Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+7.71%
$10.38
100% positive prob.
5-Day Prediction
+17.06%
$11.28
100% positive prob.
20-Day Prediction
+9.54%
$10.56
95% positive prob.
SEC 8-K filings with transcript text
Aug 4, 2026 · 100% conf.
1D
+7.71%
$10.38
Act: -4.15%
5D
+17.06%
$11.28
Act: +5.91%
20D
+9.54%
$10.56
2 metc-20260804xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., August 4, 2026 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”) is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is exploring a coal, rare earth, and other critical minerals project in Wyoming. Today it reported financial results for the three and six months ended June 30, 2026 (the “Results”).
●The Company had a quarterly net loss of $(15.4) million and Class A diluted EPS of $(0.26).
●The Company had quarterly Adjusted EBITDA of $5.7 million, defined as adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance, a non-GAAP measure (“Adjusted EBITDA”). See “Reconciliation of Non-GAAP Measures” below.
●During the second quarter, the Company repurchased 3.5 million Class A common shares in the open market at an average price of $14.41 per share, spending approximately $51 million. Year to date, the Company has repurchased nearly 4.6 million Class A common shares at an average price of $14.44, spending almost $66 million. These repurchases represent over 8% of the Class A common shares outstanding. At these price levels, we believe share repurchases represent a prudent use of our capital.
●The Company ended the second quarter with liquidity of $400.1 million, an increase of nearly 360% year over year. The Company’s balance sheet remains among the strongest in its history.
●In its core metallurgical coal business, the Company had quarterly non-GAAP cash mine cost per ton sold of $99, which was $4 lower than the second quarter of 2025. (See “Reconciliation of Non-GAAP Measures” below.) This represented the fourth consecutive sub-$100 per ton cash cost quarter. The Company’s cash costs remain in the first quartile of the U.S. metallurgical coal cost curve.
●In June, the Company’s Board of Directors (“Board”) approved a $25 million development project for the first two underground sections at our Maben Complex, with spending planned over the next 12 months. Given strong low-vol market conditions, we anticipate this will add 0.6 million premium low-vol tons of production at full capacity, at cash margins roughly double the Company’s overall second quarter margins.
Rare Earths and Critical Minerals:
●As Ramaco continues its transition into a dual platform company, it released an independent conceptual study prepared by Hatch Associates Consultants, Inc. (“Hatch”) on July 29, 2026. The Hatch report provides a preliminary process definition to assess the financial viability of the Brook Mine critical mineral and rare earth project (the “Brook Project”). This report superseded an earlier July 2025 conceptual report prepared by Fluor Corp.
●Internal modeling using the financial information on capital and operating costs from Hatch shows a potential net present value (NPV) of $8 billion for the Brook Mine and average annual adjusted EBITDA of $1.3 billion. These figures represent a material increase in the potential financial metrics for the Brook Project relative to the Fluor report.
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●The Hatch report preliminarily estimated the capital for construction of the project at $3.2 billion, with an additional contingency of ~$0.8 billion. The report further estimated timing for initial production to be in 2031. As the Brook Project evolves, we anticipate that further testing and engineering optimization will be deployed to compress the current estimated projected capital and timing.
●As Hatch moves forward with a subsequent Preliminary Feasibility Study next year, we expect an interim study of revised economics by year-end 2026. We are also exploring various enhancements to the Brook Project such as the potential upside from blending e-waste and PVC into our carbonaceous feedstock as well as including other critical mineral elements in our product mix which have not been reported to date.
●The Hatch report will be followed by a Technical Report Summary (“TRS”) for the Initial Assessment of the Brook Project, which will be focused on geological matters.
●We remain in advanced discussions regarding potential domestic and international offtake transactions and non-dilutive third-party project financing involving public and private sectors.
●The pilot plant’s building structure continues to be constructed in Wyoming, with completion of the building structure expected in the fall of 2026. The interior equipment and testing facilities are being fabricated at the Zeton, Inc. facility in Canada. That fabrication will also begin in the fall, with full-scale pilot operations expected to commence in 2027.
Metallurgical Coa
May 11, 2026
2 metc-20260511xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., May 11, 2026 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”) is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is transitioning to develop an exploratory rare earth and critical minerals project in Wyoming. Today it reported financial results for the three months ended March 31, 2026 (the “Results”).
●The Company had a quarterly net loss of $(18.3) million and Class A diluted EPS of $(0.30).
●The Company had quarterly Adjusted EBITDA of $(1.8) million defined as adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance, a non-GAAP measure (“Adjusted EBITDA”). See “Reconciliation of Non-GAAP Measures” below.
●During the first quarter and through the close of business on May 8, 2026, the Company has purchased $37 million or 2.5 million shares of Class A common shares in the open market at an average price of $14.54 per share. Overall, these repurchases represent almost 5% of the Class A common shares. At current price levels, we believe share repurchases represent a prudent use of our capital.
●The first quarter reflected liquidity of $488.8 million, an increase of more than 310% year over year. The Company’s balance sheet remains among the strongest in its history.
●This financial strength has allowed the Company to optimize the transition into a dual platform critical minerals company with liquidity for both future growth of metallurgical coal production as well as advancement of our exploratory rare earths and critical minerals project in Wyoming. This year it has also provided the optionality to enhance shareholder value through opportunistic open market purchases of the Company’s Class A common stock.
●The Company had quarterly non-GAAP cash mine cost per ton sold of $98 which was consistent with the first quarter of 2025. (See “Reconciliation of Non-GAAP Measures” below.) The Company’s cash costs continue to remain in the first quartile of the U.S. metallurgical coal cost curve.
●First quarter 2026 cash margins of $16 per ton declined from first quarter 2025 margins of $24 per ton due to the $20 per ton decline in U.S. high-vol indices over that same period. We view current high-vol price indices as unsustainable, as the majority of global high-vol mines remain unprofitable on a sustainable cost basis.
●We anticipate upward movement in U.S. coal pricing in the second half of 2026, caused by anticipated higher cost domestic high-vol supply contraction, coupled with Australian benchmark pricing having risen $50 per ton in the first quarter of 2026 versus the first quarter of 2025.
Rare Earths and Critical Minerals:
●The Company anticipates receipt in late June of a revised conceptual study being prepared by the engineering firm of Hatch Ltd. (“Hatch”). It will be followed soon thereafter with a Technical Report Summary (“TRS”) for the Initial Assessment of the Brook Mine project from Weir International (“Weir”). Both the Hatch study and
1
Weir TRS are being prepared utilizing the carbochlorination process for recovery of critical minerals. This technique is currently used extensively in the titanium dioxide industry.
●Internal projections continue to estimate that this flowsheet process should generate materially increased incremental revenue and free cash flow when compared to our previously published projections in the Fluor study prepared in July 2025 which utilized a hydrometallurgical extraction process with a solvent extraction refining technique.
●We continue discussions regarding both potential critical mineral product offtake transactions and non-dilutive third-party project financing involving public and private sectors both domestically and overseas.
●The pilot plant’s building structure is now being constructed in Wyoming with anticipated completion this summer. Design and construction of the interior equipment and testing facilities being fabricated at the Zeton, Inc. facility in Canada will begin in the Fall and full-scale pilot operations should commence in 2027.
Metallurgical Coal Sales, Marketing and Growth Projects:
●Sales commitments for 2026 currently total 3.5 million tons as of April 30. This sales level equates to 90% of 2026 production guidance at the midpoint of 3.9 million tons.
●1.1 million tons at an average realized fixed price of $138 per ton are committed to North American customers. An additional 1.0 million tons at an average fixed price of $107 per ton are committed to seaborne customers. In total, 2.1 million tons are committed at an average fixed price
Feb 25, 2026
2 metc-20260225xex99d1.htm
Exhibit 99.1
FOURTH QUARTER and FULL-YEAR 2025 RESULTS
LEXINGTON, KY., February 25, 2026 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”) is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is transitioning to also become a developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three and twelve month periods ending December 31, 2025 (the “Results”).
●The Company had a quarterly net loss of $(14.7) million and Class A diluted EPS of $(0.26). Class A diluted EPS was $(0.22) excluding a $2.5 million one-time, non-recurring expense incurred in connection with the structuring of a strategic critical minerals terminal at the Company’s Brook Mine.
●The Company had quarterly Adjusted EBITDA of $8.9 million defined as adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, the non-recurring expense noted above and equity-based compensation, a non-GAAP measure (“Adjusted EBITDA”). Also, see “Reconciliation of Non-GAAP Measures” below.
●The Company had quarterly non-GAAP cash mine cost per ton sold of $92 which was a $5 per ton decline compared to the third quarter of 2025. (See “Reconciliation of Non-GAAP Measures” below.) The Company’s cash costs continue to remain in the first quartile of the U.S. cost curve. This quarter also represented the Company’s strongest quarter in terms of cash costs per ton in four years.
●Fourth quarter cash margins of $24 per ton equaled those of the first quarter as the strongest of 2025 despite the U.S. high-vol metallurgical coal indices having fallen 17% during that time. They also exceeded third quarter margins by 4%, despite a 4% quarterly decline in U.S. high-vol metallurgical coal indices.
●For full-year 2025 Ramaco had a net loss of $(51.4) million and Class A diluted EPS of $(0.99). Class A diluted EPS was $(0.95), excluding the one-time, non-recurring expense noted above.
●For full-year 2025 Adjusted EBITDA was $36.1 million as defined above.
●For full-year 2025 non-GAAP cash mine cost was $98 per ton sold, which was a $7 per ton decline compared to full-year 2024. (See “Reconciliation of Non-GAAP Measures” below.)
●For full-year 2025 cash margins were $22 per ton, compared to $35 per ton in 2024 principally because of lower priced metallurgical coal indices in 2025.
●The fourth quarter reflected record liquidity of $521 million, an increase of more than 275% year over year. The Company’s balance sheet is now the strongest in its history, despite challenging price declines and the weakness in the metallurgical coal markets.
●This financial strength will allow the Company to optimize the transition and growth into a dual platform critical minerals company including both future growth of metallurgical coal production as well as the advancement of our rare earths and critical mineral development.
1
Rare Earths and Critical Minerals:
●The Company continues to progress to development of a Pre-Feasibility Study (“PFS”). It is announcing today that it has developed a fundamental alternative flowsheet design for the processing of its rare earth elements and critical minerals from coal deposits. This process is both proprietary and patent-pending and has been developed by Ramaco’s new internal critical mineral processing team. It has also now been endorsed by third party independent testing groups.
●This design improves upon the solvent extraction processing techniques previously modeled and outlined in the Preliminary Economic Assessment (“PEA”) prepared in mid-2025 by Fluor Corporation.
●The alternative flowsheet design uses a carbochlorination process for recovery of critical minerals. Internal projections estimate that this flowsheet process will generate materially increased incremental revenue and free cash flow when compared to our previously published projections which had been based on the use of the solvent extraction method.
●As explained below, the carbochlorination process is anticipated to provide fundamental de-risking of the previous processing approach by reducing the overall capital and operating costs associated with oxide production, improving overall recoveries and product yields, increasing cash flow, creating a higher value product slate, while using a proven technique deployed in the titanium industry and reducing the project’s reliance on scandium as the main product driver.
●Initial testing by independent third-party laboratories using this flowsheet method indicates an ability to produce significantly higher recovery levels of both gallium and scandium, as well as the ability to produce a slate of high purity, and thus, higher value, gallium related produc
Oct 27, 2025
2 ea026135101ex99-1_ramaco.htm
Exhibit 99.1
LEXINGTON, KY., October 27, 2025 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”) is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three and nine months ended September 30, 2025.
●The Company had a net loss of $(13.3) million and Class A diluted EPS of $(0.25) for the third quarter of 2025. The Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $8.4 million, for the quarter ended September 30, 2025. (See “Reconciliation of Non-GAAP Measures” below.)
●Non-GAAP cash cost per ton sold was $97 in the third quarter of 2025, which was a $6 per ton decline compared to the second quarter of 2025. (See “Reconciliation of Non-GAAP Measures” below.) The Company’s cash costs continue to remain firmly in the first quartile of the U.S. cost curve. As a result of the strong cost control, third quarter cash margins per ton improved 15% versus the second quarter, despite a 6% decline in U.S. metallurgical coal indices.
●Ramaco’s balance sheet now has its strongest historic level of liquidity, despite the downturn in both domestic and international metallurgical coal markets. The Company ended the third quarter with record liquidity of $272 million, and a net cash position of more than $77 million. This will allow Ramaco to accelerate its transition into a dual platform critical minerals company as both a vertically integrated rare earths and critical mineral as well as a metallurgical coal producer.
Rare Earths and Critical Minerals:
●Ramaco continues its transition into a dual-platform company combining a large-scale developing rare earths and critical minerals with an existing first-quartile metallurgical coal operation. Both platforms will support U.S. strategic supply chain goals in their respective areas. The Company will operate this latter new platform under the name of Ramaco Rare Earths, Inc.(“RRE”).
●Once fully developed, the Company expects RRE to be a leading national vertically integrated critical mineral mine mouth platform with upstream, midstream and downstream operations located at our Brook Mine in Wyoming.
● Ramaco aims to be the largest upstream producer in the United States of many of the individual rare earth and critical minerals that are expected to be mined from its Brook Mine deposit. Ramaco also intends to be an important midstream processor of rare earth and critical minerals oxide at its future commercial processing facility of both its own ore as well as possible third party ore.
●Today, the Company announced that its Board of Directors had approved the pursuit of a national public-private strategic critical mineral terminal (“SCMT”) to stockpile rare earth and critical mineral oxides which it will produce at the Brook Mine. This will be developed in collaboration with one of Ramaco’s nationally recognized commodity structuring and financial advisors and will anchor the Company’s downstream operations.
●The Brook Mine’s heavy and medium magnetic rare earths are among the most sought-after materials for defense, energy, and advanced manufacturing – sectors where the U.S. remains heavily import-dependent.
● The Brook Mine is believed to possess large quantities of gallium, germanium and scandium, which would make it one of the only primary source mines in the world for these critical minerals which are used in aerospace, optics and semiconductor production.
●On September 18th, 2025, the Company announced a significant upsize in the level of feedstock production at its Brook Mine. In a Letter to Shareholders, Ramaco’s Chairman and CEO Randall Atkins noted that “Ramaco was requested by various arms of the Administration to consider both the expansion and acceleration of the Brook Mine rare earth (REE) and critical mineral (CM) project.”
●The base case annual production level of the Brook Mine is now anticipated to be roughly 5 million tons of coal ore production. Once this ore is processed and refined, the Company anticipates an increased annual commercial production of approximately 3,400 tons per year of rare earth and critical mineral oxides. This is roughly a 175% increase from the previous level of 1,240 tons as referenced in the Summary of the Fluor Corporation’s Preliminary Economic Assessment (PEA).
●The Company announced that its Board of Directors approved the acceleration of the planning and engineering required for the construction of the full Brook Mine Commercial Oxide Facility. The Company has now also broken
Jul 31, 2025
2 metc-20250731xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., July 31, 2025 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three and six months ended June 30, 2025.
●The Company had a net loss of $(14.0) million and Class A diluted EPS of $(0.29) for the second quarter of 2025. The Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $9.0 million, for the quarter ended June 30, 2025. (See “Reconciliation of Non-GAAP Measures” below.)
●Non-GAAP cash cost per ton sold was $103 in the second quarter of 2025, which was a $5 per ton decline compared to the second quarter of 2024. (See “Reconciliation of Non-GAAP Measures” below.) The Company’s cash costs continue to remain firmly in the first quartile of the U.S. cost curve.
●For the second straight quarter, the Company set a quarterly production record, with second quarter 2025 production of approximately 1.0 million tons.
Sales and Marketing:
●As of June 30, 2025, sales commitments currently total 3.9 million tons, which equates to over 95% of the midpoint of the 2025 production guidance range. 1.6 million tons are committed to North American customers at an average realized fixed price of $152 per ton. In addition, 1.3 million export tons shipped in the first half to seaborne customers at an average fixed price of $109 per ton.
●In total, 2.9 million tons are committed at a combined average fixed price of $133 per ton, while another 1.0 million index-priced export tons are committed to seaborne customers.
Guidance:
●In light of continued weak market conditions, the Company is further optimizing overall production and sales. The Company expects to reduce production where and as appropriate to limit lower-priced export spot sales. At current spot prices, these measures are expected to enhance margins, be accretive to earnings, and provide a net benefit to free cash flow.
●Full-year 2025 production is now anticipated to come in towards the low end of the range of 3.9 – 4.3 million tons. Full-year 2025 sales are now anticipated to come in at the low end of the range of 4.1 – 4.5 million tons. This primarily reflects the temporary idling of the Company’s Rockhouse Eagle mine at Elk Creek, in addition to smaller production reductions.
●Tons sold in the third quarter of 2025 are projected to be 900,000 – 950,000 tons. Some export shipments which were originally planned for early July shipped in June.
1
●The Company is increasing 2025 SG&A guidance from $36 - $40 million to $39 - $43 million. This is reflective of expenditures designed to accelerate the timeline of commercial development of the Brook Mine rare earth and critical minerals operation in Wyoming.
Rare Earths and Critical Minerals:
●Ramaco is evolving into a dual-platform company – combining first-quartile metallurgical coal operations with a high-potential rare earths development that supports U.S. strategic supply chain goals.
●The Brook Mine’s heavy and medium rare earths are among the most sought-after materials for defense, energy, and advanced manufacturing – sectors where the U.S. remains heavily import-dependent.
●The Brook Mine’s large quantities of gallium, germanium and scandium represent the only primary source mine in the world for these critical minerals which are used in aerospace, optics and semiconductor production.
●The Company commenced mining of the Brook Mine in June 2025. Tonnage is being mined in order to provide feedstock for testing in the Company’s pilot plant which will optimize the ultimate processing and refinement of rare earth and critical mineral concentrates into oxides. Construction of this pilot scale processing facility will commence this Fall, with initial production of concentrates processed at pilot scale expected to begin in 2026.
●At the request of the U.S. Government, the projected commercial timeline for the rare earth and critical minerals operation has been accelerated versus the comments in our first quarter of 2025 earnings release. The disclosed Summary of the Fluor Corporation’s (“Fluor”) July 2025 Preliminary Economic Assessment (“Summary PEA”), states that initial commercial production is now anticipated in 2027 versus 2028 previously.
●The results of the Summary PEA outline NPV8 (net present value using an 8% discount rate) of $1.197 billion and NPV10 (net present value using a 10% discount rate) of $898 million (pre-tax) and an IRR (internal rate of return) of 38% with a t
Jul 23, 2025
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Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 23, 2025
Ramaco Resources, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-38003 38-4018838
(State or other jurisdiction of incorporation)
(Commission File Number)
Employer Identification No.)
250 West Main Street, Suite 1900
Lexington, Kentucky 40507
(Address of principal executive offices, including zip code)
(859) 244-7455
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which
registered
Class A Common Stock, $0.01 par value
Nasdaq Global Select Market
Class B Common Stock, $0.01 par value
Nasdaq Global Select Market
9.00% Senior Notes due 2026
Nasdaq Global Select Market
8.375% Senior Notes due 2029
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Many of the statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included herein, regarding our strategy, objectives, intended investigative, research and development efforts, future operations, estimated value of the rare earth element (REE) deposits, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements may include statements about:
·identification and implementation of commercially feasible extraction processes, and establishment of pilot and production extraction facilities;
·anticipated production levels, costs, sales volumes, and revenue;
·timing and ability to complete major capital projects;
·economic conditions in the metallurgical coal and steel industries;
·expected costs to develop planned and future mining operations, including the costs to construct necessary processing, refuse disposal and transport facilities;
·the availability of the equipment and components necessary to construct our pilot and production extraction facilities;
·estimated quantities or quality of our metallurgical coal reserves;
·our ability to obtain additional financing on favorable terms, if required, to complete the contemplated development and the acquisition of additional metallurgical coal reserves or to fund the operations and growth of our business;
·maintenance, operating or other expenses or changes in the timing thereof;
·the financial condition and liquidity of our customers;
·competition in coal markets;
·the price of metallurgical coal or thermal coal;
·competition in REE and critical minerals mining and extraction markets;
·the price of REEs and critical minerals;
·compliance with stringent domestic and foreign laws and regulations, including environmental, climate change and health and safety regulations, and permitting requirements, as well as chan
May 12, 2025
4 metc-20250512xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., May 12, 2025 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three months ended March 31, 2025.
●The Company had net income of $(9.5) million and Class A diluted EPS of $(0.19) for the first quarter of 2025. The Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $9.8 million, for the quarter ended March 31, 2025. (See “Reconciliation of Non-GAAP Measures” below.)
●Non-GAAP cash cost per ton sold was $98 in the first quarter of 2025, which was a $20 per ton decline compared to the first quarter of 2024. (See “Reconciliation of Non-GAAP Measures” below.) The Company’s cash costs continue to remain firmly in the first quartile of the U.S. cost curve.
●For the first quarter of 2025, the Company’s non-GAAP cash margins of $24 per ton and non-GAAP realized sales price of $122 per ton sold were both the highest such metrics among its publicly traded peer group. The Adjusted EBITDA for the Company this quarter was also higher than the met coal results of three of its four larger public peers. We hope to continue this positive trend.
●First quarter of 2025 production was a quarterly record, with overall production annualizing to 4.0 million tons. This occurred despite the Company missing roughly 0.1 million tons of production in January and February due to extreme freezing temperatures and severe flooding in the Central Appalachian region.
●In the first quarter of 2025, adverse market conditions continued from 2024 with U.S. metallurgical coal indices falling $5 per ton quarter over quarter and $65 per ton compared to the first quarter of 2024. This represented a decline of 3% on average versus the fourth quarter of 2024 and a decline of 27% on average versus the first quarter of 2024.
●Ramaco's Board of Directors approved and declared a quarterly cash dividend of $0.1811 per share on the Company's Class B common stock. The second quarter dividend is payable on June 13, 2025, to shareholders of record on May 30, 2025.
Sales and Marketing:
●As of March 31, 2025, total sales commitments currently total 3.7 million tons, which equates to over 90% of the midpoint of 2025 production guidance. 1.6 million tons are committed to North American customers at an average realized fixed price of $152 per ton. In addition, 0.6 million export tons shipped in the first quarter to seaborne customers at an average fixed price of $111 per ton.
●Thus, in total, 2.2 million tons are committed at a combined average fixed price of $141 per ton, while another 1.5 million index-priced export tons are committed to seaborne customers.
Guidance:
1
●Please note the Company has updated several areas of 2025 guidance:
●Based on the Company’s continued solid cost performance, 2025 cost per ton sold guidance is lowered to $96 – $102, down from the prior expectation of $97 – $103.
●The Company has also reduced capital expenditure guidance from $60 – $70 million to $55 – $65 million. The majority of capital expenditures will occur in the first half of 2025 as a continuation of recent growth projects initiated in 2024.
●In light of continued weak market conditions, the Company is optimizing overall production and sales. The Company expects to reduce production to limit lower priced spot sales. At current spot prices, the above measures are expected to enhance margins, be accretive to earnings, and provide a net benefit to free cash flow.
●Full-year 2025 production is now anticipated to come in at 3.9 – 4.3 million tons versus prior expectations of 4.2 – 4.6 million tons. Full-year 2025 sales are now anticipated to come in at 4.1 – 4.5 million tons versus prior expectations of 4.4 – 4.8 million tons.
●Anticipating continued weak market conditions in the coal markets, tons sold in the second quarter of 2025 are projected to be 850,000 – 950,000 tons.
●The Company is also modifying both DD&A and cash SG&A guidance. Cash SG&A guidance is increased to $36 – $40 million from $34 – $38 million, largely due to increased legal expenses related to the lawsuit against Chubb N.A., which is anticipated to go to trial this summer. In addition, DD&A guidance declines to $71 – $76 million from $73 – $78 million, resulting from the changes to production and capital expenditure mentioned before.
Rare Earths and Critical Minerals:
●The Company has made significant progress on testing, mine and process planning on the overall dev
Mar 10, 2025
2 metc-20250310xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., March 10, 2025 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three months and twelve months ended December 31, 2024.
●The Company achieved its strongest quarter of the year in terms of Adjusted EBITDA. This was despite the fourth quarter being the weakest quarter of 2024 in terms of metallurgical coal price indices. This performance was complimented by record quarterly tons sold of more than 1.1 million tons, as well as the lowest quarterly cash costs of 2024.
●The Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $29.2 million, for the quarter ended December 31, 2024. This was a 24% increase compared to $23.6 million in the third quarter of 2024. (See “Reconciliation of Non-GAAP Measures” below.)
●Non-GAAP cash cost per ton sold declined in the fourth quarter by $6 per ton or 6% to $96 per ton, as compared to $102 per ton in the third quarter of 2024. (See “Reconciliation of Non-GAAP Measures” below.) Over the course of the year on a monthly basis, mine costs dropped from $120 per ton in March 2024 to $94 per ton in December, an almost 25% decline throughout the year.
●The Company had net income of $3.9 million for the fourth quarter, compared to $(0.2) million in the third quarter of 2024 or a ~1,700% increase and $30.0 million in the fourth quarter of 2023. Class A diluted EPS was $0.06 for the fourth quarter, compared to $(0.03) for the third quarter or a 300% increase and $0.60 for the quarter ended December 31, 2023.
●U.S. metallurgical coal indices fell another $12 per ton quarter over quarter. This represented a decline of 6% on average in the fourth quarter of 2024 versus the third quarter, and an $80 per ton decline, or 30% versus the fourth quarter of 2023. Over the course of the entire year of calendar 2024 metallurgical coal indices declined by $86 per ton or 32%.
●Despite these price declines and as a result of the Company’s continuing solid operational performance, non-GAAP cash margins per ton sold in the fourth quarter held at $33 per ton, down just $1 per ton quarter over quarter.
Sales and Marketing:
●For 2025, total sales commitments are currently 3.5 million tons as of February 28, which equates to 80% of the midpoint of 2025 production guidance. 1.6 million tons are committed to North American customers at an average realized fixed price of $152 per ton. In addition, 0.3 million tons are committed to seaborne customers at an average fixed price of $111 per ton. Furthermore, 1.6 million index-based tons are committed to seaborne customers. The majority of uncommitted tons are expected to ship into export markets in the second half of 2025 priced against indices at the time of shipment.
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Production and Costs:
●The Company’s roughly 25% cost decline throughout the year was accompanied by an increase of roughly one million annualized additional tons of low-cost production. This new production came from a combination of more tons from the Elk Creek Ram 3 surface/highwall mine, the third section at the Elk Creek Stonecoal Alma mine, and the low-vol Berwind mine. In addition, the commissioning of the Maben prep plant in the fourth quarter reduced trucking costs by roughly $20 per clean ton at that complex.
Guidance:
●The Company reiterates all prior guidance, with the exception of increasing the expected tax rate by 5% to 25 – 30%. At current price indices the Company expects however to pay minimal cash taxes in 2025.
●Costs per ton sold are anticipated to come in towards the high end of the full-year guidance range for the first quarter of 2025. This is in large part due to the combination of challenging adverse weather conditions with freezing temperatures for almost two weeks in January and historic flooding in mid-February. This was coupled with the intent to build inventory ahead of the season opening for Great Lakes shipments in the second quarter of 2025.
●Tons sold in the first quarter of 2025 are anticipated to be 850,000 – 950,000, with second quarter of 2025 shipments anticipated to rise by roughly 33% quarter over quarter.
●The Company continues to progress on additional mining and testing at its rare earth and critical mineral sourced carbon ore Brook Mine in Sheridan, Wyoming, importantly at a minimal cost to shareholders. Since the Company acquired the Brook Mine in early 2022, less than $10 million in total has bee
Nov 4, 2024
2 metc-20241104xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., November 4, 2024 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three months and nine months ended September 30, 2024.
●For the quarter ended September 30, 2024, the Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $23.6 million, compared to $28.8 million in the second quarter of 2024. (See “Reconciliation of Non-GAAP Measures” below.)
●For the quarter ended September 30, 2024, the Company had net income of $(0.2) million, compared to $5.5 million in the second quarter of 2024 and $19.5 million in the third quarter of 2023. Class A diluted EPS was $(0.03) for the quarter ended September 30, 2024, compared to $0.08 for the quarter ended June 30, 2024 and $0.40 for the quarter ended September 30, 2023. Excluding the one-time closure of the Company’s Knox Creek Jawbone mine (discussed below), net income would have been approximately $1 million and Class A diluted EPS would have been $0.00.
●Non-GAAP cash cost per ton sold declined quarterly by $6 per ton in the third quarter of 2024 to $102 per ton, as production increased by 8% to 972,000 tons sequentially despite one fewer work week in the third quarter. (See “Reconciliation of Non-GAAP Measures” below.) Furthermore, non-GAAP cash costs per ton sold were below $100 per ton in both August and September, as our low-cost Ram No. 3 mine and the third section at our Stonecoal Alma mine reached full production. Third quarter of 2024 cash costs have declined by $16 per ton since first quarter of 2024 cash costs.
●Due to both improved productivity and continued increases in production, third quarter sales of 1,023,000 tons and third quarter production of 972,000 tons were both quarterly records.
●U.S. metallurgical coal indices fell $15 per ton, or 7% on average in the third quarter of 2024 versus the second quarter, and $25 per ton, or 12% versus the third quarter of 2023. Year to date indices have fallen by $85 per ton or 32%. Despite these declines, non-GAAP cash margins per ton sold1 this quarter remained at $34 per ton, or 25%, down just $1 per ton sequentially, as a result of the Company’s solid operational performance.
Sales and Marketing:
●For 2024, total sales commitments are 4.1 million tons as of September 30, which equates to more than 100% of the high end of 2024 production guidance. 1.3 million tons are committed to North American customers at an average realized fixed price of $168 per ton. In addition, 2.0 million already shipped tons were committed to seaborne customers at an average realized index-based fixed price of $135 per ton. Overall, through the third
1 Non-GAAP cash margin per ton sold is a non-GAAP measure that is equal to Non-GAAP revenue per ton sold (FOB mine) minus Non-GAAP cash cost per ton sold (FOB mine). Management believes these measures allow us to more effectively monitor changes in coal prices and costs from period to period by excluding certain items which are beyond our control. Please see “Reconciliation of Non-GAAP Measures” for more information.
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quarter 3.3 million tons have been committed at an average realized price of $148 per ton, excluding the impact of any demurrage. The Company has 0.8 million tons of unpriced index export business committed for delivery in the fourth quarter of 2024.
●For 2025, total sales commitments are now 2.7 million tons as of early November, of which 1.6 million tons are fixed price at $152 per ton sold to mostly North American customers. As of this date, a portion of the Company’s higher priced specialty coal has not yet been committed, in-line with traditional customer sales cadence. We anticipate these future sales will raise the total 2025 fixed price average.
Production:
●The Company’s four main production growth initiatives for 2024 remain on track and on budget. These include:
oThe addition of 600,000 combined annualized high vol tons from the Elk Creek complex’s Ram 3 surface / highwall mine and the third section at the Stonecoal Alma mine. Both of these mines were at full production as of September 2024.
oThe commission of the prep plant at Maben in late October, in-line with expectations. This will reduce trucking costs at this complex by approximately $40 per ton.
oThe addition of 300,000 tons of annualized low vol production at the third section at the Berwind mine. First production should commence before year-end 2024.
oThe Comp
Aug 7, 2024
2 metc-20240807xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., August 7, 2024 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three months and six months ended June 30, 2024.
●For the quarter ended June 30, 2024, the Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $28.8 million, compared to $24.2 million in the first quarter of 2024. (See “Reconciliation of Non-GAAP Measures” below.)
●For the quarter ended June 30, 2024, the Company had net income of $5.5 million, compared to $2.0 million in the first quarter of 2024. Class A diluted EPS was $0.08 for the quarter ended June 30, 2024, compared to $0.00 for the quarter ended March 31, 2024.
●Adjusted EBITDA grew 19% and net income grew 173% versus the first quarter of 2024. This was despite the negative pricing impact of lower US coal indices, which fell quarterly roughly 15% on average in the second quarter and year to date by roughly 25%.
●Non-GAAP cash cost per ton sold declined quarterly by $10 per ton in the second quarter of 2024 to $108 per ton, as production increased by 7% to more than 900,000 tons sequentially. (See “Reconciliation of Non-GAAP Measures” below.)
●The Board declared the quarterly Class A common stock cash dividend of $0.1375 per share for the third quarter of 2024. The Board also declared the quarterly Class B stock cash dividend of $0.2246 per share. The third quarter dividends are payable on September 13, 2024, to shareholders of record on August 30, 2024.
●In July, the Company repaid the remaining $7 million in acquisition debt related to the $30 million purchase of Maben Coal LLC in 2022. The Company has now retired all $75 million of acquisition debt related to its 2022 Maben and Ramaco Coal acquisitions. Today, the $35 million 9% Unsecured Notes due in 2026 is the only remaining term debt excluding amounts drawn on the Revolving Line of Credit.
●Total 2024 sales commitments are 4.0 million tons which equates to more than 100% of the low-end of 2024 production guidance.
●1.3 million tons are committed to North American customers at an average realized fixed price of $169 per ton. In addition, 1.5 million tons are committed to seaborne customers at an average realized fixed price of $142 per ton, which have largely already shipped. In total, 2.8 million tons have been committed at an average realized fixed price of $155 per ton.
●An additional 1.2 million tons are committed at index-linked pricing for delivery to export customers.
●Even before the Company enters into new domestic sales for 2025, the Company has already committed sales of 1.25 million tons of its 2025 production. These commitments are primarily from multi-year index-linked export
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contracts. At the current forward curve of index pricing these sales would be at an average price above $150 per ton.
●The Company notes that its four main production growth initiatives for 2024 remain on track and on budget. These include:
oThe additions of 600,000 annualized high vol tons at both the Elk Creek complex’s Ram 3 surface / highwall mine and the third section at the Stonecoal Alma mine. Both of these mines had already begun to ramp in June 2024.
oThe addition of 300,000 tons of annualized low vol production at the third section at the Berwind mine. First production should commence during the fourth quarter of 2024.
o$90-95 per ton mine costs on average on a combined basis are anticipated at all of these new mines.
oThe prep plant at Maben is expected to be fully operational early in the fourth quarter of 2024. This will reduce current trucking costs at this complex by approximately $40 per ton.
●As we proactively reduce higher cost production in the current pricing environment, production and sales guidance is being reduced by 0.2 million tons at the midpoint of guidance to 3.8 – 4.2 million tons and 4.0 – 4.4 million tons, respectively. These reductions will have minimal impact to overall earnings.
●The Company maintains all other full-year 2024 guidance, which can be seen in the “Financial Guidance” section of this press release.
●The Company anticipates third quarter coal shipments of 900,000 – 1,050,000 tons and expects to exit the year above a 5 million ton per annum run-rate on both sales and production.
●As noted above, Ramaco also anticipates before year-end adding almost 1 million tons of new annualized production compared to first half of 2024 run-rates.
●Overall mine costs in the th
May 8, 2024
2 metc-20240508xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., May 8, 2024 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months ended March 31, 2024.
●For the three months ended March 31, 2024, the Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $24.2 million, compared to $58.5 million in the fourth quarter of 2023. (See “Reconciliations of Non-GAAP Measure” below.)
●For the three months ended March 31, 2024, the Company had net income of $2.0 million, compared to $30.0 million in the fourth quarter of 2023. Class A EPS was $0.00 for the three months ended March 31, 2024, compared to $0.60 for the three months ended December 31, 2023.
●First quarter of 2024 results were negatively impacted by a combination of lower index pricing, especially in March, and higher mine costs. The Company shipped over half of its export tons in March, when indices were at their lows. In addition, first quarter of 2024 mine costs were impacted by challenging geology and labor constraints at Elk Creek, both of which are expected to improve throughout the second quarter, and especially in the back half of 2024.
●The Board declared a quarterly cash dividend of $0.2376 per share on the CORE Resources Class B shares. This will be payable on June 15, 2024, to shareholders of record on June 1, 2024. The payout level of the Class B dividend based on royalties and infrastructure income has remained steady for the past few quarters. The Board also approved and declared a quarterly Class A common stock cash dividend of $0.1375 per share for the second quarter of 2024, which is payable on June 15, 2024, to shareholders of record on June 1, 2024.
●The Company recently closed an agreement to both extend and increase the size of its existing Revolver facility with KeyBank, NA and a bank syndicate. The new facility increases the Revolver from $125 million to $200 million with an accordion feature to increase the ultimate size by an additional amount of $75 million to $275 million. The term of the new facility is five years, increased from an original three years.
●The Company is maintaining all full-year 2024 guidance, which can be seen in the “Financial Guidance” section of today’s press release.
●The Company has 1.4 million tons committed to North American customers at an average realized price of $167 per ton, and 0.7 million tons mostly already shipped and sold to seaborne customers at an average realized price of $150 per ton, for a total of 2.1 million tons committed at an average realized price of $162 per ton. The Company has an additional 2.0 million tons committed at mostly index-linked pricing for delivery to export customers, bringing total 2024 sales commitments to 4.2 million tons. This would equate to 100% of the midpoint of 2024 production guidance.
●The Company notes that its 4 main growth initiatives for 2024 remain on track and on budget. The additions of the Ram 3 surface / highwall mine and the third section at the Stonecoal Alma mine should ultimately add roughly 600,000 tons to overall 2024 Elk Creek production on an annualized basis, with both beginning to ramp up by mid-year 2024. The addition of the third section at the Berwind mine should ultimately add roughly 300,000 tons of low vol production on an annualized basis, with first production during the fourth quarter of
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2024. Costs at these new mines are anticipated to be roughly $90-95 per ton on a combined basis. Lastly, we continue to anticipate the prep plant at Maben to be fully operational before year-end 2024, which will reduce current trucking costs of approximately $40 per ton.
●The Company anticipates second quarter shipments of 850,000 – 950,000 tons of coal and expects an increasing sales cadence throughout 2024. As noted above, Ramaco anticipates adding almost 1 million tons of annualized production compared to current run-rates before year-end 2024. Overall mine costs are expected to meaningfully decline in the back half of 2024, as volumes are anticipated to be materially above levels in the first half of 2024.
●The Company continues to progress on additional mining and chemical testing at its critical mineral Brook Mine in Sheridan, Wyoming. The Company continues to anticipate the completion of its techno economic analysis of the project within 2024.
Randall Atkins, Ramaco Resources’ Chairman and Chief Executive Officer commented, “Our first quarter results were clearly below our expectations. This was due to the combination of lower prices throughout the quar
Mar 7, 2024
2 metc-20240307xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., March 7, 2024 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months and twelve months ended December 31, 2023.
●For the three months ended December 31, 2023, the Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), of $58.5 million, compared to $45.4 million in the third quarter of 2023. For the twelve months ended December 31, 2023, the Company had Adjusted EBITDA of $182.1 million compared to $204.6 million in 2022. (See “Reconciliations of Non-GAAP Measure” below.)
●For the three months ended December 31, 2023, the Company had net income of $30.0 million, compared to $19.5 million in the third quarter of 2023. For the twelve months ended December 31, 2023, the Company had net income of $82.3 million, compared to $116.0 million in 2022. While EPS is a complicated comparative measure due to the mid-year 2023 issuance of the Class B shares, we would note that there were 43.9 million fully diluted Class A shares outstanding in the fourth quarter of 2023.
●The fourth quarter of 2023 was easily the Company’s strongest financial quarter of the year. While U.S. metallurgical coal indices rose in the fourth quarter of 2023 compared to the prior two quarters, indices were still more than 10% below first quarter of 2023 levels. The Company’s strong fourth quarter was due to the execution on its growth strategy. Specifically, in the second half of 2023 the Company shipped at a 4 million ton per annum run rate in both the third and fourth quarters, compared to a roughly 3 million ton per annum run rate in the first half of the year.
●During the fourth quarter, the Company repaid the final $10 million of debt related to the 2022 Ramaco Coal acquisition. Excluding amounts drawn on the Revolving Credit Facility, the Company reduced term debt by $55 million in 2023. The Company ended 2023 with $48 million of term debt outstanding, excluding the Revolving Credit Facility, and $42 million of cash. Lastly, the Company ended 2023 with a record level of liquidity of $91 million, compared to its $49 million at year-end 2022.
●The Company reiterates all prior full-year 2024 guidance other than depreciation, depletion, and amortization expense, which can be seen in the “Financial Guidance” section of today’s press release.
●As noted in its February 2024 market update, since early December the Company has committed an additional 1.9 million tons for sale into export markets in 2024 at index-linked pricing, bringing total current sales commitments for delivery in 2024 to 3.9 million tons. This consists of 1.5 million tons committed to North American customers at an average realized price of $167 per ton and an additional 2.4 million tons committed at mostly index-linked pricing for delivery to export customers. This would equate to 100% of sales at the low end of the Company’s original 2024 production guidance of 3.9 million tons.
●In its February 2024 market update, based on this material increase to 2024 committed sales, the Company raised both its sales and production guidance. Today, the Company reiterates both its full year sales guidance of 4.2 - 4.6 million tons and production guidance of 4.0 - 4.4 million tons. The Company's pricing mix for 2024 would be approximately one-third domestic fixed price and two-thirds export index-linked business at the midpoint of sales guidance.
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●Depending on continued market conditions, the Company believes that an annual sales run-rate above guidance may be achievable by year-end 2024. This would include sales of more than 0.5 million tons of both purchased coal and carryover inventory from 2023.
●Last month, the Company completed the purchase of an existing idled coal preparation plant which is being relocated to its Maben Complex in West Virginia. The purchase price of the plant was $3 million. This year the Company anticipates spending an additional $8 million in initial development capital expenditures related to the plant. We expect that the plant will be operational by the fourth quarter of 2024. This will materially reduce both overall trucking and mine cash costs at Maben where current production is trucked to Ramaco’s Berwind preparation plant at a haul rate cost of over $40 per clean ton.
●The Company anticipates first quarter shipments of 800,000 – 950,000 tons of coal and expects an increasing cadence throughout 2024. Specifically, the first half of 2024 should see shipments around a 4 million ton per annum run rate, whereas the seco
Nov 7, 2023
2 metc-20231107xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., November 7, 2023 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months and nine months ended September 30, 2023.
●The Company had net income of $19.5 million (Adjusted EPS of $0.45, a non-GAAP measure), compared to $7.6 million (diluted EPS of $0.17) in the second quarter of 2023. Adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”, a non-GAAP measure), was $45.4 million for the three months ended September 30, 2023. This compared to $30.0 million of Adjusted EBITDA for the three months ended June 30, 2023. (See “Reconciliations of Non-GAAP Measure” below.)
●During the third quarter, Adjusted EBITDA benefited by roughly $3 million received from insurance claim proceeds in connection with the Berwind mine outage in mid-2022 and approximately $8 million received in connection with the Elk Creek silo failure in late 2018. The total net income impact was roughly $8 million (EPS of $0.18). The Company continues to seek additional insurance related payments from each of these claims.
●During the third quarter, the Company shipped 996,000 tons of coal, which achieves its previous guidance of reaching a ratable annualized sales run-rate of roughly 4 million tons this year. Overall tons sold increased 39% from the second quarter.
●During the third quarter, the Company repaid $10 million of debt related to the 2022 Ramaco Coal acquisition. Earlier this week, the Company repaid the final $10 million of debt related to the Ramaco Coal acquisition. At year-end 2023, we expect to have remaining overall debt (excluding the Revolving Credit line) of approximately $50 million, consisting of the Company’s $35 million 9% Notes due in 2026, approximately $11 million of third-party acquisition-related debt related to the Maben transaction and $4 million of equipment debt. Total 2022 year-end debt was $127 million.
●Due to stronger than anticipated third quarter shipments and overseas customer demand, the Company recently increased the midpoint of full-year 2023 coal shipment guidance to 3.25 – 3.5 million tons, up from 3.1 – 3.6 million tons previously. At the high end of guidance, this implies over 1 million tons shipped in the fourth quarter and at the low end roughly 800,000 tons.
●Recently, the Company noted that it expects cash mine costs to be at the high end of the previous $102 –108 per ton guidance range for both full-year 2023 and the fourth quarter of 2023. Given continued inflationary pressure, we now anticipate costs coming in at $108 - $112 per ton.
●In the third quarter, overall coal inventory levels (both clean and raw coal) declined almost 40% from 1.4 million tons to approximately 0.9 million tons. In the fourth quarter, the Company anticipates further reduction in inventory levels.
●In both September and October, the two section Berwind deep mine produced at a half million ton per annum run-rate, and cash mine costs were less than $80 per ton from both sections.
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●For 2023, year to date the Company has committed sales of approximately 3.3 million tons, including 2.9 million tons that are fixed at an average price of $173 per ton.
●For 2024, the Company has now committed 1.3 million tons of coal to North American customers at an average price of $167 per ton.
●Last month overall mine development commenced at the Brook Mine with an initial goal of obtaining additional quantities of rare earth material for chemical and metallurgical testing. Ongoing updates on deposit and chemical assessment will be provided.
Randall Atkins, Ramaco Resources’ Chairman and Chief Executive Officer commented, “Our third quarter results highlight our differentiated growth platform. In simple terms, this quarter Ramaco grew from being a company with a sales level of ~3 million tons to ~4 million tons per annum. As a result, Adjusted EBITDA grew over 50% from the second quarter, despite a decline in margins on the back of lower index pricing and market conditions.
We are also mindful of our position as one of the lowest leveraged companies in our space. As a result of our strong third quarter financials, we expect to have repaid over $50 million in term debt in 2023. Starting in 2024, we expect to have remaining overall term debt of ~$50 million (excluding any Revolving Credit line draws) and anticipate that those levels will be reduced during next year.
Additionally, due to stronger than anticipated third quarter shipments and overseas customer demand, we recently increased the midpoint sales guidance o
Aug 8, 2023
2 metc-20230808xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., August 8, 2023 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months and six months ended June 30, 2023.
●The Company had net income of $7.6 million (diluted EPS of $0.17) compared to $25.3 million (diluted EPS of $0.57) in the first quarter of 2023. Adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”), a non-GAAP measure, was $30.0 million for the three months ended June 30, 2023. This compared to $48.3 million of Adjusted EBITDA for the three months ended March 31, 2023. (See “Reconciliation of Non-GAAP Measure” below.)
●Both second quarter net income and Adjusted EBITDA were negatively affected by $9 million (EPS of $0.19) and by $11 million respectively, due to transportation issues with the NS and CSX rail companies. Roughly 85,000 tons that were contracted to ship during the quarter were not timely loaded by the rails and pushed to July.
●The Company now has 3.1 million tons of committed sales, or 95% of 2023 forecast production. Of this amount, 2.2 million tons is fixed price business at an average of $188 per ton, with the balance priced against a floating index.
●On June 22, the Class B CORE Resources tracking shares (NASDAQ: METCB) began “regular-way” trading. Since the CORE Resources shares began trading, the combined fully diluted market capitalization of the METC and METCB shares has increased almost 30%, or roughly $120 million based upon closing prices as of August 8, 2023. The METCB shares have increased over 65% during the same time frame.
●On August 7th, the Company reported that its Board had approved the expenditure of approximately $2.5 million towards additional mine development in the fourth quarter of 2023 to commence at its rare earth element (“REE”) and coal Brook Mine in Sheridan, Wyoming. The Company also noted that its current Exploration Target is now up 50% to 0.9 – 1.2 million tons of total rare earth oxides (“TREOs”) from an original Target in May of 0.6 – 0.8 million tons.
●Based on ongoing diligence, the Company now believes 23% of deposits may contain the Primary Magnetic Rare Earth Oxides (“REOs”) - Neodymium, Praseodymium, Dysprosium, and Terbium. The Company recently engaged a variety of third-party consultants in the rare earth field including SRK Consulting to complete an Initial Assessment and Economic Analysis, as well as a Prefeasibility Study.
●The Board declared a $5.5 million ($0.125 per share) quarterly dividend on the Class A shares and declared an initial dividend of $1.45 million ($0.165 per share) on the newly issued Class B shares. The Class B dividend was based on second quarter of 2023 results.
●The first section at the Berwind No. 1 mine will complete development production in mid-August, with the second section expected to be in full production during the third quarter of 2023. The Maben surface and highwall mines also continue to increase production as projected. Lastly, in the second half of July, post a 50% processing capacity upgrade, the Elk Creek preparation plant reached full capacity of up to 3 million tons, up from a prior maximum capacity of 2 million tons.
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●2023 production guidance is updated to 3.0 – 3.5 million tons from 3.1 – 3.6 million tons, lowered by the idling of the Company’s Triple S 0.1 million ton production mine due to market conditions with anticipated production beyond 2023 unaffected by this action. 2023 sales guidance is also updated to 3.1 – 3.6 million tons from 3.3 – 3.8 million tons representing an almost 40% increase versus 2022 sales. 2023 cash costs guidance is now $102 – $108 per ton, from $97-103 per ton, largely due to the combination of continued inflationary pressures and higher than anticipated mine development costs during the ramp up phase at our Berwind complex. Lastly, the Company is now lowering its 2023 Capital Expenditures to a range of $60 – $70 million from $65 – $80 million previously.
●Third quarter of 2023 sales are expected to be 0.7 – 0.9 million tons. By the fourth quarter of 2023, the Company expects to be selling coal at a quarterly rate above one million tons and an annual rate of more than 4 million tons.
●U.S. metallurgical coal spot pricing is currently down over 20% from the first half 2023 average price on the back of muted market conditions and continued global economic concerns.
Randall Atkins, Ramaco Resources’ Chairman and Chief Executive Officer commented, “During the second quarter, we announced two potentially transformative milestones in our CORE Resources ho
May 3, 2023
2 tm2314563d1_ex99-1.htm
Exhibit 99.1
KY., May 3, 2023 -- Ramaco Resources, Inc. (NASDAQ: METC, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months ended March 31, 2023.
·The Company had net income of $25.3 million (diluted EPS of $0.57) compared to $14.4 million (diluted EPS of $0.32) in the fourth quarter of 2022. Adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”), a non-GAAP measure, was $48.3 million for the three months ended March 31, 2023. This compared to $31.9 million of Adjusted EBITDA for the three months ended December 31, 2022. First quarter Adjusted EBITDA and net income were negatively affected by $3 million and $2 million respectively from the Berwind mine idle costs. (See “Reconciliation of Non-GAAP Measure” below.)
·The Company stated that 2.7 million tons or 81% of 2023 forecast production is now contracted. Of this amount, 1.9 million tons is fixed price business at an average of $197 per ton, with the balance priced against a floating index.
·In both a separate press release, and letter to shareholders, the Company reported independent findings from Weir International, Inc. (“Weir”) that its fee owned Brook Mine in Sheridan, Wyoming possesses a significant unconventional deposit of Rare Earth Elements (“REEs”) with cores exhibiting high relative concentrations of heavy REEs (“HREE”) as well as lighter REEs. These HREEs with permanent magnetic properties include Terbium (“Tb”) and Dysprosium (“Dy”). The lighter REEs with magnetic properties include Neodymium (“Nd”) and Praseodymium (“Pr”). We of course recognize that any new mine project, especially one involving emerging technology, is fraught with uncertainty. There is much technical and related work to do before we can determine the commercial feasibility of REE extraction at the Brook Mine.
·The first section at the Berwind No. 1 mine has ramped production in-line with expectations since the Company began mining in March following the July 2022 ignition event. The Board of Directors recently approved advancing production in the second section of the Berwind mine to mid-2023 from 2024. Capital expenditures for this section should total approximately $3 million and it should add ~300,000 tons of incremental annualized production by late 2023.
·Initial surface production recently began at the new Maben low volatile coal mine. The Company also anticipates the imminent startup of its Elk Creek preparation plant expansion project. This is expected to increase processing capacity at Elk Creek from 2 million to 3 million tons per year.
·2023 production guidance is increased from 3.0 – 3.5 million tons to 3.1 – 3.6 million tons, following strong first quarter results. 2023 sales guidance is increased from 3.2 – 3.7 million tons to 3.3 – 3.8 million tons, representing a 45% increase versus 2022 sales.
·Second quarter of 2023 sales are expected to increase modestly versus first quarter of 2023 levels of 757,000 tons. By the second half of 2023, the Company expects to ramp production and sales to a run-rate of roughly 1 million tons per quarter.
metallurgical coal spot pricing is currently down almost 25% from first quarter of 2023 averages on the back of renewed global economic concerns. If indices remain at current levels for the duration of the second quarter, we anticipate our second quarter average realized pricing for company produced coal, excluding transportation charges, to fall roughly 9 – 11% from first quarter levels of $185/ton.
1
Randall Atkins, Ramaco Resources’ Chairman and Chief Executive Officer commented, “Earlier this year I said that our goal in 2023 is simply to execute. After a number of operational setbacks in 2022, as well as ongoing transportation challenges, I am pleased to say that this quarter we executed better than we had expected.
In the first quarter, we achieved both record production of 834,000 tons and record sales of 757,000 tons. In addition, despite continued inflationary pressures, our non-GAAP cash cost of sales, which excludes transportation and idle mine costs, fell from $114 per ton in the fourth quarter of 2022 to $105 per ton in the first quarter of 2023. Elk Creek cash costs declined over 10% sequentially to $90 per ton in the first quarter. We also look forward to the second half production ramp at Berwind helping our overall cash mine costs to decline over the balance of the year.
Our sales team continues to aggressively increase our global footprint. After our inaugural sale to India earlier in the year, I am pleased to report that we have recently added sales to two new countries: Japan and Indonesi
Mar 8, 2023
2 metc-20230308xex99d1.htm
Exhibit 99.1
LEXINGTON, KY., March 8, 2023 -- Ramaco Resources, Inc. (NASDAQ: METC, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months and twelve months ended December 31, 2022.
(all comparisons are versus the prior-year period unless otherwise noted):
●Net income of $14.4 million (diluted EPS of $0.32) compared to $18.6 million (diluted EPS of $0.42) in fourth quarter of 2021. Adjusted EBITDA was $31.9 million, up modestly compared to $31.6 million in the fourth quarter of 2021.
●Compared to expectations set in early December 2022, the Company’s net income and Adjusted EBITDA were affected by extreme cold temperatures that caused approximately 150,000 tons of shipments to be pushed into January 2023 due to negative rail and port performance, as well as a 50% drop during December 2022 in API2 index pricing on a large seaborne met coal sale for thermal use into Europe.
(all comparisons are versus the prior-year period unless otherwise noted)
●Net income of $116 million (diluted EPS of $2.60) and Adjusted EBITDA of $205 million, were 192% and 159%, respectively, above the prior highest-year on record.
●Net income was negatively affected by $8 million (diluted EPS of $0.17) from idle costs at the Company’s Berwind mine related to its closure since an ignition in July 2022. 2022 Adjusted EBITDA was similarly negatively affected by $9.5 million, including $4.4 million in the fourth quarter.
●The Company expects that approximately two thirds of its 2023 production at the high end of guidance will be sold as mostly floating index priced export business to take advantage of any upward pricing environment. At the mid point of guidance, approximately 2.6 million tons, or 79% of forecasted 2023 production, is now contracted. Of this contracted production, 1.6 million tons or 63% is fixed price business at $200 per ton, with the balance priced against index.
●Following an ignition event in July 2022, the Berwind No. 1 mine was re-opened last November for rehabilitation efforts. On March 1, 2023, the mine returned to coal production one month ahead of schedule. It is now expected to achieve normalized levels of production by the third quarter of 2023. In addition, the Company completed the refurbishment and upgrade of the Berwind Preparation Plant in the fourth quarter of 2022.
●In late April, the Company expects a 50% increase from 2 million to 3 million tons per year in the annualized processing and shipping capacity at the Elk Creek preparation plant. Production will also be increased at the Elk Creek mines commensurate with this increase in processing capacity. In the second quarter, initial surface and highwall miner production is also expected to begin at the new Maben low volatile coal mine acquired last year.
●By the third quarter of 2023, on a companywide basis, and based upon the increased quarterly production cadence as the year progresses, Ramaco anticipates above a 4 million ton annualized run-rate on overall production and shipping.
1
●In February 2023, KeyBank, N.A. ("KeyBank") increased the Company's overall revolving credit facility to $175 million. Under its terms, this consists of an aggregate revolving commitment of $125 million together with an accordion feature providing an additional $50 million which would be available upon Company request and subject to the terms and conditions of the facility.
●All previous 2023 guidance is maintained. At the mid point of guidance (and versus 2022 levels) the Company anticipates a 0.6 million ton or 21% increase in production, a 1.0 million ton or 41% increase in sales, a $5 per ton or 5% decrease in cash mine costs per ton sold, and a $53 million or 43% decrease in capital expenditures. In addition, the Company expects that calendar 2023 will be a record year of both net income and Adjusted EBITDA.
For the three months ended December 31, 2022, the Company reported net income of $14.4 million, or $0.32 per diluted share. This compared to net income for the three months ended December 31, 2021, of $18.6 million, or $0.42 per diluted share. For the twelve-month period ended December 31, 2022, net income was $116.0 million or $2.60 per diluted share. This compared to net income of $39.8 million or $0.90 per diluted share for the twelve-month period ended December 31, 2021.
The Company’s adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”) was $31.9 million for the three months ended December 31, 2022. This compared to $31.6 million of Adjusted EBITDA for the three months ended December 31, 2021. Fourth quarter 2022 Adju
Nov 7, 2022
2 metc-20221107xex99d1.htm
Exhibit 99.1
Ramaco Resources, Inc. Reports Third Quarter 2022 Financial Results
LEXINGTON, KY., Nov. 7, 2022 / PRNewswire/ --
In the third quarter of 2022, highlights include:
●Net income of $26.9 million (diluted EPS of $0.60) and Adjusted EBITDA of $50.7 million were 282% and 185% respectively above the prior highest third quarter on record. Net income was negatively affected by $3.9 million (diluted EPS of $0.09) from idle costs at our Berwind mine related to the July ignition event. Adjusted EBITDA was similarly negatively affected by $5.0 million. Based on continuing logistical and related issues we built 56,000 tons of inventory, bringing the year-to-date inventory build to 235,000 tons.
●The Company is now fully sold out for 2022 at an average price of $210 per short ton FOB mine1. In addition, 1.8 million tons have now been committed for delivery in 2023. 1.4 million tons are sold at an average fixed price of $201 per short ton FOB mine, and 0.4 million tons are index-linked. Over half of our anticipated 2023 volume remains open to be sold into export thermal, metallurgical or industrial markets, where pricing remains above our 2023 fixed price levels for high-vol A quality coal. We expect over 60% of our 2023 production will be sold into export markets.
●Work is nearing completion of the refurbishment and upgrade of the Berwind Preparation Plant. While not in full commercial operation, the first tons of coal have been processed and we anticipate shipping our first clean coal from this complex in the coming days. We anticipate this new efficient processing plant will materially lower our cash costs from the Berwind Complex due to the avoidance of millions of dollars of annual trucking costs. Similarly, these upgrades are expected to reduce our logistical challenges at both our Berwind and Knox Creek operations by eliminating the truck haul of more than 25 miles from the Berwind mines to our Knox Creek preparation plant.
●The Company is now providing an initial framework for its proposed 2023 shareholder return program. Management intends to address this with its Board of Directors at its upcoming Board meeting in December. Specifically, it remains our intention in 2023 to progressively annually increase the base cash dividend on all classes of shares. Once the Company is in a cash position in excess of roughly $100 million above requirements for normal operations, debt repayments and capital expenditures, the Company anticipates instituting a program of share repurchase. The program will be ratably tied to the cumulative dividends paid on all then outstanding classes of shares and is anticipated to commence in 2023.
Ramaco Resources, Inc. (NASDAQ: METC) (“Ramaco” or the “Company”) today reported quarterly net income for the three months ended September 30, 2022, of $26.9 million, or $0.60 per diluted share. This was over 280% higher than net income for the three months ended September 30, 2021, of $7.0 million, or $0.16 per diluted share, largely on the back of higher realized pricing. For the nine-month period ended September 30, 2022, net income was $101.7 million or $2.27 per diluted share.
The Company’s adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (“Adjusted EBITDA”) was $50.7 million for the three months ended September 30, 2022. This was 185% higher than $17.8 million of Adjusted EBITDA for the three months ended September 30, 2021. Third quarter 2022 Adjusted EBITDA was negatively affected by $5.0 million from idle costs at our Berwind mine related to the July ignition event. For the nine-month period ended September 30, 2022, Adjusted EBITDA was $172.6 million. (See “Reconciliation of Non-GAAP Measure” below.)
1 Based on forward curve pricing for index-linked tons as of October 31, 2022.
1
Key operational and financial metrics are presented below:
Key Metrics
Change
Change
Change
Total Tons Sold ('000)
608
584
4%
644
(5)%
1,775
1,751
1%
Revenue ($mm)
$
136.9
$
138.7
(1)%
$
76.4
79%
$
430.5
$
195.9
120%
Cost of Sales ($mm)
$
79.6
$
76.6
4%
$
54.8
45%
$
237.5
$
143.8
65%
Pricing of Company Produced ($/Ton)
$
202
$
215
(6)%
$
105
92%
$
216
$
98
121%
Cash Cost of Sales - Company Produced ($/Ton)*
$
98
$
106
(8)%
$
71
38%
$
102
$
67
52%
Cash Margins on Company Produced ($/Ton)
$
104
$
109
(5)%
$
34
206%
$
114
$
31
272%
Net Income ($mm)
$
26.9
$
33.3
(19)%
$
7.0
282%
$
101.7
$
21.1
381%
Diluted Earnings per Share
$
0.60
$
0.74
(18)%
$
0.16
282%
$
2.27
$
0.48
373%
Adjusted E
Aug 8, 2022
2 metc-20220808xex99d1.htm
Exhibit 99.1
Ramaco Resources, Inc. Reports Second Quarter 2022 Financial Results
LEXINGTON, KY., Aug. 8, 2022 / PRNewswire/ --
●For the second quarter of 2022, quarterly net income was $33.3 million (diluted EPS of $0.74) and Adjusted EBITDA was $57.9 million, which respectively were 235% and 220% higher than our previous second quarter records.
●We built approximately 90,000 tons of inventory during the second quarter of 2022 due largely to continued logistical issues in the form of slow rail service. This brings the total inventory build for first half of 2022 to over 180,000 tons. Had this coal timely shipped in the first half of 2022 as expected, we believe EPS and Adjusted EBITDA would have been higher by $0.65 per share and $40 million respectively1.
●The Company has booked total 2022 sales of roughly 2.8 million tons as of August 4 at an average sales price of roughly $214 per ton fob mine2. Approximately 200,000 tons of future production is remaining to be placed.
●We estimate that these 2.8 million tons of committed sales currently translate into estimated 2022 net income of over $230 million (EPS of over $5.10) and Adjusted EBITDA of roughly $340 million3.
●We recently contracted for the sale of roughly a quarter of a million tons of our metallurgical coal to European utility customers priced at thermal coal linked index pricing, which translates into a mine netback price of over $250 per short ton FOB mine2.
●The Company announced today that it has entered into an agreement to acquire 100% of the membership interests in Maben Coal LLC (“Maben”) with its 30+ million tons of low volatile coal reserves for an aggregate purchase price of $30 million. We estimate that the transaction has a payback of less than 2 years4. We anticipate initial highwall production in late 2022, reaching full production of 250,000 tons of low volatile coal in 2023. The transaction provides future optionality to increase annual production to approximately 1 million tons.
●Our Board recently approved the expansion of the preparation plant capacity at the Elk Creek mining complex to 3.0 million tons from its current 2.1 million ton level. This expansion is expected to be complete in mid-2023.
●We are now guiding to a higher production level of at least 4.3 million tons in 2023, up from the previous guidance of 4.0 million tons. This is as a result of the Maben acquisition and the Elk Creek plant capacity expansion. The Company has also now increased its longer-range production guidance to a future production level of approximately 6.5 million tons by 2025. This level will essentially be three times the 2.2 million tons production level for year-end 2021.
●We have increased our growth-related capital expenditure guidance by roughly $25 million, and now expect total 2022 capital expenditures of $105 - $125 million. This increase reflects the expenditure for the Maben acquisition, the expansion of the Elk Creek processing capacity, as well as the acceleration of various equipment related capital expenditures for enhanced production from 2022 to 2023.
●We are reducing our full-year 2022 production guidance to 2.8 – 3.1 million tons due to the previously announced methane ignition at one of the three mines at our Berwind mine complex. We have also increased
1 Mine level, before corporate expenses, using YTD average spot pricing as of June 30, 2022 for tons in inventory.
2 Using forward curve pricing as of August 4, 2022 for index-linked sales.
3 Mine level, before corporate expenses, using midpoint of cost guidance and forward curve pricing as of August 4, 2022 for index-linked sales.
4 Inclusive of purchase price and all capital expenditures, based on spot API2 pricing as of August 4, 2022.
1
our cost guidance to $89 - $97 per ton, reflecting lower expected second half tonnage from Berwind, as well as the combination of continued inflationary increase on labor and some mine costs.
Ramaco Resources, Inc. (NASDAQ: METC) (“Ramaco” or the “Company”) today reported quarterly net income for the three months ended June 30, 2022, of $33.3 million, or $0.74 per diluted share. This was nearly 240% higher than net income for the three months ended June 30, 2021, of $9.9 million, or $0.23 per diluted share.
The Company’s adjusted earnings before interest, taxes, depreciation, amortization, and equity-based compensation (“Adjusted EBITDA”) was $57.9 million for the three months ended June 30, 2022. This was 220% higher than $18.1 million of Adjusted EBITDA for the three months ended June 30, 2021. (See “Reconciliation of Non-GAAP Measure” below.)
Key operational and financial metrics are presented below:
Key Metrics
Change
Change
Change
Total Tons Sold ('000)
584
583
0%
686
(15)%
May 11, 2022
2 metc-20220511xex99d1.htm
Exhibit 99.1
Ramaco Resources, Inc. Reports First Quarter 2022 Financial Results
Company Release – May 11, 2022
●Quarterly net income was $41.5 million (diluted EPS of $0.92) and Adjusted EBITDA was $64.1 million for the first quarter of 2022. Quarterly net income and Adjusted EBITDA were 123% and 103% higher than our previous respective quarterly records. During the first quarter of 2022, due to rail service delays and disruptions the Company was unable to ship roughly 100,000 tons of contracted production and spot export shipments to customers, which then was added to inventory. This dynamic negatively impacted EPS by $0.38 and Adjusted EBITDA by $23.0 million1.
●As of May 9, the Company has total booked sales of roughly 2.4 million tons, with roughly 90% or 2.1 million tons of those sales booked at a fixed price and 300,000 tons sold for export at index-based prices which will be shipped throughout the balance of the year. Based on the midpoint of our cost guidance, we estimate that these 2.4 million tons of committed sales currently translate into estimated 2022 net income of roughly $235 million (EPS of over $5.00) and Adjusted EBITDA of $330 million2.
●Roughly 1 million tons remains open to be sold into export markets, which represents approximately 30% of our 2022 production guidance of up to 3.4 million tons (increased from 3.3 million tons previously) at the top end of the range. Our most recent realized margins on spot sales have been at roughly $275 per short ton FOB mine.
●As previously announced, the Company's Board of Directors ("Board") authorized an annual base dividend increase to $20 million from $10 million, resulting in an increase in the regular quarterly dividend to $5.0 million from $2.5 million. Our second quarter dividend will be paid on June 15, 2022, to shareholders of record on June 1, 2022 in the amount of approximately $0.1129 per share.
●Quarterly production of 666,000 tons came in slightly ahead of budget. The Company anticipates an increase in second quarter of 2022 results due to improving rail service. In addition, the Company expects second half of 2022 results to be stronger than the first half of 2022. This is on the back of production increases mainly at the Berwind Mining Complex, in-line with our previously announced growth strategy, as well as lower cash costs per ton due to the anticipated startup of our Berwind Preparation Plant this summer, as well as a meaningful reduction in coal royalty costs resulting from the Ramaco Coal acquisition.
●As previously announced, the Company has closed on the purchase of 100% of the equity interests of Ramaco Coal, LLC (“Ramaco Coal”). We anticipate this transaction will provide the immediate benefit of an accretive reduction in royalty cost. We project this on-going royalty savings will in essence pay for the entire acquisition in roughly 2.5 years, based on current spot prices, and will continue to provide an ongoing cost benefit for the projected 20-year life of the reserves.
LEXINGTON, KY – (PR NEWSWIRE) – Ramaco Resources, Inc. (NASDAQ: METC) (“Ramaco” or the “Company”) today reported quarterly net income for the three months ended March 31, 2022 of $41.5 million, or $0.92 per diluted share. This was over 900% above net income of $4.1 million, or $0.10 per diluted share for the three months ended March 31, 2021.
The Company’s adjusted earnings before interest, taxes, depreciation, amortization, and equity-based compensation (“Adjusted EBITDA”) for the three months ended March 31, 2022 was $64.1 million, 455% higher than $11.5 million of Adjusted EBITDA for the three months ended March 31, 2021. (See “Reconciliation of Non-GAAP Measure” below.)
1
Using spot pricing as of March 31, 2022 for the portion of future export sales.
2
Mine level, before corporate expenses, using index pricing as of May 9, 2022 for the portion of future export sales.
1
Key operational and financial metrics are presented below:
Key Metrics
Change
Change
Total Tons Sold ('000)
583
535
9%
422
38%
Revenue ($mm)
$
154.9
$
87.5
77%
$
43.5
256%
Cost of Sales ($mm)
$
81.3
$
51.6
57%
$
31.2
160%
Pricing of Company Produced ($/Ton)
$
234
$
143
64%
$
89
163%
Cash Cost of Sales - Company Produced ($/Ton)
$
106
$
77
38%
$
59
80%
Cash Margins on Company Produced ($/Ton)
$
128
$
66
94%
$
30
327%
Net Income ($mm)
$
41.5
$
18.6
123%
$
4.1
901%
Diluted Earnings per Share
$
0.92
$
0.42
121%
$
0.10
868%
Adjusted EBITDA ($mm)
$
64.1
$
31.6
103%
$
11.5
455%
Capex ($mm)
$
19.7
$
11.8
67%
$
3.7
430%
Adjusted EBITDA less Capex ($ mm)
$
44.3
$
19.8
124%
$
7.8
467%
First Quarter 2022 Summary
In the following p
Feb 24, 2022
2 metc-20220224xex99d1.htm
Exhibit 99.1
Ramaco Resources, Inc. Reports Fourth Quarter and Full Year 2021 Financial Results
Company Release – February 24, 2022
●Quarterly net income was $18.6 million (EPS of $0.42) and Adjusted EBITDA was $31.6 million for the fourth quarter of 2021. Quarterly net income and Adjusted EBITDA were 76% and 66% higher than our previous respective quarterly records. Net income was $39.8 million (EPS of $0.90) and Adjusted EBITDA was $79.0 million for the full-year 2021. Net income and Adjusted EBITDA were 59% and 43% higher than our previous respective annual records.
●As of December 31, 2021, the Company has booked 1.7 million tons of metallurgical coal for 2022 domestic delivery at $196 per short ton FOB mine, excluding carryover tons from 2021. Based on the midpoint of our cost guidance, these domestic sales translate to estimates of over $130 million of net income1 or earnings per share of just under $3.00 and almost $185 million of Adjusted EBITDA1 in 2022.
●In addition, since year-end, the Company has sold an additional 0.5 million tons of metallurgical coal primarily to export customers at an average FOB mine price of roughly $270 per short ton, based on today’s indices. These contracts are mostly index-linked, with the majority of shipments to be made in the first quarter of 2022. This brings our total currently booked sales to roughly 2.3 million tons. Based on the midpoint of our cost guidance, both the current domestic and committed export sales booked thus far in 2022 translate to estimates of over $195 million of net income1 or earnings per share of more than $4.40 and $270 million of Adjusted EBITDA1.
●Over 1.0 million tons remains open to be sold into export markets currently at near-record pricing. This represents almost 30% of our 2022 production guidance of up to 3.3 million tons at the top end of the range. Our most recent realized pricing on committed sales has been at just under $300 per short ton FOB mine. The cash margin on our most recent coal sales in 2022 is roughly $200 per ton at the midpoint of cost guidance.
●As previously announced, the Company’s Board of Directors (“Board”) authorized an annual base dividend increase to $20 million from $10 million. This will also result in an increase in the regular quarterly dividend to $5.0 million from $2.5 million. Our first quarter dividend will be paid on March 15, 2022, to shareholders of record on March 1, 2022. The Company indicated that at the end of each calendar year it would review the cash dividend level with an expectation to annually increase the base dividend by 8-10%. Additionally, dependent on prevailing circumstances the Company indicated it will also consider a further return of shareholder capital in the form of a share buyback program.
●As described in an accompanying release, the Company announced that it has reached an agreement in principle for one of its subsidiaries, Ramaco Development, LLC, to acquire 100% of the equity interests of Ramaco Coal, LLC (“Ramaco Coal”), a private entity owned by affiliates of Yorktown Partners, LLC and certain members of management. The cash purchase price is $65 million with an initial closing payment of $5 million and a deferred two year purchase payment of $60 million, with $20 million plus interest to be paid in quarterly installments in 2022 and $40 million plus interest to be paid in quarterly installments in 2023. Once completed, this acquisition will be immediately accretive to the Company in the form of ongoing royalty savings on a substantial portion of our production.
●The Company’s Board of Directors previously approved the Elk Creek Preparation Plant expansion project. As part of this expansion, the Company will open 2 new metallurgical mines at Elk Creek between 2022 and 2023 with the intention of sustainably producing over 2.5 million tons per annum at the Elk Creek Complex by the fourth quarter of 2023. The Company anticipates reaching its goal of achieving 4-4.5 million tons of production for the full-year 2024, including the planned increase in production from the Berwind Complex, which includes the recently acquired Amonate reserves.
1 Mine level, before corporate expenses, using current spot pricing for index-linked export sales.
1
LEXINGTON, KY – (PR NEWSWIRE) – Ramaco Resources, Inc. (NASDAQ: METC) (“Ramaco” or the “Company”) today reported quarterly net income for the three months ended December 31, 2021 of $18.6 million, or $0.42 per diluted share. This was nearly 500% above the net loss of $4.7 million, or $0.11 per diluted share for the three months ended December 31, 2020.
The Company’s adjusted earnings before interest, taxes, depreciation, amortization, and equity-based compensation (“Adjusted EBITDA”) for the three months ended December 31, 2021 was $31.6 million, almost 2,350% higher than the $1.4 million loss of Adjusted EBITDA for the three months ended December 31, 2020. (See “Reconciliation o
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