Coronado Global Resources Inc.

Thank you for standing by and welcome to the Coronado Global Resources Fourth Quarter Investor Call. All participants are in a listen-only mode. There will be a discussion of results from the CEO and CFO followed by a question and answer session. If you would like to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. I now lay down the conference over to Chantal Assa, Vice President of Investor Relations. Please go ahead.

Thank you, Darcy, and all for joining Coronado's December and final quarter call for 2025. Today, we released our quarterly report to the ASX and filed with the SEC. Today, I'm joined by our Managing Director and Chief Executive Officer, Douglas Thompson, and Chief Financial Officer, Barry Vandermeer. Within our report, you will see our 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 times unless otherwise stated. I'll now hand over the call to Douglas.

Thank you, Chantelle. Thank you, everybody, for making the time to join us today. Before we begin, I want to acknowledge two tragic incidents that occurred since mid-December. Our thoughts and prayers are with the families, friends and teammates affected by these tragic events. These events are unacceptable. and we continue to work with the relevant authorities and our contracting partners to investigate. The safety and the health of our people are and will remain our highest priority. The journey this company has been on over the past three years has been significant. In 2022, we committed to a disciplined multi-year improvement plan. We always said that if we executed consistently across our cost base, operational stability, fleet performance, workforce capability and capital discipline, it would pay off. And today we can say it has paid off. The structural change to Coronado performance is now unmistakable. We have sustainably lowered our cost base, increased production across both regions and stabilised our operating assets and expanded our capacity in line with our long-term strategy. More importantly, the business is now more predictable, more resilient, and better positioned to leverage improving market conditions than at any point in the past seven years. Then into the highlights for financial 2025 and December quarter. The team delivered salable production of 16 million tonnes, which is 4% increase year on year, finishing at the lower end of guidance. Average mining cost per tonne sold averaged $97 a tonne, a 10% reduction year on year. The capital spend was $245 million for the year at the bottom end of guidance and the major investment phase for the business is now complete. We closed the year with exit run rates that outperformed guidance which demonstrates the structural shift in the production and costs. We had the highest quarterly sales since 2021, quarter three. The sales volumes increased by 11% quarter on quarter. The operating cost was reduced by approximately $300 million across the year. The cannon expansion of Mammoth Underground reached expected run rates in the second half of the year. And Currah's second half saleable production averaged 36% higher than the first half of the year. and remain consistently above 1 million tonnes per month for half year. Focus now shifts to the CHPP upgrades to maximise margin from the now stable low-cost mining base. Material liquidity support from Stanwell reflects our critical role in Queensland's energy security. $150 million was provided mid-2025. And then the subsequent transaction brought forward the 2027 reset we've all been waiting for. With rebate forgiveness and price support that exceeded the original reset expectations for 2027, that we're now enjoying. The 2026 standards mechanisms are expected to provide between $200 and $250 million of cash flow uplift, depending on prices and nominated tonnages. also secured a five-year $265 million covenant-like ABL facility of 9%, which was fully drawn in December and enabled full repayment of our O2 facility and strengthened our near-term liquidity. So stepping back on this year, the message is simple. Our operating base is now more predictable, our cost structures are materially lower, and our expansion investments are delivering. And we have meaningful leverage to improving prices, a clear path to stronger cash generation, balance sheet deleveraging, and future shareholder returns. Focusing on our group's performance, the quarter delivered continued strong operating results. We achieved the highest quarterly and half-year sales volume since 2021. We also set new quarterly and half-year records for ROM and saleable production. Strongest half year since 2019 for RON and since 2021 for saleable production. And unit costs continue to trend down. RON production costs per tonne average $56 a tonne, lower since 2021, and 15% improvement over the past two years. This reflects the disciplined execution of our improvement plan, including higher dragline utilisation and tighter cost control. Our expanded infrastructure at the Cameron Mammoth is now delivering higher and more stable run rates, translating into meaningful cost and productivity gains, and contributed approximately one million tonnes of incremental salable tonnes across the group for the year. With system capacity now 16% pre-investment levels, above pre-investment levels, we're into 2026 in a materially stronger position to utilise this additional capacity as market conditions allow. The full year, we closed at 16 million tonnes of saleable production, a 4% increase year-on-year. In looking ahead, we expect to lift production rates in 2026, supported by our expansion projects. In Australia, the Currah Complex delivered a strong December quarter across all key metrics. With record ROM production and sales volume surpassing levels last achieved in 2020, our dragline system operated at their highest levels since acquisition of the mine in 2018, consistently accounting for approximately 50% of total waste movement, up from historic levels of 30%. This is a significant lower cost method to move prime waste versus truck excavate. These gains reflect the one current plan, which continues to improve pit configuration, decongest operating areas, enhance strike length, and enable sustained gains from fleet rationalization, procurement, and cost management. At Mammoth, the mine ran all three production panels and achieved run rates equivalent to per year during quarter four. As a result, the mining cost per tonne sold in Q4 remained below the low end of guidance. To convert the now stable low-cost mining into maximised margin, we will execute targeted CHPP upgrades earlier this year. While these works may moderate production in the March quarter, they are designed to unlock additional processing capacity. and product yield, strengthening cash generation. As noted in our report, cyclone Koji impacted the Bowen Basin earlier this month. Therefore, expect durability in quarter one's performance. What is pleasing is our recovery. Improving resilience of current complex enabled a much better than historic response and recovery, and we continue to ship committed product to our clients. In the U.S., Buchanan delivered its strongest month since August 2022 during December. We recorded record daily ROM production and record skip counts as the expansion project benefits came to light. In December alone, Buchanan generated approximately 400,000 tonnes of saleable production, $20 million of earnings and achieved a $67 a tonne unit rate for the month. a great achievement and demonstrates our expectations when you look forward. Expansion is delivering as intended. The additional raw and product stockpiles and the second set of skips have increased capacity and created redundancy, enabling a sustained 1 million tonne annualised run rate in December. These facilities also decouple maintenance schedules between the mine and the processing plant, improving overall efficiencies. Shared technical conditions in both the north and southern long walls during October and then November constrained production, resulting in a modest quarter-on-quarter reduction. However, Canon's structural improvements to long walls, higher skip capacity and expanded stockpiles all reduce costs, sustain higher production than at the time of acquisition and support a long life of more than 20 years. four underground mines performed to plan and met forecast production for the quarter. The minor vessel delay into January increased site and port inventories that did not impact the mines, nor did it impact plant performance. And these inventories will support sales volumes during two longer moves scheduled for the March quarter, one that we're in the process of executing and almost complete. With that, I will now hand over to Barry to speak to the financial position.