Financial Data and Key Metrics Changes - In Q2 2025, the company reported a cash cost per ton sold of $103, which is a decrease from $108 in 2024, indicating improved efficiency [22][50] - Adjusted EBITDA for Q2 was $9 million, down from $10 million in Q1, with a net loss of $14 million compared to a loss of $9 million in Q1 [52][54] - The company anticipates full year 2025 production at the low end of the previous range of 3.9 million to 4.3 million tons, and sales at the low end of 4.1 million to 4.5 million tons [54][56] Business Line Data and Key Metrics Changes - The metallurgical coal benchmark prices dropped approximately 25% year-on-year, impacting revenue despite record production levels [20][52] - The company achieved a record level of quarterly production with tons sold reaching 1.1 million in Q2, up from 900,000 in Q1 [51] - The Brook Mine, focused on rare earths and critical minerals, is expected to begin pilot plant operations in the fall, with commercial production anticipated by 2027, accelerated from 2028 [11][32][56] Market Data and Key Metrics Changes - Chinese coking coal prices surged 38% in July, indicating a potential recovery in the market, while U.S. met coal producers have reduced production due to pricing pressures [20][34] - The Australian Premium Low Vol Index increased to $183.2 per ton, reflecting a recovery from earlier lows [35] - The company expects U.S. apparent steel consumption to rebound by 3% to 4% in 2026, supporting met coal pricing [38] Company Strategy and Development Direction - The company is transitioning to a dual platform model, producing both metallurgical coal and rare earths, aiming to enhance its market position and growth trajectory [6][25] - Plans to expand rare earth mine production to exceed the currently permitted 2.5 million tons per annum and to increase oxide processing capacity [7][11] - The company is actively engaging with U.S. government agencies to support the development of its critical minerals business, emphasizing national security [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding pricing recovery in the met coal market, driven by improved fundamentals in China and India [23][34] - The company is focused on optimizing production and sales strategies to avoid lower-margin spot sales, particularly in Asia [54][87] - Management highlighted the importance of government support for domestic critical mineral production to level the playing field against foreign competition [64][66] Other Important Information - The Brook Mine has a defined TREO base of 1.7 million tons, with ongoing exploration expected to expand reserves [8][10] - The company has received a five-year renewal of its mining permit for the Brook Mine, allowing continued development [48] - The preliminary economic analysis from Fluor indicates a pre-tax net present value of $1.2 billion for the Brook Mine project, with an IRR of 38% [55] Q&A Session Summary Question: Impact on quality mix and sales mix between domestic and export - Management confirmed no expected impact on quality and indicated a sales mix of roughly two-thirds seaborne and one-third domestic [60][61] Question: Estimated savings from the production tax credit - Management estimated savings in the range of $15 million per year on EBITDA from the production tax credit [62] Question: Discussions with the administration regarding price support for critical minerals - Management acknowledged ongoing discussions with the government but did not provide specifics, emphasizing the need for support to counteract foreign pricing manipulation [64][66] Question: Price assumptions for scandium and balancing supply with demand - Management indicated that demand for scandium is expected to grow significantly if a Western source is established, with discussions suggesting potential market growth [70][72] Question: Key growth drivers in the scandium market - Management identified the aerospace industry as a primary end user for scandium, with potential applications in automotive and other sectors [80][81]

Core Insights - Doubleview Gold Corp has initiated an advanced exploration program at its 90%-owned Red Spring Project, focusing on copper, silver, zinc, and gold, which reinforces its commitment to critical mineral development [1][2][4] Group 1: Red Spring Project Overview - The Red Spring Project is located in central British Columbia and has shown strong mineralization in historical drilling, particularly in its central zone [2] - The project has a 90% ownership by Doubleview and has undergone extensive previous exploration activities, including approximately 4,000 feet of drilling [2][4] Group 2: Exploration Program Details - The first phase of the 2025 exploration program includes a 3D Induced Polarization (IP) survey targeting the Angus Zone, expected to be completed by the end of August 2025 [3][4] - The 3D IP survey aims to provide insights into subsurface geology, aiding in future drill program planning [4] Group 3: Strategic Importance and Community Engagement - The Red Spring Project is strategically important for Doubleview, enhancing its focus on critical minerals and demonstrating strong potential [4] - The company is committed to sustainable exploration methods and collaborative engagement with local stakeholders and First Nations [4] Group 4: Hat Project Update - Doubleview's flagship Hat Project continues to see exploration and definition efforts, with drilling surpassing 6,500 meters in 2025 [5] - The ongoing preliminary economic assessment, metallurgy, and environmental baseline studies highlight the comprehensive advancement of the Hat polymetallic deposit [5] Group 5: Company Outlook - Doubleview anticipates that 2025 will be its most productive year to date, reflecting robust exploration and development activities across its projects [6][7]

"I am excited to accept this pivotal role with Ramaco, and to contribute to the company's strategic vision and commitment to develop the Brook Mine into a meaningful domestic supply of critical minerals," said Mike Woloschuk. "Having been involved in the project for some time I personally regard it as one of the most promising critical mineral developments I have been associated with." About Ramaco Resources, Inc. Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical co ...