Core Natural Resources, Inc. · NYSE:CNR
Core Natural Resources — Investor Presentation (June 2026)
33 slides from Core Natural Resources's investor presentation, Jun 4, 2026
Slide 1: Core Natural Resources Investor Presentation June 2026
1 Core Natural Resources Investor Presentation June 2026
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This presentation 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 statemen
Slide 3: First Quarter 2026 Highlights
3 FIRST QUARTER 2026 HIGHLIGHTS • Operations execute at a high level, led by strong performances at Leer South and West Elk • Metallurgical segment achieves a significant, quarter-over-quarter increase in sales margins, underpinned by a significant step-down in its cash cost • High calorific value t
Slide 4: Strong Financial Profile
4 STRONG FINANCIAL PROFILE $1.1 bn Q1 2026 Revenue $56 mm Q1 2026 FCF generation1 $180 mm Q1 2026 Adjusted EBITDA1 STRONG BALANCE SHEET $935 mm Total liquidity as of 3/31/26 $413 mm Cash and cash equivalents as of 3/31/26 FINANCIAL PROFILE 30 – 32 mm tons Projected High C.V. Thermal segment sales vo
Slide 5: The Premier Pure-Play Global Coal Producer
5 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 5 Safety-Based Culture Highly skilled workforce with
Slide 6: Leading Metallurgical and High C.V. Thermal Portfolios Supported by Logistical Network
6 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 Ass
Slide 7: Two Core Lines of Business Serving Multiple Growth Markets
7 TWO CORE LINES OF BUSINESS SERVING MULTIPLE GROWTH MARKETS AND GEOGRAPHIES CORE NATURAL RESOURCES UNDERPINNED BY TWO HIGH-QUALITY COAL PORTFOLIOS – METALLURGICAL AND HIGH C.V. THERMAL – WITH SAFE, ADVANCED, LOW-COST MINES BROAD-BASED SET OF METALLURGICAL COALS SERVING STEEL PRODUCERS GLOBALLY CORE
Slide 8: Diverse Coal Qualities Serving Multiple Growth Markets and Geographies
8 AMERICAS (EX U.S.) ~15% BROAD, DIVERSE SET OF COAL QUALITIES SERVING MULTIPLE GROWTH MARKETS AND GEOGRAPHIES STRONG CUSTOMER RELATIONSHIPS COMBINED 2025 COAL SHIPMENTS BY REGION ~65% of combined 2025 metallurgical and high calorific value thermal coal output exported into: 300+ Mtpa seaborne met m
Slide 9: Clear Strategy to Drive Growth and Create Stockholder Value
9 CLEAR STRATEGY TO DRIVE GROWTH AND CREATE STOCKHOLDER VALUE Build on global leadership positions in high-potential market segments • Capitalize on the rising demand for critical resources and energy around the world, with a focus on inputs for steelmaking and infrastructure development • Capitaliz
Slide 10: Capital Return Program
10 CAPITAL RETURN PROGRAM DURING Q1, CORE RETURNED $47.0 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $292.1 MILLION SINCE PROGRAM’S LAUNCH 54.0 52.6 51.5 51.2 51.0 50.6 2/20/2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Reduction In Shares Outstanding Since February 20, 2025 (in millions of
Slide 11: Core is strategically positioned to serve multiple high-potential coal market segments
11 Core is strategically positioned to serve multiple constructive and high- potential segments of the global coal market
Slide 12: U.S. Power Demand Is Climbing After Years of Stagnation
12 U.S. POWER DEMAND IS CLIMBING AFTER YEARS OF STAGNATION • U.S. power demand was generally flat from 2005 through 2023 • U.S. power demand increased 3.0% in 2024 and an additional 2.8% in 2025 • The AI-driven data center build-out is still in its early stages, which could mean much more growth to
Slide 13: U.S. Power Demand Projected to Grow Dramatically, Spurred by Data Centers
13 U.S. POWER DEMAND IS PROJECTED TO GROW DRAMATICALLY, SPURRED BY THE AI-DRIVEN DATA CENTER BUILDOUT 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, Inter
Slide 14: Average Capacity Factor of U.S. Coal Fleet Is Starting to Rebound
14 THE AVERAGE CAPACITY FACTOR OF THE U.S. COAL FLEET IS STARTING TO REBOUND – 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 202
Slide 15: Global Cement Production Excluding China Projected to Climb Through 2050
15 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
Slide 16: High C.V. Thermal: Indian Imports for Cement Production Expected to Grow
16 HIGH C.V. THERMAL SEGMENT INDIAN IMPORTS OF HIGH-QUALITY THERMAL COAL FOR CEMENT PRODUCTION ARE EXPECTED TO GROW MARKEDLY 30 43 52 59 68 75 82 2020 2025 2030 2035 2040 2045 2050 Indian Seaborne Coal Demand For Cement Production (actual and projected, in millions of metric tons) Source: Wood Macke
Slide 17: Global Seaborne Demand for Metallurgical Coal Expected to Grow Steadily
17 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 the rest of Southeast Asia • Based o
Slide 18: Steel Capacity Growth in India and Southeast Asia Projected to Exceed 160 Million Tons
18 STEEL PRODUCTION CAPACITY GROWTH IN INDIA AND THE REST OF SOUTHEAST ASIA IS PROJECTED TO EXCEED 160 MILLION TONS BY ~2030 8 9 9 21 20 28 8 40 16 40 35 50 RINL AM/NS JSPL TATA SAIL JSW Planned Steel Capacity Additions in India (in millions of metric tons) Planned Steel Capacity Additions in Southe
Slide 19: Primary Metallurgical Coal Supply Regions Have Experienced Significant Rationalization
19 Canadian Metallurgical Coal Exports, Peak Year vs. 2025 (in millions of metric tons) 2013 2025 IndustrialPower 35 31 THE PRIMARY, HIGH-QUALITY METALLURGICAL COAL SUPPLY REGIONS HAVE EXPERIENCED SIGNIFICANT RATIONALIZATION IN RECENT YEARS Australian Metallurgical Coal Exports, Peak Year vs. 2025 (
Slide 20: Expected Narrowing of Premium Low-Vol and High-Vol A Differential
20 Power WE EXPECT THE DIFFERENTIAL BETWEEN PREMIUM LOW-VOL AND HIGH-VOL A COKING COAL TO NARROW APPRECIABLY OVER TIME Differential between PLV and High-Vol A Coking Coal (in $US, per metric ton) 2017-Q2 2024 Current ~$10 ~$90 • Between 2017 and mid-2024, Premium Low-Vol FOB the vessel in Queensland
Slide 21: Multiple Premier Portfolios Serving Global Markets
21 Multiple Premier Portfolios Serving Global Markets
Slide 22: Premier Global Metallurgical Portfolio
22 PREMIER GLOBAL METALLURGICAL PORTFOLIO • Core is an essential link in the world’s steel value chain via a broad slate of metallurgical products • Around 75% of Core’s metallurgical production – inclusive of crossover tons – is produced via low-cost, world-class longwall operations • Core’s metall
Slide 23: Premier High C.V. Thermal Portfolio
23 PREMIER HIGH C.V. THERMAL PORTFOLIO The Pennsylvania Mining Complex (PAMC) is one of the largest, most efficient coal mining complexes in North America, producing ~26 million tons annually for sale into seaborne and domestic markets The West Elk mine in Colorado is expected to produce ~5 million
Slide 24: Best-in-Class Longwall Operations Among the World's Most Productive and Cost Competitive
24 CORE’S BEST-IN-CLASS LONGWALL OPERATIONS RANK AMONG THE WORLD’S MOST PRODUCTIVE AND COST COMPETITIVE 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile U.S. Metallurgical Coal Cost Curve (US$ per metric ton, million metric tons) Global Seaborne Energy-Adjusted Thermal Coal Cost Curve (US$ per me
Slide 25: Rare Earth Elements and Critical Minerals Opportunity
25 • 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 enrichment at the coal seam margins at Core’s Black Thunder and Coal Creek mines is consi
Slide 26: Touchstone Advanced Composites for Aerospace and Defense
26 • 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 a
Slide 27: Strong Financial Position
27 Strong Financial Position
Slide 28: Maintaining a Strong Balance Sheet That Supports Financial Flexibility
28 $413 $307 Tax Exempt Bonds $489 $143 $33 Liquidity Sources at 3/31/26 Total Debt at 3/31/26 Total Liquidity = $935 MillionRevolving Credit Facility Availability Cash and Cash Equivalents Equipment Leases and Other Debt MAINTAINING A STRONG BALANCE SHEET THAT SUPPORTS SUBSTANTIAL FINANCIAL FLEXIBI
Slide 29: Positioning Core for Growth and Long-Term Value Creation
29 POSITIONING CORE FOR GROWTH AND LONG-TERM VALUE CREATION Maintain a premier, world-class portfolio of high-quality, longwall coal mining assets Sustain ample liquidity and a well-fortified balance sheet Execute robust capital return program Operate through core values of safety and compliance, co
Slide 30: Appendix
30 Appendix
Slide 31: Non-GAAP Reconciliations
31 NON-GAAP RECONCILIATIONS High CV Thermal Metallurgical PRB Core Marine Terminal Other and Corporate Consolidated Net Income (Loss) 72,958$ (12,895)$ 577$ 14,503$ (54,099)$ 21,044$ Income Tax Benefit — — — — (427) (427) Interest Expense, net — — — — 6,444 6,444 Depreciation, Depletion and Amortiza
Slide 32: Non-GAAP Reconciliations - Continued
32 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended March 31, 2026 Net Cash Provided by Operating Activities $ 119,400 Capital Expenditures (73,097) Proceeds from Sales of Assets 9,211 Free Cash Flow $ 55,514 Free cash flow is a non-GAAP financial measure, defined as net cash provided by oper
Slide 33: Non-GAAP Reconciliations - Continued
33 NON-GAAP RECONCILIATIONS - CONTINUED March 31, 2026 Total Long-Term Debt $ 317,252 Finance Lease Obligations 94,378 Current Portion of Long-Term Debt 43,418 Add: Unamortized Debt Issuance Costs 6,362 Less: Advance Royalty Commitments (11,407) Total Consolidated Indebtedness $ 450,003 Less: Cash o
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