Alpha Metallurgical Resources, Inc.

Greetings and welcome to the Alpha Metallurgical Resources first quarter 2025 results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may begin.

Thank you, Rob, and good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's first quarter 2025 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to gap measures. Participating on the call today are ALSA's Chief Executive Officer, Andy Edson, and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Muncy, our Chief Financial Officer, and Dan Horn, our Chief Commercial Officer. With that, I will turn the call over to Andy.

Thanks, Emily. Good morning, everyone. Today we announced financial results for the first quarter of 2025. These include adjusted EBITDA of $5.7 million and 3.8 million tons shipped in the quarter. As we announced on our last earnings call, the extreme weather of January and February negatively impacted our first quarter results, most notably in cost of coal sales and tons shipped. As a reminder, the severe weather caused a confluence of events, which included lost shifts from absenteeism, power outages, snow and flooding impacts, as well as transportation delays at and around our operations, but also along the way to DTA, which experienced its own share of inclement weather. Additionally, we had a few mines that dealt with geologic challenges independent of the weather, but once those issues subsided, we posted improved costs of coal sales numbers both in March and April. Metallurgical coal indexes remained depressed in the first quarter, and these poor pricing conditions continue to weigh on our realizations. From a global macro perspective, weak steel demand persists, now with increased levels of uncertainty around the impact of tariffs and shifting trade policies. Barring a significant event or boost to global economic activity, we expect the coming months to remain challenging, and we maintain a cautious outlook for the rest of the year. As we have communicated for several quarters, our focus continues to be on liquidity and safeguarding the company's ability to financially weather these market conditions. To that end, we've taken some difficult actions, including cutting additional production at higher cost operations and reducing wages across the enterprise. These kinds of decisions are never taken lightly, as we recognize the negative impact they can have on our workforce and their families. However, we believe these are necessary responses to the difficult circumstances of the current marketplace. Looking at the balance of 2025, we've announced further adjustments to sales volume guidance, considering the reduced production profile we anticipate for the year. At the midpoint of our adjusted guidance, we now expect to ship 15.3 million tons of coal this year, down 1.4 million tons from our initial midpoint of 16.7 million tons announced in November of 2024. We've also reduced our CapEx guidance by $27 million at the midpoint, bringing the range down to $130 to $150 million. We believe these adjustments are possible without compromising safety anywhere in the organization. We're also confident that our Kingston Wildcat project can continue on schedule, even with the downward revision to our planned development capex for the year. In keeping with our focus on liquidity, Todd and his team have successfully secured an amendment to our asset-based lending facility, which closed earlier this week. This is a positive development and another example of actions we're taking to protect the business. For more information on the amended and extended ABL and our Q1 financial results, I'll turn the call over to Todd.