Q1 results in line with expectations, but costs were elevated due to weather impacts. The overall market remained weak, with only the US performing slightly better.

Key data: liquidity over $500 million, above the target of $250–300 million; the 45X tax credit is expected to bring in about $2/ton in benefits.

Domestic sales account for half, consisting of high-volatile coal, with the remainder exported. The Atlantic basin market is optimistic, while Asian competition is fierce. Management emphasized an increase in seaborne exports. Q1 costs may be above the guidance upper limit, but Q2 and Q3 will normalize, and full-year cost guidance remains largely unchanged.

Risk signals: tariff uncertainty leads buyers to wait and see, resulting in a lack of market liquidity. Bright spots: small mine shutdowns (approximately 1–2 million tons/year) may support prices, but the impact is limited.