Financial Data and Key Metrics Changes - The company reported record liquidity of $272 million at the end of Q3 2025, a 237% increase compared to the same period in 2024 [30] - Q3 adjusted EBITDA was $8.4 million, down from $9 million in Q2, while the net loss for Q3 was $13 million compared to a loss of $14 million in Q2 [32] - Cash cost per ton sold fell to $97, down $6 from the second quarter, placing the company in the first quartile of the U.S. cash cost curve [30][32] Business Line Data and Key Metrics Changes - The metallurgical coal production fell to 945,000 tons in Q3, down from approximately 1.1 million tons in Q2, primarily due to a disciplined approach to spot sales [31][32] - The company trimmed its production guidance for 2025 to 3.7 to 3.9 million tons, down from 3.9 million tons previously [34] Market Data and Key Metrics Changes - U.S. metallurgical coal spot price indices fell by 6% in Q3 compared to Q2 and nearly 20% year-over-year, impacting earnings despite operational achievements [32][37] - The rare earth and critical minerals markets are experiencing a bifurcation between Chinese and Western pricing, with significant price increases observed for scandium [39] Company Strategy and Development Direction - The company aims to establish a vertically integrated platform for critical minerals, including upstream, midstream, and downstream operations [4][6] - Plans include increasing the base size of the Brook Mine to approximately 5 million tons, which could generate over $500 million of EBITDA in the first year of commercial oxide production [7][36] - The establishment of a Strategic Critical Minerals Terminal at the Brook Mine is intended to create a fee-based terminal services business, enhancing supply chain resilience [19][66] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing challenges in the metallurgical coal market due to oversupply from China, which has depressed prices and production [20][37] - The company is optimistic about the future of its rare earth operations, especially given the increasing demand for scandium and other critical minerals [10][39] Other Important Information - The company has engaged with federal and state officials to expand the existing approved Brook Mine permit, which currently covers approximately 4,500 acres [11] - The pilot plant for rare earth processing is under construction, with initial operations expected to begin in 2026 [14][41] Q&A Session Summary Question: Can you provide your viewpoint on the deals with the United States and how that impacts support from the government? - Management indicated that while the U.S. is making deals with foreign countries, the implications for domestic supply remain uncertain, but the government is supportive of domestic industry [50][51] Question: What has been done to de-risk the extraction of rare earth elements from coal? - The company has focused on testing various processes to solubilize high-value critical minerals, with ongoing work on downstream purification and optimization [53][54] Question: How modular are the plans for the processing facilities? - The company is conducting test work in parallel and has some optionality with ramp-up, aiming to place equipment orders early to expedite the process [59][60] Question: What is the rationale behind the Strategic Critical Minerals Terminal? - The terminal will act as a regional hub for marketing rare earths, providing optionality for producers and visibility into the market without heavy CapEx requirements [68]

Core Insights - Alliance Resource Partners, L.P. (ARLP) reported a solid performance in Q3 2025, with increased coal volumes and improved unit costs, despite lower year-over-year realized pricing [1] Financial Performance - Total revenues for Q3 2025 decreased by 6.9% year-over-year to $571.4 million, driven by lower coal price realizations and reduced transportation revenues, despite an 8.5% increase in coal production and a 3.9% increase in coal sales volumes [1] - Net income for the quarter rose to $95.1 million compared to $86.9 million in Q3 2024, primarily due to lower operating costs and higher investment income [1] - Adjusted EBITDA for the quarter was $185.8 million, reflecting a 14.8% sequential increase [1] Operational Highlights - Coal tons sold increased to 8.7 million, supported by improved performance at Hamilton, River View, and Tunnel Ridge [8] - Oil & Gas royalty volumes increased by 4.1% year-over-year to 0.899 million BOE, with an average price of $35.68 per BOE [8] - The company declared a quarterly cash distribution of $0.60 per unit [8] Strategic Initiatives - The company deployed $22.1 million into a limited partnership that owns a coal-fired plant in PJM, aligning with its strategy to support baseload reliability, with expected attractive cash-on-cash returns beginning in 2026 [8] - ARLP tightened its FY25 guidance, projecting Q4 2025 results to be comparable to Q3 2025, supported by improving operational execution [1]

Ramaco Overview - Ramaco shipped metallurgical coal to steelmakers in over 20 countries[9] - Ramaco's 2024 sales volume was 40 million tons, with an adjusted EBITDA of $106 million[12] - As of October 27, 2025, Ramaco's market capitalization was $20 billion, with revenue of $666 million in 2024 and net cash of $77 million as of September 30, 2025[12] Brook Mine Expansion and Economics - The Brook Mine is projected to have a steady-state annual production of approximately 3,414 short tons of rare earths and critical minerals[13,56] - The revised total Capex requirement for Brook Mine is $1125 million, with an NPV (8%) of $51 billion and a 3-year payback period[21] - Brook Mine is projected to generate over $500 million in EBITDA by 2028, a 276% increase compared to the Fluor PEA[21] - At steady state, the Brook Mine is expected to generate $1038 million in revenue and $552 million in EBITDA, representing a 53% margin[56] Rare Earths and Critical Minerals Opportunity - Brook Mine is believed to be the only primary mine source of Gallium, Germanium, and Scandium in the world[10,14,39] - Approximately 40% of the total estimated REO production consists of primary magnetic REOs, gallium, germanium, and scandium, accounting for ~99% of annual revenue from the Brook Mine[40] - China holds dominant market shares in Gallium (>95%), Heavy Rare Earths (>90%), Light Rare Earths (85%), Scandium (>60%), and Germanium (65%)[25] Metallurgical Coal Business - Ramaco's cash costs of $100 per ton for YTD 2025 are among the lowest of its publicly traded peer group[16] - Ramaco's 2025 production guidance is between 37 million and 39 million tons[88]

Core Insights - Copper production remained largely unchanged, indicating stability in this segment [1] - Steelmaking coal production experienced a significant decline, dropping by more than half due to a fire incident at the Moranbah North mine in Australia [1] Group 1 - The overall copper production was broadly flat, suggesting no major fluctuations in output levels [1] - The steelmaking coal division faced a drastic reduction in production, which could impact the company's revenue and operational efficiency [1]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $571.4 million, down from $613.6 million in Q3 2024, primarily due to lower coal sales prices and transportation revenues, partially offset by higher coal sales volumes [4][5] - Average coal sales price per ton decreased by 7.5% year-over-year to $58.78, but increased by 1.5% sequentially [5] - Net income attributable to the company was $95.1 million, including a $3.7 million favorable increase in the fair value of digital assets [10] - Adjusted EBITDA for the quarter was $185.8 million, up 9% year-over-year and 14.8% sequentially [10][11] Business Line Data and Key Metrics Changes - Total coal production in Q3 2025 was 8.4 million tons, an increase of 8.5% compared to Q3 2024, while total coal sales volumes increased by 3.9% to 8.7 million tons [5][6] - In the Illinois Basin, coal sales volumes increased by 10.8% year-over-year but decreased by 0.8% sequentially [6] - Coal sales volumes in Appalachia decreased by 13.3% year-over-year but increased by 21.8% sequentially due to improved mining conditions [6][7] - Total revenues from royalty segments were $57.4 million, up 11.9% year-over-year, driven by higher coal royalty tons sold [9] Market Data and Key Metrics Changes - Year-to-date utility coal consumption increased by 15% in MISO and 16% in PJM, reflecting strong demand fundamentals [17] - Analysts project 4% to 6% annual growth in electricity demand in PJM and other markets over the next several years [18] - The recent PJM capacity auction cleared at maximum allowable prices, indicating a need for every available megawatt of dispatchable generation [19] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, investing prudently in core operations, and positioning for long-term growth while delivering attractive returns to unitholders [20] - The company has secured additional contract commitments for 2026, with 29.1 million tons contracted, up 9% from the previous quarter [13] - The company plans to reduce sustaining capital needs in coal segments, enhancing free cash flow visibility for 2026 and beyond [20] Management's Comments on Operating Environment and Future Outlook - Management noted that favorable federal energy policies and rising electricity demand are supporting coal demand [17] - The company expects to increase production at Tunnel Ridge and in the Illinois Basin in 2026 to meet anticipated demand [18] - Management expressed confidence in the sustainability of lower costs in Appalachia due to improved mining conditions [86] Other Important Information - Total liquidity at the end of Q3 2025 was $541.8 million, including $94.5 million in cash [11] - The company declared a quarterly distribution of $0.60 per unit, unchanged from the previous quarter [20] Q&A Session Summary Question: Duration and structure of supply contracts - Most contracts are for two to three years, primarily fixed pricing with some tariff protection [26][27] Question: Pricing guidance for 2026 - Pricing is expected to decline around 5% year-over-year due to contracts rolling off, but improved conditions at Tunnel Ridge may help maintain margins [34][36] Question: Impact of Department of Energy investments - Increased interest from utilities in extending the life of coal plants could enhance demand for coal [38][40] Question: Equity method investment income - Modestly positive numbers are anticipated for Q4, with some investments starting to yield distributions [45][46] Question: Production increase logistics - No new staffing is required; existing personnel will be utilized more efficiently due to favorable conditions [63] Question: Confidence in uncommitted met coal sales - Anticipation of selling uncommitted met coal based on current pricing trends [67] Question: Coal vs. gas competition - Competition between coal and gas is less significant due to increasing electricity demand and data center growth [72][75] Question: Capital expenditures outlook - Full year CapEx is expected to be closer to the midpoint of guidance, with Q4 anticipated to be higher [81] Question: Future M&A outlook - Focus is more on minerals rather than expanding coal operations, with limited expectations for coal M&A [59][84]

Group 1: Cipla and Eli Lilly Agreement - Cipla and Eli Lilly announced an agreement to distribute and promote Tirzepatide, a type-2 diabetes and chronic weight management drug, under the brand name Yurpeak in India [1] - Tirzepatide was initially launched in India by Lilly in March 2025 under the brand name Mounjaro [1] Group 2: IndusInd International Holdings Ltd - NCLAT has requested IndusInd International Holdings Ltd to provide a timeline for discontinuing the use of the Reliance trademark for Reliance Capital [2] - The counsel for IIHL indicated that the name change process has begun and is expected to be completed in eight weeks [2][3] Group 3: Wonderland Foods Funding - Wonderland Foods announced it will raise ₹140 crore in its first round of funding to expand its presence in India's branded dry fruits and nuts market [4] - The funding round was led by Asha Ventures and British International Investments, aimed at setting up a green processing facility and creating over 1,000 formal jobs primarily for women [4] Group 4: Hero MotoCorp UK Launch - Hero MotoCorp announced its entry into the UK market in partnership with MotoGB, introducing its Euro 5+ range including Hunk 440 [5] - This marks Hero MotoCorp's 51st international market, enhancing its presence in Europe [5] Group 5: Premier Energies Acquisition - Premier Energies has acquired a 51% stake in Transcon Industries for ₹500.3 crore, marking its entry into transformer manufacturing [6] - This acquisition is part of Premier Energies' strategy to become a fully-integrated clean energy solutions provider [6] Group 6: Welspun Enterprises GST Order - Welspun Enterprises received a GST order from the Tamil Nadu State GST Authority for FY 2018-19, totaling ₹18 crore, which includes ₹9 crore in tax demand and ₹9 crore in penalty [7] - The company plans to appeal the order, deeming the demand unjustifiable, and does not foresee any material impact on its activities [7] Group 7: Coal India SECL Projects - SECL's 12 coal mining projects are behind schedule due to delays in green clearances and land possession [8] - These delays occur despite the government's focus on boosting domestic coal production to reduce imports [8] Group 8: NTPC Green Energy Wind Power - NTPC Green Energy announced that 9.9 MW of wind power capacity has been declared commercially operational as of October 25 [9] - This capacity is part of a total installed 92.4 MW wind project located in Bhuj, Gujarat, developed by Ayana Renewable Power Four Private Ltd [9]

Core Viewpoint - Ramaco Resources has seen a significant stock price increase of 283% year-to-date, driven by its strategic expansion into rare earth elements (REE) and critical minerals following the discovery of substantial deposits at its Brook Mine in Wyoming [1][4]. Company Overview - Ramaco Resources has a market capitalization of $2.48 billion and focuses on the development, operation, and sale of metallurgical coal, emphasizing high-quality, low-cost production [2]. - The company operates several mining complexes across southern West Virginia, southwestern Virginia, and southwestern Pennsylvania, and is developing the Brook Mine in northeastern Wyoming, which spans approximately 16,000 acres [2]. - The Brook Mine is expected to produce REEs such as neodymium and praseodymium without generating radioactive waste, aligning with U.S. efforts to enhance critical mineral supply chains [2]. Market Context - The U.S.-China trade war has heightened the importance of rare earth minerals, which are essential for advanced technologies like electric vehicles and wind turbines [5]. - As China tightens its control over REE exports, the U.S. government is prioritizing the development of secure domestic supply chains [5]. Analyst Coverage - Baird initiated coverage of Ramaco Resources with a "Buy" rating and a price target of $63, the highest on Wall Street, indicating strong potential for the company in the U.S. rare earth economy [3][6]. - Analyst Ben Kallo highlighted the Brook Mine project as a significant opportunity for Ramaco and the U.S. rare earth sector [8]. Financial Performance - In Q2 of fiscal 2025, Ramaco reported a revenue decline of 1.5% year-over-year to $153 million, exceeding Wall Street estimates by $21.45 million [11]. - The company achieved an 18% year-over-year increase in tons sold, reaching over 1 million tons, driven by growth in both North American and export markets [11]. - The non-GAAP cash cost per ton sold was $103, positioning Ramaco within the first quartile of the U.S. cash cost curve [12]. Future Outlook - Ramaco's Brook Mine is fully permitted for an initial production capacity of 1,200 tons of REEs and 2 million tons of coal, with plans to increase output to 3,400 tons of REEs and 5 million tons of coal [8]. - Analysts expect the company to face a net loss of $0.97 per share in fiscal 2025, with full-year revenue projected to drop 12.72% year-over-year to $581.57 million, although investor focus remains on the Brook project [18].

Core Points - Keaton Mining, a subsidiary of Keaton Energy Holdings and part of the Salungano Group, has secured a coal supply agreement with Eskom Holdings SOC for coal sourced from the Vanggatfontein Colliery in Mpumalanga, South Africa [1] - The contract is expected to last approximately five years and two months, with a total delivery of around 6.5 million tonnes of coal on an "as received basis" [2] - The Salungano Group's board views the execution of the CSA as price-sensitive, providing revenue certainty and aiding operational planning for the Vanggatfontein Colliery [3] Delivery and Operations - Deliveries under the CSA are set to commence on 1 November 2025, or at a later mutually agreed date [1] - The Vanggatfontein Colliery produces an average of 340,000 tonnes of run-of-mine coal per month, extracting from multiple seams [4] - Further details regarding the CSA will be disclosed in the Salungano Group's financial results and subsequent reports as deemed appropriate [4]

Core Insights - Ramaco Resources has initiated mobilization and site development for a new pilot processing plant and laboratory in Wyoming, aimed at establishing a U.S.-based supply chain for rare earth elements and critical minerals [1][2][4] Group 1: Facility Development - The pilot facility will demonstrate the feasibility of converting domestic carbonaceous ore into high-purity individual rare earth oxides, crucial for U.S. magnet production and advanced technologies [2] - A $6.1 million matching grant from the Wyoming Energy Authority's Energy Matching Fund has been secured to support the pilot facility's development, part of a state initiative for energy innovation [3] - The facility will focus on processing rare earths and critical materials recently restricted from export by China, highlighting the importance of domestic production [4] Group 2: Strategic Importance - The Brook Mine deposit is geologically unique and enriched with rare earths, making it a promising source for rare earths in the U.S. [4] - The company aims to build a secure domestic supply of rare earths and critical minerals to maintain U.S. competitiveness in future technologies [5] Group 3: Company Background - Ramaco Resources operates in metallurgical coal and is developing rare earth and critical minerals in Wyoming, with four active coal mining complexes in Central Appalachia [7] - The company has discovered a major deposit of primary magnetic rare earths and critical minerals at its mine near Sheridan, Wyoming [7]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index up by 0.22%, the Shenzhen Component Index up by 0.22%, and the ChiNext Index up by 0.09%. However, the North Stock 50 Index fell by 1.07% [1]. Trading Volume - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 16,607 billion yuan, a decrease of 295 billion yuan compared to the previous day. Nearly 3,000 stocks in the market experienced an increase [2]. Sector Performance - The sectors that saw significant gains included Shenzhen state-owned enterprise reform, coal mining and processing, energy metals, film and television, and quantum technology. Conversely, sectors such as engineering machinery, cultivated diamonds, oil and gas exploration and services, CPO, and innovative drug concepts experienced declines [2]. Notable Stocks - Local Shenzhen stocks surged, with over ten stocks including Jian Ke Yuan, Guangtian Group, Shen Saige, Te Fa Information, and Shen Wu A hitting the daily limit. The coal sector continued its recent upward trend, with Da You Energy achieving eight consecutive limit-ups, and stocks like Zhengzhou Coal Electricity, Antai Group, and Shanghai Energy also reaching their limits [2]. Lithium Mining Activity - The lithium mining sector showed notable activity, with Shengxin Lithium Energy hitting the daily limit, followed by Ganfeng Lithium and Tianqi Lithium also rising [2]. Other Sector Movements - Quantum technology, short drama games, and port shipping sectors experienced fluctuations during the trading session. On the other hand, the cultivated diamond, engineering machinery, and oil and gas exploration sectors saw collective pullbacks, with stocks like Huifeng Diamond, Power Diamond, Construction Machinery, Shanhe Intelligent, Zhun Oil Shares, and Tongyuan Petroleum leading the declines. Innovative drug concept stocks lagged, with Rongchang Bio, Hitec Bio, and Shutai Shen underperforming [2].