Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Total tons shipped in Q4 2025 were 3.8 million, a slight decrease from 3.9 million tons in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 in October to $185 per metric ton by the end of December, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton at the end of the year [19] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and efficient operations amid persistent market weakness, particularly in high-vol coal [7] - Development at the Kingston Wildcat Low-Vol Mine is ongoing, with expectations to produce roughly 500,000 tons in 2026 as it ramps up to full capacity [15] - The company is exploring various opportunities for potential M&A, while also continuing share buybacks to enhance shareholder value [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent upward movement in coal markets is largely due to supply-related issues and may be temporary [4] - There is cautious optimism regarding global steel demand as a catalyst for improving metallurgical markets [5] - The management expressed concerns about the sustainability of recent price increases and the potential for market volatility [35] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with another 53% committed but not yet priced [12] - CapEx for Q4 was $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Can you clarify the mix of domestic versus seaborne-based tons? - Management indicated that approximately half of domestic volume is high-vol, while the other half is low and medium-vol [24] Question: What is the expected cost cadence over the year? - Management noted that Q1 typically sees elevated costs due to lower productivity, with costs normalizing in the second and third quarters [26] Question: What are the best uses for Alpha's cash at this stage? - Management emphasized maintaining liquidity for market volatility, share buybacks, and exploring M&A opportunities [35] Question: How do you see the broader market, particularly in Europe and South America? - Management expressed cautious optimism for recovery in Europe and South America, while noting ongoing challenges in Asia [29] Question: Any updates on U.S. supply and potential impacts? - Management mentioned that some smaller operations are going into care and maintenance, potentially reducing annual production by 1.5 to 2 million tons [48]

Core Insights - Natural Resource Partners L.P. (NRP) reported a net income of $30.998 million for Q4 2025 and $136.367 million for the full year 2025, reflecting a decrease compared to the previous year [1][26] - The company generated $169 million in free cash flow and retired $109 million of debt during 2025, indicating strong cash generation despite challenging market conditions [2][5] - NRP declared a special cash distribution of $0.12 per common unit to assist unitholders with tax liabilities for 2025, with total distributions for the year amounting to $4.21 per common unit [3][5] Financial Performance - For Q4 2025, NRP's operating cash flow was $44.765 million, while for the full year, it was $165.863 million [1] - Free cash flow for Q4 2025 was $45.508 million, and for the full year, it was $168.748 million [1] - The company's liquidity stood at $211.2 million as of December 31, 2025, comprising $30.1 million in cash and $181.1 million in available borrowing capacity [2] Segment Performance - Mineral Rights segment net income decreased by $12.6 million in Q4 and $40.8 million for the full year compared to the prior year, primarily due to lower metallurgical coal prices and volumes [4] - Soda Ash segment net income also saw declines, with a decrease of $2.6 million in Q4 and $15.1 million for the full year, attributed to lower sales prices [8][9] - The soda ash market remains oversupplied, with prices expected to stay low for the foreseeable future, impacting NRP's revenue from this segment [9][10] Corporate and Financing - Corporate and financing costs decreased by $3.4 million in Q4 and $8.6 million for the full year, mainly due to lower interest expenses from reduced debt levels [11] - NRP's consolidated leverage ratio was reported at 0.2x as of December 31, 2025, indicating a low level of debt relative to earnings [12] Future Outlook - The company does not anticipate significant changes in coal pricing for 2026, as weak demand and supply conditions persist [6] - NRP's carbon neutral initiatives have faced challenges, including high operational costs and regulatory uncertainties, which may hinder progress in this area [7]

沪指报4139.53点，跌0.17%，深成指报14405.76点，跌0.68%，创业板指报3296.23点，跌1.46%。科创综 指跌0.52%。算力租赁板块走强，小金属、稀土永磁、电力、多元金融板块涨幅居前，光伏设备、煤炭 板块活跃；造纸、PCB概念、CPO、半导体芯片等板块下挫。（AI生成） ...

February 24, 2026 02:03 AM GMT 中国思考 | Asia Pacific 马年，通胀能否快马加鞭？ 阶段一：过剩行业投资放缓⸺有所进展，但背后的结构更加重要 阶段二：削减存量过剩产能⸺力度有限，且偏向上游 • 煤炭及部分金属行业已出现限产举措。尽管这类措施可在短期内推升上游 价格，但其更多的是控产量而非退产能。 ( 下页继续 ) This translated report is made available for convenience only and is based on the original research report published in English. In the event of any discrepancy between the translation and the original research report, the content in the original research report will prevail. The original research report can be found here: China M ...

India Wants To Sell Stake in Public Entities to Raise $20 Billion - Moby THE GIST The Modi-led Indian government wants to sell stakes in public assets to raise about $19.7 billion over the next four years. Why? Because it wants to raise money without debt. The IPOs will be for companies in core service sectors including railways, power, petroleum & natural gas, aviation, and coal. All industries central to India’s infrastructure and development agenda. WHAT HAPPENED New Delhi wants to pawn off public ...

February 22, 2026 08:01 PM GMT Investor Presentation | Asia Pacific M Foundation Can the Year of the Horse Pull Prices Out of the Doldrums? Related reports: Can the Year of the Horse Pull Prices Out of the Doldrums? (13 February 2026) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com China's reflation journey in three dimensions Stage 1: Slower investment in oversupplied sectors Modest progress, but composition matte ...

Polen Capital, an investment management company, released its fourth-quarter investor letter for “Polen 5Perspectives Small Growth Strategy”. A copy of the letter can be downloaded here. The Polen 5Perspectives Small Growth Composite Portfolio returned -1.3% gross and -1.5% net of fees in the fourth quarter of 2025, compared to a 1.2% return of the Russell 2000 Growth Index. Following double-digit returns in 2Q and 3Q, small caps concluded the year with a 1.2% return in 4Q. Biotech stood out as a major per ...

Mohnish Pabrai’s Dalal Street LLC reported an equity portfolio of approximately $402 million in the latest quarter, maintaining its signature high-conviction, concentrated value investing approach. The portfolio remains heavily focused on a small group of cyclical commodity and energy services companies, particularly coal producers and offshore drilling firms — areas where Pabrai has historically sought asymmetric upside tied to industry cycles and capital scarcity.The latest filing suggests selective posit ...

The share price of Core Natural Resources, Inc. (NYSE:CNR) fell by 4% between February 11 and February 18, 2026, putting it among the Energy Stocks that Lost the Most This Week. Core Natural Resources (CNR) Reports Mixed Results for Q4 2025 Copyright: vyacheslavsvetlichnyy / 123RF Stock Photo Core Natural Resources, Inc. (NYSE:CNR) is a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and high calorific value thermal coals. Core Natural Resources, Inc. (NYSE:CN ...

Core Viewpoint - Yangquan is transforming itself into a "Red City," "Science Fiction City," "Memory City," and "Fossil City," leveraging its rich industrial history and cultural resources to boost tourism and economic development [6][7]. Historical Context - Yangquan, located in eastern Shanxi, has a history marked by significant industrial developments, including the establishment of the Zhengtai Railway in 1906 and the founding of the Baojin Iron Factory in 1907, which became a major national capital enterprise [4][5][16]. - At its peak, Yangquan had 404 enterprises across various sectors, including coal, metallurgy, and machinery, forming the backbone of its industrial economy [5][16]. Industrial Heritage and Tourism - As the largest anthracite coal production base in China, Yangquan is capitalizing on its industrial heritage by repurposing old factories into tourist attractions, such as the transformation of the water pump factory into the "Yangquan Memory 1947" cultural park [6][10][15]. - The city is also rich in red tourism resources, being the site of significant historical battles and the birthplace of the first People's City created by the Communist Party [7][41]. Cultural and Tourism Development - Predictions indicate that during the 2026 Spring Festival, Yangquan's tourism will see a 34.1% increase in visitor numbers and a 38.2% rise in revenue, with a significant portion of visitors coming from Beijing [9]. - The "Yangquan Memory 1947" cultural park is expected to attract 1.345 million visitors in 2025, showcasing local history and culture through various exhibits and events [24]. Rural Tourism Initiatives - The Yangjiagou village has undergone significant transformation into a tourism demonstration village, featuring infrastructure improvements and cultural storytelling elements [29][32]. - The village's unique "South Wall" has gained popularity on social media, contributing to increased tourism and local business revenue, which reached 3 million yuan from last year's "Eleventh" to the Spring Festival [36]. Future Prospects - Yangquan is developing a unique tourism matrix that combines industrial heritage with natural landscapes, including plans for an industrial-themed museum and a fossil museum to enhance its cultural offerings [40][54]. - The city aims to integrate its rich geological history into tourism, with ongoing projects to establish a national-level "Geological Cultural Village" and a training base for ancient biological fossils [54][58].