METC - Earnings call 4 2023 | Ramaco Resources, Inc.

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Operator

Welcome to the Ramaco Resources Fourth Quarter 2023 Results Conference Call. [Operator Instructions]. Please note today's event is being recorded.

I would now like to turn the conference over to Jeremy Sussman, Chief Financial Officer of Ramaco Resources. Please go ahead, sir.

Jeremy Sussman

you. Thank Ramaco Fourth to Quarter of you all I'd our to XXXX Resources, behalf welcome like of On Earnings Call. morning our and this CEO; Commercial me is our Atkins, With Chairman Officer. Chris Blanchard, Fannin, Chief Jason Officer; Operating our Chief Randy and

statements start, of These factors, our are of cautionary Before XXXX. cause events. Litigation Act the concerning items Private in to I'd statement. statements other forward-looking statements. Ramaco's These to call materially subject represent of could today's Securities on constitute like Ramaco's forward-looking the future within uncertainties Certain and differ discussed are many risks, which share we the to of normal outside discussed results actual forward-looking from the expectations which results statements meaning Reform control,

only whether a speaks information, measures on law, required as that a of to update non-GAAP any as can and on or press viewed you which undertake the obligation the new by made, to ramacoresources.com. reconciliation is which website, to any as statement revise forward-looking result statements, of future Any can financial remind of it you except Ramaco release, not I'd does date or we today in find plan be discuss our events our that like otherwise. forward-looking

investor everyone this today's encourage presentation. to download call on and I'd our Lastly, to go website on

said, introduce CEO, me Atkins. our let that and With Chairman Randy

Randall Atkins

to everyone. morning Thanks, Good Jeremy.

for your thanks both for the As and always, joining call. interest

production doubled ourselves through have sales to over differentiate XXXX by last past spoke November. then, last positive to production. have the growing but In year, We prudently profile. we a we years, I of unpack we our aggressively this since our developments and morning lot few discuss tried

and million over the intriguing met level hopefully in rare of ton And X.X double are goals current add next, again valuable an business next with very new earth. to coal. Our our line to years few

almost the us $X.XX for us increased billion That years, 'XX, in for letting we of and the over half acquisition. investment last the invested strategic X in production for second in consensus last off quarters. back Looking few be again, capital paid growth

Jeremy let record the some in overall year, free also despite where printed market. had this the for we and annual the QX quarter cash million us flow, was $XXX EBITDA will in I metrics muted provide and financial record pricing all

As our at high-vol levels XX% are we we about quality another mid-vol we Today, low-vol. and the essentially A. look road of production aiming XX% XX% A double XX% our about were slate, high-vol to overall with low-vol, down to is

part, space. A but our X 'XX as to In based 'XX that also that of reserve mix, Several slated crowding in organic much in are blend over peers the perceive decision on period. be to as is bring on what tons new may on based we quality production future million some it's high-vol the

the On low-vol production essentially mines. see depletion amount existing fair low-vol a anticipated is of flat with other from hand, we

to able coals expect be we and that premium capture hope low-vol Moving may forward, between we spreads lower-tier widening high-vol and margin. start to

down Turning performance. North year's strength year. seeing domestic do managed our pricing 'XX. for to in American from despite to settlements the the This half fourth a We 'XX, well quarter of about back not over were $XX ton much year-over-year

QX also they met the XX% While more indices U.S. ended in levels. below 'XX rose than fourth quarter,

in the by our Creek million-ton 'XX. half a of compared a to complex. financially annum to our increase X the per at completion million-ton We our capacity half. fourth fundamentally whole about was XX% million-ton That rate were during second first helped at X processing of of the the due Elk sales above in was Our shipping per quarter of rate run increase also X

our We marketing. to approach thought domestic and tenders sales million American offered to North exposure our the coal the X.X committed customers. year's took this we bottom price that, figure the Despite average the over of be fall. fixed of probably last terms our being mixed, tons when the sales only will this were cycle pricing pricing of now book, back an negotiated our traded to year's 'XX a sales. about shaving and of pretty muted per at We to and increased balanced Moving were North of $XXX By among sales 'XX American highest domestic was ton, which export publicly peers. X/X level business, pivoted

In million X tons, doubled basically 'XX. the the sales production we tons which past our of million 'XX had that committed original of at At has the XXX% months, are out low means sold December, X for number almost end start we X.X guidance. to now

move of sacrificing in able growth for most We have the those were move Fortunately, tons without pricing. time, some further sales 'XX. hope those into we we works been to to accelerate sales so as that now

to committed increase year result in the recently 'XX from levels. XX% sales raised guidance. know, as and as 'XX a market material much continued As we of a as that with conditions, sales, of hope end upon our you production sales we Depending jump

The interestingly, Two now move we business. really Asian ago, profile have our significant to to markets. tons date, years we into any have begun sales didn't Asian

I'll done, Australian will few markets, 'XX XX% the be indexes with add Asian XX% north color our of off most about off and And of will our on speak going will sales relativities of Atlantic Jason domestic. fixed pricing priced observations. on give price of a customers. will our also and XX% XX% but of indexes, book to end about up year we be our Now about X all the of overall

hard it somewhat loaded. the down the in been we perhaps a may spring Atlantic It has some somewhat pushed of the reopen, feel markets. We now over markets pop X.X mills dislocations see that so rebounds past of years many European are supply and see we when in

resolves indeed When and in itself, decent could sized turn. were there Ukraine. interesting into be even an eventually done Europe whole historically We situation sellers well have that

as Asia, market X said, nowhere were in In years we I this ago.

the are the forward low-vol Indonesia the supplier in increasing relatively inroads making around We markets. we particularly leverage major other to further look non-China gloom is China, Despite with Asian other We healthy. region, slate. production markets to our our a see now to ability and

Switching tons. low-vol I annualized record September, deep developing to at operations. X note operating want great Berwind year. on want also safety our last has mine. to work to for produced first sections the of XXX,XXX run Since a mine our Berwind complement rate I an the great team

the by year-end. the run to X rate million-ton to in at We begin next and hope planning are third section now few be months

mine country. Berwind production sections. Cash X expect complexes $XX the at If currently under trend as low-vol ultimately from be have continues, ton mine been to Berlin per among take we and in cost highest mine the both we this the largest margin lowest sections, to deep and and

Moving on be priced another Maben to to complex. we coal purchased our reasonably Last plant, month, low-vol which a project. will very existing relocated $X prep million

will million plan. this to move, and spend another We year relocate $X upgrade this

comparison meaningfully well estimated fourth per roughly $XX cost be overall plant This we at our quarter of plant as by reduce was capacity, the trucking ton price It costs. of comparable For the new million. will should $XX cost 'XX. the operational as had both cash a current built mine

current tons, more far annualized and of X.X an than have ton Highwall will million coal plant capacity clean surface XXX,XXX ultimate our The production.

in have some ahead remarks. opportunity complex deep will good his comments also We years dictate. a Maben the to that more tons the market on in deal make may add to the will as Chris

on Looking at our year, to balance started books, $XX of with equipment we million we debt of debt. Last were able sheet. XXXX our amount the term about and and have

all current to rapidly Assuming earlier, year. growing. we I are we debt conditions as said this that And continue, retire look of also

Looking the and are of the the planning increase notional years. coming envision ahead, today we inventory sales in over we amount both for

X-year to with executed on QX. size just well additional an then This existing million all This will borrowing as behalf of an our a both existing we in with of new to finalize our million feature have accordion banking from Accordingly, expansion $XXX our $XX and a we facility, revolver. amount syndicate is million increase facility look as this the term. $XXX extend increase KeyBank mandate of term base and and a

project, respect with mine aggressively are our commercialization. to Brook earth working rare we to Finally, advance the

report letter path as the We updated exploration independent weeks. expect within do, we from target the international as and an and Weir we accompanying findings to the publish I will critical report receive well to explain project's When X the will direction. provide shareholder

and the of to met will be a any remiss of host I that REE also on coal our separate back discuss questions. not the note to its and expect We solid analyst year, would Also, to this to execution our respond investor call discovery. announcement conclusion

and Indeed, start company dividends return return the year, the million. Today, includes very roughly market of total the that and just of mining and share XXXX. enjoyed X,XXX% our the the the $XXX of for over a delighted market million shareholders a our $XXX a we cap cap roughly combined our back any were price to past period coal XXXX, few short X-year value year. X-year compares some We We of years have results enjoyed billion. Met over increased $X In our highest market to in shareholder dating to by impressive This CB XXX% of ago. which we space. had over return, shares, value including over

summary, new hard positive Ramaco. We support. very we to In are are as of from as year reward and both for support deeply long appreciative to continue time well shareholders, promises our investors' that results some working this

floor discuss and I And will team that, with markets. our rest to to over operations of turn the finances, the

So a us on Jeremy, financial metrics. with rundown start off please

Jeremy Sussman

Randy. you, Thank

strong a our quarter As you fourth we year. of XXXX, financially, in easily the strongest noted, was quarter enjoyed which

indices still than While the levels. the the in QX quarters, U.S. indices X quarter to were below coal did XX% prior metallurgical compared fourth rise more

to tight was our QX execution of due Our and cost both strategy solid strong control. growth frankly

Specifically, X per in million-ton per annum rate each QX we first QX, rate of a run at to shipped X million-ton the half. a compared in run annum and

XX% margins than pricing ton XX% more QX. indices. versus per up In Realized stronger expanded to QX, $XXX on was our

fell cash a Randy More cost per noted. $X main from Berwind ton relative mine, as our importantly, contribution on both absolute stronger sequentially and

of than XX% quarter In $XX income terms $XX of million QX. in sequentially. from million almost up adjusted Fourth net was XX% metrics, QX more financial was up EBITDA

point Now per net I want make income one share. earnings and on to

QX had EPS EPS I had frankly we accounting we our First, complicated that issued as tracking in That would would note past, since the in have stock have for the comparative rules calculations. purposes, said, calculated fully $X.XX. diluted EPS we mid-XXXX, GAAP been

items affected. calculation A EPS our the each Based net would A not I dividend quarter key be outlook, calculated XX% structure. all would full alone. share class on be on of affect our income would EBITDA, EPS that will dual XXXX having Adjusted from EPS amount to in normal note I Class share XX% other current class single a a and B first the be will how quarterly XXXX will year with Class to estimate. expect anywhere come Class

income of For the guidance, the will some A Class assigned the shares net is EPS percentage the likely to be. greater higher

XX has As shares under a just reminder, the outstanding. Class A stock million

expecting We below year. the tons shipments XXX,XXX well tons XXX,XXX first rate which we are run anticipate the quarter to for is of full

inventory into of the term QX opened which building also Great of Lakes, deals which some ahead we late began in and in anticipate larger QX March. However, in ahead Asia,

throughout production both second the in anticipate and shipments we said, year increase with uptick the a to that half. meaningful With

Specifically, from Berwind third at the annum Elk Creek per section surface come addition half of X the XXX,XXX-ton increase and the ton mine. Highwall and than more the per will RAM XXX,XXX mine at second this annum

increase quarter Mine year to decline as costs also are projected sequentially. volumes each throughout the

XX% in all and note operational roughly sales I'll year, costs For guidance, at of guidance, midpoint decline up that a cash versus XXXX, the find you our can we in anticipate decline the roughly CapEx. both are full prior XX% we key reiterating slight and in which production tables. XXXX a

related debt balance Moving $XX the sheet. of million and million with Coal just $XX repaid debt to Ramaco QX, we term the XXXX revolver, final acquisition. XXXX excluding $XX to the ended We outstanding, the In million of of cash.

liquidity year-end year-end of to Lastly, million $XX at XXXX record we compared with million $XX XXXX. finished

terms said preliminary the revolver. with just Randy As have to reached and KeyBank both a extend week specifics, we provided agreement increase our this of and

to We finalized expect this QX. in be

our to I to Chris call would Officer, like now turn Blanchard. over the Chief Operating

Christopher Blanchard

and had everyone Jeremy, you, who how We environmental and year, on XXXX. Thank as of the improving are to I you enhancing first start our our that field in and we performance forward. that stewardship achieved we and proud last safety want performance in overall history lowest in joined this us thank the we move by incident to we focused morning. rate are pleased reiterating and

operationally, of XXXX tale was a Looking back on it X halves.

half was XXXX. preparation of reach Berwind complexes. delays completing was plant the constrained our at development Elk The We first Pocahontas upgrade ignition big had its following thick both in of #X at teams to event mining and Creek the the

however, monetization which begin Creek had the half, us at our Elk and second saw The inventory, preparation increase built of up. capacity

We exceeded the projected main staff and also about the levels. mine and mine reached and talked at reserve long the production quickly Berwind reached

team our our We has which started inventory. and surface mine expected. incredible sales Maben, done job run also than The selling marketing at better has an

elevated new of underway complexes several production work turn Now sales years, as up of X operations all into at has to next described. the ramp and That size the work Randy main levels these meet as over XXXX, is our our our we double now. will to

October. in after Elk the in we This XXX,XXX accompanying mine conditions, the with availabilities, and forward flat capacities broken operation. Elk volumes been July or average increasing mine and we've At beginning #X beat surface additional Ram planned should in now at also Highwall its existing Creek, following both had second overall match XXX,XXX it 'XX, production expect mine but years XXXX, #X with a Miner surface plant previously annualized RAM to XXXX a on of from the tons and cost both Creek, Miner due Ram was our production production, with Already the ground project. cash the with to market lowering structure postponed. bring Elk couple will surface and and have our moved first This Creek The Highwall in costs. #X

have super hitting both operation production. discussed, are targeted we been as in Berlin, QX now and normal At sections since

elevator has Once sections a producing be itself. increase new built. million and Our year, rate section. With reached from we portal at this #X where will series year a #X #X section of ventilation ton startup completed, this mine to clean nearly the area expect later allow and the per the shafts air of be will X our operating Berwind

of mine the is in the made Ramaco lowest has largest the preparation the in plant, to to at Berlin plant purchase the for With coal in from the investments complexes years several over many cost premium the past lines poised and in the States belt among Berwind and finally course, of be reserves, low-vol the United years.

steps week. a all this are to any will Maben Maben, to have preparation to Miner as this sections the the and the coal wash of the as at taking deliveries complex site. initial into surface current commissioned the Work relocation rebuild of future. as at on first the stand-alone contemplated of us of plant late Finally, has in plant existing components summer are be begun and grow begun The Highwall that full plant demolition we Maben plant underground the We the of purchased, with well anticipate operation the the to size plant, that the in to begin allow the year. and purchase and

between the eventually X.X million grows, Maben plant. to believe Depending will upgrade the modular X.X on As annual could million we allow totally conditions, produce design plant clean if market greenlighted circuits complex, the to Maben tons. to quickly us add

coal getting will the near that we our haul save costs the currently on $XX term, nearly bear. in plant clean However, ton in us preparation per bill and the down transportation drive operation initial raw

shipment served at It eventful the customers. on as the of enhance grow existing then our 'XX coal for ways coal other time also look we is next and exciting opportunistic railroads to operations. of both Ramaco for premium be continue river as complexes well for Having opens the an clean and as value. shareholder couple years to the Maben this out will

safety performance, existing of focus primary control remain will our strict stewardship however, operations. maintaining grow, and all new and at our we on As cost environmental

call and our would to a Fannin. Commercial detailed turn I discussion like over Officer, the more Chief the for Now to book, the of markets sales Jason

Jason Fannin

in Chris, in and good markets are due I supply outlook. fundamentals coal to morning, around outlook Global Thanks, and supported, vary seeing globe. coking what current demand of will mainly share the Economic our sales the coal remain because markets space. continued lower and everyone. forward well we conditions, market steel to underinvestment the continue and widely

of with in steel conditions the in while on Integrated struggle are with weak and along steel strong run and Europe, coke sustained the continue demand taxes from rebounding pricing U.S. and coke high there. keeping demand economic low-cost mills production, back levels. continues batteries imports Brazil to carbon to

production has Although is XXXX Pacific many Ramaco utilization start now into ex a returned and bright been to blast producers becoming for continuing of rates. with low to the have U.S. China much One during furnaces the spot player. year XXXX market where

year-over-year India. saw growth We tremendous demand in

all of New guidance. batteries of their ramp Since customers our coal Randy supply December, This million XXXX. sales Japan, they call, to to expanding Since sole seaborne our we their about index-linked X.X U.S. position intakes Korea essentially effectively now in we overall our in derisk and as continuing brings original committed position added million at markets tons, end sole pricing. our Indonesia tons coke of as lower basically and for and last traditional South XXX% have sale said, and up X.X new of to portfolio. coking doubled diversify

users. in long-term end a offtake efforts cargoes in the resulted maintained have shipments spectrum broad long-term several value focused we Asian number multiple much Ramaco's mentioned, and At into also The culmination and America of pricing grades in coking earnest coking of partners with of its test all agreements the QX. on during place of time, markets, low-vol, Ramaco specific across coal, mid-vol Randy incremental business has those product placing same and XXXX, coals. Atlantic of high-vol As North our different all low-sulfur of marketing portfolio during ranks grown our growing beginning Basin the of with premium who efforts low-ash,

to the slowed year. announcements. has though temporarily Turning have there the India subdued even environment. coal a back, market has production China pricing softened current is cut start the water project have infrastructure since elections trading new Index been as additional values of

index $XXX values U.S. B. for for A As Coast high-vol per ton for per of March and ton per X, the were $XXX low-vol, high-vol ton East $XXX

While premium $XXX per U.S. has at with coking continuing to This persisted sat fundamentally Australian Australian pricing U.S. low-vol ton. September, undervalued. between dislocation since and coals late be

XXXX, relativity to XX% a During average high-vol XX% U.S. relativity. U.S. averaged POV Australian low-vol and

Those market respectively. dropped much is indices at than low-vol XX%, yesterday, tighter And as relativities suggest. substantially. stood the U.S. have of and XX% currently

and continuing coking we supply near-term the of commented, demand where to Randy As continues focus space. bets placing production. its segment, growing the in in much Ramaco growth coal high-vol see the see to in We and supply low-vol mid-vol outpace is U.S. on U.S.

a coming agreements production additional already placed into of market. to to new of high-vol deduction high-vol offtake this much lot we prior a Fortunately, long-term

Regarding our the sole at pricing to performance sold near index. and markets been coals into versus sold the U.S. markets, our low-vol have mid-vol low- traditional parity

indices. sales to a traditional Our modest markets at high-vol U.S. to are discount

basket in against along are sales a Asian of with typical Our freight Australian differentials. indices the priced markets

line guidance. or our tonnage place perhaps for the of in substantial Looking hope amount year exceeding with ahead, additional we a to

the for With the portion Q&A operator that now return call the would I call. said, of the to Operator? to like

Operator

Riley [Operator from with Instructions] B. Lucas comes Today's question Pipes first Securities.

Nick Giles

solid My Giles behalf volume Congrats cadence. of is question a around Lucas. here. first This was on question on Nick results the asking

to wondering XXX,XXX over that was would million-ton or as take rate should mentioned of you XXX,XXX And even quarter think second split then First or what X run that was high And guidance to to range? low half. And the a end weighted you I more tons we an the tons. about XQ?

Jeremy Sussman

here. Nick, Jeremy hear you. from to Good it's

of at going to vessels. rails with of March, you're there's on always larger a mean, export lot variability more, sitting and So end I beginning and here we as up the larger

mostly low end would on frankly, So between say. this the side, high difference and the end mean, logistics the the quarter I I is

we I told end, So high obviously, have history us the be hope the has rails certainly to improved. at that but think while

there's in of the variability end there, still some the the range. day, At hence

will of ramp the I'd In volume quarter. mean, up cadence, terms each kind I say of

quarter than and fourth really say be see quarter on call is the touch tons up, Berwind but kind Chris will big bring I quarter, little and #X of X let about at it, quarter do you're his just -- this, around million at to a million on big the tons. of where X/X in probably kind quarter touch if about I'd an the X.XX higher he bit step X remarks, on bit the talked about when QX RAM sales as you basis. that's So I'll thinking is frankly, and a in million the fourth cadence, delta really third third mines you're million second third and Chris, a want annualized a tons X.X bit tons, going little little almost mean, prepared you section Creek. Elk to on that?

Christopher Blanchard

Yes. Yes.

then cadence will the the that So Highwall third in RAM the is production. the surface part and come of is, of mine, Miner the which at quarter, complex we'll the very the fourth smaller be end in layer And of bulk of will quarter. the beginning in Creek quarter, in, Elk second that obviously,

you why the change that's so Creek And step side. Elk get on the

around Berwind of ventilation our timing the at which low-vol, section, based the then on third it's is all And dependent.

the workforce earlier, the start really rate. So it quarter, step the to then build has to X we fourth start get you'll it love quarter. us as the year the exiting run normalized up million-ton change but And we'd production, see in which third until won't and that that is reality

Nick Giles

just Super quality on was helpful. My next mix. question

here on full I the outlook mentioned And up think in a year nice Lakes you picking March. a Great basis. provided You

quarter And things XQ? So the how here quality as second how should progress we think maybe into in mix well? would about

Jason Fannin

is Jason. Yes. Nick, this

look low like goes, think see will our of in half which mentioned, a as year. this more a volume. Certainly, of back ramp bit lot the I did certainly quality QX. QX it as in mix Chris production coming quite the far As we'll

you #X of smarter was the in back As mentioned, RAM uptick half. a that part

mix there. Our QX QX mirrored mix and production essentially quality

Jeremy Sussman

thing his But the upon it we think touched where remarks. thing to in is the note change Nick, point prepared there X, kind on is one big I of Randy I'd the low-vol Slide give to the side. breakdown. the

I of So mean, sort mid-vol now, XX% mix. at we're a a of right low-vol kind

ultimately, forward, above that move of we take kind will us As XX%.

So I tons mean ramps our when -- we on of more mix, ultimately, I'd a say, and bit in there the QX year as obviously you will as will different kind exit well. it Maben year look and bring a as little than Berwind full get

Nick Giles

could it. Got sneak more Got just it. If the on market. one I maybe

you comments. was market lower expect additional wondering course green think of Thanks any cited sheets operations I touched the any to utilization. ramp you'd on up and yet? I over Are the the if for you those European seeing year?

Jason Fannin

Yes.

market kind mean, Jason So Randy I is spring Nick, a loaded is like Yes, rebound. that again. mentioned, this of as seems it for

a necessary for so there very, really Those then outlook impacts cause there They've of for it forward. grown energy year as have we with war began, say, customers for think business premium that after X the last the strong products. COVID be certain Ukraine triggers I'd the are this have customers to goes are to that. since I it years. going Certainly, is and been -- the couple depressed several now

Some furnaces. of indeed restarted blast those have customers

attempt of reasonable keep the for at them. furnaces an on holdbacks level I are to the those steel a capacity some think pricing

big some I of for think resolution triggers a one rebound there in be would the Ukraine.

big million you taking of demand recall, could happens. the the That that a if from states, when prior out a jump were If U.S. upwards to X war, in of year and the they be tons

there there are positive certainly, timing. It's But just shoots are matter there of there. a and aspects

Randall Atkins

be the on terms you macro, over has I'd if point year, that course, probably further its some footsteps, U.S. of behind little of decline at you'll in think economic not the do that seeing I sort see think its And start another towards activity too Europe when to been this rates after following a more decline. of of may a perception catalyst Europe U.S. interest see would I But also bit say, that. much Nick, there.

Nick Giles

the Got the luck. get I appreciate color. Well, all on and quarter best it. Congrats really of continue

Randall Atkins

Thanks, Nick.

Operator

Our next Benchmark Nathan The comes today question Instructions] [Operator from with Company. Martin

Nathan Martin

deck Maybe the sticking with slide real quick.

Slide it's think X. I

production of maybe provide approximately taking medium-term years Could how you about take, it's I CapEx how talk target, X least XXXX. did it which level, could around plus tons. double you little think, of or foresee that million a get to you many color more in at that to guys guys kind much that guys what basically You said possibly Randy, you

Randall Atkins

Yes.

in We look the think cadence, ramp. of terms that Creek I probably X-year as kind of bumped up a X.X Elk we at to about million tons.

to X We have X.X million-ton Berwind probably million level. a at

to Maben as also take. in X tons. about or Knox that bump give under with, frankly, there And then bit X.X but a million we'd million would just probably tons, little have greenlighted yet, haven't much Creek We as

than little up in adds to a for room that got actually, wiggle there. but more So $X bit a we've -- room little million,

of terms our through work in got be 'XX the it. But I CapEx think main this we've would '$XX say million, probably to would I CapEx, million. for

probably includes you we we I right about course, at as ramp range. of maybe will from will low be. million million million We what rate. we plus at sort heads to what a in give get up come in in probably too. plenty would even bumping years CapEx, to where moving of of sort X And $XX doubling maintenance And really $XX $X.X the out, But would up numbers threshold. about of a the to high had further we CapEx, look cadence as that of for only say that our also XXs, We're the are originally now 'XX to

around But CapEx all to is will that growth it, that. new less going to guidance we take up, the point numbers our much that be laying any when of specific we than get to happy the So projects, growth be that is. provide on to CapEx CapEx all out with

Nathan Martin

Got of the element over potential it. Maybe the rare earth mine Randy. Brook shifting Appreciate and the house. side to it,

get SRK, of should You by wrong, us the over if What report possible do expect as weeks mentioned economics still half. the the I first I'm previously expectation I receiving from do guys to And think, of or next so. the information me anticipate kind to of the said report, you but you think project end the that the glimpse I Weir well. you in X correct believe first give the And that? then separately, from

Randall Atkins

Yes.

So great question.

it report, break down, additional samples tremendous thousands amount a we -- since essentially the tested been of are in first our been like that report. have to going basically, up So Weir putting we

that's time given lag. the So what's

we interesting We've also testing on and gone more some tonnage, importantly, only will back that metrics concentrations. as will on but new focused not done be explain

front to best can minerallurgic is, will enough. to chemical soon economics. in I to the be determine course, that how before load of and character techniques because developed. the terms of really going brought the that, And is that and help the the processing first, And you So cadence out don't determine what want be essentially do they roll were you SRK, have will in way metallurgic deposit of determine us basically, it's what to to was,

the frankly, we're now. that's, so And in process that

brought going and of who's We area. to someone report, got And deal great of the kind background who a again, disclosure full effort, once rare we earth come of now experience with everything we're run out functionally just this board a our is will looking on in have at. we

able next proceeding look sort we the explain findings also how having path So commercialization here give critical analyst the within call you sort probably to to and the we're Weir a the forward of of be month all from with report sometime an forward to to of a efforts.

Nathan Martin

still Maybe more a helpful. about. is project. reports Very out, results we're up it. to that as Got spending mean, to before there on talking off CapEx start are XXXX? on that just it possibility material with look relates say, come let's ways amounts we Or moves in and little just more CapEx one we what a if bit positive I these

Randall Atkins

or on REEs on coal? about talking You're met

Nathan Martin

exactly. mine, Brook the at REEs On Yes.

Randall Atkins

Yes.

sort project amounts $X our million rare the date. to modest exceedingly $X to in spent of million range have on earth entire We

that's And outer with math got a that value on to we of of in I'm will is relating we begin what so you to So the come much that that CapEx you is the come kick at us, to will our on fact to our on get with point, appropriate that generated lot do looks thinking processing do standpoint, before with that always the really in try 'XX. what like out once do technique guidance from least kind mine 'XX. to for CapEx, the We've the can won't conclusion. return CapEx up we pursue. premised there probably testing we would market will a until of more to in what that But years. up just not look give be even plenty again, any of we like. CapEx And I we

Operator

turn to question-and-answer to concludes for our Atkins session. back the conference remarks. closing team Mr. this ladies the like and and management any I'd And gentlemen, over

Randall Atkins

Great. Well, look morning. being very up your thanks catching we in here the and always, forward We for line everybody a much. few appreciate this Thanks to on months interest. as

Operator

you We This today's call. all you, conference for Thank today's thank concludes presentation. attending sir.

have now disconnect a your may lines, day. You wonderful and

Ramaco Resources (METC) 8 Mar 242023 Q4 Earnings call transcript