• Structural business reset targeting cash flow improvement started
• Buchanan more than doubled EBITDA to US$30M vs Q4 2025
• No Stanwell rebate payable, with US$26M received under revised arrangements

Coronado Global Resources reported its Q1 2026 quarterly activities, with the company's Interim CEO Gerry Spindler commenting on the business entering 2026 with higher leverage following its recent expansion program. The company commenced a structural operational and commercial reset during the quarter, involving restructuring mine plans, improved productivity, and modified contractor arrangements to strengthen performance. At Curragh, strong overburden removal strengthened coal recovery capability, increasing pit inventories expected to improve coal availability for the remainder of the year. At Buchanan, the operation successfully covered recent capital improvements, delivering solid production performance and more than doubled EBITDA compared to Q4 2025, despite two longwall moves in the quarter. The reset of the Stanwell thermal arrangements also significantly strengthened Coronado's underlying cash generation profile and liquidity position. Q1 production outcomes reflected normal early-year phasing across the sector, with operational run-rates and unit cost performance expected to increase through Q2 and the second half. The company maintains a positive medium-term outlook for the metallurgical coal market, with supply rationalisation in both Australia and the U.S. likely to support prices across the met coal market. Coronado's diversified portfolio with low-cost, PLV-linked production in both regions remains well positioned to benefit from favourable pricing for higher-quality met coal products.

Coronado expects progressively stronger cash generation and balance sheet improvement over the remainder of FY26, supported by forward pricing around US$230/t for PLV HCC FOB AUS Index Prices into mid-2026, improving operational execution, higher production rates, and structural operational and commercial resets.

Coronado maintains a positive medium-term outlook for the metallurgical coal market, with supply rationalisation in both Australia and the U.S. likely to support prices across the met coal market. The company's diversified portfolio with low-cost, PLV-linked production in both regions remains well positioned to benefit from favourable pricing for higher-quality met coal products.