Ramaco Resources Stock Earnings Reports

Ramaco Resources reported Q1 2026 results and provided operational and strategic updates relevant to investors. Key financials and capital allocation: the company has repurchased roughly 2.6 million Class A shares year-to-date (~5% of stock) under a $100 million authorization and has about $490 million in liquidity (record year-end position). Management reiterated opportunistic share repurchases while funding growth. Q1 adjusted EBITDA was negative $1.8M and Class A EPS was a $0.30 loss; cash cost per ton sold was $98 (first quartile among Central Appalachian peers). Inventory stood at over 1 million tons. Guidance and operations: Q2 shipments are guided at 900k–1.0M tons with cash costs expected toward the higher end of the full-year range due to elevated diesel prices tied to the Iran conflict. Ramaco reaffirmed full-year 2026 operational guidance (production, tons sold, cash costs). Sales/marketing: 2026 sales commitments total ~3.5M tons (≈90% of planned midpoint production) — 1.1M domestic (avg $138/ton fixed), 2.4M export (1.0M fixed at $107/ton, 1.4M index-linked). Export mix for Q2 expected to be ~70–75% committed to seaborne markets, with ~25% of export tons priced to the PLV index. Market view: management sees ongoing production curtailments and bankruptcies removing supply (domestic and overseas) and expects these cuts (estimated ~3M tons in 2026) to eventually tighten markets and support pricing; they view current U.S. high-vol indices as unsustainably weak versus Australian benchmarks. Coal operations: continued cost discipline (Q1 cash costs under $100/ton for third consecutive quarter) despite fuel and supply inflation (diesel jumps up to $5.45/gal earlier in 2026; ~ $1.5/ton cost per $1/gal diesel change). Low-vol growth: Laurel Fork restarted; Berwind adding third section this summer and gearing to ramp to ~900k–1.0M clean tons annually; Maben rail loadout under construction to eliminate trucking (expected Q4 2026) and support potential 1.5M-ton deep-mine expansion when market conditions merit. Critical minerals / rare earths: management is progressing the carbochlorination flow sheet (Hatch revised conceptual study due late June; Weir technical geological summary to follow). Pilot plant building construction expected completed late summer/early fall with equipment install this fall and pilot operations in 2027. Management has formed a holding-company reorganization with three subsidiaries (Ramaco Royalty — infrastructure/reserves/IP; Ramaco Critical Mineral Resources — Brook Mine production/sales; Ramaco Refining — carbochlorination separation facilities) to provide operational and financial optionality. Marketing momentum for Brook Mine is growing with MOUs expected; offtaker interest highlighted in gallium and scandium. Labs capacity constraints persist industry-wide; Ramaco is fitting out internal geometallurgical labs to accelerate testing. Capital spending: roughly split between maintenance (~$45M) and growth (~$20M) in 2026, including low-vol expansion and initial rare earth development. M&A: management is opportunistic given stressed vendor landscape. Overall positioning: strong liquidity and low-cost operations give Ramaco optionality to buy back shares, pursue low-vol coal growth, advance Brook Mine critical minerals, and pursue nondilutive financings / offtakes as technical studies and pilot milestones are achieved.