Alpha Metallurgical Resources, Inc.

Company overview

Alpha Metallurgical Resources, Inc. is a Tennessee-based mining company focused on metallurgical (met) coal, with thermal coal produced as a by-product. The company primarily sells met coal to domestic steel and coke producers and to international customers through export shipments. It owns a 65% stake in Dominion Terminal Associates (DTA), a coal export terminal in Newport News, Virginia, which provides coal blending, storage, and transportation flexibility.

Core business and operations

• Primary product: metallurgical coal; thermal coal produced as a by-product
• Reporting: single metallurgical coal operating segment
• Active mining footprint (as of 12/31/2025):
  • 14 active underground mines
  • 5 active surface mines
  • 8 active coal preparation plants
  • Plus 1 underground mine, 1 surface mine, and 1 coal preparation plant temporarily idled
• Major complexes: Aracoma (WV), Kepler (WV), Kingston/Mammoth (WV), Marfork (WV), McClure/Toms Creek (VA), Power Mountain (WV), Elk Run (WV)
• Corporate headquarters: ~50,000 sq ft leased in Bristol, Tennessee

Reserves, resources, and production

• Coal reserves (as of 12/31/2025):
  • Total marketable proven and probable reserves: 294.486 million tons
  • Metallurgical coal reserves: 179.122 million tons
  • Thermal coal reserves: 7.565 million tons (included in total)
  • Reserves by mine include Aracoma, Kepler, Kingston/Mammoth, Marfork, McClure/Toms Creek, and Elk Run
• Coal resources (in-situ, not yet classified as proven/probable reserves) as of 12/31/2025: 522.618 million tons total, with a mix of indicated and measured resources across complexes
• 2025 production:
  • Met coal: ~13.7 million tons
  • Thermal coal: ~1.2 million tons
• U.S. context (2024): U.S. met coal production ~73.1 million tons; Alpha produced ~14.6 million tons (~20% of U.S. met production)

Pricing, revenues, and export markets

• Export emphasis:
  • 2025: export coal revenues ≈ 73% of total coal revenues
  • 2024: export coal revenues accounted for the majority of coal revenues
• Geographic revenue mix for met coal:
  • 2025: Asia ≈ 45% of export coal revenues and ≈ 33% of total coal revenues
  • 2024: Asia ≈ 43% of export coal revenues and ≈ 34% of total coal revenues
• International reach: export shipments to customers in 19 countries in 2025 and 26 countries in 2024
• Contract mix:
  • Met coal: ~60% of sales volume delivered under long-term contracts in 2025 (63% in 2024)
  • Thermal coal: ~65% of sales volume under long-term contracts in 2025 (24% in 2024)

Customers and sales concentration

• Largest customer: ~14% of total revenues in 2025
• Top 10 customers: ~77% of total revenues in 2025

Logistics, transportation, and infrastructure

• Rail and loadout:
  • Primary rail carriers: CSX Transportation and Norfolk Southern
  • ~89–90% of coal shipped from mines to customers/export facilities by rail in 2024 and 2025
• DTA export terminal:
  • 65% ownership stake
  • Throughput capacity up to 6,500 tons per hour
  • Storage capacity ~1.7 million net tons
• Additional loading points: Pax Loadout, Feats Loadout, Marmet Dock
• Export shipments typically load at Hampton Roads (Lambert’s Point area), with some shipments through other U.S. ports when warranted

Kingston Wildcat project

• Development began in 2024 for a new Kingston Wildcat underground mine targeting low-volatile metallurgical coal from the Sewell seam
• Expected first production: Q1 2026
• Location: Fayette County, West Virginia
• Projected mine life: ~11 years (in development phase)

Labor, workforce, and safety

• Headcount (as of 12/31/2025): ~3,960 full-time employees
  • ~74% of workforce is hourly
  • ~3,720 employees at mining operations; remainder at corporate/administrative offices
• Unionization:
  • ~97% of the workforce is non‑union
  • ~3% of employees covered by wage agreements with the United Mine Workers of America (UMWA); agreements expire July 31, 2028 and February 28, 2026
• Safety: 2024 and 2025 safety metrics show improvement versus U.S. industry averages

Liquidity, capital, and governance (as of 12/31/2025)

• Debt and near-term maturities:
  • Outstanding indebtedness: ~$13.4 million
  • ~$9.2 million of indebtedness maturing within the next three years
• Credit facility:
  • Asset-based revolving credit facility (ABL) up to $225 million, with potential increases up to $75 million subject to constraints
  • Availability fluctuates based on eligible collateral (coal inventory, accounts receivable, cash)
  • Minimum liquidity covenant: $75.0 million
  • Facility maturity: May 4, 2029
• Governance: controls and compliance frameworks are maintained around capital structure, covenants, and liquidity management

Summary

Alpha Metallurgical Resources is a metallurgical coal–focused producer with substantial export activity. The company uses its 65% ownership of the DTA export terminal and an established logistics network to serve a global customer base. It operates an extensive asset footprint in Central Appalachia (West Virginia and Virginia), is advancing the Kingston Wildcat development, emphasizes long-term contracts and export-oriented sales, and maintains a largely non‑union workforce. In 2025 the company showed high export dependence (roughly three-quarters of coal revenues) and concentrated customer exposure (top 10 customers ≈77% of revenues; largest customer ≈14% of revenues).