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PRE-MKT · 04:35 ET
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Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CODQL

Coronado Global Resources Inc.
OTC · ENERGY · SILVER ORES
0.12
+0.00 +0.00%
USD · close Oct 23
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Work order
51
WATCH · shorts 51
Insiders, 90 days
0
no open-market filings in 90 days
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Big money
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0
nobody we score has called it yet
MKT CAP $19.3MP/E —DIV YIELD —FCF YIELD -1779.13%REV TTM $2B −3.3%NET INCOME −$677.7MNET DEBT $522.8M52W 0.12 – 0.35SEC XBRL · TTM TO Invalid Date

How CODQL rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
45%
of sentences unchanged
Added
204
new sentences
Dropped
219
sentences removed
Length
−441
words, now 20,438

New in FY2025

  • Some of these principal risk factors include: • Concerns about the environmental impacts of coal combustion, including possible impacts on global climate issues, are resulting in increased regulation of coal combustion and coal mining in many jurisdictions, which could adversely impact our financial condition or results of operations; • We face risks from both the global transition to a net-zero emissions economy and the potential physical impacts of climate change; • Our business may be materially and adversely affected by the impact on the global economy due to, among other events, significant geopolitical tensions, including ongoing civil unrest or wars, or pandemics ; • Our profitability depends upon the prices we receive for our coal.
  • Prices for coal are volatile and can fluctuate widely based upon a number of factors beyond our control; • Demand for our Met coal is significantly dependent on the steel industry; • We face increasing competition, which could adversely affect our profitability; • Evolving tariffs, regulations and other restrictions on international trade may impact our ability to access international markets and impact our ability to plan for future investments, which could adversely affect our financial condition and results of operations; • If transportation for our coal becomes unavailable or uneconomical for our customers, our ability to sell coal could suffer; • Take-or-pay arrangements within the coal industry could unfavorably affect our profitability; • A decrease in the availability or increase in costs of key supplies, capital equipment, commodities and purchased components, such as diesel fuel, steel, explosives and tires, could materially and adversely affect our financial condition and results of operations; • Defects in title or loss of any leasehold interests in our properties could limit our ability to mine these properties or result in significant unanticipated costs; • A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity ; • Risks inherent to mining operations could impact the amount of coal produced, cause delays in or suspension of coal deliveries, or increase the cost of operating our business; • Our long-term success depends upon our ability to continue discovering, or acquiring and developing assets containing, coal reserves that are economically recoverable ; • We rely on estimates of our recoverable resources and reserves, which are complex due to geological characteristics of the properties and the number of assumptions made ; • Our profitability could be affected adversely by the failure of suppliers and/or outside contractors to perform; • Our inability to replace or repair damaged or destroyed equipment or facilities in a timely manner could materially and adversely affect our financial condition and results of operations; • Our ability to operate effectively could be impaired if we lose key personnel or fail to attract qualified personnel; • We may not have adequate insurance coverage for some business risks; • Cybersecurity incidents, attacks and other similar crises or disruptions could interrupt or disrupt our information technology systems, or those of our third-party business partners, which could, among other things, negatively affect our business, financial condition and results of operations; 2025 • The loss of, or significant reduction in, purchases by our largest customers could adversely affect our revenues; • Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely affect our cost of financing and the market price of our securities; • Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our business, which could prevent us from fulfilling our obligations under our senior secured notes the ABL Facility and other debt, and we may be forced to take other actions to satisfy our obligations under our debt, which may not be successful; • We adjust our capital structure from time to time and may need to increase our debt leverage, which would make us more sensitive to the effects of economic downturns; • Our business requires substantial ongoing capital expenditures, and we may not have access to the capital required to reach full productive capacity at our mines; • Risks related to our investment in WICET may adversely affect our financial condition and results of operations; • Restrictions and limitations related to our coal supply agreements with Stanwell may adversely impact our strategy, financial condition, results of operations and business; • We could be adversely affected if we fail to appropriately provide financial assurances for our obligations; • Mine closures entail substantial costs.
  • Global concerns about climate change continue to attract considerable attention, particularly in relation to the coal industry.
  • There are three primary sources of GHGs associated with the coal industry: (i) the combustion of coal by our customers in coal-fired electricity generation, coke plants, and steelmaking; (ii) combustion of fuel by equipment used in coal production and to transport our coal to our customers; and (iii) coal mining itself, which can release methane, a more potent GHG than carbon dioxide, directly into the atmosphere.
  • For Example, in accordance with the Australian Federal Government’s Safeguard Mechanism, Curragh has a production-adjusted (intensity) baseline for covered emissions (Scope 1). 2025 In early 2025, the Curragh Complex entered into a five-year monitoring period , or MYMP.
  • The MYMP allows the Curragh complex, given the challenges for abatement within the industry, to implement projects that progressively reduce its emissions, achieving compliance with the Safeguard baseline.
  • By the end of the MYMP, Curragh is required to have taken action to keep its net Scope 1 emissions at or below the baseline through emissions reduction projects or by, for example, purchasing and surrendering Safeguard Mechanism Credits (SMCs) or Australian Carbon Credit Units (ACCUs), or face enforcement measures.
  • The potential financial impact on us of such future legislation or regulations will depend upon the degree to which any such legislation or regulations impose costs on us or our customers, or cause our customers to diminish their reliance on coal.
  • Collectively, these initiatives and developments could result in higher costs to us or our customers or lower the demand for coal, which could adversely impact our business.
  • We have experienced, and may in the future experience, negative effects on our results of operations due to the following specific risks: electricity generators or steelmakers switching from coal to alternative fuels, when feasible; increased costs associated with regulatory compliance; unfavorable impact of regulatory compliance on supply and demand fundamentals, such as limitations on financing or construction of new mining operations; unfavorable costs of capital and access to financial markets and products due to the policies of financial institutions; disruption to operations or markets due to anti-coal activism and litigation; and reputational damage associated with involvement in GHG emissions.
  • We and our customers may also have to invest in carbon-capture, usage and storage technologies in order to mine or burn coal and comply with future GHG emission standards.
  • “Business—Regulatory Matters—Australia” and “Business—Regulatory Matters—United States.” With respect to the potential or actual physical impacts of climate change, we have experienced, or may in the future experience, negative effects on our results of operations due to the following specific risks: disruptions to production and transportation, including as a result of extreme wet weather events; disruption to water supplies vital to mining operations; and damage to our, our customers’ or our suppliers’ equipment, or third-party infrastructure, resulting from adverse weather conditions or changes in environmental trends and conditions.
  • Such risks from both the global transition to a net-zero emissions economy and the potential physical impacts of climate change could result in adverse impacts on our financial condition or results of operations.
  • In times of drought and/or shortage of available water, our operations and production, particularly at Curragh, could be negatively impacted if the regulators impose restrictions on our water offtake licenses that are required for water used in the CPPs.
  • Water allocations made under this legislation are managed by operators, such as SunWater Ltd, who administer their supply through designated schemes. 2025 For our Curragh Mine, we have secured the required water allocations from SunWater Ltd and formalised delivery arrangements through infrastructure agreements, including channel, pipeline, and river supply agreements.
  • Geopolitical tensions, including ongoing civil unrest and wars, and global pandemics or widespread public health concerns can have a significant impact on global markets, including influencing both the supply of and demand for coal we sell into the export market and the cost or availability of supplies we consume in producing our coal.
  • In addition, international, federal, state and local public health and governmental authorities’ mandates in response to global pandemics could require forced shutdowns of our mines and other facilities in Australia and the U.S. for extended periods, and the implementation of social distancing protocols and restrictions on traveling overseas or across borders (including interstate), affecting a number of our normal business practices and operations.
  • The extent and duration of such conflicts or pandemics could lead to market disruptions, including significant volatility in commodity prices, such as the prices of the coal we sell and diesel fuel we purchase, instability in the financial markets, higher inflation, supply chain interruptions, political and social instability, as well as an increase in cyberattacks and espionage.
  • Expectations regarding future prices for coal depend upon many factors beyond our control, including the following: • the current market price of coal; • overall domestic and global economic conditions, including inflationary conditions and the supply of and demand for domestic and foreign coal, coke and steel; • the consumption pattern of industrial consumers, electricity generators and residential users; 2025 • adverse weather conditions in our markets that affect our ability to produce Met coal or affect the demand for thermal coal; • competition from other coal suppliers; • technological advances affecting the steel production process and/or energy consumption; • the costs, availability and capacity of transportation infrastructure; and • the impact of domestic and foreign governmental policy, laws and regulations, including the imposition of and changes in tariffs, environmental and climate change regulations and other regulations affecting the coal mining industry, including regulations and measures introduced in response to global pandemics.
  • There are no assurances that an oversupply of coal will not occur, that demand will not decrease or that overcapacity will not occur, which could cause declines in the prices of coal, which could have a material adverse effect on our financial condition and results of operations.
  • The majority of the coal that we produce is Met coal that is sold, directly or indirectly, to steel producers and is used in blast furnaces for steel production.
  • Met coal, specifically high-quality HCC and low-volatile PCI, which is produced at most of our assets, has specific physical and chemical properties, which are necessary for efficient blast furnace operation.
  • The steel industry’s demand for Met coal is influenced by a number of factors, including: the cyclical nature of the steel industry’s business; general economic and regulatory conditions and demand for steel; and the availability, cost and preference for substitutes for steel, such as aluminum, composites and plastics, all of which may impact the demand for steel products.
  • Similarly, if new steelmaking technologies or practices are developed that allow other products to be substituted for Met coal in the integrated steel mill process, then demand for Met coal would be expected to decrease.
  • Although conventional blast furnace technology has been the most economic large-scale steel production technology for a number of years, there can be no assurance that over the longer term, competitive technologies not reliant on Met coal would not emerge, which could reduce the demand and price premiums for Met coal.
  • For example, an alternative steelmaking process utilizing electric arc furnaces does not use coal as a manufacturing input and accounted for 29.1% of steel production in 2024.
  • We face increasing competition, which could adversely affect our profitability.
  • In addition, some of our competitors may have more production capacity as well as greater financial, marketing and distribution resources, among other resources, than we do and may be subject to less stringent environmental and other regulations than we are. 2025 The ongoing consolidation of the global Met coal industry has contributed to increased competition, and our competitive position may be adversely impacted by further consolidation among market participants or by competitors exiting bankruptcy proceedings under a lower cost structure.
  • Evolving tariffs, regulations and other restrictions on international trade may impact our ability to access international markets and impact our ability to plan for future investments, which could adversely affect our financial condition and results of operations.
  • There can be no guarantee that additional tariffs, import quota restrictions, bans or other trade barriers will not be imposed (whether as a result of geopolitical tensions or for other reasons) on our products or on steel.
  • Future tariffs or changes in tariffs could also further reduce imports of steel and increase U.S.
  • We have taken actions to address the impact of evolving trade policies and will continue to monitor evolving trade negotiations to determine if additional measures are warranted, although these actions may not be successful.
  • We cannot determine the impact, if any, that such restrictions and tariffs may have on demand for our Met coal.
  • Our coal is transported to customers by a combination of road, rail, barge and ship. 2025 Typically, we sell coal at the mine gate and/or loaded into vessels at the port.
  • While ordinarily our coal customers arrange and pay for transportation of coal from the mine or port to the point of use, we have entered into arrangements with third parties to gain access to transportation infrastructure and services where required, including trucking companies, rail carriers and port owners.
  • Transportation costs may increase, and we may not be able to pass on the cost increases to our customers.
  • Such disruptions to transportation services may include, among others: • disruptions due to weather-related problems; • key equipment or infrastructure failures; • industrial action; • rail or port capacity congestion or constraints; • commercial disputes; • failure to obtain consents from third parties for access to rail or land, or access being revoked or not granted by regulatory authorities; • changes in applicable regulations; • failure or delay in the construction of new rail or port capacity; and • terrorist attacks, natural disasters, the impact from global pandemics, government shutdowns or other events.
  • Our Australian Operations generally contract port and rail capacity via long-term take-or-pay contracts, currently with Aurizon Operations and Pacific National Pty Ltd, for transport to and export from the Port of Gladstone via two main port terminals, RGTCT and WICET.
  • Although the majority of our take-or-pay arrangements provide security over minimum port and rail infrastructure availability, unused port or rail capacity can arise as a result of varying unforeseen circumstances, including insufficient production from a given mine, a mismatch between the timing of required port and rail capacity for a mine, or an inability to transfer the unused capacity due to contractual limitations, such as required consent of the provider of the port or rail services, or because the coal must emanate from specified source mines or be loaded onto trains at specified load points.
  • “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a summary of our expected future obligations under take -or-pay arrangements as of December 31, 2025. 2025 A decrease in the availability or increase in costs of key supplies, capital equipment, commodities and purchased components, such as diesel fuel, steel, explosives and tires, could materially and adversely affect our financial condition and results of operations.

and 164 more.

Gone since FY2024

  • Some of these principal risk factors include: • Concerns about the environmental impacts of coal combustion, including possible impacts on global climate issues, are resulting in increased regulation of coal combustion and coal mining in many jurisdictions, which could adversely impact our financial condition or results of operations; • We are subject to risks from both the global transition to a net-zero emissions economy and the potential physical impacts of climate change; • Our business may be materially and adversely affected by the impact on the global economy due to, among other events, significant geopolitical tensions, including ongoing civil unrest or wars, or pandemics ; • Our profitability depends upon the prices we receive for our coal.
  • Prices for coal are volatile and can fluctuate widely based upon a number of factors beyond our control ; • Demand for our Met coal is significantly dependent on the steel industry; • We face increasing competition, which could adversely affect profitability; • Evolving tariffs, regulations and other restrictions on international trade may impact our ability to access international markets and impact our ability to plan for future investments; • If transportation for our coal becomes unavailable or uneconomical for our customers, our ability to sell coal could suffer; • Take-or-pay arrangements within the coal industry could unfavorably affect our profitability ; • A decrease in the availability or increase in costs of key supplies, capital equipment, commodities and purchased components, such as diesel fuel, steel, explosives and tires could materially and adversely affect our financial condition and results of operations ; • Defects in title or loss of any leasehold interests in our properties could limit our ability to mine these properties or result in significant unanticipated costs; • A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity ; • Risks inherent to mining operations could impact the amount of coal produced, cause delay or suspend coal deliveries, or increase the cost of operating our business; • Our long-term success depends upon our ability to continue discovering, or acquiring and developing assets containing, coal reserves that are economically recoverable ; • We rely on estimates of our recoverable resources and reserves, which are complex due to geological characteristics of the properties and the number of assumptions made ; • Our profitability could be affected adversely by the failure of suppliers and/or outside contractors to perform; • Our inability to replace or repair damaged or destroyed equipment or facilities in a timely manner could materially and adversely affect our financial condition and results of operations; • Our ability to operate effectively could be impaired if we lose key personnel or fail to attract qualified personnel; • We may not have adequate insurance coverage for some business risks ; • Cybersecurity incidents, attacks and other similar crises or disruptions could interrupt or disrupt our information technology systems, or those of our third-party business partners, which could, among other things, negatively affect our business, financial condition and results of operations; 2024 • The loss of, or significant reduction in, purchases by our largest customers could adversely affect our revenues; • Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our businesses, which could prevent us from fulfilling our obligations under our senior secured notes, senior secured asset-based revolving credit agreement in an initial aggregate principal amount of $150.0 million, or the ABL Facility, and other debt, and we may be forced to take other actions to satisfy our obligations under our debt, which may not be successful; • We adjust our capital structure from time to time and may need to increase our debt leverage, which would make us more sensitive to the effects of economic downturns; • Our business may require substantial ongoing capital expenditures, and we may not have access to the capital required to reach full productive capacity at our mines; • Risks related to our investment in WICET may adversely affect our financial condition and results of operations; • Risks related to the Supply Deed with Stanwell may adversely affect our financial condition and results of operations; • We could be adversely affected if we fail to appropriately provide financial assurances for our obligations; • Mine closures entail substantial costs.
  • Global concerns about climate change continues to attract considerable attention, particularly in relation to the coal industry.
  • There are three primary sources of GHGs associated with the coal industry.
  • First, the end use of our coal by our customers in coal-fired electricity generation, coke plants, and steelmaking.
  • Second, combustion of fuel by equipment used in coal production and to transport our coal to our customers.
  • Third, coal mining itself can release methane, which is considered to be a more potent GHG than carbon dioxide, directly into the atmosphere.
  • The Australian Federal Government ’s Safeguard Mechanism is a legislative framework to incentivize emissions reductions, through declining emissions limits, called baselines, predictably and gradually on a trajectory consistent with achieving the Government’s emissions reduction target of 43% below 2005 levels by 2030 and net zero by 2050.
  • The legislative framework includes credits to provide an incentive to companies to go below their baselines. 2024 The Australian Federal Government’s Safeguard Mechanism applies to industrial facilities emitting more than 100,000 tons of carbon dioxide equivalent per year, including in electricity, mining, oil and gas production, manufacturing, transport and waste facilities.
  • In accordance with the Safeguard Mechanism, Curragh has established a production-adjusted (intensity) baseline for covered emissions (Scope 1).
  • The Currah emissions intensity determination, or EID, has been calculated and approved by the Clean Energy Regulator as EID = 0.0482 tCO2e - per ROM Mt.
  • The EID adjusts over time with 4.9% reduction and change to an industry specific intensity factor (0.653 tCO2e- per ROM Mt) year on year.
  • The Company has submitted an application for a multi-year monitoring period.
  • Curragh will be required to take action to keep its net Scope emissions at or below the baseline through emissions reduction, by for example, purchasing SMCs from another facility, captured by the Safeguard Mechanism, purchasing and surrendering ACCUs, or face enforcement measures.
  • At present, we are principally focused on Met coal production, which is not used in connection with the production of coal-fired electricity generation.
  • The potential financial impact on us of such future legislation or regulations will depend upon the degree to which any such legislation or regulations force us or our customers to diminish reliance on coal.
  • Collectively, these initiatives and developments could result in higher electricity costs to us or our customers or lower the demand for coal used in electricity generation, which could adversely impact our business.
  • We have experienced, and may in the future experience, negative effects on its results of operations due to the following specific risks as a result of such factors: electricity generators switching from coal to alternative fuels, when feasible; increased costs associated with regulatory compliance; unfavorable impact of regulatory compliance on supply and demand fundamentals, such as limitations on financing or construction of new mining operations; unfavorable costs of capital and access to financial markets and products due to the policies of financial institutions; disruption to operations or markets due to anti-coal activism and litigation; and reputational damage associated with involvement in GHG emissions.
  • We and our customers may also have to invest in carbon-capture, usage and storage technologies in order to burn thermal coal and comply with future GHG emission standards.
  • “Business—Regulatory Matters—Australia” and “Business—Regulatory Matters—United States.” With respect to the potential or actual physical impacts of climate change, we have experienced, or may in the future experience, negative effects on our results of operations due to the following specific risks as a result of such factors: disruptions to production and transportation, including as a result of extreme wet weather events; disruption to water supplies vital to mining operations; and damage to our, our customers’ or our suppliers’ equipment, or third-party infrastructure, resulting from adverse weather conditions or changes in environmental trends and conditions.
  • Such risks from both the global transition to a net-zero emissions economy and the potential physical impacts of climate change could result in adverse impacts on our financial condition or results of operations. 2024 In times of drought and/or shortage of available water, our operations and production, particularly at Curragh, could be negatively impacted if the regulators impose restrictions on our water offtake licenses that are required for water used in the CPPs.
  • Water allocations made under this legislation are managed by operators, such as SunWater Ltd, who administer their supply through designated schemes.
  • For our Curragh Mine, we have secured the required water allocations from SunWater Ltd and formalised delivery arrangements through infrastructure agreements, including channel, pipeline, and river supply agreements.
  • Geopolitical tensions, including ongoing civil unrest and wars, and global pandemics or widespread public health concerns can have a significant impact on global markets, including influencing both the supply and demand of coal we sell into the export market and the cost or availability of supplies we consume in producing our coal.
  • In addition, international, federal, state and local public health and governmental authorities’ mandates in response to global pandemics could require forced shutdowns of our mines and other facilities in Australia and the U.S. for extended periods, restrict movement and the implementation of social distancing protocols and restrict travelling overseas or across borders (including interstate), affecting a number of our normal business practices and operations.
  • The extent and duration of such conflicts or pandemics could lead to market disruptions, including significant volatility in commodity prices, such as the coal we sell and diesel fuel we purchase, instability in the financial markets, higher inflation, supply chain interruptions, political and social instability as well as an increase in cyberattacks and espionage.
  • The expectation of future prices for coal depends upon many factors beyond our control, including the following: • the current market price of coal; 2024 • overall domestic and global economic conditions, including inflationary conditions and the supply of and demand for domestic and foreign coal, coke and steel; • the consumption pattern of industrial consumers, electricity generators and residential users; • adverse weather conditions in our markets that affect our ability to produce Met coal or affect the demand for thermal coal; • competition from other coal suppliers; • technological advances affecting the steel production process and/or energy consumption; • the costs, availability and capacity of transportation infrastructure; and • the impact of domestic and foreign governmental policy, laws and regulations, including the imposition of tariffs, environmental and climate change regulations and other regulations affecting the coal mining industry, including regulations and measures introduced in response to global pandemics.
  • There are no assurances that oversupply will not occur, that demand will not decrease or that overcapacity will not occur, which could cause declines in the prices of coal, which could have a material adverse effect on our financial condition and results of operations.
  • The majority of the coal that we produce is Met coal that is sold, directly or indirectly, to steel producers and is used in BFs for steel production.
  • Met coal, specifically high-quality HCC and low-volatile PCI, which is produced at most of our assets, has specific physical and chemical properties, which are necessary for efficient BF operation.
  • The steel industry’s demand for Met coal is influenced by a number of factors, including: the cyclical nature of that industry’s business; general economic and regulatory conditions and demand for steel; and the availability, cost and preference for substitutes for steel, such as aluminum, composites and plastics, all of which may impact the demand for steel products.
  • Similarly, if new steelmaking technologies or practices are developed that can be substituted for Met coal in the integrated steel mill process, then demand for Met coal would be expected to decrease.
  • Although conventional BF technology has been the most economic large-scale steel production technology for a number of years, there can be no assurance that over the longer term, competitive technologies not reliant on Met coal would not emerge, which could reduce the demand and price premiums for Met coal.
  • For example, an alternative steelmaking process utilizing electric arc furnaces does not use coal as a manufacturing input and accounted for 28.6% of steel production in 2023.
  • We face increasing competition, which could adversely affect profitability.
  • In addition, some of our competitors may have more production capacity as well as greater financial, marketing, distribution and other resources than we do and may be subject to less stringent environmental and other regulations than we are. 2024 The ongoing consolidation of the global Met coal industry has contributed to increased competition, and our competitive position may be adversely impacted by further consolidation among market participants or by further competitors entering into and exiting bankruptcy proceedings under a lower cost structure.
  • Evolving tariffs, regulations and other restrictions on international trade may impact our ability to access international markets and impact our ability to plan for future investments.
  • There can be no guarantee that additional tariffs, import quota restrictions, bans or other trade barriers will not be imposed (whether as a result of geopolitical tensions or for other reasons) for our products.
  • Future tariffs could also further reduce imports of steel and increase U.S.
  • We cannot ascertain the impact, if any, that such restrictions and tariffs may have on demand for our Met coal.

and 179 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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