Alpha Metallurgical Resources, Inc. (AMR): Business Model Canvas

In der dynamischen Welt des Kohlebergbaus und der Energieressourcen steht Alpha Metallurgical Resources, Inc. (AMR) als strategisches Kraftpaket, das komplexe geologische Herausforderungen in hochwertige metallurgische und thermische Kohlelösungen umwandelt. Durch den Einsatz fortschrittlicher Bergbautechnologien, strategischer Partnerschaften und eines Engagements für Nachhaltigkeit navigiert AMR durch die komplexe Landschaft der globalen Energiemärkte und liefert erstklassige Kohleprodukte an Stahlhersteller, Energieversorger und Industriesektoren weltweit. Ihr innovatives Geschäftsmodell stellt einen anspruchsvollen Ansatz zur Ressourcengewinnung, Wertschöpfung und Umweltverantwortung dar, der sie in einer sich schnell entwickelnden Branche von anderen abhebt.

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kohlelieferverträge mit Stromversorgern

Alpha Metallurgical Resources unterhält wichtige Partnerschaften mit Elektrizitätsversorgungsunternehmen für die Kohleversorgung. Zu den wichtigsten Versorgungspartnern des Unternehmens gehören ab 2023:

Utility-Partner	Jährliche Kohleversorgung (Tonnen)	Vertragsdauer
PJM-Verbindungsdienstprogramme	4,2 Millionen Tonnen	2024-2026
Tennessee Valley Authority	2,8 Millionen Tonnen	2024-2025

Technologieanbieter für den Strebbergbau

AMR arbeitet mit fortschrittlichen Bergbautechnologiepartnern zusammen:

• Joy Global (Komatsu Mining Corp) – Strebausrüstung
• Caterpillar-Bergbausysteme
• Sandvik Bergbau- und Felstechnologie

Transport- und Logistikpartner

Transportpartner	Jährliches Transportvolumen	Servicetyp
Norfolk Southern Railway	6,5 Millionen Tonnen	Kohletransport auf der Schiene
CSX-Transport	4,3 Millionen Tonnen	Kohletransport auf der Schiene
Maverick Transportation LLC	1,2 Millionen Tonnen	LKW-Logistik

Partner für Umweltschutz-Compliance und Rückgewinnungsdienste

Wichtige Umweltpartnerschaftsinvestitionen für 2024:

• Tetra Tech Environmental Services – Vertrag über 3,7 Millionen US-Dollar
• Environmental Resources Management (ERM) – Compliance-Dienstleistungen im Wert von 2,5 Millionen US-Dollar
• Stantec Consulting Services – Sanierungsprojekte im Wert von 1,8 Millionen US-Dollar

Gerätehersteller und Wartungslieferanten

Gerätehersteller	Jährliche Ausrüstungsinvestition	Wert des Wartungsvertrags
Komatsu Amerika	22,6 Millionen US-Dollar	4,3 Millionen US-Dollar
Hitachi-Baumaschinen	18,9 Millionen US-Dollar	3,7 Millionen US-Dollar

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Hauptaktivitäten

Metallurgische und thermische Kohlebergbaubetriebe

Ab 2024 betreibt Alpha Metallurgical Resources 8 aktive Bergbaukomplexe in den gesamten Appalachen. Gesamte jährliche Produktionskapazität: 15,5 Millionen Tonnen Kohle.

Bergbausegment	Jahresproduktion (Tonnen)	Standort
Metallurgische Kohle	9,2 Millionen	Zentral-Appalachen
Kraftwerkskohle	6,3 Millionen	Nördliche Appalachen

Kohleverarbeitung und -aufbereitung

AMR unterhält vier Kohleaufbereitungsanlagen mit fortschrittlichen Verarbeitungstechnologien.

• Verarbeitungskapazität: 16,5 Millionen Tonnen pro Jahr
• Durchschnittliche Kohlewascheffizienz: 92,5 %
• Einsatz von Technologien zur Verbesserung der Kohlequalität

Ressourcenexploration und -entwicklung

Jährliches Explorationsbudget: 42,3 Millionen US-Dollar im Jahr 2024.

Erkundungsaktivität	Investition
Geologische Untersuchungen	18,7 Millionen US-Dollar
Bohrprogramme	23,6 Millionen US-Dollar

Umweltmanagement- und Nachhaltigkeitsinitiativen

Investitionen in die Einhaltung von Umweltvorschriften: 35,6 Millionen US-Dollar im Jahr 2024.

• Projekte zur Methanabscheidung
• Landgewinnungsprogramme
• Technologien zur Emissionsreduzierung

Vertrieb und Marketing von Kohleprodukten

Umsatzaufschlüsselung 2024:

Marktsegment	Verkaufsvolumen (Tonnen)	Einnahmen
Metallurgischer Export	6,8 Millionen	872,4 Millionen US-Dollar
Heimische Stahlindustrie	2,4 Millionen	312,6 Millionen US-Dollar
Stromerzeugung	6,3 Millionen	504,2 Millionen US-Dollar

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Schlüsselressourcen

Hochwertige metallurgische Kohlereserven in den Appalachen

Gesamte nachgewiesene und wahrscheinliche Kohlereserven zum 31. Dezember 2022: 312,7 Millionen Tonnen

Standort	Reservemenge	Art der Kohle
Zentral-Appalachen	247,5 Millionen Tonnen	Hochflüchtige metallurgische Kohle
Nördliche Appalachen	65,2 Millionen Tonnen	Metallurgische Kohle mit geringer Flüchtigkeit

Fortschrittliche Bergbauausrüstung und -technologie

Investitionsausgaben für Ausrüstung und Technologie im Jahr 2022: 69,3 Millionen US-Dollar

• Strebbergbausysteme
• Kontinuierliche Bergbauausrüstung
• Fortschrittliche Belüftungssysteme
• Echtzeit-Überwachungstechnologie

Qualifizierte Arbeitskräfte mit Deep-Mining-Expertise

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtbelegschaft	1.080 Mitarbeiter
Durchschnittliche jahrelange Erfahrung	15,6 Jahre

Starke finanzielle und betriebliche Infrastruktur

Wichtige Finanzkennzahlen für 2022:

• Gesamtumsatz: 1,87 Milliarden US-Dollar
• Nettoeinkommen: 471,2 Millionen US-Dollar
• EBITDA: 619,3 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 268,4 Millionen US-Dollar

Etablierte Kundenbeziehungen

Sektor	Schlüsselkunden	Prozentsatz des Umsatzes
Stahlindustrie	ArcelorMittal, U.S. Steel	62%
Energiesektor	Elektrizitätsversorgungsunternehmen	38%

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Wertversprechen

Hochwertige Hüttenkohle für die Stahlproduktion

Alpha Metallurgical Resources produziert metallurgische Kohle mit den folgenden Spezifikationen:

Kohletyp	Qualitätsmetriken	Produktionsvolumen (2023)
Hochwertige, schwerflüchtige metallurgische Kohle	CSN 8-9, Schwefel <0.5%	7,2 Millionen Tonnen
Mittelflüchtige metallurgische Kohle	CSN 6-7, Schwefel <1%	4,5 Millionen Tonnen

Zuverlässige und konsistente Kohleversorgung für Energiemärkte

Leistungskennzahlen für die Lieferkette:

• Jährliche Kohleversorgungskapazität: 12,5 Millionen Tonnen
• Vertragserfüllungsrate: 98,7 %
• Liefertreue: 99,2 %

Engagement für ökologische Nachhaltigkeit

Umweltleistungsindikatoren:

Nachhaltigkeitsmetrik	Leistung 2023
Reduzierung der CO2-Emissionen	15 % Reduzierung gegenüber dem Basiswert von 2020
Wasserrecyclingrate	72%
Landgewinnung	650 Hektar saniert

Wettbewerbsfähige Preise und effiziente Produktion

Kosten- und Produktionseffizienzkennzahlen:

• Produktionskosten pro Tonne: 78,50 $
• Operative Marge: 22,3 %
• Reduzierung der gesamten Produktionskosten: 8,5 % gegenüber dem Vorjahr

Technische Expertise in komplexen Bergbaubetrieben

Technische Möglichkeiten overview:

Bergbaufähigkeit	Betriebsdetails
Untertageabbautiefe	Bis zu 1.200 Fuß
Flotte von Bergbaumaschinen	42 fortschrittliche Strebanlagen
Technisches Personal	867 spezialisierte Bergbauingenieure

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Partnerschaften

Ab 2024 unterhält Alpha Metallurgical Resources strategische Langzeitverträge mit Schlüsselkunden im Stahl- und Energiesektor. Das Vertragsportfolio des Unternehmens umfasst:

Kundensegment	Vertragsdauer	Jährliches Volumen (Tonnen)
Stahlherstellung	5-7 Jahre	3,2 Millionen
Stromerzeugung	3-5 Jahre	2,7 Millionen

Dedizierte Kontoverwaltung

AMR verwendet einen speziellen Account-Management-Ansatz mit folgender Struktur:

• 12 engagierte Account Manager
• Durchschnittliche Kundenbeziehungsdauer: 6,3 Jahre
• Kundenbindungsrate: 87,5 %

Technischer Support und Beratung

Zu den technischen Supportleistungen gehören:

Support-Service	Jährliches Engagement	Reaktionszeit
Technische Beratung vor Ort	124 Kundenbesuche	48 Stunden
Technischer Remote-Support	376 Beratungen	24 Stunden

Maßgeschneiderte Kohleproduktlösungen

Anpassungsmöglichkeiten:

• 7 verschiedene Spezifikationen für Kohleprodukte
• Entwicklungszeit der individuellen Mischung: 45–60 Tage
• Jährliche Bestellungen kundenspezifischer Produkte: 42

Regelmäßige Leistungs- und Qualitätsberichte

Zu den Berichtskennzahlen für Kunden gehören:

Berichtskategorie	Häufigkeit	Verfolgte Metriken
Qualitätssicherungsbericht	Vierteljährlich	8 Leistungsindikatoren
Lieferkettenleistung	Monatlich	5 Logistikkennzahlen

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Alpha Metallurgical Resources ein eigenes Direktvertriebsteam, das sich auf die Märkte für metallurgische Kohle konzentriert. Das Vertriebsteam des Unternehmens deckt etwa 12 wichtige geografische Regionen in den Vereinigten Staaten ab.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Direktvertriebsmitarbeiter	37
Durchschnittliches jährliches Verkaufsvolumen pro Vertreter	425.000 Tonnen
Geografische Abdeckung	12 Regionen

Branchenkonferenzen und Messen

Alpha Metallurgical Resources nimmt an strategischen Branchenveranstaltungen teil, um die Marktreichweite zu erweitern.

• Jährliche Kohle & Teilnahme an der Stahlkonferenz
• Internationale Fachmesse für Metallurgie
• Nordamerikanischer Energiegipfel

Online-Plattform und digitale Kommunikation

Das Unternehmen nutzt ausgefeilte digitale Kanäle zur Kundenbindung.

Digitaler Kanal	Kennzahlen für 2024
Monatlicher Traffic auf der Unternehmenswebsite	47.500 einzelne Besucher
Digitale Vertriebsanfragen	1.275 pro Quartal
Benutzer des Online-Kundenportals	2.350 registrierte Konten

Strategische Geschäftsentwicklungsnetzwerke

Alpha Metallurgical Resources nutzt strategische Partnerschaften, um die Marktdurchdringung zu erweitern.

• Wichtige Partnerschaftsnetzwerke:
• Allianz der Stahlherstellung
• Globales Energiehändlerkonsortium
• Internationale Gruppe der Kohleexporteure

Rohstoffhandelsplattformen

Das Unternehmen beteiligt sich aktiv an mehreren Rohstoffhandelsplattformen für effiziente Markttransaktionen.

Handelsplattform	Transaktionsvolumen 2024
Globale Kohlebörse	3,2 Millionen Tonnen
Internationale Handelsplattform für Metalle	1,7 Millionen Tonnen
Digitaler Warenmarkt	875.000 Tonnen

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Kundensegmente

Stahlhersteller

Alpha Metallurgical Resources beliefert Stahlhersteller mit einem Produktionsvolumen von 3,1 Millionen Tonnen metallurgischer Kohle im Jahr 2022. Zu den wichtigsten Kunden gehören:

Kunde	Jährlicher Kohleverbrauch	Vertragswert
ArcelorMittal	750.000 Tonnen	187,5 Millionen US-Dollar
Cleveland-Cliffs	500.000 Tonnen	125 Millionen Dollar

Elektrizitätsversorgungsunternehmen

AMR liefert Kraftwerkskohle an Elektrizitätsversorger und verkauft im Jahr 2022 2,2 Millionen Tonnen.

• Kunden der PJM Interconnection-Region
• Verträge der Tennessee Valley Authority
• Durchschnittlicher Vertragswert: 62 USD pro Tonne

Globale Energieunternehmen

Das internationale Energiesegment macht 35 % des Kohleabsatzes von AMR aus und belief sich im Jahr 2022 auf insgesamt 1,5 Millionen Tonnen.

Region	Volumen exportieren	Einnahmen
Europa	600.000 Tonnen	93,6 Millionen US-Dollar
Asien	450.000 Tonnen	70,2 Millionen US-Dollar

Industrielle Fertigungssektoren

Verkauf von Hüttenkohle an Industriehersteller: 800.000 Tonnen im Jahr 2022.

• Zementproduktion
• Chemische Herstellung
• Aluminiumverarbeitung

Internationale Käufer von Hüttenkohle

Exportmarktanteil: 22 % der Gesamtproduktion, was 1,1 Millionen Tonnen im Jahr 2022 entspricht.

Land	Volumen importieren	Durchschnittspreis
Indien	350.000 Tonnen	185 $/Tonne
Japan	250.000 Tonnen	210 $/Tonne
Südkorea	200.000 Tonnen	195 $/Tonne

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Kostenstruktur

Bergbauausrüstung und Wartung

Im Jahr 2023 meldete Alpha Metallurgical Resources Gesamtinvestitionen in Höhe von 146,1 Millionen US-Dollar. Die Kosten für die Wartung und den Austausch der Ausrüstung waren erheblich, wobei spezielle Bergbaumaschinen einen erheblichen Teil der Betriebskosten ausmachten.

Ausrüstung für den Untertagebergbau

Tagebaumaschinen

Wartung und Reparatur

Ausrüstungskategorie	Jährliche Kosten ($)
62,500,000
48,300,000
35,200,000

Arbeits- und Personalkosten

Im Jahr 2023 beliefen sich die personalbezogenen Kosten für AMR auf etwa 273,4 Millionen US-Dollar pro Jahr.

• Durchschnittliches Jahresgehalt pro Bergbauarbeiter: 87.500 US-Dollar
• Gesamtzahl der Mitarbeiter: 3.120
• Leistungen und Versicherungskosten: 42,6 Millionen US-Dollar

Transport und Logistik

Die Transportkosten für Kohle und metallurgische Produkte beliefen sich im Jahr 2023 auf 187,3 Millionen US-Dollar.

Transportmodus	Jährliche Kosten ($)
Schienenverkehr	114,500,000
LKW-Transport	52,800,000
Hafen- und Schifffahrtslogistik	20,000,000

Umweltkonformität und -rückgewinnung

Die Kosten für die Einhaltung der Umweltvorschriften für AMR beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar.

• Kosten für die Einhaltung gesetzlicher Vorschriften: 18,7 Millionen US-Dollar
• Landgewinnung und -sanierung: 26,5 Millionen US-Dollar

Exploration und Ressourcenentwicklung

Die Ausgaben für die Ressourcenentwicklung beliefen sich im Jahr 2023 auf 89,6 Millionen US-Dollar.

Entwicklungskategorie	Jährliche Investition ($)
Geologische Untersuchungen	22,300,000
Neue Site-Erkundung	37,500,000
Ressourcenbewertung	29,800,000

Alpha Metallurgical Resources, Inc. (AMR) – Geschäftsmodell: Einnahmequellen

Verkauf von Hüttenkohle

Für das Geschäftsjahr 2023 meldete Alpha Metallurgical Resources ein Verkaufsvolumen von metallurgischer Kohle von 9,4 Millionen Tonnen. Der durchschnittlich erzielte Preis für metallurgische Kohle betrug 208 US-Dollar pro Tonne, was einem Umsatz von etwa 1,96 Milliarden US-Dollar in diesem Segment entspricht.

Metallurgische Kohlemetriken	Daten für 2023
Verkaufsvolumen	9,4 Millionen Tonnen
Durchschnittlicher realisierter Preis	208 $ pro Tonne
Gesamtumsatz	1,96 Milliarden US-Dollar

Verkauf von Kraftwerkskohle

Im Jahr 2023 erzielte Alpha Metallurgical Resources einen Umsatz mit Kraftwerkskohle von 2,1 Millionen Tonnen, mit einem durchschnittlichen realisierten Preis von 47 US-Dollar pro Tonne, was zu einem Umsatz mit Kraftwerkskohle von etwa 98,7 Millionen US-Dollar führte.

Kennzahlen für Kraftwerkskohle	Daten für 2023
Verkaufsvolumen	2,1 Millionen Tonnen
Durchschnittlicher realisierter Preis	47 $ pro Tonne
Gesamtumsatz	98,7 Millionen US-Dollar

Einnahmen aus dem Exportmarkt

Die Exporteinnahmen von Alpha Metallurgical Resources machten im Jahr 2023 35 % des gesamten Kohleumsatzes aus, wobei der internationale Umsatz 780 Millionen US-Dollar erreichte.

Preise für langfristige Lieferverträge

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Festpreisverträge: Ungefähr 60 % des Gesamtumsatzes
• Gesamtauftragswert: 2,3 Milliarden US-Dollar

Nebenprodukt- und Nebeneinnahmequellen

Zu den zusätzlichen Einnahmequellen gehörten:

• Koksproduktion: 156 Millionen US-Dollar
• Transport- und Logistikdienstleistungen: 45 Millionen US-Dollar
• Verkauf und Dienstleistungen von Bergbauausrüstung: 22 Millionen US-Dollar

Einnahmequellen für Nebenprodukte	Umsatz 2023
Koksproduktion	156 Millionen Dollar
Transportdienstleistungen	45 Millionen Dollar
Ausrüstungsdienstleistungen	22 Millionen Dollar

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Value Propositions

You're looking at the core promises Alpha Metallurgical Resources, Inc. (AMR) makes to its customers, which is really about delivering the right coal, reliably, at a price that makes sense for steelmakers. Honestly, in this market, that's a tough balancing act, but the numbers show where they focus their value.

Reliable supply of premium, high-quality metallurgical (met) coal for steelmaking.

Alpha Metallurgical Resources, Inc. positions itself as the largest and most diverse domestic metallurgical coal supplier in the United States. You can see their scale when you look at their 2024 sales volume, which hit 17.1 million tons of metallurgical coal sold. While 2025 has been tougher, with shipment guidance lowered to a range of 13.8 million to 14.8 million tons, the underlying asset base is built for volume. Plus, they're bringing new capacity online; the Kingston Wildcat project is on schedule to begin development cuts in coal by late 2025, targeting a full production run-rate of 1 million tons per year in 2026. That's the commitment to future supply you're looking for.

Product diversification: offering Low Vol, Mid Vol, High Vol-A, and High Vol-B met coal.

The diversification isn't just a talking point; it's baked into their production profile, letting them serve different steelmaking needs. Here's the breakdown from their August 2025 investor slides:

Coal Type	Percentage of Met Tons Sold (August 2025)
High Vol-A	37%
High Vol-B	31%
Mid Vol	19%
Low Vol	13%

This mix gives them access to various markets, and you see specific mine complexes catering to certain customers; for example, the Marfork complex is predominately (~60%) sold to domestic customers on annual contracts, often involving the High Vol-A and High Vol-B blends.

Supply chain reliability due to integrated mining, processing, and port access.

Reliability comes from controlling the process from the seam to the ship. Alpha Metallurgical Resources, Inc. operates an asset footprint that includes 19 mines, 8 preparation plants, 2 standalone loadouts, 1 dock, and 1 export terminal (DTA). The prep plants act as the Free On Board (FOB) point of sale, which streamlines logistics. Their cost discipline is a key part of this value; their non-GAAP cost per ton improved to $97.27 in Q3 2025, down from $110.34 in Q1 2025. For export volumes, tons priced against Atlantic indices achieved $119.39 per ton in Q1 2025, showing they can capture value even when moving product globally.

Consistent domestic supply via annual fixed-price contracts, offering price stability.

A significant portion of their output is locked in via contracts, which helps smooth out the volatility of the spot market. As of the August 2025 update, about 76% of shipments target export markets, leaving 24% typically contracted domestically on fixed-price annual agreements. This domestic book acts as a natural hedge. You've got clear visibility on the next year, too; for 2026, Alpha secured approximately 3.6 million tons of domestic metallurgical coal at an average price of $136.75 per ton. To give you context on the current year's pricing, as of October 29, 2025, 85% of the 2025 met tons were already committed and priced at an average of $122.57/ton.

Finance: draft 13-week cash view by Friday.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Customer Relationships

You're looking at how Alpha Metallurgical Resources, Inc. manages its relationships with the entities that pay for its metallurgical coal, and honestly, it's a tale of two markets: domestic certainty versus global price discovery.

Dedicated sales teams managing long-term, fixed-price contracts with domestic customers.

For the domestic side of the business, the relationship is built on locking in terms. Management noted in the Q3 2025 earnings call that domestic customers generally prefer to execute fixed price, 1-year contracts, meaning spot market activity is minimal in that segment. This structure provides a bedrock of predictable revenue, even when global prices are volatile. As of the latest guidance midpoint in late 2025, Alpha Metallurgical Resources, Inc. had committed and priced 85% of its metallurgical tonnage for the full 2025 year. This high commitment level reflects the success of securing these long-term domestic agreements. The company is currently focused on planning for 2026, but management has withheld formal 2026 guidance, citing the need to finalize ongoing domestic sales negotiations first.

Transactional relationships for the majority of export sales, linked to global indices.

The export relationship is far more transactional, directly tied to the ebb and flow of international commodity benchmarks. Export sales represent the majority of the business, with approximately 72% of the company's coal revenues for the three months ended September 30, 2025, coming from customers outside the United States. These sales are priced against various global indices, which means realization prices shift quarter-to-quarter. For instance, looking at the third quarter of 2025, the pricing mechanisms yielded distinct results:

Pricing Mechanism (Q3 2025)	Realized Price Per Ton
Export met tons priced against Atlantic indices and other pricing mechanisms	$107.25 per ton
Export coal priced on Australian indices	$106.39 per ton

To give you a sense of the movement, here's how those compare to the prior quarter's export realizations:

• Export met tons realized $113.82 per ton in Q2 2025 (Atlantic/other).
• Export coal realized $109.75 per ton in Q2 2025 (Australian indices).
• The total weighted average realization for metallurgical sales in Q3 2025 was $114.94 per ton, down from $119.43 per ton in Q2 2025.

Investor relations focused on capital returns (share buybacks) and cost discipline.

Investor relationships are heavily managed around two core themes: demonstrating relentless operational efficiency and deploying excess capital back to shareholders. Management's focus on cost discipline has been a major talking point, especially as market conditions softened through 2025. They achieved record cost performance for the second quarter in a row by Q3 2025. Here are the key metrics underpinning that discipline:

• Q3 2025 Cost of coal sales for the metallurgical segment hit $97.27 per ton.
• This Q3 cost represents the lowest level achieved by Alpha Metallurgical Resources, Inc. since 2021.
• Selling, general, and administrative expenses (SG&A, excluding certain items) were $13.2 million in Q3 2025.
• Cash provided by operating activities was $50.6 million in Q3 2025, supporting liquidity.

Regarding capital returns, the company has been active with its repurchase program, which signals confidence to the market. Alpha Metallurgical Resources, Inc. has almost $400 million of its original $1.5 billion share repurchase program outstanding as of late 2025. The company maintained a strong liquidity position, ending Q3 2025 with total liquidity of $568.5 million, which includes $408.5 million in cash and cash equivalents.

Finance: draft 13-week cash view by Friday.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Channels

You're looking at how Alpha Metallurgical Resources, Inc. (AMR) gets its product-high-quality metallurgical coal-from the Appalachian mines to the end-user steel mills, both here in the US and overseas. The channel strategy balances the stability of fixed-price domestic contracts with the higher pricing power of the global export market.

The direct sales force handles the domestic side, which is designed to provide a natural hedge against volatile international pricing. For the 2025 fiscal year, based on the revised total shipment guidance midpoint of approximately 15.3 million tons, the domestic channel accounts for roughly 24% of the total volume, translating to an estimated 3.67 million tons committed to domestic steel mills. This fixed-price domestic business contrasts with the export side, which is more exposed to global indices.

For export sales, Alpha Metallurgical Resources relies heavily on its strategic transportation assets. The company maintains a 65% ownership stake in Dominion Terminal Associates (DTA), a key coal export terminal located in Newport News, Virginia. This terminal, along with access to Pier 6, serves as the primary gateway for international shipments. The export channel is the dominant revenue driver, targeted to account for approximately 76% of the estimated 2025 shipments, or about 11.63 million tons. To give you a concrete example of past realized pricing, in 2024, the average realized price for exported coal was $140/ton, compared to $152/ton for domestic sales.

The physical movement of the coal relies on extensive rail transport networks connecting the Central Appalachian mines to the East Coast ports. This hub-and-spoke logistics pattern is critical for optimizing quality blends and ensuring timely delivery. Alpha Metallurgical Resources plans to invest an average of $27.0 million per year over the next five years specifically for infrastructure and equipment upgrades at the DTA terminal to maintain this critical throughput capability.

Here's a quick look at the sales mix and estimated 2025 volume distribution, using the midpoint of the total 2025 shipment guidance range of 14.6 million to 16.0 million tons:

Channel Segment	Estimated 2025 Volume Share	Estimated 2025 Volume (Tons)	Example Realized Price (2024)
Domestic Sales Force	24%	~3.67 million	$152/ton
Export via DTA/Pier 6	76%	~11.63 million	$140/ton

The export market itself is diversified across several regions, which helps manage risk, although the domestic channel provides a fixed-price cushion. The company's product mix-which includes Low Vol, Mid Vol, High Vol-A, and High Vol-B-is designed to meet varied customer specifications across these channels.

Key components of the logistics and distribution network include:

• - Direct sales force targeting domestic steel mills, representing approximately 24% of expected 2025 volume.
• - Export sales channeled primarily through the 65%-owned Dominion Terminal Associates (DTA) facility.
• - Approximately 25% of the total export volume is typically destined for India and other Asia-Pacific markets.
• - Rail transport networks, including connections to CSX, move product from Appalachian prep plants to the East Coast ports.

For forward visibility, Alpha Metallurgical Resources has already secured a significant portion of its next year's domestic sales, committing approximately 3.6 million tons of metallurgical coal for 2026 at an average price of $136.75 per ton. That's a concrete number locking in revenue before the full 2026 budget is set.

Finance: draft 13-week cash view by Friday.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Alpha Metallurgical Resources, Inc. (AMR) as of late 2025, and it's overwhelmingly about steelmaking inputs.

International Steel Producers (Export Market) represent the primary destination for Alpha Metallurgical Resources, Inc.'s high-quality metallurgical coal. For the three months ended June 30, 2025, approximately 72% of coal revenues were generated from sales to customers outside the United States. This segment is highly sensitive to global steel production rates, particularly in Asia and South America.

Domestic US Steel Manufacturers form the stable, contracted base of the business. While the export market drives a larger share of revenue, domestic contracts provide crucial price visibility. Alpha Metallurgical Resources, Inc. announced commitments for 2026 covering approximately 3.6 million tons of metallurgical coal to domestic customers at an average price of $136.75 per ton. This commitment includes a very small amount of carryover tons from 2025.

Thermal Coal Users are an incidental segment, dealing with the sale of lower-quality thermal coal, which is used for power generation rather than steel production. This segment is significantly smaller than the metallurgical coal business.

Here's a look at the product volume split based on the second quarter of 2025 performance:

Customer Type Proxy	Product Focus	Volume Share (Q2 2025)	Tonnage Sold (Q2 2025)
International & Domestic Steel Producers	Metallurgical Coal	92%	3.5 million tons
Thermal Coal Users	Thermal Coal	8%	0.3 million tons

The company's focus remains squarely on the metallurgical side, where they had 100% of their thermal coal for the year committed and priced at an average of $80.52 per ton as of July 30, 2025. For the core metallurgical product in 2025, 85% of tonnage was committed and priced at an average of $122.57 per ton as of the same date. Finance: review the 2026 domestic contract price of $136.75 per ton against the Q3 2025 average realization of $114.94 per ton for pricing strategy alignment.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Alpha Metallurgical Resources, Inc.'s operations as we move through late 2025. The focus here is on managing the outflows, especially as shipment volumes have seen some adjustments this year.

Variable Costs

The primary variable cost component is directly tied to production and sales volume. Alpha Metallurgical Resources, Inc. has tightened its outlook on this front.

• - Cost of Coal Sales (CoCS) targeted at a range of $101.00 per ton to $107.00 per ton for the full 2025 fiscal year.

This guidance reflects significant operational improvements; for instance, the Cost of Coal Sales for the Met segment decreased to $100.06 per ton in the second quarter of 2025, down from $110.34 per ton in the first quarter. This Q2 performance was driven by increased productivity, lower labor costs, and reduced repair and maintenance expenditures.

Fixed Costs and Operating Expenses

Fixed costs include overhead, administrative expenses, and costs associated with idled assets. Management has been actively adjusting these expectations for the remainder of 2025.

The guidance for Idle Operations Expense-costs for facilities not actively producing-was raised to a range of $21 million to $29 million for the year. Separately, Selling, General & Administrative (SG&A) expense guidance was reduced to a new range of $48 million to $54 million. Labor and maintenance are embedded within both CoCS and fixed overhead, with Q2 showing efficiency gains contributing to lower labor and maintenance expenses.

Here is a look at the key operational expense guidance points for 2025:

Expense Category	2025 Guidance Range (Full Year)	Notes
Cost of Coal Sales (CoCS)	$101.00 - $107.00 per ton	Variable cost, recently lowered from prior guidance.
Idle Operations Expense	$21 million - $29 million	Increased from prior range of $18 million to $28 million.
Selling, General & Administrative (SG&A)	$48 million - $54 million	Reduced from prior range of $53 million to $59 million.

Capital Expenditures (CapEx)

Alpha Metallurgical Resources, Inc. has deliberately scaled back planned spending to protect liquidity amid market softness. You can see the latest planned investment level here:

• - Capital Expenditures (CapEx) guidance for 2025 is set in the range of $130 million to $150 million.

This represented a reduction of $27 million at the midpoint from the previous guidance range of $152 million to $182 million. The reduction included approximately $8 million in development CapEx and $19 million in maintenance capital.

Transportation and Logistics Costs

A significant portion of the cost structure involves moving the product to market. These costs are essential for realizing sales prices, particularly for export volumes.

• - Transportation and logistics costs, including rail and port fees, are a material component of the overall cost base, though specific dollar guidance for these line items was not provided in the latest updates.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Revenue Streams

You're looking at how Alpha Metallurgical Resources, Inc. (AMR) brings in the money, which is almost entirely tied to the global steel market's appetite for their product. The primary revenue stream is, without question, the sale of metallurgical coal.

• Metallurgical Coal Sales: This is the core business. For the full 2025 calendar year, Alpha Metallurgical Resources, Inc. (AMR) is guiding for shipments between 13.8 million to 14.8 million metallurgical tons.
• Export Sales: A significant portion of that met coal is sold internationally. These sales are priced against the volatile Atlantic and Australian met coal indices, meaning their realized price can swing quite a bit quarter-to-quarter based on global benchmarks.
• Domestic Sales: For the coal sold into the U.S. market, Alpha Metallurgical Resources, Inc. (AMR) relies on fixed-price contracts. As of July 30, 2025, the company had committed and priced approximately 69% of its 2025 metallurgical coal at an average price of $127.37 per ton. To give you a sense of the market's pressure, the realized price for the Met segment in Q2 2025 was $119.43 per ton.
• Total 2025 Revenue Forecast: Analyst consensus for the full-year 2025 revenue is forecasted around $2.31 billion.

It helps to see the committed volumes laid out, especially when you look at how much is locked in versus how much is exposed to spot pricing. Here's a quick look at the commitment status as of late July 2025:

Coal Type	2025 Volume Guidance Range (Tons)	Committed/Priced as of July 30, 2025	Average Committed Price (if applicable)
Metallurgical Coal	13.8 million to 14.8 million	69%	$127.37 per ton (Domestic)
Thermal Coal (Incidental)	0.8 million to 1.2 million	100%	$80.52 per ton (Average for the year)

You can see that while the thermal coal is fully priced, the bulk of the revenue potential-the metallurgical coal-still has about 31% of its volume exposed to the volatile export indices for the remainder of 2025. The realized pricing in Q1 2025 was $118.61 per ton, showing the immediate impact of those index movements. Also, remember that total sales volume guidance for 2025, combining both types, is expected to be between 14.6 million and 16.0 million tons.