Core Natural Resources Q3 2026 profit falls to $9M
Q3 cash generation funded stockholder returns while Core secured 29.4 million tons of future sales commitments.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Core Natural Resources, Inc. (CNR) reported third-quarter 2026 net income of $9.0 million, or $0.18 per diluted share, and revenue of $1.145 billion versus $1.003 billion in Q3 2025. Adjusted EBITDA was $165.2 million; operating cash flow was $174.6 million and free cash flow was $80.3 million. Net income compared with $126.5 million a year earlier. Adjusted EBITDA and free cash flow were higher year over year but below Q2 2026, which included insurance recoveries; Core cited geologic variability and weather-related shipment delays.
Core returned $89.6 million through repurchases and dividends, including 930,611 shares repurchased for $84.7 million at an average share price of $90.96. It declared a $0.10 quarterly dividend payable December 15, 2026, to stockholders of record November 30, 2026, and secured 29.4 million tons in future sales commitments. Liquidity was $1.0 billion as of September 30, 2026, including $443.9 million in cash, cash equivalents and short-term investments. 2026 total sales-volume guidance is 88.0–91.5 million tons; capital expenditure guidance is $325–$375 million.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue: $1.145 billion versus $1.003 billion in Q3 2025.
- Moderate pointAdjusted EBITDA: $165.2 million, compared with $141.2 million in Q3 2025.
- Moderate pointFree cash flow: $80.3 million, compared with $38.9 million in Q3 2025.
Negative
- Moderate pointNet income: $9.0 million, compared with $126.5 million in Q3 2025.
Filing Explained
At
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $1.145 billion
Net income: $9.0 million
Diluted earnings per share: $0.18 per diluted share
+5 more
8 metrics
Revenue
$1.145 billion
Third quarter 2026; $1.003 billion in Q3 2025
Net income
$9.0 million
Third quarter 2026; $126.5 million in Q3 2025
Diluted earnings per share
$0.18 per diluted share
Third quarter 2026
Adjusted EBITDA
$165.2 million
Third quarter 2026; $141.2 million in Q3 2025
Free cash flow
$80.3 million
Third quarter 2026; $38.9 million in Q3 2025
Shares repurchased
930,611 shares
Q3 2026; $84.7 million at an average share price of $90.96
Quarterly dividend
$0.10 per share
Payable December 15, 2026
Total liquidity
$1.0 billion
As of September 30, 2026
Key Terms
Adjusted EBITDA, Free cash flow, Cash Margin per Ton Sold, Cash Cost of Coal Sold per Ton
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $165.2 million in the quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"free cash flow of $80.3 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Cash Margin per Ton Sold financial
"Cash Margin per Ton Sold is an operating ratio"
Cash margin per ton sold measures how much cash profit a company earns for each ton of product it sells, calculated as the selling price per ton minus the direct, out‑of‑pocket costs to produce and deliver that ton (raw materials, labor, energy, transport, etc.), excluding non‑cash items like depreciation. Investors use it like a per‑unit profit score to compare efficiency, forecast cash flow from sales, and see how price or cost swings affect overall profitability.
Cash Cost of Coal Sold per Ton financial
"cash cost of coal sold per ton as cash cost of coal sold divided by tons sold"
Cash cost of coal sold per ton measures the actual cash spent to produce and deliver one ton of coal to market, excluding non-cash accounting items (like depreciation) and major long-term investments. Investors use it to judge how efficiently a producer turns raw inputs into sellable coal—similar to tracking the ingredients and labor cost per loaf in a bakery—and to compare producers, assess profit margins and sensitivity to coal price swings.
Earnings Snapshot
Revenue: $1.145 billion · Guidance included
Third quarter 2026
Revenue
$1.145 billion
Compared with $1.003 billion in Q3 2025.
Net income
$9.0 million
Compared with $126.5 million in Q3 2025.
Diluted earnings per share
$0.18 per diluted share
Adjusted EBITDA
$165.2 million
Up from $141.2 million in Q3 2025.
Free cash flow
$80.3 million
Up from $38.9 million in Q3 2025.
Guidance
For 2026, total sales volume guidance is 88.0–91.5 million tons; capital expenditures are guided at $325–$375 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CNR's third-quarter 2026 revenue and earnings?
CNR reported third-quarter 2026 revenue of $1.145 billion and net income of $9.0 million, or $0.18 per diluted share. Adjusted EBITDA was $165.2 million, and free cash flow was $80.3 million.
What dividend did CNR declare for Q3 2026?
Core declared a $0.10 per share quarterly dividend, payable December 15, 2026, to stockholders of record on November 30, 2026.
What is CNR's 2026 sales-volume guidance?
Core's 2026 total sales-volume guidance is 88.0–91.5 million tons. Segment guidance includes 9.0–9.5 million tons for coking coal, 31.5–32.5 million tons for High CV Thermal, and 47.5–49.5 million tons for Powder River Basin.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (724 ) 416-8300
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Core Natural Resources, Inc. (the "Company," "we," "us," or "our") issued a press release on November 5, 2026 announcing its 2026 third quarter results. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.
Please refer to our website at www.corenaturalresources.com for additional information regarding the Company. For example, periodically during the quarter, we may provide investor presentations, which would appear on our website in the Investors section.
Item 7.01 Regulation FD Disclosure.
On November 5, 2026, the Company posted an investor presentation to its website, which is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
The information in this Current Report and the exhibits hereto shall be considered “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933 as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
The response to Item 2.02 is incorporated herein by reference to this Item 7.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99.1 Press release of Core Natural Resources, Inc. dated November 5, 2026
Exhibit 99.2 Core Natural Resources, Inc. Investor Presentation dated November 5, 2026
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Core Natural Resources, Inc. | ||||||||
| (Registrant) | ||||||||
| By: | /s/ NATHAN J. TUCKER | |||||||
| Nathan J. Tucker | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Dated: November 5, 2026
Exhibit 99.1
Core Natural Resources Reports Third Quarter 2026 Results
Demonstrates consistency and resilience of its highly cash-generative operating portfolio
Returns $90 million to stockholders, bringing the total returned over the past seven quarters to $450 million
Repurchases 930,611 shares, bringing the reduction in share count to ~10 percent since February 2025
Capitalizes on strengthening price environment by securing ~29 million tons of future sales commitments
CANONSBURG, Pa., November 5, 2026 /PRNewswire/ — Today, Core Natural Resources, Inc. (NYSE: CNR) (“Core” or the “company”) reported net income of $9.0 million, or $0.18 per diluted share, in the third quarter of 2026. Additionally, Core reported adjusted EBITDA1 of $165.2 million in the quarter, which included nine months of discretionary employee incentive compensation totaling $17.2 million. Third quarter revenues totaled $1.1 billion.
“Core continues to demonstrate the power of its highly cash-generative portfolio of world-class assets and its strategic engagement in the most compelling segments of the global marketplace,” said Jimmy Brock, Core’s chairman and CEO. “During Q3, the Core team again generated robust free cash flow and returned a substantial amount of capital to stockholders for the seventh straight quarter. While normal geologic variability and weather-related shipment delays dampened quarter-over-quarter comparisons, Core remains on track to deliver a strong full-year performance and to drive significant long-term value for our stockholders.”
Operational and Marketing Update
During Q3 2026, Core’s high calorific value thermal segment achieved coal sales of 8.2 million tons, down 2 percent from the previous quarter, and recorded realized coal revenue per ton sold1 of $56.58, which was also modestly lower due principally to sales mix. The segment had cash cost of coal sold per ton1 of $41.44, which was 7 percent higher than in Q2 2026 due to normal geologic variability at its Pennsylvania Mining Complex.
In the metallurgical segment, coking coal sales totaled 2.3 million tons in Q3, in line with the previous quarter, and thermal byproduct sales totaled 0.2 million tons. The segment achieved realized coal revenue per ton sold1 for coking coal of $124.06 and realized coal revenue per ton sold1 for the metallurgical segment as a whole of $120.18, representing a quarter-over-quarter increase of 5 percent. The segment reported a cash cost of coal sold per ton1 of $92.92, representing an 8 percent quarter-over-quarter increase principally due to a short-term increase in contract labor utilization. The metallurgical segment’s sales volumes were hampered by stormy weather late in the quarter that caused the loading of two high-value vessels to slip into early October.
In the Powder River Basin segment, Q3 sales volumes totaled 13.5 million tons, representing a 32 percent increase over the previous quarter due to seasonally stronger demand. Realized coal revenue per ton sold1 was $14.29, which was generally in line with Q2 2026, and cash cost of coal sold per ton1 was $13.49, representing a 9 percent improvement due in large part to the increased volume levels.
During Q3, the marketing team secured 29.4 million tons of new sales commitments across all segments for delivery in future periods, at prices reflecting the significantly improved market environment. Included in this total, the Core team committed 2.4 million tons of metallurgical coal for delivery in 2027 to North American customers, at an average fixed price higher than last year’s commitments.
The following table presents operational results by reportable segment (in millions, except per ton information):
| Three Months Ended | |||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | |||||||||||||||
| High CV Thermal Segment | |||||||||||||||||
| Tons Sold | 8.2 | 8.4 | 7.2 | ||||||||||||||
Realized Coal Revenue per Ton Sold1 | $ | 56.58 | $ | 58.11 | $ | 59.78 | |||||||||||
Cash Cost of Coal Sold per Ton1 | $ | 41.44 | $ | 38.58 | $ | 40.53 | |||||||||||
Cash Margin per Ton Sold1 | $ | 15.14 | $ | 19.53 | $ | 19.25 | |||||||||||
| Metallurgical Segment | |||||||||||||||||
| Tons Sold | 2.5 | 2.6 | 2.2 | ||||||||||||||
| Coking Coal | 2.3 | 2.3 | 1.9 | ||||||||||||||
| Thermal Byproduct | 0.2 | 0.3 | 0.4 | ||||||||||||||
Realized Coal Revenue per Ton Sold1 | $ | 120.18 | $ | 114.13 | $ | 101.60 | |||||||||||
Coking Coal1 | $ | 124.06 | $ | 121.43 | $ | 112.94 | |||||||||||
Thermal Byproduct1 | $ | 67.22 | $ | 55.09 | $ | 45.18 | |||||||||||
Cash Cost of Coal Sold per Ton1 | $ | 92.92 | $ | 85.65 | $ | 94.18 | |||||||||||
Cash Margin per Ton Sold1 | $ | 27.26 | $ | 28.48 | $ | 7.42 | |||||||||||
| Powder River Basin Segment | |||||||||||||||||
| Tons Sold | 13.5 | 10.2 | 13.0 | ||||||||||||||
Realized Coal Revenue per Ton Sold1 | $ | 14.29 | $ | 14.28 | $ | 14.09 | |||||||||||
Cash Cost of Coal Sold per Ton1 | $ | 13.49 | $ | 14.85 | $ | 13.04 | |||||||||||
Cash Margin per Ton Sold1 | $ | 0.80 | $ | (0.57) | $ | 1.05 | |||||||||||
Financial, Liquidity, and Capital Return Update
Core’s capital return framework targets the return to stockholders of around 75 percent of free cash flow1, with the significant majority of that return directed to share repurchases complemented by a sustaining quarterly dividend of $0.10 per share. During Q3 2026, the company invested $84.7 million to repurchase 930,611 shares of its common stock at an average share price of $90.96. Core has now invested a total of $413.9 million to repurchase 5.2 million shares of common stock, or roughly 9.6 percent of total shares outstanding as of the program’s launch, at an average share price of $79.53, and a total of $449.7 million, inclusive of dividend payments, in the capital return program overall.
Since the inception of its capital return program in February 2025, Core has returned approximately 85 percent of its free cash flow1 to stockholders via its capital return program. As of September 30, 2026, Core had $586.1 million of remaining authorization under its existing $1.0 billion share repurchase program.
In addition, the board declared a $0.10 per share quarterly dividend payable on December 15, 2026, to stockholders of record on November 30, 2026.
“During Q3, Core again demonstrated the consistency and resilience of its highly cash-generative operating portfolio,” Brock said. “The Core team generated strong free cash flow and continued to reduce share count in a steady and systematic manner, ending the quarter with 48.9 million shares outstanding, or nearly 10 percent lower than the total in February 2025 when the capital return program was launched. Given the resurgent market environment and strong contract book we continue to build, Core expects to continue to shrink the share count in Q4 and as we turn the corner into 2027.”
During Q3 2026, Core generated net cash provided by operating activities of $174.6 million and free cash flow1 of $80.3 million. At September 30, 2026, Core had total liquidity of $1.0 billion, including $443.9 million in cash and cash equivalents and short-term investments.
Market Update
Thermal coal market conditions strengthened markedly in Q3, particularly overseas. Continuing disruptions in global LNG and refined product markets are buoying international thermal coal demand and boosting seaborne pricing. Correspondingly, rising U.S. thermal coal exports combined with ongoing U.S. power demand growth are beginning to tighten domestic thermal markets as well.
Longer term, U.S. grid operators are projecting substantial power demand growth, spurred by reindustrialization and the AI-driven data center build-out. With the U.S. coal fleet operating at an average capacity factor of less than 50 percent – and with the Trump Administration moving aggressively to ensure the long-term viability of the U.S. coal fleet – Core expects U.S. thermal coal demand to climb in coming years. Likewise, the long-term outlook for thermal coal in the seaborne market appears positive. Energy markets are tight around the world; India’s cement production is growing at a rapid clip; and the International Energy Agency expects global electricity demand to grow at 3.6 percent in 2026 and 3.8 percent in 2027.
Seaborne metallurgical markets also strengthened appreciably during Q3. Current assessments indicate High-Vol A coal (FOB the vessel on the U.S. East Coast) at more than $30 per metric ton higher today than at the start of Q3. In addition, China recently agreed – as part of bilateral trade negotiations – to import at least 10 million metric tons of coal from U.S. coal producers in both 2027 and 2028, with U.S. metallurgical producers likely to be prime beneficiaries, in Core’s estimation. Core expects increasing demand and elevated Australian Premium Low-Vol pricing to continue to support U.S. East Coast prices, and for the significant differential between the two products to narrow over time as Asian buyers seek to take advantage of the wide price spread. Meanwhile, Core continues to make good progress in marketing its Leer brand coal as an advantageous, high value-in-use substitute for Australian premium products.
Core expects the ongoing, steel-dependent build-out of Southeast Asian economies – along with sustained investment in new blast furnace capacity across that region – to support a constructive, long-term market outlook for high-quality coking coals.
Outlook
“While mining conditions can and will vary from quarter to quarter, the Core team remains laser-focused on achieving world-class productivity and industry-leading cost performance on a sustained basis across our entire mining portfolio, while operating in tight alignment with our core values of safety and compliance, continuous improvement, and financial performance,” said Mitesh Thakkar, Core’s president. “With our strategically diversified operating platform, Core is uniquely positioned to capitalize on what we view as the highest potential market opportunities in the coal universe — tightening global energy markets, an ongoing infrastructure build-out in the developing world, and resurgent U.S. power demand.”
1 - Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures and Realized Coal Revenue per Ton Sold and Cash Cost of Coal Sold per Ton are operating ratios derived from non-GAAP financial measures, each of which is reconciled to the most directly comparable GAAP financial measures below, under the caption “Reconciliation of Non-GAAP Financial Measures.” Cash Margin per Ton Sold is an operating ratio derived from non-GAAP financial measures and is defined as realized coal revenue per ton sold less cash cost of coal sold per ton.
2026 Guidance
| 2026 | |||||||||||
| Tons | $ per ton | ||||||||||
Sales Volume (in millions of tons) | |||||||||||
Coking1 | 9.0 - 9.5 | ||||||||||
High CV Thermal2 | 31.5 - 32.5 | ||||||||||
| Powder River Basin | 47.5 - 49.5 | ||||||||||
| Total | 88.0 - 91.5 | ||||||||||
Metallurgical (in millions of tons) | |||||||||||
| Committed, Priced Coking | 7.6 | $123.10 | |||||||||
| Committed, Unpriced Coking | 1.7 | ||||||||||
| Total Committed Coking | 9.3 | ||||||||||
| Metallurgical Cash Cost of Coal Sold per Ton | $88.00 - $90.00 | ||||||||||
High CV Thermal (in millions of tons) | |||||||||||
Committed, Priced3 | 31.3 | $59.00 | |||||||||
| Committed, Unpriced | 0.1 | ||||||||||
| Total Committed High CV Thermal | 31.4 | ||||||||||
| High CV Thermal Cash Cost of Coal Sold per Ton | $40.00 - $41.00 | ||||||||||
Powder River Basin4 (in millions of tons) | |||||||||||
| Committed, Priced | 48.5 | $14.28 | |||||||||
| Powder River Basin Cash Cost of Coal Sold per Ton | $13.75 - $14.00 | ||||||||||
Corporate (in $ millions) | |||||||||||
| Capital Expenditures | $325 - $375 | ||||||||||
| Depreciation, Depletion and Amortization | $600 - $650 | ||||||||||
Cash Basis General and Administrative Costs5 | $85 - $100 | ||||||||||
| Cash Tax Rate | 0% - 5% | ||||||||||
1 - Excludes thermal byproduct
2 - Includes crossover volumes
3 - Reflects inclusion of collared commitments
4 - Reflects the expected impact of the recently enacted royalty rate reduction on federal coal leases
5 - Excludes expenses related to non-cash stock-based compensation and other non-recurring adjustments
Note - Core is unable to provide a reconciliation of Metallurgical Cash Cost of Coal Sold per Ton, High CV Thermal Cash Cost of Coal Sold per Ton, and Powder River Basin Cash Cost of Coal Sold per Ton guidance, which are operating ratios derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing, and potential significance of certain income statement items.
Availability of Additional Information
Please refer to our website, www.corenaturalresources.com, for additional information regarding the company. In addition, we may provide other information about the company from time to time on our website.
Investors seeking our detailed financial statements can refer to the Quarterly Report on Form 10-Q once it has been filed with the Securities and Exchange Commission (“SEC”).
About Core Natural Resources, Inc.
Core Natural Resources, Inc. (NYSE: CNR) is a world-class producer of high-quality metallurgical and high calorific value thermal coals for the global marketplace. Core’s highly skilled workforce operates a best-in-sector portfolio of large-scale, low-cost longwall mines, including the Pennsylvania Mining Complex, Leer, Leer South, and West Elk mines, along with one of the world’s largest and most productive surface mines, Black Thunder. The company plays an essential role in meeting the world’s growing need for steel, infrastructure, and energy, while simultaneously serving the resurgent requirements of the U.S. power generation fleet. Core has an extensive and strategic logistical network – anchored by ownership positions in two East Coast marine export terminals – that provides reliable and efficient access to seaborne coal markets. The company’s deeply ingrained culture is grounded in safety and compliance, continuous improvement, and financial performance, with an emphasis on stakeholder engagement and stockholder returns. Core was created in January 2025 via the merger of long-time industry leaders CONSOL Energy and Arch Resources and is based in Canonsburg, Pennsylvania.
Condensed Consolidated Statement of Cash Flows
The following table presents the condensed consolidated statement of cash flows for the three months ended September 30, 2026 (in thousands):
| Three Months Ended September 30, 2026 | |||||
| Cash Flows from Operating Activities: | (Unaudited) | ||||
| Net Income | $ | 8,998 | |||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||
| Depreciation, Depletion and Amortization | 159,302 | ||||
| Other Non-Cash Adjustments to Net Income | (5,905) | ||||
| Changes in Working Capital | 12,162 | ||||
| Net Cash Provided by Operating Activities | 174,557 | ||||
| Cash Flows from Investing Activities: | |||||
| Capital Expenditures | (94,446) | ||||
| Proceeds from Sales of Assets | 213 | ||||
| Other Investing Activity | (23,725) | ||||
| Net Cash Used in Investing Activities | (117,958) | ||||
| Cash Flows from Financing Activities: | |||||
| Net Payments on Long-Term Debt, Including Fees | (10,488) | ||||
| Repurchases of Common Stock | (84,651) | ||||
| Dividends and Dividend Equivalents Paid | (4,932) | ||||
| Net Cash Used in Financing Activities | (100,071) | ||||
| Net Decrease in Cash, Cash Equivalents and Restricted Cash | (43,472) | ||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 645,047 | ||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 601,575 | |||
Reconciliation of Non-GAAP Financial Measures
We define realized coal revenue as revenues reported in the Condensed Consolidated Statements of Income (Loss) less transportation costs, transloading revenues and other revenues not directly attributable to coal sales. We define realized coal revenue per ton sold as realized coal revenue divided by tons sold.
The following tables present reconciliations by reportable segment of realized coal revenue and realized coal revenue per ton sold to revenues, the most directly comparable GAAP financial measure (in thousands, except per ton information):
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Idle and Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 580,969 | $ | 355,364 | $ | 195,143 | $ | 24,690 | $ | 4,411 | $ | (15,490) | $ | 1,145,087 | |||||||||||||||||||||||||||
| Less: Adjustments to Reconcile to Segment Realized Coal Revenue | |||||||||||||||||||||||||||||||||||||||||
| Transportation Costs, including Intersegment Transportation Costs | 115,240 | 60,911 | 2,944 | — | — | — | 179,095 | ||||||||||||||||||||||||||||||||||
| Intersegment Terminal Revenues | — | — | — | 15,490 | — | (15,490) | — | ||||||||||||||||||||||||||||||||||
| Non-Coal Revenues | — | — | — | 9,200 | 4,411 | — | 13,611 | ||||||||||||||||||||||||||||||||||
| Segment Realized Coal Revenue | $ | 465,729 | $ | 294,453 | $ | 192,199 | $ | — | $ | — | $ | — | $ | 952,381 | |||||||||||||||||||||||||||
| Tons Sold | 8,232 | 2,450 | 13,454 | ||||||||||||||||||||||||||||||||||||||
| Realized Coal Revenue per Ton Sold | $ | 56.58 | $ | 120.18 | $ | 14.29 | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Idle and Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 612,122 | $ | 366,283 | $ | 148,274 | $ | 26,946 | $ | 4,393 | $ | (17,004) | $ | 1,141,014 | |||||||||||||||||||||||||||
| Less: Adjustments to Reconcile to Segment Realized Coal Revenue | |||||||||||||||||||||||||||||||||||||||||
| Transportation Costs, including Intersegment Transportation Costs | 122,379 | 68,808 | 2,393 | — | — | — | 193,580 | ||||||||||||||||||||||||||||||||||
| Intersegment Terminal Revenues | — | — | — | 17,004 | — | (17,004) | — | ||||||||||||||||||||||||||||||||||
| Non-Coal Revenues | — | — | — | 9,942 | 4,393 | — | 14,335 | ||||||||||||||||||||||||||||||||||
| Segment Realized Coal Revenue | $ | 489,743 | $ | 297,475 | $ | 145,881 | $ | — | $ | — | $ | — | $ | 933,099 | |||||||||||||||||||||||||||
| Tons Sold | 8,428 | 2,606 | 10,213 | ||||||||||||||||||||||||||||||||||||||
| Realized Coal Revenue per Ton Sold | $ | 58.11 | $ | 114.13 | $ | 14.28 | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Idle and Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 514,721 | $ | 292,694 | $ | 186,366 | $ | 19,778 | $ | 3,171 | $ | (14,187) | $ | 1,002,543 | |||||||||||||||||||||||||||
| Less: Adjustments to Reconcile to Segment Realized Coal Revenue | |||||||||||||||||||||||||||||||||||||||||
| Transportation Costs, including Intersegment Transportation Costs | 82,550 | 66,912 | 2,830 | — | — | — | 152,292 | ||||||||||||||||||||||||||||||||||
| Intersegment Terminal Revenues | — | — | — | 14,187 | — | (14,187) | — | ||||||||||||||||||||||||||||||||||
| Non-Coal Revenues | — | — | — | 5,591 | 3,171 | — | 8,762 | ||||||||||||||||||||||||||||||||||
| Segment Realized Coal Revenue | $ | 432,171 | $ | 225,782 | $ | 183,536 | $ | — | $ | — | $ | — | $ | 841,489 | |||||||||||||||||||||||||||
| Tons Sold | 7,229 | 2,222 | 13,030 | ||||||||||||||||||||||||||||||||||||||
| Realized Coal Revenue per Ton Sold | $ | 59.78 | $ | 101.60 | $ | 14.09 | |||||||||||||||||||||||||||||||||||
The following tables present breakdowns of the realized coal revenue per ton sold for the Metallurgical segment between coking coal and thermal byproduct (in thousands, except per ton information):
| Three Months Ended September 30, 2026 | |||||||||||||||||
| Coking Coal | Thermal Byproduct | Total Metallurgical Segment | |||||||||||||||
| Segment Realized Coal Revenue | $ | 283,192 | $ | 11,261 | $ | 294,453 | |||||||||||
| Tons Sold | 2,283 | 167 | 2,450 | ||||||||||||||
| Realized Coal Revenue per Ton Sold | $ | 124.06 | $ | 67.22 | $ | 120.18 | |||||||||||
Three Months Ended June 30, 2026 | |||||||||||||||||
| Coking Coal | Thermal Byproduct | Total Metallurgical Segment | |||||||||||||||
| Segment Realized Coal Revenue | $ | 281,670 | $ | 15,805 | $ | 297,475 | |||||||||||
| Tons Sold | 2,319 | 287 | 2,606 | ||||||||||||||
| Realized Coal Revenue per Ton Sold | $ | 121.43 | $ | 55.09 | $ | 114.13 | |||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||
| Coking Coal | Thermal Byproduct | Total Metallurgical Segment | |||||||||||||||
| Segment Realized Coal Revenue | $ | 208,986 | $ | 16,796 | $ | 225,782 | |||||||||||
| Tons Sold | 1,850 | 372 | 2,222 | ||||||||||||||
| Realized Coal Revenue per Ton Sold | $ | 112.94 | $ | 45.18 | $ | 101.60 | |||||||||||
We evaluate our cash cost of coal sold on an aggregate basis by segment and our cash cost of coal sold per ton on a per-ton basis. Cash cost of coal sold includes items such as direct operating costs, royalties, production taxes and credits and direct administration costs, and excludes transportation costs, indirect costs, other costs not directly attributable to the production of coal and depreciation, depletion and amortization costs on production assets. We define cash cost of coal sold per ton as cash cost of coal sold divided by tons sold.
The following tables present reconciliations by reportable segment of cash cost of coal sold and cash cost of coal sold per ton to cost of sales, the most directly comparable GAAP financial measure (in thousands, except per ton information):
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Idle and Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Cost of Sales | $ | 456,346 | $ | 288,580 | $ | 185,804 | $ | 8,152 | $ | 23,804 | $ | (15,490) | $ | 947,196 | |||||||||||||||||||||||||||
| Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold | |||||||||||||||||||||||||||||||||||||||||
| Transportation Costs | 100,552 | 60,109 | 2,944 | — | — | — | 163,605 | ||||||||||||||||||||||||||||||||||
| Intersegment Transportation Costs | 14,688 | 802 | — | — | — | (15,490) | — | ||||||||||||||||||||||||||||||||||
| Cost of Sales from Idled Operations | — | — | — | — | 4,048 | — | 4,048 | ||||||||||||||||||||||||||||||||||
| Terminal Operating Costs | — | — | — | 8,152 | — | — | 8,152 | ||||||||||||||||||||||||||||||||||
| Settlements of Commodity Derivatives | — | — | 1,319 | — | — | — | 1,319 | ||||||||||||||||||||||||||||||||||
| Other Non-Active Mining Costs | — | — | — | — | 19,756 | — | 19,756 | ||||||||||||||||||||||||||||||||||
| Segment Cash Cost of Coal Sold | $ | 341,106 | $ | 227,669 | $ | 181,541 | $ | — | $ | — | $ | — | $ | 750,316 | |||||||||||||||||||||||||||
| Tons Sold | 8,232 | 2,450 | 13,454 | ||||||||||||||||||||||||||||||||||||||
| Cash Cost of Coal Sold per Ton | $ | 41.44 | $ | 92.92 | $ | 13.49 | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Idle and Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Cost of Sales | $ | 447,517 | $ | 281,551 | $ | 156,069 | $ | 9,176 | $ | 11,680 | $ | (17,004) | $ | 888,989 | |||||||||||||||||||||||||||
| Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold | |||||||||||||||||||||||||||||||||||||||||
| Transportation Costs | 106,412 | 67,771 | 2,393 | — | — | — | 176,576 | ||||||||||||||||||||||||||||||||||
| Intersegment Transportation Costs | 15,967 | 1,037 | — | — | — | (17,004) | — | ||||||||||||||||||||||||||||||||||
| Cost of Sales from Idled Operations | — | — | — | — | 4,287 | — | 4,287 | ||||||||||||||||||||||||||||||||||
| Insurance Reimbursements - Fire Costs | — | (10,493) | — | — | — | — | (10,493) | ||||||||||||||||||||||||||||||||||
| Terminal Operating Costs | — | — | — | 9,176 | — | — | 9,176 | ||||||||||||||||||||||||||||||||||
| Settlements of Commodity Derivatives | — | — | 1,998 | — | — | — | 1,998 | ||||||||||||||||||||||||||||||||||
| Other Non-Active Mining Costs | — | — | — | — | 7,393 | — | 7,393 | ||||||||||||||||||||||||||||||||||
| Segment Cash Cost of Coal Sold | $ | 325,138 | $ | 223,236 | $ | 151,678 | $ | — | $ | — | $ | — | $ | 700,052 | |||||||||||||||||||||||||||
| Tons Sold | 8,428 | 2,606 | 10,213 | ||||||||||||||||||||||||||||||||||||||
| Cash Cost of Coal Sold per Ton | $ | 38.58 | $ | 85.65 | $ | 14.85 | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Idle and Other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Cost of Sales | $ | 375,552 | $ | 275,222 | $ | 172,775 | $ | 7,626 | $ | 10,484 | $ | (14,187) | $ | 827,472 | |||||||||||||||||||||||||||
| Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold | |||||||||||||||||||||||||||||||||||||||||
| Transportation Costs | 69,704 | 65,571 | 2,830 | — | — | — | 138,105 | ||||||||||||||||||||||||||||||||||
| Intersegment Transportation Costs | 12,846 | 1,341 | — | — | — | (14,187) | — | ||||||||||||||||||||||||||||||||||
| Cost of Sales from Idled Operations | — | 18,375 | — | — | 5,080 | — | 23,455 | ||||||||||||||||||||||||||||||||||
| Insurance Reimbursements - Fire Costs | — | (19,350) | — | — | — | — | (19,350) | ||||||||||||||||||||||||||||||||||
| Terminal Operating Costs | — | — | — | 7,626 | — | — | 7,626 | ||||||||||||||||||||||||||||||||||
| Other Non-Active Mining Costs | — | — | — | — | 5,404 | — | 5,404 | ||||||||||||||||||||||||||||||||||
| Segment Cash Cost of Coal Sold | $ | 293,002 | $ | 209,285 | $ | 169,945 | $ | — | $ | — | $ | — | $ | 672,232 | |||||||||||||||||||||||||||
| Tons Sold | 7,229 | 2,222 | 13,030 | ||||||||||||||||||||||||||||||||||||||
| Cash Cost of Coal Sold per Ton | $ | 40.53 | $ | 94.18 | $ | 13.04 | |||||||||||||||||||||||||||||||||||
We define adjusted EBITDA as (i) net income (loss) plus income taxes, net interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as loss on debt extinguishment and (iii) other adjustments, such as stock-based compensation, Merger-related expenses and fair value adjustments of commodity derivative instruments. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding transactions that are not indicative of our operating performance or that arise outside of the ordinary course of our business.
The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure (in thousands):
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||
| Net Income (Loss) | $ | 57,794 | $ | (3,130) | $ | 2,174 | $ | 14,947 | $ | (62,787) | $ | 8,998 | |||||||||||||||||||||||
| Income Tax Benefit | — | — | — | — | (12,579) | (12,579) | |||||||||||||||||||||||||||||
| Interest Expense, net | — | — | — | — | 4,612 | 4,612 | |||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 66,829 | 69,914 | 8,484 | 1,591 | 12,484 | 159,302 | |||||||||||||||||||||||||||||
| Other Adjustments | — | — | — | — | 4,875 | 4,875 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 124,623 | $ | 66,784 | $ | 10,658 | $ | 16,538 | $ | (53,395) | $ | 165,208 | |||||||||||||||||||||||
Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities plus proceeds from sales of assets and unrestricted cash proceeds from the Merger with Arch Resources, Inc., less capital expenditures and investments in mining-related activities. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations and non-core asset sales after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand the company's asset base and are expected to generate future cash flows from operations. It is important to note that free cash flow does not represent the residual cash flow available for discretionary expenditures, since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure (in thousands):
| Three Months Ended September 30, 2026 | |||||
| Net Cash Provided by Operating Activities | $ | 174,557 | |||
| Capital Expenditures | (94,446) | ||||
| Proceeds from Sales of Assets | 213 | ||||
| Free Cash Flow | $ | 80,324 | |||
Cautionary Statement Regarding Forward-Looking Statements
This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “years ahead,” “look forward” and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core’s current views about future events. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, uncertainties regarding the ability of Core to mine, upgrade, process, and extract rare earth elements and critical minerals from its existing mines, including uncertainties regarding the financial impacts of such activities; risks related to the CEO transition; risks related to the prior occurrence of combustion-related activity at Core’s Leer South mine and the risk of future occurrences; deterioration in economic conditions or changes in consumption patterns of our customers may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital; volatility and wide fluctuation in coal prices based upon a number of factors beyond our control; an extended decline in the prices we receive for our coal; significant downtime of our equipment or inability to obtain equipment, parts or raw materials; decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations; our reliance on major customers, our ability to collect payment from our customers and uncertainty in connection with our customer contracts; our inability to acquire additional coal reserves or resources that are economically recoverable; decreases in coal consumption patterns for steel production, electric power generation and industrial applications; the availability and reliability of transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs; a loss of our competitive position; inflation that could result in higher costs and decreased profitability; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; risks related to the fact that a significant portion of our production is sold in international markets (and may grow) and our compliance with export control and anti-corruption laws; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions; the impact of current and future regulations to address climate change, the discharge, disposal and clean-up of hazardous substances and wastes and employee health and safety on our operating costs as well as on the market for coal; the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving longwall equipment, railroad derailments or strikes, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions; failure to obtain or renew surety bonds, letters of credit or insurance coverages on acceptable terms; the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land; our inability to obtain financing for capital expenditures on satisfactory terms; the effects of our securities being excluded from certain investment funds as a result of environmental, social and corporate governance (“ESG”) practices; the effects of global conflicts on commodity prices and supply chains; the effect of new or existing laws, regulations, tariffs, executive orders or other trade measures; our inability to find suitable joint venture partners, acquisition targets or similar investments or integrating the operations of future acquisitions or investments into our operations; obtaining, maintaining and renewing governmental permits and approvals for our coal operations; the effects of asset retirement obligations, employee-related long-term liabilities and certain other liabilities; uncertainties in estimating our economically recoverable coal reserves; defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights; the outcomes of various legal proceedings; the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows; information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident; the potential failure to retain and attract qualified personnel of the company; failure to maintain effective internal control over financial reporting; uncertainty with respect to the company’s common stock, potential stock price volatility and future dilution; uncertainty regarding the timing and value of any dividends we may declare; uncertainty as to whether we will repurchase shares of our common stock; inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; the risk that the businesses of the company and Arch Resources, Inc. will not be integrated successfully after the closing of the Merger; the risk that the anticipated benefits of the Merger may not be realized or may take longer to realize than expected; and other unforeseen factors.
All such factors are difficult to predict, are beyond Core’s control, and are subject to additional risks and uncertainties, including those detailed in Core’s annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on Core’s website at www.corenaturalresources.com and on the SEC’s website at http://www.sec.gov.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Core does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Source: Core Natural Resources, Inc.
Contacts:
Investor:
Deck Slone, (314) 994-2766
investorrelations@coreresources.com
Media:
Erica Fisher, (724) 416-8292
media@coreresources.com
Third Quarter 2026 Earnings Supplement November 5, 2026
2 FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “years ahead,” “look forward” and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core Natural Resources, Inc.’s (“Core” or “the company”) current views about future events. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, uncertainties regarding the ability of Core to mine, upgrade, process, and extract rare earth elements and critical minerals from its existing mines, including uncertainties regarding the financial impacts of such activities; risks related to the CEO transition; risks related to the prior occurrence of combustion-related activity at Core’s Leer South mine and the risk of future occurrences; deterioration in economic conditions or changes in consumption patterns of our customers may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital; volatility and wide fluctuation in coal prices based upon a number of factors beyond our control; an extended decline in the prices we receive for our coal; significant downtime of our equipment or inability to obtain equipment, parts or raw materials; decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations; our reliance on major customers, our ability to collect payment from our customers and uncertainty in connection with our customer contracts; our inability to acquire additional coal reserves or resources that are economically recoverable; decreases in coal consumption patterns for steel production, electric power generation and industrial applications; the availability and reliability of transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs; a loss of our competitive position; inflation that could result in higher costs and decreased profitability; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; risks related to the fact that a significant portion of our production is sold in international markets (and may grow) and our compliance with export control and anti-corruption laws; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions; the impact of current and future regulations to address climate change, the discharge, disposal and clean-up of hazardous substances and wastes and employee health and safety on our operating costs as well as on the market for coal; the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving longwall equipment, railroad derailments or strikes, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions; failure to obtain or renew surety bonds, letters of credit or insurance coverages on acceptable terms; the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land; our inability to obtain financing for capital expenditures on satisfactory terms; the effects of our securities being excluded from certain investment funds as a result of environmental, social and corporate governance practices; the effects of global conflicts on commodity prices and supply chains; the effect of new or existing laws, regulations, tariffs, executive orders or other trade measures; our inability to find suitable joint venture partners, acquisition targets or similar investments or to integrate the operations of future acquisitions or investments into our operations; obtaining, maintaining and renewing governmental permits and approvals for our coal operations; the effects of asset retirement obligations, employee-related long- term liabilities and certain other liabilities; uncertainties in estimating our economically recoverable coal reserves; defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights; the outcomes of various legal proceedings; the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows; information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident; the potential failure to retain and attract qualified personnel of the company; failure to maintain effective internal control over financial reporting; uncertainty with respect to the company’s common stock, potential stock price volatility and future dilution; uncertainty regarding the timing and value of any dividends we may declare; uncertainty as to whether we will repurchase shares of our common stock; inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; the risk that the businesses of the company and Arch Resources, Inc. will not be integrated successfully after the closing of the Merger; the risk that the anticipated benefits of the Merger may not be realized or may take longer to realize than expected; and other unforeseen factors. All such factors are difficult to predict, are beyond Core’s control, and are subject to additional risks and uncertainties, including those detailed in Core’s annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on Core’s website at www.corenaturalresources.com and on the SEC’s website at http://www.sec.gov. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Core does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
3 THIRD QUARTER 2026 HIGHLIGHTS • Demonstrates consistency and resilience of its highly cash-generative operating portfolio • Reports Q3 2026 net income of $9.0 million and Adjusted EBITDA1 of $165.2 million • Generates net cash provided by operating activities of $174.6 million and free cash flow1 of $80.3 million • Returns $89.6 million to stockholders via share repurchases and dividend payments, bringing the total returned to stockholders since the capital return program’s inception in February 2025 to $449.7 million • Repurchases 930,611 shares of its common stock, reducing the overall share count to 48.9 million shares – a net reduction of 5.1 million shares since the capital return program’s inception • Secures 29.4 million tons of incremental sales commitments for delivery in future periods in a strengthening market environment, at prices expected to support advantageous operating margins • Declares $0.10 per share dividend payable on December 15, 2026, to stockholders of record on November 30, 2026 • Ends Q3 with liquidity of $1.0 billion, including $443.9 million in cash and cash equivalents and short-term investments 1 Adjusted EBITDA and free cash flow are non-GAAP measures; see the Appendix for reconciliations of these amounts to the most directly comparable non-GAAP measures.
4 THE PREMIER PURE-PLAY GLOBAL COAL PRODUCER, STRATEGICALLY POSITIONED TO SUPPLY THE WORLD’S GROWING STEEL, INDUSTRIAL, AND ENERGY NEEDS WHILE MANAGING BY OUR CORE VALUES OF SAFETY AND COMPLIANCE, CONTINUOUS IMPROVEMENT, AND FINANCIAL PERFORMANCE 4 Safety-Based Culture Highly skilled workforce with a deeply ingrained, safety-based culture and a goal of zero life-altering accidents, complemented by a deep commitment to environmental stewardship Innovation Leader in its core business and via its Innovations business unit, which is advancing new, coal-based applications in areas such as aerospace and defense Logistical Excellence Industry-leading logistical network anchored by ownership positions in two large-scale East Coast marine export terminals Unmatched Scale 2025 sales volume of 89 million tons and 2025 revenue of $4.2 billion Global Reach Supplies customers in ~25 countries located on five continents with one of the industry’s broadest arrays of coal products Strategic Diversification across multiple, high-potential market segments, with strong penetration in fast-growing seaborne markets as well as newly resurgent, AI-driven domestic power markets Longwall Powerhouse ~90% of projected seaborne export volumes from world-class longwall mines Low-Cost Advantage First quartile on cost curve among U.S. metallurgical and seaborne thermal coal suppliers Long-Lived Reserves Decades of high-quality reserves that will support low-cost mining at flagship longwall operations through 2050 Leading Supplier Among largest global suppliers of premium, High-Vol A coking coal Unrivaled Quality Highest calorific value thermal coal supplied to the seaborne marketplace Infrastructure Focus 75% of exports directed to steelmakers, cement manufacturers, and infrastructure providers, as well as other industrial users Compelling Cash Generation Highly cash-generative assets across a wide range of market environments, with a strategic mix of contracted and market- exposed volumes Financial Strength One of the industry’s strongest balance sheets and liquidity positions, targeting an approximately net debt neutral cash profile Leading Capital Return Program Industry-leading capital return program weighted towards share repurchases and capable of delivering robust returns across a wide range of market environments Source: Internal and Wood Mackenzie
5 11 mines anchored by eight longwalls 89 mm 2025 total tons sold 27 Mtpa export capacity via ownership interests in CMT and DTA KEY STATISTICS Core Marine Terminal (“CMT”) Accessible terminal capacity Core Natural Resources headquarters Vancouver Long Beach Houston New Orleans Dominion Terminal Associates (“DTA”) (35% interest) CMT (100% owned) High CV Thermal Bailey Enlow Fork Harvey PRB Black Thunder Coal Creek DTA (35% owned) LEADING METALLURGICAL AND HIGH CV THERMAL PORTFOLIOS SUPPORTED BY STRATEGIC LOGISTICAL NETWORK Metallurgical Leer Leer South Beckley Mountain Laurel Itmann High CV Thermal West Elk
6 FINANCIAL RESULTS CORE CONTINUES TO DELIVER SUBSTANTIAL AMOUNTS OF ADJUSTED EBITDA AND FREE CASH FLOW $141.2 $323.6 $165.2 Q3 2025 Q2 2026 Q3 2026 Adjusted EBITDA1 (in millions of $US) • Core delivered increases in year-over-year Adjusted EBITDA1 and Free Cash Flow1 in the third quarter of 2026 • On a quarter-over-quarter basis, both totals were lower due to the positive impact of insurance recoveries in Q2 as well as normal geologic variability and weather-related shipment delays in Q3 $38.9 $148.0 $80.3 Q3 2025 Q2 2026 Q3 2026 Free Cash Flow1 (in millions of $US) 1 Adjusted EBITDA and free cash flow are non-GAAP measures; see the Appendix for reconciliations of these amounts to the most directly comparable GAAP measures.
7 CAPITAL RETURN PROGRAM DURING Q3, CORE RETURNED $89.6 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $449.7 MILLION SINCE THE PROGRAM’S LAUNCH 54.0 52.6 51.5 51.2 51.0 50.6 49.8 48.9 2/20/25 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Reduction in Shares Outstanding Since February 20, 2025 (in millions of shares outstanding, at quarter-end) Capital Returned Since February 20, 2025, By Method (share repurchases versus dividend payments, in millions of $US) $413.9 (Repurchases) $35.8 (Dividends) ~10% • During Q3 2026, Core invested $84.7 million to repurchase 930,611 shares of its common stock at an average share price of $90.96 • Core has invested $413.9 million to repurchase 5.2 million shares of its common stock, or nearly 10 percent of shares outstanding as of the program’s launch on 2/20/25, at an average share price of $79.53 • Core has now returned a total of $449.7 million to stockholders – in the form of repurchases and dividends – since the capital return program’s launch • As of September 30, 2026, Core had $586.1 million of remaining authorization under its existing $1.0 billion share repurchase program
8 COMMITTED VOLUMES 2026 CONTRACTED POSITION FOR CORE’S THREE MINING SEGMENTS High Calorific Value Thermal Segment (projected volumes and committed and priced position, in short tons, and realized coal revenue per ton sold1) Metallurgical Segment (projected coking coal volumes and committed and priced position, in short tons, and realized coal revenue per ton sold1) 31.3 (at $59.00) 31.5 – 32.5 Committed / Priced Committed / Unpriced Uncommitted (at midpoint) 3.5 9.0 – 9.5 3.0 7.6 (at $123.10) 1.7 Powder River Basin Segment (projected volumes and committed and priced position, in short tons, and realized coal revenue per ton sold1) 48.5 (at $14.28) 47.5 – 49.5 • The high calorific value thermal segment is almost fully committed for 2026, at prices projected to provide attractive operating margins • Core has committed (or shipped) 7.6 million tons of coking coal at a fixed price for delivery in 2026 and has committed another 1.7 million tons at market-based pricing Note: All figures as of 9/30/26 1 Core is unable to provide a reconciliation of realized coal revenue per ton sold guidance, which is an operating ratio derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing and potential significance of certain income statement items. 0.6 0.1
9 2026 CASH COST GUIDANCE, BY OPERATING SEGMENT Segment Cash Cost1 High Calorific Value Thermal $40.00 - $41.00 Metallurgical $88.00 - $90.00 Powder River Basin $13.75 - $14.00 • Core continues to guide to first quartile cost performances in its marquee operating segments, despite inflationary pressures • Core has increased modestly its high calorific value thermal segment per-ton cost guidance and tightened its per-ton cost guidance in the metallurgical segment, reflecting expected strong continued performances from its Leer and Leer South longwall mines • Core has increased its Powder River Basin cost guidance for 2026 due to continued high projected diesel prices 1 Core is unable to provide a reconciliation of cash cost of coal sold per ton guidance, which is an operating ratio derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing and potential significance of certain income statement items. COST GUIDANCE
10 • The President has made a strong U.S. coal industry and the preservation of the coal fleet key tenets of his national energy policy ✓ The President has prioritized reducing the regulatory burden on – and inducing investment in – America’s coal fleet ✓ The Trump Administration views a strong baseload power system – with coal as a key support pillar – as essential to achieving and maintaining long-term global leadership in AI ✓ To this end, the DOE has launched multiple tranches of funding in support of the modernization of the U.S. coal fleet ✓ The Administration has also directed the Department of War to prioritize securing – via long-term contracts – coal-based energy to supply defense installations and mission-critical operations ✓ Many U.S. utilities have announced plans to extend the operating lives of their coal-based power plants • With the support of the Administration, Congress passed constructive, pro-coal legislation in 2025 enhancing the competitiveness of U.S. coal in both domestic and overseas markets – legislation that, among other things: ✓ Designated metallurgical coal as a “critical mineral” eligible for an Advanced Manufacturing Production Tax Credit (45X) ✓ Lowered markedly the royalty rate on coal mined on federal lands, and ✓ Reduced significantly federal subsidies for renewable energy that have acted to undermine the strength of America’s grid • The National Coal Council – at the Trump Administration’s request – published reports with step-by-step instructions on how to: 1) ensure the long-term viability of America’s domestic coal fleet, and 2) unlock the full potential of U.S. coal exports THE TRUMP ADMINISTRATION HAS MADE COAL A CORNERSTONE OF ITS NATIONAL ENERGY POLICY
11 U.S. POWER DEMAND IS PROJECTED TO GROW DRAMATICALLY, SPURRED BY THE AI-DRIVEN DATA CENTER BUILD-OUT 10.1% 7.2% 3.6% 2.8% 2.5% 2.3% 2.3% 2.1% 0.9% 0.6% 0% 2% 4% 6% 8% 10% ER C O T SP P P JM C A IS O N o rt h w es t So u th w es t M IS O So u th ea st N YI SO IS O -N E Source: Grid Strategies, Internal Five-Year Growth Forecast (CAGR)Demand growth forecasts have increased more than four-fold since 2022, according to Grid Strategies, driven principally by the projected data center build-out • Grid Strategies projects that overall U.S. power generation will grow by 3.7 percent per year over the next five years – a dramatic increase versus the 20-year trend • Those regions with significant coal-based power generation – including the largest interconnect, PJM – are projected to grow at a very robust rate
12 U.S. POWER DEMAND IS CLIMBING AFTER YEARS OF STAGNATION • U.S. power generation increased only modestly during the period from 2004 through 2023 • U.S. power generation increased 3.0% in 2024 and 2.7% in 2025, and is up an incremental 2.7% in 2026 year-to-date • The AI-driven data center build-out is still in its early stages, which could mean much more such growth to come • Such growth could translate into a profound change in U.S. thermal coal markets Source: EIA for historical data, Internal 3,675 3,704 3,774 3,827 4,700? 2004-2008 2009-2013 2014-2018 2019-2023 2030 Assuming 3% annual average growth U.S. Power Demand (five-year averages in TWH)
13 THE AVERAGE CAPACITY FACTOR OF THE U.S. COAL FLEET REBOUNDED IN 2025 – AND HAS SUBSTANTIAL ROOM FOR GROWTH Source: EIA, Internal 73% 41% 43% 49% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 U.S. Coal Fleet Average Capacity Factor (% capacity factor)
14 GLOBAL CEMENT PRODUCTION IN THE WORLD EXCLUDING CHINA IS PROJECTED TO CLIMB MARKEDLY THROUGH 2050 Global Cement Production (in millions of metric tons) Source: Wood Mackenzie, Internal 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 3 1 2 0 3 2 2 0 3 3 2 0 3 4 2 0 3 5 2 0 3 6 2 0 3 7 2 0 3 8 2 0 3 9 2 0 4 0 2 0 4 1 2 0 4 2 2 0 4 3 2 0 4 4 2 0 4 5 2 0 4 6 2 0 4 7 2 0 4 8 2 0 4 9 2 0 5 0 Europe Americas Rest of World Africa Middle East Asia Ex. China The vast majority of the world’s cement production relies on coal as a feedstock – with each ton of cement requiring 0.1 to 0.2 tons of coal on average
15 GLOBAL SEABORNE DEMAND FOR METALLURGICAL COAL IS EXPECTED TO GROW STEADILY THROUGH MID-CENTURY 100 200 300 400 • Global seaborne metallurgical coal demand is expected to climb through 2050, buoyed by continued economic development and urbanization in India and Southeast Asia • Based on the consensus estimate, demand – in aggregate – is expected to total around 9 billion tons between 2026 and 2050, which could significantly strain supply availability • Core believes that global underinvestment in coking coal supply – coupled with degradation and depletion of the resource base – will constrain supply growth and push coking coal prices higher over time Projected Global Seaborne Metallurgical Coal Imports (in millions of metric tons) Source: Wood Mackenzie, Internal
16 STEEL PRODUCTION CAPACITY GROWTH IN INDIA AND SOUTHEAST ASIA COULD APPROACH 185 MILLION TONS BY ~2030 8 9 10 21 20 34 8 40 16 40 35 78 RINL AM/NS JSPL TATA SAIL JSW Planned Steel Capacity Additions In India (in millions of metric tons) Planned Steel Capacity Additions In Southeast Asia (in millions of metric tons) ~2030 2024 CAPACITY ADDITIONS IN MT BLAST FURNACE SHARE OF NEW Southeast Asia 70 75% Myanmar 8 100% Thailand 5 0% Vietnam 20 43% Cambodia 4 100% Philippines 3 100% Malaysia 14 96% Indonesia 17 93% Source: Public Information, Company Filings, Wood Mackenzie, Internal Planned additions total ~115 million tons versus 2024 baseline, with ~90% utilizing blast furnace technology Planned additions total ~70 million tons versus 2024 baseline, with ~75% utilizing blast furnace technology
17 GLOBAL COKING COAL PRODUCTION IN THE PRIMARY, HIGH-QUALITY SUPPLY REGIONS REMAINS WELL BELOW PEAK LEVELS Producer Peak Year Peak Exports (mt) 2024 Exports (mt) 2025 Exports (mt) 2025 Change from Peak (mt) 2025 Change from Peak (%) Australia 2016 189.2 153.0 146.6 (42.6) (22.5%) United States 2012 63.3 51.5 45.3 (18.0) (28.4%) Canada 2013 35.0 28.9 30.5 (4.4) (12.7%) Cumulative 2014 273.3 233.4 222.4 (50.9) (18.6%) Source: Customs Data, GTT, Internal
18 • Core has demonstrated elevated ash-basis concentrations of certain rare earth elements (REEs) and critical minerals (CMs) at its large-scale mining operations in the eastern and western United States • The large flow rates and readily accessible nature of byproduct streams at the Pennsylvania Mining Complex – the largest mining complex in the eastern U.S. by a wide margin – as well as at the Leer and Leer South mines could offer unique opportunities for further upgrading ✓ Core’s Innovations group was recently selected by the U.S. Department of Energy to negotiate a substantial grant for the construction of a pilot-scale facility for the extraction of rare earth elements and critical minerals from coal waste tailings at the PAMC • Core is exploring a strategy to leverage the great scale of its PRB operations – which produce ~50 million tons of coal annually – in the areas of selective mining, upgrading, and extraction of REEs and CMs ✓ The enrichment at the coal seam margins at Core’s Black Thunder and Coal Creek mines is consistent with that observed during the U.S. Department of Energy-sponsored CORE-CM Project and reported by other operators in the Powder River Basin ✓ Core has commissioned a qualified engineering firm (Weir International) to complete an Exploration Target Technical Report Summary for its PRB properties by year-end • Core has commenced the next phase of its REE and CM evaluation, which will include an expanded drilling program intended to facilitate additional characterization of the potential resource • Core is continuing to work with Virginia Tech and the University of Wyoming to test and optimize REE / CM concentration and extraction strategies for both its eastern and western U.S. operations POTENTIAL FUTURE OPTIONALITY IN RARE EARTH ELEMENTS AND CRITICAL MINERALS ARENA
19 • Core’s Touchstone Advanced Composites business unit is rapidly becoming a critical supplier of composite tooling and parts to the nation’s aerospace and defense industries ✓ Touchstone manufactures high-performance tooling and parts using its proprietary CFOAM® technology and other carbon and advanced materials ✓ In 2025, Touchstone served more than 40 customers, including Northrop Grumman, Boeing, Anduril, Kratos, and Bell ✓ Touchstone tooling and parts have been deployed in the development and manufacture of many advanced aircraft and spacecraft, including the F-18, F-35 and B-21, as well as in innovative applications such as NASA’s X-59 Quesst and Advanced Composite Solar Sail System ✓ Touchstone is fabricating complex structural tooling and parts for Northrop Grumman’s next-generation YFQ-48A Talon Blue Collaborative Combat Aircraft, and played an integral role in Talon Blue’s recent successful autonomous taxi test in Mojave, California ✓ Touchstone features 75,000 square feet of manufacturing space in Triadelphia, West Virginia, and Fort Worth, Texas • Core’s C-BATT joint venture is developing advanced, domestic, carbon-based battery materials to help solve ongoing supply chain challenges – including a high dependence on Chinese graphite – while offering improvements to both energy density and durability ✓ The AI-driven data center build-out and the future power grid will require significant new investment in grid-scale battery technology ✓ C-BATT recently joined the Defense Industrial Base Consortium (DIBC) and GEN3 6T Battery Alliance, strengthening its engagement with the U.S. defense energy-storage ecosystem ✓ The average American warfighter carries more than 20 pounds of batteries, to name just one critical military application • Core’s Innovations business unit is also advancing a range of carbon-based construction materials, including coal-derived deck board materials CORE’S INNOVATIONS BUSINESS UNIT IS MOVING AHEAD RAPIDLY WITH THE DEVELOPMENT OF PROMISING NEW APPLICATIONS FOR COAL
20 $474 $444 $491 $522 $52 $62 $307 $307 $135 $143 Liquidity Sources at 6/30/26 Liquidity Sources at 9/30/26 Total Debt at 6/30/26 Total Debt at 9/30/26 Total Liquidity = $1.028 Billion as of 9/30/26 vs. $1.016 Billion at 6/30/26 Cash and Cash Equivalents and Short-Term Investments Revolving Credit Facility Availability A/R Securitization Facility Availability Tax Exempt Bonds Other Debt MAINTAINING A STRONG BALANCE SHEET THAT SUPPORTS SUBSTANTIAL FINANCIAL FLEXIBILITY Equipment Leases • At 9/30/26, Core had $1.0 billion of total liquidity, including $443.9 million in cash and cash equivalents and short-term investments • The significant majority of Core’s debt consists of unsecured, tax-exempt bonds with an initial 10-year term (maturing in Q1 2035) and a weighted-average interest rate of 5.3 percent • Adding to its financial flexibility, Core has a $600 million revolving credit facility and a $250 million securitization facility Core Has a Strong Balance Sheet and Targets a Roughly Net Debt1 Neutral Cash Position (in millions of $US) 1 Net debt/cash is a non-GAAP measure; see the Appendix for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure. Net Debt1 = $6 Million as of 9/30/26 vs. ($32) Million at 6/30/26
21 NON-GAAP RECONCILIATIONS High CV Thermal Metallurgical PRB Core Marine Terminal Corporate and Other Consolidated Net Income (Loss) 57,794$ (3,130)$ 2,174$ 14,947$ (62,787)$ 8,998$ Income Tax Benefit — — — — (12,579) (12,579) Interest Expense, net — — — — 4,612 4,612 Depreciation, Depletion and Amortization 66,829 69,914 8,484 1,591 12,484 159,302 Other Adjustments — — — — 4,875 4,875 Adjusted EBITDA 124,623$ 66,784$ 10,658$ 16,538$ (53,395)$ 165,208$ We define adjusted EBITDA as (i) net income (loss) plus income taxes, net interest expense and depreciation, depletion and amortization, as adjusted for (i i) certain non-cash items, such as loss on debt extinguishment and (ii i) other adjustments, such as stock-based compensation, Merger-related expenses and fair value adjustments of commodity derivative instruments. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding transactions that are not indicative of our operating performance or that arise outside of the ordinary course of our business. The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure for the three months ended September 30, 2026 (in thousands). Three Months Ended September 30, 2026
22 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Core Marine Terminal Corporate and Other Consolidated Net Income (Loss) 103,563$ 123,410$ (14,002)$ 16,270$ (102,774)$ 126,467$ Income Tax Expense — — — — 16,503 16,503 Interest Expense, net — — — — 7,129 7,129 Depreciation, Depletion and Amortization 61,042 76,256 8,205 1,500 19,759 166,762 Other Adjustments — — — — 6,765 6,765 Adjusted EBITDA 164,605$ 199,666$ (5,797)$ 17,770$ (52,618)$ 323,626$ The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure for the three months ended June 30, 2026 (in thousands). Three Months Ended June 30, 2026
23 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Core Marine Terminal Corporate and Other Consolidated Net Income (Loss) 86,327$ (47,909)$ 4,796$ 10,754$ (22,370)$ 31,598$ Income Tax Benefit — — — — (52,998) (52,998) Interest Expense, net — — — — 3,028 3,028 Depreciation, Depletion and Amortization 52,842 65,381 8,795 1,398 22,590 151,006 Other Adjustments — — — — 8,548 8,548 Adjusted EBITDA 139,169$ 17,472$ 13,591$ 12,152$ (41,202)$ 141,182$ Three Months Ended September 30, 2025 The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure for the three months ended September 30, 2025 (in thousands).
24 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended Three Months Ended Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 Net Cash Provided by Operating Activities $ 174,557 $ 250,447 $ 87,919 Capital Expenditures (94,446) (101,901) (49,297) Proceeds from Sales of Assets 213 175 295 Investments in Mining-Related Activities — (735) — Free Cash Flow $ 80,324 $ 147,986 $ 38,917 Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities plus proceeds from sales of assets and unrestricted cash proceeds from the Merger with Arch Resources, Inc., less capital expenditures and investments in mining-related activities. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations and non-core asset sales after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand the company's asset base and are expected to generate future cash flows from operations. It is important to note that free cash flow does not represent the residual cash flow available for discretionary expenditures, since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 (in thousands).
25 NON-GAAP RECONCILIATIONS - CONTINUED September 30, 2026 June 30, 2026 Total Long-Term Debt $ 403,150 $ 405,181 Current Portion of Long-Term Debt 52,474 42,468 Add: Unamortized Debt Issuance Costs 6,009 6,185 Less: Advance Royalty Commitments (11,407) (11,407) Total Consolidated Indebtedness $ 450,226 $ 442,427 Less: Cash on Hand and Short-Term Investments (443,872) (474,021) Net Debt/(Cash) $ 6,354 $ (31,594) Net debt/(cash) is defined as total consolidated indebtedness minus cash on hand. The following table presents a reconciliation of net debt/(cash) to the most directly comparable GAAP financial measure as of September 30, 2026 and June 30, 2026 (in thousands).
26 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Year Ended December 31, 2025 General and Administrative Costs $ 25,108 $ 87,856 $ 214,856 Less: Merger-Related Expenses (2,791) (8,500) (65,845) Less: Stock-Based Compensation (2,404) (11,039) (32,943) Cash Basis General and Administrative Costs $ 19,913 $ 68,317 $ 116,068 The following table presents a reconciliation of cash basis general and administrative costs to the most directly comparable GAAP financial measure for the three and nine months ended September 30, 2026 and for the year ended December 31, 2025 (in thousands).