Coronado Global Resources (CRN) Q3 2025 earnings summary

Executive summary

• Achieved record saleable production since Q1 2021, with a 21% year-over-year increase and 9% rise in sales volumes.

• Mammoth and Buchanan expansion projects are progressing, with Mammoth mine now at 65% of nameplate and three panels operational.

• Sustained unit mining costs below guidance for the second consecutive quarter, with September at $80.1/t.

• Liquidity enhanced through a new strategic partnership and proposed $265 million ABL facility with Stanwell, providing immediate and longer-term support.

• Market conditions for metallurgical coal remain challenging, with subdued pricing impacting earnings.

Financial highlights

• Group ROM production reached 7.4 million tons, up 6% year-over-year; saleable production at 4.5 million tons, up 21%; sales volumes at 4 million tons, up 9%.

• Unit mining cost for Q3 was $89.7/t, with September at $80.1/t, both below guidance.

• Cash capital expenditure was $59 million, $16 million less than the previous quarter; full-year CapEx expected at the bottom end of $230 million guidance.

• Quarter-end cash balance was $172 million, with $16 million undrawn on the ABL facility.

• EBITDA before the Stanwell rebate was $4 million positive.

Outlook and guidance

• Production is expected to continue ramping up in Q4, with expansion projects on track to reach planned run rates by year-end.

• Annualized incremental tonnage of ~3 million tons per annum anticipated from 2026 as projects ramp up.

• CapEx for next quarter expected to be ~$20 million; interest payments to decrease to ~$15 million.

• The Stanwell transaction, once completed, will add ~$165 million to liquidity and could provide up to $250 million in additional cash flow through FY26.

• Coal prices expected to remain supportive due to Indian restocking, Chinese import demand, and supply rationalization.