Slide 1: Second Quarter 2025 Earnings Supplement
Second Quarter 2025 Earnings Supplement August 5, 2025 1
Slide 2: Forward-Looking Statements
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 “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “will,” “should,” “ma
Slide 3: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS • Reports significantly improved quarter-over-quarter results in its second earnings period since merger’s completion − Reports a net loss of $36.6 million, or $0.70 per diluted share, and adjusted EBITDA1 of $144.3 million, both of which included $21.2 million of fire
Slide 4: The Premier Pure-Play Global Coal Producer
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 Safety-Based Culture Innovation Leader Logistical Excel
Slide 5: During Q2, Core Achieved a 17-Percent Quarter-Over-Quarter Increase in Adjusted EBITDA
FINANCIAL RESULTS DURING Q2, CORE ACHIEVED A 17-PERCENT QUARTER-OVER-QUARTER INCREASE IN ADJUSTED EBITDA Adjusted EBITDA1 Free Cash Flow1 (in millions) (in millions) $144.3 $131.1 $123.5 $49.1 Q1 Q2 Q1 Q2 • High calorific value thermal segment continues to execute well, with a significant quarter-ov
Slide 6: During Q2, Core Returned $87 Million to Stockholders, Bringing Total to $194 Million
CAPITAL RETURN PROGRAM DURING Q2, CORE RETURNED $87 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $194 MILLION SINCE PROGRAM’S LAUNCH Reduction In Shares Outstanding Since February 20, 2025 Capital Returned During H1, By Method (in millions of shares outstanding) (share repurchases versus dividend paym
Slide 7: Core Has Boosted Merger-Related Synergy Target to $150 to $170 Million
CORE HAS BOOSTED MERGER-RELATED SYNERGY TARGET BY ~30% AT MIDPOINT OF ORIGINAL GUIDANCE – TO $150 TO $170 MILLION Expected annual cost savings and operating synergies to be realized within 6 to 18 months following the January 2025 completion of the merger and then annually – with the expectation of
Slide 8: 2025 Contracted Position for Core's Three Mining Segments
COMMITTED VOLUMES 2025 CONTRACTED POSITION FOR CORE’S THREE MINING SEGMENTS High Calorific Value Thermal Segment Metallurgical Segment Powder River Basin Segment (projected volumes and committed and priced position, (projected coking coal volumes and committed and priced position, (projected volumes
Slide 9: 2025 Cash Cost Guidance for Core's Three Mining Segments
COST GUIDANCE 2025 CASH COST GUIDANCE FOR CORE’S THREE MINING SEGMENTS Segment Projected Cash Cost of Coal Sold Per Ton1 High Calorific Value Thermal $38.00 – $40.00 Metallurgical $95.00 – $99.00 Powder River Basin $12.75 – $13.25 • Core is targeting lower cash cost of coal sold per ton1 in its high
Slide 10: Cash Cost Execution for Core's Three Mining Segments
COST EXECUTION CASH COST EXECUTION FOR CORE’S THREE MINING SEGMENTS Segment Q1 Q2 High Calorific Value Thermal $42.78 $39.47 Metallurgical $91.00 $95.93 Powder River Basin $12.44 $13.40 • Core’s high calorific value thermal segment achieved an 8 percent quarter-over-quarter reduction in its cash cos
Slide 11: Leer South Is Executing a Plan to Recover and Reposition the Longwall Equipment
LEER SOUTH IS EXECUTING A PLAN TO RECOVER AND REPOSITION THE LONGWALL EQUIPMENT BY THE END OF OCTOBER • In mid-January 2025, Core announced it was temporarily sealing Leer South’s active longwall panel to extinguish isolated combustion-related activity occurring in a mined-out area • On June 10th, c
Slide 12: Recent Policy Developments That Should Enhance Coal's Competitiveness and Outlook
RECENT POLICY DEVELOPMENTS THAT SHOULD ENHANCE COAL’S COMPETITIVENESS AND OUTLOOK IN BOTH THE U.S. AND OVERSEAS • In April 2025, President Trump issued a series of executive orders intended to reduce the regulatory burden on America’s coal- based power plants and to ensure the long-term preservation
Slide 13: Fortifying the Balance Sheet
FORTIFYING THE BALANCE SHEET • During Q2 2025, Core increased cash and cash Core Has a Strong Balance Sheet and a Net Cash Positive Position Equipment Leases equivalents by $25 million and overall liquidity by ($ in mm) $90 million A/R Securitization Facility Availability • At 6/30/25, Core had $948
Slide 14: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 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, royalty and production taxes and direct administration costs, and excludes
Slide 15: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED The following table presents a reconciliation 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, on a historical basis, for the three months ended March 31, 202
Slide 16: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED 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-ba
Slide 17: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, on a historical basis, for the three months ended March 31, 2025 (in thousands). Three Months Ended M
Slide 18: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED Free cash flow is a non-GAAP financial measure, defined as net cash provided by (used in) operating activities plus proceeds from sales of assets and unrestricted cash proceeds from the Merger with Arch Resources, Inc., less capital expenditures and investments i
Slide 19: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED Net cash is defined as total consolidated indebtedness minus cash on hand. The following table presents a reconciliation of net cash to the most directly comparable GAAP financial measure for the three months ended June 30, 2025 (in thousands). June 30, 2025 Tota