WARRIOR MET COAL Business Summary

Warrior Met Coal, Inc. (HCC) is a leading U.S.-based pure-play producer and exporter of premium metallurgical coal, generating revenue through the extraction and international sale of high-quality coking coal to the global steel industry. The company’s business model is defined by its low-cost underground mining operations in Alabama’s Blue Creek seam, specifically Mine No. 4, Mine No. 7, and the newly commissioned Blue Creek mine, which achieved full longwall production in early 2026. This expansion has transitioned the company into a high-volume production phase, with 2026 sales guidance projected between 12.5 and 13.5 million short tons. Warrior Met Coal maintains a competitive advantage through its strategic proximity to the Port of Mobile, allowing for efficient logistics to key markets in Asia, Europe, and South America. In the global coking coal market, the company competes directly with Alpha Metallurgical Resources, Arch Resources, and Peabody Energy, distinguishing itself as a high-margin specialist with a superior cost-curve position and a focus on premium "High-Vol A" coal. The company emerged in 2016 following the restructuring of Walter Energy and is led by a veteran executive team with deep industry pedigree. Walter J. Scheller III serves as Chief Executive Officer, bringing over three decades of experience from leadership roles at Peabody Energy and CONSOL Energy. He is supported by Chief Financial Officer Dale W. Boyles, formerly of Noranda Aluminum and Hanesbrands, and Chief Operating Officer Jack K. Richardson, a 30-year veteran of CONSOL Energy. The board is chaired by J. Brett Harvey, the former CEO of CONSOL Energy, providing significant strategic oversight in the natural resources sector. Warrior Met Coal is backed by major institutional investors, including BlackRock, The Vanguard Group, and State Street Corporation, and has notably been a top holding for value investor Mohnish Pabrai’s Dalal Street LLC, reflecting market confidence in its post-expansion free cash flow generation.