The following discussion and analysis provides a narrative of our results of operations and financial condition for the three and six months ended June 30, 2026 and 2025. The following discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related notes and risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2025. The following discussion includes forward-looking statements about our business, financial condition and results of operations, including discussions about management’s expectations for our business. These statements represent projections, beliefs and expectations based on current circumstances and conditions and in light of recent events and trends, and you should not construe these statements either as assurances of performance or as promises of a given course of action. Instead, various known and unknown factors are likely to cause our actual performance and management’s actions to vary, and the results of these variances may be both material and adverse. See “Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A. Risk Factors.” Market Overview Over the course of the second quarter, metallurgical coal markets were subdued. Continued uncertainty and volatility resulting from the war in Iran and broader global economic conditions influenced markets. The historically wider-than-normal spreads between Australian-linked low vol and U.S. East Coast low vol persisted. A further significant pricing gap between low vol and high vol coals also remains. In the second quarter of 2026, metallurgical coal prices experienced limited movements across the indices. Of the four indices Alpha closely monitors, the Australian Premium Low Volatile index represents the largest percentage move, with a 2.8% increase over the quarter. The Australian Premium Low Volatile index increased from $236.80 per metric ton on April 1, 2026, to $243.50 per metric ton on June 30, 2026. The U.S. East Coast Low Volatile index fell from $195.00 per metric ton at the beginning of the quarter to $190.00 per metric ton at the quarter’s close. The U.S. East Coast High Volatile A index decreased from $159.50 per metric ton in early April to $157.00 per metric ton by the end of June, and the U.S. East Coast High Volatile B index decreased from $149.50 per metric ton to $147.00 per metric ton at the end of the quarter. Since the quarter close, the Australian Premium Low Volatile has decreased to $222.00 per metric ton as of July 22, 2026. The U.S. East Coast Low Volatile, High Volatile A, and High Volatile B indices measured $189.50, $157.00, and $147.00 per ton, respectively, as of the same date. The world manufacturing Purchasing Managers’ Index (“PMI”) registered a June PMI of 52.2, a decrease from May’s 50-month high of 52.7. China’s June PMI posted a 3-month low of 51.7, down slightly from 51.8 in May. India, a key market for Alpha, recorded a PMI of 54.2 in June, a decline from May’s 55.0. The United States’ June PMI fell to 53.9 from its May PMI of 55.1. Europe’s PMI measured a 4-month low of 51.4 in June, down from 51.6 in May. Brazil’s PMI increased above the 50.0 neutral mark in June at 50.8, up from May’s PMI of 49.1. The June 2026 global crude steel production of 155.7 million metric tons from 70 countries, as reported by the World Steel Association (“WSA”), represents an increase of 1.7% from June 2025. China, the world’s largest steel-producing country, produced 83.7 million metric tons in June, an increase of 0.4% compared to the same period in 2025. India experienced an increase of 4.5% year-over-year, with 14.1 million metric tons of steel produced in June 2026. The United States produced 7.2 million metric tons of crude steel in June, up 3.5% from June 2025. Japan’s 6.8 million metric tons of steel produced in June 2026 represents a 1.3% increase from June 2025. Of the top 10 steel-producing countries, Vietnam experienced the largest year-over-year percentage increase of 27.5%, with 2.6 million metric tons of steel produced in June 2026. Russia recorded the largest percentage drop among the top ten steel-producing countries, as its 5.6 million metric tons of steel produced in June 2026 represents 3.4% less than it produced a year ago. Regionally, the Asia and Oceania region, which contains both India and China, produced 115.2 million metric tons of crude steel in June 2026, a 1.5% increase from June 2025. The European Union produced 10.8 million metric tons of steel in June, representing a 4.6% increase year-over-year. North America’s June 2026 crude steel production was 9.5 million metric tons, up 5.0% compared to the same period last year. The American Iron and Steel Institute’s capacity utilization rate for U.S. steel mills was 79.3% for the week ending July 18, 2026. This is up in comparison to the year-ago period when the capacity utilization rate was 78.2%. In the seaborne thermal market, the API2 index was $117.80 per metric ton on April 1, 2026, and decreased to $115.65 per metric ton on June 30, 2026. 25 Table of Contents Business Overview We are a Tennessee-based mining company with operations in Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, we are a leading supplier of metallurgical coal products to the steel industry. We operate high-quality, cost-competitive met coal mines across the CAPP coal basin. As of June 30, 2026, our operations consisted of twenty-one active mines and eight active coal preparation and load-out facilities, with approximately 3,950 employees. We produce, process, and sell met coal and thermal coal as a byproduct. We also sell coal produced by others, some of which is processed and/or blended with coal produced from our mines prior to resale, with the remainder purchased for resale. As of December 31, 2025, we had 294.5 million tons of reserves, which included 282.8 million tons of proven and probable metallurgical reserves and 11.7 million tons of proven and probable thermal reserves. Purchases of our met coal were made primarily in several countries in Asia, Europe, South America, and the northeastern and midwestern regions of the United States for purposes of steel production. Purchases of our thermal coal were made primarily for purposes of power generation and industrial uses both in the United States and across the world. The following table summarizes information about our coal sales and export revenues during the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (In millions of tons) 2026 2025 2026 2025 Sales of met coal 3.1 3.5 6.5 7.0 Sales of thermal coal 0.4 0.3 0.6 0.6 Met coal as % of coal sales volume 88 % 92 % 90 % 92 % Thermal coal as % of coal sales volume 12 % 8 % 10 % 8 % Export coal revenues as % of total coal revenues 72 % 72 % 75 % 73 % In addition, we generate other revenues from equipment sales, rentals, terminal and processing fees, coal and environmental analysis fees, royalties and the sale of natural gas. We also record freight and handling fulfillment revenue within coal revenues for freight and handling services provided in delivering coal to certain customers, which are a component of the contractual selling price. As of June 30, 2026, we have one reportable segment: Met. Refer to Note 15 to the Condensed Consolidated Financial Statements for additional disclosures on reportable segments, geographic areas, and export coal revenue information. As discussed in the “Market Overview” presented above, global economic conditions and uncertainty driven by geopolitical unrest are influencing factors in the metallurgical coal markets. Met coal prices continue to be restrained by weak global steel demand. Our results of operations for the three and six months ended June 30, 2026 were impacted by these factors. Our guidance range for full-year sales volumes below reflects our current expectation for 2026. However, we continually monitor steel markets and metallurgical coal demand indicators and have the ability to adjust production levels to align with market conditions. Additionally, refer to “Liquidity and Capital Resources - Business Updates” for developments regarding a key piece of equipment, a stacker reclaimer machine at Dominion Terminal Associates (“DTA”), which sustained significant damage due to high winds from a storm as previously announced in June 2026. Factors Affecting Our Results of Operations Sales Agreements. We manage our commodity price risk for coal sales through the use of coal supply agreements. As of July 30, 2026, we had sales commitments for 2026 as follows: 2026 Guidance (In millions of tons) Low High Metallurgical 13.2 14.0 Thermal 1.0 1.4 Met Segment - Total Shipments 14.2 15.4 26 Table of Contents Committed/Priced (1) Committed Volume (in millions of tons) Average Committed Realized Price per Ton Metallurgical - Domestic 3.8 $136.18 Metallurgical - Export 5.7 $122.77 Metallurgical Total 70 % 9.5 $128.17 Thermal 100 % 1.3 $75.94 Met Segment 73 % 10.8 $121.94 (1) Based on committed and priced coal shipments as of July 30, 2026. Committed percentage based on the midpoint of shipment guidance range. Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations. Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates. Realized Pricing. Our realized price per ton of coal is influenced by many factors that vary by region, including (i) coal quality, which includes energy (heat content), sulfur, ash, volatile matter and moisture content; (ii) differences in market conventions concerning transportation costs and volume measurement; and (iii) regional supply and demand. Costs. Our results of operations are dependent upon our ability to maximize productivity and control costs. Our primary expenses are for operating supply costs, repair and maintenance expenditures, costs of purchased coal, royalties, wages and benefits, freight and handling costs and taxes incurred in selling our coal. The principal goods and services we use in our operations include maintenance and repair parts and services, electricity, fuel, roof control and support items, explosives, tires, conveyance structures, ventilation supplies and lubricants. Our management strives to aggressively control costs and improve operating performance to mitigate external cost pressures. We experience volatility in operating costs related to fuel, explosives, steel, tires, contract services and healthcare, among others, and take measures to mitigate the increases in these costs at all operations. We have a centralized sourcing group for major supplier contract negotiation and administration, for the negotiation and purchase of major capital goods, and to support the business units. We promote competition between suppliers and seek to develop relationships with suppliers that focus on lowering our costs. We seek suppliers who identify and concentrate on implementing continuous improvement opportunities within their area of expertise. To the extent upward pressure on costs exceeds our ability to realize sales increases, or if we experience unanticipated operating or transportation difficulties, our operating margins would be negatively impacted. We may also experience difficult geologic conditions, delays in obtaining permits, labor shortages, unforeseen equipment problems, and unexpected shortages of critical materials such as tires, fuel and explosives that may result in adverse cost increases and limit our ability to produce at forecasted levels. Results of Operations Our results of operations for the three and six months ended June 30, 2026 and 2025 are discussed below. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Revenues The following table summarizes information about our revenues during the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Increase (Decrease) (In thousands, except for per ton data) 2026 2025 $ or Tons % Coal revenues $ 491,505 $ 548,675 $ (57,170) (10.4) % Other revenues 1,351 1,599 (248) (15.5) % Total revenues $ 492,856 $ 550,274 $ (57,418) (10.4) % Tons sold 3,549 3,886 (337) (8.7) % Coal revenues. Coal revenues decreased $57.2 million, or 10.4%, for the three months ended June 30, 2026 compared to the prior year period. The decrease was primarily attributable to a 8.7% decline in coal sales volumes driven largely by reduced levels of purchased coal as well as delays in the timing of shipments related to planned equipment outages at DTA as part of its ongoing equipment and infrastructure upgrade program and slower rail service. Our average non-GAAP coal sales realization decreased 1.9% compared to the prior year period as lower metallurgical coal sales volumes resulted in a relatively higher 27 Table of Contents percentage of lower-priced thermal coal sales during the current period. Refer to the “Non-GAAP coal revenues” section below for further detail on coal revenues for the three months ended June 30, 2026 compared to the prior year period. Cost and Expenses The following table summarizes information about our costs and expenses during the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Cost of coal sales (exclusive of items shown separately below) $ 443,663 $ 479,953 $ (36,290) (7.6) % Depreciation, depletion and amortization 36,044 44,822 (8,778) (19.6) % Accretion on asset retirement obligations 5,214 5,508 (294) (5.3) % Amortization of acquired intangibles 876 1,357 (481) (35.4) % Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 17,257 15,216 2,041 13.4 % Other operating loss 302 763 (461) (60.4) % Total costs and expenses $ 503,356 $ 547,619 $ (44,263) (8.1) % Cost of coal sales. Cost of coal sales decreased $36.3 million, or 7.6%, for the three months ended June 30, 2026 compared to the prior year period, primarily related to a 8.7% decrease in coal sales volumes. Compared with the prior year period, increases in labor and benefits costs as well as inflationary impacts on supply costs, including increases in certain supply costs due to the ongoing conflict between the U.S. and Iran, were largely offset by a reduced level of relatively higher-cost purchased coal and the benefit of the Internal Revenue Code (“IRC”) Section 45X tax credit. Refer to the “Non-GAAP cost of coal sales” section below for further detail on cost of coal sales for the three months ended June 30, 2026 compared to the prior year period. Depreciation, depletion and amortization. Depreciation, depletion and amortization decreased $8.8 million, or 19.6%, for the three months ended June 30, 2026 compared to the prior year period. The decrease was primarily due to certain assets reaching the end of their depreciable lives and becoming fully depreciated. Selling, general and administrative. Selling, general and administrative expenses increased $2.0 million, or 13.4%, for the three months ended June 30, 2026 compared to the prior year period. This increase was primarily due to increases of $1.2 million in incentive pay, $0.6 million in wages and benefits expenses, and $0.2 million in stock compensation. Total Other Expense, Net The following table summarizes information about our total other expense, net during the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Total other expense, net $ 8,347 $ 8,857 $ (510) (5.8) % Income Tax Benefit The following table summarizes information about our income tax benefit during the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Income tax benefit $ (6,595) $ (1,248) $ (5,347) (428.4) % Income tax benefit of $6.6 million was recorded for the three months ended June 30, 2026 on a loss before income taxes of $18.8 million. The effective tax rate of 35.0% differs from the federal statutory rate of 21% primarily due to the permanent 28 Table of Contents impact of percentage depletion, permanent impact of the IRC Section 45X tax credit (refer to Note 1 to our Condensed Consolidated Financial Statements), and state income taxes, net of federal impact, partially offset by non-deductible compensation. Income tax benefit of $1.2 million was recorded for the three months ended June 30, 2025 on a loss before income taxes of $6.2 million.The effective tax rate of 20.1 % differs from the federal statutory rate of 21% primarily due to the permanent impact of percentage depletion, partially offset by the impact of non-deductible compensation. Refer to Note 11 to the Condensed Consolidated Financial Statements for additional information. Non-GAAP Financial Measures The discussion below contains “non-GAAP financial measures.” These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP coal sales realization per ton,” “non-GAAP cost of coal sales,” “non-GAAP cost of coal sales per ton,” “non-GAAP coal margin,” and “non-GAAP coal margin per ton.” In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors. Included below are reconciliations of non-GAAP financial measures to GAAP financial measures. The following tables summarizes certain financial information relating to our coal operations for the three months ended June 30, 2026 and 2025: 29 Table of Contents Three Months Ended June 30, Increase (Decrease) (In thousands, except for per ton data) 2026 2025 $ or Tons % Coal revenues $ 491,505 $ 548,675 $ (57,170) (10.4) % Less: freight and handling fulfillment revenues (70,220) (84,589) 14,369 17.0 % Non-GAAP coal revenues $ 421,285 $ 464,086 $ (42,801) (9.2) % Non-GAAP coal sales realization per ton $ 118.71 $ 119.43 $ (0.72) (0.6) % Cost of coal sales (exclusive of items shown separately below) $ 443,663 $ 479,953 $ (36,290) (7.6) % Depreciation, depletion and amortization - production (1) 35,750 44,504 (8,754) (19.7) % Accretion on asset retirement obligations 5,214 5,508 (294) (5.3) % Amortization of acquired intangibles 876 1,357 (481) (35.4) % Total cost of coal sales 485,503 531,322 (45,819) (8.6) % Less: freight and handling costs (70,220) (84,589) 14,369 17.0 % Less: depreciation, depletion and amortization - production (1) (35,750) (44,504) 8,754 19.7 % Less: accretion on asset retirement obligations (5,214) (5,508) 294 5.3 % Less: amortization of acquired intangibles (876) (1,357) 481 35.4 % Less: idled and closed mine costs (7,654) (6,520) (1,134) (17.4) % Non-GAAP cost of coal sales $ 365,789 $ 388,844 $ (23,055) (5.9) % Non-GAAP cost of coal sales per ton $ 103.07 $ 100.06 $ 3.01 3.0 % GAAP coal margin $ 6,002 $ 17,353 $ (11,351) (65.4) % GAAP coal margin per ton $ 1.69 $ 4.47 $ (2.78) (62.2) % Non-GAAP coal margin $ 55,496 $ 75,242 $ (19,746) (26.2) % Non-GAAP coal margin per ton $ 15.64 $ 19.36 $ (3.72) (19.2) % Tons sold 3,549 3,886 (337) (8.7) % (1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. Non-GAAP coal revenues. Non-GAAP coal revenues decreased $42.8 million, or 9.2%, for the three months ended June 30, 2026 compared to the prior year period. The decrease was primarily attributable to a 8.7% decline in coal sales volumes driven largely by reduced levels of purchased coal as well as delays in the timing of shipments related to planned equipment outages at DTA as part of its ongoing equipment and infrastructure upgrade program and slower rail service. Our average non-GAAP coal sales realization per ton decreased slightly by $0.72, or 0.6%, compared to the prior year period as lower metallurgical coal sales volumes resulted in a relatively higher percentage of lower-priced thermal coal sales during the current period. Non-GAAP cost of coal sales. Non-GAAP cost of coal sales decreased $23.1 million, or 5.9%, for the three months ended June 30, 2026 compared to the prior year period, primarily related to a 8.7% decrease in coal sales volumes. Compared with the prior year period, increases in labor and benefits costs as well as the inflationary impacts on supply costs, including increases in certain supply costs due to the ongoing conflict between the U.S. and Iran, were largely offset by a reduced level of relatively higher-cost purchased coal and the benefit of the IRC Section 45X tax credit. During the first quarter of 2026, we became eligible for the IRC Section 45X tax credit (refer to Note 1 to our Condensed Consolidated Financial Statements) which generally provides for a refundable tax credit equal to 2.5% of production costs for metallurgical coal produced and sold during the period. For the three months ended June 30, 2026, we recorded $7.1 million related to the tax credit as a reduction in non-GAAP cost of coal sales. 30 Table of Contents Adjusted EBITDA The following table presents a reconciliation of net loss to Adjusted EBITDA for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, (In thousands) 2026 2025 Net loss $ (12,252) $ (4,954) Interest expense 962 761 Interest income (2,919) (4,199) Income tax benefit (6,595) (1,248) Depreciation, depletion, and amortization 36,044 44,822 Non-cash stock compensation expense 4,236 4,018 Accretion on asset retirement obligations 5,214 5,508 Amortization of acquired intangibles 876 1,357 Adjusted EBITDA $ 25,566 $ 46,065 The following table summarizes Adjusted EBITDA: Three Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Adjusted EBITDA $ 25,566 $ 46,065 $ (20,499) (44.5) % Adjusted EBITDA decreased $20.5 million, or 44.5%, for the three months ended June 30, 2026 compared to the prior year period, primarily driven by a decrease in non-GAAP coal margin, as described above. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Revenues The following table summarizes information about our revenues during the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Increase (Decrease) (In thousands, except for per ton data) 2026 2025 $ or Tons % Coal revenues $ 1,015,038 $ 1,078,342 $ (63,304) (5.9) % Other revenues 2,805 3,889 (1,084) (27.9) % Total revenues $ 1,017,843 $ 1,082,231 $ (64,388) (5.9) % Tons sold 7,145 7,644 (499) (6.5) % Coal revenues. Coal revenues decreased $63.3 million, or 5.9%, for the six months ended June 30, 2026 compared to the prior year period. The decrease was attributable to a 6.5% decline in coal sales volumes largely driven by lower levels of purchased coal. Our average coal sales realization increased 0.7% as changes in product mix shifted sales toward relatively higher quality coals in the current year period. Refer to the “Non-GAAP Coal revenues” section below for further detail on coal revenues for the six months ended June 30, 2026 compared to the prior year period. Cost and Expenses The following table summarizes information about our costs and expenses during the six months ended June 30, 2026 and 2025: 31 Table of Contents Six Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Cost of coal sales (exclusive of items shown separately below) $ 918,052 $ 984,537 $ (66,485) (6.8) % Depreciation, depletion and amortization 75,970 88,732 (12,762) (14.4) % Accretion on asset retirement obligations 10,429 11,122 (693) (6.2) % Amortization of acquired intangibles 1,752 2,714 (962) (35.4) % Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 33,855 30,640 3,215 10.5 % Other operating (income) loss (1,283) 2,006 (3,289) (164.0) % Total costs and expenses $ 1,038,775 $ 1,119,751 $ (80,976) (7.2) % Cost of coal sales. Cost of coal sales decreased $66.5 million, or 6.8%, for the six months ended June 30, 2026 compared to the prior year period, primarily related to a 6.5% decline in coal sales volumes. Average cost of coal sales per ton remained relatively flat as increases in labor and benefits costs, as well as the inflationary impacts on supply costs, including increases in certain supply costs due to the ongoing conflict between the U.S. and Iran, were offset by a reduced level of relatively higher-cost purchased coal, the benefit of the IRC Section 45X tax credit, and a reduced level of freight and handling costs due to a relatively lower percentage of export sales in the current year period. Refer to the “Non-GAAP cost of coal sales” section below for further detail on cost of coal sales for the six months ended June 30, 2026 compared to the prior year period. Depreciation, depletion and amortization. Depreciation, depletion and amortization decreased $12.8 million, or 14.4%, for the six months ended June 30, 2026 compared to the prior year period. The decrease was primarily due to certain assets reaching the end of their depreciable lives and becoming fully depreciated. Selling, general and administrative. Selling, general and administrative expenses increased $3.2 million, or 10.5%, for the six months ended June 30, 2026 compared to the prior year period. This increase was primarily related to increases of $1.7 million in incentive pay, $0.9 million in wages and benefits expenses, and $0.5 million in stock compensation. Other operating (income) loss. Other operating income increased $3.3 million, or 164.0%, for the six months ended June 30, 2026 compared to the prior year period, primarily due to an increase in gain on sale of assets in the current period. Total Other Expense, Net The following table summarizes information about our total other expense, net during the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Total other expense, net $ 14,273 $ 14,066 $ 207 1.5 % Income Tax Benefit The following table summarizes information about our income tax benefit during the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Income tax benefit $ (11,921) $ (12,685) $ 764 6.0 % Income tax benefit of $11.9 million was recorded for the six months ended June 30, 2026 on a loss before income taxes of $35.2 million. The effective tax rate of 33.9% differs from the federal statutory rate of 21% primarily due to the permanent impact of percentage depletion, permanent impact of the IRC Section 45X tax credit (refer to Note 1 to our Condensed Consolidated Financial Statements), and state income taxes, net of federal impact, partially offset by non-deductible compensation. 32 Table of Contents Income tax benefit of $12.7 million was recorded for the six months ended June 30, 2025 on a loss before income taxes of $51.6 million. The effective tax rate of 24.6% differs from the federal statutory rate of 21% primarily due to the permanent impact of percentage depletion and stock compensation, partially offset by the impact of non-deductible compensation. Refer to Note 11 for additional information. Non-GAAP Financial Measures Included below are reconciliations of non-GAAP financial measures to GAAP financial measures. The following tables summarizes certain financial information relating to our coal operations for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Increase (Decrease) (In thousands, except for per ton data) 2026 2025 $ or Tons % Coal revenues $ 1,015,038 $ 1,078,342 $ (63,304) (5.9) % Less: freight and handling fulfillment revenues (146,434) (168,513) 22,079 13.1 % Non-GAAP coal revenues $ 868,604 $ 909,829 $ (41,225) (4.5) % Non-GAAP coal sales realization per ton $ 121.57 $ 119.03 $ 2.54 2.1 % Cost of coal sales (exclusive of items shown separately below) $ 918,052 $ 984,537 $ (66,485) (6.8) % Depreciation, depletion and amortization - production (1) 75,356 88,096 (12,740) (14.5) % Accretion on asset retirement obligations 10,429 11,122 (693) (6.2) % Amortization of acquired intangibles 1,752 2,714 (962) (35.4) % Total cost of coal sales 1,005,589 1,086,469 (80,880) (7.4) % Less: freight and handling costs (146,434) (168,513) 22,079 13.1 % Less: depreciation, depletion and amortization - production (1) (75,356) (88,096) 12,740 14.5 % Less: accretion on asset retirement obligations (10,429) (11,122) 693 6.2 % Less: amortization of acquired intangibles (1,752) (2,714) 962 35.4 % Less: idled and closed mine costs (17,526) (12,511) (5,015) (40.1) % Non-GAAP cost of coal sales $ 754,092 $ 803,513 $ (49,421) (6.2) % Non-GAAP cost of coal sales per ton $ 105.54 $ 105.12 $ 0.42 0.4 % GAAP coal margin $ 9,449 $ (8,127) $ 17,576 216.3 % GAAP coal margin per ton $ 1.32 $ (1.06) $ 2.38 224.5 % Non-GAAP coal margin $ 114,512 $ 106,316 $ 8,196 7.7 % Non-GAAP coal margin per ton $ 16.03 $ 13.91 $ 2.12 15.2 % Tons sold 7,145 7,644 (499) (6.5) % (1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. Non-GAAP Coal revenues. Non-GAAP coal revenues decreased $41.2 million, or 4.5%, for the six months ended June 30, 2026 compared to the prior year period, primarily due to a 6.5% decline in coal sales volumes largely driven by lower levels of purchased coal. Our non-GAAP coal sales realization increased $2.54, or 2.1%, as changes in production period over period, which include a lower level of high-vol. B quality met coal production given weakness in U.S. high-vol. markets, shifted the sales mix toward relatively higher quality coals. Non-GAAP Cost of coal sales. Non-GAAP cost of coal sales decreased $49.4 million, or 6.2%, for the six months ended 33 Table of Contents June 30, 2026 compared to the prior year period, primarily related to a 6.5% decrease in coal sales volumes. Our average non-GAAP cost of coal sales per ton increased slightly by $0.42, or 0.4%, compared to the prior year period as increases in labor and benefits costs, as well as the inflationary impacts on supply costs, including increases in certain supply costs due to the ongoing conflict between the U.S. and Iran, were largely offset by a reduced level of relatively higher-cost purchased coal and the benefit of the IRC Section 45X tax credit. During the first quarter of 2026, we became eligible for the IRC Section 45X tax credit (refer to Note 1 to our Condensed Consolidated Financial Statements) which generally provides for a refundable tax credit equal to 2.5% of production costs for metallurgical coal produced and sold during the period. For the six months ended June 30, 2026, we recorded $14.3 million related to the tax credit as a reduction in non-GAAP cost of coal sales. Adjusted EBITDA The following table presents a reconciliation of net loss to Adjusted EBITDA for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, (In thousands) 2026 2025 Net loss $ (23,284) $ (38,901) Interest expense 1,803 1,524 Interest income (7,125) (8,245) Income tax benefit (11,921) (12,685) Depreciation, depletion, and amortization 75,970 88,732 Non-cash stock compensation expense 7,972 7,455 Accretion on asset retirement obligations 10,429 11,122 Amortization of acquired intangibles, net 1,752 2,714 Adjusted EBITDA $ 55,596 $ 51,716 The following table summarizes Adjusted EBITDA: Six Months Ended June 30, Increase (Decrease) (In thousands) 2026 2025 $ % Adjusted EBITDA $ 55,596 $ 51,716 $ 3,880 7.5 % Adjusted EBITDA increased $3.9 million, or 7.5%, for the six months ended June 30, 2026 compared to the prior year period, primarily driven by an increase in non-GAAP coal margin, as described above, partially offset by an increase in idled mine costs due primarily to expenses incurred to seal older sections of certain mines to reduce ongoing operating costs. Liquidity and Capital Resources Overview Our primary sources of liquidity are derived from existing unrestricted cash balances, short-term investments, proceeds from future coal sales, and amounts available under our revolving credit agreement. Our primary capital resource requirements stem from the cost of our coal production and purchases, selling and administrative expenses, taxes, capital expenditures, debt service obligations, reclamation obligations, and collateral requirements. As of June 30, 2026, we had $8.2 million of long-term indebtedness outstanding, net of current portion, and no amounts borrowed and $40.7 million letters of credit (“LCs”) outstanding under our ABL Facility (as defined below). We believe that cash on hand and cash generated from our operations will be sufficient to meet our working capital, anticipated capital expenditure, income tax, debt service, collateral and reclamation obligations requirements for the next 12 months and the reasonably foreseeable future. We may also use cash in accordance with our share repurchase program. We rely on a number of assumptions in budgeting for our future activities. These include the costs for mine development to sustain capacity of our operating mines, our cash flows from operations, effects of regulation and taxes by governmental agencies, mining technology improvements and reclamation costs. These assumptions are inherently subject to significant business, political, economic, regulatory, environmental and competitive uncertainties, pending and existing climate-related initiatives, contingencies and risks, all of which are difficult to predict and many of which are beyond our control. For example, if the new authorization process for all self-insured coal mine operators is adopted, it would substantially increase the collateral required to 34 Table of Contents secure our self-insured federal black lung obligations. Refer to the DCMWC Reauthorization Process section below for more information. Increased scrutiny of ESG matters specific to the coal sector could negatively influence our ability to raise capital in the future and result in a reduced number of surety and insurance providers. We may need to raise additional funds if market conditions deteriorate, if one or more of our assumptions prove to be incorrect or if we choose to expand our acquisition or development efforts or any other activity more rapidly than we presently anticipate and we may not be able to do so in a timely fashion, on terms acceptable to us, or at all. Additionally, we may elect to raise additional funds before we need them if the conditions for raising capital are favorable. We may seek to sell equity or debt securities or obtain additional bank credit facilities. The sale of equity securities could result in dilution to our stockholders. The incurrence of additional indebtedness could result in increased fixed obligations and additional covenants that could restrict our operations. Liquidity The following table summarizes our total liquidity as of June 30, 2026: (in thousands) June 30, 2026 Cash and cash equivalents $ 307,595 Short-term investments 30,887 Credit facility availability (1) 184,290 Minimum liquidity requirement (75,000) Total liquidity $ 447,772 (1) Comprised of our unused commitments available under our credit agreement entered into on October 27, 2023 that was amended and extended on May 6, 2025 (the “ABL Agreement”) after considering $40.7 million of outstanding LCs, subject to limitations described therein. Cash Collateral We are required to provide cash collateral to secure our obligations under certain workers’ compensation, black lung, reclamation-related obligations, financial payments and other performance obligations, and other operating agreements. Future regulatory changes relating to these obligations could result in increased obligations, additional costs, or additional collateral requirements which could require greater use of alternative sources of funding for this purpose, which would reduce our liquidity. Refer to the DCMWC Reauthorization Process section below for information related to the new authorization process for self-insured coal mine operators being implemented by the U.S. Department of Labor (Division of Coal Mine Workers’ Compensation). As of June 30, 2026, we had the following cash collateral on our Condensed Consolidated Balance Sheet: (in thousands) June 30, 2026 Long-term restricted cash $ 128,219 Long-term restricted investments 34,453 Short-term and long-term deposits 4,791 Total cash collateral $ 167,463 Off-Balance Sheet Arrangements We are required to provide financial assurance in order to perform the post-mining reclamation required by our mining permits, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations. In order to provide the required financial assurance, we generally use surety bonds for post-mining reclamation and workers’ compensation obligations. We also use bank LCs to collateralize certain obligations. As of June 30, 2026, we had the following outstanding surety bonds and LCs: (in thousands) June 30, 2026 Surety bonds $ 171,479 Letters of credit (1) $ 40,710 (1) The LCs outstanding are under the ABL Agreement. 35 Table of Contents Refer to Note 14, part (c) to the Condensed Consolidated Financial Statements for further disclosures on off-balance sheet arrangements. Debt Financing Refer to Note 8 to the Condensed Consolidated Financial Statements for disclosures on long-term debt. Capital Requirements Our capital expenditures for the six months ended June 30, 2026 were $85.8 million. We expect to spend between $148 million and $168 million on capital expenditures during 2026. At the midpoint of guidance, this total includes approximately $137.0 million in sustaining maintenance capital, approximately $9.5 million in planned projects to invest in mine development, and approximately $11.5 million in carryover from 2025 due to timing and availability of supplies and contract labor. Contractual Obligations Our contractual obligations are discussed in the “Liquidity and Capital Resources—Contractual Obligations” section contained in our Annual Report on Form 10-K for the year ended December 31, 2025. Refer to the “Business Updates” section below and Note 14 to the Condensed Consolidated Financial Statements for additional disclosures on our other commitments. There have been no other material changes to our contractual obligations during the six months ended June 30, 2026. Refer to Note 8 to the Condensed Consolidated Financial Statements for additional disclosures on long-term debt. Business Updates We have a 65.0% ownership interest in DTA, a coal export terminal in Newport News, Virginia. Through our storage capacity at DTA, we fulfill a broad range of coal quality requirements for our customers. The infrastructure at DTA needs capital investment to maximize functionality and minimize downtime due to mechanical issues. Under the terms of our partnership-related agreements with respect to our investment in DTA, we are required to fund our proportionate share of DTA’s ongoing operating and capital costs. In November 2023, we, together with DTA management, announced a multi-year capital investment plan to refurbish DTA’s infrastructure. Beyond our share of routine operating costs, as of June 30, 2026, we expect to have significant additional investment per year over the next 5 years related to the existing infrastructure and equipment upgrade program at DTA. Additionally, in June 2026, we announced a key piece of equipment, a stacker reclaimer machine, at DTA sustained significant damage due to high winds from a storm. DTA leadership, as part of DTA’s insurance claims process, is in contact with its insurance providers to evaluate its options and work on developing an action plan. The terminal remains operational, but the damage to the stacker reclaimer will likely result in a slowdown in handling coal from certain areas of the stockpile yard until equipment replacement or repairs and/or other workarounds can be put in place. The equipment damage’s impact on the timing and cost of DTA’s upgrade program is currently unknown and will depend on factors such as the result of the insurance claim process as well as equipment and contractor availability and could affect our operations, financial results and liquidity. In April 2026, we committed to invest up to $9.4 million for a 49% partnership interest in Centauri Ground Support LLC. The newly formed entity plans to develop a manufacturing facility in Putnam County, West Virginia, to produce ground support products primarily to be sold to us for use in our mining operations. We continually strive to enhance our capital structure and financial flexibility. We may refinance or repay outstanding debt, seek to amend our credit facility, undertake additional borrowings, sell assets or businesses or take other measures as we believe circumstances warrant. We may decide to pursue or not pursue these opportunities at any time. Access to additional funds from liquidity-generating transactions or other sources of external financing is subject to market conditions and certain limitations, including our credit rating and covenant restrictions in our credit facilities. As a regular part of our business, we review opportunities for, and engage in discussions and negotiations concerning, the acquisition or disposition of coal mining and related infrastructure assets and interests in coal mining companies, and acquisitions or dispositions of, or combinations or other strategic transactions involving, companies with coal mining or other complementary assets. When we believe that these opportunities are consistent with our strategic plans and our acquisition or disposition criteria, we may make bids or proposals and/or enter into letters of intent and other similar agreements. These bids 36 Table of Contents or proposals, which may be binding or non-binding, are customarily subject to a variety of conditions and usually permit us to terminate the discussions and any related agreement if, among other things, we are not satisfied with the results of due diligence. Any acquisition opportunities we pursue could materially affect our liquidity and capital resources and may require us to incur indebtedness, seek equity capital or both. There can be no assurance that additional financing will be available on terms acceptable to us, or at all. Government Grants On July 4, 2025, legislation commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. As part of the OBBBA, metallurgical coal was added to the list of “applicable critical minerals” making us eligible for the IRC Section 45X tax credit (also known as the advanced manufacturing production credit). The IRC Section 45X tax credit will generally provide us with a refundable tax credit equal to 2.5% of production costs for metallurgical coal produced and sold in tax years 2026 through 2029. As the IRC Section 45X tax credit is refundable, we account for the tax credit as a government grant. We are currently analyzing the financial impact of the IRC Section 45X credit and expect that it will serve as a source of additional liquidity in future years. For the three and six months ended June 30, 2026, we recorded $7.1 million and $14.3 million, respectively, of estimated grant income as a reduction in cost of coal sales. Based on preliminary analysis, we currently believe the annual cash benefit of the tax credit may be in the range of $20 million to $40 million, dependent upon the amount of qualifying production costs incurred in a given year. Pension Plan We expect to pay $23.1 million in minimum required contributions to the pension plan in 2026. Refer to Note 12 to the Condensed Consolidated Financial Statements for further disclosures related to this obligation. DCMWC Reauthorization Process In January 2025, the DOL published a final rule revising the requirements and procedures for authorizing operators to self-insure their liabilities under the Black Lung Benefits Act (the “2025 Final Rule”), and we anticipate it would require a substantial increase in the collateral required to secure self-insured federal black lung obligations. Under the 2025 Final Rule’s 100% minimum collateral requirement, if this requirement is not modified or stayed through legal action, we estimate we would be required to provide approximately $80.0 million to $100.0 million of collateral to secure certain of our black lung obligations. The 2025 Final Rule permits us to use combinations of letters of credit, surety bonds, and cash to meet the collateral requirement. We received a letter from the Division of Coal Mine Workers’ Compensation (“DCMWC”) dated January 14, 2025, outlining the new procedures and application process for authorizing operators to self-insure under the new regulation. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received a letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCMWC stated that additional guidance would be provided in due course after consultation with new DOL leadership. On July 30, 2026, the DOL published a proposed rule that would revise the 2025 Final Rule by replacing the current 100% collateral requirement with a risk-based approach, providing additional flexibility regarding acceptable forms of collateral, and extending the timeframe for satisfying collateral requirements. The proposed rule is subject to a public comment period through September 28, 2026. We are evaluating the proposal and its potential impact on future collateral requirements. New York State Act In December 2024, the state of New York adopted the Climate Change Superfund Act, purporting to impose significant, ongoing cash charges upon a variety of companies involved in the production and use of fossil fuels, including our company (the “Act”). Other states have adopted or are contemplating adopting similar laws. We believe that the new law is unconstitutional under the U.S. Constitution. In February 2025, we, along with numerous U.S. states and other entities involved in the fossil fuel industry, filed a complaint against the attorney general of New York and other New York officials. The complaint was filed in the federal district court for the Northern District of New York and requests that the court (a) declare that the Act is preempted by federal statutes and otherwise violates the U.S. Constitution, (b) declare that the Act is unenforceable, and (c) enjoin the state of New York and its officials from taking any action to implement or enforce the Act. On May 1, 2025, the U.S. Department of Justice and the Environmental Protection Agency filed a similar complaint against the State of New York, Kathleen Hochul in her capacity as Governor, Letitia James in her capacity as New York 37 Table of Contents Attorney General and Amanda Lefton in her capacity as Acting Commissioner of the New York Department of Environmental Conservation in the Southern District of New York, requesting that the court declare the Act unconstitutional and permanently enjoin its implementation or enforcement. Although we believe that the Act is very unlikely to be upheld, the outcome of this litigation cannot be predicted with certainty. If the Act, or similar acts adopted in other U.S. states, were upheld, our liquidity would be materially, adversely affected. Respirable Crystalline Silica Final Rule In April 2024, MSHA issued its final rule, Lowering Miners’ Exposure to Respirable Crystalline Silica and Improving Respiratory Protection, to reduce miner exposures to respirable crystalline silica and improve respiratory protection for all airborne hazards. The final rule lowers the permissible exposure limit of respirable crystalline silica at 50 micrograms per cubic meter of air (μg/m3) for a full shift exposure, calculated as an 8-hour time weighted average, for all miners. The final rule also includes other requirements to protect miner health and update existing respiratory protection requirements. For coal mine operators, the deadline for compliance with the new rule was April 14, 2025. On April 4, 2025, however, the U.S. Court of Appeals for the Eighth Circuit (“Court”) granted a temporary administrative stay of the enforcement of the final rule and is now considering whether to block enforcement permanently or allow enforcement to begin. In a filing with the Court in late 2025, MSHA indicated its intent to review and potentially modify portions of the rules at issue. Our compliance with these or any other new health and safety regulations could increase our mining costs substantially. Further, if we were ever found to be in violation of these regulations, we could face penalties or restrictions that may materially and adversely affect our operations, financial results and liquidity. Climate Effect Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted new rules requiring issuers to disclose certain climate-related information beginning in 2025. Shortly following their release, the rules were stayed by a federal court. The SEC subsequently stayed the rules pending resolution of ongoing litigation. In March 2025, the SEC voted to end its legal defense of the rules, and litigation has been suspended by the Eighth Circuit until the SEC informs the court whether it intends to reconsider the rules under administrative procedures or whether the SEC will renew its defense of the rules. In May 2026, the SEC formally proposed to rescind the amendments to the rules with the public comment period closing in August 2026. We cannot be certain whether or when these rules will take effect or what form they may ultimately take. It is therefore not presently possible to estimate reliably the potential effects of the rules upon us, including the potential costs associated with compliance. Share Repurchase Program Refer to Note 6 to the Condensed Consolidated Financial Statements and “Unregistered Sales of Equity Securities and Use of Proceeds” for information on the share repurchase program and the shares repurchased during the current period. Cash Flows Cash, cash equivalents, and restricted cash decreased by $57.1 million and $29.0 million over the six months ended June 30, 2026 and 2025, respectively. The net change in cash, cash equivalents, and restricted cash was attributable to the following: Six Months Ended June 30, 2026 2025 Cash flows (in thousands): Net cash provided by operating activities $ 68,910 $ 75,412 Net cash used in investing activities (87,561) (95,167) Net cash used in financing activities (38,420) (9,273) Net decrease in cash and cash equivalents and restricted cash $ (57,071) $ (29,028) Operating Activities. Net cash provided by operating activities for the six months ended June 30, 2026 decreased compared to the prior year despite an increase in non-GAAP coal margin, as discussed above in “Result of Operations”, as the benefit recorded related to IRC Section 45X tax credits is not expected to be received until late 2027. 38 Table of Contents Investing Activities. The decrease in net cash used in investing activities for the six months ended June 30, 2026 compared to the prior year period was primarily related to a change in the mix of unrestricted investment securities held during the current year period with an increased level of cash equivalent investments held, partially offset by an increased level of capital expenditures. Our capital expenditure levels were elevated above normal maintenance levels due to development efforts with respect to our new Kingston Wildcat underground mine which began production during the second quarter of 2026. Financing Activities. The increase in net cash used in financing activities for the six months ended June 30, 2026 compared to the prior year period was driven by an increase in the level of common stock repurchased under our share repurchase program, which was suspended from March 2024 until August 2025. Analysis of Material Debt Covenants We were in compliance with all covenants under the ABL Agreement as of June 30, 2026, including the requirement that we maintain minimum liquidity, as defined in the ABL Agreement, of $75.0 million. A breach of the covenants in the ABL Agreement could result in a default under the terms of the agreement, and the respective lenders could then elect to declare any amounts borrowed due and payable and require outstanding LCs to be cash collateralized. In addition, a default under the terms of the agreement would inhibit our ability to make certain restricted payments, as defined in the ABL Agreement, including our ability to repurchase shares of our common stock. Critical Accounting Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other factors and assumptions, including the current economic environment, that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis and adjust such estimates and assumptions as facts and circumstances require. Foreign currency and energy markets, and fluctuations in demand for steel products, have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results may differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Our critical accounting estimates are discussed in the “Critical Accounting Estimates” section contained in our Annual Report on Form 10-K for the year ended December 31, 2025. Our critical accounting estimates remain unchanged at June 30, 2026. Refer to the Recent Accounting Guidance section in Note 1 to the Condensed Consolidated Financial Statements for further information.