal

Resources

Reserves

●

Open

cut

Resources

that

may

not

justify

conversion

Reserves

with

current

mining

costs

and/or

short-term product price assumptions

Considering the

long-life of

Curragh assets,

changing technologies

and varying

market conditions

over time

provide options to revise Reserves periodically.

11.5

Initial Economic Assessment

Opencut

An initial economic assessment has been completed to determine whether there are

reasonable prospects for

economic extraction of open-cut resources

outside of reserves. There are

247Mt of Coal Resources estimated

potentially

suitable

for

open

cut

mining

pending

future

suitable

feasibility

analysis

and

study.

The

assessment

assumes

that

any

future

mining

these

resources

would

occur

after

the

depletion

current

LOMP

reserves

(>20

years).

is assumed

that

demand

for

metallurgical

product

will

continue

beyond

this

timeframe.

The

assessment

preliminary

nature

and

contains

inferred

mineral

resources

that

are

considered

too

speculative geologically

to have modifying

factors applied to

them that would

enable them to

be categorized

as mineral reserves, and there is no certainty that this

economic assessment will be realized.

The cut-off

grades used

the assessment

correspond

to those

in section

11.3.

The cut-off

grade is

within

range of normal current open-cut Operations. The total resource average Insitu ash grade is much lower than

the cut-off

grade.

The portion

of resource

that approach

cut-off

grade is

only a

small proportion

of the

total

resource.

The analysis has included mining costs, processing costs, transport, marketing,

sustaining capital and royalty

costs. A long term realized product price of $US133/t was assumed based at an average total product yield of

75% calculated from LOMP average

product mix and yield. Resources

exclusive or reserves are

expected to

yield a similar product mix and yield to the LOMP plan.

The initial economic analysis indicates that a

break-even strip ratio of 17.3 is appropriate

for Curragh open-cut

operations as per Figure 14. The opencut Coal Resource estimates in this TRS

have been calculated

using a

lesser strip ratio cut-off ratio of approximately15:1.

Page 47 of 118

Various assumption and

limitation of this analysis include:

o

Costs based on the 2023 Life-of-Mine Plan (LOMP)

o

The

product

ratio

based

the

average

yearly

product

ratio

from

the

2023

LOMP

and

approximate 40% coking, 30% PCI and 30% thermal.

o

An US exchange rate of $0.73

o

Cutoff thickness of 0.3m of mineable coal and

50% insitu ash

o

All thermal

tonnes are

sold

at export

thermal (higher

prices) after

the cessation

of lower

priced

domestic thermal contracts due to finish in 2037

o

No capital costs have been applied in evaluating resources outside of reserves due to

no detailed

studies available at time of publication

o

As high-wall

mining

has been

used at

Curragh in

the

past, it

is assumed

that some

of the

coal

resources outside of reserves will be available at end of pit

life albeit at a low recovery

Risk with converting the resources to reserves include:

o

Acquiring the regulatory approvals to mine through Blackwater

Creek

o

Acquiring the regulatory approval and capital required to divert

Blackwater Creek

o

High capital costs that render conversion of resources to reserves

un-economic

o

Unfavorable margins due to increasing costs and/or declining

product prices

Figure 14 Breakeven analysis vs strip ratio.

Underground

An initial economic assessment has been completed to determine whether there are

reasonable prospects for

economic

extraction

underground

resources

outside

underground

reserves.

There

are

209Mt

Coal

Resources estimated as potentially suitable for

underground mining. The assessment is

preliminary in nature

and contains

inferred

mineral

resources

that are

considered

too speculative

geologically

to have

modifying

factors applied to

them that would enable

them to be categorized

as mineral reserves, and

there is no

certainty

that this economic assessment will be realized.

determine

whether

there

are

reasonable

prospects

for

economic

extraction

these

underground

resources,

mining

cost

and

capital

cost

data

was

extracted

from

financial

model

used

definition

Underground

Reserves

defined

section

12.2

and

merged

with

the

actual

cost

data

for

downstream

Page 48 of 118

processing costs,

transport, marketing

and royalties

on the

same basis

as the

previous opencut

analysis as

used in the 2023 LOMP Plan. The analysis demonstrates

a positive net margin as per Figure 11

-1.

Underground resources are only

those that could be

accessed from end

of open-cut life

highwalls or resources

as extension to declared underground reserves.

Figure 11-1 – Underground cost per tonne vs average realized price per product tonne

Various assumption and

limitation of this analysis include:

o

Underground bord and pillar mining method

o

Cut-off thickness of 1.8m

o

Mining and capital costs derived from December 2023

cost model provided by Talisman

Pty Ltd

o

Other costs based on the 2023 LOMP

o

Assumed PCI product @74% yield and secondary PCI

yield @11% yield

o

Assumed average product price US$140/tonne

o

An US exchange rate of $0.73

Risks with converting the resources to reserves include:

●

As geological knowledge

of seam structure

and deformation is

somewhat limited towards the

Jellinbah

Fault, there is risk that geological complexity may preclude

any coal extraction adjacent to the fault

●

Significant portion

of the underground

resources are in

the inferred category

and contain considerable

risk associated with confirming acceptable continuity,

coal quality and product yield

●

High capital costs that render conversion of resources to reserves

un-economic

●

Unfavorable margins due to increasing costs and/or declining

product prices

●

Acquiring the appropriate regulatory approval for underground

mining

●

Some resources lie

within Mineral Development Licence

162 and would

require successful conversion

to a Mining Lease

11.6

Resource Classification and Estimate Uncertainty

Resource Classifications have been based on a borehole

geostatistical study conducted in 2020:

Page 49 of 118

Curragh Drillhole Spacing Analysis Project; Resology

Pty Ltd; October 2020

The

project

involved

exploratory

data

analysis

(“EDA”)

seam

thickness

and

quality

information

define

seam domains. Each seam domain was then assessed using

drillhole spacing analysis (“DHSA”) to calculate

the global estimation precision (“error”)

for each major seam. A

10-year mining rate was then

used to calculate

error at different drillhole spacings for use in Resource

classification process.

The

critical

Resource

variables

analyzed

were

seam

thickness

and

insitu

ash.

These

were

chosen

for

the

Resource estimate classification

as these parameters are

the main drivers of economics.

Ash exhibits a very

good

correlation

density

and

hence

density

was

not

analyzed

separately.

Ash

also

exhibits

good

correlation

to total

product

yield, a

proxy for

product tonnes.

Other

quality

parameters

are well

with

market

acceptability and not reviewed separately.

As all seam exhibit

different variability for thickness and

ash in different domains, a

variety of drillhole spacings

have

been

applied.

summary,

the

following

drillhole

spacing

ranges

(Table

11.2)

have

been

applied

for

thickness and ash to define reported Resource categories. The value chosen

will depend on which seam, and

which

domain

is being

estimated.

The

drillhole

spacings

for a

given

categories

and

excluding

MDL162,

have

been

reported

Proven

and

Probable

Reserves respectively.

This is approximately 84% of the potential LOM

ROM tonnes.

Table 12.4: Underground ROM Coal Reserve Summary as of December 31, 2023 (Mt)

Curragh North

Underground

Proven

Probable

Total

Coal Quality of Reserve inclusive of loss and dilution

(adb)

Ash (%)

TS (%)

VM (%)

ROM tonnes

17.0

0.3

16.4

Table 12.5: Underground Marketable Coal Reserve Summary as of December 31, 2023 (Mt)

Demonstrated Coal Reserves

(Wet Tonnes, Washed

or Direct Shipped, Mt)

Quality (adb)

Curragh

North

Undergroun

By Reliability Category

Proven

Probable

Total

Ash%

Sulphur%

VM%

Total

10.0

0.3

16.9

Notes:

Coronado’s ownership is 100% of the Curragh Mine

All tonnes are millions of metric tonnes (Mt).

ROM Coal Reserves have been stated on a 8%

Moisture basis.

Marketable Reserves

are stated

on a

10% moisture basis,

including a

combination of

surface moisture

and inherent

moisture.

Coal qualities are reported on an air-dried

basis.

Totals may not sum due to rounding.

Curragh produce

a range

of Coking,

PCI and

Thermal Coal

products from

the underground

target seams.

The combined

yield for Primary and Secondary Product Coal modelled over

the LOM was approximately 87%

12.2.2

Qualified Person’s Opinion

Mr.

Christopher

Wilkinson

Bsc

(Mining)

MAusIMM(CP)

possesses

the

required

experience

underground

coal mining and reserve estimation

and credentials as a member

of the AusIMM to act as

a Qualified Person

for Coal Reserves estimation in this TRS.

It is the opinion of

Mr. Christopher Wilkinson that this TRS accurately reflects the Underground Coal Reserves

estimate as

defined by the

JORC Code and

SEC Regulation S-K

1300.

Sufficient exploration data

is supported

by a

longstanding history

of successful

coal production

at Curragh,

further increasing

the confidence

of the

reserve estimates.

The application

of modifying

factors are supported

by a combination

of laboratory-based

Page 58 of 118

data,

practical

historical

mining

knowledge

from

Curragh

and

relevant

experience

from

other

mines

the

region extracting

the target

seams using

the same

underground mining

methods.

Appropriate modifying factors

have

been

applied

determination

ROM

and

Marketable

Reserves

based

the

currently

available

exploration data and analysis.

Determination of

Marketable Reserves

has relied

on Product

Coal Quality

grids and

yields at

defined CHPP

cut

points

provided

Coronado

which

are

then

used

the

Deswik

LOM

scheduling

model

generate

marketable reserve

tonnes and

coal quality

The product

qualities and

yield grids

are based

on modelling

AB Mylec. The models and outputs

have not been validated by Mr Wilkinson

or Mining Consultancy Services

Pty Ltd / Talisman

Technical

Pty Ltd.

Page 59 of 118

Mining Methods

13.1

Open Cut Mining

Coal

mine

development

Curragh

accomplished

surface

strip

mining

methods

and

has

been

historically since the

mine commenced in

1983. The mine’s

annual production capacity

of around 200

Mbcm

of total movement means it can be ranked as a large open cut coal operation when compared to producers in

Australia and

internationally.

The open

cut operation

mines around

13.5Mt Run

of Mine

(ROM) coal

per annum,

producing around

11Mtpa of product coal

for both

international metallurgical markets,

thermal coal

for domestic

and international markets.

Curragh operates 4 large electric draglines, 1 large electric

rope shovel and a fleet of smaller diesel hydraulic

excavators.

This

typical

large

open

cut

coal

mines

the

Bowen

Basin

Central

Queensland.

The

Curragh Life of Mine

(LOM) plan continues

the use of dragline

strip mining, with

truck and shovel/excavators

moving the prestrip waste ahead of the

dragline fleet. Hydraulic excavators mine

the ROM coal and transport

it to the ROM stockpile for feed to the processing plant

for beneficiation.

13.1.0

Geotech and Hydrology

The

management

geotechnical

hazards

the

Curragh

Mine

managed

the

site

Safety

and

Health

Management System (SHMS) with a Principal Hazard Management Plan (PHMP). The Curragh Geotechnical

Hazard Control System Structure consists of 4 primary

elements:

●

Prevention and Implementation;

●

Monitoring;

●

Contingency; and,

●

Audit.

The validity

of the

mine design and

geotechnical hazard management

is achieved by

ensuring data of

sufficient

quantity and

quality for

the geotechnical

model is

available to

support the

design process.

Safe design

and

mine planning

processes are

applied throughout the

life of

mine. The

design is

prepared, reviewed,

and revised

by competent persons throughout the life of mine.

The coal seams at Curragh

generally dip to the east

at less than 5°, however

in fault and deformation zones,

steep dips occur

locally.

On the western

side of Curragh

East the seams

dip to the

west due to

the complex

dome and basin structures resulting from deformation.

Seam

deformation

has

resulted

principally

from

thrust

faulting

from

the

north-east

resulting

seam

displacements up to 20 metres

vertically. North-south and east-west normal faults are less common and

some

of these have a strike-slip component. Fault deformation has resulted in seam thinning, thickening and barren

areas within the mine plan.

The Jellinbah

fault occurs

on the

eastern side

of the

Curragh North

mining lease.

The fault

is a

thrust fault

upthrown on the eastern side by approximately 300 metres.

The

Curragh

Planning

System

(CPS)

consists

collective

mine

planning

systems

developed

and

maintained to ensure mine design and scheduling are consistently

applied.

The CPS describes, through each Process,

the steps to be

taken and relevant Work Instructions to be

utilised.

Refer to Appendix

B: Curragh

Planning System (CPS)

Documents for

a full list

of documents

used to inform

various stages of mine planning, design, monitoring,

and auditing.

Page 60 of 118

Geotechnical ground models are

the basis on

which slope stability analysis

and slope design

is completed and

need to

be informed

by a

level of

data appropriate

to the

design phase.

The Geotechnical

ground model

comprised of the following components:

●

Geological Model;

●

Structural Model;

●

Material Properties; and

●

Hydrogeological Model.

Geotechnical

slope

stability

analysis

aims

predictively

assess

slope

performance

based

developed

geotechnical

ground

models

and

understood

slope

failure

mechanisms

associated

with

the

observed

and

interpreted geological, geotechnical, and hydrogeological conditions.

There are various geotechnical slope stability analysis

methods available:

●

Kinematic slope stability analyses;

●

Limit equilibrium slope stability analysis;

●

Numerical slope stability analyses (e.g., finite element etc);

and,

●

Empirical methods.

Geotechnical

hazard

zoning

provides

indication

the

likelihood

failure

for

various

failure

scales

and

forms, and for a defined pit wall design option, to assist mine planning in determining if the risks presented by

the design are acceptable.

Geotechnical hazard zoning considers the following:

●

Geotechnical Models:

●

Geological Model;

●

Structural Model;

●

Material Strength Parameters; and

●

Hydrogeological Model.

●

Geotechnical Domains;

●

Past Pit wall Performance;

●

Proposed Pit wall Geometry; and,

●

Geotechnical Analysis.

Geotechnical

Hazard

Mapping

can

undertaken

conceptual

level

detailed

design

level.

The

Geotechnical Hazard

Mapping Plans

present the

projection design,

assessed level

of geological

uncertainty

and potential pit

wall failure

mechanism types

that have been

identified together

with an assessed

likelihood

of failure.

Seismic hazard assessments are completed, where required, for

geotechnical infrastructure during the design

and assessment phase with reference to Geoscience

Australia monitoring (maps, likelihood etc.).

Typical Highwall and lowall mine design profiles for the Curragh North active mining area are shown in Figure

13-1 and Figure 13-2

respectively.

The Draglines

will typically take

the lower Pisces

seam interburden which

as typically cast blasted into the adjacent mined out pit

void.

Page 61 of 118

Figure 13-1 - Curragh North typical Highwall design profile

Figure 13-2 - Curragh North typical Lowall design profile

Typical Highwall and

lowall mine design profiles for the

Curragh Main active mining area are

shown in Figure

13-3 and Figure 13-4 respectively.

The Draglines will typically take the lower two passes of Castor and Pollux

seam interburdens at Curragh Main.

Page 62 of 118

Figure 13-3 - Curragh Main typical Highwall design profile

Figure 13-4 - Curragh Main typical Lowall design profile

Groundwater impacts are greatest

at Curragh North, in particular

in the Northern pits of

S pit North, T pit

and

U pits where perched aquifers

exist in the upper alluvial sands.

This is managed by designing

wider benches

on the

base of

freedig horizon to

allow for a

trafficable roadway on

the bench as

well as

a drainage and

ponding

area on the highwall side of the bench for groundwater to pond and accumulate before being pumped out and

handled

with

the

site

surface

water

management

network.

Other

areas

the

mine

are

not

dramatically

impacted by groundwater presence. The coal seams are

the principal aquifers in the Rangal Coal Measures.

Page 63 of 118

Groundwater management at the

operation is achieved through

a network of

in-pit and highwall pump

systems

that move

both ground

water and

captured surface

water from

rainfall into

sacrificial pit

storages and/or

into

surface water

storages. Captured

mine affected

water onsite

is recycled

and used

for dust

suppression

via

water cart fill

points, or transferred

via the site

network back to

the CHPP for

use as processing

water in the

processing

plant.

Some

monitored

releases

water

the

receiving

environment

occur

when

regulated

conditions are met to remove water from the Curragh

site inventory.

Mine management at Curragh monitors groundwater inflows and

maintains comprehensive site water balance

models.

13.1.1

Open Cut LOM Plan

The Curragh

open cut

Life of

Mine (LOM)

plan essentially

is a continuation

of the

existing mining

method at

the site over the remaining economic Coal Reserves. The mine is

currently operating in the Curragh Main and

Curragh

North

operational

areas,

with

two

new

development

areas

and

pits)

built

and

mined

throughout

the

LOM

plan.

The

primary

waste

production

fleet

four

large

electric

draglines

that

currently

operate two

at Curragh

Main and

two at

Curragh North.

These

draglines

are supported

fleets

of diesel

hydraulic

excavators

Curragh

Main,

and

Curragh

North

electric

shovel

well

diesel

hydraulic

excavators.

Coal mining

undertaken

with

diesel

hydraulic

excavators

both

Curragh

Main and

Curragh

North.

The mining

operations utilise

cast blasting

methods where

applicable in

the dragline

waste passes

to move

some waste into final position from blasting practices. Bulk dozer push

is utilised to a minor extent at Curragh

for both dragline

bench prep and

coal uncovery using

Cast/Doze/Excavate (CDX)

methods in some

areas to

boost coal uncovery.

The Curragh

North

open cut

LOM

plan aligns

with

the underground

LOM

plan.

The final

open cut

highwall

position has

been used

to define

the underground LOM

plan. The

Open Cut LOM

plan is limited

in the

Southern

half of the mine

by the installed Overland

Conveyor (OLC). This

ROM coal transport system

transports ROM

coal from the Open

Cut and planned Underground

project from Curragh

North to the processing

plant facility

at Curragh Main.

For the purposes of the Open Cut LOM plan, the assumption was to leave this infrastructure

in place and mine

up to it with a

100m pit crest offset

for Geotechnical stability

risk control. The underground

project will mine Coal Reserves

under and to the East

of this infrastructure. This

OLC pit constraint exists

for

S Pit North,

S Pit and S Pit South.

The T Pit and

U Pit Open Cut

reserves are planned to be

mined down dip to

an economic break-even position,

where the underground project will continue with the extraction of ROM coal beyond this open cut break-even

point. The period progress plot of the Curragh North

open cut project can be seen in Figure 13-5.

Page 64 of 118

Figure 13-5 – Curragh North Period Progress Plot

The Curragh

Main mine

plan is

the continuation

of the

existing mining

pits within

the historic

mining area

the

Curragh

Main

project

area.

The

currently

active

mining

areas

that

the

draglines

are

active

will

exhausted with

the next

5 years. A

new development boxcut

is required

to open

L pit

which will

be a

investment

to bring online within the 3-5 years in the plan

to ensure dragline strike continuity. Critical to the open cut LOM

plan is the

re-entry to

D pit in

the North

of Curragh Main.

D Pit will

require dewatering

to EN pit

void when

becomes available as a

final void in 2025.

The establishment of

the L pit boxcut

and re-entry to D

Pit are the

critical factors in delaying the

development

of Z and X pits to late in the 2020’s.

This will ensure continuity of

dragline operations at Curragh

Main and maintaining the lowest

unit rate cost of production

from the Curragh

Main pits.

G pit is currently full of stored mine affected water and requires pumping to another

mine void/storage prior to

re-entry to

the remaining

reserves in

G pit.

J pit

is a truck

and excavator

and dozer

push pit

at the southern

end of

Curragh Main

and is

continued to

be worked

with these

mining methods

through the

LOM plan.

The

period progress plot of the Curragh Main open cut project

can be seen in Figure 13-6.

Page 65 of 118

Figure 13-6 - Curragh Main Period Progress Plot

X pit is a new development pit area that exists midway between the Curragh Main and Curragh North existing

mining areas at the

Curragh Mine. The

X Pit economic

reserve exists over

several different mining

pit areas,

with

differing

optimal

target

pit

floor

horizons

depending

seam

thickness,

depth

and

interburden

thicknesses. Surface development infrastructure is required

to unlock the X Pit reserve for mining including a

significant

creek

diversion

Minnie

Creek,

flood

protection

levees,

ROM

infrastructure

and

MIA

facilities,

surface water and mine affected

water handling infrastructure,

haulroads,

dragline walk road, conveyor cross

over

bridge

and

66kv

high

voltage

electrical

infrastructure

support

dragline

operations.

The

existing

Overland

Conveyor

(OLC)

installation

exists

through

the

centre

the

Pit

reserve.

The

coal

under

this

infrastructure produces an attractive cash margin and has been included as a coal reserve on the basis that it

will be mined

after the completion of

Curragh North open cut

and underground operations have

completed and

the existing OLC is decommissioned – essentially as the final

portion of the mines’ life.

The Eastern extent of

the X Pit deposit

is bounded by an

environmental biodiversity

offset conservation limit.

Other areas of the X Pit deposit are

cutoff with economic margi

limits where the modelled coal

seams break

even on an all-in cost basis margin rank.

pit

contains

‘early

entry’

option

way

the

Southern

two

mining

pit

areas

are

shallow

truck

and

excavator and bulk

dozer push areas that

can be accessed

with minimal surface

infrastructure investment to

unlock and could be

used by the

business as alternative

mining areas to

boost ROM coal

production prior to

what is scheduled

in the LOM

plan. The period

progress plot of the

X Pit open

cut project can

be seen in

Figure

13-7.

Page 66 of 118

Figure 13-7 - X Pit Period Progress Plot

Z Pit is

a second new development

area that exists to

the South-West of the existing

Curragh Main operational

area. This is a shallow, long strike length deposit ideal

for dragline operations. The coal seams however have

thinned in Z

pit compared

to Curragh

Main, and

in the

South of Z

pit the coal

seams down

dip split

into plys

with interburdens less

than 10m in

thickness and

are unsuitable

for dragline operations

The impact this

has

is Z

pit produces

the lowest

cash margin

of the

four main

mining areas

at Curragh

and has

been prioritised

within the LOM plan to optimise project cashflow.

Surface development infrastructure is required to be invested

in by the business to unlock

the Z Pit reserve for

mining including a creek diversion of Bonnie Doon Creek, flood protection

levee, ROM infrastructure and MIA

facilities, surface water and mine

affected water handling infrastructure,

haulroads, dragline walk road,

public

road upgrades and 66kv high voltage electrical infrastructure

to support dragline operations.

Most of

the Z

Pit mining

blocks

start on

the modelled

base of

weathering cropline

of the

Pollux seam

in the

Western side of the deposit. The North-Western edge of the Z pit deposit is limited by the Bonnie Doon Creek

diversion

the

existing

Mining

Lease.

The

Eastern

downdip

extent

the

Pit

deposit

bounded

economic margin cut-off limits

where the modelled coal seams break

even on an all-in cost basis.

The period

progress plot of the Z Pit open cut project can be seen

in Figure 13-8.

Page 67 of 118

Figure 13-8 - Z Pit Period Progress Plot

The primary

production

fleet at

Curragh revolves

around both

maintaining sufficient

prestripping capacity

advance of the dragline waste stripping fleet and supporting

open cut coal targets. The dragline fleet consists

of two 8200 draglines, an 8750 and an 8750 Supermax dragline making for a total fleet of four machines. The

prestripping

fleet

consists

BE495

electric

rope

shovel,

and

three

classes

diesel

hydraulic

backhoe

excavators

– 800t,

600t

and

350t class

excavators.

There is

currently

budgeted

13 x

prestripping and

coal

mining

fleets

being

operated

Curragh

addition

the

four

electric

draglines.

This

prestripping

fleet

planned to increase to 15 fleets in the LOM plan to match the strip ratio requirements of the deposit,

and then

reduce later in the

LOM plan when capital

development is undertaken

in the new pit

development areas of

and Z pits. The primary excavator fleet is planned

to increase the number of 800t

class machines from two to

four in the LOM plan, with

an additional 800t excavator

replacing the retired BE495 electric

shovel at the end

of its

productive life in

2032. The

LOM plan

primary production

fleet scheduled is

shown in

Figure 13-9

inclusive

of the dragline fleet. The LOM

plan for the Curragh Open Cut

is 21 years and is completed

production in 2045.

Page 68 of 118

Figure 13-9 - Curragh Open Cut LOM Production Fleets

The LOM plan Run of Mine coal

production profile from the Open Cut is

shown in Figure 13-10. The mine plan

uncover

and

mine

around

13.6

Mtpa

ROM

coal

from

the

Open

Cut.

This

production

profile

can

maintained through

until 2040

when the

Curragh North

open cut

reserves

then

become exhausted

and the

mine production profile reduces as Open

Cut mining reserves are completed

and the remaining mining areas

of Curragh Main, X and Z pits are completed.

Figure 13-10 - Curragh Open Cut LOM ROM t Mined

Figure 13-

shows the

Open Cut

LOM waste

production

profile by

equipment

type and

the planned

ROM

strip ratio over the

LOM. The ROM strip

ratio reduces later

in the mine life

when X and Z

pits are developed.

The yield for these new pits however reduces and product

strip ratio increases.

Page 69 of 118

Figure 13-11 - Curragh Open Cut LOM Waste Handled by Equipment Type

The LOM ROM coal production profile by source pit is

shown in Figure 13-12.

Figure 13-12 - Curragh Open Cut ROM t Mined by Pit

The planned

product coal

production profile

from the

Curragh Open

Cut mine

plan is shown

in Figure

13-13

plotted

against

the

Run

Mine

coal

production

profile.

The

declining

product

yield

can

seen

with

the

reducing product coal over the LOM plan.

Page 70 of 118

Figure 13-13 - Curragh Open Cut ROM t Mined and Product Coal

The forecasted

Open Cut

product coal

by product

type can

be seen

in Figure

13-14, with

the declining

total

yield over time on the secondary chart axis.

Figure 13-14 - Curragh Open Cut Product Coal by Type

13.2

Underground Mining

The feasibility

of underground

mining of

the Curragh

North mine

east of

the planned

location of

the current

planned Open Cut

mine LOM has

been undertaken between

2020 and 2023

comprising a Pre

Feasibility Study

Page 71 of 118

BELLOUTS

PRODUCTION FACES

CONVEYOR

DCB

INTAKE AIRWAYS

RETURN AIRWAYS

MINING DIRECTION

completed

2023

and

subsequent

detailed

Operational

Readiness

Study

(Feasibility

Level

Study) on the South Area in the Mammoth Seam.

The selected mining method is Bord and Pillar Mining using the

Place Change operating methodology. Due to

the variation in

seam thickness Bord and

Pillar mining would be

undertaken using

Primary extraction of panels

with roadway widths of

6.5m reducing to 6m where

the overburden thickness (Depth of

Cover: DOC) or mining

conditions require. Primary

extraction height

would vary

between 2.5m

minimum to

3.5m maximum.

Secondary

extraction of

Floor Coal

over the

same panel

layout created

by Primary

Mining would

be undertaken

with a

minimum floor

coal extraction of

1m and

a maximum extraction

thickness of 2m

and a

maximum total

combined

(Primary plus Secondary

Extraction) extraction

height of 5.5m.

The secondary

extraction width would

be 1m

less

than

the

Primary

Extraction

roadway

width

(eg.

5.5m

Secondary

Extraction

width

6.5m

primary

extraction roadway).

Secondary Extraction would also comprise mining of

“Bell Outs” around the perimeter of

the production panels mined from stubs

(blind entry roadways) mined into the inter

panel pillar. The Bell Outs

would

mined

maximum

height

5.5m

(where

seam

thickness

allows)

the

combined

extraction

thickness of Primary and Secondary Extraction mining. The proposed mining method is

well proven at several

mines in the Region who extract the same target coal seams from underground mines. This method has been

proven to

not create

any sig

nificant surface

subsidence

and

impact on

overlying

aquifers. The

method

has

been shown to be safe, productive

and economicaly viable using readily

available equipment technology and

people skills.

typical

extraction

panel

would

comprise

5-7

roadways

with

pillars

designed

comply

with

industry

standard

pillar

design

methodologies

(UNSW

Pillar

Design

Method)

with

Bell

Out

extraction

around

the

perimiter of

the panel,

as shown

in Figure

13-15. Secondary

Coal Floor

extraction may

also occur

in panels

through out the mine in addition to the Bell Out Extraction, an

example of the secondary floor workings can be

found in Figure 13-16.

Figure 13-15. Typical Bord and Pillar Production Panel with Primary and Secondary

Extraction.

Note: No. of roadway and heading within Bord and

Pillar Panels vary across the Mine.

Page 72 of 118

Figure 13-16. Example of Secondary Floor Coal Workings

The Curragh North Underground

mine would commence

with 1 Bord and

Pillar Continuous Miner Production

Unit to

mine the

pit bottom

area and

scale up

to 4

Production Units

at full

production. Each

Production Unit

would utilise

a single

place change

continuous miner

with 3 shuttle

cars discharging

to a

Feeder Breaker.

single Mobile

Bolter would

install roof

and rib

support.

LHD vehicles

would be

used to

undertake floor

clean

up and materials supply and ancillary work.

All

the

Production

Units

would

able

undertake

Primary

and

Secondary

Extraction

and

mining

Mains

Development Panels as required by the LOM Schedule and

Plan.

13.2.0

Productivity

The

mine

has

been

planned

operate

similar

shift

roster

and

production

methodology

other

underground bord and pillar

mines in Central QLD with an

even time 7 day on, 7

day off roster for production

and

maintenance

crews

and

management

and

technical

staff

separate

roster.

The

planned

average

underground mine labour complement of approximately

320 people is consistent with similar mines.

The average

budgeted operating

time (Production

hours) per

week is

approximately 84

hrs per

week which

includes panel extension / retraction

time for primary and secondary

mining. This equates to an

overall system

utilisation

50%

and

has

been

benchmarked

against

other

similar

Bord

and

Pillar

mining

operations

Queensland who target and achieve similar utilisation.

Production Rates

have been

determined based

on first

principles analysis

of the following

parameters using

proven and calibrated simulation models which are benchmarked

to relevant operating bord and pillar mines:

●

Extraction height

●

Roadway width

●

Pillar size

●

Plunge depth

●

Equipment specifications

●

Roadway support requirements and pattens. With the support requirements defined at the PFS stage

production is not indicated to be constrained by normal

support requirements.

The scheduled average annual Production Rates

vary over the Mammoth Seam

LOM between 177 ROM tph

to 245 ROM tph with

an average of approximately

213 tph. The scheduled

average annual Production Rates

Page 73 of 118

vary over the Mackenzie Seam

LOM between 100 ROM tph

to 220 ROM tph with

an average of approximately

171 tph. Average annual ROM production per Continuous Miner Unit varies between 0.6Mt ROM

per CM per

year to 1.0Mt ROM

per CM per year and

a LOM average of

approximately 0.75Mt ROM

per CM per year. This

has been

benchmarked against

comparable bord

and pillar

mines in

Queensland mining

similar coal

seams

and using similar equipment. The average annual production rates

per continuous miner unit over the LOM is

shown in Figure 13-17.

Figure 13-17. Average Annual Production Rate by CM Unit over LOM

13.2.1

Underground Geotech and Hydrology

Geotechnical analysis

has been undertaken

based on the

available information at

the time of

the PFS by

Chris Hanson of

Prime Global Pty

Ltd for MCS

and subsequently

up to the

time of this

study by Mr.

Andrew

Seccombe of Blackrock Mining Solutions Pty Ltd.

Ongoing exploration, sampling and laboratory testing is also

ongoing. Both Geotechnical Consultants are appropriately

qualified and experienced.

Mine

design

analysis

the

following

aspects

the

proposed

underground

mine

design

have

been

considered:

●

Target

seam coal, roof, floor and overburden characteristics

●

Minimum thickness of un-weathered overburden (minimum

Rock Head)

●

Roadway widths

●

Pillar dimensions and design (Factor of

Safety using UNWS standard pillar design methods

and tools)

and width to height ratio.

●

Principle stress magnitude and direction as generally understood

at the time of this report.

●

Coal cleat and strata jointing as generally understood at the

time of this report.

●

Roof and rib

support requirements and plunge depth

as generally understood at

the time of

this report.

●

Pillar stability and subsidence impacts as generally understood

at the time of this report.

●

Highwall stabilisation requirements in the vicinity of proposed underground mine access, as generally

understood at the time of this report.

The

currently

planned

Bord

and

Pillar

Primary

and

Secondary

mining

method

has

been

applied

similar

mines in

the same

coal

measures

in Queensland

with

proven geotechnical

and hydrogeological

outcomes.

Using this

mining method

and design

principles has

been shown

to have

negligible surface

subsidence and

impact

overlying

aquifers

and

bodies

surface

water.

The

selected

mining

method

has

successfully

undermined a regional river without significant ground

water impacts due to mining.

Curragh

mine

has an

extensive

water

monitoring

system

and

history

which

is no

being

supplemented

additional borehole test

data over the

planned underground

mining area. Data

from these sampling

points is

being used by Hansen Environmental Consulting to support

the EA amendment for underground mining.

Page 74 of 118

13.2.2

Underground LOM Plan

The planned Curragh North Underground

Mine will initially extract the

Mammoth Seam and subsequently

the

underlying Mackenzie

seam. Production

would commence

in the

South Area

from the

southern end

of S-Pit

as this area has the

lowest DOC and is preferable from a productivity, recovery and gas drainage perspective.

Figure 13

-18 shows

the

DOC

to the

Mammoth

Seam

which ranges

from approximately

50m

to 28

0m.

The

interburden

the

underlying

Mackenzie

Seam

varies

between

approximately

50m

and

70m.

Figure

13-19

shows

the

DOC

the

Mackenzie

Seam

roof

and

varies

between

approximately

50m

350m.

The

DOC

includes

the

Open

Cut

waste

Dumps

between

50m

60m

height

which

overly

the

underground

mining

areas. The natural DOC of the Mammoth Seam is comparable

with other bord and pillar mines in QLD.

Page 75 of 118

Figure 13-18.

Mammoth Seam Depth of Cover (DOC) (m)

Page 76 of 118

Figure 13-19. Mackenzie Seam Depth of Cover (DOC) (m)

Page 77 of 118

The thickness

of the

Mammoth Seam

varies from

approximately 2.5m

to 7m

over the

proposed LOM

layout

as illustrated in Figure 13-20 with a minimum 2.5m extraction

height cut off.

Figure 13-20. Mammoth Seam thickness (m)

Page 78 of 118

The thickness of the Mackenzie Seam varies from

approximately 4m to 9m over the proposed LOM

layout as

illustrated in Figure 13-21 with a minimum 3m extraction

height (4.3m seam thickness).

Figure 13-21. Mackenzie Seam thickness (m)

Page 79 of 118

The gas content

of the Mammoth

Seam is shown inFigure

13-22 and varies

from approximately 0

to 11

m3/t

and Mackenzie

Seams are

shown in

Figure 13-23,

which varies

from approximately

5m3/t to

13.5m3/t.

Gas

content and permeability have been determined by bore hole core sample testing and modeled by recognized

industry experts Novus Energy and Geogas. A Gas analysis and management

study on the initial South Area

of Mammoth Seam has been undertaken by Mr.

Miles Brown (Drive Mining).

Figure 13-22. Mammoth Seam Gas Content (m3/t)

Page 80 of 118

Figure 13-23. Mackenzie Seam Gas Content (m3/t)

Page 81 of 118

Permeability

the

coal

seams

has

been

tested

and

mapped

order

model

the

requirements

for

gas

management

over

the

resource.

Where

the

gas

content

similar

greater

than

the

Gas

Outburst

Threshold,

gas drainage will

be required to

reduce the

gas content to

suitable levels

for safe and

productive

mining operations. Surface to In Seam (SIS) test gas

wells will be implemented and the results used to design

appropriate gas drainage strategies for the underground mine.

Drive Mining have completed an initial UIS and

SIS gas

drainage Plan

for the

Mammoth Seam

South Area.

The

results from

gas drainage

in this

area can

then be used as inputs to extend gas drainage layouts

and designs over the LOM.

Mine access

is via

4 portal

entries from

the southern

end of

S-Pit and

the surface

infrastructure and

access

would be as illustrated in

Figure 13-24. ROM coal

from the South Area underground

mine will be transported

by truck from the portal to

the Curragh North ROM stock pill area where

it is loaded onto the existing. overland

conveyor and delivered to the CHPP.

The underground MIA facilities would be located adjacent to the current

S-Pit Open Cut

MIA and Workshop and

men and material

access to the

underground mine would

be via mobile

vehicles.

The

mine

access

methodology

and

surface

infrastructure

arrangement

consistent

with

other

underground bord and pillar mines operating from existing

Open Cut mines in QLD.

Figure 13-24. Surface infrastructure for the Mammoth Seam

South Area Mine Access from

S-Pit

The mine

has been

planned with

three mining

areas: South,

Central and

North. Production

transitions from

South to Central

and then North

Areas as reserves

deplete and geographical expansion

is required to

maintain

the required LOM production.

The electrical

power requirements for

the Underground Mine

have been

determined.

Studies have

shown there

is adequate

power on

site

for establishing

the

underground

mine and

commencing

the first

two continuous

miner Units, however

upgrades to

the site infrastructure

for full underground

production with four

continuous

miner units is required.

A load

study is

being undertaken

for Curragh

site to

determine the

required upgrades

for the

Open Cut

and

Underground LOM.

Once completed,

the required power line and infrastructure

upgrades must be completed

before full underground production to sustain safe and

effective underground operations.

Page 82 of 118

Figure 13-25. Curragh North Underground Mine – Mammoth Seam

LOM Layout

Page 83 of 118

Figure 13-26. Curragh North Underground Mine – Mackenzie Seam

LOM Layout

Page 84 of 118

The mine

will commence

in the

South Area

of Mammoth

Seam in

planned to commence

in December

2024

and then introduce additional continuous

miner units, with full production

using 4 units by 2026. Production

planned

commence

the

Mackenzie

Seam

2034

and

the

expected

LOM

approximately

years.

Figure 13-27 &

Figure 13-28

shows the Period

Plot of production

in the Mammoth

Seam by year

and Figure

13-29 shows

the Period

Plot

for production

Mackenzie

Seam

by year.

The ROM

Production

by Year

for

each seam

over the

LOM is

shown graph

form in

Figure 13-30.

The annual

ROM Production

by continuous

miner unit over the LOM is shown in Figure 13-31.

Figure 13-27. LOM Production Period Plot for

Mammoth

Seam South

Page 85 of 118

Figure 13-28. LOM Production Period Plot for Mammoth

Seam Central & North

Page 86 of 118

Figure 13-29. LOM Production Period Plot for Mackenzie Seam

Page 87 of 118

Figure 13-30. LOM ROM Production per year by seam mined graph.

Figure 13-31. LOM ROM Production per year by CM Production

Unit graph

Curragh

Mine

currently

produces

range

Met

Coal

(Coking

Coals),

PCI

and

Thermal

Coal

from

the

Mammoth and Mackenzie seams depending on market conditions and requirements to optimize recovery and

income. The product yield

from the underground for

both target seams has

been determined based on

existing

washing models and data at Specific Gravity Cut Points

of 1.34 SG for a Primary Product consistent with

Met

Coal and

a Secondary

Product at

a Cut

Point of

1.7 SG.

Alternative Cut

Points and

blending strategies

with

Open Cut coal from Curragh have been considered and would

generate different products and yields.

The LOM Marketable

coal based

on a

Primary Product

at a 1.34SG

cut point and

a Secondary

Product at

1.7SG cut point and the combined Yield

% is shown by year over the LOM in Figure 13-32.

Page 88 of 118

Figure 13-32. LOM Marketable tonnes by Primary and Secondary

Product per year graph

Page 89 of 118

Process and recovery methods

14.1

Description

Curragh has

two coal

preparation plants

CPP1 and

CPP2. CPP1

is the

oldest of

the two

processing plants

and has a documented nameplate capacity

of 1100 t/h (as received). The CPP processes the

32mm x 0.7 mm

fractions through

a 2-stage

dense medium

cyclone (“DMC”)

circuit operating

in a

low density

/ high

density

configuration

produce

low

ash

primary

and

high

ash

secondary

product

respectively.

The

primary

cyclone underflow has

the functionality to

bypass the secondary

DMC circuit and

report directly as

a secondary

product.

The minus 0.7 mm fraction is

directed to a Jameson cell flotation

circuit for processing. The concentrate

from

the flotation

circuit is

pre-thickened via

classifying cyclones

before reporting

to horizontal

belt vacuum

filters

and

screen

bowls

for

further

dewatering

prior

being

conveyed

the

primary

product

conveyor.

The

classifying

cyclone

overflow

directed

coal

thickener,

where

the

thickened

product

material

then

combined with the horizontal belt vacuum filter feed.

These

processing

methods

are

typical

what

used

other

coal

mines

throughout

the

Bowen

Basin

Central Queensland, the technology is tried and proven.

CPP 2 has a

documented nameplate capacity of 1200

t/h (as received) with

a capability of up

to 1350 t/h when

processing selected feed types.

CPP2 largely mirrors CPP 1 with the following exceptions.

●

Raw coal screens have been installed as an option to separate the plant feed material into a plus and

minus

size

fraction.

This

functionality

directs

the

higher

ash,

coarse

fraction

directly

the

secondary dense medium circuit reducing the circuit loading

of the primary circuit.

●

A spirals circuit has

been included in

the plant to reprocess

the flotation tailings

stream. The product

stream from

the spirals

circuit is

directed to

a splitter

box which

allows the

recovered product

to be

diverted to either the primary

product or secondary product streams via

the screen-bowls or fine coal

centrifuges respectively.

Page 90 of 118

Figure 14-1: Aerial view of the CHPP facilities and associated infrastructure

Page 91 of 118

14.1.0

Raw Coal Handling

The

overland

conveyor

from

Curragh

North

integral

component

the

coal

transportation

and

logistics system at

the Curragh operation.

The two ROM

systems are important

features of the

mine operations

to ensure blending of the ROM coals for

the CPPs. A series of conveyors, a ROM crushed

stockpile and small

ROM bins allows flexibility in the operations of the two

CPPs.

14.1.1

Product Handling

Product

coal

stockpiled

either

the

primary

secondary

product

stockpiles.

Two

stockpiles

approximately

190,000

tonnes

each

are

available

for

metallurgical

and

thermal

coal

products.

Multiple

stockpiles of differing quality

can be built on the

overall stockpile footprint and

reclaimed discretely by means

of the

4400 t/h

bucket wheel

reclaim system.

The two

installed product

stackers have

the capability

to slew

180

degrees

and

stack

emergency

stockpile

area.

The

emergency

stockpile

area

not

able

recovered directly but is transferred by truck and loader operation to the

main stockpiling area to be reclaimed

by the bucket wheel reclaim system.

14.1.2

Train Loadout

The processed coal is loaded onto trains via a single dedicated bucket

wheel reclaimer which loads two 580 t

capacity bins,

designed to

load both

thermal and

metallurgical coal.

In an

emergency,

there is a

dozer push

system

place

should

there

electrical

outage

the

mine

site,

which

reduces

the

risk

train

loading system.

14.1.3

Reject and Tailings

Coarse reject is conveyed from each CPP to a common

reject bin for collection by mine trucks and deposited

in the allocated

reject dump, as

capping material

for the tailings

dam or as

part of the

rehabilitation process.

Flotation

tailings

material

passed

through

thickening

cyclones

with

the

underflow

directed

fine

coal

dewatering

screen

for

dewatering.

The

screen

overflow

combined

with

the

coarse

reject

material

and

conveyed to

the reject

bin. The

remaining flotation

tailings material

from either

CPP is

directed to

dedicated

tailings thickeners

with the

underflow pumped

to the

tails storage

facility (TSF).

The LOM TSF

is currently

project in progress assessing

the use of the

void at Pit B.

Water recovered

from the in-pit

TSF is included as

part of the site water balance model and is reused within the site to offset the volume of purchased raw water.

14.1.4

Operating performance

The two

processing plants

have a

nominal nameplate

throughput capacity

of 2300

t/h on

a combined

basis,

with

surge

capacity

selected

coal

feeds

2350t/h.

Applying

the

nominal

throughput

capacity

with

planned 7400 operating

hours per annum

the capacity

of the CHPP’s

at Curragh

would be as

seen in Table

14.1. This is consistent with the LOM plan annual production

rates planned from the combined Open Cut and

Underground mining complex at Curragh.

Table 14.1: CHPP Capacity

CHPP

Nameplate

Feed (t/hr)

Operating

Hours (per

year)

Feed Capacity

(Mtpa)

Forecast

Yield (%)

Total Product

Capacity(Mtpa)

1,100

7,400

8.1

6.4

1,200

7,400

8.9

7.0

TOTAL

2,300

7,400

16.5

13.4

Historical operating performance

indicates that the

combined facilities

have achieved a

maximum processed

throughput of 15.2 Mtpa ROM

feed in recent years and would

require further increases in

utilised hours to be

achieved to exceed

this value. The

ability to bypass

selected raw feed

material directly

as a thermal

product

is considered an accepted site practice

and where quality shortfalls are

realised can be blended with washed

thermal product to achieve the required product specification

and the required annual product volumes.

Page 92 of 118

Infrastructure

Curragh

owns

and

operates

the

necessary

coal

load-out

system

for

dispatches

via

rail

line

the

port

Gladstone or the

Stanwell Power Plant.

Moreover,

the mine has

maintenance facilities

for the fleet

of mining

equipment as well as office buildings for the mine

staff and personnel.

15.1.0

Water

Curragh obtains its water requirement from two main

sources:

Pursuant to

a supply

agreement with

SunWater

Ltd (“SunWater”)

from the

Bedford Weir

and Fairburn

Dam.

Curragh

permitted

draw

708

gallons

per

year

through

take

pay

offtake

agreement

with

SunWater.

Mine

water

recycling

can

significantly

reduce

the

need

for

importing

purchased

water

into

the

stored mine water inventory.

Pollution control dams and old pit voids capture rainfall and mine affected water from pit dewatering activities.

15.1.1

Power

Curragh has a dedicated

66kv power supply

to support the

mining operations with

a capacity of up

to 57MW

sourced from the main

grid power.

The substation is

located on the southwest

corner of the lease

and both

66kv and

22kv distribution

networks to

supply

the draglines,

shovel and

CHPP’s.

Part of

the site

electrical

system was upgraded in 2015 at the time of upgrading

the ROM crushing station.

The electrical

power requirements for

the Underground Mine

have been

determined. Studies have

shown there

is adequate

power on

site

for establishing

the

underground

mine and

commencing

the first

two continuous

miner Units, however

upgrades to

the site infrastructure

for full underground

production with four

continuous

miner units is required.

A load

study is

being undertaken

for Curragh

site to

determine the

required upgrades

for the

Open Cut

and

Underground

LOM.

Once

completed,

the

required

66kv

power

line

and

infrastructure

upgrades

must

completed before full underground production to sustain safe

and effective underground operations

15.1.2

Roads

Curragh

has

network

haul

roads

and

ramps

connecting

the

various

working

areas

the

operation.

Established

national

highways

such

Route

(Capricorn

Highway)

connect

nearby

regional

towns

Blackwater

and

Emerald

the

regional

city

Rockhampton

the

East.

Site

access

from

the

Capricorn

Highway is via sealed road to the Curragh Mine Industrial Area

main carpark.

15.1.3

Rail

Curragh

linked

the

main

Blackwater

rail

link

the

Port

of Gladstone’s

Tanna

Coal

Terminal

(RG

Tanna)

and Wiggins Island Coal Export Terminal

(WICET) coal terminals by dedicated rail balloon loop with a

Marketable Coal

capacity of

14 million tonnes

per year.

Train

capacity averages

8,500 tonnes

at a

capacity of 4,400 t/h with an average 28 trains loaded

every week (with a maximum capacity of 36 trains).

Curragh is located

290 km from

the Port of

Gladstone.

Under an existing

agreement, CCPL

has the right

rail up to 11.0 Mtpa, plus surge

of rail capacity on the

Blackwater system.

This network is operated by Aurizon

and links Central Queensland mines from the Bowen

Basin to two export terminals at the Port of Gladstone

–

RG Tanna

and WICET,

under two long term rail haulage agreements with Aurizon.

Domestically, Curragh’s steam coal is railed 160 km to the Stanwell Power Station

near Rockhampton.

Under

the Stanwell Coal Supply Agreement, Stanwell is responsible for the transport of the steam coal from Curragh

to the power station and pays for the railing costs.

Page 93 of 118

15.1.4

Port

Curragh’s export coal is

shipped either from RG

Tanna or WICET terminals at Gladstone.

The coal is

blended

at the port to meet market requirements.

There are agreements in place for approximately 8.6

million tonnes per year in exports from RG Tanna

and a

take

or pay

agreement

with

WICET

for

1.5 million

tonnes

per year.

There

sufficient

capacity

increase

these capacities as required.

Figure 15-1: Curragh Preparation Plant Infrastructure

Page 94 of 118

Market studies

16.1

Market Description

Coronado maintains a specialist

corporate marketing team

that focusses on

direct sales of Curragh

products

to steel mills in

all major international

markets.

Curragh coals are widely

technically tested and

approved for

use

coke

making

blends,

with

product

positioning

optimised

over

many

years

(40

years)

the

market.

Curragh

coals

are

widely known

for their

low

ash, low

to mid

volatile

matter,

low

Sulphur

and

low

Phosphorous content. Curragh

Metallurgical Coal products

are also

known for their

consistent delivered quality

which supports a consistent offtake across

a diversified market base.

Table 16.1: Coal Quality for Washed Products

Seam

Primary

Yield (%)

Secondary

Yield (%)

CSN

Primary

Comments

Cancer

~30 @ 9% Ash

7 - 8

~0.5m thick.

Typically,

a Coking Coal blend

Aries

~50 @ 9% Ash

20 - 30

6 - 7

Aries Lower

has better

Coking Coal

properties

and

higher

CSN

than

Aries

Upper,

also

has

fluidity

50-100

ddpm.

Aries

Upper

typically

produces a high-ash blend PCI.

Castor Lower

45 - 50 @ 8% Ash

30 - 35

7 - 8

high

quality

coking

coal

seam

with

strong

swelling

and

plastics

and

important

coking

coal

blend component.

Good middlings

blend

product for steam coal.

Pollux

~45 @ 7% Ash

30 - 35

6.5 - 7.5

low

ash

Coking

coal

blend

coal,

Pollux

has

low plastic properties. The

middlings product is

a key high Ash PCI blend component.

Pisces Working

Section

UWS:

~80 @ 9%

Ash, mainly PCI

Split

into

upper

working

section

(UWS)

and

lower

working

section

(LWS).

The

UWS

products a

low ash

PCI product

for PCI

blend.

The

LWS

middlings

typically produces

high-

ash (12%) PCI.

LWS:

~45 @ 7.5%

Ash

30 - 35

6.5 - 7.5

Page 95 of 118

16.2

Price Forecasts

In selecting forward

prices for Curragh’s

products, Coronado has

had regard to

price index forward

curve as

well

prices

forecasts

prepared

several

brokers

and

coal

industry

analysts.

For

the

purpose

this

analysis, Coronado has

adopted price benchmark

forecasts from a reputable

coal market research

company

as base

case. The

projected index

price benchmark

was then

adjusted to

reflected realised prices

for Curragh’s

products taking into account historical price relativities,

recent price negotiations and the product mix strategy

expected to be pursued over the mine life.

Domestic thermal sales tonnes are sold to Stanwell based on the Stanwell Coal Supply Agreement described

in 16.3

Average realised product coal price projections

over the LOM for Curragh are set out in Table

16.2.

Table 16.2: Coal Pricing (Real US$/t sold)

16.3

Contract Requirements

Material contracts considered in the economic evaluation

of Curragh include:

Stanwell

Coronado

are

party

contractual

arrangements

with

Stanwell,

including

Coal

Supply

Agreement,

the

CSA, and the Curragh Mine New Coal Supply Deed, dated August

14, 2018, or the Supply Deed.

Under

the

CSA,

Coronado

deliver

thermal

coal

from

Curragh

Stanwell

agreed

price

and

quantity.

Stanwell may

vary the

quantity of

thermal coal

purchased each

year so

the total

quantity to

be delivered

Stanwell each year cannot be precisely

forecast. The coal that Coronado

supplies to Stanwell constitutes the

majority of the thermal coal production from Curragh. The cost of supplying coal to Stanwell has been greater

than the contracted price paid by Stanwell during the year

ended December 31, 2023 and for prior years.

Under the CSA,

Coronado also share

part of the

revenue earned from

export Met coal

sales (from particular

Tenements

(as defined below)) with Stanwell through

various rebates. The most material rebate is

the export

price rebate, which is linked to the realized export coal price

for a defined Met coal product, as follows:

●

For

the first

7.0 MMtpa

of export

coal sales:

when

the

12month trailing,

weighted

average realized

export coal

price of

Reference

coal

exceeds

the

Tier 1

Rebate

Coal Floor

Price,

Coronado

pays

rebate of

25% of

the difference

between

the realized

export coal

price

and the

Tier 1

Rebate

Coal

Floor Price.

●

For export coal sales above 7.0 MMtpa: when the 12month trailing, weighted

average realized export

coal price of Reference

coal exceeds the Tier

2 Rebate Coal Floor

Price, Coronado pays

a rebate of

10% of the difference between the realized

export coal price and the Tier 2 Rebate

Coal Floor Price.

Page 96 of 118

The CSA also provides for:

●

tonnage rebate

to Stanwell

per Mt

on the

first 7.0

MMtpa of

export coal

sales

and on

export coal

sales above 7.0 MMtpa; and

●

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

East Area.”

The total Stanwell

rebate for

the year ended

December 31, 2023,

was $136.5 million

and has been

included

the

Consolidated

Statements

Operations

and

Comprehensive

Income

included

elsewhere

the

Coronado Annual Report on Form 10-K.

The Supply Deed

grants Coronado the

right to mine

the coal reserves

in the Stanwell

Reserved Area, or

the

SRA. In exchange, Coronado agrees

to certain amendments to the CSA and to enter into a New Coal Supply

Agreement, or

the NCSA

upon the

expiration of

the CSA

(which is

expected to

occur in

2027).

On July 12,

2019, Coronado entered into the NCSA with Stanwell.

The following are the key terms under the NCSA:

●

Coronado’s supply obligation will commence

on the earliest of:

the day after final delivery date under the NCSA;

the date ate of termination of the CSA, if it does so prior

to final delivery date; and

January 1, 2029;

●

The

term

the

NCSA

expected

years,

and

Coronado

will

supply

Stanwell

2 million

‘Tonnes

Equivalent’ of

thermal coal per

annum (based

on a nominal

gross calorific

value of 25.6GJ)

fixed

contract

price

that

varies

accordance

with

agreed

formulae,

inclusive

all

statutory

charges and royalties in respect of coal sold and delivered

under the NCSA;

●

The export rebates which were payable under the CSA are not

payable during the term of NCSA;

The supply

term, the

contract

tonnage and

the contract

price under

the NCSA

are subject

to adjustment

accordance

with

financial

model

agreed

between

Stanwell

and

Coronado.

summary,

Coronado

have

agreed that the total value of

the discount received by Stanwell on

coal supplied to it under the

NCSA should

(by the expiry date of

the NCSA) be equal to

the net present value of

$155.2 million (A$210.0 million) as at the

date of the Supply Deed, using a

contractual pre-tax discount rate of

13% per annum.

The net present value

of the deferred

consideration was

$277.4million as

of December 31,

2023. On

January 18, 2021,

the Option

Coal Supply Agreement, or the OCSA, contemplated

by clause 5 of the NCSA was entered into,

in respect of

the supply of certain additional coal to Stanwell during the

term of the NCSA.

Logistics

Curragh typically sells

export coal

FOB, with

the customer paying

for transportation from

the outbound

shipping

port. The majority of Curragh’s export Met coal is railed approximately 300 kilometers to the Port

of Gladstone

for export via two

main port terminals,

RG Tanna

Coal Terminal,

or RGTCT,

and Wiggins Island

Coal Export

Terminal,

or WICET.

Curragh also has capacity available to stockpile

coal at the Port of Gladstone. For sales

of thermal coal to Stanwell, Stanwell is responsible for

the transport of coal to the Stanwell Power Station.

Rail Services

Curragh is linked to the Blackwater rail line of the Central Queensland Coal

Network, or CQCN, an integrated

coal haulage rail system

owned and operated by

Aurizon Network Pty Ltd.,

or Aurizon Network.

Curragh has

secured annual rail

haulage capacity of

up to 12.0

MMtpa (plus surge

capacity) under long-term

rail haulage

agreements with

Aurizon Operations

Limited, or

Aurizon Operations, and

Pacific National

Holdings Pty

Limited,

or Pacific National.

The RGTCT Coal

Transport Services Agreement with Aurizon

Operations is for

8.5 MMtpa of

haulage capacity

RGTCT.

Curragh

pays

minimum

monthly

charge

(components

which

are

payable

take-or-pay

basis),

which

calculated

with

reference

the

below-rail

access

charges,

haulage/freight

charges,

Page 97 of 118

minimum

annual

tonnage

charge

and

other

charges.

The

RGTCT

Coal

Transport

Services

Agreement

terminates on June 30, 2030.

The Coal Transport Services Agreement with Pacific National is for

1.0 MMtpa of haulage capacity to

RGTCT.

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

calculated

with

reference

the

below-rail

access

charges,

haulage/freight

charges,

minimum

annual

tonnage charge and other

charges. The Coal Transport

Services Agreement with Pacific

National terminates

on July 31, 2029.

The Wiggins

Island Rail

Project, or

WIRP,

Transport

Services Agreement

with Aurizon

Operations is

for 2.0

MMtpa of

capacity to

WICET.

This contract

is effectively

100% take-or-pay

(for a

portion of

the rail

haulage

and all capacity access charges). This agreement expires

on June 30, 2030.

Port Services

Curragh exports coal through

two terminals at the

Port of Gladstone, RGTCT

and WICET. At RGTCT,

Curragh

and Gladstone

Port Corporation

Limited, or

GPC,

are

parties to

a coal

handling

agreement that

expires

June 30,

2030.

The

agreement

may

renewed

our

request

and,

subject

certain

conditions, GPC

required to

agree to

the extension

if there

is capacity

at RGTCT

to allow

the extension.

Coronado currently

have the right to export between 7.7 MMtpa and 8.7 MMtpa at Coronado’s nomination on a take-or-pay basis.

Coronado have a

minority interest in

WICET Holdings Pty Ltd, whose

wholly-owned subsidiary, Wiggins Island

Coal Export Terminal

Pty Ltd, or WICET Pty Ltd, owns WICET.

Other coal producers who export coal through

WICET also hold

shares in

WICET Holdings

Pty Ltd. In addition,

Coronado and

the other coal

producers (or

shippers) have take-or-pay agreements with WICET Pty Ltd and

pay a terminal handling charge to

export coal

through WICET,

which is calculated by reference to WICET’s annual operating costs, as well as finance costs

associated

with

WICET

Pty Ltd’s

external

debt

facilities.

Coronado’s

take-or-pay

agreement

with

WICET

Pty Ltd,

the

WICET

Take

-or-Pay

Agreement,

provides

Curragh

with

export

capacity

1.5

MMtpa.

The

WICET Take

-or-Pay Agreement is an “evergreen” agreement, with rolling ten-year terms. If we inform WICET

Pty Ltd that we do not wish to continue to roll the term

of the WICET Take

-or-Pay Agreement, the term would

be set at nine

years and the terminal handling charge payable

by us would be increased so

that our proportion

of WICET Pty Ltd’s debt is amortized to nil

by the end of that nine-year term.

Under

the

WICET

Take

-or-Pay

Agreement,

Coronado

are

obligated

pay

for

that

capacity

via

terminal

handling charges, whether utilized or not.

The terminal handling charge payable by Coronado

can be adjusted

by WICET Pty Ltd if our share of WICET Pty Ltd’s operational and finance costs increases, including because

of increased

operational costs

or because

another shipper

defaults and

has its

capacity reduced

to nil.

The

terminal handling charge

is subject to a

financing cap set out in

the terminal handling charge methodology and

has already

been reached

and is

in force.

If another

shipper defaults

under its

take-or-pay agreement,

each

remaining shipper is effectively proportionately liable to pay that

defaulting shipper’s share of WICET Pty Ltd’s

costs going forward, in the form of increased terminal handling

charges.

Coronado

default

under

the

WICET

Take

-or-Pay

Agreement,

Coronado

would

obligated

pay

termination

payment

WICET

Pty Ltd.

The

termination

payment

effectively

represents

our

proportion

WICET

Pty Ltd’s

total

debt

outstanding,

based

the

proportion

our

contracted

tonnage

the

total

contracted

tonnage

of shippers

at WICET

at the

time

the payment

is triggered.

Shippers

can also

become

liable to

pay the

termination payment

where there

is a

permanent cessation

of operations

at WICET.

Since

WICET began

shipping export tonnages

in April

2015, four

WICET Holdings

Pty Ltd shareholders have

entered

into

administration

and

Take

-or-Pay

Agreements

subsequently

terminated,

resulting

the

aggregate

contracted tonnage of shippers decreasing from 27 MMtpa

to 15.5 MMtpa.

Under the WICET Take

-or-Pay Agreement, Coronado is required to

provide security (which is provided in the

form of a

bank guarantee). The amount

of the security must

cover Coronado’s estimated liabilities as

a shipper

under

the

WICET

Take

-or-Pay

Agreement

for

the

following

twelve-month

period.

Coronado

default

under the WICET Take-or-Pay Agreement and are subject to a termination payment, WICET Pty Ltd

can draw

on the security and apply it to amounts owing by Coronado

Page 98 of 118

Thiess Mining Services Contract

Thiess Pty

Ltd has

provided mining

services to

Curragh at

Curragh North

since 2004

and currently

operate

five excavator fleets.

The current contract expires

at the end

of December 2025.

The mining services contract

includes overburden removal and haulage, mining, equipment

maintenance and pit dewatering.

Golding Mining Services Contract

Golding Contractors Pty

Ltd has

provided mining services

to Curragh at

Curragh Main since

2014 and

currently

operate six excavator fleets.

The current contract expires at the end of December 2026.

The mining services

contract includes overburden removal and haulage, mining

and equipment maintenance.

Page 99 of 118

Environmental studies, permitting, and plans, negotiations,

or agreements with local individuals or groups

17.1

Results of Studies

Prior to securing the existing relevant

Queensland and Commonwealth approvals

for Curragh, the necessary

environmental

and

cultural

heritage

studies

have

been

completed.

Additional

environmental

studies

are

progressing to support relevant approval requirements

for future underground mining.

Besides mining,

the area

affected

by the

Curragh project

is used

essentially

for low

intensity

cattle grazing

plus some

amount of

dryland cropping.

Most of

the land

within the

area is

currently disturbed

as a

result of

historical

grazing

and

mining

activities.

The

property

has

been

the

subject

extensive

activities

prior

Curragh.

Curragh

has

complied

with

environmental

and

heritage

requirements

under

relevant

Queensland

and

Commonwealth legislation

and adheres to

standard practices

for environmental

management set

for all coal

mines

central

Queensland,

including

mitigation

impacts

cultural

heritage.

There

have

been

some

adverse incidents, however, the main ones being spills of diesel fuel (87,000 litres in 2016 and 25,000 litres in

2017), as

well occasions

of minor

uncontrolled or

non-compliant

water releases.

Corrective measures

have

remediated these incidents where required.

Remediation of the main diesel spills is ongoing.

17.2

Requirements and Plans for Waste Disposal

General and

Hazardous (Regulated)

solid waste

at Curragh

is the

object of

a mandatory

management plan

under the environmental

license. General

waste is

disposed at

an approved

landfill site

at Curragh,

while all

regulated waste is

transported and treated offsite in

an environmentally appropriate manner and

in compliance

with

the

Queensland

regulations.

The

mine

infrastructure

includes

two

Sewage

Treatment

Plants

(STP)

subject

to conditions

in the

environmental

license

and

with the

necessary

site procedures

place.

These

STPs process effluents from all office and

camp/accommodation facilities.

Industrial

waste

(tailings)

from

the

CHPP

disposed

regulated

structures.

There

are

three

TSF’s

Curragh, two in-pit and one conventional above ground

TSF.

The above ground TSF is the original, complete

and

non-operational

facility.

In-pit

TSF

the

process

backfilling

abandoned

pits,

this

currently

the

preferred method by

the regulator.

Pit A TSF

has limited remaining

capacity and

is non-operational

while Pit

B TSF is

an active facility

with storage

capacity of

significant volume

remaining

and thus

provides long-term

security for tailings storage.

These locations are shown in Figure 17-1.

All regulated structures are subject to

ongoing inspection by

Curragh and annual

inspections by an

independent Registered

Professional Engineer

of Queensland (RPEQ).

Page 100 of 118

Figure 17-1: Mine Waste Disposal Areas

17.3

Permit Requirements and Status

All applicable environmental licenses and permits under

both the Queensland and Commonwealth legislation

have

been

secured

and

are

place

for

approved

open-cut

operations.

Work

progress

meet

the

approved open-cut pre-mining requirements for ML’s

700006, 700007, 700008, and 700009.

An amendment

to the

state-based Queensland

Environmental Authority

is required

for underground

mining.

Preparation

for

Environmental

Authority

amendment

application

lodgement

progressing.

Commonwealth based approvals

are expected. There

are no perceived

issues expected to

prevent securing

any future permits.

Page 101 of 118

17.4

Local Plans, Negotiations or Agreements

Curragh has five environmental management areas that are requirements

of conditions of approval under the

two

separate

referrals

under

the

Commonwealth

EPBC

Act

1999

Under

Commonwealth

requirements,

Curragh

has

also

provided

biodiversity

offset

Mt.

Flora,

near

Nebo

Central

Queensland.

Further

biodiversity

offsets

are

required

under

obligations

the

Commonwealth

and

State

approvals

for

ML700007 and ML700008 and are in progress.

Curragh negotiated a CHMP in 2012.

This plan was subsequently repealed and replaced by the 2017 CHMP

with the

statutory Aboriginal

parties for

the area

to allow

access for

mining activities.

A Services

Agreement

signed in December 2017 details the fee schedule for services such as cultural heritage survey and mitigation

prior to mining

and exploration

activities by Curragh.

These agreements

comply with

the legislation

and are

within industry standards.

All cultural heritage sites are protected and subject to

mitigation, however there are

currently no identified sites of significant cultural heritage

value.

With reference to

native title, the

Queensland Government

coordinates the

application process

for Resource

authorities and advises on

land that may

be subject to native

title.

To date none of the Curragh Mining

Leases,

other than ML80123, require

native title processes

for its grant.

However, most

areas in central Queensland

are subject to

an undetermined

Native Title

Claim and

the determination

of native

title may affect

existing or

future mining activities at Curragh.

17.5

Mine closure plans and associated costs

Queensland

legislation

requires

that

all

mining

activities

approved

through

site-specific

environmental

authority develop a Progressive Rehabilitation

and Closure Plan (PRCP).

The main purposes of

the PRCP are

to plan

for how and

where mining activities

will be

carried out in

a way

that maximises progressive

rehabilitation

and to detail the condition to which the land must be rehabilitated

prior to relinquishment.

The

Curragh

Project

PRCP

has

been

developed

accordance

with

the

legislative

requirements

and

was

submitted

Coronado

Curragh

October

2022

the

administering

authority,

the

Department

Environment

and

Science

(DES)

for

assessment.

DES

reviewed

and

subsequently

issued

Request

for

Information Notice

(RFI). Coronado

Curragh submitted

a response

addressing the

RFI on

the 20

November

2023. DES has

extended the

period for deciding

the application

to 2 February

2024.

The PRCP will

include

post-mining

land

uses,

rehabilitation

methodologies,

community

consultation

requirements,

supporting

technical studies and

a schedule

outlining when rehabilitation

will occur.

The Curragh

Project is approved

have residual voids in the post-mining landform.

Estimated

costs

for mine

closure,

including removal

infrastructure,

contaminated

land

investigations

and

remediation, reshaping

and rehabilitation

works, monitoring

and maintenance

and a

10% contingency,

have

been undertaken using

a government estimated

rehabilitation cost calculator.

This cost was updated

in 2022

and

required

legislation;

appropriate

financial

provision

contribution

has

been

lodged

with

the

Queensland State Government. Curragh has recognised a

provision for Asset Retirement Obligation (ARO) of

$70.2million based on disturbances to date as disclosed in Coronado’s Form 10K for the fiscal year ending

December 2023.

17.6

Commitment to local hiring

Curragh

has

long

association

with

the

Blackwater

community.

Since

the

mine

opened

1983,

many

employees and their families have lived in Blackwater, and through this connection Curragh has been a major

supporter of the Blackwater community.

Curragh’s community

engagement includes

providing support

across community

organisations, health

care,

education,

sport,

culture,

indigenous

communities

and

local

tourism.

Curragh

proud

support

the

development of a strong, healthy and vibrant Blackwater

community.

Respecting

and

preserving

Indigenous

cultural

heritage

important

Curragh.

Curragh

holds

regular

co-

ordination meetings with representatives

of the local

Indigenous communities and educates its

employees and

contractors on the importance and significance of Aboriginal heritage

and culture.

Page 102 of 118

Coronado has long standing

relationships with the communities

surrounding Curragh. Many

of the Coronado

employees

live

near

Curragh

and

benefit

from

Coronado’s

social

partnerships

and

investments.

October 2023, Curragh employed over 485 permanent employees. The majority of permanent employees are

based in nearby Blackwater regional township with

other staff located in the Brisbane office. Additionally, circa

3500 contractor employees regularly supplement the permanent

workforce.

17.7

Qualified Person ’s Opinion

the

Qualified

Person’s

opinion

(Daniel

Millers)

that

the

approach

taken

manage

environmental

compliance,

community impacts and

permitting is sufficient

to not raise any

concerns with the

open cut LOM

plan and Coal

Reserve estimate in this

TRS. There are some

secondary approvals required as

outlined in 17.3

above,

that

will

need

place

before

overburden

waste

stripping

commences

the

and

pit

development areas. This is currently planned in this LOM

plan for 2030 and 2031 respectively.

It is the Qualified Person’s opinion (Chris Wilkinson) that

appropriate approvals for underground mining will be

obtained based on the feedback provided by Coronado.

The planned workings

of the Southern

area of the underground

project in the Mammoth

Seam extend under

the environmental offset area within ML 80123. A

major amendment will be made

to current Environmental

Authority

(EPML00643713)

for

the

inclusion

underground

mining

activities.

This

major

amendment

supported

Environmental

Assessment

Report

(EAR)

which

will

submitted

the

Department

Environment and Science (DES) in early 2024. It is anticipated that the approval of

the major EA amendment

to support project commencement will be achieved in December 2024.

Page 103 of 118

Capital and Operating Costs

18.1

Capital Cost Estimate

The production

sequence

selected

for a

property

must

consider the

proximity

each reserve

area

to coal

preparation

plants,

and

railroad

points,

along

with

suitability

production

equipment

coal

seam

conditions.

Existing

in-place

infrastructure

was

evaluated,

and

any

future

needs

were

planned

level

suitable for economic

reserves production including assessment

of sustaining and

development capex to

allow

entry into new open pit mining areas.

A summary of the estimated capital costs

for the Property is provided in Figure 18-1 below.

Figure 18-1: CAPEX US$ million (nominal)

Exploration,

development

and

expansion

capital

expenditure

for

the

period

between

2024

and

2026

are

associated

primarily

with

the

underground

project

(c.

US$

105 million)

and

planned

boxcut

development

US$ 31million).

From 2028

to 2032,

exploration, development

and expansion

capex are

associated with

the

developments of X and Z pits in the open cut mine

plan (c. US$ 319 million).

The

development

and

expansion

capital

cost

estimates

for

both

the

open

cut

and

underground

mines

Curragh are

currently completed

to a

Pre-Feasibility

Study level

at +/-25%

level of

accuracy.

The proposed

startup location for the

underground mine in the

Mammoth seam has a

more detailed capital development

cost

estimate undertaken at a Feasibility level of study with

an accuracy level of +/-15%.

18.2

Operating Cost Estimate

Curragh’s costs

estimates are

based on

expected operational

productivity and

associated fixed

and variable

costs

which have

been projected having

regard to

a number

of factors

including existing and

estimated contract

rates for

both upstream

and downstream

costs, forecast

exchange rate,

impact of

inflation on

costs, among

other macroeconomic conditions impacting the business.

Unit rates by activities are assessed in detail for site

budget preparations

and long

term averages

adjusted for

inflation are applied

to future

periods for

the life of

mine.

Operating

costs

include

calculation

Queensland

state

royalties

applied

sales

revenue

and

calculated within mandated tiers as well as contractual rebates

paid to Stanwell as per the CSA.

The operating

costs for

the open

cut mine

are at

a high

level of

accuracy supported

by supply

contracts for

material goods and

services including offsite

logistics and existing

mining costs

from the open cut

operation.

The forecasted LOM

open cut costs

have been benchmarked

against actuals and

budget costs for

the open

cut operation to

ensure validity in

this LOM financial

model. The level

of accuracy

for the open

cut operating

costs would

be described

as detailed

budget level

costs for

2024 and

2025 years

at +/-

10%. For

2026 and

beyond the LOM open cut operating costs are at a Feasibility

Study level detail at +/- 15% level of accuracy.

Page 104 of 118

The underground LOM operating costs

are project level cost estimates

as there is no existing operating

mine

Curragh

benchmark

reconcile

against.

The

Curragh

underground

operating

costs

are

Pre-

Feasibility Study level of accuracy of +/-25%.

A summary of nominal operating costs is provided in Figure

18-2.

Figure 18-2 : Curragh Operating Cost Profile (nominal)

Economic Analysis

19.1

Assumptions, Parameters and Methods

The

Mine

plan,

productivity

expectations

and

cost

estimates

generally

reflect

historical

performance

Coronado and efforts

have been made

to adjust plans

and costs to

reflect future conditions

and comply with

contractual obligations.

The financial model, prepared for

this TRS, was developed to

test the economic viability of

the Coal Reserve

estimate. The results of

this financial model are not

intended to represent a

bankable feasibility study, required

for financing of any current or future mining operations, but are intended to prove the economic viability of the

estimated Coal Reserves.

unlevered

basis,

the

NPV

the

project

cash

flows

after

taxes

was

estimated

for

the

purpose

classifying Coal Reserves. The project cash flows, excluding debt service, are calculated by subtracting direct

and indirect operating

expenses and

capital expenditures

from revenue.

Revenue is derived

from long term

forward price

estimates

observed

at December

2023.

Both upstream

and downstream

costs are

calculated

based on

site knowledge

of costs

profiles and

contractor

obligations. Net

cash flows

incorporate

applicable

state and federal taxes plus progressive reclamation obligations to the end of mine closure. All cash flows are

denominated in nominal USD incorporating inflation of 2.5%

in FY24 and 2.0% thereafter.

All figures

are reported in

USD millions unless

otherwise stated and

volume related data

is reported on

a metric

tonne basis. The net present value of the projected cash flows have been calculated adopting a 10% post-tax

discount rate.

The projection model also includes

notional income tax calculations at

the Curragh level adopting a

federal tax

rate of

30%. To

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, unlevered cash flows.

Page 105 of 118

19.2

Results

A base

case NPV

of US$1.1 billion

is based

on life

of mine

average exchange

rate of

0.69 which

has been

assessed

having

regard

exchange

rate

forward

curves,

economic

specialists

forecasts

and

broker

consensus as at 31 December 2023.

Annual cash flows based

throughout mine life

to final reclamation

and make good

on assumptions applied

provided in Figure 19-1.

Figure 19-1: Project Post Tax Net Cash Flow Summary (Millions)

US$ million

(nominal)

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

Rest of

LOM

EBITDA

113

133

224

310

364

314

334

318

347

4,509

Payable income tax

(5)

(7)

(43)

(63)

(78)

(59)

(63)

(57)

(73)

(1,010)

Change in working capital

(29)

(17)

(1)

(6)

(5)

(120)

Capex

(105)

(99)

(92)

(64)

(115)

(123)

(153)

(151)

(148)

(80)

(921)

Rehabilitation costs

(9)

(5)

(4)

(5)

(4)

(5)

(9)

(8)

(9)

(389)

Free cash flow

(2)

128

110

166

106

179

2,070

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.

Cash flows are sufficient to support identified economic

reserves.

19.3

Sensitivity

Sensitivity of the

NPV results

to changes in

the key drivers

is presented in

Table

19.1.

The sensitivity study

shows the

NPV at

the 10%

discount rate

when Base

Case sales

prices and

exchange rates

increased and

decreased in increments of 5%.

Table 19.1: Sensitivity of NPV (USD billions)

Price/FX

-5%FX

Base

+5% FX

+5% Price

$1.8

$1.5

$1.2

Base

$1.4

$1.1

$0.8

-5% Price

$0.9

$0.6

$0.3

Page 106 of 118

Adjacent properties

20.1

Information Used

No Proprietary information associated with neighbouring properties

was used as part of this study.

Page 107 of 118

Other relevant data and information

This document applies solely to the Curragh mining operations and no

other relevant data or information were

contemplated in its findings.

Page 108 of 118

Interpretation and conclusions

22.1

Conclusion

Upon

completion

these

studies

and

analyses

the

Curragh

project,

the

authors

have

reached

the

conclusion

that

the

Coal

Resource

and

Reserve

estimates

and

findings

presented

this

TRS

are

reasonably accurate

and representative

of the property

conditions. The

data has

been interpreted

according

to industry standards,

geostatistics was used

to estimate resource

tonnes and qualities

away from drill

holes

according to the

level of

confidence as drill

hole spacing outlined

in this

report.

Reserve estimates 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

modifying factors.

22.2

Significant Risk Factors

The purpose of the characterization of the project risk components is to inform the project stakeholders of key

aspects of the

Curragh project

that can be

impacted by

events whose consequences

can affect the

success

of the

venture.

The significance of

an impacted aspect

of the operation

is directly related

to both the

probability

of occurrence and the severity of the

consequences.

Risk can be ranked numerically, derived from the values

assigned to probability and consequence ranging from

very low risk to very high risk.

The

probability

and

consequence

parameters

are

subjective

estimates

made

the

Qualified

Persons’

authoring this report.

Consequence estimates are

assigned numerical values from

1 to 5 for which the

value

represents

the

highest

consequence,

and

the

value

represents

the

lowest.

Probability

estimates

are

assigned

alphabetical

values

from

with

representing

the

highest

probability

occurrence

and

representing the

lowest probability.

The combination

of Consequence

and Probability

rankings are

used to

assign the Risk Level classified from Very

High to Low risk.

22.2.0

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

assumed

that

this

subjectivity

reasonably reflects the condition of the active and projected

mine operations.

The Control Measures shown in

the matrices presented in this

chapter are not exhaustive.

They represent a

condensed collection of

activities that the

author of the

risk assessment section

has observed to

be effective

in coal mining scenarios.

Mitigation

Measures

listed

for

each

risk

factor

the

operation

are

not

exhaustive.

The

measures

listed,

however, have been observed

by the author to be effective.

The financial values

used in ranking

the consequences

are generally accepted

quantities for the

coal mining

industry.

22.2.1

Limitations

The risk assessment 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.

22.2.2

Development of the Risk Matrix

Risks have

been identified

for the

technical, operational,

and administrative

subjects addressed

in the

TRS.

The risk

matrix and

risk assessment process

are modelled according

to the Coronado

group Risk Management

Policy.

Page 109 of 118

22.2.2.1

Consequence and Probability Level Tables

The

Likelihood

Table

22.1

was

sourced

from

the

Coronado

Group

Risk

Management

Policy

dated

16th

February 2023.

Table 22.1:

Likelihood/Probability Level Table

Cat.

Likelihood

Description

Almost Certain

May occur more than once in a year

Likely

May occur over a one to two-year period

Possible

May occur within a five-year period

Unlikely

May occur within a 10-year period

Rare

May occur within a 30-year time period

Page 110 of 118

The Consequence Level Table

22.2 was sourced from the Coronado Group Risk

Management Policy dated 16th February 2023.

Table 22.2; Consequence Level Table

FL Category

Safety

Environment

Reputation

Production

Financial

Catastrophic

Multiple fatalities.

Unplanned permanent

environmental impact over

extensive area.

Permanent loss of

ecosystem or extinction of

species.

Serious and long-term

damage to corporate

reputation through the loss

of trust and respect across

all stakeholder groups and

the general public.

Lost production by more

than 2 million tonnes.

Breach of bank covenants.

Unable to make payment to

employees in accordance

with agreed terms.

Reduces revenue or

increases cost by more

than US$ 200 million.

Major

Single fatality and/ or

Severe irreversible disability

or impairment (>30% of

body) to one or more

persons.

Severe impact (>20 years)

on ecosystem or

Threatened Species.

Serious and long-term

damage to corporate

reputation through the loss

of trust and respect of one

or more key stakeholder

groups and the general

public.

Lost production of 1 to

2 million tonnes.

Unable to pay contractors in

accordance with agreed

terms

Reduces revenue or

increases cost by between

US$ 100 million to US$

200 million

Moderate

Severe irreversible disability

or impairment (<30% of

body) to one or more

persons.

Serious or extensive impact

(<20 years) on ecosystem

or Threatened Species.

Short-term corporate

reputation damage through

the loss of trust and respect

limited to one or more key

stakeholder group.

Lost production of 0.5 to

1 million tonnes.

Reduces revenue or

increases cost by between

US$ 50 million to US$

100 million

Minor

Lost time injury/ies.

Major impact (<5 years) on

ecosystem or Threatened

Species

Short-term corporate

reputation damage through

the loss of trust and respect

limited to one key

stakeholder group.

Lost production of 0.1 to

0.5 million tonnes.

Reduces revenue or

increases cost by between

US$ 5 million to US$

50 million

Insignificant

Medical treatment case(s).

Minor impact (< 3 months)

to non-threatened species

or their habitat

Small impact on corporate

reputation through some

loss of trust and respect –

minor and isolated

expression of concern.

Lost production of less than

0.1 million tonnes.

Reduces revenue or

increases cost by less than

US$ 5 million.

Page

111

of 118

22.2.2.2

Composite Risk Matrix and Color-Code Convention

The risk matrix in Table

22.3 is sourced from the Curragh site Safety

and Health Management System

(SHMS) Workplace

Risk Assessment

and Controls

(WRAC) template

form. This

5x5 matrix

uses the

consequence and

likelihood values

to identify

and colour

code risk

categories from

a Low

(green) to

Very High (red) Risk Rating.

Table 22.3:

Risk Matrix

CONSEQUENCE

Loss Type

Insignificant

2 - Minor

3 - Moderate

4 - Major

Catastrophic

Likelihood

Risk Rating

- Almost

Certain

Medium

High

Very High

B - Likely

Medium

High

Very High

C - Possible

Low

Medium

High

D - Unlikely

Low

Medium

High

E - Rare

Low

Medium

High

Page 112 of 118

22.2.2.3

Risk Assessment

Table 22.4:

Risk Assessment

IDENTIFICATION

Risk

Ratin

RISK

TREATMENT

Discipline

Risk Factors

Consequence

Risk

treatment

strategy

Mining

Equipment

productivity

assumptions

unrealistic or

cannot be

achieved

Production

schedule

unachievable

and increased

cost/t driving

down project

valuation.

Reserve loss

from this.

Reconciling

planned

productivities in

LOM plan against

historical actuals

from the

operation.

Significant

flood event

overtopping 1

in 100yr levees

on site –

inundation of

underground

operations

Loss of

production for

duration

required to

dewater

operation

Site inclement

weather TARP’s

and site SHMS

Unplanned

inrush of water

from

underground

mining under

Blackwater

Creek

Loss of

production for

duration

required to

dewater

operation

Exploration and

fault delineation

drilling and

modelling and

inclusion in UG

mine plan

Lower than

predicted

permeability

causing

ineffective gas

drainage in

underground

operations

Loss of

Reserves as

cannot be

mined safely or

economically

Potential gas

outburst

Exploration and

testing – gas

drainage

requirements

Operational

systems – Permit

to Mine etc

Spontaneous

combustion in

underground

work areas

Loss of

production

while

inertisation

takes place to

stabilise spon

com

Coal samples

tested and contain

low propensity for

spon com.

good ventilation

and management

practices

combined with gas

monitoring and

Inertisation

infrastructure.

Unplanned fall

of ground in

underground

operations

Potential safety

hazard and

suspension of

operations.

Potential loss

of reserves if

areas cannot

be mined

safely.

Geotechincal

design based on

exploration

samples.

Operational SHMS

and principal

hazard TARPS.

Page 113 of 118

Significant

unplanned

geotechnical

failure on

highwall

impacting flood

protection

levees.

Loss of

production

potentially

safety hazard

Geotechincal

design based on

exploration

samples.

Operational SHMS

and principal

hazard TARPS.

Significant

safety incident

Loss of license

to operate

Continue to

adhere to the

SHMS and

operational

discipline

Uncertain soft

floor conditions

encountered in

UG mining

Loss of

Reserves

leaving coal in

floor

Geotechnical core

investigation for

floor conditions

(slake durability

etc) include in UG

mine planning.

Control of mine

water.

Unexpectedly

high frictional

ignition

propensity of

roof, floor or

partings

material in UG

operation

Health and

safety risk in

operations

Gas control in

operations –

ventilation etc

when mining in

areas which may

exhibit this

harzard

Geology/Geotechnica

Unexpected

geological

complexity in

underground

Higher

operational

costs of mining.

Loss of reserve

JORC

Reserve allows for

up to 15%

geological risk in

Reserve estimate

Plan mine

orientation to

consider faulting.

Plan mine

orientation to

consider joints.

Continue

geotech drilling

and modelling.

UIS drilling

ahead of mining.

Unexpected

geological

complexity in

open cut

Planned

reserve not

recovered

Plan mine

orientation to

consider faulting.

Plan mine

orientation to

consider joints.

Continue

geotech drilling

and modelling.

In-fill

drilling ahead of

mining.

Incorporation of

highwall structural

mapping into the

short-term

geological model.

Page 114 of 118

Product yields

or coal quality

data

significantly

lower than

estimated

Lower revenue

than planned

affecting

project

valuation

Coal

quality core drilling

and washability

simulation ahead

of mining.

Unexpected

igneous

intrusions

Loss of

Reserve

Geological

exploration

including seismic

studies, UIS and

SIS drilling ahead

of mining in UG

Unexpected

seam splitting

Loss of

Reserve

Increased ROM

dilution

Reduced

operational

productivity

Exploratio

n drilling and

seismic

investigations

Excessive

stress,

magnitude and

direction

Reduced

roadway widths

in UG,

increased

ground support

requirements

Reduced

productivity and

loss of Reserve

Insitu

stress testing

investigations

Core

breakout analysis

Pillar and

roof monitoring

Geological

uncertainty in

UG below

existing out of

pit waste

dumps

Loss of

Reserve

Unexpected

geotechnical

conditions

UIS and

spoil drilling

exploration

Infrastructure

Failure of

CHPP

structures due

to age of

infrastructure

Increased

operating costs

and potential

for production

loss in

unplanned

downtime

Continue

to maintain the

structural

maintenance

programme

CHPP yield

below planned

recoveries

Loss of

production

revenue due to

failure to

achieve

forecast

production

recoveries

Ongoing

monitoring of plant

operations to

improve

recoveries

Insufficient HV

power available

for UG

development

project at

Curragh

Production

delays due to

insufficient

supply

available to full

planned UG

production fleet

Load study

in progress in

2024 to determine

requirements .

Upgrades

undertaken in time

for underground

production build

up.

Environmental

Authority

amendment for

UG operation

not approved in

time to meet

planned

production

profile

Production

delays

CCPL

working with

regulatory bodies

through the EA

amendment

process

Page 115 of 118

Non

subsidence mining

method planned in

UG mine plan

Environmental

complaints

from sensitive

receptors for

new open cut

development

areas (Z pits)

Loss of reserve

Environmental

Authority

conditions

cannot be met

(noise/dust etc)

Curragh

Expansion Project

EIS

Stakehold

er management of

external

stakeholders

Restriction to

exploration

activities in

biodiversity

offset areas

Increased

geological

uncertainty to

UG mine plan

in these areas

causing

potential loss of

Reserves

Stakehold

er relationships

with regulator

UIS drilling

ahead of mining.

Economics

Price forecast

reducing

significantly or

foreign

exchange rate

fluctuation

impacting

revenue

negatively

Reserve

reduction and

potential

business asset

value write

down

Review

mining method

and cost

assumptions in

financial model

Review

capex

assumptions

Underestimate

d capital costs

for operation

Lower return on

investment

Review capital

plan and re-

engineer to suit

business

requirements

Underestimate

d operating

costs for

operation

Lower return on

investment

Reconcilin

g planned

operating costs in

LOM plan against

historical actuals

from the

operation.

Undergrou

nd costs

calculated from

first principles and

benchmarked

against industry

Page 116 of 118

Recommendations

Coronado

continuing

work

both

internally

and

with

outside

assistance

further

define

their

resource base and to optimize the open cut LOM plan.

The current primary focus

for exploration for the

underground mine is concentrated in

the southern area

where production is planned

to commence. Various

techniques including 2D and

3D Seismic surveys,

exploration bore holes

and both Surface

to In

Seam (SIS) and

Underground in Seam

(UIS) gas drainage

bore holes will provide additional definition of

the resource and mining predicted mining conditions. The

results obtained

and experience

gained will

then be

used to

derive appropriate

exploration programs

for the

remaining areas

of the

underground. Exploration

techniques and

strategies appropriate

to the

requirements of

the planned

mining method

and LOM

plan will

need to

be considered

where surface

access is limited due to open cut waste dumps and restricted

access areas.

A major amendment will

be made to

current Environmental Authority (EPML00643713) for the

inclusion

of underground mining

activities. This major

amendment is supported

by an Environmental

Assessment

Report (EAR)

which will

be submitted

to the

Department of

Environment and

Science (DES)

in early

2024. It is anticipated that the approval of the major EA amendment to support project commencement

will be achieved in December 2024.

Page 117 of 118

References

Publicly available information from various State and Federal

agencies was used where relevant.

Reliance on information provided by the registrant

Portions

this

report

has

been

prepared

Qualified

Persons

for

Coronado.

The

information,

conclusions, opinions, and estimates contained herein

are based on:

●

Information available to Qualified Persons at the time of preparation

of this report,

●

Assumptions, conditions, and qualifications as set forth in

this report, and

●

Data, reports, and other information supplied by Coronado

and other third-party sources.

For the

purpose of

this report,

the Qualified

Person for

Resources has

relied on

information provided

by Coronado and other third-party sources,

specifically for Sections 7.2 & 7.3 & 10 & 11.5

For the purpose of

this report, the Qualified

Persons for Reserves

have relied on information

provided

by Coronado and other third-party sources, specifically

for Sections 12 and 13.

The

Qualified

Persons

for

Reserves

have

relied

information

provided

Coronado

for

property

control,

marketing,

material

contracts,

environmental

studies,

permitting,

infrastructure,

product

washability yield simulation data and macro-economic

assumptions as stated in:

●

Section 1 – Executive Summary

●

Section 3.2 – Titles, Claims or Leases

●

Section 15 – Infrastructure

●

Section 16 – Market Studies

●

Section 17 – Environmental Studies and Permitting

●

Section 18 – Capital and Operating Costs

●

Section 19 – Economic Analysis

the

mine

has

been

operation

for

forty

years,

Coronado

has

considerable

experience

those

areas.

The

Qualified

Persons

have

relied

Coronado

for

guidance

applicable

taxes,

royalties,

government interests,

revenue assumptions,

projected capital

costs and

operating cost

data from

the

mine in the Executive Summary and Sections

18 and 19.

The Qualified Persons have taken all appropriate steps, in their professional opinion, to ensure

that the

above information from Coronado or its third-party sources

is sound.

Except for the purposes

legislated under applicable securities

laws, any use of

this report by any

third

party is at that party’s sole risk.

Page 118 of 118

Glossary of Abbreviations and Definitions

Abbreviation

Definition

AUD

Australian Dollar

AUD:USD

Australian Dollar to US Dollar currency conversion rate

CHPP

Coal Handling and Processing Plant

Continuous Miner

DOC

Depth of Cover

EBITDA

Earnings Before Interest Tax

Depreciation & Amortization

Feasibility Study

Kilo tonnes; Units in thousands

LHD

Load haul dump

LOM

Life Of Mine

m3/t

Cubic meters per tonne

Mbcm

Million bank cubic meters

MIA

Mine Industrial Area

MDL

Mineral Development Licence

Metallurgical Coal

Coal used in the steel making process

Mining Lease

MMt

Million Metric Tonne

Million Tonnes

NPV

Net present value

P&L

Profit and loss

PCI

Pulverised Coal Injection

PFS

Pre Feasibility Study

Prdt

Product Tonne

QLD

Queensland

ROM

Run Of Mine, Coal mined

Metric tonnes

tph

Tonnes

per hour

UNSW

University of New South Wales

USD

US Dollar

WACC

Weighted average cost of capital as a percentage