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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "The slide uses a red flag icon to highlight the discrepancy between AMR's narrative and the data.",
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      "kind": "callout",
      "text": "Granted coal prices were soft in 2019 and fell into 2020 during the pandemic, but this did not lead many coal companies to drastically reduce their proven and probable reserves – except for AMR which cut proven and probable reserves by almost 50%. AMR didn't discuss any reasons why on its year end conference call. Instead, buried in the 10-K it mentioned \"poor geologic\" conditions caused a revision in economic circumstances.",
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      "kind": "callout",
      "text": "Granted coal prices were soft in 2019 and fell into 2020 during the pandemic, but this did not lead many coal companies to drastically reduce their proven and probable reserves – except for AMR which cut proven and probable reserves by almost 50%.",
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      "text": "Total Proven and Probable Reserves: -49.0%",
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      "kind": "quote",
      "text": "\"During the fourth quarter of 2020, changes in mine plans and the determination that certain mineral reserves previously forecasted to be mined were no longer considered economic due to poor geologic conditions reduced forecasted cash flows for one Met and one CAPP - Thermal asset group to amounts below those required for full recoverability.\"",
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      "kind": "quote",
      "text": "During the fourth quarter of 2020, changes in mine plans and the determination that certain mineral reserves previously forecasted to be mined were no longer considered economic due to poor geologic conditions reduced forecasted cash flows for one Met and one CAPP - Thermal asset group to amounts below those required for full recoverability. — AMR 10-K, p. 106",
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      "kind": "source-note",
      "text": "Source: Company SEC Filings. Note: In short tons (ex: Warrior and Coronado). 1) % of reserves Met Coal as follows: BTU (6%), Arch (9%), Warrior (100%), Coronado (90%), AMR (91%). 2) 2020 production as follows: Warrior (7.1 MMt), AMR (13.9m), Coronado (17.0 MMt), Peabody (128.8), Arch (61.7). 3) 2019 adjusted to remove NAPP reserves",
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      "text": "Comparison of coal reserves across Peabody, Arch, Warrior Met Coal, Coronado, and AMR for 2019 vs 2020.",
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      "kind": "title",
      "text": "What Impacted AMR's 2020 Nearly 50% Reserve Decline?",
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