Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reportable Segment Information

The following tables present the Company’s reportable segment information:

	Three Months Ended September 30, 2025
(In thousands)	Metallurgical Coal			REE & Critical Minerals			Total

Revenue	$	120,996		$	-		$	120,996

Significant segment expenses:
Cost of sales (exclusive of transportation costs)		(85,476	)		-			(85,476	)
Transportation costs		(16,366	)		-			(16,366	)
Selling, general, and administrative ^(a)		(4,420	)		(3,759	)		(8,179	)
Other segment items ^(b)		1,208			-			1,208
Segment Adjusted EBITDA		15,943			(3,759	)		12,184

Corporate expenses ^(c)								(3,233	)
Stock-based compensation								(4,731	)
Asset retirement obligations accretion								(402	)
Depreciation, depletion, and amortization								(17,091	)
Other expenses								(1,083	)
Interest expense, net								(2,250	)
Income tax benefit (expense)								3,299

Net (loss) income							$	(13,308	)

Segment capital expenditures	$	11,510		$	1,875		$	13,385
Other capital expenditures ^(d)								11
Total capital expenditures (including accrued capital expenditures and capitalized interest)							$	13,396

^(a)	The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses” and “Stock-based compensation” in the table above.
^(b)	“Other segment items” consists of items within “Other income (expense), net” on the Company’s unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments’ underlying business performance.
^(c)	“Corporate expenses” represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.
^(d)	Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.

	Three Months Ended September 30, 2024
(In thousands)	Metallurgical Coal			REE & Critical Minerals			Total

Revenue	$	167,411		$	-		$	167,411

Significant segment expenses:
Cost of sales (exclusive of transportation costs) ^(a)		(104,817	)		-			(104,817	)
Transportation costs		(28,551	)		-			(28,551	)
Selling, general, and administrative ^(b)		(7,207	)		(1,363	)		(8,570	)
Other segment items ^(c)		132			-			132
Segment Adjusted EBITDA		26,968			(1,363	)		25,605

Corporate expenses ^(d)								(1,744	)
Stock-based compensation								(3,970	)
Asset retirement obligations accretion								(354	)
Depreciation, depletion, and amortization								(17,811	)
Other expenses								(208	)
Interest expense, net								(1,696	)
Income tax benefit (expense)								(61	)

Net (loss) income							$	(239	)

Segment capital expenditures	$	15,751		$	-		$	15,751
Other capital expenditures ^(e)								50
Total capital expenditures (including accrued capital expenditures and capitalized interest)							$	15,801

^(a)	The difference between this significant segment expense and “Cost of sales” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to transportation costs, which are presented separately within the table above, and alternative mineral development costs, which are included in “Selling, general, and administrative” in the Rare Earths and Critical Minerals segment in the table above. The presentation of these amounts conform to the current year presentation.
^(b)	The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses” and “Stock-based compensation” in the table above.
^(c)	“Other segment items” consists of items within “Other income (expense), net” on the Company’s unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments’ underlying business performance.
^(d)	“Corporate expenses” represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.
^(e)	Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.

	Nine Months Ended September 30, 2025
(In thousands)	Metallurgical Coal			REE & Critical Minerals			Total

Revenue	$	408,611		$	-		$	408,611

Significant segment expenses:
Cost of sales (exclusive of transportation costs) ^(a)		(290,289	)		-			(290,289	)
Transportation costs		(56,037	)		-			(56,037	)
Selling, general, and administrative ^(b)		(14,439	)		(12,402	)		(26,841	)
Other segment items ^(c)		3,516			-			3,516
Segment Adjusted EBITDA		51,362			(12,402	)		38,960

Corporate expenses ^(d)								(10,072	)
Stock-based compensation								(12,844	)
Asset retirement obligations accretion								(1,206	)
Depreciation, depletion, and amortization								(51,671	)
Other expenses								(2,228	)
Interest expense, net								(7,298	)
Income tax benefit (expense)								9,618

Net (loss) income							$	(36,741	)

Segment capital expenditures	$	46,841		$	2,420		$	49,261
Other capital expenditures ^(e)								15
Total capital expenditures (including accrued capital expenditures and capitalized interest)							$	49,276

^(a)	Alternative mineral development costs through June 30, 2025 of approximately $3.8 million have been reclassed from “Cost of sales” within the Company’s unaudited Condensed Consolidated Statements of Operations to “Selling, general, and administrative” in the Rare Earths and Critical Minerals segment. In addition, transportation costs are included in “Cost of sales” within the Company’s unaudited Condensed Consolidated Statements of Operations and are presented separately within the table above. The presentation of these amounts conform to the current period presentation.
^(b)	The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses” and “Stock-based compensation” in the table above.
^(c)	“Other segment items” consists of items within “Other income (expense), net” on the Company’s unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments’ underlying business performance.
^(d)	“Corporate expenses” represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.
^(e)	Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.

	Nine Months Ended September 30, 2024
(In thousands)	Metallurgical Coal			REE & Critical Minerals			Total

Revenue	$	495,403		$	-		$	495,403

Significant segment expenses:
Cost of sales (exclusive of transportation costs) ^(a)		(313,297	)		-			(313,297	)
Transportation costs		(80,299	)		-			(80,299	)
Selling, general, and administrative ^(b)		(19,815	)		(3,618	)		(23,432	)
Other segment items ^(c)		3,870			-			3,870
Segment Adjusted EBITDA		85,862			(3,618	)		82,245

Corporate expenses ^(d)								(4,862	)
Stock-based compensation								(13,255	)
Asset retirement obligations accretion								(1,063	)
Depreciation, depletion, and amortization								(48,909	)
Other expenses								(796	)
Interest expense, net								(4,509	)
Income tax benefit (expense)								(1,517	)

Net (loss) income							$	7,334

Segment capital expenditures	$	56,757		$	21		$	56,778
Other capital expenditures ^(e)								216
Total capital expenditures (including accrued capital expenditures and capitalized interest)							$	56,994

^(a)	The difference between this significant segment expense and “Cost of sales” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to transportation costs, which are presented separately within the table above, and alternative mineral development costs, which are included in “Selling, general, and administrative” in the Rare Earths and Critical Minerals segment in the table above. The presentation of these amounts conform to the current year presentation.
^(b)	The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses” and “Stock-based compensation” in the table above.
^(c)	“Other segment items” consists of items within “Other income (expense), net” on the Company’s unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments’ underlying business performance.
^(d)	“Corporate expenses” represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.
^(e)	Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.