2024 Full Year Guidance

Coal Operations

Volumes (Million Short Tons)

Illinois Basin Sales Tons

24.25 — 25.0

Appalachia Sales Tons

9.25 — 9.50

Total Sales Tons

33.50 — 34.50

Committed & Priced Sales Tons

2024 — Domestic / Export / Total

28.2 / 5.2 / 33.4

2025 — Domestic / Export / Total

21.0 / 1.5 / 22.5

Coal Sales Price Per Ton Sold (1)

Illinois Basin

$56.25 — $57.00

Appalachia

$83.00 — $84.00

Total

$63.75 — $64.50

Segment Adjusted EBITDA Expense Per Ton Sold (2)

Illinois Basin

$36.00 — $38.00

Appalachia

$57.00 — $60.00

Total

$43.00 — $45.00

Royalties

Oil & Gas Royalties

Oil (000 Barrels)

1,500 — 1,600

Natural gas (000 MCF)

5,800 — 6,200

Liquids (000 Barrels)

750 — 800

Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue)

~ 13.0%

Coal Royalties

Royalty tons sold (Million Short Tons)

20.4 — 21.5

Revenue per royalty ton sold

$3.15 — $3.35

Segment Adjusted EBITDA Expense per royalty ton sold

$1.15 — $1.25

Consolidated (Millions)

Depreciation, depletion and amortization

$280 — $300

General and administrative

$80 — $85

Net interest expense

$34 — $36

Income tax expense

$17 — $19

Total capital expenditures

$420 — $460

Growth capital expenditures

$25 — $30

Maintenance capital expenditures

$395 — $430

(1)

Sales price per ton is defined as total coal sales revenue divided by total tons sold.

(2)

Segment Adjusted EBITDA Expense is defined as operating expenses, coal purchases, if applicable, and other income or expense as adjusted to remove certain items from operating expenses that we characterize as unrepresentative of our ongoing operations.