Coronado Global Resources Inc.

Reported first-half and quarterly figures included saleable production up approximately 39% from Q1 to Q2, adjusted EBITDA up approximately $96 million quarter-on-quarter, and Q2 mining cash costs of USD 98 per tonne produced. Management said the same quarter last year FX would have implied USD 91 per tonne, around 7% below prior year, and first-half unit costs were around 13% above the prior corresponding period with adjusted EBITDA USD 9 million weaker. Free cash flow improved by $70 million year-over-year, from an outflow of USD 159 million to an outflow of USD 89 million. Cash at 30 June was $98 million, and pro forma liquidity rises to $133 million with up to $75 million of Glencore prepayments at 14% interest. Full-year production guidance is 16 million to 17 million tonnes of product tonnes including met and thermal; management said mining should be close to what is needed to produce 16 million tonnes, but saleable production may end below that as inventory is built and thermal is not pushed just to meet tonnage.

Barrie Van Der Merwe framed the call as a medium- to long-term value story centered on met coal scarcity, long-life assets, and Coronado’s ability to benefit when the market tightens. He emphasized that Buchanan is a stable, through-cycle cash generator while Curragh is the main opportunity, and said the reset program is meant to improve Curragh across mining, plant, inventory, and commercial arrangements. His tone was confident but disciplined: he repeatedly stressed that the company will prioritize margin, cash flow, and operational readiness over maximizing short-term tonnage.

Sandeep Deoji said the June quarter showed materially better execution, with Q2 saleable production up about 39% sequentially and adjusted EBITDA up about $96 million quarter-on-quarter. He highlighted Q2 mining cash costs of USD 98 per tonne produced, noting that FX added about $29 million to reported costs and that at last year’s exchange rate costs would have been USD 91 per tonne. He also pointed to improved free cash flow, from an outflow of USD 159 million to USD 89 million, the end of the Logan drag, cash of $98 million at half-year, and pro forma liquidity of $133 million after the Glencore prepayment. He said liquidity is the #1 priority, with capital allocation unchanged: liquidity first, then deleveraging, then growth and shareholder returns.

Analysts focused on the Glencore prepayment, asking how it ranks, why it was needed, and whether there were cheaper funding options. Management said the facility is unsecured, sits just above equity, carries 14% interest because it is unsecured, and was taken mainly to provide a liquidity buffer and fund inventory build for a more stable reset. Questions on Mammoth centered on the fatality’s impact and the pace of the ramp-up; management said progress is slower than hoped, target run rates are being worked toward, and full-year output will likely fall short of the original 2 million tonne target, with phase 2 and 3 on pause for now.