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Ramaco Chairman and CEO Randall Atkins to Appear on Bloomberg Television Europe and BBC 'Business Today' to Discuss U.S. Critical Mineral and Brook Mine Development
Prnewswire· 2025-10-10 12:00
, /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB) ("Ramaco" or the "Company") Ramaco is pleased to announce that its Chairman and CEO, Randall W. Atkins, will be featured in an upcoming interview with Francine Lacqua on Monday October 13 with Bloomberg Television Europe's Leaders with Lacqua. He will also be appearing on a segment of BBC News Business Todaywith David Wadell which will air later that same week. These appearances come at a pivotal moment for the U.S. critical mineral industry ...
Ramaco Resources' Randall Atkins to Address Global Energy Leaders at IEA-IEF-OPEC Symposium in Paris
Prnewswire· 2025-10-08 12:00
His address will highlight Ramaco's pioneering approach to coal and carbon products, the company's leadership in rare earth and critical minerals development, and the broader implications for global energy markets. "It is a privilege to bring a proud United States' pro-coal message of innovation to the world stage at the IEA- IEF-OPEC Symposium," said Randall Atkins. "Coal continues to play a vital role in global energy markets—not only as a foundation for steelmaking and energy, but as a springboard for in ...
Martin van Wyk to Join Ramaco in Critical Minerals Leadership Role
Prnewswire· 2025-10-06 12:00
Core Insights - Ramaco Resources has appointed Martin van Wyk as Senior Vice President of Critical Minerals Processing, who will relocate from Australia to the U.S. to lead the development of the Brook Mine Project in Wyoming [1][5]. Group 1: Appointment and Expertise - Martin van Wyk brings over 23 years of global experience in mineral processing, hydrometallurgy, and rare earth elements (REEs) flowsheet development [1][2]. - His expertise includes a wide range of commodities such as iron ore, lithium, and uranium, with skills in geo-metallurgical analysis and process modeling [2][3]. Group 2: Contributions to Ramaco - Van Wyk has previously contributed to Ramaco's projects while working for an independent engineering firm, focusing on test work design and flowsheet optimization [3][4]. - His work has been integral to Ramaco's innovation program, particularly in developing process engineering solutions for rare earth and critical mineral separation [4]. Group 3: Company Overview - Ramaco Resources operates in high-quality metallurgical coal and is developing coal, rare earth, and critical minerals in Wyoming, with a significant discovery of primary magnetic rare earths announced in 2023 [7]. - The company holds approximately 76 intellectual property patents and is involved in advanced carbon product research related to coal [7].
Ramaco Announces Appointment of Mike Graney to Board of Directors
Prnewswire· 2025-09-16 20:05
Core Insights - Ramaco Resources, Inc. has appointed Mike Graney as an independent member of its Board of Directors effective September 15, 2025, bringing extensive experience in economic development and energy [1][4]. Company Overview - Ramaco Resources is a leading employer and metallurgical coal producer in West Virginia and Virginia, and a developer of rare earth and critical minerals in Wyoming [1][5]. - The company operates four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [5]. Leadership Experience - Mike Graney has over 35 years of experience in entrepreneurship, business leadership, and executive roles, including serving as Executive Director of the West Virginia Department of Economic Development [2][3]. - His background includes managing large-scale operations and driving business growth, which aligns with Ramaco's mission [3][4]. Strategic Direction - Graney's appointment is expected to enhance Ramaco's strategic direction, particularly in investing in the metallurgical coal business and the Brook Mine rare earth and critical minerals project [4]. - The company has discovered a major deposit of primary magnetic rare earths and critical minerals at its mine near Sheridan, Wyoming, indicating potential for significant growth [5].
RAMACO RESOURCES, INC. ANNOUNCES CLOSING OF UPSIZED $200 MILLION PUBLIC OFFERING
Prnewswire· 2025-08-07 18:04
Core Viewpoint - Ramaco Resources, Inc. successfully closed a public offering of Class A common stock, raising approximately $200 million to fund its development projects and strategic growth opportunities [1][3]. Group 1: Offering Details - The company sold 10,666,667 shares of Class A common stock at a price of $18.75 per share, resulting in gross proceeds of around $200 million before expenses [1]. - Yorktown Energy Partners, as selling stockholders, granted underwriters a 30-day option to purchase additional shares worth up to $30 million, which was fully exercised [2]. - The sale of additional shares is expected to be completed on August 8, 2025, with no proceeds going to the company from this sale [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to accelerate the development of the company's rare earth elements and critical minerals project, as well as for strategic growth opportunities and general corporate purposes [3]. Group 3: Company Overview - Ramaco Resources operates in southern West Virginia and southwestern Virginia, focusing on high-quality metallurgical coal and developing rare earth and critical minerals in Wyoming [6]. - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine in Wyoming, where a significant deposit of primary magnetic rare earths was discovered [6].
RAMACO RESOURCES, INC. ANNOUNCES PRICING OF UPSIZED $200 MILLION PUBLIC OFFERING
Prnewswire· 2025-08-06 02:06
Core Viewpoint - Ramaco Resources, Inc. has announced an upsized underwritten public offering of Class A common stock, aiming to raise approximately $200 million through the sale of 10,666,667 shares at a price of $18.75 per share [1][3]. Offering Details - The offering includes a 30-day option for underwriters to purchase an additional $30 million of Class A common stock at the public offering price [2]. - The offering is expected to close on August 7, 2025, pending customary closing conditions [3]. Use of Proceeds - The net proceeds from the offering will be utilized to accelerate the development of the company's rare earth elements and critical minerals project, pursue strategic growth opportunities, and for general corporate purposes [3]. Company Background - Ramaco Resources, Inc. operates in southern West Virginia and southwestern Virginia, focusing on high-quality, low-cost metallurgical coal and is developing coal, rare earth, and critical minerals in Wyoming [7]. - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine in Wyoming, where a significant deposit of primary magnetic rare earths was discovered [7].
RAMACO RESOURCES, INC. ANNOUNCES COMMENCEMENT OF PROPOSED $150 MILLION PUBLIC OFFERING OF CLASS A COMMON STOCK
Prnewswire· 2025-08-05 20:21
Core Viewpoint - Ramaco Resources, Inc. has initiated a $150 million underwritten public offering of its Class A common stock to fund the development of its rare earth elements and critical minerals project, along with other strategic growth opportunities and general corporate purposes [1][2]. Group 1: Offering Details - The offering includes a 30-day option for underwriters to purchase an additional $22.5 million of Class A common stock at the public offering price, less underwriting discounts [1]. - Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are the lead joint book-running managers for the offering [3]. - A shelf registration statement for the offered securities was filed with the SEC and became effective on August 5, 2025 [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to accelerate the development of the company's rare earth elements and critical minerals project, pursue strategic growth opportunities, and for general corporate purposes [2]. 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, rare earth, 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 at a rare earth and coal mine near Sheridan, Wyoming [6]. - In 2023, a major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine, and the company holds approximately 76 intellectual property patents and related agreements [6].
Ramaco Resources(METCB) - 2025 Q2 - Quarterly Report
2025-08-01 18:32
[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section cautions readers that forward-looking statements in the report are subject to risks and uncertainties, potentially causing actual results to differ materially - This section highlights that the Quarterly Report includes forward-looking statements, which are based on management's current expectations and assumptions about future events. It cautions readers that actual results may differ materially due to various risks and uncertainties, including those detailed in 'Item 1A. Risk Factors' and the Annual Report[11](index=11&type=chunk)[13](index=13&type=chunk) - Forward-looking statements cover a wide range of topics, including anticipated production levels, costs, sales volumes, revenue, timing of capital projects, economic conditions in the metallurgical coal and steel industries, estimated coal reserves, financing ability, regulatory compliance, and risks related to global economic conditions and the Company's CORE assets[12](index=12&type=chunk) [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, offering a detailed financial overview for periods ended June 30, 2025, and December 31, 2024 [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (In thousands) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,130 | $33,009 | | Accounts receivable | 55,943 | 73,582 | | Inventories | 59,310 | 43,358 | | Total current assets | 154,910 | 167,634 | | Property, plant, and equipment, net | 487,334 | 482,019 | | Total Assets | $674,646 | $674,686 | | **Liabilities and Stockholders' Equity** | | | | Accounts payable | $56,271 | $48,855 | | Accrued liabilities | 47,591 | 61,659 | | Total current liabilities | 113,787 | 122,428 | | Long-term borrowings on revolving credit facility | 25,000 | — | | Senior notes, net | 88,606 | 88,135 | | Total liabilities | 327,207 | 311,880 | | Total stockholders' equity | 347,439 | 362,806 | | Total Liabilities and Stockholders' Equity | $674,646 | $674,686 | - Total assets remained stable at **$674.6 million** as of June 30, 2025, compared to December 31, 2024. Current assets decreased by **$12.7 million**, primarily due to a decrease in accounts receivable and cash, while inventories increased[18](index=18&type=chunk) - Total liabilities increased by **$15.3 million**, driven by an increase in long-term borrowings on the revolving credit facility and financing lease obligations, partially offset by a decrease in current liabilities[18](index=18&type=chunk) - Total stockholders' equity decreased by **$15.4 million**, from **$362.8 million** at December 31, 2024, to **$347.4 million** at June 30, 2025, mainly due to net losses and dividend payments[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (In thousands, except per-share amounts) | (In thousands, except per-share amounts) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $152,959 | $155,315 | $287,615 | $327,991 | | Total costs and expenses | 166,803 | 149,900 | 313,481 | 319,302 | | Operating (loss) income | (13,844) | 5,415 | (25,866) | 8,689 | | Net (loss) income | $(13,974) | $5,541 | $(23,431) | $7,573 | | Basic - Class A EPS | $(0.29) | $0.08 | $(0.48) | $0.08 | | Basic - Class B EPS | $(0.12) | $0.18 | $(0.31) | $0.42 | | Diluted - Class A EPS | $(0.29) | $0.08 | $(0.48) | $0.08 | | Diluted - Class B EPS | $(0.12) | $0.18 | $(0.31) | $0.41 | - Revenue decreased by **1.5%** for the three months ended June 30, 2025, and by **12.3%** for the six months ended June 30, 2025, compared to the same periods in 2024, primarily due to lower metallurgical coal prices[19](index=19&type=chunk) - The Company reported a net loss of **$14.0 million** for Q2 2025 and **$23.4 million** for the six months ended June 30, 2025, a significant decline from net income of **$5.5 million** and **$7.6 million** in the respective prior-year periods[19](index=19&type=chunk) - Operating income shifted to a loss of **$13.8 million** in Q2 2025 and **$25.9 million** for the six months ended June 30, 2025, from positive operating income in the prior year, reflecting the impact of decreased revenue and increased costs[19](index=19&type=chunk) [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Condensed Consolidated Statements of Stockholders' Equity (In thousands) | (In thousands) | Balance at January 1, 2025 | Stock-based compensation | Shares surrendered for withholding taxes payable | Cash dividends and dividend equivalents declared | Non-cash dividends declared and distributed | Non-cash dividends declared but not distributed | Net (loss) | Balance at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Class A Common Stock | $438 | $6 | $0 | $0 | $0 | $0 | $0 | $444 | | Class B Common Stock | $95 | $1 | $0 | $0 | $7 | $0 | $0 | $103 | | Additional Paid-in Capital | $292,739 | $8,105 | $(2,680) | $0 | $16,177 | $0 | $0 | $314,341 | | Retained Earnings | $69,534 | $0 | $0 | $(3,718) | $(6,556) | $(3,278) | $(23,431) | $32,551 | | Total Stockholders' Equity | $362,806 | $8,112 | $(2,680) | $(3,718) | $9,628 | $(3,278) | $(23,431) | $347,439 | - Total stockholders' equity decreased from **$362.8 million** at January 1, 2025, to **$347.4 million** at June 30, 2025, primarily due to a net loss of **$23.4 million** and cash/non-cash dividends declared[23](index=23&type=chunk) - Additional paid-in capital increased by **$21.6 million**, driven by stock-based compensation and non-cash dividends declared and distributed, partially offset by shares surrendered for withholding taxes[23](index=23&type=chunk) - Retained earnings decreased significantly from **$69.5 million** to **$32.6 million**, reflecting the net loss for the period and dividend declarations[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (In thousands) | (In thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $21,779 | $59,602 | | Net cash used in investing activities | $(36,355) | $(39,983) | | Net cash from (used in) financing activities | $9,697 | $(34,010) | | Net change in cash and cash equivalents and restricted cash | $(4,879) | $(14,391) | | Cash and cash equivalents and restricted cash, end of period | $28,944 | $28,390 | - Net cash from operating activities decreased significantly to **$21.8 million** for the six months ended June 30, 20
Ramaco Resources(METCB) - 2025 Q2 - Quarterly Results
2025-07-31 21:18
[Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Ramaco reported a net loss of $14.0 million and Adjusted EBITDA of $9.0 million in Q2 2025, achieving record production despite market weakness and revising full-year guidance Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Loss | $(14.0) million | | Diluted EPS (Class A) | $(0.29) | | Adjusted EBITDA | $9.0 million | | Non-GAAP Cash Cost per Ton | $103 | - Achieved a quarterly production record for the second consecutive quarter, producing approximately **1.0 million tons**[6](index=6&type=chunk) - Full-year 2025 production and sales guidance is now anticipated to be at the low end of the ranges (**3.9–4.3 million tons** and **4.1–4.5 million tons**, respectively), reflecting the temporary idling of the Rockhouse Eagle mine[6](index=6&type=chunk) - Increased 2025 SG&A guidance from **$36 - $40 million** to **$39 - $43 million** to support the accelerated development of the Brook Mine rare earth operation[7](index=7&type=chunk) - As of June 30, 2025, total sales commitments for the year reached **3.9 million tons**, representing over **95%** of the midpoint of 2025 production guidance. This includes **2.9 million tons** at a combined average fixed price of **$133 per ton**[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management discusses the strategic shift to a dual-platform model, balancing metallurgical coal challenges with accelerated rare earth development and government support [Rare Earths and Critical Minerals Business](index=2&type=section&id=Rare%20Earths%20and%20Critical%20Minerals%20Business) Ramaco is accelerating its Brook Mine rare earth project, with mining commencing and commercial production targeted for 2027, supported by a PEA showing a **$1.197 billion** NPV8 and **38%** IRR - The company is evolving into a dual-platform company, combining its metallurgical coal operations with the development of the Brook Mine rare earth project to support U.S. strategic supply chain goals[9](index=9&type=chunk)[11](index=11&type=chunk) Brook Mine Preliminary Economic Assessment (PEA) Summary | Metric | Value | | :--- | :--- | | NPV (8% discount rate, pre-tax) | $1.197 billion | | NPV (10% discount rate, pre-tax) | $898 million | | IRR (Internal Rate of Return) | 38% | | Initial Capital Cost Estimate | $473 million | - The commercial timeline for the rare earth operation has been accelerated, with initial commercial production now anticipated in **2027**, a year earlier than previously planned[11](index=11&type=chunk) - The deposit is described as "massive" with an estimated **1.7 million tons** of Total Rare Earth Oxide (TREO) from exploring only one-third of the site. It contains unique heavy REEs and critical minerals not currently produced in commercially feasible deposits in the U.S.[16](index=16&type=chunk) [Metallurgical Coal Business and Market Outlook](index=4&type=section&id=Metallurgical%20Coal%20Business%20and%20Market%20Outlook) The metallurgical coal business faces macroeconomic headwinds and weak pricing, leading to reduced guidance, but shows signs of potential recovery in H2 2025 with rebounding Chinese coking coal prices - The metallurgical coal industry has been negatively affected by macroeconomic headwinds and weak pricing in export spot markets, prompting the company to reduce guidance[18](index=18&type=chunk)[19](index=19&type=chunk) - Encouraging market signs have emerged, with Chinese domestic coking coal prices rebounding approximately **38%** in July 2025, suggesting a potential for a firmer pricing environment in the second half of the year[20](index=20&type=chunk) - Despite current market weakness, Ramaco remains operationally prepared to grow its production profile from **4 million tons** to approximately **7 million tons** once market clarity improves[23](index=23&type=chunk) [Corporate Strategy and Government Initiatives](index=4&type=section&id=Corporate%20Strategy%20and%20Government%20Initiatives) Ramaco's strategy focuses on becoming a dual critical minerals producer (coal and rare earths), supported by government initiatives like the 45X tax credit for metallurgical coal - The company is coordinating with the White House's National Energy Dominance Council, Dept. of Interior, Dept. of Defense, and National Security Council to fast-track the REE and critical minerals development[17](index=17&type=chunk) - Metallurgical coal has been declared a critical mineral, and the "One Big Beautiful Bill Act" adds it to the list of minerals eligible for the section 45X Advanced Manufacturing Tax Credit, which is expected to positively impact Adjusted EBITDA and Net Income from **2026**[24](index=24&type=chunk)[25](index=25&type=chunk) - The company is rapidly transitioning into the only major U.S. operator of two forms of critical minerals—rare earths and metallurgical coal—with significant long-term growth prospects[29](index=29&type=chunk) [Financial and Operational Performance](index=5&type=section&id=Financial%20and%20Operational%20Performance) Ramaco achieved record Q2 2025 production of **999,000 tons** but faced lower pricing and reduced cash margins, while maintaining strong liquidity post-debt refinancing Key Financial and Operational Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Tons Sold (thousands) | 1,079 | 915 | +18% | | Revenue ($ millions) | $153.0 | $155.3 | -2% | | Net (Loss) Income ($ millions) | $(14.0) | $5.5 | -362% | | Adjusted EBITDA ($ millions) | $9.0 | $28.8 | -69% | | Non-GAAP Revenue ($/Ton) | $123 | $143 | -14% | | Non-GAAP Cash Cost ($/Ton) | $103 | $108 | -5% | | Non-GAAP Cash Margin ($/Ton) | $20 | $35 | -43% | [Q2 2025 Performance Analysis](index=5&type=section&id=Q2%202025%20Performance%20Analysis) Q2 2025 saw record production but reduced cash margins year-over-year due to lower pricing, and sequentially, higher cash costs impacted profitability - **Year-over-Year:** Quarterly production increased **11%** to a record **999,000 tons**. However, average pricing fell **14%** to **$123 per ton**, while cash costs decreased **5%** to **$103 per ton**, resulting in cash margins of **$20 per ton** (down from **$35**)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - **Sequential Quarter:** Production increased **1%** from Q1 2025. Realized pricing was up **1%** to **$123 per ton**. Cash costs increased **5%** to **$103 per ton**, causing cash margins to decrease to **$20 per ton** from **$24 per ton** in Q1[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, liquidity was **$87.3 million**, increasing to **$105 million** post-July debt refinancing, with Q2 capital expenditures at **$15.1 million** and expected to decline - As of June 30, 2025, liquidity was **$87.3 million** (**$28.1 million** cash + **$65.7 million** revolver availability), up **22%** YoY[41](index=41&type=chunk) - Post-quarter end, the company refinanced debt, increasing liquidity to roughly **$105 million** as of July 31, 2025[42](index=42&type=chunk) - Q2 2025 capital expenditures were **$15.1 million**, down **25%** sequentially and **29%** YoY. Capex is expected to decline in H2 2025[43](index=43&type=chunk) [2025 Outlook and Guidance](index=8&type=section&id=2025%20Outlook%20and%20Guidance) Ramaco updated its full-year 2025 guidance, projecting production and sales at the low end of ranges, with increased SG&A for rare earth development and significant sales commitments secured [Full-Year 2025 Guidance](index=8&type=section&id=Full-Year%202025%20Guidance) Full-year 2025 guidance anticipates production and sales at the low end of ranges, with cash costs between **$96** and **$102** per ton, and SG&A increased to **$39-$43 million** Full-Year 2025 Guidance | Metric | 2025 Guidance | 2024 Actual | | :--- | :--- | :--- | | Company Production (million tons) | 3.9 - 4.3 (f) | 3.671 | | Sales (million tons) | 4.1 - 4.5 (f) | 3.989 | | Cash Costs Per Ton Sold ($/Ton) | $96 - $102 | $105 | | Capital Expenditures ($ millions) | $55 - $65 | $68.842 | | SG&A Expense ($ millions) | $39 - $43 | $31.820 | | Effective Tax Rate (%) | 25 - 30 | 25 | (f) Low end of the range [Committed Sales Volume](index=9&type=section&id=Committed%20Sales%20Volume) As of June 30, 2025, Ramaco committed **3.9 million tons** for the year, including **2.9 million tons** at a fixed average price of **$133 per ton** Committed 2025 Sales Volume (as of June 30, 2025) | Customer/Pricing Type | Volume (million tons) | Average Price ($/ton) | | :--- | :--- | :--- | | North America, fixed priced | 1.6 | $152 | | Seaborne, fixed priced | 1.3 | $109 | | **Total, fixed priced** | **2.9** | **$133** | | Index priced | 1.0 | N/A | | **Total committed tons** | **3.9** | N/A | [Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q2 and H1 2025, including Statements of Operations, Balance Sheets, and Cash Flows [Statements of Operations](index=11&type=section&id=Statements%20of%20Operations) The Statements of Operations show a Q2 2025 net loss of **$14.0 million** and a H1 2025 net loss of **$23.4 million**, driven by lower revenues and higher costs Consolidated Statements of Operations Highlights (in thousands) | In thousands | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $152,959 | $155,315 | $287,615 | $327,991 | | Total costs and expenses | $166,803 | $149,900 | $313,481 | $319,302 | | Operating (loss) income | $(13,844) | $5,415 | $(25,866) | $8,689 | | Net (loss) income | $(13,974) | $5,541 | $(23,431) | $7,573 | | Diluted EPS - Class A | $(0.29) | $0.08 | $(0.48) | $0.08 | [Balance Sheets](index=12&type=section&id=Balance%20Sheets) The Balance Sheet shows total assets of **$674.6 million** as of June 30, 2025, with increased liabilities due to a **$25.0 million** revolver draw and decreased equity Consolidated Balance Sheets Highlights (in thousands) | In thousands | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,130 | $33,009 | | Total current assets | $154,910 | $167,634 | | Total Assets | $674,646 | $674,686 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $113,787 | $122,428 | | Long-term borrowing on revolving credit facility | $25,000 | $— | | Total liabilities | $327,207 | $311,880 | | Total stockholders' equity | $347,439 | $362,806 | | Total Liabilities and Stockholders' Equity | $674,646 | $674,686 | [Statement of Cash Flows](index=13&type=section&id=Statement%20of%20Cash%20Flows) For H1 2025, net cash from operating activities was **$21.8 million**, with **$36.4 million** used in investing and **$9.7 million** provided by financing, resulting in a **$4.9 million** net cash decrease Statement of Cash Flows Highlights (Six months ended June 30, in thousands) | In thousands | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $21,779 | $59,602 | | Net cash used for investing activities | $(36,355) | $(39,983) | | Net Provided by (used) for financing activities | $9,697 | $(34,010) | | Net change in cash and cash equivalents | $(4,879) | $(14,391) | | Cash and cash equivalents, end of period | $28,944 | $28,390 | [Reconciliation of Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP measures like Adjusted EBITDA, non-GAAP revenue per ton, and non-GAAP cash cost per ton to provide clearer operational insights [Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was **$9.0 million**, a decrease from Q2 2024, reconciled from a net loss of **$14.0 million** by adjusting for non-cash and non-operating items Reconciliation of Net (Loss) Income to Adjusted EBITDA (in thousands) | In thousands | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net (loss) income | $(13,974) | $(9,457) | $5,541 | | Depreciation, depletion, and amortization | $17,038 | $17,542 | $15,879 | | Interest expense, net | $2,818 | $2,230 | $1,481 | | Income tax (benefit) expense | $(2,030) | $(4,290) | $915 | | Stock-based compensation & other | $5,153 | $3,763 | $4,983 | | **Adjusted EBITDA** | **$9,005** | **$9,788** | **$28,799** | [Non-GAAP Revenue and Cash Cost Per Ton](index=14&type=section&id=Non-GAAP%20Revenue%20and%20Cash%20Cost%20Per%20Ton) Q2 2025 non-GAAP revenue per ton was **$123** and cash cost per ton was **$103**, yielding a **$20** cash margin, derived by adjusting GAAP figures for mine-level profitability Non-GAAP Revenue Per Ton Reconciliation (Q2 2025, in thousands) | Metric | Value | | :--- | :--- | | Revenue (GAAP) ($ thousands) | $152,959 | | Less: Transportation ($ thousands) | $20,608 | | **Non-GAAP revenue (FOB mine) ($ thousands)** | **$132,351** | | Tons sold (thousands) | 1,079 | | **Non-GAAP revenue per ton sold ($/ton)** | **$123** | Non-GAAP Cash Cost Per Ton Reconciliation (Q2 2025, in thousands) | Metric | Value | | :--- | :--- | | Cost of sales (GAAP) ($ thousands) | $134,182 | | Less: Transportation costs ($ thousands) | $20,673 | | Less: Alternative mineral development costs ($ thousands) | $1,918 | | Less: Idle and other costs ($ thousands) | $686 | | **Non-GAAP cash cost of sales ($ thousands)** | **$110,905** | | Tons sold (thousands) | 1,079 | | **Non-GAAP cash cost per ton sold ($/ton)** | **$103**
Ramaco's Brook Mine Receives 5-Year Mining Permit
Prnewswire· 2025-07-29 12:00
SOURCE Ramaco Resources, Inc. Earlier this year, Wyoming Governor Mark Gordon approved a Wyoming Energy Authority recommended $6.1 million Energy Matching Fund grant award to support the construction of a pilot-scale processing facility at the Brook Mine. Construction is planned to begin later this year. ABOUT RAMACO RESOURCES Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, and southwestern Virginia and a developing producer of coal ...