Le Lézard
Classified in: Mining industry, Business, Covid-19 virus
Subjects: ERP, DIV

Ramaco Resources, Inc. Announces Increase to its First-Quarter 2024 Class A Dividend, Initial 2024 Guidance, and Rare Earth Element Update


LEXINGTON, Ky., Dec. 6, 2023 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), a leading operator and developer of high-quality, low-cost metallurgical coal, today provided an update on several operational and financial matters.

RAMACO ANNOUNCES INCREASE TO ITS CLASS A DIVIDEND

RAMACO ANNOUNCES INITIAL 2024 GUIDANCE

RAMACO ANNOUNCES RARE EARTH ELEMENT UPDATE 

About Ramaco Resources, Inc.

Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has three active metallurgical coal mining complexes in Central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in the initial stages of production. In May 2023, the Company announced that a major rare earth deposit of primary magnetic rare earths was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 50 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, the ability to successfully ramp up production at the Berwind and Knox Creek complexes, the timing of the Elk Creek preparation plant to come online, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the further decline of demand for coal in export markets and underperformance of the railroads, the expected benefits of the Ramaco Coal and Maben acquisitions to the Company's shareholders, the anticipated benefits and impacts of the Ramaco Coal and Maben acquisitions, and the Company's ability to successfully develop the Brook Mine, including whether the increase in the Company's exploration target and estimates for such mine are realized. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.

Point of Contact:

INVESTOR RELATIONS: [email protected] or 859-244-7455
MEDIA: [email protected]  

SOURCE Ramaco Resources, Inc.

Reconciliation of Non-GAAP Measures

Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs and idle mine costs, divided by tons sold. We believe cash cost per ton provides useful information to investors as these enable investors to compare cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in costs from period to period excluding the impact of transportation costs, which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial performance. Cash cost per ton are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute to cost of sales under GAAP. The table below show how we calculate non-GAAP cash cost per ton:

Non-GAAP cash cost per ton







Nine Months Ended September 30, 2023










(In Thousands, except per ton amounts)




Company

Purchased








Produced

Coal

Total










Cost of Sales





$       338,629

$       15,754

$       354,383

Less: Adjustments to reconcile to Non-GAAP cash Cost of




Sales









     Transportation Costs




(72,894)

(1,573)

(74,467)

     Idle Mine Costs





(2,937)


(2,937)

Non-GAAP cash cost of sales




$       262,798

$       14,181

$       276,979

     Tons Sold





2,372

96

2,468

Cash cost per ton sold




$               111

$             148

$               112

 

SOURCE Ramaco Resources, Inc.


These press releases may also interest you

at 05:15
Invitation to news conference: Kamux Corporation publishes its Financial Statements Bulletin for 2023 on March 1, 2024 Kamux Corporation will publish its Financial Statements Bulletin for 2023 on Friday, March 1, 2024, at approximately 9:00 EET. The...

at 05:00
The federal government will make a housing announcement in Cornwall. Media are invited to join Heath MacDonald, Member of Parliament...

at 05:00
The federal government will make a housing announcement in New Glasgow. Media are invited to join the Honourable Sean Fraser,...

at 04:37
Having to overcome ramps and bumps on its internationalization journey, Taiwan Semiconductor Manufacturing Company (TSMC), the world's leading pure-play foundry, is learning to act globally and think locally while expanding overseas. Owing to the...

at 04:35
Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, is proud to be Great Place To Work Certifiedtm for 2023-2024 within 12 countries. Synechron achieved this prestigious...

at 04:30
Element Fleet Management Corp. ("Element" or the "Company"), the largest publicly traded, pure-play automotive fleet manager in the world, recently announced the creation of 70 new jobs as it establishes a centralized leasing function in Dublin,...



News published on and distributed by: