Alpha Natural Resources, Inc. - FORM 8-K - EX-99.1 - INVESTOR PRESENTATION

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8-K - ANR 8K 03-01-2010 - Alpha Natural Resources, Inc.	anr8k03012010.htm

EXHIBIT 99.1

Investor Presentation

February/March, 2010

Forward Looking Statements

Statements in this presentation which are not statements of historical fact are “forward-looking
statements” within the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
Such statements are not guarantees of future performance. Many factors could cause our actual
results, performance or achievements, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such forward looking-statements.
These factors are discussed in detail in our Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and in our other filings with the SEC. We make forward-looking statements based on
currently available information, and we assume no obligation to update the statements made today
or contained in our Annual Report or other filings due to changes in underlying factors, new
information, future developments, or otherwise, except as required by law.

Coal Industry Themes - 2010

v Strong met coal pricing driven by growing
Asian demand

v Met coal tightness increasing in the Atlantic
basin as economic recovery continues

v Significant recent utility inventory draw - U.S.
thermal market positioned to strengthen

v Future worldwide demand for thermal coal
anticipated to strain seaborne supply

Strong Market Outlook

U.S. Thermal Coal Market Recovering

— Severe winter weather caused utility inventories to fall by an estimated 30+MTs since
Nov.

— U.S. thermal coal production unlikely to expand in 2010 and may decline further

— Economic recovery likely to drive increased industrial electricity demand

— Forward natural gas prices indicate that some fuel switching should reverse in 2010

— Global recovery and weak dollar should drive increasing net exports from the U.S.

— Crossover met coal may further reduce available supply in the U.S.

— New coal-fired generation will increase demand

SOURCE: DOE NETL, Internal Analysis, Genscape

Given the rapid drawdown in utility
inventories in the opening weeks of
2010, forecasts of normal inventories
by late 2010 may prove conservative

Robust Global Coal Market: Asia Is Key

Global demand growth, driven primarily by China, is staggering

Global Coal Consumption (mm tons)

Chinese Net Imports (mm tonnes)

SOURCE: Energy Information Administration, International Energy Outlook; International Energy Agency, World Energy Outlook; Internal Analysis

— Among the countries representing most of the world’s coal use, coal consumption is forecast to increase
35% in 20 years (2010 - 2030)

— China is forecast to account for over 80% of this growth of more than 2BTs in annual demand, increasing
its annual coal consumption by nearly 60% between 2010 and 2030

— China’s rapid move to net importer is a well-documented game changer

— India’s coal consumption is forecast to rise nearly 40% between 2010 and 2030

— Considering that the U.S. produces ~1BTs per year…where will the coal come from to satisfy this
incremental increase in demand?

China & India Rely on Coal-fired Electricity

2010E: 80% coal-fired

2030E: 77% coal-fired

2010E: 66% coal-fired

2030E: 69% coal-fired

(Indian thermal coal imports have grown at 13% CAGR from 1990 - 2008)

Source: IEA; Booz & Company analysis

Source: Wood Mackenzie; Booz & Company analysis

China = 14.8% CAGR

ROW = 1.5% CAGR

Scarcity of Metallurgical Coal

Global Steel Production

Metallurgical Coal Pricing (US$)

— As global steel production has grown, metallurgical coal has come to be viewed as a scarce
and differentiated product

— When worldwide production of steel exceeds 1.3 billion tons, the supply of met coal becomes
strained and incremental pricing can rise sharply as was seen in 2008

— While new projects are planned in places like Mozambique, Mongolia and Siberia, and
additional projects are planned in Australia, all must overcome various infrastructure
limitations or political challenges

— Supply constraints are likely to persist for several years

China Driving Worldwide Met Demand

Chinese Growth is Permanently Changing Global Seaborne Met Coal Trading Dynamics

— Chinese crude steel production increased an estimated 14% in 2009, and China now produces nearly half
of the world’s steel

— China imported 34M tonnes of Met coal in 2009, or ~15% of the World’s seaborne supply

— Chinese demand will be satisfied primarily by Australia, which is near its current export capacity

— Availability of seaborne coking coal, which totaled an estimated 240M tonnes in 2008, will be constrained
by the growth of Chinese imports

— Worldwide steel production is estimated to be on an annual pace of greater than1.3B tonnes, with over
600M tonnes expected from China alone in 2010

SOURCE: China’s National Bureau of Statistics, Chinese Customs, Macquarie, Internal Analysis

Met Demand Accelerating in Atlantic Basin

Met Coal Demand in the Atlantic Basin Should Increase As Developed
Economies Recover and Steel Production Ramps Up

* ANR is the leading U.S. supplier & exporter of metallurgical coal with 13-14MTPA export capacity*

— Domestic producers’ rapid response to the recession in 2009 drove U.S. service center inventories to 26-
yr. lows, despite anemic demand for steel—restocking is now occurring

— U.S. steel production capacity utilization has increased to the mid-60% range, up from ‘09 lows in the 30s

— The combination of strong Chinese demand and increasing steel capacity utilization in the U.S. and the
rest of the world should drive accelerating Atlantic basin met coal demand in 2010 and beyond

SOURCE: Metals Service Center Institute, American Iron and Steel Institute, Macquarie, Internal Analysis

Trends in Seaborne Trading Patterns

Decreasing trend

Increasing trend

Spare capacity provides opportunity to ramp exports to meet global demand

As Asian Demand Absorbs Seaborne Supply, The Atlantic Basin Will Increasingly Rely on U.S. Coals

Investment Highlights

2009 Year-end Reserves = 2.3 BTs

2009 Revenue Mix by Coal Type

Following our merger on July 31, 2009, Alpha has delivered consistent execution
demonstrating the benefit of the company’s enhanced scale and diversification.

*ANR is arguably the most regionally diversified producer in the U.S. today*

(1) Third quarter 2009 amounts previously reported have been adjusted by $3.2 million, $0.03 per share, due to reduced expense.

High Margin Longwall Mining in NAPP

— Alpha operates two low-cost, high-margin longwall mines in the Pittsburgh #8 seam:
Cumberland and Emerald

— In 4Q09, the longwalls accounted for 3M tons, or 45% of Eastern steam coal shipments, and on
a pro forma basis these mines shipped 12.1M tons in 2009

— Cost of coal sales were the low to mid-$30s per ton for 4Q09 and pro forma full year 2009, while
average realizations were in the mid-$50s

— Even in the relatively weak thermal coal market of 2009, these mines contributed approximately
$20/ton of gross coal margins, contributing pro forma total margin of $230 to $240 million

— Due to higher average realizations in the committed and priced book of business, per ton coal
margins in 2010 are expected to increase despite higher anticipated per ton costs

* Longwall mines are highly profitable compared to other Eastern steam operations*

Pacing to Meet or Exceed Synergy Target

Additional upside possible, primarily driven by additional blending and
optimization opportunities depending on future market conditions

Annual net synergies conservatively estimated at $45 million at full
run-rate anticipated to be achieved by mid-year 2010

Consistent History of Positive Cash Flow

Note: Pro forma capex for 2008 and 2009 includes Lease-By-Application (LBA) bonus bid payments of $36.1 million each year.

FCF = Operating cash flow less capex

Excellent Liquidity and Low Leverage

Note: LTM data as of 12/31/09
(1) LTM combined pro forma Adjusted EBITDA for the fiscal year ended December 31, 2009

Leverage of approximately 1.2x debt/Adjusted EBITDA and liquidity of approximately $1.1 billion

($ millions)		Maturity	As of 12/31/09

$650mm Revolving Credit Facility		July, 2011	$0
Term Loan A		July, 2011	285
2.375% Convertible Notes		April, 2015	288
7.25% Senior Unsecured Bonds		August, 2014	298
	Total Debt		$871


Liquidity and Credit Statistics
Cash & Equivalents and marketable securities			$584
Revolver			650
Accounts Receivable Securitization Facility			150
Less: Letters of Credit Outstanding			(258)
	Total Potential Liquidity		$1,126

Total Debt / LTM EBITDA			1.2x

LTM Adjusted EBITDA1			$709

A Leader in the Domestic Coal Industry

Eastern Coal Operations

Illinois Basin

Western Coal Operations

Production capacity	55.0
2009 Shipments	50.1
Reserves	709

Reserves

Production Capacity	42.0
2009 Shipments	36.0
Reserves	1579

Note: Figures pro forma as of 12/31/09

Strength, Scale, Diversification

(2)CLD revenue, tons sold and EBITDA as reported for the 12 months ended 12/31/08

(3)JRCC revenue, tons sold and EBITDA as reported for the twelve months ended 09/30/09

Market Capitalization1 ($ in billions)

LTM 12/31/09 Tons Sold 2 3 (in millions)

Peer Group Comparisons

Powder River Basin
Wyoming Operations	Expansion (MM tons/yr)	Capacity
Truck/shovel expansion	10	65 MTPY
Belle Ayr LBA	200 Million Tons	2011

Central Appalachia
Mine	Resource Description	Production
Deep Mine #41	~ 70 MM Ton Reserve	1.0 - 1.2 MTPY (metallurgical)
Harts Creek/Atenville	~ 120 MM Ton Reserve	2 - 3 MTPY (metallurgical potential)

Northern Appalachia
Mine	Resource Description	Production
Foundation - longwall	~ 420 MM Ton Reserve	7 - 14 MTPY Pitt #8 (+ Sewickley)
Freeport - CM	~ 68 MM Ton Reserve	2 - 3 MTPY (metallurgical)

Coal Gas Recovery
Location	Resource Description	Production
CBM	~ 100-200 Bcf Resource	~ 5,000 Salable Mcf/Day (current)
Marcellus acreage	~ 18,000 Acres	Entered into JV with Rice Energy 2010

Organic Growth Opportunities

• 50/50 Joint Venture with Rice Energy, LP

• Alpha controls ~18,000 acres of Marcellus in
Greene and Washington Counties of Pennsylvania

• Initial phase underway, currently drilling the first of
four wells planned for 2010

• Each partner committing acreage and cash

• Total phase 1 capital anticipated to be less than
$20 million

• JV potential to develop ~100 wells in the Marcellus

• Separately, Alpha’s CBM gas processing plant
expanding from capacity of 5,000 MCF/day to
10,000 MCF/day

Unconventional Gas Development

Summary of Recent Guidance

NOTES:

1. Based on committed and priced coal shipments as of February 8, 2010.

2. Eastern shipments in 2010 and 2011 include an estimated 2.0 to 3.0 million tons of brokered coal per year.

3. As of February 8, 2010, compared to the midpoint of shipment guidance range.

4. In 2010, committed and un-priced Eastern tons include approximately 1.8 million tons of met coal subject to market pricing, approximately 0.2 million tons of steam coal subject to market
pricing, and 0.5 million tons of steam coal subject to collared pricing with an average pricing range of $65.00 to $76.00 per ton. In 2011, committed and unpriced Eastern tons include
approximately 5.9 million tons of met coal subject to market pricing, approximately 3.3 million of steam coal subject to market pricing, approximately 2.9 million tons of steam coal subject to
collared pricing with an average pricing range of $50.00 to $62.00 per ton, and legacy contracts covering approximately 0.4 million tons of steam coal subject to average indexed pricing
estimated at $69.21 per ton.

Guidance

(in millions, except per-ton and percentage amounts)

	2010	2011
Average per Ton Sales Realization on Committed and Priced Coal Shipments1
West	$10.93	$11.93
Eastern Steam	$65.54	$67.03
Eastern Met	$104.63	$123.97
Coal Shipments2	81.0 - 89.0	82.0 - 94.0
West	47.0 - 50.0	48.0 - 52.0
Eastern Steam	23.0 - 26.0	23.0 - 28.0
Eastern Met	11.0 - 13.0	11.0 - 14.0
Committed and Priced (%)3	92%	59%
West	100%	77%
Eastern Steam	93%	44%
Eastern Met	62%	15%
Committed and Un-priced (%)4	3%	14%
West	0%	0%
Eastern Steam	3%	26%
Eastern Met	15%	47%
West - Cost of Coal Sales per Ton	$8.30 - $8.90
East - Cost of Coal Sales per Ton	$54.00 - $57.00
Selling, General & Administrative Expense	$150 - $165
Depletion, Depreciation & Amortization	$370 - $390
Interest Expense	$70 - $80
Capital Expenditures	$340 - $390

Recent Valuation Comparison 2/19/10

Notes: Market data and First Call consensus 2010 EBITDA estimates as of 2/19/10

< 50 MM TPY, regional

> 50 MM TPY, diversified

> 50 MM TPY, regional

Compelling Relative Valuation

ANR

Coal Industry Themes

v Strong met coal pricing driven by growing
Asian demand

v Met coal tightness increasing in the Atlantic
basin as economic recovery continues

v Significant utility inventory draw - U.S.
thermal market positioned to strengthen

v Future worldwide demand for thermal coal
anticipated to strain seaborne supply

ü ANR is the largest supplier of met coal in the
U.S. and anticipates sales into Asia in 2010

ü ANR is the largest exporter of met coal with 13
-14 MTs of export terminal capacity

ü ANR’s operations in NAPP, CAPP and PRB
can respond quickly to increased demand

ü Low-cost production and export capacity
enable ANR to participate in global thermal
demand

Appendices

3Q09 Reconciliation of Adjusted EBIDTA

3Q09 Reconciliation of Adjusted Income

4Q09 Reconciliation of Adjusted EBIDTA

4Q09 Reconciliation of Adjusted Income

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