Company coverage / CRN.ASX Valuation date 16 Oct 2026
CR

Coronado Global Resources Inc.

CRN.AX · USA · 2 operating models

Reference price A$0.16
Market cap US$177m
Realised US$192/t
Producer
Valuation case 2026-10-16
Market cap01
US$177m

US$0.1054 × 1,676.5m diluted shares

2026E FCF yield02
-75.5%

Coverage average 4.4%

Company P / NAV Market cap ÷ equity NAV: project NPV less corporate G&A and non-debt claims, plus cash less debt, on today's shares.03
N/A

Risked NAV · US$2m

Asset P / NAV 1.13× Enterprise value ÷ attributable project NPV. Excludes corporate G&A, cash, debt and financing, so it compares across peers.

Includes US$746m deduction for non-debt claims.

Unrisked N/A

NAV / share04
US$0

Risked NAV / diluted share

Unrisked US$0 / share

2026E EV / EBITDA05
5.51×

Enterprise value US$1,529m

Accounting EBITDA US$278m

EV / reserve t06
US$5.4/t

283 Mt attributable saleable reserves

Model notes
Valuation & risk
Current share priceUS$0.11
Risked NAV / shareUS$0
Unrisked NAV / shareUS$0
Risk charge / shareUS$0
NAV retained after risk 100%
US$0m risk charge
Risked NAV US$2m Risk charge US$0m
Market-implied rate5.2%Spot EV reconciled to model NAV
Unrisked DCFUS$2mBase discount rate
Risked DCFUS$2mCountry + permitting in rate
Risk costUS$0m0% of unrisked NAV

Investment case

Spot case
01

Valuation gap

P/NAV is N/A: risked NAV is negative or under a quarter of market cap, -99.1% to the modeled per-share value.

US$0
02

Portfolio concentration

Buchanan Mine Complex is the largest modeled value driver at 100% of positive project NAV.

100%
03

Risk cost

Jurisdiction, permitting and project risk reduce unrisked value by US$0m before the equity bridge.

0%

Price versus modeled value

Market
US$0.11
US$0 US$3.57
Current share priceUS$0.11
Risked NAV / shareUS$0
Unrisked NAV / shareUS$0
Risk charge / share US$0

Production and sustaining FCF

Sustaining free cash flow after tax and production, both at the company's ownership share.

First positive2030
Peak modeledUS$111m
$0
−US$133m
2026 12 Mt
−US$84m
2027 12 Mt
−US$113m
2028 13 Mt
−US$17m
2029 13 Mt
US$67m
2030 12 Mt
US$62m
2031 13 Mt
US$52m
2032 12 Mt
US$101m
2033 12 Mt
US$104m
2034 12 Mt

13 Mt peak attributable production

-75.5% 2026E FCF yield

US$606m net debt entering the model

Cash flow statement

Attributable to Coronado Global Resources Inc. shareholders. Each mine is modeled at 100%, including royalties and taxes, then included at the company's ownership share, so minority and government interests are already excluded.

10 years Risked basis
Spot scenario
2026–2035
USD millions, except percentages and per-unit dataFY26202720282029203020312032203320342035
12.412.512.612.812.412.712.511.811.811.8
US$2,377mUS$2,397mUS$2,416mUS$2,454mUS$2,377mUS$2,435mUS$2,397mUS$2,278mUS$2,278mUS$2,278m
US$1,851mUS$1,865mUS$1,879mUS$1,908mUS$1,851mUS$1,894mUS$1,865mUS$1,777mUS$1,777mUS$1,777m
US$219mUS$219mUS$219mUS$219mUS$219mUS$219mUS$219mUS$219mUS$219mUS$219m
AISC (US$/t)
179.5177180.9181.1184.4183.6183.8179.5179.3179.3
G&A
US$30mUS$30mUS$30mUS$30mUS$30mUS$30mUS$30mUS$30mUS$30mUS$30m
US$278mUS$283mUS$288mUS$297mUS$278mUS$293mUS$283mUS$252mUS$252mUS$252m
Depreciation & depletion
US$9mUS$16mUS$28mUS$42mUS$56mUS$75mUS$92mUS$100mUS$113mUS$127m
US$269mUS$266mUS$260mUS$256mUS$222mUS$218mUS$191mUS$152mUS$139mUS$124m
Interest expense
US$66mUS$47mUS$29mUS$11mUS$0mUS$0mUS$0mUS$0mUS$0mUS$0m
US$203mUS$219mUS$230mUS$245mUS$222mUS$218mUS$191mUS$152mUS$139mUS$124m
US$80mUS$79mUS$77mUS$76mUS$66mUS$65mUS$57mUS$47mUS$43mUS$39m
US$123mUS$140mUS$153mUS$169mUS$155mUS$153mUS$133mUS$105mUS$95mUS$85m
US$150mUS$123mUS$175mUS$186mUS$211mUS$213mUS$207mUS$132mUS$128mUS$128m
Growth capex
US$0mUS$0mUS$0mUS$0mUS$0mUS$0mUS$0mUS$0mUS$0mUS$0m
−US$133m−US$84m−US$113m−US$17mUS$67mUS$62mUS$52mUS$101mUS$104mUS$104m
-75.5%-47.3%-63.7%-9.4%37.7%34.8%29.3%56.9%58.7%58.6%
−US$56m−US$78m−US$99m−US$14mUS$51mUS$44mUS$35mUS$63mUS$61mUS$57m
Cash
−US$42m−US$321m−US$629m−US$763m−US$696m−US$635m−US$583m−US$482m−US$379m−US$275m
EV
US$839mUS$923mUS$1,036mUS$1,052mUS$986mUS$924mUS$872mUS$772mUS$668mUS$564m
Yield denominators: market cap US$177m, EV = market cap plus US$606m net debt plus US$746m non-debt claims. Asset level rows are model mine-plan values and may not sum exactly to the consolidated line. Tax shield rows are reference-only breakdowns already reflected in cash taxes, not additional cash inflows. Changes in receivables, inventory and payables are not separately modeled in this waterfall.
Spending details
G&A · annual US$m30.22
Exploration · annual US$m0
Of which drilling · annual US$m0
All-in drilling cost · US$/m—

All-in cost per metre needs a disclosed cost or matching spend and metres for the same program and period.

NAV by asset

US$1,354m total

Mines, 2026 attributable

Metric tonnes; US$/t. Cash cost includes rail and port where reported FOB.

MineProductOwnSaleable MtCash costRoyaltySustainingMarginReserves MtLife toNPV US$m
Buchanan Mine ComplexLow-vol hard coking coal and PCI100%4.7$143$0$12$3780.020431,608
Curragh Mine ComplexLow-ash semi-hard and hard coking coal and PCI (thermal by-product credited in cost)100%7.7$154$29$12−$2203.02043(254)
Total12.4$150$12$131,354

Benchmark to realised price, 2026

Spot case · US$ per metric tonne.

MineBenchmarkIndexRealisedRealised %Quality / basis
Buchanan Mine ComplexPLV HCC$271$19271%6.0% ash · 0.70% S · 20.0% VM · Latest quarter met realisation relative to PLV
Curragh Mine ComplexPLV HCC$271$19271%11.0% ash · 0.50% S · 19.5% VM · Latest quarter met realisation relative to PLV
Company$271$19271%

Production

Spot case

Attributable production by mine

Spot case

AISC by mine

Life-of-mine average · excludes corporate G&A

2 covered assets

Attributable economics on the spot case.

Project NAV US$1,608m
01
Buchanan Mine Complex USA · Production · 100% owned
→
Attr. NAVUS$1,608m
NAV share100%
AISC 155 US$/t
02
Curragh Mine Complex Australia · Production · 100% owned
→
Attr. NAV−US$254m
NAV share-15.8%
AISC 195 US$/t