Alpha Metallurgical Resources ($AMR) Q3 2025 Results

Q3 slipped a bit — but the thesis didn’t.

“Avoid hot stocks in hot industries. Great companies in cold, non-growth industries are consistent big winners.” - Peter Lynch

To be honest, Alpha is my bet for the best long-term returns. Why? Because coal is so unloved — even more than heavy oil from the sands, even more than some offshore driller out there.

It’s so unloved that ESG funds would rather buy bottled air. 😅

That pessimism causes low prices that investors run away from. But those low prices can be welcome when the company is a cannibal, when it eats itself.

Alpha doesn’t have the lowest production costs in the world. They use the room and pillar mining method, which in the long run has higher costs than the longwall method. And besides that, they are at the mercy of the railways when transporting coal to ports.

But they have some of the best reserves and resources in the world. They have one of the best management teams in the world. And they have one of the best balance sheets in the world.

And since there is a limited supply of metallurgical coal, I think we could see very nice long-term coal prices. That’s why I’m not too worried about them not being at the very bottom of the cost curve. I also don’t see any realistic substitute for metallurgical coal in steelmaking, as it remains an irreplaceable ingredient in the process, and that’s unlikely to change for generations.

There’s a lot I like about Alpha. In this post, we’ll look at:

• Q3 Insider Trading

• Q3 Results

• Buyback Program

• Q3 Comparison: Alpha Metallurgical vs. Warrior Met Coal

• Met Coal Outlook

• Long-Term Thesis

Let’s see what Q3 looked like.

If Q3 is bad, I’ll sell everything, join climate activists in the fight against CO₂, and launch a new Substack called: “Net Zero Returns” 😂

Idea for my new Substack branding: Fully ESG-compliant, proudly return-free

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Q3 Insider Trading

Insider activity is something we’ll track for every company. It’s important to understand one thing — when insiders buy, there’s usually only one reason: they expect to make money. When they sell, there can be a thousand reasons — taxes, diversification, personal expenses, or simply rebalancing.

But this latest insider transaction is extremely interesting. Why?

Because it marks the largest insider purchase in the company’s history.