• First coal achieved on time and budget for Mammoth Underground Mine
• Second longwall cuts first coal in Buchanan; successful ramp up to steady state
• Buchanan expansion project on track for completion in H1 2025

Coronado Global Resources Inc. (ASX: CRN) has released its full year financial results for the year ended 31 December 2024 (2024). The company achieved solid operational gains in 2024 with improved ROM production performance, which ultimately resulted in its third-highest annual total revenue result. In a year of declining Met Coal prices that fell below long-term averages, Coronado was challenged by sustained inflation, taxes and royalties, unscheduled asset stoppages, and some unforeseen geotechnical events in both Australia and the U.S. However, the company made considerable progress in optimizing its business by improving productivity in Australia and successfully commencing dual longwall production in the U.S. Coronado remained focused on maximizing the potential of its existing assets and cost-out programs while Met Coal prices declined. The company officially opened the Mammoth Underground Mine in December 2024 and held the 'First Coal' ceremony, a major milestone in delivering Coronado's growth portfolio. The Mammoth Underground Mine has been delivered on time and to budget, and Coronado expects to ramp up production throughout 2025. The Buchanan expansion project also remains on schedule. Coronado's emission reduction projects have progressed, with the second VAM unit online at Buchanan in 2024 as planned. The company maintains a strong balance sheet and continues to invest in organic growth plans from available cash.

Coronado anticipates a volume-weighted average price across all grades of Met Coal of approximately $159 per metric tonne (FOR) for 2025. These fixed-price tonnage contracts cover approximately 40% of anticipated U.S. production and 58% of anticipated U.S. mine cash costs in 2025.

Looking ahead to 2025, Coronado expects a rebound in steel production and consumption in seaborne markets outside of China, driven by increased industrial activity and ongoing trade measures. In the U.S., Coronado forecasts a significant boost in steel demand in 2025, fueled by an improving economic outlook and policies encouraging reshoring and investment in steel-intensive manufacturing. Coronado believes it is well positioned to benefit from any rebalance due to the geographic split of its Australian and U.S. operations.