Core Natural Resources, Inc. · NYSE:CNR
Core Natural Resources — Investor Presentation (March 2025)
33 slides from Core Natural Resources's investor presentation, Mar 24, 2025
Slide 1: Core Natural Resources Investor Presentation
Exhibit 99.1 Core Natural Resources Investor Presentation March 24, 2025 1
Slide 2: Forward Looking Statements
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 “anticipates,” “believes,” targets, “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “
Slide 3: Core at a Glance
CORE AT A GLANCE 5,000+ ~30 mm High C.V. Coal A Premier North employees tons of high calorific value thermal coal Highest calorific value thermal coal supplied sales per year to the seaborne marketplace American Natural Resource Decades ~12 mm 75% of high-quality reserves that will support tons of m
Slide 4: Leading Metallurgical & High C.V. Thermal Portfolios Supported by Strategic Logistical Network
LEADING METALLURGICAL & HIGH C.V. THERMAL PORTFOLIOS SUPPORTED BY STRATEGIC LOGISTICAL NETWORK Vancouver KEY STATISTICS 11 mines anchored by PRB eight longwalls Black Thunder Coal Creek High C.V. Thermal Bailey High C.V. Thermal Enlow Fork 85 mm CMT West Elk Harvey (100% owned) 2024 total tons sold
Slide 5: Two Complementary Core Lines of Business Serving Multiple Growth Markets
TWO COMPLEMENTARY, CORE LINES OF BUSINESS SERVING MULTIPLE GROWTH MARKETS & GEOGRAPHIES CORE NATURAL RESOURCES UNDERPINNED BY CORE SEGMENTS SERVE MULTIPLE GROWTH MARKETS AND GEOGRAPHIES WITH TWO HIGH-QUALITY COAL PORTFOLIOS – COMPELLING SECULAR FUNDAMENTALS METALLURGICAL AND HIGH C.V. THERMAL Scarci
Slide 6: Clear Strategy to Drive Growth & Create Shareholder Value
CLEAR STRATEGY TO DRIVE GROWTH & CREATE SHAREHOLDER VALUE • Position Core to capitalize on the rising demand for critical resources and energy around the world, with a Build on global leadership positions focus on inputs for steelmaking and infrastructure development in two core lines of business –
Slide 7: Core is strategically positioned to serve two growing segments of the global coal market
Core is strategically positioned to serve two constructive and growing segments of the global coal market 7 7
Slide 8: Global Seaborne Demand for Metallurgical Coal Expected to Grow Steadily
METALLURGICAL SEGMENT GLOBAL SEABORNE DEMAND FOR METALLURGICAL COAL IS EXPECTED TO GROW STEADILY & CONSISTENTLY THROUGH MID-CENTURY Projected Global Seaborne Metallurgical Imports, Through 2050 • Global seaborne coking coal demand is (in millions of metric tons) expected to continue to climb through
Slide 9: Projected Steel Capacity Growth in Southeast Asia
METALLURGICAL SEGMENT PROJECTED STEEL CAPACITY GROWTH IN SOUTHEAST ASIA IS PROJECTED TO BE SIGNIFICANT & LARGELY BLAST FURNACE DRIVEN Planned Steel Capacity Additions, By Technology Planned Blast Furnace Capacity Additions In India (in millions of metric tons) (in millions of metric tons) CAPACITY B
Slide 10: Long-Run Metallurgical Coal Pricing Has Shifted Higher
METALLURGICAL SEGMENT LONG-RUN METALLURGICAL COAL PRICING HAS SHIFTED HIGHER Annual Average Hard Coking Coal Price (US$ per metric ton, inflation adjusted) The average long-run coking coal price continues to shift higher in the face of $400 limited new investment, ESG pressures, and supportive long-
Slide 11: Seaborne Thermal Coal Demand Hit Another All-Time High in 2024
HIGH C.V. THERMAL SEGMENT SEABORNE THERMAL COAL DEMAND HIT ANOTHER ALL-TIME HIGH IN 2024 Seaborne Thermal Coal Demand (in millions of metric tons) • Seaborne thermal coal demand has risen significantly since 2000 1,100 1,000 • While global thermal coal 900 consumption is likely to peak at some point
Slide 12: Global Cement Production Excluding China Projected to Climb Through 2050
HIGH C.V. THERMAL SEGMENT GLOBAL CEMENT PRODUCTION IN THE WORLD EXCLUDING CHINA IS PROJECTED TO CLIMB MARKEDLY THROUGH 2050 The vast majority of the world’s cement production relies on coal as a feedstock – with each ton of cement requiring an estimated ~0.2 tons of coal on average Global Cement Pro
Slide 13: Indian Coal Consumption for Cement and Industrial Uses
HIGH C.V. THERMAL SEGMENT INDIAN COAL CONSUMPTION FOR CEMENT AND INDUSTRIAL USES IS PROJECTED TO INCREASE BY MORE THAN 60 MILLION TONS BY 2050 Core’s high calorific value coals are uniquely positioned to capitalize on this growth Indian Seaborne Coal Demand For Cement Production Indian Seaborne Coal
Slide 14: Two Premier Portfolios Serving Global Markets
Two Premier Portfolios Serving Global Markets 14 14
Slide 15: Best-in-Class Longwall Operations Among Most Productive and Cost Competitive
CORE’S BEST-IN-CLASS LONGWALL OPERATIONS RANK AMONG THE WORLD’S MOST PRODUCTIVE & COST COMPETITIVE U.S. Metallurgical Coal Cost Curve (2024) Global Seaborne Thermal Cost Curve (2024) Cash Costs (US$ per metric ton) Cash Costs (US$ per metric ton) $180 $160 th st rd th nd st rd 4 Quartile nd 1 Quarti
Slide 16: Premier Global Metallurgical Portfolio
PREMIER GLOBAL METALLURGICAL PORTFOLIO • Core is an essential link in the world’s steel value chain via a broad slate of U.S. Coking Coal Output By Producer metallurgical products (in millions of short tons) • More than 75% of Core’s metallurgical production – inclusive of crossover tons – Crossover
Slide 17: Premier High C.V. Thermal Portfolio
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 ton
Slide 18: Broad, Diverse Set of Coal Qualities Serving Multiple Growth Markets
BROAD, DIVERSE SET OF COAL QUALITIES SERVING MULTIPLE GROWTH MARKETS & GEOGRAPHIES COMBINED 2024 COAL SHIPMENTS BY REGION STRONG CUSTOMER RELATIONSHIPS ~65% of combined 2024 metallurgical and high ~26 mm caloric value thermal coal output exported into: total tons exported 300+ Mtpa seaborne met mark
Slide 19: Core Is Committed to Innovation & Technology
CORE IS COMMITTED TO INNOVATION & TECHNOLOGY DRIVING PRODUCTIVITY GAINS ACROSS ITS ENTIRE OPERATING PORTFOLIO Remote Operation Advanced Communications Shield Proximity Wi-Fi Connected Equipment Variable Frequency Drives Extensive Fiber Optic Networks Strategic Diagnostics Precision Processing Accept
Slide 20: Core's Innovations Subsidiary Pursuing New Applications for Coal
CORE’S INNOVATIONS SUBSIDIARY IS PURSUING THE DEVELOPMENT OF NEW APPLICATIONS FOR COAL Reimagining carbon for a sustainable future Innovate Test Scale Carbon Products & Materials Coal Plastic Composite (CPC) Decks Carbon Management COMET Methane Mitigation • Goal is to create a new business unit lar
Slide 21: Sustainability
Sustainability 21 21
Slide 22: Commitment to Sustainability
COMMITMENT TO SUSTAINABILITY • Core strives for excellence in safety and environmental stewardship and is focused on setting the industry standard in these critical areas of performance We embrace the highest • Two of Core’s flagship operations have secured a Level A principles of sustainability ver
Slide 23: Products Essential to Construction of a Less Carbon-Intensive Economy
METALLURGICAL & HIGH CALORIFIC VALUE THERMAL PRODUCTS ARE ESSENTIAL TO THE CONSTRUCTION OF A NEW, LESS CARBON-INTENSIVE ECONOMY Core sells an increasing percentage of its high-quality coal products into steel, cement, brick, and other industrial markets essential for infrastructure development and t
Slide 24: Financial Overview
Financial Overview 24 24
Slide 25: Global Industry Leader Among Pure Play Coal Producers
GLOBAL INDUSTRY LEADER AMONG PURE PLAY COAL PRODUCERS Significantly Enhanced Market Capitalization (as of 2/28/2025) (Market Capitalization, $ in bn) $4.0 $3.4 $2.9 $2.5 $1.8 $1.7 $1.3 $0.6 Peer 4 Peer 5 Peer 6 Peer 7 Peer 1 Peer 2 Peer 3 1 Historical Sector-Leading Adjusted EBITDA 1 (Calendar Year
Slide 26: Strong Financial Profile
STRONG FINANCIAL PROFILE KEY STATISTICS FINANCIAL PROFILE 29 – 31 mm 9.25 mm ~$4,732 mm ~$346 mm 3 Projected High C.V. Thermal Projected normalized Metallurgical 1 2 2024 revenue 2024 FCF generation Segment sales volumes for 2025 Segment sales volume run-rate ~$900 mm ~$1,150 mm 24 mm ~$90 2 2 Adjus
Slide 27: Fortifying the Balance Sheet
FORTIFYING THE BALANCE SHEET Core Has A Strong Balance Sheet And A Significant Net Cash Positive Position • Core plans to maintain financial flexibility through a ($ in mm) combination of strong liquidity and manageable debt levels • At the close of the transaction, Core had $1.1 billion of total li
Slide 28: Core Is Stronger Together: $110-$140 Million Synergy Opportunities
CORE IS STRONGER TOGETHER, DELIVERING ALREADY IDENTIFIED SYNERGY OPPORTUNITIES OF $110 MILLION – $140 MILLION Expected cost savings and operating synergies to be realized within six to 18 months following the close and then annually – with the expectation of additional synergy identification and cap
Slide 29: Positioning Core for Growth & Long-Term Value Creation
POSITIONING CORE FOR GROWTH & 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 Build on longstanding position as a leader in sustainability
Slide 30: Appendix
Appendix 30 30
Slide 31: Highly Experienced Management Team
HIGHLY EXPERIENCED MANAGEMENT TEAM JIMMY A. BROCK PAUL A. LANG MITESH B. THAKKAR DECK S. SLONE EXECUTIVE CHAIRMAN CHIEF EXECUTIVE OFFICER PRESIDENT AND CHIEF FINANCIAL SVP, STRATEGY AND PUBLIC OFFICER POLICY Mr. Brock previously served as Chief Executive Officer Mr. Lang previously held the title of
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations 32 32
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations o We define adjusted EBITDA as (I) net income (loss) plus income taxes, interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as stock-based compensation and loss on debt extinguishment and (iii) certain one-time tra
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