[Form 4] Core Natural Resources, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Core Natural Resources director Patrick A. Kriegshauser reported a transaction on 09/17/2025 showing the sale of 3,043 shares of the company's common stock at $77.07 per share. The sale was executed to cover the reporting person's tax liability arising from the vesting of previously granted restricted stock awards tied to the Agreement and Plan of Merger dated August 20, 2024. After the sale, the filing shows the reporting person beneficially owns 23,348 shares, of which 3,348 remain unvested restricted stock units. The Form 4 was signed on 09/18/2025 by an attorney-in-fact.

Positive

• Transparency: The filing discloses the reason for the sale (tax withholding) and remaining beneficial ownership.
• Continued alignment: Reporting person retains 23,348 shares including 3,348 unvested RSUs, indicating ongoing equity exposure.

Negative

• Insider sale: 3,043 shares were sold at $77.07, which could be interpreted as share disposition by a director even if for tax purposes.

Insights

Securities Analyst

TL;DR: Routine post-vesting tax-sale by a director; transaction appears administrative, not a directional judgment on company fundamentals.

The sale of 3,043 shares at $77.07 to satisfy withholding for vested restricted stock is a common form 4 disclosure following a merger-related vesting event. The filing documents remaining beneficial ownership of 23,348 shares, including 3,348 unvested RSUs, indicating continued economic exposure. No options or derivative transactions were reported. From a market-impact perspective, the size of the sale relative to total outstanding shares is not stated, so materiality to valuation cannot be assessed from this form alone.

Corporate Governance Expert

TL;DR: Disclosure is consistent with governance norms; sale tied to tax withholding on vesting, not executive liquidation.

The explanatory note explicitly links the disposed shares to tax withholding from the vesting of restricted stock tied to the August 20, 2024 merger agreement. That context reduces concerns about opportunistic insider selling. The reporting person remains a director and continues to hold both vested and unvested equity, which aligns director incentives with shareholder interests. The form is properly executed by an attorney-in-fact and timely filed the next day.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KRIEGSHAUSER PATRICK A

(Last) (First) (Middle)

275 TECHNOLOGY DRIVE, SUITE 101

(Street)

CANONSBURG PA 15317

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Core Natural Resources, Inc. [ CNR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, par value $0.01 per share	09/17/2025		S		3,043(1)	D	$77.07	23,348(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock sold to cover the Reporting Person's tax liability from the vesting of restricted stock awards previously granted to the Reporting Person that fully vested in connection with the terms of the Agreement and Plan of Merger, dated as of August 20, 2024, by and among Core Natural Resources, Inc. (formerly known as CONSOL Energy Inc.), Mountain Range Merger Sub Inc. and Arch Resources, Inc.

2. Of the 23,348 shares reported, 3,348 are unvested restricted stock units.

	/s/ Rosemary L. Klein, Attorney-in-Fact for Patrick A. Kriegshauser	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Patrick A. Kriegshauser report on Form 4 for CNR?

He reported the sale of 3,043 shares of Core Natural Resources common stock on 09/17/2025 at $77.07 per share.

Why were shares sold according to the Form 4 filing?

The filing states the shares were sold to cover the reporting person's tax liability from the vesting of restricted stock awards tied to the August 20, 2024 merger agreement.

How many Core Natural Resources shares does the reporting person beneficially own after the transaction?

The filing shows beneficial ownership of 23,348 shares, of which 3,348 are unvested restricted stock units.

When was the Form 4 signed and filed?

The signature by attorney-in-fact is dated 09/18/2025, reflecting the Form 4 covering the 09/17/2025 transaction.

Is this Form 4 related to the company's merger activity?

Yes. The explanatory note links the vesting (and related tax withholding sale) to the Agreement and Plan of Merger dated August 20, 2024.