Grassy Mountain coal mine

Grassy Mountain is a proposed metallurgical coal project in the Crowsnest Pass region of Alberta, sponsored by Northback Holdings (formerly Benga Mining, a subsidiary of Riversdale Resources). The project was rejected by federal and provincial regulators in 2021 on environmental and public interest grounds, delaying its original development schedule. Since then, the project has re-entered the permitting process, with exploration activities approved in 2025 and a revised mine plan progressing through Alberta's environmental assessment framework. We continue to model first coal in 2028, although permitting and approval risks remain elevated and could push start-up beyond our base-case timeline. The mine is expected to produce predominantly hard coking coal for export markets, with potential for limited PCI coal output, although we have not included PCI coal sales in our forecasts at this stage.