Coronado Global Resources (CRN) Q4 2024 earnings summary

Executive summary

• Achieved strong operational performance in Q4 2024, with group ROM production of 6.9 Mt, saleable production of 4 Mt, and sales volume of 4.1 Mt, up sequentially.

• Mammoth Underground Mine delivered first coal on time and on budget in December 2024, now ramping up and expected to reduce costs and diversify production.

• Buchanan expansion remains on schedule and budget, with commissioning expected in May 2025.

• Safety performance remained strong, with total recordable injury rate of 1.18 and TRIFR/TRIR at 2.22, both below industry averages.

• Completed oversubscribed $400M senior secured notes issuance, strengthening balance sheet and extending debt maturity.

Financial highlights

• Q4 2024 group revenue was $558M; FY2024 revenue was $2,508M, both down year-over-year.

• Group ROM coal production for FY2024 was 26.6 Mt, up 4.5% year-over-year.

• Q4 average mining costs per tonne sold were $90–$97.3, reflecting significant cost reductions.

• Net debt at year-end was $85M, with closing cash of $339–$340M and liquidity of $468M.

• FY2024 capital expenditure totaled $250M, focused on growth and reserve access.

Outlook and guidance

• First half of 2025 expected to be challenging due to weak pricing and ongoing capital projects.

• Mammoth Underground ramp-up to deliver 1.5–2 Mtpa saleable production in phase one, with further expansion possible.

• Cost per ton at Curragh expected to remain below $105 in H1, with further reductions as projects come online.

• Liquidity discipline target raised to $250M as business grows.

• Focus for 2025 remains on operational improvements, cost reduction, and organic growth, especially at Mammoth and Buchanan.