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INVENTORY
12 Months Ended
Dec. 31, 2025
INVENTORY  
INVENTORY

(2)     INVENTORY

Inventory is valued at lower of cost or NRV. As of December 31, 2025 and 2024, coal inventory includes NRV adjustments of $0.1 million and $0.3 million, respectively. During 2025, as part of the Company’s routine inventory reconciliation process, a downward adjustment of $2.6 million was recorded to coal inventory.