Coronado Global Resources Inc.

Thank you, Raoul, for joining Coronado's September call for 2025. Today we released our quarterly report to the ASX and filed with the SEC. Our quarterly financials are expected to be released to the market on the 11th of November with our Form 10Q. Today I am joined by our CEO, Douglas Thompson, and Chief Financial Officer, Barry Vandermeer. Within our report, you will see a notice regarding forward-looking statements and reconciliations of certain non-US GAAP financial measures. I also remind everyone that Coronado quotes all numbers in US dollars and metric tons unless otherwise stated. May I hand over the call to Douglas?

Thank you, Chantal, and thank you, everybody, for making the time to be with us again today. Overall, we continue to see positive progress in our plan, and this quarter's results reflect this. After ending June on a six-year record for ROM production, we concluded September quarter with growth across all production and sales metrics. Production was the highest on record since quarter one, 2021. Investments are delivering. Quarter on quarter, we saw a 3.2 million ton annualized step change in production. We expect to deliver material volume increases again in quarter four. As our high return mammoth and Buchanan growth projects are both progressing towards steady state. Both are currently between 60 and 70% of expected run rate. We expect the annualized incremental tonnage of approximately 3 million tons per annum to show in 26 and beyond as these projects ramp up to full capacity. Our cost reductions also continue to progress to plan. Our costs have reduced again this quarter and continue to be below guidance levels. Despite the step change in performance, earnings remain challenged in the sustained low coal price environment. We announced a transaction with Stanwell, a strategic partnership that is intended to add near-term liquidity to our business via a new structured ABL over the 2026 rebate and offer ongoing financial support when liquidity is below $250 million, effectively resetting legacy agreements. Turning to metrics, the key metrics achieved in quarter three were the group ROM production, 7.4 million tonnes, an increase of 6%, saleable production, 4.5 million tonnes, an increase of 21%, and sales volumes, 4 million tonnes, an increase of 9%. At a group level, our total recordable injury rate was 1.16, well below industry averages in both Australia and the United States. If I turn to our group performance, as I've said, the quarter delivered good production results, 21% improvement on salable production, a four-year record of 4.5 million tons. And we built an additional circa 600,000 tons of product inventory again this quarter, which will support our improved production volumes in quarter four. The total inventory at the end of the quarter was approximately 1.7 million tonnes. Despite the material improvements in operations, sales volumes were marginally below what we had planned for the quarter. The few short-term equipment outages, combined with port and vessel delays in both Australia and the United States in the last week of the quarter, which put pressure on our planned railing and shipping. But the major expansion project is now complete. Quarter three proves the value and future potential created by these business improvements. Return to the Australian business unit. Improved in all areas. We increased ROM production, sellable production, and sales volumes in the quarter. The third continuous miner commenced production in late June as planned, and Mammoth now has three production panels in operation. Mammoth is expected to deliver planned run rates in quarter four, up to an additional 2 million tonnes of incremental production delivered per annum from 26 and beyond. Cost reductions continue to be realised, with average mining costs per tonne sold in quarter three below both forecast and budget, and well below the low end of our guidance levels. Moving on to the US business unit. Our operations focused on firstly commissioning and then ramping up with the Buchanan expansion project after first production from the new shaft was also delivered to plan in late quarter two. The US delivered higher ROM production and saleable production with sales volumes slightly below what we had planned due to a delayed vessel in the last week in September. Together with the dual long walls at Buchanan, we expect the US business unit to exceed 7 million tons per annum in the future. the additional capacity that has now been created via the projects. It's great to see the successful volume uplift post the completion of these two major projects, and we look forward to enjoying further incremental tonnages that these projects will deliver for the business into the future. With that, I'll hand over to Barry, who will talk to our financial position for the quarter.

Thank you, Douglas, and good morning, everyone. Our continuous improvement in production and unit costs continued in the September quarter. The unit cost was under the bottom end of guidance at $89.70 per tonne and September months was $80.10 per tonne with 2.7 million tonnes of wrong mined. As I outlined in the half one results presentation, the correlation between strong wrong performance and unit costs is well established. Cash capital expenditure reduced as expected and was $59 million for the quarter and We were paying some of the last bills associated with expansions. This is $16 million less than the June quarter, and we expect the cash capex to be at the bottom end of guidance of $230 million for the full year. You can therefore deduce that the last quarter spent will be about $20 million. Despite the rail availability and shipping delays that Douglas spoke about that we had at the end of September, We still had a 560,000 ton build as product inventory. That will be sold in the December quarter. It will contribute towards cash. But despite all of that, our sales volumes were up 329,000 tons, which is 9% higher than the June quarter. And a lot of this was driven by strong thermal coal production at Currah. EBITDA before the Stanwell rebate that's currently deferred was $4 million positive. The working capital outflows that I outlined in the first half results presentation did materialize as we expected. The outflow of this working capital and the cash we spent to increase the product inventory was offset by other working capital levers that we pulled at the end of September. We didn't use the ABL as was envisaged when we did the half one results presentation. The other cash outflows that we had in the quarter was the capital expenditure of $59 million. We paid interest of $26 million, which was mainly the coupon on the high-yield notes. That's payable in quarter one and quarter three. And then we had to cash back a further $29 million in guarantees, only relating to the U.S. workers' compensation obligations. As I said earlier, next quarter we expect CapEx to be $20 million, plus-minus, The cash backing of $29 million will not recur, and interest will be less. It will be around $15 million for the quarter. The quarter end cash balance was $172 million, and $16 million was available on the ABL facility with Oak Tree, and that ABL was still only $75 million drawn, as was the case at the end of the June quarter. The earnings adversely impacted by a PLV index that remained flat on the first half of the year, the build-up of the product inventory, as well as lower realized prices due to the sales mix. We did get a preemptive covenant waiver from Oak Tree during September, and at the end of September, this facility remains available, subject to the borrowing base. The recently announced transaction with Stanwell addresses both Coronado's near and longer-term funding needs in a depressed metallurgical coal market. Subject to completion of due diligence, long-form agreements and approvals, financial close is expected towards the end of November, with the proposed ABL facility adding approximately $165 million to available liquidity after settling the outstanding amount to O3. The waiver of the remaining rebate under the amended coal supply agreement, the AXA, and the prepayment mechanism when Coronado's liquidity is under $250 million could add up to a further $250 million in cash flow over the course of FY26 at current market prices, noting that the amount does depend on Stanwell's nominated tonnages. It's also important to understand under this arrangement The cash flows occur monthly and not upfront at the start of the year. As our recently commissioned expansion projects ramp up and reach nameplate performance, this will further contribute to lower unit costs and improve cash generation. While the arrangement with Stanwell provides immediate liquidity relief and longer-term support, we will continue to evaluate other available options to ensure that the capital structure improves and adequate liquidity is available in the current low-price environment. Coronado will release its quarterly financial statements for the September quarter to the market on 11 November 2025. And I'll hand you back to Douglas now for a market overview and conclusion. Thank you.