Core Natural Resources Inc (CNR) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Core Natural Resources Inc. third quarter earnings call. (Operator Instructions). This call is being recorded on Thursday, November 6, 2025. I would now like to turn the conference over to Deck Slone, Senior Vice President of strategy. Please go ahead.

女士們、先生們，早安，歡迎參加Core Natural Resources Inc.第三季財報電話會議。（操作說明）本次通話於2025年11月6日星期四進行錄音。現在我將把會議交給策略高級副總裁德克·斯隆。請繼續。

Good morning from Canonsburg, Pennsylvania, everyone, and thanks for joining us today. Before we begin, let me remind you that certain statements made during this call, including statements relating to our expected future business and financial performance, may be considered forward-looking statements according to the Private Securities Litigation Reform Act.

大家早安，這裡是賓州卡農斯堡，感謝各位今天收看我們的節目。在開始之前，請允許我提醒各位，根據《私人證券訴訟改革法案》，本次電話會議中作出的某些陳述，包括與我們預期未來業務和財務業績相關的陳述，可能被視為前瞻性陳述。

Forward-looking statements by their nature address matters that are to different degrees uncertain. These uncertainties, which are described in more detail in the annual and quarterly reports that we file with the SEC, may cause our actual future results to be materially different than those expressed in our forward-looking statements.

前瞻性陳述本質上涉及不同程度的不確定事項。這些不確定因素（我們在向美國證券交易委員會提交的年度和季度報告中進行了更詳細的描述）可能會導致我們未來的實際業績與我們在前瞻性聲明中表達的業績存在重大差異。

We do not undertake to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. I'd also like to remind you that you can find a reconciliation of the non-GAAP financial measures that we plan to discuss this morning at the end of our press release, a copy of which we have posted in the investor section of our website at corenatural resources.com.

除法律另有規定外，我們不承諾更新我們的前瞻性聲明，無論是由於新資訊、未來事件或其他原因。我還想提醒您，您可以在我們今天上午計劃討論的非GAAP財務指標的調節表中找到該調節表，該新聞稿的副本已發佈在我們網站corenatural resources.com的投資者關係部分。

Also participating on this morning's call will be Jimmy Brock, our Chairman and CEO, Mitesh Thakkar, our President and CFO, and Robert Braithwaite, our senior Vice President of Marketing and Sales. After some formal remarks from Jimmy and Mitesh, we will be happy to take questions. With that, I'll now turn the call over to Jimmy. Jimmy.

今天早上參加電話會議的還有我們的董事長兼執行長吉米·布羅克、我們的總裁兼財務長米特什·塔卡爾以及我們的行銷和銷售高級副總裁羅伯特·布雷思韋特。在吉米和米特什作了一些正式演講之後，我們將樂意回答大家的問題。接下來，我會把電話交給吉米。吉米。

Thank you, Deck, and good morning everyone. I am pleased to report that Core Natural Resources had a solid performance in the third quarter despite some operational headwinds. During Q3 '25. We once again generated free cash flow despite weak commodity prices, deployed cash toward our share buyback program.

謝謝Deck，大家早安。我很高興地報告，儘管面臨一些營運上的不利因素，Core Natural Resources 在第三季仍取得了穩健的業績。2025年第三季。儘管大宗商品價格疲軟，我們仍然創造了自由現金流，並將現金投入到我們的股票回購計畫中。

Secured 26 million tons of future business and nearly finalized plans with ISA to recover and reposition the longwall equipment at the Leerout mine. Furthermore, we received the first tranche of insurance recovery for the Leer South fire mitigation efforts.

確保了 2600 萬噸的未來業務，並與 ISA 幾乎敲定了在 Leerout 礦場回收和重新安置長壁設備的計劃。此外，我們收到了利爾南火災減災工作的第一批保險賠償金。

I am also excited to announce that we have verified the presence of noteworthy levels of rare earth elements and critical minerals at our flagship operations in both the eastern and western United States. Now let me dive a little deeper into our operational results. Coal production within the high CV thermal segment came in at 7.6 million tons in Q3 '25 compared to 8 million tons in the prior quarter.

我很高興地宣布，我們已經證實，在美國東部和西部的旗艦礦區中，稀土元素和關鍵礦物的含量都相當可觀。現在讓我更深入地探討一下我們的營運成果。2025 年第三季高 CV 火力煤產量為 760 萬噸，而上一季為 800 萬噸。

During the quarter, our high CV thermal segment reported realized coal revenue of $59.78 per ton and cash cost of $40.53 per ton. Segment cash costs were slightly elevated compared to Q2 '25 due in part to operational challenges we faced at the West Elk mine as it transitioned to a new seam within the reserves. We believe these initial challenges will continue partly through Q4 '25.

本季度，我們的高 CV 動力煤業務部門實現了每噸 59.78 美元的煤炭收入和每噸 40.53 美元的現金成本。與 2025 年第二季相比，該部門的現金成本略有上升，部分原因是西埃爾克礦在過渡到儲量內的新礦層時面臨營運挑戰。我們認為這些初期挑戰將部分持續到 2025 年第四季。

However, the B seam at the West Elk mine will allow us to take advantage of a much thicker coal seam and better-quality characteristics. Which will ultimately drive more favorable productivity, realizations and cash costs. During the quarter, the Pennsylvania mining complex outperformed versus expectations, which partially offset the challenges at West Elk.

然而，西埃爾克煤礦的 B 煤層將使我們能夠利用更厚的煤層和更好的品質特性。這最終將帶來更有利的生產效率、收益和現金成本。本季度，賓州礦業綜合體的表現超出預期，部分抵銷了西埃爾克礦業綜合體面臨的挑戰。

Moving forward to Q4, we expect one to two long wall moves at the Pennsylvania mining complex, depending on its level of outperformance relative to our guidance level for the rest of the year. Let's move on to the metallurgical segment. Coal production within the segment came in at 2.3 million tons in Q325 compared to 2.4 million tons in Q2 '25.

展望第四季度，我們預期賓州礦業綜合體將出現一到兩次長期業績調整，取決於其相對於我們今年剩餘時間業績指引的超額收益水準。接下來我們來看冶金部分。該板塊煤炭產量在2025年第三季為230萬噸，而2025年第二季為240萬噸。

During the quarter, our metallurgical segment reported realized coking coal revenue of $112.94 per ton. And $101.60 per ton across the segment as a whole when factoring in the 372,000 tons of thermal byproducts cells. Cash costs for the quarter came in at $94.18 per ton. Additionally, the metallurgical segment incurred $18 million of cost associated with the Leer South fire and auto related expenses.

本季度，我們的冶金業務部門報告稱，焦煤實際收入為每噸 112.94 美元。如果將 372,000 噸熱副產品電池考慮在內，則整個細分市場的價格為每噸 101.60 美元。本季現金成本為每噸 94.18 美元。此外，冶金部門也因 Leer South 火災和汽車相關費用而產生了 1,800 萬美元的成本。

Offset by $19 million of advance payments on the Leer South insurance claim. Although the cash margins are depressed compared to recent years, I am very proud of the core team's ability to manage and continually work toward reducing costs through this market downturn and to continue to realize positive cash operating margins. Now let me provide a brief update on the Learsout mine.

抵消了 Leer South 保險索賠的 1900 萬美元預付款。儘管與往年相比現金利潤率有所下降，但我為核心團隊在此次市場低迷時期管理並不斷努力降低成本，以及繼續實現正現金營運利潤率的能力感到非常自豪。現在讓我簡單介紹一下利爾索特礦場的最新情況。

After we temporarily refilled the mine in July. We have further advanced our continuous mind sections. At the same time, we have continued to work with the federal and state agencies for reentry plans that will involve recovering, repositioning, and restarting the long loss system.

7 月我們暫時重新填埋了礦井。我們進一步推進了持續思維訓練部分。同時，我們繼續與聯邦和州政府機構合作制定重返計劃，其中包括恢復、重新定位和重啟長期損失系統。

As we approached our entry date in October, the government shutdown resulted in the unavailability of personnel needed for the reentry efforts, and we have been in a holding pattern ever since. Our operating team remains confident that the long wall equipment is largely unaffected and that the mine is ready for re-entry into the long wall section as soon as the personnel are available to participate in the process.

隨著我們原定於 10 月的入境日期臨近，政府停擺導致重新入境工作所需的人員短缺，從此我們一直處於停滯狀態。我們的營運團隊仍相信長壁採煤設備基本上不受影響，一旦人員到位，礦井即可重新進入長壁採煤區。

Now to the Powder River Basin segment. Coal production within the segment came in at 12.9 million tons in Q3 '25 compared to 12.6 million tons in Q2 '25. During the quarter. Our PRB segment reported realized coal revenue of $14.09 per ton and cash cost of $13.04 per ton.

接下來是粉河流域部分。2025 年第三季該產業的煤炭產量為 1,290 萬噸，而 2025 年第二季為 1,260 萬噸。本季期間。我們的 PRB 業務部門報告稱，煤炭實際收入為每噸 14.09 美元，現金成本為每噸 13.04 美元。

Both were lower compared to the prior quarter, mostly due to the federal royalty rate reduction in conjunction with provisions in many of Corp's existing contracts requiring that cost savings associated with certain policy-related changes be passed along to the customer.

與上一季相比，兩項指標均有所下降，主要原因是聯邦特許權使用費率降低，以及公司現有許多合約中的條款要求將與某些政策相關變更相關的成本節約轉嫁給客戶。

From a consolidated perspective, despite operational headwinds, uncertainty surrounding the timing of re-entry at Leer South, and weak benchmark prices, we still return more than 60% of our Q3 '25 free cash flow to shareholders. We deployed $19 million to share repurchases and an additional $5 million to dividends.

從整體來看，儘管面臨營運逆風、Leer South重新上市時間的不確定性以及基準價格疲軟等問題，我們仍然將2025年第三季超過60%的自由現金流返還給股東。我們投入了 1,900 萬美元用於股票回購，另投入 500 萬美元用於分紅。

In addition, we announced this morning that the board of directors have declared a $0.10 per share dividend payable on December 15 to stockholders of record on November 28. From a year to day perspective, we have returned $218 million to our shareholders, or approximately 100% of our free cash flow generation through our robust capital return program.

此外，我們今天上午宣布，董事會已宣布派發每股 0.10 美元的股息，並將於 12 月 15 日支付給 11 月 28 日登記在冊的股東。從一年的時間跨度來看，我們透過強有力的資本回報計劃，已向股東返還了 2.18 億美元，約占我們自由現金流的 100%。

As stated in prior quarters, Core will continue to follow a measured approach to shareholder returns by targeting around 75% of our free cash flow to be utilized primarily for share buybacks, as well as a small sustaining dividend, leaving the potential to flex that percentage up depending upon market conditions.

如前幾季所述，Core 將繼續採取穩健的股東回報策略，目標是將約 75% 的自由現金流主要用於股票回購，以及少量維持性股息，並根據市場情況靈活調整該比例。

With that, let me now turn to a topic that could provide potential future optionality for Core, rare earth elements, and critical minerals. Over the last several months, we have completed exploration and sampling at our PRB mines and eastern operations to analyze the concentrations of critical minerals within our reserves. We are intrigued by our findings across both our PRB mines and eastern operations.

接下來，我想談談一個可能為核心、稀土元素和關鍵礦物提供未來潛在選擇的主題。在過去的幾個月裡，我們完成了PRB礦場和東部作業區的勘探和取樣工作，以分析我們儲量中關鍵礦物的濃度。我們對在PRB礦區和東部作業區取得的發現感到非常感興趣。

The result in the PRB demonstrated elevated ash base concentration of certain rare earth elements and critical minerals, particularly at the top and bottom of the coal seam. In the east, while measured ash base's concentration were somewhat less elevated than in the PRB operations, the very large flow rates at the PMC, Leer and Learouts operations could offer unique opportunities for further upgrading.

PRB 的結果顯示，某些稀土元素和關鍵礦物的灰基濃度較高，尤其是在煤層的頂部和底部。在東部，雖然測得的灰基濃度比 PRB 作業區略低，但 PMC、Leer 和 Learouts 作業區的大流量可能為進一步純化提供獨特的機會。

As a result of these findings, we are engaging with several subject matter experts to explore feasibility in advance of potentially launching an RFP process. Now, let me touch on some of the early operational successes we've had in integrating our two legacy companies and creating a stronger Core natural resources.

根據這些發現，我們正在與幾位主題專家合作，探討在可能啟動 RFP 流程之前的可行性。現在，讓我談談我們在整合兩家傳統公司並打造更強大的核心自然資源方面取得的一些早期營運成功。

We've executed several best practices across the operations, such as implementing more standardized production schedules to optimize our runtime and labor expense. Sharing equipment and resources for special projects such as longwall moves and leveraging our scale with suppliers to secure discounts on equipment and services.

我們在營運中實施了多項最佳實踐，例如實施更標準化的生產計劃，以優化運行時間和人工成本。共享設備和資源，用於長壁作業搬遷等特殊項目，並利用我們的規模優勢與供應商協商，以獲得設備和服務的折扣。

We continue to leverage our strong logistical network and diverse quality characteristics to create value uplift opportunities for our products through product blending. These are just a few examples of the merger-related synergies that positively impact our bottom line, and while we are confident in our ability to create value across the market cycle and to capitalize in a very substantial way when the market turns.

我們將繼續利用我們強大的物流網絡和多樣化的品質特性，透過產品混合為我們的產品創造價值提升機會。以上僅列舉了併購帶來的綜效的幾個例子，這些綜效對我們的獲利產生了正面影響。我們有信心在整個市場週期中創造價值，並在市場轉向時獲得巨大的收益。

Our focus for the fourth quarter is to execute operationally. We are prepared and ready to breach the seals at Leer South as soon as IA personnel are available. We have a solid plan in place and expect to have the wall up and running before year end. However, certain aspects of the timing are out of our control.

我們第四季的重點是執行營運策略。我們已做好準備，一旦內務人員到位，即可立即解除利爾南區的封鎖。我們已經制定了完善的計劃，預計在年底前就能建成並投入使用這堵牆。然而，時間安排上的某些方面是我們無法控制的。

We remain in close contact with state and federal agencies at West Elk, we continue to work through the transitions to the B seam and are optimistic about the operational benefits that we will realize from this thicker coal seam. We expect these efforts during the fourth quarter will set us up for a performance step change in 2026.

我們與西埃爾克州和聯邦機構保持密切聯繫，我們繼續推進向 B 煤層的過渡工作，並對從這更厚的煤層中獲得的營運效益持樂觀態度。我們預計第四季度的這些努力將為我們在 2026 年實現業績的飛躍式成長奠定基礎。

Due to our low cost asset base, advanced logistics network, and diverse product quality, we are uniquely positioned to generate strong cash flow and shareholder value in all parts of the commodity cycle. Now, let me turn the call over to Mitesh to provide the marketing and financial update.

由於我們擁有低成本的資產基礎、先進的物流網絡和多樣化的產品質量，我們在商品週期的各個階段都具有獨特的優勢，能夠創造強勁的現金流和股東價值。現在，我把電話交給米特什，讓他來介紹一下行銷和財務的最新情況。

Thank you, Jimmy, and good morning, everyone. Let me start by providing an update on our financial results for the quarter. This morning we reported a strong third quarter 2025 financial performance despite operational challenges at two mines within our footprint. We achieved net income of $32 million or $0.61 per dilutive share and adjusted EBITDA of $141 million.

謝謝你，吉米，大家早安。首先，讓我向大家報告本季的財務表現。今天上午，我們公佈了 2025 年第三季強勁的財務業績，儘管我們業務範圍內的兩座礦場面臨營運挑戰。我們實現了淨收入 3,200 萬美元，即每股攤薄收益 0.61 美元，調整後 EBITDA 為 1.41 億美元。

The reported adjusted EBITDA includes $19 million of insurance recovery advancements for Leer South, offsetting $18 million in Leer South fire and idle costs that were incurred in the quarter. Furthermore, we generated $88 million of operating cash flow and spent $49 million in capital expenditures to generate $39 million of free cash flow.

報告的調整後 EBITDA 包括 Leer South 的 1,900 萬美元保險賠償預付款，抵消了 Leer South 本季發生的 1,800 萬美元火災和閒置成本。此外，我們產生了 8,800 萬美元的營運現金流，並投入了 4,900 萬美元的資本支出，產生了 3,900 萬美元的自由現金流。

Our operating cash flow was impacted by negative working capital changes of $52 million mostly related to increases in our accounts receivable and coal inventory balances versus the prior quarter. However, both of these are timing related. At the end of the third quarter we had total liquidity of $995 million an increase of $47 million compared to the end of the second quarter.

我們的營運現金流量受到營運資本負向變動 5,200 萬美元的影響，這主要是由於與上一季相比，我們的應收帳款和煤炭庫存餘額增加所致。然而，這兩者都與時間有關。第三季末，我們的總流動資金為 9.95 億美元，比第二季末增加了 4,700 萬美元。

This increase was driven by a higher cash balance plus the increased availability on our combined securitization facility. As a reminder, we completed a successful refinancing transaction during the third quarter whereby we combined the legacy AR securitization programs into one facility.

這一增長主要得益於現金餘額增加以及我們綜合證券化融資工具可用資金的增加。提醒一下，我們在第三季成功完成了一項再融資交易，將原有的應收帳款證券化專案合併為一個融資工具。

This combination provides greater availability on the facility due to a broader and more diverse customer base, which in turn improves the risk profile of our overall receivables. We'd like to thank our banking partners for their continued and expanding support. Let me update you on the marketing front.

這種組合由於客戶群更廣泛、更多樣化，提高了融資管道的可用性，進而改善了我們整體應收帳款的風險狀況。我們衷心感謝銀行夥伴一直以來不斷擴大的支持。讓我向您報告一下行銷方面的情況。

In the domestic market, recent policy shifts under the Trump administration have created more support for domestic coal by lowering production and royalty-related costs, providing a more stable regulatory environment, and allocating funds to extend the life of coal-fired power plants, effectively keeping coal plants operating and reinforcing the central role of coal in the US energy mix.

在國內市場，川普政府最近的政策轉變透過降低生產和特許權使用費相關成本、提供更穩定的監管環境以及撥款延長燃煤電廠的使用壽命，為國內煤炭提供了更多支持，有效地維持了燃煤電廠的運營，並加強了煤炭在美國能源結構中的核心地位。

Through September, US power demand has remained robust, with coal-fired generation increasing by approximately 12% year-to-date. However, some of the specific markets we serve are up even more. For example, the PGM RTO is up approximately 16% on a year-to-date basis. Not only has energy demand continued to increase this year, but it is expected to increase for years to come.

截至9月份，美國電力需求依然強勁，今年迄今燃煤發電量成長了約12%。然而，我們服務的某些特定市場的漲幅甚至更大。例如，PGM RTO 今年迄今上漲了約 16%。今年能源需求不僅持續成長，而且預計未來幾年將繼續成長。

Data center buildout has been a large part of this increased power demand, and by the end of 2025, the data centers in the US will require 22% more grid power than last year. Furthermore, it is estimated that US data centers will consume nearly 3 times as much power by 2030 than they do today.

資料中心建設是造成電力需求成長的主要原因之一，到 2025 年底，美國的資料中心將比去年多消耗 22% 的電網電力。此外，據估計，到 2030 年，美國資料中心的耗電量將是現在的近 3 倍。

As such, US data center demand is expected to rise to almost 76 gigawatts in 2026, 108 gigawatts in 2028, and 134 gigawatts in 2030. This data center demand boom has caused many electric utilities to look at their long-term load capacities, which has driven a significant shift in how they think about contracting future energy supply.

因此，預計到 2026 年，美國資料中心的需求將上升至近 76 吉瓦；到 2028 年將上升至 108 吉瓦；到 2030 年將上升至 134 吉瓦。資料中心需求的激增導致許多電力公司重新審視其長期負載能力，這極大地改變了他們考慮未來能源供應合約的方式。

We have seen a noticeable shift to longer-term deals for our thermal products and our low cost operations allow us to proactively layer in term business costs competitively. On the international thermal front, a prolonged monsoon season and weakness in the Indian rupee have dampened near-term demand. However, longer-term fundamentals remain unchanged.

我們發現，我們的熱能產品交易明顯轉向長期合同，而我們低成本的營運使我們能夠主動地以具有競爭力的價格增加長期業務成本。在國際熱力方面，季風季節延長和印度盧比疲軟抑制了近期需求。然而，長期基本面依然不變。

Cement demand in India is expected to grow approximately 50% by 2030 versus 2024 levels, and our high CV thermal product coupled with our strategic logistical network, while the ownership of our Baltimore terminal is well positioned to take advantage. In addition, in late September, India removed a special compensation Cess tax which will support demand growth.

預計到 2030 年，印度的水泥需求將比 2024 年增長約 50%，而我們高 CV 的熱能產品，加上我們戰略性的物流網絡，以及我們擁有的巴爾的摩碼頭，都使我們處於有利地位，能夠從中受益。此外，印度在9月下旬取消了一項特別補償稅，這將有助於支持需求成長。

Looking ahead internationally for coking coal, global steel prices continue to face pressure due primarily, in our view, to macro conditions. However, we remain highly constructive on the longer-term fundamentals given the buildout of blast furnaces across Southeast Asia to support strong projected increases in steel demand and infrastructure buildout.

展望未來，國際煉焦煤市場方面，我們認為全球鋼鐵價格持續面臨下行壓力，這主要是由於宏觀經濟情勢所致。然而，鑑於東南亞各地高爐建設的推進，預計鋼鐵需求將強勁增長，基礎設施也將不斷建設，我們對長期基本面仍然非常樂觀。

At the same time, momentum behind Europe's green steel transition is slowing as governments face significant cost barriers, particularly related to hydrogen supply and energy infrastructure. On the supply side we continue to believe that years of underinvestment, as well as degradation and depletion of the global reserve base will act to constrain global metallurgical supply while exerting upward pressure on prices.

同時，由於各國政府面臨巨大的成本障礙，特別是與氫氣供應和能源基礎設施相關的成本障礙，歐洲綠色鋼鐵轉型的勢頭正在放緩。在供應方面，我們仍然認為，多年的投資不足以及全球儲備基礎的退化和枯竭將限制全球冶金供應，同時對價格施加上行壓力。

This market landscape lays the backdrop for our contracting progress. Due to the desirability of our products, our marketing team was able to expand our contract book for 2026. On the thermal side, we increased our high CV bulk by approximately 4 million tons to a sold position of nearly 17 million tons in total.

目前的市場環境為我們的合約簽訂進程奠定了基礎。由於我們的產品很受歡迎，我們的行銷團隊得以擴大 2026 年的合約。在熱電方面，我們高CV散貨增加了約400萬噸，總銷量接近1700萬噸。

For the powder of our basin, we increased our sole position by approximately 8 million tons, raising our 2026 contracted book to more than 40 million tons. Due to the nature of the metallurgical segment, long-term contracting is less prominent, and pricing in the international arena is generally index-legged. However, our current metallurgical segment has nearly 3 million tons contracted for 2026.

對於我們盆地的粉煤灰，我們增加了約 800 萬噸的獨家持倉，使我們 2026 年的合約訂單量超過 4000 萬噸。由於冶金行業的性質，長期合約並不突出，國際市場上的定價通常受指數影響。然而，我們目前的冶金業務部門已簽訂了近 300 萬噸的 2026 年訂單。

With approximately 500,000 of those tons slated for delivery to North American customers. Furthermore, we remain in negotiations with additional North American customers for potential contract volume, and they expect to provide more color on our next earnings call regarding pricing. Now, let me provide a quick update on our outlook for the remainder of 2025.

其中約有 50 萬噸計劃交付給北美客戶。此外，我們仍在與北美其他客戶就潛在的合約量進行談判，他們預計將在下次財報電話會議上提供更多有關定價的細節。現在，讓我簡要介紹一下我們對 2025 年剩餘時間的展望。

For the high CV thermal segment, we are maintaining our guidance for sales volumes while reducing our price range to $60 to $61 per ton. Additionally, we are raising our cash cost guidance by $1 to a range of $39 to $41 per ton. This increase is primarily a result of the West Elk operational challenges that Jimmy mentioned earlier.

對於高 CV 熱力燃燒領域，我們維持銷售量預期，同時將價格區間下調至每噸 60 至 61 美元。此外，我們預期現金成本上調 1 美元，至每噸 39 美元至 41 美元。這一增長主要是由於吉米之前提到的西埃爾克運營方面的挑戰造成的。

On the metallurgical front, due to the timing of the Learout long wall restart, we are lowering our coking coal sales volume guidance to a range of 7.4 million to 7.8 million tons. On the cash cost side, we anticipate a similar cost structure in the fourth quarter as incurred in the third quarter. Therefore, we are decreasing our cash cost guidance for the segment to a range of $93 to $97 per ton.

在冶金方面，由於 Learout 長壁煤礦重啟的時間安排，我們將煉焦煤銷售量預期下調至 740 萬至 780 萬噸。在現金成本方面，我們預期第四季的成本結構與第三季類似。因此，我們將該業務板塊的現金成本預期下調至每噸 93 至 97 美元。

We also anticipate spending $15 million to $25 million in idle and fire mitigation costs during the fourth quarter as we work to restart the Leer South wall. For the PRB segment, we are again increasing our sales volume guidance to a range of 47 million to 49 million tons, and our committed and priced position has increased to 48 million tons at a realized coal revenue of approximately $14.46 per ton.

我們還預計在第四季度花費 1500 萬至 2500 萬美元用於停工和火災緩解費用，因為我們將努力重啟 Leer South 牆體。對於 PRB 板塊，我們再次將銷售量預期提高到 4,700 萬至 4,900 萬噸，我們已承諾和定價的煤炭供應量已增加到 4,800 萬噸，實際煤炭收入約為每噸 14.46 美元。

We're maintaining a cash cost per ton guidance range. On the capital expenditures front, we took advantage of attractive equipment financing throughout the year and are lowering our capital expenditure guidance by $40 million to a range of $260 million to $290 million. Now, let me pass it back to Jimmy for some quick closing remarks before we open the call for Q&A.

我們維持每噸現金成本的指導範圍。在資本支出方面，我們全年都利用了有吸引力的設備融資，並將資本支出指導下調了 4,000 萬美元，至 2.6 億美元至 2.9 億美元之間。現在，我把麥克風交還給吉米，讓他做個簡短的總結發言，之後我們將進入問答環節。

Thank you, Mitesh. In closing, for the remainder of 2025, we will be focused on a few key areas that we believe will set us up for success moving forward. First, continue to work with [Amisha] and focus on the restart of the long haul at Lear South at the earliest possible date. In addition, we will drive forward with the completion of the transition at West Elk.

謝謝你，米特什。最後，在 2025 年剩餘的時間裡，我們將專注於幾個關鍵領域，我們相信這些領域將為我們未來的成功奠定基礎。首先，繼續與 [Amisha] 合作，並專注於儘早重啟 Lear South 的長途運輸業務。此外，我們將繼續推動西埃爾克過渡工作的完成。

Second, we will continue to focus on running our operations as safely and efficiently as possible. The PMC, Lear, PRB, and continuous minor operations ran very efficiently during the third quarter. Third, we will continue to focus on managing our spending levels to maximize our cash margins throughout the cycle, despite the weaker benchmark prices we are experiencing today.

其次，我們將繼續專注於以盡可能安全且有效率的方式進行營運。第三季度，PMC、Lear、PRB 和持續小規模營運都非常有效率。第三，儘管目前基準價格走弱，我們仍將繼續專注於管理支出水平，以在整個週期中最大限度地提高現金利潤率。

Fourth, we are prioritizing filling out our sales book in 2026 and beyond. We have layered in nearly 26 million tons of forward contracts, which provides significant revenue visibility as we move into 2026. Finally, let me finish by recognizing our employees. All of our employees are working well together to ensure we develop Core Natural Resources into the premier coal company we envisioned it to be.

第四，我們將優先完成 2026 年及以後的銷售計畫。我們已經簽訂了近 2,600 萬噸遠期合約，這為我們邁入 2026 年提供了顯著的收入可見度。最後，請允許我向我們的員工表示感謝。我們全體員工齊心協力，確保將核心自然資源公司發展成為我們設想中的一流煤炭公司。

Despite the government shutdown, the team has continued to focus on the controllables and stands ready to execute our long-haul recovery plan. The core team is adept at navigating the cyclical nature of the coal markets, and we have successfully managed our costs while focusing on our core values of safety and compliance, continuous improvement, and financial performance.

儘管政府停擺，團隊仍專注於可控因素，並隨時準備好執行我們的長期復甦計畫。核心團隊擅長應對煤炭市場的周期性波動，我們在專注於安全合規、持續改進和財務績效等核心價值的同時，成功地控制了成本。

With that, I will hand the call back over to the operator to begin the Q&A portion of our call. Operator, can you please provide the instructions to our callers?

接下來，我將把電話交還給接線員，開始我們通話的問答環節。接線生，請您為來電者提供操作說明好嗎？

Thank you, (Operator Instructions). Nate Martin from Benchmark Company.

謝謝你，（操作說明）來自 Benchmark 公司的 Nate Martin。

Thanks, operator. Good morning, everyone. Maybe we just start on West Elk obviously you guys had that move to BC, just looking for a little more color there, some reports out, that there may have been some elevated methane levels. Should there be any ongoing costs or production impacts from that, then how should we think about cost and production from that mine heading into 2026 at a full run rate?

謝謝接線生。各位早安。或許我們可以先從西埃爾克開始，顯然你們已經搬到了卑詩省，只是想了解更多情況，有一些報道稱那裡的甲烷含量可能偏高。如果由此產生任何持續的成本或生產影響，那麼我們應該如何看待該礦在 2026 年全面投產時的成本和產量？

Hi Nate, yeah, that's a good question. So West Elk, as we said earlier, we did have some methane issues there, it was not any safety concerns. We just had to keep it that way for our employees. So we, the team went out, managed some ventilation. We made a few control changes there, and we believe that we have the methane situation put behind us. We haven't had any elevated methane readings since we did that.

嗨，內特，嗯，問得好。正如我們之前所說，西埃爾克確實存在一些甲烷問題，但這並不構成任何安全隱患。我們必須為了員工的利益而維持現狀。於是我們團隊出去，設法進行了一些通風。我們在那裡進行了一些控制方面的調整，我們相信甲烷問題已經解決。自從那次檢查之後，我們沒有再偵測到甲烷濃度升高。

And then fast forward after we were running, we ran up against what we were calling our safe zone or stop margin to whereas we had to dewater the [ethem]. So that was over land, the seam we were mining. The team got started on that as quickly as they could, and that's what slowed us down here. The second part the good news is I believe by early next week we will have West Elk back up and running.

然後快進到我們運行之後，我們遇到了我們所謂的安全區或停止餘地，而我們不得不停止運行。[ethem].所以，我們開採的煤層是在陸地上。團隊以最快的速度著手處理這件事，這也拖慢了我們的進度。第二個好消息是，我相信到下週初，西埃爾克就能恢復營運。

And I look forward to what we can get done there. I think it will be a low cost as we talked before. I really like the quality of the coal and excited about what we can do with that in a marketplace. So in short, very excited about the future of West Elk, and I think we'll have most of those problems behind us for the remainder of the year.

我期待著我們在那裡能取得的成果。我認為正如我們之前討論的那樣，成本會很低。我非常喜歡這種煤炭的品質，也很興奮我們能用它在市場上做些什麼。總之，我對西埃爾克的未來感到非常興奮，我認為在今年剩下的時間裡，我們將克服大部分問題。

Of course mining is mining, some little things could come up, but those things that stopped us from mining, I think we have those under control now.

當然，採礦就是採礦，可能會出現一些小問題，但那些曾經阻礙我們採礦的問題，我認為我們現在已經控制住了。

Appreciate those thoughts, Jimmy. Maybe one for Rob on the marketing side. Rob, could we get a breakdown of the now it looks like 17 million tons of committed in price high CV for '26, and then any commentary on the pricing of those tons as well as the 40 million tons of PRB coal you guys called out.

感謝你的關心，吉米。或許行銷方面的工作可以交給羅布。Rob，能否詳細分析目前看來 2026 年已承諾交付的 1700 萬噸高價 CV 煤炭，以及你們提到的 4000 萬噸 PRB 煤炭的定價情況？

Yeah, Nate, no problem. One thing I will say is I certainly am pleased with the team and their efforts in the last quarter, as Mitesh mentioned, his prepared remarks. You know we had 26 million tons of new sales, and what I like about that too is, we're looking at sales on the high CB segment alone going all the way out through 2030.

好的，內特，沒問題。正如米特什在事先準備好的演講稿中提到的那樣，我必須說，我對球隊以及他們在上個季度的努力感到非常滿意。你知道我們新增了 2,600 萬噸銷量，我喜歡的一點是，我們預計僅高 CB 細分市場的銷量就能持續到 2030 年。

So it's certainly providing us a lot of good visibility as we move forward and the other thing that's very encouraging is these utilities are contracting out, longer-term duration. So I think that they are seeing the benefits of the data center demand coming online and they're contracting forward but for 2026 alone. Of the 17 million tons of high CV, 14 million of that is PAC, about 10 million domestic, 4 million export.

因此，這無疑為我們未來的發展提供了良好的前景，而另一件非常令人鼓舞的事情是，這些公用事業公司正在簽訂更長期的合約。所以我認為他們看到了資料中心需求上線帶來的好處，他們正在縮減未來的訂單，但僅限於 2026 年。在1700萬噸高CV值產品中，1400萬噸為PAC，其中約1000萬噸用於國內，400萬噸用於出口。

Majority of that export is index linked, so again we have some upside there, if API 2 prices continue to rise as we've seen in the coming or in the, recent weeks, and about 3 million tons of that is West Elk, from a pricing standpoint we're looking at upper 50s right now basis a $105 API 2 price. So if we see that rise in al '26, that certainly is going to afford us the ability to increase that price.

大部分出口都與指數掛鉤，所以如果 API 2 價格像我們最近幾週看到的那樣繼續上漲，我們又有一些上漲空間。其中約 300 萬噸是西埃爾克湖的原油，從定價的角度來看，以每噸 105 美元的 API 2 價格計算，我們目前預計每噸原油的價格在 50 美元以上。所以，如果我們看到 al '26 上漲，那肯定會讓我們有能力提高價格。

And then on the PRB side, as we mentioned, approximately 41 million tons and we're seeing pricing in the low to mid 14s on that.

然後，正如我們所提到的，PRB 地區的產量約為 4,100 萬噸，我們看到其價格在 14 噸/噸左右。

Okay, great, Rob, and then any comments? I mean, I think it was Mitesh mentioned roughly half a million tons of fixed price domestic coal for '26. Any comments around the pricing there, would be helpful as well.

好的，羅布，還有什麼要補充的嗎？我的意思是，我記得米特什提到過，2026 年將有大約 50 萬噸固定價格的國內煤炭供應。如果您對那裡的價格有任何意見，也請不吝賜教。

Yeah, we'll provide that on the next call. Nate, again, we're still in the middle of negotiations, but I'm very encouraged of what we're seeing there. A lot of that is high vol call that we've put to bed domestically, but again, we'll give a better update, a clear update on the next call, but I would anticipate that number increasing as, when we do report next.

好的，我們會在下次通話中提供。內特，我們仍在談判中，但我對目前的情況感到非常鼓舞。其中許多都是高成交量交易，我們已經在國內解決了，但是，我們會在下次電話會議上給出更詳細的更新，但我預計下次報告時，這個數字會增加。

Okay, great, and then maybe just one final question before I pass it on, first tranche of insurance proceeds received, how should we kind of think about the potential range from that insurance and business interruption recoveries from Leer South, Mitesh, I think you mentioned previously maybe around 1$00 million, but it would just be great to get an update there. Thank you.

好的，太好了，在我把問題轉交給你之前，可能還有一個問題。關於收到的第一批保險賠償金，我們應該如何看待從 Leer South 獲得的保險賠償和業務中斷補償的潛在範圍？ Mitesh，我想你之前提到可能在 10 萬美元左右，但最好能得到最新的資訊。謝謝。

So, I think, Nate, if you look at the year-to-date we have spent about $75 million on fire and idling cost, and we are guiding to another. Let's call it $15 million to $25 million for the fourth quarter. So if you add that up, I think, just from filing at idling cost we're approaching $100 million. And then, on top of it you have to apply the residual business interruption, claim as well.

所以，內特，我認為，如果你看一下今年到目前為止，我們已經在火災和怠速成本上花費了大約 7500 萬美元，而且我們預計還會有另一年。我們暫且把第四季的營收定在 1,500 萬美元到 2,500 萬美元之間。所以，如果你把這些加起來，我認為，光是閒置成本計算，我們就接近 1 億美元了。此外，你還必須申請剩餘的業務中斷索賠。

So I think we are definitely in three digits here so I think, we'll continue to track that and as we submit the claims we'll keep your price, I think. We're not waiting for the full claim to play out. We're starting to put advanced claims in as we incur costs as a starting point.

所以我覺得我們肯定已經達到三位數了，我們會繼續追蹤情況，提交索賠後，我們會保持你們的價格。我們不會等到整個索賠過程都結束才行動。作為起點，我們開始在產生費用時就提出預先索賠。

I think our next step is to go ahead with the business interruption claim as well, and you're going to start trickling that in as well. So we are very optimistic of where we will end up with the overall insurance claim.

我認為我們的下一步是繼續推進業務中斷索賠，你也需要開始逐步提交索賠資料。因此，我們對最終的保險理賠結果非常樂觀。

Appreciate that update Mitesh. I'll pass it on for now. Best of luck in the fourth quarter.

感謝你提供的最新消息，米特什。我暫時先轉交一下。祝你在第四節比賽中好運。

Thank you.

謝謝。

Thanks Nate.

謝謝你，內特。

Next question comes from Nick Giles of B. Riley Securities. Go ahead.

下一個問題來自 B. Riley Securities 的 Nick Giles。前進。

Thank you, operator. Good morning everyone. Just wanted to follow-up on the high CB cost side and really gauge your level of confidence in your PAMC Longwalls operations, maintaining their low costs, and if there's any room for improvement.

謝謝接線生。大家早安。我只是想跟進一下CB成本高的問題，並真正了解您對PAMC長壁採煤作業的信心程度，能否保持低成本，以及是否有任何改進空間。

I think I, if West Elk costs were to improve around $10 a ton, I would back into a benefit of around $2 which would keep the segment costs maybe slightly more elevated than recent years. So just appreciate any any color there.

我認為，如果西埃爾克的成本每噸降低 10 美元左右，我就能收回大約 2 美元的成本，這將使該部分的成本比近年來略高一些。所以，盡情欣賞那裡的任何顏色吧。

Nick, I think when you look at cost, it's something, as you well know, that we work on continuously all the time. But one thing that got the high CB segment a little bit out of line was the unfortunate production shortfall we had from the West Elk mine, which obviously would be a little higher cost. I think you're in the ballpark with the numbers.

尼克，我認為當你考慮成本時，正如你所知，這是我們一直在持續努力解決的問題。但高CB板塊出現一些偏差的原因之一是西埃爾克礦的產量不幸下降，這顯然會導致成本略高一些。我認為你的數字基本上準確。

I mean, I like to see the Pennsylvania mining complex, running cash costs. Where we ran in the past somewhere around $37 to $39, we think we can stay there and then when I look at the West Elk, we've got to see what that mine does when we're running it very consistently full out all the time with no delays, but I do really believe that I can get it somewhere down.

我的意思是，我樂於看到賓州的礦業綜合體，以及現金成本的運作。過去我們營運的礦場價格在 37 到 39 美元左右，我們認為可以維持在這個水準。至於西埃爾克礦，我們得看看如果一直滿載運轉，沒有延誤，那座礦山的價格會是多少，但我真的相信我可以把它降下來。

And somewhere we should be low 30s, somewhere in there for cost for West Elk. So obviously that will help the overall cost structure of our operations there on the high CB side.

西埃爾克的成本應該在 30 美元左右，大概在這個範圍內。顯然，這將有助於降低我們在高CB側的整體營運成本結構。

Hey Nick, and it's Deck. Listen, another point I think that's interesting is, as Rob discussed for the 17 million tons of high CV thermal, we've committed, maybe a small step down in terms of average price, at this point, when we look at 2025 versus 2026. The cost reduction, should be with West Elk now being sort of, pulling average costs down as opposed to being sort of, a force to pull those costs up.

嘿，尼克，我是德克。聽著，我認為還有一點很有意思，正如羅布討論過的，對於1700萬噸高CV熱值燃料，我們已經承諾，在2025年與2026年相比，平均價格可能會略有下降。降低成本的趨勢應該是西埃爾克公司拉低平均成本，而不是像以前那樣推高成本。

Sustaining that margin, maybe even improving upon that margin in 2026 is probably entirely realistic in what we're targeting. So, that contribution from the high CV thermal segment, could at a minimum stay sideways even with a little bit of a diminution on the price, and perhaps could expand a bit.

在我們設定的目標範圍內，維持這一利潤率，甚至在 2026 年提高這一利潤率，可能是完全現實的。因此，即使價格略有下降，高 CV 熱敏電阻部分的貢獻至少能保持平穩，甚至可能略有成長。

Guys, I appreciate that. I wanted to ask a similar question on the Mets side. As we look to 2026 when Lear South is back up and running, how should we think of costs at that mine specifically, and how does that translate to the entire segment?

各位，我很感激。我想就大都會那邊問一個類似的問題。展望 2026 年 Lear South 礦場恢復運營，我們應該如何看待礦場的具體成本，以及這些成本將如何影響整個業務板塊？

Well, obviously Leer South is really hurting us on the metallurgical setting at this time. We get it back up and running, we've had a schedule change there, Nick, as well. I think the mine is going to run a lower cost than what's been there.

顯然，目前李爾南方在冶金領域對我們造成了很大的影響。我們恢復運行後，那邊的日程安排也做了調整，尼克，也是。我認為這座礦的營運成本會比以前低。

We'll have to see how that turns out, but I would think it would be very similar to what we're running, at our leer mine and perhaps even a little better with the schedule change that we've made there. So we'll have to wait and see on that. I really want to get that mine back up and running, we've got to recover the shields, get the face set up.

我們得看看結果如何，但我認為它應該和我們利爾礦的運作情況非常相似，而且由於我們在那裡進行了進度調整，情況甚至可能會更好一些。所以，我們只能拭目以待了。我真的很想讓那個礦井重新運轉起來，我們必須找回防護罩，把井口建好。

The team there has done an outstanding job and hasn't been in, the best possible environment there where they couldn't run the long wall, but they have advanced their mining sections and they've got the new face set up and ready. So I'm really excited what Leer South can bring to the table in 2026.

那裡的團隊做得非常出色，雖然他們所處的環境並非最佳，無法進行長壁開採，但他們已經推進了採礦部分的作業，新的工作面已經準備就緒。所以我非常期待 Leer South 在 2026 年能帶來什麼。

And Nick, if you think about the broader metallurgical coal portfolio, we're going to have more tons coming out of longwall mines compared to CM mines. So there's going to be some tailwinds tied to that as well.

尼克，如果你從更廣泛的冶金煤組合來看，與傳統煤礦相比，長壁煤礦的產量將會更高。所以，這方面也會有一些利多因素。

Great, one last one on that if I could, do we have any clarification on the total number of net tonnage that will be subject to the 45x credits in 26?

好的，如果可以的話，我最後一個問題，關於26年將適用45倍抵免的淨噸位總數，我們是否有任何澄清？

Yeah, so, Nick, it's Deck, and listen, I would say this, that is very clearly, capabilities test when you look at sort of how the legislation is written. So certainly, all of our metallurgical coal and metallurgical segment should qualify. But when you also consider the tons being produced at PAMC, what we're sending into the metallurgical market and selling to steel producers is really a standard blend.

是的，尼克，我是德克，聽著，我想說的是，當你仔細研究立法條文時，就會非常清楚地看到能力測試。因此，我們所有的冶金煤和冶金業務部門當然都應該符合資格。但考慮到 PAMC 的產量，我們輸送到冶金市場並賣給鋼鐵生產商的實際上是一種標準混合物。

So across that full 26 million tons, all of those tons are suitable for use in the production of seal, so we certainly believe that those tons should qualify again it's fairly clear that this is about capability, not end market.

因此，在這 2600 萬噸中，所有這些噸都適合用於生產密封件，所以我們當然相信這些噸應該再次符合要求，很明顯，這關乎能力，而不是最終市場。

We would say this if the coking coal market were large enough, we could sell all 26 million tons of PAMC into that market. So, that's our belief that we would get, we would qualify on that front, so we can talk further about it offline, but, just an initial reaction.

如果煉焦煤市場夠大，我們可以把全部 2,600 萬噸 PAMC 都賣到那個市場。所以，我們認為我們會得到，我們會符合那個條件，所以我們可以私下進一步討論，但這只是初步反應。

No, Deck, that's really encouraging, guys, I appreciate all the color a really nice update. Keep up the good work.

不，Deck，這真是太令人鼓舞了，夥計們，我很欣賞所有這些色彩，這是一次非常棒的更新。繼續保持！

Thank you.

謝謝。

George Eadie out of UBS.

喬治·伊迪離開了瑞銀集團。

Yeah, good day, Jimmy, Mitesh, Rob, and Deck. Can I firstly just ask about the rare? So just sort of a call specifically and financially speaking, do you think it's more perspective in the PRB or East Coast, and maybe also remind us what are the latest on discussions with the government?

好的，Jimmy、Mitesh、Rob 和 Deck。我可以先問一下關於稀有物品的問題嗎？所以，就具體到財務方面，您認為PRB還是東岸的情況比較樂觀？另外，能否也提醒我們與政府討論的最新進展？

Jimmy spoke about before, subject matter experts, but are the government getting involved here potentially too, in underwriting financing and or prices?

吉米之前提到相關領域的專家，但是政府是否有可能也參與其中，例如承銷融資或定價？

Well, we've been diligently evaluating the potential to recover rare earth elements and critical minerals from our eastern and western mining operations, that's what we said in the script, that work's ongoing, but it's still in the early stages. But I will say the question is not whether rare earth elements and critical minerals exist at these operations.

嗯，我們一直在認真評估從東部和西部礦區回收稀土元素和關鍵礦物的潛力，我們在劇本裡是這麼說的，這項工作正在進行中，但仍處於早期階段。但我要說的是，問題不在於這些礦場是否有稀土元素和關鍵礦物。

It's rather the question is can we cost effectively segregate, upgrade, and extract the feedstock that we have available? I mean, our studies have shown that we have them in the coal seams out at our western operations, and it's very similar to what others have said out there.

問題在於，我們能否以經濟有效的方式對現有原料進行分離、升級和提取？我的意思是，我們的研究表明，我們在西部礦區的煤層中發現了它們，這和其他人所說的情況非常相似。

So we do have them one of the key advantages that we bring to the table is the massive scale of our already permitted active operations that we have. We run the largest underground mining complex in the US at PMC and the second largest operations in the PRB.

因此，我們確實擁有這些優勢，我們帶來的一個關鍵優勢是我們已經獲得許可的活躍營運的大規模規模。我們在PMC營運美國最大的地下採礦綜合體，也是PRB地區第二大採礦作業區。

So these operations, generate huge quantities of material every day, and the angle we're evaluating is whether we can leverage our scale in creating a business case for the rare earth elements and critical minerals.

因此，這些作業每天都會產生大量的材料，我們正在評估的角度是，我們能否利用我們的規模優勢，為稀土元素和關鍵礦物創造商業案例。

The work is being led by our innovation group which has a team of highly competent scientists and engineers and work a lot of strong and they work with a lot of strong technical partners. So stay tuned for more on that, but we will have everyone involved as we get out into more details about the rare earth elements and critical minerals.

這項工作由我們的創新團隊領導，該團隊擁有一支能力卓越的科學家和工程師隊伍，他們與許多強大的技術合作夥伴合作。敬請期待更多相關內容，我們將讓所有參與者一起深入了解稀土元素和關鍵礦物。

Might we get a more material update next, the full year earnings potentially, or is that too soon?

接下來我們是否會得到更實質的更新，例如全年收益報告？還是現在談論這個還為時過早？

I'm sorry, I didn't understand the question. What was it again? We would, we.

抱歉，我沒聽懂這個問題。那是什麼來著？我們會的。

Would expect to comment to some degree on it, next quarter, but, in coming quarters we'll continue to, provide, updates as we move forward, George, but, work to do.

預計下個季度會對此發表一些評論，但在接下來的幾個季度裡，我們將繼續提供最新進展，喬治，但還有很多工作要做。

Yes. Okay Deck, thank you. And then maybe moving to the US domestic thermal picture, Mash and Bob, perhaps. Could you help me understand better the upside here, looking at those charts, and a lot of people speak to us now, the US coal fleet capacity factors are at 50%, which is climbing higher, but can you sort of help ballpark if that got to say, 60%.

是的。好的，Deck，謝謝。然後或許可以轉向美國國內的熱成像題材，像是《陸軍野戰醫院》和《鮑伯》。您能否幫我更能理解一下這裡的上漲空間？看看這些圖表，現在很多人都跟我們說，美國煤炭車隊的產能係數為 50%，而且還在上升，您能否幫我大致估算一下，如果達到 60% 會怎麼樣？

Given there isn't really much volume upside in the PRB or Northeast without material CapEx, how do we triangulate 5% or 10% higher capacity factors to your margins and pricing in the PRB and PAC? And then just lastly on that, is there potentially more upside in the PAC, given there's more demand growth in the Northeast for that domestic market versus the PRB?

鑑於在 PRB 或東北地區，如果沒有大量的資本支出，產量成長空間並不大，我們如何將 5% 或 10% 的產能提升與 PRB 和 PAC 地區的利潤率和定價聯繫起來？最後，關於這一點，考慮到東北地區國內市場的需求成長比 PRB 地區更大，PAC 地區是否有更大的上漲空間？

Yeah, I would sit there and tell you, George, couple things. First, we are encouraged, as I mentioned before, that we are seeing a lot of investment now in the coal fleet. You might not hear about it so much publicly, but, we are talking to our customers and we're, we are seeing them invest in their coal fleet in anticipation in anticipation that they are going to be running at much higher capacity factors for a period of time here.

是的，我會坐在那裡告訴你幾件事，喬治。首先，正如我之前提到的，我們感到鼓舞的是，現在煤炭車隊獲得了大量投資。你可能不太會公開聽到這些消息，但是，我們正在與客戶溝通，我們發現他們正在投資他們的燃煤機組，預計在一段時間內，他們的機組將以更高的產能係數運作。

And a lot of that has to do again as you mentioned with the data center and AI build out. We think that in total we could see domestic coal fired generation increase by 20%-30%, and if you look at call it 400 million tons of coal being burned today, your additional 60 million-80 million tons potentially not so far in the distant future, we can continue to invest in our operations.

正如你所提到的，這很大程度上與資料中心和人工智慧的建構有關。我們認為，國內燃煤發電總量可能會增加 20%-30%，假設目前每年燃燒 4 億噸煤炭，那麼在不久的將來，新增的 6,000 萬至 8,000 萬噸煤炭可能會增加，我們可以繼續投資於我們的營運。

I think, we always say 26 million tons is our base case at PAMC. We do have the ability to ramp up if the market's there, and I'll tell you that we may get there, right, as I mentioned earlier, 26 million tons of new sales last quarter all the way out through 2030, so it is encouraging we're starting to get a lot of, visibility on, the fact that these domestic utilities are going to continue to run.

我認為，在PAMC，我們一直都說2600萬噸是我們的基本情況。如果市場需求旺盛，我們有能力提高產量。我可以告訴你，我們可能會實現這個目標，正如我之前提到的，上個季度的新銷售量為 2600 萬噸，一直持續到 2030 年。因此，令人鼓舞的是，我們開始越來越清楚地看到，這些國內公用事業公司將繼續運作。

We'll see here as more data centers are committed for build out. There's a lot on the docket here, and if that comes to fruition, I think yes, we will continue to invest to see if we can grow production not only at PAMC but also out in the PRB.

隨著更多資料中心投入建設，我們將拭​​目以待。這裡有很多事情要做，如果這些事情能夠實現，我認為是的，我們會繼續投資，看看我們是否能夠提高產量，不僅在 PAMC，而且在 PRB 地區也是如此。

And George, if you look at where all these data centers are getting built out, a lot of them are in the east, and I think PAMC is sitting right on top of all those, right? So I think. You're going to obviously see some competition from natural gas, but if you listen to some of the earnings call of industrial companies, they're saying like if you want a new gas turbine, you're going to have to go back in line 2029, 2030, right?

喬治，如果你看看這些資料中心都建在哪裡，你會發現很多都在東部，而我認為 PAMC 正好位於所有這些資料中心的正上方，對吧？我想是這樣的。天然氣顯然會帶來一些競爭，但如果你聽一些工業公司的財報電話會議，他們會說，如果你想要一台新的燃氣渦輪機，你得等到 2029 年、2030 年才能買到，對吧？

So there's going to be this period where you're not going to get a lot of increment juice out of the gas plants and coal is coal is a national pivot here 24/7 consistent power dispatch and that's what these data center and AI applications need.

因此，在一段時間內，天然氣發電廠的發電量不會有太大成長，而煤炭是國家電力供應的支柱，能夠全天候穩定供電，這正是資料中心和人工智慧應用所需要的。

So I think we're very excited about it and PAMC as well as our Western operations are going to continue to benefit. I think we're seeing increasing interest from eastern utilities on our West Elk coal as well, so I think that supports that trend.

所以我認為我們對此感到非常興奮，PAMC以及我們在西部的業務將繼續受益。我認為我們也看到東部的公用事業公司對我們西埃爾克煤礦的興趣日益濃厚，所以我認為這印證了這一趨勢。

And George, just to comment, I mean, I, we would say at this point, you're already seeing this to your point, we're already running a 50% capacity factor, but coal consumption year-to-date of about 35 million tons, could be up as much as 45 million tons depending on how weather goes for the full year.

喬治，我只想補充一點，我的意思是，就目前而言，正如你所說，我們已經達到了 50% 的產能利用率，但今年迄今為止的煤炭消耗量約為 3500 萬噸，根據全年天氣情況，可能會增加到 4500 萬噸。

That's a big step up so in terms of implications for pricing, we'll see, but obviously another year or two of that is going to put some stress on supply without a doubt, so could have positive implications there.

這是一個很大的進步，至於對價格的影響，我們拭目以待，但顯然，再過一兩年這種情況肯定會給供應帶來一些壓力，因此可能會產生積極的影響。

Yeah. Okay thanks, guys. And last one, sorry, maybe Mitesh again. I think this was Nate's question before, but can you remind us of potential timelines of when these insurance proceeds will come in? Should we expect all of the funds to be in sort of middle of next year, potentially? And also, just a reminder on the Baltimore Bridge proceeds too, please.

是的。好的，謝謝各位。最後一位，抱歉，可能又是米特什。我想這應該是 Nate 之前問過的問題，您能否提醒我們一下這些保險賠償金大概什麼時候到賬？我們是否可以預期所有資金將在明年年中左右到位？另外，也請提醒一下巴爾的摩大橋的收益狀況。

Yeah, so, I wish I can give you an exact time, George, but, I think this is one where, we are starting to submit claims, as we get the receipts and everything in place as the first, line of action on your South, which is what we have been doing.

是的，喬治，我希望我能給你一個確切的時間，但是，我認為我們正在開始提交索賠，因為我們已經收集好了收據和所有資料，這是我們在南方採取的第一道行動，也是我們一直在做的事情。

So the claim that we just received, we submitted that claim probably 34 months ahead, so there's that lag. We submitted another claim, in October. I hope we can get this, early next year, so we'll continue to do that, and I think it's going to trickle down. I wish I can give you like an end point.

所以，我們剛剛收到的索賠，我們大概在 34 個月前就提交了索賠申請，所以存在一定的滯後性。我們在十月提交了另一份索賠申請。我希望我們能在明年初實現這個目標，所以我們會繼續這樣做，我認為這會帶來連鎖反應。我希望我能給你一個終點。

The business interruption claim tends tends to be a little bit, longer gestation period, so to speak. It takes a while going back and forth on assumptions and stuff like that. So I think we're working through that. I think we have made a lot of, progress, on the Baltimore claim as well. We'll see. I hate to give you like a end date, but I think we we expect most of those to be collected next year.

營業中斷理賠往往需要更長的醞釀期。反覆推敲各種假設之類的東西需要很長時間。所以我覺得我們正在努力解決這個問題。我認為我們在巴爾的摩的索賠問題上也取得了很大進展。我們拭目以待。我不想給你設定截止日期，但我認為我們預計大部分款項將在明年收回。

Okay. Yes thanks, guys.

好的。謝謝各位。

Thank you.

謝謝。

Matthew Key of Texas Capital Bank.

德克薩斯資本銀行的馬修·基。

Good morning and thanks for taking my questions. In Q2, the guidance on merger related synergies were increased to $150 million to $170 million. I was wondering what percentage of that target have you guys achieved at kind of at the end of, 3Q and if there's any other kind of incremental cost savings that you see, kind of as we play this out.

早上好，感謝您回答我的問題。第二季度，與合併相關的綜效預期上調至 1.5 億美元至 1.7 億美元。我想知道在第三季末，你們實現了目標的百分比，以及隨著專案的推進，你們是否看到了其他方面的成本節約。

This is Mitesh here. I think, we have made a lot of progress on that front, and that number is a little bit higher on an annualized run rate as well, and we'll continue to grind it up. There are a few other things that we're working on, but just in terms of what we have actually achieved, I think if you look at our SG&A trend Q4, Q3 versus, what you saw in Q1 and Q2, it kind of reflects some of it.

這位是米特什。我認為，我們在這一方面取得了很大進展，而且按年計算，這個數字也略有上升，我們將繼續努力提高它。我們還有一些其他的事情正在努力，但就我們實際取得的成就而言，我認為如果你看看我們第四季度和第三季度的銷售、一般及行政費用趨勢，再對比一下第一季度和第二季度的情況，就能看出一些端倪。

You're seeing that also in the byproduct sales revenue as well, I think on an aggregate I think we have probably 50%, that's probably flowing through, the current year, but a lot of that is going to flow through next year. For example, SG&A is going to have full run rate next, starting second quarter of next year. We have some systems on the IT front, that are rolling off, some of them rolled off in September.

從副產品銷售收入中也可以看出這一點，我認為總體而言，可能有 50% 的副產品銷售收入會在今年實現，但其中許多會在未來一年實現。例如，從明年第二季開始，銷售、一般及行政費用將恢復到正常水準。我們在 IT 方面有一些系統正在逐步淘汰，其中一些系統已在 9 月淘汰。

So you haven't even seen that impact in the September numbers yet. I think you'll continue to see that and the final system roll off happens I think sometime in April so I think you will see those numbers flow through. So I think the way to think about it full run rate I would say sometime second quarter next year but we are making a lot of progress on that front.

所以你還沒能在9月的數據中看到這種影響。我認為你會繼續看到這種情況，最終的系統調整應該會在四月的某個時候發生，所以我認為你會看到這些數字的變化。所以我認為，要達到完全運行率，我估計要到明年第二季度，但我們在這方面取得了很大進展。

Yeah, I appreciate that's super helpful and, assuming work at Leer South, the restart there goes as planned, I was wondering if the company would incur any, additional fire extinguishing idling costs that kind of bleed into Q1 '26 or would 4Q kind of be the end of that dynamic.

是的，我很感激，這非常有幫助。假設 Leer South 的工作進展順利，重啟工作也按計劃進行，我想知道公司是否會因此產生額外的滅火停工成本，這些成本會延續到 2026 年第一季度，還是說第四季度就是這種狀況的結束。

I think 4Q will be the end of it, particularly if, we get some help here from the government. Like I said, we're ready. The team's ready to go recover these shields, so we don't, we think what'll be left will be the expense that's left that we'll obviously carry to Q4 here. But if we get to recover our shields, the long wall face is already mined and set up and ready.

我認為第四季就會結束，特別是如果我們能得到政府的一些幫助的話。正如我所說，我們已經準備好了。團隊已經準備好回收這些護盾，所以我們認為剩下的就是剩餘的費用，這顯然會延續到第四季。但是，如果我們能夠找回我們的護盾，那麼長長的牆面已經被挖掘完畢，準備就緒。

To receive the new shields, so we'll have all that done in Q4 and you know there is a possibility if we were turned loose in time and we can't get all the seals that we could actually have production laid in Q4, out of the Leer south. So it's all based on timing now, but I do think we will have this put to bed in Q4 this year as far as the fire related costs.

為了接收新的防護罩，我們將在第四季完成所有這些工作。你知道，如果我們及時獲得所有密封件，我們實際上有可能在第四季度從利爾南部開始生產。所以現在一切都取決於時機，但我認為就火災相關成本而言，我們將在今年第四季解決這個問題。

Got it. That's super helpful appreciate the time, gentlemen, and, best of luck moving forward.

知道了。非常感謝您的幫助，先生們，祝您未來一切順利。

Thanks.

謝謝。

Nick Giles of B Riley Securities. Please go ahead.

B Riley Securities 的 Nick Giles。請繼續。

Thanks for taking my follow-up. I just wanted to ask about, high CV volumes as we look to the fourth quarter. I think your annual guide, the midpoint might imply a slight tick up, but can you just give us some color on, what could take us to the high or low end of the range? Are there any long wall moves? Thanks a lot.

感謝您回覆我的後續問題。我想問一下，隨著我們展望第四季度，高CV銷售的情況如何。我認為你們的年度指南中點可能意味著略有上漲，但你們能否具體說明一下，什麼因素可能導致價格達到區間的上限或下限？有沒有什麼長牆移動？多謝。

Yeah, I would say that, right now contracted wise, we're in that 7 million to 7.5 million ton range, PMC is running very well right now. There's a potential we could have a long wall move hit sometime in December. A lot of that we originally anticipate that in Q1 of next year.

是的，就目前已簽訂的合約而言，我認為我們的合約量在700萬至750萬噸之間，PMC目前營運狀況非常好。有可能在 12 月的某個時候出現長時間的牆體移動。我們預計其中許多內容將在明年第一季實現。

But based on the mine running very well, it could funnel in the big driver there to get to the top in the guidance will be the return of West Elk, which, as Jimmy mentioned earlier, we're anticipating next week. So all goes well. Long wall runs very well. You could see us, creep up toward that upper end of the guidance range.

但根據該礦的良好營運情況來看，推動業績達到預期目標的關鍵因素可能是 West Elk 的回歸，正如 Jimmy 之前提到的，我們預計它將於下週回歸。一切進展順利。長牆運作良好。你可以看到我們，慢慢地嚮導範圍的上限靠近。

Yeah, and we do have two long haul moves remaining in Q4 for PMC.

是的，PMC在第四季還有兩筆長途運輸任務。

And just a minor point too, right, like, we provide sales guidance, not production guidance, right? So we have inventory, at the end of the third quarter which you saw probably in the working capital too. So it depends sometimes on, how many boats show up in that last couple weeks of December and, restart the inventory. So that could drive a little bit of an upside downside as well.

還有一點需要說明，我們提供的是銷售指導，而不是生產指導，對吧？所以，我們在第三季末有庫存，您可能也在營運資金中看到了這一點。所以，這有時取決於 12 月最後幾周有多少船隻出現，並重新開始庫存。所以這也可能導致一些利好或不利的結果。

Got it. Guys, just while I have you, I mean, in recent years you've spoken about, what's the maximum number of volumes that you could send into the Seaborne market, but today, just with how robust the domestic market is, what would kind of be the limitations on those volumes?

知道了。各位，趁你們在，我想問一下，近年來你們一直在討論可以向海運市場輸送的最大貨量是多少，但如今，鑑於國內市場的強勁發展，這些貨量會受到哪些限制呢？

And I think you said you just, you said it right. I mean we are now forecasting, I will tell you, for 2026 we believe our domestic volumes will increase, year on year. Now again, then the question becomes how's the international market and if we can get more volume out of PAMC.

我覺得你剛才說的沒錯。我的意思是，我們現在預測，我可以告訴你，我們相信到 2026 年，我們的國內銷售將逐年成長。那麼問題變成了國際市場狀況如何，以及我們能否從 PAMC 獲得更大的銷售量。

So sitting here today, as I mentioned, 14 million tons we have contracted right now, 10 of it's domestic. We're still in negotiations for additional business next year, so we'll see how that all plays out, but PAMC is running very well, so we continue to keep on that pace. We certainly could, increase some more volumes and get them export, but I would say domestic is going to be, year on year improved.

所以今天我在這裡，正如我剛才提到的，我們目前已經簽訂了 1400 萬噸的合同，其中 1000 萬噸是國內訂單。我們仍在就明年的額外業務進行談判，所以我們拭目以待，但 PAMC 目前運作狀況良好，因此我們將繼續保持這種勢頭。我們當然可以增加一些產量並出口，但我認為國內市場將會逐年改善。

But it works well for us, Nick, compared to, we've always said in the past that we run to the market. So here's another opportunity and we run to highest arbitrage. So wherever that may be, if it's domestic or international, we certainly have the ability to get it there.

但對我們來說，這比我們過去常說的「跑去市場」要好得多，尼克。所以這裡又出現了一個機會，我們要追求最高的套利利潤。所以無論目的地是哪裡，無論是國內還是國際，我們都有能力把它送到那裡。

And Nick, you talked about the high CV thermal segment as a whole, but West Elk also selling, more Power gen coal. Today and as you know as this story comes to fruition, we could continue to direct more tons into the domestic power gen market from West Elk and plus, oh by the way, at, in the B seam, we certainly have the ability to run at much higher levels in that thicker coal seam, so additional opportunity there.

尼克，你談到了高 CV 火力發電領域的整體情況，但西埃爾克也在銷售更多的發電用煤。今天，正如你們所知，隨著這個故事的實現，我們可以繼續從西埃爾克向國內發電市場輸送更多噸煤炭，而且，順便說一句，在B煤層，我們當然有能力在更厚的煤層中以更高的水平運行，所以那裡還有額外的機會。

Guys, great to hear thanks again and good luck.

各位，很高興聽到這個消息，再次感謝，祝你們好運。

Thank you.

謝謝。

Thanks.

謝謝。

There are no further questions at this time. I'd now like to turn the call back over to Jimmy Brock for final closing comments.

目前沒有其他問題了。現在我想把電話交還給吉米·布洛克，讓他做最後的總結發言。

Yeah, thanks everyone for joining our call today. We look forward to speaking with you in the future and we're excited about where Core Natural Resources can be.

是的，感謝各位今天參加我們的電話會議。我們期待未來與您交流，並對核心自然資源公司的未來發展充滿信心。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。祝你有美好的一天。