Core Viewpoint - The performance of the company was influenced by lower energy and steelmaking coal prices, which were partially offset by stronger prices in metals, particularly higher earnings from zinc [1] Group 1 - The decline in energy and steelmaking coal prices negatively impacted overall performance [1] - Stronger metals prices contributed positively, with a notable increase in zinc earnings [1]

Core Viewpoint - BHP Group Ltd reported strong FY26 half-year results, driven by increased copper and iron ore prices, despite challenges in coal production and pricing [1][2][9]. Financial Performance - Revenue increased by 11% to US$27.9 billion, primarily due to higher copper prices [2][9]. - Underlying EBITDA rose 25% to US$15.5 billion, with profit from operations climbing 34% to US$12.3 billion [9]. - Attributable profit increased by 28% to US$5.6 billion, and operating cash flow rose 13% to US$9.4 billion [9]. - Free cash flow climbed 10% to US$2.9 billion, and interim dividend per share increased by 46% to US$0.73 [9]. Commodity Performance - Copper prices surged by 32% to US$5.28 per pound, contributing significantly to EBITDA, which soared 59% to US$8 billion [2]. - Iron ore's average realized price increased by 4% to US$84.71 per wet metric tonne, with production up 2% to 134 million tonnes, leading to a 4% increase in iron ore's underlying EBITDA to US$7.5 billion [3]. - Steelmaking coal production increased by 2% to 9.2 million tonnes, but the average realized price fell by 9% to US$188.58 per tonne, resulting in a 60% drop in coal underlying EBITDA to US$0.2 billion [4]. - Energy coal production rose by 10% to 8.1 million tonnes, with a 23% decline in average realized price to US$95.76 per tonne [4]. Potash Development - The Jansen stage 1 potash project is 75% complete, with stage 2 at 14% completion; potash prices increased by 30% during the HY26 period due to strong demand [5]. Future Outlook - BHP anticipates robust demand for commodities, particularly copper, with expectations of a tight market due to global grade declines and slow mine development [6][7]. - Global iron ore and steel demand is expected to remain stable in the short term, with slight reductions in China offset by growth in emerging economies [8].

You can find additional information regarding the company on our website at www.warriormetcoal.com, which also includes a fourth quarter supplemental slide deck that was posted this afternoon. Today, on the call with me are Mr. Walter J. Scheller, Chief Executive Officer, and Mr. Dale W. Boyles, Chief Financial Officer. After our formal remarks, we will be happy to answer any questions. With that, I will now turn the call over to Walter J. Scheller. Thanks, Brian. Hello, everyone, and thank you for taking t ...

Fourth Quarter 2025 Results February 12, 2026 Forward-looking Statements Mine 7 Underground Operation with Two Longwall Systems • Premium High Vol A steelmaking Blue Creek Underground Operation with Single Longwall System(3) Mine 4 Underground Operation with Single Longwall System This presentation contains, and of Warrior Met Coal, Inc.'s (the "Company", "WMC" or "Warrior") officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securitie ...

Third Quarter 2025 Performance - Production volume increased by 17% to 2.249 million short tons compared to 1.917 million short tons in Q3 2024[17] - Sales volume increased by 27% to a record 2.355 million short tons, including 378 thousand short tons from the Blue Creek mine[11, 17] - Average net selling price decreased by 21% to $135.87 per short ton from $171.92 per short ton in Q3 2024[17] - Revenue remained relatively flat at $328.6 million compared to $327.7 million in Q3 2024[17] - Net income decreased by 12% to $36.6 million from $41.8 million in Q3 2024[17] - Cash cost of sales decreased by 18% to $100.73 per short ton from $123.45 per short ton in Q3 2024[12, 17] Nine Months Ended September 30, 2025 Performance - Production volume increased by 11% to 6.811 million short tons compared to 6.140 million short tons in the same period of 2024[19, 21] - Sales volume increased by 11% to 6.746 million short tons compared to 6.088 million short tons in the same period of 2024[19, 21] - Average net selling price decreased by 33% to $133.92 per short ton from $198.48 per short ton in the same period of 2024[19, 21] - Revenue decreased by 25% to $926.1 million from $1.2278 billion in the same period of 2024[19, 21] - Net income decreased significantly by 86% to $34.0 million from $249.5 million in the same period of 2024[19, 21]

Core Insights - Copper production remained largely unchanged, indicating stability in this segment [1] - Steelmaking coal production experienced a significant decline, dropping by more than half due to a fire incident at the Moranbah North mine in Australia [1] Group 1 - The overall copper production was broadly flat, suggesting no major fluctuations in output levels [1] - The steelmaking coal division faced a drastic reduction in production, which could impact the company's revenue and operational efficiency [1]

Core Viewpoint - BHP Group Ltd reported its production results for the September 2025 quarter, showing mixed performance across its key commodities, which has positively impacted its share price. Production Performance - BHP produced 493.6kt of copper, a decline of 4% quarter on quarter but an increase of 4% year on year, with record concentrator throughput at Escondida [2] - Iron ore production was 64.1mt, down 9% quarter on quarter and down 1% year on year, with the WAIO division achieving record material mined and completing infrastructure upgrades ahead of schedule [3] - Steelmaking coal production reached 4.9mt, down 5% quarter on quarter but up 8% year on year, attributed to strong mining rates at Broadmeadow [4] - Energy coal production was 3.5mt, representing a 13% decline quarter on quarter and a 4% decline year on year [4] Growth Projects - The Jansen potash project in Canada is progressing, with stage 1 at 73% completion and expected to begin production in 2027, while stage 2 is 13% complete [5] - Approval for the environmental impact declaration for the Laguna Seca expansion at Escondida has been received, with plans for a new concentrator submission in the second half of FY26 [6] Market Outlook - The CEO indicated resilient macro-economic signals for commodity demand, with global growth forecasts improving, and expects GDP growth of approximately 5% in China for the year [7] - BHP is on track to meet full-year guidance and is making progress on its growth pipeline across Australia and the Americas [8]

Group 1 - Anglo American has initiated arbitration proceedings against Peabody Energy due to the cancellation of a purchase agreement for its steelmaking coal assets [1] - Peabody Energy retracted its offer of approximately $3.8 billion for Anglo American's Australian coking coal assets after failing to agree on price reductions following a fire at the Moranbah North mine [1][2] - The Moranbah North mine operations were suspended in April due to an underground fire caused by elevated gas levels, which led Peabody to activate a clause allowing withdrawal or renegotiation of the agreement [2][3] Group 2 - Anglo American returned $29 million of the $75 million deposit to Peabody, with Peabody demanding the remaining amount promptly [3] - Anglo American, through its subsidiary Anglo American Sur, signed a definitive agreement with Codelco to execute a joint mine plan for their copper operations in Chile [3][4]

Core Viewpoint - Peabody has terminated its purchase agreements with Anglo American Plc due to a material adverse change related to Anglo's steelmaking coal assets, following an ignition event at Anglo's Moranbah North Mine, which has no clear timeline for resuming production [1][2]. Group 1: Termination of Agreements - Peabody's decision to terminate the transaction comes nearly five months after an ignition event at Anglo's Moranbah North Mine, with no definitive timeline for resuming sustainable longwall production [1]. - The two companies did not reach a revised agreement to address the material adverse change that would compensate Peabody for the impacts on the acquisition [2]. - Peabody has also terminated the agreement for the related sale of the Dawson Mine to PT Bukit Makmur Mandiri Utama [3]. Group 2: Financial Implications - Anglo estimates holding costs at Moranbah North to be $45 million per month, with the mine previously targeted to produce 5.3 million tons of saleable production in 2025 [2]. - There is currently no timetable for the resumption of longwall production at forecasted volumes and costs [2]. Group 3: Strategic Positioning - Peabody's portfolio is well positioned with growing exposure to seaborne metallurgical coal, highlighted by the new 25-year premium hard coking coal Centurion Mine [4]. - The company intends to execute a four-pronged strategy for value creation, focusing on managing safe, productive, and environmentally responsible operations [5]. - Peabody aims to return 65-100% of available free cash flow to shareholders primarily through share buybacks, while maintaining a resilient balance sheet and exercising strong capital discipline [5].

Financial Performance - Revenue decreased by 25% to $2975 million for the three months ended June 30, 2025, compared to $3965 million in 2024[17] - Net income decreased by 92% to $56 million for the three months ended June 30, 2025, compared to $707 million in 2024[17] - Adjusted EBITDA decreased by 54% to $536 million for the three months ended June 30, 2025, compared to $1159 million in 2024[17] - For the six months ended June 30, 2025, the company recorded a net loss of $26 million, a 101% change compared to a net income of $2077 million in 2024[21] - Revenue decreased by 34% to $5975 million for the six months ended June 30, 2025, from $9000 million in 2024[21] - Adjusted EBITDA decreased by 71% to $931 million for the six months ended June 30, 2025, compared to $3161 million in 2024[21] Production and Sales - Coal production increased by 6% to 2308 thousand short tons for the three months ended June 30, 2025, compared to 2172 thousand short tons in 2024[17] - Coal sales increased by 6% to 2219 thousand short tons for the three months ended June 30, 2025, compared to 2098 thousand short tons in 2024[17] - Coal production increased by 8% to 4562 thousand short tons for the six months ended June 30, 2025, compared to 4223 thousand short tons in 2024[21] - Coal sales increased by 4% to 4391 thousand short tons for the six months ended June 30, 2025, compared to 4227 thousand short tons in 2024[21] Blue Creek Project - The company achieved commercial sales of 239 thousand short tons of Blue Creek steelmaking coal ahead of schedule[10] - The company invested $518 million in the continued development of Blue Creek, bringing the total project-to-date capital expenditures to $8235 million[12] - The longwall startup at Blue Creek is accelerated to early first quarter of 2026[11]