Warrior Met Coal, Inc. (NYSE:HCC) Q1 2023 Earnings Conference Call May 3, 2023 4:30 PM ET Company Participants Walt Scheller - Chief Executive Officer Dale Boyles - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company Luther Lu - LMR Partners Operator Good afternoon. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Warrior Met Coal First Quarter 2023 Financial Results C ...

Safety Page 11 As production and man hours increased in 2022, we saw a slight increase in the reportable incident rate Free Cash Flow* • Development capital expenditures to build the new world-class mine infrastructure • Project is expected to be in the 1st quartile of the global cost curve Priorities 12.5 $ 599 ($ in millions) Relaunched transformational world class growth project in 2022 $ 80 $ 67 $ 588(4) $ 50 YTD 2023 $ 110 $ 4 $ 46 Dividends per share $11.36 $6.73 $4.61 $0.20 $0.20 $1.54 $1.54 $ 607 Wa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-38061 Warrior Met Coal, Inc. (Exact name of registrant as specified in its charter) Delaware 81-0706839 (State ...

Warrior Met Coal, Inc. (NYSE:HCC) Q4 2022 Earnings Conference Call February 15, 2023 4:30 PM ET Company Participants Walter Scheller - CEO Dale Boyles - CFO Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company David Gagliano - BMO Capital Markets Lucas Pipes - B. Riley Securities David Gagliano - BMO Capital Markets Operator Good afternoon. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Warri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38061 Warrior Met Coal, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

Warrior Met Coal, Inc. (NYSE:HCC) Q3 2022 Results Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Walter Scheller, III - Chief Executive Officer Dale Boyles - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company Alex Hacking - Citi Investment Research Mark Zand - Wexford Capital Patrick Fitzgerald - Robert W. Baird Operator Good afternoon. My name is Melanie, and I will be your conference operator for today. At ...

November 2, 2022 Third Quarter 2022 Results Warrior Met Coal Forward-looking statements These slides contain, and the officers and representatives of Warrior Met Coal, Inc. (the "Company") may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in these slides that address activities, events, develo ...

Financial Performance - Warrior Met Coal achieved a record quarterly net income of $297 million[11] - The company's adjusted net income reached an all-time high of $3035 million, with adjusted EPS of $587 per diluted share[11] - Adjusted EBITDA hit a record of $4312 million[12] - Free cash flow reached an all-time record of $2502 million[13] Production and Sales - Q2 2022 production volume reached 15 million metric tons[13] - Tons produced increased by 39% from 1195 thousand short tons in Q2 2021 to 1667 thousand short tons in Q2 2022[16] - The average net selling price increased by 227% from $12336 per short ton in Q2 2021 to $40395 per short ton in Q2 2022[16] Blue Creek Project - The Blue Creek project is expected to have an annual run-rate production of 48 million short tons of premium quality met coal[5] - The project's NPV is approximately $1 billion over the life of the mine, with a projected after-tax IRR of ~30%[5] - Warrior Met Coal estimates capital outlay of $650 - $700 million over 5 years for Blue Creek development[37] Capital Allocation and Stockholder Returns - Warrior Met Coal remains committed to stockholder returns and maximizing stockholder value[30] - Approximately $13 billion has been returned to stockholders since 2017[30] 2022 Guidance - Warrior Met Coal projects coal sales of 55 – 65 million short tons for the full year 2022[32] - Capital expenditures are guided at $185 - $200 million[32]

Financial Data and Key Metrics Changes - The company recorded a net income of $297 million or $5.74 per diluted share for Q2 2022, compared to a net loss of $5 million or $0.09 per diluted share in the same quarter last year [30] - Adjusted EBITDA reached an all-time high of $431 million in Q2 2022, up from $65 million in the same quarter last year, driven by a 227% increase in average net selling prices [31] - Total revenues were $625 million in Q2 2022, a 175% increase from $227 million in the same quarter last year [32] Business Line Data and Key Metrics Changes - Sales volume in Q2 2022 was 1.5 million short tons, down from 1.8 million short tons in the same quarter last year, primarily due to shipment delays [13] - Production volume increased to 1.7 million short tons in Q2 2022, compared to 1.2 million short tons in the same quarter last year [16] Market Data and Key Metrics Changes - The PLV FOB Australia index price averaged $404 per short ton in Q2 2022, up 225% compared to the same quarter last year [33] - Global pig iron production decreased by 5.5% in the first half of 2022, with China experiencing a 4.7% decrease [12] Company Strategy and Development Direction - The company announced the relaunch of the development of its Blue Creek reserves, which is seen as a transformational opportunity [21][22] - A special dividend of $0.50 per share was paid in Q2 2022, with an additional special dividend of $0.80 per share announced for Q3 2022 [23] Management's Comments on Operating Environment and Future Outlook - Management noted that inflation and supply chain issues are expected to impact operations for the remainder of the year, with cash costs projected to remain high due to variable components [20][44] - The company remains cautious about the economic environment, particularly regarding steel demand and potential recessionary pressures [46][47] Other Important Information - The company experienced significant shipment delays due to port maintenance and rail transportation issues, which affected sales volume [14][15] - Cash cost of sales per short ton was approximately $123 in Q2 2022, up from $83 in the same quarter last year, driven by higher transportation and royalty costs [36] Q&A Session Summary Question: Cost guidance for the second half of the year - Management indicated that cash costs for Q3 would be similar to Q2 due to a lag in transportation costs and inflationary pressures [52][54] Question: Special dividends in the second half of 2022 - Management stated that the possibility of continuing special dividends depends on market conditions and cash generation [56] Question: Labor situation and hiring - Management confirmed that they are continuing to hire, although finding skilled labor remains challenging [58][60] Question: Thermal coal pricing versus met coal pricing - Management is exploring opportunities to sell into the thermal coal market, noting the quality of their met coal may allow for blending [61][73] Question: Transportation issues and inventory levels - Management expressed intent to reduce inventory levels and improve shipment performance as rail and port conditions are expected to improve [65][66]

Financial Data and Key Metrics Changes - The company recorded a net income of $146 million or $2.83 per diluted share for Q1 2022, compared to a net loss of $21 million or $0.42 per diluted share in the same quarter last year [24] - Non-GAAP adjusted net income for Q1 2022 was $2.97 per diluted share, up from $0.08 per diluted share in the same quarter last year [24] - Adjusted EBITDA reached $244 million in Q1 2022, a record high, compared to $47 million in the same quarter last year, driven by a 220% increase in average net selling prices [24][25] - Total revenues increased by 77% to $379 million in Q1 2022 from $214 million in the same quarter last year [25] Business Line Data and Key Metrics Changes - Sales volume in Q1 2022 was 1.1 million short tons, down from 2 million short tons in the same quarter last year, primarily due to a labor strike and shipping delays [9] - Production volume in Q1 2022 was 1.5 million short tons, compared to 2.2 million short tons in the same quarter last year [10] - Cash cost of sales was $134 million or 35% of mining revenues in Q1 2022, down from $154 million or 74% of mining revenues in the same quarter last year [27] Market Data and Key Metrics Changes - The primary index, PLB, FOB Australia, started the quarter at $357 per metric ton, peaked at $671 per metric ton on March 14, and closed at $515 per metric ton [7] - The Platts Premium low vol FOB Australian Index price averaged $488 per metric ton for Q1 2022, up 284% compared to the same quarter last year [26] - Sales by geography in Q1 2022 were 66% in Europe, 13% in South America, and 21% in Asia, with no sales to China due to pricing issues [10] Company Strategy and Development Direction - The company announced the relaunch of the development of Blue Creek reserves and plans to accelerate stockholder returns with special cash dividends [13] - Blue Creek is expected to produce an average of 4.8 million short tons per year of premium high vol A met coal, potentially increasing annual production capacity to nearly 13 million short tons [17] - The company aims to maintain a minimum total liquidity of $250 million and a minimum cash balance of $150 million while balancing capital investments and returns to stockholders [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the global supply of met coal remained tight, with strong demand for premium met coals despite lower steel production in China [6] - The company expects higher transportation and royalty costs to continue due to inflation and variable cost components [34] - Management anticipates that pricing will remain above cost curve economics due to trade disruptions caused by the war in Ukraine [36] Other Important Information - The company generated $50 million of free cash flow in Q1 2022, with total available liquidity at the end of the quarter amounting to $557 million [31] - Capital spending in Q1 2022 was $20 million, with plans for significant investments in longwall shields for existing mines [12] Q&A Session Summary Question: What is the expected timing of inventory unwind and sales volumes? - Management expects sales volumes to be back half-loaded, with the second quarter not as strong as the third and fourth quarters due to port issues [39] Question: How will shareholder returns be balanced with funding for Blue Creek? - Management plans to continue shareholder returns while building cash for the Blue Creek project, with potential for special dividends in the coming year or two [41] Question: What is the status of the company's NOLs in the current pricing environment? - The company has nearly $800 million in federal NOLs and expects to utilize a significant portion this year due to high profitability [46] Question: How does the company view its historical production levels compared to current guidance? - Current production levels are primarily affected by labor issues, with expectations to increase production as labor situations improve [49] Question: What is the expected lag time for pricing adjustments? - Pricing is typically set based on the previous 30 days, but transportation costs may lag behind pricing adjustments [54]