Form 4: Alpha Metallurgical Director Boosts Stake

Michael Gorzynski and affiliated entities increased their beneficial ownership in Alpha Metallurgical Resources, Inc. through significant common stock purchases.

Summary

• Michael Gorzynski, a Director and 10% owner of Alpha Metallurgical Resources, Inc. (AMR), along with affiliated entities, reported changes in beneficial ownership.
• Continental General Insurance Company (CGIC) acquired a total of 38,576 shares of common stock on December 15, 2025, through three separate transactions.
• The acquisition prices for CGIC's purchases ranged from $187.7077 to $192.8182 per share, with an approximate average price of $188.49 per share.
• Following these transactions, CGIC beneficially owns 644,025 shares.
• Other affiliated entities and individuals also hold significant beneficial ownership: Percy Rockdale LLC with 787,097 shares, MG Capital Management, Ltd. with 1,691 shares, Mr. Gorzynski's spouse with 4,486 shares, and Mr. Gorzynski directly with 5,713 shares.
• The transactions were made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged purchase.
• The reporting persons collectively form a Section 13(d) group that beneficially owns more than 10% of the Issuer's outstanding common stock.

Sentiment

Score: 8

Explanation: The significant purchases of common stock by a director and affiliated entities, including a 10% owner, indicate strong insider confidence in Alpha Metallurgical Resources, Inc.'s future performance and valuation. The use of a Rule 10b5-1 plan suggests a strategic, pre-planned accumulation.

Positives

• Significant insider buying by a director and affiliated entities, indicating confidence in the company's future prospects.
• The purchases were made at varying price points, suggesting a strategic accumulation of shares.
• The transactions were pre-planned under a Rule 10b5-1(c) plan, which can reduce concerns about opportunistic timing.

Future Outlook

NA

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
• Mr. Gorzynski is a director of the Issuer. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each of the Reporting Persons (other than Mr. Gorzynski) may be deemed a director by deputization by virtue of Mr. Gorzynski's service on the Board of Directors of the Issuer.

Industry Context

This filing reflects an insider's increased stake in a metallurgical coal producer. While specific industry trends are not detailed, insider buying can signal confidence in the company's position within the commodity market, potentially driven by expectations for future demand or pricing for metallurgical coal.

Corporate Governance

Related Party Transactions

• The transactions involve Michael Gorzynski, a director, and entities (Continental General Insurance Company, Percy Rockdale LLC, MG Capital Management, Ltd., Continental Insurance Group, Ltd., Continental General Holdings LLC) where Mr. Gorzynski holds management or ownership positions, making these related party transactions in terms of beneficial ownership reporting.
• Shares held by Mr. Gorzynski's spouse are also reported, with Mr. Gorzynski disclaiming beneficial ownership except for pecuniary interest.

Stakeholder Impact

• Shareholders: May view the insider buying as a positive signal, potentially increasing confidence in the stock.
• Management: Reinforces alignment between a significant owner/director and the company's performance.

Key Dates

Recommendation

The substantial purchases of Alpha Metallurgical Resources common stock by Director Michael Gorzynski and his affiliated entities, who collectively represent a 10% owner group, signal strong conviction in the company's value and future prospects. These pre-planned transactions under a Rule 10b5-1 plan suggest a strategic accumulation rather than opportunistic trading. Such significant insider buying typically precedes positive performance and indicates that those closest to the company believe the stock is undervalued or poised for growth. This action provides a compelling reason for investors to consider a 'buy' recommendation.

Keywords

Alpha Metallurgical Resources, AMR, Michael Gorzynski, Insider Buying, Form 4, Beneficial Ownership, Director, 10% Owner, Stock Purchase, Rule 10b5-1, Coal, Metallurgical Coal