WARRIOR MET COAL, INC. (HCC) Business

Item 1. Business

Overview

Warrior Met Coal, Inc. (together with its subsidiaries, the "Company" or "Warrior") is a U.S.-based, environmentally and socially minded supplier to the global steel industry headquartered in Brookwood, Alabama. We are dedicated entirely to mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. We are a large-scale, low-cost producer and exporter of premium quality met or steelmaking coal, also known as hard coking coal (“HCC”), operating highly efficient longwall operations in our underground mines based in Alabama, Mine No. 4, Mine No. 7 and Blue Creek. Our steelmaking coal production totaled 9.3 million metric tons in 2025. Our natural gas operations remove and sell natural gas from our owned and leased coal seams by reducing natural gas levels in our mines.

We operate as a one reportable segment. See the consolidated financial statements beginning on page F-1 of this Annual Report for our consolidated revenues, profit/loss and total assets.

Our Competitive Strengths

We believe that we have the following competitive strengths:

Leading pure play steelmaking coal producer focused on premium steelmaking coal products. Unlike other publicly listed U.S. coal companies, substantially all of our revenue is derived from the sale of premium steelmaking coal in the global seaborne markets. Our resources are primarily allocated to the mining, transportation and marketing of steelmaking coal. The premium nature of our steelmaking coal makes it ideally suited as a base feed coal for steel makers and our Mine No. 7 steelmaking coal is a low volatility ("Low Vol") coal that results in price realizations near or above the S&P Global Platts Index (as defined below). Our Mine No. 4 and Blue Creek steelmaking coals are a high volatility ("High Vol") A quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin. Whereas we target a variety of indices, including Platts Premium Low Vol and Platts Low Vol HCC for sales destined to the Pacific Basins. Our Blue Creek coal is also primarily sold into Asia and is sold on a cost and freight ("CFR") basis. The combination of high strength, high fluidity, low sulfur, low-to-medium ash, Low Vol to High Vol, and other characteristics of our coals, as well as our ability to blend them, makes our HCC product an important component within our customers’ overall coking coal requirements. As a result of our premium steelmaking coal, we are able to achieve higher realized prices and operating margins relative to other U.S. steelmaking coal producers.

World-class Blue Creek commences longwall operations. We commenced longwall operations at the Blue Creek mine in October 2025, eight months ahead of schedule and on budget. Even in these early stages of production and sales, Blue Creek has already contributed to lower cash costs, further improving our position in the first-quartile global cost curve. In addition, Blue Creek's low-cost structure has reduced our all-in cash cost breakeven point and enhanced our profitability and cash flow generation. Blue Creek is a High Vol A coal reserve with an estimated mine life of approximately 40 years assuming a single longwall operation. The commencement of longwall operations at Blue Creek, combined with better-than-expected recovery and the anticipated addition of a fourth continuous miner unit, is expected to increase our annual High Vol A nameplate production capacity up to approximately 6.4 million metric tons per year, thereby increasing our annual nameplate production capacity by 88% from 7.3 million metric tons per year to 13.7 million metric tons per year. While our nameplate production capacity has significantly increased, actual annual sales and production volumes will be dependent upon steelmaking coal market conditions.

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We are initially focused on optimizing production volume from the first longwall operation before considering the capital expenditures and time requirements associated with developing a second longwall. We believe this optimization can be achieved with minimal to no incremental capital expenditures. From the outset of Blue Creek's development, our plans contemplated the potential to add a second longwall should market fundamentals warrant it, and the project's infrastructure has been designed with the flexibility to support higher volumes.

Highly flexible cost structure protects through-the-cycle profitability. We have “variabilized” our cost structure in our labor, royalties and logistics contracts, increasing the proportion of our cost structure that varies in response to changes in HCC prices based on a variety of indices. Our logistics costs are structured to reduce cash requirements in lower HCC price environments and to increase cash requirements within a range with higher HCC prices. Our royalties are calculated as a percentage of the price we realize and therefore increase or decrease with changes in HCC prices. In addition, we can adjust our usage of continuous miner units in response to HCC pricing. Our variable cost structure dramatically lowers our cash cost of sales if our realized price falls, while being effectively capped in higher price environments, allowing us to generate significant operating cash flow. Our highly flexible cost structure provides us with a key competitive advantage relative to our competitors and which we expect should allow us to remain profitable in all coal market conditions.

Robust logistics and significant logistical cost advantage to the seaborne market. We have developed a logistics strategy based on multiple modalities, multiple carriers for both rail and river transportation and multiple terminals to ensure reliability of supply and cost-competitive rates. Our ability to move our coals via rail and/or barge is a significant advantage for Warrior. Our three operating mines are located approximately 300 miles from our primary export terminal in Mobile, Alabama. Our proximity to port and the flexibility of our logistics networks underpin our logistical cost advantage compared to other U.S. steelmaking coal producers. We sell our coal to a diversified customer base of blast furnace steel producers, primarily located in Europe, South America and Asia. We have a shipping time and distance advantage serving customers throughout the Atlantic Basin relative to competitors located in Australia and Western Canada. Our strategic location is enhanced by our long-tenured, well-established customer portfolio.

High realized prices and low variable cost structure drive industry leading margins. The coal from our mines is competitive in quality with the premium HCC produced in Australia, which is used to set pricing for the industry. The combination of low sulfur, low-to-medium ash, Low Vol to High Vol A and high coking strength drives our consistently high price realization relative to other U.S. steelmaking coal producers who typically focus on lower rank steelmaking coals. We believe our mines are some of the lowest cost steelmaking coal mines in North America.

Clean balance sheet to drive robust cash flow generation. Unlike other U.S. coal producers in our peer group, we have no pension or OPEB legacy liabilities. With minimal legacy liabilities, we are not burdened by the annual fixed obligations that are typically associated with these types of liabilities. Our clean balance sheet and low sustaining capital expenditure requirements position us to generate strong cash flows across a range of steelmaking coal price environments. Additionally, we expect our cash flows to benefit from a low cash tax rate, which will enable strong cash conversion from our operating profits.

Disciplined financial policies to ensure stable performance. We believe maintaining financial discipline will provide us with the ability to manage the volatility in our business resulting from changes in steelmaking coal prices. We intend to preserve a strong and conservative balance sheet, with sufficient liquidity and financial flexibility to support our operations. As of December 31, 2025, we had approximately $483.9 million of available liquidity consisting of $300.0 million of cash and cash equivalents, short-term investments of $43.4 million, net of $9.9 million posted as collateral, and available liquidity under our Amended ABL Facility of $140.5 million. In the event we generate cash flow in excess of the needs of our business, we plan to take a holistic approach to capital allocation and will evaluate a range of options, including debt repayment. We will seek to preserve our capital structure with low financial leverage that is largely free from legacy liabilities in order to ensure maximum free cash flow generation.

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Highly experienced leadership team with deep industry expertise. Our Chief Executive Officer (“CEO”), Walter J. Scheller, III, is the former CEO of Walter Energy, Inc. ("Walter Energy") and has eleven years of direct experience managing Mine No. 4 and Mine No. 7, and over 30 years of experience in longwall coal mining. Furthermore, our Chief Operating Officer, Jack Richardson, has extensive direct operational experience in steelmaking coal longwall mining. We have a strong record of operating safe mines and are committed to environmental excellence. Our dedication to safety is at the core of all of our overall operations as we work to further reduce workplace incidents by focusing on policy awareness and accident prevention. Our continued emphasis on enhancing our safety performance has resulted in total reportable incidence rates of 2.51 at Mine No. 4, 1.64 at Mine No. 7 and 2.01 at Blue Creek for the year ended December 31, 2025, which is 53% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.20 for the six months ended June 30, 2025, which represents the latest data available.

Strong focus on reducing greenhouse gas emissions and water usage. Investors and other third parties are increasingly focused on sustainability matters. With a view towards being an industry leader in environmental stewardship, we are actively engaged in several initiatives that occur before, during and after mining to reduce greenhouse gas ("GHG") emissions, including the capture of coalbed methane. We remain committed to reducing our GHG emissions and water usage and have made steady progress toward our 2030 emissions reduction target of 50% and 25% from our 2021 baseline year, respectively. We are pleased to report that we reduced our Scope 1 and Scope 2 GHG emissions by 37% from baseline year levels and achieved a 34% water recycling rate in 2025.

We also operate a low-quality gas plant, which is able to improve the quality of ordinarily unsaleable gas that would otherwise escape to the atmosphere. The improved gas is then sold and used by consumers. This plant operates using a complex system that concentrates the methane by removing other gases such as nitrogen and oxygen. For the full year 2025, we achieved an estimated methane capture rate of 74% through our low-quality gas plant and flaring initiatives. Through our commitment to reducing the use of fresh water in our operations, we invested in innovative dry-coal slurry systems to optimize water use throughout the coal production process. The dry slurry systems reached full operating status at Mine No. 7 in early 2025 and at Blue Creek in late 2025. These systems serve as a foundational component of Warrior's broader strategy to improve water efficiency across our operations. The system uses advanced mechanical and pneumatic technologies to separate the coal from impurities without the heavy reliance on water required by traditional slurry systems. We also continuously work to evaluate and test emerging technologies that can optimize our water usage and successfully achieved a 99.6% compliance record with the EPA National Pollutant Discharge Elimination System ("NPDES") program, which addresses water pollution by regulating point source discharges. We remain committed to taking steps to decrease our carbon footprint by reducing GHG emissions and water usage, minimizing our impact on the environment.

Our Business Strategies

Our objective is to increase stockholder value through our continued focus on asset optimization and cost management to drive profitability and cash flow generation. Our key strategies to achieve this objective are described below:

Maximize profitable production. In the year ended December 31, 2025, we produced a record high 9.3 million metric tons of steelmaking coal from Mine No. 7, Mine No. 4 and Blue Creek. With the commencement of longwall operations at Blue Creek in October 2025, we anticipate a significant increase in our High Vol A steelmaking coal in 2026. Based on our management’s operational experience, we are confident in our ability to continue to produce at or close to capacity in a safe and efficient manner, and with a comparable cost profile to our current costs, should market conditions warrant.

Maximize strategic organic growth and profitability. On November 5, 2025, we announced that longwall operations commenced at Blue Creek, eight months ahead of schedule. The Blue Creek mine ramped steadily toward full production. Even in these early stages of production and sales, Blue Creek's contributions to our financial results are having a notable impact, which we expect will only increase as the mine continues to ramp up toward full production. The new single longwall at Blue Creek combined with better-than-expected recovery and the anticipated addition of a fourth continuous miner unit is expected to increase the nameplate production capacity up to approximately of 6.4 million metric tons per annum of

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premium High Vol A steelmaking coal over the first ten years of production. We expect Blue Creek to be a transformational investment that will increase annual production capacity by 88% and expand the range of premium hard coking coals we supply to our global customers. While our nameplate production capacity has significantly increased, actual annual sales and production volumes will be dependent upon steelmaking coal market conditions. We are initially focused on optimizing production from the first longwall operation before evaluating the capital requirements and timing associated with developing a second longwall. We believe this optimization can be achieved with minimal to no incremental capital expenditures. From the outset of Blue Creek's development, our plans contemplated the potential addition of a second longwall should market fundamentals warrant it, and the project's infrastructure was designed to support higher volumes. We anticipate that Blue Creek will decrease our cash costs and further strengthen our position in the first quartile global cost curve. In addition, due to Blue Creek's expected low-cost structure, we expect it will significantly drive down our all-in cash cost breakeven point and enhance our profitability and cash flow generation.

In addition to the operational progress at Blue Creek, we strengthened our long-term growth platform through the recently finalized federal coal leases with the Bureau of Land Management ("BLM"). These leases provide access to approximately 48 million metric tons of additional reserves, enhancing the strategic resource base that underpins our development initiatives. The additional BLM reserves increase long-term production visibility, support optionality for incremental mining areas at both Blue Creek and Mine No. 4, and further reinforce the multi-decade runway for organic growth.

Broaden our marketing reach and maintain strong correlation between realized coal prices and the S&P Platts Index. We follow a commercial strategy focused on optimizing our net price realizations, which includes: (i) opportunistic selling into the spot steelmaking coal market and (ii) to a lesser extent selected instances of entering into fixed price contracts. Each of these elements is intended to further embed our coal product among a broader group of steel customers. Traditionally, we have predominantly marketed our coal to European and South American buyers. In recent years, due to a combination of market dynamics and geopolitical events we have expanded the marketing of our coal to Asia and we are actively marketing our coal to India and Southeast Asia buyers. For the year ended December 31, 2025, our sales geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S. This compares to our geographic customer mix for the year ended December 31, 2024 of 42% in Asia, 38% in Europe, 19% in South America and 1% in the U.S. When advantageous, we work with strategic partners to assist in the marketing of our coals. We benefit from the local presence and knowledge of these partners to capture the highest value for our premium coals.

Capitalize on opportunities for technological innovation to continue to reduce our impact on the environment. We are fully committed to being a responsible corporate citizen to our employees, customers, communities, and other stakeholders. We are committed to providing our products in a responsible manner. We partnered with a third-party consultant to develop a sustainability strategy that is focused on the following objectives, among others: materiality and risk assessment, creating and tracking measurable goals, GHG reduction, water usage reduction, enhancing governance standards and performing a community impact assessment. We plan to launch a new environmental and permitting management system software package, designed to enhance the tracking of specific ESG targets. This innovative tool will enable more effective monitoring of emissions and water demand, optimizing efficiency across company sites. We also continue to partner with global experts to evaluate installations of Regenerative Thermal Oxidizers ("RTO") and other emerging methane capture technologies at strategic locations across our properties to accelerate our GHG reduction efforts.

Description of Our Business

Our underground mining operations are headquartered in Brookwood, Alabama and as of December 31, 2025, based on a reserve report prepared by Marshall Miller & Associates, Inc., were estimated to have approximately 179.3 million metric tons of recoverable reserves located in west central Alabama between the cities of Birmingham and Tuscaloosa. Operating at approximately 2,000 feet below the surface, Mines No. 4 and No. 7 are two of the deepest underground coal mines in North America. Our now-operational Blue Creek mine is a slope mine and is one of the last remaining large-scale premium High

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Vol A reserves in the U.S., with an estimated 40-year mine life. The steelmaking coal within these mines is mined using longwall extraction technology with development support from continuous miners.

Our underground mining operations are located approximately 300 miles from our export terminal at the Port of Mobile in Alabama, which we believe to be the shortest mine-to-port distance of any U.S.-based steelmaking coal producer. Our low and variable cost structure, and our flexible and efficient rail and barge network underpins our cost advantage and dependable access to the seaborne markets. We sell our coal to a diversified customer base of blast furnace steel producers, primarily located in Asia, Europe and South America. We have a shipping time and distance advantage serving our customers throughout the Atlantic Basin relative to competitors located in Australia and Western Canada.

Our HCC, mined from the Southern Appalachian region of the United States, is characterized by low-to-high volatile matter, low sulfur, high fluidity, and high strength. These qualities make our coal ideally suited as a coking coal for the manufacture of steel. As a result of our high-quality coal, our realized price for Mine No. 7 coal has historically approximated the Platts Premium Low Volatility FOB Australian Index price (the “S&P Platts Index”). Our Mine No. 4 and Blue Creek steelmaking coals are a High Vol A quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin. Whereas we target a variety of indices, including Platts Premium Low Vol and Platts Low Vol HCC for sales destined to the Pacific Basins. Our Blue Creek coal is also primarily sold into Asia and is sold on a cost and freight ("CFR") basis.

We have 90.1 million metric tons of recoverable reserves at Mines No. 4 and No. 7. Mines No. 4 and No. 7 are located near Brookwood, Alabama, and are serviced by CSX railroad. A coal producer is typically responsible for transporting the coal from the mine to an export coal-loading facility. Exported coal is usually sold at the loading port, with the buyer responsible for further transportation from the port to their location. Both mines also have access to our barge load-out facility on the Black Warrior River. Service via both rail and barge culminates in delivery to the Port of Mobile in Alabama, where shipments are exported to our international customers via ocean vessels. Substantially all of our steelmaking coal sales consist of sales to international customers. We also have alternative outbound logistics routes to increase transportation and vessel shipping optionality.

We also have 89.2 million metric tons of recoverable reserves and 54.0 million metric tons of coal resources exclusive of reserves at Blue Creek. We have the ability to acquire adjacent reserves and we also plan to continue to explore areas currently categorized as resources exclusive of reserves to further increase our reserve tonnage. Blue Creek is located near Brookwood, Alabama, and is serviced by NS railroad to the export coal-loading facility in Mobile, Alabama. Blue Creek also has its own barge loadout facility on the Black Warrior River, which is expected to be completed in the second quarter of 2026. Exported coal is usually sold at the loading port, and is primarily sold on a CFR basis to customers in Asia.

Coal Preparation and Blending

Our steelmaking coal mines have preparation and blending facilities convenient to each mine. The steelmaking coal preparation and blending facilities receive, blend, process and ship steelmaking coal that is produced from the mines. Using these facilities, we are able to ensure a consistent quality and efficiently blend our steelmaking coal to meet our customers’ specifications.

Marketing, Sales and Customers

Steelmaking coal prices can differ substantially by region and are impacted by many factors, including the overall economy, demand for steel, location, market, quality and type of steelmaking coal, mine operation costs and the cost of customer alternatives. The major factors influencing our business are the global economy and demand for steel. Our operations’ high-quality steelmaking coal is considered among the highest quality steelmaking coals in the world and is preferred as a base steelmaking coal in our customers’ blends. Our marketing strategy is to focus on international markets mostly in Europe and

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South America where we have a shipping time and distance advantage. In recent years, due to a combination of market dynamics and geopolitical events, we have expanded the marketing of our coal to Asia and we are actively marketing our coal to buyers in India and Southeast Asia.

We focus on long-term customer relationships where we have a competitive advantage. We typically sell our steelmaking coal under fixed supply contracts primarily with indexed pricing terms and volume terms of one to three years. Some of our sales of steelmaking coal can, however, occur in the spot market as dictated by available supply and market demand. For more information regarding our customers, see Note 2 to our consolidated financial statements included elsewhere in this Annual Report.

Competition

Substantially all of our steelmaking coal sales are exported. Our major competitors sell into our core business areas of Asia, Europe and South America. We primarily compete with producers of premium steelmaking coal from Australia, Canada, Russia, Mozambique and the United States. The principal factors on which we compete are steelmaking coal prices at the port of delivery, coal quality and characteristics, customer relationships and the reliability of supply. The demand for our steelmaking coal is significantly dependent on the general global economy and the worldwide demand for steel. Although there are significant challenges in the current economy, we believe that we have competitive strengths in our business areas that provide us with distinct advantages.

Suppliers

Supplies used in our business include petroleum-based fuels, explosives, tires, conveyance structure, ventilation supplies, lubricants and other raw materials as well as spare parts and other consumables used in the mining process. We use third-party suppliers for a significant portion of our equipment rebuilds and repairs, drilling services and construction. We believe adequate substitute suppliers are available and we are not dependent on any one supplier; however, we procure some equipment from a concentrated group of suppliers, and obtaining this equipment often involves long lead times. Occasionally, demand for such equipment by mining companies can be high and some types of equipment may be in short supply. We continually seek to develop relationships with suppliers that focus on reducing our costs while improving quality and service. We also purchase services at our mine sites, including services related to maintenance for mining equipment, construction and temporary labor. We do not believe that we have any material operational or financial risk associated with our dependence on any individual service providers.

Inflation

We have exposure to inflation in connection with the purchase of supplies that are used directly or indirectly in the normal course of production, such as belt structure, roof bolts, cable, magnetite, rock dust and other supplies, plus labor and parts used to repair and rebuild equipment. These inflationary pressures have contributed to rising costs for us and may continue to do so in the future. We apply a number of different strategies to mitigate the impact of inflation on our operations, including placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.

Environmental, Social and Governance

We take pride in our environmental record and strive to be an industry leader in environmental stewardship. We recently released our annual Environmental, Social and Corporate Governance ("ESG") sustainability report that was prepared in accordance with the Sustainability Accounting Standards Board standards for Coal Operations and highlights our goals of becoming an industry leader in environmental stewardship, maintaining a strong environmental compliance record and safety statistics that are better than the industry average, and forming collaborative partnerships focused on workforce development and our communities.

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We continually invest in new technologies to lessen our environmental impact and to improve our efficiencies and productivity. Our executive leadership team, from our Board down, is fully committed to being a responsible corporate citizen to our employees, customers, communities, and other stakeholders. Highlights of our sustainability strategies are detailed below.

Environmental

We work to safely and efficiently produce some of the highest quality HCC steelmaking coal for our global customers while minimizing our environmental impact. This includes accounting for and working to reduce our GHG emissions, water usage and impact on biodiversity.

GHG Emissions

We remain committed to reducing our GHG emissions and have made steady progress toward our 2030 emissions reduction target of 50% from our 2021 baseline year. After completing our third inventory of Scope 1 and Scope 2 GHG emissions in reference to GHG Protocol Standards, we achieved notable progress in 2025. While Scope 1 emissions, encompassing direct emissions from Warrior-owned or controlled sources, increased slightly year-over-year in 2025 due to an increase of ventilation air methane encountered in certain geology at Mine No. 7, the Company realized a slight year-over-year decrease in Scope 2 emissions and remains on track to achieve the stated 50% emission reduction target by 2030. Collectively, Company-wide total Scope 1 and Scope 2 emissions in 2025 decreased by over 27% from our 2021 baseline year. Our emissions intensity, a measure of CO2e per unit of production, improved by 54% compared to our 2021 baseline year, showcasing our ability to maintain high production efficiency while reducing environmental impacts.

These reductions underscore our commitment to sustainability through strategic investments in modernizing equipment, optimizing fuel use and advancing methane capture technologies. Building on this momentum, we installed a new environmental and permitting management system software package, designed to enhance the tracking of specific ESG targets. The tool will enable more effective monitoring of emissions and water demand, optimizing efficiency across our sites as we continue to meet ambitious sustainability goals.

Central to our emission reduction efforts is methane management, as methane remains the predominant GHG emission in our operations. For the full year 2025, we achieved an estimated methane capture rate of 74% through advanced degasification systems and flaring initiatives. Our innovative degasification network enables the transformation of methane, a necessary byproduct of mining, into an energy source, mitigating its release into the atmosphere and turning it into an asset.

Water Management

We remain committed to reducing our water consumption and have made steady progress toward our 2030 reduction target of 25% from our 2021 baseline year. We recognize water as an essential natural resource and we are committed to responsible usage in support of our facilities. We continuously work to evaluate and test emerging technologies that can optimize our water usage. Freshwater is primarily used for processing coal or sent underground for use in mining operations, such as dust control. This optimizes the performance of our mining machinery and helps create and maintain a safe environment for our workforce. We are proud that we achieved a 34% water recycling rate in 2025, decreasing water withdrawn from freshwater and municipal sources..

Through our commitment to reducing the use of fresh water in our operations, we invested in innovative dry-coal slurry systems to optimize water use throughout the coal production process. The dry slurry systems reached full operating status at Mine No. 7 in early 2025 and at Blue Creek in late 2025. The systems uses advanced mechanical and pneumatic technologies to separate coal from impurities without the heavy reliance on water required by traditional slurry systems. By replacing water-intensive methods, the system significantly reduces water usage, minimizes the generation of coal slurry waste, and eliminates the need for large impoundments for waste storage. Not only does this conserve critical natural resources but also reduces the environmental impact associated with wastewater treatment and disposal.

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Waste Management

We have a strong environmental compliance record (99.6%) with the EPA's NPDES program, which addresses water pollution by regulating point sources that discharge pollutants into U.S. waters. According to the World Resources Institute, we do not have any mines operating within or near regions identified with high or extremely high baseline water stress. In 2023, we implemented the EMIS software, which enhances our monitoring and tracking for water quality and usage, waste management, and GHG emissions, among other items. Currently, we control seven certified tailings impoundment facilities that are subject to MSHA regulations and certification. Of these seven impoundments, five are classified as low hazard facilities and only two of the five are active. Our two high-hazard slurry tailings impoundments are subject to comprehensive risk assessments and third-party inspections to uphold stringent safety standards and regulatory compliance. In 2025, we completed comprehensive Emergency Action Plans for the two high-hazard facilities certified by third-party experts outlining detailed emergency contacts and actions to be taken in the event of an unexpected incident. We have also joined the Alabama Dam Safety Program, a voluntary initiative administered through local Emergency Management Agencies that tracks and documents dam performance and inspection data to support planning, public safety, and enhanced transparency around facility stewardship. Demonstrating our commitment to safe and sustainable operations, we continue to prioritize the diligent management and eventual decommissioning of these sites in alignment with our long-term sustainability objectives.

Biodiversity

Our commitment to environmental responsibility extends beyond our direct sites, into the rich biodiversity surrounding our operations. We recognize the unique and abundant ecosystems in Alabama, and the essential role these environments play in supporting wildlife and plant species. We work closely with regulatory bodies, including the Alabama Department of Environmental Management ("ADEM"), the Alabama Surface Mining Commission ("ASMC"), the Office of Surface Mining Reclamation and Enforcement ("OSMRE"), and the U.S. Fish and Wildlife Service ("USFWS"), to meet or exceed all environmental requirements. Our biodiversity commitment also extends to post-mining land reclamation, where we restore landscapes to foster productive ecosystems. Initiatives include planting native vegetation, stabilizing soil, and creating habitats that encourage the return of wildlife.

For five consecutive years we have earned awards demonstrating our commitment to the environment and these efforts reinforce our reputation as a leader in responsible mining and land stewardship, emphasizing our commitment to maintaining ecological balance and ensuring a sustainable future for all of our stakeholders. Prioritizing biodiversity protection is integral to our ESG strategy, demonstrating our dedication to the long-term health of the ecosystems that share our operational landscape.

Coal Mine Methane and Secure Geological Storage of Carbon Oxide

We continue to evaluate current and pending regulations on clean hydrogen production, carbon sequestration and methane capturing tax credits offered under Internal Revenue Code Sections 45Q and 45V as amended and introduced by the Inflation Reduction Act of 2022. We are in discussions with potential third-party partners to identify ways to optimize our existing network for capturing coal mine methane ("CMM") as feedstock for the potential production of hydrogen and to serve as secure geological storage for captured qualified carbon oxide which are products and services incentivized by the credits. Other potential incentives include, but are not limited to, voluntary markets, power generation, other related tax credit programs, and commercial opportunities within emerging technology and compliance programs. There may be a significant capital investment required in order to comply with the regulations and, there can be no assurance that our actions, or any others we may take, will be successful in taking advantage of the credits available. In addition, the Trump Administration may make changes to the regulations on production tax credits and incentives that are currently offered under Sections 45Q and 45V.

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Social

Safety

Safety is an essential part of our identity and operations, woven into every aspect of our business. In 2025, our commitment to safety remained steadfast across our mining operations. Regularly tracking safety performance is a critical part of our operations, with a clear focus on personal injury and reportable accident data. Throughout 2025, we allocated in excess of $4.0 million to safety and security related initiatives. These investments include advanced safety equipment, training and competency programs, enhanced monitoring and communication systems and comprehensive inspection and audit activities. In 2025, our total incidence rate was 1.96, which is 53% lower than the national total reportable incidence rate for all underground coal mines in the United States of 4.20 for the six months ended June 30, 2025, which represents the latest data available. Our improvements and constant progress reflect the effectiveness of our ongoing investments in safety protocols, training programs and advanced safety equipment. We allocate significant resources to these areas, demonstrating our commitment to maintaining and advancing the highest degree of safety standards. Our safety infrastructure is led by a team of over 30 dedicated safety professionals spread across our corporate and mining operations, including two dedicated Mine Rescue teams. These teams, the only mine operated rescue teams in the state apart from the state sponsored groups, exemplify our unwavering commitment to safety and emergency preparedness. In 2025, we also lead the creation of the Crimson Safety Council, Alabama's newest chapter of the Joseph A. Holmes Safety Association, which received recognition from the Alabama Mining Association. This milestone reflects our leadership in promoting safety culture not only within our own operations but across the broader mining community.

Training

We support employee development and policy compliance through a combination of instructor‑led training, technical certification programs, and self‑paced digital learning. In 2025, employees completed more than 57,000 hours of training, representing a 14% increase year over year. Training was delivered through over 400 instructor‑led classes and covered underground and surface refresher courses, new‑hire onboarding, maintenance, advanced first aid, and leadership development. These programs are designed to promote safe operations, regulatory compliance, and the development of skills aligned with our operational and growth objectives.

Our learning and development framework integrates organizational development, technical training, and leadership development supported by a centralized learning management system. In 2025, employees completed over 400 digital courses and participated in 126 hours of live virtual instruction delivered by subject‑matter experts. Leadership development incorporated strengths‑based assessments, engagement surveys, coaching, and in‑person instruction, resulting in over 950 hours of structured leadership development, including individualized coaching for employees and interns. We also continued to invest in training infrastructure, including an e‑learning lab and immersive simulation technology, to enhance workforce readiness and support long‑term capability building across the organization..

Human Capital

As of December 31, 2025, we had more than 1,485 employees, of whom 945 were hourly employees and 540 were salaried employees. Our human capital strategy focuses on safety, workforce development, engagement, and long‑term retention. The Board of Directors, through its Human Resources and Compensation Committee, provides oversight of employee‑related policies and practices, including compensation and benefits, talent development, engagement, and workforce well‑being. We seek to foster a workplace culture grounded in professionalism, respect, fairness, and accountability, and we view our employees as central to the execution of our operational and long‑term growth strategies.

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Compensation and Benefits: To recruit and retain the best and brightest talent, we have established a top-tier benefits package, which includes competitive salaries and performance-based incentives. We also offer full-time employees the opportunity to participate in retirement benefits through a company-sponsored 401(k) account which includes a generous company match. Our total compensation and benefits package is designed to stay competitive and to assist in achieving our goals of attracting, rewarding, and retaining employees by always focusing on employees and their families first. We also offer our employees paid time off and an Employee Assistance Program which is a comprehensive network of accredited counselors and other specialized professionals who provide support on several issues, including mental health, relationships, wellbeing, stress and personal finances. Our Volunteer PTO Program, introduced in 2023, continues to encourage community engagement and fosters a culture of giving back.

Talent Attraction: We acknowledge the importance of developing and growing a strong and diverse workforce. Our policies and practices support diversity and equality. To help achieve this, we engage a broad range of communication channels, tools, and processes to attract highly capable external candidates to generate an experienced and diverse candidate pool. We also work with universities to attract top candidates in key fields, while seeking to develop our in-house talent and providing opportunities for employees to increase their level of responsibility within the organization. We have also elevated our efforts on minority and veteran recruiting by visiting and recruiting from Historically Black Colleges and Universities, growing existing partnerships and seeking new partnerships with groups to provide diverse internships, and attending and recruiting at military job fairs. We also prioritize veteran recruitment, recognizing the unique skills and leadership qualities veterans bring to our workforce.

Employee Development and Retention: We also recognize that employee engagement, development and talent retention are important factors in maintaining a highly skilled workforce and minimizing time and costs associated with turnover. In addition to the highly competitive compensation and benefits package discussed above, our retention program focuses on valuing employees, their families, and helping each employee have an appropriate work-life balance. To monitor this balance and other aspects of engagement, we seek candid feedback from employees via an annual employee engagement survey. The results are aggregated and then used by management to continually improve our culture and retain our employees. We also offer tuition reimbursement opportunities for those who wish to further their education.

Opportunity and Inclusion: We work to foster an environment in which each person can thrive. This includes treating everyone with respect, valuing diversity, and fostering safe and inclusive environments. Warrior's Code of Business Conduct and Ethics and Human Rights Policy promote and support diversity by offering a workplace in which people are protected from harassment and discrimination based on gender, race, age, sexual orientation, and other factors. Employees have the right and are empowered to report issues via several reporting channels, including our third party-managed confidential employee hotline should they wish to remain anonymous. As of December 31, 2025, approximately one-third of our Board was female, an our workforce reflected a mix of backgrounds. Our workforce's diverse composition spans age and experience as well. As of December 31, 2025, approximately 12% of our employees were between the ages of 18 and 25 and another 25% were between 25 and 35, meaning 38% of our workforce is under the age of 35. This provides a strong base of early-career employees, forming a critical pipeline of future leaders. At the same time, 27% of our employees are between 35 and 45 and 23% are between 45 and 55, with half of our workforce, 49%, in this mid-career range. These experienced employees provide technical expertise, institutional knowledge, and mentorship needed to develop the next generation of talent.

Human Rights: Respect for human rights is a core value. Our Human Rights Policy is informed by internationally recognized standards and applies across our operations. The Board of Directors provides oversight of our human rights commitments, and we strive to conduct our business in a manner that respects the dignity, equality, and rights of our employees and other stakeholders.

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Community Engagement

We recognize the importance of maintaining strong relationships with the communities in which we operate. We engage with local stakeholders, including employees and their families, schools, community organizations, and local officials, through ongoing dialogue and collaboration. In 2025, we contributed over $1.5 million to charitable and community organizations and supported community initiatives through more than 1,700 hours of employee volunteer service. Our Volunteer Paid Time Off program enables employees to participate in hands‑on community service and reinforces our commitment to being a responsible corporate citizen.

Governance

Our Board of Directors oversees the Company’s governance framework, including policies, strategies, and initiatives related to environmental, social, and governance (“ESG”) matters. The Board is supported by four standing committees—the Audit Committee, Human Resources and Compensation Committee, Nominating and Corporate Governance Committee, and the Sustainability, Environmental, Health and Safety Committee—each of which plays a defined role in providing oversight of corporate governance, risk management, ethics, and compliance. The Nominating and Corporate Governance Committee is responsible for developing and maintaining the Company’s Corporate Governance Guidelines, recommending qualified candidates for Board service, and overseeing the evaluation of the Board and senior management. The Board and its committees operate pursuant to written charters that are reviewed periodically and are available on the Company’s website.

The Sustainability, Environmental, Health and Safety Committee (“SEHS Committee”) assists the Board in overseeing the Company’s sustainability strategy and performance, including environmental stewardship, workforce health and safety, and related risk management. The SEHS Committee reviews the effectiveness of the Company’s sustainability, environmental, health, and safety policies, programs, and initiatives and monitors compliance with applicable laws and regulations. Management provides regular quarterly reports to the SEHS Committee addressing safety performance, environmental metrics, regulatory compliance, and progress against sustainability priorities. Through this structure, the Board maintains active oversight of ESG‑related risks and opportunities and integrates sustainability considerations into broader strategic and operational decision‑making.

The Board also oversees the Company’s enterprise risk management (“ERM”) framework, with the Audit Committee playing a central role in reviewing risk assessment processes and significant risk exposures, including regulatory, operational, cybersecurity, and compliance risks. ESG‑related risks are incorporated into the Company’s risk identification and assessment processes. In addition, the Board oversees the Company’s ethics and compliance program, which is grounded in the Code of Business Conduct and Ethics and supported by regular training, internal controls, and a confidential third‑party reporting mechanism. Governance oversight of sustainability, ethics, and risk management is intended to promote accountability, transparency, and long‑term value creation for stockholders and other stakeholders.

Environmental and Regulatory Matters

Our businesses are subject to numerous federal, state and local laws and regulations with respect to matters such as permitting and licensing, employee health and safety, reclamation and restoration of property and protection of the environment. In the U.S., environmental laws and regulations include, but are not limited to, the Clean Air Act and its state and local counterparts with respect to air emissions; the Clean Water Act and its state counterparts with respect to water discharges and dredge and fill operations; the Resource Conservation and Recovery Act and its state counterparts with respect to solid and hazardous waste generation, treatment, storage and disposal, as well as the regulation of underground storage tanks; the Comprehensive Environmental Response, Compensation and Liability Act and its state counterparts with respect to releases, threatened releases and remediation of hazardous substances; the Endangered Species Act with respect to protection of threatened and endangered species; the National Environmental Policy Act with respect to the impacts of federal actions such as the issuance of permits and licenses; and the Surface Mining Control and Reclamation Act of 1977 and its state counterparts with respect to environmental protection and reclamation standards for mining activities. Compliance with these laws and

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regulations may be costly and time-consuming and may delay commencement, continuation or expansion of exploration or production at our operations. These laws are constantly evolving and may become more stringent. The ultimate impact of complying with existing laws and regulations is not always clearly known or determinable due in part to the fact that certain implementing regulations for these environmental laws have not yet been promulgated and in certain instances are undergoing revision or judicial review. These laws and regulations, particularly new legislative or administrative proposals (or judicial interpretations of existing laws and regulations) related to the protection of the environment, could result in substantially increased capital, operating and compliance costs and could have a material adverse effect on our operations and/or, along with analogous foreign laws and regulations, our customers’ ability to use our products.

Due in part to the extensive and comprehensive regulatory requirements, along with changing interpretations of these requirements, violations occur from time to time in our industry and at our operations. Expenditures relating to environmental compliance are a major cost consideration for our operations and environmental compliance is a significant factor in mine design, both to meet regulatory requirements and to minimize long-term environmental liabilities. To the extent that these expenditures, as with all costs, are not ultimately reflected in the prices of our products and services, operating results will be reduced. We believe that our major North American competitors are confronted by substantially similar conditions and thus do not believe that our relative position with regard to such competitors is materially affected by the impact of environmental laws and regulations. However, the costs and operating restrictions necessary for compliance with environmental laws and regulations may have an adverse effect on our competitive position with regard to foreign producers and operators who may not be required to undertake equivalent costs in their operations. In addition, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, applicable legislation and its production methods.

Permitting and Approvals

Numerous governmental permits and approvals are required for mining and natural gas operations. We are required to prepare and present to federal, state and local authorities data pertaining to the effect or impact that any proposed exploration project for production of coal or gas may have on the environment, the public and our employees. In addition, we must also submit a comprehensive plan for mining and reclamation upon the completion of mining operations. The requirements are costly and time-consuming and may delay commencement or continuation of exploration, production or expansion at our operations. Typically, we submit necessary mining permit applications several months, or even years, before we anticipate mining a new area.

Applications for permits and permit renewals at our mining and gas operations are subject to public comment and may be subject to litigation from third parties seeking to deny issuance of a permit or to overturn the applicable agency’s grant of the permit application, which may also delay commencement, continuation or expansion of our mining and gas operations. Further, regulations provide that applications for certain permits or permit modifications in the U.S. can be delayed, refused or revoked if an officer, director or a stockholder with a 10% or greater interest in the entity is affiliated with or is in a position to control another entity that has outstanding permit violations or has had a permit revoked. Significant delays in obtaining, or denial of, permits could have a material adverse effect on our business.

Mine Safety and Health

The MSHA, under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) and the Mine Improvement and New Emergency Response Act of 2006 (the “MINER Act”), as well as regulations adopted under these federal laws impose rigorous safety and health standards on mining operations. Such standards are comprehensive and affect numerous aspects of mining operations, including, but not limited to: training of mine personnel, mining procedures, ventilation, blasting, use of mining equipment, dust and noise control, communications and emergency response procedures. For instance, MSHA implemented a rule in August 2014 to reduce miners’ exposure to respirable coal dust, which reduced respirable dust standards for certain occupants and miners and required certain monitoring of shift dust levels. In August 2016, Phase III of MSHA’s respirable dust rule went into effect, further lowering the respirable dust standards. Separately, MSHA has implemented a rule

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imposing a requirement on certain continuous mining machines, requiring operators to provide proximity detection systems. In 2024, MSHA issued a final rule to lower miners' exposure to respirable crystalline silica and improve respiratory protection for all airborne hazards. MSHA monitors compliance with these laws and standards by regularly inspecting mining operations and taking enforcement actions where MSHA believes there to be non-compliance. These federal mine safety and health laws and regulations have a significant effect on our operating costs.

Workers’ Compensation and Black Lung

We are insured for workers’ compensation benefits for work related injuries that occur within our operations. Workers’ compensation liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments using historical data of the operating subsidiary or combined insurance industry data when historical data is limited.

In addition, certain of our subsidiaries are responsible for medical and disability benefits for black lung disease under the Federal Coal Mine Health and Safety Act of 1969, the Mine Act and the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform Act of 1977, each as amended (together, the “Black Lung Benefits Act”), and are insured under a guaranteed cost insurance policy beginning on April 1, 2016 through May 31, 2018 for black lung and workers compensation related claims of any of our employees. From June 1, 2018 to May 31, 2020 and June 1, 2020 to May 31, 2024, we had a deductible policy where we were responsible for the first $0.5 million and $1.0 million, respectively, for each black lung and workers compensation related claim from any of our employees. Beginning on June 1, 2024, we have a deductible policy where we are responsible for the first $2.0 million for each black lung and workers compensation related claim from any of our employees.

We also assumed all of the black lung liabilities of Walter Energy and its U.S. subsidiaries. We are self-insured for these black lung liabilities and have posted $18.6 million in surety bonds and $9.9 million of collateral recognized as short term investments in addition to maintaining a black lung trust of $0.9 million that was acquired from Walter Energy. We received a letter from the Division of Coal Mine Workers' Compensation ("DCWMC") on February 21, 2020, under its new process for self-insurance renewals, which would require us to increase the amount of collateral posted to $39.8 million, but we appealed such increase. We received another letter from the DCWMC on December 8, 2021 requesting additional information to support our appeal of the collateral requested by the Department of Labor ("DOL"). On February 9, 2022, the DCWMC held a conference with representatives from the Company related to our appeal. On July 12, 2022, we received a decision on our appeal from the DCWMC lowering the amount of collateral required to be posted from $39.8 million to $28.0 million. We appealed this decision.

On January 19, 2023, the DOL proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers, which was then subsequently revised as part of the final rules published on December 12, 2024, which became effective on January 13, 2025 (the "2025 Final Regulations"). The 2025 Final Regulations required, among other requirements, all self-insured operators to post security of at least 100 percent of their projected black lung liabilities. On January 14, 2025, we received a letter from the DCMWC outlining the new procedures and application process for authorizing operators to self-insure under the new regulation. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received another letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCWMC further stated that additional guidance would be provided in due course after consultation with the new DOL leadership. The changes in the final rules required by the DOL may have a greater impact on our profitability and cash flows in the future. Under the Black Lung Benefits Act, each coal mine operator must make payments to a trust fund for the payment of benefits and medical expenses to claimants who last worked in the coal industry prior to January 1, 1970. The trust fund is funded by an excise tax on production; however, this excise tax does not apply to coal shipped outside the United States. Based on our limited sales of coal in the United States, we do not expect to incur a material expense related to this excise tax. However, the excise tax may result in a material expense to us in the future if our coal sales in the United States significantly increase. The Patient Protection and Affordable Care Act includes significant changes to the federal black lung

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program, including an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim and the establishment of a rebuttable presumption with regard to pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition. These changes could have a material impact on our costs expended in association with the federal black lung program. In addition to possibly incurring liability under federal statutes we may also be liable under state laws for black lung claims. For additional information, please see “Part I, Item 1A. Risk Factors—Risks Related to Regulatory Compliance—We are responsible for medical and disability benefits for black lung disease under federal law."

Surface Mining Control and Reclamation Act

The Surface Mining Control and Reclamation Act of 1977 (“SMCRA”) requires that comprehensive environmental protection and reclamation standards be met during the course of and following completion of mining activities. Permits for all mining operations must be obtained from the Federal Office of Surface Mining Reclamation and Enforcement (“OSM”) or, where state regulatory agencies have adopted federally approved state programs under the SMCRA, the appropriate state regulatory authority. The Alabama Surface Mining Commission reviews and approves SMCRA permits in Alabama.

SMCRA permit provisions include requirements for coal prospecting, mine plan development, topsoil removal, storage and replacement, selective handling of overburden materials, mine pit backfilling and grading, subsidence control for underground mines, surface drainage control, mine drainage and mine discharge control, treatment and revegetation. These requirements seek to limit the adverse impacts of coal mining and more restrictive requirements may be adopted from time to time.

Before a SMCRA permit is issued, a mine operator must submit a bond or otherwise secure the performance of reclamation obligations. The Abandoned Mine Land Fund, which is part of SMCRA, imposes a general funding fee on all coal produced. The proceeds are used to reclaim mine lands closed or abandoned prior to 1977. On November 15, 2021, the Abandoned Mine Land Program was extended through September 2034.

We maintain extensive coal refuse areas and slurry impoundments at our mining complexes. Such areas and impoundments are subject to comprehensive regulation. Structural failure of an impoundment can result in damage to the environment and natural resources, such as bodies of water that the coal slurry reaches, as well as create liability for related personal injuries, property damages and injuries to wildlife. Some of our impoundments overlie mined out areas, which can pose a heightened risk of failure and the assessment of damages arising out of such failure. If one of our impoundments were to fail, we could be subject to substantial claims for the resulting environmental contamination and associated liability, as well as for related fines and penalties.

On December 12, 2008, the OSM finalized rulemaking regarding the interpretation of the stream buffer zone provisions of SMCRA, which confirmed that excess spoil from mining and refuse from coal preparation could be placed in permitted areas of a mine site that constitute waters of the United States. The rule was subsequently vacated based, in part, upon the fact that the U.S. Fish & Wildlife Service was not consulted with respect to possible effects on endangered species under terms of the Endangered Species Act. On December 20, 2016, the OSM published a new, finalized “Stream Protection Rule,” setting standards for “material damage to the hydrologic balance outside the permit area” that are applicable to surface and underground mining operations. However, on February 16, 2017, President Trump signed a joint congressional resolution disapproving the Stream Protection Rule pursuant to the Congressional Review Act. Accordingly, the regulations in effect prior to the Stream Protection Rule apply, including OSM’s 1983 rule, which requires coal companies to keep operations 100 feet from streams or otherwise minimize any damage. Because the rule was repealed pursuant to applicable Congressional Review Act procedures, the Agency is barred from issuing any future rule that is "substantially similar," absent new legislation. Still, it remains unclear whether and how additional federal actions could further impact regulatory or enforcement activities pursuant to the SMCRA.

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Drainage flowing from or caused by mining activities can be acidic with elevated levels of dissolved metals, a condition referred to as “acid mine drainage” (“AMD”). Treatment of AMD can be costly. Although we do not currently face material costs associated with AMD, there can be no assurance that we will not incur significant costs in the future.

Surety Bonds/Financial Assurance

We use surety bonds and letters of credit to provide financial assurance for certain transactions and business activities. Federal and state laws require us to obtain surety bonds or other acceptable security to secure payment of certain long-term obligations including mine closure or reclamation costs and other miscellaneous obligations. The amount of security required to be obtained can change as the result of changes to federal or state laws, as well as changes to the factors used to calculate the bonding or security amounts.

Surety bond rates have increased in recent years and the market terms of such bonds have generally become less favorable. In addition, the number of companies willing to issue surety bonds has decreased. Bonding companies may also require posting of collateral, typically in the form of letters of credit to secure the surety bonds. Moreover, the changes in the market for coal used to generate electricity in recent years have led to bankruptcies involving prominent coal producers. Several of these companies relied on self-bonding to guarantee their responsibilities. In response to these bankruptcies, the OSM issued a Policy Advisory in August 2016 to state agencies that are authorized under the SMCRA to implement the act in their states, notifying those state agencies that the OSM would more closely review self-bonding arrangements. Certain states had previously announced or have since announced that they would either limit or no longer accept self-bonding to secure reclamation obligations under the state mining laws. Although the Policy Advisory was rescinded in October 2017, some states may be reluctant to approve self-bonding arrangements. This may lead to increased demand for other forms of financial assurance, which may strain capacity for those instruments and increase our costs of obtaining and maintaining the amounts of financial assurance needed for our operations. These actions, individually and collectively, may increase the amount of financial assurance needed and limit the types of acceptable instruments, straining the capacity of the surety markets to meet demand. This may increase the time required to obtain, and increase the cost of obtaining, the required financial assurances. Although Alabama’s regulatory framework technically allows for self-bonding, as a practical matter, due to the onerous regulatory requirements for self-bonding, mining companies in Alabama utilize surety bonds, collateral bonds, or letters of credit to meet their financial assurance requirements. As of December 31, 2025, we had outstanding surety bonds with parties for post-mining reclamation at all of our mining operations totaling $47.5 million, $18.6 million as collateral for self-insured black lung related claims, $16.0 million for federal coal leases and $6.4 million for miscellaneous purposes.

Climate Change

Global climate change continues to attract considerable public and scientific attention, with widespread concern about the impacts of human activity, especially the emission of GHGs, such as carbon dioxide and methane. Some of our operations directly emit GHGs. Further, the products that we produce result in the release of carbon dioxide into the atmosphere by end-users. Laws and regulations governing emissions of GHGs have been adopted by foreign governments (including the European Union and member countries), U.S. Congress and regulatory agencies, individual states in the U.S. and regional governmental authorities. Recently, however, U.S. federal policy regarding the regulation of GHGs has shifted. The EPA has historically regulated GHG emissions pursuant to the Agency's December 2009 findings that GHG emissions present an endangerment to public health and welfare because, according to the EPA, emissions of such gases contribute to warming of the earth's atmosphere and other climatic changes. However, as first announced by President Trump in a February 2025 executive order and later confirmed by the EPA in August 2025, the Agency is reconsidering its 2009 endangerment findings, which focused on six GHGs, including carbon dioxide and nitrous oxide (which are emitted from coal combustion) and methane (which is emitted from coal beds). On August 1, 2025, the EPA published a proposed rule to rescind the 2009 endangerment findings and repeal the associated regulations to restrict emissions of GHGs under existing provisions of the Clean Air Act, including rules that regulate emissions of GHGs from motor vehicles and certain large stationary sources of emissions such as power plants or industrial facilities. The EPA's proposed rule cites a scientific report prepared by the Department of Energy, which was recently challenged by an environmental group in federal court. The outcome of that litigation may impact the EPA's cited

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scientific basis for the proposal or delay the rulemaking. Once finalized, however, the rule could significantly impact GHG regulation in the U.S. Also, the Inflation Reduction Act of 2022 ("IRA") which contains billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles, investments in advanced biofuels and supporting infrastructure, amongst other provisions has been subject to aggressive changes under the Trump Administration, with many IRA programs now halted. The IRA incentives could accelerate the transition of the economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives, which could decrease demand for, and in turn the prices of, fossil fuel energy products. However, on January 20, 2025, President Trump signed multiple executive orders seeking to reverse many of these climate rules and incentives, including pausing the disbursement of funds under the IRA and eliminating the "electric vehicle mandate." Despite this shift, almost one-half of U.S. states have taken legal measures to reduce emissions of GHGs primarily through the planned development of GHG emission inventories and/or regional GHG cap and trade programs. Further, numerous proposals have been made and are likely to continue to be made at the international, regional and state levels of government that are intended to limit emissions of GHGs by enforceable requirements and voluntary measures.

In June 2010, Earthjustice petitioned the EPA to make a finding that emissions from coal mines may reasonably be anticipated to endanger public health and welfare, and to list them as a stationary source subject to further regulation of emissions. On April 30, 2013, the EPA denied the petition. Judicial challenges seeking to force the EPA to list coal mines as stationary sources have likewise been unsuccessful to date. If the EPA were to make an endangerment finding in the future, we may have to further reduce our methane emissions, install additional air pollution controls, pay certain taxes or fees for our emissions, incur costs to purchase credits that permit us to continue operations as they now exist at our underground coal mines or perhaps curtail coal production.

In addition, on May 9, 2024, the EPA published final rules that implement new emission limits and guidelines for carbon dioxide from fossil-fuel-fired electric generating units. The new limits and guidelines require ambitious reductions in carbon dioxide emissions and would significantly reduce GHG emissions from existing coal-fired electric generating units. As such, the rules could have a material adverse impact on coal-fired power plants and the demand for thermal coal nationally. On June 11, 2025, the EPA issued a proposed rule that would repeal GHG emissions standards for fossil-fuel-fired power plants. While the power plant rules do not affect our marketing of our steelmaking coal, any continued regulatory focus could lead to future GHG regulations for the mining industry and its steelmaking customers, which ultimately could make it more difficult or costly for us to conduct our operations or adversely affect demand for our products.

Demand for steelmaking coal and natural gas also may be impacted by international efforts to reduce GHG emissions. In December 2015, the United States joined the international community at the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France. The text of the Paris Agreement calls for nations to undertake “ambitious efforts” to hold the increase in the global average temperature to well below 2º C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5º C above pre-industrial levels; reach global peaking of GHG emissions as soon as possible; and take action to conserve and enhance sinks and reservoirs of GHGs, among other requirements. The Paris Agreement went into effect on November 4, 2016. The Paris Agreement establishes a framework for the parties to cooperate and report actions to reduce GHG emissions. Although the United States withdrew from the Paris Agreement, effective November 4, 2020, President Biden issued an executive order on January 20, 2021 to rejoin the Paris Agreement, which took effect on February 19, 2021. On April 21, 2021, the United States announced that it was setting an economy-wide target of reducing its GHG emissions by 50-52 percent below 2005 levels in 2030. In November 2021, in connection with the 26th session of the Conference of Parties (as defined below) in Glasgow, Scotland, the United States and other world leaders made further commitments to reduce GHGs, including reducing global methane emissions by at least 30% by 2030 and ending the international public finance of new unabated coal power generation abroad by the end of 2021. The resulting Glasgow Climate Pact calls upon the parties to "accelerate efforts towards the phase-down of unabated coal power and phase-out inefficient fossil fuel subsidies." The Biden Administration announced a new climate target for the United States on December 19, 2024, which includes a 61-66 percent reduction in economy-wide net GHG emissions by 2035, as compared to 2005 levels. Though the United States Ambassador to the United Nations submitted formal notice to withdraw from the Paris Agreement (effective January 27, 2026), it is possible that the Paris Agreement and subsequent domestic and international

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regulations will have adverse effects on the market for steelmaking coal, natural gas, and other fossil fuel products. Many state and local leaders have stated their intent to intensify efforts to support the international commitments.

Methane must be expelled from our underground coal mines for mining safety reasons. Our gas operations extract methane from our underground steelmaking coal mines prior to mining. With the exception of some methane that is vented into the atmosphere when the steelmaking coal is mined, much of the methane is captured and sold into the natural gas market and used as fuel. If regulation of GHG emissions does not exempt the release of methane, we may have to curtail steelmaking coal production, pay certain taxes or fees for our emissions or incur costs to purchase credits that allow us to continue operations as they now exist at our underground steelmaking coal mines.

The existing laws and regulations or other current and future efforts to stabilize or reduce GHG emissions could adversely impact the demand for, price of and value of our products and reserves. As our operations also emit GHGs directly, current or future laws or regulations limiting GHG emissions could increase our own costs. Although the potential impacts on us of additional climate change regulation are difficult to reliably quantify, they could be material.

Finally, climate change may cause more extreme weather conditions such as more intense hurricanes, thunderstorms, tornadoes and snow or ice storms, as well as rising sea levels and increased volatility in seasonal temperatures. Extreme weather conditions can interfere with our services and increase our costs, and damage resulting from extreme weather may not be fully insured. However, at this time, we are unable to determine the extent to which climate change may lead to increased storm or weather hazards affecting our operations.

Clean Air Act

The Clean Air Act and comparable state laws that regulate air emissions affect coal mining operations both directly and indirectly. Direct impacts on coal mining may occur through permitting requirements and/or emission control requirements relating to particulate matter, such as fugitive dust, or fine particulate matter measuring 2.5 micrometers in diameter or smaller. The Clean Air Act indirectly affects our mining operations by extensively regulating the air emissions of sulfur dioxide, nitrogen oxides, mercury, ozone and other compounds emitted by steel manufacturers, coke ovens and coal-fired utilities. These laws are constantly evolving and may become more stringent. For example, on April 3, 2024, the EPA published a final rule imposing more stringent emission standards for hazardous air pollutants for integrated iron and steel manufacturing facilities. While the EPA issued a decision on August 14, 2024, to voluntarily reconsider certain aspects of the rule, the EPA maintains that the final rule remains valid. The EPA intends to issue a correction notice to address certain errors and needed clarifications in the final rule and, in the interim, certain compliance deadlines have been extended to April 2027 to allow for EPA's reconsideration. As described above, existing and proposed regulations also subject GHG emissions to regulation under the Clean Air Act.

Clean Water Act

The federal Clean Water Act ("CWA") and corresponding state and local laws and regulations affect our operations by restricting the discharge of pollutants, including dredged and fill materials, into waters of the United States. CWA requirements that may directly or indirectly affect our operations include the following:

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Water Discharge. The CWA and corresponding state laws affect our operations by imposing restrictions on discharges of wastewater into creeks and streams. These restrictions, more often than not, require us to pre-treat the wastewater prior to discharging it. Permits requiring regular monitoring and compliance with effluent limitations and reporting requirements govern the discharge of pollutants into regulated waters. Our mining operations maintain water discharge permits as required under the NPDES program of the CWA. We believe that we have obtained all permits required under the CWA and corresponding state laws and are in substantial compliance with such permits. However, new requirements under the CWA and corresponding state laws may cause us to incur significant additional costs that

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could adversely affect our operating results. We are in material compliance with our current permits; however, there can be no guarantee that we will be able to meet new or future standards with respect to our permit applications.

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Dredge and Fill Permits. Many mining activities, such as the development of refuse impoundments, freshwater impoundments, refuse fills, and other similar structures, may result in impacts to waters of the United States, including wetlands, streams and, in certain instances, man-made conveyances that have a hydrologic connection to such streams or wetlands. Under the CWA, coal companies are required to obtain a Section 404 permit from the U.S. Army Corps of Engineers (“USACE”) prior to conducting such mining activities. The USACE is authorized to issue general “nationwide” permits for specific categories of activities that are similar in nature and that are determined to have minimal adverse effects on the environment. Permits issued pursuant to Nationwide Permit 21 generally authorize the disposal of dredged and fill material from surface coal mining activities into waters of the United States, subject to certain restrictions. The USACE may also issue individual permits for mining activities that do not qualify for Nationwide Permit 21.

Recent regulatory actions and court decisions created some uncertainty over the scope of CWA jurisdiction. On June 29, 2015, the EPA and the USACE jointly promulgated final rules expanding the scope of waters protected under the CWA, revising regulations that had been in place for more than 25 years. However, on October 22, 2019, the agencies published a final rule to repeal the 2015 rules and then, on April 21, 2020, the EPA and the USACE published a final rule replacing the 2015 rule, and significantly reducing the waters subject to federal regulation under the Clean Water Act. On August 30, 2021, a federal court struck down the replacement rule and, on January 18, 2023, the EPA and the USACE published a final rule that would restore water protections that were in place prior to 2015. However, on May 25, 2023, the Supreme Court issued an opinion substantially narrowing the scope of "waters of the United States" protected under the CWA. On September 8, 2023, the EPA and the USACE published a final rule conforming their regulations to the decision. Most recently, the EPA published a proposed rule on November 20, 2025, to further clarify the scope of "waters of the United States." If finalized as proposed, CWA jurisdiction would be limited to relatively permanent, standing or continuously flowing bodies of water, as well as wetlands that are connected and indistinguishable from such waterbodies.

Resource Conservation and Recovery Act

The Resource Conservation and Recovery Act (“RCRA”) and corresponding state laws establish standards for the management of solid and hazardous wastes generated at our various facilities. Besides affecting current waste disposal practices, RCRA also addresses the environmental effects of certain past hazardous waste treatment, storage and disposal practices. In addition, RCRA also requires certain of our facilities to evaluate and respond to any past release, or threatened release, of hazardous waste that may pose a risk to human health or the environment.

RCRA may affect coal mining operations by establishing requirements for the proper management, handling, transportation and disposal of solid and hazardous wastes. Currently, certain coal mine wastes, such as earth and rock covering a mineral deposit (commonly referred to as overburden) and coal cleaning wastes, are exempted from hazardous waste management under RCRA. Any change or reclassification of this exemption could significantly increase our coal mining costs.

Comprehensive Environmental Response, Compensation and Liability Act

The Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state laws affect our steelmaking coal mining operations by, among other things, imposing investigation and cleanup requirements for threatened or actual releases of hazardous substances. Under CERCLA, joint and several liability may be imposed on operators, generators, site owners, lessees and others regardless of fault or the legality of the original activity that caused or resulted in the release of the hazardous substances. Although the EPA excludes most wastes generated by coal mining and processing operations from the hazardous waste laws, the universe of materials and substances governed by CERCLA is broader than “hazardous waste” and as such even non-hazardous wastes can, in certain circumstances, contain hazardous substances, which if released into the environment are governed by CERCLA. Alabama’s version of CERCLA mirrors the federal version with

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the important difference that there is no joint and several liability. Liability is consistent with one’s contribution to the contamination. In addition, the disposal, release or spilling of some products used by coal companies in operation, such as chemicals, could trigger the liability provisions of CERCLA or similar state laws. Thus, we may be subject to liability under CERCLA and similar state laws for properties that (1) we currently own, lease or operate, (2) we, our predecessors, or former subsidiaries have previously owned, leased or operated, (3) sites to which we, our predecessors or former subsidiaries, sent waste materials, and (4) sites at which hazardous substances from our facilities’ operations have otherwise come to be located.

Endangered Species Act and Similar Laws

The federal Endangered Species Act and other related federal and state statutes, such as the federal Bald and Golden Eagle Protection Act, protect species threatened or endangered with possible extinction. Protection of threatened, endangered and other special status species may have the effect of prohibiting or delaying us from obtaining mining permits and may include restrictions on our activities in areas containing the affected species. Also, the designation of previously unidentified threatened, endangered or special status species in areas where we operate could cause us to incur additional costs or become subject to operating delays, restrictions or bans.

Seasonality

Our primary business is not materially impacted by seasonal fluctuations. Demand for steelmaking coal is generally more heavily influenced by other factors such as the global economy, demand for steel, interest rates and commodity prices.

Available Information

We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC. Our filings with the SEC are also available to the public from commercial document retrieval services and at the SEC’s website at http://www.sec.gov.

Our common stock is listed and traded on the New York Stock Exchange under the symbol “HCC.” Our reports, proxy statements and other information filed with the SEC can also be inspected and copied at the New York Stock Exchange, 20 Broad Street, New York, New York 10005.

We also make available on our website (http://www.warriormetcoal.com) all of the documents (including any amendments thereto) that we file or furnish with the SEC, free of charge, as soon as reasonably practicable after we electronically file such material with the SEC. Our Code of Business Conduct and Ethics, Corporate Governance Guidelines and the charters of our audit committee, human resources and compensation committee, nominating and corporate governance committee and sustainability, environmental, health & safety committee are also available on our website and in print free of charge to any stockholder who requests them. Requests should be sent by mail to our corporate secretary at our executive office at 16243 Highway 216, Brookwood, Alabama 35444. Information contained on our website is not incorporated by reference into this Annual Report. We intend to disclose on our website any amendments or waivers to our Code of Business Conduct and Ethics that are required to be disclosed pursuant to Item 5.05 of Form 8-K.