#1C CORSA Corsa Coal Corp. Investor Presentation March 2024 309929#2Forward Looking Information and Statements ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF Certain information set forth in this presentation contains "forward-looking statements" and "forward-looking information" (collectively, "forward looking statements") under applicable securities laws. Except for statements of historical fact, certain information contained herein relating to projected sales, coal prices, coal production, mine development, the capacity and recovery of Corsa's preparation plants, expected cash production costs, geological conditions, future capital expenditures and expectations of market demand for coal, constitutes forward-looking statements which include management's assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "estimates", "expects", "anticipates", "believes", "projects", "plans", "capacity", "hope", "forecast", "anticipate", "could" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Corsa's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in coal mine development and production; geological, mining and processing technical problems; inability to obtain required mine licenses, mine permits and regulatory approvals or renewals required in connection with the mining and processing of coal; risks that Corsa's preparation plants will not operate at production capacity during the relevant period, unexpected changes in coal quality and specification; variations in the coal mine or preparation plant recovery rates; dependence on third party coal transportation systems; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; changes in the regulations in respect to the use, mining and processing of coal; changes in regulations on refuse disposal; the effects of competition and pricing pressures in the coal market; the oversupply of, or lack of demand for, coal; inability of management to secure coal sales or third party purchase contracts; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of coal products, including the conflict in Ukraine, employee relations including the loss of key employees and labor stoppages, severe weather conditions, public health crises and government regulations that are implemented to address them; the demand for and availability of rail, port and other transportation services; the ability to purchase third party coal for processing and delivery under purchase agreements; the ability to resolve litigation and similar matters involving the Company and/or its assets; the ability to pay down indebtedness; damage to Corsa's reputation due to the actual or perceived occurrence of any number of events; and management's ability to anticipate and manage the foregoing factors and risks. The forward-looking statements and information contained in this presentation are based on certain assumptions regarding, among other things, future prices for coal; future currency and exchange rates; Corsa's ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; the regulatory framework representing royalties, taxes and environmental matters in the countries in which Corsa conducts business; coal production levels; Corsa's ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand; and Corsa being able to execute its program of operational improvement and initiatives. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. Corsa does not undertake to update any of the forward-looking statements contained in this presentation unless required by law. The statements as to Corsa's capacity to produce coal are no assurance that it will achieve these levels of production or that it will be able to achieve these sales levels. 1#3Additional Information ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF Non-GAAP Financial Measures Management uses realized price per ton sold, cash production cost per ton sold, cash cost per ton sold, cash cost purchased coal per ton sold, cash margin per ton sold, EBITDA and adjusted EBITDA as internal measurements of financial performance for Corsa's mining and processing operations. These measures are not recognized under International Financial Reporting Standards ("GAAP"). Corsa believes that, in addition to the conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use these non-GAAP financial measures to evaluate Corsa's operating and financial performance; however, these non-GAAP financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these non-GAAP financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For definitions of each of the non-GAAP financial measures and a reconciliation of non-GAAP financial measures to GAAP measures, see Corsa's management's discussion and analysis for the three months ended March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and year ended December 31, 2019, December 31, 2020, December 31, 2021, December 31, 2022 and December 31, 2023 (the "MD&A") under the heading "Non-GAAP Financial Measures". The MD&As are available under Corsa's profile on SEDAR at www.sedarplus.ca. Corsa defines adjusted EBITDA as EBITDA adjusted for change in estimate of reclamation and water treatment provision for nonoperating properties, impairment and write-off of mineral properties and advance royalties, gain (loss) on sale of assets and other costs, stock-based compensation, non-cash finance expenses and other non-cash adjustments. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements to assess our performance as compared to the performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure; the ability of our assets to generate sufficient cash flow; and our ability to incur and service debt and fund capital expenditures. Other Matters Unless otherwise noted, all dollar amounts in this presentation are expressed in United States dollars and all ton amounts are short tons (2,000 pounds per ton). Pricing and cost per ton information is expressed on a free-on-board, or FOB, mine site basis, unless otherwise noted. Historically, the Company's business model included a Sales and Trading platform where the Company purchased and then sold coal on a clean or finished goods basis from suppliers outside of the Company's main operating area. This Sales and Trading platform is no longer a part of the Company's business model as of January 1, 2021 and therefore the Company has simplified the reporting of coal purchased and sold and revised the non-GAAP financial measure's description (i.e., cash cost purchased coal per ton sold). This measure is presented separately due to the purchases being derived from market prices and the Company believes that providing a breakdown of the cost of coal that the Company produces provides a meaningful metric to investors as this non-GAAP financial measure is utilized in evaluating the operational effectiveness of the Company's mines. Qualified Person Other than as otherwise described on slide 13, all scientific and technical information contained in this news release has been reviewed and approved by David E. Yingling, Professional Engineer and the Company's mining engineer, who is a qualified person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. 2#4Corsa Coal Overview ➤ Pure play metallurgical coal producer serving domestic and international customers from a strategically advantaged location ➤ Active Operations: 3 deep mines, 3 surface mines, located in PA and MD RS. CORSA TSX-V: CSO | OTCQX: CRSXF ➤ Customers: Integrated steel and coke producers Metallurgical Coal Sales 2023 2022 2021 Company Produced 0.990 million 0.828 million Purchased 0.092 million 0.132 million Total Metallurgical Sales Tons 1.082 million 0.960 million 1.059 million 0.079 million 1.138 million Realized Price per Ton Sold: Short Ton at Preparation Plant $170.32 $158.03 Metric Ton Equivalent FOB Vessel $285-$294 $269-$275 $105.81 $187-$193 Mix: % Domestic Total 65% 55% 56% Mix: % Export Total 35% 45% 44% 1,200,000 1,000,000 800,000 600,000 400,000 200,000 Metallurgical Sales III 2021 ■Company Produced 2022 Purchased Total 2023 " Ownership Pennsylvania Corsa Operations Baltimore Norfolk Public (85%) Family of Lukas Lundin (15%) Highly successful mining and oil & gas investor Market Cap: $29 million (1) Enterprise Value: $39 million (1) (1) As of February 29, 2024 3#5NAPP Division Overview NAPP Division Operating Locations Pittsburgh 70 miles NW of Somerset Keyser Acosta SOMERSET • ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF Producer-Purchaser Model Corsa reported 2023 sales of 1.082 million tons Surface Shade Creek * Horning Cambria Horning DM Wilson Creek Plant Baltimore 180 miles SE of Somerset PENNSYLVANIA MARYLAND North Mine Casselman Corsa Properties Preparation Plants 0 Miles 9 Source: Company filings. • Purchased Company Mine (Produced) Acosta Casselman Purchased Infrastructure Up to 4 million clean tons per year of processing plant capability Three preparation plants with refuse disposal sites and rail loadouts • Cambria Preparation Plant (CSX) Shade Creek Preparation Plant (NS) (Plant currently idle) Rockwood Preparation Plant (CSX) (Plant currently idle) 4#6Revenue Stream: Company Produced Tons ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF HITACHI Casselman/North 2023: 398,000 tons 2022: 298,000 tons 2021: 375,000 tons Reserves: 6.2 million tons (1) Acosta 2023: 284,000 tons 2022: 327,000 tons 2021: 356,000 tons Reserves: 13.3 million tons (1) Company Produced Tons: Quarterly Production History Horning 2023: 129,000 tons 2022: 106,000 tons 2021: 190,000 tons Reserves: 1.6 million tons (1) Surface Mines 2023: 177,000 tons 2022: 114,000 tons 2021: 123,000 tons Reserves: 2.0 million tons (1) 350,000 300,000 250,000 % of Tons Sold % of Gross Margin 200,000 2019 71% 88% 150,000 2020 87% 97% 2021 2022 2023 100,000 1.045 million tons 0.846 million tons 0.988 million tons 2021 93% 94% 50,000 2022 86% 91% 2023 92% 98% Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Source: Company filings (1) Reserves are based on the Technical Report dated December 31, 2023. See slide 13. 5#7Revenue Stream: Purchased Tons ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF Purchased Coal Strategic Advantages ■ Local, third-party tons purchased on a raw basis and trucked to Corsa's preparation plants. ■ Increased volume through the preparation plants absorbs fixed costs and lowers per unit costs. ☐ Purchased for both financial and quality reasons. Provides exposure to the export market for Corsa's suppliers. ■ Delivered purchased coal is finished product that is not handled by Corsa and has a broader base of suppliers. Corsa's Value Added Services for 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Historical Purchased Coal Volumes in tons 0 2021 2022 2023 Purchased Total % of Tons Sold % of Gross Margin 2019 29% 12% Local Purchased Coal 2020 13% 3% 2021 7% 6% Washing Loading 2022 14% 9% 2023 8% 2% Blending Storing Source: Company filings. 6#8Financial Highlights ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF Total Year Total Year Total Year 2019 2020 2021 Q1 2022 Q2 Q3 Q4 2022 2022 2022 Total Year 2022 Q1 Q2 Q3 Q4 Total Year 2023 2023 2023 2023 2023 Revenues ($ million) $232.1 $128.5 $131.5 $38.8 $42.3 $45.9 $38.9 $165.9 $47.9 $55.3 $51.1 $42.8 $197.1 Adjusted EBITDA (¹) ($ million) $28.9 $4.4 $9.0 $3.0 $5.0 $1.3 -$2.2 $7.1 $7.1 $14.4 $6.1 $0.5 $28.1 Capital Expenditures - Maintenance ($ million) $7.6 $1.6 $7.9 $0.5 $1.4 $1.0 $2.1 $5.0 $1.0 $0.8 $1.5 $2.6 $5.9 Capital Expenditures - Growth ($ million) -$0.2 $0.3 $0.8 $0.1 $0.1 $0.0 $0.1 $0.2 $0.5 $0.0 $0.1 $0.2 $0.9 Metallurgical Coal Sales Average Realized Price / Metallurgical Ton Sold (1) $103.76 $81.77 $105.81 $155.94 $164.73 $158.39 $152.48 $158.03 $174.84 $175.61 $161.70 $169.94 $170.32 Sales Volumes (short tons) Company Produced Tons 1,301,244 1,199,034 1,058,575 201,325 204,215 230,260 192,442 828,242 235,345 274,413 269,197 211,359 990,314 Corsa Value Added Services Tons 250,638 35,933 63,474 28,923 36,568 37,786 28,445 131,722 14,920 20,096 32,736 23,513 91,265 Sales & Trading Tons 281,471 137,023 15,971 0 0 0 0 0 0 0 0 0 Total Metallurgical Coal Tons Sold 1,833,353 1,371,990 1,138,020 230,248 240,783 268,046 220,887 959,964 250,265 294,509 301,933 234,872 1,081,579 Cash Cost/Metallurgical Ton Sold (1) Cash Production Cost Per Ton Sold (2) $79.38 $71.24 $87.07 $132.22 $123.82 $136.95 $143.51 $134.07 $130.07 $114.04 $127.72 $149.75 $129.19 Cash Cost per Ton Sold $82.07 $72.35 $90.50 $133.63 $133.21 $141.86 $144.98 $138.44 $132.51 $115.68 $129.25 $150.50 $130.92 Cash Margin per Metallurgical Ton Sold (1) $21.69 $9.42 $15.31 $22.31 $31.52 $16.53 $7.50 $19.59 $42.33 $59.93 $32.45 $19.44 $39.40 (1) This is a non-GAAP measure. See slide 2. (2) Excludes Purchased Coal Source: Company filing. 7#9Balance Sheet Summary ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF $mm as of: 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Balance Sheet Summary Total Assets $269.3 $210.1 $215.5 $192.6 $191.3 Total Liabilities $118.2 $122.4 $126.2 $131.0 $105.8 Total Equity $151.1 $87.7 $89.3 $61.6 $85.5 Select Balance Sheet Items Cash $4.3 $24.8 $12.7 $7.0 $11.4 Working Capital $16.3 $22.1 $14.2 ($9.3) $9.9 Debt Revolving Credit Facility $14.5 $0.0 $0.0 $0.0 $0.0 Equipment Loan $10.9 $8.3 $4.1 $0.9 $0.0 Loans Payable $0.0 $25.4 $25.3 $25.3 $16.6 Notes Payable Lease Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $3.5 $4.2 $3.1 $4.1 $5.1 Total Debt $28.9 $37.9 $32.5 $30.3 $21.7 Net Debt $24.6 $13.1 $19.8 $23.3 $10.3 Significant Non Debt Liabilities Site Reclamation Liability (1) $33.8 $36.9 $40.5 $40.6 $44.8 Cash Collateral $5.5 $6.9 $8.1 $9.5 $11.1 Net Liability $28.3 $30.0 $32.4 $31.1 $33.7 Water Treatment Liability $25.3 $30.6 $24.0 $29.1 $14.6 Cash Held in Trusts Net Liability Workers Compensation Liability Cash Collateral $27.6 $27.9 $31.0 $26.9 $28.8 ($2.3) $2.7 ($7.0) $2.2 ($14.2) $6.1 $6.4 $6.3 $5.2 $5.9 $4.1 $4.6 $4.3 $5.2 $6.0 Net Liability $2.0 $1.8 $2.0 $0.0 ($0.1) Asset Retirement Obligations Cash Expenditures $6.1 $3.3 $4.1 $5.4 $5.3 (1) $67,210,000 in surety bonds are posted against this liability as of 12/31/2023 Source: Company filing. 8#10Investment Highlights 1 2 Provider of Premium Quality Low Volatile Metallurgical Coal With High Scarcity Value Supportive Long-Term Outlook for Both Domestic and International Met Coal Markets ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF 3 Advantageous Transportation Logistics Provides Access to Blue-Chip Customers Portfolio of Long-Lived, Well-Capitalized Operating Mines that 4 Generate Attractive Margins 5 Attractive Organic Replacement and Growth Opportunities to Expand Production Capabilities and Benefit from Economies of Scale 6#11Advantageous Transportation Logistics Provides Access to Blue-Chip Customers ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF Strategic Location Flexible Logistics Key Differentiators Proximity to the largest metallurgical coal buying region in the US Access to key infrastructure and logistics that allows for access to both domestic and export markets Ability to transport and deliver coal by truck, rail and barge across the US and internationally Dual rail service with CSX and Norfolk Southern Access to all coal exporting terminals on the US east coast Transportation Advantage CORSA Within this shaded region there is ~15mm tons of met coal demand from coke batteries of which ~4mm tons is low volatile met coal. Low Delivery Costs Driven by high demand in the region and advanced logistics Results in a higher realized price per ton to Corsa relative to its competitors Source: Industry Research, Management. Cleveland-Cliffs U. S. Steel DTE Cleveland-Cliffs & SunCoke Energy 10 10#12Project Pipeline (Permitted) ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF Keyser Deep Mine (Growth Opportunity) ■ Located in Jenner Township, PA; 16 miles north of Somerset, PA ☐ ■ Expected to employ approximately 100 people once fully staffed ■ $20 - $24 million of start-up costs ■ 8.3 million tons of proven and probable reserves " Expected annual run rate production of 570,000 tons ■ ~50 inches coal seam thickness, considered thick for the area ■ 7.0% - 8.0% Ash; 1.4% -1.7% Sulfur; 19 - 20 Vol; 1.56 Reflectance Shaffer Surface Mine ■ Located in Somerset Township, PA; 4 miles east of Somerset PA. ◉ Replacement for Schrock Run Extension ■ $0.8-$1.0 million of start-up costs ■ 0.4 million tons of proven and probable reserves ☐ Expected single shovel annual run rate production of 30,000-35,000 tons ■ Lower Freeport (D) Seam ■ 4.9% - 9.1% Ash; 0.6% - 1.0% Sulfur; 18 - 20 Vol; 1.60 Reflectance 11#13Appendix ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF CORSA Acosta Mine Grand Opening June 8th, 2017#14Technical Report ⑆CORSA RS TSX-V: CSO | OTCQX: CRSXF The mineral reserve and resource estimates relating to Corsa's properties, which are effective as of December 31, 2023, have been prepared by Marshall Miller & Associates, Inc. ("MM&A") under the supervision of Justin S. Douthat, P.E., M.B.A., John W. Eckman, C.P.G. and Scott Peterson, C.P.G., each a qualified person ("QP"), as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101"). MM&A is independent of Corsa and its subsidiaries. For a complete description of the mines and projects relating to the NAPP Division Properties, see the report prepared pursuant to NI 43-101 by MM&A under Corsa's profile at www.sedarplus.ca entitled "Technical Report on the Coal Resource and Coal Reserve Controlled by Corsa Coal Corp., Pennsylvania and Maryland, USA - Prepared in Accordance with National Instrument 43-101 Standards for Disclosure for Mineral Projects Effective December 31, 2023" (the "NAPP Technical Report"). Reserves are clean recoverable tons. Cautionary Statement Regarding Estimates of Mineral Reserves This document sets forth certain estimates of “reserves" and "resources". While Corsa believes that the estimates were based on methodologies acceptable in Canada pursuant to NI 43-101, such estimates are not synonymous with the United States Securities and Exchange Commission ("SEC") Regulation S-K 1300 for Mining Property Disclosure ("S-K 1300"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes in Canada of scientific and technical information concerning mineral projects. Of note to U.S. investors, these standards now more closely align with the requirements of the SEC (including under S-K 1300). Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that all or any part of historical estimates of "resources" in this presentation will ever be converted into reserves, or if converted, what actual tonnage and grade they may have. Accordingly, information concerning descriptions or mineralization, "resources" and "reserves" contained in this AIF are not comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. 13#15Coal Reserves ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF 43-101 PROPERTIES AS OF 12/31/2023 MNT (Moist, Recoverable Basis) PROVEN PROBABLE TOTAL PERMITTED NOT PERMITTED Surface-mineable 1,811 1,811 1,296 515 Auger-minable 18 18 18 Highwall-mineable 203 203 203 Underground-mineable 27,467 8,385 35,852 16,710 19,142 Total 29,499 8,385 37,885 18,227 19,657 Casselman (UG) 4,721 1,430 6,151 4,434 1,717 Acosta (UG) Upper Kittanning 7,609 1,494 9,103 9,103 Middle Kittanning 3,267 956 4,223 4,223 Total Acosta (UG) 10,876 2,449 13,326 4,223 9,103 Horning (UG) 1,350 212 1,562 1,562 A-Seam (UG) 5,695 797 6,491 6,491 Keyser (UG) 4,825 3,497 8,322 8,322 All Other 2,032 2,032 1,517 515 Grand Total 29,499 8,385 37,885 18,227 19,657 Source: Technical Report dated December 31, 2023. 14#16Coal Qualities RESERVE AREA SURFACE-MINEABLE Rhoads SEAM 43-101 Properties as of 12/31/2023 Weighted Composite (Moist Basis) RECOVERY ASH SULFUR ⑆CORSA RS, TSX-V: CSO | OTCQX: CRSXF BTU VM Upper Kittanning 92.8% 7.3% 0.5% 12,400 18.5% Rhoads Middle Kittanning 64.3% 10.2% 1.1% 12,700 15.6% Rhoads Lower Kittanning 75.2% 8.7% 1.6% 13,000 15.9% Schrock Run Lower Freeport 94.4% 6.0% 0.7% 13,300 16.5% Schrock Run Upper Kittanning 87.9% 8.7% 1.2% 12,900 17.2% Shaffer Lower Freeport 94.2% 6.4% 0.7% 13,400 17.7% Hamer-Byers Upper Freeport 75.8% 8.7% 0.9% 19.9% Hart Upper Kittanning 65.4% 10.3% 0.9% 13,100 Will Farm Lower Kittanning 73.5% 8.0% 1.0% 13,100 Total 78.6% 8.2% 0.9% 13,100 17.2% AUGER-MINEABLE Rhoads Upper Kittanning 92.8% 7.3% 0.5% 12,400 18.5% Rhoads Middle Kittanning 64.3% 10.2% 1.1% 12,700 15.6% Rhoads Lower Kittanning 75.2% 8.7% 1.6% 13,000 15.9% Hamer-Byers Upper Freeport 75.8% 8.7% 0.9% 19.9% Total 76.0% 8.8% 1.2% 12,800 16.7% HIGHWALL MINER Schrock Run Upper Kittanning 87.9% 8.7% 1.2% 12,900 17.2% Total 87.9% 8.7% 1.2% 12,900 17.2% UNDERGROUND-MINEABLE Casselman Upper Freeport 79.9% 7.8% 1.1% 20.8% Acosta Upper Kittanning 81.0% 10.1% 1.8% 14,600 22.1% Acosta Middle Kittanning 71.5% 13.9% 1.4% 15,500 19.0% Horning Lower Freeport 75.0% 9.8% 1.3% 14,100 18.1% Keyser Lower Kittanning 74.1% 7.3% 1.5% 14,600 20.5% A Seam Brookville 55.5% 11.2% 0.8% 13,700 18.9% Total 72.0% 9.9% 1.3% 14,500 20.3% Grand Total 72.3% 9.8% 1.3% 14,400 20.2% Source: Technical Report dated December 31, 2023. 15