Core Natural Resources

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About the Company

Core Natural Resources, Inc. (NYSE: CNR) is an American coal mining and processing company headquartered in Canonsburg, Pennsylvania, near Pittsburgh. Formed in January 2025 through a merger of equals between Arch Resources and CONSOL Energy, Core produces and exports both metallurgical and thermal coal used in steelmaking, cement production, infrastructure, and energy generation..

As of 2025, Core employs approximately 5,000 people and operates 11 active mines across Pennsylvania, West Virginia, Colorado, and Wyoming. The company also owns two export terminals on the U.S. East Coast .

Operations

Core owns and operates 11 mines, including 8 longwalls. Its five metallurgical mines produce carbon-based products used in various applications, primarily for steel production. Core’s Pennsylvania Mining Complex includes five longwall mines that feed into a central preparation plant, producing thermal coal used primarily for energy production. The West Elk longwall mine in Colorado produces and blends thermal coal used in a variety of industrial applications. The company owns and operates two export marine terminals along the U.S. eastern seaboard .

History

The merger creating Core Natural Resources was announced in August 2024 and completed in January 2025, combining Arch Resources’ metallurgical coal portfolio with CONSOL Energy’s thermal coal operations. The newly formed company began trading on the New York Stock Exchange under the ticker symbol CNR.

The merger followed more than a century of combined history in U.S. coal production:

CONSOL Energy

CONSOL Energy traces its roots to the Consolidation Coal Company, established in 1860 and later one of the largest coal producers in the eastern United States. Through much of the 20th century, the company expanded across Appalachia and transitioned its headquarters to Pittsburgh, aligning with the region’s industrial growth. In the 1990s, CONSOL evolved into a modern energy company through a joint venture between DuPont and Rheinbraun A.G., combining coal operations with emerging natural gas assets. Over the next two decades, it became a leading producer in both coal and shale gas, particularly in the Marcellus and Utica basins. After refocusing on coal in 2017 following its separation from CNX Resources, CONSOL entered a new chapter in 2025, merging with Arch Resources to form Core Natural Resources .

Arch Resources

Arch Resources originated in 1997 from the merger of Ashland Coal, Inc. and Arch Mineral Corporation, creating one of the largest U.S. coal producers. Over the next decade, Arch expanded through major acquisitions in the Powder River Basin, including the Black Thunder and Jacobs Ranch mines, establishing itself as a leading supplier of low-sulfur and metallurgical coal. After restructuring through Chapter 11 bankruptcy in 2016, the company reemerged with a stronger balance sheet and rebranded as Arch Resources in 2020. In 2025, Arch merged with CONSOL Energy in an all-stock transaction to form Core Natural Resources.

Executive Leadership

Jimmy A. Brock

In October 2025, the Core Board of Directors appointed its Board Chair, Jimmy Brock, to the additional role chief executive officer, succeeding Paul A. Lang.

Core Natural Resources Board of Directors

Core's other directors are as follows:

• Holly Keller Koeppel (former Arch director)
• Patrick A. Kriegshauser (former Arch director)
• Richard A. Navarre (lead independent director and former Arch board chair)
• Cassandra Pan (former CONSOL director)
• Valli Perera (former CONSOL director)
• Joseph P. Platt (former CONSOL director)

Core Natural Resources Officers

Core is led by the following executives:

• Mitesh B. Thakkar, President and Chief Financial Officer
• Robert J. Braithwaite, Jr., Senior Vice President, Marketing and Sales

• Rosemary L. Klein, Senior Vice President, Chief Legal Officer, and Corporate Secretary

• Kurt R. Salvatori, Senior Vice President and Chief Administrative Officer
• George J. Schuller Jr., Senior Vice President and Chief Operating Officer
• Deck S. Slone, Senior Vice President, Strategy and Public Policy

Sustainability

According to its 2023 Corporate Sustainability Report, CONSOL Energy reported an overall environmental compliance rate of over 99.9% with National Pollutant Discharge Elimination System (NPDES) permit requirements. The company also reported recycling approximately 794 million gallons of water, treating and discharging 15.1 billion gallons, and receiving 18 agency-issued violation notices with total environmental penalties of $224,224 for the year. CONSOL stated that it spent more than $69 million on environmental activities, including $4.1 million on voluntary greenhouse gas reduction initiatives

An independent assessment by John T. Boyd Company, a mining and geological consulting firm, characterized CONSOL’s compliance record as typical for the coal industry and noted no known regulatory violations or environmental issues expected to materially affect the company’s coal reserve estimates.

References

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