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    George Eadie • UBS

    George Eadie's questions to Warrior Met Coal Inc (HCC) leadership

    George Eadie's questions to Warrior Met Coal Inc (HCC) leadership • Q2 2025

    Question

    George Eadie from UBS Group AG inquired about the current cost profile for the Blue Creek project versus prior guidance and its potential trajectory. He also asked about the strategy for ramping up Blue Creek volumes in a weak price environment and the consequent impact on gross price realization, later following up on the overall cost structure and SG&A spending.

    Answer

    CFO Dale Boyles stated that previous Blue Creek cost guidance was based on a higher price environment and it's too early for a new specific number, but confirmed its positive impact. CEO Walter Scheller added that volume expansion depends on securing contracts, not flooding the spot market. Boyles acknowledged the risk to the 85-90% realization target in the current market, attributing the recent 80% realization to the wide index spread, and noted SG&A guidance accounts for future Blue Creek ramp-up needs.

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    George Eadie's questions to Warrior Met Coal Inc (HCC) leadership • Q1 2025

    Question

    George Eadie of UBS questioned the specifics of the remaining CapEx for the Blue Creek project, the reason for the Q1 working capital build, and the met coal price assumption used for the company's annual guidance.

    Answer

    CFO Dale Boyles and CEO Walter Scheller clarified that remaining CapEx is primarily for final construction labor on the prep plant modules, the overland belt, and the barge loadout. Boyles attributed the working capital build to Blue Creek inventory and expects it to continue in Q2 before reversing as sales commence. He also stated the annual guidance was based on a $200/metric ton met coal price.

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    George Eadie's questions to Coronado Global Resources Inc (CODQL) leadership

    George Eadie's questions to Coronado Global Resources Inc (CODQL) leadership • Q2 2024

    Question

    George Eadie of CLSA inquired about the long-term sustainability of cost reductions at the Curragh mine after removing five contractor fleets and asked for quantification of the expected yield improvements at the Buchanan mine's new Northern District panel.

    Answer

    Managing Director and CEO Douglas Thompson explained that the operational changes at Curragh are designed to create a long-term sustainable stripping ratio geared towards draglines, mitigating the risk of needing to bring back fleets. For Buchanan, he stated the new panel will be ready in Q3 and is expected to deliver a yield improvement of approximately 6%, with a target in the mid-50s percentage range.

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    George Eadie's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2024

    Question

    George Eadie from UBS asked for quantification of elevated stockpiles at Curragh and questioned the impact of increased dragline waste movement on rehandle and potential bottlenecks.

    Answer

    CEO Douglas Thompson declined to provide specific stockpile volumes but confirmed healthy inventories across in-pit, ROM, and product stockpiles. He clarified that the improved dragline productivity (44% of waste vs. 37% previously) is for prime waste movement, resulting from past investments in pit geometry that optimize dragline performance. Thompson stated that rehandle assumptions in the current plan remain the same, though opportunities for improvement exist.

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