Ramaco Resources, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
METC$6.24+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001213900-25-102891
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001104659-26-058647
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 80 previous paragraphs and 68 current paragraphs.
30 unchanged; 31 reworded; 5 added; 15 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 24 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Our ongoing business development efforts are focused on the timely and prudent advancement of our rare earth elements and other critical minerals property, the assessment of associated processing facilities to support the future production of rare earth element minerals and coal-to-carbon based products and other critical minerals products.
Current report
The Company continues to move forward with its potential rare earth elements and other critical minerals deposit evaluation at the Brook Mine. The timeline for our rare earth elements and other critical minerals initiatives is subject to the completion of ongoing test work, engineering studies, and the continued updating of mine designs, as well as the receipt of all required federal, state, and local permits and licenses and compliance with applicable regulatory requirements.
Current report
Critical mineral production, including mill throughput and feed grades, is subject to further technical validation, including additional infill and step-out drilling, geological modeling, mine planning, and metallurgical testing. There is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine, and there is no certainty that any part of the inferred mineral resources estimated will be converted into higher confidence mineral resources and eventually mineral reserves in the future.
Current report
Refer to Note 14 of Part I, Item 1 for additional information regarding dividends declared subsequent to the date of the financial statements.
Current report
There were no material changes to the Company’s contractual obligations from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company's contractual commitments and obligations include repayments of long-term debt, including senior unsecured notes and convertible senior notes, minimum coal lease and royalty obligations, payments under financing and operating leases, take-or-pay obligations associated with rail and export terminal transportation contracts, and insurance premium financing. In addition, the Company has asset retirement obligations and workers' compensation and occupational disease obligations that represent additional material cash requirements.
Removed paragraphs (15)
Previous report
The Company continues to make significant progress on the development of the Brook Mine rare earth elements and critical mineral project. Analyses performed to date indicate elevated levels of rare earth elements along with significant concentrations of critical minerals which were banned for export to the United States by China. In March 2025, the Company received a $6.1 million matching grant from the Wyoming Energy Authority, which shall be applied toward the development of an initial processing laboratory/pilot plant and related facilities at the Brook Mine. Construction of the laboratory/pilot plant began in Q3 2025 and is expected to be completed in mid-2026. Concurrently, in conjunction with Fluor Corporation, the Company has completed its preliminary economic assessment that demonstrates the viability of commercial development of rare earth elements and critical minerals processing. A summary of these findings was released in July 2025.
Previous report
Earlier in 2025, President Trump issued an emergency declaration which prioritizes domestic critical mineral production as a matter of national security and economic resilience. As a result, the Company has been actively engaged in strategic discussions involving senior officials across the Department of Energy, Department of Interior, Department of War, the Federal Permitting Improvement Steering Council, the President’s National Energy Dominance Council, and the National Security Council in response to the shared urgency to reduce reliance on foreign sources of critical mineral production and processing. The Company was requested by various arms of the Administration to consider both the expansion and acceleration of the Brook Mine project. In September 2025, the Company expanded its internal production projections from the preliminary economic assessment and released a Technical Report Summary, prepared by Weir International, Inc., reflecting enhanced project economics and resource efficiency stemming from higher grade resource quality than previously known at the time of the preliminary economic assessment.
Previous report
In August 2025, concurrent with the rapid evolution of the Brook Mine project, the Company successfully raised gross proceeds of $200 million through an underwritten public offering of its Class A common stock, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. This additional capital provides a significant funding source towards the development of our rare earth elements and critical minerals platform at the Brook Mine.
Previous report
We have also made notable additions to our executive management team in 2025 to lead in the development of the Rare Earths and Critical Minerals segment as we continue to refine mineral recovery, extraction methodology, and processing capacity assumptions within the mine plan. To assist in the continued development of the project, the Company has officially retained Hatch Ltd. to lead its ongoing pre-feasibility study. Hatch was selected for its technical expertise in rare earth element processing and will oversee test work, laboratory/pilot plant design, and process optimization. This pre-feasibility study is expected to provide key information for future permitting, investment, and offtake discussions aligning with the Company’s strategy to accelerate project development. The pre-feasibility study is expected to be completed in 2026. We expect to proceed to engineering and designing the full commercial oxide plant, with a construction period to be validated and updated upon the completion of the pre-feasibility study to be followed by a subsequent two-year shakedown period for the plant to be optimized to reach full steady-state capacity.
Previous report
The activities at the Brook Mine may result in a material change to our operating results and financial condition in future periods as the project continues to develop. The future financial statement impact is largely dependent on the results of laboratory/pilot plant testing for processing rare earth element and critical mineral concentrates into oxides and subsequent achievement of commercial production. At this time, we are unable to estimate the potential financial impact to future periods.
Previous report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous report
*Revenue.*Coal sales revenue for the nine months ended September 30, 2025 was $408.6 million, approximately 18% lower than the same period in 2024 driven by the negative impact of pricing. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from rare earth elements and critical minerals at this time.
Previous report
*Cost of sales.*Our cost of coal sales totaled $346.3 million for the nine months ended September 30, 2025 compared to $397.2 million for the same period in 2024. The 13% decrease was driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine in Q2 2025, in addition to reduced trucking costs at the Maben complex subsequent to commissioning in Q4 2024. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from rare earth elements and critical minerals at this time.
Previous report
Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $51.7 million and $48.9 million for the nine months ended September 30, 2025 and 2024 respectively. The increase year-to-year was related to general increases in plant and equipment and production versus 2024.
Previous report
Other income (expense), net. Other income, net was $1.3 million and $3.1 million for the nine months ended September 30, 2025 and 2024, respectively. The $1.8 million decrease was principally due to a non-recurring transportation damage settlement in the prior year resulting in greater transportation-related income at that time.
Previous report
*Interest expense, net.*Interest expense, net was $7.3 million and $4.5 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in 2025 was largely due to issuance of the 2029 Notes in late 2024.
Previous report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous report
Revenue. Coal sales revenue for the nine months ended September 30, 2025 was $408.6 million, approximately 18% lower than the same period in 2024 driven by the negative impact of pricing, offset by a 1% increase in tons sold. Revenue per ton sold decreased 18% from $173 per ton to $141 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, decreased 16% from $145 per ton to $122 per ton. The decrease in the Company’s revenue per ton sold measures were due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 19% during the nine months ended September 30, 2025 compared to the same period of 2024 as a result of the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.
Previous report
*Cost of sales.*Our cost of coal sales totaled $346.3 million for the nine months ended September 30, 2025 compared to $393.6 million for the same period in 2024. The 12% decrease was driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine in Q2 2025, in addition to reduced trucking costs at the Maben complex subsequent to commissioning in Q4 2024. Cost of sales per ton sold decreased 12% from $137 per ton to $120 per ton. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 8% from $109 per ton to $100 per ton. Mine costs for the first nine months of 2024 were impacted negatively by challenging geology and labor constraints which improved during the same period of 2025.
Previous report
Sources of cash:
Reworded paragraphs (31)
Previous wording
We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. In June 2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the “Brook Mine”). That mine has initially begun to produce representative ore material for short-term pilot-scale testing of the feedstock with the goal of ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and critical mineral oxides. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal.
Current wording
We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. In June 2025, we initiated evaluation of our rare earth element and other critical minerals project near Sheridan, Wyoming (the “Brook Mine”). That mine has initially provided representative mineralized material for short-term pilot-scale testing of the feedstock with the goal of supporting more advanced mining studies ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and other critical mineral oxides. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the potential production of advanced carbon products and materials from coal.
Previous wording
Our primary source of revenue is the sale of metallurgical coal. We maintain 66 million reserve tons and 1,352 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to approximately seven million clean tons of metallurgical coal, subject to market conditions, permitting and additional capital deployment in the medium-term. We may make acquisitions of reserves or infrastructure that continue our focus on advantaged geology and lower costs.
Current wording
Our primary source of revenue is the sale of metallurgical coal. We maintain 85 million reserve tons and 1,337 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to possibly as much as seven million clean tons of metallurgical coal annually, subject to market conditions, permitting and additional capital deployment in the medium-term. We may also acquire additional reserves or infrastructure that contribute to our focus on long-term value creation, operational efficiency and lower costs.
Previous wording
The overall outlook of the metallurgical coal business is dependent on a variety of factors such as pricing, regulatory uncertainties, and global economic conditions. Coal consumption and production in the U.S. are driven by several market dynamics and trends including the U.S. and global economies, the U.S. dollar’s strength relative to other currencies and accelerating production cuts. Blast furnace steelmaking is more prevalent outside the U.S. compared to domestic steel production, which creates demand for exports of metallurgical coal, including demand growth in Asia Pacific.
Current wording
The overall outlook of the metallurgical coal business is dependent on a variety of factors such as pricing, regulatory uncertainties, and global economic conditions. Coal consumption and production in the U.S. are driven by several market dynamics and trends including the U.S. and global economies, the U.S. dollar’s strength relative to other currencies and accelerating production cuts. Blast furnace steelmaking is more prevalent outside the U.S. compared to domestic steel production, which creates demand for exports of metallurgical coal, including demand growth in the Asia Pacific.
Previous wording
Global metallurgical coal markets softened in 2024 and continued to do so in 2025 due to constrained economic growth in some regions of the world and continued conflict overseas. The global steel market experienced slower growth, especially in China, resulting in elevated levels of Chinese steel exports. These conditions have led steel companies to both cut back on their own production and to reduce the price they are willing to pay for their metallurgical coal feedstock. For 2025, overall steel demand will likely remain weak in the near term; however, supply cuts may occur for higher cost operations absent a significant upward movement in pricing. Longer term, the Company believes that limited global investment in new coking coal production capacity, the industrialization of emerging economies, expansion of urbanization globally, and an eventual return to economic growth will support coking coal markets overall.
Current wording
Global metallurgical coal markets remained soft in the first quarter of 2026 due to constrained economic growth in some regions of the world and continued conflict overseas. Reduced global steel production and oversupply in the market have led to a reduction in the price steel producers are willing to pay for their metallurgical coal feedstock. Overall steel demand will likely remain weak in the near term; however, supply cuts have begun occurring for higher
Previous wording
During the nine months ended September 30, 2025, we sold 2.9 million tons of coal and recognized $408.6 million of revenue. Of this amount, 38% of our revenue was from sales into North American markets, including Canada, and 62% of our revenue was from sales into export markets. During the same period of 2024, we sold 2.9 million tons of coal and recognized $495.4 million of revenue, of which 33% was from sales into North American markets, including Canada, and 67% was from sales into export markets. Sales into export markets, which often include index-based pricing, generally have greater exposure to variability in pricing from period to period. The Company’s exports have not been materially delayed or otherwise affected by recent severe weather events, dockworker labor disputes, or recently enacted U.S. tariffs.
Current wording
During the three months ended March 31, 2026, we sold 892,000 tons of coal and recognized $121.6 million of revenue. Of this amount, 31% of our revenue was from sales into North American markets, including Canada, and 69% of our revenue was from sales into export markets. During the same period of 2025, we sold 946,000 tons of coal and recognized $134.7 million of revenue, of which 33% was from sales into North American markets, including Canada, and 67% was from sales into export markets. Sales into export markets, which often include index-based pricing, generally have greater exposure to variability in pricing from period to period. The Company’s exports have not been materially delayed or otherwise affected by recent severe weather events, dockworker labor disputes, global conflicts or recently enacted U.S. tariffs.
Previous wording
As of September 30, 2025, the Company had outstanding performance obligations of approximately 0.6 million tons for contracts with fixed sales prices averaging $164 per ton, excluding freight, as well as 1.2 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 48% of the committed tons in 2025, 48% in 2026, and 3% in 2027. Refer to Note 9 of Part I, Item 1 for additional information.
Current wording
As of March 31, 2026, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $137 per ton, excluding freight, as well as 1.8 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 88% of these commitments in 2026 and 12% of these commitments in 2027. Refer to Note 9 of Part I, Item 1 for additional information.
Previous wording
In the first nine months of 2025, our segment capital expenditures were $45.9 million, excluding capitalized interest of $0.9 million. In the first nine months of 2024, our capital expenditures were $55.8 million, excluding capitalized interest of $1.0 million. The decrease in capital expenditures was due to lower spending in 2025 on the Company’s strategic growth projects, specifically at the Maben preparation plant.
Current wording
In the first three months of 2026, our segment capital expenditures were $17.5 million, excluding capitalized interest of $0.2 million. In the first three months of 2025, our segment capital expenditures were $20.9 million, excluding capitalized interest of $0.5 million. The decrease in capital expenditures was due to higher spending in 2025 on the Company’s strategic growth projects, specifically at the Maben preparation plant.
Previous wording
The Company produced 2.9 million tons during the first nine months of 2025 compared to 2.7 million tons during the first nine months of 2024 as a result of the increase in capacity and completed development work. The Company expects full-year production volumes in 2025 between 3.7 and 3.9 million tons with an ability to vary production dependent on market conditions.
Current wording
The Company produced 1.0 million tons of coal during the first three months of 2026, consistent with the first three months of 2025. The Company expects full-year production volumes in 2026 between 3.7 and 4.1 million tons with an ability to vary production dependent on market conditions.
Previous wording
In the first nine months of 2025, our segment capital expenditures were $2.4 million compared to $0.1 million for the corresponding time period of 2024. The increase in capital expenditures was attributable to the continued expansion of the Brook Mine project.
Current wording
In the first three months of 2026, our segment capital expenditures were $2.2 million, excluding capitalized interest of $0.1 million. In the first three months of 2025, our segment capital expenditures were $0.1 million. The increase in capital expenditures was attributable to the continued expansion of the Brook Mine project.
Previous wording
Net income and Adjusted EBITDA for the three and nine months ended September 30, 2025 were negatively impacted by the softening of global metallurgical coal markets and the decrease in metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding Adjusted EBITDA.
Current wording
Net income and Adjusted EBITDA for the three months ended March 31, 2026 were negatively impacted by the continued unfavorable global metallurgical coal markets and metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding Adjusted EBITDA.
Previous wording
Revenue. Coal sales revenue for the three months ended September 30, 2025 was $121.0 million, approximately 28% lower than the same period in 2024 driven by the negative impact of pricing and a 15% decrease in tons sold. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from rare earth elements and critical minerals at this time.
Current wording
Revenue. Coal sales revenue for the three months ended March 31, 2026 was $121.6 million, approximately 10% lower than the same period in 2025 driven by the negative impact of pricing and a 6% decrease in tons sold. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from the Company’s Rare Earths and Critical Minerals segment at this time.
Previous wording
*Cost of sales.*Our cost of coal sales for the three months ended September 30, 2025 was $101.8 million, approximately 24% lower than the same period in 2024 driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine in Q2 2025, in addition to reduced trucking costs at the Maben complex subsequent to commissioning in Q4 2024. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from rare earth elements and critical minerals at this time.
Current wording
*Cost of sales.*Our cost of coal sales for the three months ended March 31, 2026 was $108.5 million, approximately 5% lower than the same period in 2025 driven by the decrease in tons sold described above. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from the Company’s Rare Earths and Critical Minerals segment at this time.
Previous wording
Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $17.1 million and $17.8 million for the three months ended September 30, 2025 and 2024, respectively. The decrease quarter-to-quarter was related to a $1.4 million decrease in development amortization, partially offset by general increases in plant and equipment versus 2024.
Current wording
Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $16.6 million and $17.5 million for the three months ended March 31, 2026 and 2025, respectively. The decrease quarter-to-quarter was related to a $1.6 million decrease in development amortization and depletion, partially offset by general increases in plant and equipment versus 2025.
Previous wording
*Selling, general, and administrative.*Selling, general, and administrative (“SG&A”) expenses were $16.1 million and $12.9 million for the three months ended September 30, 2025 and 2024 respectively. The $3.2 million increase in 2025 was primarily due to an increase in professional service expenses.
Current wording
*Selling, general, and administrative.*Selling, general, and administrative (“SG&A”) expenses were $20.3 million and $14.6 million for the three months ended March 31, 2026 and 2025, respectively. The $5.7 million increase in 2026 was primarily due to an increase in professional service and general mine expenses of $2.4 million and labor costs of $1.7 million, with the remaining increase attributable to the development of our rare earth element and critical minerals project.
Previous wording
*Other income (expense), net.*Other income (expense), net was consistent for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, with $0.1 million in other income and ($0.1) million in other expense, respectively.
Current wording
*Other income (expense), net.*Other income (expense), net was consistent for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, with $0.5 million in other income in each of the respective periods.
Previous wording
*Interest expense, net.*Interest expense, net was $2.3 million for the three months ended September 30, 2025 compared to $1.7 million for the same period in 2024. The increase in 2025 was largely due to issuance of the 8.375% Senior Unsecured Notes due 2029 (the “2029 Notes”) in late 2024.
Current wording
*Interest expense, net.*Interest expense, net was $0.3 million for the three months ended March 31, 2026 compared to $2.2 million for the same period in 2025. The decrease in 2026 was largely due to increased interest income of $3.1 million from U.S. treasury securities, offset by an increase in interest expense of $1.2 million associated with the issuance of 2030 Senior Notes in the fiscal quarter ended September 30, 2025 and 2031 Convertible Senior Notes in the fiscal quarter ended December 31, 2025.
Previous wording
Income tax expense (benefit). The effective tax rate for the three months ended September 30, 2025 and 2024 was 19.9% and 9.3%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.
Current wording
Income tax expense (benefit). The effective tax rate for the three months ended March 31, 2026 and 2025 was a benefit of 19.0% and 31.2%, respectively, excluding the impact of discrete items. Discrete items for the periods consisted of stock-based compensation. The lower effective tax rate for the quarter ended March 31, 2026 compared to March 31, 2025 was primarily driven by a lower expected percentage depletion deduction. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, production tax credits, and depletion expense for income tax purposes.
Previous wording
*Revenue.*Coal sales revenue for the three months ended September 30, 2025 was $121.0 million, approximately 28% lower than the same period in 2024 driven by the negative impact of pricing and a 15% decrease in tons sold. The decrease in tons sold is attributable to export markets, which decreased by 22% primarily due to timing differences in shipments to foreign customers. Revenue per ton sold decreased 15% from $164 per ton to $139 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 12% from $136 per ton to $120 per ton. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The decrease in the Company’s revenue per ton sold measures were due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 18% during the three months ended September 30, 2025 compared to the same period of 2024 as a result of the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.
Current wording
Revenue. Coal sales revenue for the three months ended March 31, 2026 was $121.6 million, approximately 10% lower than the same period in 2025 driven by the negative impact of pricing and a 6% decrease in tons sold. The decrease in tons sold occurred in both domestic and export markets, which each decreased by approximately 6%. Revenue per ton sold decreased 4% from $142 per ton for the three months ended March 31, 2025 to $136 per ton for the three months ended March 31, 2026 and was driven by the variability in index-based pricing for export sales. Revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 7% from $122 per ton for the three months ended March 31, 2025 to $114 per ton for the three months ended March 31, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The decrease in the Company’s revenue per ton sold measures was largely due to the decrease in metallurgical coal prices, specifically within U.S. high-vol indices, due to the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.
Previous wording
Cost of sales.Our cost of coal sales for the three months ended September 30, 2025 was $101.8 million, approximately 24% lower than the same period in 2024 driven by the 15% decrease in tons sold discussed above and operational efficiencies. Cost of sales per ton sold decreased 10% from $130 per ton to $117 per ton. Cash cost per ton sold(FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 5% from $102 per ton to $97 per ton. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding this measure. Mine costs for the third quarter of 2025 benefited from efficiencies gained from increased production versus the same period in 2024.
Current wording
*Cost of sales.*Our cost of coal sales for the three months ended March 31, 2026 was $108.5 million, approximately 3% lower than the same period in 2025 mainly attributable to the 6% decrease in tons sold discussed above. Cost of sales per ton sold increased 3% from $119 per ton for the three months ended March 31, 2025 to $122 per ton for the three months ended March 31, 2026 due to increased transportation costs and idle mine costs of $1.9 million. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, remained consistent at $98 per ton for three months ended March 31, 2025 and March 31, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure.
Previous wording
Segment adjusted EBITDA. Segment adjusted EBITDA for the three months ended September 30, 2025 was $15.9 million, approximately 41% lower than the same period in 2024 driven by the revenue and cost of sales items discussed above.
Current wording
Segment adjusted EBITDA. Segment adjusted EBITDA for the three months ended March 31, 2026 decreased by $10.0 million compared to the same period in 2025 driven by the revenue and cost of sales items discussed above.
Previous wording
Segment adjusted EBITDA. Segment adjusted EBITDA for the three and nine months ended September 30, 2025 decreased by approximately $2.4 million and $8.8 million, respectively, compared to the same period in 2024 primarily driven by increased labor and professional service costs to develop the Brook Mine rare earth elements and critical minerals project in 2025.
Current wording
*Segment adjusted EBITDA.*Segment adjusted EBITDA for the three months ended March 31, 2026 decreased by approximately $2.4 million compared to the same period in 2025 primarily driven by increased labor and professional service costs to develop the Brook Mine rare earth elements and critical minerals project in 2026.
Previous wording
On May 3, 2024, the Company entered into the First Amendment Agreement to the Second Amended and Restated Credit and Security Agreement in order to, among other things, extend the maturity date and increase the size of its existing Revolving Credit Facility. The amended facility has a maturity date of May 3, 2029, and provides an initial aggregate revolving commitment of $200 million as well as an accordion feature to increase the size by an additional $75 million subject to certain terms and conditions, including the lenders’ consent. The amended facility provides the Company with additional flexibility to pursue further growth in production while meeting normal operating requirements. The terms of the amended facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.
Current wording
maturity date and increase the size of the facility. The amended facility has a maturity date of December 30, 2030 (subject to a springing maturity tied to convertible indebtedness), and provides an initial aggregate revolving commitment of $350.0 million as well as an accordion feature to increase the size by an additional $150.0 million subject to certain terms and conditions set forth in the Credit Agreement. The amended facility provides the Company with additional flexibility to pursue further growth in production while meeting normal operating requirements. The terms of the amended facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.
Previous wording
At September 30, 2025, we had $193.8 million of cash and cash equivalents and $78.6 million of remaining availability under our Revolving Credit Facility for future borrowings. Cash and cash equivalents include $6.5 million of compensating balances held in dedicated accounts to assure future credit availability under the revolver. The Company’s total current assets were $328.7 million and were in excess of total current liabilities by $218.2 million as of the balance sheet date.
Current wording
At March 31, 2026, we had $355.2 million of cash and cash equivalents and $133.6 million of remaining availability under our Revolving Credit Facility for future borrowings. Cash and cash equivalents include $7.5 million of compensating balances held in dedicated accounts to assure future credit availability under the revolver. The Company’s total current assets were $542.7 million and were in excess of total current liabilities by $431.5 million as of the balance sheet date.
Previous wording
Significant sources and uses of cash during the first nine months of 2025
Current wording
Significant uses of cash during the first three months of 2026
Previous wording
The Class B common stock dividends are calculated based on 20% of the previous quarter’s CORE royalty and infrastructure fees as shown below. Refer to Note 7 of Part I, Item 1 for additional information regarding dividends.
Current wording
All dividends declared to date for Class B common stock were based on 20% of CORE royalty and infrastructure fees for the previous quarter.
Previous wording
As of the issuance of these financial statements, the Board of Directors has not declared a dividend for the fourth quarter of fiscal year 2025. The Company anticipates declaring a similar dividend for the fourth quarter of fiscal year 2025 and on a quarterly basis in future periods; however, future declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions change.
Current wording
The Company currently anticipates declaring similar dividends on a quarterly basis in future periods; however, future declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions change.
Previous wording
Our primary use of cash includes our investment in the development of our rare earth elements and critical mineral platform, capital expenditures for mine development, and ongoing operating expenses. We expect to fund our capital and liquidity requirements for the next twelve months and the reasonably foreseeable future with cash on hand, borrowings under our revolving credit facility, projected cash flows from operations, and, if warranted, capital raised under the Company’s shelf registration discussed below. Factors that could adversely impact our future liquidity and ability to carry out our capital expenditure program include the following:
Current wording
Our primary use of cash includes capital expenditures for mine development, infrastructure and equipment, ongoing operating expenses, as well as our investment in advancing our rare earth elements and other critical minerals project. As of the date of this Quarterly Report, we expect to fund our capital and liquidity requirements for the next twelve months and the reasonably foreseeable future with cash on hand, borrowings under the Revolving Credit Facility, and projected cash flows from operations. Factors that could adversely impact our future liquidity and ability to carry out our capital expenditure program include the following:
Previous wording
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses reported for the period then ended. A discussion of our critical accounting policies and estimates is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” of the Annual Report. There were no material changes to our critical accounting policies the nine months ended September 30, 2025.
Current wording
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses reported for the period then ended. A discussion of our critical accounting policies and estimates is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” of the Annual Report. There were no material changes to our critical accounting policies during the three months ended March 31, 2026.
Previous wording
A discussion of off-balance sheet arrangements is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Off-Balance Sheet Arrangements” in the Annual Report. There were no material changes during the nine months ended September 30, 2025.
Current wording
Adiscussion of off-balance sheet arrangements is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Off-Balance Sheet Arrangements” in the Annual Report. There were no material changes during the three months ended March 31, 2026.
Previous wording
We define Adjusted EBITDA as net income plus net interest expense; stock-based compensation expense; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating items (income tax penalties and charitable contributions). A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
Current wording
We define Adjusted EBITDA as net income plus net interest expense; stock-based compensation; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
Previous wording
Non-GAAP cash cost per ton sold -Non-GAAP cash cost per ton sold (FOB mine) is calculated as cash cost of sales less transportation and idle and other costs, divided by tons sold. We believe cash cost per ton sold provides useful information to investors as it enables investors to compare our cash cost per ton against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal cost from period to period excluding the impact of transportation costs which are beyond our control, and alternative mineral costs, which are more developmentally focused at the present time. The adjustments made to arrive at these measures are significant in understanding and assessing our financial performance. Cash cost per ton sold (FOB mine) is not a measure of financial performance in accordance with U.S. GAAP and, therefore, should not be considered as a substitute to cost of sales under U.S. GAAP.
Current wording
Non-GAAP cash cost per ton sold -Non-GAAP cash cost per ton sold (FOB mine) is calculated as cash cost of sales less transportation, idle, and other costs, divided by tons sold. We believe cash cost per ton sold provides useful information to investors as it enables investors to compare our cash cost per ton against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal cost 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 our financial performance. Cash cost per ton sold (FOB mine) is not a measure of financial performance in accordance with U.S. GAAP and, therefore, should not be considered as a substitute to cost of sales under U.S. GAAP.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
cost operations which is expected to positively impact pricing. Longer term, the Company believes that limited global investment in new coking coal production capacity, the industrialization of emerging economies, expansion of urbanization globally, and an eventual return to economic growth will support coking coal markets overall.
Current report — wording carried from elsewhere
On December 30, 2025, the Company entered into a Third Amended and Restated Credit and Security Agreement, which includes KeyBank National Association and multiple lending parties, in order to, among other things, extend the
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Selling, general, and administrative. SG&A expenses were $49.8 million and $37.9 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in 2025 was primarily due to an increase in professional service expenses.
Previous report — wording carried elsewhere
*Income tax expense.*The effective tax rate for the nine months ended September 30, 2025 and 2024 was 22.2% and 28.0%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.
Previous report — wording carried elsewhere
*Earnings per share.*Refer to Note 11 of Part I, Item 1 for information regarding earnings per share calculations for Class A and Class B common stock.
Previous report — wording carried elsewhere
Segment adjusted EBITDA. Segment adjusted EBITDA for the nine months ended September 30, 2025 was $51.4 million, approximately 40% lower than the same period in 2024 driven by the revenue and cost of sales items discussed above.