Alpha Metallurgical Resources, Inc.

and welcome to the Alpha Metallurgical Resources Fourth 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, 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 fourth quarter 2025 earnings release and the associated SEC filings. 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 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, and good morning, everyone. Today, we released our definitive fourth quarter financial results, which include adjusted EBITDA of $28.5 million and 3.8 million tons shipped. This closes out a year that presented a number of challenges and continued market weakness. However, 2025 was also a year of markedly improved cost performance across the company and resilience in the face of difficult circumstances. Now in 2026, we look to build on that perseverance and continue improving. Since our last earnings call, we issued 2026 guidance and announced 3.6 million tons in sales commitments to domestic customers. We have since added another 500,000 contracted tons, bringing Alpha's domestic commitments to a total of 4.1 million tons for the year at an average price of $136.30. Especially in volatile times like these, having a solid base of committed tons to North American customers supports cash flow planning and business needs since the rest of the sales book is subject to market risk, which carries uncertainty. As we stated in our preliminary announcement and again today, the recent upward movement in coal markets has been largely concentrated within the Australian premium low vol index. Much of the shift was due to supply related issues resulting from flooding that occurred in Queensland in December and January, meaning the impacts were likely isolated and temporary. This conclusion is further supported by the significant divergence between the Aussie indexes and those priced on the US East Coast, as well as the trend lower in recent weeks. Additionally, Growing oversupply of high vol coal seems to be contributing to the widening spread between low vol and high vol A and B coals. Given our usual quality mix, if the current pricing environment for high vol persists, it would likely exert downward pressure on our realizations for the year. In light of these supply-related forces, we continue to look for durable improvements to global steel demand as the catalyst needed to improve met markets across the quality spectrum in a sustainable way. All of this is important market context as we look at what's ahead for 2026. While the high vol market remains crowded on the supply side with incremental tons coming from Alabama and Northern Appalachia, we're looking forward to completing development at the Kingston Wildcat low vol mine, which Jason has additional detail to share about shortly. As always, we're going to do everything we can to mine coal safely and efficiently, and our sales team will aim to maximize the value of every pound of coal that we mine. However, We're also clear-eyed about the persistent market weakness, especially with regard to high vol, and are maintaining our focus on a strong balance sheet and safe, efficient operations as a recipe for success in these challenging times. I'll now turn the call over to Todd for additional information on our fourth quarter financial results.