• Major improvement at existing operations with 5% productivity increase and 30% headcount reduction
• Planned investments in new operations expected to have attractive returns
• Significant free cash flow step up with Stanwell rebate removal

Coronado Global Resources Inc. (ASX: CRN) has released its FY24 full year results, showcasing a performance improvement and growth strategy that has repositioned the company for scale and a lower cost structure. Key highlights include a 5% increase in ROM production year-on-year, a 15.3 Mt saleable production, and strong sales performance of 15.8 Mt. The company achieved a 55% peak dragline waste removal, a 5% productivity improvement across all fleets, and a 30% headcount reduction at the Curragh Complex, resulting in a ~$100M cost reduction. The new Mammoth Underground Mine and Buchanan expansion project are expected to deliver 2.5 - 3.0 Mtpa of incremental met coal by 2026, with the Mammoth Underground Mine projected to have an EBITDA multiple below 1.3x, significantly lower than recent transactions. Coronado is also pursuing additional opportunities, including a study for a ~+2 Mt Mammoth UG Phases 2 & 3 and a ~+1 Mt Buchanan capacity expansion study. The company's diversified met coal operations support customers on five continents, with 95% of revenue coming from met coal sales. Coronado reported $2.5 billion in total revenue, $115 million in adjusted EBITDA, and $156 million in adjusted operating cash flows, while also issuing $400 million in new senior secured notes due 2029. The company is targeting a corporate goal of sub $85/t mining costs at the Curragh Complex by 2026.

Coronado's FY2025 guidance includes saleable production of 16 Mt - 18 Mt, mining cost per tonne sold of $92/t - $105/t, and capital expenditure of $230M - $270M.

The outlook for the met coal market remains positive, with annual global crude steel production forecast to grow 16% to 2.1 billion metric tonnes by 2050, driven primarily by India. Met coal export demand is expected to represent a larger share of the total met coal market, increasing 12% by 2050. Coronado is well-positioned to benefit from this growth, with its long-life assets and significant presence in the Indian export market.