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INVENTORIES

3 Months Ended

Mar. 31, 2025

INVENTORIES

5.INVENTORIES

Inventories consist of the following:


		March 31,			December 31,
		2025			2024

		(in thousands)
Coal		$	56,903		$	37,290
Finished goods (net of reserve for obsolescence of $2,617 and $2,481, respectively)			12,881			14,197
Work in process			1,332			1,560
Raw materials			7,930			7,192
			79,046			60,239
Supplies (net of reserve for obsolescence of $6,562 and $6,409, respectively)			59,740			60,422
Total inventories, net		$	138,786		$	120,661

The above balances reflect lower of cost or net realizable value adjustments to our coal inventories of $5.7 million and $24.6 million as of March 31, 2025 and December 31, 2024, respectively. The adjustment as of March 31, 2025 is primarily a result of lower coal sale prices and higher cost per ton primarily due to a long wall move and operational difficulties at the Mettiki Coal, LLC and Mettiki Coal (WV), LLC (collectively “Mettiki”) mining complexes. The adjustment as of December 31, 2024 is the result of lower coal sale prices and higher cost per ton primarily due to a longwall move at the Hamilton County Coal, LLC (“Hamilton”) mining complex, lower production at Mettiki and MC Mining, LLC (“MC Mining”) mining complexes, and ongoing development activities at the Henderson County mine at our River View Coal, LLC (“River View”) mining complex.