Ramaco Resources(METC)

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Ramaco Resources(METC) - 2023 Q4 - Annual Report
2024-03-14 21:25
As of February 29, 2024, the registrant had 44,263,429 and 8,825,928 outstanding shares of Class A and Class B common stock, respectively. Documents Incorporated by Reference: Certain information required to be furnished pursuant to Part III of this Annual Report on Form 10-K is set forth in, and is hereby incorporated by reference herein from, the definitive proxy statement for our 2024 Annual General Meeting of Stockholders, to be filed by Ramaco Resources with the Securities and Exchange Commission pursu ...
Ramaco Resources(METC) - 2023 Q4 - Annual Results
2024-03-07 21:57
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. FOURTH QUARTER AND FULL-YEAR 2023 HIGHLIGHTS MARKET COMMENTARY / 2024 OUTLOOK 1 ● For the three months ended December 31, 2023, the Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-oper ...
Ramaco Resources(METC) - 2023 Q3 - Quarterly Report
2023-11-09 13:18
[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited financial statements and management's analysis of financial condition and operations [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents Ramaco Resources' unaudited condensed consolidated financial statements, highlighting the reclassification of common stock and creation of Class B tracking stock [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$646.7 million**, driven by higher receivables and PPE, with significant equity changes from stock reclassification Condensed Consolidated Balance Sheet Data (in thousands) | | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $169,222 | $147,489 | | **Total Assets** | **$646,706** | **$596,339** | | **Total current liabilities** | $142,506 | $162,845 | | **Total liabilities** | $294,108 | $287,141 | | **Total stockholders' equity** | $352,598 | $309,198 | | **Total Liabilities and Stockholders' Equity** | **$646,706** | **$596,339** | [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2023 revenue increased to **$187.0 million**, but net income decreased to **$19.5 million** due to higher costs, a trend continuing for the nine-month period Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $186,966 | $136,925 | $490,795 | $430,461 | | **Operating income** | $16,081 | $36,689 | $57,994 | $132,266 | | **Net income** | $19,462 | $26,905 | $52,275 | $101,656 | | **Basic EPS (Total)** | $0.41 | $0.61 | $1.15 | $2.30 | | **Diluted EPS (Total)** | $0.40 | $0.60 | $1.14 | $2.27 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$119.5 million**, with significant cash used for investing activities at **$57.8 million** and financing activities at **$54.4 million** Condensed Consolidated Statements of Cash Flows (in thousands) | | Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $119,476 | $158,799 | | **Net cash used for investing activities** | $(57,766) | $(111,837) | | **Net cash used for financing activities** | $(54,399) | $(21,866) | | **Net change in cash and cash equivalents** | $7,311 | $25,096 | | **Cash and cash equivalents, end of period** | $43,784 | $47,902 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the creation of Class B tracking stock for CORE assets generating fees, debt updates, and a favorable legal verdict - On June 12, 2023, the company reclassified its common stock to Class A and created a new Class B common stock to track the performance of its CORE (Carbon Ore-Rare Earth) assets[56](index=56&type=chunk) - The initial distribution of Class B stock was a dividend of 0.2 shares of Class B for every one share of existing common stock held. The stock dividend was valued at **$102.9 million**[57](index=57&type=chunk)[67](index=67&type=chunk) - The company received a favorable court decision reinstating a **$7.7 million** jury verdict for a 2018 silo failure, which was recognized as a gain in Q3 2023[92](index=92&type=chunk)[93](index=93&type=chunk) CORE Royalty and Infrastructure Fees (in thousands) | | Three months ended Sep 30, 2023 | Three months ended Jun 30, 2023 | | :--- | :--- | :--- | | Total Royalties | $4,199 | $2,103 | | Total Infrastructure Fees | $6,723 | $5,159 | | **CORE Royalty and Infrastructure Fees** | **$10,922** | **$7,262** | | **20% of Cash Available for Dividend for Class B** | **$2,184** | **$1,452** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, highlighting increased revenue from higher sales volume, offset by lower revenue per ton and higher costs, impacting profitability, while detailing liquidity and CORE asset initiatives [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q3 2023 revenue rose to **$187.0 million** due to a **64% increase** in tons sold, though revenue per ton fell **22%**, leading to a decline in operating income Q3 2023 vs Q3 2022 Performance | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Coal Sales Revenue | $187.0M | $136.9M | +37% | | Tons Sold (thousands) | 996 | 608 | +64% | | Revenue per Ton Sold | $188 | $225 | -17% | | Cost of Sales | $144.6M | $79.6M | +82% | | Cost per Ton Sold | $145 | $131 | +11% | YTD 2023 vs YTD 2022 Performance | Metric | YTD 2023 | YTD 2022 | Change | | :--- | :--- | :--- | :--- | | Coal Sales Revenue | $490.8M | $430.5M | +14% | | Tons Sold (thousands) | 2,467 | 1,775 | +39% | | Revenue per Ton Sold | $199 | $243 | -18% | | Cost of Sales | $354.4M | $237.5M | +49% | | Cost per Ton Sold | $144 | $134 | +7% | - Other income in Q3 2023 was **$11.3 million**, primarily due to a **$7.8 million** legal verdict recognition and **$3.0 million** in insurance proceeds related to the 2022 Berwind methane ignition event[142](index=142&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained **$42.9 million** in cash and **$55.3 million** available under its Revolving Credit Facility, funding capital expenditures, debt repayments, and dividends - At September 30, 2023, liquidity consisted of **$42.9 million** in cash and **$55.3 million** available under the Revolving Credit Facility[153](index=153&type=chunk) - Significant uses of cash for the first nine months of 2023 were capital expenditures (**$64.9M**), debt repayments (**$37.2M**), and dividend payments (**$18.0M**)[155](index=155&type=chunk) - The company filed a **$400.0 million** shelf registration statement on September 1, 2023, though there are no specific plans to raise capital at this time[159](index=159&type=chunk) [Non-GAAP Financial Measures](index=44&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA, which was **$45.4 million** in Q3 2023, and non-GAAP revenue and cash cost per ton sold to evaluate performance Reconciliation of Net Income to Adjusted EBITDA (in thousands) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net income** | $19,462 | $26,905 | $52,275 | $101,656 | | **Adjusted EBITDA** | **$45,407** | **$50,705** | **$123,675** | **$172,622** | Non-GAAP Revenue and Cost Per Ton (FOB Mine) - Total | | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue per ton sold (FOB mine)** | $157 | $202 | $169 | $217 | | **Cash cost per ton sold** | $114 | $99 | $112 | $106 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes to market risk disclosures were reported from the prior Annual Report on Form 10-K - Disclosures about market risk are included by reference to the company's Annual Report, with no material changes noted[170](index=170&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[171](index=171&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[172](index=172&type=chunk) [PART II. OTHER INFORMATION](index=50&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides other required information, including legal proceedings, risk factors, and various disclosures [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation, with no pending claims expected to have a material adverse effect on its financial condition - The company states that there are no pending litigation, disputes, or claims that are expected to have a material adverse effect on its financial condition, cash flows, or results of operations[177](index=177&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) New risk factors relate to the Class B common stock structure, including potential conflicts of interest, discretionary dividends, and the Board's conversion ability - New risk factors have been introduced related to the Class B common stock structure[179](index=179&type=chunk) - Holders of Class B stock are subject to risks of the entire company, not just the CORE assets, and have no direct legal rights to CORE assets in a liquidation[179](index=179&type=chunk) - The Board has discretion to reattribute assets between classes and determine dividend payments, which may be unequal or not paid at all on a specific class, creating potential conflicts of interest[180](index=180&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) - The Board has the sole discretion to convert all outstanding Class B common stock into Class A common stock based on a VWAP formula, which could change the nature of the investment[207](index=207&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported during the period - None[211](index=211&type=chunk) [Item 3. Defaults Upon Senior Securities](index=62&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[211](index=211&type=chunk) [Item 4. Mine Safety Disclosures](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are provided in Exhibit 95.1 of this report - Mine safety disclosures required by Regulation S-K are included in Exhibit 95.1[211](index=211&type=chunk) [Item 5. Other Information](index=62&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No director or executive officer has adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[212](index=212&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications, Mine Safety Disclosure, and XBRL data files - The report includes standard exhibits such as CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, Mine Safety Disclosures, and XBRL files[215](index=215&type=chunk)
Ramaco Resources(METC) - 2023 Q3 - Earnings Call Presentation
2023-11-08 14:51
INVESTOR PRESENTATION Third Quarter 2023 151% Revenue Growth YTD 2023 Vs. YTD 2021 $62 MM Net Debt 9/30/23 "Pure play" metallurgical coal company Potential production of ~6.5 million tons over the next few years, up from just 0.5 million tons produced in 2017. Attractive Capital Structure Despite our recent Rare Earth Element discovery, METC is trading in-line with its coal peers at <3x trailing EV/EBITDA. • Pure-play, low-cost met coal producer, with strong production growth 2 METCB: Class B Common Stock • ...
Ramaco Resources(METC) - 2023 Q2 - Earnings Call Presentation
2023-08-10 13:33
DISCLAIMER RAMACO AT A GLANCE 192% Net Income Growth In 2022 $108 MM Net Debt 6/30/23 Key Highlights "Pure play" metallurgical coal company Strong Growth Trajectory Strong Financial Performance Attractive Capital Structure • Pure-play, low-cost met coal producer, with strong production growth • Attractive dividend • Attractive Royalty Stream and Infrastructure income • Favorable dividend strategy © RAMACO 1 INVESTOR PRESENTATION Second Quarter 2023 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-- ...
Ramaco Resources(METC) - 2023 Q2 - Quarterly Report
2023-08-09 20:06
PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents Ramaco Resources' unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and notes on key events like Class B tracking stock [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section provides the unaudited condensed consolidated balance sheets, detailing assets, liabilities, and equity as of June 30, 2023, and December 31, 2022 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $177,802 | $147,489 | | Cash and cash equivalents | $33,883 | $35,613 | | **Total Assets** | **$660,391** | **$596,339** | | **Total Current Liabilities** | $142,058 | $162,845 | | Current portion of long-term debt | $25,333 | $35,639 | | **Total Liabilities** | **$323,286** | **$287,141** | | **Total Stockholders' Equity** | **$337,105** | **$309,198** | - Total assets increased to **$660.4 million** from **$596.3 million** at year-end 2022, primarily driven by increases in property, plant, and equipment, inventories, and accounts receivable, while total liabilities also increased mainly due to higher long-term debt[22](index=22&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the unaudited condensed consolidated statements of operations, detailing revenue, operating income, and net income for Q2 and YTD periods Condensed Consolidated Statements of Operations (in thousands) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $137,469 | $138,655 | $303,829 | $293,537 | | **Operating Income** | $10,046 | $42,687 | $41,913 | $95,577 | | **Net Income** | **$7,556** | **$33,280** | **$32,813** | **$74,751** | | **Diluted EPS** | **$0.17** | **$0.74** | **$0.73** | **$1.66** | - Net income for Q2 2023 was **$7.6 million**, a significant decrease from **$33.3 million** in Q2 2022, primarily due to higher cost of sales and selling, general, and administrative expenses, which compressed operating margins despite relatively stable revenue[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section outlines the unaudited condensed consolidated statements of cash flows, detailing cash movements from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Six months ended June 30, 2023 | Six months ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $49,578 | $109,301 | | Net cash used for investing activities | ($43,834) | ($63,545) | | Net cash used for financing activities | ($7,474) | ($23,815) | | **Net change in cash** | **($1,730)** | **$21,941** | - Net cash from operating activities decreased by more than half to **$49.6 million** in the first six months of 2023 compared to **$109.3 million** in the prior year period, primarily due to lower net income and unfavorable changes in working capital, including increased inventories and accounts receivable[29](index=29&type=chunk) [Notes to Financial Statements](index=11&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes to the financial statements, covering significant accounting policies, recent corporate actions, and legal proceedings - On June 12, 2023, the company reclassified its common stock to Class A common stock and created a new Class B common stock to track the performance of its Carbon Ore-Rare Earth (CORE) assets, with an initial distribution of **0.2 shares of Class B** for every one share of existing common stock[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) CORE Revenue for Q2 2023 (in thousands) | Revenue Source | Amount | | :--- | :--- | | Total Royalty Revenue | $2,103 | | Total Infrastructure Revenue | $5,159 | | **Total CORE Revenue** | **$7,262** | | 20% of Cash Available for Dividend | $1,452 | - A U.S. Court of Appeals decision on July 20, 2023, reinstated a jury's **$7.7 million** verdict in the company's favor in a legal proceeding against its insurance carrier, also determining the company is entitled to attorney's fees and a new trial on damages for inconvenience and aggravation[81](index=81&type=chunk) - Subsequent to the quarter's end, on July 31, 2023, the Board declared a quarterly cash dividend of **$0.125 per share** for Class A stock and an initial quarterly cash dividend of **$0.165 per share** for Class B stock, both payable on September 15, 2023[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses operational and financial results, highlighting the impact of lower coal prices, the creation of Class B tracking stock for CORE assets, and the decrease in net income and Adjusted EBITDA due to margin compression and cost pressures[116](index=116&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) This section analyzes the company's operational performance, detailing changes in tons sold, revenue per ton, cost of sales, and SG&A expenses for the quarter and year-to-date periods Q2 2023 vs Q2 2022 Performance | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | **Tons Sold (thousands)** | 715 | 584 | +23% | | **Revenue per Ton Sold** | $192 | $238 | -19% | | **Revenue per Ton Sold (FOB mine)** | $165 | $215 | -23% | | **Cost of Sales (millions)** | $99.2 | $76.6 | +29% | | **Total Cost per Ton Sold** | $139 | $131 | +6% | - For Q2 2023, despite a **23% increase in tons sold**, revenue decreased by **1%** year-over-year due to a **19% drop in revenue per ton**, while cost of sales increased by **29%** driven by higher sales volume and inflationary pressures[118](index=118&type=chunk)[119](index=119&type=chunk) YTD 2023 vs YTD 2022 Performance | Metric | YTD 2023 | YTD 2022 | Change | | :--- | :--- | :--- | :--- | | **Tons Sold (thousands)** | 1,472 | 1,167 | +26% | | **Revenue per Ton Sold** | $206 | $252 | -18% | | **Revenue per Ton Sold (FOB mine)** | $176 | $225 | -22% | | **Cost of Sales (millions)** | $209.7 | $157.9 | +33% | - Selling, general, and administrative (SG&A) expenses increased **63%** in Q2 2023 and **26%** in the first six months of 2023 compared to the prior year periods, primarily due to increased compensation from higher headcount and increased spending on professional services to support growth[121](index=121&type=chunk)[126](index=126&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) This section reviews the company's liquidity position, including cash, credit facility availability, and significant cash uses for capital expenditures, debt repayments, and dividends - As of June 30, 2023, the company had **$33.9 million** in cash and cash equivalents and **$28.9 million** available under its Revolving Credit Facility[128](index=128&type=chunk) - Significant uses of cash in the first six months of 2023 included **$48.0 million** for capital expenditures, **$24.8 million** in debt repayments related to the Ramaco Coal and Maben acquisitions, and **$11.1 million** in dividend payments[130](index=130&type=chunk) - The company intends to pay separate dividends on Class A and Class B common stock, which will likely result in a new use of cash in future periods, subject to Board discretion[132](index=132&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations of non-GAAP financial measures, specifically detailing the calculation of Adjusted EBITDA from net income Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $7,556 | $33,280 | $32,813 | $74,751 | | **Adjusted EBITDA** | **$30,014** | **$57,859** | **$78,267** | **$121,917** | - Adjusted EBITDA decreased significantly to **$30.0 million** in Q2 2023 from **$57.9 million** in Q2 2022, reflecting the compression in margins from lower coal prices and higher costs[116](index=116&type=chunk)[139](index=139&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section indicates no material changes to the disclosures about market risk from those included in the company's Annual Report on Form 10-K - The company refers to Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," of its Annual Report for disclosures about market risk, indicating no material changes during the quarter[145](index=145&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[146](index=146&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[147](index=147&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no pending litigation expected to have a material adverse effect on its financial condition, referring to Note 7 for details - The company reports no pending litigation, disputes, or claims that are expected to have a material adverse effect on its financial condition, cash flows, or results of operations[152](index=152&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, primarily focusing on those related to the new Class B common stock structure, including exposure to overall company risks, Board discretion over asset reattribution, potential conflicts of interest, and dividend uncertainty - The company introduced new risk factors related to its Class B common stock structure, which was created to track the performance of its Carbon Ore-Rare Earth (CORE) assets[154](index=154&type=chunk) - Key risks for Class B stockholders include being subject to the risks of the entire company, not just the CORE assets, and having no direct legal rights to the specific assets attributed to CORE[154](index=154&type=chunk) - The Board of Directors has the discretion to reattribute assets and liabilities between the Class A and Class B stock, change dividend policies, and even convert all Class B shares into Class A shares, which creates uncertainty for investors[155](index=155&type=chunk)[158](index=158&type=chunk)[184](index=184&type=chunk) - The tracking stock structure could create conflicts of interest for the Board and management, as decisions benefiting the company as a whole may not be in the best interest of a particular class of stock[166](index=166&type=chunk) [Item 4. Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section refers to Exhibit 95.1 for information on mine safety violations and other regulatory matters as required by the Dodd-Frank Act - Information regarding mine safety violations required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95.1 to the Quarterly Report[188](index=188&type=chunk)
Ramaco Resources(METC) - 2023 Q2 - Earnings Call Transcript
2023-08-09 17:19
Financial Data and Key Metrics Changes - In Q2 2023, net income was $8 million, down $18 million from Q1 2023, with diluted EPS of $0.17, a decrease of $0.40 [33] - Adjusted EBITDA fell to $30 million from $48 million in Q1 2023, reflecting a challenging market environment [33] - Realized price per ton decreased by 12% to $163, with U.S. high Vol A indices averaging 25% less in Q2 compared to Q1 [10][30] Business Line Data and Key Metrics Changes - Total production reached 876,000 tons in Q2, a quarterly record, up 5% compared to Q1, while total sales volume was 715,000 tons, down 6% due to transportation issues [84] - Cash costs per ton sold were $109, higher than the cash cost of production of $103, largely due to inflationary pressures and inventory build [34] Market Data and Key Metrics Changes - Worldwide benchmark pricing has seen a decline, with prices in Q3 expected to fall 10% from Q2 averages [10] - Demand remains tepid, but supply is also subdued, with global coal CapEx at historically low levels due to financing and ESG challenges [87] Company Strategy and Development Direction - The company is focusing on increasing production at existing mines and optimizing costs, with the Berwind mine expected to ramp up production in Q4 [31][65] - Development mining at the Brook Mine for rare earth elements is set to begin, positioning the company as a low-cost producer in both metallurgical coal and rare earths [32][79] Management's Comments on Operating Environment and Future Outlook - Management noted that the second quarter was challenging due to price declines and inflationary pressures, but highlighted a strong contracted position that insulates the company from some market volatility [29][81] - Looking ahead, the company anticipates a stronger Q4 with increased production and lower costs as sales volume rises [34][82] Other Important Information - The board approved the payment of an initial core dividend in Q3, based on Q2 results, despite transportation issues affecting shipments [86] - The Elk Creek Prep plant reached full processing capacity of 3 million tons, up 50% from its previous capacity [8] Q&A Session Summary Question: What does the pricing outlook look like for the remainder of the year? - Management indicated that pricing is expected to decline 12% to 15% from first-half levels if current prices hold [41][42] Question: Can you provide insights on the rare earth project and its economic analysis timeline? - Initial results from the rare earth project are expected within six to nine months, with a focus on processing and separation techniques [61][62] Question: What are the implications of the idling of the Triple S Mine? - The idling is a response to market conditions, and management expects to shift resources to the Berwind mine, which has a newer fleet and better cost profile [48][49]
Ramaco Resources(METC) - 2023 Q1 - Quarterly Report
2023-05-09 20:10
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 38-4018838 (Stat ...
Ramaco Resources(METC) - 2023 Q1 - Earnings Call Transcript
2023-05-06 21:32
Ramaco Resources, Inc. (NASDAQ:METC) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Jeremy Sussman - Chief Financial Officer Randall Atkins - Chairman and Chief Executive Officer Chris Blanchard - Chief Operating Officer Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company Curtis Woodworth - Credit Suisse Operator Welcome to the Ramaco Resources First Quarter 2023 Earnings Conference Call. At this time, our participants have been ...
Ramaco Resources(METC) - 2022 Q4 - Annual Report
2023-03-14 20:52
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 38-4018838 (State or ...