• Mammoth Underground Mine delivered first coal on time and budget
• Buchanan expansion remains on schedule
• Improved operational performance and cost reduction in Australia

Coronado officially opened the Mammoth Underground Mine in December 2024, a major milestone in delivering the company's growth portfolio. The mine was delivered on time and to budget, and Coronado expects to ramp up production throughout 2025 as new panels are commissioned. During the quarter, the priority remained on building coal inventory, lowering the cost base by removing equipment from the Curragh Complex, and increasing productivity of the dragline system. Coronado ended the year with 0.6 Mt of ROM inventory, which would have resulted in Saleable production of ~15.8 Mt for the year if processed. The Buchanan expansion project also continued as planned, with underground steel and major component installation progressing on the second set of skips. The company's Australian operations saw improved performance, with ROM production up 29.1% and Saleable production up 12.9% compared to the previous quarter. Coronado's focus for 2025 remains on driving operational improvements and further reducing costs through ongoing productivity enhancements and the development of its organic growth pipeline.

Coronado expects the Mammoth Underground Mine to deliver an incremental Saleable production of 1.5 - 2.0 Mtpa in its first phase.

Coronado expects a rebound in steel production and consumption in seaborne markets outside of China in 2025, driven by increased industrial activity and ongoing trade measures. In the USA, the company expects a significant boost in steel demand in 2025, fuelled by an improving economic outlook and policies encouraging reshoring and investment in steel-intensive manufacturing.