Coronado Global Resources Inc.

Thank you for standing by and welcome to the Coronado Global Resources Q1 Investor Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now hand the conference over to Mr. Andrew Mooney, VP, Investor Relations and Communications. Please go ahead.

Thank you everyone for joining Coronado's first quarter investor call for 2024. Today we released our quarterly report to the ASX and SEC outlining our production and sales statistics as well as other information related to safety, coal markets and financials. A more detailed outline of our financial position and results will be released to the market on the 7th of May with our Form 10Q earnings release. Today I'm joined by our Managing Director and CEO Douglas Thompson and our group CFO Gerhard Ziens. Within our report, you'll see our notice regarding forward-looking statements and reconciliations of non-US GAAP financial measures. We encourage all listeners to review these statements in conjunction with our other filings with the ASX and SEC. We also remind everyone Coronado quotes all numbers in US dollars and metric tons unless otherwise stated. With that, over to you, Douglas.

Thanks very much, Andrew, and thank you, everybody, for joining. I'm pleased to report that the Coronado team continues to deliver according to our plan. In the first quarter, our safety results are ahead of plan. Our investment in productivity improvements at Buchanan and Currah are on track and delivering according to our plan. All our cost reduction actions identified in our plan for the first quarter have been actioned. Our sustainability plan is on track and our growth projects are on plan and budget. We have successfully pivoted our mine plans at Currah South and Currah North mines early in the quarter to mitigate the full year impact of the heavy rain in late December, which was followed by two cyclones in the quarter. We did this by pulling forward annual maintenance in our two processing plants at Currah. We took advantage of having two processing plants by running one while we maintained the other in February and March. Thereby, the full year's resultant impact is reduced. as we have now completed maintenance that was planned in later quarters. And we're starting to see the benefit in April. We will gain time and productivity in the quarters to come. We've also been working on our strategic plans, and we've delivered several strategic milestones in the first quarter. To list a few, we reported previously that we commenced mining operations in our newly developed southern section at Buchanan in this quarter. Our development sections are ahead of plan in the northern district. And once complete, this will offer more mining flexibility and productivity in H2 of this year as we balance operations between the north and south. And once the second set of skips are operational in H1 2025, we will draw full benefit from the productivity gains and increased volumes we can hoist to surface. In the quarter, we also commenced high wall mining at our Logan operations, which will provide incremental tons. And we successfully demobilized four contractor fleets from the Currah complex in late March, according to our plans again. And our dragline product productivities are improving. At Currah, in accordance with our plans following the investment in 2023 made on strike length improvements and pit geometries. During the quarter we also continue to invest simultaneously in organic growth and emission reduction projects without the need to raise additional capital. Our organic growth investments are unlocking substantial value found within our 100% owned 838 million tonne reserve base, a substantial reserve base that we're tapping into. into our newly named mammoth underground and our Buchanan expansion projects are at multiple substantially lower than the recent market opportunities and demonstrates the cheapest and best use of our capital, which we expect will create significant value for our shareholders over time. Before I elaborate on our operational results, I'll turn my focus to safety and give you an overview. I'm pleased to advise that the reportable rates in Australia and the US remain at well below relevant industry rates. Looking at Australia, the 12 month rolling average rate being the total recordable incident frequency rate as at the 30th March was 1.63 compared to 3.18 same time last year, which is a 49% improvement year on year and actually is the lowest safety rate since May 2018 in Australia. In the US, the 12-month railing average of the total recordable incident rate as at the 30th of March was 2.12 compared to 2.83 the prior year. That's a 25% improvement year-on-year. So looking at the group level, the total recordable incident rate is 1.01 compared to 1.36 this time last year. That's a 26% improvement year-on-year. In addition to these strong results, I'd like to take the opportunity to congratulate our Logan Complex for achieving several safety rewards for their performance in 2023. All of Logan's surface and underground operations achieved the West Virginia Joseph A. Holmes Safety Association Award, and three of these operations also received the Mountaineer Garden Award. Turning to our operations, Coronado completed the March quarter with group ROM coal production of 6 million tonnes and sellable production of 3.4 million tonnes and sales volumes of 3.6. In Australia, ROM coal production from the Curragh complex was 2.7 million tonnes and sellable production was 2.2 million tonnes. Coal production rates were lower during the quarter, primarily due to the impact of heavy rain in late December, which was followed by the two cyclones, as reported in the quarter. To mitigate the impact of the significant weather in late December, which reduced the mine's start-of-year planned ROM coal inventories, we brought forward the maintenance of our processing plants. As a result, both CHPPs of Cairo have completed their annual shutdowns with no further maintenance planned for the rest of the year. Cairo is also exceeding plan in total waste movements and drill meters during the quarter. This will set pits up for enhanced coal availability in subsequent quarters. At the end of March, the mine has successfully completed historic pre-strip. And this was a deficit in the past. And as a result, we've managed to demobilize four contractor fleets from site. The removal of these fleets, followed by the pit rectifications on the one current plan, reflects a significant milestone for the mine. A consolidation of contractors has also been undertaken with a reduction on resources proportionate to the fleets reduced and consequently the required maintenance thereof. As a result of these actions from April, Currah Complex expects to see material reduction in the cost per tonne. In addition, as a return on investment, Currah's dragline fleets have achieved planned productivity improvements with ratios of waste moved by drag lines versus truck and excavator increasing to 44% up from 37%. This is according to our plan and demonstrates that the investment in the plan is working. In addition, in late March, we introduced a new PC7000 excavator, which will further increase productivity rates of our excavator fleets. All these actions are in accordance with our plan to drive productivities and improve margins in a sustained manner. Currah finished the quarter well, with strong performance with elevated stockpiles and had a strong momentum that has continued into April. The mine is on track to deliver 1 million tonnes of saleable production in this month. Turning to our US operations, ROM production for the month of March quarter was 3.3 million tonnes and saleable production was 1.2 million tonnes. A strong quarter ROM production. which was 20% higher than the December quarter. This was achieved as the Buchanan Mine commenced mining in the newly developed Southern District. The close proximity of the hoist and the underground bunker to the Southern District has contributed to the higher ROM delivery in the quarter, and is something that we can expect in future reporting cycles as we mine these new panels. During the quarter, we conducted maintenance on the hoist, which was planned to be done later in the year. We will gain from this works for the balance of the year. Our skip counts are trending to their best rates in the last two years, and our conveyor system downtime is at record lows. Saddleable production levels mirrored December quarter during the temporary lowering of yields of the Southern District. This is according to our plan, and it is expected that the yields will increase in the June quarter to more normalized levels. Production from Loban Complex was on plan. In the quarter, as I mentioned earlier, high-wall mining commenced in late March, and we also re-entered the Pelton Underground mine in April. Looking ahead to the June quarter, April performance from Coronado's operations has been strong, with improved coal mining and lower cost per tonne being realised at Currah, and we're realising improving yields at Buchanan in April, and solid incremental tons have been achieved at Logan. So as a result, we reaffirm our previously noted 2024 market guidance. I'll now hand over to Gero to talk through our finance and market outlook.