ex963

B.........................................................................................................................................................M

aps

C.....................................................................................................................................Glossary of

Terms

D..........................................................Initial Economic Assessment for Resources

Exclusive of

Reserves

E.............................................................................................................................................JORC

Table 1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado

Global

Resources

Inc.

(

Coronado

)

authorized

Marshall

Miller

Associates,

Inc.

(

MM&A

)

to prepare

this Technical

Report Summary (TRS)

of its controlled

coal resources

and

reserves located at

the

Logan County

Complex (

Logan

)

in Boone,

Logan and

Wyoming Counties,

West Virginia

(the

Property

This TRS updates the TRS titled,

Coronado Global Resources Inc.

Statement

of Coal

Resources

and Reserves

for the

Logan County

Complex

in Accordance

with

the

JORC

Code

and

United

States

SEC

Regulation

S-K

1300

December 31,

2022

Central

Appalachian Coal

Basin West

Virginia, USA

February 2023

dated

February 15,

2023,

due to

material

differences

the

key

financial

modifying

factors

including

coal

sales

price

assumptions, operating costs and capital costs

from December 31, 2022

to December 31, 2023.

Coal sales

price assumptions

are discussed

Sections 12

and 16

of the

TRS, while

operating

costs and capital

costs are discussed

Sections 18

and 19

of the TRS.

A portion

of the resources

defined in the February 2023 TRS

were converted

to reserves as discussed in

Section 11

of the

current TRS.

The report provides a

statement of coal resources and

coal reserves for Coronado,

defined

under

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

Regulation

S-K

(Regulation S-K 1300) promulgated

by the

United States Securities and Exchange Commission

(

SEC

)

This

report

was

also

prepared

accordance

with

the

Australasian

Code

for

Public

Reporting of Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

Coal resources

and coal reserves

are herein

reported in

metric units of

measurement and

are

rounded to millions of metric tonnes (

Surface facilities for

the operations are

located along Buffalo

Creek and a

CSX Corporation (

CSX

)

rail

line

about

kilometers

north-northeast

Man,

West

Virginia

(see

Figure

1-1

The

Property

composed

13,183

total

hectares,

13,114

which

are

leased

from

private

landholders under approximately 15

individual leases,

and 69

hectares are owned

by Coronado.

Subject to Coronado exercising its renewal rights thereunder, a majority of the leases, covering

a majority of the Logan reserves, expire upon exhaustion of the

relevant coal reserves, which is

expected to occur in 2057.

One lease expires in 2032; however,

Coronado is projected to have

previously exhausted the reserves covered

thereby.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Coronado Logan Property Location Map

1.2

Ownership

The Logan properties started mining in 1945 by

Lorado Mining Company

The properties

were

sold to

Buffalo Mining Company

in 1964 and then

Pittston Coal Company (

Pittston

)

in 1971.

Pittston operated the properties until the

early 1990’s when it idled

the mine complex

and then

2004

sold

them

Addington

Resources

Production

resumed

2005.

Imagin

Natural

Resources

acquired the

properties in

2007 and then

sold them to

Cleveland-Cliffs Inc.

(

Cliffs

)

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.3

Geology

The coal-bearing

formation of

interest

at Logan

is primarily

the Kanawha

Formation of

Lower

Pennsylvanian

System, which

comprises a major

portion of the

exposed ridges.

The Kanawha

Formation

coal

bearing

sequence

sandstones,

siltstones,

shales,

and

mudstones

with

minor occurrences of siderite, limestone and flint clay.

Coronado

mines

several

coal

horizons

within

the

Kanawha

formation.

The

horizons

are

follows:

Buffalo

Creek,

Upper

Clarion

Rider,

Clarion,

Lower

Clarion,

Upper

Stockton,

Lower

Stockton, Upper Coalburg, Lower Coalburg,

Lower Dorothy, Upper Winifrede, Lower Winifrede,

Chilton-A, Chilton, Upper Cedar

Grove, Middle Cedar Grove,

Lower Cedar Grove,

2 Gas, Upper

Powellton,

Lower

Powellton,

Eagle,

and

Lower

War

Eagle.

Operations

the

Logan

Mine

Complex extract multiple coal seams by both underground and surface

mining methods.

1.4

Exploration Status

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

and

rotary

drilling,

often

supported

downhole

geophysical

methods.

addition

exploration

means,

coal

measurements

from

mine

exposures

have

supplemented

the

database.

The

majority

the

data

was

acquired

generated

owners

the

Property.

These sources comprise

the primary data

used in the

evaluation of the

coal resources

and coal reserves on the Property.

MM&A examined the data available

for the evaluation and

incorporated

all

pertinent

information

into

this

TRS.

Where

data

was

anomalous

not

representative,

that

data

was

not

honored

within

the

digital

databases

and

for

subsequent

processing by MM&A.

Ongoing

exploration

has

been

carried

out

Coronado

since

acquiring

the

Logan

Complex.

Exploration data acquired from Coronado

has been consistent with past drilling activities.

1.5

Operations and Development

As of December 31, 2023, underground mine

operations were active at Lower War Eagle, Eagle

No. 1 and Muddy Bridge

Mines with three, three

and two active mining

sections, respectively,

using the room-and-pillar method.

The North Fork Winifrede Mine was fully depleted in 2023.

The Powellton

No. 1

Mine was

in process

of being

rehabilitated

and had

minimal production

during the fourth quarter of 2023, with

plans to initiate full production with one

mining section

in the

first

quarter

of 2024.

Annual deep

mine production

peaks

at approximately

2.6 Mt

2033.

Two

active

surface

mines,

Toney

Fork

and

Elklick

(Buffalo

Creek

South),

were

also

operating.

Surface

production

projected

peak

0.7

2028.

Highwall

miner

production

also

projected

resume

2024

with

peak

2047

0.54

Mt.

Overall

production will continue until 2057 with peak production occurring in 2033 at 3.5 Mt.

The Logan

County Complex

includes the

Saunders Preparation

Plant in

addition to

the mines.

The

plant

site

includes

raw

coal

storage,

clean

coal

storage,

railroad

loadout,

and

refuse

disposal area.

The plant has a feed rate capacity of 1,088 raw

tonnes per hour.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.6

Mineral Resource

Mineral resources,

representing in-situ

coal from

a portion of

which reserves

are derived,

are

presented

below.

coal

resource

estimate,

summarized

Table

1-1

was

prepared

December 31, 2023, for property controlled by Coronado.

Table 1-1:

Coal Resources Summary as of December 31, 2023 (Mt)

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

133.9

35.8

0.0

169.7

1.0

Exclusive of Reserves

39.2

35.9

3.4

78.5

Total 12/31/2023

173.1

71.7

3.4

248.3

Note:

Resource tonnes are inclusive

of reserve tonnes

since they include

the in-situ tonnes

from which recoverable coal

reserves are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Property has 75.1 Mt of dry, in-place measured and indicated resource tonnes exclusive of reserves as of December 31, 2023.

1.7

Mineral Reserve

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource

tons

presented

Table

1-1

and

not

addition

coal

resources.

Proven

and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining, processing,

infrastructure, economic (including estimates

of capital, revenue, and

cost),

marketing,

legal,

environmental,

socio-economic

and

regulatory

factors.

The

Resource

estimate

has

been

used as

the

basis for

this Reserve

calculation,

which utilizes

reasonable

Preliminary

Feasibility

Study,

Life-of

Mine

(

LOM

)

Mine

Plan

and

practical

recovery

factors.

Production modeling was completed with an effective start date of October 1, 2023.

Additions

and depletion have been used to bring the Reserve estimate forward

to December 31, 2023.

Factors

that

would

typically

preclude

conversion

coal

resource

coal

reserve,

which

include

the

following:

inferred

resource

classification;

absence

coal

quality;

poor

mine

recovery;

lack

access;

geological

encumbrances

associated

with

overlying

and

underlying

strata;

seam

thinning;

structural

complication;

and

insufficient

exploration,

have

all

been

considered.

Reserve consideration excludes

those portions of the resource area

which exhibit

the aforementioned geological and operational encumbrances.

Coal reserves are presented on

a run-of-mine (

ROM

) basis in

Table 1-2.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

1-2:

Coal Summary (ROM Basis (Moist)) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Logan Mine Complex

104.1

30.5

134.6

37.0

97.6

0.0

134.6

0.9

Proven

and

probable

coal

reserve

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue

and cost), marketing, legal,

environmental, socio-economic, and regulatory factors.

The proven

and probable coal reserves on the Property are summarized below in

Table 1-3.

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Wet Ton

nes, Washed or Direct Shipped, MT)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Logan County Complex

54.9

15.7

70.6

32.2

38.4

0.0

70.6

0.9

Note: Marketable

reserve tonnes

are reported

on a

moist basis,

including a

combination of

surface and

inherent moisture.

The combination

surface and inherent moisture is

modeled between 4.5 and

6-percent, depending upon mining

method.

Actual product moisture is dependent

upon multiple geological

factors, operational

factors, and

product contract

specifications and can

exceed 8-percent.

As such, the

modeled

moisture values provide a level of conservatism for reserve reporting.

In summary,

Coronado controls

a total of

70.6 Mt (moist basis)

of marketable

coal reserves at

Logan

December 31,

2023.

that

total,

percent

are

proven,

and

percent

are

probable.

All

70.6 Mt

are

leased

coal

reserves

and

are

assigned.

Approximately

62.2

reserves are considered

suitable for the

metallurgical coal market

and 8.4 Mt are

projected to

be sold into the thermal coal market.

1.8

Capital Summary

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Logan.

MM&A’s capital schedules assume

that major

equipment rebuilds occur

over the

course of

each

machine’s

remaining

assumed operating

life.

Replacement

equipment was

scheduled

based

MM&A’s

experience

and

knowledge

mining

equipment

and

industry

standards

with

respect

the

useful

life

such

equipment.

summary

the

estimated

capital

for

the

Property is provided in

Figure 1-2

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

1.9

Operating Costs

Coronado provided historical and preliminary

5-year projections of operating

costs for its active

mines

for

MM&A’s

review.

MM&A

used

the

historical

and/or

budget

cost

information

reference

and developed

personnel schedules

for each

mine.

Hourly labor

rates

and salaries

were

based

upon

information

contained

Coronado’s

financial

summaries.

Fringe

benefit

costs

were

developed for

vacation

and holidays,

federal

and state

unemployment insurance,

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

healthcare and bonuses.

For

the

underground

operations,

cost

factor

for

mine

supplies

was

developed

that

relates

expenditures

mine

advance

rates

for

roof

control

costs

and

other

mine

supply

costs

underground mines.

Other factors were

developed for maintenance

and repair costs,

rentals,

mine power,

outside services and other direct mining costs.

Surface mine direct operating costs

were developed as a

function of overburden ratio

for repair

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

services.

Operating costs for highwall mines are based

on costs per ROM tonne estimates.

Operating costs

factors were

also developed

for the

coal preparation

plant processing,

refuse

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Appropriate royalty

rates were

assigned for production

from leased coal

lands and sales taxes

were

calculated

for

state

severance

taxes,

the

federal

black

lung excise

tax,

and

federal

and

state reclamation fees.

A summary of the projected operating costs for the Property

is provided in

Figure 1-3

Figure 1-3:

OPEX

1.10

Economic Evaluation

The pre-feasibility

financial model

prepared for

this TRS

was developed

to test

the economic

viability

the

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

a bankable

feasibility

study,

required

for

financing of

any

current

or future

mining

operations

contemplated

for

the

Coronado

properties,

but

are

intended

establish

the

economic viability of the estimated coal reserves.

Cash flows are simulated on an annual basis

in year-end

2023 nominal dollars

assuming a 2%

inflation rate

based on projected

production

from

the

coal

reserves.

The

discounted

cash

flow

analysis

presented

herein

based

effective date of January 1, 2024.

un-levered

basis,

the

net

present

value

(

NPV

)

the

project

cash

flow

after

taxes

represents the

Enterprise Value

of the project.

The project

cash flow,

excluding debt

service,

calculated

subtracting

direct

and

indirect

operating

expenses

and

capital

expenditures

from revenue.

Direct costs include

labor, operating supplies, maintenance and

repairs, facilities

cost

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

reclamation

and

general and administrative costs.

Indirect costs include statutory and legally agreed upon fees

to direct

extraction

of the

mineral.

The indirect

costs

are the

Federal

black lung

tax,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Federal

and

State

reclamation

taxes,

property

taxes,

coal

production

royalties,

and

income

taxes.

Table 1-4

shows LOM

tonnage, profit &

loss (

P&L

), and

earnings before income

tax, depreciation

& amortization (

EBITDA

) for Logan.

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Deep Mines

Camp Br Chilton

1,607

$61,067

$38.00

$92,000

$57.24

Ramaco N2G

1,519

$38,659

$25.45

$84,549

$55.66

Eagle No. 1 (Toney Fork)

10,962

$177,450

$16.19

$344,402

$31.42

Elk Lick Chilton

3,809

$184,040

$48.32

$250,250

$65.70

Lower Powellton

5,095

$216,991

$42.59

$328,684

$64.51

Lower War Eagle

5,731

$230,836

$40.28

$336,103

$58.65

Powellton No. 1

3,474

$37,743

$10.86

$142,820

$41.11

Muddy Br No.2 Gas

2,713

$43,531

$16.05

$83,882

$30.92

Upper Winifrede

1,438

$89,318

$62.11

$113,233

$78.74

Lower Winifrede

2,091

$83,351

$39.86

$118,042

$56.45

Winifrede (Chilton Rider)

$(1,302)

Consolidated Deep Mines

38,439

$1,161,684

$30.22

$1,892,665

$49.24

Surface Mines

Toney Fork Surf

6,313

$184,154

$29.17

$367,638

$58.23

Buffalo Cr South Area

7,673

$125,604

$16.37

$279,578

$36.44

Sugar Camp Area 1

4,912

$(11,563)

$(2.35)

$149,696

$30.47

Surface Mines Consolidated

18,899

$298,195

$15.78

$796,912

$42.17

HWM Operations

Toney Fork HWM

4,919

$468,937

$95.33

$488,239

$99.25

Buffalo Cr South HWM

7,004

$624,409

$89.15

$648,796

$92.63

Sugar Camp HWM

1,328

$117,241

$88.27

$128,692

$96.90

HWM Consolidated

13,251

$1,210,588

$91.36

$1,265,728

$95.52

Grand Total

70,589

$2,670,467

$37.83

$3,955,305

$56.03

* The Financial model includes 0.001 million tonnes of inferred

coal production.

Inferred coal represents 0.000001%

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

** The Winifrede (Chilton Rider) was depleted in the 4th quarter of 2023.

As shown in

Table

1-4,

the Logan operations show

positive EBITDA over the LOM.

Overall, the

Coronado consolidated operations show positive LOM P&L and LOM EBITDA of $2.7 billion and

$4.0 billion,

respectively.

Coronado’s

consolidated Logan

cash flow summary in

nominal dollars assuming a

2% inflation

rate, excluding debt

service, is shown in

Table 1-5

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-5:

Project Cash Flow Summary ($000)

YE12/31

Total

2024

2025

2026

2027

2028

Production & Sales tonnes

70,589

2,543

2,696

2,702

2,526

2,399

Total Revenue

$12,974,983

$373,206

$396,734

$393,101

$373,074

$362,422

EBITDA

$3,955,305

$77,551

$87,738

$84,030

$62,398

$58,012

Net Income

$2,228,588

$26,894

$36,861

$31,587

$14,764

$12,933

Net Cash Provided by Operating Activities

$3,424,770

$51,951

$77,858

$77,752

$62,427

$53,137

Purchases of Property, Plant, and Equipment

$(1,170,916)

$(50,053)

$(33,920)

$(40,038)

$(22,171)

$(21,683)

Net Cash Flow

$2,253,854

$1,897

$43,938

$37,714

$40,256

$31,454

YE12/31

2029

2030

2031

2032

2033

2034

Production & Sales tonnes

2,850

3,138

3,064

3,243

3,562

3,025

Total Revenue

$458,804

$514,757

$513,368

$553,202

$619,064

$522,816

EBITDA

$139,605

$158,273

$150,615

$185,698

$215,324

$154,820

Net Income

$79,578

$89,148

$85,572

$111,984

$132,364

$84,624

Net Cash Provided by Operating Activities

$106,155

$135,115

$135,231

$153,748

$177,944

$149,613

Purchases of Property, Plant, and Equipment

$(76,046)

$(58,438)

$(33,904)

$(37,120)

$(64,965)

$(78,661)

Net Cash Flow

$30,109

$76,677

$101,328

$116,628

$112,979

$70,953

YE12/31

2035

2036

2037

2038

2039

2040

Production & Sales tonnes

2,996

3,323

3,481

3,308

2,953

2,659

Total Revenue

$527,811

$597,215

$638,225

$618,446

$562,910

$517,016

EBITDA

$133,825

$186,994

$205,149

$190,958

$163,745

$150,046

Net Income

$67,184

$112,148

$121,122

$101,624

$83,396

$79,543

Net Cash Provided by Operating Activities

$124,743

$156,490

$174,943

$171,838

$153,628

$138,325

Purchases of Property, Plant, and Equipment

$(74,607)

$(44,478)

$(63,118)

$(74,744)

$(52,178)

$(35,077)

Net Cash Flow

$50,136

$112,012

$111,825

$97,094

$101,449

$103,248

YE12/31

2041

2042

2043

2044

2045

2046

Production & Sales tonnes

2,061

1,821

2,124

1,504

1,147

1,149

Total Revenue

$403,182

$362,533

$432,405

$310,415

$239,824

$245,029

EBITDA

$132,897

$113,992

$163,646

$115,279

$82,962

$84,911

Net Income

$80,858

$69,151

$103,893

$67,062

$56,130

$56,391

Net Cash Provided by Operating Activities

$121,947

$105,404

$131,578

$111,482

$78,873

$73,990

Purchases of Property, Plant, and Equipment

$(18,189)

$(33,880)

$(32,406)

$(16,899)

$(22,623)

$(17,389)

Net Cash Flow

$103,758

$71,523

$99,172

$94,583

$56,250

$56,601

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2047

2048

2049

2050

2051

2052

Production & Sales tonnes

1,152

1,151

1,147

1,145

1,150

1,151

Total Revenue

$250,477

$255,353

$259,457

$264,205

$270,675

$276,402

EBITDA

$86,985

$88,741

$90,123

$91,953

$94,720

$96,464

Net Income

$57,379

$57,306

$56,385

$55,409

$56,916

$58,687

Net Cash Provided by Operating Activities

$75,029

$76,216

$77,221

$78,584

$80,464

$81,827

Purchases of Property, Plant, and Equipment

$(13,999)

$(16,432)

$(20,924)

$(24,880)

$(17,227)

$(16,997)

Net Cash Flow

$61,029

$59,784

$56,296

$53,704

$63,237

$64,830

YE12/31

2053

2054

2055

2056

2057

2058

Production & Sales tonnes

1,149

1,016

809

437

Total Revenue

$281,461

$254,502

$207,028

$116,946

$2,919

EBITDA

$98,676

$83,364

$68,788

$54,740

$2,282

Net Income

$59,804

$46,844

$35,921

$45,217

$(3,918)

$(1,177)

Net Cash Provided by Operating Activities

$83,397

$75,074

$63,550

$31,102

$(5,848)

$(7,880)

Purchases of Property, Plant, and Equipment

$(19,175)

$(21,624)

$(8,199)

$(5,725)

$(3,148)

Net Cash Flow

$64,222

$53,450

$55,351

$25,378

$(8,996)

$(7,880)

YE12/31

2059

2060

2061

2062

2063

2064

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(607)

$(317)

$(70)

$(0)

Net Cash Provided by Operating Activities

$(4,019)

$(3,221)

$(895)

Purchases of Property, Plant, and Equipment

Net Cash Flow

$(4,019)

$(3,221)

$(895)

* The

Financial model includes

0.001 million tonnes of

inferred coal

production.

Inferred coal

represents 0.000001%

of the total

production, and

none of this coal was included in the estimate of reserves.

Consolidated cash flows are driven by annual sales tonnage, which at steady-state

level ranges

from

peak

3.6 million

tonnes

2033

low

0.4 million

tonnes

2056.

Projected

consolidated revenue

ranges from $116.9 million to

$638.2 million at a steady state.

Revenue

totals $13.0 billion for the project’s

life.

Consolidated cash flow from operations is positive throughout the projected operating

period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated cash flow

from operations

peaks at $177.9 million

in 2033 and totals

$3.4 billion

over the

project’s life.

Capital expenditures

total $167.9 million

from 2024

through 2028

and

$1.2 billion over the project’s life.

1.10.1

Discounted Cash Flow Analysis

Cash

flow

after

tax,

but

before

debt

service,

generated

over

the

life

the

project

was

discounted

NPV

10.0%

discount

rate,

which

represents

Coronado’s

estimate

the

nominal

dollar,

risk

adjusted

weighted

average

cost

capital

(

WACC

)

for

likely

market

participants if

the subject

reserves were

offered

for sale.

On an

un-levered basis,

the NPV

the

project

cash

flows

represents

the

Enterprise

Value

the

project

and

amounts

$616.8 million.

The pre-feasibility financial

model prepared for

the TRS was developed

to test

the economic viability of each

coal resource area.

The NPV estimate was made for the purpose

of confirming the

economics for

classification of coal

reserves and not

for purposes of

valuing

Coronado

its

Logan

assets.

Mine

plans

were

not

optimized,

and

actual

results

the

operations may be different,

but in all cases, the mine production plan assumes the properties

are under competent management.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

1.10.2

Sensitivity Analysis

Sensitivity of the NPV results to changes in the key drivers is presented in the chart

below.

The

sensitivity

study

shows

the

NPV

the

10.0%

discount

rate

when

Base

Case

sales

prices,

operating costs, and capital costs are increased and decreased in increments of 5% within a +/-

15% range.

Figure 1-4:

Sensitivity of NPV

shown,

NPV

is quite

sensitive

changes

in sales

price and

operating

cost

estimates,

and

slightly sensitive to changes in capital cost estimates.

1.11

Permitting

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

active

mines

and

processing, loadout or

related support facilities.

MM&A is unaware

of any obvious

or current

Coronado permitting issues that

are expected to prevent the

issuance of

future permits.

Logan,

along with

all coal

producers, is

subject to

a level

of uncertainty

regarding

future clean

water

permits due to

United States

Environmental

Protection Agency

(

EPA

)

and

United States

Fish

and Wildlife (

USFW

)

involvement with state progr

ams.

1.12

Conclusion and Recommendations

Sufficient

data

has

been

obtained

through

various

exploration

and

sampling

programs

and

mining operations to support the

geological interpretations of seam structure and

thickness for

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

coal horizons

situated on

the Logan

Property.

The data

is of sufficient

quantity and

reliability

to reasonably support the coal resource and coal reserve estimates

in this TRS.

The geological data

and preliminary

feasibility study, which consider mining

plans, revenue, and

operating and capital cost estimates

are sufficient to support the classification of coal reserves

provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

concludes

that

the

70.6

marketable

coal

reserves

identified

the

Property

are

economically mineable

under reasonable

expectations

of market

prices for

metallurgical

coal

products, estimated operation costs,

and capital expenditures.

Introduction

2.1

Registrant and Terms

of Reference

This report

was prepared

for the

sole use of

Coronado Global

Resources Inc.

(

Coronado

)

and

its affiliated and subsidiary

companies and advisors.

This TRS updates

the TRS titled,

Coronado

Global Resources Inc. Statement of Coal Resources and Reserves for the Logan County Complex

Accordance

with

the

JORC

Code

and

United

States

SEC

Regulation

S-K

1300

December 31, 2022

Central Appalachian Coal

Basin West

Virginia, USA

February 2023

," dated

February 15, 2023, due

to material

differences

in the key

financial modifying factors

including

coal

sales

price

assumptions,

operating

costs

and

capital

costs

from

December 31,

2022

December 31, 2023.

Coal sales

price assumptions

are discussed

Sections 12

and 16

of the

TRS, while operating costs and capital costs are discussed in

Sections 18 and 19

of the TRS.

The

report provides a statement of coal

resources and coal reserves

for Coronado, as defined under

the

Australasian

Code

for

Reporting

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC Code

) as

well as

under Subpart

1300 of

Regulation

S-K (Regulation

S-K 1300)

promulgated by the

United States Securities and Exchange Commission (

SEC

)

This report was

also

prepared

accordance

with

the

Australasian

Code

for

Public

Reporting

Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

The

report

provides

statement

of coal

resources

and

coal

reserves

for

Coronado

Logan.

Exploration results and Resource calculations were used as the basis for the mine planning and

the preliminary feasibility study completed to

determine the extent and viability

of the reserve.

Coal resources

and coal reserves

are herein

reported in

metric units of

measurement and

are

rounded to millions of metric tonnes (

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

2.2

Information Sources

This TRS

is based

on information

provided

by Coronado

and reviewed

by MM&A.

Sources

data and information are listed below in

Table 2-1

Table 2-1:

Information Provided to MM&A by Coronado

Category

Information Provided by Coronado

Report Section

Geological

Geologic data including digital databases

and original source data including

geologist logs, driller’s logs, geophysical

logs

9.1

Coal Quality

Database of coal quality information

supplemented with original source

laboratory sheets where available

10.1

Mining

Historical productivities and manpower

from operating and future

Coronado

mines

13.2, 13.4

Coal

Preparation

Flow sheet and other information representing

current and future methods

of coal processing

14.1

Waste

Disposal

Engineering data and estimates representing

remaining capacities for coarse

and fine coal waste disposal

17.2

Costs

Historical and budgetary operating

cost information used to derive

cost

drivers for reserve financial modeling

18.2

Economic

WACC and inflation rate

used in discounted cash flow analysis

19.1, 19.2, 19.3

Note: While the sources

of data listed

in Table

2-1 are not

exhaustive, they represent

a significant portion

of information which

supports this TRS.

MM&A

reviewed

the

provided

data

and

found

reasonable

prior

incorporating

into

the

TRS.

The

TRS

contains

“forward-looking

information” including

forecasts

of productivity

and annual

coal production,

operating and

capital cost

estimates, coal

sales price

forecasts,

the

assumption that

Coronado

will

continue

acquire

necessary permits,

and

other assumptions.

The

TRS

statements

and

conclusions

are

not

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

The ability of Coronado to recover the estimated coal reserves

is dependent on multiple factors beyond the

control of MM&A including, but not

limited to geologic factors, mining conditions, regulatory approvals,

and changes in regulations.

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

Coronado engaged MM&A to

conduct a coal resource and reserve

evaluation of the Coronado

coal properties

as of September 30,

2023. In the process,

additions (mine data)

and depletion

(mine) have been used

to bring the Resource

and Reserve estimates

forward to December

31,

2023, the effective

date of this

TRS for

Logan.

For the evaluation,

the following

tasks were

be completed:

Conduct site visits of the mines and mine infrastructure facilities;

Process

the

information

supporting

the

estimation

coal

resources

and

reserves

into

geological models;

Develop life-of-reserve mine

(

LOM

) plans and financial models;

Hold discussions with Coronado company management; and

Prepare and

issue a TRS providing

a statement

of coal resources

and reserves which

would

include:

A description of the mines and facilities.

A description of the evaluation process.

An estimation of

coal resources

and reserves with compliance

elements as stated

under

the JORC Code and the SEC Regulation S-K 1300.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

2.3

Personal Inspections

MM&A is very

familiar with Logan, having provided a

variety of services

in recent years and one

of the QP’s involved in this TRS has conducted

multiple site visits.

Property Description

3.1

Location

The Logan County

Complex is located

in Logan, Boone,

and Wyoming Counties

in southern

West

Virginia.

The Property

encompasses the

towns of

Lorado and

Pardee

in the

northern portion

and

Lacoma

and

Cyclone

the

southern

portion

(approximately

kilometers

between

the

northern

and

southern towns).

The

nearest

major population

centers

are

Huntington,

West

Virginia

(145

kilometers

northwest)

and

Charleston,

West

Virginia

(129

kilometers

north-

northeast).

Figure 3-1:

Logan Property Location

The Logan

property is

composed of

13,183 total

leased and

owned hectares

and is

located in

Logan, Boone, and Wyoming

Counties.

The Property is located on

the following

United States

Geological

Survey

(

USGS

) Quadrangles:

Lorado,

Mallory,

Amherstdale,

and

Oceana.

Current

mining

projections

fall

within

portions

all

four

quadrangles.

The

coordinate

system

and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

datum

used

for

the

model

the

Logan

County

Complex

and

the

subsequent

maps

were

produced in the West Virginia State

Plane South system, NAD 27.

3.2

Titles, Claims or Leases

The

Property

is composed

13,183 total

hectares,

13,114

of which

are leased

from

private

landholders under approximately 15

individual leases,

and 69

hectares are owned

by Coronado.

The latest Coronado lease of

45 hectares was obtained in

2022.

Subject to Coronado exercising

its

renewal

rights

thereunder,

majority

the

leases,

covering

majority

the

Logan

reserves,

expire

upon exhaustion

of the

relevant

coal reserves,

which is

expected

to occur

2057.

One lease expires in

2032; however, Coronado is projected to have previously exhausted

the reserves

covered thereby.

MM&A has

not carried

out a

separate title

verification for

the

coal

properties

and

has

not

verified

leases,

deeds,

surveys,

other

property

control

instruments pertinent

to the

subject resources.

Property tenure

was separately

reviewed

Coronado’s

legal

advisors.

Coronado

has

represented

MM&A

that

controls

the

mining

rights to the reserves

as shown on its property maps,

and MM&A has accepted these

as being

a true and

accurate depiction

of the mineral

rights controlled

by Coronado.

The TRS assumes

the properties are developed under responsible and experienced management.

3.3

Mineral Rights

Coronado

supplied property

control

maps

MM&A related

to properties

for

which mineral

and/or

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

representations

being

true

and

accurate,

MM&A

has

knowledge

past

property

boundary

disputes

other

concerns,

through

past

knowledge

the

Property,

that

would

signal concern over future mining operations or development potential.

Property control in Appalachia can be intricate.

Coal mining properties are typically composed

of numerous property tracts

which are owned

and/or leased from

both land

holding companies

and

private

individuals

companies.

common

encounter

severed

ownership,

with

different

entities or

individuals controlling

the surface

and mineral

rights.

Mineral

control

the region is typically characterized by leases or ownership of larger tracts of land,

with surface

control generally comprised of smaller tracts, particularly

in developed areas.

Legal

mining

rights

may

reflect

combination

fee

mineral

ownership

and

fee

mineral

leases of

coal lands

through

various surface

and mineral

lease agreements.

There is

also a relatively small amount of area where the coal is partially-owned

and/or partially leased

on a limited number of individual tracts.

Control of

the surface property

is necessary to

conduct surface mining

but is not necessary

conduct underground mining.

Upon

acquisition

mineral

control

for

desired

coal

seams

surface-mineable

economic

interest,

typical

practice

the

region

for

operators

delay

the

acquisition

surface

control

for

purposes

surface

mining

and

other

surface

development

until

plans

are

established for

near-future

development.

Therefore,

it is

common for

an operator

to control

mineral

for

proposed

areas

mining

for

which

they

have

not

established

the

legal

right

surface mine due to

the lack of surface

control.

Acquisition of these rights

is typically delayed

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

in order

to limit

cost and

royalty

payments

for

areas not

under consideration

for near-future

development.

Coronado’s

executive

management

team

has

history

surface

mining

Central Appalachia and has conveyed to MM&A that it has been successful in acquiring surface

rights where needed for past operations.

3.4

Encumbrances

No Title Encumbrances are known.

By assignment, MM&A did not complete a query

related to

Title Encumbrances.

3.5

Other Risks

There

always

risk

involved

property

control.

common

practice,

Coronado,

and

its

predecessors,

have

had

their

legal

teams

examine

the

deeds

and

title

control

order

minimize the risk.

Historically, property control has not

posed any significant

challenges related

to Logan’s

operations.

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

Topography

the

area

surrounding

the

Logan

County

Complex

typical

the

Central

Appalachian Plateau, being

rugged and

deeply dissected

by v-shaped river

valleys, and generally

flanked

by steeply

sided upland

regions, with

occasional gentle

slopes in

select areas

such as

river valleys.

The drainage system in the region tends to be mostly dendritic in

nature.

Surface

elevations

near

the

mine

complex

range

from

approximately

823

meters

above

sea

level

upland regions

to roughly

338 meters

at stream

level.

The Property

is moderately

to heavily

vegetated, with oak-hickory forests

as the dominant forest type and northern hardwood forest

being

less

prominent.

The

Property

not

situated

near

any

major

urban

centers,

and

the

surrounding area is rural.

4.2

Access and Transport

Access

the

Logan

Mine

property

consists

primary,

secondary,

and

unimproved

roads,

forming a well-developed

transportation network.

Highway 119 is

the primary highway in

the

area

running

southwest

northeast

from

the

Kentucky-West

Virginia

line

through

Mingo,

Logan, and

Boone Counties.

Secondary roads

Route 16

and Route

10 provide

the most direct

access

through

the

Property

running

east-west

across

the

leased

area.

Numerous

other

secondary and unimproved roads

provide direct access

to the mine

property, some being state-

and

county-maintained.

These

roads

typically

stay

open

throughout

the

year.

Additionally,

private access roads to existing mines

provide transport corridors, and more such

roads may be

developed

as needed.

The

Coronado-owned

Saunders

Preparation

Plant services

the mines.

The ROM coal is delivered from the

Lower War Eagle Mine via overland conveyor, all remaining

production is or will be delivered to the plant site by truck.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

4.3

Proximity to Population Centers

The Logan property lies near the town

of Lorado in Logan County, West Virginia, approximately

145 kilometers southeast of Huntington,

West Virginia and 129 kilometers

south-southwest of

Charleston, West Virginia.

As of 2021, Logan County had a

population of approximately 31,900

residents, Boone County had 21,300 residents, and Wyoming

County had 21,000 residents.

4.4

Climate and Length of Operating Season

The

region’s

climate

classified

humid,

sub-tropical

with

four

distinct

seasons:

warm

summers, cold winters, and

moderate fall and spring

seasons.

Precipitation in the

region occurs

throughout

the

year

with

the

most

rain

falling

spring

and

the

early

months

summer.

Average

yearly rainfall

is 67.69

centimeters.

Summer months

typically begin

in late

May and

end in

early September and

range

in average

temperature

from 53

to 84

degrees Fahrenheit

(or 11.6 to 28.9 degrees Celsius).

Winters typically begin in mid to late November and run until

mid to

late March with

average

temperatures

ranging from

26 to

57 degrees

Fahrenheit

(or -

3.3 to 13.9 degrees Celsius).

Precipitation in the winter typically comes in the form of snowfall

wintery

mix

(sleet

and

snow)

with

severe

snowfall

events

occurring

occasionally.

Seasonal

variations

climate

typically

not

affect

underground

mining

West

Virginia.

However,

weather

events

could

potentially

incumber

surface

mining

and

preparation

plant

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

4.5

Infrastructure

The Logan Mine

Complex has sources

of water, power,

personnel, and supplies

readily available

for use.

Personnel have historically been sourced from the surrounding communities in Logan,

Boone, Wyoming, and Mingo counties, and have proven to be adequate in numbers to operate

past

and

current

mines.

mining

common

the

surrounding

areas,

the

workforce

generally familiar with mining practices and is comprised of

a strong talent pool of experienced

miners.

Water

sourced

locally

from

Buffalo

Creek

Public

Service

District

and

electricity

sourced from

American Electric Power (

AEP

)

The service industry

in the areas

surrounding the

mine complex

has historically

provided

supplies, equipment

repairs

and fabrication,

etc.

The

Coronado-owned Saunders Preparation

plant services the mines and operates

at a rate

of 952

tph.

The

Coronado-owned

Elk Lick

Loadout

serves as

the primary

means of

shipment

and

connected to a CSX rail line,

which either serves the

domestic market directly, or transports the

coal to the Pier 9 and Dominion terminals at Norfolk, Virginia for overseas

shipment.

History

5.1

Previous Operation

The Logan

County properties

were

started

in 1945

Lorado Mining

Company

, were

sold to

Buffalo

Mining

Company

1964

and

then

Pittston

Coal

Company

(

Pittston

)

1971.

Pittston

operated

the

properties

until

the

early

1990’s.

After

being

idle

for

period,

the

properties were then

sold to

Addington Resources

in 2004.

Imagin Natural Resources

acquired

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

the

properties

2007,

and

subsequently

sold

them

Cliffs

2011,

which

turn

sold

the

properties to Coronado in 2014.

Coronado

produced

approximately

1.8 Mt

in 2016,

2.6 Mt

in 2017,

2.6 Mt

in 2018,

2.7 Mt

2019, 1.6 Mt in 2020, 1.9 Mt in 2021, 2.1 Mt in 2022, and 2.5 Mt in 2023.

5.2

Previous Exploration

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

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

Drill records indicate that independent

contract drilling operators

have typically been engaged

to carry out drilling on the Properties.

Geophysical logging was typically performed by outside

logging firms.

MM&A, via its Geophysical Logging Systems

subsidiary,

has in the past logged a

significant number

of exploration

holes and

gas wells,

and currently

logs most

of the recently

drilled holes.

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

The

Property

lies

the

Central

Appalachian

Coal

basin

the

Appalachian

Plateau

physiographic province.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-1:

Coal Basins & Logan Property Location

Coal deposits in the eastern USA are the oldest and most

extensively developed in the country.

The

coal

deposits

the

Properties

are

Carboniferous

age,

being

the

Pennsylvanian

system.

Overall,

these

Carboniferous

coals

contain

two-fifths

the

USA’s

bituminous

coal

deposits

and

extend

over

1,448

kilometers

from

northern

Alabama

Pennsylvania

and

are

part

what

known

the

Appalachian

Basin

The

Appalachian

Basin

than

402

kilometers

wide

and,

some

portions,

contains

over

coal

seams

varying

economic

significance.

Within the Central Appalachian Basin, seams of economic significance typically range

between

0.3 meters

and 1.8

meters in

thickness, with

relatively

little structural

deformation.

Regional

structure

is typically

characterized

by gently

dipping strata

to the

northwest

at less

than one

percent.

The

coal-bearing

formations

interest

Logan

the

lower

section

the

Kanawha

Formation, which comprise a major portion of

the exposed ridges.

The coal-bearing Formation

includes

sedimentary sequences

of sandstones,

siltstones, shales,

and mudstones

with minor

occurrences of siderite, limestone and flint clay.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coronado

mines several coal seams

within the Kanawha formation.

The seams are as follows:

Buffalo

Creek,

Upper

Clarion

Rider,

Clarion,

Lower

Clarion,

Upper

Stockton,

Lower

Stockton,

Lower Coalburg, Lower

Dorothy,

Upper Winifrede, Lower Winifrede,

Chilton-A, Chilton, Upper

Cedar

Grove,

Middle

Cedar

Grove,

Lower

Cedar

Grove,

No.

Gas,

Upper

Powellton,

Lower

Powellton, Eagle, and Lower War

Eagle seams demonstrate mining potential on this property.

Logan in

2023 had two

active surface

mines and four

active underground

mines.

The Elk Lick

(Buffalo

Creek South)

and Toney

Fork mines

are surface

mines, while

the Eagle

No. 1,

Muddy

Bridge and Lower War Eagle are underground mines.

The North Fork Winifrede Mine was fully

depleted

2023.

The

Powellton

No.

Mine

was

process

being

rehabilitated

and

had

minimal production

during the fourth

quarter 2023, with

plans to initiate

full production

with

one

mining

section

the

first

quarter

2024.

The

active

Toney

Fork

surface

mine

has

historically

mined

multiple

seams

including

the

Upper

Winifrede,

Lower

Winifrede,

Upper

Clarion Rider,

Upper Clarion, Lower Clarion, Lower Coalburg, Upper

Coalburg, Upper Stockton,

Lower Stockton, Chilton-A, and Lower Dorothy Seams.

Future surface mine reserve production

at Logan

is anticipated

to focus

on those

seams having

the best

opportunity for

sale into

the

metallurgical coal

markets, namely the Lower

Coalburg seam and below.

The Powellton

No. 1

Mine is projected to extract

the Lower and Upper Powellton

jointly in some areas, while other

areas are projected to extract only the Lower Powellton

due to seam splitting.

The Eagle No. 1

and Muddy

Bridge Mines

are projected

to extract

the No.

2 Gas

seam.

The Lower

War

Eagle

mine is projected to extract the Lower War

Eagle seam.

6.2

Mineralization

The

generalized

stratigraphic

columnar

section

Figure

6-1

demonstrates

the

vertical

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-2:

Logan Stratigraphic Column

(not to scale)

6.3

Deposits

The

coal

produced

Logan

Mine

complex

typically

high-volatile

(typically

percent

greater

volatile matter

content) bituminous

coal.

Seam quality

varies with

distance from

the

cropline,

some

seams

will

shipped

into

both

the

thermal

and

metallurgical

markets

depending

mining

method

and

ultimate

quality.

Saleable

product

from

the

surface

operations is projected

to be sold primarily into the

metallurgical coal market;

however,

some

production

planned

sold

into

the

thermal

coal

market

due

quality

limitations.

Underground coal is sold almost exclusively

in the metallurgical markets.

Exploration

7.1

Nature and Extent of Exploration

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Diamond core,

rotary,

and gas

well drilling

are the

three primary

types of

exploration

on the

Property.

Drill hole collar elevations and

total depths vary by hole

due to the hilly

terrain of the

Property.

Data

for

correlation

and

mining

conditions

are

derived

from

core

descriptions

and

geophysical

logging

(e-logging).

Coal

quality

analyses

were

also

employed

during

the

core

exploration

process.

A total

of 1,133

core and

rotary

holes have

been drilled

for

exploration

purposes on and around the leased property.

In 2023, Coronado completed one exploration

hole, along the Toney

Fork drainage and for the

Lower War Eagle Mine reserve area,

which has been incorporated herein.

Drill records indicate that independent

contract drilling operators

have typically been engaged

to carry

out drilling

on the

Property.

Geophysical

logging was

typically performed

by outside

logging firms.

MM&A, via its Geophysical

Logging Systems subsidiary,

has logged a

significant

number

the

past

exploration

holes

and

gas

wells,

and

currently

logs

most

the

recently

drilled holes.

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

Appendix B

The concentration of exploration

varies slightly across the Property.

Drilling on the Property is

typically

sufficient

for

delineation

potential

surface,

highwall

miner,

and

deep

mineable

benches.

Core logging

is performed

by professional

geologists

in cases

where

roof and

floor

strata

are of

particular interest

and in

cases where

greater

resolution and

geologic detail

are

needed.

Even

so,

most of

the drill

hole data

comes from

more simplified

driller’s logs,

which

often

lack

specific

details

regarding

geotechnical

conditions

and

specific

geology,

making

correlations and floor and roof conditions more difficult to determine.

Geophysical logging (e-

logging)

techniques,

by contrast,

document

specific details

useful

for

geologic

interpretation

and mining conditions.

Given the variability

of data-gathering

methods,

definitive

mapping of

future mining

conditions may

not be

possible, but

projections and

assumptions can

be made

within a

reasonable

degree of certainty.

A significant effort was put into verifying the integrity

the

database

records.

Once

the

data

was

verified,

stratigraphic

columnar

sections

were

generated using cross-sectional analysis to establish

or confirm coal seam correlations.

A typical cross-section is shown in

Figure 7-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-1:

Logan Cross-Section

Due

the

long

history

exploration

various

parties

the

Property,

wide

variety

survey

techniques

exist

for

documentation

data

point

locations.

Many

the

older

exploration drill holes

appear to

have been located by

survey and

more recently-completed drill

holes

are

often

located

high-resolution

Global

Positioning

System

(

GPS

)

units.

However,

some holes appear to have been approximately

located using USGS topography

maps or other

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

methods

which are

less accurate

Therefore,

discretion

by MM&A

had to

be used

regarding

the accuracy

for the

location and

ground surface

elevation

of some

of these

older drill

holes.

instances

where

drill

hole

location

(or

associated

coal

seam

elevations)

appeared

inconsistent

with

the

overall

structural

trend

(or

surface

topography

for

surface-mineable

areas), the data point was not honored for geological modeling.

Others with apparently minor

variances were logically adjusted and then used by MM&A.

Surveying

the

underground

and

surface

mined

areas

has

been

performed

the

mine

operators and/or their consulting surveyors.

By assignment, MM&A did

not verify the

accuracy

or completeness of the supplied mine maps but accepted

this information as being the work of

responsible engineers and surveyors, as required by both State

and Federal Law.

MM&A

compiled

comprehensive

topographic

map files

selecting

the

best

available

aerial

mapping for

each area,

surface mine

resources and

reserves in

particular,

and filled

any gaps

with digital USGS topographic mapping.

7.2

Non-Drilling Procedures and Parameters

Some analyses,

specifically ultimate

ash and sulfur

types are

not as prevalent

as others

in the

testing

done

samples

recovered

drilling.

supplement

the

information

database,

samples have been collected from mine stockpiles and either truck or tra

in shipment samples.

7.3

Drilling Procedures

Core drilling methods utilize NX-size (5.4 centimeters) or similar-sized

core cylinders to recover

core

samples,

which

can

used

delineate

geologic

characteristics,

and

for

coal

quality

testing and geotechnical logging.

For the core holes, the geophysical

logs are especially useful

verifying

the

core

recovery

both

the

coal

samples

(for

assurance

that

sample

representative

of the full seam)

and of the roof

and floor rock

samples (for evaluating

ground

control

characteristics

deep

mineable

coal

seams).

addition

the

core

holes,

rotary

drilled

holes also

exist

on most

of the

Properties.

Data

for

the

rotary

drilled

holes is

mainly

derived from

downhole geophysical

logs, which

are used

to interpret

coal and

rock thickness

and depth since logging of the drill cuttings is not reliable.

A wide variety of core

-logging techniques exist for the

properties.

For many of the core

holes,

the

primary

data

source

generalized

lithology

description

the

driller,

typically

supplemented

by a

more detailed

core

log completed

by a

geologist.

The Logan

drilling logs

were provided to MM&A as a geological database.

MM&A geologists were not involved in the

production

original

core

logs

but

did

perform

basic

check

information

within

the

provided

database.

Where

geophysical

logs

for

such

holes

are

available,

they

were

used

MM&A geologists to verify the coal thickness and core recovery of each

seam.

7.4

Mine Data

Mine

data

from

underground

mines

was

supplied

supplement

the

exploration

drillhole

records,

by seam.

In-seam mine

data was

provided from

Coronado through

Microsoft® Excel

files or from coal

section measurements recorded within maps

of several mines.

The mine data

was

processed

for

seam

thickness

and

coal

thickness,

seam

and

then

appended

the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Carlson model

database for

seam model

updates.

Seam thickness

data

excluded

roof and

floor strata records

above and below the measured

seam.

In 2023, active underground

mines

that

included

supplemental

mine

data

included

Muddy

Bridge

and

Eagle

No.

Mine

the

Lower No. 2 Gas (Eagle) seam and the Lower War Eagle mine.

In-mine seam

measurements were taken

by mine

survey workers with

a tape

measure to record

coal

and parting(s)

thicknesses and

data

locations.

Subsequently,

the thickness

and

location

records

were transferred

into digital

format

and AutoCAD

maps.

Seam section

data of

these

records were then used with drill hole seam data to update geologic models.

Anomalous seam

thickness data,

of which there were only a few,

were not honored for the update.

Coal quality

samples were

not collected

by surveyors

with seam thickness

measurements.

The spacing

the in-mine measurements is tighter than

that of the drill hole data.

In general, the mine data

fit thickness trends

of the surrounding

drill holes and

emphasized existing

thickness trends

seen from surrounding

drill hole data.

In a few

places the in-mine data

showed local thinning

or thickening thickness trends of limited extent.

In-Mine seam measurement counts by seam are as follows:

Lower Winifrede seam includes 51 in-mine data locations taken from the adjacent, inactive

deep mine.

Lower

War

Eagle

seam

includes

551

in-mine

data

locations,

mainly

located

beside

remaining

mineable sections of the active deep mine.

Lower No. 2 Gas seam includes 1,974 in-mine data locations.

Of the 1,974 mine data locations,

478 are from the Muddy Bridge deep

mine and 1,496 are from the

Eagle No. 1 Mine.

The Lower

No. 2 Gas update displays a seam

thickness differential between the thicker Muddy Bridge mine

area and the thinner Eagle No. 1 Mine which is represented with the mine data.

7.5

Hydrology

Hydrologic

testing

and forecasting

are necessary

parts of

the permitting

process

and as

such

are routinely considered in the mine planning process.

Logan

has

lengthy

history

operation

and

five

currently

active

mines

with

significant

hydrologic concerns or material issues experienced in its history.

Future mining is projected to

occur

areas

exhibiting

similar

hydrogeological

conditions

past

mining,

including

stream

undermining and undermining of aquifers.

Based upon the successful history of the operation

with

regards

hydrogeological

features,

MM&A

assumes

that

the

operation

will

not

hindered by such issues in the future.

7.6

Geotechnical Data

Mining plans

for potential

underground mines

were developed

by Coronado

and modified by

MM&A

fit

current

property

constraints.

Pillar

stability

was

tested

MM&A

using

the

Analysis of Coal

Pillar Stability (ACPS)

program that was developed by the

National Institute for

Occupational Safety and Health (

NIOSH

)

MM&A reviewed the results from the ACPS analysis

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

and

considered

the

development

the

LOM

plan.

Coal

and

rock

strengths

from

core

testing are used to verify the empirical assumptions integral

to ACPS.

Sample Preparation, Analyses and Security

8.1

Prior to Sending to the Lab

Most

the

coal

samples

have

been

obtained

from

the

Property

subsurface

exploration

using core

drilling techniques.

The protocol

for preparing

and testing

the samples

has varied

over time and

is not well documented

for the older

holes drilled on the

Property.

Following a

process, typical USA

core drilling

sampling technique

is for

the coal

core sample,

once recovered

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

wooden core box, which is the length of the sample and covered with a lid so that the core can

be delivered

to a laboratory

in relatively

intact condition

and with inherent

moisture content.

Each core

sample box

is identified

with the

seam, hole

identification number

and the

sample

interval depth scribed on

the sample box lid.

This process has

been the norm

for both historical

and ongoing exploration activities at Logan.

This

work

typically

performed

the

supervising

driller,

geologist

company

personnel.

Samples are most often delivered

to the company by the

driller after each shift or acquired

company

personnel

representatives.

Most

the

coal

core

samples

were

obtained

current

operators

the

Property.

MM&A

did

not

participate

the

sample

collection

and

analysis

the

core

samples.

However,

reasonable

assume,

given

the

sophistication level of the previous operators, that these samples were generally collected

and

processed under industry best-practices.

This assumption is based on MM&A’s familiarity with

the operating companies and the companies used to perform the analysis.

8.2

Lab Procedures

Coal quality testing has been performed

over a large number of years

by operating companies

using different laboratories

and testing regimens.

Some of the samples have raw analyses and

washabilities

the

full

seam

(with

coal

and

rock

parting

layers

co-mingled)

and

are

mainly

useful

for

characterizing

the

coal

quality

for

projected

production

from

underground

and

highwall mine

operations.

Other samples

have coal

and rock

analyzed separately,

the results

of which can be manipulated to forecast either surface or underground

mine quality.

Care has

been taken

to use

only those

analyses that

are representative

of the

coal quality

parameters

for the appropriate mining type for each sample.

Standard procedure

upon receipt of

core samples by the

testing laboratory

is to log the

depth

and

thickness

the

sample,

then

perform

testing

specified

representative

the

operating

company.

Each

sample

then

analyzed

accordance

with

procedures

defined

under

ASTM International

(

ASTM

)

standards including,

but not

limited to;

washability (ASTM

D4371); ash (ASTM D3174); sulfur

(ASTM D4239); Btu/lb. (ASTM D5865); volatile

matter (ASTM

D3175); Free Swell Index (

FSI

) (ASTM D720).

Since 1957 (the earliest

coal quality information available), the Property has

been controlled by

various mining companies

utilizing their own corporate

laboratories including:

Buffalo Mining

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Company

(Lorado,

West Virginia),

Pittston Coal Group

(Lyburn, West

Virginia), and

Clinchfield

Coal Company

(Clinchfield, Virginia).

Since 1985 to the present, additional laboratories

not

affiliated with coal companies who have

provided analytical data for the Property include:

Mineral

Labs,

Inc.

(Salyersville,

Kentucky)

accredited

the

Perry

Johnson

Laboratory

Accreditation, Inc.

(

PJLA

Standard

Laboratories,

Inc

(South

Charleston,

West

Virginia)

accredited

the

ANSI

National Accreditation Board (

ANAB

Standard Laboratories, Inc

(Whitesburg, Kentucky)

accredited by the ANAB.

Commercial

Testing

Engineering

Company

(Charleston,

West

Virginia)

–

longer

operation.

Gallagher Coal Research Center

(Crab Orchard, West

Virginia) – no longer in operation.

Standard Laboratories, Inc.

(Scott Depot, West Virginia) – accredited

by the ANAB

SGS

North

America

(Sophia,

West

Virginia)

–

leading

accredited

body

and

Nationally

Recognized Test

Laboratory

(

NRTL

); currently utilized by Coronado for sample analysis.

Data Verification

9.1

Procedures of Qualified Person

MM&A reviewed the digital geologic database supplied by Coronado.

The database consists of

data records,

which include drill

hole information

for holes that

lie within and

adjacent to the

Property

and

records

for

numerous

supplemental

coal

seam

thickness

measurements.

For

supplemental

record

verification,

copies of

each entry

were

printed,

and cross

referenced

the

original

document

for

verification.

Once

the

initial

integrity

the

database

was

established,

stratigraphic

columnar

sections were

generated

using cross

-sectional analysis

establish or confirm coal seam correlations.

Geophysical logs were used wherever available to

assist

in confirming

the seam

correlation

and to

verify proper

seam thickness

measurements

and recovery of intercepted

coal sections and collected samples.

After

establishing

and/or

verifying

proper

seam

correlation,

seam

data

control

maps

and

geological cross-sections

were generated

and again used

to verify

seam correlations

and data

integrity.

Once the database was

fully vetted, seam thickness,

base of seam

elevation, roof and

floor

lithology,

and

overburden

maps

were

independently

generated

for

use

the

mine

planning process.

9.2

Limitations

As with any exploration program, localized anomalies

cannot always be discovered.

Ideally, the

greater the

density of the

samples taken,

the less the

risk.

Once an area

is identified as being

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

of interest

for inclusion

in the mine

plan, additional samples

are taken

to help reduce

the risk

in those specific areas.

In general, provision is made in the

mine planning portion of the study

to allow for localized anomalies

that are typically classed

more as a

nuisance than a

hinderance.

9.3

Opinion of Qualified Person

Sufficient

data

has

been

obtained

through

various

exploration

and

sampling

programs

and

mining operations to support the

geological interpretations of seam structure and

thickness for

coal

horizons

situated

the

Property.

The

data

sufficient

quantity

and

reliability

reasonably support the coal resource and coal reserve estimates

in this TRS.

Mineral Processing and Metallurgical Testing

10.1

Testing

Procedures

Separate

tabulations

have

been

compiled for

basic chemical

analyses

(both raw

and washed

quality),

petrographic

data,

rheological

data

and

chlorine,

ash,

ultimate

and

sulfur

analysis.

Some

the

data

categories

from

the

analyses

are

not

prevalent

and

have

been

supplemented

samples collected

from

mine stockpiles

and

either truck

train

shipment

samples.

Available

coal quality

data

were

tabulated

by resource

area in

a Microsoft®

EXCEL

workbook

and the

details of

that work are

maintained on

file at

the offices

of Coronado

and MM&A.

These

tables

also

provide

basic

statistical

analyses

the

coal

quality

attributes,

including

average

value; maximum and minimum values; and the sample count (number of samples)

available to

represent

each

quality

parameter

the

seam.

Coal

samples

that

were

deemed

MM&A

geologists

unrepresentative

were

not

used

for

statistical

analysis

coal

quality,

documented

the

tabulations.

representative

group

drill

hole

samples

from

the

Properties were then checked against the

original drill laboratory reports

to verify accuracy and

correctness.

The

amount

and

areal

extent

coal

sampling

for

geological

data

generally

sufficient

represent

the

quality

characteristics

the

coal

horizons

and

allow

for

proper

market

placement

of the

subject coal

seams.

For

some of

the

coal

deposits,

there

are

considerable

laboratory

data

from

core

samples

that

are

representative

of the

full

extent

of the

resource

area; and for others there

are more limited data to represent

the resource area.

For example,

in the

active operations

with considerable

previous mining,

there may

be limited

quality data

within some of

the remaining resource

areas; however,

in those cases

the core

sampling data

can

supplemented

with

operational

data

from

mining

and

shipped

quality

samples

representative of the resource

area.

10.2

Relationship of Tests

to the Whole

The extensive

sampling and testing

procedures typically

followed in

the coal industry

result in

excellent

correlation

between

samples and

marketable

product.

Shipped

analyses

of the

coal

from

Logan

were

reviewed

verify

that

the

coal

quality

and

characteristics

were

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

expected.

The

Logan

properties

have

long

history

saleable

production,

under

various

owners, in the high-volatile metallurgical

and thermal markets, confirming exploration results.

10.3

Lab Information

Each

sample

analyzed

area

Laboratories

that

operate

accordance

with

procedures

defined

under

ASTM

standards

including,

but

not

limited

the

following

(Note:

not

all

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

ASTM D 4371

– Test

Method for Determining Washability Characteristics

of Coal

ASTM D 3174

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

ASTM

4239

–

Test

Methods

for

Sulphur

the

Analysis

Sample

Coal

and

Coke

Using

High-Temperature

Tube Furnace Combustion Methods

ASTM D 5865

– Test

Method for Gross Calorific Value

of Coal and Coke

ASTM D 3175

– Test

Method for Volatile Matter

in the Analysis Sample of Coal and Coke

ASTM D 3176

– Standard Practice for Ultimate Analysis of Coal and Coke

ASTM D 3178

– Test

Method for Carbon and Hydrogen in Coal and Coke

ASTM D 3179

– Test

Method for Nitrogen in Coal and Coke

ASTM D 720

– Test

Method for Free-Swelling Index (

FSI

) of Coal

ASTM

5515

–

Test

Method

for

Determination

the

Swelling

Properties

Bituminous

Coal Using a Dilatometer (Arnu)

ASTM D 2639

– Test

Method for Plastic Properties of Coal (Gieseler)

ASTM D 3683

– Trace Elements

in Coal and Coke Ash by the Atomic Absorption Method

ASTM D 1857

– Standard Test

Method for Fusibility of Coal and Coke Ash

ASTM

2798

–

Microscopical

Determination

the

Reflectance

Vitrinite

Polished

Specimen of Coal

Ultimate

analysis

process

typically

used

which

gives

the

composition

coal

terms

carbon, hydrogen,

nitrogen, oxygen,

ash, and sulfur

without regard

to origin.

The sum

of the

carbon,

hydrogen,

nitrogen,

sulfur,

and

ash

are

subtracted

from

100

percent

calculate

oxygen percent.

Heating value

or calorific

value is

a measure

of the

heat produced

from a

unit weight

of coal.

the

United

States,

commonly

expressed

British

thermal

units

per

pound

(

Btu/lb.

Other units are kilocalories

per kilogram (

Kcal/kg

) and kilojoules

per gram (

KJ/g

Heating value

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

in a calorimeter.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

As noted

previously,

since 1957

(the earliest

coal quality

information

available), the

Property

has

been

controlled

various

mining

companies

utilizing

their

own

corporate

laboratories

including:

Buffalo Mining Company

(Lorado,

West Virginia),

Pittston Coal Group

(Lyburn, West

Virginia), and

Clinchfield Coal Company

(Clinchfield, Virginia).

Since 1985 to the present, additional laboratories

not

affiliated with coal companies who have

provided analytical data for the Property include:

Mineral Labs, Inc. (Salyersville,

Kentucky)

accredited by the PJLA

Standard Laboratories, Inc.

(South Charleston, West Virginia)

accredited by the ANAB

Standard Laboratories, Inc.

(Whitesburg, Kentucky)

accredited by the ANAB.

Commercial

Testing

Engineering

Company

(Charleston,

West

Virginia)

–

longer

operation.

Gallagher Coal Research Center (Crab Orchard,

West Virginia) – no longer in operation.

Standard Laboratories, Inc. (Scott Depot, West

Virginia) – accredited by the ANAB.

SGS North America (Sophia,

West Virginia) – a leading

accredited body and a

NRTL; currently

utilized by Coronado for sample analysis.

10.4

Relevant Results

No critical factors have been found

that would adversely affect the recovery

of the Reserve.

Mineral Resource Estimates

MM&A

independently

created

geologic

models

define

the

coal

resources

Logan.

Coal

resources were estimated

as of December 31, 2023.

11.1

Assumptions, Parameters and Methodology

Geological

data

was

imported

into

Carlson

Mining

software

for

geological

modelling

and

resource

estimates.

The imported

data,

formatted

in Microsoft

Excel

files, incorporat

es drill

hole collar elevations, seam and thickness

picks, bottom seam elevations and

raw and washed

coal

quality.

These

data

files

were

validated

prior

importing

into

the

software.

Once

imported,

geologic

model

was

created,

reviewed,

and

verified

with

key

element

being

gridded

model

coal

seam

thickness.

Resource

tonnes

were

estimated

using

the

seam

thickness

grid based

on each

valid

point

of observation

and

by defining

resource

confidence

arcs

around

the

points

observation.

Points

observation

for

Measured

and

Indicated

confidence arcs were

defined for all valid

drill holes that intersected

the seam using standards

deemed acceptable by MM&A based on

a detailed geologic evaluation and a statistical analysis

of all

drill holes

within the

projected reserve areas

as described

Section 11.1.1

The geological

evaluation

incorporated

analysis

of seam

thickness related

depositional

environments,

adjacent roof and floor lithologies, and structural influences.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

After

establishing

seam correlations,

validated

coal

seam data

including seam

thickness and

elevation for seams of economic interest,

were used to generate a geologic model.

Due to the

relative

structural

simplicity of

the deposits

and the

reasonable continuity

of the

tabular coal

beds, the

principal geological

interpretation

necessary to

define the

lateral

extent

of the

coal

deposits

the

proper

modeling

seam

thickness

and

elevation.

Both

coal

thickness

and

quality

data

are

deemed

MM&A

reasonably

sufficient

within

the

resource

areas.

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

coal

resource

determination

based

the

available

data

and

the

techniques

applied

the

data.

Table

11-1

below provides

the geological

mapping and

coal tonnage

estimation

criteria

used

for the

coal resource

and reserve evaluation

These cut-off

parameters

have been

developed

MM&A

based

its

experience

with

the

Coronado

properties

and

are

typical

mining

operations

the

Central

Appalachian

coal

basin.

This

experience

includes

technical

and

economic

evaluations

of numerous

properties

in the

region

for

the

purposes of

determining

the economic viability of the subject coal reserves.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-1:

General Reserve & Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Criteria

Reserve Classification

Reserve and Resource

Coal resources as reported are inclusive of coal reserves.

Reliability Categories

Reserve (Proven and Probable)

Resource (Measured, Indicated & Inferred)

To better reflect geological conditions of the coal

deposits, distance between points of observation is

standard USGS (in meters), respectively, for measured

and indicated and inferred.

Effective Date of Resource Estimate

December 31, 2023

Coal resources were updated for depletion and non-

material resource additions based on information from

Coronado.

Effective date for coal resources is as of

December 31, 2023.

Effective Date of Reserve Estimate

December 31, 2023

Coal reserves were updated for depletion and non-

material reserve additions based on information from

Coronado.

Effective date for coal reserves is as of

December 31, 2023.

Seam Density

Variable, dependent upon seam characteristics

(based on available drill hole quality).

In the

absence of laboratory data, estimated by (1)

assuming specific gravity of 1.30 for coal and 2.25

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

to 1324

kg/m

for a “clean”

seam)

•

Underground-Mineable Criteria

Map Thickness

Total seam thickness

Minimum Seam Thickness

0.76 meters (thermal coal); 0.68 meters

(metallurgical coal)

Minimum Mining Thickness

1.4 to 1.8 meters

Minimum Total Coal Thickness

0.76 meters (thermal coal); 0.68 meters

(metallurgical coal)

Minimum In-Seam Wash Recovery

50 percent; 40 percent where coal is belted

directly to preparation plant

Wash Recovery Applied to Coal

Reserves

Based on average yield for drill holes within

reserve area, or in the absence of laboratory

washability data, based on estimated visual

recovery using specific gravities noted above and

95 percent yield on “clean” coal

Out-of-Seam Dilution Thickness for

Run-of-Mine Tonnes Applied to Coal

Reserves

0.05 meters minimum

2243 kg/m³ density used for dilution tonnage estimate

Mine Barrier

60.96-meter distance from abandoned mines and

sealed or pillared areas; 30.4-meter distance from

planned highwall miner panels

Minimum Reserve Tonnage

226,796 recoverable tonnes for individual area

(logical mining unit)

Minimum Overburden Depth

30.48 meters

Minimum Interval to Rider Coal

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

interval lithology, etc.

<1.5 meters are resource

Minimum Interval to Overlying or

Underlying Reserves

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

interval lithology, extent and type of extraction,

etc.

Typically, 12.19 meters

Minimum Interval to Overlying or

Underlying Mined Areas

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

interval lithology, extent and type of extraction,

etc.

Adjustments Applied to Coal Reserves

6 percent moisture increase; 5 percent loss for

preparation plant inefficiency

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Item

Parameters

Technical Notes & Exceptions*

Surface Mineable Criteria

Topographic Map Source

Reserves estimated based on aerial topography,

where available, and best available aerial

topography for other areas.

Pre-law highwalls

also based on aerial topography, where available

Map Thickness

Total mineable seam thickness (excluding removal

partings)

Mine Recovery Applied to Coal

Reserves

90 percent; 25 percent for previously

underground mined areas.

Wash Recovery

Not Applicable for most reserves estimated on a

direct-ship basis.

Where surface mineable coal is

projected to be washed, based on average yield

for drill holes within reserve area, or in the

absence of laboratory washability data, based on

estimated visual recovery using specific gravities

noted above and 95 percent yield on “clean”

coal

Minimum Thickness

0.3 meter for principal seam (principal seam is any

that is >0.76 meters from another mineable coal

bench)

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

within 0.76 meters of another mineable coal

bench)

Minimum thickness of recoverable

coal within single seam

CTR/Area/HWM areas

0.6 meters

Minimum HWM Cutting Height

0.8 meters

Removable Rock Parting Thickness

0.07 meters

Maximum Cumulative Area Mining

Strip Ratio

30:1 – Area

15:1 – CTR

Exceptions considered for metallurgical grade coal

products if deemed economical

Design Bench Width for

Contour/HWM Areas

38.1 meters (Contour reserves estimated in

conjunction with potential HWM reserves)

Adjustments Applied to Marketable

Coal Reserves

4.5 percent moisture increase

Out-of-Seam Dilution Thickness

Applied to Coal Reserves

2% adjustment (addition) made to product coal quality

ash to account for dilution

Surface Property Control

Reserves considered where surface is controlled;

tonnage not estimated or classified as resource

where surface is uncontrolled.

Highwall Miner Reserves

Penetration Depth

91.4 – 243.8 meters

Seam Density & Wash Recovery

Similar to underground-mineable reserves

Mine Recovery Applied to Coal

Reserves

40 percent

Minimum Coal Thickness

0.6 meter

Minimum Mining Height

0.9 meter

Adjustments Applied to Marketable

Coal Reserves

6 percent moisture increase and 5 percent loss for

preparation plant inefficiency

Out-of-Seam Dilution Thickness

Applied to Coal Reserves

0.9 meter less seam height

2242 to 2402 kg/m

density used for dilution tonnage

estimate

Note:

Exceptions for application of

these criteria to

resource and reserve estimation

are made as

warranted and demonstrated by either

actual

mining experience or detailed data that allows for empirical evaluation of mining conditions.

Final classification of coal reserve is made based

on the pre-feasibility evaluation.

11.1.1

Geostatistical Analysis

MM&A

completed

geostatistical

analysis

drill

holes

within

the

reserve

boundaries

determine

the

applicability

the

common

United

States

classification

system

for

measured

and indicated and inferred coal

resources.

Historically, the United States has assumed that

coal

within 0.4-kilometer

of a

point

of observation

represents

a measured

resource

whereas

coal

between 0.4 kilometer and

1.2 kilometer from a point

of observation is classified as

indicated.

Inferred

resources

are

commonly

assumed

located

between

1.2

kilometers

and

4.8

kilometers

from

point

observation.

Per

SEC

and

JORC

regulations,

only

measured

and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

indicated

resources

may

considered

for

reserve

classification,

respectively

proven

and

probable reserves.

MM&A performed a

geostatistical analysis test of

the Logan

data set using

the Drill

Hole Spacing

Analysis

(

DHSA

)

method.

This

method

attempts

quantify

the

uncertainty

applying

measurement

from

central

location

increasingly

larger

square

blocks

and

provides

recommendations

for determining

the distances

between drill

holes for

measured, indicated,

and inferred resources.

perform DHSA

the data set

was processed to

remove any

erroneous data

points, clustered

data points, as well as directional

trends.

This was achieved through the use

of histograms, as

seen in

Figure 11-1

, color coded scatter plots showing

the geospatial positioning of

the borings,

Figure 11-2

, and trend analysis.

Figure 11-1:

Histogram of the Total Seam Thickness for the No. 2

Gas Seam Present in the Logan Complex

Figure 11-2:

Scatter plot of the Total Seam Thickness for the No. 2 Gas

Seam Present in the Logan Complex

Following the

completion of

data processing,

a variogram

of the

data set

was created,

Figure

11-3

The variogram plots average

square difference against

the separation distance

between

the data

pairs.

The separation

distance is

broken

up into

separate

bins defined

by a

uniform

lag distance (e.g., for a lag distance of 152 meters the bins would be 0 – 152 meters, 153 – 305

meters, etc.).

Each pair of data points that are less than one lag distance

apart are reported in

the first bin.

If the

data pair is

further apart

than one

lag distance

but less

than two

lag distances

apart, then the

variance is

reported in

the second bin.

The numerical average

for differences

reported

for

each

bin

then

plotted

the

variogram.

Care

was

taken

define

the

lag

distance in such a way as to not overestimate any nugget effect

present in the data set.

Lastly,

modeled equations,

often spherical,

gaussian, or

exponential, are

applied to

the variogram

order to represent the data set across

a continuous spectrum.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3: Variogram of the Total

Seam Thickness for the No. 2 Gas Seam

Present in the Logan Complex

The estimation

variance is

then calculated

using information

from the

modeled variogram

well

as charts

published by

Journel and

Huijbregts

(1978).

This value

estimates

the variance

from

applying

single

central

measurement

increasingly

larger

square

blocks.

Care

was

taken

ensure

any

nugget

effect

present

was

added

back

into

the

data.

This

process

was

repeated for each test block size.

The

final

step

the

process

calculate

the

global

estimation

variance.

this

step,

the

number of

square blocks

that would

fit inside

the selected

study area

is determined

for each

block size

that was

investigated

in the

previous step

The estimation

variance is

then divided

by the number of blocks that would fit inside the study area for each test block size.

Following

this determination, the

data is then

transformed back to represent the

relative error in

the 95

percentile range.

Figure 11-4

shows the results of the DHSA

performed on the No. 2 Gas

seam data for the Logan

Complex.

DHSA provides hole to hole spacing values,

these distances need to be converted

radius from

a central point

in order to compare

to the historical

standards.

A summary of the

radius data is

shown in

Table 11-2

DHSA prescribes measured,

indicated, and inferred drill

hole

spacings be determined at

the 10-percent, 20-percent,

and 50-percent levels

of relative error,

respectively.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

Table 11-2:

DHSA Results Summary for Radius from a Central Point

Model:

Measured Radial Distance

(10% Relative Error)

Indicated Radial Distance

(20% Relative Error)

Inferred Radial Distance

(50% Relative Error)

(km)

Gaussian:

0.99

1.66

3.94

Spherical:

0.87

1.53

3.53

Exponential:

0.87

1.53

3.53

Comparing the

results of

the DHSA

to the

historical standards,

it is

evident that

the historical

standards are more conservative than even the most conservative DHSA model with regards to

determining measured

resources.

The Exponential

and Spherical

models recommend

using a

radius

0.87

kilometers

for

measured

resources

compared

the

historical

value

0.4

kilometers.

With

respect

indicated

resources,

the

Spherical

and

Exponential

models

recommend

using

radius

1.53

kilometers.

The

historical

radius

1.2

kilometers

therefore also more conservative

than the DHSA results for indicated

resources.

These results

have led the QPs to report the data following the

historical classification standards, rather than

use the results of the DHSA.

11.2

Qualified Person’s Estimates

Mineral resources representing

in-situ coal are estimated Inclusive

of Reserve and Exclusive of

Reserves.

Based on the work and methods

described above and detailed geologic modelling of

the

areas considering

all defined

parameters,

a coal

resource

estimate,

summarized

Table

11-3

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

by Coronado.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-3:

Coal Resources Summary as of December 31, 2023 (Mt)

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

133.9

35.8

0.0

169.7

1.0

Exclusive of Reserves

39.2

35.9

3.4

78.5

Total 12/31/2023

173.1

71.7

3.4

248.3

Note:

Resource tonnes are inclusive of

reserve tonnes since they include the

in-situ tonnes from which recoverable

coal reserves

are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Property has 75.1

Mt of dry, in-place measured and indicated

resource tonnes exclusive of reserves as of

December 31,

2023.

11.3

Resources Exclusive of Reserves

The

Property

contains

multiple

resource

blocks

which

were

not

deemed

exhibit

reserve

potential at the time of the study.

These underground-mineable resources, formally identified

as resources

exclusive

of reserves,

are from

the No.

2 Gas,

Lower Powellton,

Peerless,

Lower

Winifrede,

Middle

Cedar

Grove

and

Beckley

coal

seams.

portion

the

Lower

Winifrede

resources defined

in the February

2023 TRS were

converted to

reserves as part

of the current

2024 TRS by

virtue of a mine plan

and economic analysis

Section 19

There are also

surface

mineable

resources

exclusive

reserves

various

seams.

Reasons

which

may

preclude

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

Unfavorable

economics

the

PFS

level,

yet

economics

could

become

attractive

the

future under different market

conditions.

Exclusion from

LOM planning

by mining

operator due

to remaining

resource blocks

which

are

relatively

small,

isolated

blocks

and

not

currently

attractive

from

operational

perspective.

11.3.1

Initial Economic Assessment

MM&A

completed

initial

economic

assessment

determine

the

potential

economic

viability of resources

exclusive of

reserves.

Unlike the

economic analysis presented

Section

developed

test

reserves,

the

initial

economic assessment

below

is presented

on a

real

basis in 2023

dollars.

MM&A applied relevant

technical factors

to estimate

potential saleable

tonnes

without

the resource

blocks, should

the resources

extracted

via deep,

continuous

mining methods or

surface area methods.

MM&A developed cash

cost profiles for the

resource

blocks, including

direct cash costs

(labor, supplies, roof control, maintenance

and repair, power,

and

other);

washing,

trucking,

materials

handling,

general

and

administrative,

and

environmental

costs;

and

indirect

cash

costs

(royalties,

production

taxes,

property

tax,

insurance).

Costs were

developed based

off relevant

cost drivers

(per-meter,

per-bank

cubic

meter,

per-raw-tonne,

per-clean-tonne).

Additionally,

MM&A

estimated

capital

costs

extract resources.

Capital costs associated with mine development were

amortized across the

resource’s

potential saleable tonnages.

Additional non-cash items (depreciation of equipment

and depletion) and cash costs were compared to an assumed

sale price of $154 per

tonne (FOB

loadout)

for

underground-mineable

resources,

representing

the

long-term

average

price

forecast

for

HVB provided

by Coronado.

Surface

resources

were

assessed at

a sales

price of

$83

per

tonne

(FOB

loadout)

based

estimated

historical

pricing

for

Coronado’s

surface

operations.

The results of

the analysis are

shown below and

demonstrate potential profitability

on a fully loaded cost basis.

Detailed summaries are shown in

Appendix D

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-4:

Results of Initial Economic Assessment ($/tonne)

Mine

Resource

Block

Direct

Cash

Transportation,

Washing,

Enviro, G&A

Indirect

Non-Cash

Total Cost

Fully

Loaded

P&L

Toney Fork #2

N2G

$70.46

$17.34

$19.81

$17.53

$125.13

$29.19

Pardee

N2G

$77.59

$20.85

$19.81

$12.63

$130.88

$23.44

Sugar Camp

N2G

$97.33

$25.16

$19.81

$10.40

$152.70

$1.62

Lower Powellton Block A

LPOW

$74.99

$18.22

$19.81

$8.52

$121.54

$32.79

Lower Powellton Block B

LPOW

$78.47

$18.99

$19.81

$20.22

$137.49

$16.83

N2G Peerless

Peer

$100.47

$15.53

$19.81

$16.83

$152.64

$1.69

Beckley

Bec

$68.42

$16.72

$19.81

$17.09

$122.03

$32.29

Middle Cedar Grove

MCG

$72.41

$18.21

$19.81

$36.75

$147.18

$7.14

Lower Winifrede

LWIN

$38.58

$13.04

$19.81

$43.83

$115.25

$39.07

Powellton No. 1

UPOW

$63.63

$21.11

$19.81

$8.52

$113.07

$41.25

Thermal Area Mines (S)

$50.27

$6.34

$12.73

$8.52

$77.87

$4.81

Figure 11-5:

Results of Initial Economic Assessment

11.4

Resources Inclusive of Reserves

The

Inclusive

Reserves

in-place

resource

account

for

68-percent

the

total

248.3 million

estimated

in-situ

resource.

Recoverable

reserves

for

both

surface

and

underground

mine

methods

are

derived

from

the

Inclusive

Reserve

169.7 million

in-situ

resource.

Logan

reserves are discussed further in

Section 12

, Mineral Reserve Estimates below.

11.5

Qualified Person’s Opinion

While there is some level of stratigraphically controlled

seam-thickness variability due to seam

splitting,

sand

channels,

etc.,

the

coal

seams

the

mine

property

Logan

County

demonstrate

reasonable

thickness

consistency

according

the

classification

system

measured

–

0.4

kilometer),

indicated

(0.4

1.2

kilometers),

and

inferred

(1.2

4.8

kilometers).

MM&A geologists

and engineers

modeled the

deposit and

delineated

mineable

regions to reflect the nature of each seam and the practicality of mining constraints.

Based on

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

MM&A’s

geostatistical

analysis,

would

possible

extend

the

measured,

indicated

and

inferred

arcs

slightly

beyond

historically

accepted

practices

due

consistent

geological

settings.

The

QP’s

have

again

elected

not

extend

arc

distances,

introducing

level

conservatism in measured and indicated coal classification.

Based on the

data review, the attendant work done to verify the data integrity and

the creation

of an independent geologic model, the

QPs believe

this is a fair and accurate representation of

the Logan coal resources.

Moreover,

the QPs opine that additional exploration, mine planning

and

financial

analysis

could

result

conversion

additional

resources

reserves

the

future;

however,

there

guarantee

that

such

will

the

case

until

such

time

that

additional work is completed.

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal

Reserves

are

classified

proven

probable

considering

“modifying

factors”

including

mining,

metallurgical,

economic,

marketing,

legal,

environmental,

social

and

governmental

factors.

Proven

Coal

Reserves

are

the

economically

mineable

part

measured

coal

resource,

adjusted

for diluting

materials and

allowances for

losses when

the material

is mined.

It is

based

appropriate

assessment

and

studies

consideration

and

adjusted

for

reasonably

assumed

modifying

factors.

These

assessments

demonstrate

that

extraction

could be reasonably justified at the time of reporting.

Probable Coal

Reserves

are the

economically mineable

part of

an indicated

coal resource,

and

some circumstances

measured

coal

resource,

adjusted

for

diluting

materials

and

allowances for losses when

the material is

mined.

It is based

on appropriate assessment and

studies in

consideration of

and adjusted

for reasonably

assumed modifying factors.

These

assessments

demonstrate

that

extraction

could

reasonably

justified

the

time

reporting.

Upon

completion

delineation

and

calculation

coal

resources,

MM&A

generated

LOM

plan for

Logan.

The footprint

of each

reserve area

is shown

on the

maps in

Appendix B

The

Mine

plan

was

generated

based

the

forecast

mine

plan

and

permit

plan

provided

Coronado with modifications

by MM&A

where necessary

due to current

property control limits,

modifications to geologic mapping, or other factors determined during the evaluation.

Carlson

Mining

software

was

used

generate

the

LOM

plan

for

Logan.

The

mine

plan

was

sequenced

based

productivity

schedules

provided

Coronado.

MM&A

judged

the

productivity

estimates

and plans

be reasonable

based on

experience

and

current

industry

practice.

Raw, ROM production data outputs from LOM plan sequencing were processed into Microsoft

EXCEL

spreadsheets

and

summarized

annual

basis

for

processing

into

the

economic

model.

Average seam

densities were estimated

to determine raw

coal tonnes produced

from

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

the LOM

plan.

Average

mine recovery

and wash

recovery

factors

were applied

to determine

coal reserve tonnes.

Coal reserve tonnes in

this evaluation are reported at

a 4.5 percent to

6.0 percent moisture and

represent the saleable product from the Property.

Pricing data

as provided

by Coronado

is described

Section 16.2

The pricing

data

assumes

respective HVA,

HVB and thermal FOB-mine prices of approximately

$162, $144, and $120 per

metric tonne

for

calendar year

2024.

HVA,

HVB, and

thermal prices

respectively decrease

approximately $161, $143, and $114 per metric tonne through year 2026, and then increase

$308, $273, and $212 per metric tonne through year 2057.

The coal resource mapping and estimation process, described in this report was

used as a basis

for the coal

reserve estimate.

Proven and probable

coal reserves were

derived from

the defined

coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socio-economic,

and

regulatory

factors and are presented

on a moist, recoverable basis.

As is

customary in

the US, the

categories for

proven and

probable coal

reserves are

based on

the distances

from valid

points of measurement

as determined by

the QPs for

the area

under

consideration.

For this evaluation, measured resource,

which may convert to a proven reserve,

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

Points of observation include

exploration drill holes, gas wells,

and mine measurements which

have

been fully

vetted

and processed

into a

geologic model.

The geologic

model is

based on

seam depositional

modeling, the interrelationship

of overlying

and underlying

strata

on seam

mineability,

seam

thickness

trends,

the

impact

seam

structure

(i.e.,

faulting),

intra-seam

characteristics, etc.

Once the geologic model

was completed, a statistical analysis, described in

Section 11.1.1

was conducted and a 0.4-kilometer radius from a valid

point of observation was

selected to define Measured Resources.

Likewise,

the

distance

between

0.4

and

1.2

kilometer

radius

was

selected

define

Indicated Resources.

Indicated Resources may convert

to Probable Reserves.

Inferred Resources (greater than a 1.2-kilometer radius

from a valid point of observation) have

been excluded from Reserve consideration.

12.2

Mineral Reserves

Logan reserves

were derived

from multiple

coal seams

located on

the Property

and shown

Figure 7.1

Reserves are estimated

for both surface and

underground mine methods.

Surface

reserves were estimated for three designated

mine areas: Toney Fork, Buffalo Creek South,

and

Sugar

Camp.

Underground

reserves

were

derived

from

six

seams

including

the

Upper

Winifrede,

Lower

Winifrede,

Chilton

(Williamson),

Upper

Powellton,

Lower

Powellton,

No.

Gas-Lower

(Eagle)

and Lower

War

Eagle.

The 70.6

Mt of

demonstrated

marketable

reserves

are sited in the discussion below.

Table

12-2

shows the demonstrated tonnage

by Proven and

Probable category.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Individual seam maps are included in

Appendix B

herein.

12.2.1

Surface Reserves

Surface coal reserves

of the Property include

an estimated 32.2

Mt.

Each surface mine

area –

Tony

Fork, Buffalo Creek

South and Sugar

Camp – includes coal

reserves from multiple

seams.

Two

the

three

surface

reserve

areas,

Toney

Fork

and

Buffalo

Creek

South,

include

both

permitted

and

non-permitted

tonnages,

where

Sugar

Camp

tonnage

not

permitted.

The

Property has five surface mine permits for contour and

highwall mining.

Even so, in 2023 there

was minor surface mine

activity on just

two of the

five surface mine permits

at Toney Fork Mine

No. 3 and Elk Lick.

12.2.1.1

Toney

Fork Surface

Toney Fork surface area is located north of Buffalo

Creek on the

north side of

the Property.

The

Toney

Fork

drainage

bisects

much

the

area

which

includes

contour

and

highwall

miner

reserve from

six seams.

The Toney

Fork reserve

includes 11.2 Mt

of both permitted

and not-

permitted

status.

There

is one

active

permit

– Toney

Fork

Mine No

(S-5007-09).

In 2023,

minimal tons were mined from this permit during the fourth quarter.

Mine depletion from

surface and underground

mining, seam dependent, exists

in all seams of

the

Toney

Fork

reserve

which

include

the

Upper

Coalburg,

Lower

Coalburg,

Lower

Dorothy,

Chilton A, Upper Winifrede and Lower Winifrede seams.

12.2.1.2

Buffalo Creek South

(Elklick) surface area

includes an

estimated 14.7 Mt

from projected contour

and highwall

mines.

The reserve

total

includes both

permitted

and not-permitted

tonnages.

Permitted

tonnages

are

estimated

from

four

surface

mine

permits

–

North

Fork

Winifrede

Contour (S-5004-17), Middle Fork Surface (S-5004-22),

and two at Elk

Lick (S-5014-10 &

S-5008-

22).

In 2023, minimal tons were mined and only at Elk Lick.

The highwall

mineable tonnage

is estimated

for six

seams with

adequate seam

heights which

include

the Lower

Coalburg, Lower

Dorothy,

Chilton,

Chilton

A, Buffalo

Creek

and the

Upper

Winifrede.

Contour

mine tonnage

is derived

from

the highwall

mine seams,

along with

four

additional

seams

with

acceptable

seam

thickness.

They

include

the

Lower

Clarion,

Upper

Stockton, Lower Stockton and Upper Coalburg.

Mine depletion to various extents exists

in the

Buffalo Creek South seams.

12.2.1.3

Sugar Camp Surface

Sugar Camp surface area

is a ridge above

Sugar Camp Branch tributary

of Huff Creek.

The Sugar

Camp reserve includes 6.2 Mt

with a suitable surface mine

strip ratio.

Proposed surface mining

includes reserve from 12 seams beginning

with the Chilton A seam

down to the S80 seam,

each

with an

acceptable

seam height.

The seams

included are

Chilton A,

Upper Winifrede,

Lower

Winifrede, Chilton,

Upper Cedar

Grove, Middle

Cedar Grove,

Lower Cedar

Grove, S132

seam,

S120 seam, S110 seam, S84 seam and S80 seam.

No mine depletion exists in

the seams of the

reserve on the ridge.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

12.2.2

Underground Reserves

Underground coal reserves

of the

Property include an

estimated 38.4 Mt

derived from the

small

above-drainage deposits in the Upper Winifrede

and Lower Winifrede seams along with larger

seam

deposits

the

deeper

Chilton,

Upper

Powellton,

Lower

Powellton,

No.

Gas-Lower

(Eagle) and Lower War Eagle seams.

Active underground mines are operating in the No. 2 Gas-

Lower and the Lower War Eagle seams.

12.2.2.1

Upper Winifrede (No 8) Seam

The Upper

Winifrede seam

included two

underground

reserves in

2023, the

permitted

North

Fork Winifrede

Mine (U-5009-19)

and a

not-permitted

proposed Upper

Winifrede mine.

The

North Fork

Winifrede Mine

was fully

depleted in

2023.

The Proposed

Upper Winifrede

seam

deposit along

Sugar Camp

Branch was

evaluated

for

this report.

On the

Property,

the Upper

Winifrede seam has been extensively mined from both surface and underground

mining.

12.2.2.2

Lower Winifrede

The

Lower

Winifrede

seam

reserve

includes

estimated

2.1

from

one

proposed

mine

situated north of

the Toney

Fork drainage.

The average

seam height for

the two areas

is 1.37

meters

thick.

the

Property,

the

Lower

Winifrede

seam

has

been

mined,

mainly

underground mining, immediately east of the proposed underground

mine area.

12.2.2.3

Chilton (Williamson) Seam

The Chilton seam

reserve includes an

estimated 5.4

Mt from two

proposed mine areas:

Camp

Branch and Elk Lick.

The average seam height for the

two areas is 1.17

meters and 1.06 meters,

respectively.

the

Property,

the

Chilton

seam

has

been

extensively

mined,

mainly

underground mining.

12.2.2.4

Upper Powellton (Upper Alma)

The

Powellton

No.

Mine

permit

provides

access

the

remaining

3.5

the

Upper

Powellton

reserve.

The

seam

has

average

thickness

nearly

1.12

meters.

The

mine

bound by the property extent to the northeast and

thin coal from a seam split

to the west.

The

south end

of Mine

No. 1

is mined

out.

Elsewhere,

no prior

Upper Powellton

seam mining

noted on the Property.

12.2.2.5

Lower Powellton (Lower Alma)

The Lower

Powellton

seam reserve

includes an

estimated

5.1 Mt

from a

proposed mine

area

situated north of Toney Fork.

In the mapped resource area, the interval to the overlying Upper

Powellton

seam

range

5.1

7.2

meters.

Therefore,

only

resources

(exclusive

reserves) are

projected below

the Upper

Powellton

underground

mine where

the two

seams

overlap.

The

Lower

Powellton

seam has

average

reserve

thickness of

0.89

meters

and

bound by property control to

the north, by low

coal to the west

and south and

from overmining

in the Upper

Powellton

seam to the

east.

No prior Lower

Powellton

seam mining is

noted on

the Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

12.2.2.6

No. 2 Gas-Lower (Eagle)

The

No.

Gas-Lower

seam

reserve

includes

estimated

15.2

Mt.

The

demonstrated

total

includes both permitted and not permitted

tonnes.

Two active mines

access the reserve – the

Eagle No. 1 / Toney

Fork Mine (U-5013-11) from Toney

Fork Drainage and the Muddy Bridge

& 2 Mine (U-5034-96, U-5035

-96) from Muddy Bridge

Branch of Huff Creek.

Mine boundaries

the

two

mines

are

immediately

adjacent

one

another

and

mine

plans

maximize

the

mineable area.

The average seam height is 1.00 meter and 1.52 meters for the Eagle No. 1 and

Muddy Bridge mines, respectively.

On the Property,

the No. 2 Gas-Lower reserve

is limited by

low

coal

thickness

the

east

and

seam

outcrop

along

large

drainages

elsewhere.

underground mining of the seam is mapped immediately west of the Property.

12.2.2.7

Lower War Eagle

The Lower War Eagle seam

reserve includes an

estimated 5.7 Mt.

One underground Lower War

Eagle

mine

(U-4002-99B)

provides

seam

access

from

the

portal

located

along

Huff

Creek.

Mapped mine depletion is from within the existing

mine.

The Lower War Eagle

reserve extent

is limited to the north by low coal.

12.3

Qualified Person’s Estimates

Reserve

tonnage

estimates

provided

herein

report

coal

reserves

derived

from

the

in-situ

resource

tonnes

presented

Table

11-3

, and

not in

addition to

coal

resources.

Proven

and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining, processing,

infrastructure, economic (including estimates

of capital, revenue, and

cost),

marketing, legal,

environmental, socio-economic

and regulatory factors.

The coal reserves, as

shown

Table

12-2

are

based

technical

evaluation

the

geology

and

preliminary

feasibility study of the coal deposits.

The extent to which the coal reserves may be affected by

any known environmental, permitting,

legal, title,

socio-economic, marketing, political,

or other

relevant

issues has

been reviewed

rigorously.

Similarly,

the extent

to which

the estimates

coal

reserves

may

materially

affected

mining,

metallurgical,

infrastructure

and

other

relevant

factors

has

also

been

considered.

Coal

reserves

are

presented

ROM

basis

Table

12-1.

Table 12-1:

Coal Summary (ROM Basis (Moist)) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Logan Mine Complex

104.1

30.5

134.6

37.0

97.6

0.0

134.6

0.9

In the financial analysis some

of the projected mines were not economically

viable.

The tonnes

projected to be mined from these locations have

not been included in the Reserve Base.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Wet Ton

nes, Washed or Direct Shipped, MT)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Logan County Complex

54.9

15.7

70.6

32.2

38.4

0.0

70.6

0.9

Note: Marketable reserve tonnes are

reported on a moist basis, including a

combination of surface and inherent moisture.

The combination

surface

and

inherent

moisture

modeled

between

4.5

and

6-percent,

depending

upon

mining

method.

Actual

product

moisture

dependent upon multiple geological factors, operational

factors, and product contract

specifications and can exceed 8-percent.

As such, the

modeled moisture values provide a level of conservatism for reserve reporting.

The

results of

this TRS

define an

estimated

70.6 Mt

of proven

and probable

marketable

coal

reserves.

Of that

total, 77

percent are

proven, and

23 percent

are probable.

All 70.6

Mt are

leased

coal

reserves

and

are

assigned.

Approximately

62.2

reserves

are

considered

suitable for the metallurgical

coal market and 8.4

Mt are projected to be

sold into the thermal

coal market.

12.4

Qualified Person’s Opinion

The

estimate

of coal

reserves

was

determined

in accordance

with the

JORC Code

along with

SEC Regulation S-K 1300.

The

LOM

mining

plan

for

Logan

was

prepared

the

level

preliminary

feasibility.

Mine

projections

were

prepared,

and

timing

scheduled

match

production

with

coal

seam

characteristics.

Production timing

was carried

out from

current locations

to depletion

of the

coal

reserve

area.

Coal

reserve

estimates

could

materially

affected

the

risk

factors

described in

Section 22.2

Based on the

Preliminary Feasibility Study and

the attendant Economic Review, the QPs believe

this is a fair and accurate calculation of the Logan coal reserves.

Mining Methods

Ten underground and three surface mining

areas were modeled

and tested economically.

Once

the

Resources

were

calculated,

mine

plans

were

created

project

operating

each

resource

area to

depletion, with

crews and

equipment scheduled

to move

to subsequent

mining areas

depletion

occurs.

Underground

mine

operations

are

projected

exhausted

2044,

surface mines deplete in 2055 and the highwall miners finish in 2057.

13.1

Geotech and Hydrology

Mining plans for potential underground mines

were developed by Coronado and MM&A.

Pillar

stability was tested by MM&A

using the

Analysis of Coal

Pillar Stability (ACPS)

program that was

developed

the

National

Institute

for

Occupational

Safety

and

Health

(

NIOSH

)

MM&A

reviewed the results from the

ACPS and ALPS

analysis and considered

them in the

development

of the LOM plan.

For the HWM operation, Mining cuts are approximately 2.9 meters

wide, and cuts are typically

laid out on approximately 5.03-meter centers.

A 2.1-meter to 2.4-meter solid

coal fender is left

place

between

cuts.

The

mining

plan

provides

that

larger

barrier

pillars

provided

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

periodically,

depending

overburden

depth

and

characteristics

and

the

immediate

roof

composition, typically after 15 to

20 cuts.

Although this plan,

with minor variations, is common

throughout Appalachia, specific rock and coal strength information is used to verify whether or

not this plan provided a sufficient factor of safety.

Hydrology

has not

been an

issue of

concern at

Logan.

Based on

numerous site

visits to

both

the surface and underground portions of the Property by the QPs, it has been determined that

this is not a significant concern.

Mining of future reserves

is projected to occur

in areas which

exhibit similar hydrogeological characteristics

as those formerly mined areas.

13.2

Production Rates

Operations at Logan by

Coronado and its

predecessors have been on-going

for many years.

The

mine plan

and productivity

expectations reflect

historical performance

and efforts

have been

made to adjust the plan to

reflect future conditions.

MM&A is confident that

the mine plan is

reasonably

representative

provide

accurate

estimation

coal

reserves.

Mine

development and operation have not been optimized

within the TRS.

Carlson

Mining

software

was

used

MM&A

generate

mine

plans

for

the

mineable

coal

seams.

Mine plans

were

sequenced based

on productivity

schedules provided

by Coronado,

which were

based on

historically achieved

productivity levels.

All production

forecasting

ties

assumed production rates

to geological models as

constructed by MM&A’s

team of geologists

and mining engineers.

The projected

underground mines

are set

up similarly to

the four

currently active

operations.

Each mine is

scheduled to operate one

to three production sections.

All sections are

configured

as full supersections with two

continuous miners per section.

In all cases, mines are

forecasted

produce

coal

two

three

shifts

each

day.

most

cases

the

third

shift

reserved

for

maintenance and belt and

power moves.

Production is scheduled Monday

through Friday each

week, and every other Saturday.

Three

surface

resource

areas were

modeled.

Mining operations

are projected

to utilize

area

mining

well

contour

mining

(

CTR

)

methods

with

emphasis

creating

highwall

for

highwall mining activity.

The

models assume

that the

operations

will

work two,

10-hour production

shifts, 5

days

per

week plus every other Saturday,

with sufficient staffing to float vacation

during the year.

Coals from the

surface operations are

hauled to

the loadout

for direct ship

or to the

preparation

plant for washing ultimately to be blended to shipment’s specifications.

Saleable product from

the surface

operations

is projected

to be

sold primary

into the

thermal coal

market

on a

raw

basis; however,

some production is planned to be washed for the metallurgical coal market.

The

three

areas

planned

for

highwall

mining

are

assumed

mined

contractor;

therefore,

the contractor

costs

included in

the financial

model assume

that the

contractor

responsible for staffing those operations

along with providing necessary equipment capital.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Spoil for

final highwall

reclamation

is expected

to come

from

strategic

placement of

spoil on

pre-existing

benches

haul

trucks

such

that

they

are

within

the

push

distance

the

reclamation dozer.

13.3

Mining Related Requirements

13.3.1

Underground

A mine plan with sequenced mining projections was prepared for each logical mining unit.

For

each mine plan, the

appropriate number of

production units is selected

for the resource

area,

and a productivity level

assigned, expressed in

meters of advance

per unit-shift of production.

The

productivity

based

the

equipment

and

personnel

configuration,

mining

height

and

expected physical conditions.

At the underground mines, ventilation fans are installed to provide a sufficient volume of air to

ventilate production sections, coal

haulage and transport

entries, battery charging

stations, and

transformers

accordance

with

approved

plans.

High-voltage

cables

deliver

power

throughout the mine where transformers reduce voltage for specific equipment requirements.

The Mine

Improvement and

New Emergency

Response Act

of 2006

(

MINER Act

) requires

that

carbon monoxide detection systems be installed along mine conveyor belts and that electronic

two-way

tracking

and

communications

systems

installed

throughout

underground

mines.

Water is

required to control

dust at production

sections and along conveyor

belts, and to cool

electric motors.

Water

is available

from nearby sources

and is distributed

within the mine

pipelines as required.

13.3.2

Surface Mine

A mine plan with sequenced mining projections was prepared for each logical mining unit.

The

mobile

equipment

spreads

selected

are

representative

Coronado’s

equipment

fleets

and

deemed to be appropriate for the local mining conditions.

13.3.3

HWM

Contract

HWM units

are available

for assignment

to contour

surface mining

pits in

the Logan

County Division.

HWM substantially increases coal recovery from contour mining benches and

is ideally suited

for coal resource areas characterized by

thin coal seams

and irregular or

narrow

boundaries that

are

not well-suited

for

underground

mining.

The

contour

mining bench

will

extend

into

the

highwall

the

maximum

overburden

stripping

ratio

that

economically

feasible or the minimum bench requirement for operation

of the HWM unit.

13.4

Required Equipment and Personnel

13.4.1

Underground Mines

13.4.1.1

Powellton No. 1

The Powellton No. 1 Mine was

in the process of being rehabilitated

as of December 2023.

It is

scheduled to

resume full

production with

one continuous

mine section

in the

first

quarter of

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

2024.

The Upper Powellton seam is accessed via

a shallow slope and crop.

This mine produces

metallurgical coal from leased mineral.

Production is scheduled for approximately 242 days each

year, which represents production on

Monday through Friday.

On each day,

the production section is

scheduled to produce coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

The production section

is configured as

a full

super section

with two

continuous miners.

Productivity

is planned

an average

rate

of 67.3

meters

of advance

and retreat

per shift

operation.

A total of 59 employees are assigned to the mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and two

scoops.

Coal is

extracted

from

the production

face

with the

continuous miner

and hauled

to the

mine conveyor

in shuttle

cars.

At the

conveyor

belt, the

coal is

discharged

from the shuttle

cars onto a

feeder breaker for transfer onto the

conveyor.

The conveyors carry

the coal to the outside, where

it is transported via overland

conveyor to

the preparation plant

and load-out.

The Powellton

No. 1 Mine

was in the

process of being

rehabilitated as

of December 2023

and

all

necessary

infrastructure

and

utilities

remain

place.

All

necessary

permits

have

been

obtained.

Estimated expenditures for site closure and reclamation are included in the financial

model for

this site.

Expected annual

production averages

approximately

208,000 marketable

tonnes.

The mine is scheduled to terminate during 2040.

13.4.1.2

Lower War Eagle

The Lower War Eagle Mine is

active with three production

sections.

The Lower War Eagle seam

is accessed via an existing

slope.

This mine is a metallurgical

coal operation with all

remaining

production on leased mineral property.

Production is scheduled for approximately 242 days each

year, which represents production on

Monday through Friday.

On each day, three production sections are scheduled

to produce coal

on two

shifts; the

third shift

is reserved

for

maintenance

and mine

conveyor

belt and

power

moves.

The sections are configured as super sections with

two continuous miners available for

production.

Productivity is planned at the rate

of 75.6 meters of advance and retreat

per shift

of operation.

A total of 150 employees are assigned to the mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and two

scoops

for

each operating

section.

Coal is

extracted

from the

production

face

with the

continuous miner

and hauled

to the

mine conveyor

in shuttle

cars.

At the

conveyor

belt, the

coal

is discharged

from

the shuttle

cars

onto

a feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

carry

the

coal

outside,

where

transported

the

preparation

plant and load-out via overland conveyor.

The Lower War

Eagle Mine is an operating

facility; all necessary infrastructure

and utilities are

in place.

All necessary

permits have

been obtained.

Estimated

expenditures

for

site closure

and reclamation

are included

in the financial

model for

this site.

Expected annual production

averages

approximately

617,000

marketable

tonnes.

The

mine

scheduled

terminate

during 2033.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.4.1.3

Eagle No. 1/Toney

Fork #1

The Eagle No. 1

(Toney Fork #1) Mine is an

active mine in

the Eagle (No. 2

Gas Lower) seam with

three

production

sections.

This

mine

metallurgical

coal

operation

leased

mineral

property and is accessed via drift entries from the outcrop.

Production is scheduled for approximately 242 days each

year, which represents production on

Monday through Friday.

On each day, three production sections are scheduled

to produce coal

on two

shifts; the

third shift

is reserved

for

maintenance

and mine

conveyor

belt and

power

moves.

All sections

are full

super sections

with two

continuous miners per

section.

Productivity

is planned at the rate of 73.5 meters of advance per shift (87.5 meters of retreat)

for the super

sections.

A total of 176 employees are assigned to the mine.

The

principal

production

equipment

per

section

includes

two

continuous

miners,

two

roof

bolters, four shuttle cars,

and two scoops.

Coal is extracted from the production face

with the

continuous miner

and hauled

to the

mine conveyor

in shuttle

cars.

At the

conveyor

belt, the

coal is

discharged onto

a feeder

breaker

for transfer

onto the

conveyor.

The conveyors

carry

the coal outside, where it is

stacked on the ground

to await truck transport

to the preparation

plant and load-out.

The

Eagle

No.

Mine

operating

facility;

all

necessary

infrastructure

and

utilities

are

place.

All necessary permits have been obtained; the underground footprint area expansion

pending

final

approval.

Estimated

expenditures

for

mine

closure

and

site

reclamation

are

included in the financial model.

Expected annual production averages approximately

684,000 marketable tonnes.

The mine is scheduled to terminate during 2040.

13.4.1.4

Muddy Bridge

The Muddy Bridge

Mine is an

active mine in

the Eagle (No.

2 Gas Lower)

seam.

This mine is a

metallurgical

coal operation

on leased

mineral property

and is

accessed via

drift entries

from

the outcrop.

Production is scheduled for approximately 242 days each

year, which represents production on

Monday through Friday.

On each day,

two production sections are

scheduled to produce coal

on two

shifts; the

third shift

is reserved

for

maintenance

and mine

conveyor

belt and

power

moves.

The sections are configured as

full super sections with

two continuous miners available

for production

on each section.

Productivity is planned

at the rate

of 72.3 meters

of advance

and retreat per shift of operation.

A total of 122 employees are assigned to the mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and two

scoops

for

each operating

section.

Coal is

extracted

from the

production

face

with the continuous

miner and hauled to

the mine conveyor

via shuttle cars.

At the conveyor

belt, the coal

is discharged from

the haulage units onto

a feeder breaker

for transfer

onto the

conveyor.

The conveyors

carry the

coal to

the outside,

where

it is

stacked

on the

ground to

await truck transport

to the Lower

War Eagle

mine for placement

onto the overland

conveyor

leading to the preparation plant and load-out.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The Muddy Bridge

Mine is an operating

facility; all necessary

infrastructure and

utilities are in

place.

All necessary permits have been obtained.

Coal mining permits are routinely obtained.

Estimated

expenditures

for

mine

closure

and

site

reclamation

are

included

the

financial

model.

Expected

annual

production

averages

approximately

691,000

marketable

tonnes

steady

state production levels.

The mine is scheduled to terminate during 2028.

13.4.1.5

Elklick Chilton

The proposed Elklick Chilton Mine is scheduled to begin production in 2028.

The Chilton seam

accessed

via

drift

entry.

The

seam

above

drainage.

This

mine

projected

metallurgical coal operation on leased mineral

property.

Production is scheduled for approximately 265 days each

year, which represents production on

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

scheduled to produce

coal on two

shifts; the third

shift is reserved

for maintenance

and mine

conveyor

belt

and

power

moves.

The

section

configured

full

super

section

with

two

continuous miners

available for

production on the section.

Productivity is planned at

the rate

73.2

meters

advance

(109.8

meters

retreat)

per

shift

operation.

total

employees are assigned to the mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and two

scoops.

Coal is

extracted

from

the production

face

with the

continuous miner

and hauled to the

mine conveyor

via shuttle cars.

At the conveyor

belt, the coal is

discharged

from the

haulage units

onto a

feeder

breaker

for transfer

onto the

conveyor.

The conveyors

carry

the

coal

outside,

where

stacked

the

ground

await

truck

transport

the

preparation plant and load-out.

The Elklick Chilton mine is a permitted mine with

surface infrastructure in place.

The proposed

mine

located

area

with

long

history

coal

mining,

with

numerous

permitted

operations

in close

proximity.

Estimated

expenditures

for

mine closure

and site

reclamation

are included in the financial model.

Expected

annual

production

averages

approximately

301,000

marketable

tonnes

steady

state production levels.

The mine is scheduled to begin production in 2028 and terminate during 2040.

13.4.1.6

Camp Branch Chilton

The Camp Branch Chilton Mine is proposed mine

in the Chilton seam which is

accessed via drift

entry

from

the

outcrop

and

scheduled

begin

production

2027.

This

mine

metallurgical coal operation on leased mineral

property.

Production is scheduled for approximately 265 days each

year, which represents production on

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

scheduled to produce

coal on two

shifts; the third

shift is reserved

for maintenance

and mine

conveyor

belt

and

power

moves.

The

section

configured

full

super

section

with

two

continuous miners

available for

production on the section.

Productivity is planned at

the rate

73.2

meters

advance

(109.8

meters

retreat)

per

shift

operation.

total

employees are assigned to the mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and two

scoops.

Coal is

extracted

from

the production

face

with the

continuous miner

and hauled to the

mine conveyor

via shuttle cars.

At the conveyor

belt, the coal is

discharged

from the

haulage units

onto a

feeder

breaker

for transfer

onto the

conveyor.

The conveyors

carry

the

coal

outside,

where

stacked

the

ground

await

truck

transport

the

preparation plant and load-out.

Due

the

projected

starting

date

for

the

Camp

Branch

Chilton

Mine,

detailed

design

infrastructure

or surface

facilities has

been completed

to date.

The proposed

mine is located

in the Appalachian Basin,

which has an

extensive history

(>100 years) of

coal mining.

There is

a sufficient population base

within commuting distance of

the proposed operation; no Camp or

Town

construction will be required.

Estimated mine access and utility capital expenditures are

included in the financial model for the mine.

The proposed

Camp Branch

Chilton Mine

has an

existing permit.

Estimated

expenditures for

mine closure and site reclamation are included in the financial model.

Expected

annual

production

averages

approximately

321,000

marketable

tonnes

steady

state production levels.

The mine is scheduled to begin production in 2027 and terminate during 2032.

13.4.1.7

Lower Winifrede

The Lower Winifrede Mine

is a proposed mine

in the Lower Winifrede

seam which is accessed

via drift

entry from

the outcrop

and is

scheduled to

begin production

in 2033.

This mine

is a

metallurgical coal operation on leased mineral

property.

Production is scheduled for approximately 242 days each

year, which represents production on

Monday through Friday.

On each day,

two production sections are

scheduled to produce coal

on two

shifts; the

third shift

is reserved

for

maintenance

and mine

conveyor

belt and

power

moves.

The sections are configured as

full super sections with

two continuous miners available

for production

on each section.

Productivity is planned

at the rate

of 64.0 meters

of advance

per shift of operation.

A total of 122 employees are assigned to the mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and

two

scoops

for

each

section.

Coal

extracted

from

the

production

face

with

the

continuous miner and

hauled to the mine

conveyor via

shuttle cars.

At the conveyor

belt, the

coal is discharged from the haulage units onto a feeder breaker for transfer onto the conveyor.

The conveyors carry the coal outside,

where it is stacked on

the ground to await truck

transport

to the preparation plant and load-out.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Due

the

projected

starting

date

for

the

Lower

Winifrede

Mine,

detailed

design

infrastructure

or surface

facilities has

been completed

to date.

The proposed

mine is located

in the Appalachian Basin,

which has an

extensive history

(>100 years) of

coal mining.

There is

a sufficient population base

within commuting distance of

the proposed operation; no Camp or

Town

construction will be required.

Estimated mine access and utility capital expenditures are

included in the financial model for the mine.

The mine is scheduled to begin production in 2033 and terminate during 2038.

13.4.1.8

Upper Winifrede

The

proposed

Upper

Winifrede

Mine

scheduled

begin

production

2036.

The

Upper

Winifrede seam is accessed via

a proposed drift along the

outcrop.

This mine is projected to be

a metallurgical coal operation on leased mineral property.

Production is scheduled for approximately 265 days each

year, which represents production on

Monday

through

Friday

plus

every

other

Saturday.

each

day,

one

production

section

scheduled to produce

coal on two

shifts; the third

shift is reserved

for maintenance

and mine

conveyor

belt

and

power

moves.

The

section

configured

full

super

section

with

two

continuous miners

available for

production on the section.

Productivity is planned at

the rate

of 73.2 meters

of advance per

shift of operation

A total

of 59 employees

are assigned to

the

mine.

Principal production equipment includes two continuous miners, two roof bolters, four

shuttle

cars,

and two

scoops.

Coal is

extracted

from

the production

face

with the

continuous miner

and hauled

to the

mine conveyor

in shuttle

cars.

At the

conveyor

belt, the

coal is

discharged

from the shuttle

cars onto a

feeder breaker for transfer onto the

conveyor.

The conveyors carry

the coal outside, where it is

stacked on the ground

to await truck transport

to the preparation

plant and load-out.

Due

the

projected

starting

date

for

the

Upper

Winifrede

Mine,

detailed

design

infrastructure

or surface

facilities has

been completed

to date.

The proposed

mine is located

in the Appalachian Basin,

which has an

extensive history

(>100 years) of

coal mining.

There is

a sufficient population base

within commuting distance of

the proposed operation; no Camp or

Town

construction will be required.

Estimated mine access and utility capital expenditures are

included in the financial model for the mine.

Due

the

projected

start-up

date

the

Upper

Winifrede

Mine,

permit

work

has

been

completed to date.

The proposed mine is located in an area with a long history of coal mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained.

Estimated

expenditures

for

mine closure

and

site

reclamation

are

included in

the

financial model for each mine or plant site.

Expected

annual

production

averages

approximately

464,000

marketable

tonnes

steady

state levels.

The mine is scheduled to begin production in 2036 and terminate during 2039.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

13.4.1.9

Lower Powellton

The

proposed

Lower

Powellton

Mine

scheduled

begin

production

2032.

The

Lower

Powellton

seam is

accessed via

a proposed

drift along

the outcrop.

This mine

is projected

be a metallurgical coal operation on leased mineral property.

Production is scheduled for approximately 265 days each

year, which represents production on

Monday through

Friday plus every

other Saturday.

On each day,

two production

sections are

scheduled to produce

coal on two

shifts; the third

shift is reserved

for maintenance

and mine

conveyor

belt

and

power

moves.

Both

sections

are

configured

super

section

with

two

continuous miners per section available for production.

Productivity is planned at 73.2 meters

of advance

per shift

(85.4 meters

of retreat

per shift).

A total

of 122

employees are

assigned

to the mine during steady state production.

Principal production equipment per

section includes two continuous

miners, two roof

bolters,

four

shuttle

cars,

and

one

scoop.

Coal

extracted

from

the

production

face

with

the

continuous miner

and hauled

to the

mine conveyor

in shuttle

cars.

At the

conveyor

belt, the

coal is discharged

from the

shuttle cars

onto a feeder

breaker for

transfer onto

the conveyor.

The conveyors carry the coal outside,

where it is stacked on

the ground to await truck

transport

to the preparation plant and load-out.

Due

the

projected

starting

date

for

the

Lower

Powellton

Mine,

detailed

design

infrastructure

or surface

facilities has

been completed

to date.

The proposed

mine is located

in the Appalachian Basin,

which has an

extensive history

(>100 years) of

coal mining.

There is

a sufficient population base

within commuting distance of

the proposed operation; no Camp or

Town

construction will be required.

Estimated mine access and utility capital expenditures are

included in the financial model for the mine.

Due

the

projected

start-up

date

the

Lower

Powellton

Mine,

permit

work

has

been

completed to date.

The proposed mine is located in an area with a long history of coal mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained.

Estimated

expenditures

for

mine closure

and

site

reclamation

are

included in

the

financial model for each mine or plant site.

Expected

annual

production

averages

approximately

501,000

marketable

tonnes

steady

state levels.

The mine is scheduled to begin production in 2032 and terminate during 2042.

13.4.2

Surface Mines and Highwall Miners

Three

surface

resource

areas were

modeled.

Mining operations

are projected

to utilize

area

mining

well

contour

mining

(

CTR

)

methods

with

emphasis

creating

highwall

for

highwall

mining

activity.

The

projected

operations

will

employ

recently

acquired

Komatsu

PC2000

hydraulic

backhoe

and

Caterpillar

993K

front-end

loader

capable

combined

production

rate

approximately

1,162

bank

cubic

meters

per

hour

(

bcm/hr

)

with

supplemental assistance of 6 dozers that can generate approximately an additional 700

bcm/hr

providing their

spoil placement

does not

interfere

with planned

highwall mining

activity.

The

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

front-end loader is

not expected to

contribute to production

until late 2024.

Dozer contribution

is expected to be limited to contours that have

lower benches available for placement of spoil.

encourage its usage, contour and highwall mining activity is generally expected to be mined

from

lower

upper

seams.

Larger

area

mining

boundaries

offer

greater

opportunities

for

dozers

contribute

production.

Since

the

majority

the

mining

boundaries

during

the

initial

budget

years

are

primarily

contours,

dozers

will

supplement

production

periodic

basis.

They,

however,

will

likely

also

used

help

feed

machines

and

reclaim

highwalls

when

not

directly

contributing

production.

The

potential

production

level

combined machines is

not projected to be

achieved until 2025.

Sufficient reserves allow mining

to continue to the year 2055.

The

models assume

that the

operations

will

work two,

10-hour production

shifts, 5

days

per

week

plus

every

other

Saturday,

with

sufficient

staffing

float

vacation

during

the

year.

total of 86 employees are assumed for

the surface mines at full production.

It is assumed that

most of the spoil movement goes through a shovel or loader bucket and is eventually returned

to the pit for final reclamation.

The dozer’s primary responsibility is cutting the initial benches

for the drill and shaping the reclaimed contour highwall.

All highwall mining is assumed to

be performed by a contractor

The contractor is responsible

for staffing

those operations

along with providing

necessary equipment capital.

One highwall

miner will be used

until 2028 then

an additional highwall miner

will be introduced

in 2029.

2044,

third

highwall

miner

will

introduced

keep

the

miners

proximity

the

surface mining activity.

Spoil for

final highwall

reclamation

is expected

to come

from

strategic

placement of

spoil on

pre-existing

benches

haul

trucks

such

that

they

are

within

the

push

distance

the

reclamation dozer.

13.4.2.1

Toney

Fork

Toney

Fork surface

mining operations

are projected

to be

completed

in 2055,

with emphasis

placed

preparing

space

for

HWM

operations.

Expected

production

for

the

operations

averages approximately

234,000 marketable tonnes annually.

The Toney

Fork HWM

is projected

to be

completed

in 2056

and mines

an additional

176,000

marketable tonnes annually at steady

state levels.

13.4.2.2

Buffalo Creek South

The

Buffalo

Creek

South

surface

and/or

HWM

mining

operations

are

projected

operate

between

2024

and

2055,

with

emphasis

placed

preparing

space

for

HWM

operations.

Expected

surface

production

for

the

operations

totals

approximately

245,000

marketable

tonnes

annually at

steady state

levels.

The Buffalo

Creek HWM

mines an

additional 212,000

marketable tonnes annually at steady state

levels.

13.4.2.3

Sugar Camp

Sugar Camp surface mining operations are projected to

be mined from 2029

to 2055.

Expected

production for the operations averages

approximately 189,000 marketable

tonnes annually.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The Sugar Camp HWM operates from 2029 to

2056 and mines an

additional 47,000 marketable

tonnes per year.

As shown in

Tables 13-1 through 13-3

, the areas planned for underground production continue

until 2044, whereas

surface and auger/HWM

production is projected

to finish in

2055 and

2057,

respectively.

Clean

coal

production

varies

directly

with

coal

thickness

the

case

the

underground mines, and overburden removal for

the surface mines.

Table 13-1:

Underground Summary of Production by Year (Tonnes

x 1,000)

Mine Name

2024

2025

2026

2027

2028

2029

2030

2031

Camp Br Chilton

361

366

Ramaco N2G

Eagle No. 1 (Toney

Fork)

665

682

647

669

619

774

679

556

Elk Lick Chilton

227

252

275

Lower Powellton

Lower War Eagle

453

467

483

464

492

630

664

687

Powellton No. 1

151

171

165

158

230

232

231

Muddy Br No.2 Gas

636

575

581

518

403

Lower Winifrede

Upper Winifrede

Winifrede (Chilton Rider)

Total

1,905

1,895

1,876

1,817

1,673

1,900

2,188

2,114

Mine Name

2032

2033

2034

2035

2036

2037

2038

2039

Camp Br Chilton

324

283

235

Ramaco N2G

274

Eagle No. 1 (Toney

Fork)

773

713

674

611

645

636

676

580

Elk Lick Chilton

285

277

292

247

298

346

360

313

Lower Powellton

101

466

508

496

504

507

Lower War Eagle

678

711

Powellton No. 1

232

231

227

214

219

216

214

210

Muddy Br No.2 Gas

Lower Winifrede

396

545

491

266

247

146

Upper Winifrede

412

567

361

Winifrede (Chilton Rider)

Total

2,292

2,612

2,075

2,030

2,349

2,509

2,337

1,982

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mine Name

2040

2041

2042

2043

2044

2045

2046

2047

Camp Br Chilton

Ramaco N2G

291

265

268

271

Eagle No. 1 (Toney

Fork)

359

Elk Lick Chilton

319

317

Lower Powellton

508

507

510

704

284

Lower War Eagle

Powellton No. 1

209

Muddy Br No.2 Gas

Lower Winifrede

Upper Winifrede

Winifrede (Chilton Rider)

Total

1,687

1,089

777

975

358

Table 13-2:

Surface Summary of Production by Year (Tonnes

x 1,000)

Mine Name

2024

2025

2026

2027

2028

2029

2030

2031

Toney Fork Surf

233

Buffalo Cr South Area

470

593

625

591

725

174

Sugar Camp Area 1

188

Total

470

593

625

591

725

595

Mine Name

2032

2033

2034

2035

2036

2037

2038

2039

Toney Fork Surf

233

240

239

238

239

Buffalo Cr South Area

174

178

177

Sugar Camp Area 1

188

193

192

191

192

Total

595

607

609

607

608

Mine Name

2040

2041

2042

2043

2044

2045

2046

2047

Toney Fork Surf

239

238

239

240

Buffalo Cr South Area

178

177

178

Sugar Camp Area 1

192

191

192

193

Total

609

607

608

609

611

Mine Name

2048

2049

2050

2051

2052

2053

2054

2055

Toney Fork Surf

239

238

240

239

164

208

Buffalo Cr South Area

178

177

178

Sugar Camp Area 1

192

191

193

192

134

Total

609

607

610

609

476

288

Table 13-3:

Highwall Summary of Production by Year (Tonnes

x 1,000)

Mine Name

2024

2025

2026

2027

2028

2029

2030

2031

Toney Fork HWM

138

Buffalo Cr South HWM

168

208

201

119

179

Sugar Camp HWM

Total

168

208

201

119

355

Mine Name

2032

2033

2034

2035

2036

2037

2038

2039

Toney Fork HWM

138

142

141

142

Buffalo Cr South HWM

179

184

183

Sugar Camp HWM

Total

355

359

365

364

363

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mine Name

2040

2041

2042

2043

2044

2045

2046

2047

Toney Fork HWM

142

213

212

213

214

Buffalo Cr South HWM

184

270

269

270

Sugar Camp HWM

Total

364

435

540

539

540

541

Mine Name

2048

2049

2050

2051

2052

2053

2054

2055

Toney Fork HWM

213

212

214

213

193

Buffalo Cr South HWM

271

270

269

271

270

Sugar Camp HWM

Total

541

539

538

540

541

540

521

Mine Name

2056

2057

2058

2059

2060

2061

2062

2063

Toney Fork HWM

138

Buffalo Cr South HWM

247

Sugar Camp HWM

Total

437

Processing and Recovery Methods

14.1

Description or Flowsheet

The

Logan

County

Division includes

the

Saunders Preparation

Plant

in addition

to the

mines.

The

plant

site

includes

raw

coal

storage,

clean

coal

storage,

railroad

loadout,

and

refuse

disposal

area.

The

plant

has

feed

rate

capacity

1,088

raw

tonnes

per

hour.

Primary

separation

equipment

includes

heavy

media

vessel,

heavy

media

cyclones,

classifying

cyclones,

spirals,

flotation

cells,

and

column

flotation,

supported

the

requisite

screens,

centrifuges,

vacuum

filters,

sumps, pumps,

and distribution

systems.

Coarse

and fine

refuse

are disposed separately in an adjacent refuse area which incorporates

slurry cells.

Processes and equipment are typical of those used in the coal industry and are

in use in nearly

all plants in the Central Appalachian Basin.

14.2

Requirements for Energy,

Water,

Material and Personnel

Personnel have

historically been sourced

from the surrounding

communities in Logan,

Boone,

Wyoming,

and Mingo

counties, and

have

proven

to be

adequate

in numbers

to operate

past

and current

mines.

As mining is common

in the surrounding

areas, the workforce

is generally

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

miners.

Water

is sourced locally

from Buffalo

Creek Public Service District

and/or locally from

streams

via water

withdrawal permits,

and electricity is

sourced from

AEP.

The service industry

in the

areas surrounding the mine complex

has historically provided supplies, equipment

repairs and

fabrication, etc.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Infrastructure

The

Coronado-owned

Saunders

Preparation

Plant

services

the

mines.

The

ROM

coal

delivered from the Lower War Eagle Mine via overland conveyor, all remaining production is or

will be delivered to the plant site by truck.

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

As an active operation, the necessary support infrastructure for

Logan is in place.

As new areas are developed, the infrastructure requirements will change.

These changes have

been considered in the LOM plans and financial model.

few

the

seams

lie

below

drainage;

however,

substantial

number

metallurgical

coal

seams are situated above drainage.

The underground mining resource areas which are located

above-drainage

require

access

road

and

mine

access

development

along

the

outcrop,

whereas

below-drainage

mines are

accessed based

on other

proposed

surface

infrastructure

locations

and/or

surface

property

control.

some

cases,

the

access

and

face-up

may

developed as part of surface mining activities.

A mine transformer and water

tank are located

the

face-up,

along with

the

mine fan,

stacker

conveyor,

supply

facilities,

shop,

office,

and

bath house.

The surface mining mobile equipment spreads advance the contour and area mining pits while

systematically

reclaiming the trailing

side of pits where

coal has been removed.

The coal haul

roads

are

extended

and

maintained

the

pits

advance.

Support

facilities

are

maintained

nearby but away from the active mining, and

include storage areas for blasting agents, fuel and

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

The

HWM

equipment

advances

along

with

the

contour

mining

pits.

The

rate

advance

contour

mining

somewhat

constrained

the

advancement

rate

the

HWM.

diesel-

powered

generator

trails

the

highwall

miner

and powers

the

continuous

mining

unit.

Other

support facilities are provided along with the contour mining support facilities.

A map of the existing facilities in

Figure 15-1

shows the layout of the required infrastructure.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 15-1:

Logan Surface Facilities

Market Studies

16.1

Market Description

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

detail

MM&A.

The

drill

hole

data

was

utilized

develop

average

coal

quality

characteristics for the mining site.

These average coal quality characteristics were then utilized

the

basis

for

determining

the

various

markets

into

which

the

saleable

coal

will

likely

placed.

The projected quality specifications for the Logan products

are as shown in

Table 16-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 16-1:

Quality Specifications by Product

HVA

HVB

Thermal

(A/R)

Moisture (%)

7.50

8.00

7.50

Ash (%)

7.50

8.00

12.50

Sulfur (%)

0.90

0.95

1.00

Volatile Matter (%)

32.5

37.0

36.0

Btu/lb.

N/A

12,300

Fluidity (ddpm)

30,000

25,000

N/A

MMR (%)

1.04

0.93

N/A

CSR

N/A

FSI

8.00

N/A

Note:

All Specs are dry basis except Moisture and Thermal

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

16.2

Price Forecasts

Coronado

provided

MM&A

with

price

forecasts

for

the

various

coal

markets

supplied

its

active

and

future

operations

terms

2024

(January)

real

dollars.1

MM&A

applied

annual inflation

rate

to the

Coronado price

forecast

in order

to estimate

revenues in

nominal

dollars.

Customer

coal pricing

is derived

from

market

observed

forward

estimates

based

global economic supply

and demand analysis

which is applied to

mine plan sales volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges, ocean

freight

charges and

port charges.

MM&A utilized

this data

for

price forecasting in financial modeling.

Concurrent with aforementioned-quality parameters in

the

preceding

section,

production

from

the

proposed

operations

assumed

primarily

sold in metallurgical markets with

limited thermal sales.

Pricing was provided through

calendar

year

2057.

The

pricing

data

assumes

respective

HVA,

HVB

and

thermal

FOB-mine

prices

approximately $162,

$144, and $120 per metric

tonne for calendar

year 2024.

HVA, HVB,

and

thermal prices respectively decrease

to approximately

$161, $143, and $114 per

metric tonne

through year

2026, and then increase

to $308, $273,

and $212 per metric

tonne through

year

2057.

16.3

Contract Requirements

Some contracts are necessary for successful marketing

of the coal.

For Logan, since all mining,

preparation and marketing is done in-house, the remaining

contracts required are:

1 The

Coronado pricing

forecast

was provided

to MM&A

in real

2024 (January)

dollars based

on Coronado’s internal budget sales pricing

for the first 5

years of the forecast.

Beyond the first

5 years, Coronado’s

forecast is based

on sales price information

from AME Group

adjusted for

transportation costs to an FOB Mine basis.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Transportation

– The

Mine contracts

with the

CSX Railroad

to transport

the coal

to either

the

domestic

customers

the

Pier

and

Dominion

terminals

Norfolk,

Virginia

for

overseas shipment.

Sales

– Sales contracts are a

mix of spot

and contract sales.

With the volatility

of the market,

long-term contracts are not typically written.

Environmental Studies, Permitting and Plans,

Negotiations or Agreements with Local

Individuals

17.1

Results of Studies

MM&A

completed

Limited

Phase

Environmental

Site

Assessment

(

ESA

)

the

Logan

Property in May

2017 on behalf of

Coronado.

Coronado reports not

having conducted

such a

study

since

the

MM&A

studies.

The

ESA

completed

MM&A

included

site

inspection,

review

historical

records,

database

State

and

Federal

regulatory

records

and

interviews

identify

potential

recognized

environmental

conditions

(

RECs

)

that

may

create

environmental

liability for

the sites.

MM&A concluded

that no

long-term liabilities

existed at

the time of these ESAs.

Based

these

former

ESAs

completed

MM&A,

the

QPs’

opinion

that

Logan

has

generally typical coal

industry record of compliance

with applicable mining, water quality,

and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

monitoring

during site reclamation, are included in the financial models.

17.2

Requirements and Plans for Waste

Disposal

The original design for

the North Fork Refuse Area

(

North Fork

) at the Logan Property projected

crest

elevation

686

meters.

The

present

elevation

the

deck

±685meters.

2018

MSHA approved an expansion

plan to raise the

cross-valley crest

to elevation 802

meters, and

from there converting to a sidehill fill.

This will allow for a total volume of 50 million CM which

would be

sufficient capacity

for

all the

refuse generated

by the

LOM plan

that underpins

the

current Logan County Division

reserves.

Further plans

for the North

Fork site call

for conversion

of the

fill to

a total

cross-valley

configuration,

predicated

on completion

of surface

mining on

the ridge between

North Fork

and Middle

Fork.

This has

the potential of

providing an additional

10 million CM of capacity.

17.3

Permit Requirements and Status

All mining operations are subject to federal and state

laws and must obtain permits to operate

mines,

coal

preparation

and

facilities,

haul

roads,

and

other

incidental

surface

disturbances necessary for mining

to occur.

Permits generally require

that the permittee

post

a performance bond in an amount established by the regulatory program to provide assurance

that

any

disturbance

liability

created

during

mining

operations

properly

restored

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

approved

post-mining

land

use and

that

all

regulations

and requirements

the permits

are

fully satisfied before

the bond is

returned to

the permittee.

Significant penalties exist

for any

permittee

who

fails

meet

the

obligations

the

permits

including

cessation

mining

operations, which can lead to potential forfeiture of the bond.

Any company,

and its directors,

owners and

officers, which

are subject to

bond forfeiture

can be denied

future permits under

the program.2

New

permits

or permit

revisions

will occasionally

necessary to

facilitate

the

expansion

addition of

new mining

areas on

the properties,

such as

amendments to

existing permits

and

new permits for

mining of

reserve areas.

Exploration permits also

are required.

Property under

lease includes

provisions for exploration among

the terms of

the lease.

New or modified

mining

permits are

subject to

a public

advertisement process

and comment

period, and

the public

provided an

opportunity to raise

objections to any

proposed mining

operation.

MM&A is not

aware

of any

specific prohibition

of mining

on the

subject property

and given

sufficient time

and planning, Coronado

should be able

to secure

new permits to

maintain its

planned mining

operations within the context of current regulations.

Necessary permits are in

place to support

current production on the

properties, but future permits are

required to maintain

and expand

production.

Portions

the

properties

are

located

near

local

communities.

Regulations

prohibit mining activities within 91.4 meters of a residential dwelling, school, church, or

similar

structure

unless

written

consent

first

obtained

from

the

owner

the

structure.

Where

required, such consents

have been obtained

where mining is

proposed beyond the

regulatory

limits.

Coronado has

obtained all

mining and discharge

permits to

operate its

mines and processing,

loadout or related facilities.

MM&A is unaware of any obvious or current Coronado permitting

issues that

are expected

to prevent

the issuance of

future permits.

Logan, along

with all

coal

producers,

subject

level

uncertainty

regarding

future

clean

water

permits

due

United

States

Environmental

Protection

Agency

(

EPA

)

and

United

States

Fish

and

Wildlife

(

USFW

)

involvement with state

programs.

The Mining permits currently held by Logan are shown in

Table 17-1.

2 Monitored under the

Applicant Violator System (AVS) by the Federal Office

of Surface Mining.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 17-1:

Logan Mining Permits

Type

Permit ID

Permit Name

$ Bond

Current Status

Issued Date

Expiration Date

Hectares

NPDES

Other

O001984

North Fork Refuse

$1,033,200

Renewed

4/11/1984

4/11/2024

116.03

WV0095699

Other – Loadout Only

O009283

Elk Lick Dock

$33,000

Renewed

6/10/1983

6/10/2028

13.31

WV1023071

Other

O009883

Saunders Prep Plant

$223,200

Renewed

6/24/1983

6/24/2028

36.36

WV0095699

Other – Refuse Disposal

O012383

Middle Fork Refuse

$364,800

Renewed

9/27/1983

9/27/2028

46.13

WV0096156

Other – Loadout Only

O500513

Toney Fork Loadout

$32,000

Renewed

9/11/2014

9/11/2024

12.67

WV1028081

Other – Refuse Disposal

O501108

Elklick Branch Haulroad/Refuse

$15,000

Renewed

11/13/2008

11/13/2028

5.83

WV1029843

Coal Surface Mine

S500417

North Fork Winifrede Contour Mine

$78,000

Not Started

2/13/2018

2/13/2028

50.59

WV1028430

Coal Surface Mine

S500615

Toney Fork A-Ridge Surface Mine

$150,000

Phase 1 Released

2/24/2016

2/24/2026

15.8

WV1028278

Coal Surface Mine

S500709

Toney Fork Surface Mine No. 3

$2,625,000

Renewed

11/20/2013

11/20/2028

340.83

WV1019902

Coal Surface Mine

S501210

Toney Fork West Surface Mine

$1,660,000

Active Rec. Only

2/29/2012

12/7/2026

134.3

WV1024990

Coal Surface Mine

S501410

Elklick Surface Mine

$2,767,600

Renewed

8/16/2013

8/16/2028

328.42

WV1025015

Coal Surface Mine

S503395

TONEY FORK SURFACE #2

$5,605,000

Renewed

5/28/1998

5/22/2028

453.61

WV1016750

Coal Underground

U004485

Dingess Br. No. 1

Inactive

6/12/1985

PHII Released

4.05

WV1008340

Coal Underground

U400299

Paynter Branch Mine No. 1

$73,000

Renewed

4/5/2002

4/5/2027

10.01

WV1018728

Coal Underground

U500109

Chilton Deep Mine No. 1

$30,800

Inactive

1/31/2011

1/31/2026

5.53

WV1019821

Coal Underground

U500789

WA #1 Mine

Completely Released

7/31/1990

PHII Released

WV0096385

Coal Underground

U500919

North Fork Winifrede Deep Mine

$16,320

Active Rec. Only

3/3/2020

3/3/2025

3.58

WV1030990

Coal Underground

U501311

Eagle No. 1 Mine

$143,520

Renewed

5/20/2013

5/20/2028

20.68

WV1025139

Coal Underground

U502008

Dingess Br-Chilton Mine No. 2

$22,570

Phase 2 Released

10/10/2008

PHII Released

11.62

WV1029908

Coal Underground

U505392

ALMA NO. 1 MINE

$286,160

Renewed

3/3/1995

3/3/2025

39.43

WV1013408

Coal Underground

U506686

Camp Branch Deep Mine

$96,200

Rec., Chem. Water Treatment

1/26/1987

1/26/1997

26.24

WV0093122

Coal Surface Mine

S500615

Toney Fork A-Ridge Surface Mine

$80,000

Phase 1 Released

2/24/2016

2/24/2026

15.8

WV1028278

Coal Underground

U501015

CB Chilton #1 Mine

$10,600

Not Started

12/28/2016

12/28/2026

1.68

WV1028316

Coal Underground

U503496

Muddy Bridge Branch #1

$33,040

Renewed

8/4/1997

8/4/2027

5.46

WV1016954

Coal Underground

U503596

Muddy Bridge Branch #2

$65,520

Renewed

8/4/1997

8/4/2027

10.35

WV1016954

River Dock

810-8037

Big Sandy Dock

$222,200

Active

7/10/1986

7/10/2026

7.38

KYGE40032

Coal Surface Mine

S500422

Middle Fork Surface Mine

$571,200

Renewed

12/9/2022

12/9/2027

81.73

WV1031198

Coal Surface Mine

S500822

Elklick Contour Surface mine

$1,307,520

Not Started

2/27/2023

2/27/2028

182.45

WV1031228

Notes:

Permits containing refuse placement.

Does not include prospect permits.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

17.4

Local Plans, Negotiations or Agreements

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

or State Regulations.

17.5

Mine Closure Plans

Applicable

regulations

require

that

mines

properly

closed,

and

reclamation

commenced

immediately upon

abandonment.

In general,

site reclamation

includes removal

of structures,

backfilling, regrading,

and revegetation

of disturbed areas.

For surface

mines, the majority

the expense

for

backfilling and

regrading

is completed

as part

of ongoing

mining operations,

with only

reclamation of

final pits

and HWM benches

required at

end-of-mine life.

Sediment

control is required during the establishment of vegetation, and bond release generally requires

minimum

five-year

period

site

maintenance,

water

sampling,

and

sediment

control

following

mine completion.

This requirement

is reduced

to two

years

for

certain

operations

involving re

-mining.

Reclamation of

underground mines

includes closure

and sealing

of mine

openings such as portals and shafts in addition to the items listed above.

Estimated

costs for

mine closure,

including water

quality monitoring

during site

reclamation,

are included in

the financial models.

As with all mining

companies, an accretion

calculation is

performed

annually so

the necessary

Asset Retirement

Obligations

(

ARO

) can

shown as

Liability on the Balance Sheet.

17.6

Qualified Person’s Opinion

The Logan

complex is

an operating

facility; all

necessary permits

for

current production

have

been obtained.

The QPs

know

of no

reason that

any permits

revisions that

may be

required

cannot be obtained.

Estimated expenditures for site closure and reclamation are

included in the financial model for

this site.

Capital and Operating Costs

18.1

Capital Cost Estimate

The production sequence

selected for a

property must consider

the proximity

of each reserve

area to coal preparation plants, river docks and railroad loading points, along with suitability of

production equipment to coal seam conditions.

The in-place infrastructure was evaluated, and

any

future

needs

were

planned

level

suitable

for

Preliminary

Feasibility

Study

and

included in the Capital Forecast.

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Logan.

MM&A’s capital schedules assume

that major

equipment rebuilds occur

over the

course of

each

machine’s

remaining

assumed operating

life.

Replacement

equipment was

scheduled

based

MM&A’s

experience

and

knowledge

mining

equipment

and

industry

standards

with

respect to the useful life of such equipment.

As one mine is depleted, the equipment is moved

to its replacement.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

A summary of the estimated capital for the Property is provided

Figure 18-1

below.

Figure 18-1:

CAPEX

18.2

Operating Cost Estimate

Coronado

provided

historical

and

preliminary

5-year

projection

operating

costs

for

MM&A’s review.

MM&A used the

historical and/or budget cost information as a

reference and

developed a personnel schedule for the mine.

Hourly labor rates and salaries

were based upon

information contained in Coronado’s financial summaries.

Fringe benefit costs

were developed

for

vacation

and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation and

pneumoconiosis, casualty

and life

insurance, healthcare and

bonuses.

A cost

factor

for

mine

supplies

was

developed

that

relates

expenditures

mine

advance

rates

for

roof

control

costs

and

other

mine

supply

costs

experienced

underground

mines.

Other

factors were developed for maintenance

and repair costs,

rentals, mine power, outside services

and other direct mining costs.

Other cost factors

were developed for

coal preparation plant processing,

refuse handling, coal

loading, property

taxes,

and insurance

and bonding.

Appropriate royalty

rates were

assigned

for production from leased

coal lands and

sales taxes were calculated for state severance taxes,

the federal black lung excise tax,

and federal and state reclamation

fees.

Mandated Sales Related Costs such as Black Lung Excise are

summarized in

Table 18-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 18-1:

Estimated Coal Production Taxes

and Sales Costs

Description of Tax or Sales Cost

Basis of Assessment

Cost

Federal Black Lung Excise Tax

– Underground

Per Tonne

$1.21

Federal Black Lung Excise Tax

– Surface

Per Tonne

$0.61

Federal Black Lung Excise Tax

– Highwall Miner

Per Tonne

$0.61

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Federal Reclamation Fees – Surface

Per Tonne

$0.31

Federal Reclamation Fees – Highwall Miner

Per Tonne

$0.31

West Virginia Reclamation Tax

– Underground

Per Tonne

$0.308

West Virginia Reclamation Tax

– Surface

Per Tonne

$0.308

West Virginia Reclamation Tax

– Highwall Miner

Per Tonne

$0.308

West Virginia Severance Tax

Percentage of Revenue

1 to 5%

Royalties – Underground

Percentage of Revenue

5 to 8.5%

Royalties – Surface

Percentage of Revenue

Royalties – Highwall Miner

Percentage of Revenue

Notes: 1. Federal

black lung excise

tax is

paid only on

coal sold domestically.

MM&A estimated a

weighted average

black

lung excise tax of $0.66 per tonne in the economic analysis below.

A summary of the projected Operating Costs is in

Table 18-2

Table 18-2:

Logan Operating Costs

Total

YE 12/31

2024

YE 12/31

2025

YE 12/31

2026

YE 12/31

2027

YE 12/31

2028

YE 12/31

2029

YE 12/31

2030

YE 12/31

2031

Remaining

LOM

Average

ROM Production

Tonnes

136.5

6.6

7.1

7.0

7.1

6.8

6.2

6.8

6.9

3.2

Yield

51.72%

38.35%

37.78%

38.86%

35.51%

35.18%

45.80%

46.02%

44.48%

59.43%

Saleable Production

Tonnes

70.6

2.5

2.7

2.5

2.4

2.9

3.1

1.9

Thermal Tonnes

4.69

0.14

0.18

0.19

0.18

0.22

0.14

0.13

Domestic Met Tonnes

65.90

2.40

2.52

2.51

2.35

2.18

2.71

3.00

2.92

1.74

Export Met Tonnes

Total Saleable Tonnes

70.59

2.54

2.70

2.53

2.40

2.85

3.14

3.06

1.9

Cash Costs per Tonne:

Mining Costs

$84.51

$77.01

$75.72

$76.41

$82.69

$85.48

$73.27

$73.73

$77.23

$87.70

Processing and

Transport

$19.71

$19.17

$19.99

$20.15

$22.12

$22.53

$18.41

$18.66

$19.66

$19.59

Sales Related Costs

$20.25

$16.61

$15.80

$14.76

$14.89

$15.59

$17.01

$17.89

$18.20

$21.97

G&A

$3.30

$3.49

$3.08

$3.29

$3.31

Total Cash Costs

$127.78

$116.28

$114.60

$114.39

$122.99

$126.90

$111.99

$113.59

$118.40

$132.57

* The Financial model includes

0.001 million tonnes of inferred

coal production.

Inferred coal represents

0.000001% of the total

production,

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

Economic Analysis

19.1

Assumptions, Parameters and Methods

A pre-feasibility LOM plan was prepared by MM&A for the Logan operations.

MM&A prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production

timing

was

carried

out

from

2024

depletion

(exhaustion)

the

coal

reserve

areas, which

is projected

for

the year

2057.

All costs

and prices

are based

on year-end

2023

nominal United States dollars.

The

Mine

plan,

productivity

expectations

and

cost

estimates

generally

reflect

historical

performance

Coronado

and

efforts

have

been

made

adjust

plans

and

costs

reflect

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

future conditions.

MM&A is confident

that the

mine plan and

financial model are

reasonably

representative to provide

an accurate estimation of coal reserves.

Capital

schedules

were

developed

MM&A

for

mine

development,

infrastructure,

and

on-

going capital requirements for

the life of

the mine.

Staffing levels were prepared,

and operating

costs estimated

by MM&A.

MM&A utilized

historical cost

data provided

by Coronado

and its

own knowledge and experience to estimate direct and indirect operating

costs.

The

preliminary

feasibility

financial

model,

prepared

for

this

TRS,

was

developed

test

the

economic viability of the coal reserve area.

The results of this financial model are

not intended

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.

All

costs

and

prices

are

based

year-end

2023

nominal

United

States

dollars

assuming

inflation rate.

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.

Direct costs include labor,

drilling and blasting, operating supplies, maintenance

and

repairs,

facilities

costs

for

materials

handling, coal

preparation,

refuse

disposal,

coal

loading,

sampling and

analysis services,

reclamation and general and

administrative costs.

Indirect costs

include statutory and

legally agreed upon fees

related to direct

extraction of the mineral.

The

indirect

costs

are

the

Federal

black

lung

tax,

Federal

and

State

reclamation

taxes,

property

taxes,

local

transportation

prior

delivery

rail

barge

sites,

coal

production

royalties,

sales and

use taxes,

income taxes

and State

severance taxes

Coronado’s

historical

costs provided a useful reference

for MM&A’s

cost estimates.

Sales

revenue

based

the

metallurgical

coal

price

information

provided

MM&A

Coronado.

Projected

debt

service is

excluded

from

the

P&L and

cash

flow

model

in order

determine

Enterprise Value.

The

financial

model

expresses

coal

sales

prices,

operating

costs,

and

capital

expenditures

current

day

dollars

without

adjustment

for

inflation.

Capital

expenditures

and

reclamation

costs

are

included

based

engineering

estimates

for

each

mine

year.

The

Coronado

division’s existing

allocations of administrative costs are

continued in the future projections.

Coronado will pay royalties for the various current and projected operations.

The royalty rates

vary by mining

method and location.

The royalty

rates for

Logan are

estimated to

be 5 to

of the sales revenue.

The projection model also includes consolidated income tax calculations at the Coronado level,

incorporating statutory

depletion calculations, as

well as state

income taxes,

and a federal

tax

rate of 21%.

To the extent the mine generates net operating losses for tax purposes, the losses

are

carried

over

offset

future

taxable

income.

The

terms

“cash

flows”

and

“project

cash

flows” used in this report refer to after tax

cash flows.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Consolidated cash flows are driven by annual sales tonnage, which at steady-state

level ranges

from

peak

3.6 million

tonnes

2033

low

0.4 million

tonnes

2056.

Projected

consolidated revenue

ranges from $116.9 million to

$638.2 million at a steady state.

Revenue

totals $13.0 billion for the project’s

life.

Consolidated cash flow from operations is positive throughout the projected operating

period,

with

the

exception

post-production

years,

due

end-of-mine

reclamation

spending.

Consolidated cash flow

from operations

peaks at $177.9 million

in 2033 and totals

$3.4 billion

over the

project’s life.

Capital expenditures

total $167.9 million

from 2024

through 2028

and

$1.2 billion over the project’s life.

Coal price forecasts for

coal products were prepared by Coronado for

its proposed operations.

Such prices were used for the revenue input into the financial model.

Sales variable costs such

as production royalties and severance taxes

were based upon the revenue input.

19.2

Results

The pre-feasibility financial model, prepared

by MM&A for this TRS, was developed

to test the

economic

viability

each

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

bankable

feasibility

study,

may

required

for

financing

any

current

future

mining

operations

contemplated

but

are

intended

prove

the

economic

viability of

the estimated

coal reserves.

Optimization of

the LOM

plan was

outside the

scope

of the engagement.

Figure 19-1

shows the annual variance

of cash costs

per ton.

Table

19-1

shows LOM

tonnage,

P&L, and EBITDA for Logan.

Figure 19-1:

Cash Costs per Tonne

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

As shown above, Logan’s

average cash cost

ranges between approximately

$114 and $168 per

tonne for most of the operating period.

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax

P&L

Per Tonne

EBITDA

Per Tonne

Deep Mines

Camp Br Chilton

1,607

$61,067

$38.00

$92,000

$57.24

Ramaco N2G

1,519

$38,659

$25.45

$84,549

$55.66

Eagle No. 1 (Toney

Fork)

10,962

$177,450

$16.19

$344,402

$31.42

Elk Lick Chilton

3,809

$184,040

$48.32

$250,250

$65.70

Lower Powellton

5,095

$216,991

$42.59

$328,684

$64.51

Lower War Eagle

5,731

$230,836

$40.28

$336,103

$58.65

Powellton No. 1

3,474

$37,743

$10.86

$142,820

$41.11

Muddy Br No.2 Gas

2,713

$43,531

$16.05

$83,882

$30.92

Upper Winifrede

1,438

$89,318

$62.11

$113,233

$78.74

Lower Winifrede

2,091

$83,351

$39.86

$118,042

$56.45

Winifrede (Chilton Rider)

$(1,302)

Consolidated Deep Mines

38,439

$1,161,684

$30.22

$1,892,665

$49.24

Surface Mines

Toney Fork Surf

6,313

$184,154

$29.17

$367,638

$58.23

Buffalo Cr South Area

7,673

$125,604

$16.37

$279,578

$36.44

Sugar Camp Area 1

4,912

$(11,563)

$(2.35)

$149,696

$30.47

Surface Mines Consolidated

18,899

$298,195

$15.78

$796,912

$42.17

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax

P&L

Per Tonne

EBITDA

Per Tonne

HWM Operations

Toney Fork HWM

4,919

$468,937

$95.33

$488,239

$99.25

Buffalo Cr South HWM

7,004

$624,409

$89.15

$648,796

$92.63

Sugar Camp HWM

1,328

$117,241

$88.27

$128,692

$96.90

HWM Consolidated

13,251

$1,210,588

$91.36

$1,265,728

$95.52

Grand Total

70,589

$2,670,467

$37.83

$3,955,305

$56.03

The

Financial model

includes 0.001 million

tonnes of

inferred

coal

production.

Inferred

coal represents

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

** The Winifrede (Chilton Rider) was depleted in the 4th quarter of 2023.

shown

Table

19-1,

the

Logan

Complex

shows

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated

operations

show

positive

LOM

P&L

and

LOM

EBITDA

$2.7 billion

and $4.0 billion,

respectively.

A summary

of the

key

financial performance

metrics projected

through 2031 is provided below in

Table 19-2

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-2:

Summary of Logan Key Financial Performance Metrics (2024-2031)

Total

12/31

2024

12/31

2025

12/31

2026

12/31

2027

12/31

2028

12/31

2029

12/31

2030

12/31

2031

Remaining

LOM

Average

ROM Production Tonnes

136.5

6.6

7.1

7.0

7.1

6.8

6.2

6.8

6.9

3.2

Yield

51.72%

38.35%

37.78%

38.86%

35.51%

35.18%

45.80%

46.02%

44.48%

59.43%

Saleable Production Tonnes

70.6

2.5

2.7

2.5

2.4

2.9

3.1

1.9

Thermal Tonnes

4.69

0.14

0.18

0.19

0.18

0.22

0.14

0.13

Domestic Met Tonnes

65.90

2.40

2.52

2.51

2.35

2.18

2.71

3.00

2.92

1.74

Export Met Tonnes

Total Saleable Tonnes

70.59

2.54

2.70

2.53

2.40

2.85

3.14

3.06

1.9

Cash Costs per Tonne:

Mining Costs

$84.51

$77.01

$75.72

$76.41

$82.69

$85.48

$73.27

$73.73

$77.23

$87.70

Processing and Transport

$19.71

$19.17

$19.99

$20.15

$22.12

$22.53

$18.41

$18.66

$19.66

$19.59

Sales Related Costs

$20.25

$16.61

$15.80

$14.76

$14.89

$15.59

$17.01

$17.89

$18.20

$21.97

G&A

$3.30

$3.49

$3.08

$3.29

$3.31

Total Cash Costs

$127.78

$116.28

$114.60

$114.39

$122.99

$126.90

$111.99

$113.59

$118.40

$132.57

EBITDA per Tonne

$56.03

$30.50

$32.54

$31.10

$24.70

$24.18

$48.98

$50.43

$49.16

$64.46

Expansion CapEx ($M)

Maintenance CapEx ($M)

$1,170.9

$50.1

$33.9

$40.0

$22.2

$21.7

$76.0

$58.4

$33.9

$32.1

Total CapEx

$1,170.9

$50.1

$33.9

$40.0

$22.2

$21.7

$76.0

$58.4

$33.9

$32.1

* The

Financial model includes

0.001 million tonnes of

inferred coal

production.

Inferred coal

represents 0.000001%

of the total

production, and

none of this coal was included in the estimate of reserves.

After Tax

Cash Flows were developed in

order to calculate the NPV

for this Property.

The NPV

is estimated to be $616.8 million at

a discount rate of 10.0%.

A summary of

the Logan after-tax

cash flow is shown in

Table 19-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-3:

Project Cash Flow Summary ($000)

YE12/31

Total

2024

2025

2026

2027

2028

Production & Sales tonnes

70,589

2,543

2,696

2,702

2,526

2,399

Total Revenue

$12,974,983

$373,206

$396,734

$393,101

$373,074

$362,422

EBITDA

$3,955,305

$77,551

$87,738

$84,030

$62,398

$58,012

Net Income

$2,228,588

$26,894

$36,861

$31,587

$14,764

$12,933

Net Cash Provided by Operating Activities

$3,424,770

$51,951

$77,858

$77,752

$62,427

$53,137

Purchases of Property, Plant, and Equipment

$(1,170,916)

$(50,053)

$(33,920)

$(40,038)

$(22,171)

$(21,683)

Net Cash Flow

$2,253,854

$1,897

$43,938

$37,714

$40,256

$31,454

YE12/31

2029

2030

2031

2032

2033

2034

Production & Sales tonnes

2,850

3,138

3,064

3,243

3,562

3,025

Total Revenue

$458,804

$514,757

$513,368

$553,202

$619,064

$522,816

EBITDA

$139,605

$158,273

$150,615

$185,698

$215,324

$154,820

Net Income

$79,578

$89,148

$85,572

$111,984

$132,364

$84,624

Net Cash Provided by Operating Activities

$106,155

$135,115

$135,231

$153,748

$177,944

$149,613

Purchases of Property, Plant, and Equipment

$(76,046)

$(58,438)

$(33,904)

$(37,120)

$(64,965)

$(78,661)

Net Cash Flow

$30,109

$76,677

$101,328

$116,628

$112,979

$70,953

YE12/31

2035

2036

2037

2038

2039

2040

Production & Sales tonnes

2,996

3,323

3,481

3,308

2,953

2,659

Total Revenue

$527,811

$597,215

$638,225

$618,446

$562,910

$517,016

EBITDA

$133,825

$186,994

$205,149

$190,958

$163,745

$150,046

Net Income

$67,184

$112,148

$121,122

$101,624

$83,396

$79,543

Net Cash Provided by Operating Activities

$124,743

$156,490

$174,943

$171,838

$153,628

$138,325

Purchases of Property, Plant, and Equipment

$(74,607)

$(44,478)

$(63,118)

$(74,744)

$(52,178)

$(35,077)

Net Cash Flow

$50,136

$112,012

$111,825

$97,094

$101,449

$103,248

YE12/31

2041

2042

2043

2044

2045

2046

Production & Sales tonnes

2,061

1,821

2,124

1,504

1,147

1,149

Total Revenue

$403,182

$362,533

$432,405

$310,415

$239,824

$245,029

EBITDA

$132,897

$113,992

$163,646

$115,279

$82,962

$84,911

Net Income

$80,858

$69,151

$103,893

$67,062

$56,130

$56,391

Net Cash Provided by Operating Activities

$121,947

$105,404

$131,578

$111,482

$78,873

$73,990

Purchases of Property, Plant, and Equipment

$(18,189)

$(33,880)

$(32,406)

$(16,899)

$(22,623)

$(17,389)

Net Cash Flow

$103,758

$71,523

$99,172

$94,583

$56,250

$56,601

YE12/31

2047

2048

2049

2050

2051

2052

Production & Sales tonnes

1,152

1,151

1,147

1,145

1,150

1,151

Total Revenue

$250,477

$255,353

$259,457

$264,205

$270,675

$276,402

EBITDA

$86,985

$88,741

$90,123

$91,953

$94,720

$96,464

Net Income

$57,379

$57,306

$56,385

$55,409

$56,916

$58,687

Net Cash Provided by Operating Activities

$75,029

$76,216

$77,221

$78,584

$80,464

$81,827

Purchases of Property, Plant, and Equipment

$(13,999)

$(16,432)

$(20,924)

$(24,880)

$(17,227)

$(16,997)

Net Cash Flow

$61,029

$59,784

$56,296

$53,704

$63,237

$64,830

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2053

2054

2055

2056

2057

2058

Production & Sales tonnes

1,149

1,016

809

437

Total Revenue

$281,461

$254,502

$207,028

$116,946

$2,919

EBITDA

$98,676

$83,364

$68,788

$54,740

$2,282

Net Income

$59,804

$46,844

$35,921

$45,217

$(3,918)

$(1,177)

Net Cash Provided by Operating Activities

$83,397

$75,074

$63,550

$31,102

$(5,848)

$(7,880)

Purchases of Property, Plant, and Equipment

$(19,175)

$(21,624)

$(8,199)

$(5,725)

$(3,148)

Net Cash Flow

$64,222

$53,450

$55,351

$25,378

$(8,996)

$(7,880)

YE12/31

2059

2060

2061

2062

2063

2064

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(607)

$(317)

$(70)

$(0)

Net Cash Provided by Operating Activities

$(4,019)

$(3,221)

$(895)

Purchases of Property, Plant, and Equipment

Net Cash Flow

$(4,019)

$(3,221)

$(895)

* The

Financial model includes

0.001 million tonnes of

inferred coal

production.

Inferred coal

represents 0.000001%

of the total

production, and

none of this coal was included in the estimate of reserves.

19.3

Sensitivity

Sensitivity of the NPV results to changes in the key drivers is presented in the chart

below.

The

sensitivity

study

shows

the

NPV

the

10.0%

discount

rate

when

Base

Case

sales

prices,

operating costs, and capital costs are increased and decreased in increments of 5% within a +/-

15% range.

Figure 19-2:

Sensitivity of NPV

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

shown,

NPV

is quite

sensitive

changes

in sales

price and

operating

cost

estimates,

and

slightly sensitive to changes in capital cost estimates.

Adjacent Properties

20.1

Information Used

Proprietary

information

associated

with

neighboring

properties

was

used

part

this

study.

Other Relevant Data and Information

MM&A performed

a previous

audit of

all the

Properties in

year 2017

for

Coronado

based on

SEC Industry Guide

7 standards.

In addition,

MM&A completed a

Limited Phase

I Environmental

Site Assessment (

ESA

) on

the Property in

2017 on

behalf of

Coronado.

MM&A has

subsequently

conducted

Joint Ore

Reserve Committee

(

JORC

) compliant

resource and

reserve

assessments

the

Logan

County

assets

of:

(1)

December 31,

2017,

(2)

December 31,

2020,

(3)

December 31, 2021, and

(4) December 31, 2022.

By assignment, the

JORC assessment included

a preliminary

feasibility

level study

of the

subject coal

reserves, encompassing

detailed mine

planning and cost analysis through depletion of Logan’s JORC-compliant

coal reserves.

MM&A

utilized

these

former

preliminary

feasibility

studies

the

basis

updated

study

which

meets those standards set forth by the SEC in Regulation

S-K 1300.

Interpretation and Conclusions

22.1

Conclusion

Sufficient

data

has

been

obtained

through

various

exploration

and

sampling

programs

and

mining operations to support the

geological interpretations of seam structure and

thickness for

coal

horizons

situated

the

Property.

The

data

sufficient

quantity

and

reliability

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

The geological data

and preliminary

feasibility study, which consider mining

plans, revenue, and

operating and capital cost estimates

are sufficient to support the classification of coal reserves

provided herein.

This

geologic

evaluation

conducted

conjunction

with

the

preliminary

feasibility

study

sufficient to

conclude that

the 70.6 Mt

of marketable

coal reserves

identified on the

Property

are

economically

mineable

under

reasonable

expectations

market

prices

for

metallurgical

coal products, estimated operation costs,

and capital expenditures.

22.2

Risk Factors

Risks have

been identified

for operational,

technical and

administrative

subjects addressed

the Pre

-Feasibility

Study.

A risk

matrix has

been constructed

to present

the risk

levels for

all

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

the risk

factors

identified and

quantified

in the

risk assessment

process.

The risk

matrix and

risk

assessment

process

are

modelled

that

presented

the

Australian

and

New

Zealand

Standard on Risk Management (AS/NZS 4360).

The

purpose

the

characterization

the

project

risk

components

inform

the

project

stakeholders

of key

aspects of

the Coronado

projects 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

to both

the probability

of occurrence

and the

severity of

the

consequences.

The

initial

risk

for

risk

factor

herein

defined

the

risk

level

after

the

potential

impact

the

risk

factor

addressed

competent

and

prudent

management

utilizing control

measures readily

available.

Residual risk

for a

risk factor

is herein

defined as

the risk

level following

application of

special mitigation

measures if

management determines

that

the

initial

risk

level

unacceptable.

Initial

risk

and

residual

risk

can

quantified

numerically, derived by the product of values assigned to probability and consequence ranging

from very low risk to very high risk.

The

probability

and

consequence

parameters

are

subjective

numerical

estimates

made

practiced

mine engineers

and managers.

Both are

assigned values

from 1

to 5

for

which the

value

1 represents

the lowest

probability

and least

consequence, and

the value

5 represents

the highest

probability

and greatest

consequence.

The

products

which define

the Risk

Level

are classified from very low to very high.

Risk Level Table

(R = P x C)

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Risk aspects

identified and

evaluated during this

assignment total 13.

No residual

risks are

rated

Very High.

One (1) residual risk

is rated High.

Eight (8) of the risk

aspects could be associated

with

Moderate

residual

risk.

Four

(4)

the

risk

aspects

were

attributed

Low

Very

Low

residual risks.

22.2.1

Governing Assumptions

The listing

of the

aspects is

not presumed

to be

exhaustive.

Instead that

listing

is presented

based on the experiences of the contributors to the TRS.

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

subjectivity reasonably reflects the condition of the active and projected mine operations.

The

Control

Measures

shown

the

matrices

presented

in this

chapter

are

not

exhaustive.

They

represent

condensed

collection

activities

that

the

author

the

risk

assessment

section has observed to be effective in coal mining scenarios.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

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 monetary values used in

ranking the consequences are generally

-accepted quantities for

the coal mining industry.

22.2.2

Limitations

The

risk

assessment

proposed

this

report

subject

the

limitations

the

information

currently collected, tested, and interpreted

at the time of the writing of the report.

22.2.3

Methodology

The numerical

quantities (i.e.,

risk levels)

attributable

to either

“initial” or

“residual” risks

are

derived

by the

product of

values

assigned to

probability

and consequence

ranging

from

very

low risk to very high risk.

R = P x C

Where:

R = Risk Level

P = Probability of Occurrence

C = Consequence of Occurrence

The

Probability

(P)

and

Consequence

(C)

parameters

recited

the

formula

are

subjective

numerical

estimates

made

practiced

mine

engineers

and

managers.

Both

and

are

assigned

integer

values

ranging

from

for

which

the

value

represents

the

lowest

probability

and

least

consequence,

and

the

value

represents

the

highest

probability

and

greatest

consequence.

The

products

which

define

the

Risk

Level,

are

thereafter

classified from very low to very high.

Risk Level Table

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Very

high initial

risks are

considered to

be unacceptable

and require

corrective action

well in

advance of project development.

In short, measures must

be applied to reduce

very high initial

risks to a tolerable level.

shown

and

discussed

above,

after

taking

into

account

the

operational,

technical,

and

administrative

actions

that

have

been

applied or

are

available

for

action when

required,

the

residual risk

can be

determined.

The residual

risk provides

a basis for

the management

team

to determine

if the residual

risk level is

acceptable or tolerable.

If the risk level

is determined

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

unacceptable,

further

actions

should

considered

reduce

the

residual

risk

acceptable

tolerable

levels

provide

justification

for

continuation

the

proposed

operation.

22.2.4

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 to

that presented

in the

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

22.2.4.1

Probability Level Table

Table 22-1:

Probability Level Table

Category

Probability Level (P)

Remote

Not likely to occur except

in exceptional circumstances.

<10%

Unlikely

Not likely to occur; small in degree.

10 - 30%

Possible

Capable of occuring.

30 - 60%

Likely

High chance of occurring in most circumsta

nces.

60 - 90%

Almost Certain

Event is expected under

most circumstances; impossible to

avoid.

>90%

The lowest rated

probability of occurrence is assigned the

value of 1 and described as remote,

with a likelihood of occurrence of less than ten percent.

Increasing values are assigned to each

higher

probability

occurrence,

culminating

with

the

value

assigned

incidents

considered to be almost certain to occur.

22.2.4.2

Consequence Level Table

Table 22-2

lists the consequence levels.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-2:

Consequence Level Table

Correlation of Events in Key Elements of the Project Program

to Event Severity Category

Category

Severity of

the Event

Financial Impact

of the Event

Unplanned

Loss of

Production

(Impact on

Commercial

Operations)

Events Impacting

on the Environment

Events Affecting th’ Program's

Social and Community

Relations

Resultant Regulatory /

Sovereign Risk

Events Affecting Occupational Health &

Safety

Insignificant

< USD

$0.5 million

≤ 12 hours

Insignificant loss of

habitat; no

irreversible effects

on water,

soil and

the environment.

Occasional nuisance impact on

travel.

Event recurrence avoided by corrective

action through established procedures

(Engineering, guarding, training).

Minor

USD $0.5 million

to $2.0 million

≤ 1 day

No significant

change to species

populations; short-

term reversible

perturbation to

ecosystem function.

Persistent nuisance impact on

travel.

Transient adverse media

coverage.

First aid – lost time.

Event recurrence

avoided by corrective action through

established procedures.

Moderate

USD $2.0 million

to $10.0 million

≤ 1 week

Appreciable change

to species

population;

medium-term (≤10

years) detriment to

ecosystem function.

Measurable impact on travel

and water/air quality.

Significant adverse media

coverage / transient public

outrage.

Uncertainty securing or

retaining essential

approval / license.

Medical Treatment –

permanent

incapacitation.

Avoiding event

recurrence requires modification to

established corrective action procedures

Change to regulations

(tax; bonds; standards).

Major

USD

$10.0 million to

$50.0 million

1 to 2 weeks

Change to species

population

threatening

viability; long-term

(>10 years)

detriment to

ecosystem function.

Long-term, serious impact on

travel and use of water

resources; degradation of air

quality; sustained and effective

public opposition.

Suspension / long-delay

in securing essential

approval / license.

Fatality.

Avoiding event recurrence

requires modification to established

corrective action procedures and staff

retraining.

Change to laws (tax;

bonds; standards).

Critical

>USD

$50.0 million

>1 month

Species extinction;

irreversible damage

to ecosystem

function.

Loss of social license.

Withdraw / failure to

secure essential

approval / license.

Multiple fatalities.

Avoiding event

recurrence requires major overhaul of

policies and procedures.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

lowest

rated

consequence

is assigned

the

value

of 1

and

is described

Insignificant

Consequence,

parameters of which include non-reportable safety incidents with zero

days lost

accidents, no environmental

damage, loss of production or systems

for less than 12 hours

and

cost of less than USD $0.5 million.

Increasing values are assigned to each higher consequence,

culminating

with

the

value

assigned

critical

consequences,

the

parameters

which

include

multiple-fatality

accidents,

major

environmental

damage,

and

loss

production

systems for longer than one

month and cost of greater than USD $50.0 million.

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

The risk level,

defined as the product

of probability of occurrence

and consequence, ranges

value from

1 (lowest

possible risk)

to 25

(maximum risk

level).

The values

are color-coded

facilitate identification of the highest risk aspects.

Table 22-3:

Risk Matrix

P x C = R

Consequence (C)

Insignificant

Minor

Moderate

Major

Critical

Probability Level (P)

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.5

Categorization of Risk Levels and Color Code Convention

Very high risks are considered to be unacceptable

and require corrective action.

Risk reduction

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

22.2.6

Description of the Coal Property

The

Logan

Mine

Complex

(

Logan

)

located

Logan,

Boone,

and

Wyoming

Counties,

West

Virginia

–is an

active operation

with four

underground

mines and

two

surface

mines.

Active

underground

operations

within

the

Logan

Mine

Complex

all

utilize

continuous

mining

production sections.

Large mining operations are conducted

at the Muddy Bridge, Eagle No. 1

Mine and Lower

War Eagle

Mine.

The North Fork

Winifrede Mine

was fully depleted

in 2023.

The Powellton

No. 1

Mine was

in process

of being

rehabilitated

and had

minimal production

during the fourth quarter 2023, with plans to initiate full production with

one mining section in

the first

quarter of 2024.

Other operations are

projected on relatively

small reserve blocks

be developed sequentially

to sustain production levels

as each

reserve is depleted.

The method

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

provides

continuity,

preserving

skilled

work

groups

and

enabling

effective

utilization

production equipment.

Mines located

above drainage

have access

via drift

entries.

A few

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

The

Logan

Mine

Complex

also

includes

two

active

surface

mines:

Toney

Fork

and

Elklick

(Buffalo Creek

South).

Both area

and contour

surface mining

are employed.

Highwall mining

is conducted by contract operators

The surface operations are relatively small and developed

sequentially to

sustain production

levels.

Similar to the

underground operations,

the method

provides

continuity

while

preserving

skilled

work

groups

and

enabling

effective

utilization

production

equipment.

The surface

mining methods

selected utilize

hydraulic

shovels, front-

end loaders, large tractors and rock

trucks for overburden removal.

22.2.7

Summary of Residual Risk Ratings

Each risk factor is numbered, and

a risk level for each

is determined by multiplying

the assigned

probability by the assigned consequence.

The risk levels are plotted on a risk matrix to provide

a composite view of the Coronado risk profile.

The average risk level is 7.7, which is defined as

Moderate.

Table 22-4:

Risk Assessment Matrix

Consequence

Critical

>$50 MM

8, 9

Major

$10-50MM

Moderate

$2-10 MM

1, 2, 3, 4

Minor

$0.5-$2 MM

5, 10

Low

<$0.5 MM

<10%

10-30%

30-60%

60-90%

>90%

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.8

Risk Factors

A high-level

approach is

utilized to

characterize

risk factors

that are

generally similar

across a

number of the

active and proposed

mining operations.

Risk factors that are unique

to a specific

operation or are particularly noteworthy are

addressed individually.

22.2.8.1

Geological and Coal Resource

Coal

mining

accompanied

risk

that,

despite

exploration

efforts,

mining

areas

will

encountered where geological conditions render extraction

of the resource to be uneconomic,

or that coal quality characteristics disqualify the product for

sale into target markets.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Offsetting the geological

and coal resource risk are

the massive size of the controlled

property

which

allows

large

areas

mined

sufficiently

away

from

areas

where

coal

quality

and

mineability

may

less

favorable.

addition,

several

mines

are

designed

operate

with

multiple

production

sections,

which

lessens

the

immediate

impact

when

one

section

encounters difficulties.

The large reserve areas

also provide a mitigation

strategy of developing

an additional

(spare) section

at each

mine, or

additional mines,

which can

be activated

when

adverse

conditions

are

encountered,

thereby

maintaining

consistent

production

and

quality.

The spare

section or

mines require

additional mine

extension cost

but increase

flexibility and

performance consistency.

The

larger

reserve

areas

will

developed

with

multiple

production

sections

and

the

small,

replacement production reserve

areas provide ready

access to

alternative locations if

geological

and coal resource characteristics require

abandonment of an active production area.

Table 22-5:

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

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk

Level

Recoverable coal

tonnes recognized to

be significantly less

than previously

estimated.

Reserve base is adequate

to serve market

commitments and

respond to opportunities

for many years.

Local

adverse conditions may

increase frequency and

cost of production unit

relocations.

Previous and ongoing

exploration and

extensive regional

mining history provide

a high level of

confidence of coal

seam correlation,

continuity of the coal

seams, and coal

resource tonnes.

Optimize mine

plan to increase

resource

recovery;

develop mine

plan to provide

readily available

alternate mining

locations to

sustain expected

production level.

Coal quality locally

proves to be lower

than initially

projected.

If uncontrolled,

production and sale of

coal that is out of

specification can result in

rejection of deliveries,

cancellation of coal sales

agreements and damage

to reputation.

Exploration and vast

experience and history

in local coal seams

provide confidence in

coal quality; limited

excursions can be

managed with careful

product segregation

and blending.

Develop mine

plan to provide

readily available

alternate mining

locations to

sustain expected

production level;

modify coal sales

agreements to

reflect coal

quality.

22.2.8.2

Environmental

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

ESA

) on the Logan County

Property in

May 2017

on behalf

of Coronado.

MM&A concluded

that no

long-term liabilities

existed at the time of this ESA.

Water

quality

and

other

permit

requirements

are

subject

modification

and

such

changes

could have

a material impact

on the capability

of the operator

to meet modified

standards or

receive

new permits

and

modifications

existing

permits.

Permit

protests

may

result

delays or denials to permit applications.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Environmental

standards and permit

requirements have

evolved significantly

over the past

years and to-date, mining operators and

regulatory bodies have been

able to adapt

successfully

to evolving environmental requirements.

Table 22-6:

Environmental (Risks 3 and 4)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Environmental

performance

standards are

modified in the

future.

Delays in receiving new

permits and modifications

to existing permits; cost

of testing and treatment

of water and soils

Work with regulatory

agencies to understand

and influence final

standards; implement

testing, treatment and

other actions to

comply with new

standards.

Modify mining

and reclamation

plans to improve

compliance with

new standards

while reducing

cost of

compliance.

New permits and

permit modifications

are increasingly

delayed or denied.

Interruption of

production and delayed

implementation of

replacement production

from new mines.

Comply quickly with

testing, treatment and

other actions required;

continue excellent

compliance

performance within

existing permits.

Establish and

maintain close

and constructive

working

relationships

with regulatory

agencies, local

communities and

community

action groups.

22.2.8.3

Regulatory Requirements

Federal

and

state

health

and

safety

regulatory

agencies

occasionally

amend

mine

laws

and

regulations.

The impact is industry-wide.

Mining operators and regulatory agencies have been

able to adapt successfully to evolving health and safety requirements.

Table 22-7:

Regulatory Requirements (Risk 5)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk

Level

Federal and state

mine safety and

health regulatory

agencies amend mine

laws and regulations.

Cost of training, materials,

supplies and equipment;

modification of mine

examination and

production procedures;

modification of mining

plans.

Participate in hearings

and workshops when

possible to facilitate

understanding and

implementation; work

cooperatively with

agencies and

employees to facilitate

implementation of new

laws and regulations.

Familiarity and

experience with

new laws and

regulations

results in

reduced impact

to operations and

productivity and

improved

supplies and

equipment

options.

22.2.8.4

Market and Transportation

Most

the

current

and

future

production

expected

directed

domestic

and

international

metallurgical

markets.

Historically

the metallurgical

markets

have

been cyclical

and

highly

volatile.

Thermal

coal

markets

are

also

cyclical

and

domestic

markets

have

been

adversely affected

by competition

from natural

gas and

subsidized renewable

energy sources

and regulation.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-8:

Market and Transportation (Risk 6)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk

Level

Volatile coal prices

drop precipitously.

Loss of revenue adversely

affects profitability;

reduced cash flow may

disrupt capital

expenditures plan.

Cost control measures

implemented; capital

spending deferred.

High-cost

operations

closed, and

employees

temporarily

furloughed.

Occasional

delay

interruption

rail,

river

and

terminals

service

may

expected.

The

operator can possibly minimize the impact of delays by being a preferred

customer by fulfilling

shipment obligations promptly and maintaining close working relationships.

Table 22-9:

Market and Transportation (Risk 7)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Rail or river transport is

delayed; storage and

shipping access at river

and ocean terminals is

not available.

Fulfillment of coal sales

agreements delayed;

limited coal storage at

mines may increase cost of

rehandling; production may

be temporarily idled.

Provide adequate

storage capacity at

mines; coordinate

continuously with

railroad and shipping

companies to respond

quickly and effectively to

changing circumstances.

Provide back-up

storage facility

along with

personnel,

equipment and

rehandle plan to

sustain production

and fulfill sales

obligations timely.

22.2.8.5

Mining Plan

Occupational health

and safety risks

are inherent in

mining operations.

Comprehensive training

and

retraining

programs,

internal

safety

audits

and

examinations,

regular

mine

inspections,

safety meetings, along with support of trained fire brigades and mine rescue teams are among

activities

that

greatly

reduce

accident

risks.

Employee

health

monitoring

programs

coupled

with dust and noise monitoring and abatement reduce health risks to miners.

underground

and

surface

mines

are

developed

and

extended,

observation

geological,

hydrogeological

and

geotechnical

conditions

leads

modification

mine

plans

and

procedures to enable safe work within the mine environments.

Highlighted below

are selected

examples

of safety

and external

factors

relevant

to Coronado

operations.

22.2.8.5.1

Methane Management

Coalbed

methane

present

coal

operations

below

drainage.

Often

the

methane

concentration

in shallow

coal seams

is at

such low

levels that

it can

be readily

managed with

frequent

testing

and monitoring,

vigilance and

routine

mine ventilation.

Very

high

methane

concentrations

may be

present at

greater depths.

High methane

concentrations

may require

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

degasification

of the

coal seam

to assure

safe

mining.

Due to

the

seams being

targeted

and

their depths, excessive methane is not expected to

be encountered at Logan.

Table 22-10:

Methane Management (Risk 8)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Methane hazard is

present in mines

operating below

drainage.

Injury or loss of life; possible

ignition of gas and mine

explosion; potential loss of

mine and equipment

temporarily or permanently;

additional mine fan, mine

power, ventilation,

monitoring and examination

requirements.

Low to moderate levels

can be managed with

frequent examinations,

testing and monitoring

within the mine

ventilation system.

Excellent rock dust

maintenance minimizes

explosion propagation

risk should an ignition

occur.

Very high-level

methane

concentrations

may require coal

seam

degasification and

gob degasification

if longwall or pillar

extraction

methods are

employed.

22.2.8.5.2

Mine Fires

Mine fires, once common at

mine operations, are rare today.

Most active coal miners have not

encountered a mine fire.

Vastly improved mine power and equipment

electrical systems, along

with

safe

mine

practices

reduce

mine

fire

risks.

Crew

training

and

fire

brigade

support

and

training

improve

response

for

containment

and

control

fire

occurs.

Spontaneous

combustion

within

coal

mines,

which

the

source

most

fires

that

occur

today,

not

expected to commonly

occur at

the Logan

property.

When spontaneous

combustion conditions

are present, monitoring systems are employed for early detection and mine plans are

designed

to facilitate isolation, containment

and rapid extinguishment.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-11:

Mine Fires (Risk 9)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Mine fire at

underground or surface

mine operation.

Injury or loss of life;

potential loss of mine

temporarily or permanently;

damage to equipment and

mine infrastructure.

Inspection and

maintenance of mine

power, equipment and

mine infrastructure;

good housekeeping;

frequent examination of

conveyor belt entries;

prompt removal of

accumulations of

combustible materials.

If spontaneous

combustion

conditions are

present, enhanced

monitoring and

examination

procedures will be

implemented;

mine design will

incorporate

features to

facilitate isolation,

containment and

extinguishment of

spontaneous

combustion

locations.

22.2.8.5.3

Highwall Failure

Contour

surface

mining,

area

surface

mining

and

highwall

mining

all

expose

miners

and

production

equipment

the

risk

highwall

failure.

The

highwall

can

designed

incorporate safety

precautions to address geotechnical

and hydrogeological concerns.

Drilling

and

blasting

design

can

modified

fit

soil

and

strata

conditions

enhance

highwall

stability.

Foremen

and

crews

are

trained

examine

the

highwalls

frequently

observe

changes and

indications of failure

Highwall designs

incorporate

adequate web

thickness and

safety pillar width to assure highwall stability.

Table 22-12:

Highwall Failure (Risk 10)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Highwall failure occurs

at surface or highwall

mining operations.

Injury or loss of life;

catastrophic damage to

equipment; production

interruption.

Regular inspection for

change and signs of

failure; conservative

design of HWM web

thickness and safety

pillar width; conservative

wall slope and bench

width in design.

Optimize drilling

and blasting plan;

increase safety

factors for wall

slope and bench

width; install

instrumentation

and frequent

survey to detect

movement;

dewater to reduce

wall pressure.

22.2.8.5.4

Availability of Supplies and Equipment

The industry

has periodically

experienced

difficulty receiving

timely delivery

of mine

supplies

and

equipment.

Availability

issues

often

accompanied

boom

periods

for

coal

demand.

Any

future

delivery of

supplies and

equipment delays

are

expected

be temporary

with limited

impact on production.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-13:

Availability of Supplies and Equipment (Risk 11)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Disruption of

availability for supplies

and equipment.

Temporary interruption of

production.

Force majeure provision

in coal sales agreements

to limit liability for

delayed or lost sales.

Work closely with

customers to

assure delayed

coal delivery

rather than

cancelled sales;

monitor external

conditions and

increase inventory

of critical supplies;

accelerate delivery

of equipment

when possible.

22.2.8.5.5

Labor

Work stoppage due to labor protests are considered to be unlikely and accompanied by limited

impact should

it occur.

Excellent

employee relations

and communications

limit the

exposure

to outside protesters.

Loss of supervisors and

skilled employees to retirement is inevitable;

the

impact can

be lessened with

succession planning

and training

and mentorship

new employees.

Table 22-14:

Labor – Work Stoppage (Risk 12)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Work stoppage due to

strikes, slowdowns or

secondary boycott

activity.

Loss of production and coal

sales; damaged customer

and employee relations;

reputation loss.

Maintain excellent

employee relations and

communications;

maintain frequent

customer

communications.

Develop plan for

employee

communications

and legal support

to minimize

impact of

secondary boycott

activities.

Table 22-15:

Labor – Retirement (Risk 13)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk

Level

Retirement of

supervisors and skilled

employees.

Loss of leadership and

critical skills to sustain

high levels of safety,

maintenance and

productivity.

Monitor demographics

closely and maintain

communications with

employees who are

approaching retirement

age; maintain employee

selection and training

programs.

Maintain selection of

candidates and

implementation of in-

house or third-party

training for electricians

and mechanics; develop

employee mentoring

program.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Logan County Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2023

Central Appalachian Coal Basin

West Virginia, USA

ARSHALL

ILLER

SSOCIATES

Recommendations

Coronado

is continuing

to work

both internally

and with

outside assistance

further define

their Resource Base and to Optimize the LOM Plan.

References

Publicly

available

information

from

various

State

and

Federal

agencies

was

used

where

relevant.

Reliance on Information Provided by the

Registrant

A summary of

the information

provided by

Coronado relied

upon by MM&A

for the

purposes

of this TRS is provided in

Table 25-1

Table 25-1:

Information from Registrant Relied Upon by MM&A

Category

Information Provided by Coronado

Report

Section

Marketing

Long-term price forecast used

in financial projections

16.2

Legal

Mineral control and surface

control rights as shown on maps

3.2, 3.3

Environmental

Permit and bonding information

17.3

APPENDIX

MM&A QUALIFICATIONS

APPENDIX

MAPS

APPENDIX

GLOSSARY OF TERMS

Appendix C

ARSHALL

ILLER

SSOCIATES

Glossary of Abbreviations and Definitions

Abbreviation

Definition

ACPS

Analysis of Coal Pillar Stability

ANAB

ANSI National Accreditation Board

ASTM

ASTM International

AVS

Applicant Violator System

bcm

Bank cubic meters

bcm/hr

Bank cubic meters per hour

Btu/lb.

British Thermal Unit per pound

Carlson

Carlson Mining – formerly SurvCADD

– a prevalent software package used for

modeling in the Appalachian region

CFR

Code of Federal Regulations

Coronado

Coronado Global Resources Inc.

CSR

Coke strength after

reaction

CSX

CSX Corporation, a rail-based freight transportation

company

CTR

Contour mining

Demonstrated

reserves

Demonstrated reserves are the sum of proven

and probable reserves.

EBITDA

Earnings before Interest,

Taxes,

Depreciation, and Amortization

EOM

End-of-mine reclamation

EPA

United States Environmental

Protection Agency

ESA

Limited Phase I Environmental Site Assessment

Feasibility Study

“…comprehensive technical and economic study of the selected development

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

modifying factors together with any other

relevant operational factors,

and detailed

financial analysis that are necessary to demonstrate, at the time of reporting, that

extraction is economically viable.

According to the proposed definition, the results

of the study may serve as the basis for a final decision by a proponent or financial

institution to proceed with, or finance, the development of the project.

Thus, a

feasibility study is more comprehensive, with a higher degree of accuracy,

and

yielding results with a higher level of confidence, than a pre-feasibility study.”

HWM

Highwall mining

In situ

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

which was originally formed or deposited

Indicated

Resources

Indicated resources are those lying between 0.4-kilometer

and 1.2-kilometer radius

from such an observation point and reported herein as in-situ mineral

resources.

Inferred

Resources

Inferred resources lie more than a 1.2-kilometer radius

from a valid point of

measurement but less than 4.8 kilometers from one, and reported herein

as in-situ

mineral resources.

JORC Code

Australasian Code for Reporting of Exploration

Results, Mineral Resources and Ore

Reserves

lb. SO

/ mm Btu

Pounds per sulfur dioxide per million British thermal units

LOM

Life-of-mine

M&R

Maintenance and repair

Measured

Resources

Measured resources are those lying within 0.4-kilometer radius from

a valid point of

measurement and reported herein as in-situ mineral resources.

MINER Act

Mine Improvement and New Emergency Response Act of 2006

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

Mineral Reserve

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

Resource.

It includes dilution materials and allowances for losses, which occur

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

Feasibility or Feasibility level as appropriate that include Modifying Factors.

Such

studies demonstrate that, at the time of reporting, extraction

of the mineral reserve

is economically viable under reasonable investment and marketing

assumptions

”.

Mineral Resource

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

or on the

Earth’s crust

in such form, grade or quality that there are reasonable prospects for

eventual economic extraction.

The location, quantity,

grade, continuity and other

geological characteristics and continuity of a Mineral

Resource are known,

estimated or interpreted from

specific geological evidence and knowledge, including

sampling.”

MM&A

Marshall Miller & Associates, Inc.

Modifying Factors

“…considerations used to convert Mineral

Resources to Mineral Reserves.

These

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

infrastructure,

economic, marketing, legal, environmental

compliance, plans, negotiations, or

agreements with local individuals or groups and governmental factors.”

MRMR

Mineral Resources to Mineral Reserves

MSHA

United States Department of Labor Mine Safety and Health Administration

Million metric tonnes

NIOSH

National Institute for Occupational Safety

and Health

NRTL

Nationally Recognized Test

Laboratory

Norfolk Southern Corporation, a rail-based freight transportation

company

O&M

Operating and maintenance

OSD

Out-of-seam dilution

P&L

Profit and loss before tax

P.E.

Professional Engineer

PJLA

Perry Johnson Laboratory Accreditation, Inc.

Preliminary

Feasibility Study

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

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

a qualified person

has determined (in the case of underground mining) a preferred

mining method, or

in the case of surface mining) a pit configuration, and in all cases has determined an

effective method of mineral processing

and an effective plan to sell the product. The

study’s financial analysis must have

the level of detail necessary to demonstrate, at

the time of reporting, that extraction is economically viable. In addition, as noted in

the proposed definition of a pre-feasibility study,

while a pre-feasibility study is less

comprehensive and results in a lower confidence level than a feasibility

study, a pre

feasibility study is more comprehensive and results in a higher confidence level

than

an initial assessment.”

Property(ies)

Bituminous coal deposits located in Boone, Logan, and Wyoming Counties, West

Virginia.

Qualified Person

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

five years of relevant

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

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

registrant.

In addition, the proposed definition requires a qualified person to be an

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

eligible member or licensee in good standing of a recognized professional

organization at the

time the technical report is prepared

”.

RECs

Recognized Environmental

Conditions

Resource

Database

The Resource Database is established by the collection, validation,

recording, storing

and processing of data and forms the foundation necessary for

the estimation of

Mineral Resource and Mineral Reserve.

A quality assurance and quality control program is essential

and must be established

to govern the collection of all data.

In reporting, a Mineral Resource must meet the

minimum requirement of “reasonable prospects for economic

extraction”.

This will

require the concurrent collection and storage

of preliminary economic, mining,

metallurgical, environmental,

legal and social data and other information for use

the estimation of MRMR.

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

and “interpreted” data.

It is recommended that data be stored digitally,

using a

documented, standard format

and a reliable storage medium that allows for

easy

and complete retrieval of the data.

ROM

Run-of-mine

S-K 1300

United States Securities and Exchange Commission Regulation

S-K 1300

Modernization of Property Disclosures

SEC

U.S. Securities and Exchange Commission

SMCRA

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

law that

regulates the environmental

effects of coal mining in the United States.

Strip Ratio

Represented by bcm of overburden to recoverable

coal tonnes

tph

tonnes per hour

TRS

Technical

Report Summary

USA

United States of America

USFW

United States Fish and Wildlife

USGS

United States Geologic Survey

VALMIN Code

Australasian Code for Public Reporting of Technical

Assessments and Valuations of

Mineral Assets

APPENDIX

INITIAL ECONOMIC ASSESSMENT FOR RESOURCES EXCLUSIVE

OF RESERVES

APPENDIX

JORC TABLE 13

JORC

Table

included

accordance

with

JORC

Code

standards.

Note

that

all

Coronado

properties are covered by JORC Table

1 herein.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling

techniques

Nature

and

quality of

sampling

(e.g. cut

channels, random

chips, or

specific

specialised industry standard

measurement tools

appropriate to

the minerals

under

investigation,

such

downhole

gamma

sondes,

handheld

XRF

instruments, etc.).

These examples

should not

be taken

as limiting

the broad

meaning of sampling.

Include reference to

measures taken

to ensure sample

representivity and the

appropriate calibration of any measurement tools or systems used.

Aspects of the determination

of mineralisation that

are Material to

the Public

Report. In cases

where ‘industry standard’

work has been

done this would

relatively

simple

(e.g.

‘reverse

circulation

drilling

was

used

obtain

samples

from

which

was

pulverised

produce

charge

for

fire

assay’). In other cases, more

explanation may be required, such as where there

is coarse

gold that

has inherent

sampling problems.

Unusual commodities

mineralisation

types

(e.g.

submarine

nodules)

may

warrant

disclosure

detailed information.

Most

the coal

samples have

been

obtained

from

the Properties

subsurface

exploration using core drilling

techniques.

The protocol for preparing and

testing the

samples has varied over time and is not well documented

for the older holes drilled

on the Properties.

Typical

USA

core

drilling

sampling

technique

for

the

coal

core

sample,

once

recovered

from the

core barrel,

be described

then wrapped

in a

sealed plastic

sleeve and placed into a covered core box,

which is the length of the sample so that

the

core

can

delivered

laboratory

relatively

intact

condition

and

with

original moisture content.

It is reasonable to

assume, given the sophistication

level of the previous

operators,

that

these

samples

were

generally

collected

and

processed

under

industry

best-

practices.

This

assumption

based

MM&A’s

familiarity

with

the

operating

companies and the companies used to perform the analysis.

Some of the

drill holes

were air rotary

bored and no

coal core samples

were collected.

Seam

thickness

for

rotary-drilled

bore

holes

verified

calibrated

downhole

gamma-density logs.

Coal samples that

were deemed by

MM&A geologists to

be unrepresentative were

not used for statistical

analysis of coal

quality, as

documented in the tabulations.

representative group

of drill

hole samples

from the

Properties were

then checked

against the original drill laboratory reports to verify accuracy and correctness.

Drilling

techniques

Drill type

(e.g. core,

reverse

circulation,

open-hole hammer,

rotary air

blast,

auger,

Bangka, sonic,

etc.) and

details (e.g.

core diameter,

triple or

standard

tube, depth of diamond

tails, face-sampling bit

or other type, whether

core is

oriented and if so, by what method, etc.).

The Properties have been extensively

explored by subsurface drilling efforts

carried

out

numerous

entities,

most

which

were

completed

prior to

acquisition

Coronado.

The majority of

the drilling was

accomplished using vertical

continuous

(diamond) coring or air rotary methods.

Core drilling methods utilize

NX-size (5.4

centimeter) or similar-sized

core cylinders

to recover core samples, which

can be used to delineate

geologic characteristics, and

for coal quality testing and geotechnical logging.

Data for

the rotary

drilled holes is

mainly derived from

downhole geophysical logs,

which are

used to

interpret coal

and rock

thickness and depth

since logging

of the

drill cuttings is not reliable.

Geophysical

logging

was

performed

many

the

holes,

either

Geological

Logging Systems (a division

of MM&A), other

geophysical logging contractors, and on

those properties acquired from

CONSOL geophysical logging was often

performed by

CONSOL’s

in-house logging services.

Drill sample

recovery

Method of recording and assessing

core and chip sample recoveries

and results

assessed.

Measures

taken

maximise

sample

recovery

and

ensure

representative

nature of the samples.

Whether a relationship

exists between sample recovery

and grade and

whether

sample

bias

may

have

occurred

due

preferential

loss/gain

fine/coarse

material.

Where available,

core recovery

thickness of

coal samples

was reconciled

with the

thickness interpreted from geophysical logs.

Core recovery

of the

older coal

samples lacking

geophysical logs

is sometimes

not

well-documented:

however,

when

the

laboratory

results

for

such

holes

had

anomalous values, the data was disqualified and not used.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Logging

Whether

core

and

chip

samples

have

been

geologically

and

geotechnically

logged to a level of detail to support appropriate Mineral Resource estimation,

mining studies and metallurgical studies.

Whether

logging

qualitative

quantitative

nature.

Core

(or

costean,

channel, etc.) photography.

The total length and percentage of the relevant intersections logged.

A wide variety of

core-logging techniques exist

for the properties.

For many of

the

core

holes,

the

primary

data

source

generalized

lithology

description

the

driller,

in some

cases

supplemented

detailed

core

log

completed

geologist.

The logging of

core thickness and

depth is quantitative.

With the exception

of the

coal seams,

logging of

rock strata

type is

more subjective

and best

considered as

qualitative.

Sub-sampling

techniques

and sample

preparation

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

non-core,

whether

riffled,

tube

sampled,

rotary

split,

etc.

and

whether

sampled wet or dry.

For

all sample

types, the

nature,

quality and

appropriateness

of the

sample

preparation technique.

Quality control

procedures

adopted

for

all

sub-sampling

stages

maximise

representivity of samples.

Measures taken

ensure

that

the

sampling

is representative

the

situ

material collected, including for instance results for field duplicate/second-half

sampling.

Whether sample

sizes are

appropriate to

the grain

size of

the material

being

sampled.

Typical US practice in

the Appalachian Basin is that core

samples for deep mineable

core samples are

not sawn or

subsampled (since seams

are not of

great thickness and

the entire seam is mined and co-mingled).

The entire coal interval drilled is generally

analysized.

Oftentimes, core for

surface-mineable coal seams are

bench sampled separately by

the various coal and rock layers (plies).

MM&A has exercised diligence to use only those analyses that are representative

the coal quality parameters for the appropriate mining type for each sample.

Quality of

assay data and

laboratory

tests

The

nature,

quality

and

appropriateness

the

assaying

and

laboratory

procedures used and whether the technique is considered partial or total.

For

geophysical

tools,

spectrometers,

handheld

XRF

instruments,

etc.,

the

parameters

used in

determining the

analysis including

instrument make

and

model, reading times, calibrations factors applied and their derivation, etc.

Nature

quality

control

procedures

adopted

(e.g.

standards,

blanks,

duplicates,

external

laboratory

checks)

and

whether

acceptable

levels

accuracy (i.e. lack of bias) and precision have been established.

Sample analysis was typically carried out by accredited US laboratories.

Standard procedure upon receipt of

core samples by the testing

laboratory is to log

the

depth

and

thickness

the

sample,

then

perform

testing

specified

representative

the

operating

company.

Each

sample

then

analyzed

accordance with

procedures defined

under

ASTM

International (

ASTM

)

standards

including, but

not limited

to; washability

(ASTM D4371);

ash (ASTM

D3174); sulfur

(ASTM

D4239);

Btu/lb.

(ASTM

D5865);

volatile

matter

(ASTM

D3175);

Free

Swell

Index (

FSI

) (ASTM D720).

Geophysical

tools

are

calibrated

the

logging

company

and

where

possible,

validated using a calibration hole.

Verification of

sampling and

assaying

The verification of

significant intersections by either

independent or alternative

company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures,

data verification, data

storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

All

coal

intersection

data

used

generate

the

geologic

model

has

been

cross

referenced with the lithological and geophysical logs by MM&A.

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

product moisture.

Coal quality

results were

verified by

spot-check with

laboratory analysis

sheets by

MM&A before inclusion into the geologic model and use in the resource estimate.

Location of

data points

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

surveys), trenches, mine

workings and other

locations used in

Mineral Resource

estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Due to

the long

history of

exploration by

various parties

on the

Properties, a

wide

variety of survey techniques exist

for documentation of data

point locations.

Many

of the older

exploration drill

holes appear

to have

been located

by ground

survey;

recently

completed

drill

holes

are

often

located

high-resolution

Global

Positioning System (

GPS

) units.

Grid systems used are typically the State Plane Coordinate System

pertinent to each

property.

Topography is based on either the

USGS topographic 7.5-minute quadrangle maps

on recent aerial photogrammetry as necessary (subject to availability).

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Data spacing

and

distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is

sufficient to establish the

degree

of geological

and grade

continuity appropriate

for the

Mineral Resource

and

Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Spacing

and

distribution

data

point

information

may

vary

from

seam

within each

mining area.

The areas

estimated for

coal resource

and coal

reserve

tonnes have

been limited

so that

the data

spacing and

distribution is

sufficient to

establish

the

degree

geological

continuity

appropriate

for

the

estimation

and

classification of the coal tonnes.

MM&A

performed

geostatistical

analysis

using

the

Drill

Hole

Spacing

Analysis

(

DHSA

)

method.

This method

attempts

quantify the

uncertainty of

applying a

measurement

from

central

location

increasingly

larger

square

blocks

and

provides

recommendations

for

determining

the

distances

between

drill

holes

for

measured, indicated, and inferred resources.

All

the

coal

resource

tonnes

are

the

measured,

indicated,

and

inferred

categories,

and

all

the

coal

reserve

tonnes

are

the

proved

and

probable

categories in accordance with the JORC Code and SEC standards.

Orientation of

data in

relation to

geological

structure

Whether the

orientation of

sampling achieves

unbiased sampling

of possible

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

If the relationship

between the drilling

orientation and the

orientation of

key

mineralised structures

is considered

to have

introduced a

sampling bias,

this

should be assessed and reported if material.

Drill

holes

have

been

vertically

drilled.

downhole

deviation

logs

have

been

collected and

it is

therefore

not known

if the

drill holes

have deviated

away

from

vertical.

Based on the relatively

shallow seam depths, any

deviation is expected

be insignificant and immaterial to the geologic characterization of the Property.

The dip of

the coal seams

is relatively minor, generally 1-2

degrees, and not

a material

issue for representation of seam thickness or quality.

Sample

security

The measures taken to ensure sample security.

Sample handling procedures employed by explorationists

follow typical US protocol

and should be adequate to ensure sample security.

Audits or

reviews

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

MM&A

has

reviewed

all

available

geological

information

for

the

Properties

developing the geologic

model.

Only that data

deemed suitable has

been used for

the purpose of generating the resource and reserve estimates.

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral

tenement and

land tenure

status

Type, reference name/number,

location and ownership including agreements

or material issues with third parties such as joint ventures, partnerships,

overriding royalties, native title interests, historical sites, wilderness or

national park and environmental settings.

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

impediments to obtaining a licence to operate in the area.

The Coronado coal resources are located

within the United States

of America in the

states

of Virginia;

West

Virginia; and

Pennsylvania.

Control of

these Properties

governed by multiple agreements.

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

and has

not verified leases,

deeds, surveys or

other property control

instruments pertinent

to the subject resources.

Coronado has

represented to

MM&A that

it controls

the mining

rights to

the coal

deposits as shown on its

property maps, and MM&A

has accepted these as being

true and accurate

depiction of the

mineral rights controlled

by Coronado.

The TRS

assumes

the

properties

are

developed

under

responsible

and

experienced

management.

There

are

known

legal

environmental

encumbrances

that

would

impede

development of the subject coal reserves.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Exploration

done by other

parties

Acknowledgment and appraisal of exploration by other parties.

The Properties have been extensively

explored by subsurface drilling efforts

carried

out

numerous

entities,

most

which

were

completed

prior to

acquisition

Coronado.

This

exploration

work

was

generally

performed

prevailing

best

practice

standards and deemed adequate for the purposes of this TRS.

Geology

Deposit type, geological setting and style of mineralisation.

The

Coronado

coal

resources

are

located

within

the

Northern

and

Central

Appalachian Coal Basins.

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

with.

sedimentary, stratigraphic deposition.

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

thickness, with relatively little structural deformation.

Regional structure is typically

characterized by gently dipping strata to the

northwest

at less than one percent.

Drill hole

Information

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

results including a tabulation of the following information for all Material drill

holes:

easting and northing of the drill hole collar

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

drill hole collar

dip and azimuth of the hole

down hole length and interception depth

hole length.

If the exclusion of this information is justified on the basis that the

information is not Material and this exclusion does not detract from the

understanding of the report, the Competent Person should clearly explain why

this is the case.

MM&A reviewed and entered

all pertinent data

into a digital

geologic database for

each Coronado property.

The database consists of thousands of data records, which

include drill hole

and supplemental coal seam

thickness measurements from outcrop

and mine exposures.

All drill holes in the

database are provided with a collar elevation and

the State Plane

Coordinate System easting and northing coordinate.

After MM&A confirmed proper

coal seam thickness and

correlation, the seam

data

was modelled and compiled into coal resource maps.

The maps are

provided in the

TRS and show

drill hole locations;

however, a tabulation

of the thousands of individual data records is not practical to include.

Data

aggregation

methods

In reporting Exploration Results, weighting averaging techniques, maximum

and/or minimum grade truncations (e.g. cutting of high grades) and cut-off

grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high grade results

and longer lengths of low grade results, the procedure used for such

aggregation should be stated and some typical examples of such aggregations

should be shown in detail.

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

clearly stated.

If a

coal seam

has been

bench sampled,

the individual

analyses for

the coal

plies

would be weight-averaged

to represent the total of

recoverable coal to be

included

in the quality model.

Coal quality

summary results have

been documented in

the TRS.

Average coal quality

on a

per-seam basis

is used

to represent

the coal

resources within

a given

mining

area.

Average coal quality for each Coronado complex is provided in Tables 1-1, 1-2 and 1-

3 of this TRS.

No other data aggregations methods are used.

Relationship

between

mineralisation

widths and

intercept

lengths

These relationships are particularly important in the reporting of Exploration

Results.

If the geometry of the mineralisation with respect to the drill hole angle is

known, its nature should be reported.

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

be a clear statement to this effect (e.g. ‘down hole length, true width not

known’).

Coal thickness values from all coal intersections and down

hole geophysical logs are

considered to be vertical thicknesses.

Seam dip of approximately 2.0 to 3.0 degrees

has little effect on the vertical thickness of the seam.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts

should be included for any significant discovery being reported These should

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

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

include, but not be limited to a plan view of drill hole collar locations and

appropriate sectional views.

Balanced

reporting

Where comprehensive reporting of all Exploration Results is not practicable,

representative reporting of both low and high grades and/or widths should be

practiced to avoid misleading reporting of Exploration Results.

All

the

available,

qualified

exploration

data

has

been

included

within

the

tabulations, maps, and diagrams for this TRS.

Both

coal

thickness

and

quality

data

are

deemed

MM&A

reasonably

sufficient

within

the

resource

areas.

Therefore,

there

reasonable

level

confidence in the geologic interpretations

required for coal resource

determination

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

Other

substantive

exploration

data

Other exploration data, if meaningful and material, should be reported

including (but not limited to): geological observations; geophysical survey

results; geochemical survey results; bulk samples – size and method of

treatment; metallurgical test results; bulk density, groundwater,

geotechnical

and rock characteristics; potential deleterious or contaminating substances.

Informational material available from

the U.S. Geological Survey

and the respective

State Surveys was used to assist in the Resource estimate.

Further work

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

or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the

main geological interpretations and future drilling areas, provided this

information is not commercially sensitive.

Further work is expected to include

additional exploration, geotechnical testing, coal

quality analyses, and coal property acquisition.

Section 3 Estimation and Reporting of Mineral Resources

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

Criteria

JORC Code explanation

Commentary

Database integrity

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

transcription or keying errors, between its initial collection and its use for Mineral

Resource estimation purposes.

Data validation procedures used.

MM&A confirmed coal seam thickness and correlations

in databases used for coal

deposit

modelling.

Representative records were spot-checked for data entry validation.

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

and to verify proper seam thickness measurements and recovery of coal samples.

Site

visits

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

of those visits.

If no site visits have been undertaken indicate why this is the case.

MM&A

very

familiar

with

the

Properties

and

has

conducted

multiple

site

visits

and

evaluations of the Property and adjoining properties throughout the years.

A site visit to Mon Valley was conducted as recently as December 2023, although there are

no facilities

or surface

expression of

the coal

reserves on

the Property.

Planned surface

areas for mine facilities were viewed.

Geological

interpretation

Confidence in (or conversely, the uncertainty of) the geological interpretation of the

mineral deposit.

Nature of the data used and of any assumptions made.

The effect, if any, of alternative interpretations

on Mineral Resource estimation.

The use of geology in guiding and controlling Mineral Resource estimation.

The factors affecting continuity both of grade and geology.

Due to the relative structural simplicity

of the deposits and the

reasonable continuity of the

tabular coal beds, the principal geological interpretation necessary to define

the geometry

of the coal deposits is the proper modeling of their thickness and elevation.

Both coal

thickness and

quality data

are deemed

by MM&A

to be

reasonable within

the

resource areas.

Therefore, there is a reasonable level of confidence

in the geologic interpretations required

for coal resource determination based on the available

data and the techniques applied to

the data.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Dimensions

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

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

the Mineral Resource.

The subject coal

resource areas mostly

exist in discreet,

individual deposits

of highly variable

dimensions, shapes and depth below the ground surface.

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

Details

the

parameters

are

cited

within

the

TRS

and

included

the

table

Cut-off

Parameters listed in Section 11.1 of the TRS.

Estimation

and

modelling

techniques

The nature and appropriateness of the estimation technique(s) applied and key

assumptions, including treatment of extreme grade values, domaining, interpolation

parameters and maximum distance of extrapolation from data points. If a computer

assisted estimation method was chosen include a description of computer software

and parameters used.

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

records and whether the Mineral Resource estimate takes appropriate account of

such data.

The assumptions made regarding recovery of by-products.

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

significance (e.g. sulphur for acid mine drainage characterisation).

In the case of block model interpolation, the block size in relation to the average

sample spacing and the search employed.

Any assumptions behind modelling of selective mining units.

Any assumptions about correlation between variables.

Description of how the geological interpretation was used to control the resource

estimates.

Discussion of basis for using or not using grade cutting or capping.

The process of validation, the checking process used, the comparison of model data

to drill hole data, and use of reconciliation data if available.

Geological

data

was

imported

into

Carlson

Mining®

(formerly

SurvCADD®)

geological

modelling software

in the

form

of Microsoft®

Excel

files incorporating,

drill hole

collars,

seam and thickness picks, bottom seam elevations and raw and washed coal quality. These

data files were validated prior to importing into the software.

Once imported, a geologic model was created.

The geological model was verified and reviewed.

Resources were estimated by

defining seam thickness at each point of

observation and by

defining resource confidence arcs around the points of observation.

Points of observation for Measured and Indicated confidence arcs were

defined for all drill

holes that intersected the seam.

As prescribed

by the

common United

States classification

system

the following

distances

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

Inferred Resources – greater than 3,960

feet (1.2 kilometers) but less

than 15,840 feet

(4.8 kilometers)

Indicated Resources – 3,960 feet (1.2 kilometers)

Measured Resources – 1,320 feet (0.4 kilometers)

The

use

the

standards

commonly

used

the

United

States

are

appropriate

and

customary for this resource jurisdiction and deposition type.

MM&A performed

a geostatistical

analysis test

of the

Coronado data

sets using

the Drill

Hole Spacing Analysis (DHSA) method to justify coal resource confidence levels.

Based on

MM&A’s

analysis, it

would be

possible to

extend the

measured, indicated

and

inferred

arcs

slightly

beyond

historically

accepted

practices

due

consistent

geological

settings.

The

QP’s

have

elected

not

extend

arc

distances,

introducing

level

conservatism in the coal classification.

Moisture

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

method of determination of the moisture content.

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

Reserve tonnes are

presented on a

moist basis

at anticipated product

moisture ranging from

4.0 to

6.0 percent.

Moisture content

based on historic

analyses of

shipped coal

from the

region.

Cut-off Parameters

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

The

cut-off

parameters

were

tailored

for

each

the

Coronado

properties

accordance with

mining/ processing capabilities

and market

conditions prevalent

at each

operation.

Examples include

minimum recoverable

coal thickness,

acceptable ash

content and

wash

recovery, and manageable overburden to coal ratio for surface mineable coal.

Details

the

parameters

are

cited

within

the

TRS

and

included

the

table

Cut-off

Parameters listed in Section 11.1 of this TRS.

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

experience with the

Coronado properties and other mining operations

of the Central and Northern Appalachian

coal

basin.

This

experience

includes

technical

and

economic

evaluations

numerous

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

properties

the

region

for

the

purposes

determining

the

economic

viability

the

subject coal reserves.

Mining factors or

assumptions

Assumptions made regarding possible mining methods, minimum mining dimensions

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

of the process of determining reasonable prospects for eventual economic extraction

to consider potential mining methods, but the assumptions made regarding mining

methods and parameters when estimating Mineral Resources may not always be

rigorous. Where this is the case, this should be reported with an explanation of the

basis of the mining assumptions made.

Mining factors

such as

dilution, mining

and washing

recovery are

variable and

have been

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

Details of the factors are cited within the TRS.

Factors that would typically preclude

conversion of a coal

resource to coal reserve

include

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

lack

access;

insufficient

exploration;

uncontrolled

surface

property

for

areas

proposed for surface mining.

While such factors were

used to preclude the

conversion of a

very limited number of

coal

resources to coal reserves

in this report, the extensive

history of mining on the

Properties

would suggest that there are reasonable prospects for eventual economic extractions of all

coal resources under favorable market conditions.

Metallurgical factors

or assumptions

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

always necessary as part of the process of determining reasonable prospects for

eventual economic extraction to consider potential metallurgical methods, but the

assumptions regarding metallurgical treatment processes and parameters made

when reporting Mineral Resources may not always be rigorous. Where this is the

case, this should be reported with an explanation of the basis of the metallurgical

assumptions made.

The products mined

from coal resources controlled

by Coronado can

be sold into

high-, mid-

and

low-volatile

metallurgical

coal

markets

because

their

inherent

quality

characteristics.

Run-of-mine

production is

washed

the

coal

preparation

plants

needed

for

quality

control.

Coronado may

blend production from

multiple sources to

manage ash and

sulfur content

along with the rheological and petrographic characteristics of the shipped products.

Environmental

factors or

assumptions

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

is always necessary as part of the process of determining reasonable prospects for

eventual economic extraction to consider the potential environmental impacts of the

mining and processing operation.

While at this stage the determination of potential

environmental impacts, particularly for a greenfields project, may not always be well

advanced, the status of early consideration of these potential environmental impacts

should be reported. Where these aspects have not been considered this should be

reported with an explanation of the environmental assumptions made.

A study completed on behalf of Coronado for Mon Valley has identified a Preferred Site for

refuse

disposal

Pangburn

with

capacity

22.6 million

cubic

meters.

Estimated

requirements for

Pangburn and

Shaner combined is

29.7 million tonnes or

approximately

13.2 million cubic meters.

Permitting for such a facility is anticipated to be achievable.

MM&A completed a Limited Phase I

Environmental Site Assessment (ESA) on the Buchanan

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

behalf of Coronado.

Coronado reports not having conducted such

a study since the MM&A

studies.

The ESAs

completed by

MM&A included

a site

inspection, review

of historical

records,

database search of State and

Federal regulatory records and interviews to

identify potential

recognized environmental conditions (RECs) that may create environmental liability for the

sites.

MM&A

identified one

REC

Greenbrier

associated

with

stained

soil

and

gravel

near

fueling and

maintenance area.

Coronado reported

MM&A

that satisfactory

clean-up

efforts were completed at Greenbrier.

Based on these former ESAs completed by

MM&A, it is MM&A’s opinion that Coronado has

a generally typical coal industry record of

compliance with applicable mining,

water quality,

and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

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

Bulk density

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

determined, the method used, whether wet or dry, the frequency of the

measurements, the nature, size and representativeness of the samples.

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

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

relative proportion of coal and

non-coal material within the seam

(typically at 1.30 and 2.25

specific gravity, respectively).

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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

between rock and alteration zones within the deposit.

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

different materials.

Average

seam

density

was

determined

for

each

coal

deposit

and

used

convert

coal

volumes into coal tonnage estimates.

Classification

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

categories.

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

confidence in tonnage/grade estimations, reliability of input data, confidence in

continuity of geology and metal values, quality, quantity and distribution of the

data).

Whether the result appropriately reflects the Competent

Person’s view of the deposit.

The Resource has

been classified based

on suitable distances

from points

of observations

prescribed in the common United States classification system.

The

use

the

United

States

standards

appropriate

and

customary

for

this

resource

jurisdiction and deposition type.

MM&A performed

a geostatistical

analysis test

of the

Coronado data

sets using

the Drill

Hole Spacing Analysis (DHSA) method.

Based on

MM&A’s

analysis, it

would be

possible to

extend the

measured, indicated

and

inferred

arcs

slightly

beyond

historically

accepted

practices

due

consistent

geological

settings.

The

QP’s

have

elected

not

extend

arc

distances,

introducing

level

conservatism in the coal classification.

All relevant factors have been

accounted for and reflect

the Competent Person’s view of

the

deposit.

Audits or reviews

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

MM&A completed prepared a statement

of coal resources and reserves for the

Properties

in accordance

with the

JORC Code

of December 31,

2017.

MM&A also

subsequently

updated the

estimate of

resources and

reserves for

depletion as

of December 31,

2018,

December 31, 2019, December 31, 2020,

December 31, 2021,

and December 31, 2022.

MM&A performed a previous

audit of the

Properties in year

2017 for Coronado

based on

U.S.

Securities and

Exchange

Commission (SEC)

Industry Guide

and

USGS

Circular 891

standards.

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

Coronado

and

various

levels

detail

depending

the

clients

concerns

and

the

allotted time for

completion.

Previous audits and

reviews defined the

primary coal resource

areas and estimated the

recoverable tonnes for

each seam based on

the expected mining

methods.

Additionally,

MM&A

has

performed

proprietary

evaluations

for

predecessors-in-title

Coronado, which encompass portions of the Properties included in this TRS.

Discussion of relative

accuracy/ confidence

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

Mineral Resource estimate using an approach or procedure deemed appropriate by

the Competent Person. For example, the application of statistical or geostatistical

procedures to quantify the relative accuracy of the resource within stated

confidence limits, or, if such an approach is not deemed appropriate, a qualitative

discussion of the factors that could affect the relative accuracy and confidence of the

estimate.

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

local, state the relevant tonnages, which should be relevant to technical and

economic evaluation. Documentation should include assumptions made and the

procedures used.

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

compared with production data, where available.

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

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

The

representation

average

coal

quality

characteristics

should

understood

represent a reasonably

representative sampling

that is generally

indicative of coal

quality

and does not represent a statistically rigorous approach to coal quality modeling.

Resource estimation

has been

completed using

standard coal

estimation methods

which

are deemed appropriate for this deposit.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 4 Estimation and Reporting of Ore Reserves

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

Criteria

JORC Code explanation

Commentary

Mineral Resource

estimate for

conversion to Ore

Reserves

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

Ore Reserve.

The coal resource estimate was prepared

as part of the report Coronado Global Resources

Inc. Statement of

Coal Resources and

Reserves in Accordance with

JORC Code and United

States SEC

Standards as

of December 31,

2023 –

Northern and

Central Appalachian

Coal

Basins – Virginia,

West Virginia and Pennsylvania, USA

– February 2024

prepared by MM&A.

The resource estimation criteria were developed by

MM&A based on the capabilities

of the

mining equipment used

within the production model

and on industry-accepted

standards

assure

that the

basic

geologic characteristics

the coal

resources

are

in reasonable

conformity with those to be mined and marketed by Coronado.

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

inclusive of, the Ore Reserves.

Coal

resources

generally

are

reported

inclusive

the

coal

reserves.

some

cases,

resources are reported in addition

to coal reserves.

Tables 1-1

and 11-3 of the TRS clearly

identify resources “inclusive of mine plan” from

which coal reserves were estimated along

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

Site visits

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

of those visits.

MM&A is very

familiar with

the Properties

and has conducted

multiple site visits

and reserve

evaluations throughout the years.

A site visit

was conducted to Mon Valley as recently as December 2023 to assess proposed

surface mine facilities areas.

Currently there are no mine facilities or surface expression of

the coal reserve on the Property.

Study status

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

to Ore Reserves.

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

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

undertaken to convert Mineral Resources to Ore Reserves. Such studies will have

been carried out and will have determined a mine plan that is technically achievable

and economically viable, and that material Modifying Factors have been considered.

This

geologic

evaluation

conducted

accordance

with

JORC

and

SEC

standards

and

conjunction with the preliminary feasibility study is sufficient to conclude that

the surface,

highwall miner and

underground coal reserves

identified on the

Properties are economically

mineable under

reasonable expectations of

market prices for thermal

and metallurgical coal

products, estimated operation costs, and capital expenditures.

The pre-feasibility financial models, prepared by MM&A for

this TRS, was developed to test

the economic viability of each coal resource area.

Proved

and

probable

coal

reserve

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

independent

estimates

capital,

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

Cut-off parameters

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

The

cut-off

parameters

were

tailored

for

each

the

Coronado

properties

accordance with

mining/ processing capabilities

and market

conditions prevalent

at each

operation.

Examples include

minimum recoverable

coal thickness,

acceptable ash

content and

wash

recovery, and manageable overburden to coal ratio for surface mineable coal.

Details

the

parameters

are

cited

within

the

TRS

and

included

the

table

Cut-off

Parameters listed in Section 11.1 of this TRS.

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

experience with the

Coronado

properties

and

are

typical

mining

operations

the

Central

and

Northern

Appalachian coal

basin.

This experience

includes technical

and economic

evaluations of

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

numerous properties in the

region for the

purposes of determining the

economic viability

of the subject coal reserves.

Mining factors or

assumptions

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

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

appropriate factors by optimisation or by preliminary or detailed design).

After validating

coal seam

data and

establishing correlations,

the thickness

and elevation

for seams of economic interest were used to generate a geologic model.

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

MM&A

prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production timing was carried

out from 2024

to depletion (exhaustion) of

the coal reserve areas.

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

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

The

room-and-pillar

mining

method

was

selected

model

the

underground

mining

resources, utilizing continuous

miners for coal

extraction, shuttle cars

for production section

haulage and roof bolters for

roof control, with the exception

that the Buchanan Mine also

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

The resource

areas

located

above

drainage

are

relatively

small and

often

have

irregular

boundaries. The

Buchanan Mine

in Buchanan

County,

Virginia is

the only

active longwall

mine currently being operated by Coronado.

The

Coronado

underground

mining

resource

areas

which

are

located

above-drainage

require an

access road and

mine access development

along the outcrop,

whereas below-

drainage

mines

are

accessed

via

shaft

slope

based

other

proposed

surface

infrastructure locations and/or surface property control.

The surface mining method selected utilizes highly productive hydraulic

shovels, front-end

loaders,

large

tractors

and

rock

trucks

for

overburden

removal.

The

mobile equipment

spreads adapt readily to winding coal outcrops for

contour surface mining and are effective

for point-removal and area mining applications.

Application

highwall

and

auger

mining

units

effective

method

recover

coal

resources

not

suitable

for

underground

mining

and

under

excessive

cover

for

surface

mining.

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

sizes, etc.), grade control and pre-production drilling.

Mining plans for

potential underground

mines were developed

by MM&A.

Pillar stability

was tested

by MM&A

using the

Analysis of

Coal Pillar

Stability (ACPS)

program

that was

developed by the National Institute for Occupational Safety and Health (NIOSH).

Coronado

must

obtain

approved

mining

plans

from

United

States

Department

Labor

Mine

Safety

and

Health

Administration

(MSHA)

that

define

safety

parameters

for

the

highwalls developed during

contour and

area mining.

MM&A’s

planning model does

not

require

input

specific

highwall

design

parameters,

but

provides

for

timing

mining

within mine plan polygons that is representative of

the operation performance attained at

Central Appalachia surface mines.

Highwall and auger mining is conducted under

highwalls designed and constructed to meet

MSHA permit requirements.

To better

assure highwall stability and safety

during highwall

coal

extraction,

MSHA

requires

that

coal

fenders,

stumps,

left

place

between

successive cuts.

Periodic

barrier pillars

must

be left

in place

additional safeguard.

MM&A has adjusted the

expected mining recovery for highwall and

auger mining resources

to reflect highwall stability and safety requirements.

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

optimisation (if appropriate).

Underground Mining Resources:

For metallurgical resources, minimum coal

seam thickness

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

of 30.5 meters.

A 61-meter horizontal

distance is maintained from

abandoned mines and

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

sealed or

pillared areas,

and a

30-meter horizontal

distance is

maintained from

planned

highwall miner panels.

Mine recovery is reduced when a rider coal

seam is present within

a 1.5- to 3.0-meter interval above the coal seam.

No mining is projected when the interval

between overlying and underlying reserves is less than 12 meters.

Surface Mining Resources:

For classification as a

surface-mineable resource, a seam

must

be at

least 0.3

meters

in thickness

a stand-alone

(principal) seam

and 0.15

meters

thickness when less than 0.8 meters from a principal seam.

The maximum cumulative area

mining strip ratio

is generally 20:1

for thermal coal

and 30:1 for

metallurgical coal.

Some

areas

were

assessed

for

their

economic

viability at

higher

ratios,

and

were

included

reserves if deemed economic.

For contour surface mining, a

minimum of 38-meter bench

is provided to support HWM.

HWM

and

Auger

Mining

Resources:

HWM

cut

depth

(penetration)

established

maximum of 244

meters.

The minimum mineable

coal thickness is

limited at

0.6 meters.

For coal seams less than 0.8 meters thick, roof and/or floor characteristics

must allow OSD

cutting

maintain

0.8-meter

minimum

cutting

height.

Auger

mining

cut

depth

established at an average of 91 meters.

The minimum mineable coal thickness is limited at

0.5 meters.

The mining dilution factors used.

Underground Mining Reserves:

The planning model assigns

minimum mining heights of 1.4

to 1.8 meters for mains and

panel development.

At the Buchanan Mine, a

minimum mining

height of 1.8 meters

was used due to

the longwall mining method

being employed.

For coal

seams

thinner

than

the

assigned

mining

height,

the

difference

between

the

coal

seam

height and assigned mining height consists of

OSD.

In all cases a minimum

of 0.05 meters

of OSD was assumed, with the exception of

the Mon Valley mines, where

a minimum 0.15

meters of OSD was assumed due to weaker floor strata.

Surface Mining Reserves:

Area mining is generally limited to a cumulative

overburden ratio

of 30:1

and

15:1

ratio

for

contour

mining.

Exceptions

were

considered

for

mining

metallurgical grade coal where deemed

economical.

It is assumed that careful cleaning

exposed coal pits will result in minimal OSD.

HWM and Auger Mining Reserves:

The mining plan assumes that the HWM cutting height

is a minimum of 76

to 99 centimeters

for clearance purposes.

When the coal seam

is less

than 76 to 99

centimeters thick, OSD assumed

and included in the ROM

product. Because

the

auger

has

very

limited

OSD

cutting

ability,

assumed

that

appropriate

auger

diameter will be chosen based on the coal seam thickness and that OSD will be minimal.

The mining recovery factors used.

Underground Mining Reserves:

Mine recovery generally varies between 40 and 60 percent

for continuous mining panels, and 100 percent for longwall.

Surface Mining Reserves:

Mining recovery is 90

percent for virgin

areas.

Mining recovery

is reduced where

second mining is

projected in previously

underground and auger

mined

areas.

HWM and

Auger Mining

Reserves:

A mine

recovery of

40 percent

has been

applied for

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

Any minimum mining widths used.

Underground Mining Reserves:

Typical entry width is 5.8 to 6.1 meters.

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

the sensitivity of the outcome to their inclusion.

Proved

and

probable

coal

reserve

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

independent

estimates

capital,

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

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Mine

plan

LOM

tonnage

includes

inferred

coal

and

those

areas

that

not

meet

the

minimum coal thickness requirement for classification as reserve.

Inferred coal represents

approximately 0.6% of the LOM

production for Mon Valley and 0.000001% of

the total LOM

production for Logan.

None of this coal was included in the estimate of reserves.

The infrastructure requirements of the selected mining methods.

Underground Mining Resources:

The continuous mining

method provides for

the extraction

of coal from the production faces using continuous miners (and longwall shearing machine

at Buchanan) and haulage using shuttle cars or battery haulers to a feeder-breaker

located

at the tail of the section conveyor belt.

The feeder-breaker crushes large pieces of coal and

rock and regulates coal feed

onto the mine conveyor.

A chain conveyor is used to

remove

coal from

the longwall

face at

the Buchanan

Mine for

placement onto

the conveyor

belt

which is ultimately

delivered to an underground storage bunker.

Roof-bolting machines are

used to

install roof

bolts, and

battery scoops

are available

to clean

the mine

entries and

assist in delivery of

mine supplies to

work areas.

Surface ventilation fans

are installed as

needed to provide a sufficient

volume of air to ventilate

production sections, coal haulage

and

transport

entries,

battery

charging

stations,

and

transformers

accordance

with

approved plans.

Coronado

currently

operates

three

coal

preparation

plants,

one

each

the

Buchanan,

Logan

County and

Greenbrier Divisions.

The Buchanan

Plant

operates

at a

feed

rate

approximately 907

raw tonnes per

hour (tph), whereas

the Saunders Plant

(Logan County

Division)

has

nominal

feed

rate

816

tph,

and

the

Mountaineer

Plant

(Greenbrier

Division) operates

544 tph.

MM&A has

included capital

estimates

for

construction of

additional coal

preparation plants

at the

Russell County

and Mon

Valley

Complex for

the

purposes of this TRS.

Surface

Mining

Resources:

The

surface

mining

mobile

equipment

spreads

advance

the

contour and area mining pits while systematically

reclaiming the trailing side of pits where

coal

has

been

removed.

The

coal

haul

roads

are

extended

and

maintained

the

pits

advance.

Support facilities

are maintained

nearby but

away from

the active

mining, and

include storage areas for blasting agents, fuel and lubricants, and mine supplies along with

maintenance facilities and offices.

Most of the surface mine production is transported to a

loading point for crushing, blending and direct-shipment to customers.

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

pits.

The rate of advance of the

contour mining is governed by the

advancement rate of the

HWM.

A diesel-powered

generator trails

the highwall

miner and

powers the

continuous

mining unit.

Other support facilities

are provided

along with the

contour mining

support

facilities.

HWM

production is

all

transported

truck to

the coal

preparation

plant

for

washing.

Metallurgical factors

or assumptions

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

style of mineralisation.

Coarse material is washed in a heavy medium vessel.

Intermediate-size material is washed

in heavy medium cyclones.

Fine material is washed using conventional froth flotation cells.

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

Processes are

typical of

those

used

in the

coal

industry and

are

use

adjacent coal

processing plants.

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

the nature of the metallurgical domaining applied and the corresponding

metallurgical recovery factors applied.

The

quality

characteristics

for

the

subject

coal

resources

and

coal

reserves

have

been

reviewed in

detail by

MM&A.

The drill

hole data

were

utilized

to develop

average

coal

quality characteristics

mining

site.

These average

coal quality

characteristics

were

then

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

utilized as

the basis for

determining the

various markets

into which

the saleable coal

will

likely be placed.

Any assumptions or allowances made for deleterious elements.

significant

effects

product

quality

are

anticipated

from

dilution

material;

float

product quality was used to model final product quality.

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

such samples are considered representative of the orebody as a whole

No bulk sample or pilot scale work has been completed.

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

based on the appropriate mineralogy to meet specifications?

Notwithstanding the complexity

of the coal

quality data set,

the seams of

the central and

northern Appalachian

coalfields have a long

history of providing

both high-Btu thermal

coals

and high-, mid- and low-volatile coking coals with favorable metallurgical properties.

Environmental

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

processing operation. Details of waste rock characterisation and the consideration of

potential sites, status of design options considered and, where applicable, the status

of approvals for process residue storage and waste dumps should be reported.

A study completed on behalf of Coronado has identified a Preferred Site for refuse disposal

Pangburn

with

capacity

22.6 million

cubic

meters.

Estimated

requirements

for

Pangburn and Shaner combined is 29.7 million tonnes or approximately 13.2 million.

MM&A completed a Limited Phase I

Environmental Site Assessment (ESA) on the Buchanan

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

behalf of Coronado.

MM&A

identified one

REC

Greenbrier

associated

with

stained

soil

and

gravel

near

fueling and

maintenance area.

Coronado reported

MM&A

that satisfactory

clean-up

efforts were completed at Greenbrier.

Based on these former ESAs completed by

MM&A, it is MM&A’s opinion that Coronado has

a generally typical coal industry record of

compliance with applicable mining,

water quality,

and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

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

Infrastructure

The existence of appropriate infrastructure: availability of land for plant

development, power, water,

transportation (particularly for bulk commodities),

labour, accommodation; or the ease with which the infrastructure can be provided

or accessed.

Coronado

currently

operates

one

surface

mine

(Toney

Fork

Mine

the

Logan

Mine

Complex); Coronado

also controls

the idle

Midland Surface

Mine at

the Greenbrier

Mine

Complex.

Coronado operates

five underground

mines as

follows:

Buchanan Mine at

the Buchanan

Mine Complex;

Winifrede, Eagle

No. 1,

Muddy Bridge

and Lower

War Eagle

Mines in

the

Logan

Mine

Complex;

the

Mountaineer

Mine

the

Greenbrier

Mine

Complex

currently idle.

All ROM production is currently

planned for either truck transportation

from the mines

the processing or

shipping facilities,

or in some

cases there is

either a current

or planned

mine mouth preparation plant and barge/rail loading facility.

There is a network of public

highways that provide serviceable coal haul routes and

private,

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

Rail service to the

Properties

most

readily

provided

and

CSX

with

connections

both

domestic

consumers

and

international

trans-shipment

points.

track

located

across

the

Monongahela River from

the proposed Pangburn

Hollow load-out facility.

Coal would be

shipped to

customers via barge

and rail and

sold as

both metallurgical and

thermal products.

Costs

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

study.

The methodology used to estimate operating costs.

Coronado

provided

historical

and

5-year

budget

operating

costs

for

its

active mines

for

MM&A’s review.

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

and developed

personnel schedules

for each

mine.

Hourly labor

rates and

salaries were

based upon information contained in Coronado’s financial summaries.

Fringe benefit costs

were

developed

for

vacation

and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

healthcare

and

bonuses.

cost

factor

for

mine

supplies

was

developed

that

relates

expenditures to mine

advance rates

for roof

control costs

and other mine

supply costs at

underground

mines.

Other

factors

were

developed

for

maintenance

and

repair

costs,

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

Surface mine direct

operating costs

were developed as

a function of

overburden ratio

for

repair and

maintenance supplies,

diesel fuel,

explosives and

blasting, and

miscellaneous

supplies and

services.

Operating costs for highwall

mines are based

on costs per

ROM tonne

estimates.

Other cost factors were developed for coal preparation plant processing, refuse

handling, coal loading,

trucking, property taxes,

and insurance and

bonding.

Appropriate

royalty

rates

were

assigned for

production from

leased coal

lands and

sales

taxes

were

calculated for state severance taxes, the federal black lung excise tax, and federal and state

reclamation fees.

Capital schedules were developed

by MM&A for mine development,

infrastructure, and on-

going capital requirements for the life of each projected mine.

Staffing levels were prepared

and operating costs estimated

by MM&A for each projected

mine.

MM&A utilized historical cost

data provided by Coronado

and its own

knowledge and

experience to estimate direct and indirect operating costs.

Allowances made for the content of deleterious elements.

allowances

have

been

made

for

deleterious

elements;

impact

quality

from

deleterious elements is anticipated.

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

minerals and co- products.

Coronado provided MM&A with price forecasts for

all Properties.

Customer coal pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal

price

forecasts

for

the

various

products were

provided by

Coronado for

various coal

markets in

terms of

US real

dollars

per metric tonne.

MM&A applied a

2% inflation factor

in order

to estimate

the prices in

nominal dollars.

Derivation of transportation charges.

Coronado provided MM&A with price forecasts for

all Properties.

Customer coal pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges, ocean

freight charges and

port charges Coal

price forecasts for the

various products

were provided by Coronado for

various coal markets in

terms of US real dollars

per metric

tonne.

MM&A

applied a

inflation

factor

order

estimate

the

prices

in nominal

dollars.

The basis for forecasting or source of treatment and refining charges, penalties for

failure to meet specification, etc.

MM&A

utilized

historical

cost

data

provided

Coronado

and

its

own

knowledge

and

experience to estimate direct and indirect operating costs.

All ROM production is currently

planned

for

either

truck

transportation

from

the

mines

the

processing

shipping

facilities, or in

some cases there

is either a

current or planned

mine mouth preparation

plant

and barge/rail loading facility.

The allowances made for royalties payable, both Government and private.

Appropriate royalty

rates

were assigned

for production

from leased

coal lands

and sales

taxes

were

calculated

for

state

severance

taxes,

the

federal

black

lung

excise

tax,

and

federal and state reclamation fees.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Revenue factors

The derivation of, or assumptions made regarding revenue factors including head

grade, metal or commodity price(s) exchange rates, transportation and treatment

charges, penalties, net smelter returns, etc.

Coronado provided MM&A with price forecasts for

all Properties.

Customer coal pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal

price

forecasts

for

the

various

products were

provided by

Coronado for

various coal

markets in

terms of

US real

dollars

per metric tonne.

MM&A applied a

2% inflation factor

in order

to estimate

the prices in

nominal dollars.

The

Greenbrier

property

not

considered

material

Coronado’s

business

financial

conditions, and thus no update was completed for Greenbrier in 2024. Resources exclusive

reserves,

well

reserves,

are

based

assumed

long-term

average

price

December 31,

2022

provided

Coronado,

representing

Coronado’s

long-term

average

price forecast for Greenbrier at that time.

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

metals, minerals and co-products.

Coal sales prices as defined above.

All reported reserves are on a marketable basis.

Market assessment

The demand, supply and stock situation for the particular commodity, consumption

trends and factors likely to affect supply and demand into the future.

Coronado provided MM&A with price forecasts for

all Properties.

Customer coal pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal

price

forecasts

for

the

various

products were

provided by

Coronado for

various coal

markets in

terms of

US real

dollars

per metric tonne.

MM&A applied a

2% inflation factor

in order

to estimate

the prices in

nominal dollars.

A customer and competitor analysis along with the identification of likely market

windows for the product.

All of the

mine production serves

metallurgical and thermal markets.

The metallurgical coal

is marketed

as high-volatile (typically

28 percent or

greater volatile matter

content); mid-

volatile (typically 23- to

27-percent volatile matter content)

and low-volatile (typically

less

than 23 percent volatile matter content) products.

Raw

ROM

production

that

requires

washing

currently

processed

through

Coronado

owned and operated coal preparation plants.

ROM coal that does

not require further processing is

delivered directly to the loading

points

for sizing and

delivery to

customers.

Coronado has access

to two rail-loading

points serviced

the

Norfolk

Southern

Corporation

(NS)

and

two

rail-loading

points

serviced

CSX

Corporation (CSX).

Price and volume forecasts and the basis for these forecasts.

Carlson Mining ®

was used by MM&A

to generate mine plans

for underground-

and surface-

mineable

coal

seams.

Underground

mine

plans

were

sequenced

based

productivity

schedules provided

by Coronado,

which were

based on

historically achieved

productivity

levels.

Surface mine plans

were generated under productivity

assumptions (bank cubic

yard

per

shift)

provided

Coronado

and

reviewed

MM&A,

again

based

heavily

productivity

levels

achieved

Coronado.

All

production

forecasting

ties

assumed

production rates

to geological

models as

constructed independently by

MM&A’s

team of

geologists and mining engineers.

Coronado provided MM&A with price forecasts for

all Properties.

Customer coal pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal

price

forecasts

for

the

various

products were

provided by

Coronado for

various coal

markets in

terms of

US real

dollars

per metric tonne.

MM&A applied a

2% inflation factor

in order

to estimate

the prices in

nominal dollars.

Economic

The inputs to the economic analysis to produce the net present value (NPV) in the

study, the source and confidence of these economic inputs including estimated

inflation, discount rate, etc.

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

taxes was estimated for

the

purpose of

classifying coal

reserves.

The project

cash flows,

excluding

debt service,

are

calculated by

subtracting direct

and indirect

operating expenses

and capital

expenditures

from

revenue.

Direct

costs

include

labor,

drilling

and

blasting,

operating

supplies,

maintenance and

repairs,

facilities costs

for

materials

handling, coal

preparation,

refuse

disposal,

coal

loading,

sampling

and

analysis

services,

reclamation

and

general

and

administrative costs.

Indirect costs include statutory

and legally agreed upon

fees related

to direct extraction of the

mineral.

The indirect costs are the

Federal black lung tax, Federal

and State reclamation taxes, property

taxes, local transportation prior to

delivery at rail or

barge loading sites, coal

production royalties, sales

and use taxes,

income taxes and

State

severance taxes.

Coronado’s historical

costs provided a

useful reference

for MM&A’s

cost

estimates.

Coronado provided MM&A with price forecasts for

all Properties.

Customer coal pricing is

derived from

market

observed forward

estimates

based on

global economic

supply and

demand

analysis

which

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal

price

forecasts

for

the

various

products were

provided by

Coronado for

various coal

markets in

terms of

US real

dollars

per metric tonne.

MM&A applied a

2% inflation factor

in order

to estimate

the prices in

nominal dollars.

All costs and prices are based on year-end 2023 nominal United States dollars.

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

MM&A

prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production timing was carried

out from 2024

to depletion (exhaustion) of

the coal reserve areas, which is projected for the year 2101.

The all-mines average cash cost ranges between approximately $73 and $338 per

tonne for

most of the operating period.

NPV ranges and sensitivity to variations in the significant assumptions and inputs.

An estimate of NPV at a base discount rate of 10.0% was included in Section 19 of the TRS.

NPV of the Buchanan, Russell, Mon Valley, Logan and Greenbrier Properties was estimated

$1.804 billion,

$155.1 million,

$563.4 million,

$616.8 million

and

$62.7 million,

respectively.

The

Greenbrier

NPV

based

December 31,

2022

coal

sales

price

information provided by Coronado as described previously.

The sensitivity study

shows the NPV at

the 10.0% discount rate when

Base Case sales prices,

operating costs, and capital costs are increased and decreased

in increments of 5% within a

+/- 15% range.

Social

The status of agreements with key stakeholders and matters leading to social license

to operate.

Portions of the properties are located near local communities.

Regulations prohibit mining

activities within

meters

residential

dwelling,

school,

church,

similar structure

unless written consent is first

obtained from the owner of

the structure.

Where required,

such consents have been obtained where mining is proposed beyond the regulatory limits.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Other

To the extent relevant, the impact of the following on the project and/or on the

estimation and classification of the Ore Reserves:

Any identified material naturally occurring risks.

No material naturally occurring risks have been identified.

The status of material legal agreements and marketing arrangements.

The

Coronado

coal

resources

are

located

Buchanan,

Russell

and

Tazewell

Counties,

Virginia;

Greenbrier,

Logan,

Boone,

Wyoming

and

Greenbrier

Counties,

West

Virginia;

Allegheny, Washington and Westmoreland Counties, Pennsylvania.

MM&A has

not carried

out separate

title verification

for the

coal properties

and has

not

verified

leases,

deeds,

surveys

other

property

control

instruments

pertinent

the

subject resources.

Coronado has

represented to

MM&A that

it controls

the mining

rights to

the reserves as

shown on its property

maps, and MM&A has

accepted these as being a

true and accurate

depiction of the

mineral rights controlled by Coronado.

The TRS assumes the

properties are

developed under responsible and experienced management.

The status of government agreements and approvals critical to the viability of the

project, such as mineral tenement status and government and statutory approvals.

There must be reasonable grounds to expect that all necessary Government

approvals will be received within the timeframes anticipated in the Pre-Feasibility or

Feasibility study. Highlight and discuss the materiality of any unresolved matter that

is dependent on a third part on which extraction of the reserve is contingent.

Coronado has obtained all mining

and discharge permits to operate 19 underground

mines,

15 surface mines, and 16 processing,

loadout or related facilities.

MM&A is unaware of any

obvious or current Coronado permitting issues

that are expected to prevent the issuance

future

permits.

Coronado,

along

with

all

Central

and

Northern

Appalachian

basin

coal

producers, is subject to

a level of uncertainty

regarding future clean water

permits due to

United States Environmental Protection Agency (EPA)

involvement with state programs.

Classification

The basis for the classification of the Ore Reserves into varying confidence

categories. Whether the result appropriately reflects the Competent Person’s view

of the deposit. The proportion of Probable Ore Reserves that have been derived

from Measured Mineral Resources (if any).

Measured and indicated resources have

been converted to proved

and probable reserves,

respectively.

None of the probable coal reserves have been derived from measured resources.

limited

number

cases

where

there

was

only

very

limited

data

available

demonstrate the metallurgical suitability of a given coal deposit, that deposit was classified

as a probable reserve instead of a proved reserve.

The results of this TRS define an estimated

total initial ROM recoverable ore

(coal) reserve

estimate of 548 million tonnes for Coronado as follows:

Buchanan =

154 Mt

Logan

135 Mt

Greenbrier=

12 Mt

Russell

50 Mt

Mon Valley =

197 Mt

Coronado controls a total of 333 Mt (moist basis) of

marketable coal reserves for Coronado

as of December 31, 2023 (total may not add

due to rounding).

Of that total, 74 percent are

proved, and 26 percent are probable.

Total reserves by complex are as follows:

Buchanan

92 Mt

Logan

71 Mt

Greenbrier =

7 Mt

Russell

30 Mt

Mon Valley =

134 Mt

Audits or reviews

The results of any audits or reviews of Ore Reserve estimates.

MM&A completed prepared a statement

of coal resources and reserves for the

Properties

in accordance

with the

JORC Code

of December 31,

2017.

MM&A also

subsequently

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

updated the

estimate of

resources and

reserves for

depletion as

of December 31,

2018,

December 31, 2019, December 31, 2020,

December 31, 2021,

and December 31, 2022.

MM&A performed a previous

audit of the

Properties in year

2017 for Coronado

based on

U.S. Securities and Exchange

Commission (SEC) Industry Guide

7 standards.

Earlier audits

were performed by various independent consultants

for predecessors-in-title to Coronado

and at various levels

of detail depending

on the clients concerns

and the allotted

time for

completion.

audits

and

reviews

defined

the

primary

coal

resource

areas

and

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

Additionally,

MM&A

has

performed

proprietary

evaluations

for

predecessors-in-title

Coronado, which encompass portions of the Properties included in this TRS.

Discussion of relative

accuracy/ confidence

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

Ore Reserve estimate using an approach or procedure deemed appropriate by the

Competent Person. For example, the application of statistical or geostatistical

procedures to quantify the relative accuracy of the reserve within stated confidence

limits, or, if such an approach is not deemed appropriate, a qualitative discussion of

the factors which could affect the relative accuracy and confidence of the estimate.

Operations on

the Properties

by Coronado

and its

predecessors

have

been on-going

for

many years.

MM&A is confident that the mine

plans and financial models

are reasonably representative

to provide an accurate estimation of coal reserves.

Mine development and operation have not been optimized within the TRS.

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

local, state the relevant tonnages, which should be relevant to technical and

economic evaluation. Documentation should include assumptions made and the

procedures used.

Proved

and

probable

coal

reserve

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

independent

estimates

capital,

revenue and cost), marketing, legal, environmental,

socioeconomic, and regulatory factors

on a global scale as current local data reflects the global assumptions.

Accuracy and confidence discussions should extend to specific discussions of any

applied Modifying Factors that may have a material impact on Ore Reserve viability,

or for which there are remaining areas of uncertainty at the current study stage.

The

major

risk

factors

for

the

active

Coronado

mines

and

future

resource

development

are

summarized below:

Mine Accidents

Highwall

Failure.

Highwall

failures

are

likely

result

temporary

mine

closure

and

should not have a material

impact on the mine sustainability.

The risk is considered to

probable.

Adverse Geological

Conditions.

Adverse geological

conditions include

such conditions

faults

and

sandstone

washouts.

The

risk

considered

probable.

The

impact

expected to be temporary with little material impact on mine sustainability.

Environmental Risk.

Numerous federal and

state permits are

required to operate coal

mines

and mine surface facilities. Permitting rules

are complex and may change over

time, making

compliance difficult or impossible.

Water

Quality.

Permit requirements

to fulfill

Clean Water

Act obligations

are subject

modification.

The probability of

water quality

changes having

a material

impact on mine

operations

possible.

contemporary

example,

the

selenium

discharge

issue

that

affects

western

Canadian

and

Central

Appalachian

Basin

operators

has

only

recently

emerged as a concern and its ultimate impact has not been determined.

New Permits.

Permit protests

by environmental

groups and individuals

can contribute to

permit delays or denial

and increase the cost

of permitting and delay

development.

Surface

mining

activities, coal

refuse

disposal

and

construction

access

roads

mountainous

terrain often require storage

of material in valley

fills.

Authority to dispose of fill

material

into

waters

the

United

States

must

granted

the

United

States

Army

Corps

Engineers (COE).

COE permits are increasingly difficult to obtain.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2023

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Regulatory

Requirements.

Adverse

impact

from

regulatory changes

is considered

probable.

The impact will likely affect the broader industry and is not expected to result in

mine closure.

Market Risk.

Metallurgical and

thermal coal

markets ultimately

depend upon

the global

steel and

thermal coal

demand and

are considered

to be

volatile.

Currently,

the US

coal

market has

seen a decline in

demand for thermal

coal due to

thermal plant closures,

as a

result of new air and water pollution regulations, and competition

from other commodities

used for

power generation

such as

natural gas.

This has

resulted in

an overall

decline in

CAPP coal production.

Continued regulatory changes and declining demand could result in

material changes in domestic and

global coal markets.

The impact cannot be predicted

this

time;

however,

while

MM&A

expects

the

coal

reserve

within

this

TRS

remain

economically viable throughout the life of the projected mines, the LOM

financial model is

very sensitive to changes in coal sales price and therefore market risk is not insignificant.

Labor Risk.

Work stoppage due to organized labor protests is considered to be unlikely and

not likely to lead to permanent mine

closure.

The mines are likely to suffer

the loss of key

supervisors and skilled employees

due to retirement as the workforce ages.

The problem is

industry-wide and the

impact is expected to be

temporary and have no sustained impact

coal production.

Availability of Equipment and Supplies.

Risk of equipment and supply availability

is likely to

be temporary and should not have a sustained adverse impact on the production of coal.

Transportation Delay.

Interruption of coal transport services

by river or rail is considered

be probable but unlikely to have a sustained impact on coal production.

It is recognised that this may not be possible or appropriate in all circumstances.

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

compared with production data, where available.

Mine

plans,

productivity

expectations

and

cost

estimates

generally

reflect

historical

performance

and

efforts

have

been

made

adjust

plans

and

costs

reflect

future

conditions.