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Inventories

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

5.INVENTORIES

Inventories consist of the following:


		September 30,			December 31,
		2025			2024

		(in thousands)
Coal		$	48,208		$	37,290
Finished goods (net of reserve for obsolescence of $1,180 and $2,481, respectively)			13,095			14,197
Work in process			1,074			1,560
Raw materials			6,634			7,192
			69,011			60,239
Supplies (net of reserve for obsolescence of $7,311 and $6,409, respectively)			61,625			60,422
Total inventories, net		$	130,636		$	120,661

The above balances reflect lower of cost or net realizable value adjustments to our coal inventories of $3.4 million and $24.6 million as of September 30, 2025 and December 31, 2024, respectively. The adjustment as of September 30, 2025 is primarily a result of higher cost per ton at the Mettiki Coal, LLC and Mettiki Coal (WV), LLC (collectively “Mettiki”) mining complex due to lower production and challenging geological conditions in the longwall panel that reduced coal recovery. 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 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.