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Natural Resource Partners L.P. (NRP) has delivered an impressive 19.5% rally over the past three months, significantly outperforming the broader industry composite’s 7.8% return. Meanwhile, peers Alliance Resource Partners (ARLP) and Warrior Met Coal (HCC) advanced just 2% and 12.7%, respectively. Image Source: Zacks Investment Research While this relative strength stands out, investment decisions should be grounded in fundamentals rather than short-term price performance. A deeper examination of NRP’s asse ...

Core Natural Resources (NYSE:CEIX) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsBob Braithwaite - Senior Vice President of Marketing and SalesDeck Slone - Senior Vice President of Strategy and Public PolicyJimmy Brock - Chairman and CEOMitesh Thakkar - President and CFOPaul Lang - Chief Operating OfficerConference Call ParticipantsChris LaFemina - Equity Research AnalystGeorge Eadie - Mining AnalystNathan Martin - Senior Equity Research AnalystNick Giles - Sebior Research AnalystO ...

Fourth Quarter 2025 Earnings Supplement February 12, 2026 FORWARD-LOOKING STATEMENTS This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "years ahead," "look forward" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in thi ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Metals & Mining - **Event**: GS Asia Commodity Corporate Day held from February 2-4, featuring 13 companies involved in various commodities including copper, aluminum, lithium, tungsten, nickel, cobalt, rare earths, gold, silver, graphite, potash, coal, and battery materials [1][2] Core Insights - **Positive Sentiment**: There is a generally positive outlook among miners and producers for most commodities, supported by solid supply and demand fundamentals [2] - **Supply Constraints**: Current supply constraints differ from past cycles, influenced by factors such as government-imposed controls (e.g., production quotas in China and Indonesia) and increased trade barriers [2] - **Long-term Value Appreciation**: Miners and producers are increasingly recognizing the long-term value of resources, particularly in copper, gold, lithium, and tungsten, with expectations of output growth ranging from 20% to 100% over the next 3-5 years [3] Company-Specific Insights China Qinfa Group (中国秦发) - **Key Commodities**: Focus on coal production, particularly in Indonesia [11] - **Government Regulations**: Increased supply discipline due to government regulations, including production quotas and potential export taxes [11] - **Production Capacity**: Anticipated production output of over 10 million tons of raw coal by 2026, with significant growth expected from underground mining operations [12][13] - **Cost Structure**: Current total unit cost is Rmb310 per ton, with expectations to reduce costs to Rmb200 per ton as operations ramp up [15] - **CAPEX Plans**: Future capital expenditures will focus on expanding mining operations, with an average cost of Rmb2.0-3.0 billion per pit [17] Additional Important Points - **Geographic Focus**: Preferred mining assets are primarily located in Africa, Central Asia, and domestic China [3] - **Market Dynamics**: The appreciation of resource values is occurring despite a broad macroeconomic downturn and trends toward de-dollarization [3] - **Production Growth Drivers**: The company is implementing strategies to improve production efficiency and reduce costs, including the use of advanced mining techniques and partnerships for coal chemical production [18] Conclusion The conference highlighted a robust outlook for the metals and mining industry, driven by strong demand fundamentals and strategic adaptations to supply constraints. Companies like China Qinfa Group are positioning themselves for significant growth through regulatory compliance and operational efficiencies.

10 February 2026 | 8:00PM EST Commodities Research COMMODITY ANALYST What the Great Gold Rally Could Signal for the Broader Commodity Outlook Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Lina Thomas +1(212)902-8376 | lina.thomas@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & C ...

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Ramaco Resources, Inc. due to allegations of misleading statements regarding the company's mining activities, particularly at the Brook Mine, which has led to a significant drop in stock price [2][4][5]. Group 1: Legal Investigation - Faruqi & Faruqi is encouraging investors who purchased Ramaco securities between July 31, 2025, and October 23, 2025, to discuss their legal rights, with a deadline of March 31, 2026, to seek the role of lead plaintiff in a federal securities class action [1][2]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [3]. Group 2: Allegations Against Ramaco - The complaint alleges that Ramaco and its executives violated federal securities laws by making false and misleading statements about the Brook Mine, including claims of significant mining activity that did not occur [4]. - A report by Wolfpack Research described the Brook Mine as a "hoax" and indicated that no active mining work had taken place since its groundbreaking in July 2025, leading to a stock price decline of $3.81, or 9.6%, to close at $36.01 on October 23, 2025 [5].

PM Images/DigitalVision via Getty Images Dear Fellow Shareholders, For the three months ended December 31, 2025, the Third Avenue Value Fund (the “Fund”) returned 7.47%, as compared to the MSCI World Index[1], which returned 3.12%, and the MSCI World Value Index[2], which returned 3.34%. For the year-to-date period, the Fund returned 35.46%, compared to the MSCI World Index and the MSCI World Value Index, which returned 21.09% and 20.79%, respectively. As of year-end, annualized Fund performance for the ...

Summary of the Conference Call Industry Overview - **Industry**: Metals & Mining - **Event**: GS Asia Commodity Corporate Day held from February 2-4, featuring 13 companies involved in various commodities including copper, aluminum, lithium, tungsten, nickel, cobalt, rare earths, gold, silver, graphite, potash, coal, and battery materials [1][2] Key Insights - **Market Sentiment**: Positive outlook from miners and producers across most commodities, supported by solid supply and demand fundamentals. However, supply constraints are more pronounced compared to previous cycles due to factors like government controls and trade barriers [2][3] - **Supply Constraints**: Ongoing resource degradation, lack of large expansions, and government-imposed production quotas (e.g., in China and Indonesia) are significant challenges. The concentration of assets geographically and in technical expertise further complicates the supply landscape [2][3] - **Long-term Value Appreciation**: There is a growing recognition of the long-term value of resources, particularly in copper, gold, lithium, and tungsten, with companies expecting output growth of 20-100% over the next 3-5 years [3] Company-Specific Insights China Qinfa Group (中国秦发) - **Key Commodities**: Coal - **Production Outlook**: Management anticipates production output to exceed 10 million tons of raw coal by 2026, with significant growth expected from underground mining operations [11][12][13] - **Government Regulations**: Increased supply discipline due to government regulations, including production quotas and potential export taxes, is expected to impact pricing and production strategies [11][12] - **Cost Structure**: Current total unit cost is Rmb310 per ton, with expectations to reduce costs to Rmb200 per ton as production ramps up [15] - **CAPEX Plans**: Future capital expenditures will focus on expanding mining operations, with each new pit expected to cost Rmb2.0-3.0 billion, primarily funded through equity [17] Other Companies Mentioned - **CMOC Group (洛阳钼业)**: Rated as a "Buy" with a target price of HK$27.0/Rmb28.0 [8] - **Huayou Cobalt (华友钴业)**: Rated as a "Sell" with a target price of Rmb45.0 [8] - **Zijin Mining Group (紫金矿业)**: Rated as a "Buy" with a target price of HK$52.0/Rmb50.0 [8] Additional Considerations - **Geographic Focus**: Preferred mining assets are primarily located in Africa, Central Asia, and domestic China, indicating a strategic shift towards regions with favorable mining conditions [3] - **Technological Advancements**: Companies are exploring new technologies and processes to improve efficiency and reduce costs, such as the use of wet jigging processes to enhance washing yields [18] Conclusion The conference highlighted a generally optimistic outlook for the metals and mining sector, driven by strong demand and strategic adjustments to supply constraints. Companies are positioning themselves for significant growth in the coming years, particularly in coal production, while navigating regulatory challenges and cost management strategies.

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Ramaco Resources, Inc. due to allegations of misleading statements regarding the company's mining activities, particularly at the Brook Mine, which has led to a significant drop in stock price [2][4][5]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi, LLP is encouraging investors who purchased Ramaco securities between July 31, 2025, and October 23, 2025, to discuss their legal rights, with a deadline of March 31, 2026, to seek the role of lead plaintiff in a federal securities class action [1][2]. - The complaint alleges that Ramaco and its executives violated federal securities laws by making false and misleading statements about the progress and activities at the Brook Mine [4]. - The investigation follows a report by Wolfpack Research, which claimed that the Brook Mine was not operational despite being presented as such, leading to a 9.6% drop in Ramaco's stock price on October 23, 2025 [5]. Group 2: Company Operations and Allegations - The allegations state that Ramaco had not commenced significant mining activities at the Brook Mine after its groundbreaking and that no active work was taking place, resulting in overstated development progress [4]. - Wolfpack Research's report described the Brook Mine as a "hoax" and indicated that no mining equipment was observed during multiple site visits, contradicting the company's public statements [5].