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The call presented a mixed but cautiously constructive picture. Material positives include a very strong liquidity position (~$490M, +310% YoY), active share repurchases (~5% of shares), sustained low cash costs ($98/ton, first quartile), concrete low-vol growth projects (Berwind/Maben/Laurel) and meaningful progress on the Brook Mine rare earth program (Hatch/Weir studies, pilot plant timeline, IP development). Offsetting these are near-term headwinds: negative adjusted EBITDA, wider EPS losses, compressed realized pricing and margins, elevated fuel and supply costs (notably diesel and tungsten), and execution timing risks due to lab backlogs and rail/weather disruptions. Management’s strategic responses (reorganization, in-house lab, pilot build, disciplined contracting and inventory cushion) provide optionality to navigate weakness and capture upside if coal and rare-earth markets improve.
Ramaco reiterated full‑year guidance for production, tons sold and cash costs while giving Q2 guidance of shipments between 900,000–1,000,000 tons and warning Q2 cash costs will be toward the higher end of the full‑year range due to elevated diesel; management expects 70–75% of Q2 committed volumes to be seaborne with ~25% of export tons priced off PLV, ~25% fixed and the balance split between U.S. low‑vol and high‑vol indices. Key metrics: Q1 cash costs were $98/ton (third consecutive quarter under $100/ton), Q1 cash margin $16/ton, Q1 realized price $114/ton vs $122/ton a year ago, adjusted EBITDA (Q1) −$1.8M and Class A EPS loss $0.30; liquidity was ~$490M at quarter end with ≈$63M remaining under the $100M buyback authorization after repurchasing roughly 2.5–2.6M shares (~$37M) at an average ~$14.50. Sales commitments total 3.5M tons (~90% of planned 2026 production at the midpoint): 1.1M domestic at ~$138/ton, 1.0M export fixed at ~$107/ton and 1.4M index‑linked (650k of index tons shipped, ~1.75M remaining to price). Operational/capex and project metrics: over 1.0M tons inventory (3/31), ~100k–200k low‑vol tons expected in 2026 and ~0.5M in 2027 from Laurel/Berwind, Berwind capacity ramp to 900k–1.0M clean tons/year, Maben loadout to save ~$20/ton in trucking, planned coal CapEx roughly $45M maintenance plus ~$20M low‑vol growth (≈$10–11/ton maintenance), pilot plant building completion late summer with equipment install this fall and pilot ops in 2027, Hatch conceptual study due late June and a PFS on track for late 2026.
Ended Q1 with $490 million in liquidity (up ~310% YoY). Repurchased ~2.5–2.6 million Class A shares year-to-date at an average price of ~$14.50 (~$37 million), representing about 5% of outstanding stock; $63 million of buyback capacity remains under the $100 million authorization.
Q1 cash costs were $98 per ton (third consecutive quarter under $100/ton) and remain in the first quartile of the U.S. Central Appalachian cash cost curve, providing operational optionality despite market headwinds.
2026 year-to-date safety and compliance metrics improved ~250% versus the same period in 2025, aiding productivity and lower-cost operations.
Secured commitments for 3.5 million tons (about 90% of planned 2026 production at midpoint). Domestic commitments: 1.1 million tons at an average fixed price of $138/ton. Export commitments: 2.4 million tons (1.0 million tons fixed at $107/ton; 1.4 million tons index-linked).
Over 1.0 million tons in inventory as of March 31 (provides working capital tailwind). Q2 shipments guided above Q1: 900k–1.0M tons expected; Q2 committed seaborne mix expected 70–75% of volumes.
Restarted Laurel Fork and adding a third section to Berwind this summer; projects expected to contribute ~100k–200k tons in 2026 and ~0.5 million tons in 2027. Maben unit train loadout under construction expected to save ~ $20/ton on trucking costs and enable future 1.5M-ton deep mine option.
Advancing Carbochlorination flow sheet with Hatch (revised conceptual study expected late June) and Weir (technical report thereafter). Pilot plant building foundation complete; equipment install planned fall; pilot operations expected 2027. Internal geometallurgical lab being built to accelerate testing. Patent-pending process and IP strategy underway.
Legal and accounting steps taken to form separate entities—Ramaco Royalty (reserves/infrastructure/IP), Ramaco Critical Mineral Resources (western mining/sales), and Ramaco Refining (carbochlorination/refining)—intended to increase operational/financial flexibility and potentially unlock valuation.
Good day. And welcome to the Ramaco Resources First Quarter 26 Results Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Jeremy Ryan Sussman, Chief Financial Officer. Please go ahead.
Thank you. On behalf of Ramaco Resources, I would like to welcome all of you to our first quarter 26 earnings conference call With me this morning is Randy Atkins, our Chairman and CEO Christopher L. Blanchard, our EVP for Mine Planning and Development Jason T. Fannin, our Chief Commercial Officer and Michael Woloschuk, our EVP of Critical Mineral Operations. Before we start, I would like to share our normal cautionary statement. Certain items discussed on today's call constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 2000 These forward looking statements represent Ramaco's expectations concerning future events. These statements are subject to risks uncertainties and other factors, many of which are outside of Ramaco's control could cause actual results to differ materially from the results discussed in the forward looking statements. Any forward looking statement speaks only as of the date on which it is made and except as required by law, Ramaco does not undertake any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
I would also like to remind you that you can find a reconciliati...