WARRIOR MET COAL, INC.

demonstrated economic value. Likewise, you are cautioned not to assume that all or any part of measured and indicated mineral resources will ever be converted to mineral reserves.

Technical Report Summary

The information that follows relating to our individually material properties: Mine No. 4, Mine No. 7 and Blue Creek, is derived, for the most part, from, and in some instances is an extract from, the technical report summaries ("TRS") relating to such properties prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K by Marshall Miller & Associates, Inc.. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of each TRS, incorporated herein by reference and made a part of this Annual Report on Form 10-K. With regard to Mine No. 7 there have been no material changes in the modifying factors, mineral reserves or mineral resources from the TRS filed as Exhibit 96.1 to Form 10-K to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Mine No. 7 TRS"). With regard to Blue Creek there have been no material changes in the modifying factors from the TRS filed as Exhibit 96.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Blue Creek TRS"). Specifically for Blue Creek, it is important to note that reserves expressed in this 10-K now include approximately 26 million metric tons associated with our recently acquired federal coal leases with the BLM which were not considered as reserves in the 2023 Blue Creek TRS. Additionally, approximately 13 million metric tons of resources exclusive of reserves associated with the BLM leases have been added at Blue Creek. The resource boundaries and mining planning in the 2023 Blue Creek TRS assumed the acquisition of the BLM leases; accordingly, the 2023 Blue Creek TRS continues to support our development plan and remains valid. Based on our review, dialogue with Marshall Miller and Associates, Inc., and professional judgment, the 2023 Blue Creek TRS remains materially accurate as of the date of this Annual Report. The Company plans to file an updated Blue Creek TRS in connection with its 2026 filings, after one full year of production and actual operating cost data are available, to reflect current modifying factors and updated economic assumptions. The Company is therefore not filing a new TRS for Mine No. 7 nor Blue Creek in connection with this Annual Report and is incorporating the 2024 Mine No. 7 TRS and 2023 Blue Creek TRS herein by reference. Marshall Miller and Associates, Inc. was retained to compute volumetric updates to resources and reserves for Mine No. 7 and Blue Creek. Those estimations are considered in the tabulations of resources and reserves for Mine No. 7 and Blue Creek presented herein. Specific to Mine No. 4, Marshall Miller and Associates, Inc. completed a full update to the TRS for the year ended December 31, 2025 (the “2025 Mine No. 4 TRS) which is filed as Exhibit 23.2 to this Annual Report on Form 10-K. The previous TRS for Mine No. 4 was filed in May 2023 as an Amendment to the Annual Report for the year ended December 31, 2022 (The “2022 Mine No. 4 TRS”) on Form 10-K/A. The 2022 Mine No. 4 TRS utilized mine planning to support reserves which did not include broad assumptions of the acquisition of BLM leases. As such, life-of-mine plans in the 2025 Mine No. 4 TRS now include the BLM leases.

Overview and Highlights

As of December 31, 2025, and under the SEC's new rules governing mineral reserves, specifically subpart 1300 of Regulation S-K under the Modernization of Property Disclosures for Mining Registrants, we had estimated reserves totaling 186.2 million metric tons and estimated mineral resources exclusive of reserves of 54.0 million metric tons. Our three operating underground mines had approximately 179.3 million metric tons of recoverable reserves and our Blue Creek mine contained 54.0 million metric tons of in-place mineral resources exclusive of reserves.

The following map shows the major locations of our mining operations.

In addition to our underground and surface mines, we utilize a substantial amount of existing infrastructure which includes administration buildings, a central supply maintenance shop, central supply warehouses, a training center and a barge loading facility.

• We may be unsuccessful or experience delays or operational challenges in completing the remaining development and ramp-up of Blue Creek, which could significantly affect our operations and/or limit our long-term growth.
• We may be unsuccessful in integrating the operations of any future acquisitions, including acquisitions involving new lines of business, with our existing operations, and in realizing all or any part of the anticipated benefits of any such acquisitions.
• If transportation for our steelmaking coal is disrupted, unavailable or more expensive for our customers, our ability to sell steelmaking coal could suffer.
• Our business may require substantial capital investment and maintenance expenditures, and we may not have access to the capital required to reach and sustain full productive capacity at our mines, including the ramp-up of Blue Creek.
• Work stoppages, such as the strike initiated by the UMWA in April 2021 that ended in February 2023, and other labor relations matters may harm our business. Union-represented labor creates an increased risk of work stoppages and higher labor costs.
• We require a skilled workforce to run our business. If we cannot hire qualified people to meet replacement or expansion needs, we may not be able to achieve planned results.
• Significant competition, as well as changes in foreign markets or economies, could harm our sales, profitability and cash flows. In addition, foreign currency fluctuations could adversely affect the competitiveness of our coal abroad.
• Our sales in foreign jurisdictions are subject to risks and uncertainties that may have a negative impact on our profitability.
• New tariffs and other trade measures could adversely affect our results of operations, financial position and cash flows.
• We may be subject to litigation, the disposition of which could negatively affect our profitability and cash flow in a particular period, or have a material adverse effect on our business, financial condition and results of operations.
• Terrorist attacks and cyber-attacks or other security breaches may negatively affect our business, financial condition and results of operations and cash flows.
• Our executive officers and other key personnel are important to our success and the loss of one or more of these individuals could harm our business.
• Our business may suffer as a result of a substantial or extended decline in steelmaking coal pricing or the failure of any recovery or stabilization of steelmaking coal prices, as well as any substantial or extended decline in the demand for steelmaking coal and other factors beyond our control, which could negatively affect our operating results and cash flows.
• Our customers are continually evaluating alternative steel production technologies which may reduce demand for our product.
• Substantially all of our revenues are derived from the sale of steelmaking coal. This lack of diversification of our business could adversely affect our financial condition, results of operations and cash flows.
• All of our mining operations are located in Alabama, making us vulnerable to risks associated with having our production concentrated in one geographic area.
• Steelmaking coal mining involves many hazards and operating risks, some of which may not be fully covered by insurance, and is dependent upon many factors and conditions beyond our control. The occurrence of a significant accident or other event that is not fully insured could curtail our operations and may cause our profitability and financial position to decline.
• Defects in title of any real property or leasehold interests in our properties or associated steelmaking coal reserves could limit our ability to mine or develop these properties or result in significant unanticipated costs.
• We face uncertainties in estimating our economically recoverable steelmaking coal reserves and resources, and inaccuracies in our estimates of our steelmaking coal reserves and resources could result in decreased profitability from lower than expected revenues or higher than expected costs.
• Our inability to develop steelmaking coal reserves in an economically feasible manner or our inability to acquire additional steelmaking coal reserves that are economically recoverable may adversely affect our business.
• Any significant downtime of our major pieces of mining equipment could impair our ability to supply steelmaking coal to our customers and materially and adversely affect our results of operations and cash flows.
• We may not recover our investments in our mining, exploration and other assets, which may require us to recognize impairment charges related to those assets.
• Our failure to obtain and renew permits necessary for our mining operations could negatively affect our business.
• Extensive environmental, health and safety laws and regulations impose significant costs on our operations and future regulations could increase those costs, limit our ability to produce or adversely affect the demand for our products.
• Our mines are subject to stringent federal and state safety regulations that increase our cost of doing business at active operations and may place restrictions on our methods of operation. In addition, federal, state or local regulatory agencies have the authority to order certain of our mines to be temporarily or permanently closed under certain circumstances, which could materially and adversely affect our ability to meet our customers’ demands.
• Increased focus by regulatory authorities on the effects of coal mining on the environment and recent regulatory developments related to coal mining operations, including the federal leasing program, could increase our costs to receive new permits to mine steelmaking coal, make it more difficult to comply with our existing permits to mine coal or to obtain federal land and mineral leases, or otherwise adversely affect us.
• Regulation of air emissions, including GHG emissions, could increase our operating costs and impact the demand for, price of and value of our products.
• Our operations may impact the environment or cause exposure to hazardous substances and our properties may have environmental contamination, which could result in material liabilities to us.
• Failure to obtain or renew surety bonds on acceptable terms could affect our ability to secure reclamation and coal lease obligations and, therefore, our ability to mine or lease steelmaking coal.
• We have reclamation and mine closing obligations. If the assumptions underlying our accruals are inaccurate, we could be required to expend greater amounts than anticipated.
• We have a substantial amount of indebtedness. Our substantial indebtedness could adversely affect our ability to raise additional capital to fund our operations and dividend policy, limit our ability to react to changes in the economy or our industry and prevent us from making debt service payments on the Notes.
• We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness that may not be successful.
• Despite our current indebtedness levels, we may still be able to incur substantially more debt, including secured indebtedness.
• Our debt agreements contain restrictions that will limit our flexibility in operating our business.
• The need to maintain capacity for required letters of credit could limit our ability to provide financial assurance for self-insured obligations and negatively impact our ability to fund future working capital, capital expenditures or other general corporate requirements.
• Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase.
• We may be unable to generate sufficient taxable income from future operations, or other circumstances could arise, which may limit or eliminate our ability to utilize our significant federal and state tax NOLs or our deferred tax assets.
• Certain U.S. federal income tax provisions currently available, including coal percentage depletion and foreign-derived intangible income, may be eliminated by future legislation.
• The market price of our common stock may fluctuate significantly and investors in our common stock could incur substantial losses.
• If securities or industry analysts adversely change their recommendations regarding our stock or if our operating results do not meet their expectations, our stock price could decline.
• The requirements of being a public company, including compliance with the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the requirements of the Sarbanes-Oxley Act, require application of significant resources and management attention, and we may be unable to comply with these requirements in a timely or cost-effective manner.
• Any declaration and payment of future dividends to holders of our common stock or stock repurchases will depend on future financial performance and may be limited by restrictive covenants of our Amended ABL Facility and the Indenture, and will be at the sole discretion of the Board and will also depend on many factors.
• An investor’s percentage ownership in us may be diluted by future issuances of capital stock or securities or instruments that are convertible into our capital stock, which could reduce its influence over matters on which stockholders vote.
• We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.
• Our common stock is subject to the 382 Transfer Restrictions under our certificate of incorporation and the Amended Rights Agreement which are intended to prevent a Section 382 “ownership change,” which if not complied with, could result in the forfeiture of such stock and related dividends or substantial dilution of the stock ownership, respectively. Accordingly, this may impact the market price of our common stock and discourage third parties from seeking strategic transactions with us that could be beneficial to our stockholders.
• We could engage in or approve transactions involving our common stock that adversely affect significant stockholders and our other stockholders.
• Provisions in our certificate of incorporation and bylaws and Delaware law, as well as the Amended Rights Agreement, make it more difficult to effect a change in control of the Company, which could adversely affect the price of our common stock.
• The related party transactions and corporate opportunities provisions in our certificate of incorporation permit us to enter into transactions in which one or more of our directors or officers may be a party to or may be interested in and could enable our non-employee directors or stockholders and their affiliates to benefit from corporate opportunities that might otherwise be available to us.
• Compliance with import and export requirements, economic sanctions laws, the Foreign Corrupt Practices Act and other applicable anti-corruption laws may increase the risks of doing business internationally.