Alpha Metallurgical Resources (AMR) 7 May 222022 Q1 Earnings call transcript

Good morning, and welcome, everyone, to the Alpha Metallurgical Resources First Quarter 2022 Results Conference Call. My name is Tania, and I will be your moderator for today. [Operator Instructions] It is now my pleasure to pass the conference over to Emily O'Quinn. Please proceed.

Thank you, Tania, and good morning, everyone.

results let comments you financial regarding forward-looking and started, prepared during performance get from statements our materially remarks, anticipated actual we me that remind our contain those Before discussed. differ may business and

non-GAAP our those some our the Executive today regarding affect and that Participating David Financial I'll Please that, on Alpha's participating Jason and associated measures refer the the SEC call call and Chief are the please Eidson. use XXXX quarter see turn the Horn, Chief company's factors filing. For Andy and more Chair first to on statements documents to Chief earnings Commercial reconciliation and and of Officer. our David. about Chief call are Officer; GAAP information to Whitehead, Officer, With forward-looking President of for can the information them, release their over Also Stetson; also and measures. Operating Officer, Dan

everyone, for Good Emily. joining thank morning, Thanks, us. and you

As of in back-to-back adjusted pleased with are record the performance this to EBITDA release we morning, our million quarter. report in first announced $XXX we press

loan discussed quarters. X. While June the positive attention last Alpha of the few the market Since years ability intend in transparent X This recent numbers, balance XXXX, eliminate early post just leaves success trajectory. under set the without our have liabilities remaining for down I've execution our on a paid my also also second communicated to that portfolio $XXX in to has deleveraging. our factors borrowings, has forces on central debt This in our year's some our have to million of team possible is quarter. in production I the take sheet. This million loan importance kind XX, optimized progress less the consistently groundwork, us over belief that $XXX in term to transformed balance and in time, term undeniably loan. wouldn't we we be safe and been of addition us planning and in it of legacy continued these discharge about our to the are in the than term

find unorthodox, likely it may would understand this be other I for and many Some approach businesses. why appropriate not

believe troughs. has when this excited and that we However, share our flexibility I best off. of the allows due pleased resilience business nature progress our scarce to ours. firmly debt that no toward day Alpha significant self-sufficiency, and then, and like But end. announce increasingly the I'm the market I'm to for opportunities it's of very the weather the financing can made challenges debt inevitable been for at for cyclical expensive we've paid to greater until time companies Having available to

to return the Another that top program to In shareholders. repurchase in our market. share a stock March, buy priority to would us our is common we million back announced value open $XXX allow

far. We million have engaged with purchases $XX already approximately in so actively

$XXX to opportunity year buyback how giving of our a believe us program, Therefore, ability larger great much momentum up unfold, increased scale. the As has we the the authorization this continue we common purchase forecast there's balance share the of the positive to on may on our stock. to Board million

we with are reach goals multiple of to simultaneously in quarter, see with generation the position in and expected free With cash a debt cash we the within our like flow. elimination first our levels achieve

share Alpha of on of an at a multifaceted paid near-term shareholders. the XX. also accomplishments. and It's news the capital stockholders to to annualized Our such Alpha's dividend great share June repurchase Board first being share be on for the Alpha of of establish dividend instituted X payment $X.XXX Together, have about quarterly a rate paid of per to to as with program out Directors to a quarterly program $X.XX July has returning positive per record basis, share dividend strategy

also However, in long-term for of not the resilience mentioned next on thousands the but for strategic consistently a the and, exercise up course, to of leadership and the interested that senior company's our calls, many customers March, the wrapping heard on In our our make up to company, as was build team chart XX Alpha's I'm of who strength years. who prior employees me our you've dedicated across products planning their world investors. societies, I depend only discuss

a into time yield development, tangibly to period operational our meaningful is reserves require information actual have and permitting enough can horizon, and obviously extending beyond we a capital to well close enough in lengthy use current projections decades While we needs, still decision-making. X.X planning this long-range yet

today's like the expectations. call Andy Dan, for clarify Andy, that discussions Given Roger scope and but provide the help financial long-term lot volume plan path Board portfolio, we a some was the to terms covers it product demanded want team, it the the like to With Andy. of in We I our of was recently far quarter. the final work exercise, decades. size and a hand data before and Jason, to in what to analyzed, also to want and the in to and over takeaways and of thank and the X.X of first that entire a Alpha invaluable call our exceeded the their producing their to presented compiled over that, not he look asked for simple teams on high-caliber both I've Directors, of my ahead the high-level of the next I'd

similar effort a people and David's want work amount echoing truly comments long long-term what and good plan. team and morning, A life, XX to refining some start coal over list next massive will related was do I where feet a insight heading this next Not get basis. our but analyzed of pricing strong long-term into this believe We quick production by reserve to details it about X.X a serve volumes. And also call, With of to only inorganic always planning, provide the average of for foundation nonspecific a to structure believe next the high-performing any rates XX details everyone. who these company consistent kind portfolio Thanks, decades. projections. the existing any a our anticipated the regard information and Alpha operations there's XX,XXX to on want We look allow was. the our obviously to Alpha's to longevity solid David, contributed operations don't strategic data our proud without opportunities consistency assets We dug offers these for from of years rank, see proprietary. of in illustrate but granular are the market level of we challenges, production for down well-located growth. does production to recent to reserve we've been need maintain I and geological across levels, should years shipment as of

diverse takeaway this optionality and quality is a we expect company's and mix. process maintaining Another by provided improve planning that to while the from flexibility gradually product the coal rank

apart meet of excellent customer is our menu to customers, of sets our provide products wide our reliably to very part record from specific needs. to Aside out delivering coal what a of ability

on as on, hallmark we before, especially what where our met also recent the X.X demand produce and highest possibility As further over the true goes our such in We that regions This Asia India is efforts. we've will coal expected and customer the a is already analysis growth decades continue new expect long-standing is capacity high-quality next relationships in said we see the we've shipments year. increase our coals is customers. and very one availability don't customer The quarters. the existing the into what to about have expanding shows time also relationships. develop we to we highlight has now refine we produce, in by for previewed where just bases occur. to mix marketing This optimistic and wants. but the of We're this expanding to opportunities quality our for strategic sales location build coking new sell on next

actively plan this in personal my exercise the highlighted opinion remaining I next and as in thermal we With many coal of our United exposure total met to space metallurgical in cultivating production, XX% under the as well the firmly while we the nimble is to global relationships markets, prospects franchise with dwindling pursue. global in are within opportunities hope the to we years serve States. come. we believe for already macroeconomic intensify about coming Alpha to respond years well-positioned leader many a our the now to coal efforts are to continue for up While eager ready these decade, as to wrap are years circumstances Alpha's we XX I'll shift. next

excited an team are the nearing ahead in with as Our the the is other are and resilient efforts, employees stronger be is and Especially I near become and of even succeed our completion we company, believe to about to long leadership our poised the company Alpha what and ability deleveraging both term. in best lies many for our industry, our investors employees, stakeholders. the our

now our quarter record the second to a posted our Turning in for results row. Alpha quarter.

with million quarter. $XXX.XX from on quarter quarter EBITDA our to in in Australian average X.X first on million. of volumes compared $XXX was realized continued tons realized tons our first for realizations an Met and improve segment, tonnage per with of indices the adjusted to of indices ton the quarter fourth that $XXX Atlantic mechanisms X EBITDA export linked coming than our priced sold fourth tonnage million, the while in adjusted with ton Coal led first more with export XX% the $XXX pricing other First the $XXX per quarter. on quarter period. of $XXX quarter the million Alpha Realizations in quarter-over-quarter prior consistent business

the a compared section the per due $XX.XX segment we category. byproducts an increase category the $XXX of prior realized were the reallocation to quarter to of whole, in the segment thermal to ton, over $XX.XX all to ton. the XX% For met $XXX in as down from per met Realizations other all-other the contract quarter's prior a as

our side, sales decision and see guidance. sales On which the result met costs contributed increasing all to higher pressure of of prices. inflationary the which severance to XXXX we are Persistent material also coal continue cost have of change higher to role, and a cost royalties a played taxes,

increased $XX.X Due to first the sales category, quarter. of a in cost cost of in to level the ton. million in segment of all $XX fourth tons normalized contract quarter quarter, million a $XX.XX for excluding in and of stock XXXX. amount coal per more $XX.X million, nonrecurring reallocation small quarter. decreased aforementioned from QX prior SG&A, the dropped comp coal million, For met of noncash CapEx sales from the the $XXX.XX quarter's items the was first down other $XX.X first up to elevated of

of quarter loan of quarter. close, with ended period levels term debt by than liquidity total payments at we're are now level of Turning quarter-over-quarter, Together level. million. just balance cash activities to flows. the the unrestricted within and quarter million prior is to subsequent net $XX ABL more payments million of million. the the the our Total and first We quarter the XX% operating sheet net $XXX in cash million made $XXX.X for with in the was Cash negative for unused and availability on $XXX $XXX.X provided up first mentioned triple liquidity I a

of the letters and XX, ABL credit had facility March borrowings. million no $XXX of of As outstanding

with met guidance at at an Our met tonnage of segment for business the in committed committed average solidify continues XX% and price the priced midpoint to XXXX and priced $XXX.XX. of of our

committed $XX. now is we're average an category portion at for is our midpoint just of fully in thermal met at over The price of of byproduct XX% tonnage committed priced XXXX yet price the at price our committed Another but segment average 'XX XX% in and the other priced. not all of an And $XX.XX.

earlier, approximately borrowings close quarter. million before the remaining term As $XXX David loan of the we of expect the eliminate to mentioned second

details allows approximately Alpha's approximately the interest share. I'll up common of that programmatic to maximize for new a cash also result, range utilizing performance. with in $XX at we're of down operational a to The a million XXXX. of approach XX share million The repurchases to $XX buying guidance price now our Jason million spent lowering average a for helps weighted turn for some is of $XX of to acquire million, volume our shares $XX.X $XXX share X we're dollars May our million efficiency for per stock on being the call from the to to expense over $XX running spent. opportunistic and range of as XXX,XXX repurchase expectations As program

in kick history. remarks everyone. quarter. by want any operations first on the good had more company's of and teams With X accident to congratulating rates off to quarterly morning, our our Andy, safety, lowest I Thanks, quarter the the achieved records my in regard

our compliance. completed best also ever We in quality QX water

context most weather snow additional from compliance tends challenging to of due during water and quarter usual and rain each X be the prevalence to the some period. For the first quality of perspective, a year the the

I in significant and areas think both achieved speaks compliance. highly of they of it environmental employees records that safety of critically our these new

In achievements has external recognized for recently in been workforce addition for done, accolades our to this XXXX. internal the well outstanding their job by organizations

Association Award and Safety Awards. operations the side, On operations West X Home awarded were Guardian Alpha Mountaineer Virginia XX received prestigious safety the

the is Castle Alpha honors success. the a reclamation possible our on all to I continued honors I'm incentive to see important for work performance well-deserved quarter core annual the significant and gears earning who to do our for work DEP's recognition want It's that an our to of made alpha exceptional award West that commitment through Additionally, recognize an look daily operational Mining top fuel only for bonus to we've all I contributions and of thank kind milestone congratulate for to possible. and ethic, proud our in say is Environmental additional Excellence celebrate at they quarter. employees hard when daily earned a the I values. record Shifting instituted all these building work. Award update that Virginia's Black our point achieved, Group our their and dedication out to employees financial the operations. But across focusing their In employees of also new

in will well on Marfork running and the Development most mine our production Alum The plant. preparation year. the track are expect to on pace benchmark schedule. CapEx announced feed unit we this projects advancing Glen first and weeks summer. the Mid-Vol coming are initial is remains also mines late the Progress that our Our horizon projects immediate planned, with its on take for last we production on beginning is cuts other as to into

that are some chain might occurring you in encountered we've As expect, across challenges the world. connection supply with disruptions

estimate. to higher the pressure in pricing then running exercises have these but before, materials contributing established hard need. easy, internal to cost the we forward increase, increased up labor also curve been of and wholesale global levels. obstacles coal teams supplies hasn't as Higher taxes it XXXX due have strong. based royalties sourcing While markets our met are our estimates The guidance inflationary that that worked to overcome as and numbers make elevated alpha to And keep several severance XXXX, elevated. part a sales with costs budgeting In remain mentioned late the we've large as on of we prices well and current

and will However, adjusted supply, some now to than year. have rest we updated the call we guidance XXXX hand cost $XXX and additional for geopolitical pricing expected per current Dan our will markets on the market our of efforts. carried believe our we to further appropriately about over of I the account range factors accordingly. markets $XXX previously other of for and already to projections as dynamics tight the have this a the of the sales coal raised as expectations constrained and for met ton information have coal Today, strength sale more rest

good and Jason, morning, everyone. Thanks,

inflationary XX pressure. have also Supply macroeconomic influence result various The quarters, geopolitical factors quarter, into markets the first war Ukraine late the around to coming months that had And saw East March at coal and ton per of early months $XXX February, invasion XXXX. dynamics, has back availability the in premium and significant the at quarter. experienced per implications. per tightness discussed metallurgical have from The has per jumping recently. with index global conflict from the ton persisted additional Russian down Global flows, sanctions recently maintained on as the areas first volume metric reached ton supply, quarter the quarters global Australian and ton prior of coal in metric chain Several pricing, of of strength on the metric trade constrained settled $XXX many $XXX we've imposed metallurgical indices started of the $XXX including January ended rising U.S. Indices quarter market supply coal. metric impacts on quarter in the in prior far-reaching the wins year. and created per biggest The several As per a further which continued labor pandemic-related ton. low $XXX within during X and indices $XXX in to have volatility challenges alongside metric Coast

Highway Coast priced. the it's to there XX% at it metric is is to our metallurgical are of In and XXXX, East of moved environment With and A slowing quarter metallurgical at within be as ton another of some environment that metric the this this metric already quarter, data may ton an we believe of around growth per is coal XX% signs Alpha now well-positioned the from committed U.S. where things and per per robust midpoint with coal especially to from benefiting but ton. of follow. guidance much committed priced. know for not of that hard yet volatility, headed, of $XXX continue We level start a pricing Finally, the $XXX up our a $XXX indices at is close,

North Steel X.X% the a latest down was in while by dropped period example, -- drop production the year-ago XXXX. XXXX the show crude from year-over-year. global production steel in year ago, X.X% the against a steel of dropped from March March For X.X% from [indiscernible] American production World Association statistics

to markets, South positive of trade seeing in out change met in coke and volatility India solid However, X against contrast [DN] stood their the Opportunities year-ago are respective and Europe, with to opened American seeing tonnage incremental America and of possibility All office in still are to home, alongside steel of for Far we the for domestic production for up the East markets. customers an we Because of existing closer key Alpha's growing South business coal periods. continue have on export India. flows, also contracts. top presence in in and in crude from metallurgical in we uptick demand and all, office demand our investigate robust receive their inquiries Asia

Before call for comments prior reiterate our we the within around briefly open I coal problems the transportation the questions, up will industry.

meantime, While these But these a remarks call. encountered Operator, time same. than issues in others. resolved. ready delays forward questions. cooperation for an teams the through our we amount weeks, position prepared close when these been morning's well-known to circumstances will with partners. remains look are the certainly continue in our to received pronounced issues this to open challenges in for will outsized have and challenging concludes our keep at are That We in navigating transportation our the call recent issues times, are We've and of now the more have attention

from with The first The is Martin Benchmark Company. Nathan question

How at the loan think do you about management Is Great paying ahead, do announced? quarter team dividends, capital the share whether you buybacks assuming as Do progress it a full balance announced. shooting going additional forward et those your the you and looking term additional see you between guess How guys the from you returns cetera? made X? board consider to this is special, allocation as guys approach for. debt there? the are shareholder the I on paydown, additional

input. and a take Andy his let I'll Well, provide shot

as right said, be which we on repurchase debt, execute are million will focused on We $XXX announced to So is that on, Nate, $XXX the under we're we we program million. continue announced as executed focused earlier. a now, XXX we our reducing on just share

repaid where of second is, them now, obviously, our perspective back quarter to Right be is. currently, where at where on with add anything getting perspective. in from the be to and stand did to million that's November, you from debt program. in obviously then $XXX again, discuss the purely focus front a executing on numbers to focus share want end the the able that? we financial Board repurchase Andy, and of our our is We'll our So

All discussions the I Q&A. are start a at to the Board, to little the say bit sitting futures a good levels where currently with market valuation would company look feels is, around When the available the current of options off. the Nate, you and us

hard a argue our continue up right now And own in the called to as pivot I so is we picking quarters, lot decision, coming these And the to there's that a sense. better direction. develops that it's with any of the that investment think shares. Board's right have Board. than if conversations for that But it for, can And and was now, go makes we'll

you driver thoughts. cost a possibility Appreciate piece cost it. Any sensitive inflationary those also the X I Got sticky piece, big pressures the but net side, royalty just last the about versus of to of spoke the and prices out there? on you you to today, then maybe in related to the out then how behind figure you guidance markets assuming called mentioned up much to retract? cost maybe could guidance pressures. move be elevated. know sales increase of sensitive round and have out And if And begin could remained go is Andy, point, the I'm trying I this continued inflationary again at the way some increase prices parse labor the

And you royalties, would I and current the former taxes. bridge into guidance. between you sales-related will, be But first Nate, think can if the break and try field the bridge, X/X that thirds, up to this Jason, basically is severance one. I'll guidance

then purchase side. labor the and selling on X/X divided segment be The into repair and would buying then consumables would the X/X between pricing last met the supplies And second that and be coals we're our market. into

guys, the up that helpful, very assume cost seen I would it we that quarter-over-quarter? mean, given we've that in to price I guess reasonable also quarter-to-date step-up Jason. big as is see That's likely

That's bit looking -- you at environment, where hard futures more they we a one stand, gauge. -- hold spike. in the remind events that we're current that of Again, might to a in the see still volume-driven feel just things a so again, pretty the static range through a it was But good year. will the of little

That's and on And Okay. the print as the of to be trying cadence STB a cadence in shipments shipment full guidance the getting from side recently. we perspective, Andy. ahead I anything thinking transportation guess the should Dan From the and your side a lot maybe fair, of get next of touched about have range? look year quarters, rails you towards on on been this that things attention X

transportation some Well, let issues Nate. with high quarter, hit We, the associated experienced at industry, me first our the lot really level, colleagues this in in a of like partners. a our

It's realized our that industries issues have we in let of them. But on to basis, seen daily this hoping more are bring and that I'll on their deal services created the from who and move Dan we as isn't improve as across forward, with to provide system. will labor. a listed a this his primarily commentary. what the is private However, were as they to we've we And unique public comments America. their entire shortage in we comments unique And them, by employees

improving. some this. had of really through levels done shipments out flexibility see good some We've on team done is weeks. getting grower has yes, time The Nike, railcar customers. We've the weeks, on shipping good Alpha but has job team of and both areas, bad using managing keep from that our service job the our has a advantage our good we definitely Eastern progress. had to to some a of

from starting optimistic through you levels, as we to like I shipping back numbers. we're Like going get we reasonable QX it, where see to continue improve. to working to feel and we're So we're have our said, it's

early going And what Dan. you project on look thoughts helpful, Any early see year still then CapEx of or that next expect some Very remain investments year, CapEx spending growth looking level? could finally, on side just this expect still any spending is million Great. 'XX. got realize year? we've any point? in in around maybe of And Obviously, the you next would on but at -- at pretty Do $XXX to the this I like kind things. guys

in quarter, you're It's it putting right I'm me Nate, the only Yes. now. man. through May, barely making QX

still the production So XXXX everyone just can that. to We're on we We obviously, yet. there just much to look have it's know hard do that behind have we're quite in scenes. We talked not really don't ready we into discuss comment too I that about yet. some XX-year plan. doing do to work projects with the

in guidance as bit too go to So a far for when too specifics there early will any or be there. things good that. far but some phasing XXXX years, are capital for phasing in few over the as with next Probably

in. I figure done of just hard considering spot said, as I the the Andy, understand, it's to put check guys just I on work you lot have No, a you a that

helpful So all information. I guys. the very appreciate

Securities. from with question next Riley Lucas The comes B. Pipes

on capital about is entire of quarter I see need the of ask not capital outside share all reason your I allocation don't that there another to kind out. quarter capital Congratulations used event well. really the you after for think that. eliminated loan team why quarter want noted in, as to is buybacks work. to for any just And prepared end, plan terrific before term with remarks, as in the

pretty share So post I would that. on perspective pace your here the buybacks dramatically appreciate term the of loan accelerate In short shouldn't elimination?

the move of has cadence talk with Andy I what I my the increase Lucas. we well, stand with forward in authorized. will our by new pace We said is to -- the anxious million share the But comments, I the is the as $XXX as of know this I'll Well, and million accelerate Board David. about in and made -- you Board originally. what I used that that repurchase or incremental $XXX

that we on we're boxes, as again, increase the forward. the going is going our buck what box the we cadence paying debt -- to we we to check will -- we the shortly do check to year So hope Lucas, But or moves we're off. checked

As Andy our are said, we believe undervalued. roughly shares

then an we the buying time, is insights. the we to the back We'll up did into stand and we'll where our that? August on cadence capital on shares. where some to the meetings, more in and you and therefore, will to to world November guidance program. get we the Board see Board, them we'll And able give the our go at share proceed So pick repurchase Andy, as Board provide that point update where is than any want and then respond be their of

perfect. that's No,

And this. a quick target is there liquidity you that a modeling a cash have? and From perspective, question follow-up minimum on

That's do that? a Andy. Andy, one you great for have

was have their felt mean we do -- yes, of kind I Yes. I that want internally, bounce and Lucas, get $XXX thoughts one bit. good about million. we on talk to around passed a off. we again

see at part We this of flow considered look a coming more talk particular nailed long-term a kind in point. market. this to the at scenarios any capital we look as issue of pressing of That's that we've programs plan is generation that downside the don't market of the really as But we want at reversion. that we really number $XXX a XX-year potential for at have You about cash down million. not moment

the to We've or a tag conservative past now and are. always talked I because to million number cash in right number. we remain around a $XXX so dynamic kind really don't want we liquidity as simply And want while of historically

a that we'll at in forward. likely be a of specific neighborhood want number to don't moment. stick So the going pin again, in But some

That's then plan. on the helpful. And strategic

here the great market really volume not term, looking projection hear this all tons. outlook kind coal lower that generate this of you So met wanted period? tons on XX peel in what's you've drops that of to cash you're XX to this million, to we of sustainable short just markets, to over the with through kind in long XX of over stopped about that onion a it's and try output that million, up range period the million extended million but come think Like a XX higher And just Should maybe bit. down the to term. or maybe I outlook

over able talked operational do be Jason been this the company as from is flex -- Jason. We've the flex on in we our what perspective But market moving look throw I'll ability the down market's an we to to see up, Well, able has as tremendous. able we've to to see to demand. and and flex we to to away plan, at us. The is ability before, it, been

it built we what a system. But built. to what you that's on. We your Jason, I'll like over So turn commentary we've into for

XX and we then about scale as certain can fixed really that XX conditions, to operations, operations lower Well, rate. efficiently, I some about those see evaluate million flex back to the said, the higher on to, sense. XX-year the if million of David would kind it you a think makes ability we you you costs plan, try if think need have cost more to out to under quo, think when as and market run alluded status hard spread ton cost the like of we But do

So the of million at million we the XX XX shouldn't upper to think end?

When again, that's it's dependent on complex about answer everybody that we its we And into give know, the to can't look for simple we you reason It's It's market a ability number in go to was for we internally XX-year for it's this our plan. matters really Well, as have did as of a play probably you at That's demand. transport, there. visibility the ability visibility other -- supply is period a purposes, so But dependent else, really it, it. on -- short plan the a XX-year and plan, the devised. of out. as like time. just we have we XX-year far question,

static And at argue and million $XX XX year level But that years beyond the purpose. next did some plans only we that it basically probably meaningless. people we for it are left out

have the as we to proceed ability forward. or flex We up down

a to multiple ability we left of with again, if mines But just on the markets bring are, for conditions. on we it's or purpose coal move it demand. ability transportation down range, our allows fairly the have see million planning, $XX in more depending new to the complex ability up to We the question. static the that If flex

ask $XXX did now And the helpful. for myself. pricing $XXX years? to question, XX I'm serious I But help domestic Very export use XX next half going a can't the you so years, for pricing the

Yes.

out $XX XX components there's Let the years, also to that question, to. that we me X It's go million. second previous to back looked as

quality at of where very from that look the were coals also too. coals increasing our view quality a time. did period We very, proprietary sensitive of we throughout of We the of

our share the be Well, So as that obviously models in what We pricing will any ahead, through those. And do XX proceed almost go our market. years, are in our ability not are $XX modified they We confident Andy. perform obviously, we very qualities as coal well. are. to million would

think no. we at dealing that constraints varying including we all perspective, no, at ranges here of any in the look mentioned, downside and the price we're Yes, did as the this is upside high-level takeaway looked from I static And with that, picture cases. it Jason a cases, today with world,

those are is to be from through But coal our not the some all only see we high-quality picture outsized ability and investors possibly play. testing stress We're and access the resilient XX acquire reserves. can years those now years servicing reserves. valuable of high-growth the from if produce stakeholders. have challenging today We're but also much don't to Alpha testing we back anything you to the markets our to to the to and it. some when that We markets now, come returns, providing into need as big We ability producing still still XX as same that

said, as of you any look details, deplete in XX to happened the XX-year to want and the XX. get reserves because a like at we so asking and just happened then we in into companies And was were look plan, what don't to David year kind some question, year say, the goal really get what to

that take for just give company. $XX proposition long-term million we very some we very, of to the So have degree a this out comfort

And I think Jason...

bit little can what step plan, just probably the I a guess building it is of be a first Andy to is, to it XX-year color or said add permitted. No,

for to to So what's productive everyone and get that we going knows, you a mine? a safe mining permitted, be to geology or Can time be either after mine look have the we challenging we a barge. and to plan with a -- is under there's takes actually as it those line plant, evaluation, to sometimes years respect via railcar get have come the this get it like? well, to going be mine? it several to Is a it? a the are going recovery it to look through Can fruition. And it like? we After things all Can So it through Is conditions? what's process can plant? market, we it's

we the produce today. higher-quality today to speaking the I think as we're flexible David we product next guess, And a that is makes Andy mentioned, than So a be has, we're are XX lot both as sustainable, what generally details of about, able feel that I able good to throughout know plan what we not be really are us but years. that and

for, finally one but time we little again, X do and a be XX regular doing process. then Yes. heard, Jason take Jason give then of us in years now part a production usually it are this a XX? solid property. team that an why very And should years This this to planning And of you basis, -- mid-vol do frame Alum ago, believe, And don't Jason, that -- on mine example, mentioned came the we've more at correct, projects up years close it well, It's bringing X.X you're they so an shorter Jason, to in Glen well, let's on. work we a off out. it update I calls. that follow the that, that I previous let's But XX. mid-vol in we various is said, getting say right started let's Lucas, on but at it. XX, Jason? And the is proud be do you on on summer, It's just into the time to I'm that point. then and cut property went off to the we

correct. That's

more As new come full with to weeks, to and it we on mentioned will first will unit summer. be there in production the remarks, this the its mines And coming start it in be up timely. will

next If on final be now. Really do month. discussion. view to One to helpful. the a you for question whether it thorough you I added Very right, be a Russell understand might there's approaching And rebalancing candidate appreciate the index? have a

for Andy. We as those it's It the we can seems of on until like are know, far won't various but we Lucas, looks metrics Yes. like know boxes I it check as considered that inclusion. all tell.

how if we I know but like don't turn that we're So should, feels not. it will out,

many want congratulate shares done bite I to I amazed serious before you I'm terrific make Thank to for back to because don't a buy entire -- need how you've That's time. job, team. much my the I'm tongue just too another Okay. that. and very tempted comment, just half But again, your

no this at are waiting time. questions There

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