Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Total tons shipped in Q4 2025 were 3.8 million, a slight decrease from 3.9 million tons in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 in October to $185 per metric ton by the end of December, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton at the end of the year [19] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and efficient operations amid persistent market weakness, particularly in high-vol coal [7] - Development at the Kingston Wildcat Low-Vol Mine is ongoing, with expectations to produce roughly 500,000 tons in 2026 as it ramps up to full capacity [15] - The company is exploring various opportunities for potential M&A, while also continuing share buybacks to enhance shareholder value [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent upward movement in coal markets is largely due to supply-related issues and may be temporary [4] - There is cautious optimism regarding global steel demand as a catalyst for improving metallurgical markets [5] - The management expressed concerns about the sustainability of recent price increases and the potential for market volatility [35] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with another 53% committed but not yet priced [12] - CapEx for Q4 was $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Can you clarify the mix of domestic versus seaborne-based tons? - Management indicated that approximately half of domestic volume is high-vol, while the other half is low and medium-vol [24] Question: What is the expected cost cadence over the year? - Management noted that Q1 typically sees elevated costs due to lower productivity, with costs normalizing in the second and third quarters [26] Question: What are the best uses for Alpha's cash at this stage? - Management emphasized maintaining liquidity for market volatility, share buybacks, and exploring M&A opportunities [35] Question: How do you see the broader market, particularly in Europe and South America? - Management expressed cautious optimism for recovery in Europe and South America, while noting ongoing challenges in Asia [29] Question: Any updates on U.S. supply and potential impacts? - Management mentioned that some smaller operations are going into care and maintenance, potentially reducing annual production by 1.5 to 2 million tons [48]

Core Viewpoint - Alpha Metallurgical Resources, Inc. reported a net loss of $17.3 million for Q4 2025, reflecting ongoing challenges in the metallurgical pricing environment, while also indicating potential improvements in the market for 2026 [1][2]. Financial Performance - The company reported a net loss of $17.3 million for Q4 2025, compared to a net loss of $5.5 million in Q3 2025 and $2.1 million in Q4 2024 [1]. - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 and $53.2 million in Q4 2024 [1]. - Operating cash flow decreased to $19.0 million in Q4 2025 from $50.6 million in Q3 2025 [1]. Coal Revenues - Total coal revenues for Q4 2025 were $519.1 million, slightly down from $525.2 million in Q3 2025 [1]. - The metallurgical segment's coal sales realization was $115.31 per ton in Q4 2025, compared to $114.94 per ton in Q3 2025 [1]. Cost of Sales - The cost of coal sales in the metallurgical segment increased to $478.5 million in Q4 2025, up from $461.6 million in Q3 2025 [1]. - The average cost of coal sales per ton rose to $101.43 in Q4 2025 from $97.27 in Q3 2025 [1]. Liquidity and Capital Resources - As of December 31, 2025, total liquidity was $524.3 million, including cash and cash equivalents of $366.0 million [1]. - Capital expenditures for Q4 2025 were $29.0 million, compared to $25.1 million in Q3 2025 [1]. Share Repurchase Program - The board authorized a share repurchase program of up to $1.5 billion, with approximately 6.9 million shares repurchased for about $1.1 billion as of February 20, 2026 [1]. 2026 Operational Performance Update - As of February 17, 2026, Alpha has committed and priced approximately 37% of its metallurgical coal for 2026 at an average price of $134.02 per ton [2]. - The guidance for metallurgical coal shipments in 2026 is between 14.4 million and 15.4 million tons, while thermal coal shipments are expected to be between 0.7 million and 1.1 million tons [2].

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] - The company generated $69 million of operating cash flow from continuing operations during 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] - For the full year, results met or exceeded original guidance for seven of eight volume and cost metrics, with seaborne thermal delivering 3.3 million tons, exceeding expectations [26] Business Line Data and Key Metrics Changes - Seaborne metallurgical coal shipped 2.5 million tons, up 400,000 from the third quarter, with realized pricing improving to $113 per ton [27] - The U.S. Thermal platform contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million of adjusted EBITDA for the full year [28] - PRB operations shipped 22.3 million tons in Q4 and 84.5 million tons for the full year, almost 5 million tons or 6% more than the prior year [29] 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, running ahead of projections [20] - Asian countries continue to add coal generation capacity, with China adding 80 gigawatts of new capacity in 2025 [19] Company Strategy and Development Direction - The Centurion Mine is expected to ship an average of 4.7 million tons per year of premium hard coking coal, with a net present value for the project of $2.1 billion at $225 benchmark pricing [5][6] - The company aims to maximize long-term shareholder value by reweighting its portfolio toward higher-margin metallurgical coal [7] - Peabody is also evaluating renewable projects in formerly mined lands and developing a gas power station at the Centurion Mine [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and highlighted a full agenda of priorities for the new year [3] - The company noted that coal remains a critical energy asset in the U.S., with substantial strength in both domestic thermal and seaborne metallurgical coal markets [15][13] - Management emphasized the importance of safety and environmental excellence, achieving a record safety year with an incident rate of 0.71 per 200,000 hours worked [3][4] Other Important Information - The company has conducted a robust critical mineral testing program, uncovering promising concentrations of heavy rare earths and other critical minerals [10] - Peabody is working with government agencies to strengthen domestic critical mineral supply chains and has been recommended for a $6.25 million grant for a pilot processing plant [11] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at $0.70 for the Australian dollar and using a $225 benchmark pricing [39] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the north 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? - The company is not providing specific guidance for 2027 but expects favorable pricing conditions due to ongoing contracting [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, and a slightly higher Australian dollar impacting costs [49] Question: How should we think about the cadence of shipments as the year progresses? - Seaborne thermal is expected to be less ratable in Q1, with a bounce back in Q2 and Q3, while Centurion will ramp up production throughout the year [54]

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 [26] - 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 [26][34] - The company met or exceeded original guidance for seven of eight volume and cost metrics for the full year [27] Business Line Data and Key Metrics Changes - Seaborne thermal coal delivered 3.3 million tons, exceeding expectations, with realized export pricing averaging $81.80 per ton, up 7% from Q3 [27] - Seaborne metallurgical coal shipped 2.5 million tons, up 400,000 from Q3, with realized pricing improving to $113 per ton [28] - U.S. Thermal platform contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million for the full year [29] Market Data and Key Metrics Changes - The 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 [17] - Coal fuel generation in the U.S. was up an estimated 13% year-over-year in 2025, while coal production increased by only 4% [21] - Asian countries continue to add coal generation capacity, with China adding 80 gigawatts in 2025 and India projected to increase coal-fired capacity by 87% by 2047 [20] 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 focused on asset optimization activities to maximize long-term earnings [8] - The company is also exploring opportunities in renewable projects and critical minerals, with ongoing assessments and partnerships [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and highlighted the importance of safety and environmental excellence in operations [3][4] - The company anticipates continued strength in both domestic thermal and seaborne metallurgical coal markets, driven by structural changes in supply and demand dynamics [16][18] - Management emphasized the importance of shareholder returns as the top priority for capital allocation moving forward [36][60] Other Important Information - The company has invested approximately $750 million in the development of the Centurion Mine, significantly enhancing its leverage to premium hard coking coal markets [34] - The company is actively engaged in discussions with government officials regarding the siting of power plants and increasing U.S. coal exports [9][10] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at $0.70 for the Australian dollar and using a $225 benchmark pricing [40] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the north for the next three years, plus $25 million a year in sustaining capital in the south [41] Question: How should we think about pricing in 2027 and beyond? - The company expects favorable pricing conditions due to ongoing contracting and market dynamics [45] 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, with improvements anticipated in Q2 and Q3 as production ramps up [54]

Core Thesis - Peabody Energy Corporation (BTU) presents a bullish investment case driven by undervalued core operations, critical minerals optionality, and a cyclical rebound in coal demand linked to AI-driven power needs [3][7] Financial Metrics - As of January 30th, BTU's share was trading at $35.26, with trailing and forward P/E ratios of 26.89 and 25.19 respectively [1] - The core business is expected to generate approximately $900 million of EBITDA by FY27, implying an equity value of around $30–35 per share [4] Coal Business Valuation - The Centurion metallurgical coal project is valued at approximately $1.5 billion, supported by peer transactions and prior third-party interest [3] - Management believes potential liabilities related to the Anglo transaction are manageable and will not materially affect earnings power [4] Critical Minerals Exposure - BTU has identified significant concentrations of rare earth elements and critical minerals within its Powder River Basin mines, which are a priority for the U.S. Department of Energy [5] - Management claims these concentrations are competitive with peers, positioning BTU as a favored domestic supplier with potential value estimated at roughly $25 per share [6] Market Dynamics - AI-driven electricity demand is increasing coal generation and improving plant utilization, with delays in gas-fired capacity leading to greater reliance on coal [7] - Higher natural gas prices and urgent power needs make Powder River Basin coal a cost-effective solution, potentially driving an additional ~$700 million of EBITDA and ~$25 per share in value [7]

Group 1 - Core Natural Resources, Inc. (NYSE: CNR) will discuss its fourth quarter 2025 financial results on February 12, 2026, at 10:00 a.m. Eastern time [1] - The earnings release will be distributed via PR Newswire before the market opens on February 12 and will be posted on the company's website [3] - Interested participants can access the conference call by dialing 800-836-8184 or +1 646-357-8785 for international calls, with no passcode required [2] Group 2 - Core Natural Resources, Inc. is a producer of high-quality metallurgical and thermal coals, operating large-scale, low-cost longwall mines and one of the world's largest surface mines [4] - The company plays a crucial role in meeting global demands for steel, infrastructure, and energy, while also supporting U.S. power generation needs [4] - Core was formed in January 2025 through the merger of CONSOL Energy and Arch Resources and is headquartered in Canonsburg, Pennsylvania [4]

Core Insights - Forge Resources Corp. is advancing its La Estrella coal project in Santander, Colombia, with steady underground development and a fully operational team as it enters 2026 [1][6] - The company has re-encountered a coal seam at the underground ramp, measuring 1.1 meters in width, confirming the continuity and geological potential of the coal system [2] - Forge is implementing safety and performance enhancement measures for the underground ramp, including resin injection and self-drilling bolts, to ensure long-term infrastructure durability [3][6] Company Developments - The La Estrella project contains eight known seams of metallurgical and thermal coal, with no additional assays planned for the recently encountered coal seam as it corresponds to previously characterized horizons [2][10] - The company is focused on building high-quality underground infrastructure to support safe operations and sustained project development [3][6] Market Conditions - Coal prices have surged due to increased demand, with U.S. domestic consumption rising by 7-8% over the past year, and global coal demand reaching record levels near 8.8 billion tonnes [7][10] - Metallurgical coal prices have improved, reflecting ongoing steel production and infrastructure investment, while thermal coal prices have remained stable, driven by energy security considerations [8][9] - The current market conditions favor high-quality coal projects like La Estrella, which benefit from existing permits and development momentum [10] Pricing Information - The blended FOB price for metallurgical and thermal coal is currently USD $177 (CAD $246) per metric tonne, with metallurgical coal prices increasing and thermal coal prices ranging from USD $120 to USD $95 per metric tonne [11]

Core Insights - Peabody's CEO Jim Grech has been appointed Chair of the National Coal Council, emphasizing the importance of coal in U.S. energy security and affordability [1][2] - U.S. coal-fueled generation increased by an estimated 13% in 2025, driven by extended coal plant lifespans and rising electricity demand from AI and data centers [2] - The National Coal Council advises the Secretary of Energy on coal-related policies, highlighting coal's affordability, reliability, and its role in steelmaking and critical minerals [3][4] Company Overview - Peabody is the largest coal producer in the U.S., operating eight thermal coal mines and one metallurgical coal mine domestically, along with five metallurgical coal mines and two seaborne thermal coal mines in Australia [6] - The North Antelope Rochelle Mine in Wyoming is the largest surface coal mine in the Western Hemisphere, producing 12% of U.S. coal [6] - Jim Grech, with over 35 years of experience in the coal and natural resources industry, has been with Peabody since 2021 and holds various board memberships [5]

Company Overview - Alpha Metallurgical Resources, Inc. is a leading coal producer focusing on metallurgical and thermal coal markets, leveraging a portfolio of active mines and preparation facilities to supply coal to both domestic and international customers [2] - The company operates primarily in Virginia and West Virginia, generating revenue through coal mining, processing, and sales to industrial customers and utilities [3] Recent Developments - As of January 8, 2026, Alpha Metallurgical Resources shares were priced at $230.91, reflecting a 23.2% increase over the prior year and outperforming the S&P 500 by 4.39 percentage points [3] - Crocodile Capital Partners GmbH established a new position in Alpha Metallurgical Resources by acquiring 205,119 shares valued at approximately $41.00 million, representing 24.51% of Crocodile Capital's assets under management (AUM) [5][6] Stock Performance - AMR stock has experienced a strong rally over the last six months, with shares more than doubling in value and nearing a 52-week high, trading at around $230 per share [6] - An insider, Director Kenneth S. Courtis, purchased over $6 million worth of AMR stock last month, indicating confidence in the company's prospects [7] Market Position and Outlook - Alpha Metallurgical Resources is well-positioned heading into 2026, as demand for power is expected to rise due to the growth of artificial intelligence (AI) and related data centers, alongside increasing natural gas prices which enhance the economic appeal of coal [8]

Core Viewpoint - Range Impact, Inc. has announced the acquisition of the Premier Elkhorn and Cambrian Coal mine complexes, marking a strategic shift towards land ownership and reclamation in Appalachia [1][8] Acquisitions - The Premier Elkhorn Mine Complex consists of approximately 13,000 surface acres and 42,500 mineral interest acres, containing metallurgical and thermal coal reserves, with 34 mining permits and $44 million in reclamation bonds [3] - The Cambrian Coal Mine Complex includes around 2,600 surface acres and additional leasable mineral interests, with 9 mining permits and $10 million in reclamation bonds [4] - Both complexes are located in eastern Kentucky and were acquired through a newly created subsidiary, Range Bluegrass Land LLC, which assumed reclamation obligations from Reckoning Reclamation LLC [2] Strategic Partnerships - Range Bluegrass has entered into an Option Agreement with MRR CNG, LLC for approximately 1,500 acres of surface land at the Premier Elkhorn Mine Complex for future waste disposal facility development, receiving $500,000 at the time of the grant [5] - A Membership Interest Option and Cash Distribution Right Agreement was established with Wicks Building LLC, allowing Wicks to receive 50% of cash distributions and convert this right into ownership of 50% of Range Bluegrass [6] - Consulting Agreements with MRR and F & G LLC were signed, with an initial fee of $1 million and scheduled additional fees of $2 million for 2026 and 2027 [7] Business Model Transition - The company has shifted from a service-based business model focused on reclamation services to a land ownership model aimed at unlocking land value through reclamation activities and generating recurring revenue streams [11] - The sale of Collins Building & Contracting, Inc. marks the company's exit from service-based reclamation work, allowing a focus on revitalizing former coal mine sites [9][11] Portfolio Expansion - With the recent acquisitions, the company now owns four significant land investments, totaling approximately 30,000 acres of surface land and 150,000 acres of mineral interests across West Virginia and Kentucky [8]