Alpha Metallurgical Resources, Inc.

Greetings. Welcome to the Alpha Metallurgical Resources First Quarter 2026 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 that 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 first quarter 2026 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 GAAP measures. On the call today, I am joined by ALFO's Chief Executive Officer, Andy Edson, and Chief Financial Officer, Todd Muncy, who will provide prepared remarks. Also participating on the call are our President and Chief Operating Officer, Jason Whitehead, and our Chief Commercial Officer, Dan Horn. Following our prepared remarks, we will be available to answer questions. With that, I'll turn the call over to Andy.

Thanks, Emily, and good morning, everyone. Today we released our definitive first quarter financial results, which included adjusted EBITDA of $30 million and 3.6 million tons shipped. Back in February on our last earnings call, we shared our expectation of a slower first quarter of production and shipments as compared to ratable guidance and the rest of the year. We also communicated that costs would likely be higher than usual due to those reduced volumes. The development of war-related inflationary impacts on diesel and other supplies was not included in our projections, but this put additional pressure on our cost of coal sales, which came in at $108 for the quarter. While we have no way of knowing when the Iran conflict will end, we believe the war-related inflationary prospects are temporary. Given this, and since we expect improved operational performance in both coal volumes and cost of coal sales for the balance of 2026, we believe it is still possible to finish the year within the top end of our existing cost guidance range of $95 to $101 per ton. However, if the Iranian conflict and its resulting inflationary impacts persist, we will likely adjust our cost guidance upward. Our realizations improved quarter over quarter, largely due to increases in the low vol indexes that occurred in recent months due to supply-related issues from flooding in Australia. However, there are historically unusual divergences within the indexes. that have either persisted or gotten more pronounced in recent weeks. Within low vol pricing, the Australian POV is currently $45 per metric ton higher, or 23% more, than the US East Coast low vol index. And of particular importance to us and our portfolio, there is a further $36 per ton gap down from the US East Coast low vol to the US East Coast high vol A, another difference of 23%. The US East Coast spread from low vol to high vol A is likely related to how oversupplied the market for Haval has become with additional tons recently brought to market in an already weak environment. We continually evaluate the productive capacity of our portfolio alongside the needs of the market, both in the near future and from a longer-term perspective, and we're watching to see if either of those index spreads tie into a more normalized level or if the divergence persists. Across the organization, our employees are working hard to maintain safe, efficient operations despite the external headwinds we're facing. Within the first quarter, many alpha teams received third-party recognition for exceptional work in the areas of operational safety, mine rescue, environmental stewardship, and reclamation. I commend each of our team members who make positive contributions through their work every day. Our sales team also tackled a difficult challenge by successfully planning for and mitigating the potential disruption of a four-week outage in March at Dominion Terminal Associates. They diligently work to keep as much alpha coal moving as possible, both before and after the downtime, while strategically utilizing our Hampton Roads terminal capacity beyond BTA. We're grateful to all of our partners for helping us overcome these challenges, and we're especially appreciative of the BTA team for their work to accomplish so many equipment, maintenance tasks, and upgrades in such a short time. With that, I will turn the call over to Todd for a review of our first quarter financial results.