Freeport-McMoRan for metallurgical coal.

Peabody Energy for metallurgical coal.

Albemarle for the steel industry's key ingredient.

• Metallurgical Coal: A specialized type of coal critical for producing coke, which is an essential raw material in the blast furnace steelmaking process.
• Thermal Coal: A type of coal primarily used as a fuel source in power generation plants to produce electricity.

Alpha Metallurgical Resources (AMR) primarily sells its metallurgical coal to other companies, specifically large industrial enterprises.

Its major customers are global steel producers. While Alpha Metallurgical Resources does not publicly name its specific major customers in its SEC filings, it does disclose customer concentration. According to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 22, 2024, regarding its customer base:

• In 2023, two customers, which are subsidiaries of the same parent company, each accounted for greater than 10% of Alpha Metallurgical Resources’ total revenues.
• Collectively, sales to its top ten customers accounted for approximately 49% of its total revenues in 2023.

Therefore, while specific company names and their symbols are not publicly disclosed by AMR for these major customers, they are identified as significant global steel manufacturers.

• CSX Corporation (CSX)
• Norfolk Southern Corporation (NSC)

Andy Eidson, Chief Executive Officer and Director
Mr. Eidson was appointed Chief Executive Officer in January 2023. His previous roles include President, and President and Chief Financial Officer. He also served as Executive Vice President and Chief Financial Officer from July 2016 and as interim co-chief executive officer for Contura Energy from May 2019 to July 2019. Before joining Alpha in July 2010, he held financial positions at PricewaterhouseCoopers LLP, Eastman Chemical Company, and Penn Virginia Resource Partners, where he led mergers and acquisitions projects for the coal segment and managed the budgeting and planning process. He was Executive Vice President and Chief Financial Officer of Alpha Natural Resources, Inc. from March 2016. Alpha Natural Resources, Inc., the predecessor to Alpha Metallurgical Resources, was established with involvement from First Reserve Stockholders.

Todd Munsey, Executive Vice President and Chief Financial Officer
Mr. Munsey has served as Executive Vice President and Chief Financial Officer since August 2022. Prior to this, he was Senior Vice President and Controller from July 2016, and Senior Vice President for Tax and Financial Reporting at Alpha Natural Resources from April 2015. Before joining Alpha in July 2007, Mr. Munsey worked as a Senior Tax Analyst at PricewaterhouseCoopers LLP. Alpha Natural Resources, Inc., the predecessor to Alpha Metallurgical Resources, was established with involvement from First Reserve Stockholders.

Jason E. Whitehead, President and Chief Operating Officer
Mr. Whitehead has been the Chief Operating Officer and President of Alpha Metallurgical Resources since 2023, having previously served as an Executive Vice President of the company from 2019 to 2023.

Daniel E. Horn, Executive Vice President and Chief Commercial Officer
Mr. Horn has served as Chief Commercial Officer since January 2022 and Executive Vice President of Sales since December 2020. Prior to these roles, he was Senior Vice President of metallurgical coal sales for the company and president of Contura Coal Sales, LLC from November 2019.

Mark M. Manno, Executive Vice President, General Counsel and Secretary
Mr. Manno was appointed Executive Vice President, General Counsel and Secretary, effective June 1, 2024. In this role, he oversees the company's legal, land, and safety departments. He previously served as an Executive VP/Chief Procurement Officer/Secretary at Contura Energy, Inc. and as Senior VP/CIO at Alpha Natural Resources, Inc.

The key risks to Alpha Metallurgical Resources (AMR) are primarily linked to the highly cyclical nature of its industry and inherent operational challenges.

1. Metallurgical Coal Price Volatility and Steel Demand Fluctuations: Alpha Metallurgical Resources' profitability is acutely sensitive to the volatile prices of metallurgical coal and the fluctuating demand within the global steel markets. The company, as the largest U.S. coking coal producer, faces significant earnings uncertainty due to these market swings. Recent performance reflects this vulnerability, with soft metallurgical coal prices and weak steel demand contributing to a net loss in the third quarter of 2025.

2. Operational Risks and Mining Incidents: The company's coal mining operations are subject to various conditions and events, many beyond its control, which can lead to higher operating expenses and decreased production and sales. A recent fatal flooding incident at its Rolling Thunder Mine, for example, underscored these operational risks and contributed to cautious market sentiment after a year of operational setbacks and softer earnings. Such incidents can result in significant disruptions and potential asset impairments if not fully insured.

3. Regulatory Pressures and International Trade Policies: Alpha Metallurgical Resources is highly exposed to international trade policies, including tariffs and trade wars, which can directly impact its access to global markets and pricing. Furthermore, the company faces general regulatory pressures, which contribute to the uncertainty in its valuation and operational environment.

The accelerating global shift towards "green steel" production methodologies, particularly those leveraging hydrogen-based direct reduced iron (H2-DRI) and electric arc furnaces (EAFs). These technologies significantly reduce or aim to eliminate the reliance on metallurgical coal for primary steelmaking, directly impacting the long-term demand for Alpha Metallurgical Resources' core product.

Alpha Metallurgical Resources (AMR) primarily focuses on the extraction and supply of metallurgical coal, which is essential for the steel industry. The company also produces thermal coal and provides industry services related to equipment repairs, road construction, and logistics.

Addressable Markets:

• Metallurgical Coal (Global Market):

  The global metallurgical coal market exhibits varying size estimations across different reports. In 2024, some estimates placed the market size at approximately USD 15.13 billion, while others indicated it was valued at USD 94.1 billion or USD 72.63 billion. The market is projected to grow significantly, with forecasts suggesting an increase of USD 99.6 billion between 2024 and 2029 at a compound annual growth rate (CAGR) of 4.8%. Other projections anticipate the market to reach USD 18.29 billion by 2032 with a CAGR of 2.4% from 2025 to 2032, or USD 100.02 billion by 2035 with a CAGR of 2.95% from 2025 to 2035.

• Metallurgical Coal (North American Market):

  The North American metallurgical coal market was valued at USD 23.72 billion in 2024 and is expected to reach USD 27.27 billion by 2030, growing at a CAGR of 2.35% during this period.

• Thermal Coal and Other Services:

  While Alpha Metallurgical Resources produces thermal coal and offers services such as equipment repairs, road construction, and logistics, specific addressable market sizes for these products and services were not quantifiable from the available information.

Alpha Metallurgical Resources (AMR) is expected to drive future revenue growth over the next two to three years through a combination of increased production, favorable market dynamics, and strategic contracting.

1. Increased Production Volume from New and Existing Mines: Alpha Metallurgical Resources anticipates an increase in coal production, particularly with the Kingston Wildcat mine projected to reach a full annual run rate of approximately 1 million tons in 2026. This expansion of output from both new and existing operations is expected to directly contribute to higher sales volumes.

2. Improved Metallurgical Coal Market Conditions and Pricing: Although the metallurgical coal market has faced recent challenges, a rebound in global steel demand and a subsequent increase in metallurgical coal prices would significantly boost AMR's revenue. The company's revenue is closely tied to global steel demand. Analysts have forecast an annual revenue growth rate of 8.7% for Alpha Metallurgical Resources.

3. Successful Domestic Contract Negotiations: Alpha Metallurgical Resources is actively engaged in negotiations for domestic tons for 2025 and is looking ahead to 2026 domestic contract negotiations. Securing favorable terms and volumes in these contracts will be crucial for revenue stability and growth.

4. Enhanced Operational Efficiency and Productivity: The company has demonstrated a strong focus on cost reductions and operational efficiencies, including achieving record low costs of coal sales and increasing tons per man-hour. While primarily impacting profitability, higher productivity and "getting more tons out" directly contribute to an increased volume of coal available for sale, indirectly driving revenue growth.

Share Repurchases

• Alpha Metallurgical Resources' board approved a $1.5 billion share buyback program.
• As of October 31, 2025, approximately $1.1 billion had been used to repurchase 6.8 million shares.
• The company had approximately $400 million remaining under its share repurchase authorization as of July 30, 2025, and plans to restart the program opportunistically after a pause due to market softness.

Capital Expenditures

• Alpha Metallurgical Resources' capital expenditures were $245.373 million in 2023.
• Capital expenditures for the full year 2024 were $198.848 million.
• For the nine months ending September 30, 2025, capital expenditures were $98.196 million.