For Q1 2026, Core Natural Resources, Inc. reported that the high calorific value thermal segment had coal sales of 7.7 million tons and achieved realized coal revenue per ton sold of $58.86, with both sales volumes and realized pricing generally in line with the previous quarter’s results. The segment’s cash cost was modestly higher than in the previous quarter due to power price spikes and short-term (and now past) geologic challenges at the Pennsylvania Mining Complex (PAMC).

Core’s operations executed at a high level, according to the company, led by strong performances at Leer South and West Elk. The metallurgical segment achieved a significant, quarter-over-quarter increase in sales margins, underpinned by a substantial step-down in its cash cost of coal sold per ton, and the high calorific value thermal segment again delivered solid sales margins even as it navigated elevated electricity costs at the PAMC stemming from this winter’s Arctic outbreak, as well as several weeks of challenging geology at the PAMC.

In Core’s metallurgical segment, coking coal sales totaled 2.1 million tons in Q1, and thermal byproduct sales totaled 300,000 tons. The segment achieved realized coal revenue per ton sold for coking coal of $122.11, which was 7% higher than during the previous quarter due principally to an increased percentage of sales linked to Premium Low-Vol pricing. The metallurgical segment reported a cash cost of coal sold per ton of 11% lower than in the previous quarter.

In the Powder River Basin segment, Q1 sales volumes totaled 11.9 million tons, which represented a step-down from the previous quarter’s volume levels due to reduced shipments in the face of a relatively temperate winter overall. Realized coal revenue per ton sold was $14.39 and cash cost of coal sold per ton came in at $13.64, which was generally in line with the previous quarter despite the lower volume levels.

“I am pleased to report that Core is beginning to demonstrate the true potential of the combined platform,” said Jimmy Brock, Core’s chair and CEO. “Most importantly, the team continued to operate in tight alignment with our core values — safety and compliance, continuous improvement, and financial performance. Looking ahead, we expect to maintain this positive momentum in pursuit of operational excellence across the entire enterprise.”

With the U.S. coal fleet still operating at a capacity factor of less than 50% — and with the Trump Administration moving aggressively to ensure the long-term viability of the U.S. coal fleet — Core expects U.S. thermal coal markets to expand and strengthen in coming quarters.

Looking ahead, Core expects the ongoing, steel-dependent build-out of Southeast Asian economies — along with sustained investment in new blast furnace capacity across that region — to support a constructive, long-term market outlook for high-quality coking coals.

“Our diversified portfolio of world-class assets — in concert with our extensive and strategic logistical network — should continue to position us to capitalize on the most compelling market opportunities,” Brock continued.