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Item 1. Business

2026-02-26 compared with 2025-03-17 · 158 added, 158 removed, 418 unchanged (43% of the section changed)

Ramaco Resources, Inc.

is a Delaware corporation formed in October 2016.

Our Class A and Class B common stock are listed on the NASDAQ Global Select Market under the symbols “METC” and “METCB,” respectively.

Our 9.00% Senior Notes due 2026 (the “Senior Notes due 2026”) and 8.375% Senior Notes due 2029 (the “Senior Notes due 2029,” together with our Senior Notes due 2026, the “Senior Notes”) are listed on the NASDAQ Global Select Market under the symbols “METCL” and “METCZ,” respectively.

Our principal corporate offices are located in Lexington, Kentucky.

As used herein, “Ramaco Resources,” “Ramaco,” “the Company,” “we,” “us,” or “our,” and similar terms include Ramaco Resources, Inc.

and its subsidiaries, unless the context indicates otherwise.

We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia.

We are a pure play metallurgical coal company with 66 million reserve tons and 1,352 million measured and indicated resource tons of high-quality metallurgical coal.

We believe our advantaged reserve geology provides us with higher productivity and industry-leading lower cash costs.

Our development portfolio primarily includes the following properties:

(the “Company,” “Ramaco,” “we,” “us,” or “our”) is a Delaware corporation formed in October 2016.

Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming.

We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.

Our metallurgical coal development portfolio primarily includes the following properties:

Elk Creek, Berwind, Knox Creek, and Maben.

We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S.

metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers.

We also control mineral deposits near Sheridan, Wyoming as part of the Company’s initiatives regarding the potential recovery of rare earth elements and critical minerals as well as the potential commercialization of coal-to-carbon-based products and materials.

Our operations include seven active mines at our Elk Creek mining complex (the “Elk Creek Complex”), two active mines at our Berwind mining complex (the “Berwind Complex”), one active mine at our Knox Creek mining complex (the “Knox Creek Complex”), and one active mine at our Maben mining complex (the “Maben Complex”).

metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as to international metallurgical coal consumers.

In mid-2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the “Brook Mine”).

The Brook Mine initially produced

representative ore material to serve as feedstock for testing, with the goal of demonstrating the viability of processing rare earth elements and critical minerals at a full-scale commercial facility and ultimately establishing mineral reserves and resources.

Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal.

The Company’s operations are organized into two reportable segments:

Metallurgical Coal and Rare Earths and Critical Minerals.

See Note 14--Segment Reporting in Item 8, Part II for additional information.

We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia.

We maintain 85 million reserve tons and 1,337 million measured and indicated resource tons of high-quality metallurgical coal.

We believe our advantaged reserve geology provides us with higher productivity and industry-leading lower cash costs.

As of December 31, 2025, our operations included six active mines at our Elk Creek mining complex (the “Elk Creek Complex”), one active mine at our Berwind mining complex (the “Berwind Complex”), one active mine at our Knox Creek mining complex (the “Knox Creek Complex”), and one active mine at our Maben mining complex (the “Maben Complex”).

We maintained four additional mines in idle status across our portfolio of mining complexes that can be reactivated when market conditions warrant.

Development of the Elk Creek Complex commenced in 2016 and included the construction of a preparation plant and rail load-out facilities.

The Elk Creek property consists of approximately 20,200 acres of controlled mineral rights and contains approximately 16 seams targeted for production.

The Elk Creek Complex produces high-volatile A

and B metallurgical coals.

Expansion of the Elk Creek preparation plant occurred in 2022 and 2023 in order to increase production, and high-volatile additions at the Elk Creek Complex occurred during 2024, which were fully in production by the end of the third quarter.

The Elk Creek Complex produces high-volatile A and B metallurgical coals.

Development of the Berwind Complex began in late 2017.

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Production restarted for the idle mine in the first quarter of 2023.

The Berwind Creek Complex currently produces low-volatile and mid-volatile metallurgical coal.

The Berwind Complex currently produces low-volatile and mid-volatile metallurgical coal.

The Company continues to increase production at the main Berwind low-volatile mine.

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The Company closed its Jawbone mine during 2024, which was nearing the end of its mine life and experiencing higher costs of production.

The Maben Coal acquisition in 2022 provides the Company with 28,000 leased acres of controlled mineral rights, which includes coal deposits that may be mined currently by surface and high wall mining methods as well as developed in the future through deep mining.

In November 2025, the Company acquired what it refers to as the Russell County property which are contiguous with the Knox Creek complex and which is expected to significantly increase the reserves and resources at Knox Creek.

The Maben Coal acquisition in 2022 provides the Company with 28,000 leased acres of controlled mineral rights, which includes coal deposits that may be mined currently by surface and highwall mining methods as well as developed in the future through deep mining.

The Maben Complex currently produces low-volatile metallurgical coal.

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While the Company believes that the RAM permit was denied incorrectly and capriciously, we will not appeal the denial of the permit and will instead focus on our other core properties and monetize these assets at the appropriate time.

Our Brook Mine property consists of approximately 16,000 acres of controlled mineral rights and a research and development facility that were acquired as part of the purchase of Ramaco Coal in 2022.

The mine is currently undergoing testing and analysis to assess the potential concentrations of rare earth elements and critical minerals.

As of December 31, 2024, our estimated aggregate annual production capacity is approximately four to five million clean tons of coal.

We plan to complete development of our existing properties and increase annual production over the next few years to possibly as much as seven million clean tons of metallurgical coal annually, subject to market conditions, permitting, and additional capital deployment.

As of December 31, 2025, our estimated aggregate annual production capacity is approximately four million clean tons of coal, excluding our idled properties.

We plan to complete development of our existing properties and increase annual production over the next few years to possibly more than seven million clean tons of metallurgical coal annually, subject to market conditions, permitting, and additional capital deployment in the medium-term.

We may also acquire additional reserves or infrastructure that contribute to our focus on advantaged geology and lower costs.

Our Brook Mine property consists of approximately 15,800 acres of controlled mineral rights and a research and development facility that were acquired as part of the purchase of Ramaco Coal in 2022.

The mine is currently undergoing rigorous third-party testing and analysis to assess the potential for commercial development of rare earth elements and critical minerals.

In July 2025, the Fluor Corporation (“Fluor”) issued a Preliminary Economic Assessment (the “PEA”) in which it concluded that the Brook Mine was both technically and economically viable based on its findings and the product pricing information provided by the Company.

Metallurgical Coal Industry

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and Canadian metallurgical coal producers.

Export metallurgical coal pricing is determined utilizing a series of indices from a number of independent sources and is adjusted for coal quality.

Export metallurgical coal pricing is determined by utilizing a series of indices from a number of independent sources and is adjusted for coal quality.

Contracted export volumes have terms that vary in duration from spot cargoes to one year, rarely exceeding one year.

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Metallurgical coals are generally classified as high, medium or low-volatile (“vol”).

Volatiles are products, other than water, that are released as gas or vapor when coal is converted to coke.

Volatiles are products, other than water, which are released as gas or vapor when coal is converted to coke.

Carbon is the primary element that remains when the volatiles are released.

Rare Earth Industry

Rare earth elements are critical enablers of advanced technologies including defense systems, permanent magnets, transportation, electronics, and robotics that have permeated modern society.

Rare earth elements have become deeply integrated into the foundation of modern technology and industry and have proven to be difficult to duplicate or replace.

The Company’s Brook Mine is believed to host a rich and unconventional deposit of rare earth elements and critical minerals embedded in coal seams and carbonaceous clays and shales.

Based on the latest technical reports, the

mine contains both light and heavy magnetic rare earth elements—including neodymium (Nd), praseodymium (Pr), dysprosium (Dy), terbium (Tb), yttrium (Y), gadolinium (Gd) and samarium (Sm)—which are essential for permanent magnets, lasers, and defense systems.

In addition, the deposit includes high-value critical minerals such as gallium (Ga), germanium (Ge), and scandium (Sc), which are used in semiconductors, aerospace alloys, and advanced communication technologies.

The rapid growth and expansion of uses for rare earth elements and critical minerals in modern technologies is expected to drive substantial global demand growth in the years ahead.

Currently, China dominates the rare earth element and critical mineral value chain, controlling a majority of global refining and production capacity, reinforcing the urgency for U.S.

domestic development.

Growing geopolitical pressures and Chinese export restrictions have intensified U.S.

efforts to establish secure rare earth element and critical mineral supply chains, incentivizing entities to develop new domestic deposits.

Our business strategy is to increase stockholder value through sustained earnings growth, cash flow generation and dividends by:

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This geologically advantaged resource and reserve base allows for flexible capital spending in challenging market conditions.

We plan to complete development of our existing properties and increase annual production over the next few years to as much as seven million clean tons of metallurgical coal, subject to market conditions, permitting, and additional capital deployment.

We may also acquire additional reserves or infrastructure that contribute to our focus on advantaged geology and lower costs.

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Producer of Metallurgical Coal .

Our reserve base presents advantaged geologic characteristics such as relatively thick coal seams at the deep mines, a low effective mining ratio at the surface mines, and desirable metallurgical coal quality.

Operationally, we are committed to being a low-cost U.S.

producer of metallurgical coal.

Our reserve base presents advantaged geologic characteristics such as relatively thick coal seams at our deep mines, a low effective mining ratio at our surface mines, and desirable metallurgical coal quality.

These characteristics contribute to a production profile that has a cash cost of production that is significantly below most U.S.

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Maintaining a Conservative Capital Structure and Prudently Managing the Business for the Long Term.

We are committed to maintaining a conservative capital structure with a reasonable amount of debt that will afford us the financial flexibility to execute our business strategies on an ongoing basis.

We are committed to maintaining a conservative capital structure and prudently managing the business for the long term, with a reasonable amount of net debt that will afford us the financial flexibility to execute our business strategies on an ongoing basis.

Enhancing Coal Purchase Opportunities.

Depending on market conditions, we purchase coal from other independent producers.

Depending on market conditions, we may purchase coal from other independent producers.

Purchased coal is complementary from a blending standpoint with our produced coals or it may also be sold as an independent product.

Demonstrating Excellence in Safety and Environmental Stewardship.

We are committed to complying with both regulatory and our high standards for environmental and employee health and safety requirements.

We believe that business excellence is achieved through the pursuit of safer and more productive work practices.

We are committed to complying with both regulatory requirements, as well as our own high standards for environmental responsibility and employee health and safety.

We believe that business excellence is achieved through the pursuit of safe and responsible work practices.

Advancing our Initiatives in Rare Earth Elements, Critical Minerals, and Advanced Carbon Products.

We are also focused on the potential development of rare earth elements and critical minerals, including gallium and germanium which were recently banned for export to the United States by China, as well as the potential commercialization of coal-to-carbon-based products and materials.

We are also focused on the development of rare earth elements and critical minerals, including gallium, germanium and scandium which are, from time to time subject to strict export licensing requirements and changing destination-specific restrictions (including export bans or restrictions to the United States imposed by the Chinese government), as well as the potential commercialization of coal-to-carbon-based products and materials.

These initiatives provide additional growth opportunities in future periods.

We had a ribbon cutting and groundbreaking at our carbon ore and rare earth mine, the Brook Mine, on July 11, 2025.

The development of this mine and overall project is advancing.

Our properties are primarily located in southern West Virginia, southwestern Virginia, southwestern Pennsylvania, and northeastern Wyoming.

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We control the majority of the coal and related mining rights within the existing permitted areas and our current mine plans, as well as the surface for our surface facilities, through lease agreements with McDonald Land Company among others.

We estimate that the Elk Creek Complex contains reserves capable of yielding approximately 29 million

tons of clean saleable metallurgical coal as well as measured and indicated metallurgical coal resource tons of 211 million.

We estimate that the mine life for the Elk Creek Complex is 15 years.

We estimate that the Elk Creek Complex contains reserves capable of yielding approximately 29 million tons of clean saleable metallurgical coal as well as measured and indicated metallurgical coal resource tons of 211 million.

The current estimated mine life for the Elk Creek Complex is 15 years;

however, it is likely that future mines will be planned and scheduled, as necessary, to meet our production goals aligned with market conditions.

We currently market most of the coal produced from the Elk Creek Complex as a blended high-volatile A/B product.

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Development of our Berwind Complex began in late 2017 in the thinner Pocahontas No.

3 seam and has since sloped up to current mining in the thicker Pocahontas No.

In 2020, we suspended development at the Berwind Complex due to lower pricing and demand largely caused by the economic effects of COVID-19.

3 seam and has since sloped up to mining in the thicker Pocahontas No.

In 2020, we suspended development at the Berwind Complex

due to lower pricing and demand largely caused by the economic effects of COVID-19.

In early 2021, as pricing and demand improved, Berwind development resumed, and we successfully reached the Pocahontas No.

4 seam in late 2021.

The Berwind Complex experienced an ignition event during the third quarter of 2022 that resulted in idling

mining operations for one of the active mines.

The Berwind Complex experienced an ignition event during the third quarter of 2022 that resulted in idling mining operations for one of the active mines.

Production restarted for the idle mine in the first quarter of 2023.

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In August 2021, we began production at the Big Creek surface mine.

We added a highwall miner in the fourth quarter of 2021.

The mine reached full production during 2023.

We estimate that the Knox Complex contains reserves capable of yielding approximately 7 million tons of clean saleable metallurgical coal as well as measured and indicated metallurgical coal resource tons of 277 million.

We estimate that the mine life for the Knox Creek Complex is approximately 12 years.

In November of 2025, we acquired certain leases and properties from Coronado Global Resources, Inc., referred to as the Russell County property.

These leases are contiguous with the Knox Creek property and preparation plant, and we believe may contain up to 35 million additional tons of high-volatile metallurgical coal.

These leases and properties are geologically and logistically advantaged and extend the physical and economic life of the Knox Creek complex.

Excluding the Russell County property described above, we estimate that the Knox Complex contains reserves capable of yielding approximately 8 million tons of clean saleable metallurgical coal as well as measured and indicated metallurgical coal resource tons of 277 million.

We estimate that the mine life for the Knox Creek Complex is 30 years.

The Company closed its Big Creek Jawbone mine during 2024, which was nearing end of mine life and experiencing higher cost production.

Following years of delays, the Pennsylvania Department of Environmental Protection issued a denial of the RAM Mine permit in southwest Pennsylvania.

While the Company believes that the RAM permit was denied incorrectly

and capriciously, we will not appeal the denial of the permit and will instead focus on our other core properties and monetize these assets at the appropriate time.

Maben Complex

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As part of the transaction, we assumed existing mining permits issued by the West Virginia Department of Environmental Protection, which authorizes mining by both surface and highwall mining methods as well as by underground methods.

property also has issued permits covering an existing haul road as well as an active refuse disposal area together with a preparation plant and unit train loadout, neither of which had been constructed as of the closing date.

During 2024, the Company completed the purchase of an existing coal preparation plant and relocated the plant to the Company’s Maben Complex, which was commissioned early in the fourth quarter.

The addition of the preparation plant is expected to reduce trucking costs going forward.

The property also has issued permits covering an existing haul road as well as an active refuse disposal area together with a preparation plant and unit train loadout, neither of which had been constructed as of the closing date.

During 2024, the Company completed the purchase of an existing coal preparation plant and relocated the plant to the Company’s Maben Complex, which was commissioned early in the fourth quarter of 2024.

The addition of the preparation plant reduced trucking costs subsequent to commissioning.

The Maben property contains various areas of high-quality low-vol metallurgical coal in the Sewell, Beckley, Pocahontas 3, Pocahontas 4, and Pocahontas 6 seams of coal.

The Company expects that coal contained in the Sewell seam will be mined by surface and high-wall mining methods.

Initial production of low-volatile began in 2023, and the Company will consider deep mine development of coal contained in Beckley, Pocahontas 3, 4, and 6 seams at a future point.

The Company expects that coal contained in the Sewell seam will be mined by surface and highwall mining methods.

Initial production of low-volatile coal began in 2023, and the Company will consider deep mine development of coal contained in Beckley, Pocahontas 3, 4, and 6 seams at a future point.

We estimate that the Maben Complex contains reserves capable of yielding approximately 30 million tons of clean saleable metallurgical coal as well as measured and indicated metallurgical coal resource tons of 216 million.

The expected mine life for the Maben Complex is estimated to be 15 years.

The current expected mine life for the Maben Complex is 15 years;

however, it is anticipated that future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal production goals aligned with market conditions.

The property is located in northeastern Wyoming, near Sheridan, and consists of approximately 15,800 acres of controlled mineral rights and a research and development facility that were acquired as part of the purchase of Ramaco Coal during 2022.

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This property is also being used to support the Company’s possible expansion into the manufacture and commercialization of advanced carbon products and materials from coal.

The Company continues to evaluate the commercial and technical feasibility of extracting critical minerals and rare earth elements within the current Brook Mine permit area.

Preliminary findings indicate significant concentrations of critical minerals scandium, gallium, and germanium as well as rare earth elements neodymium, praseodymium, dysprosium, and terbium.

An initial mineral resource estimate was released for the Brook Mine in September 2025 based on a Technical Report Summary (“TRS”) of the Brook Mine completed by Weir International Inc.

The TRS is underpinned by the PEA completed by Fluor.

The mineral resource estimates are not mineral reserves and do not meet the threshold for reserve modifying factors that would allow for conversion to mineral reserves.

There is no certainty that any part of the initial resource estimates will be converted into reserves.

Preliminary findings indicate significant concentrations of a number of rare earth elements and critical minerals which include heavy magnetic rare earth elements, like terbium and dysprosium, and critical minerals, like gallium, germanium and scandium.

The Company continues to develop its processing approach for critical minerals and rare earth elements within the current Brook Mine permit area.

Customers and Contracts

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Of this amount, 37% of our revenue was from sales into North American markets and 63% of our revenue was from sales into export markets.

During 2024, sales to two customers accounted for approximately 22% of total revenue.

During 2025, sales to three customers accounted for approximately 34% of total revenue.

No other customer accounted for 10% or more of our total revenue during 2025.

If a major customer decided to stop purchasing coal or significantly

reduced its purchases from us, revenue could decline and our operating results and financial condition could be adversely affected.

If a major customer decided to stop purchasing coal or significantly reduced its purchases from us, revenue could decline and our operating results and financial condition could be adversely affected.

Trade Names, Trademarks and Patents

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However, trademarks related to our advanced carbon products business could become material depending on future developments, of which there are four registered trademarks and seven pending trademark applications.

In connection with our advanced carbon products business, the Company holds 76 intellectual property patents and pending patents related to the conversion of low-cost carbon ore into higher-value carbon products as well as exclusive licensing agreements, all of which have a remaining duration of 14-20 years.

Our principal domestic competitors include Alpha Metallurgical Resources, Inc., Blackhawk Mining, LLC, Coronado Global Resources Inc., Arch Resources, Inc.

In connection with our advanced carbon products business, the Company holds more than 70 intellectual property patents and pending applications related to the conversion of low-cost carbon ore into higher-value carbon products as well as exclusive licensing agreements, all of which have a remaining duration of 14-20 years.

Our principal domestic coal competitors include Alpha Metallurgical Resources, Inc., Blackhawk Mining, LLC, Coronado Global Resources Inc., Arch Resources, Inc.

(now a subsidiary of Core Natural Resources), Peabody Energy Corporation, and Warrior Met Coal, Inc.

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Many of these coal producers are larger than we are and have greater financial resources and larger reserve bases than we do.

Additionally, the Company faces, or is expected to face, competition both domestically and globally in the rare earth element and critical mineral market.

China accounts for the significant majority of global rare earth element and critical mineral production and also dominates the manufacture of metals from rare earth elements, capabilities that are not currently present at scale in the U.S.

There is potential competition from emerging players within the rare earth element and critical mineral market.

Supplies used in our business include petroleum-based fuels, explosives, tires, conveyance structure, ventilation supplies, lubricants and other raw materials as well as spare parts and other consumables used in the mining process.

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The following is a summary of the various federal and state environmental and similar laws and regulations that have a material impact on our business.

Potentially significant changes to federal laws and regulations are anticipated to occur under the new Trump Administration.

Accordingly, the following discussion pertains to laws and regulations as they existed prior at the end of 2024, prior to the change in Administration.

Surface Mining Control and Reclamation Act.

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From time to time, the OSMRE will also update its mining regulations under the SMCRA.

For example, the OSMRE has previously sought to impose stricter stream protection requirements by requiring more extension pre-mining and baseline data for coal mining operations.

The rule was disapproved by Congress pursuant to the Congressional Review Act.

However, whether Congress will enact future legislation to require a new stream protection rule remains uncertain.

The existing rules, or other new SMCRA regulations, could result in additional material costs, obligations and restrictions upon our operations.

For example, in 2025 the OSMRE rescinded several regulations regarding abandoned mine lands, permanent program performance standards, and prior balance replacement funds.

Congressional amendment of the SMRCA, existing rules, or changes to SMCRA regulations, could result in additional material costs, obligations and restrictions upon our operations.

Abandoned Mine Lands Fund.

The SMCRA also imposes a reclamation fee on all current mining operations, the proceeds of which are deposited in the Abandoned Mine Reclamation Fund (the “AML Fund”), which is used to restore unreclaimed and abandoned mine lands mined before 1977.

The adjusted fees proposed in the Interim Final Rule per ton for October 1, 2021 through September 30, 2034 are (i) 22.4 cents per ton for surface-mined anthracite, bituminous, and subbituminous coal if the value per ton is $2.24 per ton or more, (ii) 9.6 cents per ton for underground-mined anthracite, bituminous, and subbituminous coal if the value per ton is $0.96 per ton, and (iii) 6.4 cents per ton for surface- and underground-mined lignite coal if the value per ton is $3.20 per ton or more.

The Interim Final Rule took effect in August 2022.

The SMCRA also imposes a reclamation fee on all current mining operations, to fund the Abandoned Mine Reclamation Fund (the “AML Fund”).

The fees through September 30, 2034 are (i) 22.4 cents per ton for surface-mined anthracite, bituminous, and subbituminous coal if the value per ton is $2.24 per ton or more, (ii) 9.6 cents per ton for underground-mined anthracite, bituminous, and subbituminous coal if the value per ton is $0.96 per ton, and (iii) 6.4 cents per ton for surface- and underground-mined lignite coal if the value per ton is $3.20 per ton or more, as set by the OSMRE Final Rule effective August 24, 2022.

Estimates of our total reclamation and mine-closing liabilities are based upon permit requirements and our experience related to similar activities.

If these accruals are insufficient or our liability in a particular year is greater than currently anticipated, our future operating results could be adversely affected.

If these accruals are

insufficient or our liability in a particular year is greater than currently anticipated, our future operating results could be adversely affected.

Mining Permits and Approvals.

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Applications for permits and permit renewals associated with our mining operations are also subject to public comment and potential legal challenges from third parties seeking to prevent a permit from being issued, or to overturn the applicable agency’s grant of the permit.

Should our permitting efforts become subject to such challenges, the permits may not be issued in a timely fashion, may impose requirements which restrict our ability to conduct our mining

operations or to do so profitably, or may not be issued at all.

Should our permitting efforts become subject to such challenges, the permits may not be issued in a timely fashion, may impose requirements which restrict our ability to conduct our mining operations or to do so profitably, or may not be issued at all.

Any delays, denials, or revocation of these or other similar permits we need to operate could reduce our production and materially adversely impact our cash flow and results of our operations.

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Federal and state laws require a mine operator to secure the performance of its reclamation and lease obligations under the SMCRA through the use of surety bonds or other approved forms of financial security for payment of certain long-term obligations, including mine closure or reclamation costs.

The changes in the market for coal used to generate electricity in recent years have led to bankruptcies involving prominent coal producers.

Several of these companies relied on self-bonding to guarantee their responsibilities under the SMCRA permits including for reclamation.

In response to these bankruptcies, the OSMRE issued a policy advisory in August 2016 to state agencies that was intended to discourage authorized states from approving self-bonding arrangements (the “Policy Advisory”).

Although the Policy Advisory was rescinded in October 2017, certain states, including Virginia, had previously announced that they would no longer accept self-bonding to secure reclamation obligations under the state mining laws.

Additionally, in March 2018, the Government Accounting Office recommended that Congress consider amending the SMCRA to eliminate the availability of self-bonding to guarantee responsibilities under SMCRA permits.

Individually and collectively, these and future revised various financial assurance requirements may increase the amount of financial assurance needed and limit the types of acceptable instruments, straining the capacity of the surety markets to meet demand.

It is possible that future revisions to various financial assurance requirements may increase the amount of financial assurance needed and limit the types of acceptable instruments, straining the capacity of the surety markets to meet demand.

This may delay the timing for and increase the costs of obtaining the required financial assurance.

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Surety bond rates have increased in recent years and the market terms of such bonds have generally become less favorable.

Sureties typically require coal producers to post collateral, often having a value equal to 40% or more of the face amount of the bond.

Sureties typically require coal producers to post collateral, often having a value equal to 40% or

more of the face amount of the bond.

As a result, we may be required to provide collateral, letters of credit or other assurances of payment in order to obtain the necessary types and amounts of financial assurance.

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The Mine Safety and Health Administration (the “MSHA”) regularly inspects mines to ensure compliance with regulations promulgated under the Mine Act and MINER Act.

Pennsylvania, West Virginia, and Virginia all have similar programs for mine safety and health regulation and enforcement.

Pennsylvania, West Virginia, Virginia and Wyoming all have similar programs for mine safety and health regulation and enforcement.

The various requirements mandated by federal and state statutes, rules, and regulations place restrictions on our methods of operation and result in fees and civil penalties for violations of such requirements or criminal liability for the knowing violation of such standards, significantly impacting operating costs and productivity.

The regulations enacted under the Mine Act and MINER Act as well as under similar state acts are routinely expanded or made more stringent, raising compliance costs and increasing potential liability.

For example, in April 2024, the MSHA issued a new regulation (76 Fed.

28218, April 18, 2024) amending standards increasing the stringency of and proposing new requirements to protect the health of miners exposed to respirable crystalline silica.

Changes to state laws and regulations may limit operations or increase operational costs.

The regulations enacted under the Mine Act and MINER Act as well as under similar state acts are routinely expanded, made more stringent, or otherwise modified, impacting compliance costs and potential liability.

For example, MSHA issued a final rule (89 Fed.

28218, April 18, 2024) enacting more stringent requirements to protect miners exposed to respirable crystalline silica.

Our compliance with current or future mine health and safety regulations could increase our mining costs.

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We retain insurance coverage for all of our subsidiaries and are insured for the statutory limits.

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.

State workers’ compensation acts typically provide for an exception to an employer’s immunity from civil lawsuits for workplace injuries in the case of intentional torts.

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In addition, we obtained from a third-party insurer a workers’ compensation insurance policy, which includes coverage for medical and disability benefits for occupational disease under the Federal Coal Mine Health and Safety Act of 1969 and the Mine Act.

Under the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform

Act of 1977, as amended in 1981, each coal mine operator must pay federal black lung benefits to claimants who are current and former employees and also 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.

The Patient Protection and Affordable Care Act of 2010 includes significant changes to the federal black lung program including an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim and the establishment of a rebuttable presumption with regard to pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition.

These changes could have a material impact on our costs expended in association with the federal black lung program.

Under the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform Act of 1977, as amended in 1981, each coal mine operator must pay federal black lung benefits to claimants who are current and former employees and also 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.

The Patient Protection and Affordable Care Act of 2010 includes significant changes to the federal black lung program including establishing an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim and a rebuttable presumption of pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition.

These changes could materially impact our costs associated with the federal black lung program.

In addition to possibly incurring liability under federal statutes, we may also be liable under state laws for black lung claims.

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In July 2011, the EPA finalized the Cross-State Air Pollution Rule (the “CSAPR”), a cap-and-trade program that requires 28 states in the Midwest and eastern seaboard of the U.S.

to reduce power plant emissions that cross state lines and contribute to ozone and/or fine particle pollution in other states.

In September 2016, the EPA finalized a rule that further limited summertime (May-September) nitrogen oxide emissions from power plants in 22 states in the eastern United States beginning in May 2017 (the “CSAPR Update Rule”).

For states to meet these requirements, a number of coal-fired electric generating units will likely need to be retired, rather than retrofitted with the necessary emission control technologies, reducing demand for thermal coal.

Moreover, in September 2019, the United States Court of Appeals for the District of Columbia Circuit (“D.C.

Circuit”) remanded the CSAPR Update Rule to the EPA on the grounds that it failed to timely require upwind states to control or eliminate their contribution to ozone and/or fine particulate matter in downwind states, as required under the CAA.

In October 2020, the EPA proposed a Revised CSAPR Update Rule in response to the D.C.

Circuit’s ruling, which was finalized in April 2021.

The final rule resolves 21 states’ outstanding interstate pollution transport obligations and would require additional emissions reductions of nitrogen oxides from power plants in 12 states.

Imposition of stricter deadlines for controlling downwind contribution could accelerate unit retirements or the need to implement emission control strategies.

Any reduction in the amount of coal consumed by electric power generators as a result of these limitations could decrease demand for thermal coal.

In February 2023, EPA found that 21 states’ state implementation plans (SIPs) did not protect downwind states from interstate ozone, leading to EPA’s finalization of a federal implementation Plan (FIP) in March 2023 under the CAA’s Good Neighbor requirements, referred to as the Good Neighbor Plan rule for the 2015 ozone National Ambient Air Quality Standards (“NAAQS”).

to reduce power plant emissions that contribute to interstate ozone and/or fine particle pollution.

A September 2016, update to CSAPR further limited summertime (May-September) nitrogen oxide emissions from power plants in 22 states in the eastern United States beginning in May 2017 (the “CSAPR Update Rule”).

After the United States Court of Appeals for the District of Columbia Circuit remanded the CSAPR Rule Update in 2019 for failing to require timely upwind reductions under the Clean Air Act, EPA finalized a Revised CSAPR Rule Update in April 2021 that resolved transport obligations for 21 states and imposed additional NOx reductions in 12 states.

These requirements may accelerate the retirement of coal-fired electric generating units, or require the installation of necessary emission control technologies, reducing demand for thermal coal.

Separately, in February 2023, EPA found that 21 states’ state implementation plans (SIPs) did not protect downwind states from interstate ozone, leading to EPA’s finalizing a federal implementation Plan (FIP) in March 2023 under the CAA’s Good Neighbor requirements, referred to as the Good Neighbor Plan rule for the 2015 ozone National Ambient Air Quality Standards (“NAAQS”).

The Good Neighbor Plan rule implemented nitrogen oxide (“NOx”) limits on power plants and, for the first time, industrial sources, in 23 states.

Litigation has ensued, eventually leading to the Supreme Court’s stay of the enforcement of the Good Neighbor Rule in Ohio v.

Litigation followed, and the Supreme Court’s stayed enforcement of the Good Neighbor Plan in Ohio v.

In November 2024, EPA issued an interim final rule (89 Fed.

6, 2024) confirming that the Good Neighbor Rule is stayed nationwide.

Title IV of the CAA requires reductions of sulfur dioxide emissions by electric utilities and applies to all coal-fired power plants generating greater than 25 megawatts of power.

Affected power plants have sought to reduce sulfur dioxide emissions by switching to lower sulfur fuels, installing pollution control devices, reducing electricity generating levels or purchasing or trading sulfur dioxide emission allowances.

6, 2024) confirming that the Good Neighbor Plan is stayed nationwide.

Title IV of the CAA requires reductions of sulfur dioxide emissions by electric utilities and applies to all existing coal-fired power plants generating greater than 25 megawatts of power and all new coal-fired generating units.

Affected power plants have sought to reduce sulfur dioxide emissions by switching to lower sulfur fuels, installing pollution control devices, reducing electricity generating levels or

purchasing or trading sulfur dioxide emission allowances.

These reductions could impact our customers in the electric generation industry.

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The EPA has adopted NAAQS for carbon monoxide, nitrogen dioxide, lead, sulfur dioxide, PM and ground-level ozone.

The CAA further requires the EPA to periodically review and revise the NAAQS, resulting in the trend of more stringent standards over time.

In February 2024, for example, the EPA published a final rule that revised the primary annual PM 2.5 standard by lowering the level from 12.0 µg/m 3 to 9.0 µg/m 3 .

The CAA further requires the EPA to periodically review and revise the NAAQS, possibly resulting in more stringent standards over time.

States with non-attainment areas must adopt a state implementation plan that demonstrates compliance with the existing or new air quality standards.

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In April 2024, EPA issued a final rule further strengthening MATS emission standards pertaining to mercury, toxic metals and filterable particulate matter.

In June 2025, EPA proposed a repeal to this rule.

No final action has been taken on the proposed appeal.

Like CSAPR, MATS and other similar future regulations could accelerate the retirement of a significant number of coal-fired power plants.

Such retirements would likely adversely impact our business.

Global Climate Change.

Climate change continues to attract considerable public and scientific attention.

Global Climate Change – Climate change continues to attract considerable public and scientific attention.

There is widespread concern about the contributions of human activity to such changes, especially through the emission of GHGs.

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to withdraw from the Paris Agreement with an effective exit date in November 2020.

In February 2021, the administration announced reentry of the U.S.

into the Paris Agreement along with a new “nationally determined contribution” for U.S.

GHG emissions that would achieve emissions reductions of at least 50% relative to 2005 levels by 2030.

In addition, shortly after taking office in January 2021, President Biden issued a series of executive orders designed to address climate change.

In November 2021, the 26th Conference of the Parties to the United Nations Framework on Climate Change concluded with the finalization of the Glasgow Climate Pact, which aims to cut global methane pollution at least 30% by

2030 relative to 2020 levels, including “all feasible reductions” in the energy sector.

Forty-six countries signed onto a Global Coal to Clean Energy Transition Statement, committing to transition away from unabated coal power generation by about 2030 for “major economies” and a global transition by roughly 2040.

Most recently, at the 27th conference of parties (“COP27”), President Biden announced the EPA’s proposed standards to reduce methane emissions from existing oil and gas sources, and agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane-intensity natural gas.

Various state and local governments have also publicly committed to furthering the goals of the Paris Agreement.

International commitments, reentry into the Paris Agreement and President Biden’s executive orders may result in the development of additional regulations or changes to existing regulations that may impact our business.

In August 2022, President Biden signed the Inflation Reduction Act of 2022 into law.

The law provides significant funding and incentives for research and development of low-carbon energy production methods, carbon capture, and other programs directed at addressing climate change.

In early 2021, President Biden announced reentry of the U.S.

into the Paris Agreement and issued a series of executive orders designed to address climate change.

In January 2025, President Trump rescinded climate-related executive orders issued by President Biden and initiated the United States’ withdrawal from the Paris Agreement, which was finalized on January 27, 2026.

Global initiatives – including

the 2021 Glasgow Climate Pact, which aims to cut global methane pollution at least 30% by 2030 relative to 2020 levels, including “all feasible reductions” in the energy sector and the multi-lateral Global Coal to Clean Energy Transition Statement (signed by 46 countries), committing to phaseout of unabated coal power generation by about 2030 for “major economies” and 2040 globally – signal sustained international pressure to transition away from coal.

At the 27th conference of parties (“COP27”), President Biden announced the EPA’s proposed standards to reduce methane emissions from existing oil and gas sources, and agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane-intensity natural gas.

Even as federal action has fluctuated, state and local governments have publicly committed to furthering the goals of the Paris Agreement.

International commitments, potential future reentry into the Paris Agreement and state or local action may result in the development of additional regulations or changes to existing regulations that may impact our business.

The $1 trillion legislative infrastructure package passed by Congress in November 2021 includes a number of climate-focused spending initiatives targeted at climate resilience, enhanced response and preparation for extreme weather events, and clean energy and transportation investments, though certain climate-focused elements were subsequently curtailed by the 2025 One Big Beautiful Bill Act (the “OBBBA”).

The Inflation Reduction Act of 2022 provides significant funding and incentives for research and development of low-carbon energy production methods, carbon capture, and other programs directed at addressing climate change.

The Inflation Reduction Act of 2022 also provides significant funding for research and development of low-carbon energy production methods, carbon capture, and other programs directed at addressing climate change.

Furthermore, the EPA has determined that emissions of GHGs present an endangerment to public health and the environment, because emissions of GHGs are, according to the EPA, contributing to the warming of the earth’s atmosphere and other climatic changes.

In 2009 EPA issued a finding that GHGs present an endangerment to public health and the environment, because emissions of GHGs are, according to the EPA, contributing to the warming of the earth’s atmosphere and other climatic changes.

Based on these findings, the EPA, over time, has attempted to restrict emissions of GHGs under existing provisions of the CAA.

For example, in August 2015, the EPA finalized the Clean Power Plan (the “CPP”) to cut carbon emissions from existing power plants, which did not formally go into effect because the U.S.

Supreme Court stayed its implementation in February 2016.

In July 2019, the EPA adopted the Affordable Clean Energy Rule (the “ACE Rule”) that repealed and replaced the CPP.

The ACE Rule required states to set appropriate GHG emission standards for power plants within their jurisdiction based upon the application of “candidate” heat rate improvement measures.

For example, the Clean Power Plan (the “CPP”) to cut carbon emissions from existing power plants was finalized in 2015 but was subsequently stayed by the U.S.

Supreme Court.

The CPP was rescinded and replaced in July 2019, by the Affordable Clean Energy Rule (the “ACE Rule”), which required states to set appropriate GHG emission standards for power plants within their jurisdiction based upon the application of “candidate” heat rate improvement measures.

In January 2021, the D.C.

Circuit vacated the ACE Rule and remanded it to the agency for further proceedings.

In February 2021, the EPA issued a memorandum stating the agency’s position that neither the Clean Power Plan nor the ACE Rule are in effect, and future regulation of carbon dioxide emissions from existing power generation facilities remains uncertain In May 2024, EPA finalized new source performance standards (“NSPS”) regulating GHG emissions for new gas-fired power plants and existing coal-fired power plants (89 Fed.

39798 (May 9, 2024).

In October 2024, the Supreme Court denied challenges seeking a stay of the NSPS GHG rule.

Under the Trump Administration, the future of the NSPS GHG rule is uncertain;

however, the finalization of this rule and any future rules or future GHG emission standards may encourage a shift away from coal-fired power generation, adversely impacting the market for our product.

In February 2021, the EPA issued a memorandum stating the agency’s position that neither the Clean Power Plan nor the ACE Rule are in effect, and future regulation of carbon dioxide emissions from existing power generation facilities remains uncertain In May 2024, EPA finalized GHG new source performance standards (“NSPS”) for new gas-fired power plants and existing coal-fired power plants (89 Fed.

39798 (May 9, 2024), and the Supreme Court declined to stay that rule in October 2024.

Under the Trump Administration, EPA has proposed repealing power-sector GHG standards and rescinding the GHG endangerment finding, but those proposals remain pending and may face legal challenges, if finalized.

The continued operation of GHG emission standards and any future rules or future GHG emission standards may encourage a shift away from coal-fired power generation, adversely impacting the market for our product.

Additionally, on March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports.

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Compliance with these rules will be phased in over time based on our filing status as well as the content of the disclosure and assurance requirements.

Reporting under the rule may result in increased legal, accounting, and other compliance-related costs, as well as place strain on our personnel, systems, and resources.

Any implementation of the rule is currently stalled.

On April 4, 2024, the SEC issued an order to stay the rule in response to legal challenges, which have been consolidated under the Eighth Circuit U.S.

Court of Appeals.

After the SEC under the current administration indicated it did not plan to defend or reconsider the rule, the Eight Circuit further held the appeal in abeyance until the SEC defends the appeal or reconsiders the rule.

If upheld and implemented, the rule may result in increased legal, accounting, and other compliance-related costs, as well as place strain on our personnel, systems, and resources.

At the state level, several states, including Pennsylvania and Virginia, have already adopted measures requiring GHG emissions to be reduced within state or regional boundaries, including cap-and-trade programs and the imposition of renewable energy portfolio standards.

Various states and regions have also adopted GHG initiatives, and certain governmental bodies have imposed, or are considering the imposition of, fees or taxes based on the emission of GHGs by certain facilities.

Various states and regions have also adopted GHG initiatives, and certain

governmental bodies have imposed, or are considering the imposition of, fees or taxes based on the emission of GHGs by certain facilities.

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

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For example, prior to placing fill material in waters of the United States, such as with the construction of a valley fill, coal mining companies are required to obtain a permit from the Corps under Section 404 of the CWA.

The permit can be either a Nationwide Permit (“NWP”), normally NWP 21, 49 or 50 for coal mining activities, or a more complicated individual permit.

NWPs are designed to allow for an expedited permitting process, while individual permits involve a longer and more detailed review process.

The EPA has the authority to veto permits issued by the Corps under the CWA’s Section 404 program that prohibits the discharge of dredged or fill material into regulated waters without a permit.

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Supreme Court held that discharges from a point source to a wetland could fall within the scope of the CWA and require a permit if the adjacent body of water is a relatively permanent body of water connected to traditional interstate navigable waters and the wetland has a continuous surface connection with that water.

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

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

NPDES permits include effluent limitations for discharged pollutants and other terms and conditions, including required monitoring of discharges.

Failure to comply with the CWA or NPDES permits can lead to the imposition of significant penalties, litigation, compliance costs and delays in coal production.

Failure to comply with the CWA permits can lead to the imposition of significant penalties, litigation, compliance costs and delays in coal production.

Potential changes in state and federally recommended water quality standards may result in the issuance or modification of permits with new or more stringent effluent limits or terms and conditions.

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This definition never took effect as it was replaced by the Navigable Waters Protection Rule (the “NWPR”) in December 2019.

A coalition of

states and cities, environmental groups and agricultural groups challenged the NWPR, which was vacated by the U.S.

A coalition of states and cities, environmental groups and agricultural groups challenged the NWPR, which was vacated by the U.S.

District Court for the District of Arizona in August 2021.

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Supreme Court’s decision in Sackett and the pre-2015 regulatory regime.

In November 2025, EPA and the Army Corps published a proposed rule to revise the definition of WOTUS to (1) define key phrases articulated by the Court in its seminal Sackett decision, (2) further define certain regulatory exemptions to the waters covered by the Act, and (3) implement additional conforming changes.

To the extent a new rule or further litigation expands the scope of the CWA’s jurisdiction, the CWA permits we need may not be issued, may not be issued in a timely fashion, or may be issued with new requirements which restrict our ability to conduct mining operations or to do so profitably .

It is anticipated that the Trump Administration will attempt to clarify the meaning of WOTUS largely in-line with the Supreme Court’s decision in Sackett .

Resource Conservation and Recovery Act.

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This rule establishes limits for the location of new sites and requires closure of sites that fail to meet prescribed engineering standards, regular inspections of impoundments, and immediate remediation and closure of unlined ponds that are polluting ground water.

As initially promulgated, the rule exempted closed coal ash impoundments located at inactive facilities and allowed for the continued operation of unlined or clay-lined ponds that were not polluting groundwater.

Additionally, in December 2016, Congress passed the Water Infrastructure Improvements for the Nation Act, which provided for the establishment of state and EPA permit programs for the control of CCR and authorizes states to incorporate the EPA’s final rule for CCR or develop other criteria that are at least as protective as the final rule.

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In addition, the disposal, release or spilling of some products used by coal companies in operations, such as chemicals listed as hazardous substances under CERCLA, could trigger the liability provisions of CERCLA or similar state laws.

The EPA periodically evaluates the CERCLA list of hazardous substances.

In September 2022, the EPA proposed to designate two per- and polyfluoroalkyl substances (“PFAS”), including their salts and structural isomers, as hazardous substances under CERCLA.

This proposed rule, if finalized, may result in increased costs to cleanup properties at which the listed PFAS were released.

The EPA periodically evaluates the CERCLA list of hazardous substances and updates this list.

The addition of new substances to CERCLA’s hazardous substance list may result in increased costs to cleanup properties at which the listed substances are released or pose the threat of release.

We may be subject to liability under CERCLA and similar state laws for coal mines that we currently own, lease or operate or that we or our predecessors have previously owned, leased or operated, and sites to which we or our predecessors sent hazardous substances.

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Compliance with the NEPA can be time-consuming and may result in the imposition of mitigation measures that could affect the amount of coal that we are able to produce from mines on federal lands and may require public comment.

Furthermore, whether agencies have complied with the NEPA is subject to protest, appeal or litigation, which can delay or halt projects.

Furthermore, whether agencies have complied with the NEPA is subject to legal challenge, which can delay or halt projects.

The NEPA review process, including potential disputes regarding the level of evaluation required for climate change impacts, may extend the time and/or increase the costs and difficulty of obtaining necessary governmental approvals, and may lead to litigation regarding the adequacy of the NEPA analysis, which could delay or potentially preclude the issuance of approvals or grant of leases.

On July 16, 2020, the Council on Environmental Quality (“CEQ”) revised NEPA’s implementing regulations to make the NEPA process more efficient, effective, and timely.

The rule required federal agencies to develop procedures consistent with the new rule within one year of the rule’s effective date (which was extended to two years in June 2021).

These regulations are subject to ongoing litigation in several federal district courts, and in October 2021, CEQ issued a notice of proposed rulemaking to amend the NEPA regulatory changes adopted in 2020 in two phases.

Phase I of CEQ’s proposed rulemaking process was finalized on April 20, 2022 and generally restored provisions that were in effect prior to 2020.

In May 2024, the CEQ published its final Phase II rule, further defining what federal actions are subject to NEPA, and what level of review required for those federal actions.

However, recent litigation has effectively rescinded these rules and left the future of NEPA regulation uncertain.

On November 12, 2024, the D.C.

Circuit Court of Appeals issued a ruling in Marin Audubon Society v.

Federal Aviation Administration holding that CEQ lacked the authority issue binding regulations implementing NEPA.

And on January 20, 2025, the Trump Administration ordered CEQ to issue guidance on NEPA implementation and to propose rescinding CEQ’s current NEPA regulations.

On February 3, 2025, the U.S.

District Court for the District of North Dakota in Iowa v.

Council on Envtl.

Quality , vacated the Phase II NEPA rule, finding that CEQ lacked authority to promulgate binding regulations.

Taken together, the rulings in Marin

Audubon and Iowa appear to eliminate CEQ regulations governing NEPA;

therefore, at present, federal agencies will need to determine their own process and requirements for evaluating major agency actions under NEPA.

Since 2020 there have been several legal actions regarding proposals by the Council on Environmental Quality’s (“CEQ”) to revise NEPA’s implementing regulations.

Most recently, on January 6, 2026, the CEQ finalized a rule that formally removed its NEPA implementing regulations (40 CFR Parts 1500–1508) from the Code of Federal Regulations, resulting in agencies following their own agency-specific procedures to implement NEPA.

Under the OBBBA, project sponsors can also pay to expedite timeframes for environmental assessments and environmental impact statements.

Other Environmental Laws.

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We seek to foster a culture that strives to provide a safe, healthy and rewarding work environment with opportunities for growth.

We had 984 employees as of December 31, 2024, including our named executive officers, and nearly all of our employees are full-time employees.

We had approximately 900 employees as of December 31, 2025, including our named executive officers, and nearly all of our employees are full-time employees.

None of our employees are covered by collective bargaining agreements, and we have not experienced any strikes or work stoppages related to labor relation issues.

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As a result, we look for opportunities to celebrate accomplishments and to build pride in our operational safety and performance.

Market Information

Our Class A and Class B common stock are listed on the NASDAQ Global Select Market under the symbols “METC” and “METCB,” respectively.

Our 8.375% Senior Unsecured Notes due 2029 (the “2029 Senior Notes”) and 8.250% Senior Unsecured Notes due 2030 (the “2030 Senior Notes”) are listed on the NASDAQ Global Select Market under the symbols “METCZ” and “METCI,” respectively.

No public market currently exists for our 0% Convertible Senior Notes due 2031 (“2031 Convertible Senior Notes”), and we do not intend to apply to list the 2031 Convertible Senior Notes on any securities exchange or for quotation on any inter-dealer quotation system.

The 2029 Senior Notes, the 2030 Senior Notes and the 2031 Convertible Senior Notes are collectively referred to as our “Senior Notes.”

Available Information

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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