Core Natural Resources, Inc.

Policy Developments

In April 2025, President Trump issued a series of executive orders intended to reduce the regulatory burden on America’s coal-based power plants and to ensure the long-term preservation of the U.S. coal fleet. The Trump Administration views the coal fleet as essential to the security, resilience, and reliability of America’s power system.

In addition, the Administration directed the Secretary of Energy to take actions – via funding and other support mechanisms – to “accelerate the development, deployment, and commercialization” of coal-based technologies in areas such as building products, batteries, and other advanced carbon materials, as well as power generation. Core expects these efforts to facilitate additional opportunities for its Innovations business unit, which is already driving forward on all these fronts.

Then, on July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), which included provisions designed to strengthen the U.S. coal industry and enhance the competitiveness of American coal overseas. The legislation contains language designating U.S.-produced metallurgical coal as a “critical material” under Section 45X, through which the company will be eligible for a 2.5-percent monetizable tax credit on production-related costs for four years beginning in 2026. In addition, OBBBA lowers the royalty rate on tons produced on federal lands, which stands to enhance the competitiveness of Core’s Powder River Basin and West Elk mines.

Even more recently, the Trump Administration has announced plans to pursue still further legal and administrative efforts – via the U.S. Environmental Protection Agency and other governmental entities – to facilitate the continued operation of the U.S. coal-based power generation fleet well into the future in support of grid reliability and electricity affordability.

“In recent months, President Trump and the U.S. Congress have taken historic steps to ensure that U.S. coal remains a cornerstone of America’s future energy supply and a stabilizing force in global energy markets,” Lang said. “The President’s recognition and inclusion of a number of our hourly employees in a White House ceremony for the signing of several executive orders underscored the past, present and future contributions of America’s coal miners in meeting this country’s energy and industrial needs – a recognition sorely missing in recent years.”