March 6, 2024 - Arch Resources, Inc. (NYSE: ARCH) today announced that it had retired 315,721 of its outstanding shares via the unwinding of capped calls associated with its now-retired convertible senior notes. With the completion of the cashless transaction, Arch's diluted share count declined from 18.9 million shares to 18.6 million shares outstanding. 

"With the completion of these transactions, Arch has taken another significant step in the reduction in our share count, having now retired more than a quarter of our initial outstanding shares," said Matthew C. Giljum, Arch's chief financial officer. "When combined with our intensifying focus on share repurchases – which the board views as a value-driving investment in the company's powerful, high-quality, long-lived coking coal portfolio – we expect to continue to substantially reduce the number of outstanding shares over the course of 2024."

These transactions will not result in any changes to Arch's financial position or any impact on its first quarter financial results. Arch ended 2023 with $320.5 million of cash, cash equivalents and short-term investments on its balance sheet, and – given its total indebtedness of $142.1 million – a net positive cash position of $178.4 million.