Item 2. Properties
Item 2 Properties, Figure 1 below shows the location of our mining properties and offices as of December 31, 2025:
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At December 31, 2025, we had four mining properties and one commercial development property, as summarized in the table below (tons produced in 000s), excluding the Brook Mine property:
Clean Tons
Clean Tons
Clean Tons
Controlled
Produced
Produced
Produced
Processing Facilities -
Location
Acres
Yrs
Stage
2023
2024
2025
Mine Type
Quality
Transportation
Elk Creek Complex
Logan, Wyoming, and Mingo Counties, WV
20,200
15
Production
2,031
2,286
2,719
Underground, Highwall, Surface
High Volatile A, A/B, B
Elk Creek Preparation Plant - CSX RR, Truck
Berwind Complex
McDowell County, WV, Buchanan and Tazewell Counties, VA
62,500
20+
Production
601
794
698
Underground, Highwall, Surface
Low and Mid Volatile
Berwind Preparation Plant - Truck, Norfolk Southern RR
Knox Creek Complex
McDowell County, WV, Buchanan, Russell, and Tazewell Counties, VA
88,850
30
Production
370
326
164
Underground, Highwall, Surface
Mid and High Volatile A
Knox Creek Preparation Plant - Truck, Norfolk Southern RR
Maben Complex
Wyoming and Raleigh Counties, WV
28,000
15
Production
172
265
244
Underground, Highwall, Surface
Low Volatile
Maben Preparation Plant - Truck, Norfolk Southern RR
RAM Mine
Washington County, PA
1,567
n/a
Commercial Development or Other
—
—
—
Underground
High Volatile C
Truck, Barge
Total
201,117
3,174
3,671
3,826
At December 31, 2025, we owned or controlled, primarily through long-term leases, approximately 199,550 acres of coal in Virginia and West Virginia and 1,567 acres of coal in Pennsylvania. The aggregate annual production for our properties during the three most recently completed fiscal years are as follows: 3.8 million tons for fiscal year 2025, 3.7 million tons for fiscal year 2024, and 3.1 million tons for fiscal year 2023. Our preparation plants and loadout facilities are located on properties owned by us or held under leases which expire at varying dates over the next 30 years. Most of the leases contain options to renew. Many of these leases provide for a royalty payment to the lessor based on a specific price per ton of coal extracted or as a percentage of coal sales revenue. We believe that all of our leases were entered into at market terms.
The Company leases office space in Lexington, Kentucky, which serves as our executive headquarters as well as Charleston, West Virgina, which serves as an operations center. The Company also owns offices in Sheridan, Wyoming. See Item 1. “Business - Our Projects” for additional information about our mining operations and Wyoming initiatives.
We hold numerous environmental and mineral extraction permits, water rights and other permits, licenses and approvals from governmental authorities authorizing operations at each of our facilities. With respect to each facility at which we produce coal, permits, licenses and approvals are obtained as needed in the normal course of business based on our mine plans and federal, state, and local regulatory provisions regarding mine permitting and licensing. Based on our historical permitting experience, we expect to be able to continue to obtain necessary mining permits and approvals to support historical rates of production.
We are the operators of the mining and processing operations and the mining methods we use consist of surface, underground and highwall mining methods. The mining operations for the Elk Creek, Berwind, Knox Creek, and Maben complexes are material to our business and are further described below.
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Elk Creek Complex
The Elk Creek Complex is located approximately 45 miles south of Charleston, West Virginia, in Logan, Wyoming, and Mingo Counties at N 37.698718, W 81.778297. The nearest town is Man, West Virginia, which is approximately five miles to the northwest of the Elk Creek Complex. The Elk Creek Complex is within the Southern West Virginia coal field of the Central Appalachia Coal Producing Region (the “CAPP Region”) of the United States.
Companies that previously mined on the Elk Creek Complex include Island Creek Coal Company (“Island Creek”) which started mining in the area in December 1904. Consolidation Coal Company, now known as Core Natural Resources, Inc. (“Core Nature Resources”), bought Island Creek in July 1993 and continued operations in and around the area until the late-1990s when Core Natural Resources idled its Elk Creek Mine. Ramaco Coal bought the property from Core Natural Resources in 2012 and started production on the Elk Creek Complex in the fourth quarter of 2016. The 2012 purchase included acquisition of rail access, permitted impoundment and coal refuse disposal facilities, as well as numerous reclaimed, but permitted deep mines. Pittston Coal Company operated mines on the northern Huff Creek portion (McDonald and Baisden properties) of the Elk Creek Complex in the 1970s and 1980s before the company exited the coal mining business in 2001.
The Elk Creek Complex consists of approximately 20,200 acres of leased coal holdings. Within the Elk Creek Complex controlled coal holdings, 16,000 acres lie in Logan County, 2,800 acres in Wyoming County and 1,400 acres in Mingo County. The Elk Creek Complex is in the production stage and currently has seven active mines, two planned and permitted mines, two permitted inactive mines, and one planned but not permitted mine. The four planned and/or permitted mines include one contour surface mine developing area for a highwall miner, and three underground room and pillar mines, which use continuous miners for mine development. Ramaco began production of metallurgical coal at the complex in 2016. A majority of the underground mines implement retreat mining, which results in mining recovery of greater than 80 percent. Contour mining has an average mining recovery of approximately 90 percent, and the highwall mines have an average mining recovery of approximately 40 percent.
The Elk Creek Complex is mining several seams and seam splits, including the Chilton A, Upper Dorothy, Upper Dorothy 2, 3, and 4, Middle Dorothy, Lower Dorothy, Upper Cedar Grove, Lower Cedar Grove A, Lower Cedar Grove B, Lower Cedar Grove C, Upper Alma, Lower Alma, Powellton, Eagle, and No. 2 Gas seams, in descending stratigraphic order.
Currently, there are seven active mines within the complex:
● Ram No. 1 Surface and Highwall Mine
● Ram No. 3 Surface and Highwall Mine
● Stonecoal No. 2 Alma Deep Mine
● Rockhouse Eagle Deep Mine
● No. 2 Gas Deep Mine
● Michael Powellton Deep Mine
● Crucible Deep Mine Lower Cedar Grove B and C seams
There are two planned and permitted mines within the complex:
● Ram No. 2 Surface and Highwall Mine (which is the extension of Ram No. 1 above)
● Glen Alum Tunnel #1 Deep Mine
There are two permitted inactive mines, the Eight-Kay Deep Mine and the Monarch Deep Mine. The Bens Creek Deep Mine is planned but is not yet permitted. It is likely future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions. With the exception of the Ram No. 2 mine, all planned mines are subject to future Board approval.
The current Elk Creek Complex Life-of-Mine (“LOM”) Plan projects mining through 2040; an expected mine life for the complex of 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.
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All Run-of-Mine (“ROM”) coal is washed at the Elk Creek Preparation Plant. The Elk Creek Preparation Plant, built in 2017 by Raw Resources Group located in Princeton, West Virginia, is a well designed and constructed preparation plant, with ROM processing capacity of 700 tons per hour. During 2022, we began work on a throughput upgrade at our Elk Creek Preparation plant. We completed the expansion in 2023, which raised the nameplate processing capacity to 1,050 raw tons per hour and our annual processing capacity from this complex to approximately three million tons per year.
In order to utilize the increased capacity, we also completed development work on additional low-cost, high- volatile mines at Elk Creek during 2024, including the Ram 3 surface/highwall mine and the third section at the Stonecoal Alma mine, both of which were at full production by the end of the third quarter of 2024.
The gross investment in the Elk Creek Complex mining property and its associated plant and equipment was $459 million as of December 31, 2025. The Elk Creek Complex utilizes industry standard, modern surface and underground mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.
The Elk Creek Complex produces high-quality, high-volatile metallurgical coal. Historically, the market for metallurgical coal from the Elk Creek Complex has been domestic metallurgical coal consumers and the global seaborne metallurgical coal market. Coal produced from the complex is primarily high-volatile A and high-volatile B metallurgical coal. The Elk Creek Complex also produces thermal coal and specialty coals, which typically represents less than five percent of sales in any given year.
Volatiles refers to the volatile matter contained in the coal. Classification of coal as low, mid or high-volatile refers to the specific volatile content within the coal, with coals of 17% to 22% volatile matter being classified as low-volatile, 23% to 31% as mid-volatile and 32% or greater as high-volatile. The volatile matter in coal impacts coke yield (i.e., the amount of coke and coke by-products produced per ton of coal charged). Low-volatile coal contains more carbon, but too much carbon can result in coke oven damage. Too much volatile matter results in less carbon and reduces the volume of coke produced. Therefore, coke producers use blends of high-volatile and low-volatile coals for coke production.
We are unaware of any significant encumbrances to the Elk Creek Complex, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.
Berwind Complex
The Berwind Complex is located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky at N 37.164522, W 81.744893. The complex includes areas in Buchanan and Tazewell Counties, Virginia and McDowell County, West Virginia. The Berwind Complex is within the Southwestern Virginia and Southern West Virginia coal fields of the CAPP Region of the United States.
The Berwind Complex and surrounding area have an extensive history of coal mining, primarily by underground mining methods. Mining within the Berwind/Knox Creek Complex likely began in the early-1900s and there have been many different mine operators both large and small in the region since then.
The Berwind Property consists of approximately 62,500 acres of leased coal holdings located in McDowell County, West Virginia and Buchanan and Tazewell Counties, Virginia. Ramaco obtained its initial lease for this property in 2015 and commenced mine operations in 2017. The Berwind Complex is in the production stage and currently has two active mines. The mines that were active at December 31, 2025 are underground room and pillar mines, which use continuous miners for mine development.
Ramaco started operations at the Berwind Pocahontas 4 Deep Mine in 2017 and idled the mine in mid-July 2022 due to an ignition that an investigation by the Mine Safety and Health Administration (MSHA) suggests was
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caused by lightning that struck a pilot hole for a new shaft. Production at the Berwind No. 1 Deep Mine restarted in the first quarter of 2023. The Company continues to increase production at the main Berwind low-volatile mine.
A majority of the underground mines implement retreat mining, which typically results in mining recovery of greater than 80 percent. Contour mining has an average mining recovery of approximately 90 percent, and the highwall mine has an average mining recovery of approximately 40 percent.
The Berwind Complex is mining several seams and seam splits, including the Pocahontas 6, Pocahontas 5, Pocahontas 4 and Pocahontas 3 seams, in descending stratigraphic order.
Active Mines:
● Laurel Fork Pocahontas 3 Deep Mine
● Berwind No. 1 Pocahontas 4 Deep Mine
Permitted Mines:
● Squire Jim No. 1 Deep Mine
The current Berwind Complex Life-of-Mine (LOM) Plan projects mining through 2049, an expected mine life for the complex of over 20 years. However, it is likely that future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions.
All Run-of-Mine (ROM) coal is washed at the Berwind Preparation Plant with no planned direct shipment coal. The Berwind Preparation Plant was initially built in 1955 and commissioned in 1957. Ramaco refurbished the preparation plant in 2021 and 2022 based on a design by Ramsey Industrial, with a current ROM processing capacity of 600 tons per hour.
The gross investment in the Berwind Complex mining property and its associated plant and equipment was $240 million as of December 31, 2025. The Berwind Complex utilizes industry standard, modern surface and underground mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.
The Berwind Complex produces high-quality, mid and low-volatile metallurgical coal. Historically, the market for metallurgical coal from the Berwind Complex has been for both domestic metallurgical coal consumers and the global seaborne metallurgical coal market.
We are unaware of any significant encumbrances to the Berwind Complex, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.
Knox Creek Complex
The Knox Creek Complex consists of two general properties or areas as follows:
● Big Creek Property
● Knox Creek Property
The Knox Creek Complex is located approximately 90 miles south of Charleston, West Virginia; 110 miles west of Roanoke, Virginia; 50 miles northeast of Kingsport, Tennessee; and 150 miles east/southeast of Lexington, Kentucky at N 37.108, W 81.9106. The complex includes areas in Buchanan, Russell and Tazewell Counties, Virginia and McDowell County, West Virginia. The Knox Creek Complex is within the Southwestern Virginia and Southern West Virginia coal fields of the CAPP Region of the United States.
The Knox Creek Complex and surrounding area have an extensive history of coal mining, primarily by underground mining methods. Mining within the Knox Creek Complex likely began in the early-1900s and there have been many different mine operators both large and small in the region since then.
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The Knox Creek Complex consists of approximately 88,850 acres of owned and leased coal holdings. Within the Knox Creek Complex controlled coal holdings, 5,370 acres lie in McDowell County, West Virginia. The Knox Creek Complex is in the production stage and currently has one active mine and two planned and permitted mines. The single active mine is a contour surface mine developing areas for a highwall miner. The Company closed the Jawbone No. 1 Deep Mine during 2024, which was nearing end of mine life and experiencing higher cost production. The Company acquired approximately 24,800 acres in November 2025 from Coranado IV, LLC, and Buchanan Minerals, referred to as the Russell County property. Through this acquisition Ramaco extended the mine life for Big Creek Surface mine by an additional five years. Further engineering work is being completed to evaluate additional potential coal areas.
Ramaco began production of metallurgical coal at the complex in 2019. The underground mines will implement retreat mining, which typically results in mining recovery of 50 to 80 percent. At the surface mine, contour mining has an average mining recovery of approximately 90 percent, and highwall mining has an average mining recovery of approximately 40 percent.
The Knox Creek Complex is mining or plans to mine several seams and seam splits, including the Jawbone, Kennedy and Tiller seams.
Active Mine:
● Big Creek Surface
Planned and Permitted Mines:
● Knox Creek Tiller Deep Mine
● Kennedy No. 3 Deep Mine
Closed Mines:
● Big Creek Jawbone No. 1 Deep Mine was active during most of 2024, but was closed later in the year and is no longer active
We estimate that the mine life for the Knox Creek Complex is 30 years. It is anticipated that future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions. Both planned mines listed above are subject to future Board approval.
All Run-of-Mine (ROM) coal is washed at the Knox Creek Preparation Plant. The Knox Creek Preparation Plant, built in 1981 by Powell Construction Company located in Johnson City, Tennessee, is a well designed and constructed preparation plant, with ROM processing capacity of 750 tons per hour.
The gross investment in the Knox Creek Complex mining property and its associated plant and equipment was $53 million as of December 31, 2025. The Knox Creek Complex utilizes industry standard, modern surface and underground mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.
The Knox Creek Complex produces high-quality, mid and high-volatile metallurgical coal. Historically, the market for metallurgical coal from the Knox Creek Complex has included both domestic metallurgical coal consumers and the global seaborne metallurgical coal market. The Knox Creek Complex also sporadically produces a minimal quantity of thermal coal from the surface mine from oxidized zones.
We are unaware of any significant encumbrances to the Knox Creek Complex, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.
Maben Complex
The Maben Complex is located approximately 52 miles south of Charleston, WV; 80 miles west of Roanoke, Virginia; 100 miles northeast of Kingsport, Tennessee; and 170 miles east/southeast of Lexington, Kentucky at N 37.6525, W 81.3867.
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The Maben Complex and surrounding area have an extensive history of coal mining, primarily by contour surface and underground mining methods. Mining within the area likely began in the early-1900s, and there have been many different mine operators both large and small in the region since then. The Maben Coal Company, unrelated to Ramaco, was one of the primary operators on the Maben property and in the region. Pocahontas Coal Company also had a presence in the region.
The Maben property consists of approximately 28,000 acres of controlled mineral rights acquired from the purchase of Maben Coal in the third quarter of 2022 from Appleton Coal, LLC. 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. We also assumed 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 at the closing date. During 2024, the Company completed the purchase of an existing coal preparation plant and relocated the plant to the Maben Complex, which was commissioned early in the fourth quarter of 2024.
The Maben Complex is in the production stage and currently has one active mine and three planned underground mines.
Active Mine:
● Maben Surface and Highwall Mine
Planned and Permitted Mines:
● Beckley Crystal Deep Mine
● Allen Creek Mine No. 1
Planned and Unpermitted Mine:
● Slick Rock Sewell Deep Mine
The current expected mine life for the 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 Ramaco production goals aligned with market conditions.
The gross investment in the Maben Complex mining property and its associated plant and equipment was $74 million as of December 31, 2025. The Maben Complex utilizes industry standard, modern surface and highwall mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.
The Maben Complex produces high-quality, low-volatile metallurgical coal, which serves both domestic metallurgical coal consumers and the global seaborne metallurgical coal market.
We are unaware of any significant encumbrances to the Maben Complex, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.
Brook Mine
The Brook Mine is located approximately nine miles northwest of Sheridan, Wyoming in Sheridan County, Wyoming. The Brook Mine is located within the Sheridan Coal within the northwestern portion of the Powder River Basin coal producing region of the United States.
Mining activity in and around the Brook Mine dates back to the late 19th century, when underground coal mining began in the Sheridan Coal Field around 1894 and continued through 1953, with major operations (the Dietz, Acme, Model, Carney, Monarch, and Kooi mines) eventually consolidated under the Sheridan Wyoming Coal Company and later acquired by Pittston. Subsequent large scale surface mining was carried out by Big Horn Coal Company
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beginning in the 1950s, with production peaking at roughly one million tons per year in 1970 before operations ceased in 2000.
The Brook Mine consists of approximately 15,800 acres of Ramaco owned and leased surface and mineral holdings located in Sheridan County, Wyoming. The property was acquired as part of the purchase of Ramaco Coal during 2022.
An initial mineral resource estimate was released for the Brook Mine in September 2025 based on a TRS of the Brook Mine completed by Weir. The TRS is underpinned by preliminary economic assessment completed by Fluor Corporation. 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.
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 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.
Additional drilling and sampling has occurred since the issuance of the September 2025 TRS. Weir has reviewed the three completed holes and determined that the new assays are in-line with the results of the TRS. Once all sampling and analysis is complete, a detailed assessment will be completed to incorporate the latest exploration information into the model.
The gross investment in the Brook Mine property was $12 million as of December 31, 2025.
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. Subject to the results of such testing, the Brook Mine is expected to produce a mix of refined rare earth element and critical mineral products, as well as sub-bituminous thermal coal for domestic consumption.
We are unaware of any significant encumbrances to the Brook Mine.
Other Properties
Refer to the discussion of our RAM Mine under Item 1. “Business - Our Projects” for information about this property, which is not included in the disclosures of mineral resources and reserves at December 31, 2025 to follow.
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Summary of Mineral Resources and Reserves
Summaries of mineral resources and reserves at our material properties as of December 31, 2025, are set forth in Tables 1 and 2.
Table 1. Summary of Mineral Resources at the end of Fiscal Year ended December 31, 2025
In-Place Resources (000 Tons)
(000 Tons)
Coal Quality (Dry Basis) Raw
Measured
Indicated
Total
Inferred
Ash (%)
Relative Density
(Lbs./Cu.Ft.)
Area
Berwind Complex
Red Ash 2
15,740
-
15,740
-
8.25
86.48
Tiller
11,230
-
11,230
-
22.38
92.68
Greasy Creek 2
3,325
-
3,325
-
30.55
97.27
Pocahontas 11
8,030
-
8,030
-
22.64
91.73
Pocahontas 10
11,075
-
11,075
-
15.90
87.94
Pocahontas 9-2
33,226
45
33,271
-
17.00
86.95
Pocahontas 9-1
9,700
15,920
25,620
4,495
17.00
88.61
Pocahontas 6
8,303
-
8,303
-
38.10
101.74
Pocahontas 5
41,755
1,512
43,267
-
11.40
85.44
Pocahontas 4
50,233
6,683
56,916
-
18.20
88.96
Pocahontas 3
127,914
8,481
136,395
-
16.19
88.02
Squire Jim
243,471
37,734
281,205
-
25.00
94.39
Berwind Complex Total
564,002
70,375
634,377
4,495
20.41
91.06
Knox Creek Complex
Big Creek Property
35,775
-
35,775
-
14.10
91.42
Knox Creek Property
234,093
6,580
240,673
-
13.62
87.77
Knox Creek Complex Total
269,868
6,580
276,448
-
13.68
88.28
Elk Creek Complex
Ram Surface
96,776
12,626
109,402
-
15.42
88.42
Crucible Deep
2,285
730
3,015
-
8.74
84.04
Stonecoal No. 2 Alma Deep Mine
16,202
2,917
19,119
-
11.58
84.93
Rockhouse Eagle Deep Mine
4,065
35
4,100
-
19.62
89.07
Moorfork Mine
2,390
360
2,750
-
15.49
82.24
Bens Creek Deep Mine
15,510
24,425
39,935
-
25.83
93.81
Lower War Eagle
4,965
2,870
7,835
70
21.76
90.64
Glen Alum Tunnel #1 Deep Mine
9,295
10,855
20,150
815
4.80
81.13
Gilbert Deep Mine
2,085
2,565
4,650
85
23.56
92.66
Elk Creek Complex Total
153,573
57,383
210,956
970
16.60
88.59
Maben Complex
Sewell
13,336
1,153
14,489
-
12.20
82.90
Welch
378
-
378
-
N/A
88.60
Little Raleigh
748
273
1,021
-
43.95
105.50
Beckley
43
-
43
-
9.82
87.90
Lower Beckley
32,210
1,184
33,394
-
15.43
86.10
Fire Creek
536
288
824
-
N/A
89.17
Pocahontas No. 9
1,042
51
1,093
-
N/A
89.17
Pocahontas No. 6
33,780
1,826
35,606
-
18.35
91.10
Pocahontas No. 4
51,732
2,175
53,907
-
24.99
87.40
Pocahontas No. 3
71,179
3,767
74,946
-
22.21
94.80
Maben Complex Total
204,984
10,717
215,701
-
20.63
90.19
Grand Total
1,192,427
145,055
1,337,482
5,465
Notes:
● Mineral Resources reported above are not Mineral Reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral Resources reported here are exclusive of Mineral Reserves.
● Resource probable economic mineability is based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 foot minimum seam thickness, area mining with a cutoff stripping ratio of 20:1, and primarily metallurgical
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low and mid-volatile coal at the Berwind Complex realizing a sales price of $169 per ton at a cash cost of $101 per clean ton (FOB Mine), primarily metallurgical mid and high-volatile coal at the Knox Creek Complex realizing a sales price of $184 per ton and cash cost of $99 per clean ton (FOB Mine), primarily metallurgical high-volatile A and high-volatile B coal at the Elk Creek Complex realizing a sales price of $131 per ton at a cash cost of $77 per clean ton (FOB Mine), and primarily metallurgical low-volatile coal at the Maben Complex realizing a sales price of $153 per ton and cash cost of $116 per clean ton (FOB Mine) based on their respective TRS reports, which can be found in the Exhibits.
● Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
Table 2. Summary of Mineral Reserves at the end of Fiscal Year ended December 31, 2025
Clean Recoverable Reserves (000 tons)
Average Coal Quality (Raw Dry Basis)
Proven
Probable
Total
Ash (%)
Relative Density
(Lbs./Cu.Ft.)
Berwind Complex
Berwind No. 1 Deep Mine - Pocahontas 4
15,479
26
15,505
23.70
92.82
Laurel Fork Deep Mine - Pocahontas 3
2,321
-
2,321
10.60
84.32
Triple S Highwall Mine - Pocahontas 5
141
37
178
11.10
84.89
Berwind Complex Total
17,941
63
18,004
20.26
89.93
Knox Creek Complex
Big Creek Surface and Highwall Mine - Tiller 1-2
575
-
575
19.09
89.75
Big Creek Jawbone 1 Deep Mine
-
-
-
-
-
Big Creek Jawbone 1 Surface and Highwall Mine
210
-
210
18.40
89.50
Knox Creek Tiller Deep Mine - Jawbone 3
6,362
-
6,362
16.10
88.05
Kennedy No. 2 Deep Mine
720
-
720
13.60
86.48
Knox Creek Complex Total
7,867
-
7,867
16.69
88.43
Elk Creek Complex
Ram Surface No. 1 and Highwall Mine
740
-
740
17.68
88.72
Ram Surface No. 2 and Highwall Mine
342
-
342
17.68
88.72
Ram Surface No. 3 and Highwall Mine
3,798
397
4,195
15.79
87.83
Crucible Deep
3,932
395
4,327
10.38
84.11
Stonecoal No. 2 Alma Deep Mine
4,708
60
4,768
24.32
88.49
Michael Powellton Mine
720
45
765
40.70
103.20
Rockhouse Eagle Deep Mine
953
626
1,579
18.55
88.61
No. 2 Gas Deep Mine
4,090
488
4,578
22.30
91.40
Eight-Kay
1,390
240
1,630
12.32
85.73
Bens Creek Deep Mine
1,670
170
1,840
28.56
95.84
Glen Alum Tunnel #1 Deep Mine
2,380
2,190
4,570
5.94
81.78
Elk Creek Complex Total
24,723
4,611
29,334
17.29
87.86
Maben Complex
Maben Surface and Highwall
1,377
12
1,389
12.20
85.50
Crystal Beckley Deep Mine
1,508
-
1,508
15.40
86.10
Slick Rock Sewell Deep Mine
3,922
355
4,277
12.20
85.50
Allen Creek No. 1 Mine
22,615
-
22,615
22.20
94.80
Maben Complex Total
29,422
367
29,789
20.00
92.59
Grand Total
79,953
5,041
84,994
Notes:
● Clean recoverable reserve tonnage based on underground mining recovery of 50 to 80 percent (contingent upon retreat mining capability), 90 percent for surface mining, 40 percent for highwall mining, theoretical preparation plant yield, and a 95 percent preparation plant efficiency.
● Mineral Reserves estimated for the Berwind Complex are based primarily on metallurgical low and mid-volatile coal realizing a sales price of $169 per ton at a cash cost of $101 per clean ton (FOB Mine), primarily metallurgical mid and high-volatile coal at the Knox Creek Complex realizing a sales price of $184 per ton and cash cost of $99 per clean ton (FOB mine), primarily metallurgical high-volatile A and high-volatile B coal at the Elk Creek Complex realizing a sales price of $131 per ton at a cash cost of $77 per clean ton (FOB Mine), and primarily metallurgical low-volatile coal at the Maben Complex realizing a sales price of $153 per ton and a cash cost of $116 per clean ton (FOB mine) based on their respective TRS reports, which can be found in the Exhibits.
● Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
● Mineral Reserves are reported exclusive of Mineral Resources.
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Our coal resource and reserve estimates at December 31, 2025, were prepared by a qualified person (“QP”) and have a basis in periodic, historical reserve studies completed by third-party geological engineering firms. Our coal resource and reserve estimates are based on data obtained from our drilling activities and other available geologic data. Acquisitions or sales of coal properties will change these estimates. Changes in mining methods or the utilization of new technologies may increase or decrease the recovery basis for a coal seam. The most recent studies of our coal reserves for the Elk Creek Complex, Berwind Complex, Knox Creek Complex, and Maben Complex were prepared by an independent engineering firm, Weir. In periods between third party updates, we update reserves utilizing our internal staff of engineers and geologists based on production data. We intend to continue to periodically retain outside experts to assist management with the verification of our estimates of our coal reserves going forward.
Weir prepared our reserve reporting in compliance with the Regulation S-K 1300 requirements. Weir initiated this process with us by completing a historical project review as well as its validation of our complete drill hole database. Weir validated that property control is accurately reflected in reserve modeling, verifying the latest property boundaries, including control by each seam. Weir also examined reserve boundaries to ensure agreement with mining parameters, such as minimum thickness, minimum yield and minimum inter-burden between seams. Resource classification is determined based on the expectation of our meeting these mining parameters. Weir also conducted mining integrity checks to ensure each reserve area is minable.
In determining whether our reserves meet this standard, we take into account, among other things, our potential ability to obtain a mining permit, the possible necessity of revising a mining plan, changes in estimated future costs, changes in future cash flows caused by changes in costs required to be incurred to meet regulatory requirements and obtaining or renewing mining permits, variations in quantity and quality of coal, and varying levels of demand and their effects on selling prices. Further, the economic recoverability of our reserves is based on market conditions including contracted pricing, market pricing and overall demand for our coal. Thus, the actual value at which we no longer consider our reserves to be economically recoverable varies depending on the length of time in which the specific market conditions are expected to last. We consider our reserves to be economically recoverable at a price in excess of our cash costs to mine the coal and fund our ongoing replacement capital. The reserves in this Annual Report are classified by reliability or accuracy in decreasing order of geological assurance as Proven (Measured) and Probable (Indicated).
Summaries of the mineral resources and mineral reserves as of December 31, 2025 and December 31, 2024 are shown below. Weir served as the QP and prepared the estimates of mineral resources and mineral reserves at the Berwind Complex, Knox Creek Complex, Elk Creek Complex, and Maben Complex. Since a material change has not occurred from the last TRS filed for each of the Berwind, Knox Creek, Elk Creek, and Maben complexes, the previous years’ TRSs have not been updated. Refer to Exhibit 96.1, 96.2, 96.3, and 96.4 for access to the previous TRS for the Berwind Complex, Knox Creek Complex, Elk Creek Complex, and Maben Complex, respectively.
Year ended December 31,
Year ended December 31,
2025
2024
(in millions)
Measured + Indicated In-Place Resources
Proven + Probable Clean Recoverable Reserves
Measured + Indicated In-Place Resources
Proven + Probable Clean Recoverable Reserves
Area
Berwind Complex
634
18
634
19
Knox Creek Complex
276
8
277
7
Elk Creek Complex
211
29
211
29
Maben Complex
216
30
230
11
Total
1,337
85
1,352
66
Estimates of coal reserves and resources are updated annually to reflect changes resulting from active mine production, mine plan modifications, property acquisitions/sales, impacts of additional exploration drilling, and any other changes that impact remaining coal reserve and resource tonnage.
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The combined proven and probable reserves increased by 19 million tons and measured and indicated in-place resources decreased by 15 million tons during 2025, which was driven by previously classified resources at the Maben Complex being classified as reserves based on the latest assessments.
Key assumptions and parameters relating to the mineral resources and mineral reserves are discussed in sections 11 and 12, respectively, of each TRS.
Internal Controls
In our exploration and mineral resource and reserve estimation efforts, we utilize a certified American National Standards Institute third-party laboratory, which has in-house quality control and assurance procedures. Once in possession of the samples, the laboratory standard sample preparation and security procedures are followed. After the sample has been tested, reviewed, and accepted, the disposal of the sample is done in accordance with local, state and EPA approved methods.
Weir has determined the sample preparation, security and analysis procedures used for our drillhole samples meet current coal industry standards and practices for quality testing, with laboratory results suitable to use for geological modeling, mineral resource estimation and economic evaluation.
Year-end reserve estimates are and will continue to be reviewed by our Chief Executive Officer and other senior management, and revisions are communicated to our board of directors. Inaccuracies in our estimates of our coal reserves could result in decreased profitability from lower-than-expected revenue or higher-than-expected costs. Actual production recovered from identified reserve areas and properties, and revenue and expenditures associated with our mining operations, may vary materially from estimates.