Alpha Metallurgical Resources, Inc.

Greetings and welcome to the Alpha Metallurgical Resources Second Quarter 2025 Results Conference Call. At this time, all participants are on 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 of Investor Relations and Communications. You may now 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 Second Quarter 2025 earnings release and the associated SEC filing. Please also see these documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures. Participating on the call today are Alpha's Chief Executive Officer, Andy Edson, and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Muncie, our Chief Financial Officer, and Dan Horn, our Chief Commercial Officer. With that, I will turn the call over to Andy.

Thanks, Emily, and good morning, everyone. Today we announced our Second Quarter financial results, which include adjusted EBITDA of $46.1 million and 3.9 million tons shipped in the quarter. In spite of the difficult market backdrop, the team executed at a world-class level, particularly from an operating cost perspective. We achieved significant -over-quarter improvement in coal sales, bringing our costs down by more than $10 per ton as compared to the first quarter. This represents the best cost performance for the company since 2021. As a result, we have lowered cost guidance for the year along with additional adjustments to our 2025 expectations for SG&A, net cash interest income, and all operations expense that Todd will cover in more detail. As we've demonstrated in prior years, we remain committed to fine-tuning guidance as we gain a better understanding of how the year is shaping up. The adjustments we're communicating today reflect our latest thinking about the back of 2025 and our projected performance in the coming months. Metallurgical coal markets continue to be challenged with lingering concerns about weak steel demand and lackluster global economic growth expectations. Despite seemingly positive public statements in recent weeks from China committing to address their industrial overcapacity and despite announcements about trade deals between the United States and some countries, broader uncertainty remains around the global economy and what impact higher tariffs may have. Met coal indexes have stayed depressed in recent weeks, and in the case of US East Coast, Highball A and Highball B, both pricing mechanisms reached multi-year lows that were last seen in spring of 2021. With that said, we also see continuing supply disruptions across almost all producer regions for various reasons. Combined with the potential impact of Chinese involution measures, the market could be heading toward a better supply-demand balance. This is a dynamic situation that we will continue to monitor closely. Especially in a cyclical business like ours with significant volatility, it's impossible to mark the top or bottom of a cycle when it's happening. The catalysts that cause our market to shift in meaningful ways often reveal themselves in hindsight rather than real time. One way we have responded to this uncertainty is to strengthen our balance sheet and our liquidity position, and that simultaneously has positioned us for future opportunities when still-demand and market conditions improve. I'm pleased to report that we ended the second quarter with $557 million in total liquidity, nearly 15% higher than at the end of the first quarter, with the majority of that growth coming from an increase in our ABL facility. This morning we announced the Board's decision to restart the buyback program on an opportunistic basis. While the program has been inactive for roughly the last five quarters, our commitment to a year-old return has not changed. We remain dedicated to cautiously observing the market shifts and the timing of the amount of share repurchases will depend on a number of factors, including but not limited to market conditions, stock price, and applicable legal requirements and covenants. With that, I will turn the call over to Todd for additional information on our second quarter financial results.