Core Natural Resources, Inc. Q4 FY2025 earnings call

• 2025 was momentous with transformational merger. Focused on synergies, operational excellence, safety culture. Integration near complete. • Resumption of longwall mining at Leer South after combustion event in 2025, mine achieved production target in Jan. • Completion of transition to B seam at West Elk, which had operational challenges but now running at high productivity. • Deployed capital return framework in Feb '25, returned $245M to stockholders in 2025, ~100% of free cash flow. • Public policy front: Trump admin championing coal, One Big Beautiful Bill signed in July, Section 202C used to delay coal-fired plant retirements, DOE funding for coal fleet modernization, support for domestic rare earth elements industry, reinstatement of National Coal Council with Jimmy as Vice Chair. • Marketing and financial updates: 2025 was first operating year as combined company, managed challenges, integrated companies, streamlined teams, exceeded synergy targets, strong capital structure for returns. Domestic market: policy shifts laid groundwork, 2025 U.S. utility coal consumption up 12%, PJM and MISO coal-fired generation up. International coking: Australian flooding impacted supply, PLV prices up. Global coal demand up. Contracting progress: added 7 million tons each to high CV thermal and PRB segments, metallurgical segment had nearly 7 million coking tons contracted. • Innovations: continued work on rare earth elements and critical materials, drilled additional holes in PRB, working with partners on extraction strategy in Northern App, progress on coal-based battery materials and aerospace/defense tooling

For 4Q '25, net loss of $79 million or $1.54 per dilutive share and adjusted EBITDA of $103 million. Reported 4Q '25 adjusted EBITDA includes $25 million of Leer South fire and idle costs and $11 million of West Elk idle costs, partially offset by $24 million of insurance recovery. For 2025, net loss of $153 million or $2.98 per diluted share and adjusted EBITDA of $512 million. Reported adjusted EBITDA includes impact of $101 million related to Leer South fire and idle costs and $11 million related to West Elk idle cost partially offset by insurance recovery of $43 million. High CV thermal segment: 4Q '25 had certain costs and 2025 had related impacts. 2026 guidance: 30 - 32 million sales tons, 76% contracted at midpoint, coal revenue over $57 per ton, average cash cost $38 - $39.50 per ton. Metallurgical segment: 2026 coking sales 8.6 - 9.4 million tons, average Core revenue ~$120 per ton, average cash cost $88 - $94 per ton. PRB segment: 2026 sales 47 - 50 million tons, 47.4 million tons contracted at avg revenue ~$14.15 per ton, average cash cost $13 - $13.50 per ton

• High CV thermal segment: 2026 expected 30 - 32 million sales tons, 76% contracted at midpoint, coal revenue over $57 per ton, average cash cost $38 - $39.50 per ton. • Metallurgical segment: 2026 coking sales 8.6 - 9.4 million tons, average Core revenue ~$120 per ton, average cash cost $88 - $94 per ton. • PRB segment: 2026 sales 47 - 50 million tons, 47.4 million tons contracted at avg revenue ~$14.15 per ton, average cash cost $13 - $13.50 per ton

Q: Nick Giles on high CV committed and priced, PAMC portion, domestic netbacks and upside.

A: Bob Braithwaite said about 20.5 million of 23.5 million tons committed for high CV, 2.5 million for PAMC, domestic and export splits, API2 price impact, upside on spot and export.

Q: Nick Giles on outer years order book and pricing.

A: Robert Braithwaite said contracted over 38 million tons last quarter forward, including 2030, pricing in contango.

Q: Nick Giles on shareholder returns and CapEx.

A: Mitesh Thakkar on CapEx driven by Leer South maintenance and rare earth projects, insurance proceeds higher in 2026, James Brock on returning 75% of free cash flow.

Q: Christopher LaFemina on unit cost progression, synergies in P&L.

A: Mitesh Thakkar on synergy buckets, James Brock on cost improvement focus.

Q: Christopher LaFemina on markets, Leer South ramping and spreads.

A: Robert Braithwaite and Deck Slone on market appetite, spread shrinkage, West Elk marketing.

Q: Nathan Martin on API2 price sensitivity, pet coke.

A: Robert Braithwaite on PJM West price irrelevance, pet coke price improvement impact.

Q: Nathan Martin on West Elk marketing.

A: Robert Braithwaite on West Elk quality improvement, marketing to utilities in east.

Q: George Eadie on 45X tax credit eligibility, insurance timing.

A: Mitesh Thakkar on 45X credit for segments, insurance proceeds timing.

Q: George Eadie on operational delivery confidence, mine plan challenges.

A: James Brock on assets running, cost improvement efforts.

Q: George Eadie on U.S. coal fleet capacity factor.

A: Deck Slone and Robert Braithwaite on past capacity factors, potential for higher, administration efforts to preserve plants