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We maintain controls and procedures designed to provide reasonable assurance that information required to be disclosed in the reports we file with the Securities and Exchange Commission (“SEC”) is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.
−Removed: As required by Rule 13a-15(b) of the Securities Exchange Act
−Removed: of 1934, as amended (the “Exchange Act”), we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Exchange Act) as of September 30, 2025.
−Removed: Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these controls and procedures are effective as of September 30, 2025.
−Removed: During the quarterly period ended September 30, 2025, there have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with our evaluation that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Exchange Act) as of March 31, 2026.
+Added: Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these controls and procedures are effective as of March 31, 2026.
+Added: There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with our evaluation that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the quarterly period ended March 31, 2026.
FORWARD-LOOKING STATEMENTS
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Among the factors that could cause actual results to differ from those in the forward-looking statements are:
−Removed: ● decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the planned retirement of coal-fired power plants in the U.S.;
+Added: ● decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the retirement of coal-fired power plants in the U.S.;
● our ability to provide fuel for growth in domestic energy demand, should it materialize;
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● changes in commodity prices, demand and availability which could affect our operating results and cash flows;
−Removed: ● the effects of a prolonged government shutdown;
−Removed: ● impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East;
−Removed: ● the severity, magnitude, and duration of any future pandemics and impacts of such pandemics and of businesses’ and governments’ responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers and operators, available liquidity and capital sources and broader economic disruptions;
+Added: ● impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East, including Iran and disruption of maritime traffic through the Strait of Hormuz;
● actions of the major oil-producing countries with respect to oil production volumes and prices and the direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests;
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● our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom;
−Removed: ● our ability to identify and invest in new energy and infrastructure transition ventures;
−Removed: ● the success of our development plans for Matrix Design, and our investments in emerging and other infrastructure and technology companies;
−Removed: ● dependence on significant customer contracts, including renewing existing contracts upon expiration;
+Added: ● our ability to identify and invest in new energy and infrastructure ventures;
+Added: ● the success of our development and growth plans for our wholly owned subsidiary, Matrix Design Group, LLC, and our investments in emerging and other infrastructure and technology companies;
+Added: ● dependence on significant customer contracts, and failure of customers to renew existing contracts upon expiration;
● adjustments made in price, volume, or terms to existing coal supply agreements;
● the effects of and changes in trade, monetary and fiscal policies and laws, and the results of central bank policy actions, including interest rates, bank failures, and associated liquidity risks;
−Removed: ● the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments, including the imposition of or increase in tariffs on steel and/or other raw materials;
−Removed: ● legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, such as the Environmental Protection Agency’s emissions regulations for coal-fired power plants, and state legislation seeking to impose liability on a wide range of energy companies under greenhouse gas “superfund” laws, mining, miner health and safety, hydraulic fracturing, and health care;
+Added: ● the effects of and changes in taxes or tariffs and other trade measures adopted or threatened by the United States and foreign governments, including the imposition of or increase in tariffs on steel and/or other raw materials;
+Added: ● legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, such as state legislation seeking to impose liability on a wide range of energy companies under greenhouse gas “superfund” laws, mining, miner health and safety, hydraulic fracturing, and health care;
● deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions;
−Removed: ● investors’ and other stakeholders’ attention to environmental, social, and governance matters;
+Added: ● investors’ and other stakeholders’ attention to sustainability matters;
● liquidity constraints, including those resulting from any future unavailability of financing;
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● disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests;
−Removed: ● changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures;
+Added: ● changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures or tariffs;
● changes in our ability to recruit, hire and maintain labor;
● our ability to maintain satisfactory relations with our employees;
−Removed: ● increases in labor costs, adverse changes in work rules, or cash payments or projections associated with workers’ compensation claims;
+Added: ● increases in labor costs, including increases in the costs of health insurance, adverse changes in work rules, or cash payments or projections associated with workers’ compensation claims;
● increases in transportation costs and risk of transportation delays or interruptions;
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● uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties;
−Removed: ● uncertainties in the future of the electric vehicle industry and the market for EV charging stations;
● the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits;
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● other factors, including those discussed in “Item 1A.
−Removed: Risk Factors” and “Item 3.
+Added: Risk Factors” herein and in our Annual Report on Form 10-K for the year ended December 31, 2025, and “Item 3.
Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2025.
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OTHER INFORMATION
+Added: LEGAL PROCEEDINGS
+Added: The information in Note 13.
+Added: Contingencies to the Unaudited Condensed Consolidated Financial Statements included in "Part I.
+Added: Financial Statements (Unaudited)" of this Quarterly Report on Form 10-Q herein is hereby incorporated by reference.
+Added: See also "Item 3.
+Added: Legal Proceedings" of our Annual Report on Form 10-K for the year ended December 31, 2025.
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.