Alpha Metallurgical Resources, Inc. Q4 FY2025 earnings call

• Andy mentioned 2025 had challenges and market weakness but improved cost performance. 2026 aims to build on that. Added 500,000 contracted tons to domestic commitments for 2026, total 4.1 million tons at avg $136.30. • Jason congratulated Bram Mill Prep Plant and Marmette River Dock as 2025 Best in Class winners. Updates on Kingston Wildcat mine: slope intercepted seam, infrastructure work ongoing, expect to produce ~500,000 tons in 2026 with full production near 1 million tons/year. • Dan discussed market impacts of Australian flooding, divergence between indices, widening spreads between low vol and high vol coals, and logistics with Dominion Terminal Associates' planned outage in March with minimal impact anticipated.

Adjusted EBITDA for Q4 was $28.5 million with 3.8 million tons shipped. Met segment realizations: Q4 average realization $115.31/ton (up from Q3's $114.94/ton). Export met tons: priced against Atlantic Indices $106.13/ton, against Australian indices $114.96/ton. Metallurgical sales total weighted average realization $118.10/ton in Q4 (up from $117.62/ton in Q3). Incidental thermal portion of MET segment realizations $77.80/ton in Q4 (down from $81.64/ton in Q3). All coal sales for MET segment $101.43/ton in Q4 (up from $97.27/ton in Q3). 37% of metallurgical tonnage in MET segment committed and priced at avg $134.02; 53% committed but not yet priced. Thermal byproduct portion of MET segment 77% committed and priced at midpoint avg $73.17.

• 2026 guidance was issued, added 500,000 contracted tons to domestic commitments. • Q1 may have elevated costs due to lower productive cadence. • 45X tax credit expected to provide circa $2 per ton benefit. • Most open tons expected to go to export.

• Recent upward movement in coal markets concentrated in Australian premium low vol index, likely isolated and temporary. • High vol market oversupply could exert downward pressure on realizations. • Persistent market weakness, especially for high vol, poses risks. • Volatility in market conditions and uncertainty in steel demand impact met markets.

Q: Nick Giles asked about mix of domestic vs seaborne tons, cost cadence, broader market.

A: Dan said domestic half high vol, half low/medium vol; seaborne has existing low vol and Wildcat mine to add. Andy said Q1 has higher costs, typical barbell pattern. Dan talked about markets in Europe, South America, Asia.

Q: Nathan Martin asked on total liquidity, best uses of cash, cost guidance, 45X impact, domestic vs export of open tons.

A: Andy said liquidity for strong balance sheet, share buyback, looking at opportunities. Todd said 45X ~$2/ton benefit. Andy said most open tons to go export.

Q: Nick Giles followed up on M&A, U.S supply, pricing transparency.

A: Andy said looking at MET opportunities, some smaller producers may not continue but impact may not be material. Dan talked about indices and how buyers dictate selling methods.

Q: Matthew Key asked on U.S tariffs impact.

A: Andy said constant tariff flux causes lethargy in market with people waiting to see where things fall out