Ramaco Resources, Inc. Reports Third Quarter 2020 Financial Results
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- Net loss was $4.8 million (EPS loss of $0.11), while adjusted EBITDA was $0.6 million in the third quarter of 2020. Adjusted EBITDA was negatively affected by $2.6 million, primarily due to the force majeure of nearly 90,000 tons scheduled to be shipped domestically and subsequently resold into a lower priced spot market. Net loss was $0.2 million for the first nine months of 2020, and adjusted EBITDA for the first nine months of 2020 was $19.9 million.
- Export coal sales (including to Canada) of almost 300,000 tons were a quarterly record for the Company. Based upon contracted tons, we expect another record export sales figure in the fourth quarter.
- Based on a large accounts receivable balance as of September 30, 2020, as well as strong anticipated fourth quarter 2020 shipments, year-end 2020 liquidity is anticipated to be above $30 million, as compared to $21.8 million at year-end 2019.

LEXINGTON, Ky., Nov. 3, 2020 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco Resources" or the "Company") today reported quarterly net loss of $4.8 million, or $0.11 per diluted share for the three months ended September 30, 2020, as compared to net income of $5.5 million or $0.14 per diluted share for the three months ended September 30, 2019. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses ("Adjusted EBITDA") was $0.6 million for the three months ended September 30, 2020, as compared with $13.6 million for the three months ended September 30, 2019. Net loss for the Company for the first nine months of 2020 was $0.2 million, and adjusted EBITDA for the Company for the first nine months of 2020 was $19.9 million.

Key operational and financial metrics are presented below:



















Key Metrics



















3Q20


2Q20

Change


3Q19

Change


3Q20 YTD


3Q19 YTD

Change

Sales of Company Produced Tons ('000)


430



362

19%



510

-16%



1,208



1,452

-17%

Revenue ($mm)

$

39.5


$

36.4

8%


$

61.4

-36%


$

117.8


$

184.6

-36%

Cost of Sales ($mm)

$

35.7


$

30.1

18%


$

45.0

-21%


$

96.8


$

129.2

-25%

Pricing of Company Produced ($/Ton)

$

78


$

91

-14%


$

111

-30%


$

87


$

110

-21%

Cash Cost of Sales - Company Produced ($/Ton)

$

69


$

74

-7%


$

80

-14%


$

70


$

73

-4%

Cash Margins on Company Produced ($/Ton)

$

9


$

17

-47%


$

31

-71%


$

17


$

37

-54%

Net Income (Loss) ($mm)

$

(4.8)


$

2.7

-280%


$

5.5

-186%


$

(0.2)


$

23.0

-101%

Adjusted EBITDA ($mm)

$

0.6


$

10.8

-94%


$

13.6

-95%


$

19.9


$

46.4

-57%

Capex ($mm)

$

2.5


$

9.1

-73%


$

14.3

-83%


$

20.5


$

34.0

-40%

Diluted Earnings (Loss) per Share

$

(0.11)


$

0.06

-283%


$

0.14

-179%


$

0.00


$

0.56

-100%



















Third Quarter 2020 Summary

Year over Year Quarterly Comparison
Overall sales of Company produced tons in the third quarter of 2020 were 430,000 tons, down from 510,000 tons in the third quarter of 2019. Cash margins on Company produced coal were $9 per ton in the third quarter of 2020, down 71% from the same period of 2019, primarily due to lower realized pricing, attributable to large declines on the various metallurgical coal indices.  

Sequential Quarter Comparison
Overall sales volumes of 430,000 Company produced tons in the third quarter of 2020 were up 19% from the second quarter of 2020. The improvement was the result of increased spot sales into primarily export markets completed during the third quarter. However, as previously disclosed, we received force majeure notices from two customers for cancellation of orders for almost 200,000 tons. This negatively impacted our total contracted North American sales volumes for 2020 overall and realized sales in the third quarter of 2020. We continue to work with our customers to mitigate the impacts of these reductions and preserve the value of these contracts as much as possible.

Our cash margins on Company produced coal declined 47% in the third quarter of 2020 from the second quarter of 2020. This decline was caused primarily by lower realized market pricing of tons sold in the open spot market to offset contracted North American sales which were force majeured. Metallurgical coal price indices hit a multi-year low in the third quarter, due to COVID-19 related demand concerns. Overall Company cash costs per ton sold on total produced coal were $69 per ton in the third quarter of 2020, compared to $74 per ton in the second quarter of 2020. Cash costs on Company produced coal at Elk Creek were $67 per ton sold in the third quarter of 2020 compared to $72 per ton in the second quarter of 2020.

Other income was $1.7 million in the third quarter of 2020 as compared to $8.5 million in the second quarter of 2020. On April 20, 2020, we received $8.4 million in loan proceeds from the SBA Paycheck Protection Program (PPP). Based upon receipt of this funding, in late April we elected to recall 182 workers at our Elk Creek complex who had been furloughed in part of March and April. In the second and third quarters of 2020 collectively, we used the PPP proceeds for eligible payroll and other expenses totaling $8.4 million. We anticipate that the full amount of the PPP Loan principal, together with accrued interest thereon, will be forgiven.

Additional Financial Results

At September 30, 2020, the Company had liquidity of $20.7 million, consisting of $6.4 million of cash on hand plus $14.3 million of availability under its revolving credit facility.  At September 30, 2020, the Company had net debt of $19.6 million.

In the third quarter of 2020, our shipments were intermittent, due to the impact of COVID-19. Specifically, we shipped over 210,000 tons of coal in September, as compared to a similar amount of tons in July and August combined. While this led to a record quarter of almost 300,000 tons of exports (including to Canada), it also led to a large accounts receivable balance of $21.3 million as of September 30, 2020. When coupled with a large inventory build since December 31, 2019, we used $10.1 million of cash for these items through the first nine months of 2020. Based on the combination of both strong September and anticipated fourth quarter shipments, we expect a meaningful increase in cash in the fourth quarter. As such, year-end 2020 liquidity is anticipated to be above $30 million, as compared to $21.8 million at year-end 2019.

Capital expenditures for the nine months ended September 30, 2020 totaled $20.5 million. Of this, roughly one-third was categorized as maintenance expenditures and roughly two-thirds as development expenditures. Third quarter 2020 capital expenditures were only $2.5 million, well below first half 2020 levels, and in line with our prior guidance of cutting all major growth capital expenditure items. We continue to expect to keep capital expenditures at maintenance levels for the balance of 2020. The exception will be a $1.5 million expenditure related to the development of the Company's new Triad Mine. This development will begin in November and extend for approximately four months until production commences late in the first quarter of 2021. The Triad Mine is a low-vol metallurgical mine near the Company's Berwind mine complex in southern West Virginia with approximately 250,000 tons of low-cost reserves.

The Company's effective tax rate for the nine months ended September 30, 2020 was 19%. Actual cash taxes paid in 2020 are anticipated to be less than $20,000. Ramaco also expects to continue to pay minimal taxes for the foreseeable future due to tax loss carryforwards.

The following summarizes key sales, production and financial metrics for the periods noted:



Three months ended


Nine months ended



Sept 30,


June 30,


Sept 30,


Sept 30,


Sept 30,

In thousands, except per ton amounts


2020


2020


2019


2020


2019

















Sales Volume
















Company



430



362



510



1,208



1,452

Purchased



-



-



17



-



78

Total



430



362



527



1,208



1,530

















Company Production
















Elk Creek Mining Complex



383



337



405



1,172



1,269

Berwind Development Deep Mine



14



53



55



133



140

Total



397



390



460



1,305



1,409

















Company Financial Metrics (a)
















Average revenue per ton


$

78


$

91


$

111


$

87


$

110

Average cash costs of coal sold



69



74



80



70



73

Average cash margin per ton


$

9


$

17


$

31


$

17


$

37

















Elk Creek Financial Metrics (a)
















Average revenue per ton


$

77


$

90


$

109


$

86


$

109

Average cash costs of coal sold



67



72



73



67



68

Average cash margin per ton


$

10


$

18


$

36


$

19


$

41

















Purchased Coal Financial Metrics (a)
















Average revenue per ton


$

-


$

-


$

131


$

-


$

127

Average cash costs of coal sold



-



-



113



-



114

Average cash margin per ton


$

-


$

-


$

18


$

-


$

13

















Capital Expenditures


$

2,496


$

9,119


$

14,306


$

20,515


$

34,043



(a)

Excludes transportation.

Outlook and Comment

Randall Atkins, Ramaco Resources' Executive Chairman remarked, "Given the uncertainties of operating in today's unprecedented COVID-19 conditions, I am incredibly proud of what Ramaco has managed to safely accomplish in the first three quarters of 2020. Our overriding concern since the outbreak of the pandemic has been to maintain and build sufficient liquidity to position the Company to ride through these troubled markets. To that end, we now have strong visibility into year-end 2020, and expect to end the year with over $30 million in liquidity. I would note that I believe we are perhaps the only public coal company that is expected to end the year with more liquidity than we began the year with. We managed to accomplish this without either diluting our equity or pledging our mining operations against secured debt. While 2021 continues to hold uncertainty, we are financially positioned to deal with any further market turbulence and hopefully to capitalize on some opportunities which may emerge. We also expect to end 2020 with more cash than we began with, again no small accomplishment in this market."

Atkins commented, "I would also note that we have now completed the 2021 North American sales season. For 2021, we have now placed roughly 1.1 million mostly high-vol tons at an average price of $84 per ton. Our perception of the market is that it is now beginning to trend upward based on a combination of restocking as well as a general economic upswing in the developed economies. We candidly also think the markets are stronger than these prices might suggest given the contango in the forward price curve, and accordingly have reserved over one million tons of additional production to be placed into export markets throughout 2021. We are encouraged in this view by our newly booked sales of almost 800,000 tons for 2020 and 2021 delivery into foreign markets over the past sixty days. In many cases these are to new customers for Ramaco and we anticipate a record fourth quarter of shipping over 500,000 total tons. Indeed, for the first time in 2020 we will have sold over 50% of our tonnage to non-domestic steel customers. As to our macro view of overall markets, we see some hopeful signs for emerging medium-term optimism. First, U.S. steel capacity utilization is currently at 70%, after bottoming at 51% in early May, largely due to several blast furnaces restarting, as automotive plants resume production, and housing markets strengthen as a result of a lower interest rate environment. Second, although we do not like to read Chinese tea leaves, if, as we expect, import restrictions wane in late 2020 or early 2021, we would anticipate a meaningful upward move in index pricing, given the current arbitrage to import Australian coal into China of almost $70/ton. We have hopes that 2021 will be a better year on many fronts, both from a coal market and an overall perspective."

Michael Bauersachs, Ramaco Resources' President and CEO commented, "The aforementioned force majeures negatively impacted our cost structure, especially in July and August, as we had to limit production to control stockpiles. Fortunately, our costs returned to more normalized levels in the low to mid $60s per ton range at Elk Creek in September. This was in large part due to being able to run at capacity. Based on our current book of business for the fourth quarter, we would expect to build on the momentum we saw in September from an overall cost and production standpoint."

Bauersachs continued, "The second item that I want to touch upon is our low-vol strategy. As a reminder, we elected to wind down the majority of our higher cost development production from the Berwind Pocahontas #3 seam in July. We are now positioned so that when market conditions dictate, we can restart development of our Berwind slope project, and within six months be in production from the low-cost Pocahontas #4 low-vol seam. In the interim, the Board has just authorized the mine development of an adjacent, but smaller Pocahontas #4 reserve we call the Triad Mine. This mine should function as a bridge until the main Berwind Pocahontas #4 reserve is fully activated. We expect to be able to mine the roughly 250,000 ton reserve Triad Mine, with a capital cost around $1.5 million, with production starting in the first quarter of 2021, and at a cash mine cost in the mid $70s/ton range. The Triad Mine reserve will provide us a profitable low-vol option as we assess market conditions as they evolve into 2021."

Committed 2020 Sales Volume(b)

(In thousands, except per ton amounts)










Volume


Average Price

Domestic, fixed priced


1.1


$

95

Export, fixed priced


0.7


$

77

Total, fixed priced


1.8


$

88

Indexed priced


0.2




Total committed tons


2.0






(b)       

Amounts include no purchased coal. Totals may not add due to rounding. As previously disclosed, we received force majeure notices from two customers, which could adversely affect up to 10% of the total contracted sales volumes shown above.

About Ramaco Resources, Inc.

Ramaco Resources, Inc. is an operator and developer of high-quality, low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company has five active mines within two mining complexes at this time.

News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

Earnings Conference Call

Ramaco Resources will hold its quarterly conference call and webcast at 11:00 AM Eastern Time (ET) on Wednesday, November 4, 2020. An accompanying slide deck will be available at https://www.ramacoresources.com/investors-center/events-calendar/ immediately before the conference call.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/mmc/p/c4v8o97i.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or further decline of demand for coal in export markets and underperformance of the railroads. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.

Ramaco Resources, Inc.

Consolidated Statements of Operations
















Three months ended September 30, 


Nine months ended September 30, 

In thousands, except per share amounts


2020


2019


2020


2019














Revenue


$

39,459


$

61,380


$

117,769


$

184,601














Costs and expenses













Cost of sales (exclusive of items shown separately below)



35,689



44,983



96,758



129,208

Asset retirement obligation accretion



128



128



428



383

Depreciation and amortization



5,258



5,353



15,601



14,291

Selling, general and administrative



5,966



4,464



15,723



13,127

Total costs and expenses



47,041



54,928



128,510



157,009

Operating income (loss)



(7,582)



6,452



(10,741)



27,592

Other income



1,743



573



11,456



1,063

Interest expense, net



(344)



(342)



(915)



(951)

Income (loss) before tax



(6,183)



6,683



(200)



27,704

Income tax expense (benefit)



(1,407)



1,133



(38)



4,658

Net income (loss)


$

(4,776)


$

5,550


$

(162)


$

23,046














Earnings (loss) per common share













Basic earnings per share


$

(0.11)


$

0.14


$

-


$

0.56

Diluted earnings per share


$

(0.11)


$

0.14


$

-


$

0.56














Basic weighted average shares outstanding



42,647



40,936



42,373



40,804

Diluted weighted average shares outstanding



42,647



40,936



42,373



40,804














 

Ramaco Resources, Inc.

Consolidated Balance Sheets









In thousands, except share amounts


September 30, 2020


December 31, 2019








Assets







Current assets







Cash and cash equivalents


$

6,360


$

5,532

Accounts receivable



21,286



19,256

Inventories



23,288



15,261

Prepaid expenses and other



3,789



4,274

Total current assets



54,723



44,323








Property, plant and equipment, net



181,019



178,202

Advanced coal royalties



4,605



3,271

Other assets



965



1,017

Total Assets


$

241,312


$

226,813








Liabilities and Stockholders' Equity







Liabilities







Current liabilities







Accounts payable


$

11,803


$

10,663

Accrued expenses



9,325



11,740

Asset retirement obligations



1,044



19

Current portion of long-term debt



4,914



3,333

Other



-



656

Total current liabilities



27,086



26,411








Asset retirement obligations



14,147



14,586

Long-term debt, net



21,022



9,614

Deferred tax liability



5,228



5,265

Other long-term liabilities



982



854

Total liabilities



68,465



56,730








Commitments and contingencies



-



-








Stockholders' Equity







Preferred stock, $0.01 par value



-



-

Common stock, $0.01 par value



427



410

Additional paid-in capital



157,866



154,957

Retained earnings



14,554



14,716

Total stockholders' equity



172,847



170,083

Total Liabilities and Stockholders' Equity


$

241,312


$

226,813

 

Ramaco Resources, Inc.

Statement of Cash Flows










Nine months ended September 30, 

In thousands


2020


2019








Cash flows from operating activities







Net income (loss)


$

(162)


$

23,046

Adjustments to reconcile net income (loss) to net cash from operating activities:







Accretion of asset retirement obligations



428



383

Depreciation and amortization



15,601



14,291

Amortization of debt issuance costs



43



43

Stock-based compensation



3,119



3,058

Other income - PPP Loan



(8,444)



-

Deferred income taxes



(37)



4,561

Changes in operating assets and liabilities:







Accounts receivable



(2,030)



(19,325)

Prepaid expenses and other current assets



630



625

Inventories



(8,027)



1,541

Other assets and liabilities



(1,154)



429

Accounts payable



3,409



(5,291)

Accrued expenses



(2,429)



3,062

Net cash from operating activities



947



26,423








Cash flow from investing activities:







Purchases of property, plant and equipment



(20,515)



(34,043)








Cash flows from financing activities







Proceeds from PPP Loan



8,444



-

Proceeds from borrowings



45,543



58,050

Repayment of borrowings



(32,597)



(50,801)

Repayments of financed insurance payable



(656)



(287)

Restricted stock surrendered for withholding taxes payable



(193)



-

Net cash from financing activities



20,541



6,962








Net change in cash and cash equivalents and restricted cash



973



(658)

Cash and cash equivalents and restricted cash, beginning of period



6,865



7,380

Cash and cash equivalents and restricted cash, end of period


$

7,838


$

6,722








Reconciliation of Non-GAAP Measure

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
















Three months ended September 30, 


Nine months ended September 30, 

(In thousands)


2020


2019


2020


2019














Reconciliation of Net Income to Adjusted EBITDA













Net income (loss)


$

(4,776)


$

5,550


$

(162)


$

23,046

Depreciation and amortization



5,258



5,353



15,601



14,291

Interest expense, net



344



342



915



951

Income taxes



(1,407)



1,133



(38)



4,658

EBITDA



(581)



12,378



16,316



42,946

Stock-based compensation



1,090



1,104



3,119



3,058

Accretion of asset retirement obligation



128



128



428



383

Adjusted EBITDA


$

637


$

13,610


$

19,863


$

46,387














Non-GAAP revenue and cash cost per ton

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs 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 the Company's financial condition. Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with U.S. GAAP and therefore should not be considered as an alternative to revenue and cost of sales under U.S. GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:

Non-GAAP revenue per ton






















Three months ended September 30, 2020


Three months ended September 30, 2019



Company


Purchased





Company


Purchased




(In thousands, except per ton amounts)


Produced


Coal


Total


Produced


Coal


Total




















Revenue


$

39,459


$

-


$

39,459


$

59,083


$

2,297


$

61,380

Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)



















Transportation costs



(6,049)



-



(6,049)



(2,384)



(52)



(2,436)

Non-GAAP revenue (FOB mine)


$

33,410


$

-


$

33,410


$

56,699


$

2,245


$

58,944

Tons sold



430



-



430



510



17



527

Revenue per ton sold (FOB mine)


$

78


$

-


$

78


$

111


$

131


$

112

 













Three months ended June 30, 2020



Company


Purchased




(In thousands, except per ton amounts)


Produced


Coal


Total











Revenue


$

36,374


$

-


$

36,374

Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)










Transportation costs



(3,454)



-



(3,454)

Non-GAAP revenue (FOB mine)


$

32,920


$

-


$

32,920

Tons sold



362



-



362

Revenue per ton sold (FOB mine)


$

91


$

-


$

91

 






















Nine months ended September 30, 2020


Nine months ended September 30, 2019



Company


Purchased





Company


Purchased




(In thousands, except per ton amounts)


Produced


Coal


Total


Produced


Coal


Total




















Revenue


$

117,769


$

-


$

117,769


$

174,299


$

10,302


$

184,601

Less:  Adjustments to reconcile to Non-GAAP revenue (FOB mine)



















Transportation costs



(12,611)



-



(12,611)



(14,098)



(424)



(14,522)

Non-GAAP revenue (FOB mine)


$

105,158


$

-


$

105,158


$

160,201


$

9,878


$

170,079

Tons sold



1,208



-



1,208



1,452



78



1,530

Revenue per ton sold (FOB mine)


$

87


$

-


$

87


$

110


$

127


$

111

 

Non-GAAP cash cost per ton























Three months ended September 30, 2020


Three months ended September 30, 2019



Company


Purchased





Company


Purchased




(In thousands, except per ton amounts)


Produced


Coal


Total


Produced


Coal


Total




















Cost of sales


$

35,689


$

-


$

35,689


$

42,996


$

1,987


$

44,983

Less: Adjustments to reconcile to Non-GAAP cash cost of sales



















Transportation costs



(5,936)



-



(5,936)



(2,384)



(52)



(2,436)

Non-GAAP cash cost of sales


$

29,753


$

-


$

29,753


$

40,612


$

1,935


$

42,547

Tons sold



430



-



430



510



17



527

Cash cost per ton sold


$

69


$

-


$

69


$

80


$

113


$

81

 













Three months ended June 30, 2020



Company


Purchased




(In thousands, except per ton amounts)


Produced


Coal


Total











Cost of sales


$

30,134


$

-


$

30,134

Less: Adjustments to reconcile to Non-GAAP cash cost of sales










Transportation costs



(3,181)



-



(3,181)

Non-GAAP cash cost of sales


$

26,953


$

-


$

26,953

Tons sold



362



-



362

Cash cost per ton sold


$

74


$

-


$

74

 






















Nine months ended September 30, 2020


Nine months ended September 30, 2019



Company


Purchased





Company


Purchased




(In thousands, except per ton amounts)


Produced


Coal


Total


Produced


Coal


Total




















Cost of sales


$

96,758


$

-


$

96,758


$

119,911


$

9,297


$

129,208

Less:  Adjustments to reconcile to Non-GAAP cash cost of sales



















Transportation costs



(12,338)



-



(12,338)



(14,031)



(424)



(14,455)

Non-GAAP cash cost of sales


$

84,420


$

-


$

84,420


$

105,880


$

8,873


$

114,753

Tons sold



1,208



-



1,208



1,452



78



1,530

Cash cost per ton sold


$

70


$

-


$

70


$

73


$

114


$

75

 

Cision View original content:http://www.prnewswire.com/news-releases/ramaco-resources-inc-reports-third-quarter-2020-financial-results-301165995.html

SOURCE Ramaco Resources, Inc.

11/3/2020 4:05:00 PM