What changed in this filing

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Item 2. Properties

2023-03-14 compared with 2022-04-01 · 130 added, 76 removed, 185 unchanged (53% of the section changed)

Summary Overview of Mining Operations

Information concerning our mining properties in this Annual Report has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which first became applicable to us for the fiscal year ended December 31, 2021.

These requirements differ significantly from the previously applicable disclosure requirements of SEC Industry Guide 7.

Among other differences, subpart 1300 of Regulation S-K requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year both in the aggregate and for each of our individually material mining properties.

Information concerning our mining properties in this Annual Report has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year both in the aggregate and for each of our individually material mining properties.

As used in this Annual Report, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with subpart 1300 of Regulation S-K.

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Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category.

Likewise, you are

cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves.

Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves.

See “Item 1A “Risk Factors”

The information that follows relating to the Elk Creek Complex and the Berwind/Knox Creek complex (the “Berwind/Knox Creek Complex”) is derived, for the most part, from, and in some instances is an extract from, the technical report summaries (“TRS”) relating to such properties prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

The information that follows relating to the Elk Creek Complex, Berwind Complex, and Knox Creek Complex is derived, for the most part, from, and in some instances is an extract from, the technical report summaries (“TRS”) relating to such properties prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

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

Reference should be made to the full text of the TRS’s, incorporated herein by reference and made a part of this Annual Report.

The following map shows the location of our mining properties and offices, as of December 31, 2021:

At December 31, 2021, we had three mining properties, as summarized in the table below:

The following map shows the location of our mining properties and offices, excluding our property near Sheridan, Wyoming, as of December 31, 2022:

At December 31, 2022, we had four mining properties, as summarized in the table below (tons produced in 000s), excluding the Brook Mine property being used to support the Company’s CORE initiatives:

Processing Facilities -

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Elk Creek Preparation Plant - CSX RR, Truck

Berwind/Knox Creek Complex

Berwind Complex

McDowell County, WV, Buchanan and Tazewell Counties, VA

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

Underground, Highwall, Surface

Low, Mid and High Volatile A

Mid and High Volatile A

Knox Creek Preparation Plant - Truck, Norfolk Southern RR

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2.7 million tons for fiscal year 2022, 2.2 million tons for fiscal year 2021, and 1.7 million tons for fiscal year 2020.

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.

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.

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We believe that all of our leases were entered into at market terms.

Our executive headquarters occupies leased office space in Lexington, Kentucky and we lease office space in Charleston, West Virginia as an operations center.

“Business - Our Projects” for specific information about our mining operations.

The Company leases office space in Lexington, Kentucky that serves as its executive headquarters.

In addition, the Company owns office space in Charleston, West Virginia that serves as an operations center.

The Company also owns offices in Sheridan, Wyoming as part of its CORE initiatives.

“Business - Our Projects” for additional information about our mining operations and CORE 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.

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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 Complex and the Berwind/Knox Creek Complex are material to our business and are further described below.

The mining operations for the Elk Creek, Berwind, and Knox Creek complexes are material to our business and are further described below.

Elk Creek Complex

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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 four active mines, five planned and permitted mines, one permitted inactive mine, and one planned but not permitted mine.

The five planned and permitted mines include two contour surface mine developing areas for a highwall miner, and three underground room and pillar mines, which use continuous miners for mine development.

The Elk Creek Complex is in the production stage and currently has six active mines, three planned and permitted mines, one permitted inactive mine, and one planned but not permitted mine.

The five planned and/or permitted mines include two contour surface mine developing areas 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.

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Contour mining has an average mining recovery of approximately 90 percent, and the highwall mines have and 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, No.

2 Gas, Upper Alma, Lower Alma, Powellton, and Eagle seams.

Currently, there are four active mines within the complex:

2 Gas seams, in descending stratigraphic order.

Currently, there are six active mines within the complex:

1 Surface and Highwall Mine;

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2 Gas Deep Mine;

There are five planned and permitted mines within the complex:

● Michael Powellton Deep Mine, scheduled for late-2022 startup;

● Crucible Lower Cedar Grove B and C seams, scheduled for early-2022 startup;

● Michael Powellton Deep Mine;

● Crucible Lower Cedar Grove B and C seams.

There are three planned and permitted mines within the complex:

3 Surface and Highwall Mine, scheduled for 2023 startup;

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The projected startup date for this mine is 2026.

There are several other resource areas on the property which Ramaco may plan to mine and permit at a future date.

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.

The current Elk Creek Complex Life-of-Mine (“LOM”) Plan projects mining through 2040;

an expected mine life for the complex of 18 years.

Ramaco projects total annual mine production to range from 2.0 to 2.6 million clean tons when the surface and continuous miner units are operating (2022 through 2028) and 0.5 to 1.6 million clean tons per year from 2029 through 2040 after surface mining ceases in 2028, in the absence of new mine development.

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.

The Company projects total annual mine production to range from 2.1 to 2.3 million clean tons in 2023.

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 expect this upgrade will raise the nameplate processing capacity to 1,150 raw tons per hour and our annual processing capacity from this complex to approximately 3.0 million tons per year.

We expect that this upgrade will be completed in the second quarter of 2023.

In order to meet this increased capacity, we also began development work on additional low-cost, high- volatile underground and surface mines at Elk Creek.

These mines began production during the second quarter of 2022 and are expected to reach full levels of productivity during 2023.

Production is expected to increase at Elk Creek commensurate with the increase in processing capacity discussed above.

The book value of the Elk Creek Complex property and its associated plant and equipment was $264 million as of December 31, 2022.

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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/Knox Creek Complex

The Berwind/Knox Creek Complex consists of three general properties or areas as follows:

● Berwind Property;

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 has 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 their initial lease for this property in 2015 and commenced mine operations in 2017.

The Berwind Complex is in the production stage and currently has three active mines, one mine that was idle at December 31, 2022 and subsequently reactivated in the first quarter of 2023, and one permitted mine.

The three mines that were active at December 31, 2022 include one contour surface mine developing areas for a highwall miner, and two 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 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.

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

● Triple S Surface and Highwall Mine

● Berwind No.

1 Pocahontas 4 Deep Mine (idle at December 31, 2022 but reactivated in the first quarter of 2023)

Permitted Mines:

● Squire Jim No.

1 Deep Mine, permitted but not planned for startup

The current Berwind Complex Life-of-Mine (LOM) Plan projects mining through 2049, an expected mine life for the complex of 27 years.

Ramaco projects total annual production to be approximately 0.9 million clean tons until another super-section is started in the Berwind No.

1 Deep Mine in 2027, and average 1.2 million clean tons per year through 2040 when the Berwind No.

1 Deep Mine is nearing end of mine life.

After this, the single-section Laurel Fork Deep Mine is currently planned to operate into 2049 at an average annual rate of approximately 307 thousand clean tons per year.

However, 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.

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 book value of the Berwind Complex property and its associated plant and equipment is $148 million as of December 31, 2022.

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 Berwind/Knox Creek Complex is located approximately 80 miles south of Charleston, West Virginia;

The Knox Creek Complex is located approximately 80 miles south of Charleston, West Virginia;

100 miles west of Roanoke, Virginia;

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The complex includes areas in Buchanan, Russell and Tazewell Counties, Virginia and McDowell County, West Virginia.

The Berwind/Knox Creek Complex is within the Southwestern Virginia and Southern West Virginia coal fields of the CAPP Region of the United States.

The Berwind/Knox Creek Complex and surrounding area has 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/Knox Creek Complex consists of approximately 103,400 acres of owned and leased coal holdings.

Within the Berwind/Knox Creek Complex controlled coal holdings, 32,500 acres lie in McDowell County, West Virginia, 24,900 acres lie in Buchanan County, Virginia, 30,300 acres in Tazewell County, Virginia, and 15,700 acres in Russell County Virginia.

The Berwind/Knox Creek Complex is in the production stage and currently has three active mines and two planned and permitted mines.

The three active mines include one contour surface mine developing areas for a highwall miner, and two underground room and pillar mines, which use continuous miners for mine development.

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 has 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.

The Knox Creek Complex consists of approximately 74,400 acres of owned and leased coal holdings.

Within the Knox Creek Complex controlled coal holdings, 9,250 acres lie in McDowell County, West Virginia.

The Knox Creek Complex is in the production stage and currently has two active mines and two planned and permitted mines.

There are no active or planned West Virginia mines currently within the Knox Creek Complex.

The two active mines include one contour surface mine developing areas for a highwall miner, and one underground room and pillar mine, which uses continuous miners for mine development.

Ramaco began production of metallurgical coal at the complex in 2019.

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 mine has an average mining recovery of approximately 40 percent.

The Berwind/Knox Creek Complex is mining several seams and seam splits, including the Pocahontas 4, Pocahontas 3, Jawbone and Tiller seams.

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 Mines:

● Berwind No.

1 Pocahontas 4 Deep Mine

● triad Pocahontas 4 Deep Mine

● Big Creek Jawbone No.

● Big Creek Surface and Highwall Mine

Planned and Permitted Mines:

● Big Creek Jawbone 1 Deep Mine, scheduled for mid-2022 startup

● Laurel Fork Deep Mine, scheduled for mid-2022 startup

We recently acquired the Laurel Fork Deep Mine as part of the purchase of the Amonate Assets, however, geology work has not been completed for this mining property and reserves have not been estimated.

The current Berwind/Knox Creek Complex LOM Plan projects mining through 2039, an expected mine life for the complex of 18 years.

Ramaco projects total annual production to range from 0.8 to 1.0 million clean tons when the surface and continuous miner units are operating (2022 through 2023), and 0.4 to 0.8 million clean tons per year from 2024 through 2039 after surface mining ceases in 2023.

These figures do not include mining on the Amonate reserves, which we anticipate adding between 0.7-0.9 million tons of annual production by the end of 2023.

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.

Currently, all ROM coal is washed at the Knox Creek preparation plant.

● Knox Creek Tiller Deep Mine, scheduled for 2024 startup

● Kennedy No.

3 Deep Mine, scheduled for 2024 startup

The current Knox Creek Complex Life-of-Mine (LOM) Plan projects mining through 2037, an expected mine life for the complex of 15 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.

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 book value of the Berwind/Knox Creek Complex property and its associated plant and equipment is $96 million as of December 31, 2021.

The Berwind/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 Berwind/Knox Creek Complex produces primarily a high quality, mid and low-volatile metallurgical coal.

Historically, the market for metallurgical coal from the Berwind/Knox Creek Complex has been domestic metallurgical coal consumers and the global seaborne metallurgical coal market.

The Berwind/Knox Creek Complex also produces a minimal quantity of thermal coal from the surface mine, which represents approximately two percent of its total coal sales.

We are unaware of any significant encumbrances to the Berwind/Knox Creek Complex, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.

The book value of the Knox Creek Complex property and its associated plant and equipment is $31 million as of December 31, 2022.

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.

Summary of Mineral Resources and Reserves

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(Lbs./Cu.Ft.)

Berwind/Knox Creek Complex

Berwind Property

Berwind Complex

Knox Creek Complex

Big Creek Property

Knox Creek Property

Elk Creek Complex

Crucible Deep

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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 feet minimum seam thickness, area mining with a cutoff stripping ratio of 20:1, and primarily metallurgical low and mid-volatile coal at the Berwind/Knox Creek Complex realizing a sales price of $142 per ton at a cash cost of $77 per clean ton (FOB Mine) and primarily a 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).

● Resource probable economic mineability is based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 feet minimum seam thickness, area mining with a cutoff stripping ratio of 20:1, and primarily metallurgical 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 at the Knox Creek Complex realizing a sales price of $184 per ton and cash cost of $99 per clean ton (FOB Mine), and 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).

● Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

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(Lbs./Cu.Ft.)

Berwind/Knox Creek Complex

Berwind Property

Pocahontas No.

Triad Pocahontas 4 Deep Mine

Knox Creek Property

Berwind Complex

Laurel Fork Deep Mine

Triple S Highwall Mine

Knox Creek Complex

Big Creek Surface and Highwall Mine

Big Creek Jawbone 1 Deep Mine

Knox Creek Tiller Deep Mine

Elk Creek Complex

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● 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/Knox Creek Complex are based primarily on metallurgical low and mid-volatile coal at the Berwind/Knox Creek Complex realizing a sales price of $142 per ton at a cash cost of $77 per clean ton (FOB Mine) and primarily a 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).

● 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), and primarily a 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).

● Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

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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/Knox Creek Complex and RAM Mine were prepared by an independent engineering firm, Weir International, Inc.

The most recent studies of our coal reserves for the Elk Creek Complex, Berwind Complex, Knox Creek Complex, and RAM Mine were prepared by an independent engineering firm,

Weir International, Inc.

In periods between third party updates, we update reserves utilizing our internal staff of engineers and geologists based upon 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.

In our most recent reserve studies, Weir prepared our reserve reporting in compliance with the Regulation S-K 1300 requirements.

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.

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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 Berwind/Knox Creek Complex’s and Elk Creek Complex’s mineral resources and mineral reserves as of December 31, 2021 and December 31, 2020 are shown below.

Weir served as the QP and prepared the estimates of mineral resources and mineral reserves at the Berwind/Knox Creek Complex and Elk Creek Complex.

A copy of the QP’s TRS with respect to the mineral resource and reserve estimates at the Berwind/Knox Creek Complex, dated February 7, 2022, with an effective date of December 31, 2021 (the “Berwind TRS”), is filed as Exhibit 96.1 and at the Elk Creek Complex, dated February 7, 2022, with an effective date of December 31, 2021 (the “Elk Creek TRS”), is filed as Exhibit 96.2 hereto.

Summaries of the mineral resources and mineral reserves as of December 31, 2022 and December 31, 2021 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, and Elk Creek Complex.

A copy of the QP’s TRS with respect to the mineral resource and reserve estimates at the Berwind Complex, dated March 9, 2023, with an effective date of December 31, 2022 (the “Berwind TRS”), is filed as Exhibit 96.1, and at the Knox Creek Complex, dated March 9, 2023, with an effective date of December 31, 2022 (“Knox Creek TRS”), is filed as Exhibit 96.2.

Since a material change has not occurred from the last TRS filed for the Elk Creek Complex, the previous year’s TRS has not been updated.

Refer to Exhibit 96.3.

Year ended December 31,

(in millions)

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Proven + Probable Clean Recoverable Reserves

Measured + Indicated In-Place Resources

Proven + Probable Clean Recoverable Reserves

Berwind/Knox Creek Complex

Berwind Complex

Knox Creek Complex

Elk Creek Complex

The combined measured and indicated resources were previously not reported in the fiscal year ending December 31, 2020 but have been included for fiscal year ending December 31, 2021 as a result of changes in reporting requirements.

The combined proven and probable reserves at the Berwind/Knox Creek Complex and the Elk Creek Complex decreased by approximately 92.7 percent and 74.7 percent, respectively.

The decreases in proven and probable reserves were primarily the result of changes in determination of reserve classifications under requirements of subpart 1300 of Regulation S-K and to a lesser extent due to acquisition of upper seams at the Berwind property at the Berwind/Knox Creek Complex, acquisition of the Big Creek property at the Berwind/Knox Creek Complex, improved coal sales prices, and depletion from production activity.

Key assumptions and parameters relating to the mineral resources and mineral reserves at the Berwind/Knox Creek Complex and the Elk Creek Complex are discussed in Sections 11 and 12 of the Berwind TRS and the Elk Creek TRS, respectively.

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.

The combined proven and probable reserves at the Berwind, Knox Creek and Elk Creek Complexes increased by 23 million tons, driven by 14 million tons resulting from property acquisitions within the Berwind Complex as well as the conversion of mineral resources to mineral reserves within the Knox Creek Complex.

Similarly, measured and indicated coal resources increased by 387 million tons, driven by 384 million tons resulting from property acquisitions within the Berwind Complex.

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

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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 2. Properties