Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net income attributable to common stockholders of $10.4 million or $0.09 per diluted share, with adjusted EBITDA of $118 million, a 19% increase from the prior quarter [26] - Operating cash flow from continuing operations was $69 million for the quarter and $336 million for the full year, ending the year with $575 million in cash and total liquidity above $900 million [26][34] - The company met or exceeded original guidance for seven of eight volume and cost metrics for the full year [27] Business Line Data and Key Metrics Changes - Seaborne thermal coal delivered 3.3 million tons, exceeding expectations, with realized export pricing averaging $81.80 per ton, up 7% from Q3 [27] - Seaborne metallurgical coal shipped 2.5 million tons, up 400,000 from Q3, with realized pricing improving to $113 per ton [28] - U.S. Thermal platform contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million for the full year [29] Market Data and Key Metrics Changes - The benchmark pricing for seaborne metallurgical coal rose to its highest mark in 18 months, increasing 15% from $190 per ton at the beginning of Q4 [17] - Coal fuel generation in the U.S. was up an estimated 13% year-over-year in 2025, while coal production increased by only 4% [21] - Asian countries continue to add coal generation capacity, with China adding 80 gigawatts in 2025 and India projected to increase coal-fired capacity by 87% by 2047 [20] Company Strategy and Development Direction - The Centurion Mine is positioned as a cornerstone asset to maximize long-term shareholder value, expected to ship an average of 4.7 million tons per year of premium hard coking coal [5][7] - The company aims to reweight its portfolio toward higher-margin metallurgical coal and is focused on asset optimization activities to maximize long-term earnings [8] - The company is also exploring opportunities in renewable projects and critical minerals, with ongoing assessments and partnerships [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and highlighted the importance of safety and environmental excellence in operations [3][4] - The company anticipates continued strength in both domestic thermal and seaborne metallurgical coal markets, driven by structural changes in supply and demand dynamics [16][18] - Management emphasized the importance of shareholder returns as the top priority for capital allocation moving forward [36][60] Other Important Information - The company has invested approximately $750 million in the development of the Centurion Mine, significantly enhancing its leverage to premium hard coking coal markets [34] - The company is actively engaged in discussions with government officials regarding the siting of power plants and increasing U.S. coal exports [9][10] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at $0.70 for the Australian dollar and using a $225 benchmark pricing [40] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the north for the next three years, plus $25 million a year in sustaining capital in the south [41] Question: How should we think about pricing in 2027 and beyond? - The company expects favorable pricing conditions due to ongoing contracting and market dynamics [45] Question: What are the drivers for the increase in seaborne thermal costs? - The increase is primarily due to lower production volumes, particularly at Wilpinjong [49] Question: How should we think about the cadence of shipments as the year progresses? - The first quarter is expected to be weaker, with improvements anticipated in Q2 and Q3 as production ramps up [54]

Economic Performance and Policies - The former deputy secretary of the U.S. Department of Treasury, Michael Faulkender, asserts that it is premature to question President Trump's economic record, emphasizing the foundation laid for future growth [1] - Faulkender believes that the changes made during the first year of the administration will counter Democratic criticisms regarding the effectiveness of a Republican governing trifecta in reducing prices [2] - The administration's signature legislation, the Big Beautiful Bill Act, introduced significant tax cuts and relief measures, which Faulkender claims have positively impacted the economy [5] Energy Sector Impact - The Trump administration reversed several energy-related executive orders from the Biden administration that limited oil production on federal land, which Faulkender argues will benefit the economy [6] - Current oil prices are at $57 per barrel, having decreased nearly 28% from a high of $78.70 in January 2025, indicating a favorable environment for economic growth [9] Inflation Trends - Inflation rates have varied throughout the year, with the latest report showing a rate of 2.7% in November, while the lowest rate was 2.3% in April and a peak of 3% in September [9] - Faulkender suggests that the combination of low energy prices, deregulation, and pro-growth tax reforms are essential for fostering a strong economy without accompanying inflation [12]

Market Trends & Investment Opportunities - Bitcoin's thesis remains strong, with potential acceleration and patience being key, as indicated by the market's crawl back up and positive sentiment around the $90,000s [1] - University endowments, including Harvard, are quietly allocating to Bitcoin, with Harvard holding almost 1% of its endowment portfolio in IBIT, surpassing holdings in Microsoft, Amazon, and gold, signaling institutional interest in Bitcoin as digital sound money [3] - BlackRock's Larry Fink acknowledges being wrong about Bitcoin and sees sovereign wealth funds incrementally adding to their positions, viewing it as a long-term investment rather than a trade [6] - Vanguard is opening up Bitcoin ETFs to clients, and BFA recommends up to 4% Bitcoin allocations for wealth management clients, indicating a trend of increasing access and acceptance of Bitcoin [9] Industry Dynamics & Challenges - The industry faces challenges from figures like Mike Brock, who associates Bitcoin with fascism and criticizes hard money economics, reflecting a broader conflation of Bitcoin with crypto scams and requiring education to counter misconceptions [1] - Michael Burry views Bitcoin as worthless, calling it tulips and associating it with criminal use, highlighting the ongoing skepticism and need for education within the broader public [4] - Concerns arise regarding BlackRock's potential control over the Bitcoin ecosystem through tokenization and centralization, mirroring concerns with internet platforms like Facebook and Twitter [7] - Consumer sentiment is weakening, with 95% of Black Friday sales volume financed and 67% intending to not pay it off within 30 days, coupled with rising unemployment among college graduates and a majority living paycheck to paycheck, potentially leading to increased government reliance and control [13] Bitcoin's Utility & Future - Bitcoin is presented as a mechanism for storing and transporting excess energy, monetizing energy sources in a location-agnostic manner, and potentially driving ROI for renewable energy projects [14] - Bitcoin is superior to gold in terms of verifiability, as highlighted by CZ's demonstration with a gold bar, though gold maintains a higher liquidity profile for nation-state transactions [10][11] - The discussion touches on the potential for tokenizing businesses and the limitations of the traditional stock market, suggesting a role for crypto in creating a 24/7 trading environment [15] - The industry anticipates increased FUD (fear, uncertainty, and doubt) as Bitcoin makes upward movements, requiring vigilance and a focus on producing value rather than reacting to market noise [16]

Core Insights - Crude oil prices are expected to face downward pressure in the coming weeks, influenced by geopolitical events and seasonal market shifts [1][2] - OPEC+ is increasing production to maintain market share, despite a potential decline in global demand [3][4] - The U.S. energy policy has shifted towards increased fossil fuel production, impacting the dynamics of the oil market [5] Group 1: Crude Oil Market Trends - The nearby November NYMEX crude oil futures settled at $61.47 on August 13, with gasoline futures at $1.8554 and heating oil futures at $2.2266 per gallon [2] - Prices for oil and oil products have slightly increased from mid-August levels but are projected to decline as the market approaches winter [2] - The daily year-to-date continuous NYMEX crude oil futures chart shows a trading range for 2025 between $55.12 and $79.39 per barrel, with current prices closer to the lower end of this range [4] Group 2: OPEC+ Production Strategy - OPEC+ has agreed to further increase output starting in October, with Saudi Arabia moderating the pace of increases due to weakening global demand [3] - The increase in production is more about signaling market share priorities rather than significant volume increases [4] Group 3: U.S. Energy Policy Impact - The U.S. energy policy has shifted dramatically since January 2025, favoring increased fossil fuel production under President Trump's administration [5] - This policy change contrasts with the previous administration's focus on green energy initiatives, which had limited fossil fuel production [5]

European leaders will join Ukrainian President Zalinski for a meeting uh with President Trump at the White House today in a push to resolve uh the Russia Ukraine war. For a look at what is at stake, let's bring in Victoria Coats, who served as deputy national security adviser in the first uh Trump administration. She is now vice president of the Heritage Foundation's Davis Institute for National Security uh in uh foreign policy.Good morning. Thank you for joining us. Good morning, Joe.Do you do you know bet ...

Core Viewpoint - Ramaco Resources, Inc. has appointed former U.S. Senator Joseph Manchin III as an independent member of its Board of Directors, effective April 18, 2025, bringing significant experience in energy policy and economic development to the company [1][2]. Group 1: Appointment and Background - Senator Manchin has extensive experience in energy policy, having served as a U.S. Senator, West Virginia Governor, and chairman of the Senate Energy and Natural Resources Committee, making him a strong advocate for the U.S. coal industry [2][3]. - His background includes membership in the Senate Appropriations and Armed Services Committees, further enhancing his understanding of national issues [2]. Group 2: Strategic Importance - Manchin's expertise will be crucial as Ramaco advances its rare earth element development in Wyoming, particularly in the context of national defense and critical mineral supply chains [3]. - His long-standing efforts to develop domestic critical mineral resources align with the company's goals to support America's economic and national security [3]. Group 3: Company Overview - Ramaco Resources operates in southern West Virginia and southwestern Virginia, focusing on high-quality, low-cost metallurgical coal and developing coal, rare earth, and critical minerals in Wyoming [5]. - 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 [5]. - In 2023, Ramaco discovered a major deposit of primary magnetic rare earths and critical minerals at its Wyoming mine, indicating significant growth potential [5].