Alpha Metallurgical Resources, Inc. (AMR) 2026 Q2 法說會逐字稿

Greetings and welcome to the Alpha Metallurgical Resources second quarter 2026 conference call.

各位好，歡迎參加 Alpha Metallurgical Resources 2026 年第二季財報電話會議。

(Operator Instructions)

（接線員指示）

Emily O'Quinn, Senior Vice President, Investor Relations and Communications

Emily O'Quinn，資深副總裁，投資人關係與企業傳播

Thank you, Rob, and good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's second quarter 2026 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures. On the call today, I'm joined by Alsa's Chief Executive Officer, Andy Edson, and Chief Financial Officer, Todd Muncy, who will provide prepared remarks. Also participating on the call are our President and Chief Operating Officer, Jason Whitehead and our Chief Commercial Officer, Dan Horn. Following our prepared remarks, we will be available to answer questions. With that, I'll turn the call over to Andy.

謝謝你，Rob，各位早安。在開始之前，提醒各位，我們在事先準備的發言中，針對預期的營運與財務表現所做的評論包含前瞻性陳述，實際結果可能與所討論內容有重大差異。關於前瞻性陳述以及可能影響其結果的部分因素，請參閱公司 2026 年第二季財報新聞稿及相關的 SEC 申報文件。也請參閱上述文件中關於我們使用非 GAAP 指標及其與 GAAP 指標調節（reconciliation）的資訊。今天的電話會議上，與我一同出席的有 Alsa 的執行長 Andy Edson，以及財務長 Todd Muncy，兩位將進行事先準備的發言。此外，亦有我們的總裁兼營運長 Jason Whitehead，以及商務長 Dan Horn 參與。完成事先準備的發言後，我們將開放問答。接下來我把電話交給 Andy。

Thanks, Emily. Good morning, everyone.

謝謝你，Emily。各位早安。

Today, we released our definitive second quarter financial results, which included adjusted EBITDA of $25.6 million and 3.5 million tons shipped.

今天我們公布了 2026 年第二季最終財務結果，其中包括調整後 EBITDA 為 2,560 萬美元，以及出貨 350 萬噸。

We closed out the first half of 2026 with fewer tons shipped and higher costs than expected. Given our performance to date and our outlook for the rest of the year, we recently issued new guidance ranges for shipment volumes and cost of coal sales. Looking at the cost first, we increased our midpoint of guidance by $7 per ton as compared to our early estimations.

我們在 2026 年上半年結束時，出貨量低於預期且成本高於預期。鑑於目前的表現以及對今年剩餘期間的展望，我們近期針對出貨量與煤炭銷售成本發布了新的指引區間。先看成本部分，與我們先前的初步估計相比，我們將指引中位數上調了每噸 7 美元。

This increase is largely due to higher costs on supplies and materials, including diesel. As we communicated last quarter, the impact of the Iran war has resulted in dramatic fluctuations and significant increases to our diesel spend. Other mining supplies have also increased in cost. We're projecting the need to spread these elevated costs across slightly fewer tons overall for the year, and all of these factors are incorporated in our new cost guidance range of $103 to $107 per ton. In terms of sales volumes, we brought down the midpoint of the guidance by$ 1 million tons for the year as compared to our initial expectations. Several factors informed our decision-making here, including continued net market weakness. The new range of$14.2 million to $15.4 million tons not only incorporates our lighter than usual shimmer performance in the first half, but it also accounts for a reduced efficiency rate at DTA. As we previously announced, one of the two stacker reclaimer machines at DTA sustained significant damage during a storm on June 14. High winds reached over 80 miles per hour during the weather event, resulting in significant harm to the machine. The team at DTA has been exceptional, working diligently to safely and resourcefully keep as much coal moving through the terminal as possible, while simultaneously working through various processes with third-party equipment providers, structural engineers and the terminal's insurance carrier. DTA has also filed an insurance claim because of the storm damage. The plans for returning the terminal with full operational capacity hinge on many processes that are still underway, so we don't have a definitive timeline to share just yet.

這項上調主要來自供應品與材料成本上升，包括柴油。如同我們上季所溝通，伊朗戰爭的影響導致柴油價格劇烈波動並大幅推升我們的柴油支出。其他採礦用品成本也有所上升。我們預期今年整體噸數略少，因此需要將這些較高的成本分攤到較少的總噸數上；上述因素皆已反映在我們新的成本指引區間：每噸 103 至 107 美元。就銷售量而言，與最初預期相比，我們將全年指引中位數下調了 100 萬噸。此決策考量了多項因素，包括市場持續疲弱。新的區間為 1,420 萬至 1,540 萬噸，不僅納入上半年較往常偏低的 shimmer 表現，也反映 DTA 的效率率下降。如先前公告，DTA 兩台堆取料機（stacker reclaimer）中的一台於 6 月 14 日風暴中受損嚴重。該次天候事件的強風時速超過 80 英里，對設備造成重大損害。DTA 團隊表現非常出色，努力以安全且靈活的方式，盡可能維持碼頭煤炭流轉，同時也與第三方設備供應商、結構工程師及碼頭的保險承保方同步推進各項流程。DTA 亦已就風暴損害提出保險理賠申請。由於恢復碼頭全面運轉能力的計畫仍取決於多項尚在進行中的流程，因此目前尚無法提供明確時程。

We remain engaged in discussions with our partners at Core Natural Resources and DTA's leadership as appropriate to help advance those processes and gain clarity on the path ahead. In the meantime. We're very pleased with their efforts to keep the coal moving and expect to be able to mitigate isolated delays in coal handling that have normally been accomplished by the damaged stacker reclaimer. Our new shipment guidance rates, for example, contemplates a continuation of the currently reduced operational capacity of DTA. It also reflects our ability to utilize throughput availability at other East Coast terminals. In summary, we're appreciative of DTA leadership and the way they have quickly established alternate workflows to maximize the terminal's capabilities under these unfortunate circumstances. We will provide updates as appropriate once longer-term plans are solidified. Our views on the met coal markets remain largely unchanged since last quarter as we continue to see weakness driven by sluggish global steel demand.

我們仍會在適當情況下，與 Core Natural Resources 的合作夥伴及 DTA 管理層保持討論，以協助推進相關流程並釐清後續方向。同時，我們對他們維持煤炭流轉所做的努力感到非常滿意，並預期能夠緩解因受損堆取料機而通常可完成之煤炭處理作業所造成的局部延誤。舉例而言，我們新的出貨指引即假設 DTA 目前較低的營運產能將持續一段時間；同時也反映我們可利用其他美東碼頭的可用吞吐量。總結來說，我們感謝 DTA 管理團隊在此不幸情況下迅速建立替代作業流程，以最大化碼頭能力。待長期計畫定案後，我們將視情況提供更新。自上季以來，我們對冶金煤市場的看法大致不變，仍看到全球鋼鐵需求疲弱所帶來的壓力。

The U.S. East Coast indexes have hardly moved and in recent weeks, the Australian POV has begun to retreat. With its latest movement, the spread between Aussie PLV and US East Coast lowball has tightened, with the PLV roughly 14% higher than US East Coast lowball as compared to about 23% higher when we announced first quarter earnings in May. The further $32 drop from US East Coast lowball down to US East Coast highball A stood at about 20% as compared to 22% a quarter ago. We continue to believe that this is unsustainable. As I wrap up my prepared remarks, I want to congratulate several of our West Virginia operations on the recognition by the Home Safety Association. 13 of our mines, plants, and docks were given awards for their outstanding performance in 2025. Additionally, our outstanding mine rescue teams have brought home top honors in numerous category competitions, as well as overall championships in two mine rescue contests this summer. We're proud of your accomplishments and grateful for your commitment to this important work. I'll now turn the call over to Todd for a review of our second quarter financial results.

美國東岸指數幾乎沒有變動，而近幾週澳洲 POV 已開始回落。隨著最新走勢，澳洲 PLV 與美國東岸 lowball 之間的價差已收斂；目前 PLV 約較美國東岸 lowball 高 14%，相較之下，我們在 5 月公布第一季財報時約高 23%。此外，從美國東岸 lowball 到美國東岸 highball A 的進一步 32 美元落差約為 20%，相較一季前的 22% 略為縮小。我們仍認為這樣的狀況難以長期維持。在結束我的事先準備發言前，我想祝賀我們西維吉尼亞州多個營運據點獲得 Home Safety Association 的表揚。我們有 13 座礦場、選煤廠與碼頭因 2025 年的傑出表現而獲獎。此外，我們優秀的礦山救援隊也在今年夏天的多項類別競賽中奪得最高榮譽，並在兩場礦山救援賽事中獲得總冠軍。我們以各位的成就為榮，也感謝各位對這項重要工作的投入。接下來我把電話交給 Todd，請他回顧第二季財務結果。

Thanks, Andy Adjusted EBITDA for the second quarter was $25.6 million, down from $30 million in the first quarter. We sold $3.5 million tons in Q2, down from$3.6 million tons in Q1. Met segment realizations decreased quarter-over-quarter with an average realization of $118.71 in the second quarter, compared to $124

謝謝你，Andy。第二季調整後 EBITDA 為 2,560 萬美元，低於第一季的 3,000 萬美元。我們第二季銷售 350 萬噸，低於第一季的 360 萬噸。冶金煤（Met）事業部的實現價格（realizations）較上季下降，第二季平均實現價格為每噸 118.71 美元，相較第一季的每噸 124

$0.39 in the first quarter. Export Met tons priced against Atlantic indices and other pricing mechanisms in the second quarter realized $109.08 per ton, while export coal priced on the Australian indices realized $143.82 per ton. These results are compared to realizations of $110.32 per ton and $144.95, respectively, in the first quarter. Realization for our metallurgical sales in the second quarter was a total weighted average of $124.30 per ton, down from $128.40 per ton in Q1. Realizations in the incidental thermal portion of the Met segment increased to $79.36 per ton in the second quarter, up from $69.41 per ton in Q1. Cost of coal sales for our Met segment decreased to $103.07 per ton in Q2, down from $107.98 per ton in the first quarter.

0.39 美元。第二季以大西洋指數及其他定價機制計價的出口冶金煤，實現價格為每噸 109.08 美元；以澳洲指數計價的出口煤，實現價格為每噸 143.82 美元。相較之下，第一季上述兩者的實現價格分別為每噸 110.32 美元與 144.95 美元。第二季我們冶金煤銷售的總加權平均實現價格為每噸 124.30 美元，低於第一季的每噸 128.40 美元。冶金煤事業部中附帶的動力煤（incidental thermal）部分，第二季實現價格上升至每噸 79.36 美元，高於第一季的每噸 69.41 美元。冶金煤事業部的煤炭銷售成本在第二季降至每噸 103.07 美元，低於第一季的每噸 107.98 美元。

For the second quarter, SG&A, excluding non-cash stock compensation and non-recurring items, increased to $13.7 million as compared to $13.5 million in the first quarter. Moving to the balance sheet and cash flows, as of June 30th, we had $307.6 million in unrestricted cash and $30.9 million in short-term investments, as compared to $317.2 million of unrestricted cash and $49.6 million in short-term investments as of March 31st. We had $184.3 million in unused availability under our ABL at the end of the second quarter, partially offset by a minimum required liquidity of $75 million. As of the end of June, Alpha Metallurgical Resources had total liquidity of $447.8 million, down from $476.2 million at the end of March. Capex for the second quarter was $45.1 million, up from $40.7 million in Q1.

第二季 SG&A（不含非現金股票薪酬及非經常性項目）增加至 1,370 萬美元，相較第一季為 1,350 萬美元。接著看資產負債表與現金流：截至 6 月 30 日，我們持有 3.076 億美元不受限制現金，以及 3,090 萬美元短期投資；相較 3 月 31 日的不受限制現金 3.172 億美元與短期投資 4,960 萬美元。第二季末，我們在 ABL 額度下尚有 1.843 億美元未動用可用額度，但部分被最低流動性要求 7,500 萬美元所抵銷。截至 6 月底，Alpha Metallurgical Resources 的總流動性為 4.478 億美元，低於 3 月底的 4.762 億美元。第二季資本支出（Capex）為 4,510 萬美元，高於第一季的 4,070 萬美元。

Cash provided by operating activities was $39.9 million in the second quarter, up from $29 million in the first quarter. As of June 30th, our ABL facility had no borrowings and $40.7 million of letters of credit outstanding. In terms of our committed position for 2026, at the midpoint of guidance, 70% of our metallurgical tonnage in the met segment is committed and priced at an average price of $128.17. Another 30% of our met tonnage for the year is committed but not yet priced. The thermal byproduct portion of the met segment is fully committed and priced at the midpoint of guidance at an average price of $75.94. From a market perspective, metallurgical coal markets were subdued in the second quarter. Continued uncertainty and volatility resulting from the war in Iran and broader global economic conditions influenced markets alongside persistently weak steel demand.

第二季營運活動提供的現金為3,990萬美元，高於第一季的2,900萬美元。截至6月30日，我們的ABL融資安排沒有任何借款，且有4,070萬美元的信用狀未償。在我們2026年的已承諾部位方面，以指引中點計算，我們冶金（met）部門中70%的冶金煤噸數已承諾並已定價，平均價格為128.17美元。另有30%的年度冶金煤噸數已承諾但尚未定價。冶金部門的熱煤副產品部分已全數承諾並已按指引中點定價，平均價格為75.94美元。從市場角度來看，第二季冶金煤市場表現低迷。伊朗戰爭以及更廣泛的全球經濟情勢所帶來的持續不確定性與波動，連同鋼鐵需求長期疲弱，一同影響了市場。

The Australian PLV index increased from $236.80 per metric ton on April 1st to $243.50 on June 30th. The U.S. East Coast low-vol index dropped from $195 per metric ton in early April to $190 by the end of June. The U.S. East Coast high-vol index decreased from $159.50 per metric ton at the beginning of the quarter to $157 at the quarter’s close. The U.S. East Coast high-vol B index declined from $149.50 per metric ton to $147 at the end of the quarter. Since then, the Australian premium low-vol index has decreased to $214.30 per metric ton as of August 6th, representing a drop of roughly 12% since quarter close. The U.S. East Coast indices are stagnant with low-vol at $188 per ton, virtually flat to the quarter-end level.

澳洲PLV指數自4月1日每公噸236.80美元上升至6月30日的243.50美元。美國東岸低揮發分指數自4月初每公噸195美元下滑至6月底的190美元。美國東岸高揮發分指數自本季初每公噸159.50美元降至季末的157美元。美國東岸高揮發分B指數自每公噸149.50美元下滑至季末的147美元。此後，截至8月6日，澳洲優質低揮發分指數已降至每公噸214.30美元，較季末約下跌12%。美國東岸各指數則持平，低揮發分為每噸188美元，與季末水準幾乎持平。

The U.S. East Coast high-vol A and high-vol B indices are also largely unchanged from quarter close at $156 and $146.50 per ton, respectively, as of August 6th. In the seaborne thermal market, the API2 index was $117.80 per metric ton at the beginning of April, decreased to $115.65 at the end of June. Since then, the API2 index is roughly flat at $115.75 as of August 6th. With that, operator, we are now ready to open the call for questions

截至8月6日，美國東岸高揮發分A與高揮發分B指數也大致與季末持平，分別為每噸156美元與146.50美元。在海運熱煤市場方面，API2指數於4月初為每公噸117.80美元，至6月底降至115.65美元。此後，截至8月6日，API2指數約略持平於115.75美元。那麼，接線員，我們現在準備開放提問。

(Operator Instructions)

（接線員指示）

Nick Giles with B. Riley's Securities.

B. Riley Securities 的 Nick Giles。

Yeah, thanks, operator. Hey, good morning, guys.

好的，謝謝接線員。各位早安。

Maybe first just on DTA, it sounds like there are still a fair few unknowns, but just curious how you might quantify the kind of optimization that you can achieve with just one stack or reclaimer and how much of that optimization could we see show up in maybe 3Q versus further improvements in 4Q as kind of temporary fixes are installed, if you will?

先從DTA談起，聽起來仍有不少未知數，但我想請教你們如何量化僅靠一套堆料機或取料機所能達成的最佳化幅度？以及這些最佳化在第三季可能會呈現多少、相較之下第四季在你們所說的臨時修復措施到位後，還能再看到多少進一步改善？

Hey, Nick, it's Andy. Good morning. Yeah, I think the folks at CORE did a pretty good job answering this question yesterday. And our view is exactly the same. There's a lot of moving parts here up to and including insurance settlements and really engineering work. If you've ever been to DTA and you just see the scale and the size of these machines. The amount of damage that is sustained, it's a pretty big undertaking to figure this out and try to optimize. So I can't give you any specifics, but again, I think our revised guidance covers what we believe we can accomplish. Hopefully, there may be a little bit of upside to that, but a lot of it's going to depend on how quickly we can get.

嗨，Nick，我是Andy。早安。是的，我認為CORE那邊的人昨天已經把這個問題回答得相當不錯，而我們的看法完全一致。這裡有很多變動因素，包括保險理賠以及真正的工程作業。如果你去過DTA，看到這些機器的規模與尺寸，就會知道受損程度相當嚴重；要釐清狀況並嘗試最佳化，是一項很大的工程。所以我無法給你任何具體數字，但我想我們修訂後的指引已反映我們認為可以達成的成果。希望可能還有一些上行空間，但很大一部分將取決於我們能多快把事情處理好。

Just the logistics worked out and moving the damaged Sr. Off of the current plot, moving it over to a yard where it can be disassembled and we can start to work on just clearing out the space so we can start moving pieces around. But the team down there has done a fantastic job handling the situation and keeping us as. As possible. But we are, I mean, we are seeing some reduced efficiency and some throughput. But as I said, that's all reflected in our guidance for the rest of the year.

也就是把物流安排妥當，將受損的Sr.從目前場址移出，移到可拆解的堆場，然後開始清理空間，好讓我們能開始移動各部件。不過，當地團隊在處理這個狀況上做得非常出色，並讓我們盡可能維持運作。但我們確實看到一些效率下降與吞吐量減少。不過如我所說，這些都已反映在我們對今年剩餘期間的指引中。

Understood. Thanks for that, Andy, and sorry to stay on the topic. But just do you have any initial sense for if there was 100% utilization with both stack of reclaimers, kind of what utilization you could achieve with just one as we look out to 2027?

了解。謝謝你，Andy，也抱歉一直追問同一個主題。不過你是否有初步概念：如果兩套堆料/取料機都能100%利用率，那麼只剩一套時，展望到2027年大概能達到多少利用率？

No. I mean, that's an unanswerable question, Nick. We don't have any plans that contemplate it that way. We're devising those as we go. So yeah, really it's going to be a while before I could tell you that.

沒有。我的意思是，這個問題無法回答，Nick。我們沒有任何計畫是以那種方式來設想的；我們是邊走邊制定方案。所以，是的，真的還要一段時間我才能告訴你。

Understood. Fair enough.

了解。合理。

Maybe just switching gears on the cost side. Costs are obviously. Impacted from DTA and from the kind of higher diesel prices as well. But are there any areas where you're seeing relief or any kind of further efforts that you can do operationally just to drive costs slower?

那換個角度談成本端。成本顯然受到DTA以及柴油價格較高的影響。但是否有任何你們看到的緩解因素，或是營運上還能做哪些進一步努力，讓成本上升得更慢？

Yeah, we are. I mean, right now, it's more just looking at the portfolio. And obviously, the guidance reduction was looking at whether it's something as simple as schedule changes versus. Surface mines are easier to ramp up or ramp down based on the situation. So we're continuing to look through that and see what tons are most at risk and it's not always just about cost, it's about margin, that's the number that we're worried about. So if you've got a low cost mine that is achieving a very low realization, then it needs to be at risk rather than something that's higher cost but achieves higher margins.

有的。我是說，目前更多是在檢視整體資產組合。顯然，這次下修指引時，我們也在看是否能透過像是排程調整這麼簡單的方式來因應。露天礦會比較容易依情況加速或減速。因此我們持續檢視，看看哪些噸數風險最高；而且不總是只看成本，而是看毛利（margin），那才是我們關心的數字。所以如果你有一座低成本礦，但實現價格（realization）非常低，那它反而應該比一座成本較高但毛利更高的礦更需要被納入風險考量。

We continue to go through that and evaluate the portfolio to see what other actions that could be taken. And of course, Jason and his team always have a couple of tricks up their sleeve as far as identifying efficiencies or areas where costs can be taken out. So we'll just let that develop as the rest of the year moves on.

我們會持續檢視並評估資產組合，看看還能採取哪些其他行動。當然，Jason和他的團隊在找出效率提升或可削減成本的領域方面，總是有幾招可用。所以我們就讓它隨著今年剩餘時間的推進再逐步發展。

Understood. Well, I'll turn it over, but appreciate the update.

了解。我先把時間交回去，但謝謝你們的更新。

Nathan Martin with The Benchmark Company.

The Benchmark Company 的 Nathan Martin。

Thanks, operator. Good morning, everyone.

謝謝接線員。各位早安。

Something we could get your thoughts on shipping cadence for the balance of the year. What gets you to the high or low end of your new guidance?

想請教你們對今年剩餘期間出貨節奏（shipping cadence）的看法。什麼因素會讓你們達到新指引的高端或低端？

How long does the shipment guidance assume the damaged DTA stack or reclaimer remains out of commission?

出貨指引假設受損的DTA堆料機或取料機會停用多久？

Well, good morning, Nate, by the way. I'll take those in reverse order.

嗯，Nate，順帶一提早安。我會倒過來回答。

Obviously, our guidance runs through the end of the year, so that's the assumption.

很明顯，我們的指引是到年底，所以假設就是如此。

And as far as the cadence, I would -- I mean, if you take just the.

至於節奏方面，我會——我的意思是，如果你只看……

For the back half of the year and look at our typical seasonal trends between Q3 and Q4, I think that would probably apply. And there's been a little bit of back and forth that timing could get us. We are in concert with this market, we're seeing some of our customers pushing back on some cargo, so that could flip a boat from one quarter into the next. But I think generally speaking, our seasonal trend will probably still apply just at a lower overall rate.

如果看下半年，並參考我們在第三季與第四季之間典型的季節性趨勢，我認為大概仍然適用。而且在時間點上可能會有一些來回變動。我們與市場同步，看到部分客戶把某些貨載往後推，因此可能會把一艘船從某一季延到下一季。但整體而言，我認為我們的季節性趨勢大致仍會適用，只是整體速度會較低。

Appreciate that, Andy. That's helpful.

謝謝你，Andy。這很有幫助。

And then maybe a question for Dan. I noticed in your updated committed and price table, the domestic tonnage declined, I think, to $3.8 million from $4.1 million previously. First, I was just hoping to get some color on that.

接著可能問Dan一個問題。我注意到你們更新後的已承諾與定價表中，國內噸數似乎從先前的410萬噸下降到380萬噸。首先，我想請你稍微說明一下原因。

This is Dan.

我是Dan。

The domestic piece, we had some customers that had some optionality built in there, some options they can declare or not declare. Some of those were not declared.

就國內這一塊而言，我們有一些客戶的合約裡內建了某些選擇權，也就是一些他們可以提報或不提報的選項。其中有些今年沒有被提報。

But generally speaking, we're shipping more or less what we thought. That happens most every year. There's some optionality built into our domestic contracts that as the year progresses, they either nominate them or don't nominate them, and this year they didn't nominate them.

但整體來說，我們出貨的量大致符合原先的預期。這幾乎每年都會發生。我們的國內合約裡有一些內建的選擇權，隨著年度推進，他們要嘛提名（nominating）要嘛不提名，而今年他們選擇不提名。

So that's the main reason.

所以這就是主要原因。

Got it, Dan. That makes sense. Appreciate that. And then while I have you, it looks like you guys still have about 30% of your met tons that are committed, but they're still unpriced.

了解，Dan。這很合理，謝謝說明。那我再請教一下，看起來你們目前仍有大約 30% 的冶金煤噸數已承諾，但尚未定價。

How should we think about the quality mix of which you guys have left to sell for the year and which markets you expect those committed tons to move into?

我們該如何看待你們今年剩餘待售的品質組合？以及你們預期這些已承諾的噸數會流向哪些市場？

Well, Nate, it's all of the above, frankly, some are going to go to Aussie, I would apply the same percentages that we've already stated in there to those tons too, they tend to be some to Europe, some to Asia and the domestic, that ratio doesn't, I don't expect it would change a lot.

Nate，坦白說各種都有。有些會去澳洲；我會把我們先前提到的相同比例也套用到這些噸數上——通常一部分去歐洲、一部分去亞洲、也有一部分在國內。我不預期這個比例會有太大變化。

There's not a lot of spot opportunities. We don't have a whole lot, as you can see from our committed uncommitted, we don't have a whole lot of spot tons left anyway. So they're going to ship under the term contracts to the known markets.

現貨機會不多。從我們已承諾與未承諾的情況你也看得出來，我們其實也沒有剩下很多現貨噸數。所以這些會依照期約合約（term contracts）出貨到既定市場。

I appreciate that. I'll go ahead and pass it on, guys. Thank you for the time and good luck coming forward.

謝謝說明。我就先把時間讓給其他人。感謝各位撥冗，也祝後續一切順利。

Matthew Key with Texas Capital Securities.

Texas Capital Securities 的 Matthew Key。

Good morning, and thanks for taking my questions. I just have a quick one on the macro, just regarding high volume pricing. What do you think needs to happen to get some momentum there? Do you think this is mostly just a supply-driven story, and we need to see some volume get taken offline? And also, is that something that you would be considering kind of as we get to 2027 if the market doesn't improve kind of from these levels?

早安，謝謝讓我提問。我只有一個關於總體面的快速問題，主要是高揮發分（high vol）定價。你認為需要發生什麼，才能讓那邊出現一些動能？你覺得這主要是供給驅動的故事、需要看到一些供給量下線嗎？另外，如果市場從目前水準沒有改善，接近 2027 年時這會是你們會考慮採取的作法嗎？

I'll let Dan throw in his thoughts on the gory details, but generally speaking, I don't know that this is -- yeah, the supply has grown a bit. We have seen some tons coming off through the first half of the year from some of the smaller producers, particularly in Central Appalachia, but it still seems like this is a demand story until the global economy kicks into gear. That's going to be the.

我先讓 Dan 補充一些細節，但整體來說，我不確定這是不是——是的，供給確實增加了一些。我們看到今年上半年有一些噸數退出市場，來自一些較小的生產商，特別是在中阿帕拉契亞（Central Appalachia）。但看起來在全球經濟重新加速之前，這仍然更像是需求面的故事。那將會是——

The point of inflection, I don't think anyone can cut enough production at this point to get pricing where it needs to be.

那會是轉折點。我不認為在這個時間點，有任何人能透過削減足夠的產量，把價格拉回到需要的水準。

But that being said, we always look at our portfolio, the cuts that have been made, the schedule changes, those kinds of things have been focused on the lower ranked coals, the highball bees particularly. And some highball A's were appropriate, but Dan, your thoughts on the market?

不過話說回來，我們一直都會檢視我們的產品組合；已經做出的減產、排程調整等，主要都聚焦在等級較低的煤種，尤其是 high-vol B。部分 high-vol A 的調整也合理。但 Dan，你對市場的看法呢？

Yes, I think Andy nailed it pretty well.

是的，我覺得 Andy 已經講得很到位了。

Everyone knew there was going to be highball supply coming on, but at the same time, everybody expected the steel market globally to be stronger than it is today and that a normal seaborne coal market would have absorbed those highball tons.

大家都知道 high-vol 的供給會上來，但同時，大家也原本預期全球鋼鐵市場會比現在更強，而正常的海運煤市場本來應該能吸收那些 high-vol 噸數。

Something like 500,000, maybe probably a little more of new highball tons that are being produced each month that weren't being produced a year or two ago, and those three or four or five vessels per month are finding homes in the spot market at low realizations in Asia, largely. By the being sold by the long wall mines. We've stayed away from most of those low-priced opportunities, we've sell into our better markets and frankly, some of our higher BTU high-ball V tons we're moving into the thermal market at basically the same realizations, we're taking advantage of an improved thermal market to move some tons as well. Wasn't a surprise that the supply would be increasing. I guess a bit of a surprise is that the global economy is a little weaker and particularly due to the steel exports out of China, they continue to hurt our markets in South America and around the world with cheaper imported steel. We need our customers to produce more steel, frankly.

大概每個月有 50 萬噸左右、可能還略多一些的新 high-vol 噸數在生產，這些在一兩年前並不存在；而每月那三、四、五艘船的貨，主要由長壁式（longwall）礦場在亞洲現貨市場以較低的實現價格（realizations）找到去處。我們大多避開了那些低價機會，而是賣到我們較好的市場。坦白說，我們部分較高 BTU 的 high-vol V 噸數也在以差不多的實現價格轉進動力煤市場，利用動力煤市場改善來消化一些噸數。供給增加並不意外；比較意外的是全球經濟偏弱，尤其是中國的鋼材出口持續以更便宜的進口鋼材衝擊南美及全球市場。我們需要我們的客戶多生產一些鋼，坦白說。

And just kind of want to follow-up on that, are there any kind of additional levers that you could pull to adjust your sales mix at all, like maybe to a slightly heavier weight in and low vol versus high vol A or any other kind of adjustments you could do there?

我想追問一下，在這方面你們是否還有其他槓桿可以拉動、來調整銷售組合？例如把比重稍微往低揮發分（low vol）移動、相對降低 high vol A，或做其他類似調整？

Yeah, Matthew, I guess you're my straight man. We have a new mine coming online, Wildcat, that is in production now and will be ramping up over the course of Q3 and Q4. And absolutely, our mix will shift into more lowball. We've had that on our drawing board now for a couple of years, and it's finally rolling out. So short answer is yes.

是的，Matthew，我想你正好問到重點。我們有一座新礦即將投產，Wildcat，目前已經在生產，並會在第三季與第四季逐步爬坡。當然，我們的組合會轉向更多 low vol。我們這個規劃已經畫在藍圖上好幾年了，現在終於開始落地。所以簡短回答：是的。

Well, thank you for your time and best of luck.

謝謝你們的時間，祝一切順利。

We have an additional question from Nick.

我們還有一個來自 Nick 的追加問題。

Yeah, thanks for taking my follow-up. I just wanted to ask about domestic negotiations, which I assume are underway. I mean.

是的，謝謝讓我追問。我想問一下國內合約談判，我猜目前正在進行中。我是說——

US prices have been weaker year-on-year, but I imagine that we're kind of getting close enough to the cost curve that maybe there's some resilience there. So just curious if you had any comments on that thus far.

美國價格年對年走弱，但我想我們可能已經接近成本曲線的位置，因此或許會有一些韌性。想請教你們目前為止是否有任何評論。

Not particularly, Nick, at this point. I mean, everything you said is correct.

目前沒有特別的評論，Nick。我是說，你講的都沒錯。

We've the the domestic prices have gone down in the last couple of years, if you take a look at our customers, the years they're having, they're producing steel and selling it at some pretty high numbers this year and we hope that we'll participate in some of that uplift in the market next year.

過去幾年國內價格確實下滑；但如果你看看我們的客戶、他們今年的狀況，他們在生產鋼材，且今年以相當高的價格在銷售。我們也希望明年能在市場上行中分一杯羹。

And maybe just on that point on the low vol side, I mean, do you see any material change in mix that you would be willing to send domestic versus preserving the optionality for just kind of the better low vol prices in the seaborne market?

另外就 low vol 這一端，我是說，你們是否會願意在配比上做出任何實質改變，把更多量送往國內，而不是保留選擇權、去追求海運市場更好的 low vol 價格？

Not particularly. I think as we wade into the negotiations, we'll see where the customers' interests are, where they align and where they don't.

不會特別。我想在我們逐步進入談判後，會看到客戶的利益點在哪裡、哪些地方一致、哪些地方不一致。

We really don't have a fixed number of, oh, let's sell this much high wall, this much low wall.

我們並沒有一個固定的數字說，喔，我們要賣多少 high vol、多少 low vol。

We have a new mine that we're interested in shipping some of that to customers, obviously, but no, I don't I think we'll.

我們有一座新礦，當然也希望能把其中一些出貨給客戶，但不，我不認為我們會——

We have to hear from the customers and hear what their requirements are first, so it's really premature to get into what that mix will look like.

我們必須先聽客戶怎麼說、了解他們的需求是什麼，所以現在談那個配比會長什麼樣子，還太早。

I will add, let me just add that I'll just add that the demand seems to be good.

我補充一下，讓我補充一下：需求看起來確實不錯。

With as many blast furnaces in North America that are running, the demand for coke should be pretty good this year and therefore the demand for coke and coal should be good, so we would expect.

以北美目前運轉中的高爐數量來看，焦炭需求今年應該相當不錯，因此焦炭與煉焦煤的需求也應該會好，所以我們預期——

Probably in that kind of environment, they'll use more lowball in their mixes to produce higher quality coke in shorter coking times. That's typically what happens in these years.

在那樣的環境下，他們的配煤通常會使用更多 low vol，以在較短的煉焦時間內生產更高品質的焦炭。這通常就是這些年份會發生的情況。

Understood. That's helpful context. We'll stay tuned there and thanks again guys.

了解，這些背景很有幫助。我們會持續關注，並再次感謝各位。

We have reached the end of the question-and-answer session. I will now turn the call over to Andy Edson for closing remarks.

我們已到達問答環節的結束。現在我將把電話交回給 Andy Edson 作結語。

Well, thank you all for your interest in Alpha and for joining our call this morning. We hope you all have a great weekend. Talk to you next quarter.

好的，感謝各位對 Alpha 的關注，也謝謝今天早上加入我們的電話會議。祝各位週末愉快。我們下個季度再聊。

This concludes today's conference. You may disconnect your lines at this time and we thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線，感謝您的參與。