Core Points - Peabody has notified Anglo American Plc of a Material Adverse Change (MAC) affecting its planned acquisition of steelmaking coal assets due to issues at the Moranbah North Mine, which has been inactive since a gas ignition event on March 31, 2025 [1][2] - The uncertainty surrounding the Moranbah North Mine has raised concerns about the acquisition's value, as a significant portion of it was tied to this mine, and there is currently no known timetable for resuming production [2] - If the MAC is not resolved satisfactorily within the specified timeframe, Peabody may choose to terminate the acquisition agreements [2] Company Overview - Peabody is a leading coal producer that provides essential products for affordable and reliable energy and steel production [3] - The company's commitment to sustainability is a core aspect of its strategy and operations [3]

First Quarter 2025 Results April 30, 2025 Forward-looking Statements 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 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 this presentation that address activities, even ...

Financial Data and Key Metrics Changes - For Q1 2025, the company recorded a net loss of $8 million or $0.16 per diluted share, compared to a net income of $137 million or $2.62 per diluted share in Q1 2024, primarily due to a 42% decrease in realized average net selling prices [27][28] - Adjusted EBITDA for Q1 2025 was $40 million, down from $200 million in the same quarter last year, with an adjusted EBITDA margin of 13% compared to 40% in Q1 2024 [27][28] - Total revenues decreased to $300 million in Q1 2025 from $504 million in Q1 2024, driven by lower average gross selling prices [28] Business Line Data and Key Metrics Changes - Sales volume increased by 2% to 2.2 million short tons in Q1 2025 from 2.1 million short tons in the same quarter last year, with production volume rising by 10% to 2.3 million short tons [14][15] - The company achieved a gross price realization of 83% for Q1 2025, slightly below the targeted range of 85% to 90% [12][28] Market Data and Key Metrics Changes - Average premium low vol index prices dropped by 40% to $168 per short ton in Q1 2025 from $280 per short ton in Q1 2024 [8] - The primary index, the POV FOB Australia, ended Q1 2025 at $153 per short ton, down $25 from the end of Q4 2024 [12] - Global pig iron production decreased by 0.2% in Q1 2025 compared to the prior year, with iron production in China growing by 0.8% [13] Company Strategy and Development Direction - The company is focused on operational efficiency and cost management to navigate weak market conditions, while continuing to progress on the Blue Creek project, which is on budget and schedule [6][21] - The Blue Creek project is expected to produce 1 million short tons in 2025, with a long-term capacity of 6 million short tons [23][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing weak market conditions but expressed confidence in operational performance and the ability to manage costs effectively [6][34] - The company anticipates that weak market conditions may persist, impacting steelmaking coal prices, but expects stable demand from contracted customers [34][36] Other Important Information - The company spent $79 million on capital expenditures and mine development in Q1 2025, with $69 million allocated to CapEx [16][21] - Total available liquidity at the end of Q1 2025 was $617 million, providing sufficient funds to complete the Blue Creek project [32][21] Q&A Session Summary Question: Pricing realization expectations - Management indicated that pricing realization could remain between 80% to 85% in the current market environment [38] Question: Cost sustainability in the near term - Management confirmed that the current cost level of $120 per ton is sustainable if prices remain stable [42] Question: Impact of tariffs on longwall shields - Management clarified that there would be no tariff impacts on the longwall shields being imported [43] Question: Factors driving lower price realizations - Management explained that transportation differentials and market conditions in Asia are significant factors affecting price realizations [48] Question: Production outlook and potential curtailments - Management acknowledged the challenges in the U.S. met coal market and indicated that some production curtailments may occur [52] Question: Capital expenditures for Blue Creek - Management detailed that the remaining CapEx for Blue Creek would primarily cover final construction and labor costs [56] Question: Working capital trends - Management indicated that working capital is expected to build in the second quarter due to production at Blue Creek [60] Question: U.S. pricing reflection of the market - Management expressed confidence that U.S. prices are reflective of current market conditions, with expectations for the discount to tighten over time [65]

Financial Data and Key Metrics Changes - For Q1 2025, the company recorded a net loss of $8 million or $0.16 per diluted share, compared to a net income of $137 million or $2.62 per diluted share in Q1 2024, primarily due to a 42% decrease in realized average net selling prices [25][27] - Adjusted EBITDA for Q1 2025 was $40 million, down from $200 million in the same quarter last year, with an adjusted EBITDA margin of 13% compared to 40% in Q1 2024 [25][26] - Total revenues decreased to $300 million in Q1 2025 from $504 million in Q1 2024, driven by lower average gross selling prices [27] Business Line Data and Key Metrics Changes - Sales volume increased by 2% to 2.2 million short tons in Q1 2025 from 2.1 million short tons in Q1 2024, with production volume rising by 10% to 2.3 million short tons [14][15] - The company achieved a gross price realization of 83% for Q1 2025, slightly below the targeted range of 85% to 90% [12][25] Market Data and Key Metrics Changes - Average premium low vol index prices dropped by 40% or $112 per short ton compared to Q1 2024, averaging $168 per short ton in Q1 2025 [7][12] - The primary index, the POV FOB Australia, ended Q1 2025 at $153 per short ton, down $25 from the end of Q4 2024 [12] - Global pig iron production decreased by 0.2% in Q1 2025 compared to the prior year, with iron production in China growing by 0.8% [13] Company Strategy and Development Direction - The company is focused on managing costs tightly and operating efficiently in response to weak market conditions, while making progress on the Blue Creek project, which is on budget and schedule [6][17] - The Blue Creek project is expected to produce incremental annualized production of at least 4.8 million short tons after startup, enhancing the company's cost curve positioning [22][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in the global steel market due to China's overcapacity and trade policy uncertainties, but expects demand from India to increase [34] - The company anticipates weak market conditions may persist, putting downward pressure on steelmaking coal prices, but remains optimistic about operational performance [32][34] Other Important Information - The company spent $79 million on CapEx and mine development in Q1 2025, with $69 million allocated to CapEx and $11 million to Blue Creek project development [16][20] - Total available liquidity at the end of Q1 2025 was $617 million, consisting of cash, investments, and available credit [31] Q&A Session Summary Question: Pricing assumptions for the current market environment - Management indicated that a price realization of 80% to 85% is reasonable given current market conditions [36] Question: Sustainability of cost levels in Q2 - Management confirmed that current cost levels are expected to be sustainable if prices remain stable [39] Question: Factors driving lower price realizations - Management explained that transportation differentials and market dynamics in Asia are significant factors affecting price realizations [45][46] Question: Production outlook and potential curtailments - Management noted that while there are rumors of production issues, it is difficult to estimate the overall impact on U.S. production [50] Question: Clarification on Blue Creek project CapEx - Management clarified that remaining CapEx will primarily be for final construction and labor, with a significant portion already accounted for [54][56] Question: Impact of shipping Blue Creek coal on costs - Management stated that while there may be some additional costs, they are focused on mitigating any significant impact [66][68]