CHPP / saleable yield100%Saleable tonnes ÷ ROM feed
Realised coal price$140.32/tModeled pricing point
Site cash cost$111.55/tPer saleable tonne
Cash margin$28.77/tAfter royalties and modeled deductions
Risked NPV$398m100% ownership
Investment verdict
Three continuous-miner metallurgical mines with modest reserves and costs above the Leer longwalls
C
B
Grade & continuity
66.0M clean reserve tons across Beckley, Mountain Laurel and Itmann No. 5 in Central Appalachian metallurgical seams.
B+
Metallurgy
Conventional metallurgical-coal washing with established products sold alongside Leer.
C
Mining complexity
Continuous-miner sections produce 0.5-1.2M tons a year each, and the implied segment cost of about US$112/t sits well above Leer's longwall cost.
B+
Infrastructure & power
Established West Virginia rail access to domestic and export markets.
B
Permitting status
All three mines are operating and permitted; mine-level reclamation is not separately disclosed.
B
Resource confidence
The 10-K reports reserves and 2025 output by mine, but no mine plan, cost or capital; cost is the residual of segment guidance.
C
Geological upside
No mine-level resource beyond reserves enters the model.
C
Expansion optionality
Itmann No. 5's 27.1M-ton reserve carries the tail; Beckley and Mountain Laurel deplete within about two decades at the modelled rate.
Valuation snapshot
100% NAV retained
Unrisked NPV$398m
Project DCF before the published stage and execution-risk charge.
Risk charge−$0m
Value removed by the model's project-stage and execution-risk adjustment.
Risked NPV$398m
Selected project value after risk, before ownership attribution.
Effective discount rate7%
Time-value hurdle used for the project DCF after published adjustments.
NPV at first production$203m
Production-value anchor with pre-production timing removed; used by the FSV ladder.
Annual operating profile
Spot · risked · 100% of project
Saleable coal and CHPP yieldannual ROM-to-product conversion
Mt · %
Saleable-tonne economics2026E operating row and life-of-mine cost basis
US$/t
Realised price$140.32/t
Site cash cost$111.55/t
Cash cost incl. sustaining$122.44/t
Cash margin$28.77/t
ROM coal66 Mt
Saleable coal66 Mt
LOM saleable yield100%
Site cost / ROM t$111.55/t
A 100% yield indicates a schedule already expressed in saleable tonnes.
Revenue and cost stackcosts and capital aligned below zero
US$m
Capital recoveryannual and cumulative project cash flow
US$m
Timeline Built from the stored anchor years: construction start, first production, and closure (or first production plus reserve life where no closure year is published). The marker is the year the current valuation is struck from.
Construction
2012–2026
Production
2026–2101
20122024203620482060207220842096
Dashed line marks 2026, the year this valuation is struck from.
Resources and reserves
Effective 31 Dec 2025 · Attributable basis
Ore reserves
Asset
Proven (Mt)
Probable (Mt)
Proven & probable (Mt)
47.6
18.4
66.0
Itmann No. 5
15.4
11.7
27.1
Beckley
20.3
2.30
22.6
Mountain Laurel
11.9
4.40
16.3
Coal tonnes are on the disclosed source basis; no equivalent conversion is applied.
Valuation framework Fair speculative value ladderProduction →
Two valuation lenses$203m production-value OV anchors the speculative
ladder; $398m stage-risked DCF is the selected modeled project value.
Speculative value by development stage
Current model stageProduction 100%–100%
certainty
Market-implied project value$4,508m Company market capitalization