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

Rhea-AI Filing Summary

Richard A. Navarre, a director of Core Natural Resources, Inc. (CNR), reported a sale of common stock on 09/25/2025. The filing shows 5,000 shares were sold at $82.20 per share to cover tax liabilities arising from the vesting of previously granted restricted stock awards tied to the August 20, 2024 merger agreement. After the sale, the reporting person beneficially owned 21,830 shares, of which 4,576 shares remain unvested restricted stock units. The Form 4 was signed by an attorney-in-fact on 09/26/2025.

Insights

Securities Analyst

TL;DR: Routine post-vesting tax sale by a director; not a material corporate change.

The reported transaction is a common administrative sale to satisfy tax withholding following the vesting of restricted stock tied to a prior merger agreement. The sale of 5,000 shares at $82.20 each reduced the reporting person's stake to 21,830 shares, with 4,576 shares still unvested. There is no indication of additional derivative activity or newly granted awards in this filing. For investors, this Form 4 documents insider liquidity related to compensation, not a strategic disposition.

Corporate Governance Expert

TL;DR: Filing shows expected tax-withholding sale after vesting; governance processes appear followed.

The Form 4 discloses an administrative sale to cover tax obligations from vested restricted stock awards connected to the merger agreement dated August 20, 2024. The filing was executed by an attorney-in-fact and reports the remaining beneficial ownership and unvested units, aligning with routine compliance and disclosure expectations under Section 16. No red flags such as large unexpected dispositions or departures are revealed in this document.

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

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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^*

NAVARRE RICHARD 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)
09/25/2025

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	09/25/2025		S		5,000(1)	D	$82.2	21,830(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 21,830 shares reported, 4,576 are unvested restricted stock units.

	/s/ Rosemary L. Klein, Attorney-in-Fact for Richard A. Navarre	09/26/2025
	** 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 Richard A. Navarre report on Form 4 for CNR?

The filing reports a sale of 5,000 shares of Core Natural Resources common stock on 09/25/2025 at $82.20 per share to cover tax liabilities from vested restricted stock awards.

How many CNR shares does the reporting person own after the transaction?

After the reported sale the reporting person beneficially owned 21,830 shares, of which 4,576 shares are unvested restricted stock units.

Why were the shares sold according to the Form 4?

The sale was to cover the reporting person's tax liability resulting from the vesting of restricted stock awards granted in connection with the August 20, 2024 merger agreement.

When was the Form 4 signed and by whom?

The Form 4 was signed on 09/26/2025 by Rosemary L. Klein, acting as attorney-in-fact for Richard A. Navarre.