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• A junior BHP or Rio Tinto, focused on core mining assets.
• A pure-play oil and gas producer, like a regional ExxonMobil or EOG Resources.

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• Crude Oil and Natural Gas: Extraction, production, and sale of hydrocarbon fuels primarily used for energy generation and various industrial processes. (Service Category: Energy Exploration & Production)
• Metals and Minerals: Mining, processing, and sale of diverse metallic ores (e.g., copper, iron ore, gold) and industrial minerals essential for manufacturing and infrastructure. (Service Category: Mining & Processing)
• Coal: Extraction and sale of thermal and metallurgical coal, predominantly supplied for electricity generation and steel production. (Service Category: Mining)

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Upon reviewing publicly available information, it appears that Core Natural Resources (symbol: CNR) does not exist as a publicly traded company on major stock exchanges. Therefore, identifying its real major customers is not possible.

However, if "Core Natural Resources" were a typical company operating in the natural resources sector, it would most likely operate on a business-to-business (B2B) model, selling raw materials or extracted resources to other companies for further processing or consumption. In such a hypothetical scenario, its major customers would fall into categories such as:

• Industrial Manufacturers (e.g., Steel Producers): Companies that rely on raw materials like iron ore, coal, or other minerals to produce metals, components, or construction materials. These companies process raw resources into intermediate or finished goods.

  Hypothetical Customer Examples (public company symbols are for illustrative purposes only, representing typical customers in the industry, not actual customers of a non-existent CNR):

  • Nucor Corporation (NYSE: NUE)
  • Cleveland-Cliffs Inc. (NYSE: CLF)

• Energy & Utility Companies: Businesses that purchase natural gas, coal, or other energy feedstocks for power generation, heating, or distribution to end-users. This applies if Core Natural Resources extracted fossil fuels.

  Hypothetical Customer Examples (public company symbols for illustrative purposes only):

  • Duke Energy Corporation (NYSE: DUK)
  • Southern Company (NYSE: SO)

• Chemical and Advanced Materials Producers: Companies that use hydrocarbons, minerals, or other natural resources as fundamental feedstocks for creating a vast array of chemicals, plastics, fertilizers, and other specialized materials.

  Hypothetical Customer Examples (public company symbols for illustrative purposes only):

  • Dow Inc. (NYSE: DOW)
  • LyondellBasell Industries N.V. (NYSE: LYB)

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Jimmy A. Brock, Chief Executive Officer

Mitesh B. Thakkar, President & Chief Financial Officer

Rosemary L. Klein, Senior Vice President, Chief Legal Officer & Corporate Secretary

Kurt R. Salvatori, Senior Vice President & Chief Administrative Officer

Robert J. Braithwaite, Senior Vice President, Marketing & Sales

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The key risks to Core Natural Resources (CNR) are:

1. Coal Price Volatility: Core Natural Resources faces significant exposure to the fluctuating prices of both metallurgical and thermal coal. While volatility might not reach the extreme levels seen in 2022-2023, thermal coal prices are subject to repricing risks, potentially compressing margins. The metallurgical segment has recently experienced a collapse in margins, falling to 5.9% from 50.1% year-over-year, and thermal coal EBITDA margins have remained flat despite a rise in revenue per ton, largely due to higher cash costs.
2. Long-term Decline in Coal Demand and Environmental/Regulatory Pressures: The global trend towards decarbonization and the shift to renewable energy sources pose a structural risk to Core Natural Resources. This exposes the company to long-term demand decline, regulatory headwinds, and potential margin compression as climate policies tighten. Even with current political environments potentially prioritizing energy production, the overarching move away from coal remains a significant long-term challenge for the business.
3. Operational Challenges and Post-Merger Integration Issues: Core Natural Resources, formed from the merger of Arch Resources and CONSOL Energy in January 2025, faces operational hurdles such as delays at its Leer South mine and the closure of the Itmann mine, which directly impact production. The company also experienced reduced production in Q1 2025 due to a mine fire. Furthermore, there is a risk that the anticipated benefits and synergies from the merger may not be realized as expected or could take longer to achieve, contributing to disappointing post-merger margin performance and increased leverage.

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The accelerating global transition to a low-carbon economy, driven by advancements in renewable energy technologies, increasingly stringent environmental regulations, and growing investor demand for ESG (Environmental, Social, and Governance) compliant companies. This trend fundamentally shifts market demand away from traditional fossil fuels and carbon-intensive resource extraction, while simultaneously increasing operational costs and limiting access to capital for companies that do not adapt to these new paradigms.

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Core Natural Resources (CNR) operates in the coal industry, focusing on the production, sale, and export of metallurgical and thermal coals. The company serves markets in the United States and internationally.

Addressable Markets for Core Natural Resources' Main Products:

Global Thermal Coal Market:

The global thermal coal market was valued at approximately USD 200 billion in 2023 and is projected to reach around USD 250 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 2.5%. Another estimate places the global thermal coal market size at $150 billion in 2025, with a projected CAGR of 2% from 2025 to 2033. Global coal demand, which includes thermal coal, reached a new all-time high of 8.79 billion tonnes (Bt) in 2024, with demand expected to remain around this level in 2025.

U.S. Thermal Coal Market:

The overall United States coal market, encompassing both thermal and metallurgical coal, was valued at USD 70.35 billion in 2024 and is anticipated to grow to USD 76.94 billion by 2034, with a CAGR of 0.90% during that period. Specifically, thermal coal in the U.S. is expected to grow at a CAGR of 3.5% between 2025 and 2034. U.S. electric power sector coal consumption is projected to increase by 0.4% in 2025, reaching 371.7 million short tons (st). U.S. thermal coal exports are forecast to be 55 million short tons (st) in 2025.

Global Metallurgical Coal Market:

The global metallurgical coal market is forecast to grow by USD 99.6 billion at a CAGR of 4.8% between 2024 and 2029. The market was valued at USD 5.71 billion in 2025 and is expected to expand to USD 5.97 billion in 2026, eventually reaching USD 8.54 billion by 2034, driven by a CAGR of approximately 4.58%. Global metallurgical coal trade increased by 13% in 2023, reaching 352 million tonnes (Mt), and is expected to have grown by 5% in 2024 to a total of 368 Mt. Global coking coal exports are projected to increase by 6% by 2026, reaching 369 million tonnes, up from 348 million tonnes in 2023.

U.S. Metallurgical Coal Market:

In the North American coking coal market, the U.S. held a major share in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. Metallurgical coal within the broader U.S. coal market is expected to see a growth rate of 3.3% between 2025 and 2034. U.S. metallurgical coal exports totaled 11.6 million short tons (MMst) in the second quarter of 2025.

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Core Natural Resources (CNR) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market dynamics:

1. Resumption of Leer South Longwall Production: The anticipated restart of the Leer South longwall production, following temporary operational challenges, is expected to significantly boost metallurgical coal output and improve profit margins. Management expects production to resume post-October, leading to stronger margins in 2026.
2. Realization of Increased Merger Synergies: Core Natural Resources has increased its annual synergy target from its recent merger to between $150 million and $170 million, approximately 30% higher than initial guidance. The company expects to achieve the full run rate of these synergies by the second quarter of 2026. While primarily cost-focused, these synergies are anticipated to enhance overall financial performance and competitiveness, indirectly supporting revenue growth.
3. Optimization of Mining Operations at West Elk: The transition to a more advantageous reserve area at the West Elk mine is projected to enhance operational performance due to improved coal quality and thickness. This optimization is expected to lead to higher efficiency, potentially lower production costs, and the ability to command better pricing for their coal products, thereby contributing to revenue growth.
4. Strong Sales Commitments and Market Positioning: Core Natural Resources has secured significant sales commitments across all its segments, totaling nearly 26 million tons, and has a substantial portion of its 2026 business already under contract. This strong forward-booked position provides a stable revenue base and indicates robust demand for the company's coal products, ensuring strong margins and consistent cash flow.
5. Growing Demand from Data Centers and Domestic Utilities: The company anticipates increased demand for its High CV Thermal and Powder River Basin (PRB) coal segments, particularly driven by the expansion of data centers and sustained growth in domestic utility demand. This expanding market for thermal coal suggests potential for increased sales volumes in these segments.

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Share Repurchases

• Core Natural Resources authorized a $1.0 billion share repurchase program in February 2025.
• As of September 30, 2025, the company had repurchased $202.6 million in shares year-to-date, representing approximately 5% of total shares outstanding at the program's launch, with $797.4 million remaining under the authorization.
• The company's capital return framework targets returning approximately 75% of free cash flow to shareholders, primarily through share repurchases.

Share Issuance

• On January 14, 2025, Core Natural Resources was formed through an all-stock merger of CONSOL Energy and Arch Resources, resulting in the issuance of 24.3 million shares.
• These issued shares were valued at $2,481.4 million and represented approximately 45% of the total shares outstanding immediately following the merger.

Capital Expenditures

• Core Natural Resources projects capital expenditures for 2025 to be between $300 million and $330 million.
• A primary focus of these capital expenditures includes the anticipated restart and repositioning of the longwall system at the Leer South mine, which has been idled since January 2025.
• Capital is also being allocated to achieve operational excellence across its mining portfolio and to facilitate the transition to a more advantageous reserve area at the West Elk mine.