Clinch Resources (CLCH) Investor presentation summary

Company overview and assets

• Operates as a metallurgical coal mining company based in West Virginia, with corporate offices in Knoxville, Tennessee, and is ramping up production for early 2026 from two permitted projects on a 54,000-acre asset base.

• Holds an estimated measured and indicated mineral resource of approximately 111 million tons and 22.1 million tons of proven and probable reserves at the ARI Project.

• Owns 39% of JJ Resources, which controls the fully permitted Sewell Mountain mid-vol metallurgical coal mining complex in West Virginia.

• ARI Project features significant on-site infrastructure, including an operational wash plant and rail load-out facility, supporting rapid production ramp-up.

• Also owns interests in Virginia Carbon Products (30%) and Catalyst JV (50%), expanding its reach into sustainable carbon solutions and industrial materials.

Market positioning and industry context

• Metallurgical coal is essential for steelmaking, with no current substitutes, and mid-vol coal is preferred for efficiency and productivity in blast furnaces.

• Added to the U.S. Critical Mineral List in November 2025, met coal benefits from increased federal support and rising prices, with a projected market value of $128.4 billion by 2030.

• Global supply deficits are expected to widen, with operating supply projected to fall short of demand by 205 Mt by 2035.

• Met coal prices have risen from $180 to $220–230 per metric ton since its critical mineral designation.

Operations, production, and financials

• ARI Project is production-ready, with first coal from Lanes Branch surface expected in May 2026 and Mine 8 ramping up by July 2026.

• Life-of-mine cash costs are estimated at $90/t for ARI and $80/t for Sewell, placing both in the lower 25th percentile of the global cost curve.

• 2026 guidance targets 1.094 million short tons of coal production and sales, with cash cost of sales at $86–$90/st and capital expenditures of $16.7 million.

• Existing infrastructure enables a 600 tph wash plant run rate and 3,000 tph rail load-out, supporting efficient logistics.