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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38061

Warrior Met Coal, Inc.

(Exact name of registrant as specified in its charter)

Delaware |  | 81-0706839
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
16243 Highway 216 |  |
Brookwood | Alabama |  | 35444
(Address of Principal Executive Offices) |  | (Zip Code)

(205) 554-6150

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, par value $0.01 per share | HCC | New York Stock Exchange
Rights to Purchase Series A Junior Participating Preferred Stock, par value $0.01 per share | -- | New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes ☐ No ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of voting stock held by non-affiliates of the registrant, based on the closing price of the common stock on June 30, 2025, the registrant’s most recently completed second fiscal quarter, as reported by the New York Stock Exchange, was approximately $2.5 billion.

Number of shares of common stock outstanding as of February 11, 2026: 52,570,156

Documents Incorporated By Reference

Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2025, are incorporated by reference into Part III of this report for the year ended December 31, 2025.

TABLE OF CONTENTS

Forward-Looking Statements | 1
Glossary of Selected Terms | 3
Part I
Item 1. | Business | 7
Item 1A. | Risk Factors | 26
Item 1B. | Unresolved Staff Comments | 66
Item 1C. | Cybersecurity | 67
Item 2. | Properties | 68
Item 3. | Legal Proceedings | 80
Item 4. | Mine Safety Disclosures | 80
Part II
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | 81
Item 6. | [Reserved] | 82
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 83
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 103
Item 8. | Financial Statements and Supplementary Data | 104
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 104
Item 9A. | Controls and Procedures | 104
Item 9B. | Other Information | 105
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 105
Part III
Item 10. | Directors, Executive Officers and Corporate Governance | 106
Item 11. | Executive Compensation | 106
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 106
Item 13. | Certain Relationships and Related Transactions, and Director Independence | 106
Item 14. | Principal Accounting Fees and Services | 106
Part IV
Item 15. | Exhibits and Financial Statement Schedules | 107
Item 16. | Form 10-K Summary | 111
Signatures | 112
Index to Consolidated Financial Statements | F-1

i

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (this “Annual Report”) includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to our future prospects, developments and business strategies. We have used the words “anticipate,” “approximately,” “assume,” “believe,” “could,” “contemplate,” “continue,” “estimate,” “expect,” “target,” “future,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should” and similar terms and phrases, including in references to assumptions, in this Annual Report to identify forward-looking statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to:

•
the impact of global pandemics, including its impact on our business, employees, suppliers and customers, the steelmaking coal and steel industries, and global economic markets;
•
the impacts of inflation on our business, including on our costs and our profitability;
•
our relationships with, and other conditions affecting, our customers;
•
successful implementation of our business strategies;
•
unavailability of, or price increases in, the transportation of our metallurgical (“met”) or steelmaking coal;
•
significant cost increases and fluctuations, and delay in the delivery of raw materials, mining equipment and purchased components;
•
work stoppages, negotiation of labor contracts, employee relations and workforce availability;
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competition and foreign currency fluctuations;
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litigation, including claims not yet asserted;
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terrorist attacks or security threats, including cybersecurity threats;
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global steel demand and the downstream impact on steelmaking coal prices;
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impact of weather and natural disasters on demand and production;
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a substantial or extended decline in pricing or demand for steelmaking coal;
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inherent difficulties and challenges in the coal mining industry that are beyond our control;
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our ability to develop or acquire steelmaking coal reserves in an economically feasible manner;
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geologic, equipment, permitting, site access, operational risks and new technologies related to mining;
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inaccuracies in our estimates of our steelmaking coal reserves;
•
costs associated with our workers’ compensation benefits;
•
challenges to our licenses, permits and other authorizations;
•
challenges associated with environmental, health and safety laws and regulations;

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regulatory requirements associated with federal, state and local regulatory agencies, and such agencies’ authority to order temporary or permanent closure of our mines;
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climate change concerns and our operations’ impact on the environment;
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failure to obtain or renew surety bonds on acceptable terms, which could affect our ability to secure reclamation and coal lease obligations;
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our obligations surrounding reclamation and mine closure;
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our substantial indebtedness and debt service requirements;
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our ability to comply with covenants in our First Amendment to the Second Amended and Restated Credit Facility (the “Amended ABL Facility”) and the Indenture (as defined below);
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adequate liquidity and the cost, availability and access to capital and financial markets;
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our expectations regarding our future cash tax rate as well as our ability to effectively utilize our federal and state net operating loss carry forwards (“NOLs”);
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our ability to continue paying our quarterly dividend or pay any special dividend;
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the timing and amount of any stock repurchases we make under our stock repurchase program or otherwise;
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any consequences related to our transfer restrictions under our certificate of incorporation and our Rights Agreement (as defined below);
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geopolitical events, including the effects of the Russia-Ukraine war;
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the inability to transport our products to customers due to rail performance issues or the impact of weather and mechanical failures at the McDuffie Terminal at the Port of Mobile in Alabama; and
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other factors, including the other factors discussed in “Risk Factors.”

These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Part I, Item 1A. Risk Factors” and elsewhere in this Annual Report, and those set forth from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). These documents are available through our website or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at http://www.sec.gov. In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements.

When considering forward-looking statements made by us in this Annual Report or elsewhere, such statements speak only as of the date on which we make them. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this Annual Report after the date of this Annual Report, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this Annual Report or elsewhere might not occur.

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GLOSSARY OF SELECTED TERMS

The following is a glossary of selected terms used in the Annual Report:

Ash. Impurities consisting of silica, iron, alumina and other incombustible matter that are contained in coal. Since ash increases the weight of coal, it adds to the cost of handling and can affect the burning characteristics of coal.

Assigned reserves. Coal that is planned to be mined at an operation that is currently operating, currently idled or for which permits have been submitted and plans are eventually to develop the mine and begin mining operations.

Bituminous coal. A common type of coal with moisture content less than 20% by weight. It is dense and black and often has well-defined bands of bright and dull material.

British thermal unit (“Btu”). A measure of the thermal energy required to raise the temperature of one pound of pure liquid water one degree Fahrenheit at the temperature at which water has its greatest density (39 degrees Fahrenheit).

Coal seam. Coal deposits occur in layers. Each layer is called a “seam.”

Coke. A hard, dry carbon substance produced by heating coal to a very high temperature in the absence of air. Coke is used in the manufacture of iron and steel. Its production results in a number of useful by-products.

Coke strength after reaction ("CSR"). Refers to coke "hot" strength, generally a quality reference in a simulated reaction condition in an industrial blast furnace.

Commission or the SEC. Securities and Exchange Commission.

Continuous miner. A machine used in underground mining to cut coal from the seam and load onto conveyors or shuttle cars in a continuous operation. In contrast, a conventional mining unit must stop extracting in order to begin loading.

Continuous mining. A form of underground mining that cuts the coal from the seam and loads the coal on to a conveyor system continuously, thus eliminating the separate cycles of cutting, drilling, shooting and loading.

CSX. CSX Corporation.

EPA. Environmental Protection Agency.

Development Stage Property. A property that has mining reserves disclosed, but no material extraction.

Hard coking coal (“HCC”). Hard coking coal is a type of steelmaking coal that is a necessary ingredient in the production of strong coke. It is evaluated based on the strength, yield and size distribution of coke produced from such coal, which is dependent on the rank and plastic properties of the coal. Hard coking coals trade at a premium to other coals due to their importance in producing strong coke and because they are a limited resource.

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Indicated mineral resource. That part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person (as defined in the SEC rules) to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

Inferred mineral resource. That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

Longwall mining. A form of underground mining that employs a shearer with two rotating drums pulled mechanically back and forth across a long exposed coal face. A hydraulic system supports the roof of the mine while the drums are mining the coal. Conveyors move the loosened coal to an underground mine conveyor that transports coal to the surface. Longwall mining is the most efficient underground mining method.

Measured mineral resource. That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with measured mineral resource is sufficient to allow a qualified person (as defined in the SEC rules) to apply modifying factors, in sufficient detail to support mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

Metallurgical (“met”) or steelmaking coal. The various grades of coal with suitable carbonization properties to make coke or to be used as a pulverized injection ingredient for steel manufacture, including hard coking coal (see definition above), semi-soft coking coal and PCI coal. Steelmaking coal quality depends on four important criteria: (1) volatility, which affects coke yield; (2) the level of impurities, including sulfur and ash, which affect coke quality; (3) composition, which affects coke strength; and (4) other basic characteristics that affect coke oven safety. Steelmaking coal typically has particularly high Btu characteristics but low ash and sulfur content.

Metric ton. Equal to approximately 2,205 pounds. The international standard for quoting price per ton is based in U.S. dollars per metric ton. Unless otherwise indicated, the metric ton is the unit of measure referred to in this Annual Report and any reference to “ton(s)” or “tonnage” in this Annual Report refers to metric ton(s). One metric ton is equivalent to 1.10231 short tons.

Mineable Coal. That portion of the coal reserve base which is commercially mineable and excludes all coal that will be left, such as in pillars, fenders or property barriers.

Mineral Reserve. Is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

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Mineral Resource. Is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

Modifying Factors. The factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.

MSHA. Mine Safety and Health Administration.

Overburden. Layers of earth and rock covering a coal seam. In surface mining operations, overburden must be removed prior to coal extraction.

PCI coal. Coal used by steelmakers for pulverized coal injection (PCI) into blast furnaces to use in combination with the coke used to produce steel. The use of PCI allows a steel maker to reduce the amount of coke needed in the steel making process.

Preparation plant. Preparation plants are usually located on a mine site, although one plant may serve several mines. A preparation plant is a facility for crushing, sizing and washing coal to remove impurities and prepare it for use by a particular customer. The washing process has the added benefit of removing some of the coal’s sulfur content.

Probable mineral reserves. Are the economically mineable part of an indicated and, in some cases, a measured mineral resource.

Productivity. As used in this Annual Report, refers to clean metric tons of coal produced per underground man hour worked, as published by the MSHA.

Proven mineral reserves. Are the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

Reclamation. The process of restoring land and the environment to their original or otherwise rehabilitated state following mining activities. The process commonly includes “recontouring” or reshaping the land to its approximate original appearance, restoring topsoil and planting native grass and ground covers. Reclamation operations are usually underway before the mining of a particular site is completed. Reclamation is closely regulated by both state and federal law.

Recoverable reserves. Metric tons of mineable coal that can be extracted and marketed after deduction for coal to be left behind within the seam (i.e. pillars left to hold up the ceiling, coal not economical to recover within the mine, etc.) and adjusted for reasonable preparation and handling losses.

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Reserve. That part of a mineral deposit that could be economically and legally extracted or produced at the time of the reserve determination.

Roof. The stratum of rock or other mineral above a coal seam; the overhead surface of a coal working place.

Slurry Impoundment. The entire structure used for coal slurry waste disposal, including the embankment, basin, beach, pool, and slurry. During the process of mining and cleaning coal, waste is created and must be permanently disposed of in an impoundment. Slurry, a combination of silt, dust, water, bits of coal and clay particles is the most commonly disposed of material held in an impoundment.

Subsidence. Lateral or vertical movement of surface land that occurs when the roof of an underground mine collapses. Longwall mining causes planned subsidence by the mining out of coal that supports the overlying strata.

Sulfur. One of the elements present in varying quantities in coal that contributes to environmental degradation when coal is burned. Sulfur dioxide is produced as a gaseous by-product of coal combustion.

Surface mine. A mine in which the coal lies at or near the surface and can be extracted by removing the covering layer of soil (see “Overburden”) without tunneling underground.

Ton or tonnage. See “metric ton” above.

Thermal coal. Coal used by power plants and industrial steam boilers to produce electricity, steam or both. It generally is lower in Btu heat content and higher in volatile matter than steelmaking coal.

Underground mine. Also known as a “deep” mine, it is usually located several hundred feet or more below the earth’s surface. An underground mine’s coal is typically removed mechanically and transferred by shuttle car, conveyor and hoist to the surface.

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Part I

Item 1. Business

Overview

Warrior Met Coal, Inc. (together with its subsidiaries, the "Company" or "Warrior") is a U.S.-based, environmentally and socially minded supplier to the global steel industry headquartered in Brookwood, Alabama. We are dedicated entirely to mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. We are a large-scale, low-cost producer and exporter of premium quality met or steelmaking coal, also known as hard coking coal (“HCC”), operating highly efficient longwall operations in our underground mines based in Alabama, Mine No. 4, Mine No. 7 and Blue Creek. Our steelmaking coal production totaled 9.3 million metric tons in 2025. Our natural gas operations remove and sell natural gas from our owned and leased coal seams by reducing natural gas levels in our mines.

We operate as a one reportable segment. See the consolidated financial statements beginning on page F-1 of this Annual Report for our consolidated revenues, profit/loss and total assets.

Our Competitive Strengths

We believe that we have the following competitive strengths:

Leading pure play steelmaking coal producer focused on premium steelmaking coal products. Unlike other publicly listed U.S. coal companies, substantially all of our revenue is derived from the sale of premium steelmaking coal in the global seaborne markets. Our resources are primarily allocated to the mining, transportation and marketing of steelmaking coal. The premium nature of our steelmaking coal makes it ideally suited as a base feed coal for steel makers and our Mine No. 7 steelmaking coal is a low volatility ("Low Vol") coal that results in price realizations near or above the S&P Global Platts Index (as defined below). Our Mine No. 4 and Blue Creek steelmaking coals are a high volatility ("High Vol") A quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin. Whereas we target a variety of indices, including Platts Premium Low Vol and Platts Low Vol HCC for sales destined to the Pacific Basins. Our Blue Creek coal is also primarily sold into Asia and is sold on a cost and freight ("CFR") basis. The combination of high strength, high fluidity, low sulfur, low-to-medium ash, Low Vol to High Vol, and other characteristics of our coals, as well as our ability to blend them, makes our HCC product an important component within our customers’ overall coking coal requirements. As a result of our premium steelmaking coal, we are able to achieve higher realized prices and operating margins relative to other U.S. steelmaking coal producers.

World-class Blue Creek commences longwall operations. We commenced longwall operations at the Blue Creek mine in October 2025, eight months ahead of schedule and on budget. Even in these early stages of production and sales, Blue Creek has already contributed to lower cash costs, further improving our position in the first-quartile global cost curve. In addition, Blue Creek's low-cost structure has reduced our all-in cash cost breakeven point and enhanced our profitability and cash flow generation. Blue Creek is a High Vol A coal reserve with an estimated mine life of approximately 40 years assuming a single longwall operation. The commencement of longwall operations at Blue Creek, combined with better-than-expected recovery and the anticipated addition of a fourth continuous miner unit, is expected to increase our annual High Vol A nameplate production capacity up to approximately 6.4 million metric tons per year, thereby increasing our annual nameplate production capacity by 88% from 7.3 million metric tons per year to 13.7 million metric tons per year. While our nameplate production capacity has significantly increased, actual annual sales and production volumes will be dependent upon steelmaking coal market conditions.

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We are initially focused on optimizing production volume from the first longwall operation before considering the capital expenditures and time requirements associated with developing a second longwall. We believe this optimization can be achieved with minimal to no incremental capital expenditures. From the outset of Blue Creek's development, our plans contemplated the potential to add a second longwall should market fundamentals warrant it, and the project's infrastructure has been designed with the flexibility to support higher volumes.

Highly flexible cost structure protects through-the-cycle profitability. We have “variabilized” our cost structure in our labor, royalties and logistics contracts, increasing the proportion of our cost structure that varies in response to changes in HCC prices based on a variety of indices. Our logistics costs are structured to reduce cash requirements in lower HCC price environments and to increase cash requirements within a range with higher HCC prices. Our royalties are calculated as a percentage of the price we realize and therefore increase or decrease with changes in HCC prices. In addition, we can adjust our usage of continuous miner units in response to HCC pricing. Our variable cost structure dramatically lowers our cash cost of sales if our realized price falls, while being effectively capped in higher price environments, allowing us to generate significant operating cash flow. Our highly flexible cost structure provides us with a key competitive advantage relative to our competitors and which we expect should allow us to remain profitable in all coal market conditions.

Robust logistics and significant logistical cost advantage to the seaborne market. We have developed a logistics strategy based on multiple modalities, multiple carriers for both rail and river transportation and multiple terminals to ensure reliability of supply and cost-competitive rates. Our ability to move our coals via rail and/or barge is a significant advantage for Warrior. Our three operating mines are located approximately 300 miles from our primary export terminal in Mobile, Alabama. Our proximity to port and the flexibility of our logistics networks underpin our logistical cost advantage compared to other U.S. steelmaking coal producers. We sell our coal to a diversified customer base of blast furnace steel producers, primarily located in Europe, South America and Asia. We have a shipping time and distance advantage serving customers throughout the Atlantic Basin relative to competitors located in Australia and Western Canada. Our strategic location is enhanced by our long-tenured, well-established customer portfolio.

High realized prices and low variable cost structure drive industry leading margins. The coal from our mines is competitive in quality with the premium HCC produced in Australia, which is used to set pricing for the industry. The combination of low sulfur, low-to-medium ash, Low Vol to High Vol A and high coking strength drives our consistently high price realization relative to other U.S. steelmaking coal producers who typically focus on lower rank steelmaking coals. We believe our mines are some of the lowest cost steelmaking coal mines in North America.

Clean balance sheet to drive robust cash flow generation. Unlike other U.S. coal producers in our peer group, we have no pension or OPEB legacy liabilities. With minimal legacy liabilities, we are not burdened by the annual fixed obligations that are typically associated with these types of liabilities. Our clean balance sheet and low sustaining capital expenditure requirements position us to generate strong cash flows across a range of steelmaking coal price environments. Additionally, we expect our cash flows to benefit from a low cash tax rate, which will enable strong cash conversion from our operating profits.

Disciplined financial policies to ensure stable performance. We believe maintaining financial discipline will provide us with the ability to manage the volatility in our business resulting from changes in steelmaking coal prices. We intend to preserve a strong and conservative balance sheet, with sufficient liquidity and financial flexibility to support our operations. As of December 31, 2025, we had approximately $483.9 million of available liquidity consisting of $300.0 million of cash and cash equivalents, short-term investments of $43.4 million, net of $9.9 million posted as collateral, and available liquidity under our Amended ABL Facility of $140.5 million. In the event we generate cash flow in excess of the needs of our business, we plan to take a holistic approach to capital allocation and will evaluate a range of options, including debt repayment. We will seek to preserve our capital structure with low financial leverage that is largely free from legacy liabilities in order to ensure maximum free cash flow generation.

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Highly experienced leadership team with deep industry expertise. Our Chief Executive Officer (“CEO”), Walter J. Scheller, III, is the former CEO of Walter Energy, Inc. ("Walter Energy") and has eleven years of direct experience managing Mine No. 4 and Mine No. 7, and over 30 years of experience in longwall coal mining. Furthermore, our Chief Operating Officer, Jack Richardson, has extensive direct operational experience in steelmaking coal longwall mining. We have a strong record of operating safe mines and are committed to environmental excellence. Our dedication to safety is at the core of all of our overall operations as we work to further reduce workplace incidents by focusing on policy awareness and accident prevention. Our continued emphasis on enhancing our safety performance has resulted in total reportable incidence rates of 2.51 at Mine No. 4, 1.64 at Mine No. 7 and 2.01 at Blue Creek for the year ended December 31, 2025, which is 53% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.20 for the six months ended June 30, 2025, which represents the latest data available.

Strong focus on reducing greenhouse gas emissions and water usage. Investors and other third parties are increasingly focused on sustainability matters. With a view towards being an industry leader in environmental stewardship, we are actively engaged in several initiatives that occur before, during and after mining to reduce greenhouse gas ("GHG") emissions, including the capture of coalbed methane. We remain committed to reducing our GHG emissions and water usage and have made steady progress toward our 2030 emissions reduction target of 50% and 25% from our 2021 baseline year, respectively. We are pleased to report that we reduced our Scope 1 and Scope 2 GHG emissions by 37% from baseline year levels and achieved a 34% water recycling rate in 2025.

We also operate a low-quality gas plant, which is able to improve the quality of ordinarily unsaleable gas that would otherwise escape to the atmosphere. The improved gas is then sold and used by consumers. This plant operates using a complex system that concentrates the methane by removing other gases such as nitrogen and oxygen. For the full year 2025, we achieved an estimated methane capture rate of 74% through our low-quality gas plant and flaring initiatives. Through our commitment to reducing the use of fresh water in our operations, we invested in innovative dry-coal slurry systems to optimize water use throughout the coal production process. The dry slurry systems reached full operating status at Mine No. 7 in early 2025 and at Blue Creek in late 2025. These systems serve as a foundational component of Warrior's broader strategy to improve water efficiency across our operations. The system uses advanced mechanical and pneumatic technologies to separate the coal from impurities without the heavy reliance on water required by traditional slurry systems. We also continuously work to evaluate and test emerging technologies that can optimize our water usage and successfully achieved a 99.6% compliance record with the EPA National Pollutant Discharge Elimination System ("NPDES") program, which addresses water pollution by regulating point source discharges. We remain committed to taking steps to decrease our carbon footprint by reducing GHG emissions and water usage, minimizing our impact on the environment.

Our Business Strategies

Our objective is to increase stockholder value through our continued focus on asset optimization and cost management to drive profitability and cash flow generation. Our key strategies to achieve this objective are described below:

Maximize profitable production. In the year ended December 31, 2025, we produced a record high 9.3 million metric tons of steelmaking coal from Mine No. 7, Mine No. 4 and Blue Creek. With the commencement of longwall operations at Blue Creek in October 2025, we anticipate a significant increase in our High Vol A steelmaking coal in 2026. Based on our management’s operational experience, we are confident in our ability to continue to produce at or close to capacity in a safe and efficient manner, and with a comparable cost profile to our current costs, should market conditions warrant.

Maximize strategic organic growth and profitability. On November 5, 2025, we announced that longwall operations commenced at Blue Creek, eight months ahead of schedule. The Blue Creek mine ramped steadily toward full production. Even in these early stages of production and sales, Blue Creek's contributions to our financial results are having a notable impact, which we expect will only increase as the mine continues to ramp up toward full production. The new single longwall at Blue Creek combined with better-than-expected recovery and the anticipated addition of a fourth continuous miner unit is expected to increase the nameplate production capacity up to approximately of 6.4 million metric tons per annum of

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premium High Vol A steelmaking coal over the first ten years of production. We expect Blue Creek to be a transformational investment that will increase annual production capacity by 88% and expand the range of premium hard coking coals we supply to our global customers. While our nameplate production capacity has significantly increased, actual annual sales and production volumes will be dependent upon steelmaking coal market conditions. We are initially focused on optimizing production from the first longwall operation before evaluating the capital requirements and timing associated with developing a second longwall. We believe this optimization can be achieved with minimal to no incremental capital expenditures. From the outset of Blue Creek's development, our plans contemplated the potential addition of a second longwall should market fundamentals warrant it, and the project's infrastructure was designed to support higher volumes. We anticipate that Blue Creek will decrease our cash costs and further strengthen our position in the first quartile global cost curve. In addition, due to Blue Creek's expected low-cost structure, we expect it will significantly drive down our all-in cash cost breakeven point and enhance our profitability and cash flow generation.

In addition to the operational progress at Blue Creek, we strengthened our long-term growth platform through the recently finalized federal coal leases with the Bureau of Land Management ("BLM"). These leases provide access to approximately 48 million metric tons of additional reserves, enhancing the strategic resource base that underpins our development initiatives. The additional BLM reserves increase long-term production visibility, support optionality for incremental mining areas at both Blue Creek and Mine No. 4, and further reinforce the multi-decade runway for organic growth.

Broaden our marketing reach and maintain strong correlation between realized coal prices and the S&P Platts Index. We follow a commercial strategy focused on optimizing our net price realizations, which includes: (i) opportunistic selling into the spot steelmaking coal market and (ii) to a lesser extent selected instances of entering into fixed price contracts. Each of these elements is intended to further embed our coal product among a broader group of steel customers. Traditionally, we have predominantly marketed our coal to European and South American buyers. In recent years, due to a combination of market dynamics and geopolitical events we have expanded the marketing of our coal to Asia and we are actively marketing our coal to India and Southeast Asia buyers. For the year ended December 31, 2025, our sales geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S. This compares to our geographic customer mix for the year ended December 31, 2024 of 42% in Asia, 38% in Europe, 19% in South America and 1% in the U.S. When advantageous, we work with strategic partners to assist in the marketing of our coals. We benefit from the local presence and knowledge of these partners to capture the highest value for our premium coals.

Capitalize on opportunities for technological innovation to continue to reduce our impact on the environment. We are fully committed to being a responsible corporate citizen to our employees, customers, communities, and other stakeholders. We are committed to providing our products in a responsible manner. We partnered with a third-party consultant to develop a sustainability strategy that is focused on the following objectives, among others: materiality and risk assessment, creating and tracking measurable goals, GHG reduction, water usage reduction, enhancing governance standards and performing a community impact assessment. We plan to launch a new environmental and permitting management system software package, designed to enhance the tracking of specific ESG targets. This innovative tool will enable more effective monitoring of emissions and water demand, optimizing efficiency across company sites. We also continue to partner with global experts to evaluate installations of Regenerative Thermal Oxidizers ("RTO") and other emerging methane capture technologies at strategic locations across our properties to accelerate our GHG reduction efforts.

Description of Our Business

Our underground mining operations are headquartered in Brookwood, Alabama and as of December 31, 2025, based on a reserve report prepared by Marshall Miller & Associates, Inc., were estimated to have approximately 179.3 million metric tons of recoverable reserves located in west central Alabama between the cities of Birmingham and Tuscaloosa. Operating at approximately 2,000 feet below the surface, Mines No. 4 and No. 7 are two of the deepest underground coal mines in North America. Our now-operational Blue Creek mine is a slope mine and is one of the last remaining large-scale premium High

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Vol A reserves in the U.S., with an estimated 40-year mine life. The steelmaking coal within these mines is mined using longwall extraction technology with development support from continuous miners.

Our underground mining operations are located approximately 300 miles from our export terminal at the Port of Mobile in Alabama, which we believe to be the shortest mine-to-port distance of any U.S.-based steelmaking coal producer. Our low and variable cost structure, and our flexible and efficient rail and barge network underpins our cost advantage and dependable access to the seaborne markets. We sell our coal to a diversified customer base of blast furnace steel producers, primarily located in Asia, Europe and South America. We have a shipping time and distance advantage serving our customers throughout the Atlantic Basin relative to competitors located in Australia and Western Canada.

Our HCC, mined from the Southern Appalachian region of the United States, is characterized by low-to-high volatile matter, low sulfur, high fluidity, and high strength. These qualities make our coal ideally suited as a coking coal for the manufacture of steel. As a result of our high-quality coal, our realized price for Mine No. 7 coal has historically approximated the Platts Premium Low Volatility FOB Australian Index price (the “S&P Platts Index”). Our Mine No. 4 and Blue Creek steelmaking coals are a High Vol A quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin. Whereas we target a variety of indices, including Platts Premium Low Vol and Platts Low Vol HCC for sales destined to the Pacific Basins. Our Blue Creek coal is also primarily sold into Asia and is sold on a cost and freight ("CFR") basis.

We have 90.1 million metric tons of recoverable reserves at Mines No. 4 and No. 7. Mines No. 4 and No. 7 are located near Brookwood, Alabama, and are serviced by CSX railroad. A coal producer is typically responsible for transporting the coal from the mine to an export coal-loading facility. Exported coal is usually sold at the loading port, with the buyer responsible for further transportation from the port to their location. Both mines also have access to our barge load-out facility on the Black Warrior River. Service via both rail and barge culminates in delivery to the Port of Mobile in Alabama, where shipments are exported to our international customers via ocean vessels. Substantially all of our steelmaking coal sales consist of sales to international customers. We also have alternative outbound logistics routes to increase transportation and vessel shipping optionality.

We also have 89.2 million metric tons of recoverable reserves and 54.0 million metric tons of coal resources exclusive of reserves at Blue Creek. We have the ability to acquire adjacent reserves and we also plan to continue to explore areas currently categorized as resources exclusive of reserves to further increase our reserve tonnage. Blue Creek is located near Brookwood, Alabama, and is serviced by NS railroad to the export coal-loading facility in Mobile, Alabama. Blue Creek also has its own barge loadout facility on the Black Warrior River, which is expected to be completed in the second quarter of 2026. Exported coal is usually sold at the loading port, and is primarily sold on a CFR basis to customers in Asia.

Coal Preparation and Blending

Our steelmaking coal mines have preparation and blending facilities convenient to each mine. The steelmaking coal preparation and blending facilities receive, blend, process and ship steelmaking coal that is produced from the mines. Using these facilities, we are able to ensure a consistent quality and efficiently blend our steelmaking coal to meet our customers’ specifications.

Marketing, Sales and Customers

Steelmaking coal prices can differ substantially by region and are impacted by many factors, including the overall economy, demand for steel, location, market, quality and type of steelmaking coal, mine operation costs and the cost of customer alternatives. The major factors influencing our business are the global economy and demand for steel. Our operations’ high-quality steelmaking coal is considered among the highest quality steelmaking coals in the world and is preferred as a base steelmaking coal in our customers’ blends. Our marketing strategy is to focus on international markets mostly in Europe and

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South America where we have a shipping time and distance advantage. In recent years, due to a combination of market dynamics and geopolitical events, we have expanded the marketing of our coal to Asia and we are actively marketing our coal to buyers in India and Southeast Asia.

We focus on long-term customer relationships where we have a competitive advantage. We typically sell our steelmaking coal under fixed supply contracts primarily with indexed pricing terms and volume terms of one to three years. Some of our sales of steelmaking coal can, however, occur in the spot market as dictated by available supply and market demand. For more information regarding our customers, see Note 2 to our consolidated financial statements included elsewhere in this Annual Report.

Competition

Substantially all of our steelmaking coal sales are exported. Our major competitors sell into our core business areas of Asia, Europe and South America. We primarily compete with producers of premium steelmaking coal from Australia, Canada, Russia, Mozambique and the United States. The principal factors on which we compete are steelmaking coal prices at the port of delivery, coal quality and characteristics, customer relationships and the reliability of supply. The demand for our steelmaking coal is significantly dependent on the general global economy and the worldwide demand for steel. Although there are significant challenges in the current economy, we believe that we have competitive strengths in our business areas that provide us with distinct advantages.

Suppliers

Supplies used in our business include petroleum-based fuels, explosives, tires, conveyance structure, ventilation supplies, lubricants and other raw materials as well as spare parts and other consumables used in the mining process. We use third-party suppliers for a significant portion of our equipment rebuilds and repairs, drilling services and construction. We believe adequate substitute suppliers are available and we are not dependent on any one supplier; however, we procure some equipment from a concentrated group of suppliers, and obtaining this equipment often involves long lead times. Occasionally, demand for such equipment by mining companies can be high and some types of equipment may be in short supply. We continually seek to develop relationships with suppliers that focus on reducing our costs while improving quality and service. We also purchase services at our mine sites, including services related to maintenance for mining equipment, construction and temporary labor. We do not believe that we have any material operational or financial risk associated with our dependence on any individual service providers.

Inflation

We have exposure to inflation in connection with the purchase of supplies that are used directly or indirectly in the normal course of production, such as belt structure, roof bolts, cable, magnetite, rock dust and other supplies, plus labor and parts used to repair and rebuild equipment. These inflationary pressures have contributed to rising costs for us and may continue to do so in the future. We apply a number of different strategies to mitigate the impact of inflation on our operations, including placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.

Environmental, Social and Governance

We take pride in our environmental record and strive to be an industry leader in environmental stewardship. We recently released our annual Environmental, Social and Corporate Governance ("ESG") sustainability report that was prepared in accordance with the Sustainability Accounting Standards Board standards for Coal Operations and highlights our goals of becoming an industry leader in environmental stewardship, maintaining a strong environmental compliance record and safety statistics that are better than the industry average, and forming collaborative partnerships focused on workforce development and our communities.

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We continually invest in new technologies to lessen our environmental impact and to improve our efficiencies and productivity. Our executive leadership team, from our Board down, is fully committed to being a responsible corporate citizen to our employees, customers, communities, and other stakeholders. Highlights of our sustainability strategies are detailed below.

Environmental

We work to safely and efficiently produce some of the highest quality HCC steelmaking coal for our global customers while minimizing our environmental impact. This includes accounting for and working to reduce our GHG emissions, water usage and impact on biodiversity.

GHG Emissions

We remain committed to reducing our GHG emissions and have made steady progress toward our 2030 emissions reduction target of 50% from our 2021 baseline year. After completing our third inventory of Scope 1 and Scope 2 GHG emissions in reference to GHG Protocol Standards, we achieved notable progress in 2025. While Scope 1 emissions, encompassing direct emissions from Warrior-owned or controlled sources, increased slightly year-over-year in 2025 due to an increase of ventilation air methane encountered in certain geology at Mine No. 7, the Company realized a slight year-over-year decrease in Scope 2 emissions and remains on track to achieve the stated 50% emission reduction target by 2030. Collectively, Company-wide total Scope 1 and Scope 2 emissions in 2025 decreased by over 27% from our 2021 baseline year. Our emissions intensity, a measure of CO2e per unit of production, improved by 54% compared to our 2021 baseline year, showcasing our ability to maintain high production efficiency while reducing environmental impacts.

These reductions underscore our commitment to sustainability through strategic investments in modernizing equipment, optimizing fuel use and advancing methane capture technologies. Building on this momentum, we installed a new environmental and permitting management system software package, designed to enhance the tracking of specific ESG targets. The tool will enable more effective monitoring of emissions and water demand, optimizing efficiency across our sites as we continue to meet ambitious sustainability goals.

Central to our emission reduction efforts is methane management, as methane remains the predominant GHG emission in our operations. For the full year 2025, we achieved an estimated methane capture rate of 74% through advanced degasification systems and flaring initiatives. Our innovative degasification network enables the transformation of methane, a necessary byproduct of mining, into an energy source, mitigating its release into the atmosphere and turning it into an asset.

Water Management

We remain committed to reducing our water consumption and have made steady progress toward our 2030 reduction target of 25% from our 2021 baseline year. We recognize water as an essential natural resource and we are committed to responsible usage in support of our facilities. We continuously work to evaluate and test emerging technologies that can optimize our water usage. Freshwater is primarily used for processing coal or sent underground for use in mining operations, such as dust control. This optimizes the performance of our mining machinery and helps create and maintain a safe environment for our workforce. We are proud that we achieved a 34% water recycling rate in 2025, decreasing water withdrawn from freshwater and municipal sources..

Through our commitment to reducing the use of fresh water in our operations, we invested in innovative dry-coal slurry systems to optimize water use throughout the coal production process. The dry slurry systems reached full operating status at Mine No. 7 in early 2025 and at Blue Creek in late 2025. The systems uses advanced mechanical and pneumatic technologies to separate coal from impurities without the heavy reliance on water required by traditional slurry systems. By replacing water-intensive methods, the system significantly reduces water usage, minimizes the generation of coal slurry waste, and eliminates the need for large impoundments for waste storage. Not only does this conserve critical natural resources but also reduces the environmental impact associated with wastewater treatment and disposal.

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Waste Management

We have a strong environmental compliance record (99.6%) with the EPA's NPDES program, which addresses water pollution by regulating point sources that discharge pollutants into U.S. waters. According to the World Resources Institute, we do not have any mines operating within or near regions identified with high or extremely high baseline water stress. In 2023, we implemented the EMIS software, which enhances our monitoring and tracking for water quality and usage, waste management, and GHG emissions, among other items. Currently, we control seven certified tailings impoundment facilities that are subject to MSHA regulations and certification. Of these seven impoundments, five are classified as low hazard facilities and only two of the five are active. Our two high-hazard slurry tailings impoundments are subject to comprehensive risk assessments and third-party inspections to uphold stringent safety standards and regulatory compliance. In 2025, we completed comprehensive Emergency Action Plans for the two high-hazard facilities certified by third-party experts outlining detailed emergency contacts and actions to be taken in the event of an unexpected incident. We have also joined the Alabama Dam Safety Program, a voluntary initiative administered through local Emergency Management Agencies that tracks and documents dam performance and inspection data to support planning, public safety, and enhanced transparency around facility stewardship. Demonstrating our commitment to safe and sustainable operations, we continue to prioritize the diligent management and eventual decommissioning of these sites in alignment with our long-term sustainability objectives.

Biodiversity

Our commitment to environmental responsibility extends beyond our direct sites, into the rich biodiversity surrounding our operations. We recognize the unique and abundant ecosystems in Alabama, and the essential role these environments play in supporting wildlife and plant species. We work closely with regulatory bodies, including the Alabama Department of Environmental Management ("ADEM"), the Alabama Surface Mining Commission ("ASMC"), the Office of Surface Mining Reclamation and Enforcement ("OSMRE"), and the U.S. Fish and Wildlife Service ("USFWS"), to meet or exceed all environmental requirements. Our biodiversity commitment also extends to post-mining land reclamation, where we restore landscapes to foster productive ecosystems. Initiatives include planting native vegetation, stabilizing soil, and creating habitats that encourage the return of wildlife.

For five consecutive years we have earned awards demonstrating our commitment to the environment and these efforts reinforce our reputation as a leader in responsible mining and land stewardship, emphasizing our commitment to maintaining ecological balance and ensuring a sustainable future for all of our stakeholders. Prioritizing biodiversity protection is integral to our ESG strategy, demonstrating our dedication to the long-term health of the ecosystems that share our operational landscape.

Coal Mine Methane and Secure Geological Storage of Carbon Oxide

We continue to evaluate current and pending regulations on clean hydrogen production, carbon sequestration and methane capturing tax credits offered under Internal Revenue Code Sections 45Q and 45V as amended and introduced by the Inflation Reduction Act of 2022. We are in discussions with potential third-party partners to identify ways to optimize our existing network for capturing coal mine methane ("CMM") as feedstock for the potential production of hydrogen and to serve as secure geological storage for captured qualified carbon oxide which are products and services incentivized by the credits. Other potential incentives include, but are not limited to, voluntary markets, power generation, other related tax credit programs, and commercial opportunities within emerging technology and compliance programs. There may be a significant capital investment required in order to comply with the regulations and, there can be no assurance that our actions, or any others we may take, will be successful in taking advantage of the credits available. In addition, the Trump Administration may make changes to the regulations on production tax credits and incentives that are currently offered under Sections 45Q and 45V.

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Social

Safety

Safety is an essential part of our identity and operations, woven into every aspect of our business. In 2025, our commitment to safety remained steadfast across our mining operations. Regularly tracking safety performance is a critical part of our operations, with a clear focus on personal injury and reportable accident data. Throughout 2025, we allocated in excess of $4.0 million to safety and security related initiatives. These investments include advanced safety equipment, training and competency programs, enhanced monitoring and communication systems and comprehensive inspection and audit activities. In 2025, our total incidence rate was 1.96, which is 53% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.20 for the six months ended June 30, 2025, which represents the latest data available. Our improvements and constant progress reflect the effectiveness of our ongoing investments in safety protocols, training programs and advanced safety equipment. We allocate significant resources to these areas, demonstrating our commitment to maintaining and advancing the highest degree of safety standards. Our safety infrastructure is led by a team of over 30 dedicated safety professionals spread across our corporate and mining operations, including two dedicated Mine Rescue teams. These teams, the only mine operated rescue teams in the state apart from the state sponsored groups, exemplify our unwavering commitment to safety and emergency preparedness. In 2025, we also lead the creation of the Crimson Safety Council, Alabama's newest chapter of the Joseph A. Holmes Safety Association, which received recognition from the Alabama Mining Association. This milestone reflects our leadership in promoting safety culture not only within our own operations but across the broader mining community.

Training

We support employee development and policy compliance through a combination of instructor‑led training, technical certification programs, and self‑paced digital learning. In 2025, employees completed more than 57,000 hours of training, representing a 14% increase year over year. Training was delivered through over 400 instructor‑led classes and covered underground and surface refresher courses, new‑hire onboarding, maintenance, advanced first aid, and leadership development. These programs are designed to promote safe operations, regulatory compliance, and the development of skills aligned with our operational and growth objectives.

Our learning and development framework integrates organizational development, technical training, and leadership development supported by a centralized learning management system. In 2025, employees completed over 400 digital courses and participated in 126 hours of live virtual instruction delivered by subject‑matter experts. Leadership development incorporated strengths‑based assessments, engagement surveys, coaching, and in‑person instruction, resulting in over 950 hours of structured leadership development, including individualized coaching for employees and interns. We also continued to invest in training infrastructure, including an e‑learning lab and immersive simulation technology, to enhance workforce readiness and support long‑term capability building across the organization..

Human Capital

As of December 31, 2025, we had more than 1,485 employees, of whom 945 were hourly employees and 540 were salaried employees. Our human capital strategy focuses on safety, workforce development, engagement, and long‑term retention. The Board of Directors, through its Human Resources and Compensation Committee, provides oversight of employee‑related policies and practices, including compensation and benefits, talent development, engagement, and workforce well‑being. We seek to foster a workplace culture grounded in professionalism, respect, fairness, and accountability, and we view our employees as central to the execution of our operational and long‑term growth strategies.

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Compensation and Benefits: To recruit and retain the best and brightest talent, we have established a top-tier benefits package, which includes competitive salaries and performance-based incentives. We also offer full-time employees the opportunity to participate in retirement benefits through a company-sponsored 401(k) account which includes a generous company match. Our total compensation and benefits package is designed to stay competitive and to assist in achieving our goals of attracting, rewarding, and retaining employees by always focusing on employees and their families first. We also offer our employees paid time off and an Employee Assistance Program which is a comprehensive network of accredited counselors and other specialized professionals who provide support on several issues, including mental health, relationships, wellbeing, stress and personal finances. Our Volunteer PTO Program, introduced in 2023, continues to encourage community engagement and fosters a culture of giving back.

Talent Attraction: We acknowledge the importance of developing and growing a strong and diverse workforce. Our policies and practices support diversity and equality. To help achieve this, we engage a broad range of communication channels, tools, and processes to attract highly capable external candidates to generate an experienced and diverse candidate pool. We also work with universities to attract top candidates in key fields, while seeking to develop our in-house talent and providing opportunities for employees to increase their level of responsibility within the organization. We have also elevated our efforts on minority and veteran recruiting by visiting and recruiting from Historically Black Colleges and Universities, growing existing partnerships and seeking new partnerships with groups to provide diverse internships, and attending and recruiting at military job fairs. We also prioritize veteran recruitment, recognizing the unique skills and leadership qualities veterans bring to our workforce.

Employee Development and Retention: We also recognize that employee engagement, development and talent retention are important factors in maintaining a highly skilled workforce and minimizing time and costs associated with turnover. In addition to the highly competitive compensation and benefits package discussed above, our retention program focuses on valuing employees, their families, and helping each employee have an appropriate work-life balance. To monitor this balance and other aspects of engagement, we seek candid feedback from employees via an annual employee engagement survey. The results are aggregated and then used by management to continually improve our culture and retain our employees. We also offer tuition reimbursement opportunities for those who wish to further their education.

Opportunity and Inclusion: We work to foster an environment in which each person can thrive. This includes treating everyone with respect, valuing diversity, and fostering safe and inclusive environments. Warrior's Code of Business Conduct and Ethics and Human Rights Policy promote and support diversity by offering a workplace in which people are protected from harassment and discrimination based on gender, race, age, sexual orientation, and other factors. Employees have the right and are empowered to report issues via several reporting channels, including our third party-managed confidential employee hotline should they wish to remain anonymous. As of December 31, 2025, approximately one-third of our Board was female, an our workforce reflected a mix of backgrounds. Our workforce's diverse composition spans age and experience as well. As of December 31, 2025, approximately 12% of our employees were between the ages of 18 and 25 and another 25% were between 25 and 35, meaning 38% of our workforce is under the age of 35. This provides a strong base of early-career employees, forming a critical pipeline of future leaders. At the same time, 27% of our employees are between 35 and 45 and 23% are between 45 and 55, with half of our workforce, 49%, in this mid-career range. These experienced employees provide technical expertise, institutional knowledge, and mentorship needed to develop the next generation of talent.

Human Rights: Respect for human rights is a core value. Our Human Rights Policy is informed by internationally recognized standards and applies across our operations. The Board of Directors provides oversight of our human rights commitments, and we strive to conduct our business in a manner that respects the dignity, equality, and rights of our employees and other stakeholders.

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Community Engagement

We recognize the importance of maintaining strong relationships with the communities in which we operate. We engage with local stakeholders, including employees and their families, schools, community organizations, and local officials, through ongoing dialogue and collaboration. In 2025, we contributed over $1.5 million to charitable and community organizations and supported community initiatives through more than 1,700 hours of employee volunteer service. Our Volunteer Paid Time Off program enables employees to participate in hands‑on community service and reinforces our commitment to being a responsible corporate citizen.

Governance

Our Board of Directors oversees the Company’s governance framework, including policies, strategies, and initiatives related to environmental, social, and governance (“ESG”) matters. The Board is supported by four standing committees—the Audit Committee, Human Resources and Compensation Committee, Nominating and Corporate Governance Committee, and the Sustainability, Environmental, Health and Safety Committee—each of which plays a defined role in providing oversight of corporate governance, risk management, ethics, and compliance. The Nominating and Corporate Governance Committee is responsible for developing and maintaining the Company’s Corporate Governance Guidelines, recommending qualified candidates for Board service, and overseeing the evaluation of the Board and senior management. The Board and its committees operate pursuant to written charters that are reviewed periodically and are available on the Company’s website.

The Sustainability, Environmental, Health and Safety Committee (“SEHS Committee”) assists the Board in overseeing the Company’s sustainability strategy and performance, including environmental stewardship, workforce health and safety, and related risk management. The SEHS Committee reviews the effectiveness of the Company’s sustainability, environmental, health, and safety policies, programs, and initiatives and monitors compliance with applicable laws and regulations. Management provides regular quarterly reports to the SEHS Committee addressing safety performance, environmental metrics, regulatory compliance, and progress against sustainability priorities. Through this structure, the Board maintains active oversight of ESG‑related risks and opportunities and integrates sustainability considerations into broader strategic and operational decision‑making.

The Board also oversees the Company’s enterprise risk management (“ERM”) framework, with the Audit Committee playing a central role in reviewing risk assessment processes and significant risk exposures, including regulatory, operational, cybersecurity, and compliance risks. ESG‑related risks are incorporated into the Company’s risk identification and assessment processes. In addition, the Board oversees the Company’s ethics and compliance program, which is grounded in the Code of Business Conduct and Ethics and supported by regular training, internal controls, and a confidential third‑party reporting mechanism. Governance oversight of sustainability, ethics, and risk management is intended to promote accountability, transparency, and long‑term value creation for stockholders and other stakeholders.

Environmental and Regulatory Matters

Our businesses are subject to numerous federal, state and local laws and regulations with respect to matters such as permitting and licensing, employee health and safety, reclamation and restoration of property and protection of the environment. In the U.S., environmental laws and regulations include, but are not limited to, the Clean Air Act and its state and local counterparts with respect to air emissions; the Clean Water Act and its state counterparts with respect to water discharges and dredge and fill operations; the Resource Conservation and Recovery Act and its state counterparts with respect to solid and hazardous waste generation, treatment, storage and disposal, as well as the regulation of underground storage tanks; the Comprehensive Environmental Response, Compensation and Liability Act and its state counterparts with respect to releases, threatened releases and remediation of hazardous substances; the Endangered Species Act with respect to protection of threatened and endangered species; the National Environmental Policy Act with respect to the impacts of federal actions such as the issuance of permits and licenses; and the Surface Mining Control and Reclamation Act of 1977 and its state counterparts with respect to environmental protection and reclamation standards for mining activities. Compliance with these laws and

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regulations may be costly and time-consuming and may delay commencement, continuation or expansion of exploration or production at our operations. These laws are constantly evolving and may become more stringent. The ultimate impact of complying with existing laws and regulations is not always clearly known or determinable due in part to the fact that certain implementing regulations for these environmental laws have not yet been promulgated and in certain instances are undergoing revision or judicial review. These laws and regulations, particularly new legislative or administrative proposals (or judicial interpretations of existing laws and regulations) related to the protection of the environment, could result in substantially increased capital, operating and compliance costs and could have a material adverse effect on our operations and/or, along with analogous foreign laws and regulations, our customers’ ability to use our products.

Due in part to the extensive and comprehensive regulatory requirements, along with changing interpretations of these requirements, violations occur from time to time in our industry and at our operations. Expenditures relating to environmental compliance are a major cost consideration for our operations and environmental compliance is a significant factor in mine design, both to meet regulatory requirements and to minimize long-term environmental liabilities. To the extent that these expenditures, as with all costs, are not ultimately reflected in the prices of our products and services, operating results will be reduced. We believe that our major North American competitors are confronted by substantially similar conditions and thus do not believe that our relative position with regard to such competitors is materially affected by the impact of environmental laws and regulations. However, the costs and operating restrictions necessary for compliance with environmental laws and regulations may have an adverse effect on our competitive position with regard to foreign producers and operators who may not be required to undertake equivalent costs in their operations. In addition, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, applicable legislation and its production methods.

Permitting and Approvals

Numerous governmental permits and approvals are required for mining and natural gas operations. We are required to prepare and present to federal, state and local authorities data pertaining to the effect or impact that any proposed exploration project for production of coal or gas may have on the environment, the public and our employees. In addition, we must also submit a comprehensive plan for mining and reclamation upon the completion of mining operations. The requirements are costly and time-consuming and may delay commencement or continuation of exploration, production or expansion at our operations. Typically, we submit necessary mining permit applications several months, or even years, before we anticipate mining a new area.

Applications for permits and permit renewals at our mining and gas operations are subject to public comment and may be subject to litigation from third parties seeking to deny issuance of a permit or to overturn the applicable agency’s grant of the permit application, which may also delay commencement, continuation or expansion of our mining and gas operations. Further, regulations provide that applications for certain permits or permit modifications in the U.S. can be delayed, refused or revoked if an officer, director or a stockholder with a 10% or greater interest in the entity is affiliated with or is in a position to control another entity that has outstanding permit violations or has had a permit revoked. Significant delays in obtaining, or denial of, permits could have a material adverse effect on our business.

Mine Safety and Health

The MSHA, under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) and the Mine Improvement and New Emergency Response Act of 2006 (the “MINER Act”), as well as regulations adopted under these federal laws impose rigorous safety and health standards on mining operations. Such standards are comprehensive and affect numerous aspects of mining operations, including, but not limited to: training of mine personnel, mining procedures, ventilation, blasting, use of mining equipment, dust and noise control, communications and emergency response procedures. For instance, MSHA implemented a rule in August 2014 to reduce miners’ exposure to respirable coal dust, which reduced respirable dust standards for certain occupants and miners and required certain monitoring of shift dust levels. In August 2016, Phase III of MSHA’s respirable dust rule went into effect, further lowering the respirable dust standards. Separately, MSHA has implemented a rule

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imposing a requirement on certain continuous mining machines, requiring operators to provide proximity detection systems. In 2024, MSHA issued a final rule to lower miners' exposure to respirable crystalline silica and improve respiratory protection for all airborne hazards. MSHA monitors compliance with these laws and standards by regularly inspecting mining operations and taking enforcement actions where MSHA believes there to be non-compliance. These federal mine safety and health laws and regulations have a significant effect on our operating costs.

Workers’ Compensation and Black Lung

We are insured for workers’ compensation benefits for work related injuries that occur within our operations. Workers’ compensation liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments using historical data of the operating subsidiary or combined insurance industry data when historical data is limited.

In addition, certain of our subsidiaries are responsible for medical and disability benefits for black lung disease under the Federal Coal Mine Health and Safety Act of 1969, the Mine Act and the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform Act of 1977, each as amended (together, the “Black Lung Benefits Act”), and are insured under a guaranteed cost insurance policy beginning on April 1, 2016 through May 31, 2018 for black lung and workers compensation related claims of any of our employees. From June 1, 2018 to May 31, 2020 and June 1, 2020 to May 31, 2024, we had a deductible policy where we were responsible for the first $0.5 million and $1.0 million, respectively, for each black lung and workers compensation related claim from any of our employees. Beginning on June 1, 2024, we have a deductible policy where we are responsible for the first $2.0 million for each black lung and workers compensation related claim from any of our employees.

We also assumed all of the black lung liabilities of Walter Energy and its U.S. subsidiaries. We are self-insured for these black lung liabilities and have posted $18.6 million in surety bonds and $9.9 million of collateral recognized as short term investments in addition to maintaining a black lung trust of $0.9 million that was acquired from Walter Energy. We received a letter from the Division of Coal Mine Workers' Compensation ("DCWMC") on February 21, 2020, under its new process for self-insurance renewals, which would require us to increase the amount of collateral posted to $39.8 million, but we appealed such increase. We received another letter from the DCWMC on December 8, 2021 requesting additional information to support our appeal of the collateral requested by the Department of Labor ("DOL"). On February 9, 2022, the DCWMC held a conference with representatives from the Company related to our appeal. On July 12, 2022, we received a decision on our appeal from the DCWMC lowering the amount of collateral required to be posted from $39.8 million to $28.0 million. We appealed this decision.

On January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers, which was then subsequently revised as part of the final rules published on December 12, 2024, which became effective on January 13, 2025 (the "2025 Final Regulations"). The 2025 Final Regulations required, among other requirements, all self-insured operators to post security of at least 100 percent of their projected black lung liabilities. On January 14, 2025, we received a letter from the DCMWC outlining the new procedures and application process for authorizing operators to self-insure under the new regulation. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received another letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCWMC further stated that additional guidance would be provided in due course after consultation with the new DOL leadership. The changes in the final rules required by the DOL may have a greater impact on our profitability and cash flows in the future. Under the Black Lung Benefits Act, each coal mine operator must make payments to a trust fund for the payment of benefits and medical expenses to claimants who last worked in the coal industry prior to January 1, 1970. The trust fund is funded by an excise tax on production; however, this excise tax does not apply to coal shipped outside the United States. Based on our limited sales of coal in the United States, we do not expect to incur a material expense related to this excise tax. However, the excise tax may result in a material expense to us in the future if our coal sales in the United States significantly increase. The Patient Protection and Affordable Care Act includes significant changes to the federal black lung

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program, including an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim and the establishment of a rebuttable presumption with regard to pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition. These changes could have a material impact on our costs expended in association with the federal black lung program. In addition to possibly incurring liability under federal statutes we may also be liable under state laws for black lung claims. For additional information, please see “Part I, Item 1A. Risk Factors—Risks Related to Regulatory Compliance—We are responsible for medical and disability benefits for black lung disease under federal law."

Surface Mining Control and Reclamation Act

The Surface Mining Control and Reclamation Act of 1977 (“SMCRA”) requires that comprehensive environmental protection and reclamation standards be met during the course of and following completion of mining activities. Permits for all mining operations must be obtained from the Federal Office of Surface Mining Reclamation and Enforcement (“OSM”) or, where state regulatory agencies have adopted federally approved state programs under the SMCRA, the appropriate state regulatory authority. The Alabama Surface Mining Commission reviews and approves SMCRA permits in Alabama.

SMCRA permit provisions include requirements for coal prospecting, mine plan development, topsoil removal, storage and replacement, selective handling of overburden materials, mine pit backfilling and grading, subsidence control for underground mines, surface drainage control, mine drainage and mine discharge control, treatment and revegetation. These requirements seek to limit the adverse impacts of coal mining and more restrictive requirements may be adopted from time to time.

Before a SMCRA permit is issued, a mine operator must submit a bond or otherwise secure the performance of reclamation obligations. The Abandoned Mine Land Fund, which is part of SMCRA, imposes a general funding fee on all coal produced. The proceeds are used to reclaim mine lands closed or abandoned prior to 1977. On November 15, 2021, the Abandoned Mine Land Program was extended through September 2034.

We maintain extensive coal refuse areas and slurry impoundments at our mining complexes. Such areas and impoundments are subject to comprehensive regulation. Structural failure of an impoundment can result in damage to the environment and natural resources, such as bodies of water that the coal slurry reaches, as well as create liability for related personal injuries, property damages and injuries to wildlife. Some of our impoundments overlie mined out areas, which can pose a heightened risk of failure and the assessment of damages arising out of such failure. If one of our impoundments were to fail, we could be subject to substantial claims for the resulting environmental contamination and associated liability, as well as for related fines and penalties.

On December 12, 2008, the OSM finalized rulemaking regarding the interpretation of the stream buffer zone provisions of SMCRA, which confirmed that excess spoil from mining and refuse from coal preparation could be placed in permitted areas of a mine site that constitute waters of the United States. The rule was subsequently vacated based, in part, upon the fact that the U.S. Fish & Wildlife Service was not consulted with respect to possible effects on endangered species under terms of the Endangered Species Act. On December 20, 2016, the OSM published a new, finalized “Stream Protection Rule,” setting standards for “material damage to the hydrologic balance outside the permit area” that are applicable to surface and underground mining operations. However, on February 16, 2017, President Trump signed a joint congressional resolution disapproving the Stream Protection Rule pursuant to the Congressional Review Act. Accordingly, the regulations in effect prior to the Stream Protection Rule apply, including OSM’s 1983 rule, which requires coal companies to keep operations 100 feet from streams or otherwise minimize any damage. Because the rule was repealed pursuant to applicable Congressional Review Act procedures, the Agency is barred from issuing any future rule that is "substantially similar," absent new legislation. Still, it remains unclear whether and how additional federal actions could further impact regulatory or enforcement activities pursuant to the SMCRA.

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Drainage flowing from or caused by mining activities can be acidic with elevated levels of dissolved metals, a condition referred to as “acid mine drainage” (“AMD”). Treatment of AMD can be costly. Although we do not currently face material costs associated with AMD, there can be no assurance that we will not incur significant costs in the future.

Surety Bonds/Financial Assurance

We use surety bonds and letters of credit to provide financial assurance for certain transactions and business activities. Federal and state laws require us to obtain surety bonds or other acceptable security to secure payment of certain long-term obligations including mine closure or reclamation costs and other miscellaneous obligations. The amount of security required to be obtained can change as the result of changes to federal or state laws, as well as changes to the factors used to calculate the bonding or security amounts.

Surety bond rates have increased in recent years and the market terms of such bonds have generally become less favorable. In addition, the number of companies willing to issue surety bonds has decreased. Bonding companies may also require posting of collateral, typically in the form of letters of credit to secure the surety bonds. Moreover, the changes in the market for coal used to generate electricity in recent years have led to bankruptcies involving prominent coal producers. Several of these companies relied on self-bonding to guarantee their responsibilities. In response to these bankruptcies, the OSM issued a Policy Advisory in August 2016 to state agencies that are authorized under the SMCRA to implement the act in their states, notifying those state agencies that the OSM would more closely review self-bonding arrangements. Certain states had previously announced or have since announced that they would either limit or no longer accept self-bonding to secure reclamation obligations under the state mining laws. Although the Policy Advisory was rescinded in October 2017, some states may be reluctant to approve self-bonding arrangements. This may lead to increased demand for other forms of financial assurance, which may strain capacity for those instruments and increase our costs of obtaining and maintaining the amounts of financial assurance needed for our operations. These actions, individually and collectively, may increase the amount of financial assurance needed and limit the types of acceptable instruments, straining the capacity of the surety markets to meet demand. This may increase the time required to obtain, and increase the cost of obtaining, the required financial assurances. Although Alabama’s regulatory framework technically allows for self-bonding, as a practical matter, due to the onerous regulatory requirements for self-bonding, mining companies in Alabama utilize surety bonds, collateral bonds, or letters of credit to meet their financial assurance requirements. As of December 31, 2025, we had outstanding surety bonds with parties for post-mining reclamation at all of our mining operations totaling $47.5 million, $18.6 million as collateral for self-insured black lung related claims, $16.0 million for federal coal leases and $6.4 million for miscellaneous purposes.

Climate Change

Global climate change continues to attract considerable public and scientific attention, with widespread concern about the impacts of human activity, especially the emission of GHGs, such as carbon dioxide and methane. Some of our operations directly emit GHGs. Further, the products that we produce result in the release of carbon dioxide into the atmosphere by end-users. Laws and regulations governing emissions of GHGs have been adopted by foreign governments (including the European Union and member countries), U.S. Congress and regulatory agencies, individual states in the U.S. and regional governmental authorities. Recently, however, U.S. federal policy regarding the regulation of GHGs has shifted. The EPA has historically regulated GHG emissions pursuant to the Agency's December 2009 findings that GHG emissions present an endangerment to public health and welfare because, according to the EPA, emissions of such gases contribute to warming of the earth's atmosphere and other climatic changes. However, as first announced by President Trump in a February 2025 executive order and later confirmed by the EPA in August 2025, the Agency is reconsidering its 2009 endangerment findings, which focused on six GHGs, including carbon dioxide and nitrous oxide (which are emitted from coal combustion) and methane (which is emitted from coal beds). On August 1, 2025, the EPA published a proposed rule to rescind the 2009 endangerment findings and repeal the associated regulations to restrict emissions of GHGs under existing provisions of the Clean Air Act, including rules that regulate emissions of GHGs from motor vehicles and certain large stationary sources of emissions such as power plants or industrial facilities. The EPA's proposed rule cites a scientific report prepared by the Department of Energy, which was recently challenged by an environmental group in federal court. The outcome of that litigation may impact the EPA's cited

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scientific basis for the proposal or delay the rulemaking. Once finalized, however, the rule could significantly impact GHG regulation in the U.S. Also, the Inflation Reduction Act of 2022 ("IRA") which contains billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles, investments in advanced biofuels and supporting infrastructure, amongst other provisions has been subject to aggressive changes under the Trump Administration, with many IRA programs now halted. The IRA incentives could accelerate the transition of the economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives, which could decrease demand for, and in turn the prices of, fossil fuel energy products. However, on January 20, 2025, President Trump signed multiple executive orders seeking to reverse many of these climate rules and incentives, including pausing the disbursement of funds under the IRA and eliminating the "electric vehicle mandate." Despite this shift, almost one-half of U.S. states have taken legal measures to reduce emissions of GHGs primarily through the planned development of GHG emission inventories and/or regional GHG cap and trade programs. Further, numerous proposals have been made and are likely to continue to be made at the international, regional and state levels of government that are intended to limit emissions of GHGs by enforceable requirements and voluntary measures.

In June 2010, Earthjustice petitioned the EPA to make a finding that emissions from coal mines may reasonably be anticipated to endanger public health and welfare, and to list them as a stationary source subject to further regulation of emissions. On April 30, 2013, the EPA denied the petition. Judicial challenges seeking to force the EPA to list coal mines as stationary sources have likewise been unsuccessful to date. If the EPA were to make an endangerment finding in the future, we may have to further reduce our methane emissions, install additional air pollution controls, pay certain taxes or fees for our emissions, incur costs to purchase credits that permit us to continue operations as they now exist at our underground coal mines or perhaps curtail coal production.

In addition, on May 9, 2024, the EPA published final rules that implement new emission limits and guidelines for carbon dioxide from fossil-fuel-fired electric generating units. The new limits and guidelines require ambitious reductions in carbon dioxide emissions and would significantly reduce GHG emissions from existing coal-fired electric generating units. As such, the rules could have a material adverse impact on coal-fired power plants and the demand for thermal coal nationally. On June 11, 2025, the EPA issued a proposed rule that would repeal GHG emissions standards for fossil-fuel-fired power plants. While the power plant rules do not affect our marketing of our steelmaking coal, any continued regulatory focus could lead to future GHG regulations for the mining industry and its steelmaking customers, which ultimately could make it more difficult or costly for us to conduct our operations or adversely affect demand for our products.

Demand for steelmaking coal and natural gas also may be impacted by international efforts to reduce GHG emissions. In December 2015, the United States joined the international community at the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France. The text of the Paris Agreement calls for nations to undertake “ambitious efforts” to hold the increase in the global average temperature to well below 2º C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5º C above pre-industrial levels; reach global peaking of GHG emissions as soon as possible; and take action to conserve and enhance sinks and reservoirs of GHGs, among other requirements. The Paris Agreement went into effect on November 4, 2016. The Paris Agreement establishes a framework for the parties to cooperate and report actions to reduce GHG emissions. Although the United States withdrew from the Paris Agreement, effective November 4, 2020, President Biden issued an executive order on January 20, 2021 to rejoin the Paris Agreement, which took effect on February 19, 2021. On April 21, 2021, the United States announced that it was setting an economy-wide target of reducing its GHG emissions by 50-52 percent below 2005 levels in 2030. In November 2021, in connection with the 26th session of the Conference of Parties (as defined below) in Glasgow, Scotland, the United States and other world leaders made further commitments to reduce GHGs, including reducing global methane emissions by at least 30% by 2030 and ending the international public finance of new unabated coal power generation abroad by the end of 2021. The resulting Glasgow Climate Pact calls upon the parties to "accelerate efforts towards the phase-down of unabated coal power and phase-out inefficient fossil fuel subsidies." The Biden Administration announced a new climate target for the United States on December 19, 2024, which includes a 61-66 percent reduction in economy-wide net GHG emissions by 2035, as compared to 2005 levels. Though the United States Ambassador to the United Nations submitted formal notice to withdraw from the Paris Agreement (effective January 27, 2026), it is possible that the Paris Agreement and subsequent domestic and international

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regulations will have adverse effects on the market for steelmaking coal, natural gas, and other fossil fuel products. Many state and local leaders have stated their intent to intensify efforts to support the international commitments.

Methane must be expelled from our underground coal mines for mining safety reasons. Our gas operations extract methane from our underground steelmaking coal mines prior to mining. With the exception of some methane that is vented into the atmosphere when the steelmaking coal is mined, much of the methane is captured and sold into the natural gas market and used as fuel. If regulation of GHG emissions does not exempt the release of methane, we may have to curtail steelmaking coal production, pay certain taxes or fees for our emissions or incur costs to purchase credits that allow us to continue operations as they now exist at our underground steelmaking coal mines.

The existing laws and regulations or other current and future efforts to stabilize or reduce GHG emissions could adversely impact the demand for, price of and value of our products and reserves. As our operations also emit GHGs directly, current or future laws or regulations limiting GHG emissions could increase our own costs. Although the potential impacts on us of additional climate change regulation are difficult to reliably quantify, they could be material.

Finally, climate change may cause more extreme weather conditions such as more intense hurricanes, thunderstorms, tornadoes and snow or ice storms, as well as rising sea levels and increased volatility in seasonal temperatures. Extreme weather conditions can interfere with our services and increase our costs, and damage resulting from extreme weather may not be fully insured. However, at this time, we are unable to determine the extent to which climate change may lead to increased storm or weather hazards affecting our operations.

Clean Air Act

The Clean Air Act and comparable state laws that regulate air emissions affect coal mining operations both directly and indirectly. Direct impacts on coal mining may occur through permitting requirements and/or emission control requirements relating to particulate matter, such as fugitive dust, or fine particulate matter measuring 2.5 micrometers in diameter or smaller. The Clean Air Act indirectly affects our mining operations by extensively regulating the air emissions of sulfur dioxide, nitrogen oxides, mercury, ozone and other compounds emitted by steel manufacturers, coke ovens and coal-fired utilities. These laws are constantly evolving and may become more stringent. For example, on April 3, 2024, the EPA published a final rule imposing more stringent emission standards for hazardous air pollutants for integrated iron and steel manufacturing facilities. While the EPA issued a decision on August 14, 2024, to voluntarily reconsider certain aspects of the rule, the EPA maintains that the final rule remains valid. The EPA intends to issue a correction notice to address certain errors and needed clarifications in the final rule and, in the interim, certain compliance deadlines have been extended to April 2027 to allow for EPA's reconsideration. As described above, existing and proposed regulations also subject GHG emissions to regulation under the Clean Air Act.

Clean Water Act

The federal Clean Water Act ("CWA") and corresponding state and local laws and regulations affect our operations by restricting the discharge of pollutants, including dredged and fill materials, into waters of the United States. CWA requirements that may directly or indirectly affect our operations include the following:

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Water Discharge. The CWA and corresponding state laws affect our operations by imposing restrictions on discharges of wastewater into creeks and streams. These restrictions, more often than not, require us to pre-treat the wastewater prior to discharging it. Permits requiring regular monitoring and compliance with effluent limitations and reporting requirements govern the discharge of pollutants into regulated waters. Our mining operations maintain water discharge permits as required under the NPDES program of the CWA. We believe that we have obtained all permits required under the CWA and corresponding state laws and are in substantial compliance with such permits. However, new requirements under the CWA and corresponding state laws may cause us to incur significant additional costs that

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could adversely affect our operating results. We are in material compliance with our current permits; however, there can be no guarantee that we will be able to meet new or future standards with respect to our permit applications.
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Dredge and Fill Permits. Many mining activities, such as the development of refuse impoundments, freshwater impoundments, refuse fills, and other similar structures, may result in impacts to waters of the United States, including wetlands, streams and, in certain instances, man-made conveyances that have a hydrologic connection to such streams or wetlands. Under the CWA, coal companies are required to obtain a Section 404 permit from the U.S. Army Corps of Engineers (“USACE”) prior to conducting such mining activities. The USACE is authorized to issue general “nationwide” permits for specific categories of activities that are similar in nature and that are determined to have minimal adverse effects on the environment. Permits issued pursuant to Nationwide Permit 21 generally authorize the disposal of dredged and fill material from surface coal mining activities into waters of the United States, subject to certain restrictions. The USACE may also issue individual permits for mining activities that do not qualify for Nationwide Permit 21.

Recent regulatory actions and court decisions created some uncertainty over the scope of CWA jurisdiction. On June 29, 2015, the EPA and the USACE jointly promulgated final rules expanding the scope of waters protected under the CWA, revising regulations that had been in place for more than 25 years. However, on October 22, 2019, the agencies published a final rule to repeal the 2015 rules and then, on April 21, 2020, the EPA and the USACE published a final rule replacing the 2015 rule, and significantly reducing the waters subject to federal regulation under the Clean Water Act. On August 30, 2021, a federal court struck down the replacement rule and, on January 18, 2023, the EPA and the USACE published a final rule that would restore water protections that were in place prior to 2015. However, on May 25, 2023, the Supreme Court issued an opinion substantially narrowing the scope of "waters of the United States" protected under the CWA. On September 8, 2023, the EPA and the USACE published a final rule conforming their regulations to the decision. Most recently, the EPA published a proposed rule on November 20, 2025, to further clarify the scope of "waters of the United States." If finalized as proposed, CWA jurisdiction would be limited to relatively permanent, standing or continuously flowing bodies of water, as well as wetlands that are connected and indistinguishable from such waterbodies.

Resource Conservation and Recovery Act

The Resource Conservation and Recovery Act (“RCRA”) and corresponding state laws establish standards for the management of solid and hazardous wastes generated at our various facilities. Besides affecting current waste disposal practices, RCRA also addresses the environmental effects of certain past hazardous waste treatment, storage and disposal practices. In addition, RCRA also requires certain of our facilities to evaluate and respond to any past release, or threatened release, of hazardous waste that may pose a risk to human health or the environment.

RCRA may affect coal mining operations by establishing requirements for the proper management, handling, transportation and disposal of solid and hazardous wastes. Currently, certain coal mine wastes, such as earth and rock covering a mineral deposit (commonly referred to as overburden) and coal cleaning wastes, are exempted from hazardous waste management under RCRA. Any change or reclassification of this exemption could significantly increase our coal mining costs.

Comprehensive Environmental Response, Compensation and Liability Act

The Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state laws affect our steelmaking coal mining operations by, among other things, imposing investigation and cleanup requirements for threatened or actual releases of hazardous substances. Under CERCLA, joint and several liability may be imposed on operators, generators, site owners, lessees and others regardless of fault or the legality of the original activity that caused or resulted in the release of the hazardous substances. Although the EPA excludes most wastes generated by coal mining and processing operations from the hazardous waste laws, the universe of materials and substances governed by CERCLA is broader than “hazardous waste” and as such even non-hazardous wastes can, in certain circumstances, contain hazardous substances, which if released into the environment are governed by CERCLA. Alabama’s version of CERCLA mirrors the federal version with

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the important difference that there is no joint and several liability. Liability is consistent with one’s contribution to the contamination. In addition, the disposal, release or spilling of some products used by coal companies in operation, such as chemicals, could trigger the liability provisions of CERCLA or similar state laws. Thus, we may be subject to liability under CERCLA and similar state laws for properties that (1) we currently own, lease or operate, (2) we, our predecessors, or former subsidiaries have previously owned, leased or operated, (3) sites to which we, our predecessors or former subsidiaries, sent waste materials, and (4) sites at which hazardous substances from our facilities’ operations have otherwise come to be located.

Endangered Species Act and Similar Laws

The federal Endangered Species Act and other related federal and state statutes, such as the federal Bald and Golden Eagle Protection Act, protect species threatened or endangered with possible extinction. Protection of threatened, endangered and other special status species may have the effect of prohibiting or delaying us from obtaining mining permits and may include restrictions on our activities in areas containing the affected species. Also, the designation of previously unidentified threatened, endangered or special status species in areas where we operate could cause us to incur additional costs or become subject to operating delays, restrictions or bans.

Seasonality

Our primary business is not materially impacted by seasonal fluctuations. Demand for steelmaking coal is generally more heavily influenced by other factors such as the global economy, demand for steel, interest rates and commodity prices.

Available Information

We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC. Our filings with the SEC are also available to the public from commercial document retrieval services and at the SEC’s website at http://www.sec.gov.

Our common stock is listed and traded on the New York Stock Exchange under the symbol “HCC.” Our reports, proxy statements and other information filed with the SEC can also be inspected and copied at the New York Stock Exchange, 20 Broad Street, New York, New York 10005.

We also make available on our website (http://www.warriormetcoal.com) all of the documents (including any amendments thereto) that we file or furnish with the SEC, free of charge, as soon as reasonably practicable after we electronically file such material with the SEC. Our Code of Business Conduct and Ethics, Corporate Governance Guidelines and the charters of our audit committee, human resources and compensation committee, nominating and corporate governance committee and sustainability, environmental, health & safety committee are also available on our website and in print free of charge to any stockholder who requests them. Requests should be sent by mail to our corporate secretary at our executive office at 16243 Highway 216, Brookwood, Alabama 35444. Information contained on our website is not incorporated by reference into this Annual Report. We intend to disclose on our website any amendments or waivers to our Code of Business Conduct and Ethics that are required to be disclosed pursuant to Item 5.05 of Form 8-K.

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Item 1A. Risk Factors

Our business involves substantial risks. Any of the risk factors described below or elsewhere in this Annual Report could significantly and adversely affect our business prospects, financial condition and results of operations. The risks described below are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem to be immaterial may also adversely affect us.

Summary of Risk Factors

The following is a summary of some of the risks and uncertainties that could materially adversely affect our business, financial condition and results of operations. You should read this summary together with the more detailed description of each risk factor contained below.

Risks Related to Our Business

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Deterioration in global economic conditions, including the impacts of global pandemics, conflicts including wars, and inflation on our business, may adversely affect our business, results of operations and cash flows and if we fail to implement our business strategies successfully, our financial performance could be harmed;
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We may be unsuccessful or experience delays or operational challenges in completing the remaining development and ramp-up of Blue Creek, which could significantly affect our operations and/or limit our long-term growth;
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If transportation for our steelmaking coal is disrupted, unavailable or more expensive for our customers, our ability to sell steelmaking coal could suffer;
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Work stoppages, labor shortages and other labor relations matters may harm our business. Union-represented labor creates an increased risk of work stoppages and higher labor costs;
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Significant competition, as well as changes in foreign markets or economies, could harm our sales, profitability and cash flows;
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Our sales in foreign jurisdictions are subject to risks and uncertainties, such as changes in tariffs and other trade measures, which could adversely affect our results of operations, financial position and cash flows;

Risks Related to Our Industry

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Substantially all of our revenues are derived from the sale of steelmaking coal and our business may suffer from a substantial or extended decline in steelmaking coal pricing and demand or other factors beyond our control. This lack of diversification of our business could adversely affect our financial condition, results of operations and cash flows;
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Met coal mining involves many hazards and operating risks, and is dependent upon many factors and conditions beyond our control, which may cause our profitability and financial position to decline;
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Negative views with respect to environmental and social matters and related governance considerations could harm the perception of our Company by certain investors, environmental and climate change activist groups and financial institutions, including banks and insurance companies, adversely affecting our ability to obtain financing and insurance coverage, and otherwise achieve our strategic priorities;
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Our inability to develop steelmaking coal reserves in an economically feasible manner or our inability to acquire additional steelmaking coal reserves that are economically recoverable may adversely affect our business;

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Any significant downtime of our major pieces of mining equipment could impair our ability to supply steelmaking coal to our customers and materially and adversely affect our results of operations and cash flows;
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We may not recover our investments in our mining, exploration and other assets, which may require us to recognize impairment charges related to those assets;

Risks Related to Regulatory Compliance

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We are responsible for medical and disability benefits for black lung disease under federal law. Changes in the estimated claims to be paid or changes in the amount of collateral required may affect our operating results and cash flows;
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Extensive federal and state environmental, health and safety laws and regulations impose significant costs on our operations and future regulations could increase these costs, limit our ability to produce or adversely affect our ability to meet our customers' demands;
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Failure to obtain or renew surety bonds on acceptable terms could affect our ability to secure reclamation and coal lease obligations and, therefore, our ability to mine or lease steelmaking coal;
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We have reclamation and mine closing obligations. If the assumptions underlying our accruals are inaccurate, we could be required to expend greater amounts than anticipated;

Risks Related to our Financial Results and Finances

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Our substantial indebtedness could adversely affect our ability to raise additional capital to fund our operations and dividend policy, limit our ability to react to changes in the economy or our industry and prevent us from making debt service payments on the Notes;
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We may be unable to generate sufficient taxable income from future operations, which may limit or eliminate our ability to utilize our significant federal and state tax NOLs or our deferred tax assets;

Risks Related to the Ownership of our Common Stock

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The market price of our common stock may fluctuate significantly and investors in our common stock could incur substantial losses;
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Any declaration and payment of future dividends to holders of our common stock may be limited by restrictive covenants of our Amended ABL Facility and the indenture governing the Notes (the "Indenture"), and will be on the sole discretion of the Board and will also depend on many factors;
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Our common stock is subject to the 382 Transfer Restrictions (as defined below) under our certificate of incorporation and the Amended Rights Agreement (as defined below) which are intended to prevent a Section 382 "ownership change," which if not complied with, could result in the forfeiture of such stock and related dividends or substantial dilution of the stock ownership, respectively; and
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Delaware law and our charter documents may impede or discourage a takeover or change of control, which could adversely affect the price of our common stock.

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Risks Related to Our Business

Our activities may be adversely affected by global pandemics or other widespread illnesses and the related effects on public health, which may prevent us from meeting our targeted production levels and/or executing our planned development initiatives (including, but not limited to, completing the remaining development and ramp-up of Blue Creek), negatively impact our customers’ demand for steelmaking coal and their ability to honor or renew contracts, adversely affect the health and welfare of Company personnel or prevent our vendors and contractors from performing normal and contracted activities.

The extent to which a global pandemic or other widespread illness, ultimately affects our business, financial condition and results of operations will depend on future developments, which are highly uncertain and cannot be predicted. Such developments may include, with respect to any global pandemic or other widespread illness, the geographic spread of the virus, the severity of the disease, the duration of the outbreak, the actions that may be taken by various governmental authorities in response to the outbreak and the impact on the U.S. or global economy. Pandemics or other widespread illnesses could result in governmental mandates requiring shutdowns of our facilities for indefinite periods; serious health issues and absenteeism within our workforce; and disruptions to our supply chain and distribution channels impacting both our vendors and customers. As a result, we could face increased costs, decreased sales, or both. If our production capacity or our ability to meet our supply needs is affected, our business and our financial results could be materially and adversely affected. Adverse changes in the general domestic and global economic conditions and disrupted domestic and international credit markets, could negatively affect our customers’ ability to pay us as well as their ability to access capital which could negatively affect their liquidity. Despite our efforts to manage these potential impacts, the ultimate impact would also depend on factors beyond our knowledge or control, including the duration and severity of the pandemic or widespread illness as well as third-party actions taken to contain its spread and mitigate its public health effects. These factors could have a material adverse effect on our business, financial condition, results of operations and prospects.

Deterioration in global economic conditions as they relate to the steelmaking industry, as well as generally unfavorable global economic, financial and business conditions, may adversely affect our business, results of operations and cash flows.

Demand for steelmaking coal depends on domestic and foreign steel demand. As a result, if economic conditions in the global steelmaking industry deteriorate as they have in past years, the demand for steelmaking coal may decrease. In addition, the global financial markets have been experiencing volatility and disruption over the last several years. These markets have experienced, among other things, volatility in security prices, commodities and currencies, diminished liquidity and credit availability, rating downgrades and declining valuations of certain investments. Weaknesses in global economic conditions have had an adverse effect and could have a material adverse effect on the demand for our steelmaking coal and, in turn, on our sales, pricing and profitability.

In addition, future governmental policy changes in foreign countries may be detrimental to the global coal market. For example, the Chinese government has from time to time implemented regulations and promulgated new laws or restrictions, such as the unofficial ban on Australian coal in November 2020, on their domestic coal industry, sometimes with little advance notice, which has impacted worldwide coal demand, supply and prices. The ban on Australian coal has significantly impacted the global steelmaking coal market in recent years. This unofficial ban was lifted in January 2023. During the past several years, the Chinese government has initiated a number of anti-smog measures aimed at reducing hazardous air emissions through temporary production capacity restrictions with the steel, coal and coal-fired power sectors. It is possible that policy changes from foreign countries may be detrimental to the global coal markets and, thus, impact our business, financial condition or results of operations.

Additionally, we face risks related to ongoing wars, including the Russia-Ukraine war that began in February 2022 and the Israel-Hamas war that began in October 2023, as well as trade disruptions related to the conflicts in the Persian Gulf, the Red Sea and Venezuela. The extent and duration of the military conflicts, resulting sanctions and other trade measures, and future market or supply disruptions in these and other regions, are impossible to predict, but could be significant and may

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have a severe adverse effect on the region. Globally, various governments, such as the European Union, have banned imports from Russia including commodities such as natural gas and coal. These events significantly impacted coking coal markets by disrupting previously existing trading patterns and may lead to further volatility in the price of certain commodities, including steelmaking coal. The resulting volatility, including market expectations of potential changes in coal prices and inflationary pressures on steel products, including as a result of tariffs and other trade measures imposed on steel, may significantly affect prices for our coal or the cost of supplies and equipment.

The wars, sanctions and other trade measures, as well as any escalation of the conflicts and future developments, could significantly affect coking coal prices and the demand for our coal. This could have a material adverse effect on our business, financial condition and results of operations, along with our operating costs, making it difficult to execute our planned capital expenditure program or complete the remaining development and ramp-up of Blue Creek. Additionally, the geopolitical and macroeconomic consequences of the wars and associated sanctions and other trade measures cannot be predicted, but could severely impact the world economy. If any of these events occur, the resulting political instability and societal disruption could reduce overall demand for our coal, causing a reduction in our revenues or an increase in our costs, which would materially adversely affect our results of operations, financial condition and cash flows.

If steelmaking coal prices drop to or below levels experienced in 2015 and the first half of 2016 for a prolonged period or if there are further downturns in economic conditions, particularly in developing countries such as India, our business, financial condition or results of operations could be adversely affected. While we are focused on cost control and operational efficiencies, there can be no assurance that these actions, or any others we may take, will be sufficient in response to challenging economic and financial conditions. In addition, the current level of steelmaking coal prices may not be sustainable.

Our business is subject to the risk of increases or fluctuations in the cost, including increases due to inflation, and delay in the delivery, of raw materials, mining equipment and purchased components that could increase our operating costs or delay our production.

Met coal mining consumes large quantities of commodities including steel, copper, rubber products, diesel and other liquid fuels, and requires the use of capital equipment. Some commodities, such as steel, are needed to comply with roof control plans required by regulation. The cost of roof bolts we use in our mining operations depends on the price of scrap steel. The prices we pay for commodities and capital equipment are strongly impacted by the global market. A rapid or significant increase in the costs of commodities or capital equipment we use in our operations could impact our mining operations costs because we may have a limited ability to negotiate lower prices and, in some cases, may not have a ready substitute.

Inflation rates in the U.S. recently increased to levels not seen in several years, and were even higher in the mining sector, which may result in decreased demand for our products, increases in our operating costs, constrained credit and liquidity, reduced government spending and volatility in financial markets. Future increases in costs for supplies that are used directly or indirectly in the normal course of our business and increases in other operating costs, such as increases in steel prices, freight rates, labor and other materials and supplies may negatively impact our profitability. Tariffs (including retaliatory tariffs) could also increase the cost of equipment as well as the parts and components to service our equipment. Our efforts to recover inflation-based or tariff-based cost increases from suppliers or customers may be hampered as a result of the structure of our contracts and the contract bidding process as well as competitive pressure in the industry, economic conditions and the countries to which we sell our coal. Accordingly, substantial inflation may have an adverse impact on our business, including the remaining development and ramp-up of Blue Creek, financial position, results of operations and cash flows. Inflation has also resulted in higher interest rates in the U.S., which could increase our cost of debt borrowing in the future.

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We use equipment in our steelmaking coal mining and transportation operations such as continuous mining units, conveyors, shuttle cars, rail cars, locomotives, roof bolters, shearers and shields. Some equipment and materials are needed to comply with regulations, such as proximity detection devices on continuous mining machines. We procure some of this equipment from a concentrated group of suppliers, and obtaining this equipment often involves long lead times. Occasionally, demand for such equipment by mining companies can be high and some types of equipment may be in short supply. Delays in receiving or shortages of this equipment, as well as the raw materials used in the manufacturing of supplies and mining equipment, which, in some cases, do not have ready substitutes, or the cancellation of our supply contracts under which we obtain equipment and other consumables, could limit our ability to obtain these supplies or equipment. In addition, there continues to be consolidation in the supplier base providing mining materials and equipment, which has resulted in a limited number of suppliers for certain types of equipment and supplies. If any of our suppliers experiences an adverse event, decides to cease producing products used by the mining industry, or decides to no longer do business with us, we may be unable to obtain sufficient equipment and raw materials in a timely manner or at a reasonable price to allow us to meet our production goals and our revenues may be materially adversely impacted.

We use considerable quantities of steel in the mining process. If the price of steel or other materials increases substantially or if the value of the U.S. dollar declines relative to foreign currencies with respect to certain imported supplies or other products, our operating expenses could increase. Any of the foregoing events could materially and adversely impact our business, financial condition, results of operations and cash flows.

We typically sell our steelmaking coal under fixed supply contracts primarily with indexed pricing terms that vary and volume terms of one to three years and are therefore exposed to commodity price risk on our sales.

Sales commitments in the steelmaking coal market are typically not long-term in nature and are generally no longer than one to three years in duration. Globally the market has evolved to shorter term pricing. Many of our steelmaking coal supply agreements are priced on the basis of a variety of indices. As a result, our sales are subject to fluctuations in market pricing and we are not protected from oversupply or market conditions where we cannot sell our coal at economic prices. To limit this exposure, to the extent we are able, we have incorporated, and will continue to incorporate, economic hardship clauses in our sales contracts. However, there can be no assurances that we will be able to mitigate such conditions as they arise. Met coal has been an extremely volatile commodity over the past ten years and prices may become volatile again in the future. Any sustained failure to be able to market our coal during such periods would have a material adverse effect on our business, results of operations, cash flows and ability to pay dividends to our stockholders.

The failure of our customers to honor or renew contracts could adversely affect our business.

A significant portion of the sales of our steelmaking coal is to customers with whom we have had a relationship for a long period of time. Typically, our customer contracts are for terms of one to three years or are evergreen with respect to contracted volumes. The success of our business depends on our ability to retain our current customers, renew our existing customer contracts and solicit new customers. Our ability to do so generally depends on a variety of factors, including the quality and price of our products, our ability to market these products effectively, our ability to deliver on a timely basis and the level of competition that we face. If our customers do not honor contract commitments, or if they terminate agreements or exercise force majeure provisions allowing for the temporary suspension of performance during specified events beyond the parties’ control, and we are unable to replace the contract, our revenues will be materially and adversely affected. Changes in the steelmaking coal industry may cause some of our customers not to renew, extend or enter into new steelmaking coal supply agreements or to enter into agreements to purchase fewer metric tons of steelmaking coal or on different terms than in the past.

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Our ability to collect payments from our customers could be impaired and, as a result, our financial position could be materially and adversely affected if their creditworthiness deteriorates, if they declare bankruptcy, or if they fail to honor their contracts with us.

Our ability to receive payment for steelmaking coal sold and delivered depends on the continued creditworthiness and financial stability of our customers. If we determine that a customer is not creditworthy or if a customer declares bankruptcy, we may not be required to deliver steelmaking coal sold under the customer’s sales contract. If this occurs, we may decide to sell the customer’s steelmaking coal on the spot market, which may be at prices lower than the contracted price, or we may be unable to sell the steelmaking coal at all. In addition, if customers refuse to accept shipments of our steelmaking coal for which they have an existing contractual obligation, our revenues will decrease and we may have to reduce production at our mines until our customers’ contractual obligations are honored. Further, competition with other steelmaking coal suppliers could cause us to extend credit to customers on terms that could increase the risk of payment default. Furthermore, our metallurgical customers operate in a highly competitive and cyclical industry where their creditworthiness could deteriorate rapidly. Our inability to collect payment from counterparties to our sales contracts may materially adversely affect our business, financial condition, results of operations and cash flows.

A significant reduction of, or loss of, purchases by our largest customers could materially adversely affect our profitability.

For the year ended December 31, 2025, we derived approximately 56% of our total sales revenues from our five largest customers. There are inherent risks whenever a significant percentage of total revenues are concentrated with a limited number of customers, and it is not possible for us to predict the future level of demand for our steelmaking coal that will be generated by our largest customers. We expect to renew, extend or enter into new supply agreements with these and other customers; however, we may be unsuccessful in obtaining such agreements with these customers and these customers may discontinue purchasing steelmaking coal from us, reduce the quantity of steelmaking coal that they have historically purchased from us or pressure us to reduce the prices that we charge for our steelmaking coal due to market, economic or competitive conditions. If any of our major customers were to significantly reduce the quantities of steelmaking coal they purchase from us and we are unable to replace these customers with new customers (or we fail to obtain new, additional customers), or if we are otherwise unable to sell steelmaking coal to those customers on terms as favorable to us as the terms under our current agreements, our profitability could suffer significantly.

If we fail to implement our business strategies successfully, our financial performance could be harmed.

Our future financial performance and success are dependent in large part upon our ability to successfully implement our business strategies. We may not be able to implement our business strategies successfully or achieve the anticipated benefits. If we are unable to do so, our long-term growth, profitability and ability to service any debt we incur in the future may be materially adversely affected. Even if we are able to implement some or all of the key elements of our business plan successfully, our operating results may not improve to the extent we anticipate, or at all. Implementation of our business strategies, including the remaining development and ramp-up of Blue Creek, could also be affected by a number of factors beyond our control, such as global economic conditions, steelmaking coal prices, domestic and foreign steel demand, inflation and environmental, health and safety laws and regulations.

A key element of our business strategy involves increasing production at our existing mines and completing the remaining development and ramp-up of Blue Creek in a cost-efficient manner. As we expand our business activities, there will be additional demands on our financial, technical, operational and management resources. These aspects of our strategy are subject to numerous risks and uncertainties, including:

•
an inability to retain or hire experienced crews and other personnel and other labor relations matters;
•
a lack of customer demand for our mined steelmaking coal;

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•
an inability to secure necessary equipment, raw materials or engineering in a timely manner to successfully execute our expansion plans;
•
unanticipated delays that could limit or defer the production or expansion of our mining activities and jeopardize our long-term relationships with our existing customers and adversely affect our ability to obtain new customers for our mined steelmaking coal; and
•
a lack of available cash or access to sufficient debt or equity financing for investment in our expansion.

We may be unsuccessful or experience delays or operational challenges in completing the remaining development and ramp-up of Blue Creek, which could significantly affect our operations and/or limit our long-term growth.

We commenced longwall operations at Blue Creek in October 2025, eight months ahead of schedule. Although this represents a significant milestone in the development of Blue Creek, the completion of the remaining construction activities and the successful ramp‑up and operation of the longwall involve substantial risks. Our continued development and ongoing ramp‑up require additional capital expenditures that we may not recover. In addition, during the remaining construction, commissioning and early operating phases, we may encounter numerous financial, regulatory, operational, geological, environmental, political and legal uncertainties that are beyond our control and that may cause unforeseen delays or unexpected increases in costs. If the remaining development and ramp‑up activities do not proceed as planned, we may be unable to achieve expected production levels, costs, margins or returns within the anticipated timeframe—or at all—which could have a material adverse effect on our financial condition, results of operations, liquidity or cash flows.

We spent approximately $240.3 million on the development of Blue Creek in 2025, $956.8 million on the project to date and expect to invest approximately $50.0 to $75.0 million in 2026 for the final construction of the Blue Creek mine. The continued development, commissioning, ramp-up and integration of Blue Creek involves numerous risks, including, but not limited to, the following:

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uncertainties in the national and worldwide economy and the price of steelmaking coal;
•
our ability to obtain additional debt and/or equity financing to fund the remaining development, permitting, construction, ramp-up and mining activities on terms acceptable to us, or at all;
•
delays or challenges in integrating newly acquired federally owned mineral leases into the mine plan and obtaining associated approvals;
•
the diversion of management’s attention from our existing mining operations;
•
our ability to obtain favorable tax or other incentives;
•
potential opposition from non-governmental organizations, local groups, or local residents;
•
the fact that our development, construction, commissioning and ramp-up costs may be higher than our estimates and could increase our planned capital expenditure and liquidity requirements;
•
shortages of construction materials, equipment or critical spare parts, and delays in the delivery of such materials and equipment;
•
unanticipated equipment malfunctions or breakdowns, including longwall equipment, ventilation systems and other critical infrastructure;

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•
delays associated with unexpected adverse geological conditions, geotechnical variability, methane conditions, roof control challenges, or weather-related impacts, as well as accidents and other factors beyond our control;
•
failure to obtain, or delays in obtaining, all necessary governmental and third-party rights-of-way, easements, permits, licenses and approvals;
•
local infrastructure conditions and other logistical challenges; including rail, port or workforce availability;
•
the possibility that we may have insufficient expertise to manage the commissioning and ramp-up phases profitably or without incurring undue operational risk;
•
the fact that the steelmaking coal reserves at Blue Creek may not be as economically recoverable as planned or may experience quality variability impacting market realizations;
•
difficulties in integrating Blue Creek with our existing operations, including workforce training, sequencing of longwall moves and coordination of logistics, and failure to achieve estimated economies of scale; and
•
our ability to hire and retain qualified construction, commissioning, operations and maintenance personnel.

Because Blue Creek is in the early stages of ramp‑up, we are subject to additional risks specific to achieving stable, full‑capacity longwall operations, including lower‑than‑expected early production rates, lower recovery, higher unit costs during the ramp period, operational disruptions, ventilation or methane‑related constraints, equipment performance issues, and the timing and execution of planned longwall moves. Any of these factors could result in extended downtime, lower throughput, diminished yields, unplanned capital expenditures, reduced sales volumes, higher transportation or demurrage costs, or lower realized pricing, which could adversely affect our profitability and cash flows during the ramp‑up period.

We cannot assure you that we will be able to overcome these risks or successfully complete the remaining development, commissioning and ramp-up of Blue Creek. If we are unable to complete, or are substantially delayed in completing, the ramp-up of Blue Creek, our business, financial condition, results of operations, cash flows and ability to pay dividends to our stockholders could be adversely affected. Furthermore, even if Blue Creek is fully developed, commissioned, and operating, we cannot assure you that it will operate at a profit sufficient to recover our total investment. In addition, once in full operation, Blue Creek will increase our exposure to the mining and operational risks discussed elsewhere in this Report, including risks associated with having our production concentrated in Alabama, mining hazards and operating risks, transportation risks, liability risks and regulatory risks. See “-Risks Related to Our Business-All of our mining operations are located in Alabama, making us vulnerable to risks associated with having our production concentrated in one geographic area”, “-Steelmaking coal mining involves many hazards and operating risks, and is dependent upon many factors and conditions beyond our control, which may cause our profitability and financial position to decline”, “-If transportation for our steelmaking coal is disrupted, unavailable or more expensive for our customers, our ability to sell steelmaking coal could suffer”, “-Our business is subject to inherent risks, some for which we maintain third party insurance. We may incur losses and be subject to liability claims that could have a material adverse effect on our financial condition, results of operations or cash flows” and “-Our mines are subject to stringent federal and state safety regulations that increase our cost of doing business at active operations and may place restrictions on our methods of operation. In addition, federal, state or local regulatory agencies have the authority to order certain of our mines to be temporarily or permanently closed under certain circumstances, which could materially and adversely affect our ability to meet our customers’ demands.”

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We may be unsuccessful in integrating the operations of any future acquisitions, including acquisitions involving new lines of business, with our existing operations, and in realizing all or any part of the anticipated benefits of any such acquisitions.

From time to time, we may evaluate and acquire assets and businesses that we believe complement our existing assets and business. The assets and businesses we acquire may be dissimilar from our existing lines of business. Acquisitions may require substantial capital or the incurrence of substantial indebtedness. Our capitalization and results of operations may change significantly as a result of future acquisitions. Acquisitions and business expansions involve numerous risks, including the following:

•
difficulties in the integration of the assets and operations of the acquired businesses;
•
inefficiencies and difficulties that arise because of unfamiliarity with new assets and the businesses associated with them and new geographic areas;
•
the possibility that we have insufficient expertise to engage in such activities profitably or without incurring inappropriate amounts of risk; and
•
the diversion of management’s attention from other operations.

Further, unexpected costs and challenges may arise whenever businesses with different operations or management are combined, and we may experience unanticipated delays in realizing the benefits of an acquisition. Entry into certain lines of business may subject us to new laws and regulations with which we are not familiar and may lead to increased litigation and regulatory risk. Also, following an acquisition, we may discover previously unknown liabilities associated with the acquired business or assets for which we have no recourse under applicable indemnification provisions. If a new business generates insufficient revenue or if we are unable to efficiently manage our expanded operations, our results of operations may be adversely affected.

If transportation for our steelmaking coal is disrupted, unavailable or more expensive for our customers, our ability to sell steelmaking coal could suffer.

Transportation costs represent a significant portion of the total cost of steelmaking coal to be delivered to our customers and, as a result, the cost of delivery is a factor in a customer’s purchasing decision. Overall price increases in our transportation costs could make our steelmaking coal less competitive with the same or alternative products from competitors with lower transportation costs. We typically depend upon overland conveyor, trucks, rail or barges to transport our products. Disruption or delays of any of these transportation services due to weather-related problems, which are variable and unpredictable, strikes or lock-outs, accidents, infrastructure damage, governmental regulation, third-party actions, lack of capacity or other events beyond our control could impair our ability to supply our products to our customers and result in lost sales and reduced profitability. In addition, increases in transportation costs resulting from emission control requirements and fluctuations in the price of gasoline and diesel fuel, could make steelmaking coal produced in one region of the United States less competitive than steelmaking coal produced in other regions of the United States or abroad.

All of our steelmaking coal mines are served by only one rail carrier, which increases our vulnerability to these risks, although our access to barge transportation partially mitigates that risk. In addition, the majority of the steelmaking coal produced by our underground mining operations is sold to steelmaking coal customers who typically arrange and pay for transportation from the state-run docks at the Port of Mobile in Alabama to the point of use. As a result, disruption at the docks, port congestion and delayed steelmaking coal shipments may result in demurrage fees to us. If this disruption were to persist over an extended period of time, demurrage costs could significantly impact our profits. In addition, there are limited cost-effective alternatives to the port. The cost of securing additional facilities and services of this nature could significantly increase transportation and other costs. An interruption of rail or port services could significantly limit our ability to operate and, to the extent that alternate sources of port and rail services are unavailable or not available on commercially reasonable terms, could

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increase transportation and port costs significantly. Further, delays of ocean vessels could affect our revenues, costs and relative competitiveness compared to the supply of steelmaking coal and other products from our competitors.

We are currently in the process of testing alternative outbound logistics routes in order to increase transportation and vessel shipping optionality, but we cannot provide any assurance that we will be able to reduce our transportation risks.

An increase in transportation costs, including increases resulting from emission control requirements and fluctuation in the price of diesel fuel, could have an adverse effect on our ability to increase or to maintain production on a profit-making basis and could therefore adversely affect our revenues and earnings. Increases in transportation costs could also reduce overall demand for coal or make our coal production less competitive than coal produced from other sources or other regions.

Our business may require substantial capital investment and maintenance expenditures, and we may not have access to the capital required to reach and sustain full productive capacity at our mines, including the ramp-up of Blue Creek.

Maintaining and expanding mines and related infrastructure is capital intensive. Specifically, the exploration, permitting and development of steelmaking coal reserves, mining costs, the maintenance of machinery, facilities and equipment and compliance with applicable laws and regulations require ongoing capital expenditures. While a significant amount of the capital expenditures required at our mines has been spent, we must continue to invest capital to maintain our production.

In addition, although longwall operations at Blue Creek commenced in October 2025, the mine continues to ramp-up toward full production, and we must continue to invest capital to complete remaining surface infrastructure, support commissioning activities, and achieve stable, full‑capacity longwall performance. The ramp‑up period may require higher capital and operating expenditures than expected, including capital for longwall equipment, ventilation systems, conveyor infrastructure, parts and maintenance, and potential modifications to mine plans or surface facilities. Any decision to increase production at our existing mines or the continued development and ramp‑up of Blue Creek could increase our capital needs or cause future capital expenditures to be higher than in the past and/or higher than our estimates. We cannot assure you that we will be able to maintain our production levels or generate sufficient cash flow, or that we will have access to sufficient financing to continue our production, exploration, permitting and development activities at or above our present levels and on our current or projected timelines, and we may be required to defer all or a portion of our capital expenditures. Our results of operations, business and financial condition may be materially adversely affected if we cannot make such capital expenditures.

To fund our capital expenditures, we will be required to use cash from our operations, incur debt or sell equity securities. Using cash from operations will reduce cash available for maintaining or increasing our operations activities. Our ability to obtain bank financing or our ability to access the capital markets for future equity or debt offerings, on the other hand, may be limited by our financial condition at the time of any such financing or offering and the covenants in our existing debt agreements, as well as by general economic conditions, contingencies and uncertainties that are beyond our control. If cash flow generated by our operations or available borrowings under our bank financing arrangements are insufficient to meet our capital requirements and we are unable to access the capital markets on acceptable terms or at all, we could be forced to curtail the expansion of our existing mines and the development of our properties, which, in turn, could lead to a decline in our production and could materially and adversely affect our business, financial condition and results of operations.

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Work stoppages, such as the strike initiated by the UMWA in April 2021 that ended in February 2023, and other labor relations matters may harm our business. Union-represented labor creates an increased risk of work stoppages and higher labor costs.

If we fail to maintain satisfactory labor relations, disputes with the unionized portion of our workforce could affect us adversely. Union-represented labor creates an increased risk of work stoppages and higher labor costs. As of December 31, 2025, 56.0% of our employees were represented by the UMWA. In connection with the acquisition of certain assets of Walter Energy, we negotiated the Collective Bargaining Agreement (“CBA”) with the UMWA, which was ratified by the UMWA’s members on February 16, 2016 and had a five-year term. The CBA contract with the UMWA expired on April 1, 2021, and the UMWA initiated a strike. On February 16, 2023, the labor union representing certain of our hourly employees announced that they were ending the strike and made an unconditional offer to return to work. The return-to-work process for eligible employees who wished to return to work has been completed. We continue to engage in good faith efforts with the labor union to reach an agreement on a new contract. Future work stoppages, labor union issues or labor disruptions at our mining operations, as well as at the operations of key customers or service providers, could impede our ability to produce and deliver our products, to receive critical equipment and supplies or to collect payment. This may increase our costs or impede our ability to operate one or more of our operations.

We require a skilled workforce to run our business. If we cannot hire qualified people to meet replacement or expansion needs, we may not be able to achieve planned results.

Efficient steelmaking coal mining using modern techniques and equipment requires skilled laborers with mining experience and proficiency as well as qualified managers and supervisors. The demand for skilled employees sometimes causes a significant constriction of the labor supply resulting in higher labor costs. When steelmaking coal producers compete for skilled miners, recruiting challenges can occur and employee turnover rates can increase, which negatively affect operating efficiency and costs. If a shortage of skilled workers exists and we are unable to train or retain the necessary number of miners, it could adversely affect our productivity, costs and ability to expand production.

Significant competition, as well as changes in foreign markets or economies, could harm our sales, profitability and cash flows. In addition, foreign currency fluctuations could adversely affect the competitiveness of our coal abroad.

We compete with other producers primarily on the basis of price, steelmaking coal quality, transportation costs and reliability of delivery. The consolidation of the global steelmaking coal industry over the last several years has contributed to increased competition among steelmaking coal producers and we cannot assure you that the result of current or further consolidation will not adversely affect us. In addition, some of our global competitors have significantly greater financial resources and/or a broader portfolio of coals than we do.

Further, potential changes to international trade agreements, trade concessions, foreign currency fluctuations or other political and economic arrangements may benefit steelmaking coal producers operating in countries other than the United States. We may be adversely impacted on the basis of price or other factors with companies that in the future may benefit from favorable foreign trade policies or other arrangements. In addition, increases in steelmaking coal prices could encourage existing producers to expand capacity or could encourage new producers to enter the market. Overcapacity and increased production within the steelmaking coal industry, both domestically and internationally, could materially reduce steelmaking coal demand and prices and therefore materially reduce our revenues and profitability. In addition, our ability to ship our steelmaking coal to international customers depends on port and transportation capacity. Increased competition within the domestic steelmaking coal industry for international sales could result in us not being able to obtain throughput capacity at port facilities, as well as transport capacity, could cause the rates for such services to increase to a point where it is not economically feasible to export our steelmaking coal. Additionally, as sales continue to grow in new markets, longer sales cycles and time to collection may produce swings in working capital from period to period.

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The general economic conditions in foreign markets and changes in currency exchange rates are factors outside of our control that may affect international steelmaking coal prices. If our competitors’ currencies decline against the U.S. dollar or against our customers’ currencies, those competitors may be able to offer lower prices to our customers. Furthermore, if the currencies of our overseas customers were to significantly decline in value in comparison to the U.S. dollar, on which our sales contracts are based, those customers may seek decreased prices for the steelmaking coal that we sell to them. These factors, in addition to adversely affecting the competitiveness of our steelmaking coal in international markets, may also negatively impact our collection of trade receivables from our customers and could reduce our profitability or result in lower steelmaking coal sales.

Our sales in foreign jurisdictions are subject to risks and uncertainties that may have a negative impact on our profitability.

Substantially all of our steelmaking coal sales consist of sales to international customers and we expect that international sales will continue to account for a substantial portion of our revenue. A number of foreign countries in which we sell our steelmaking coal implicate additional risks and uncertainties due to the different economic, cultural and political environments. Such risks and uncertainties include, but are not limited to:

•
longer sales-cycles and time to collection;
•
tariffs and international trade barriers and export license requirements, including any that might result from the current global trade uncertainties;
•
fewer or less certain legal protections for contract rights;
•
different and changing legal and regulatory requirements;
•
potential liability under the U.S. Foreign Corrupt Practices Act of 1977, as amended and other applicable anti-corruption laws, as well as import and export controls, economic sanctions laws, customs laws, or comparable foreign regulations;
•
government currency controls;
•
fluctuations in foreign currency exchange and interest rates; and
•
political and economic instability, changes, hostilities and other disruptions, as well as changes in diplomatic and trade relationships.

Negative developments in any of these factors in the foreign markets into which we sell our steelmaking coal could result in a reduction in demand for steelmaking coal, the cancellation or delay of orders already placed, difficulty in collecting receivables, higher costs of doing business and/or non-compliance with legal and regulatory requirements, each or any of which could materially adversely impact our cash flows, results of operations and profitability.

New tariffs and other trade measures could adversely affect our results of operations, financial position and cash flows.

New and existing tariffs as well as other trade measures, including retaliatory measures, that may be implemented by the U.S. or other countries could result in reduced economic activity, increased costs in operating our business, reduced demand and/or changes in purchasing behaviors for steelmaking coal, disruptions in our supply chain, material changes in the pricing of steelmaking coal, limits on trade with the United States or other potentially adverse economic outcomes. While we have historically been successful at managing the impacts of trade barriers on our business, we cannot predict future developments, and such existing or future tariffs could have a material adverse effect on our results of operations, financial position and cash flows.

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In addition, potential changes to international trade agreements, trade policies, trade concessions or other political and economic arrangements may benefit coal producers operating in countries other than the United States. We may not be able to compete based on price or other factors with companies that, in the future, benefit from favorable foreign trade policies or other arrangements. Additionally, changes in regulatory and trade policies in other countries may impact demand for downstream products.

We may be subject to litigation, the disposition of which could negatively affect our profitability and cash flow in a particular period, or have a material adverse effect on our business, financial condition and results of operations.

Our profitability or cash flow in a particular period could be affected by an adverse ruling in any litigation that may be filed against us in the future. In addition, such litigation could have a material adverse effect on our business, financial condition and results of operations. See “Part I, Item 3. Legal Proceedings.”

Terrorist attacks and cyber-attacks or other security breaches may negatively affect our business, financial condition and results of operations and cash flows.

Our business is affected by general economic conditions, fluctuations in consumer confidence and spending, and market liquidity, all of which can decline as a result of numerous factors outside of our control, such as terrorist attacks and acts of war. Future terrorist attacks against U.S. targets, rumors or threats of war, actual conflicts involving the United States or its allies, or military or trade disruptions affecting our customers could cause delays or losses in transportation and deliveries of steelmaking coal to our customers, decreased sales of our steelmaking coal and extension of time for payment of accounts receivable from our customers. Strategic targets such as energy-related assets may be at greater risk of future terrorist attacks than other targets in the United States. It is possible that any, or a combination, of these occurrences could have a material adverse effect on our business, financial condition and results of operations.

In addition, we have become increasingly dependent upon digital technologies, including information systems, infrastructure and cloud applications and services, to operate our businesses, process and record financial and operating data, communicate with our employees and business partners, analyze seismic and drilling information, estimate quantities of steelmaking coal reserves, as well as other activities related to our businesses. We own and operate some of these systems and applications while others are owned and operated by our third-party service providers. In the ordinary course of our business, we and our service providers collect, process, transmit and store data, such as proprietary business information and personally identifiable information. As our dependence on digital technologies has increased, our IT systems and those of third parties are vulnerable to malicious and intentional cyberattacks involving malware and viruses, accidental or inadvertent incidents, the exploitation of security vulnerabilities or “bugs” in software or hardware, among other scenarios. Both the frequency and magnitude of cyberattacks is expected to increase and attackers are becoming more sophisticated, particularly given the increasing availability and sophistication of artificial intelligence systems. Further, security vulnerabilities may be introduced in connection with the use of artificial intelligence by us, our customers or third-parties.

A cyberattack may involve persons gaining unauthorized access to our digital systems for purposes of gathering, monitoring, releasing, misappropriating or corrupting proprietary or confidential information, or causing operational disruption. Unauthorized physical access to one of our facilities or electronic access to our information systems could result in, among other things, unfavorable publicity, litigation by affected parties, damage to sources of competitive advantage, disruptions to our operations, loss of customers, financial obligations for damages related to the theft or misuse of such information and costs to remediate such security vulnerabilities, any of which could have a substantial impact on our results of operations, financial condition or cash flows. As cyber incidents continue to evolve, we may be required to expend additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerability to cyber incidents. Additionally, we may be unable to anticipate, detect or prevent future attacks, particularly as the methodologies utilized by attackers change frequently or are not recognized until launched, and we may be unable to investigate or remediate incidents because attackers are increasingly using techniques and tools designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence.

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To that end, we have implemented security protocols, controls, and systems with the intent of maintaining the physical and electronic security of our operations and protecting our and our counterparties’ confidential information and information related to identifiable individuals against unauthorized access. Despite such efforts, we have been and may be subject to security breaches, which have resulted and could result in unauthorized access to our facilities or the information that we are trying to protect.

The Company maintains a cyber insurance policy. In the future, existing liquidity and cash flows may be insufficient to cover all losses that may be incurred in the continually evolving area of cyber risk. There can be no assurance that we will not be the target of a sophisticated attack in the future, which could materially adversely affect our business, results of operations, or financial condition.

Our executive officers and other key personnel are important to our success and the loss of one or more of these individuals could harm our business.

Our executive officers and other key personnel have significant experience in the steelmaking coal or other commodity businesses and the loss of certain of these individuals could harm our business, absent the completion of an orderly transition. Moreover, there may be a limited number of persons with the requisite experience and skills to serve in our senior management positions. Although we have been successful in attracting qualified individuals for key management and corporate positions in the past, there can be no assurance that we will continue to be successful in attracting and retaining a sufficient number of qualified personnel in the future or that we will be able to do so on acceptable terms. The loss of key management personnel could harm our ability to successfully manage our business functions, prevent us from executing our business strategy and have a material adverse effect on our results of operations and cash flows.

Risks Related to Our Industry

Our business may suffer as a result of a substantial or extended decline in steelmaking coal pricing or the failure of any recovery or stabilization of steelmaking coal prices, as well as any substantial or extended decline in the demand for steelmaking coal and other factors beyond our control, which could negatively affect our operating results and cash flows.

Our profitability depends on the prices at which we sell our steelmaking coal, which are largely dependent on prevailing market prices. A substantial or extended decrease in steelmaking coal pricing or the failure of a price recovery or stabilization following such decrease will negatively affect our operating cash flows. We have experienced significant price fluctuations in our steelmaking coal business, and we expect that such fluctuations will continue. Demand for, and therefore the price of, steelmaking coal is driven by a variety of factors, including, but not limited to, the following:

•
the domestic and foreign supply and demand for steelmaking coal;
•
the quantity and quality of steelmaking coal available from competitors;
•
the demand for and price of steel;
•
adverse weather, climatic and other natural conditions, including natural disasters;
•
domestic and foreign economic conditions, including slowdowns in domestic and foreign economies and financial markets;
•
global and regional political events, including the unknown geopolitical consequences of the wars between Ukraine and Russia and between Israel and Hamas, actions between the United States and Venezuela and other events of global unrest;

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•
domestic and foreign legislative, regulatory and judicial developments, environmental regulatory changes and changes in energy policy and energy conservation measures that could adversely affect the steelmaking coal industry, such as legislation further limiting carbon emissions;
•
changing tariff policies, including retaliatory tariffs;
•
widespread acceptance of carbon sequestration and proliferation of improved carbon sequestration technology;
•
capacity, reliability, availability and cost of transportation and port facilities, and the proximity of available steelmaking coal to such transportation and port facilities;
•
technological advancements, including those related to electric arc furnaces; and
•
other factors beyond our control, such as terrorism, war, and pandemics.

The steelmaking coal industry also faces concerns with respect to oversupply from time to time, which could materially adversely affect our financial condition and results of operations. In addition, reductions in the demand for steelmaking coal caused by reduced steel production by our customers, increases in the use of substitutes for steel (such as aluminum, composites or plastics) or less expensive substitutes for steelmaking coal and the use of steelmaking technologies that use less or no steelmaking coal can significantly adversely affect our financial results and impede growth. Our natural gas business is also subject to adverse changes in pricing due to, among other factors, changes in demand and competition from alternative energy sources.

Our customers are continually evaluating alternative steel production technologies which may reduce demand for our product.

Our product is primarily used as HCC for blast furnace steel producers. High-quality HCC commands a significant price premium over other forms of coal because of its value in use in blast furnaces for steel production. High-quality HCC is a scarce commodity and has specific physical and chemical properties which are necessary for efficient blast furnace operation. Alternative technologies are continually being investigated and developed with a view to reducing production costs or for other reasons, such as minimizing environmental or social impact. If competitive technologies emerge or are increasingly utilized that use other materials in place of our product or that diminish the required amount of our product, such as electric arc furnaces or pulverized coal injection processes, demand and price for our steelmaking coal might fall. Many of these alternative technologies are designed to use lower quality coals or other sources of carbon instead of higher cost high-quality HCC. While conventional blast furnace technology has been the most economic large-scale steel production technology for a number of years, and while emergent technologies typically take many years to commercialize, there can be no assurance that over the longer term competitive technologies not reliant on HCC could emerge which could reduce demand and price premiums for HCC.

Substantially all of our revenues are derived from the sale of steelmaking coal. This lack of diversification of our business could adversely affect our financial condition, results of operations and cash flows.

We rely on the steelmaking coal production from our two active steelmaking coal mines for substantially all of our revenues. For the year ended December 31, 2025, revenues from the sale of steelmaking coal accounted for approximately 97.5% of our total revenues. As noted above, demand for steelmaking coal depends on domestic and foreign steel demand. At times, the pricing and availability of steel can be volatile due to numerous factors beyond our control. Any economic downturn could adversely affect demand for our steelmaking coal and contribute to volatile supply and demand conditions affecting prices and volumes. In addition, global conditions may significantly affect the demand for steelmaking coal. When steel prices are lower, the prices that we charge steelmaking customers for our steelmaking coal may decline, which could adversely affect our financial condition, results of operations and cash flows. Since we are heavily dependent on the steelmaking industry,

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adverse economic conditions in this industry, even in the presence of otherwise favorable economic conditions in the broader coal industry, could have a significantly greater impact on our financial condition and results of operations than if our business were more diversified. In addition, our lack of diversification may make us more susceptible to such adverse economic conditions than our competitors with more diversified operations and/or asset portfolios, such as those that produce thermal coal in addition to steelmaking coal.

All of our mining operations are located in Alabama, making us vulnerable to risks associated with having our production concentrated in one geographic area.

All of our mining operations are geographically concentrated in Alabama. As a result of this concentration, we may be disproportionately exposed to the impact of delays or interruptions in production caused by significant governmental regulation, transportation capacity constraints, constraints on the availability of required equipment, facilities, personnel or services, curtailment of production, extreme weather conditions, natural disasters, pandemics or interruption of transportation or other events that impact Alabama or its surrounding areas. If any of these factors were to impact Alabama more than other steelmaking coal producing regions, our business, financial condition, results of operations and cash flows will be adversely affected relative to other mining companies with operations in unaffected regions or that have a more geographically diversified asset portfolio.

Steelmaking coal mining involves many hazards and operating risks, some of which may not be fully covered by insurance, and is dependent upon many factors and conditions beyond our control. The occurrence of a significant accident or other event that is not fully insured could curtail our operations and may cause our profitability and financial position to decline.

Our mining operations, including our preparation and transportation infrastructure, are subject to inherent hazards and operating risks that could disrupt operations, decrease production and increase the cost of mining for varying lengths of time. Specifically, underground mining and related processing activities present risks of injury to persons and damage to property and equipment. In addition, steelmaking coal mining is dependent upon a number of conditions beyond our control that can disrupt operations and/or affect our costs and production schedules at particular mines. These risks, hazards and conditions include, but are not limited to:

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variations in geological conditions, such as the thickness of the steelmaking coal seam and amount of rock embedded in the steelmaking coal deposit and variations in rock and other natural materials overlying the steelmaking coal deposit, that could affect the stability of the roof and the side walls of the mine;
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mining, process and equipment or mechanical failures, unexpected maintenance problems and delays in moving longwall equipment;
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the unavailability of raw materials, equipment (including heavy mobile equipment) or other critical supplies such as tires, explosives, fuel, lubricants and other consumables of the type, quantity and/or size needed to meet production expectations;
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adverse weather and natural disasters, such as heavy rains or snow, forest fires, flooding and other natural events, including seismic activities, ground failures, rock bursts or structural cave-ins or slides, affecting our operations or transportation to our customers;
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railroad delays or derailments;
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environmental hazards, such as subsidence and excess water ingress;
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delays and difficulties in acquiring, maintaining or renewing necessary permits or mining rights;

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•
availability of adequate skilled employees and other labor relations matters;
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security breaches or terroristic acts;
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unexpected mine accidents, including rock-falls and explosions caused by the ignition of met coal dust, natural gas or other explosive sources at our mine sites or fires caused by the spontaneous combustion of steelmaking coal or similar mining accidents;
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competition and/or conflicts with other natural resource extraction activities and production within our operating areas, such as natural gas extraction or oil and gas development; and
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other hazards that could also result in personal injury and loss of life, pollution and suspension of operations.

These risks and conditions could result in damage to or the destruction of our mineral properties, equipment or production facilities, personal injury or death, environmental damage, delays in mining, regulatory investigations, actions and penalties, repair and remediation costs, monetary losses and legal liability. In addition, a significant mine accident could potentially cause a suspension of operations or a complete mine shutdown. Our insurance coverage may not be available or sufficient to fully cover claims that may arise from these risks and conditions. We may elect not to obtain insurance for any or all of these risks if we believe that the cost of available insurance is excessive relative to the risks presented. In addition, pollution or environmental risks generally are not fully insurable. The occurrence of an event that is not fully covered by insurance, failure by insurers to make payments or an event that results in a mine shutdown could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We have also seen adverse geological conditions in the mines, such as variations in steelmaking coal seam thickness, variations in the competency and make-up of the roof strata, fault-related discontinuities in the steelmaking coal seam and the potential for ingress of excessive amounts of natural gas or water. Such adverse conditions may increase our cost of sales and reduce our profitability and may cause us to decide to close a mine. Any of these risks or conditions could have a negative impact on our financial condition, results of operations and cash flows.

In addition, if any of the foregoing changes, conditions or events occurs and is not excusable as a force majeure event, any resulting failure on our part to deliver steelmaking coal to the purchaser under our contracts could result in economic penalties, suspension or cancellation of shipments or ultimately termination of the agreement, any of which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our business is subject to inherent risks, some for which we maintain third party insurance. We may not have adequate insurance coverage for some business risks. We may incur losses and be subject to liability claims that could have a material adverse effect on our financial condition, results of operations or cash flows.

We maintain insurance policies that provide limited coverage for some, but not all, potential risks and liabilities associated with our business. The insurance that we maintain may contain certain deductible amounts and cover risks and liabilities typical for a coal mining business including, but not limited to, property, general liability and business interruption. Although we maintain insurance for a number of risks and hazards, we may not be insured or fully insured against the losses or liabilities that could arise from a significant accident in our coal operations. We may elect not to obtain insurance for any or all of these risks if we believe that the cost of available insurance is excessive relative to the risks presented. Moreover, a significant mine accident could potentially cause a mine shutdown. The occurrence of an event that is not fully covered by insurance or that results in a mine shutdown could have a material adverse effect on our business, financial condition, results of operations and cash flows. The risk of increased insurance costs may be exacerbated where an adverse event results in us asserting an insurance claim, the cost of which our insurers may seek to recoup during a future insurance renewal through increased premiums or limitations on coverage.

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As a result of market conditions, premiums and deductibles for certain insurance policies can increase substantially, and in some instances certain insurance may become unavailable or available only for reduced amounts of coverage. As a result, we may not be able to renew our existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all. In addition, certain environmental, contamination and pollution risks generally are not fully insurable. Even where insurance coverage applies, insurers may contest their obligations to make payments. One of the tools used to manage this risk is an insurance captive, which allows us to control premiums, increase control over claims management, tailor coverage to our specific needs and improve risk control. Our financial condition, results of operations and cash flows could be materially and adversely affected by losses and liabilities from uninsured or under-insured events, as well as by delays in the payment of insurance proceeds, or the failure by insurers to make payments.

We also may incur costs and liabilities resulting from claims for damages to property or injury to persons arising from our operations. We must compensate employees for work-related injuries. If we do not make adequate provision for our workers’ compensation and black lung liabilities, or we are pursued for applicable sanctions, costs and liabilities, our operations and profitability could be adversely affected. Certain of our subsidiaries are responsible for medical and disability benefits for black lung disease under federal law and are insured beginning April 1, 2016 for claims made by or on behalf of any of our employees. The DOL required us to provide insurance coverage rather than be self-insured for these obligations.

The number and quality of viable financing alternatives available to us may be significantly impacted by unfavorable lending and investment policies by financial institutions associated with concerns about environmental impacts of carbon based fuels, including coal. Negative views with respect to environmental and social matters and related governance considerations could result in a low ESG or sustainability score and could harm the perception of our Company by certain investors and activists or result in the exclusion of our securities from consideration by those investors. In addition, there are fewer insurance companies willing to provide line of business coverages related to ESG concerns which can result in higher company premiums and retained losses.

Global climate change continues to attract considerable public and scientific attention, with widespread concern about the impacts of human activity, especially the emission of GHGs, such as carbon dioxide and methane. Some of our operations, such as methane release resulting from steelmaking coal mining, directly emit GHGs.

Increased attention to climate change, societal expectations on companies to address climate change and investor and societal expectations regarding voluntary ESG disclosures may result in negative views of us with respect to ESG issues that could result in a low ESG score or similar sustainability score, could harm the perception of our Company by certain investors, or could result in the exclusion of our securities from consideration by those investors.

Certain financial institutions, including banks and insurance companies, have taken actions to limit available financing, insurance and other services to entities that produce or use fossil fuels. Increasingly, the actions of such financial institutions and insurance companies are based upon non-standardized ESG or "sustainability" scores, ratings and benchmarking studies provided by various organizations that assess corporate governance related to environmental and social matters. Currently, there are no universal standards for such scores or ratings, but some investors and stockholders value sustainability evaluations. Further, there have been efforts in recent years by members of the general financial and investment communities, including investment advisors, sovereign wealth funds, public pension funds, universities, other institutional investors and activists, to divest themselves and to promote the divestment of securities issued by companies involved in carbon based fuels or that have low ratings or scores in studies and assessments of the type noted above, including coal producers. These entities also have been pressuring lenders to limit financing available to such companies. Companies in the energy industry, and in particular those focused on coal, natural gas or petroleum extraction and refining, often perform worse under ESG assessments compared to companies in other industries. These may have adverse consequences including, but not limited to:

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restricting our ability to access capital and financial markets in the future;

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•
excluding our securities from the portfolios of certain investment funds and investors;
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reducing the demand and price for our equity securities;
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increasing the cost of borrowing;
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causing a decline in our credit ratings;
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reducing the availability, and/or increasing the cost of, third-party insurance;
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increasing our retention of risk through self-insurance;
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making it more difficult to obtain surety bonds, letters of credit, bank guarantees or other financing; and
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limiting our flexibility in business development activities such as the remaining development of Blue Creek, mergers, acquisitions or divestitures.

ESG expectations, including both the matters in focus and the management of such matters, continue to evolve rapidly. For example, in addition to climate change, there is increasing attention on topics such as diversity and inclusion, human rights, and human and natural capital, in companies’ own operations as well as their supply chains. In addition, perspectives on ESG considerations continue to evolve, and we cannot currently predict how regulators’, investors’ and other stakeholders’ views on ESG matters may affect the regulatory and investment landscape and affect our business, financial condition, and results of operations. If we do not, or are perceived to not, adapt or comply with investor or stakeholder expectations and standards on ESG matters, we may suffer from reputational damage and our business, financial condition and results of operations could be materially and adversely affected. Any reputational damage associated with ESG factors may also adversely impact our ability to recruit and retain employees and customers.

Moreover, while we may publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events, or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved in measuring and reporting on many ESG matters. In addition, we may commit to certain ESG initiatives over time, such as investing capital in project and technologies to reduce our greenhouse gas emissions; however, we may not ultimately be able to achieve our goals or reach our commitments, either on the timeframes or costs initially anticipated or at all due to factors within or outside of our control. If we do not, or are perceived to not, adapt or comply with investor or stakeholder expectations and standards on ESG matters, we may suffer from reputational damage and increased risk of litigation or activism, which could materially and adversely affect our business, results of operations, financial position and cash flow.

The SEC published final rules on March 6, 2024, relating to the disclosure of a range of climate-related risks and other information. Several lawsuits have been filed challenging the rules. In April 2024, the SEC agreed to pause the rules to facilitate an orderly judicial resolution and, in March 2025, the SEC voted to end its defense of the rules. Though the SEC climate disclosure rules are subject to ongoing litigation and final agency action remains pending, the SEC's withdrawal confirms the federal shift away from climate and ESG policies. To the extent these or similar federal or state rules are implemented, we and/or our customers could incur increased costs related to the assessment and disclosure of climate-related information. Enhanced climate disclosure requirements could also accelerate any trend by certain stakeholders and capital providers to restrict or seek more stringent conditions with respect to their financing of certain carbon intensive sectors. There may be increased levels of regulation, disclosure-related and otherwise, with respect to ESG matters, which would likely lead to increased compliance costs, as well as scrutiny that could heighten all of the risks identified in this risk factor. Such ESG matters may also affect our suppliers or customers, which could augment or cause additional impacts to our business or operations.

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Any future laws, regulations or other policies related to greenhouse gas emissions may adversely impact our business in material ways. The degree to which any particular law, regulation or policy impacts us will depend on several factors, including the substantive terms involved, the relevant time periods for enactment and any related transition periods.

Defects in title of any real property or leasehold interests in our properties or associated steelmaking coal reserves could limit our ability to mine or develop these properties or result in significant unanticipated costs.

All of our mining operations are conducted on properties owned or leased by us. Our right to mine our steelmaking coal reserves may be materially adversely affected by defects in title or boundaries or if our property interests are subject to superior property rights of third parties. We do not have title insurance for any of our real property or leasehold interests and, title to most of our owned or leased properties and mineral rights is not usually verified until we make a commitment to mine a property, which may not occur until after we have obtained necessary permits and completed exploration of the property. Any challenge to our title or leasehold interests could delay the mining of the property, result in the loss of some or all of our interest in the property or steelmaking coal reserves and increase our costs. In order to conduct our mining operations on properties where these defects exist, we may incur unanticipated costs perfecting title. In addition, if we mine or conduct our operations on property that we do not own or lease, we could incur civil damages or liabilities for such mining operations and be subject to conversion, negligence, trespass, regulatory sanction and penalties. Some leases have minimum production requirements or require us to commence mining operations in a specified term to retain the lease. Failure to meet those requirements could result in losses of prepaid royalties and, in some rare cases, could result in a loss of the lease itself.

We face uncertainties in estimating our economically recoverable steelmaking coal reserves and resources, and inaccuracies in our estimates of our steelmaking coal reserves and resources could result in decreased profitability from lower than expected revenues or higher than expected costs.

Our future performance depends on, among other things, the accuracy of our estimates of our proven and probable steelmaking coal reserves. Reserve and resource estimates are based on a number of sources of information, including engineering, geological, mining and property control maps and data, our operational experience of historical production from similar areas with similar conditions and assumptions governing future pricing and operational costs. We update our estimates of the quantity and quality of proven and probable steelmaking coal reserves at least annually to reflect the production of steelmaking coal from the reserves, updated geological models and mining recovery data, the tonnage contained in new lease areas acquired and estimated costs of production and sales prices. There are numerous factors and assumptions inherent in estimating steelmaking coal quantities, qualities and costs to mine, including many factors beyond our control, such as the following:

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geological and mining conditions, including faults in the steelmaking coal seam;
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historical production from the area compared with production from other producing areas;
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the percentage of steelmaking coal ultimately recoverable;
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the assumed effects of regulations and taxes and other payments to governmental agencies;
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our ability to obtain, maintain and renew all required permits;
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future improvements in mining technology;

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•
assumptions concerning the timing of the development of the reserves; and
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assumptions concerning equipment and operational productivity, future steelmaking coal prices, operating costs, including those for critical supplies such as fuel, tires and explosives, capital expenditures and development and reclamation costs.

Each of these factors may vary considerably from the assumptions used in estimating the reserves. As a result, estimates of the quantities and qualities of economically recoverable steelmaking coal attributable to any particular group of properties, classifications of reserves based on risk of recovery, estimated cost of production, and estimates of future net cash flows expected from these properties as prepared by different engineers or by the same engineers at different times may vary materially due to changes in the above factors and assumptions. The conversion of reported mineral resources to mineral reserves should not be assumed, and the reclassification of reported mineral resources from lower to higher levels of geological confidence should not be assumed. As such, actual coal tonnage recovered from identified reserve and resource areas or properties and revenue and expenditures with respect to our coal reserves and resources may vary materially from estimates. Thus, these estimates may not accurately reflect our actual reserves and resources. Any material inaccuracy in our estimates related to our reserves and resources could result in decreased profitability from lower-than-expected revenues and/or higher than expected costs, which could materially and adversely affect our business, results of operations, financial position and cash flows.

Our inability to develop steelmaking coal reserves in an economically feasible manner or our inability to acquire additional steelmaking coal reserves that are economically recoverable may adversely affect our business.

Our long-term profitability depends in part on our ability to cost-effectively mine and process steelmaking coal reserves that possess the quality characteristics desired by our customers. As we mine, our steelmaking coal reserves decline. As a result, our future success depends upon our ability to develop or acquire additional steelmaking coal reserves that are economically recoverable to replace the reserves that we produce. Coal is economically recoverable when the price at which our steelmaking coal can be sold exceeds the costs and expenses of mining and selling such steelmaking coal. We may not be able to obtain adequate economically recoverable replacement reserves when we require them and, even if available, such reserves may not be at favorable prices or we may not be capable of mining those reserves at costs that are comparable to our existing steelmaking coal reserves. Our ability to develop or acquire steelmaking coal reserves in the future may also be limited by the availability of cash from our operations or financing under our existing or future financing arrangements, as well as certain restrictions under such arrangements. If we are unable to develop or acquire replacement reserves, our future production may decrease significantly as existing reserves are depleted and this may have a material adverse impact on our cash flows, financial position and results of operations.

Any significant downtime of our major pieces of mining equipment could impair our ability to supply steelmaking coal to our customers and materially and adversely affect our results of operations and cash flows.

We depend on several major pieces of mining equipment to produce and transport our steelmaking coal, including, but not limited to, longwall mining systems, continuous mining units, our preparation plant and blending facilities, and conveyors. We procure this equipment from a concentrated group of suppliers and obtaining or repairing these major pieces of mining equipment often involves long lead times. If any of these pieces of equipment or facilities suffer major damage or are destroyed by fire, abnormal wear, flooding, incorrect operation or otherwise, we may be unable to replace or repair them in a timely manner or at a reasonable cost, which would impact our ability to produce and transport steelmaking coal and materially and adversely affect our business, results of operations, financial condition and cash flows. Moreover, MSHA and other regulatory agencies sometimes make changes with regards to requirements for pieces of equipment. Such changes could cause delays if manufacturers and suppliers are unable to make the required changes in compliance with mandated deadlines.

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If either our preparation plant or river barge load-out facilities, or those of a third party processing or loading our steelmaking coal, suffer extended downtime, including major damage, or are destroyed, our ability to process and deliver steelmaking coal to prospective customers would be materially impacted, which would materially adversely affect our business, results of operations, financial condition and cash flows.

We may not recover our investments in our mining, exploration and other assets, which may require us to recognize impairment charges related to those assets.

The value of our assets may be adversely affected by numerous uncertain factors, some of which are beyond our control, including unfavorable changes in the economic environments in which we operate, lower-than-expected coal pricing, technical and geological operating difficulties, an inability to economically extract our coal reserves and unanticipated increases in operating costs. These may cause us to fail to recover all or a portion of our investments in those assets and may trigger the recognition of impairment charges in the future, which could have a substantial impact on our results of operations.

Because of the volatile and cyclical nature of the U.S. and international coal markets, it is reasonably possible that our current estimates of projected future cash flows from our mining assets may change in the near term, which may result in the need for adjustments to the carrying value of our assets.

Risks Related to Regulatory Compliance

We are responsible for medical and disability benefits for black lung disease under federal law. We assumed certain historical self-insured black lung liabilities of Walter Energy and its subsidiaries incurred prior to April 1, 2016 in connection with the acquisition of certain assets of Walter Energy. We are self-insured for these black lung liabilities and have posted certain collateral with the Department of Labor as described below. Changes in the estimated claims to be paid or changes in the amount of collateral required by the Department of Labor may have a greater impact on our profitability and cash flows in the future.

We are responsible for medical and disability benefits for black lung disease under the Federal Coal Mine Health and Safety Act of 1969, the Mine Act and the Black Lung Benefits Act, each as amended, and are self-insured for black lung related claims asserted by or on behalf of former employees of Walter Energy and its subsidiaries as assumed in the acquisition of certain assets of Walter Energy for the period prior to April 1, 2016. We perform an annual actuarial evaluation of the overall black lung liabilities as of each December 31st. The calculation is performed using assumptions regarding rates of successful claims, discount factors, benefit increases and mortality rates, among others. If the number of or severity of successful claims increases, or we are required to accrue or pay additional amounts because the successful claims prove to be more severe than our original assessment, our operating results and cash flows could be negatively impacted. Our self-insurance program for these legacy liabilities is unique to the industry and was specifically negotiated with the DOL. As of December 31, 2025, we have posted $18.6 million in surety bonds and $9.9 million of collateral recognized as short term investments in addition to maintaining a black lung trust of $0.9 million that was acquired in the acquisition of certain assets of Walter Energy. We received a letter from the Division of Coal Mine Workers' Compensation ("DCMWC") on February 21, 2020 under its new process for self-insurance renewals that would require us to increase the amount of collateral posted to $39.8 million, but we appealed such increase. We received another letter from the DCMWC on December 8, 2021 requesting additional information to support our appeal of the collateral requested by the DOL. On February 9, 2022, the DCMWC held a conference call with representatives from the Company related to our appeal. On July 12, 2022, we received a decision on our appeal from the DCMWC lowering the amount of collateral required to be posted from $39.8 million to $28 million. We appealed this decision.

On January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers, which was then subsequently revised as part of the final rules published on December 12, 2024, which became effective on January 13, 2025. The final rules require, among other requirements, all self-insured operators to post security of at least 100 percent of their projected black lung liabilities. On January 14, 2025, we received a letter from the DCMWC outlining the new procedures and application process for authorizing operators to self-insure under the new

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regulations. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received another letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCWMC further stated that additional guidance would be provided in due course after consultation with the new DOL leadership. For additional information see “Part I, Item 1. Business-Environmental and Regulatory Matters-Workers’ Compensation and Black Lung.” Our estimated total black lung liabilities as of December 31, 2025 were $36.1 million (net of the black lung trust). In future years, the DOL could require us to increase the amount of the collateral which could negatively impact our cash flows.

Our failure to obtain and renew permits necessary for our mining operations could negatively affect our business.

Mining companies must obtain numerous permits that impose strict regulations on various environmental and operational matters in connection with steelmaking coal mining. These include permits issued by various federal, state and local agencies and regulatory bodies. The permitting rules, and the interpretations of these rules, are complex, change frequently and are often subject to discretionary interpretations by the regulators, all of which may make compliance more difficult or impractical, and may possibly preclude the continuance of ongoing operations or the development of future mining operations. The public, including non-governmental organizations, anti-mining groups and individuals, have certain statutory rights to comment upon and submit objections to requested permits and environmental impact statements prepared in connection with applicable regulatory processes, and otherwise engage in the permitting process, including bringing citizens’ lawsuits to challenge the issuance of permits, the validity of environmental impact statements or performance of mining activities. Accordingly, required permits may not be issued or renewed in a timely fashion or at all, or permits issued or renewed may be conditioned in a manner that may restrict our ability to efficiently and economically conduct our mining activities, any of which would materially reduce our production, cash flow and profitability.

Extensive environmental, health and safety laws and regulations impose significant costs on our operations and future regulations could increase those costs, limit our ability to produce or adversely affect the demand for our products.

Our businesses are subject to numerous federal, state and local laws and regulations with respect to matters such as:

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permitting and licensing requirements;
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employee health and safety, including occupational and mine health and safety;
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workers’ compensation;
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black lung disease;
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reclamation and restoration of property;
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plugging and abandoning of wells to remove coalbed methane; and
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environmental laws and regulations, including those related to GHGs and climate change; air quality; water quality; stream and surface water quality and protection; management of materials generated by mining operations; the storage, treatment and disposal of wastes; protection of plants and wildlife such as threatened or endangered species; protection of wetlands; and remediation of contaminated soil and groundwater.

In addition, the coal industry in the U.S. is affected by significant legislation mandating certain benefits for current and retired coal miners. Compliance with these requirements imposes significant costs on us and can result in reduced productivity. Moreover, the possibility exists that new health and safety legislation and/or regulations may be adopted and/or orders may be entered that may materially and adversely affect our mining operations. We must compensate employees for

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work-related injuries. If we do not make adequate provisions for our workers’ compensation liabilities, it could harm our future operating results. In addition, the erosion through tort liability of the protections we are currently provided by workers’ compensation laws could increase our liability for work-related injuries and materially and adversely affect our operating results.

Compliance with applicable federal, state and local laws and regulations may be costly and time-consuming and may delay commencement or interrupt continuation of exploration or production at one or more of our operations. These laws are constantly evolving and may become increasingly stringent. The ultimate impact of complying with existing laws and regulations is not always clearly known or determinable due in part to the fact that certain implementing regulations for these laws have not yet been promulgated and in certain instances are undergoing revision. These laws and regulations, particularly new legislative or administrative proposals (or judicial interpretations of existing laws and regulations), along with analogous foreign laws and regulations, could result in substantially increased capital, operating and compliance costs and could have a material adverse effect on our operations and/or our customers’ ability to use our products.

Due in part to the extensive and comprehensive regulatory requirements, along with changing interpretations of these requirements, violations of applicable federal, state and local laws and regulations occur from time to time in our industry and at our operations. Changes in the law may require an unprecedented compliance effort on our part, could divert management’s attention, and may require significant expenditures. To the extent that these expenditures, as with all costs, are not ultimately reflected in the prices of our products and services, operating results will be detrimentally impacted. We believe that our major North American competitors are confronted by substantially similar conditions and thus do not believe that our relative position with regard to such competitors is materially affected by the impact of safety and environmental laws and regulations. However, the costs and operating restrictions necessary for compliance with safety and environmental laws and regulations, which is a major cost consideration for our operations, may have an adverse effect on our competitive position with regard to foreign producers and operators who may not be required to undertake equivalent costs in their operations. In addition, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, applicable state legislation and its production methods.

Additionally, MSHA and state regulators may also order the temporary or permanent closing of a mine in the event of certain violations of safety rules, accidents or imminent dangers. In addition, regulators may order changes to mine plans or operations due to their interpretation or application of existing or new laws or regulations. Any required changes to mine plans or operations may result in temporary idling of production or addition of costs.

Our mines are subject to stringent federal and state safety regulations that increase our cost of doing business at active operations and may place restrictions on our methods of operation. In addition, federal, state or local regulatory agencies have the authority to order certain of our mines to be temporarily or permanently closed under certain circumstances, which could materially and adversely affect our ability to meet our customers’ demands.

The Mine Act and the MINER Act impose stringent health and safety standards on mining operations. Regulations that have been adopted under the Mine Act and the MINER Act are comprehensive and affect numerous aspects of mining operations, including training of mining personnel, mining procedure, the equipment used in emergency procedures, and other matters. Alabama has a similar program for mine safety and health regulation and enforcement. The various requirements mandated by law or regulation can place restrictions on our methods of operations, and potentially lead to fees and civil penalties for the violation of such requirements, creating a significant effect on operating costs and productivity.

In addition, federal, state or local regulatory agencies have the authority under certain circumstances following significant health and safety incidents, such as fatalities, to order a mine to be temporarily or permanently closed. If this occurred, we may be required to incur capital expenditures to re-open the mine. In the event that these agencies order the closing of our mines, our steelmaking coal sales contracts generally permit us to issue force majeure notices, which suspend our obligations to deliver steelmaking coal under these contracts; however, our customers may challenge our issuances of force majeure notices. If these challenges are successful, we may have to purchase steelmaking coal from third-party sources, if

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available, to fulfill these obligations or incur capital expenditures to re-open the mines and/or negotiate settlements with the customers, which may include price reductions, the reduction of commitments, and the extension of time for delivery or the termination of customers’ contracts. Any of these actions could have a material adverse effect on our business and results of operations.

Increased focus by regulatory authorities on the effects of coal mining on the environment and recent regulatory developments related to coal mining operations, including the federal leasing program, could increase our costs to receive new permits to mine steelmaking coal, make it more difficult to comply with our existing permits to mine coal or to obtain federal land and mineral leases, or otherwise adversely affect us.

Regulatory agencies are increasingly focused on the effects of coal mining on the environment, particularly relating to water quality, which has resulted in more rigorous permitting requirements and enforcement efforts. See “Part I, Item 1. Business-Environmental and Regulatory Matters” for a detailed discussion of these regulations and programs.

The SMCRA requires that comprehensive environmental protection and reclamation standards be met during the course of and following completion of mining activities. Among other requirements, the SMCRA provides that the applicable regulatory authority may not issue a permit unless the operation has been designed to prevent material damage to the hydrologic balance outside the permit area. In 1983, the OSM issued rules providing that no land within 100 feet of a stream shall be disturbed by surface mining activities, unless specifically authorized by the regulatory authority. On December 20, 2016, the OSM published a new, finalized “Stream Protection Rule,” setting standards for “material damage to the hydrologic balance outside the permit area” that are applicable to surface and underground mining operations. However, on February 16, 2017, President Trump signed a joint congressional resolution disapproving the Stream Protection Rule pursuant to the Congressional Review Act. Accordingly, the regulations in effect prior to the Stream Protection Rule now apply, including OSM’s 1983 rule. Because the rule was repealed via Congressional Review Act procedure, the Agency is barred from issuing any future rule that is “substantially similar,” absent new legislation. Still, it remains unclear whether and how additional federal actions could further impact regulatory or enforcement activities pursuant to the SMCRA.

Section 404 of the Clean Water Act (“CWA”) requires mining companies to obtain USACE permits to place material in streams for the purpose of creating slurry ponds, water impoundments, refuse areas, valley fills or other mining activities. As is the case with other steelmaking coal mining companies, our construction and mining activities require Section 404 permits. The issuance of permits to construct valley fills and refuse impoundments under Section 404 of the CWA has been the subject of many court cases and increased regulatory oversight, resulting in additional permitting requirements that are expected to delay or even prevent the opening of new mines. For example, in recent years, regulators have adopted more stringent water quality standards for materials such as selenium. We have begun to incorporate these new requirements into our current permit applications; however, there can be no guarantee that we will be able to meet these or any other new standards with respect to our permit applications.

Additionally, in January 2011, the EPA rescinded a federal CWA permit held by another coal mining company for a surface mine in Appalachia citing associated environmental damage and degradation. On April 23, 2013, the D.C. Circuit ruled that the EPA has the power under the CWA to retroactively veto a Section 404 dredge and fill permit “whenever” it makes a determination about certain adverse effects, even years after the USACE has granted the permit to an applicant. On March 24, 2014, the U.S. Supreme Court denied petitions for review. Subsequently, on July 19, 2016, the D.C. Circuit affirmed the district court’s further ruling that the EPA’s decision to withdraw approval for disposal sites satisfied administrative requirements. The D.C. Circuit held that the EPA’s ex post withdrawal was a product of its broad veto authority under the CWA, not a procedural defect. While our operations are not directly impacted by this ruling, it could be an indication that other surface mining water permits could be subject to more substantial review in the future.

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Recent regulatory actions and court decisions created some uncertainty over the scope of CWA jurisdiction. On June 29, 2015, in response to Supreme Court decisions discussing the scope of CWA jurisdiction, the EPA and the USACE jointly promulgated final rules expanding the scope of waters protected under the CWA, revising regulations that had been in place for more than 25 years. However, on October 22, 2019, the agencies published a final rule to repeal the 2015 rules and then on April 21, 2020, the EPA and the USACE published a replacement rule that would have significantly reduced the scope of waters subject to federal regulation under the CWA. On August 30, 2021, a federal court struck down the replacement rule and, on January 18, 2023, the EPA and the USACE published a final rule that would restore water protections that were in place prior to 2015. However, on May 25, 2023, the Supreme Court issued an opinion substantially narrowing the scope of "waters of the United States" protected under the CWA. On September 8, 2023, the EPA and the USACE published a final rule conforming their regulations to the decision. Most recently, the EPA published a proposed rule on November 20, 2025, to further clarify the scope of "waters of the United States." If finalized as proposed, CWA jurisdiction would be limited to relatively permanent, standing or continuously flowing bodies of water, as well as wetlands that are connected and indistinguishable from such waterbodies.

It is unknown what future changes will be implemented to the permitting review and issuance process or to other aspects of mining operations, but increased regulatory focus, future laws and judicial decisions could materially and adversely affect all coal mining companies. In addition, the public, including non-governmental organizations, anti-mining groups and individuals, have certain statutory rights to comment upon and submit objections to requested permits and environmental impact statements prepared in connection with applicable regulatory processes, and otherwise engage in the permitting process, including bringing citizens’ lawsuits to challenge the issuance of permits, the validity of environmental impact statements or performance of mining activities. OSM finalized a "10-day rule" under the Biden Administration in April 2024 making it easier for the public to appeal decisions related to mining permits and operations under the SMCRA to the federal government, though the EPA rescinded the rule on June 16, 2025.

In each jurisdiction in which we operate, we could incur additional permitting and operating costs, may be unable to obtain new permits or maintain existing permits and could incur fines, penalties and other costs, any of which could materially adversely affect our business. If steelmaking coal mining methods are limited or prohibited, it could significantly increase our operational costs and make it more difficult to economically recover a significant portion of our reserves. In the event that we cannot increase the price we charge for steelmaking coal to cover the higher production costs without reducing customer demand for our steelmaking coal, there could be a material adverse effect on our financial condition and results of operations. In addition, increased public focus on the environmental, health and aesthetic impacts of coal mining could harm our reputation and reduce demand for steelmaking coal.

Regulation of air emissions, including GHG emissions, could increase our operating costs and impact the demand for, price of and value of our products.

The Clean Air Act and comparable state laws that regulate air emissions affect coal mining operations both directly and indirectly. Direct impacts on coal mining may occur through permitting requirements and/or emission control requirements relating to particulate matter, such as fugitive dust, or fine particulate matter measuring 2.5 micrometers in diameter or smaller (PM 2.5). These regulations were tightened in 2024, during the Biden Administration, to further limit the discharge of PM 2.5, though current EPA leadership views the 2024 rule as unlawful and the Agency has requested the U.S. Court of Appeals for the D.C. Circuit—where the rule is being challenged by state attorneys general and businesses—to vacate the rule. The Clean Air Act indirectly affects our mining operations by extensively regulating the air emissions of sulfur dioxide, nitrogen oxides, mercury, ozone and other compounds emitted by steel manufacturers, coke ovens and coal-fired utilities. Increased regulation of air emissions could increase our operating costs and impact the demand for, price of and value of our products.

Additionally, climate change continues to attract public and scientific attention, and increasing attention by government as well as private businesses is being paid to reduce GHG emissions. There are three primary sources of GHGs associated with the steelmaking coal industry. First, the end use of our steelmaking coal by our customers in steelmaking is a source of GHGs. Second, combustion of fuel by equipment used in steelmaking coal production and to transport our

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steelmaking coal to our customers is a source of GHGs. Third, steelmaking coal mining itself can release methane, which is considered to be a more potent GHG than carbon dioxide, directly into the atmosphere. These emissions from steelmaking coal consumption, transportation and production are subject to pending and proposed regulation as part of initiatives to address global climate.

There are many legal and regulatory approaches currently in effect or being considered to address GHGs, including international treaty commitments and new foreign, federal and state legislation and regulations, that may impose carbon emissions taxes or fees, incentivize emission reductions, or establish a “cap and trade” program. In particular, in August 2022, President Biden signed the IRA into law, though many IRA programs have since been halted. As enacted, the IRA contains billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles, investments in advanced biofuels and supporting infrastructure and carbon capture and sequestration, amongst other provisions. These incentives could accelerate the transition of the economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives. However, on January 20, 2025, President Trump signed multiple executive orders seeking to reverse these climate incentives, including pausing the disbursement of funds under the IRA. The same day, President Trump also issued executive orders to encourage fossil fuel production and exploration on federal lands and waters, while moving away from renewable energy and electric vehicles.

At the international level, in December 2015, the United States participated in the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change (“Conference of Parties”) in Paris, France. The resulting Paris Agreement calls for the parties to undertake “ambitious efforts” to limit the average global temperature, and to conserve and enhance sinks and reservoirs of GHG. The Paris Agreement went into effect on November 4, 2016. The Paris Agreement establishes a framework for the parties to cooperate and report actions to reduce GHG emissions. Although the United States withdrew from the Paris Agreement effective November 4, 2020, President Biden issued an Executive Order on January 20, 2021 to rejoin the Paris Agreement, which went into effect on February 19, 2021. On April 21, 2021, the United States announced that it was setting an economy-wide target of reducing its GHG emissions by 50-52 percent below 2005 levels in 2030. In November 2021, in connection with the 26th session of the Conference of Parties in Glasgow, Scotland, the United States and other world leaders made further commitments to reduce GHGs, including reducing global methane emissions by at least 30% by 2030 and ending the international public finance of new unabated coal power generation abroad by the end of 2021. The resulting Glasgow Climate Pact calls upon the parties to “accelerate efforts towards the phase-down of unabated coal power and phase-out inefficient fossil fuel subsidies.” The Biden Administration announced a new climate target for the United States on December 19, 2024, which includes a 61-66 percent reduction in economy-wide net GHG emissions by 2035, as compared to 2005 levels. However, President Trump signed an executive order on January 20, 2025, directing the United States Ambassador to the United Nations to immediately withdraw from the Paris Agreement. The U.S. withdrawal from the Paris Agreement became effective on January 27, 2026.

The existing laws and regulations or other current and future efforts to stabilize or reduce GHG emissions could adversely impact the demand for, price of and value of our products and reserves. As our operations also emit GHGs directly, current or future laws or regulations limiting GHG emissions could increase our own costs. For example, methane must be expelled from our underground steelmaking coal mines for mining safety reasons. Although our natural gas operations capture methane from our underground steelmaking coal mines, some methane is vented into the atmosphere when the steelmaking coal is mined. In June 2010, Earthjustice petitioned the EPA to make a finding that emissions from coal mines may reasonably be anticipated to endanger public health and welfare, and to list them as a stationary source subject to further regulation of emissions. On April 30, 2013, the EPA denied the petition. Judicial challenges seeking to force the EPA to list coal mines as stationary sources have likewise been unsuccessful to date. If the EPA were to make an endangerment finding in the future, we may have to further reduce our methane emissions, install additional air pollution controls, pay certain taxes or fees for our emissions, incur costs to purchase credits that permit us to continue operations as they now exist at our underground steelmaking coal mines, explore carbon sequestration options or perhaps curtail steelmaking coal production. Although the potential impacts on us of additional climate change regulation are difficult to reliably quantify, they could be material.

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In addition, there have also been efforts in recent years to influence the investment community, including investment advisors and certain sovereign wealth, pension and endowment funds promoting divestment of fossil fuel equities and pressuring lenders to limit funding to companies engaged in the extraction of fossil fuel reserves. Such environmental activism and initiatives aimed at limiting climate change and reducing air pollution could interfere with our business activities, operations and ability to access capital.

Increasing attention to climate change risk has also resulted in a recent trend of governmental investigations and private litigation by local and state government agencies as well as private plaintiffs in an effort to hold companies accountable for the effects of climate change. Claims have been made against certain companies alleging that GHG emissions constitute a public nuisance under federal and/or state common law. Private individuals or public entities may seek to enforce environmental laws and regulations against us and could allege personal injury, property damages or other liabilities. While we are not a party to any such litigation, we could be named in actions making similar allegations. An unfavorable ruling in any such case could significantly impact our operations and could have an adverse impact on our financial condition.

Further, climate change may cause more extreme weather conditions such as more intense hurricanes, thunderstorms, tornadoes and snow or ice storms, as well as rising sea levels and increased volatility in seasonal temperatures. Extreme weather conditions can interfere with our services and increase our costs, and damage resulting from extreme weather may not be fully insured. However, at this time, we are unable to determine the extent to which climate change may lead to increased storm or weather hazards affecting our operations.

Our operations may impact the environment or cause exposure to hazardous substances and our properties may have environmental contamination, which could result in material liabilities to us.

Our operations currently use hazardous materials from time to time. We could become subject to claims for toxic torts, natural resource damages and other damages as well as for the investigation and cleanup of soil, surface water, groundwater and other media. Such claims may arise, for example, out of conditions at sites that we currently own or operate, as well as at sites that we previously owned or operated, or may acquire. Our liability for such claims may be joint and several, so that we may be held responsible for more than our share of the contamination or other damages, or even for the entire amount of damages assessed.

We maintain extensive steelmaking coal refuse areas and slurry impoundments at our mining complexes. Such areas and impoundments are subject to comprehensive regulation. Slurry impoundments have been known to fail, releasing large volumes of steelmaking coal slurry into the surrounding environment. Structural failure of an impoundment can result in extensive damage to the environment and natural resources, such as bodies of water that the steelmaking coal slurry reaches, as well as create liability for related personal injuries, property damages and injuries to wildlife. Some of our impoundments overlie mined out areas, which can pose a heightened risk of failure and the assessment of damages arising out of such failure. If one of our impoundments were to fail, we could be subject to substantial claims for the resulting environmental contamination and associated liability, as well as for related fines and penalties.

Drainage flowing from or caused by mining activities can be acidic with elevated levels of dissolved metals, a condition referred to as AMD. Treatment of AMD can be costly. Although we do not currently face material costs associated with AMD, it is possible that we could incur significant costs in the future.

These and other similar unforeseen impacts that our operations may have on the environment, as well as exposures to hazardous substances or wastes associated with our operations, could result in costs and liabilities that could materially and adversely affect us. See also “Part I, Item 1. Business—Environmental and Regulatory Matters.”

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Failure to obtain or renew surety bonds on acceptable terms could affect our ability to secure reclamation and coal lease obligations and, therefore, our ability to mine or lease steelmaking coal.

Federal and state laws require us to obtain surety bonds or post other financial security to secure performance or payment of certain long-term obligations, such as mine closure or reclamation costs, coalbed methane well closure and reclamation costs, federal and state workers’ compensation and black lung benefits costs, coal leases and other obligations. The amount of security required to be obtained can change as the result of new federal or state laws, as well as changes to the factors used to calculate the bonding or security amounts. We may have difficulty procuring or maintaining our surety bonds. Our bond issuers may demand higher fees or additional collateral, including letters of credit or other terms less favorable to us upon those renewals. Because we are required by state and federal law to have these bonds or other acceptable security in place before mining can commence or continue, our failure to maintain surety bonds, letters of credit or other guarantees or security arrangements would materially and adversely affect our ability to mine or lease steelmaking coal. That failure could result from a variety of factors, including lack of availability, higher expense or unfavorable market terms, the exercise by third-party surety bond issuers of their right to refuse to renew the surety and restrictions on availability of collateral for current and future third-party surety bond issuers under the terms of our financing arrangements.

We have reclamation and mine closing obligations. If the assumptions underlying our accruals are inaccurate, we could be required to expend greater amounts than anticipated.

The SMCRA establishes operational, reclamation and closure standards for our mining operations. Alabama has a state law counterpart to SMCRA. We accrue for the costs of current mine disturbance and of final mine closure and reclamation, including the cost of treating mine water discharge where necessary. The amounts recorded are dependent upon a number of variables, including the estimated future closure costs, estimated proven reserves, assumptions involving profit margins, inflation rates and the assumed credit-adjusted risk-free interest rates. If these accruals are insufficient or our liability in a particular year is greater than currently anticipated, our future operating results could be materially affected.

Risks Related to our Financial Results and Finances

We have a substantial amount of indebtedness. Our substantial indebtedness could adversely affect our ability to raise additional capital to fund our operations and dividend policy, limit our ability to react to changes in the economy or our industry and prevent us from making debt service payments on the Notes.

As of December 31, 2025, we had approximately $240.7 million of outstanding indebtedness (consisting of $156.5 million of Notes, net of $2.3 million in unamortized debt discount and debt issuance costs and $84.2 million of financing lease obligations), all of which are secured, and $140.5 million of availability under our Amended ABL Facility (subject to meeting the borrowing base and other conditions therein).

Our substantial indebtedness could have important consequences for us. For example, it could:

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restrict us from making strategic acquisitions, engaging in development activities, introducing new technologies or exploiting business opportunities;
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cause us to make non-strategic divestitures;
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require us to dedicate a substantial portion of our cash flow from operations to the repayment of our indebtedness, thereby reducing funds available to us for other purposes, including the payment of quarterly dividends or any special dividends, as well as engaging in any stock repurchases;
•
limit our flexibility in planning for, or reacting to, changes in our operations or business;

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•
limit our ability to raise additional capital for working capital, capital expenditures, operations, debt service requirements, strategic initiatives or other purposes;
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limit, along with the financial and other restrictive covenants in our indebtedness, among other things, our ability to borrow additional funds or dispose of assets;
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prevent us from raising the funds necessary to repurchase all of the Notes tendered to us upon the occurrence of certain changes of control, which failure to repurchase would constitute a default under the Indenture;
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make it more difficult for us to satisfy our obligations with respect to our indebtedness, including the Notes, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under the Indenture and the agreements governing other indebtedness;
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make us more highly leveraged than some of our competitors, which may place us at a competitive disadvantage;
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make us more vulnerable to downturns in our business or the economy; or
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expose us to the risk of increased interest rates, as certain of our borrowings, including borrowings under the Amended ABL Facility, are at variable rates of interest and are based upon benchmarks that are subject to potential change or elimination, including as a result of the FCA Announcement.

In addition, our Amended ABL Facility and the Indenture contain restrictive covenants that limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all of our indebtedness.

We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness that may not be successful.

Our ability to pay principal and interest on the Notes and the Amended ABL Facility and to satisfy our other debt obligations will depend upon, among other things:

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our future financial and operating performance (including the realization of any cost savings described herein), which will be affected by prevailing economic, industry and competitive conditions and financial, business, legislative, regulatory and other factors, many of which are beyond our control; and
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our future ability to borrow under the Amended ABL Facility, the availability of which depends on, among other things, our complying with the covenants in the Amended ABL Facility.

We cannot assure you that our business will generate cash flow from operations, or that we will be able to draw under the Amended ABL Facility or otherwise, in an amount sufficient to fund our liquidity needs, including the payment of principal and interest on the Notes.

If our cash flows and capital resources are insufficient to service our indebtedness, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital or restructure or refinance our indebtedness, including the Notes. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. In addition, the terms of existing or future debt agreements, including the Amended ABL Facility and the Indenture, may restrict us from adopting some of these alternatives. In the absence of such operating results and resources, we could face substantial liquidity problems and might be required to dispose of

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material assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions for fair market value or at all. Furthermore, any proceeds that we could realize from any such dispositions may not be adequate to meet our debt service obligations then due. Our inability to generate sufficient cash flow to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, could result in a material adverse effect on our business, results of operations and financial condition and could negatively impact our ability to satisfy our obligations under the Notes.

If we cannot make scheduled payments on our indebtedness, we will be in default, and holders of the Notes could declare all outstanding principal and interest to be due and payable, the lenders under the Amended ABL Facility could terminate their commitments to loan money, our secured lenders (including the lenders under the Amended ABL Facility and the holders of the Notes) could foreclose against the assets securing their loans and the Notes and we could be forced into bankruptcy or liquidation.

Despite our current indebtedness levels, we may still be able to incur substantially more debt, including secured indebtedness.

As of December 31, 2025, we had approximately $240.7 million of total debt outstanding (consisting of $156.5 million of Notes, net of $2.3 million in unamortized debt discount and debt issuance costs, and $84.2 million of financing lease obligations). Despite our current indebtedness, we may be able to incur substantial additional debt in the future, including secured indebtedness. As of December 31, 2025, we had no amounts drawn under the Amended ABL Facility and there were $2.5 million of letters of credit issued and outstanding under the Amended ABL Facility. At December 31, 2025, we had $140.5 million of availability under the Amended ABL Facility (calculated net of $2.5 million of letters of credit issued and outstanding at such time). Although covenants under the Indenture and the Amended ABL Facility will limit our ability to incur additional indebtedness, these restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, debt incurred in compliance with these restrictions could be substantial. Further, subsidiaries that we designate as unrestricted subsidiaries can incur unlimited additional indebtedness that is structurally senior to the Notes. In addition, the Indenture and the Amended ABL Facility will not limit us from incurring obligations that do not constitute indebtedness as defined therein.

If we incur any additional indebtedness secured by liens that rank equally with those securing the Notes, including any additional notes or term loan facilities, the holders of that indebtedness will be entitled to share ratably with the holders in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding-up of our company. If new debt is added to our current debt levels, the related risks that we and our subsidiaries now face could increase. Additionally, we may recapitalize, incur additional indebtedness and take a number of other actions that could have the effect of diminishing our ability to make payments on the Notes when due.

Our debt agreements contain restrictions that will limit our flexibility in operating our business.

The Amended ABL Facility and the Indenture contain, and any other existing or future indebtedness of ours would likely contain, a number of covenants that will impose significant operating and financial restrictions on us, including restrictions on our and our subsidiaries' ability to, among other things:

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incur additional debt, guarantee indebtedness or issue certain preferred shares;
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pay dividends on or make distributions in respect of, or repurchase or redeem, our capital stock or make other restricted payments;
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prepay, redeem or repurchase subordinated debt;
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make loans or certain investments;

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•
sell certain assets;
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grant or assume liens;
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consolidate, merge, sell or otherwise dispose of all or substantially all of our assets;
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enter into certain transactions with our affiliates;
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alter the businesses we conduct;
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enter into agreements restricting our subsidiaries’ ability to pay dividends; and
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designate our subsidiaries as unrestricted subsidiaries.

As a result of these covenants, we will be limited in the manner in which we conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs.

In addition, our Amended ABL Facility requires us to maintain a minimum fixed charge coverage ratio at any time when the average availability is less than a certain amount at such time. In that event, we must satisfy a minimum fixed charge ratio of 1.0 to 1.0.

A failure to comply with the covenants under the Amended ABL Facility or any of our other future indebtedness could result in an event of default, which, if not cured or waived, could have a material adverse effect on our business, financial condition and results of operations. In the event of any such event of default, the lenders thereunder:

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will not be required to lend any additional amounts to us;
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could elect to declare all borrowings outstanding, together with accrued and unpaid interest and fees, to be due and payable and terminate all commitments to extend further credit;
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could require us to apply all of our available cash to repay these borrowings; or
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could effectively prevent us from making debt service payments on the Notes (due to a cash sweep feature).

Such actions by the lenders under the Amended ABL Facility could also cause cross defaults under our other indebtedness. If we were unable to repay those amounts, the lenders under the Amended ABL Facility could proceed against the collateral granted to them to secure the Amended ABL Facility. If any of our outstanding indebtedness under the Amended ABL Facility or our other indebtedness, including the Notes, were to be accelerated, there can be no assurance that our assets would be sufficient to repay such indebtedness in full.

The need to maintain capacity for required letters of credit could limit our ability to provide financial assurance for self-insured obligations and negatively impact our ability to fund future working capital, capital expenditures or other general corporate requirements.

Our Amended ABL Facility includes, among other things, provisions that provide for the issuance of letters of credit. Obligations secured by letters of credit may increase in the future. If we do not maintain sufficient borrowing capacity under our Amended ABL Facility, we may be unable to provide financial assurance for self-insured obligations and could negatively impact our ability to fund future working capital, capital expenditure or other general corporate requirements.

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Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase.

Borrowings under our Amended ABL Facility are at variable rates of interest and are based upon benchmarks that are subject to potential change or elimination, including as a result of the FCA Announcement, and therefore expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness will increase even though the amount borrowed remains the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease.

We may be unable to generate sufficient taxable income from future operations, or other circumstances could arise, which may limit or eliminate our ability to utilize our significant federal and state tax NOLs or our deferred tax assets.

In connection with the acquisition of certain assets of Walter Energy consummated on March 31, 2016, we acquired deferred tax assets primarily associated with federal and state NOLs attributable to Walter Energy's write-off of its investment in Walter Energy Canada Holdings, Inc. As of December 31, 2025, we have utilized all of our federal NOLs and federal general business credit carryforwards and we had state NOLs of approximately $948.9 million.

On February 12, 2021, the Alabama Governor signed into law Alabama House Bill 170, now Act 2021-1 (the “Act”). The Act makes several changes to the state’s business tax structure. Among the provisions of the Act, is the repeal of the so-called corporate income tax “throwback rule.” That rule required all sales originating in Alabama and delivered to a jurisdiction where the seller was not subject to tax, to be included in the seller’s Alabama income tax base. Thus, prior to repeal of the throwback rule, we had to rely on our Alabama NOL carryforwards to shelter taxes imposed under such throwback rule. As a result of the now repealed throwback rule, effective January 1, 2021, all such sales should now be excluded from Alabama taxable income without the need to utilize Alabama NOLs. As a result of the repeal of the throwback rule, we determined that it is not more likely than not that we would have sufficient taxable income to utilize all of our Alabama deferred income tax assets prior to expiration. Therefore, at December 31, 2025, we have a valuation allowance against our state deferred income tax assets of approximately $45.0 million.

Certain factors could change or circumstances could arise that could further limit or eliminate the amount of the available federal and state NOLs to the Company, such as an ownership change, an adjustment by a tax authority or changes in state and federal tax legislation. Also, certain circumstances, including our failing to generate sufficient future taxable income from operations, could limit our ability to fully utilize our deferred tax assets. Under the Internal Revenue Code of 1986, as amended (the "Code"), and similar state laws, a company is generally allowed a deduction for federal and state NOLs against its federal and state taxable income. At December 31, 2025, these state NOLs represent a deferred tax asset of approximately $2.9 million, net of the valuation allowance.

Our federal and state NOLs are subject to adjustment on audit by the Internal Revenue Service (the “IRS”) and state authorities. The IRS has not audited any of the tax returns for any of the years in which the losses giving rise to the federal and state NOLs were generated. Were the IRS to challenge the size or availability of our federal and state NOLs and prevail in such challenge, all or a portion of our federal and state NOLs, or our ability to utilize our federal and state NOLs to offset any future taxable income, may be impaired, which could have a significant negative impact on our financial condition, results of operations and cash flows.

A company’s ability to deduct its federal and state NOLs and utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the Code if it undergoes an “ownership change” as defined in Section 382 or if similar provisions of state law apply. We experienced an ownership change in connection with the acquisition of certain assets of Walter Energy and as such, the limitations under Section 382 would generally apply unless an exception to such rule applies. An exception to the limitation rules of Section 382 is applicable to certain companies under the jurisdiction of a bankruptcy court. Due to certain uncertainties as to whether such exception applies to us, we filed a request for a private letter ruling from the IRS on these points.

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On September 18, 2017, the IRS issued to us a private letter ruling, which favorably resolved these uncertainties. Based on such private letter ruling, we believe that there is no current limitation under Section 382 on the utilization of our federal NOLs to shield our income from federal taxation and that a similar analysis would be applied to our state NOLs. The private letter ruling was issued based on, among other things, certain facts and assumptions, as well as certain representations, statements and undertakings provided to the IRS by us. If any of these material facts, assumptions, representations, statements or undertakings are, or become, incorrect, inaccurate or incomplete, the private letter ruling may be invalidated and our ability to rely on the conclusions reached therein could be jeopardized.

While we do not believe an ownership change has occurred since April 1, 2016, because the rules under Section 382 are highly complex and actions of our stockholders which are beyond our control or knowledge could impact whether an ownership change has occurred, we cannot give you any assurance that another Section 382 ownership change has not occurred or will not occur in the future. As a result of our qualifying for the aforementioned exception, were we to have undergone a subsequent ownership change prior to April 1, 2018, our federal and state NOLs would effectively be reduced to zero. An ownership change after such date would severely limit our ability to utilize our federal and state NOLs and other tax attributes.

Certain transactions, including public offerings by us or our stockholders and redemptions may cause us to undergo an “owner shift” which by itself or when aggregated with other owner shifts that we have undergone or will undergo could cause us to experience an ownership change. Our certificate of incorporation contains transfer restrictions (the “382 Transfer Restrictions”) to minimize the likelihood of an ownership change. See “-Risks Related to the Ownership of Our Common Stock"-Our common stock is subject to the 382 Transfer Restrictions under our certificate of incorporation and the Amended Rights Agreement which are intended to prevent a Section 382 “ownership change,” which if not complied with, could result in the forfeiture of such stock and related distributions or substantial dilution of the stock ownership, respectively. Accordingly, this may impact the market price of our common stock and discourage third parties from seeking strategic transactions with us that could be beneficial to our stockholders.” The 382 Transfer Restrictions were originally set to expire in April 2020. Pursuant to the first amendment to the certificate of incorporation approved by our stockholders at the Company’s Annual Meeting of Stockholders held on April 23, 2019, we effected a three-year extension of the 382 Transfer Restrictions until April 19, 2023, which became effective on March 18, 2020 upon the filing of a certificate of amendment setting forth such amendment with the Secretary of State of the State of Delaware. Pursuant to the second amendment to the certificate of incorporation approved by our stockholders at the Company's Annual Meeting of Stockholders held on April 26, 2022, we effected a further extension of the 382 Transfer Restrictions until April 19, 2026. In addition, on February 14, 2020, we adopted an NOLs rights agreement, which was amended on March 4, 2022 and December 8, 2023 (the “Rights Agreement,” and as amended, the "Amended Rights Agreement"), to supplement the 382 Transfer Restrictions through April 19, 2026 and increase the exercise price, respectively. See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Amended Rights Agreement.” We may engage in transactions or approve waivers of the 382 Transfer Restrictions or the Amended Rights Agreement that may cause an ownership shift. In doing so, we expect to first perform the calculations necessary to confirm that our ability to use our federal and state NOLs and other federal and state income tax attributes will not be affected or otherwise determine that such transactions or waivers are in our best interests. For example, under certain circumstances, the Board may determine it is in our best interest to exempt certain transactions from the operation of the 382 Transfer Restrictions and the Amended Rights Agreement, if such transaction is determined not to be detrimental to the utilization of our federal and state NOLs or otherwise in our best interests. These calculations are complex and reflect certain necessary assumptions. Accordingly, it is possible that we could approve or engage in a transaction involving our common stock that causes an ownership change and impairs the use of our federal and state NOLs and other federal and state income tax attributes. For more information, see “-Risks Related to the Ownership of Our Common Stock-We could engage in or approve transactions involving our common stock that adversely affect significant stockholders and our other stockholders.”

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Certain U.S. federal income tax provisions currently available, including coal percentage depletion and foreign-derived intangible income, may be eliminated by future legislation.

From time to time, legislation is proposed that could result in the reduction or elimination of certain U.S. federal income tax provisions currently available to companies engaged in the exploration, development, production and exportation of coal reserves. These proposals have included, but are not limited to: (1) the elimination of current deductions, (2) the repeal of the percentage depletion allowance or deductions under Code Section 250: Foreign-Derived Intangible Income. The passage of these or other similar proposals could increase our taxable income and negatively impact our cash flows and the value of an investment in our common stock.

Risks Related to the Ownership of our Common Stock

The market price of our common stock may fluctuate significantly and investors in our common stock could incur substantial losses.

The market price of our common stock could fluctuate significantly due to a number of factors, including:

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our quarterly or annual earnings, or those of other companies in our industry;
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actual or anticipated fluctuations in our operating and financial results, including reserve estimates;
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changes in accounting standards, policies, guidance, interpretations or principles;
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the public reaction to our press releases, our other public announcements and our filings with the SEC;
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announcements by us or our competitors of significant acquisitions, dispositions or innovations;
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changes in financial estimates and recommendations by securities analysts following our stock, or the failure of securities analysts to cover our common stock;
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changes in earnings estimates by securities analysts or our ability to meet those estimates;
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the operating and stock price performance of other comparable companies;
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declaration of bankruptcy by any of our customers or competitors;
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general economic conditions, overall market fluctuations, and changes in the price of steelmaking coal, steel or other commodities;
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additions or departures of key management personnel;
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actions by our stockholders;
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the trading volume of our common stock;
•
sales of our common stock by us or the perception that such sales may occur; and
•
changes in business, legal or regulatory conditions, or other developments affecting participants in, and publicity regarding, the steelmaking coal mining business, the domestic steel industry or any of our significant customers.

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In particular, the realization of any of the risks described in these “Risk Factors” could have a material and adverse impact on the market price of our common stock in the future and cause the price of our stock to decline. In addition, the stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock, regardless of our actual performance. In the past, following periods of volatility in the market price of a company’s securities, stockholders have often instituted securities class action litigation against the company. If we were to be involved in a class action lawsuit, it could divert the attention of senior management, and, if adversely determined, have a material adverse effect on our business, results of operations and financial condition.

If securities or industry analysts adversely change their recommendations regarding our stock or if our operating results do not meet their expectations, our stock price could decline.

The trading market for our common stock could be influenced by the research and reports that industry or securities analysts may publish about us or our business. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover our company downgrade our stock or if our operating results do not meet their expectations, our stock price could decline.

The requirements of being a public company, including compliance with the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the requirements of the Sarbanes-Oxley Act, require application of significant resources and management attention, and we may be unable to comply with these requirements in a timely or cost-effective manner.

We are responsible for maintaining systems and documentation necessary to evaluate the effectiveness of our internal control over financial reporting. These activities may divert management’s attention from other business concerns. To maintain and improve our controls and procedures, we must commit significant resources, may be required to hire additional staff and need to continue to provide effective management oversight, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act, require application of significant resources and management attention, and we may be unable to comply with these requirements in a timely or cost-effective manner.

As a public company, we must comply with laws, regulations and requirements, certain corporate governance provisions of the Sarbanes-Oxley Act of 2002, related regulations of the SEC and the requirements of the New York Stock Exchange. Complying with these statutes, regulations and requirements occupies a significant amount of time for our Board and management and requires us to incur significant costs. We are required to:

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maintain a comprehensive compliance function;
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comply with rules promulgated by the New York Stock Exchange;
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prepare and distribute periodic public reports in compliance with our obligations under the federal securities laws;
•
maintain internal policies; and
•
engage outside counsel and accountants in the above activities.

We are responsible for assessing the operating effectiveness of internal controls over financial reporting and we may conclude that our internal controls over financial reporting are ineffective. During the course of the preparation of our consolidated financial statements, we evaluate our internal controls to identify and correct deficiencies in our internal controls

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over financial reporting. If we fail to maintain an effective system of disclosure controls or internal control over financial reporting, including satisfaction of the requirements of the Sarbanes-Oxley Act, we may not be able to accurately or timely report on our financial results or adequately identify and reduce fraud. As a result, the financial condition of our business could be adversely affected, current and potential future stockholders could lose confidence in us and/or our reported financial results, which may cause a negative effect on the trading price of our common stock. We could also be exposed to litigation or regulatory proceedings, which may be costly or divert management attention. Additionally, our independent registered public accounting firm may issue an adverse report indicating that our internal controls are not effective due to deficiencies in how our controls are documented, designed, operated or reviewed. Efforts to remediate any such deficiencies and otherwise comply with these requirements may strain our resources, and we may be unable to do so in a timely or cost-effective manner.

Any declaration and payment of future dividends to holders of our common stock or stock repurchases will depend on future financial performance and may be limited by restrictive covenants of our Amended ABL Facility and the Indenture, and will be at the sole discretion of the Board and will also depend on many factors.

Our ability to declare future dividends and make future share repurchases will depend on our future financial performance, which in turn depends on the successful implementation of our strategy and on financial, competitive, regulatory, technical and other factors, general economic conditions, demand and selling prices for our products and other factors specific to our industry, many of which are beyond our control. Therefore, our ability to generate cash depends on the performance of our operations and could be limited by decreases in our profitability or increases in costs, regulatory changes, capital expenditures or debt servicing requirements.

In addition, any declaration and payment of future dividends to holders of our common stock may be limited by restrictive covenants of our Amended ABL Facility and the Indenture, and will be at the sole discretion of the Board and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, borrowing availability under our Amended ABL Facility, statutory and contractual restrictions applying to the payment of dividends and other considerations that the Board deems relevant. The terms of our Amended ABL Facility and the Indenture may restrict our ability to pay cash dividends on our common stock. We are prohibited from paying any cash dividend on our common stock unless we satisfy certain conditions. Furthermore, we are permitted under the terms of our Amended ABL Facility and the Indenture to incur additional indebtedness, the terms of which may severely restrict or prohibit the payment of dividends and the associated debt service may impact our ability to satisfy the conditions for paying dividends under our Amended ABL Facility and the Indenture. The agreements governing our current and future indebtedness may not permit us to pay dividends on our common stock.

Accordingly, we cannot make any assurance that future dividends will be paid or future repurchases will be made.

An investor’s percentage ownership in us may be diluted by future issuances of capital stock or securities or instruments that are convertible into our capital stock, which could reduce its influence over matters on which stockholders vote.

The Board has the authority, without action or vote of our stockholders, to issue all or any part of our authorized but unissued shares of common stock, including shares issuable upon the exercise of options, shares that may be issued to satisfy our obligations under our incentive plans, shares of our authorized but unissued preferred stock and securities and instruments that are convertible into our common stock. Issuances of common stock or voting preferred stock would reduce an investor’s influence over matters on which our stockholders vote and, in the case of issuances of preferred stock, likely would result in its interest in us being subject to the prior rights of holders of that preferred stock.

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We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.

Our certificate of incorporation authorizes us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as the Board may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. In addition, the issuance of such preferred stock could make it more difficult for a third party to acquire us. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock. On February 14, 2020, the Company entered into the Rights Agreement, which was amended on March 4, 2022 to extend the expiration date to April 19, 2026 and increase the exercise price to $56.00 and on December 8, 2023 to increase the exercise price to $159.00. In connection with the adoption of the Rights Agreement, the Board approved a certificate of designations of Series A Junior Participating Preferred Stock (as defined below) designating 140,000 shares of preferred stock, which was filed on February 14, 2020 with the Secretary of State of the State of Delaware and became effective on such date. See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Designation of Series A Junior Participating Preferred Stock.”

Our common stock is subject to the 382 Transfer Restrictions under our certificate of incorporation and the Amended Rights Agreement which are intended to prevent a Section 382 “ownership change,” which if not complied with, could result in the forfeiture of such stock and related dividends or substantial dilution of the stock ownership, respectively. Accordingly, this may impact the market price of our common stock and discourage third parties from seeking strategic transactions with us that could be beneficial to our stockholders.

Our certificate of incorporation contains certain transfer restrictions on our shares, which we refer to as the “382 Transfer Restrictions.” The 382 Transfer Restrictions are intended to prevent the likelihood that we will be deemed to have an “ownership change” within the meaning of Section 382 of the Code that could limit or eliminate our ability to utilize significant federal and state NOLs and other federal and state income tax attributes under and in accordance with the Code and regulations promulgated by the IRS and similar state rules. In 2022, the 382 Transfer Restrictions were amended to expire on April 19, 2026.

In particular, without the approval of the Board, no person or group of persons treated as a single entity under Treasury Regulation Section 1.382-3 will be permitted to acquire, whether directly, indirectly or constructively, and whether in one transaction or a series of related transactions, any of our common stock or any other instrument treated as stock for purposes of Section 382, to the extent that after giving effect to such purported acquisition (a) the purported acquirer, or any other person by reason of the purported acquirer’s acquisition, would become a Substantial Holder (as defined below), or (b) the percentage of ownership of our common stock by a person that, prior to giving effect to the purported acquisition, is already a Substantial Holder would be increased. A “Substantial Holder” is a person that owns (as determined for purposes of Section 382 of the Code) at least 4.99% of the total value of our common stock, including any instrument treated as stock for purposes of Section 382 of the Code.

Furthermore, under our certificate of incorporation, the Board has the sole power to determine compliance with the 382 Transfer Restrictions and we cannot assure you that the Board will concur with any conclusions reached by any holder of our securities or their respective advisors, and/or approve or ratify any proposed acquisitions of our securities. The Board has established procedures to consider requests and if the Board determines that a Prohibited Transfer (as defined in our certificate of incorporation) has occurred, such Prohibited Transfer shall, to the fullest extent permitted by law, be void ab initio and have no legal effect, and upon written demand by us, the Purported Transferee (as defined in the certificate of incorporation) shall disgorge or cause to be disgorged our securities, together with any dividends or distributions received, with respect to such securities.

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On February 14, 2020, we adopted the Rights Agreement, which was amended on March 4, 2022 to extend the expiration date to April 19, 2026 and increase the exercise price to $56.00 and on December 8, 2023 to increase the exercise price to $159.00, to supplement the 382 Transfer Restrictions. In general terms, the Amended Rights Agreement works by imposing a significant penalty upon any person or group that acquires 4.99% or more of the outstanding common stock or any existing stockholder who currently owns 5.00% or more of the common stock that acquires any additional shares of common stock (such person, group or existing stockholder, an "Acquiring Person") without the approval of the Board. Under the Amended Rights Agreement, from and after February 28, 2020, each share of our common stock carries with it one preferred share purchase right until the earlier of the date when the preferred share purchase rights become exercisable or expire. The Amended Rights Agreement also gives discretion to the Board to determine that someone is an Acquiring Person even if they do not own 4.99% or more of the outstanding common stock but do own 4.99% or more in value of the Company’s outstanding stock, as determined pursuant to Section 382 of the Code and the regulations promulgated thereunder. In addition, the Board has established procedures to consider and approve requests to exempt certain acquisitions of the Company’s securities from the Amended Rights Agreement if the Board determines that doing so would not limit or impair the availability of the federal and state NOLs or is otherwise in the best interests of the Company and conditioned upon and subject to the satisfaction of certain continuing factual representations and covenants. See "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Amended Rights Agreement."

The 382 Transfer Restrictions and the Amended Rights Agreement may make our stock less attractive to large institutional holders and limit the price that investors might be willing to pay for shares of our common stock and otherwise have an adverse impact on the market for our common stock. In addition, these restrictions could discourage a third party from proposing a change of control or other strategic transaction concerning the Company or otherwise have the effect of delaying or preventing a change of control of the Company that other stockholders may view as beneficial. Because of the complexity of applying Section 382, and because the determination of ownership for purposes of Section 382 does not correspond to SEC beneficial ownership reporting on Schedules 13D and 13G, stockholders and potential acquirers of our securities should consult with their legal and tax advisors prior to making any acquisition of our securities that could implicate the 382 Transfer Restrictions.

We could engage in or approve transactions involving our common stock that adversely affect significant stockholders and our other stockholders.

Under the 382 Transfer Restrictions that are contained in our certificate of incorporation and the Amended Rights Agreement, our 4.99% stockholders will effectively be required to seek the approval of, or a determination by, the Board before they engage in certain transactions involving our common stock. Furthermore, we could engage in or approve transactions involving our common stock that limit our ability to approve future transactions involving our common stock by our 4.99% stockholders without impairing the use of our federal or state income tax attributes. In addition, we could engage in or approve transactions involving our common stock that cause stockholders owning less than 4.99% to become 4.99% stockholders, resulting in those stockholders’ having to either disgorge our securities, and any dividends or distributions related to such securities, in accordance with the 382 Transfer Restrictions or seek the approval of, or a determination by, the Board before they could engage in certain future transactions involving our common stock.

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Provisions in our certificate of incorporation and bylaws and Delaware law, as well as the Amended Rights Agreement, make it more difficult to effect a change in control of the Company, which could adversely affect the price of our common stock.

The existence of some provisions in our certificate of incorporation and bylaws and Delaware corporate law, as well as the Amended Rights Agreement, could delay or prevent a change in control of our company, even if that change would be beneficial to our stockholders. Our certificate of incorporation and bylaws contain provisions that may make acquiring control of our company difficult, including:

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the Board's ability to issue, from time to time, one or more series of preferred stock and, with respect to each such series, to fix the terms thereof by resolution;
•
provisions relating to the appointment of directors upon an increase in the number of directors or vacancy on the Board;
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provisions requiring stockholders to hold at least a majority of our outstanding common stock in the aggregate to request special meetings;
•
provisions that restrict transfers of our stock (including any other instruments treated as stock for purposes of Section 382) that could limit our ability to utilize federal and state NOLs;
•
provisions that provide that the doctrine of “corporate opportunity” will not apply with respect to the Company, to any of our stockholders or directors, other than any stockholder or director that is an employee, consultant or officer of ours; and
•
provisions that set forth advance notice procedures for stockholders’ nominations of directors and proposals for consideration at meetings of stockholders.

In addition, we have elected to opt out of Section 203 of the Delaware General Corporation Law ("DGCL"), which, subject to some exceptions, prohibits business combinations between a Delaware corporation and an interested stockholder, which is generally defined as a stockholder who becomes a beneficial owner of 15% or more of a Delaware corporation’s voting stock for a three-year period following the date that the stockholder became an interested stockholder.

These provisions also could discourage proxy contests and make it more difficult for you and other stockholders to elect directors and take other corporate actions. As a result, these provisions could make it more difficult for a third party to acquire us, even if doing so would benefit our stockholders, which may limit the price that investors are willing to pay in the future for shares of our common stock.

The related party transactions and corporate opportunities provisions in our certificate of incorporation permit us to enter into transactions in which one or more of our directors or officers may be a party to or may be interested in and could enable our non-employee directors or stockholders and their affiliates to benefit from corporate opportunities that might otherwise be available to us.

Subject to the limitations of applicable law, our certificate of incorporation, among other things:

•
permits us to enter into contracts and transactions in which one or more of our officers or directors may be a party to or may be financially or otherwise interested in so long as such contract or transaction is approved by the Board in accordance with the DGCL;
•
permits any of our stockholders or non-employee directors and their affiliates to engage in a corporate opportunity in the same or similar business activities or lines of business in which we engage or propose to engage, compete with us and to make investments in any kind of property in which we may make investments and will not be deemed to have

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(i) acted in a manner inconsistent with his or her fiduciary or other duties to us regarding the opportunity, (ii) acted in bad faith or in a manner inconsistent with our best interests or (iii) be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that they have engaged in such activities; and
•
provides that if any of our stockholders, non-employee directors or their affiliates acquire knowledge of a potential business opportunity, transaction or other matter (other than one expressly offered to any non-employee director in writing solely in his or her capacity as our director ), such stockholder, non-employee director or affiliate will have no duty to communicate or offer that opportunity to us, and will be permitted to pursue or acquire such opportunity or offer that opportunity to another person and will not be deemed to have (i) acted in a manner inconsistent with his or her fiduciary or other duties to us regarding the opportunity, (ii) acted in bad faith or in a manner inconsistent with our best interests or (iii) be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that they have pursued or acquired such opportunity or offered the opportunity to another person.

Our stockholders or their affiliates, or our non-employee directors, may become aware, from time to time, of certain business opportunities (such as acquisition opportunities) and may direct such opportunities to other businesses in which they have invested, in which case we may not become aware of or otherwise have the ability to pursue such opportunity. Further, such businesses may choose to compete with us for these opportunities, possibly causing these opportunities to not be available to us or causing them to be more expensive for us to pursue. As a result, our renouncing our interest and expectancy in any business opportunity that may be from time to time presented to our stockholders and their affiliates, or our non-employee directors, could adversely impact our business or prospects if attractive business opportunities are procured by such parties for their own benefit rather than for ours.

Compliance with import and export requirements, economic sanctions laws, the Foreign Corrupt Practices Act and other applicable anti-corruption laws may increase the risks of doing business internationally.

Because we sell a significant portion of our production in international markets, our operations and activities inside and outside the U.S., as well as the shipment of our products across international borders, require us to comply with a number of federal, state, local and foreign laws and regulations, which are complex and increase our risks of doing business, including internationally. These laws and regulations include those relating to import and export controls, tariffs, economic sanctions, national security, customs, tax, money laundering and anti-corruption (such as the U.S. Foreign Corrupt Practices Act of 1977, as amended and the U.K. Bribery Act). We cannot predict how these laws or their interpretation, administration and enforcement will change over time. There can be no assurance that our employees, contractors, agents, distributors, customers, payment parties or third parties working on our behalf will not take actions in violation of these laws. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions, and might adversely affect our business, financial condition, results of operations and cash flows. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.

Item 1B. Unresolved Staff Comments

None.

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Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things, operational risks; intellectual property theft; fraud; extortion; harm to employees or customers; violation of privacy or security laws; other litigation and legal risk; and reputational risks. Our enhanced approach is grounded in industry-leading practices, including the National Institute of Standards and Technology Cybersecurity Framework version 2.0, and is designed to actively manage cyber risks while embedding cybersecurity into our Company's workplace culture. We have in place and continuously monitor and improve cybersecurity processes, technologies, and controls to aid in our efforts to assess, identify, and manage such material risks. We continue to make investments in people, processes and technology to enhance our cybersecurity risk assessment, identification and management capabilities and to strengthen our cybersecurity risk response posture. Additionally, as part of our Information Technology controls framework, management has established a suite of preventative and detective controls which enhance and strengthen the Company's cybersecurity program.

We rely on information systems and networks as well as various other technologies to conduct and support our business. We have implemented security protocols, controls, and systems with the intent of maintaining the physical and electronic security of our operations and protecting our and our counterparties’ confidential information and information related to identifiable individuals against unauthorized access. Some of these systems and networks are managed, hosted, and provided by third parties, and as a result, are also sources of cybersecurity risk. Third party cybersecurity incidents could affect a provider's ability to deliver a product or service to the Company or result in lost or compromised information of the Company or its customers. We have implemented measures intended to secure our information systems and networks and prevent unauthorized access to or loss of sensitive data. Where third parties house financially significant or sensitive data, the Company obtains and reviews attest reports covering cyber-related controls at these third parties, designs and implements complementary user entity controls, maintains open lines of communication for cyber incident notifications, and has contractual safeguards in place in the event a cyber incident occurs.

We evaluate cybersecurity risk independently, and we have integrated cybersecurity risk into the Company’s overall Enterprise Risk Management (“ERM”) process. The IT function is responsible for cybersecurity risk and reports to our Chief Administrative Officer. The Chief Financial Officer and the Director of Treasury and Risk Management are responsible for our ERM process, which is performed annually and updated throughout the year and involves a cross-functional group of management, including our Director of IT who has over 20 years of information technology experience. Pursuant to our ERM process, cybersecurity risk is evaluated based on likelihood, severity, speed of onset and persistence (the duration of time during which the organization could be impacted). We also leverage third parties, where needed, in connection with cybersecurity risk management, strategy and incident response.

In the event that management identifies significant risk exposures with respect to cybersecurity, it will present such exposure to our Audit Committee. Our Cybersecurity Incident Response Plan coordinates the activities we take to prepare for, detect, respond to and recover from cybersecurity incidents, which include processes to triage, assess severity for, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. This would include notifying the appropriate individuals, investigating the incident, evaluating materiality, and responding to the incident. We have in the past and may continue to retain outside legal counsel, where necessary, to guide incident response efforts and perform a confidential and privileged review of the facts and circumstances surrounding suspected or confirmed cybersecurity incidents. If an incident were to occur, we may engage other service providers, where needed, to assist with the collection of forensic artifacts and perform additional procedures necessary to resolve and report any material cybersecurity incidents. Although we have cyber insurance and believe that our cybersecurity processes and controls are adequate, cybersecurity risk has increased due to remote access and increased sophistication of cybersecurity adversaries, as well as the increased frequency of malware attacks. As such, technology failures or cybersecurity

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breaches could still create system disruptions or unauthorized disclosure or alterations of confidential information and disruptions to the systems of our third-party suppliers and providers.

We have been and may be subject to security breaches, which have resulted in and could result in unauthorized access to our facilities or the information that we are trying to protect. When these incidents occur, we have taken appropriate remediation steps and, through investigation, determined that the events or incidents did not have a material effect on our business, results of operations, or financial results. Although we are not aware of any material cybersecurity incidents, because of the past cybersecurity threats and what we have learned in responding to those threats, we have enhanced our cybersecurity protection efforts.

We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, under the heading “Terrorist attacks and cyber-attacks or other security breaches may negatively affect our business, financial condition and results of operations and cash flows” included as part of our risk factor disclosures at Item 1A of this Annual Report on Form 10-K, which disclosures are incorporated by reference herein.

Cybersecurity Governance

Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. Though management is responsible for the day-to-day management of risks we face, including cybersecurity risks, the Board, as a whole and through its committees, has the ultimate responsibility for oversight of the Company’s risks and risk management strategy. We perform assessments to evaluate our cybersecurity risk as it relates to the organization and assets.

The Board has delegated to certain committee’s oversight responsibility for risks that are directly related to each such committee's area of focus. The Audit Committee oversees our major financial risk exposures, including cybersecurity. The Audit Committee receives periodic reports from management regarding cybersecurity and management's assessment of current and future cybersecurity risks. The ERM process, which includes cybersecurity, is performed annually and updates are discussed quarterly, both internally and with the Audit Committee. The Audit Committee communicates the results of the annual process and quarterly updates to the full Board. The Board and committees thereof, including the Audit Committee, regularly receive reports from our management and outside counsel, as appropriate, regarding the risks faced by, or anticipated to be faced by, the Company, including risks from cybersecurity threats. When such reports relating to cybersecurity are delivered to the Audit Committee, the Audit Committee’s review of such reports, and discussions with management, informs the Audit Committee in detail of the material risks facing the Company related to cybersecurity.

Item 2. Properties

We operate three underground mines based in Alabama, Mine No. 4, Mine No. 7 and Blue Creek. Mine No 4. and Mine No. 7 are deep underground mines with a long history of operations as discussed in further detail below. We commenced longwall operations at Blue Creek in October 2025. Mine No. 4, Mine No. 7 and Blue Creek are considered material properties. Our mining operations also consist of other surface steelmaking and thermal coal mines, two of which are currently under lease to third parties and four of which are not operating.

Information concerning our mining properties in this Annual Report on Form 10-K has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K. As used in this Annual Report on Form 10-K, the terms "mineral resource," "measured mineral resource," "indicated mineral resource," "inferred mineral resource," "mineral reserve," "proven mineral reserve" and "probable mineral reserve" are defined and used in accordance with subpart 1300 of Regulation S-K. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as "mineral reserves" unless the determination has been made by a qualified person that the mineral resources can be the basis of an economically viable project. As such, you are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have

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demonstrated economic value. Likewise, you are cautioned not to assume that all or any part of measured and indicated mineral resources will ever be converted to mineral reserves.

Technical Report Summary

The information that follows relating to our individually material properties: Mine No. 4, Mine No. 7 and Blue Creek, is derived, for the most part, from, and in some instances is an extract from, the technical report summaries ("TRS") relating to such properties prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K by Marshall Miller & Associates, Inc.. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of each TRS, incorporated herein by reference and made a part of this Annual Report on Form 10-K. With regard to Mine No. 7 there have been no material changes in the modifying factors, mineral reserves or mineral resources from the TRS filed as Exhibit 96.1 to Form 10-K to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Mine No. 7 TRS"). With regard to Blue Creek there have been no material changes in the modifying factors from the TRS filed as Exhibit 96.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Blue Creek TRS"). Specifically for Blue Creek, it is important to note that reserves expressed in this 10-K now include approximately 26 million metric tons associated with our recently acquired federal coal leases with the BLM which were not considered as reserves in the 2023 Blue Creek TRS. Additionally, approximately 13 million metric tons of resources exclusive of reserves associated with the BLM leases have been added at Blue Creek. The resource boundaries and mining planning in the 2023 Blue Creek TRS assumed the acquisition of the BLM leases; accordingly, the 2023 Blue Creek TRS continues to support our development plan and remains valid. Based on our review, dialogue with Marshall Miller and Associates, Inc., and professional judgment, the 2023 Blue Creek TRS remains materially accurate as of the date of this Annual Report. The Company plans to file an updated Blue Creek TRS in connection with its 2026 filings, after one full year of production and actual operating cost data are available, to reflect current modifying factors and updated economic assumptions. The Company is therefore not filing a new TRS for Mine No. 7 nor Blue Creek in connection with this Annual Report and is incorporating the 2024 Mine No. 7 TRS and 2023 Blue Creek TRS herein by reference. Marshall Miller and Associates, Inc. was retained to compute volumetric updates to resources and reserves for Mine No. 7 and Blue Creek. Those estimations are considered in the tabulations of resources and reserves for Mine No. 7 and Blue Creek presented herein. Specific to Mine No. 4, Marshall Miller and Associates, Inc. completed a full update to the TRS for the year ended December 31, 2025 (the “2025 Mine No. 4 TRS) which is filed as Exhibit 23.2 to this Annual Report on Form 10-K. The previous TRS for Mine No. 4 was filed in May 2023 as an Amendment to the Annual Report for the year ended December 31, 2022 (The “2022 Mine No. 4 TRS”) on Form 10-K/A. The 2022 Mine No. 4 TRS utilized mine planning to support reserves which did not include broad assumptions of the acquisition of BLM leases. As such, life-of-mine plans in the 2025 Mine No. 4 TRS now include the BLM leases.

Overview and Highlights

As of December 31, 2025, and under the SEC's new rules governing mineral reserves, specifically subpart 1300 of Regulation S-K under the Modernization of Property Disclosures for Mining Registrants, we had estimated reserves totaling 186.2 million metric tons and estimated mineral resources exclusive of reserves of 54.0 million metric tons. Our three operating underground mines had approximately 179.3 million metric tons of recoverable reserves and our Blue Creek mine contained 54.0 million metric tons of in-place mineral resources exclusive of reserves.

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The following map shows the major locations of our mining operations.

In addition to our underground and surface mines, we utilize a substantial amount of existing infrastructure which includes administration buildings, a central supply maintenance shop, central supply warehouses, a training center and a barge loading facility.

Our operations are located in Tuscaloosa County in central Alabama and our headquarters is in the town of Brookwood, Alabama. The nearest major population centers are Tuscaloosa, Alabama and Birmingham, Alabama. Infrastructure in the areas surrounding our operations are very diverse, well established and robust due to the large populations and current industrial activity in the surrounding metropolitan areas of Birmingham and Tuscaloosa. An international airport is located approximately 30 miles to the east of our operations. Access to all of our properties is via well-maintained, paved, two-lane public roads with interstate access in close proximity. All of the primary infrastructure that our operations need to operate (power, water, transportation/roads) is available with reasonable access requirements. All of our operations receive power provided by Alabama Power Company. Our operations also are well serviced by major mining equipment manufacturers, rebuild facilities, and mine supply vendors. Specialized mining service providers including slope, shaft, and preparation plant construction companies are located in the immediate area.

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The following table provides the production (in thousands of metric tons) for our operating mines for each of the three years ended December 31, 2025, 2024 and 2023:

|  | Production |
Location/Mine |  | 2025 |  |  | 2024 |  |  | 2023 |
Alabama: |  |  |  |  |  |  |  |  |
Warrior Met Coal Mining, LLC |  |  |  |  |  |  |  |  |
No. 4 |  |  | 2,720 |  |  |  | 2,512 |  |  |  | 2,272 |
No. 7 |  |  | 4,690 |  |  |  | 4,780 |  |  |  | 4,664 |
Blue Creek |  |  | 1,846 |  |  |  | 190 |  |  |  | — |
Total Alabama |  |  | 9,256 |  |  |  | 7,482 |  |  |  | 6,936 |

All mining operations are subject to federal and state laws and must obtain permits to operate mines, coal preparation and related facilities, haul roads, and other incidental surface disturbances necessary for mining to occur. Permits generally require that the permittee post a performance bond in an amount established by the regulatory program to provide assurance that any disturbance or liability created during mining operations is properly restored to an approved post-mining land use and that all regulations and requirements of the permits are fully satisfied before the bond is returned to the permittee. Significant penalties exist for any permittee who fails to meet the obligations of the permits including cessation of mining operations, which can lead to potential forfeiture of the bond. We have obtained all mining and discharge permits to operate our mines and processing loadout or related facilities. As of December 31, 2025, we had outstanding surety bonds with parties for post-mining reclamation at all of our mining operations totaling $47.5 million, $16.0 million for federal coal leases and $6.4 million for miscellaneous purposes.

A substantial amount of the coal that we mine is produced from mineral reserves leased from third-party landowners. These leases convey mining rights to the Company in exchange for royalties to be paid to the landowner as either a fixed amount per ton or as a percentage of the sales price. Although coal leases have varying renewal terms and conditions, they generally last for the economic life of the reserves. Coal royalty expense was $81.5 million, $123.0 million, and $120.5 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

The following table provides the location and quality of our proven and probable mineral reserves as of December 31, 2025.

Summary of Mineral Reserves as of December 31, 2025(1)

(in millions of metric tons)(2)

|  |  |  | Mineral Reserves(3)(5) |  |  | Quality (Dry Basis) |
Location/Mine |  | Status of Operation(4) |  | Proven(3) |  |  | Probable(3) |  |  | Reserves(3) |  |  | Owned |  |  | Leased |  |  | % Ash |  |  | % Sulfur |  |  | % VM |
Alabama: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
No. 4 |  | Production |  |  | 37.7 |  |  |  | 8.1 |  |  |  | 45.8 |  |  |  | — |  |  |  | 45.8 |  |  |  | 10.2 |  |  |  | 1.0 |  |  |  | 30.0 |
No. 7 |  | Production |  |  | 29.7 |  |  |  | 14.6 |  |  |  | 44.3 |  |  |  | 0.2 |  |  |  | 44.1 |  |  |  | 9.6 |  |  |  | 0.7 |  |  |  | 23.0 |
Blue Creek(6) |  | Production |  |  | 58.4 |  |  |  | 30.8 |  |  |  | 89.2 |  |  |  | 10.5 |  |  |  | 78.7 |  |  |  | 10.0 |  |  |  | 0.7 |  |  |  | 32.0 |
Other(7) |  | Various |  |  | 6.9 |  |  |  | — |  |  |  | 6.9 |  |  |  | 6.7 |  |  |  | 0.2 |  |  | 3.2 - 23.5 |  |  | 0.7 - 6.01 |  |  | N/A |
Total |  |  |  |  | 132.7 |  |  |  | 53.5 |  |  |  | 186.2 |  |  |  | 17.4 |  |  |  | 168.8 |  |  |  |  |  |  |  |  |  |
Total Warrior Met Coal |  |  |  |  | 132.7 |  |  |  | 53.5 |  |  |  | 186.2 |  |  |  | 17.4 |  |  |  | 168.8 |  |  |  |  |  |  |  |  |  |

(1)
The price used and the time frame and point of reference used are discussed in the description of each mine below.
(2)
1 metric ton is equivalent to 1.102311 short tons.
(3)
Reserves are further categorized as Proven and Probable as defined by subpart 1300 of Regulation S-K under the Modernization of Property Disclosures for Mining Registrants. Proven reserves are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling and (b) the sites

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of inspection, sampling and measurement are spaced so closely, and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established. Probable reserves are reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than for proven reserves, is high enough to assume continuity between points of observation. The range of steelmaking coal sales prices used to assess our Mine No. 4 reserves were based on High Vol A price indices through 2035 and was held constant beyond that date and varies between $168 to $322 per metric ton. The range of steelmaking coal sales prices used to assess our Mine No. 7 reserves were based on 98 percent of the premium low-vol forecast through 2035 and was held constant beyond that date and varies between $229 to $329 per metric ton. The range of steelmaking coal sales prices used to assess our Blue Creek reserves were based on the IHS High Volatile A price forecast through 2030 and was held constant beyond that date and varies between $168 to $209 per metric ton. The categories for proven and probable coal reserves are based on distances from valid points of measurement as determined by the qualified person for the area under consideration. Measured resources, which may convert to proven reserves, are based on a 0.25-mile radius from a valid point of observation. The distance between 0.25 and 0.75 of a mile radius was selected to define indicated resources. Inferred resources are commonly assumed to be located between 0.75 miles and 3 miles from a point of observation. The mineral reserves were estimated within an accuracy threshold of plus or minus 15 percent.
(4)
The “Status of Operation” for each mine is classified as follows: Production - the mine is actively operating. Various - consists of idle mines and mines that are actively operating under third party leases.
(5)
See a description of the material mineral reserve estimates for each mine below. Coal reserve tons were estimated at a 10% moisture and represent the saleable product from the property. Our mineral reserves are controlled either through direct ownership of the property or through third-party leases. Third-party leases have initial terms extending up to 30 years and generally provide for terms or renewals through the anticipated life of the associated mine. These renewals are conditioned upon the payment of minimum royalties. Under current mining plans, Mine No. 4 and Mine No. 7 will be mined out within the period of existing leases or within the time period of probable lease renewal periods. All mineral reserves reported are either 100% owned or controlled through lease agreements.
(6)
Total Blue Creek Mine reserve tonnage includes: 10.5 million owned, and 78.7 million leased.
(7)
Our other mines consist of other surface steelmaking and thermal coal mines, two of which are currently under lease to third parties and four of which are not operating. The proven and probable mineral reserves for these properties were prepared by McGehee Engineering Corporation.

The following table provides the location and quality of our Blue Creek measured, indicated and inferred mineral resources, exclusive of reserves, as of December 31, 2025.

Summary of Mineral Resources Exclusive of Reserves as of December 31, 2025(1)

(in millions of metric tons)(2)

|  |  |  | Demonstrated Coal Resources (in-place) |  |  | Quality (Dry Basis) |
Location/Mine |  | Status of Operation(3) |  | Measured |  |  | Indicated |  |  | Measured + Indicated |  |  | Inferred |  |  | % Ash |  |  | % Sulfur |  |  | % VM |
Alabama: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Blue Creek |  | Production |  |  | — |  |  |  | 54.0 |  |  |  | 54.0 |  |  |  | — |  |  |  | 18.9 |  |  |  | 1.5 |  |  |  | 31 |
Total Alabama |  |  |  |  | — |  |  |  | 54.0 |  |  |  | 54.0 |  |  |  | — |  |  |  |  |  |  |  |  |  |
Total Warrior Met Coal |  |  |  |  | — |  |  |  | 54.0 |  |  |  | 54.0 |  |  |  | — |  |  |  |  |  |  |  |  |  |

(1)
The price used and the time frame and point of reference used are discussed in the description of Blue Creek below.
(2)
1 metric ton is equivalent to 1.102311 short tons.
(3)
The “Status of Operation” for each mine is classified as follows: Production - the mine is actively operating.

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Material Mining Properties

The information that follows relating to our individually material properties: Mine No. 4, Mine No. 7 and Blue Creek, is derived, for the most part, from, and in some instances is an extract from, the TRS relating to such properties prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K by Marshall Miller and Associates, Inc.. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of the TRS, incorporated herein by reference and made a part of this Annual Report on Form 10-K.

The following table provides a comparison of our material proven and probable mineral reserves as of December 31, 2025 and December 31, 2024:

Summary of Material Mineral Reserves as of December 31, 2025 as compared to December 31, 2024

(in millions of metric tons)(1)

|  | As of December 31, |  |  | Change |
Mine |  | 2025 |  |  | 2024 |  |  | Tons |  |  | % |
No. 4 |  |  |  |  |  |  |  |  |  |  |  |
Material Reserves(2) |  |  |  |  |  |  |  |  |  |  |  |
Proven(3) |  |  | 37.7 |  |  |  | 32.7 |  |  |  | 5.0 |  |  |  | 15 | %
Probable(3) |  |  | 8.1 |  |  |  | 0.6 |  |  |  | 7.5 |  |  |  | 1250 | %
Reserves(2) |  |  | 45.8 |  |  |  | 33.3 |  |  |  | 12.5 |  |  |  | 38 | %
No. 7 |  |  |  |  |  |  |  |  |  |  |  |
Material Reserves(2) |  |  |  |  |  |  |  |  |  |  |  |
Proven(3) |  |  | 29.7 |  |  |  | 33.3 |  |  |  | (3.6 | ) |  |  | (11 | )%
Probable(3) |  |  | 14.6 |  |  |  | 15.8 |  |  |  | (1.2 | ) |  |  | (8 | )%
Reserves(2) |  |  | 44.3 |  |  |  | 49.1 |  |  |  | (4.8 | ) |  |  | (10 | )%
Blue Creek |  |  |  |  |  |  |  |  |  |  |  |
Material Reserves(2) |  |  |  |  |  |  |  |  |  |  |  |
Proven(3) |  |  | 58.4 |  |  |  | 43.6 |  |  |  | 14.8 |  |  |  | 34 | %
Probable(3) |  |  | 30.8 |  |  |  | 25.4 |  |  |  | 5.4 |  |  |  | 21 | %
Reserves(2) |  |  | 89.2 |  |  |  | 69.0 |  |  |  | 20.2 |  |  |  | 29 | %

(1)
1 metric ton is equivalent to 1.102311 short tons.
(2)
See a description of the material mineral reserve estimates for each mine below. Coal reserve tons were estimated at a 10% moisture and represent the saleable product from the property.
(3)
Reserves are further categorized as Proven and Probable as defined by subpart 1300 of Regulation S-K under the Modernization of Property Disclosures for Mining Registrants. Proven reserves are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling and (b) the sites of inspection, sampling and measurement are spaced so closely, and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established. Probable reserves are reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than for proven reserves, is high enough to assume continuity between points of observation.

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The Mine No. 4 change in proven and probable mineral reserves is primarily associated with production and the federal coal leases with the BLM. The Mine No. 7 change in proven and probable mineral reserves and quality is primarily attributable to production, incorporation of additional exploration drilling and associated coal quality data and minor changes in our mine plan. The Blue Creek change in proven and probable mineral reserves is primarily due to results from additional exploration and the federal coal leases with the BLM.

The following table provides a comparison of our Blue Creek material mineral resources exclusive of reserves as of December 31, 2025 and December 31, 2024:

Summary of Material Mineral Resources as of December 31, 2025 as compared to December 31, 2024

(in millions of metric tons)(1)

|  | As of December 31, |  |  | Change |
Mine |  | 2025 |  |  | 2024 |  |  | Tons |  |  | % |
Blue Creek (2) |  |  |  |  |  |  |  |  |  |  |  |
Mineral Resources |  |  |  |  |  |  |  |  |  |  |  |
Measured |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — | %
Indicated |  |  | 54.0 |  |  |  | 39.7 |  |  |  | 14.3 |  |  |  | 36 | %
Measured + Indicated |  |  | 54.0 |  |  |  | 39.7 |  |  |  | 14.3 |  |  |  | 36 | %

(1)
1 metric ton is equivalent to 1.102311 short tons.
(2)
Changes to Blue Creek's resources (exclusive of mineral reserves) are primarily associated with our recently acquired federal coal leases with the BLM.

Mine No. 4

Mine No. 4 was opened by Jim Walter Resources in 1974 and has been in operation since. In 2015, in connection with the chapter 11 filing by Walter Energy, Mine No. 4 was idled. Upon our acquisition of Mine No. 4 in April 2016, the mine began production. The property has been extensively explored as early as 1916 by subsurface drilling efforts carried out by numerous entities, the majority of which were completed prior to our acquisition of the assets including: by Tennessee Coal, Iron & Railroad Company, U.S. Steel, The Pittsburgh & Midway Coal Mining Company and Walter Energy, Inc. The majority of the drilling was accomplished by means of conventional core hole exploration and air rotary drilling with geophysical logging for coalbed methane wells.

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The following shows the current property and facilities layout of Mine No 4.

Mine No 4 is located at approximately 33°19’49”N latitude and 87°19’32”W longitude which is approximately 20 miles east of Tuscaloosa, Alabama and 30 miles southwest of Birmingham, Alabama. Access to Mine No. 4 is by State Route 59 ("Lock 17 Road"), a well-maintained, paved, two-lane road with interstate access in close proximity to the south, and a short access road to the main entrance of the mine. All of the facilities are in close proximity to high-quality public roads and lie within 2 miles of each other. On site facilities include an administration building, maintenance shop, preparation plant and a stock yard. Mine No. 4 preparation plant services the mine via a skip system which transports extracted coal from an underground bunker to the surface facility. The Mine No. 4 preparation plant has a capacity to process 1,300 raw metric tons per hour.

Rail transportation for the mine sites is provided by CSX railroad and river transportation is available on the Black Warrior River. The rail line and Black Warrior River serves as the primary means of transportation of coal from the mine.

Mine No. 4 is a longwall operation that uses a longwall shearing machine for the extraction of coal at the production face. A chain conveyor is used to remove coal from the longwall face for discharge onto the conveyor belt which then ultimately delivers the coal to a skip system. Development for the longwall is conducted by the extraction of coal from the production faces using continuous miners and haulage using shuttle cars to a feeder-breaker located at the tail of the section conveyor belt. The feeder-breaker crushes large pieces of coal and rock and regulates coal feed onto the mine conveyor. Other supplemental

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equipment is used in the production, development and maintenance of the mine such as roof-bolting machines, battery scoops, personnel carriers, supply vehicles, belts, high-voltage cables, transformers, etc.

Mine No. 4 has had multiple improvements to the infrastructure by adding new portal facilities in 2019 and 2021. The Mine No. 4 North portal development was completed in 2023. These facilities have helped to decrease travel time to the active sections, as well as improving the safety of the miners by having shafts closer to the main work areas.

Currently the mine operates a single longwall with advanced features that improves horizon control, dust control, and the latest shield technology for partial automation. The mine routinely updates or rebuilds equipment and during this process, adds the latest safety or production features available. Mine No. 4 preparation plant has also routinely been upgraded with the latest technology. This preparation plant runs the most modern circuits, including an ultrafine coal recovery system. The preparation plant has had numerous upgrades since its original construction, which has helped it to continue to capture a higher percentage of coal with each upgrade. Mine No. 4 preparation plant most recently completed a new fine coal recovery system in 2020, to further improve overall plant recovery. The net book value of property, plant and equipment associated with Mine No. 4 as of December 31, 2025, was $213.5 million.

As of the filing of this annual report, Mine No. 4 is currently active with three continuous mining sections and one longwall. Mine No. 4, inclusive of depleted mine works and future reserve areas, is composed of approximately 49,000 total acres. Of the 49,000 acres, approximately 8,900 are associated with future mining areas. Future mining areas include approximately 8,600 acres of leased mineral holdings and approximately 300 acres of uncontrolled mineral holdings. Our controlled reserves are either through direct ownership of the property or through third-party leases. Third-party leases have initial terms extending up to 30 years and generally provide for terms or renewals through the anticipated life of the associated mine. These renewals are conditioned upon the payment of minimum royalties. Under current mining plans, assigned reserves reported will be mined out within the period of existing leases or within the time period of probable lease renewal periods. All recoverable reserves reported are controlled through lease agreements. There are no significant title encumbrances to the property.

Mine No. 7

Mine No. 7 was opened by Jim Walter Resources in 1974 and has been in operation since. In connection with the acquisition of certain assets of Walter Energy, we acquired mineral rights for Mine No. 7 in April 2016. The property has been extensively explored as early as 1916 by subsurface drilling efforts carried out by numerous entities, the majority of which were completed prior to our acquisition of the assets including: U.S. Steel, Tennessee Coal, Iron & Railroad Company and Walter Energy, Inc. The majority of the drilling was accomplished by means of conventional core hole exploration and air rotary drilling with geophysical logging for coalbed methane wells.

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The following shows the current property and facilities layout of Mine No 7.

Mine 7 is located at approximately 33°19’35”N latitude and 87°14’46”W longitude which is approximately 20 miles east of Tuscaloosa, Alabama and 30 miles southwest of Birmingham, Alabama. Access to Mine No. 7 is by Hannah Creek road, a well-maintained, paved, two-lane road with interstate access in close proximity to the south via Lock 17 Road. All of the facilities are in close proximity to high quality, public roads. On site facilities include an administration building, maintenance shop, preparation plant and a stock yard. Mine No. 7 preparation plant services the mine via skip system which transports extracted coal from an underground bunker to the surface facility. Mine No. 7 also uses the No. 5 preparation plant

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via an overland conveyor. The Mine No. 7 preparation plant has a capacity to process 1,260 raw metric tons per hour and the Mine No. 5 preparation plant has the capacity to process 900 raw metric tons per hour.

Rail transportation for the mine sites is provided by CSX railroad and river transportation is available on the Black Warrior River. The rail line and Black Warrior River serve as the primary means of transportation of coal from the preparation plants.

Mine No. 7 is a longwall operation that uses a longwall shearing machine for the extraction of coal at the production face. A chain conveyor is used to remove coal from the longwall face for discharge onto the conveyor belt which then ultimately delivers the coal to a skip system. Development for the longwall is conducted by the extraction of coal from the production faces using continuous miners and haulage using shuttle cars to a feeder-breaker located at the tail of the section conveyor belt. The feeder-breaker crushes large pieces of coal and rock and regulates coal feed onto the mine conveyor. Other supplemental equipment is used in the production, development and maintenance of the mine such as roof-bolting machines, battery scoops, personnel carriers, supply vehicles, belts, high-voltage cables, transformers, etc.

Mine No. 7 has had multiple improvements to the infrastructure by adding new portal facilities in 2009 and 2018, among others. These facilities have helped to decrease travel time to the active sections, as well as improving the safety of the miners by having shafts closer to the main work areas. Currently the mine operates two longwalls with advanced features that improve horizon control, face alignment, dust controls, and the latest shield technology for partial automation. The mine routinely updates or rebuilds equipment and during this process, adds the latest safety or production features available.

Mine No. 7 and Mine No. 5 preparation plants also are routinely upgraded with the latest technology. These preparation plants run the most modern circuits, including ultrafine coal recovery systems. Both preparation plants have had numerous upgrades since their construction, which has helped them to continue to capture a higher percentage of coal with each upgrade. Mine No. 7 most recently completed a new fine coal recovery system, with another system also currently under construction, at the same plant, to further improve overall plant recovery. The net book value of property, plant and equipment associated with Mine No. 7 as of December 31, 2025, was $268.5 million.

As of the filing of this annual report Mine No. 7 is currently active with two longwall sections and six continuous mining sections. Mine No. 7, inclusive of depleted mine works and future reserve areas, is composed of approximately 45,000 total acres. Of the 45,000 acres, approximately 11,100 are associated with future mining areas. Future mining areas include approximately 10,850 acres of leased mineral holdings and approximately 75 acres of owned mineral holdings and 175 acres of uncontrolled mineral holdings. Our controlled reserves are either through direct ownership of the property or through third-party leases. Third-party leases have initial terms extending up to 30 years and generally provide for terms or renewals through the anticipated life of the associated mine. These renewals are conditioned upon the payment of minimum royalties. Under current mining plans, assigned reserves reported will be mined out within the period of existing leases or within the time period of probable lease renewal periods. All recoverable reserves reported are either 100% owned or controlled through lease agreements. There are no significant title encumbrances to the property.

Blue Creek

We commenced longwall operations at the Blue Creek mine in October 2025, eight months ahead of schedule and on budget. We believe that the combination of a low production cost and the premium quality of the High Vol A steelmaking coal mined from Blue Creek, assuming we achieve our expected price realizations, will generate some of the highest steelmaking coal margins in the U.S., generate strong investment returns and achieve a rapid payback of our investment across a range of steelmaking coal price environments. Even in the early stages of production and sales, Blue Creek's contributions to our financial results are having a notable impact, which we expect will only increase as the mine continues to ramp toward full production.

The Blue Creek mine is a slope mine but is similar in operation to Mine No. 4 and Mine No. 7. The net book value of property, plant and equipment associated with Blue Creek as of December 31, 2025, was $990.0 million.

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The mine property is located approximately 33°35’21”N latitude and 87°26’35”W longitude. Access to Blue Creek is by State Route 69, a well-maintained, paved, two-lane road with interstate access in close proximity to both the north and south. On site facilities include an administration building, maintenance shop, inventory warehouse and a 9.5 mile overland belt that carries the raw coal from the mine to the preparation plant.

Rail transportation for the mine is provided by NS railroad and river transportation will be available on the Black Warrior River when the barge-loadout is completed. The rail line and Black Warrior River serves as the primary means of transportation of coal from the mine.

Resources inclusive and exclusive of reserve currently encompass approximately 22,000 total acres, approximately 91% of which is leased from various entities and individuals. We have plans to continue to acquire additional leases, which are primarily from private entities and individuals. Our controlled reserves are either through direct ownership of the property or through third-party leases. Third-party leases have initial terms extending up to 30 years and generally provide for terms or renewals through the anticipated life of the associated mine. These renewals are conditioned upon the payment of minimum royalties. Under current mining plans, assigned reserves reported will be mined out within the period of existing leases or within the time period of probable lease renewal periods. All recoverable reserves reported are either 100% owned or controlled through lease agreements. There are no significant title encumbrances to the property.

The Blue Creek property was formerly controlled by Jim Walter Resources, a subsidiary of Walter Energy. Walter Energy acquired the majority of its mineral rights for the Blue Creek property in 2010 through its purchase of Chevron Mining, Inc. In connection with the acquisition of certain assets of Walter Energy, Inc., we acquired the mineral rights for Blue Creek in April 2016. Since the acquisition, we have strategically purchased and leased mineral and surface rights to further assemble the project. The property has been extensively explored as early as 1957 by means of continuous coring and analytic testing, rotary drilling, ongoing drilling associated with coalbed methane production and by downhole geophysical logging methods. The property has been extensively explored by numerous entities, the majority of which were completed prior to our acquisition of the assets including: U.S. Steel, Tennessee Coal, Iron & Railroad Company, The Pittsburgh & Midway Coal Mining Company/Chevron and Walter Energy. We have performed ongoing exploration since acquiring the property and the data we have acquired is consistent with that of past drilling activities.

As of the filing of this annual report Blue Creek is currently active with one longwall section and three continuous mining sections. A life of mine plan was used by the TRS in developing the estimate of proven and probable reserves. The mine plan was generated based on previous mine plans, anticipated lease acquisitions, and operational criteria with modifications where necessary due to geologic mapping or other factors. Carlson Mining software was utilized to generate the life of mine plan. The range of steelmaking coal sales prices used to assess our reserves were based on IHS High Volatile A price forecast through 2030 and was held constant beyond that date and varies between $168 to $209 per metric ton. The categories for proven and probable coal reserves are based on distances from valid points of measurement as determined by the qualified person for the area under consideration. For the Blue Creek mine estimate, measured resources, which may convert to a proven reserve, is based on a 0.25-mile radius from a valid point of observation. The distance between 0.25 and 0.75 of a mile radius was selected to define indicated resources. Blue Creek mineral reserves were estimated within an accuracy threshold of plus or minus 15 percent.

Internal Controls and Material Assumptions

We maintain an internal staff of engineers and geoscience professionals who worked closely with our independent reserve engineers to ensure the integrity, accuracy and timeliness of the data used to calculate our estimated mineral reserves and resources. Our internal technical team members meet with our independent reserve engineers periodically to discuss the assumptions and methods used in the estimation process. We provide historical information to the independent reserve engineers for our properties, such as ownership interest, production, test data, commodity prices, coal quality and operating and development costs. The estimates of mineral reserves and resources may be materially affected if mining, quality, or infrastructure factors change from those currently anticipated.

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These estimates are based on engineering, economic and geologic data, coal ownership information and current and proposed mine plans. Our proven and probable coal reserves are reported as mineral reserves, which is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person (as defined in the SEC rules), can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. These estimates are periodically updated to reflect past coal production, new drilling information and other geologic or mining data. Acquisitions or dispositions of coal properties will also change these estimates. Changes in mining methods may increase or decrease the recovery basis for a coal seam, as will changes in preparation plant processes.

Our reserve estimates are predicated on engineering, economic, and geological data assembled and analyzed by internal engineers, geologists and finance associates, as well as third-party consultants. We update our reserve estimates annually to reflect past coal production, new drilling information and other geological or mining data, and acquisitions or sales of coal properties.

Item 3. Legal Proceedings

We are involved in various legal proceedings occurring in the ordinary course of business. It is the opinion of management, after consultation with legal counsel, that these matters will not materially affect our consolidated financial position, results of operations or cash flows.

The Company is subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the construction and operation of its plants, mines and other facilities and with respect to remediating environmental conditions that may exist at its own and other properties. See “Part I, Item 1. Business—Environmental and Regulatory Matters” for additional information. The Company believes that it is in substantial compliance with federal, state and local environmental laws and regulations. The Company accrues for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and can be reasonably estimated.

Item 4. Mine Safety Disclosures

The information concerning mine safety violations and other regulatory matters is filed as Exhibit 95 to this Annual Report pursuant to the requirements of Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104).

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Part II

Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock began trading on the NYSE under the symbol “HCC” on April 13, 2017. Before then, there was no public market for our common stock.

Capital Allocation Policy

On May 17, 2017, the Board adopted a policy (the “Capital Allocation Policy”) of paying a quarterly cash dividend. In February 2022, we announced that the Board approved an increase in the regular quarterly cash dividend by 20%, from $0.05 per share to $0.06 per share. In February 2023, we announced that the Board approved an increase in the regular quarterly cash dividend by 17% from $0.06 per share to $0.07 per share. On February 9, 2024, we announced the Board approved an increase in the regular quarterly cash dividend by 14% from $0.07 per share to $0.08 per share and declared a special cash dividend of $0.50 per share. Our strategy continues to be focused on optimizing our capital structure to improve returns to stockholders, through special cash dividends, while allowing flexibility for us to develop our strategic growth project Blue Creek. We intend on returning cash to stockholders in stronger price markets where we are generating significant amounts of cash flow, and less cash to stockholders during weaker markets. We also intend on using stock repurchases when there is no short- or long-term use for additional cash that will deliver meaningful value to stockholders. We have paid a regular quarterly cash dividend every quarter since the Board adopted the Capital Allocation Policy.

The Capital Allocation Policy states the following: In addition to the regular quarterly dividend and to the extent that the Company generates excess cash that is beyond the then current requirements of the business, the Board may consider returning all or a portion of such excess cash to stockholders through a special dividend or implementation of a stock repurchase program. Any future dividends or stock repurchases will be at the discretion of the Board and subject to consideration of a number of factors, including business and market conditions, future financial performance and other strategic investment opportunities. We will also seek to optimize our capital structure to improve returns to stockholders while allowing flexibility for us to pursue very selective strategic growth opportunities that can provide compelling stockholder returns. Our ability to pay dividends on our common stock is limited by covenants in the Amended ABL Facility and the Indenture and may be further restricted by the terms of any future debt or preferred securities. See “Part I, Item 1A. Risk Factors—Risks Related to the Ownership of our Common Stock—Any declaration and payment of future dividends to holders of our common stock may be limited by restrictive covenants of our Amended ABL Facility and the Indenture, and will be at the sole discretion of the Board and will also depend on many factors” and “Part II, Item 7. Management’s Discussion and Analysis of Financial Conditions and Results of Operation—Liquidity and Capital Resources—Amended ABL Facility” and “—Senior Secured Notes.”

During the year ended December 31, 2025, we paid $17.8 million of regular quarterly dividends under the Capital Allocation Policy.

Holders

As of January 22, 2026, we had approximately 332 holders of record of our common stock.

Stock Repurchases

There were no share repurchases of our common stock made during the quarter ended December 31, 2025.

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Stock Performance Graph

The performance graph and the information contained in this section is not “soliciting material”, is being “furnished” not “filed” with the SEC and is not to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.

The following graph shows a comparison from December 31, 2020 through December 31, 2025 of the cumulative total return for our common stock, the S&P Metals and Mining Index and the Russell 3000 Stock Index. The graph assumes that $100 was invested on December 31, 2020 in our common stock and each index and that all dividends were reinvested.

Note that historical stock price performance is not necessarily indicative of future stock price performance.

ITEM 6. [Reserved]

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ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2025 and December 31, 2024. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward‑looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in “Part I, Item 1A. Risk Factors,” our actual results could differ materially from the results described in, or implied by, the forward‑looking statements contained in the following discussion and analysis. Please see “Forward-Looking Statements.”

For a discussion and analysis of our results of operations and financial condition for the year ended December 31, 2023, please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Overview

We are a U.S.-based, environmentally and socially minded supplier to the global steel industry. We are dedicated entirely to mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. We are a large-scale, low-cost producer and exporter of premium quality steelmaking coal, also known as hard coking coal (“HCC”), operating highly efficient longwall operations in our underground mines based in Alabama. In October 2025, we commenced operations at our transformational Blue Creek mine eight months ahead of schedule.

As of December 31, 2025, our three operating underground mines had approximately 179.3 million metric tons of recoverable reserves and our Blue Creek mine contained 54.0 million metric tons of recoverable reserves. As a result of our high-quality coal, our Mine No. 7 steelmaking coal realized price has historically been in line with, or at a slight discount to, the Platts Premium Low Volatility ("LV") Free-On-Board Australian Index (the "S&P Platts Index"). Our Mine No. 4 and Blue Creek steelmaking coals are a High Volatility A ("HVA") quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin. Whereas we target a variety of indices, including Platts Premium Low Vol and Platts Low Vol HCC for sales destined to the Pacific Basins. Our Blue Creek coal is also primarily sold into Asia and is sold on a cost and freight ("CFR") basis. Our steelmaking coal, mined from the Southern Appalachian portion of the Blue Creek coal seam, is characterized by low-to-high volatile matter, low sulfur, high fluidity, and high strength. These qualities make our coal ideally suited as a coking coal for the manufacture of steel.

We sell substantially all of our steelmaking coal production to global steel producers. Steelmaking coal, which is converted to coke, is a critical input in the steel production process. Steelmaking coal is both consumed domestically in the countries where it is produced and exported by several of the largest producing countries, such as China, Australia, the United States, Canada and Russia. Therefore, demand for our coal will be highly correlated to conditions in the global steelmaking industry. The steelmaking industry’s demand for steelmaking coal is affected by a number of factors, including the cyclical nature of that industry’s business, technological developments in the steelmaking process and the availability of substitutes for steel such as aluminum, composites and plastics. A significant reduction in the demand for steel products would reduce the demand for steelmaking coal, which would have a material adverse effect upon our business. Similarly, if alternative ingredients are used in substitution for steelmaking coal in the integrated steel mill process, the demand for steelmaking coal could materially decrease, which could also materially adversely affect demand for our steelmaking coal.

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Commencement of Blue Creek Longwall

We commenced longwall operations at the Blue Creek mine in October 2025, eight months ahead of schedule and on budget. The ahead-of-schedule start of Blue Creek's longwall is already having an impact on our production profile, cost structure, and earnings potential heading into 2026. Due to the accelerated startup of the longwall, we produced approximately 1.8 million metric tons in 2025 and expect to produce at a minimum approximately 4.1 to 4.4 million metric tons in 2026.

On February 21, 2025, we provided an update on the Blue Creek project. Due to the implementation of innovative technologies and best practices, we increased nameplate production capacity of the Blue Creek mine by 25%, from the original production plan of 4.4 million metric tons to 5.4 million metric tons. With better-than-expected recovery and the anticipated addition of a fourth continuous miner unit, our overall nameplate production capacity increases up to approximately 6.4 million metric tons. The additional capacity increases our overall nameplate production capacity by 88%, from 7.3 million metrics tons per year to 13.7 million metrics tons per year. While our nameplate production capacity has significantly increased, actual annual sales and production volumes will be dependent upon steelmaking coal market conditions. Even in these early stages of production and sales, Blue Creek has already contributed to lower cash costs, further improving our position in the first-quartile of the global cost curve. In addition, Blue Creek's low-cost structure has reduced our all-in cash cost breakeven point and enhanced our profitability and cash flow generation.

We have invested approximately $240.3 million in 2025 and $956.8 million in the Blue Creek, project-to-date. While the longwall operations have recently commenced, there remains a significant amount of surface infrastructure to be completed to finish the overall project. Warrior remains on budget and expects total Blue Creek project capital expenditures of $995 million to $1.075 billion. The remaining amounts are expected to be primarily spent by the end of the first quarter of 2026.

Finalization of Federal Coal Lease Acquisition

On November 25, 2025, Warrior Met Coal BC, LLC (“Warrior BC”), a wholly-owned subsidiary of the Company, entered into Federal Coal Lease ALES-056519 at Mine No. 1 (the “Mine No. 1 Lease”) and Warrior Met Coal Mining, LLC (“Warrior Mining”, and together with Warrior BC, the “Companies”), a wholly-owned subsidiary of the Company, entered into Federal Coal Lease ALES-055797 at Mine No. 4 (the “Mine No. 4 Lease”, and, together with the Mine No. 1 Lease, the “Leases”), each with the United States of America through the Bureau of Land Management (the “BLM”) of the United States Department of the Interior.

The Mine No. 1 Lease covers approximately 8,346 acres and the Mine No. 4 Lease covers approximately 5,704 acres. The BLM estimates the Mine No. 1 Lease tract contains approximately 32.9 million metric tons of recoverable coal reserves, and the Mine No. 4 Lease tract contains approximately 15.3 million metric tons of recoverable coal reserves. Subject to the terms and conditions thereof, the Leases provide the Companies with the exclusive right to drill for, mine, extract, remove or otherwise process and dispose of the coal deposits in, upon, or under the lands described therein. Each Lease has a minimum term of 20 years and for so long thereafter as coal is produced in commercial quantities from the leased lands, subject to readjustment of lease terms at the end of the twentieth lease year and each 10-year period thereafter. Pursuant to each lease, each Company is required to pay customary production royalties of 7% of the value of the coal produced and per acre annual rental payments to the BLM.

Warrior BC bid approximately $32 million for the Mine No. 1 Lease and has submitted a payment for approximately $6.4 million, which is the first of five equal payments. Warrior Mining bid approximately $15 million for the Mine No. 4 Lease and has submitted a payment for approximately $3.0 million, which is the first of five equal payments. Successive installments are due each year on the anniversary of the Leases for the next four years. These future installments were recorded at a discount using our credit-adjusted risk-free rate and are presented in the Consolidated Balance Sheets as short and long-term federal coal lease obligations. As of December 31, 2025, the present value of the short-term and long-term obligations were $8.8 million and $23.7 million, respectively.

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On January 13, 2026, the U.S. Department of the Interior issued mining plan approval documents for each Lease, thereby authorizing coal development and mining operations on parts of each Lease within the area of mining plan approval.

Recent Developments

Global steelmaking coal markets remained challenged throughout 2025, driven primarily by depressed global steel demand, record‑high Chinese steel exports, and an abundant global supply of steelmaking coal. During the fourth quarter of 2025, pricing for high‑quality steelmaking coal improved slightly, reversing the consistent weakening experienced during the first half of the year. As of February 10, 2026, the Platts Index price for premium LV coal was $251.50 per metric ton, while the Platts Low Vol HCC was $208.60 per metric ton. Seasonal restocking activity and resilient steel production continued to support demand, with India emerging as a significant near‑term driver of import requirements.

Weather‑related supply constraints—most notably the arrival of Cyclone Koji in Australia in January 2026—contributed to a sharp increase in premium LV coal pricing. According to Wood Mackenzie, this event may result in prolonged operational disruptions due to chronic underinvestment in Queensland’s mining and logistical infrastructure. Despite these temporary supply constraints, we expect the overall pricing environment in 2026 to remain broadly consistent with 2025 levels, reflecting persistent global steel demand weakness, elevated Chinese steel exports, and continued abundance in global steelmaking coal supply.

The United States government continues to impose a broad range of tariffs on foreign goods imported into the U.S., with certain nations and regions enacting retaliatory tariffs on U.S. exports. Ongoing trade and tariff uncertainty has contributed to lower seaborne coal prices. Any newly implemented tariffs or other trade measures—whether imposed by the U.S. or by trading partners—could reduce economic activity, increase our operating costs, diminish demand for steelmaking coal, alter customer purchasing behaviors, disrupt our supply chain, or materially impact steelmaking coal pricing. These measures could also limit trade with the U.S. or produce other adverse economic outcomes.

It remains too early to quantify the impact of current or potential tariffs on our consolidated financial statements. We continue to monitor the evolving trade environment and evaluate actions to mitigate potential adverse effects on our business.

On July 4, 2025, the One, Big, Beautiful Bill Act ("OBBBA") was enacted into law and includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The changes include, among other things, an update to IRC Section 250 Deduction: FDII to Foreign-Derived Deduction Eligible Income ("FDDEI"), which provides for, among other things, a permanent deduction of 33.34% of FDDEI, which reduces the statutory tax rate to 14% of such income. The OBBBA also classified metallurgical coal as a critical mineral eligible for the advanced manufacturing production tax credit under Section 45X (the "45X Credit") of the Internal Revenue Code. The 45X Credit for metallurgical coal provides for a credit of 2.5% of eligible production costs through 2029. Section 50202 of the OBBBA also temporarily decreases the royalty rate for coal leases on federal lands to not more than 7% through 2034. We are currently assessing the impact of the OBBBA on our consolidated financial statements.

Collective Bargaining Agreement

Our Collective Bargaining Agreement contract with the United Mine Workers of America (“UMWA”) expired on April 1, 2021 and the labor union initiated a strike after an agreement on a new contract was not reached. As a result of the strike, we initially idled Mine No. 4 and scaled back operations at Mine No. 7. In the first quarter of 2022, we restarted operations at Mine No. 4. We incurred no idle mine expenses for the years ended December 31, 2023, December 31, 2024 or December 31, 2025. We incurred business interruption expenses of approximately $0.1 million for the year ended December 31, 2025, which represents ongoing legal expenses associated with the ongoing labor negotiations. We incurred $0.5 million and $8.3 million for the years ended December 31, 2024 and December 31, 2023, respectively, which represent non-recurring expenses that were directly attributable to the labor strike for incremental safety and security, labor negotiations and other expenses. These expenses are also presented separately in the Consolidated Statements of Operations. On February 16, 2023, the labor union representing certain of the Company's hourly employees announced that they were ending the strike and made an unconditional offer to return to work. We continue to engage in good faith efforts with the labor union to reach an agreement on a new contract.

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Basis of Presentation

The consolidated financial statements included elsewhere in this Annual Report and the other financial information presented and discussed in this management's discussion and analysis includes the accounts of Warrior Met Coal, Inc. and its subsidiaries (the "Company" or "Warrior").

How We Evaluate Our Operations

We have one reportable segment identified as Mining which consists of Mine No. 4, Mine No. 7 and the Blue Creek mine. We determined that our natural gas and royalty business did not meet the criteria in ASC 280, Segment Reporting, to be considered as a reportable segment. Therefore, we have included their results in an "all other" category as a reconciling item to consolidated amounts.

Our management uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability and include: (i) Segment Adjusted EBITDA, a non-GAAP financial measure; (ii) sales volumes and average selling price, which drive coal sales revenue; (iii) cash cost of sales, a non-GAAP financial measure; and (iv) Adjusted EBITDA, a non-GAAP financial measure. The following table presents supplementary data on a historical basis for each of the periods indicated.

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
(in thousands) |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 294,623 |  |  | $ | 492,683 |  |  | $ | 737,723 |
Metric tons sold |  |  | 8,735 |  |  |  | 7,235 |  |  |  | 6,820 |
Metric tons produced |  |  | 9,256 |  |  |  | 7,482 |  |  |  | 6,936 |
Average net selling price per metric ton |  | $ | 146.20 |  |  | $ | 207.32 |  |  | $ | 241.64 |
Cash cost of sales per metric ton |  | $ | 111.66 |  |  | $ | 138.10 |  |  | $ | 132.60 |
Adjusted EBITDA |  | $ | 256,549 |  |  | $ | 447,850 |  |  | $ | 698,866 |

Segment Adjusted EBITDA

We define Segment Adjusted EBITDA as net income adjusted for other revenues, cost of other revenues, depreciation and depletion, selling, general and administrative expenses, business interruption expenses, loss on early extinguishment of debt, other (expense) income, interest income, interest expense, income tax benefit (expense) and certain transactions or adjustments that the CEO, our Chief Operating Decision Maker does not consider for the purposes of making decisions to allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our consolidated financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

•
our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure;
•
the ability of our assets to generate sufficient cash flow to pay distributions;
•
our ability to incur and service debt and fund capital expenditures; and
•
the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities, such as Blue Creek.

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Sales Volumes and Average Net Selling Price

We evaluate our operations based on the volume of coal we can safely produce and sell in compliance with regulatory standards, and the prices we receive for our steelmaking coal. Our sales volume and sales prices are largely dependent upon the terms of our annual steelmaking coal sales contracts, for which prices generally are set on daily index averages on a quarterly basis. The volume of steelmaking coal we sell is also a function of the pricing environment in the international steelmaking coal markets and the amounts of Low Vol and High Vol A coal that we sell. We evaluate the price we receive for our steelmaking coal based on our average net selling price per metric ton.

Our average net selling price per metric ton represents our coal net sales revenue divided by total metric tons of coal sold. In addition, our average net selling price per metric ton is net of demurrage and quality specification adjustments. We normally compete on a delivered basis when negotiating contract and spot transactions with our global customers. However, depending on market dynamics and other circumstances, the burden of ocean freight may be borne entirely by the supplier, shared between both partners, or assumed entirely by the customer. In the instance when we are responsible for the freight, the freight costs will reduce our net sales revenues and impact our net selling price realizations.

Cash Cost of Sales

We evaluate our cash cost of sales on a cost per metric ton basis. Cash cost of sales is based on reported cost of sales and includes items such as freight, royalties, manpower, fuel and other similar production and sales cost items, and may be adjusted for other items that, pursuant to GAAP, are classified in the Consolidated Statements of Operations as costs other than cost of sales, but relate directly to the costs incurred to produce steelmaking coal and sell it free-on-board at the Port of Mobile in Alabama. Our cash cost of sales per metric ton is calculated as cash cost of sales divided by the metric tons sold. Cash cost of sales is used as a supplemental financial measure by management and by external users of our consolidated financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

•
our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure; and
•
the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities, such as Blue Creek.

We believe that this non-GAAP financial measure provides additional insight into our operating performance, and reflects how management analyzes our operating performance and compares that performance against other companies on a consistent basis for purposes of business decision making by excluding the impact of certain items that management does not believe are indicative of our core operating performance. We believe that cash costs of sales presents a useful measure of our controllable costs and our operational results by including all costs incurred to produce steelmaking coal and sell it free-on-board at the Port of Mobile in Alabama. Period-to-period comparisons of cash cost of sales are intended to help management identify and assess additional trends potentially impacting our Company that may not be shown solely by period-to-period comparisons of cost of sales. Cash cost of sales should not be considered an alternative to cost of sales or any other measure of financial performance or liquidity presented in accordance with GAAP. Cash cost of sales excludes some, but not all, items that affect cost of sales, and our presentation may vary from the presentations of other companies. As a result, cash cost of sales as presented below may not be comparable to similarly titled measures of other companies.

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The following table presents a reconciliation of cash cost of sales to total cost of sales, the most directly comparable GAAP financial measure, on a historical basis for each of the periods indicated.

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
(in thousands) |  |  |  |  |  |  |  |  |
Cost of sales |  | $ | 982,401 |  |  | $ | 1,007,297 |  |  | $ | 910,269 |
Asset retirement obligation accretion and valuation adjustment |  |  | (2,099 | ) |  |  | (3,243 | ) |  |  | (2,109 | )
Stock compensation expense |  |  | (4,918 | ) |  |  | (4,866 | ) |  |  | (3,841 | )
Cash cost of sales |  | $ | 975,384 |  |  | $ | 999,188 |  |  | $ | 904,319 |

Adjusted EBITDA

We define Adjusted EBITDA as net income before net interest (income) expense, income tax expense (benefit), depreciation and depletion, non-cash asset retirement obligation accretion and valuation adjustments, non-cash stock compensation expense, other non-cash accretion and valuation adjustments, non-cash mark-to-market loss (gain) on gas hedges, loss on early extinguishment of debt, business interruption expenses and other expenses. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our consolidated financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

•
our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure; and
•
the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities, such as Blue Creek.

We believe that the presentation of Adjusted EBITDA in this Annual Report provides information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Adjusted EBITDA is net income. Adjusted EBITDA should not be considered an alternative to net income or loss or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments exclude some, but not all, items that affect net income and our presentation of Adjusted EBITDA may vary from that presented by other companies.

The following table presents a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, on a historical basis for each of the periods indicated.

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
(in thousands) |  |  |  |  |  |  |  |  |
Net income |  | $ | 56,998 |  |  | $ | 250,603 |  |  | $ | 478,629 |
Interest income, net |  |  | (8,735 | ) |  |  | (28,776 | ) |  |  | (22,739 | )
Income tax (benefit) expense |  |  | (2,554 | ) |  |  | 33,063 |  |  |  | 72,790 |
Depreciation and depletion |  |  | 188,565 |  |  |  | 153,982 |  |  |  | 127,356 |
Asset retirement obligation accretion and valuation adjustment (1) |  |  | 1,770 |  |  |  | 5,435 |  |  |  | 4,535 |
Stock compensation expense (2) |  |  | 19,953 |  |  |  | 22,070 |  |  |  | 18,300 |
Other non-cash accretion and valuation adjustments (3) |  |  | 708 |  |  |  | 9,114 |  |  |  | 205 |
Non-cash mark-to-market (gain) loss on gas hedges (4) |  |  | (175 | ) |  |  | 1,835 |  |  |  | (1,227 | )
Loss on early extinguishment of debt (5) |  |  | — |  |  |  | — |  |  |  | 11,699 |
Business interruption (6) |  |  | 19 |  |  |  | 524 |  |  |  | 8,291 |
Other expense (7) |  |  | — |  |  |  | — |  |  |  | 1,027 |
Adjusted EBITDA |  | $ | 256,549 |  |  | $ | 447,850 |  |  | $ | 698,866 |

(1)
Represents non-cash accretion expense and valuation adjustment associated with our asset retirement obligations (see Note 9 to our consolidated financial statements).

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(2)
Represents non-cash stock compensation expense associated with equity awards (see Note 16 to our consolidated financial statements).
(3)
Represents non-cash accretion expense and valuation adjustments associated with our black lung obligations (see Note 10 to our consolidated financial statements).
(4)
Represents non-cash mark-to-market (gains) losses recognized on our gas hedges (see Note 18 to our consolidated financial statements).
(5)
Represents a loss incurred in connection with the early extinguishment of debt.
(6)
For the years ended December 31, 2025 and 2024, represents ongoing legal expenses associated with the ongoing labor negotiations and for 2023 represents non-recurring expenses that were directly attributable to the labor strike for incremental safety and security, labor negotiations and other expenses.
(7)
Represents non-recurring expenses incurred in connection with the ransomware attack discovered by the Company on July 29, 2023.

Results of Operations

Year Ended December 31, 2025 and 2024

The following table summarizes certain financial information relating to our operating results that have been derived from our audited consolidated financial statements for the years ended December 31, 2025 and 2024.

|  | For the year ended December 31, |
(in thousands) |  | 2025 |  |  | % of Total Revenues |  |  | 2024 |  |  | % of Total Revenues |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 1,277,024 |  |  |  | 97.5 | % |  | $ | 1,499,980 |  |  |  | 98.3 | %
Other revenues |  |  | 33,019 |  |  |  | 2.5 | % |  |  | 25,240 |  |  |  | 1.7 | %
Total revenues |  |  | 1,310,043 |  |  |  | 100.0 | % |  |  | 1,525,220 |  |  |  | 100.0 | %
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of items shown separately below) |  |  | 982,401 |  |  |  | 75.0 | % |  |  | 1,007,297 |  |  |  | 66.0 | %
Cost of other revenues (exclusive of items shown separately below) |  |  | 27,668 |  |  |  | 2.1 | % |  |  | 45,449 |  |  |  | 3.0 | %
Depreciation and depletion |  |  | 188,565 |  |  |  | 14.4 | % |  |  | 153,982 |  |  |  | 10.1 | %
Selling, general and administrative |  |  | 65,681 |  |  |  | 5.0 | % |  |  | 63,078 |  |  |  | 4.1 | %
Business interruption |  |  | 19 |  |  |  | — | % |  |  | 524 |  |  |  | — | %
Total costs and expenses |  |  | 1,264,334 |  |  |  | 96.5 | % |  |  | 1,270,330 |  |  |  | 83.3 | %
Operating income |  |  | 45,709 |  |  |  | 3.5 | % |  |  | 254,890 |  |  |  | 16.7 | %
Interest expense |  |  | (9,742 | ) |  |  | (0.7 | )% |  |  | (4,271 | ) |  |  | (0.3 | )%
Interest income |  |  | 18,477 |  |  |  | 1.4 | % |  |  | 33,047 |  |  |  | 2.2 | %
Income before income tax (benefit) expense |  |  | 54,444 |  |  |  | 4.2 | % |  |  | 283,666 |  |  |  | 18.6 | %
Income tax (benefit) expense |  |  | (2,554 | ) |  |  | (0.2 | )% |  |  | 33,063 |  |  |  | 2.2 | %
Net income |  | $ | 56,998 |  |  |  | 4.4 | % |  | $ | 250,603 |  |  |  | 16.4 | %

Sales, production and cost of sales components on a per unit basis for the years ended December 31, 2025 and 2024 were as follows:

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |
Steelmaking Coal (metric tons in thousands) |  |  |  |  |  |
Metric tons sold |  |  | 8,735 |  |  |  | 7,235 |
Metric tons produced |  |  | 9,256 |  |  |  | 7,482 |
Average net selling price per metric ton |  | $ | 146.20 |  |  | $ | 207.32 |
Cash cost of sales per metric ton |  | $ | 111.66 |  |  | $ | 138.10 |
Cost of production % |  |  | 66 | % |  |  | 64 | %
Transportation and royalties % |  |  | 34 | % |  |  | 36 | %

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We delivered strong results for the year ended December 31, 2025 driven by record sales volumes, the commencement of longwall operations at the transformational Blue Creek mine, and continued cost improvements. The ahead-of-schedule start of Blue Creek's longwall in October 2025 is already reshaping Warrior's production profile, cost structure and earnings potential.

The following list highlights our key accomplishments for the year ended December 31, 2025:

•
commenced longwall operations at the Blue Creek mine, eight months ahead of schedule and on budget;
•
we finalized two federal coal leases with the BLM, which contain approximately 48 million metric tons of reserves, further strengthening the resource base underpinning our strategic growth initiatives;
•
we achieved record annual sales volumes of 8.7 million metric tons, a 21% increase compared to the prior year, and record production volumes of 9.3 million metric tons, a 24% increase compared to the prior year, which reflects strong operational performance from the Blue Creek mine as it produced 1.8 million metric tons and we sold 1.4 million metric tons;
•
we achieved strong net income of $57.0 million, or $1.08 per diluted share and adjusted EBITDA of $256.5 million;
•
we delivered positive cash flows from operations of $229.2 million, enabling the continued investment in capital expenditures of $402.2 million for the growth of the business;
•
we maintained a strong balance sheet with total liquidity of $483.9 million, consisting of cash and cash equivalents of $300.0 million, short-term investments of $43.4 million, net of $9.9 million posted as collateral, and $140.5 million available under our Amended ABL Facility;
•
we achieved a total reportable incidence rate of 1.96, which is 53% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.20 for the six months ended June 30, 2025 which represents the latest data available; and
•
we demonstrated an ongoing commitment to returning capital to our stockholders paying a regular quarterly dividend of $0.08 per share.

Sales were $1.3 billion for the year ended December 31, 2025, compared to $1.5 billion for the year ended December 31, 2024. The $223.0 million or 15% decrease in sales was primarily driven by a $533.9 million decrease related to a $61.12 or 29.5% decrease in the average net selling price per metric ton of steelmaking coal offset partially by a $311.0 million increase due to a 1.4 million metric ton increase in steelmaking coal sales volume. Sales volumes for the year ended December 31, 2025, were a record 8.7 million metric tons, a 21% increase, driven by increased production due to the commencement of longwall operations at Blue Creek in October 2025, eight months ahead of schedule and under budget. The average net selling price of our steelmaking coal decreased $61.12 from $207.32 per metric ton for the year ended December 31, 2024 to $146.20 per metric ton for the year ended December 31, 2025. Our average gross price realization was approximately 80% of the Platts Premium Low Vol FOB Australian index price for the year ended December 31, 2025 compared to 89% for the year ended December 31, 2024, primarily driven by 13% higher sales mix of High Vol A steelmaking coal sold primarily into the Pacific Basin, a lower price index relative to premium Low Vol and elevated freight rates to the Pacific Basin.

For the year ended December 31, 2025, the Company's geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S. For the year ended December 31, 2024, the Company's geographic customer mix was 42% in Asia, 38% in Europe, 19% in South America and 1% in the U.S.

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Other revenues for the year ended December 31, 2025 were $33.0 million compared to $25.2 million for the year ended December 31, 2024. Other revenues are comprised of revenue derived from our natural gas operations, gains and losses on our natural gas hedges and earned royalty revenue. The $7.8 million increase in other revenues is primarily driven by an increase of $1.30 per Million British Thermal Unit ("MMBtu") or 52% in the Southern Louisiana natural gas price average offset partially by a slight decrease in gas sales volumes for the year ended December 31, 2025 compared to the prior year comparable period. The current year also includes a mark-to-market net gain of $0.2 million on outstanding gas hedges.

Cost of sales (exclusive of items shown separately below) was $982.4 million, or 75.0% of total revenues for the year ended December 31, 2025, compared to $1,007.3 million, or 66.0% of total revenues for the year ended December 31, 2024. The $24.9 million decrease in cost of sales was primarily driven by a $231.0 million decrease due to a $26.44 per metric ton decrease in the average cash cost of sales per metric ton offset partially by a $207.2 million increase due to a 21% increase in steelmaking coal sales volumes. The decrease in average cash cost of sales per metric ton is primarily driven by the sales mix of Blue Creek coal and its inherently lower cost structure and lower steelmaking coal prices and their effect on our variable cost structure, primarily for wages, transportation and royalties. For the year ended December 31, 2025, cost of production represented 66% of cost of sales and transportation and royalties accounted for approximately 34% compared to cost of production of 64% and transportation and royalties of 36% for the year ended December 31, 2024.

Cost of other revenues was $27.7 million for the year ended December 31, 2025, compared to $45.4 million for the year ended December 31, 2024. The $17.8 million decrease is primarily due to a net change of approximately of $8.6 million in our black lung obligation valuation adjustment recorded annually in the fourth quarter primarily attributable to a decrease in open claims and the net impact of a change in discount rates.

Depreciation and depletion was $188.6 million, or 14.4% of total revenues, for the year ended December 31, 2025, compared to $154.0 million, or 10.1% of total revenues for the year ended December 31, 2024. The $34.6 million increase in depreciation and depletion is primarily driven by additional assets placed in service throughout the year and a 21% increase in steelmaking coal sales volumes as depreciation and depletion is first capitalized into coal inventory and relieved when the tons are sold.

Selling, general and administrative expenses were $65.7 million, or 5.0% of total revenues for the year ended December 31, 2025 compared to $63.1 million, or 4.1% of total revenues for the year ended December 31, 2024. The $2.6 million increase in selling, general and administrative expenses is primarily driven by an increase in employee related expenses.

Interest expense was $9.7 million, or 0.7%, of total revenues, for the year ended December 31, 2025, compared to $4.3 million, or 0.3% of total revenues, for the year ended December 31, 2024. The $5.5 million increase is due to interest on new financing leases in 2025.

Interest income was $18.5 million, or 1.4% of total revenues, for the year ended December 31, 2025, compared to $33.0 million, or 2.2% of total revenues, for the year ended December 31, 2024. The $14.6 million decrease was driven by a decrease in invested cash balances and lower rates of return earned on our investments.

For the year ended December 31, 2025, we recognized income tax benefit of $2.6 million or an effective tax rate of negative 4.7% primarily due to federal income tax expense at the U.S. statutory tax rate of $11.4 million offset by an income tax benefit of $12.2 million driven by percentage depletion deduction, $4.7 million due to the marginal well tax credit and $4.3 million due to a deduction under Section 250 of the Code: Foreign-Derived Intangible Income ("FDII"). For the year ended December 31, 2024, we recognized income tax expense of $33.1 million or an effective tax rate of 11.7% primarily due to pre-tax income of $283.7 million offset partially by an income tax benefit of $14.4 million of percentage depletion deduction, $12.1 million due to the FDII deduction and $4.9 due to the marginal well tax credit. The OBBBA was enacted on July 4, 2025, and updated the FDII to FDDEI, which provides for, among other things, a permanent deduction of 33.34% of FDDEI, which reduces the statutory tax rate to 14% of such income. The changes will take effect for taxable years beginning after December

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31, 2025. The marginal well credit is a production-based tax credit that provides a credit for qualified natural gas production and is phased out when natural gas prices exceed certain thresholds.

At December 31, 2025, we had state NOLs of approximately $948.9 million. These NOLs represent a deferred tax asset of approximately $2.9 million, net of the valuation allowance. See Note 7 of the Notes to the Consolidated Financial Statements for more information.

Liquidity and Capital Resources

Overview

Our sources of cash have been steelmaking coal and natural gas sales to customers, proceeds received from the Notes (as defined below) and access to our Amended ABL Facility. Historically, our primary uses of cash have been for funding the operations of our coal and natural gas production operations, working capital, our capital expenditures, including capital expenditures and mine development for the development of Blue Creek, our reclamation obligations, payment of principal and interest on our Notes, professional fees and other non-recurring transaction expenses. In addition, we used available cash on hand to repurchase shares of common stock and to pay our quarterly and special dividends, each of which reduces or reduced cash and cash equivalents.

Going forward, we will use cash to fund debt service payments on our Notes, the Amended ABL Facility and our other indebtedness, to fund operating activities, working capital, capital expenditures, our reclamation obligations, our finance lease obligations, our black lung obligations, our federal coal lease obligations, professional fees, and other non-recurring transaction expenses and strategic investments, and, if declared, to pay our quarterly and/or special dividends. Our ability to fund our capital needs going forward will depend on our ongoing ability to generate cash from operations and borrowing availability under the Amended ABL Facility, and, in the case of any future strategic investments, capital needs or special dividends financed partially or wholly with debt financing and our ability to access the capital markets to raise additional capital.

Our available liquidity as of December 31, 2025 was $483.9 million, consisting of $300.0 million of cash and cash equivalents, $43.4 million of short-term investments, net of $9.9 million posted as collateral, and $140.5 million available under our Amended ABL Facility, net of outstanding letters of credit. As of December 31, 2025, no loans were outstanding under the Amended ABL Facility and there were $2.5 million of letters of credit issued and outstanding under the Amended ABL Facility.

In the future, we may, at any time and from time to time, seek to retire or purchase additional Notes in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, if any, and other factors.

We are responsible for medical and disability benefits for black lung disease under the Federal Coal Mine Health and Safety Act of 1969, as amended. Beginning on April 1, 2016 through May 31, 2018, we were insured under a guaranteed cost insurance policy, through a third-party insurance carrier, for black lung claims raised by any employee subsequent to the acquisition of certain assets of Walter Energy. From June 1, 2018 to May 31, 2020 and June 1, 2020 to May 31, 2024, we had a deductible policy where the Company was responsible for the first $0.5 million and $1.0 million, respectively, for each black lung and workers compensation related claim from any of our employees. Beginning on June 1, 2024, we have a deductible policy where we are responsible for the first $2.0 million of each black lung and workers compensation related claim from any of our employees.

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We assumed all of the black lung liabilities of Walter Energy and its U.S. subsidiaries. We are self-insured for these black lung liabilities and have posted $18.6 million in surety bonds and $9.9 million of collateral recognized as short term investments in addition to maintaining a black lung trust of $0.9 million that was acquired from Walter Energy. We received a letter from the Division of Coal Mine Workers' Compensation ("DCWMC") on February 21, 2020, under its new process for self-insurance renewals, which would require us to increase the amount of collateral posted to $39.8 million, but we appealed such increase. We received another letter from the DCWMC on December 8, 2021 requesting additional information to support our appeal of the collateral requested by the DOL. On February 9, 2022, the DCWMC held a conference call with representatives from the Company related to our appeal. On July 12, 2022, we received a decision on our appeal from the DCWMC lowering the amount of collateral required to be posted from $39.8 million to $28.0 million. We appealed this decision.

On January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers, which was then subsequently revised as part of the final rules published on December 12, 2024, which became effective on January 13, 2025 (the "2025 Final Regulations"). The 2025 Final Regulations required, among other requirements, all self-insured operators to post security of at least 100 percent of their projected black lung liabilities. On January 14, 2025, we received a letter from the DCMWC outlining the new procedures and application process for authorizing operators to self-insure under the new regulations. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received another letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCWMC further stated that additional guidance would be provided in due course after consultation with the new DOL leadership. We have posted $18.6 million in surety bonds and $9.9 million of collateral recognized as short term investments in addition to maintaining a black lung trust of $0.9 million that was acquired from Walter Energy.

In the ordinary course of our business, we are required to provide surety bonds and letters of credit to provide financial assurance for certain transactions and business activities. Federal and state laws require us to obtain surety bonds or other acceptable security to secure payment of certain long-term obligations including mine closure or reclamation costs and other miscellaneous obligations. As of December 31, 2025, we had outstanding surety bonds and letters of credit with parties for post-mining reclamation at all of our mining operations totaling $47.5 million, $18.6 million as collateral for self-insured black lung related claims, $16.0 million for federal coal leases and $6.4 million for miscellaneous purposes.

We believe that our future cash flows from operations, together with cash on our balance sheet and proceeds from the borrowings under our Amended ABL Facility, will provide adequate resources to fund our debt service payments, asset retirement obligations, finance lease obligations, federal coal lease obligations, black lung obligations and planned operating and capital expenditure needs for at least the next twelve months and beyond. However, we will continue to assess our liquidity needs in light of the current weakness in steelmaking coal prices.

The Company's principal contractual commitments include repayments of long-term debt and related interest, potential minimum throughput payments associated with our rail and port providers, asset retirement obligation payments, black lung obligation payments, payments on various coal and land leases, including the federal coal lease obligations, and payments under financing lease obligations. Currently, there are no known trends or expected changes anticipated in future periods that would not be indicative of past results for our contractual commitments.

Refer to the respective notes to the consolidated financial statements for further information about our asset retirement obligations (Note 9), black lung obligations (Note 10), financing lease payment obligations (Note 11), federal coal leases (Note 12), credit facilities and long-term debt (Note 13), commitments and contingencies (Note 14), share repurchase programs (Note 17) and derivative instruments (Note 18).

If our cash flows from operations are less than we require, we may need to incur additional debt or issue additional equity. From time to time, we may need to access the long-term and short-term capital markets to obtain financing. Our access to, and the availability of, financing on acceptable terms and conditions in the future will be affected by many factors, including:

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(i) our credit ratings, (ii) the liquidity of the overall capital markets, (iii) the current state of the global economy and (iv) restrictions in our Amended ABL Facility, the indenture governing the Notes (the "Indenture"), and any other existing or future debt agreements. There can be no assurance that we will have or continue to have access to the capital markets on terms acceptable to us or at all.

Consolidated Statements of Cash Flows

Cash balances were $300.0 million, $491.5 million and $738.2 million at December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

The following table sets forth, a summary of the net cash provided by (used in) operating, investing and financing activities for the period (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net cash provided by operating activities |  | $ | 229,246 |  |  | $ | 367,448 |  |  | $ | 701,108 |
Net cash used in investing activities |  |  | (405,150 | ) |  |  | (538,002 | ) |  |  | (527,207 | )
Net cash used in financing activities |  |  | (15,379 | ) |  |  | (68,511 | ) |  |  | (265,184 | )
Net decrease in cash and cash equivalents and restricted cash |  | $ | (191,283 | ) |  | $ | (239,065 | ) |  | $ | (91,283 | )

Operating Activities

Net cash flows from operating activities consist of net income adjusted for noncash items, such as depreciation and depletion of property, plant and equipment and mineral interests, deferred income tax (benefit) expense, stock-based compensation, amortization of debt issuance costs and debt discount, accretion expense and valuation adjustment associated with our asset retirement obligations, mark-to-market adjustments on gas hedges, loss on early extinguishment of debt and changes in net working capital. The timing between the conversion of our billed and unbilled receivables into cash from our customers, production and sale of coal inventory and disbursements to our vendors is the primary driver of changes in our working capital.

Net cash provided by operating activities was $229.2 million for the year ended December 31, 2025, and was primarily attributed to net income of $57.0 million adjusted for depreciation and depletion expense of $188.6 million, stock-based compensation expense of $20.0 million, accretion and valuation adjustment of asset retirement obligations of $1.8 million and amortization of debt issuance costs and debt discount of $1.6 million, offset partially by deferred income tax benefit of $9.4 million, mark-to-market gain on gas hedges of $0.2 million and an increase in net working capital of $22.6 million. The increase in our working capital was primarily attributable to increases in trade accounts receivable, inventories and prepaid expenses partially offset by increases to accounts payable and accrued expenses. The increase in trade accounts receivable, inventories, prepaid expenses, accounts payable and accrued expenses is primarily due to the commencement of longwall operations at the Blue Creek mine.

Net cash provided by operating activities was $367.4 million for the year ended December 31, 2024, and was primarily attributed to net income of $250.6 million adjusted for depreciation and depletion expense of $154.0 million, stock-based compensation expense of $22.1 million, accretion and valuation adjustment of asset retirement obligations of $5.4 million and amortization of debt issuance costs and debt discount of $1.6 million, offset partially by deferred income tax benefit of $8.1 million and an increase in net working capital of $55.2 million. The increase in our working capital was primarily attributable to an increase in trade accounts receivable, inventories and prepaid expenses offset partially by a decrease in income tax receivable and other receivables. The increase in trade accounts receivable is due to the timing of sales and collections combined with a 0.4 million increase in steelmaking coal metric tons sold offset partially by a $34.32 decrease in our steelmaking coal average net selling price per metric ton. The increase in inventories is due to an increase in production.

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Investing Activities

Net cash used in investing activities was $405.2 million for the year ended December 31, 2025, primarily comprised of $320.3 million of purchases of property, plant and equipment, $81.9 million of capitalized mine development costs associated with our Blue Creek development and $9.4 million on the acquisition of leased mineral rights partially offset by $6.4 million in proceeds received from the maturity of investments. We spent approximately $61.3 million in sustaining capital and spent an additional $259.0 million in other discretionary capital, which primarily included capital spent on the development of Blue Creek of $240.3 million and capital spent on the bunker at Mine No. 4 of $17.3 million.

Net cash used in investing activities was $538.0 million for the year ended December 31, 2024, primarily comprised of $457.2 million of purchases of property, plant and equipment, $31.1 million of capitalized mine development costs associated with our Blue Creek development and the purchase of $49.7 million in investments. We spent approximately $87.0 million in sustaining capital and spent an additional $370.0 million in other discretionary capital, which primarily included capital spent on the development of Blue Creek of $350.5 million, capital spent on the bunker at Mine No. 4 of $17.2 million and capital spent on the Mine No. 7 overland belt of $2.5 million.

Financing Activities

Net cash used in financing activities was $15.4 million for the year ended December 31, 2025, primarily due to principal repayments of financing lease obligations of $36.9 million, payment of quarterly dividends of $17.8 million and payments of tax withholdings on vested equity awards of $9.4 million offset partially by proceeds received from financing lease obligations of $48.8 million.

Net cash used in financing activities was $68.5 million for the year ended December 31, 2024, primarily due to the payment of quarterly and special dividends of $43.8 million, principal repayments of financing lease obligations of $17.4 million and payments of tax withholdings on vested equity awards of $11.8 million partially offset by proceeds received from financing lease obligations of $4.5 million.

Capital Allocation Policy

On May 17, 2017, the Board adopted the Capital Allocation Policy of paying a quarterly cash dividend of $0.05 per share. In February 2022, we announced that the Board approved an increase in the regular quarterly cash dividend by 20%, from $0.05 per share to $0.06 per share. In February 2023, we announced that the Board approved an increase in the regular quarterly cash dividend by 17%, from $0.06 per share to $0.07 per share. On February 9, 2024, we announced the Board approved an increase in the regular quarterly cash dividend by 14% from $0.07 per share to $0.08 per share and declared a special cash dividend of $0.50 per share. Our strategy continues to be focused on optimizing our capital structure to improve returns to stockholders, through special cash dividends, while allowing flexibility for us to complete development of Blue Creek. We intend on returning cash to stockholders in stronger price markets where we are generating significant amounts of cash flow, and less cash to stockholders during weaker markets. We also intend on using stock repurchases when there is no short- or long-term use for additional cash that will deliver meaningful value to stockholders. We have paid a regular quarterly cash dividend every quarter since the Board adopted the Capital Allocation Policy.

The Capital Allocation Policy states the following: In addition to the regular quarterly dividend and to the extent that the Company generates excess cash that is beyond the then current requirements of the business, the Board may consider returning all or a portion of such excess cash to stockholders through a special dividend or implementation of a stock repurchase program. Any future dividends or stock repurchases will be at the discretion of the Board and subject to consideration of a number of factors, including business and market conditions, future financial performance and other strategic investment opportunities. The Company will also seek to optimize its capital structure to improve returns to stockholders while allowing flexibility for the Company to pursue selective strategic growth opportunities that can provide compelling stockholder returns.

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During the year ended December 31, 2025, we have paid $17.8 million of regular quarterly dividends under the Capital Allocation Policy.

Stock Repurchase Program

On March 26, 2019, the Board approved the Company's second stock repurchase program (the “New Stock Repurchase Program”) that authorizes repurchases of up to an aggregate of $70.0 million of the Company's outstanding common stock. The Company fully exhausted its previous stock repurchase program (the "First Stock Repurchase Program") of $40.0 million of its outstanding common stock. The New Stock Repurchase Program does not require the Company to repurchase a specific number of shares or have an expiration date. The New Stock Repurchase Program may be suspended or discontinued by the Board at any time without prior notice.

Under the New Stock Repurchase Program, the Company may repurchase shares of its common stock from time to time, in amounts, at prices and at such times as the Company deems appropriate, subject to market and industry conditions, share price, regulatory requirements and other considerations as determined from time to time by the Company. The Company’s repurchases may be executed using open market purchases or privately negotiated transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act and repurchases may be executed pursuant to Rule 10b5-1 under the Exchange Act. Repurchases will be subject to limitations in the Amended ABL Facility and the Indenture. The Company intends to fund repurchases under the New Stock Repurchase Program from cash on hand and/or other sources of liquidity. Any future repurchases of shares of the Company's common stock will be subject to the 1% excise tax under the IRA.

As of December 31, 2025, the Company has repurchased 500,000 shares for approximately $10.6 million, leaving $59.4 million of share repurchases authorized under the New Stock Repurchase Program.

Amended ABL Facility

On August 28, 2025, Warrior Met Coal, Inc. (the “Company”) entered into that certain First Amendment to Second Amended and Restated Asset-Based Revolving Credit Agreement (the “Amendment”), by and among the Company and certain of its subsidiaries, as borrowers, the guarantors party thereto, the lenders party thereto and Citibank, N.A. as administrative agent, which amends the Company's existing Second Amended and Restated Asset-Based Revolving Credit Agreement (the “credit facility”, and the credit facility as amended by the Amendment, the “Amended ABL Facility”). The Amendment, among other things, (i) increases the aggregate commitments available to be borrowed under the Amended ABL Facility by $27.0 million to $143.0 million; (ii) extends the maturity date of the credit facility to the earlier of (x) August 28, 2030 and (y) 91 days prior to the maturity date of the Company's 7.875% Senior Notes due 2028 (if such notes are still outstanding as of such date); and (iii) amends certain borrowing base calculations and other terms and provisions of the credit facility. As of December 31, 2025, no loans were outstanding under the Amended ABL Facility and there were $2.5 million of letters of credit issued and outstanding under the Amended ABL Facility. At December 31, 2025, we had $140.5 million of availability under the Amended ABL Facility.

Revolving loan (and letter of credit) availability under the Amended ABL Facility is subject to a borrowing base, which at any time is equal to the sum of certain eligible billed and unbilled accounts receivable, certain eligible inventory, certain eligible supplies inventory and qualified cash, in each case, subject to specified advance rates. The borrowing base availability is subject to certain reserves, which may be established by the agent in its reasonable credit discretion. The reserves may include rent reserves, lower of cost or market reserves, port charges reserves and any other reserves that the Agent determines in its reasonable credit judgment to the extent such reserves relate to conditions that could reasonably be expected to have an adverse effect on the value of the collateral included in the borrowing base.

Borrowings under the Amended ABL Facility bear interest at a rate equal to either (i) the Secured Overnight Financing Rate ("SOFR"), or (ii) an alternate base rate plus, in each case of the foregoing (i) and (ii), an applicable margin, which is

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determined based on the average availability of the commitments under the Amended ABL Facility, ranging currently from 150 bps to 200 bps or 50 bps to 100 bps, respectively. In addition to paying interest on the outstanding borrowings under the Amended ABL Facility, we are required to pay a fee in respect of unutilized commitments, which is based on the availability of the commitments under the Amended ABL Facility, ranging from 25 bps to 37.5 bps. We are also required to pay a fee on amounts available to be drawn under outstanding letters of credit under the Amended ABL Facility at a rate not in excess of 200 bps, and certain administrative fees.

The Amended ABL Facility contains customary covenants for asset-based credit agreements of this type, including among other things: (i) requirements to deliver consolidated financial statements, other reports and notices; (ii) restrictions on the existence or incurrence of certain indebtedness; (iii) restrictions on the existence or incurrence of certain liens; (iv) restrictions on making certain restricted payments; (v) restrictions on making certain investments; (vi) restrictions on certain mergers, consolidations and asset dispositions; (vii) restrictions on certain transactions with affiliates; and (viii) restrictions on modifications to certain indebtedness. Additionally, the Amended ABL Facility contains a springing fixed charge coverage ratio of not less than 1.00 to 1.00, which ratio is tested if availability under the Amended ABL Facility is less than a certain amount. As of December 31, 2025, we were not subject to this covenant. Subject to customary grace periods and notice requirements, the Amended ABL Facility also contains customary events of default.

We were in compliance with all applicable covenants under the Amended ABL Facility as of December 31, 2025.

Senior Secured Notes

On December 6, 2021, we issued $350.0 million in aggregate principal amount of 7.875% senior secured notes due 2028 (the “Notes”) at an initial price of 99.343% of their face amount. The Notes were issued to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States in accordance with Regulation S under the Securities Act. We used the net proceeds of the offering of the Notes, together with cash on hand, to fund the redemption of all of our outstanding 8.00% senior secured notes due 2024 (the “Existing Notes”), including payment of the redemption premium in connection with such redemption. The Notes will accrue interest at a rate of 7.875% per year from December 6, 2021. Interest on the Notes will be payable on June 1 and December 1 of each year, commencing on June 1, 2022. The Notes will mature on December 1, 2028.

During the year ended December 31, 2023, we repurchased in the open market and extinguished approximately $8.0 million principal amount of our Notes. In connection with the extinguishment of our Notes, we recognized a loss on early extinguishment of debt of $0.1 million which is included in interest income (expense), net in the Consolidated Statements of Operations.

Offers to Purchase the Notes

On August 9, 2023, we commenced an offer to purchase (the “Restricted Payment Offer”), in cash, up to $150.0 million principal amount of its outstanding Notes, at a repurchase price of 103% of the aggregate principal amount of such Notes, plus accrued and unpaid interest with respect to such Notes to, but not including, the date of repurchase (the “Restricted Payment Repurchase Price”). Concurrently with, but separate from, the Restricted Payment Offer, we commenced a cash tender offer (the “Tender Offer” and, together with the Restricted Payment Offer, the “Offers”) to purchase up to $150.0 million principal amount of the Notes at a repurchase price of 104.25% of the aggregate principal amount of such Notes, plus accrued and unpaid interest to, but not including, the date of repurchase (the “TO Repurchase Price”). The Offers expired on September 7, 2023 (the “Expiration Date”).

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Restricted Payment Offer

As of the Expiration Date, $0.2 million aggregate principal amount of the Notes were validly tendered and not validly withdrawn pursuant to the Restricted Payment Offer. Pursuant to the terms of the Restricted Payment Offer:

(1) an automatic pro ration factor of 49.5674% was applied to the $0.2 million aggregate principal amount of the Notes that were validly tendered and not validly withdrawn in the Restricted Payment Offer (rounded down to avoid the purchase of Notes in a principal amount other than in integrals of $1,000), which resulted in $0.1 million aggregate principal amount of the Notes (the “RP Pro-Rated Tendered Notes”);

(2) we accepted all $0.1 million aggregate principal amount of the RP Pro-Rated Tendered Notes for payment of the Restricted Payment Repurchase Price in cash; and

(3) the remaining balance of $0.1 million aggregate principal amount of the Notes tendered that were not RP Pro-Rated Tendered Notes were not accepted for payment and were returned to the tendering holder of the Notes.

We consummated the Restricted Payment Offer on September 8, 2023.

Accordingly, pursuant to the terms of the Indenture, we will have the ability from time to time in the future to make one or more restricted payments (the "Proposed Restricted Payment") in the form of special dividends to holders of our common stock and/or repurchases of our common stock in the aggregate amount of up to $299.9 million consistent with the terms of the Capital Allocation Policy adopted by our Board. Any future Proposed Restricted Payments will be at the discretion of the Board and subject to a number of factors and there can be no assurance that we will make any Proposed Restricted Payments in the future.

Tender Offer

As of the Expiration Date, $294.8 million aggregate principal amount of the Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer. Pursuant to the terms of the Tender Offer:

(1) an automatic pro ration factor of 49.5674% was applied to the $294.8 million aggregate principal amount of the Notes that were validly tendered and not validly withdrawn in the Tender Offer (rounded down to avoid the purchase of Notes in a principal amount other than in integrals of $1,000), which resulted in $146.0 million aggregate principal amount of the Notes (the “TO Pro-Rated Tendered Notes”);

(2) we accepted all $146.0 million aggregate principal amount of the TO Pro-Rated Tendered Notes for payment of the TO Repurchase Price in cash; and

(3) the remaining balance of $148.8 million aggregate principal amount of the Notes tendered that were not TO Pro-Rated Tendered Notes were not accepted for payment and were returned to the tendering holder of the Notes.

We consummated the Tender Offer on September 11, 2023.

In connection with the payments for the RP Pro-Rated Tendered Notes and the TO Pro-Rated Tendered Notes, we recognized a loss on early extinguishment of debt of $11.7 million during the year ended December 31, 2023.

Short-Term Investments

As of December 31, 2025 and 2024, we had $9.9 million and $9.5 million of collateral recognized as short term investments, respectively. These investments were posted as collateral for the self-insured black lung related claims asserted by or on behalf of former employees of Walter Energy and its subsidiaries, which were assumed in the acquisition of certain

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assets of Walter Energy and relate to periods prior to March 31, 2016. We also had $43.4 million and $5.1 million in fixed income securities as of December 31, 2025 and December 31, 2024, respectively, with maturities less than twelve months.

Capital Expenditures

Our mining operations require investments to maintain, expand, upgrade or enhance our operations and to comply with environmental regulations. Maintaining and expanding mines and related infrastructure is capital intensive. Specifically, the exploration, permitting and development of met coal reserves, mining costs, the maintenance of machinery and equipment and compliance with applicable laws and regulations require ongoing capital expenditures. The cost of our capital expenditures are also impacted by inflation and tariffs and any prolonged inflation and/or tariffs could result in higher costs and decreased margins and earnings. While a significant amount of the capital expenditures required at our mines has been spent, we must continue to invest capital to maintain our production. In addition, any decisions to increase production at our mines could also affect our capital needs or cause future capital expenditures to be higher than in the past and/or higher than our estimates.

To fund our capital expenditures, we may be required to use cash from our operations, incur debt or sell equity securities. Our ability to obtain bank financing or our ability to access the capital markets for future equity or debt offerings may be limited by our financial condition at the time of any such financing or offering and the covenants in our current or future debt agreements, as well as by general economic conditions and uncertainties, that are beyond our control.

Our capital expenditures were $320.3 million and $457.2 million for the years ended December 31, 2025 and December 31, 2024, respectively. During 2025, we spent approximately $61.3 million in sustaining capital and spent an additional $259.0 million in other discretionary capital, which primarily included capital spent on the development of Blue Creek of $240.3 million and capital spent on the bunker at Mine No. 4 of $17.3 million. Our deferred mine development costs were $81.9 million and $31.1 million for the years ended December 31, 2025 and December 31, 2024, respectively, and relate to the development of the transformational Blue Creek mine. Now that we have commenced longwall operations at our Blue Creek mine, we do not anticipate any further mine development costs. We evaluate our spending on an ongoing basis in connection with our mining plans and the prices of steelmaking coal taking into consideration the funding available to maintain our operations at optimal production levels.

Our capital spending is expected to range from $155.0 million to $215.0 million for the full year 2026, consisting of sustaining capital expenditures of approximately $105.0 to $115.0 million and discretionary capital expenditures of approximately $50.0 to $75.0 million for the final construction of Blue Creek. Our sustaining capital expenditures include expenditures related to longwall operations and continuous miners.

Amended Rights Agreement

On February 14, 2020, we adopted an NOL Rights Agreement, which was amended on March 4, 2022 by Amendment No. 1 to the Rights Agreement and on December 8, 2023 by Amendment No. 2 to the Rights Agreement, to supplement the 382 Transfer Restrictions. The Company's stockholders ratified the Rights Agreement at the 2020 Annual Meeting of Stockholders and ratified the Amendment No. 1 to Rights Agreement at the 2022 Annual Meeting of Stockholders.

The Amended Rights Agreement is intended to supplement the 382 Transfer Restrictions and is designed to serve the interests of all stockholders by preserving the availability of our federal and state NOLs and is similar to plans adopted by other companies with significant federal and state NOLs.

Pursuant to the Amended Rights Agreement, one preferred stock purchase right (a “Right” or the “Rights”) was distributed to stockholders of the Company for each share of common stock of the Company outstanding as of the close of business on February 28, 2020. Initially, these Rights will not be exercisable and will trade with the shares of common stock. If the Rights become exercisable, each Right will initially entitle stockholders to buy one one-thousandth of a share of a newly created series of preferred stock designated as “Series A Junior Participating Preferred Stock” at an exercise price of $159.00 per Right. While the Amended Rights Agreement is in effect, any person or group that acquires beneficial ownership of 4.99% or more of the common stock or any existing stockholder who currently owns 5.00% or more of the common stock that acquires

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any additional shares of common stock (such person, group or existing stockholder, an "Acquiring Person") without approval from the Board would be subject to significant dilution in their ownership interest in the Company. In such an event, each Right will entitle its holder to buy, at the exercise price, common stock having a market value of two times the then current exercise price of the Right and the Rights held by such Acquiring Person will become void. The Amended Rights Agreement also gives discretion to the Board to determine that someone is an Acquiring Person even if they do not own 4.99% or more of the Common Stock but do own 4.99% or more in value of the outstanding stock, as determined pursuant to Section 382 of the Code and the regulations promulgated thereunder. In addition, the Board has established procedures to consider and approve requests to exempt certain acquisitions of the Company’s securities from the Amended Rights Agreement if the Board determines that doing so would not limit or impair the availability of the federal and state NOLs or is otherwise in the best interests of the Company and conditioned upon and subject to the satisfaction of certain continuing factual representations and covenants. The Board may redeem the Rights for $0.01 per Right at any time before any person or group triggers the Amended Rights Agreement. The distribution of the Rights is not a taxable event for stockholders of the Company and will not affect the Company’s financial condition or results of operations (including earnings per share).

The Rights will expire on the earliest of (i) the close of business on April 19, 2026, (ii) the time at which the Rights are redeemed as provided in the Amended Rights Agreement, (iii) the time at which the Rights are exchanged as provided in the Amended Rights Agreement, (iv) the time at which the Board determines that the NOLs are fully utilized or no longer available under Section 382 of the Code, (v) the effective date of the repeal of Section 382 of the Code if the Board determines that the Amended Rights Agreement is no longer necessary or desirable for the preservation of NOLs, or (vi) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in the Amended Rights Agreement. Additional details about the Amended Rights Agreement are contained in our Current Reports on Form 8-K filed with the SEC on February 14, 2020, March 4, 2022 and December 8, 2023.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in conformity with U.S. GAAP, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses in the period presented. Management evaluates these estimates and assumptions on an ongoing basis, using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from management’s estimates.

We believe the following discussion addresses our most critical accounting estimates, which are those that are most important to the presentation of our financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. These estimates are based upon management’s historical experience and on various other assumptions that we believe reasonable under the circumstances. Changes in estimates used in these and other items could have a material impact on our consolidated financial statements. Our significant accounting policies are described in Note 2 to our consolidated financial statements included elsewhere in this Annual Report.

Coal Reserves

Our mineral reserves and resources estimates are calculated in accordance with subpart 1300 of Regulation S-K under the Modernization of Property Disclosures for Mining Registrants of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our mineral reserves and resources are updated on an annual basis. There are numerous uncertainties inherent in estimating quantities and values of mineral reserves and resources, including many factors that are beyond our control. As a result, estimates of mineral reserves and resources are by their nature uncertain. Information about our reserves and resources consists of estimates based on engineering, economic and geological data assembled by our internal engineers and geologists

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or third-party consultants. A number of sources of information are used to determine accurate recoverable reserve and resource estimates including:

•
geological conditions;
•
historical production from the area compared with production from other producing areas;
•
the assumed effects of regulations and taxes by governmental agencies;
•
previously completed geological and reserve studies;
•
assumptions governing future prices; and
•
future operating costs.

Some of the factors and assumptions, which will change from time to time, that impact mineral reserve and resource estimates include, among other factors:

•
mining activities;
•
new engineering and geological data;
•
acquisition or divestiture of reserve holdings; and
•
modification of mining plans or mining methods.

Each of these factors may vary considerably from the assumptions used in estimating reserves and resources. For these reasons, estimates of economically recoverable quantities of coal attributable to a particular group of properties, and classifications of these reserves and resources based on risk of recovery and estimates of future net cash flows, may vary substantially. Actual production, revenues and expenditures with respect to reserves and resources will likely vary from estimates and these variances may be material. Variances could affect our projected future revenues and expenditures, as well as the valuation of coal reserves, resources and depletion rates. As of December 31, 2025, we had estimated reserves totaling 186.2 million metric tons and estimated mineral resources exclusive of reserves of 54.0 million metric tons.

Asset Retirement Obligations

Our asset retirement obligations primarily consist of spending estimates to reclaim surface lands and supporting infrastructure at both surface and underground mines in accordance with applicable reclamation laws in the United States as defined by each mining permit. Significant reclamation activities include reclaiming refuse piles and slurry ponds, reclaiming the pit and support acreage at surface mines, and sealing portals at underground mines. Asset retirement obligations are determined for each mine using various estimates and assumptions, including estimates of disturbed acreage as determined from engineering data, estimates of future costs to reclaim the disturbed acreage and the timing of related cash flows, discounted using a credit-adjusted, risk-free rate. Our asset retirement obligations also include estimates to reclaim gas wells in accordance with the Oil and Gas Board of Alabama. On at least an annual basis, we review our entire asset retirement obligation liability and make necessary adjustments for permit changes, the anticipated timing of mine closures, and revisions to cost estimates and productivity assumptions to reflect current experience. As changes in estimates occur, the carrying amount of the obligation and asset are revised to reflect the new estimate after applying the appropriate credit-adjusted, risk-free discount rate. For sites where there is no asset, expense or income is recognized for changes in estimates. If our assumptions differ from actual experience, or if changes in the regulatory environment occur, our actual cash expenditures and costs that we incur could be

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materially different than currently estimated. At December 31, 2025, we had recorded asset retirement obligation liabilities of $70.3 million, including $5.5 million reported as a current liability.

Income Taxes

In connection with the acquisition of certain assets of Walter Energy consummated on March 31, 2016, we acquired deferred tax assets primarily associated with federal and state NOLs attributable to Walter Energy's write-off of its investment in Walter Energy Canada Holdings, Inc. As of December 31, 2025, we believe we have utilized all of our federal NOLs and federal general business credit carryforwards. The Company has state NOL carryforwards of approximately $948.9 million, which expire predominantly on December 31, 2029 through December 31, 2035.

Under state law provisions similar to Section 382 of the Code, these NOLs could be subject to annual limitations, further limitations, or elimination, as described below, if we were to undergo a subsequent ownership change in the future. To the extent we have taxable income in the future and can utilize these NOL carryforwards, subject to certain limitations, to reduce taxable income, our cash taxes will be significantly reduced in those future years. See “Part I, Item 1A. Risk Factors—Risks Related to Our Business—We may be unable to generate sufficient taxable income from future operations, or other circumstances could arise, which may limit or eliminate our ability to utilize our significant federal and state tax NOLs or maintain our deferred tax assets.”

On September 18, 2017, the IRS issued to us a private letter ruling, which favorably resolved certain questions about our ability to qualify for an exception to the annual limitations under Section 382 of the Code on the utilization of NOLs to reduce taxable income. Based on such private letter ruling, we believe that there is no limitation on the utilization of our NOLs to shield our income from federal taxation, and that a similar approach would be applied at the state level. The private letter ruling was issued based on, among other things, certain facts and assumptions, as well as certain representations, statements and undertakings provided to the IRS by us. If any of these facts, assumptions, representations, statements or undertakings are, or become, incorrect, inaccurate or incomplete, the private letter ruling may be invalid and the conclusions reached therein could be jeopardized. If we were to undergo a subsequent ownership change, our ability to utilize our federal and state NOLs and other tax attributes could be subject to severe limitations.

GAAP requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets are required to be reduced by a valuation allowance if it is “more likely than not” that some portion or the entire deferred tax asset will not be realized. In our evaluation of the need for a valuation allowance on our deferred tax assets, we consider, among other things, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, the overall business environment, our historical financial results, our industry's historically cyclical financial results, our cumulative three-year income or loss position and potential current and future tax planning strategies.

On February 12, 2021, the Alabama Governor signed into law Alabama House Bill 170, now Act 2021-1 (the "Act"). The Act makes several changes to the state’s business tax structure. Among the provisions of the Act, is the repeal of the so-called corporate income tax “throwback rule.” That rule required all sales originating in Alabama and delivered to a jurisdiction where the seller was not subject to tax, to be included in the seller’s Alabama income tax base. Thus, prior to repeal of the throwback rule, we had to rely on its Alabama NOL carryforwards to shelter taxes imposed under such throwback rule. As a result of the now repealed throwback rule, effective January 1, 2021, all such sales should now be excluded from Alabama taxable income without the need to utilize Alabama NOLs. As a result of the repeal of the throwback rule, we have determined that it is not more likely than not that we would have sufficient taxable income to utilize all of our Alabama deferred income tax assets prior to expiration. Therefore, at December 31, 2025, we have a valuation allowance against our state deferred income tax assets of approximately $45.0 million.

Recently Adopted Accounting Standards

See Note 2 of our consolidated financial statements for disclosures related to new or upcoming accounting pronouncements.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Commodity Price Risk

We are exposed to commodity price risk on sales of coal. We typically sell our steelmaking coal under contracts primarily with pricing terms of three months and volume terms of one to three years. Sales commitments in the steelmaking coal market are typically not long-term in nature, and we are, therefore, subject to fluctuations in market pricing.

We occasionally enter into natural gas swap contracts to hedge the exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to our forecasted sales. Our natural gas swap contracts economically hedge certain risk but are not designated as hedges for financial reporting purposes. All changes in the fair value of these derivative instruments are recorded as other revenues in the Consolidated Statements of Operations. Historically, all of our derivative instruments were entered into for hedging purposes rather than speculative trading. As of December 31, 2025, the Company had no gas contracts outstanding.

We have exposure to price risk for supplies that are used directly or indirectly in the normal course of production, such as diesel fuel, steel, explosives and other items. We manage our risk for these items through strategic sourcing contracts in normal quantities with our suppliers. We historically have not entered into any derivative commodity instruments to manage the exposure to changing price risk for supplies.

Credit Risk

Financial instruments that potentially subject us to a concentration of credit risk consist principally of trade receivables. We provide our products to customers based on an evaluation of the financial condition of our customers. In some instances, we require letters of credit, cash collateral or prepayments from our customers on or before shipment to mitigate the risk of loss. Exposure to losses on receivables is principally dependent on each customer’s financial condition. We monitor the exposure to credit losses and maintain allowances for anticipated losses. For the years ended December 31, 2025 and 2024 we did not have any allowances for credit losses associated with our trade accounts receivables.

Interest Rate Risk

We are exposed to market risk from changes in interest rates. Our Notes have a fixed rate of interest of 7.875% per annum and are payable semi-annually in arrears on June 1 and December 1 of each year.

Our Amended ABL Facility bears an interest rate equal to SOFR, or an alternate base rate plus an applicable margin, which is determined based on the average availability of the commitments under the Amended ABL Facility, ranging currently from 150 bps to 200 bps or 50 bps to 100 bps, respectively. Any debt that we incur under the Amended ABL Facility will expose us to interest rate risk. If interest rates increase significantly in the future, our exposure to interest rate risk will increase. As of December 31, 2025, assuming we had $140.5 million outstanding under our Amended ABL Facility, a 100 basis point increase or decrease in interest rates would increase or decrease our annual interest expense under the Amended ABL Facility by approximately $1.4 million.

Impact of Inflation

We have exposure to inflation for supplies that are used directly or indirectly in the normal course of production, such as belt structure, roof bolts, cable, magnetite, rock dust and other supplies, plus labor and parts on repair and rebuild equipment. These inflationary pressures have contributed to rising costs for us and may continue to do so in the future. We are applying a number of different strategies to mitigate the impact of inflation on our operations, including placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.

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Item 8. Financial Statements and Supplementary Data

The information required by this item appears beginning on page F-1 following the signature pages of this Annual Report.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Exchange Act, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act) as of December 31, 2025. Based on the evaluation of our disclosure controls and procedures as of December 31, 2025, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2025, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (2) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

Management's Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities and Exchange Act of 1934, as amended). Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, our management used the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Our management has concluded that, as of December 31, 2025, our internal control over financial reporting is effective based on this assessment and these criteria.

Our independent registered public accounting firm, Ernst & Young LLP (PCAOB ID: 00 42), has audited the effectiveness of our internal control over financial reporting, as stated in their attestation report included in this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Item 9B. Other Information

Amended and Restated Employment Agreements

The Company is a party to an employment agreement with each of Walter J. Scheller, III, Jack K. Richardson, Kelli K. Gant and Charles Lussier (each, an “Executive”). On February 10, 2025, the Company and each Executive entered into an Amended and Restated Employment Agreement (collectively, the “Amended Employment Agreements”), which replace the prior employment agreements in their entirety. The Amended Employment Agreements (i) provide that, if an Executive’s employment is terminated without Cause or for Good Reason within twelve (12) months following a Change in Control (as such capitalized terms are defined in the Amended Employment Agreements), the Executive shall receive (A) a prorated bonus for the year of termination if such termination occurs following the third quarter of the Company’s fiscal year and (B) accelerated vesting of the portion of an equity award that would have become vested within thirty (30) days following the date of termination; (ii) standardize the severance payments and other benefits that the Executives will receive upon a termination without Cause or for Good Reason; and (iii) amend the definition of “Good Reason,” as well as provide for certain other administrative, clarifying and conforming changes. The above summary of the Amended Employment Agreements is not complete and is qualified in its entirety by reference to the complete text of the Amended Employment Agreements, copies of which are incorporated herein by reference and filed as Exhibits 10.6, 10.7, 10.9 and 10.10 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Rule 10b5-1 Trading Arrangements

From time to time, members of the Company's Board of Directors and officers of the Company may enter into Rule 10b5-1 trading plans, which allow for the purchase or sale of common stock under pre-established terms at times when directors and officers might otherwise be prevented from trading under insider trading laws or because of self-imposed blackout periods. Such trading plans are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and comply with the Company's insider trading policy. During the three months ended December 31, 2025, none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

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Part III

Item 10. Directors, Executive Officers and Corporate Governance

Information regarding our Code of Business Conduct and Ethics and Corporate Governance Guidelines for our principal executive officer and principal financial and accounting officer are described in “Item 1. Business” in this Annual Report. Pursuant to paragraph 3 of General Instruction G to Form 10-K, we incorporate by reference into this Item 10 the information to be disclosed in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025.

Insider Trading Policies and Procedures

Pursuant to paragraph 3 of General Instruction G to Form 10-K, we incorporate by reference into this Item 10 the information to be disclosed in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025.

Item 11. Executive Compensation

Pursuant to paragraph 3 of General Instruction G to Form 10-K, we incorporate by reference into this Item 11 the information to be disclosed in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Pursuant to paragraph 3 of General Instruction G to Form 10-K, we incorporate by reference into this Item 12 the information to be disclosed in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Pursuant to paragraph 3 of General Instruction G to Form 10-K, we incorporate by reference into this Item 13 the information to be disclosed in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025.

Item 14. Principal Accounting Fees and Services

Pursuant to paragraph 3 of General Instruction G to Form 10-K, we incorporate by reference into this Item 14 the information to be disclosed in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025.

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Part IV

Item 15. Exhibits and Financial Statement Schedules

(a) (1) Financial Statements

Our consolidated financial statements are included in this Annual Report beginning on page F-1.

(a) (2) Financial Statement Schedules

All schedules have been omitted because they are either not applicable, not required or the information called for therein appears in the consolidated financial statements or notes thereto.

(a) (3) Exhibits

Exhibit Number |  | Description
2.1# |  | Amended and Restated Asset Purchase Agreement, dated as of March 31, 2016, by and among Warrior Met Coal, LLC and the other purchasers party thereto, as buyers, and Walter Energy, Inc. and certain subsidiaries of Walter Energy, Inc., as sellers (incorporated by reference to Exhibit 2.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on March 7, 2017).
2.2 |  | Form of Certificate of Conversion of Warrior Met Coal, LLC (incorporated by reference to Exhibit 2.2 to the Registrant's Amendment No. 2 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 3, 2017).
3.1 |  | Certificate of Incorporation of Warrior Met Coal, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-8 (File No. 333-217389) filed with the Commission on April 19, 2017).
3.2 |  | Certificate of Amendment of the Certificate of Incorporation of Warrior Met Coal, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on March 20, 2020).
3.3 |  | Second Certificate of Amendment of the Certificate of Incorporation of Warrior Met Coal, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on April 26, 2022).
3.4 |  | Second Amended and Restated Bylaws of Warrior Met Coal, Inc. (as amended July 28, 2025) (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-38061) filed with the Commission on August 1, 2025).).
3.5 |  | Certificate of Designations of Series A Junior Participating Preferred Stock of Warrior Met Coal, Inc., as filed with the Secretary of State of the State of Delaware on February 14, 2020 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on February 14, 2020).
4.1 |  | Indenture, dated as of December 6, 2021, by and among Warrior Met Coal, Inc. the Subsidiary Guarantors party thereto from time to time and Wilmington Trust, National Association, as trustee and as priority lien collateral trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on December 7, 2021).
4.2 |  | Specimen Certificate for shares of common stock, par value $0.01 per share, of the Company (incorporated by reference to Exhibit 4.1 to the Registrant's Amendment No. 2 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 3, 2017).

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4.3 |  | Rights Agreement, dated as of February 14, 2020, between Warrior Met Coal, Inc. and Computershare Trust Company, N.A., as rights agent (including the form of Certificate of Designations of Series A Junior Participating Preferred Stock attached thereto as Exhibit A, the form of Right Certificate attached thereto as Exhibit B and the Summary of Rights to Purchase Preferred Shares attached thereto as Exhibit C (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 001-38061) filed with the Commission on February 14, 2020)).
4.4 |  | Amendment No. 1 to the Rights Agreement dated as of March 4, 2022 between Warrior Met Coal, Inc. and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on March 4, 2022).
4.5 |  | Amendment No. 2 to Rights Agreement, dated as of December 8, 2023, between Warrior Met Coal, Inc. and Computershare Trust Company, N.A., as Rights Agent (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on December 8, 2023).
4.6 |  | Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.
10.1# |  | Second Amended and Restated Asset-Based Revolving Credit Agreement, dated as of December 6, 2021, by and among Warrior Met Coal, Inc. and certain of its subsidiaries, as borrower, the guarantors party thereto, the lenders party thereto and Citibank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on December 7, 2021).
10.2# |  | First Amendment to Second Amended and Restated Asset-Based Revolving Credit Agreement, dated as of August 28, 2025, by and among Warrior Met Coal, Inc. and certain of its subsidiaries, as borrower, the guarantors party thereto, the lenders party thereto and Citibank, N.A., as administrative agent) (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with commission on September 2, 2025.
10.3 |  | Intercreditor Agreement, dated as of December 6, 2021, among Citibank, N.A., initial ABL agent, Wilmington Trust, National Association, initial term agent and initial term representative, and each additional term agent and additional term representative from time to time party thereto.
10.4† |  | Warrior Met Coal, Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on April 19, 2017).
10.5† |  | Warrior Met Coal, LLC 2016 Equity Incentive Plan (incorporated by reference to Exhibit 10.11 to the Registrant's Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on March 27, 2017).
10.6† |  | Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on April 19, 2017).
10.7† |  | Amended and Restated Employment Agreement, dated February 10, 2025 by and between Warrior Met Coal, Inc. and Walter J. Scheller, III (incorporated by reference to Exhibit 10.6 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025).
10.8† |  | Amended and Restated Employment Agreement, dated February 10, 2025, by and between Warrior Met Coal, Inc. and Jack K. Richardson (incorporated by reference to Exhibit 10.7 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025).
10.9† |  | Employment Agreement, dated January 1, 2017, by and between Warrior Met Coal, LLC and Dale W. Boyles (incorporated by reference to Exhibit 10.10 to the Registrant's Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on March 7, 2017).

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10.10† |  | Amended and Restated Employment Agreement, dated February 10, 2025, by and between Warrior Met Coal, Inc. and Kelli K. Gant (incorporated by reference to Exhibit 10.9 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025).
10.11† |  | Amended and Restated Employment Agreement, dated February 10, 2025, by and between Warrior Met Coal, Inc. and Charles Lussier (incorporated by reference to Exhibit 10.10 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025).
10.12† |  | Amended and Restated Employment Agreement, dated February 10, 2025, by and between Warrior Met Coal, Inc. and Brian M. Chopin (incorporated by reference to Exhibit 10.11 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025).
10.1 3† |  | Form of Warrior Met Coal, Inc. 2017 Equity Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-38061) filed with the Commission on June 5, 2017).
10.14† |  | Restricted Unit Award Agreement, dated March 31, 2016, by and between Warrior Met Coal, LLC and Walter J. Scheller, III (incorporated by reference to Exhibit 10.13 to the Registrant's Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission April 10, 2017).
10.15† |  | Restricted Unit Award Agreement, dated April 20, 2016, by and between Warrior Met Coal, LLC and Jack K. Richardson (incorporated by reference to Exhibit 10.15 to the Registrant's Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 10, 2017).
10.16† |  | Restricted Unit Award Agreement, dated January 1, 2017, by and between Warrior Met Coal, LLC and Dale W. Boyles (incorporated by reference to Exhibit 10.16 to the Registrant's Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 10, 2017).
10.17† |  | Restricted Unit Award Agreement, dated March 31, 2016, by and between Warrior Met Coal, LLC and Stephen D. Williams (incorporated by reference to Exhibit 10.17 to the Registrant's Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 10, 2017).
10.18† |  | Restricted Unit Award Agreement, dated February 24, 2017, by and between Warrior Met Coal, LLC and Stephen D. Williams (incorporated by reference to Exhibit 10.18 to the Registrant's Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 10, 2017).
10.19† |  | Phantom Unit Award Agreement, dated March 31, 2016, by and between Warrior Met Coal, LLC and Stephen D. Williams (incorporated by reference to Exhibit 10.19 to the Registrant's Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-216499) filed with the Commission on April 10, 2017).
10.20† |  | Restricted Stock Unit Award Agreement, dated April 19, 2017, by and between Warrior Met Coal, Inc. and Stephen D. Williams (incorporated by reference to Exhibit 10.23 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2019).
10.21† |  | Form of Restricted Stock Unit Award Agreement (for non-employee directors), dated April 27, 2017 (incorporated by reference to Exhibit 10.24 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2019).
10.22† |  | Form of Restricted Stock Unit Award Agreement (for non-employee directors) (incorporated by reference to Exhibit 10.25 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2019).
10.23† |  | Form of Amendment to Restricted Stock Unit Award Agreement (for non-employee directors).
10.24† |  | Form of Warrior Met Coal, Inc. 2017 Equity Incentive Plan Restricted Stock Unit Award Agreement (Time-Based Vesting Award) (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-38061) filed with the Commission on May 2, 2018).

109

10.25† |  | Form of Warrior Met Coal, Inc. 2017 Equity Incentive Plan Restricted Stock Unit Award Agreement (Performance-Based Vesting Award) (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-38061) filed with the Commission on May 2, 2018).
10.26† |  | Form of Warrior Met Coal, Inc. 2017 Equity Plan Restricted Stock Unit Award Agreement (Performance-Based Vesting Award - 2019 Retention Grant) (incorporated by reference to Exhibit 10.26 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2020).
10.27† |  | Form of Amendment to Restricted Stock Unit Award Agreements (for executive officers), effective January 1, 2020 (incorporated by reference to Exhibit 10.27 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2020).
10.28† |  | Form of Warrior Met Coal, Inc. 2017 Equity Plan Restricted Stock Unit Award Agreement (Time-Based Vesting Award - Revised) (incorporated by reference to Exhibit 10.26 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2020).
10.29† |  | Form of Warrior Met Coal, Inc. 2017 Equity Plan Restricted Stock Unit Award Agreement (Performance-Based Vesting Award - Revised)(incorporated by reference to Exhibit 10.26 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 21, 2020).
10.30† |  | Form of Restricted Stock Unit Award Agreement (for non-employee director grants in 2023) (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-38061) filed with the commission on May 3, 2023).
10.31† |  | Form of Restricted Stock Unit Award Agreement (for non-employee director grants in 2023 with deferral election) (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-38061) filed with the Commission on May 3, 2023).
10.32† |  | Warrior Met Coal, Inc. Transformational Retention/Incentive Award Agreement, dated May 1, 2023, by and between Warrior Met Coal, Inc. and Walter J. Scheller, III (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-38061) filed with the Commission on May 3, 2023).
10.33† |  | Form of Warrior Met Coal, Inc. Transformational Retention/Incentive Award Agreement (for non-CEO named executive officers), dated May 1, 2023 (incorporated by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-38061) filed with the Commission on May 3, 2023).
10.34* |  | Federal Coal Lease ALES-056519/ALES106175190: Warrior Met Coal BC, LLC
10.35* |  | Federal Coal Lease ALES-055797/ALES105879673: Warrior Met Coal Mining, LLC
19.1 |  | Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025).
21.1* |  | List of Subsidiaries of the Company.
23.1* |  | Consent of Ernst & Young LLP.
23.2* |  | Consent of Marshall Miller & Associates, Inc.
23.3* |  | Consent of McGehee Engineering Corp.
31.1* |  | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2* |  | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.1** |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

110

95* |  | Mine Safety Disclosures Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 299.104)
96.1 |  | Technical Report Summary for Mine No. 7 - S-K 1300 Report (incorporated by reference to Exhibit 96.1 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 13, 2025)
96.2* |  | Technical Report Summary for Mine No. 4 - S-K 1300 Report
96.3 |  | Technical Report Summary for Blue Creek - S-K 1300 Report (incorporated by reference to Exhibit 96.3 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 14, 2024).
97.1 |  | Warrior Met Coal, Inc. Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to the Registrant's Annual Report on Form 10-K (File No. 001-38061) filed with the Commission on February 14, 2024).
101INS* |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH* |  | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104* |  | Cover Page Interactive Data File (formatted Inline XBRL and included in the Interactive Data Files submitted under Exhibit 101).

* Filed herewith.

** Furnished herewith.

† Management contract, compensatory plan or arrangement.

#The schedules to this agreement have been omitted for this filing pursuant to Item 601(b)(2) of Regulation S-K. The Company will furnish copies of such schedules to the SEC upon request.

Item 16. Form 10-K Summary

None.

111

SIGNATURES

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| Warrior Met Coal, Inc.
| By: |  | /s/ Dale W. Boyles
|  |  | Dale W. Boyles
|  |  | Chief Financial Officer (on behalf of the registrant)
|  |  | Date: February 12, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature |  | Title |  | Date
/s/ Walter J. Scheller, III |  |  |  |
Walter J. Scheller, III |  | Chief Executive Officer (Principal Executive Officer) and Director |  | February 12, 2026
/s/ Dale W. Boyles |  |  |  |
Dale W. Boyles |  | Chief Financial Officer (Principal Financial and Accounting Officer) |  | February 12, 2026
/s/ J. Brett Harvey |  |  |  |
J. Brett Harvey |  | Director |  | February 12, 2026
/s/ Alan H. Schumacher |  |  |  |
Alan H. Schumacher |  | Director |  | February 12, 2026
/s/ Kimberly Y. Chainey |  |  |  |
Kimberly Y. Chainey |  | Director |  | February 12, 2026
/s/ Stephen D. Williams |  |  |  |
Stephen D. Williams |  | Director |  | February 12, 2026
/s/ Lisa M. Schnorr |  |  |  |
Lisa M. Schnorr |  | Director |  | February 12, 2026

112

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firm | F-2
Consolidated Balance Sheets at December 31, 2025 and December 31, 2024 | F-5
Consolidated Statements of Operations for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 | F-6
Consolidated Statements of Changes in Equity for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 | F-7
Consolidated Statements of Cash Flows for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 | F-8
Notes to Consolidated Financial Statements | F-10

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Warrior Met Coal, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Warrior Met Coal, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 12, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

F-2

| Asset Retirement Obligations
Description of the Matter | At December 31, 2025, the Company had recorded asset retirement obligations of approximately $70.2 million for the estimated costs to reclaim surface lands and supporting infrastructure in accordance with applicable reclamation laws in the United States as defined by each mining permit. Changes in the asset retirement obligations are more fully described in Note 9 to the consolidated financial statements. The calculation of reclamation obligations requires significant judgment due to the inherent complexity in estimating the amount and timing of future costs and determining an appropriate rate to discount these costs back to their present value. Auditing the Company's asset retirement obligations involved a high degree of subjectivity as estimates underlying the determination of the obligation were based on assumptions unique to mining operations and subject to various laws and regulations governing the protection of the applicable environment, including estimates of disturbed acreage as determined from engineering data, estimates of future costs to reclaim the disturbed acreage and the timing and amount of related cash flows, which are discounted using a credit-adjusted, risk-free rate. Actual costs incurred in future periods could differ from amounts estimated and future changes to environmental laws and regulations could increase the extent of reclamation work required.
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process for evaluating the asset retirement obligations. For example, we tested controls over management’s review of the assumptions described above. To test the asset retirement obligations, our audit procedures included, among others, involving our specialist to assist us in evaluating the Company’s reclamation cost estimates, including estimates of disturbed acreage, the scope of estimated reclamation activities against regulatory requirements, the associated future reclamation costs, and the timing of related cash flows, and the Company's reclamation methodology against industry practice. We also evaluated management’s methodology for determining the credit adjusted risk-free rate used to discount the asset retirement obligations.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2016.

Birmingham, Alabama

February 12, 2026

F-3

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Warrior Met Coal, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Warrior Met Coal, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Warrior Met Coal, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 12, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Birmingham, Alabama

February 12, 2026

F-4

WARRIOR MET COAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

|  | December 31, 2025 |  |  | December 31, 2024 |
ASSETS |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 299,963 |  |  | $ | 491,547 |
Short-term investments |  |  | 53,252 |  |  |  | 14,622 |
Trade accounts receivable |  |  | 181,591 |  |  |  | 140,867 |
Other receivables |  |  | 683 |  |  |  | 728 |
Inventories, net |  |  | 235,936 |  |  |  | 207,590 |
Prepaid expenses and other |  |  | 48,830 |  |  |  | 31,708 |
Total current assets |  |  | 820,255 |  |  |  | 887,062 |
Restricted cash |  |  | 7,886 |  |  |  | 7,585 |
Mineral interests, net |  |  | 107,258 |  |  |  | 72,245 |
Property, plant and equipment, net |  |  | 1,817,364 |  |  |  | 1,549,470 |
Deferred income taxes |  |  | 2,947 |  |  |  | 3,210 |
Long-term investments |  |  | — |  |  |  | 44,604 |
Other long-term assets |  |  | 28,089 |  |  |  | 27,340 |
Total assets |  | $ | 2,783,799 |  |  | $ | 2,591,516 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 66,077 |  |  | $ | 40,178 |
Accrued expenses |  |  | 131,881 |  |  |  | 85,369 |
Asset retirement obligations |  |  | 5,473 |  |  |  | 13,032 |
Financing lease obligations |  |  | 29,669 |  |  |  | 13,208 |
Federal coal lease obligations |  |  | 8,844 |  |  |  | — |
Other current liabilities |  |  | 15,077 |  |  |  | 18,643 |
Total current liabilities |  |  | 257,021 |  |  |  | 170,430 |
Long-term debt |  |  | 154,252 |  |  |  | 153,612 |
Asset retirement obligations |  |  | 64,755 |  |  |  | 72,138 |
Black lung obligations |  |  | 34,036 |  |  |  | 34,467 |
Financing lease obligations |  |  | 54,492 |  |  |  | 6,217 |
Deferred income taxes |  |  | 54,179 |  |  |  | 63,835 |
Federal coal lease obligations |  |  | 23,679 |  |  |  | — |
Total liabilities |  |  | 642,414 |  |  |  | 500,699 |
Stockholders’ Equity: |  |  |  |  |  |
Common stock, $0.01 par value per share (Authorized -140,000,000 shares, 54,791,997 issued and 52,570,156 outstanding as of December 31, 2025 and 54,533,374 issued and 52,311,533 outstanding as of December 31, 2024) |  |  | 548 |  |  |  | 545 |
Preferred stock, $0.01 par value per share (10,000,000 shares authorized, no shares issued and outstanding) |  |  | — |  |  |  | — |
Treasury stock, at cost (2,221,841 shares as of December 31, 2025, and December 31, 2024) |  |  | (50,576 | ) |  |  | (50,576 | )
Additional paid in capital |  |  | 300,710 |  |  |  | 289,808 |
Retained earnings |  |  | 1,890,703 |  |  |  | 1,851,040 |
Total stockholders’ equity |  |  | 2,141,385 |  |  |  | 2,090,817 |
Total liabilities and stockholders’ equity |  | $ | 2,783,799 |  |  | $ | 2,591,516 |

The accompanying notes are an integral part of these consolidated financial statements.

F-5

WARRIOR MET COAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |
Sales |  | $ | 1,277,024 |  |  | $ | 1,499,980 |  |  | $ | 1,647,992 |
Other revenues |  |  | 33,019 |  |  |  | 25,240 |  |  |  | 28,633 |
Total revenues |  |  | 1,310,043 |  |  |  | 1,525,220 |  |  |  | 1,676,625 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of items shown separately below) |  |  | 982,401 |  |  |  | 1,007,297 |  |  |  | 910,269 |
Cost of other revenues (exclusive of items shown separately below) |  |  | 27,668 |  |  |  | 45,449 |  |  |  | 37,486 |
Depreciation and depletion |  |  | 188,565 |  |  |  | 153,982 |  |  |  | 127,356 |
Selling, general and administrative |  |  | 65,681 |  |  |  | 63,078 |  |  |  | 51,817 |
Business interruption |  |  | 19 |  |  |  | 524 |  |  |  | 8,291 |
Total costs and expenses |  |  | 1,264,334 |  |  |  | 1,270,330 |  |  |  | 1,135,219 |
Operating income |  |  | 45,709 |  |  |  | 254,890 |  |  |  | 541,406 |
Interest expense |  |  | (9,742 | ) |  |  | (4,271 | ) |  |  | (17,960 | )
Interest income |  |  | 18,477 |  |  |  | 33,047 |  |  |  | 40,699 |
Loss on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (11,699 | )
Other expense |  |  | — |  |  |  | — |  |  |  | (1,027 | )
Income before income taxes |  |  | 54,444 |  |  |  | 283,666 |  |  |  | 551,419 |
Income tax (benefit) expense |  |  | (2,554 | ) |  |  | 33,063 |  |  |  | 72,790 |
Net income |  | $ | 56,998 |  |  | $ | 250,603 |  |  | $ | 478,629 |
Basic and diluted net income per share: |  |  |  |  |  |  |  |  |
Net income per share—basic |  | $ | 1.08 |  |  | $ | 4.79 |  |  | $ | 9.21 |
Net income per share—diluted |  | $ | 1.08 |  |  | $ | 4.79 |  |  | $ | 9.20 |
Weighted average number of shares outstanding—basic |  |  | 52,560 |  |  |  | 52,287 |  |  |  | 51,973 |
Weighted average number of shares outstanding— diluted |  |  | 52,603 |  |  |  | 52,345 |  |  |  | 52,045 |
Dividends per share: |  | $ | 0.32 |  |  | $ | 0.82 |  |  | $ | 1.16 |

The accompanying notes are an integral part of these consolidated financial statements.

F-6

WARRIOR MET COAL, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands)

|  | Common Stock |  |  | Preferred Stock |  |  | Treasury Stock |  |  | Additional Paid in Capital |  |  | Retained Earnings |  |  | Total Stockholders’ Equity |
Balance at December 31, 2022 |  | $ | 539 |  |  | $ | — |  |  | $ | (50,576 | ) |  | $ | 269,956 |  |  | $ | 1,227,596 |  |  | $ | 1,447,515 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 478,629 |  |  |  | 478,629 |
Dividends declared ($1.16 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (61,077 | ) |  |  | (61,077 | )
Stock compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,300 |  |  |  | — |  |  |  | 18,300 |
Other |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | (8,924 | ) |  |  | — |  |  |  | (8,921 | )
Balance at December 31, 2023 |  | $ | 542 |  |  |  | — |  |  | $ | (50,576 | ) |  | $ | 279,332 |  |  | $ | 1,645,148 |  |  | $ | 1,874,446 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 250,603 |  |  |  | 250,603 |
Dividends declared ($0.82 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (44,711 | ) |  |  | (44,711 | )
Stock compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,256 |  |  |  | — |  |  |  | 22,256 |
Other |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | (11,780 | ) |  |  | — |  |  |  | (11,777 | )
Balance at December 31, 2024 |  | $ | 545 |  |  |  | — |  |  | $ | (50,576 | ) |  | $ | 289,808 |  |  | $ | 1,851,040 |  |  | $ | 2,090,817 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 56,998 |  |  |  | 56,998 |
Dividends declared ($0.32 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17,335 | ) |  |  | (17,335 | )
Stock compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,289 |  |  |  | — |  |  |  | 20,289 |
Other |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | (9,387 | ) |  |  | — |  |  |  | (9,384 | )
Balance at December 31, 2025 |  | $ | 548 |  |  |  | — |  |  | $ | (50,576 | ) |  | $ | 300,710 |  |  | $ | 1,890,703 |  |  | $ | 2,141,385 |

The accompanying notes are an integral part of these consolidated financial statements.

F-7

WARRIOR MET COAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 56,998 |  |  | $ | 250,603 |  |  | $ | 478,629 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation and depletion |  |  | 188,565 |  |  |  | 153,982 |  |  |  | 127,356 |
Deferred income tax (benefit) expense |  |  | (9,393 | ) |  |  | (8,052 | ) |  |  | 52,871 |
Stock-based compensation expense |  |  | 19,953 |  |  |  | 22,070 |  |  |  | 18,207 |
Mark-to-market (gain) loss on gas hedges |  |  | (175 | ) |  |  | 1,835 |  |  |  | — |
Amortization of debt issuance costs and debt discount |  |  | 1,563 |  |  |  | 1,590 |  |  |  | 2,094 |
Accretion and valuation adjustment of ARO |  |  | 1,770 |  |  |  | 5,435 |  |  |  | 4,535 |
Loss on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | 11,699 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Trade accounts receivable |  |  | (40,724 | ) |  |  | (42,642 | ) |  |  | 53,601 |
Other receivables |  |  | 45 |  |  |  | 3,651 |  |  |  | 1,187 |
Income tax receivable |  |  | — |  |  |  | 7,833 |  |  |  | (7,833 | )
Inventories |  |  | (28,316 | ) |  |  | (18,495 | ) |  |  | (30,785 | )
Prepaid expenses and other current assets |  |  | (17,672 | ) |  |  | (4,155 | ) |  |  | (2,034 | )
Accounts payable |  |  | 30,858 |  |  |  | (2,551 | ) |  |  | 215 |
Accrued expenses and other current liabilities |  |  | 33,188 |  |  |  | 1,207 |  |  |  | (8,645 | )
Other |  |  | (7,414 | ) |  |  | (4,863 | ) |  |  | 11 |
Net cash provided by operating activities |  |  | 229,246 |  |  |  | 367,448 |  |  |  | 701,108 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment |  |  | (320,261 | ) |  |  | (457,221 | ) |  |  | (491,674 | )
Deferred mine development costs |  |  | (81,937 | ) |  |  | (31,060 | ) |  |  | (33,112 | )
Proceeds from (purchase of) investments |  |  | 6,381 |  |  |  | (49,721 | ) |  |  | — |
Acquisition of leased mineral rights |  |  | (9,363 | ) |  |  | — |  |  |  | — |
Acquisitions, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (2,421 | )
Proceeds from sale of property, plant and equipment |  |  | 30 |  |  |  | — |  |  |  | — |
Net cash used in investing activities |  |  | (405,150 | ) |  |  | (538,002 | ) |  |  | (527,207 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Dividends paid |  |  | (17,824 | ) |  |  | (43,823 | ) |  |  | (61,077 | )
Retirements of debt |  |  | — |  |  |  | — |  |  |  | (162,358 | )
Proceeds from financing lease obligations |  |  | 48,771 |  |  |  | 4,503 |  |  |  | — |
Principal repayments of financing lease obligations |  |  | (36,942 | ) |  |  | (17,414 | ) |  |  | (32,330 | )
Payments for taxes related to net share settlement of equity awards |  |  | (9,384 | ) |  |  | (11,777 | ) |  |  | (9,419 | )
Net cash used in financing activities |  |  | (15,379 | ) |  |  | (68,511 | ) |  |  | (265,184 | )
Net decrease in cash and cash equivalents |  |  | (191,283 | ) |  |  | (239,065 | ) |  |  | (91,283 | )
Cash, cash equivalents, and restricted cash at beginning of period |  |  | 499,132 |  |  |  | 738,197 |  |  |  | 829,480 |
Cash, cash equivalents, and restricted cash at end of period |  | $ | 307,849 |  |  | $ | 499,132 |  |  | $ | 738,197 |
Cash and cash equivalents at beginning of period |  | $ | 491,547 |  |  | $ | 738,197 |  |  | $ | 829,480 |
Restricted cash at beginning of period |  |  | 7,585 |  |  |  | — |  |  |  | — |
Cash, cash equivalents and restricted cash at beginning of period |  | $ | 499,132 |  |  | $ | 738,197 |  |  | $ | 829,480 |
Cash and cash equivalents at end of period |  | $ | 299,963 |  |  | $ | 491,547 |  |  | $ | 738,197 |
Restricted cash at end of period |  |  | 7,886 |  |  |  | 7,585 |  |  |  | — |
Cash, cash equivalents and restricted cash at end of period |  | $ | 307,849 |  |  | $ | 499,132 |  |  | $ | 738,197 |

The accompanying notes are an integral part of these consolidated financial statements.

F-8

WARRIOR MET COAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(in thousands)

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |
Interest paid, net of capitalized interest |  | $ | 19,915 |  |  | $ | 13,621 |  |  | $ | 23,970 |
Cash paid for income taxes |  | $ | 8,600 |  |  | $ | 26,500 |  |  | $ | 27,004 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Financing leases - equipment |  | $ | 92,679 |  |  | $ | 12,147 |  |  | $ | 11,312 |

The accompanying notes are an integral part of these consolidated financial statements.

F-9

WARRIOR MET COAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1—Business and Basis of Presentation

Description of the Business

Warrior Met Coal, Inc. is a U.S.-based, environmentally and socially minded supplier to the global steel industry. The Company is dedicated entirely to mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. The Company is a large-scale, low-cost producer and exporter of premium steelmaking coal, also known as hard-coking coal ("HCC"), operating highly efficient longwall operations in its underground mines based in Alabama. The HCC that the Company produces from the Blue Creek coal seam contains very low sulfur and has strong coking properties. The Company also generates ancillary revenues from the sale of natural gas extracted as a byproduct from the underground coal mines and royalty revenues from leased properties.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Warrior Met Coal, Inc. and its subsidiaries (the "Company"). All significant intercompany transactions and balances have been eliminated in consolidation.

Collective Bargaining Agreement

The Company's Collective Bargaining Agreement (“CBA”) with the United Mine Workers of America (“UMWA”) expired on April 1, 2021 and the labor union initiated a strike after an agreement on a new contract was not reached. The Company incurred business interruption expenses of approximately $0.1 million and $0.5 million for the years ended December 31, 2025 and December 31, 2024, respectively, which represents ongoing legal expenses associated with the ongoing labor negotiations. The Company incurred $8.3 million for the years ended December 31, 2023, which represent non-recurring expenses that were directly attributable to the labor strike for incremental safety and security, labor negotiations and other expenses. These expenses are also presented separately in the Consolidated Statements of Operations. On February 16, 2023, the labor union representing certain of the Company's hourly employees announced that they were ending the strike and made an unconditional offer to return to work. The Company continues to engage in good faith efforts with the labor union to reach an agreement on a new contract.

Note 2—Summary of Significant Accounting Policies

Use of Estimates

The Company prepares its consolidated financial statements in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include short-term deposits and highly liquid investments that have original maturities of three months or less when purchased and are stated at cost, which approximates fair value. Restricted cash consist of cash that the Company is contractually obligated to maintain in a money market account as collateral for workers' compensation claims. Restricted cash is classified as noncurrent based on the nature of the restriction.

F-10

Investments

Instruments with maturities greater than three months, but less than twelve months, are included in short-term investments. The Company purchases fixed income securities and certificates of deposits with varying maturities that are classified as available for sale and are carried at fair value. Securities classified as held to maturity securities are those securities that management has the intent and ability to hold to maturity.

As of December 31, 2025 and December 31, 2024, short-term investments consisted of $53.3 million and $14.6 million in cash and fixed income securities with maturities less than twelve months. The short-term investments as of December 31, 2025 and December 31, 2024, consisted of $9.9 million and $9.5 million posted as collateral for the self-insured black lung related claims asserted by or on behalf of former employees of Walter Energy, Inc. ("Walter Energy") and its subsidiaries, which were assumed by the Company and relate to periods prior to March 31, 2016, respectively.

As of December 31, 2025, all long-term investments had been liquidated. As of December 31, 2024, long-term investments consisted of $44.6 million in fixed income securities with maturities greater than twelve months.

Concentrations of Credit Risk and Major Customers

The Company’s principal line of business is mining and marketing steelmaking coal to foreign steel producers. For the year ended December 31, 2025, approximately 97.5% of sales were derived from coal shipments to customers, located primarily in Asia, Europe and South America. At December 31, 2025 approximately 97.6% of trade receivables were related to these customers. For the year ended December 31, 2025, the Company's geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S.

During the year ended December 31, 2025, one of our customers accounted for $154.2 million or 11.9% of total sales revenues. During the year ended December 31, 2024, three of our customers accounted for $190.8 million, or 12.7%, $190.1 million, or 12.7%, and $178.1 million, or 11.9% of total sales revenues, respectively. During the year ended December 31, 2023, three of our customers accounted for $246.4 million, or 14.9%, $205.7 million, or 12.4% and $195.3 million, or 11.8% of total sales revenues, respectively.

Revenue Recognition

Revenue is recognized when performance obligations under the terms of a contract with the Company's customers are satisfied; for all contracts this occurs when control of the promised goods have been transferred to the Company's customers and risk of loss passes to the customer. For coal shipments to domestic customers via rail or truck, control is typically transferred when the railcar or truck is loaded. For coal shipments to international customers via ocean vessel, control is typically transferred when the vessel is loaded at the Port of Mobile in Alabama. Occasionally, the Company will sell coal stockpiles at the barge loadout or port upon which control, title and risk of loss transfers when stockpiles are segregated. For all steelmaking coal sales under average pricing contracts where pricing is not finalized when revenue is recognized, revenue is recorded based on estimated consideration to be received at the date of the sale. For natural gas sales, control is transferred when the gas has been transferred to the pipeline. Revenue is disaggregated between coal sales within the Company's mining segment and natural gas sales included in all other revenues, as disclosed in Note 21.

The Company's coal and gas sales generally include up to 45-day payment terms following the transfer of control of the goods to the customer unless secured by a letter of credit which could include up to 90-day payment terms. The Company typically does not include extended payment terms in its contracts with customers.

F-11

Trade Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are stated at cost. Trade accounts receivable represent customer obligations that are derived from revenue recognized from contracts with customers. Credit is extended based on an evaluation of the individual customer's financial condition. The Company maintains trade credit insurance on the majority of its customers and the geographic regions of coal shipments to these customers. In some instances, the Company requires letters of credit, cash collateral or prepayments from its customers on or before shipment to mitigate the risk of loss. These efforts have consistently resulted in the Company recognizing no historical credit losses. The Company also has never had to have a claim against its trade credit insurance policy.

In order to estimate the allowance for credit losses on trade accounts receivable, the Company utilizes an aging approach in which potential impairment is calculated based on how long a receivable has been outstanding (e.g., current, 1-31, 31-60, etc.). The Company calculates an expected credit loss rate based on the Company’s historical credit loss rate, the risk characteristics of its customers, and the current steelmaking coal and steel market environments. As of December 31, 2025, the estimated allowance for credit losses was immaterial and did not have a material impact on the Company's consolidated financial statements.

Shipping and Handling

Costs incurred to transport coal to the point of sale at the Port of Mobile, Alabama, are included in cost of sales and the gross amounts billed to customers, if any, to cover shipping and handling to the ultimate/final destination are included in sales.

Inventories

Inventories are valued at the lower of cost or net realizable value. Coal inventory costs include labor, supplies, equipment costs, operating overhead, freight, royalties, depreciation and depletion and other related costs. Coal inventories are valued using the first-in, first-out inventory valuation method. The valuation of coal inventories is subject to estimates due to possible gains and losses resulting from inventory movements from the mine site to storage facilities, inherent inaccuracies in belt scales and aerial surveys used to measure quantities and fluctuations in moisture content. Periodic adjustments to coal tonnages on hand are made for an estimate of coal shortages and overages due to these inherent gains and losses, primarily based on historical results from aerial surveys and periodic coal pile clean-ups. Supplies inventories are valued using the average cost method of accounting. Management evaluates its supplies inventory in terms of excess and obsolete exposures which includes such factors as anticipated usage, inventory turnover, inventory levels and ultimate market value. A reserve for excess and obsolete supplies inventory is established and charged to cost of sales in the Consolidated Statements of Operations.

Deferred Longwall Move Expenses

Direct costs, including labor and supplies, associated with moving longwall equipment and the related equipment refurbishment costs are deferred and included in prepaid expenses. These deferred costs are amortized on a units-of-production basis into cost of sales over the life of the subsequent panel of coal mined by the longwall equipment. See Note 4 for further disclosures related to deferred longwall move expenses.

Advanced Mining Royalties

Lease rights to coal reserves are often acquired in exchange for royalty payments. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production royalties. These advance payments are deferred and charged to operations as the coal reserves are mined. Advance mining royalties are included in other long-term assets. See Note 6.

F-12

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation is recorded principally on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line method over the lesser of the useful life of the improvement or the remaining lease term. Estimated useful lives used in computing depreciation expense range from three to ten years for machinery and equipment, and from fifteen to thirty years for land improvements and buildings. Well life is used to estimate the useful life for gas properties and related development, and mine life is used for amortizing mine development costs. Gains and losses upon disposition are reflected in the Consolidated Statements of Operations in the period of disposition. Maintenance and repair expenditures are charged to cost of sales as incurred.

Deferred Mine Development

Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the coal physically accessible, may include construction permits and licenses, mine design, construction of access roads, main entries, airshafts, roof protection and other facilities. Mine development costs are amortized primarily on a units-of-production basis over the estimated reserve tons directly benefiting from the capital expenditures. Costs amortized during the production phase of a mine are capitalized into inventory and expensed to cost of sales as the coal is sold. Coal sales revenue related to incidental production during the development phase are recorded as sales with an offset to cost of sales based on the estimated cost per ton sold for the mine when the asset is in place for its intended use. Amortization expense for mine development was $7.8 million, $5.5 million and $2.3 million for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively, and is included in depreciation and depletion in the accompanying Consolidated Statements of Operations.

Owned and Leased Mineral Interests

Costs to obtain coal reserves and lease mineral rights are capitalized based on cost or the fair value at acquisition and depleted using the units-of-production method over the life of proven and probable reserves. Lease agreements are generally long-term in nature (original terms range from 10 to 50 years) and substantially all of the leases contain provisions that allow for automatic extension of the lease term provided certain requirements are met. Depletion expense for mineral interests was $6.9 million, $8.4 million, and $7.3 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, and is included in depreciation and depletion in the accompanying Consolidated Statements of Operations.

Asset Retirement Obligations

The Company has certain asset retirement obligations primarily related to mine closing reclamation costs, perpetual water care costs and other costs associated with dismantling and removing facilities. Asset retirement obligations are determined for each mine using various estimates and assumptions, including estimates of disturbed acreage as determined from engineering data, estimates of future costs to reclaim the disturbed acreage and the timing of related cash flows, discounted using a credit-adjusted, risk-free rate. The Company's asset retirement obligations also include estimates to reclaim gas wells in accordance with the Oil and Gas Board of Alabama. On at least an annual basis, the Company reviews the entire asset retirement obligation liability and makes necessary adjustments for permit changes, the anticipated timing of mine closures, and revisions to cost estimates and productivity assumptions to reflect current experience. As changes in estimates occur, the carrying amount of the obligation and asset are revised to reflect the new estimate after applying the appropriate credit-adjusted, risk-free discount rate. The future costs of these obligations are accrued at the estimated fair value in the period in which they are incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement cost is

F-13

capitalized as part of the carrying amount of the long-lived asset. For sites where there is no asset, expense or income is recognized for changes in estimates.

Capitalized asset retirement costs are amortized on a units-of-production basis over the estimated reserves. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in cost of sales on the Consolidated Statements of Operations.

Accrued mine closing costs, perpetual care costs and reclamation costs and other costs of dismantling and removing facilities are regularly reviewed by management and revised for changes in future estimated costs and regulatory requirements, as necessary. For ongoing operations, adjustments to the liability result in an adjustment to the corresponding asset. For some operations, adjustments to the liability are recognized as income or expense in the period the adjustment is recorded as no asset exists. Any difference between the recorded obligation and the actual cost of reclamation is recorded in profit or loss in the period the obligation is settled. See Note 9 for further disclosures related to asset retirement obligations.

Impairment of Long-Lived Assets

Property, plant and equipment and other long-lived assets are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and circumstances have occurred that would indicate possible impairment. When impairment indicators exist, the Company uses an estimate of the future undiscounted cash flows of the related asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, impairment is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Fair value is generally determined using market quotes, if available, or a discounted cash flow approach. The Company’s estimate of future undiscounted cash flows is based on assumptions including long-term steelmaking coal pricing forecasts, anticipated production volumes and mine operating costs for the life of the mine or estimated useful life of the asset.

Equity Award Compensation

The Company accounts for equity award-based compensation to employees and non-employee/directors in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. The Company recognizes forfeitures as they occur. The Company recognizes compensation expense associated with equity awards for all awards made to employees as the requisite service, performance and market vesting conditions are met. For units granted containing only service and performance conditions, the fair value of the award is equal to the market price of the Company's common stock at the date of grant. For units granted containing only a market condition, the fair value of the award is determined utilizing a Monte Carlo simulation model which incorporates the total stockholder return hurdles set for each grant.

Compensation expense for equity awards with a service-only condition is recognized over the employee’s requisite service period using a graded vesting method. For awards with a performance condition that affects vesting, the performance condition is not considered in determining the award’s grant-date fair value; however, the performance conditions are considered when estimating the quantity of awards that are expected to vest. No compensation expense is recorded for awards with performance conditions until the performance condition is determined to be probable of achievement. For awards with a market condition that affects vesting, the market condition is considered in determining the award’s grant-date fair value. Compensation expense for awards with a market condition is recognized straight-line over the derived or implied service period.

Compensation expense for equity awards is included in cost of sales, cost of other revenues and selling, general and administrative costs in the accompanying Consolidated Statements of Operations.

F-14

Deferred Financing Costs

The costs to obtain new debt financing or amend existing financing agreements are deferred and amortized to interest expense over the life of the related indebtedness or credit facility using the straight-line method. As of December 31, 2025 and December 31, 2024, there were $3.8 million and $2.0 million, respectively, of unamortized origination fees related to the Amended ABL Facility (as defined in Note 13) in other long-term assets on the accompanying Consolidated Balance Sheets. See Note 6 for further disclosure related to origination fees. As of December 31, 2025 and December 31, 2024 there were $2.3 million and $2.9 million, respectively, of unamortized deferred financing costs and debt discount, net, related to the Notes (as defined in Note 13), which is presented as a net deduction from the carrying amount of the related debt recognized in the accompanying Consolidated Balance Sheets.

Income Taxes

The Company records a tax provision for the expected tax effects of the reported results of operations. The provision for income taxes is determined using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax impact of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. When the Company concludes that all or part of the net deferred income tax assets are not realizable in the future, the Company makes an adjustment to the valuation allowance that is charged to earnings in the period that such determination was made.

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy has been established for valuing assets and liabilities based on how transparent (observable) the inputs are that are used to determine fair value, with the inputs considered most observable categorized as Level 1 and those that are the least observable categorized as Level 3. Hierarchy levels are defined as follows:

Level 1: Quoted prices in active markets for identical assets and liabilities.

Level 2: Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Leases

The Company determines if an arrangement is a lease at inception. The Company has an accounting policy election that leases with an initial term of 12 months or less are not recorded on its balance sheet and lease payments are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. A right-of-use asset represents the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments

F-15

arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. For purpose of calculating such present values, lease payments include components that vary based on an index or rate, using the prevailing index or rate at the commencement date and exclude components that vary based upon other factors. For those leases that do not contain a readily determinable implicit rate, the Company uses its incremental borrowing rate at commencement to determine the present value of lease payments. Variable lease payments not included within lease contracts are expensed as incurred. The Company's leases may include options to extend or terminate the lease, and such options are reflected in the term when their exercise is reasonably certain. Lease expense is recognized on a straight-line basis over the lease term.

New Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires a public entity to disclose in each interim and annual reporting period the amount of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. It further requires a public entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, it requires a public entity to disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. A public entity should apply the amendments in this ASU either prospectively to financials statements issued for reporting periods after the effective date of the update or retrospectively to any and all prior periods presented in the consolidated financial statements. The Company expects this ASU to only impact our disclosures with no impacts to our results of operations, cash flows or financial condition.

Note 3—Inventories, net

Inventories, net are summarized as follows (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Coal |  | $ | 125,907 |  |  | $ | 118,504 |
Raw materials, parts, supplies and other, net |  |  | 110,029 |  |  |  | 89,086 |
Total inventories, net |  | $ | 235,936 |  |  | $ | 207,590 |

Note 4—Prepaid Expenses and Other

Prepaid expenses and other consisted of the following (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Deferred longwall move expenses |  | $ | 36,959 |  |  | $ | 24,643 |
Prepaid insurance |  |  | 1,709 |  |  |  | 3,616 |
Other |  |  | 10,162 |  |  |  | 3,449 |
Total prepaid expenses and other |  | $ | 48,830 |  |  | $ | 31,708 |

Note 5—Mineral Interests and Property, Plant and Equipment, net

Mineral interests totaled $189.6 million and $147.7 million and the related accumulated depletion totaled $82.4 million and $75.5 million as of December 31, 2025 and December 31, 2024, respectively.

F-16

Property, plant and equipment are summarized as follows (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Land |  | $ | 77,406 |  |  | $ | 77,351 |
Land improvements |  |  | 82,422 |  |  |  | 19,939 |
Building and leasehold improvements |  |  | 144,744 |  |  |  | 73,543 |
Asset retirement obligation assets |  |  | 48,734 |  |  |  | 62,301 |
Mine development and infrastructure costs |  |  | 208,538 |  |  |  | 126,266 |
Machinery and equipment |  |  | 1,870,215 |  |  |  | 1,435,650 |
Financing lease right of use asset |  |  | 206,303 |  |  |  | 106,959 |
Construction in progress |  |  | 203,696 |  |  |  | 513,072 |
Total |  |  | 2,842,058 |  |  |  | 2,415,081 |
Less: Accumulated depreciation |  |  | (1,024,694 | ) |  |  | (865,611 | )
Property, plant and equipment, net |  | $ | 1,817,364 |  |  | $ | 1,549,470 |

Depreciation and depletion expense was $188.6 million, $154.0 million, and $127.4 million, for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Capitalized interest was $12.2 million, $12.7 million, and $12.1 million as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

Note 6—Other Long-Term Assets

Other long-term assets consisted of the following (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Advance mining royalties |  | $ | 23,750 |  |  | $ | 23,133 |
ABL Facility origination fees |  |  | 3,845 |  |  |  | 2,002 |
Other |  |  | 494 |  |  |  | 2,205 |
Total other long-term assets |  | $ | 28,089 |  |  | $ | 27,340 |

Note 7—Income Taxes

Income tax (benefit) expense consisted of the following (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,839 |  |  | $ | 41,112 |  |  | $ | 19,914 |
State |  |  | — |  |  |  | 3 |  |  |  | 5 |
|  |  | 6,839 |  |  |  | 41,115 |  |  |  | 19,919 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (9,657 | ) |  |  | (10,696 | ) |  |  | 51,153 |
State |  |  | 264 |  |  |  | 2,644 |  |  |  | 1,718 |
|  |  | (9,393 | ) |  |  | (8,052 | ) |  |  | 52,871 |
Total |  | $ | (2,554 | ) |  | $ | 33,063 |  |  | $ | 72,790 |

On July 4, 2025, the One, Big, Beautiful Bill Act ("OBBBA") was enacted into law and includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act. The changes include, among other things, an update to IRC Section 250 Deduction: FDII to Foreign-Derived Deduction Eligible Income ("FDDEI"), which provides for, among other things, a permanent deduction of 33.34% of FDDEI, which reduces the statutory tax rate to 14% of such income. The OBBBA also classified metallurgical coal as a critical mineral eligible for the advanced manufacturing production tax credit under Section 45X (the "45X Credit") of the Internal Revenue Code. The 45X Credit for metallurgical

F-17

coal provides for a credit of 2.5% of eligible production costs in tax years 2026 through 2029. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. For the provisions effective in 2025, there was no material impact to our effective tax rate for the year ended December 31, 2025. For the provisions, effective in 2026, we are currently assessing the potential impact of these tax law changes on our business and financial results.

For the year ended December 31, 2025, the Company recognized an income tax benefit of $2.6 million or an effective tax rate of negative 4.7%. The Company's federal income tax payments were $8.6 million, $26.5 million and $27.0 million in 2025, 2024 and 2023, respectively. There were no state income tax payments for any periods presented. As of December 31, 2025 and 2024, the Company had a current income tax payable of $5.9 million and $7.8 million, respectively, which is included in other current liabilities in the Consolidated Balance Sheets.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal income tax rate to income before income taxes is as follows (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Income before income tax expense |  |  | 54,444 |  |  |  |  |  |  | 283,666 |  |  |  |  |  |  | 551,419 |  |  |  |
U.S. federal statutory tax rate |  | $ | 11,433 |  |  |  | 21.0 | % |  | $ | 59,570 |  |  |  | 21.0 | % |  | $ | 115,798 |  |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect(1) |  |  | 226 |  |  |  | 0.4 | % |  |  | 2,370 |  |  |  | 0.8 | % |  |  | 1,508 |  |  |  | 0.3 | %
Effect of cross-border tax laws |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign-derived intangible income deduction |  |  | (4,325 | ) |  |  | (7.9 | )% |  |  | (12,118 | ) |  |  | (4.3 | )% |  |  | (26,077 | ) |  |  | (4.7 | )%
Tax credits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marginal well tax credits |  |  | (4,739 | ) |  |  | (8.7 | )% |  |  | (4,943 | ) |  |  | (1.7 | )% |  |  | — |  |  |  | — |
Nontaxable and nondeductible items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Percentage depletion |  |  | (12,193 | ) |  |  | (22.4 | )% |  |  | (14,400 | ) |  |  | (5.1 | )% |  |  | (21,811 | ) |  |  | (4.0 | )%
Executive compensation limitation |  |  | 6,137 |  |  |  | 11.3 | % |  |  | 4,595 |  |  |  | 1.6 | % |  |  | 3,548 |  |  |  | 0.6 | %
Other adjustments |  |  | 907 |  |  |  | 1.7 | % |  |  | (2,011 | ) |  |  | (0.7 | )% |  |  | (176 | ) |  |  | — | %
Tax (benefit) expense recognized |  | $ | (2,554 | ) |  |  | (4.7 | )% |  | $ | 33,063 |  |  |  | 11.7 | % |  | $ | 72,790 |  |  |  | 13.2 | %

(1)
State taxes in the state of Alabama for all years presented made up the majority (greater than 50%) of the tax effect in this category.

Deferred Taxes

Deferred income tax assets and liabilities reflect the effects of tax losses, credits, and the future income tax effects of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

F-18

Significant components of the Company's deferred income tax assets and liabilities were (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Deferred income tax assets: |  |  |  |  |  |
Net operating loss and credit carryforwards |  | $ | 48,386 |  |  | $ | 48,804 |
Inventory |  |  | — |  |  |  | 8,670 |
Asset retirement obligations |  |  | 13,743 |  |  |  | 18,114 |
Black lung obligations |  |  | 7,580 |  |  |  | 7,793 |
Accrued expenses |  |  | 9,913 |  |  |  | 8,861 |
Other |  |  | 3,636 |  |  |  | 1,852 |
Total deferred income tax assets |  |  | 83,258 |  |  |  | 94,094 |
Less: valuation allowance for deferred income tax assets |  |  | (45,045 | ) |  |  | (44,674 | )
Net deferred income tax assets |  |  | 38,213 |  |  |  | 49,420 |
Deferred income tax liabilities: |  |  |  |  |  |
Inventory |  |  | (211 | ) |  |  | — |
Prepaid expenses |  |  | (11,123 | ) |  |  | (10,930 | )
Property, plant and equipment |  |  | (71,580 | ) |  |  | (98,283 | )
Investments in partnership |  |  | (5,675 | ) |  |  | — |
Other |  |  | (856 | ) |  |  | (832 | )
Total deferred income tax liabilities |  |  | (89,445 | ) |  |  | (110,045 | )
Net deferred income tax liability |  | $ | (51,232 | ) |  | $ | (60,625 | )

During the year ended December 31, 2023, the Company fully utilized all of its federal net operating loss ("NOL") carryforwards and general business credits. The Company has state NOL carryforwards of approximately $948.9 million, which expire predominantly on December 31, 2029 through December 31, 2035.

A company generally is allowed a deduction for federal and state NOLs against its federal and state taxable income. If a Company undergoes an “ownership change” as defined in Section 382 of the Code or similar provisions of state law, its ability to deduct federal and state NOLs against its federal or state taxable income and utilize certain other available tax attributes can be limited. While the Company does not believe an ownership change has occurred since April 1, 2016, because the rules under Section 382 are highly complex and actions of the Company's stockholders which are beyond its control or knowledge could impact whether an ownership change has occurred, the Company cannot give you any assurance that another Section 382 ownership change has not occurred or will not occur in the future. Were the Company to have undergone a subsequent ownership change prior to April 1, 2018, its federal and state NOLs would effectively be reduced to zero. An ownership change after such date would severely limit the Company's ability to utilize its federal and state NOLs and other tax attributes.

Amended Rights Agreement

On February 14, 2020, the Company adopted the Rights Agreement, which was amended on March 4, 2022 by Amendment No. 1 to the Rights Agreement and on December 8, 2023 by Amendment No. 2 (the "Rights Agreement", and as amended, the "Amended Rights Agreement"), in an effort to prevent the imposition of significant limitations due to an "ownership change" within the meaning of Section 382 of the Code on the Company's ability to utilize its current federal and state NOLs to reduce its future tax liabilities. The Company's stockholders ratified the Rights Agreement at the 2020 Annual Meeting of Stockholders and ratified the Amendment No. 1 to the Rights Agreement at the 2022 Annual Meeting of Stockholders.

The Amended Rights Agreement is intended to supplement the 382 Transfer Restrictions and is designed to serve the interests of all stockholders by preserving the availability of the Company's federal and state NOLs and is similar to plans adopted by other companies with significant federal and state NOLs.

F-19

Pursuant to the Amended Rights Agreement, one preferred stock purchase right (a “Right” or the “Rights”) was distributed to stockholders of the Company for each share of common stock of the Company outstanding as of the close of business on February 28, 2020. Initially, these Rights will not be exercisable and will trade with the shares of common stock. If the Rights become exercisable, each Right will initially entitle stockholders to buy one one-thousandth of a share of a newly created series of preferred stock designated as “Series A Junior Participating Preferred Stock” at an exercise price of $159.00 per Right. While the Amended Rights Agreement is in effect, any person or group that acquires beneficial ownership of 4.99% or more of the common stock or any existing stockholder who currently owns 5.00% or more of the common stock that acquires any additional shares of common stock (such person, group or existing stockholder, an "Acquiring Person") without approval from the Board would be subject to significant dilution in their ownership interest in the Company. In such an event, each Right will entitle its holder to buy, at the exercise price, common stock having a market value of two times the then current exercise price of the Right and the Rights held by such Acquiring Person will become void. The Amended Rights Agreement also gives discretion to the Board to determine that someone is an Acquiring Person even if they do not own 4.99% or more of the common stock but do own 4.99% or more in value of the outstanding stock, as determined pursuant to Section 382 of the Code and the regulations promulgated thereunder. In addition, the Board has established procedures to consider and approve requests to exempt certain acquisitions of the Company’s securities from the Amended Rights Agreement if the Board determines that doing so would not limit or impair the availability of the federal and state NOLs or is otherwise in the best interests of the Company and conditioned upon and subject to the satisfaction of certain continuing factual representations and covenants. The Board may redeem the Rights for $0.01 per Right at any time before any person or group triggers the Amended Rights Agreement. The distribution of the Rights is not a taxable event for stockholders of the Company and will not affect the Company’s’ financial condition or results of operations (including earnings per share).

The Rights will expire on the earliest of (i) the close of business on April 19, 2026, (ii) the time at which the Rights are redeemed as provided in the Amended Rights Agreement, (iii) the time at which the Rights are exchanged as provided in the Amended Rights Agreement, (iv) the time at which the Board determines that the NOLs are fully utilized or no longer available under Section 382 of the Code, (v) the effective date of the repeal of Section 382 of the Code if the Board determines that the Amended Rights Agreement is no longer necessary or desirable for the preservation of NOLs, or (vi) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in the Amended Rights Agreement.

Valuation Allowance

The Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred income tax assets. The Company establishes valuation allowances if it is not likely it will realize its deferred income tax assets. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, scheduled reversals of deferred tax liabilities, projected future taxable income, the overall business environment, its historical financial results, the industry's historically cyclical financial results, its cumulative three-year income or loss position and potential current and future tax planning strategies.

On February 12, 2021, the Alabama Governor signed into law Alabama House Bill 170, now Act 2021-1 (the "Act"). The Act makes several changes to the state’s business tax structure. Among the provisions of the Act, is the repeal of the so-called corporate income tax “throwback rule.” That rule required all sales originating in Alabama and delivered to a jurisdiction where the seller was not subject to tax, to be included in the seller’s Alabama income tax base. Thus, prior to repeal of the throwback rule, the Company had to rely on its Alabama NOL carryforwards to shelter taxes imposed under such throwback rule. As a result of the now repealed throwback rule, effective January 1, 2021, all such sales should now be excluded from Alabama taxable income without the need to utilize Alabama NOLs. As a result of the repeal of the throwback rule, the Company determined that it is not more likely than not that the Company would have sufficient taxable income to utilize all of the Company’s Alabama deferred income tax assets prior to expiration. Therefore, at December 31, 2025, we have a valuation allowance against our state deferred income tax assets of approximately $45.0 million.

F-20

The following table shows the balance of the Company's valuation allowance and the associated activity during 2025:

|  | December 31, 2025 |
Beginning balance |  | $ | 44,674 |
Addition - deferred income tax expense |  |  | 371 |
Ending balance |  | $ | 45,045 |

Uncertain Tax Positions

The Company has filed income tax returns in the U.S. and in various state and local jurisdictions which are routinely examined by tax authorities in these jurisdictions. Federal and state NOLs and carryforwards are subject to adjustments based on examination and the statute of limitations is currently open for all such loss and credit carryforwards. The Company had no unrecognized tax benefits or accruals for unrecognized tax benefits as of December 31, 2025 and 2024, respectively.

The Company did not record any interest or penalties associated with income taxes for years ended December 31, 2025, 2024 and 2023, respectively, but would record interest and penalties within income tax expense.

Note 8—Accrued Expenses

Accrued expenses consisted of the following (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Accrued wages and employee benefits |  | $ | 68,282 |  |  | $ | 51,731 |
Accrued operating expenses |  |  | 37,002 |  |  |  | 20,035 |
Accrued royalties |  |  | 8,835 |  |  |  | 7,203 |
Accrued freight |  |  | 14,613 |  |  |  | 3,998 |
Accrued interest |  |  | 1,144 |  |  |  | 1,027 |
Accrued non-income taxes |  |  | 2,005 |  |  |  | 1,375 |
Total accrued expenses |  | $ | 131,881 |  |  | $ | 85,369 |

Note 9—Asset Retirement Obligations

Changes in the asset retirement obligations (“ARO”) were as follows (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Balance at beginning of period |  | $ | 85,170 |  |  | $ | 84,166 |
Accretion expense |  |  | 5,178 |  |  |  | 5,259 |
Revisions to estimates |  |  | (16,975 | ) |  |  | 1,616 |
Obligations settled |  |  | (3,145 | ) |  |  | (5,871 | )
Balance at end of period |  | $ | 70,228 |  |  | $ | 85,170 |

The portion of costs expected to be paid within a year as of December 31, 2025 is $5.5 million. The portion of costs expected to be incurred beyond one year as of December 31, 2025 is $64.8 million. There were no assets that were legally restricted for purposes of settling asset retirement obligations at December 31, 2025. Alabama's regulatory framework technically allows for self-bonding. However, as a practical matter, due to the onerous regulatory requirements for self-bonding, mining companies in Alabama utilize surety bonds, collateral bonds, or letters of credit to meet their financial assurance requirements. At December 31, 2025, the Company had outstanding surety bonds and letters of credit with parties for post-mining reclamation at all of its mining operations totaling $47.5 million.

F-21

For the years ended December 31, 2025 and December 31, 2024, the change to the liability was primarily attributable to the net impact of changes in discount rates, changes in the timing of scheduled reclamation and current estimates of the costs and scope of remaining reclamation work. For the years ended December 31, 2025 and December 31, 2024, $3.4 million or $0.06 per share and $0.2 million or $0.01 per share, respectively, of the adjustment to the liability was reflected as expense in the period because there was no asset recorded to offset the adjustment to the respective liability. This portion of the liability relates to operations that were idle at the time of purchase accounting for the acquisition of certain assets in 2016 and no value was attributed to any asset as an offset for the asset retirement obligation.

Note 10— Pneumoconiosis ("Black Lung") Obligations

The Company is responsible for medical and disability benefits for black lung disease under the Federal Coal Mine Health and Safety Act of 1969, as amended. Beginning on April 1, 2016 through May 31, 2018, the Company was insured under a guaranteed cost insurance policy, through a third-party insurance carrier, for black lung claims raised by any employee subsequent to the acquisition of certain assets of Walter Energy. Beginning on June 1, 2018 through May 31, 2020 and June 1, 2020 to May 31, 2024, the Company had a deductible policy where the Company was responsible for the first $0.5 million and $1.0 million, respectively, for each black lung claim. Beginning on June 1, 2024 the Company has a deductible policy where the Company is responsible for the first $2.0 million of each black lung claim.

In addition, in connection with the acquisition of certain assets of Walter Energy, the Company assumed all black lung liabilities of Walter Energy and its U.S. subsidiaries incurred prior to March 31, 2016, for which the Company is self-insured. Due to a limited operating history as a stand-alone company and as a result of being self-insured for these historical black lung claims, the Department of Labor ("DOL") required the Company to post $17.0 million in the form of Treasury bills or surety bonds as collateral, in addition to maintaining a black lung trust acquired in the Walter Energy acquisition. The Company received a letter from the Division of Coal Mine Workers' Compensation ("DCMWC") on February 21, 2020 under its new process for self-insurance renewals that would require it to increase the amount of collateral posted to $39.8 million, but the Company had appealed such increase. The Company received another letter from the DCMWC on December 8, 2021 requesting additional information to support its appeal of the collateral requested by the DOL. On February 9, 2022, the DCMWC held a conference call with representatives from the Company related to our appeal. On July 12, 2022, the Company received a decision on our appeal from the DCMWC lowering the amount of collateral required to be posted from $39.8 million to $28.0 million. The Company appealed this decision.

On January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers, which was then subsequently revised as part of the final rules published on December 12, 2024, which became effective on January 13, 2025 (the "2025 Final Regulation"). The 2025 Final Regulation required, among other requirements, all self-insured operators to post security of at least 100 percent of their projected black lung liabilities. On January 14, 2025, the Company received a letter from the DCMWC outlining the new procedures and application process for authorizing operators to self-insure under the new regulation. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, the Company received another letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCWMC further stated that additional guidance would be provided in due course after consultation with the new DOL leadership.

As of December 31, 2025 and December 31, 2024, the Company had $18.6 million of surety bonds, respectively, and $9.9 million and $9.5 million of collateral recognized as short term investments, respectively. There were also $0.9 million and $1.4 million of assets held in a black lung trust, which is offset against the long-term portion of the black lung obligations within the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024, respectively. The estimated total black lung liabilities (net of black lung trust assets) were $36.1 million as of December 31, 2025, of which $2.1 million is classified in other current liabilities and the remainder of $34.0 million is shown as a long-term liability in a separate line item in the Consolidated Balance Sheets. As of December 31, 2024, the estimated black lung liabilities (net of the black lung trust assets) were $36.7 million, of which $2.2 million is classified in other current liabilities and $34.5 million is classified as a

F-22

long-term liability in a separate line item in the Consolidated Balance Sheets. Accretion of the black lung liabilities is included in cost of other revenues on the Consolidated Statements of Operations. The Company performs an annual evaluation of its black lung liabilities at each balance sheet date. The calculation uses assumptions regarding rates of successful claims, discount factors, benefit increases and mortality rates, among others. For the years ended December 31, 2025 and December 31, 2024, the change to the liability was primarily attributable to a decrease in open claims and the net impact of a change in discount rates, respectively. For the years ended December 31, 2025 and December 31, 2024, the annual evaluation resulted in income of $1.3 million or $0.02 per share and expense of $7.3 million or $0.14 per share, respectively, which is included in costs of other revenues in the Consolidated Statements of Operations.

Note 11—Leases

The Company primarily enters into rental agreements for certain mining equipment that are for periods of 12 months or less, some of which include options to extend the leases. Leases that are for periods of 12 months or less are not recorded on the balance sheet in accordance with the Company's accounting policy election described in Note 2. The Company recognizes lease expense on these agreements on a straight-line basis over the lease term. Additionally, the Company has certain finance leases for mining equipment that expire over various contractual periods. These leases have remaining lease terms of one to ten year s and include options to renew. Amortization expense for finance leases is included in depreciation and depletion expense.

Supplemental balance sheet information related to leases was as follows (in thousands):

|  | December 31, 2025 |  |  | December 31, 2024 |
Finance lease right-of-use assets, net(1) |  | $ | 141,853 |  |  | $ | 56,702 |
Finance lease liabilities |  |  |  |  |  |
Current |  |  | 29,669 |  |  |  | 13,208 |
Noncurrent |  |  | 54,492 |  |  |  | 6,217 |
Total finance lease liabilities |  | $ | 84,161 |  |  | $ | 19,425 |
Weighted average remaining lease term - finance leases (in months) |  |  | 62.0 |  |  |  | 17.9 |
Weighted average discount rate - finance leases(2) |  |  | 6.99 | % |  |  | 7.25 | %

(1)
Finance lease right-of-use assets, recorded net of accumulated amortization of $64.4 million and $50.3 million, are included in property, plant and equipment, net in the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024, respectively. See Note 5 for additional disclosure.
(2)
When an implicit discount rate is not readily available in a lease, the Company uses its incremental borrowing rate based on information available at the commencement date when determining the present value of lease payments.

The components of lease expense were as follows (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |
Operating lease cost(1): |  | $ | 23,400 |  |  | $ | 34,877 |
Finance lease cost: |  |  |  |  |  |
Amortization of leased assets |  |  | 26,586 |  |  |  | 22,184 |
Interest on lease liabilities |  |  | 7,790 |  |  |  | 4,613 |
Net lease cost |  | $ | 57,776 |  |  | $ | 61,674 |

(1)
Includes leases that are for periods of 12 months or less.

F-23

Maturities of lease liabilities are as follows (in thousands):

|  | Finance Leases(1) |
2026 |  | $ | 34,158 |
2027 |  |  | 23,702 |
2028 |  |  | 18,812 |
2029 |  |  | 9,948 |
2030 |  |  | 1,672 |
Thereafter |  |  | 7,384 |
Total |  |  | 95,676 |
Less: amount representing interest |  |  | (11,515 | )
Present value of lease liabilities |  | $ | 84,161 |

(1)
Finance lease payments include $4.5 million of future payments required under signed lease agreements that have not yet commenced. These finance leases will commence during fiscal year 2026 with lease terms between one to two years.

Supplemental cash flow information related to leases was as follows (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |
Cash paid (received) for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 7,790 |  |  | $ | 4,613 |
Financing cash outflows from finance leases |  | $ | 36,942 |  |  | $ | 17,414 |
Financing cash inflows from finance leases |  | $ | (48,771 | ) |  | $ | (4,503 | )
Non-cash right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Finance leases |  | $ | 92,679 |  |  | $ | 12,147 |

Note 12—Federal Coal Lease Obligations

On November 25, 2025, Warrior Met Coal BC, LLC, a wholly-owned subsidiary of the Company, entered into Federal Coal Lease ALES-056519 at Mine No. 1 (the “Mine No. 1 Lease”) and Warrior Met Coal Mining, LLC, a wholly-owned subsidiary of the Company, entered into Federal Coal Lease ALES-055797 at Mine No. 4 (the “Mine No. 4 Lease”, and, together with the Mine No. 1 Lease, the “Leases”), each with the United States of America through the Bureau of Land Management of the United States Department of the Interior.

The Company bid approximately $46.8 million for the Leases and has submitted a payment for approximately $9.4 million, which is the first of five equal installments. Successive installments are due each year on the anniversary of the Leases for the next four years. These future installments were recognized as short and long-term federal coal lease obligations and discounted using a credit-adjusted risk-free rate. Imputed interest will be recognized over this payment installment period. As of December 31, 2025, the present value of the short-term and long-term obligations were $8.8 million and $23.7 million, respectively, and are presented as separate line items in the Consolidated Balance Sheets .

F-24

Note 13—Debt

The Company's debt consisted of the following (in thousands):

|  |  |  |  |  |  |  | Weighted Average Interest Rate at |  |
|  | December 31, 2025 |  |  | December 31, 2024 |  |  | December 31, 2025 |  | Final Maturity
Senior secured notes |  | $ | 156,517 |  |  | $ | 156,517 |  |  | 7.875% |  | December 2028
ABL facility |  |  | — |  |  |  | — |  |  | Varies(1) |  | September 2028(2)
Debt discount, net |  |  | (2,265 | ) |  |  | (2,905 | ) |  |  |  |
Total debt |  |  | 154,252 |  |  |  | 153,612 |  |  |  |  |
Less: current debt |  |  | — |  |  |  | — |  |  |  |  |
Total long-term debt |  | $ | 154,252 |  |  | $ | 153,612 |  |  |  |  |

1.
Borrowings under the Amended ABL Facility bear interest at a rate equal to Secured Overnight Financing Rate ("SOFR") ranging from 1.5% and 2.0% or an alternate base rate plus an applicable margin, which is determined based on the average availability of the commitments under the Amended ABL Facility, ranging from 0.5% to 1.0%.
2.
The Amended ABL Facility extends the maturity date to the earlier of (x) August 28, 2030 and (y) 91 days prior to the maturity date of the Company's 7.875% Senior Notes due 2028 (if such notes are still outstanding as of such date).

The Company's minimum debt repayment schedule, excluding interest, as of December 31, 2025 is as follows (in thousands):

|  | Payments Due |
|  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |
Senior secured notes |  | $ | — |  |  | $ | — |  |  | $ | 156,517 |  |  | $ | — |  |  | $ | — |
ABL facility |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | 156,517 |  |  | $ | — |  |  | $ | — |

Amended ABL Facility

On August 28, 2025, the Company entered into that certain First Amendment to Second Amended and Restated Asset-Based Revolving Credit Agreement (the “Amendment”), by and among the Company and certain of its subsidiaries, as borrowers, the guarantors party thereto, the lenders party thereto and Citibank, N.A. as administrative agent, which amends the Company's existing Second Amended and Restated Asset-Based Revolving Credit Agreement (the “credit facility”, and the credit facility as amended by the Amendment, the “Amended ABL Facility”). The Amendment, among other things, (i) increases the aggregate commitments available to be borrowed under the Amended ABL Facility by $27.0 million to $143.0 million; (ii) extends the maturity date of the credit facility to the earlier of (x) August 28, 2030 and (y) 91 days prior to the maturity date of the Company's 7.875% Senior Notes due 2028 (if such notes are still outstanding as of such date); and (iii) amends certain borrowing base calculations and other terms and provisions of the credit facility.

As of December 31, 2025, no loans were outstanding under the Amended ABL Facility and there were $2.5 million of letters of credit issued and outstanding under the Amended ABL Facility. As of December 31, 2025, the Company had $140.5 million of availability under the Amended ABL Facility (calculated net of $2.5 million of letters of credit outstanding at such time). The Company was in compliance with all applicable covenants under the Amended ABL Facility as of December 31, 2025.

Senior Secured Notes

On December 6, 2021, the Company issued $350.0 million in aggregate principal amount of 7.875% senior secured notes due 2028 (the “Notes”) at an initial price of 99.3% of their face amount. The Notes were issued to qualified institutional

F-25

buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States in accordance with Regulation S under the Securities Act. The Company used the net proceeds of the offering of the Notes, together with cash on hand, to fund the redemption of all of the Company’s outstanding 8.00% senior secured notes due 2024 (the "Existing Notes”), including payment of the redemption premium in connection with such redemption.

The Notes will accrue interest at a rate of 7.875% per year from December 6, 2021. Interest on the Notes will be payable on June 1 and December 1 of each year, commencing on June 1, 2022. The Notes will mature on December 1, 2028. The Notes are fully and unconditionally guaranteed on a joint and several basis by each of the Company's direct and indirect wholly-owned domestic restricted subsidiaries that are guarantors under the Amended ABL Facility (subject to customary release provisions).

Note 14—Commitments and Contingencies

Environmental Matters

The Company is subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the construction and operation of its plants, mines and other facilities and with respect to remediating environmental conditions that may exist at its own and other properties.

The Company believes that it is in substantial compliance with federal, state and local environmental laws and regulations. The Company accrues for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and can be reasonably estimated. As of December 31, 2025 and December 31, 2024, there were no accruals for environmental matters other than asset retirement obligations for mine reclamation.

Miscellaneous Litigation

From time to time, the Company is party to a number of lawsuits arising in the ordinary course of their businesses. The Company records costs relating to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on the Company’s future results of operations cannot be predicted with certainty as any such effect depends on future results of operations and the amount and timing of the resolution of such matters. As of December 31, 2025 and December 31, 2024, there were no items accrued for miscellaneous litigation.

Commitments and Contingencies—Other

The Company is party to various transportation and throughput agreements with rail and barge transportation providers and the Alabama State Port Authority. These agreements contain annual minimum tonnage guarantees with respect to coal transported from the mine sites to the Port of Mobile in Alabama, unloading of rail cars or barges, and the loading of vessels. If the Company does not meet its minimum throughput obligations, which are based on annual minimum amounts, it is required to pay the transportation providers or the Alabama State Port Authority a contractually specified amount per metric ton for the difference between the actual throughput and the minimum throughput requirement. At December 31, 2025 and December 31, 2024, the Company had no liability recorded for minimum throughput requirements.

Royalty Obligations

A substantial amount of the coal that the Company mines is produced from mineral reserves leased from third-party landowners. These leases convey mining rights to the Company in exchange for royalties to be paid to the landowner as either a fixed amount per ton or as a percentage of the sales price. Although coal leases have varying renewal terms and conditions, they generally last for the economic life of the reserves. Coal royalty expense was $81.5 million, $123.0 million, and $120.5 million, for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

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Note 15—Employee Benefit Plans

Defined Contribution Plans

The Company sponsors a defined contribution plan to assist its eligible employees in providing for retirement. Generally, under the terms of the plan, employees make voluntary contributions through payroll deductions and the Company makes matching contributions, as defined by the plan. Contributions to these defined contribution plans amounted to $5.8 million for the year ended December 31, 2025, $4.9 million for the year ended December 31, 2024 and $4.0 million for the year ended December 31, 2023 accounted for in cost of sales, cost of other revenues and selling, general and administrative costs in the Consolidated Statements of Operations.

Note 16—Equity Award Plans

Warrior Met Coal, Inc. 2017 Equity Incentive Plan

In connection with the Company's initial public offering, the Company adopted the Warrior Met Coal, Inc. 2017 Equity Incentive Plan (the “2017 Equity Plan”).

Under the 2017 Equity Plan, directors, officers, employees, consultants and advisors and those of affiliated companies, as well as those who have accepted offers of employment or consultancy from the Company or the Company’s affiliated companies, may be granted equity interest in Warrior Met Coal, Inc. in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards, and performance awards.

The total number of shares of common stock, including incentive stock options, available for grant of awards under the 2017 Equity Plan as of December 31, 2025 is 3,945,930. If any outstanding award expires, is canceled, forfeited, or settled in cash, the shares allocable to that award will again be available for grant under the 2017 Equity Plan.

As of December 31, 2025, the equity awards granted under the 2017 Equity Plan are comprised of common stock, restricted stock awards, and restricted stock unit awards. The Company recognized stock compensation expense of $20.0 million, $22.1 million and $18.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, associated with awards granted under the 2017 Equity Plan. Unrecognized compensation expense associated with time-based and market-based awards under the 2017 Equity Plan amounted to approximately $1.9 million as of December 31, 2025. The total fair value of shares vested during the years ended December 31, 2025, 2024 and 2023 was $22.3 million, $31.0 million and $24.2 million, respectively, excluding net shares issued above the 100% targeted performance level.

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A summary of activity related to restricted stock unit award grants under the 2017 Equity Incentive Plan during the years ended December 31, 2025, December 31, 2024 and December 31, 2023 is as follows:

|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at December 31, 2022 |  |  | 756,063 |  |  | $ | 26.99 |
Granted |  |  | 527,636 |  |  | $ | 29.90 |
Canceled |  |  | (5,982 | ) |  | $ | 36.60 |
Forfeited |  |  | (324 | ) |  | $ | 37.43 |
Vested |  |  | (608,224 | ) |  | $ | 29.10 |
Non-vested at December 31, 2023 |  |  | 669,169 |  |  | $ | 40.66 |
Granted |  |  | 355,949 |  |  | $ | 52.02 |
Canceled |  |  | (1,552 | ) |  | $ | 60.39 |
Forfeited |  |  | (1,449 | ) |  | $ | 50.35 |
Vested |  |  | (503,714 | ) |  | $ | 35.05 |
Non-vested at December 31, 2024 |  |  | 518,403 |  |  | $ | 55.86 |
Granted |  |  | 414,092 |  |  | $ | 64.95 |
Canceled |  |  | (98 | ) |  | $ | 53.39 |
Forfeited |  |  | (3,910 | ) |  | $ | 62.46 |
Vested |  |  | (435,637 | ) |  | $ | 56.22 |
Outstanding at December 31, 2025 |  |  | 492,850 |  |  | $ | 63.13 |

Performance-based restricted shares have been presented in the table above to reflect the actual shares issued based on the achievement of past performance targets. Non-vested performance-based restricted shares granted are presented in the table above at the target number of restricted shares that would vest if the performance targets are met.

Note 17—Stockholders' Equity

Common Shares

The Company is authorized to issue up to 140,000,000 common shares, $0.01 par value per share. Holders of common shares are entitled to receive dividends when authorized by the Company's Board of Directors (the "Board").

Stock Repurchase Program

On March 26, 2019, the Board approved the Company's second stock repurchase program (the “New Stock Repurchase Program”) that authorizes repurchases of up to an aggregate of $70.0 million of the Company's outstanding common stock. The Company fully exhausted its previous stock repurchase program (the "First Stock Repurchase Program") of $40.0 million of its outstanding common stock. The New Stock Repurchase Program does not require the Company to repurchase a specific number of shares or have an expiration date. The New Stock Repurchase Program may be suspended or discontinued by the Board at any time without prior notice.

Under the New Stock Repurchase Program, the Company may repurchase shares of its common stock from time to time, in amounts, at prices and at such times as the Company deems appropriate, subject to market and industry conditions, share price, regulatory requirements and other considerations as determined from time to time by the Company. The Company’s repurchases may be executed using open market purchases or privately negotiated transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act and repurchases may be executed pursuant to Rule 10b5-1 under the Exchange Act. Repurchases will be subject to limitations in the Amended ABL Facility and the Indenture. The Company intends to fund repurchases under the New Stock Repurchase Program from cash on hand and/or other sources of liquidity. Any future repurchases of shares of the Company's common stock will be subject to the 1% excise tax under the IRA.

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As of December 31, 2025, the Company has repurchased 500,000 shares for approximately $10.6 million, leaving $59.4 million of share repurchases authorized under the New Stock Repurchase Program.

Dividends

The Company declared the following dividends on common shares as of the filing date of this Form 10-K:

Dividend per Share |  |  | Dividend Type |  | Declaration Date |  | Record Date |  | Payable Date
$ | 0.08 |  |  | Quarterly |  | February 11, 2025 |  | February 24, 2025 |  | March 3, 2025
$ | 0.08 |  |  | Quarterly |  | April 23, 2025 |  | May 5, 2025 |  | May 12, 2025
$ | 0.08 |  |  | Quarterly |  | July 29, 2025 |  | August 8, 2025 |  | August 15, 2025
$ | 0.08 |  |  | Quarterly |  | October 28, 2025 |  | November 7, 2025 |  | November 14, 2025
$ | 0.08 |  |  | Quarterly |  | February 10, 2026 |  | February 23, 2026 |  | March 2, 2026

Preferred Shares

The Company is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share.

Note 18—Derivative Instruments

The Company enters into natural gas swap contracts from time to time to hedge the exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to the Company’s forecasted sales. As of December 31, 2024, the company had 5,500,000 metric million British thermal unit gas contracts outstanding. As of December 31, 2025, there were no such natural gas swap contracts outstanding.

The Company’s natural gas swap contracts economically hedge certain risks but are not designated as hedges for financial reporting purposes. All changes in the fair value of these derivative instruments are recorded as other revenues in the Consolidated Statements of Operations. The Company realized $1.6 million in losses during 2025 of which $0.2 million was a recognized gain for the year ended December 31, 2025 and $1.8 million was a recognized loss for the year ended and December 31, 2024.

Note 19—Fair Value of Financial Instruments

The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair value (in thousands):

|  | Fair Value Measurements as of December 31, 2025 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas swap contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

|  | Fair Value Measurements as of December 31, 2024 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas swap contracts |  | $ | — |  |  | $ | 1,835 |  |  | $ | — |  |  | $ | 1,835 |

During the year ended December 31, 2025, there were no transfers between Level 1, Level 2 and Level 3. The Company uses quoted dealer prices for similar contracts in active over-the-counter markets for determining fair value of Level 2 assets or liabilities.

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

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Cash and cash equivalents, short-term investments, receivables and accounts payable—The carrying amounts reported in the Consolidated Balance Sheets approximate fair value due to the short-term nature of these assets and liabilities.

Long-term investments and restricted cash—The amortized cost carrying amounts reported in the Consolidated Balance Sheets approximate fair value due to the nature of fixed income securities.

Debt—The Company's outstanding debt is carried at cost. As of December 31, 2025, the Company had no borrowings outstanding under the Amended ABL Facility, with $140.5 million available, net of $2.5 million of letters of credit issued and outstanding at such time. The estimated fair value of the Notes as of December 31, 2025 is approximately $159.1 million based upon observable market data (Level 2).

Note 20—Net Income per Share

The computation of basic net income per share is based on the number of weighted average common shares outstanding during the period. The computation of diluted net income per share is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. Basic and diluted net income per share was calculated as follows (in thousands, except per share data):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 56,998 |  |  | $ | 250,603 |  |  | $ | 478,629 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares used to compute net income per share—basic |  |  | 52,560 |  |  |  | 52,287 |  |  |  | 51,973 |
Dilutive restricted stock awards and units |  |  | 43 |  |  |  | 58 |  |  |  | 72 |
Weighted-average shares used to compute net income per share—diluted |  |  | 52,603 |  |  |  | 52,345 |  |  |  | 52,045 |
Net income per share—basic |  | $ | 1.08 |  |  | $ | 4.79 |  |  | $ | 9.21 |
Net income per share—diluted |  | $ | 1.08 |  |  | $ | 4.79 |  |  | $ | 9.20 |

As of December 31, 2025, there were 180,546 restricted stock unit awards for which the service-based vesting conditions for these awards were not met as of the measurement date. As such, these awards were excluded from basic earnings per share. These awards had a 43,446 share impact on dilutive weighted average shares for the year ended December 31, 2025.

As of December 31, 2025, there were 312,304 shares granted under the 2017 Equity Plan to employees, for which neither the service based nor performance based vesting conditions were met as of the measurement date. As such, these shares have been excluded from basic and diluted earnings per share.

Note 21—Segment Information

The Company generates revenue primarily through the production of steelmaking coal for sale to the steel industry. The Company also generates ancillary revenues from the sale of natural gas extracted as a byproduct from the underground coal mines and royalty revenues from leased properties.

The Company has one reportable segment identified as Mining which consists of: Mine No. 4, Mine No. 7 and the Blue Creek mine. The Company has determined that its natural gas and royalty businesses did not meet the criteria in ASC 280 to be considered as a reportable segments. Therefore, the Company has included their results in an “all other” category as a reconciling item to consolidated amounts.

F-30

The Company does not allocate all of its assets, or its depreciation and depletion expense, selling, general and administrative expenses, transactions costs, interest income (expense), and income tax expense by segment.

The following tables include reconciliations of segment information to consolidated amounts (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues |  |  |  |  |  |  |  |  |
Mining |  | $ | 1,277,024 |  |  | $ | 1,499,980 |  |  | $ | 1,647,992 |
All other |  |  | 33,019 |  |  |  | 25,240 |  |  |  | 28,633 |
Total revenues |  | $ | 1,310,043 |  |  | $ | 1,525,220 |  |  | $ | 1,676,625 |
Segment profit |  |  |  |  |  |  |  |  |
Revenue |  | $ | 1,277,024 |  |  | $ | 1,499,980 |  |  | $ | 1,647,992 |
Cash cost of sales(1) |  |  | 975,384 |  |  |  | 999,188 |  |  |  | 904,319 |
Other segment items(2) |  |  | 7,017 |  |  |  | 8,109 |  |  |  | 5,950 |
Segment profit |  | $ | 294,623 |  |  | $ | 492,683 |  |  | $ | 737,723 |
Transportation and royalties |  |  |  |  |  |  |  |  |
Mining |  | $ | 333,042 |  |  | $ | 367,059 |  |  | $ | 367,949 |
All other |  |  | — |  |  |  | — |  |  |  | 263 |
Total transportation and royalties |  | $ | 333,042 |  |  | $ | 367,059 |  |  | $ | 368,212 |
Assets |  |  |  |  |  |  |  |  |
Mining |  | $ | 2,632,118 |  |  | $ | 2,456,973 |  |  | $ | 2,220,771 |
All other |  |  | 151,681 |  |  |  | 134,543 |  |  |  | 136,287 |
Total assets |  | $ | 2,783,799 |  |  | $ | 2,591,516 |  |  | $ | 2,357,058 |
Depreciation and depletion |  |  |  |  |  |  |  |  |
Mining |  | $ | 180,067 |  |  | $ | 145,229 |  |  | $ | 120,192 |
All other |  |  | 8,498 |  |  |  | 8,753 |  |  |  | 7,164 |
Total depreciation and depletion |  | $ | 188,565 |  |  | $ | 153,982 |  |  | $ | 127,356 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Mining |  | $ | 315,258 |  |  | $ | 450,713 |  |  | $ | 484,730 |
All other |  |  | 5,003 |  |  |  | 6,508 |  |  |  | 6,944 |
Total capital expenditures |  | $ | 320,261 |  |  | $ | 457,221 |  |  | $ | 491,674 |

(1)
The significant expense category and amounts align with the segment-level information that is regularly reviewed by the CODM. Cash cost of sales includes transportation and royalties and excludes depreciation and depletion as presented above.
(2)
Other segment items include non-cash charges to cost of sales of asset retirement obligation accretion and valuation adjustments and stock compensation expense.

For the years ended December 31, 2025, 2024, and 2023 the Company's Mining segment had revenues comprising greater than 10% from the following customers:

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Customer A |  | $ | 154,167 |  |  | $ | — |  |  | $ | — |
Customer B |  |  | — |  |  |  | 190,138 |  |  |  | 205,699 |
Customer C |  |  | — |  |  |  | 190,811 |  |  |  | — |
Customer D |  |  | — |  |  |  | 178,087 |  |  |  | 246,443 |
Customer E |  |  | — |  |  |  | — |  |  |  | 195,283 |

•
Customers with a zero did not trip the 10% quantitative threshold for that period.

F-31

The Company evaluates the performance of its segment based on Segment Adjusted EBITDA, which is defined as net income adjusted for other revenues, cost of other revenues, depreciation and depletion, selling, general and administrative, business interruption, loss on early extinguishment of debt, other (expense) income, interest income, interest expense, income tax benefit (expense) and certain transactions or adjustments that the CODM does not consider for the purposes of making decisions to allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA should not be considered as an alternative to cost of sales under GAAP and may not be comparable to other similarly titled measures used by other companies. Below is a reconciliation of Segment Adjusted EBITDA to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands):

|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Segment Adjusted EBITDA |  | $ | 294,623 |  |  | $ | 492,683 |  |  | $ | 737,723 |
Other revenues |  |  | 33,019 |  |  |  | 25,240 |  |  |  | 28,633 |
Cost of other revenues |  |  | (27,668 | ) |  |  | (45,449 | ) |  |  | (37,486 | )
Depreciation and depletion |  |  | (188,565 | ) |  |  | (153,982 | ) |  |  | (127,356 | )
Selling, general and administrative |  |  | (65,681 | ) |  |  | (63,078 | ) |  |  | (51,817 | )
Business interruption |  |  | (19 | ) |  |  | (524 | ) |  |  | (8,291 | )
Loss on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (11,699 | )
Other (expense) income |  |  | — |  |  |  | — |  |  |  | (1,027 | )
Interest income |  |  | 18,477 |  |  |  | 33,047 |  |  |  | 40,699 |
Interest expense |  |  | (9,742 | ) |  |  | (4,271 | ) |  |  | (17,960 | )
Income before income taxes |  |  | 54,444 |  |  |  | 283,666 |  |  |  | 551,419 |
Income tax benefit (expense) |  |  | 2,554 |  |  |  | (33,063 | ) |  |  | (72,790 | )
Net income |  | $ | 56,998 |  |  | $ | 250,603 |  |  | $ | 478,629 |

Note 22—Subsequent Events

On February 10, 2026, the Board declared a regular quarterly cash dividend of $0.08 per share, which will be paid on March 2, 2026 to stockholders of record as of the close of business on February 23, 2026.

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