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Ramaco Resources(METC) - 2025 Q1 - Earnings Call Transcript
2025-05-12 16:00
Financial Data and Key Metrics Changes - In Q1 2025, adjusted EBITDA was $10 million, down from $29 million in Q4 2024, with a net loss of $9 million compared to a net income of $4 million in Q4 2024 [31] - Class A EPS showed a loss of $0.19 in Q1 versus a gain of $0.06 in Q4 [31] - Key U.S. metallurgical coal indices fell 3% in Q1 compared to Q4, while the Australian benchmark index dropped approximately 9% during the same period [32] Business Line Data and Key Metrics Changes - Company-wide production reached a quarterly record of 1 million tons, annualizing to 4 million tons, despite losing about 150,000 tons due to adverse weather conditions [8][41] - Cash cost per ton sold was under $100 for the second consecutive quarter, placing the company in the first quartile of U.S. metallurgical coal producers [8][33] - The company is reducing its 2025 production guidance to between 3.9 million to 4.3 million tons, down from previous expectations of 4.2 million to 4.6 million tons [36] Market Data and Key Metrics Changes - The metallurgical coal market remains under pressure, driven by weak steel mill profitability and strong Chinese steel exports, which have negatively impacted global steel prices [53][54] - The Australian premium low vol index increased to $190.5 per ton, up from a recent low of $166, driven by supply disruptions and steady restocking demand [51] - Domestic end users are taking shipments at a consistent rate, with commitments of 3.7 million tons at an average fixed price of $152 per ton [50] Company Strategy and Development Direction - The company is focused on not forcing production into a weak market, maintaining the option to increase production if market conditions improve [10] - Plans to expand production by an additional 2 million tons are in place, contingent on market clarity, with a potential increase in production capacity from the Maven Low Vol Complex and Berwind Complex [11] - The Brookline Rare Earth project is seen as a significant opportunity, with plans to initiate large-scale mining in June and construction of a pilot plant expected to begin later in the summer [23][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential market recovery, citing recent increases in Australian benchmark prices and anticipated supply cuts from higher-cost producers [12] - The company is well-positioned to withstand near-term market weakness due to strong liquidity and a solid balance sheet [39] - Management remains cautious about the current market conditions but is optimistic about the long-term potential of the critical minerals market [30] Other Important Information - The company has appointed Mike Wolichuk as Executive Vice President to oversee the Critical Minerals project, bringing over 30 years of experience in the field [15] - The Brook Mine is projected to produce approximately 1,400 metric tons of critical mineral oxides per year, with over 95% of expected revenue derived from a basket of seven rare earth elements and critical minerals [22] Q&A Session Summary Question: What is the guidance for sales mix and cost improvements moving into the second half? - Management indicated that Q2 sales guidance implies a pickup in the back half of the year, with costs expected to be at the higher end of the range due to lower tonnage [64][65] Question: Could the Brook Mine be included in the Fast 41 projects for federal benefits? - Management clarified that the Brook Mine was not included as it already has permits, but they are exploring federal assistance for financing and procurement [68][71] Question: Is there a desire to bring in a financing or operating partner for the Brook Mine? - Management stated they are not seeking a joint venture partner and plan to finance the project independently, leveraging existing partnerships for development [76][77] Question: What is the breakdown of CapEx for sustaining versus growth projects? - Management noted a reduction in CapEx guidance, with a focus on maintenance CapEx and deferring some growth projects due to current market conditions [82][83] Question: What are the implications of met coal being declared a potential critical mineral? - Management expressed hope for federal support but noted that immediate benefits are uncertain; they anticipate potential assistance with permitting [88][90]
Ramaco Resources (METC) Reports Q1 Loss, Tops Revenue Estimates
ZACKS· 2025-05-12 14:10
Ramaco Resources (METC) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.29. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 34.48%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced earnings of $0.06, delivering a surprise of 154.55%.Over the last four quarters, the company ha ...
Ramaco Resources(METC) - 2025 Q1 - Earnings Call Presentation
2025-05-12 12:06
INVESTOR PRESENTATION F i r s t Q u a r t e r 2 0 2 5 R e s u l t s 1 DISCLAIMER Forward Looking Statements: The information in this presentation includes "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 in this presentation, regarding our strategy, future operations, financial ...
Ramaco Resources(METC) - 2025 Q1 - Quarterly Results
2025-05-12 12:00
[First Quarter 2025 Highlights](index=1&type=section&id=FIRST%20QUARTER%202025%20HIGHLIGHTS) Ramaco reported a net loss of $9.5 million and Adjusted EBITDA of $9.8 million in Q1 2025, achieving record production and top-tier cash margins despite challenging market conditions Q1 2025 Key Financial Results | Metric | Value | Change vs Q1 2024 | | :--- | :--- | :--- | | Net Income (million USD) | $(9.5) | Down from $2.0 million | | Adjusted EBITDA (million USD) | $9.8 | Down 60% | | Diluted EPS (Class A) (USD) | $(0.19) | Down from $(0.00) | | Non-GAAP Cash Cost per Ton (USD/ton) | $98 | Down 17% | | Non-GAAP Cash Margin per Ton (USD/ton) | $24 | Down 35% | | Non-GAAP Realized Sales Price (USD/ton) | $122 | Down 21% | - Achieved a quarterly production record, with output annualizing to **4.0 million tons**, despite weather-related disruptions causing a loss of approximately **0.1 million tons**[6](index=6&type=chunk) - Total sales commitments for 2025 stand at **3.7 million tons**, representing over **90%** of the midpoint of production guidance. Of this, **2.2 million tons** are committed at a combined average fixed price of **$141 per ton**[6](index=6&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.1811 per share** on Class B common stock[6](index=6&type=chunk)[10](index=10&type=chunk) - Significant progress was made on the Brook Mine rare earth element (REE) project, with plans to start large-scale carbon ore mining in June 2025 and a pilot processing facility by Fall 2025. An updated technical report estimates the TREO deposit at approximately **1.7 million tons**[8](index=8&type=chunk)[10](index=10&type=chunk) [Management Commentary](index=5&type=section&id=MANAGEMENT%20COMMENTARY) Management highlighted Ramaco's operational outperformance in a challenging market, strategic production adjustments, and significant progress on the rare earth elements project [Metallurgical Coal Business Review](index=5&type=section&id=Metallurgical%20Coal%20Business%20Review) Ramaco achieved top-tier cash margins and realized prices in Q1 despite a weak metallurgical coal market, strategically lowering 2025 production guidance while maintaining expansion flexibility - Achieved the **highest cash margins per ton** and the **highest realized sales price** among its publicly traded peer group in Q1 2025[14](index=14&type=chunk) - Strategically reducing 2025 production and sales guidance to avoid selling into the current "oversold and underpriced spot market"[17](index=17&type=chunk) - Maintains the option to increase production to an exit run-rate above **5 million tons per annum** and has plans for a **2 million ton expansion** at the Maben and Berwind complexes, which would take overall production to **6.5-7.0 million tons** over 24-36 months once initiated[18](index=18&type=chunk)[19](index=19&type=chunk) [Rare Earths and Critical Minerals (REE/CM) Business Update](index=5&type=section&id=Rare%20Earths%20and%20Critical%20Minerals%20%28REE%2FCM%29%20Business%20Update) Ramaco is advancing its Brook Mine REE/CM project, with large-scale ore mining starting June 2025, an updated 1.7 million ton TREO estimate, and a target for commercial oxide production by 2028 - The Brook Mine will be the first new rare earth mine in the U.S. in over 70 years, with large-scale production of ore beginning in June 2025[23](index=23&type=chunk) - Hired Michael Woloschuk from Fluor Corporation as Executive Vice President for Critical Minerals to oversee the Brook Mine's development[24](index=24&type=chunk) - An updated technical report from Weir estimates the deposit at **1.7 million tons of TREO**, with average concentrations of **450-570 ppm** and hydrometallurgical tests showing primary recoveries over **80%**[25](index=25&type=chunk)[28](index=28&type=chunk) - The commercial development timeline targets pilot operations producing concentrate in 2026 and full-scale oxide production by 2028 or earlier[29](index=29&type=chunk) [Corporate and Board Updates](index=6&type=section&id=Corporate%20and%20Board%20Updates) Former U.S. Senator Joe Manchin has been appointed as an independent director to Ramaco's Board, bringing valuable experience for coal operations and rare earths initiatives - Former U.S. Senator Joe Manchin has been appointed to the Board of Directors as the newest independent director[31](index=31&type=chunk) [Financial and Operational Performance](index=7&type=section&id=Financial%20and%20Operational%20Performance) Ramaco achieved record Q1 2025 production of 989,000 tons with improved cash costs, but revenue and margins declined due to lower realized pricing, ending the quarter with $118.4 million in liquidity [Key Financial Metrics Summary](index=7&type=section&id=Key%20Financial%20Metrics%20Summary) Q1 2025 profitability declined significantly, with a net loss of $9.5 million and Adjusted EBITDA of $9.8 million, primarily due to a 21% year-over-year decrease in revenue per ton Q1 2025 Key Metrics vs. Prior Periods | Key Metrics | 1Q25 | 4Q24 | Chg. | 1Q24 | Chg. | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Tons Sold (k tons) | 946 | 1,122 | (16)% | 929 | 2% | | Revenue (million USD) | $134.7 | $170.9 | (21)% | $172.7 | (22)% | | Non-GAAP Cash Margins (USD/Ton) | $24 | $33 | (27)% | $37 | (35)% | | Net Income (Loss) (million USD) | $(9.5) | $3.9 | (344)% | $2.0 | (575)% | | Diluted EPS - Class A | $(0.19) | $0.06 | (400)% | $(0.00) | (3,778)% | | Adjusted EBITDA (million USD) | $9.8 | $29.2 | (66)% | $24.2 | (60)% | | Capex (million USD) | $20.3 | $11.9 | 70% | $18.7 | 8% | [Quarterly Performance Analysis](index=7&type=section&id=Quarterly%20Performance%20Analysis) Q1 production increased 17% year-over-year to a record 989,000 tons with cash costs improving 17% to $98/ton, though realized pricing fell 21% to $122/ton - **Year-over-Year:** Overall production increased **17%** to a record **989,000 tons**, while cash costs decreased **17%** to **$98 per ton**. Realized pricing fell **21%** to **$122 per ton**[38](index=38&type=chunk)[39](index=39&type=chunk) - **Sequential Quarter:** Production rose **4%** from Q4 2024. Realized pricing fell **5%** from **$129 to $122 per ton**, reflecting weaker market indices. Cash costs were stable at **$98 per ton** compared to **$96** in Q4 2024[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Balance Sheet and Liquidity](index=8&type=section&id=Balance%20Sheet%20and%20Liquidity) Ramaco's liquidity reached $118.4 million as of March 31, 2025, comprising $43.5 million in cash and $74.9 million in credit facility availability, with quarterly capital expenditures at $20.3 million - Total liquidity was **$118.4 million** as of March 31, 2025, consisting of **$43.5 million** in cash and **$74.9 million** in credit facility availability[44](index=44&type=chunk) - Quarterly capital expenditures were **$20.3 million**, up from **$18.7 million** in Q1 2024[45](index=45&type=chunk) [2025 Outlook and Guidance](index=9&type=section&id=2025%20Outlook%20and%20Guidance) Ramaco updated its 2025 guidance, lowering production and sales volumes, tightening cost forecasts, and reducing capital expenditures, with 3.7 million tons already committed [Updated Financial Guidance](index=9&type=section&id=Updated%20Financial%20Guidance) Ramaco revised its 2025 guidance, lowering production and sales volumes, reducing cost per ton and capital expenditures, but increasing SG&A due to higher legal expenses Full-Year 2025 Guidance | Metric | 2025 Guidance | Prior Guidance / Note | | :--- | :--- | :--- | | Production (k tons) | 3,900 - 4,300 | Down from 4,200 - 4,600k | | Sales (k tons) | 4,100 - 4,500 | Down from 4,400 - 4,800k | | Cash Costs Per Ton Sold (USD/ton) | $96 - $102 | Down from $97 - $103 | | Capital Expenditures (million USD) | $55 - $65 | Down from $60M - $70M | | SG&A Expense (million USD) | $36 - $40 | Up from $34M - $38M | | DD&A Expense (million USD) | $71 - $76 | Down from $73M - $78M | [Committed Sales Volume](index=10&type=section&id=Committed%20Sales%20Volume) As of March 31, 2025, Ramaco secured sales commitments for 3.7 million tons, including 2.2 million tons at a fixed average price of $141 per ton Committed 2025 Sales Volume (as of March 31, 2025) | Category | Volume (million tons) | Average Price (USD/ton) | | :--- | :--- | :--- | | North America, fixed priced | 1.6 | $152 | | Seaborne, fixed priced | 0.6 | $111 | | **Total, fixed priced** | **2.2** | **$141** | | Index priced | 1.5 | N/A | | **Total committed tons** | **3.7** | N/A | [Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements for Q1 2025 show a net loss of $9.5 million, total assets of $685.7 million, and $26.0 million in net cash from operating activities [Consolidated Statements of Operations](index=12&type=section&id=Consolidated%20Statements%20of%20Operations) Ramaco reported a net loss of $9.5 million in Q1 2025, a reversal from prior year's income, driven by a 22% decrease in revenue to $134.7 million Q1 2025 vs Q1 2024 Statement of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue (USD thousands) | $134,656 | $172,676 | | Total costs and expenses (USD thousands) | $146,678 | $169,401 | | Operating (loss) income (USD thousands) | $(12,022) | $3,275 | | Net (loss) income (USD thousands) | $(9,457) | $2,032 | [Consolidated Balance Sheets](index=13&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $685.7 million, total liabilities rose to $330.5 million due to credit facility draw, and total stockholders' equity decreased to $355.2 million Balance Sheet Summary (in thousands) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets (USD thousands) | $163,967 | $167,634 | | **Total Assets (USD thousands)** | **$685,735** | **$674,686** | | Total Current Liabilities (USD thousands) | $124,361 | $122,428 | | **Total Liabilities (USD thousands)** | **$330,487** | **$311,880** | | **Total Stockholders' Equity (USD thousands)** | **$355,248** | **$362,806** | [Consolidated Statement of Cash Flows](index=14&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Q1 2025 saw net cash from operating activities at $26.0 million, net cash used for investing at $22.3 million, and a net increase in cash of $10.5 million for the quarter Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from operating activities (USD thousands) | $26,039 | $25,188 | | Net cash used for investing activities (USD thousands) | $(22,256) | $(18,665) | | Net cash provided by (used for) financing activities (USD thousands) | $6,674 | $(17,982) | | **Net change in cash (USD thousands)** | **$10,457** | **$(11,459)** | [Reconciliation of Non-GAAP Measures](index=15&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP financial measures, including Adjusted EBITDA, non-GAAP revenue per ton, and cash cost per ton, to their GAAP equivalents by adjusting for specific non-operating and non-cash items [Adjusted EBITDA Reconciliation](index=15&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q1 2025 was $9.8 million, a significant decrease from prior periods, reconciled from a net loss of $9.5 million by adding back non-cash and non-operating items Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Net (loss) income (USD thousands) | $(9,457) | $3,858 | $2,032 | | Depreciation, depletion, and amortization (USD thousands) | 17,542 | 16,706 | 15,220 | | Interest expense, net (USD thousands) | 2,230 | 1,614 | 1,332 | | Income tax (benefit) expense (USD thousands) | (4,290) | 2,212 | 540 | | Stock-based compensation (USD thousands) | 3,361 | 4,211 | 4,702 | | **Adjusted EBITDA (USD thousands)** | **$9,788** | **$29,196** | **$24,180** | [Non-GAAP Revenue and Cash Cost Per Ton Reconciliation](index=15&type=section&id=Non-GAAP%20Revenue%20and%20Cash%20Cost%20Per%20Ton%20Reconciliation) Non-GAAP revenue (FOB mine) for Q1 2025 was $115.6 million ($122 per ton) and non-GAAP cash cost was $92.8 million ($98 per ton), derived by adjusting GAAP figures for transportation and other specific costs Q1 2025 Non-GAAP Revenue & Cost per Ton (in thousands) | Metric | GAAP Value (USD thousands) | Adjustments (USD thousands) | Non-GAAP Value (USD thousands) | Per Ton (USD) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $134,656 | $(19,042) | $115,614 | $122 | | Cost of Sales | $114,132 | $(21,369) | $92,763 | $98 |
2 Coal Stocks to Watch Amid the Ongoing Weakness in the Industry
ZACKS· 2025-04-24 19:00
Industry Overview - The Zacks Coal industry is facing challenges due to a decline in coal usage in thermal power plants in the U.S., with demand expected to decrease further by 2025 due to the retirement of coal units and a shift towards renewable energy sources [1][2] - Current U.S. recoverable coal reserves are estimated at 252 billion short tons, with 58% being underground mineable coal, but the industry's prospects are hindered by increasing renewable energy adoption and natural gas competitiveness [2][4] Production and Export Trends - U.S. coal production is projected to be 490 million short tons in 2025, an increase from previous estimates, but is expected to decline by 4.5% year-over-year in 2025 and 4.7% in 2026 [5] - Coal exports are anticipated to drop to 93 million short tons in 2025, a 4.1% decrease from earlier projections, with thermal coal exports expected to fall from 49 million short tons in 2025 to 47 million short tons in 2026 due to tariffs imposed by China [3][10] Emission Policies and Market Position - The U.S. aims for 100% carbon pollution-free electricity by 2030 and net-zero emissions by 2050, which is contributing to reduced coal usage in electricity generation [4] - The Zacks Coal industry currently ranks 239 out of 246 Zacks industries, placing it in the bottom 3%, reflecting a negative earnings outlook and a 47.2% decline in earnings estimates for 2025 since December 2024 [6][8] Stock Performance and Valuation - Over the past year, the coal industry has lost 9%, outperforming the Zacks Oil and Gas sector's decline of 14.5%, but lagging behind the Zacks S&P 500 composite, which gained 6.9% [10] - The industry is trading at a trailing 12-month EV/EBITDA ratio of 4.7X, significantly lower than the Zacks S&P 500 composite's 15.86X, indicating a challenging valuation environment [13] Notable Companies - SunCoke Energy focuses on metallurgical coal production, essential for steel manufacturing, and has an annual coke-making capacity of 5.9 million tons, with a current dividend yield of 5.14% [17][18] - Ramaco Resources is positioned to benefit from improving metallurgical coal demand, with 3.5 million tons contracted for 2025 at a fixed price of $145 per ton, and plans to invest $60 to $70 million in capital expenditures for growth initiatives [22][23]
Ramaco Chairman and CEO Scheduled to Appear on Fox Business Channel on April 10
Prnewswire· 2025-04-10 12:00
Group 1: Executive Orders and Industry Support - The CEO of Ramaco Resources, Randall Atkins, will discuss President Trump's recent executive orders that support the U.S. coal industry, emphasizing its importance to national security [2] - The executive orders direct the Department of Energy to promote new technological uses of coal and consider classifying metallurgical coal as a critical mineral [2] - The National Coal Council has been re-established by Secretary of Energy Chris Wright, which had its charter terminated under the previous administration [2] Group 2: Brook Mine Development - Ramaco Resources is developing the Brook Mine in Wyoming, which is the first new critical mineral and rare earth element mine in the U.S. in over 50 years [4] - The Brook Mine is recognized as the largest unconventional deposit of rare earth elements in the United States, containing critical minerals essential for technology and defense [4] - The mine has been highlighted in a Wall Street Journal article, which estimates its potential value at $37 billion [5] Group 3: Company Overview - Ramaco Resources operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal and critical minerals in Wyoming [6] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a coal mine and rare earth development near Sheridan, Wyoming [6] - In 2023, a significant deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine, alongside a carbon research and pilot facility [6]
Ramaco Resources(METC) - 2024 Q4 - Annual Report
2025-03-17 21:23
Financial Performance - The company reported revenue of $666.3 million for 2024, a decrease of approximately 4% compared to $693.5 million in 2023, despite an increase in coal sales volume from 3.5 million tons to 4.0 million tons [497]. - Net income for 2024 was $11.2 million, significantly lower than $82.3 million in 2023, influenced by decreased metallurgical coal price indices and prior year insurance proceeds [494]. - Adjusted EBITDA for 2024 was $105.8 million, down from $182.1 million in 2023, reflecting the impact of lower coal prices despite increased sales volume [494]. - Total revenue for 2024 was $666.3 million, a decrease of 3.9% from $693.5 million in 2023 [615]. - Operating income decreased significantly to $16.6 million in 2024 from $95.2 million in 2023, reflecting a decline of 82.5% [615]. - Net income for 2024 decreased to $11,192,000 from $82,313,000 in 2023, representing a decline of approximately 86.4% [622]. - Cash flows provided by operating activities decreased by $48.4 million to $112.7 million in 2024 compared to $161.0 million in 2023 [522]. Sales and Production - The average revenue per ton sold decreased by 17% from $201 in 2023 to $167 in 2024, primarily due to volatility in index-based pricing for export sales [498]. - The company produced 3.7 million tons of coal in 2024, an increase from 3.2 million tons in 2023, with expectations for 2025 production volumes between 4.2 and 4.6 million tons [489]. - The company entered into forward sales contracts for approximately 1.5 million tons at an average fixed price of $152 per ton for North American customers [517]. - During 2024, sales to two customers accounted for 22% of total revenue, a decrease from 41% in 2023, indicating improved customer diversification [661]. Capital Expenditures and Investments - Total capital expenditures for 2024 were $68.8 million, down from $82.9 million in 2023, reflecting progress on strategic growth projects [488]. - Capital expenditures for 2024 were $55,236,000, compared to $82,904,000 in 2023, indicating a reduction of about 33.6% [622]. - The Company anticipates capital expenditures of approximately $60-70 million in 2025, including about $20 million for growth capital at the Elk Creek Complex and Berwind mine [551]. - The company continues to explore rare earth elements and critical minerals in Wyoming, with a $6.1 million matching grant received for developing a pilot processing facility expected to begin construction in mid to late 2025 [491]. Costs and Expenses - Cost of sales increased by approximately 8% to $533.3 million in 2024, with cost per ton sold decreasing from $143 in 2023 to $134 in 2024 [500]. - Non-GAAP cash cost per ton sold (FOB mine) improved to $105 in 2024 from $110 in 2023, a decrease of $5 [516]. - Cash paid for interest decreased to $4,756,000 in 2024 from $8,113,000 in 2023, a decline of about 41.5% [622]. - Total depreciation, depletion, and amortization for 2024 was $65.615 million, up from $54.252 million in 2023, reflecting a year-over-year increase of approximately 20.5% [674]. Debt and Financing - Interest expense decreased to approximately $6.1 million in 2024 from $8.9 million in 2023, primarily due to debt repayment from previous acquisitions [507]. - The company completed a debt offering of $57.5 million in Senior Unsecured Notes due 2029, with an interest rate of 8.375% per annum [535]. - The Company had total liabilities for finance leases amounting to $13.7 million, with $6.2 million due in 2025 and $7.5 million due thereafter [540]. - The Company entered into an amended Revolving Credit Facility with a maturity date of May 3, 2029, providing an initial commitment of $200 million and an accordion feature for an additional $75 million [540]. Assets and Liabilities - Total current assets decreased to $167.6 million in 2024 from $189.7 million in 2023, a reduction of 11.6% [613]. - Total liabilities increased to $311.9 million in 2024, up from $296.2 million in 2023, marking a rise of 5.3% [613]. - The total stockholders' equity decreased to $362.8 million in 2024 from $369.6 million in 2023, a decline of 1.9% [613]. - The total liability for asset retirement obligations was $31.1 million at December 31, 2024, reflecting estimates of future reclamation costs [555]. Compliance and Internal Controls - The Company has identified a material weakness in internal control over financial reporting due to insufficient accounting resources [600]. - The Company’s internal control over financial reporting was not effective as of December 31, 2024, based on the criteria established by COSO [598]. - The Company is in compliance with all debt covenants under the Revolving Credit Facility, including maintaining a fixed charge coverage ratio of not less than 1.10:1.00 [544]. Strategic Initiatives - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year [615]. - The acquisition of Ramaco Coal is expected to reduce royalty expenses and support the company's expansion into advanced carbon products and materials from coal [536]. - The company has ongoing initiatives for the potential recovery of rare earth elements from coal and carbonaceous ore [624]. - The company is involved in collaborative arrangements with government researchers related to Wyoming initiatives [624].
Ramaco Rare Earth Project Awarded $6.1 Million Matching Grant From Wyoming Energy Authority
Prnewswire· 2025-03-17 12:00
LEXINGTON, Ky., March 17, 2025 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB) ("Ramaco Resources" or the "Company") is pleased to announce that it has received a $6.1 million matching grant authorized by Wyoming Governor Mark Gordon and issued by the Wyoming Energy Authority for Ramaco's Wyoming CORE (Carbon Ore Rare Earth) Brook Mine project. The funding will match Ramaco's significant future investment in constructing and equipping a rare earth and critical minerals pilot processing facility ...
Ramaco Resources Pins Hopes on Coal's Untapped Potential
MarketBeat· 2025-03-12 20:49
Ramaco Resources TodayMETCRamaco Resources$8.86 -2.76 (-23.75%) 52-Week Range$8.17▼$19.20Dividend Yield6.21%P/E Ratio13.63Price Target$17.00Add to WatchlistThe prevailing narrative surrounding coal provides a bleak picture of a fuel source in terminal decline, overshadowed by cleaner, cheaper alternatives and facing mounting pressure from environmentalists and investors. Divestment from coal assets is widespread, and the industry's long-term trajectory appears definitively downward. However, multiple emerg ...
Ramaco Resources(METC) - 2024 Q4 - Earnings Call Presentation
2025-03-11 16:43
INVESTOR PRESENTATION Fourth Quarter and Full Year 2024 Results 1 DISCLAIMER Forward Looking Statements: The information in this presentation includes "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 in this presentation, regarding our strategy, future operations, financial pos ...