September 8, 2026 - Coronado Global Resources reported improved operating performance during the first half of 2026, with revenue rising 7% and earnings strengthening as higher output and cost-improvement efforts supported results at its metallurgical coal operations in the United States and Australia.

The company generated H1 2026 revenue of $981.3 million while maintaining saleable coal production of 7.1 million metric tons. Average mining cash costs were $113.50 per metric ton.

Coronado also recorded an approximately $96 million quarter-over-quarter improvement in EBITDA, supported by stronger production from its Buchanan underground mine in Virginia and Curragh complex in Queensland, Australia, along with benefits from the company's RESET operational improvement program.

The metallurgical coal producer continues to target annual production of between 16 million and 17 million metric tons.

Coronado operates two major metallurgical coal assets: the Curragh mining complex in Queensland and the Buchanan mine in southwestern Virginia. Buchanan produces high-quality metallurgical coal used primarily in steelmaking and provides Coronado with access to U.S. and international markets.

The company has been working to improve production reliability and lower costs through its RESET program as metallurgical coal producers contend with volatile pricing and elevated operating expenses.

Those improvements have become increasingly important as seaborne metallurgical coal prices have fluctuated considerably in recent years. Market conditions have been influenced by Chinese steel production, Australian coal supplies and growing demand from India's steel industry.

Unlike thermal coal, which is primarily burned to generate electricity, metallurgical coal is an essential raw material in conventional blast-furnace steelmaking. As a result, demand is closely tied to global steel production and industrial activity.

Coronado's two operations also produce different grades of metallurgical coal. Curragh's production includes pulverized coal injection and semi-soft coking coal products, while Buchanan is known for its premium high-volatility metallurgical coal.

The company has also taken steps to strengthen its financial position, including securing additional liquidity through a facility with Glencore. The added financial flexibility comes as Coronado works to translate its improving mine performance into stronger and more consistent cash generation.

For the remainder of 2026, attention is expected to remain focused on production at Curragh and Buchanan, further cost reductions from the RESET program and conditions in the international metallurgical coal market.

Buchanan's performance will be particularly important because of the mine's premium coal quality and its position within Coronado's portfolio.

Longer term, metallurgical coal producers face uncertainty as the global steel industry gradually expands electric-arc furnace steelmaking, which can rely heavily on recycled scrap rather than metallurgical coal. However, blast furnaces remain a major component of steelmaking capacity, particularly across Asia, leaving metallurgical coal an important commodity for the global steel industry.

Coronado's first-half results nevertheless point to an operational improvement from earlier periods, with stronger quarterly EBITDA and steady production providing momentum heading into the second half of the year.

Maintaining that progress while lowering costs and generating sustained positive free cash flow will be among the company's key challenges as it works toward its 16 million to 17 million metric ton production objective for 2026.