ex962

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

February 2025

Prepared for:

Coronado Global Resources Inc.

100 Bill Baker Way

Beckley, West

Virginia 25801

Prepared by:

ARSHALL

ILLER

SSOCIATES

582 Industrial Park Road

Bluefield, Virginia 24605

www.mma1.com

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Statement of Use and Preparation

This Technical

Report Summary (

TRS

) was prepared by

Marshall Miller & Associates, Inc. (

MM&A

)

for

the

sole

use

Coronado

Global

Resources

Inc.

(

Coronado

)

and

its

affiliated

and

subsidiary

companies and advisors.

Copies or

references to information in this

report may not

be used

without

the written permission of Coronado.

This report provides a

statement of coal resources and

coal reserves for Coronado, as

defined under

the

Australasian Code

for Reporting

of 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

)

Subject to

the comments

below,

this

report

was

also

prepared

accordance

with

the

Australasian

Code

for

Public

Reporting

Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

The statement

is based

on information

provided

by Coronado

and reviewed

Qualified Persons

(

QPs

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

As noted above, this report is a “Public Report” for the purposes of the VALMIN Code.

However,

accordance with paragraph 12.1 of the VALMIN Code, it is noted that this report is not a “Valuation

Mineral

Assets”

and

also

does

not

comply

with

the

following

requirements

that

apply

“Technical Assessments” (as defined in the VALMIN

Code):

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

by paragraph

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

reviewed by Coronado’s

legal

advisors.

This

report

does

not

include

separate

commentary

the

reasonableness

and

quality

the

Resources and Reserves estimates

and the basis on which they have been reported (as required

paragraph

7.3

the

VALMIN

Code).

MM&A

did

not

consider

that

this

was

appropriate

circumstances

where MM&A

was engaged

for

the specific

purpose of

preparing

those estimates.

However,

MM&A

notes

that,

accordance

with

its

usual

practice,

separate

team

MM&A

employees undertook a peer review of this report and confirmed that both

the process followed by

the

authors

this

report

and

the

estimates

prepared

were

reasonable

and

comply

with

the

requirements of the JORC Code.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The information in this TRS

related to coal resources and reserves is

based on, and fairly

represents,

information compiled by the QPs.

At the time of

reporting, MM&A’s QPs have sufficient experience

relevant

to the

style of

mineralization

and type

of deposit

under consideration

and to

the activity

they are undertaking to qualify as a QP as defined by Regulation S-K 1300 and the JORC Code.

Each

QP consents

to the

inclusion in

this report

of the

matters

based on

their information

in the

form

and context in which it appears.

Marshall

Miller

Associates,

Inc.

(

MM&A

)

hereby

consents

the

use

the

information

contained in this report

dated December 31, 2024, relating

to estimates of

coal resources and coal

reserves controlled by Coronado.

Qualified Person:

/s/ Marshall Miller & Associates, Inc.

Date:

February 1, 2025

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

Contents

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

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

...........

1.1

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

1.2

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

1.3

Geology

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

1.4

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

1.5

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

1.6

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

1.7

Mineral Reserve

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

1.8

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

1.9

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

1.10

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

1.10.1

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

1.10.2

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

1.11

Permitting

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

1.12

Conclusion and Recommendations

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

Introduction

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

.................... 10

2.1

Registrant and Terms

of Reference

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

2.2

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

2.3

Personal Inspections

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

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

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

.......

3.1

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

3.2

Titles, Claims or Leases

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

3.3

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

3.4

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

3.5

Other Risks

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

Accessibility, Climate,

Local Resources, Infrastructure and Physiography

......................... 14

4.1

Topography,

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

4.2

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

4.3

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

4.4

Climate and Length of Operating Season

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

4.5

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

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

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

............................ 15

5.1

Previous Operation

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

5.2

Previous Exploration

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

Geological Setting, Mineralization and Deposit ................................................................ 16

6.1

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

6.2

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

6.3

Deposits

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

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

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

...................... 23

7.1

Nature and Extent of Exploration

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

7.2

Non-Drilling Procedures and Parameters

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

7.3

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

7.4

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

7.5

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

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

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

.....

8.1

Prior to Sending to the Lab

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

8.2

Lab Procedures ....................................................................................................

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

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

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

9.1

Procedures of Qualified Person

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

9.2

Limitations ...........................................................................................................

9.3

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

Mineral Processing and Metallurgical Testing

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

10.1

Testing

Procedures

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

10.2

Relationship of Tests

to the Whole

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

10.3

Lab Information ...................................................................................................

10.4

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

Mineral Resource Estimates

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

............................ 30

11.1

Assumptions, Parameters and Methodology

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

11.1.1

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

11.2

Qualified Person’s

Estimates

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

11.3

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

11.3.1

Initial Economic Assessment

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

11.4

Qualified Person’s

Opinion

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

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

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

.............................. 38

12.1

Assumptions, Parameters and Methodology

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

12.2

Qualified Person’s

Estimates

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

12.3

Qualified Person’s

Opinion

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

Mining Methods

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

.............. 41

13.1

Geotech and Hydrology

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

13.2

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

13.3

Mining Related Requirements

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

13.4

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

Processing and Recovery Methods

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

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

14.1

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

14.2

Requirements for Energy,

Water,

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

iii

Infrastructure

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

.................. 44

Market Studies

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

................ 44

16.1

Market Description

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

16.2

Price Forecasts

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

16.3

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

Environmental Studies, Permitting and Plans, Negotiations or Agreements

with Local

Individuals

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

.............. 46

17.1

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

17.2

Requirements and Plans for Waste

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

17.3

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

17.4

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

17.5

Mine Closure Plans

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

17.6

Qualified Person’s

Opinion

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

Capital and Operating Costs

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

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

18.1

Capital Cost Estimate

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

18.2

Operating Cost Estimate

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

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

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

........... 50

19.1

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

19.2

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

19.3

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

Adjacent Properties

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

......... 55

20.1

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

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

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

Interpretation and Conclusions

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

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

22.1

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

22.2

Risk Factors

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

22.2.1

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

22.2.2

Limitations

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

22.2.3

Methodology

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

22.2.4

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

22.2.5

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

22.2.6

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

22.2.7

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

22.2.8

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

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

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

.......... 67

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

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

...................... 67

Reliance on Information Provided by the Registrant

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

........................ 67

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

IGURES

(

EPORT

)

Figure 1-1:

Coronado Buchanan Mine Complex Property Index Map

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

Figure 1-2:

CAPEX

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

Figure 1-3:

OPEX

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

Figure 1-4:

Sensitivity of NPV

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

Figure 6-1:

Buchanan Stratigraphic Column (not to scale)

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

Figure 6-2: Schematic Model of the Pocahontas No. 3 Seam and Enclosing Strata

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

Figure 6-3:

Pocahontas No. 3 Seam Geologic Overview

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

Figure 6-4:

Schematic Cross Section of North Area

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

Figure 6-5:

Schematic Cross Section of South Area

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

Figure 6-6:

Schematic Cross Section of East Area

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

Figure 11-1:

Histogram of the Total

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

Buchanan Mine Complex

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

Figure 11-2:

Scatter plot of the Total

Seam Thickness for the Pocahontas No. 3 Seam Present in

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

Figure 11-3: Variogram

of the Total

Seam Thickness for the Pocahontas No. 3 Seam

Present in the

Buchanan Mine Complex

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

Figure 11-4: Result of DHSA for the Pocahontas

No. 3 Seam Present in the Buchanan Mine

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

Figure 11-5:

Results of Initial Economic Assessment

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

Figure 15-1:

Buchanan Surface Facilities ..........................................................................................

Figure 18-1:

CAPEX

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

Figure 19-1:

Cash Costs per Tonne

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

Figure 19-2:

Sensitivity of NPV

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

ABLES

(

EPORT

)

Table

1-1:

Coal Resources Summary as of December 31, 2024 .........................................................

Table

1-2:

Coal Summary (ROM (Moist)) as of December 31, 2024

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

Table

1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2024 ...................

Table

1-4:

Life-of-Mine Tonnage,

P&L before Tax,

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

Table

1-5:

Project Cash Flow Summary (000)

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

Table

2-1:

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

Table

10-1:

Comparison of Core / Channel Samples with Shipped Coal Quality .............................

Table

11-1:

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

Table

11-2:

DHSA Results Summary for Radius from a Central Point

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

Table

11-3:

Coal Resources Summary as of December 31, 2024 .....................................................

Table

11-4:

Results of Initial Economic Assessment

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

Table

12-1:

Coal Summary (ROM (Moist)) as of December 31, 2024

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

Table

12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2024 ...............

Table

13-1:

Summary of Production by Year (Tonnes

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

Table

16-1:

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

Table

17-1:

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

Table

18-1:

Estimated Coal Production Taxes

and Sales Costs

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

Table

18-2:

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

Table

19-1:

Life-of-Mine Tonnage,

P&L before Tax,

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

Table

19-2:

Summary of Buchanan Key Financial Performance Metrics (2025-2032) .....................

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table

19-3:

Project Cash Flow Summary (000)

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

Table

22-1:

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

Table

22-2:

Consequence Level Table

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

Table

22-3:

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

Table

22-4:

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

Table

22-5:

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

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

Table

22-6:

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

Table

22-7:

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

Table

22-8:

Market and Transportation

(Risk 6)

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

Table

22-9:

Market and Transportation

(Risk 7)

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

Table

22-10:

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

Table

22-11:

Mine Fires (Risk 9)

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

Table

22-12:

Availability of Supplies and Equipment (Risk 10)

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

Table

22-13:

Labor – Work Stoppage (Risk 11)

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

Table

22-14:

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

Table

25-1:

Information from Registrant

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

Appendices

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

MM&A Qualifications

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

Map

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

Glossary of Terms

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

Initial Economic Assessment for Resources Exclusive

of Reserves

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

JORC Table

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado Global Resources

Inc. (

Coronado

)

authorized

Marshall Miller &

Associates, Inc. (

MM&A

)

to prepare this

Technical Report Summary (

TRS

) of

its controlled coal

resources and reserves

located

at the

Buchanan Division

(

Buchanan

)

in Buchanan

and Tazewell

Counties, Virginia

(the

Property

This TRS updates

the TRS titled,

Coronado Global Resources

Inc. Statement

of Coal Resources

and

Reserves for the Buchanan

Mine Complex in Accordance

with the JORC Code and United

States SEC

Regulation S-K 1300 as

of December 31, 2023

Central Appalachian Coal

Basin Virginia,

USA February

2024

," dated

February 16, 2024,

due to

material differences

in the

key financial

modifying factors

including

mining

plans,

coal

sales

price

assumptions,

operating

costs

and

capital

costs

from

December 31, 2023 to

December 31, 2024.

Mining plans are

discussed in

Section 13

of the TRS,

coal

sales price

assumptions are

discussed in

Sections 12

and 16

of the

TRS, while

operating

costs and

capital costs are discussed in

Sections 18 and

of the TRS.

This report provides a

statement of coal

resources and coal reserves for Coronado, as defined under the

Australasian Code for Reporting of

Exploration

Results,

Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities

and

Exchange

Commission (

SEC

)

This report

was also

prepared

in accordance

with the

Australasian

Code

for

Public

Reporting

Technical

Assessments

and

Valuations

Mineral

Assets

(

VALMIN

Code

Coal

resources

and

coal

reserves

are

herein

reported

metric

units

measurement

and

are

rounded to millions of metric tonnes (

The

Buchanan

No.

Mine

Complex

located

Buchanan

County

southwest

Virginia.

The

Property is 24

kilometers northwest of

the town of

Richlands, Virginia and

65.9 kilometers southeast

Pikeville,

Kentucky.

The

nearest

major

population

centers

are

Lexington,

Kentucky

(290

kilometers

northwest)

and

Roanoke,

Virginia

(153

kilometers

northeast)

(see

Figure

1-1

The

Property

composed

approximately

33,578

total

hectares,

which

25,853

are

leased

subleased from private landholders under approximately 150 individual coal lease tracts, and 7,725

hectares are

owned by Coronado.

Subject to Coronado’s

exercising

its renewal

rights thereunder,

all the

leases expire

upon exhaustion

of the

relevant

coal reserves,

which is

expected

to occur

2043.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Coronado Buchanan Mine Complex Property Index Map

1.2

Ownership

The

Property

was

formerly

controlled

Consolidation

Coal

Company

(

CONSOL

)

Mine

development was

started

by CONSOL

in 1983,

and longwall

production began

in 1987.

Coronado

acquired the Buchanan Mine from CONSOL in March 2016.

1.3

Geology

Operations

the

Buchanan

Mine

Complex

extract

the

Pocahontas

No.

coal

bed

longwall

mining methods.

Strata of economic interest for

this TRS are of the Pennsylvanian-age Pocahontas

Formation and the subject Pocahontas No. 3 seam

is the principal coal seam

of that formation.

Due

to the

high value

of this low-volatile

coking coal,

it has been

extensively mined

in the region.

The

seam is situated below drainage throughout the Property and is accessed by existing

mine shafts.

1.4

Exploration Status

The

Property

has been

extensively

explored,

largely

drilling

using

continuous

coring

methods,

rotary

drilling

but

also

obtaining

coal

measurements

mine

exposures,

ongoing

drilling

associated with degas activities, and by

downhole geophysical methods.

Exploration activities from

the surface and underground

have continued to the

present time (2024), however,

the majority of

the data

was acquired

or generated

by previous

owners of

the Property.

These sources

comprise

the primary

data

used in

the evaluation

of the

coal

resources

and coal

reserves

on the

Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-1:

Coal Resources Summary as of December 31, 2024

MM&A examined

the data

available for

the evaluation

and incorporated

all pertinent

information

into this TRS.

Where data appeared to be anomalous or

not representative, that data was excluded

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

Ongoing

exploration

(core

drilling,

rotary

drilling,

bore

scoping

roof

strata,

collection

underground

seam measurements, and channel sampling) has been carried out by Coronado since

acquiring the Buchanan

Mine.

The exploration data acquired by

Coronado has been consistent with

past drilling and sampling activities.

1.5

Operations and Development

Due

its

coal

reserve

and

seam

characteristics,

the

Buchanan

No.

Mine

operates

using

the

longwall method.

The model was therefore generated with longwall-mining constraints in mind for

Buchanan’s

underground

resources.

The

mine produces

coal

that

suitable

for

the

low-volatile

metallurgical coal markets.

The Buchanan

No. 1

Mine in

Buchanan County,

Virginia, is

the only

active longwall

mine currently

being operated by Coronado.

Coronado currently

operates a

coal preparation

plant at

Buchanan.

The Buchanan Plant

operates

at a feed rate of approximately 1,270 raw

tonnes per hour (

tph)

Processes are typical of

those used

in the

coal industry

and are

in use at

adjacent coal

processing plants.

Coronado’s

2023 long-term

production

forecast

included

the

construction

new

coal

preparation

plant

Buchanan

and

associated

coal

production

volumes;

however,

this

has

been

removed

from

the

2024

production

forecast due to

lower pricing environment and to

allow for additional option analysis.

A new plant

remains under consideration

and as such, future

production volume forecasts

will be re-evaluated

and updated to reflect any corresponding

capacity increases.

1.6

Mineral Resource

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented

below.

coal

resource

estimate,

summarized

Table

1-1

was

prepared

December 31, 2024, for property controlled by Coronado.

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

141.7

13.5

0.0

155.2

0.8

Exclusive of Reserves

29.4

5.0

0.0

34.5

0.7

Total 12/31/2024

171.2

18.5

0.0

189.7

0.8

Note 1:

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

are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3:

The Property contains 34.5 Mt of dry, in-place measured and indicated coal resources exclusive of reserves as of December 31, 2024.

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,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-2:

Coal Summary (ROM (Moist)) as of December 31, 2024

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2024

infrastructure,

economic

(including

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental, socioeconomic and regulatory factors.

The Resource estimate has been used as

the

basis for this Reserve

calculation, which utilizes a reasonable

preliminary feasibility study,

a life-of-

mine (

LOM

) mine plan and practical recovery factors.

Production modeling was completed with an

effective

start

date

October 1,

2024.

Additions

and

depletion

have

been

used

bring

the

Reserve estimate forward

to December 31, 2024.

Factors

that

would

typically

preclude

conversion

coal

resource

coal

reserve,

include

the

following:

inferred

resource

classification;

absence

coal

quality;

poor

mine

recovery;

lack

access; geological

encumbrances

associated

with

overlying

and underlying

strata;

seam thinning;

structural

complication;

and

insufficient

exploration

have

all

been

considered.

Reserve

consideration

excludes

those

portions

the

resource

area

which

exhibit

the

aforementioned-

geological and operational encumbrances.

Coal reserves are

presented on

a run-of-mine

(

ROM

) basis in

Table

1-2

Proven and

probable coal

reserves

were

derived

from

the

defined

in-situ

coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socioeconomic, and regulatory

factors.

The proven

and probable

coal reserves

the Property are summarized below in

Table 1-3

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area /

Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

Vol%

Buchanan

156.8

12.4

169.1

0.0

169.1

22.4

135.9

10.9

0.7

Demonstrated Coal Reserves (Wet Tonnes, Washed

or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan

77.6

5.8

83.4

0.0

83.4

12.3

65.9

5.1

0.7

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

The combination of

surface and inherent moisture is modeled at 6-percent.

Actual product moisture is dependent upon multiple geological factors, operational

factors,

and product contract specifications and can exceed 8-percent.

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

for reserve reporting.

summary,

Coronado

controls

total

83.4

(moist

basis)

marketable

coal

reserves,

Buchanan,

December 31,

2024.

that

total,

percent

are

proven,

and

percent

are

probable.

There are 12.3 Mt of owned

coal reserves and 65.9 Mt

of leased coal reserves and

5.1 Mt

of subleased reserves.

All the Buchanan reserves are considered suitable for the metallurgical

coal

market, and all of the Buchanan reserves are assigned.

1.8

Capital Summary

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Buchanan.

MM&A’s

capital

schedules assume

that

major

equipment

rebuilds

occur over

the

course

of each

machine’s

remaining

assumed

operating

life.

Replacement

equipment

was

scheduled

based

MM&A’s

experience and

knowledge of

mining equipment

and industry

standards

with respect

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-2:

CAPEX

the useful life of such equipment.

A summary of the estimated capital for the Property

is provided

Figure 1-2

below.

1.9

Operating Costs

Coronado

provided

historical

and

preliminary

5-year

projections

of operating

costs

for

Buchanan

for MM&A’s

review.

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

as a reference and

developed personnel

schedules for the mine

and support facilities.

Hourly labor rates

and salaries

were

based upon

information

contained

in Coronado’s

financial summaries.

Fringe-benefit

costs

were developed for vacation and holidays,

federal and state unemployment insurance,

retirement,

workers’ compensation and

pneumoconiosis, casualty and life insurance,

healthcare, and bonuses.

A cost factor

for mine supplies

was developed that

relates expenditures

to mine advance

rates for

roof-control

costs

and

other

mine-supply

costs

underground

mines.

Other

factors

were

developed for maintenance and repair costs, rentals, mine power, outside services and other direct

mining costs.

Operating

costs

factors

were

also

developed

for

the

coal

preparation

plant

processing,

refuse

handling, coal loading, property taxes,

and insurance and bonding.

Appropriate royalty

rates were

assigned for production from leased coal lands, and sales taxes were

calculated for state severance

taxes, the federal

black lung excise tax, and federal

and state reclamation fees.

A summary of the projected operating costs for the Property

is provided in

Figure 1-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-3:

OPEX

1.10

Economic Evaluation

The pre-feasibility financial

model prepared for

this TRS

was developed to

test the

economic viability

the

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations

contemplated

for the Coronado

properties, but are

intended to establish

the economic viability

the estimated coal reserves.

Cash flows are simulated on an annual basis in

year-end 2024 nominal

dollars assuming

a 2.0% inflation

rate

based on projected

production from

the coal

reserves.

The

discounted cash flow analysis presented herein

is based on an effective date of January 1, 2025.

On an un-levered basis, the net

present value (

NPV

) of the project cash flow

after taxes represents

the Enterprise

Value of

the project.

The project cash

flow,

excluding debt

service, is calculated

subtracting direct

and indirect

operating expenses

and capital

expenditures from

revenue.

Direct

costs

include

labor,

operating

supplies,

maintenance

and

repairs,

facilities

costs

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

reclamation

and

general

and

administrative costs.

Indirect costs include statutory and legally agreed

upon fees related to direct

extraction

the

mineral.

The

indirect

costs

are

the

federal

black

lung

tax,

federal

and

state

reclamation taxes, property

taxes, coal production royalties,

and income taxes.

Table

1-4

shows LOM tonnage, profit

& loss (

P&L

), and earnings before income tax,

depreciation &

amortization (

EBITDA

) for Buchanan.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA

Table 1-5:

Project Cash Flow Summary (000)

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Buchanan

83,350

$2,428,151

$29.13

$4,422,174

$53.06

shown

Table

1-4,

the

Buchanan

Mine

shows

positive

EBITDA

over

the

LOM.

Overall,

the

Coronado

consolidated

operations

show

positive

LOM

P&L

and

LOM

EBITDA

$2.4 billion

and

$4.4 billion,

respectively.

Coronado’s consolidated Buchanan cash flow summary in nominal dollars

assuming a 2.0% inflation

rate, excluding debt

service, is shown in

Table 1-5

below.

YE 12/31

Total

2025

2026

2027

2028

2029

Production & Sales tonnes

83,351

4,341

4,698

4,758

4,903

5,083

Total Revenue

$13,062,165

$614,579

$626,975

$629,962

$664,026

$708,129

EBITDA

$4,422,174

$216,679

$200,339

$200,645

$229,694

$260,786

Net Income

$1,977,745

$97,753

$76,727

$69,572

$85,277

$104,811

Net Cash Provided by Operating Activities

$3,888,977

$149,529

$186,532

$185,936

$206,524

$232,429

Purchases of Property, Plant, and Equipment

$(1,381,267)

$(106,637)

$(107,182)

$(93,313)

$(88,608)

$(66,600)

Net Cash Flow

$2,507,711

$42,891

$79,350

$92,623

$117,916

$165,828

YE 12/31

2030

2031

2032

2033

2034

2035

Production & Sales tonnes

4,743

4,988

4,751

4,792

5,028

4,928

Total Revenue

$694,302

$744,832

$723,590

$744,466

$796,683

$796,489

EBITDA

$236,080

$266,343

$246,953

$251,601

$296,122

$282,040

Net Income

$99,662

$117,098

$107,808

$118,192

$153,711

$145,457

Net Cash Provided by Operating Activities

$217,677

$233,432

$227,565

$225,159

$251,366

$250,484

Purchases of Property, Plant, and Equipment

$(93,460)

$(61,341)

$(83,218)

$(71,066)

$(87,846)

$(74,106)

Net Cash Flow

$124,217

$172,091

$144,348

$154,093

$163,521

$176,379

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

YE 12/31

2036

2037

2038

2039

2040

2041

Production & Sales tonnes

4,341

4,580

4,467

4,182

4,232

3,416

Total Revenue

$715,638

$770,097

$766,239

$731,656

$755,207

$621,802

EBITDA

$218,878

$250,271

$255,648

$236,499

$278,386

$217,048

Net Income

$97,592

$125,195

$126,537

$113,366

$147,221

$106,584

Net Cash Provided by Operating Activities

$209,725

$217,007

$225,884

$215,658

$235,903

$204,411

Purchases of Property, Plant, and Equipment

$(69,081)

$(67,992)

$(81,004)

$(76,335)

$(46,854)

$(30,126)

Net Cash Flow

$140,645

$149,015

$144,880

$139,324

$189,049

$174,285

YE 12/31

2042

2043

2044

2045

2046

2047

Production & Sales tonnes

3,172

1,946

Total Revenue

$588,896

$368,595

EBITDA

$216,432

$61,729

Net Income

$107,941

$(11,894)

$(6,114)

$(2,475)

$(1,271)

$(658)

Net Cash Provided by Operating Activities

$190,459

$106,086

$(48,929)

$(16,636)

$(8,484)

$(4,327)

Purchases of Property, Plant, and Equipment

$(47,132)

$(29,368)

Net Cash Flow

$143,328

$76,718

$(48,929)

$(16,636)

$(8,484)

$(4,327)

YE 12/31

2048

2049

2050

2051

2052

2053

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(346)

$(0)

Net Cash Provided by Operating Activities

$(4,414)

Purchases of Property, Plant, and Equipment

Net Cash Flow

$(4,414)

Consolidated cash flows are driven

by annual sales

tonnage, which at steady-state level ranges from

a peak of 5.1 million tonnes

in 2029 to a low

of 1.9 million tonnes in 2043.

Projected consolidated

revenue ranges from $614.6 million to $796.5 billion at a steady state.

Revenue totals $13.1 billion

for the project’s life.

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

the

exception

of post

-production

years,

due to

end-of-mine

reclamation

spending.

Consolidated

cash flow from

operations peaks at

$251.4 million in 2034 and totals

$3.9 billion over the project’s

life.

Capital expenditures total $462.3 million through 2029 and $1.4 billion over the project’s

life.

1.10.1

Discounted Cash Flow Analysis

Cash flow after

tax, but before

debt service, generated

over the life

of the project

was discounted

to NPV

at a 10.0%

discount rate,

which represents

Coronado’s

estimate of

the nominal dollar,

risk

adjusted

weighted

average

cost

capital

(

WACC

)

for

likely

market

participants

the

subject

reserves were offered for sale.

On an un-levered basis,

the NPV of

the project cash

flows represents

the

Enterprise

Value

the

project

and

amounts

$1.086 billion.

The

pre-feasibility

financial

model (+/-

20 percent

in accuracy)

prepared for the

TRS was

developed to test

the economic

viability

of each

coal

resource

area.

No contingency

was

included since

the

Buchanan Complex

is a

well-

established

operation

with

long

history

production.

The

NPV

estimate

was

made

for

the

purpose

confirming

the

economics

for

classification

coal

reserves

and

not

for

purposes

valuing Coronado or its Buchanan assets.

Mine plans were not optimized, and actual results

of 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-4:

Sensitivity of NPV

1.10.2

Sensitivity Analysis

Sensitivity

of the

NPV

results

changes

the

key

drivers

is presented

in the

chart below.

The

sensitivity study shows

the NPV at

the 10.0% discount rate

when Base Case sales

prices, operating

costs, and capital costs are increased and decreased in increments

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

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

sensitive to changes in capital cost estimates.

1.11

Permitting

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

mine

and

processing,

loadout,

support

facilities.

MM&A

unaware

any

obvious

current

Coronado

permitting issues that

are expected to prevent

the issuance of

future permits.

Buchanan, along

with

all coal

producers,

is subject to

a level

of uncertainty

regarding

future clean

water permits

due to

United States Environmental Protection Agency

(

EPA

)

and

United States Fish and Wildlife (

USFW

)

involvement with state

programs.

1.12

Conclusion and Recommendations

Sufficient data have been obtained through various exploration and sampling programs and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons situated

on the Property.

The data are

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

support

the

classification

coal

reserves

provided herein.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

This geologic

evaluation conducted

in conjunction

with the

preliminary feasibility

study concludes

that

the

83.4

marketable

underground

coal

reserves

identified

the

Property

are

economically

mineable

under

reasonable

expectations

market

prices

for

metallurgical

coal

products, estimated operation costs,

and capital expenditures.

Introduction

2.1

Registrant and Terms

of Reference

This report

was prepared

for

the sole

use of

Coronado Global

Resources

Inc. (

Coronado

)

and

its

affiliated and subsidiary companies and

advisors.

This TRS updates the

TRS titled, "

Coronado Global

Resources

Inc.

Statement

Coal

Resources

and

Reserves

for

the

Buchanan

Mine

Complex

Accordance with the JORC

Code and United States SEC

Regulation S-K 1300 as

of December 31, 2023

Central

Appalachian

Coal

Basin

Virginia,

USA

February

2024

dated

February 16,

2024,

due

material

differences

in the

key

financial modifying

factors

including mining

plans, coal

sales price

assumptions,

operating

costs

and

capital

costs

from

December 31,

2023

December 31,

2024.

Mining plans

are discussed

Section 13

of the

TRS, coal

sales price

assumptions are

discussed in

Sections 12

and 16

of the TRS,

while operating

costs and

capital costs

are discussed in

Sections 18

and

the

TRS.

This

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado,

as defined

under the

Australasian Code

for Reporting

of Exploration

Results, Mineral

Resources

and

Ore

Reserves

(

JORC

Code

)

well

under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities

and

Exchange

Commission

(

SEC

)

This report was also

prepared in accordance with the

Australasian Code for Public

Reporting

of Technical

Assessments and Valuations of Mineral Assets

(

VALMIN Code

This

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado

Buchanan.

Exploration results and Resource

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

preliminary feasibility study completed to determine

the extent and viability of the reserve.

Coal

resources

and

coal

reserves

are

herein

reported

metric

units

measurement

and

are

rounded to millions of metric tonnes (

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 2-1:

Information Provided to MM&A by Coronado

2.2

Information Sources

This TRS

is based on

information provided

by Coronado

and reviewed

by MM&A.

Sources of data

and information are listed below in

Table 2-1

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, as well as in-seam mine data.

9.1

Coal Quality

Database of coal quality information

supplemented with original source

laboratory sheets where available

10.1

Mining

Historical productivities and manpower

from operating and future

Coronado

mines

13.2, 13.4

Coal Preparation

Flow sheet and other information representing

current and future methods of

coal processing

14.1

Waste Disposal

Engineering data and estimates representing

remaining capacities for coarse

and fine coal waste disposal

17.2

Costs

Historical and budgetary operating

cost information used to derive

cost drivers

for reserve financial modeling

18.2

Economic

WACC and inflation rate

used in discounted cash flow analysis

19.1, 19.2, 19.3

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

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

The TRS contains “forward-looking

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

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

The TRS statements and conclusions are not a

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

The ability of Coronado to recover the estimated coal reserves

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

approvals, and changes in regulations.

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

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

of the Coronado coal

properties as of

September 30, 2024.

Additions and

depletion have been

used to

bring the

Resource

and Reserve estimates

forward to December 31, 2024,

the effective date

of this TRS for

Buchanan.

For the evaluation, the following tasks were

to be completed:

Conduct site visits of the mines and mine infrastructure facilities

(Note – MM&A has fulfilled this

requirement by

visiting the

Property on

many occasions

and for

various purposes

over the

past

several years

);

Process the information supporting the estimation of

coal resources and reserves into geological

models;

Develop life-of-reserve mine

(

LOM

) plans and financial models;

Hold discussions with Coronado company management; and

Prepare

and

issue

TRS

providing

statement

coal

resources

and

reserves

which

would

include:

A description of the mine and facilities.

A description of the evaluation process.

An estimation

of coal

resources and

reserves with

compliance elements

as stated

under the

JORC Code and the SEC Regulation S-K 1300.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

2.3

Personal Inspections

MM&A is very familiar with Buchanan,

having provided a variety of services

in recent years, and the

QPs involved in this TRS have

conducted multiple site visits.

Property Description

3.1

Location

The Buchanan Mine Complex is located in Buchanan County in southwestern Virginia (see

Figure 1-

above) approximately

16 kilometers

southeast of

Grundy,

which is

the county

seat of

Buchanan

County.

Surface facilities for the shaft mine are located along

Garden Creek and a Norfolk Southern

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

The Property

is located

within portions

of the

following ten

(10)

United States

Geological Survey

(

USGS

)

7.5-Minute Quadrangles:

Amonate

Big A Mountain

Bradshaw

Honaker

Keen Mountain

Jewell Ridge

Prater

Richlands

Vansant

War

Current

mining

projections

fall

within

Bradshaw,

Keen

Mountain,

Jewell

Ridge,

and

Patterson

Quadrangles.

The

coordinate

system

and

datum

used

for

the

model

of Buchanan

No. 1

and

the

subsequent maps were produced in the Virginia State

Plane South system, NAD 83.

3.2

Titles, Claims or Leases

The Buchanan coal reserves are located in Buchanan and Tazewell

Counties, Virginia.

The Property

is composed of approximately

33,578 total hectares, of which 25,853

are leased or subleased from

private

landholders

under

approximately

150

individual

coal

lease tracts,

and

7,725

hectares

are

owned by Coronado.

Subject to Coronado’s

exercising its renewal

rights thereunder,

all the leases

expire upon exhaustion of the relevant

coal reserves, which is expected to occur in 2043.

MM&A has

not carried

out a

separate

title verification

for

the coal

property

and has

not verified

leases,

deeds,

surveys,

or other

property

control

instruments

pertinent

the

subject resources.

Tenure was separately reviewed by Coronado’s legal advisors.

Coronado has

represented to MM&A

that

it controls

the mining

rights to

the reserves

as shown

on its

property maps,

and MM&A

has

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

accepted these as being a

true and accurate depiction of

the mineral rights controlled by Coronado.

The TRS assumes the Property is developed under responsible and experienced management.

3.3

Mineral Rights

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

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

representations

being

true

and

accurate,

MM&A

has

knowledge

past

property

boundary

disputes

other

concerns, through

past knowledge

of the

Property,

that would

signal concern

over future

mining

operations or development potential.

Property control

in Appalachia

can be

intricate.

Coal mining

properties are

typically composed

numerous property

tracts which

are owned

and/or leased

from both

land-holding companies

and

private

individuals

companies.

common

encounter

severed

ownership,

with

different

entities

or individuals

controlling

the

surface

and mineral

rights.

Mineral

control

in the

region

typically characterized by leases or ownership of larger tracts of land,

with surface control generally

comprised of smaller tracts, particularly in developed areas.

Legal mining rights may reflect a combination of fee or

mineral ownership and fee or mineral leases

of coal lands through various surface and mineral lease agreements.

There is also a relatively small

amount

of area

where the

coal

is partially

owned and/or

partially leased

on a

limited number

individual tracts.

Control

of the

surface

property

is necessary

conduct

surface

mining

but

is not

necessary to

conduct

underground

mining.

Given that

the Buchanan

Mine has

been active

dating back

to the

1980s, Coronado,

and its predecessors,

have a

successful history of

obtaining any

necessary rights

and the associated permits to mine.

3.4

Encumbrances

No Title Encumbrances are known.

By assignment, MM&A did not complete an independent query

related to Title Encumbrances.

3.5

Other Risks

There is always risk

involved in property control.

Coronado and its predecessor, CONSOL, have both

had their legal teams examine the deeds and title

control in order to minimize the risk.

Historically,

property control has not posed any challenges relate

to Buchanan’s operations.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Accessibility, Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation, and Vegetation

The

topography

the

area

surrounding

the

Buchanan

Mine

Complex

typical

the

Central

Appalachian Plateau being rugged and deeply dissected by V-shaped

river valleys flanked by steep-

sided

upland

regions.

Surface

elevations

near

the

mine

complex

range

from

approximately

823

meters above sea level

in upland regions

to approximately 579 meters at

stream level.

The Property

is moderately vegetated, with a mixture of hardwood and conifer forest in the temperate broadleaf

category.

The Property

is not

situated near

any major

urban centers,

and the

surrounding area

considered rural.

4.2

Access and Transport

General

access to

the Buchanan

No. 1

Mine property

is via

a well-developed

network of

primary,

secondary,

and unimproved roads.

Highway 460 is the primary highway

connecting Pike County in

Eastern

Kentucky

Buchanan

and

Tazewell

Counties

Southwestern

Virginia.

Numerous

secondary

and

unimproved

roads

provide

direct

access

the

Property,

some

being

state-

and

town-maintained.

These roads

typically stay

open throughout

the year.

Norfolk Southern

(

)

rail line that is located

approximately 6.44 kilometers

south-southeast of Oakwood, Virginia serves

as the primary means

of transport for

produced coal.

NS transports coal

from the Buchanan Mine

Complex

either

domestic

customers

the

Pier

export

terminal

Norfolk,

Virginia

for

overseas

shipment.

small

portion

production

transported

via

truck

haul.

extensive

network

service

roads

gob

gas

and

coalbed

methane

(

CBM

)

production

wells

exist

the

subject property.

4.3

Proximity to Population Centers

The

Buchanan

No.

Mine

property

lies

near

the

town

Grundy

Buchanan

County,

Virginia,

approximately

290 kilometers

southeast of

Lexington,

Kentucky

and 153

kilometers

southwest

Roanoke, Virginia.

As of 2023, Buchanan County has an estimated population of 19,087 residents.

4.4

Climate and Length of Operating Season

The

climate

the

region

classified

humid

sub-tropical

with

four

distinct

seasons:

warm

summers,

cold

winters,

and

moderate

fall

and

spring

seasons.

Precipitation

the

region

consistent throughout the year with the most

rain falling in spring and the

early months of summer.

Average

yearly rainfall

is 112.62 centimeters.

Summer months typically begin

in late May and

end

in early September and range in average temperature

from 49 to 84 degrees Fahrenheit (or 9.44 to

28.89 degrees

Celsius).

Winters

typically begin

in mid

to late

November and run

until mid

to late

March with

average

temperatures

ranging

from

degrees

Fahrenheit

(or

-3.33

13.33

degrees Celsius).

Precipitation in the winter typically

comes in the form of snowfall or as a

wintery

mix

(sleet

and

snow)

with

severe

snowfall

events

occurring

occasionally.

Seasonal

variations

climate

typically

not

affect

underground

mining

Virginia.

However,

weather

events

could

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

potentially

negatively

impact

efficiency

surface

and

preparation

plant

operations

very

limited basis and lasting less than a few days.

4.5

Infrastructure

The

Buchanan No.

1 Mine

Complex

has

sources

of water,

power,

personnel,

and

supplies readily

available

for use.

Personnel

have historically

been sourced

from the

surrounding communities

Buchanan, Tazewell,

McDowell, and Pike

counties, and have

proven to

be adequate in

numbers to

operate the mine.

As mining

is common

in the

surrounding areas, the

workforce is generally familiar

with

mining practices,

and

many

are

experienced

miners.

Water

is sourced

locally from

streams

that

flow

over

Coronado-owned

property.

The

mine

also

utilizes

ground

water

from

old,

abandoned mine.

Electricity

sourced

from

American

Electric

Power

(

AEP

)

The

service

industry

the

areas

surrounding the

mine complex

has historically provided

supplies, equipment

repairs and fabrication,

etc.

The

Coronado-owned

Buchanan

Preparation

Plant

services

the

mine

via

skip

hoist

and

conveyor

belt system

which transports

extracted coal

from an

underground bunker

to the surface

facility.

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

History

5.1

Previous Operation

The

Property

was

formerly

controlled

Consolidation

Coal

Company

(

CONSOL

)

Mine

development was

started

by CONSOL

in 1983,

and longwall

production began

in 1987.

Coronado

acquired the Buchanan Mine from CONSOL in March 2016.

The most

productive mining of

any period

since 1987

has occurred since

the acquisition

of Buchanan

Mine by Coronado.

Production history

has been approximately

3.5 Mt in

2016 (in only

a 9-month

period), 4.9

Mt in

2017, 4.7

Mt in

2018, 4.5

Mt in

2019, 3.4

Mt in

2020, 4.4

Mt in

2021, 3.9

Mt in

2022, 3.6 Mt in 2023 and 3.5 Mt in 2024.

5.2

Previous Exploration

The Property has

been extensively

explored by subsurface

drilling efforts carried

out by numerous

entities,

many

which

were

completed

prior

acquisition

Coronado.

The

majority

the

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

Drill records

indicate that

independent contract

drilling operators

have

typically been

engaged

carry out drilling on the Property.

Geophysical logging on those

properties acquired from

CONSOL

was

often

performed

both

CONSOL’s

in-house

logging

services

and

outside

logging

firms.

MM&A,

via

its

Geophysical

Logging

Systems

subsidiary,

has

subsequently

logged

significant

number of the past exploration holes and degas wells, and logs most of the recently

-drilled holes.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

The

Property

lies in

the Central

Appalachian Coal

basin

in the

Appalachian Plateau

physiographic

province.

The coal deposits in the eastern

US are the oldest and

most extensively developed

coal deposits in

the country.

The coal deposits

on the Property

are Carboniferous in age,

being of the

Pennsylvanian

system.

Overall, these Carboniferous

coals contain two-fifths

of the US’s

bituminous coal deposits

and extend

over 1,448

kilometers from

northern Alabama to

Pennsylvania

and are

part of what

known broadly as the

Appalachian Basin

The Appalachian Basin is more than 402 kilometers wide

and, in some

portions, contains

over 60 coal

seams of varying

economic significance; the

Property

is located within the Central Appalachian Basin.

As shown on

Figure 1-1

above, the southern edge of the Property

is structurally bounded by

major

faulting

associated

with

the

Boissevain

Thrust

Fault,

located

approximately

4.0

kilometers

from

mine projections at

the south end of

the mine.

(North of the fault

is the coal-bearing Appalachian

Plateau region; south of the fault is the Valley and Ridge imbricate thrust region.) Moreover, a well-

defined,

northwest-southeast

trending

strike-slip

feature,

Keen

Mountain

Fault,

located

approximately 1.0 kilometer from mine projections at the southwestern edge of the mine; a similar

structural feature, Bishop-Bradshaw Creek Fault is located approximately 13 miles east of the mine.

Furthermore, the

southwest-northeast trending axis

of the

Dry Fork

Anticline skirts

mine projections

located

at the

south end

of the

mine.

Otherwise, regional

structure

is typically

characterized

gently dipping strata to the northwest

at less than one percent.

Seams of economic significance

typically range between

0.30 meters and 1.83 meters

in thickness,

with relatively

little structural

deformation.

Seams of

the Pocahontas

Formation have

historically

been

mined;

and

the

Pocahontas

No.

seam

currently

being

mined

Buchanan

Mine

the

principal

mineable

seam

within

the

formation.

Coal

from

the

region

has

historically

been

sold

primarily in metallurgical markets.

6.2

Mineralization

The generalized stratigraphic columnar section in

Figure 6-1

demonstrates the vertical relationships

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-1:

Buchanan Stratigraphic Column (not to scale)

6.3

Deposits

The

coal

produced

Buchanan No.

is typically

Low

Volatile

(<23%

volatile

matter)

bituminous

coal.

Due

the

value

the

Pocahontas

No.

(

)

low-volatile

coking

coal,

has

been

extensively

mined

the

region.

The

seam

consists

multiple benches

that

split

and

merge

across

the

Property,

including in

descending

stratigraphic

order

(refer

Figures 6-2

through

6-6

below):

P31, uppermost bench(es),

represented in purple; locally

splits into two

benches in the

northeast

areas of the property,

with an uppermost split referred to as P30.5 (or P30).

P32, represented in orange.

P33, represented in blue.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-2: Schematic Model of the Pocahontas No. 3 Seam and Enclosing Strata

345, lowermost bench, represented

in green; may split locally

into 2 benches referred

to as P34

and P35.

The

seam

situated

entirely

below

drainage

throughout

the

Property

and

accessible

existing mine shafts.

Floor strata vary throughout the mine area with floor strata including fireclay,

claystone,

shale,

sandy

shale,

and

sandstone,

but

primarily

fireclay

and

shale.

Roof

strata

vary

throughout the Property as well but is primarily composed of sandstone, sandy shale, and shale.

illustrated

Figures 6-2,

6-4, 6-5,

and 6-6

sandstone

paleochannels are

common

within

the

Pocahontas

Formation,

occurring

above

and

below

the

P3,

well

within

non-coal

partings

(identified

Intervals

0, I,

II, and

III between

the

main benches)

that

separate

the

seam

into

its

component benches.

In some areas

within and adjacent

to the Property,

the P3 has

been entirely

eroded and replaced by multi-storied sandstone channels.

The

mineable

benches

within

the

horizon

generally

consist

three

principal

mining

configurations

or districts determined

by variable seam

splitting characteristics

present across

the

Property (refer to

Figure 6-3

below):

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-3:

Pocahontas No. 3 Seam Geologic Overview

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Full Seam

; typically,

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

section.

This configuration is present within the remaining North / Northwest

resource areas, as

well as the northern portion of the South resource area.

Coronado has elected to extend its North longwall panels eastward

into an area where

two geologic conditions are present that have

not heretofore been encountered

in the

North area.

The P31 seam splits away from the main seam in an eastward direction, resulting in

increased in-seam reject material (see

Figure 6-4

below).

The P31 bench can be entirely removed through the localized

presence of sandstone

paleochannels, corresponding to an area where the northwest bleeder entries are

proposed; thus, the remaining P32-P33-345 benches are anticipated to be mined in

the bleeder entries (see

Figure 6-3

above).

Due to the occurrence and distribution of variable stratigraphic

conditions, the P3 Full-

seam thickness ranges from 0.00 to 3.45 meters with typical ranges

indicated within each

area:

North Area: 1.50 to 3.10 meters (where the parting between the P31 and underlying

benches has increased in thickness).

West Area: 1.45 to 1.54 meters

South Area: 2.22 meters

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-4:

Schematic Cross Section of North Area

P31, P32, and P33 Benches

; occurs where the underlying 345 bench extends more than two

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

This configuration is present on the South side of the Property,

and south of the two-foot

split line between the P33 and 345 benches (see

Figure 6-5

below).

Recent mining has demonstrated that the interval between

the P33 and 345 benches

can be highly variable in terms of thickness and composition within relatively short

lateral distances, thereby resulting

in variable in-seam wash recoveries.

Locally, the P32 and P33 benches likewise

splits, resulting in higher than average in-seam

reject.

The P31, P32, P33 bench thickness ranges from 0.25 to 2.78 meters with an average

1.39 meters.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-5:

Schematic Cross Section of South Area

P32, P33, and 345 Benches

; the overlying P31 bench extends more than two feet above

the

P32, or has been scoured out by sandstone paleochannels, and thus is no longer included

within the mineable section.

This configuration is present on the East

side of the Property (see

Figure 6-6

below), and

(as noted above) within the proposed bleeder entries on the North side of the Property.

Due to the localized presence of sandstone scouring, the P32 - P33 - 345 bench thickness

ranges from 0.00 to 2.19 meters with an average

of 1.47 meters within the East reserve

area.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 6-6:

Schematic Cross Section of East Area

Exploration

7.1

Nature and Extent of Exploration

Extensive exploration in the form of subsurface drill efforts has been carried out on the Property by

numerous entities,

much of which

was completed

prior to

the acquisition by

Coronado.

Diamond

core, rotary,

and CBM drilling are the three primary types

of exploration on

the Property.

Data for

correlation

and mining

conditions

are

derived

from

core

descriptions

and geophysical

logging (e-

logging).

Coal quality analyses were also employed during the core exploration

process.

the

writing

this

report,

total

approximately

16,000

core

and

rotary

holes,

channel

samples, mine measurements, and CBM

wells are found within Coronado’s property-wide lithologic

database.

(Locations of drill holes are shown on the map included in

Appendix B

Of the 16,000 data points, approximately

12,000 are located within or immediately adjacent to the

existing Buchanan mine and

resource areas; consisting of approximately 1,950 (16%)

drill holes; and

10,050 (84%) in-mine measurements.

The concentration of

exploration varies across the

Property, with the proposed underground

mining

areas

having

the

highest

concentration

drill

holes

and

mine

measurements.

Drilling

the

Property

typically

sufficient

for

delineation

potential

underground

mineable

benches.

Core

logging is typically conducted

by professional

geologists in cases where

roof and floor strata

are of

particular

interest

and

cases

where

greater

resolution

and

geologic

detail

are

needed.

Unlike

recent information

provided by experienced

geologists, much of

the earlier drill hole

data consists

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

simplified driller’s

logs, which

often

lack specific

details

regarding

geotechnical

conditions

and

specific

geology,

making

seam

correlations

and

floor

and

roof

conditions

difficult

determine.

Geophysical

logging

techniques,

contrast,

document

some

details

useful

for

geologic

interpretation and mining conditions, but do not provide detailed

lithologic information.

Given

the

variability

geologic

conditions

and

data-gathering

methods,

definitive

mapping

future

mining

conditions

has

limitations,

but

projections

and

assumptions

can

made

with

reasonable degree

of certainty.

After the

integrity of

the database

was established,

stratigraphic

columnar sections were

generated

using cross-sectional analysis

to establish

or confirm coal

seam

correlations (refer to

Figures 6-4

through

6-6

above).

Due

the

extended

history

exploration

various

parties

the

Property,

wide

variety

survey techniques

exist for

documentation of

data point

locations.

Many of

the older exploration

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

located by

high-resolution Global

Positioning System

(

GPS

) units.

However,

some holes appear

have

been

approximately

located

using USGS

topography

maps

other methods

which

are

less

accurate.

Therefore,

discretion

has

been

exercised

regarding

the

accuracy

for

the

location

and

ground surface elevation

of some of these older drill holes.

In instances where a drill hole location

(or associated

coal seam

elevations)

appeared to

be inconsistent

with the

overall

structural

trend

(or surface topography

for surface-mineable

areas), the data

point was not

honored for

geological

modeling.

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

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

and/or

their

consulting

surveyors.

assignment,

MM&A

did

not

verify

the

accuracy

completeness of supplied

mine maps but

accepted this information as

being the

work of responsible

engineers and surveyors.

7.2

Non-Drilling Procedures and Parameters

supplement

the

core

hole

quality

database,

samples

have

been

collected

from

underground

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

7.3

Drilling Procedures

Core

drilling

methods

typically

utilize

NX-size

(5.4

centimeters)

similar-sized

core

cylinders

recover core

samples, which can be

used to delineate

geologic characteristics,

and for coal

quality

testing

and geotechnical

logging.

For the

core holes,

the geophysical

logs are

especially useful

verifying the core recovery

of both the coal samples

(for assurance that

a sample is representative

of the

full seam)

and of

the roof and

floor rock

samples (for evaluating

ground control characteristics

of deep mineable coal seams).

In addition

to core

holes, rotary-drilled

holes also

exist on

much of

the Property,

most recently

2024.

Data for

the rotary

drilled holes are

mainly derived from

downhole geophysical

logs, which

are

used

interpret

coal

and

rock

thickness

and

depth

since

logging

the

drill

cuttings

not

reliable.

From time to time, geological staff at MM&A

have been engaged by Coronado to interpret

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

geophysical

logs

within

specific

areas

interest,

the

results

which

have

been

added

the

Coronado geologic database.

Moreover,

MM&A field geologists have conducted gas content (desorption) testing of core samples

as part of an

ongoing effort to assess levels of

coalbed methane gas (

CBM

) present within the seam.

Additionally, there is an

ongoing active surface

drilling program for

degassing the mined

seam ahead

of mining.

The degas holes

are typically logged geophysically, and the resulting

interpreted data are

incorporated into

the geological model.

Exploratory drilling generally

requires drilling to depths of

over 305 meters to penetrate

the target coal seam at Buchanan.

A wide

variety of

core

logging techniques

exist

for the

Property.

For many

of the

core holes,

the

primary data source

is a

generalized lithology description

by the driller, which

may be supplemented

detailed

core

log

completed

geologist.

These logs

were

provided

MM&A as

geological database.

MM&A geologists were not

involved in the production

of original core logs

but

did perform a basic check of information within the provided database.

Where geophysical logs for

such holes are available,

they were used by MM&A

geologists to verify the coal

thickness and core

recovery of seams.

7.4

Hydrology

Buchanan is an

active mine with

no hydrologic concerns or

material issues experienced

in its history.

Future

mining

is projected

occur

in areas

exhibiting

similar hydrogeological

conditions

past

mining, including

stream undermining,

undermining of

aquifers,

and mining

through hydraulically

fractured (frac’d)

coalbed methane wells.

Based upon the successful history

of the operation

with

regards to

hydrogeological

conditions, MM&A assumes

that the operation

will not be

hindered by

such issues in the future.

7.5

Geotechnical Data

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

modified

MM&A

fit

current

property

constraints.

Coal

pillar

stability

was

tested

MM&A

using

the

Analysis

Coal

Pillar

Stability

(ACPS)

and

Analysis

Longwall

Pillar

Stability

(ALPS)

software

programs.

MM&A reviewed

the results

from the

ACPS and

ALPS analysis

and considered

them in

the development of the LOM plan.

Sample Preparation, Analyses and Security

8.1

Prior to Sending to the Lab

Most

of the

coal

samples have

been obtained

from

the Property

by subsurface

exploration

using

core drilling

techniques.

The protocol

for preparing

and testing

the samples

has varied

over time

and is

not well

documented for the

older holes

drilled on

the Property.

Typical core-drilling sampling

methods for

coal in

the United

States

involves

drilling through

the seam,

removing the

core from

the

barrel,

describing the

lithology,

wrapping

the

sample in

sealed

plastic

sleeve

and

placing it

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

lengthwise into

a covered core

box, and carefully

marking hole ID and depth

intervals on each box

and

lid, allowing

the

core

be delivered

laboratory

in correct

stratigraphic

order,

and with

original

moisture

content.

This

process

has

been

the

norm

for

both

historical

and

ongoing

exploration activities at the Property.

This

work

typically

performed

the

supervising

driller,

geologist,

company

personnel.

Samples

are

most

often

delivered

the

company

the

driller

after

each

shift

acquired

company personnel

or representatives.

Most of the

coal core

samples were

obtained by previous

or current

operators

on the

Property.

MM&A did

not participate

in the

collection, sampling,

and

analysis of the core samples.

However,

it is reasonable to assume, given the consistency

of quality

from 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 analyses.

8.2

Lab Procedures

Coal-quality

testing

has

been

performed

over

many

years

(from

1957

2024)

operating

companies

using

different

laboratories

and

testing

regimens.

Some

the

samples

have

raw

analyses and

washabilities on

the full seam

(with coal

and rock

parting layers

co-mingled) and

are

mainly useful for characterizing the

coal quality for projected production

from underground mining.

Other

samples

have

coal

and

rock

analyzed

separately,

the

results

which

can

utilized

forecast

underground

mining

quality.

Care

has

been

taken

use

only

those

analyses

that

are

representative

the

coal

quality

parameters

for

the

appropriate

mining

type

for

each

sample.

Unlike

many

Appalachian properties,

Buchanan has

interest

single deep-mineable

seam,

the

Pocahontas

No.

seam;

therefore,

the

analyses

have

been

conducted

following

consistent

protocol.

Standard procedure

upon receipt

of core

samples by

the testing

laboratory is

to: 1)

log the

depth

and

thickness

the

sample;

then

perform

testing

specified

representative

the

operating company.

Samples

are

analyzed

accordance

with

procedures

defined

under

ASTM

International

(

ASTM

)

standards including, but not limited to (not all analytical tests identified in the list below have been

run on

each sample): washability

(ASTM D4371); ash

(ASTM D3174);

sulfur (ASTM

D4239); Btu/lb.

(ASTM D5865); volatile matter (ASTM D3175); Free Swell Index

(

FSI

) (ASTM D720).

While not confirmed

by MM&A, it

is assumed

that best practices

and ASTM (or

equivalent standards

at the time

of testing) were

utilized in laboratory quality

testing.

Since 1958

(the earliest coal

quality

information available), the Property has been controlled by various mining

companies utilizing their

own

corporate

laboratories

including:

Island

Creek

Coal

Company

(Keen

Mountain,

Virginia),

Pocahontas Fuel Company

(Pocahontas, Virginia), and

Consol

(Library,

Pennsylvania).

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Since

1977

the

present,

additional

laboratories

not

affiliated

with

coal

companies

who

have

provided analytical data for the Property include:

Dickinson Laboratories, Inc.

(El Paso, Texas)

– no longer in operation.

Geochemical

Testing

(Somerset,

Pennsylvania)

–

accredited

the

National

Environmental

Laboratory Accreditation Program

(

NELAP

SGS

North

America

(Sophia,

West

Virginia)

–

leading

accredited

body

and

Nationally

Recognized Test

Laboratory

(

NRTL

); currently analyzing samples for Coronado.

Additional accredited coal testing laboratories are utilized for other less frequent analyses on

an as-

needed basis.

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.

Upon completion of

the database

verification,

copies of

each entry

were

printed,

and cross

referenced

to the

original

document for

verification.

Once the initial

integrity of the

database was

established, stratigraphic

columnar sections were

generated using

cross-sectional analysis to

establish or confirm

coal-seam

correlations.

Geophysical

logs

were

used

wherever

available

assist

confirming

the

seam

correlation and to verify proper seam thickness measurements and recovery

of coal samples.

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

cross-sections were generated

and again used to verify seam correlations and data

integrity.

Once

the database was fully vetted, seam thickness, base-of-seam elevation, roof and

floor lithology, and

overburden maps were independently generated

for use in the mine planning process.

9.2

Limitations

As with any exploration program, localized anomalies

cannot always be discovered.

The greater the

density of

the samples

taken,

the less

the risk.

Once an

area is

identified as

being of

interest

for

inclusion

the

mine

plan,

additional

samples

are

taken

help

reduce

the

risk

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.

Longwall production has

been de-rated in thinner coal zones.

9.3

Opinion of Qualified Person

Sufficient data have been obtained through various exploration and sampling programs and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

horizons situated

on the Property.

The data are

of sufficient

quantity and reliability

to reasonably

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

Mineral Processing and Metallurgical Testing

10.1

Testing

Procedures

Separate

tabulations

have

been

compiled

for

basic

chemical

analyses

(both

raw

and

washed

quality),

petrographic

data,

rheological

data

and

chlorine,

ash,

ultimate

and

sulfur

analysis.

The

latter two data types

are not as prevalent and have

been supplemented by samples collected from

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

Available

coal-quality data

were

tabulated

by resource

area in

a Microsoft®

EXCEL

workbook and

the details 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

data

sets,

including

average

values;

maximum

and

minimum

values;

and

the

number

samples

available

represent

each

quality

parameter

the

seam.

Coal

samples

that

were

deemed

MM&A

geologists

unrepresentative

were

not

used

for

statistical

analysis

coal

quality,

documented

the

tabulations.

representative

group

drill

hole

samples

from

the

Property

were

then

checked

against the original drill laboratory reports to verify accuracy

and correctness.

The amount and areal extent of coal sampling

for geological data is generally sufficient to represent

the quality characteristics of

the coal horizons

and allow for

proper market placement of

the subject

coal seams.

For some portions

of the

Property, considerable laboratory data are available from core

samples and channel samples

that are representative of the full

extent of the resource area; and

for

others

there

are

limited

data

represent

the

resource

area.

For

example,

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

be 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 an

excellent correlation between samples and marketable products.

Shipped analyses of

the coal from

Buchanan mine were reviewed

to verify that the coal quality

and characteristics were

as expected.

Table

10-1

below

compares

the

variability

and

similarity

washed

quality

from

core

/channel

samples from active areas of the mine with coal shipments for: Ash, Sulfur,

and Volatile Matter.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 10-1:

Comparison of Core / Channel Samples with Shipped Coal Quality

Ash %

Sulfur %

Volatile

Matter %

North Full Seam Area (1.60 Float)

5.16

0.65

16.64

South Full Seam Area (1.60 Float)

5.16

0.68

21.02

South P31-P33 Area (1.60 Float)

6.02

0.75

22.90

Coal Shipments (October 2023

through November 2024)

6.21

0.78

19.29

Note: All values are on a dry basis.

As shown in

Table 1-3

, average property-wide quality of reserves is a 6%-ash, 0.7%-sulfur, and 20%-

Vol

product

which

agreement

with

the

quality

the

shipped

product

(

Table

10-1

Buchanan

has

long

history

saleable

production

the

low-volatile

metallurgical

markets,

confirming

exploration

results.

Degradation

coking

coal

characteristics

over

time

not

anticipated to be an issue.

10.3

Lab Information

noted

previously,

samples

are

analyzed

area

Laboratories

that

operate

accordance

with

procedures defined under ASTM standards including, but not limited to the following (Note:

not all

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

ASTM D 4371

– Test

Method for Determining Washability Characteristics

of Coal

ASTM D 3174

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

ASTM D

4239

– Test

Methods for

Sulphur in

the Analysis

Sample of

Coal and

Coke

Using High-

Temperature

Tube Furnace Combustion Methods

ASTM D 5865

– Test

Method for Gross Calorific Value

of Coal and Coke

ASTM D 3175

– Test

Method for Volatile Matter

in the Analysis Sample of Coal and Coke

ASTM D 3176

– Standard Practice for Ultimate Analysis of Coal and Coke

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Ultimate analysis is a process typically used which gives the composition of coal in terms of carbon,

hydrogen,

nitrogen,

oxygen,

ash,

and

sulfur

without

regard

origin.

The

sum

the

carbon,

hydrogen, nitrogen, sulfur,

and ash are subtracted from 100 percent to

calculate oxygen percent.

Heating value or calorific value is a measure of the heat produced from a

unit weight of coal.

In the

United States, it is commonly

expressed in British thermal

units per pound

(

Btu/lb.

Other units are

kilocalories

per

kilogram

(

Kcal/kg

)

and

kilojoules

per

gram

(

KJ/g

Heating

value

generally

determined by burning a weighed coal sample, in oxygen, in a calorimeter.

As noted

previously,

since 1958

(the earliest

coal quality

information

available),

the Property

has

been controlled

by various

mining companies

utilizing their

own corporate

laboratories

including:

Island

Creek

Coal

Company

(Keen

Mountain,

Virginia),

Pocahontas

Fuel

Company

(Pocahontas,

Virginia), and

Consol

(Library, Pennsylvania).

Since

1977

the

present,

additional

laboratories

not

affiliated

with

coal

companies

who

have

provided analytical data for the Property include:

Dickinson Laboratories, Inc.

(El Paso, Texas)

– no longer in operation.

Geochemical Testing

(Somerset, Pennsylvania) – accredited

by the NELAP.

SGS

North

America

(Sophia,

West

Virginia)

–

leading

accredited

body and

NRTL;

currently

analyzing samples for Coronado.

Additional accredited coal testing laboratories are utilized for other less frequent analyses on

an as-

needed basis.

10.4

Relevant Results

No critical factors have been found

that would adversely affect the recovery

of the Reserve.

Mineral Resource Estimates

MM&A

independently

created

geologic

model

define

the

coal

resources

Buchanan.

Coal

resources were estimated

as of December 31, 2024.

11.1

Assumptions, Parameters and Methodology

Geological

data

were

imported

into

Carlson

Mining

(formerly

SurvCADD

)

geological

modelling

software

the

form

of Microsoft

Excel

files

incorporating

drill

hole

collars,

seam

and

thickness

picks, bottom

seam elevations

and raw

and washed

coal quality.

These data

files were

validated

prior to importing into the software.

Once imported, a geologic model was created, reviewed,

and

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

Resource

tonnes

were

estimated

using

the

seam

thickness

grid

based

each

valid

point

observation and

by defining

resource confidence

arcs around

the points

of observation.

Points of

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

an analysis

of seam

thickness related

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

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

economic

interest

were

used

generate

geologic

model.

Due

the

relative

structural

simplicity

the

deposits

and

the

reasonable

continuity

the

tabular

coal

beds,

the

principal

geological

interpretation

necessary

define

the

geometry

the

coal

deposits

the

proper

modeling

their

thickness

and

elevation.

Both

coal

thickness

and

quality

data

are

deemed

MM&A to be reasonably sufficient within the resource areas.

Therefore, there is a reasonable level

of confidence in the geologic

interpretations required for coal resource determination based on the

available data and the techniques applied to the data.

Table 11-1

below provides the geological mapping and

coal tonnage estimation criteria used for the

coal resource

and reserve

evaluation.

These cut-off

parameters

have

been developed

by MM&A

based

its

experience

with

the

Coronado

property

and

are

typical

mining

operations

the

Central

Appalachian

coal

basin.

This

experience

includes

technical

and

economic

evaluations

numerous

properties

in the

region

for

the

purposes of

determining

the

economic

viability of

the

subject coal reserves.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-1:

General Reserve and Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Criteria

Reserve Classification

Reserve and Resource

Reliability Categories

Reserve (Proven and Probable)

Resource (Measured, Indicated, and Inferred)

Distances between points of observation are standard

USGS (in meters), respectively, for measured and

indicated and inferred.

Effective Date of Resource Estimate

December 31, 2024

Coal resources were updated for depletion based on

information from Coronado.

Effective date for coal

resources is as of December 31, 2024.

Effective Date of Reserve Estimate

December 31, 2024

Coal reserves were updated for depletion based on

information from Coronado.

Effective date for coal

reserves is as of December 31, 2024.

Seam Density

Variable, dependent upon seam characteristics

(based on available drill hole quality).

In the

absence of laboratory data, estimated by (1)

assuming specific gravity of 1.30 for coal and 2.25

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

to 1324

kg/m

for a "clean" seam

•

Underground-Mineable Criteria

Map Thickness

Total seam thickness

Minimum Seam Thickness

1.2 meters (locally <1.2 m for limited areas

integral to the mine plan)

Minimum Mining Thickness

2.13 meters

Minimum In-Seam Wash Recovery

40 percent

Note: can locally be lower in high-reject areas

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

Greater of 0.05 meters or 2.13-meter minimum

cutting height less seam thickness

2243 kg/m³ density used for dilution tonnage estimate

Mine Barrier

61-meter distance from abandoned mines and

sealed or pillared areas.

Adjustments Applied to Coal Reserves

6 percent moisture increase; 5 percent

preparation plant inefficiency

Note: The 6-percent moisture adjustment is conservative;

actual shipped quality from October 2023 through

November 2024 averaged 8.47 percent.

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 for Classification

MM&A completed a

geostatistical analysis on drill

holes within

the reserve boundaries

to determine

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

inferred coal resources.

Historically,

the United States has assumed that coal within 0.4 kilometers

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

and

1.2

kilometers

from

point

observation

classified

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

indicated

resources

may

considered for reserve classification, respectively

as proven and probable reserves.

MM&A

performed

geostatistical

analysis

the

Buchanan data

set

using the

Drill

Hole

Spacing

Analysis

(

DHSA

)

method.

This

method

attempts

quantify

the

uncertainty

applying

measurement

from

central

location

increasingly

larger

square

blocks

and

provides

recommendations

for determining

the distances

between drill

holes for

measured, indicated,

and

inferred resources.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-1:

Histogram of the Total

Seam

Thickness for the Pocahontas No. 3 Seam

Present in the Buchanan Mine Complex

Figure 11-2:

Scatter plot of the Total

Seam

Thickness for the Pocahontas No. 3 Seam Present

in the Buchanan Mine Complex

perform DHSA the data

set was processed to remove

any erroneous data points,

clustered data

points, as

well as

directional trends.

This was

achieved through

the use

of histograms,

as seen

Figure 11-1

, color-coded scatter

plots showing the geospatial positioning of

the borings,

Figure 11-

, and trend analysis.

Following the completion of

data processing, a variogram

of the data set was

created,

Figure 11-3

The

variogram

plots average

square difference

against

the separation

distance

between

the data

pairs.

The

separation

distance

is broken

up into

separate

bins defined

by a

uniform

lag distance

(e.g., for

a lag

distance of

152 meters

the bins

would be

0 –

152 meters,

153 –

305 meters,

etc.).

Each pair of data points that are less than one lag distance apart are reported in the first bin.

If the

data

pair

further

apart

than

one

lag

distance

but

less

than

two

lag

distances

apart,

then

the

variance is reported in the second bin.

The numerical average for differences

reported for each bin

is then plotted on the variogram.

Care was taken to

define the lag distance in such a way

as to not

overestimate any nugget effect

present in the data set.

Lastly, modeled equations, often spherical,

gaussian, or

exponential, are

applied to

the variogram

in order

to represent

the data

set across

continuous spectrum.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3: Variogram of the Total

Seam Thickness for the Pocahontas No. 3 Seam

Present in the Buchanan Mine Complex

The estimation

variance is

then calculated

using information

from the

modeled variogram

as well

charts

published

Journel

and

Huijbregts

(1978).

This

value

estimates

the

variance

from

applying

single

central

measurement

increasingly

larger

square

blocks.

Care

was

taken

ensure any nugget effect present was added back

into the data.

This process was repeated for each

test block size.

The final step of the process is to calculate the global estimation variance.

In 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

step.

The estimation

variance

is then

divided by

the number

blocks that

would fit

inside the

study area

for

each test

block size.

Following this

determination,

the data is then transformed back to represent

the relative error in the 95th-percentile range.

Figure 11-4

shows the

results of

the DHSA

performed on

the Pocahontas

No. 3

seam data

for the

Buchanan Mine.

DHSA provides hole to hole

spacing values; these distances need to

be converted

to radius

from a

central point

in order

to compare

to the

historical

standards.

A summary

of the

radius

data

is shown

Table

11-2

DHSA

prescribes

that

measured,

indicated,

and inferred

drill

hole spacing 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

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

Table 11-2:

DHSA Results Summary for Radius from a Central Point

Model:

Measured Radial Distance

(10% Relative Error)

Indicated Radial Distance

(20% Relative Error)

Inferred Radial Distance

(50% Relative Error)

(km)

Gaussian:

0.71

1.10

2.76

Spherical:

0.71

1.08

2.67

Exponential:

0.67

1.08

3.08

Comparing

the

results

the

DHSA

the

historical

standards,

evident

that

the

historical

standards

are

conservative

than

even

the

most

conservative

DHSA

model

with

regards

determining

measured

resources.

The

Exponential

model

recommends

using

radius

0.67

kilometers for measured resources compared to the

historical value of 0.4

kilometers.

With respect

to indicated resources,

the DHSA falls in

line closely with the historical

standards.

The Exponential

and

Spherical

models

recommend

using

radius

1.08

kilometers,

while

the

Gaussian

model

recommends a

radius of

1.10 kilometers.

These values line

up closely with

the historical

radius of

1.2

kilometers.

These

results

have

led

the

QPs

report

the

data

following

the

historical

classification standards, rather

than use the results of the DHSA.

11.2

Qualified Person’s Estimates

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented below.

Based on the work described and detailed modelling of the areas

considering all

the parameters

defined, a

coal resource

estimate,

summarized

Table

11-3

, was

prepared

as of

December 31, 2024, for property controlled by Coronado.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-3:

Coal Resources Summary as of December 31, 2024

Coal Resource (Dry Tonnes, In Situ, MT)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

141.7

13.5

0.0

155.2

0.8

Exclusive of Reserves

29.4

5.0

0.0

34.5

0.7

Total 12/31/2024

171.2

18.5

0.0

189.7

0.8

Note 1:

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

are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3:

The Property contains 34.5 Mt of dry, in-place measured and indicated coal resources exclusive of reserves as of December 31, 2024.

11.3

Resources Exclusive of Reserves

The Property contains multiple resource blocks which

were not deemed to

exhibit reserve potential

at the time of the

study.

These resources, formally identified as resources exclusive of reserves, are

located in the Pocahontas

No. 3 coal seam.

Reasons which may preclude elevation

of resources to

reserves include, but are not limited to:

Insufficient density of drilling and/or coal quality data available

at the time of this evaluation.

Unfavorable economics

at the PFS level, yet economics could become attractive

in the future

under different market

conditions.

Exclusion from LOM planning by mining operator

due to remaining resource blocks which are

relatively small, isolated blocks and not currently attractive

from an operational perspective.

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

as reserve

due to relatively small size and isolation.

11.3.1

Initial Economic Assessment

MM&A completed an initial economic assessment to

determine the potential economic viability of

resources exclusive of reserves.

Unlike the economic analysis presented in

Section 19

developed to

test

reserves,

the initial

economic

assessment

below is

presented

on a

real basis

in 2024

dollars.

MM&A

applied

relevant

technical

factors

estimate

potential

saleable

tonnes

without

the

resource blocks, should

the resources be

extracted via deep,

continuous mining methods

(given that

their irregular and isolated nature

may

preclude longwall mining).

MM&A

developed

cash

cost

profiles

for

the

resource

blocks,

including

direct

cash

costs

(labor,

supplies,

roof

control,

maintenance

and

repair,

power,

and

other);

washing,

trucking,

materials

handling, general

and administrative,

and environmental

costs;

and indirect

cash

costs

(royalties,

production

taxes,

property tax,

insurance).

Costs were

developed based

off

relevant

cost

drivers

(per-meter,

per-raw-tonne,

per-clean-tonne).

Additionally,

MM&A

estimated

capital

costs

extract

resources.

Capital

costs

associated

with

mine

development

were

amortized

across

the

resource’s

potential saleable tonnages.

Additional non-cash items (depreciation of equipment and

depletion) and cash

costs were compared to

an assumed

sale price

of $143

per tonne (FOB

loadout),

representing the long-term average

price forecast for Buchanan supplied by Coronado.

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 11-4:

Results of Initial Economic Assessment

Figure 11-5:

Results of Initial Economic Assessment

Seam

Direct

Cash

Transportation,

Washing, Enviro,

G&A

Indirect

Non-Cash

Total Cost

Fully Loaded

P&L

$69.13

$24.27

$12.14

$24.09

$129.63

$13.67

11.4

Qualified Person’s Opinion

While there is

some level of stratigraphically

controlled seam-thickness

variability,

the Pocahontas

No.

coal

seam

Buchanan

demonstrates

reasonable

thickness

consistency

according

the

classification system of

measured

(0 – 0.4 kilometer),

indicated

(0.4 to 1.2

kilometers), and

inferred

(1.2

4.8

kilometers).

MM&A

geologists

and

engineers

modeled

the

deposit

and

delineated

mineable

regions

reflect

the

nature

each

seam

and

the

practicality

mining

constraints.

Based on MM&A’s

geostatistical analysis, it would be possible to

extend the measured arcs slightly

beyond historically accepted practices due to consistent

geological settings.

These results have led

the

QPs

report

the

data

following

the

historical

classification

standards,

rather

than

use

the

results of the DHSA.

Based on the data

review,

the attendant work

done to verify the data

integrity and the creation

independent

geologic model,

the

QPs

believe

this

is a

fair

and

accurate

representation

of the

Buchanan coal resources.

Moreover,

the QPs opine that additional exploration, mine planning and

financial

analysis

could

result

conversion

additional

resources

reserves

the

future;

however,

there is no guarantee

that such will be the case

until such time as that additional

work is

completed.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal Reserves are classified as

proven

probable

considering “modifying factors” including mining,

metallurgical, economic, marketing, legal,

environmental, social, and governmental

factors.

Proven Coal Reserves

are the economically mineable part

of a measured coal resource, adjusted

for

diluting

materials

and

allowances

for

losses

when

the

material

mined.

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 in

some

circumstances

a measured

coal

resource,

adjusted

for

diluting

materials

and allowances

for

losses

when

the

material

mined.

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.

Upon completion of delineation

and calculation of coal

resources, MM&A generated a LOM plan

for

Buchanan.

The footprint

of the

reserve area

is shown

on the

map in

Appendix B

The Mine

plan

was

generated

based

the

forecast

mine

plan

and

permit

plan

provided

Coronado

with

modifications by

MM&A where

necessary due

to current

property control

limits, modifications

geologic mapping, or other factors determined during the evaluation.

Carlson

Mining

software

was

used

generate

the

LOM

plan

for

Buchanan.

The

mine

plan

was

sequenced based on productivity schedules provided by

Coronado.

MM&A judged the productivity

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

At the Buchanan No. 1

Mine, a minimum mining

height of 2.13 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

out-of-seam

dilution (

OSD

Mine recovery

generally varies

between 40

and 60

percent for

continuous mining

panels,

and 100

percent

for

longwall.

Plant

recovery

is a

function

of in-seam

recovery,

OSD and

plant efficiency factor, which is set at 95 percent.

Typical entry width is 5.49 meters to 6.10 meters.

Raw,

ROM

production

data

outputs

from

LOM

plan

sequencing

were

processed

into

Microsoft

EXCEL spreadsheets

and summarized

on an

annual basis

for processing

into the

economic model.

Average seam densities were

estimated to determine raw

coal tonnes produced

from the LOM

plan.

Average mine recovery

and wash recovery factors were

applied to determine coal reserve tonnes.

Coal reserve

tonnes in

this evaluation

are reported

at a

6.0-percent moisture

basis and

represent

the saleable product from the Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Pricing

data,

provided

Coronado,

described

Section

16.2

The

pricing

data

assumes

weighted

average

domestic

and

international

FOB-mine

price

approximately

$142

per

metric

tonne for calendar

year 2025.

The weighted average price

decreases to approximately $132

to $139

per metric

tonne through

year 2029

and averages

approximately

$157 per

metric tonne

over the

LOM.

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, socioeconomic, and regulatory factors and are

presented on a moist, recoverable

basis.

As is

customary in

the US,

the categories

for proven

and probable

coal reserves

are based

on the

distances

from

valid

points

measurement

determined

the

QPs

for

the

area

under

consideration.

For this

evaluation, measured

resource, which

may convert

to a

proven reserve,

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

Points

of observation

include exploration

drill holes,

degas holes,

and mine

measurements which

have been fully vetted

and processed into a

geologic model.

The geologic model is based on seam

depositional modeling, the

interrelationship of overlying and

underlying strata on seam mineability,

seam thickness trends,

the impact of seam

structure (i.e., faulting),

intra-seam characteristics,

etc.

Once

the

geologic

model

was

completed,

statistical

analysis,

described

Section

11.1.1

was

conducted

and

0.4-kilometer

radius

from

valid

point

observation

was

selected

define

Measured Resources.

Likewise,

the distance

between 0.4

and 1.2 of

a kilometer

radius was

selected to

define Indicated

Resources.

Indicated Resources may convert

to Probable Reserves.

There

are

Inferred

Resources

(greater

than

1.2-kilometer

radius

from

valid

point

observation) at Buchanan.

12.2

Qualified Person’s Estimates

Reserve tonnage

estimates provided

herein report

coal reserves

derived from

the in-situ resource

tonnes presented in

Table 11-3

, and not in addition to coal resources.

Coal reserves are presented

on a

ROM basis

Table

12-1

Proven

and probable

coal reserves

were derived

from the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure,

economic

(including

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental,

socioeconomic

and

regulatory factors.

The coal reserves,

as shown in

Table

12-2

, are based

on a technical

evaluation

of the geology and a preliminary feasibility study of the coal deposits.

The extent to which the coal

reserves

may

affected

any

known

environmental,

permitting,

legal,

title,

socioeconomic,

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 12-1:

Coal Summary (ROM (Moist)) as of December 31, 2024

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2024

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area /

Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan

156.8

12.4

169.1

0.0

169.1

22.4

135.9

10.9

0.7

Demonstrated Coal Reserves (Wet Tonnes, Washed

or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proven

Probable

Total

Surface

Owned

Leased

Subleased

Ash%

Sulfur%

VM%

Buchanan

77.6

5.8

83.4

0.0

83.4

12.3

65.9

5.1

0.7

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

The combination of

surface and inherent moisture is modeled at 6-percent.

Actual product moisture is dependent upon multiple geological factors, operational

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

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

for reserve reporting.

shown

below,

coal

shipments

from

October

2023 through

November

2024

exhibit

an average

quality comparable to quality projected from core

/ channel samples (refer to

Table 12-2

above).

Moisture content: 8.47%

Ash content: 6.21% (db)

Sulfur content: 0.78% (db)

VM content: 19.29% (db)

The

results

this

TRS

define

estimated

83.4

proven

and

probable

marketable

coal

reserves.

Of that

total, 93

percent are

proven, and

7 percent

are probable.

There are

12.3 Mt

owned coal reserves and 65.9 Mt

of leased coal and 5.1

Mt of subleased reserves.

All the Buchanan

reserves are considered suitable for the metallurgical

coal market, and all are assigned.

12.3

Qualified Person’s Opinion

The

estimate

of coal

reserves was

determined

in accordance

with the

JORC

Code along

with SEC

Regulation S-K 1300.

The

LOM

mining

plan

for

Buchanan

was

prepared

the

level

preliminary

feasibility.

Mine

projections

were

prepared

with

timing

schedule

match

production

with

coal

seam

characteristics.

Production timing

was carried

out from

current locations

to depletion

of the

coal

reserve

area.

Coal reserve

estimates

could be

materially

affected

by the

risk factors

described in

Section 22.2

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

the QPs believe this

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Mining Methods

13.1

Geotech and Hydrology

Mining plans for

potential underground mines were developed

by Coronado and

MM&A.

Coal pillar

stability

was

tested

MM&A

using

the

Analysis

Coal

Pillar

Stability

(ACPS)

and

Analysis

Longwall Pillar Stability

(

ALPS

) software programs.

MM&A reviewed the results from the ACPS and

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

Hydrology has not been an issue

of concern at Buchanan.

Based on numerous site visits

to both the

surface and

underground portions

of the

Property by

the QPs,

it has

been determined

that this

not

significant

concern.

Mining

future

reserves

projected

occur

areas

which

exhibit

similar hydrogeological characteristics

as those formerly mined areas.

13.2

Production Rates

The

Buchanan

mine

has

historically

included

six

continuous

mining

sections

and

two

longwall

sections.

This report

includes the

expansion program

that is

expected

to increase

the number

continuous miner

sections to

seven by

calendar year

2026.

Operations

at Buchanan

by Coronado

and its

predecessor have been

ongoing for many

years.

The mine

plan and

productivity expectations

reflect

historical

performance

and

efforts

have

been

made

adjust

the

plan

reflect

future

conditions.

MM&A

confident

that

the

mine

plan

reasonably

representative

provide

accurate

estimation of

coal reserves.

Mine development

and operation

have

not been

optimized

within the TRS.

Longwall production

is scheduled

for

approximately

295 to

312 days

each year,

which represents

production on Monday

through Saturday with

allowances for holidays

and longwall

moves.

On each

day,

the

continuous

mining

sections

and

longwall

produce

coal

three

shifts.

The

sections

are

configured

regular

sections

with

one

continuous

miner

available

for

production

each

section.

Productivity is

planned at

the rate

of 18.8

meters

to 20.7

meters

of advance

per shift

operation for

the continuous

miner sections, and

5.18 meters

to 7.92

meters per

shift of longwall

retreat.

Carlson Mining software was used

by MM&A to generate mine plans

for the underground mineable

coal seam.

Coronado recently revised the Buchanan

mine plan with an independent headgate and

tailgate

for

longwall

panels

the

South,

West,

Northeast

and

Northern-most

districts.

Such

change was made

to allow for

an effective

panel width of 982

feet (300 meters),

as opposed to an

effective width of

688 feet (210 meters)

used previously.

The active area in the North is still

based

on an effective panel width of approximately 688 feet (210 meters).

MM&A incorporated this mine

plan revision into the layout and subsequent reserve estimates contained

herein.

Mine plans were

sequenced based

on productivity

schedules provided by

Coronado, which were

based 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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 13-1:

Summary of Production by Year (Tonnes

x 1,000)

As shown in

Table

13-1

, the areas planned for underground

production continue until 2043.

Clean

coal production varies directly with coal thickness.

Mine Name

2025

2026

2027

2028

2029

2030

2031

2032

Buchanan

4,341

4,698

4,758

4,903

5,083

4,743

4,988

4,751

Mine Name

2033

2034

2035

2036

2037

2038

2039

2040

Buchanan

4,792

5,028

4,928

4,341

4,580

4,467

4,182

4,232

Mine Name

2041

2042

2043

2044

2045

2046

2047

2048

Buchanan

3,416

3,172

1,946

13.3

Mining Related Requirements

Although the continuous miner

sections are significantly more

expensive to operate

on a cost-per-

tonne basis,

they are

necessary to open

up areas

of the mine

for the

longwall.

At the

time of this

study,

Buchanan

had

six

operating

continuous

miner

sections

that

were

used

develop

main

entries

and

gate

roads

preparation

for

the

longwall,

with

plans

operate

seventh

section

beginning in 2026.

As the mine develops, this number will be able to be reduced.

An additional

requirement at

Buchanan is the

drilling of degas

holes prior to

mining.

This process

was initially developed

as a

safety measure to extract

methane from the

coal seam

prior to

exposure

to the workforce.

As such, it has been very effective.

recently,

the

methane

extracted

has

been

able

processed

and

sold.

However,

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

13.4

Required Equipment and Personnel

The Buchanan

Mine is

currently Coronado’s only longwall

operation.

The longwall

shearing machine

is used for extraction

of coal at the production face.

A chain conveyor is used

to remove coal from

the

longwall

face

for

discharge

onto

the

conveyor

belt

which

then

ultimately

delivers

underground storage

bunker.

Development for the longwall

is conducted by the extraction

of coal

from

the

production

faces

using

continuous

miners

and

haulage

using

shuttle

cars

feeder-

breaker located at the tail

of the section conveyor belt.

The feeder-breaker crushes large pieces of

coal and rock

and regulates

coal feed

onto the mine

conveyor.

Roof-bolting machines are

used to

support the

roof on

the development

sections of

the

longwall mines.

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.

Other supplemental equipment such as

personnel carriers,

supply vehicles, etc., are also used daily.

Mine

conveyors

typically

range

width

up to

1.83

meters.

Multiple

belt

flights

are

arranged

series to

deliver raw

coal to

the underground

storage.

Along the

main and

sub-main entries

and

panels, a

travel

way is

provided for

personnel and

materials by

rubber-tired equipment

or on rail.

The Buchanan No. 1 Mine

utilizes a skip hoist in order to transport ROM coal from the

underground

storage

bunker

the

surface

where

the

coal

may

sampled,

crushed

and

washed

the

preparation plant and stockpiled to

await shipment.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Surface

ventilation

fans

are

installed

needed

provide

sufficient

volume

air

ventilate

production sections, coal

haulage and transport

entries, battery charging stations, and

transformers

in accordance with approved plans.

High-voltage cables deliver power throughout the mine where

transformers reduce voltage for specific equipment

requirements.

The Mine

Improvement and New

Emergency Response Act 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

required

control

dust

production sections and along conveyor

belts, and to cool electric motors.

Water is available

from

nearby sources and is distributed within

the mine by pipelines

as required.

A total of 665 salary

and

hourly employees are assigned to the mine in 2025, and a total of 687 salary and hourly employees

are

assigned

the

mine

beginning

2026

when

longwall

sections

and

continuous

miner

sections

are

projected

operation.

The

aforementioned

staffing

levels

only

represent

employees

assigned

the

Buchanan

Mine.

Labor

associated

with

coal

processing,

water

treatment, as well as general & administrative activities are modeled

on a cost-per-ton basis for the

economic analysis in

Section 19

Processing and Recovery Methods

14.1

Description or Flowsheet

Coronado currently

operates a

coal preparation

plant at

Buchanan.

The Buchanan Plant

operates

a feed

rate

of approximately

1,270 raw

tonnes per

hour (

tph

Coarse

material

is washed

in a

heavy medium vessel, the intermediate-size material is washed in heavy medium cyclones and fine

material is

washed using

froth flotation.

These processes

are supported

by the

requisite screens,

centrifuges, vacuum filters, sumps, pumps, and distribution systems.

Processes and equipment are

typical of those

used in

the coal industry

and are in

use in

nearly all plants

in the

Central Appalachian

Basin.

Coronado’s 2023 long-term production forecast included

the construction

of a

new coal preparation

plant at Buchanan

and associated coal production

volumes; however,

this has been removed

from

the 2024 production

forecast

due to

lower pricing environment

and to

allow for

additional option

analysis.

A new plant remains

under consideration and as such,

future production volume forecasts

will be re-evaluated and updated to reflect

any corresponding capacity increases.

14.2

Requirements for Energy,

Water,

Material and Personnel

Personnel have historically been sourced from

the surrounding communities

in Buchanan, Tazewell,

McDowell, and Pike Counties, and have proven to be adequate in numbers to operate the mine.

mining

common

the

surrounding

areas,

the

workforce

generally

familiar

with

mining

practices, and many are experienced miners.

The

Buchanan No.

1 Mine

Complex

has

sources

of water,

power,

personnel,

and

supplies readily

available for use.

Water is sourced locally from a nearby abandoned underground mine.

Electricity

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 15-1:

Buchanan Surface Facilities

is sourced from

AEP.

The service

industry in

the areas surrounding

the mine

complex has historically

provided supplies, equipment repairs and fabrication, etc.

Infrastructure

The Coronado-owned

Buchanan Preparation

Plant services the

mine via a

skip hoist

and conveyor

belt

system

which

transports

extracted

coal

from

underground

bunker

the

surface

facility.

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

As an active operation, the necessary support

infrastructure for Buchanan is in place.

In addition to

the

plant

and

loadout,

there

are

also

portal

facilities,

including

personnel

access

the

mine,

ventilation fans and a coal hoisting skip shaft.

A map of the existing facilities in

Figure 15-1

Market Studies

16.1

Market Description

The quality

characteristics for

the subject

coal resources

and coal

reserves have

been reviewed

detail by MM&A.

The drill hole data was utilized to develop average

coal quality characteristics for

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 16-1:

Quality Specifications by Product

the

mining

site.

These

average

coal

quality

characteristics

were

then

utilized

the

basis

for

determining the various markets into which the saleable coal will likely

be placed.

The projected quality specifications for the Buchanan products are as shown in

Table 16-1

Buchanan

HCC

PCI

Moisture (%)

7.50

Ash (%)

5.50

6.00

Sulfur (%)

0.75

0.85

Volatile Matter (%)

18.00

Btu/lb.

N/A

14,926

Fluidity (ddpm)

130

N/A

MMR (%)

1.69

N/A

CSR

N/A

FSI

8.5

N/A

Note:

All Specs are dry basis except Moisture and Thermal

All the mine production

serves the metallurgical

markets.

Metallurgical coal

is marketed

as a low-

volatile (typically less than 23 percent volatile matter

content) product.

16.2

Price Forecasts

Coronado

provided

MM&A

with

price

forecasts

for

the

Buchanan

operation

terms

2025

(January) real dollars.

MM&A applied a 2.0%

annual inflation rate

to the Coronado

price forecast

order

estimate

revenues

nominal

dollars.

Customer

coal

pricing

derived

from

market

observed forward estimates based on global

economic supply and

demand analysis which is

applied

mine

plan

sales

volumes

and

product

mix

and

supplemented

with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Concurrent

with

the

active

operation,

Buchanan’s

production

assumed

enter

domestic

and

international

low volatile

coking coal

markets.

Pricing provided

by Coronado

assumes applicable

quality adjustments.

Pricing was provided through calendar year 2043.

Coal price forecasts for the Buchanan

products were provided by Coronado for various

coal markets

in terms of US nominal dollars per metric tonne.

16.3

Contract Requirements

Some contracts are

necessary for successful marketing

of the coal.

For Buchanan, since all mining,

preparation and marketing is done in-house, the remaining

contracts required are:

Transportation

–

The

Mine

contracts

with

transport

the

coal

either

the

domestic

customers or to the Pier 6 export terminal for

overseas shipment.

The Coronado pricing forecast was provided to MM&A in real 2025 (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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Handling

–

Contracts

for

vessels

for

export

sales

are

necessary.

These

are

typically

handled by annual negotiations based on projected shipments.

Sales

– Sales

contracts

are a

mix of

spot and

contract

sales.

With the

volatility

of the

market,

long-term contracts are not typically written.

Environmental Studies, Permitting and Plans,

Negotiations or Agreements with Local Individuals

17.1

Results of Studies

MM&A completed

a Limited Phase

I Environmental

Site Assessment (

ESA

) on the

Property in April

2016 on behalf

of Coronado.

Coronado reports not having

conducted such a study

since the MM&A

study.

The

ESA

completed

MM&A

included

site

inspection,

review

historical

records,

database

state

and

federal

regulatory

records

and

interviews

identify

potential

recognized

environmental

conditions

(

RECs

) that

may

create

environmental

liability

for

the

sites.

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

Based on the former ESA completed by MM&A, it is the

QPs’ opinion that Buchanan generally has a

record

consistent

with

industry

standards

regarding

compliance

with

applicable

mining,

water

quality,

and

environmental

laws.

Estimated

costs

for

mine

closure,

including

water

quality

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

17.2

Requirements and Plans for Waste

Disposal

Based on information provided by Coronado,

the current Buchanan refuse disposal

site (Big Branch)

adjacent

the

preparation

plant

has

capacity

46 million

cubic

meters

(

)

currently

designed

through

Stage

No.

12.

Projected

requirements

within

the

MM&A

financial

model

are

39.5 million CM,

therefore sufficient refuse storage is

available for the Buchanan

reserves estimated

herein.

An additional 10 million CM

of potential refuse storage is available in other

areas controlled

by Coronado.

17.3

Permit Requirements and Status

All

mining

operations

are

subject

federal

and

state

laws

and

must

obtain

permits

operate

mines, coal preparation and related facilities,

haul roads, and other incidental surface disturbances

necessary for

mining to

occur.

Permits

generally

require

that

the

permittee

post

performance

bond in

an amount

established by the

regulatory program to provide

assurance that any

disturbance

or liability

created during

mining operations

is properly

restored

to an

approved post-mining

land

use and

that all

regulations and

requirements

of the

permits are

fully satisfied

before

the bond

returned

the

permittee.

Significant

penalties

exist

for

any

permittee

who

fails

meet

the

obligations

the

permits

including

cessation

mining

operations,

which

can

lead

potential

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 17-1:

Buchanan Mining Permit

forfeiture

of the

bond.

Any company,

and its

directors,

owners and

officers, which

are subject

bond forfeiture can be denied future permits under the program.

New permits

or permit

revisions will occasionally

be necessary

to facilitate the

expansion or

addition

of new

mining areas

on the

properties, such

as amendments

to existing

permits and

new permits

for mining

of reserve

areas.

Exploration permits

are also

required.

Property under

lease includes

provisions

for

exploration

among

the

terms

the

lease.

New

modified

mining

permits

are

subject

public

process

and

comment

period,

and

the

public

provided

opportunity

raise

objections

any

proposed

mining

operation.

MM&A

not

aware

any

specific

prohibition

mining

the

subject

property

and

given

sufficient

time

and

planning,

Coronado should

be able

to secure

new permits

to maintain

its planned mining

operations within

the context of current regulations.

Necessary permits are in

place to support current production on

the Property,

but future permits

are required

to maintain

and expand production.

Portions of the

Property

are

located

near

local

communities.

Regulations

prohibit

mining

activities

within

91.44

meters

of a

residential dwelling,

school, church,

or similar

structure unless

written consent

is first

obtained

from

the

owner

the

structure.

Where

required,

such

consents

have

been

obtained

where mining is proposed beyond the regulatory limits.

Coronado

has

obtained

all

mining

and

discharge

permits

operate

its

mines

and

processing,

loadout,

facilities.

MM&A

unaware

any

obvious

current

Coronado

permitting

issues that

are expected

to prevent

the issuance

of future

permits.

Buchanan, along

with all

coal

producers,

is subject

to a

level of

uncertainty regarding

future clean

water

permits due

United

States

Environmental

Protection

Agency

(

EPA

)

and

United

States

Fish

and

Wildlife

(

USFW

)

involvement with state

programs.

The active Mining permit currently held by Buchanan is shown in

Table 17-1.

Type

Permit ID

Permit

Name

$ Bond

Current

Status

Issued Date

Expiration

Date

Hectares

NPDES No.

Coal

Underground

1402152

Buchanan

No. 1

Mine

$2,490,000

Active

03/08/1983

03/08/2028

335.72

VA0082152

The Coal Surface Mining Operation Permit (1402152) and National Pollution Discharge Elimination System Permit (VA0082152) were renewed

by the Virginia Department of Energy’s Division of Mined Land Repurposing on November 12, 2024.

17.4

Local Plans, Negotiations or Agreements

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

or state regulations.

17.5

Mine Closure Plans

Applicable

regulations

require

that

mines

properly

closed,

and

reclamation

commenced

immediately

upon

abandonment.

general,

site

reclamation

includes

removal

structures,

backfilling, regrading, and revegetation of disturbed areas.

Sediment control is required during the

establishment of vegetation, and

bond release generally requires

a minimum

five-year period of

site

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

maintenance, water sampling, and

sediment control following

mine completion.

This requirement

reduced

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

model.

As with all

mining companies, an accretion

calculation is performed

annually

so the

necessary Asset

Retirement

Obligations

(

ARO

) can

be shown

a Liability

on the

balance sheet.

17.6

Qualified Person’s Opinion

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

current production have been

obtained.

The QPs

know

of no reason

that any

permits revisions

that may

be required

cannot be

obtained.

Estimated expenditures for site

closure and reclamation are included in the financial model for this

site.

Capital and Operating Costs

18.1

Capital Cost Estimate

The production sequence selected for

a property must consider the proximity

of each reserve area

coal

preparation

plants,

river

docks

and

railroad

points,

along

with

suitability

production equipment to coal seam conditions.

The in-place infrastructure was evaluated, and any

future needs were planned to a level suitable for a Preliminary Feasibility Study and included in the

Capital Forecast.

Coronado

provided

MM&A

with

inventory

operating

equipment

available

Buchanan.

MM&A’s

capital

schedules assume

that

major

equipment

rebuilds

occur over

the

course

of each

machine’s

remaining

assumed

operating

life.

Replacement

equipment

was

scheduled

based

MM&A’s

experience and

knowledge of

mining equipment

and industry

standards

with respect

the useful life of such equipment.

A summary of the estimated capital for the Property is provided

Figure 18-2

below.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 18-1:

CAPEX

18.2

Operating Cost Estimate

Coronado provided historical and a preliminary five-year

projection of operating costs for MM&A’s

review.

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

as a reference and developed a

personnel

schedule

for

the

mine.

Hourly

labor

rates

and

salaries

were

based

upon

information

contained in Coronado’s financial summaries.

Fringe-benefit costs were developed

for vacation and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

healthcare,

and

bonuses.

cost

factor

for

mine

supplies was developed that

relates expenditures to

mine advance rates

for roof-control

costs and

other

mine-supply

costs

experienced

underground

mines.

Other

factors

were

developed

for

maintenance and repair costs, rentals, mine power,

outside services and other direct mining costs.

Other

cost

factors

were

developed

for

coal

preparation

plant

processing,

refuse

handling,

coal

loading, property

taxes,

and insurance

and bonding.

Appropriate

royalty

rates

were

assigned for

production

from leased

coal lands,

and sales

taxes

were

calculated

for

state

severance

taxes,

the

federal black lung excise tax,

and federal and state 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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 18-1:

Estimated Coal Production Taxes

and Sales Costs

Table 18-2:

Buchanan Mine Operating Costs

Description of Tax or Sales Cost

Basis of Assessment

Cost

Federal Black Lung Excise Tax - Underground

Per Tonne

$1.21

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Virginia Reclamation Tax – Underground

Per Tonne

$0.05

Virginia Severance Tax

Royalties – Underground

Percentage of Revenue

3.3%

Notes:

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

MM&A assumed 18% of total

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

A summary of the projected Operating Costs is in

Table 18-2

12/31

Remaining

LOM

Total

2025

2026

2027

2028

2029

2030

2031

2032

Average

ROM Production Tonnes

169.1

8.0

9.4

9.8

9.9

10.0

9.2

9.9

9.3

6.7

Yield

49.28%

54.13%

50.04%

48.73%

49.39%

50.79%

51.68%

50.27%

51.07%

48.15%

Saleable Production Tonnes

83.4

4.3

4.7

4.8

4.9

5.1

4.7

5.0

4.8

3.2

PCI Tonnes

33.8

2.0

1.9

2.1

1.9

2.0

1.9

1.3

Domestic & Non-Asia Export Met Tonnes

23.6

1.4

1.5

1.3

1.4

1.3

1.4

1.3

0.9

Export Met Tonnes

26.0

1.0

1.2

1.5

1.6

1.5

1.6

1.5

1.0

Total Saleable Tonnes

83.4

4.3

4.7

4.8

4.9

5.1

4.7

5.0

4.8

3.2

Cash Costs per Tonne:

Mining Costs

$78.13

$68.39

$68.51

$68.46

$67.27

$66.66

$73.34

$71.88

$75.99

$84.99

Processing and Transport

$12.60

$10.46

$11.11

$10.60

$10.64

$10.77

$11.15

$11.68

$11.73

$13.93

Sales Related Costs

$8.75

$9.18

$7.80

$7.74

$7.28

$7.11

$8.21

$8.37

$8.52

$9.46

G&A

$4.14

$3.62

$3.40

$3.43

$3.39

$3.48

$3.92

$3.99

$4.07

$4.54

Total Cash Costs

$103.62

$91.66

$90.81

$90.22

$88.58

$88.01

$96.61

$95.92

$100.32

$112.92

Economic Analysis

19.1

Assumptions, Parameters and Methods

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

MM&A prepared

mine projections

and production

timing forecasts

based on

coal seam

characteristics.

Production

timing

was

carried

out

from

2025

depletion

(exhaustion)

the

coal

reserve

areas,

which

projected for the year 2043.

All costs and prices are based on

year-end 2024 nominal United States

dollars.

The Mine

plan, productivity

expectations and cost

estimates generally reflect

historical performance

Coronado

and

efforts

have

been

made

adjust

plans

and

costs

reflect

future

conditions.

MM&A is confident

that the mine

plan and

financial model

are reasonably representative to provide

an accurate estimation of coal reserves.

Capital

schedules were

developed by

MM&A for

mine development,

infrastructure,

and on-going

capital

requirements

for

the

life

of the

mine.

Staffing

levels

were

prepared,

and operating

costs

estimated

MM&A.

MM&A

utilized

historical

cost

data

provided

Coronado

and

its

own

knowledge and experience to estimate direct and indirect operating

costs.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

The

preliminary

feasibility

financial

model,

prepared

for

this

TRS,

was

developed

test

the

economic viability of

the coal reserve

area.

The results of

this financial model

are not intended

represent

bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations,

but

are

intended

prove

the

economic

viability

of the

estimated

coal

reserves.

All

costs and prices

are based on

year-end 2024 nominal

United States dollars assuming

a 2.0%

inflation

rate.

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

estimated for the purpose

classifying

coal

reserves.

The

project

cash

flows,

excluding

debt

service,

are

calculated

subtracting direct

and indirect

operating expenses

and capital

expenditures from

revenue.

Direct

costs include labor, drilling and

blasting, operating supplies,

maintenance and repairs,

facilities costs

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

sampling

and

analysis

services,

reclamation

and

general

and

administrative

costs.

Indirect

costs

include

statutory

and

legally

agreed

upon

fees

direct

extraction

the

mineral.

The

indirect

costs

are

the

federal black lung tax, federal and

state reclamation taxes, property taxes, local transportation prior

to delivery at rail or barge loading sites, coal production royalties, sales

and use taxes, income taxes

and state severance taxes.

Coronado’s historical costs provided a useful reference for MM&A’s cost

estimates.

Sales revenue is based on

the metallurgical coal price information provided to MM&A

by Coronado.

Projected

debt

service

excluded

from

the

P&L

and

cash

flow

model

order

determine

Enterprise Value.

The financial model expresses coal sales prices, operating costs, and capital expenditures in current

day

dollars

without

adjustment

for

inflation.

Capital

expenditures

and

reclamation

costs

are

included based

on engineering

estimates for

each mine

by year.

The Coronado

division’s

existing

allocations of administrative costs are

continued in the future projections.

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

The royalty rates vary

by mining

method and

location.

The royalty

rates

for

Buchanan are

estimated

to be

3.3% of

the

sales revenue.

The

projection

model

also

includes

consolidated

income

tax

calculations

the

Coronado

level,

incorporating statutory

depletion calculations, as well

as state income

taxes, and a

federal tax rate

21%.

the

extent

the

mine

generates

net

operating

losses

for

tax

purposes,

the

losses

are

carried over to offset future taxable

income.

The terms “cash flows” and “project cash flows” used

in this report refer to after tax

cash flows.

Consolidated cash flows are driven

by annual sales

tonnage, which at steady-state level ranges from

a peak of 5.1 million tonnes

in 2029 to a low

of 1.9 million tonnes in 2043.

Projected consolidated

revenue ranges from $614.6 million to $796.5 billion at a steady state.

Revenue totals $13.1 billion

for the project’s life.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-1:

Cash Costs per Tonne

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA

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

the

exception

of post

-production

years,

due to

end-of-mine

reclamation

spending.

Consolidated

cash flow from

operations peaks at

$251.4 million in 2034 and totals

$3.9 billion over the project’s

life.

Capital expenditures total $462.3 million through 2029 and $1.4 billion over the project’s

life.

Coal price

forecasts

for

coal products

were prepared

by Coronado

for

its active

operations.

Such

prices

were

used

for

the

revenue

input

into

the

financial

model.

Sales

variable

costs

such

production royalties and severance

taxes were based upon the revenue input.

19.2

Results

The

pre-feasibility

financial

model,

prepared

MM&A

for

this

TRS,

was

developed

test

the

economic viability of

each coal resource

area.

The results of

this financial model

are not intended

to represent

a bankable feasibility

study,

as may be

required for

financing of any

current or future

mining operations contemplated but are intended

to prove the economic viability of the estimated

coal reserves.

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

Figure 19-1

shows the annual variance of cash costs per ton.

Table 19-1

shows LOM tonnage, P&L,

and EBITDA for Buchanan.

As shown

above, the

Buchanan Mine’s

average

cash cost

ranges between

approximately

$88 and

$118 per tonne for most of the operating period.

LOM

P&L

LOM

EBITDA

Tonnes

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Buchanan

83,350

$2,428,151

$29.13

$4,422,174

$53.06

shown

Table

19-1,

the

Buchanan

Mine

shows

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated

operations

show

positive

LOM

P&L

and

EBITDA

$2.4 billion

and

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-2:

Summary of Buchanan Key Financial Performance Metrics (2025-2032)

$4.4 billion, respectively.

A summary

of the

key

financial performance

metrics projected

through

2032 is provided below in

Table 19-2

12/31

Remaining

LOM

Total

2025

2026

2027

2028

2029

2030

2031

2032

Average

ROM Production Tonnes

169.1

8.0

9.4

9.8

9.9

10.0

9.2

9.9

9.3

6.7

Yield

49.28%

54.13%

50.04%

48.73%

49.39%

50.79%

51.68%

50.27%

51.07%

48.15%

Saleable Production Tonnes

83.4

4.3

4.7

4.8

4.9

5.1

4.7

5.0

4.8

3.2

PCI Tonnes

33.8

2.0

1.9

2.1

1.9

2.0

1.9

1.3

Domestic & Non-Asia Export Met Tonnes

23.6

1.4

1.5

1.3

1.4

1.3

1.4

1.3

0.9

Export Met Tonnes

26.0

1.0

1.2

1.5

1.6

1.5

1.6

1.5

1.0

Total Saleable Tonnes

83.4

4.3

4.7

4.8

4.9

5.1

4.7

5.0

4.8

3.2

Cash Costs per Tonne:

Mining Costs

$78.13

$68.39

$68.51

$68.46

$67.27

$66.66

$73.34

$71.88

$75.99

$84.99

Processing and Transport

$12.60

$10.46

$11.11

$10.60

$10.64

$10.77

$11.15

$11.68

$11.73

$13.93

Sales Related Costs

$8.75

$9.18

$7.80

$7.74

$7.28

$7.11

$8.21

$8.37

$8.52

$9.46

G&A

$4.14

$3.62

$3.40

$3.43

$3.39

$3.48

$3.92

$3.99

$4.07

$4.54

Total Cash Costs

$103.62

$91.66

$90.81

$90.22

$88.58

$88.01

$96.61

$95.92

$100.32

$112.92

EBITDA per Tonne

$53.05

$49.91

$42.64

$42.17

$46.84

$51.31

$49.78

$53.39

$51.98

$56.88

Expansion CapEx ($M)

Maintenance CapEx ($M)

$1,381.3

$106.6

$107.2

$93.3

$88.6

$66.6

$93.5

$61.3

$83.2

$48.6

Total CapEx

$1,381.3

$106.6

$107.2

$93.3

$88.6

$66.6

$93.5

$61.3

$83.2

$48.6

After Tax

Cash Flows

were

developed in

order to

calculate

the NPV

for

this Property.

The NPV

estimated to

be $1.086 billion

at a

discount rate

of 10.0%.

The pre-feasibility

financial model

(+/-

20 percent

in accuracy) prepared

for the TRS

was developed to

test the economic

viability of each

coal resource area.

No contingency was included since the Buchanan Complex is a well-established

operation

with

long

history

production.

The

NPV

estimate

was

made

for

the

purpose

confirming

the

economics

for

classification

coal

reserves

and

not

for

purposes

valuing

Coronado

its

Buchanan

assets.

Mine

plans

were

not

optimized,

and

actual

results

the

operations may be

different, but in

all cases, the mine production

plan assumes the properties

are

under competent management.

A summary of the Buchanan after-tax cash flow is shown in

Table 19-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 19-3:

Project Cash Flow Summary (000)

YE 12/31

Total

2025

2026

2027

2028

2029

Production & Sales tonnes

83,351

4,341

4,698

4,758

4,903

5,083

Total Revenue

$13,062,165

$614,579

$626,975

$629,962

$664,026

$708,129

EBITDA

$4,422,174

$216,679

$200,339

$200,645

$229,694

$260,786

Net Income

$1,977,745

$97,753

$76,727

$69,572

$85,277

$104,811

Net Cash Provided by Operating Activities

$3,888,977

$149,529

$186,532

$185,936

$206,524

$232,429

Purchases of Property, Plant, and Equipment

$(1,381,267)

$(106,637)

$(107,182)

$(93,313)

$(88,608)

$(66,600)

Net Cash Flow

$2,507,711

$42,891

$79,350

$92,623

$117,916

$165,828

YE 12/31

2030

2031

2032

2033

2034

2035

Production & Sales tonnes

4,743

4,988

4,751

4,792

5,028

4,928

Total Revenue

$694,302

$744,832

$723,590

$744,466

$796,683

$796,489

EBITDA

$236,080

$266,343

$246,953

$251,601

$296,122

$282,040

Net Income

$99,662

$117,098

$107,808

$118,192

$153,711

$145,457

Net Cash Provided by Operating Activities

$217,677

$233,432

$227,565

$225,159

$251,366

$250,484

Purchases of Property, Plant, and Equipment

$(93,460)

$(61,341)

$(83,218)

$(71,066)

$(87,846)

$(74,106)

Net Cash Flow

$124,217

$172,091

$144,348

$154,093

$163,521

$176,379

YE 12/31

2036

2037

2038

2039

2040

2041

Production & Sales tonnes

4,341

4,580

4,467

4,182

4,232

3,416

Total Revenue

$715,638

$770,097

$766,239

$731,656

$755,207

$621,802

EBITDA

$218,878

$250,271

$255,648

$236,499

$278,386

$217,048

Net Income

$97,592

$125,195

$126,537

$113,366

$147,221

$106,584

Net Cash Provided by Operating Activities

$209,725

$217,007

$225,884

$215,658

$235,903

$204,411

Purchases of Property, Plant, and Equipment

$(69,081)

$(67,992)

$(81,004)

$(76,335)

$(46,854)

$(30,126)

Net Cash Flow

$140,645

$149,015

$144,880

$139,324

$189,049

$174,285

YE 12/31

2042

2043

2044

2045

2046

2047

Production & Sales tonnes

3,172

1,946

Total Revenue

$588,896

$368,595

EBITDA

$216,432

$61,729

Net Income

$107,941

$(11,894)

$(6,114)

$(2,475)

$(1,271)

$(658)

Net Cash Provided by Operating Activities

$190,459

$106,086

$(48,929)

$(16,636)

$(8,484)

$(4,327)

Purchases of Property, Plant, and Equipment

$(47,132)

$(29,368)

Net Cash Flow

$143,328

$76,718

$(48,929)

$(16,636)

$(8,484)

$(4,327)

YE 12/31

2048

2049

2050

2051

2052

2053

Production & Sales tonnes

Total Revenue

EBITDA

Net Income

$(346)

$(0)

Net Cash Provided by Operating Activities

$(4,414)

Purchases of Property, Plant, and Equipment

Net Cash Flow

$(4,414)

19.3

Sensitivity

of the

NPV

results

changes

the

key

drivers

is presented

in the

chart below.

The

sensitivity study shows

the NPV at

the 10.0% discount rate

when Base Case sales

prices, operating

costs, and capital costs are increased and decreased in increments

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

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-2:

Sensitivity of NPV

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

sensitive to changes in capital cost estimates.

Adjacent Properties

20.1

Information Used

No proprietary information associated with neighboring properties was

used as part of this study.

Other Relevant Data and Information

MM&A performed

a previous

audit of

all the

properties

in year

2017 for

Coronado

based on

SEC

Industry

Guide 7

standards.

In addition,

MM&A completed

a Limited

Phase I

Environmental

Site

Assessment

(

ESA

)

the

Property

2016

behalf

Coronado.

MM&A

has

subsequently

conducted Joint Ore Reserve Committee (

JORC

) compliant resource and reserve assessments of the

Buchanan assets as

of: (1) December 31,

2017, (2) December 31, 2020,

(3) December 31, 2021, (4)

December 31, 2022

and (5)

December 31, 2023.

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

Buchanan’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 JORC Code and SEC in Regulation

S-K 1300.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Interpretation and Conclusions

22.1

Conclusion

Sufficient data have been obtained through various exploration and sampling programs and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons situated

on the Property.

The data are

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

support

the

classification

coal

reserves

provided herein.

This geologic evaluation conducted in conjunction with the preliminary feasibility study is sufficient

to conclude

that the

83.4 Mt

of marketable

underground coal

reserves identified

on the

Property

are

economically

mineable under

reasonable

expectations

of market

prices for

metallurgical

coal

products, estimated operation costs,

and capital expenditures.

22.2

Risk Factors

Risks have

been identified

for

operational,

technical and

administrative

subjects addressed

in the

Pre-Feasibility

Study.

A risk

matrix has

been constructed

to present

the risk

levels for

all the

risk

factors identified and quantified in

the risk assessment process.

The risk matrix and

risk assessment

process are modelled

according to the Australian

and New Zealand Standard

on Risk Management

(AS/NZS 4360).

The

purpose

the

characterization

the

project

risk

components

inform

the

project

stakeholders

key

aspects

the

Coronado

projects

that

can

impacted

events

whose

consequences can affect

the success of the venture.

The significance of an impacted

aspect of the

operation

directly

both

the

probability

occurrence

and

the

severity

the

consequences.

The initial risk for

a risk factor

is herein defined

as the risk level

after the potential

impact

the

risk

factor

addressed

competent

and

prudent

management

utilizing

control

measures readily available.

Residual risk for a risk factor is herein defined as the risk

level following

application

special

mitigation

measures

management

determines

that

the

initial

risk

level

unacceptable.

Initial risk and residual risk can be quantified numerically,

derived by the product of

values assigned to probability and consequence ranging from very low risk to very high risk.

The probability and consequence

parameters are subjective numerical estimates made

by practiced

mine engineers and

managers.

Both are

assigned values

from 1 to

5 for which

the value

1 represents

the

lowest

probability

and least

consequence,

and the

value

5 represents

the highest

probability

and greatest

consequence.

The products, which define

the Risk Level,

are classified from

very low

to very high.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Risk Level Table

(R = P x C)

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Risk aspects

identified and

evaluated

during this

assignment total

12.

No residual

risks are

rated

Very High.

One (1) residual risk is rated High.

Seven (7) of the risk aspects could be associated with

Moderate residual risk.

Four (4) of the risk aspects were attributed Low or Very

Low residual risks.

22.2.1

Governing Assumptions

The listing of the aspects is

not presumed to be exhaustive.

Instead that listing is

presented based

on the experiences of the contributors to the TRS.

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

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

operations.

The Control Measures shown in the matrices presented in this chapter are

not exhaustive.

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

section has observed to be effective in coal mining scenarios.

Mitigation Measures listed for each

risk factor of the operation are not exhaustive.

The

measures listed, however,

have been observed by the author to be effective.

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

for

the coal mining industry.

22.2.2

Limitations

The risk assessment proposed in

this report is subject to

the limitations of the information currently

collected, tested, and interpreted

at the time of the writing of this report.

22.2.3

Methodology

The

numerical

quantities

(i.e.,

risk

levels)

attributable

either

“initial”

“residual”

risks

are

derived

by the

product

of values

assigned to

probability

and consequence

ranging

from

very low

risk to very high risk.

R = P x C

Where:

R = Risk Level

P = Probability of Occurrence

C = Consequence of Occurrence

The Probability (P) and

Consequence (C) parameters recited in the formula

are subjective numerical

estimates

made

practiced

mine

engineers

and

managers.

Both

and

are

assigned

integer

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-1:

Probability Level Table

values

ranging

from

for

which

the

value

represents

the

lowest

probability

and

least

consequence,

and the

value 5

represents

the highest

probability

and greatest

consequence.

The

products (R = P x C) which define the Risk Level, are

thereafter classified from very low to very high.

Risk Level Table

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Very

high

initial

risks

are

considered

unacceptable

and

require

corrective

action

well

advance of project

development.

In short,

measures must be

applied to reduce

very high initial

risks

to a tolerable level.

shown

and

discussed

above,

after

taking

into

account

the

operational,

technical,

and

administrative actions that have been

applied or

are available for action

when required, the

residual

risk can be determined.

The residual risk provides

a basis for the

management team to determine

if the residual risk

level is acceptable or tolerable.

If the risk level

is determined to be unacceptable,

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

levels to

provide justification for continuation

of the proposed operation.

22.2.4

Development of the Risk Matrix

Risks have

been identified for

the technical,

operational, and

administrative

subjects addressed

the TRS.

The risk matrix and risk assessment process

are modelled according to the Australian

and

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

22.2.4.1

Probability Level Table

Category

Probability Level (P)

Remote

Not likely to occur except

in exceptional circumstances.

<10%

Unlikely

Not likely to occur; small in degree.

10 - 30%

Possible

Capable of occurring.

30 - 60%

Likely

High chance of occurring in most circumstances.

60 - 90%

Almost Certain

Event is expected under

most circumstances; impossible to

avoid.

>90%

The lowest rated probability of occurrence is assigned the value of 1 and described as remote, with

a likelihood

of occurrence

of less

than ten

percent.

Increasing values

are assigned

to each

higher

probability

of occurrence,

culminating

with the

value

of 5

assigned to

incidents considered

almost certain to occur.

22.2.4.2

Consequence Level Table

Table 22-2

lists the consequence levels.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-2:

Consequence Level Table

Correlation of Events in Key Elements of the Project Program

to Event Severity Category

Category

Severity of

the Event

Financial Impact

of the Event

Unplanned

Loss of

Production

(Impact on

Commercial

Operations)

Events Impacting

on the Environment

Events Affecting the Program's

Social and Community

Relations

Resultant Regulatory /

Sovereign Risk

Events Affecting Occupational Health &

Safety

Insignificant

< USD

$0.5 million

≤ 12 hours

Insignificant loss of

habitat; no

irreversible effects

on water,

soil and

the environment.

Occasional nuisance impact on

travel.

Event recurrence avoided by corrective

action through established procedures

(Engineering, guarding, training).

Minor

USD $0.5 million

to $2.0 million

≤ 1 day

No significant

change to species

populations; short-

term reversible

perturbation to

ecosystem function.

Persistent nuisance impact on

travel.

Transient adverse media

coverage.

First aid – lost time.

Event recurrence

avoided by corrective action through

established procedures.

Moderate

USD $2.0 million

to $10.0 million

≤ 1 week

Appreciable change

to species

population;

medium-term (≤10

years) detriment to

ecosystem function.

Measurable impact on travel

and water/air quality.

Significant adverse media

coverage / transient public

outrage.

Uncertainty securing or

retaining essential

approval / license.

Medical Treatment –

permanent

incapacitation.

Avoiding event

recurrence requires modification to

established corrective action procedures

Change to regulations

(tax; bonds; standards).

Major

USD

$10.0 million to

$50.0 million

1 to 2 weeks

Change to species

population

threatening

viability; long-term

(>10 years)

detriment to

ecosystem function.

Long-term, serious impact on

travel and use of water

resources; degradation of air

quality; sustained and effective

public opposition.

Suspension / long-delay

in securing essential

approval / license.

Fatality.

Avoiding event recurrence

requires modification to established

corrective action procedures and staff

retraining.

Change to laws (tax;

bonds; standards).

Critical

>USD

$50.0 million

>1 month

Species extinction;

irreversible damage

to ecosystem

function.

Loss of social license.

Withdraw / failure to

secure essential

approval / license.

Multiple fatalities.

Avoiding event

recurrence requires major overhaul of

policies and procedures.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-3:

Risk Matrix

The

lowest

rated

consequence

assigned

the

value

and

described

Insignificant

Consequence,

parameters

which

include

non-reportable

safety

incidents

with

zero

days

lost

accidents, no environmental damage,

loss of production or systems for less than 12 hours

and cost

less

than

USD

$0.5 million.

Increasing

values

are

assigned

each

higher

consequence,

culminating with the value of

5 assigned to critical consequences, the

parameters of which include

multiple-fatality

accidents,

major

environmental

damage,

and

loss

production

systems

for

longer than one month and cost of greater than USD $50.0 million.

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

The risk level, defined as the

product of probability of occurrence and consequence, ranges in

value

from

1 (lowest

possible risk)

25 (maximum

risk level).

The

values

are color-coded

to facilitate

identification of the highest risk aspects.

P x C = R

Consequence (C)

Insignificant

Minor

Moderate

Major

Critical

Probability Level (P)

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.5

Categorization of Risk Levels and Color Code Convention

Very

high

risks

are

considered

unacceptable

and

require

corrective

action.

Risk

reduction

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

22.2.6

Description of the Coal Property

The Buchanan Mine Complex is located in Buchanan and

Tazewell

Counties, Virginia and operates a

longwall section with supporting continuous mining

sections.

Operations are projected to continue

in the present mode until reserves are depleted in 2043.

22.2.7

Summary of Residual Risk Ratings

Each

risk factor

is numbered,

and

risk level

for

each

is determined

multiplying

the

assigned

probability by

the assigned

consequence.

The risk

levels are

plotted

on a

risk matrix

to provide

composite

view

the

Coronado

risk

profile.

The

average

risk

level

7.3,

which

defined

Moderate.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-4:

Risk Assessment Matrix

Consequence

Critical

>$50 MM

8,9

Major

$10-50MM

Moderate

$2-10 MM

1,4

Minor

$0.5-$2 MM

Low

<$0.5 MM

<10%

10-30%

30-60%

60-90%

>90%

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.8

Risk Factors

high-level

approach

utilized

characterize

risk

factors

that

are

generally

similar

across

number of

the active

and proposed

mining operations.

Risk factors

that

are

unique to

a specific

operation or are particularly noteworthy are

addressed individually.

22.2.8.1

Geological and Coal Resource

Coal

mining

accompanied

risk

that,

despite

exploration

efforts,

mining

areas

will

encountered

where geological

conditions render

extraction

of the

resource to

be uneconomic,

that coal

quality characteristics disqualify

the product

for sale

into target markets.

For the

Buchanan

Mine,

there

are

several

future

reserve

areas

where

sandstone

channel

scouring,

the

localized

presence

less

competent

immediate

roof

shale

and/or

weak

floor

strata,

and

seam

splitting

/merging may pose a challenge to the operations. Such conditions may result

in:

locally lower recoveries due to low seam thickness and/or increased in-seam or out-of-seam

dilution.

occasional need for insertion of additional longwall panel jump-faces where cuttable height

below the required minimum.

increased costs associated with potentially challenging roof and/or

floor conditions.

Offsetting

the

geological

and

coal

resource

risks

are

the

massive

size

the

controlled

property

which allows large

areas to be

mined in

the preferred mine areas

sufficiently away from areas

where

coal

quality

and

mineability

may

less

favorable.

This

flexibility,

combined

with

the

extensive

work done to define the reserve, reduces the

risk at Buchanan below that of

other mine properties.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-5:

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

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk Level

Recoverable coal

tonnes recognized to

be significantly less

than previously

estimated.

Reserve base is adequate to

serve market commitments

and respond to opportunities

for many years.

Local

adverse conditions may

increase frequency and cost

of production unit

relocations.

Previous and ongoing

exploration and extensive

regional mining history

provide a high level of

confidence of coal seam

correlation, continuity of

the coal seams, and coal

resource tonnes.

Optimize mine plan to

increase resource

recovery; develop

mine plan to provide

readily available

alternate mining

locations to sustain

expected production

level.

Coal quality locally

proves to be lower

than initially projected.

If uncontrolled, production

and sale of coal that is out of

specification can result in

rejection of deliveries,

cancellation of coal sales

agreements and damage to

reputation.

Exploration and vast

experience and history in

local coal seams provide

confidence in coal quality;

limited excursions can be

managed with careful

product segregation and

blending.

Develop mine plan to

provide readily

available alternate

mining locations to

sustain expected

production level;

modify coal sales

agreements to reflect

coal quality.

22.2.8.2

Environmental

MM&A completed

a Limited Phase

I Environmental

Site Assessment (

ESA

) on the

Property in April

2016 on behalf

of Coronado.

MM&A concluded that

no long-term liabilities

existed at

the time of

this ESA.

Water

quality and

other permit

requirements

are subject

to modification

and such

changes could

have a

material impact on

the capability of

the operator

to meet modified

standards or

to receive

new permits and modifications

to existing permits.

Permit protests

may result in delays

or denials

to permit applications.

Environmental standards and permit requirements have evolved significantly over the

past 50 years

and

date,

mining

operators

and

regulatory

bodies

have

been

able

adapt

successfully

evolving environmental requirements.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-6:

Environmental (Risks 3 and 4)

Table 22-7:

Regulatory Requirements (Risk 5)

Table 22-8:

Market and Transportation (Risk 6)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk

Level

Environmental

performance standards

are modified in the

future.

Delays in receiving new

permits and modifications to

existing permits; cost of

testing and treatment of water

and soils

Work with regulatory

agencies to understand and

influence final standards;

implement testing, treatment

and other actions to comply

with new standards.

Modify mining and

reclamation plans to improve

compliance with new

standards while reducing

cost of compliance.

New permits and permit

modifications are

increasingly delayed or

denied.

Interruption of production and

delayed implementation of

replacement production from

new mining areas.

Comply quickly with testing,

treatment and other actions

required; continue excellent

compliance performance

within existing permits.

Establish and maintain close

and constructive working

relationships with regulatory

agencies, local communities

and community action

groups.

Prepare and submit

permits well in advance of

needs.

22.2.8.3

Regulatory Requirements

Federal

and

state

health

and

safety

regulatory

agencies

occasionally

amend

mine

laws

and

regulations.

The impact is

industry-wide.

Mining operators and regulatory agencies have been

able

to adapt successfully to evolving health and safety requirements.

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Federal and state mine

safety and health

regulatory agencies

amend mine laws and

regulations.

Cost of training, materials,

supplies and equipment;

modification of mine

examination and production

procedures; modification of

mining plans.

Participate in hearings and

workshops when possible to

facilitate understanding and

implementation; work

cooperatively with agencies

and employees to facilitate

implementation of new laws

and regulations.

Familiarity and

experience with new

laws and regulations

results in reduced

impact to operations

and productivity and

improved supplies

and equipment

options.

22.2.8.4

Market and Transportation

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

metallurgical markets.

Historically the metallurgical markets

have been cyclical and highly volatile.

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.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-9:

Market and Transportation (Risk 7)

Occasional delay or interruption of rail,

river and terminals service may be expected.

The operator

can

possibly

minimize

the

impact

delays

being

preferred

customer

fulfilling

shipment

obligations promptly and maintaining close working relation

ships.

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.

As underground mines are developed and

extended, observation of geological, hydrogeological and

geotechnical

conditions

leads

modification

of mine

plans

and

procedures

enable

safe

work

within the mine environments.

Highlighted

below

are

selected

examples

safety

and

external

factors

relevant

Coronado

operations.

22.2.8.5.1

Methane Management

Coalbed methane is

present in coal

operations below

drainage.

Often the methane

concentration

in shallow coal seams is at such low levels that it can be readily managed with frequent testing

and

monitoring,

vigilance,

and

routine

mine

ventilation.

Very

high

methane

concentrations

may

present at greater depths, as

experienced in the

Pocahontas No. 3 seam

at Buchanan Mine

Complex

in Virginia.

High methane

concentrations

may require

degasification

of the

coal seam

via surface

and/or

underground

drilling

methods

assure

safe

mining.

The

Buchanan

Mine

has

operated

safely

for

many

years

one

the

most

intense

methane

environments

the

United

States

through careful

management of

coal seam

degasification,

gob degasification

and mine-ventilation

procedures.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-10:

Methane Management (Risk 8)

Table 22-11:

Mine Fires (Risk 9)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Methane hazard is present

in mines operating below

drainage.

Injury or loss of life; possible

ignition of gas and mine

explosion; potential loss of

mine and equipment

temporarily or permanently;

additional mine fan, mine

power, ventilation, monitoring

and examination requirements.

Low to moderate levels can

be managed with frequent

examinations, testing and

monitoring within the mine

ventilation system.

Excellent rock dust

maintenance minimizes

explosion propagation risk

should an ignition occur.

Very high-level

methane

concentrations may

require coal seam

degasification and

gob degasification if

longwall or pillar

extraction methods

are employed.

22.2.8.5.2

Mine Fires

Mine

fires,

once

common

mine operations,

are

rare

today.

Most

active

coal

miners

have

not

encountered a mine

fire.

Vastly improved mine power and

equipment electrical systems, along

with

safe

mine

practices,

reduce

mine

fire

risks.

Crew

training

and

fire

brigade

support

and

training

improve response for containment and

control if a

fire occurs.

Spontaneous combustion within coal

mines, which is the source of most fires that occur today,

is not expected to occur at Buchanan.

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation Measures

Residual Risk Level

Mine fire at underground

or surface mine operation.

Injury or loss of life;

potential loss of mine

temporarily or permanently;

damage to equipment and

mine infrastructure.

Inspection and maintenance

of mine power, equipment

and mine infrastructure;

good housekeeping;

frequent examination of

conveyor belt entries;

prompt removal of

accumulations of

combustible materials.

If spontaneous

combustion conditions

are present, enhanced

monitoring and

examination procedures

will be implemented;

mine design will

incorporate features to

facilitate isolation,

containment and

extinguishment of

spontaneous combustion

locations.

22.2.8.5.3

Availability of Supplies and Equipment

The industry

has periodically

experienced

difficulty receiving

timely delivery

of mine

supplies and

equipment.

Availability

issues

often

accompanied

boom

periods

for

coal

demand.

Any

future

delivery

supplies

and

equipment

delays

are

expected

temporary

with

limited

impact

production.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 22-12:

Availability of Supplies and Equipment (Risk 10)

Table 22-13:

Labor – Work Stoppage (Risk 11)

Table 22-14:

Labor – Retirement (Risk 12)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Disruption of availability

for supplies and

equipment.

Temporary interruption of

production.

Force majeure provision in

coal sales agreements to

limit liability for delayed or

lost sales.

Work closely with

customers to assure

delayed coal delivery

rather than cancelled

sales; monitor

external conditions

and increase

inventory of critical

supplies; accelerate

delivery of

equipment when

possible.

22.2.8.5.4

Labor

Work stoppage due

to labor

protests are considered

unlikely and are

accompanied by

limited impact

should

it occur.

Excellent

employee

relations

and

communications

limit the

exposure

outside

protesters.

Loss of supervisors and skilled employees to retirement is inevitable; the impact can be

lessened with succession planning and training and mentorship of new employees.

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.

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

Buchanan Mine Complex in Accordance with

the JORC Code and United States SEC Regulation S-K 1300 as of December 31, 2024

Central Appalachian Coal Basin

Virginia, USA

ARSHALL

ILLER

SSOCIATES

Table 25-1:

Information from Registrant Relied Upon by MM&A

Recommendations

Coronado is

continuing to

work both

internally and

with outside

assistance to

further define

their

resource

base and

to optimize

the LOM

plan. Continued

exploration

and testing

from the

surface

and

underground

recommended

improve

definition

potentially

adverse

mining

and

marketing conditions.

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

Category

Information Provided by Coronado

Report

Section

Marketing

Long-term price forecast used

in financial projections

16.2

Legal

Mineral control and surface

control rights as shown on maps

3.2, 3.3

Environmental

Permit and bonding information

17.3

APPENDIX

MM&A QUALIFICATIONS

APPENDIX

MAP

APPENDIX

GLOSSARY OF TERMS

Appendix C

ARSHALL

ILLER

SSOCIATES

Glossary of Abbreviations and Definitions

Abbreviation

Definition

ACPS

Analysis of Coal Pillar Stability

ASTM

ASTM International

AVS

Applicant Violator System

Btu/lb.

British Thermal Unit per pound

Carlson

Carlson Mining – formerly SurvCADD

– a prevalent software package used for

modeling in the Appalachian region

CBM

Coalbed Methane

CFR

Code of Federal Regulations

Coronado

Coronado Global Resources Inc.

CSR

Coke strength after

reaction

CSX

CSX Corporation, a rail-based freight transportation

company

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.”

HCC

Hard coking coal

In situ

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

in which was originally formed or deposited

Indicated

Resources

Indicated

resources

are

those

lying

between

0.4-kilometer

and

1.2-kilometer

radius

from

such an

observation

point

and reported

herein

as in-situ

mineral

resources.

Inferred Resources

Inferred

resources

lie

than

1.2-kilometer

radius

from

valid

point

measurement but less than 4.8 kilometers from one and reported herein as in-

situ mineral resources.

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

NELAP

National Environmental Laboratory

Accreditation Program

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

PCI

Pulverized coal injection

P.E.

Professional Engineer

Preliminary

Feasibility Study

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

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

where a

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

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

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

and

an effective plan to sell the product.

The study’s financial analysis must have

the level of detail necessary to demonstrate, at the time of reporting, that

extraction is economically viable.

In addition, as noted in the proposed

definition of a pre-feasibility study,

while a pre-feasibility study is less

comprehensive and results in a lower confidence level than a feasibility

study,

a pre-

feasibility study is more comprehensive and results

in a higher

confidence level than an initial assessment.”

Property(ies)

Bituminous coal deposits located in Buchanan and Tazewell

Counties, Virginia.

Qualified Person

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

five years of

relevant experience in the type of mineralization and

type of deposit under

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

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

behalf of the registrant.

In addition, the proposed definition requires a

qualified person to be an

eligible member or licensee in good standing of a

recognized professional

organization at the time the technical

report is

prepared.”

RECs

Recognized Environmental

Conditions

Resource Database

The Resource Database is established by the collection, validation,

recording,

storing and processing of data and forms the foundation

necessary for the

estimation of Mineral Resource and Mineral

Reserve.

A quality assurance and quality control program is essential

and must be

established to govern the collection of all data.

In reporting, a Mineral

Resource must meet the minimum requirement of “reasonable

prospects for

economic extraction”.

This will require the concurrent collection and storage

of preliminary economic, mining, metallurgical, environmental,

legal and

social data and other information for use in the estimation

of MRMR.

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

measurement) and “interpreted” data.

It is recommended that data be stored

digitally,

using a documented, standard format and a reliable storage

medium

that allows for easy and complete

retrieval of the data.

ROM

Run-of-mine

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.

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 1

3 JORC Table 1 is included in accordance with JORC Code standards.

Note that all Coronado properties are covered by JORC Table 1 herein, including

Buchanan, Logan, Mon Valley, and Russel.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

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

specialised industry standard measurement tools appropriate to the minerals under

investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.).

These examples should not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the

appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public

Report. In cases where ‘industry standard’ work has been done this would be

relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples

from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other

cases, more explanation may be required, such as where there is coarse gold that

has inherent sampling problems. Unusual commodities or mineralisation types (e.g.

submarine nodules) may warrant disclosure of detailed information.

Most of the

coal samples have been

obtained from the Properties

by subsurface exploration

using

core

drilling

techniques

and

supplemented

collection

channel

samples

from

active operations.

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 involves the coal core sample, once recovered

from the

core barrel,

be described

(logged) then

wrapped in

a sealed

plastic sleeve

and

placed into a

covered core

box, which is

the length of

the sample so

that the core

can be

delivered to a laboratory in relatively intact condition and with original moisture content.

It is

reasonable to

assume, given

the sophistication

level of

the previous

operators,

that

these samples were generally

collected and processed under

industry best practices.

This

assumption

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 is

verified by

calibrated

downhole gamma

-density

logs.

Coal samples that

were deemed by MM&A geologists

to be unrepresentative were not

used

for statistical

analysis of

coal quality,

as documented

in the

tabulations. A

representative

group of drill hole samples from the Properties were then checked

against the original drill

laboratory reports to verify accuracy and correctness.

Drilling techniques

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

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

diamond tails, face-sampling bit or other type, whether core is oriented and if so, by

what method, etc.).

The Properties have been extensively

explored by subsurface drilling efforts

carried out by

numerous entities,

most of

which were

completed prior

to acquisition

by Coronado.

The

majority of the drilling was accomplished

using vertical continuous (diamond) coring

or air

rotary methods.

Core

drilling

methods

utilize

NX-size

(5.4

centimeter)

similar-sized

core

cylinders

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

not reliable.

Geophysical

logging

was

performed

many

the

holes,

either

Geological

Logging

Systems

division

MM&A),

other

geophysical

logging

contractors,

and

those

properties acquired

from CONSOL

geophysical logging

was often

performed by

CONSOL’s

in-house logging services.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Drill sample

recovery

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

assessed.

Measures taken to maximise sample recovery and ensure representative nature of

the samples.

Whether a relationship exists between sample recovery and grade and whether

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

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

interpreted from geophysical logs.

Core

recovery of

the older

coal samples

lacking geophysical

logs

is sometimes

not well-

documented: however,

when the laboratory

results for

such holes had

anomalous values,

the data was disqualified and not used.

Logging

Whether core and chip samples have been geologically and geotechnically logged to

a level of detail to support appropriate Mineral Resource estimation, mining studies

and metallurgical studies.

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

etc.) photography.

The total length and percentage of the relevant intersections logged.

A wide

variety of

core-logging techniques

exist for

the properties.

For many

of the

core

holes, the primary data source

is a generalized

lithology description by the driller,

in some

cases supplemented by a more detailed core log completed by a geologist.

The logging

of core

thickness and

depth is

quantitative.

With the

exception

of the

coal

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

Sub-sampling

techniques and

sample preparation

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

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

wet or dry.

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

preparation technique.

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

representivity of samples.

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

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

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

sampled.

Typical US

practice in

the Appalachian

Basin is

that core

samples for

deep mineable

core

samples are not sawn or subsampled (since seams are not of great thickness and the entire

seam is mined and co-mingled). The entire coal interval drilled is generally analyzed.

Oftentimes,

core

for

surface-mineable

coal

seams

are

bench

sampled

separately

the

various coal and rock layers (plies).

MM&A has exercised diligence

to use only

those analyses that

are representative of the coal

quality parameters for the appropriate mining type for each sample.

Quality of assay data

and laboratory tests

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

used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the

parameters used in determining the analysis including instrument make and model,

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

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

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

bias) and precision have been established.

Sample analysis was typically carried out by accredited US laboratories.

Standard procedure

upon receipt

core samples

by the

testing laboratory

is to

log the

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

the

operating

company.

Each

sample

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

log

parameters

commonly

include

Gamma,

Density,

Resistivity

and

caliper.

Geophysical tools

are calibrated

by the

geophysical logging

company and

where possible,

validated using a calibration hole.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Verification of

sampling and

assaying

The verification of significant intersections by either independent or alternative

company personnel.

The use of twinned holes.

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

storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

All coal

intersection data

used to

generate the

geologic model

has been

cross referenced

with the

lithological and

geophysical logs

by MM&A.

Drill hole

collars are

compared with

topographic elevations to verify depths of downhole records.

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,

to the

extent available,

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

survey

techniques

exist

for

documentation

data

point

locations.

Many

the

older

exploration

drill

holes

appear

have

been

located

ground

survey;

recently

completed drill holes are

often located by

high-resolution Global Positioning System

(

GPS

)

units.

Grid

systems

used

are

typically

the

State

Plane

Coordinate

System

pertinent

each

property.

Topography

is based

on either

the USGS

topographic 7.5-minute

quadrangle maps

or on

recent aerial photogrammetry as necessary (subject to availability).

Data spacing and

distribution

Data spacing for reporting of Exploration Results.

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

geological and grade continuity appropriate for the Mineral Resource and Ore

Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Spacing and distribution of

data point information may vary from seam to seam

within each

mining

area.

The

areas

estimated

for coal

resource

and

coal reserve

tonnes

have

been

defined and

limited so

that the

data spacing

and distribution is

sufficient to

establish the

degree of geological continuity appropriate for the estimation and classification of the coal

tonnes.

MM&A

performed

geostatistical

analysis

using

the

Drill

Hole

Spacing

Analysis

(

DHSA

)

method.

This method attempts

to quantify

the uncertainty of

applying a measurement

from

a central

location to

increasingly larger

square blocks

and provides

recommendations for

determining

the

distances

between

drill

holes

for

measured,

indicated,

and

inferred

resources.

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

all of the coal reserve tonnes are in the proved and probable categories in accordance with

the JORC Code and SEC standards.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Orientation of data

in relation to

geological structure

Whether the orientation of sampling achieves unbiased sampling of possible

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

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

mineralised structures is considered to have introduced a sampling bias, this should

be assessed and reported if material.

Drill holes

have been

vertically drilled.

No downhole

deviation logs

have been

collected,

and it is therefore not

known if the drill holes have

deviated away from

vertical.

Based on

the

relatively

shallow

seam

depths,

any

deviation

expected

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

explorationists

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

in developing

the geologic

model.

Only

that

data

deemed suitable

has

been used

for

the purpose

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

is governed

multiple agreements.

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 coal deposits

as shown on its

property maps, and MM&A

has accepted these

as being a true

and accurate

depiction of the

mineral rights controlled by Coronado.

The TRS assumes the

properties are

developed under responsible and experienced management.

There are no

known legal or

environmental encumbrances that

would impede development

of the subject coal reserves.

Exploration done by

other parties

Acknowledgment and appraisal of exploration by other parties.

The Properties have been extensively explored by subsurface

drilling efforts carried out by

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

This exploration work was generally

performed to prevailing US best

practice standards and

deemed adequate for the purposes of this TRS.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

age,

being

the

Pennsylvanian

system

with.

sedimentary, stratigraphic deposition.

Seams

economic

significance

typically

range

between

0.3

meters

and

1.8

meters

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 underground

mine exposures.

All

drill

holes

the

database

are

provided

with

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

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

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.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Diagrams

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

included for any significant discovery being reported. These should include, but not

be limited to a plan view of drill hole collar locations and appropriate sectional views.

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

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable,

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

practiced to avoid misleading reporting of Exploration Results.

All of

the available,

qualified exploration

data

has been

included within

the tabulations,

maps, and diagrams for this TRS.

Both coal

thickness and

quality data

are

deemed by

MM&A

be reasonably

sufficient

within

the

resource

areas.

Therefore,

there

reasonable

level

confidence

the

geologic interpretations

required for

coal resource

determination based

on the

available

data and the techniques applied to the data.

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

ensure

that

data

has

not

been

corrupted

by,

for

example,

transcription

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

databases

used

for

coal

deposit

modelling.

Representative records were spot-checked for data entry validation.

Geophysical logs were used wherever available to assist in confirming the

seam correlation and

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

Site

visits

Comment on

any site

visits undertaken

by the

Competent Person and the outcome of

those visits.

If no

site visits

have been

undertaken indicate

why this

is the case.

MM&A is

very familiar with

the Properties and

has conducted multiple

site visits 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.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Geological

interpretation

Confidence in

(or conversely,

the uncertainty

of) the

geological interpretation of

the

mineral deposit.

Nature of the data used and of any assumptions

made.

The effect,

if any,

of alternative

interpretations on

Mineral Resource estimation.

The use of geology in guiding

and controlling

Mineral Resource estimation.

The factors affecting continuity both of grade and geology.

Due to

the relative

structural simplicity

of the

deposits and

the reasonable

continuity of

the

tabular coal beds,

the principal geological

interpretation necessary

to define

the geometry of

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

Both coal

thickness and

quality data are

deemed by

MM&A to be

reasonable within

the resource

areas.

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

coal resource determination

based on the

available data and the

techniques applied to

the data.

Dimensions

The extent

and variability of the

Mineral Resource expressed

as length (along strike

otherwise), plan width,

and depth

below surface

to the

upper and

lower limits

of the

Mineral Resource.

The subject coal

resource areas

mostly exist

in discreet,

individual deposits of

highly variable

dimensions, shapes and depth below the ground surface.

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

Details of

the seam

parameters are

cited within

the TRS

and included

in the

table of

Cut-off

Parameters listed in Section 11.1 of the TRS.

Estimation

and

modelling

techniques

The

nature

and

appropriateness

the

estimation

technique(s)

applied

and

key

assumptions, including

treatment

extreme

grade

values,

domaining, interpolation

parameters and

maximum distance

of extrapolation

from

data

points.

computer

assisted estimation method was chosen include a description

of computer software and

parameters used.

The availability of check estimates, previous estimates and/or

mine production records

and whether the Mineral Resource estimate

takes

appropriate account

such data.

The assumptions made regarding

recovery of by-products.

Estimation

deleterious

elements

other

non-grade

variables

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

how

the

geological

interpretation

was

used

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 with the digital database records.

Resources

were

estimated

defining

seam

thickness at

each

point

observation

and

defining resource confidence arcs around the points of observation.

Points of observation

for Measured and Indicated

confidence arcs were

defined for all drill

holes

that intersected the seam.

As prescribed by the common

United States classification system

the following distances from

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

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

kilometers)

Indicated Resources – 3,960 feet (1.2 kilometers)

Measured Resources – 1,320 feet (0.4 kilometers)

The use of the

standards commonly used

in the United States

are appropriate and

customary

for this resource jurisdiction and deposition type.

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.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Based on MM&A’s analysis, it

would be possible

to extend the measured,

indicated and inferred

arcs slightly

beyond historically

accepted practices

due to

consistent

geological settings.

The

QP’s have

elected not to

extend arc

distances, introducing a

level of conservatism

in the coal

classification.

Moisture

Whether the tonnages

are estimated

on a dry

basis or with

natural moisture,

and the

method of determination of the moisture content.

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

Reserve tonnes

are presented

on a

moist basis

at anticipated

product moisture

ranging from

4.0 to 6.0 percent. Moisture

content based on historic analyses

of shipped coal 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 of the

Coronado properties to be in accordance

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

Examples

include

minimum

recoverable

coal

thickness,

acceptable

ash

content

and

wash

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

Details

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 of numerous properties in

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

A high sulfur grade cutoff was applied to the Lower War Eagle mine deposit at Logan.

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

consider

potential

mining

methods,

but

the

assumptions

made

regarding

mining

methods

and

parameters

when

estimating

Mineral

Resources

may

not

always

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

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

Details of the factors are cited within the TRS.

Factors that would typically

preclude conversion of a

coal resource to coal

reserve include the

following: inferred resource classification;

absence of coal quality; poor

mine recovery; lack of

access;

insufficient

exploration;

uncontrolled

surface

property

for

areas

proposed

for

surface mining.

While

such

factors

were

used

preclude

the

conversion

very

limited

number

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

all

coal

resources under favorable market conditions.

Metallurgical factors

or assumptions

The basis for

assumptions or predictions

regarding metallurgical amenability. It is always

necessary

part

the

process

determining

reasonable

prospects

for

eventual

economic extraction to consider

potential metallurgical methods,

but the assumptions

regarding

metallurgical

treatment

processes

and

parameters

made

when

reporting

The

products

mined

from

coal

resources

controlled

Coronado

can

sold

into

high-,

mid-,

and

low-volatile

metallurgical

coal

markets

because

their

inherent

quality

characteristics.

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

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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.

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

part

the

process

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

reported.

Where

these

aspects

have

not

been

considered

this

should

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 at Pangburn

with capacity of

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 on behalf

of Coronado.

Coronado reports not having

conducted such a

study since the MM&A studies.

The

ESAs

completed

MM&A

included

site

inspection,

review

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.

Based on these former

ESAs completed by

MM&A, it is MM&A’s

opinion that Coronado 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 TRS financial models.

Bulk density

Whether

assumed

determined.

assumed,

the

basis

for

the

assumptions.

determined, the method

used, whether wet

or dry, the frequency

of the measurements,

the nature, size and representativeness of the samples.

The

bulk

density

for

bulk

material

must

have

been

measured

methods

that

adequately

account

for

void

spaces

(vugs,

porosity,

etc),

moisture

and

differences

between rock and alteration zones within the deposit.

Discuss assumptions

for bulk

density estimates

used in

the evaluation

process of

the

different materials.

Laboratory derived seam densities measured in specific gravity were

used where available.

needed, these data

were supplemented by estimated seam

density values based on

the relative

proportion of

coal and

non-coal material

within the

seam (typically

at 1.30

and 2.25

specific

gravity, respectively).

Average seam density was determined for each coal deposit

and used to convert coal volumes

into coal tonnage estimates.

Classification

The

basis

for

the

classification

the

Mineral

Resources

into

varying

confidence

categories.

Whether

appropriate

account

has

been

taken

all

relevant

factors

(i.e.

relative

confidence

tonnage/grade

estimations,

reliability

input

data,

confidence

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

suitable

distances

from

points

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 to

consistent

geological settings.

The

QP’s have

elected not to

extend arc

distances, introducing a

level of

conservatism in the

coal

classification.

All relevant

factors have

been accounted

for and

reflect the

Competent Person’s

view of

the

deposit.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Audits or reviews

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

MM&A completed

prepared a

statement of

coal resources

and reserves

for the

Properties in

accordance with the JORC

Code as of December 31,

2017.

MM&A also subsequently updated

the estimate of

resources and reserves

for depletion as

of December 31, 2018,

December 31,

2019, December 31, 2020, December 31, 2021, December 31, 2022 and December

31, 2023.

MM&A performed a previous audit of

the Properties in year 2017

for Coronado based on

U.S.

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

Earlier audits were

performed by various

independent consultants for

predecessors-in-title to

Coronado and at various

levels of detail depending

on the clients

concerns and the allotted

time

for

completion.

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

statistical

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

relevant

technical

and

economic

evaluation. Documentation should

include assumptions made

and the procedures

used.

These

statements

relative

accuracy

and

confidence

the

estimate

should

compared with production data, where available.

The relative

accuracy of

and confidence

in the

coal tonnage

and quality

estimates provided

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

The representation of average coal quality characteristics should be understood to

represent a

reasonably representative

sampling

that is

generally

indicative

coal

quality and

does

not

represent a statistically rigorous approach to coal quality modeling.

Resource estimation

has been

completed using

standard coal

estimation methods

which are

deemed appropriate for this deposit.

Section 4 Estimation and Reporting of Ore Reserves

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

Criteria

JORC Code explanation

Commentary

Mineral Resource

estimate for

conversion to Ore

Reserves

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

Ore Reserve.

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

Inc. Statement of Coal Resources and Reserves in Accordance with JORC Code and United

States SEC Standards as of December 31, 2024 – Northern and Central Appalachian Coal

Basins – Virginia, West Virginia and Pennsylvania, USA – February 2025 prepared by

MM&A.

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

mining equipment used within the production model and on industry-accepted standards

to assure that the basic geologic characteristics of the coal resources are in reasonable

conformity with those to be mined and marketed by Coronado.

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

inclusive of, the Ore Reserves.

Coal resources generally are reported inclusive of the coal reserves.

In some cases,

resources are reported in addition to coal reserves.

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

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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 in accordance with JORC and SEC standards and in

conjunction with the preliminary feasibility study is sufficient to conclude that the surface,

highwall miner and underground coal reserves identified on the Properties are

economically mineable under reasonable expectations of market prices for thermal and

metallurgical coal products, estimated operation costs, and capital expenditures.

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

the economic viability of each coal resource area.

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

considering relevant processing, economic (including independent estimates of capital,

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

Cut-off parameters

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

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

accordance with mining/ processing capabilities and market conditions prevalent at each

operation.

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

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

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

Parameters listed in Section 11.1 of this TRS.

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

Coronado properties and are typical of mining operations in the Central and Northern

Appalachian coal basin.

This experience includes technical and economic evaluations of

numerous properties in the region for the purposes of determining the economic viability

of the subject coal reserves.

Mining factors or

assumptions

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

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

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

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

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

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

MM&A

prepared mine projections and production timing forecasts based on coal seam

characteristics.

Production timing was carried out from 2025 to depletion (exhaustion) of

the coal reserve areas.

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

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

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

resources, utilizing continuous miners for coal extraction, shuttle cars for production

section haulage and roof bolters for roof control, with the exception that the Buchanan

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Mine also uses longwall shearers, armored face conveyors, and hydraulic self-advancing

roof support.

The resource areas located above drainage are relatively small and often

have irregular boundaries.

The Buchanan Mine in Buchanan County, Virginia is the only

active longwall mine currently being operated by Coronado.

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

require an access road and mine access development along the outcrop, whereas below-

drainage mines are accessed via shaft or slope based on other proposed surface

infrastructure locations and/or surface property control.

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

loaders, large tractors and rock trucks for overburden removal.

The mobile equipment

spreads adapt readily to winding coal outcrops for contour surface mining and are effective

for point-removal and area mining applications.

Application of highwall and auger mining units is an effective method to recover coal

resources not suitable for underground mining and under excessive cover for surface

mining.

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

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

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

Coal pillar

stability was tested by MM&A using the

Analysis of Coal Pillar Stability (ACPS

) and Analysis

of Longwall Pillar Stability (

ALPS

) software programs.

Coronado must obtain approved mining plans from

United States Department of Labor

Mine Safety and Health Administration (

MSHA

)

that define safety parameters for the

highwalls developed during contour and area mining.

MM&A’s planning model does not

require input of specific highwall design parameters, but provides for timing of mining

within mine plan polygons that is representative of the operation performance attained at

Central Appalachia surface mines.

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

MSHA permit requirements.

To better assure highwall stability and safety

during highwall

coal extraction, MSHA requires that coal fenders, or stumps, be left in place between

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

MM&A has adjusted the expected mining recovery for highwall and auger mining resources

to reflect highwall stability and safety requirements.

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

optimisation (if appropriate).

Underground Mining Resources:

For metallurgical resources, minimum coal seam thickness

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

of 30.5 meters.

A 61-meter horizontal distance is maintained from abandoned mines and

sealed or pillared areas, and a 30-meter horizontal distance is maintained from planned

highwall miner panels.

Mine recovery is reduced when a rider coal seam is present within a

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

No mining is projected when the interval

between overlying and underlying reserves is less than 12 meters.

Surface Mining Resources:

For classification as a surface-mineable resource, a seam must

be at least 0.3 meters in thickness as a stand-alone (principal) seam and 0.15 meters in

thickness when less than 0.8 meters from a principal seam.

The maximum cumulative area

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

mining strip ratio is generally 20:1 for thermal coal and 30:1 for metallurgical coal.

Some

areas were assessed for their economic viability at higher ratios, and were included as

reserves if deemed economic.

For contour surface mining, a minimum of 38-meter bench

is provided to support HWM.

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

maximum of 244 meters.

The minimum mineable coal thickness is limited at 0.6 meters.

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

cutting to maintain a 0.8-meter minimum cutting height.

Auger mining cut depth is

established at an average of 91 meters.

The minimum mineable coal thickness is limited at

0.5 meters.

The mining dilution factors used.

Underground Mining Reserves:

The planning model assigns minimum mining heights of 1.4

to 2.3 meters for mains and panel development.

At the Buchanan Mine, a minimum mining

height of 1.8 meters was used due to the longwall mining method being employed.

For

coal seams thinner than the assigned mining height, the difference between the coal seam

height and assigned mining height consists of OSD.

In all cases a minimum of 0.05 meters

of OSD was assumed, with the exception of the Mon Valley mines, where a minimum 0.15

meters of OSD was assumed due to weaker floor strata.

Surface Mining Reserves:

Area mining is generally limited to a cumulative overburden ratio

of 30:1 and a 15:1 ratio for contour mining.

Exceptions were considered for mining of

metallurgical grade coal where deemed economical.

It is assumed that careful cleaning of

exposed coal pits will result in minimal OSD.

HWM and Auger Mining Reserves:

The mining plan assumes that the HWM cutting height

is a minimum of 76 to 99 centimeters for clearance purposes.

When the coal seam is less

than 76 to 99 centimeters thick, OSD assumed and included in the ROM product.

Because

the auger has very limited OSD cutting ability, it is assumed that an appropriate auger

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

The mining recovery factors used.

Underground Mining Reserves:

Mine recovery generally varies between 40 and 60 percent

for continuous mining panels, and 100 percent for longwall.

Surface Mining Reserves:

Mining recovery is 90 percent for virgin areas.

Mining recovery is

reduced where second mining is projected in previously underground and auger mined

areas.

HWM and Auger Mining Reserves:

A mine recovery of 40 percent has been applied for

HWM.

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 of capital,

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

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

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

feeder-breaker located at the tail of the section conveyor belt.

The feeder-breaker crushes

large pieces of coal and rock and regulates coal feed onto the mine conveyor.

A chain

conveyor is used to remove coal from the longwall face at the Buchanan Mine for

placement onto the conveyor belt which is ultimately delivered to an underground storage

bunker.

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

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

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

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

and transformers in accordance with approved plans.

Coronado currently operates two coal preparation plants, one each at the Buchanan and

Logan County Divisions.

The Buchanan Plant operates at a feed rate of approximately

1,270 raw tonnes per hour (

tph

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

nominal feed rate of 1,088 tph.

MM&A has included capital estimates for construction of

additional coal preparation plants at the Russell County and Mon Valley Complex for the

purposes of this TRS.

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

contour and area mining pits while systematically reclaiming the trailing side of pits where

coal has been removed.

The coal haul roads are extended and maintained as the pits

advance.

Support facilities are maintained nearby but away from the active mining, and

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

maintenance facilities and offices.

Most of the surface mine production is transported to a

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

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

pits.

The rate of advance of the contour mining is governed by the advancement rate of

the HWM.

A diesel-powered generator trails the highwall miner and powers the

continuous mining unit.

Other support facilities are provided along with the contour

mining support facilities.

HWM production is all transported by truck to the coal

preparation plant for washing.

Metallurgical factors

or assumptions

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

style of mineralisation.

Coarse material is washed in a heavy medium vessel.

Intermediate-size material is washed

in heavy medium cyclones.

Fine material is washed using conventional froth flotation cells.

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

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

processing plants.

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

the nature of the metallurgical domaining applied and the corresponding

metallurgical recovery factors applied.

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

reviewed in detail by MM&A.

The drill hole data were utilized to develop average coal

quality characteristics mining site.

These average coal quality characteristics were then

utilized as the basis for determining the various markets into which the saleable coal will

likely be placed.

Any assumptions or allowances made for deleterious elements.

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

product quality was used to model final product quality.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

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

such samples are considered representative of the orebody as a whole

No bulk sample or pilot scale work has been completed.

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

based on the appropriate mineralogy to meet specifications?

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

northern Appalachian coalfields have a long history of providing both high-Btu thermal

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

properties.

Environmental

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

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

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

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

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

at Pangburn with capacity of 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 Properties in May 2017 on behalf of

Coronado.

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;

the

ease

with

which

the

infrastructure

can

provided

accessed.

Coronado currently operates two surface mines (Toney Fork & Middle Fork Mines at the

Logan Mine Complex).

Coronado operates five underground mines as follows:

Buchanan Mine at the Buchanan

Mine Complex; Powellton No. 1, Eagle No. 1, Muddy Bridge and Lower War Eagle Mines in

the Logan Mine Complex.

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

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

mine mouth preparation plant and barge/rail loading facility.

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

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

Rail service to the

Properties is most readily provided by NS and CSX

with connections to both domestic

consumers and international trans-shipment points.

NS track is located across the

Monongahela River from the proposed Pangburn Hollow load-out facility.

Coal would be

shipped to customers via barge and rail and sold as both metallurgical and thermal

products.

Costs

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

study.

The methodology used to estimate operating costs.

Coronado provided historical and 5-year budget operating costs for its active mines for

MM&A’s review.

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

and developed personnel schedules for each mine.

Hourly labor rates and salaries were

based upon information contained in Coronado’s financial summaries.

Fringe benefit costs

were developed for vacation and holidays, federal and state unemployment insurance,

retirement, workers’ compensation and pneumoconiosis, casualty and life insurance,

healthcare and bonuses.

A cost factor for mine supplies was developed that relates

expenditures to mine advance rates for roof control costs and other mine supply costs at

underground mines.

Other factors were developed for maintenance and repair costs,

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

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

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SSOCIATES

Criteria

JORC Code explanation

Commentary

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

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

supplies and services.

Operating costs for highwall mines are based on costs per ROM

tonne estimates.

Other cost factors were developed for coal preparation plant processing,

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

Appropriate royalty rates were assigned for production from leased coal lands and sales

taxes were calculated for state severance taxes,

the federal black lung excise tax, and

federal and state reclamation fees.

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

going capital requirements for the life of each projected mine.

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

mine.

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

and experience to estimate direct and indirect operating costs.

Allowances made for the content of deleterious elements.

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

deleterious elements is anticipated.

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

minerals and co- products.

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

Customer coal pricing is

derived from market observed forward estimates based on global economic supply and

demand analysis which is applied to mine plan sales volumes and product mix and is

supplemented with Coronado’s in-house knowledge of applicable rail transportation

charges, ocean freight charges and port charges.

Coal price forecasts for the various

products were provided by Coronado for various coal markets in terms of US 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 is applied to mine plan sales volumes and product mix and is

supplemented with Coronado’s in-house knowledge of applicable rail transportation

charges, ocean freight charges and port charges Coal price forecasts for the various

products were provided by Coronado for various coal markets in terms of US real dollars

per metric tonne.

MM&A applied a 2% inflation factor in order to 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 by Coronado and its own knowledge and

experience to estimate direct and indirect operating costs.

All ROM production is currently

planned for either truck transportation from the mines to the processing or shipping

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

plant and barge/rail loading facility.

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

Appropriate royalty rates were assigned for production from leased coal lands and sales

taxes were calculated for state severance taxes,

the federal black lung excise tax, and

federal and state reclamation fees.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

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 is applied to mine plan sales volumes and product mix and is

supplemented with Coronado’s in-house knowledge of applicable rail transportation

charges, ocean freight charges and port charges.

Coal price forecasts for the various

products were provided by Coronado for various coal markets in terms of US real dollars

per metric tonne.

MM&A applied a 2% inflation factor in order to estimate the prices in

nominal dollars.

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

metals, minerals and co-products.

Coal sales prices as defined above.

All reported reserves are on a marketable basis.

Market assessment

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

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

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

Customer coal pricing is

derived from market observed forward estimates based on global economic supply and

demand analysis which is applied to mine plan sales volumes and product mix and is

supplemented with Coronado’s in-house knowledge of applicable rail transportation

charges, ocean freight charges and port charges.

Coal price forecasts for the various

products were provided by Coronado for various coal markets in terms of US 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 is currently processed through Coronado

owned and operated coal preparation plants.

ROM coal that does not require further processing is delivered directly to the loading points

for sizing and delivery to customers.

Coronado has access to two rail-loading points

serviced by the

Norfolk Southern Corporation (

)

and two rail-loading points serviced by

CSX Corporation (

CSX

)

Price and volume forecasts and the basis for these forecasts.

Carlson Mining

was used by MM&A to generate mine plans for underground-

and surface-

mineable coal seams.

Underground mine plans were sequenced based on productivity

schedules provided by Coronado, which were based on historically achieved productivity

levels.

Surface mine plans were generated under productivity assumptions (bank cubic

yard per shift) as provided by Coronado and reviewed by MM&A, again based heavily on

productivity levels achieved by Coronado.

All production forecasting ties assumed

production rates to geological models as constructed independently by MM&A’s team of

geologists and mining engineers.

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

Customer coal pricing is

derived from market observed forward estimates based on global economic supply and

demand analysis which is applied to mine plan sales volumes and product mix and is

supplemented with Coronado’s in-house knowledge of applicable rail transportation

charges, ocean freight charges and port charges.

Coal price forecasts for the various

products were provided by Coronado for various coal markets in terms of US real dollars

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

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SSOCIATES

Criteria

JORC Code explanation

Commentary

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 is applied to mine plan sales volumes and product mix and is

supplemented with Coronado’s in-house knowledge of applicable rail transportation

charges, ocean freight charges and port charges.

Coal price forecasts for the various

products were provided by Coronado for various coal markets in terms of US 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 2024 nominal United States dollars.

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

MM&A

prepared mine projections and production timing forecasts based on coal seam

characteristics.

Production timing was carried out from 2025 to depletion (exhaustion) of

the coal reserve areas, which is projected for the year 2102.

The all-mines average cash cost ranges between approximately $88 and $381 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 and Logan Properties was estimated to be

$1.086 billion,

$72.4 million,

$365.2 million and $525.6 million,

respectively.

The sensitivity study shows the NPV at the 10.0% discount rate when Base Case sales

prices, operating costs, and capital costs are increased and decreased in increments of 5%

within a +/- 15% range.

Social

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

to operate.

Portions of the properties are located near local communities.

Regulations prohibit mining

activities within 91 meters of a residential dwelling, school, church, or similar structure

unless written consent is first obtained from the owner of the structure.

Where required,

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

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

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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 in Buchanan, Russell and Tazewell Counties,

Virginia; Logan, Boone and Wyoming Counties, West Virginia; Allegheny, Washington

and

Westmoreland Counties, Pennsylvania.

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

verified leases, deeds, surveys or other property control instruments pertinent to the

subject resources.

Coronado has represented to MM&A that it controls the mining rights to the reserves as

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

depiction of the mineral rights controlled by Coronado.

The TRS assumes the properties

are developed under responsible and experienced management.

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

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

There must be reasonable grounds to expect that all necessary Government approvals

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

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

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

Coronado has obtained all mining and discharge permits to operate 13 underground mines,

8 surface mines, and 7 processing, loadout or related facilities.

MM&A is unaware of any

obvious or current Coronado permitting issues that are expected to prevent the issuance of

future permits.

Coronado, along with all Central and Northern Appalachian basin coal

producers, is subject to a level of uncertainty regarding future clean water permits due to

United States Environmental Protection Agency

(

EPA

)

involvement with state programs.

Classification

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

Whether the result appropriately reflects the Competent Person’s view of the deposit.

The proportion of Probable Ore Reserves that have been derived from Measured

Mineral Resources (if any).

Measured and indicated resources have been converted to proved and probable reserves,

respectively.

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

In a limited number of cases where there was only very limited data available to

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

as a probable reserve instead of a proved reserve.

The results of this TRS define an estimated total initial ROM recoverable ore (coal) reserve

estimate of 516 million tonnes for Coronado as follows:

Buchanan =

169 Mt

Logan

99 Mt

Russell

50 Mt

Mon Valley =

197 Mt

Coronado controls a total of 310 Mt (moist basis) of marketable coal reserves for Coronado

as of December 31, 2024 (total may not add due to rounding).

Of that total, 71 percent are

proved, and 29 percent are probable.

Total reserves by complex are as follows:

Buchanan

83 Mt

Logan

62 Mt

Russell

30 Mt

Mon Valley =

134 Mt

Audits or reviews

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

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

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

MM&A also subsequently

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

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

December 31, 2019, December 31, 2020, December 31, 2021, December 31, 2022

and

December 31, 2023.

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

U.S. Securities and Exchange Commission (

SEC

)

Industry Guide 7 standards.

Earlier audits

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

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

completion.

Previous audits and reviews defined the primary coal resource areas and

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

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

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

Discussion of relative

accuracy/ confidence

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

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

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

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

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

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

Operations on the Properties by Coronado and its predecessors have been on-going for

many years.

MM&A is confident that the mine plans and financial models are reasonably representative

to provide an accurate estimation of coal reserves.

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

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

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

economic evaluation. Documentation should include assumptions made and the

procedures used.

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

considering relevant processing, economic (including independent estimates of capital,

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

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

Accuracy and confidence discussions should extend to specific discussions of any

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

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

The major risk factors for the active Coronado mines and future resource development are

summarized below:

Mine Accidents

Highwall Failure.

Highwall failures are likely to result in a temporary mine closure and

should not have a material impact on the mine sustainability.

The risk is considered to be

probable.

Adverse Geological Conditions.

Adverse geological conditions include such conditions as

faults and sandstone washouts.

The risk is considered to be probable.

The impact is

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

Environmental Risk.

Numerous federal and state permits are required to operate coal

mines and mine surface facilities. Permitting rules are complex and may change over time,

making compliance difficult or impossible.

Water Quality.

Permit requirements to fulfill Clean Water Act obligations are subject to

modification.

The probability of water quality changes having a material impact on mine

operations is possible.

As a contemporary example, the selenium discharge issue that

affects western Canadian and Central Appalachian Basin operators has only recently

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

New Permits.

Permit protests by environmental groups and individuals can contribute to

permit delays or denial and increase the cost of permitting and delay development.

Coronado Global Resources

Statement of Coal Resources and Reserves for the

Buchanan Mine Complex in Accordance with

The JORC Code and United States SEC Regualtion S-K 1300 as of December 31, 2024

Appendix E:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Surface mining activities, coal refuse disposal and construction of access roads in

mountainous terrain often require storage of material in valley fills.

Authority to dispose of

fill material into waters of the United States must be granted by the

United States Army

Corps of Engineers (

COE

)

COE permits are increasingly difficult to obtain.

Regulatory Requirements.

Adverse impact from regulatory changes is considered to be

probable.

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

mine closure.

Market Risk.

Metallurgical and thermal coal markets ultimately depend upon the global

steel and thermal coal demand and are considered to be volatile.

Currently, the US coal

market has seen a decline in demand for thermal coal due to thermal plant closures, as a

result of new air and water pollution regulations, and competition from other commodities

used for power generation such as natural gas.

This has resulted in an overall decline in

CAPP coal production.

Continued regulatory changes and declining demand could result in

material changes in domestic and global coal markets.

The impact cannot be predicted at

this time; however, while MM&A expects the coal reserve within this TRS to remain

economically viable throughout the life of the projected mines, the LOM financial model is

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

Labor Risk.

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

not likely to lead to permanent mine closure.

The mines are likely to suffer the loss of key

supervisors and skilled employees due to retirement as the workforce ages.

The problem is

industry-wide and the impact is expected to be temporary and have no sustained impact

on coal production.

Availability of Equipment and Supplies.

Risk of equipment and supply availability is likely to

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

Transportation Delay.

Interruption of coal transport services by river or rail is considered to

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

Other Operational Challenges.

Additional operational challenges recently encountered by

Coronado include hard cutting zones within the Eagle No. 1 and Muddy Bridge mines.

addition, recent discussions between Coronado and AEP have revealed recovery impacts in

areas beneath towers supporting high-voltage electrical lines that cross some of Logan’s

reserves.

Other potential challenges include flooded overlying mine workings from

previous operations.

All of these additional challenges have the potential to impact overall

recovery of the reserves.

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

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

compared with production data, where available.

Mine plans, productivity expectations and cost estimates generally reflect historical

performance and efforts have been made to adjust plans and costs to reflect future

conditions.