Alpha Metallurgical Resources 10K 2023 Annual report | AMR Filing

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA February 2024 Prepared for: Alpha Metallurgical Resources, Inc. 340 Martin Luther King Jr. Blvd. Bristol, TN 37620 Prepared by: MARSHALL MILLER & ASSOCIATES, INC. 582 Industrial Park Road Bluefield, Virginia 24605 www.mma1.com Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 1 Statement of Use and Preparation This Technical Report Summary (TRS) was prepared for the sole use of Alpha Metallurgical Resources, Inc. (Alpha) and its affiliated and subsidiary companies and advisors. Copies or references to information in this report may not be used without the written permission of Alpha. The report provides a statement of coal resources and coal reserves for Alpha, as defined under the United States Securities and Exchange Commission (SEC). The statement is based on information provided by Alpha and reviewed by various professionals within Marshall Miller & Associates, Inc. (MM&A). MM&A professionals who contributed to the drafting of this report meet the definition of Qualified Persons (QPs), consistent with the requirements of the SEC. The information in this TRS related to coal resources and reserves is based on, and fairly represents, information compiled by the QPs. At the time of reporting, MM&A’s QPs have sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity they are undertaking to qualify as a QP as defined by the SEC. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital costs, sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on them. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report. Marshall Miller & Associates, Inc. (MM&A) hereby consents (i) to the use of the information contained in this report dated December 31, 2023, relating to estimates of coal resources and coal reserves controlled by Alpha, (ii) to the use of MM&A’s name, any quotations from or summarizations of this TRS in Alpha’s SEC filings, and (iii) to the filing of this TRS as an exhibit to Alpha’s SEC filings. Qualified Person: /s/ Marshall Miller & Associates, Inc. Date: February 9, 2024

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 2 Table of Contents 1 Executive Summary ............................................................................................................... 8 1.1 Property Description ................................................................................................ 8 1.2 Ownership ................................................................................................................ 9 1.3 Geology .................................................................................................................... 9 1.4 Exploration Status .................................................................................................. 10 1.5 Operations and Development ................................................................................. 10 1.6 Mineral Resource ................................................................................................... 10 1.7 Mineral Reserve ..................................................................................................... 11 1.8 Capital Summary .................................................................................................... 12 1.9 Operating Costs ...................................................................................................... 13 1.10 Economic Evaluation .............................................................................................. 14 1.10.1 Discounted Cash Flow Analysis ................................................................. 16 1.10.2 Sensitivity Analysis .................................................................................... 17 1.11 Permitting .............................................................................................................. 17 1.12 Conclusion and Recommendations ......................................................................... 18 2 Introduction ........................................................................................................................ 18 2.1 Registrant and Terms of Reference ......................................................................... 18 2.2 Information Sources ............................................................................................... 18 2.3 Scope of Assignment .............................................................................................. 19 2.4 Personal Inspections ............................................................................................... 20 3 Property Description ........................................................................................................... 20 3.1 Location ................................................................................................................. 20 3.2 Titles, Claims or Leases ........................................................................................... 20 3.3 Mineral Rights ........................................................................................................ 22 3.4 Encumbrances ........................................................................................................ 22 3.5 Other Risks ............................................................................................................. 23 4 Accessibility, Climate, Local Resources, Infrastructure and Physiography .......................... 23 4.1 Topography, Elevation and Vegetation ................................................................... 23 4.2 Access and Transport ............................................................................................. 23 4.3 Proximity to Population Centers ............................................................................. 23 4.4 Climate and Length of Operating Season ................................................................ 24 Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 3 4.5 Infrastructure ......................................................................................................... 24 5 History ................................................................................................................................. 24 5.1 Previous Operation ................................................................................................. 24 5.2 Previous Exploration ............................................................................................... 25 6 Geological Setting, Mineralization and Deposit .................................................................. 25 6.1 Regional, Local and Property Geology..................................................................... 25 6.2 Mineralization ........................................................................................................ 26 6.3 Deposits ................................................................................................................. 26 7 Exploration .......................................................................................................................... 27 7.1 Nature and Extent of Exploration ........................................................................... 27 7.2 Drilling Procedures ................................................................................................. 29 7.3 Hydrology ............................................................................................................... 29 7.4 Geotechnical Data .................................................................................................. 30 8 Sample Preparation Analyses and Security ......................................................................... 30 8.1 Prior to Sending to the Lab ..................................................................................... 30 8.2 Lab Procedures ....................................................................................................... 31 9 Data Verification ................................................................................................................. 31 9.1 Procedures of Qualified Person .............................................................................. 31 9.2 Limitations ............................................................................................................. 32 9.3 Opinion of Qualified Person.................................................................................... 32 10 Mineral Processing and Metallurgical Testing ..................................................................... 32 10.1 Testing Procedures ................................................................................................. 32 10.2 Relationship of Tests to the Whole ......................................................................... 33 10.3 Lab Information ...................................................................................................... 33 10.4 Relevant Results ..................................................................................................... 33 11 Mineral Resource Estimates ................................................................................................ 33 11.1 Assumptions, Parameters and Methodology .......................................................... 34 11.1.1 Geostatistical Analysis .............................................................................. 35 11.2 Resources Exclusive of Reserves ............................................................................. 38 11.2.1 Initial Economic Assessment ..................................................................... 39 11.3 Qualified Person’s Estimates .................................................................................. 40 11.4 Qualified Person’s Opinion ..................................................................................... 41 12 Mineral Reserve Estimates .................................................................................................. 41 12.1 Assumptions, Parameters and Methodology .......................................................... 41

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 4 12.2 Underground Coal Reserves ................................................................................... 43 12.2.1 Checkmate Powellton Seam (Map 3) ........................................................ 43 12.3 Qualified Person’s Estimates .................................................................................. 43 12.4 Qualified Person’s Opinion ..................................................................................... 44 13 Mining Methods .................................................................................................................. 44 13.1 Geotech and Hydrology .......................................................................................... 45 13.2 Production Rates .................................................................................................... 45 13.3 Mining Related Requirements ................................................................................ 46 13.3.1 Underground ............................................................................................ 46 13.4 Required Equipment and Personnel ....................................................................... 46 13.4.1 Underground Mines .................................................................................. 46 14 Processing and Recovery Methods ...................................................................................... 47 14.1 Description or Flowsheet ........................................................................................ 47 14.2 Requirements for Energy, Water, Material and Personnel ...................................... 50 15 Infrastructure ...................................................................................................................... 51 15.1 Chess Processing Preparation Plant ........................................................................ 51 16 Market Studies .................................................................................................................... 54 16.1 Market Description ................................................................................................. 54 16.2 Price Forecasts ....................................................................................................... 55 16.3 Contract Requirements .......................................................................................... 55 17 Environmental Studies, Permitting and Plans, Negotiations or Agreements with Local Individuals .................................................................................................................. 56 17.1 Results of Studies ................................................................................................... 56 17.2 Requirements and Plans for Waste Disposal ........................................................... 56 17.3 Permit Requirements and Status ............................................................................ 56 17.4 Local Plans, Negotiations or Agreements ................................................................ 58 17.5 Mine Closure Plans ................................................................................................. 58 17.6 Qualified Person’s Opinion ..................................................................................... 59 18 Capital and Operating Costs ................................................................................................ 59 18.1 Capital Cost Estimate .............................................................................................. 59 18.2 Operating Cost Estimate ......................................................................................... 60 19 Economic Analysis ............................................................................................................... 62 19.1 Economic Evaluation .............................................................................................. 62 19.1.1 Introduction .............................................................................................. 62 Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 5 19.1.2 Cash Flow Summary .................................................................................. 66 19.1.3 Discounted Cash Flow Analysis ................................................................. 68 19.1.4 Sensitivity Analysis .................................................................................... 68 20 Adjacent Properties ............................................................................................................. 69 20.1 Information Used ................................................................................................... 69 21 Other Relevant Data and Information ................................................................................. 70 22 Interpretation and Conclusions ........................................................................................... 70 22.1 Conclusion .............................................................................................................. 70 22.2 Risk Factors ............................................................................................................ 70 22.2.1 Governing Assumptions ............................................................................ 71 22.2.2 Limitations ................................................................................................ 71 22.2.3 Methodology ............................................................................................ 72 22.2.4 Development of the Risk Matrix................................................................ 72 22.2.5 Categorization of Risk Levels and Color Code Convention ......................... 75 22.2.6 Description of the Coal Property ............................................................... 75 22.2.7 Summary of Residual Risk Ratings ............................................................. 76 22.2.8 Risk Factors ............................................................................................... 76 23 Recommendations .............................................................................................................. 83 24 References ........................................................................................................................... 83 25 Reliance on Information Provided by Registrant ................................................................. 83 FIGURES (IN REPORT) Figure 1-1: Alpha’s Elk Run Property Location Map ........................................................................ 9 Figure 1-2: Projected Capital Expenditures – Consolidated Operations......................................... 13 Figure 1-3: Elk Run Operating Costs .............................................................................................. 14 Figure 1-4: Sensitivity of NPV........................................................................................................ 17 Figure 6-1: Elk Run Stratigraphic Column ...................................................................................... 26 Figure 7-1: Elk Run Cross-Section.................................................................................................. 28 Figure 11-1: Histogram of the Total Seam Thickness for the Powellton Seam Present in the Elk Run Complex .............................................................................................................. 36 Figure 11-2: Scatter plot of the Total Seam Thickness for the Powellton Seam Present in the Elk Run Complex .............................................................................................................. 36 Figure 11-3: Variogram of the Total Seam Thickness for the Powellton Seam Present in the Elk Run Complex ..................................................................................................................... 37 Figure 11-4: Result of DHSA for the Powellton Seam Present in the Elk Run Complex................... 38 Figure 11-5: Results of Initial Economic Assessment ..................................................................... 40

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 6 Figure 13-1: Checkmate Powellton Portal Location and Preparation Plant.................................... 47 Figure 14-1: Chess Process Preparation Plant Existing Equipment ................................................ 49 Figure 14-2: Railcar Loading Facility on the December 2022 Site Visit ........................................... 50 Figure 15-1: Chess Processing Facilities ........................................................................................ 52 Figure 15-2: Chess Processing Raw Coal Facilities ......................................................................... 53 Figure 15-3: Chess Processing Refuse Impoundment .................................................................... 54 Figure 18-1: Projected Capital Expenditures – Consolidated Elk Run Operations .......................... 60 Figure 18-2: Elk Run Operating Costs ............................................................................................ 62 Figure 19-1: Projection of Sales Tons ............................................................................................ 63 Figure 19-2: Consolidated Annual Revenue .................................................................................. 64 Figure 19-3: Revenue, Cash Costs, and EBITDA ............................................................................. 65 Figure 19-4: Annual EBITDA .......................................................................................................... 66 Figure 19-5: Net Cash Flow after Tax (Before Debt Service) .......................................................... 68 Figure 19-6: Sensitivity of NPV...................................................................................................... 69 TABLES (IN REPORT) Table 1-1: Coal Resources Summary as of December 31, 2023 ..................................................... 11 Table 1-2: Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2023 ................ 12 Table 1-3: Life-of-Mine Tonnage, P&L before Tax, and EBITDA ..................................................... 15 Table 1-4: Project Cash Flow Summary (000) ................................................................................ 15 Table 2-1: Data Sources ................................................................................................................ 19 Table 3-1: Mineral Control – Mid-West Virginia (Elk Run) Complex .............................................. 21 Table 11-1: General Reserve & Resource Criteria ......................................................................... 34 Table 11-2: DHSA Results Summary for Radius from a Central Point ............................................. 38 Table 11-3: Results of Initial Economic Assessment ($/ton) .......................................................... 40 Table 11-4: Coal Resources Summary as of December 31, 2023 ................................................... 41 Table 12-1: Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2023............... 44 Table 13-1: Elk Run Complex Underground Mine Production Schedule (x 1,000 Saleable Tons).... 46 Table 16-1: Quality Specifications ................................................................................................. 55 Table 16-2: Price Forecasts ........................................................................................................... 55 Table 17-1: Elk Run Mining Permits .............................................................................................. 58 Table 18-1: Summary of Capital Expenditures Schedule by Mine .................................................. 60 Table 18-2: Estimated Coal Production Taxes and Sales Costs ...................................................... 61 Table 19-1: Life-of-Mine Tonnage, P&L before Tax, and EBITDA ................................................... 65 Table 19-2: Project Cash Flow Summary (000) .............................................................................. 66 Table 22-1: Probability Level Table ............................................................................................... 73 Table 22-2: Consequence Level Table ........................................................................................... 74 Table 22-3: Risk Matrix ................................................................................................................. 75 Table 22-4: Risk Assessment Matrix.............................................................................................. 76 Table 22-5: Geological and Coal Resource Risk Assessment (Risks 1 and 2) .................................. 77 Table 22-6: Environmental (Risks 3 and 4) .................................................................................... 78 Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 7 Table 22-7: Regulatory Requirements (Risk 5) .............................................................................. 78 Table 22-8: Market and Transportation (Risk 6) ............................................................................ 79 Table 22-9: Market and Transportation (Risk 7) ............................................................................ 79 Table 22-10: Methane Management (Risk 8) ................................................................................ 80 Table 22-11: Mine Fires (Risk 9) .................................................................................................... 80 Table 22-12: Ground Control (Risk 10) .......................................................................................... 81 Table 22-13: Availability of Supplies and Equipment (Risk 11) ...................................................... 81 Table 22-14: Labor – Work Stoppage (Risk 12).............................................................................. 82 Table 22-15: Labor – Retirement (Risk 13) .................................................................................... 82 Table 22-16: Health and Safety (Risk 14) ...................................................................................... 82 Table 25-1: Information from Registrant Relied Upon by MM&A ................................................. 83 Appendices A ............................................................................................................................. Summary Tables B ......................................... Initial Economic Assessment Resources Exclusive of Reserves (per Ton) C ...............................................................................................................................................Maps

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 24 4.4 Climate and Length of Operating Season The climate of the region is classified as humid continental with four distinct seasons: warm summers, cold winters, and moderate fall and spring seasons. Precipitation in the region is consistent throughout the year, approximately 3 to 5 inches per month, with the most rain falling in spring and the early months of summer. Average yearly precipitation is 40 inches. Summer months typically begin in late May and end in early September and range in average temperature from 46 to 78 degrees Fahrenheit. Winters typically begin in mid to late November and run until mid to late March with average temperatures ranging from 19 to 52 degrees Fahrenheit. Precipitation in the winter typically comes in the form of snowfall or as a wintery mix (sleet and snow) with severe snowfall events occurring occasionally. Seasonal variations in climate typically do not affect underground mining in West Virginia. However, weather events could potentially negatively impact efficiency of surface and preparation plant operations on a very limited basis and lasting less than a few days. 4.5 Infrastructure The Elk Run Mine Complex has sources of water, power, personnel, and supplies readily available for use. Personnel have historically been sourced from the surrounding communities in Raleigh, Kanawha, Fayette, and Boone Counties, and have proven to be adequate in numbers to conduct mining operations. As mining is common in the surrounding areas, the workforce is generally familiar with mining practices, and many are experienced miners. Water is sourced locally from public water sources or rivers, and electricity is sourced from Appalachian Power, a subsidiary of American Electric Power (AEP). The service industry in the areas surrounding the mine complex has historically provided supplies, equipment repairs and fabrication, etc. Alpha’s Chess Processing preparation plant services consumers with washed coal, which is transported via the adjacent CSX rail line at the Elk Run loadout. Haul roads, primary roads, and conveyor belt systems account for transport from the various mine sites to the preparation plant. 5 History 5.1 Previous Operation The Elk Run property involves a complex combination of previous ownership. Coal mining in the area occurred for nearly a century. Predecessors of Alpha, namely Alpha Natural Resources and Massey Energy (Massey) previously held mining rights on much of the Property. The current facilities were constructed in 1982 by Elk Run Coal Company, a subsidiary of A. T. Massey Coal Company to participate in the thermal coal market. Capacity grew in the 1990’s and the facility began participating in the metallurgical coal market with new mines operating on adjacent properties. The facility was idled in 2015; however, the first production cuts in the Checkmate Powellton mine were made in October 2023. Infrastructure has been maintained with a continuing presence of workers Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 25 utilizing the buildings for equipment repair and support of the nearby Alpha operations. The preparation plant, refuse disposal areas, utility infrastructure and rail transportation have been maintained and are undergoing renovations to provide a modern coal processing facility for the Property. 5.2 Previous Exploration Extensive exploration in the form of subsurface drill efforts has been carried out on the Property by numerous entities, most of which efforts were completed prior to the inception of Alpha. Diamond core and rotary drilling are the primary types of exploration on the Property. Data for correlation and mining conditions are derived from core descriptions and geophysical logging (e-logging). Coal-quality analyses were also employed during the core-exploration process. The development of this report included an assessment of over 600 exploration drill holes, largely comprised of coal measurements. Drill records indicate that independent contract drilling operators have typically been engaged to carry out drilling on the Property. Geophysical logging was typically performed by outside logging firms. MM&A, via its Geophysical Logging Systems subsidiary, has logged a significant number of the past exploration holes, including most of the recently drilled holes. Drill hole locations used in this assessment are shown on the resource/reserve maps included in Appendix C. 6 Geological Setting, Mineralization and Deposit 6.1 Regional, Local and Property Geology The Property lies in the Central Appalachian Coal basin in the Appalachian Plateau physiographic province. The coal deposits in the eastern US are the oldest and most extensively developed coal deposits in the country. The coal deposits on the Property are Carboniferous in age, being of the Pennsylvanian system. Overall, these Carboniferous coals contain two-fifths of the US’s bituminous coal deposits and extend over 900 miles from northern Alabama to Pennsylvania and are part of what is known as the Appalachian Basin. The Appalachian Basin is more than 250 miles wide and, in some portions, contains over 60 coal seams of varying economic significance. Coal seams and zones of economic significance typically range between 24 and 48 inches in thickness, with relatively little structural deformation. Regional structure is typically characterized by gently dipping strata to the northwest at one to four percent, averaging three percent. Strata on the Property are mostly of the Pennsylvanian-age Kanawha Formation. The rock formations between the coal seams are characterized by large proportions of sandstone interspersed with shale units.

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 30 hydrogeological conditions as past mining. Based upon the successful history of the operation with regards to hydrogeological features, MM&A assumes that the operation will not be hindered by such issues in the future. 7.4 Geotechnical Data Life-of-Mine (LOM) Mining plans for potential underground mines were developed by MM&A through incorporation of budget maps from Alpha. Pillar stability was tested by MM&A using the Analysis of Coal Pillar Stability (ACPS) program that was developed by the National Institute for Occupational Safety and Health (NIOSH). MM&A reviewed the results from the ACPS analysis and considered it in the development of the LOM plan. Coal and rock strengths from core testing are used to verify the empirical assumptions integral to ACPS. 8 Sample Preparation Analyses and Security 8.1 Prior to Sending to the Lab Most of the coal samples have been obtained from the Property by subsurface exploration using core drilling techniques. The protocol for preparing and testing the samples has varied over time and is not well documented for the older holes drilled on the Property. Typical US core drilling sampling technique is for the coal core sample, once recovered from the core barrel, to be described then wrapped in a sealed plastic sleeve and placed into a covered core box, which is the length of the sample so that the core can be delivered to a laboratory in relatively intact condition and with original moisture content. The core identification number and the depth are scribed on the sample box lid to identify the sample. This process has been the norm for both historical and ongoing exploration activities at Elk Run. This work is typically performed by the supervising driller, geologist or company personnel. Samples are most often delivered to the company by the driller after each shift or acquired by company personnel or representatives. Most of the coal core samples were obtained by previous operators on the Property. MM&A did not participate in the collection, sampling and analysis of the majority of core samples within the exploration database. However, it is reasonable to assume, given the sophistication level of the previous operators, that these samples were generally collected and processed under industry best-practices. This assumption is based on MM&A’s familiarity with the operating companies and the companies used to perform the analysis. In addition to the steps taken to ensure the accuracy of the historical data as described above, Alpha reports that the company employs a detailed chain of custody process during their current sampling programs. This chain of custody process follows the sample from the time it is drilled until the final quality results are entered into a database for preparation of geologic models. Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 31 8.2 Lab Procedures Coal quality testing has been performed over a large number of years by operating companies using different laboratories and testing regimens. Some of the samples have raw analyses and washabilities on the full seam (with coal and rock parting layers co-mingled) and are mainly useful for characterizing the coal quality for projected production from underground and highwall mining. Other samples have coal and rock analyzed separately, the results of which can be manipulated to forecast either surface or underground mining quality. Care has been taken to use only those analyses that are representative of the coal quality parameters for the appropriate mining type for each sample. Standard procedure upon receipt of core samples by the testing laboratory is to log the depth and thickness of the sample, then perform testing as specified by a representative of the operating company. Each sample is then analyzed in accordance with procedures defined under ASTM International (ASTM) standards including, but not limited to; washability (ASTM D4371); ash (ASTM D3174); sulfur (ASTM D4239); Btu/lb. (ASTM D5865); volatile matter (ASTM D3175); and Free Swell Index (FSI) (ASTM D720). 9 Data Verification 9.1 Procedures of Qualified Person MM&A reviewed the Alpha-supplied digital geologic database and supplemented the database with its own in-house records which have been maintained for both Alpha and previous operators of the Property. The database consists of data records, which include drill hole information for holes that lie within and adjacent to the Property and records for numerous supplemental coal seam thickness measurements. Once the initial integrity of the database was established, stratigraphic columnar sections were generated using cross-sectional analysis to establish or confirm coal seam correlations. Geophysical logs were used wherever available to assist in confirming the seam correlation and to verify proper seam thickness measurements and recovery of coal samples. Additionally, an audit of the Alpha digital database was conducted in 2021 by comparing seam depths, coal, and parting thicknesses in the database against the source drill logs and the results were acceptable. After establishing and/or verifying proper seam correlation, seam data control maps and geological cross-sections were generated and again used to verify seam correlations and data integrity. Once the database was fully vetted, seam thickness, base-of-seam elevation, roof and floor lithology, and overburden maps were independently generated for use in the mine planning process. Coal quality was analyzed and summarized by MM&A’s team of geologists and engineers. Quality was provided by Alpha in various database formats, laboratory data sheets, and also obtained directly from

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 34 11.1 Assumptions, Parameters and Methodology Geological data was imported into Carlson Mining® (formerly SurvCADD®) geological modelling software in the form of Microsoft® Excel files incorporating drill hole collars, seam and thickness picks, bottom seam elevations and raw and washed coal quality. These data files were validated prior to importing into the software. Once imported, a geologic model was created, reviewed, and verified- with a key element being a gridded model of coal seam thickness. Resource tons were estimated by using the seam thickness grid based on each valid point of observation and by defining resource confidence arcs around the points of observation. Points of observation for Measured and Indicated confidence arcs were defined for all valid drill holes that intersected the seam using standards deemed acceptable by MM&A based on a detailed geologic evaluation and a statistical analysis of all drill holes within the projected reserve areas as described in Section 11.1.1. The geological evaluation incorporated an analysis of seam thickness related to depositional environments, adjacent roof and floor lithologies, and structural influences. After validating coal seam data and establishing correlations, the seam thickness, coal thickness and elevation for seams of economic interest were used to generate a geologic model. Local geologic and physical conditions were incorporated into the model where mineability and or mining costs could be affected by the conditions. Both coal thickness and quality data are deemed by MM&A to be reasonably sufficient within the resource areas. Therefore, there is a reasonable level of confidence in the geologic interpretations required for coal resource determination based on the available data and the techniques applied to the data. Table 11-1 below provides the geological mapping and coal tonnage estimation criteria used for the coal resource and reserve evaluation. These cut-off parameters have been developed by MM&A based on its experience with Alpha’s Elk Run Property and are typical of mining operations in the Central Appalachian coal basin. This experience includes technical and economic evaluations of numerous properties in the region for the purposes of determining the economic viability of the subject coal reserves. Table 11-1: General Reserve & Resource Criteria Item Parameters Technical Notes & Exceptions* • General Reserve Criteria Reserve Classification Reserve and Resource Coal resources as reported are inclusive of coal reserves. Reliability Categories Reserve (Proven and Probable) Resource (Measured, Indicated & Inferred) To better reflect geological conditions of the coal deposits, distance between points of observation is determined via statistical analysis Proven and Measured Classification 0.25 Mile, (1320’) Projection form Measurement Point Based on 11.1.1 Analysis Probable and Indicated Classification 0.25 to 0.75 Mile, (1320’ to 3960’) Projection form Measurement Point Based on 11.1.1 Analysis; Required for Reserve or Resource Classification Inferred Classification 0.75 to 3.0 Mile, (3960’ to 15,840) Projection form Measurement Point Based on 11.1.1 Analysis Effective Date of Resource Estimate December 31, 2023 Coal resources were estimated based upon depletion maps as of September 30, 2023, and a fourth quarter 2023 production depletion adjustment. Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 35 Item Parameters Technical Notes & Exceptions* Effective Date of Reserve Estimate December 31, 2023 Coal reserves were estimated based upon depletion maps as of September 30, 2023, and a fourth quarter 2023production depletion adjustment Seam Density - with Raw Seam Analysis 1.25 + (Raw Ash% / 100) • Underground-Mineable Criteria Map Thickness Total seam thickness Minimum Seam Thickness 30 inches Minor Exceptions for localized zones of thinner coal Minimum Mining Thickness 54 inches Minimum Total Coal Thickness 30 inches Minor Exceptions for localized zones of thinner coal Minimum In-Seam Wash Recovery Determined as function of seam thickness Wash Recovery Applied to Coal Reserves Based on average yield for drill holes within reserve area, or in the absence of laboratory washability data, based on estimated visual recovery using specific gravities noted above and 95 percent yield on "clean" coal Out-of-Seam Dilution Thickness for Run-of-Mine Tons Applied to ROM tonnages Delta between minimum mining thickness (54 inches) and seam thickness 2 inches minimum OSD Mine Barrier 200-foot distance from abandoned mines and 50’ sealed or pillared areas of active Alpha mines Minimum Reserve Tonnage 400 thousand recoverable tons for individual area (logical mining unit) Minimum Overburden Depth 100 feet Minimum Interval to Rider Coal Considered on a case-by-case basis, depending on interval lithology, etc. Minimum Interval to Overlying or Underlying Reserves Considered on a case-by-case basis, depending on interval lithology, extent and type of extraction, etc. Minimum Interval to Overlying or Underlying Mined Areas Considered on a case-by-case basis, depending on interval lithology, extent and type of extraction, etc. Adjustments Applied to Coal Reserves 6.0 percent moisture increase; 5 percent preparation plant inefficiency Note: Exceptions for application of these criteria to reserve estimation are made as warranted and demonstrated by either actual mining experience or detailed data that allows for empirical evaluation of mining conditions. Final classification of coal reserve is made based on the pre-feasibility evaluation. 11.1.1 Geostatistical Analysis MM&A completed a geostatistical analysis on drill holes within the reserve boundaries to determine the applicability of the common United States classification system for measured and indicated coal resources. Historically, the United States has assumed that coal within ¼-mile (1,320 feet) of a point of observation represents a measured resource whereas coal between ¼-mile (1,320 feet) and ¾-mile (3,960 feet) from a point of observation is classified as indicated. Inferred resources are commonly assumed to be located between ¾-mile (3,960 feet) and 3 miles (15,840 feet) from a point of observation. Per SEC regulations, only measured and indicated resources may be considered for reserve classification, respectively as proven and probable reserves. MM&A performed a geostatistical analysis test of the Elk Run, Checkmate Powellton data set using the Drill Hole Spacing Analysis (DHSA) method. This method attempts to quantify the uncertainty of applying a measurement from a central location to increasingly larger square blocks and provides recommendations for determining the distances between drill holes for measured, indicated, and inferred resources.

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 42 appropriate assessment and studies in consideration of and adjusted for reasonably assumed modifying factors. These assessments demonstrate that extraction could be reasonably justified at the time of reporting. > Probable Coal Reserves are the economically mineable part of an indicated coal resource, and in some circumstances a measured coal resource, adjusted for diluting materials and allowances for losses when the material is mined. It is based on appropriate assessment and studies in consideration of and adjusted for reasonably assumed modifying factors. These assessments demonstrate that extraction could be reasonably justified at the time of reporting. Upon completion of delineation and calculation of coal resources, MM&A generated a LOM plan for Elk Run. The footprint of each reserve area is shown on the maps in Appendix C. The mine plan was generated based on 5-year budget mine plans provided by Alpha and supplemented with additional projections by MM&A to reflect LOM plans that honor property control limits, geologic mapping, or other factors determined during the evaluation. Carlson Mining software was used to generate the LOM plan for Elk Run. The mine plan was sequenced based on productivity schedules provided by Alpha. MM&A judged the productivity estimates and plans to be reasonable based on experience and current industry practice. Raw, ROM production data outputs from LOM plan sequencing were processed into Microsoft® EXCEL spreadsheets and summarized on an annual basis for processing into the economic model. Average seam densities were estimated to determine raw coal tons produced from the LOM plan. Average mine recovery and wash recovery factors were applied to determine coal reserve tons. Coal reserve tons in this evaluation are reported at a 6.0-percent moisture and represent the saleable product from the Property. Pricing data as provided by Alpha from third-party sources is described in Table 16-2. The pricing data assumes a flat-line long-term realization of $140 per short ton port pricing, with an average $113.94 per ton netback pricing reflective of the product currently sold at Elk Run. These estimates are based on long-term pricing published by third-party sources and adjusted for quality and transportation. The coal resource mapping and estimation process, described in the report, was used as a basis for the coal reserve estimate. Proven and probable coal reserves were derived from the defined coal resource considering relevant processing, economic (including technical estimates of capital, revenue, and cost), marketing, legal, environmental, socio-economic, and regulatory factors and are presented on a moist, recoverable basis. As is customary in the US, the categories for proven and probable coal reserves are based on the distances from valid points of measurement as determined by the QP for the area under consideration. Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 43 For this evaluation, measured resource, which may convert to a proven reserve, is based on a ¼-mile radius from a valid point of observation. Points of observation include exploration drill holes, and mine measurements which have been fully vetted and processed into a geologic model. The geologic model is based on seam depositional modeling, the interrelationship of overlying and underlying strata on seam mineability, seam thickness trends, the impact of seam structure, intra-seam characteristics, etc. Once the geologic model was completed, a statistical analysis, described in Section 11.1.1 was conducted and a ¼-mile radius from a valid point of observation was selected to define Measured Resources. Likewise, the distance between ¼ and ¾ of a mile radius was selected to define Indicated Resources. Indicated Resources may convert to Probable Reserves. Inferred Resources (greater than a ¾-mile radius from a valid point of observation) have been excluded from Reserve consideration. 12.2 Underground Coal Reserves The Elk Run Property reserves are derived from multiple coal seams as shown on Figure 7-1. Demonstrated reserve tons are listed in the discussion below. Table 12-1 shows the demonstrated tonnage by Proven and Probable status. 12.2.1 Checkmate Powellton Seam (Map 3) Checkmate Powellton seam demonstrated reserves are 25.91 Mt clean recoverable tons. The Browns Branch area includes the area from Browns Branch east to the Elk Run impoundment, from the White Knight Mine to north of the Revolution Mine. The Powellton seam is comprised of multiple coal benches with shale partings. Locally, the parting to the top bench thickens and the top bench is not considered part of the minable seam. The roof rock is shale and sandstone, and the floor rock is shale. No hard cutting areas were identified. The average seam thickness of the reserve is 3.78 feet. An isolated High Seam area where the No. 2 Gas seam has merged with the Powellton seam is located near the Elk Run Impoundment. The mine face-up and initial mining is located in this coal block. The High Seam demonstrated reserves are 2.52 Mt clean recoverable tons. The average seam thickness of the reserve is 9.32 feet. The projected inseam yield is 31%. 12.3 Qualified Person’s Estimates The coal reserves, as shown in Table 12-1, are based on a technical evaluation of the geology and a preliminary feasibility study of the coal deposits. The extent to which the coal reserves may be affected by any known environmental, permitting, legal, title, socio-economic, marketing, political, or other relevant issues has been reviewed rigorously. Similarly, the extent to which the estimates of coal

Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 58 Table 17-1: Elk Run Mining Permits Mine Name Type Permit Status Expires Acres Disturbed Acres Reclaimed Acres Bonded Elk Run Coal Underground - Peerless D-0021-82 Inactive 05/24/27 58.52 17.19 81.72 Blue Pennant/Twilight Haul Road Haul road Only O-5014-96 Active, Moving Coal 11/04/26 84.83 15.17 100.0 Chess Processing Coal Refuse Refuse Disposal O-5042-93 Inactive 03/07/25 362.2 81.76 563.99 Elk Run Loadout Only O-5078-91 Inactive 05/19/27 30.52 13.12 43.64 CC Haul Road No. 1 Other – Haul Road O-5002-15 Not Started 04/13/26 0 0 65 CC Prep Plant Utility Area Other – Haul Road O-5003-15 Not Started 06/06/26 0 0 66 Cabin Creek Preparation Plant Other O-5004-15 Not Started 07/25/26 0 0 52 Elk Run Preparation Plant P-0470-00 Inactive 03/830/27 80.68 32.81 114.75 Elk Run Coal Underground - Coalburg U-0663-00 Inactive 05/24/27 14.92 14 28.92 Roundbottom Deep Mine Coal Underground – Powellton U-5003-05 Inactive 03/03/26 34.42 0 39.73 Black Knight II Coal Underground – Kanawha BF MZ U-5011-98 Active – Reclamation Only 09/28/23 96 0 96 Black Knight II Coal Underground – No. 2 Gas U-5014-98 Inactive 12/01/23 45.38 0 42.94 Hunter Peerless Deep Mine Coal Underground - Peerless U-5022-07 Active – Reclamation Only 08/08/28 37.59 0 37.59 Black King I Coal Underground – Cedar Grove U-5024-00 Inactive 06/19/27 47.21 0 47.21 Elk Run Coal Underground - Peerless U-6007-89 Inactive 07/28/24 1.38 0 4.19 Elk Run Coal Company, LLC Coal Underground - Powellton U-5002-23 Active 06/05/28 - 0 12.48 Titan Mine Coal Underground - Alma U-3002-13 Not Started 10/27/27 0 0 70 White Bishop Deep Mine Coal Underground U-3002-94 Inactive 7/30/27 54.74 0 72.14 Laurel Eagle Mine Coal Underground U-3008-94 Inactive 02/07/25 6.65 10.73 17.66 Laurel Powellton Mine Coal Underground U-3009-96 Not Started 03/06/27 0 0 5 Laurel Branch Alma Mine Coal Underground U-3018-94 Inactive 01/10/25 17.01 5.79 22.8 Mine No. 17 Coal Underground – Eagle-Ltl U-5007-15 Not Started 10/17/26 0 0 28 Mine No. 18 Coal Underground – Cedar Grove U-5008-15 Not Started 10/20/26 0 0 6 Mine No. 18 Coal Underground – Eagle A U-5009-15 Not Started 10/25/26 0 0 3 Note: Permit status and expiration dates are based on information obtained from regulatory agency website. Permits in reclamation status receive Renewal Waivers and may show expired dates. 17.4 Local Plans, Negotiations or Agreements MM&A found no indication of agreements beyond the scope of Federal or State Regulations. 17.5 Mine Closure Plans Applicable regulations require that mines be properly closed, and reclamation commenced immediately upon abandonment. In general, site reclamation includes removal of structures, backfilling, regrading, and revegetation of disturbed areas. For surface mines, the majority of the expense for backfilling and regrading is completed as part of ongoing mining operations, with only reclamation of final pits and HWM benches required at end-of-mine life. Sediment control is required during the establishment of vegetation, and bond release generally requires a minimum five-year period of site maintenance, water sampling, and sediment control following mine completion. This requirement is reduced to two years for certain operations involving re-mining. Reclamation of underground mines includes closure and sealing of mine openings such as portals and shafts in addition to the items listed above. Alpha Metallurgical Resources, Inc. Statement of Coal Resources and Reserves for the Elk Run Underground Complex in Accordance with United States SEC Standards as of December 31, 2023 Central Appalachian Coal Basin West Virginia, USA MARSHALL MILLER & ASSOCIATES, INC. 59 Estimated costs for mine closure, including water quality monitoring during site reclamation, are included in the financial models. As with all mining companies, an accretion calculation is performed annually so the necessary Asset Retirement Obligations (ARO) can be shown as a Liability on the Balance Sheet. 17.6 Qualified Person’s Opinion The Elk Run Mining Complex was idled in 2015; however, the first production cuts in the Checkmate Powellton mine were made in October 2023. Permits necessary to resume production are issued or are expected to be issued to meet the LOM plan. MM&A knows of no reason that any permit revisions or new permits that may be required cannot be obtained. Estimated expenditures for site closure and reclamation are included in the financial model for this site. 18 Capital and Operating Costs 18.1 Capital Cost Estimate The production sequence selected for a property must consider the proximity of each reserve area to coal preparation plants, river docks and/or railroad loading points, along with suitability of production equipment to coal seam conditions. The in-place infrastructure was evaluated, and any future needs were planned to a level suitable for a Preliminary Feasibility Study and included in the Capital Forecast. Alpha provided MM&A with information related to the number of currently operating production units at Elk Run. MM&A’s capital schedules assume that major equipment rebuilds occur over the course of each machine’s remaining assumed operating life. Replacement equipment was scheduled based on MM&A’s experience and knowledge of mining equipment and industry standards with respect to the useful life of such equipment. As one mine is depleted, the equipment is moved to its replacement. The capital expenditures tables detail costs for major equipment and infrastructure such as conveyor belt terminal groups. “Other” costs include expenditures for mine access and construction, mine extension capital and miscellaneous costs. A summary of the estimated capital for the consolidated Elk Run operations is provided in Figure 18-1 below. Total capital by mine is summarized in Table 18-1.

APPENDIX A SUMMARY TABLES Alpha Metallurgical Resources 2023 SEC Update - Elk Run Summary of Coal Resource (Short Tons) • Effective December 31, 2023 Appendix A Table 1 Mine/Area Seam Measured Indicated Total Inferred Grand Total Owned Leased Permitted Not Permitted Ash% Sulfur% VM% Prenter Upper Cedar Grove 20,600,000 16,264,000 36,864,000 63,000 36,928,000 0 36,864,000 0 36,864,000 18 1.8 - Elk Run (Castle II) Peerless 12,607,000 4,207,000 16,815,000 0 16,815,000 0 16,815,000 8,503,000 8,312,000 25 2.4 - Checkmate Powellton 12,316,000 1,888,000 14,204,000 16,000 14,220,000 0 14,204,000 178,000 14,026,000 27 1.0 - Total 45,523,000 22,360,000 67,883,000 79,000 67,962,000 0 67,883,000 8,681,000 59,202,000 25 1.8 Note(1): Resource tons are Exclusive of Reserve/Not Converted to Reserve tons. Note (2): Coal resources are reported on a dry basis. Surface moisture and inherent moisture are excluded. Note (3): The Property contains 67.88 million tons (Mt) of dry, in-place measured and indicated coal resources Exclusive of Reserve/Not Converted to Reserves as of December 31, 2023. All resources exclusive of reserves are considered a met market. Totals may not add due to rounding. Quality (Dry Basis) By Permit StatusBy Reliability Category Coal Resource (Dry Tons, In Situ) By Control Type AMR118 Elk Run Tables (2024-01-15).xlsx • ELK ANR Resource Report • 1/15/2024 Page 1 of 1

Alpha Metallurgical Resources 2023 SEC Update - Elk Run Summary of Coal Reserves (Short Tons) • Effective December 31, 2023 Appendix A Table 2 By Permit Status By Market Mine/Area Mine Proven Probable Total Surface UG Owned Leased Permitted Not Permitted Thermal Met Ash% Sulfur% VM% Prenter Upper Cedar Grove 0 0 0 0 0 0 0 0 0 0 0 - - - Elk Run (Castle II) Peerless 0 0 0 0 0 0 0 0 0 0 0 - - - Checkmate Powellton 17,341,000 11,093,000 28,434,000 0 28,434,000 139,000 28,295,000 4,724,000 23,710,000 0 28,434,000 6 1.0 34 Grand Total Grand Total 17,341,000 11,093,000 28,434,000 0 28,434,000 139,000 28,295,000 4,724,000 23,710,000 0 28,434,000 6 1.0 34 Notes: Marketable reserve tons are reported on a moist basis, including a combination of surface and inherent moisture. Coal quality is based on a weighted average of laboratory analysis from core holes. The combination of surface and inherent moisture is modeled at 6.0-percent. Actual product moisture is dependent upon multiple geological factors, operational factors, and product contract specifications and can exceed 8-percent. As such, the modeled moisture values provide a level of conservatism for reserve reporting. Totals may not add due to rounding. Demonstrated Coal Reserves By Mining TypeBy Reliability Category Quality (Dry Basis)(Wet Tons, Washed or Direct Shipped) By Control Type AMR118 Elk Run Tables (2024-01-15).xlsx • ELK ANR Reserve Report • 2/1/2024 Page 1 of 1 APPENDIX B INITIAL ECONOMIC ASSESSMENT RESOURCES EXCLUSIVE OF RESERVES (PER TON)

Alpha Metallurgical Resources, Inc. Initial Economic Assessment, Resources Exclusive of Reserves (per Ton) Appendix B: Elk Run Complex Seam: POW UCG UCG UCG UCG PEER Elk Run Elk Run Elk Run Elk Run Elk Run Elk Run Area: Checkmate Blocks L,M,O Prenter Block H Prenter Block I Prenter Block J Prenter Blocks K&L Castle Peerless In-Place Resource Tons (not adjusted for Q4 2023 Depletion) 14,220,164 4,893,701 6,603,427 3,733,210 21,697,263 16,814,606 Potentially Recoverable Tons* 3,191,538 1,783,479 2,031,406 1,374,111 5,648,828 5,306,362 Mining Method Deep - CM Deep - CM Deep - CM Deep - CM Deep - CM Deep - CM Assumed Sales Realization at Plant** 130$ 130$ 130$ 130$ 130$ 130$ Iniital Capex Estimate to Access Resources*** -$ 9,000,000$ 9,000,000$ 9,000,000$ 9,000,000$ 92,380,000$ Direct Mining Costs: Labor**** 28.48$ 28.65$ 30.42$ 27.83$ 26.72$ 31.72$ Supplies, Excluding Roof Control 7.99$ 8.04$ 8.53$ 7.81$ 7.50$ 8.90$ Roof Control 5.40$ 5.44$ 5.77$ 5.28$ 5.07$ 6.02$ M&R 13.17$ 11.54$ 12.59$ 11.05$ 12.05$ 11.22$ Power 2.63$ 2.31$ 2.52$ 2.21$ 2.41$ 2.24$ Other 3.29$ 2.88$ 3.15$ 2.76$ 3.01$ 2.81$ Total Direct Cash Costs 60.96$ 58.86$ 62.98$ 56.93$ 56.76$ 62.92$ Transporation, Washing, Environmental & G&A Costs: Coal Prep***** 11.30$ 9.90$ 10.81$ 9.48$ 10.34$ 9.63$ Materials Handling 1.50$ 1.50$ 1.50$ 1.50$ 1.50$ 1.50$ Raw Coal Trucking***** -$ 7.79$ 12.17$ 3.98$ 14.81$ -$ Clean Coal Trucking 1.25$ 1.25$ 1.25$ 1.25$ 1.25$ 1.25$ Enviro****** 0.35$ 0.35$ 0.35$ 0.35$ 0.35$ 0.35$ G&A 5.35$ 5.35$ 5.35$ 5.35$ 5.35$ 5.35$ Total Transporation, Washing, Environmental & G&A Costs: 19.75$ 26.14$ 31.43$ 21.91$ 33.60$ 18.08$ Indirect Cash Costs Royalty 7.80$ 7.80$ 7.80$ 7.80$ 7.80$ 7.80$ Black Lung Excise Tax 0.55$ 0.55$ 0.55$ 0.55$ 0.55$ 0.55$ SMCRA 0.12$ 0.12$ 0.12$ 0.12$ 0.12$ 0.12$ State Severance 6.50$ 2.60$ 2.60$ 2.60$ 6.50$ 2.60$ Property Tax & Insurance 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ Total Indirect Cash Costs 17.47$ 13.57$ 13.57$ 13.57$ 17.47$ 13.57$ Non Cash Costs Amoritiztion of Development Capital -$ 5.05$ 4.43$ 6.55$ 1.59$ 17.41$ Depreciation of Initial Equipment and Sustaining Capital 6.73$ 6.73$ 6.73$ 6.73$ 6.73$ 6.73$ Depletion 1.00$ 1.00$ 1.00$ 1.00$ 1.00$ 1.00$ Total Non Cash 7.73$ 12.78$ 12.16$ 14.28$ 9.33$ 25.14$ Total Cash Cost 98.19$ 98.57$ 107.99$ 92.41$ 107.83$ 94.57$ EBITDA 31.81$ 31.43$ 22.01$ 37.59$ 22.17$ 35.43$ Fully Loaded Cost 105.92$ 111.35$ 120.15$ 106.69$ 117.15$ 119.71$ Fully Loaded P&L 24.08$ 18.65$ 9.85$ 23.31$ 12.85$ 10.29$ Passes Resource Iniital Economic Assessment? YES YES YES YES YES YES *Potentially recoverable tons are calculated by applying appropriate modifying factors to in-place resource tonnages **Sales relization represents estimated long range sales price. ***No initial capital required where resources are accessible from existing mines. ****Labor rates are driven based off of super section productivities assuming 250 to 300 feet per unit shift per section. *****Processing assumed to occur at Elk Run plant. ******Environmental costs assumed to include permiting, outfall maintenance, etc. AMR118 Elk Run Initial Economic Assessment Resources Exclusive of Reserves 123123_122123.xlsx Page 1 of 1 APPENDIX C MAPS

9/14/67 Prenter Area Black King Area 7000 Scale In Feet 0 Data Point Location Map 1 Elk Run Area Upper Cedar Grove Seam Alpha Metallurgical Resource, LLC Boone & Raleigh Counties, West Virginia Coordinate System: West Virginia South State Plane NAD 27 Controlled Underground Reserve / Resource as of 12/31/23 Previous Underground Mining N Resource Exclusive of Reserve / Not Converted to Reserve Resource Inclusive of Reserve / Converted to Reserve Caymus Mine Castle East Portal Mine Castle Peerless Mine Castle Peerless Area 5000' Scale In Feet 0 Data Point Location Map 2 Elk Run Peerless Seam Alpha Metallurgical Resource, LLC Boone, Raleigh, Kanawha & Fayette Counties, West Virginia Coordinate System: West Virginia South State Plane NAD 27 Controlled Underground Reserve / Resource as of 12/31/23 Previous Underground Mining N Resource Exclusive of Reserve / Not Converted to Reserve

CC + + + + + + + + + + + + + + + + + + + + + + + + AREA SEALED 10-04-2014 Life-line 6-10-80 7-22-80 10-22-80 12-16-80 6-7-81 LONGWALL FACE 9/16/81 5-1-78 4-5-78 Slip Ridge Area Checkmate Powellton Area 2 Scale In Miles 0 Data Point Location Map 3 Elk Run Area Powellton Seam Alpha Metallurgical Resource, LLC Boone & Raleigh Counties, West Virginia Coordinate System: West Virginia South State Plane NAD 27 Controlled Underground Reserve / Resource as of 12/31/23 Previous Underground Mining N Resource Exclusive of Reserve / Not Converted to Reserve Resource Inclusive of Reserve / Converted to Reserve

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Alpha Metallurgical Resources (AMR) 10-K2023 FY Annual report

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