What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-28 compared with 2024-02-26 · 149 added, 240 removed, 656 unchanged (37% of the section changed)

3 unchanged sentences

and its consolidated subsidiaries).

Certain terms that are used throughout this Annual Report on Form 10-K but not otherwise defined are defined under the "Glossary" herein.

Disclosures in this “Item 1.

1 unchanged sentence

Risk Factors” for further discussion of factors impacting our business.

Effective February 1, 2021, we changed our corporate name from Contura Energy, Inc.

to Alpha Metallurgical Resources, Inc.

to more accurately reflect our strategic focus on the production of metallurgical coal.

Following the effectiveness of our name change, our ticker symbol on the New York Stock Exchange changed from “CTRA” to “AMR” effective on February 4, 2021.

We are a Tennessee-based mining company with operations in Virginia and West Virginia.

1 unchanged sentence

We operate highly productive, cost-competitive coal mines across the CAPP coal basin.

Our portfolio of mining operations consists of 15 underground mines, seven surface mines and nine coal preparation plants.

Our portfolio of mining operations consists of 14 active underground mines, six active surface mines and eight active coal preparation plants, as well as one underground mine and one coal preparation plant that have been temporarily idled.

We own a 65.0% interest in Dominion Terminal Associates (“DTA”), a coal export terminal in Newport News, Virginia.

5 unchanged sentences

Our reserve base consists of 287.8 million tons of proven and probable metallurgical reserves, and 10.8 million tons of proven and probable thermal reserves.

Through our operations across the CAPP coal basin in Virginia and West Virginia, we are able to source coal from multiple mines to meet the needs of a long-standing global customer base, many of which have been served by us or our predecessors for decades.

Through our operations, we are able to source coal from multiple mines to meet the needs of a long-standing global customer base, many of which have been served by us or our predecessors for decades.

We are continuously evaluating opportunities to strategically cultivate current relationships to drive new business in our target growth markets.

1 unchanged sentence

Other Business Developments

During 2023, development was completed and production began at our Rolling Thunder and Checkmate Powellton mines within our Power Mountain and Elk Run mining complexes, respectively, which produce High-Vol.

In 2024, we began the development phase for our new Kingston Wildcat underground mine located in Fayette County, West Virginia.

The mine, which will produce a Low-Vol.

quality met coal, is expected to begin production late in 2025.

In November 2024, due to a softening in the met coal pricing environment, we temporarily idled our Elk Run mining complex.

Its Checkmate Powellton mine, which had recently begun production and had not yet reached planned production levels, had relatively higher costs.

The mine is expected to be restarted once market conditions improve.

For more information refer to “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

In 2023, we completed development of and production began at our Rolling Thunder and Checkmate Powellton mines within our Power Mountain and Elk Run mining complexes, respectively, which produce High-Vol.

B quality met coal from the Powellton coal seam.

In August 2023, we completed our transition to a pure-play metallurgical producer with the closure of Slabcamp, which was our last remaining thermal mine.

In August 2023, we completed our transition to a pure-play metallurgical producer with the closure of Slabcamp, our last remaining thermal coal mine.

We were formed in 2016 to acquire and operate certain of Alpha Natural Resources, Inc.’s former core coal operations, as part of the Alpha Natural Resources, Inc.

Plan of Reorganization.

We entered into various settlement agreements with the Debtors, their bankruptcy successor, and third parties as part of the Debtors’ bankruptcy reorganization process.

We assumed acquisition-related obligations through those settlement agreements, which became effective on July 26, 2016, the effective date of the Debtors’ Plan of Reorganization.

As of December 31, 2023, we did not have any remaining acquisition-related obligations.

Refer to Note 14 to the Consolidated Financial Statements for further information on our acquisition-related obligations.

On December 8, 2017, we closed a transaction with Blackjewel to sell our Western Mines located in the PRB, Wyoming, along with related coal reserves, equipment, infrastructure and other real properties.

On October 4, 2019, we closed on the ESM Transaction in connection with Blackjewel’s subsequent bankruptcy filing.

On May 29, 2020, certain of our subsidiaries

(Contura Coal West, LLC and Contura Wyoming Land, LLC), one of which held the mining permits for the Western Mines, were merged with certain subsidiaries of ESM to become wholly-owned subsidiaries of ESM and to complete the permit transfer process in connection with the ESM Transaction.

On May 29, 2020, certain of our subsidiaries (Contura Coal West, LLC and Contura Wyoming Land, LLC), one of which held the mining permits for the Western Mines, were merged with certain subsidiaries of ESM to become wholly-owned subsidiaries of ESM and to complete the permit transfer process in connection with the ESM Transaction.

On November 9, 2018, we merged with Alpha Natural Resources Holdings, Inc.

3 unchanged sentences

This transaction accelerated our strategic exit from thermal coal production to shift our focus to met coal production.

Effective February 1, 2021, we changed our corporate name from Contura Energy, Inc.

to Alpha Metallurgical Resources, Inc.

to more accurately reflect our strategic focus on the production of met coal.

Following the effectiveness of our name change, our ticker symbol on the New York Stock Exchange changed from “CTRA” to “AMR” effective on February 4, 2021.

Our Mining Operations and Properties

The following table provides a summary of information regarding our active mining complexes as of December 31, 2023 (see also “Item 2.

The following table provides a summary of information regarding our active and temporarily idled mining complexes as of December 31, 2024 (see also “Item 2.

Properties” for further information):

6 unchanged sentences

Kepler WV 2018 1 CM CSX/NS 1,791 1,958 1,897 $ 227,252 38,473

Kingston WV 2018 4 CM/S/H CSX 2,254 1,935 2,348 $ 34,208 38,657

Kingston WV 2018 3 CM/S/H CSX/NS 2,146 2,254 1,935 $ 111,919 35,745

Marfork WV 2018 6 CM/S/H CSX 4,642 4,345 4,106 $ 301,369 91,988

2 unchanged sentences

Elk Run WV 2018 1 CM CSX 196 — — $ 55,657 27,847

(1) Number of active mines as of December 31, 2023.

(1) Number of active or temporarily idled mines as of December 31, 2024.

(2) Equipment:

23 unchanged sentences

quality met coal from the Douglas coal seam.

The complex also has three active surface mines which produced High-Vol.

The complex also has two active surface mines which produce High-Vol.

A quality met coal as well as some thermal quality coal as a by-product of mining from multiple coal seams.

1 unchanged sentence

Coal from the underground mine is processed at the Kingston Preparation Plant and trucked to the Pax Loadout to be loaded onto CSX rail for delivery to customers.

Coal from the

surface mines may be processed through the Kingston Preparation Plant, trucked to and processed through the Mammoth Plant, or trucked directly to the Pax Loadout or Marmet Dock for delivery to customers.

Coal from the surface mines may be processed through the Kingston Preparation Plant, trucked to and processed through the Mammoth Plant,

or trucked directly to the Pax Loadout or Marmet Dock for delivery to customers.

During 2024, development began on a new Wildcat underground mine (with an estimated life of 11 years) which will produce Low-vol.

quality met coal from the Sewell coal seam.

Coal is expected to be short-line railed to and processed through the Mammoth plant to be loaded onto NS rail for delivery to customers.

Production is expected to begin in late 2025.

Marfork – Marfork is a mining complex located in Raleigh, Boone, Kanawha, and Fayette counties, West Virginia.

18 unchanged sentences

Coal is processed at the Power Mountain Preparation Plant and loaded onto NS rail for delivery to customers.

In addition, during 2023 development was completed and production began at a second underground mine (with an estimated life of 15 years) which produces High-Vol.

In addition, during 2023 production began at a second underground mine (with an estimated life of 15 years) which produces High-Vol.

B quality met coal from the Powellton coal seam.

Coal from the mine is currently trucked to and processed through the Mammoth Preparation Plant.

Following the expected development of a haul road in 2024, coal is expected to be trucked to and processed through the Power Mountain Preparation Plant.

Following the future development of a haul road, coal is expected to be trucked to and processed through the Power Mountain Preparation Plant.

Elk Run – Elk Run is a mining complex located in Boone County, West Virginia.

During 2023, development was completed and production began at an underground mine (with an estimated life of 22 years) which produces High-Vol.

In December 2023, production began at an underground mine which produces High-Vol.

B quality met coal from the Powellton coal seam.

Coal from the mine is processed at the Chess Processing Plant and loaded onto CSX rail for delivery to customers.

Coal from the mine was processed at the Chess Processing Plant and loaded onto CSX rail for delivery to customers.

In November 2024, the complex was temporarily idled due to a softening in the met coal pricing environment combined with the relatively higher cost nature of the Checkmate Powellton mine, as it remained in its early start-up period and had not yet reached planned production levels.

The mine (which has an estimated life of 24 years) and complex are expected to resume operation once market conditions have improved.

Our plant and equipment, including underground and surface equipment, are of varying age, in good operational condition, and are regularly maintained and serviced by a dedicated maintenance workforce and third-party suppliers, including scheduled preventive maintenance.

Preparation Plants, Loadouts, and Docks

The following is a summary of information regarding our active preparation plants as of December 31, 2023 :

The following is a summary of information regarding our active and temporarily idled preparation plants as of December 31, 2024 :

Preparation Plant Year Constructed/Upgraded Processing Capacity (Tons per hour) Utilization % Power Source

7 unchanged sentences

Chess Processing (1)

1980/1998 2,200 N/A American Electric Power

1980/1998 2,200 13% American Electric Power

Mammoth 1950/2008 1,200 13% American Electric Power

(1) Plant refurbished in 2023.

Produced tons received during the fourth quarter of 2023 but not processed until the first quarter of 2024.

(1) Plant was refurbished in 2023, began processing coal in the first quarter of 2024, and was temporarily idled in the fourth quarter of 2024.

The following is a summary of information regarding our active loadouts and docks as of December 31, 2024 :

12 unchanged sentences

Room-and-Pillar Mining

Certain of our mines in CAPP use room-and-pillar mining methods.

Certain of our mines use room-and-pillar mining methods.

In this type of mining, main airways and transportation entries are developed and maintained while remote-controlled continuous miners extract coal from the seam, leaving pillars to support the roof.

Shuttle cars or battery coal haulers are used to transport coal from the continuous miner to the conveyor belt for transport to the surface.

Shuttle cars or battery coal haulers are generally used to transport coal from the continuous miner to the conveyor belt for transport to the surface.

This method is more flexible than longwall mining and often used to mine smaller coal blocks or thinner seams of coal.

2 unchanged sentences

Truck-and-Shovel Mining and Truck and Front-End Loader Mining

We utilize truck/shovel and truck/front-end loader mining methods at some of our CAPP surface mines.

These methods are similar and involve using large, electric or hydraulic-powered shovels or diesel-powered front-end loaders to remove earth and rock (overburden) covering a coal seam which is later used to refill the excavated coal pits after the coal is removed.

We utilize truck/shovel and truck/front-end loader mining methods at some of our surface mines.

These methods are similar and involve using large, electric or hydraulic-powered shovels or diesel-powered front-end loaders to remove earth and rock (overburden) covering a coal seam that is later used to refill the excavated coal pits after the coal is removed.

The loading equipment places the coal into trucks for transportation to a preparation plant or loadout area.

Ultimate seam recovery of in-place reserves on average exceeds 90%.

Ultimate seam recovery of in-

place reserves on average exceeds 90%.

Depending on geology and market destination, surface-mined coal may need to be processed in a preparation plant before sale.

2 unchanged sentences

Contour Mining

We use contour mining at certain of our CAPP surface mines, which limits the overburden removal from above a coal seam or series of coal seams.

We use contour mining at certain of our surface mines, which limits the overburden removal from above a coal seam or series of coal seams.

In contour mining, surface mining machinery follows the contours of a coal seam or seams around a ridge, excavating the overburden and recovering the coal seam or seams as a “contour bench” around the ridge is created.

3 unchanged sentences

Highwall Mining

We utilize highwall mining methods at certain of our CAPP surface mines.

We utilize highwall mining methods at certain of our surface mines.

A highwall mining system consists of a remotely controlled continuous miner, which extracts coal and conveys it via augers or belt conveyors to the surface.

3 unchanged sentences

Financial Information About Reportable Segments and Geographic Areas

As of December 31, 2024, we have one reportable operating segment:

Refer to “Item 7.

5 unchanged sentences

By offering coal of various grades, we are able to provide the specific qualities relevant to our customers and to serve a global customer base.

Through this global platform, our coals are shipped to customers on five continents.

Through this global platform, our coal is shipped to customers on five continents.

Our broad customer and product base allows us to adjust to changing market conditions.

4 unchanged sentences

Our export shipments serviced customers in 26 and 25 countries during the years ended December 31, 2024 and 2023, respectively.

Asia was our largest export market for the years ended December 31, 2023 and 2022, with coal sales to Asia accounting for approximately 46% and 53%, respectively of export coal revenues and 34% and 43%, respectively, of coal revenues.

Asia was our largest export market for the years ended December 31, 2024 and 2023, with coal sales to Asia accounting for approximately 43% and 46%, respectively of export coal revenues and 34% of coal revenues in each year.

All of our sales are conducted in U.S.

Refer to Note 21 to the Consolidated Financial Statements for additional export coal revenue information.

Met coal accounted for approximately 95% of our coal revenues for each of the years ended December 31, 2023 and 2022.

Our met coal sales are typically made with customers with whom we have a long-term relationship.

Met coal accounted for approximately 97% and 95%, respectively, of our coal revenues for the years ended December 31, 2024 and 2023.

Our met coal sales are typically made to customers with whom we have a long-term relationship.

Domestic met customers typically enter into one-year agreements with a fixed price for the entire contract year.

4 unchanged sentences

Volume for future years is generally contingent on both parties agreeing to a pricing mechanism to cover the contract year.

Thermal coal accounted for approximately 5% of our coal revenues for each of the years ended December 31, 2023 and 2022.

Thermal coal accounted for approximately 3% and 5%, respectively, of our coal revenues for the years ended December 31, 2024 and 2023.

We sometimes enter into long-term contracts with our thermal coal customers.

13 unchanged sentences

Virtually all of our coal is transported from the mine to our preparation plants by truck or belt conveyor systems.

It is transported from preparation plants

and loading facilities to the customer by means of railroads, trucks, barge lines, and lake-going and ocean-going vessels from terminal facilities.

It is transported from preparation plants and loading facilities to the customer by means of railroads, trucks, barge lines, and lake-going and ocean-going vessels from terminal facilities.

We depend upon rail, barge, trucking and other systems to deliver coal to markets.

56 unchanged sentences

an operations bonus incentive program tied to site-specific safety, environmental stewardship and production goals;

retention programs;

paid time-off including holidays;

1 unchanged sentence

disability and life insurance coverages;

and a 401(k) retirement savings program with an employer match.

All employees have access to our Employee Assistance Program (“EAP”) at no cost, which gives them and their family access to licensed professionals for help with mental health, stress, addiction, grievances, relationship issues, childcare and eldercare services, legal and personal finance services and other work/life balance matters.

To help retain key employees in certain positions, our long-term incentive program awards cash or equity grants with time-based and performance-based vesting conditions.

and a 401(k) retirement savings program.

All employees have access to our Employee Assistance Program at no cost, which gives them and their family access to licensed professionals for help with mental health, stress, addiction, grievances, relationship issues, childcare and eldercare services, legal and personal finance services and other work/life balance matters.

To help retain key employees in

certain positions, our long-term incentive program awards cash or equity grants with time-based and performance-based vesting conditions.

Certain key employees are also eligible to participate in our non-qualified deferred compensation plan.

4 unchanged sentences

Selected participants are given robust safety and mining training over a six-month period in order to obtain their required miner’s certification.

We frequently provide training opportunities for operations employees to obtain certifications for Emergency Medical Technician (“EMT”), Mechanical Engineering Technology (“MET”), foreman and supervisory certifications, and electrical certifications in addition to providing apprentice miner training and supervisor training programs.

We frequently provide training opportunities for operations employees to obtain certifications for Emergency Medical Technician, Mechanical Engineering Technology, foreman and supervisory certifications, and electrical certifications in addition to providing apprentice miner training and supervisor training programs.

In addition to various training programs that we require employees in certain skilled positions to complete, all of our employees are provided with employee handbooks and are expected to follow policies and procedures concerning employment matters at Alpha and our affiliates including, but not limited to:

3 unchanged sentences

Our employees are empowered with the skills, training, resources, and responsibility to perform their jobs in a safe manner and are accountable for their own safety as well as the safety of their co-workers.

Every employee has a voice in the safety process at each of our mines

and other operating sites.

Every employee has a voice in the safety process at each of our mines and other operating sites.

Our behavior-based safety process empowers employees to engage in the elimination of at-risk behaviors in the workplace and in incident prevention and continuous improvement.

6 unchanged sentences

industry average NFDL safety incident rate per 200,000 hours worked.

The industry rate is based on available data for the first three quarters of 2023 and the Alpha rate reflects full year 2023.

The industry rate is based on available data for the first three quarters of 2024 for bituminous coal and the Alpha rate reflects full year 2024.

Alpha’s mine operations routinely collaborate with academic institutions as well as federal and state agencies to facilitate testing of new concepts and technologies and to utilize them whenever possible to provide the best safety and protection for our employees.

3 unchanged sentences

As posted on our Company website, several of our mine operations have been recognized on numerous occasions for outstanding performance and have received several awards in the areas of safety and mine rescue.

In 2023, Alpha mine rescue teams won two overall grand champion awards along with several other first-place awards in both overall competition honors and technical category titles.

Refer to Exhibit 95 Mine Safety Disclosure included in this Annual Report on Form 10-K for additional mine safety information.

In 2024, Alpha mine rescue teams won an overall grand champion award along with several other first-place awards in both overall competition honors and technical category titles.

Refer to Exhibit 95 - Mine Safety Disclosure included as an exhibit to this Annual Report on Form 10-K for additional mine safety information.

Legal Proceedings

We could become party to legal proceedings from time to time.

We are party to legal proceedings from time to time that occur in the ordinary course of business.

These proceedings, as well as governmental examinations, could involve various business units and a variety of claims, including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, subsidence, trucking and flooding), environmental and safety issues, and employment matters.

12 unchanged sentences

These laws and regulations, which are extensive, subject to change, and have tended to become stricter over time, have had, and will continue to have, a significant effect on our production costs and our competitive position relative to certain other sources of electricity generation.

Future legislation, regulations or orders, as well as future interpretations and more rigorous enforcement of existing laws, regulations or orders, may require substantial increases in equipment and operating costs to us and delays, interruptions, or a termination of operations, the likelihood or extent of which we cannot predict.

In particular, the U.S.

Securities and Exchange Commission (“SEC”) continues to work to finalize regulations it proposed in March 2022 intended to standardize climate-related disclosures.

Future legislation, regulations or orders, as well as future interpretations and more rigorous enforcement of existing laws, regulations or orders, may result in substantial increases in equipment and operating costs and delays, interruptions, or a termination of operations, the likelihood or extent of which we cannot predict.

We intend to continue to comply with regulatory requirements as they evolve by timely implementing necessary modifications to facilities or operating procedures.

3 unchanged sentences

However, due to the complexity and interpretation of these laws and regulations, we cannot guarantee that we have been or will be at all times in complete compliance, and violations are likely to occur from time to time.

None of the violations or the monetary penalties assessed upon us have been material.

None of the violations or the monetary penalties assessed upon us to date have been material.

Future liability under or compliance with environmental and safety requirements could, however, have a material adverse effect on our operations or competitive position.

18 unchanged sentences

As the mine permit transfer process relating to our sale of the Western Assets to Blackjewel had not been completed prior to Blackjewel’s and certain of its affiliates’ filing petitions for relief under chapter 11 of title 11 of the U.S.

Code (the “Bankruptcy Code”), we remained the permitholder in good standing for both

In connection with ESM’s acquisition of the Western Assets from Blackjewel, on October 18, 2019, we and ESM finalized an agreement that provided, among other items, for the eventual transfer of the Western Asset permits from us to ESM and replacement by ESM of our surety bonds associated with these properties.

Code (the “Bankruptcy Code”), we remained the permitholder in good standing for both mines.

In connection with ESM’s acquisition of the Western Assets from Blackjewel, on October 18, 2019, we and ESM

finalized an agreement that provided, among other items, for the eventual transfer of the Western Asset permits from us to ESM and replacement by ESM of our surety bonds associated with these properties.

In furtherance of certain objectives contemplated under that agreement, we and ESM agreed to the merger of two of our now-former subsidiaries, i.e.

30 unchanged sentences

Certain other relationships are presumed to constitute ownership or control, including being an officer or director of an entity or owning between 10% and 50% of the mining operator.

This presumption, in some cases, can be rebutted where the person or entity can demonstrate that it in fact does not or did not have authority directly or indirectly to determine the manner in which the relevant coal mining operation is conducted.

These presumptions, in some cases, can be rebutted where the person or entity can demonstrate that it in fact does not or did not have authority directly or indirectly to determine the manner in which the relevant coal mining operation is conducted.

Thus, past or ongoing violations of federal and state mining laws by us or by coal mining operations owned or controlled by our significant stockholders, directors or officers or certain other third-party affiliates could provide a basis to revoke existing permits and to deny the issuance of additional permits or modifications or amendments of existing permits.

2 unchanged sentences

Public notice of the proposed permit is given, which also provides for a comment period before a permit can be issued.

Some SMCRA mine permits take over a year to prepare, depending on the size and complexity of the mine and may

take months or even years to be issued.

Regulatory authorities have considerable discretion in the timing of the permit issuance and the public and other agencies have rights to comment on and otherwise engage in the permitting process, including through intervention in the courts.

Some SMCRA mine permits take over a year to prepare, depending on the size and complexity of the mine and may take months or even years to be issued.

Regulatory authorities have considerable discretion in the timing of the permit issuance

and the public and other agencies have rights to comment on and otherwise engage in the permitting process, including through intervention in the courts.

The Abandoned Mine Land Fund, which is part of SMCRA, requires a fee on all coal produced.

7 unchanged sentences

Federal and state laws require us to obtain surety bonds or other approved forms of security to cover the costs of certain long-term obligations, including mine closure or reclamation costs under SMCRA, federal and state workers’ compensation costs, coal leases and other miscellaneous obligations.

As of December 31, 2023 and 2022, our posted third-party surety bond amount in all states where we operate was approximately $177.1 million and $165.6 million, respectively, which was used to primarily secure the performance of our reclamation and lease obligations.

As of December 31, 2024 and 2023, our posted third-party surety bond amount in all states where we operate totaled approximately $182.8 million and $177.1 million, respectively, which was used to primarily secure the performance of our reclamation and lease obligations.

Posting of a bond or other security with respect to the performance of reclamation obligations is a condition to the issuance of a permit under SMCRA.

20 unchanged sentences

Over the past several years, the EPA has revised its NAAQS for nitrogen oxide, sulfur dioxide, particulate matter and ozone, in each case making the standards more stringent.

As a result, some states will be required to amend their existing individual state implementation plans (“SIPs”) to achieve compliance with the new air quality standards.

As a result, some states have been, and will be, required to amend their existing individual state implementation plans (“SIPs”) to achieve compliance with the new air quality standards.

Other states will be required to develop new plans for areas that were previously in “attainment,” but do not meet the revised standards.

On December 7, 2020, the EPA announced the agency’s final

decision to retain the existing National Ambient Air Quality Standards for particulate matter set by the Obama-Biden Administrations without changes.

However, on January 6, 2023, the EPA proposed to revise the primary (health-based) annual standard for PM2.5, from its current level of 12.0 parts per billion (ppb or µg/m3) to within the range of 9.0 to 10.0 µg/m3.

On December 7, 2020, the EPA announced the agency’s final decision to retain the existing National Ambient Air Quality Standards for particulate matter set by the

Obama-Biden Administrations in 2012 without changes.

However, on January 6, 2023, the EPA proposed to revise the primary (health-based) annual standard for PM2.5, from its then-current level of 12.0 micrograms per cubic meter (µg/m3) to within the range of 9.0 to 10.0 µg/m3.

The EPA also proposed revisions to some other provisions of the PM NAAQS, including revisions to the air quality index and monitoring requirements, but did not propose to change other key aspects of the standard:

1 unchanged sentence

(ii) the primary and secondary 24-hour PM2.5 standards and (iii) the primary and secondary 24-hour PM10 standards.

On February 7, 2024, the EPA revised the primary (health-based) annual standard for PM2.5, from its current level of 12.0 µg/m3 to 9.0 µg/m3.

The EPA retained the 24-hour standard and the current primary 24-hour standard for PM10, which provides protection against coarse particles.

The EPA is not changing the secondary (welfare-based) standards for fine particles and coarse particles at this time.

In October 2015, the EPA finalized the NAAQS for ozone pollution and reduced the limit to 70 ppb from the previous 75 ppb standard.

On February 7, 2024, the EPA revised the primary (health-based) annual standard for PM2.5, from 12.0 µg/m3 to 9.0 µg/m3.

The EPA retained the existing primary 24-hour standards for PM2.5 and for PM10, which provides protection against coarse particles.

The EPA also did not change the secondary (welfare-based) standards for fine particles and coarse particles.

In October 2015, the EPA finalized the NAAQS for ozone pollution and reduced the limit to 70 parts per billion (ppb) from the previous 75 ppb standard.

The EPA made the majority of area designations related to this rule on November 16, 2017 and June 4, 2018 and finalized designations for the remaining regions of the country on July 25, 2018.

13 unchanged sentences

On February 26, 2019, the EPA published a final rule amending the NOx SIP Call regulations to allow states to establish alternative monitoring and reporting requirements for certain sources.

On March 15, 2023, the EPA issued its Good Neighbor Plan rules (the “Good Neighbor Plan”), which secure significant reductions in cross-state air pollution of ozone-forming emissions of nitrogen oxides (NOx) from power plants and industrial facilities.

The Good Neighbor Plan is intended to reduce seasonal ozone-forming emissions of NOx from power plants and industrial facilities in 23 states.

Industry groups and the State of Ohio have filed lawsuits challenging the Good Neighbor Plan.

Due to court orders staying implementation of certain aspect of the Good Neighbor Plan, the EPA is implementing the Good Neighbor Plan only in certain states.

As of September 21, 2023, the Good Neighbor Plan's “Group 3” ozone-season NOx control program for power plants is being implemented in the following states:

Illinois, Indiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia, and Wisconsin.

Due to the court orders, the EPA is not currently implementing the Good Neighbor Plan “Group 3” ozone-season NOx control program for power plants in the following states:

Alabama, Arkansas, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, Nevada, Oklahoma, Texas, Utah, and West Virginia.

On December 20, 2023, the United States Supreme Court agreed to hear oral argument in four consolidated cases challenging the Good Neighbor Plan.

The Court has scheduled oral argument for the cases in its February 2024 term and directed the parties to address, among other issues, whether the emissions controls imposed by the Good Neighbor Plan are reasonable regardless of the number of states subject to the Good Neighbor Plan.

• Cross-State Air Pollution Rule.

5 unchanged sentences

In September 2016, the EPA finalized an update to the CSAPR ozone season program by issuing the Final CSAPR Update rule.

The Final CSAPR Update rule is the subject of a pending legal challenge in the D.C.

Circuit by five states.

The Final CSAPR Update rule was the subject of a pending legal challenge in the D.C.

Circuit by states and industry stakeholders.

In September 2019, the D.C.

8 unchanged sentences

On March 3, 2023, the Court rejected this challenge.

On March 15, 2023, the EPA issued its Good Neighbor Plan, a federal implementation plan (“FIP”) designed to replace SIPs submitted by over 20 states to implement their good neighbor obligations with respect to the 2015 ozone NAAQS.

The FIP would require significant reductions in cross-state air pollution of ozone-forming NOx emissions from power plants and industrial facilities.

The Good Neighbor Plan is intended to reduce seasonal ozone-forming emissions of NOx from power plants and industrial facilities in 23 states.

Industry groups and states filed petitions for review in the U.S.

Court of Appeals for the D.C.

Circuit, challenging the Good Neighbor Plan.

States and industry stakeholders also challenged the EPA’s disapproval of SIP submittal for several states in the regional circuits covering those states and obtained judicial stays of the SIP disapprovals in many states.

The EPA’s authority to issue a FIP for a state arises when the state fails to submit a SIP or when the EPA disapproves a SIP.

The EPA therefore lacks authority to implement the Good Neighbor FIP in states where its underlying SIP disapproval is stayed.

This includes over half of the states that were subject to the Good Neighbor Plan as promulgated.

In February 2024, the U.S.

Supreme Court heard oral argument on applications for stay of the Good Neighbor Plan, and in June 2024, the Court granted a stay of the Plan pending disposition of the applicants’ consolidated petitions for review of the plan, which remain pending before the U.S.

Court of Appeals for the D.C.

• Mercury and Hazardous Air Pollutants.

21 unchanged sentences

On April 3, 2023, the EPA issued a proposed rule that the EPA said would strengthen and update the MATS for power plants to reflect recent developments in control technologies and the performance of these plants.

The EPA issued a final revised MATS rule for EGUs in April 2024 that establishes more stringent standards than the previous rule.

Several states and industry stakeholders have challenged the rule in the U.S.

Court of Appeals for the D.C.

Circuit and that litigation is ongoing.

Apart from MATS, several states have enacted or proposed regulations requiring reductions in mercury emissions from coal-fired power plants, and federal legislation to reduce mercury emissions from power plants has been proposed.

Regulation of mercury emissions by the EPA (and in particular, the reconsideration by the current EPA of

any rulemaking relating to the MATS rule during the prior presidential administration), states, Congress, or pursuant to an international treaty may further decrease the demand for coal.

Regulation of mercury emissions by the EPA (and in particular, the reconsideration by the current EPA of any rulemaking relating to the MATS rule during the prior presidential administration), states, Congress, or pursuant to an international treaty may further decrease the demand for coal.

Like CSAPR, MATS and other similar future regulations could accelerate the retirement of a significant number of coal-fired power plants, in addition to the significant number of plants and units that have already been retired as a result of environmental and regulatory requirements and uncertainties adversely impacting coal-fired generation.

8 unchanged sentences

These limitations could result in additional coal plant closures and affect the future market for coal.

A final Regional Haze rule was published on January 10, 2017.

A final Regional Haze rule was published on January 10, 2017 that allowed states to submit their SIP revisions by July 2021.

In August 2022, the EPA issued a “finding of failure” to submit complete regional haze SIPs for 15 states, starting a two-year clock for the EPA to issue a FIP for any state that does not submit a revised SIP and have it approved before the FIP is issued.

In addition, the EPA’s new source review program under certain circumstances requires existing coal-fired power plants, when modifications to those plants significantly change emissions, to install the more stringent air emissions control equipment required of new plants.

16 unchanged sentences

Although this agreement does not create any binding obligations for nations to limit their GHG emissions, it does include pledges to voluntarily limit or reduce future emissions.

On June 1, 2017, the Trump administration announced that the U.S.

On June 1, 2017, the first Trump administration announced that the U.S.

would withdraw from the Paris Agreement.

2 unchanged sentences

formally rejoined the Paris Agreement.

In addition, numerous U.S.

governors, mayors and businesses have pledged their commitments to the goals of the Paris Agreement.

On January 20, 2025,

President Trump signed an executive order requiring the U.S.

Ambassador to the United Nations to submit formal written notification of the United States’ withdrawal from the Paris Agreement.

The Glasgow Climate Pact reached at the 2021 United Nations Climate Change Conference (COP26), though not legally binding, contains a plan to reduce use of coal by 40%.

1 unchanged sentence

COP28 was intended to evaluate the world’s efforts to address climate change under the Paris Agreement.

At the end of the COP28 conference, the participating countries agreed to a call on

governments worldwide to speed up the transition away from fossil fuels to renewables such as wind and solar power.

At the end of the COP28 conference, the participating countries agreed to a call on governments worldwide to speed up the transition away from fossil fuels to renewables such as wind and solar power.

These commitments and agreements could further reduce demand and prices for our coal.

16 unchanged sentences

Reconstructed units must implement the most efficient generating technology based on the size of the unit (supercritical steam conditions for larger units, to meet a standard of 1,800 lb CO2/MWh-gross, and subcritical conditions for smaller units to meet a standard of 2,000 lb CO2/MWh-gross).

Numerous legal challenges to the final rule are currently pending.

There is a risk that CCS technology may not be commercially practical in limiting emissions as otherwise required by the rule or similar rules that may be proposed in the future.

If such legislative or regulatory programs are adopted or maintained, and economic, commercially available carbon capture technology for power plants is not developed or adopted in a timely manner, it would negatively affect our customers and would further reduce the demand for coal as a fuel source, causing coal prices and sales of our coal to decline, perhaps materially.

Numerous legal challenges to the final rule were filed in the U.S.

Court of Appeals for the D.C.

Circuit but the litigation has been held in abeyance since 2017, when the first Trump Administration announced plans to review the final rule.

In August 2015, the EPA issued the Clean Power Plan (“CPP”), a final rule that establishes carbon pollution standards for existing power plants, called CO2 emission performance rates.

5 unchanged sentences

The EPA has since announced an intent to consider new regulations governing carbon emissions from existing power plants.

In May 2024, the EPA issued a final rule known as the GHG Power Plant Rule that requires stringent reductions in carbon dioxide emissions from existing coal-fired plants and relies heavily on the use of CCS.

Numerous petitions for review of the final rule were filed in the U.S.

Court of Appeals for the D.C.

Circuit and remain pending.

More stringent standards for carbon dioxide emissions as a result of these rulemakings could further reduce demand for coal, and our business would be adversely impacted.

3 unchanged sentences

In addition, various states and regions have adopted initiatives to reduce, and in some cases phase out, GHG emissions and certain governmental bodies, including the states of Virginia and California, have considered or are considering the imposition of fees or taxes based on the emission of GHGs by certain facilities.

A number of states have enacted legislative

mandates requiring electricity suppliers to use renewable energy sources to generate a certain percentage of power.

A number of states have enacted legislative mandates requiring electricity suppliers to use renewable energy sources to generate a certain percentage of power.

For example, on September 10, 2018, California adopted a law that requires all electricity consumed by the state to be generated from renewable sources such as solar, wind and hydropower by 2045.

On October 7, 2023, California Governor Gavin Newsom signed three landmark climate disclosure bills that are more stringent than the proposed SEC rules.

On October 7, 2023, California Governor Gavin Newsom signed three landmark climate disclosure bills that are more stringent than the proposed U.S.

Securities and Exchange Commission (“SEC”) rules.

California’s group of new laws address (i) GHG emissions reporting in compliance with the Greenhouse Gas Protocol (“GHG Protocol”), (ii) climate-related financial risk reporting in accordance with the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), and (iii) disclosure of information about certain emissions claims and the sale and use of carbon offsets.

27 unchanged sentences

Prior to discharging any pollutants into waters of the United States, coal mining companies must obtain a National Pollutant Discharge Elimination System (“NPDES”) permit from the appropriate state or federal permitting authority.

Section 402 of the CWA creates a process for establishing effluent limitations for discharges to streams that are protective of water quality standards through the NPDES program, and corresponding programs implemented by state regulatory agencies.

Section 402 of the CWA creates a process for establishing effluent limitations for discharges to streams that are protective of water

quality standards through the NPDES program, and corresponding programs implemented by state regulatory agencies.

Regular monitoring, reporting and compliance with performance standards are preconditions for the issuance and renewal of NPDES permits that govern discharges into waters of the United States.

1 unchanged sentence

Furthermore, the imposition of future restrictions on the discharge of certain pollutants into waters of the United States could increase the difficulty of obtaining and complying with NPDES permits, which could impose additional time and cost burdens on our operations.

instance, waters that states have designated as impaired (i.e., as not meeting present water quality standards) are subject to Total Maximum Daily Load regulations, which may lead to the adoption of more stringent discharge standards for our coal mines and could require more costly treatment.

For instance, waters that states have designated as impaired (i.e., as not meeting present water quality standards) are subject to Total Maximum Daily Load regulations, which may lead to the adoption of more stringent discharge standards for our coal mines and could require more costly treatment.

In addition, when water quality in a receiving stream is of high quality, states are required to conduct an anti-degradation review before approving discharge permits.

28 unchanged sentences

In January 2020, the EPA and the COE issued a final rule that attempts to clarify the Clean Water Act's (“CWA”) jurisdictional reach over waters of the United States, referred to as the Navigable Waters Protection Rule (“NWPR”).

The rule replaces a rule issued in June 2015 by the previous presidential administration, the Clean Water Rule.

The rule replaced a rule issued in June 2015 by the previous presidential administration, the Clean Water Rule.

The Clean Water Rule was the subject of extensive legal challenges, injunctions and administrative action, and was formally repealed in December 2019.

After the U.S.

District Court for the District of Arizona vacated and remanded the NWPR on August 30, 2021, the EPA and the COE halted implementation of the NWPR nationwide and are interpreting “waters of the United States” consistent with the pre-2015 regulatory regime.

District Court for the District of Arizona vacated and remanded the NWPR on August 30, 2021, the EPA and the COE halted implementation of the NWPR nationwide and announced that they were interpreting “waters of the United States” consistent with the pre-2015 regulatory regime.

On December 30, 2022, the EPA and COE announced the final Revised Definition of Waters of the United States rule, which reasserts the agencies’ CWA jurisdiction over wetlands and certain ephemeral streams.

4 unchanged sentences

Supreme Court’s decision in Sackett v.

EPA limited the jurisdiction of the EPA and the COE over wetlands.

EPA limited the jurisdiction of the EPA and the COE over

While the January 18, 2023 rule was not directly before the Court, the Court considered the jurisdictional standards set forth in the rule.

4 unchanged sentences

Its ultimate impact on our operations remains uncertain until the agencies regularly implement and apply the rule.

A notice on the EPA’s website explains that, as a result of ongoing litigation on the January 2023 rule, the EPA and the COE are implementing the January 2023 rule, as amended by the August 2023 conforming rule, in 24 states, the District of Columbia, and the U.S.

In the other 26 states, the agencies are interpreting “waters of the United States” consistent with the pre-2015 regulatory regime and the Supreme Court's decision in Sackett until further notice.

Cooling Water Intake

4 unchanged sentences

On November 3, 2015, the EPA published the final rule for Effluent Limitations Guidelines and Standards (“ELGS”), revising the regulations for the Steam Electric Power Generating category, which became effective on January 4, 2016.

It establishes the first federal limits on the levels of arsenic, mercury, selenium and nitrate-nitrites in flue gas desulfurization that can be discharged as wastewater from power plants, based on technology improvements over the last three decades.

It established the first federal limits on the levels of arsenic, mercury, selenium and nitrate-nitrites in flue gas desulfurization that can be discharged as wastewater from power plants, based on technology improvements over the last three decades.

On April 25, 2017, the EPA stayed the implementation of the rule indefinitely to allow for reconsideration.

On August 31, 2020, the EPA finalized the rule to revise the ELGS.

The 2020 rule changes the technology basis for treatment of Flue Gas Desulfurization Wastewater and Bottom Ash Transport Water.

The 2020 rule changed the technology basis for treatment of Flue Gas Desulfurization (“FGD”) Wastewater and Bottom Ash Transport Water (“BATW”).

The EPA issued another final rule in May 2024, known as the Supplemental ELG Rule, that further modified the ELGS.

The May 2024 rule established zero discharge requirements for BATW, FGD, and combustion residual leachate wastewaters at coal-fueled units with no planned retirement date.

Numerous parties filed petitions for review of the 2024 rule, which remain pending in the U.S.

Court of Appeals for the Eighth Circuit.

The rule remains in effect during the pending litigation.

Endangered Species Act

7 unchanged sentences

The guidance contains several suggestions for requirements to be included in PEPs for proposed mining operations, such as minimizing fill placement, retaining 100 foot vegetative buffers around streams and constructing stream crossings in periods of low flow.

The FWS published a final rule on March 15, 2022 designating critical habitat for these species, including approximately 717 stream kilometers in Kentucky, Virginia, and West Virginia.

Certain other sensitive species that are not currently protected by the ESA may also require protection and mitigation efforts consistent with federal and state requirements.

1 unchanged sentence

The new Biological Opinion was released on October 16, 2020.

One of the most notable changes is the incidental take coverage if there is no agreement between the state regulatory authority and the FWS at the conclusion of the dispute resolution process and the regulatory authority issues the permit.

One of the most notable changes is the incidental take coverage if there is no agreement between the state regulatory authority and the FWS at the conclusion of the dispute resolution process and the

regulatory authority issues the permit.

The new Biological Opinion states that “any prohibited take of listed species incidental to that permit action will not be exempted through this incidental take statement.” The Biological Opinion also includes discussion of OSM enforcement powers in primacy states potentially allowing the FWS to effect a permit veto via OSM enforcement actions.

6 unchanged sentences

However, the EPA determined that national non-hazardous waste regulations under RCRA are warranted for certain wastes generated from coal combustion, such as coal ash, when the wastes are disposed of in surface impoundments or landfills or used as minefill.

In December 2014, the EPA finalized regulations that address the management

of coal ash as a non-hazardous solid waste under Subtitle D.

In December 2014, the EPA finalized regulations that address the management of coal ash as a non-hazardous solid waste under Subtitle D.

The rules impose engineering, structural and siting standards on surface impoundments and landfills that hold coal combustion wastes and mandate regular inspections.

2 unchanged sentences

The EPA and OSM plan additional rulemaking relating to CCR.

Most recently, the EPA issued a final rule that took effect in November 2024 and applies to landfills, historic fill sites, and projects where CCR was placed at a power plant site.

The rule will regulate previously exempt closed landfills.

Petitions for review of the rule are pending in the U.S.

Court of Appeals for the D.C.

There have also been several legislative proposals that would require the EPA to further regulate the storage of CCR.

30 unchanged sentences

The Federal Mine Safety and Health Act of 1977 (“Mine Act”) significantly expanded the enforcement of safety and health standards and imposed safety and health standards on all aspects of mining operations.

All of the states in which we

operate also have state programs for mine safety and health regulation and enforcement.

All of the states in which we operate also have state programs for mine safety and health regulation and enforcement.

Collectively, federal and state safety and health regulation in the coal mining industry is among the most comprehensive and pervasive systems for protection of employee health and safety affecting any segment of U.S.

6 unchanged sentences

Various states also have enacted their own new laws and regulations addressing many of these same subjects.

Mine Safety and Health Administration (“MSHA”) continues to interpret and implement various provisions of the MINER Act, along with introducing new proposed regulations and standards.

MSHA continues to interpret and implement various provisions of the MINER Act, along with introducing new proposed regulations and standards.

For example, the second phase of MSHA’s respirable coal mine dust rule went into effect in February 2016 and requires increased sampling frequency and the use of continuous personal dust monitors.

1 unchanged sentence

Additionally, MSHA’s proposed rule, Lowering Miners’ Exposure to Respirable Crystalline Silica and Improving Respiratory Protection, was published in the federal register on July 13, 2023.

The proposed rule would set the permissible exposure limit of respirable crystalline silica at 50 micrograms per cubic meter of air (µg/m3) for a full shift exposure, calculated as an 8-hour time weighted average, for all miners.

The proposal also includes other requirements to protect miner health and update existing respiratory protection requirements.

The written comment period on the proposed rule was originally scheduled to end on August 28, 2023, and was later extended to September 11, 2023.

MSHA held three public hearings to give stakeholders the opportunity to present testimony, written comments, and other documentary evidence on the proposed rule.

The final rule is anticipated to be published in 2024.

Our compliance with these or any other new mine health and safety regulations could increase our mining costs.

If we were found to be in violation of these regulations we could face penalties or restrictions that may materially and adversely affect our operations, financial results and liquidity.

In April 2024, MSHA issued its final rule, Lowering Miners’ Exposure to Respirable Crystalline Silica and Improving Respiratory Protection, to reduce miner exposures to respirable crystalline silica and improve respiratory protection for all airborne hazards.

The final rule lowers the permissible exposure limit of respirable crystalline silica at 50 micrograms per cubic meter of air (μg/m3) for a full shift exposure, calculated as an 8-hour time weighted average, for all miners.

The final rule also includes other requirements to protect miner health and update existing respiratory protection requirements.

For coal mine operators, the deadline for compliance with the new rule is April 14, 2025.

Our compliance with these or any other new health and safety regulations could increase our mining costs substantially.

Further, if we were ever found to be in violation of these regulations, we could face penalties or restrictions that may materially and adversely affect our operations, financial results and liquidity.

Under the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform Act of 1977, as amended in 1981, each coal mine operator must secure payment of federal black lung benefits to claimants who are current and former employees and to a trust fund for the payment of benefits and medical expenses to claimants who last worked in the coal industry prior to July 1, 1973.

Effective January 1, 2022, the trust fund was funded by an excise tax on coal sold of $0.50 per ton for deep-mined coal and $0.25 per ton for surface-mined coal, neither amount to exceed 2% of the gross sales price.

Effective October 1, 2022, the trust fund was funded by an excise tax on coal sold of $1.10 per ton for deep-mined coal and $0.55 per ton for surface-mined coal, neither amount to exceed 4.4% of the gross sales price.

Effective October 1, 2022, the trust fund is funded by an excise tax on coal sold of $1.10 per ton for deep-mined coal and $0.55 per ton for surface-mined coal, neither amount to exceed 4.4% of the gross sales price.

The excise tax does not apply to coal shipped outside the United States.

2 unchanged sentences

On January 18, 2023, the U.S.

Department of Labor announced a notice of proposed rulemaking by its Office of Workers’ Compensation Programs to revise regulations governing the standards related to self-insurance by coal mine operators.

Department of Labor (“DOL”)

announced a notice of proposed rulemaking by its Office of Workers’ Compensation Programs to revise regulations governing the standards related to self-insurance by coal mine operators.

The proposed rule would update the standards coal operators must meet to self-insure, modernize and streamline the application process and fix the amount of security applicants must post.

The proposed rule would also clarify acceptable forms of security and establish an appeals process.

Comments on the proposed rule were originally due no later than March 20, 2023.

The Department of Labor subsequently extended the deadline for comments until April 19, 2023, and has not yet issued a final rule.

The final rule was published in the Federal Register on December 12, 2024 and became effective on January 13, 2025.

We continue to evaluate the final rule, the potential for legal challenges to the final rule and the rule’s potential effects upon the Company.

Coal Industry Retiree Health Benefit Act of 1992

1 unchanged sentence

were settled in the bankruptcy process.

Refers to the transaction by which the Company acquired certain of Alpha Natural Resources Inc.’s core coal operations as part of the Alpha Natural Resources, Inc.

Restructuring.

Alpha Metallurgical Resources, Inc.

(the “Company”) (previously named Contura Energy, Inc.).

Alpha Natural Resources, Inc.

Restructuring.

On August 3, 2015, Alpha Natural Resources, Inc.

and each of its wholly owned domestic subsidiaries other than ANR Second Receivables Funding LLC (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the U.S.

Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the “VA Bankruptcy Court”).

The VA Bankruptcy Court approved the Debtors’ Plan of Reorganization on July 7, 2016.

On July 26, 2016, a consortium of former creditors of the Debtors acquired the Company’s common stock in exchange for a partial release of their creditor claims pursuant to the Debtors’ bankruptcy settlement.

The Debtors, collectively, were a coal producer with operations in Central Appalachia, Northern Appalachia, and the Powder River Basin.

Impurities consisting of iron, alumina and other incombustible matter that are contained in coal.

Since ash increases the weight of coal, it adds to the cost of handling and can affect the burning characteristics of coal.

Bituminous coal.

Coal used primarily to generate electricity and to make coke for the steel industry with a heat value ranging between 10,500 and 15,500 BTUs per pound.

British Thermal Unit or BTU.

A measure of the thermal energy required to raise the temperature of one pound of pure liquid water one degree Fahrenheit at the temperature at which water has its greatest density (39 degrees Fahrenheit).

Central Appalachia or CAPP.

Coal producing area in eastern Kentucky, Virginia, southern West Virginia and a portion of eastern Tennessee.

Coal reserves.

The economically mineable part of a measured or indicated coal resource, which includes diluting materials and allowances for losses that may occur when coal is mined or extracted.

Coal resources.

Coal deposits in such form, quality, and quantity that there are reasonable prospects for economic extraction.

Coal deposits occur in layers.

Each layer is called a “seam.”

A hard, dry carbon substance produced by heating coal to a very high temperature in the absence of air.

Coke is used in the manufacture of iron and steel.

Its production results in a number of useful byproducts.

Coal used to produce coke, the primary source of carbon used in steelmaking.

Cumberland Back-to-Back Coal Supply Agreement.

Certain agreements with Iron Senergy under which Iron Senergy would sell to the Company all of the coal that the Company was obligated to sell to customers under Cumberland coal supply agreements (“Cumberland CSAs”) which existed as of the transaction closing date but did not transfer to Iron Senergy at closing (each, a “Cumberland Back-to-Back Coal Supply Agreement”).

Each Cumberland Back-to-Back Coal Supply Agreement had economic terms identical to, but offsetting, the related Cumberland CSA.

If a Cumberland customer subsequently consented to assign a Cumberland CSA to Iron Senergy after closing, the related Cumberland CSA would immediately and automatically transfer to Iron Senergy and the related Cumberland Back-to-Back Coal Supply Agreements executed by the parties would thereupon terminate as set forth therein.

Development stage property.

A property with disclosed coal reserves but no material extraction.

Environmental, social and governance sustainability criteria.

ESM Transaction.

The sale by Blackjewel L.L.C.

(“Blackjewel”) of the Eagle Butte and Belle Ayr mines located in Wyoming (the “Western Mines” or “Western Assets”) to Eagle Specialty Materials (“ESM”), an affiliate of FM Coal, LLC on October 18, 2019.

The ESM Transaction was approved by the United States Bankruptcy Court for the Southern District of West Virginia (the “WV Bankruptcy Court”) pursuant to an order on October 4, 2019.

The Company was the former owner of the Western Assets, having sold them to Blackjewel in December 2017.

Exploration stage property.

A property with no disclosed coal reserves.

A coking coal used in steel production with a volatile matter content between 31% and 34.5% on a dry basis.

A coking coal used in steel production with a volatile matter content between 34.5% and 38% on a dry basis.

Indicated coal resource.

That part of a coal resource for which quantity and quality are estimated on the basis of adequate geological evidence and sampling sufficient to establish geological and quality continuity with reasonable certainty.

Inferred coal resource.

That part of a coal resource for which quantity and quality are estimated on the basis of limited geological evidence and sampling sufficient to establish that geological and quality continuity are more likely than not.

Given the higher level of geological uncertainty, inferred coal resources are not considered when assessing the economic viability of a mining project or determining coal reserves.

Initial assessment.

A preliminary technical and economic study of the economic potential of all or parts of mineralization to support the disclosure of mineral resources.

In situ coal resources.

Coal resources stated on an in-seam dry basis (excluding surface and inherent moisture) with no consideration for dilution or losses that may occur when coal is mined or extracted.

Longwall mining.

The most productive underground mining method in the United States.

A rotating drum is advanced mechanically across the face of coal, and a hydraulic system supports the roof of the mine while the drum advances through the coal.

Chain conveyors then move the loosened coal to a standard underground mine conveyor system for delivery to the surface.

A coking coal used in steel production with a volatile matter content between 16% - 23% on a dry basis.

Marketable coal reserves.

Coal reserves on a moist basis (including surface and inherent moisture) after considering dilution and losses that may occur when coal in mined or extracted.

Measured coal resource.

That part of a coal resource for which quantity and quality are estimated on the basis of conclusive geological evidence and sampling sufficient to test and confirm geological and quality continuity.

Merger with ANR, Inc.

and Alpha Natural Resources Holdings, Inc.

completed on November 9, 2018.

Metallurgical coal.

The various grades of coal suitable for carbonization to make coke for steel manufacture.

Also known as “met” coal, its quality is primarily differentiated based on volatility or its percent of volatile matter.

Met coal typically has a particularly high BTU but low ash and sulfur content.

A coking coal used in steel production with a volatile matter content between 23% -31% on a dry basis.

Northern Appalachia or NAPP.

Coal producing area in Maryland, Ohio, Pennsylvania and northern West Virginia.

Operating Margin.

Coal revenues less cost of coal sales.

Powder River Basin or PRB.

Coal producing area in northeastern Wyoming and southeastern Montana.

Pre-feasibility study.

A comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred method of mining or pit configuration, an effective method of mineral processing and an effective plan to sell the product has been determined.

Preparation plant.

A preparation plant is a facility for crushing, sizing and washing coal to remove impurities and prepare it for use by a particular customer.

The washing process has the added benefit of removing some of the coal’s sulfur content.

A preparation plant is usually located on a mine site, although one plant may serve several mines.

Probable mineral reserve.

The economically mineable part of an indicated and, in some cases, a measured coal resource.

Production stage property.

A property with material extraction of coal reserves.

Productivity.

As used in this report, refers to clean metric tons of coal produced per underground man hour worked, as published by the MSHA.

Proven mineral reserve.

The economically mineable part of a measured coal resource.

Qualified person.

A mineral industry professional as defined in subpart 1300 of Regulation S-K.

The process of restoring land and the environment to their original state following mining activities.

The process commonly includes “recontouring” or reshaping the land to its approximate original appearance, restoring topsoil and planting native grass and ground covers.

Reclamation operations are usually under way before the mining of a particular site is completed.

Reclamation is closely regulated by both state and federal law.

The stratum of rock or other mineral above a coal seam;

the overhead surface of a coal working place.

Surface mine.

A mine in which the coal lies near the surface and can be extracted by removing the covering layer of soil.

Thermal coal.

Coal used by power plants and industrial steam boilers to produce electricity, steam or both.

It generally is lower in BTU heat content and higher in volatile matter than metallurgical coal.

A “short” or net ton is equal to 2,000 pounds.

A “long” or British ton is equal to 2,240 pounds;

a “metric” ton (or “ tonne ”) is approximately 2,205 pounds.

Tonnage amounts are stated in short tons, unless otherwise indicated.

United Mine Workers of America.

Underground mine.

Also known as a “deep” mine.

Usually located several hundred feet below the earth’s surface, an underground mine’s coal is removed mechanically and transferred by shuttle car and conveyor to the surface.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business