Shares declined 5.9% as investors reacted negatively to the material downgrade in Centurion mine production guidance and associated margin pressure from higher costs, signaling operational challenges and cautious near-term outlook at the key met coal asset.

• Full year Centurion production guidance cut by 1 million tons, down to 2.5 million tons from the prior 3.5 million tons due to extended commissioning delays and slower ramp-up.
• Unit costs at Centurion revised higher to a range of $123–$133 per ton, reflecting inefficiencies and remediation efforts impacting margins.
• The planned fourth-quarter longwall move at Centurion postponed to early 2027, shifting volumes and production upside to next year.
• While Seaborne Thermal volumes, pricing, and costs outperformed expectations, strong LNG prices and geopolitical factors supported thermal coal demand; these positives were overshadowed by met coal segment weakness.
• Continued development initiatives into rare earth elements and critical minerals remain early stage with no near-term financial impact.