PR Newswire | Feb 18, 2021 04:06PM EST

02/18 15:05 CST

Ramaco Resources, Inc. Reports Fourth Quarter 2020 Financial Results- As noted this past Wednesday, our Board of Directors has approved the completion of the Berwind slope, as well as the new Big Creek surface mine at the Knox Creek complex. At full production, these two mines are expected to produce almost one million tons per year of additional low-vol and mid-vol production.- The Company ended 2020 in a solid liquidity position, with $22.0 million of liquidity, roughly the same level of liquidity as year-end 2019.- 2020 Net loss was $4.9 million (EPS loss of $0.12), while adjusted EBITDA was $18.5 million for the full-year 2020. Adjusted EBITDA for 2020 was negatively affected by roughly $6.4 million, caused by the force majeure of over 200,000 tons scheduled to be shipped domestically and subsequently resold into a lower priced spot market.- Total Company Produced Sales of 515,000 tons for the fourth quarter 2020 were a quarterly record. Export coal sales (including to Canada) of over 300,000 tons were also a quarterly record. LEXINGTON, Ky., Feb. 18, 2021

LEXINGTON, Ky., Feb. 18, 2021 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco Resources" or the "Company") today reported a quarterly net loss of $4.7 million, or $0.11 per diluted share for the three months ended December 31, 2020, as compared to net income of $1.9 million or $0.05 per diluted share for the three months ended December 31, 2019.

The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses ("Adjusted EBITDA") was ($1.4) million for the three months ended December 31, 2020, and $18.5 million for the year ended 2020, as compared with $9.0 million of Adjusted EBITDA for the three months ended December 31, 2019 and $55.4 million for the year ended 2019. The Company for calendar 2020 had a net loss of $4.9 million, and net income of $24.9 million for the year ended 2019.

Key operational and financial metrics are presented below:



Key Metrics

4Q20 3Q20 Change4Q19 Change2020 2019 Change

Sales of Company Produced Tons ('000) 515 430 20% 420 23% 1,723 1,872(8)%

Revenue ($mm) $51.1 $39.5 30% $45.612% $168.9 $230.2(27)%

Cost of Sales ($mm) $48.7 $35.7 37% $33.347% $145.5 $162.5(10)%

Pricing of Company Produced ($/Ton) $80 $78 3% $104 (23)% $85 $109 (22)%

Cash Cost of Sales - Company Produced ($/Ton)$76 $69 10% $74 3% $72 $73 (1)%

Cash Margins on Company Produced ($/Ton) $4 $9 (56)% $30 (87)% $13 $36 (64)%

Net Income (Loss) ($mm) $(4.7) $(4.8) (1)% $1.9 (351)%$(4.9) $24.9 (120)%

Adjusted EBITDA ($mm) $(1.4) $0.6 (321)%$9.0 (116)%$18.5 $55.4 (67)%

Capex ($mm) $4.2 $2.5 68% $11.7(64)% $24.8 $45.7 (46)%

Diluted Earnings (Loss) per Share $(0.11)$(0.11)0% $0.05(320)%$(0.12)$0.61 (120)%



Fourth Quarter 2020 Summary

Year over Year Quarterly ComparisonOverall sales of Company produced tons in the fourth quarter of 2020 were 515,000 tons, up from 420,000 tons in the fourth quarter of 2019. Cash margins on Company produced coal were $4 per ton in the fourth quarter of 2020, down 87% from the same period of 2019, primarily due to lower realized pricing, attributable to large declines on the various metallurgical coal indices.

Sequential Quarter ComparisonOverall sales volumes of 515,000 Company produced tons in the fourth quarter of 2020 were up 20% from the third quarter of 2020. The improvement was the result of increased spot sales into primarily export markets completed during the fourth quarter. However, as previously disclosed, in the second quarter of 2020 we received force majeure notices from two customers for cancellation of orders for over 200,000 tons. The majority of these tons were resold into the spot market in the fourth quarter of 2020 at lower than originally contracted prices, which negatively affected our margins due to weak metallurgical coal indices in the period.

Our cash margins on Company produced coal declined 56% in the fourth quarter of 2020 from the third quarter of 2020. This decline was caused primarily by higher costs at our Elk Creek operations. Overall Company cash costs per ton sold on produced coal were $76 per ton in the fourth quarter of 2020, compared to $69 per ton in the third quarter of 2020. Cash costs on Company produced coal at Elk Creek were $76 per ton sold in the fourth quarter of 2020 compared to $67 per ton in the third quarter of 2020. There were a number of unique non-recurring circumstances at Elk Creek in the fourth quarter. Our 2Gas mine ran into sandstone intrusions, and our Stonecoal mine had two roof falls, both negatively impacting operations. When combined with a one-time inventory revaluation of roughly 35,000 tons, and COVID-19 related cost increases, these events accounted for the cost increase at Elk Creek in the fourth quarter of 2020 compared to the third quarter of 2020. We do not anticipate these issues to persist in 2021.

Other income was $0.5 million in the fourth quarter of 2020, as compared to $1.7 million mostly from PPP related income in the third quarter of 2020. On April 20, 2020, we received $8.4 million in loan proceeds from the SBA Paycheck Protection Program (PPP). Based upon receipt of this funding, in late April we elected to recall 182 workers at our Elk Creek complex who had been furloughed in part of March and April. In the second and third quarters of 2020 collectively, we used the PPP proceeds for eligible payroll and other expenses totaling $8.4 million. We have applied for forgiveness with the SBA through KeyBank. Our forgiveness request has been approved in full by KeyBank, and a decision by the SBA is expected within the next two months.

Additional Financial Results

At December 31, 2020, the Company had liquidity of $22.0 million, consisting of $5.3 million of cash on hand plus $16.7 million of availability under its revolving credit facility. At December 31, 2020, the Company had net debt of $12.2 million. In the fourth quarter of 2020, we had a number of shipments moved to later dates due to customer-related issues, some of which were moved into 2021, negatively impacting year-end 2020 liquidity. All anticipated December 2020 shipments now have been shipped. As of January 31, 2021, we had no borrowings under our $30.0 million revolving credit facility for the first time since late 2018.

Capital expenditures for 2020 totaled $24.8 million, and decreased by 46% as compared to $45.7 million for the year ended 2019. Fourth quarter 2020 capital expenditures were $4.2 million. Second half 2020 capital expenditures were $6.7 million, which were 27% of the full-year 2020 total. Second half capital expenditures were mainly limited to maintenance capital requirements, given the Company's previously announced pause in most growth capital. As disclosed last quarter, we began development spend at the company's low volatile Triad Mine in the fourth quarter of 2020, and have largely completed development under the announced $1.5 million budget. We produced first coal from Triad in January 2021.

The Company's effective tax rate for 2020 was approximately 20%, excluding a $1.8 million income tax benefit associated with the recognition of other income for the anticipated PPP Loan forgiveness. Actual cash taxes paid in 2020 were less than $20,000. Ramaco also expects to continue to pay minimal taxes for the foreseeable future due to tax loss carryforwards.

The following summarizes key sales, production and financial metrics for the periods noted:



Three months ended Years ended December 31,

December 31,September 30,December 31,

In thousands, except per ton amounts2020 2020 2019 2020 2019



Sales Volume

Company 515 430 420 1,723 1,872

Purchased 26 - - 26 78

Total 541 430 420 1,749 1,950



Company Production

Elk Creek Mining Complex 376 383 400 1,548 1,669

Berwind Development Deep Mine 15 14 47 147 186

Total 391 397 447 1,695 1,855



Company Financial Metrics (a)

Average revenue per ton $ 80 $ 78 $ 104 $85 $109

Average cash costs of coal sold 76 69 74 72 73

Average cash margin per ton $ 4 $ 9 $ 30 $13 $36



Elk Creek Financial Metrics (a)

Average revenue per ton $ 79 $ 77 $ 102 $84 $108

Average cash costs of coal sold 76 67 66 70 67

Average cash margin per ton $ 3 $ 10 $ 36 $14 $41



Purchased Coal Financial Metrics (a)

Average revenue per ton $ 62 $ - $ - $62 $127

Average cash costs of coal sold 62 - - 62 114

Average cash margin per ton $ - $ - $ - $- $13



Capital Expenditures $ 4,238 $ 2,496 $ 11,679 $24,753 $45,722

________________________

^(a) Excludes transportation.

Outlook and Comment

Randall Atkins, Ramaco Resources' Chairman and Chief Executive Officer remarked, "While 2020 is a year that none of us want to repeat, I am incredibly proud of what Ramaco managed to safely accomplish in the middle of an unprecedented global pandemic. We are perhaps the only public coal company that ended the year with roughly the same level of liquidity compared to where we started, without either diluting our equity or pledging our mining operations against secured debt. Given the Company's solid liquidity position, and better visibility into the improving world metallurgical coal markets, the Board of Directors earlier this week authorized us to resume our balanced production growth and its related capital spending. To that end, the Board approved the completion of the low-vol Berwind slope, as well as starting the new mid-vol Big Creek surface mine at the Knox Creek complex. As we noted on Wednesday, we will spend approximately $18 million over two years on these properties. At full production, these two mines are expected to produce almost one million new tons per year and increase our overall capacity by roughly 50%, to approximately 3 million tons of low-cost production. The mines will have a material positive impact on our future earning capacity. They will also provide additional near-term tonnage in 2021 to sell into these strengthening markets. This should provide us with up to 2.4 million tons of production this year and increase into 2022 and 2023 as Berwind fully ramps up."

Atkins continued, "When we made the decision to pause our growth capital spending early in the second quarter of 2020, we had just received force majeure notices from our two largest customers, and major uncertainty existed in the market. Though these force majeure notices ultimately cost Ramaco over $6 million in 2020 EBITDA, we are seeing a much different response out of our customers today. Earlier this month, U.S. hot rolled coil steel prices hit above $1,200 per ton for the first time on record. At the same time, as of January 31, U.S. steel service centers had their second lowest months of supply on hand over the past 40 years. Simply put, the same customers who caused us disruption in 2020 are now seeking more tons, at materially higher pricing than just a few months ago."

Atkins finished, "From a macro perspective, we are excited about the market prospects for our commodity. U.S. metallurgical coal indices are up well over 50% above their 2020 COVID-induced lows, while steel prices are near all-time highs. Governments around the world are increasing money supply at the fastest rates ever seen, on the back of massive proposed global fiscal stimulus packages aimed at consumption and infrastructure. We believe this macro environment provides extremely positive and unique market conditions for both near and medium-term growth in metallurgical coal demand. These positive macro trends have now directly translated into much stronger fixed price and index-based sales booked in early 2021. This strengthening demand landscape is dramatically contrasted against very negative supply-constraining conditions. To name but a few would include challenges in securing coal-related financing, ESG issues, regulatory and permitting challenges, and the thermal coal overhang in ARO and related legacy liabilities which impact many of our peers. In summary, I am proud that we managed to endure an unprecedented 2020, emerging with perhaps a few battle scars, but a lot of lessons learned. We now look forward to the imminent resumption of Ramaco's originally projected growth trajectory to over 4 million tons of production in a strengthening market and the prospect of generating meaningful free cash flow."

2021 Guidance (In thousands, except per ton amounts)





2021 Guidance 2020 Actuals



Company Production

Elk Creek 1,750 - 2,050 1,548

Triad 75 - 175 -

Berwind 25 - 75 147

Big Creek 50 - 100 -

Total 1,900 - 2,400 1,695



Sales Mix^ (a)

Metallurgical 1,875 - 2,325 1,749

Steam 25 - 75 -

Total 1,900 - 2,400 1,749



Cost Per Ton

Elk Creek $ 63 - 68 $70



Other

Capital Expenditures $25,000 - 30,000 $24,753

Selling, general and administrative $14,000 - 16,000 $16,883 expense ^(b)

Depreciation and amortization expense $24,000 - 28,000 $20,912

Interest expense, net $ 1,000 - 2,000 $1,224

Cash taxes $ 0 - 25$19

Effective tax rate^ (c) 15 - 20% 20%



_______________________

(a) 2021 guidance assumes no purchased coal.

(b) Excluding stock-based compensation.

(c) Excluding benefit associated with the recognition of other income for the anticipated PPP Loan forgiveness.

Committed 2021 Sales Volume ^(a) (In millions, except per ton amounts)





VolumeAverage Price

North America, fixed priced1.3 $ 84

Seaborne, fixed priced 0.0 $ -

Total, fixed priced 1.3 $ 84

Indexed priced 0.4

Total committed tons 1.7

_______________________

(a) Amounts as of Dec. 31, 2020 and include no purchased coal. Totals may not add due to rounding.

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. The Company has five active mines within two mining complexes at this time.

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.

Earnings Conference Call

Ramaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Friday, February 19, 2021. An accompanying slide deck will be available at https://www.ramacoresources.com/investors-center/events-calendar/ immediately before the conference call.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/mmc/p/fvicfane.

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, 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, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or further decline of demand for coal in export markets and underperformance of the railroads. 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.

Ramaco Resources, Inc. Consolidated Statements of Operations





Three months ended December 31, Years ended December 31,

In thousands, except per share2020 2019 2020 2019 amounts



Revenue $ 51,146 $ 45,612 $168,915 $230,213



Costs and expenses

Cost of sales (exclusive of items shown 48,746 33,262 145,503 162,470 separately below)

Asset retirement obligation 143 128 570 511 accretion

Depreciation and 5,310 5,229 20,912 19,521 amortization

Selling, general and 5,301 5,052 21,023 18,179 administrative

Total costs and 59,500 43,671 188,008 200,681 expenses

Operating income (8,354) 1,941 (19,093) 29,532 (loss)

Other income 470 694 11,926 1,758

Interest (309) (242) (1,224) (1,193) expense, net

Income (loss) (8,193) 2,393 (8,391) 30,097 before tax

Income tax expense (3,447) 505 (3,484) 5,163 (benefit)

Net income $ (4,746) $ 1,888 $(4,907) $24,934 (loss)



Earnings (loss) per common share

Basic earnings $ (0.11) $ 0.05 $(0.12) $0.61 per share

Diluted earnings$ (0.11) $ 0.05 $(0.12) $0.61 per share



Basic weighted average shares 42,717 40,939 42,460 40,838 outstanding

Diluted weighted average shares 42,717 40,939 42,460 40,838 outstanding



Ramaco Resources, Inc. Consolidated Balance Sheets





In thousands, except share amounts December 31, 2020December 31, 2019



Assets

Current assets

Cash and cash equivalents $ 5,300 $ 5,532

Accounts receivable 20,299 19,256

Inventories 11,947 15,261

Prepaid expenses and other 4,953 4,274

Total current assets 42,499 44,323



Property, plant and equipment, net 180,455 178,202

Advanced coal royalties 4,784 3,271

Other assets 885 1,017

Total Assets $ 228,623 $ 226,813



Liabilities and Stockholders' Equity

Liabilities

Current liabilities

Accounts payable $ 11,742 $ 10,663

Accrued expenses 11,591 11,740

Asset retirement obligations 46 19

Current portion of long-term debt 4,872 3,333

Other current liabilities 862 656

Total current liabilities 29,113 26,411



Asset retirement obligations 15,110 14,586

Long-term debt, net 12,578 9,614

Deferred tax 1,762 5,265

Other long-term liabilities 965 854

Total liabilities 59,528 56,730



Commitments and contingencies - -



Stockholders' Equity

Preferred stock, $0.01 par value - -

Common stock, $0.01 par value 427 410

Additional paid-in capital 158,859 154,957

Retained earnings 9,809 14,716

Total stockholders' equity 169,095 170,083

Total Liabilities and Stockholders' $ 228,623 $ 226,813 Equity



Ramaco Resources, Inc. Statement of Cash Flows





Years ended December 31,

In thousands 2020 2019

Cash flows from operating activities

Net income (loss) $ (4,907) $ 24,934

Adjustments to reconcile net income (loss) to net cash from operating activities:

Accretion of asset retirement obligations 570 511

Depreciation and amortization 20,912 19,521

Amortization of debt issuance costs 58 58

Stock-based compensation 4,140 4,060

Other income - PPP Loan (8,444) -

Deferred income taxes (3,503) 5,156

Changes in operating assets and liabilities:

Accounts receivable (1,043) (8,527)

Prepaid expenses and other current assets 986 723

Inventories 3,314 (1,076)

Other assets and liabilities (1,270) 689

Accounts payable 2,753 (7,313)

Accrued expenses (254) 3,646

Net cash from operating activities 13,312 42,382



Cash flow from investing activities:

Purchases of property, plant and equipment (24,753) (45,722)



Cash flows from financing activities

Proceeds from PPP Loan 8,444 -

Proceeds from borrowings 50,043 73,750

Repayment of borrowings (45,598) (70,335)

Repayments of financed insurance payable (1,382) (570)

Restricted stock surrendered for withholding taxes (221) (20) payable

Net cash from financing activities 11,286 2,825



Net change in cash and cash equivalents and (155) (515) restricted cash

Cash and cash equivalents and restricted cash, 6,865 7,380 beginning of period

Cash and cash equivalents and restricted cash, end$ 6,710 $ 6,865 of period



Reconciliation of Non-GAAP Measure

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.



Three months ended December 31, Years ended December 31,

(In thousands) 2020 2019 2020 2019



Reconciliation of Net Income to Adjusted EBITDA

Net income $ (4,746) $ 1,888 $(4,907) $24,934 (loss)

Depreciation and 5,310 5,229 20,912 19,521 amortization

Interest 309 242 1,224 1,193 expense, net

Income taxes (3,447) 505 (3,484) 5,163

EBITDA (2,574) 7,864 13,745 50,811

Stock-based 1,021 1,003 4,140 4,060 compensation

Accretion of asset retirement 143 128 570 511 obligation

Adjusted EBITDA $ (1,410) $ 8,995 $18,455 $55,382



Non-GAAP revenue and cash cost per ton

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and 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 condition. Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with U.S. GAAP and therefore should not be considered as an alternative to revenue and cost of sales under U.S. GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:

Non-GAAP revenue per ton



Three months ended December 31, 2020 Three months ended December 31, 2019

Company Purchased Company Purchased

(In thousands, except per ton amounts)Produced Coal Total Produced Coal Total



Revenue $48,719 $2,427 $51,146 $45,612 $ - $45,612

Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)

Transportation costs (7,393) (811) (8,204) (2,155) - (2,155)

Non-GAAP revenue (FOB mine) $41,326 $1,616 $42,942 $43,457 $ - $43,457

Tons sold 515 26 541 420 - 420

Revenue per ton sold (FOB mine) $80 $62 $79 $104 $ - $104



Three months ended September 30, 2020

Company Purchased

(In thousands, except per ton amounts)Produced Coal Total



Revenue $39,459 $ - $39,459

Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)

Transportation costs (6,049) - (6,049)

Non-GAAP revenue (FOB mine) $33,410 $ - $33,410

Tons sold 430 - 430

Revenue per ton sold (FOB mine) $78 $ - $78



Year ended December 31, 2020 Year ended December 31, 2019

Company Purchased Company Purchased

(In thousands, except per ton amounts) Produced Coal Total Produced Coal Total



Revenue $166,488 $2,427 $168,915 $219,911 $10,302 $230,213

Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)

Transportation costs (20,000) (811) (20,811) (16,253) (424) (16,677)

Non-GAAP revenue (FOB mine) $146,488 $1,616 $148,104 $203,658 $9,878 $213,536

Tons sold 1,723 26 1,749 1,872 78 1,950

Revenue per ton sold (FOB mine) $85 $62 $85 $109 $127 $110



Non-GAAP cash cost per ton



Three months ended December 31, 2020 Three months ended December 31, 2019

Company Purchased Company Purchased

(In thousands, except per ton amounts)Produced Coal Total Produced Coal Total



Cost of sales $46,307 $2,439 $48,746 $33,262 $ - $33,262

Less: Adjustments to reconcile to Non-GAAP cash cost of sales

Transportation costs (7,351) (823) (8,174) (2,155) - (2,155)

Non-GAAP cash cost of sales $38,956 $1,616 $40,572 $31,107 $ - $31,107

Tons sold 515 26 541 420 - 420

Cash cost per ton sold $76 $62 $75 $74 $ - $74



Three months ended September 30, 2020

Company Purchased

(In thousands, except per ton amounts)Produced Coal Total



Cost of sales $35,689 $ - $35,689

Less: Adjustments to reconcile to Non-GAAP cash cost of sales

Transportation costs (5,936) - (5,936)

Non-GAAP cash cost of sales $29,753 $ - $29,753

Tons sold 430 - 430

Cash cost per ton sold $69 $ - $69



Year ended December 31, 2020 Year ended December 31, 2019

Company Purchased Company Purchased

(In thousands, except per ton amounts) Produced Coal Total Produced Coal Total



Cost of sales $143,064 $2,439 $145,503 $153,172 $9,298 $162,470

Less: Adjustments to reconcile to Non-GAAP cash cost of sales

Transportation costs (19,684) (823) (20,507) (16,185) (425) (16,610)

Non-GAAP cash cost of sales $123,380 $1,616 $124,996 $136,987 $8,873 $145,860

Tons sold 1,723 26 1,749 1,872 78 1,950

Cash cost per ton sold $72 $62 $71 $73 $114 $75



We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.

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SOURCE Ramaco Resources, Inc.