Record Safety Performance
Incident rate improved to 0.71 per 200,000 hours worked, a 12% improvement versus the prior all-time record, marking another record safety year.
Environmental Progress
Reclaimed twice as many acres as disturbed in 2025 and tied an all-time record low for environmental notices of violation, supporting reduced long-term footprint and financial obligations.
Centurion Mine Comes Online; Strong Project Economics
Centurion finishing longwall installation ahead of schedule and began mining premium metallurgical coal. Expected shipments average 4.7 million tons/yr (3.5M tons expected in 2026 ramping to 4.7M by 2028). Latest assessment values Centurion at $2.1 billion NPV at $225 benchmark pricing (previously $1.6B at $210) with all-in costs of ~$105/short ton (2024$) and a >25-year mine life with 140M ton integrated plan.
Met Coal Realizations Improving
Company expects met segment realizations to rise from ~70% of the premium hard coking coal benchmark in 2025 to ~80% in 2026, driven by Centurion volumes and full-benchmark pricing proximity to Asian demand.
Seaborne Metallurgical Pricing Recovery
Benchmark seaborne metallurgical coal pricing reached an 18-month high, increasing ~15% from $190/ton at the start of Q4 and a further ~15% since the beginning of the year per management commentary.
Strong US Coal Market Demand
U.S. coal fuel generation rose an estimated 13% year-over-year in 2025 while coal production increased ~4%, causing utility stockpiles to decline ~15% YoY and supporting stronger short-term demand.
Solid Financial and Cash Generation
Q4 net income attributable to common stockholders was $10.4M ($0.09/share) with adjusted EBITDA of $118M (up 19% from prior quarter). Operating cash flow from continuing operations was $69M in Q4 and $336M for the full year. Year-end cash was $575M with total liquidity >$900M.
High Cash-Flowing Thermal Platforms
US thermal delivered $63M adjusted EBITDA in Q4 and nearly $250M for the full year against only $57M of CapEx; PRB shipped 84.5M tons in 2025 (up ~6% YoY) and the US thermal business has generated ~$1.1B net cash over the last five years.
Commercial Wins and Long-Term Contracts
Reached agreement with a major Midwestern utility for >20M tons of Illinois Basin coal over five years (exceeding $1B in total sales), demonstrating durable contract demand for domestic coal supply.
Critical Minerals and Diversification Opportunities
Advanced rare earth and critical mineral testing (>800 PRB samples), identifying encouraging heavy rare earth concentrations (estimated 21%–28% of critical mineral oxide concentrations) and pursuing partnerships and a recommended $6.25M Wyoming grant for a pilot processing plant.