Coronado Global Resources Inc.

Good morning, and thank you for joining for another Global Resources First Quarter 2026 Investor Call. I'm Jerry Spindler, Interim Chief Executive Officer, and with me is our Chief Financial Officer, Barry VanderBeer. Today, I will provide an overview of our first quarter's performance, outline the progress we've made following the completion of our expansion programs, outline our latest plans to improve operating performance and cost, and discuss how the business is positioned as we move through 2026. Barry will then walk you through the financial performance and our liquidity position before we open the call for questions. Following the completion of our expansion program over the past two years, Coronado entered 2026 materially higher leverage. As we have previously outlined, we through metallurgical coal markets through the past 18 months placed pressure on earnings and required mitigation measures. As a result, management has commenced a comprehensive operational and financial reset focused on restoring sustainable cash generation through operating performance that will provide resilience through the market cycles. We will be supported in this work by Alix Partners, a well-credentialed turnaround consulting firm. Across the group, the focus has been on increased overburden removal and underground development, full recovery, productivity movements, and capital discipline. The reset includes targeted current mine plan optimization, improved fleet productivity and utilization, and further optimization of the mammoth underground. We have also progressed contract and contractor resets across mining, maintenance, and services, which is expected to directly lower the running cost base and improve cash generation. While reported production volumes in the quarter were lower, Overburden removal was at expected levels at Cura, and production at Buchanan was better than prior quarters' performance, reflecting the contributions of the capital investment. At Cura, the strong overburden removal and improved mine planning enhanced coal recovery capabilities and pit inventories, setting the operation up for increased production through the remainder of the year. At Buchanan, the business successfully absorbed recent expansion capital following the resolution of early commissioning challenges, delivering solid production performance and more than doubling prior quarter EBITDA, despite two long, long moves in the quarter. These outcomes reinforce the strength of our portfolio following the completion of the Manus Underground and the Buchanan expansions. Capital expenditure is moderating, allowing the business to focus on cash preservation. Another material step forward to bolster our tax generation when liquidity is weak was the reset of the Stanwell thermal solar entrance. Under the revised structure, no rebate applies, and during the quarter, The new agreements with Stanwell contributed approximately 50 million U.S. in cash. This change structurally improves Coronado's cash generation profile and provides a meaningful liquidity facility aligned with the cyclicality of the metallurgical coal market. All requested cash flow in the quarter increased. Reflected the timing of production and sales, the business is now in a materially better position than it has been at any point in the past two years. Safety remains our highest priority. The quarter followed two tragic fatal incidents late last year and in early January. Our focus continues to be on supporting affected families and teams. cooperating fully with authorities and strengthening our safety systems through a frontline supervisor development program, leadership engagement, and a review of our systems, processes, and applications across all sites. Turning now to the first quarter of 26th performance. At the group level, the first quarter reflected planned maintenance activity, delayed coal recovery early in the year, and operating circumstances. As a result, ROM production, saleable production, and sales volumes were lower quarter on quarter, noting that the December quarter is historically our highest and the March quarter our lowest. Unit costs were temporarily elevated due to lower throughput, and fixed-cost absorption aligned with the usual quarterly organizational rhythm. However, realized pricing strengthened materially, supported by improved benchmark pricing, a higher PLV, and increased export exposure. Q1 production outcomes reflected normal early-year phasing across the sector, to operational run rates and unit cost performance, trending back to levels that will see us achieve our full-year guidance. Export sales increased to approximately 74% of total group volumes, and the uplift in PLV pricing delivered an 11% quarter-on-quarter increase in group average realized metallurgical coal pricing, to around $165 US per ton. While reported cash flow in the quarter reflected production timing and sales mix, the business is now structurally better positioned than it was entering the year. At Cura, starting with Australia and the Cura complex, Q1 production outcomes at Cura were impacted by planned prep plant maintenance, delayed coal recovery early in the year, and a temporary pause at Manist following the tragic fatal incident in January. Strong overburden removal and improved mine plan execution, increased pit inventory levels, and materially improved coal availability for the remainder of the year. With the major two-week CHTP shutdown completed and expansion infrastructure fully commissioned, FARA is now better positioned to capture operating leverage as run rates increase. Improvements implemented over the past few years have enhanced the site's resilience and recovery capability, reducing the impact of external disruptions and supporting more consistent performance through 2026. The MIME leadership team responded quickly to changing circumstances and navigated the complex first quarter with exceptional responsiveness and resilience.

The U.S.

operations, turning to the U.S. as the pertaining complex, we saw a continuation of strong momentum. exiting 2025, with Buchanan's results continuing to show the high-quality asset that it is. Buchanan delivered higher sales volume, higher sales production, despite two long-law moves, and an 18% increase in realized metallurgical coal pricing quarter-on-quarter. With both long-laws now operating and expansion infrastructure fully commissioned. Shannon continues to demonstrate the quality of the asset following expansion and is positioned for strong, consistent production and returns through 2026. Hogan reflected the ongoing structural challenges in the U.S. hot oil market and is now fully idle, with the business continuing to to shift existing inventory as required by sales commitments. This was a difficult decision, but it was the right decision to preserve cash, protect the balance sheet, and avoid uneconomic production in a structurally challenged market.