Here are 1-2 brief analogies for Alpha Metallurgical Resources (AMR):

• Like Peabody Energy (BTU), but focused on both metallurgical and thermal coal extraction primarily in the Appalachian region.
• Think of them as the ExxonMobil (XOM) or Chevron (CVX) of coal, extracting and selling this foundational resource for steelmaking and power generation.

• Met Coal (Metallurgical Coal): This type of coal is primarily used in the steelmaking process.
• Thermal Coal: This type of coal is primarily used as a fuel for electricity generation.

Alpha Metallurgical Resources (AMR) sells its metallurgical and thermal coal primarily to other companies, operating in business-to-business (B2B) markets.

While AMR's public filings state that a significant portion of its revenues comes from a limited number of major customers (for example, in 2023, two customers each accounted for approximately 10% or more of total revenues), the specific names of these individual customer companies are not publicly disclosed in their SEC filings or other readily available public information.

Therefore, a list of specific customer company names cannot be provided. However, based on the nature of the coal products sold, AMR's major customers operate within the following industrial sectors:

• Global Steel Industry: Customers in this sector utilize metallurgical coal for steel production.
• Industrial Sector: Various industrial companies use thermal coal for energy and process heat.
• Electrical Power Generation Industry: Utilities and power producers use thermal coal as fuel for electricity generation.

Andy Eidson, Chief Executive Officer

Andy Eidson has served as Chief Executive Officer and Director since January 2023. He previously held the roles of President (from August 2022) and President and Chief Financial Officer (since December 2020). Prior to that, he was Executive Vice President and Chief Financial Officer from July 2016 and also served as interim co-Chief Executive Officer for Contura Energy from May 2019 through July 2019. His involvement with the company and its predecessor began earlier, as he was Executive Vice President and Chief Financial Officer of Alpha Natural Resources, Inc. from March 2016, and held previous roles there including Senior Vice President of Strategy and Business Development, and Vice President of Mergers and Acquisitions. Before joining Alpha in July 2010, Mr. Eidson worked in various financial positions at PricewaterhouseCoopers LLP, Eastman Chemical Company, and Penn Virginia Resource Partners, where he managed mergers and acquisitions projects for the coal segment. He was involved with the company during its formation as Contura Energy, which arose from the assets of Alpha Natural Resources after its 2015 bankruptcy and was acquired by a consortium of lenders.

J. Todd Munsey, Executive Vice President and Chief Financial Officer

J. Todd Munsey has served as Executive Vice President and Chief Financial Officer since August 2022. He previously served as Senior Vice President and Controller from July 2016. Mr. Munsey's history with the company's lineage includes serving as Senior Vice President of Tax and Financial Reporting at Alpha Natural Resources from April 2015, and prior to that, various roles on the tax team. Before joining Alpha in July 2007, he was a Senior Tax Analyst at PricewaterhouseCoopers LLP. He was involved with the company during its transformation from Alpha Natural Resources' bankruptcy into Contura Energy (later Alpha Metallurgical Resources).

Jason E. Whitehead, President and Chief Operating Officer

Jason E. Whitehead has been the President and Chief Operating Officer of Alpha Metallurgical Resources Inc since April 2016. He also serves as President at Peerless Eagle Coal Co. LLC and Vice President-Human Resources at Maxxim Shared Services LLC. His previous roles include Chief Operating Officer & Senior Vice President of Operations at Alpha Natural Resources Holdings, Inc. from 2016 to 2018, Vice President of Underground Operations at Alpha Appalachia Holdings, Inc., and Vice President of Operations at Alpha Natural Resources, Inc.

Daniel E. Horn, Executive Vice President and Chief Commercial Officer

Daniel E. Horn has served as Executive Vice President and Chief Commercial Officer since January 2022. Before this, he was Executive Vice President of Sales for the company and President of Contura Coal Sales, LLC. Mr. Horn has over four decades of experience in the mining industry and previously held senior leadership roles within the sales departments of Contura Energy and Alpha Natural Resources, where he was responsible for domestic and seaborne metallurgical sales. Prior to joining Alpha, he led the coal and coke procurement team at Bethlehem Steel Corporation, following earlier roles in engineering and operations at Bethlehem's underground coal mines.

Mark M. Manno, Executive Vice President, General Counsel and Secretary

Mark M. Manno serves as Executive Vice President, General Counsel and Secretary. He was appointed to this role in June 2024 and is responsible for overseeing the legal, land, and safety departments of the company.

Key Risks to Alpha Metallurgical Resources (AMR)

1. Market Volatility and Price Sensitivity: Alpha Metallurgical Resources' financial performance is highly susceptible to fluctuations in metallurgical coal prices and global steel demand. The company experienced a net loss and declining revenue in the third quarter of 2025 due to a significant drop in pricing and volume, leading to lowered shipment guidance for metallurgical coal.
2. Operational Risks and Production Disruptions: The inherent dangers of the coal mining industry pose significant operational risks to Alpha Metallurgical Resources. These include the potential for fatal incidents, such as the water influx at the Rolling Thunder Mine in November 2025, which can lead to increased regulatory scrutiny and operational disruption. Furthermore, the company has faced reduced full-year shipment guidance, underscoring challenges in stabilizing output. Broader mining hazards like explosions, fires, respiratory issues, equipment accidents, and structural failures also contribute to this risk.
3. Environmental and Regulatory Challenges: The coal industry, including Alpha Metallurgical Resources, operates under constant pressure from evolving domestic and international environmental laws and regulations. This includes emissions regulations, climate change policies, and a broader societal push to reduce carbon emissions, which can negatively impact demand for coal and increase compliance costs.

• The accelerated global transition towards decarbonization of steel production, specifically through the development and increasing adoption of hydrogen-based direct reduced iron (H-DRI) technologies, which aims to produce "green steel" with significantly reduced or zero carbon emissions. This fundamentally reduces or eliminates the need for metallurgical coal, a primary product of Alpha Metallurgical Resources, for traditional steelmaking processes.
• The rapid and accelerating global shift away from fossil fuels for electricity generation, driven by the expanding adoption of renewable energy sources (such as solar and wind power) and advancements in energy storage technologies. This trend directly and increasingly displaces thermal coal, another key product for Alpha Metallurgical Resources, as a primary fuel source for power plants.

Alpha Metallurgical Resources, a company specializing in met and thermal coal, operates within addressable markets of significant scale.

Metallurgical Coal

• The global metallurgical coal market size was estimated at approximately 72.63 billion USD in 2024. This market is projected to grow to 74.77 billion USD in 2025 and further to 100.02 billion USD by 2035.
• In North America, the metallurgical coal market was valued at 23.72 billion USD in 2024 and is expected to reach 27.27 billion USD by 2030. The United States holds a substantial share, approximately 60%, of the North American metallurgical coal market.

Thermal Coal

• The global thermal coal market size was valued at approximately 655.89 billion USD in 2025 and is projected to reach 799.11 billion USD by 2034.
• For the United States, the overall coal market, which includes both thermal and metallurgical coal, was valued at 70.35 billion USD in 2024. This market is anticipated to grow to 76.94 billion USD by 2034. Thermal coal is expected to lead growth within the U.S. coal market, reflecting its essential role in power generation.

For Alpha Metallurgical Resources (AMR), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Increased Production from the Kingston Wildcat Low-Vol Mine: The company is developing its Kingston Wildcat Low-Vol Mine, which is projected to contribute approximately 500,000 tons of production in 2026 and eventually ramp up to a full annual capacity of nearly 1 million tons. This new mine is strategically important for diversifying Alpha's product portfolio and enhancing its low-volatility coal production.
2. Recovery in Metallurgical Coal Pricing: Despite recent periods of oversupply and weak pricing in the metallurgical coal market, a long-term thesis suggests potential price elevation due to global underinvestment and persistent supply constraints in mining. A sustained improvement in metallurgical coal prices would directly enhance AMR's revenue per ton.
3. Growth in Global Steel Demand: As metallurgical coal is a critical component in steel production, a rebound in global steel demand is a key catalyst for increased sales volumes for Alpha Metallurgical Resources. Specifically, growth in key export markets such as India, a significant destination for AMR's coal cargoes, is anticipated to contribute to higher demand.
4. Strategic Domestic and International Sales Commitments: Securing committed sales volumes in both domestic and international markets provides a stable revenue base for the company. For example, Alpha has already secured 4.1 million tons in domestic coal sales commitments for 2026 at an average price of $136.30 per ton, which helps in cash flow planning and mitigating market volatility.

Share Repurchases

• Alpha Metallurgical Resources has an authorized share repurchase program of up to $1.5 billion.
• Since the program's inception on March 7, 2022, the company has repurchased approximately 6.9 million shares for roughly $1.1 billion, significantly reducing its share count by around 31%.
• As of April 2024, approximately $400 million of the authorized share repurchase program remained. The company planned to restart repurchases on an opportunistic basis as of August 2025 after strengthening its liquidity.

Share Issuance

• The number of outstanding shares has generally decreased from 18.48 million in 2021 to 13.01 million in 2025 due to share buybacks.

Capital Expenditures

• Capital expenditures for Alpha Metallurgical Resources amounted to approximately $140.9 million for the fiscal year ending September 30, 2025.
• Expected capital expenditures for 2026 are between $148 million and $168 million, in addition to $35 million to $45 million in capital contributions to equity affiliates.
• A key focus of these expenditures is the ongoing development of the Kingston Wildcat mine, aiming for 500,000 tons of production in 2026 and eventually ramping up to 1 million tons per year.