Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net income attributable to common stockholders of $10.4 million or $0.09 per diluted share, with adjusted EBITDA of $118 million, a 19% increase from the prior quarter [25] - Operating cash flow from continuing operations was $69 million for the quarter and $336 million for the full year, ending the year with $575 million in cash and total liquidity above $900 million [25][26] - The company met or exceeded original guidance for seven of eight volume and cost metrics for the full year [26] Business Line Data and Key Metrics Changes - Seaborne Thermal delivered 3.3 million tons, exceeding expectations, with realized export pricing averaging $81.80 per ton, up 7% from Q3 [26] - Seaborne metallurgical shipped 2.5 million tons, up 400,000 from Q3, with realized pricing at $113 per ton consistent with expectations [27] - U.S. Thermal contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million for the full year against only $57 million of CapEx [28] Market Data and Key Metrics Changes - Benchmark pricing for seaborne metallurgical coal rose to its highest mark in 18 months, increasing 15% from $190 per ton at the beginning of Q4 [16] - Coal fuel generation in the U.S. was up an estimated 13% year-over-year in 2025, significantly outpacing production growth of 4% [20][21] - Asian countries continue to add coal generation capacity, with China adding 80 GW of new capacity in 2025 [19] Company Strategy and Development Direction - The Centurion Mine is positioned as a cornerstone asset to maximize long-term shareholder value, expected to ship an average of 4.7 million tons per year of premium hard coking coal [5][7] - The company aims to reweight its portfolio toward higher-margin metallurgical coal and is actively pursuing renewable projects and critical mineral opportunities [7][10] - The focus for 2026 includes achieving full operational performance at Centurion, maintaining strong EBITDA to CapEx margins, and prioritizing shareholder returns [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and the strategic positioning of the company amid favorable coal market conditions [3][14] - The company anticipates continued strength in both domestic thermal and seaborne metallurgical coal markets, driven by supply-demand dynamics and government policies [15][19] - Management highlighted the importance of coal in U.S. energy policy and its role in meeting energy demands amid constraints on other energy sources [12][13] Other Important Information - The company has invested approximately $750 million in the development and expansion of the Centurion Mine, enhancing its leverage to premium hard coking coal markets [33] - The company is exploring opportunities in rare earth and critical minerals, with promising concentrations identified in its testing program [10][11] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at an Australian dollar exchange rate of $0.70 [39] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the northern part for the next three years, plus $25 million a year in sustaining capital in the south [40] Question: How should we think about pricing in 2027 and beyond? - There is potential for favorable pricing in 2027 as there is still a lot of contracting to be done [44] Question: What are the drivers for the increase in seaborne thermal costs? - The increase is primarily due to lower production volumes, particularly at Wilpinjong [49] Question: How should we think about the cadence of shipments as the year progresses? - The first quarter is expected to be weaker due to mine sequencing, with improvements anticipated in Q2 and Q3 [54]