Ramaco reports Q1 net income $25.3M ($0.57 EPS), reveals major REE deposit at Brook Mine

Ramaco Resources, Inc.

2023-Q1 EPS reported $0.57 revenue$166,360,000

Q1 net income $25.3M vs $14.4M Q4 2022; Adjusted EBITDA $48.3M; record production 834K tons, record sales 757K tons.
2023 production guidance raised to 3.1-3.6M tons; sales guidance raised to 3.3-3.8M tons (45% YoY increase).
Weir International estimates 181K-226K tons of magnetic rare earth oxide (MREO) at Brook Mine; 28% of deposit is magnetic REEs.
First section at Berwind No.1 mine ramping as expected; Board approved second section by mid-2023 adding ~300K tons annualized.
Cash costs on company-produced coal fell to $105/ton from $114/ton Q4 2022; Elk Creek costs declined 10% sequentially to $90/ton.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Ramaco Resources, Inc. reported three months ended March 31, 2023 results: net income net income of $25.3 million, EPS diluted EPS of $0.57. Guidance raised.

Period: three months ended March 31, 2023
Net income: net income of $25.3 million
EPS: diluted EPS of $0.57
Guidance: raised
Result: reported results

Exact text from the filing

Ramaco Resources, Inc. (NASDAQ: METC, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months ended March 31, 2023. FIRST QUARTER 2023 HIGHLIGHTS · The Company had net income of $25.3 million (diluted EPS of $0.57) compared to $14.4 million (diluted EPS of $0.32) in the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001104659-23-055558

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