What changed in this filing

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Item 1. Business

2025-02-13 compared with 2024-02-14 · 163 added, 137 removed, 385 unchanged (44% of the section changed)

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7 steelmaking coal results in price realizations near or above the S&P Global Platts Index (as defined below).

4 steelmaking coal transitioned in the second half of the year from a Mid Vol to a High Vol A quality coal that typically trades at a larger discount to the price of coal from Mine No.

4 steelmaking coal is a High Vol A quality coal that typically trades at a larger discount to the price of coal from Mine No.

The combination of low sulfur, low-to-medium ash, high CSR, low volatility ("Low Vol") to high volatility ("High Vol"), and other characteristics of our coal, as well as our ability to blend them, makes our HCC product an important component within our customers’ overall coking coal requirements.

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Blue Creek represents one of the last remaining large scale untapped premium quality, High Vol A coal reserves in the U.S.

with a mine life of 40 or more years.

with a mine life of approximately 40 years assuming a single longwall operation.

High Vol A coals have traditionally priced at a slight discount to the Australian premium Low Vol and the U.S.

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We believe this creates an opportunity for Blue Creek to take advantage of favorable pricing dynamics driven by the declining supply of premium High Vol A coals.

We expect our fourth longwall to start at Blue Creek in the second quarter of 2026.

We expect our fourth longwall to start at Blue Creek no later than the second quarter of 2026.

The startup of Blue Creek is expected to increase our annual High Vol A production by 4.4 million metric tons per year, thereby increasing our annual production capacity by 60%.

We expect to also have the ability to add a fifth longwall which would increase our annual High Vol A production to 9.6 million metric tons, thereby increasing our total annual production capacity by 98% over our nameplate capacity of 7.3 million metric tons.

We expect to initially focus on optimizing production volume from the first longwall operation before considering the capital expenditures required and time intensiveness of building a second longwall.

We believe that can be accomplished with minimal to no incremental capital expenditures.

In addition, from the outset of our development of Blue Creek our plans contemplated the ability to potentially add a second longwall should market fundamentals warrant it and the infrastructure of the project has been designed with flexibility for higher volumes.

We anticipate that Blue Creek will not only decrease our cash costs and further improve our position in the first quartile global cost curve but, due to Blue Creek's expected low-cost structure, we expect that it will significantly drive down our all-in cash cost breakeven point and enhance our profitability and cash flow generation.

We expect to provide updated financial and operational information on Blue Creek in the near future.

Highly flexible cost structure protects through-the-cycle profitability .

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We have developed a logistics strategy based on multiple modalities, multiple carriers for both rail and river transportation and multiple terminals to ensure reliability of supply and cost-competitive rates.

Our ability to move our coals via rail and/or barge is a significant advantage for

Our ability to move our coals via rail and/or barge is a significant advantage for Warrior.

Our two operating mines and Blue Creek are located approximately 300 miles from our primary export terminal capacity in Mobile, Alabama.

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With minimal legacy liabilities, we are not burdened by the annual fixed obligations that are typically associated with these types of liabilities.

Our clean balance sheet and its low sustaining capital expenditure requirements position us to generate strong cash flows across a range of steelmaking coal price environments.

Our clean balance sheet and low sustaining capital expenditure requirements position us to generate strong cash flows across a range of steelmaking coal price environments.

Additionally, we expect our cash flows to benefit from a low cash tax rate, which will enable strong cash conversion from our operating profits.

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We intend to preserve a strong and conservative balance sheet, with sufficient liquidity and financial flexibility to support our operations.

As such, we will seek to maintain a conservative financial leverage target of 1.50 - 2.00x based on normalized EBITDA and seek to maintain minimum liquidity of $250 million during the development of Blue Creek.

During the development of Blue Creek, we will seek to maintain a conservative financial leverage target of 1.50 - 2.00x based on normalized EBITDA and seek to maintain minimum liquidity of $250 million.

We plan to continually evaluate our liquidity needs based on our estimated capital needs.

As of December 31, 2023, we had approximately $845.6 million of available liquidity consisting of $107.4 million of borrowing capacity under the ABL Facility and $738.2 million of cash and cash equivalents.

As of December 31, 2024, we had approximately $654.7 million of available liquidity consisting of $491.5 million of cash and cash equivalents, short-term investments of $5.1 million, net of $9.5 million posted as collateral, long-term investments of $44.6 million and available liquidity under our ABL Facility of $113.5 million.

In the event we generate cash flow in excess of the needs of our business, we plan to take a holistic approach to capital allocation and will evaluate a range of options, including debt repayment.

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Scheller, III, is the former CEO of Walter Energy, Inc.

("Walter Energy") and has ten years of direct experience managing Mine No.

("Walter Energy") and has eleven years of direct experience managing Mine No.

4 and Mine No.

7, and over 30 years of experience in longwall coal mining.

Furthermore, following the acquisition of certain assets of Walter Energy, we hired several key personnel with extensive direct operational experience in steelmaking coal longwall mining, including our Chief Operating Officer, Jack Richardson, and a member of our board of directors (the "Board"), Stephen D.

Furthermore, our Chief Operating Officer, Jack Richardson, has extensive direct operational experience in steelmaking coal longwall mining.

We have a strong record of operating safe mines and are committed to environmental excellence.

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Our continued emphasis on enhancing our safety performance has resulted in total reportable incidence rates of 1.21 at Mine No.

4 and 1.82 at Mine No.

7 for the year ended December 31, 2023, which is 57% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.39 for the nine months ended September 30, 2023, which represents the latest data available.

4, 1.80 at Mine No.

7 and zero at Blue Creek for the year ended December 31, 2024, which is 65% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.36 for the nine months ended September 30, 2024, which represents the latest data available.

Strong focus on reducing greenhouse gas emissions and water usage.

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With a view towards being an industry leader in environmental stewardship, we are actively engaged in several initiatives that occur before, during and after mining to reduce greenhouse gas ("GHG") emissions, including the capture of coalbed methane.

In 2022, we refocused on our long-term environmental goals and successfully set aggressive, yet achievable targets for decreasing our carbon footprint.

In connection with this strategy, we established targets which include a 50% reduction in GHG emissions by 2030 and a 25% water usage reduction by 2030 from our 2021 baseline year.

We are pleased to report that in 2022, we successfully captured and collected approximately 69% of the methane produced in our mines which would have otherwise been vented to the atmosphere resulting in a 16% reduction in total methane emissions as compared to the 2021 baseline year.

We were also able to reduce Scope 1 and Scope 2 GHG emissions by 13% compared to the 2021 baseline year.

We remain committed to reducing our GHG emissions and water usage and have made steady progress toward our 2030 emissions reduction target of 50% and 25% from our 2021 baseline year, respectively.

We are pleased to report that we reduced our Scope 1 and Scope 2 GHG emissions by 34% from baseline year levels and achieved a 9% decrease in our water consumption.

We also operate a low-quality gas plant, which is able to improve the quality of ordinarily unsaleable gas that would otherwise escape to the atmosphere.

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This plant operates using a complex system that concentrates the methane by removing other gases such as nitrogen and oxygen.

In 2021, in conjunction with a third party, we also installed our first flare system to destroy methane vented from open degasification boreholes.

We also continuously work to evaluate and test emerging technologies that can optimize our water usage and successfully achieved a

99.93% compliance record with the EPA National Pollutant Discharge Elimination System ("NPDES") program, which addresses water pollution by regulating point source discharges.

We remain committed to taking steps to decrease our carbon footprint by reducing GHG emissions and minimizing our impact on the environment.

For the full year 2023, we achieved an estimated methane capture rate of 74% through our low-quality gas plant and flaring initiatives.

Through our commitment to reducing the use of fresh water in our operations, we invested in an innovative dry-coal slurry system to optimize water use throughout the coal production process.

Our full-scale dry slurry system received final regulatory approvals and permits in

The system uses advanced mechanical and pneumatic technologies to separate the coal from impurities without the heavy reliance on water required by traditional slurry systems.

We also continuously work to evaluate and test emerging technologies that can optimize our water usage and successfully achieved a 99.75% compliance record with the EPA National Pollutant Discharge Elimination System ("NPDES") program, which addresses water pollution by regulating point source discharges.

We remain committed to taking steps to decrease our carbon footprint by reducing GHG emissions and water usage, minimizing our impact on the environment.

Our Business Strategies

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In the year ended December 31, 2024, we produced 7.5 million metric tons of steelmaking coal from Mine No.

7 and Mine No.

4 and Blue Creek.

Based on our management’s operational experience, we are confident in our ability to continue to produce at or close to capacity in a safe and efficient manner, and with a comparable cost profile to our current costs, should market conditions warrant.

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The new single longwall mine at Blue Creek is expected to have the capacity to produce an average of 4.4 million metric tons per annum of premium High Vol A steelmaking coal over the first ten years of production.

Once fully developed, we expect Blue Creek to be a transformational investment that will increase annual production capacity by 60% and expand our product portfolio to our global customers, offering two premium HCCs that are expected to achieve the highest premium steelmaking coal prices in the seaborne markets.

We will also have the ability to add a fifth longwall which would increase our annual High Vol A production to 9.6 million metric tons, thereby increasing our total annual production capacity by 98% over our nameplate capacity of 7.3 million metric tons.

We believe that can be accomplished with minimal to no incremental capital expenditures.

In addition, from the outset of our development of Blue Creek, our plans contemplated the ability to potentially add a second longwall should market fundamentals warrant it and the infrastructure of the project has been designed with flexibility for higher volumes.

We anticipate that Blue Creek will decrease our cash costs and further improve our position in the first quartile global cost curve and, due to Blue Creek's expected low-cost structure, we expect that it will significantly drive down our all-in cash cost breakeven point and enhance our profitability and cash flow generation.

Broaden our marketing reach and maintain strong correlation between realized coal prices and the S&P Platts Index .

We have implemented a strategy to improve both our sales and marketing focus, with a goal of achieving better pricing relative to the S&P Platts Index for our Mine No.

7 coal and the East Coast High Vol A indices for our Mine No.

4 coal, which includes:

We follow a commercial strategy focused on optimizing our net price realizations, which includes:

(i) opportunistic selling into the spot steelmaking coal market and (ii) to a lesser extent selected instances of entering into fixed price contracts.

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In recent years, due to a combination of market dynamics and geopolitical events we have expanded the marketing of our coal to Asia and we are actively marketing our coal to India and Southeast Asia buyers.

For the year ended December 31, 2023, our sales geographic customer mix was 48% in Europe, 29% in Asia, 21% in South America and 2% in the U.S.

For the year ended December 31, 2024, our sales geographic customer mix was 42% in Asia, 38% in Europe, 19% in South America and 1% in the U.S.

This compares to our geographic customer mix for the year ended December 31, 2023 of 48% in Europe, 33% in Asia and 19% in South America.

When advantageous, we work with strategic partners to assist in the marketing of our coals.

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We are committed to providing our products in a responsible manner.

In 2022, we partnered with a third-party consultant to develop a sustainability strategy that is focused on the following objectives, among others:

We partnered with a third-party consultant to develop a sustainability strategy that is focused on the following objectives, among others:

materiality and risk assessment, creating and tracking measurable goals, GHG reduction, water usage reduction, enhancing governance standards and performing a community impact assessment.

In 2023, we committed to installing a new Environmental Management Information System ("EMIS"), which we plan to continually improve and enhance over time.

The EMIS system enhances our ability to monitor and track water quality and usage, waste management, and GHG emissions, which streamlines our ability to measure and evaluate our environmental performance data against our stated objectives and goals.

Final evaluations are being conducted towards our goal of installing the first full-scale Regenerative Thermal Oxidizer ("RTO") to address ventilation air methane ("VAM") emissions on our property.

With permits obtained in 2023 and fabrication anticipated to begin in 2024, this RTO system is a significant step towards our emission reduction goals.

The RTO system is anticipated to result in material emission reductions, and we are currently evaluating other locations where this technology would be environmentally beneficial.

We plan to launch a new environmental and permitting management system software package, designed to enhance the tracking of specific ESG targets.

This innovative tool will enable more effective monitoring of emissions and water demand, optimizing efficiency across company sites.

We also continue to partner with global experts to evaluate installations of Regenerative Thermal Oxidizers ("RTO") and other emerging methane capture technologies at strategic locations across our properties to accelerate our GHG reduction efforts.

Description of Our Business

Our underground mining operations are headquartered in Brookwood, Alabama and as of December 31, 2023, based on a reserve report prepared by Marshall Miller & Associates, Inc., were estimated to have approximately 82.9 million metric tons of recoverable reserves located in west central Alabama between the cities of Birmingham and Tuscaloosa.

Our underground mining operations and our world-class Blue Creek growth project are headquartered in Brookwood, Alabama and as of December 31, 2024, based on a reserve report prepared by Marshall Miller & Associates, Inc., were estimated to have approximately 151.4 million metric tons of recoverable reserves located in west central Alabama between the

cities of Birmingham and Tuscaloosa.

Operating at approximately 2,000 feet below the surface, Mines No.

7 are two of the deepest underground coal mines in North

7 are two of the deepest underground coal mines in North America.

The steelmaking coal is mined using longwall extraction technology with development support from continuous miners.

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Our low and variable cost structure, and our flexible and efficient rail and barge network underpins our cost advantage and dependable access to the seaborne markets.

We sell our coal to a diversified customer base of blast furnace steel producers, primarily located in Europe, South America and Asia.

We sell our coal to a diversified customer base of blast furnace steel producers, primarily located in Asia, Europe and South America.

We have a shipping time and distance advantage serving our customers throughout the Atlantic Basin relative to competitors located in Australia and Western Canada.

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As a result of our high-quality coal, our realized price has historically approximated the Platts Premium Low Volatility FOB Australian Index price (the “S&P Platts Index”).

4 steelmaking coal transitioned in the second half of the year from a Mid Vol to a High Vol A quality coal that typically trades at a larger discount to the price of Mine No.

4 steelmaking coal is a High Vol A quality coal that typically trades at a larger discount to the price of Mine No.

We now primarily target the East Coast High Vol A indices price for our Mine No.

Our Blue Creek mine steelmaking coal is also a High Vol A quality coal.

In contrast, coal produced in the Central Appalachian region of the United States is typically characterized by medium-to-high VM and a CSR that is below the requirements of the Australian Index price.

The steelmaking coal from our Mines No.

7 is sold as high-quality Low Vol and High Vol A steelmaking coal.

We have 82.4 million metric tons of recoverable reserves at Mines No.

7 are located near Brookwood, Alabama, and are serviced by CSX railroad.

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Substantially all of our steelmaking coal sales consist of sales to international customers.

We are currently in the process of testing alternative outbound logistics routes to increase transportation and vessel shipping optionality.

We also have 67.6 million metric tons of recoverable reserves and 39.7 million metric tons of coal resources exclusive of reserves, which total 107.3 million metric tons, at Blue Creek located to the northwest of Mine No.

4, based on a reserve report prepared by Marshall Miller and Associates, Inc.

We also have alternative outbound logistics routes to increase transportation and vessel shipping optionality.

We also have 69.0 million metric tons of recoverable reserves and 39.7 million metric tons of coal resources exclusive of reserves at our Blue Creek mine, based on a reserve report prepared by Marshall Miller and Associates, Inc.

We have the ability to acquire adjacent reserves that would increase total reserves to 109.0 million metric tons at Blue Creek.

According to our third-party reserve report, the steelmaking coal reserve base of Blue Creek is a high-quality High Vol A coal that is characterized by low-sulfur and high CSR.

Our two operating mines have demonstrated an ability to produce an average run rate of 7.0 million metric tons of HCC and 7.5 million metric tons of HCC when operating at full capacity.

We also plan to continue to explore areas currently categorized as resources exclusive of reserves to further increase our reserve tonnage.

According to our third-party reserve report, the steelmaking coal reserve base of Blue Creek is a high-quality High Vol A coal that is characterized by low-sulfur and strong coking properties.

Coal Preparation and Blending

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Our operations’ high-quality steelmaking coal is considered among the highest quality steelmaking coals in the world and is preferred as a base steelmaking coal in our customers’ blends.

Our marketing strategy is to focus on international markets mostly in Europe and South America where we have a shipping time and distance advantage and where our steelmaking coal is in demand.

Our marketing strategy is to focus on international markets mostly in Europe and South America where we have a shipping time and distance advantage.

In recent years, due to a combination of market dynamics and geopolitical events, we have expanded the marketing of our coal to Asia and we are actively marketing our coal to buyers in India and Southeast Asia.

We focus on long-term customer relationships where we have a competitive advantage.

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Substantially all of our steelmaking coal sales are exported.

Our major competitors are businesses that sell into our core business areas of Europe, South America and Asia.

Our major competitors sell into our core business areas of Europe, South America and Asia.

We primarily compete with producers of premium steelmaking coal from Australia, Canada, Russia, Mozambique and the United States.

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These inflationary pressures have contributed to rising costs for us and may continue to do so in the future.

We are applying a number of different strategies to mitigate the impact of inflation on our operations, including placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.

We apply a number of different strategies to mitigate the impact of inflation on our operations, including placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.

Environmental, Social and Governance

The Company takes pride in its environmental record and strives to be an industry leader in environmental stewardship.

We recently partnered with a third-party consultant to develop a sustainability strategy.

This plan was made publicly available in January 2023 and can be found in the "Corporate Sustainability" section of our website.

The Company recently released its annual Environmental, Social and Corporate Governance ("ESG") sustainability report that was prepared in accordance with the Global Reporting Initiative Standards (Core Option) and the Sustainability Accounting Standards Board standards for Coal Operations and highlights our goals of becoming an industry leader in environmental stewardship, maintaining a strong environmental compliance record and safety statistics that are better than the industry average, and forming collaborative partnerships focused on workforce development and our communities.

The Company recently released its annual Environmental, Social and Corporate Governance ("ESG") sustainability report that was prepared in accordance with the Sustainability Accounting Standards Board standards for Coal Operations and highlights our goals of becoming an industry leader in environmental stewardship, maintaining a strong environmental compliance record and safety statistics that are better than the industry average, and forming collaborative partnerships focused on workforce development and our communities.

We continually invest in new technologies to lessen our environmental impact and to improve our efficiencies and productivity.

Our executive leadership team, from our Board down, is fully committed to being a responsible corporate citizen to our employees, customers, communities, and other stakeholders.

Our executive leadership team, from our Board down, is fully committed to being a responsible corporate citizen

to our employees, customers, communities, and other stakeholders.

Highlights of our sustainability strategies are detailed below.

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GHG Emissions

We are proud of our environmental performance, including our award-winning reclamation activities.

In 2022, we successfully captured and collected approximately 69% of the methane produced in our mines which would have otherwise been vented to the atmosphere resulting in a 16% reduction in total methane emissions as compared to the 2021 measured

We were also able to reduce Scope 1 and Scope 2 GHG emissions by 13% compared to the 2021 baseline year.

These emission reductions have been realized even with a 13% increase in production compared to the baseline year.

Methane is collected and then processed at our gas plant, transforming it into a useful and marketable gas product.

We have expanded our degasification and flaring efforts in strategic locations in 2022 and 2023 and will continue to be more aggressive in proactive degasification processes in coming years to achieve our stated goals.

Our flare system expansion has resulted in the verified offset of more than 63-thousand metric tons of CO2e for periods ending in 2022, as recognized by the California Air Resource Board under the California Global Warming Solutions Program.

Final evaluations are being conducted towards our goal of installing the first full-scale RTO to address VAM emissions on our property.

With permits obtained in 2023 and fabrication anticipated to begin in 2024, this RTO system is a significant step towards our emission reduction goals.

The RTO system is anticipated to result in material emission reductions, and we are currently evaluating other locations where this technology would be environmentally beneficial.

We remain committed to reducing our GHG emissions and have made steady progress toward our 2030 emissions reduction target of 50% from our 2021 baseline year.

After completing our third inventory of Scope 1 and Scope 2 GHG emissions in reference to GHG Protocol Standards, we achieved notable progress in 2023.

Scope 1 emissions, encompassing direct emissions from Warrior-owned or controlled sources, were reduced by 27% compared to 2022 and 38% from our 2021 baseline year.

Collectively, Company-wide total Scope 1 and Scope 2 emissions in 2023 decreased by over 24% from 2022 and

34% from baseline levels.

Our emissions intensity, a measure of CO 2 e per unit of production, improved by 51% compared to our 2021 baseline year, showcasing our ability to maintain high production efficiency while reducing environmental impacts.

These reductions underscore our commitment to sustainability through strategic investments in modernizing equipment, optimizing fuel use and advancing methane capture technologies.

Building on this momentum, we installed a new environmental and permitting management system software package, designed to enhance the tracking of specific ESG targets.

The tool will enable more effective monitoring of emissions and water demand, optimizing efficiency across our sites as we continue to meet ambitious sustainability goals.

Central to our emission reduction efforts is methane management, as methane remains the predominant GHG emission in our operations.

For the full year 2023, we achieved an estimated methane capture rate of 74% through advanced degasification systems and flaring initiatives.

Our innovative degasification network enables the transformation of methane, a necessary byproduct of mining, into an energy source, mitigating its release into the atmosphere and turning it into an asset.

Water Management

We remain committed to reducing our water consumption and have made steady progress toward our 2030 reduction target of 25% from our 2021 baseline year.

We recognize water as an essential natural resource and we are committed to responsible usage in support of our facilities.

We continuously work to evaluate and test emerging technologies that can optimize our water usage.

Freshwater is primarily used for processing coal or sent underground for use in mining operations.

Freshwater is primarily used for processing coal or sent underground for use in mining operations, such as dust control.

This optimizes the performance of our mining machinery and helps create and maintain a safe environment for our workforce.

In 2023, we earned the Water Quality Stewardship Award from the Alabama Mining Association, reflecting our ongoing dedication to environmental excellence.

In 2023, we committed to new EMIS software, which enhances our ability to optimize and monitor our environmental performance.

Further, we collaborated with Innovative Wireless Technologies ("IWT") to install wireless sensors which allows us to enhance our real-time monitoring of environmental and water data using a mesh node communication system which provides constant readings of water levels and certain water quality parameters at sensitive locations.

We also successfully completed testing of a dewatering pilot system for slurry tailings.

After more than a year of testing and optimizing the system, we are pleased to report successful results of the dry slurry system.

Due to the success observed during the testing of the pilot unit, Warrior made an immediate commitment towards the construction of the full-scale dry slurry system.

The full-scale system was completed in October 2023, more than two years ahead of our previously stated plans.

This unit is currently undergoing testing and system optimization while awaiting final regulatory approvals.

The second portion of the final phase of our water efficiency plans involves automating mechanical controls for water withdrawal systems across several critical Warrior sites.

This is currently the only aspect of the plan not yet completed but is anticipated to be installed well ahead of schedule.

The implementation of the newly installed full-scale dry slurry system and monitoring system is anticipated to allow the company to achieve our stated goals.

The automating of mechanical controls for water withdrawal systems should enable Mine 7 to recycle more than 50% of water utilized for processing, thus resulting in a significant long-term reduction of our water demand.

In addition to improving how we track and measure water consumption, we will strategically draw water from local rivers and springs to store in reservoirs which can be utilized during periods of low flow to prevent possible stress to the local hydrologic balance.

These actions, which are foundational to a three-phased water efficiency and optimization plan developed in 2022, provide an actionable pathway to meet and surpass our goal of reducing water usage by 25% by 2030.

We are proud that we achieved an estimated 9% decrease in our water consumption usage from 2023 levels.

Through our commitment to reducing the use of fresh water in our operations, we invested in an innovative dry-coal slurry system to optimize water use throughout the coal production process.

Our full-scale dry slurry system received final regulatory approvals and permits in 2024.

The system uses advanced mechanical and pneumatic technologies to separate coal from impurities without the heavy reliance on water required by traditional slurry systems.

By replacing water-intensive methods, the system significantly reduces water usage, minimizes the generation of coal slurry waste, and eliminates the need for large impoundments for waste storage.

Not only does this conserve critical natural resources but also reduces the environmental impact associated with wastewater treatment and disposal.

The dry slurry system is scheduled to phase into full operating status at Mine No.

7 in early 2025.

Waste Management

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In 2023, we implemented the EMIS software, which enhances our monitoring and tracking for water quality and usage, waste management, and GHG emissions, among other items.

Currently, we control nine certified tailings impoundment facilities that are subject to MSHA regulations and certification.

Of these nine impoundments, seven are classified as low hazard facilities and only two of the seven are active.

Our two high-hazard tailings impoundments undergo rigorous risk analyses and regular independent inspections to ensure safety and compliance.

We recognize the importance of our natural surroundings and aim to be the best stewards of the delicate and diverse natural ecosystem located on our properties and within the surrounding areas.

In 2021 and 2022, we earned the Land Stewardship Award from the Alabama Mining Association for a wetland development project.

We strive to conduct all mining-related activities and environmental studies with the intent to minimize ecosystem impacts.

Our Alabama Department of Environmental Management-authorized NPDES discharge permits include quarterly toxicity tests that detect potential water

quality issues that could impact local aquatic life.

If any evidence of potential impact is discovered, alternative operational plans are activated.

Field experts are also consulted during the permitting process to provide guidance related to potential biodiversity impacts.

The safety of our employees is rooted in our core values.

Our health and safety policies and programs are the cornerstone of our operating philosophy and are integrated into all of our daily operations and activities.

We are proud of our safety record, which includes a safety incidence rate that has consistently been over 20% better than the U.S.

industry average rate.

In 2023, our total incidence rate was 1.90, which is 57% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.39 for the nine months ended September 30, 2023, which represents the latest data available.

Currently, we control seven certified tailings impoundment facilities that are subject to MSHA regulations and certification.

Of these seven impoundments, five are classified as low hazard facilities and only two of the five are active.

Our two high-hazard slurry tailings impoundments are subject to comprehensive risk assessments and third-party inspections to uphold stringent safety standards and regulatory compliance.

Demonstrating our commitment to safe and sustainable operations, we continue to prioritize the diligent management and eventual decommissioning of these sites in alignment with our long-term sustainability objectives.

Our commitment to environmental responsibility extends beyond our direct sites, into the rich biodiversity surrounding our operations.

We recognize the unique and abundant ecosystems in Alabama, and the essential role these environments play in supporting wildlife and plant species.

We work closely with regulatory bodies, including the Alabama Department of Environmental Management ("ADEM"), the Alabama Surface Mining Commission ("ASMC"), the Office of Surface Mining Reclamation and Enforcement ("OSMRE"), and the U.S.

Fish and Wildlife Service ("USFWS"), to meet or exceed all environmental requirements.

Our biodiversity commitment also extends to post-mining land reclamation, where we restore landscapes to foster productive ecosystems.

Initiatives include planting native vegetation, stabilizing soil, and creating habitats that encourage the return of wildlife.

For four consecutive years we have earned awards demonstrating our commitment to the environment and these efforts reinforce our reputation as a leader in responsible mining and land stewardship, emphasizing our commitment to maintaining

ecological balance and ensuring a sustainable future for all of our stakeholders.

Prioritizing biodiversity protection is integral to our ESG strategy, demonstrating our dedication to the long-term health of the ecosystems that share our operational landscape.

Coal Mine Methane and Secure Geological Storage of Carbon Oxide

We are evaluating recently issued final regulations on clean hydrogen production and carbon sequestration tax credits offered under Internal Revenue Code Sections 45Q and 45V as amended and introduced by the Inflation Reduction Act of 2022.

We are in discussions with potential third-party partners to identify ways to optimize our existing network for capturing coal mine methane ("CMM") as feedstock for the production of hydrogen and to serve as secure geological storage for captured qualified carbon oxide which are products and services incentivized by the credits.

Other potential incentives include, but are not limited to, voluntary markets, power generation, other related tax credit programs, and commercial opportunities within emerging technology and compliance programs.

There may be a significant capital investment required in order to comply with the regulations and, there can be no assurance that our actions, or any others we may take, will be successful in taking advantage of the credits available.

In addition, the Trump Administration may make changes to the regulations on production tax credits and incentives that are currently offered under Sections 45Q and 45V.

Safety is an essential part of our identity and operations, woven into every aspect of our business.

In 2024, our commitment to safety remained steadfast across Mine 4, Mine 7 and the newly active world-class Blue Creek mine, which began safety reporting in September 2024.

Regularly tracking safety performance is a critical part of our operations, with a clear focus on personal injury and reportable accident data.

This consistency reflects our dedication to transparent data collection and thorough reporting, which are crucial for identifying risk areas and enhancing our safety practices.

In 2024, our total incidence rate was 1.53, which is a 19% improvement from the prior year's rate of 1.9% and 65% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.36 for the nine months ended September 30, 2024, which represents the latest data available.

Our improvements and constant progress reflect the effectiveness of our ongoing investments in safety protocols, training programs and advanced safety equipment.

We allocate significant resources to these areas, demonstrating our commitment to maintaining and advancing the highest degree of safety standards.

Our safety infrastructure is led by a team of 33 dedicated safety professionals spread across our corporate and mining operations, including two dedicated Mine Rescue teams.

These teams, the only mine operated rescue teams in the state apart from the state sponsored groups, exemplify our unwavering commitment to safety and emergency preparedness.

We strive to recruit, hire and retain a talented and diverse team of people.

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In 2024, our training initiatives were expansive:

over 260 training sessions were conducted, involving more than 1,500 employees.

This resulted in over 4,500 training days, accumulating to more than 36,000 hours of dedicated training.

employees collectively completed nearly 50,000 hours of training, of which more than 21,000 were additional non-required hours.

These figures underscore our commitment to providing comprehensive and practical training to our workforce.

In 2024, we also expanded our New Miner Training program, increasing hours for miners who are new to the underground operations by nearly 30%.

The extended training aims to strengthen retention, encourage engagement, and facilitate a positive start to each miner's career.

In 2024, we also launched the "Warrior Way" leadership development initiative program, which brings in-person leadership courses to our salaried team.

This training emphasizes our commitment to ensuring our next generation of leaders are equipped with the essential skills such as communication, feedback, goal setting and team building, needed to foster effective leadership across the Company.

Our new online platform provides self-paced, comprehensive digital content, enabling employees to track progress and explore a full library of resources, including a podcast series for those who learn best through listening.

In addition, we integrated the Gallup Clifton Strengths talent assessment into our development program, giving employees insight into their unique strengths and how to apply them for greater effectiveness.

This leadership training delivered over 5,400 training hours and involved 465 participants, including summer interns, underscoring our commitment to developing future leaders.

Human Capital

As of December 31, 2024, we had 1,336 employees, of whom 851 were hourly employees and 485 were salaried employees.

The Company prioritizes employee safety, wellbeing, personal and professional development, and diversity and inclusion.

The Company prioritizes employee safety, wellbeing, personal and professional development, and diversity and

The Board's Compensation Committee has direct oversight of our human resource policies and practices, including diversity, equity, and inclusion, employee relations, workplace culture, and talent development and retention.

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Our total compensation and benefits package is designed to stay competitive and to assist in achieving our goals of attracting, rewarding, and retaining employees by always focusing on employees and their families first.

We also offer our employees paid time off and an Employee Assistance Program which is a comprehensive network of accredited counselors and other specialized professional who provide support on several issues, including mental health, relationships, wellbeing, stress and personal finances.

In 2023, we launched a volunteer PTO program through which employees receive PTO to volunteer with organizations or causes that are important to them.

We also offer our employees paid time off and an Employee Assistance Program which is a comprehensive network of accredited counselors and other specialized professionals who provide support on several issues, including mental health, relationships, wellbeing, stress and personal finances.

In 2024, we expanded mental health resources and wellness initiatives to keep our employees supported on their well-being journey, engaged and productive.

Our Volunteer PTO Program, introduced in 2023, continues to encourage community engagement and fosters a culture of giving back.

Talent Attraction:

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We have also elevated our efforts on minority and veteran recruiting by visiting and recruiting from Historically Black Colleges and Universities, growing existing partnerships and seeking new partnerships with groups to provide diverse internships, and attending and recruiting at military job fairs.

In 2024, 24% of new employees hired were from diverse backgrounds.

We also prioritize veteran recruitment, recognizing the unique skills and leadership qualities veterans bring to our workforce.

In 2024, we hosted tabling events at Fort Moore and leveraged our ongoing partnership with Recruit Military to connect with transitioning service members and integrate their expertise into our operations.

Employee Development and Retention:

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We also offer tuition reimbursement opportunities for those who wish to further their education.

In 2023, we invested $0.4 million in leadership development training demonstrating our commitment to fostering a skilled and capable workforce.

efforts help employees pursue career paths that are both interesting and rewarding, and will also assist in their pursuit of their individual goals, while at the same time helping to develop robust talent pipelines that support broader company succession planning efforts.

In 2024, our employee retention rates improved significantly as we have seen a 7% decrease in turnover in 2024 compared to 2023.

Diversity, Equity and Inclusion:

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Employees have the right and are empowered to report issues via several reporting channels, including our third party-managed confidential employee hotline should they wish to remain anonymous.

As of December 31, 2023, our Board was 33% female and 17% racially and/or ethnically diverse and more than 24% of our workforce was racially or ethnically diverse, up from 18% as of December 31, 2022.

While only 4% of our entire full-time workforce is comprised of women, women play an integral role across our operations and support facilities, like our central mining office, where they represent more than 33% of the workforce.

As of December 31, 2024, our Board was 33% female and 17% racially and/or ethnically diverse and more than 24% of our workforce identified as racially or ethnically diverse.

Our workforce's diverse composition spans age and experience as well.

As of December 31, 2024, approximately 23% of our employees were between the ages of 18 and 29, while 27% were in the 40-49 age range, representing a balance of tenure expertise, enhancing our operational strength and adaptability.

Human Righ ts:

Respect for human rights is a fundamental value, and we are committed to treating employees and stakeholders with dignity, respect, and equality consistent with the United Nations Universal Declaration for Human Rights.

In an effort to ensure a safe and inclusive work environment, Warrior has implemented policies and in 2024, we are enhancing our corporate training program to include training on human rights, anti-bullying, harassment, and discrimination.

The Company’s Board of Directors provides oversight of the Company’s commitment to human rights and is committed to cultivating an environment that respects all human rights while providing value for all of our stakeholders.

Community Engagement

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This includes engagement with local schools, landowners, local government officials, and residents—many of whom are also Warrior employees or their family members.

Our External Affairs group works and engages with trade associations, community partners, non-governmental organizations (NGOs) and nonprofit organizations to provide helpful information and expertise regarding the Company and industry.

In 2023, we contributed over one million dollars to local nonprofits through sponsorships and other donations.

In 2024, our volunteer PTO benefit will continue to be available to all full-time employees to enable them to provide hands-on assistance to organizations or causes that are important to them throughout each year.

Our Board oversees our policies, creating strategies and initiatives that embrace ESG matters.

regarding the Company and industry.

In 2024, we contributed over $1.5 million dollars to local nonprofits through sponsorships and other donations.

Our volunteer PTO benefit will continue to be available to all full-time employees to enable them to provide hands-on assistance to organizations or causes that are important to them throughout each year.

Our Board oversees our policies, which include strategies and initiatives that embrace ESG matters.

The Board's Nominating and Corporate Governance Committee has responsibility for developing our Corporate Governance Guidelines, recommending qualified Board candidates and overseeing evaluation of the Board and our management team.

Additionally, all four Board Committees (Nominating and Corporate Governance, Audit, Compensation, and Sustainability, Environmental Health and Safety) play specific and important roles in setting the tone for the Company by providing oversight for and fostering a culture of strong corporate governance, ethics, and compliance as described in the charters on our website.

The Company has dedicated employees that oversee the Company’s efforts with respect to various environmental issues, including our efforts with respect to the programs discussed above.

Through their efforts, as well as oversight by our senior management and the Board, we continue to make significant progress in improving our environmental stewardship.

The Sustainability, Environmental, Health & Safety Committee of the Board (the "EHS Committee") is tasked with assessing the effectiveness of the Company’s sustainability, environmental, health and safety policies, programs and initiatives, as well as reviewing and monitoring the Company’s compliance with applicable sustainability, environmental, health and safety laws, rules and regulations.

The EHS Committee receives quarterly reports from Company management, during which the EHS Committee reviews and discusses the Company’s various sustainability, environmental, health and safety initiatives and any issues related to these areas.

The Sustainability, Environmental, Health & Safety Committee of the Board (the "SEHS Committee") is tasked with assessing the effectiveness of the Company’s sustainability, environmental, health and safety policies, programs and initiatives, as well as reviewing and monitoring the Company’s compliance with applicable sustainability, environmental, health and safety laws, rules and regulations.

The SEHS Committee receives quarterly reports from Company management, during which the SEHS Committee reviews and discusses the Company’s various sustainability, environmental, health and safety initiatives and any issues related to these areas.

Environmental and Regulatory Matters

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the Resource Conservation and Recovery Act and its state counterparts with respect to solid and hazardous waste generation, treatment, storage and disposal, as well as the regulation of underground storage tanks;

Comprehensive Environmental Response, Compensation and Liability Act and its state counterparts with respect to releases, threatened releases and remediation of hazardous substances;

the Comprehensive Environmental Response, Compensation and Liability Act and its state counterparts with respect to releases, threatened releases and remediation of hazardous substances;

the Endangered Species Act with respect to protection of threatened and endangered species;

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Numerous governmental permits and approvals are required for mining and natural gas operations.

We are required to prepare and present to federal, state and local authorities data pertaining to the effect or impact that any proposed exploration project for production of coal or gas may have on the environment, the public and our employees.

We are required to prepare and present to federal, state and local authorities data pertaining to the effect or impact that any proposed exploration

project for production of coal or gas may have on the environment, the public and our employees.

In addition, we must also submit a comprehensive plan for mining and reclamation upon the completion of mining operations.

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Workers’ compensation liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments using historical data of the operating subsidiary or combined insurance industry data when historical data is limited.

Beginning on June 1, 2020, the Company has a deductible policy where the Company is responsible for the first $1.0 million for each workers' compensation related claim from any of our employees.

In addition, certain of our subsidiaries are responsible for medical and disability benefits for black lung disease under the Federal Coal Mine Health and Safety Act of 1969, the Mine Act and the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform Act of 1977, each as amended (together, the “Black Lung Benefits Act”), and are insured under a guaranteed cost insurance policy beginning on April 1, 2016 through May 31, 2018 for black lung claims of any of our employees.

From June 1, 2018 to May 31, 2020, the Company had a deductible policy where the Company was responsible for the first $0.5 million for each black lung claim from any of our employees.

Beginning on June 1, 2020, the Company has a deductible policy where the Company is responsible for the first $1.0 million for each black lung related claim from any of our employees.

From June 1, 2018 to May 31, 2020 and June 1, 2020 to May 31, 2024, the Company had a deductible policy where the Company was responsible for the first $0.5 million and $1.0 million, respectively, for each black lung and workers compensation related claim from any of our employees.

Beginning on June 1, 2024, the Company has a deductible policy where the Company is responsible for the first $2.0 million for each black lung and workers compensation related claim from any of our employees.

We also assumed all of the black lung liabilities of Walter Energy and its U.S.

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We appealed this decision.

In addition, on January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers.

The proposed rules require, among other requirements, all self-insured operators to post security of at least 120 percent of their projected black lung liabilities.

The changes in the estimated claims to be paid or changes in the amount of collateral required by the DOL may have a greater impact on our profitability and cash flows in the future.

On January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers, which was then subsequently revised as part of the final rules published on December 12, 2024, which became effective on January 13, 2025.

The final rules require, among other requirements, all self-insured operators to post security of at least 100 percent of their projected black lung liabilities.

The changes in the final rules required by the DOL may have a greater impact on our profitability and cash flows in

Under the Black Lung Benefits Act, each coal mine operator must make payments to a trust fund for the payment of benefits and medical expenses to claimants who last worked in the coal industry prior to January 1, 1970.

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For additional information, please see “Part I, Item 1A.

Risk Factors — Risks Related to Our Business — We are responsible for medical and disability benefits for black lung disease under federal law."

Risk Factors — Risks Related to Regulatory Compliance — We are responsible for medical and disability benefits for black lung disease under federal law."

Surface Mining Control and Reclamation Act

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On December 20, 2016, the OSM published a new, finalized “Stream Protection Rule,” setting standards for “material damage to the hydrologic balance outside the permit area” that are applicable to surface and underground mining operations.

However, on February 16, 2017, former President Trump signed a joint congressional resolution disapproving the Stream Protection Rule pursuant to the Congressional Review Act.

However, on February 16, 2017, President Trump signed a joint congressional resolution disapproving the Stream Protection Rule pursuant to the Congressional Review Act.

Accordingly, the regulations in effect prior to the Stream Protection Rule apply, including OSM’s 1983 rule, which requires coal companies to keep operations 100 feet from streams or otherwise minimize any damage.

It remains unclear whether and how additional actions by the Biden Administration could further impact regulatory or enforcement activities pursuant to the SMCRA.

It remains unclear whether and how additional federal actions could further impact regulatory or enforcement activities pursuant to the SMCRA.

Drainage flowing from or caused by mining activities can be acidic with elevated levels of dissolved metals, a condition referred to as “acid mine drainage” (“AMD”).

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Congress and regulatory agencies, individual states in the U.S.

and regional governmental

and regional governmental authorities.

In particular, in December 2009, the EPA published findings that GHG emissions present an endangerment to public health and welfare because, according to the EPA, emissions of such gases contribute to warming of the earth's atmosphere and other climatic changes.

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Also, in August 2022, President Biden signed the Inflation Reduction Act of 2022 ("IRA") into law.

The IRA contains billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles, investments in advanced biofuels and supporting infrastructure and carbon capture and sequestration, amongst other provisions.

These incentives could accelerate the transition of the economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives, which could decrease demand for, and in turn the prices of, fossil fuel energy products.

Also, almost one-half of U.S.

However, on January 20, 2025, President Trump signed multiple executive orders seeking to reverse many of these climate rules and incentives, including pausing the disbursement of funds under the IRA and eliminating the "electric vehicle mandate." Despite this shift, almost one-half of U.S.

states have taken legal measures to reduce emissions of GHGs primarily through the planned development of GHG emission inventories and/or regional GHG cap and trade programs.

Further, numerous proposals have been made and are likely to continue to be made at the international, national, regional and state levels of government that are intended to limit emissions of GHGs by enforceable requirements and voluntary measures.

Further, numerous proposals have been made and are likely to continue to be made at the international, regional and state levels of government that are intended to limit emissions of GHGs by enforceable requirements and voluntary measures.

In June 2010, Earthjustice petitioned the EPA to make a finding that emissions from coal mines may reasonably be anticipated to endanger public health and welfare, and to list them as a stationary source subject to further regulation of emissions.

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Judicial challenges seeking to force the EPA to list coal mines as stationary sources have likewise been unsuccessful to date.

If the EPA were to make an endangerment finding in the future, we may have to further reduce our methane emissions, install additional air pollution controls, pay certain taxes or fees for our emissions, incur costs to purchase credits that permit us to continue operations as they now exist at our underground coal mines or perhaps curtail coal production.

In addition, on May 23, 2023, the EPA published proposed emission limits and guidelines for carbon dioxide from fossil-fuel-fired power plants.

The proposed limits and guidelines require ambitious reductions in carbon dioxide emissions, which, if finalized, could have a material adverse impact on coal-fired power plants and the demand for thermal coal nationally.

While the proposed power plant rules do not affect our marketing of our steelmaking coal, the continued regulatory focus could lead to future GHG regulations for the mining industry and its steelmaking customers, which ultimately could make it more difficult or costly for us to conduct our operations or adversely affect demand for our products.

If the EPA were to make an endangerment finding in the future, we may have to further reduce our methane emissions, install additional air pollution controls, pay certain taxes or fees for our

emissions, incur costs to purchase credits that permit us to continue operations as they now exist at our underground coal mines or perhaps curtail coal production.

In addition, on May 9, 2024, the EPA published final rules that implement new emission limits and guidelines for carbon dioxide from fossil-fuel-fired electric generating units.

The new limits and guidelines require ambitious reductions in carbon dioxide emissions and will significantly reduce GHG emissions from existing coal-fired electric generating units.

As such, the rules could have a material adverse impact on coal-fired power plants and the demand for thermal coal nationally.

While the power plant rules do not affect our marketing of our steelmaking coal, the continued regulatory focus could lead to future GHG regulations for the mining industry and its steelmaking customers, which ultimately could make it more difficult or costly for us to conduct our operations or adversely affect demand for our products.

Demand for steelmaking coal and natural gas also may be impacted by international efforts to reduce GHG emissions.

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In November 2021, in connection with the 26th session of the Conference of Parties (as defined below) in Glasgow, Scotland, the United States and other world leaders made further commitments to reduce GHGs, including reducing global methane emissions by at least 30% by 2030 and ending the international public finance of new unabated coal power generation abroad by the end of 2021.

The resulting Glasgow Climate Pact calls upon the parties to "accelerate efforts towards the phase-down of unabated coal power and phase-out inefficient fossil fuel subsidies." Furthermore, many state and local leaders have stated their intent to intensify efforts to support the international commitments.

It is possible that the Paris Agreement and subsequent domestic and international regulations will have adverse effects on the market for steelmaking coal, natural gas, and other fossil fuel products.

The resulting Glasgow Climate Pact calls upon the parties to "accelerate efforts towards the phase-down of unabated coal power and phase-out inefficient fossil fuel subsidies." The Biden Administration announced a new climate target for the United States on December 19, 2024, which includes a 61-66 percent reduction in economy-wide net GHG emissions by 2035, as compared to 2005 levels.

Furthermore, many state and local leaders have stated their intent to intensify efforts to support the international commitments.

Though President Trump issued an executive order on January 20, 2025, directing the United States Ambassador to the United Nations to immediately withdraw from the Paris Agreement, it is possible that the Paris Agreement and subsequent domestic and international regulations will have adverse effects on the market for steelmaking coal, natural gas, and other fossil fuel products.

Methane must be expelled from our underground coal mines for mining safety reasons.

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The Clean Air Act indirectly affects our mining operations by extensively regulating the air emissions of sulfur dioxide, nitrogen oxides, mercury, ozone and other compounds emitted by steel manufacturers, coke ovens and coal-fired utilities.

These laws are constantly evolving and may become more stringent.

For example, on July 31, 2023, the EPA proposed new, more stringent emission standards for hazardous air pollutants for integrated iron and steel manufacturing facilities.

laws are constantly evolving and may become more stringent.

For example, on April 3, 2024, the EPA published a final rule imposing more stringent emission standards for hazardous air pollutants for integrated iron and steel manufacturing facilities.

While the EPA issued a decision on August 14, 2024, to voluntarily reconsider certain aspects of the rule, the EPA maintains that the final rule remains valid.

The EPA intends to issue a correction notice to address certain errors and needed clarifications in the final rule.

As described above, existing and proposed regulations also subject GHG emissions to regulation under the Clean Air Act.

Clean Water Act

The federal CWA and corresponding state and local laws and regulations affect our operations by restricting the discharge of pollutants, including dredged and fill materials, into waters of the United States.

The federal Clean Water Act ("CWA") and corresponding state and local laws and regulations affect our operations by restricting the discharge of pollutants, including dredged and fill materials, into waters of the United States.

CWA requirements that may directly or indirectly affect our operations include the following:

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On September 8, 2023, the EPA and the USACE published a final rule conforming their regulations to the decision.

recent actions provide much needed clarity, as confusion over the scope of CWA jurisdiction had led to significant permitting delays, litigation, and uncertainty in the mining industry.

These recent actions provide much needed clarity, as confusion over the scope of CWA jurisdiction had led to significant permitting delays, litigation, and uncertainty in the mining industry.

Resource Conservation and Recovery Act

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Our common stock is listed and traded on the New York Stock Exchange under the symbol “HCC.” Our reports, proxy statements and other information filed with the SEC can also be inspected and copied at the New York Stock Exchange, 20 Broad Street, New York, New York 10005.

We also make available on our website (http://www.warriormetcoal.com) all of the documents (including any amendments thereto) that we file or furnish with the SEC, free of charge, as soon as reasonably practicable after we

electronically file such material with the SEC.

Our Code of Business Conduct and Ethics, Corporate Governance Guidelines and the charters of our audit committee, compensation committee, nominating and corporate governance committee and sustainability, environmental, health & safety committee are also available on our website and in print free of charge to any stockholder who requests them.

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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