Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $41.7 million, down from $46.1 million in Q2 2025 [6] - Cost of coal sales decreased to $97.27 per ton in Q3, down from $100.06 per ton in Q2 [7] - Cash provided by operating activities was $50.6 million in Q3, down from $53.2 million in Q2 [9] - Total liquidity increased to $568.5 million at the end of Q3, up from $556.9 million at the end of Q2 [9] Business Line Data and Key Metrics Changes - The company shipped 3.9 million tons in Q3, the same amount as in Q2 [6] - Metallurgical segment realizations decreased to an average of $114.94 per ton in Q3, down from $119.43 in Q2 [6] - Realizations in the incidental thermal portion of the metallurgical segment increased to $81.64 per ton in Q3, compared to $78.01 per ton in Q2 [7] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 9.6% during Q3, rising from $173.50 per metric ton to $190.20 per metric ton [14] - The US East Coast Low-Vol Index increased from $174 per metric ton at the beginning of the quarter to $177 per metric ton at quarter close [14] - The API-2 Index in the seaborne thermal market decreased from $107.95 per metric ton to $95.40 per metric ton during Q3, but increased to $100.70 per metric ton as of November 4 [15] Company Strategy and Development Direction - The company is focused on maintaining cost discipline while navigating a challenging market cycle, with plans for 2026 already in progress [4] - Discussions with North American customers regarding domestic sales commitments for 2026 are ongoing, with guidance not yet issued [5] - The company is exploring opportunities in rare earth elements but does not see it as a strategic priority at this moment [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the underlying economic conditions affecting steel demand remain vulnerable to uncertainty and lackluster growth expectations [4] - The company is preparing for potentially another challenging year for the coal industry in 2026 [4] - Management emphasized the importance of safety and operational efficiency, with recent achievements in safety performance [11] Other Important Information - Capital expenditures for Q3 were $25.1 million, down from $34.6 million in Q2 [8] - The company has $408.5 million in unrestricted cash and $49.4 million in short-term investments as of September 30, 2025 [9] - The Kingston Wildcat mine is in development production, with expectations to ramp up to a full annual run rate of approximately 1 million tons in 2026 [12] Q&A Session Summary Question: Sustainability of Cost Cuts - Management acknowledged the volatility in costs and production but highlighted the operations team's success in maintaining cost reductions while ensuring safety [20][21] Question: Domestic Contracts and Volume Flexibility - Management indicated that domestic contracts are typically fixed price, and while there may be fluctuations, significant changes in volume are not expected [22][24] Question: Rare Earth Opportunities - Management stated that while they are exploring rare earth opportunities, it is not a primary focus, and they are content with their current metallurgical coal operations [26][27] Question: CSX Derailment Impact - Management confirmed that the CSX line is expected to reopen soon, and they have sufficient inventory to meet customer contracts [31][32] Question: Market Conditions and Competition - Management expressed confidence in navigating market conditions and emphasized their position as a preferred supplier despite new competition [39] Question: CapEx Expectations for 2026 - Management indicated that they are not ready to provide detailed CapEx expectations for 2026 but mentioned ongoing projects like the Kingston Wildcat Mine [45] Question: M&A Opportunities - Management is cautious about M&A in the current market but remains open to opportunities that align with their strategic goals [51][52] Question: Safety Procedures Amid MSHA Shutdown - Management reported that MSHA enforcement remains active despite the shutdown, and the company is committed to maintaining high safety standards [53]

Financial Performance - Core Natural Resources, Inc. reported net income of $31.6 million, or $0.61 per diluted share, for Q3 2025, with adjusted EBITDA of $141.2 million [1][2] - The company generated net cash provided by operating activities of $87.9 million and free cash flow of $38.9 million during the quarter [8][29] - Revenues for the third quarter totaled $1,002.5 million [1] Operational Highlights - The transition to a more advantageous reserve area at the West Elk mine is expected to enhance performance due to the B-Seam's greater thickness and higher coal quality [2][3] - The metallurgical segment sold 1.9 million tons of coal, achieving realized coal revenue per ton sold for coking coal of $112.94 [4] - In the Powder River Basin segment, sales volumes reached 13.0 million tons, with realized coal revenue per ton sold at $14.09 [5] Capital Return and Shareholder Returns - Core returned $24.6 million to stockholders through share buybacks and dividends, totaling $218.3 million since the capital return program's launch in February [1][8] - The company has committed to returning approximately 75% of free cash flow to stockholders, primarily through share repurchases and a quarterly dividend of $0.10 per share [7][9] Future Outlook - The company anticipates continued robust free cash flow generation supported by cost control efforts and the expected restart of the Leer South longwall [10] - Core is preparing for a significant performance improvement in 2026, leveraging its diverse asset base and favorable market conditions [18] Rare Earth Elements and Critical Minerals - Core has identified elevated concentrations of rare earth elements and critical minerals at its Black Thunder and Coal Creek mines, indicating potential future opportunities [15][16] - The company is initiating an expanded drilling program to further evaluate these resources and is engaging with technology providers for potential future projects [17]

Core Insights - Ramaco Resources, Inc. has announced the establishment of a Strategic Critical Minerals Terminal (SCMT) at its Brook Mine facility in Wyoming, with Goldman Sachs acting as the exclusive structuring agent [1][4] - The SCMT aims to address supply chain risks and ensure access to strategic materials, positioning Ramaco as a leading producer of critical minerals and rare earth elements (REEs) in the U.S. [1][4] Company Overview - Ramaco Resources operates and develops high-quality, low-cost metallurgical coal and is expanding into coal, rare earth, and critical minerals production in Wyoming [5] - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [5] SCMT Initiative - The SCMT will provide long-term stockpiling, storage, and inventory management solutions for critical minerals and REEs, including tolling and value-added services for third-party producers [2] - The terminal is designed to ensure safe and secure inventory management, making materials available to consumers at market prices [2] Strategic Location - The Brook Mine site is strategically located with direct access to the BNSF railroad and proximity to a major interstate highway, facilitating efficient transportation to defense contractors and industrial consumers [3] Commitment to National Security - The initiative supports the strengthening of America's critical minerals supply chain, national security, and innovation in the rare earths industry [4]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss attributable to common stockholders of $70.1 million or $0.58 per diluted share, which included $54 million of acquisition termination costs [24] - Adjusted EBITDA was just under $100 million, with operating cash flow of $122 million [24][22] - Cash position at September 30 was $603 million, with total liquidity exceeding $950 million [22] Business Line Data and Key Metrics Changes - Seaborne thermal segment recorded $41 million of adjusted EBITDA with 17% margins, exceeding expectations with an increase of 500,000 tons quarter over quarter [24] - Seaborne metallurgical segment reported adjusted EBITDA of $28 million, with revenue per ton rising 6% quarter over quarter [25] - U.S. thermal mines generated $59 million of adjusted EBITDA, driven by improved domestic demand [26] Market Data and Key Metrics Changes - The average benchmark price for seaborne thermal coal increased by 8% in the third quarter [14] - U.S. coal generation increased by 11% year to date, driven by favorable market fundamentals [15] - Seaborne metallurgical coal benchmark price averaged $184 per metric tonne, unchanged from Q2 [12] Company Strategy and Development Direction - The company is focused on safe, productive, and environmentally sound operations, with an emphasis on maximizing shareholder returns [34] - The Centurion mine is expected to significantly boost the company's metallurgical coal portfolio, with production expected to expand sevenfold in 2026 [3][4] - The company is assessing its potential to meet growing U.S. needs for rare earth elements and critical minerals [35] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for coal due to the growth of data centers and manufacturing in the U.S. [6][7] - The company anticipates that coal's role in power generation will remain significant, especially during peak demand periods [7][8] - Management expressed confidence in the ability to generate free cash flow and deliver outsized returns to shareholders [22] Other Important Information - The company is in the early stages of assessing its potential for producing rare earth elements and critical minerals, with preliminary data expected by year-end [35][76] - The company has a robust balance sheet, providing flexibility to navigate market volatility [31] Q&A Session Summary Question: What is the maximum level of output Peabody could produce in the PRB? - Management indicated that expansion would depend on customer commitments and price signals, with latent capacity being absorbed quickly [39][49] Question: How is the company thinking about M&A opportunities in the metallurgical segment? - The focus remains on getting the Centurion mine operational and maximizing output before considering further M&A [54][56] Question: What details can be expected regarding rare earth elements by year-end? - Management stated that a preliminary analysis of indicative element types and concentrations will be provided at year-end [74][75] Question: What impact do recent U.S.-China agreements on rare earths have on domestic projects? - Management noted a strong desire for domestic supply of rare earth elements, but specifics on government support were not provided [81] Question: Will the arbitration process with Anglo American affect future M&A? - Management expressed confidence in the arbitration process and stated it would not hinder strategic decisions regarding M&A [82]

Core Insights - Ramaco Resources, Inc. has been officially approved as a member of the Defense Industrial Base Consortium (DIBC), which aligns with its mission to support U.S. national security through the development of domestic critical mineral resources [1][3]. Group 1: Membership Benefits - As a DIBC member, Ramaco gains access to a network of defense contractors, research institutions, and federal agencies, allowing participation in federally funded research and production opportunities in critical areas such as rare earth elements and energy storage technologies [2]. - The DIBC aims to strengthen the U.S. defense industrial base by fostering collaboration among government, industry, and academia, focusing on building a resilient supply chain that minimizes reliance on foreign sources [3]. Group 2: Company Commitment - Ramaco's participation in the DIBC highlights its commitment to enhancing U.S. energy independence and supporting defense readiness while developing innovative solutions for future challenges [4]. - The company operates in southern West Virginia and southwestern Virginia, focusing on metallurgical coal and developing rare earth and critical minerals in Wyoming, with a significant discovery of primary magnetic rare earths at its Wyoming mine [5].

Core Insights - Ramaco Resources is gaining media attention as its Chairman and CEO, Randall W. Atkins, is set to appear in interviews on Bloomberg Television and BBC News, highlighting the company's role in the U.S. critical mineral industry amid China's restrictions on rare earths [1][2]. Company Overview - Ramaco Resources, Inc. 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 and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [5]. Brook Mine Project - The Brook Mine project in Sheridan, Wyoming, is significant as it is the first new rare earth mine in the U.S. in over 70 years and the first new coal mine in Wyoming in more than 50 years [3]. - The mine has garnered international attention due to the discovery of high concentrations of medium and heavy rare earth elements and critical minerals within coal seams [3]. Leadership and Industry Position - Randall W. Atkins is positioned as a leading voice in American mining and critical mineral resource independence, having recently spoken at the IEA-IEF-OPEC Symposium in Paris [4]. - His address emphasized the transformative role of coal in modern energy markets and Ramaco's leadership in rare earth development and carbon technologies [4].

Core Insights - The Black Bear Value Fund has underperformed compared to broader indices, returning -12.7% year-to-date against the S&P 500's +14.8% [11] - The fund's strategy focuses on long-term investments in underappreciated businesses, particularly in sectors currently facing challenges but with potential for recovery [4][28] Performance Overview - The Black Bear Value Fund returned -7.1% in September, -1.0% for the quarter, and -12.7% year-to-date [11] - In contrast, the S&P 500 returned +3.6% in September, +8.1% for the quarter, and +14.8% year-to-date [11] Investment Strategy - The fund emphasizes a private investing mindset, looking beyond short-term market noise to identify long-term value [4] - The portfolio is heavily weighted in sectors like homebuilding, chemical production, and metallurgical coal, which are currently underperforming but have long-term growth potential [4][28] Key Holdings Builders FirstSource (BLDR) - BLDR is experiencing a structural housing shortage in the USA, with management reducing their 2025 cash flow outlook from $800 million-$1.2 billion to $800 million-$1 billion [6][8] - The company has shifted focus to value-added products, which now account for over 40% of revenue, and has been actively buying back stock [7][9] Flagstar Financial (FLG) - FLG has undergone a significant turnaround, raising over $1 billion in capital and stabilizing its balance sheet [12][13] - The bank is trading at approximately 65% of a conservatively marked balance sheet, with potential for a 50-150% increase in value over the next 1-3 years [15] Lanxess (LXS.DE) - LXS has shifted its focus from cyclical, capital-intensive businesses to more stable, lower-capital businesses, increasing its US sales from 15% to nearly 30% [17] - The company is expected to generate €200-250 million in free cash flow in a normalized environment, with a potential cash inflow of €500 million from a joint venture [19][20] Tidewater (TDW) - TDW operates one of the largest fleets of offshore support vessels, with a strong long-term outlook despite near-term uncertainties [21] - The company is currently generating over $300 million in free cash flow, with expectations to increase this to $500 million-$1 billion in a normalized environment [23] Warrior Met Coal (HCC) - HCC is investing heavily in the Blue Creek mine, which is expected to significantly boost free cash flow once the investment period concludes [24][25] - The company anticipates generating $200 million-$850 million in annual free cash flow post-investment, translating to a 6-25% unlevered annual free cash flow yield [26][27]

Core Insights - Ramaco Resources, Inc. is actively participating in the 7th IEA-IEF-OPEC Symposium on Gas and Coal Market Outlooks, emphasizing the importance of coal in the current energy landscape [1][6] - Randall W. Atkins, Chairman and CEO, will address the evolving role of coal, critical minerals, and artificial intelligence in energy markets [2][3] - The company is pioneering developments in coal and carbon products, as well as rare earth and critical minerals, which are crucial for future energy security [4][5] 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 [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 [7] - In 2023, Ramaco discovered a significant deposit of primary magnetic rare earths and critical minerals at its Wyoming mine, highlighting its role in energy security [7] Industry Context - The IEA-IEF-OPEC Symposium serves as a platform for experts and policymakers to discuss the future of gas and coal markets, reflecting a commitment to advancing dialogue on critical energy topics [6] - The event underscores the ongoing trilateral cooperation among the IEA, IEF, and OPEC, as mandated by G20 leaders, to address global energy challenges [1][6]

Company Overview - Ramaco Resources, Inc. (NASDAQ:METC) produces and sells metallurgical coal primarily used by steel mills and coke plants [2]. Investment Sentiment - Recent commentary from Jim Cramer indicates a cautious stance on recommending METC, suggesting that the stock has experienced a significant rally, making it less attractive for new investments at this stage [1]. - Cramer expressed regret for not identifying the stock earlier but noted discomfort in recommending it after its extreme parabolic price movement [1]. Business Performance - The core coal business of Ramaco has been performing poorly over the last couple of years, raising concerns about its ability to generate steady profits and cash flow [1].

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].