The following is a summary of the Ramaco Resources, Inc. (METC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ramaco posted first quarter EBITDA of $24 million, representing a significant decrease from $50 million in Q4.

• Realized prices dropped almost 20%, to $155 per ton, primarily driven by a downturn in prices, significantly affecting the March period.

• A net income of $2 million was reported, down from $25 million in Q1 2023.

• Cash costs increased from $109 per ton to $118 per ton given challenges with mine production.

Business Progress:

• Despite Q1 performance, Ramaco expects improvement due to anticipated production growth, improved cost discipline, and productivity enhancements.

• Ramaco plans a sales and production increase of 1 million tons, or 30%, by Q4, and expects to cut CapEx by 30% in 2024.

• Progress in the Rare Earth Element (REE) business shows double the volumes and concentration estimates from a year ago.

• An increased revolver size from $125 million to $200 million provides extra flexibility to meet working capital requirements.

• The company will focus on adding approximately 1 million tons of annual production in the second half of the year.

• Ramaco's strategy includes a significant decline in cash costs for the rest of 2024.

• The company plans to increase production levels at Elk Creek and initiate operations at the new Ram 3 surface and highwall mine.

More details: Ramaco Resources-A IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.