Overview Key strengths Key risks Strong balance sheet provides flexibility to manage price cyclicality. Private equity ownership constrains our view of the capital structure and creditworthiness. Conservative liquidity policies provide financial buffer. Exposed to highly volatile metallurgical (met) coal prices and cyclical steel end-markets. Long reserve life of high-quality coal assets in low-risk jurisdictions. High portfolio breakeven costs due to fixed obligations. Strong demand from India as well as supply constraints affecting seaborne transport have kept met coal prices above US$250 per dry metric ton (mt). Coronado benefited from stronger prices in fiscal 2023 (year-end Dec. 31), recording an average realized price of US$215.7/mt, down from US$265.8/mt in fiscal 2022, which was a record year. This moderation in realized prices
