# EDGAR Filing Document

**Accession Number:** 0001710366
**File Stem:** 0001193125-25-173024
**Filing Date:** 2025-8
**Character Count:** 62122
**Document Hash:** 4a8bd0da8f80e0d2629e1c275015cdac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173024.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173024

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Core Natural Resources, Inc.
- **CENTRAL INDEX KEY:** 0001710366
- **STANDARD INDUSTRIAL CLASSIFICATION:** BITUMINOUS COAL & LIGNITE MINING [1220]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38147
- **FILM NUMBER:** 251182721

**BUSINESS ADDRESS:**
- **STREET 1:** 275 TECHNOLOGY DRIVE
- **STREET 2:** SUITE #101
- **CITY:** CANONSBURG
- **STATE:** PA
- **ZIP:** 15317
- **BUSINESS PHONE:** 724-416-8300

**MAIL ADDRESS:**
- **STREET 1:** 275 TECHNOLOGY DRIVE
- **STREET 2:** SUITE #101
- **CITY:** CANONSBURG
- **STATE:** PA
- **ZIP:** 15317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSOL Energy Inc.
- **DATE OF NAME CHANGE:** 20171128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSOL Mining Corp
- **DATE OF NAME CHANGE:** 20170626

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): August 5, 2025

## Core Natural Resources, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38147** | **82-1954058** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **275 Technology Drive, Suite 101**<br> **Canonsburg, Pennsylvania** | **15317** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code:
(724) 416-8300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $0.01 par value | CNR | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

Core Natural Resources, Inc. (the "Company," "we," "us," "our") issued a press release on August 5, 2025 announcing its 2025 second quarter results. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

Please refer to our website at www.corenaturalresources.com for additional information regarding the Company. For example, periodically during the quarter, we may provide investor presentations, which would appear on our website in the Investors section.

The information contained in this Item 2.02 and the Exhibit 99.1 shall be considered "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), nor shall it be deemed incorporated by reference into any reports or filings with the Securities and Exchange Commission (the "SEC"), whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

On August 5, 2025, the Company posted an investor presentation to its website, which is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

The information contained in this Item 7.01 and the Exhibit 99.2 shall be considered "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act, nor shall it be deemed incorporated by reference into any reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

*(d) Exhibits.* 

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1 | [Press release of Core Natural Resources, Inc. dated August 5, 2025](d96449dex991.htm) |
| 99.2 | [Core Natural Resources, Inc. Investor Presentation dated August 5, 2025](d96449dex992.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **CORE NATURAL RESOURCES, INC.** | **CORE NATURAL RESOURCES, INC.** |
| By: | /s/ Miteshkumar B. Thakkar |
|  | Miteshkumar B. Thakkar |
|  | Chief Financial Officer and President |

---

Dated: August 5, 2025

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g96449g0805032854422.jpg)

**Core Natural Resources Reports Second Quarter 2025 Results** 

***Generates net cash provided by operating activities of $220.2 million and free cash flow of $131.1 million***

***Further increases merger-related annual synergies target to between $150 million and $170 million***

***Returns $87.1 million to stockholders via share buybacks and quarterly dividends***

***Increases cash and cash equivalents by $25 million and overall liquidity by $90 million***

***Advances previously detailed plan to resume longwall production at Leer South***

**CANONSBURG, PA (August 5, 2025**) - Today, Core Natural Resources, Inc. (NYSE: CNR) ("Core" or the "company") reported a net loss of $36.6 million, or $0.70 per diluted share, in the second quarter of 2025. Core reported adjusted EBITDA<sup>1</sup> of $144.3 million for the second quarter of 2025, which included Leer South fire extinguishment and idle mine cash costs of $21.2 million. Revenues totaled $1,102.4 million in Q2.

**Operational Update** 

"During the second quarter, Core's high c.v. thermal coal segment continued to execute at a world-class level, with a significant step-up in sales volumes and lower unit costs acting to counterbalance modest erosion in average selling price in the face of a softer market environment," Lang said. "While the metallurgical segment's performance was again constrained by the longwall outage at Leer South, the rest of the platform executed well, led by the Leer mine, which set a production record for the second straight quarter. Supplementing our two core operating segments, the Powder River Basin segment also turned in a solid performance, with strengthening domestic power demand setting the stage for another strong adjusted EBITDA contribution."

During the second quarter of 2025, Core's high c.v. thermal coal segment achieved an 18-percent increase in sales volumes versus Q1 2025, when production was constrained by three longwall moves. The segment achieved realized coal revenue per ton sold<sup>1</sup> of $60.50, which was modestly lower than the Q1 realization due to lower pricing on spot sales as well as a lower energy market adjustment (EMA) on power-price-linked domestic tons. The segment had cash cost of coal sold per ton<sup>1</sup> of $39.47.

With the exception of Leer South, where longwall production has yet to resume, the metallurgical segment turned in a solid performance. Coking coal sales totaled 1.9 million tons, consistent with Q1 2025, and thermal byproduct sales totaled 0.3 million tons. The segment achieved realized coal revenue per ton sold<sup>1</sup> for coking coal of $114.71 and realized coal revenue per ton sold<sup>1</sup> for the metallurgical segment as a whole – inclusive of thermal byproduct sales – of $104.22. The metallurgical segment reported a cash cost of coal sold per ton<sup>1</sup> of $95.93 and incurred $21.2 million in costs associated with the extinguishment of combustion activity and idle mine costs at Leer South.

The Powder River Basin segment executed at a high level for the second straight quarter. Sales volumes totaled 12.6 million tons as power generators worked to accelerate shipments in advance of the summer season. Realized coal revenue per ton sold<sup>1</sup> was $14.69, while the cash cost of coal sold per ton<sup>1</sup> was $13.40, resulting in a cash margin per ton sold in excess of previously provided guidance levels.

------

**Synergy Update** 

As indicated, Core has again increased its targeted range for annual synergy generation to between $150 million and $170 million per year, an approximately 30 percent aggregate increase at the midpoint when compared to the guidance furnished at the time of the merger's announcement.

"The Core team continues to drive forward with the capture of the originally identified synergies while surfacing new opportunities for value creation," Lang said. "As we look ahead, we expect these efforts to drive increases in the value we secure for our products in the marketplace, reductions in our average operating costs, an expansion of our operating margins, and a significantly leaner corporate structure."

**Financial, Liquidity, and Capital Return Update** 

In February, Core announced a new capital return framework targeting the return to stockholders of around 75 percent of free cash flow, with the significant majority of that return directed to share repurchases complemented by a sustaining quarterly dividend of $0.10 per share.

During Q2 2025, Core generated net cash provided by operating activities of $220.2 million and free cash flow of $131.1 million. The company invested $81.9 million to repurchase 1.2 million shares, or roughly 2 percent of total shares outstanding as of the program's launch, at an average share price of $69.64. Year-to-date, Core has now invested a total of $183.2 million to repurchase 2.6 million shares, or roughly 5 percent of total shares outstanding as of the program's launch.

As of June 30, 2025, Core had $816.8 million of remaining authorization under its existing $1.0 billion share repurchase program.

In addition, and in keeping with the tenets of its capital return program, the board declared a $0.10 per share quarterly dividend payable on September 15, 2025, to stockholders of record on August 29, 2025.

"As we look ahead, we expect continuing robust free cash flow generation underpinned by anticipated strong performances from our high c.v. thermal and Powder River Basin segments," said Mitesh Thakkar, Core's president and chief financial officer. "That strong operating cash flow outlook – coupled with expected insurance recoveries, increased synergy capture, and the potential for further working capital improvement – gives us confidence in our ability to continue to return significant amounts of capital to our stockholders while maintaining a strong balance sheet."

At June 30, 2025, Core had total liquidity of $948 million, including $413 million in cash and cash equivalents.

In late July, Core consolidated the two legacy accounts receivable securitization facilities into a single facility with an extended term. The combined facility has a $250 million borrowing base; greater expected availability given the combined company's reduced customer and geographic concentration; and a maturity date in 2028. Moreover, the new facility – in combination with the recent $600 million revolving credit facility upsizing and $307 million tax-exempt bond refinancing – successfully completes Core's construction of its desired post-merger capital structure.

**Leer South Update** 

In mid-January, Core announced that it was temporarily sealing Leer South's active longwall panel to extinguish isolated combustion-related activity occurring in a mined-out area. On June 10, 2025, consistent with the previously provided timeline, Core personnel and regulatory officials re-entered the sealed area of the mine and conducted an extensive evaluation of the major equipment and infrastructure. As expected, the operating team found that the longwall had been largely unaffected by the combustion event and that the major components and systems were in good condition.

------

On June 26, 2025, after more than two weeks in the mine, the team found it necessary to again evacuate the mine and reseal the affected area in the wake of an increase in carbon monoxide levels. The Core team is working closely with federal and state officials on a plan to recover and reposition the longwall equipment by the end of October, with the objective of resuming longwall production shortly thereafter.

Core currently expects to incur fire extinguishment and idle costs of $20 million to $30 million at Leer South in the third quarter of 2025. Core expects insurance recoveries associated with developments at Leer South to exceed $100 million.

**Marketing Update** 

Core continues to capitalize on its strong book of committed thermal business and a gradual recovery in domestic thermal coal demand while navigating softer market conditions in the international arena.

In the high c.v. thermal segment, Core has now locked in commitments totaling 30.0 million tons for delivery in 2025 – and thus is nearly fully committed – at a projected realized coal revenue per ton sold<sup>2</sup> of $60 to $62 per ton. That translates into an average operating margin of $22 per ton based on the mid-point of guidance for both realized coal revenue per ton sold and cash cost of coal sold per ton<sup>2</sup>. In addition, the segment has a committed book of around 13 million tons for delivery in 2026.

In the metallurgical segment, Core has commitments in place for virtually all its projected coking coal sales volumes for delivery in 2025, with the majority of yet-to-be-shipped tons tied to market-based pricing mechanisms.

In its Powder River Basin segment, Core is fully committed for 2025 at a projected realized coal revenue per ton sold<sup>2</sup> of $14.40 and has around 33 million tons committed for delivery in 2026.

**Policy Developments** 

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 of the U.S. coal fleet. The Trump Administration views the coal fleet as essential to the security, resilience, and reliability of America's power system.

In addition, the Administration directed the Secretary of Energy to take actions – via funding and other support mechanisms – to "accelerate the development, deployment, and commercialization" of coal-based technologies in areas such as building products, batteries, and other advanced carbon materials, as well as power generation. Core expects these efforts to facilitate additional opportunities for its Innovations business unit, which is already driving forward on all these fronts.

Then, on July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), which included provisions designed to strengthen the U.S. coal industry and enhance the competitiveness of American coal overseas. The legislation contains language designating U.S.-produced metallurgical coal as a "critical material" under Section 45X, through which the company will be eligible for a 2.5-percent monetizable tax credit on production-related costs for four years beginning in 2026. In addition, OBBBA lowers the royalty rate on tons produced on federal lands, which stands to enhance the competitiveness of Core's Powder River Basin and West Elk mines.

Even more recently, the Trump Administration has announced plans to pursue still further legal and administrative efforts – via the U.S. Environmental Protection Agency and other governmental entities – to facilitate the continued operation of the U.S. coal-based power generation fleet well into the future in support of grid reliability and electricity affordability.

------

"In recent months, President Trump and the U.S. Congress have taken historic steps to ensure that U.S. coal remains a cornerstone of America's future energy supply and a stabilizing force in global energy markets," Lang said. "The President's recognition and inclusion of a number of our hourly employees in a White House ceremony for the signing of several executive orders underscored the past, present and future contributions of America's coal miners in meeting this country's energy and industrial needs – a recognition sorely missing in recent years."

**Outlook** 

*1—Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures and Realized Coal Revenue per Ton Sold and Cash Cost of Coal Sold per Ton are operating ratios derived from non-GAAP financial measures, each of which is reconciled to the most directly comparable GAAP financial measures below, under the caption "Reconciliation of Non-GAAP Financial Measures."* 

*2—Core is unable to provide a reconciliation of High C.V. Thermal Realized Coal Revenue per Ton Sold guidance, High C.V. Thermal Cash Cost of Coal Sold per Ton guidance, and PRB Realized Coal Revenue per Ton Sold guidance, which are operating ratios derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing and potential significance of certain income statement items.* 

------

**2025 Guidance** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **Tons** | **Tons** | **$ per ton** |
|  **<u>Sales Volume</u>** *<u>(in millions of tons)</u>* |  |  |  |
|  Coking<sup>1</sup> | 7.5 | 8.0 |  |
|  High C.V. Thermal<sup>2</sup> | 29.0 | 31.0 |  |
|  Powder River Basin | 45.0 | 48.0 |  |
|  Total | 81.5 | 87.0 |  |
|  **<u>Metallurgical</u>** *<u>(in millions of tons)</u>* |  |  |  |
|  Committed, Priced Coking |  | 4.5 | $118.20 |
|  Committed, Unpriced Coking |  | 3.0 |  |
|  Total Committed Coking |  | 7.5 |  |
|  Metallurgical Cash Cost of Coal Sold per Ton |  |  | $95.00 - $99.00 |
|  **<u>High C.V. Thermal</u>** *<u>(in millions of tons)</u>* |  |  |  |
|  Committed, Priced<sup>3</sup> |  | 29.8 | $60.00 - $62.00 |
|  Committed, Unpriced |  | 0.2 |  |
|  Total Committed High C.V. Thermal |  | 30.0 |  |
|  High C.V. Thermal Cash Cost of Coal Sold per Ton |  |  | $38.00 - $40.00 |
|  **<u>Powder River Basin<sup>4</sup></u>** *<u>(in millions of tons)</u>* |  |  |  |
|  Committed, Priced |  | 47.8 | $14.40 |
|  Powder River Basin Cash Cost of Coal Sold per Ton |  |  | $12.75 - $13.25 |
|  **<u>Corporate</u>** *<u>(in $millions)</u>* |  |  |  |
|  Capital Expenditures | $300 - $330 | $300 - $330 |  |
|  Depreciation, Depletion and Amortization | $560 - $590 | $560 - $590 |  |

---

1 - Excludes thermal byproduct

2 - Includes crossover volumes

3 - Range reflects inclusion of collared commitments

4 - Reflects the expected impact of the recently enacted royalty rate reduction on federal coal leases in the second half of 2025

*Note - Core is unable to provide a reconciliation of Metallurgical Cash Cost of Coal Sold per Ton, High C.V. Thermal Cash Cost of Coal Sold per Ton and Powder River Basin Cash Cost of Coal Sold per Ton guidance, which are operating ratios derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing and potential significance of certain income statement items.* 

------

**Availability of Additional Information** 

Please refer to our website, www.corenaturalresources.com, for additional information regarding the company. In addition, we may provide other information about the company from time to time on our website.

We will also file our Quarterly Report on Form 10-Q ("Form 10-Q") with the Securities and Exchange Commission ("SEC") reporting our results for the quarterly period ended June 30, 2025 on August 5, 2025. Investors seeking our detailed financial statements can refer to the Form 10-Q once it has been filed with the SEC.

**About Core Natural Resources, Inc.** 

Core Natural Resources, Inc. (NYSE: CNR) is a world-class producer of high-quality metallurgical and high calorific value thermal coals for the global marketplace. Core's highly skilled workforce operates a best-in-sector portfolio of large-scale, low-cost longwall mines, including the Pennsylvania Mining Complex, Leer, Leer South, and West Elk mines, along with one of the world's largest and most productive surface mines, Black Thunder. The company plays an essential role in meeting the world's growing need for steel, infrastructure, and energy, while simultaneously serving the resurgent requirements of the U.S. power generation fleet. Core has an extensive and strategic logistical network – anchored by ownership positions in two East Coast marine export terminals – that provides reliable and efficient access to seaborne coal markets. The company's deeply ingrained culture is grounded in safety and compliance, continuous improvement, and financial performance, with an emphasis on stakeholder engagement and stockholder returns. Core was created in January 2025 via the merger of long-time industry leaders CONSOL Energy and Arch Resources and is based in Canonsburg, Pennsylvania.

**Contacts:** 

Investor:

Deck Slone, (314) 994-2766

deckslone@coreresources.com

Media:

Erica Fisher, (724) 416-8292

ericafisher@coreresources.com

------

**Condensed Consolidated Statements of Cash Flows** 

The following table presents a condensed consolidated statement of cash flows for the three months ended June 30, 2025 (in thousands):

---

| | |
|:---|:---|
|  | **Three Months<br>Ended<br>June 30, 2025** |
|  | **(Unaudited)** |
|  Cash Flows from Operating Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Loss | $(36556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, Depletion and Amortization | 169263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Non-Cash Adjustments to Net Loss | 10010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in Working Capital | 77444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Cash Provided by Operating Activities** | **220161** |
|  Cash Flows from Investing Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Expenditures | (89185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Sales of Assets | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investing Activity | (11253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Cash Used in Investing Activities** | **(100222)** |
|  Cash Flows from Financing Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Payments on Long-Term Debt, Including Fees | (4314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of Common Stock | (81893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Dividend Equivalents Paid | (5223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financing Activities | (934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Cash Used in Financing Activities** | **(92364)** |
|  **Net Increase in Cash and Cash Equivalents and Restricted Cash** | **27575** |
|  Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 579325 |
|  Cash and Cash Equivalents and Restricted Cash at End of Period | $**606900** |

---

------

**Reconciliation of Non-GAAP Financial Measures** 

We define realized coal revenue as revenues reported in the Consolidated Statements of (Loss) Income less transportation costs, transloading revenues and other revenues not directly attributable to coal sales. We define realized coal revenue per ton sold as realized coal revenue divided by tons sold. The following table presents a reconciliation by reportable segment of realized coal revenue and realized coal revenue per ton sold to revenues, the most directly comparable GAAP financial measure, on a historical basis, for the three months ended June 30, 2025 (in thousands, except per ton information).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **High CV<br>Thermal** | **Metallurgical** | **PRB** | **Baltimore<br>Marine<br>Terminal** | **Idle, Other<br>and<br>Eliminations** | **Consolidated** |
|  Revenues | $606500 | $299994 | $186872 | $22572 | $(13577) | $1102361 |
|  **Less: Adjustments to Reconcile to Non-GAAP Segment Realized Coal Revenue** |  |  |  |  |  |  |
|  Transportation Costs | 99084 | 67088 | 2460 |  |  | 168632 |
|  Terminal Revenues |  |  |  | 22572 | (18032) | 4540 |
|  Other Revenues |  |  |  |  | 4455 | 4455 |
|  Non-GAAP Segment Realized Coal Revenue | $507416 | $232906 | $184412 | $— | $— | $924734 |
|  Tons Sold | 8388 | 2235 | 12556 |  |  |  |
|  Realized Coal Revenue per Ton Sold | $60.50 | $104.22 | $14.69 |  |  |  |

---

The following table presents a breakdown of the realized coal revenue per ton sold for the metallurgical segment between coking coal and thermal byproduct for the three months ended June 30, 2025 (in thousands, except per ton information).

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Coking<br>Coal** | **Thermal<br>Byproduct** | **Total<br>Metallurgical<br>Segment** |
|  Non-GAAP Segment Realized Coal Revenue | $217369 | $15537 | $232906 |
|  Tons Sold | 1895 | 340 | 2235 |
|  Realized Coal Revenue per Ton Sold | $114.71 | $45.74 | $104.22 |

---

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 transportation costs, indirect costs, other costs not directly attributable to the production of coal and depreciation, depletion and amortization costs on production assets. We define cash cost of coal sold per ton as cash cost of coal sold divided by tons sold.

------

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 June 30, 2025 (in thousands, except per ton information).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **High CV<br>Thermal** | **Metallurgical** | **PRB** | **Baltimore<br>Marine<br>Terminal** | **Idle, Other<br>and<br>Eliminations** | **Consolidated** |
|  Cost of Sales | $430142 | $302696 | $170706 | $7578 | $1452 | $912574 |
|  **Less: Adjustments to Reconcile to Non-GAAP Segment Cash Cost of Coal Sold** |  |  |  |  |  |  |
|  Transportation Costs | 99084 | 67088 | 2460 |  | (18032) | 150600 |
|  Cost of Sales from Idled Operations |  | 21243 |  |  | 4920 | 26163 |
|  Terminal Operating Costs |  |  |  | 7578 |  | 7578 |
|  Other (Operating Overhead, Certain Actuarial, etc.) |  |  |  |  | 14564 | 14564 |
|  Non-GAAP Segment Cash Cost of Coal Sold | $331058 | $214365 | $168246 | $— | $— | $713669 |
|  Tons Sold | 8388 | 2235 | 12556 |  |  |  |
|  Cash Cost of Coal Sold per Ton | $39.47 | $95.93 | $13.40 |  |  |  |

---

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-based compensation and Merger-related expenses. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding transactions that are not indicative of our operating performance or that arise outside of the ordinary course of our business.

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 June 30, 2025 (in thousands).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **High CV<br>Thermal** | **Metallurgical** | **PRB** | **Baltimore<br>Marine<br>Terminal** | **Other,<br>Corporate<br>and<br>Eliminations** | **Consolidated** |
|  Net Income (Loss) | $124337 | $(78019) | $10500 | $13600 | $(106974) | $(36556) |
|  Income Tax Expense |  |  |  |  | 7116 | 7116 |
|  Interest Expense, net |  |  |  |  | 3650 | 3650 |
|  Depreciation, Depletion and Amortization | 52021 | 75317 | 5666 | 1394 | 34865 | 169263 |
|  Other Adjustments |  |  |  |  | 797 | 797 |
|  Adjusted EBITDA | $176358 | $(2702) | $16166 | $14994 | $(60546) | $144270 |

---

------

Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities plus proceeds from sales of assets and unrestricted cash proceeds from the Merger with Arch Resources, Inc., less capital expenditures and investments in mining-related activities. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations and non-core asset sales after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand the company's asset base and are expected to generate future cash flows from operations. It is important to note that free cash flow does not represent the residual cash flow available for discretionary expenditures, since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, on a historical basis, for the three months ended June 30, 2025 (in thousands).

---

| | |
|:---|:---|
|  | **Three Months<br>Ended<br>June 30, 2025** |
|  **Net Cash Provided by Operating Activities** | $220161 |
|  Capital Expenditures | (89185) |
|  Proceeds from Sales of Assets | 216 |
|  Investments in Mining-Related Activities | (128) |
|  **Free Cash Flow** | $**131064** |

---

------

**Cautionary Statement Regarding 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 "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, risks related to the prior occurrence of combustion-related activity at Core's Leer South mine and the risk of future occurrences; the increase in combustion-related gases at Core's Leer South mine; Core's ability to resume development work at Leer South with continuous miners and longwall development in accordance with its expected timing; deterioration in economic conditions (including continued inflation) or changes in consumption patterns of our customers may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital; volatility and wide fluctuation in coal prices based upon a number of factors beyond our control; an extended decline in the prices we receive for our coal affecting our operating results and cash flows; significant downtime of our equipment or inability to obtain equipment, parts or raw materials; decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations; our reliance on major customers, our ability to collect payment from our customers and uncertainty in connection with our customer contracts; our inability to acquire additional coal reserves or resources that are economically recoverable; alternative steel production technologies that may reduce demand for our coal; the availability and reliability of transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs; a loss of our competitive position; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; the risks related to the fact that a significant portion of our production is sold in international markets (and may grow) and our compliance with export control and anti-corruption laws; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions; the impact of current and future regulations to address climate change, the discharge, disposal and clean-up of hazardous substances and wastes and employee health and safety on our operating costs as well as on the market for coal; the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving out longwall equipment, railroad derailments, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions; our inability to manage our operational footprint in response to changes in demand; failure to obtain or renew surety bonds or insurance coverages on acceptable terms; the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land; our inability to obtain financing for capital expenditures on satisfactory terms; the effects of our securities being excluded from certain investment funds as a result of environmental, social and governance practices; the effects of global conflicts on commodity prices and supply chains; the effect of new or existing laws, regulations, tariffs, executive orders or other trade measures; our inability to find suitable joint venture partners or acquisition targets or integrating the operations of future acquisitions into our operations; obtaining, maintaining and renewing governmental permits and approvals for our coal operations; the effects of asset retirement obligations, employee-related long-term liabilities and certain other liabilities; uncertainties in estimating our economically recoverable coal reserves; defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights; the outcomes of various legal proceedings, including those that are more fully described herein; the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows; information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident; the potential failure to retain and attract qualified personnel of the company; failure to maintain effective internal control over financial reporting; uncertainty with respect to the company's common stock, potential stock price volatility and future dilution; uncertainty regarding the timing and value of any dividends we may declare; uncertainty as to whether we will repurchase shares of our common stock; inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; the risk that the businesses of the company and Arch Resources, Inc. will not be integrated successfully; the risk that the anticipated benefits of the merger may not be realized or may take longer to realize than expected; the risks related to new or existing tariffs and other trade measures; and other unforeseen factors.

All such factors are difficult to predict, are beyond Core's control, and are subject to additional risks and uncertainties, including those detailed in Core's annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on Core's website at www.corenaturalresources.com and on the SEC's website at http://www.sec.gov.

------

Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Core does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

Source: Core Natural Resources, Inc.

## Exhibit 99.2

![Slide 1](g96449ex99_2s1g1.jpg)

Second Quarter 2025 Earnings Supplement August 5, 2025 Exhibit 99.2

------

![Slide 2](g96449ex99_2s2g1.jpg)

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," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, risks related to the prior occurrence of combustion-related activity at Core's Leer South mine and the risk of future occurrences; the increase in combustion-related gases at Core's Leer South mine; Core's ability to resume development work at Leer South with continuous miners and longwall development in accordance with its expected timing; deterioration in economic conditions (including continued inflation) or changes in consumption patterns of our customers may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital; volatility and wide fluctuation in coal prices based upon a number of factors beyond our control; an extended decline in the prices we receive for our coal affecting our operating results and cash flows; significant downtime of our equipment or inability to obtain equipment, parts or raw materials; decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations; our reliance on major customers, our ability to collect payment from our customers and uncertainty in connection with our customer contracts; our inability to acquire additional coal reserves or resources that are economically recoverable; alternative steel production technologies that may reduce demand for our coal; the availability and reliability of transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs; a loss of our competitive position; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; the risks related to the fact that a significant portion of our production is sold in international markets (and may grow) and our compliance with export control and anti-corruption laws; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions; the impact of current and future regulations to address climate change, the discharge, disposal and clean-up of hazardous substances and wastes and employee health and safety on our operating costs as well as on the market for coal; the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving out longwall equipment, railroad derailments, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions; our inability to manage our operational footprint in response to changes in demand; failure to obtain or renew surety bonds or insurance coverages on acceptable terms; the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land; our inability to obtain financing for capital expenditures on satisfactory terms; the effects of our securities being excluded from certain investment funds as a result of environmental, social and governance practices; the effects of global conflicts on commodity prices and supply chains; the effect of new or existing laws, regulations, tariffs, executive orders or other trade measures; our inability to find suitable joint venture partners or acquisition targets or integrating the operations of future acquisitions into our operations; obtaining, maintaining and renewing governmental permits and approvals for our coal operations; the effects of asset retirement obligations, employee-related long-term liabilities and certain other liabilities; uncertainties in estimating our economically recoverable coal reserves; defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights; the outcomes of various legal proceedings, including those that are more fully described herein; the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows; information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident; the potential failure to retain and attract qualified personnel of the company; failure to maintain effective internal control over financial reporting; uncertainty with respect to the company's common stock, potential stock price volatility and future dilution; uncertainty regarding the timing and value of any dividends we may declare; uncertainty as to whether we will repurchase shares of our common stock; inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; the risk that the businesses of the company and Arch Resources, Inc. will not be integrated successfully; the risk that the anticipated benefits of the merger may not be realized or may take longer to realize than expected; the risks related to new or existing tariffs and other trade measures; and other unforeseen factors. All such factors are difficult to predict, are beyond Core's control, and are subject to additional risks and uncertainties, including those detailed in Core's annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on Core's website at www.corenaturalresources.com and on the SEC's website at http://www.sec.gov. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Core does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

------

![Slide 3](g96449ex99_2s3g1.jpg)

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 extinguishment expense at Leer South Generates net cash provided by operating activities of $220.2 million and free cash flow1 of $131.1 million Further increases merger-related annual synergies target to between $150 million and $170 million Returns $87.1 million to investors via share repurchases and quarterly dividends, while increasing year-to-date capital return total to $193.7 million Increases cash and cash equivalents by $25 million and overall liquidity by $90 million Advances previously detailed plan to resume longwall production at Leer South Raises PRB volume guidance, taking advantage of improving domestic coal generation Improves 2025 and 2026 contracted positions for both high calorific value thermal and PRB segments Consolidates two legacy accounts receivable facilities into a single facility of $250 million with an extended maturity date in 2028, thus successfully completing desired post-merger capital structure 1 Adjusted EBITDA and free cash flow are non-GAAP measures; see the Appendix for a reconciliation of these amounts to the most directly comparable GAAP measures.

------

![Slide 4](g96449ex99_2s4g1.jpg)

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 1 2024 CONSOL Energy Inc. ("CONSOL") revenue of $2,164 million, excluding miscellaneous other income not derived from customers and gain on sale of assets to conform historical financial information to current presentation; 2024 Arch Resources, Inc. ("Arch") revenue of $2,433 million. Note: Units in short tons Source: Internal and Wood Mackenzie Safety-Based Culture Highly skilled workforce with a deeply ingrained, safety-based culture and a goal of zero life-altering accidents, complemented by a deep commitment to environmental stewardship Innovation Leader in its core business and via its Innovations business unit, which is advancing new, coal-based applications in areas such as aerospace and defense Logistical Excellence Industry-leading logistical network anchored by ownership positions in two large-scale East Coast marine export terminals Unmatched Scale 2024 sales volume of 85 million tons and 2024 revenue1 of $4.6 billion Global Reach Supplies customers in ~25 countries located on five continents with one of the industry's broadest arrays of coal products Strategic Diversification across multiple, high-potential market segments, with strong penetration in fast-growing seaborne markets as well as newly resurgent, AI-driven domestic power markets Longwall Powerhouse ~90% of projected seaborne export volumes from world-class longwall mines Low-Cost Advantage First quartile on cost curve among U.S. metallurgical and seaborne thermal coal suppliers Long-Lived Reserves Decades of high-quality reserves that will support low-cost mining at flagship longwall operations through 2050 Leading Supplier Among largest global suppliers of premium, High-Vol A coking coal Peerless Quality Highest calorific value thermal coal supplied to the seaborne marketplace Infrastructure Focus 75% of exports directed to steelmakers, cement manufacturers, and infrastructure providers, as well as other industrial users Compelling Cash Generation Highly cash-generative assets across a wide range of market environments, with a strategic mix of contracted and market-exposed volumes Financial Strength One of the industry's strongest balance sheets and liquidity positions, with a net positive cash profile Leading Capital Return Program Industry-leading capital return program weighted towards share repurchases and capable of delivering robust returns across a wide range of market environments

------

![Slide 5](g96449ex99_2s5g1.jpg)

FINANCIAL RESULTS DURING Q2, CORE ACHIEVED A 17-PERCENT QUARTER-OVER-QUARTER INCREASE IN ADJUSTED EBITDA Adjusted EBITDA1 (in millions) High calorific value thermal segment continues to execute well, with a significant quarter-over-quarter step-up in sales volumes and a significant reduction in unit costs acting to counterbalance the impacts of a soft seaborne market environment With the exception of Leer South, where the longwall remained idle, the metallurgical segment turned in a solid operational performance – led by the Leer mine – against a still-weak metallurgical market environment The Powder River Basin segment again executed at a high level, with higher-than-anticipated sales volumes of 12.6 million tons reflecting the efforts of power generators to accelerate shipments in advance of the summer season Free Cash Flow1 (in millions) 1 Adjusted EBITDA and free cash flow are non-GAAP measures; see the Appendix for a reconciliation of these amounts to the most directly comparable GAAP measures.

------

![Slide 6](g96449ex99_2s6g1.jpg)

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 (in millions of shares outstanding) Capital Returned During H1, By Method (share repurchases versus dividend payments, in millions) (4.7)% During Q2, Core invested $81.9 million to repurchase 1.2 million shares – or around 2 percent of shares outstanding as of the capital return program's launch – at an average share price of $69.64 Year-to-date, Core has invested a total of $183.2 million to repurchase 2.6 million shares, or roughly 5 percent of shares outstanding as of the program's launch As of June 30, 2025, Core had $816.8 million of remaining authorization under its existing $1.0 billion share repurchase program

------

![Slide 7](g96449ex99_2s7g1.jpg)

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 additional synergy identification and capture thereafter LOGISTICS BEST PRACTICES PROCUREMENT Vendor purchase optimization Efficiencies from sharing of best practices, technology, and deep technical expertise SG&A Optimization of SG&A functions, streamlining across the company, and elimination of duplicative public company costs Optimization of capacity at port assets LOGISTICS & COAL BLENDING Product blending and related opportunities

------

![Slide 8](g96449ex99_2s8g1.jpg)

COMMITTED VOLUMES 2025 CONTRACTED POSITION FOR CORE'S THREE MINING SEGMENTS High Calorific Value Thermal Segment (projected volumes and committed and priced position, in short tons and realized coal revenue per ton sold1) Metallurgical Segment (projected coking coal volumes and committed and priced position, in short tons and realized coal revenue per ton sold1) 26.0 (at $61 - $63) 29.8 (at $60 - $62) 29 – 31 29 – 31 Committed / Priced Committed / Unpriced Uncommitted 3.5 4.5 (at $118.20) 7.5 – 8.0 7.5 – 8.0 3.0 2.9 (at $122.38) 4.3 3.0 Powder River Basin Segment (projected volumes and committed and priced position, in short tons and realized coal revenue per ton sold1) 41.9 (at $14.77) 47.8 (at $14.40)2 39 – 42 45 – 48 The High Calorific Value Thermal segment has a committed book of ~13 million tons for delivery in 2026 The Powder River Basin segment has a committed book of ~33 million tons for delivery in 2026 1 Core is unable to provide a reconciliation of realized coal revenue per ton sold guidance, which is an operating ratio derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing and potential significance of certain income statement items. 2 Now reflects the impact of the recently enacted royalty rate reduction on federal coal leases in the year's second half, which is expected to result in lower realized coal revenue per ton sold as well as lower cash cost of coal sold per ton, but an improved sales margin overall

------

![Slide 9](g96449ex99_2s9g1.jpg)

COST GUIDANCE 2025 CASH COST GUIDANCE FOR CORE'S THREE MINING SEGMENTS Core is targeting lower cash cost of coal sold per ton1 in its high calorific value thermal segment during the second half, consistent with the full-year guidance indicated above Core is guiding to higher-than-normal cash cost of coal sold per ton1 in its metallurgical segment in 2025 due to the longwall outage at Leer South, but expects a return to a more normalized range in the low $90s for 2026 Core has lowered its guidance for cash cost of coal sold per ton1 in the Powder River Basin segment for full year 2025, reflecting a strong first half performance and projected strong volumes in the year's second half, as well as benefits expected from the recently enacted royalty rate reduction on federal coal leases 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 1 Core is unable to provide a reconciliation of cash cost of coal sold per ton guidance, which is an operating ratio derived from non-GAAP financial measures, without unreasonable efforts due to the unknown effect, timing and potential significance of certain income statement items.

------

![Slide 10](g96449ex99_2s10g1.jpg)

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 cost of coal sold per ton1, due in part to three longwall moves at the PAMC in Q1 The metallurgical segment achieved a cash cost of coal sold per ton1 of $95.93 and incurred $21.2 million associated with combustion-related and idle costs at Leer South The Powder River Basin segment achieved another strong cash cost of coal sold per ton1 in Q2 due to higher-than-anticipated sales volumes, although costs were higher on a quarter-over-quarter basis in Q2 versus Q1 due to pit inventory monetization in Q1 1 Cash cost of coal sold per ton is an operating ratio derived from non-GAAP financial measures; see the Appendix for a reconciliation to the most directly comparable GAAP measure.

------

![Slide 11](g96449ex99_2s11g1.jpg)

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, consistent with the previously provided timeline, Core personnel and regulatory officials re-entered the sealed area The operating team evaluated the major equipment and infrastructure, visually affirmed that it was in good condition, and repressurized the longwall shields On June 26th, after more than two weeks in the mine, the team found it necessary to again evacuate and reseal the affected area in the wake of an increase in carbon monoxide levels The Core team is currently working closely with federal and state officials on a plan to recover and reposition the longwall equipment by the end of October 2025, with the objective of resuming longwall production shortly thereafter Core currently expects to incur fire extinguishment and idle costs of $20 million to $30 million at Leer South in Q3 2025

------

![Slide 12](g96449ex99_2s12g1.jpg)

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 of the U.S. coal fleet In addition, the Administration directed the Secretary of Energy to "accelerate the development, deployment, and reliability" of coal-based technologies in areas such as building products, batteries, and other advanced carbon materials, as well as power generation Core expects these efforts to facilitate additional opportunities for its Innovations business unit, which is already driving forward on all these fronts On July 4th, the President signed into law the "One Big Beautiful Bill Act," which included provisions that stand to benefit Core Designation of metallurgical coal as a "critical material" under the Advanced Manufacturing Tax Credit (45X) Reduction in the royalty rate for federal coal leases Significant cuts to federal subsidies for renewable energy Other provisions that could prove beneficial over time, including language intended to facilitate investments in advanced power projects via Department of Energy loans as well as to facilitate an increase in the leasing of federal coal Core applauds the President and Congress for taking these historic steps to help ensure that coal remains a key element of America's future energy supply as well as a stabilizing force in both domestic and international markets RECENT POLICY DEVELOPMENTS THAT SHOULD ENHANCE COAL'S COMPETITIVENESS AND OUTLOOK IN BOTH THE U.S. AND OVERSEAS

------

![Slide 13](g96449ex99_2s13g1.jpg)

FORTIFYING THE BALANCE SHEET Equipment Leases During Q2 2025, Core increased cash and cash equivalents by $25 million and overall liquidity by $90 million At 6/30/25, Core had $948 million of total liquidity, including $413 million in cash and cash equivalents The significant majority of Core's debt consists of unsecured, tax-exempt bonds with an initial 10-year term (as of Q1 2025) and a weighted-average interest rate of 5.3 percent Adding to its financial flexibility, Core has a $600 million revolving credit facility and – in July 2025 – consolidated its legacy accounts receivable securitization facilities into a single facility with a $250 million borrowing base and a maturity date in 2028 In its first six months as a combined company, Core has now successfully put in place its desired post-merger capital structure Core Has a Strong Balance Sheet and a Net Cash Positive Position ($ in mm) Net Cash1 = $21 Million A/R Securitization Facility Availability 1 Net cash is a non-GAAP measure; see the Appendix for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure.

------

![Slide 14](g96449ex99_2s14g1.jpg)

NON-GAAP RECONCILIATIONS

------

![Slide 15](g96449ex99_2s15g1.jpg)

NON-GAAP RECONCILIATIONS - CONTINUED

------

![Slide 16](g96449ex99_2s16g1.jpg)

NON-GAAP RECONCILIATIONS - CONTINUED

------

![Slide 17](g96449ex99_2s17g1.jpg)

NON-GAAP RECONCILIATIONS - CONTINUED

------

![Slide 18](g96449ex99_2s18g1.jpg)

NON-GAAP RECONCILIATIONS - CONTINUED

------

![Slide 19](g96449ex99_2s19g1.jpg)

NON-GAAP RECONCILIATIONS - CONTINUED