Ramaco Resources Inc (METC) 2025 Q1 法說會逐字稿

Good day and welcome to Ramaco Resources Inc first quarter 2025 results conference call. (Operator Instructions) Please note that this event is being recorded. I'd now like to turn the conference over to Jeremy Sussman, Chief Financial Officer. Please go ahead, sir.

大家好，歡迎參加 Ramaco Resources Inc 2025 年第一季業績電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給財務長 Jeremy Sussman。先生，請繼續。

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our first quarter 2025 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO; Chris Blanchard, our EVP for Mine Planning and Development; and Jason Fannin, our Chief Commercial Officer.

謝謝。我謹代表 Ramaco Resources 歡迎大家參加我們 2025 年第一季財報電話會議。今天早上和我一起的有我們的董事長兼首席執行官蘭迪·阿特金斯 (Randy Atkins)、礦山規劃和開發執行副總裁克里斯·布蘭查德 (Chris Blanchard) 和首席商務官傑森·範甯 (Jason Fannin)。

Before we start, I'd like to share our normal cautionary statement. Certain items discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco's expectations concerning future events. These statements are subject to risks, uncertainties, and other factors, many of which are outside of Ramaco's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.

在我們開始之前，我想分享我們的常規警告聲明。今天電話會議上討論的某些事項構成《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述代表了 Ramaco 對未來事件的預期。這些聲明受風險、不確定性和其他因素的影響，其中許多因素超出了 Ramaco 的控制範圍，可能導致實際結果與前瞻性聲明中討論的結果有重大差異。

Any forward-looking statement speaks only as of the date on which it is made. And except as required by law, Ramaco does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

任何前瞻性陳述僅代表其作出之日的觀點。除法律要求外，Ramaco 不承擔更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

I'd also like to remind you that you can find a reconciliation of the non-GAAP financial measures that we plan to discuss today in our press release, which can be viewed on our website, www.ramacoresources.com. Lastly, I'd encourage everyone on this call to go on to our website and download today's investor presentation. With that said, let me introduce our Chairman and CEO, Randy Atkins.

我還想提醒大家，您可以在我們的新聞稿中找到我們今天計劃討論的非公認會計準則 (Non-GAAP) 財務指標的對賬表，該新聞稿可在我們的網站 www.ramacoresources.com 上查看。最後，我鼓勵參加本次電話會議的各位造訪我們的網站並下載今天的投資者簡報。話雖如此，請允許我介紹我們的董事長兼執行長蘭迪·阿特金斯 (Randy Atkins)。

Good morning and thanks to everyone for joining the call. We have a lot of information to share this morning on both our met coal business as well as our critical minerals project.

早安，感謝大家參加電話會議。今天上午，我們有很多關於我們的冶金煤業務以及關鍵礦產項目的資訊要分享。

So let's start on the met coal side. Despite the macro gloom on the overall market, we have continued to perform strongly on the operational front. The first quarter of '25 saw the continued decline in both US and Australian met coal prices. That decline mirrored our decline in earnings this quarter, despite our solid operational performance in the face of some difficult weather conditions.

那我們就從冶金煤方面開始吧。儘管整體市場宏觀情勢低迷，但我們在營運方面仍然表現強勁。2025 年第一季度，美國和澳洲冶金煤價格持續下跌。儘管我們在一些惡劣的天氣條件下仍保持了穩健的營運表現，但這一下降也反映了我們本季的收益下降。

The same macro causation continues to negatively impact world steel markets. Again, that is the Chinese overproduction of steel combined with its below market sales in both the developed and developing world. Unfortunately, this is the same theme we have mentioned for the past few quarters. It's also a reality that may continue to be with us until there is a rebalancing in the world's steel markets.

同樣的宏觀因素繼續對世界鋼鐵市場產生負面影響。再一次，這是由於中國鋼鐵產量過剩，加上其在已開發國家和發展中國家的銷售量低於市場水準。不幸的是，這是我們過去幾季提到的同一主題。在世界鋼鐵市場實現重新平衡之前，這種現實可能還會持續存在。

Even with this headwind on pricing, Ramaco's first-quarter results continued to be strong from a number of metrics and by somewhat punching above our weight. While Jeremy will go into more detail, I'm proud to say that we enjoyed both the highest cash margins per ton and the highest realized sales price among our publicly traded peer group this quarter, all of whom have already reported Q1 results.

即使面臨定價方面的不利因素，Ramaco 第一季的業績從多項指標來看依然強勁，並且略微超出我們的預期。雖然傑里米會講得更詳細，但我很自豪地說，本季度我們在上市同行中享有最高的每噸現金利潤率和最高的實現銷售價格，所有這些同行都已公佈了第一季度業績。

Somewhat surprisingly, our adjusted EBITDA this quarter was also higher than the met coal results of three of our four larger public peers with far larger production than us. Our operational results were in line with our theme from the past few quarters.

有點令人驚訝的是，我們本季的調整後 EBITDA 也高於四家大型上市公司中三家的煤炭業績，而且這些公司的產量遠高於我們。我們的營運業績與過去幾季的主題一致。

We can't control pricing, yet we do have some ability to manage production cost and sales. Again, my continued kudos to our operational and sales team on their excellent job on production cost, margins, and sales realizations.

我們無法控制定價，但我們確實有能力管理生產成本和銷售。再次，我對我們的營運和銷售團隊在生產成本、利潤和銷售實現方面所做的出色工作表示讚賞。

To look at some of the specifics, both company-wide and at Elk Creek, our mine production was at a quarterly record with 1 million tons produced this quarter, which, of course, annualizes to 4 million tons. This led to the second straight quarter of our cash cost per ton sold coming in under $100. This puts us firmly in the first quartile of the cost curve among US coal met producers.

具體來說，無論是全公司還是 Elk Creek，我們的礦場產量都創下了季度紀錄，本季產量為 100 萬噸，當然，年化產量為 400 萬噸。這導致我們連續第二季每噸銷售現金成本低於 100 美元。這使我們在美國煤炭生產商的成本曲線中穩居第一四分位數。

These positive operational metrics were achieved despite setbacks covering about four weeks of challenging weather conditions during the quarter. In our West Virginia mining areas, we had freezing temperatures in January, which is followed by extreme flooding in February. These back-to-back weather events negatively impacted our quarterly production by roughly 150,000 tons.

儘管本季經歷了約四周的惡劣天氣條件，但仍實現了這些積極的營運指標。在我們西維吉尼亞州的礦區，一月氣溫極低，二月又遭遇特大洪澇災害。這些接連發生的天氣事件對我們季度產量產生了約 15 萬噸的負面影響。

As we look ahead at conditions for the balance of the year, based on where we currently see the markets, we are reducing both our 2025 production and sales guidance. Jeremy will discuss guidance in more detail. However, from a company perspective, we are not going to force tons into the spot market just for the sake of producing more coal in a weak market without a real return.

展望今年剩餘時間的情況，根據我們目前的市場狀況，我們將下調 2025 年的產量和銷售預期。傑里米將更詳細地討論指導。然而，從公司的角度來看，我們不會僅僅為了在疲軟的市場中生產更多的煤炭而強行將煤炭投入現貨市場，而沒有真正的回報。

Despite this downward guidance, we continue to retain the optionality to increase production if more positive market conditions evolve. If that occurs, we can pivot and increase both production and sales this year. We could then exit the year above a 5 million per ton -- probably 5 million per annum run rate.

儘管有這樣的下行預期，但如果出現更積極的市場條件，我們仍將保留增加產量的選擇權。如果發生這種情況，我們今年可以調整並增加產量和銷售量。那麼我們今年的產量就可以達到每噸 500 萬美元以上——大概是每年 500 萬美元的產量。

Looking a bit further ahead, when we see positive longer term market clarity, we're poised to also move forward to add an additional 2 million tons of new production. This would come from a 1.5-million-ton deep mine expansion of our Maben Low Vol complex as well as the continuation of new mining into the Berwind number 3 and 4 sections at our Berwind complex.

展望未來，當我們看到長期市場明朗化時，我們也準備繼續增加 200 萬噸的新產量。這將來自我們 Maben Low Vol 綜合設施的 150 萬噸深礦擴建，以及在我們 Berwind 綜合設施的 Berwind 3 號和 4 號區繼續進行新的採礦。

This would add a combined roughly 0.5 million tons. And it would take our overall production to approximately 6.5 million to 7 million ton level. It would take roughly a 24- to 36-month timeframe from greenlighting and cost approximately $100 million in growth CapEx, spread over two to three years.

這將使總產量增加約 50 萬噸。這將使我們的總產量達到約 650 萬至 700 萬噸的水平。從批准到最終落地大約需要 24 到 36 個月的時間，成長資本支出約為 1 億美元，分兩到三年完成。

Marketwise, we are somewhat encouraged, having seen the Australian benchmark price rise about $20 per ton over the past month despite generally muted world demand. We believe this increase is almost solely driven by global supply cuts as higher-cost producers continue to struggle with negative margins in the current environment. And we sense that this supply contraction will continue to be a domestic theme in Central Appalachian met markets as the year progresses. Because of this impending imbalance, once we see demand reemerge, the markets are poised to see upward, and perhaps volatile upward price movement as the market adjusts to more normalized levels.

從市場角度來看，我們感到有些鼓舞，儘管全球需求普遍低迷，但澳洲基準價格在過去一個月內上漲了約 20 美元/噸。我們認為，這種成長幾乎完全是由全球供應減少所推動的，因為在當前環境下，高成本生產商繼續在負利潤率中苦苦掙扎。我們感覺到，隨著時間的推移，供應收縮將繼續成為中阿巴拉契亞農產品市場的國內主題。由於這種即將出現的不平衡，一旦我們看到需求重新出現，隨著市場調整到更正常的水平，市場將有望上漲，甚至可能出現波動的上漲價格走勢。

Now, I would like to switch to a broad discussion on our Brook Mine Rare Earth Project. We are particularly encouraged by the steady progress we've made over the past few months since we last spoke. I can assure you we are approaching this transition opportunity to become a major critical minerals producer with a great deal of humility.

現在，我想轉而廣泛討論我們的布魯克礦稀土計畫。自上次談話以來，我們在過去幾個月裡取得了穩步進展，這令我們特別受鼓舞。我可以向你們保證，我們正以非常謙遜的態度對待這一轉型機遇，成為主要的關鍵礦產生產商。

Having said that, we have been blessed almost by fate with owning a major domestic rare earth deposit of both exceptional size and quality. The deposit is found commingled in coal and the adjoining strata and has little to no radioactive character.

話雖如此，我們幾乎是命中註定擁有一個國內大型稀土礦床，其規模和品質都非常出色。該礦床與煤層及鄰近地層混合，幾乎沒有放射性。

From a national security standpoint, we will never need to ship our ores to China or any other country for processing. Our carbon ore-sourced rare earths and critical minerals will be 100% mined and refined in the USA. I've used the expression that this is a Team USA project, and indeed it is.

從國家安全的角度來看，我們永遠不需要將礦石運往中國或任何其他國家進行加工。我們的碳礦石來源的稀土和關鍵礦物將 100% 在美國開採和提煉。我曾說過，這是美國隊的項目，事實也確實如此。

We are moving as fast and prudently as we can to make this mine a commercial reality. It has the potential to help address what is an acute national strategic supply shortfall of precisely the rare earths and critical minerals we happen to possess.

我們正在盡可能快速而謹慎地採取行動，使礦場成為商業現實。它有可能幫助解決我們恰好擁有的稀土和關鍵礦產的嚴重國家戰略供應短缺問題。

But perhaps most importantly to start, I'm proud to announce that we will be bringing on Board a person who will help guide us not only through the development process. He will also help oversee the construction and operation of our processing and refining facility, and eventually, the overall day-to-day commercial operation of our critical minerals business.

但也許最重要的是，我很自豪地宣布，我們將聘請一位不僅能幫助我們指導開發過程的人員加入。他還將幫助監督我們的加工和精煉設施的建設和運營，並最終監督我們關鍵礦產業務的整體日常商業運營。

We announced this morning that we have now added Mike Woloschuk to our senior management team as an Executive Vice President to oversee this project. Mike is joining us from Australia and leaving his current position as the Global Executive Director of the Fluor Corporation's Critical Minerals division.

我們今天上午宣布，我們已將 Mike Woloschuk 加入我們的高階管理團隊，擔任執行副總裁，負責監督該專案。麥克來自澳大利亞，他將辭去福陸公司關鍵礦產部門全球執行董事的現任職務。

He has over 30 years of experience in developing rare earth and critical minerals businesses in all parts of the world. He has been involved in every facet, be it geology, mining, processing, finance, and project execution.

他在世界各地發展稀土和關鍵礦產業務方面擁有30多年的經驗。他參與了地質、採礦、加工、財務和專案執行等各個方面。

Even though we have not yet received the Fluor report, I feel you could view Mike's move to Ramaco from having served as the head of Fluor's entire worldwide critical minerals business as a strong indication of his confidence in our project.

儘管我們尚未收到 Fluor 的報告，但我認為，您可以將 Mike 從 Fluor 整個全球關鍵礦產業務的負責人調至 Ramaco 視為對我們專案的信心的強烈體現。

And these are indeed interesting times in the rare earth business. As many of you know, last month, China added to its current bans of various critical minerals exports to the United States by adding new bans on terbium, dysprosium, and scandium. This comes on top of last year's export ban on gallium and (technical difficulty)

對於稀土產業來說，這確實是個有趣的時期。眾所周知，上個月，中國在目前對美國出口各種關鍵礦產的禁令基礎上，又增加了對铽、鏑和鈧的禁令。這是繼去年對鎵和（技術難度）

By coincidence, these REEs and critical minerals, along with NdPr, are anticipated to make up over 95% of our revenue and cash flow and constitute about 40% of the overall deposit. Indeed, we have been told by Fluor that the Brook Mine will be the only primary source mine in the world for germanium, gallium, and scandium.

巧合的是，這些稀土元素和關鍵礦物以及镨釹預計將占我們收入和現金流的 95% 以上，並佔總礦藏的 40% 左右。事實上，福陸公司已經告訴我們，布魯克礦將成為世界上唯一的鍺、鎵和鈧的主要來源礦。

Before I address some more specifics of what we are now doing, I would like to note some milestones since our last earnings call on this subject. We have now completed most of the secondary round of third-party geological, chemical, and hydrometallurgical testing of our deposit.

在我詳細介紹我們目前正在做的事情之前，我想指出自上次就此主題召開收益電話會議以來的一些里程碑。目前，我們已經完成了礦床大部分第二輪第三方地質、化學和濕式冶金測試。

This has been a multi-year process and it has not been made easier by the testing backlog we've encountered working with laboratories both in the US and Canada. The backlog in testing and delays in receiving results have been the primary reason that Fluor's preliminary economic analysis will now be produced by the end of June.

這是一個多年的過程，而且由於我們與美國和加拿大的實驗室合作時遇到的測試積壓問題，這個過程變得更加困難。測試積壓和結果延遲是福陸公司必須在 6 月底前完成初步經濟分析的主要原因。

Today, however, we have released the Weir update to our technical exploration report and have highlighted several of their findings in this quarter's earnings presentation. These findings focus on disclosing a range of the size and amount of the deposit, its breakdown by type of rare earth or critical mineral, and their individual concentrations measured as total rare earth oxide.

然而，今天我們發布了威爾對我們技術勘探報告的更新，並在本季的收益報告中強調了他們的幾項發現。這些發現重點在於揭示礦床的規模和數量範圍、按稀土或關鍵礦物類型細分的礦床、以及以總稀土氧化物測量的各自濃度。

Some specifics of the Weir report are that at the high-end range, the amount of total rare earth oxide or TREO, is now estimated at 1.7 million tons. This includes the banned critical minerals of scandium, germanium, and gallium, which constitute roughly 300,000 tons or 17% of the overall deposit. The deposit has an average concentration grade on an ash basis of between 450 to 570 parts per million and a maximum grade of between 3,300 and 9,600 parts per million.

韋爾報告的具體內容是，在高端範圍內，稀土氧化物或TREO的總量目前估計為170萬噸。其中包括被禁用的關鍵礦物鈧、鍺和鎵，這些礦物約佔礦藏總量的 30 萬噸，佔總礦藏的 17%。該礦床以灰分為基礎的平均濃度品位為每百萬分之 450 至 570 之間，最高品位為每百萬分之 3,300 至 9,600 之間。

Based on independent conventional hydrometallurgical testing performed by Hazen Research and Fluor, the primary and secondary levels of recovery of rare earths are above 80%. The rates of recovery of REEs and selective critical minerals will undergo continuous further testing throughout the process, which is designed to optimize both the levels of recovery and the refinement techniques.

根據 Hazen Research 和 Fluor 進行的獨立常規濕式冶金測試，稀土的初級和次級回收率均在 80% 以上。在整個過程中，將對稀土元素和選擇性關鍵礦物的回收率進行持續的進一步測試，旨在優化回收水平和精煉技術。

We are also now engaged with several third parties and NETL in exploring some novel and unconventional processing techniques, which may provide promising new avenues in refinement. But at this level of conceptual testing that we are now at in the process development, we regard these as strong recovery numbers. We will, of course, strive to further improve results as we proceed further through flow sheet refinement and optimization and through real-time processing at our future pilot plant.

我們現在也與幾個第三方和 NETL 合作探索一些新穎且非常規的處理技術，這些技術可能為改進提供有希望的新途徑。但在我們目前處於流程開發的概念測試水準上，我們認為這些都是強勁的復甦數字。當然，隨著我們進一步完善和優化流程圖以及在未來的試驗工廠進行即時處理，我們將努力進一步改善結果。

Based on current resource data in our planned processing capacity, the Brook Mine is projected to produce approximately 1,400 metric tons of critical mineral oxides per year from mining roughly 2.5 million tons of coal, which we also call carbon ore.

根據我們計劃加工能力的現有資源數據，布魯克礦預計每年透過開採約 250 萬噸煤（我們也稱之為碳礦石）生產約 1,400 公噸關鍵礦物氧化物。

For perspective, the US consumes roughly 10,000 metric tons of REEs annually. Of this oxide production, an estimated 560 metric tons, or roughly 40%, will include purified oxides of seven REEs and critical minerals. These include neodymium, praseodymium, dysprosium, gallium, germanium, terbium, and scandium.

從這個角度來看，美國每年消耗約1萬公噸稀土元素。在這些氧化物產量中，估計有 560 公噸（約佔 40%）將包括七種稀土元素和關鍵礦物的純化氧化物。這些包括釹、镨、鏑、鎵、鍺、铽和鈧。

Similarly, based on our current analysis, over 95% of expected revenue and cash flow would be derived from this basket of seven oxide products. The balance of future oxide production of approximately 840 metric tons will include 11 additional REEs, which would constitute less than 5% of expected revenue and cash flow.

同樣，根據我們目前的分析，預期 95% 以上的收入和現金流將來自這七種氧化物產品。未來氧化物產量約為 840 公噸，其中將包括 11 種額外的稀土元素，佔預期收入和現金流的 5% 以下。

When we have the independent economics and CapEx figures from Fluor’s report, we intend to publish those in the appropriate form and, frankly, have a separate call to discuss them. We are sufficiently confident, however, about both the test results and the economics from working alongside Fluor that we are ready to proceed ahead.

當我們從 Fluor 的報告中獲取獨立的經濟和資本支出數據時，我們打算以適當的形式發布這些數據，並且坦白說，將單獨召開電話會議來討論這些數據。然而，我們對測試結果以及與 Fluor 合作的經濟效益都充滿信心，因此我們已準備好繼續前進。

This June, we intend to initiate large-scale mining at the Brook Mine. This will be an important national milestone and will be the first new rare earth mine in the United States in over 70 years. We are planning a formal ribbon-cutting event in mid-July with both state and federal senior government officials attending. Please stay tuned for more details in the next few weeks.

今年六月，我們打算在布魯克礦場開始大規模採礦。這將是國家的重要里程碑，也是美國70多年來第一個新的稀土礦。我們計劃於 7 月中旬舉行正式的剪綵活動，屆時州和聯邦政府高級官員將出席。請在接下來的幾週內繼續關注更多詳細資訊。

We will, of course, be delighted to welcome any shareholders who would like to come to Sheridan to help us celebrate. So please email our investor relations website as appropriate.

當然，我們非常高興地歡迎任何願意來謝裡丹與我們一起慶祝的股東。因此，請根據需要向我們的投資者關係網站發送電子郵件。

The Brook Mine will also be the first new coal mine opened in Wyoming in over 50 years, and as I said, we intend to initially mine roughly 2.5 million tons per year of coal. Roughly 50 million tons of the coal and commingled clay and shale material will then be beneficiated and processed as rare earth oxides.

布魯克煤礦也將成為懷俄明州 50 多年來開設的第一個新煤礦，正如我所說，我們計劃最初每年開採約 250 萬噸煤炭。大約 5000 萬噸煤炭和混合粘土和頁岩材料將被選礦並加工成稀土氧化物。

Initially, we will produce rare earth concentrates and then ultimately refine these to commercial-grade oxides. The overall processing plant will be constructed on-site on our property in Wyoming. The entire vertical integration of the mining and processing will, of course, be done domestically in the United States.

首先，我們將生產稀土精礦，然後最終將其精煉為商業級氧化物。整個加工廠將在我們位於懷俄明州的工廠現場建造。當然，採礦和加工的整個垂直整合將在美國國內完成。

The remaining 2 million tons of non-mineralized coal will be sold as conventional Powder River Basin thermal coal into utility markets. So, in simple terms, the coal sales will help us lower the overall cost of rare earth mining so that we will have an extremely low mine-cost basis in the critical minerals.

剩餘的 200 萬噸非礦化煤將作為傳統的粉河盆地動力煤出售給公用事業市場。因此，簡單來說，煤炭銷售將幫助我們降低稀土開採的整體成本，從而使我們在關鍵礦產方面擁有極低的礦山成本基礎。

Our next step is to commence, later this summer, the construction of the pilot plant demonstration facility, which Fluor is now designing. We plan to have that in initial operation by 2026.

我們的下一步是在今年夏天晚些時候開始建造試驗工廠示範設施，目前該設施由福陸公司設計。我們計劃在 2026 年之前開始投入營運。

We then intend to operate in pilot plant mode for roughly a year to produce rare earth and critical mineral concentrate. That pilot operation is designed to inform the ultimate design and operational flow sheet for the full commercial processing and refining plant, which Fluor will again design and engineer. Our current timeline is to commence construction of the Fluor commercial facility by late 2026 or early 2027 and have that plant producing commercial-grade mineral oxides by 2028.

然後，我們打算以試驗工廠模式運作約一年，以生產稀土和關鍵礦物精礦。該試點操作旨在為全面商業化加工和精煉工廠的最終設計和運營流程提供信息，福陸公司將再次對該工廠進行設計和工程設計。我們目前的時間表是，到 2026 年底或 2027 年初開始建造 Fluor 商業設施，到 2028 年該工廠將生產商業級礦物氧化物。

We have fully included the CapEx for the mine opening and pilot plant construction into our current budget for 2025. Indeed, we’re pleased to have been awarded a $6.1 million matching fund grant from the Wyoming Energy Authority to be applied toward the pilot plant development and spread between 2025 and '26.

我們已將礦山開採和試驗工廠建設的資本支出全部納入 2025 年的當前預算中。事實上，我們很高興獲得懷俄明州能源管理局 610 萬美元的配套基金資助，用於試驗工廠的開發，並將持續到 2025 年至 2026 年。

Once we have a better sense of what the full commercial project looks like, we will assess with our financial advisors what the optimal capital structure will look like, as well as the appropriate financial options on how to proceed. To say that we are excited is a mild understatement. We are now ready to grow Ramaco into being both a critical mineral producer as well as a met coal company.

一旦我們更了解整個商業項目的狀況，我們將與我們的財務顧問一起評估最佳資本結構，以及如何進行的適當財務選擇。說我們很興奮，這還只是輕描淡寫。我們現在準備將 Ramaco 發展成為一家重要的礦產生產商和冶金煤公司。

Lastly, I'm delighted that former US Senator Joe Manchin was appointed to our Board last month. Joe Manchin brings to Ramaco decades of national leadership at the highest level in energy policy and economic development, as well as a deep understanding of the issues facing the US coal industry and the West Virginia coal business in particular.

最後，我很高興前美國參議員喬·曼欽上個月被任命為我們董事會成員。喬·曼欽為拉馬科帶來了數十年在能源政策和經濟發展領域最高層的全國領導經驗，以及對美國煤炭行業尤其是西弗吉尼亞州煤炭行業所面臨的問題的深刻理解。

As the former West Virginia governor, Secretary of State, and then United States senator, as well as past Chairman of the US Senate Energy and Natural Resources Committee, he has been a steadfast advocate for metallurgical coal in the wider US mining industry. As Ramaco advances our rare earth development in Wyoming, Joe also brings us unparalleled strategic perspective given his experience in both national defense and critical mineral supply chains.

作為前西維吉尼亞州州長、國務卿、當時美國參議員以及美國參議院能源和自然資源委員會前主席，他一直是美國採礦業中冶金煤的堅定倡導者。隨著拉馬科在懷俄明州推進稀土開發，喬也憑藉其在國防和關鍵礦產供應鏈方面的經驗，為我們帶來了無與倫比的戰略視角。

So to close, while the first-quarter metallurgical markets have remained weak, we continued to solidly execute in terms of what we can control, the production and cash cost.

總而言之，儘管第一季冶金市場依然疲軟，但我們繼續在可控制的範圍內穩步執行生產和現金成本。

We hope for stronger market conditions as we move later into the year. We also see our Brook Mine critical minerals development as a tremendous opportunity for both Ramaco and the country as we work to realize its commercial potential.

我們希望隨著今年稍後市場狀況會更加強勁。我們也認為，布魯克礦關鍵礦產的開發對拉馬科和國家來說都是一個巨大的機遇，我們致力於實現其商業潛力。

With that, I would now like to turn the floor over to the rest of our team to discuss finances, operations, and markets. Jeremy, please start to rundown of our financial metrics.

說完這些，我現在想把發言權交給我們團隊的其他成員來討論財務、營運和市場。傑里米，請開始介紹我們的財務指標。

Thank you, Randy. As you noted, first quarter of 2025 operational results were again solid, with cash costs per ton sold under $100 for the second straight quarter and a record level of quarterly production. Unfortunately, metallurgical coal price indices have continued to decline. This caused both a sequential and year-on-year decline in earnings despite the operating achievements.

謝謝你，蘭迪。正如您所說，2025 年第一季的營運表現再次表現穩健，連續第二季每噸現金成本低於 100 美元，季產量創歷史新高。不幸的是，冶金煤價格指數持續下跌。儘管取得了經營業績，但這導致盈利環比和同比均出現下滑。

To get into specifics, Q1 adjusted EBITDA was $10 million compared to $29 million in Q4. Q1's net loss was $9 million compared to Q4 net income of $4 million. Class A EPS showed a $0.19 loss in Q1 versus a $0.06 gain in Q4.

具體來說，第一季調整後的 EBITDA 為 1,000 萬美元，而第四季為 2,900 萬美元。第一季淨虧損為 900 萬美元，而第四季淨收入為 400 萬美元。A 類每股盈餘在第一季虧損 0.19 美元，而第四季則獲利 0.06 美元。

As I mentioned, the primary reasons for lower Q1 EBITDA and EPS were the $7 per ton sequential decline in our quarterly realized pricing and a 175,000-ton decline in unsold inventory. On the pricing front, key US metallurgical coal indices fell 3% in Q1 versus Q4. The Australian benchmark index fell roughly 9% during the same period.

正如我所提到的，第一季 EBITDA 和 EPS 下降的主要原因是我們的季度實現價格連續每噸下降 7 美元，以及未售出庫存減少 175,000 噸。價格方面，美國主要冶金煤指數第一季較第四季下跌 3%。同期澳洲基準指數下跌了約 9%。

On the volume front, weak market conditions caused us to be selective with spot sales in the first quarter. On the operational front, we actually had a record quarter of production, annualizing to 4 million tons despite losing roughly 150,000 tons due to challenging weather conditions. As a reminder, we experienced freezing temperatures for two weeks in January and then saw historic flooding in February. Thus, the decision to build inventory for a better market was deliberate.

從銷售來看，第一季疲軟的市場環境導致我們選擇性地進行現貨銷售。在營運方面，儘管由於惡劣的天氣條件損失了約 15 萬噸，但我們的季度產量實際上創下了紀錄，年產量達到 400 萬噸。提醒一下，我們在一月經歷了兩週的嚴寒天氣，然後在二月遭遇了歷史性的洪水。因此，為了更好的市場而建立庫存的決定是經過深思熟慮的。

At the same time, we continued to perform well on the cost front, with cash cost of sales coming in at $98 in Q1, which was the second straight quarter of sub $100 per ton costs. These levels are firmly within the first quartile of the US metallurgical coal cash cost curve.

同時，我們在成本方面繼續表現良好，第一季的現金銷售成本為 98 美元，這是連續第二季每噸成本低於 100 美元。這些水準穩固地處於美國冶金煤現金成本曲線的第一個四分位數。

As important as it is to control costs, it is equally important to be prudent on placing funds in a challenging market. To that degree, I'm pleased to note that Ramaco enjoyed both the highest margins per ton and the highest realized pricing among our publicly traded peer group in the space, which of course includes those who actually had negative margins per ton in current difficult environment.

控製成本固然重要，但在充滿挑戰的市場中謹慎投入資金也同樣重要。從這個程度上來說，我很高興地註意到，Ramaco 在該領域的上市同行中享有最高的每噸利潤率和最高的實現定價，當然這也包括那些在當前困難環境下每噸利潤率實際上為負的公司。

Looking forward, we're making a number of tweaks to our 2025 guidance given suboptimal macro conditions. First, based on our (technical difficulty) solid cost performance, 2025 cost per ton sold guidance lowered to $96 to $102, down from prior expectation of $97 to $103. Second, we're reducing our CapEx guidance from $60 million to $70 million to $55 million to $65 million. The majority of met CapEx will occur in the first half of 2025 as a continuation of growth projects initiated in 2024.

展望未來，鑑於宏觀條件不理想，我們將對 2025 年的指導方針進行一些調整。首先，基於我們（技術難度）穩健的成本表現，2025 年每噸銷售成本指引下調至 96 美元至 102 美元，低於先前預期的 97 美元至 103 美元。其次，我們將資本支出指導金額從 6,000 萬美元至 7,000 萬美元下調至 5,500 萬美元至 6,500 萬美元。大部分資本支出將在 2025 年上半年發生，作為 2024 年啟動的成長項目的延續。

Third, in light of continued weak market conditions, we're optimizing our overall production and sales. We're reducing selective production to limit potential lower-priced sales, especially into Asia. At current prices, that should provide a net benefit to free cash flow.

第三，鑑於市場持續疲軟，我們正在優化整體生產和銷售。我們正在減少選擇性生產，以限制潛在的低價銷售，尤其是在亞洲。按照當前價格計算，這應該會為自由現金流帶來淨收益。

As a result, full-year 2025 production is now anticipated to come in between 3.9 million to 4.3 million tons versus prior expectations of 4.2 million to 4.6 million tons. Full-year 2025 sales are now anticipated to come in between 4.1 million and 4.5 million tons versus prior expectations of 4.4 million to 4.8 million tons.

因此，預計 2025 年全年產量將在 390 萬至 430 萬噸之間，而先前預期為 420 萬至 460 萬噸。目前預計 2025 年全年銷量將在 410 萬噸至 450 萬噸之間，而先前預期為 440 萬噸至 480 萬噸。

Fourth, we're also modifying both DDA and cash SG&A guidance. Cash SG&A guidance has increased to $36 million to $40 million from $34 million to $38 million, largely due to increased legal expenses related to the multi-year lawsuit against (technical difficulty) insurance, which is anticipated to go to trial this summer.

第四，我們也修改了 DDA 和現金 SG&A 指引。現金銷售、一般及行政開支指引已從 3,400 萬美元至 3,800 萬美元增至 3,600 萬美元至 4,000 萬美元，這主要是由於針對（技術困難）保險的多年訴訟相關的法律費用增加，預計該訴訟將於今年夏天開庭審理。

In addition, DDA guidance declines to between $71 million to $76 million from $73 million to $78 million, resulting from the aforementioned changes to production and CapEx.

此外，由於上述生產和資本支出的變化，DDA 指導金額從 7,300 萬美元至 7,800 萬美元下降至 7,100 萬美元至 7,600 萬美元之間。

Fifth, anticipating continued weak market conditions, tons sold in the second quarter of 2025 are projected to be close to Q1 levels at between 850,000 and 950,000 tons. Q2 cash market costs should come in toward the high end of the annual range given the lower tonnage levels.

第五，預計市場狀況將持續疲軟，2025 年第二季的銷售量預計將接近第一季的水平，介於 85 萬至 95 萬噸之間。鑑於噸位較低，第二季的現金市場成本應該會接近年度範圍的高端。

Moving to the balance sheet, our liquidity of $118 million on March 31 was up almost 25% year on year. At the same time, our overall credit metrics remain strong, with net debt to adjusted EBITDA of less than 0.7 times on a trailing 12-month basis.

從資產負債表來看，3 月 31 日我們的流動資金為 1.18 億美元，較去年同期成長近 25%。同時，我們的整體信用指標依然強勁，過去 12 個月的淨債務與調整後 EBITDA 比率不到 0.7 倍。

The bottom line is that, despite the challenging market conditions, our operations remain firmly in the first quartile of the US cost curve. When coupled with our liquidity levels and strong balance sheet, Ramaco is well-positioned to withstand any continued near-term market weakness. At the same time, we have one of the strongest growth profiles in the space and are well-positioned to take advantage of market strength when we do see a better market.

底線是，儘管市場條件充滿挑戰，但我們的業務仍然穩居美國成本曲線的第一個四分位數。結合我們的流動性水平和強勁的資產負債表，Ramaco 完全有能力抵禦任何持續的短期市場疲軟。同時，我們擁有該領域最強勁的成長動能之一，當市場狀況好轉時，我們有能力利用市場優勢。

Lastly, as Randy mentioned, we continue to make substantial progress on our rare earth and critical minerals project at the Brook Mine in Wyoming. There's a lot to be optimistic about when looking ahead.

最後，正如蘭迪所提到的，我們在懷俄明州布魯克礦的稀土和關鍵礦物項目上繼續取得實質進展。展望未來，有很多事情值得樂觀。

That said, I would now like to turn the call over to our EVP for Mine Planning and Development, Chris Blanchard, to discuss operations.

話雖如此，我現在想將電話轉給我們的礦場規劃和開發執行副總裁克里斯·布蘭查德 (Chris Blanchard)，討論營運事宜。

Thank you, Jeremy, and thanks to everyone who was able to join us this morning. As Randy and Jeremy have both noted, despite our continued operational successes on the mining side, the continued weakness in the global met markets and the dynamics of the steel business continue to hinder our financial performance.

謝謝你，傑里米，也感謝今天早上能加入我們的所有人。正如蘭迪和傑里米都指出的那樣，儘管我們在採礦方面不斷取得營運成功，但全球金屬市場的持續疲軟和鋼鐵業務的動態繼續阻礙我們的財務表現。

As we mentioned briefly, adverse weather in January and February, extreme freezing temperatures and historic flooding respectively caused us to miss our production targets in those two months by approximately 150,000 clean tons. This production miss, coupled with the idle costs and cleanup and recovery efforts incurred at the mines, contributed to the slight uptick in our mine operating cash costs from the fourth quarter of 2024 to the first quarter of this year.

正如我們簡要提到的，1 月和 2 月的惡劣天氣、極端低溫和歷史性洪水分別導致我們在這兩個月未能實現生產目標約 150,000 淨噸。此次產量不足，加上礦場停工成本以及清理和恢復工作，導致我們的礦場營運現金成本從 2024 年第四季到今年第一季略有上升。

Performance at our High Vol Elk Creek complex has continued to surpass expectations on a cash cost basis overall. Correcting for the lost tons at Elk Creek due to the weather events, the fully ramped Elk Creek complex is operating right at a 3-million-ton-per-year production rate. That translates into average cash costs of production significantly below $100 per ton.

從現金成本角度來看，我們的 High Vol Elk Creek 綜合設施的整體表現持續超出預期。校正因天氣原因造成的 Elk Creek 產量損失後，全面投入營運的 Elk Creek 綜合設施的年產量為 300 萬噸。這意味著平均現金生產成本遠低於每噸 100 美元。

However, given the market weakness in both pricing and demand, we are looking at potential areas to further improve cost performance at Elk Creek as well as company-wide. As Randy noted, we do not want to produce tons simply for the sake of producing them.

然而，鑑於市場在定價和需求方面的疲軟，我們正在尋找潛在領域，以進一步提高 Elk Creek 以及整個公司的成本績效。正如蘭迪所說，我們不想僅僅為了生產而生產。

At our Berwind complex during the first quarter, we began construction of the next ventilation shaft for the continued expansion of that mine. The completion and activation of this shaft in the next several weeks will allow us the optionality to relatively quickly start the new number 3 and number 4 producing super sections once we get clarity on better market conditions.

第一季度，我們在 Berwind 綜合設施開始建造下一個通風井，以便繼續擴大礦場。該豎井將在未來幾週內完工並投入使用，一旦我們明確了更好的市場條件，我們將可以選擇相對快速地啟動新的 3 號和 4 號生產超級部分。

Equally important at Berwind, we have seen recent improvements in the geologic conditions on our currently operating number 1 and number 2 sections. This is translating into both higher production and lower cost for that mine and, therefore, the entire complex. From a cost standpoint, we are also moving one of our sections back onto our owned coal reserves, where we'll have no royalties and have immediate cost savings of several dollars per ton.

同樣重要的是，在 Berwind，我們看到目前營運的 1 號和 2 號段的地質條件最近有所改善。這意味著該礦乃至整個礦場的產量將提高，成本將降低。從成本角度來看，我們還將把其中一部分轉移回我們擁有的煤炭儲備中，這樣我們就不需要支付特許權使用費，而且每噸成本可以立即節省幾美元。

Finally, at Maben, we're working with our rail partner there to design and develop a potential batch weigh loadout to eliminate most of the trucking from this complex. This will allow Maben to realize its first quartile cost profile once these logistics costs can be further reduced or eliminated.

最後，在馬本，我們正在與那裡的鐵路合作夥伴合作，設計和開發一種潛在的批量稱重裝載機，以消除該綜合設施中的大部分卡車運輸。一旦這些物流成本能夠進一步降低或消除，Maben 就能實現其第一個四分位數成本概況。

Engineering and design work, as well as exploration core drilling continues for our underground reserve areas and project. We are poised to move forward with these additional high-quality low-vol tons when market conditions dictate that we should.

我們的地下儲備區域和項目的工程和設計工作以及勘探岩心鑽探仍在繼續。當市場條件允許時，我們已準備好繼續生產這些額外的高品質低揮發性噸位。

As Randy alluded to, with our Elk Creek complex running near capacity, we have over 2 million tons of optionality in our portfolio of annual high-quality, low-cost low-vol tons that can be brought online and into operation within 12 to 18 months between the growth at our Berwind mine and the new underground complex at Maben.

正如蘭迪所提到的，我們的 Elk Creek 綜合設施已接近滿負荷運轉，我們每年高品質、低成本、低揮發性礦石組合中擁有超過 200 萬噸的可選性，這些礦石可以在 Berwind 礦場的增長和 Maben 新的地下綜合設施的 12 到 18 個月內上線並投入運營。

The one positive aspect of the current extended market weakness is the general easing of the labor market tightness, which has persisted for several years. We've been successful in filling vacancies and improving the overall experience level of our operations teams, as well as picking up some key safety professionals, operations leaders, and engineering talent. Having an even stronger team will allow us to pivot more quickly when the market adjusts in a positive direction.

當前市場持續疲軟的一個積極方面是持續多年的勞動力市場緊張狀況總體有所緩解。我們成功填補了空缺職位，提高了營運團隊的整體經驗水平，並招募了一些關鍵的安全專業人員、營運領導和工程人才。擁有更強大的團隊將使我們能夠在市場向積極方向調整時更快地做出調整。

Finally, regarding the operations in Wyoming, we're excited to announce that we are expecting to break ground before the end of next month on the Brook Mine. While mining will initially be at modest levels compared to the Powder River Basin mines, we will be removing our first coal from the pits. This will let us accelerate our testing and optimization efforts at the pilot stage.

最後，關於懷俄明州的業務，我們很高興地宣布，我們預計下個月底前在布魯克礦場破土動工。雖然與 Powder River Basin 礦場相比，最初的開採水平將處於中等水平，但我們將從礦坑中開採出第一批煤。這將使我們加快試點階段的測試和優化工作。

We'll be moving to break ground at the pilot facility later in the summer. This will enable us to move from testing samples that are in the gram and kilogram size to up to 1 ton or more per day potentially. The results from the pilot plant will then inform the final design of the future commercial plant along the timeline which Randy earlier discussed. Those steps will be the first towards the commercial operations and the development of our critical minerals business.

我們將於今年夏末在試辦設施破土動工。這將使我們能夠從測試克和公斤大小的樣品轉向每天測試高達 1 噸或更多的樣品。試驗工廠的結果將為蘭迪先前討論過的時間表中未來商業工廠的最終設計提供參考。這些舉措將是我們邁向商業營運和關鍵礦產業務發展的第一步。

To conclude, operationally, we'll continue to keep ourselves positioned defensively, as well as aggressively manage our costs and those things that we can control. I would now like to turn the call over to our Chief Commercial Officer, Jason Fannin, to discuss our overall sales program and all the market dynamics.

總而言之，在營運方面，我們將繼續保持防禦地位，並積極管理我們的成本和我們能夠控制的事情。現在，我想將電話轉給我們的商務長 Jason Fannin，討論我們的整體銷售計劃和所有市場動態。

Thanks, Chris, and good morning, everyone. I'll share our views on our sales outlook and current posture, coking coal and steel markets, to finish up with some comments around our initial REE and critical minerals marketing and sales endeavors.

謝謝，克里斯，大家早安。我將分享我們對銷售前景和當前情況、焦煤和鋼鐵市場的看法，最後對我們最初的稀土元素和關鍵礦物行銷和銷售工作發表一些評論。

Starting with an overview of our sales book and the various markets we serve, the US and Canada, our domestic users are taking shipments at a rateable pace, consistent with our expectations (technical difficulty) scheduled. This dedication provide continued support for our overall sales book, even in the face of price volatility.

從我們的銷售記錄和我們所服務的各個市場（美國和加拿大）的概況開始，我們的國內用戶正在以合理的速度接收貨物，這與我們的預期（技術難度）一致。即使在價格波動的情況下，這種奉獻精神也為我們的整體銷售提供了持續的支持。

At the start of the second quarter, we got commitments for 3.7 million tons. North American buyers accounted for 1.6 million tons at an average price of [$152] per ton. First-quarter seaborne shipments of 0.6 million tons achieved an average fixed price of $111 per ton.

第二季初，我們獲得了370萬噸的承諾。北美買家採購了 160 萬噸，平均價格為每噸 [152 美元]。第一季海運量為 60 萬噸，平均固定價格為每噸 111 美元。

In total, our fixed price book for 2025 stands at 2.2 million tons at an intended price of $141 per ton. With an additional 1.5 million tons sold to seaborne customers on (technical difficulty) pricing for later delivery. Most of our remaining uncommitted volumes are tied to planned cutback production, giving us the flexibility to layer in additional sales at attractive risk-reward price points.

整體而言，我們 2025 年的固定價格為 220 萬噸，預期價格為每噸 141 美元。另外還有 150 萬噸以（技術難度）定價賣給海運客戶，以便稍後交貨。我們剩餘的未承諾產量大部分與計劃減產有關，這使我們能夠靈活地以有吸引力的風險回報價格點增加銷售。

With market headwinds persisting, we're optimizing our production plan to limit lower priced spot sales and focus on the highest return opportunities. This flexible, systematic approach is designed to enhance margins, target the best sales opportunities, and continue serving our long-term customers, positioning Ramaco for future growth.

由於市場逆風持續存在，我們正在優化生產計劃，以限制低價現貨銷售並專注於最高回報機會。這種靈活、系統化的方法旨在提高利潤率、瞄準最佳銷售機會並繼續服務我們的長期客戶，為 Ramaco 的未來成長做好準備。

As we look at the macro, global coking coal markets have continued to weaken from a pricing standpoint, with index averages down approximately 6% since the start of Q1. As of May 9, the Australian Premium Low Vol Index currently sits at $190.50 per ton, up from its recent low of $166 in late March.

從宏觀角度來看，全球焦煤市場持續從定價角度走弱，自第一季初以來指數平均下跌約 6%。截至 5 月 9 日，澳洲優質低波動指數目前為每噸 190.50 美元，高於 3 月底的近期低點 166 美元。

Price improvements (technical difficulty) several Australian markets, up (technical difficulty). The US East Cost low vol index is currently [$181] per ton, as rebounded slightly from the low end of Q1, up about 4%. Even with the slight uptick in Atlantic indices, the levels do not fully appreciate the supply-side impacts caused by recent bankruptcies, idlings, and reductions in staffing shifts at numerous operations throughout the US metallurgical coal space.

澳洲多個市場價格上漲（技術難度）（技術難度）。美國東部成本低波動率指數目前為每噸 [181 美元]，較第一季低點小幅反彈，上漲約 4%。即使大西洋指數略有上漲，但這些水準仍未完全反映近期美國冶金煤領域許多企業破產、停工和人員減少對供應方造成的影響。

At the halfway point of the second quarter, the metallurgical coal market remains under pressure, driven largely by persistently weak steel mill profitability and export-oriented markets. Chinese steel exports have continued at a strong pace, gaining downward pressure on global steel prices and margins.

第二季過半，冶金煤市場仍承壓，主要受鋼廠獲利能力持續疲軟以及出口導向市場影響。中國鋼鐵出口持續強勁成長，對全球鋼鐵價格和利潤率造成下行壓力。

Compounded these factors by global tariff dispute, (technical difficulty) uncertainty in (technical difficulty) the steel market (technical difficulty). We anticipated during our last earnings call, these conditions are beginning to take a visible toll, most acutely on smaller, less well-capitalized producers and those producers historically reliant on exporting coal to China.

全球關稅爭端、鋼鐵市場的不確定性（技術難度）加劇了這些因素（技術難度）。我們在上次收益電話會議上預計，這些情況開始產生明顯的影響，對規模較小、資金不足的生產商以及那些歷史上依賴向中國出口煤炭的生產商的影響最為嚴重。

Tariffs and trade restrictions have sharply curtailed Chinese buying, exacerbating already challenging price conditions. Producers unable to manage costs effectively are undergoing material financial strain, the number of idlings and layoffs continuing to rise.

關稅和貿易限制大幅削減了中國的購買量，使本已嚴峻的價格情況更加惡化。無法有效管理成本的生產者正面臨巨大的財務壓力，閒置和裁員的數量持續增加。

We believe we are now at the midpoint of this correction, where financial and operational stress across the industry is becoming more pronounced. If current conditions persist, we anticipate a further wave of supply cuts, which could help stabilize the market.

我們認為，我們現在正處於這項調整的中點，整個產業的財務和營運壓力變得更加明顯。如果當前狀況持續下去，我們預計將出現新一輪供應削減，這可能有助於穩定市場。

On the demand side, China's appetite for (technical difficulty) coking coal remains steady. Ample domestic supply, along with steady import flows from Mongolia and Russia, continues to displace higher cost internationally. While this weakness persists, it is being partially offset by growing demand from India, one of the few bright spots in the global market. That said, seasonal restocking activity in the near term may bring additional price off before a broader recovery takes hold.

需求方面，中國對（技術難度）煉焦煤的需求維持穩定。充足的國內供應，加上蒙古和俄羅斯的穩定進口，繼續抵銷國際上較高的成本。儘管這種疲軟態勢持續存在，但印度作為全球市場少數亮點之一，其不斷增長的需求正在部分抵消這一疲軟態勢。儘管如此，短期內的季節性補貨活動可能會在更廣泛的復甦到來之前帶來額外的價格下跌。

Looking ahead, rumored Chinese steel production cuts, if implemented, could further dampen near-term demand. However, those same cuts may ultimately reduce Chinese steel export volumes, stabilize local steel prices, and potentially mark the bottom of this cycle.

展望未來，傳聞中國鋼鐵減產若付諸實施，可能進一步抑制短期需求。然而，同樣的減產最終可能會減少中國的鋼鐵出口量，穩定國內鋼鐵價格，並可能標誌著本輪週期的底部。

Iron ore prices follow as a result, and improved CML margins could accelerate a recovery of coking coal prices. We remain bullish longer term on the European steel market as policymakers pivot from fiscal conservatism to expansionary growth strategies.

鐵礦石價格隨之上漲，焦煤利潤率的提高可能會加速焦煤價格的回升。隨著政策制定者從財政保守主義轉向擴張性成長策略，我們長期看好歐洲鋼鐵市場。

Measures such as increased infrastructure spending, targeted manufacturing, and potential safeguard actions for low-cost imports should collectively drive higher downstream steel demand and bolster steel mill margins. This policy shift lays a strong foundation for sustaining coal consumption (technical difficulty) over the coming years.

增加基礎設施支出、有針對性的製造業以及針對低成本進口產品的潛在保障措施等措施應會共同推動下游鋼鐵需求增加，並提高鋼廠利潤率。這項政策轉變為未來幾年維持煤炭消費（技術難度）奠定了堅實的基礎。

In the Atlantic Basin, Ramaco’s various product grades remain in high demand, particularly with our specialty customers in Europe who continue to secure and receive regular shipments at their usual pace. South American markets remain stable, with modest upside expected in the back half of the year.

在大西洋盆地，Ramaco 的各種產品等級仍然需求旺盛，尤其是我們在歐洲的專業客戶，他們繼續以正常速度確保和接收定期發貨。南美市場保持穩定，預計下半年將出現小幅上漲。

Ramaco's term contract order book (technical difficulty) continues to perform as expected. We've seen both heightened interest and spot tenders from end users. Our (technical difficulty) strategy remains centered on a long-term (technical difficulty) We are taking a pragmatic approach (technical difficulty) region, giving the challenging pricing environment.

Ramaco 的定期合約訂單（技術難度）持續表現符合預期。我們看到了終端用戶濃厚的興趣和現貨投標。我們的（技術難度）策略仍以長期（技術難度）為中心，我們採取務實的態度（技術難度）區域，提供具有挑戰性的定價環境。

Turning to our critical minerals marketing strategy, we're rapidly mobilizing efforts around our Brook Mine and Sheridan. We have mapped the full supply chain for highest-value rare earth elements and critical minerals and are engaging with key US consumers, particularly suppliers to the US Department of Defense.

談到我們的關鍵礦產行銷策略，我們正在迅速調動布魯克礦和謝裡丹礦周圍的力量。我們已經繪製了最高價值稀土元素和關鍵礦物的完整供應鏈，並正在與美國主要消費者，特別是美國國防部的供應商接觸。

We rely on operating timelines, (technical difficulty) volume projections, qualification protocols, and downstream qualification. Today, we've held productive preliminary discussions with potential customers regarding their (technical difficulty) required quantities, and concentrate sample qualification procedures, laying the groundwork for future (technical difficulty) agreements.

我們依賴營運時間表、（技術難度）數量預測、資格協議和下游資格。今天，我們與潛在客戶就其（技術難度）所需的數量以及濃縮樣品的鑑定程序進行了富有成效的初步討論，為未來的（技術難度）協議奠定了基礎。

Our pilot plant construction is set to commence this fall, with first concentrates expected in 2026. We're building a robust commercial pipeline that leverages the continued (technical difficulty) production and processing leadership.

我們的中試工廠建設預計將於今年秋季開始，預計第一批濃縮物將於 2026 年產出。我們正在建立一條強大的商業管道，以利用持續的（技術難度）生產和加工領導力。

That said, I would now like to return the call to the operator for the Q&A portion of the call. Operator?

話雖如此，我現在想回撥給接線員，進行電話的問答部分。操作員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Yeah, thank you, operator and good morning, everyone. Guys, thanks so much for the detailed update this morning. My first question was on the met coal side. So second quarter guidance of 900,000 tons at the midpoint.

是的，謝謝接線生，大家早安。夥計們，非常感謝你們今天早上的詳細更新。我的第一個問題是關於煤炭方面的。因此，第二季的預期產量中位數為 90 萬噸。

So as I'm trying to back into what your guidance could imply for the second half, I believe I'm getting to around at least a 25% improvement from 2Q to the 3Q, 4Q levels. And so just was curious how we should think about sales mix, cost improvements, etc. as we move into the second half. Thank you very much.

因此，當我試圖回顧您的指導對下半年可能意味著什麼時，我相信從第二季到第三季、第四季的水平至少會有 25% 的改善。所以我很好奇，當我們進入下半年時，我們應該如何考慮銷售組合、成本改進等。非常感謝。

I'm going to let Jeremy answer that, but first let me apologize. We're having some audio issues that we've heard from several of you on the line. So we're not quite sure how to fix that, but hopefully you can take a look at the transcript and that'll clarify whatever remarks you weren't able to hear clearly.

我會讓傑里米來回答這個問題，但首先我要道歉。我們遇到了一些音頻問題，據我們在線的幾位朋友反映。所以我們不太確定如何解決這個問題，但希望您能看一下記錄，這樣可以澄清您聽不清楚的評論。

Yeah, thanks, Randy and good question, Nick. So yeah, our Q2 sales guidance of 850,000 to 950,000 tons obviously does imply a pickup in the back half of the year. So I think of, Q2 again, possibly towards the higher end of the range with the lower tonnage. We're simply not going to force tons into a challenging market right now. But we do, as we said in our remarks, expect the market to pick up in the back half of the year.

是的，謝謝，蘭迪，還有尼克，你問得好。所以，我們第二季的銷售預期為 85 萬至 95 萬噸，這顯然意味著下半年的銷售量將會回升。因此，我再次想到，第二季可能會以較低的噸位走向該範圍的高端。我們現在不會強行將大量產品推入充滿挑戰的市場。但正如我們在評論中所說，我們預計市場將在今年下半年回升。

We're already starting to see certainly some supply (technical difficulty) so I sort of think about probably up in the 1 million range versus Q2, then you kind of back into the math in Q4. I know that's a pretty wide spread. But certainly we built some inventory and if the market does improve, we've got an ability to get (technical difficulty)

我們已經開始看到一些供應（技術難度），所以我認為與第二季度相比，供應量可能在 100 萬左右，然後你會回到第四季度的計算中。我知道這個傳播範圍相當廣。但我們確實建立了一些庫存，如果市場確實好轉，我們就有能力（技術難度）

Jeremy, that's helpful. I caught most of that but might have just lost the last bit. But I think I got the message there, so I appreciate it.

傑里米，這很有幫助。我聽到了大部分內容，但可能遺漏了最後一點。但我想我已經明白了這一點，所以我很感激。

My second question, I did want to turn to the rare earth side. And earlier this month there was a second installment of critical mineral production projects that were named as FAST-41 projects. And so my question is, do you think that the Brook Mine could be included on such a list?

我的第二個問題，我確實想談談稀土方面。本月初，第二批關鍵礦產生產計畫啟動，編號為 FAST-41 計畫。所以我的問題是，您認為布魯克礦場可以列入這樣的名單嗎？

And if so, what could the potential benefits be of any inclusion? Could there be federal funds that could either accelerate or improve the economics of the project. Thank you very much.

如果是這樣，那麼納入其中可能帶來什麼好處？是否有聯邦資金可以加速或改善該計畫的經濟效益。非常感謝。

Sure, Nick. This is Brian. So sort of two parts to your question. The first is that the projects that were named as being fast tracked are ones that have permit issues. So there's a new entity called the Permitting Council, that was the one that was essentially responsible for identifying. Projects that could be put on, as they say, a fast track to try to resolve, frankly federal permitting issues related to either federal lands, environmental questions or things of that nature. We were not put on that list because frankly, we didn't qualify. We already have a permit. So, we're kind of moved beyond that.

當然，尼克。這是布萊恩。你的問題可以分為兩個部分。首先，被列為快速通道的項目都是有許可問題的項目。因此，有一個名為「許可委員會」的新實體，主要負責識別。正如他們所說，這些項目可以快速推進，以試圖解決與聯邦土地、環境問題或類似問題有關的聯邦許可問題。我們沒有被列入該名單，因為坦白說，我們不符合資格。我們已經有許可證了。所以，我們已經超越了這一點。

But to the second part of your question about federal assistance, so we have been in touch with the another new entity called the National Energy Dominance Council. They are certainly aware of our project as are several runs above them on the federal side. And, once we get to a point where we actually understand the financial dimensions of what we're talking about in terms of the overall development, then we intend to sit down and see what different types of alternatives might be available on the federal level, be they financing, be they procurement, be they some form of relationship with certain parts of the defense establishment.

但對於您問題的第二部分有關聯邦援助的問題，我們已經與另一個名為國家能源主導委員會的新實體取得了聯繫。他們當然知道我們的項目，就像聯邦政府在他們之上的幾個項目一樣。一旦我們真正了解我們所談論的整體發展的財務層面，我們就會坐下來看看在聯邦層面上有哪些不同類型的替代方案，無論是融資、採購，還是與國防機構某些部分建立某種形式的關係。

There's a variety of different avenues that we may be able to go down. But as I said, the interesting thing of course is we're the first to come out of the gate that's actually going to be in a position to begin producing. So the federal government is certainly trying to do their best to be helpful to us.

我們可以選擇多種不同的途徑。但正如我所說，有趣的是，我們是第一個真正開始生產的人。因此聯邦政府肯定會盡力幫助我們。

Randy, thank you so much for that. First of all, the clarification on the permitting side and then the additional color there. And so I'll sneak in one more just as a follow up to that. Just want to better understand your desire to potentially bring in either a financing strategic or operating partner. Obviously, you have some strong partnerships in place with Fluor and Weir and other parties you've worked with.

蘭迪，非常感謝你。首先，對許可方面進行澄清，然後添加顏色。因此，為了跟進這一點，我將再偷偷地再說一次。只是想更了解您想要引入融資策略或營運合作夥伴的願望。顯然，您與 Fluor、Weir 以及其他合作方建立了牢固的合作關係。

But is there any desire to bring in more of a concrete partnership in the form of a JV? And if so, at what stage would we think about something like that and what could economics look like? Thank you very much.

但是否有意以合資企業的形式建立更具體的合作關係？如果是這樣，我們會在什麼階段考慮這樣的事情，經濟學會是什麼樣子？非常感謝。

So let me clarify the thesis of your. We are not seeking a joint venture partner, nor are we reaching out to any third parties to join us. We view this project as one that Ramaco is going to be able to finance on their own, either directly through the existing Ramaco entity or we can explore various offshoots of the mother ship, so to speak to finance this separately.

所以讓我澄清一下你的論點。我們不尋求合資夥伴，也不尋求任何第三方加入我們。我們認為，Ramaco 能夠自行融資該項目，可以直接透過現有的 Ramaco 實體進行融資，也可以探索母公司的各個分支機構，即單獨融資。

That, of course, does not even mention any involvement that we might have with federal partners that would be hopefully on a non-dilutive manner for whatever contributions that they would make. So just to be clear, with the partners that we have now are really development partners, Fluor is obviously an important partner to us on design and engineering.

當然，這甚至沒有提到我們可能與聯邦合作夥伴的任何合作，希望他們做出的任何貢獻都不會被稀釋。所以要先明確的是，我們現在的合作夥伴其實是開發合作夥伴，福陸顯然是我們在設計和工程上的重要合作夥伴。

We have other third party groups. We're working with the National Energy tech lab and other parts of the national laboratories under the Department of Energy in exploring a number of different novel, technologies both in terms of exploration, where we're using some pretty novel AI techniques, as well as various types of novel refining and processing techniques.

我們還有其他第三方團體。我們正在與國家能源技術實驗室以及能源部下屬的其他國家實驗室合作，探索多種不同的新技術，包括勘探方面的技術，我們使用一些相當新穎的人工智慧技術，以及各種新穎的精煉和加工技術。

So, bottom line, when we get this boat on the water, we intend to put it out there as a Ramaco venture, not as a joint venture with any other third parties. And indeed, when you think about it, there really aren't any other third parties out there that are in the rare earth business in the United States that are really operating certainly the minerals that we do. So, again, we're kind of blazing a trail, at least, with respect to the critical minerals and the particular rare earths that we will be involved in developing.

因此，總而言之，當我們將這艘船下水時，我們打算將其作為 Ramaco 的合資企業，而不是與任何其他第三方的合資企業。事實上，仔細想想，在美國從事稀土業務的第三方其實並沒有像我們一樣經營礦產。因此，至少就我們將參與開發的關鍵礦物和特定稀土而言，我們在某種程度上開闢了一條道路。

Randy, again, this is all super helpful clarification, so I appreciate the update this morning and continue best of luck.

蘭迪，再次強調，這些都是非常有用的澄清，所以我很感謝今天早上的更新，並祝你好運。

Thank you so much.

太感謝了。

Nathan Martin, The Benchmark Company.

內森馬丁（Nathan Martin），基準公司。

Good morning, guys. I want to start on the CapEx side, obviously trimming that about $5 million at the midpoint. Is that deferred maintenance or some growth being put on hold, given the current market conditions? This would be great to get an updated breakdown of sustaining versus growth and even what's being spent at the Brook Mine this year.

大家早安。我想從資本支出方面開始，顯然在中間削減約 500 萬美元。考慮到當前的市場狀況，這是否意味著維護被推遲或一些成長被擱置？這對於獲得維持與成長的最新明細，甚至今年布魯克礦的支出情況來說，都是很好的。

Thanks, Nate. It's Jeremy. Good question. So yeah, we did trim from $60 million to $70 million down to $55 million to $60 million. We did remove the fourth section of the Berwind mine from our CapEx guidance. So effectively that growth has been deferred in the current market environment.

謝謝，內特。是傑里米。好問題。是的，我們確實從 6000 萬美元到 7000 萬美元削減到了 5500 萬美元到 6000 萬美元。我們確實將 Berwind 礦的第四部分從資本支出指引中刪除。因此，在當前的市場環境下，成長實際上已被推遲。

I think about it as, let's call it about $10 a ton of maintenance CapEx, which leaves you around $15 million or so of growth CapEx. Roughly $5 or so of that is on the REE front, and then the rest is is mostly in the first half of the year, a lot of which was already took place in Q1.

我認為，我們將其稱為每噸 10 美元的維護資本支出，這將為您帶來約 1500 萬美元左右的成長資本支出。其中大約 5 美元左右用於稀土元素方面，其餘大部分發生在上半年，其中許多已經在第一季發生。

We talked about some growth projects in '24 that carried into '25. So, when you look at the balance of the year, our CapEx from Q2 through the fourth quarter on average will be less than $15 million a quarter versus obviously the $20 million-ish number in Q1.

我們討論了一些 24 年延續到 25 年的成長項目。因此，當您查看今年的餘額時，我們從第二季到第四季的資本支出平均將不到每季 1500 萬美元，而第一季的資本支出顯然為 2000 萬美元左右。

All right. Very helpful, Jeremy. Thanks for that breakdown. Your comment as well about how 2Q costs likely the higher end of full year guidance range is given, fewer shipments. If I'm thinking about a potential offset, you guys have 1.6 million domestic tons fixed at $152 a ton, obviously well above where the current export market is.

好的。非常有幫助，傑里米。謝謝你的分析。您也評論說，第二季的成本可能處於全年指導範圍的高端，出貨量也會減少。如果我考慮潛在的抵消，你們有 160 萬噸國內產品，價格固定為每噸 152 美元，顯然遠高於目前的出口市場價格。

I believe domestic shipments usually pick up in the second quarter. So is that fair? And is it possible we could see maybe your average realized price come, flat or even up in 2Q just given support from those high-priced domestic tons?

我相信國內出貨量通常會在第二季回升。那麼這公平嗎？並且，在高價國內噸位的支撐下，我們是否有可能看到您的平均實現價格在第二季持平甚至上漲？

Nate, it's Jeremy again. So I guess the way I think of it is, we shipped about 300,000 tons of domestic business in the first quarter. On the export side, we were heavy into Asia, so both of those went against us. That does imply, call it 400,000 or so a quarter, Q2 through Q4 as the lake season picks up. So you're absolutely right on that.

內特，又是傑瑞米。所以我想我的想法是，我們在第一季運送了大約 30 萬噸國內業務。在出口方面，我們主要出口亞洲市場，因此這兩點都對我們不利。這確實意味著，隨著湖泊季節的到來，從第二季到第四季度，每季的客流量將達到 40 萬左右。所以你說得完全正確。

The bad news, of course, is the majority of our tons in Q2 and through the rest of the year still go into the export market, spot pricing is down, call it 4% or 5% from the first quarter. And about 60%-plus of our Q2 tons will be exposed to the indices. So I think, domestic will will help a little bit, but certainly it's tough to overcome the indices kind of are what they are.

當然，壞消息是，我們第二季以及今年剩餘時間的大部分產量仍進入出口市場，現貨價格下跌，較第一季下降了 4% 或 5%。我們第二季約 60% 以上的噸位將受到該指數的影響。所以我認為，國內的意願會有所幫助，但克服這些指數的負面影響肯定很困難。

Yeah, that's fair, Jeremy. And then any thoughts on exposure to CFR pricing versus FOB and responsibility freight, obviously pressuring real life price.

是的，這很公平，傑里米。然後，您對 CFR 定價與 FOB 和責任運費的影響有何看法，這顯然會對實際價格造成壓力。

We don't have any CFR exposure, Nate.

我們沒有任何 CFR 暴露，Nate。

Okay, great to hear, Randy. Maybe just one final. This goes back to last month's executive orders aimed at declaring met coal a potential critical mineral. Could we get any thoughts on that? And what you guys see as any potential benefits, whether that's permitting your federal money, etc.?

好的，很高興聽到這個消息，蘭迪。也許只是一場決賽。這可以追溯到上個月的行政命令，該命令旨在宣布冶金煤為潛在的關鍵礦物。我們能對此有什麼想法嗎？你們認為這有什麼潛在的好處嗎，是否允許使用聯邦資金等等？

I think we'd love to see federal money for met coal, but I don't count on that anytime soon. I think the permitting side is meaningful, particularly to the extent that there are potential projects involving BLM land.

我認為我們很樂意看到聯邦政府為煤炭開採提供資金，但我並不指望這會很快實現。我認為許可方面是有意義的，特別是在涉及 BLM 土地的潛在項目的範圍內。

We've got a few that we are potentially looking at. I think that will be helpful. Certainly on the permitting side, just as you saw, the fact that the warrior had a mind included in the fast track list that the permitting council put out. If we look like we're having bumps in the road on permitting, I think that'll be handy as well.

我們有一些潛在的正在考慮的事情。我認為這會有幫助。當然，在許可方面，正如您所看到的，戰士的頭腦被列入了許可委員會發布的快速通道名單中。如果我們在許可方面遇到了困難，我認為這也會很方便。

But I think, in general, it's a realization that met coal really is a critical material. And I think that in the longer range will be helpful to us. And I think as the federal government begins frankly, to develop out what their overall coal policy will be, I think you can expect that there will be nuances that will come into play on additional matters and means that the federal government will try to be of some assistance as it does relate to met coal going forward.

但我認為，總的來說，人們認識到煤確實是一種關鍵材料。我認為從長遠來看這對我們是有幫助的。我認為，隨著聯邦政府開始坦率地制定其總體煤炭政策，我認為你可以預期，在其他問題上會出現一些細微的變化，這意味著聯邦政府將盡力提供一些幫助，因為它確實與未來的煤炭有關。

I appreciate those thoughts, Randy. Jeremy, thanks for your time as well and best of luck, guys.

我很感激這些想法，蘭迪。傑里米，也感謝你抽出時間，祝大家好運。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Thank you so much for taking my follow up. I did just want to go back to the -- Randy, you made some comments. I think you said there's been a backlog in testing, and that's contributed to some of the delays in us receiving the preliminary economic analysis. And I think now you're targeting a release by the end of this quarter.

非常感謝您接受我的跟進。我只是想回到——蘭迪，你發表了一些評論。我想您說過測試積壓了，這導致我們收到初步經濟分析結果有些延遲。我認為您現在的目標是在本季末發布產品。

And so I just wanted to ask, is there a level of conservatism in that guide? And then in addition, what should we ultimately be looking for in this PEA? And any flavor you can give us either on the CapEx side or project returns, anything of that nature. Thank you very much.

所以我只想問一下，該指南中是否存在一定程度的保守主義？另外，我們最終應該在這個 PEA 中尋找什麼？您能否就資本支出或項目回報等任何性質的資訊告訴我們。非常感謝。

Sure, great question. So as we all understand, sort of the rare earth critical mineral business is the shiny object at the moment out in the general market and, of course, strategically as well. As a result, the, frankly limited number of testing facilities, both in the US and Canada that are involved in the myriad of different types of testing, be they chemical, hydro-metallurgic, and other relating to any type of critical minerals have been swamped.

當然，這個問題問得好。因此，正如我們所知，稀土關鍵礦產業務目前是整個市場上的閃亮之物，當然，在戰略上也是如此。結果，坦白說，美國和加拿大的測試設施數量有限，涉及各種不同類型的測試，無論是化學、濕式冶金還是與任何類型的關鍵礦物相關的其他測試，都被淹沒了。

Test results that we were promised to be back in two months, we've had to wait over a year. And you know the way that this works, it is clearly not like the coal business. Coal business, you can walk in a mine and look at a wall and see how tall the coal is. Here you're dealing with particles that are, in essence, the size or less of a strand of your hair.

他們承諾兩個月後才給我們測試結果，但我們卻等了一年多。你知道它的運作方式，它顯然與煤炭產業不同。煤炭產業，你可以走進礦井，看看牆，看看煤有多高。這裡你要處理的粒子本質上是一根頭髮那麼大或更小。

So these are not things that are readily apparent. And the real trick, of course, is the processing and refinement. So you have to go through a series of different testing to optimize essentially the chemical and metallurgic character of what you'll get out the other end. As a result, you have to test and then retest.

所以這些都不是顯而易見的事。當然，真正的訣竅在於加工和精煉。因此，您必須經過一系列不同的測試來優化從另一端獲得的化學和冶金特性。因此，您必須進行測試，然後重新測試。

And so that is what has taken such a painstaking amount of time to get completed. And of course once we have the test results, then Fluor is able to take that, optimize those within their database and black box computerization of projects that they look at around the world to come up with essentially just what you ask, which is the economics of this.

這就是我們花費如此多的時間才完成的事情。當然，一旦我們獲得了測試結果，福陸公司就能夠利用這些結果，在其數據庫中進行優化，並對他們在全球範圍內審查的項目進行黑匣子計算機化，從而得出您所要求的結果，也就是其經濟效益。

So we expect the preliminary economic analysis as a first go will have the preliminary both CapEx as well as economics of the project, I would suggest that the preliminary numbers will always come with a fair degree of, I won't call it fluff, but certainly conservatism to be building in a certain degree of contingency, which as we go further along, obviously the contingency declines. And frankly as we go along, particularly through the pilot phase, we will better inform, how we can optimize the refining process, which again we hope will create a situation where the economics improve the further we go out.

因此，我們預計初步經濟分析將首先包括項目的初步資本支出和經濟效益，我認為初步數字總是會帶有相當程度的，我不會稱之為空話，但肯定會在一定程度的應急情況下建立保守主義，隨著我們進一步推進，應急情況顯然會下降。坦白說，隨著我們的進展，特別是在試點階段，我們將更好地了解如何優化煉油過程，我們再次希望這將創造一種經濟狀況，即我們走得越遠，經濟狀況就越好。

But having said all that, the report that we'll get at the end of June will hopefully certainly give the market, a pretty good sense of the feasibility of the project, the general economics, the CapEx, etc. And that's pretty much what we will use until we get to a phase where we've got enough results from a pilot operation to truly be able to come back and plug in another set of numbers which reflect really frankly testing on a larger scale from the pilot facility.

但話雖如此，我們希望在 6 月底收到的報告能讓市場對專案的可行性、總體經濟狀況、資本支出等有一個很好的了解。在進入試點階段並取得足夠多成果之前，我們基本上會一直使用這份報告，以便真正能夠回過頭來插入另一組數字，坦率地說，這些數字反映了試點設施在更大規模上的測試。

The one thing I think, again, to appreciate is the testing we're doing now is really laboratory scale testing. We're doing it at a sort of bench scale. We're dealing in kilogram sizes. What we'll be doing now when we open up the mine, we will basically be testing tonnage size sampling that will go into the pilot facility.

我認為，值得再次讚賞的一件事是，我們現在進行的測試實際上是實驗室規模的測試。我們正在某種規模上進行此項工作。我們經營的是公斤級的商品。當我們開採礦井時，我們現在要做的基本上是測試進入試驗設施的噸位取樣。

So we expect just by virtue of the sheer mass of additional material, we're going to get a lot better results, particularly on some of these critical minerals and elements that have generally smaller concentrations, but you don't really be able to pick up the refinement optimization until you can test those frankly, at a larger scale. So it's sort of the first step on a long train, but I think it will be an important indication to the market of the general scale and economics of what the project will look like.

因此，我們期望僅憑藉大量額外的材料，我們就能獲得更好的結果，特別是對於一些通常濃度較小的關鍵礦物和元素，但除非你能夠坦率地在更大規模上測試它們，否則你無法真正獲得細化優化。因此，這就像是在漫長旅程中邁出的第一步，但我認為這將向市場表明該項目的整體規模和經濟狀況。

Randy, thank you for all that color. Maybe just one more if I could. I mean, you did mention in your release that the Brook Mine is Wyoming's first coal mine in 50 years. And so I just wanted to ask about the coal component of the project. Could there be saleable production? Could should we consider the coal as a potential byproduct? I mean, how should we think about the coal contribution here?

蘭迪，謝謝你帶來這些色彩。如果可以的話，也許再多一個。我的意思是，您在新聞稿中確實提到，布魯克礦是懷俄明州 50 年來的第一座煤礦。所以我只想詢問有關該項目的煤炭部分。是否有可供銷售的產品？我們是否應該將煤炭視為潛在的副產品？我的意思是，我們該如何看待煤炭在這裡的貢獻？

Well, I'm delighted you brought that up, and I again apologize for the audio because you might not have heard it in my remarks. But you know we've got essentially, at this point, 2.5 million tons that we're projecting to mine of material in general, which includes obviously the coal as well as the strata above and below the clays and the shales.

好吧，我很高興你提出這個問題，我再次為音頻道歉，因為你可能沒有在我的講話中聽到它。但你知道，目前我們預計要開採的礦產資源總量為 250 萬噸，其中顯然包括煤炭以及黏土和頁岩上下的地層。

Of that 2.5 million tons, about 5 million tons will be mineralized product that we will then use to refine, to make rare earth and critical mineral oxides and concentrates. The other 2 million tons a year will basically be good old-fashioned Powder River Basin thermal coal which we will indeed sell into the thermal utility markets. And we will use the revenue from that sale of coal to, in essence, reduce the mine cost as it relates to the rare earth operation.

在這 250 萬噸中，約有 500 萬噸將是礦化產品，我們將用這些產品進行提煉，以製造稀土和關鍵礦物氧化物和精礦。每年另外的 200 萬噸基本上是傳統的優質粉紅河盆地動力煤，我們確實會將其出售給熱電市場。我們將利用煤炭銷售收入來降低與稀土營運相關的礦場成本。

So the end game is that we will have a very low cost basis as it relates to the rare earth operation, which again, puts us in a rather unique position. Most other rare earth projects around the world, the rare earth or the material that they're mining is the principal component for the rare earth. There are not a lot of secondary uses for whatever is mined.

因此，最終的結果是，我們在稀土業務方面將擁有非常低的成本基礎，這再次使我們處於相當獨特的地位。世界上大多數其他稀土項目，其開採的稀土或材料是稀土的主要成分。無論開採什麼資源，都沒有太多的二次用途。

In our situation, the reverse is the case. We've got, most of the material we mine will be able to be sold and then reduce the essence of the cost that's associated with the critical minerals themselves. So we regard that as a distinct advantage of this project.

在我們的情況下，情況正好相反。我們開採的大部分材料都能夠出售，從而降低與關鍵礦物本身相關的成本。因此我們認為這是該專案的一個獨特優勢。

And Nick, I might just point you in relation to both of your questions to slide 16. You can kind of go through that, but it's some new information where we break down our annual production of what we're expecting out of the Brook Mine. And of course you can put the market prices next to that and come up with a kind of a basket number. So hopefully that helps.

尼克，針對你的兩個問題，我建議你看第 16 張投影片。您可以大致了解一下，但這是一些新信息，我們可以從中細分出我們預計的布魯克礦年度產量。當然，你可以將市場價格與其放在一起，得出一個籃子數字。希望這能有所幫助。

Yeah, I will say the interesting thing about market prices, needless to say, the entire business is controlled by one monopolistic producer, which is China. And as a result, the prices vary widely, particularly once the restrictions on exports and bans on exports started to kick in, the prices on various critical minerals have wildly moved.

是的，我想說市場價格的有趣之處，不用說，整個業務都由壟斷生產商控制，那就是中國。因此，價格差異很大，特別是一旦出口限制和出口禁令開始生效，各種關鍵礦產的價格就會劇烈波動。

So how those prices actually look by the time we go into production and frankly how real the prices that are published or look, I think will be vastly different, which we hope obviously in a positive.

因此，當我們投入生產時，這些價格實際上看起來如何，坦率地說，公佈的價格或看起來的真實價格如何，我認為會有很大的不同，我們顯然希望這是積極的。

Randy, Jeremy, and team again, this is all very helpful, so, keep up the good work.

再次感謝 Randy、Jeremy 和團隊，這一切都非常有幫助，所以，繼續努力。

Thank you.

謝謝。

Thank you. This concludes our question and answer session. I would like to turn the conference back over to CEO, Randall Atkins, for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給執行長 Randall Atkins，請他致閉幕詞。

Well, we just appreciate everybody being on the call today. I know it was a little bit longer than normal, but we, as I said, had a lot of wood to chop here to cover. And also I apologize to the extent that the audio apparently was a bit choppy. So again, I would encourage everybody to read the printed transcript to make sure that they caught everything that was said.

好吧，我們非常感謝今天參加電話會議的各位。我知道這比平常要長一點，但正如我所說，我們有很多事情要砍伐。另外，對於音訊有點不連貫，我深感抱歉。因此，我再次鼓勵大家閱讀印刷的記錄稿，以確保他們了解所說的一切內容。

And other than that, we appreciate everybody's interest in Ramoco and we'll look forward to catching up probably actually before the second quarter results with hopefully a separate call that will relate specifically to our critical mineral and rare business. So with that, we thank you very much.

除此之外，我們感謝大家對 Ramoco 的關注，我們期待在第二季業績公佈之前召開一次單獨的電話會議，具體討論我們的關鍵礦產和稀有業務。因此，我們非常感謝您。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。