Clinch Resources (CLCH) Small-Cap Virtual Conference summary

Strategic milestones and operational progress

• Achieved TSX listing in March 2026 and rapidly commenced production and sales by August.

• Assembled four brownfield properties in West Virginia, with Lanes Branch already producing and exporting met coal to Europe.

• Owns 39% of JJ Resources, a high-quality mid-vol coal asset, with a 20-month timeline to restart production and new reserve drilling underway.

• Initiated dual listing process in the U.S., targeting completion by end of Q1 2027.

• All assets are fully permitted, with a robust pipeline of permits to support multi-year production.

Marketing, sales, and revenue strategy

• Established Astor Resources as an in-house marketing arm, led by a seasoned commodities veteran, to capture brokerage margins and enhance EBITDA by $15–$20 million.

• Secured contracts for both blast furnace and specialty coal markets, with specialty contracts spanning 24–36 months.

• Projects 2 million tons of production and sales in 2027, targeting over $200 million in EBITDA at current prices.

• Specialty coal sales expected to comprise 20% of volume, fetching premium prices of $350/ton.

• No legacy liabilities or reclamation issues, resulting in lower lifting costs and higher margins.

Industry outlook and market dynamics

• Met coal demand is structurally rising due to global infrastructure rebuilding and military needs, while supply is constrained by underinvestment.

• Met coal prices have climbed from $80/ton to $275/ton over the past 13 years, with further increases expected.

• U.S. met coal companies valued at 6x–7.2x EBITDA, with strong tailwinds from critical mineral designation and geopolitical factors.

• Mid-vol met coal is preferred for its low contaminants and consistent burn, commanding the highest prices.