Warrior Met Coal — Oct 30, 2024 release

Third Quarter Highlights • Commenced continuous miner development of the first longwall panel at the world-class Blue Creek growth project, producing the first development tons of 39 thousand short tons; • Completed the installation of the service cage, slope belt, slope car and raw coal belt at Blue Creek, and made significant progress on the preparation plant, the overland clean coal belt and the rail and barge loadouts. Further development progress remains on track, with the preparation plant expected to be completed in the middle of 2025 and the longwall startup expected in the second quarter of 2026; • Invested $93.8 million in the continued development of Blue Creek, which brings the year-to-date project spend to $246.4 million and the total project spend to $612.4 million; and • Recorded $62.2 million of cash provided by operating activities despite weaker demand in the global markets and a 12.5% decrease in Platts Premium Low Vol FOB Australian index price from the previous quarter. “During the third quarter, high-quality steelmaking coal prices reached a three-year low primarily driven by a confluence of weaker demand, excess Chinese steel exports into our customers' markets, and ample supply of steelmaking coals” commented Walt Scheller, CEO of Warrior. “We believe that current prices are below the global cost curve and are not sustainable. While we wait for market conditions to improve, we are carefully managing spot opportunities and are strategically exercising patience with certain geographies. Despite the external factors impacting our results, the third quarter represented a significant and positive milestone for Warrior as we produced the first development tons from our world-class Blue Creek growth p