What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-19 compared with 2025-02-20 · 68 added, 77 removed, 414 unchanged (26% of the section changed)

16 unchanged sentences

For coal deposits, the density of a drill pattern is one of the important factors which determine whether the related coal will be classified as measured, indicated or inferred.

Peabody Energy Corporation 2025 Form 10-K

Mineral resource classifications are differentiated under subpart 1300 of Regulation S-K, in part, as follows:

3 unchanged sentences

The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.

Peabody Energy Corporation 2024 Form 10-K

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• Indicated resource.

34 unchanged sentences

Peabody Energy Corporation 2025 Form 10-K

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The Company is party to numerous U.S.

6 unchanged sentences

Production royalties on federal leases are set by statute at 12.5% of the gross proceeds of coal mined and sold for surface-mined coal and 8% for underground-mined coal.

The OBBBA cuts federal coal royalty rates to 7% for both surface and underground mines starting July 4, 2025, and lasting through September 30, 2034.

federal government limits by statute the amount of federal land that may be leased by any company and its affiliates at any time to 75,000 acres in any one state and 150,000 acres nationwide.

25 unchanged sentences

Supply considerations impacting pricing include coal reserve and resource positions, mining methods, strip ratios, production costs and capacity and the cost of new supply (greenfield developments or extensions at existing mines).

Peabody Energy Corporation 2025 Form 10-K

In the United States, natural gas is the most significant substitute for thermal coal for electricity generation and can be one of the largest drivers of shifts in supply and demand and pricing.

1 unchanged sentence

The build out of renewable generation and subsidized power can also be a key driver of power market pricing and hence coal prices.

Peabody Energy Corporation 2024 Form 10-K

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Internationally, thermal coal-fueled generation also competes with alternative forms of electricity generation.

The competitiveness and availability of generation fueled by natural gas, oil, nuclear, hydro, wind, solar and biomass vary by country and region and can have a meaningful impact on coal pricing.

The competitiveness and availability of generation fueled by natural gas, liquefied natural gas, oil, nuclear, hydro, wind, solar and biomass vary by country and region and can have a meaningful impact on coal pricing.

Policy and regulations, which vary from country to country, can also influence prices.

In addition, seaborne thermal coal import demand can be significantly impacted by the availability of domestic coal production, particularly in the two leading coal import countries, China and India, and the competitiveness of seaborne supply from leading thermal coal exporting countries, including Indonesia, Australia, Russia, Colombia, the U.S.

and South Africa, among others.

Metallurgical .

Several factors can influence metallurgical coal supply and demand and pricing.

Demand is impacted by economic conditions, government policies and demand for steel, and is also impacted by competing technologies used to make steel, some of which do not use coal as a manufacturing input.

Demand is impacted by economic conditions, government policies, demand for steel and competing technologies used to make steel, some of which do not use coal as a manufacturing input.

Competition from other types of coal is also a key price consideration and can be impacted by the coal quality and characteristics, delivered energy cost (including transportation costs), customer service and support and reliability of supply.

3 unchanged sentences

Peabody Energy Corporation 2025 Form 10-K

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The cost estimates used to establish LOM plans are generally made according to internal processes that project future costs based on historical costs and expected trends.

7 unchanged sentences

Coal seam depth, thickness, dipping angle, partings and quality constrain the available mining methods and size of operations.

Shallow coal is typically mined by surface mining methods by which the primary cost is overburden removal.

Shallow coal is typically mined by surface mining methods where the primary cost is overburden removal.

Deep coal is typically mined by underground mining methods where the primary costs include coal extraction, conveyance and roof control.

36 unchanged sentences

Peabody Energy Corporation 2025 Form 10-K

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SUMMARY COAL RESERVES AT END OF THE FISCAL YEAR ENDED DECEMBER 31, 2025 (1)

7 unchanged sentences

Wilpinjong AUS NSW P S T 36 23.9 0.5 5,972 43 31.1 0.4 5,358 79 27.8 0.4 5,638 100 %

Wambo Opencut (9)

Wambo Open-cut (9)

AUS NSW P S T/C 28 11.8 0.3 6,371 3 11.9 0.3 6,362 31 11.8 0.3 6,370 50 %

Wambo Underground AUS NSW P U T/C 1 12.2 0.4 6,473 — — — — 1 12.2 0.4 6,473 100 %

South Wambo AUS NSW E U T/C — — — — 74 9.8 0.3 7,034 74 9.8 0.3 7,034 100 %

8 unchanged sentences

Metropolitan AUS NSW P U C/P/T 5 11.8 0.4 18.3 4 12.0 0.4 18.2 9 11.9 0.4 18.2 100 %

Centurion AUS QLD D U C 84 8.0 0.5 21.7 107 7.8 0.5 20.6 191 7.9 0.5 21.1 100 %

Centurion (11)

AUS QLD D U C 84 8.1 0.5 22.4 108 7.9 0.5 20.5 192 8.0 0.5 21.4 100 %

Middlemount (9)

26 unchanged sentences

Peabody Energy Corporation 2025 Form 10-K

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SUMMARY COAL RESOURCES AT END OF THE FISCAL YEAR ENDED DECEMBER 31, 2025 (1)

9 unchanged sentences

Wilpinjong AUS NSW P S T 53 26.7 0.4 5,638 45 28.2 0.4 5,602 98 27.4 0.4 5,621 7 28.2 0.4 5,629 100 %

Wambo Opencut (9)

AUS NSW P S/U T/C 223 20.9 0.4 5,825 181 21.5 0.4 5,813 404 21.2 0.4 5,820 273 20.3 0.4 5,865 50 %

AUS NSW P S T/C 219 20.7 0.4 5,865 180 21.9 0.4 5,758 399 21.2 0.4 5,817 272 21.7 0.4 6,001 50 %

South Wambo AUS NSW E U T/C 199 19.8 0.3 6,228 73 23.0 0.3 5,960 272 20.7 0.3 6,156 38 30.6 0.3 5,270 100 %

7 unchanged sentences

Metropolitan AUS NSW P U C/P/T — 17.0 0.3 17.8 9 15.4 0.3 17.8 9 15.3 0.4 18.6 21 14.5 0.3 17.6 100 %

Coppabella AUS QLD P S P 12 15.9 0.3 13.2 39 16.0 0.3 12.6 51 16.0 0.3 12.7 50 15.7 0.3 12.6 73.3 %

Coppabella AUS QLD P S/U P 12 15.9 0.3 13.2 39 16.0 0.3 12.6 51 16.0 0.3 12.7 50 15.7 0.3 12.6 73.3 %

Moorvale AUS QLD P S C/P/T 26 18.5 0.3 17.2 20 16.9 0.3 17.2 46 17.8 0.3 17.2 6 15.7 0.3 17.2 73.3 %

Centurion AUS QLD E U C 96 20.7 0.5 21.9 485 17.9 0.5 19.6 581 18.4 0.5 20.0 286 21.1 0.5 18.9 100 %

Centurion (11)

AUS QLD D U C 96 20.7 0.5 21.9 485 17.9 0.5 19.6 581 18.4 0.5 20.0 286 21.1 0.5 18.9 100 %

Coppabella North AUS QLD E U P 255 15.8 0.3 14.6 102 16.8 0.3 14.6 357 16.1 0.3 14.6 12 16.5 0.3 14.3 75.5 %

23 unchanged sentences

Peabody Energy Corporation 2025 Form 10-K

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The sales price assumptions supporting economic recoverability vary depending upon factors such as coal quality and existing customer volume commitments.

3 unchanged sentences

Subsequent to 2030, for all mines, sales price escalation is assumed at 2.0% to 3.0% per annum through the end of each LOM plan.

The moisture condition for Seaborne Thermal segment coal quality is on an air-dry basis, except for the Wambo Opencut Mine, which is estimated on an as-shipped basis for coal reserves and an in situ moisture basis for coal resources.

The moisture condition for the Seaborne Thermal segment coal quality is on an air-dry basis for reserves, and an in situ moisture basis for resources except for the Wambo Open-cut Mine which is estimated on an as-air dry moisture basis for resources.

The moisture condition for the Seaborne Metallurgical segment coal quality is on an air-dry basis, except for the Shoal Creek Mine, which is on a dry basis.

5 unchanged sentences

thermal coal resources are calculated on an in situ moisture basis.

Kcal/kg (kilocalories per kilogram) is the net calorific value (net heating value) of coal, except for the Wambo Opencut Mine which is estimated as gross calorific value.

Kcal/kg (kilocalories per kilogram) is the net calorific value (net heating value) of coal, except for the Wambo Open-cut Mine which is estimated as gross calorific value.

VM (volatile matter) represents the proportion of certain organic and mineral components in coal, for example, water, carbon dioxide or sulfur dioxide.

Volatile matter is inversely related to coal rank.

Btu (British thermal unit) is the gross heating value of coal per pound, which includes the weight of moisture in coal on an as-sold basis.

Btu (British thermal unit) is the gross heating value of coal per pound, which includes the weight of moisture in coal on an as-sold or in situ basis.

The range of variability of the moisture content in coal may affect the actual shipped Btu content.

1 unchanged sentence

The quantities of coal reserves and resources are disclosed at Peabody’s proportional ownership share.

At December 31, 2025, the mine was in development.

Longwall mining commenced in February 2026.

Individual Property Disclosure

7 unchanged sentences

Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein.

The changes for NARM and Wilpinjong from the previous years are not material, thus no updates for the TRSs are included in this filing.

Reference should be made to the full text of the TRS, incorporated herein by reference, made a part of Peabody’s Annual Report on Form 10-K for the year ended December 31, 2021 and December 31, 2023 respectively, which was filed with the SEC on February 18, 2022 and February 23, 2024.

The changes for NARM and Centurion from the previous years are not material, thus no updates for the TRSs are included in this filing.

Reference should be made to the full text of the TRS for NARM, incorporated herein by reference and made a part of Peabody’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 18, 2022.

Reference should be made to the full text of the TRS for the Centurion Mine, incorporated herein by reference and made a part of Peabody’s filing on Form 8-K filed with the SEC on October 15, 2024.

Peabody Energy Corporation 2024 Form 10-K

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The Wilpinjong Mine added 43 million tons of coal reserves, mainly from the exploration license EL9399, partially offset by production depletion.

Reference should be made to the full text of the TRS for Wilpinjong Mine, incorporated herein by reference and made a part of this Annual Report on Form 10-K.

The relevant TRS for Wilpinjong Mine is included as Exhibit 96.2 to this Annual Report on Form 10-K, and specific sections of such TRS are referenced below using the corresponding exhibit number.

North Antelope Rochelle Mine

The North Antelope Rochelle Mine (NARM) is a production-stage surface coal mine located sixty-five miles south of Gillette, Wyoming, USA.

NARM is a production-stage surface coal mine located sixty-five miles south of Gillette, Wyoming, USA.

NARM is situated in the Gillette Coal Field on the east flank of the Powder River Basin.

NARM began operations in 1999 after Peabody combined its interests in the formerly separate North Antelope Mine and Rochelle Mine.

Peabody Energy Corporation 2025 Form 10-K

NARM extracts coal from the Wyodak-Anderson coal seam, which ranges from 60- to 80-feet thick and lies from 120 to 460 feet below the surface in the mining area.

1 unchanged sentence

The typical royalty rate for federal and state coal leases is 12.5% of realized revenue.

The OBBBA cuts federal coal royalty rates to 7% for both surface and underground mines starting July 4, 2025, and lasting through September 30, 2034.

Generally, the leases continue indefinitely with periodic renewal, provided there is diligent coal production or other development within the lease area.

2 unchanged sentences

Overburden is removed by dragline, truck and shovel, dozer and cast blasting methods.

Coal is hauled by truck to one of five dump locations, where it is then crushed and conveyed to silos adjacent to rail load-outs for customer delivery.

Coal is hauled by truck to one of five dump locations, where it is then crushed and conveyed to silos adjacent to rail loadouts for customer delivery.

Coals of varying characteristics may be blended at a central blending facility along the loadout rail loop.

1 unchanged sentence

NARM coal is well recognized for domestic thermal power generation.

The key supporting infrastructure for NARM includes rail services provided by the BNSF Railway Company and Union Pacific Corporation, road access via interstate and state highways and roads, electrical power from a dedicated substation with 230kV and 69kV transmission lines, and water supply from a mine dewatering system and deep wells.

The key supporting infrastructure for NARM includes rail services provided by the BNSF Railway Company and Union Pacific Corporation, road access via interstate and state highways and roads, electrical power from a dedicated substation with 230 kilovolt and 69 kilovolt transmission lines, and water supply from a mine dewatering system and deep wells.

The mining industry in the Powder River Basin anchors numerous communities from which the mine attracts qualified personnel.

2 unchanged sentences

Routine maintenance, overhauls and necessary capital replacements are generally included in the LOM plan to support future production.

Peabody Energy Corporation 2024 Form 10-K

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The table below presents NARM coal reserve estimates at December 31, 2025, along with comparative quantities at December 31, 2024.

21 unchanged sentences

Mine yield is the ratio of estimated saleable product coal over ROM coal tons, with processing loss considered.

Peabody Energy Corporation 2024 Form 10-K

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Wilpinjong Mine

3 unchanged sentences

A third-party contractor managed mining operations until 2013, when the Company converted the mine to owner-operated.

Peabody Energy Corporation 2025 Form 10-K

The Wilpinjong Mine extracts coal from the Moolarben and Ulan coal seams which have a combined thickness from 6 to 10 meters and a typical waste depth of less than 80 meters in the Illawarra Coal Measures on the northwest margin of the Sydney Basin.

3 unchanged sentences

Renewal applications for two exploration licenses were approved in 2023, with the terms extended to December 2027 and March 2028, and the third was granted in May 2022 for an initial term of 6 years.

As of December 31, 2024, all required licenses and permits were in place for the operations of Wilpinjong.

As of December 31, 2025, all required licenses and permits were in place for the operations of Wilpinjong within the existing mining leases.

A process to gain the necessary approvals to mine the reserves estimated within EL9399 is underway and is expected to be completed as required by the current mine plan.

Conventional open-cut mining methods are used at the Wilpinjong Coal Mine, with multiple pits at a low strip ratio allowing for relatively rapid pit advance.

2 unchanged sentences

Coal is conveyed to a rail loadout and transported by train to either domestic customers or to the Port of Newcastle and seaborne customers for thermal power generation.

The key supporting infrastructure for Wilpinjong Mine includes road access via public roads, port service at two terminals at the Port of Newcastle, above and below rail services, electrical power from a 66kV transmission line, and water supply from captured surface runoff and deep wells.

The key supporting infrastructure for Wilpinjong Mine includes road access via public roads, port service at two terminals at the Port of Newcastle, above and below rail services, electrical power from a 66 kilovolt transmission line and water supply from captured surface runoff and deep wells.

The mine’s proximity to other large coal producers in the region provides access to a significant pool of experienced mining personnel.

2 unchanged sentences

Routine maintenance, overhauls and necessary capital replacements are generally included in the LOM plan to support future production.

Peabody Energy Corporation 2024 Form 10-K

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The tables below present Wilpinjong Mine’s estimated coal reserves and resources at December 31, 2025, along with comparative quantities at December 31, 2024.

11 unchanged sentences

Probable 43 31.1 0.4 5,358 82 % 3

Year-over-year decrease (19) %

Year-over-year increase 72 %

December 31, 2025 December 31, 2024

6 unchanged sentences

Total 105 205

The year-over-year decrease in the quantity of coal reserves was driven by production depletion.

The year-over-year increase in the quantity of coal resources was driven by inclusion of areas with the lease EL9399.

Peabody Energy Corporation 2025 Form 10-K

The year-over-year increase in the quantity of coal reserves was driven by the addition of reserves from Pit 9 and 10 within EL9399, partially offset by production depletion.

The year-over-year decrease in the quantity of coal resources was mainly driven by conversion of coal resources to reserves within EL9399.

Economic recoverability is based upon product-specific estimated average sales prices per tonne of $63.65 for the five-year period ending December 31, 2030 and assumed escalation of 2.0% to 3.0% per annum during the subsequent period through the end of the LOM plan.

3 unchanged sentences

The resource is limited by a maximum of 50% raw ash (air-dry basis).

Due to the relatively consistent coal thickness and shallow depth, no other geological limiting factors are applied except for known geological anomalies such as paleochannels and igneous intrusion.

Other geological limiting factors are applied including weathering, depth of cover and known geological anomalies such as paleochannels and igneous intrusion.

Non-geological limiting factors include lease boundary, surface features and infrastructure.

The quality of coal reserves is based on an air-dry basis.

It is the laboratory results from the core samples with adjustments that reflect the reconciliation results from actual production.

The quantity of coal reserves is estimated on a saleable product basis, which takes into consideration of mining and processing loss.

The quantity of coal reserves is estimated on a saleable product basis, which takes into consideration mining and processing loss.

The economic results from the LOM planning process demonstrate the economic viability of the coal reserve estimate.

Mine yield is the ratio of estimated saleable product coal over ROM coal tons with mainly processing loss considered.

Peabody Energy Corporation 2024 Form 10-K

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Centurion Mine

The Centurion Mine is an underground longwall metallurgical coal mine located 160 kilometers WSW of Mackay, Queensland, Australia.

The Centurion Mine is an underground longwall metallurgical coal mine located 160 kilometers west-southwest of Mackay, Queensland, Australia.

The Centurion Mine lies on the Collinsville Shelf on the western margin of the Bowen Basin in Central Queensland.

White Mining Ltd developed the operation (then known as the North Goonyella Mine), including a rail loop, coal handling preparation plant (CHPP) and nearby accommodation village, following the grant of ML6949 in 1991.

Peabody then acquired North Goonyella as part of an acquisition of RAG’s coal assets in April of 2004 and operated it until September of 2018, when a fire in the mine halted operations.

The mine has been idled since that time while plans to re-initiate production with regulatory approval were developed.

White Mining Ltd developed the operation (then known as the North Goonyella Mine), including a rail loop, coal handling preparation plant and nearby accommodation village, following the grant of ML6949 in 1991.

Peabody then acquired North Goonyella as part of an acquisition of RAG Australia Coal Pty Ltd’s coal assets in April 2004 and operated it until September 2018, when a fire in the mine halted operations.

After the mine was idled in September 2018, plans to re-initiate production were developed with regulatory approval.

During the third quarter of 2022, Peabody initiated the development of the mine.

1 unchanged sentence

In December 2023, the mine was renamed the Centurion Mine.

Development operations recommenced at the mine in June 2024, with Longwall operations scheduled to commence in early 2026.

Centurion Mine will extract coal from the Goonyella Middle seam with future plans to extend into the Goonyella Lower B2 (GLB2) seam with mining depths ranging from 210 meters to 540 meters.

Development operations recommenced at the mine in June 2024, and longwall operations commenced in February 2026.

Centurion Mine extracts coal from the Goonyella Middle seam with future plans to extend into the Goonyella Lower B2 seam with mining depths ranging from 210 meters to 540 meters.

The Company has secured mineral rights through state mineral leases and has an approved production rate for the operation of 10.2 Mtpa ROM coal that after processing, equates to approximately 7.6 Mtpa product coal.

1 unchanged sentence

Tenement holders are bound by the Mineral Resources Act 1989 and the Mineral Resources Regulation 2013 which define the laws pertaining to coal exploration and mining in Queensland.

Under the system administered by the Department of Natural Resources, Mines and Energy (DNRME), tenements are held as either EPC (Exploration Permit Coal), MDL (Mineral Development Licence) or ML (Mining Lease).

Production from the Centurion Coal Mine will be subject to the Queensland Government Royalty charged on total revenue.

Under the system administered by the Department of Natural Resources, Mines and Energy, tenements are held as either EPC (Exploration Permit Coal), MDL (Mineral Development Licence) or ML (Mining Lease).

Production from the Centurion Mine is subject to the Queensland government royalty charged on total revenue.

In addition to this standard government royalty, there is also a special private royalty agreement established in relation to the sale of the property by a prior owner.

1 unchanged sentence

The ML allows mining and sale of coal by both underground and open-cut methods.

Overlapping this Mining Lease, Centurion also holds a Petroleum Lease, PL504, which enables the company to commercialize any coal seam gas (methane) that may be extracted within the lease area.

Peabody Energy Corporation 2024 Form 10-K

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Overlapping this ML, Centurion also holds a petroleum lease, PL504, which enables the company to commercialize any coal seam gas (methane) that may be extracted within the lease area.

Centurion North is comprised of ML1790 and ML70495 (part of the Ward’s Well project which has been subdivided between Peabody and Stanmore) which encompasses surface areas of 2,723 hectares and 748 hectares, respectively.

The Centurion North mine also comprises a small portion of MDL3010 (Dabin) which is owned by the West Burton Joint Venture (85% Peabody) and has a land area of 10,827 hectares.

Coal will be produced primarily using longwall systems.

Coal is produced primarily using longwall systems.

The mine will also use continuous miner units for longwall development and limited production.

Mined coal will be processed through the on-site wash plant and conveyed to rail loadout facilities.

Product coal will be loaded to train via an existing 1,000t Train Loadout Bin.

The loaded trains will then travel some 217km to the Port of Hay Point where it will be bottom dumped to conveyor and onto stockpiles at Dalrymple Bay Coal Terminal (DBCT).

Shipping of coal to customers will take place on an ocean-going vessel, often shared with other coal suppliers.

Centurion Coking coal is a premium Hard Coking Coal (PHCC) with a mature brand name in the seaborne metallurgical marketplace and is well known in both the Atlantic and Pacific seaborne markets.

The key supporting infrastructure for Centurion Mine includes road access via highways and roads, access to both the Goonyella and Newland Rail Systems, coal export terminals at the Port of Hay Point and the Port of Abbot Point, connection to a High Voltage electricity grid that provides electricity to the existing facilities, and water supplied from the 15GL capacity Burton Gorge Dam.

Centurion also has a nearby accommodation village with housing and service amenities for a capacity of 440 workers located 19km east of the mine.

Mined coal is processed through the on-site wash plant and conveyed to rail loadout facilities.

Product coal is loaded to trains via an existing 1,000 tonne train loadout bin.

The loaded trains then travel some 217 kilometers to the Port of Hay Point where they are bottom dumped to conveyor and onto stockpiles at Dalrymple Bay Coal Terminal.

Shipping of coal to customers takes place on ocean-going vessels, often shared with other coal suppliers.

Centurion coking coal is a premium hard coking coal with a mature brand name in the seaborne metallurgical marketplace and is well known in both the Atlantic and Pacific seaborne markets.

Peabody Energy Corporation 2025 Form 10-K

The key supporting infrastructure for Centurion Mine includes road access via highways and roads, access to both the Goonyella and Newland Rail Systems, coal export terminals at the Port of Hay Point and the Port of Abbot Point, connection to a high voltage electricity grid that provides electricity to the existing facilities and water supplied from the 15 gigaliter capacity Burton Gorge Dam.

Centurion also has a nearby accommodation village with housing and service amenities for a capacity of 440 workers located 19 kilometers east of the mine.

The mine’s workforce is drawn primarily from the townships of Moranbah, Nebo and Mackay.

The property, plant, equipment and mine development assets of Centurion Mine had a net book value of approximately $758 million at December 31, 2024.

The property, plant, equipment and mine development assets of Centurion Mine had a net book value of approximately $1 billion at December 31, 2025.

The mine’s operating equipment and facilities meet contemporary mining standards and are adequately maintained to execute the LOM plan.

Routine maintenance, overhauls and necessary capital replacements are generally included in the LOM plan to support future production.

While the mine was idled since 2018, the Company upgraded the mine’s coal transfer and handling facilities, purchased new mining equipment and made other capital investments to improve its prospective cost structure.

Peabody Energy Corporation 2024 Form 10-K

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During the development process, the Company upgraded the mine’s coal transfer and handling facilities, purchased new mining equipment and made other capital investments to improve its prospective cost structure.

The tables below present Centurion Mine’s estimated coal reserves and resources at December 31, 2025, along with comparative quantities at December 31, 2024.

11 unchanged sentences

Probable 108 7.9 0.5 20.5 82 % 107

Total 192 191

Year-over-year increase 1 %

6 unchanged sentences

Inferred 286 21.1 0.5 18.9 286

The year-over-year increase in the quantity of coal reserves and resources was driven by the Wards Well acquisition in April 2024.

Total 867 867

Economic recoverability is based upon an estimated average sales price per tonne of $210 for the LOM plan.

The quality of coal reserves and resources are estimated on an air-dry basis.

The quantity of coal resource estimates are on an in situ basis, which doesn’t take into consideration coal loss during mining and processing.

The quantity of coal resource estimates are on an in situ basis, which does not take into consideration coal loss during mining and processing.

The coal resource boundary is established by considering various factors, including results from drill hole analyses, mining lease, coal control, geological features, faults and other surface features.

The cut-off grade and metallurgical recovery are not limiting factors for the coal reserve and resource estimates due to relatively consistent coal quality and float recovery from the lab results within the assessed area.

The Lease boundary, surface infrastructures, and the base of weathering are the main limiting factors.

The quantity of coal reserves is estimated on a saleable product basis, which takes into consideration of unmined coal (pillars, etc.), coal loss during mining and processing, and additional washing recovery.

The cut-off grade and metallurgical recovery are not limiting factors for the reserve and resource estimates due to relatively consistent coal quality and float recovery from the lab results within the assessed area.

The lease boundary, surface infrastructure and the base of weathering are the main limiting factors.

The quantity of coal reserves is estimated on a saleable product basis, which takes into consideration unmined coal (pillars, etc.), coal loss during mining and processing and additional washing recovery.

The results from the LOM planning process demonstrate the economic recoverability of the coal reserve estimate.

Mine yield is the ratio of estimated saleable product coal over ROM coal tons with mainly processing loss considered.

Peabody Energy Corporation 2025 Form 10-K

Internal Controls

3 unchanged sentences

The internal controls for coal reserve and resource estimates also cover exploration activities, sample preparation and analysis, data verification, processing, metallurgical testing, recovery estimation, mine design and sequencing, and coal reserve and resource evaluations, with environmental, social and regulatory considerations.

The quality assurance and control protocols over the assaying of drill hole samples are performed by reputable commercial laboratories following certification and accreditation programs established by the American Society for Testing and Materials (ASTM) or Australian National Association of Testing Authorities (NATA).

Peabody Energy Corporation 2024 Form 10-K

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The quality assurance and control protocols over the assaying of drill hole samples are performed by reputable commercial laboratories following certification and accreditation programs established by the American Society for Testing and Materials or Australian National Association of Testing Authorities.

The coal reserve and resource estimates have inherent risks due to data accuracy, uncertainty from geological interpretation, mine plan assumptions, uncontrolled rights for mineral and surface properties, environmental challenges, uncertainty for future market supply and demand, and changes in laws and regulations.

4 unchanged sentences

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 2. Properties